Ares Capital Corp (ARCC) 2025 Q2 法說會逐字稿

Please stand by. Your program is about to begin. Good afternoon. Welcome to Ares Capital Corporation's second quarter ended June 30, 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded on Tuesday, July 29, 2025.

請稍候。您的程式即將開始。午安.歡迎參加 Ares Capital Corporation 截至 2025 年 6 月 30 日的第二季財報電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 7 月 29 日星期二進行錄製。

I will now turn the call over to Mr. John Stilmar, a Partner on Ares Public Markets Investor Relations team.

現在我將電話轉交給 Ares Public Markets 投資者關係團隊的合夥人 John Stilmar 先生。

Great, thank you very much and good afternoon, everybody. Let me start with some important reminders. Comments made during the course of this conference call and webcast, as well as the accompanying documents containing forward-looking statements and are subject to risks and uncertainties.

太好了，非常感謝，大家下午好。首先讓我提醒一些重要的事項。本次電話會議和網路廣播過程中發表的評論以及包含前瞻性陳述的隨附文件均受風險和不確定性的影響。

The company's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Ares Capital Corporation assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

本公司的實際結果可能因任何原因（包括其向美國證券交易委員會提交的文件中列出的原因）與此類前瞻性陳述中表達的結果有重大差異。Ares Capital Corporation 不承擔更新任何此類前瞻性陳述的義務。另請注意，過去的表現或市場資訊並不能保證未來的結果。

During this conference call, the company may discuss certain non-GAAP measures as defined by SEC Regulation G, which includes factors such as core earnings per share or core EPS. The company believes that core EPS provides useful information to investors regarding the financial performance because it's one method that the company uses to measure its financial condition and the results of its operations.

在本次電話會議中，本公司可能會討論美國證券交易委員會 G 條例定義的某些非公認會計準則指標，其中包括核心每股盈餘或核心每股盈餘等因素。該公司認為核心每股收益為投資者提供了有關財務業績的有用信息，因為這是公司衡量其財務狀況和經營成果的一種方法。

A reconciliation of GAAP net income per share, the most directly comparable GAAP measure to core EPS, can be found in the accompanying slide presentation for this call. In addition, reconciliation of these measures may also be found in our earnings release file this morning on Form 8-K with the SEC.

本次電話會議附帶的幻燈片簡報中可以找到 GAAP 每股淨收益的對帳表，即與核心每股收益最直接可比較的 GAAP 指標。此外，這些措施的對帳資訊也可在我們今天上午向美國證券交易委員會提交的 8-K 表格收益報告文件中找到。

Certain information discussed in this conference call and the accompanying slide presentation, including information related to portfolio companies was derived from third party sources and has not been independently verified, and accordingly, the company makes no representation or warranties with respect to this information.

本次電話會議和隨附的幻燈片簡報中討論的某些資訊（包括與投資組合公司相關的資訊）來自第三方來源，尚未經過獨立核實，因此，本公司對這些資訊不作任何陳述或保證。

The company's second quarter ended June 30, 2025, earnings presentation can be found on the company's website at www.arescapitalcorp.com by clicking on the second quarter 2025 earnings presentation link on the homepage of the Investor Resources section. Ares Capital Corporation's earnings release and Form 10-Q are also available on the company's website.

該公司截至 2025 年 6 月 30 日的第二季度收益報告可在公司網站 www.arescapitalcorp.com 上找到，方法是點擊投資者資源部分主頁上的 2025 年第二季度收益報告連結。Ares Capital Corporation 的收益報告和 10-Q 表也可在該公司的網站上查閱。

I'd like to now turn the call over to Mr. Kort Schnabel, Ares Capital Corporation's Chief Executive Officer. Kort?

現在我想將電話轉給 Ares Capital Corporation 的執行長 Kort Schnabel 先生。科特？

Thanks, John, and hello, everyone, and thanks for joining our earnings call today. I'm joined by Jim Miller, our President; Jana Markowicz, our Chief Operating Officer; Scott Lem, our Chief Financial Officer, and other members of the management team who will be available during our Q&A session.

謝謝，約翰，大家好，謝謝您今天參加我們的財報電話會議。與我一起參加問答環節的還有我們的總裁 Jim Miller、營運長 Jana Markowicz、財務長 Scott Lem 以及其他管理團隊成員。

Before we begin today's call, I want to take a moment to acknowledge the tragedy that occurred at 345 Park Avenue, just a few blocks from our New York office. This senseless act of violence has deeply affected our community and our hearts go out to everyone impacted. We extend our deepest condolences to the families and loved ones of the victims and to our friends and colleagues at Blackstone, KPMG, NFL, Rudin, and others who work at 345 Park Avenue, as well as the brave NYPD officer who lost his life protecting the building.

在我們開始今天的電話會議之前，我想花點時間來了解發生在公園大道 345 號的悲劇，距離我們的紐約辦公室僅幾個街區。這種毫無意義的暴力行為深深影響了我們的社區，我們對所有受影響的人表示同情。我們向遇難者家屬和親人、黑石集團、畢馬威、NFL、魯丁和其他在公園大道 345 號工作的人的朋友和同事，以及在保護大樓時犧牲的勇敢的紐約警察局警官表示最深切的哀悼。

In times like these, we are reminded of the importance of standing together as a community with compassion, resilience, and support for one another. We are keeping all who have been affected in our thoughts.

在這樣的時刻，我們意識到團結一致、互相同情、堅韌不拔、互相支持的重要性。我們永遠懷念所有受影響的人們。

Let me now turn to our second quarter results. I will begin with a few quarterly highlights and we'll follow that with some thoughts on current market conditions. This morning, we reported solid second quarter results, delivering stable core earnings of $0.50 per share, representing an annualized return on equity of 10% consistent with the prior quarter. Additionally, our net asset value per share increased both sequentially and year-over-year.

現在讓我來談談我們的第二季業績。我首先會介紹幾個季度的亮點，然後我們會談談對當前市場狀況的一些看法。今天上午，我們報告了穩健的第二季業績，核心收益穩定在每股 0.50 美元，年化股本回報率與上一季持平，為 10%。此外，我們的每股淨資產價值環比和同比增長。

The growth in our net asset value per share was supported by earnings in excess of our dividend and robust net investment gains, including strong net realize gains from our equity co-investment portfolio. These results support our position as one of the few BDCs to consistently generate math per share growth since our IPO.

我們的每股淨資產價值的成長得益於超過股息的收益和強勁的淨投資收益，包括來自我們的股權共同投資組合的強勁淨實現收益。這些結果鞏固了我們作為自 IPO 以來持續實現每股數學成長的少數 BDC 之一的地位。

We are pleased with our profitability and the continued strength of our portfolio, particularly in light of the tariff-related volatility that led to economic uncertainty and reduced investment activity during the second quarter. Let me now discuss what we are seeing in our markets and our positioning.

我們對我們的獲利能力和投資組合的持續強勁感到滿意，特別是考慮到第二季與關稅相關的波動導致的經濟不確定性和投資活動減少。現在讓我來討論一下我們在市場和定位方面看到的情況。

The second quarter began with policy-driven volatility, which temporarily slowed transaction activity, particularly in the liquid loan markets. During the early part of the quarter, we remained active while traditional market participants retrenched and were not underwriting many new transactions, if any at all.

第二季開始，政策引發的波動暫時減緩了交易活動，尤其是在流動性貸款市場。在本季初期，我們仍然保持活躍，而傳統市場參與者則縮減規模，沒有承銷很多新交易，甚至根本沒有承銷任何新交易。

We believe our ability to transact in varying market conditions and provide certainty in uncertain times, yet again reinforced our value proposition and allowed us to garner enhanced terms and premium economics. As volatility subsided later in the quarter, the liquid credit markets reopened. Overall financing activity began to rebuild and has returned to a more normalized pace.

