The Irishman has been regarded as one of world football's top prospects ever since he made the switch to the Amex Stadium in January 2021. By the 2022-23 campaign, Ferguson - who only turned 18 years of age in October of that season - was a regular starter for the Seagulls in the Premier League. Six goals and two assists from 19 appearances were netted during that campaign, and Ferguson now has 17 strikes and five assists from his 73 outings in a Brighton shirt. However, the 20-year-old's stock has dropped to a certain degree over the past 18 months, the frontman having not been helped by injuries. © Imago Since the arrival of Fabian Hurzeler in the summer, Ferguson has accumulated just 101 minutes of top-flight football across six league outings. Danny Welbeck has justified his position down the centre of the attack by producing some of the best form of his career, yet it appears that it may lead to Ferguson taking a stance over his future. According to Football Insider , the former Bohemians starlet is ready to leave Brighton during the January transfer window. Ferguson is said to be unhappy with the amount of football under Hurzeler, his only Premier League start lasting 60 minutes against Newcastle United last month. With Ferguson possessing a contract until 2029, Brighton remain in a strong position with regards to his future, yet admirers may begin to circle for the player's signature. © Imago When debating just United and Arsenal, there is an argument that both clubs are in desperate need of a forward like Ferguson, someone who holds all the attributes to be a success as a modern-day number nine. United would likely have to find a solution for Joshua Zirkzee if they were to consider a January bid, aware that Brighton are realistically unlikely to consider anything below a bare minimum of £40m. Arsenal may also need to cash in on fringe players if they are to consider a bid for Ferguson, although Mikel Arteta may deem it necessary to bring a different dimension to an attack that is lacking a player of Ferguson's qualities. Other clubs in the Premier League and across Europe may also contemplate an approach if Ferguson comes onto the market.Kate Middleton reigns supreme when it comes to inspirational messages this holiday season. Ahead of hosting her annual Christmas carol service alongside husband Prince William at London’s Westminster Abbey Dec. 6, the Princess of Wales has embraced the holiday season as a time to show “love, not fear,” and to celebrate what she deems is the true spirit of Christmas. “Christmas is one of my favorite times of the year,” Kate wrote in a letter to those attending her annual celebration, per NBC News . “It is a time for celebration and joy, but it also gives us the opportunity to slow down and reflect on the deeper things that connect us all.” “It is when we stop and take ourselves away from the pressures of daily life, that we find the space to live our lives with an open heart, with love, kindness and forgiveness,” she continued, “so much of what the Christmas spirit is all about.” And even after announcing her cancer diagnosis in March, one month after her father-in-law King Charles III shared his own cancer diagnosis , Kate continued to spread hope and positivity amid a difficult year. “Love is the light that can shine bright,” she wrote, “even in our darkest times.” Indeed, the 42-year-old has never let her own struggles prevent her from being a beacon of light in difficult situations. After recently completing chemotherapy herself, Kate and William honored Liz Hatton —a 17-year-old British photographer who they met in October , fulfilling her bucket-list dream of photographing the Windsor Castle—after she passed away due to her fight with a rare and aggressive form of cancer. "We are so sorry to hear that Liz Hatton has sadly passed away," the pair shared in a message on their social media accounts Nov. 28. "It was an honour to have met such a brave and humble young woman." And just two months after sharing the completion of her own chemotherapy treatment, Kate, who stepped back from the public eye amid her health battle, eased her way back into public engagements by showing her support for their Armed Forces and veterans at the Festival of Remembrance at Royal Albert Hall in November, alongside Charles. As for William—with whom Kate shares Prince George , 11, Princess Charlotte , 9, and Prince Louis , 6—he couldn’t help but gush over his wife’s resilience and strength during these difficult times. "I'm so proud of my wife, I'm proud of my father, for handling the things that they have done," he told reporters Nov. 7, per the BBC . "But from a personal family point of view, it's been, yeah, it's been brutal." As the royals prepare for their holiday celebrations, keep reading for more royal news from around the world. (E! and NBC News are both part of the NBCUniversal family.) Queen Camilla Withdraws From Public Engagements Due to Chest Infection "Her Majesty The Queen is currently unwell with a chest infection , for which her doctors have advised a short period of rest," the Buckingham Palace announced on Nov. 5. "With great regret, Her Majesty has therefore had to withdraw from her engagements for this week, but she very much hopes to be recovered in time to attend this weekend's Remembrance events as normal. She apologises to all those who may be inconvenienced or disappointed as a result." Princess Beatrice is Expecting Baby No. 2 The royal and her husband of four years Edoardo Mapelli Mozzi are