Barings BDC Inc (BBDC) 2025 Q2 法說會逐字稿

At this time, I would like to welcome everyone to the Barings BDC, Inc. Conference Call for the quarter ended June 30, 2025. (Operator Instructions) The question-and-answer session will follow the company's formal remarks. (Operator Instructions)

現在，我歡迎大家參加 Barings BDC, Inc. 2025 年 6 月 30 日止季度電話會議。（操作員指示）問答環節將在公司正式發言之後進行。（操作員指示）

Today's call is being recorded, and a replay will be available approximately 2 hours after the conclusion of the call on the company's website at www.baringsbdc.com under the Investor Relations section.

今天的電話會議將被錄音，會議結束後約 2 小時可在公司網站 www.baringsbdc.com 的「投資者關係」部分重播。

At this time, I will turn the call over to Joe Mazzoli, Head of Investor Relations for Barings BDC.

現在，我將把電話轉給 Barings BDC 投資者關係主管 Joe Mazzoli。

Good morning, and thank you for joining today's call. Please note that this call may contain forward-looking statements that include statements regarding the company's goals, beliefs, strategies, future operating results and cash flows.

早安，感謝您參加今天的電話會議。請注意，本次電話會議可能包含前瞻性陳述，其中包括有關公司目標、信念、策略、未來營運績效和現金流量的陳述。

Although the company believes these statements are reasonable, actual results could differ materially from those projected in forward- looking statements. These statements are based on various underlying assumptions and are subject to numerous uncertainties and risks, including those disclosed under the sections titled Risk Factors and forward-looking statements in the company's quarterly report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission.

儘管該公司認為這些聲明是合理的，但實際結果可能與前瞻性聲明中的預測有重大差異。這些聲明是基於各種基本假設，並受到許多不確定性和風險的影響，包括公司向美國證券交易委員會提交的截至 2025 年 6 月 30 日的季度 10-Q 表季度報告中「風險因素」和前瞻性陳述部分所揭露的不確定性和風險。

Barings BDC undertakes no obligation to update or revise any forward-looking statements unless required by law.

除非法律要求，否則 Barings BDC 不承擔更新或修改任何前瞻性聲明的義務。

I will now turn the call over to Eric Lloyd, Chief Executive Officer of Barings BDC.

現在我將電話轉給 Barings BDC 執行長 Eric Lloyd。

Thanks, Joe, and good morning, everyone. We appreciate you joining us for today's call. Please note that throughout today's call, we'll be referring to our Second Quarter 2025 earnings presentation that is posted on the Investor Relations section of our website.

謝謝，喬，大家早安。感謝您參加今天的電話會議。請注意，在今天的電話會議中，我們將參考發佈在我們網站投資者關係部分上的 2025 年第二季財報。

On the call today, I'm joined by Barings BDC's President, Matt Freund, Chief Financial Officer, Elizabeth Murray; and Baring's Head of Global Private Finance and BBDC Portfolio Manager, Bryan High.

參加今天電話會議的還有 Barings BDC 總裁 Matt Freund、財務長 Elizabeth Murray，以及 Baring 全球私人融資主管兼 BBDC 投資組合經理 Bryan High。

In the second quarter, BBDC delivered another strong and consistent set of results fueled by leading credit performance and supported by the scale of our franchise. We are pleased to announce strong net investment income that was accompanied by excellent credit performance within the portfolio.

在第二季度，BBDC 再次取得了強勁而穩定的業績，這得益於領先的信貸業績和特許經營規模的支持。我們很高興地宣布，強勁的淨投資收入和出色的投資組合信用表現。

Meanwhile, origination activity during the second quarter was consistent with what we experienced during the preceding period, with gross originations of nearly $200 million and net originations of $32 million. Robust deployment, combined with a benign credit environment and our focus on the top of the capital structure investments in middle market issuers combined to serve our investors well.

同時，第二季的發起活動與前一期的情況一致，總發起額接近 2 億美元，淨發起額為 3,200 萬美元。穩健的部署，加上良好的信貸環境以及我們對中型市場發行人資本結構投資的關注，共同為我們的投資者提供良好的服務。

We focus on the core middle market due to its lower leverage and stronger risk-adjusted returns, making it the most compelling segment for BBDC and our shareholders. Further, our focus on sectors that will perform resiliently across economic environments provides an additional level of stability to our portfolio.

我們專注於核心中端市場，因為其槓桿率較低且風險調整後回報率較高，這使其成為 BBDC 和我們股東最重視的部分。此外，我們關注那些在各種經濟環境下都表現堅韌的產業，這為我們的投資組合提供了額外的穩定性。

This combination of senior secured financing solutions, core middle market focus, defensive noncyclical sectors and our global footprint offers our investors strong relative value and portfolio differentiation compared to the broader BDC sector. Consistent with how we defined our approach in past discussions, our portfolio strategy is outlined in greater detail on slide 6, where we show the breakdown between sponsored, nonsponsored and platform investments in the portfolio.

這種高級擔保融資解決方案、核心中端市場重點、防禦性非週期性產業以及我們全球影響力的結合，為我們的投資者提供了相對於更廣泛的 BDC 產業而言強大的相對價值和投資組合差異化。與我們在過去的討論中定義的方法一致，我們的投資組合策略在第 6 張幻燈片中進行了更詳細的概述，其中我們展示了投資組合中贊助、非贊助和平台投資的細目。

We continue to successfully invest across the market and deliver compelling returns for our shareholders. As Matt will touch on in a moment, we continue to maintain cautious optimism about the broader economy. The first half of the year was marked by uncertainty on a range of fronts, and we feel that BBDC is well positioned to withstand a variety of economic developments.

我們繼續在市場上成功投資並為股東帶來豐厚的回報。正如馬特稍後會談到的，我們繼續對整體經濟保持謹慎樂觀的態度。今年上半年，一系列問題都充滿不確定性，我們認為 BBDC 已做好準備，以應對各種經濟發展狀況。

With that said, we believe BDC investors should be more focused on alignment with the investment adviser than ever before. Private credit managers have expanded rapidly in recent years. Private equity firms have launched credit strategies. Publicly traded asset

話雖如此，我們認為 BDC 投資者應該比以往任何時候都更加重視與投資顧問的協調。近年來，私人信貸管理機構擴張迅速。私募股權公司已經推出了信貸策略。公開交易資產

managers have entered the space to enhance fee earning assets and smaller niche players have sought to gain a foothold in the increasingly crowded market.

管理者紛紛進入該領域以增強收費資產，而規模較小的利基市場參與者則尋求在日益擁擠的市場中站穩腳跟。

What sets Barings part is our alignment of interest -- we are backed by patient long-term capital with decades of experience through multiple market cycles. This foundation allows us to build durable portfolios that can perform across economic environments. We're also proud that BBDC maintains the highest hurdle rate of any listed BDC. This reflects our commitment to accountability and our focus on delivering strong, sustainable value for shareholders. Barings is a $456 billion credit-focused asset management franchise. Credit is not simply a vertical at Barings, it's our specialty and what we have developed an expertise in across countless strategies.

