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    Bryce Rowe

    Senior Equity Research Analyst at B. Riley Securities

    Bryce Rowe is a Senior Equity Research Analyst at B. Riley Securities, specializing in coverage of small-cap banks and business development companies (BDCs) within the financial sector. He has covered notable companies such as Main Street Capital, Fidus Investment, WhiteHorse Finance, Carlyle Secured Lending, Runway Growth Finance, and Capital Southwest, consistently delivering a success rate of approximately 76% and an average return of 17.1% per rating according to TipRanks. With a career spanning over 25 years, Rowe began as an equity research analyst and joined B. Riley Securities prior to his recent transition to Vice President of Investor Relations at NewtekOne, Inc. He holds a Bachelor of Arts from the University of Virginia and earned the Chartered Financial Analyst (CFA) designation in 2003.

    Bryce Rowe's questions to SARATOGA INVESTMENT (SAR) leadership

    Bryce Rowe's questions to SARATOGA INVESTMENT (SAR) leadership • Q3 2025

    Question

    Bryce Rowe inquired about the overall health of consumer-facing portfolio companies given recent equity markdowns, whether the origination pipeline includes both new and existing companies, and the strategy for managing balance sheet leverage.

    Answer

    CIO Michael Grisius explained that recent modest equity markdowns were specific to individual business dynamics rather than a broader negative consumer trend. He also confirmed the origination pipeline includes both new platforms and, more frequently, upsizing opportunities with existing relationships. CEO Christian Oberbeck provided a detailed defense of the company's leverage, highlighting the safe, long-term, covenant-lite nature of its SBIC and baby bond debt, which provides a stable capital structure that he views as a strategic asset, not a risk.

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    Bryce Rowe's questions to Main Street Capital (MAIN) leadership

    Bryce Rowe's questions to Main Street Capital (MAIN) leadership • Q3 2024

    Question

    Bryce Rowe from Raymond James inquired about the shift in the investment pipeline's characterization, particularly the downgrade from 'well-above average' to 'above-average' for the lower middle market and to 'average' for private loans. He also asked for commentary on pricing and terms in the competitive private loan market and questioned why the company did not use more debt capital in Q3, resulting in lower leverage than previously guided.

    Answer

    Executive Dwayne Hyzak explained that the lower middle market pipeline adjustment was due to several deals slipping into Q4 and others falling through after due diligence. He noted the private loan pipeline cooled to 'average' following two exceptionally active quarters. Regarding private loan pricing, Hyzak and Managing Director Nicholas Meserve confirmed spread compression of 75-100 basis points year-over-year, with sporadic but aggressive competition from local banks. Hyzak attributed the lower Q3 leverage to a conservative stance taken when the expected large lower middle market deals did not close within the quarter, leading to higher-than-anticipated ATM program usage.

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    Bryce Rowe's questions to GLADSTONE INVESTMENT CORPORATION\DE (GAIN) leadership

    Bryce Rowe's questions to GLADSTONE INVESTMENT CORPORATION\DE (GAIN) leadership • Q2 2025

    Question

    Bryce Rowe inquired about the 'extremely active' investment pipeline, the strategy for funding new deals, the source of quarterly dividend income, and the factors contributing to the stable debt portfolio yield.

    Answer

    President Dave Dullum described a strong pipeline of high-quality, larger-than-usual deals, expressing confidence in closing several soon. CFO Rachael Easton outlined a flexible funding strategy using the credit facility, the ATM program, and potential debt issuances. She also confirmed dividend income was from one company and explained that the stable portfolio yield resulted from the exit of a lower-yielding asset offsetting SOFR declines, supported by a 12% weighted average floor.

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    Bryce Rowe's questions to FS KKR Capital (FSK) leadership

    Bryce Rowe's questions to FS KKR Capital (FSK) leadership • Q3 2024

    Question

    Bryce Rowe inquired about the drivers of the 50 basis point yield compression, asking to distinguish between the impact of lower rates and spread compression. He also asked if the Q4 guidance for lower interest income incorporates further spread compression and questioned the company's target level for spillover income.

    Answer

    Michael Forman, CEO, and Daniel Pietrzak, CIO, explained that the yield compression resulted from both the Federal Reserve's rate cuts and tighter credit spreads due to a competitive market with an imbalance of capital versus deal flow. Daniel Pietrzak confirmed that FSK has substantial spillover income, nearly three-quarters worth, available to support the dividend, but also noted that an anticipated increase in 2025 M&A activity could boost fee income, providing an offset.

