Core Viewpoint - LM Funding America, Inc. has announced a share repurchase program to buy up to $1.5 million of its outstanding common stock, representing approximately 15% of its currently outstanding shares, following a recent private repurchase [1][2]. Group 1: Share Repurchase Program - The Board of Directors has authorized a share repurchase program for up to $1.5 million [1]. - This program aims to reduce dilution and increase asset value per share over time, reflecting confidence in the long-term value of the company's equity [2]. - The company has approximately 11,833,973 shares outstanding as of October 31, 2025, after the recent private repurchase [1][3]. Group 2: Bitcoin Holdings and Valuation - As of September 30, 2025, the company holds 304.5 BTC, which is valued at approximately $2.83 per share based on a Bitcoin price of $110,000 as of November 1, 2025 [3]. - The company's share price closed at $1.07 on October 31, 2025, indicating a significant difference between the market price and the estimated value derived from Bitcoin holdings [3]. Group 3: Company Overview - LM Funding America operates as a Bitcoin treasury and mining company, founded in 2008 and based in Tampa, Florida [4]. - The company also engages in a technology-enabled specialty finance business that provides funding to nonprofit community associations primarily in Florida [4].

Company Overview - Tiptree was founded in 2007 with a focus on long-term value creation for shareholders [24] - The company has a flexible capital allocation model and aligned management incentives [16] - Insider ownership is at 34% [24] Financial Performance - Tiptree has $24 billion of realized investments representing a 28x MOIC and 22% IRR since inception [24] - $177 million of capital has been returned to shareholders through share repurchases, tax-deferred distributions, and common dividends [17] - The company's realized investment IRR is 22% [30] Recent Transactions - Tiptree agreed to sell Fortegra in an all-cash transaction for $165 billion, with $112 billion in gross proceeds to Tiptree [13] - The Fortegra valuation is 23x book value (39x tangible book value) and 107x LTM net income [13] - The estimated gross return on the Fortegra sale is 141x MOIC and 227% IRR, with an anticipated closing in mid-2026 [13] - Tiptree agreed to sell Reliance First Capital for 935% of tangible book value at closing, or $51 million of estimated gross proceeds as of September 30, 2025 [13] - The estimated gross return on the Reliance sale is 29x MOIC and 135% IRR, with an anticipated closing in the first quarter of 2026 [13] - Pro-forma book value as of September 30, 2025, is estimated to be $930 million, net of estimated taxes and transaction expenses for both transactions [13]

Financial Performance - The company's loan portfolio reached $2,559.1 million as of September 30, 2025, a 3% increase compared to September 30, 2024[15] - Net interest income for the quarter ended September 30, 2025, was $55.7 million[23] - The net interest margin on gross loans was 8.21%, and on net loans, it was 8.56%[14] - Net income for the quarter was $7.8 million, which includes a $3.5 million non-recurring charge related to the redemption of Medallion Bank's series F preferred stock[26, 39] - Year-to-date net interest income through the third quarter of 2025 reached $160.5 million[23] Loan Portfolio Composition - Recreation loans constitute 62.6% of the total loan portfolio, amounting to $1,603.2 million[15, 12] - Home improvement loans represent 31.4% of the portfolio, totaling $804.0 million[15, 12] - Commercial loans account for 5.3% of the portfolio, with a balance of $135.1 million[15, 12] - Strategic partnership and other loans make up 0.7% of the portfolio, totaling $16.8 million[15] Loan Originations and Credit Quality - Total loan originations for the quarter were $141.7 million for recreation loans and $59.7 million for home improvement loans[12] - The average FICO score for recreation loans originated in 2025 was 688, while for home improvement loans, it was 779[11] - The net charge-off (NCO) rate for the total loan portfolio in the third quarter of 2025 was 2.26%[31] Shareholder Value - The company declared a dividend of $0.12 per share per quarter[14, 51] - The company repurchased 108,351 shares at an average cost of $9.10 per share in the first nine months of 2025[14]

