Core Insights - Crescent Capital BDC, Inc. has committed over $6.5 billion in capital for 2025, with $1.7 billion in Q4 alone, indicating strong transaction activity and portfolio origination [1] - The company reported a net investment income of $0.45 per share for Q4, slightly down from $0.46 in the previous quarter, while maintaining a dividend coverage of 107% [4][18] - The net asset value (NAV) per share decreased to $19.10 from $19.28, reflecting unrealized losses due to market volatility [4][18] Financial Performance - The company’s net investment income for Q4 was $0.45 per share, compared to $0.46 in the prior quarter, with a declared quarterly cash dividend of $0.42 per share for 2026 [4][21] - The NAV per share declined from $19.28 to $19.10, primarily due to net unrealized depreciation [4][18] - The weighted average yield on income-producing securities decreased by 40 basis points to 10% due to lower base rates [13] Portfolio Management - Crescent Capital BDC, Inc. ended the year with approximately $1.6 billion in investments across 184 companies, with a focus on first lien loans, which made up 91% of the portfolio [8][9] - The company maintains a diversified portfolio to limit concentration risk, with 99% of the debt portfolio in sponsor-backed companies [10] - The weighted average loan-to-value ratio is approximately 40%, providing a significant equity buffer [10] Market Environment - The private credit market remains competitive, with strong capital formation and tighter spreads, necessitating disciplined underwriting and structural protections [6][7] - The company is observing a backlog of portfolio companies awaiting monetization, with sponsors beginning to reengage in the M&A market as financing conditions stabilize [6] Future Outlook - The company is actively reviewing options to enhance earnings durability and align with shareholder interests, including evaluating its fee structure and dividend levels [5][26] - Despite headwinds in the BDC space, Crescent Capital BDC, Inc. believes it is well-positioned for 2026, with a focus on maintaining liquidity and prudent leverage [22] - The company continues to see opportunities in private credit, emphasizing disciplined lending practices and selectivity [22][23]

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter, while net asset value (NAV) per share declined to $19.10 from $19.28 due to unrealized losses from certain portfolio companies [3][16] - The company maintained a net debt to equity ratio of 1.20 times, below the upper end of its target range of 1.30 times, preserving flexibility for prudent portfolio growth [5][18] - The weighted average interest rate on total borrowings decreased to 5.83% from 5.99% quarter-over-quarter, reflecting lower base rates [18] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion, consistent with the prior quarter, and consisted primarily of first lien loans, representing 91% of the portfolio [9][16] - Gross deployment in the fourth quarter totaled $71 million, with five new platform investments totaling $29 million, while net realizations were approximately $7 million due to exits and repayments [12][16] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, leading to tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and maintaining a stable NAV profile through disciplined underwriting and diversified positioning [4][20] - Management is actively reviewing options to enhance earnings durability and align with shareholder interests, including evaluating the fee structure and base dividend level [7][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9][20] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [7][20] Other Important Information - The company has a spillover income of approximately $1.16 per share, providing support during the current rate transition [7] - The supplemental dividend policy remains in place, but no supplemental dividend will be paid related to Q4 earnings due to NAV declines [41] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual investments - One non-accrual investment was realized at close to the mark, contributing to a decrease in non-accruals [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets, and there is optimism for increased deal activity in the near term [31][32] Question: Drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily due to two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid this quarter due to NAV constraints [41][42]

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter [3][16] - Net asset value (NAV) per share declined to $19.10 as of December 31, down from $19.28 at the end of the third quarter, primarily due to unrealized losses from certain portfolio companies [3][16] - The company ended the year with a net debt to equity ratio of 1.20 times, below the upper end of the target range of 1.30 times, preserving flexibility for portfolio growth [5] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion across 184 companies, with an average investment size of about 0.6% of the total portfolio [9] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] - Non-accruals increased from 3.3% and 1.6% as of September 30 to 4.1% and 2% as of December 31, driven by two new non-accrual investments [14] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, resulting in tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and is actively managing the portfolio to maintain long-term NAV stability [4] - The focus remains on disciplined underwriting, diversified positioning, and investing in senior secured sponsor-backed companies [4][20] - The management team is evaluating options to enhance earnings durability and align with shareholder interests, including a review of the fee structure and dividend levels [26][27] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [20] - Management acknowledged the earnings headwinds facing the BDC space due to forward base rate expectations and is reviewing strategies to ensure durable earnings [7][20] Other Important Information - The company declared a quarterly cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [3][18] - The company has a buyback program in place and continues to evaluate the attractiveness of new investments relative to share repurchases [39] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual exit and sale - One non-accrual investment was realized at close to the mark [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets and observed an increase in deal activity, indicating potential for capturing excess spread [31][32] Question: Main drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily from two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid for Q4 earnings due to NAV constraints [41][42]

