Advanced Flower Capital Inc (AFCG) 2026 Q1 法說會逐字稿

Good morning, and welcome to AFC's first-quarter 2026 earnings call. (Operator Instructions)

早安，歡迎參加 AFC 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Gabriel Katz, Chief Legal Officer. Please go ahead.

現在我想把電話會議交給法務長 Gabriel Katz。請開始。

Good morning, and thank you all for joining AFC's earnings call for the quarter ended March 31, 2026. I'm joined this morning by Robyn Tannenbaum, our President and Chief Investment Officer; Leonard Tannenbaum, our Chairman; Daniel Neville, our Chief Executive Officer; and Brandon Hetzel, our Chief Financial Officer. Before we begin, I would like to note that this call is being recorded. Replay information is included in our April 15, 2026, press release and is posted on the Investor Relations portion of AFC's website at advancedflowercapital.com along with our first quarter 2026 earnings release and investor presentation.

早安，感謝各位參加 AFC 截至 2026 年 3 月 31 日止季度的財報電話會議。今天早上與我一同出席的有：總裁兼投資長 Robyn Tannenbaum、董事長 Leonard Tannenbaum、執行長 Daniel Neville，以及財務長 Brandon Hetzel。在開始之前，我想先說明本次電話會議將被錄音。重播資訊已載於我們 2026 年 4 月 15 日的新聞稿，並與 2026 年第一季財報新聞稿及投資人簡報一同發布於 AFC 官網 advancedflowercapital.com 的投資人關係專區。

Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, market developments, anticipated portfolio yield and financial performance and projections in 2026 and beyond.

今天的電話會議包含前瞻性陳述與預測，反映公司目前對於（其中包括）市場發展、預期投資組合收益率，以及 2026 年及其後的財務表現與預測之看法。

These statements are subject to inherent uncertainties in predicting future results. Please refer to AFC's most recent periodic filings with the SEC, including our quarterly report on Form 10-Q filed earlier this morning for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections.

這些陳述在預測未來結果時存在固有不確定性。請參閱 AFC 最近向美國證券交易委員會（SEC）提交的定期申報文件，包括我們今天稍早提交的 10-Q 季度報告，其中載有若干情況與重大因素，可能導致實際結果與這些前瞻性陳述與預測出現重大差異。

Today's call will begin with Robyn providing an overview of our results. Len will then provide commentary on the lower middle market, and then Dan will provide an overview of our portfolio and pipeline. Finally, Brandon will conclude with a summary of our financial results before we open the lines for Q&A.

今天的電話會議將先由 Robyn 概述我們的業績。接著 Len 將就中小型市場（lower middle market）發表評論，然後 Dan 將概述我們的投資組合與案源管線。最後，Brandon 將在開放問答前，總結我們的財務結果。

With that, I will now turn the call over to our President, Robyn Tannenbaum.

接下來，我把電話會議交給我們的總裁 Robyn Tannenbaum。

Thanks, Gabe, and good morning, everyone. We appreciate you joining us to discuss AFC's first quarter earnings. Before turning to earnings, we are pleased to have completed our first quarter operating as a BDC. This conversion to a business development company has expanded AFC's investment flexibility, which has allowed us to pursue opportunities beyond real estate-backed loans.

謝謝 Gabe，大家早安。感謝各位加入我們，一同討論 AFC 第一季財報。在談到財報之前，我們很高興完成了作為 BDC 營運的第一個季度。轉型為商業發展公司（BDC）擴大了 AFC 的投資彈性，使我們得以追求不僅限於不動產擔保貸款的機會。

We believe that this expanded opportunity better positions AFC to diversify its exposure across industries and credit risk profiles. During the quarter, we closed two noncannabis deals in the lower middle market, totaling approximately 90 million new commitments. Additionally, we received $41.2 million in cannabis loan repayments during the quarter.

我們相信，這項擴大的機會能讓 AFC 更有利於跨產業與不同信用風險輪廓進行曝險分散。本季度我們在中小型市場完成兩筆非大麻（noncannabis）交易，新增承諾總額約 9,000 萬美元。此外，本季度我們也收到 4,120 萬美元的大麻貸款還款。

For Q1 2026, AFC had net fundings of $39.1 million. The two lower middle market deals are similar to other potential transactions in our pipeline and has many of the characteristics we look for, cash flow operating businesses backed by experienced sponsors.