Core Viewpoint - LM Funding America, Inc. has entered into repurchase agreements with institutional investors to acquire 3,308,575 shares of its common stock and associated warrants, aiming to simplify its capital structure and align its stock with its net asset value [1][4]. Group 1: Repurchase Agreements - The company will repurchase investment units at a price of $2.41 per unit, totaling approximately $8.0 million [2]. - Each unit consists of one share of common stock and warrants to purchase approximately 2.19 common shares, with a current warrant exercise price of $1.10 per share, allowing for the purchase of a total of 7,248,787 shares [2]. Group 2: Financing Details - The transaction will be financed through an $11 million loan facility from Galaxy Digital, secured by Bitcoin deposited with Galaxy [3]. - The loan facility is structured to manage exposure and maintain flexibility over its one-year term [3]. Group 3: Company Background - LM Funding America operates as a Bitcoin treasury and mining company, founded in 2008 and based in Tampa, Florida [5]. - The company also provides funding to nonprofit community associations primarily in Florida through a technology-enabled specialty finance business [5].

Core Viewpoint - Bain Capital Specialty Finance, Inc. will report its financial results for the third quarter ended September 30, 2025, on November 10, 2025, after market close, with a conference call scheduled for November 11, 2025, at 8:30 a.m. Eastern Time to discuss these results [1][2]. Company Overview - Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle-market companies. It is managed by BCSF Advisors, L.P., a subsidiary of Bain Capital Credit, L.P. [3]. - Since its investment operations began on October 13, 2016, through June 30, 2025, the company has invested approximately $9,497.4 million in aggregate principal amount of debt and equity investments [3]. - The investment objective of BCSF is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, investments in strategic joint ventures, equity investments, and corporate bonds [3].

Core Points - Medallion Financial Corp. has appointed Andrew Murstein as Chief Executive Officer effective January 31, 2026, while Alvin Murstein transitions to Executive Chairman until May 2027 [1][3] - The leadership transition is part of a planned succession process aimed at ensuring continuity and strategic growth for the company [3] - Andrew Murstein will oversee the company's strategic direction, focusing on capital allocation, risk management, and operational efficiency to enhance shareholder value [2] Company Overview - Medallion Financial Corp. is a specialty finance company that originates and services loans across various consumer and commercial industries, including partnerships with fintech companies [1][5] - The company serves key industries such as recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows) [5] - Medallion Financial Corp. is headquartered in New York City, with its largest subsidiary, Medallion Bank, located in Salt Lake City, Utah [5] Leadership Insights - Andrew Murstein expressed commitment to guiding Medallion through its next growth phase, building on the foundation established under Alvin Murstein's leadership [4] - Alvin Murstein highlighted Andrew's successful pivot away from traditional taxi medallion lending, leading to record earnings and asset growth, with the legacy business now constituting well under 1% of total assets [4]