All information is as of December 31, 2025 unless otherwise noted Summary | | • Net investment income (NII) for the quarter ended December 31, 2025 was $135 million, or $0.48 per share, as compared to $159 million, or $0.57 per share, for the quarter ended September 30, 2025. | | --- | --- | | Fourth Quarter Performance | • for the quarter ended September 30, 2025(1) . | | | Adjusted net investment income (Adjusted NII) for the quarter ended December 31, 2025 was $147 million, or $0.52 per share, as compare ...

Core Viewpoint - Goldman Sachs BDC, Inc. (NYSE:GSBD) is a business development company focused on providing financing solutions to middle-market companies, with upcoming quarterly earnings expected to show an EPS of $0.36 and revenue of $87.18 million [1][5] Financial Metrics - GSBD has a price-to-earnings (P/E) ratio of 7.96, indicating the market's valuation of its earnings [3] - The price-to-sales ratio stands at 3.63, reflecting its market value relative to sales [3] - The enterprise value to sales ratio is 9.56, while the enterprise value to operating cash flow ratio is 17.58, highlighting valuation and cash flow efficiency [3] - The earnings yield of 12.56% suggests a strong return on investment, potentially attracting investors [4] - The debt-to-equity ratio is 1.27, indicating a moderate level of leverage [4] - A current ratio of 1.80 suggests a solid liquidity position to cover short-term liabilities [4] Dividend Concerns - There is significant concern among investors regarding potential dividend cuts, as the average base dividend coverage for BDCs is 99% with limited growth prospects [2][5] - Investors are cautious and may wait for a buying opportunity if share prices decline following any dividend cuts [2]

Core Insights - Crescent Capital BDC, Inc. reported a net investment income of $1.81 per share and a net income of $0.93 per share for the year ended December 31, 2025, with a quarterly net investment income of $0.45 and net income of $0.23 for the quarter ended December 31, 2025 [1][7][9] - The company declared a regular cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [1] Financial Highlights - As of December 31, 2025, total investments at fair value were $1,569.4 million, a decrease from $1,598.9 million as of December 31, 2024 [2][3] - Total assets were reported at $1,622.1 million, down from $1,656.3 million a year earlier [2] - Net asset value (NAV) per share was $19.10, compared to $19.98 as of December 31, 2024 [2][17] - Investment income for the year decreased to $167.3 million from $197.4 million in 2024, primarily due to lower interest income [7][8] - Total expenses for the year were $100.4 million, down from $108.4 million in 2024 [8] Portfolio & Investment Activity - The company invested $306.9 million across 25 new portfolio companies and 41 existing portfolio companies during the year ended December 31, 2025 [5] - For the fourth quarter of 2025, investments totaled $70.8 million across five new portfolio companies [6] - The portfolio consisted of 184 companies as of December 31, 2025, with a significant portion in unitranche first lien investments, accounting for 66.7% of the total fair value [3][4] Liquidity and Capital Resources - As of December 31, 2025, the company had $31.5 million in cash and cash equivalents, along with $242.0 million of undrawn capacity on its credit facilities [11] - The weighted average cost of debt was reported at 5.83%, with a debt to equity ratio of 1.25x [11]

