Core Viewpoint - Saratoga Investment Corp. has declared a base quarterly dividend of $0.75 per share for the third quarter of fiscal 2026, maintaining a consistent dividend policy to provide attractive returns to shareholders [1][2]. Dividend Declaration - The declared dividends for the third quarter of fiscal 2026 are as follows: - September 2025: $0.25 per share, record date October 7, 2025, payment date October 23, 2025 - October 2025: $0.25 per share, record date November 4, 2025, payment date November 20, 2025 - November 2025: $0.25 per share, record date December 2, 2025, payment date December 18, 2025 [1][2]. Dividend Yield - The annualized dividend rate of $0.75 per share implies a 12.2% dividend yield based on the stock price of $24.54 as of September 9, 2025 [1]. Historical Dividend Distributions - The total dividend for fiscal year 2026 is projected to be $2.25 per share, with consistent quarterly distributions of $0.25 per share [3]. Company Overview - Saratoga Investment is a specialty finance company focused on providing customized financing solutions to U.S. middle-market businesses, primarily investing in senior and unitranche leveraged loans and mezzanine debt [5]. - The company is regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Saratoga Investment Advisors, LLC [5]. - Saratoga Investment manages a $500 million collateralized loan obligation (CLO) fund and co-manages a joint venture fund with a $400 million CLO [5].

Core Viewpoint - Great Elm Capital Corp. (GECC) has announced a public offering of $50 million in 7.75% notes due 2030, with net proceeds expected to be approximately $48.1 million after expenses [1][4]. Group 1: Offering Details - The notes will mature on December 31, 2030, and can be redeemed by the company starting December 31, 2027 [2]. - Underwriters have a 30-day option to purchase an additional $7.5 million in notes to cover over-allotments [2]. - The transaction is subject to customary closing conditions, with expected delivery around September 11, 2025 [3]. Group 2: Use of Proceeds - The net proceeds will primarily be used to redeem all outstanding 8.75% notes due 2028 [4]. - Remaining proceeds may be allocated to redeem or repurchase other outstanding notes due in 2026 and 2029, repay borrowings under the revolving credit facility, or for general corporate purposes [4]. Group 3: Company Overview - Great Elm Capital Corp. is an externally managed business development company focused on generating income and capital appreciation through investments in debt and income-generating equity securities [9].

Core Viewpoint - The Russell 2000 has experienced a significant rebound of nearly +9% in the last month due to favorable macroeconomic conditions, including potential interest rate cuts and clearer tariff policies, which are expected to enhance investor sentiment towards small-cap U.S. companies [1]. Company Summaries Cars.com (CARS) - Cars.com stock is currently priced at $12, which is 40% below its 52-week high of $20. The company has faced challenges due to high interest rates, inflation, and tariffs impacting consumer demand for vehicles [2]. - Earnings estimates for Cars.com have seen slight upward revisions for fiscal years 2025 and 2026. The stock trades at 7X forward earnings, with EPS expected to increase by 4% this year and projected to rise by 32% in FY26 to $2.35. The Average Zacks Price Target of $17.17 indicates a potential upside of nearly 35% [3]. OppFi (OPFI) - OppFi is priced at $10 and has gained over +30% year-to-date, yet remains 40% below its 52-week high of $17. Analysts maintain a bullish outlook, with an Average Zacks Price Target of $14 suggesting a 36% upside [8]. - The stock trades at 7X forward earnings, with FY25 EPS expected to increase by 49% to $1.49. Recent revisions have shown a 15% increase in FY25 EPS estimates following strong Q2 earnings results. Annual earnings are projected to rise by 4% in FY26 to $1.48 per share, supported by sales projections exceeding $600 million [9][10]. Quad Graphics (QUAD) - Quad Graphics is trading at $6, just above penny stock status, and is a provider of commercial printing solutions. The Average Zacks Price Target suggests a potential return to its 52-week peak of $9 [12]. - The company is profitable and trades at 6X forward earnings. EPS revisions have increased, forecasting a 13% rise in FY25 and a further 15% increase in FY26 to $1.11 per share. Additionally, Quad Graphics offers a 4.5% annual dividend yield [13][14]. Conclusion - The favorable macroeconomic environment is expected to accelerate growth for these companies, making them attractive investment opportunities within the Russell 2000 [15].

