Core Viewpoint - The article analyzes Golub Capital BDC Inc.'s (NASDAQ:GBDC) recent performance metrics and compares them with 11 business development company (BDC) peers, highlighting GBDC's strengths and weaknesses in terms of net asset value (NAV), economic return, and investment portfolio composition [1][2][25]. Summary by Relevant Sections NAV and Economic Return Analysis - GBDC's NAV per share decreased from $15.13 at the end of Q4 2024 to $15.04 at the end of Q1 2025, reflecting a quarterly decrease of 0.59% [11]. - The economic return for GBDC in Q1 2025 was 1.98%, with a trailing 12-month economic return of 11.77%, which is above the average of its peers [11][25]. - As of May 30, 2025, GBDC's stock price was $15.21, trading at a premium of 1.74% to its estimated NAV of $14.95 [24]. Investment Portfolio Composition - As of March 31, 2025, GBDC's investment portfolio consisted of 92% in senior secured first-lien loans, with less than 1% in subordinated debt and 7% in equity/warrants [15][17]. - GBDC's fair market value (FMV) versus cost ratio was 0.9941, slightly below the peer average of 1.0106, indicating a minor negative trend [17]. - The company had a low non-accrual percentage of 1.2% based on amortized cost, which is below the peer average of 3.5%, suggesting better credit quality [18]. Performance Metrics Comparison - GBDC's cumulative realized loss per share was ($0.44), which is more favorable compared to the peer average loss of ($0.82), indicating stronger long-term performance [19]. - The adjusted net investment income (NII) for GBDC was $0.388 per share in Q1 2025, with a price-to-annualized NII ratio of 9.80x, slightly below the peer average of 10.01x [21][24]. - During Q1 2025, 6.88% of GBDC's total investment income was attributed to capitalized PIK/deferred interest income, aligning with the peer average of 6.87% [22]. Management and Fee Structure - GBDC recently reduced management fees from 1.375% to 1.00%, the lowest among its externally managed peers, which is expected to benefit shareholders [27]. - The cap on income incentive fees was lowered from 20% to 15%, further enhancing the company's attractiveness to investors [27]. Overall Valuation and Recommendations - GBDC is currently deemed appropriately valued, with a price target of approximately $16.05 per share, indicating a HOLD recommendation [34]. - The company is positioned to weather potential economic downturns better than many peers, supported by its low exposure to high-risk sectors like oil and gas [31][20].

28 May 2025 | 7:13AM BST Aroundtown SA (AT1.DE): 1Q25 results: FFO1ps 8% below GSe, FY25 guidance reiterated Aroundtown released 1Q25 results which were 8% below GSe on FFO1ps and 1% above GSe on NTAps. The miss on FFO1ps was due to lower-than-expected operating and other income (i.e. service charge) and EBITDA contribution from joint ventures (e.g. seasonality), while financial expenses were below GSe. Operationally, net lfl rental growth was 3.0% for the portfolio (+10bp qoq). In residential, the lfl net ...

NBPE Announces April Monthly NAV Estimate St Peter Port, Guernsey 28 May 2025 NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 April 2025 monthly NAV estimate. NAV Highlights (30 April 2025) NAV per share was $27.29 (£20.43), a total return of 0.4% in the monthApproximately 62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted pricesBased on inform ...

Core Insights - Oxford Lane Capital Corp. reported a net asset value (NAV) per share of $4.32 as of March 31, 2025, down from $4.82 on December 31, 2024 [1] - The estimated NAV per share as of April 30, 2025, is between $3.98 and $4.08, which is subject to change and not finalized [1][4] - The company declared monthly distributions of $0.09 per share for July, August, and September 2025 [1] Financial Performance - Net investment income (NII) for the quarter ended March 31, 2025, was approximately $75.4 million, or $0.18 per share [1] - Core net investment income (Core NII) for the same quarter was approximately $95.8 million, or $0.23 per share, reflecting cash distributions from CLO equity investments [1][5] - Total investment income for the quarter was approximately $121.2 million, an increase of $6.7 million from the previous quarter [1] Investment Metrics - The weighted average yield of CLO debt investments was 15.9%, down from 16.6% as of December 31, 2024 [1] - The weighted average effective yield of CLO equity investments was also 15.9%, down from 16.1% [1] - The weighted average cash distribution yield of CLO equity investments decreased to 20.5% from 23.9% [4] Shareholder Actions - The company issued approximately 60.7 million shares of common stock during the quarter, resulting in net proceeds of approximately $300.5 million [4] - As of March 31, 2025, there were approximately 453.2 million shares outstanding, increasing to approximately 467.3 million by April 30, 2025 [4] Preferred Shares Information - The company declared dividends for its preferred shares, including $0.13020833 for the 6.25% Series 2027, $0.12500000 for the 6.00% Series 2029, and $0.14843750 for the 7.125% Series 2029 [2]

