Financial Data and Key Metrics Changes - 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] - Fourth quarter adjusted NAI was $0.25 per share, down from $0.30 in the previous quarter and $0.36 in the fourth quarter of 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 the fourth quarter of 2024 [6] - The portfolio had a fair market value of $1.5 billion invested across 141 companies, with 92.4% in senior secured loans [11] - The average size of new investments in 2025 was $5.8 million, down from $11.7 million at the end of the previous year [12] 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 [12] - Investments during the quarter had a weighted average yield of 9.7%, while those exited had a yield of 11.1% [12] Company Strategy and Development Direction - The company aims to improve credit quality by resolving challenged credits and repositioning the portfolio for attractive returns [21] - The strategy includes deploying capital selectively into senior secured first lien loans and building a diversified portfolio to reduce concentration risk [22] - The company is leveraging BlackRock's resources to enhance investment capabilities and expand the pipeline of opportunities [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged disappointing write-downs but emphasized active management of the investment portfolio to maximize recoveries [21] - The company is focused on improving credit quality and executing its refined investment strategy [21] - Management noted that the road to recovery for challenged investments is rarely linear and requires diligent management [30] Other Important Information - The board declared a first quarter dividend of $0.17 per share, payable on March 31, 2026 [10] - The company repurchased 515,869 shares during the fourth quarter at an average price of $5.84 per share [10] Q&A Session Summary Question: At what point does it make sense to take more aggressive strategic adjustments to the BDC? - 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 portfolio diversification [26] Question: How should investors view the trend of restructurings not sticking? - Management indicated that restructurings can vary and the recovery process is not always linear, emphasizing the importance of a robust management process for challenged investments [30] Question: Was there a change in personnel or procedures that led to the recent NAV drawdowns? - Management confirmed there were no changes to the valuation policy and that the NAV drawdowns were concentrated among a few specific investments that experienced significant underperformance [35]

US stocks sank on Friday after a measure of wholesale inflation came in hotter than expected and Block's (XYZ) surprise shakeup turned the spotlight on AI disruption risks. The Dow Jones Industrial Average (^DJI) led the way down with a loss of 1.4%, or nearly 700 points. Meanwhile, the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) dropped 0.9% and 0.6%, respectively, on the heels of sharp closing losses for the tech-heavy indexes. The downbeat end to the week put the major indexes on track to post month ...

随着宏观流动性宽松的基调仍在延续，存款利率的连番下行深刻重塑着国内居民的资产负债表。过去几年里，保本保息的刚兑信仰随宏观周期切换逐渐退 潮，当大额存单利率甚至无法企及部分通胀指标时，海量资金被迫寻找新的栖息地。 这场被称为"存款搬家"的财富大迁徙，构成了当下大资管行业最核心的增量来源。 银行理财子公司作为脱胎于商业银行的财富管理中枢，自然成为了这股巨量资金溢出的第一承接池。 尽管2025年的A股走出了温和的"慢牛"行情、债市则呈现出周期的震荡与波动，但从样本机构的产品结构来看，固收类产品的占比依然呈现出压倒性的绝对 优势。 | 理财公司名称 资产配置金额(亿元) 权益; | | | --- | --- | | 浦银理财 | 15405.35 | | 苏银理财 | 8730.04 | | 杭银理财 | 6628.66 | | 青银理财 | 2090.91 | | 法巴农银理财 | 947.42 | | | 5分期时了,但在上,新城市 | 信风注意到，上述理财子中，法巴农银理财固收类产品占比达100%，青银理财固收占比达99.98%，浦银理财占比达99.91%，杭银理财也维持在99.22%的高 位；资产端，浦银理 ...

SAN DIEGO, Feb. 26, 2026 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that veteran financial advisor Michael Dworetsky, has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA), aligned with Lighthouse Private Wealth, an existing firm supporting LPL-affiliated advisors. He reports serving approximately $200 million in advisory, brokerage and retirement plan assets and joins LPL from StoneX. Dworetsky brings 45 years of industry experience, beginning his career in accounting bef ...

Another week, another big wave of AI news for the wealth management industry. Anthropic, the creator of the generative AI platform Claude, debuted new wealth management industry plug-ins Tuesday that allow advisory firms to build private programs using its technology. Peter Nolan, head of asset and wealth management at Anthropic, wrote in a LinkedIn post that the plug-ins are “building blocks” that enterprise and independent firms can use to develop their own AI tools. They’re also customized to the firms ...

A new graduate capstone research project will apply analytics and artificial intelligence to financial advisor client testimonials in order to calculate a metric called "relationship alpha." The program will track customer feedback from thousands of reviews from advisor directory Wealthtender and will use methods like natural language processing and machine learning to quantify the value of the relationship, according to the announcement last month by the Langston Wealth Management Center at the Universit ...

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Beacon Pointe Advisors, a registered investment advisor based in Newport Beach, Calif., announced Wednesday that co-founder Shannon Eusey would step down from her position as chief executive officer. Matt Cooper, president of the RIA, will succeed Eusey as CEO, as she transitions to chair of the Board of Directors.  According to the announcement, this was an intentional decision by Eu ...

Julius Baer, a Swiss private bank, has rolled out a suite of model portfolios tailored for UK financial advisers. The new range will be overseen by Gareth Johnson, who previously spent 14 years running the Model Portfolio Service at Brewin Dolphin. The offering consists of two types of portfolios: “active” and “passive+”, reported FT Adviser. Both will cover risk profiles 3-8 as classified by Defaqto, Dynamic Planner and EV, the news publication said. The management of these models will be handled by ...

Asked about the decision to weight returns toward buybacks, FitzPatrick said the board believed that “at these share prices” a stronger buyback would provide important value enhancement for shareholders, while still delivering an increase in dividends. He also described buybacks as a tool the company wanted to deploy on an “ongoing basis rather than a discrete basis.”Looking ahead, FitzPatrick said the board updated shareholder returns guidance “a year earlier than originally anticipated.” From 2026, the co ...

The 33-year-old founder of By Monday morning, the over 7,000-word post was the talk of the market. And when trading opened, the selling started. The S&P 500 Index quickly went from green to red and ended down more than 1% on the day. A gauge of financial shares had its worst session since April. A major software exchange-traded fund tumbled more than 4%. The report also named a number of specific companies, including ServiceNow Inc., DoorDash Inc. and American Express Co., and those shares sank. By the end ...