Network Technology Solutions - The company provides network technology solutions, including hardware, software, and services, to enhance network capacity and automation across various applications such as cloud and AI [14]. - The company aims to expand its leadership in optical networking systems, leveraging proprietary WaveLogic technology for improved performance and energy efficiency [27]. - The acquisition of Nubis Communications, Inc. is expected to enhance the company's interconnect product offerings, particularly for data center interconnect solutions [28]. - The company is focusing on integrating IP routing with coherent optical technologies to address next-generation metro and edge networking needs [29]. - The Optical Networking portfolio includes key products like the 6500 Packet-Optical Platform and Waveserver system, designed for high-capacity data transport [36]. - The Routing and Switching portfolio supports applications such as next-generation metro and residential broadband access, utilizing a service-aware IP operating system [37]. Market Demand and Competition - The demand for increased bandwidth is driven by AI workloads, requiring high-speed connectivity and influencing data center locations [18]. - The company anticipates that network operators will increasingly invest in their infrastructures to meet the growing demands for bandwidth and digital services [21]. - The competitive environment includes major players like Nokia, Huawei, Cisco, and ZTE, with many having greater financial and operational resources [55]. - The company expects competition to broaden and intensify as network operators pursue diverse network strategies and consumption models [58]. - The company faces intense competition from larger vendors with greater resources, which may impact its ability to capture market share [81]. Financial Performance - Revenue increased by 19% to $4.8 billion in fiscal 2025, up from $4.0 billion in fiscal 2024, with significant order growth in cloud and service provider segments [157]. - Total revenue increased by 18.8% in fiscal 2025 compared to fiscal 2024 [167]. - Cash generated from operations increased to $806.1 million in fiscal 2025, compared to $514.5 million in fiscal 2024 [164]. - Net income (adjusted for non-cash charges) was $586.3 million for fiscal 2025 [195]. - The company repurchased $329.7 million of its common stock under the stock repurchase program during fiscal 2025 [192]. Research and Development - Investment in research and development reached $848.3 million in fiscal 2025, an increase of 11% compared to fiscal 2024 [160]. - The company invests in research and development to enhance solutions and develop new technologies, but there is no guarantee of market acceptance for these innovations [84]. Supply Chain and Manufacturing - The company has experienced supply chain capacity shortages affecting operations and financial results, with longer than normal lead times due to unprecedented AI-related demand [96]. - The company relies on third-party manufacturers and suppliers, which exposes it to risks of supply shortages, delays, and increased costs, particularly in the electro-optical component and semiconductor industries [98]. - The company’s product manufacturing strategy relies on third-party contract manufacturers in regions such as Canada, Mexico, Thailand, Vietnam, and the United States [51]. Employee and Workforce - The global workforce consists of 9,080 employees, with approximately 98% being full-time employees as of November 1, 2025 [59]. - The fiscal 2025 employee engagement survey had a participation rate of approximately 86%, with engagement scores exceeding industry benchmarks [61]. - The company faces intense competition for qualified personnel, particularly in critical talent segments, which could hinder effective business management and strategy execution [102]. Risks and Compliance - The company is exposed to risks from geopolitical developments, including tensions between the United States and China, which could disrupt the supply chain and impact demand [106]. - Cybersecurity incidents, including ransomware attacks, pose significant risks to the company's operations and reputation, potentially leading to substantial costs and regulatory scrutiny [108]. - The company is subject to evolving regulations regarding product security and data practices, which could increase operational costs and affect compliance [110]. - Changes in tax laws and regulations could adversely impact the company's effective tax rate and overall profitability [118]. Inventory and Financial Obligations - As of November 1, 2025, the company had $826.2 million in inventory and $2.1 billion in purchase commitments, many of which are non-cancellable [96]. - The company had $2.1 billion in outstanding purchase order commitments to contract manufacturers and component suppliers for inventory as of November 1, 2025 [202]. - Fixed lease payment obligations amounted to $109.3 million, with $23.4 million payable within 12 months [203]. Stock and Shareholder Returns - As of December 5, 2025, there are approximately 140,854,735 shares of common stock outstanding, with no cash dividends paid historically and intentions to retain earnings for business use [145]. - During the fourth quarter of fiscal 2025, the company repurchased a total of 685,214 shares of common stock at an average price of $123.28 per share, totaling approximately $84.5 million [146]. - The company has a stock repurchase program authorized for up to $1.0 billion, with $670.3 million remaining under the current authorization as of November 1, 2025 [147].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 2, 2025 Commission File No. 1-12597 CULP, INC. (Exact name of registrant as specified in its charter) NORTH CAROLINA 56-1001967 (State or other jurisdiction of incorporation or other organization) 410 W. English Road 5th Floor High Point, North Carolina 27262 (Address of principal executive offices) ( ...