巴林銀行的獨特之處在於我們的利益一致——我們擁有耐心的長期資本和數十年經歷多個市場週期的經驗。這個基礎使我們能夠建立能夠在各種經濟環境下表現良好的持久投資組合。我們也為 BBDC 保持著所有上市 BDC 中最高的回報率而感到自豪。這體現了我們對責任的承諾以及我們致力於為股東提供強勁、可持續的價值。巴林銀行是一家專注於信貸資產管理的特許經營公司，資產規模達 4,560 億美元。信貸不僅是巴林銀行的一個垂直領域，更是我們的專長，也是我們透過無數策略累積的專業知識。

More specifically, we have been investing in middle market companies through many cycles, which positions us well to deliver value for our shareholders amidst the market volatility that we face today. We believe our expertise in credit with scale and track record that outstrips the broader BDC landscape will continue to differentiate us among the broader industry.

更具體地說，我們經歷了多個週期才投資中型市場公司，這使我們能夠在當今面臨的市場波動中為股東創造價值。我們相信，我們在信貸領域的專業知識、規模和業績記錄超越了更廣泛的 BDC 領域，這將繼續使我們在更廣泛的行業中脫穎而出。

Turning to our expectations for deployment in the current environment. We articulated during the first quarter that the pace of buyout opportunities was subject to a number of variables that were difficult to predict. As we move further into 2025, we will take the opportunity to reiterate that forecasting origination activity is always more of an art than it is a science, and it's especially difficult in the current environment.

談談我們對當前環境下部署的期望。我們在第一季就明確指出，收購機會的速度受到許多難以預測的變數的影響。隨著我們進一步邁入 2025 年，我們將藉此機會重申，預測發起活動始終是一門藝術而非科學，而且在當前環境下尤其困難。

Market sentiment fuels reminiscent to 2024 specifically, there are a handful of factors that we experienced last year that are now repeating themselves. First, our pipeline is building with more nascent opportunities, which is often preceded periods of greater LBO financings. Second, qualitative guidance from sell-side investment banks indicate that the number of companies looking to transact is very strong.

市場情緒讓人回想起 2024 年，我們去年經歷的一些因素現在正在重演。首先，我們的通路正在建設中，其中有更多新興機會，這些機會通常出現在槓桿收購融資規模擴大的時期之前。其次，賣方投資銀行的定性指導表明，尋求交易的公司數量非常多。

And lastly, the hold period for middle market private equity portfolios is stretching to some of the longest on record. All of these reasons point to increased M&A activity in the back half of the year. However, as we have experienced in the past, similar fact patterns may have a meaningful uptick in volumes. We are cautious that these leading indicators could be another false positive for activity levels in the second half of 2025.

最後，中型市場私募股權投資組合的持有期已達到有紀錄以來的最長水準。所有這些原因都顯示下半年併購活動將會增加。然而，正如我們過去所經歷的，類似的事實模式可能會導致交易量有意義的上升。我們謹慎地認為，這些領先指標可能是 2025 年下半年活動水準的另一個假陽性。

Turning to the specifics of BBDC's financial performance in the quarter. Net asset value per share was $11.18, reflecting a modest decline compared to the prior quarter. Net investment income for the quarter was $0.28 per share compared to $0.25 per share in the first quarter. The improvement in net investment income was related to certain onetime fees and distributions received from our portfolio of companies which Elizabeth will discuss in more detail momentarily. Now digging in a bit deeper into the portfolio.

談談 BBDC 本季財務表現的具體情況。每股淨資產價值為 11.18 美元，與上一季相比略有下降。本季淨投資收益為每股 0.28 美元，而第一季為每股 0.25 美元。淨投資收益的提高與我們從公司投資組合中獲得的某些一次性費用和分配有關，伊麗莎白稍後將對此進行更詳細的討論。現在更深入地研究一下投資組合。

We continue to actively maximize the value in legacy holdings acquired from MVC Capital and Sierra. We are seeking to divest these assets at attractive valuations as we did in the first quarter. As of quarter end, Barings originated positions now make up 95% of the BBDC portfolio at fair value up from 76% at the beginning of 2022. Our investment portfolio performed well during the second quarter with the nonaccrual rate improving to 50 basis points at fair value as of June 30, well below industry averages and comfortably below our long-term expectations.

我們將繼續積極地最大化從 MVC Capital 和 Sierra 收購的遺留資產的價值。我們正在尋求以有吸引力的估值剝離這些資產，就像我們在第一季所做的那樣。截至本季末，巴林銀行的原始部位以公允價值計算佔 BBDC 投資組合的 95%，高於 2022 年初的 76%。我們的投資組合在第二季表現良好，截至 6 月 30 日的公允價值不計提率改善至 50 個基點，遠低於行業平均水平，也遠低於我們的長期預期。

There is no substitute for fundamental credit analysis which has always been at the core of our investment philosophy and is reflected in the health of the BBDC portfolio today. Turning to the earnings power of the portfolio. The weighted average yield at fair value was 10.1%, unchanged from the prior quarter. Our Board declared a third quarter dividend of $0.26 per share, consistent with the prior quarter.

基本信用分析無可取代，它始終是我們投資理念的核心，並反映在當今 BBDC 投資組合的健康狀況中。轉向投資組合的獲利能力。公允價值加權平均收益率為10.1%，與上一季持平。我們的董事會宣布第三季股利為每股 0.26 美元，與上一季一致。

On an annualized basis, the dividend level equates to a 9.3% yield on our net asset value of $11.18. As we previously announced, our Board declared $0.15 of supplemental dividends that will be paid in 3 quarterly installments during the calendar year 2025, the 1/3 of which will be paid alongside our regular third quarter dividend. We believe our portfolio is on the strong footing and we're advancing our strategic imperatives. As Matt will cover momentarily, BBDC is well positioned to navigate the current market environment and deliver consistent risk-adjusted returns in the quarters ahead.

以年化計算，股息水準相當於我們11.18美元淨資產價值的9.3%收益率。正如我們先前宣布的，董事會宣布將在2025日曆年分三個季度派發0.15美元的補充股息，其中三分之一將與我們的常規第三季股息同時支付。我們相信，我們的投資組合基礎穩固，並且我們正在推進我們的策略要務。正如馬特稍後將要介紹的，BBDC 已做好準備，以應對當前的市場環境，並在未來幾季提供持續的風險調整回報。

I'll now turn the call over to Matt.

我現在將電話轉給馬特。

Thanks, Eric. During our prior earnings call, we discussed how the rapidly evolving macroeconomic landscape was impacting our issuer base and how we work to understand triage anticipated challenges. .

