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    Eric Zwick

    Research Analyst at Hovde Group

    Erik Zwick is a Managing Director and Senior Equity Research Analyst who specializes in specialty finance, with a particular focus on Business Development Companies (BDCs) and community banks. He has covered major companies such as Oaktree Specialty Lending and is known for actionable sector analysis, including high-profile ratings changes and target calls, though detailed performance metrics like success rate are not publicly available. Zwick began his equity research career over two decades ago after earning a bachelor's degree in Economics from Bates College and obtaining the Chartered Financial Analyst (CFA) designation; his prior roles include Director of Equity Research at Boenning & Scattergood before joining Hovde Group, where he led sector coverage until becoming Managing Director at Lucid Capital Markets in 2024. He is widely recognized in the industry for his depth of experience, senior leadership roles, and professional credentials, which include the CFA designation.

    Eric Zwick's questions to Great Elm Capital (GECC) leadership

    Eric Zwick's questions to Great Elm Capital (GECC) leadership • Q2 2025

    Question

    The analyst asked for details on a specific dividend from an insurance investment, the company's strategy for its CoreWeave investment post-IPO, the relative attractiveness of various growth opportunities, and the reasons for moving the Maverick Gaming and Del Monte investments to non-accrual status.

    Answer

    The company clarified that the insurance dividend is an annual event contributing about $1.6-$1.7 million to NII. The decision to liquidate the CoreWeave investment rests with the General Partner after a lockup period expires. For growth, the focus has shifted to private debt transactions due to tightening in the secondary market. The Maverick Gaming non-accrual was prompted by its bankruptcy filing, and a portion of it and the Del Monte investment may return to accrual status through DIP financing roll-ups.

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    Eric Zwick's questions to GLADSTONE CAPITAL (GLAD) leadership

    Eric Zwick's questions to GLADSTONE CAPITAL (GLAD) leadership • Q2 2025

    Question

    Eric Zwick asked for an update on the deal pipeline's size and composition, the portfolio's exposure to government contracts, and the drivers behind the expected performance improvement in three recently depreciated investments.

    Answer

    Robert Marcotte (Executive) described the deal pipeline as very healthy, with $100-$150 million in potential volume, primarily from new deals (80%). He clarified that the portfolio has minimal exposure to government services contracts, with some indirect exposure via defense and healthcare. Marcotte attributed confidence in the turnaround of the three underperforming assets to addressing specific issues like customer concentration, management changes, and new capital investment, noting their long-term growth profiles remain intact.

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    Eric Zwick's questions to CION Investment (CION) leadership

    Eric Zwick's questions to CION Investment (CION) leadership • Q2 2024

    Question

    Eric Zwick inquired about the current state of credit spreads on new originations, asking if they are stabilizing. He also asked about the pipeline's mix of new versus follow-on deals, the company's strategy for managing leverage, and whether they are observing any signs of broader economic weakening.

    Answer

    Gregg Bresner, President and CIO, stated that while the broader market sees continued spread tightening, CION maintained its premium (SOFR+660) through selectivity and expects a consistent pipeline mix in Q3. He noted they have been in a defensive underwriting mode since early 2023 and see market dynamics driven more by capital supply than deteriorating fundamentals. CFO Keith Franz added that the current net leverage of 1.13x is below their target of 1.25x and reflects recent net investment activity.

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    Eric Zwick's questions to CION Investment (CION) leadership • Q2 2024

    Question

    Eric Zwick inquired about the stabilization of credit spreads on new originations, the mix of new versus follow-on deals in the pipeline, the company's strategy for managing leverage amid economic uncertainty, and any observed signs of economic weakening within the portfolio.

    Answer

    President and CIO Gregg Bresner noted that while the broader market sees tight spreads, CION has maintained its premium through selectivity, investing at SOFR+660. He added that the Q3 pipeline mix is expected to be consistent with Q2. CFO Keith Franz stated that the current net leverage of 1.13x is below their target of 1.25x. Bresner concluded that the credit environment has been consistent since early 2023, with CION maintaining a defensive underwriting posture.

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