我們相信，我們有能力在不同的市場條件下進行交易，並在不確定的時期提供確定性，這再次強化了我們的價值主張，並使我們能夠獲得更好的條款和優質的經濟效益。隨著本季後期波動性的消退，流動信貸市場重新開放。整體融資活動開始重建並恢復到更正常的步伐。

As we have discussed many times in the past, we benefit from periods of volatility as our broad portfolio of 566 borrowers, extensive market relationships, and strong balance sheet positions us as a valuable partner to many market participants despite reductions in overall M&A volume.

正如我們過去多次討論過的那樣，儘管總體併購量有所減少，但我們擁有 566 家借款人的廣泛投資組合、廣泛的市場關係以及強勁的資產負債表，這使我們成為許多市場參與者的寶貴合作夥伴，因此我們受益於波動時期。

We saw this dynamic play out in the second quarter as nearly three quarters of our gross commitments were from incumbent relationships. We continued to serve as a stabilizing force for our existing portfolio companies who are increasing their borrowings with us and enabling us to take share from other established lenders.

我們在第二季度看到了這種動態表現，因為我們近四分之三的總承諾來自現有關係。我們繼續為現有的投資組合公司提供穩定的力量，這些公司正在增加對我們的借款，並使我們能夠從其他老牌貸款機構手中奪取份額。

For example, across our 10 largest transactions with incumbent borrowers in the second quarter, we more than doubled our previous lending commitments and in doing so, increased our wallet share with these borrowers which we view as some of our highest quality opportunities.

例如，在第二季度我們與現有借款人進行的 10 筆最大交易中，我們的貸款承諾比之前的增加了一倍多，從而增加了我們在這些借款人的錢包份額，我們認為這些借款人是我們最優質的機會之一。

As our track record illustrates, we believe we can generate attractive risk adjusted returns and enhance our overall credit quality by supporting the capital needs of our existing portfolio companies. Beyond expanding our commitments with our existing borrowers, we remained proactive with our extensive sponsor relationships and continued to grow our presence among non-sponsored borrowers in our targeted industries.

正如我們的業績記錄所示，我們相信，透過支持現有投資組合公司的資本需求，我們可以產生有吸引力的風險調整回報，並提高我們的整體信用品質。除了擴大對現有借款人的承諾之外，我們還積極主動地與廣泛的贊助商建立關係，並繼續擴大我們在目標行業中非贊助借款人中的影響力。

Despite overall declines in reported middle market M&A and transaction activity, we are continuing to review the growing number of opportunities with the number of transactions we reviewed increasing 20% quarter-over-quarter. This growing level of opportunities reviewed should support greater investing volumes in the future, and it is particularly notable that June accounted for nearly half of the quarter's transaction activity. This momentum gives us visibility into a potentially more active second half of the year.

儘管報告的中端市場併購和交易活動總體下降，但我們仍在繼續審查不斷增長的機會，我們審查的交易數量環比增長了 20%。審查的機會越來越多，這應該會支持未來更大的投資量，尤其值得注意的是，六月的交易活動佔本季交易活動的近一半。這一勢頭讓我們預見到今年下半年可能會更加活躍。

As we have discussed in the past, we believe we are one of the only direct lenders with a meaningful presence across each of the lower, core, and upper middle markets. More recently, we've been particularly active in the upper end of the market, providing certainty of capital to potential borrowers in the face of market uncertainty.

正如我們過去所討論過的，我們相信我們是唯一一家在低端、核心和中高端市場都具有重要影響力的直接貸款機構之一。最近，我們在高端市場特別活躍，在市場不確定的情況下為潛在藉款人提供確定性的資本。

For example, as you have probably seen in media reports, we will serve as the lead left arranger for the largest private credit LBO on record with the take private of Dun & Bradstreet, which is expected to close in the third quarter.

例如，正如您可能在媒體報道中看到的，我們將作為歷史上最大的私人信貸槓桿收購的牽頭左翼安排行，完成鄧白氏的私有化，預計該交易將於第三季度完成。

Dun & Bradstreet is a long standing high quality company with strong recurring cash flows, and this transaction clearly demonstrates our scale and leadership position in the market. We believe our ability to be a meaningful capital provider to larger borrowers alongside those in the core and lower middle market remains a notable differentiator for our platform.

鄧白氏是一家長期優質公司，擁有強勁的經常性現金流，這筆交易清楚證明了我們的規模和在市場上的領導地位。我們相信，我們能夠為大型借款人以及核心和中低端市場的借款人提供有意義的資本，這仍然是我們平台的顯著差異化因素。

Importantly, we believe that the breadth of our origination capabilities is one of the key contributors to our long-term credit performance as it enables us to see a broader view of the market opportunity and then be highly selective in choosing where we invest.

重要的是，我們相信，我們發起能力的廣度是我們長期信貸表現的關鍵因素之一，因為它使我們能夠更廣泛地了解市場機會，然後在選擇投資方向時更加謹慎。

Shifting now to our existing portfolio, we are continuing to see healthy overall performance as our borrowers weighted average organic EBITDA growth rates accelerated further into the double digits over the last 12 months. Supported by this underlying growth, borrower leverage levels are below our five year average, and the portfolio average loan to value remains in the low 40% range.

現在轉向我們現有的投資組合，我們繼續看到健康的整體表現，因為我們的借款人加權平均有機 EBITDA 成長率在過去 12 個月中進一步加速到兩位數。在這一潛在增長的支持下，借款人槓桿水平低於我們的五年平均水平，投資組合平均貸款價值比仍保持在 40% 的低點。

We also take comfort in the fact that our portfolio is focused on domestic service oriented businesses that in our view carry lower policy risk from tariffs and other recently proposed and implemented government policies. While we ended the second quarter with a modest uptick in non-accruals, these levels still remain well below both our historical average and that of the broader BDC peer group.

我們也感到欣慰的是，我們的投資組合專注於國內服務型企業，我們認為這些企業受到關稅和其他最近提出和實施的政府政策的影響，政策風險較低。儘管第二季末非應計項目略有上升，但這些水平仍然遠低於我們的歷史平均水平以及更廣泛的 BDC 同行水平。

We remain highly confident in our ability to manage these idiosyncratic situations as we have an experienced veteran portfolio management and evaluation team of approximately 50 dedicated professionals. We believe the deep credit experience of our team and our differentiated strategy of investing across the capital structure is a cornerstone of our track record and supports our generating realized gains well in excess of realized losses on our investments since inception.

我們對自己管理這些特殊情況的能力仍然充滿信心，因為我們擁有一支由約 50 名專業人士組成的經驗豐富的資深投資組合管理和評估團隊。我們相信，我們團隊豐富的信貸經驗和我們在整個資本結構中進行差異化投資的策略是我們業績的基石，並支持我們自成立以來在投資中產生的已實現收益遠遠超過已實現損失。

Specifically in the second quarter, we continued to build on this track record of gains in excess of losses as we exited several of our equity co-investments, realizing a 3 times multiple of our initial invested capital and generating a gross realized internal rate of return in the mid-20% range.

具體來說，在第二季度，我們繼續鞏固收益超過損失的業績記錄，退出了幾項股權共同投資，實現了初始投資資本的 3 倍收益，並產生了 20% 左右的總實現內部收益率。

In summary, we demonstrated stability amid significant market uncertainty in the second quarter. As we've seen in past periods of volatility, we believe these environments continue to reinforce our resilient business model and strong competitive positioning. We believe our consistent execution, disciplined approach, and differentiated platform leave us well positioned to navigate evolving market conditions and to capitalize on emerging opportunities.

