DENVER, March 25, 2026 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp., (NASDAQ: BANX) ("ArrowMark Financial"), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of February 28, 2026, was $21.18. This estimated NAV is not a comprehensive statement of our financial condition or results for the month ended February 28, 2026. About ArrowMark Financial Corp. ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under ...

Peak Pricing 12/31/2021 About five years ago, 2nd Market Capital, a real estate securities dedicated investor, felt priced out of the entire multifamily REIT sector. Trading at an average P/FFO north of 28x, we felt owning multifamily shares posed more risk than reward. S&P Global IQSource: S&P Global IQ The passage of time and the delivery of a tsunami of new apartments in the hottest sunbelt markets, however, has taken the shine off multifamily investment. This graph illustrates how little love the apart ...

Leading Solana treasury firm Forward Industries is buying back more than 6 million shares of FWDI for $27.4 million from an institutional investor, the firm announced on Thursday.  The privately negotiated transaction reduces the firm’s common shares outstanding by 7.4% and was financed via a $40 million crypto loan through Galaxy Digital, which was secured by staked Solana held in the firm’s treasury.  “Forward is always looking for and assessing opportunities to increase SOL-per-share accretion for shar ...

Key Takeaways CION Investment faces rising non-accruals and NAV pressure, reshaping its risk-reward profile.CION's Q4 income fell, with total investment income down 7.1% and uneven earnings over the past year.CION Investment saw non-accruals rise to 4.32% of portfolio, with tariff pressures weighing on borrowers.CION Investment Corp. (CION) is facing a tougher mix of fundamentals and sentiment. Credit performance is becoming a more central swing factor, and book value has already taken a meaningful hit. At ...

Financial Performance - EfTEN United Property Fund reported a net profit of 131 thousand euros in February and 354 thousand euros for the first two months of 2026, a decrease from 525 thousand euros in the same period last year [1] - The net asset value (NAV) of the fund unit was 11.9 euros at the end of February, reflecting a monthly increase of 0.4% [1] Investment Activities - Invego Uus-Järveküla OÜ, in which the fund holds an 80% stake, concluded 12 real rights contracts in February, with clients booking 2 terraced houses, leaving 8 terraced houses unreserved by the end of the month [2] - EfTEN United Property Fund earned 17 thousand euros in interest income from its investment, while the development company reported a profit of 615 thousand euros [2] Loan Repayment - At the beginning of March, Invego Uus-Järveküla OÜ repaid the entire bank loan and returned the owner loan of 1.51 million euros along with accrued interest of 56 thousand euros to the fund [3] - The fund plans to distribute the received interest on the owner loan, totaling 100 thousand euros, to investors in the coming spring [3] Major Investment Performance - The EfTEN Real Estate Fund 5, in which EfTEN United Property Fund owns 36.5%, reported a profit of 244 thousand euros in January and 483 thousand euros for the first two months of 2026, up from 431 thousand euros in the same period last year [4] - The NAV of EfTEN Real Estate Fund 5 increased by 0.6% per month, supported by EfTEN Kristiine OÜ, which owns the Kristiine shopping centre, with its equity value rising by 1.2% in January [4] - The shopping centre had no vacancies at the end of February [4]

Core Viewpoint - Horizon Technology Finance has significantly reduced its monthly dividend, impacting income investors and raising concerns about its financial health and net asset value (NAV) [2][3]. Dividend Changes - The monthly distribution was cut from $0.11 to $0.06 per share, resulting in an annualized rate of $0.72 per share [3]. - The stock price on March 10, 2026, was $4.29, reflecting a year-to-date decline of 31.37% and a 45.01% drop over the past year [3]. Financial Performance - In 2025, the net investment income (NII) per share was $1.05, which was below the annual distribution of approximately $1.32, indicating that distributions exceeded NII [4]. - The Q4 2025 NII per share was $0.18, aligning with the new monthly rate but indicating very thin coverage [4]. NAV and Credit Quality Concerns - NAV per share decreased from $8.43 at year-end 2024 to $6.98 at year-end 2025, marking a continuous decline over four quarters due to deteriorating credit quality and compressed loan yields [5][6]. - The stock trades at a price-to-book ratio of 0.618, suggesting further deterioration is anticipated [6]. - Four debt investments were rated at the highest risk level, with a fair value of $24.5 million against a cost of $33.8 million, raising additional concerns about credit quality [6].

Core Insights - Stellus Capital Investment Corporation reported solid operating results for the fourth fiscal quarter and year ended December 31, 2025, with U.S. GAAP net and core investment income of $0.29 per share and net realized income of $0.48 per share [1] - The company funded $52 million in investments and received $54 million in repayments during the quarter, resulting in a total portfolio valued at $1.01 billion [1] - Since inception, investors have received a total of $333 million in distributions, equating to $18.27 per share [1] Financial Highlights - For the three months ended December 31, 2025, net investment income was $8.40 million ($0.29 per share), compared to $9.64 million ($0.35 per share) for the same period in 2024 [1] - Core net investment income for the same period was $8.53 million ($0.29 per share) versus $10.15 million ($0.37 per share) in 2024 [1] - Total realized income for the quarter was $13.82 million ($0.48 per share), down from $15.57 million ($0.57 per share) in the previous year [1] Portfolio Activity - As of December 31, 2025, investments at fair value totaled $1,007.6 million, up from $953.5 million a year earlier [1] - The company had 115 portfolio company investments, with 100 being debt investments [1] - The weighted average yield of debt and other income-producing investments was 9.3%, down from 10.3% in 2024 [1] Liquidity and Capital Resources - The company had an outstanding balance of $236.6 million under its credit facility as of December 31, 2025, compared to $175.4 million in 2024 [1] - The credit facility allows for borrowings up to $335 million, with an accordion feature for potential expansion [1] Recent Developments - The company declared a regular monthly dividend of $0.40 per share for both the three months ended December 31, 2025, and 2024 [1] - Stellus Capital Management entered into a definitive agreement with P10 Intermediate Holdings, LLC, for acquisition, which will result in a change of control of Stellus Capital Management [2] - The board authorized a stock repurchase program for up to $20 million of its common stock, aimed at addressing market volatility and potential undervaluation [2]

