Core Insights - The Royce Small-Cap Trust aims for long-term capital growth by investing at least 65% of its assets in equity securities of small- and micro-cap companies [8] Performance Summary - As of December 31, 2025, the Net Asset Value (NAV) was $17.69, while the market price (MKT) was $16.10 [1] - The average annual total return for the Fund as of December 31, 2025, was as follows: - One-Month: NAV 0.30%, MKT 2.41% - One-Year: NAV 14.03%, MKT 11.60% - Three-Year: NAV 16.03%, MKT 16.14% - Five-Year: NAV 8.10%, MKT 9.04% - Ten-Year: NAV 11.75%, MKT 12.29% [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $3,334.9 million [3] - The weighted average Price-to-Earnings (P/E) ratio is 19.1x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [3] - The total net assets of the Fund amount to $2.16 billion [3] Portfolio Composition - The top ten positions in the portfolio and their respective percentages of net assets are: - IES Holdings: 2.2% - Assured Guaranty: 1.4% - APi Group: 1.2% - Arcosa: 1.1% - ESAB Corporation: 1.1% - Sprott: 1.0% - Brady Corporation Cl. A: 1.0% - International General Insurance Holdings: 1.0% - E-L Financial: 1.0% - SEI Investments: 1.0% [7] - The top five sectors by percentage of net assets are: - Industrials: 25.6% - Financials: 20.8% - Information Technology: 14.1% - Health Care: 9.8% - Consumer Discretionary: 9.5% [7] Recent Developments - Royce Small-Cap Trust is the oldest and largest small-cap closed-end fund, with an average weekly trading volume of approximately 1,494,105 shares [6]

Core Insights - The Royce Small-Cap Trust aims for long-term capital growth by investing at least 65% of its assets in small- and micro-cap equity securities [9] Performance Summary - As of December 31, 2025, the Net Asset Value (NAV) was $17.69, while the market price was $16.10 [1] - The average annual total return for the Fund as of December 31, 2025, was 14.03% for one year, 16.03% for three years, and 11.75% for ten years [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $3.3349 billion [3] - The weighted average Price-to-Earnings (P/E) ratio is 19.1x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [3][5] - The total net assets of the Fund amount to $2.16 billion [3] Portfolio Composition - The top five sectors by percentage of net assets are Industrials (25.6%), Financials (20.8%), Information Technology (14.1%), Health Care (9.8%), and Consumer Discretionary (9.5%) [8] - The top ten positions in the portfolio include IES Holdings (2.2%), Assured Guaranty (1.4%), and APi Group (1.2%) [8] Fund Characteristics - The Royce Small-Cap Trust is the oldest and largest small-cap closed-end fund with an average weekly trading volume of approximately 1,494,105 shares [7] - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [7]

Core Viewpoint - Assured Guaranty (Europe) SA has issued a €175 million debt service reserve guarantee for XpFibre Groupe, marking its second transaction with the company [1] Group 1: Company Actions - The €175 million DSR guarantee replaces a portion of an existing DSR facility provided by various banks [1] - The transaction was completed on December 30, 2025 [1]

Core Viewpoint - The Royce Small-Cap Trust aims for long-term capital growth by primarily investing in small-cap and micro-cap companies, with a diversified portfolio that includes a significant portion of foreign securities [10][3]. Performance Summary - As of November 30, 2025, the Net Asset Value (NAV) is $18.23, while the market price (MKT) is $16.25 [1]. - The average annual total return for the Fund as of November 30, 2025, is as follows: - One-Month NAV: 2.47%, MKT: 1.56% - Year to Date NAV: 13.69%, MKT: 8.97% - One-Year NAV: 5.66%, MKT: 6.40% - Three-Year NAV: 14.03%, MKT: 11.62% - Five-Year NAV: 9.66%, MKT: 10.01% - Ten-Year NAV: 11.15%, MKT: 11.87% [1]. Portfolio Diagnostics - The average market capitalization of the portfolio is $3,409.4 million [4]. - The weighted average Price-to-Earnings (P/E) ratio is 19.4x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [4]. - The Fund's net assets total $2.20 billion [4]. Portfolio Composition - The top ten positions in the portfolio and their respective percentages of net assets are: - IES Holdings: 2.4% - Assured Guaranty: 1.4% - APi Group: 1.2% - Arcosa: 1.1% - E-L Financial: 1.1% - Brady Corporation Cl. A: 1.0% - SEI Investments: 1.0% - International General Insurance Holdings: 1.0% - Sprott: 1.0% - Seneca Foods Cl. A: 1.0% [7][9]. - The top five sectors by percentage of net assets are: - Industrials: 24.9% - Financials: 20.2% - Information Technology: 13.5% - Health Care: 10.4% - Consumer Discretionary: 9.5% [9]. Company Background - Royce Small-Cap Trust is the oldest and largest small-cap closed-end fund, with an average weekly trading volume of approximately 1,170,399 shares [8]. - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [8].