總而言之，在第二季市場出現巨大不確定性的情況下，我們展現了穩定性。正如我們在過去的動盪時期所看到的那樣，我們相信這些環境將繼續強化我們富有彈性的商業模式和強大的競爭地位。我們相信，我們始終如一的執行力、嚴謹的方法和差異化的平台使我們能夠很好地應對不斷變化的市場條件並利用新興機會。

With that, I'll turn the call over to Scott to walk us through our financial results and the continued progress we're making on our strong balance sheet.

接下來，我將把電話轉給斯科特，讓他向我們介紹我們的財務表現以及我們在強勁資產負債表上的持續進展。

Thanks, Kort. This morning we reported GAAP in income per share of $0.52 for the second quarter of 2025 compared to $0.36 in the prior quarter and $0.52 in the second quarter of 2024. They also reported core earnings per share of $0.50 compared to $0.50 in the prior quarter and $0.61 for the same period a year ago. The stable core earnings are consistent with the general stability we have seen in yields, which for our portfolio essentially remained flat with the prior quarter.

謝謝，科特。今天上午，我們報告了 2025 年第二季的 GAAP 每股收益為 0.52 美元，而上一季為 0.36 美元，2024 年第二季為 0.52 美元。他們還報告稱，每股核心收益為 0.50 美元，而上一季為 0.50 美元，去年同期為 0.61 美元。穩定的核心收益與我們所看到的收益率的整體穩定性一致，對於我們的投資組合而言，收益率與上一季基本持平。

Drilling a bit more into the net realized gains that Kort highlighted earlier, we generated $170 million of net realized gains on investments during the second quarter, bringing our cumulative net realized gains on investments since inception to nearly $900 million. Relating to certain of these gains, we incurred $44 million of capital gains taxes.

進一步研究科特先前強調的淨實現收益，我們在第二季度實現了 1.7 億美元的投資淨實現收益，使我們自成立以來的累計投資淨實現收益達到近 9 億美元。與這些收益相關的某些收益，我們產生了 4,400 萬美元的資本利得稅。

As you may have noticed, we now break out these amounts separately on our income statement to make them easier to identify. While we do not typically pay taxes on the annual income we generate, we occasionally incur taxes on certain gross realized gains. Even none of these taxes are realized equity gains have delivered attractive returns for our investors.

您可能已經注意到，我們現在在損益表中分別列出這些金額，以便於識別。雖然我們通常不會為我們產生的年度收入納稅，但我們偶爾會對某些已實現的總收益徵稅。即使這些稅收都沒有實現，股權收益也為我們的投資者帶來了可觀的回報。

Turning to the balance sheet. Our total portfolio at fair value at the end of the quarter was $27.9 billion, which was up from $27.1 billion at the end of the first quarter and up from $25 billion a year ago. Shifting to our funding and capital position. We have remained active in adding capacity, extending our debt maturities, and reducing our costs. In June, following a recovery in the capital markets from earlier volatility, we issued $750 million of long five year unsecured notes, and a new issues spread to treasuries of 175 basis points, marking the tightest five year new issue spread achieved by BDCs since the beginning of the second quarter.

轉向資產負債表。我們本季末的總投資組合公允價值為 279 億美元，高於第一季末的 271 億美元，也高於一年前的 250 億美元。轉向我們的資金和資本狀況。我們一直積極增加產能、延長債務期限並降低成本。6 月份，隨著資本市場從早期的波動中復蘇，我們發行了 7.5 億美元的五年期長期無擔保票據，新發行債券與國債的利差為 175 個基點，這是自第二季度初以來 BDC 實現的最窄的五年期新發行債券利差。

We also continue to benefit from the deep and strong relationship we have with our banking partners. During the second quarter, we upsized our largest revolving credit facility by $880 million bringing the total facility size to $5.4 billion extended the end of the revolving period and the maturity date to April 2029 and April 2030 respectively, and reduced the drawing spread on the facility by more than 20 basis points.

我們也繼續受益於與銀行合作夥伴之間深厚而牢固的關係。在第二季度，我們將最大的循環信貸額度增加了 8.8 億美元，使信貸額度總規模達到 54 億美元，並將循環期和到期日分別延長至 2029 年 4 月和 2030 年 4 月，並將信貸額度的提款利差降低了 20 多個基點。

Subsequent to the quarter end, we added a new banking partner, contributing an additional $100 million to this facility. With this late increase, we've expanded our revolving credit facility by nearly $1 billion since the first quarter of 2025. This momentum is carried through to our other credit facilities. So far, in the third quarter, we extended and upsized two of our other credit facilities by combined $400 million and reduced the draw and spreads on each by 20 basis points.

本季末之後，我們增加了一個新的銀行合作夥伴，為該機構額外注資 1 億美元。透過此次後期增加，自 2025 年第一季以來，我們的循環信貸額度已增加近 10 億美元。這種勢頭也延續到了我們的其他信貸業務。到目前為止，在第三季度，我們已將另外兩項信貸安排延長並增加了總計 4 億美元，並將每項信貸安排的提取額和利差降低了 20 個基點。

Overall pro forma for this post quarter activity as well as repayment of our July 2025 notes two weeks ago. Our liquidity remains very strong, totaling nearly $6.5 billion including available cash. We believe we are well positioned, particularly since we have no debt maturing for the remainder of this year. In terms of our leverage, we ended the quarter with a debt capital ratio, net available cash of 0.98 times consistent with the quarter ago.

本季後活動的整體預測以及兩週前償還的 2025 年 7 月票據。我們的流動性仍然非常強勁，包括可用現金在內總額接近 65 億美元。我們相信我們處於有利地位，特別是因為我們今年剩餘時間內沒有債務到期。就我們的槓桿率而言，本季末我們的負債資本比率、淨可用現金為 0.98 倍，與上一季一致。

We believe our significant amount of dry powder positioned as well to continue supporting our existing portfolio company commitments, which remains a significant source of deal flow, as well as investment opportunities and new portfolio companies.

我們相信，我們大量的資金可以繼續支持我們現有的投資組合公司承諾，這仍然是交易流以及投資機會和新投資組合公司的重要來源。

Finally, our third quarter 2025 dividend of $0.48 per share is payable on September 30 to stockholders of record on September 15. ARCC has been paying stable or increasing regular quarterly dividends for 64 consecutive quarters. In terms of our taxable income spillover, we currently estimate we will have $878 million or $1.29 per share, available for distribution to stockholders in 2025.

最後，我們 2025 年第三季的股利為每股 0.48 美元，將於 9 月 30 日支付給 9 月 15 日登記在冊的股東。ARCC 已連續 64 個季度支付穩定或增加的定期季度股息。就我們的應稅收入溢出而言，我們目前估計我們將有 8.78 億美元或每股 1.29 美元，可在 2025 年分配給股東。

In addition to our core earnings, continuing to be in excess of our current dividend as seen by the net realized gains this past quarter and the potential for further net realized gains, we remain optimistic we will further enhance our taxable income spillover. We believe our meaningful taxable income spillover provides further long-term stability for our dividends and is a significant differentiator for us.

除了我們的核心收益持續超過我們目前的股息（從上個季度的淨實現收益和進一步實現淨實現收益的潛力來看），我們仍然樂觀地認為我們將進一步提高我們的應稅收入溢出。我們相信，我們有意義的應稅收入溢出為我們的股息提供了進一步的長期穩定性，並且對我們來說是一個重要的區別因素。

I will now turn the call over to Jim, to walk through our investment activities.

