Ares Capital Corp (ARCC) 2026 Q2 法說會逐字稿

Good afternoon. Welcome to Ares Capital Corporation's Second Quarter Ended June 30, 2026, Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded on Wednesday, July 29, 2026. I will now turn the call over to Mr. John Stilmar, partner of Ares Public Markets Investor Relations.

下午好。歡迎參加 Ares Capital Corporation 截至 2026 年 6 月 30 日之第二季財報電話會議。(接線員指示) 提醒各位，本次會議於 2026 年 7 月 29 日（星期三）錄音。現在我將把電話交給 Ares Public Markets 投資人關係合夥人 John Stilmar 先生。

Thank you. Now let me start with some important reminders. Comments made during the course of this conference call, and webcast as well as accompanying documents contain forward-looking statements and are subject to risks and uncertainties. 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.

謝謝。接下來我先做幾點重要提醒。本次電話會議與網路直播期間的發言，以及隨附文件，均包含前瞻性陳述，並受風險與不確定性影響。公司實際結果可能因任何原因而與該等前瞻性陳述所表達者有重大差異，包括其向 SEC 提交文件中所列之因素。

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. During this conference call, the company may discuss certain non-GAAP measures as defined by SEC Regulation G, which encompasses measures such as core earnings or core EPS.

Ares Capital Corporation 不承擔更新任何此類前瞻性陳述之義務。另請注意，過去績效或市場資訊不保證未來結果。在本次電話會議中，公司可能討論 SEC 規則 G 所定義之若干非 GAAP 指標，其中包括核心盈餘（core earnings）或核心每股盈餘（core EPS）等。

The company believes that core EPS provides useful information to investors regarding financial performance because it's one method the company uses to measure its financial condition and results of operations. A reconciliation of GAAP net income per share, the most directly comparable to GAAP financial measure to core EPS can be found in the accompanying slide presentation for this call.

公司認為核心每股盈餘可為投資人提供有用的財務表現資訊，因為這是公司用以衡量其財務狀況與營運成果的方法之一。GAAP 每股淨利（與核心每股盈餘最直接可比之 GAAP 財務衡量）與核心每股盈餘之調節表，可見於本次電話會議隨附的簡報投影片。

In addition, a reconciliation of these measures may also be found in our earnings release filed this morning with the SEC on Form 8-K. Certain information discussed in this conference call and the accompanying slide presentation, including credit ratings and information relating to portfolio companies, was derived or obtained from third-party sources and has not been independently verified.

此外，這些衡量指標之調節表亦可見於我們今早向 SEC 以 Form 8-K 提交之新聞稿。本次電話會議及隨附投影片中討論之部分資訊（包括信用評等及與投資組合公司相關之資訊）係源自或取得自第三方來源，且未經獨立查證。

And accordingly, the company makes no representation or warranty in respect to this information. The company's second quarter ended June 30, 2026 earnings presentation can be found on the company's website at www.arescapitalcorp.com by clicking on the second quarter earnings presentation link on the Events and Presentations page of the Investor Resources section of the Ares Capital Corporation's earnings release and in the Form 10-Q, which are also available on the company's website.

因此，公司對該等資訊不作任何陳述或保證。公司截至 2026 年 6 月 30 日之第二季財報簡報可於公司網站 www.arescapitalcorp.com 查閱，請於投資人資源（Investor Resources）之活動與簡報（Events and Presentations）頁面點選第二季財報簡報連結；公司之財報新聞稿及 Form 10-Q 亦可於公司網站取得。

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

現在我想把電話交給 Ares Capital Corporation 執行長 Kort Schnabel 先生。Kort？

Thanks, John, and hello, everyone, and thank you 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.

謝謝你，John。各位好，感謝大家今天參加我們的財報電話會議。與我一同出席的有：總裁 Jim Miller、營運長 Jana Markowicz、財務長 Scott Lem，以及管理團隊其他成員，他們將在問答環節提供協助。

This morning, we reported solid second quarter results with core earnings of $0.47 per share, representing an annualized return on equity of 9.7% consistent with the prior quarter. We also continued to see healthy overall portfolio performance with attractive organic EBITDA growth and historically low levels of non-accruing loans and problem assets.

今天早上，我們公布了穩健的第二季業績：核心盈餘為每股 0.47 美元，換算年化股東權益報酬率（ROE）為 9.7%，與上一季一致。我們也持續看到整體投資組合表現健康，具吸引力的有機 EBITDA 成長，以及歷史低檔的停計息貸款與問題資產水準。

As Scott will discuss later, we continued to enhance our already strong balance sheet during the quarter, and we are well positioned with significant available capital for new investment opportunities and no meaningful near-term maturities. Let me begin with a few observations on the market environment.

如 Scott 稍後將說明，我們在本季持續強化原本就很強健的資產負債表；我們擁有充足可用資本以把握新的投資機會，且近期並無重大到期債務。我先就市場環境分享幾點觀察。

We saw fewer deals closed across the market in the second quarter as sponsors and borrowers continue to navigate a more uncertain macroeconomic backdrop. This was particularly evident in a lack of sponsor-backed M&A activity.

第二季全市場完成交割的交易較少，因贊助方與借款人仍在因應更不確定的總體經濟背景。這點在缺乏由贊助方支持的併購（M&A）活動上尤其明顯。

As the quarter progressed, we became more active. We reviewed over 20% more transactions than in the prior quarter, and June marked one of our strongest months for new transactions reviewed in the past two years. We believe this momentum reflects the value borrowers and sponsors place on the stability and scale of our capital in a more selective financing environment, particularly as we have seen some managers more heavily indexed to retail capital become less active.

隨著季度推進，我們的活動變得更為積極。我們審閱的交易數量較上一季增加逾 20%，而 6 月更是過去兩年中我們審閱新交易最強勁的月份之一。我們認為，這股動能反映出在更為挑選的融資環境下，借款人與贊助方對我們資本之穩定性與規模的重視；尤其是我們看到部分更依賴零售資金的管理人變得較不活躍。

As uncertainty persists, borrowers and sponsors are increasingly focused not only on execution, but also on partnering with lenders, they are confident can provide incremental capital throughout the cycle. We believe Ares and ARCC remain meaningfully differentiated in this regard.

在不確定性持續之際，借款人與贊助方愈發重視的不僅是交易執行能力，也重視與其有信心能在整個景氣循環中提供增量資本的放款人合作。我們認為 Ares 與 ARCC 在這方面仍具明顯差異化優勢。

Ares institutionally focused fund complex is supported by stable long-term capital and substantial dry powder, providing borrowers with confidence that we can support their financing needs across market cycles.

Ares 以機構為主的基金體系由穩定的長期資本與充足的可投資資金（dry powder）所支持，使借款人對我們能在不同市場循環中支援其融資需求更具信心。

Those advantages reinforce ARCC's position as the largest publicly traded BDC and the highest-rated BDC across the three major credit rating agencies, supporting differentiated access to capital and financial flexibility.

這些優勢鞏固了 ARCC 作為最大規模之公開交易 BDC，以及在三大信用評等機構中評等最高之 BDC 的地位，並支持其具差異化的資本取得能力與財務彈性。

We believe these strengths continue to set ARCC apart, and position the company to capitalize on opportunities across market cycles, while delivering attractive long-term performance to our shareholders. Another key differentiator for our business is the strength of our relationships with existing borrowers.

我們相信，這些優勢持續使 ARCC 脫穎而出，並使公司能在各種市場循環中把握機會，同時為股東帶來具吸引力的長期表現。我們業務的另一項關鍵差異化因素，是我們與既有借款人之間關係的強度。

In the second quarter, 75% of our transactions were with incumbent borrowers, highlighting the sourcing advantages created by our borrower and sponsor relationships. The value of those relationships is reflected in our ability to increase our share of financing commitments across many of our new originations, allowing us to deepen our exposure to some of our best-performing borrowers.

第二季，我們 75% 的交易來自既有借款人，凸顯我們透過借款人與贊助方關係所建立的案源優勢。這些關係的價值也反映在我們能在多筆新承作案中提高融資承諾占比，使我們得以加深對部分表現最佳借款人的曝險。

With 619 portfolio companies, we believe our incumbent relationships will continue to be a meaningful driver of origination activity, and long-term value creation for our shareholders. We are also seeing attractive opportunities emerge, particularly in the upper middle market, where the scale of our capital is driving enhanced economics, stronger terms, and more compelling risk-adjusted returns than we saw a year ago, particularly relative to segments such as the lower middle market.

我們擁有 619 家投資組合公司，我們相信既有關係將持續成為承作活動的重要驅動力，並為股東創造長期價值。我們也看到具吸引力的機會正在浮現，特別是在上中型市場（upper middle market）；我們資本規模帶來更佳的經濟條件、更強的條款，以及較一年前更具吸引力的風險調整後報酬，尤其相較於下中型市場（lower middle market）等區隔。

We are one of only a few lenders with the scale, certainty, and flexibility to serve borrowers across the entire market which allows us to focus our capital where we see the most compelling relative value. We believe those advantages continue to differentiate ARCC and support strong risk-adjusted returns over time.

我們是少數具備規模、確定性與彈性、能服務整個市場借款人的放款人之一，這使我們能將資本配置在我們認為相對價值最具吸引力之處。我們相信，這些優勢持續使 ARCC 差異化，並在時間推移下支持強勁的風險調整後報酬。

Underlying these advantages is our institutionalized credit process and disciplined investment approach, which keep us highly selective. While industry transaction volumes remained below what many had expected, we believe some lenders are facing increased pressure to deploy capital, leading them to compromise on quality.

