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    Matthew Hurwit • Jefferies

    Matthew Hurwit's questions to Trinity Capital Inc (TRIN) leadership

    Matthew Hurwit's questions to Trinity Capital Inc (TRIN) leadership • Q4 2024

    Question

    Matthew Hurwit of Jefferies inquired about the specific practices and borrower characteristics that have contributed to Trinity's low non-accrual rates and asked about the company's current strategy regarding financial leverage.

    Answer

    Chief Credit Officer Ron Kundich attributed the strong credit performance to rigorous underwriting and deep expertise within each of Trinity's five distinct lending verticals. CEO Kyle Brown explained that the company's long-term goal is to decrease leverage, aiming for a healthy level around 1.0x by utilizing its off-balance-sheet Registered Investment Adviser (RIA) to manage assets, which provides liquidity and flexibility.

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    Matthew Hurwit's questions to Trinity Capital Inc (TRIN) leadership • Q3 2024

    Question

    Matthew Hurwit requested details on new nonaccruals, specifically the two additions, the typical deal funding timeline, and the company's philosophy on future dividend increases.

    Answer

    Chief Credit Officer Ron Kundich characterized the new nonaccruals as normal course-of-business events, noting the overall nonaccrual portfolio value declined. CEO Kyle Brown outlined a 45-day timeline from term sheet to funding and explained the dividend is being held stable to support NAV growth, with future increases to be considered quarterly as earnings permit.

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    Matthew Hurwit's questions to MidCap Financial Investment Corp (MFIC) leadership

    Matthew Hurwit's questions to MidCap Financial Investment Corp (MFIC) leadership • Q4 2024

    Question

    Matthew Hurwit followed up on non-accruals, asking for specific updates on Naviga and Renovo, the reason for adding Seqirus to the list, and questioned management's confidence in the dividend's sustainability amid rate and spread headwinds.

    Answer

    President Ted McNulty explained that the named companies are undergoing restructuring processes to maximize recoveries. CEO Tanner Powell added that these are older vintage loans whose issues were exacerbated by higher interest rates. Regarding the dividend, Ted McNulty stated, 'We're very comfortable with it,' citing the current leverage profile and expected origination pace.

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    Matthew Hurwit's questions to MidCap Financial Investment Corp (MFIC) leadership • Q3 2024

    Question

    Matthew Hurwit of Jefferies asked for management's high-level thoughts on what the recent election could mean for MFIC's business and portfolio companies. He also requested color on the specific portfolio companies that drove the quarter's net realized and unrealized losses.

    Answer

    Executive Chairman Howard Widra suggested a potential outcome of the election could be a more benign regulatory environment, possibly boosting M&A deal flow. CEO Tanner Powell added that potential tariff increases would make supply chain analysis a critical part of their underwriting. Regarding losses, President Ted McNulty explained that a significant portion was from the restructuring of a company called Aveta, where a preferred equity position was converted to a second lien. Other markdowns were on watch list names to reflect the uncertainty of ongoing sales processes.

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    Matthew Hurwit's questions to Gladstone Investment Corp (GAIN) leadership

    Matthew Hurwit's questions to Gladstone Investment Corp (GAIN) leadership • Q3 2025

    Question

    Matthew Hurwit from Jefferies inquired about the specific drivers behind the unrealized appreciation in portfolio companies Nocturne, E3, and SFEG, as well as the factors causing depreciation in Educators, PSI, and Galaxy Technologies. He also asked for an outlook on Net Investment Income (NII) per share for the upcoming quarter, considering new investments, leverage, declining yields, and the nature of adviser fee credits.

    Answer

    President Dave Dullum explained that the appreciation in Nocturne, E3, and SFEG was driven by strong fundamental EBITDA growth, add-on acquisitions, and some multiple expansion. For the depreciated assets, he noted minor EBITDA downticks due to factors like facility relocation costs (PSI) but emphasized the underlying businesses remain solid. CFO Taylor Ritchie addressed the NII outlook, stating that Q3 NII was depressed by a large capital gains incentive fee tied to the unrealized appreciation. He noted that high interest rate floors should protect yields and that adviser fee credits are linked to new investment activity, expecting them to remain elevated with continued portfolio growth.

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    Matthew Hurwit's questions to Oaktree Specialty Lending Corp (OCSL) leadership

    Matthew Hurwit's questions to Oaktree Specialty Lending Corp (OCSL) leadership • Q1 2025

    Question

    Matthew Hurwit asked about the company's plans for its upcoming debt maturity and its primary short-term and medium-term goals following the recent changes to its dividend policy and management fee structure.

    Answer

    President Mathew Pendo stated that OCSL has ample liquidity from its revolver and other facilities to address the debt maturity and will evaluate all options, including the unsecured market. CEO and Co-CIO Armen Panossian outlined the company's goals: to comfortably cover the new base dividend, grow and diversify the asset base, and actively work to resolve non-accrual assets to convert them back into performing, income-earning investments.

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    Matthew Hurwit's questions to Capital Southwest Corp (CSWC) leadership

    Matthew Hurwit's questions to Capital Southwest Corp (CSWC) leadership • Q2 2025

    Question

    Matthew Hurwit from Jefferies requested an update on the status of specific non-performing assets from the previous quarter, including Gauge, American Nuts, Research Now, and Stat Meds.

    Answer

    CEO Bowen Diehl provided updates on the non-accrual assets. He stated that Research Now was restructured and sold, resulting in a realized loss for the quarter. He described American Nuts as having a 'flat to better' business performance. Lastly, he mentioned that Stat Meds, the company's sole investment rated a '4', continues to struggle.

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