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    Justin Marca • Lucid Capital Markets

    Justin Marca's questions to Gladstone Capital Corp (GLAD) leadership

    Justin Marca's questions to Gladstone Capital Corp (GLAD) leadership • Q3 2025

    Question

    Justin Marca, on behalf of Eric Zwick from Lucid Capital Markets LLC, asked about the investment pipeline for the remainder of the year and requested an update on the status of Edge Adhesives, a non-accrual investment.

    Answer

    Bob Marcotte, President, projected that quarterly originations would return to the historical range of $50 million to $100 million, with net originations expected to be positive due to lower anticipated repayments. Regarding Edge Adhesives, he stated the investment is in a wind-down mode and is expected to be sold in the near future, which may lead to a realization of its accumulated depreciation.

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    Justin Marca's questions to Oxford Lane Capital Corp (OXLC) leadership

    Justin Marca's questions to Oxford Lane Capital Corp (OXLC) leadership • Q4 2025

    Question

    Justin Marca inquired about pricing dynamics and yield expectations for the current year, the relative attractiveness of primary versus secondary CLO markets, and Oxford Lane's strategic differentiation from its peers.

    Answer

    Executive Jonathan Cohen explained that the company does not provide specific yield projections due to significant market volatility, but noted a substantial rebound in May. Managing Director Joseph Kupka added that the firm finds attractive opportunities in both primary and secondary markets and is focused on lengthening the portfolio's weighted average reinvestment period to mitigate risk. Cohen further elaborated on the company's differentiation, highlighting its unconstrained investment strategy, large market participation, and active portfolio rotation.

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    Justin Marca's questions to Cion Investment Corp (CION) leadership

    Justin Marca's questions to Cion Investment Corp (CION) leadership • Q4 2024

    Question

    Justin Marca from Lucid Capital Markets asked about the deal pipeline's composition, the competitive landscape, the outlook for resolving other non-accrual loans, and the potential impact of tariffs on portfolio companies.

    Answer

    President and CIO Gregg Bresner stated he expects the investment mix to remain around 60% add-ons to existing companies due to the competitive market. He noted that while it's early, a couple of other non-accrual loans show potential for resolution. On tariffs, he mentioned it's a small portfolio exposure and affected companies are mitigating risk by diversifying production away from China.

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    Justin Marca's questions to SouthState Corp (SSB) leadership

    Justin Marca's questions to SouthState Corp (SSB) leadership • Q3 2024

    Question

    Justin Marca, on behalf of Dave Bishop from Hovde Group, asked about credit quality trends in the multifamily and office portfolios, specifically inquiring about the potential for upgrades and whether recent increases in criticized assets were tied to lease-up issues or rent abatements.

    Answer

    CEO John Corbett stated that overall asset quality trends are positive, with low past dues and charge-offs. He noted the work-from-home trend impacting office appears to have bottomed out, and SouthState's exposure is in smaller, less risky properties. For multifamily, he attributed the increase in substandard loans primarily to the impact of higher interest rates on floating-rate debt, rather than fundamental performance, noting absorption is just taking slightly longer than originally projected. Executive William Matthews added that the bank's policy is to be quick to downgrade and slower to upgrade.

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