Core Insights - Standard Premium Finance Holdings, Inc. has released a white paper discussing the importance of federal insurance programs in mitigating the impact of natural disasters, authored by CEO William Koppelmann [1] - The report emphasizes the increasing frequency of weather-related disasters and the necessity for expanded federal insurance coverage [2] Company Overview - Standard Premium Finance Holdings, Inc. has financed premiums on over $2 billion of property and casualty insurance policies since 1991 and operates in 38 states [3] - The company is actively seeking mergers and acquisitions to leverage economies of scale [3] Industry Context - The current disaster infrastructure in the U.S. is underprepared, as highlighted by recent catastrophic flooding in Texas and the upcoming hurricane season [2] - There is a critical need for more comprehensive federal disaster insurance coverage to manage financial risks associated with natural disasters [2] - Insurers are withdrawing from markets or raising premiums to unsustainable levels, indicating a gap in the existing federal safety net for disaster coverage [3]

Core Viewpoint - Mill City Ventures III, Ltd. has initiated options trading for its common stock on Cboe Global Markets, which is expected to enhance investor participation and liquidity while providing new risk management tools [1][2][3]. Company Overview - Mill City Ventures III, Ltd. is the only publicly traded company with an official relationship with the Sui Foundation, offering institutional-grade exposure to the SUI blockchain [4]. - The company is implementing an industry-first SUI treasury strategy aimed at creating a scalable, transparent digital asset treasury platform focused on long-term value [4]. - SUI's architecture is designed for mass adoption, supporting applications in finance, gaming, AI, and more [4]. Options Trading Details - The options trading for Mill City is available through the Options Clearing Corporation and adheres to the standard rules and regulations of the Nasdaq Capital Market and the OCC [3]. - The introduction of listed options includes a variety of expiration dates and strike prices, which is anticipated to broaden investor engagement and support liquidity [2][3]. Management Commentary - The Chief Investment Officer of Mill City highlighted that the commencement of options trading reflects the company's growth and the increasing recognition of its SUI treasury strategy in capital markets [3]. - This development is seen as a way to empower investors with more tools to engage with the company's innovative strategy [3].

Core Insights - Standard Premium Finance Holdings, Inc. projects record net income exceeding $1 million for fiscal year 2025, marking a 13% year-over-year increase [2][3] - The company anticipates a 15% growth in its loan portfolio, reaching over $75 million by the end of 2025 [2][4] - Return-on-equity is expected to surpass 15%, with basic earnings per share projected at $0.34 [2] Financial Performance - The company achieved record profitability in fiscal year 2024, which has continued into the first half of 2025 [4] - Improved funding costs and disciplined expense management have contributed to the positive outlook [4] - Preferred dividends are expected to remain fully up-to-date at 7% [2] Strategic Positioning - The CEO highlights the milestone of crossing the $1 million earnings mark as a result of strategic expansion and operational efficiencies [3] - The CFO emphasizes the strength of the company's capital strategy and cost management initiatives in meeting growth targets [5] - Standard Premium has financed over $2 billion in property and casualty insurance policies since 1991 and operates in 38 states [5]

Core Insights - Mill City Ventures III, Ltd. has established itself as the largest publicly traded SUI treasury, backed by an exclusive relationship with the Sui Foundation, and aims to provide institutional-grade access to the SUI blockchain [2][7] - The company has scaled its total treasury holdings to approximately 81.9 million SUI as of August 10, 2025, and is currently staking all SUI in the treasury, earning about $26,000 per day [7][8] - Mill City reported a 64% increase in net assets resulting from operations for Q2 2025, amounting to approximately $677,000, or $0.11 per share, compared to $413,000, or $0.06 per share in Q2 2024 [10] Company Developments - The company launched the first publicly traded, Foundation-backed SUI treasury strategy on July 31, 2025, focusing on acquiring SUI tokens through various channels [1][2] - Mill City has raised $450 million in capital through a PIPE offering as of August 1, 2025, with Galaxy appointed as Asset Management to manage the SUI treasury [7][10] - The company plans to continue its existing commercial short-term non-bank lending and specialty finance business while executing its SUI treasury strategy [1][8] Industry Context - SUI is positioned as a next-generation Layer 1 blockchain designed for scalability, speed, and security, enabling decentralized applications across various sectors including finance and gaming [3][4] - The Sui Foundation is dedicated to the advancement and adoption of the SUI network, providing Mill City with insights and access to strategic network growth initiatives [2][7] - The architecture of SUI is designed to support mass market consumer applications in Web3, potentially transforming the global economy [4][6]

