Financial Data and Key Metrics Changes - Q2 net investment income per share was $0.47, representing an annualized yield on book value of 10.7%, exceeding regular dividend payout by 12% [6][7] - Q2 earnings per share were $0.37, reflecting an annualized return on book value of 8.3% [7] - Net asset value per share was $17.56, down $0.08 from the prior quarter [7][24] - Total investment income increased to $71 million from $66.8 million in the previous quarter [22] - Net investment income for the quarter was $30.6 million, down from $32.1 million in the prior quarter [24] Business Line Data and Key Metrics Changes - New investment fundings during Q2 totaled $530 million, with $242 million into 12 new companies and $273 million into 81 existing companies [15] - 93% of new fundings were in first lien senior secured loans, indicating a focus on downside management [16] - The investment portfolio at fair value was approximately $2.5 billion across 185 portfolio companies [18] Market Data and Key Metrics Changes - Gross originations were $530 million, up 73% year over year [9] - The weighted average spread of new originations was over 580 basis points [11] - 62% of outstanding debt was in floating rate debt, positioning the company favorably in a higher interest rate environment [25] Company Strategy and Development Direction - The company remains focused on investing in the middle market to drive attractive returns for investors [28] - The strategy includes leveraging Bain Capital's platform advantage to source investment opportunities [10] - The company aims to maintain a disciplined underwriting approach while navigating competitive market conditions [11] Management's Comments on Operating Environment and Future Outlook - Management noted increased market volatility due to higher tariffs but observed a return to normalized deal volume [8] - The company is well-positioned to navigate the current market environment despite spread compression [11] - Dividend coverage remains strong, with a focus on maintaining an attractive dividend policy [13] Other Important Information - The company declared a third-quarter dividend of $0.42 per share, with total dividends for the third quarter amounting to $0.45 per share [7] - Non-accrual investments represented 1.7% of the total investment portfolio, with a slight uptick due to one new addition [12][21] Q&A Session Summary Question: What drove the decision to refinance the 2019 middle market securitization? - The refinancing was driven by attractive pricing opportunities in the market, allowing the company to issue at a lower cost compared to the previous securitization [31][32] Question: How would you characterize the origination activity for the quarter? - The activity was roughly 50% new company originations and 50% existing company add-ons, driven by strong relationships and expanded outreach in the middle market [34][35] Question: Can those investments eventually be sold down into the JVs? - Yes, the investments are primarily first lien loans that fit well into the joint ventures if the company decides to move them in future quarters [36]