Core Viewpoint - Volta Finance Limited reported a net return of +0.3% for December 2025, bringing the year-to-date performance to +2.7%, which is significantly lower than the returns of US High Yield bonds at +8.5% and Euro High Yield bonds at +5.2% during the same period [4]. Performance and Portfolio Activity - The performance in December was influenced by cautious central banks and mixed macroeconomic signals, with the US Federal Reserve cutting interest rates by 25 basis points while maintaining a data-dependent approach [5]. - The Morningstar LSTA Leveraged Loan Indices recorded returns of +0.65% in the US and +0.48% in Europe, indicating stable performance compared to November [6]. - Volta Finance took advantage of market conditions by investing €6.0 million in new positions, focusing on both new issues and secondary markets, and targeting a mix of shorter and longer duration profiles [7]. - The fund generated approximately €25 million in cash flow, representing about 19% of December's NAV on an annualized basis [7]. - As of December 2025, Volta's NAV was reported at €259.3 million, equating to €7.09 per share [8].

Core Viewpoint - C3is Inc. is expanding its fleet with the delivery of two MR product tankers expected between Q1 and Q3 of 2026, and management estimates the Company's Net Asset Value (NAV) to be approximately $77.5 million as of September 30, 2025 [1][8]. Fleet Expansion Update - Following the delivery of the two MR product tankers, the Company's fleet will consist of six vessels: one Aframax oil tanker (approximately 115,800 dwt), two MR product tankers (approximately 50,000 dwt each), and three Handysize dry bulk carriers (aggregate capacity of 97,664 dwt), resulting in a total fleet capacity of approximately 310,667 dwt [2][11]. - The fleet's DWT capacity will have increased by 385% from inception without any bank loans [3]. Tanker Fleet Performance - The tanker fleet, including one Aframax and two MR product tankers, is expected to operate in the spot market, which currently shows strong fundamentals. Average daily charter revenues are estimated at approximately $55,000 for Aframax tankers and $25,000 for MR product tankers, indicating substantial cash flow contributions from the tanker fleet [4][11]. Dry Bulk Carriers Performance - The Handysize dry bulk carriers are currently under short-term fixed time charter contracts, generating average daily charter rates of approximately $15,800, which provides stable revenues and contributes to cash flow generation [5][11]. Net Asset Value Estimate - As of September 30, 2025, management estimates the Company's NAV to be approximately $77.5 million on a pro forma basis, accounting for the recent agreements to acquire two MR product tankers [8][9]. - The NAV estimate is based on the current market value of the vessels, cash balances, and less remaining capital expenditures related to the newly acquired MR product tankers [9].

Core Viewpoint - Blackstone's BREIT claims an 8.1% return in 2025, significantly outperforming public REITs, which had modest returns, with the Vanguard REIT ETF (VNQ) returning 4.17% including dividends [1][3]. Performance Comparison - Blackstone attributes its outperformance to superior asset selection, claiming a 70% outperformance over public REITs, which is a relative measure rather than a direct percentage point comparison [3][4]. - The total return for public REITs is calculated based on market prices and dividends, while private equity returns, like those of BREIT, are based on internal evaluations of net asset value (NAV), making comparisons less straightforward [6][9]. Sector Performance - BREIT's portfolio includes significant exposure to rental housing, industrial, and data centers, with industrial being the standout performer in 2025, up about 17% [13][18]. - Single-family rentals and multifamily apartments faced challenges in 2025 due to increased supply, leading to declines in major players like American Homes 4 Rent and Camden [14][16]. - Data centers, comprising 21% of BREIT's portfolio, suffered despite strong fundamentals, with major companies like Equinix and Digital Realty experiencing significant drops in stock prices [19][20]. Market Dynamics - Publicly traded REITs are trading at a substantial discount to NAV, with the median REIT trading at 83% of NAV, indicating that BREIT's reported outperformance is more about the relative decline of public REITs than actual superior performance [27][28]. - The article suggests that both BREIT and public REITs performed reasonably well fundamentally, but the difference in reported returns stems from differing methodologies [29]. Investment Considerations - Investors are advised to consider the premium at which BREIT is trading compared to public REITs, which may lead to underperformance going forward [35][36]. - BREIT's redeemable shares allow investors to cash out at NAV, presenting an opportunity to reinvest in public REITs at more attractive valuations [37]. Blackstone's Position - Despite concerns about BREIT's performance, Blackstone has a strong track record of raising assets under management (AUM), which remains a key driver for the company [38].