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    Bryce Rowe's questions to WhiteHorse Finance (WHF) leadership

    Bryce Rowe's questions to WhiteHorse Finance (WHF) leadership • Q3 2024

    Question

    Bryce Rowe asked for specifics on the company's plan to "redouble" its non-sponsor efforts and whether this signals a permanent strategic shift. He also inquired about the competitive landscape in the non-sponsor market and the primary drivers behind the quarter's 70 basis point yield compression.

    Answer

    Executive Stuart Aronson explained that "redoubling" involves directing originators to focus on non-sponsor opportunities through targeted networking. He confirmed that if current aggressive market conditions persist, the portfolio's non-sponsor ratio would likely rise. Aronson described the non-sponsor market as having limited competition compared to the sponsor space. On yield compression, he attributed it to both lower base rates and spread compression, noting that while call protections help, pressure remains as they roll off.

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    Bryce Rowe's questions to SLR Investment (SLRC) leadership

    Bryce Rowe's questions to SLR Investment (SLRC) leadership • Q3 2024

    Question

    Bryce Rowe of Raymond James inquired about the expected return on the Webster Business Credit acquisition, the target leverage for the SLR senior credit portfolio, and the company's strategy for re-engaging with the sponsor finance market amid the current repricing environment.

    Answer

    Co-CEO Bruce Spohler stated that the Webster acquisition is targeting a low to mid-teens ROE on the equity invested. He confirmed that leverage in the SSLP is at the desired level and that the focus is on rotating out of cash flow loans. Chairman and Co-CEO Michael Gross added that while increased M&A activity provides more opportunities, he does not expect a dramatic widening of spreads in sponsor finance due to the large amount of capital in the market.

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    Bryce Rowe's questions to Carlyle Secured Lending (CGBD) leadership

    Bryce Rowe's questions to Carlyle Secured Lending (CGBD) leadership • Q3 2024

    Question

    Bryce Rowe inquired about Carlyle's portfolio outlook, including the deal pipeline, balance sheet leverage targets, and the dynamics of repayment versus origination volumes, particularly in light of the upcoming merger.

    Answer

    CEO Justin Plouffe expressed optimism, noting a meaningful and increasing M&A pipeline. CFO Tom Hennigan added that the leverage target for the combined entities at merger close is 1.1x and that CGBD's current leverage is on track to exceed 1.0x by year-end. Hennigan also anticipates that new deal originations will outpace the lighter repayment volume expected in the current quarter.

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    Bryce Rowe's questions to Sixth Street Specialty Lending (TSLX) leadership

    Bryce Rowe's questions to Sixth Street Specialty Lending (TSLX) leadership • Q3 2024

    Question

    Bryce Rowe asked about the outlook for net portfolio growth given expectations for portfolio velocity and current spreads, and also inquired about the conditions required to increase the base dividend.

    Answer

    CEO Joshua Easterly responded that it is difficult to gauge net portfolio growth, as velocity is macro-driven, but noted that a large portion of the portfolio was invested in a higher-spread environment and may turn over. Regarding the dividend, he explained that the $0.46 base dividend is set at a level they believe is sustainable through cycles, post-credit losses, and with low activity fees. He emphasized that the company prefers to return excess earnings to shareholders via the quarterly supplemental and special dividends.

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    Bryce Rowe's questions to FIDUS INVESTMENT (FDUS) leadership

    Bryce Rowe's questions to FIDUS INVESTMENT (FDUS) leadership • Q3 2024

    Question

    Bryce Rowe of B. Riley Financial inquired about the number of portfolio companies still exploring strategic alternatives, the specific drivers of recent yield compression, and the significance of an increase in 'Grade 3' internal risk ratings.

    Answer

    Executive Edward Ross confirmed that several companies are still in the process of exploring strategic alternatives after three exited via that path in Q3, leading to expected portfolio churn. He clarified that the 20 basis points of yield compression was driven by new originations at lower rates, not by changes in SOFR. Ross attributed the increase in 'Grade 3' ratings to idiosyncratic, company-specific underperformance rather than broad economic issues, highlighting that overall portfolio loan-to-values remain strong in the low 40s.

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    Bryce Rowe's questions to New Mountain Finance (NMFC) leadership

    Bryce Rowe's questions to New Mountain Finance (NMFC) leadership • Q3 2024

    Question

    Bryce Rowe of B. Riley Financial asked about the company's appetite for using its stock buyback program given recent price weakness, the expected impact of a 2025 SBA maturity on regulatory leverage, and the potential for pre-emptively refinancing other upcoming debt maturities.

