Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of July 31, 2025, with a total NAV of $1.3 billion [1][2] NAV Performance - NAV total return (TR) for the year-to-date is 3.5%, with a one-year return of 7.3% and a ten-year return of 162.9% [3] - MSCI World TR shows a year-to-date return of 11.2% and a ten-year return of 188.4% [3] - Share price TR decreased by 3.7% year-to-date, with a ten-year return of 196.9% [3] - FTSE All-Share TR has a year-to-date return of 13.4% and a ten-year return of 95.6% [3] Portfolio Update - Year-to-date realizations amounted to $71 million, primarily from partial sales and exits of private holdings [4] - Total liquidity available as of July 31, 2025, is $279 million [5] - NAV per share is $27.54 ($20.81), reflecting a total return of 2.2% for the month [6] - Private company valuations increased by 2.3% during Q2 2025 [6][7] Share Buybacks - Approximately 35,000 shares were repurchased in July 2025 at a weighted average discount of 27%, contributing less than $0.01 per share to NAV [10] - Year-to-date, around 824,000 shares have been repurchased at a weighted average discount of 29%, adding approximately $0.11 per share to NAV [10] Portfolio Valuation - The fair value of NBPE's portfolio as of July 31, 2025, is based on various private and public investments, with the top 30 investments accounting for 77.6% of the total portfolio value [9][11] - The portfolio is geographically diversified, with 76% in North America and 23% in Europe [12] - Sector allocation includes 22% in Tech, Media & Telecom and 22% in Consumer/E-commerce [12]

Group 1 - Fidus Investment (NASDAQ: FDUS) reported Q2 results with a total dividend yield of 10.7% [1] - The company has the same NII price yield and is trading at a 9% premium to NAV [1] - The article suggests exploring Systematic Income for income portfolios that consider both yield and risk management [1]

Key Points - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.6772 at the end of July 2025, up from EUR 0.6766 as of June 30, 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.2 million, compared to EUR 97.1 million as of June 30, 2025 [1] - The EPRA NRV as of July 31, 2025, was EUR 0.7222 per unit [1] - The consolidated net rental income for July 2025 remained stable at EUR 1.0 million, the same as in June 2025 [1] Financial Position - At the end of July 2025, the Fund's consolidated cash and cash equivalents increased to EUR 7.5 million from EUR 7.1 million as of June 30, 2025 [2] - The increase in cash was attributed to the opening of the Apollo Plaza first-floor area, which generated additional monthly inflows, and effective debt recovery measures [2] - The total consolidated assets of the Fund were EUR 239.3 million as of July 31, 2025, up from EUR 238.8 million as of June 30, 2025 [2]

Financial Performance - Net investment income (NII) per share for Q2 2025 was $0.46, compared to $0.45 in the previous quarter[19] - Net realized and unrealized losses on investments per share for Q2 2025 were ($0.05), compared to ($0.34) for the prior quarter[19] - Net income per share for Q2 2025 was $0.41, compared to $0.11 for the prior quarter[19] - NAV per share as of June 30, 2025, was $19.55[19] - A regular dividend of $0.42 per share was declared for Q3 2025[19] - Total net assets were $725 million as of Q2 2025[11, 21] Portfolio Composition - Total portfolio investments were valued at $1,601 million as of June 30, 2025, consisting of 187 portfolio companies across 20 industries[11, 19, 35] - 91% of the portfolio comprised of senior secured first lien and unitranche first lien investments by fair value[19, 35] - 97% of debt investments are floating rate[22, 35, 44] Capital Structure and Liquidity - The company has a strong liquidity profile with $26.1 million in cash and cash equivalents and restricted cash[19, 24] - Undrawn debt capacity was $227.2 million as of June 30, 2025[19, 63, 65] - The debt-to-equity ratio was 1.23x[11, 21, 24]

Core Viewpoint - Oxford Lane Capital Corp. announced a preliminary estimate of its net asset value (NAV) per share as of July 31, 2025, ranging between $4.13 and $4.23, with approximately 485.9 million shares outstanding [6]. Company Overview - Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company that primarily invests in debt and equity tranches of collateralized loan obligation (CLO) vehicles [4]. Financial Data - The preliminary financial data provided is the responsibility of the company's management and has not been audited or reviewed by PricewaterhouseCoopers LLP [3]. - The NAV estimate is not a comprehensive statement of the company's financial condition for the month ended July 31, 2025, and may differ materially from the final NAV for the quarter ending September 30, 2025 [6].

