Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 2025 was $35.4 million or $0.40 per share, up from $32.5 million or $0.37 per share in the prior quarter, reflecting a return to normalized prepayment fees and lower interest expenses [4][16] - NAV per share decreased to $16.64 from $16.76 in the previous quarter due to unrealized depreciation on certain investments [16] - Adjusted total investment income increased to $76.9 million compared to $74.3 million in Q3, driven by higher prepayment fees and dividend income [16] Business Line Data and Key Metrics Changes - New-funded investment commitments amounted to $220 million, up 54% from the prior quarter, with prepayments totaling $177 million [10] - First-lien loans represented 88% of new originations, indicating a focus on senior-secured loans [10] - Over 40% of portfolio companies were marked up by about 70 basis points, reflecting improving fundamentals [12] Market Data and Key Metrics Changes - Private credit deal flows showed modest improvement, but the quality of deals was mixed, with a steady supply of high-quality opportunities alongside lower-quality deals [7] - The weighted average spread on deployments during the quarter was approximately SOFR plus 570, indicating competitive pricing in the market [10] - The company noted a cautious optimism regarding private credit spreads, suggesting they may have bottomed out at SOFR plus 450 [8] Company Strategy and Development Direction - The company aims to prudently increase balance sheet leverage to enhance earnings power and deploy capital into interesting investment opportunities [6] - Focus on optimizing joint ventures and reducing non-accruals in equity positions to improve earnings power [6] - The long-term outlook on private credit remains bullish, with expectations for continued premium spreads relative to other floating-rate asset classes [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the current market environment, noting mixed themes and ongoing political and economic uncertainty in Europe [7] - The company does not expect outsized repayments for the December quarter and anticipates deployment levels to remain consistent with past quarters [22] - Management highlighted ongoing operational workouts for long-standing non-accruals, focusing on driving performance and maximizing value [31] Other Important Information - The company has ample liquidity of approximately $695 million, including $80 million in cash and $615 million in undrawn capacity on its credit facility [18] - The leverage ratio at quarter end was 0.97 times, slightly up from 0.93 times in the previous quarter, indicating a conservative leverage approach [17] Q&A Session Summary Question: Expectations around investment activity in the December quarter - Management does not expect any outsized repayments and anticipates deployment levels to remain consistent with past quarters [22] Question: Insights on the yield increase related to the Walgreens deal - The yield on new investments was higher due to the complexity of the Walgreens deal, but management does not foresee similar high-spread opportunities in the near term [23][25] Question: Status of non-accruals in healthcare and pharma - Management acknowledged a few larger positions in life sciences that are undergoing workouts, with stable to slightly improving conditions [29][30] Question: Workout strategies for long-standing non-accruals - Operational improvements are being made, with management working closely with teams to drive performance and maximize value [31]

Financial Data and Key Metrics Changes - Adjusted net investment income for the fourth quarter was $35.4 million or $0.40 per share, up from $32.5 million or $0.37 per share in the prior quarter, reflecting a return to normalized prepayment fees and lower interest expenses [4][16] - NAV per share decreased to $16.64 from $16.76 in the third quarter due to unrealized depreciation on certain investments [16] - Adjusted total investment income increased to $76.9 million compared to $74.3 million in the third quarter, driven by higher prepayment fees and dividend income [16] Business Line Data and Key Metrics Changes - New-funded investment commitments amounted to $220 million, up 54% from the prior quarter, with first-lien loans representing 88% of new originations [10][12] - Weighted average yield on debt investments was 9.8%, with the median EBITDA of portfolio companies at approximately $150 million, a decrease of $11 million from the prior quarter [12] Market Data and Key Metrics Changes - Private credit deal flows showed modest improvement, although the quality of deals was mixed, with a steady supply of high-quality opportunities alongside lower-quality deals [7][8] - The weighted average spread on deployments during the quarter was approximately SOFR plus 570, with a tightening of the illiquidity premium observed [10][8] Company Strategy and Development Direction - The company aims to prudently increase balance sheet leverage to enhance earnings power and deploy capital into interesting investment opportunities, maintaining a conservative leverage ratio of 0.97 times [6][16] - Focus on optimizing joint ventures and reducing non-accruals in equity positions to improve earnings power [6] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding private credit spreads, indicating that they may have bottomed out at SOFR plus 450 [8] - The long-term outlook on private credit remains bullish, with expectations that private debt will continue to deliver a premium spread relative to other floating-rate asset classes [8][9] Other Important Information - The company has ample liquidity of approximately $695 million, including $80 million in cash and $615 million in undrawn capacity on its credit facility [18] - The company received a $525,000 dividend from its joint venture during the quarter [18] Q&A Session Summary Question: Expectations around investment activity in the December quarter - Management does not expect any outsized repayments for the December quarter and does not foresee significant deviations in deployment or leverage levels compared to past quarters [21][22] Question: Insights on the yield increase related to the Walgreens deal - The yield on new investments was higher due to the complexity of the Walgreens deal, but management does not anticipate similar high-spread opportunities in the upcoming quarter [23][24][25] Question: Status of non-accruals in healthcare and pharma segments - Management noted that there are a few larger positions in life sciences that continue to be subject to workouts, with operational improvements being made [29][31] Question: Workout strategies for long-standing non-accruals - The company is focusing on operational workouts and working closely with management teams to drive performance, with no significant changes expected in the near term [31][32]

