Core Insights - Investors have a wide range of options when it comes to selecting top exchange traded funds (ETFs) for investment [1] Group 1 - The market for ETFs is diverse, providing numerous choices for investors [1]

Core Insights - Tanger reported strong third-quarter performance, leading to an increase in guidance for 2025, driven by sales momentum, recent property acquisitions, and a diversified tenant mix [1][6] - The company is optimistic about the holiday outlook, indicating robust tenant demand and record leasing volume [2][5] Financial Performance - For the third quarter ended September 30, net income available to common shareholders was $31.8 million, or 28 cents per share, compared to $24.6 million, or 22 cents per share, in the prior year [2] - Funds from operations (FFO) available to common shareholders was $71.1 million, or 60 cents per share, up from $62.7 million, or 54 cents per share, in the prior year [3] - Tanger raised its guidance for diluted FFO per share to $2.28 to $2.32, from a previous forecast of $2.24 to $2.31 [3] Operational Highlights - Occupancy rate was 97.4% as of September 30, 2025, compared to 96.6% on June 30, 2025, and 97.4% on September 30, 2024 [10] - Average tenant sales per square foot increased to $475 for the 12 months ended September 30, 2025, compared to $465 for the 12 months ended June 30, 2025, and $438 for the 12 months ended September 30, 2024 [11] Strategic Initiatives - The company launched everyday Black Friday sales on November 1, promoting them through various channels to drive early customer engagement [4] - Tanger remains active in the acquisitions market, having added three lifestyle centers and three outlet centers in the past couple of years [6][7] - The acquisition of Legends Outlets for $130 million was completed, with expectations of an 8% return in the first year [8][9]

Investment Strategy - The report explores methods to potentially achieve a 10X (tenfold) increase in portfolio value [1]

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Core Viewpoint - The focus is on creating a portfolio that emphasizes growth and dividend income, aiming for an easy retirement through compounding dividend income and growth [1]. Group 1: Investment Strategy - The portfolio is structured to generate monthly dividend income, which is expected to grow through dividend reinvestment and annual increases [1]. Group 2: Personal Position - The company has a beneficial long position in several stocks, including MAIN, ARCC, BXSL, BBDC, GBDC, OBDC, GSBD, FSK, and PSEC, either through stock ownership, options, or other derivatives [1].

市场情绪 - 行业关注哪种加密货币最值得信任，能够引领投资组合增长 [1]

Financial Data and Key Metrics Changes - For Q2 2025, the company generated GAAP net investment income of $0.34 per share and core net investment income of $0.35 per share, which excludes estimated excise taxes [6] - Net asset value per share decreased by $0.04 during the quarter due to a reduction in spillover income [6] - The investment portfolio at fair value was $985.9 million, slightly down from $991 million in Q1 2025 [7] Business Line Data and Key Metrics Changes - The company invested $15.4 million in three new portfolio companies during the quarter and had $7.4 million in other investment activity at par [7] - Two full repayments totaled $21.7 million, with an additional $10.4 million of other repayments, all at par [7] - 98% of loans were secured, and 91% were priced at floating rates [8] Market Data and Key Metrics Changes - The company ended the quarter with loans to five portfolio companies on nonaccrual, comprising 6.8% of total cost and 3.8% of fair value, representing a decrease from the prior quarter [9] - The average loan per company was $9.2 million, with the largest overall investment at $21.2 million [8] Company Strategy and Development Direction - The company expects to see more equity realizations in the second half of the year, estimating $12 million in proceeds and approximately $10 million in gains [11] - The company plans to continue funding qualifying portfolio company investments through new leverage under the SBIC III license [9] Management's Comments on Operating Environment and Future Outlook - Management noted a meaningful pickup in investment activity and M&A activity, indicating a busy second half of the year [10] - The company anticipates being able to grow the portfolio despite expected repayments, with a robust pipeline of opportunities [30][41] Other Important Information - The company has paid $306 million in dividends since its IPO, representing $17.35 per share to an investor in the IPO [6] - The company has received a green light letter from the Small Business Administration for SBIC III, which is an important step in the process [9] Q&A Session Summary Question: How much spillover is there left over and what's the strategy in terms of increasing leverage to cover the dividend? - The company has just under $45 million of spillover to work off through the dividend, expecting it to be about $38 million next year [17] - Current leverage is about 0.9 on a regulatory test and total leverage for GAAP is about 1.7 times, with a target leverage of about one to one [19] Question: How is the pipeline looking for the remainder of the year and where are the opportunities? - The company has seen a significant increase in M&A activity and expects to continue growing the portfolio with a robust pipeline of actionable opportunities [28][30] Question: Any insight into potential resolutions or progress with the current non-accrual list? - The company is working through the non-accruals, all backed by private equity firms, and had no new non-accruals this quarter [31] Question: What is the level of confidence on realizing potential equity realizations this year? - The company has a high likelihood of realizing the forecasted equity realizations as the businesses are actively marketed and well-performing [36] Question: How much of the portfolio rated three or lower is the company seriously nervous about? - The company expects to receive all principal and associated income from the portfolio rated three or lower, indicating a positive outlook [39]

