Thank you, Craig, and good afternoon, everyone. Before getting into specific numbers, I want to step back and frame 2025 at a high level. This was a year of disciplined execution and capital allocation. We operated in a market where M&A activity was uneven, senior lenders remained selective and at times temperamental, and new deal origination across the BDC sector was sporadic. In that environment, we needed to prioritize balance sheet strength, liquidity, and risk management over growth for growth's sake. The result is that we closed the year with more than $23 million of total liquidity and no debt outstanding. That gives us significant flexibility and allows us to move decisively as market conditions improve and compelling opportunities present themselves. During the year, we generated approximately $17.8 million from repayments and select realizations while deploying $6.6 million into new and follow-on investments. That capital recycling is core to our model. It strengthens the balance sheet in periods of muted origination, which we have experienced recently, while positioning us to redeploy into attractive income-producing assets as conditions normalize. Net asset value per share at year-end was $17.57. While valuation adjustments during the year did impact NAV, particularly related to Tilson earlier in the year, we believe we have have taken a transparent and conservative approach rather to these valuations. Most importantly, we continue to deliver meaningful income to shareholders during 2025. So as we move into 2026, our posture is one of strength and patience. We are positioned to scale the portfolio prudently and pursue attractive risk adjusted returns as the M&A environment continues to evolve. With that overview, let's turn to shareholder returns on slide four. Delivering meaningful cash returns to shareholders remains central to our strategy, and 2025 was a strong example of that commitment. During the year, we paid out total cash dividends of $1.72 per share. That includes our quarterly dividends, which were consistent in 2025, as well as the special dividend declared in the fourth quarter. Specifically, our fourth quarter dividend totaled $0.85 per share, comprised of the regular dividend of $0.29 plus a special dividend of $0.56 per share. This special dividend reflects the success of our capital recycling efforts during the As we monetize investments and strengthen the balance sheet, we evaluated the appropriate balance between retaining capital for deployment, or redeployment, that is, and returning excess capital to shareholders. And building on our consistency, last week we also announced our first quarter 2026 dividend of $0.29 per share. That declaration reflects our belief in the underlying earnings power of the portfolio, anticipated deal origination in 2026, and the durability of our income stream as we enter this new year amidst a still challenging, yet seemingly improving credit cycle. What I think is important here is the broader message. Even in a year where repayments outpaced originations and where the market or environments required patience, we were able to maintain our 2025 regular dividend, deliver a meaningful special dividend, and enter 2026 with strong liquidity and no leverage. Thus, our near-term actions are focusing on replacing our repaid debt instruments from 2025 with new portfolio debt investments. Across the BDC sector, investors are increasingly focused on dividend sustainability and the balance sheet flexibility. We believe our actions demonstrate that our model is designed to support both of these. Please turn to slide 5 for the portfolio composition. At year end, our portfolio had a fair value of $48.5 million across 20 companies. The decline from prior year levels was primarily driven by a combination of portfolio company loan repayments and valuation adjustments earlier in the year. Most notably, the single largest driver of the valuation change was our investment in Tilson Technology. As we discussed on our second and third quarter calls during 2025, Tilson filed for Chapter 11 bankruptcy protection following a contract dispute with its primary customer. That situation ultimately resulted in a significant reduction in the fair value of our investments and later the realization of that loss through the bankruptcy process and asset sale. home. Despite Tilson's failure, we remain optimistic about the future of a former spinoff from Tilson. This is Tilson SQF, now simply referred to as VERDA, which we currently have a $3 million valuation on our equity holdings. VERDA stands for Vertical Infrastructure. Think cell phone towers or 5G antennas on telephone poles. Importantly, we took a consideration conservative and transparent approach to valuing that original Tilsen position as events unfolded. We adjusted the fair value promptly as the situation developed, and by the time of the asset sale, the investment had already been marked appropriately. While the outcome was disappointing, it reflected a specific company-level event rather than a broader systemic weakness across the portfolio or our underwriting process. Excluding Tilson, the remainder of the portfolio experienced more modest valuation changes, largely