支撐這些優勢的是我們制度化的信用流程與嚴謹的投資方法，使我們保持高度挑選。雖然產業交易量仍低於許多人原先預期，我們認為部分放款人正面臨更大的資金部署壓力，因而在品質上作出妥協。

By contrast, our second quarter closing ratio was moderately below our historical average of approximately 5% underscoring the discipline that has been a hallmark of our long-term investment performance. The strength of our investment process is reinforced by the experience and tenure of our leadership team, which remain important differentiators for ARCC.

相較之下，我們第二季的成交率略低於我們約 5% 的歷史平均水準，凸顯了紀律性一直是我們長期投資表現的標誌。我們投資流程的強度也因領導團隊的經驗與任期而更為巩固，這些仍是 ARCC 的重要差異化因素。

Every member of ARCC's executive leadership team have spent roughly two decades at Ares, and our investment committee members have been with the firm for over 18 years on average. That annuity has helped foster a deeply ingrained credit culture across our U.S. direct lending platform and has been an important contributor to our long-term investment performance.

ARCC 執行領導團隊的每位成員在 Ares 的任職時間約為二十年，而投資委員會成員平均在本公司任職超過 18 年。這種長期累積有助於在我們的美國直接放款平台中培養深植的信用文化，並一直是我們長期投資表現的重要貢獻因素。

Over our history, our differentiated approach has enabled us to maximize outcomes on challenging credits while capturing additional upside through our equity co-investments. Importantly, our equity co-investment vintages over the last decade have generated an average gross IRR of more than 20% helping to generate more than $1 billion cumulative net realized gains in excess of realized losses since inception.

在我們的歷史中，這種差異化方法使我們能在具挑戰性的授信上將結果最大化，同時透過股權共同投資捕捉額外上行空間。重要的是，過去十年我們的股權共同投資各期（vintages）平均毛 IRR 超過 20%，並自成立以來累計創造超過 10 億美元的淨已實現收益（超過已實現損失）。

Turning to the portfolio. Our diverse high-quality portfolio continues to perform well. We ended the quarter with investments of $29.7 billion at cost with no single investment representing more than 1.3% of the portfolio excluding our investments in Ivy Hill and the SDLP, which offer diversified exposures to senior loans.

接著談投資組合。我們多元且高品質的投資組合持續表現良好。本季末我們以成本計之投資金額為 297 億美元；除 Ivy Hill 與 SDLP 的投資外（其提供對優先擔保貸款的分散曝險），投資組合中沒有任何單一投資占比超過 1.3%。

We believe our level of diversification is an important advantage, particularly as dispersion across the market continues to increase helping to limit company-specific risk while supporting more consistent portfolio performance over time. The performance of our borrowers also remains healthy overall.

我們認為，我們的多元化程度是一項重要優勢，特別是在市場分散度持續上升的情況下，有助於限制個別公司風險，同時支持投資組合隨時間推移更一致的表現。我們借款人的整體表現也仍然健康。

Our borrowers generated organic weighted average LTM EBITDA growth of approximately 8% through the end of the second quarter which is consistent with ARCC's 10-year average and remains well in excess of the broader syndicated loan benchmark.

截至第二季末，我們的借款人實現了約 8% 的有機加權平均過去十二個月（LTM）EBITDA 成長，這與 ARCC 的 10 年平均水準一致，且仍明顯高於更廣泛的銀團貸款基準。

We're also seeing that strength show up in other key credit indicators as interest coverage leverage levels and revolving credit facility utilization remain in line with historical averages for our portfolio. Alongside these performance trends, our portfolio companies, on average, continue to maintain any capital cushions of more than 50% beneath our investments, which we believe provide meaningful downside protection and supports the resilience of the portfolio.

我們也看到這項強勁表現在其他關鍵信用指標上，因為利息保障倍數、槓桿水準以及循環信用額度使用率仍與我們投資組合的歷史平均一致。伴隨這些表現趨勢，我們的投資組合公司平均而言，仍在我們投資之下維持超過 50% 的資本緩衝，我們認為這提供了有意義的下行保護，並支撐投資組合的韌性。

As we discussed in detail last quarter, we believe the potential impact of AI varies meaningfully across different businesses and risk profiles. Nearly all of our software investments are focused on what we view as foundational infrastructure for complex businesses, off to serving as systems of record in regulated end markets with high switching costs and significant embedded value.

如同我們在上一季詳細討論的，我們認為 AI 的潛在影響在不同企業與風險概況之間存在顯著差異。我們幾乎所有的軟體投資都聚焦於我們視為複雜企業之基礎性基礎架構，通常在具高轉換成本且內嵌價值顯著的受監管終端市場中，作為記錄系統（systems of record）提供服務。

Importantly, we continue to see strong operating performance across our software investments with organic LTM EBITDA growth accelerating during the second quarter and exceeding the broader portfolio average. Within our software portfolio, only one small loan is currently on nonaccrual and our debt investments remain supported by loan-to-value ratios in the low 40% range, providing substantial equity value beneath our positions.

重要的是，我們持續看到軟體投資整體營運表現強勁，第二季有機 LTM EBITDA 成長加速，並高於整體投資組合平均。在我們的軟體投資組合中，目前僅有一筆小額貸款處於停計利息（nonaccrual）狀態，而我們的債務投資仍由約 40% 出頭的貸款價值比（loan-to-value）所支撐，為我們的部位之下提供了可觀的股權價值。

As a reminder, as we mentioned on last quarter's call, we recently completed an independent assessment of our software-oriented portfolio companies by a top-tier global management consulting firm. Consistent with the last quarter, we continue to believe AI risk across our software-oriented portfolio remains limited overall, with less than 50 basis points of ARCC's total portfolio at fair value attributable to higher AI risk software investments and less than 4% attributable to medium or higher AI risk software investments.

提醒一下，如同我們在上一季電話會議中提到的，我們近期已由一家頂尖的全球管理顧問公司，對我們以軟體為導向的投資組合公司完成獨立評估。與上一季一致，我們仍認為我們以軟體為導向的投資組合整體 AI 風險仍然有限；以公允價值計，歸因於較高 AI 風險軟體投資的部位占 ARCC 總投資組合不到 50 個基點，而歸因於中度或更高 AI 風險軟體投資的部位不到 4%。

Importantly, medium-risk companies are performing well today with credit statistics comparable to the overall portfolio. While we believe businesses in this category will need to continue investing considerably in AI to maintain their competitive positions, we have not seen that translate into weaker credit performance.

重要的是，中度風險公司目前表現良好，其信用統計與整體投資組合相當。雖然我們認為此類別的企業將需要持續在 AI 上投入相當資源以維持競爭地位，但我們尚未看到這轉化為較弱的信用表現。

Overall, we continue to feel good about our current positioning as it relates to potential AI-related risks while recognizing the importance of remaining vigilant in our ongoing portfolio monitoring and thoughtful in how we allocate new capital to the sector.

整體而言，針對潛在 AI 相關風險，我們對目前的配置仍感到樂觀，同時也認知到在持續的投資組合監控上保持警覺的重要性，並在如何將新增資本配置至該產業方面保持審慎。

Turning to our dividend outlook. We continue to believe ARCC's current regular dividend appropriately reflects our long-run underlying earnings power. Our earnings and dividend profile is further supported by substantial spillover income, modest leverage, a more stable interest rate environment and continued overall healthy credit performance.

接著談談我們的股利展望。我們仍認為 ARCC 目前的例行股利，恰當反映了我們長期的基礎獲利能力。我們的獲利與股利結構亦受到可觀的溢出收入（spillover income）、溫和的槓桿、更穩定的利率環境，以及整體持續健康的信用表現所進一步支撐。

Our significant spillover income provides an additional layer of flexibility and can help bridge during periods of slower transaction activity. In addition, over the last 12 months, core earnings have exceeded our regular dividend while an additional $0.15 per share of net realized gains has provided further support for our overall dividend paying capacity.

我們可觀的溢出收入提供了額外一層彈性，並可在交易活動較為放緩的期間發揮銜接作用。此外，在過去 12 個月中，核心盈餘已超過我們的例行股利，而每股另有 0.15 美元的已實現淨收益，進一步支撐我們整體的股利支付能力。

Taken together, these factors support our outlook for relative stability in earnings and our decision to maintain a stable quarterly dividend, building on our track record of stable or growing regular quarterly dividends consecutive years.

綜合而言，這些因素支持我們對盈餘相對穩定的展望，以及我們維持穩定季度股利的決定，並延續我們連續多年維持穩定或成長之例行季度股利的紀錄。

With that, I will turn the call over to Scott to take us through our financial results and balance sheet.

接下來，我將把電話會議交給 Scott，請他帶我們回顧財務結果與資產負債表。

Thanks, Kort. I'll begin by reviewing several key financial metrics from the second quarter, then discuss the steps we took to further strengthen our balance sheet and conclude with an update on our dividend and the taxable spillover income Cort referenced earlier. This morning, we reported GAAP net income per share of $0.24, up from $0.13 in the first quarter of 2026.

