Core Viewpoint - Intermediate Capital Group (ICG) reported strong growth in assets under management (AUM) and fundraising activities for the first quarter of FY26, indicating a positive investment landscape and robust demand for its funds [2][4][12]. AUM Performance - As of June 30, 2025, ICG's AUM reached $123 billion, reflecting a 3% growth over the last three months and a 15% increase year-on-year, with a compound annual growth rate (CAGR) of 18% over the last five years [2][4]. - Fee-earning AUM stood at $82 billion, up 4% in the quarter and 11% year-on-year [2][4]. Fundraising and Deployment - Total fundraising for Q1 FY26 amounted to $3.4 billion, driven primarily by Europe IX ($1.5 billion) and Infrastructure Europe II ($1.2 billion) [3][4]. - The deployment of funds in Q1 FY26 was $2.8 billion, with realisations totaling $1.1 billion [3][4]. Investment Strategies - The investment landscape remains attractive for various strategies, including structured capital, secondaries, and real assets equity [4]. - Infrastructure Europe II has shown strong momentum, with a total fund size of €2.5 billion, significantly higher than its predecessor [4]. Financial Metrics - At the end of Q1 FY26, ICG had $34 billion in dry powder, indicating substantial available capital for future investments [5]. - The balance sheet investment portfolio was valued at £2.9 billion, with total available liquidity of £1.1 billion and net financial debt of £477 million [14]. Foreign Exchange Rates - The average GBP to EUR exchange rate for Q1 FY26 was 1.1759, while the GBP to USD rate was 1.3507, reflecting fluctuations that may impact international operations [9]. Company Overview - ICG is a global alternative asset manager with over three decades of experience, focusing on generating attractive returns across various investment strategies [12][13].

Core Viewpoint - AGNC Investment offers a high monthly dividend yield exceeding 15%, significantly higher than the S&P 500, but has not increased its dividend in over 15 years and has cut it several times, making it less ideal for passive income seekers [1][13] Group 1: AGNC Investment - AGNC Investment focuses solely on mortgage-backed securities (MBS) that are protected from credit risk by government agencies, resulting in low returns [5] - The company enhances its returns by investing in MBS on a leveraged basis, which increases its risk profile [5] - Since its IPO in mid-2008, AGNC has cut its dividend several times, leading to a 50% loss in stock value since its IPO, despite a total return of over 10% annually [9][11] Group 2: Main Street Capital - Main Street Capital is a business development company (BDC) that provides capital solutions to lower middle market companies and has a higher risk profile but offers much higher returns, with a weighted average effective yield of 12.7% [6] - The company has never cut its monthly dividend since its IPO in 2007 and has increased its payout by 132% over the years, also providing supplemental dividends since 2013 [8] - Main Street Capital's stock price has increased nearly 10% annually, contributing to higher total returns compared to AGNC [11][12] Group 3: Comparison and Investment Considerations - While AGNC offers a substantial monthly dividend, its lack of growth in payouts and potential for future cuts may lead to lower long-term total returns [13] - In contrast, Main Street Capital provides an attractive and growing monthly dividend, supplemented by quarterly payouts, making it a potentially better long-term option for passive income [14]