Core Viewpoint - Assured Guaranty Ltd. (AGO) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a key technical support level has been reached [1][2]. Technical Analysis - AGO's 50-day simple moving average has crossed above its 200-day simple moving average, a pattern known as a "golden cross," which typically signals a bullish trend [1][2]. - A golden cross consists of three stages: a downtrend that bottoms out, a crossover of the shorter moving average above the longer one, and continued upward momentum in stock prices [3]. Performance Metrics - AGO has experienced an 8.9% rally over the past four weeks, suggesting strong momentum [4]. - The company currently holds a 2 (Buy) rating on the Zacks Rank, indicating positive market sentiment [4]. Earnings Outlook - AGO's earnings outlook for the current quarter is positive, with one upward revision in earnings estimates over the past 60 days and no downward revisions [4]. - The Zacks Consensus Estimate for AGO has also increased, further supporting the bullish case for the stock [4][6]. Investment Consideration - Investors are encouraged to monitor AGO for potential gains, given its technical indicators and favorable earnings estimate revisions [6].

Core Insights - The Royce Small-Cap Trust (NYSE: RVT) aims for long-term capital growth by investing primarily in small-cap and micro-cap companies, with at least 65% of its assets allocated to equity securities in this category [10][4]. Performance Summary - As of October 31, 2025, the Fund's net asset value (NAV) was $17.79, while the market price was $16.00 [1]. - The average annual total return for the Fund as of October 31, 2025, was as follows: - One-Month: NAV -0.39%, MKT -0.81% - Year to Date: NAV 10.95%, MKT 7.30% - One-Year: NAV 13.89%, MKT 15.14% - Three-Year: NAV 15.22%, MKT 13.51% - Five-Year: NAV 12.41%, MKT 13.88% - Ten-Year: NAV 11.12%, MKT 11.95% [2]. Portfolio Diagnostics - The Fund's average market capitalization is $3.3285 billion, with a weighted average price-to-earnings (P/E) ratio of 18.3x and a weighted average price-to-book (P/B) ratio of 2.2x [5]. - The total net assets of the Fund amount to $2.15 billion [5]. Portfolio Composition - The top ten positions in the Fund account for the following percentages of net assets: - IES Holdings: 2.3% - Assured Guaranty: 1.3% - APi Group: 1.1% - Arcosa: 1.1% - E-L Financial: 1.1% - SEI Investments: 1.0% - Brady Corporation Cl. A: 1.0% - Powell Industries: 1.0% - ESAB Corporation: 0.9% - Impinj: 0.9% [10]. - The top five sectors by percentage of net assets are: - Industrials: 25.7% - Financials: 20.2% - Information Technology: 13.7% - Consumer Discretionary: 9.9% - Health Care: 9.9% [10]. Additional Information - The Fund is recognized as the oldest and largest small-cap closed-end fund, with an average weekly trading volume of approximately 1,137,181 shares [9]. - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [9].

Core Insights - The Royce Small-Cap Trust aims for long-term capital growth by investing at least 65% of its assets in equity securities of small- and micro-cap companies [10] Performance Summary - As of October 31, 2025, the Net Asset Value (NAV) is $17.79, while the market price (MKT) is $16.00 [1] - Year-to-date performance shows a NAV return of 10.95% and a market return of 7.30% [1] - One-year performance indicates a NAV return of 13.89% compared to a market return of 15.14% [1] - Over three years, the NAV return is 15.22% and the market return is 13.51% [1] - The five-year NAV return is 12.41%, while the market return is 13.88% [1] - The ten-year NAV return stands at 11.12%, with the market return at 11.95% [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $3.3285 billion [4] - The weighted average Price-to-Earnings (P/E) ratio is 18.3x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [4] - The total net assets of the fund amount to $2.15 billion [4] Portfolio Composition - The top ten positions account for varying percentages of net assets, with IES Holdings at 2.3% and Assured Guaranty at 1.3% [9] - The leading sectors by percentage of net assets include Industrials (25.7%), Financials (20.2%), and Information Technology (13.7%) [9] Fund Characteristics - The Royce Small-Cap Trust is noted as the oldest and largest small-cap closed-end fund, with an average weekly trading volume of approximately 1,137,181 shares [8] - The fund's adviser has over 50 years of experience in small- and micro-cap investments [8]