謝謝，Kort。我將先回顧第二季幾項關鍵財務指標，接著說明我們為進一步強化資產負債表所採取的措施，最後更新股利以及 Cort 先前提到的應稅溢出收入。今天早上，我們公布每股 GAAP 淨利為 0.24 美元，高於 2026 年第一季的 0.13 美元。

The sequential improvement was largely driven by lower net unrealized depreciation. As a reminder, and consistent with the first quarter, this unrealized depreciation was primarily due to mark-to-market changes. Core earnings of $0.47 per share in the second quarter of 2026 were consistent with the prior quarter, reflecting continued healthy portfolio performance and stable earnings generation despite a more subdued transaction environment.

這一季對季的改善主要由較低的未實現減值所帶動。提醒一下，且與第一季一致，這項未實現減值主要源自按市價評價（mark-to-market）的變動。2026 年第二季每股核心盈餘為 0.47 美元，與前一季一致，反映投資組合持續健康的表現與穩定的獲利創造能力，儘管交易環境較為低迷。

Now turning to the balance sheet. Our total portfolio at fair value at the end of the second quarter was $29.3 billion, down slightly from $29.5 million in the first quarter, primarily reflecting the mark-to-market valuation adjustments and healthy net repayment activity. Our net asset value ended the quarter at $13.9 billion or $19.35 per share, which represents a decrease of $0.24 per share from a quarter ago.

接著看資產負債表。截至第二季末，我們以公允價值計的總投資組合為 293 億美元，較第一季的 295 億美元略降，主要反映按市價評價的估值調整以及健康的淨償還活動。本季末我們的淨資產價值為 139 億美元，或每股 19.35 美元，較上一季每股下降 0.24 美元。

While NAV declined modestly during the second quarter, this should be viewed in the context of ARCC's long track record of generating NAV growth while paying stable and attractive dividend to shareholders. Consistent with our track record, ARCC has grown NAV per share by more than 30% since inception.

雖然第二季 NAV 小幅下滑，但應放在 ARCC 長期以來在支付穩定且具吸引力股利的同時，仍能創造 NAV 成長的紀錄脈絡下看待。與我們的歷史紀錄一致，自成立以來，ARCC 的每股 NAV 已成長超過 30%。

Importantly, our leverage of 1.12 times debt-to-equity net of available cash was effectively stable quarter-over-quarter, and we ended the quarter with approximately $6 billion of available liquidity after giving effect to the repayment of $1 billion of unsecured notes earlier this month.

重要的是，扣除可用現金後，我們的槓桿（負債對股權）為 1.12 倍，季對季基本持平；且在本月稍早償還 10 億美元無擔保票據後，我們於季末仍有約 60 億美元的可用流動性。

Our maturity profile also remains well laddered with no additional unsecured note maturities in 2026 and only $1.4 billion maturing in 2027. This combination of modest leverage, substantial liquidity and a well-laddered maturity profile continues to support significant investment capacity and financial flexibility.

我們的到期結構也仍維持良好的梯次分布，2026 年沒有其他無擔保票據到期，2027 年僅有 14 億美元到期。溫和的槓桿、充裕的流動性以及良好梯次分布的到期結構相結合，持續支持可觀的投資能力與財務彈性。

During the second quarter, we continue to benefit from our broad and diversified access to capital. In total, we closed on approximately $1.2 billion of additional financing through the issuance of $800 million of unsecured notes and approximately $370 million of additional commitments across two of our secured revolving credit facilities, all at what we believe continue to reflect industry-leading pricing and terms.

在第二季，我們持續受益於廣泛且多元的資本取得管道。合計而言，我們透過發行 8 億美元無擔保票據，以及在兩項擔保循環信用額度中新增約 3.7 億美元承諾，完成約 12 億美元的額外融資；我們認為其定價與條款仍反映業界領先水準。

We also continue to lower our borrowing costs while further diversifying our funding sources. Most notably, we launched the first commercial paper program in the BDC sector. The $1 billion program provides access to a lower cost funding source and is effectively backed by our recently renewed fully committed long-dated $5.5 billion revolving credit facility.

我們也持續降低借款成本，同時進一步分散資金來源。最值得一提的是，我們推出了 BDC 產業中的第一個商業本票（commercial paper）計畫。該 10 億美元計畫提供較低成本的資金來源，並由我們近期續約、完全承諾且期限較長的 55 億美元循環信用額度作為實質後盾。

At current market levels, issuing commercial paper has a potential to reduce our funding costs by approximately 50 basis points to 100 basis points relative to our average secured borrowings. Importantly, should the commercial paper market become less favorable, we have the flexibility to instead fund through our long-term committed bank credit facilities.

以目前市場水準來看，發行商業本票相較於我們平均的擔保借款，可能將資金成本降低約 50 至 100 個基點。重要的是，若商業本票市場變得不那麼有利，我們也具備彈性，改以我們長期承諾的銀行信用額度進行融資。

We believe this structure provides greater durability and programs supported by shorter-dated 364-day facilities. As a reminder, we currently have $10.8 billion of fully committed revolving credit facilities with a weighted average remain maturity of more than four years.

我們認為，這樣的結構相較於由較短期的 364 天期額度所支撐的計畫，能提供更高的耐久性。提醒一下，我們目前擁有 108 億美元的完全承諾循環信用額度，加權平均剩餘到期時間超過四年。

More broadly, the commercial paper program aligns with our balance sheet philosophy of lowering funding costs and improving efficiency while preserving the durability, flexibility and resilience of our liability structure. We also further advanced these objectives during the second quarter by reducing the borrowing costs on our largest revolving credit facility by 10 basis points and extending its maturity to May 2031.

更廣泛而言，商業本票計畫符合我們的資產負債表理念：在保留負債結構的耐久性、彈性與韌性的同時，降低資金成本並提升效率。我們在第二季也透過將最大的一項循環信用額度借款成本下調 10 個基點，並將其到期日延長至 2031 年 5 月，進一步推進這些目標。

After quarter end, we also took advantage of favorable market dynamics to reset our inaugural $476 million debt securitization, reducing its weighted average spread by 35 basis points while extending its reinvestment period by three years and its final maturity by two years.

在季後，我們也把握有利的市場動態，重新設定我們首筆 4.76 億美元的債務證券化交易，將其加權平均利差降低 35 個基點，同時將再投資期間延長三年，並將最終到期日延長兩年。

Together, these actions further improve the efficiency of our funding profile, while reinforcing the strength and durability of our balance sheet. Looking ahead, while some market participants may face tighter credit conditions and reduce access to capital in this environment, we believe investors and lenders will continue to favor scale platforms of broad capabilities, proven track records, and deep market relationships.

綜合而言，這些行動進一步提升了我們資金來源結構的效率，同時強化了資產負債表的實力與韌性。展望未來，儘管在此環境下部分市場參與者可能面臨更緊縮的信貸條件並降低資本取得，我們相信投資人與放款人仍將偏好具備規模、能力廣泛、往績經驗經驗證且擁有深厚市場關係的平台。

As the highest rated BDC across all three major rating agencies, we believe ARCC is particularly well positioned in this environment, supporting our investment capabilities and strong long-term performance through cycles.

作為三大主要評等機構中評等最高的 BDC，我們認為 ARCC 在此環境下具備特別有利的定位，可支持我們的投資能力，並在不同景氣循環中維持強勁的長期表現。

Finally, our third quarter 2026 regular dividend of $0.48 per share is payable on September 30 to stockholders of record as of December 15. ARCC has now paid stable or increasing regular quarterly dividends for 68 consecutive quarters.

最後，我們 2026 年第三季每股 0.48 美元的例行股利，將於 9 月 30 日支付給截至 12 月 15 日登記在冊的股東。ARCC 目前已連續 68 個季度支付持平或增加的例行季度股利。

Turning to our taxable income spill over, we currently estimate that we will carry forward approximately $988 million or $1.38 per share available for distribution to stockholders in future periods. I will now turn the call over to Jim to walk through our investment activities.

接著談到我們的應稅所得結轉（spillover），我們目前估計將結轉約 9.88 億美元，或每股 1.38 美元，可於未來期間分配給股東。接下來我把電話交給 Jim，請他說明我們的投資活動。

Thank you, Scott. I'll start with some additional context on our investment approach in the current environment and then walk through our investment activity, portfolio performance and overall positioning. While overall market activity remained subdued during the quarter, we believe this environment reinforces the value of ARCC's scale, committed capital, long-standing borrower and sponsor relationships and highly selective approach.

謝謝你，Scott。我先補充一些在當前環境下我們投資方法的背景，接著說明我們的投資活動、投資組合表現與整體定位。雖然本季整體市場活動仍偏清淡，我們認為此環境更凸顯 ARCC 的規模、承諾資本、長期的借款人與贊助方關係，以及高度嚴選的投資方式之價值。

In the second quarter, we originated $2.6 billion of new investment commitments, while maintaining broad exposure across 20 industries and 38 subindustries. We completed approximately 75% of our transactions with existing borrowers, underscoring the value of our incumbent relationships, and the embedded opportunity set within our portfolio.

第二季我們新增投資承諾金額 26 億美元，同時維持對 20 個產業與 38 個次產業的廣泛曝險。我們約 75% 的交易是與既有借款人完成，凸顯我們既有關係的價值，以及我們投資組合中內嵌的機會集合。

In a slower market, we were able to remain selective and direct capital towards companies we know well. Importantly, we have continued to strengthen these positions of incumbency as the number of companies in our portfolio has grown by approximately 10% over the past year. Our competitive position and disciplined investment approach are also evident in the terms we are able to achieve.

