Core Viewpoint - MacKenzie Realty Capital, Inc. has initiated a strategic review of its multi-family portfolio to enhance shareholder value, believing that the net asset value of this portfolio significantly exceeds its current market capitalization [1][2]. Company Overview - MacKenzie Realty Capital, Inc. is a West Coast-focused Real Estate Investment Trust (REIT) founded in 2013, aiming to invest at least 80% of its total assets in real property and up to 20% in illiquid real estate securities [2]. - The company's real property portfolio is intended to be approximately 50% multifamily and 50% boutique class A office, currently comprising interests in 5 multifamily properties, 8 office properties, and 1 multifamily development [2].

- Expand Key Highlights: Commenting on the quarter, Christina Emery, President, stated, "The Trust earned $0.31 per share of net investment income, net of taxes, for the third quarter of 2025, compared to $0.32 per share in the previous quarter. The Trust has maintained its dividend this quarter, which is further confirmation of our credit philosophy, where we focus on leading businesses backed by strong sponsor ownership and conservative capital structures. This approach has historically generated stable r ...

Financial Data and Key Metrics Changes - In Q3 2025, the company generated GAAP net investment income of $0.32 per share, realized income of $0.42 per share, and core net investment income of $0.34 per share, excluding estimated excise taxes [4][11] - Net asset value per share decreased by $0.16 during the quarter, attributed to $0.08 per share in dividend payments and $0.08 per share in net unrealized losses primarily related to two debt investments [5][11] - The investment portfolio at fair value increased to $1.01 billion across 115 portfolio companies, up from $985.9 million across 112 companies as of June 30, 2025 [5][12] Business Line Data and Key Metrics Changes - The company invested $51.3 million in five new portfolio companies during the quarter and received repayments totaling $29.8 million [6][12] - 98% of loans were secured, and 90% were priced at floating rates, with an average loan per company of $9.2 million [6][12] Market Data and Key Metrics Changes - The company has loans to five portfolio companies on non-accrual, comprising 6.7% of total cost and 3.7% of fair value of the total loan portfolio, showing a slight decrease from the prior quarter [7][13] - 99% of portfolio companies are backed by private equity firms, indicating strong support and stability within the investment portfolio [6][13] Company Strategy and Development Direction - The company amended and extended its revolving credit facility, reducing the spread over the 30-day SOFR rate from 2.6% to 2.25% and extending the maturity date to September 2030 [8][14] - The company expects to maintain a portfolio in excess of $1 billion at year-end and projects $5 million in equity realizations for Q4 and Q1 of 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management noted that any credit issues are company-specific and do not indicate a broader trend of weakness across the portfolio [25][26] - The competitive market has led to a reduction in spreads, with current rates around five over SOFR, and management anticipates that spreads may eventually rise again [23][49] Other Important Information - The company has paid $318 million in dividends since its IPO, representing $17.75 per share to investors who participated in the IPO priced at $15 per share [4] - The company issued approximately 531,000 shares for $7.4 million under its ATM program during the quarter, all above net asset value [5][12] Q&A Session Summary Question: Expectations for equity realizations in Q4 and Q1 - Management projects $5 million of realizations in Q4 and a similar amount for Q1 of 2026, with expected gains of $3.8 million for Q4 and $3.3 million for Q1 [20][21] Question: Mix between new and add-on opportunities in the pipeline - Management indicated that the mix remains active, with a majority of fundings expected to be on new investments, and noted a competitive environment with some tightness in spreads [22][23] Question: Signs of concern in any segments or industries of the portfolio - Management reported no increasing weakness or concerns, stating that most companies are performing well [25][26] Question: Status on the third SBA license - Management confirmed they are awaiting the issuance of the third license, which is expected soon and would add approximately $50 million in capacity [35][38] Question: Drivers of significant repayments in Q4 - Management indicated that significant repayments are primarily driven by sales of businesses, with some refinancing occurring [47]

