Performance Overview - In May 2025, Volta Finance's net performance increased by +3.3%, bringing the cumulative performance from August 2024 to +10.7% [4][5] - The positive macroeconomic environment contributed to the recovery of investments in CLO Debt and CLO Equity, which had previously experienced volatility [4][5] Macroeconomic Context - The macroeconomic environment improved, with a 90-day tariff rollback from the U.S. towards China, leading to a sharp rise in both European and U.S. equity markets [5] - U.S. inflation rates decreased to 2.3% year-on-year, while euro-area inflation remained stable at 2.2% [6] - The U.S. Q1 GDP contracted by an annualized 0.3% due to pre-tariff stockpiling, while the Eurozone experienced a growth of +0.3% quarter-on-quarter [6] Credit Market Performance - Credit markets showed strong performance in May, with the European High Yield index tightening by around 50bps and closing at 300bps [7] - U.S. BBs returned +3% for the month, while U.S. High Yield returned +1.7% and Euro High Yield decreased by +1.3% [7] Loan Fundamentals - Default rates in the U.S. remained steady at 4.4%, but there was an increase in downgrades, with 12% of B- exposures downgraded to CCC by S&P [8] Cash Position and Investments - Volta Finance maintained a cash position of approximately 10% of its NAV at the end of May, having deployed €10.7 million into CLO debt tranches and two warehouses [9] - The cash flow generation remained stable at €28.1 million over the last six months, representing close to 21% of May's NAV on an annualized basis [9] Asset Class Performance - CLO Equity tranches returned +5.9% while CLO Debt tranches returned +2.8% during May [10] - The dollar reached a six-week low against the Euro at $1.15, with minimal impact on long dollar exposure [10] NAV and Share Information - As of the end of May 2025, Volta's NAV was €271.8 million, equating to €7.43 per share [11]

Group 1 - Resurgent Realty Trust has amended its offer to purchase shares of Generation Income Properties, Inc. at $1.45 per share due to a reduction in the company's net asset value (NAV) resulting from two recent asset sales [1] - The previous offers of $2.50, $2.75, and $3.00 have been withdrawn as GIPR's share price continues to decline, reflecting a lack of confidence in the current leadership by the investment community [1] - The current offer represents a discount of approximately 15% to Resurgent's estimated NAV for GIPR, which is $1.70 [1] Group 2 - Resurgent Realty Trust intends to pursue all legal remedies to maximize the value of its investment in GIPR, including a request for a non-disclosure agreement and proxy questionnaire [2] - The company plans to nominate an alternate slate of directors for election at GIPR's next annual meeting [2]

Core Insights - The article provides a detailed analysis comparing Golub Capital BDC Inc. (GBDC) with 11 of its business development company (BDC) peers, focusing on dividend sustainability and financial metrics [1][2][3] Group 1: Dividend Analysis - GBDC declared a base dividend of $0.39 per share for Q1 2025, with a TTM dividend yield of 12.30% and an annual forward yield of 10.32% based on its stock price as of March 21, 2025 [10][31] - For Q2 2025, GBDC maintained the same base dividend of $0.39 per share, resulting in a TTM dividend yield of 11.91% and an annual forward yield of 10.62% as of June 13, 2025 [28][29][31] - GBDC's management has indicated a high probability (70%) of maintaining the base dividend through Q4 2025, with no special periodic dividends expected for Q3 and Q4 2025 [33] Group 2: Financial Metrics Comparison - GBDC's cumulative undistributable taxable income (UTI) coverage ratio was 0.09 as of March 31, 2025, reflecting a decrease over the trailing twelve months [16][17] - The weighted average annualized yield on GBDC's debt investments was 10.50% as of December 31, 2024, which is below the mean of 11.60% among its peers [20][24] - GBDC's weighted average interest rate on outstanding borrowings was 5.37% as of March 31, 2025, showing an increase due to the merger with GBDC 3, which had a higher cost of capital [24][25] Group 3: Market Position and Recommendations - GBDC's stock price was $14.69 as of June 13, 2025, and the company is currently rated as HOLD, with a price target of approximately $15.95 per share [36][37] - The analysis indicates that GBDC's annual forward yield to its projected NAV was 10.51%, which is near the average of its 12 BDC peers [32][31] - The article emphasizes that GBDC has not decreased its base dividend since Q2 2020, highlighting a consistent dividend policy despite market fluctuations [18][19]