    Answer

    CEO John Kline acknowledged the stock's weakness, attributing it to high PIK levels, and stated management has an 'open mind' about using the buyback. COO Laura Holson confirmed the upcoming SBA maturity is factored into their 2025 liquidity planning with no change to the target leverage range. She also noted that recent debt issuances and facility upsizes were executed precisely to get ahead of future maturities.

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    Bryce Rowe's questions to Trinity Capital (TRIN) leadership

    Bryce Rowe's questions to Trinity Capital (TRIN) leadership • Q3 2024

    Question

    Bryce Rowe asked about the timeline for achieving better operating leverage, the sustainability of the high origination volume, and the reason for the increase in the warrant portfolio's value.

    Answer

    CEO Kyle Brown stated that while the expense ratio should decline over the next year with scale and off-balance sheet fee growth, the current focus is on investing for growth. He affirmed the origination pace is sustainable due to a larger top-of-funnel from expanded verticals and attributed the warrant portfolio's growth to new originations and a better market.

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    Bryce Rowe's questions to Horizon Technology Finance (HRZN) leadership

    Bryce Rowe's questions to Horizon Technology Finance (HRZN) leadership • Q3 2024

    Question

    Bryce Rowe asked for an update on the deal flow environment, the pipeline's strength beyond October, and the strategy for deploying balance sheet cash to improve NII coverage of the dividend. He also questioned the status of the non-accrual investment in Swift.

    Answer

    COO & CIO Daniel Devorsetz confirmed the market and pipeline are improving, expecting Q4 to be a growth quarter. CFO Daniel Trolio stated that capital deployment is managed for efficiency and reiterated confidence in covering the dividend over time. Regarding Swift, Mr. Devorsetz noted that high-quality investors are bringing in new capital and a long-term transaction is being finalized to stabilize the company.

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    Bryce Rowe's questions to Horizon Technology Finance (HRZN) leadership • Q2 2024

    Question

    Bryce Rowe of B. Riley Securities requested more detail on the expected pickup in portfolio growth in the second half of the year, how the company plans to deploy its significant cash and capital resources, and for specifics on the Nexii investment restructuring.

    Answer

    President Gerald Michaud expressed bullishness for H2 2024, noting strong funding activity in July. COO & CIO Daniel Devorsetz added specifics, citing over $160 million in new awards since mid-June. CFO Daniel Trolio stated the company would use cash first, followed by its ATM program and credit facilities, to fund growth. Regarding Nexii, Devorsetz explained it was acquired by an investor group and Horizon's position was converted primarily into preferred and common equity.

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    Bryce Rowe's questions to CAPITAL SOUTHWEST (CSWC) leadership

    Bryce Rowe's questions to CAPITAL SOUTHWEST (CSWC) leadership • Q2 2025

    Question

    Bryce Rowe of B. Riley asked about several topics, including the mix of the deal backlog between new and existing companies, recent spread compression, drivers of portfolio yield compression, details on new non-accruals, and the expected run rate for compensation expense.

    Answer

    CEO Bowen Diehl noted the backlog mix is roughly two-thirds new platforms and one-third add-ons, with slight spread tightening since September. CFO Michael Sarner explained that Q3 yield compression was driven by a drop in SOFR and new non-accruals, and he anticipates another 50 basis point compression in Q4 due to SOFR resets. Diehl detailed that the two new non-accruals, a consumer-facing business and a video editing company, are expected to be restructured by year-end. Sarner provided a normalized quarterly run rate of approximately $4.5 million for compensation and $7 million for total SG&A.

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    Bryce Rowe's questions to UNION BANKSHARES (UNB) leadership

    Bryce Rowe's questions to UNION BANKSHARES (UNB) leadership • Q4 2015

    Question

    Bryce Rowe sought clarification on the $53 million run-rate operating expense guidance, asking if it excluded OREO costs and included branch closure savings. He also asked if the margin compression forecast incorporated expected Fed rate hikes and what the pricing was on new commercial loans in the fourth quarter.

    Answer

    CFO Rob Gorman confirmed the $53 million run-rate expense guidance incorporates branch savings and investments in technology and risk management, but excludes the volatility of OREO costs. He also stated the margin forecast does include two anticipated Fed rate increases in 2016. For new and renewed commercial loans in Q4, he noted pricing was in the 3.90% range on a blended basis, with fixed rates around 4.40%.

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