Palmer Square Capital BDC Inc. (PSBD) came out with quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.21%. A quarter ago, it was expected that this company would post earnings of $0.41 per share when it actually produced earnings of $0.43, delivering a surprise of +4.88%.Over the last four quarter ...

Trinity Capital (TRIN) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +1.96%. A quarter ago, it was expected that this business development company would post earnings of $0.52 per share when it actually produced earnings of $0.52, delivering no surprise.Over the last four quarters, ...

Core Viewpoint - Carlyle Secured Lending, Inc. reported quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.38 per share, and showing a decline from $0.47 per share a year ago, indicating a negative earnings surprise of -12.23% [1] Financial Performance - The company posted revenues of $41.46 million for the quarter ended December 2025, which was 9.03% below the Zacks Consensus Estimate and an increase from $39.23 million year-over-year [2] - Over the last four quarters, Carlyle Secured Lending has not surpassed consensus EPS estimates and has only topped consensus revenue estimates once [2] Stock Performance - Carlyle Secured Lending shares have declined approximately 11.1% since the beginning of the year, contrasting with the S&P 500's slight decline of 0.1% [3] Future Outlook - The company's earnings outlook will be crucial for determining stock performance, with current consensus EPS estimates at $0.37 for the coming quarter and $1.48 for the current fiscal year, alongside revenues of $45.72 million and $183.66 million respectively [7] - The Zacks Rank for Carlyle Secured Lending is currently 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Financial - SBIC & Commercial Industry, to which Carlyle Secured Lending belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, indicating potential challenges ahead [8]

Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - For the full year 2025, fee-paying AUM increased by 15%, fee-related revenues (excluding direct and secondary catch-up fees) rose by 13%, and fee-related earnings (FRE) margins were better than expected at 47% [11][19] - GAAP net income for Q4 was $11 million, up from $5.7 million in the prior year's Q4, while for the full year 2025, net income was $23 million, an increase from $19.7 million in 2024 [25] Business Line Data and Key Metrics Changes - In Q4 2025, private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with an expectation of averaging 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial annual fundraising guidance by over $1 billion [11] - AUM, including NAV and uncalled capital commitments, was over $43 billion across the platform as of December 31, 2025 [22] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The acquisition of Stellus, a direct lending platform, is expected to enhance capabilities in the middle and lower middle market, which is viewed as an underserved segment with significant opportunities [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the strategic transformation undertaken over the past two years, which has led to meaningful improvements across the platform [4][5] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion of gross fee-paying AUM over the next two years, excluding acquisitions [19][16] Other Important Information - The company completed the acquisition of Qualitas Funds, establishing a presence outside the U.S. and opening a new office in Dubai [13][14] - A quarterly cash dividend of $0.0375 per share was approved, payable on March 20, 2026 [27] Q&A Session Summary Question: AI exposure and risks to private markets - Management indicated a meaningful exposure to AI through its venture portfolio, with investments performing well, while overall exposure to SaaS and software is less than 10% [30][31] Question: Private markets wealth strategy build-out - Management clarified that private wealth clients represent about 36% of their client base and emphasized a strategic approach to maximizing distribution through partnerships like CAIS [34][37] Question: Details on Stellus acquisition and its impact - Management stated that Stellus is expected to be modestly accretive to margins and ANI EPS in the first year, with further guidance to be provided closer to the acquisition closing [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management highlighted the strong fit between Stellus's focus on the middle and lower middle market and the company's existing sponsor ecosystem, indicating plans to enhance sourcing and growth [49][50] Question: Capital management and allocation strategy - Management plans to buy back stock to offset dilution while also focusing on paying down debt post-acquisition, with ongoing interest in M&A opportunities in private credit and real assets [55][56]

Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - Fee-related revenues (FRR) for 2025 were $297.3 million, a 13% increase from 2024, excluding direct and secondary catch-up fees [22] - Adjusted net income (ANI) for Q4 was $30.2 million, a 14% decrease from the previous year, primarily due to high catch-up fee revenue in Q4 2024 [26] Business Line Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial guidance by over $1 billion [11] - Private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM in Q4 [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with expectations of 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company has expanded its product set to meet investor demand for private markets, including launching its first evergreen product and a fund directed at European investors [13] - The acquisition of Qualitas Funds established the company's presence outside the U.S., complemented by the opening of a new office in Dubai [14] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The strategic acquisition of Stellus is expected to enhance direct lending capabilities and align with the company's focus on the middle and lower middle market [9] - The company is committed to returning capital to shareholders, having repurchased nearly 11 million shares since the beginning of 2024 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the potential for further expansion in the middle and lower middle market [18] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion in gross fee-paying AUM [16] - Management highlighted the importance of strong fund performance and product innovation to sustain growth [12] Other Important Information - The company appointed two new independent directors to enhance governance and broaden its brand reach [14] - Operating expenses decreased in 2025 to $231.8 million from $235.8 million in 2024, reflecting adjustments related to prior acquisitions [25] Q&A Session Summary Question: AI's impact on private markets - Management noted a meaningful exposure to AI through its venture portfolio, with investments performing well, while maintaining modest exposure to SaaS and software [30][31] Question: Private markets wealth strategy - Management clarified that while private wealth was not a primary focus, they are leveraging existing products and partnerships, such as with CAIS, to enhance distribution in the private wealth channel [33][37] Question: Details on Stellus acquisition - Management indicated that Stellus's acquisition would be modestly accretive and that more detailed guidance would be provided closer to the closing date [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management emphasized the strong fit between Stellus and the company's existing sponsor ecosystem, with plans to enhance sourcing and accelerate growth post-acquisition [49][52] Question: Capital management and M&A strategy - Management stated intentions to balance stock buybacks with debt reduction post-acquisition, while remaining focused on strategic M&A opportunities in private credit and real assets [55][58]

Ridgepost Capital (NYSE:PX) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Speaker6Hello, and welcome to Ridgepost Capital's fourth quarter and full year 2025 conference call. My name is Kevin, and I'll be coordinating your call today. Currently, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. As a reminder, today's conference call is being recorded. I will now pass the call over to your host, Mark Hood, EVP and Chief Administrati ...

