Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 August 2025, with a total NAV of $1.3 billion [2][3] - The NAV total return (TR) for the year-to-date is 4.5%, while the one-year return is 11.1% [4] - The company has realized $86 million year-to-date and has $269 million in available liquidity as of 31 August 2025 [5][8] NAV Performance - NAV per share was $27.79 (£20.57), reflecting a total return of 0.9% for the month [6] - Private company valuations increased by 2.3% during Q2 2025 and 1.9% year-to-date on a constant currency basis [6] - The NAV experienced a 0.6% increase ($7 million) from changes in quoted holdings and a similar increase from FX rate changes [7] Share Buybacks - Approximately 52,000 shares were repurchased in August 2025 at a weighted average discount of 28%, contributing ~$0.01 per share to NAV [10] - Year-to-date, around 921,000 shares have been repurchased at a weighted average discount of 29%, adding ~$0.17 per share to NAV [10] Portfolio Composition - As of 31 August 2025, 7% of the portfolio was valued based on public securities, while 93% was based on private direct investments [10] - The portfolio is primarily concentrated in North America (76%) and Europe (23%), with only 1% in Asia and the rest of the world [12] - The top 30 investments account for 78.2% of the total portfolio value, with significant holdings in sectors such as Technology, Consumer, and Industrials [11][12] Investment Strategy - NBPE focuses on direct private equity investments alongside leading private equity firms globally, aiming for capital appreciation and bi-annual dividends [13] - The investment manager, Neuberger Berman, emphasizes fee efficiency by avoiding management fees and carried interest payable to third-party GPs [13]

NBPE Announces August Monthly NAV Estimate St Peter Port, Guernsey 15 September 2025 NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 August 2025 monthly NAV estimate. NAV Highlights (31 August 2025) NAV per share was $27.79 (£20.57), a total return of 0.9% in the month100% of valuation information as of Q2 2025 or August quoted holdingsPrivate company valuations were up 2.3% during Q2 2025 and 1.9% year- ...

Core Viewpoint - Brompton Funds Limited has proposed a merger of the Symphony Floating Rate Senior Loan Fund into the Brompton Wellington Square Investment Grade CLO ETF, with the ETF being the continuing fund, and a special meeting will be held for unitholders to vote on this proposal [1][8]. Fund Merger Details - The merger will involve exchanging class A and class U units of the Fund for CAD and USD units of the ETF, respectively, based on their net asset values [2]. - The ETF aims to provide high monthly income and capital preservation through investments in primarily investment grade rated collateralized loan obligations (CLOs) [3]. Investment Quality and Management - The average credit rating of the Fund's current portfolio is B+, while at least 75% of the Continuing Fund's portfolio will be in Investment Grade CLOs, which are less likely to default [5]. - The management fee for the Continuing Fund will be reduced from 1.25% to 0.60%, and the management expense ratio (MER) is expected to decrease from 2.29% to less than 0.75% per annum [5]. - The Continuing Fund will not engage in borrowing, which is expected to further reduce costs and volatility [5]. Distribution and Trading Benefits - The current distribution rate of the Fund is 7.26%, and the Continuing Fund will maintain a focus on high monthly income distributions [5]. - The merger is expected to reduce the bid/ask spread significantly, leading to lower effective costs for investors [5][12]. - Post-merger, the Continuing Fund is anticipated to trade closer to its NAV, improving trading liquidity and allowing for large volume transactions without significantly affecting market prices [12]. Meeting and Implementation - A special meeting for unitholders to vote on the merger will be held on November 17, 2025, with an accelerated annual redemption option expected on December 30, 2025, if approved [7][8].

Group 1 - The core idea is that stock prices can rise based on speculation and hype, but ultimately, profits are the key driver for sustainable stock value [2][3] - Peloton Interactive (PTON) serves as a case study where initial stock gains during the pandemic were not supported by actual profits, leading to a decline in stock value as investor optimism waned [3][4] - The article highlights the potential for closed-end funds (CEFs) to be profitable investments, particularly when purchased at a significant discount to net asset value (NAV) [5][7] Group 2 - There is an emerging trend among younger investors, particularly Generation Z, who are increasingly interested in dividend-paying investments rather than high-risk assets [8][9] - Bloomberg reports that Gen Z is shifting focus from volatile investments to more stable dividend strategies, which emphasize control and consistency [8][9] - The YieldMax TSLA Option Income Strategy ETF (TSLY) is mentioned as an example of a high-yielding investment that has attracted significant assets, despite its relatively low total return over three years [9][10] Group 3 - The article suggests that as young investors begin to appreciate dividends, they may eventually seek more sustainable high-yield options, such as the BlackRock Science and Technology Term Trust (BSTZ), which offers a 12% yield [10][11] - BSTZ is noted for its strong performance and trading at a discount to NAV, making it an attractive option for savvy investors [11] - The expectation is that as Generation Z recognizes the value of funds like BSTZ, demand will increase, potentially boosting the fund's market price and narrowing its discount [11]

