Financial Data and Key Metrics Changes - For Q3 2025, the company generated distributable earnings of $0.31 per share, covering the dividend of $0.30 per share [5][15] - The net interest income for the quarter was $6.1 million, with GAAP net income of $4.05 million [14][15] - As of September 30, 2025, total assets were $258.8 million, and total shareholder equity was $184.6 million, resulting in a book value of $13.76 per share [16] Business Line Data and Key Metrics Changes - The company’s portfolio had $367 million in commitments and $253 million in principal outstanding across 13 loans as of September 30, 2025 [16] - The weighted average loan-to-cost at closing was only 56%, indicating conservative positioning [6] - The portfolio yield to maturity was approximately 11.8% [16] Market Data and Key Metrics Changes - There has been a notable increase in financing requests, indicating a recovery in the real estate market [9] - The bid-ask spread between buyers and sellers is narrowing, which is increasing transaction volume [10] - Most new financing activity is concentrated in the bridge lending space, particularly in multifamily and industrial properties [11] Company Strategy and Development Direction - The company focuses on originating transitional loans primarily in the southern United States, aiming for attractive risk-adjusted returns [5][6] - The long-term goal is to achieve an investment-grade rating within the next three to five years [6] - The company is expanding its presence in the southern U.S., with a focus on states like Florida, Texas, North Carolina, Georgia, and Tennessee [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted a renewed sense of interest rate stability, encouraging more sponsors to engage in capital planning [9] - The company remains confident in its ability to capitalize on attractive opportunities in the current market environment [13] - The underlying construction activity and progression of loans are performing as expected, with no significant issues reported [32] Other Important Information - The company has a CESL reserve of approximately $400,000, or 17 basis points for loans at carrying value [16] - The company is not pursuing a repo line and aims to maintain a conservative leverage strategy [26][29] Q&A Session Summary Question: What new geographies within the southern U.S. are being seen in the pipeline? - The company is focusing on Florida, Texas, North Carolina, Georgia, and Tennessee, with a preponderance of deals in these areas [19] Question: Are there any geographies that stand out as the most attractive for investment? - Texas and Florida continue to present interesting opportunities, with the Carolinas and Tennessee also being areas of focus [20] Question: How is the debt side of the business strategy progressing? - The company is focused on expanding bank lines and is considering preferred or unsecured debt offerings, avoiding high-leverage deals [26][27][29] Question: How is the portfolio performing and what trends are being observed? - The portfolio is performing as expected, with steady progress in construction and sales, and a recent pickup in for-sale projects noted [32]

Core Insights - Hercules Capital, Inc. (NYSE:HTGC) is recognized as one of the 15 Extreme Dividend Stocks to Buy According to Hedge Funds [1] - Compass Point upgraded Hercules Capital from Neutral to Buy, increasing its price target to $19.50 from $19.25 following strong Q3 results [2] Financial Performance - In Q3 2025, Hercules Capital reported record total investment income of $138.1 million and net investment income of $88.6 million, equating to $0.49 per share [3] - The company ended the quarter with over $1 billion in liquidity and no significant near-term debt maturities [3] Investment Activity - More than half of the company's gross fundings for the quarter occurred in the final month, indicating strong momentum into Q4 [4] - As of October 28, 2025, the investment team completed $554.4 million in new commitments and funded $237.4 million [4] Company Overview - Hercules Capital is a specialty finance firm that provides senior secured loans to venture capital-backed businesses in the technology and life sciences sectors [4]

Company Overview - WhiteHorse Finance's portfolio fair value was $568.4 million as of September 30, 2025[9, 13] - The company's investments are diversified across 125 positions in 66 portfolio companies as of September 30, 2025[13] - The average investment size is $3.8 million, while the average debt investment size is $5.2 million[13] - Since its IPO in December 2012, the company has invested $2,825 million in 265 transactions[13, 14] Financial Performance - The Q3 2025 Net Investment Income (NII) and Core NII was $6.1 million, or $0.263 per share[17] - The company received dispositions and principal repayments of $50.5 million in Q3 2025[17] - As of September 30, 2025, STRS JV had total assets of $364.3 million, with the company's return on its investment at 13.8%[17] - The Net Asset Value (NAV) per share at the end of Q3 2025 was $11.41, compared to $11.82 in Q2 2025[17] Portfolio Composition - As of Q3 2025, 99.1% of the debt investments were floating rate[27] - First lien secured loans accounted for 74.7% of the total portfolio composition by fair value[27] - Investments on non-accrual status represented 2.2% of the portfolio based on fair value of debt investments[27]

