Core Insights - MSC Income Fund, Inc. announced strong preliminary operating results for the fourth quarter of 2025, highlighting a significant increase in net asset value per share and a return on equity exceeding 16% for the quarter [2][5]. Preliminary Operating Results - The estimated net investment income (NII) for the fourth quarter of 2025 is projected to be between $0.26 and $0.30 per share, with an adjusted net investment income (ANII) estimated between $0.32 and $0.36 per share [3][21]. - The estimated net asset value (NAV) per share as of December 31, 2025, is between $15.81 and $15.89, reflecting an increase of $0.27 to $0.35 per share, or 1.8% to 2.3% from the previous quarter [4]. Investment Portfolio Activity - The Fund's fourth quarter included $100.9 million in total private loan portfolio investments, resulting in a net increase of $57.1 million in the total cost basis of the private loan investment portfolio [7]. - Additionally, there were $23.0 million in total lower middle market (LMM) portfolio follow-on investments, leading to a net increase of $14.9 million in the total cost basis of the LMM investment portfolio [8]. Federal Tax Treatment of Dividends - MSC Income's total dividends for 2025 were $1.44 per share, with approximately 81% taxed as ordinary income, 18% as qualified dividends, and 1% as long-term capital gains [9]. - For non-U.S. shareholders, approximately 64% of the dividends relate to "interest-related" dividends, short-term capital gains, and long-term capital gains, which are exempt from U.S. withholding tax [10]. Upcoming Earnings Release - The Fund will release its fourth quarter and full year 2025 results on February 26, 2026, with a conference call scheduled for February 27, 2026, at 11:00 a.m. Eastern time [12].

Core Viewpoint - ArrowMark Financial Corp. announced an estimated and unaudited Net Asset Value (NAV) of $21.96 as of December 31, 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 - Adams Diversified Equity Fund, Inc. reported a total return of 18.9% on its net asset value for 2025, outperforming the S&P 500 Index and Morningstar U.S. Large Blend Category returns of 17.9% and 16.2%, respectively [1][2] - The Fund's market price return for the same period was 25.7% [1] - The Fund distributed $1.85 per share in income dividends and realized capital gains, resulting in an annual distribution rate of 8.1% on net asset value [2] Performance Metrics - The annualized returns for the Fund as of December 31, 2025, were as follows: - 1 Year: 18.9% (NAV), 25.7% (market price) - 3 Year: 23.3% (NAV), 28.3% (market price) - 5 Year: 15.0% (NAV), 17.1% (market price) - 10 Year: 15.5% (NAV), 16.6% (market price) - Comparatively, the Morningstar U.S. Large Blend Category and S&P 500 returns were lower across all time frames [3] Net Asset Value - As of December 31, 2025, the Fund's net assets increased to $3,028,642,556 from $2,662,523,552 in 2024, with shares outstanding rising to 122,535,119 from 117,585,976 [5] - The net asset value per share rose to $24.72 from $22.64 year-over-year [5] Portfolio Holdings - The top ten equity holdings as of December 31, 2025, accounted for 42.8% of net assets, with NVIDIA Corporation at 7.9%, Apple Inc. at 7.3%, and Microsoft Corporation at 6.6% [6] Sector Weightings - The sector allocations as of December 31, 2025, were: - Information Technology: 34.1% - Financials: 13.4% - Communication Services: 10.5% - Consumer Discretionary: 10.2% - Health Care: 9.6% [8]

Group 1 - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.5451 at the end of December 2025, up from EUR 0.5446 as of 30 November 2025 [1] - The total net asset value of the Fund remained stable at EUR 78.2 million as of the end of December 2025, unchanged from the previous month [1] - The Fund generated consolidated net rental income of EUR 1.0 million in December 2025, consistent with November 2025, and achieved a total of EUR 11.7 million for the year [1] Group 2 - As of the end of December 2025, the Fund's consolidated cash and cash equivalents were EUR 5.4 million, down from EUR 5.7 million at the end of November 2025, with EUR 4.0 million restricted under credit agreements [2] - The total consolidated assets of the Fund were EUR 216.6 million at the end of December 2025, slightly decreasing from EUR 217.2 million in November 2025 [2] - The valuation of investment properties was confirmed at EUR 208.7 million by independent valuators, although there is uncertainty regarding the business continuity of the anchor tenant in Riga, indicating a downside risk [2] Group 3 - The Fund is currently meeting all financial covenants under credit agreements or has obtained waivers, except for three Latvian property loans, which are expected to be prolonged in Q1 2026 [3] - The Fund anticipates falling short of the requirement to maintain a consolidated equity ratio of at least 37.5% as per bond terms, with a report scheduled for release on 17 February 2026 [3] - Management will decide on the offering of new units by the time of the preliminary consolidated financial statements release, as mandated by unitholders in December 2025 [3]

Group 1 - The Herzfeld Credit Income Fund, Inc. announced an estimated net asset value (NAV) of $2.14 as of December 31, 2025 [1] - Thomas J. Herzfeld Advisors, Inc. is an SEC registered investment advisor specializing in investment analysis and account management in closed-end funds [2] Group 2 - The Fund's investment is subject to certain risks, including market risk, and shares may trade at a discount from their net asset value [3] - The Fund's performance and future results could differ materially from historical performance due to various factors, including market disruptions and investment risks associated with CLOs [4]