Financial Performance - The company generated net investment income of $0.39 per common share on a GAAP basis and after adjusting for asset acquisition accounting[10] - The company declared a quarterly dividend of $0.40 for 3Q25, equating to an annualized dividend yield of 9.7% on its NAV as of 06/30/25[10] - Total investment income increased to $67.281 million in Q2 2025 from $54.864 million in Q1 2025[11] - Net asset value (NAV) per share was $16.43 as of June 30, 2025, compared to $16.63 as of March 31, 2025[10] Portfolio & Investment Activity - The total fair value of the portfolio increased to $2.3 billion across 148 portfolio companies with a weighted average yield of 10.9%[10] - Record originations resulted in $375.7 million of fundings with a weighted average yield of 10.0%[10] - Total repayments and sales during the quarter were $138.0 million with a weighted average yield of 10.9%[10] - Non-accrual investments represented 3.0% and 2.1% of the total portfolio based on amortized cost and fair value, respectively, as of June 30, 2025[10] Liquidity & Capital - Statutory leverage was 1.10x as of June 30, 2025, compared to 1.04x as of March 31, 2025[10] - Total liquidity as of June 30, 2025, was $613.1 million in cash and undrawn debt capacity[10]

Core Insights - Firm Capital Property Trust reported financial results for Q2 and the first half of 2025, highlighting a sale of investment properties for gross proceeds of $15 million and an increase in same-property NOI [1][5] - The Trust's NAV per unit increased by 1.7% year-over-year, indicating growth in asset value [5] Property Portfolio Highlights - The portfolio includes 62 commercial properties with a total gross leasable area of 2,427,383 square feet, five multi-residential complexes with 599 units, and four manufactured home communities with 537 units [2] - 50% of NOI is derived from grocery-anchored retail, followed by industrial properties at 25% [2] - Geographically, 37% of NOI comes from Ontario and 36% from Quebec [2] Tenant Diversification - The tenant profile is well diversified, with no single tenant accounting for more than 13.1% of total net rent, and the top 10 tenants representing 32.2% of total net rent [3] Q2/2025 Financial Highlights - Rental revenue for Q2 2025 was $15.3 million, a 2% increase from Q2 2024 [4] - NOI on an IFRS basis was approximately $9.6 million, showing a slight decrease of 1% year-over-year [4] - Net income for Q2 2025 was $4.4 million, down 50% from the previous year [4] - AFFO was approximately $4.5 million, with an AFFO payout ratio improving to 106% [5] Occupancy Rates - Commercial occupancy stood at 93.8%, multi-residential at 94.4%, and manufactured home communities at 100% [5] Financial Metrics - Total assets decreased by 1% to $637.2 million, while total mortgages decreased by 4% to $302.3 million [4] - The Trust completed the sale of retail properties for gross proceeds of $29.3 million, recognizing a gain of approximately $1.8 million [5] Distribution Information - The Trust declared monthly distributions of $0.04333 per unit for the upcoming months, payable in November 2025, December 2025, and January 2026 [5] Investment Strategy - Firm Capital Property Trust aims to create long-term value through capital preservation and disciplined investing, focusing on a diversified property portfolio [9]

