Financial Data and Key Metrics Changes - For the December quarter, the company's net investment income was $91 million, or $0.19 per common share, with a net asset value (NAV) of approximately $3 billion, or $6.21 per common share [3] - The net debt-to-total assets ratio stood at 28.2%, with unsecured debt plus unsecured perpetual preferred accounting for 85.3% of total debt plus preferred [3] - Monthly common shareholder distributions of $0.04 per share were announced for February, March, and April, totaling $4.7 billion distributed since the IPO [3] Business Line Data and Key Metrics Changes - The company is focusing on new investments in companies with less than $50 million of EBITDA, with a significant increase in the first lien mix by 728 basis points to 71.4% since June 2024 [3][4] - The second lien mix decreased by 371 basis points to 12.7%, and the subordinated structured notes mix decreased by 818 basis points to near zero since June 2024 [4] - The portfolio at cost included 2.8% of investments in software companies, significantly lower than the 22% average across business development companies [9] Market Data and Key Metrics Changes - As of December 2025, the company held 91 portfolio companies across 32 different industries, with an aggregate fair value of $6.4 billion [8] - The interest income for the 12-month period ending December 2025 was 92% of total investment income, indicating a strong recurring revenue profile [11] - Non-accruals as a percentage of total assets stood at approximately 0.7% based on fair market value as of December [12] Company Strategy and Development Direction - The company is enhancing portfolio company operations, focusing on first lien senior secured loans, and exiting subordinated structured notes and targeted equity-linked assets [4][10] - The strategy includes a rotation of assets into core business areas and a focus on cash flow multifamily investments in real estate [10][11] - The company aims to redeploy future real estate property exit proceeds primarily into more first lien senior secured loans [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's balance sheet strength and liquidity, highlighting a diversified access to matched book funding [13][15] - The company has locked in a ladder of liabilities extending 26 years into the future, with a weighted average cost of unsecured debt financing at 4.68% [16] - Management noted strong demand in the non-bank installment finance business, with a high barrier to entry for new competitors [22][24] Other Important Information - The company has successfully exited 56 property investments since 2012, earning an unlevered investment-level gross cash IRR of 24% [10] - The company has a combined balance sheet cash and undrawn revolving credit facility commitments of $1.6 billion as of December [15] Q&A Session Summary Question: Impact of tax refunds on loan balances and strategy regarding Tower - Management indicated no current plans to exit Tower, emphasizing its strong performance and tax advantages as a regulated investment company [20][21] - Tax refunds may create seasonality in borrowing but are not expected to distort Tower's business [22][23] Question: Impact of non-traded BDC market on convertible prep product line - Management noted that interest rates are a significant factor, with a shift towards fixed-rate investments becoming more compelling in the current environment [26][28] Question: Consideration of pivoting into enterprise SaaS software - Management stated a focus on their own underwriting culture, avoiding software investments due to perceived risks associated with cash flow and repayment [36]

Core Viewpoint - Graham Holdings Company has announced the pricing of $500 million in senior unsecured notes due 2033, indicating a strategic move to raise capital through debt issuance [1] Group 1: Financial Details - The total principal amount of the notes is $500 million [1] - The notes will have a coupon rate of 5.625% per annum, with interest payments scheduled semi-annually on June 1 and December 1, starting from June 1, 2026 [1] - The notes will be guaranteed on a senior unsecured basis by certain existing and future domestic subsidiaries of the company [1]

Core Viewpoint - Westlake Corporation has announced the commencement of an underwritten public offering of senior unsecured notes, which is subject to market conditions and other factors [1] Group 1: Offering Details - The offering is part of Westlake's existing shelf registration statement [1] - The timing of pricing and terms of the notes will depend on market conditions [1] Group 2: Use of Proceeds - Westlake intends to use the net proceeds from the public offering to fund the repurchase of its outstanding debt [1]

Core Viewpoint - Adecoagro S.A. plans to offer senior unsecured notes to qualified institutional buyers and non-U.S. persons, with proceeds aimed at funding a tender offer for existing notes and general corporate purposes [1][2]. Group 1: Notes Offering - The company intends to offer senior unsecured notes in a private placement under Rule 144A and Regulation S of the Securities Act [1]. - The pricing and terms of the notes are contingent on market conditions [2]. - Proceeds will be used to fund a tender offer for its 6.000% Notes due 2027 and for general corporate purposes, including capital expenditures [2]. Group 2: Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland [4]. - The company produces over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [4].