Reports 17.9% Increase in Adjusted NII Per Share and 0.9% Increase in NAV from Previous Quarter Quarterly ROE of 14.1% Generates LTM ROE of 9.3% and Beats the BDC Industry Average of 7.0% NEW YORK, July 08, 2025 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its fiscal first quarter 2026 ended May 31, 2025. Summary Financial Information The Company’s summarized financial inform ...

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].

The Zacks Property and Casualty (P&C) Insurance industry has been benefiting from Solid retention, exposure growth across business lines and improved pricing, driving higher premiums and helping insurers maintain profitability. The industry remains focused on personalized offerings to enhance customer experience, leveraging digitalization. However, catastrophic activities, both natural and man-made, might have weighed on underwriting profit.Here we focus on two property and casualty insurers, namely Axis Ca ...

Investcorp Credit Management BDC (ICMB) Q3 2025 Earnings Call May 14, 2025 10:00 AM ET Speaker0 Good morning, ladies and gentlemen, and welcome to today's Investcorp Credit Management BDC's quarter ended 03/31/2025 earnings call. It is now my pleasure to turn the Speaker1 floor over to Walter Tin, CFO. Speaker0 Thank you, operator. Welcome everyone to Investcorp Credit Management, BEC's quarter ended 03/31/2025 earnings call. I am joined by Suhail Chape, President, Executive Chief Executive Officer of the c ...

Stellus Capital Investment (SCM) Q1 2025 Earnings Call May 13, 2025 12:00 PM ET Speaker0 Good morning, ladies and gentlemen, and thank you for standing by. At this time, I would like to welcome everyone to Stellus Capital Investment Corporation's conference call to report financial results for its first fiscal quarter ended 03/31/2025. This conference is being recorded today, 05/13/2025. It is now my pleasure to turn the call over Robert Ladd, Chief Executive Officer of Stellus Capital Investment Corporatio ...

NEW YORK, May 12, 2025 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the first quarter ended March 31, 2025. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ended March 31, 2025. The distribution will be payable on July 3, 2025 to stockholders of record as of June 19, 2025.Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, ...

Core Insights - MSC Income Fund, Inc. reported a net investment income of $16.8 million, or $0.38 per share, for the first quarter of 2025, reflecting a 15% increase from the previous year [4][7][8] - The Fund's net asset value as of March 31, 2025, was $718.9 million, or $15.35 per share, showing a slight decrease from the previous quarter [8][28] - The Fund declared a total dividend of $0.36 per share for the first quarter, which includes a regular quarterly dividend of $0.35 and a supplemental dividend of $0.01 [8] Financial Performance - Total investment income for the first quarter of 2025 was $33.2 million, a decrease of 2% from $33.9 million in the same period of 2024 [4][8] - Interest income decreased by 6% to $27.4 million, while dividend income increased by 108% to $5.1 million [4][8] - Total expenses decreased by 15.3% to $16.4 million, primarily due to a reduction in incentive fees and interest expenses [5][8] Operational Highlights - The Fund achieved a return on equity of just under 10% for the quarter [3] - The net increase in net assets resulting from operations was $15.9 million, a 50% increase compared to the first quarter of 2024 [8][10] - The Fund's liquidity as of March 31, 2025, was $163.5 million, including $39.5 million in cash and cash equivalents [12] Investment Portfolio - As of March 31, 2025, the Fund's private loan portfolio had a fair value of $767.8 million, while the lower middle market (LMM) portfolio was valued at $439.7 million [15][18] - The Fund's investment portfolio consisted of approximately 61% private loans, 35% LMM, and 2% middle market investments [18] - The weighted-average annual effective yield for the private loan portfolio was 11.6%, while for the LMM portfolio, it was 13.1% [15][16] Capital Structure - The Fund completed a follow-on equity offering in January 2025, generating net proceeds of $90.5 million, enhancing its liquidity and leverage capacity [13][14] - The Fund's debt-to-equity ratio was 0.79x as of March 31, 2025, reflecting a decline from target leverage levels due to the equity offering [17][18] - The Fund's credit facilities included a Corporate Facility with total commitments of $245 million and a SPV Facility with total commitments of $300 million [17]

Core Viewpoint - PennantPark Investment Corporation reported its financial results for the second quarter ended March 31, 2025, highlighting a decrease in net investment income and net asset value per share, alongside significant portfolio activity and investment performance metrics [1][2][4]. Financial Highlights - Investment portfolio totaled $1,213.6 million with net assets of $488.1 million as of March 31, 2025 [2]. - GAAP net asset value per share was $7.48, reflecting a quarterly change of -1.2% [2]. - Net investment income for the quarter was $11.4 million, or $0.18 per share, down from $14.3 million or $0.22 per share in the same quarter of the previous year [15]. - Total investment income for the quarter was $30.7 million, compared to $36.0 million in the prior year [13]. Portfolio Activity - The company made purchases of investments totaling $176.8 million and sales and repayments of investments amounting to $263.1 million during the quarter [2][6]. - The portfolio consisted of 158 companies with an average investment size of $6.9 million, and a weighted average yield on debt investments of 12.0% [4]. - As of March 31, 2025, the portfolio included 41% first lien secured debt and 29% preferred and common equity [4]. Investment Income and Expenses - Investment income for the three months ended March 31, 2025, was primarily derived from first lien secured debt, totaling $22.1 million [13]. - Total expenses for the quarter were $19.2 million, a decrease from $21.7 million in the same quarter of the previous year [14]. - The decrease in expenses was attributed to lower interest and debt-related expenses [14]. Realized and Unrealized Gains - Net realized losses for the quarter were $(27.7) million, compared to $(31.0) million in the same quarter of the previous year [17]. - The net change in unrealized appreciation on investments was $27.1 million for the quarter [18]. Liquidity and Capital Resources - As of March 31, 2025, the company had $314.5 million in outstanding borrowings under the Truist Credit Facility, with a weighted average interest rate of 6.7% [22]. - Cash and cash equivalents available for investing and corporate purposes were $32.6 million [23]. Distributions - The company declared distributions of $0.24 per share for the quarter, totaling $15.7 million, compared to $0.21 per share in the same quarter of the previous year [27].

MIAMI, May 12, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today its financial results for the second quarter ended March 31, 2025. HIGHLIGHTSQuarter ended March 31, 2025 (Unaudited)($ in millions, except per share amounts) Assets and Liabilities: Investment portfolio (1) $2,344.1 <td style="ver ...

Prospect Capital (PSEC) Q3 2025 Earnings Call May 09, 2025 09:00 AM ET Speaker0 Good day and welcome to the Prospect Capital Third Fiscal Quarter Earnings Release and Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would like now to turn the conference over to Mr. John Barry, Chairman and CEO. Please go ahead. Speaker1 Thank you, Alan. Joining me on the call today are Grier Isaac, our President and COO and Kristin Van Dask, our CFO. Kristin? Speaker ...