Financial Data and Key Metrics Changes - The net investment income per share for Q3 2025 was $0.40, with a net asset value (NAV) per share of $12.75, reflecting a decrease of 2.1% from the previous quarter's NAV [7][8] - The adjusted NAV per share, accounting for the supplemental dividend, was $12.71, a non-GAAP measure introduced due to changes in the dividend policy [7] - The company ended the quarter with a net debt-to-equity ratio of 1.17, up from 1.12 in the previous quarter [8][15] Business Line Data and Key Metrics Changes - New investment commitments reached approximately $470.6 million across 27 portfolio companies, marking the highest level since Q4 2021 [9] - 100% of originations during the quarter were in first-lien loans, indicating a focus on maintaining exposure to the top of the capital structure [9] - Total investments at fair value were $3.2 billion, with 98.2% in senior secured loans [12] Market Data and Key Metrics Changes - M&A dollar volumes in Q3 2025 were 40.9% higher year-over-year compared to Q3 2024, driven by renewed risk-on sentiment among investors and lower borrowing costs [3][4] - The weighted average yield of debt and income-producing investments at amortized cost was 10.3%, down from 10.7% in the previous quarter [13] Company Strategy and Development Direction - The company has adjusted its dividend policy to position itself well in a lower yield environment, emphasizing credit selection [4] - The integration of the platform in 2022 has allowed the company to evaluate and invest in high-quality opportunities across various market segments [11] - The company aims to leverage its proximity to the investment banking franchise as a competitive advantage in deal evaluation [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the M&A market and anticipates continued activity into 2026, driven by private equity firms needing to exit existing portfolios and invest in new ones [22][23] - The company remains focused on downside risk mitigation, particularly in the context of software and AI investments [6] - Overall portfolio quality is stable, with a slight decrease in non-accrual investments [14][25] Other Important Information - The company repurchased over 2.1 million shares for $25.1 million, which was NAV accretive [13] - The board declared a supplemental dividend of $0.04 per share for Q3 2025, payable on or about December 15, 2025 [7] Q&A Session Summary Question: Thoughts on sustaining M&A activity into next year - Management believes the current M&A activity marks the start of a longer-term trend, driven by the need for private equity firms to exit existing portfolios and invest in new ones [22][23] Question: Impact of increased activity on spreads - Management does not anticipate spreads to widen significantly in the near term due to high demand and dry powder in the market [24] Question: Performance of non-accrual investment at Dental Brands - The company placed a senior tranche of Dental Brands on non-accrual status due to continued underperformance, but overall portfolio quality remains stable [25][26]

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation September 30, 2025 1 Disclaimer and Forward-Looking Statement This presentation (the "Presentation") has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, "we," "us," "our," "CGBD" or the "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on November 5, 2025 and the Company ...

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 - The U.S. cannabis industry is projected to exceed $40 billion in sales by 2025 and could surpass $70 billion by 2030 as more states legalize cannabis for medical and recreational use [1][19] - Cannabis REITs such as Innovative Industrial Properties, Chicago Atlantic Real Estate Finance, and NewLake Capital Partners are positioned to benefit from this growth, offering attractive dividend yields between 8% and 12% [1][20] Group 1: Innovative Industrial Properties (IIPR) - IIPR is the first publicly traded cannabis REIT in the U.S., focusing on acquiring and leasing specialized facilities to licensed operators [3][5] - The company reported quarterly revenues of approximately $62.9 million, a decline from the previous year due to tenant defaults, but maintained a net income exceeding $25 million [8][9] - IIPR has a strong balance sheet with a debt-to-asset ratio below 12% and over $190 million in available liquidity, emphasizing disciplined acquisitions [9] Group 2: Chicago Atlantic Real Estate Finance (REFI) - REFI specializes in originating senior secured loans to state-licensed cannabis operators, providing a unique entry point into the cannabis space [10][12] - The company maintains a loan portfolio generating attractive interest spreads between 12% and 15%, with strong credit performance and high income stability [13][14] - REFI's conservative loan-to-value ratios and focus on experienced operators contribute to low default rates, making it well-positioned to capitalize on the industry's capital needs [14] Group 3: NewLake Capital Partners (NLCP) - NLCP focuses on property ownership through sale-leaseback transactions and build-to-suit projects, leasing to major cannabis operators [16][18] - For the first half of 2025, NLCP reported revenues of $26.1 million and a stable net income of $13.6 million, with a low debt-to-asset ratio of approximately 1.6% [17][18] - The company's dividend payout is currently $0.43 per share quarterly, translating to an annualized payout of $1.72 per share, ensuring sustainability [18]