現在我將把電話轉給吉姆，介紹我們的投資活動。

Thank you, Scott. I will now provide some additional details on our investment activity, our portfolio performance, and our positioning. In the second quarter, our team originated over $2.5 billion of new investment commitments as our long standing relationships with existing portfolio companies enabled us to remain active during the second quarter with incumbent borrowers accounting for 74% of our commitments.

謝謝你，斯科特。我現在將提供有關我們的投資活動、投資組合表現和定位的更多詳細資訊。在第二季度，我們的團隊獲得了超過 25 億美元的新投資承諾，因為我們與現有投資組合公司的長期關係使我們能夠在第二季度保持活躍，現有借款人占我們承諾的 74%。

As Kort also mentioned, we believe we are the only direct lender which focuses in the upper, core and lower middle markets, which in our view, drives differentiated deal flow. By making new commitments to borrowers ranging from under $10 million to over $500 million in EBITDA, we are able to select what we believe are the most compelling credits across a multi-trillion dollar total addressable market in the US.

正如科特所提到的，我們相信我們是唯一一家專注於上層、核心和中下層市場的直接貸款機構，我們認為這推動了差異化交易流程。透過向借款人做出從 EBITDA 低於 1000 萬美元到超過 5 億美元的新承諾，我們能夠在美國數萬億美元的潛在市場中選擇我們認為最具吸引力的信貸。

The scale and broad market coverage of our investment team, which includes more than 200 investment professionals, supports our ability to invest and attracted risk adjusted return opportunities across varying market environments.

我們的投資團隊擁有超過 200 名投資專業人士，其規模和廣泛的市場覆蓋範圍支持了我們在不同市場環境下進行投資和吸引風險調整回報機會的能力。

While our gross commitments were lower than the prior quarter, reflecting the reduced market activity through much of the quarter, the decrease was less pronounced than in the liquid loan market, and our net fundings of $644 million were more than double the prior quarter's level. These results contributed to a 3% quarter-over-quarter increase in the overall size of the portfolio at fair value.

雖然我們的總承諾額低於上一季度，反映出本季大部分時間市場活動的減少，但降幅不如流動貸款市場那麼明顯，我們的淨融資額為 6.44 億美元，是上一季的兩倍多。這些結果導致投資組合整體規模以公允價值計算季增 3%。

Our $27.9 billion portfolio at fair value continues to be highly diversified across 566 companies and 25 different industries. This means that any single investment accounts for just 0.2% of the portfolio on average, and our largest investment in any single company, excluding our investments in SDLP and Ivy Hill, is less than 2% of the portfolio.

我們的投資組合以公允價值計算為 279 億美元，持續高度多元化，涵蓋 566 家公司和 25 個不同產業。這意味著任何單項投資平均僅佔投資組合的 0.2%，而我們對任何單家公司的最大投資（不包括對 SDLP 和 Ivy Hill 的投資）佔投資組合的比重都不到 2%。

Our emphasis on portfolio diversification mitigates the impact of negative credit events in any one company or industry. On that point, our portfolio management team is monitoring our portfolio on an ongoing basis for potential impacts from changing domestic and foreign policies and geopolitical shifts among a multitude of other potential risks.

我們強調投資組合多樣化，以減輕任何公司或行業負面信用事件的影響。在這一點上，我們的投資組合管理團隊正在持續監控我們的投資組合，以防範國內外政策變化、地緣政治變化以及其他眾多潛在風險帶來的潛在影響。

With respect to tariffs, as we learn more about our portfolio companies exposures and available mitigants, we feel incrementally better about the risks posed by potentially higher tariffs and our portfolio companies strategies to address them.

關於關稅，隨著我們更多地了解我們投資組合公司的風險敞口和可用的緩解措施，我們對潛在更高關稅帶來的風險以及我們投資組合公司應對這些風險的策略感到越來越放心。

The health of our portfolio is reflected in the 13% weighted average LTM EBITDA growth of our portfolio companies, up modestly from 12% last quarter and broad based across industries and company sizes. This strength is further supported by the low leverage and strong and stable interest coverage of our portfolio companies.

我們投資組合的健康狀況體現在我們投資組合公司的 13% 加權平均 LTM EBITDA 成長率上，略高於上一季的 12%，並且廣泛覆蓋各個行業和公司規模。我們的投資組合公司的低槓桿率和強勁而穩定的利息覆蓋率進一步支持了這一優勢。

Notably, we see consistently strong performance across company sizes. Companies with EBITDA of less than $100 million and those with greater than $100 million of EBITDA all exhibited double digit organic EBITDA growth over the last 12 months.

值得注意的是，我們看到各種規模的公司都表現持續強勁。EBITDA 低於 1 億美元的公司和 EBITDA 高於 1 億美元的公司在過去 12 個月內均實現了兩位數的有機 EBITDA 成長。

Our non-accrual rates continue to be well below historical levels but did tick up modestly at cost from 1.5% to 2%. And on a fair value basis from 0.9% to 1.2% since last quarter. On a cost basis, these metrics remain below our five year average and our historical average since the great financial crisis. Relative to other BDCs are non-accruals at cost are 180 basis points below the BDC average over the same time frame.

我們的非應計率繼續遠低於歷史水平，但成本確實從 1.5% 小幅上升至 2%。以公允價值計算，自上個季度以來上漲了 0.9% 至 1.2%。從成本角度來看，這些指標仍低於我們的五年平均值和金融危機以來的歷史平均值。相對於其他 BDC，非應計成本比同一時間段內的 BDC 平均值低 180 個基點。

Looking ahead, we remain confident in the caliber of our team, health of our portfolio, and strength of our positioning. In the third quarter, we are seeing transaction activity recovering to pre-tariff levels. As a result, our backlog remains healthy. Our total commitments for the third quarter to date through July 24, 2025 were $1.1 billion and our backlog as of July 24, 2025 stood at $2.6 billion. As a reminder, our backlog contains investments that are subject to approvals and documentation and may not close, or we may sell a portion of these investments post-closing.

展望未來，我們仍然對我們團隊的素質、我們投資組合的健康狀況以及我們定位的實力充滿信心。在第三季度，我們看到交易活動恢復到關稅之前的水平。因此，我們的積壓訂單仍然保持健康。截至 2025 年 7 月 24 日，我們對第三季的總承諾為 11 億美元，截至 2025 年 7 月 24 日的積壓訂單為 26 億美元。提醒一下，我們的積壓投資包含需要獲得批准和文件證明的投資，這些投資可能不會完成，或者我們可能會在完成後出售部分投資。

In closing, we're encouraged by the normalization of transaction activity so far, as well as the consistency of our core earnings in the second quarter, which continues to exceed our $0.48 per share dividend. Our declared third quarter dividend of $0.48 per share marks our 16th consecutive year of stable or increasing regular dividends. We're proud of this track record and remain confident in our ability to sustain a steady dividend supported by our earnings power and significant undistributed spillover income.

最後，我們對迄今為止交易活動的正常化以及第二季度核心收益的一致性感到鼓舞，核心收益繼續超過每股 0.48 美元的股息。我們宣布的第三季股息為每股 0.48 美元，這標誌著我們連續第 16 年實現穩定或增加的定期股息。我們為這項業績記錄感到自豪，並堅信我們有能力憑藉盈利能力和大量未分配的溢出收入維持穩定的股息。

As always, we appreciate you joining us today and we look forward to speaking with you in the future. With that, operator, please open the line for questions.