Group 1 - The Herzfeld Credit Income Fund, Inc. announced an estimated net asset value (NAV) of $2.14 as of December 31, 2025 [1] - Thomas J. Herzfeld Advisors, Inc. is an SEC registered investment advisor specializing in investment analysis and account management in closed-end funds [2] Group 2 - The Fund's investment is subject to certain risks, including market risk, and shares may trade at a discount from their net asset value [3] - Forward-looking statements made by the Fund or its advisor may involve various assumptions and uncertainties that could lead to actual results differing materially from expectations [4]

Core Insights - Galaxy Digital Inc. CEO Mike Novogratz highlighted the need for cryptocurrency treasury companies to create shareholder value beyond merely holding assets, warning that they will continue to trade at 80% to 95% below their net asset value unless management evolves these firms into operational companies [1][2]. Group 1: Current Landscape of Cryptocurrency Treasury Companies - Novogratz emphasized that the era of inflating stock prices through hype is over, stating that only a few individuals have successfully profited from this model [3]. - He suggested that if he were in charge of a cryptocurrency treasury company, he would leverage the unique skill sets of his team to innovate and differentiate from traditional exchange-traded funds [3][4]. - The popularity of cryptocurrency treasury firms has surged, with at least 200 such companies now existing and a combined market capitalization of approximately $150 billion, which has more than tripled from the previous year [6]. Group 2: Market Dynamics and Challenges - The market for cryptocurrency treasury firms is under scrutiny, with many criticized for pursuing volatile and obscure tokens, leading to increased pressure on their equities during market downturns [6]. - Notably, Strategy Inc., the largest Bitcoin holder, is trading at 86% below the value of its Bitcoin holdings, reflecting the challenges faced by these companies [5].

Financial Performance - EfTEN United Property Fund reported a net profit of 236 thousand euros in November and 2.45 million euros for the first 11 months of 2025, compared to 808 thousand euros in the same period last year [1] - The net asset value (NAV) of the fund unit was 11.31 euros at the end of November, reflecting a monthly increase of 0.8% [1] - If the investment in EfTEN Real Estate Fund AS shares were recorded at its NAV, the NAV of EfTEN United Property Fund would be 11.44 euros, indicating a 0.9% monthly increase [1] Development Projects - Invego Uus-Järveküla OÜ, in which the fund holds an 80% ownership, saw clients book six terraced houses for completion in early 2026 and purchase three already completed terraced houses [2] - The development company earned a profit of 137 thousand euros in November, while EfTEN United Property Fund earned 24 thousand euros in interest income from this investment [2] - As of early December, eight unsold terraced houses were released for public sale, with a total of 12 out of 165 units remaining unsold or unbooked [2] Distributions and Investments - In December, Invego Uus-Järveküla OÜ distributed 500 thousand euros to the fund, which included approximately 100 thousand euros in accrued owner loan interest and the remainder as principal repayment [3] - The fund plans to distribute the received interest to investors in spring 2026, along with funds from the sale of the last stage of development [3] - In total, Invego Uus-Järveküla OÜ has distributed 3.2 million euros to the fund this year, with EfTEN United Property Fund having invested 3.52 million euros in the Uus-Järveküla residential development during 2021 and 2022 [3]

Core Viewpoint - The company Strategy (NASDAQ:MSTR) is open to selling Bitcoin to fund dividend payments if necessary, marking a shift in its previous stance on Bitcoin retention [1][3]. Group 1: Company Strategy - CEO Phong Le stated that selling Bitcoin would be considered if the company's trading value fell below the net asset value (mNAV) of its Bitcoin holdings, emphasizing that this would be a last resort [1][2]. - The ultimate goal of the company is to maximize Bitcoin per share, and selling Bitcoin to pay dividends is seen as more accretive under certain conditions [2]. Group 2: Market Position - The company currently holds 650,000 BTC valued at $56.5 billion, representing the largest corporate Bitcoin holdings [5]. - The company's mNAV has recently compressed to 0.99, indicating that it is now valued below its Bitcoin holdings, which reflects a decline in the digital asset treasury trade's appeal [6]. Group 3: Leadership Comments - Michael Saylor, the company's Chair, addressed skepticism regarding the company's willingness to sell Bitcoin for dividends, asserting that it is possible to sell a small fraction of its holdings to cover dividend payments while still increasing Bitcoin holdings [4].

Core Insights - EfTEN Real Estate Fund AS reported stable rental income in November 2025, with consolidated rental income of EUR 2,703 thousand, unchanged from October [1] - The Fund's consolidated net rental income (NOI) slightly decreased by EUR 6 thousand month-on-month to EUR 2,568 thousand [1] Financial Performance - For the eleven months of 2025, the Fund achieved a total consolidated rental income of EUR 29.08 million, reflecting a year-on-year increase of 3.1% [2] - Consolidated EBITDA for the same period reached EUR 24.45 million, marking a 1.9% increase compared to the previous year [2] - Adjusted cash flow (EBITDA minus loan principal repayments minus interest expenses) totaled EUR 11.9 million, up 19.9% year-on-year, driven by cash flows from new investment properties and a decrease in EURIBOR [3] Dividend and Shareholder Value - The Fund generated potential gross dividends of 82.91 cents per share for investors, a 12.5% increase from the same period last year [4] - The management company is actively refinancing bank loans to enhance the Fund's dividend distribution capacity [4] Capital Structure - Following a share issue in November, the Fund's consolidated cash balance increased by EUR 1.6 million [5] - The net asset value (NAV) per share was EUR 20.7218 at the end of November, reflecting a 0.7% increase over the month [5] - The EPRA NRV was EUR 21.6145 at the end of November, which is a 0.6% increase [5]