Financial Data and Key Metrics Changes - The net investment income per share for Q4 2025 was $0.37, with a net asset value (NAV) per share of $12.64, reflecting a decrease of approximately 1% from the previous quarter due to net realized and unrealized losses [20][21] - The adjusted NAV per share for Q4 2025 is $12.61 after accounting for a supplemental dividend of $0.03 per share [20] - The net debt-to-equity ratio increased to 1.27x as of December 31, 2025, compared to 1.17x as of September 30, 2025 [21][29] Business Line Data and Key Metrics Changes - The portfolio's median EBITDA increased by 84% from year-end 2021 to $71.8 million at year-end 2025 [6] - The percentage of first lien investments in the portfolio rose to 97% from 89% during the same period [6] - PIK (Payment-in-Kind) as a percentage of total investment income decreased to 9% in Q4 2025 from 15.3% in Q4 2024 [7] - Investments on non-accrual status decreased slightly to 1.9% of fair value from 2% during the year [7] Market Data and Key Metrics Changes - In the Americas, the company committed approximately $14.6 billion in total for the year, up from $13 billion in 2024 and more than double the activity in 2023 [9] - Total M&A volume globally increased by 44% from 2024, with U.S. private equity deals reaching nearly $1.2 trillion [9] Company Strategy and Development Direction - The company has enhanced its sourcing, underwriting, and portfolio management since its integration into the broader Direct Lending platform in 2022, with 57% of the portfolio benefiting from this integration [4] - The focus remains on high-quality, EBITDA-based investments while actively managing legacy portfolio risks, particularly concerning annualized recurring revenue (ARR) loans [8] - The company aims to leverage its position as part of the number one global investment bank to identify attractive investment opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A momentum continuing in a potentially falling rate environment, which is expected to stimulate greater demand for credit financing [9] - The company remains vigilant regarding AI's impact on software business models and is prepared to adapt its investment strategies accordingly [12][19] Other Important Information - The company repurchased over 1.5 million shares for $15 million, which is expected to be accretive to NAV by $0.04 per share [27] - The total portfolio investments at fair value were $3.3 billion, with outstanding debt of $1.9 billion and net assets of $1.4 billion as of the end of Q4 2025 [29] Q&A Session Summary Question: Insights on Clearwater and market competitiveness - Management highlighted the advantage of being connected to the number one M&A investment bank, which allows for unique opportunities in take-private transactions [37][39] Question: Strategy regarding spillover and deployment - Management indicated that while there are no current plans for special distributions, they could issue some if necessary, depending on future earnings [52] Question: Changes in deal flow composition - Management noted that the composition of deal flow remains stable, with signs of increased M&A activity in various industries, although software remains cautious due to market volatility [53] Question: AI risk framework application to current portfolio - Management confirmed that while most of the portfolio aligns well with the new AI framework, some legacy assets are being actively managed and exited if they do not meet the criteria [58]