在較為放緩的市場中，我們得以維持嚴選，並將資金導向我們非常熟悉的公司。重要的是，隨著過去一年我們投資組合中的公司數量約增加 10%，我們持續強化這些既有客戶的在位優勢。我們的競爭地位與嚴謹的投資方法，也反映在我們能夠取得的條款上。

On our new senior loan commitments this quarter, average spreads were 20 basis points wider than in the fourth quarter of 2025, while average upfront fees increased by 50 basis points over the same period. These improvements reflect our ability to remain selective and leverage our scale to achieve more attractive risk-adjusted economics for our shareholders.

本季我們新增的優先擔保貸款承諾，其平均利差較 2025 年第四季擴大 20 個基點，而平均前端費用在同期間增加 50 個基點。這些改善反映我們能夠維持嚴選，並運用規模優勢，為股東取得更具吸引力的風險調整後經濟效益。

We ended the quarter with a portfolio of $29.3 billion at fair value, modestly quarter-over-quarter due to healthy net repayments and fair value changes. Importantly, we believe the majority of the change in fair value across our debt and preferred equity investments was primarily driven by changes in market spreads and valuations rather than changes in the underlying credit performance of our portfolio companies.

本季末我們的投資組合以公允價值計為 293 億美元，較上季小幅下降，主要因健康的淨償還以及公允價值變動所致。重要的是，我們認為在我們的債務與優先股投資中，公允價值變動的大部分主要是由市場利差與估值變化所驅動，而非投資組合公司基礎信用表現的變化。

Borrower fundamentals also remain solid. Interest coverage and leverage levels were generally consistent with our five year average. Our debt investments continue to benefit from meaningful equity cushions with average loan-to-value in the mid-40% range. We believe these metrics demonstrate the underlying resilience of the portfolio and provide important downside protection in a more uncertain macro environment.

借款人基本面仍然穩健。利息保障倍數與槓桿水準大致與我們五年平均一致。我們的債務投資持續受惠於顯著的股權緩衝，平均貸款價值比（LTV）約在 40% 中段。我們認為這些指標展現投資組合的內在韌性，並在更不確定的總體環境中提供重要的下行保護。

Supported by these underlying portfolio trends, the credit performance of our portfolio remains solid. Our nonaccruals at cost ended the quarter at 2.4%, still well below our approximate 3% historical average since the global financial crisis and the BDC historical average of approximately 4% over the same time frame.

在這些投資組合趨勢的支撐下，我們投資組合的信用表現仍然穩健。本季末以成本計的非計息資產（nonaccruals）為 2.4%，仍明顯低於全球金融危機以來約 3% 的歷史平均，以及同期間 BDC 約 4% 的歷史平均。

Our nonaccrual rate at fair value of 1.4% also remained well below our historical levels. Our overall risk ratings remain stable. The share of our portfolio companies in our higher risk categories, Grade 1 and 2, remain comfortably below our 10-year average and meaningfully lower than the portion of our portfolio companies in Grade 4 which are outperforming our original underwriting expectations.

以公允價值計的非計息比率 1.4% 亦仍遠低於我們的歷史水準。我們整體風險評等維持穩定。我們投資組合公司中屬於較高風險類別（第 1 與第 2 級）的占比，仍明顯低於我們 10 年平均，且顯著低於第 4 級（其表現優於我們原始承作假設）的占比。

While we continue to expect credit quality and nonaccruals across the industry to trend towards historical norms, we believe increasing dispersion among managers will further highlight the value of our platform, scale, disciplined underwriting and active portfolio management. In this environment, we believe ARCC is particularly well positioned.

雖然我們仍預期全產業的信用品質與非計息水準將朝歷史常態靠攏，但我們認為管理人之間日益擴大的分化，將進一步凸顯我們平台、規模、嚴謹承作與主動投資組合管理的價值。在此環境下，我們認為 ARCC 具備特別有利的定位。

One of the key drivers of our long-term track record is our dedicated portfolio management team, which includes more than 50 professionals and, in our view, is the largest and most experienced in the industry. The team is led by three partners with an average of 27 years of experience, including one who serves as a voting member of our investment company.

推動我們長期往績的重要因素之一，是我們專責的投資組合管理團隊，包含超過 50 位專業人士，且我們認為其為業界規模最大、經驗最豐富的團隊。該團隊由三位合夥人領導，平均擁有 27 年經驗，其中一位亦擔任我們投資公司的投資委員會表決成員。

This helps to ensure the portfolio management perspectives remain fully integrated into our investment decision-making process. Our long-term credit performance is also underpinned by our life of loan philosophy. Early in our history, we recognized the inherent conflicts that exist in lending models, which reward originators solely for sourcing new investments.

這有助於確保投資組合管理觀點能完整融入我們的投資決策流程。我們長期的信用表現亦以「貸款全生命週期」（life of loan）理念為基礎。在我們早期發展階段，我們即認知到放貸模式中存在的內在利益衝突：該模式僅以開發新投資來獎勵承作人員。

At Ares, our investment professionals are responsible not only for sourcing and underwriting new opportunities, but also for partnering closely with our portfolio management team throughout the life of each investment to help drive strong credit outcomes, particularly when situations do not unfold as expected.

在 Ares，我們的投資專業人員不僅負責開發與承作新的機會，也會在每筆投資的全生命週期中與投資組合管理團隊緊密合作，以協助達成良好的信用結果，特別是在情況未如預期發展時。

In our experience, this approach strengthens sponsor and borrower relationships over the years and drives more effective outcomes on challenging credit. We believe our institutionalized credit process and the close integration of our investment and portfolio management teams have been important drivers for our long-term track record of generating net realized gains in excess of loss, which course referenced earlier.

依我們的經驗，這種作法能在多年間強化與贊助方及借款人的關係，並在具挑戰性的信用案件上帶來更有效的結果。我們相信制度化的信用流程，以及投資與投資組合管理團隊的緊密整合，是我們長期往績的重要驅動因素之一：實現淨已實現收益超過損失（如先前所提）。

In summary, the main attributes that have long differentiated ARCC, including our scale, the experience and stability of our team, our deep relationships with borrowers and sponsors and the strength of our platform resources, and capital base are even more important in today's market.

總結而言，長期以來使 ARCC 脫穎而出的主要特質——包括我們的規模、團隊的經驗與穩定性、與借款人及贊助方的深厚關係、平台資源的強度以及資本基礎——在今日市場中更顯重要。

While industry credit metrics may continue to normalize, we believe increasing dispersion create environment where these advantages matter even more. Supported by a high-quality portfolio and meaningful liquidity, we believe ARCC is well positioned to navigate the current environment and capitalize on attractive opportunities as market activity improves. As always, we appreciate you joining us today, and we look forward to speaking with you next quarter.

雖然產業信用指標可能持續回歸常態，我們認為日益擴大的分化將創造一個使這些優勢更為關鍵的環境。在高品質投資組合與充裕流動性的支撐下，我們相信 ARCC 有能力因應當前環境，並在市場活動回升時把握具吸引力的機會。一如既往，感謝各位今天與會，我們期待在下個季度再與各位交流。

With that, operator, please open up the line for questions.

接下來，接線員，請開放電話線供提問。

(Operator Instructions)

(接線員指示)

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Hey everybody. Thanks for taking my question. Look, you guys discussed the fact that over the history of ARCC you guys have accreted book value. And that's really been I would argue a function of three things: accretive issuance, which obviously, at the moment is challenging to investment gains; and three, to significant acquisitions where you accretively exchange stock.

各位好。謝謝讓我提問。你們提到在 ARCC 的歷史上，你們一直在增加每股淨值（book value）。我認為這主要是三個因素的結果：具增值效果的發行（accretive issuance），而這在目前顯然具有挑戰；第二，投資收益；第三，透過以具增值效果的方式以股票交換進行的大型併購。

You talk right now a great deal about your advantages in terms of your debt ratings. So from a pure financial engineering perspective and given where peers are trading the setup for that type of acquisition or that type of merger on paper makes a great deal of sense.

你們目前相當強調在債務評等方面的優勢。因此，從純粹財務工程的角度來看，並考量同業目前的交易水準，這類收購或這類合併在紙面上看起來相當合理。

I am curious whether or not given the asset quality issues in the space, this makes sense for you now and whether or not you actually think that there are motivated sellers in the market who would be looking to unlock value for their shareholders in this way.

我想了解的是，鑑於此領域的資產品質問題，這件事現在對你們是否合理；以及你們是否認為市場上確實存在有動機的賣方，願意透過這種方式為其股東釋放價值。

Yeah. Thanks for the question, Rick. I need to be obviously careful in the way we answer it because we're always evaluating various strategic alternatives. I guess I would just say, given the dispersion in performance that we're seeing across managers in the space, and some of the weakness that is coming out to the floor, the likelihood of a transaction like that occurring is probably higher than it's been in the past.

是的。謝謝你的問題，Rick。我們在回答時顯然需要謹慎，因為我們一直都在評估各種策略性選項。我想我只能說，鑑於我們看到此領域不同管理人之間的表現分化，以及一些弱點逐漸浮現，發生這類交易的可能性，可能比過去更高。

But other than saying that, I'm not really sure that we can speak too much more about anything that we're working on or giving too much more forward guidance about what might or might not occur.