2026 年第一季，AFC 淨撥款（net fundings）為 3,910 萬美元。這兩筆中小型市場交易與我們案源管線中的其他潛在交易相似，並具備我們所尋求的多項特徵：具現金流的營運型企業，且由經驗豐富的贊助方支持。

Turning to earnings. For the first quarter of 2026, AFC generated net investment income of $0.21 per basic weighted average share of common stock. Additionally, the Board of Directors declared a first quarter distribution of $0.05 per share, which was paid on April 15, 2026, to shareholders of record on March 31, 2026.

接著談到獲利表現。2026 年第一季，AFC 每股普通股基本加權平均股數之淨投資收益為 0.21 美元。此外，董事會宣告第一季每股 0.05 美元的配息，並已於 2026 年 4 月 15 日支付給截至 2026 年 3 月 31 日登記在冊的股東。

Before turning the call over to Len, I would like to note that the Board of Directors has put a $5 million share buyback program in place. We view the share buyback authorization as a flexible component of our capital allocation strategy, designed to enhance long-term shareholder value.

在把電話會議交給 Len 之前，我想補充說明董事會已核准一項 500 萬美元的庫藏股回購計畫。我們將此回購授權視為資本配置策略中具彈性的組成部分，旨在提升股東長期價值。

Now I'll turn it over to Len to discuss the state of the middle market.

接下來我把時間交給 Len，請他談談中型市場的現況。

Thank you, Robyn, and good morning, everyone. I want to explain why we are excited about private credit and why we believe the timing is particularly compelling. As private credit experienced meaningful reductions in net inflows, many lenders have exited the lower middle market in favor of moving upmarket to support this in portfolios. This reduction in capital and resulting shift upmarket has created a sizable opportunity for a small, nimble lender like us to capture what we consider to be an exceptional vintage in the lower middle market.

謝謝你，Robyn，大家早安。我想說明我們為何對私募信貸（private credit）感到振奮，以及為何我們認為目前時點特別具吸引力。隨著私募信貸的淨流入明顯下滑，許多放款人已退出中小型市場，轉而往上移至更大型市場，以支撐其投資組合。資金減少與隨之而來的上移趨勢，為像我們這樣小而靈活的放款人創造了可觀機會，使我們得以在中小型市場把握我們認為極佳的放款「年份」（vintage）。

In this part of the market, we are seeing better risk-adjusted returns with absolute yields running at approximately 100 to 300 basis points higher than they were just six months ago. Our ideal sweet spot is in the $5 million to $50 million EBITDA range, largely below the threshold where the larger private credit platforms operate. We believe that the lower middle market assets that we're currently underwriting carry a meaningful distinction from the covenant-like structures common in the upper market.

在這個市場區段，我們看到更佳的風險調整後報酬，絕對收益率較六個月前約高出 100 至 300 個基點。我們理想的甜蜜點落在 EBITDA 500 萬至 5,000 萬美元區間，主要低於大型私募信貸平台的運作門檻。我們認為，目前我們正在承作的中小型市場資產，與上層市場常見的類契約（covenant-like）結構有明顯差異。

Lenders there often rely solely upon a liquidity covenant. Our deals typically include a cash flow measure and a fixed charge coverage ratio covenant, and we are not allowing the aggressive EBITDA add-backs endemic to larger deals. A further indicator of the strong underlying credit quality opportunity available in the lower middle market.

那裡的放款人往往僅依賴流動性契約。我們的交易通常包含現金流衡量指標與固定費用覆蓋率（fixed charge coverage ratio）契約，且我們不允許大型交易中常見的激進 EBITDA 加回（add-backs）。這也進一步顯示中小型市場存在強勁的底層信用品質機會。

Strategically, we are actively expanding our pipeline and continuing to diversify our portfolio. We believe this vintage offers an attractive opportunity, and we are positioning ourselves to capture it thoughtfully and at scale.

在策略上，我們正積極擴大案源管線並持續分散投資組合。我們相信這個年份提供了具吸引力的機會，我們正以審慎且可規模化的方式定位自己以把握此機會。

I will now turn it over to Dan to discuss the state of our portfolio and our pipeline.

