FIRST FISCAL QUARTER ENDED JUNE 30, 2025 RESULTS
- Net asset value per share of common stock was $18.50 as of June 30, 2025.
- Net investment income (“NII”) was $10.8 million, or $0.53 per share of common stock, comprised of $19.2 million of investment income, or $0.94 per share of common stock and $8.4 million of expenses, or $0.41 per share of common stock.
- Realized loss on investments was $0.1 million, or ($0.01) per share of common stock.
- Unrealized loss on investments was $1.0 million, or ($0.05) per share of common stock.
- GAAP net income was $9.7 million, or $0.47 per share of common stock.
- As of June 30, 2025, the weighted average effective yield of the Company’s CLO equity portfolio, based on amortized cost, was 12.9%.
- As of June 30, 2025, on a look-through basis, and based on the most recent trustee reports received by such date:
- The Company, through its CLO investments, had indirect exposure to approximately 1,577 unique underlying loans.
- The largest look-through obligor represented 0.5% of the loans underlying the Company’s CLO debt and equity portfolio.
- The top ten largest look-through obligors together represented 4.3% of the loans underlying the Company’s CLO debt and equity portfolio.
SECOND FISCAL QUARTER PORTFOLIO ACTIVITY AND OTHER UPDATES
- Received $22.6 million cash distributions from the Company’s investment portfolio.
- Deployed $10.9 million in six CLO equity position with a GAAP yield of 13.7%.
- Declared a monthly distribution of $0.25 per share on the Company’s common stock to be paid on each of October 31, 2025, November 28, 2025, and December 31, 2025.
- Declared a monthly distribution of $0.16667 on shares of the Company’s 8.00% Series A Term Preferred Stock due 2029 to be paid on each of October 31, 2025, November 28, 2025, and December 31, 2025.
- Declared a monthly distribution of $0.1640625 on shares of the Company’s 7.875% Series B Term Preferred Stock due 2030 to be paid on each of August 29, 2025, September 30, 2025, October 31, 2025, November 28, 2025, and December 31, 2025.
- Executed an amendment to the CIBC Credit Facility extending the maturity date to August 4, 2028, increasing the maximum facility to $150.0 million, and no change to the rate of SOFR + 3.75%.
