PennantPark Floating Rate Capital Ltd.

Thank you, and good morning, everyone. Welcome to Pendant Park Floating Rate Capital's third fiscal quarter 2025 earnings conference call. I'm joined today by Rick Olordo, our Chief Financial Officer. Rick, please start off by disclosing some general conference call information and include a discussion about forward-looking statements.

Thank you, Art. I'd like to remind everyone that today's call is being recorded. Please note that this call is the property of Pendant Park Floating Rate Capital's and that any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on our website. I'd also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking information. Today's conference call may also include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC or important factors that could cause actual results to differ materially from these projections. We do not undertake to update our forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit our website at pennandpark.com or call us at 212-905-1000. At this time, I'd like to turn the call back to our Chairman and Chief Executive Officer, Art Penn.

Thanks, Rick. I'm going to spend a few minutes discussing how we fared in the quarter into June 30th, highlight the financing activities we executed during the quarter to strengthen the balance sheets of both PFLT and the PSSL joint venture. Then I'll comment on our new joint venture, the current market environment for private middle market lending, and how the portfolio is positioned for upcoming quarters. Rick will conclude with a detailed review of the financials, and then we'll open up the call for Q&A. We are seeing an encouraging recent uptick in deal activity, which we believe will lead to increased loan originations in the second half of 2025. Additionally, we continue to provide additional capital to many of our existing portfolio companies as they execute their respective growth plans. Our platform continues to prove its strength as we support our existing portfolio companies and private equity borrowers with strategic capital solutions to help grow their businesses. With regard to how we fared in the quarter ended June 30th, net investment income for the quarter was 27 cents per share. We believe we will achieve net investment income coverage of the dividend as we scale into our target leverage range as the new joint venture becomes operational. A reminder, prior to Liberation Day, we proactively built a war chest to our ATM program and debt financing activities based on the expectation of sustained deal flow throughout the year. While market activity slowed following Liberation Day, We have seen a notable rebound in recent weeks. Looking ahead, we are encouraged by the strong outlook for the remainder of the year and anticipate continued NII growth and full dividend coverage. We are pleased to announce the formation of a new joint venture with our long-term and trusted partner, Hamilton Lane. The company and Hamilton Lane have committed to provide $200 million of capital to the joint venture, and combined with an expected $300 million financing facility, the total portfolio will be $500 million. Similar to PSSL, the new joint venture will invest in our core middle market directly originated senior secured loans. We anticipate beginning to invest the capital towards the end of September or the beginning of October. Continue to believe that the current vintage of core middle market directly originated loans is excellent. In the core middle market, leverage is lower and spreads are higher than in the upper middle market. In the core middle market, the pricing on high quality first lean term loans It's over plus 475 to 525, and we continue to get meaningful covenant protections while the upper middle market is primarily characterized as covenant-like. Turning to our current portfolio, we continue to maintain what we believe is one of the most conservatively structured portfolios in the direct lending industry. As of June 30th, our portfolio's weighted average leverage ratio to our debt security was 4.3 times and the portfolio's weighted average interest coverage ratio was 2.5 times. For new platform investments made during the quarter, the weighted average debt to EBITDA was 3.8 times, and the weighted average interest coverage was 2.6 times. The weighted average loan-to-value was 46%, and the yield to maturity was 10.3%. As of June 30th, we had two investments on non-accrual status, and total non-accruals represented only 1% of the portfolio costs, and 0.5% at market value. These are strong credit metrics which reflect the rigor of our underwriting process and the discipline of our investment approach. We continue to believe that our focus on core middle market loans provides us with attractive investment opportunities where we provide important strategic capital to our borrowers. We have a demonstrated track record of value creation through the successful financing of growing middle market companies across five key sectors. These are sectors in which we possess deep domain expertise, enabling us to ask the right questions and consistently deliver strong investment outcomes. They are business services, consumer, government services and defense, healthcare, and software and technology. These sectors have been recession resilient, tend to generate strong free cash flow, and have a limited direct impact with recent tariff increases and uncertainty. Core middle market companies, typically those with 10 to 50 million EBITDA, operate below the threshold of broadly syndicated loan or high yield markets. The core middle market, because we are an important strategic lending partner, the process and package of terms we receive is attractive. We have many weeks to do our diligence with care. We thoughtfully structure transactions with sensible credit statistics, meaningful covenants, substantial equity cushions to protect our capital, attractive spreads, and equity co-investment. Additionally, from a monitoring perspective, We receive monthly financial statements to help us stay on top of the companies. Regarding covenant protections, while the upper middle market has seen significant erosion, our originated first lien loans consistently include meaningful covenants that safeguard our capital. Credit quality since inception over 14 years ago has been excellent. CFLT has invested $7.8 billion in over 500 companies, and we've experienced only 23 non-accruals. Since inception, PFLT's loss ratio in invested capital is only 11 basis points annually. As a provider of strategic capital, we fuel the growth of our portfolio companies. In many cases, we participate in the upside of the company by making an equity co-investment. Our returns on these equity co-investments have been excellent over time. Overall, for our platform from inception through June 30th, we invested over $583 million in equity co-investments and have generated an IRR of 26%, and a multiple uninvested capital of two times. As of June 30th, our portfolio grew to 2.4 billion, up from 2.3 billion in the prior quarter. During the quarter, we continued to originate attractive investment opportunities and invested $208 million in four new and 17 existing portfolio companies at a weighted average yield of 10.1%. During the quarter, we undertook several key initiatives to fortify our balance sheet, enhance liquidity, and positioned the company to capitalize on emerging market opportunities. In April, we amended the truest revolving credit facility and reduced the interest rate on the facility to SOFR plus 200 from SOFR plus 225. The amendment also extended the revolving period and final maturity by one year to August 2028 and August 2030, respectively. Our financial strength was also enhanced by attractive equity capital raised from our ATM program. During the quarter, we raised $32 million from the issuance of 2.8 million shares of our common stock at an average price of $11.31 per share. Our PSSL joint venture has also taken significant strides in bolstering its financial strength as well. As of June 30th, the JV portfolio totaled $1.1 billion, and during the quarter, it invested $52 million in seven new and two existing portfolio companies at a weighted average yield of 10.8%. In April, PSSL closed on a new securitization financing at an attractive weighted average price of SOFR plus 171. PSSL has $250 million of additional committed debt and equity capital and can grow its total portfolio to $1.4 billion. We believe that the increase in scale of the JV's balance sheet will continue to drive attractive mid-teens returns on invested capital and enhance PFLT's earnings momentum. From an outlook perspective, Our experienced and talented team and our wide origination funnel is well set up to produce active deal flow. Our continued focus remains on capital preservation and being patient investors. Our mission and goal are a steady, stable, and protected dividend stream coupled with the preservation of capital. Everything we do is aligned to that goal. We seek to find investment opportunities in growing middle market companies that have high free cash flow conversion. We capture that free cash flow primarily in first liens, Senior secured instruments, and we pay out those contractual cash flows in form of dividends to our shareholders. Let me now turn the call over to Rick, our CFO, to take us through the financial results in more detail.