Net investment income for Q4 decreased to $0.48 per share from $0.57 in Q3, with adjusted NII of $0.52 per share. Net asset value fell to $20.89 per share from $21.99, and total net realized and unrealized loss amounted to $0.89 per share versus a $0.19 gain last quarter. Purchases totaled $1.098 billion against $1.334 billion of sales and repayments, and the net debt-to-equity ratio rose to 122% from 116%.

For the full year, net investment income was $2.34 per share, down from $2.90, with adjusted NII matching at $2.34. Total net realized and unrealized loss reached $2.30 per share versus a $0.81 loss in 2024, while cash distributions paid amounted to $2.80 per share.

The board declared a first-quarter 2026 distribution of $0.48 per share, comprising a $0.45 base distribution and a $0.03 supplemental distribution. This payment is scheduled for April 2 to shareholders of record as of March 18, 2026.

As of December 31, total fair value of investments was $13.0 billion, with 62.4% in senior secured securities. The weighted average yield on accruing debt investments was 10.1%, down from 10.6% in Q3, and overall debt yield was 9.3%. Investments on non-accrual status represented 3.4% of the portfolio at fair value, up from 2.9%, and the top ten exposures accounted for 19%.