Core Viewpoint - Morgan Stanley Direct Lending Fund reported lower-than-expected earnings and investment income for Q2 2025, with earnings per share (GAAP) at $0.41, missing the consensus estimate of $0.51 and down from $0.66 in the previous year [1][2] Financial Performance - Earnings per share (GAAP) for Q2 2025 was $0.41, below the estimate of $0.51 and lower than the previous year's $0.66 [2] - Total investment income (GAAP) was $99.5 million, slightly below the analyst expectation of $99.99 million and down 4.5% from $104.2 million in Q2 2024 [2] - Net asset value per share decreased to $20.59, a 1.1% decline from $20.81 [2] - Expenses rose to $55.9 million from $55.2 million in the previous quarter, reflecting the end of a fee waiver [5] Investment Activity - New investment commitments totaled $149.1 million, down from $233.4 million in the previous quarter, indicating subdued investment activity [6] - The fund experienced net negative new deployment of $3.5 million due to higher sales and repayments than gross fundings [6] Portfolio Quality - Approximately 96.4% of investments are in first lien debt, with only 0.7% of the portfolio on non-accrual status [7] - The weighted average yield of debt securities decreased to 10.1% at cost and 10.2% at fair value, indicating modest yield compression [7] Liability Management - The company issued $350 million of 6.00% notes due in 2030, replacing higher-cost notes, and priced a $400 million collateralized loan obligation [8] - At the end of the quarter, the fund had $1,113.0 million in available credit and $75.8 million in cash, supporting liquidity [8] Dividend Policy - The regular dividend was maintained at $0.50 per share, consistent with the prior payout, matching net investment income per share [11] Strategic Focus - The fund specializes in senior secured credit investments, primarily targeting U.S. middle-market companies with strong market positions [3] - Governance as a Business Development Company (BDC) requires most income to be distributed as dividends, setting operational and risk boundaries [4]

Financial Performance - The company generated net investment income of $0.39 per common share on a GAAP basis and after adjusting for asset acquisition accounting[10] - The company declared a quarterly dividend of $0.40 for 3Q25, equating to an annualized dividend yield of 9.7% on its NAV as of 06/30/25[10] - Total investment income increased to $67.281 million in Q2 2025 from $54.864 million in Q1 2025[11] - Net asset value (NAV) per share was $16.43 as of June 30, 2025, compared to $16.63 as of March 31, 2025[10] Portfolio & Investment Activity - The total fair value of the portfolio increased to $2.3 billion across 148 portfolio companies with a weighted average yield of 10.9%[10] - Record originations resulted in $375.7 million of fundings with a weighted average yield of 10.0%[10] - Total repayments and sales during the quarter were $138.0 million with a weighted average yield of 10.9%[10] - Non-accrual investments represented 3.0% and 2.1% of the total portfolio based on amortized cost and fair value, respectively, as of June 30, 2025[10] Liquidity & Capital - Statutory leverage was 1.10x as of June 30, 2025, compared to 1.04x as of March 31, 2025[10] - Total liquidity as of June 30, 2025, was $613.1 million in cash and undrawn debt capacity[10]

Core Points - Priority Income Fund has declared monthly cash "base" and "bonus" distributions for June, July, and August 2025, consistent with prior distributions [1][2] - The annualized total cash distribution is $1.34016 per share, with Class R at a 17.4% annualized rate and Class I at an 18.7% annualized rate [2] - Cumulative cash distributions since inception in January 2014 total $16.39 per common share through August 2025 [5] Monthly Cash "Base" Distribution - The cash "base" distribution is $0.08056 for June and July 2025, and $0.10070 for August 2025, payable monthly [3] - These distributions represent the 138th, 139th, and 140th consecutive monthly "base" distributions [3] Monthly Cash "Bonus" Distribution - The cash "bonus" distribution is $0.024167 for June, July, and August 2025, representing the 57th, 58th, and 59th monthly "bonus" distributions [4] Preferred Stock Distributions - The Fund has declared distributions on various series of preferred stock, including Series D, I, J, K, and L, with amounts ranging from $0.37500 to $0.43750 per share [6][7] Fund Overview - Priority Income Fund is a registered closed-end fund focused on acquiring and growing an investment portfolio primarily consisting of senior secured loans and collateralized loan obligations (CLOs) [9] - The Fund is managed by Priority Senior Secured Income Management, LLC, which has a team of investment professionals from Prospect Capital Management L.P. [9]