Financial Performance - Net investment income (NII) was $159 million, or $0.57 per share, for the quarter ended September 30, 2025, compared to $173 million, or $0.62 per share, for the previous quarter[2] - Adjusted net investment income (Adjusted NII) was also $159 million, or $0.57 per share, for the same period, down from $168 million, or $0.60 per share, in the prior quarter[2] - Net asset value (NAV) per share increased slightly to $21.99 as of September 30, 2025, from $21.93 as of June 30, 2025[2] Investment Activity - New investment fundings in the third quarter totaled approximately $1.1 billion[2] - Net investment activity for the quarter was $109 million, which included $450 million in sales to Credit Opportunities Partners JV, LLC (COPJV)[2] Distribution and Dividend - A total distribution of $0.70 per share was paid for the third quarter of 2025, comprising a $0.64 per share base distribution and a $0.06 per share supplemental distribution[2] - For the first quarter of 2026, the company expects a total distribution of approximately $0.55 per share, equating to an annualized yield of approximately 10% on the company's September 30, 2025, NAV per share[2] - The dividend yield on NAV per share was 12.7%, and the dividend yield on the market value of common stock was 18.6% as of October 31, 2025[2, 3] Portfolio and Capital Structure - The portfolio is defensively positioned with 224 portfolio companies across 23 industries[2, 10] - Exposure to the top ten largest portfolio companies by fair value was 20% as of September 30, 2025[2] - 64% of drawn leverage was unsecured as of September 30, 2025, with a weighted average effective rate on borrowings of 5.3%[2] - The company issued $400 million of 6.125% unsecured notes due in 2031 during the third quarter[2]

Core Viewpoint - Monroe Capital Corporation reported its financial results for the third quarter of 2025, highlighting a decrease in net investment income and net asset value, while announcing a merger with Horizon Technology Finance Corporation that is expected to close in the first quarter of 2026, aiming to create long-term value for shareholders [3][5][31]. Financial Highlights - Adjusted Net Investment Income for Q3 2025 was $1.9 million, or $0.09 per share, down from $3.3 million, or $0.15 per share in Q2 2025 [5][13]. - Net Asset Value (NAV) decreased to $173.0 million, or $7.99 per share, from $179.6 million, or $8.29 per share in the previous quarter [5][8]. - Total investment income for Q3 2025 was $8.2 million, a decline from $9.9 million in Q2 2025, primarily due to decreases in dividend income and interest income [14][30]. Operational Performance - The company experienced a net loss of $(3.0) million for Q3 2025, compared to a net loss of $(5.2) million in Q2 2025, driven by mark-to-market declines in certain portfolio companies [16][29]. - Total expenses for Q3 2025 were $6.4 million, slightly down from $6.6 million in Q2 2025, mainly due to lower professional fees and management fees [15][30]. Portfolio Overview - As of September 30, 2025, investments at fair value totaled $360.7 million, down from $367.7 million in the previous quarter, with 79 portfolio company investments [7][10]. - The percentage of portfolio company investments on non-accrual status was 3.5%, a slight decrease from 3.6% in the prior quarter [10]. Liquidity and Capital Resources - The company had $3.5 million in cash and cash equivalents and $212.8 million in total debt as of September 30, 2025 [18][26]. - Approximately $92.2 million was available for additional borrowings on its revolving credit facility [18]. Merger and Future Outlook - The anticipated merger with Horizon Technology Finance Corporation is expected to unlock significant value and provide long-term upside for shareholders [3][31].

Core Insights - Kayne Anderson Energy Infrastructure Fund, Inc. reported a net asset value of $2.2 billion and a net asset value per share of $13.13 as of October 31, 2025 [2][3] - The company's asset coverage ratio for senior securities representing indebtedness was 663%, while the total leverage asset coverage ratio was 486% [2] Financial Summary - Total assets amounted to $3,088.9 million, with investments constituting $3,074.3 million and cash and cash equivalents at $2.2 million [3] - Total liabilities were reported at $296.6 million, which includes a credit facility of $22.0 million and notes of $400.0 million [3] Investment Composition - The company had 169,126,038 common shares outstanding as of October 31, 2025 [5] - Long-term investments were primarily in Midstream Energy Companies (95%), with smaller allocations in Power Infrastructure (3%) and Other (2%) [5] - The ten largest holdings included major companies such as The Williams Companies, Inc. ($325.8 million, 10.6%) and Enterprise Products Partners L.P. ($313.3 million, 10.2%) [5]

