In Q4 2025 the company reported GAAP net investment income of $6.6 million, or $0.287 per share, up from $6.1 million ($0.263 per share) in Q3, contributing to a net asset growth of $8.4 million. NAV per share increased to $11.68 from $11.41 in the prior quarter, a 2.4% gain.

The board declared a $0.25 per share base dividend plus a $0.01 supplemental payout for Q1 2026, payable April 6 to holders of record March 12. Undistributed taxable income was estimated at $27.6 million at quarter end and $21.6 million on a pro forma basis after the January distribution, limiting potential NAV impact.

During Q4 the company repurchased approximately 1.0 million shares for $7.4 million, with $15 million remaining under the $22.5 million authorization, accreting NAV by $0.184 per share. Leverage actions included a $164 million AAA-note securitization at SOFR plus 170 basis points, and a voluntary advisor incentive fee reduction from 20% to 17.5%, saving about $200,000.

Gross deployments totaled $77.1 million against $49.6 million in repayments, yielding net deployments of $27.5 million before joint-venture transfers. The portfolio remained 99.7% first-lien senior secured with yields declining to 11.0% from 11.6%; realized losses of $11.3 million and unrealized gains of $13.1 million produced a net $1.9 million gain. Non-accruals stood at 2.4%, with new concerns at Honors Holdings and Outward Hound sales below quarter-end marks.