Group 1 - FS KKR Capital (NYSE: FSK) is trading at a significant discount to its net asset value (NAV) per share while offering a double-digit base dividend yield from a credit portfolio experiencing elevated stress [1] - The equity market serves as a powerful mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Viewpoint - Golub Capital BDC (NASDAQ:GBDC) had a quarter that met expectations, with a slight outperformance in adjusted net investment income (NII) and a minor decrease in net asset value (NAV), indicating stability in the company's financial performance [1][2][10]. Financial Performance - GBDC recorded a combined net realized loss and unrealized depreciation of $11 million in Q2 2025, which was better than the projected loss of $20 million [2]. - The investment portfolio size increased by $340 million during Q2 2025, primarily due to $557 million in loan originations, resulting in a 4.0% quarterly increase [5]. - Adjusted NII showed a very minor increase compared to expectations, with a variance of $0.013 [12]. Yield and Income - GBDC reported a weighted average annualized yield of 10.30% in Q2 2025, a slight decrease from 10.50% in Q1 2025 [6]. - The company did not waive any income incentive fees during Q2 2025, contrasting with previous quarters where fees were waived [7]. Non-Accrual Status - No new portfolio companies were placed on non-accrual status during Q2 2025, maintaining the total at nine companies, which accounted for 1.2% of the investment portfolio based on amortized cost [17][18]. Dividend and Valuation - GBDC declared an unchanged base dividend of $0.39 per share for Q3 2025, indicating confidence in maintaining dividend levels [19]. - The company is currently trading at a slight discount to its NAV, with a HOLD recommendation reflecting appropriate valuation [22].

Core Viewpoint - Golub Capital BDC (NASDAQ:GBDC) had a quarter that met expectations, with a likely safe dividend for 2025 and trading at a slight discount to NAV, placing it in a "hold" range [1] Financial Performance - GBDC experienced a minor quarterly NAV decrease, aligning with expectations, and reported a combined net realized loss and unrealized depreciation of $11 million for Q2 2025, compared to a projected loss of $20 million [2] - The investment portfolio size increased by $340 million during Q2 2025, primarily due to $557 million in loan originations, resulting in a 4.0% quarterly increase [5] - Adjusted NII slightly outperformed expectations, with a minor quarterly increase compared to a projected decrease [4] Yield and Income - GBDC reported a weighted average annualized yield of 10.30% for Q2 2025, a slight decrease from 10.50% in Q1 2025, which matched expectations [6] - The company did not waive any income incentive fees during Q2 2025, contrasting with previous quarters where fees were waived [7] Debt Management - GBDC's recent debt refinancing and amendments are expected to improve NII/adjusted NII in future quarters, with a reduction in effective margin/spread [8] - The company repurchased 2.4 million shares at an average price of $13.99 during market volatility in April 2025, contributing to minor NAV accretion [3] Non-Accrual Status - No new portfolio companies were placed on non-accrual status during Q2 2025, maintaining the total at 9 companies, which accounted for 1.2% of the investment portfolio based on amortized cost [18][17] Dividend Outlook - GBDC declared an unchanged base dividend of $0.39 per share for Q3 2025, with no notable risk of a decrease in the current quarterly base dividend during 2025 [19][20] Valuation - GBDC is currently valued at a slight discount to its NAV, with a HOLD recommendation based on appropriate valuation [22]

Group 1 - SharpLink Gaming Inc. has initiated a $1.5 billion share buyback program, repurchasing approximately 939,000 shares at an average price of $15.98, totaling $15 million [1] - The company's stock gained 3.6% in pre-market trading following the buyback announcement, although it remains approximately 60% below its July highs [3] - SharpLink holds $3.6 billion in ETH, making it the second-largest corporate Ethereum holder, with nearly all of its holdings staked to generate revenue [5][6] Group 2 - The company views its stock as undervalued relative to its net asset value (NAV) and has not utilized its At-the-Market equity facility while trading below NAV to avoid dilution [2][6] - Management is focusing on disciplined capital allocation through share buybacks when shares trade at attractive valuations, using cash on hand and proceeds from staking operations [7] - The broader market dynamics have led to stock prices of Ethereum treasury firms falling below NAV due to reduced investor appetite for digital asset exposure [8]