像往常一樣，我們感謝您今天的加入，並期待將來與您交談。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Finian O'Shea, Wells Fargo Securities.

富國證券的 Finian O'Shea。

Hey everyone, good morning. First question on the activity picking up, can you talk about any improvement in terms, spreads and upfront fees and how might that drive an NOI improvement on the go forward. Thanks.

大家好，早安。關於活動回升的第一個問題，您能否談談條款、利差和預付費用方面的任何改善，以及這將如何推動未來的 NOI 改善。謝謝。

Yeah, sure, Finn. Thanks for the question. Yeah, look, I'd say although there was some volatility intra quarter on terms and we saw things improve a bit in the beginning of the quarter, toward the back half of the quarter spreads kind of tightened back to where they previously were back in the first quarter. So I would just reiterate the theme of stability in overall spreads and terms and total yields in the new investment environment.

是的，當然，芬恩。謝謝你的提問。是的，我想說，儘管本季度內條款存在一些波動，而且我們看到情況在本季度初有所改善，但在本季度後半段，利差有所收窄，回到了第一季度的水平。因此，我只想重申新投資環境下整體利差、條款和總收益率的穩定性這個主題。

Obviously, who knows what the future holds. We're certainly in a little bit more of a volatile time as we try to highlight the prepared remarks, volatility can be good for us. So if we see that, in the future then there will be an opportunity for potentially improved terms, but so far I would just say we're seeing stability which, I would say over the last several quarters now, we do seem to have kind of found that, that point of stability in terms of spreading out for three or four quarters in a row.

顯然，誰知道未來會發生什麼事。我們確實處於一個更加動蕩的時期，正如我們試圖強調準備好的評論時所說的那樣，波動對我們來說是有利的。因此，如果我們看到這一點，那麼未來就有機會改善條款，但到目前為止，我只想說我們看到了穩定性，我想說在過去幾個季度中，我們似乎確實找到了那種穩定點，即連續三到四個季度的穩定點。

And then -- yeah, the volume really does seem to be picking up again. The story on volume was a little bit mixed throughout the quarter. First half, a little bit of an air pocket as people were digesting some of the tariff-related news, but as we mentioned in June, really saw a lot of momentum and our commitments post quarter end were very strong.

然後——是的，音量確實似乎又回升了。整個季度的銷售情況有點混亂。上半年，由於人們正在消化一些與關稅相關的新聞，出現了一些小波動，但正如我們在 6 月提到的那樣，確實看到了很多發展勢頭，而且我們在季度末的承諾非常強勁。

Very good, thanks. And for a follow up on the off balance sheet vehicles, the SDLP and Ivy Hill, those are a little smaller as a percent given the growth of ARCC, but seeing if you can hit on the ability or likelihood to expand those back to historical averages or peaks or wherever you might see fit. Thanks.

非常好，謝謝。對於表外工具 SDLP 和 Ivy Hill 的後續情況，考慮到 ARCC 的增長，它們的百分比要小一些，但看看你是否有能力或可能性將它們擴大到歷史平均水平或峰值或任何你認為合適的水平。謝謝。

Yeah. The both of those vehicles are strategically important vehicles for us, and I guess I would say I wouldn't be surprised if they grow more from here.

是的。這兩種車輛對我們來說都是具有戰略重要性的車輛，我想如果它們從現在開始進一步發展，我不會感到驚訝。

Okay, thanks.

好的，謝謝。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. As you think about taking advantage of the effective growing pipeline that you talked about or deal activity you talked about, how are you weighing the balance between maybe taking leverage up versus continuing to issue new equity off of the ATM?

謝謝。當您考慮利用您談到的有效成長管道或交易活動時，您如何權衡提高槓桿率與繼續透過 ATM 發行新股之間的平衡？

Yeah. I think it's a balance, and it's something that we're obviously always monitoring quarter to quarter. We do think that it is strategic for us to raise capital via the ATM program. When it's available and obviously this quarter we moderated it a bit relative to prior quarters given the transaction volume was a little bit lower, so $300 million-ish this quarter via the ATM versus $400 million to 500 million-ish in the prior few quarters.

是的。我認為這是一種平衡，而且我們顯然總是逐季度監控它。我們確實認為透過 ATM 計劃籌集資金對我們來說具有戰略意義。當它可用時，顯然本季我們相對於前幾季有所緩和，因為交易量略低，所以本季透過 ATM 的交易量為 3 億美元左右，而前幾季則為 4 億至 5 億美元左右。

Again, you never know where the markets are going to go, and it's crucial for us and our competitive advantage and value proposition to have capital for our existing borrowers and for potential new borrowers in all market environments.

再說一次，你永遠不知道市場將走向何方，對於我們以及我們的競爭優勢和價值主張來說，在所有市場環境中為現有借款人和潛在的新借款人提供資本至關重要。

And as a reminder also when we're raising equity via the ATM program, we're doing that at a premium to book, which is accreted to NAV, and we think good for our shareholders. Obviously with the volume being a little bit lighter than we had hoped in this past quarter, we weren't able to get more into the leverage, but again, poor earnings at $0.50 a share still feels very good and stable and well covering the dividend, and so it doesn't really bother us that we are operating around 1 times leverage, in fact, it probably just gives us a lot of financial flexibility, going forward to take advantage of whatever kind of market environments we encounter.

另外提醒一下，當我們透過 ATM 計畫籌集股權時，我們會以高於帳面價值的價格進行，這會增加到資產淨值中，我們認為這對我們的股東有利。顯然，由於上個季度的交易量比我們預期的要少一些，我們無法獲得更大的槓桿，但每股 0.50 美元的微薄收益仍然感覺非常好、穩定，並且很好地覆蓋了股息，因此，我們在 1 倍槓桿左右運營並沒有真正困擾我們，事實上，它可能只是給了我們很大的財務靈活性，讓我們能夠利用未來遇到的任何市場環境。

So long answer, but I guess it comes back to what I said in the beginning, which is it's a balance.

答案很長，但我想它又回到了我在開始時所說的內容，即平衡。

Great. I appreciate that. Thank you.

偉大的。我很感激。謝謝。

Robert Dodd, Raymond James.

羅伯特多德、雷蒙德詹姆斯。

Hi guys. Congrats on the quarter. On the credit side of we can -- I mean you added a couple, a few more names to number call, but a couple of those weren't new, right? I mean, CIG and KBS had defaulted before and been restructured and now they're back.

嗨，大家好。恭喜本季取得佳績。在信用方面，我們可以——我的意思是你添加了幾個名字，但其中幾個並不是新的，對嗎？我的意思是，CIG 和 KBS 之前曾違約並進行重組，現在他們又回來了。

So can you -- is it those are obviously kind of the club deals. Is it getting harder because you've got a really good track record of doing this, but is it getting harder to restructure a club asset correctly the first time, or is there anything systematic in there because it's relatively unusual for you guys to have an asset that gets restructured and then becomes a problem again, any color there?.

那麼你能嗎——這些顯然是俱樂部交易嗎？這是否變得越來越難，因為你們在這方面有著非常好的記錄，但是第一次正確重組俱樂部資產是否變得越來越難，或者這其中是否存在系統性的問題，因為對於你們來說，資產重組然後再次出現問題的情況相對不常見，有什麼特點嗎？

Yeah, I appreciate the question, Robert, and yeah, you're absolutely right. Interestingly, a couple of those names. We added, by the way, a handful of names, a little less than a handful of names to the nonaccruals. And yes, a couple of those names had been restructured. So a little bit unusual.

