Group 1 - Business Development Companies (BDCs) have faced challenges due to elevated interest rates over the past year, with FS KKR Capital Corp (FSK) experiencing a significant pullback compared to its peers [1] - The investment strategy discussed involves a combination of classic dividend growth stocks, BDCs, REITs, and Closed-End Funds to enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net investment income (NII) was $1.22 per share, down from $1.52 in 2024 [4] - Annualized net asset income (NAI) return on equity (ROE) for the year was 12.3%, compared to 14.5% in 2024 [5] - Adjusted NAI for Q4 2025 was $0.25 per share, down from $0.30 in Q3 2025 and $0.36 in Q4 2024 [5] - Net asset value (NAV) declined 19% to $7.07 per share as of December 31, 2025, from $8.71 as of September 30, 2025 [6] Business Line Data and Key Metrics Changes - Non-accrual debt investments represented 4% of the portfolio at fair market value and 9.7% at cost, compared to 5.6% at fair market value and 14.4% at cost for Q4 2024 [6] - The portfolio had a fair market value of $1.5 billion invested across 141 companies, with 92.4% in senior secured loans [12] - The average size of new investments in 2025 was $5.8 million, down from $11.7 million at the end of 2024 [13] Market Data and Key Metrics Changes - The weighted average effective yield of the portfolio was 11.1%, down from 11.5% in the previous quarter [13] - Investments during Q4 had a weighted average yield of 9.7%, while exited investments had a yield of 11.1% [13] Company Strategy and Development Direction - The company aims to improve credit quality by focusing on first lien loans, which now account for 87.4% of the portfolio [24] - The strategy includes building a diversified portfolio to reduce concentration risk and leveraging BlackRock's resources [24][25] - The company is actively managing challenged investments to optimize recovery values [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged disappointing write-downs but emphasized ongoing efforts to manage the investment portfolio for attractive returns [22] - The company is monitoring the software sector for potential AI disruptions and is focusing on investments that can benefit from such changes [17] Other Important Information - The board declared a first-quarter dividend of $0.17 per share, payable on March 31, 2026 [11] - The company repurchased 515,869 shares during Q4 at an average price of $5.84 per share [11] Q&A Session Summary Question: At what point does it make sense to take more aggressive strategic adjustments? - Management believes the best path forward is to focus on improving credit quality and executing the current investment strategy, which includes increasing first lien loans and diversifying the portfolio [28][29] Question: How should investors view the restructuring of assets? - Management noted that restructurings can vary and that recovery is not always linear, emphasizing the importance of a robust process for managing challenged investments [32] Question: Was there a change in valuation procedures that led to the recent NAV drawdowns? - Management confirmed that there were no changes to the valuation policy and that the recent write-downs were concentrated among a few specific investments [36][39]

BlackRock TCP Capital Corp. Investor presentation Q4 2025 Experienced and tenured investment team Senior Leadership & Executive Team | Philip Tseng (27)* Chairman, Chief Executive Officer and Co-CIO | | | | | | --- | --- | --- | --- | --- | | Senior Leadership & Executive Team | | | | | | Jason Mehring (31) | | Erik Cuellar (28) | Diana Huffman (15) | | | President | | CFO | General Counsel and Secretary | | | Dan Worrell (34) * | | Patrick Wolfe (19) | Charles Park (17) | | | Co-CIO | | COO | CCO | | | Ori ...

Any of these forward-looking statements can be identified by the use of words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” or similar expressions. Statements are based on management's estimates, assumptions, and projections as of the date of this call, and there are no guarantees of future performance. Actual results may differ materially from the results expressed or implied in these statements as a result of risks, uncertainties, and other factors, including but not li ...

Main Street Capital (NYSE:MAIN) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Company ParticipantsBrian McKenna - Director of Equity ResearchDavid Magdol - President and Chief Investment OfficerDwayne Hyzak - CEONick Meserve - Managing DirectorRobert Dodd - Director of Specialty FinanceRyan Nelson - CFOZach Vaughan - Investor RelationsConference Call ParticipantsArren Cyganovich - Senior Analyst of Specialty FinanceDouglas Harter - Equity Research AnalystOperatorGreetings, welcome to the Main Street C ...

Ross said adjusted net investment income (NII) rose 5.1% year over year to $19.4 million, helped by higher average income-producing assets and a 60% increase in fee income versus the fourth quarter of 2024. On a per-share basis, adjusted NII was $0.52, compared with $0.54 in the prior-year quarter.At year-end, Fidus reported a $1.3 billion portfolio at fair value, equal to 102% of cost. First lien investments comprised 86% of the debt portfolio, reflecting what Ross described as an ongoing shift toward firs ...

Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker3Good morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc., I would like to welcome everyone to the Goldman Sachs BDC, Inc. fourth quarter and fiscal year-end 2025 earnings conference call. Please note that all participants will be in listen-only mode until the end of the call, when we will open up the line for questions. Before we begin today's call, I would like to remind ou ...

Group 1 - Trinity Capital Inc. (TRIN) is highlighted as one of the top three Business Development Companies (BDCs) alongside Kayne Anderson BDC, Inc. (KBDC) and Fidus Investment (FDUS) [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on helping top-tier corporates with financial strategies and large-scale financings [2] - He has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [2] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2]

Investor Presentation Disclosure Fidus Investment Corporation ("Fidus") cautions that statements in this presentation that are forward- looking, and provide other than historical information, involve risks and uncertainties that may impact our future results of operations. The forward-looking statements in this presentation are based on current conditions and include statements regarding our goals, beliefs, strategies and future operating results and cash flows, including but not limited to the equivalent a ...

Business Development Companies continue to face headwinds over the last few quarters and many high quality choices have struggled to grow earnings. However, Trinity Capital ( TRIN ) has revealed itself to be the exceptionFinancial analyst by day and a seasoned investor by passion, I've been involved in the world of investing for over 15 years and honed my skills in analyzing lucrative opportunities within the market.I specialize in uncovering high quality dividend stocks and other assets that offer potentia ...