expecting their second child together , the Royal Family announced Oct. 1. “Her Royal Highness Princess Beatrice and Mr Edoardo Mapelli Mozzi are very pleased to announce that they are expecting their second child together early in the new year,” the caption of their Instagram post read. “His Majesty The King has been informed and both families are delighted with the news.” Kate Middleton Completes Chemotherapy On Sept. 9, the Princess of Wales shared that she had completed chemotherapy after being diagnose with an unspecified form of cancer earlier this year. "The cancer journey is complex, scary and unpredictable for everyone, especially those closest to you," she said in a video statement. "With humility, it also brings you face to face with your own vulnerabilities in a way you have never considered before, and with that, a new perspective on everything." The royal added, "Although I have finished chemotherapy, my path to healing and full recovery is long and I must continue to take each day as it comes. I am however looking forward to being back at work and undertaking a few more public engagements in the coming months when I can." Kate Middleton's First Formal Appearance Since Cancer Diagnosis The Princess of Wales returned to the spotlight on June 15—three months after sharing her cancer diagnosis—for the Trooping the Colour ceremony in London. She was joined by her husband Prince William and their three kids: Prince George , Princess Charlotte and Prince Louis . Princess Anne Is Released From Hospital The Princess Royal was discharged after a five-day stay at Southmead Hospital. Her husband, Tim Laurence , said in a statement June 28, "I would like to extend my warmest thanks to all the team at Southmead Hospital for their care, expertise and kindness during my wife’s short stay." Princess Anne is Hospitalized With Concussion The younger sister of King Charles III sustained minor injuries during an incident at her estate Gatcombe Park, Buckingham Palace has announced. "Her Royal Highness remains in Southmead Hospital, Bristol, as a precautionary measure for observation and is expected to make a full and swift recovery," the June 24 statement , shared to X, read. "The King has been kept closely informed and joins the whole Royal Family in sending his fondest love and well-wishes to The Princess for a speedy recovery." Kate Middleton Shares Chemotherapy Update Nearly three months after sharing her cancer diagnosis, the Princess of Wales said that she's "making good progress" with chemotherapy , though there are "good days and bad days" amid her health journey . "On those bad days you feel weak, tired and you have to give in to your body resting," Kate wrote on Instagram June 14 . "But on the good days, when you feel stronger, you want to make the most of feeling well." She added, "My treatment is ongoing and will be for a few more months. On the days I feel well enough, it is a joy to engage with school life, spend personal time on the things that give me energy and positivity, as well as starting to do a little work from home." New Role for Prince William On May 13, King Charles III bestowed the title of Colonel-in-Chief of the Army Air Corps to his oldest son, sparking controversy as many royal watchers believed the title would be more suited for Prince Harry , who trained and served in the military branch. Kin Charles III Returns to Public Duties On April 26, nearly three months after sharing his cancer diagnosis, Buckingham Palace announced that Charles will return to public-facing duties . Queen Camilla Attends Royal Maundy Service The queen consort attended the Royal Maundy Service on March 28 in place of King Charles III, making her the first spouse of the Monarch to continue the ancient tradition . Kate Middleton Shares Cancer Diagnosis In a March 22 video message, the Princess of Wales shared that she'd been diagnosed with cancer after undergoing abdominal surgery in January. "It was thought that my condition was non-cancerous. The surgery was successful," she said before noting that tests after the operation found cancer had been present. "My medical team therefore advised that I should undergo a course of preventative chemotherapy and I am now in the early stages of that treatment." Kate Middleton Apologizes for Edited Family Photo Controversy After photo agencies pulled the picture Kensington Palace shared of Kate since having her abdominal surgery on March 10, the Princess of Wales addressed claims the photo was doctored. "Like many amateur photographers, I do occasionally experiment with editing," she tweeted on March 11. "I wanted to express my apologies for any confusion the family photograph we shared yesterday caused. I hope everyone celebrating had a very happy Mother's Day. C." Lady Kitty Spencer Privately Welcomes Baby Princess Diana 's niece celebrated Mother's Day in the U.K. by sharing she and her husband Michael Lewis privately welcomed their first baby. “It’s the joy of my life to be your mummy, little one. I love you unconditionally," she captioned her March 10 Instagram post . "Happy Mother’s Day to those who celebrate today." Queen Camilla Takes a Break After keeping up her full slate of engagements in the wake of her husband's cancer diagnosis, the palace cleared Camilla's schedule. The Times pointed out March 2 that the 76-year-old didn't have any engagements on her calendar until March 11, when she'd be due at Westminster Abbey to observe Commonwealth Day. Thomas Kensington Dies at 45 The husband of Lady Gabriella