但除此之外，我其實不太確定我們還能就任何正在進行的事項多談些什麼，或就可能或不可能發生的事情提供更多前瞻性指引。

But I think your point is a good one and it highlights our relative performance to others and the fact that while we are seeing some normalization of private performance back to historical meetings, we are not seeing the same kind of sort of spikes in nonaccruals and further weakening that maybe some of our competitors are seeing.

但我認為你的觀點很好，這也凸顯了我們相對於其他人的表現；以及雖然我們確實看到私人投資表現正回歸到歷史水準的某種常態化，但我們並沒有看到一些競爭對手可能正在經歷的那種非應計款項的尖峰上升與進一步走弱。

Got it. And if I can ask one follow-up. When you -- one thing that would make that type of transaction challenging if you thought that systematically marks in the industry were off and that the valuations you're looking at aren't really the valuations that you think would realize. Are you, in general, constructive on how the industry is valuing their portfolios at the moment?

了解。如果我可以再追問一個問題。當你——有一件事會讓那類交易變得具挑戰性：如果你認為整個產業的估值標記系統性地有偏差，而你所看到的估值並不是你認為最終能實現的估值。整體而言，你對目前產業如何為其投資組合估值，是否持較為正面的看法？

I guess are we asking about how we feel about other managers' marks. I think it's, again, something that I probably want to stay away from just commenting on other managers in their marks. I think as has been pointed out historically, and I think the media is certainly written about this, there is some dispersion in valuation, especially when you get into some more stressed credits and you look across different managers.

我想這是在問我們對其他管理人的估值標記有何看法。我認為這同樣是我可能想避免的事情，也就是去評論其他管理人的估值標記。我想如同過去一直有人指出的，而且媒體也確實有報導，估值之間存在一定程度的分歧，尤其是在一些壓力較大的信用標的上，當你橫向比較不同管理人時更是如此。

And that can occur for a variety of different reasons. And I guess I would just say on our side, we have, I think, been proven to be on the more conservative end of the spectrum as it pertains to that. But Rick, I'm sorry, I just -- I really kind of want to avoid just getting into opinions about other managers...

而這可能因為各種不同原因而發生。我想我只能說，就我們而言，我們在這方面已被證明是偏向較保守的那一端。但 Rick，抱歉，我只是——我真的想避免去談論對其他管理人的看法……

Totally fair. I realize, as I ask a question, that is probably not framed in the right way. So I appreciate the answer to the first, and I appreciate the discretion on the second.

完全合理。我也意識到，我這個問題的提法可能不太恰當。所以我感謝你對第一個問題的回答，也感謝你在第二個問題上的審慎。

Finian O'Shea, Wells Fargo.

Finian O'Shea，富國銀行。

Just sticking with the big picture sort of industry question on credit. This is much less so for Ares, but NAVs have clearly been trending down and even without some of the more severe names that you just touched on with Rick. So how would you describe like the why or like the drivers underneath of credit headwinds for the industry?

延續信用面這個較宏觀的產業問題。這對 Ares 來說相對沒那麼明顯，但整體而言，NAV 顯然一直在走低，即便不考慮你剛剛和 Rick 提到的一些更嚴重的個案。那麼你會如何描述造成產業信用逆風的原因，或其背後的驅動因素？

And are the items that will sort of run their course? Or does this sort of reflect a new normal where we should expect BDCs to revert back to those sort of longer-term nonaccrual ratios and such?

而這些因素會不會隨時間自行消化？或者這是否反映了一種新的常態，使我們應該預期 BDC 會回到較長期的非應計比率等水準？

It's Jim here. Thanks for the question. It's hard to look into -- across the industry and give a great perspective on where each manager is going. So I'll keep it probably more macro and market level. As you know, we've been operating for an extended period of time where nonaccrual rates and default experience has been below the long-term average.

我是 Jim。謝謝你的問題。要放眼整個產業並對每位管理人的走向給出很好的觀點其實很難。所以我可能會更偏向從宏觀與市場層面來回答。如你所知，我們已經在一段相當長的期間內運作於非應計率與違約經驗低於長期平均的環境。

And we've been saying for a bit that we think there is a reversion towards the mean there. And that's still our expectation across the industry. What we are also seeing, and it's been highlighted, is just a wider dispersion amongst managers on performance there. So what we think is happening is there's a general maturing of portfolio.

而我們也說了一段時間，我們認為那會朝均值回歸。這仍是我們對整個產業的預期。我們同時也看到、而且外界也已指出的是，各管理人之間的表現分化更為擴大。所以我們認為正在發生的是投資組合的整體逐步成熟。

So you have a handful of managers who have ramped, invested, it takes time for those investments to mature and settle and then you start to see where the long-term performance really is. And I think that's what's really going on right now and why the average has been below.

也就是說，有一些管理人加速擴張、投入資金；而這些投資需要時間成熟與穩定，之後你才會開始看見真正的長期表現。我認為這正是目前正在發生的事情，也解釋了為何平均水準一直偏低。

It's also been obviously a very benign credit environment. So it's a little bit of both. And so I do think the industry is really kind of going through a normalization period right now, and we're still working our way through that.

此外，信用環境顯然一直非常溫和。所以這兩者都有影響。因此我確實認為，產業目前正處於一個常態化的過程中，而我們仍在逐步走過這段過程。

Yeah. Maybe I'll add one more thing on (inaudible) which is we get the question a lot, are there any industries in particular that are driving that normalization? And I think the answer to that is from our perspective in our portfolio, no.

是的。也許我再補充一點（聽不清），我們常被問到：是否有任何特定產業在推動這種常態化？我認為就我們的角度、以我們的投資組合來看，答案是否定的。

And when you look at the four names that we added, we added four new names to nonaccrual, which took it from 2.1% to 2.4% this quarter. all four names are companies that do different things, not related to each other. We are not able to discern any trends yet around certain industries that are experiencing any kind of outsized weakness or leaving us down this path toward more credit normalization.

當你看我們新增的四個名稱時，我們把四個新名稱納入非應計，使本季非應計比率從 2.1% 上升到 2.4%。這四家公司各自從事不同業務，彼此並不相關。我們目前還無法辨識出任何趨勢，顯示某些特定產業出現特別顯著的疲弱，或正把我們推向更進一步的信用常態化。

Very helpful. Follow-up on the SDLP, A lot of movement there looks like a lot of movement toward diversification by borrower names and such. Any implication and correct me if I'm wrong on that, of course. Any implications on like the earnings power? Does that allow you to lever more origination fee cap structuring fees or should we think about it as just simply more diversifying?

非常有幫助。追問一下 SDLP，看起來那邊有很多變動，似乎是朝向以借款人名稱等面向進行更多分散化。當然如果我理解有誤請指正。這對獲利能力有任何影響嗎？這是否讓你能在承作費（origination fee）、上限（cap）結構化費用等方面加大槓桿？還是我們應該把它視為單純更分散化？

Yeah. No, I'm glad you pointed out. I think you should think about it as more diversification and better utilization of that specific joint venture. And the driver there, Fin, just so everybody is aware, we did recently receive some co-investment relief that allows SDLP to invest alongside other Ares funds, and that historically was not the case.

是的。不，我很高興你提到這點。我認為你應該把它視為更多分散化，以及對該特定合資平台更好的運用。而背後的驅動因素，Fin，讓大家都了解一下：我們最近取得了一些共同投資的豁免（co-investment relief），使 SDLP 能夠與其他 Ares 基金一起投資，而過去並非如此。

So historically, we would put an asset into SDLP only or it would go into the other Ares fund. And now we can co-invest alongside. So what that does is it just expands SDLP's opportunity set and fairway and that creates that diversification that you're referencing. So we expanded the number of borrowers in SDLP from 28% to 72% in the last quarter alone, and we're expecting and hoping that that continues to diversify going forward.

所以在過去，我們要嘛把一項資產放進 SDLP，要嘛放進其他 Ares 基金。而現在我們可以並行共同投資。這樣做的結果是擴大了 SDLP 的可投資機會集合與可操作空間，並帶來你所提到的分散化。因此，僅在上一季，我們就把 SDLP 的借款人數量占比從 28% 擴大到 72%，我們也預期並希望未來能持續朝更分散化發展。

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

Thanks. Kort, in your commentary, you kind of noted a couple of push and pull in the marketplace, one being that some retail heavy competitors might be less active that you're seeing, but also that you had kind of a lower closing rate because folks were maybe being a little bit more aggressive in terms of -- I don't know if it was either a price or structure. But maybe you could just talk a little bit about the kind of competing dynamics there.

謝謝。Kort，在你的評論中，你提到市場上有幾個拉鋸因素：一方面，你看到一些以零售資金為主的競爭對手可能較不活躍；但另一方面，你們的成交率似乎較低，因為有些人可能在——我不確定是價格或結構上——變得更具侵略性。也許你可以談談這些相互競爭的動態。

Arren, it's Jim again. I'll maybe just give a little more commentary around the market generally. So I think that will help answer the question. But what we saw over the last, call it, 60, 90 days is a competition has -- is different in the lower end of the market than it is in the upper end of the market. That's always been the case.

Arren，我是 Jim。我可能先就整體市場多補充一些評論。我想這會有助於回答你的問題。我們在過去大約 60 到 90 天看到的是：市場低端的競爭態勢與高端市場不同。這一直都是如此。

But with some of the dynamics going on with the larger players who were more driven by capital flows from the retail channel. We've seen less competition in the larger company market and maybe more competition in the smaller company market.