Financial Data and Key Metrics Changes - Total investment income for Q3 2025 was $37.3 million, a decrease of $2.7 million from Q2 2025, primarily due to a decline in interest income and fee income [10] - Net investment income (NII) for Q3 was $0.49 per share, down from $0.53 per share in Q2 2025 [11] - Adjusted NII was $0.50 per share in Q3, compared to $0.57 per share in Q2 2025 [12] - Total expenses for Q3 were $19.9 million, a decrease of $1.5 million from Q2 2025 [11] - Net asset value grew 2.7% to $711 million at quarter end, compared to $692.3 million as of June 30, 2025 [6] Business Line Data and Key Metrics Changes - Originations for Q3 included $69.7 million in first-lien securities and $4.7 million in equity investments, totaling $74.5 million [7] - The portfolio grew to $1.2 billion on a fair value basis as of September 30, 2025, equal to 102% of cost [7] - First-lien investments comprised 82% of the debt portfolio, while equity investments stood at $143.4 million, or 12% of the total portfolio [8] Market Data and Key Metrics Changes - M&A activity increased in Q3 compared to the first half of the year, with expectations for continued deal flow into Q4 [5] - The weighted average interest rate on outstanding debt was 4.9% as of September 30, 2025 [12] Company Strategy and Development Direction - The company focuses on investing in high-quality, lower-middle-market companies with resilient business models that generate recurring revenue [4] - The strategy includes supporting portfolio companies with growth capital and leveraging long-standing relationships with deal sponsors [5] - The company aims to preserve capital and generate attractive risk-adjusted returns for shareholders [9] Management's Comments on Operating Environment and Future Outlook - Management noted that market activity is expected to be relatively decent in Q4 2025, with strong expectations for originations [8] - The company has limited exposure to tariff impacts from China, with only 5% to 6% of the total portfolio affected [24] - There are no significant concerns regarding the impact of the government shutdown on portfolio companies [26] Other Important Information - Total dividends paid for Q3 amounted to $0.57 per share, including a supplemental dividend of $0.14 per share [5] - The board declared a total dividend of $0.50 per share for Q4, payable on December 29, 2025 [6] Q&A Session Summary Question: Market activity outlook for Q4 - Management indicated that deal flow has picked up and is expected to remain strong in Q4, with several add-on investments already made [17][18] Question: Deal terms and pricing - Management noted that pricing in the lower middle market has stabilized, with no significant changes in deal structures [19][20] Question: Exposure to tariff policy related to China - Management confirmed limited exposure to tariffs, with only two companies significantly affected, both performing well [24][25] Question: Impact of government shutdown - Management stated that exposure to government contracts is limited and not currently impacting portfolio companies [26][27]

Financial Performance - Net investment income for the quarter ended September 30, 2025, was $353 million, or $038 per share[9] - Net realized and change in unrealized gains (losses) on investments for the quarter ended September 30, 2025, were $(79) million, or $(008) per share[9] - Net asset value per share as of the end of the quarter was $1466, a decrease of 06% compared to June 30, 2025[9] Investment Portfolio - New investment commitments made during the quarter totaled $138 million across 21 companies for an average new commitment of $66 million[9] - Gross fundings for the quarter, excluding revolver fundings, totaled $142 million[9] - The company received a net repayment of approximately $97 million from Merx Aviation Finance, LLC during the September quarter, reducing its exposure to approximately 33% of the total portfolio, at fair value[9] - The total investment portfolio was $318 billion, with 95% in direct origination and other investments, 3% in Merx Aviation, and 2% in acquired non-direct origination assets[10, 11] - Non-accrual investments represented 31% of the total portfolio at fair value[10] Portfolio Characteristics - The direct origination portfolio had a weighted average yield of 103% and a weighted average spread over SOFR of 559 bps[10] - First lien investments comprised 98% of the direct origination portfolio, which was 100% floating rate and 91% sponsored[10] - 93% of the direct origination portfolio was pursuant to co-investment order[10] Debt and Funding - Net leverage was 135x as of September 30, 2025[9] - Lender commitments under the Amended Senior Secured Facility decreased from $1660 billion to $1610 billion[8] - The weighted average annualized interest cost on total debt obligations was 6368%[32]