接下來我把時間交給 Dan，請他談談我們投資組合與案源管線的狀況。

Thanks, Len. I'll begin with an update on our expansion into private credit outside of the cannabis space, followed by an update on our portfolio. As Len described, we feel good about the supply and demand dynamics in lower middle market lending and are excited about the opportunities we are seeing.

謝謝，Len。我將先更新我們在大麻領域之外擴展至私募信貸的進展，接著更新我們的投資組合狀況。如 Len 所述，我們對中小型市場放款的供需動態感到樂觀，也對我們所看到的機會感到振奮。

Since expanding our investable universe, our active pipeline remains strong with over $1.5 billion of deals as of today. We are focused on sourcing deals and backing companies in the lower middle market across a variety of industries, including health care, consumer, manufacturing and services. We are focused on deals where we have expertise or can add value and have no interest in stretching beyond our core competencies.

自我們擴大可投資範圍以來，截至今日，我們的活躍案源管線仍然強勁，交易規模合計超過 15 億美元。我們專注於在多元產業的中小型市場尋找交易並支持企業，包括醫療保健、消費、製造與服務業。我們聚焦於我們具備專業能力或能夠創造價值的交易，並無意為了做交易而超出我們的核心能力範圍。

Our sweet spot is providing loans to cash flowing borrowers with $5 million to $50 million of EBITDA. We are primarily participating in sponsored transactions though we selectively engage in nonsponsor deals as well. The financings we are looking at are often used for expansion capital, acquisitions, refinancings or recapitalizations.

我們的甜蜜點是向具現金流的借款人提供貸款，其 EBITDA 為 500 萬至 5,000 萬美元。我們主要參與有贊助方（sponsored）的交易，但也會選擇性參與無贊助方（nonsponsor）的交易。我們所評估的融資通常用於擴張資金、併購、再融資或資本重整。

During Q1, AFC closed two loans totaling $90 million and subsequent to quarter end, AFC closed an additional $5 million of loans. In January, as we closed on a $60 million senior secured credit facility to support the combination of STAT and the Moresby Group which is backed by Cambridge Capital.

在第一季期間，AFC 完成了兩筆貸款的結案，合計 9,000 萬美元；且在季末之後，AFC 另完成了 500 萬美元的貸款結案。1 月，我們完成了一筆 6,000 萬美元的優先擔保信貸融資（senior secured credit facility）結案，以支持 STAT 與 Moresby Group 的合併，該交易由 Cambridge Capital 支持。

In February, AFC committed $30 million to a $60 million senior secured term loan to support the acquisition and growth of a leading health care benefits platform tailored toward hourly and lower-wage employees. At closing, AFC funded $20 million of this commitment and the remaining $10 million was funded subsequent to quarter end.

2 月，AFC 承諾投入 3,000 萬美元，參與一筆 6,000 萬美元的優先擔保定期貸款（senior secured term loan），以支持一家領先的醫療保健福利平台之收購與成長，該平台主要服務時薪與較低薪資員工。在交割時，AFC 已撥款 2,000 萬美元以履行該承諾，其餘 1,000 萬美元於季末之後撥付。

As I stated last quarter, we currently have three loans on nonaccrual and are focused on receiving paydowns on these loans to redeploy that capital into performing credits that should contribute to current income. The receiver has continued the liquidation process for investment in Devi Holdings. During Q1, we received a $6.2 million paydown which brings the total paydowns in Devi and in receivership to $20.8 million.

如我在上季所述，我們目前有三筆貸款處於停計利息（nonaccrual）狀態，並專注於收回這些貸款的部分本金，以便將資金重新部署至正常履約的授信，進而貢獻當期收益。接管人（receiver）已持續推進對 Devi Holdings 投資的清算程序。第一季期間，我們收到 620 萬美元的償還，使 Devi 及接管程序中的累計償還總額達到 2,080 萬美元。

Lastly, we wanted to take a minute to touch on Justice Grown. The loan matured on May 1, 2026, and is in maturity default. Now that the loan has matured, we intend to exercise our rights and remedies under the credit agreement, including our rights under the shareholder guarantee and parent guarantee.

