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Great dividend, weak stock. The 12% yield looks nice, but the stock and NAV have been slowly sliding for years. NAV keeps dropping. It is down 22% over 14 years and never really recovered. Q2 was not impressive. Core NII came in below the dividend.

Liberty All-Star Equity Fund offers high income (nearly 9% yield) via a managed 10% NAV distribution but lags S&P 500 in total returns. The fund is diversified, uses no leverage, and is managed by five sub-advisors blending growth and value styles, with 90% U.S. exposure. USA trades at a slight discount to NAV, but its aggressive payout policy limits NAV growth, especially in prolonged downturns.

New Mountain Finance covered its dividend for two quarters, but the 100% payout ratio leaves no margin of safety for future payments. NMFC stock trades at a 13% discount to net asset value, reflecting market concerns about a potential short-term dividend cut. Credit quality is stable, with an improving non-accrual trend and a strong focus on first lien debt in the portfolio.

REITweek 2025 highlighted a massive disconnect between public REIT prices and private real estate values, with most sectors trading at steep NAV discounts. Management teams are aggressively pursuing share buybacks, capitalizing on the undervaluation to drive immediate NAV and AFFO/share accretion. The best opportunities are in shopping centers, industrial, farmland, and timberland—sectors with rising property values, strong fundamentals, and highly transactable assets.

Belpointe PREP offers unique growth in the REIT sector, focusing on opportunity zones and a robust development pipeline for future income generation. Recent completion of Aster & Links and progress on the Viv project are driving rental revenue growth, but current earnings remain negative due to lease-up and interest expenses. The fund trades at a significant discount to NAV (0.55x), making it undervalued as asset values rise and new projects near completion.

PSEC's fundamentals continue to deteriorate, with persistent NAV erosion and declining net investment income despite a large discount to NAV. Dividend coverage is weakening, and another cut is likely as financials worsen, and lower interest rates loom, increasing risk for income investors. PSEC's inability to issue shares accretively at a discount to NAV limits growth potential, unlike higher-quality BDC peers with consistent NAV growth.

I maintain my sell rating on PTMN due to weak earnings, ongoing NAV decline, and deteriorating dividend coverage, despite a large discount to NAV. PTMN's portfolio quality is slipping, with non-accruals rising to 2.6% and limited new investment activity, signaling ongoing downside risk. The current 16.1% dividend yield is barely covered by earnings, leaving little margin for error and raising concerns about future payout sustainability.

LONDON , May 30, 2025 /PRNewswire/ -- Tetragon has released its Monthly Factsheet for April 2025. Net Asset Value: $3,197m Fully Diluted NAV per Share: $35.39 Share Price (TFG NA): $14.10 Monthly NAV per Share Total Return: 0.3% Monthly Return on Equity: 0.5% Most Recent Quarterly Dividend: $0.11 Dividend Yield: 3.1% Please refer to important disclosures on page three of the Monthly Factsheet.

I reiterate my Buy rating on BTX, due to the upcoming June tender offer at 99.5% of NAV, providing a low-risk exit opportunity. The fund's discount to NAV has narrowed, but the tender offer could unlock further value, especially if PsiQuantum's valuation round closes soon. BTX's strategy shift to unlimited private tech investments increases risk post-tender, but also potential upside if private valuations improve.

Eagle Point Credit Co LLC remains attractive for long-term, patient income investors seeking high yield, but recent price volatility and NAV decline warrant caution. The Series D preferred shares, ECC.PR.D, offer a safer, nearly 9% yield with lower risk, making them ideal for conservative income investors. ECC's recurring cash flows continue to cover distributions, and the fund's CLO resets provide additional flexibility and portfolio safety.