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American Electric Power Co. (AEP) â€� Form 4 insider filing

Director Sandra Beach Lin reported the acquisition of 409.59 phantom stock units on 06/30/2025 under the company’s Stock Unit Accumulation Plan for Non-Employee Directors. Each phantom unit mirrors the value of one share of AEP common stock and is cash-settled after the director leaves the Board.

The reference price disclosed for the units was $103.76 per phantom share, implying an incremental position worth roughly $42,000. After the transaction, Lin’s direct holdings in the plan total 17,834.81 phantom units. No transactions involving actual AEP common shares were reported, and the filing does not indicate any sales or option exercises.

The transaction appears to be routine board compensation rather than an open-market purchase, and it modestly increases the director’s economic exposure to AEP’s share price.

Form 4 filing overview: On 06/30/2025 American Electric Power Co. (AEP) director Lewis Von Thaer acquired 409.59 phantom stock units credited at a reference price of $103.76 per unit. Following the transaction, the director holds 6,709.07 phantom stock units in total.

Phantom stock units are a derivative form of compensation that track the value of AEP common shares and settle in cash or shares when board service ends, unless the director elects a deferral of up to five years. No open-market purchase or sale of common shares occurred; the filing reflects routine board compensation and does not change the public float or share count.

Gladstone Investment Corporation (NASDAQ: GAIN) � 2025 Definitive Proxy Statement highlights

â€� Annual Meeting: Thursday, August 7, 2025 at 11:00 a.m. ET via webcast (www.virtualshareholdermeeting.com/GAIN2025). Record date: June 11, 2025 (36,921,165 shares outstanding).

� Proposals up for vote:

• Proposal 1: Elect two directors—David Gladstone (Chairman & CEO, interested) and John H. Outland (independent)—for terms expiring at the 2028 meeting.
• Proposal 2: Ratify PricewaterhouseCoopers LLP (PwC) as independent registered public accounting firm for fiscal year ending March 31, 2026.

� Board composition: Seven members; five independent (71%). Lead Independent Director: Walter H. Wilkinson. Board is staggered into three classes; independence evaluated under Nasdaq and 1940 Act rules.

� Diversity snapshot (June 30 2025): 3 female / 3 male / 1 undisclosed; 3 military veterans; racial/ethnic mix includes Hispanic/Latinx and multiracial representation.

� Governance structure: Combined Chair/CEO role held by founder David Gladstone; Lead Independent Director mitigates oversight concerns. Key committees—Audit, Compensation, Ethics/Nominating, Valuation—are fully independent. Audit Committee members qualify as “audit committee financial experts.�

� Audit firm & fees: PwC has served since 2006. FY 2025 audit-related fees total $674k (up 8.5% YoY), with $113k categorized as audit-related (ATM program & debt offering).

� External management economics: Adviser earns 2% base fee on average gross assets plus incentive fees (20% over 8.75% annualized hurdle). FY 2025 payments: $23.7 million to Adviser; $1.9 million to Administrator.

� Director compensation (FY 2025): Independent directors received $25k base retainer plus meeting/committee fees; top earner was John H. Outland at $52k from the Company ($245k across Gladstone fund complex).

� Share ownership: Insiders/directors own 2.40% of common stock; David Gladstone holds the largest stake (667,630 shares, 1.81%). No outside holder exceeds 5%.

� Voting mechanics: Directors elected by plurality; PwC ratification requires majority of shares present. Broker non-votes count toward quorum, not outcome (non-routine for Proposal 1, routine for Proposal 2).

Form 4 filed for NeuroOne Medical Technologies Corp. (NMTC) discloses a minor insider transaction by Chief Technology Officer Steve Mertens on 30 June 2025.

• Transaction type: Code F, which reflects shares withheld to satisfy tax obligations.
• Shares affected: 906 common shares at an indicated price of $0.678 per share.
• Post-transaction holding: Mertens directly owns 162,235 NMTC common shares.
• Derivative securities: None reported.

The filing represents routine tax-related share withholding and does not indicate open-market buying or selling. The magnitude�<1% of the executive’s reported holdings—is too small to materially affect ownership structure or signal a strategic shift.

American Electric Power Company, Inc. (AEP) â€� Form 4 filing dated 07/02/2025

Director Hunter C. Gary reported the acquisition of 409.59 phantom stock units on 06/30/2025 at a reference price of $103.76 per AEP share. Phantom stock units are deferred compensation instruments that track the value of AEP common stock and are generally settled in cash or shares when board service ends, unless the director elects a later payout (no later than five years after termination).