Group 1: Rental Income and Revenue Growth - In May, EfTEN Real Estate Fund AS reported consolidated rental income of EUR 2,643 thousand, an increase of EUR 33 thousand from April, driven by higher revenue in the logistics segment and contract-based rent increases in the elderly care segment [1] - For the first five months of 2025, the Fund earned EUR 12.9 million in rental income, reflecting a 1.3% increase compared to the same period last year [3] Group 2: Financial Performance Metrics - The Fund's consolidated EBITDA in May was EUR 2,229 thousand, up from EUR 2,183 thousand in April, with adjusted cash flow amounting to EUR 1,148 thousand, an increase of EUR 138 thousand compared to April [2] - Consolidated EBITDA for the year stands at EUR 10.6 million, which is 2.7% lower year-over-year, primarily due to utility costs related to vacant space in the office segment [3] - Consolidated interest expenses decreased by EUR 768 thousand compared to last year, with the weighted average interest rate falling to 4.09% in May [3] Group 3: Portfolio and Asset Valuation - The portfolio vacancy rate decreased to 4.0%, down 0.7 percentage points, mainly due to new lease agreements signed in the office building at Pärnu mnt 102 in Tallinn [2] - As of the end of May, the Fund's net asset value (NAV) per share was EUR 19.7782, and the EPRA NRV was EUR 20.6479, both increasing by 0.7% over the month [4]

Core Viewpoint - Oxford Lane Capital Corp. announced a preliminary estimate of its net asset value (NAV) per share as of May 31, 2025, ranging between $4.17 and $4.27, with approximately 481.6 million shares of common stock 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. The company may also invest in warehouse facilities, which are financing structures used to aggregate loans for CLO formation [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, which does not express any opinion or assurance regarding the data [3]. - The NAV estimate is not a comprehensive statement of the company's financial condition for the month ended May 31, 2025, and may differ materially from the final NAV for the quarter ending June 30, 2025 [6].

Core Viewpoint - The article analyzes Golub Capital BDC Inc.'s (NASDAQ:GBDC) recent performance metrics and compares them with 11 business development company (BDC) peers, highlighting GBDC's strengths and weaknesses in terms of net asset value (NAV), economic return, and investment portfolio composition [1][2][25]. Summary by Relevant Sections NAV and Economic Return Analysis - GBDC's NAV per share decreased from $15.13 at the end of Q4 2024 to $15.04 at the end of Q1 2025, reflecting a quarterly decrease of 0.59% [11]. - The economic return for GBDC in Q1 2025 was 1.98%, with a trailing 12-month economic return of 11.77%, which is above the average of its peers [11][25]. - As of May 30, 2025, GBDC's stock price was $15.21, trading at a premium of 1.74% to its estimated NAV of $14.95 [24]. Investment Portfolio Composition - As of March 31, 2025, GBDC's investment portfolio consisted of 92% in senior secured first-lien loans, with less than 1% in subordinated debt and 7% in equity/warrants [15][17]. - GBDC's fair market value (FMV) versus cost ratio was 0.9941, slightly below the peer average of 1.0106, indicating a minor negative trend [17]. - The company had a low non-accrual percentage of 1.2% based on amortized cost, which is below the peer average of 3.5%, suggesting better credit quality [18]. Performance Metrics Comparison - GBDC's cumulative realized loss per share was ($0.44), which is more favorable compared to the peer average loss of ($0.82), indicating stronger long-term performance [19]. - The adjusted net investment income (NII) for GBDC was $0.388 per share in Q1 2025, with a price-to-annualized NII ratio of 9.80x, slightly below the peer average of 10.01x [21][24]. - During Q1 2025, 6.88% of GBDC's total investment income was attributed to capitalized PIK/deferred interest income, aligning with the peer average of 6.87% [22]. Management and Fee Structure - GBDC recently reduced management fees from 1.375% to 1.00%, the lowest among its externally managed peers, which is expected to benefit shareholders [27]. - The cap on income incentive fees was lowered from 20% to 15%, further enhancing the company's attractiveness to investors [27]. Overall Valuation and Recommendations - GBDC is currently deemed appropriately valued, with a price target of approximately $16.05 per share, indicating a HOLD recommendation [34]. - The company is positioned to weather potential economic downturns better than many peers, supported by its low exposure to high-risk sectors like oil and gas [31][20].