但在一些動態影響下，較大型的參與者更受零售通路資金流入/流出所驅動。我們看到在大型公司市場的競爭變少，而在小型公司市場的競爭可能變多。

And I think both markets are healthy, and we saw spreads widen. We saw leverage levels decline. We saw fees improve. We mentioned all of that in the narrative. But it was more pronounced interestingly in the large end of the market, but the terms in that end of the market are just slightly more attractive.

我認為兩個市場都很健康，而且我們看到利差擴大。我們看到槓桿水準下降。我們看到費用條件改善。我們在敘述中都提到了這些。但有趣的是，這些變化在市場高端更為明顯，因此該端市場的條款也就略為更具吸引力。

The relative value is better. And the number of players that can compete with scale like in Ares has shrunk a bit, and it's just become a better hunting ground for us. We are seeing smaller players and smaller companies remain competitive. And so that part of the market is a little healthier and maybe a little bit more active as it relates to M&A.

相對價值更好。而且，能像 Ares 一樣以規模競爭的參與者數量也縮減了一些，這對我們來說就成了更好的獵場。我們看到較小的參與者與較小的公司仍能保持競爭力。因此，就併購（M&A）而言，這一部分市場更健康一些，可能也更活躍一些。

So those dynamics are really sort of what's going on more broadly in the market. Both remain healthy though. And I think what we saw was in terms of just backlog and buildup of transactions, reviewed a lot of transactions, and that keeps -- that's continuing to ramp.

所以，這些動態大致上就是整體市場更廣泛層面正在發生的事情。不過兩者都仍然健康。而且我認為，我們看到的是就待辦量與交易累積而言，我們審閱了很多交易，而這也讓——這個趨勢仍在持續升溫。

We saw a big lift in June, about 50% increase month-over-month in terms of the number of transactions we were at Ares. So we're seeing what is the thawing of the market on the M&A side and the lag effect of that thawing start to really flow through. And so we're optimistic around where the pipeline is headed.

我們在 6 月看到明顯拉升，就 Ares 的交易數量而言，月增約 50%。因此，我們看到併購端市場正在解凍，以及這種解凍的滯後效應開始真正傳導出來。所以我們對管線的走向感到樂觀。

And we're seeing larger transactions become more prevalent. What we saw is more activity, as I mentioned, in the smaller end of the market just because those were probably a little easier to execute on and maybe thought a little quicker than in the larger --

而且我們看到較大型的交易變得更常見。如我提到的，我們看到更多活動集中在市場較小端，因為那些可能比較容易執行，而且可能比大型交易更快做出決策--

Yeah. I'll add maybe one or two more things. I think on the question around quality and selectivity, I think a really important to expand upon a little bit because again, we talked about it in the prepared remarks, but we are always extremely disciplined in trying to make sure that we are always selective in this slower environment, we did see the quality of the flow dip down a little bit as well.

是的。我再補充一兩點。我認為關於品質與選擇性的問題，非常重要，值得再多展開一些，因為我們在事先準備的發言中也談到過：我們一向極度自律，確保在這種較慢的環境下仍保持高度選擇性；我們也確實看到案源品質的流入在某種程度上有所下滑。

That is absolutely improving as we see the transaction volume pick up. And Jim mentioned the huge month of June, the volume that we saw that's continuing into July. But the quality was a bit lower in the second quarter.

隨著交易量回升，這點絕對正在改善。Jim 提到 6 月是非常大的月份，我們看到的量也延續到 7 月。但第二季的品質確實偏低一些。

And so we chose to close on less deals as a percent of what we reviewed to that also hampered the overall volume but I think it also speaks to our strength as well, which is just that we are not going to chase deal flow just because things are slow. We're okay sort of waiting it out and waiting for things to come back and for the quality to improve a little bit.

因此，我們選擇以較低的成交比例來完成交易（相對於我們審閱的案子），這也抑制了整體量；但我認為這也反映了我們的優勢，也就是：我們不會因為市場冷清就去追逐案源。我們可以接受等待，等市場回來、等品質再改善一些。

And then maybe just one more point. I think Jim made great comments about the larger end of the market being more attractive. I think there's a very unique opportunity for Ares as a platform in this market environment where the other larger lenders are lower on capital right now.

然後再補充一點。我認為 Jim 對市場大型端更具吸引力的評論非常到位。我認為在目前這種市場環境下，Ares 作為一個平台有非常獨特的機會，因為其他大型放款人目前資本較為吃緊。

And a good example of that is we actually committed to a nearly $2 billion credit facility in the second quarter, and we committed to that facility entirely at Ares, 100% of the deal. We did lighten up a little bit afterwards but still had a big hole on that credit. And the ability to stand up in this market for a $2 billion commitment allows us to generate significantly outsized fees and economics on that kind of a deal.

一個很好的例子是：我們在第二季實際承諾了一筆接近 20 億美元的信貸融資額度，而且這筆融資完全由 Ares 承作，等於是整筆交易的 100%。之後我們確實稍微減碼了一些，但在那筆信貸上仍保留了很大的部位。在這個市場能夠承接 20 億美元的承諾，讓我們在這類交易上能取得顯著更高的費用與經濟利益。

And that's a benefit that I think is unique to Ares right now. So we're hopeful as the deal flow picks back up and we see some of these larger deals start to come back in and the competitive environment, if it stays where it is, that will be really -- another really nice benefit that I think we can tap into.

我認為這是目前 Ares 獨有的優勢。因此，隨著案源回升、一些較大型交易開始回來，如果競爭環境仍維持現狀，這將會是——我認為我們可以加以運用的另一項很好的利多。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Hey, good afternoon. Thanks for taking the question. Just one on prepayments. And I realize it's difficult to predict there. But any sense of what the level of prepayment activity could be like over the near term?

嗨，下午好。謝謝讓我提問。我想問一個關於提前償還（prepayments）的问题。我知道這很難預測。但就近期而言，對提前償還活動的水準有沒有什麼概念？

Hard to answer, Ken. I mean, generally, what we've seen is the repayment activity moves relatively in tandem with new deal activity. So as new deal volume picks up, I would expect that also could lead to some repayment activity picking up. It's not always correlated in that respect, but that's kind of what we see it over the long term.

Ken，這很難回答。我的意思是，一般來說，我們看到的償還活動大致會與新交易活動相對同步變動。所以當新交易量回升時，我會預期這也可能帶動一些償還活動回升。當然兩者不一定總是高度相關，但長期來看我們大致是這樣觀察的。

And so I guess that's how I would answer the question. But there's no other specific driver that I can think of. I'm not sure if you're alluding to any certain drivers that are in your mind. But there's nothing that's jumping out to me that would say repayments would be abnormally high or abnormally low going forward.

所以我想我會這樣回答你的問題。但我想不到其他更具體的驅動因素。我不確定你是否在暗示你心中有某些特定驅動因素。但目前沒有任何特別突出的跡象讓我覺得，未來償還會異常偏高或異常偏低。

Got you. Very helpful there. And just one follow-up, if I may. I think earlier in the call, you mentioned still having some capacity around leverage. And obviously, it's going to be predicated on the deal activity, but would you plan to be operating -- is there anything within your target range that you could target to operate within just go forward?

了解。這很有幫助。如果可以的話我再追問一個。我記得你在電話會議前面提到，槓桿方面仍有一些容量。當然這會取決於交易活動，但往前看，你們是否計畫在目標區間內運作——也就是有沒有你們希望維持運作的目標水位？

Yeah. Thanks. I think our stated range is still the same 0.9 times to 1.25 times. We're still kind of in the middle of that range now. So we think there's probably a little room to go. We are sensitive to the leverage impact from the valuations. So that is all part of our -- we're keeping an eye out for that, but we do think there's a little room to grow on leverage.

是的。謝謝。我想我們對外宣示的區間仍是相同的 0.9 倍到 1.25 倍。我們目前大概在這個區間的中間位置。所以我們認為可能還有一些上行空間。我們也會留意估值對槓桿的影響。所以這也是我們——我們會持續關注，但我們確實認為槓桿還有一些成長空間。

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

It's good to be on with you today. So I wanted to ask about interest rates and the impact on the pipeline. And I guess this is a two part question. But how does the absolute level of rates versus volatility of rates impact the pipeline? And I guess, which scenario would create a better opportunity for lenders like you guys?

很高興今天能與各位連線。我想問利率以及其對管線的影響。我想這是一個兩部分的問題。絕對利率水準與利率波動性，分別如何影響管線？另外，哪一種情境會為像你們這樣的放款人帶來更好的機會？

Interesting question. I guess I would say I think volatility of rates is a greater impact and a hampering impact on transaction volume than the absolute level of rates. I think the difficulty for buyers and sellers to sort of transact often occurs when the buyer doesn't know what rate to put in his model a year or two out.

很有意思的問題。我想我會說，利率的波動性對交易量的影響更大，而且是抑制性的影響，勝過利率的絕對水準。我認為買賣雙方之所以難以成交，往往是因為買方不知道在一年或兩年後的模型裡該放入什麼利率假設。

And so there's a -- when you have to model in downside scenarios based on a wider dispersion of rate outcomes, then it's harder to be -- to lean in on price and you have to sort of build in some cushion. So that can hamper transaction volume. I think what we've seen is historically, rates when rates went up, there was a period of time where deal flow was a little bit gummed up.