是的，我很感謝你的提問，羅伯特，是的，你完全正確。有趣的是，其中有幾個名字。順便說一下，我們在未提列資料中添加了一些名字，略少於幾個名字。是的，其中幾個名字已經重組。所以有點不尋常。

But I would say, I don't think there's anything to read into there. It's not really about the club nature of those transactions. It's really about the underlying companies. And I guess what I would say about the increase in non-accruals is it's obviously something we're paying close attention to, but I would say that there are really not any underlying trends within these handful of names that we added that we can really discern that would tell us, there's any pockets of the economy that are showing certain weakness relative to other pockets.

但我想說，我認為這裡沒有什麼好解讀的。這實際上與這些交易的俱樂部性質無關。這實際上與底層公司有關。關於非應計項目的成長，我想說的是，這顯然是我們密切關注的事情，但我想說的是，在我們添加的這幾個名字中，實際上並沒有任何我們能夠真正辨別的潛在趨勢，可以告訴我們，經濟的某些領域相對於其他領域表現出一定的疲軟。

Obviously we're always looking for those kinds of trends in our portfolio and when we see a little bit of a tick up like this, it gets our attention, but they're really just idiosyncratic factors that are affecting each, so I don't know that I've read too much into it. The non-accrual number can bounce around a bit, quarter to quarter and has to look back over the last many quarters. And on an absolute basis it's still at a pretty low level and below our historical averages and the industry averages, so it's not really something that's giving us a lot of concern at this point but certainly we're paying close attention to it.

顯然，我們一直在尋找投資組合中的此類趨勢，當我們看到像這樣的小幅上漲時，它會引起我們的注意，但它們實際上只是影響每個因素的特殊因素，所以我不知道我是否對此進行了過多的解讀。非應計數字可能會在每個季度之間略有波動，並且必須回顧過去的多個季度。從絕對值來看，它仍然處於相當低的水平，低於我們的歷史平均水平和行業平均水平，所以目前這並不是什麼值得我們擔心的事情，但我們肯定會密切關注它。

Got it. Thank you. And then one more if I can. Follow up, on Ivy Hill, you injected some more capital into Ivy Hill this quarter. Is that part of just kind of the long term growth plan or was that opportunistic given the volatility in the liquid loan markets that we saw in Q2.

知道了。謝謝。如果可以的話，再來一個。跟進一下，關於常春藤山莊，本季度您向常春藤山莊注入了更多資金。這是長期成長計畫的一部分嗎？還是考慮到我們在第二季度看到的流動貸款市場的波動，這是一種機會主義舉措？

Yeah, good question. It is just part of the long-term growth plan, normal course. We did take a little bit of a pause on selling assets for a few quarters prior to this one, but for that reason we felt like it was the right time to sell some more assets. Again part of our policy, normal course. IHAM is a strategic vehicle. And they have demand for assets and it felt like a good time to sell some assets down. So really nothing specifically opportunistic about the fact that we did it this quarter versus prior quarter.

是的，好問題。這只是長期增長計劃的一部分，正常現象。在此之前的幾個季度裡，我們確實暫停了資產出售，但出於這個原因，我們覺得現在是出售更多資產的正確時機。這也是我們政策的一部分，正常進程。IHAM 是一種策略工具。他們對資產有需求，感覺現在是出售一些資產的好時機。因此，與上一季相比，我們本季這樣做實際上並沒有什麼特別的機會主義。

Got it. Thank you.

知道了。謝謝。

Arren Cyganovich, Truist.

Arren Cyganovich，Truist。

Thanks. You mentioned that in the activity that you're seeing recently has been a little bit more skewed to the upper middle market, which makes sense given the volatility. But as you talk about the activity in the pipeline looking pretty strong for the second half, are you seeing that broaden out into the core and lower middle market as well?

謝謝。您提到，您最近看到的活動稍微偏向中上層市場，考慮到波動性，這是有道理的。但是，正如您所說，下半年的管道活動看起來相當強勁，您是否也看到這種活動擴展到核心市場和中低端市場？

Yeah. -- Sorry about that. Yes, we are seeing it broaden out for sure across all different types and sizes of companies. Again, one of our, I think big advantages is the broad origination and you'll see us move around a bit based on the opportunities that we're finding in the market and it's interesting in 2022 and 2023 we moved upmarket significantly when there was dislocation, then we kind of broadened back out and you look at the average EBITDA of our new borrowers that will bring into the portfolio that's kind of come down through 2024.

是的。 ——很抱歉。是的，我們確實看到它擴展到所有不同類型和規模的公司。再次，我認為我們的一大優勢是廣泛的來源，你會看到我們根據在市場上發現的機會進行一些調整，有趣的是，在 2022 年和 2023 年出現混亂時，我們大幅進軍高端市場，然後我們又擴大了範圍，你看我們新借款人的平均 EBITDA 將帶入投資組合，到 2024 年，這一數字將會下降。

We need a little bit more down market this quarter. The average EBITDA ticked back up again a little bit, but if you look at the pipeline and the post quarter end commitments, it is more broad-based, which again is another sign to us that suggests there should be some nice momentum going into the second half of the year.

本季我們需要市場稍微低迷一些。平均 EBITDA 再次略有回升，但如果你看一下管道和季度末後的承諾，你會發現它的基礎更為廣泛，這再次向我們表明，下半年應該會出現一些良好的勢頭。

Got it. And I just want to follow up on the leverage question, and totally understand and appreciate, balancing the equity issuance, et cetera. The leverage, it's not at an extremely low level, but it is lower than what typical peers would have. Is there a specific reason, that you're at that level, just the broader volatility in the global economy, just curious as to what would give you a little bit more confidence to raise that up a little bit. And I'm not saying a lot, just one minute something like that.

知道了。我只是想跟進槓桿問題，完全理解和欣賞平衡股權發行等等。槓桿率雖然不是極低，但比一般同行低。您處於這一水平是否有特定原因，只是全球經濟的更大範圍波動，我只是好奇什麼會給您更多的信心來稍微提高一點這個水平。我並沒有說很多，只是一分鐘左右的事情。

No, I understand. Look, it's, yeah -- it's that we have a stated range of 0.9% to 1.25%, and so it's, a little bit toward the lower bound of that range. I think we feel great about the fact that we're well covering the dividend and delivering nice stable results while keeping that leverage level toward the lower end of the range because I think it does, as you pointed out in the question, give us a lot of flexibility going forward to capitalize if there is a pickup in transaction activity or more volatility that might provide an opportunity to take advantage of better terms in the market.

不，我明白。看，是的——我們規定的範圍是 0.9% 到 1.25%，所以它有點接近該範圍的下限。我認為，我們對能夠很好地支付股息並實現良好穩定的業績，同時將槓桿水平保持在區間低端感到非常高興，因為我認為，正如您在問題中指出的那樣，如果交易活動增加或波動性加大，我們在未來可以獲得很大的靈活性，從而有機會利用市場上更好的條款。

So I actually kind of like the fact that we're operating with this amount of flexibility and it's just another lever that we would have to help earnings to the extent that we need it, but we don't really need it right now and I think it puts us in a nice spot. So obviously transaction volume was a little bit slow. It's not like we are managing the business to this leverage level. It just kind of happens to be where we're ending up and we kind of quite like it.

因此，我實際上有點喜歡我們在這種靈活性下運營的事實，這只是我們在需要的範圍內幫助盈利的另一個槓桿，但我們現在真的不需要它，我認為它讓我們處於一個很好的位置。因此顯然交易量有點慢。我們並沒有將業務管理到這種槓桿水平。這恰好就是我們的最終歸宿，而且我們相當喜歡它。

Okay. All right. Thank you.