最後，我們想花一點時間談談 Justice Grown。該筆貸款已於 2026 年 5 月 1 日到期，並已構成到期違約（maturity default）。既然貸款已到期，我們擬依據信貸協議行使我們的權利與救濟措施（rights and remedies），包括我們在股東保證（shareholder guarantee）與母公司保證（parent guarantee）項下的權利。

As a reminder, our loan to Justice Grown is secured by the vertical assets in New Jersey including an own cultivation facility and three dispensaries, two of which are owned. In Pennsylvania, we are secured by three dispensaries and an own cultivation facility, which is currently not operational. We remain laser focused on pursuing our rights and remedies under the credit agreement and realizing maximum value from this loan.

提醒一下，我們對 Justice Grown 的貸款以新澤西州的垂直整合資產作為擔保，包括一座自有種植設施以及三家藥房（dispensaries），其中兩家為自有。在賓夕法尼亞州，我們的擔保品包括三家藥房及一座自有種植設施，目前該設施尚未營運。我們仍將高度專注於依据信貸協議追索我們的權利與救濟措施，並自該筆貸款中實現最大價值。

Now I'll turn it over to Brandon to discuss our financial results in more detail.

接下來我把時間交給 Brandon，請他更詳細地說明我們的財務結果。

Thank you, Dan. For the quarter ended March 31, 2026, we generated total investment income of $9.8 million and net investment income of $4.8 million or $0.21 per basic weighted average share of common stock. We ended the first quarter of 2026 with $356.6 million of principal outstanding spread across 15 loans. As of May 1, 2026, our portfolio consisted of $370 million of principal outstanding across 17 loans.

謝謝你，Dan。截至 2026 年 3 月 31 日止之季度，我們產生的總投資收益為 980 萬美元，淨投資收益為 480 萬美元，或每股普通股基本加權平均股數 0.21 美元。2026 年第一季期末，我們未償還本金為 3.566 億美元，分布於 15 筆貸款。截至 2026 年 5 月 1 日，我們的投資組合未償還本金為 3.70 億美元，分布於 17 筆貸款。

As of March 31, 2026, we had total assets of $394.9 million, total shareholder equity of $185.8 million our net asset value per share was $7.90. This is an increase of $0.44 per share over the prior quarter. The increase in net asset value per share was primarily driven by net investment income of $0.21 per share, an increase in unrealized appreciation on investments of approximately $0.28 per share offset by the Q1 dividend of $0.05 per share.

截至 2026 年 3 月 31 日，我們的總資產為 3.949 億美元，股東權益總額為 1.858 億美元；每股淨資產價值（NAV）為 7.90 美元，較前一季增加 0.44 美元。每股淨資產價值的增加主要來自每股 0.21 美元的淨投資收益，以及投資未實現增值約每股 0.28 美元，並由第一季每股 0.05 美元的股利所抵銷。

During the first quarter, AFC expanded its senior secured revolving credit facility to $80 million with an additional $30 million commitment from the facility's lead arranger and FDIC-insured bank with over $75 billion of assets. The facility remains available to $100 million subject to lender participation in our available borrowing base.

第一季期間，AFC 將其優先擔保循環信貸融資（senior secured revolving credit facility）擴大至 8,000 萬美元，並獲得該融資之主辦行（lead arranger）—一家 FDIC 承保且資產超過 750 億美元的銀行—額外 3,000 萬美元的承諾額度。在貸方參與我們可用借款基礎（available borrowing base）的前提下，該融資仍可提供最高 1 億美元的可用額度。

During the three months ended March 31, 2026, we had an average balance drawn on the credit facility of approximately $22 million. Lastly, on April 15, 2026, we paid the first quarter dividend of $0.05 per common share outstanding to shareholders of record as of March 31, 2026.

截至 2026 年 3 月 31 日止三個月期間，我們在該信貸融資項下的平均動用餘額約為 2,200 萬美元。最後，於 2026 年 4 月 15 日，我們向截至 2026 年 3 月 31 日之登記在冊股東，支付第一季每股普通股 0.05 美元的股利。

With that, I will now turn it back over to the operator to start the Q&A.

