Financial Performance - Net investment income (NII) per share was $0.82, exceeding the $0.77 quarterly dividend[2] - The company declared a fourth quarter 2025 dividend of $0.77 per share[3] - The annualized net investment income return was 12.0%[11] - The dividend yield was 11.3% based on NAV[11] - Dividend coverage was 106%[11] Portfolio Composition and Investment Activity - 97.5% of the portfolio is first lien, senior secured debt[11] - Non-accrual debt investments represent 0.1% of total investments[11] - New investment commitments totaled $1.3 billion at par, with $1.0 billion funded[15] - The fair value of investments was approximately $13.8 billion as of September 30, 2025[6] Liquidity and Capital Structure - The company has $2.5 billion of liquidity in unrestricted cash and undrawn debt[15] - The total all-in cost of debt was 5.04% in 3Q 2025[15]

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Financial Data and Key Metrics Changes - Total investment income for Q3 2025 was $36.7 million, up from $35.1 million in Q2 2025, while net investment income increased to $15.7 million from $13.9 million [15][16] - The weighted average portfolio risk rating rose to 2.42 in Q3 2025 from 2.33 in Q2 2025 [15] - The dollar-weighted loan-to-value ratio increased from 29.6% to 31.4% [15] - The total investment portfolio's fair value decreased by 7.7% to $946 million from $1.02 billion [16] - NAV per share decreased by 1.9% to $13.55 from $13.66 [18] Business Line Data and Key Metrics Changes - The company completed 11 investments totaling $128.3 million in Q3 2025, focusing on technology, healthcare, and select consumer sectors [7][10] - The acquisition of SWK Holdings is expected to scale the portfolio by approximately $242 million, increasing exposure in healthcare and life sciences from 14% to 31% [9][11] Market Data and Key Metrics Changes - The company noted a competitive environment in private markets, with increased competition affecting pricing and origination activity [9][34] - The venture debt space is experiencing spread compression, although not as severe as in broader markets [34] Company Strategy and Development Direction - The company aims to enhance its portfolio through both organic and inorganic growth, with a focus on diversification and risk mitigation [8][9] - The acquisition of SWK Holdings is seen as a strategic move to enhance earnings power and diversify the asset base [9][20] - The company is committed to maintaining a disciplined approach to growth while leveraging the BC Partners credit platform for sourcing opportunities [8][10] Management's Comments on Operating Environment and Future Outlook - Management expects a muted repayment activity in Q4 2025 compared to Q3, with origination opportunities being actively pursued [25] - The integration of SWK is anticipated to enhance the company's financial profile and shareholder value, with expected accretion in earnings [20][55] - The ongoing government shutdown may delay SEC regulatory approval for the merger, with a projected close in early 2026 [22][55] Other Important Information - The company repurchased 397,983 shares during the third quarter under a $25 million stock repurchase program [22] - A regular distribution of $0.33 per share was declared for Q4 2025 [23] Q&A Session Summary Question: Expected closing date of the SWK merger and origination activity in Q4 - Management indicated that repayments would be muted in Q4, with origination activity utilizing the existing pipeline and BC Partners credit platform [25] Question: Integration of SWK portfolio and yield profile - The SWK portfolio is expected to have a slightly higher yield than Runway's existing portfolio, with plans to explore upsizing the best loans post-merger [27][29] Question: Drivers of realized loss and unrealized portfolio depreciation - Losses were primarily in the equity portfolio, with no specific sector theme identified [30] Question: Prepayment activity and expectations for next year - Prepayment activity is driven by M&A and refinancing options, with expectations for normal prepayment rates moving forward [31] Question: Competitive dynamics in venture debt space - Management noted spread compression in the venture debt space, but not as severe as in other markets [34] Question: Integration of SWK team post-merger - The SWK team will assist with the transition and new originations during the integration period [35] Question: Dividend declaration and earnings power - The board's decision on the dividend was based on anticipated prepayment activity and the need to cover the base dividend with Q4 earnings [38][40] Question: Characteristics of loans added to the Kadma JV - Loans added to the Kadma JV are growth loans, suited for that vehicle due to specific characteristics [46] Question: Accretion from the SWK merger - The merger is expected to be accretive in the first full quarter after closing, with potential for OID accretion [55][56]

