Release Date Transfer Restrictions Released | November 13, 2025 | 11Â | % | | --- | --- | --- | | December 9, 2025 | 11Â | % | | January 20, 2026 | 11Â | % | | February 20, 2026 | 11Â | % | | March 9, 2026 | 11Â | % | | April 20, 2026 | 11Â | % | | May 20, 2026 | 11Â | % | | June 12, 2026 | 11Â | % | Following this amendment, shares still subject to transfer restrictions will be released in accordance with the following schedule: Approximate Percentage of Shares Subject to Accessibility StatementSkip Naviga ...

Core Viewpoint - Monroe Capital Corporation reported its financial results for the third quarter of 2025, highlighting a decrease in net investment income and net asset value, while announcing a merger with Horizon Technology Finance Corporation that is expected to close in the first quarter of 2026, aiming to create long-term value for shareholders [3][5][31]. Financial Highlights - Adjusted Net Investment Income for Q3 2025 was $1.9 million, or $0.09 per share, down from $3.3 million, or $0.15 per share in Q2 2025 [5][13]. - Net Asset Value (NAV) decreased to $173.0 million, or $7.99 per share, from $179.6 million, or $8.29 per share in the previous quarter [5][8]. - Total investment income for Q3 2025 was $8.2 million, a decline from $9.9 million in Q2 2025, primarily due to decreases in dividend income and interest income [14][30]. Operational Performance - The company experienced a net loss of $(3.0) million for Q3 2025, compared to a net loss of $(5.2) million in Q2 2025, driven by mark-to-market declines in certain portfolio companies [16][29]. - Total expenses for Q3 2025 were $6.4 million, slightly down from $6.6 million in Q2 2025, mainly due to lower professional fees and management fees [15][30]. Portfolio Overview - As of September 30, 2025, investments at fair value totaled $360.7 million, down from $367.7 million in the previous quarter, with 79 portfolio company investments [7][10]. - The percentage of portfolio company investments on non-accrual status was 3.5%, a slight decrease from 3.6% in the prior quarter [10]. Liquidity and Capital Resources - The company had $3.5 million in cash and cash equivalents and $212.8 million in total debt as of September 30, 2025 [18][26]. - Approximately $92.2 million was available for additional borrowings on its revolving credit facility [18]. Merger and Future Outlook - The anticipated merger with Horizon Technology Finance Corporation is expected to unlock significant value and provide long-term upside for shareholders [3][31].

Core Viewpoint - The merger between Blue Owl Capital Corporation (OBDC) and Blue Owl Capital Corporation II (OBDC II) aims to create a stronger, more efficient business development company (BDC) with enhanced scale and cost efficiencies, positioning OBDC as the second largest publicly traded BDC by total assets [1][2]. Transaction Details - The merger agreement has been unanimously approved by the boards of both companies and is subject to shareholder approvals and customary closing conditions [1][9]. - Shareholders of OBDC II will receive newly issued shares of OBDC based on a predetermined exchange ratio, with no fractional shares issued [3][4]. - The merger is expected to close in the first quarter of 2026, pending necessary approvals [9]. Financial Impact - The pro forma investment portfolio of OBDC is projected to increase by $1.7 billion to approximately $18.9 billion across 239 portfolio companies [6]. - The combined company will maintain 80% of senior secured investments, with only 1.3% of pro forma investments at fair value on non-accrual [6]. - The merger is anticipated to generate approximately $5 million in operational cost savings in the first year, enhancing overall financial performance [6]. Strategic Benefits - The merger simplifies Blue Owl's BDC structure and enhances liquidity for shareholders, potentially attracting a broader investor base [6]. - The transaction is expected to improve the cost of debt and financing terms over time, benefiting shareholders through lower expenses and higher asset yields [6]. Management and Governance - The combined entity will continue to be externally managed by Blue Owl Credit Advisors LLC, with all current OBDC officers and directors retaining their roles [8]. - A new stock repurchase program has been approved, allowing OBDC to repurchase up to $200 million of its common stock over the next 18 months [8].