reflective of the broader lower middle market environment, tighter credit conditions, and a normal mark-to-market adjustments. At the same time, repayments during the year reduced total fair value but strengthened our liquidity and balance sheet. That capital recycling is part of the natural life cycle of our strategy. As companies mature and access lower-cost senior financing, they refinance our subordinated debt. While that moderates near-term income, it validates our underwriting and returns capital for deployment. We now need to replace those paid-off investments with new portfolio investments to support our future dividend streams. At year-end, our portfolio mix continued to shift toward more income generation. Debt investments represented 79% of the portfolio, up from 75% at year-end 2024. That reflects our continued emphasis on yield-orientated structures with equity participation for upside. The annualized weighted average yield on debt investments was 11.3% at year-end. The change from prior years levels reflects portfolio mix shifts, increased non-accrual activity during 2025, and the repayment of certain higher yielding investments. Across the broader BDC landscape and to a greater degree in our own portfolio, we have seen continued and elevated use of PIK interest as borrowers manage tighter senior credit conditions. We monitor PIK exposure carefully and remain focused on underlying credit quality and enterprise value. Our objective remains consistent. We are building a resilient, income-orientated portfolio targeted to support sustainable dividends while maintaining long-term capital appreciation potential from our equity investments. Next, let's review investment activity on slide six. During the fourth quarter, we committed 3.25 million to Bauer sheet metal and fabricating. This investment includes a 13% term loan along with warrants representing 12% ownership interest. Bauer serves industrial end markets including mining, marine, and engineering sectors. It is a business with tangible assets, specialized fabrication capabilities, and established customer relationships. For the full year, we deployed a total of $6.6 million across five transactions, primarily in interest-earning investments. This included two new portfolio-owned companies and three follow-on investments supporting our existing portfolio companies. At the same time, we generated approximately $17.8 million from realizations and these loan repayments during the year. That capital recycling is fundamental to our strategy, as I previously mentioned. As companies mature and access these lower-cost senior financings, we are repaid. That validates our original underwriting and frees capital for redeployment. Many BDCs have commented recently that repayments have outpaced originations during 2025. We experience similar dynamics. The key difference for RAND is that we ended the year with no leverage and substantial liquidity, giving us the flexibility to lean in when our opportunity sets expand. Now let's turn to slide seven for our industry mix. Professional and business services represents the largest allocation, followed by manufacturing, distribution, and consumer products. This mix helps mitigate exposure to any single sector and does allow us to participate in growth across a range of industries. While individual weighting shifted during the year due to the repayments and valuation changes I have noted, the broader structure remains balanced and aligned with our lower middle market focus. We believe maintaining this balance strengthens portfolio resilience and positions us well as sector-specific opportunities emerge in 2026. Next, let's look at our top five holdings on slide eight. These portfolio investments represented $21.9 million in fair value, or approximately 45% of the total portfolio at year end. These include Affinia, or International Electronic Alloys, High Tech, FCM Industries, Highland All About People, and BMP Food Service Supply. Each of these investments are structured to provide attractive yield, generally in the 12 to 13 percent range, with several also including equity components, or PIK features, that provide additional return potential. They form the core income producing engine of the portfolio. Now stepping back and comparing this to where we stood at year-end 2024, there have been some notable changes. At the end of 2024, our top five included Tilson, Seibert's or the RAC Group, Food Service Supply, Madison, and Kytec. As we discussed earlier, Tilson exited the top five following its chapter 11 process and subsequent asset sale. Seibert, also known as the RAC Group, also dropped out following the repayment of our debt position. Madison similarly was repaid. Both again are examples of this life cycle strategy which I previously mentioned. As the businesses matured, they access lower cost of senior financing, we get repaid and we have the opportunity to redeploy that capital elsewhere. Overall, we believe the portfolio today is balanced and less concentrated in any single position. We are better positioned for disciplined redeployment as we move through 2026. With that, I will turn it over to Margaret to walk through the financial results in greater detail.