Financial Data and Key Metrics Changes - Total investment income for Q3 2025 was $36.7 million, an increase from $35.1 million in Q2 2025, while net investment income rose to $15.7 million from $13.9 million in the previous quarter [15][16] - The weighted average portfolio risk rating increased to 2.42 in Q3 2025 from 2.33 in Q2 2025, indicating a slight deterioration in credit quality [15] - The dollar-weighted loan-to-value ratio increased from 29.6% to 31.4% [15] - The total investment portfolio's fair value decreased by 7.7% to $946 million from $1.02 billion in Q2 2025 [16] - NAV per share decreased by 1.9% to $13.55 from $13.66 at the end of Q2 2025 [18] Business Line Data and Key Metrics Changes - The company completed 11 investments totaling $128.3 million in Q3 2025, focusing on technology, healthcare, and select consumer sectors [7][10] - The acquisition of SWK Holdings is expected to scale the portfolio by approximately $242 million, increasing exposure in healthcare and life sciences from 14% to 31% of the overall portfolio [9][11] Market Data and Key Metrics Changes - The debt portfolio generated a dollar-weighted average annualized yield of 16.8% in Q3 2025, up from 15.4% in Q2 2025 [16] - Total available liquidity was $371.9 million, including unrestricted cash and cash equivalents, with a borrowing capacity of $364 million [18] Company Strategy and Development Direction - The company aims to enhance its portfolio through both organic and inorganic growth, with a focus on diversification and risk mitigation [8][9] - The merger with SWK Holdings is seen as a strategic move to enhance earnings power and diversify the asset base [9][21] - The company is committed to maintaining a disciplined approach to growth while leveraging the BC Partners credit platform for sourcing opportunities [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the integration of SWK Holdings and its potential to enhance the company's market position [14][21] - The company anticipates a muted repayment activity in Q4 2025, with origination activity expected to remain strong [26] - Management acknowledged competitive pressures in the venture debt space but noted that spread compression has not been as severe as in broader markets [36] Other Important Information - The company declared a regular distribution of $0.33 per share for Q4 2025, with net investment income of $0.43 per share [24][40] - The merger with SWK is structured as a tax-free reorganization with an estimated purchase price of approximately $220 million [22] Q&A Session Summary Question: What is the expected closing date of the SWK merger and its impact on origination and repayment activity? - Management expects repayments to be muted in Q4 2025, with origination activity utilizing the existing pipeline and BC Partners credit platform [26] Question: What is the yield profile of the SWK portfolio compared to the existing portfolio? - The SWK portfolio has a slightly higher yield than the existing portfolio, with complete pro formas to be provided in the N-14 filing [27][29] Question: What were the main drivers of realized losses in the portfolio? - Losses were mainly in the equity portfolio, driven by idiosyncratic factors such as expirations of warrants and liquidations of IPO shares [31] Question: How does the company plan to integrate the SWK team? - The SWK team will assist with the transition and new originations during the integration period [37] Question: Will the merger be accretive in 2026? - Management expects the merger to be accretive in the first full quarter after closing [57]

Core Viewpoint - Saratoga Investment Corp. has secured a new $85 million senior secured revolving credit facility with Valley National Bank, replacing its previous $65 million facility, enhancing borrowing capacity and extending maturity while reducing costs [1][2][4]. Financing Details - The new Valley Facility increases borrowing capacity by $20 million, raising it to $85 million from the previous $65 million [2][5]. - The maturity of the Valley Facility is extended to November 2028, compared to the January 2026 maturity of the Encina Facility [2][5]. - The applicable margin under the Valley Facility is reduced to 2.85% per annum, a decrease of approximately 150 basis points from the previous all-in rate of 4.35% [5]. Asset and Funding Flexibility - The Valley Facility expands the definition of eligible assets for borrowing base calculations to include additional debt investments, enhancing financing flexibility [2][5]. - At closing, approximately $32.5 million of the total $85 million will be drawn, consistent with the outstanding balance under the previous facility, leaving $52.5 million available for incremental funding [3][5]. - The minimum funding requirement under the Valley Facility is set at the greater of $25 million or 38% of the facility amount, compared to a minimum of $32.5 million for the Encina Facility [5]. Management Commentary - The Chairman and CEO of Saratoga Investment expressed satisfaction with the new facility, highlighting its role in enhancing financing flexibility and lowering capital costs, reflecting strong portfolio performance and lending relationships [4]. - The CFO noted that this financing represents a significant step in capital optimization efforts, allowing for a broader range of eligible assets and improved terms [4]. Company Overview - Saratoga Investment Corp. 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 [6]. - The company aims to generate attractive risk-adjusted returns through current income and long-term capital appreciation from its investments [6]. - Saratoga Investment is regulated as a business development company and manages a $650 million collateralized loan obligation fund, among other financial activities [6].

