Core Viewpoint - Oaktree Specialty Lending Corporation reported a decrease in total investment income for the first quarter of fiscal year 2026 compared to the previous quarter [1] Financial Performance - Total investment income for the first quarter ended December 31, 2025, was $75.1 million, or $0.85 per share, down from $77.3 million, or $0.88 per share, in the fourth quarter of 2025 [1]

Group 1 - The company, Runway Growth Finance Corp., plans to redeem a portion of its 7.50% Notes and all of its 8.00% Notes due 2027, with a total redemption amount of $40,250,000 for the 7.50% Notes and $51,750,000 for the 8.00% Notes, both scheduled for March 5, 2026 [1] - The redemption price per Note will be $25 plus accrued and unpaid interest from March 1, 2026, until the redemption date [1] Group 2 - Runway Growth is a specialty finance company that provides flexible capital solutions to late- and growth-stage companies, offering an alternative to equity financing [2] - The company is a closed-end investment fund regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Runway Growth Capital LLC [2]

Core Viewpoint - Saratoga Investment Corp. has announced a public offering of $100 million in unsecured notes with a 7.50% interest rate, maturing in 2031, aimed at refinancing existing debt and enhancing its capital structure [1][5]. Offering Details - The offering consists of $100 million in aggregate principal amount of 7.50% unsecured notes due on February 6, 2031, with an option for the underwriters to purchase an additional $15 million [1][3]. - The notes will bear interest at a rate of 7.50% per year, payable quarterly starting May 31, 2026 [2]. - The offering is expected to close on February 6, 2026, subject to customary closing conditions [3]. Use of Proceeds - The net proceeds from the offering will be used to redeem the Company's outstanding 4.375% Notes due 2026 [5]. Credit Rating - The Company has received a private investment grade rating of "BBB+" from Egan-Jones Ratings Company, which is recognized as a Credit Rating Provider [4]. Company Overview - Saratoga Investment Corp. is a specialty finance company focused on providing customized financing solutions to U.S. middle-market businesses, primarily through senior and unitranche leveraged loans and mezzanine debt [9]. - The Company aims to generate attractive risk-adjusted returns through its debt and equity investments and is regulated as a business development company under the Investment Company Act of 1940 [10].

Core Viewpoint - Redwood Trust, Inc. announced tax information regarding its dividend distributions for 2025, detailing the expected federal income tax treatment for both common and preferred stock dividends [1][3][4]. Dividend Distribution Summary - All common stock dividend distributions paid during 2025 will be reportable on shareholders' federal income tax returns, characterized as 39% ordinary income, 2% qualified dividends, and 59% return of capital [3][5]. - Preferred stock dividend distributions for 2025 are expected to be characterized as 96% ordinary income and 4% qualified dividends [4][5]. Tax Implications - Individual taxpayers may take a 20% deduction from taxable income of their ordinary income REIT dividends under section 199A, subject to certain holding period requirements [6]. - Corporate shareholders are generally not eligible for the corporate dividends-received deduction or the 20% ordinary REIT dividend deduction [7]. Detailed Dividend Information - Common Stock (CUSIP 758075 40 2) distributions for 2025 are detailed as follows: - Total distribution per share: $0.7200, with $0.2940 as ordinary dividends and $0.4260 as return of capital [8]. - Preferred Stock (CUSIP 758075 80 8) distributions for 2025 total $2.5000 per share, with $2.5000 as ordinary dividends and $2.4012 as return of capital [9]. Company Overview - Redwood Trust, Inc. is a specialty finance company focused on providing liquidity to segments of the U.S. housing market not well served by government programs, operating through three core residential housing-focused platforms and a venture investing initiative [11].

Core Viewpoint - Saratoga Investment Corp. has initiated a registered public offering of unsecured notes and received an investment grade rating of "BBB+" from Egan-Jones Ratings Company [1][2] Group 1: Offering Details - The unsecured notes are expected to be listed on the New York Stock Exchange under the trading symbol "SAV" within 30 days of the original issue date [2] - The net proceeds from this offering will be used to fully redeem the Company's outstanding 4.375% Notes due 2026 [3] Group 2: Company Overview - Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses, primarily investing in senior and unitranche leveraged loans and mezzanine debt [7] - The Company aims to create attractive risk-adjusted returns through current income and long-term capital appreciation from its debt and equity investments [7] - Saratoga Investment Corp. is regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Saratoga Investment Advisors, LLC [7] - The Company manages a $650 million collateralized loan obligation (CLO) fund and co-manages a joint venture fund with a $400 million CLO [7]

