ISELIN, N.J., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution has announced the appointment of Joseph A. Tammaro, Jr. as Executive Vice President, Head of Middle Market Lending. In this role, Mr. Tammaro will report to Bill Fink, Executive Vice President, Chief Lending Officer, and will be responsible for leading Provident’s Middle Market Lending Group, including business development, customer relationship management, portfolio performance, credit quality, ...

Financial Results - Prospect Capital Corporation reported a net investment income (NII) of $90,888,000 for the quarter ended December 31, 2025, an increase from $79,350,000 in the previous quarter and $86,431,000 in the same quarter last year [2] - The NII per common share was $0.19, compared to $0.17 in the previous quarter and $0.20 a year ago [2] - The company experienced a net loss applicable to common shareholders of $(6,576,000), a decrease from a profit of $48,087,000 in the previous quarter and a loss of $(30,993,000) in the same quarter last year [2] - Total assets decreased to $6,534,578,000 from $6,641,870,000 in the previous quarter and $7,234,855,000 a year ago [2] - The net asset value (NAV) per common share was $6.21, down from $6.45 in the previous quarter and $7.84 a year ago [2] Investment Activity - The company has invested over $22 billion across more than 450 investments since its initial public offering in July 2004, exiting over 350 of these investments [6] - The gross internal rate of return (IRR) on exited investments is approximately 12%, with total proceeds from exited investments amounting to approximately $16.7 billion against $13.1 billion invested [7] - In the middle market lending sector, the exited investments yielded a gross IRR of approximately 14.5%, with an annualized realized loss rate of 0.2% [8] - For companies with less than $50 million in EBITDA, the gross IRR reached approximately 17.2%, with an annualized net realized loss rate of 0.1% [9] Portfolio Composition - As of December 31, 2025, the portfolio included 91 companies across 32 industries, with total investments valued at $6,441,536,000 [18] - The first lien debt represented 71.4% of the total investments, while second lien debt accounted for 12.7% [19] - The company’s real estate property portfolio at National Property REIT Corp. constituted 14.1% of investments, yielding an income of 5.4% for the quarter [16] Capital and Liquidity - The company has a diversified funding profile, including a $2.1 billion revolving credit facility and various debt instruments [21] - As of December 31, 2025, the weighted average cost of unsecured debt financing was 4.68% [25] - The balance sheet cash and undrawn revolving credit facility commitments totaled $1,647,216,000 [24] Dividend Information - Prospect Capital Corporation declared monthly cash distributions of $0.045 per share for February, March, and April 2026 [4][5] - Cumulative distributions to common shareholders since inception amount to approximately $4.7 billion, equating to $21.93 per share [5]

BlackRock TCP Capital Corp. Investor presentation Q3 2025 Key investment highlights | 1 | Established platform with decades of experience lending throughout market cycles | | --- | --- | | 2 | Strategically-positioned, diverse portfolio with access to the core middle market | | 3 | Extensive network and channel-agnostic approach to deal sourcing | | 4 | Diversified, flexible funding sources | | 5 | Strong shareholder alignment | | 6 | Access to reach and resources of world's largest asset manager | Experien ...

Core Insights - Capital Southwest Corporation reported strong financial results for the second fiscal quarter ended September 30, 2025, with significant origination activity and a solid increase in undistributable taxable income [3][4]. Financial Highlights - The company originated approximately $245 million in new commitments, including $165.8 million in seven new portfolio companies and $79.7 million in ten existing portfolio companies [3][4]. - The Board declared a regular monthly dividend of $0.1934 for October, November, and December 2025, along with a quarterly supplemental dividend of $0.06 to be paid in December 2025 [3][23]. - Capital Southwest successfully raised $350 million at a 5.950% interest rate through its inaugural index-eligible unsecured bond transaction [3][17]. - The total investment portfolio reached $1.9 billion, with a credit portfolio of $1.7 billion, primarily consisting of 99% first lien senior secured debt [6][29]. Investment Activities - The company generated net realized gains of $3.5 million from the exit of one equity investment, contributing to an estimated undistributed taxable income of $1.13 per share [5][6]. - The weighted average yield on debt investments was reported at 11.5% [6]. Operating Results - Total investment income for the quarter was $56.9 million, an increase from $55.9 million in the prior quarter, driven by higher cash interest income and fees [7]. - Total operating expenses (excluding interest) decreased to $6.9 million from $8.0 million in the previous quarter, mainly due to reduced employee compensation [8]. - Pre-tax net investment income was $34.0 million, compared to $32.7 million in the prior quarter [9]. Balance Sheet and Liquidity - As of September 30, 2025, the company had $87.4 million in cash and cash equivalents and $632.2 million of unused capacity under its credit facilities [13]. - The regulatory debt to equity ratio was 0.91 to 1, indicating a strong capital structure [13]. Shareholder Returns - Total dividends for the quarter ended September 30, 2025, amounted to $0.6402 per share, with a regular monthly dividend coverage of 104% based on pre-tax net investment income [6][24]. - The company did not repurchase any shares under its share repurchase program during the quarter [22]. Future Outlook - Capital Southwest has scheduled a conference call to discuss the second quarter 2026 financial results, indicating ongoing transparency and engagement with investors [26].