Core Insights - Orchid Island Capital, Inc. reported a net income of $72.1 million for Q3 2025, a significant increase from $17.3 million in Q3 2024, reflecting strong operational performance [6][7] - The company generated a total return of 6.7% for the quarter, driven by stable interest rates and effective capital allocation strategies [4][6] - The company maintained a strong liquidity position with $620 million in cash and cash equivalents, representing approximately 57% of stockholders' equity as of September 30, 2025 [7][12] Financial Performance - Net interest income for the quarter was $26.9 million, or $0.20 per common share, with total expenses of $5.4 million [7] - The yield on average Agency RMBS increased from 5.38% in Q2 2025 to 5.65% in Q3 2025, while borrowing costs rose from 4.23% to 4.45% [6][8] - The book value per common share increased by $0.12 to $7.33 at the end of Q3 2025 [7][24] Market Conditions - Market conditions were favorable for levered Agency RMBS investors, with stable interest rates outside of short-term rates, which declined in anticipation of further interest rate cuts [4][5] - The Federal Reserve indicated a tilt towards economic weakness, impacting the labor market and overall economic growth [5] - Despite uncertainties, consumer spending appeared stable, and potential benefits from legislative measures and deregulation could support growth [5] Portfolio and Capital Allocation - As of September 30, 2025, approximately 98.5% of the company's investable capital was deployed in the pass-through RMBS portfolio [27] - The company received $212.8 million in principal repayments and prepayments during the quarter, resulting in a constant prepayment rate of approximately 10.1% [9] - The return on invested capital for the pass-through RMBS portfolio was approximately 9.9%, while the structured RMBS portfolio generated a return of 1.2% [33][34] Financing and Leverage - The company had outstanding repurchase obligations of approximately $8.0 billion with a net weighted average borrowing rate of 4.33% [12] - The adjusted leverage ratio was 7.4 to 1, indicating room for further leverage if market conditions improve [12] - The company plans to enhance liquidity by potentially pledging more structured RMBS as part of repurchase agreements [12] Dividends - The company declared a dividend of $0.12 per share on October 15, 2025, to be paid on November 26, 2025 [23][22] - Total dividends declared and paid for the quarter amounted to $0.36 per common share [7] Future Outlook - The company believes its portfolio is well-positioned to deliver attractive returns in various economic scenarios, despite uncertainties surrounding interest rates and economic growth [5][4]

Core Points - Consumer Portfolio Services, Inc. (CPS) announced the closing of a new two-year revolving credit agreement on October 17, 2025 [1] - The loans under this credit agreement will be secured by automobile receivables that CPS currently holds or will acquire from dealers in the future [2] - The credit facility includes a subordinate lender, which will provide a higher effective advance rate for the facility [2] - CPS can borrow on a revolving basis until October 2027, after which it has the option to either repay the outstanding loans in full or allow them to amortize over an 18-month period [2] - CPS is an independent specialty finance company that provides indirect automobile financing to individuals with past credit issues or limited credit histories [3] - The company primarily purchases retail installment sales contracts from franchised automobile dealerships, secured by late model used vehicles and, to a lesser extent, new vehicles [3] - CPS funds these contract purchases through the securitization markets and services the contracts throughout their duration [3]

Core Viewpoint - Runway Growth Finance Corp. will release its third quarter 2025 financial results on November 6, 2025, and will hold a conference call to discuss these results [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 [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, an affiliate of BC Partners Advisors L.P., and is led by industry veteran David Spreng [3] Conference Call Details - Participants can register for the conference call online at the Runway Growth Investor Relations website, with a recommendation to register a day in advance or at least 15 minutes before the call [2] - The earnings call will take place at 3:00 p.m. PT (6:00 p.m. ET) on the same day as the financial results release [1] - A replay of the webcast will be available two hours after the call and archived for 90 days [2]

Core Points - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for October 2025, payable on November 26, 2025, to shareholders of record on October 31, 2025 [1] - The company aims to make regular monthly cash distributions to its common stockholders, adhering to the REIT requirement of distributing at least 90% of its taxable income annually [2] - As of October 15, 2025, the company had 151,711,940 shares of common stock outstanding, an increase from 148,239,401 shares as of September 30, 2025 [3] Financial Performance - The estimated book value per share as of September 30, 2025, was $7.33, with total stockholders' equity approximately $1,086.1 million [4] - The estimated net income per share for the quarter ended September 30, 2025, was $0.53, which includes $0.37 per share from net realized and unrealized gains on RMBS and derivative instruments [5] - The estimated total return on equity for the same quarter was 6.6%, comprising $0.36 in dividends per share and a $0.12 increase in book value per share [6] RMBS Portfolio - The company invests primarily in Agency RMBS, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [7] - As of September 30, 2025, the total mortgage assets amounted to $8,356.1 million, with 56.7% from Fannie Mae and 43.3% from Freddie Mac [15] - The company’s borrowings totaled $8,006.978 million, with an average interest rate of 4.33% [17]