謝謝，埃里克。在我們先前的收益電話會議上，我們討論了快速發展的宏觀經濟狀況如何影響我們的發行人基礎，以及我們如何努力了解預期的挑戰。。

Following the presidential inauguration, our team began analyzing the impacts of prospective tariffs should the administration choose to pursue them, and the net takeaway was that issuers were on alert and in some cases concerned about the future financial results, but

總統就職典禮後，我們的團隊開始分析政府選擇實施關稅後可能產生的影響，最終得出的結論是，發行人保持警惕，在某些情況下甚至擔心未來的財務結果，但

we're unable to excite a confident view of the outcome for calendar 2025, particularly after April. As we have continued throughout the year, we have continued to view the economic outlook as uncertain and believe that our intentional durable portfolio construction is what will help us navigate the operating environment ahead.

我們無法對 2025 年的結果抱持信心的看法，尤其是在 4 月之後。正如我們全年所持續的那樣，我們仍然認為經濟前景不確定，並相信我們有意建立的持久投資組合將幫助我們應對未來的營運環境。

As we look ahead for opportunities in the second half of 2025, it is important to underscore the advantages of investing a long kind of scaled platform backed by long-term capital. At BBDC, our structure allows us to take a patient and selective approach to capital deployment, prioritizing quality over speed. In contrast, some publicly traded asset managers have increasingly focused on growing assets rather than carefully allocating them.

當我們展望2025年下半年的機會時，必須強調投資由長期資本支持的長期規模化平台的優勢。在 BBDC，我們的結構使我們能夠採取耐心和選擇性的方式進行資本部署，優先考慮品質而不是速度。相較之下，一些上市資產管理公司越來越注重增加資產，而不是謹慎地配置資產。

And over recent quarters, this shift has raised questions about the consistency of the relative value discipline. Our approach remains centered on thoughtful underwriting, long-term positioning and a commitment to delivering durable value for shareholders. With that, I would like to offer a few observations that will help guide our areas of focus.

最近幾個季度，這種轉變引發了人們對相對價值原則一致性的質疑。我們的方法仍然以深思熟慮的承保、長期定位和為股東提供持久價值的承諾為中心。為此，我想提出一些有助於指導我們關注領域的觀察。

Both interest rates and spreads have exhibited compression over the course of the past 12 months. Historically speaking, interest rates and spreads move in opposite directions. When rates increase, spreads contract and vice versa. And another interesting post-COVID development, both rates and spreads increased in tandem and have now been declining in similar capacities.

過去 12 個月中，利率和利差均呈現壓縮趨勢。從歷史上看，利率和利差是朝相反的方向變動的。當利率上升時，利差會收縮，反之亦然。另一個有趣的後疫情時代發展是，利率和利差同時上升，現在又以類似的速度下降。

We're optimistic that during the course of the next interest rate cycle, the historic relationship between interest rates and spreads will revert such that reductions in interest rate levels will somewhat be offset by increases in interest rate spreads. That said, regardless of the direction of interest rates, investors in BBDC will continue to see a disciplined approach to investing in middle-market issuers backed by both sponsored and nonsponsored ownership groups.

我們樂觀地認為，在下一個利率週期中，利率和利差之間的歷史關係將會恢復，即利率水準的下降將在一定程度上被利差的上升所抵消。也就是說，無論利率走向如何，BBDC 的投資者都將繼續看到一種嚴謹的投資方式，即投資由贊助和非贊助所有權集團支持的中型市場發行人。

While interest rates will ebb and flow, we believe that there is a compelling complexity premium that can accompany both sponsored and nonsponsored opportunities if the manager is able to source them. Barings in the history of being able to source transactions that entail a complexity premium, and we anticipate leaning into these opportunities in a more intentional fashion for the duration of the year.

雖然利率會起伏不定，但我們相信，如果管理者能找到這些機會，那麼贊助和非贊助機會都可能帶來引人注目的複雜性溢價。巴林銀行在歷史上一直能夠找到需要複雜性溢價的交易，我們預計今年全年將更有意識地抓住這些機會。

The Barings network of sourcing opportunities is vast, and BBDC shareholders are appropriately positioned to take advantage of deployment into middle market corporate issuers. Eric referenced onetime fees and dividend income during the period, and we are pleased to report that some of these fees were derived exactly from the kind of unique sponsor sourcing opportunities that I have just referenced. Post June 30, we anticipate that assets underwritten with the complexity premium will continue providing tailwinds to our results for the balance of the year.

巴林銀行的採購機會網絡非常龐大，而 BBDC 股東則處於有利地位，可以利用其在中型市場公司發行人中的部署。艾瑞克提到了該期間的一次性費用和股息收入，我們很高興地報告，其中一些費用正是來自我剛才提到的那種獨特的贊助商採購機會。6 月 30 日之後，我們預計以複雜性溢價承保的資產將繼續為我們今年剩餘時間的表現帶來推動力。

While we are pleased with the financial results of the quarter, we are also encouraged by the credit trends in the portfolio. While we're mindful of the broader economic landscape, we have observed that macroeconomic events have not historically produced wide thread defaults. Rather, idiosyncratic risk unique to the specific issuers has created the biggest challenge. Failed acquisitions, poor management teams and botched ERP implementations have been responsible for more underperformance and portfolios than exogenous factors.

我們對本季的財務表現感到滿意，同時也對投資組合的信貸趨勢感到鼓舞。雖然我們關注更廣泛的經濟形勢，但我們觀察到，宏觀經濟事件在歷史上並沒有造成大範圍的線程違約。相反，特定發行人特有的特殊風險才是最大的挑戰。與外部因素相比，失敗的收購、糟糕的管理團隊和拙劣的 ERP 實施是導致績效不佳和投資組合不佳的主要原因。

We underwrite every transaction is that we will experience a recession during our hold period and are encouraged about the positioning of the portfolio today. For this reason, we are comforted by our current nonaccrual percentage among the strongest in the sector, a small percentage of PIK again, leading in the industry and a very small number of risk-rated 5 issuers in the BBDC portfolio.

我們承保的每筆交易都是我們在持有期間將經歷經濟衰退，並對今天的投資組合定位感到鼓舞。基於這個原因，我們感到欣慰的是，我們目前的不提比例在業內名列前茅，PIK 的比例再次處於行業領先地位，並且 BBDC 投資組合中風險評級為 5 的發行人數量非常少。

Turning to an overview of our current portfolio. 74% consists of secured investments with approximately 71% of investments constituting first lien securities. Interest coverage within the portfolio remained strong with weighted average interest coverage this quarter of 2.4 times above the industry averages and consistent with prior quarter.