Core Insights - Carlyle Secured Lending (CGBD) reported record origination activity in 2025, attributed to enhancements in origination capabilities and a focus on stable, high-quality credits in the core and upper middle market [1][5][3] - Leadership changes were announced, with Alex Chi appointed as CEO and Thomas Hennigan taking on multiple roles including President and CFO [2][3] - The company anticipates increased M&A-driven activity in 2026, supported by a rejuvenated origination platform [3][21] Financial Performance - CGBD deployed over $1.2 billion in 2025, with total investments rising from $2.4 billion to $2.5 billion during the fourth quarter [5][6] - Net investment income (NII) for Q4 was $24 million, or $0.33 per share, with an adjusted NII of $0.36 per share [4][8] - The company declared a Q1 2026 dividend of $0.40 per share, supported by an estimated $0.74 per share of spillover income [10] Portfolio and Credit Performance - Credit metrics remained stable, with five non-accruals representing approximately 1.2% of fair value [4][14] - The portfolio is diversified across 165 companies in over 25 industries, with 94% of investments in senior secured loans [14][15] - Management found no material near-term AI disruption risks after reviewing the portfolio for potential impacts [16] Joint Ventures and Strategic Initiatives - CGBD expanded joint ventures, including a new Structured Credit Partners (SCP) JV with $600 million in equity commitments [17][19] - The MMCF joint venture is achieving a 15% dividend yield, with equity commitments increased from $175 million to $250 million for each partner [17] - The SCP is designed to be fee-free and aims to manage approximately $6 billion–$7 billion of assets over time [19] Capital Management - The company repurchased $28 million of stock in Q4 and increased its buyback program to $300 million [4][12] - CGBD raised a new five-year $300 million unsecured bond at a swap-adjusted rate of SOFR plus 231, reducing its weighted average cost of borrowing [20] - Statutory leverage was reported at 1.3x at quarter end, with adjustments bringing it to approximately 1.1x [20]

Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $67 million, consistent with the prior quarter, as an increase in average portfolio size was offset by a decrease in total portfolio yields due to lower base rates and spreads [21] - Net investment income for Q4 was $24 million, or $0.33 per share on a GAAP basis, and $0.36 per share after adjustments [22] - The net asset value as of December 31 was $16.26 per share, down from $16.36 per share as of September 30 [12] Business Line Data and Key Metrics Changes - CGBD deployed over $1.2 billion and closed over $7 billion of commitments at the platform level in 2025, with Q4 being a record quarter for CGBD with over $400 million of investment fundings [11] - Total investments at CGBD increased from $2.4 billion to $2.5 billion during the quarter, while total investments at the MMCF joint venture increased to over $950 million [11] Market Data and Key Metrics Changes - The company reported that 94% of investments were in senior secured loans, with a median EBITDA across the portfolio of $97 million [17] - The average exposure to any single portfolio company was less than 1% of total investments, indicating strong diversification [17] Company Strategy and Development Direction - The core investment strategy remains focused on stable, high-quality credits in the core and upper middle market, with an emphasis on enhancing origination capabilities [10] - The formation of a new joint venture, Structured Credit Partners, aims to increase diversification and portfolio yield, focusing on broadly syndicated first lien, senior secured loans [18] Management's Comments on Operating Environment and Future Outlook - Management expects earnings to trough in the first half of 2026 due to base rate cuts, with an anticipated increase in earnings thereafter as portfolios ramp up [23] - The company remains confident in the quality and stability of its portfolio despite market volatility, particularly in the software sector, which has shown exemplary performance with no defaults over the last five years [12][13] Other Important Information - The board declared a first-quarter 2026 dividend of $0.40 per share, with an estimated $0.74 per share of spillover income to support the dividend [22] - The company repurchased $14 million of shares at an average discount of nearly 23% during Q4, resulting in $0.06 of accretion to NAV per share [23] Q&A Session Summary Question: Who will the company take market share from? - The company plans to focus on high-quality companies in the core and upper middle market, leveraging its strong credit culture and industry expertise [33] Question: What is driving borrowing demand and contributing to the strong pipeline flow? - The company is seeing a consistent flow of opportunities in the middle market, with increased activity in sectors like industrials and healthcare [36] Question: What is the rationale for the SCP joint venture? - The SCP joint venture aims to maximize the utilization of non-qualifying asset buckets and leverage the broader Carlyle network for strong expected returns [39] Question: How significant is interest expense in borrowers' overall expense load? - Interest coverage ratios are improving, and borrowers are taking a more conservative approach to leverage, which is beneficial for credit quality [56][58] Question: Is the best incremental dollar the next investment or repurchasing stock? - The company believes in a balanced approach, continuing share repurchases while also investing in joint ventures that are expected to be accretive [61]

A n I n te r n a ti o n a l A l t e r n a t i v e A s s e t M a n a g e r FOURTH QUARTER 2025 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN FORWARD-LOOKING STATEMENTS | DISCLAIMER Trinity Capital Inc. (the "Company") cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward-looking statements in this presentation are based on current conditions as of the da ...

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2025 1 Disclaimer and Forward-Looking Statement This presentation (the "Presentation") has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, "we," "us," "our," "CGBD" or the "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on February 25, 2026 and the Company ...