Following the transaction, Mr. Gary directly holds 2,543.5 phantom stock units. No open-market purchase or sale of common shares occurred, and no non-derivative holdings were reported.

The filing reflects routine board compensation rather than a discretionary insider buy or sell. As such, the disclosure is informational and neutral for investors, indicating continued alignment of the director’s interests with shareholder value but no material change to AEP’s fundamentals.

Royal Bank of Canada (RY) is issuing US$1.554 million of five-year, unsecured Lookback Entry Enhanced Return Buffer Notes linked to the S&P 500 Futures Excess Return Index (Bloomberg: SPXFP). The securities are offered at par but carry no periodic interest and will not be listed on any exchange, limiting liquidity. Principal repayment and any upside are determined at the July 3 2030 maturity date using a six-month “look-backâ€� mechanism that locks in the lowest closing level of the Underlier between June 30 2025 and December 30 2025 as the reference entry point.

Upside profile: If the Final Underlier Value on the June 28 2030 valuation date exceeds the Lookback Underlier Value, investors receive 120 % of the index return (Participation Rate). Illustrative tables show a 20 % index gain producing a 24 % note return (US$1,240 per US$1,000 principal).

Downside protection: A 10 % Buffer shields principal for losses of up to 10 % relative to the Lookback level. Below that, repayment is reduced by 1 % for every additional 1 % decline. A 50 % drop in the index would cut principal to US$600, a 40 % loss, as demonstrated in the issuer’s example.

Key structural terms

• Trade Date: June 30 2025; Issue Date: July 3 2025.
• Maturity Date: July 3 2030 (5.0-year tenor).
• Minimum investment/denomination: US$1,000.
• Initial estimated value: US$968.43 per US$1,000, or â‰�3.2 % below the public offering price, reflecting hedging costs, internal funding spread and a 0.25 % underwriting discount.
• Credit exposure: senior unsecured debt of Royal Bank of Canada; payments subject to the Bank’s ability to pay.

Risk highlights

• Investors may lose substantial principal if the index falls more than 10 % from the Lookback value.
• No interim coupons; opportunity cost versus conventional fixed-rate debt.
• Notes are unlisted and market making is discretionary, creating potential illiquidity and significant bid-ask spreads.
• The Lookback Underlier Value is unknown until December 30 2025, leaving entry price uncertainty for six months.
• Initial estimated value is materially below issue price; secondary market value likely lower than purchase price.
• Product complexity and uncertain U.S. tax treatment (prepaid forward contract approach) require specialist advice.

Overall, the Notes offer leveraged upside and partial downside buffer tied to S&P 500 futures but trade off liquidity, current income and full downside protection, while embedding issuer credit and valuation risks.

JPMorgan Chase Financial Company LLC is offering $7.9 million of Digital Equity Notes due August 9, 2027 linked to the S&P 500 Index. The notes are unsecured, senior obligations of the issuer and are fully and unconditionally guaranteed by JPMorgan Chase & Co.

Key payout mechanics:

• Principal: $1,000 per note.
• Trade / Issue / Maturity: June 18 2025 / June 26 2025 / August 9 2027.
• Buffer: First 10 % downside is protected (threshold level = 90 % of initial level).
• Cap: Upside is fixed at the Threshold Settlement Amount = $1,176.50 (17.65 % maximum gross return).
• Downside formula: If the S&P 500 falls >10 %, investors lose principal on a 1.1111× leveraged basis (e.g., âˆ�25 % index return â‡� âˆ�27.78 % note return).
• Interest: None.
• Estimated value at pricing: $978.00 (97.8 % of face), indicating a 2.2 % issuance premium covering selling commissions (1.56 %) and hedging/structuring costs.
• Secondary market: Notes will not be listed; J.P. Morgan Securities LLC (JPMS) may make a market but is not obliged to do so.

Risk highlights:

• Credit risk: Payments depend on the creditworthiness of both JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.
• Market risk: Investors may lose part or all principal if the S&P 500 declines by more than 10 % from the initial level (5,980.87).
• No current income: The notes pay no coupons or dividends.
• Liquidity: Limited secondary trading; exit prices likely below issue price due to bid-ask spreads and structuring costs amortisation.
• Tax uncertainty: Treated as “open transactionsâ€�; IRS could challenge this treatment, potentially resulting in different tax outcomes.

The issuance is modest in size relative to JPMorgan’s balance sheet and appears designed for investors seeking capped S&P 500 exposure with a 10 % buffer over a 25-month horizon. The product’s asymmetric payoff (limited upside vs. leveraged downside beyond the buffer) and lack of liquidity make it suitable only for investors who can hold to maturity and who are comfortable assuming both index and issuer credit risk.