回顧我們目前的投資組合，74% 由擔保投資組成，其中約 71% 的投資構成第一留置權證券。投資組合內的利息覆蓋率依然強勁，本季加權平均利息覆蓋率高出產業平均的 2.4 倍，與上一季持平。

We believe strong interest coverage demonstrates the merits of our approach of focusing on leading companies in defensive sectors and thoroughly underwriting their ability to weather a range of economic conditions. The portfolio remains highly diversified with the top 2 positions in the portfolio, Eclipse Business Capital and Rocade Holdings being strategic platform investments.

我們相信，強勁的利息覆蓋率證明了我們專注於防禦性行業領先公司並全面承保其抵禦各種經濟狀況的能力的方法的優點。該投資組合仍然高度多樣化，其中排名前兩位的 Eclipse Business Capital 和 Rocade Holdings 是戰略平台投資。

These investments provide BBDC shareholders with access to differentiated compelling opportunities to invest in asset-backed loans and litigation funding solutions, 2 specialized areas we believe provide attractive total return and diversification benefits.

這些投資為 BBDC 股東提供了投資資產支持貸款和訴訟融資解決方案的差異化誘人機會，我們相信這兩個專業領域能夠提供有吸引力的總回報和多元化收益。

Turning briefly to portfolio quality. Risk ratings exhibited positive movement during the quarter as our issuers exhibiting the most stress classified as risk ratings 4 and 5 were 7% on a combined basis as compared to 8% in the immediately preceding quarter. The improvement in the underlying risk ratings was driven by certain upgrades to issuers that have been experiencing temporary performance challenges.

簡要談談投資組合品質。本季風險評等呈現正向變化，因為我們的壓力最大的發行人（風險評等為 4 和 5）合計為 7%，而上一季為 8%。基礎風險評級的改善是由於對那些暫時面臨業績挑戰的發行人的評級升級所致。

The number of issuers with the greatest stress are at the lowest level since we have been disclosing these statistics, a fact that we feel is important in light of the broader macroeconomic uncertainty. Nonaccruals accounted for 0.5% of assets on a fair value basis and 1.4% on a cost basis, which we believe is one of the lowest levels of nonaccruals in the industry.

自從我們揭露這些統計數據以來，壓力最大的發行人數量處於最低水平，我們認為，鑑於更廣泛的宏觀經濟不確定性，這一事實很重要。以公允價值計算，不提列項目佔資產的 0.5%，以成本計算，不提列項目佔資產的 1.4%，我們認為這是業界最低的不提列水準之一。

We remain confident in the credit quality of the underlying portfolio. We expect BBDC's differentiated reach and scale, coupled with its core focus on middle market credit and unmatched alignment with shareholders, will continue driving positive outcomes in the quarters and years to come. The BBDC portfolio is a through-the-cycle portfolio designed to withstand a variety of economic environments and prevailing interest rate levels.

我們仍然對基礎投資組合的信用品質充滿信心。我們預計，BBDC 的差異化影響力和規模，加上其對中端市場信貸的核心關注以及與股東無與倫比的一致性，將在未來幾季和幾年繼續推動積極成果。BBDC 投資組合是一個跨週期投資組合，旨在承受各種經濟環境和現行利率水準。

And with that, I will now turn the call over to Elizabeth.

現在，我將把電話轉給伊莉莎白。

Thanks, Matt.As Eric and Matt have said, BBDC continues to demonstrate the durability of our core earnings, uphold best-in-class credit quality and provide strong, reliable yields to our fellow shareholders. As announced during our Q1 earnings call, the early termination of the NBC CSA, which resulted in a $23 million payout in June further enhances our ability to generate attractive returns by redeploying capital into additional income-producing investments.

謝謝，馬特。正如埃里克和馬特所說，BBDC 繼續展示我們核心收益的持久性，保持一流的信用質量，並為我們的股東提供強勁、可靠的收益。正如我們在第一季財報電話會議上所宣布的那樣，NBC CSA 的提前終止導致 6 月支付了 2,300 萬美元，這進一步增強了我們透過將資本重新部署到額外的創收投資中來獲得可觀回報的能力。

On Slide 16, we provided a detailed bridge of the NAV per share movement for the second quarter. As of June 30, NAV per share was $11.18, representing a 1% decline quarter-over-quarter. The decline was driven by net realized losses on the portfolio, credit support agreements and FX which came to $0.14 per share. This was partially offset by net unrealized appreciation on the investments, credit support agreements and FX of $0.06 per share. The net realized loss on the portfolio was primarily due to the exit of the Black Angus position.

在第 16 張投影片上，我們提供了第二季每股淨值變動的詳細情況。截至 6 月 30 日，每股資產淨值為 11.18 美元，季減 1%。導致這一下降的原因是投資組合、信貸支援協議和外匯的淨實現損失達到每股 0.14 美元。這被投資、信貸支持協議和每股 0.06 美元的外匯淨未實現增值部分抵消。投資組合的淨實現損失主要是因為退出 Black Angus 部位所致。

However, this is largely offset by the reversal of unrealized depreciation and was covered by the Sierra CSA. The valuation of the Sierra credit support agreement increased by approximately $6.4 million from $44.8 million in the first quarter to $51.2 million as of June 30. During the second quarter, the Sierra portfolio had sales and repayments of approximately $2.7 million and had 18 positions remaining in the portfolio, down from 20 positions as of March 31.

然而，這在很大程度上被未實現折舊的逆轉所抵消，並由 Sierra CSA 承擔。截至 6 月 30 日，Sierra 信貸支援協議的估值從第一季的 4,480 萬美元增加約 640 萬美元至 5,120 萬美元。第二季度，Sierra 投資組合的銷售額和還款額約為 270 萬美元，投資組合中剩餘 18 個頭寸，低於 3 月 31 日的 20 個頭寸。

We reported net investment income of $0.28 per share for the quarter, an increase from $0.25 per share in the prior quarter. This growth was primarily driven by higher interest income resulting from increased originations, a onetime dividend from our security holdings position in an elevated onetime fee income.

我們報告本季淨投資收益為每股 0.28 美元，高於上一季的每股 0.25 美元。這一增長主要得益於發行量增加帶來的利息收入增加、我們持有的證券頭寸產生的一次性股息以及一次性費用收入增加。

These gains were partially offset by higher incentive fees, which included the impact of the catch-up provision excluding the catch- up incentive fees would have been approximately $8 million. Our net leverage ratio, which is defined as regulatory leverage net of unrestricted cash and net unsettled transactions was 1.29 times at quarter end, up modestly from 1.24 times as of March 31.

這些收益被更高的激勵費用部分抵消，其中包括補繳條款的影響（不包括補繳激勵費用），約 800 萬美元。我們的淨槓桿率（定義為監管槓桿扣除無限制現金和淨未結算交易）在季度末為 1.29 倍，較 3 月 31 日的 1.24 倍略有上升。

This puts us slightly above our long-term target range of 0.9 to 1.25 times. The increase in leverage was primarily driven by elevated origination activity during the quarter. We expect leverage to trend back within our target range in the second half of 2025 supported by continued asset sales to [indiscernible] and anticipated repayment activity. This ensures we will maintain the capacity to pursue attractive opportunities that may result from either increased turbulence in markets or an uptick in deals and potentially spreads that may result from a benign environment and reduced production rates.