Sales Performance - Sales for the quarter were $70,096,000, an increase of 46.8% from $47,764,000 in the comparable period of the prior year[94] - Domestic sales for the quarter were $55,224,000, up 51.7% compared to $36,409,000 in the prior year[94] - International sales for the quarter were $14,872,000, up 31.0% from $11,355,000 in the comparable period of the prior year[94] Financial Metrics - Gross profit margin for the three months ended October 31, 2025 was 28.1%, down from 29.2% in the comparable quarter of the prior year[97] - Operating expenses for the three months ended October 31, 2025 were $15,613,000, or 22.3% of sales, compared to $9,518,000, or 19.9% of sales in the prior year[98] - Net earnings for the three months ended October 31, 2025 was $2,445,000, or $0.82 per diluted share, compared to $3,008,000, or $1.01 per diluted share in the prior year[103] - The effective income tax rate for the three months ended October 31, 2025 was 26.5%, compared to 23.3% for the same period in the prior year[100] Order Backlog and Working Capital - The Company's order backlog was $192.9 million at October 31, 2025, compared to $184.4 million at October 31, 2024[96] - The Company had working capital of $67,830,000 at October 31, 2025, compared to $64,651,000 at April 30, 2025[105] Growth Strategy - The Company remains focused on growth, both organically and inorganically, and is committed to making strategic investments to support this growth[109]

Financial Performance - Revenue for the third quarter of fiscal year 2025 was $87.6 million, representing a 15.4% year-over-year growth[154] - Net Income for the third quarter was $76.5 million, compared to a loss of $(18.9) million in the same period last year, resulting in a net income margin of 87.3%[154] - Total revenue, net for the three months ended October 31, 2025, was $87.6 million, an increase of $11.7 million, or 15.4%, compared to $75.9 million for the same period in 2024[203] - Subscription and Reserve rental revenue was $77.0 million for the three months ended October 31, 2025, an increase of $10.7 million, or 16.1%, compared to $66.3 million for the same period in 2024[204] - Net income for the three months ended October 31, 2025, was $76.5 million, compared to a net loss of $18.9 million for the same period in 2024[202] - Total revenue, net for the nine months ended October 31, 2025, was $238.1 million, an increase of $8.3 million, or 3.6%, compared to $229.8 million for the same period in 2024[224] - Subscription and Reserve rental revenue was $208.2 million for the nine months ended October 31, 2025, an increase of $7.3 million, or 3.6%, compared to $200.9 million for the same period in 2024[225] Subscriber Metrics - Active Subscribers increased to 148,916, a 12.4% year-over-year increase, while Total Subscribers reached 185,166, up 6.1% year-over-year[154] - Active Subscribers increased to 148,916 as of October 31, 2025, up from 132,518 a year earlier, driven by higher promotional activity and improved retention[179] - Average Active Subscribers rose to 147,645 for the three months ended October 31, 2025, compared to 130,796 for the same period in 2024[180] Profitability and Margins - Gross Profit for the third quarter was $25.9 million, with a gross margin of 29.6%, down from 34.7% in the prior year[154] - Gross Profit for the three months ended October 31, 2025, was $25.9 million, down from $26.3 million in 2024, with Gross Margins decreasing from 34.7% to 29.6%[183] - Adjusted EBITDA was $4.3 million for the three months ended October 31, 2025, down from $9.3 million in 2024, with margins decreasing from 12.3% to 4.9%[186] - Net income was $76.5 million for the three months ended October 31, 2025, compared to a net loss of $(18.9) million for the same period in 2024[245] Expenses and Costs - Total costs and expenses were $103.8 million for the three months ended October 31, 2025, an increase of $14.2 million, or 15.8%, compared