Financial Performance - Net investment income (NII) per share for Q2 2025 was $0.46, compared to $0.45 in the previous quarter[19] - Net realized and unrealized losses on investments per share for Q2 2025 were ($0.05), compared to ($0.34) for the prior quarter[19] - Net income per share for Q2 2025 was $0.41, compared to $0.11 for the prior quarter[19] - NAV per share as of June 30, 2025, was $19.55[19] - A regular dividend of $0.42 per share was declared for Q3 2025[19] - Total net assets were $725 million as of Q2 2025[11, 21] Portfolio Composition - Total portfolio investments were valued at $1,601 million as of June 30, 2025, consisting of 187 portfolio companies across 20 industries[11, 19, 35] - 91% of the portfolio comprised of senior secured first lien and unitranche first lien investments by fair value[19, 35] - 97% of debt investments are floating rate[22, 35, 44] Capital Structure and Liquidity - The company has a strong liquidity profile with $26.1 million in cash and cash equivalents and restricted cash[19, 24] - Undrawn debt capacity was $227.2 million as of June 30, 2025[19, 63, 65] - The debt-to-equity ratio was 1.23x[11, 21, 24]

Core Insights - LM Funding America, Inc. reported a definitive asset purchase agreement for an 11 MW Bitcoin mining site in Mississippi for $3.9 million, enhancing its operational capacity [1][4] - The company's direct mining margin improved to 41.0% from 38.5% in Q1 2025, driven by increased operational efficiency and power sales [1][4] - The financial results for Q2 2025 showed a GAAP net income of $0.1 million and Core EBITDA of $2.6 million, a significant recovery from a net loss of $5.4 million in Q1 2025 [1][4] Financial Highlights - Total revenue for Q2 2025 was $1.9 million, down 18.7% sequentially and down 36.0% year-over-year [4] - The company mined 18.4 Bitcoins during the quarter, a decrease of 24.3% sequentially, attributed to higher curtailment and downtime from relocating miners [4] - Operating expenses increased by 16.6% year-over-year and 2.5% sequentially to $2.0 million, primarily due to legal and consulting costs related to expansion [4] Operational Highlights - The company relocated approximately 800 hosted miners, completing its hosting exit, and is on track to expand its Oklahoma site by 2 MW later this year [4][5] - The Mississippi acquisition is expected to close on or before September 16, 2025, subject to due diligence [4][5] - The company generated approximately $223,000 in curtailment and energy sales for the quarter, up 49.2% sequentially, contributing to improved mining margins [4][5] Bitcoin Holdings - As of June 30, 2025, the company held 155.5 Bitcoins valued at approximately $16.7 million, with a cash balance of approximately $0.4 million [4][10] - By July 31, 2025, the company held 150.4 Bitcoins valued at approximately $18.0 million based on a Bitcoin price of $120,000 [4][10] Management Commentary - The CEO emphasized the company's commitment to vertical integration and disciplined growth strategy, highlighting operational upgrades and improved mining efficiency [4][5] - The CFO noted that despite a decrease in Bitcoin production, the company's strategies have led to improved direct mining margins and a positive outlook for asset growth [5]

Group 1 - The Company, Chicago Atlantic BDC, Inc., has declared a cash dividend of $0.34 per share for the quarter ending September 30, 2025 [1] - Key dates for the dividend include a record date of September 29, 2025, and a payment date of October 10, 2025 [1] - The Company has a dividend reinvestment plan (DRIP) that allows stockholders to reinvest dividends into additional shares unless they opt to receive cash [1] Group 2 - Chicago Atlantic BDC, Inc. is a specialty finance company regulated as a business development company under the Investment Company Act of 1940 [2] - The Company's investment objective is to maximize risk-adjusted returns on equity by primarily investing in direct loans to privately held middle-market companies, focusing on the cannabis sector [2] - The Company is managed by Chicago Atlantic BDC Advisers, LLC, which specializes in the cannabis industry and other niche sectors [2]