Sandisk (NasdaqGS:SNDK) FY 2025 Annual General Meeting November 18, 2025 11:00 AM ET Company ParticipantsDavid Goeckeler - CEO and Chairman of the Board of DirectorsBernard Scheck - Chief Legal Officer and SecretaryCarver Peterson - Assistant SecretaryDavid GoeckelerGood morning and welcome to the annual meeting of stockholders of Sandisk Corporation. I'm David Goeckeler, CEO and Chair of the Board of Directors. I hereby call the meeting to order and declare it to be in session. As noted in our proxy statem ...

Sandisk (NasdaqGS:SNDK) FY 2025 Annual General Meeting November 18, 2025 11:00 AM ET Company ParticipantsDavid Goeckeler - CEO and Chairman of the Board of DirectorsBernard Shek - Chief Legal Officer and SecretaryCarver Peterson - Assistant SecretaryDavid GoeckelerGood morning and welcome to the Annual Meeting of Stockholders of Sandisk Corporation. I'm David Goeckeler, CEO and Chair of the Board of Directors. I hereby call the meeting to order and declare it to be in session. As noted in our proxy statemen ...

Financial Data and Key Metrics Changes - The company generated quarterly revenues of over $1 billion, marking the third consecutive quarter above the billion-dollar mark [18] - Total direct operating costs for the fourth quarter were $715 million, down from $735 million in the previous quarter [18] - The net loss for the fourth quarter was $0.58 per diluted share, an improvement from a net loss of $1.64 in the previous quarter [18] - For the full year, the earnings per share were a net loss of $1.66 [19] - Operating cash flow for the fourth quarter was $207 million, totaling $543 million for the full year [20] Business Line Data and Key Metrics Changes - North America Solutions averaged 141 contracted rigs during the fourth quarter, with a direct margin of $242 million, above the midpoint of guidance [21][22] - The International Solutions segment ended the fourth quarter with 61 rigs working, generating approximately $30 million in direct margins [23] - The Offshore Solutions segment generated a direct margin of approximately $35 million during the quarter, exceeding guidance [25] Market Data and Key Metrics Changes - The company anticipates oil prices to remain rangebound between the upper $50s and mid-$60s in the first half of 2026 [9] - The utilization rates of rigs that have been idled for less than 12 months remain strong at over 80% [12] - The average first quarter operating rig count for the International Solutions segment is expected to be approximately 57 to 63 rigs [24] Company Strategy and Development Direction - The company is focused on optimizing its financial position to continue paying down its term loan and generating free cash flow [26] - There is a commitment to nurturing leadership and promoting talent within the organization to prepare for future growth [10] - The company plans to maintain its long-standing base dividend of approximately $100 million in 2026 [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market stabilizing and the expanded footprint offering new opportunities [9] - The company is encouraged by the resilience of its business and the positive long-term prospects in the oil and gas industry [5] - Management expects further margin improvement throughout fiscal year 2026, despite some initial costs related to rig reactivations [38] Other Important Information - The company has made significant progress on deleveraging, having paid off $210 million on its term loan [17] - Capital expenditures for the fourth quarter were $64 million, with full-year 2025 totaling $426 million [19] - The company operates in six countries and has a blue-chip customer base supported by strong contractual coverage [9] Q&A Session Summary Question: International rig count and margins - Management is focused on the phased approach to reactivations in Saudi Arabia and expects to finish by mid-2026, with further growth anticipated in the region [36][38] Question: North America revenue and operating expenses - The North America Solutions market is expected to remain consistent as long as commodity prices and demand are intact, with a focus on longer and more complex wells [44] Question: CapEx guidance and reactivation costs - The $230 million-$250 million CapEx includes all rig reactivation costs, with more capital costs than operating costs impacting margins [62] Question: Maintenance CapEx for U.S. vs. international rigs - Maintenance CapEx is approximately $1 million per domestic rig and $1.3 million-$1.5 million per