Core Viewpoint - Bitmine Immersion Technologies has experienced a significant stock price increase of 248% in 2025, driven by a new management team and a focus on acquiring Ethereum, despite being down 77% from its all-time highs earlier in the same year [1]. Group 1: Business Model and Strategy - Bitmine Immersion Technologies operates as a cryptocurrency treasury company, raising funds to invest specifically in Ethereum rather than Bitcoin [2]. - The company has successfully raised funds through common stock offerings, accumulating over 1 million Ethereum tokens and other cryptocurrencies valued at $14 billion as of January 12, 2026 [3]. Group 2: Market Position and Valuation - The current market capitalization of Bitmine Immersion Technologies is $12.9 billion, which is below the value of its cryptocurrency holdings, indicating that the stock is trading at a discount [3]. - To sustain its investment strategy, the company plans to increase its total shares outstanding from 500 million to 50 billion, a 100x increase, which may lead to shareholder dilution or reliance on debt markets [4]. Group 3: Investment Considerations - The company faces a dilemma as it trades at a discount to its net asset value (NAV), which limits its ability to efficiently raise funds through stock sales for further cryptocurrency acquisitions [6][7]. - The volatility of cryptocurrencies poses a risk, as they have historically experienced significant price fluctuations [7].

Core Viewpoint - Tidal Investments LLC announced a temporary trading halt for the Defiance Daily Target 2X Long ONDS ETF due to an operational error related to an incorrect dividend posting [1][2]. Group 1: Operational Error - U.S. Bank, the fund's administrator, posted an incorrect dividend amount of approximately $800,000 to the fund, prompting the trading halt [2]. - The trading was halted to allow Tidal to evaluate and correct the impact of the incorrect dividend on the fund's Net Asset Value per share (NAV) [2]. Group 2: Corrective Actions - The issue has been identified and addressed, with appropriate corrective actions taken to ensure the accuracy of the fund's NAV [3]. - Tidal determined that the NAV for ONDL needed to be restated at $48.7330 per share as of January 9, 2026 [3]. - Trading resumed once the matter was resolved, indicating that the issue was effectively managed [3].

Core Viewpoint - Mackenzie Realty Capital, Inc. has established a new entity, MacKenzie Apartment Communities, Inc., focused on multi-family properties on the West Coast, which is currently wholly owned by MKZR [1][3]. Group 1: Company Structure and Valuation - As of January 1, 2026, MKZR has contributed its multi-family assets and development property to MAC, which is a stand-alone company [1]. - The Net Asset Value (NAV) of MAC has been determined to be $18.10 per share, based on appraisals and construction costs, with a potential range from $16.46 to $19.95 per share [2]. - The current portfolio of MAC includes 4 stabilized properties and one development project, with the newly constructed Aurora at Green Valley yet to be appraised [2]. Group 2: Future Opportunities and Strategy - The CEO of MKZR expressed excitement about the launch of MAC, highlighting options such as raising funds specifically for multi-family assets, merging with another multi-family focused REIT, or spinning off MAC shares to MKZR shareholders on a 1:1 basis [3]. - MAC is noted to have a clean balance sheet and favorable market conditions, indicating a positive outlook for its future [3]. Group 3: Company Background - MacKenzie Realty Capital, founded in 2013, is a West Coast-focused REIT aiming to invest at least 80% of its total assets in real property, with a portfolio that includes 50% multi-family and 50% boutique class A office properties [3].