Financial Data and Key Metrics Changes - Fundings for the quarter totaled $73 million, with exits and prepayments at $82 million, resulting in net originations of negative $9 million [6][7] - Interest income decreased by 2.3% to $20.9 million, while the weighted average portfolio yield increased by 20 basis points to 12.8% [12][7] - Net investment income remained flat at $11.3 million, with net realized losses of $3.6 million primarily related to a specific investment [7][13] Business Line Data and Key Metrics Changes - The portfolio turnover did not materially impact the investment mix, with 70% of new originations being first lien debt [9] - The company maintained a conservative leverage position with debt at 64% of NAV, which increased to 81% of NAV post-quarter [11][15] Market Data and Key Metrics Changes - The company continues to see a healthy flow of attractive lower middle market deal opportunities, with 88% of recent deals being first lien investments [10] - The average closing leverage for new deals was three times EBITDA, with an average margin over SOFR exceeding 7% [10] Company Strategy and Development Direction - The company remains focused on growth-oriented lower middle market investments backed by private equity sponsors [19] - The strategy includes recycling investment exits to support portfolio growth and shareholder distributions [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the portfolio, citing well-articulated growth strategies among investments [24] - Concerns about economic headwinds were acknowledged, but the company believes its investments can withstand these challenges due to conservative leverage and cash flow generation [26][27] Other Important Information - Total assets rose to $780 million, with liabilities primarily consisting of senior notes and a line of credit [13][14] - Monthly distributions for August and September will be $0.0165 per common share, translating to an annual run rate of $1.98 per share [15] Q&A Session Summary Question: Impact of private credit growth on spreads - Management noted that while there is some pressure from sponsors, they have successfully resisted significant reductions in spreads, maintaining an average above 7% over SOFR [21][22] Question: Overall health of the portfolio amid economic uncertainty - Management indicated that most investments have solid growth strategies and can withstand economic headwinds, with a focus on long-term growth rather than short-term economic fluctuations [24][26] Question: Changes in portfolio structure to boost yields - Management clarified that there is no fundamental strategy change, but they are exploring opportunities to manage yield targets through selective second lien and asset-backed facilities [30][32] Question: Leverage ratio and prepayment patterns - Management confirmed the leverage ratio increase to 81% of NAV and noted that prepayments have been unpredictable, typically occurring when companies are up for sale [37][39] Question: Financing options for upcoming debt maturity - Management is evaluating various options for addressing the upcoming debt maturity, expressing some disappointment with current market spreads [41] Question: Future pipeline and backlog outlook - Management expects a healthy number of additional investments and anticipates net originations in the range of $50 million to $100 million per quarter [44][46] Question: Activity level and December quarter expectations - Management expressed cautious optimism for a strong Q4, traditionally a busy quarter, while acknowledging economic uncertainties that may affect deal closures [53][55]

Financial Data and Key Metrics Changes - The company reported a net income of $10.1 million and diluted earnings per share of $1.30, representing a 20% year-over-year improvement [4][5] - Quarterly revenue reached a record level of $157 million, up 10% year-over-year [18] - Total originations were at a record high of $510 million, reflecting a 20% year-over-year increase [16][18] - The annualized operating expense ratio improved to 13.2%, a 60 basis point improvement year-over-year [21] Business Line Data and Key Metrics Changes - Net receivables grew by $70 million sequentially, with a year-over-year increase of 10.5% [6] - The auto secured loan portfolio grew by $66 million or 37% year-over-year, now representing 13% of the total portfolio [10] - Loans with APRs above 36% increased by $50 million or 16% year-over-year, now making up 18% of the total portfolio [10] Market Data and Key Metrics Changes - The thirty-day delinquency rate improved to 6.6%, a 50 basis point improvement sequentially and 30 basis points year-over-year [6][19] - The net credit loss rate was 11.9%, improving by 50 basis points sequentially and 80 basis points year-over-year [6][19] Company Strategy and Development Direction - The company plans to continue opening new branches, with 17 branches opened since September of the previous year and an expectation to open another 5 to 10 branches in the next six months [9] - The company is executing a barbell strategy focusing on growth in high-quality auto secured and high-margin small loan portfolios [9] - Investments in technology and advanced analytics are expected to enhance operational efficiency and customer experience [12][93] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of consumers in their target segment, which has allowed for responsible portfolio growth and improved credit performance [5][14] - For 2025, the company forecasts full-year net income between $42 million and $45 million, with potential for faster growth in the second half of the year [14][26] - Management noted that economic conditions, including wage growth and job availability, are favorable for their customer base [17][45] Other Important Information - The company returned $17.6 million in capital to shareholders through stock repurchases and dividends [8] - The allowance for credit losses increased by $3.7 million to support portfolio growth, with a reserve rate of 10.3% expected to remain steady [20] Q&A Session Summary Question: What are the most significant growth opportunities? - Management highlighted various growth levers, including geographic expansion, new branches, and digital underwriting, with a focus on optimizing returns based on market conditions [29][31] Question: Is the flat allowance rate an indication of normalization? - Management explained that the allowance rate is based on portfolio mix and macro conditions, and they will continue to evaluate it quarterly [36][39] Question: How should yields be expected to change? - Management indicated that pricing will be competitive and will adjust based on market conditions, with a focus on maintaining profitability [48][50] Question: What drove the increase in digital originations? - The increase was attributed to improved productivity in branches and successful partnerships with affiliates, which are expected to be sustainable [89][90] Question: What factors are leading to the guidance for Q3? - The guidance reflects expectations for continued top-line growth, expense discipline, and improvements in net credit losses [94][96]

Investment Philosophy - The less entertainment sought from a portfolio, the higher the likelihood of its growth [1]