Core Insights - First Business Financial Services (FBIZ) reported quarterly earnings of $1.7 per share, exceeding the Zacks Consensus Estimate of $1.39 per share and up from $1.24 per share a year ago [1][2] - The company achieved a revenue of $44.53 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.10% and increasing from $38.07 million year-over-year [3] Earnings Performance - The earnings surprise for the quarter was +22.30%, with the company having surpassed consensus EPS estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $1.43, with expected revenues of $43.1 million, and for the current fiscal year, the estimate is $5.49 on revenues of $167.37 million [8] Stock Performance and Outlook - Shares of First Business Financial Services have increased by approximately 7.1% since the beginning of the year, compared to a 17.2% gain in the S&P 500 [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions prior to the earnings release [7] Industry Context - The Banks - Midwest industry, to which First Business Financial Services belongs, is currently ranked in the top 15% of over 250 Zacks industries, suggesting a favorable industry outlook [9]

Group 1 - Business Development Companies (BDCs) remain attractive for investors due to the higher interest rate environment, but many are beginning to experience pressure from these elevated rates [1] - Stellus Capital Investment Corporation is highlighted as a specific example within the BDC sector [1] - A hybrid investment strategy combining classic dividend growth stocks, BDCs, REITs, and Closed-End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

分组1 - Gladstone Capital reported quarterly earnings of $0.5 per share, matching the Zacks Consensus Estimate, but down from $0.57 per share a year ago [1] - The company posted revenues of $21.66 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.19%, but down from $25.69 million year-over-year [2] - Over the last four quarters, Gladstone Capital has not exceeded consensus EPS estimates and has topped revenue estimates only once [2][3] 分组2 - The stock has underperformed, losing about 4.1% since the beginning of the year, while the S&P 500 has gained 6.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $22.57 million, and for the current fiscal year, it is $2.00 on revenues of $87.52 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is in the bottom 42% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - For the first quarter ended March 31, 2025, the company generated GAAP net investment income of $0.35 per share and core net investment income of $0.37 per share, which excludes estimated excise taxes [6] - Net asset value per share decreased by $0.21 during the quarter primarily due to company-specific write-downs in the loan portfolio and a reduction of spillover income [6] - The company issued 656,085 shares for $9.3 million at an average gross price of $14.11, all above net asset value [6] Business Line Data and Key Metrics Changes - The investment portfolio at fair value increased to $991.1 million across 110 portfolio companies, up from $953.5 million across 105 companies as of December 31, 2024 [7] - During the first quarter, the company invested $46.7 million in seven new portfolio companies and had $8.7 million in other investment activity at par [7] - 90% of the loans were secured, and 91% were priced at floating rates, with an average loan per company of $9.4 million [7][9] Market Data and Key Metrics Changes - The company noted that 52% of the portfolio is rated two or on or ahead of plan, while 21% is marked at an investment category of three or below, indicating some loans are not meeting expectations [9] - Currently, loans to five portfolio companies are on non-accrual status, comprising 6.7% of the total cost and 4% of the fair value of the total loan portfolio, representing a decrease from the prior quarter [9] Company Strategy and Development Direction - The company plans to draw new leverage under the SBIC III license to continue funding qualifying portfolio company investments [10] - The company aims to grow the portfolio to over $1 billion, with expectations for more than $10 million in equity gains by year-end [12] Management's Comments on Operating Environment and Future Outlook - Management indicated that the average portfolio in the first quarter was higher than in the fourth quarter, which is expected to continue into the second quarter, leading to a potential increase in yield [16] - The management expressed optimism about the return of M&A activity, which was temporarily disrupted due to tariff-related uncertainties [20][51] - The company expects to maintain the dividend at $0.40 per share for the second and third quarters, subject to Board approval [12][24] Other Important Information - The company has paid $295 million in dividends since its IPO, representing $17.9 per share to an investor in the IPO [6] - The company received a green light letter from the Small Business Administration for Stellus Capital SBIC III, which is a significant step in the licensing process [10] Q&A Session Summary Question: Impact of first quarter originations on interest income - Management noted that the average portfolio in the first quarter was higher than the fourth, which should lead to a pickup in yield in dollars [16] Question: Pipeline status and lending opportunities - Management indicated that the pipeline is slower compared to three months ago, but they expect interesting opportunities to close in the upcoming quarters [20] Question: Trajectory of net investment income (NII) to cover dividends - Management acknowledged that NII is currently less than the dividend but expects to be in a good position by the end of the year due to potential equity co-investments [24] Question: Trade education acquisition restructuring - Management confirmed that the business was restructured and recapitalized satisfactorily, expecting it to perform well going forward [29] Question: Logic behind issuing fixed-rate debt - Management explained that the issuance was necessary to retire maturing bonds and to have some unsecured debt in the capital stack [36] Question: Future issuance of common shares under the ATM program - Management stated that future issuances would depend on market conditions and stock price trading [40] Question: Second lien loans strategy - Management confirmed that they do not expect to issue new second lien loans, focusing instead on first lien unitranche secured lending [42] Question: Impact of SBA green light on earnings in a lower interest rate environment - Management confirmed that the potential for SBIC debentures would allow for borrowing at lower rates, positively impacting earnings [44]