Financial Data and Key Metrics Changes - For Q3 2025, the company's net investment income was approximately $5.6 million, or $0.07 per share, compared to approximately $5.5 million, or $0.08 per share, in the prior quarter [4] - The net asset value per share decreased to $1.95 from $2.06 in the prior quarter [4] - Total investment income for the third quarter was approximately $10.2 million, up from approximately $9.5 million in the prior quarter [4] - The company recorded combined net unrealized and realized losses on investments of approximately $7.5 million, or $0.09 per share, compared to losses of approximately $1.1 million, or $0.01 per share, in the prior quarter [4] Business Line Data and Key Metrics Changes - Investment activity included purchases of approximately $58.1 million and repayments of approximately $31.3 million during the quarter [5] - The company issued approximately 5.4 million shares of common stock, resulting in net proceeds of approximately $11.8 million [5] - Issued $74.8 million of 7.75% unsecured notes due July 2030 and fully repaid $34.8 million of 6.25% unsecured notes due April 2026 [5] Market Data and Key Metrics Changes - U.S. loan market performance was stable, with loan prices slightly decreasing from 97.07% of par to 97.06% of par [6] - The 12-month trailing default rate for the loan index increased to 1.47% from 1.11% at the end of June [6] - The distress ratio ended the quarter at 2.88%, down from 3.06% at the end of June [7] - U.S. leveraged loan primary market issuance was $133.7 billion, representing a 22% increase compared to the same quarter in the previous year [7] Company Strategy and Development Direction - The company focuses on portfolio management strategies designed to maximize long-term total return, taking a longer-term view towards investment strategy [7] - The company is considering additional purchases in CLO equity and junior debt tranches, which will be accompanied by appropriate levels of sales [16] Management's Comments on Operating Environment and Future Outlook - Management noted that the cash and equivalents balance increased to $51 million, primarily due to timing from ATM issuances [17] - The company is running a relatively lightly leveraged portfolio, which is a consideration for improving net investment income [19] Other Important Information - The board of directors declared monthly distributions of $0.035 per share for January, February, and March of 2026 [5] Q&A Session Summary Question: What types of investments were found attractive during the quarter? - The company purchased CLO equity pieces from top-tier managers, focusing on steady, predictable cash flow [12] - On the loan side, the focus was on higher quality credits with lower spreads and opportunistic trades in less liquid names [13][16] Question: What is the outlook for potential new additions in Q4? - The company anticipates focusing more on the secondary market for leveraged loans, capturing opportunities at par or below [16] Question: What is the reason for the increase in cash and equivalents? - The increase is primarily attributed to timing related to ATM issuances [17] Question: Has there been consideration for a reverse stock split? - The company is continuously considering viable ideas, including a reverse stock split [18] Question: What levers are available to improve the run rate of net investment income? - The company is considering its lightly leveraged portfolio as one element to improve net investment income [19]

Vox Royalty Corp. Conference Call Summary Company Overview - Vox Royalty Corp. is focused on providing leveraged exposure to the metals sector, particularly gold and precious metals, by acquiring mining royalties and streams [2][3][4] Key Industry Insights - The mining sector has historically underperformed, presenting challenges for generalist investors due to its complex risk profile [2] - Current market conditions are bullish for gold and precious metals, with prices at all-time highs, encouraging miners to increase production and reserves [3][4] Core Business Strategy - Vox Royalty aims to identify and acquire assets at significant discounts to their fair value, focusing on pre-production royalties [6][9] - The company has a strong portfolio of gold royalties, primarily in Australia, which has seen substantial capital reinvestment from operators [4][8] - Vox Royalty operates without contributing capital to mining operations, benefiting from the production increases and revenue growth of its operators [17][25] Recent Developments - The company recently completed a transformative acquisition that significantly increased its precious metals exposure, now approximately 80% gold [6][8] - The acquisition is expected to generate between $15 million and $20 million annually in cash flow, purchased for $60 million, representing a cash flow multiple of 3X to 4X [10][11] Financial Performance - Vox Royalty has invested $50 million in legacy mining royalties since 2019, with $38 million already returned, expecting full payback by next year [9][23] - The net asset value of the recent acquisition is estimated between $200 million and $250 million, indicating a strong return on invested capital exceeding 25% [10][11] Growth Potential - The company anticipates significant organic growth from its portfolio, with over 100,000 royalty gold-equivalent ounces expected to generate approximately $400 million in undiscounted value [15][16] - Key assets include Redhill, which could yield substantial revenue once production resumes, and other developing projects in Australia and the U.S. [14][28] Market Positioning - Vox Royalty targets large-cap and mid-cap mining companies, avoiding small-cap miners to mitigate exposure to market volatility [29] - The company maintains a disciplined approach to acquisitions, focusing on legacy assets rather than financing new projects, which allows for better risk-adjusted returns [25][30] Dividend Policy - Vox Royalty has a growing dividend policy, with an average increase of over 6%, supported by the cash flow from recent acquisitions [12] Conclusion - Vox Royalty Corp. is well-positioned to capitalize on the current bullish market for gold and precious metals, with a robust acquisition strategy and a strong portfolio of assets that promise significant growth and returns for shareholders [21][30]