Core Insights - Runway Growth Finance Corp. reported total investment income of $36.7 million and net investment income of $15.7 million for Q3 2025, maintaining similar levels compared to Q3 2024 [4][6][7] - The company declared a fourth quarter dividend of $0.33 per share, reflecting its ongoing commitment to return value to shareholders [3][13] - The investment portfolio as of September 30, 2025, had a fair value of $0.9 billion, with a focus on senior secured loans [9][11] Financial Performance - Total investment income for Q3 2025 was $36.7 million, unchanged from Q3 2024 [4] - Net investment income for Q3 2025 was $15.7 million, or $0.43 per share, compared to $15.9 million, or $0.41 per share, in Q3 2024 [6][8] - Operating expenses increased slightly to $21.0 million in Q3 2025 from $20.8 million in Q3 2024 [6] Investment Activity - The company completed 11 investments totaling $128.3 million during the third quarter, net of refinances [7][10] - The investment portfolio included $878.8 million in loans, with 97.6% being senior secured loans [9] - The company experienced a net realized loss on investments of $1.3 million in Q3 2025, compared to no realized gains or losses in Q3 2024 [7] Net Asset Value - As of September 30, 2025, the net asset value per share was $13.55, a decrease of 0.8% from $13.66 as of June 30, 2025 [11] - Total net assets at the end of Q3 2025 were $489.5 million [11] Liquidity and Capital Resources - The company had approximately $371.9 million in available liquidity, including $7.9 million in cash and $364.0 million in borrowing capacity [12] - The core leverage ratio improved to approximately 92% from 105% in the previous quarter [12] Recent Developments - The company announced a proposed acquisition of SWK Holdings, which is expected to enhance its healthcare and life sciences exposure [3] - The merger agreement with SWK Holdings includes provisions for share conversions and cash considerations for SWK shareholders [16][17]

Core Points - Runway Growth Finance Corp. has declared a fourth quarter 2025 cash distribution of $0.33 per share [1] - The declaration date for the dividend is November 5, 2025, with a record date of November 17, 2025, and a payment date of December 3, 2025 [1] - The company intends to distribute substantially all of its available earnings on a quarterly basis, subject to the discretion of its Board of Directors [1] Company Overview - Runway Growth is a specialty finance company that provides flexible capital solutions to late- and growth-stage companies as an alternative to raising equity [2] - The company is a closed-end investment fund regulated as a business development company under the Investment Company Act of 1940 [2] - Runway Growth is externally managed by Runway Growth Capital LLC, an affiliate of BC Partners Advisors L.P., and led by industry veteran David Spreng [2]

Core Points - LM Funding America, Inc. has scheduled its third quarter 2025 earnings conference call for November 14, 2025, at 8:00 AM EST [1] - The company will release its third quarter 2025 results and an investor presentation on the morning of the same day [2] - LM Funding operates as a Bitcoin treasury and mining company, founded in 2008 and based in Tampa, Florida [3] Company Overview - LM Funding America, Inc. is involved in Bitcoin treasury and mining operations [3] - The company also has a technology-enabled specialty finance business that provides funding to nonprofit community associations primarily in Florida [3]

Accessibility StatementSkip Navigation NEW YORK, Nov. 5, 2025 /PRNewswire/ -- Blue Owl Technology Finance Corp. (NYSE: OTF) ("OTF" or the "Company") today announced financial results for its third quarter ended September 30, 2025. THIRD QUARTER 2025 HIGHLIGHTS "OTF delivered solid performance in the third quarter, reflecting the continued strength of our differentiated technology portfolio," said Craig W. Packer, Chief Executive Officer. "Net asset value increased, continuing last quarter's trend, and credi ...

Core Insights - Blue Owl Capital Corporation (OBDC) reported strong performance in Q3 2025, highlighting solid credit quality and fundamentals in its portfolio, alongside announcing a merger with OBDC II to enhance long-term shareholder value [2][8]. Financial Performance - Q3 2025 net investment income per share was $0.37, down from $0.42 in Q2 2025 and $0.47 in Q3 2024 [7][30]. - Total investment income decreased to $453.1 million in Q3 2025 from $485.8 million in Q2 2025, primarily due to a decline in prepayment-related income and interest income from debt investments [19][30]. - Total expenses decreased to $260.0 million in Q3 2025 from $266.8 million in Q2 2025, mainly due to lower management and incentive fees [20][30]. Dividend and Shareholder Returns - The Board declared a regular dividend of $0.37 per share for Q4 2025, maintaining the same level as the previous quarter, representing an annualized dividend yield of 9.9% [3][8]. - A new repurchase program was approved, allowing for the repurchase of up to $200 million of common stock over the next 18 months [4][30]. Investment Activity - New investment commitments totaled $1.3 billion in Q3 2025, an increase from $1.1 billion in Q2 2025, with sales and repayments amounting to $797 million [13][14]. - The portfolio consisted of 238 companies with a total fair value of $17.1 billion, with first-lien senior secured debt investments making up 74.4% of the portfolio [11][12]. Portfolio Composition - As of September 30, 2025, the portfolio included 97.4% of debt investments at floating rates, with a weighted average yield of accruing debt and income-producing securities at fair value of 10.3% [12][30]. - Investments on non-accrual represented 1.3% of the portfolio at fair value, up from 0.7% in the previous quarter [8][12]. Merger Announcement - OBDC and OBDC II entered into a definitive merger agreement, with OBDC as the surviving entity, pending shareholder approvals [2][8].