Core Insights - Encore Capital Group reported strong financial performance in Q3 2025, with significant increases in portfolio purchases and collections, leading to a substantial rise in earnings per share [2][5][4]. Financial Performance - Portfolio purchases reached $346 million, a 23% increase compared to Q3 2024, with U.S. purchases at $261 million, up 13% year-over-year [2][4]. - Record collections amounted to $663 million, reflecting a 20% increase from the previous year, with U.S. collections at $502 million, up 25% [2][4]. - Earnings per share for Q3 2025 were $3.17, a remarkable 152% increase from $1.26 in Q3 2024 [2][4]. Business Segments - The U.S. MCM business showed strong results, with portfolio purchases of $261 million and record collections of $502 million [2]. - The Cabot business in Europe reported portfolio purchases of $85 million and collections of $160 million, an 8% increase compared to the same quarter last year [2]. Guidance and Future Outlook - The company raised its global collections guidance for the full year 2025 to approximately $2.55 billion, indicating an 18% year-over-year growth [2]. - Portfolio purchasing guidance remains unchanged, with expectations to exceed $1.35 billion in purchases made in 2024 [2]. Share Repurchase Program - The company repurchased $10 million of its common stock in Q3 and nearly $25 million in Q4 to date, totaling approximately $60 million year-to-date [3]. - The board authorized an additional $300 million to its existing share repurchase program [3].

Financial Data and Key Metrics Changes - The company reported a net investment income (NII) of $2.4 million, or $0.20 per share, down from $5.9 million, or $0.51 per share, in the second quarter of 2025 [11][12] - Net asset value (NAV) per share decreased to $10.01 from $12.10, primarily due to losses associated with First Brands [9][12] - The asset coverage ratio was 168.2%, slightly down from 169.5% as of June 30 [12] Business Line Data and Key Metrics Changes - The CLO joint venture (JV) generated $1.5 million in the third quarter, a decline from $4.3 million in the second quarter [7][11] - The company received $4.3 million in distributions from the CLO JV in the fourth quarter to date, with expectations for further distributions [7][28] Market Data and Key Metrics Changes - The company experienced a significant adverse impact on NAV due to First Brands' bankruptcy, which affected NAV by approximately $16.5 million [4][11] - The investment in CW Opportunity 2 LP saw a decline in fair value, with CoreWeave common stock dropping approximately 16% in the quarter [9] Company Strategy and Development Direction - The company plans to focus on increasing allocations to first lien senior secured investments to enhance portfolio quality [13] - A $10 million share repurchase program has been approved by the board, alongside a $0.37 dividend for the fourth quarter [6][12] - The company aims to diversify its portfolio and reduce average position sizing as it deploys capital [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to rebuild income and NAV, emphasizing a strong capital position and focus on risk management [6][10] - The company is taking a measured approach to new originations, prioritizing credit fundamentals and downside protection [17] - Management noted that the exposure to First Brands was too large and highlighted the importance of portfolio diversification moving forward [6][9] Other Important Information - The company has over $25 million in cash to deploy and $50 million available under its revolver, providing significant financial flexibility [17] - The company is actively working to monetize non-yielding equity investments to reinvest in cash-generating opportunities [15][17] Q&A Session Summary Question: Inquiry about CoreWeave capital distributions - Management confirmed that distributions received cover the cost basis of the investment, with future distributions expected to generate additional capital for reinvestment [23][24] Question: Clarification on the $20 million capital from non-yielding assets - Management indicated that the $20 million includes CoreWeave and other identified non-yielding assets expected to be harvested [25][26] Question: Discussion on the current investment pipeline - Management noted that while spreads in public markets are tight, they are focused on secured and income-generating opportunities, with a robust deal pipeline [27]

Core Insights - LM Funding America, Inc. reported a preliminary operational update for October 2025, highlighting a significant increase in Bitcoin production due to the optimization of its Mississippi facility [1][2]. Operational Performance - In October 2025, the company mined 7.5 Bitcoin, representing a 27% increase from September 2025's production of 5.9 Bitcoin [2]. - The total Bitcoin sold in October was 17.0 Bitcoin, up from 12.5 Bitcoin in September [2]. - The company's Bitcoin holdings decreased from 304.5 Bitcoin in September to 294.9 Bitcoin in October [2]. Infrastructure and Capacity - The Mississippi facility, which became fully operational in October, contributed to the increased production [2]. - The company secured 320 immersion-cooled S21 units, expected to generate an additional 68.8 PH for the upcoming 2 MW Oklahoma expansion, set to go online in December [2]. Financial Strategy - The company sold more Bitcoin than usual to fund the purchase of new mining machines, deploying $8 million of its $11 million Galaxy facility for a private repurchase of 3,308,575 shares, which is 24% of its outstanding shares [2]. - The estimated value of the company's Bitcoin holdings as of October 31, 2025, was approximately $31.9 million, equating to $2.70 per share based on a Bitcoin price of approximately $108,300 [2]. Future Outlook - The company aims to continue increasing production and efficiency, enhance Bitcoin per share and mNAV, and grow its Bitcoin treasury [2]. - The management believes that the current market discount to its Bitcoin holdings presents an opportunity to build long-term value per share [2].

