Financial Performance - Sempra reported third-quarter 2025 GAAP earnings of $77 million or $0.12 per diluted share, a significant decrease from $638 million or $1.00 per diluted share in the same quarter of 2024 [1][3] - Adjusted earnings for the third quarter of 2025 were $728 million or $1.11 per diluted share, compared to $566 million or $0.89 per diluted share in 2024 [1][3] - For the first nine months of 2025, GAAP earnings were $1.444 billion or $2.21 per diluted share, down from $2.152 billion or $3.38 per diluted share in the same period of 2024 [1][3] Strategic Initiatives - Sempra announced a strategic transaction to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR, aimed at simplifying the business model and improving financial strength [4] - The sale is expected to close in Q2 – Q3 2026, pending regulatory approvals [4] Capital Investments - Oncor Electric Delivery Company anticipates a more than 30% increase in its capital spending for the 2026-2030 period, building on a $36 billion base capital plan for 2025-2029 [5] - In the third quarter of 2025, Oncor upgraded approximately 660 circuit miles of transmission and distribution lines, reflecting ongoing growth in North Texas [6] Regulatory Developments - Oncor's base rate review is progressing, with a settlement agreement approved for interim rates, allowing for potential surcharges or refunds if the proceeding is still pending by January 1, 2026 [7] - California enacted Senate Bill 254, establishing an up to $18 billion continuation account to enhance the wildfire fund's stability, benefiting investor-owned electric utilities [8] Future Guidance - Sempra updated its full-year 2025 GAAP EPS guidance range to $3.05 to $3.45 and affirmed its adjusted EPS guidance range of $4.30 to $4.70 [10][30]

Core Points - Portman Ridge Finance Corporation will be renamed to BCP Investment Corporation and will trade under the new ticker symbol "BCIC" following the merger with Logan Ridge Finance Corporation [1][2] - The company plans to transition from quarterly base distributions to monthly distributions starting in 2026, while maintaining the potential for quarterly supplemental distributions [3] - The company, along with its management and affiliates, intends to acquire up to 20% of its outstanding common stock over the next 24 months if shares trade below 80% of net asset value (NAV) [4] Company Initiatives - The rebranding to BCP Investment Corporation reflects the company's integration into the BC Partners Credit Platform, which manages nearly $9.0 billion in assets [2] - The transition to monthly distributions is expected to enhance liquidity and be valued by investors, with supplemental distributions approximating 50% of incremental net investment income [3] - The company has authorized a stock repurchase program of up to $10 million from March 12, 2025, to March 31, 2026, to address the discount to NAV [4] Management Commentary - The President and CEO of Portman Ridge emphasized that the rebranding signifies the company's importance within the BC Partners Credit Platform and the commitment to its success [5] - The management remains focused on aligning interests with shareholders and enhancing long-term value creation through these initiatives [6]