Executive Summary

NAV per share increased to $5.58 as of December 31, 2024 (vs. $5.44 at 9/30 and $5.20 at 6/30), while the Board declared a $0.09/share Q4 distribution payable January 29, 2025 to holders of record December 31, 2024 .
Portfolio fair value fell to $44.5M at year-end from $49.4M at 9/30 on net sales/redemptions of $12.3M for the year (vs. $5.64M purchases), and a smaller portfolio footprint (26 positions vs. 29 at 9/30) .
Mix shifted toward common stocks (37.7% of investments) and away from first-lien loans (14.2%), while the estimated gross annual portfolio yield rose to 2.45% (from 2.20% at 9/30), reflecting valuation/mix changes through year-end .
The company continued quarterly share tenders (175,103 shares repurchased in Q4), and maintained its $0.09 quarterly dividend cadence; S&P Global EPS/revenue estimates were unavailable for NXPT .

What Went Well and What Went Wrong

NAV per share increased into year-end: “As of December 31, 2024, the net asset value per share … was determined to be $5.58” (vs. $5.44 at 9/30) .
Estimated gross annual portfolio yield edged higher to 2.45% at 12/31 from 2.20% at 9/30, aided by portfolio rebalancing and fair-value marks through Q4 .
Distribution policy consistency and visibility: “The Board declared a cash distribution of $0.09 per share … payable on January 29, 2025, to stockholders of record on December 31, 2024,” sustaining the quarterly $0.09 pattern .

Portfolio size and breadth declined: Fair value decreased to $44.5M with positions reduced to 26 at 12/31 (from $49.4M and 29 at 9/30), reflecting net redemptions/sales outpacing purchases .
Mix shift away from first-lien senior loans: First-lien loans fell to 14.2% of investments (from 21.7% at 9/30), increasing reliance on equity holdings and potentially raising volatility .
Limited transparency on quarterly earnings: The Q4 8-K provided distributions/NAV, but did not disclose Q4 net investment income or EPS; no earnings call transcript was filed .

Metric	Q2 2024	Q3 2024	Q4 2024
NAV per Share ($)	$5.20	$5.44	$5.58 (as of 12/31/24)
Portfolio Fair Value ($M)	$45.13	$49.43	$44.50
Number of Investments	28	29	26
Estimated Gross Portfolio Yield (%)	1.89%	2.20%	2.45%
EPS (GAAP)	$(0.01)	$0.34	N/A
Dividend per Share ($)	$0.09	$0.09	$0.09 (declared for 12/31 record date)
Shares Repurchased (units)	208,163	156,349	175,103

Segment asset mix (% of investments, at fair value)

Asset Class	Q2 2024	Q3 2024	Q4 2024
Senior Secured Loans – First Lien	15.8%	21.7%	14.2%
Senior Secured Loans – Second/Third Lien	0.6% (2nd)	0.9% (3rd)	1.4% (3rd)
Corporate Bonds	4.8%	3.3%	0.5%
Common Stocks	30.0%	26.2%	37.7%
Preferred Stocks	25.5%	24.7%	25.8%
LLC Interests	24.0%	23.2%	20.4%

Selected portfolio KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Variable Rate (% of FV)	1%	1%	N/A
Weighted Avg Cost Price (% of par)	88.91%	91.57%	90.29%
Fixed Income on Non-Accrual (% of FV)	9.8%	7.1%	N/A

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Dividend per Share	Ongoing	$0.09 quarterly cadence	$0.09 declared for Q4 record date (paid 1/29/25)	Maintained
DRP/NAV Determinations	Nov–Dec 2024	$5.48 NAV for DRP (11/22)	$5.56 (11/30) ; $5.49 (12/17) ; $5.58 (12/31)	Sequential updates

No formal revenue/EPS/expense guidance was issued in filings reviewed.

No Q4 2024 earnings call transcript found for NXPT. The analysis below reflects themes implied by filings:

Portfolio mix: Shift toward common equity (37.7% at YE) and lower exposure to first-lien loans (14.2%) vs Q3 .
Yield trend: Estimated gross annual portfolio yield increased to 2.45% from 2.20% at Q3, following year-end valuation/mix effects .
Expense management: Expense Limitation Agreement remains in place through at least April 30, 2025 .

“As of December 31, 2024, the net asset value per share … was determined to be $5.58 per share….”
“The board … declared a cash distribution of $0.09 per share … payable on January 29, 2025, to the stockholders of record on December 31, 2024.”
“The Expense Limitation Agreement will continue through at least April 30, 2025.”
“The dividends are expected to be declared in the amount of $0.09 per share … to the stockholders of record at each quarter end.”
“Securities with a total aggregate value of $40,374,729 or 84.0% of net assets were fair valued … as of September 30, 2024.”

No earnings call transcript was filed; no management Q&A to summarize.

Wall Street consensus revenue/EPS estimates (S&P Global) were unavailable for NXPT due to missing mapping in the S&P Global dataset. As a result, no estimate comparisons can be provided.

NAV per share increased into year-end to $5.58; the company maintained its quarterly $0.09 dividend, reinforcing income stability for holders of record at 12/31/24 .
Portfolio fair value declined to $44.5M and positions decreased to 26, reflecting net sales/redemptions outpacing purchases in 2024; watch for continued portfolio rationalization and its impact on future income and volatility .
Mix shift toward common equities (37.7%) and lower first-lien exposure (14.2%) may boost upside but can increase mark-to-market variability; estimated gross yield rose to 2.45% as of 12/31 .
Continued quarterly tender activity (175,103 shares repurchased in Q4) and fewer shares outstanding can be supportive of NAV per share over time, subject to repurchase pricing and portfolio marks .
High proportion of Level 3/fair-valued assets underscores the importance of valuation inputs and independent reviews in driving reported NAV .
No Q4 call or detailed quarterly P&L disclosure; consider tracking upcoming 10-Q/10-K updates and 8-K NAV/DRP determinations for timely signals on portfolio trajectory .
Expense Limitation Agreement in place through at least April 30, 2025 provides near-term guardrails on “Other Expenses” and supports net income retention .

Q3 2024 results included EPS of $0.34 primarily from unrealized gains, with NAV/share of $5.44 and portfolio FV of $49.4M .
Q2 2024 EPS was $(0.01), NAV/share $5.20, FV $45.1M; distributions remained $0.09/share .