Core Insights - KKR has provided a bespoke financing solution amounting to $750 million to Chandra Asri Group, indicating a strong partnership and support for the company's growth initiatives [1] Group 1: Financing Details - The financing solution is tailored specifically for Chandra Asri Group, showcasing KKR's commitment to customized financial strategies [1] - This investment is expected to enhance Chandra Asri's operational capabilities and support its expansion plans in the petrochemical sector [1] Group 2: Strategic Implications - The partnership with KKR may position Chandra Asri Group favorably within the competitive landscape of the petrochemical industry, potentially leading to increased market share [1] - This financing could also signal confidence in the growth prospects of the Indonesian market, where Chandra Asri operates [1]

Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1][2] Group 1: Event Overview - The event included panels, fireside chats, and networking receptions, attracting over 300 attendees from various sectors including institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [3] Group 2: Panel Discussions - Panelists addressed the impact of recent economic, geopolitical, and regulatory changes on the investment landscape, as well as how governance has adapted in response to these variations [2] Group 3: Speakers - The forum featured a diverse lineup of speakers, including Josh Frank from Trian Fund Management, Andrew Keys from The Ether Machine, and Ken Traub from Comtech Telecommunications Corp, among others [4][5][6]

Core Viewpoint - Gladstone Investment Corporation plans to redeem all of its outstanding 8.00% Notes due 2028, indicating a strategic financial move to manage its debt obligations [1] Summary by Relevant Sections - **Redemption Announcement** - The Company will redeem all of its outstanding 8.00% Notes due 2028 [1] - A notice of redemption will be sent to all registered holders of the 2028 Notes by UMB Bank, National Association [1] - **Legal Framework** - The redemption is in accordance with the terms of the Indenture dated May 22, 2020, and the Fourth Supplemental Indenture dated May 31, 2023 [1]

Core Insights - Tax Receivable Agreements (TRAs) represent a unique asset class that combines features of debt and equity, providing holders with a stream of payments typically over 15 years, and have historically yielded around 20% per annum, nearly double that of comparable direct lending [1][2][33] Group 1: Understanding TRAs - TRAs are contracts between public companies and pre-IPO shareholders of partnerships, requiring the public company to pay a portion of specific tax savings to these shareholders over a set period [3][4] - The Up-C structure allows companies to maintain tax efficiency while going public, utilizing inefficiencies in the tax code to generate tax savings that are shared with LLC founders [7][10] - As of early 2025, approximately 150 publicly listed companies in the US had outstanding TRAs, with more than half established since 2020, indicating a growing trend in their use [22][58] Group 2: Market Dynamics and Investment Opportunities - The secondary market for TRAs has expanded, with around 8% of recent IPOs involving TRAs, up from less than 1% in 2005, suggesting increasing recognition and potential for investment [33][35] - TRAs currently have a combined value of approximately USD 30 billion, making them significant enough for specialized buyers to consider purchasing from existing owners [35] - Investors in TRAs can achieve returns of 18-22% per annum, which are generally uncorrelated with broader market movements, presenting a compelling opportunity for yield-seeking investors [36][37] Group 3: Legal and Structural Considerations - The complexity of TRAs and their structures can lead to legal challenges, particularly regarding the voting control of pre-IPO investors and potential conflicts of interest [45][46] - Recent cases highlight the scrutiny surrounding TRAs, with courts increasingly examining the fairness of transactions involving TRA terminations and payments [49][50] - Companies are increasingly opting to simplify their structures by terminating TRAs, which can enhance investability and create flexibility for future growth opportunities [42][48] Group 4: Future Outlook - The number of public companies utilizing TRAs is expected to grow, particularly as private equity and venture capital firms look to take their portfolio companies public [58][62] - As TRAs gain visibility, they may become a more mainstream investment class, similar to other asset classes like music and pharmaceutical royalties [62][63] - Investors are advised to monitor companies undergoing changes to their TRA structures, as these may present short- or long-term benefits [43]

Core Points - GOAT Industries Ltd. has completed the final tranche of its non-brokered private placement, raising gross proceeds of C$3,360,513.30 through the sale of 11,201,711 units at C$0.30 per unit, bringing the total raised to C$5,379,713.10 [1][3] Group 1 - Each unit consists of one common share and one-half of a common share purchase warrant, with each warrant allowing the purchase of an additional share at $0.45 for two years [2] - The net proceeds will be used to fund the acquisition of 1509467 B.C. Ltd. and Vroom, Inc. (collectively known as BETSource), to expand BETSource's business, for future investments, and for general corporate purposes [3] - The company paid finder's fees totaling C$64,869.00 and issued 216,230 broker warrants, each allowing the acquisition of one-half of a common share at C$0.45 for two years [4] Group 2 - All securities issued under the offering are subject to a statutory hold period of four months and one day from the date of issuance [5] - GOAT Industries Ltd. is focused on investing in high-potential companies across various industries to generate maximum returns [6]

Torrent Capital Reports Strong Q3 2025 Financial Results; Announces October Portfolio and Net Asset Value (NAV) UpdateAs of September 30, 2025, Torrent had a NAV of $33.5 million (or $0.88 per share), with cash on hand of $4.3 million.November 13, 2025 5:00 PM EST | Source: Torrent Capital Ltd.Halifax, Nova Scotia--(Newsfile Corp. - November 13, 2025) - Torrent Capital Ltd. (TSXV: TORR) ("Torrent" or the "Company") today announced financial results for the quarter ending September 30, 2025, al ...

Professional investors are taking profits as the US stock market extends its record-setting run, leaving retail traders to carry much of the momentum in the ongoing bull market. ...

Group 1 - The Trade With Beta team has extensive experience in preferred stocks and baby bonds, focusing on various aspects from IPOs to portfolio picks [1] - The service includes frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2] - The team is led by Denislav Iliev, who has over 15 years of day trading experience and manages a group of 40 analysts [2] Group 2 - The service offers features such as IPO previews, hedging strategies, and an actively managed portfolio [2] - Monthly reviews of different groups of fixed-income instruments are conducted to ensure comprehensive coverage [1]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

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]