Windsor and ex-boyfriend of Pippa Middleton , was found dead Feb. 25. Days later, a coroner's inquest found that he died by suicide. King Charles Diagnosed With Cancer While King Charles III was in the hospital for his benign prostate enlargement procedure, the royal family member was diagnosed with cancer . "His Majesty has today commenced a schedule of regular treatments, during which time he has been advised by doctors to postpone public-facing duties," Buckingham Palace said Feb. 5. "Throughout this period, His Majesty will continue to undertake State business and official paperwork as usual.The King is grateful to his medical team for their swift intervention, which was made possible thanks to his recent hospital procedure. He remains wholly positive about his treatment and looks forward to returning to full public duty as soon as possible." Sarah Ferguson Is Diagnosed With a Second Type of Cancer The Duchess of York's rep said in a statement on Jan. 21 that Sarah was recently diagnosed with malignant melanoma, an aggressive form of skin cancer. Several months prior, she underwent a single mastectomy to treat breast cancer. Queen Margrethe II of Denmark Abdicates the Throne On Jan. 14, Queen Margrethe II of Denmark made history as she officially abdicated the throne, handing the crown over to her son, now known as King Frederik the 10th . Kate Middleton Is Hospitalized Kensington Palace announced on Jan. 17 that Kate Middleton underwent planned abdominal surgery and was set to remain in the hospital for 10 to 14 days. "Based on the current medical advice," the Palace said, "she is unlikely to return to public duties until after Easter." Prince William Adjusting His Schedule Amid Kate's recovery, Prince William postponed a number of engagements as he supported his family, including the couple's three children, Prince George , Princess Charlotte and Prince Louis . King Charles III Undergoing Treatment Shortly after Kate's hospitalization was made public, Buckingham Palace shared that Charles "has sought treatment for an enlarged prostate." "His Majesty's condition is benign and he will attend hospital next week for a corrective procedure," the statement added. "The King’s public engagements will be postponed for a short period of recuperation." Luxembourg Welcomes a New Baby Princess Claire and Prince Felix of Luxembourg welcomed son Balthazar Felix Karl on Jan. 7, the first royal baby of the New Year!
, /PRNewswire/ -- Calamos Investments has announced monthly distributions and sources of distributions paid in to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans. The following table provides estimates of Calamos Global Total Return Fund's and Calamos Global Dynamic Income Fund's distribution sources, reflecting YTD cumulative experience. The Funds attribute these estimates equally to each regular distribution throughout the year. Regarding Calamos' remaining five closed-end funds, which operate under a managed distribution policy: The information below is required by an exemptive order granted to the Funds by the US Securities and Exchange Commission and includes the information sent to shareholders regarding the sources of the Funds' distributions. The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Funds estimate the following percentages, of their respective total distribution amount per common share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long- term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal YTD cumulative distribution amount per common share for the Funds. The following table provides estimates of each Fund's distribution sources, reflecting YTD cumulative experience. The Funds attribute these estimates equally to each regular distribution throughout the year. If the Fund(s) estimate(s) that it has distributed more than its income and capital gains, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this 19(a) notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099 DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Return figures provided below are based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date. While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results. Monthly distributions offer shareholders the opportunity to accumulate more shares in a fund via the automatic dividend reinvestment plan. For example, if a fund's shares are trading at a premium, distributions will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, distributions will be reinvested at the market price through an open market purchase program. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information. Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and other expenses. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount which is a market price that is below their net asset value. Calamos Investments is a diversified global investment firm offering innovative investment strategies including alternatives, multi-asset, convertible, fixed income, equity, and sustainable equity. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an interval fund, ETFs, and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the metropolitan area, the firm also has offices in , , , ( ), and the area. For more information, please visit us on , on Twitter , Instagram , or at . *Calamos Investments LLC, referred to he
As both vehicles came to a stop, the small car driver, still in shock, approached the truck driver with a mixture of fear and anger. "What were you thinking? You could have caused a serious accident!" he exclaimed, his voice trembling with emotion.