好的。好的。謝謝。

Casey Alexander, Compass Point.

凱西‧亞歷山大 (Casey Alexander)，指南針點。

Yeah, hi. I appreciate your commentary about spreads. -- Sorry I must be failing my piano lessons. I appreciate your commentary about spreads. I'm wondering, you're getting a little bit better pipeline filled. Is it your view that a real and dynamic increase in deal activity would help push spreads out to a little bit more attractive levels? Or is there just so much capacity out there that it's really hard for spreads to make much of a move.

是的，你好。我很欣賞你對傳播的評論。 ——很抱歉，我的鋼琴課一定是不及格了。我很欣賞您對利差的評論。我很好奇，你的管道填充情況是否好一點了。您是否認為交易活動的真正動態成長將有助於將利差推高至更具吸引力的水平？還是因為現有的產能太高，導致利差很難出現太大波動。

Yeah. Look, the laws of supply and demand would suggest that if more deal flow comes into the market, spreads could -- should widen modestly. I guess I would say I don't think we're unhappy with where spreads are. Total -- you have to look at total yields and with base rates being where they are now, and then you combine upfront fees and spreads, we're earning high single digits on lower level first and senior assets, unit tranches, and low double digits on -- low to mid double digits even on junior debt assets.

是的。看，供需法則表明，如果更多的交易流入市場，利差可能會適度擴大。我想說的是，我認為我們對利差現狀並不感到不滿。總體而言——你必須考慮總收益率，考慮到基準利率目前處於什麼水平，然後結合預付費用和利差，我們在較低級別的一級和高級資產、單位部分上獲得了較高的個位數收益，甚至在初級債務資產上也獲得了較低的兩位數收益——低到中等的兩位數收益。

And so the course of history, those are pretty good total absolute returns. Historically it's been the case that spreads move around if base rates come down, spreads widen, base rates go up, spreads can tighten, they kind of move against each other, and that creates some balance.

從歷史進程來看，這些都是相當不錯的總絕對報酬。從歷史上看，如果基準利率下降，利差就會變動；如果基準利率上升，利差就會擴大；如果基準利率上升，利差就會收窄，它們會相互抵消，從而形成某種平衡。

So I guess I would just, again say we're not, we feel like this is a good investing environment and also if you look at leverage levels that exist in our current portfolio and where we're investing new assets, they've been very stable, over the last several quarters and not anywhere near the high end of our historical range of where we're investing in new leverage levels. So on a risk adjusted return basis, we feel pretty good, but yes, certainly, we're hopeful that more transaction activity could lead to some spread widening, but hard to predict.

所以我想我只是想再次說我們不是，我們覺得這是一個良好的投資環境，而且如果你看看我們當前投資組合中的槓桿水平以及我們投資新資產的地方，它們在過去幾個季度裡一直非常穩定，並沒有接近我們投資新槓桿水平的歷史最高水平。因此，在風險調整報酬的基礎上，我們感覺相當不錯，但是是的，我們當然希望更多的交易活動能夠導致利差擴大，但很難預測。

Thanks for that. Just a maintenance question, and I'm sorry if I missed this, a couple of distractions. But it's pretty good jump in dividend income quarter over quarter. Was there any one time in that, or was that just based upon growth of the vehicles?

謝謝。這只是一個維護問題，如果我錯過了這一點，我很抱歉，因為有些幹擾。但股息收入逐季成長相當可觀。其中是否有某個時間點，還是僅僅基於車輛的成長？

Yes. Thanks for question. It's a mix. I mean we definitely had a little bit of increases from the recurring portion of the portfolio, but they're also have a nonrecurring portion as well, which it does tend to happen on occasion. So that's what drove that.

是的。感謝您的提問。這是一種混合。我的意思是，我們的投資組合中經常性部分確實有一點成長，但也有非經常性部分，這種情況確實偶爾會發生。這就是推動這項進程的原因。

Do you have about -- how much was that nonrecurring?

您有大約－有多少是非經常性的？

About $10 million of it.

其中約有1000萬美元。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Just coming off of our equity co-investment portfolio. Every now and then, we get dividends on those equity co-investments.

剛從我們的股權共同投資組合中退出。我們不時會從這些股權共同投資中獲得股息。

All right. Thank you.

好的。謝謝。

Kenneth Lee, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Kenneth Lee。

Hey, thanks for taking my question. As you look across your pipeline of potential originations there and it sounds like you've been seeing a lot more of the upper end of the segment more recently, how do the relative pricing and returns for the smaller scale or more core middle market segment compared to the upper? Are you seeing more attractive returns in any particular segment? Just want to get a little bit more color around that. Thanks.

嘿，謝謝你回答我的問題。當您查看那裡的潛在發起管道時，聽起來您最近看到了更多高端市場，那麼與高端市場相比，規模較小或更多核心中端市場的相對定價和回報如何？您是否看到某個特定領域的回報更具吸引力？只是想讓它變得更豐富一些。謝謝。

Yeah. It's not just spread and yield, it's also leverage levels, and I would say -- it's a spectrum, right, as you get into smaller companies, leverage levels are generally a bit lower and spreads are generally a bit wider. I don't want to get too specific on terms because it is a range and don't want to mislead in any way, but maybe generally would say, you're seeing probably 50 basis points, if not more.

是的。這不僅僅是利差和收益率，也是槓桿水平，我想說——這是一個範圍，對吧，當你進入較小的公司時，槓桿水平通常會低一些，而利差通常會大一些。我不想對術語說得太具體，因為這是一個範圍，而且我不想以任何方式誤導，但一般來說，你看到的可能是 50 個基點，甚至更多。

Yield -- incremental yield on sort of smaller sized companies versus larger sized companies, but again, the leverage levels can also be several turns lower -- turns of EBITDA lower than what we're seeing in comparable large cap companies. So that's kind of how -- I didn't try to answer the question. .

收益率——小型公司相對於大型公司的增量收益率，但同樣，槓桿率也可能低幾倍——EBITDA 的倍數低於我們在同類大型公司中看到的水平。就是這樣——我沒有嘗試回答這個問題。。

Okay, very helpful there. And just one quick follow up if I may, in terms of the equity co-investments, the exit side, I presume they were not driven by Ares Capital. They were not discretionary. I just want to double check that and to the extent that they have any visibility. Is there any potential outlook for further equity realizations or is it primarily driven by the sponsors? Thanks.

好的，非常有幫助。如果可以的話，我只想快速跟進一下，就股權共同投資和退出方面而言，我認為它們不是由 Ares Capital 推動的。他們並不是任意妄為的。我只是想再確認一下，看看它們是否具有可見性。是否存在進一步股權實現的潛在前景，還是主要由發起人推動？謝謝。

Definitely primarily driven by the sponsors, not a lot of control that we have. We're not obviously in the control equity business, so they are a little bit sporadic, but if you look over a long period of time, obviously that's been a huge differentiator for us in our strategy of building that diversified portfolio so that we can offset our losses with gains.

肯定主要受贊助商推動，我們沒有太多的控制權。我們顯然不從事控制股權業務，因此它們有點零散，但如果你從長遠來看，這顯然是我們建立多元化投資組合策略的巨大差異化因素，以便我們可以用收益抵消損失。

In terms of looking forward, probably can't comment, or get really too much forward-looking guidance around what to expect going forward. Sorry for that.

就展望未來而言，可能無法發表評論，或無法獲得太多有關未來預期的前瞻性指導。很抱歉。

Okay. Got you. Very helpful there. Thanks again.

