Financial Data and Key Metrics Changes - The company reported an adjusted earnings per share (EPS) of $0.80 for Q3 2025, the highest quarterly EPS in its history, with year-to-date adjusted EPS at $2.04, up 11% year-over-year [5][16] - Adjusted recurring net investment income increased by 42% year-over-year in the quarter and 27% year-to-date [16][21] - Managed assets grew 15% year-over-year to $15 billion, while the year-to-date adjusted return on equity (ROE) rose to 13.4% from 12.7% [7][19] Business Line Data and Key Metrics Changes - The company closed over $650 million in new transactions in Q3, totaling $1.5 billion for the first three quarters of 2025, with expectations to exceed $3 billion for the full year, representing a more than 30% year-over-year increase [8][19] - New asset yield in Q3 was greater than 10.5% for the sixth consecutive quarter, indicating strong returns on new investments [8][19] Market Data and Key Metrics Changes - The pipeline of new investments remains above $6 billion, indicating strong demand across key end markets, including utility-scale renewables, energy efficiency, and transportation [13][14] - Higher retail electricity rates are driving demand in behind-the-meter (BTM) asset classes, including rooftop solar and energy efficiency [14] Company Strategy and Development Direction - The company aims for 8%-10% compound annual EPS growth through 2027, with an expectation of approximately 10% adjusted EPS growth in 2025 [7][19] - The focus remains on asset-level investing with long-term programmatic partners, supported by disciplined underwriting and a diversified approach to capital access [26] Management's Comments on Operating Environment and Future Outlook - The management highlighted favorable economic trends as a tailwind for business growth, with continued demand for energy expected to drive investment opportunities [4][26] - The operating environment is conducive to business activities, with low capital market volatility and active client pipelines [4][26] Other Important Information - The company completed a $1.2 billion structured equity investment in a major clean energy infrastructure project, marking a significant milestone in its investment capacity [11][12] - The company has broadened its capital sources, enhancing its ability to fund growth at an attractive cost [22] Q&A Session Summary Question: Is there a reason the project was not named? - The project referred to is the SunZia project, and the returns are consistent with other transactions in the grid-connected portfolio [30] Question: Can you discuss the pipeline and its strength? - The pipeline remains above $6 billion, with no significant pull forward observed, indicating ordinary course activity from clients [34] Question: How does the large transaction impact future EPS growth? - The company will provide more guidance on 2026 and 2027 in February, but the current transaction volumes are expected to support continued growth [59] Question: What impact do tax credit changes have on investment types? - The extension of tax credits for wind and solar is expected to maintain traditional capital structures in the market [49] Question: Are prepaid leases of interest to the company? - The company has not yet seen opportunities in prepaid leases but is open to exploring them in the future [51]