Martin Lewis reveals how you could save hundreds of pounds on broadband every year as he urges customers to act ahead of Black FridayTitle: The Incident at the Bar: A Night of Chaos and OversightThe hidden truth behind the allocation of year-end bonuses and thirteenth month pay highlights the nuanced dynamics of compensation practices within organizations. It showcases the delicate balance between rewarding performance, ensuring fairness, and fostering employee engagement and loyalty. Understanding the differences in allocation can empower employees to navigate their career paths strategically and negotiate effectively for their deserved compensation.McLean County Board swears in newest members, names chair and vice chair
PM Images Listen here or on the go via Apple Podcasts and Spotify Trinity Capital ( NASDAQ: TRIN ) CEO Kyle Brown explains how they're an asset manager in BDC clothing (1:40). Dividend stability and growth (7:45). NAV stability and growth, EPS, ROE the metrics most focused on (10:50). TRIN stock valuation and momentum (12:00). Reasons for recent buyback (18:10). Private credit is real and liquidity is important (20:15). Transcript Rena Sherbill: Excited to bring you my conversation with Kyle Brown, CEO of Trinity Capital today, a special kind of BDC which he explains shortly its place in the financial sector, its place in the market. What the macro picture means for BDCs and the financial sector. Something we talk about is Trinity Capital's valuation and its momentum rating on Seeking Alpha's factor grades . Kyle later wrote what I thought worthy of sharing with investors. Kyle wrote: Momentum does not take into account earnings distributed which is also returns to investors. And a very important aspect of BDCs in the last six months, even though the stock price is down by approximately 4%. Since we distributed the dollar and since we distributed a dollar and two cents in the same time frame, the actual returns are positive approximately 2.5%. I hope that sheds some light on their take on the momentum grades. Hope you enjoy the full conversation. Let us know what you think in the comments. Kyle Brown, CEO of Trinity Capital ( TRIN ). Welcome to Seeking Alpha. Thanks for joining us. Kyle Brown: Thanks for having me, Rena. RS : It's great to have you. I feel like a great place to start is maybe sharing with investors, sharing with listeners, your part in the BDC industry, and maybe where you see BDCs in the financial world. KB : Sure. So I think maybe even just starting off, we are a BDC, but we're very different than 90-plus percent of the other BDCs. We are internally managed , which means there is no management fee, there are no incentive fees, there's not some other management company that's managing this entity. I work for the organization along with our executive team. I own the same shares as any one of your listeners who might own a TRIN share. So we have the same incentives. And that really is a massive differentiator between us and really any other BDC that's out there. There's really, I think, there's only four internally-managed BDCs. And so what that means is we're really focused on return on equity. We're really focused on earnings per share, very focused on maintaining and building the dividend. It's less so focused on AUM growth because there's really no incentives to build AUM and grow for the sake of growth. I'd say, maybe first and foremost, that's the biggest differentiator. We're an asset manager in BDC clothing and it works because we have five underlying businesses that we manage that are all lending businesses. They all generate current income. And so a BDC formation is really a great - it works for us because we generate a lot of income and we distribute out that income to investors. So a BDC is a great place for us to sit. But biggest differentiator there, we're not just a pool of assets. When you buy our stock, you're buying, yes, a pool of assets, but you're also buying into 100-person organization, an organization that also owns an RIA, manages third-party capital and generates income in a lot of different ways. So that's not known by most investors, but it's one of the ways and it gives us the ability to continue to grow earnings, which you've seen for us now for 19 straight quarters. RS : Can I ask a question in terms of how you're differentiated, was there ever a question at the beginning to do it like most of the rest of the industry? And why do you think so much of the industry doesn't do what Trinity does? KB : Absolutely. We used to be a fund manager. We used to have a management company before we were BDC and we were forced to make that decision. Do we do an externally-managed BDC and just create a pool of assets that we manage for a management fee and incentive fee? Or do we go this different route? And historically, and if you look at internally-managed BDCs right now, they are the top-performing BDCs in the country. They generate higher ROE, they trade at a premium to NAV, they've been able to grow their earnings. They just trade at higher multiples. And so when we formed the entity in late 2019, we sat around and said, all right, we have ambition to really grow this thing to be the number one lender to growth-oriented businesses in the country. We need access to a lot of capital. And so the best formation for that would be the type of structure where incentives are aligned between management and shareholders. And so we chose this, we