Financial Performance - For the first quarter ended March 31, 2025, total investment income was approximately $11.9 million, with net investment income of approximately $7.6 million, or $0.34 per weighted average share [6][19]. - The net asset value (NAV) per share was $13.19 as of March 31, 2025, slightly down from $13.20 as of December 31, 2024, primarily due to dividend payments [7][9]. - Total net assets as of March 31, 2025, were $301.0 million, compared to $301.2 million as of December 31, 2024 [9]. Investment Activity - The company committed $32.3 million for four new credit facilities, with $20.8 million in aggregate par value advanced in the first quarter of 2025 [8]. - The investment portfolio had an aggregate fair value of approximately $289.3 million across 31 portfolio companies as of March 31, 2025 [8]. - The company funded $7.2 million in investments across four borrowers subsequent to the quarter end [7]. Credit Facility - On February 11, 2025, the company closed a new $100 million senior secured revolving credit facility, maturing in March 2028, with an interest rate of SOFR plus 3.00% and a floor of 6.00% [4]. Dividends - The company declared a cash dividend of $0.34 per share for the quarter ended March 31, 2025, payable on April 11, 2025, to shareholders of record as of March 28, 2025 [10]. - A similar dividend of $0.34 per share for the quarter ended June 30, 2025, is scheduled for payment on July 11, 2025 [10]. Management Commentary - The CEO noted a measured deployment strategy, with gross fundings by principal value reaching $52.8 million since October 1, 2024, and emphasized the focus on senior-secured lending in the lower-middle and middle markets [3].

Core Viewpoint - Runway Growth Finance Corp. reported its financial results for the first quarter of 2025, highlighting a decrease in total and net investment income compared to the previous year, while maintaining a strong investment portfolio and liquidity position [2][5][12]. Financial Performance - Total investment income for Q1 2025 was $35.4 million, down from $40.0 million in Q1 2024 [5]. - Net investment income for Q1 2025 was $15.6 million, or $0.42 per share, compared to $18.7 million, or $0.46 per share, in Q1 2024 [5][8]. - The dollar-weighted annualized yield on average debt investments was 15.4% for the quarter [6]. Operating Expenses and Gains - Total operating expenses for Q1 2025 were $19.8 million, a decrease from $21.3 million in Q1 2024 [7]. - The company realized a net gain on investments of $6.1 million for Q1 2025, compared to no net realized gains or losses in Q1 2024 [7][8]. Investment Portfolio - As of March 31, 2025, the investment portfolio had a fair value of $1.0 billion, consisting of $946.4 million in term loans, with 97.9% being senior secured loans [10]. - The company completed three investments in existing portfolio companies during Q1 2025, totaling $50.7 million in funded investments [8][11]. Net Asset Value - The net asset value as of March 31, 2025, was $503.3 million, or $13.48 per share, down from $529.5 million, or $13.36 per share, as of March 31, 2024 [12]. Liquidity and Capital Resources - The company had approximately $315.4 million in available liquidity as of March 31, 2025, including $18.4 million in cash and $297.0 million in borrowing capacity [14]. - The core leverage ratio was approximately 99%, compared to 108% at the end of 2024 [14]. Distributions - The board declared a regular quarterly distribution of $0.33 per share and a supplemental distribution of $0.02 per share for Q2 2025 [15]. Recent Developments - The company entered into a Master Note Purchase Agreement on April 7, 2025, issuing $107.0 million in Series 2025A Senior Notes with a fixed interest rate of 7.51% [18][19]. - A new share repurchase program was approved, allowing the company to repurchase up to $25.0 million of its outstanding common stock [23].

Core Insights - Consumer Portfolio Services, Inc. reported earnings of $4.7 million, or $0.19 per diluted share, for Q1 2025, showing a slight increase from $4.6 million in Q1 2024 [1][9] - Revenues for Q1 2025 reached $106.9 million, a 16.6% increase from $91.7 million in Q1 2024 [2][9] - The company achieved the highest amount in new loan originations for any first quarter in its history, with new contract purchases totaling $451.2 million [5][9] Financial Performance - Total operating expenses for Q1 2025 were $100.1 million, up from $85.2 million in the same period last year [2] - Pretax income for Q1 2025 was $6.8 million, compared to $6.6 million in Q1 2024 [2] - The annualized net charge-offs for Q1 2025 were 7.54% of the average portfolio, down from 7.84% in Q1 2024 [4][13] Portfolio and Receivables - As of March 31, 2025, total receivables amounted to $3.615 billion, an increase from $3.491 billion as of December 31, 2024, and $3.021 billion as of March 31, 2024 [3][12] - Delinquencies greater than 30 days were 12.35% of the total portfolio as of March 31, 2025, slightly down from 12.39% a year earlier [4][13] - The company purchased $451.2 million in new contracts during Q1 2025, compared to $346.3 million in Q1 2024 [3][12] Operational Highlights - The company focuses on providing indirect automobile financing to individuals with past credit problems or limited credit histories [7] - CPS funds contract purchases primarily through the securitization markets and services the contracts over their lives [7] - A conference call is scheduled for May 13, 2025, to discuss the Q1 2025 operating results [5][6]