這略高於我們的長期目標範圍 0.9 至 1.25 倍。槓桿率的上升主要是由於本季發起活動的增加。我們預計，在持續向[音訊不清晰]出售資產和預期的還款活動的支持下，槓桿率將在 2025 年下半年回到我們的目標範圍內。這確保我們有能力尋求有吸引力的機會，這些機會可能源於市場動盪加劇或交易增加，以及良性環境和生產力降低可能產生的利差。

More broadly, our funding profile remains well structured and aligned with our disciplined approach to asset liability management. Our liabilities are well diversified in terms of duration, seniority and structure with an industry-leading percentage of unsecured debt in our capital structure. As of quarter end, our unsecured debt accounted for approximately $1 billion of our funding and representing roughly 65% of our outstanding balances. Subsequent to quarter end, on August 4, we fully repaid $50 million of private placement notes at par, including accrued and unpaid interest. Additionally, as of June 30, we had $322 million of available capacity under our revolving credit facility providing continued flexibility to meet funding needs and support future unsecured issuances.

更廣泛地說，我們的融資狀況仍然結構良好，並與我們嚴謹的資產負債管理方法保持一致。我們的負債在期限、優先順序和結構方面實現了良好多樣化，我們的資本結構中無擔保債務的比例處於行業領先地位。截至季末，我們的無擔保債務約占我們資金的 10 億美元，約占我們未償還餘額的 ​​65%。季度結束後，即 8 月 4 日，我們以面額全額償還了 5,000 萬美元的私募票據，包括應計和未付利息。此外，截至 6 月 30 日，我們的循環信貸額度下有 3.22 億美元的可用容量，可提供持續的靈活性以滿足融資需求並支持未來的無擔保發行。

Now on to capital allocation. Our net investment income for the quarter was $0.28 per share, which more than covered our regular dividend. In addition, our net investment income for the first half of 2025 fully covered our year-to-date regular distributions. As previously mentioned, the Board declared a third quarter dividend of $0.26 per share which, when combined with the previously declared special dividend of $0.05 per share brings the total dividend for the quarter to $0.31 per share, representing an 11.1% distribution yield on NAV.

現在討論資本配置。本季我們的淨投資收益為每股 0.28 美元，超過了我們的常規股息。此外，我們 2025 年上半年的淨投資收益完全涵蓋了我們年初至今的定期分配。如前所述，董事會宣布第三季股息為每股 0.26 美元，加上先前宣布的每股 0.05 美元的特別股息，本季總股息達到每股 0.31 美元，相當於資產淨值的 11.1% 分配收益率。

Looking ahead, we feel confident in the level of our regular dividend. The durability of our portfolio's net investment income underpinned by a diversified mix of senior secured investments and a well-laddered capital structure gives us conviction in our ability

展望未來，我們對定期股利水準充滿信心。我們的投資組合淨投資收益的持久性，以多元化的優先擔保投資組合和完善的階梯式資本結構為支撐，讓我們對自己的能力充滿信心

to maintain this level. Our views are further supported by the current shape of the forward super curve which we believe will continue to provide a constructive backdrop for net investment income generation in the near term.

保持這一水平。當前遠期超級曲線的形狀進一步支持了我們的觀點，我們相信這將繼續為短期內淨投資收益的產生提供建設性的背景。

We continue to actively use our 2025 share repurchase plan and repurchased 100,000 shares during the quarter bringing the total shares repurchased under the current plan to 250,000. We will continue to exercise this plan as a way to deliver value to shareholders and to demonstrate our belief in the long-term value of our portfolio. To close, I'll offer a little color on the third quarter. To date, Barings BDC has made $59.3 million of new commitments in Q3, of which approximately $39 million closed and funded.

我們繼續積極使用我們的 2025 年股票回購計劃，並在本季度回購了 100,000 股，使當前計劃下回購的股票總數達到 250,000 股。我們將繼續執行該計劃，為股東創造價值，並表明我們對投資組合長期價值的信心。最後，我想對第三季做一點介紹。迄今為止，巴林銀行發展公司 (Barings BDC) 在第三季已承諾新增 5,930 萬美元，其中約 3,900 萬美元已完成融資。

Our overall liquidity remains strong with over $322 million of available capital at quarter end, and we are well positioned to navigate uncertain market conditions and be a reliable capital partners, sponsors and borrowers through such uncertainty, which we expect will result in compelling investment opportunities for us to pursue on behalf of BBDC shareholders.

我們的整體流動性仍然強勁，季度末可用資本超過 3.22 億美元，我們完全有能力應對不確定的市場條件，並在這種不確定性中成為可靠的資本合作夥伴、贊助商和借款人，我們預計這將為我們代表 BBDC 股東尋求極具吸引力的投資機會。

With that, I would like to open the call up for questions.

現在，我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Finian O'Shea with Wells Fargo Securities.

富國證券的 Finian O'Shea。

Hey everyone, good morning, Elizabeth, you talked about more sales to Jocassee. Can you expand on maybe the profile of those, if that's going to -- if that would be something in more of the front book or the back book and/or more of a GPF or a solutions bent. And then on its overall leverage, you already up that leverage this quarter how much more -- it sounds like more? What's the target leverage again on that?

大家好，早安，伊麗莎白，你談到了向 Jocassee 增加銷售額。您能否詳細說明這些內容的概況，如果可以的話 - 如果這些內容更多地出現在前書或後書中和/或更多 GPF 或解決方案中。那麼就其整體槓桿率而言，本季度你已經將槓桿率提高了多少 - 聽起來更多了？那麼目標槓桿率是多少呢？

I'll start with with leverage. Let me just clarify. Are you asking about leverage at the BDC? Or are you asking about leverage Jocassee. I want to make sure I answer.

我先從槓桿說起。讓我澄清一下。您問的是 BDC 的槓桿嗎？或者您問的是 Jocassee 的槓桿率。我想確保我能回答。

At Jocassee.

在 Jocassee。

Yeah. So I'll go ahead and hop in. In, in the context of kind of how Jocassee is currently structured and funded today, there's ample liquidity in that vehicle to absorb incremental investment capacity. I think that as we manage the leverage at BBDC itself. I'm sure that folks recognize that it was at the higher end of our range, this quarter I think in light of kind of broader uncertainties around deployment opportunity, it's our expectation that we will continue to run it towards the higher end of the range as well as the fact that we feel really supported by strong credit quality in the portfolio.