chose to be kind of long-term greedy in the idea – in the sense that if we performed and we did well, we would have access to capital and we would be able to grow this while also growing earnings for shareholders. There's not been a lot of BDCs that have been formed recently who have gone public, but this is a better structure for shareholders. Long-term, it's a better structure for management and employees, I think. Short-term, an externally-managed BDC is better for management and better for the owners of a management company. So those are the kind of the key differentiators. We are long-term greedy here. We really do want to build a large successful business that has growing earnings for shareholders. RS : Do you hear a lot of enthusiasm? I know it's hard to hear enthusiasm from shareholders much of the time. But do you hear enthusiasm from shareholders around the makeup and around your strategy in general? Is there – are there questions around it, pushback? What do you hear from the community? KB : We've got institutional investors that still make up around 30-plus percent of our shareholder base. We've been doing this since 2008. So we have investors that have been with us for over 15 years, high net worth, family office, and they love this structure. We just had an investor event in New York for institutional investors the other night. And I just had multiple groups that said, hey, I bought shares in 2020. I still have them. And you've distributed out over $7 per share in that timeframe and you're still doing it. So thank you. I think investors who have been with us for the long-term, they get it, they're holding. We have continued to see our kind of primary institutional investors either hold or buy more over time. That's all - that's public. You can see it. For new entrants and new investors that are considering us, they can look at our track record and they can say, they can see that, hey, this is a great dividend and they've consistently increased their earnings per share and they've been able to cover that dividend and they're excited about that. So I see enthusiasm. You see in the stock, we've traded a premium to NAV because we're generating so much income for investors. And so I think the feedback has been good. I think the dividend is extremely high right now because the stock is traded kind of below, I think, its inherent value. And it's a nice entry point for investors right now. RS : Well, maybe let's stick with the dividend for a second as long as we're there. What would you say to those maybe cautiously concerned about the dividend and the stability of that dividend? How do you encourage investors to think about your dividend? KB : So we've stayed steady or grown for 19 straight quarters, and we've over-earned the dividend in every one of those quarters. Sometimes it's higher than other quarters. That's more of a reflection of maybe payoffs that we might have in any quarter. We might have some more gains that we've seen, but we've been able to cover that dividend and safely cover it for some time. The reason is that $0.51 right now, and really kind of high, is because our core earnings are high. And as a BDC, we have to distribute out 90-plus percent of our income. And so the dividend is where it is because we feel comfortable with our ability to earn it, and then legally we have to distribute it to investors. We have continued to show that we can earn the dividend, over-earn the dividend, create spillover income, and continue to deliver that dividend to investors. RS : What would you say or how do you think about the macro factor in terms of interest rates? How do you think about that in context of how you're trying to grow the business? KB : So, I mean, we saw rates shoot up. We've seen rates now start trickling down . And during that timeframe, we've actually increased earnings per share. So I hope that could be a good reflection of what we think about it. We're showing it through our earnings per share. It hasn't impacted our ability to deliver on that dividend. We actually have pretty limited down exposure to rate sensitivity. The majority of our portfolio, you can see it right in our Schedule Of Investments. The majority of our portfolio, 90-plus percent, has floor rates that are over 12%. And so when rates come down, as they can – if they can continue to come down, we actually have pretty – some great kind of downside protections there because we have floating rates for our corporate debt. We have a $500 million revolver with KeyBanc. When rates go down, our cost of capital goes down. So does our ability to raise bonds and private debt, that goes down, but our underlying portfolio does not decrease in the same way. And so income is really not at risk. If rates go down, we actually have this slide in our presentation. If rates go down another 100 basis points, that's only $0.02 per quarter. We've already got that covered in our earnings per share. And then we also believe that the RIA that we launched, which we're now generating new income above and beyond the loans that we have issued out there, that is more than making up for any kind of rate decreases and sensitivity that we have there. So we feel really comfortable, kind of regardless of what rates do in our ability to keep that dividend steady and growing. RS : What would you say are the metrics that you're most focused on, either in this particular moment or in general as CEO? KB : Yeah. So NAV stability and NAV growth that reflects portfolio health and it also