Financial Data and Key Metrics Changes - Adjusted book value per share reached a record high of $181.37, and adjusted operating shareholders' equity per share also hit a record of $123.10 at the end of Q3 2025 [5] - Year-to-date adjusted operating income was $6.77 per share, reflecting a 17% increase compared to the same period last year [5] - Adjusted operating income for Q3 2025 was $124 million or $2.57 per share, compared to $130 million or $2.42 per share in Q3 2024 [14] Business Line Data and Key Metrics Changes - Financial guarantee production in Q3 2025 was $91 million of PVP, a 44% increase from Q3 2024 and a 42% increase from Q2 2025 [5] - U.S. public finance transactions totaled $7.9 billion of par in Q3 2025, up from $5.4 billion in Q3 2024 [8] - Secondary market U.S. public finance generated $32 million of PVP in the first nine months of 2025, compared to $5 million in the same period of 2024 [11] Market Data and Key Metrics Changes - U.S. municipal bond issuance increased by over $50 billion in the first nine months of 2025 compared to the record issuance in the same period of 2024 [9] - Assured Guaranty insured 63% of the total insured U.S. municipal market par sold in the first nine months of 2025, up from 57% in the same period of 2024 [9] Company Strategy and Development Direction - The company is looking to expand its insurance businesses into new sectors and markets while diversifying revenue sources for sustainable growth [7] - There is a focus on shorter duration structured finance transactions that allow for quicker capital recycling and better return on equity [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the domestic public finance market returning to normal activity levels after a skewed mix in earlier quarters [35] - The company sees significant growth opportunities in both U.S. public finance and global structured finance, particularly in infrastructure and regulatory capital needs [34][36] Other Important Information - The Board of Directors authorized an additional $100 million in share repurchases, bringing the total authorization to over $330 million [7] - The investment portfolio's performance has been enhanced by alternative investments, achieving an annualized internal rate of return of approximately 13% [7][17] Q&A Session Summary Question: Changes to the investment portfolio and allocation to higher-yielding sectors - Management is focused on optimizing yield while maintaining a safe portfolio with adequate liquidity [23] Question: Issues with Brightline transportation exposure - Management indicated that Brightline is experiencing typical startup growing pains but remains comfortable with their exposure [24] Question: Opportunities in the current data center CapEx cycle - The company is actively evaluating opportunities in data centers and has executed in new areas like liquid natural gas [27] Question: Pipeline for growing written premium into 2026 - Management sees great opportunities across all three financial guarantee lines of business, particularly in U.S. public finance and global structured finance [33][34] Question: Positive developments in Puerto Rico and PREPA exposure - Management emphasized the importance of a deal for recognizing the value of reserves and claims related to PREPA [38]