好的。明白了。非常有幫助。再次感謝。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

Good afternoon. Thanks for taking my questions. Just to follow up on a couple of things, I wanted to go back to the comments made about the impact of tariffs on portfolio companies. Are you still estimating a roughly mid-single digit exposure across the portfolio to companies that could be impacted by tariffs sort of before any mitigating factors?

午安.感謝您回答我的問題。為了跟進幾件事，我想回顧一下有關關稅對投資組合公司的影響的評論。您是否仍估計，在出現任何緩解因素之前，整個投資組合中可能受到關稅影響的公司的風險敞口約為個位數？

Yeah. Melissa. It's actually -- I think we're feeling better this quarter than we were last quarter. So we spent a lot of time -- if you remember, last quarter, it was all fresh, and we were kind of reacting pretty quickly. But we spent a lot of time through the quarter, speaking to all of our impacted portfolio companies, understanding their ability to mitigate the tariffs via pricing actions or losing manufacturing or other measures.

是的。梅麗莎。事實上——我認為我們本季的感覺比上一季要好。因此我們花了很多時間——如果你還記得的話，上個季度，一切都是新鮮的，而且我們的反應相當迅速。但我們在本季度花費了大量時間與所有受影響的投資組合公司進行交談，以了解他們透過定價行動或損失製造或其他措施來減輕關稅的能力。

And I think our portfolio companies feel quite good about being able to pass through pricing. People are starting also to look about -- look into moving manufacturing, although that hasn't really started to get in any material way. I think people are still waiting to see where the final tariff rates shake out. But the visibility these companies have into the mitigating actions feel pretty good. So -- and I guess I should also mention that there have been some new tariffs that have come out, obviously, and there's a lot of change still going on.

我認為我們的投資組合公司對於能夠透過定價感到非常滿意。人們也開始關注——研究轉移製造業，儘管這還沒有真正開始產生任何實質的影響。我認為人們仍在等待最終關稅稅率的確定。但這些公司對緩解措施的了解程度感覺相當不錯。所以——我想我還應該提到，顯然已經推出了一些新的關稅，而且還在發生很多變化。

But in some of these specific sectors with steel and whatnot, and we looked into our portfolios, and we really don't have a lot of exposure to those types of sectors and materials or service, invested in mainly service-oriented businesses. So we're happy to say that actually, the high-risk names in our portfolio, we think now are a low single-digit percentage of the portfolio relative to the mid-single digit that we talked about last quarter.

但在鋼鐵等一些特定行業，我們研究了我們的投資組合，我們發現我們確實沒有太多投資於這些類型的行業和材料或服務，主要投資於面向服務的業務。因此，我們很高興地說，實際上，我們認為我們投資組合中的高風險股票現在佔投資組合的個位數百分比較低，相對於我們上個季度談到的中等個位數百分比而言。

Okay, thanks for that update. And then just to clarify, it sounds like some of the price increases are happening already.

好的，謝謝你的更新。然後澄清一下，聽起來有些價格已經漲了。

Starting to a little bit. Obviously, the tariffs, there was a pause on a lot of the tariffs and the effects of them are just starting to flow through now. But I think what we found is that our companies have reached out to their customers. It had discussions about pending price increases and are feeling relatively good about the responses they're getting. So I don't know if it's actually like broad-based actions that have been pushed through yet. But kind of just starting now.

開始一點點。顯然，許多關稅已經暫停，其影響現在才剛開始顯現。但我認為我們發現我們的公司已經與他們的客戶取得了聯繫。它曾就即將實施的價格上漲進行過討論，並且對收到的答覆感到相對滿意。所以我不知道這是否實際上是已經推行的廣泛行動。但現在才剛開始。

Got it. Thank you. And my last question I wanted to follow up on the capital injection or the additional investment into IHAM this past quarter. I also noted that one of the comments on the -- in the deck about exited investments post quarter end included a sizable amount in the subordinated loan, the IHAM. So I'm just curious how we reconcile those two -- the flows into Ivy Hill this quarter and then apparently out of the sub-loan in 3Q.

知道了。謝謝。我的最後一個問題是關於上個季度對 IHAM 的注資或額外投資。我還注意到，在關於季度末退出投資的簡報中，有一則評論涉及次級貸款 IHAM 中的一大筆金額。所以我只是好奇我們如何調和這兩者——本季流入常春藤山的資金，然後在第三季顯然從次級貸款中流出。

Yeah, So we do have a -- just a reminder, we have a subordinated loan with Ivy Hill that sometimes uses effectively as a working capital line for Ivy Hill. And so we use that to put capital in there and then they were able to send some of the proceeds back to us post quarter end.

是的，所以我們確實有——只是提醒一下，我們與 Ivy Hill 有一筆次級貸款，有時可以有效地用作 Ivy Hill 的營運資金線。因此，我們利用它來注入資本，然後他們可以在季度末之後將部分收益回饋給我們。

Okay, got it, thank you.

好的，知道了，謝謝。

Yeah. Is that clear? I mean, it's similar to equity. It's just more recycled. It allows us to recycle.

是的。清楚了嗎？我的意思是，它類似於股權。它只是更加可回收。它使我們能夠回收。

Yeah, makes sense.

是的，有道理。

(Operator Instructions)

（操作員指示）

Sean-Paul Adams, B. Riley Securities.

肖恩·保羅·亞當斯 (Sean-Paul Adams)，B. Riley 證券。

Hey guys, good afternoon. Touching back on Ivy Hill, it seemed there was a slight shift in the gross commitment portion for first lien loans, which I'm guessing is largely a reflection of Ivy Hill repayments. So it was just an allocation rebalancing. But when you are looking at the balance of Ivy Hill, will there be more of a long-term shift in the target asset classes to balance the growth targets? Or a change in the target for first lien?

大家好，下午好。回顧常春藤山 (Ivy Hill)，似乎第一留置權貸款的總承諾部分略有變化，我猜測這主要是常春藤山 (Ivy Hill) 還款的反映。所以這只是一次分配重新平衡。但是，當您查看常春藤山的餘額時，目標資產類別是否會有更多的長期轉變以平衡成長目標？或改變第一留置權的目標？

No. Ivy Hill has a first lien investment strategy, and that will continue to be the primary thrust of their strategy. We really don't anticipate any strategic changes.

不。Ivy Hill 擁有優先留置權投資策略，這將繼續成為其策略的主要重點。我們確實不預期會發生任何戰略變化。

Got it. Thank you.

知道了。謝謝。

This concludes our question and answer session. I'd like to turn the conference back over to Kurt Schnabel for any closing remarks.

我們的問答環節到此結束。我想將會議交還給庫爾特·施納貝爾 (Kurt Schnabel) 來做結束語。

No closing remarks. Thanks, everybody, for joining and we'll talk to you next quarter.

沒有結束語。感謝大家的加入，我們將在下個季度與您交談。

Ladies and gentlemen, this concludes our conference call for today. If you missed heart of today's call, an archived replay of the call will be available approximately one hour after the end of the call through August 29, at 5:00 PM Eastern Time to domestic callers by dialing 1(800) 695-1624 and to international callers by dialing +1 402-530-9026. An archived replay will also be available on a webcast link located on the homepage of the Investor Resources section of Ares Capital's website.

女士們、先生們，今天的電話會議到此結束。如果您錯過了今天電話會議的核心內容，您可以在電話會議結束後約一小時至 8 月 29 日東部時間下午 5:00 收聽此次電話會議的存檔重播，國內用戶撥打 1(800) 695-1624 即可收聽，國際用戶撥打 +1 402-530-9026 即可收聽。存檔重播也將在 Ares Capital 網站投資者資源部分主頁上的網路廣播連結上提供。