to $89.6 million for the same period in 2024[206] - Fulfillment expenses were $24.0 million for the three months ended October 31, 2025, an increase of $2.6 million, or 12.1%, representing 27.4% of revenue[207] - Technology expenses were $10.5 million for the three months ended October 31, 2025, an increase of $1.8 million, or 20.7%, compared to $8.7 million for the same period in 2024[209] - General and administrative expenses were $22.7 million for the three months ended October 31, 2025, an increase of $1.5 million, or 7.1%, compared to $21.2 million for the same period in 2024[213] - Rental product depreciation and revenue share was $37.7 million for the three months ended October 31, 2025, an increase of $9.5 million, or 33.7%, compared to $28.2 million for the same period in 2024[215] Cash Flow and Debt - Cash and Cash Equivalents as of October 31, 2025, were $50.7 million, down from $74.1 million in the previous year[154] - Cash flows from operations for the nine months ended October 31, 2025, were $(3.6) million, compared to $11.5 million for the same period in 2024[257] - The company had total debt outstanding of approximately $159.1 million as of October 31, 2025, with no maturities within the next 12 months[263] - The company completed recapitalization transactions on October 28, 2025, reducing existing indebtedness by exchanging $100 million for new term loans and issuing 26,175,193 shares of Class A Common Stock[252] Strategic Plans and Market Conditions - The company plans to nearly double the new inventory added to its site in fiscal year 2025, driving substantial growth[151] - The company expects to incur higher purchases of rental products in fiscal year 2025 compared to fiscal year 2024 due to increased inventory[156] - The company faces significant macroeconomic uncertainties, including inflation and supply chain issues, which may impact consumer spending and operational costs[172] - The company plans to invest in customer experience and optimize shipping methods to drive growth and efficiencies despite rising costs[174] - Fulfillment expenses are expected to fluctuate due to competitive labor market pressures, with a focus on automation to improve operational efficiency[191] Other Financial Metrics - Gain on Debt Restructuring was $96.3 million for the three months ended October 31, 2025, recognized from the troubled debt restructuring completed in October 2025[221] - Gain on Debt Restructuring was $96.3 million for the nine months ended October 31, 2025, recognized from the troubled debt restructuring completed in October 2025[239] - The company reported net income from operations of $76.5 million for the three months ended October 31, 2025, primarily due to a Gain on Debt Restructuring of $96.3 million[250] - The 2023 Amended Temasek Facility eliminated all interest payments for six fiscal quarters and reduced the minimum liquidity maintenance covenant from $50 million to $30 million[251] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to adopt new accounting guidance in line with private companies[268] - There were no material changes to the company's quantitative and qualitative disclosures about market risk in the three months ended October 31, 2025, compared to the 2024 Annual Report[269]

Exhibit 99.1 "For the nine months ended October 31, 2025, net sales were $155.8 million, an increase of $42.4 million, or 37.4%, compared to $113.4 million in the prior-year period. The increase was primarily attributable to higher sales volumes in both the Middle East and North America. Gross profit was $52.2 million, compared to $38.1 million in the prior year period, reflecting increased activity levels during the current year. General and administrative expenses were $26.1 million, up from $19.5 million ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File No. 001-32530 Perma-Pipe International Holdings, Inc. (Exact name of registrant as specified in its charter) Delawa ...

