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- **Strong Capital Deployment**: $138.7 million invested in Q3, generating $13.6 million net investment income and $0.43 per share NII.
- **Dividend Discipline**: Paid $0.42 per share total dividend, maintaining 100% coverage while returning excess capital via supplemental distribution.
- **Share Buyback Acceleration**: $5 million additional repurchases approved, reflecting confidence in 25% discount to NAV.
- **Credit Quality Improves**: Interest coverage ratio rises to 2.5x, non-accruals remain below 1%, and LifeScan exits non-accrual with expected par recovery.
- **Balance Sheet Optimization**: Refinanced credit facility to reduce cost and extend maturity, maintaining 1.53x debt-to-equity ratio.

**【CEO Summary Section】**
- Deployed $138.7 million in Q3, generating $31.7 million total investment income and $13.6 million net investment income.
- Paid $0.42 per share total dividend, covering $0.36 base dividend and $0.06 supplemental distribution.
- Announced $5 million additional open market share repurchases, bringing total buyback capacity to $9.72 million year-to-date.
- NAV per share of $15.39 as of September 30, 2025, down 1.8% from prior quarter.

**【CFO Financial Commentary】**
- Total investment income $31.7 million (-15.1% YoY), net expenses $18 million (+14.3% YoY), resulting in $0.43 per share NII.
- Total net realized/unrealized losses $10.3 million, driven by $7.9 million unrealized depreciation on portfolio investments.
- Debt-to-equity ratio 1.53x, liquidity $252.8 million, and $4.72 million shares repurchased at $13.75 average price.

**【Portfolio Highlights】**
- $1.26 billion fair value portfolio across 42 industries, 95% senior secured, 10.07% weighted average yield to maturity.
- Key metrics: 2.5x interest coverage, 5.5x senior secured leverage, 1.14% PIK income as a percentage of total investment income.
- Non-accruals at 40 basis points (fair value basis), with LifeScan removed from non-accrual status and expected par recovery.
- Refinanced $175 million credit facility to $200 million with 55 bps spread reduction and extended maturity to 2030.

**【Q&A Highlights】**
- **First Brands Investment**: Maintaining position due to 3:1 roll-up economics and brand value, though acknowledges complexity of bankruptcy process.
- **Share Repurchase Strategy**: Flexible buyback plans to capitalize on 25% discount to NAV, with $5 million additional capacity approved.
- **Interest Coverage Ratio**: Improved to 2.5x from 2.1x Q2, driven by EBITDA growth and lower borrowing costs.
- **Private Credit Approach**: Disciplined underwriting, focus on relative value, and avoidance of chasing spreads without risk-adjusted returns.

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