Financial Data and Key Metrics Changes - In Q4 2025, total investment income was $42.2 million, an increase of $4.9 million from Q3 2025, driven by higher interest income and fee income [16][17] - Adjusted net investment income (NII) grew 5.1% to $19.4 million, with adjusted NII per share at $0.52, compared to $0.50 in Q3 2025 [7][18] - Net asset value increased by 13.2% to $741.9 million at quarter end, with a per-share value of $19.55 [9] Business Line Data and Key Metrics Changes - Originations in Q4 2025 reached $213.7 million, the highest quarterly amount, with total investments for 2025 at $498.2 million [4][5] - The debt portfolio performed well, with first lien investments comprising 86% of the total debt portfolio [11] - The software and tech-enabled services portfolio was valued at $464 million, with 92% in first lien debt [12][13] Market Data and Key Metrics Changes - The company noted a strong M&A environment contributing to increased deal flow, with expectations for continued activity in 2026 [4][15] - The weighted average interest rate on outstanding debt was 5.2% as of December 31, 2025 [19] Company Strategy and Development Direction - The company aims to generate attractive, risk-adjusted returns for shareholders while growing net asset value over time [15] - Focus remains on investing in niche market leaders with proven business models that generate recurring revenue [7][15] Management's Comments on Operating Environment and Future Outlook - Management indicated that Q1 2026 deal flow is expected to be more modest compared to Q4 2025, influenced by seasonal patterns [27][28] - The company remains optimistic about the long-term health of its portfolio, with non-accruals accounting for less than 1% of the total portfolio [13] Other Important Information - The company declared a total dividend of $0.52 per share for Q1 2026, consisting of a base dividend and a supplemental dividend [8] - Total liquidity as of December 31, 2025, was approximately $304.8 million, including cash and available credit [21] Q&A Session Summary Question: Is there any spillover of deals from Q4 into Q1? - Management indicated that while Q4 was strong, Q1 is expected to have more modest deal flow due to seasonal patterns [27][28] Question: Can you elaborate on the software companies in your portfolio? - Management emphasized the importance of long-term barriers to entry and the quality of management in evaluating software investments [32][34] Question: What is the focus on ARR loans in your portfolio? - Approximately 22% of the software portfolio consists of ARR loans, with a focus on growth through covenants [40] Question: How comfortable is the company with its largest investment in Fansteel? - Management expressed strong confidence in the long-term outlook for Fansteel, viewing it as a leader in its space [42] Question: What are the average floors in your floating rate debt portfolio? - Most floating rate debt originated in recent years has floors in the 2% range [44]

Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsDavid Miller - Co-CEOEthan Kaye - VP of Equity ResearchJohn Silas - Member of Investor RelationsStan Matuszewski - CFOTucker Greene - President and COOVivek Bantwal - Co-CEOConference Call ParticipantsFinian O'Shea - Director and Senior Equity Research AnalystNone - AnalystJohn SilasGood morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc, I would like to welcome ...

Fidus Investment (NasdaqGS:FDUS) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker5Good day, welcome to the Fidus Investment Corporation's fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the Star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then 1 on a touch-tone phone. To withdraw your ques ...

New Mountain Finance (NasdaqGS:NMFC) Q4 2025 Earnings call February 25, 2026 11:30 AM ET Company ParticipantsEthan Kaye - VP of Equity ResearchFinian O'Shea - Director of WFS ResearchJohn Kline - President and CEOKris Corbett - CFO and TreasurerLaura Holson - COOSteven Klinsky - ChairmanOperatorGood day, and welcome to the New Mountain Finance Corporation Fourth Quarter 2025 Earnings Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pr ...

Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 2025 was $0.32 per share, covering the $0.32 per share dividend paid on December 31, 2025 [4] - Net asset value (NAV) declined to $11.52 per share from $12.06 per share, primarily due to lower valuation on Edmentum [5][25] - Total investment income for the quarter was $77 million, a 4% decrease compared to the prior quarter [35] - Total net expenses decreased by 5% to $44 million, including a fee waiver [35] Business Line Data and Key Metrics Changes - Approximately 95% of the loan portfolio is ranked green, with no positions rated red [8][24] - The company sold $477 million of assets, diversifying the portfolio and reducing PIK income [12][18] - Senior-oriented assets now represent 81% of the portfolio, up from 75% in the prior year [19][32] Market Data and Key Metrics Changes - The company expects to see some spread widening and increased pricing dispersion in direct lending [28] - Approximately 41% of pro forma PIK income will be generated by high-performing companies like Benevis and UniTek [20] Company Strategy and Development Direction - The company plans to utilize the full Dividend Protection Program, reducing the incentive fee from 20% to 15% until the end of 2026 [12] - Following the asset sale, the company aims to redeploy proceeds primarily into first lien assets [19][32] - The company is focused on business building and leveraging its expertise in software loans, particularly in the context of AI [10][22] Management's Comments on Operating Environment and Future Outlook - Management believes NMFC shares should trade back towards book value, citing several positive factors [11] - The company acknowledges increased risks related to AI but sees opportunities for well-informed lenders [22] - Management remains optimistic about the potential for equity appreciation in companies like UniTek [16] Other Important Information - The company repurchased approximately $52 million of shares in 2025 and has authorization to buy an additional $80 million [16] - Nonaccruals remain low at 1.4% of the portfolio at fair value [26] Q&A Session Summary Question: Is the 94% discount on the asset sale inclusive of any advisory fees? - The 94% of par was the purchase price, with expected fees and expenses of about $7 million [41] Question: Did the company try to sell any struggling assets? - The company focused on reducing concentration and PIK income, selling larger positions that were scrutinized by the market [44][45] Question: How were the assets selected for the sale? - The assets were chosen based on concentration and PIK characteristics, aiming to improve portfolio composition [51][52] Question: How does the pricing of the assets compare to internal marks? - The sale was seen as fair for both sides, validating internal marks while reducing concentration [61]

