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Hancock Park Corporate Income, Inc., a Maryland corporation operating as a business development company, has disclosed a change in its executive team. Jeffrey A. Cerny, the current Chief Financial Officer and Treasurer, has informed the board of his intention to step down from his roles, effective March 31, 2025.
According to the Company’s filing with the Securities and Exchange Commission on Tuesday, Cerny’s departure is not due to any disagreement with the Company’s operations, policies, or practices. For detailed analysis of business development companies and their executives, InvestingPro offers comprehensive research reports covering 1,400+ US equities.
The board has appointed Kyle Spina as the new Chief Financial Officer and Treasurer, with his tenure beginning on the same day Cerny’s resignation becomes effective. Spina, 38, currently holds the position of Chief Accounting Officer at Hancock Park Corporate Income and has a background in fund accounting and reporting for OFS Capital (NASDAQ:OFS) Management, LLC, the investment adviser for the Company.
With over 15 years of experience in both public and private accounting, Spina’s credentials include roles as Assistant Controller of Credit Funds at Thoma Bravo, LP, and Controller and Accounting Manager for Fidus Investment (NASDAQ:FDUS) Corporation (NASDAQ: FDUS). Notably, FDUS has demonstrated strong performance with a 22.66% return over the past six months and maintains a robust 10.73% dividend yield.
The company currently trades near its 52-week high of $22.61, with InvestingPro data showing a healthy P/E ratio of 8.11 and an overall financial health score of "GOOD." His career began in public accounting, serving as an Audit Manager at BDO, where he specialized in audits of public companies. Spina is a Purdue University graduate with a Bachelor of Science degree in Accounting and Management and has been a Certified Public Accountant since 2010.
The Company’s filing confirms that there is no arrangement or understanding between Spina and any other persons regarding his appointment, and he has no family relationships with any of the Company’s directors or other executive officers. Additionally, there are no material transactions involving the Company and Spina exceeding $120,000 since the last fiscal year or any proposed transactions.
This executive transition comes as Hancock Park Corporate Income continues to navigate the business development landscape, and the Company has made it clear that this change in leadership is a planned succession. The information is based on a press release statement and provides a transparent view of the Company’s executive movements to its stakeholders. According to InvestingPro, FDUS has maintained dividend payments for 14 consecutive years and shows strong liquidity with current assets exceeding short-term obligations. Subscribers can access 10 additional ProTips and comprehensive financial analysis through the Pro Research Report.
In other recent news, Fidus Investment Corporation showcased a year of substantial growth in its third quarter of 2024. The company reported a 20% increase in its debt portfolio, leading to a record interest income of $33.7 million and a rise in net asset value to $658.8 million. Adjusted net investment income also increased by 12.3% to $20.4 million, supporting dividends of $0.57 per share.
New investments for the quarter totaled $65.9 million, pushing the portfolio’s fair value to $1.1 billion. Fidus Investment Corporation also secured a new Small Business Investment Company (SBIC) license, allowing access to an additional $175 million in debentures.
Despite a slight decrease in the weighted average effective yield on debt investments to 13.8%, the company remains confident in its overall portfolio health. CEO Ed Ross anticipates an increase in mergers and acquisitions activity in 2025 and expects an active investment quarter ahead.
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