接下來，我將把時間交回給主持人，開始問答環節。

(Operator Instructions) Aaron Grey, AGP.

(主持人指示) Aaron Grey，AGP。

I guess just first one for me. Thanks for some of the comments you provided on Justice Grown. I guess how should we think about potential outcomes here just given the other litigation that is pending, the loan is now officially in default? How should we think about the different potential outcomes and that could happen in the near term?

我想先問第一個問題。感謝你們就 Justice Grown 提供的一些評論。考量到仍在進行中的其他訴訟，以及該筆貸款現在已正式違約，我們應該如何看待這裡可能的結果？我們應該如何思考近期可能發生的不同結果？

Hi Aaron, I'm going to pass that one over to our Chief Legal Officer, Gabe.

嗨 Aaron，這題我會請我們的法務長 Gabe 來回答。

Sure. Yes. The loan has matured, as you noted. We are pursuing all rights and remedies to obtain maximum value for the -- from the credit facility, but it's too early to make any predictions on outcomes in this litigation.

好的。是的。如你所提，該筆貸款已到期。我們正在追索所有權利與救濟措施，以便從該信貸融資中取得最大價值，但目前仍言之過早，無法對這起訴訟的結果做出任何預測。

Okay. So just to clarify, there's still questions around being able to fully take it over as the other litigations pending given if it's currently in default now?

了解。所以我想確認一下：在其他訴訟仍在進行、且目前已違約的情況下，是否仍存在能否完全接管的疑問？

No, we are pursuing our strategies to obtain maximum value from the collateral.

不，我們正在推進我們的策略，以從擔保品中取得最大價值。

Next question for me just in terms of some of the incremental loans and the pipeline, I know you've talked about before, some of the expected yields. I understand that April 1 were a little bit smaller here, but just want to confirm that the ones in the pipeline are expecting similar yields that we have seen kind of that mid- to high teens as we go forward for the year.

我下一個問題是關於新增貸款與案源管線（pipeline）。我知道你們之前談過一些預期收益率。我理解 4 月 1 日的規模稍小一些，但我想確認一下：管線中的案子是否仍預期能有與我們先前看到的相近收益率，也就是今年往前看大約落在十幾個百分點中段到高段？

Hi Aaron, I'll pass that one to Dan.

嗨 Aaron，這題我交給 Dan。

Yes, Aaron, I think we've got a few loans in our disclosures, and you can look at those yield to maturities as a guidepost. I think our overall target and what we said previously with the transition to lower middle market is that we'd expect the yields to move down a touch into kind of the low double-digit kind of range on an overall basis, but expect the quality of the borrowers, the counterparties on the sponsor side of things to improve significantly in the lower middle market generally relative to what's available today across the cannabis landscape.

是的，Aaron，我想我們在揭露資料中列了幾筆貸款，你可以把那些到期收益率（yield to maturities）作為參考指標。我認為我們的整體目標，以及先前提到轉向較低中型市場（lower middle market）後的預期，是整體收益率可能會小幅下滑，落在整體約低雙位數（low double-digit）的區間；但相較於目前大麻產業版圖中可取得的機會，我們預期在較低中型市場中，借款人品質以及贊助方（sponsor）對手方的品質將顯著提升。

And just last question for me. Just with the recent rescheduling, currently it's FDA-approved, medical, legal operation. Does that change your outlook for the cannabis market? Or are you still kind of focused in terms of more broadly, maybe less focus on cannabis for the pipeline?

我最後一個問題。就近期的重新分級（rescheduling）而言，目前屬於 FDA 核准、醫療用途、合法營運。這是否會改變你們對大麻市場的展望？或者你們在管線方面仍是較廣泛地聚焦，可能降低對大麻的比重？

I think I'll give a little color on the rescheduling side of things. I think it's great to see progress at the federal level finally after five years. I think the positives are it eliminates 280 liabilities for medical operators today. It certainly eliminates future uncertainty or decreases future uncertainty related go-forward liabilities given the path that we seem to be on at the federal level with hearings related to adult use later this year as well.