international rig [70] Question: International activity levels and unconventional drilling - The company is actively engaged in discussions about unconventional drilling in regions like Algeria and Libya, with a positive outlook for future growth [80]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported invested income of $5.4 million or $0.80 per share, a slight decrease from $5.5 million in the previous quarter [15] - Total expenses remained stable at $2.4 million or $0.35 per share, consistent with the prior quarter [15] - The company recorded net unrealized losses on investments of $6.9 million or $1.02 per share, alongside a modest net realized loss of $424,000, resulting in a net loss of $4.3 million or $0.64 per share [15] - Recurring cash flows from the CLO portfolio totaled $8.7 million or $1.28 per share, an increase from $8 million or $1.18 per share in the previous quarter [15][16] - Total assets as of September 30, 2025, were $157.5 million, down from $166.1 million as of June 30, 2025 [16] Business Line Data and Key Metrics Changes - The portfolio's average junior OC cushion stands at 4.5%, with deals exposed to First Brands having a slightly higher cushion of 4.6% [6] - The weighted average gap yield of the portfolio increased from 12.75% to 13.07% due to refinancing activities [10] Market Data and Key Metrics Changes - The broader CLO equity market faced headwinds, primarily due to spread tightening in the broadly syndicated loans market [5] - The company noted a significant uptick in leveraged buyout (LBO) activity, with approximately $200 billion in deals announced during the first three quarters of 2025, surpassing the $164 billion recorded for all of 2024 [9] Company Strategy and Development Direction - The company remains focused on disciplined portfolio management and long-term total return, viewing market dislocations as opportunities [5][9] - The investment platform combines machine learning and natural language processing with traditional credit analysis, providing a competitive advantage in sourcing opportunities [11][12] - The company plans to utilize leverage opportunistically when attractive investment opportunities arise [16] Management's Comments on Operating Environment and Future Outlook - Management views the current environment as presenting opportunities in the CLO market, with expectations of a constructive outlook for CLO equity performance in a gradually easing monetary environment [10][19] - The company believes that CLOs provide an efficient way to access senior secured corporate loans and can offer an attractive risk-return profile across various credit cycles [19] Other Important Information - The company has started to tap its at-the-market equity issuance program, issuing approximately 26,600 shares for net proceeds of approximately $0.4 million [17] - Dividends of $0.22 per common share were distributed in July, August, September, and October, with plans for the same in November, December, and January, representing an annualized dividend yield of approximately 16% [17] Q&A Session Summary Question: Insights on the primary CLO market and investment opportunities - Management indicated that arbitrage returns in the primary CLO equity market are currently not adequate for large-scale participation, with more attractive opportunities in the secondary CLO equity markets [21][22][23] Question: Impact of resets and refinancings on expected yields - Management preferred not to comment on intra-quarter activities but noted that previous resets and refinancings contributed significantly to yield improvements [24][25] Question: Mix of opportunities between U.S. and European CLOs - The majority of the portfolio is focused on the U.S. CLO market, with occasional consideration of European CLOs, particularly single B positions that can provide stronger NAV protection [29] Question: Future ATM issuance versus share repurchase - Management is evaluating both ATM issuance and share repurchase options but considers it too early to prioritize one over the other [31] Question: Potential portfolio growth and leverage management - Management stated that portfolio growth will depend on the attractiveness of leverage costs and will continue to monitor conditions as they evolve [32][33]

Pearl Diver Credit Company (NYSE:PDCC) Q3 2025 Earnings Call November 18, 2025 11:00 AM ET Speaker2Thanks, and welcome to the Pearl Diver Credit Company third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I'd now like to turn the conferen ...

