Core Points - The net asset value of INVL Baltic Real Estate as of 30 September 2025 is EUR 27,782,008, which translates to EUR 3.4929 per share [1] Summary by Category - **Net Asset Value**: The net asset value of the company is reported at EUR 27,782,008, equating to EUR 3.4929 per share as of the specified date [1]

Core Insights - The article critiques the high premium of AGNC Investment (AGNC) compared to its historical valuations, emphasizing the importance of evaluating price-to-book (P/B) and price-to-net asset value (NAV) ratios over time [2][4][16] - It highlights that while AGNC trades at a premium, other mortgage REITs, such as MFA Financial (MFA), are trading at significant discounts despite better protection of book value [11][12][22] Group 1: Valuation Metrics - Price-to-BV and price-to-NAV are crucial metrics for understanding valuations in the mortgage REIT sector [4][22] - AGNC has the highest premium to projected book value among mortgage REITs, while most other types have seen their price-to-book ratios decline significantly [5][6][22] Group 2: Historical Context - Historical comparisons show that AGNC's book value has deteriorated significantly since mid-2021, while MFA has managed to protect its book value more effectively [11][13][21] - The article presents charts that illustrate the price-to-trailing book value ratios, indicating AGNC's exceptionally high valuations [14][16] Group 3: Dividend Yield Analysis - AGNC's dividend yield of 14.4% is not higher than MFA's 16.1%, challenging the notion that AGNC's premium is justified by its dividend yield [12][22] - The article argues that simply looking at dividend yields is insufficient for thorough due diligence, especially when premiums to NAV are large [25][22] Group 4: Broader Market Implications - The article warns investors to be cautious of large premiums to NAV, as most investments do not sustain such premiums indefinitely [24][22] - It emphasizes that while some mortgage REITs may trade at lower price-to-book ratios, the overall trend suggests a need for vigilance regarding valuations [24][22]

As provided in Section XI ‘Calculation of the Net Asset Value’ of the Articles of Association of INVL Technology, the net asset value of the Company was EUR 53,364,688 or EUR 4.4603 per share on 30 September 2025. The person authorized to provide additional information:Kazimieras TonkūnasINVL Technology Managing PartnerE-mail k.tonkunas@invltechnology.lt ...

Core Insights - Tetragon has released its Monthly Factsheet for September 2025, providing key financial metrics and updates on its performance [1]. Financial Performance - The Net Asset Value (NAV) of Tetragon is reported at $3,886 million, with a fully diluted NAV per share of $42.19 [4]. - The current share price for Tetragon (TFG NA) is $19.30, indicating a significant discount to NAV [4]. - The Monthly NAV per Share Total Return stands at 7.1%, while the Monthly Return on Equity is reported at 8.2% [4]. - A quarterly dividend of $0.11 (11.00 cents) per share has been declared, resulting in a dividend yield of 2.3% [4][5]. Corporate Actions - Tetragon has completed the sale of a minority stake in Equitix to Hunter Point Capital, marking a strategic move in its investment portfolio [6].

Core Viewpoint - LM Funding America, Inc. has entered into repurchase agreements with institutional investors to acquire 3,308,575 shares of its common stock and associated warrants, aiming to simplify its capital structure and align its stock with its net asset value [1][4]. Group 1: Repurchase Agreements - The company will repurchase investment units at a price of $2.41 per unit, totaling approximately $8.0 million [2]. - Each unit consists of one share of common stock and warrants to purchase approximately 2.19 common shares, with a current warrant exercise price of $1.10 per share, allowing for the purchase of a total of 7,248,787 shares [2]. Group 2: Financing Details - The transaction will be financed through an $11 million loan facility from Galaxy Digital, secured by Bitcoin deposited with Galaxy [3]. - The loan facility is structured to manage exposure and maintain flexibility over its one-year term [3]. Group 3: Company Background - LM Funding America operates as a Bitcoin treasury and mining company, founded in 2008 and based in Tampa, Florida [5]. - The company also provides funding to nonprofit community associations primarily in Florida through a technology-enabled specialty finance business [5].

Core Viewpoint - ArrowMark Financial Corp. announced an estimated and unaudited Net Asset Value (NAV) of $22.40 as of September 30, 2025 [1]. Company Overview - ArrowMark Financial Corp. is a non-diversified, closed-end fund listed on NASDAQ under the symbol "BANX" [2]. - The investment objective of ArrowMark Financial is to provide shareholders with current income by primarily investing in regulatory capital securities of financial institutions [2]. - The fund is managed by ArrowMark Asset Management, LLC [2].