因此——當你必須基於更分散的利率結果去建模下行情境時，就更難在價格上更積極，你必須在模型裡留出一些緩衝。所以這會抑制交易量。我認為我們歷史上看到的是，當利率上升時，會有一段時間案源會有點卡住。

But then even when rates settled out, base rates settled out in the 5s, then all of a sudden, there was a fair amount of transaction activity that occurred last year, for instance, even with rates being higher in 2024, because people settle in and they know what to put in their model.

但即使之後利率趨於穩定、基準利率穩在 5% 左右，去年例如就出現了相當多的交易活動，即便 2024 年利率較高，因為大家逐漸適應，知道該在模型裡放什麼。

So I think that's how I'd answer it. And obviously, with the rate picture today, it feels certainly more stable than we've seen in a while. I mean the rates having stabilized where they are now, obviously, even a little bit of an outlook toward a slight widening of base rates going forward, which should be a benefit to us, but not a negative in terms of transaction flow because it seems like people are settling into a pretty clear picture as to what that looks like.

所以我想我會這樣回答。而且很明顯，以今天的利率情勢來看，感覺比我們一段時間以來看到的都更穩定。也就是說，利率在目前水準已經穩定下來，當然，對未來基準利率可能小幅上行也有一些預期，這對我們應該是利多；但就交易流量而言不會是負面，因為看起來大家正在形成相當清晰的共識，知道大致會是什麼樣子。

Got it. That's very helpful. And then just a quick clarification follow-up. You guys mentioned expecting nonaccruals trending back towards historical norms. Is there anything in your portfolio that you're starting to see bubble up? Or is that more just a comment on like a mean reversion type observation?

了解。這非常有幫助。接著我想快速釐清追問一下。你們提到預期不計息資產（nonaccruals）會回到歷史常態水準。你們的投資組合裡有沒有什麼開始浮現的跡象？還是這比較像是基於均值回歸的觀察評論？

It's the latter. As I mentioned, my commentary was really around the industry and just maturation of the portfolios from the competitor set and how performance has really been below the long-term average. So I think that's really all it is.

是後者。如我先前提到，我的評論主要是針對整個產業，以及同業組合逐漸成熟，而其表現確實一直低於長期平均。所以我認為大概就是這樣。

Melissa Wedel, UBS.

Melissa Wedel，瑞銀（UBS）。

I wanted to follow up on the CP program. Interesting development there. I noticed that while you announced that there weren't any outstanding by the end of the quarter. I'm just curious how long you think it would take you to ramp to, I believe it was $1 billion in capacity you have there. How big could that get?

我想追問一下商業本票（CP）計畫。那邊有個有趣的進展。我注意到你們宣布在季末時沒有任何未償餘額。我只是好奇你們認為要花多久時間才能拉升到你們那邊我記得是 10 億美元的額度容量。那個規模可能會做到多大？

Yeah. Thanks, Melissa, and congrats on your new role. We're -- the purpose line was really just efficiency. I don't think we're going to use the full $1 billion anytime soon. We do obviously want to just test it out a little bit to see how it goes and that's a response.

是的。謝謝你，Melissa，也恭喜你升任新職。我們——這條融資管道的目的主要是提升效率。我不認為我們短期內會用到完整的 10 億美元。但我們確實想先小規模測試一下，看看運作情況，這就是我們的回應。

We did do our first issuance post quarter end. So we're going to start seeing some of those savings come through. But I guess it's maybe a few hundred million dollars or so that we would issue on that program and then kind of take it from there.

我們在季後也做了第一次發行。所以接下來會開始看到一些節省效益反映出來。但我想大概會是在這個計畫下發行幾億美元左右，然後再視情況往下走。

Okay. Makes sense. And then I wanted to shift gears also to the post quarter end investment activity. And I know that's only maybe a month at that, and those things can fluctuate a lot every quarter that you report. But it does strike me in the July activity to date that a couple of things.

好的。合理。另外我也想把話題轉到季後的投資活動。我知道那可能也就一個月左右，而且你們每季揭露時這些數字波動都可能很大。但截至目前 7 月的活動看起來，有幾點讓我印象深刻。

There is a real increase in sort of fixed subordinated fixed rate, I think subordinated, but also fixed rate allocations. And then also the spread between the new investment yields and the yield on what you exited so far this quarter widened out quite a bit, and it seems like that could be a tailwind. I'm curious if that is something that is a sustainable trend? Or is that more of a function of just individual investments that repaid. Thank you.

固定利率次順位（我想是次順位）以及固定利率配置似乎明顯增加。另外，本季截至目前，新投資的收益率與你們退出資產的收益率之間的利差也擴大了不少，看起來可能會是順風。我想請教這是否是一個可持續的趨勢？還是比較只是個別投資到期償還所造成的結果？謝謝。

Maybe I'll start with the latter. I mentioned before, there's there has been an improvement in market terms. And we certainly saw that last quarter. I think the question is how long will that sustain itself and where. We're optimistic that the market is less competitive now, particularly as mentioned in the larger end of the market.

我先從後者開始回答。我之前提過，市場條件確實有所改善。而我們在上個季度也確實看到了。問題在於這樣的狀況能維持多久、以及會出現在哪些領域。我們樂觀認為市場競爭性現在比較低，尤其是如前面提到的大型市場端。

I don't think there's going to be any major changes month-over-month, quarter-over-quarter. And so I think our ability to go generate higher returns for high-quality businesses in those -- in the large end of the market. We're pretty optimistic that sustains itself. There definitely is -- it was a period of time in the last quarter where we're more severely dislocated.

我不認為月對月、季對季會有任何重大變化。因此，我們在大型市場端，為高品質企業創造更高回報的能力——我們相當樂觀這能持續。上個季度確實有一段時間市場錯位更為嚴重。

And I think it's now more healthy and stable, and that leads to more transaction volume. So you want to have that balance where we're not seeing as much competition, but you're also able to price risk a little better. And I think that's kind of what we're facing right now. Hard to say how long that will last but feels pretty good at the moment.

而我認為現在市場更健康、更穩定，這也帶來更多交易量。所以你會希望取得一個平衡：既不要看到太多競爭，同時也能把風險定價做得更好一些。我想這就是我們目前面對的情況。很難說能維持多久，但就目前而言感覺相當不錯。

Yeah. And then on the mix of the fixed rate, I just think, Melissa, that's just small numbers in a small period of time. I don't think there's any trend to read into there. Scott was just showing me that it's like two deals. And again, it's just small numbers.

是的。至於固定利率的配置占比，我認為，Melissa，那只是因為在很短期間內、樣本數很小。我不覺得那裡有什麼趨勢可以解讀。Scott 剛剛跟我說那大概就兩筆交易。同樣地，數字很小。

There actually was -- there's one deal that was an existing name a software name, which I'm sure everybody is interested to hear about where there was a refinancing of an existing second lien position that we had and the bond market actually refinanced that second lien position, and we took a small piece of that new bond deal.

其實有——有一筆交易是既有的標的，是一家軟體公司，我相信大家都會有興趣聽。當時我們持有的一個既有第二順位留置權（second lien）部位被再融資，而債券市場實際上把那個 second lien 部位再融資掉了，我們也在那筆新的債券交易中拿了一小部分。

So we downsized our position, derisked from a pretty large company, actually, large software company and thought it's still a nice piece of paper to take a small piece of that bond deal. So there was a fixed rate security there just as one example, but a little bit random missing the numbers.

所以我們縮小了部位、降低風險，從一家其實規模很大的公司——大型軟體公司——降低曝險，同時也認為那仍是一張不錯的票券，因此在那筆債券交易中拿了一小部分。所以那裡有一個固定利率證券作為例子，但有點隨機，樣本數也不大。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

On the credit quality of the book, right, I mean not accruals on a cost basis, they're not high, but they're not low, low anymore. You have a number of more troubled assets that you've talked about, right? Your track record on getting recoveries on assets is based on my math at least, meaningfully better than industry average, but it's also better than industry average if you get control sooner.

談到投資組合的信用品質，我的意思是，以成本基礎來看，不計息資產（nonaccruals）不算高，但也不再是非常非常低了。你們也談到有一些較棘手的資產，對吧？你們在資產回收上的紀錄——至少按我的計算——明顯優於產業平均；而且如果你們能更早取得控制權，表現也會比產業平均更好。

So is there any prospect for you maybe being more aggressive? Obviously, you can't force a sponsor them necessarily but maybe being more aggressive on taking control of some of these things and putting your workout group more fully in control given the historic track record of performance there?

那麼你們是否有可能採取更積極的作法？當然你們未必能強迫贊助方（sponsor），但也許可以更積極地取得其中一些案子的控制權，讓你們的重整/處置團隊（workout group）更全面地掌控，畢竟你們過去在這方面的表現紀錄很好？

Yes, I appreciate the question, Robert. I would say as much as we enjoy the higher returns that can often come from those type of situations. It's not our strategy to go in and aggressively take control of companies from owners and businesses when there's weakness.

是的，謝謝你的問題，Robert。我會說，儘管我們確實享受這類情境往往能帶來較高回報，但在企業出現疲弱時，主動進去、強勢從所有者與經營者手中取得公司控制權，並不是我們的策略。

We would much, much rather the owner of the business put in capital and support that company and work together as a team to help those companies get through the other side, really the ability -- we are fortunate, and I think it's an important competitive advantage that we are willing to take control that we have the skills and the know-how to do that.