Financial Performance - Adjusted Net Investment Income (NII) was $0.31 per share, exceeding the regular dividend of $0.25 per share[9] - The company declared a regular dividend of $0.25 per share and a special dividend of $0.04 per share for Q2 2025[9] - The regular dividend coverage ratio in Q2 2025 was 124%[9] - The annualized adjusted NII Return on Equity (ROE) was 13.6% for the second quarter[9] Portfolio Composition - The total portfolio fair value is $1.8 billion, diversified across 153 portfolio companies[9] - 89.4% of the portfolio is invested in senior secured debt, with 82.4% in 1st lien[9] - The weighted average yield of the performing debt portfolio is 12.0%[9] - Non-accruals declined to 3.7% of the portfolio at fair value in Q2 2025[52] Leverage and Liquidity - The company has a diverse leverage program totaling $1.6 billion[9] - 63% of the outstanding leverage is unsecured as of June 30, 2025[9] - Available liquidity is $565.5 million, including $455 million of available borrowing capacity[9]

Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 2024 was $6,200,000 or $0.29 per share, a slight decrease from $6,600,000 or $0.31 per share in the previous quarter [4][17] - NAV as of 12/31/2024 was $191,800,000 or $8.85 per share, down from $198,900,000 or $9.18 per share as of 09/30/2024, representing a 3.6% decline [4][18] - The weighted average effective yield on the portfolio's debt and preferred equity was 10.2%, down from 11% in the previous quarter [18] Business Line Data and Key Metrics Changes - The investment portfolio totaled $457,000,000 at year-end, a decrease from $474,300,000 at the end of the previous quarter, consisting of debt and equity investments in 91 portfolio companies, down from 94 [12] - In 2024, the company invested $30,400,000 in seven new portfolio companies and $57,600,000 in existing portfolio companies [14] - Total investment income for Q4 2024 was $14,000,000, down from $15,700,000 in Q3 2024, primarily due to a decline in interest rates [20] Market Data and Key Metrics Changes - Middle market direct lending M&A volumes in Q4 2024 were the strongest since Q4 2021, leading to an 85% year-over-year increase in sponsored direct lending volumes for 2024 [12][13] - Private credit middle market deal issuance was 2.9 times greater than syndicated deal lending in 2024, with delayed draw term loan fundings 2.4 times greater than in 2023 [13] Company Strategy and Development Direction - The company plans to focus on growing the portfolio and addressing legacy portfolio issues, indicating a shift towards more offensive strategies in 2025 [30][31] - The strategic partnership with the Wendell Group is expected to close in Q1 2025, with Wendell committing $1,000,000,000 of new seed capital to support investment strategies [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable market outlook and the potential for a sustainable deal environment throughout 2025, driven by lower interest rates and increased M&A activity [8][9] - The company is committed to maintaining a predominantly first lien portfolio and leveraging its credit experience and rigorous underwriting standards [26] Other Important Information - The company reported a net loss on the portfolio for Q4 2024 of $7,700,000, primarily due to unrealized mark-to-market losses [23] - Total expenses for Q4 2024 were $8,000,000, down from $9,200,000 in Q3 2024, mainly due to lower interest and debt financing expenses [22] Q&A Session Summary Question: Strategy to grow earnings and portfolio given recent contractions - Management indicated plans to clean up legacy portfolio issues and is hopeful for growth in 2025 [30][31] Question: Resolution of long-standing non-accrual investments - Management is actively working on non-accrual investments and hopes to make progress in 2025 [33][34] Question: Consideration of swapping bank credit facilities for other debt structures - Management acknowledged the consideration but emphasized strong interest from financial institutions in providing capital for diversified middle market portfolios [36][40]