Financial Data and Key Metrics Changes - Adjusted net investment income for Q4 2025 was $35.4 million or $0.40 per share, up from $32.5 million or $0.37 per share in the prior quarter, reflecting a return to normalized prepayment fees and lower interest expenses [4][18] - NAV per share decreased to $16.64 from $16.76 in the previous quarter due to unrealized depreciation on certain investments [18] - Adjusted total investment income increased to $76.9 million compared to $74.3 million in the third quarter, driven by higher prepayment fees and dividend income [18] Business Line Data and Key Metrics Changes - New-funded investment commitments amounted to $220 million, up 54% from the prior quarter, with first-lien loans representing 88% of new originations [11] - The weighted average yield on debt investments was 9.8%, with a median EBITDA of portfolio companies at approximately $150 million, reflecting a slight decrease from the prior quarter [13] Market Data and Key Metrics Changes - Private credit deal flows showed modest improvement, although the quality of deals was mixed, with a steady supply of high-quality opportunities alongside lower-quality deals [8] - The tightening of private credit spreads was noted, with spreads bottoming out at SOFR plus 450, indicating a cautious optimism in the market [9] Company Strategy and Development Direction - The company aims to prudently increase balance sheet leverage to enhance earnings power and deploy capital into interesting investment opportunities, maintaining a conservative leverage ratio of 0.97 times [6] - Focus on reducing non-accruals and optimizing joint ventures to improve earnings power and support net investment income [6] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious optimism regarding the long-term outlook on private credit, emphasizing the value of speed and assurance in deal execution for issuers [9] - The company does not expect outsized repayments for the December quarter and anticipates a deployment level consistent with past quarters [24] Other Important Information - The company has ample liquidity of approximately $695 million, including $80 million in cash and $615 million in undrawn capacity on its credit facility [20] - The joint ventures currently hold $513 million of investments, generating ROEs of 12.4% in aggregate during the fourth quarter [20] Q&A Session Summary Question: Expectations around investment activity in the December quarter - Management does not expect any outsized repayments and anticipates deployment levels to be consistent with past December quarters [24] Question: Yield on new investments and pipeline for complex transactions - The yield on new investments was higher due to the complexity of the Walgreens deal, but management does not foresee similar high-spread loans in the upcoming quarter [25][27] Question: Non-accruals in healthcare and pharma segments - Management noted that there are a few larger positions in life sciences that continue to be subject to workouts, with stable to slightly improving conditions [30][32]

Financial Data and Key Metrics Changes - The meeting reported that over 123 million votes were represented, exceeding 84% of the voting power entitled to vote, indicating strong shareholder engagement [8] - Preliminary voting results showed that each of the seven director nominees received at least 94% of the votes cast, reflecting strong support for the board [12] - The compensation of named executive officers was approved by at least 98% of the voting power, indicating shareholder confidence in management [13] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company continues to focus on maintaining strong governance through the election of experienced directors from relevant industries, such as semiconductor manufacturing and technology [4][10] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting was held in a virtual-only format to enhance stockholder access, allowing for real-time voting and question submission [1][2] - KPMG LLP was ratified as the company's independent registered public accounting firm for fiscal 2026 with 99% approval [13] Q&A Session Summary Question: Were there any questions submitted regarding the proposals? - No questions regarding the proposals were submitted during the meeting [11]

Pearl Diver Credit Company (NYSE:PDCC) Q3 2025 Earnings Call November 18, 2025 11:00 AM ET Speaker0Morning, and welcome to the Pearl Diver Credit Company Third Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Emma Little, Investor Relations.Thank you. You may begin.Speaker1Good day, ladie ...