是的。所以我要繼續前進並加入。在 Jocassee 目前的結構和融資背景下，該工具擁有充足的流動性來吸收增量投資能力。我認為，當我們管理 BBDC 本身的槓桿時。我確信大家已經認識到它處於我們範圍的高端，本季度我認為鑑於部署機會方面更廣泛的不確定性，我們預計將繼續將其推向範圍的高端，而且我們確實感到投資組合中強勁的信貸質量為其提供了支持。

So this combination of factors give us confidence that running at closer to the high end of our range is both an appropriate measure as well as a prudent one in terms of driving returns for shareholders. As we think about the investment capacity actually in the JV vehicle itself, I can report that it has ample capacity to absorb incremental investments.

因此，這些因素讓我們有信心，以接近我們預期範圍的高端來運行，在為股東帶來回報方面，既是一項適當的措施，也是一項審慎的措施。當我們考慮合資企業本身的投資能力時，我可以說它有足夠的能力吸收增量投資。

And you referenced kind of the front book or the back book. We think about portfolio construction in Jocassee, the same way we think about it throughout all of our portfolios. So we're looking to drive diversification both from kind of an underlying industry perspective.

您提到了前書或後書。我們考慮 Jocassee 中的投資組合構建，與我們考慮所有投資組合的方式相同。因此，我們希望從基礎產業的角度推動多元化。

We're looking to drive it from a vintage perspective. We're looking to drive it from a yield perspective where appropriate. And so -- it's hard to say that it's going to largely be transfers of kind of recent vintage versus older vintage. I would anticipate it will be a mix of all of the above.

我們希望從復古的角度來推動它。我們希望在適當的情況下從收益角度來推動這一進程。因此，很難說這主要是近期還是較早時期的轉移。我預計它將是以上所有情況的混合。

Okay. And I guess that brings to the next question. Can you talk about where the larger, maybe largest new name screen vision -- where does that sort of fit in the Barings platform? And then can you kind of talk about in the past year, I guess, post [indiscernible] how much -- like to what extent have the GPF and Cap Solutions platforms blended together? Is it sort of like 1 unit now, but just taking a barbelled approach of of 450 stuff and 850 stuff?

好的。我想這會引出下一個問題。您能否談談更大、也許是最大的新名稱螢幕願景——它在 Barings 平台中處於什麼位置？然後，您能否談談過去一年中，我想，[音訊不清晰] GPF 和 Cap Solutions 平台融合的程度如何？現在它有點像 1 個單位，但只是採取了 450 個東西和 850 個東西的槓鈴方法嗎？

Yes. Finian, it's Bryan. Just to answer that question. Obviously, there's been a lot of collaboration across the platform, not just between the teams that you referenced. But certainly in the way that we're operating across all of our investment teams, their individual

是的。菲尼安，我是布萊恩。只是為了回答這個問題。顯然，整個平台上已經進行了大量合作，而不僅僅是您提到的團隊之間的合作。但當然，我們所有投資團隊的運作方式，他們各自的

investment committees depending on the asset class. But from a sourcing perspective, it's pretty centralized from an underwriting perspective, it's pretty seamless. It's basically the same process, but perhaps different skill sets or areas where you may look to originate assets.

依資產類別設立投資委員會。但從採購角度來看，它非常集中，從承保角度來看，它非常無縫。這基本上是相同的過程，但也許需要不同的技能組合或您可能尋求產生資產的領域。

So I wouldn't say that there's no difference in terms of the underwriting standards and the way that investments get into the BDC and the collaboration continues to be consistent with the way it's been at Barings since I've been here.

因此，我不會說承保標準和投資進入 BDC 的方式沒有區別，而且自從我來到這裡以來，合作一直與巴林銀行的合作方式保持一致。

Yes. And to highlight what Bryan emphasized there, Ben, is each one has a separate and distinct investment committee for that particular asset class or strategy.

是的。為了強調布萊恩所強調的，本，每個人都有一個針對特定資產類別或策略的獨立投資委員會。

And the only thing I would add specific to the issuer, Fin, is that in a small world phenomenon. That asset that you noted was actually reviewed by myself years ago. We ultimately lost it due to financing situation that just got too tight. And so it's a name that's been familiar to Barings for a long time. And I think that the fact that it's a sponsored first lien physician kind of fits a number of pools of capital within our organization. .

對於發行人 Fin，我唯一想補充的是，這是一個小世界現象。您提到的那個資產實際上是我幾年前審查過的。由於融資狀況過於緊張，我們最終失敗了。所以，巴林銀行對這個名字早已很熟悉了。我認為，事實上，它是一個獲得贊助的第一留置權醫生，這與我們組織內的許多資金池相符。。

It's first lien and second lien, right?

這是第一留置權和第二留置權，對嗎？

Yes.

是的。

Heli Sheth with Raymond James.

Heli Sheth 與 Raymond James 合作。

Obviously, you had a strong quarter of originations. Can you provide any breakdown to how much the follow-ons for existing borrowers versus new borrowers. .

顯然，本季你們的發起業務表現強勁。您能否提供現有借款人和新借款人後續貸款的詳細情況？。

Yes. So across the franchise, the number over the course of the past quarter has been between 60% and 70%, depending on the underlying portfolio. And I think that BBDC falls kind of squarely within that within that range for this quarter.

是的。因此，在整個特許經營中，過去一個季度的數字一直在 60% 到 70% 之間，具體取決於基礎投資組合。我認為 BBDC 本季的表現正好處於這個範圍內。

Got it. And how is the pipeline looking after the second quarter close? I know repayments were kind of high this quarter? Are they still going to be in that range? Or are they down?

知道了。第二季結束後管道狀況如何？我知道本季的還款額有點高？它們還會處於這個範圍內嗎？或者他們倒下了？

Yes. Look, in referencing Eric's commentary, we have reasons to feel very optimistic around forward visibility on origination. And so we're certainly hopeful that deployment trends will continue to be very attractive. That said, again, in keeping with Eric's comments, the fact is that this is the same profile of an economic outlook that we had a year ago and candidly, 2 years ago. And so we want to be careful around kind of booking these originations before they actually materialize.

是的。瞧，參考埃里克的評論，我們有理由對起源的前瞻性感到非常樂觀。因此，我們當然希望部署趨勢將繼續非常有吸引力。話雖如此，但再次重申一下，正如艾瑞克的評論，事實是，這與我們一年前，坦白說，兩年前的經濟前景是一樣的。因此，在這些起源真正實現之前，我們要謹慎地預訂它們。

I think that one of the overriding principles that we think about on the portfolio management front for BBDC will be to keep the portfolio invested in high-quality credits. It's a very granular portfolio. And so even to the extent we start having repayments, I don't think that we have any concerns around delivering strong return through the balance of 2025.

我認為，我們在 BBDC 投資組合管理方面考慮的首要原則之一是將投資組合投資於高品質信貸。這是一個非常細緻的投資組合。因此，即使我們開始償還貸款，我認為我們也不必擔心 2025 年能否實現強勁回報。

Okay. Got it. That's helpful. And with like all your new originations this quarter, how does the yield on those compared to like the overall yield was, I think, 10.1%, was it higher or lower kind of same range.