reflects the ability for Trinity to leverage the management side of our business and grow these new earnings off the balance sheet. So NAV stability. Earnings per share, we're really focused on growing that. We've done a great job of that over time, and dividend stability. So we really want to see that dividend just stay stable and grow. And then ROE, return on equity, that's a great reflection of really our ability to generate best-in-class returns for investors and the equity that we're working with. Internally, those are really our key metrics that we're focused on. When someone is buying TRIN, they should know that those are the things we care about, high ROE, best-in-class, kind of earnings per share, and then it's really stability of the NAV, which should give you a nice reflection of our portfolio health. RS : I'm curious how you think or how you discuss the valuation of the stock at this point. Also specifically, so Seeking Alpha has these ratings and Valuation for Trinity is an A+ and then Momentum is lower down, in the D category. How do you articulate your thoughts around Momentum and Valuation right now? KB : So if you look at other internally-managed BDCs, they are trading at 140% to 180% of NAV. We're trading at 110% of NAV. If we just simply move towards the mean of other internally-managed BDCs over time, there's some real upside there, and just the stock price. Forget about growth of earnings per share, dividend, et cetera. I'm just talking about where we are at today. We're inherently undervalued. The dividend being at 15%, I don't know where it ended today or where it's at right now, but 14%, 15%, I would call that extremely high. It's not a reflection of the risk we're taking out there, it's just a reflection of the stock price being too low. I think it's low. I just bought a bunch of shares. We just sent that release out, so did our Board and our other members of our management team. And that was not some planned thing. That's just what people did because it's paying - the dividends too high. We're not going to lower the dividend. Again, we're a BDC. Regulations require us to distribute out 90-plus percent of our income. Our core income has continued to increase to where we have to distribute it out. So it is what it is. We're going to distribute out that income. I think over time, we'll probably get credit for being stable and being consistent. I don't know where the kind of derating over time comes from. You'd have to tell me and then I could give you some feedback on that. But our analysts who cover us, we've got, I think, Buys across the board, except for maybe one bank that we never talked to. The rest of them have Buys across the board because they see our ability to continue to deliver that earnings per share, cover the dividend. RS : So what would you say you're most focused on in terms of keeping consistent while also growing? KB : Yeah. So we run five unique businesses at Trinity. We have a venture debt business, which is about 30% of our deployment. That's run by a team of professionals and an industry leader, 20-plus year veteran. They've got their own sales team, their own portfolio management team, credit team. It's 30% of our deployment. We have an equipment finance business, non-correlated to the venture market. They're financing mission-critical equipment. It's really asset-backed lending. That's a big part of what we do. Independent team, we have a life science and healthcare business. That's run by again, an industry pro who's built multiple businesses. We have a warehouse lending, that's just traditional ABL, advances against financial receivables. And then we have a sponsor finance business, which is P/E buyout. It's kind of $3 million to $50 million of EBITDA, primarily enterprise SaaS companies. Each of these businesses are unique to one another. They have a different risk profile. They are all somewhere between late-stage VC, think about a pre-IPO, pre-M&A, into lower middle market, $3 million to $50 million of EBITDA. Each is growing at their own kind of clip and pace, but that is a really niche great place to be right now. You have a massive amount of retail dollars and institutional dollars that are flowing to private credit. It's a big buzzword, right? Private credit, private credit. The majority of that capital is flowing to 12 large trillion-dollar firms. Those firms are all chasing the same deals in the upper middle market, and it's been a race to the bottom on pricing. And they're all chasing beta-type returns at this point. They can't write $20 million to $100 million checks and we can’t. And we love that kind of lower middle market space, particularly with enterprise SaaS deals. There's actually a massive amount of opportunity right now. And M&A activity for us has picked up 20% quarter-over-quarter, 15% year-over-year in Q3. We're seeing a lot of acquisitions begin. And so the opportunities there, there's less competition because the bigger alternative asset managers have moved upstream and then banks are lending less because of regulations that have come down on them since the banking volatility began. So we're seeing just great opportunities, great spreads, less competition. And that's giving us the ability to generate great kind of low to mid-teens kind of gross yields, which ends up being a great return for our shareholders. And so we're thinking about, how do we capitalize this business? If the growth is there and the opportunity is there, how do we do it in a way that's accretive and good