我想就重新分類（rescheduling）這一塊補充一些背景說明。我認為在聯邦層級歷經五年後終於看到進展，這很令人振奮。我認為正面之處在於，這將消除目前醫療營運商所面臨的 280E 稅務負擔。鑑於我們在聯邦層級似乎正朝著某個方向前進，且今年稍晚也將就成人用（adult use）相關議題舉行聽證會，這當然也能消除或降低未來與後續稅務負擔相關的不確定性。

And you have potential relief of historical tax liabilities, at least for medical operators as was highlighted in the actions over the last few weeks. And so that -- the combination of those factors could potentially attract additional capital over time.

而且你也可能獲得對歷史稅務負債的紓解，至少對醫療營運商而言，如過去幾週的行動所強調的那樣。因此——這些因素的組合，隨著時間推移，可能會吸引更多資本進入。

I think the negatives are that no -- none of the operators were really paying taxes today outside of GTI, and so if you look at the cash flow statements for the last couple of years, that reflects a post-280E world on a cash basis today.

我認為負面之處在於——目前除了 GTI 之外，基本上沒有任何營運商真的在繳稅；因此如果你看過去幾年的現金流量表，從現金基礎來看，今天其實已經反映了一個後 280E 的世界。

And certainly, I think the industry is more competitive than it was five years ago, and so the relief came but it took a long time to get here. I think the consequences of that are that on -- to the extent that additional capital is attracted to the industry, that would be positive for asset values that would be positive for medical asset value, certainly, given that 280E is eliminated, and it could lead to better realizations for us on loans that we have on non-accrual.

而且我認為，這個產業的競爭程度確實比五年前更激烈，所以雖然紓解終於到來，但花了很長時間才走到這一步。其後果是——在某種程度上，如果有更多資本被吸引進入產業，這將有利於資產價值，對醫療資產價值尤其是正面影響，因為 280E 已被取消；同時也可能讓我們對那些已列為停止計息（non-accrual）的貸款，取得更好的回收實現。

We are seeing better opportunities in the lower middle market today given the economics that we're seeing, the less competitive nature of the lending environment in the lower middle market today generally, and the quality of the borrowers and counterparties. And so I think on a go-forward basis, while rescheduling is great and it could be good for asset values and our loans on nonaccrual, we are still focused on expanding into the lower middle market lending generally.

以我們目前看到的經濟條件、整體而言較低度競爭的低中型市場（lower middle market）放貸環境，以及借款人與交易對手的品質來看，我們在低中型市場看到更好的機會。因此我認為，展望未來，雖然重新分類很棒，且可能有利於資產價值以及我們的停止計息貸款，但我們仍專注於擴大低中型市場放貸業務的布局。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Look, you gave some color on the two large loans that you made in the first quarter to the noncannabis companies, but can you expand a little bit more? I mean these are private companies, we don't have access to their financials whatever additional color you can provide to understand better what those companies are doing, what their plans are for those proceeds from the loans, that would be helpful.

你對第一季做出的兩筆大型、提供給非大麻公司的貸款已經補充了一些背景，但你能再多延伸說明一點嗎？我的意思是，這些是私人公司，我們無法取得他們的財務資料；你能提供任何額外的資訊，幫助我們更了解這些公司在做什麼、他們對這些貸款資金的用途規劃是什麼，會很有幫助。

Sure, Pablo. Yes, as you mentioned, they are private companies. That's the vast majority of loans that are done in the BDC space are private companies. We can give a little bit of color here on two of those businesses. So STAT, we put out a press release on that, described what the business does.

當然可以，Pablo。是的，如你所提，他們是私人公司。在 BDC 領域所做的絕大多數貸款，對象都是私人公司。我們可以就其中兩家企業補充一些背景。關於 STAT，我們已發布新聞稿，描述了該業務的內容。

They operate in the revenue recovery space related to suppliers and to big retailers like Walmart, Target, the Amazon ecosystem, et cetera, and they recovered deductions related to invoices, for goods that are shipped into Walmart and those other retailers.

他們在與供應商及大型零售商（如 Walmart、Target、Amazon 生態系等）相關的營收追回（revenue recovery）領域運作，並針對出貨至 Walmart 及其他零售商的商品發票，協助追回與扣款相關的款項。

And so if you think about the opportunity set there, Walmart has $700 billion of sales, their cost of goods sold is probably somewhere around $400 billion, and every invoice that goes into Walmart, you typically see a 2% deduction related to various issues with quantity mismatches on time and full, et cetera. And these folks will work to recover that, which is an $8 billion opportunity on that 10% for Walmart alone, and you expand that opportunity as you get to other retailers on the platform.