好的。知道了。這很有幫助。就本季所有新發行債券而言，這些債券的收益率與整體收益率（我認為是 10.1%）相比如何？是高於還是低於同一範圍？

Yes. It was about -- on the weighted average yield for new issuance this quarter was about 10 basis points than the overall portfolio, 10 basis points higher than the overall portfolio. So call it 10.2 on a fair value basis against the current portfolio, it's 10.1.

是的。本季新發行債券的加權平均殖利率比整體投資組合高出約 10 個基點，比整體投資組合高出 10 個基點。因此，以公允價值為基礎，相對於目前投資組合，其值為 10.2，即 10.1。

Okay. Got it. And then one more quick one. You previously sized tariff impact is less than 5% of the portfolio. With like the recent like a little bit of clarity we fund, do you have any updates there as it shifted at all?

好的。知道了。然後再快一點。您之前估計的關稅影響不到投資組合的 5%。最近，我們的資金狀況有了一點清晰，隨著資金的變化，您有什麼更新嗎？

No. No. it's impossible to say that the tariff risk is higher. But I think that what's much more pervasive is just a sense of uncertainty. Hiring has been delayed throughout the issuer base. Capital investment has been delayed throughout the issuer base. And I think that people are moving into a very defensive position. And so we -- our credit concerns, I would say, are probably lower than they were a quarter ago, but the uncertainty more broadly from a macro perspective is definitively higher.

不。不，不可能說關稅風險更高。但我認為更普遍的只是一種不確定性的感覺。整個發行機構的招募工作都被延後。整個發行方的資本投資已被推遲。我認為人們正轉向非常防禦的立場。因此，我想說，我們的信貸擔憂可能比一個季度前降低，但從宏觀角度來看，更廣泛的不確定性肯定更高。

Derek Hewett with Bank of America.

美國銀行的 Derek Hewett。

So dividend coverage was relatively good even after adjusting for the onetime items on the revenue and expense side. So -- how should we think about the sustainability of the dividend, given the forward curve? And it looks like, I guess, the first 50 basis points of rate cuts are only a $0.01 quarterly headwind based on the sensitivity table in the Q. So I'd love to get your thoughts on that issue.

因此，即使在調整收入和支出方面的一次性項目後，股息覆蓋率仍然相對較好。那麼——考慮到遠期曲線，我們應該如何看待股利的可持續性？而且根據 Q 中的敏感度表，我猜想，前 50 個基點的降息似乎只會帶來 0.01 美元的季度不利因素。所以我很想聽聽您對這個問題的看法。

Yes. From a dividend coverage perspective, you did point out we had some onetime dividend and onetime fees, and those offset the higher incentive fee. So when we think about over the next few quarters with where the current super curb is. We have confidence in earning our dividend. Now again, if things change with rate cuts, that would could potentially change the outlook. But right now, with where the super curve is, we feel good about the $0.26.

是的。從股息覆蓋率的角度來看，您確實指出我們有一些一次性股息和一次性費用，這些費用抵消了更高的激勵費用。因此，當我們考慮未來幾季目前的超級遏制情況時。我們有信心獲得股利。現在，如果情況隨著降息而變化，那麼前景可能會改變。但目前，考慮到超級曲線的現狀，我們對 0.26 美元感到滿意。

Okay. And then credit continues to be kind of remarkably strong for most kind of excluding some of the kind of the usual suspects. So I guess where do you think we are in the credit cycle? And like maybe just for the industry, how should we think about credit going forward? Do you think over the next year or 2, we're going to be kind of in the kind of in the same general vicinity -- or do you think credit could worsen for the overall industry?

好的。然後，對於大多數人來說，信貸仍然非常強勁，排除了一些常見的嫌疑犯。那我猜您認為我們處於信貸週期的哪個階段？或許僅就產業而言，我們該如何看待未來的信貸？您是否認為在未來一兩年內，我們的狀況會大致相同——或者您認為整個行業的信貸狀況可能會惡化？

Yes. I think looking out 2 years is maybe a little bit difficult. But if you just sort of look at the backdrop today in terms of modest growth in North America, call it, stable inflation and unemployment where it is today. The setup is pretty constructive for credit, I

是的。我認為展望未來兩年可能有點困難。但如果你只從北美溫和成長的角度來看當今的背景，那麼通膨和失業率就處於穩定狀態。這個設定對於信用來說非常有建設性，我

would say. How that might change over the next 12 to 24 months is really anybody's guess. But in terms of the amount of activity that we're seeing some visibility and a little bit more certainty around how some of the noise back in April is going to play out.

會說。未來 12 到 24 個月內這種情況將如何變化，誰也說不準。但就活動數量而言，我們看到了一些可見性，並且對於 4 月的一些噪音將如何發揮作用有了更多的確定性。

It has been helpful, I would say, in terms of building a pipeline of opportunities. And certainly, as I mentioned, kind of the the right backdrop for credit at this point in the cycle.

我想說，這對於建立機會管道很有幫助。當然，正如我所提到的，這是目前週期中信貸的正確背景。

Okay. And then maybe one more. Just in terms of the amendment activity for the second quarter versus the first quarter, did you guys mention that in your prepared remarks. .

好的。然後也許還會再來一個。就第二季相對於第一季的修正活動而言，你們在準備好的發言中提到過嗎？。

Not with respect to amendment activity, no, but it was -- I would assess that it was lower than average. What I'd point you to is kind of the risk rating trends. And so those most -- the pool of most criticized assets having shrunk quarter-on-quarter, I think is a good reflection of what was likely the target of our time on the underperforming side. And as a general theme, it's lower in the Q2 period than it was in prior quarters.

就修正活動而言，不是，但是 - 我認為它低於平均水平。我想向你指出的是風險評級趨勢。因此，那些最受批評的資產池環比縮水，我認為這很好地反映了我們這個時代表現不佳的目標。總體而言，第二季的水平低於前幾個季度。

Casey Alexander with Compass Point.

凱西·亞歷山大 (Casey Alexander) 與 Compass Point 合作。

I know shareholders appreciate the historical $86 million worth of share repurchases. But the last couple of quarters, the share repurchases have been of a much more modest nature, about 0.1% of shares outstanding. And yet the stock trades at 1 of the widest discounts in terms of price to NAV within its peer group. So I'm just wondering what the temper is in the prosecution of the share repurchase program and why maybe we're not taking a little bit more advantage of this exaggerated discount -- and what other measures do you think that you can take to help shrink that discount in terms of price to NAV? .