for investors? And we do it in two ways. 1, I mentioned the RIA, we got SEC approval last year for TRIN, the public company, to own an RIA, and it's really just a management company, okay? TRIN shareholders own 100% of the benefits of this entity. Most folks don't even know we have it, but we got SEC approved for last year. We now manage about $500 million of third-party capital and that's growing. We're out there raising money right now. The big part of our success in the future will be continuing to raise third-party capital from pension funds, institutional investors, and down into even a retail. We're charging management fees and incentive fees on that capital. We use it to just co-invest with the public company, but we charge management fees, incentive fees, 100% of that benefit flows to our shareholders. And so you're seeing NAV accretion there. Last quarter, you saw about $0.04 of new earnings flowing from that entity. And we have the ability to grow that asset management business kind of infinitely. And so a lot of our success in the future is going to be finding new ways to raise capital, so that we can grow the business, but grow it profitably for investors. RS : And how does the recent buyback figure into this conversation and your plans for growth? KB : I mean, I've given you my opinion on the stock and I think it's low. And to the extent that we start trading at or around NAV, that means that we're getting zero value or very minimal value for being an internally-managed BDC and having a management company and generating fee income above and beyond our loans. To the extent we get close to NAV, we're absolutely going to be buying back shares because it's trading at a massive discount. RS : If anything, what has you the most concerned, either in general or in this upcoming year, let's say? KB : So liquidity is really important. Equity, liquidity and money flowing is really important, I think, for really kind of all of our businesses. There's a massive amount of dry powder sitting on the sidelines and it has been for a couple of years. Record amounts of venture capital, record amounts of private equity. Money flowing is really important. I think right now with the administration changing over, there's a lot of uncertainty. This could be good, but it could also, I don't know, there's scenarios where maybe it's not great for the industry, or maybe inflation sticks around longer than we thought. But I don't know. I think primarily our biggest concerns from like a macro sense are that we cannot figure out this debt situation, which is going to drag down all industries and all kind of financial stocks. We have a really significant kind of overhang on debt in this country. And we continue to kind of kick the ball, kick the can down the road. And that's a problem for all stocks, but certainly for financial stocks. Our ability to raise capital in our private funds is really important. So I'm not losing sleep over it and I don't even see it as a problem. I'm just pointing it out as it is something that is a big differentiator for us. And if we're really going to continue to stand out compared to our peers, we got to be successful raising that capital. RS : What else would you say about the financial sector and things that investors should be paying attention to, broadly speaking? KB : I kind of touched on it. But private credit is real. I think it's here to stay. Banks are going to be lending less. They have regulation that's coming down on them. They have less deposits, which means they can lend less. And so I think just generally speaking, banks are going to be lending less and they're going to be doing more receivable-type financing. So there's a gap, right? Everyone is looking for access to private credit and the majority of investors have decided over the last couple of years to move it into large entities. Those entities are having a very difficult time deploying that capital, which has created less than desirable returns, I think. And larger asset managers are really dependent upon M&A activity picking up. And with the new administration, there's a lot of euphoria around the idea that, hey, things are going to be better in the economy and that will probably lead to this dam breaking and M&A activity picking up. I don't know that that happens. I think it's leaking. But what's happened in 2021 and 2022, or companies with that policy, zero interest rate policy was companies receive valuations that were just astronomical. And over the last two or three years, they have really been trying to work into those valuations, but they did that with rates increasing, with a lot of macroeconomic and geopolitical kind of issues going on. They haven't been able to work into those valuations. So for the dam to really break and for M&A activity to pick up and for P/E dollars to flow and for all of this to happen, it's going to require companies to kind of face the music on a valuation standpoint and take the dilution that's really been continued to just get kicked down the road. And so there's a lot of money. There's a lot of money that wants to do deals in that. And once it starts, that money flows. It flows downstream. It flows back to private equity. It helps with fundraising. It flows into the VC world. It helps with fundraising that flows to companies like it will all be good. But it does require companies to bite the bullet on valuations that are just unrealistic. RS : Do you find that there's points in the market where people are more interested