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    Mitchel Penn • Oppenheimer & Co. Inc.

    Mitchel Penn is a Managing Director and Senior Analyst at Oppenheimer & Co. Inc., specializing in business development companies within the financial sector. He covers notable firms such as Gladstone Capital, Carlyle Credit Income Fund, Main Street Capital, Palmer Square Capital BDC, FS KKR Capital, and Carlyle Secured Lending, maintaining a 41.94% success rate and an average return of 1.6% on his recommendations. Penn began his finance career in 1981 at Price Waterhouse, followed by roles at Legg Mason Capital Management, Aetna, and Janney Montgomery Scott, ultimately joining Oppenheimer where he leverages over four decades of financial expertise. He is a CFA charterholder, a former president and board member of the Baltimore CFA Society, and holds both a B.A. from Villanova University and an MBA from the University of Chicago.

    Mitchel Penn's questions to Great Elm Capital Corp (GECC) leadership

    Mitchel Penn's questions to Great Elm Capital Corp (GECC) leadership • Q1 2025

    Question

    Asked about the expected return on equity (ROE) for the CLO investment, whether fees are taken at the joint venture level, and the specific unrealized loss on the CLO in Q1 relative to the income received.

    Answer

    The company is targeting high teens to 20% IRRs on its CLO investments. There are no management fees charged by the JV to GECC. In Q1, the CLO JV generated $3.8 million in income, which more than offset an approximate $2 million unrealized markdown, resulting in a net positive contribution to GECC. The markdown was less severe than at other publicly traded CLO funds due to the younger vintage of GECC's assets.

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    Mitchel Penn's questions to Horizon Technology Finance Corp (HRZN) leadership

    Mitchel Penn's questions to Horizon Technology Finance Corp (HRZN) leadership • Q1 2025

    Question

    Mitchel Penn from Oppenheimer followed up on the Soli Organics investment, asking if the default would trigger a cross-default, place the loan on non-accrual status, and whether the company was comfortable with its current valuation mark.

    Answer

    CFO Daniel Trolio responded that they are currently evaluating the situation. He confirmed that if interest payments are not collected due to the blockage notice, the loan will be placed on non-accrual. He also stated that the investment's fair value mark will be reassessed as more details become available and the situation evolves.

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