Financial Performance - Q2 2025 revenues were $36.3 million, a 22.8% decrease compared to $47.0 million in Q2 2024 due to stronger market rates in the previous year[5] - Net income for Q2 2025 was $12.8 million, compared to $19.5 million in Q2 2024, but higher than $11.3 million in Q1 2025[5] - EBITDA for Q2 2025 was $17.1 million[5] - For the first half of 2025, net income was $24.1 million, EBITDA was $31.8 million, and operating cash flow generation was $42.0 million[9] Fleet and Operations - Fleet operational utilization was 83.1% in Q2 2025, compared to 80.9% in Q2 2024[9] - Approximately 60% of fleet calendar days were dedicated to time charter activity, while about 37% were dedicated to spot activity[9] - The company's fleet book value increased by 54.4% to over $350 million within a single quarter[9] - The company took delivery of two kamsarmax and five supramax drybulk carriers in Q2 2025, operating a fleet of 19 non-Chinese vessels[9] Liquidity and Valuation - Cash and cash equivalents, including time deposits, were $212.2 million as of June 30, 2025, which is about 80% higher than the current market capitalization of approximately $120 million[9] - Net Asset Value (NAV) was estimated at $13.5 per share as of June 30, 2025, while the current share price was approximately $3.5[9] Market Trends - Drybulk trade volumes have increased by 2% year-over-year since July 2025[27] - Since the start of 2025, 302 bulkers (2.1% of fleet) have been delivered[27] - Orderbook is 9% for panamax/kamsarmax vessels, 6% for handysizes and 11% for supramax/ultramax bulk carriers[27]

Summary of Power Corporation of Canada (PWCC.F) 2025 Conference Call Company Overview - **Company**: Power Corporation of Canada (PWCC.F) - **Date**: September 04, 2025 - **Speaker**: Jeff Wort, President and CEO Key Developments and Strategy - The company has made significant progress since its reorganization announced in December 2019, focusing on financial services rather than diversification [2][3] - The strategy remains unchanged, emphasizing organic growth, mergers and acquisitions (M&A), and tools at the holding company level [3][5] - The company aims for increased transparency and communication with the market [4] Financial Performance and NAV Growth - The normalized NAV growth rate is projected to be around 10%, with total shareholder returns (TSR) targeted between 13% to 15% under normal market conditions [6][12] - 84% of the company's value is tied to its position in Great West Life, which has a public EPS growth target of 9% over the medium term [6][7] - Great West Life has exceeded its growth targets over the past four years, while IGM has been slightly below but is expected to meet its targets [8][9] - The valuation of the companies has not significantly changed, with a forward multiple of 10.6 times consensus earnings for 2026 [10] Market Sensitivity and Economic Resilience - The company is confident that the growth from Empower will not significantly compromise Great West Life's economic resilience [29][30] - The focus is on growth in wealth management, which is expected to increase from the low sixties to the low seventies in terms of earnings base over the next five years [31][32] Capital Allocation and Share Buybacks - Capital allocation decisions are primarily made within Great West Life and IGM, with a focus on organic growth in the U.S. market [36][37] - The company plans to continue share buybacks, with excess capital from Great West Life being utilized for this purpose [40][44] - The company has historically supported its subsidiaries in significant acquisitions, which may temporarily slow down buybacks [41] Governance and Management Engagement - Power Corporation has an engaged board that actively participates in key decisions related to strategy, capital allocation, and risk management [49][50] - The board comprises experienced financial services professionals who provide valuable insights without undermining management [52][54] Technology and Market Adaptation - The company is investing in technology to enhance its operations, with a focus on AI to improve productivity and client interfaces [56][59] - There is a belief that technology will not disrupt the fundamental business model but will enhance efficiency and accessibility [62][63] Alternate Asset Management - Sagard, the alternate asset management platform, has grown significantly, with aspirations to become a larger player through acquisitions [66][67] - The platform has shown substantial growth in value, although it has not yet translated into earnings [68][69] Market Outlook and Risks - The company is confident in its market position and management teams, expecting to deliver targeted TSRs under normal market conditions [70][71] - Macro risks, including global trade negotiations and inflation, are acknowledged as potential challenges [73] Conclusion - Power Corporation of Canada is positioned for continued growth with a strong focus on execution, capital allocation, and leveraging technology to enhance its business model while maintaining a balance between growth and resilience.