Subscriber Growth - Active subscribers increased by 12.4% year-over-year, reaching 148,916 at the end of Q3 2025[6] - Average active subscribers rose by 12.9% year-over-year, totaling 147,645[7] - The company anticipates double-digit growth in ending active subscribers for fiscal year 2025 compared to fiscal year 2024[10] Revenue Performance - Revenue for Q3 2025 was $87.6 million, a 15.4% increase from $75.9 million in Q3 2024[7] - Total revenue for the three months ended October 31, 2025, was $87.6 million, a 15.5% increase from $75.9 million in the same period of 2024[28] - Subscription and Reserve rental revenue increased to $77.0 million, up 16.8% from $66.3 million year-over-year[28] - For Q4 2025, the company expects revenue between $85 million and $87 million[10] Net Income and Gains - Net income for Q3 2025 included a one-time gain of $96.3 million from debt restructuring[7] - Net income for the nine months ended October 31, 2025, was $24.0 million, compared to a net loss of $56.5 million in the same period of 2024[30] - Net income for the three months ended October 31, 2025, was $76.5 million, compared to a loss of $18.9 million in the same period of 2024[34] - The company reported a gain on debt restructuring of $96.3 million for the three months ended October 31, 2025[28] Costs and Expenses - The company incurred total costs and expenses of $103.8 million for the three months ended October 31, 2025, compared to $89.6 million in the same period of 2024[28] - The company incurred $2.8 million in non-ordinary course legal fees related to securities lawsuits for the three months ended October 31, 2025[34] Profitability Metrics - Gross profit was $25.9 million, with a gross margin of 29.6%, down from 34.7% in Q3 2024[7] - Adjusted EBITDA was $4.3 million, with an adjusted EBITDA margin of 4.9%, compared to 12.3% in Q3 2024[7] - Adjusted EBITDA for the nine months ended October 31, 2025, was $6.6 million, down from $29.5 million in 2024[34] - Adjusted EBITDA Margin for the three months ended October 31, 2025, was 4.9%, down from 12.3% in 2024[34] Cash Flow and Assets - Free Cash Flow for the nine months ended October 31, 2025, was $(46.5) million, compared to $(9.3) million in 2024, indicating a significant decline[36] - Free Cash Flow Margin for the nine months ended October 31, 2025, was (19.5)%, compared to (4.0)% in 2024[36] - Cash and cash equivalents at the end of the period were $50.7 million, down from $77.4 million at the beginning of the year[26] - Total current assets decreased to $66.7 million as of October 31, 2025, from $93.9 million as of January 31, 2025[26] Debt and Liabilities - The company completed a transformative recapitalization, reducing total outstanding debt to $120 million and extending maturity to 2029[5] - Total liabilities decreased to $266.1 million as of October 31, 2025, from $422.5 million as of January 31, 2025[26] - The company reported a gain on debt restructuring of $(96.3) million for the nine months ended October 31, 2025[34] Customer Loyalty - Inventory-related churn decreased by nearly 30% year-over-year in Q3 2025, indicating improved customer loyalty[5] Future Expectations - Adjusted EBITDA margin expectations for fiscal year 2025 are not available due to high variability and complexity in excluded items[23]

Financial Performance - Total revenue for fiscal year 2025 was $592.4 million, essentially flat compared to $592.8 million in fiscal 2024[3] - The company reported an operating loss of $16.2 million in fiscal 2025, an improvement from a loss of $43.5 million in the prior year[4] - Net loss for the fiscal year was $34.3 million, or $3.35 per diluted share, compared to a net loss of $26.5 million, or $2.60 per diluted share, in fiscal 2024[7] - Operating expenses decreased by $20.2 million from the prior year, largely due to a goodwill impairment charge in the previous year and reduced promotional spending[5] Gross Margin and Cash Position - Gross margin increased to 35.1% in fiscal 2025, up from 33.9% in fiscal 2024, primarily due to improved overhead absorption and reduced inventory reserves[4] - Cash and investments as of October 3, 2025, totaled $176.4 million, a $14.4 million increase from the prior year, with no debt on the balance sheet[10] Revenue by Segment - Fishing segment revenue increased by 2% in fiscal 2025, driven by the success of new product launches[9] - Diving sales also rose by 2% due to modest improvements in market conditions and favorable foreign currency translation[9] - Camping and Watercraft Recreation revenue decreased by 13% primarily due to the exit of the Eureka! brand[9] Future Growth Strategy - The company plans to continue investing in innovation, operational efficiencies, and e-commerce to drive future growth[3]

