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    Christopher Nolan

    Research Analyst at Ladenburg Thalmann

    Christopher Nolan is Senior Vice President, Equity Research at Ladenburg Thalmann, focusing on yield-oriented equities including Mortgage REITs and Business Development Companies such as Hercules Capital (HTGC). Renowned for his strong performance, Nolan boasts a 65% profitable recommendation rate and an average return per transaction of 10%. He started his equity research career at FBR & Co., covering community banks and BDCs, and joined Ladenburg Thalmann in 2017. Nolan holds a CFA Charter, an MBA from Columbia University, and a BA from Union College, and has been recognized among the top 10 Wall Street stock pickers by Business Insider.

    Christopher Nolan's questions to Investcorp Credit Management BDC (ICMB) leadership

    Christopher Nolan's questions to Investcorp Credit Management BDC (ICMB) leadership • Q4 2025

    Question

    The analyst asked about the quarter's spillover income, the strategy to improve returns given high leverage and low profitability, whether to expect portfolio contraction to lower leverage, and if the company has considered liquidating the BDC due to its stock trading significantly below NAV.

    Answer

    The company confirmed spillover income drove the supplemental distribution. The strategy to improve returns is to grow assets under management to better absorb the expense base. They expect natural deleveraging from portfolio repayments in the second half of the year and will manage new deployments carefully. Regarding liquidation, management's primary focus is on stabilizing the portfolio to improve shareholder value, but they will look into the specific transaction mentioned by the analyst.

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    Christopher Nolan's questions to Investcorp Credit Management BDC (ICMB) leadership • Q3 2025

    Question

    Christopher Nolan asked for clarification on the nature of the capital being raised, questioned the lack of a share repurchase program given the stock's significant discount to book value, and inquired about the expected impact of recent non-accrual exits on NII for the upcoming quarter.

    Answer

    The executive clarified that the capital raise is for other vehicles to scale the platform, not for the BDC directly. Regarding share repurchases, they are considered a tool but there are no immediate plans to launch a program. A slight increase in NII might occur from wider spreads on new deals, but this could be offset by the falling SOFR curve, keeping overall asset yields relatively flat.

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    Christopher Nolan's questions to PENNANTPARK INVESTMENT (PNNT) leadership

    Christopher Nolan's questions to PENNANTPARK INVESTMENT (PNNT) leadership • Q3 2025

    Question

    Christopher Nolan of Ladenburg Thalmann & Co. Inc. asked if income from the equity rotation is expected to offset potentially higher costs from refinancing the 2026 debt maturity, and if the Truist credit facility could be used for this purpose.

    Answer

    Art Penn, Founder and Managing Partner, acknowledged that future refinancing rates are a key variable. The primary goal is to rotate equity into yield-generating assets and then assess the capital structure. He confirmed they have multiple financing tools, including their credit facility, bonds, and securitizations, and will use them to prudently match assets and liabilities.

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    Christopher Nolan's questions to Eagle Point Income Co (EIC) leadership

    Christopher Nolan's questions to Eagle Point Income Co (EIC) leadership • Q2 2025

    Question

    Inquired if the trend of pushing out loan maturities indicates credit distress, asked about the company's current risk posture (risk-on vs. risk-off) given macroeconomic crosscurrents, and sought to confirm if the strategy is to opportunistically add to positions.

    Answer

    The company clarified that extending loan maturities is not a sign of distress but rather proactive refinancing by issuers in a strong market. They view CLO BBs and equity as resilient asset classes and are actively and opportunistically evaluating relative value to redeploy capital, confirming they are not in a holding pattern.

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    Christopher Nolan's questions to MEDALLION FINANCIAL (MFIN) leadership

    Christopher Nolan's questions to MEDALLION FINANCIAL (MFIN) leadership • Q2 2025

    Question

    Asked for clarification on a recent loan sale, its potential recurrence, the mechanics of strategic partnership loans, non-recurring items in the quarter, the accounting for fair value loans, and the company's strategy for managing reserves and capital levels.