Core Insights - EfTEN Real Estate Fund AS reported strong financial results in April, with consolidated rental income reaching 2,611 thousand euros, a month-over-month increase of 55 thousand euros driven by new rental payments from the ICONFIT logistics centre and the Hiiu elderly care home [1] - The Fund's EBITDA for April was 2,183 thousand euros, reflecting a month-over-month increase of 193 thousand euros due to higher rental income and lower expenses [2] - The Fund paid a record dividend of 12.7 million euros in April, or 1.11 euros per share, partially financed by refinancing bank loans totaling 6.3 million euros [3] - The weighted average interest rate decreased to 4.21% in April from 4.37% in March, with a year-over-year decrease in consolidated interest expense of 586 thousand euros [4] - For the first four months of 2025, consolidated rental income was 10.3 million euros, a 1% year-over-year increase, while consolidated EBITDA was 8.4 million euros, down from 8.6 million euros in the same period last year [5] - The Fund's net asset value (NAV) per share was 19.64 euros at the end of April, with an EPRA NRV of 20.50 euros; the NAV decreased by 5.3% due to the dividend distribution [6]

Company Overview and Strategy - Mobile Infrastructure owns a diversified portfolio of parking assets primarily in the Midwest and Southwest[6] - The company aims to improve revenue consistency and NOI margin by converting leased contracts to managed contracts[6] - Mobile Infrastructure leverages data analytics to drive revenue and NOI[6] - The company intends to become the acquirer of choice in the parking industry through a tax-efficient acquisition program[6] Financial Performance and Pipeline - Mobile Infrastructure's NAV is $725 per share[6] - The company has a $300 million pipeline of potential acquisitions[6] - For the quarter ended March 31, 2025, managed property revenue was $6545 thousand, while base rental income was $1459 thousand[51] - Net Operating Income (NOI) for the quarter ended March 31, 2025, was $4464 thousand, a 174% decrease compared to $5402 thousand for the quarter ended March 31, 2024[51] Market and Industry - The U S parking industry generates approximately $131 billion in annual revenue[31] - The U S has approximately 1 billion parking spaces[32]

Core Insights - European Residential Real Estate Investment Trust (ERES) reported its financial results for the three months ended March 31, 2025, highlighting significant strategic initiatives and operational metrics [1][5][21]. Strategic Initiatives Update - ERES has sold 415 residential suites in the Netherlands for approximately €90 million and has an agreement to sell an additional 1,446 suites for about €337 million, expected to close in Q3 2025 [5][6]. - The company aims to maximize net equity returns to investors through strategic wind-up, aligning management and Board of Trustees on this objective [5][7]. Operating Metrics - The same property portfolio's Occupied Average Monthly Rent (AMR) increased by 6.2% from €1,175 in Q1 2024 to €1,248 in Q1 2025 [6][12]. - Same property occupancy for residential properties decreased to 93.6% from 99.0% year-over-year, primarily due to intentional vacancies to maximize value [6][27]. - The same property Net Operating Income (NOI) margin decreased to 75.0% from 76.4% year-over-year, driven by increased repair and maintenance costs [27][22]. Financial Performance - Total operating revenues decreased by 51.6% to €11.8 million, and NOI decreased by 53.7% to €8.8 million compared to the same period last year, largely due to strategic dispositions [20][21]. - Diluted Funds From Operations (FFO) per Unit decreased by 53.8% to €0.018, while Adjusted Funds From Operations (AFFO) per Unit decreased by 54.1% to €0.017 [32][31]. - The liquidity position remained strong at €121.3 million, down from €132.8 million at the end of the previous year [42][40]. Financial Position and Liquidity - The adjusted debt to gross book value ratio improved to 35.2% from 39.7% year-over-year, indicating a stronger balance sheet [40][42]. - Debt service coverage ratio stood at 2.7x, and interest coverage ratio was 3.2x, reflecting compliance with financial covenants [40][42]. Distributions - ERES declared monthly distributions of €0.005 per Unit for the three months ended March 31, 2025, down from €0.010 per Unit in the same period last year [45][46].