Core Insights - Oxford Lane Capital Corp. announced financial results for the quarter ended September 30, 2025, highlighting a net investment income (NII) of approximately $81.4 million, or $0.84 per share, and a core net investment income (Core NII) of approximately $120.0 million, or $1.24 per share [1][4][8] - The company declared monthly distributions of $0.40 per share for January, February, and March 2026 [1] - A reverse stock split of 1-for-5 was completed on September 5, 2025, resulting in a net asset value (NAV) per share of $19.19 as of September 30, 2025, down from $20.60 on June 30, 2025 [1] Financial Performance - Total investment income for the quarter was approximately $128.3 million, an increase of $4.3 million from the previous quarter [1] - The company recorded approximately $124.6 million from CLO equity and warehouse investments, and $3.7 million from CLO debt investments and other income [1] - Total expenses for the quarter were approximately $47.0 million, down from $49.0 million in the previous quarter [1] Investment Metrics - The weighted average yield of CLO debt investments at current cost increased to 17.4% from 16.9% as of June 30, 2025 [1] - The weighted average effective yield of CLO equity investments at current cost decreased to 14.6% from 14.7% as of June 30, 2025 [1] - The weighted average cash distribution yield of CLO equity investments at current cost was 19.4%, down from 21.6% as of June 30, 2025 [4] Shareholder Actions - During the quarter, the company made additional investments of approximately $145.2 million and received approximately $173.5 million from sales and repayments of CLO investments [4] - Approximately 700,000 shares of common stock were issued, resulting in net proceeds of approximately $14.5 million, while approximately 1.2 million shares were repurchased for approximately $20.5 million [4]

Core Points - The net asset value of INVL Baltic Real Estate as of 30 September 2025 is EUR 27,782,008, which translates to EUR 3.4929 per share [1] Summary by Category - **Net Asset Value**: The net asset value of the company is reported at EUR 27,782,008, equating to EUR 3.4929 per share as of the specified date [1]

Core Insights - The article critiques the high premium of AGNC Investment (AGNC) compared to its historical valuations, emphasizing the importance of evaluating price-to-book (P/B) and price-to-net asset value (NAV) ratios over time [2][4][16] - It highlights that while AGNC trades at a premium, other mortgage REITs, such as MFA Financial (MFA), are trading at significant discounts despite better protection of book value [11][12][22] Group 1: Valuation Metrics - Price-to-BV and price-to-NAV are crucial metrics for understanding valuations in the mortgage REIT sector [4][22] - AGNC has the highest premium to projected book value among mortgage REITs, while most other types have seen their price-to-book ratios decline significantly [5][6][22] Group 2: Historical Context - Historical comparisons show that AGNC's book value has deteriorated significantly since mid-2021, while MFA has managed to protect its book value more effectively [11][13][21] - The article presents charts that illustrate the price-to-trailing book value ratios, indicating AGNC's exceptionally high valuations [14][16] Group 3: Dividend Yield Analysis - AGNC's dividend yield of 14.4% is not higher than MFA's 16.1%, challenging the notion that AGNC's premium is justified by its dividend yield [12][22] - The article argues that simply looking at dividend yields is insufficient for thorough due diligence, especially when premiums to NAV are large [25][22] Group 4: Broader Market Implications - The article warns investors to be cautious of large premiums to NAV, as most investments do not sustain such premiums indefinitely [24][22] - It emphasizes that while some mortgage REITs may trade at lower price-to-book ratios, the overall trend suggests a need for vigilance regarding valuations [24][22]

Core Point - The net asset value of INVL Technology as of September 30, 2025, is reported to be EUR 53,364,688, equating to EUR 4.4603 per share [1] Summary by Category - **Net Asset Value**: The net asset value of the company is EUR 53,364,688, which translates to EUR 4.4603 per share as of September 30, 2025 [1]

Core Insights - Tetragon has released its Monthly Factsheet for September 2025, providing key financial metrics and updates on its performance [1]. Financial Performance - The Net Asset Value (NAV) of Tetragon is reported at $3,886 million, with a fully diluted NAV per share of $42.19 [4]. - The current share price for Tetragon (TFG NA) is $19.30, indicating a significant discount to NAV [4]. - The Monthly NAV per Share Total Return stands at 7.1%, while the Monthly Return on Equity is reported at 8.2% [4]. - A quarterly dividend of $0.11 (11.00 cents) per share has been declared, resulting in a dividend yield of 2.3% [4][5]. Corporate Actions - Tetragon has completed the sale of a minority stake in Equitix to Hunter Point Capital, marking a strategic move in its investment portfolio [6].

Core Viewpoint - LM Funding America, Inc. has entered into repurchase agreements with institutional investors to acquire 3,308,575 shares of its common stock and associated warrants, aiming to simplify its capital structure and align its stock with its net asset value [1][4]. Group 1: Repurchase Agreements - The company will repurchase investment units at a price of $2.41 per unit, totaling approximately $8.0 million [2]. - Each unit consists of one share of common stock and warrants to purchase approximately 2.19 common shares, with a current warrant exercise price of $1.10 per share, allowing for the purchase of a total of 7,248,787 shares [2]. Group 2: Financing Details - The transaction will be financed through an $11 million loan facility from Galaxy Digital, secured by Bitcoin deposited with Galaxy [3]. - The loan facility is structured to manage exposure and maintain flexibility over its one-year term [3]. Group 3: Company Background - LM Funding America operates as a Bitcoin treasury and mining company, founded in 2008 and based in Tampa, Florida [5]. - The company also provides funding to nonprofit community associations primarily in Florida through a technology-enabled specialty finance business [5].

Core Viewpoint - ArrowMark Financial Corp. announced an estimated and unaudited Net Asset Value (NAV) of $22.40 as of September 30, 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].