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- **Strategic Growth**: $250M portfolio acquisition and PSSL 2 JV drive NII expansion, with $0.01-$0.02 per share quarterly contribution from the acquisition.
- **Market Resilience**: Core middle market focus (SOFR + 4.75-5.25%) with 4.4x median debt/EBITDA and 2x interest coverage highlights disciplined risk management.
- **JV Scaling Potential**: PSSL 2 JV targets $1 billion+ AUM, with mid-teens ROIC, positioning for dividend growth.
- **Credit Strength**: 1.8% PIK income, 0.4% nonaccruals at cost, and 10.2% portfolio yield underscore defensive positioning.
- **Liquidity & Leverage**: 1.4x debt-to-equity ratio (within 1.4x-1.6x target), supporting conservative capital deployment.

**【CEO Summary Section】**
- **Q4 2025 Results**: Core net investment income (NII) of $0.28 per share, driven by a $250 million portfolio acquisition and the formation of a new joint venture (PSSL 2) with Hamilton Lane.
- **Strategic Initiatives**: 
  - Portfolio acquisition adds high-quality assets, projected to increase NII by $0.01-$0.02 per share quarterly.
  - PSSL 2 JV closed a $150 million credit facility (SOFR + 175bps) with an accordion feature to $350 million; target to scale to $1 billion+.
- **Market Positioning**: Focus on core middle market (EBITDA $10-50M) with lower leverage (median 4.4x debt/EBITDA) and higher spreads (SOFR + 4.75-5.25%).
- **Credit Quality**: Among lowest PIK income (1.8%), 0.4% nonaccruals at cost, and 2x interest coverage.
- **Portfolio Growth**: Total assets $2.8 billion (up 16.7% QoQ), with $633 million invested at 10.5% yield.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - GAAP and core NII: $0.28 per share.
  - Operating expenses: $25.8M interest, $13.4M fees, $2M G&A.
  - NAV: $10.83 per share (-1.2% QoQ).
  - Debt-to-equity: 1.4x (post-asset sales to JVs).
- **Portfolio Metrics**: 
  - 99% floating rate, 90% first lien, 7% equity co-investments.
  - Weighted average yield: 10.2%, median debt/EBITDA: 4.5x.
- **Liquidity**: Revolving credit facility reduced to 1.4x, within target range of 1.4x-1.6x.

**【Q&A Key Highlights】**
- **Portfolio Acquisition Impact**: Assets originated 2+ years ago with high spreads; full-quarter contribution of $0.01-$0.02 per share expected.
- **Market Trends**: Steady transaction activity in core middle market; cautious on consumer exposure, resilient in government/defense/healthcare.
- **JV Scaling**: PSSL 2 JV to generate mid-teens ROIC; dividend coverage to improve as JV scales to $1 billion+.
- **Credit Outlook**: No systemic issues; 1.8% PIK income reflects disciplined underwriting.
- **Buyback Consideration**: Board evaluates all options, including buybacks, amid 17% discount to NAV.

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