Financial Performance - Active subscriptions reached a record 1.1 million, up 54% year-over-year; subscription revenue grew 29% year-over-year [2] - Total revenue increased by 5.8% to $7.6 million; advertising revenue rose by 6.0% to $5.2 million [9] - GAAP net income was $0.8 million, compared to a net loss of $0.3 million in the previous year; GAAP EPS improved to $0.06 from a loss of $0.02 [10] - Revenues for the three months ended October 31, 2025, increased to $7,610,000, up 5.8% from $7,194,000 in the same period of 2024 [27] - Net income for the three months ended October 31, 2025, was $788,000, compared to a net loss of $339,000 for the same period in 2024 [27] - Total comprehensive income for the three months ended October 31, 2025, was $887,000, compared to a loss of $368,000 in the same period of 2024 [27] - Net Income for Q126 was $0.8 million, showing improvement from a loss of $0.6 million in Q425 [31] - Adjusted EBITDA for Q126 was $1.2 million, compared to $0.3 million in Q425, indicating a positive trend [31] - Non-GAAP Net Income for Q126 was $0.9 million, a significant increase from $0.1 million in Q425 [31] Cash Flow and Assets - Free cash flow decreased by 36.8% to $0.6 million, impacted by restructuring-related compensation tax payments and reinvestments in high-potential initiatives [6] - Cash and cash equivalents at the end of the period were $18,496,000, down from $18,609,000 at the beginning of the period [29] - The company reported a net cash provided by operating activities of $825,000 for the three months ended October 31, 2025, down from $1,170,000 in the same period of 2024 [29] - Total Cash Flow from Operations for FY24 reached $5.9 million, demonstrating strong operational performance [31] Market and Growth Outlook - The company is optimistic about future growth, entering the second quarter of fiscal 2026 with a leaner operating structure and a stronger business engine [7] - DataSeeds Production Cloud is experiencing increased demand, with a significant order size increase of roughly 25X from an existing customer in the AI space [5] - The company expects to achieve a Non-GAAP diluted EPS of $0.07 for FY25, signaling growth potential [31] Shareholder Actions and Equity - The company repurchased approximately 240,000 shares of Class B Common Stock during the quarter [10] - Stockholders' equity as of October 31, 2025, was $25,895,000, slightly down from $25,901,000 as of July 31, 2025 [24] - The weighted average shares used for Non-GAAP basic EPS calculation was 14.1 million for Q125, indicating a stable share count [31] Liabilities and Expenses - Total liabilities increased to $10,064,000 as of October 31, 2025, compared to $9,753,000 as of July 31, 2025 [24] - Deferred revenues increased to $3,735,000 for current liabilities as of October 31, 2025, compared to $3,425,000 as of July 31, 2025 [24] - The company incurred $12.0 million in asset impairments and restructuring charges for FY24, impacting overall profitability [31] - Stock-based compensation expenses totaled $2.1 million for FY24, reflecting ongoing employee incentive programs [31] Other Metrics - ARPMAU increased by 29.2% to $0.099, indicating improved monetization of the user base [11] - The Zedge Marketplace showed resilience, with a GAAP operating income of $0.9 million compared to an operating loss of $0.5 million in the prior year [10] - Zedge Premium's Gross Transaction Value (GTV) decreased by 3.7% to $0.66 million [11] - Capital Expenditures for FY24 are projected at $1.2 million, with a focus on strategic investments [31]

Financial Ratios and Coverage - As of September 30, 2025, the company's asset coverage ratio was 207.8%, exceeding the minimum requirement of 200% under the 1940 Act[133]. - The company's asset coverage ratio was 207.8% as of September 30, 2025, exceeding the minimum requirement of 200% under the 1940 Act[148]. - The company's asset coverage was 207.8% after giving effect to leverage, exceeding the minimum requirement of 200% under the 1940 Act[193]. Debt and Borrowing - The company has issued $57.5 million in aggregate principal amount of 5.25% unsecured notes due November 1, 2028, and has a revolving credit facility increased to $100 million[130][131]. - The company has a revolving credit facility that was amended to increase the principal amount available by $12.5 million to $62.5 million[130]. - As of September 30, 2025, the company had $149.2 million in outstanding borrowings with a weighted average interest rate of 6.5%[154]. - The terms of the Credit Facility impose restrictions on the company's ability to incur additional debt, which could affect liquidity and investment strategy[213]. Investment Risks - Rising interest rates may increase borrowing costs and reduce net investment income, potentially leading to defaults on loans from portfolio companies[117][118]. - Economic downturns could impair portfolio companies' ability to repay debt investments, increasing the risk of non-performing assets[120][121]. - The company is exposed to risks associated with leverage, which could increase the risk of credit and capital losses during economic recessions[129][130]. - The company may face challenges in paying required distributions if it recognizes income before receiving cash, potentially affecting its RIC tax treatment[146]. - The company may need to raise additional capital to finance growth, but such capital may not be available on favorable terms[151]. - The company may suffer losses on unitranche loans if borrowers are unable to make required payments[182]. - Covenant-Lite