Core Viewpoint - TOP Ships Inc. estimates its net asset value (NAV) as of December 31, 2025, to be $289 million, translating to $58.81 per common share and $45.13 per common share on a fully diluted basis [1][2]. Company Overview - TOP Ships Inc. is an international owner and operator of modern, fuel-efficient eco tanker vessels that transport crude oil, petroleum products, and bulk liquid chemicals [3]. Financial Insights - The company's current trading price reflects a 91.2% discount to its fully diluted NAV [2]. - The fleet has an average age of approximately 4.8 years, consisting of state-of-the-art vessels with eco-friendly specifications [2]. - Time charters with high-quality customers are generating positive cash flow, with the earliest charter expiring in Q1 2028 and the longest in Q3 2031 [2].

Core Viewpoint - Kayne Anderson Energy Infrastructure Fund, Inc. reported its financial position as of February 28, 2026, highlighting a strong net asset value and significant asset coverage ratios under the Investment Company Act of 1940 [1][2]. Financial Summary - As of February 28, 2026, the Company's net assets totaled $2.7 billion, with a net asset value per share of $15.90 [2]. - The asset coverage ratio for senior securities representing indebtedness was 739%, while the total leverage coverage ratio was 549% [2]. - Total assets amounted to $3,707.5 million, with investments constituting $3,700.7 million, cash and cash equivalents at $2.0 million, and total liabilities at $424.1 million [3]. Investment Composition - The Company had 169,126,038 common shares outstanding as of February 28, 2026 [4]. - Long-term investments were primarily in Midstream Energy Companies (95%), with smaller allocations to Power Infrastructure Companies (4%) and Other (1%) [4]. - The ten largest holdings included major Midstream Energy Companies, with The Williams Companies, Inc. being the largest at $371.6 million, representing 10.0% of long-term investments [4][5]. Company Overview - Kayne Anderson Energy Infrastructure Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, focusing on high after-tax total returns and cash distributions to stockholders [6]. - The Company aims to invest at least 80% of its total assets in securities of Energy Infrastructure Companies [6].

Core Insights - The company reported a significant increase in net investment income (NII) to $0.31 per share for the fourth quarter, up from $0.20 per share in the previous quarter, primarily due to higher CLO joint venture income and increased earnings from deployed capital [1][2] Financial Performance - Total investment income increased sequentially, with NII rising over 50% quarter-over-quarter, driven by higher cash income and stronger distributions from the CLO joint venture [2] - The net asset value (NAV) declined to $8.07 per share at December 31, 2025, from $10.01 per share at September 30, 2025, attributed to market volatility and credit-related marks [6][7] - Pro forma NAV, reflecting the incentive fee waiver, would have been $8.23 per share at quarter-end [7] Portfolio Management - The portfolio ended the year with minimal non-accruals, greater diversification, and reduced exposure to higher-risk investments, indicating improved liquidity [3] - Actions taken to de-risk the portfolio included reducing second-lien exposure to about 7% and adding 12 new broadly syndicated credit positions with an average size of approximately $2 million [11] - The company emphasized a focus on performing, more liquid, cash-generative investments, with non-accruals at less than 1% of portfolio fair value [8] Governance and Management Changes - Newly appointed Executive Chairman Jason Reese's role was elevated to enhance direct engagement with management amid challenging credit conditions [5] - The company added Chris Croteau as Head of Credit Research to strengthen risk management [3] Incentive Fee Waiver - Great Elm Capital Management waived all accrued and unpaid incentive fees through March 31, 2026, representing an approximate benefit of $2.3 million, or $0.16 per share, which was immediately accretive to NAV [4] Balance Sheet and Liquidity - As of December 31, 2025, total debt outstanding was $194.4 million, with no borrowings on the $50 million revolver, and cash and money market fund investments totaled approximately $5 million [14] - The asset coverage ratio was 158.1% at quarter-end, compared to 168.2% at September 30, 2025 [14] Dividend Declaration - The board approved a quarterly dividend of $0.30 per share for the first quarter of 2026, equating to a 19.2% annualized yield based on the closing price [16] Strategic Outlook - The company is focusing on cautious deployment and evaluating private credit opportunities while monitoring public and private markets in real time [17] - Management is considering capital allocation strategies, including stock repurchases, to create shareholder value [18] - The company's priorities include protecting capital, generating sustainable NII, and methodically rebuilding NAV over time through disciplined credit execution [19][20]