Core Points - KBC Ancora reported a profit of EUR 315.4 million for the financial year 2024/2025, down from EUR 368.3 million in the previous year, translating to EUR 4.10 per share [2][5] - The company distributed a gross interim dividend of EUR 3.51 per share on June 5, 2025, and will not pay a final dividend [2][5] - The net asset value of KBC Ancora shares is 1.0066 times the price of KBC Group shares, with a net debt position of EUR 0.93 per share as of June 30, 2025 [6][7] Financial Results - Total income for the financial year was EUR 322.9 million, primarily from dividends received from KBC Group (EUR 321.7 million) and interest income (EUR 1.2 million) [5] - Total expenses amounted to EUR 7.5 million, consisting of operating costs (EUR 3.2 million) and financial expenses (EUR 4.3 million) [5] - In the second half of the financial year, KBC Ancora recorded a profit of EUR 241.5 million, or EUR 3.14 per share, compared to EUR 295.4 million in the same period the previous year [11] Balance Sheet and Assets - As of June 30, 2025, total assets stood at EUR 3.63 billion, an increase of EUR 29.3 million from the previous year [16] - The number of KBC Group shares held by KBC Ancora remained unchanged at 77,516,380, with a book value of EUR 46.44 per share [17] - The company’s debt decreased by EUR 15.8 million compared to the previous financial year, primarily due to repayments of a credit facility [18] Future Outlook - KBC Ancora anticipates costs within the cost-sharing agreement with Cera to be approximately EUR 2.5 million for the financial year 2025/2026 [19] - Total interest charges for the upcoming financial year are estimated at around EUR 4.1 million, with other operating costs likely to be about EUR 1.0 million [19] - The company plans to distribute an interim dividend of EUR 1.00 per share in November 2025, in line with its dividend policy [21]

Group 1 - The net asset value (NAV) of EfTEN United Property Fund units was 11.24 euros at the end of July, reflecting a month-on-month increase of 0.6% [1] - The fund reported a net profit of 166 thousand euros in July and a total of 1.846 million euros in net profit for the first seven months of 2025, compared to 447 thousand euros in the same period last year [1] - If the investment in EfTEN Real Estate Fund AS shares were recorded at book value, the NAV would be 11.33 euros, indicating a 0.8% month-on-month increase [1] Group 2 - The largest profit of 88 thousand euros in July was generated from the investment in EfTEN Real Estate Fund 5, which saw a net asset value increase of 0.7% month-on-month [2] - The growth of EfTEN Real Estate Fund 5 was primarily supported by EfTEN Kristiine OÜ, which owns the Kristiine shopping center, with its equity value rising by 1.2% month-on-month [2] Group 3 - Invego Uus-Järveküla OÜ, where the fund holds an 80% ownership, completed two terraced houses in the third development stage, generating a profit of 52 thousand euros [3] - The fund also earned 38 thousand euros in interest from its investment in Invego Uus-Järveküla OÜ [3] Group 4 - At the beginning of August, Invego Uus-Järveküla OÜ distributed 1.2 million euros to the fund, which included 126 thousand euros in accrued interest and the remainder as principal repayment [4] - The fund plans to distribute the received interest along with funds from EfTEN Real Estate Fund 5 to investors at the beginning of the fourth quarter of 2025 [4]

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].