The firm targets companies with earnings of $10 million to $50 million with leading market positions, strong management teams, and steady cash flows. These mid-sized companies are often overlooked by other lenders, resulting in favorable lending terms and important structural protections that help preserve capital.
Cyborg Score Rationale
In fiscal year 2025, revenue declined 14.91% to $122.38 million while earnings fell 33.01% to $32.73 million. The company continues to see NAV deterioration and persistent share price declines. However, recent credit facility enhancements with lower pricing benefit shareholders.
Top Insights
Portfolio consisted of 158 companies with weighted average yield on interest bearing debt investments of 10.9%.
Base dividend expected to be fully supported by core net investment income, with supplemental dividend anticipated through December 2026.
Team has successfully navigated challenging market conditions including Global Financial Crisis and COVID-19.
Operations supported by offices in Miami (HQ), New York, Chicago, Houston, Los Angeles, Amsterdam, and Zurich.
Named Competitors
Ares Capital Corporation — BDC focused on middle market lending
Blackstone Secured Lending Fund — Large-scale BDC and private credit provider
Solar Capital Ltd — Specialized BDC in middle market financing
Recent Developments
(February 2026) Q1 FY2025 results announced with dividend strategy updates