in BDCs than they are less interested? What do you feel like is that's predicated on for the most part? KB : Well, there certainly has been an increase in interest in BDCs. That's more of a statement on just private credit. Investors are trying to understand how do I get into private credit, right? And you really, you have limited options if you're a high net worth or family office, you can dump your money into Blackstone's umpteenth fund that they just launched, or you can search outside of that. And BDCs, it’s a really interesting entry point for investors who are wanting to invest in debt in private companies. And so the reason it's picked up is because there's been more interest there for groups trying to figure out more niche and different strategies other than some of the big boys. RS : Just curious, you mentioned the funds. I'm curious your thoughts about the nature of the market these days, the preponderance of ETFs out there. Any thoughts about that? KB : No, not really. It's definitely an expensive way, right, to invest. And there's a race to prop up an ETF for just about everything, right? TBD on whether that's a good strategy or not, or whether they're getting that diverse kind of exposure that they claim. So, the proof is in the pudding, I think we'll see what happens over time there. RS : Kyle, I appreciate this conversation. I'm curious in your time as CEO, as we're winding down the conversation, if there's been anything that has surprised you that you haven't been able to do that you wanted to do, or on the flip side, something maybe you thought you wouldn't be able to do and you were able to do it much sooner-than-expected. KB : What's interesting is as being a public company, we're running a business where we lend primarily to private companies. Those companies are funded by private sponsors, for the most part. And our – the business and the operation of our business is really not correlated to the stock market. It's just not. And – but the stock is correlated to the stock market. So I'd say that maybe that was just a naive mindset thinking that, hey, we're not correlated to the stock market, our underlying business isn't, but the stock certainly is. And so it's been interesting to see those swings in valuation for seemingly, in my opinion, kind of no reason, right. When you perform, that should be reflected in the stock price. And I think with BDCs right now, it's just – it’s still a developing environment, right? And so investors are entering it. There'll be more stability with more volume and more understanding of what they are and how they work. But we've seen more volatility than we had probably hoped for or imagined all while delivering growing and consistent returns. So maybe wishful thinking for me over time to see some real stability that kind of corresponds and correlates to the actual underlying performance of the business. RS : Happy for you to share where investors can find out more about Trinity, where they may be able to get in touch with you, happy for you to share that. KB : Our site has got a lot of great information, trinitycap.com. You can see the investments we're making, but I think I'd leave where I started. And when investors understand this, it's to their benefit. We are an internally-managed BDC. When you buy us, you're also buying into a management company with 100 employees, the ability to generate growing returns. And our goal, Trinity's goal is to be the number one performing BDC in the country with really stable NAV and growing earnings per share while being best-in-class on return on equity. And so that's been our goal since we launched this thing in the beginning of 2020 and it's still our goal today. And I think we have continued to perform in the top five really kind of BDCs since then. And it feels like we're just getting going. So I'll leave you with that.Tweet Facebook Mail US President-elect Donald Trump and the head of NATO have met for talks on global security, the military alliance said on Saturday. In a brief statement, NATO said Trump and its secretary general, Mark Rutte, met on Friday in Palm Beach, Florida. "They discussed the range of global security issues facing the Alliance," the statement said without giving details. READ MORE: Shots fired after police car allegedly rammed outside Melbourne shop US President-elect Donald Trump speaking with Dutch Prime Minister Mark Rutte in 2019. (AP Photo/Alex Brandon,) It appeared to be Rutte's first meeting with Trump since his November 5 election. Rutte had previously congratulated Trump and said "his leadership will again be key to keeping our Alliance strong" and that he looked forward to working with him. Trump has for years expressed skepticism about the Western alliance and complained about the defense spending of many of its member nations, which he regarded as too low. READ MORE: Fears of underworld retaliation after deadly Surry Hills shooting Trump picks hedge fund billionaire as treasury secretary View Gallery He depicted NATO allies as leeches on the US military and openly questioned the value of the alliance that has defined American foreign policy for decades. He threatened not to defend NATO members that fail to meet defense-spending goals. Rutte and his team also met Trump's pick as national security adviser, US Rep. Michael Waltz, and other members of the president-elect's national security team, the NATO statement said. Rutte took over at the helm of NATO in October. DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .