Key Highlights

  • Capital Southwest's total Investment income climbed to $67.2 million, a 17.9% gain on the year-earlier period.
  • New Mountain Finance's net asset value per share stood at $10.67, compared with $11.52 at Dec 31, 2025.
  • Great Elm Capital's net Assets from operations decreased by $4.2 million during the period.
  • Greenlight Capital Re's Net Income came in at $3.2 million, a turnaround from a $4.4 million loss the prior year.

Five Names Post Results Around Nov 2, 2026, Using Mixed Metrics

Of the five reporters around Nov 2, 2026, just one of the four offering a revenue-style number increased it. For its fiscal second quarter, which closed Sep 30, 2026, Capital Southwest (NASDAQ:CSWC) brought in $67.2 million of investment income, a 17.9% increase, and produced $21.4 million from its operating net asset gain. New Mountain Finance (NASDAQ:NMFC) generated $60.4 million of investment income, a drop of roughly 25% (calculated), and its operating gain to net assets was $3.7 million.

Great Elm Capital (NASDAQ:GECC) recorded investment income of $8.7 million, which is 18.3% lower (calculated), along with a $4.2 million reduction in net assets arising from operating results. Pershing Square (NYSE:PS) brought in $56.6 million of GAAP revenue, about 14.5% below the prior level (calculated), alongside a $19.9 million loss attributable to its shareholders.

Greenlight Capital Re (NASDAQ:GLRE) is a Reinsurance company that generated $3.2 million of net income. Its documents show no overall Revenue sum, and because this group mixes investment income, GAAP revenue and net income, the numbers do not match up on a like-for-like basis.

Capital Southwest: Net Investment Income Up 13.5% Despite Higher Borrowing Costs

Capital Southwest's net investment income grew 13.5%, reaching $36.3 million, but borrowing costs rose faster: interest expense climbed to $21.0 million, a 31.0% increase, as average Debt outstanding went up. A $16.6 million hit from unrealized Depreciation dragged the operating gain to $21.4 million, equal to $0.33 for every diluted share, against $25.6 million before.

The firm is internally run and lends to lower middle market companies, mostly through first Lien loans. The holdings base reached $2,410.1 million and was spread across 153 companies. Loans flagged as non-accrual made up roughly 1.4% of fair value, a step up from 1.1%.

Net asset value per share finished at $16.64, slightly below the $16.69 recorded on Mar 31, 2026. By period end, $599.2 million of Credit line capacity remained unused, following the Placement of $350.0 million of 6.750% notes maturing in 2031.

New Mountain Finance: Management Points to a Shrinking Asset Base

Management linked the decline in interest income to a smaller base of invested assets, following a roughly $468 million asset sale completed on Mar 10, 2026. Investment income came to $60.4 million, compared with $80.5 million in the earlier period, and net investment income slipped to $23.7 million from $34.0 million.

Net realized and unrealized losses amounted to $20.0 million, leaving $3.7 million, or $0.04 a share, of net gain in operations. New Mountain Finance's Book Value per share fell to $10.67 from the $11.52 level seen on Dec 31, 2025, absorbing $1.12 a share of losses and $0.82 a share in payouts across nine months.

This closed-end Business Development Company holds debt and Equity positions in middle-market businesses. Its board approved a fourth-quarter distribution of $0.25, versus $0.32 paid one year before.

Great Elm Capital: Net Investment Income Holds Steady as the Portfolio Contracts

Great Elm Capital's net investment income was $2.4 million, almost unchanged, while total investment income fell from $10.6 million to $8.7 million. The company's net assets dropped by $4.2 million on an operations basis, or $0.30 a share, a smaller decline than the $22.0 million reduction in the prior year.

This BDC extends senior secured credit to middle-market companies, and it also owns specialty finance stakes plus collateralized Loan obligation holdings. Principal in its debt portfolio fell to around $175.4 million from $224.1 million, yet the average coupon went up to 11.2%.

Great Elm's net asset value per share came in at $7.40, down from $8.07 on Dec 31, 2025. Across nine months, $45.5 million went toward buying back and redeeming notes, and the asset coverage ratio reached roughly 166.3%.

Pershing Square: Fee-Related Earnings Up 13% While GAAP Results Turn Negative

Pershing Square ended up with a $19.9 million GAAP loss for shareholders, equal to $0.05 a share, whereas the earlier year showed $0.39 a share of profit. Staff pay and benefits went from $5.7 million up to $70.5 million, and the document offers no reasoning for that jump. Gains that were unrealized on a held position came to $19.2 million, down from $132.0 million.

The firm is an alternative asset manager that operates permanent capital vehicles. Its fee-related earnings, a non-GAAP figure, expanded 13% to $63.7 million, a result that carried an 84.2% margin. On the other hand, distributable earnings slipped 12% to $49.5 million, which comes to $0.12 a share, after $11.5 million in taxes that arose once the corporate conversion took place.

Assets under management totaled $32.8 billion, and $23.0 billion of that was fee-paying capital. The company paid a $0.103 per-share Dividend on Oct 20, 2026.

Greenlight Capital Re: Smaller Investment Loss Helps Swing Results Back to a Profit

Greenlight Capital Re swung to $3.2 million of net income, or $0.10 for each diluted share, from a $4.4 million net loss in the year before. The investment loss narrowed from $17.4 million to $4.6 million, but net Underwriting income dropped from $22.3 million to $14.6 million.

This Cayman Islands-based reinsurer focuses on specialty property and casualty lines. Underwriting efficiency weakened, with the combined ratio at 90.5% versus 86.6% before, and net premiums earned came in at $153.4 million after a 7.2% decline. Open Market Gross Written Premiums dropped 10%, while Innovations grew 46%.

Book value per share on a fully diluted basis stood at $20.78. During the nine-month span, 1,606,894 ordinary shares were bought back, costing $27.2 million. A new buyback allows purchases of up to $40 million through May 31, 2027.

Side-by-Side View: Growth Concentrated in One Name as Net Asset Values Retreat

Across the four companies that gave a figure, total investment income or revenue added up to roughly $192.9 million (calculated). The average change across them, taken simply, was about negative 10.0% (calculated). The Capital Southwest figure is roughly 7.7 times larger than Great Elm's (calculated), which highlights how far apart the reporting bases sit.

Against Mar 31, 2026, Capital Southwest's net asset value per share edged down about 0.3%. Measured against Dec 31, 2025 instead, New Mountain Finance fell roughly 7.4% and Great Elm Capital roughly 8.3% (both calculated), which means the reference dates do not match. Pershing Square reports fee-related earnings in place of net asset value, while Greenlight Capital Re uses book value.

Since net income, the operating gain to net assets and a net loss measure different things, this piece avoids adding them together.

What to Watch Next: Distribution Dates, Pershing Square's Call and Greenlight's Lloyd's Transition

New Mountain Finance will pay its $0.25 distribution on Dec 31, 2026 to shareholders recorded on Dec 17, 2026. Great Elm Capital's $0.25 payment carries the same pay date, with a Record Date of Dec 15, 2026. Buybacks at New Mountain Finance may proceed until whichever comes first: Dec 31, 2027, or the moment $150 million has been purchased.

An investor call from Pershing Square is on the calendar for Nov 3, 2026. On Jan 1, 2027, Greenlight Capital Re's Lloyd's arrangement moves to full syndicate status, and its repurchase window stays open through May 31, 2027.

Beyond its next quarterly filing, the Capital Southwest materials list no dated milestone.