Core Viewpoint - Hudson Pacific Properties, Inc. (HPP) is trading at a significant discount, approximately 30% of its Net Asset Value (NAV), but this discount may be misleading due to high leverage and the overall capital structure [1][12]. Valuation Metrics - The consensus NAV for HPP is $7.61, while the stock is trading at $2.32, indicating a price to NAV of 29.71% [2][4]. - The market capitalization of fully diluted common shares is $338 million, with a NAV implied common value of $1.109 billion [7][8]. Financial Structure - HPP's total liabilities, including preferred shares, amount to $5.379 billion, with total debt at $4.176 billion [5][6]. - The asset value at NAV is $6.488 billion, while the market price implied asset value is $5.717 billion, resulting in a discount of 12% from asset value [10]. Leverage Impact - HPP's high leverage means that an 18% decline in asset value could lead to common shares being wiped out, taking NAV per share to $0 [12][13]. - The leverage amplifies both potential gains and losses, making the investment sensitive to changes in asset value [16]. Investment Thesis - For HPP to be a viable investment, there must be a belief in a turnaround story, particularly in stabilizing occupancy and returning to growth in office assets [14][15]. - The potential for significant returns exists if the office market improves, as leverage could enhance the gains on common stock [16].

Financial Performance - The company reported a GAAP net loss of $0.29 per share[7] - Earnings Available for Distribution (EAD) was $0.17 per share[7] - The book value per common share decreased by 6.3% to $3.58, net of the quarterly dividend[8] - A dividend of $0.15 per share was declared and paid[8] - The company experienced a 2.4% total quarterly economic loss[8] Portfolio Metrics - The company's leverage ratio for the aggregate portfolio was 5.2x[8] - The net interest spread for RMBS was 3.6%[8] - The weighted average Constant Prepayment Rate (CPR) for RMBS was 5.8%[7] - The net CPR for Mortgage Servicing Rights (MSRs) was 4.1%[7] Asset Composition - As of March 31, 2025, 76% of the asset investment composition (excluding cash) was in 30 Year RMBS and 24% was in MSRs[15]

Financial Data and Key Metrics Changes - The company achieved record total investment income of $12,500,000 in Q1 2025, a 37% increase from the previous quarter and over 40% year-over-year growth [7] - Net investment income (NII) per share doubled to $0.40 from $0.20 in the prior quarter, primarily due to increased total investment income [7] - The first quarter distribution increased to $0.37 per share, a 5.7% rise from the previous quarter's $0.35 per share [7][14] Business Line Data and Key Metrics Changes - The CLO joint venture (JV) contributed significantly to the income, with cash distributions of $3,800,000 in Q1 2025, compared to $5,000,000 in Q4 2024 [10][36] - The corporate portfolio grew to nearly $250,000,000, with first lien loans comprising 71% of this portfolio as of March 31 [16] Market Data and Key Metrics Changes - The company's net assets as of March 31, 2025, were $132,000,000, down from $136,000,000 as of December 31, 2024 [13] - The NAV per share decreased to $11.46 from $11.79 over the same period [14] Company Strategy and Development Direction - The company is focused on enhancing portfolio strength by increasing secured debt positions and targeting high teens to 20% returns from the CLO JV [16] - A $100,000,000 at-the-market equity program was filed to provide additional capital flexibility [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate sustainable returns and deliver increasing value to shareholders despite market volatility [12][20] - The company anticipates that NII in Q2 2025 will exceed Q1 levels, supported by ongoing capital raising and deployment initiatives [8][36] Other Important Information - The company has zero positions on non-accrual as of March 31, 2025, indicating strong portfolio performance [19] - The company maintains a cautious approach to capital deployment, prioritizing credit quality and seeking investments with minimal risk of permanent capital loss [20] Q&A Session Summary Question: How does the portfolio and funds NAV perform with the widening loan market and private credit spreads? - Management noted modest markdowns in the portfolio but expressed confidence in the overall health of the portfolio, expecting unrealized losses to reverse as market conditions stabilize [26][28] Question: What is the expected ROE on the CLO investment? - The company targets high teens to 20% returns on the CLO investments [59] Question: What is the impact of tariffs on the portfolio? - Initial analysis suggests limited direct exposure to tariffs, with a predominantly domestic focus and minimal exposure to China [20][51] Question: How is the consumer segment of the portfolio characterized? - The largest exposure in the consumer space is to companies with private label products, which are expected to benefit from trade-down effects during economic downturns [54]