Earnings Presentation Q4 2025 February 25, 2026 14 Important Notices and Safe Harbor Statement Throughout the document, Senior Advisors are included in all references to staff members, team members, investment professionals or operating partners/executives unless stated otherwise. Generally, New Mountain Senior Advisors are similar to "Operating Partners" who provide general or specific industry expertise on particular projects or transactions. All persons listed in the Senior Advisors (Full Access) categor ...

Core Viewpoint - P10, Inc. has announced a definitive agreement to acquire Stellus Capital Management for an initial purchase price of $250 million, which will add approximately $3.8 billion in assets under management to P10's portfolio [1][2][4]. Company Overview - P10, Inc. is a leading private markets solutions provider with over $40 billion in assets under management as of September 30, 2025, focusing on private equity, private credit, and venture capital in the middle and lower-middle market [8]. - Stellus Capital Management specializes in senior secured loans in the lower-middle market and has a track record of investing over $10.3 billion across more than 375 companies [2][9]. Transaction Details - The acquisition involves 100% of Stellus's equity interests and fee-related earnings, excluding existing private fund carried interest or performance fees [4]. - The initial consideration of $250 million consists of $125 million in cash and $125 million in units of P10 Intermediate Holdings, LLC, which can be exchanged for P10 common stock [5]. - An additional earnout consideration of up to $60 million may be payable based on fee-related revenue in 2027 and 2029 [5]. Strategic Fit - The acquisition aligns with P10's long-term strategy to partner with specialized investment managers in the middle and lower-middle market, enhancing its direct lending capabilities [3]. - Stellus's existing management team will continue to operate the firm, maintaining its investment decision-making processes [1][3]. Future Outlook - The transaction is expected to close in mid-2026, subject to shareholder approvals and customary closing conditions, and is anticipated to be modestly accretive to P10's ANI per share and FRE margin in the first full year post-close [6].

Record $19.4 Billion in New Commitments Closed in the Fourth Quarter and, $55.0 Billion Closed in the 12 Months Ended December 31, 2025 NEW YORK, NY / ACCESS Newswire / February 5, 2026 / Ares Management Corporation (NYSE:ARES) announced today that Ares Credit funds (collectively "Ares") closed record U.S. direct lending commitments of approximately $19.4 billion across 119 transactions during the fourth quarter of 2025 and approximately $55.0 billion across 358 transactions in the 12 months ended December ...

Ares Capital (NasdaqGS:ARCC) Q4 2025 Earnings call February 04, 2026 12:00 PM ET Company ParticipantsBrian McKenna - Director of Equity ResearchJana Markowicz - Partner and COOJim Miller - Partner and PresidentJohn Stilmar - Partner and Co-Head of the Ares Public Markets Investor RelationsKort Schnabel - Partner, Co-Head for US Direct Lending, and CEOScott Lem - CFOConference Call ParticipantsArren Cyganovich - Managing Director and Senior Equity Research AnalystCasey Alexander - Managing Director and Senio ...