Thanks Dan and good afternoon everyone. I will start on slide 10 which provides an overview of our financial summary and operational highlights for the fourth quarter of 2025. Total investment income was 1.3 million down 40% compared with the prior year period. The decrease primarily reflects a 46% reduction in interest income due to the repayment of five debt instruments over the past year along with lower fee income. Non-cash PIK interest totaled 308,000 in the fourth quarter, representing 24 percent of the total investment income, compared with 30 percent in the prior year period. Total expenses were $666,000 for the quarter, compared with a net credit in the fourth quarter of 2024. The variance primarily reflects capital gains incentive fee dynamics. The fourth quarter of 2024 included a credit related to portfolio valuation changes, whereas no capital gains incentive fee was recorded in the fourth quarter of 2025. Excluding capital gains incentive fees, adjusted expenses were down slightly year over year. Net investment income for the quarter was $600,000 or 20 cents per share adjusted. Net investment income per share was also 20 cents. Now let's turn to the full year summary on slide 11. Total investment income was $6.5 million compared with $8.6 million in 2024. The change reflects similar dynamics to the fourth quarter, given the repayment of several interest yielding investments and a slowdown in deal origination. Total expenses declined 75% to $1.2 million, primarily driven by a $2.6 million decrease in capital gains incentive fees, lower interest expense, and a reduced base management fee. Net investment income for the year was $5.3 million, or $1.80 per share, a 35% increase over the prior year. Excluding capital gains incentive fees, adjusted investment income per share was $1.26 compared with $1.72 in 2024. While total investment income declined, disciplined expense management contributed meaningfully to earnings performance. Please turn to slide 12. Net assets of December 31st, 2025 were $52.2 million. The waterfall chart illustrates the drivers of net asset value change during the year. We generated $5.3 million in net investment income. This was offset by realized losses, unrealized depreciation, and dividends declared during the year. A significant portion of the unrealized changes relates to the Tilson Chapter 11 filing and subsequent asset sale earlier in 2025. We believe our valuations reflect a conservative and transparent assessment of portfolio fair value at year end. Now turning to the balance sheet on slide 13, we ended the year with $4.2 million in cash equivalents, up substantially from $835,000 at year-end 2024. Importantly, we had no outstanding borrowings under our Senior Secured Revolving Credit Facility, leaving $19.2 million of available capacity. The facility permits up to $25 million in borrowings, subject to compliance with borrowing conditions and portfolio eligibility requirements. Total assets were $53.2 million at year end, and our net asset value per share was $17.57. Absence of leverage combined with available borrowing capacity provides meaningful financial flexibility as we move through 2026. With that, I will turn it back to Dan for closing remarks.
Thanks, Margaret. If you could please turn to slide 14. As we step back and look at where RAND stands today, I believe 2025 was a transition year that strengthened the foundation of the company. We have navigated a challenging environment, addressed a significant portfolio event, recycled meaningful capital, and exited the year with no leverage and substantial liquidity. Across the BDC landscape, many are beginning to speak about improving sponsor activity and a gradual reopening of M&A markets. If that momentum continues, we believe and are hopeful that the coming year could present even more attractive deployment opportunities, perhaps potential exit opportunities for our equity holdings, and this would be an improvement over the past several quarters. What differentiates RAND in this environment is our flexibility. We are not constrained by leverage. We are not forced to aggressively originate to support the balance sheet. We have the ability to be selective, patient, and disciplined. That allows us to focus on structures that align with our risk-adjusted return objectives rather than simply chasing volume. At the same time, our portfolio remains income-orientated with the goal to support our dividend. Looking forward, our dividend strategy remains disciplined and earnings-driven. We will continue to evaluate opportunities to enhance shareholder returns while preserving capital and maintaining flexibility to scale the portfolio as market conditions improve. our focus in 2026 is clear prudent capital deployment active portfolio oversight disciplined underwriting and long-term shareholder value creation we believe the company is well positioned to pursue rather to pursue growth from a position of strength today March 5th is our record date so So please keep an eye out for our proxy statement and please vote your shares for our 2026 April annual meeting. Thank you. We look forward to updating you on our progress in the first quarter of 2026 and have a great Ladies and gentlemen, thank you for your participation.
