Core Insights - The company reported its strongest year in history, driven by record transaction volume, higher returns on new investments, and improved capital efficiency [4][6] - Investment returns improved significantly, with yield on new investments exceeding 10.5% for the second consecutive year and adjusted EPS growing by 10% to $2.70 [6][7] - The company closed $4.3 billion in new transactions during 2025, marking an 87% increase compared to 2024, with a strong fourth quarter contributing to this growth [3][6] Investment Performance - Yield on new investments was reported at over 10.5% for the second year in a row, while adjusted recurring net investment income rose to $362 million, a 25% increase year-over-year [6][7] - Adjusted ROE increased to 13.4%, up 70 basis points from 2024, with incremental ROE exceeding 19% [8][6] Capital Efficiency and Funding Strategy - The company emphasized capital efficiency, highlighted by a $500 million junior subordinated note issuance that received equity credit from rating agencies [5][10] - Total liquidity was reported at $1.8 billion, with expanded bank facilities and a third investment-grade rating achieved [11][10] Pipeline and Future Growth - The investment pipeline grew from over $5.5 billion at the end of Q1 to over $6.5 billion by year-end 2025, driven by U.S. load growth and interest in third-party capital providers [2][6] - The company extended its guidance through 2028, projecting adjusted EPS of $3.50 to $3.60 and an adjusted ROE exceeding 17% [5][18] Notable Transactions - A significant transaction included a $500 million joint venture with Sunrun, aimed at enhancing investment tax credit transferability [12][16] - The company’s largest investment to date, the $1.2 billion SunZia project, is scheduled to fund in Q2 of the current year [13][6] Sustainability Efforts - The company reported avoided annual CO₂ emissions from new investments exceeded 1.7 million metric tons in 2025, bringing total emissions avoided to 10 million metric tons [21]