Investcorp Credit Management BDC, Inc.

Good morning, ladies and gentlemen, and welcome to today's InvestCorp Credit Management BDC's quarter-ended September 30th, 2025 earnings call. It is now my pleasure to turn the floor over to Andrew Munz, Chief Financial Officer.

Thank you, Operator. Welcome everyone to InvestCorp Credit Management BDC's earnings call for the quarter-ended September 30th, 2025 earnings call. I'm joined today by Suhail Shaikh, President and Chief Executive Officer of the company. I would like to remind everyone that today's call is being recorded and that this call is the property of Invescorp Credit Management, BDC. Any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on the Investor Relations page of our website at I would also like to call your attention to the safe harbor disclosure in our press release regarding forward-looking information and remind everyone that today's call may include forward-looking statements and projections. Actual results may differ materially from these projections. We will not update forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit the company's registration statement on the SEC's Edgar platform or our investor relations page on our website. The format for today's call is as follows. Sue Hale will provide an overall business and portfolio summary, and then I'll provide an overview of our results, summarizing the financials. This will be followed by Q&A. At this time, I would like to turn the call over to Sue Hale.

Good morning, everyone, and thank you for joining our third quarter earnings call. We'll start with an update, followed by a review of our third quarter results, current market conditions, portfolio activity, and then Andrew will walk through our financials for the quarter. I'm pleased to announce that the manager's parent company continues to provide strong support for the BDC. Our board of directors has approved InvestCorp Capital, an affiliate of InvestCorp Group, to provide a backstop commitment to refinance our four and seven-eighths new notes due April 1, 2026. This commitment enhances our flexibility, proactively addresses the near-term maturity, and strengthens our balance sheet. Turning to our third quarter results, we reported net investment income before taxes of 0.6 million, or 4 cents per share, a decrease of 2 cents per share from the previous quarter. The sequential decline in NII was primarily driven by a decline in income-earning assets due to the loss of big dividend income from Fusion's preferred equity position, which was placed on non-accrual status, as well as portfolio repayments and our continued discipline in not chasing lower-yielding investments. Net assets declined by approximately 4%, with net asset value per share decreasing to $5.04 per share from $5.27 last quarter. This was largely the result of fair value adjustments in two legacy borrowers and the payment of a dividend in excess of NII. Non-accruals accounted for 4.4% of the portfolio at fair value, up from 1.6% last quarter, following the addition of Fusion's preferred equity position. Although modestly higher, sequentially the level remains comparable to the 4.8% reported a year ago, underscoring the continued stability of the portfolio and our proactive management of underperforming credits, especially legacy credits. Overall, the portfolio remains healthy. Approximately 82% of assets at fair value are rated in the top two risk rating categories. Our weighted average interest coverage ratio improved to 2.3 times compared to two times a year ago, reflecting enhanced portfolio strength. Weighted average LTV remains approximately 41%, while weighted average leverage declined to 4.6 times in the current period from 4.8 times in the prior quarter, as weighted average EBITDA increased. The portfolio is broadly diversified across 18 industries, with LTV, Average exposure to any single company representing less than 3% of the portfolio's fair value. As we reflect on the quarter, we continue to operate in a backdrop of solid fundamentals, but heightened caution. Deal flow and sponsor-led M&A remain slow, with many transactions still working their way through the processes rather than closing. refinancing and portfolio redeployment activity has also slowed, compressing spreads and limiting opportunities for compelling new originations. We remain highly selective in evaluating opportunities that meet our targeted yield and credit quality criteria. Approximately 57% of sponsor backed private credit deals were priced with spreads below 500 basis points in the current quarter. While we actively manage the portfolio, We're not rotating into lower-yielding assets simply for growth. Of all deals entering our pipeline this quarter, fewer than 10% advance to deeper diligence. Instead, our focus remains on credit quality and structural protections. We're not chasing the lowest-yielding deals. Approximately 73% of our investments are in covenant deals. Looking ahead, we expect NII to benefit from new fundings, and we remain committed to disciplined Portfolio management to drive long-term shareholder value. I will now turn to a summary of our investment activity for the quarter. This was a lighter quarter for sure for investment activity. During the quarter ending September, we invested approximately $25,000 in the preferred equity of 4L Technologies, an existing portfolio company, to support an incremental equity raise in our existing positions. We also fully realized two portfolio company investments generating total proceeds of 6.5 million with an IRR of approximately 12.7%. We realized that firstly in terms on positions in Pure Star listed on our SOI as AMCP Clean Acquisition Company and One Call Medical, both of which were refinanced during the quarter. Our realized IRRs on PureStar and OneCall were 11.5% and 13.7% respectively. I'll now turn the call back over to Andrew to review our financial results in more detail.