我們更、更加希望企業主能投入資本、支持公司，並以團隊方式一起合作，協助這些公司度過難關、走到另一端。真正的能力——我們很幸運，而且我認為這是一項重要的競爭優勢——在於我們願意在必要時接管，而且我們具備相應的技能與專業來做到。

Oftentimes, that willingness and the reputation that we have for -- known how to do that incentivizes the equity contribution from the owner, which again is what we would prefer, but it's not our desire. That's sort of the last resort but does occur, then yes, you're rightly pointing out that we've got a good track record in knowing how to do that coming out the other side.

很多時候，正是這種意願以及我們在這方面的聲譽——也就是大家知道我們懂得怎麼做——會促使企業主追加股權投入；而這再次是我們更偏好的結果，但這不是我們的首選。那算是最後手段，但確實會發生；若發生了，是的，你指出得沒錯，我們在接管並最終走出困境方面有良好的歷史紀錄。

Just a follow-up to that directly tied to your response. I mean, of the assets that are contributing the majority of the markdowns, how many of those have had incremental capital injections from owners over the last, call it, six months?

針對你剛才的回覆，我再直接追問一下。在造成大部分減記（markdowns）的那些資產中，過去大概六個月裡，有多少已經獲得所有者額外注入資本？

We're sort of looking at each other here. I don't know that we have that number handy, Robert. It's -- there have been -- I can say it's a meaningful amount. I don't know the dollar amount or how many of the borrowers. But we are, I guess, thematically, to answer it thematically, we are absolutely seeing owners of businesses support their companies with capital on the hold.

我們彼此看了一下。Robert，我不確定我們手邊有沒有那個數字。但確實有——我可以說是相當可觀的比例。我不知道金額或是有多少借款人。不過如果用主題性的方式來回答，我們確實、非常明顯地看到企業主在關鍵時點以資本支持他們的公司。

And that gets back to one of the things we always talk about, which is the LTV in our portfolio overall being sub-50%. There is a lot of cash equity invested in our portfolio companies beneath our loans, and that incentivizes the sponsors to step up and kick in money when there is an issue.

這也回到我們一直在談的一點，也就是我們整體投資組合的 LTV 低於 50%。在我們的貸款之下，投資組合公司投入了大量現金股權，這會激勵贊助方在出現問題時挺身而出並投入資金。

Paul Johnson, KBW.

Paul Johnson，KBW。

Thank you, I was just curious where at this point, kind of in the cycle, it seems like terms have improved a little bit, but activity is somewhat muted. I'm curious in terms of what you are seeing maybe on the new deal side, granted, most of it was kind of existing borrowers this quarter.

謝謝，我只是好奇在目前這個時點、就週期而言，看起來條款稍微改善了一些，但活動量仍有些低迷。我想了解你們在新案子方面看到的情況，當然，本季大多數交易算是既有借款人。

But where are sponsors had in terms of the position for asking for pick on new deals. And I would kind of ask more specifically in the upper middle market where you're starting to see more attractive deal flow.

但就新交易而言，贊助方在要求加入 PIK（利息資本化）方面的立場如何？我想更具體地問一下，在你們開始看到更具吸引力案源的上層中型市場（upper middle market）情況如何。

Yeah. It's hard to say. It's sort of deal by deal right now. We saw a period of time where that really kind of went away from the market for 30, 60 days. We've seen it come back again on a few transactions. I'd say more often than not, it's been -- it hasn't been a term that's been in the market in the last quarter.

是的。很難一概而論。目前確實是逐案而定。我們曾看到一段時間，這個條款在市場上幾乎消失了 30 到 60 天。最近又在少數交易中看到它回來。但我會說，多數情況下——在過去一季，這並不是市場上常見的條款。

I just speculating a bit, I do think that's not going away. I think there's more scrutiny around it. I think there's more sensitivity from competition around it as everyone is managing a certain amount of [PI] in their portfolio, et cetera.

我稍微推測一下，我確實認為這不會消失。我認為市場對它的審視更嚴格了。競爭對手也更敏感，因為每個人都在管理其投資組合中一定程度的 [PI] 等等。

But I do think we should anticipate that that term or that concept is not going away either. It's probably just not going to be as prevalent as it once was. So I think we're in a better place than we were last year and the year before. It's probably how I would describe it.

但我也認為，我們應該預期這個條款或概念不會消失。只是它可能不會像過去那樣普遍。所以我認為我們現在的狀況比去年以及前年要好。大概就是我會這樣形容。

Got it. Appreciate that. And last quarter, you mentioned around approximately 90% of the portfolio was kind of structurally originated [PIK]. I mean is that roughly hold for this quarter as well. Or has there been any changes to those metrics?

了解。謝謝你的說明。另外，上季你提到投資組合大約 90% 在結構上是以[PIK] 方式承作。這一季大致上也維持相同水準嗎？或這些指標有任何變化？

No, no, that's holding the same in this quarter.

沒有，沒有，這一季維持不變。

Appreciate it. And then one thing real quick on Ivy Hill. You mentioned within the ARCC portfolio, I think it's around -- no position accounts for more than 1% or a little more than 1%. Is the -- that same diversification level roughly held across the funds managed under the Ivy Hill investment vehicle?

感謝。然後很快問一下 Ivy Hill。你提到在 ARCC 投資組合內，我想大概是——沒有任何單一部位占比超過 1% 或略高於 1%。在 Ivy Hill 投資載體所管理的基金中，也大致維持同樣的分散程度嗎？

Or is it typically a little bit more concentrated on the higher end, just kind of due to the transaction size? Just trying to get an idea, I guess, the level of diversification across that vehicle as well.

還是通常會因為交易規模而在高端更集中一些？我只是想了解一下，那個載體的分散程度大概如何。

Yeah. No, if you should think of it as being equally if not more diverse, definitely not less.

是的。不，如果要你這樣想的話，它的分散程度相當、甚至更分散，肯定不會更集中。

(Operator Instructions)

(接線員指示)

Sean-Paul Adams, B. Riley Securities.

Sean-Paul Adams，B. Riley Securities。

Touching specifically on two credits that continue to slide. Cornerstone and Simpler Software, do you have anything to add color-wise on those specific names? And on a separate note, on Q3 and Q4, it seems like with volume up but quality down and repayment activity high, are you guys pointing to a flatter half of the year on the back end just due to the mix?

針對兩筆持續走弱的授信。Cornerstone 和 Simpler Software，你們能否就這兩個特定名稱補充一些背景說明？另外一個問題，關於第三季和第四季，看起來量上來但品質下降、且還款活動很高，你們是否因為組合結構的影響，而預期下半年後段會比較平坦？

On the first question, we unfortunately, I just can't comment on specific names. We've said that in the past. I think that holds true here. So apologies but really can't provide any more color on either of those names. On the second question, no, we're optimistic.

第一個問題，很遺憾我們無法評論特定名稱。我們過去也說過這點。我想這裡同樣適用。所以抱歉，確實無法就這兩個名稱提供更多細節。第二個問題，不，我們是樂觀的。

We're seeing, like I said, a lot more deal flow, a lot more activity, more sponsor to sponsor, more early-stage books in the market, more just general health in the M&A market. So I'm not sure that I would translate some of the market commentary into a concern around the portfolio running off or being -- I actually think we're optimistic we're going to see growth.

如我所說，我們看到更多案源、更多活動，更多贊助方對贊助方的交易，市場上有更多早期階段的案子，整體而言併購市場的健康度也更好。所以我不確定我會把一些市場評論解讀為對投資組合縮減或流失的擔憂——我其實認為我們樂觀地預期會看到成長。

Yeah. Yes, I'll just underscore that. I really want to make sure we does take that away, which is we are really seeing a building environment or transaction activity. And again, the quality also is improving in the deals that are coming in. So I think that should be an important takeaway. Maybe the only thing we probably could say about -- we can't talk about individual performance of those names.

是的。我也想強調這一點。我真的希望大家帶走的重點是：我們確實看到環境正在建立、交易活動正在增加。而且，進來的交易品質也在改善。所以我認為這應該是很重要的重點。也許我們唯一能說的是——我們不能談那些名稱的個別表現。

But it is the same sponsor owner of those two names you mentioned. And the only thing we can say is we are engaging in a lot of ongoing and constructive dialogue with the sponsor of those two companies. that give us some degree of confidence in our ability to address the near-term matures in those two days.

但你提到的那兩個名稱，是同一位贊助方所持有。我們唯一能說的是，我們正與那兩家公司之贊助方進行大量持續且具建設性的對話，這讓我們對於處理這兩筆在短期內到期的事項有一定程度的信心。

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

謝謝。問答環節到此結束。我想把電話會議交回給 Kort Schnabel，請他做結語。

Okay. Great. Thanks. As we got through the quarter without any software questions. I don't really have any other closing remarks. Thanks, everybody, for joining us and for your continued support and engagement. And we'll see you next quarter.

好的。很好。謝謝。我們這一季順利結束，竟然沒有任何軟體相關問題。我沒有其他結語。謝謝各位參與，以及持續的支持與互動。我們下季再見。

Ladies and gentlemen, this concludes our conference call for today. (Operator Instructions) 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.

各位女士、先生，今天的電話會議到此結束。(接線員指示) 亦可透過 Ares Capital 官網「投資人資源」專區首頁上的網路直播連結，收聽存檔重播。