Core Insights - LM Funding America, Inc. reported a preliminary, unaudited Bitcoin mining and operational update for April 2025, highlighting a decrease in mined Bitcoin due to operational disruptions and a strategic shift towards a vertically integrated model [1][2] Mining Operations - In April 2025, the company mined 6.6 Bitcoin, a decrease from 8.7 Bitcoin in March 2025 and 7.6 Bitcoin in February 2025 [2] - The company sold 18.0 Bitcoin in April 2025, compared to 14.2 Bitcoin in March 2025 [2] - The total Bitcoin holdings decreased to 148.7 Bitcoin by April 30, 2025, valued at approximately $14.1 million based on a Bitcoin price of $94,900 [2] Equipment and Infrastructure - The company maintained 5,121 operational machines and a total of 5,617 machines as of April 2025 [2] - The company is relocating 800 machines to its wholly owned facility in Oklahoma, which generated approximately $120,000 in power sales during April 2025 [2] - Plans for a 2 MW expansion at the Oklahoma site include ordering two 1 MW immersion containers, expected to improve deployment timelines and margins [2] Financial Performance - The company's share price was $1.49 as of April 30, 2025, while the estimated value of Bitcoin holdings was $2.75 per share [2] - The company aims to recover its investment from the sale of recently acquired S21+ miners from Bitmain, preserving capital for higher-return opportunities [2] Upcoming Events - The company will hold its First Quarter 2025 Earnings Call on May 15, 2025, at 8 AM EST [3] - Additional conferences include a Benchmark Virtual Digital Asset Seminar on May 20, 2025, and a conference in Las Vegas on May 28, 2025 [6]

Core Viewpoint - Runway Growth Finance Corp. has declared a regular cash distribution of $0.33 per share and a supplemental dividend of $0.02 per share for the second quarter of 2025, reflecting its commitment to providing flexible capital solutions to late- and growth-stage companies [1][2]. Group 1: Dividend Announcement - The Board of Directors declared a second quarter 2025 regular cash distribution of $0.33 per share [1]. - A supplemental dividend of $0.02 per share was also declared for the same quarter [1]. - Key dates for the dividend include: Declaration Date on May 7, 2025, Record Date on May 19, 2025, and Payment Date on June 3, 2025 [2]. Group 2: Company Overview - Runway Growth is a specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies [3]. - The company is a closed-end investment fund regulated as a business development company under the Investment Company Act of 1940 [3]. - Runway Growth is externally managed by Runway Growth Capital LLC, led by industry veteran David Spreng [3].

Core Points - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for May 2025, payable on June 27, 2025, to shareholders of record on May 30, 2025, with an ex-dividend date of May 30, 2025 [1] - The company intends to make regular monthly cash distributions to its common stockholders, adhering to the requirement of distributing at least 90% of its REIT taxable income annually to qualify as a real estate investment trust [2] - As of May 7, 2025, the company had 109,219,994 shares of common stock outstanding, an increase from 108,823,792 shares as of April 30, 2025 [3] RMBS Portfolio Characteristics - Orchid Island Capital focuses on investing in Agency RMBS, including traditional pass-through Agency RMBS and structured Agency RMBS [4] - The RMBS portfolio as of April 30, 2025, includes various fixed-rate mortgage-backed securities with a total face value of $6,205,247 thousand and a fair value of $6,173,059 thousand, representing 99.75% of the portfolio [6][11] - The portfolio is primarily composed of assets from Fannie Mae (61.1%) and Freddie Mac (38.9%) [11] RMBS Valuation Characteristics - The weighted average coupon rate for the RMBS portfolio is 5.40%, with a weighted average maturity of 22 months [6] - The portfolio's sensitivity to interest rate changes is modeled, indicating potential impacts on net income based on shifts in interest rates [6] Borrowings and Counterparty Exposure - As of April 30, 2025, total borrowings amounted to $5,816,599 thousand, with the average debt rate at 4.47% [14] - The company has significant exposure to various counterparties, with J.P. Morgan Securities LLC being the largest at $358,603 thousand [14]