Financial Performance - Boardwalk REIT reported strong financial results for Q2 2025, with Funds From Operations (FFO) per Unit of $1.16, an increase of 11.5% from Q2 2024 [3][4] - Net Operating Income (NOI) for Q2 2025 was $104.2 million, reflecting a 9.0% increase from the same period last year [4][8] - The Trust's profit for Q2 2025 was $76.3 million, down 52.1% compared to Q2 2024, primarily due to fair value losses [4][8] Revenue Growth - Same property rental revenue grew by 6.2% year-over-year in Q2 2025, with same property NOI growth of 9.8% [4][16] - The average occupancy rate was 97.9% in Q2 2025, indicating strong demand for rental units [4][13] - Alberta showed the highest population growth among Canadian provinces, supporting rental demand [4][6] Capital Management - The Trust has approximately $324.6 million in total available liquidity at the end of Q2 2025 [4][10] - 96% of Boardwalk's mortgages are CMHC-insured, contributing to a strong and flexible balance sheet [4][10] - The Trust's debt to EBITDA ratio improved to 9.77x from 10.08x at the end of 2024 [4][11] Acquisitions and Dispositions - Boardwalk finalized the sale of four communities totaling 568 suites for $117.2 million and acquired a newer portfolio totaling 393 suites for $133.1 million [4][25] - The Trust's recent acquisitions and dispositions reflect a strategic approach to capital upcycling, enhancing portfolio quality [4][26][29] Updated Financial Guidance - The Trust updated its 2025 financial guidance, projecting same property NOI growth of 8.0% to 10.0% and FFO per Unit in the range of $4.48 to $4.63 [4][33] - The outlook remains positive due to strong demand for affordable multi-family housing [4][32] Market Valuation - Boardwalk's current unit price of approximately $71 implies a value of about $201,000 per suite, with a cap rate of 5.9% on trailing NOI [4][37] - Recent private market sales transactions align with Boardwalk's fair value of approximately $243,000 per suite, indicating strong market positioning [4][36]

Core Insights - NB Private Equity Partners (NBPE) reported its monthly NAV estimate as of June 30, 2025, with a total NAV of $1.2 billion [1][3]. NAV Performance - The NAV total return (TR) for the year to date is 1.3%, with a one-year return of 5.8% and a ten-year return of 158.3% [3]. - The MSCI World TR (USD) shows a year-to-date return of 9.3% and a ten-year return of 189.9% [3]. - The share price total return (GBP) is down 7.6% year to date, but has increased by 185.1% over ten years [3]. Portfolio Update - The NAV performance in June was influenced by $68 million in realizations during the first half of 2025, primarily from private holdings [4][6]. - As of June 30, 2025, NBPE had $284 million in total liquidity, including $74 million in cash and liquid investments, and a $210 million undrawn credit line [5][8]. Share Buybacks - Approximately 51,000 shares were repurchased in June 2025 at a 30% discount, contributing an increase of about $0.01 per share to NAV [6][10]. - Year-to-date, around 759,000 shares have been repurchased at a 29% discount, adding approximately $0.11 per share to NAV [10]. Portfolio Valuation - The fair value of NBPE's portfolio as of June 30, 2025, is based on various investments, with the top 30 investments accounting for 77.5% of the total portfolio value [9][11]. - The portfolio is geographically diversified, with 76% in North America and 23% in Europe [12]. Sector Allocation - The portfolio is primarily allocated to Technology, Media & Telecom (23%), Consumer/E-commerce (22%), and Industrials (17%) [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].

Group 1: Ellington Financial Preferred Shares - EFC-B trades at $22.75 while EFC-C trades at $24.84, indicating a $2.09 difference that may not be justified given EFC-C's higher coupon rate of 8.625% compared to EFC-B's 6.25% [3][4] - EFC-C pays an additional $0.595 per share annually, amounting to $0.8925 over the next 18 months, while EFC-B may have a higher coupon rate if the 5-year Treasury rate exceeds 3.64% [4][5] - EFC-D has a fixed coupon rate of 7% and trades at $23.10, with a stripped yield of approximately 7.62%, which is low for a fixed-rate share from a mortgage REIT [7][8] Group 2: Main Street Capital - Main Street Capital consistently increases its Net Asset Value (NAV) per share while providing an attractive dividend, trading at nearly twice its trailing book value per share [11][12] - The ability to issue shares at a premium enhances book value per share and drives earnings growth, creating a favorable cycle for the company [12][13] - Despite being an outstanding BDC, the current share price is considered too expensive, as the valuation may not be sustainable without the ability to issue shares at high prices [13]