Core Points - Sixth Street Specialty Lending, Inc. reported its financial results for the third quarter ended September 30, 2025 [1] - A conference call to discuss the financial results is scheduled for 8:30 a.m. Eastern Time on November 5, 2025 [1] - The conference call will be available in listen-only mode on the Investor Resources section of TSLX's website [1]

Core Insights - Carlyle Secured Lending, Inc. reported its financial results for Q3 2025, highlighting disciplined underwriting and net portfolio growth while maintaining leverage within target range [1] - The company declared a quarterly common dividend of $0.40 per share, payable on January 16, 2026 [3] - The net asset value per common share decreased by 0.4% to $16.36, while the total fair value of investments increased to $2.4 billion [2] Financial Performance - For Q3 2025, the company reported a Net Investment Income (NII) of $0.37 per common share and an Adjusted NII of $0.38 per common share [1] - The company continues to optimize its capital structure, including a second institutional bond issuance and repayment of the CSL III SPV Credit Facility, which lowers financing costs [1] Investment Strategy - Carlyle Secured Lending focuses on lending to middle-market companies, having invested approximately $10.2 billion since its inception in May 2013 [8] - The company's investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle-market companies [8] Company Overview - Carlyle Secured Lending is managed by Carlyle Global Credit Investment Management L.L.C., a subsidiary of The Carlyle Group Inc., which has $474 billion in assets under management as of September 30, 2025 [9]

Core Insights - SLR Investment Corp. reported a net investment income of $21.6 million, or $0.40 per share, for Q3 2025, with a quarterly distribution declared at $0.41 per share [2][32] - The net asset value (NAV) increased to $18.21 per share from $18.19 per share in the previous quarter, indicating stability in both NAV and net investment income per share [3][4] Financial Performance - For the quarter ended September 30, 2025, the company had net realized and unrealized gains of $1.7 million, resulting in a net increase in net assets from operations of $23.3 million, or $0.43 per share [5][25] - The comprehensive investment portfolio had a fair value of $3.3 billion, with a net asset value of $993.3 million [5][10] Investment Strategy - Approximately 85% of the portfolio's fair value consists of specialty finance loans, which are believed to provide attractive risk-adjusted returns and downside protection [4][10] - The company made investments totaling $447 million while prepaying and selling $418.9 million during the quarter, reflecting active management of the investment portfolio [6][8] Asset Quality - As of September 30, 2025, 99.7% of the portfolio was performing on a fair value basis, with a non-accrual rate of only 0.3% [16][5] - The investment portfolio is diversified across approximately 900 unique issuers, with 98.2% invested in senior secured loans [10][11] Capital and Liquidity - The company had $523.4 million drawn on $995 million of total commitments available on its revolving credit facilities as of September 30, 2025 [26] - The net debt-to-equity ratio was 1.13x, within the target range of 0.9x to 1.25x [29] Subsequent Events - The board declared a quarterly distribution of $0.41 per share, payable on December 26, 2025, to shareholders of record as of December 12, 2025 [32]

Core Insights - Standard Premium Finance Holdings, Inc. is set to hold its Annual Shareholders Meeting on November 7, 2025, to discuss record-breaking profitability and strategic initiatives [1][2] - The company has secured a $115 million credit facility to support its growth strategy and market position [1] - Shareholders of record as of September 8, 2025, will have the opportunity to vote on key matters, including the election of directors [2] Financial Performance - The company has financed over $2 billion in property and casualty insurance policies since its inception in 1991 [3] - The upcoming meeting will highlight the company's breakout financial results, showcasing its record profitability [1] Strategic Initiatives - Key strategic initiatives discussed will include a stock buyback program and potential M&A opportunities to leverage economies of scale [1][3] - The company aims to engage directly with shareholders to share progress and future outlook [2]