因此如果你思考那裡的機會集合，Walmart 的銷售額是 7,000 億美元，他們的銷貨成本可能約在 4,000 億美元左右；而每一張送進 Walmart 的發票，通常會看到約 2% 的扣款，原因可能是數量不符、準時與足量（on time and full）等各種問題。而這些人會協助追回這些扣款；僅就 Walmart 而言，這在那 10% 上就是一個 80 億美元的機會，當你把平台擴展到其他零售商時，機會也會隨之擴大。

The use of proceeds there was for a refinancing of an existing credit facility on the buyer as well as to partially finance the acquisition of the Moresby Group. On BCIS borrower that's, as we've discussed, a health care benefits platform that serves low-wage employees. When I -- in my previous life, I had 1,700 hourly employees and dealt with benefits there, and one of the constant complaints is that regular way health care insurance was way too expensive, non-affordable and honestly, overkill for folks in the 18 to 35 age subset.

該筆資金用途是為買方既有的信用融資工具進行再融資（refinancing），並部分用於資助收購 Moresby Group。至於 BCIS 借款人，如我們先前討論的，這是一個為低薪員工服務的醫療福利平台。我——在我之前的職涯中，我有 1,700 名按時薪計酬的員工並處理福利事宜，其中一個持續的抱怨是，一般的醫療保險太昂貴、負擔不起，而且坦白說，對 18 到 35 歲這個族群而言有些過度。

And so this product provides a low-cost offering for virtual urgent care, primary care, generic prescriptions and is good for the employee as the low-cost option and good for the employer as an avenue for some tax savings on FICA payroll taxes. And so the platform is seeing tremendous growth and is really attacking an interesting niche and unfilled need in the health care insurance market.

因此，這個產品提供低成本方案，涵蓋虛擬急診照護、基層醫療、學名藥處方等；對員工而言是低成本選項，對雇主而言則可透過 FICA 薪資稅取得一些節稅空間。因此該平台正呈現強勁成長，並切入一個有趣的利基市場與醫療保險市場中尚未被滿足的需求。

That's great color. My last question, obviously, I can do the math, but you have the cash on the balance sheet that you reported for end of March, plus the expanded credit facility, if I put all that together, do you think you can deploy all of that this year? I mean, you've talked about the pipeline, but just trying to think how we should model book loan growth from here to end of the year.

這些資訊很有幫助。我最後一個問題，顯然我可以自己算，但你們在 3 月底所揭露的資產負債表上的現金，加上擴增後的信用融資額度，如果把這些加總起來，你覺得今年能把這些資金全部部署出去嗎？我的意思是，你們談到過案源管線（pipeline），但我只是想思考，我們應該如何建模從現在到年底的帳面貸款成長。

Pablo, it's Robyn. I think that as we're entering the lower middle market, it's hard to predict and give any guidance as to the rest of the year as to what we're going to fund, but we do have dry powder that we look to deploy over the course of the year. And as we get repayments, as we discuss this quarter, we'll look to deploy that capital as well.

Pablo，我是 Robyn。我認為，當我們進入低中型市場時，很難預測並對今年剩餘時間我們將會撥款（fund）多少提供任何指引，但我們確實有可用資金（dry powder），希望在今年內逐步部署。而且如同我們本季所討論的，當我們收到還款時，我們也會尋求把那部分資本再部署出去。

And I'm not showing any further questions at this time. I'd like to turn the call back over to our CEO, Daniel Neville for any further remarks.

目前我這邊沒有看到進一步的提問。我想把電話會議交回給我們的執行長 Daniel Neville，看看是否還有其他補充說明。

Thank you for joining us this morning, and we look forward to updating you on our continued transition to lower middle market lending on future calls.

感謝各位今天早上加入我們，我們期待在未來的電話會議中，向各位更新我們持續轉型至低中型市場放貸的進展。

Thank you. Ladies and gentlemen, this concludes today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.

謝謝。各位女士先生，今天的簡報到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。