Buffett hadn't sold Apple stock in nearly a year.One of Berkshire Hathaway (BRK.A -0.13%) (BRK.B -0.06%) CEO Warren Buffett's best investments of all time was Apple (AAPL 1.21%). At one point, Apple stock made up about 50% of Berkshire's investment portfolio. However, Buffett started selling off Apple stock in fourth-quarter 2023, and he has steadily decreased his position ever since. He didn't sell any from third-quarter 2024 until now, so this further selling is noteworthy for Berkshire and Buffett. The q ...

Core Insights - MSC Income Fund, Inc. reported a net investment income of $0.35 per share for the second quarter of 2025, reflecting a 6% increase from $0.33 per share in the same period of 2024 [1][8] - The net asset value per share as of June 30, 2025, was $15.33, down from $15.53 a year earlier [1][26] - The Fund achieved an annualized return on equity of 9% for the quarter, indicating stable performance [3][7] Financial Performance - Total investment income for the second quarter of 2025 was $35.6 million, a 5% increase from $33.9 million in the second quarter of 2024 [4][25] - Net investment income increased by $2.9 million, or 22%, to $16.3 million compared to $13.4 million in the prior year [4][7] - Interest income rose by 2% to $29.3 million, while dividend income increased by 24% to $5.0 million [4][25] Expense Management - Total expenses decreased by $1.2 million, or 6.4%, to $18.3 million in the second quarter of 2025 from $19.6 million in the same period of 2024 [5][25] - The decrease in expenses was primarily due to a $0.9 million reduction in interest expense and a $0.3 million decrease in base management fees [5][6] Investment Portfolio - As of June 30, 2025, the Fund's total investments at fair value amounted to $1.25 billion, up from $1.18 billion a year earlier [12][26] - The Fund's private loan portfolio had a fair value of $741.6 million, while the lower middle market (LMM) portfolio was valued at $458.5 million [12][14] - The weighted-average annual effective yield for the private loan portfolio was 11.5%, and for the LMM portfolio, it was 13.1% [12][14] Liquidity and Capital Structure - The Fund had aggregate liquidity of $183.7 million as of June 30, 2025, including $28.3 million in cash and cash equivalents [11] - The debt-to-equity ratio was 0.75x, which is below the Fund's targeted leverage range [13][26] - The Fund maintains an investment grade rating of BBB- with a stable outlook from Kroll Bond Rating Agency [13]

Portman Ridge Finance (PTMN) Q2 2025 Earnings Call August 08, 2025 10:00 AM ET Speaker0Welcome to Portman Ridge Finance Corporation's Second Quarter Ended 06/30/2025 Earnings Conference Call. An earnings press release was distributed yesterday, August seven, after market closed. A copy of the release, along with an earnings presentation, is available on the company's website at www.cortmanridge.com in the Investor Relations section and should be reviewed in conjunction with the company's Form 10 Q filed yes ...

Financial Performance - The company's net investment income (NII) per share was $0.47, resulting in an annualized NII yield on book value of 10.7%[15] - Net income per share was $0.37, equating to an annualized return on book value of 8.3%[15] - The net asset value (NAV) per share decreased slightly to $17.56 as of June 30, 2025, compared to $17.64 as of March 31, 2025[15] - The Board of Directors declared a dividend of $0.42 per share for the third quarter of 2025, along with an additional dividend of $0.03 per share[15] Portfolio Composition and Activity - The total investment portfolio at fair value reached $2,501.8 million, primarily consisting of senior secured, floating-rate loans[15] - Gross investment fundings amounted to $529.6 million, while net investment fundings were $27.3 million[15] - The investment portfolio is diversified across 185 portfolio companies operating in 29 different industries[15] - The weighted average yield at amortized cost on the investment portfolio was 11.4%[15] - Investments on non-accrual represented 1.7% of the total investment portfolio at amortized cost and 0.6% at fair value[15] Liquidity and Funding - The company reported strong liquidity totaling $796 million, including $592 million of undrawn capacity on a revolving credit facility[15] - Unsecured debt represents 61% of the total debt outstanding at quarter-end[15]

Financial Performance - Second quarter 2025 net income per diluted share increased by 185% to $6.53[5] - Second quarter 2025 core income per diluted share increased by 159% to $6.51[5] - Second quarter net income reached $1.509 billion, a 183% increase[5] - Second quarter core income was $1.504 billion, up by 157%[5] - The consolidated combined ratio improved by 9.9 points to 90.3%[5] - Net written premiums increased by 4% to a record $11.543 billion[5] - Book value per share grew by 20%, and adjusted book value per share increased by 14%[5] Investment and Capital - Total capital returned to shareholders was $809 million, including $557 million in share repurchases[5] - The company's debt-to-capital ratio is 19.8%, within the target range of 15%-25%[9, 11] - Total investments reached $98.1 billion, with 94% in fixed income and 6% in non-fixed income[60] Segment Performance - Business Insurance segment income increased by 24% to $813 million[27] - Bond & Specialty Insurance segment income increased by 44% to $244 million[39] - Personal Insurance segment income was $534 million, compared to a loss of $153 million in the prior year quarter[45]

