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    Cory Johnson

    Senior Wealth Strategy Associate at UBS in at UBS

    Cory Johnson is a Senior Wealth Strategy Associate at UBS in Atlanta, specializing in comprehensive financial planning and wealth management for individuals, businesses, and non-profit clients. Leveraging his background in public accounting and tax, Cory brings expertise in corporate and ERISA plan audits, individual and estate taxation, and retirement planning, covering a range of private and business clients rather than specific public companies. Since joining UBS in 2013, he has provided personalized financial guidance, holds CERTIFIED FINANCIAL PLANNER (CFP), Chartered Retirement Plans Specialist (CRPS), Certified Exit Planning Advisor (CEPA), and Certified Public Accountant (CPA) credentials, and is recognized for his multi-disciplinary approach to client needs. Cory began his professional career in accounting before transitioning to UBS, and holds both a B.S. in Business Administration (Accounting) and a Master of Accountancy from Auburn University.

    Cory Johnson's questions to Runway Growth Finance (RWAY) leadership

    Cory Johnson's questions to Runway Growth Finance (RWAY) leadership • Q2 2025

    Question

    Cory Johnson of UBS Securities LLC inquired about the recent increase in Payment-In-Kind (PIK) interest and the company's strategy for its share repurchase program.

    Answer

    CIO Greg Greifeld and CFO & COO Thomas Raterman explained that PIK interest is used both offensively to win new deals and defensively to support borrowers, with a recent increase tied to a specific new loan. Mr. Raterman added that the share repurchase program operates under a 10b5-1 plan, becoming more aggressive as the stock's discount to NAV increases.

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    Cory Johnson's questions to Runway Growth Finance (RWAY) leadership • Q4 2024

    Question

    Cory Johnson of UBS asked if the company would consider share repurchases following the dividend adjustment and inquired about the current state of venture capital market activity compared to prior expectations.

    Answer

    CFO Tom Raterman stated that the Board frequently discusses repurchases, weighing them against portfolio investment opportunities to build long-term value, noting the current plan is expiring. An executive commented that while M&A and capital recycling have been slow, there is an expectation that funding and M&A volume will see an uptick in coming quarters.

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    Cory Johnson's questions to MSC INCOME FUND (MSIF) leadership

    Cory Johnson's questions to MSC INCOME FUND (MSIF) leadership • Q1 2025

    Question

    Cory Johnson, on for Doug Harter at UBS, asked about the realized losses in the middle market portfolio, the expected pace of its decline, and the strategy for exiting the lower middle market portfolio over time.

    Answer

    CEO Dwayne Hyzak and Managing Director Nicholas T. Meserve clarified that the Q1 realized losses were concentrated in two long-underperforming middle market names that had been marked down for years. They are continuing to wind down this now de minimis portfolio. Regarding the lower middle market, Dwayne Hyzak explained that it is a long-term strategy and exits are driven by their portfolio company partners, not MSIF, so the wind-down will be a very long process. He emphasized that these are viewed as very positive, value-creating investments.

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    Cory Johnson's questions to Main Street Capital (MAIN) leadership

    Cory Johnson's questions to Main Street Capital (MAIN) leadership • Q1 2025

    Question

    Cory Johnson, on for Douglas Harter, questioned the expected pace of increasing leverage toward the company's target range and asked if there was further capacity to lower the operating expense ratio as the company scales.

    Answer

    Executive Dwayne Hyzak explained that the pace of increasing leverage is difficult to predict as it depends on new investment activity, but the plan is to utilize more debt than equity for future growth to gradually move the ratio closer to the target range. Regarding operating expenses, Hyzak stated that while they always seek efficiency, there isn't significant room for reduction. He noted the main variable is incentive compensation, which is directly tied to performance, aligning management's interests with shareholders.

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    Cory Johnson's questions to loanDepot (LDI) leadership

    Cory Johnson's questions to loanDepot (LDI) leadership • Q1 2025

    Question

    Cory Johnson of UBS inquired about the drivers behind the strong Q1 gain on sale margin, specifically asking for the outlook on the home equity business.

    Answer

    Founder and Executive Chairman Anthony Hsieh explained that home equity products serve as a hedge against elevated interest rates, meeting strong consumer demand from homeowners looking to protect low first-mortgage rates. He anticipates a shift back to traditional cash-out refinances when interest rates eventually decline.

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    Cory Johnson's questions to Horizon Technology Finance (HRZN) leadership

    Cory Johnson's questions to Horizon Technology Finance (HRZN) leadership • Q1 2025

    Question

    Cory Johnson of UBS inquired about Horizon's strategy for managing its $1.00 per share in spillover income to cover the dividend amidst market uncertainty and questioned the quality of deal flow in the current venture debt market.

    Answer

    CFO Daniel Trolio explained that the company plans to grow the distribution through 2025, supported by anticipated prepayments and the substantial spillover income, which is reviewed quarterly with the Board. President Gerald Michaud added that while deal flow is high, the company maintains a significantly higher bar for new investments, focusing on high-quality, well-sponsored companies with realistic valuations and strong liquidity, resulting in a highly selective process.

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    Cory Johnson's questions to Kayne Anderson BDC (KBDC) leadership

    Cory Johnson's questions to Kayne Anderson BDC (KBDC) leadership • Q2 2024

    Question

    Cory Johnson requested more details on how KBDC is thinking about the annual special dividend and any supplemental dividends. He also asked if the company has any line of sight into loan repayments over the coming quarters.

    Answer

    CFO and Treasurer Terry Hart clarified that after the three pre-announced special dividends are paid, KBDC plans to adopt a model of paying out 50% of excess net investment income quarterly, supplemented by an annual special dividend to distribute approximately 90-100% of total income. Executive Frank Karl addressed repayments, stating that while difficult to predict, they are aware of fewer than five portfolio companies in sale or refinancing processes and do not anticipate a large number of exits in the near term due to the portfolio's young vintage.

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