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- **Revenue and Dividends**: $0.61 per share net income with $0.64 total dividends, supported by $350M debt issuance and 104% dividend coverage.
- **Portfolio Growth**: 24% YoY credit portfolio expansion to $1.7B, 99% first lien senior secured, and 3.6x cash flow coverage.
- **Equity Upside**: $172M equity co-investments at 126% of cost, contributing $0.63 per share in unrealized gains.
- **Liquidity and Leverage**: $719M liquidity, 0.91x regulatory leverage, and 1.6% operating leverage below industry average.
- **Pipeline Momentum**: Q4 originations expected to match Q2 levels, with focus on add-ons and conservative underwriting.

**【CEO Summary Section】**
- Generated pretax net investment income of $0.61 per share, with total dividends declared at $0.64 per share for the quarter.
- Raised $350 million in 5.95% unsecured notes, redeeming $221.9 million in maturing debt without make-whole premiums.
- Originated $245 million in new commitments across 7 platforms and 10 add-ons, with 32% of capital allocated to performing portfolio companies.
- Weighted average spread on new commitments was 6.5%, reflecting strong pricing in a competitive market.

**【CIO (Josh Weinstein) Commentary】**
- Credit portfolio grew 24% YoY to $1.7 billion, with 99% of debt in first lien senior secured positions.
- Equity co-investment portfolio of $172 million (9% of total assets) marked at 126% of cost, contributing $0.63 per share in unrealized gains.
- Portfolio companies achieved 10% annualized EBITDA growth, with cash flow coverage of 3.6x, the highest in 3 years.
- 91% of loans rated in top 2 categories, with 0.9% average exposure per company, ensuring granular risk distribution.

**【CFO (Chris Rehberger) Financial Commentary】**
- Reported pretax net investment income of $34 million ($0.61 per share), with 104% dividend coverage over 12 months.
- Operating leverage of 1.6%, significantly below industry average of 2.7%, driven by internally managed model efficiency.
- NAV per share increased to $16.62, supported by $40 million in ATM equity proceeds at 137% of NAV.
- Regulatory leverage of 0.91x, with $719 million in liquidity to cover $334 million in unfunded commitments.

**【Q&A Highlights】**
- Pipeline expansion: CEO expects $150-200 million in quarterly originations, up from prior $100-125 million range.
- Credit quality: 9% of portfolio underperforming, but 3.6x LTV and 3.5x EBITDA leverage provide significant cushions.
- Equity strategy: 9% of assets in equity co-investments, targeting 10-15% over time through non-sponsored deals.
- Capital structure: No major shifts planned, with SBIC, secured debt, and ATM equity as primary funding sources.

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