28 May 2025 | 7:13AM BST Aroundtown SA (AT1.DE): 1Q25 results: FFO1ps 8% below GSe, FY25 guidance reiterated Aroundtown released 1Q25 results which were 8% below GSe on FFO1ps and 1% above GSe on NTAps. The miss on FFO1ps was due to lower-than-expected operating and other income (i.e. service charge) and EBITDA contribution from joint ventures (e.g. seasonality), while financial expenses were below GSe. Operationally, net lfl rental growth was 3.0% for the portfolio (+10bp qoq). In residential, the lfl net ...

NBPE Announces April Monthly NAV Estimate St Peter Port, Guernsey 28 May 2025 NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 April 2025 monthly NAV estimate. NAV Highlights (30 April 2025) NAV per share was $27.29 (£20.43), a total return of 0.4% in the monthApproximately 62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted pricesBased on inform ...

Core Insights - Oxford Lane Capital Corp. reported a net asset value (NAV) per share of $4.32 as of March 31, 2025, down from $4.82 on December 31, 2024 [1] - The estimated NAV per share as of April 30, 2025, is between $3.98 and $4.08, which is subject to change and not finalized [1][4] - The company declared monthly distributions of $0.09 per share for July, August, and September 2025 [1] Financial Performance - Net investment income (NII) for the quarter ended March 31, 2025, was approximately $75.4 million, or $0.18 per share [1] - Core net investment income (Core NII) for the same quarter was approximately $95.8 million, or $0.23 per share, reflecting cash distributions from CLO equity investments [1][5] - Total investment income for the quarter was approximately $121.2 million, an increase of $6.7 million from the previous quarter [1] Investment Metrics - The weighted average yield of CLO debt investments was 15.9%, down from 16.6% as of December 31, 2024 [1] - The weighted average effective yield of CLO equity investments was also 15.9%, down from 16.1% [1] - The weighted average cash distribution yield of CLO equity investments decreased to 20.5% from 23.9% [4] Shareholder Actions - The company issued approximately 60.7 million shares of common stock during the quarter, resulting in net proceeds of approximately $300.5 million [4] - As of March 31, 2025, there were approximately 453.2 million shares outstanding, increasing to approximately 467.3 million by April 30, 2025 [4] Preferred Shares Information - The company declared dividends for its preferred shares, including $0.13020833 for the 6.25% Series 2027, $0.12500000 for the 6.00% Series 2029, and $0.14843750 for the 7.125% Series 2029 [2]

Core Insights - EfTEN Real Estate Fund AS reported strong financial results in April, with consolidated rental income reaching 2,611 thousand euros, a month-over-month increase of 55 thousand euros driven by new rental payments from the ICONFIT logistics centre and the Hiiu elderly care home [1] - The Fund's EBITDA for April was 2,183 thousand euros, reflecting a month-over-month increase of 193 thousand euros due to higher rental income and lower expenses [2] - The Fund paid a record dividend of 12.7 million euros in April, or 1.11 euros per share, partially financed by refinancing bank loans totaling 6.3 million euros [3] - The weighted average interest rate decreased to 4.21% in April from 4.37% in March, with a year-over-year decrease in consolidated interest expense of 586 thousand euros [4] - For the first four months of 2025, consolidated rental income was 10.3 million euros, a 1% year-over-year increase, while consolidated EBITDA was 8.4 million euros, down from 8.6 million euros in the same period last year [5] - The Fund's net asset value (NAV) per share was 19.64 euros at the end of April, with an EPRA NRV of 20.50 euros; the NAV decreased by 5.3% due to the dividend distribution [6]