Core Insights - Blue Owl Capital Corporation reported a solid start to 2025 with a 10.2% annualized return on equity, supported by a resilient portfolio and the recent merger with OBDE, making it the second largest externally managed publicly traded BDC by total assets, exceeding $18 billion as of March 31, 2025 [3][5][23]. Financial Highlights - The company declared a second quarter 2025 regular dividend of $0.37 per share and a supplemental dividend of $0.01 per share for the first quarter 2025 [4][7]. - For the first quarter ended March 31, 2025, net investment income per share was $0.41, down from $0.47 in the previous quarter, while adjusted net investment income per share was $0.39 [6][27]. - Total investments at fair value increased to $17.7 billion from $13.2 billion in the previous quarter, with total assets reaching $18.4 billion [6][25]. Portfolio Composition - As of March 31, 2025, the company had investments in 236 portfolio companies across 30 industries, with an average investment size of $75 million [9][23]. - The portfolio consisted of 77.5% first-lien senior secured debt investments, 5.0% second-lien senior secured debt investments, and 10.2% common equity investments [10][11]. Investment Activity - New investment commitments for the first quarter totaled $1.2 billion, with $913 million funded, compared to $1.7 billion in new commitments and $1.6 billion funded in the previous quarter [11][12]. - The company experienced a decrease in investments on non-accrual, which represented 0.8% of the portfolio at fair value, up from 0.4% in the previous quarter [7][11]. Results of Operations - Investment income increased to $464.6 million for the first quarter, up from $394.4 million in the previous quarter, primarily due to higher interest income from the merger [17][30]. - Total expenses rose to $259.6 million, driven by increased interest expense and management fees related to the merger [18][30]. Liquidity and Capital Resources - As of March 31, 2025, the company had $514.2 million in cash and restricted cash, with total debt outstanding of $10.2 billion, maintaining a balanced funding mix of 50% secured and 50% unsecured borrowings [19][28].

Core Insights - Encore Capital Group reported strong financial performance for Q1 2025, with significant increases in portfolio purchases and collections compared to the previous year [2][4] - The company anticipates exceeding $1.35 billion in global portfolio purchases for 2025 and expects collections to grow by 11% year-over-year to $2.4 billion [2][4] Financial Performance - Portfolio purchases in Q1 2025 reached $368 million, a 24% increase from $295.7 million in Q1 2024 [4] - Collections for the quarter totaled $605 million, up 18% from $510.9 million in the same period last year [4] - Earnings per share (EPS) for Q1 2025 were $1.93, reflecting a 103% increase from $0.95 in Q1 2024 [4][7] Business Segments - The U.S. MCM business achieved record portfolio purchases of $316 million, a 34% increase year-over-year, and collections of $454 million, up 23% [2][4] - The Cabot business in Europe reported portfolio purchases of $51 million and collections of $150 million, a 7% increase compared to the previous year [2][4] Operational Metrics - Average receivable portfolios increased by 10% to $3.86 billion from $3.50 billion year-over-year [4] - Estimated Remaining Collections (ERC) rose by 7% to $8.86 billion compared to $8.31 billion in Q1 2024 [4] Shareholder Actions - The company repurchased $10 million of its common stock during the first quarter [3]

Core Viewpoint - Monroe Capital Corporation reported its financial results for the first quarter of 2025, highlighting a decrease in net investment income and net asset value, while maintaining a strong dividend yield supported by prior performance [1][3][5]. Financial Highlights - The company paid a dividend of $0.25 per share, reflecting an annualized yield of approximately 14.3% [3][4]. - Adjusted Net Investment Income (NII) for Q1 2025 was $4.2 million, or $0.19 per share, down from $6.2 million, or $0.29 per share in Q4 2024 [5][12]. - Net Asset Value (NAV) decreased by 2.5% to $186.9 million, or $8.63 per share, compared to $191.8 million, or $8.85 per share at the end of 2024 [5][8]. Portfolio and Investment Performance - Total investments at fair value were $430.6 million as of March 31, 2025, down from $457.0 million at the end of 2024 [7][10]. - The number of portfolio company investments decreased from 91 to 85, with 3.4% of these investments on non-accrual status [10][12]. - The weighted average contractual yield was 10.1%, while the effective yield dropped to 9.2% [10]. Debt and Leverage - The company's debt-to-equity leverage decreased from 1.53 times to 1.45 times due to paydowns of the revolving credit facility [6][17]. - As of March 31, 2025, the company had $141.2 million in debt outstanding on its revolving credit facility and $130.0 million on its 2026 Notes [17]. Income and Expenses - Total investment income for Q1 2025 was $11.6 million, down from $14.0 million in Q4 2024, primarily due to lower effective yields and a decrease in average invested assets [13][14]. - Total expenses decreased to $7.6 million from $8.0 million in the previous quarter, attributed to a lower interest rate environment [14][30]. Net Gains and Losses - The net loss for Q1 2025 was $(3.6) million, an improvement from $(7.7) million in Q4 2024, driven by unrealized losses from specific portfolio companies [15][16]. - The net increase in net assets resulting from operations was $0.5 million, or $0.03 per share, compared to a decrease of $(1.7) million, or $(0.08) per share in the previous quarter [16][28].

Financial Performance - Blackstone Secured Lending Fund reported a strong quarter with net investment income per share of $083[2] - The company's dividend is well-covered, with a coverage ratio of 108%[2,11] - The annualized net investment income return is 121%[11] - The company declared a second quarter 2025 dividend of $077 per share[3] Portfolio Composition and Risk Management - The portfolio is primarily composed of first lien senior secured debt, representing 982% of the investments[2,11,25] - The average loan-to-value ratio is 474%[2,11,25] - Non-accrual debt investments are minimal, accounting for only 03% of the portfolio[2,11,13] - Floating rate debt investments represent 988% of the portfolio[13,26] Funding and Liquidity - The company has approximately $128 billion in investments at fair value[6,26] - Available liquidity is $34 billion, providing material capacity[52]