Core Points - Priority Income Fund has declared monthly cash "base" and "bonus" distributions for June, July, and August 2025, consistent with prior distributions [1][2] - The annualized total cash distribution is $1.34016 per share, with Class R at a 17.4% annualized rate and Class I at an 18.7% annualized rate [2] - Cumulative cash distributions since inception in January 2014 total $16.39 per common share through August 2025 [5] Monthly Cash "Base" Distribution - The cash "base" distribution is $0.08056 for June and July 2025, and $0.10070 for August 2025, payable monthly [3] - These distributions represent the 138th, 139th, and 140th consecutive monthly "base" distributions [3] Monthly Cash "Bonus" Distribution - The cash "bonus" distribution is $0.024167 for June, July, and August 2025, representing the 57th, 58th, and 59th monthly "bonus" distributions [4] Preferred Stock Distributions - The Fund has declared distributions on various series of preferred stock, including Series D, I, J, K, and L, with amounts ranging from $0.37500 to $0.43750 per share [6][7] Fund Overview - Priority Income Fund is a registered closed-end fund focused on acquiring and growing an investment portfolio primarily consisting of senior secured loans and collateralized loan obligations (CLOs) [9] - The Fund is managed by Priority Senior Secured Income Management, LLC, which has a team of investment professionals from Prospect Capital Management L.P. [9]

Core Insights - SLR Investment Corp. reported a net investment income of $22.1 million, or $0.41 per share, for Q1 2025, with a declared quarterly distribution of $0.41 per share [2][31] - The net asset value (NAV) as of March 31, 2025, was $18.16 per share, slightly down from $18.20 per share at the end of 2024 [2][36] Financial Performance - The company experienced a decrease in gross investment income from $58.1 million in Q1 2024 to $53.2 million in Q1 2025, attributed to a smaller income-producing investment portfolio and lower index rates [20] - Net expenses decreased from $34.2 million in Q1 2024 to $31.1 million in Q1 2025, primarily due to lower interest expenses [21] - The net increase in net assets resulting from operations was $19.9 million, down from $27.9 million in the same quarter of the previous year [25] Investment Portfolio - As of March 31, 2025, the fair value of the investment portfolio was $2.0 billion, with a comprehensive investment portfolio fair value of $3.1 billion [4] - The portfolio had a non-accrual rate of 0.4% at fair value and 0.6% at cost [4] - The comprehensive investment portfolio was diversified across approximately 940 unique issuers in over 105 industries, with 98.2% invested in senior secured loans [10] Capital and Liquidity - The company had $549.3 million drawn on $970 million of total commitments available on its revolving credit facilities as of March 31, 2025 [26] - Available capital, including anticipated borrowing capacity, exceeded $800 million [29] - The net debt-to-equity ratio was 1.04x, within the company's target range of 0.9x to 1.25x [28] Market Position and Strategy - The company is actively engaged with portfolio companies to navigate uncertainties, particularly regarding tariffs, and is seeing a growing pipeline of asset-based lending opportunities [3] - The portfolio is heavily collateralized by working capital assets and focuses on domestic services businesses, positioning the company well for current market conditions [3]

Financial Data and Key Metrics Changes - AFG reported core net operating earnings of $1.81 per share for Q1 2025, reflecting a year-over-year decrease due to lower property and casualty (P&C) insurance underwriting profit and lower returns on the alternative investment portfolio [8][10] - The company returned over $290 million to shareholders in Q1 2025 through dividends and share repurchases [6][12] - AFG's growth in book value per share, excluding AOCI plus dividends, was 2.5% for the quarter [12] Business Line Data and Key Metrics Changes - Specialty Property and Casualty businesses had a combined ratio of 94% in Q1 2025, which is 3.9 points higher than the 90.1% reported in Q1 2024, driven by higher catastrophe losses [14][15] - Gross and net written premiums for Specialty Property and Casualty were 21% lower compared to Q1 2024, but excluding the impact of nonrenewed large accounts, gross written premiums grew by 2% year over year [16][17] - The Specialty Casualty Group reported a combined ratio of 97.6% in Q1 2025, which is 5.4 points higher than the previous year, with gross and net written premiums decreasing by 34% [21][22] Market Data and Key Metrics Changes - The average renewal pricing across the P&C Group, excluding workers' compensation, increased by approximately 7% in Q1 2025 [16] - The company achieved overall renewal rate increases for 35 consecutive quarters, indicating strong pricing discipline [16] Company Strategy and Development Direction - AFG's management emphasized maintaining underwriting discipline and strategic decisions to optimize long-term results, including the nonrenewal of underperforming accounts [16][25] - The company is focused on capital deployment opportunities, including acquisitions and special dividends, as it expects to generate significant excess capital throughout 2025 [12][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged elevated economic uncertainty and its potential impact on returns from the alternative investment portfolio in 2025 [10][11] - The company remains optimistic about long-term returns from its alternative investment portfolio, expecting annual returns averaging 10% or better [11] Other Important Information - AFG announced the sale of the Charleston Harbor Resort and Marina, expecting to recognize an after-tax core operating gain of approximately $100 million or $1.2 per share from the transaction [11] Q&A Session Summary Question: Inquiry about expense ratio changes - Management noted that changes in the expense ratio are influenced by the mix of business and investments in IT initiatives, which were anticipated in the business plan [28][30][31] Question: Clarification on catastrophe losses - Catastrophe losses from California wildfires were at the low end of expectations, with minimal additional smaller catastrophes impacting the quarter [32] Question: Discussion on premium growth and market cycle - Management expressed a desire to grow across businesses but acknowledged competitive pressures and strategic decisions that may temper growth in the near term [34][36] Question: EPS guidance and impact of Charleston Harbor sale - Management indicated that the sale would provide an incremental benefit to EPS, but uncertainty in alternative investment returns complicates predictions for the year [41][43] Question: Future premium growth expectations - Management suggested that premium growth would likely be lower than the previously guided 5%, but still expects positive growth for the year [45] Question: Review of property and transportation premium trends - Management confirmed ongoing reviews of accounts for profitability, which may lead to continued pressure on written premiums [47] Question: Addressing elevated social inflation in specialty casualty - Management is actively monitoring loss trends and has made adjustments to address adverse developments in social inflation-exposed businesses [50][52]