我知道股東們對歷史性的 8,600 萬美元股票回購表示讚賞。但最近幾個季度，股票回購的規模要小得多，約為流通股數的 0.1%。然而，就價格相對於資產淨值而言，該股票的交易價格在同類股票中屬於最大折扣之一。所以我只是想知道在執行股票回購計劃時人們的情緒是怎樣的，為什麼我們沒有更多地利用這種誇大的折扣——您認為還可以採取哪些其他措施來幫助縮小價格與資產淨值的折扣？。

Yes. I mean, Casey, great question. Candidly, a focus of ours, day in and day out. In terms of the tactical element of it, the reality of how our quarterly cadence works is that the blackout period and our ability to repurchase shares is influenced by when our valuation cadence starts. And if you think about it over the course of the past couple of quarters, where there was more opportunistic buying available. We've been talking internally about doing more strategic things like the termination of the CSA.

是的。我的意思是，凱西，這個問題問得好。坦白說，這是我們日復一日關注的重點。就其戰術要素而言，我們的季度節奏的實際情況是，禁售期和我們回購股票的能力受到我們的估值節奏開始時間的影響。如果你回想一下過去幾季的情況，你會發現有更多機會購買。我們內部一直在討論採取更具策略性的做法，例如終止 CSA。

And so whenever we start talking about terminating the CSA, then that kind of expands those blackout windows. And so while we think that we're doing -- we firmly believe that we are doing shareholder accretive activities that then kind of put us in a period where we just cannot be as active on the share repurchase front. I do think that it is a core form of how we are returning capital to shareholders, how we are increasing the share price and it will continue to be a pillar of how we execute the strategy going forward.

因此，每當我們開始談論終止 CSA 時，這種停電視窗就會擴大。因此，雖然我們認為我們正在做——但我們堅信我們正在進行股東增值活動，但這也使我們處於一個無法在股票回購方面那麼活躍的時期。我確實認為這是我們向股東返還資本、提高股價的核心形式，並且它將繼續成為我們未來執行策略的支柱。

But of course, we'll be subject to some constraints with respect to when we can actually do that based on what's happening kind of within the vehicle itself. I think that as it relates to maybe -- as it relates to kind of our focus on narrowing the gap, I think that our long-term expectation is that we will continue to drive improvements in ROE. And as we are able to do that by rotating out of some of the nonincome-producing assets, I think that we're going to see a natural pull pull [ Northford ] where that ROE will then continue to support and justify a higher share price and therefore, narrowing the gap between NAV and the ultimate trading level.

但當然，根據車輛內部發生的情況，我們在何時真正做到這一點會受到一些限制。我認為這與我們縮小差距的重點有關，我認為我們的長期期望是我們將繼續推動 ROE 的改善。而且，當我們能夠透過輪換一些不產生收入的資產來做到這一點時，我認為我們將看到自然的拉動 [Northford]，其中 ROE 將繼續支持和證明更高的股價，從而縮小 NAV 和最終交易水平之間的差距。

All right. My second question is that a number of BDCs in this reporting cycle have characterized, in fact, August, specifically as one of the busiest months in a couple of years in terms of indication of interest of new deal activity, are you guys seeing the same thing? And -- how can you manage inflow of new deals relative to a leverage ratio that's already pretty high? .

好的。我的第二個問題是，事實上，在這個報告週期中，許多 BDC 都將 8 月視為幾年來最繁忙的月份之一，因為新交易活動的興趣有所增加，你們也看到了同樣的情況嗎？而且—相對於已經相當高的槓桿率，您如何管理新交易的流入？。

Yes. Look, I love the hyperbole within our industry. You just said that August has been 1 of the busiest months in recent memory. Well, we're only 8 days in. And this is only the first full week. And so for people to be making assessments about kind of August being a really active one, I think, is just kind of an interesting data point. I would say that our pipeline is higher for sure. If you took to the origination professionals in our business, they would echo that sentiment for sure. .

是的。瞧，我喜歡我們產業內的誇張。您剛才說八月是近年來最繁忙的月份之一。嗯，我們才剛到 8 天。而這只是第一個完整的一週。因此，我認為，對於人們來說，八月是否真正活躍起來的評估只是一個有趣的數據點。我想說我們的管道肯定更高。如果你諮詢我們行業的發起專業人士，他們一定會有同樣的感受。。

I think it's a little bit early in terms of calling it and to say that this will be one of the most active quarters on record. But I think that to your point, in terms of balancing deployment with the opportunities. We actually included a new slide this quarter, Slide 5 in our earnings deck that just kind of shows the capital base that's supporting our GPF franchise.

我認為現在就斷言這將是有史以來最活躍的季度之一還為時過早。但我認為，就平衡部署和機會而言，這就是你的觀點。實際上，我們在本季度添加了一張新投影片，即收益簡報中的第 5 張投影片，它展示了支持我們 GPF 特許經營權的資本基礎。

And one of the reasons that we wanted to introduce this is to reflect the fact that we have very balanced forms of capital. And so we are not driven by short-term expectations to deploy, to deploy, to deploy, only to drive fee earning revenue. What we're going to do, and as we have always done, is that we are going to deploy capital in a measured way to ensure that these vehicles are performing in a diversified fashion for the benefit of the underlying investor.

我們想要引入這一點的原因之一是為了反映我們擁有非常平衡的資本形式。因此，我們不受短期預期的驅動而不斷部署、部署、部署，而只追求收費收入。我們要做的，也是我們一直以來所做的，是以一種有節制的方式配置資本，以確保這些投資工具以多元化的方式運作，從而為底層投資者帶來利益。

You've seen that we've run our leverage level at BBDC a little higher this quarter. That was a conscious decision that we made. I think that we will continue to run it towards the higher end of our range, but we anticipate keeping the capital deployed in assets that we feel like are very compelling and don't anticipate any challenges doing that throughout the balance of 2025.

您已經看到，本季 BBDC 的槓桿水平略有提高。這是我們經過深思熟慮後做出的決定。我認為我們將繼續將其保持在我們範圍的高端，但我們預計將把資本部署在我們認為非常有吸引力的資產上，並且預計在 2025 年餘下時間裡這樣做不會遇到任何挑戰。

We have reached the end of our question-and-answer session. I would now like to hand the call back over to Eric Lloyd for closing comments.

我們的問答環節已經結束。現在我想將電話轉回給 Eric Lloyd 來做最後發言。

Thank you, operator, and thank you all who participated in today's call. BBDC is well positioned to perform in today's operating environment with strong support from our manager and decades of experience to draw from our senior secured portfolio of global investments will continue to deliver for our fellow shareholders.

謝謝接線員，也感謝所有參加今天電話會議的人。在經理人的大力支持下，BBDC 在當今的營運環境中表現出色，並且憑藉我們數十年的全球高級擔保投資組合經驗，我們將繼續為股東帶來收益。

We look forward to updating you further this fall. Everybody, have a great weekend.

我們期待今年秋天為您提供進一步的更新。大家週末愉快。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受你剩餘的一天。