Core Insights - The net asset value (NAV) of SUTNTIB AB Tewox decreased to EUR 45,679,457 at the end of December 2025, down from EUR 46,043,930 at the end of November 2025 [1] - The share price fell to EUR 1.0912 from EUR 1.0999 at the end of November 2025 [1] - The pro-forma internal rate of return (IRR) decreased to 3.42%, compared to the previously announced IRR of 3.72% at the end of November 2025 [1]

The Buy Thesis - Gladstone Commercial (GOOD) is undervalued at a 9X multiple, which suggests low-quality earnings or high risk, despite its durable cash flows [1] - The market is overlooking two key aspects of GOOD's transition from a predominantly office portfolio to 70% industrial [1] Valuation - A fair value estimate for GOOD is $15.25 per share, representing a 14X multiple on forward AFFO [2] - GOOD's portfolio and balance sheet are in healthy shape, positioning the company for growth in AFFO/share [44] Portfolio Transition - The transition from office to industrial assets is critical, with GOOD managing to reduce its office holdings to 28% over the past decade [55] - GOOD's approach to transitioning was gradual and opportunistic, allowing for better management of AFFO/share losses compared to peers [25][43] Performance Comparison - GOOD lost only 9% of its AFFO/share from 2015 to 2026, while peers LXP and SLG lost 20% and 56%, respectively [23][21] - The company maintained a higher quality of earnings through strategic tenant relationships and selective asset sales [25][26] Tenant and Property Quality - More than half of GOOD's tenants are investment-grade or equivalent, which is higher than most triple net REITs [38] - Industrial leases have embedded escalators of approximately 3%, providing a stable income stream [58] Market Sentiment - The market has been punishing GOOD for historical AFFO/share weakness due to the pandemic, despite its strong fundamentals [39][42] - The current trading multiple does not reflect GOOD's forward prospects, indicating substantial undervaluation [65][71] Debt and Financial Health - GOOD has modestly reduced its leverage and has a mix of property-level mortgage debt and company-level credit facilities [45][48] - The company is expected to benefit from potential interest rate cuts, which could lower its cost of variable rate debt [50][54]

Core Viewpoint - The discount to net asset value (NAV) for FS KKR Capital (FSK) is seen as justified due to elevated nonaccruals at fair value and weaker dividend coverage, despite the BDC growing NAV [1] Group 1: Company Performance - FS KKR Capital has experienced a growth in NAV, indicating potential resilience despite challenges [1] Group 2: Market Dynamics - The equity market serves as a mechanism for wealth creation or destruction over the long term, with daily price fluctuations playing a significant role [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Viewpoint - NB Private Equity Partners (NBPE) reported its monthly NAV estimate as of 30 November 2025, highlighting a total NAV of $1.2 billion and a total return of 4.0% year-to-date [1][2]. NAV Highlights - The NAV total return (TR) for NBPE was 4.0% year-to-date, 4.1% over one year, 9.5% over three years, 59.2% over five years, and 164.9% over ten years [3]. - The MSCI World TR showed significantly higher returns, with 20.6% year-to-date and 223.3% over ten years [3]. - The share price TR was 4.3% year-to-date and 235.1% over ten years, indicating strong performance compared to the FTSE All-Share TR [3]. Portfolio Update - The NAV performance was primarily driven by private company valuations, with a total of $157 million in realizations received year-to-date and $23 million deployed in new investments [4][5]. - The NAV per share was reported at $27.67 (£20.88), with a total return of 0.5% for the month [6]. - Approximately 92% of the valuation information was based on Q3 private company data, with private investments appreciating by 1.3% on a constant currency basis [6]. Share Buybacks - In November 2025, approximately 695,000 shares were repurchased at a weighted average discount of 24%, resulting in an NAV per share accretion of approximately $0.12 [11]. - Year-to-date, NBPE has repurchased around 2.9 million shares for $57 million at a weighted average discount of 26%, contributing to an NAV accretion of approximately $0.48 per share [11]. Investment Opportunities - NBPE has a strong pipeline of investment opportunities, particularly in mid-life co-investments and co-underwrite opportunities, supported by $289 million in total liquidity as of 30 November 2025 [8][9]. - The liquidity comprises $79 million in cash and liquid investments, along with a $210 million undrawn credit line [9]. Portfolio Composition - As of 30 November 2025, 78% of the portfolio was invested in North America, while 22% was in Europe [13]. - The industry distribution of the portfolio includes 20% in Tech, Media & Telecom, 19% in Consumer/E-commerce, and 19% in Industrials/Industrial Technology [13].