    Answer

    The company clarified that a $53M sale was of recreational loans, not strategic partnership loans, and that similar sales may occur in the future. Strategic partnership loans are held for only about five days. The gain on the loan sale was the main non-recurring item, though it might recur. Gains on fair value loans are only booked upon exit. The recent capital raise provides ample room for growth, and the allowance for credit losses is managed based on economic conditions and portfolio performance.

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    Christopher Nolan's questions to MONROE CAPITAL (MRCC) leadership

    Christopher Nolan's questions to MONROE CAPITAL (MRCC) leadership • Q1 2025

    Question

    Christopher Nolan of Ladenburg Thalmann questioned the sustainability of the $0.25 quarterly dividend, given the portfolio's contraction, and asked why the company is not executing more stock buybacks with its shares trading below NAV.

    Answer

    CFO and CIO Lewis Solimene acknowledged that Net Investment Income (NII) is expected to fall short of the dividend in the near term. He explained that the company will use its significant spillover income, which stood at $0.53 per share, to support the current dividend level. Regarding buybacks, Solimene noted that while the historical focus has been on portfolio investments and leverage management, the company is cognizant of all strategic options, including repurchases, given the stock's valuation.

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    Christopher Nolan's questions to Hercules Capital (HTGC) leadership

    Christopher Nolan's questions to Hercules Capital (HTGC) leadership • Q1 2025

    Question

    Christopher Nolan characterized the venture capital market as being 'in the doldrums' since the collapse of Silicon Valley Bank and asked for management's diagnosis of the market's current challenges and potential remedies.

    Answer

    CEO Scott Bluestein fundamentally disagreed with the premise, highlighting Hercules' own tremendous business momentum since March 2023 with increased commitment and funding volumes. He cited strong aggregate VC investment data, including $214 billion in 2024 and a robust $92 billion in Q1 2025, as signs of a vibrant ecosystem. He acknowledged that the primary challenge is on the VC fundraising side, which has slowed due to a muted exit environment for M&A and IPOs, but maintained an optimistic long-term outlook.

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    Christopher Nolan's questions to Sachem Capital (SACH) leadership

    Christopher Nolan's questions to Sachem Capital (SACH) leadership • Q1 2025

    Question

    Inquired about the interest rate structure of the new credit facilities (fixed vs. variable), the advance rates on these facilities, and the expected impact on the company's leverage levels after the baby bonds mature.

    Answer

    One of the new facilities is variable rate, allowing the company to benefit from rate cuts, while the delayed draw facility is fixed rate. Advance rates are typically 60-70% but can reach up to 80% for specific residential asset classes. Leverage is expected to remain constrained by a 1.5x asset coverage ratio covenant in both the new facilities and the existing bonds, which mature out to 2027.

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    Christopher Nolan's questions to Sachem Capital (SACH) leadership • Q3 2024

    Question

    Asked about the accounting for the upcoming loan sale, the status of cash for the December debt maturity, and the income statement impact of the Shem Capital investment.

    Answer

    The loan sale will be accounted for as a reserve recovery offset by a realized loss. The December debt maturity will be covered by a combination of cash on hand, proceeds from the loan sale, and availability on their credit facility. The Shem Capital investment is an equity investment and had no P&L impact in Q3 as it was made late in the quarter.

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    Christopher Nolan's questions to Sachem Capital (SACH) leadership • Q2 2024

    Question

    Inquired about the drivers of the loan loss allowance (LTV vs. cash flow), the potential impact of a rate cut on provisions, and the future capital structure and loan pricing strategy.

    Answer

    The loan loss allowance is driven by a mix of factors including LTVs, property cash flows, and developer issues. A single rate cut would help but isn't a panacea; a series of cuts is needed. The company is intentionally deleveraging by not replacing maturing debt with expensive new debt and is maintaining its loan pricing but originating less.

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