Loans may expose the company to different risks, including liquidity and credit risks[183]. - The company may face dilution of NAV per share if shares are sold below current NAV, impacting stockholder interests[210]. - The company faces risks from potential defaults or impairments in debt investments due to issuer financial condition deterioration[245]. Regulatory and Policy Risks - The company faces regulatory uncertainty due to potential changes in U.S. trade policy, which could adversely affect the profitability of portfolio companies reliant on imports[115][116]. - Changes in governmental policies, including tariffs, could have a material adverse impact on the company's investments and operations[116][122]. - Legislative changes regarding tax reform could adversely affect the company and its stockholders[197]. - The board of directors has the authority to change investment objectives and strategies without prior notice, which could impact the company's operations and stock value[152]. Investment Strategy and Diversification - The company is classified as a non-diversified investment company, allowing it to invest a significant portion of its assets in a limited number of issuers, which may lead to greater NAV fluctuations[137]. - The company has not adopted fixed guidelines for diversification, which could lead to concentrated investments in a few portfolio companies[137]. - The company may invest up to 30% of its portfolio in opportunistic investments to diversify and enhance returns[184]. - Significant investments in one or more economic sectors may expose the company to risks associated with economic, regulatory, political, or market events[191]. Insurance Business Risks - As of September 30, 2025, 15.3% of the company's total assets were invested in NSG, its insurance business, exposing the company to various associated risks[177]. - NSG's pricing accuracy relies on morbidity and mortality estimates, which may be based on insufficient or incorrect data, potentially leading to underpricing or overpricing risks[221]. - A material increase in the valuation of liabilities for future benefit payments could occur if actual policyholder behavior deviates from assumptions, impacting NSG's financial condition[219]. - NSG's liquidity may be adversely affected by unexpected policyholder withdrawals or surrenders, which could force the company to sell investments or seek third-party financing[223]. - The property and casualty insurance business is cyclical, with operating results subject to fluctuations based on market conditions and catastrophic events[231]. - Competition in the insurance industry is intense, with NSG facing challenges from larger competitors that may offer better pricing and broader product ranges[233]. - Changes in regulatory environments could limit NSG's operational flexibility and increase compliance costs, adversely affecting business objectives[237]. Cybersecurity and Technological Risks - The company does not maintain insurance coverage relating to cybersecurity risks, which may result in significant additional resource expenditures for protective measures and remediation[160]. - Cybersecurity failures or breaches from third-party service providers could disrupt business operations and lead to financial losses and regulatory penalties[159]. - The company is exposed to risks from technological innovations, including artificial intelligence and machine learning, which may disrupt market practices and increase competition[161]. Market and Economic Conditions - The competitive landscape has intensified, with larger entities potentially offering better terms, which may limit the company's investment opportunities[149]. - The market price of the company's common stock is subject to significant fluctuations due to various external factors, including regulatory changes and economic trends[205]. - Difficult conditions in capital markets and the economy could adversely affect demand for insurance products and overall business performance[250]. - Public health crises or extreme mortality events could significantly impact NSG's business and financial condition, affecting sales and claims[222]. Interest Rate Sensitivity - Interest rate fluctuations could negatively impact the company's investments and net interest income, particularly if new investments yield lower rates than current ones[138]. - The company utilizes SOFR-based loans for its Credit Facility, which may result in lower net interest margins compared to previous LIBOR-based rates[140]. - NSG's investment portfolio is significantly affected by interest rate changes, with 67.5% of its income-bearing investments linked to floating rates based on fair value[361]. - A rise in interest rates could lead to an increase in interest income from variable rate investments, while a decline may reduce gross investment income[362]. - As of September 30, 2025, the floating rate debt investments composition shows 44.1% of the portfolio has a SOFR floor between 1% to under 2%[363]. - Hypothetical interest rate changes indicate that a 300 basis points increase could result in a net increase of $1,300 thousand in net assets from operations[364].