Financial Data and Key Metrics Changes - Adjusted book value per share reached a record high of $181.37, and adjusted operating shareholders' equity per share also reached a record high of $123.10 at the end of Q3 2025 [5] - Adjusted operating income for the year-to-date was $6.77 per share, an increase of approximately 17% compared to the same period last year [5] - Adjusted operating income in Q3 2025 was $124 million or $2.57 per share, compared to $130 million or $2.42 per share in Q3 2024 [14] Business Line Data and Key Metrics Changes - Financial guarantee production in Q3 2025 was strong, with $91 million of PVP, which is 44% more than Q3 2024 and 42% more than Q2 2025 [5] - U.S. public finance business produced $152 million of PVP year-to-date, benefiting from record U.S. municipal bond issuance [6] - Secondary market U.S. public finance strategy generated $32 million of PVP in the first nine months of 2025, compared to $5 million in the same period of 2024 [11] Market Data and Key Metrics Changes - U.S. municipal bond issuance increased by more than $50 billion year-to-date compared to the record issuance during the first nine months of 2024 [9] - Assured Guaranty insured 63% of the total insured U.S. municipal market par sold in the first nine months of 2025, up from 57% in the same period of 2024 [9] Company Strategy and Development Direction - The company is looking for strategic opportunities to expand its insurance businesses into new sectors and markets, aiming to diversify revenue sources for sustainable growth [7] - The focus on shorter duration structured finance transactions is expected to provide better returns on equity and quicker capital recycling [13][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to produce and the expected production levels going forward, citing a return to normal business mix in Q3 2025 [36] - The company sees great opportunities in U.S. public finance and global structured finance, particularly in infrastructure and regulatory capital needs [35][36] Other Important Information - The investment portfolio's performance has been enhanced by greater use of alternative investments, achieving an annualized internal rate of return of approximately 13% [7][17] - The Board of Directors authorized an additional $100 million for share repurchases, bringing the total authorization to over $330 million [7][20] Q&A Session Summary Question: Changes to the investment portfolio and allocation to higher-yielding sectors - Management indicated that they aim to optimize yield while maintaining a safe portfolio with adequate liquidity [23] Question: Issues with Brightline transportation exposure - Management acknowledged typical growing pains for Brightline but expressed confidence in their exposure due to being in the senior most section of the capital stack [24] Question: Pipeline for growing written premium into 2026 - Management sees great opportunities across all three financial guarantee lines of business, particularly in U.S. public finance and global structured finance [34][36]

Financial Data and Key Metrics Changes - Adjusted book value per share reached a record high of $181.37, and adjusted operating shareholders' equity per share also reached a record high of $123.10 at the end of Q3 2025 [5] - Adjusted operating income for Q3 2025 was $124 million or $2.57 per share, compared to $130 million or $2.42 per share in Q3 2024, reflecting a modest decline [15][18] - Year-to-date adjusted operating income was $6.77 per share, an increase of approximately 17% compared to the same period last year [5] Business Line Data and Key Metrics Changes - Financial guarantee production in Q3 2025 was strong, with $91 million of PVP, which is 44% more than Q3 2024 and 42% more than Q2 2025 [5][8] - U.S. public finance transactions totaled $7.9 billion of par in Q3 2025, compared to $5.4 billion in Q3 2024, indicating a significant increase in issuance [8][9] - Secondary market U.S. public finance strategy generated $32 million of PVP in the first nine months of 2025, compared to $5 million in the same period of 2024 [11] Market Data and Key Metrics Changes - U.S. municipal bond issuance increased by more than $50 billion in the first nine months of 2025 compared to the same period in 2024, with total primary market insured par volume rising 18% [9] - Assured Guaranty insured 63% of the total insured U.S. municipal market par sold in the first nine months of 2025, up from 57% in the same period of 2024 [9] Company Strategy and Development Direction - The company is looking for strategic opportunities to expand its insurance businesses into new sectors and markets, aiming to diversify revenue sources for sustainable growth [7] - There is a focus on building the subscription finance business, characterized by shorter duration and renewable transactions, which allows for quicker capital recycling [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the pipeline for growth in written premiums into 2026, particularly in U.S. public finance and global structured finance [32][34] - The company is actively evaluating opportunities in data centers and has executed in new areas like liquid natural gas, indicating a proactive approach to market trends [26][34] Other Important Information - The Board of Directors authorized an additional $100 million share repurchase, bringing the total authorization to over $330 million [7][20] - The investment portfolio's performance has been enhanced by alternative investments, which have generated an annualized internal rate of return of approximately 13% [7][18] Q&A Session Summary Question: Changes to the investment portfolio and allocation to higher-yielding sectors - Management indicated that they work with outside investment managers to optimize yield while maintaining a safe portfolio with adequate liquidity [23] Question: Issues with Brightline transportation exposure - Management acknowledged Brightline's growing pains as a startup but expressed confidence in their exposure due to being in the senior most section of the capital stack [24] Question: Opportunities in the current data center CapEx cycle - Management confirmed they are actively evaluating data center opportunities and have executed in new areas like liquid natural gas [26] Question: Pipeline for growth in written premium into 2026 - Management sees great opportunities across all three financial guarantee lines of business, particularly in U.S. public finance and global structured finance [32][34] Question: Positive developments in Puerto Rico and PREPA exposure - Management stated that recognition of value in reserves would require a deal, emphasizing their strong position as a creditor [38]