Core Insights - The Baltic Horizon Fund's net asset value (NAV) per unit decreased to EUR 0.6773 at the end of September 2025, down from EUR 0.6784 at the end of August 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.2 million, a slight decrease from EUR 97.4 million in August 2025 [1] - The EPRA NRV as of September 30, 2025, was EUR 0.7224 per unit [1] Financial Performance - In September 2025, the Fund generated consolidated net rental income of EUR 1.0 million, down from EUR 1.1 million in August 2025 [2] - A EUR 0.5 million allowance for bad debts was recorded as part of a conservative debtor risk management approach, representing a one-time, non-cash provision [2] - Management successfully retrieved EUR 0.3 million of outstanding debts during September and expects no additional material bad debt provisions by year-end [2] Asset Management - As of the end of September 2025, the Fund's consolidated cash and cash equivalents amounted to EUR 6.0 million, an increase from EUR 5.8 million at the end of August 2025 [3] - The total consolidated assets of the Fund were EUR 237.7 million at the end of September 2025, down from EUR 238.2 million in August 2025 [3]

Core Insights - The advice to "just buy an ETF" reflects growing frustration with Digital Asset Treasuries (DAT), which have not delivered on their promise to outperform Bitcoin through innovative financing and balance-sheet strategies [1][2]. Performance Comparison - Bitcoin has increased by approximately 23% this year, while most DATs, including MicroStrategy, Semler Scientific, GameStop, and Trump Media, have significantly underperformed both Bitcoin and related ETFs [2][3]. - Only a few companies, such as Twenty One Capital and Japan's Metaplanet, have managed to outperform Bitcoin, indicating a significant gap in performance [2][3]. Structural Weaknesses - The fundamental weakness of the DAT model lies in its reliance on leverage and operational alpha, which has not translated into superior performance compared to direct Bitcoin exposure [3]. - The effectiveness of leveraging strategies is contingent on favorable conditions in equity, convertible, and debt markets, raising concerns about the sustainability of companies like MicroStrategy with substantial debt [4]. Industry Warnings - Warnings from firms like Galaxy Digital highlight that the entire DAT structure relies on a consistent premium to net asset value, drawing parallels to historical investment trust bubbles [6]. - Criticism from NYDIG points out that the commonly used "mNAV" metric may obscure liabilities and inflate perceived value by assuming unrealized debt conversions [6]. Corporate Bitcoin Adoption - Despite the challenges faced by DATs, corporate adoption of Bitcoin is accelerating, with nearly 40% more public companies holding Bitcoin compared to three months ago, according to Bitwise data [7]. - Companies like Coinbase and Bullish hold Bitcoin on their balance sheets due to their industry nature, while others use it as a hedge against fiat currency instability [8]. Differentiation of DATs - It is crucial to distinguish between DATs that hold Bitcoin and those that invest in proof-of-stake altcoins like Ethereum or Solana, as they represent different investment strategies [8]. - DATs that stake native assets and operate validators generate yield from network activity rather than leverage, potentially creating value as the underlying networks grow [9].

Core Viewpoint - Main Street Capital Corporation reported strong preliminary operating results for Q3 2025, highlighting a record net asset value per share and a significant increase in net fair value of its investment portfolio, leading to an estimated return on equity exceeding 16% for the quarter [2][5]. Financial Performance - The preliminary estimate of net investment income (NII) for Q3 2025 is projected to be between $0.95 and $0.99 per share, while distributable net investment income (DNII) is estimated to be between $1.01 and $1.05 per share [3]. - The estimated net asset value (NAV) per share as of September 30, 2025, is between $32.74 and $32.82, reflecting an increase of $0.44 to $0.52 per share, or 1.3% to 1.6%, from the previous NAV of $32.30 as of June 30, 2025 [4]. Investment Portfolio Activity - The total lower middle market (LMM) portfolio investments amounted to $106.2 million, resulting in a net increase of $61.3 million in the total cost basis of the LMM investment portfolio after accounting for repayments and realized losses [8]. - The total private loan portfolio investments were $113.3 million, leading to a net decrease of $68.8 million in the total cost basis of the private loan investment portfolio due to repayments and realized losses [8]. Upcoming Events - Main Street will release its Q3 2025 results on November 6, 2025, after market close, followed by a conference call on November 7, 2025, at 10:00 a.m. Eastern time [6].

Core Insights - EfTEN Real Estate Fund AS reported stable rental income in September 2025, with consolidated rental income of €2,701 thousand, unchanged from August [1] - The Fund's net operating income (NOI) decreased slightly to €2,606 thousand, primarily due to increased VAT-related expenses in its Lithuanian subsidiary [1] Financial Performance - For the first nine months of 2025, the Fund achieved consolidated rental income of €23.68 million, reflecting a 2.7% increase year-on-year [2] - Consolidated EBITDA for the same period was €19.89 million, up 1.2% compared to the previous year [2] - The adjusted cash flow for the first nine months totaled €9.53 million, representing a 19% increase from the same period last year, driven by new acquisitions and lower interest expenses due to decreased EURIBOR [3] Dividend and Valuation - The Fund generated a potential gross dividend of €0.6666 per share, which is 12.6% higher than the previous year [4] - The net asset value (NAV) per share at the end of September was €20.4379, marking a 0.7% increase from August, while the EPRA NRV per share rose to €21.3280, up 0.8% [5]