Core Viewpoint - Hercules Capital, Inc. is set to announce its fourth quarter and full-year 2025 financial results on February 12, 2026, after market close, with a conference call scheduled for the same day at 2:00 p.m. PT [1] Group 1: Financial Results Announcement - The financial results conference call will be accessible via telephone and live webcast [2] - Domestic callers can join the conference call toll-free at +1 (800) 267-6316, while international callers can dial +1 (203) 518-9783 [2] - Callers are encouraged to connect 10-15 minutes early and reference conference ID HTGCQ425 [2] Group 2: Company Overview - Hercules Capital, Inc. is the largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies [3] - Since its inception in December 2003, the company has committed over $25 billion to more than 700 companies [3] - Hercules is recognized as the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing [3] Group 3: Asset Management and Securities - Hercules maintains an asset management business through its wholly owned subsidiary, Hercules Adviser LLC, which manages investments for external parties [4] - The company is registered as an investment adviser under the Investment Advisers Act of 1940 [4] - Hercules' common stock trades on the NYSE under the ticker symbol "HTGC," and it has a retail bond issuance of 6.25% Notes due 2033 [5]

Core Viewpoint - Nuveen Churchill Direct Lending Corp. (NCDL) will report its financial results for Q4 and the full year ended December 31, 2025, on February 26, 2026, before market opens [1] Company Overview - NCDL is a specialty finance company focused on investing in senior secured loans to private equity-owned U.S. middle market companies [2] - The company is regulated as a business development company under the Investment Company Act of 1940 [2] - NCDL is externally managed by Churchill DLC Advisor LLC and Churchill Asset Management LLC, both of which are affiliates of Nuveen, LLC, a major global asset manager [2] - Churchill operates as the exclusive U.S. middle market direct lending and private capital business of Nuveen and TIAA [2]

4Q 2025 Earnings Call Presentation Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 1 Delivering Value to Shareholders Enhance the value of our growth businesses Maximize the cash flows from our loan portfolios Continuously simplify the business and increase efficiency Maintain a strong balance sheet and distribute excess capital • Invest in capabilities to grow high-quality loan originations that generate targeted returns, and explore opportunities to deepen rela ...

Core Viewpoint - The article highlights three under-the-radar dividend stocks that offer attractive yields, significantly higher than the S&P 500's current yield of approximately 1.1% [1]. Group 1: Ares Capital - Ares Capital (ARCC) has a dividend yield of 9.5% and operates as a business development company (BDC), required to pay out at least 90% of its taxable income as dividends [2]. - The company has maintained stable-to-increasing dividends for 16 years, despite challenges faced by many BDCs [2]. - Ares Capital focuses on providing capital to middle-market companies with annual revenues between $100 million and $1 billion, generating income through direct loans and equity investments [3]. Group 2: Starwood Property Trust - Starwood Property Trust (STWD) leads with a dividend yield of 10.7% and has never cut its dividend since its IPO in 2009 [6]. - The REIT has maintained its dividend payout rate for over a decade, despite challenges faced by other REITs [6]. - Starwood has diversified its investments from commercial mortgages to high-quality real estate assets and infrastructure lending, which has reduced risk and provided new growth opportunities [9]. - The recent $2.2 billion acquisition of Fundamental Income Properties added 467 properties with long-term leases, enhancing its rental income stability [10]. Group 3: Western Midstream Partners - Western Midstream Partners (WES) offers a distribution yield of 9% and operates as a master limited partnership (MLP) [11]. - The MLP reset its distribution level in 2020 due to the pandemic but has since rebuilt its payout to above pre-pandemic levels [11]. - The company owns energy midstream assets that generate stable cash flow, which is used for distributions and growth investments [13]. - Western Midstream aims to increase its high-yielding payout at a low-to-mid single-digit annual rate and has recently closed a $2 billion acquisition of Aris Water Solutions [14].

Core Insights - Redwood Trust, Inc. (NYSE:RWT) has been recognized among 13 dividend stocks with over 8% yield [1] - JPMorgan upgraded Redwood Trust's rating to Overweight from Neutral, setting a price target of $6, citing easing loss pressures and a clearer path to a normalized return on equity around 20% [2] - The company reported its strongest quarter on record, locking or originating nearly $7 billion in loans, with significant contributions from its Sequoia, Aspire, and CoreVest segments [3] Financial Performance - Redwood Trust's CEO noted a rapid transition to a simpler, scalable operating model, which is expected to capitalize on meaningful changes in the business landscape [3] - Legacy exposure has been reduced to approximately 25% of total capital, with a target to decrease it to 20% by year-end [4] - The secured borrowing facility with CPP Investments has been expanded to $400 million from $250 million, indicating increased financial flexibility [4] Market Position - Sequoia's loan locks increased by 53% from the previous quarter, with jumbo market share rising to about 7%, up from 1-2% earlier in 2023 [5] - Aspire achieved $1.2 billion in loan locks, nearly quadrupling its second-quarter volume, alongside a 50% increase in loan originator partners [5] - Redwood Trust operates across various segments of the housing credit market, including mortgage banking and investment activities [6]