Barings BDC Inc (BBDC) 2025 Q3 法說會逐字稿

Greetings. At this time, I'd like to welcome everyone to the Barings BDC Incorporated's conference call for the quarter ended September 30th, 2025.

問候。此時此刻，我謹代表巴林銀行發展公司歡迎各位參加截至 2025 年 9 月 30 日的季度電話會議。

All participants are in listen-only mode. A question-and-answer session will follow the company's formal remarks. (Operator Instructions) 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.Bingsbc.com under the Investor relations section.

所有參與者均處於唯讀模式。公司正式發言結束後將進行問答環節。（操作員說明）今天的電話會議正在錄音，會議結束後約 2 小時，您可以在公司網站 www.Bingsbc.com 的「投資者關係」欄位下收聽錄音回放。

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

此時，我將把電話轉交給霸菱 BDC 投資者關係主管喬·馬佐利。

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，感謝各位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 for the quarter ended September 30th, 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預測的結果有重大差異。這些聲明基於各種基本假設，並受到許多不確定性和風險的影響，包括標題為「風險因素」和「前瞻性聲明」部分中揭露的風險和風險。在本公司向美國證券交易委員會提交的截至 2025 年 9 月 30 日的季度報告（表格 10）中。

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

除非法律要求，否則霸菱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.

現在我將把電話交給霸菱BDC執行長埃里克·勞埃德。

Thanks, Joe, and good morning, everyone. On the call today, I'm joined by Barings BDC's President, Matt Freund; Chief Financial Officer, Elizabeth Murray; Baring's Head of Global Private Finance and BBDC Co-Portfolio Manager, Bryan High; as well as Barings BDC's newly announced incoming Chief Executive Officer, Thomas McDonnell.

謝謝你，喬，大家早安。今天與我一起參加電話會議的有：霸菱 BDC 總裁 Matt Freund；財務長 Elizabeth Murray；霸菱全球私人融資主管兼 BBDC 聯席投資組合經理 Bryan High；以及霸菱 BDC 新近宣布的執行長 Thomas McDonnell。

Before I discuss our quarterly results, I'd like to take a moment to speak about the leadership transition that we announced yesterday.

在討論季度業績之前，我想先花點時間談談我們昨天宣布的領導過渡事宜。

As you saw in our press release, effective January 1st, 2026, Thomas will succeed me as Chief Executive Officer of Barings BDC while I will continue to serve as Executive Chairman of the Board of BBDC and in my ongoing role as President of Barings LLC.

正如您在我們新聞稿中看到的那樣，自 2026 年 1 月 1 日起，Thomas 將接替我擔任 Barings BDC 的首席執行官，而我將繼續擔任 Barings BDC 董事會執行主席，並繼續擔任 Barings LLC 的總裁。

This marks an important and exciting milestone for our company. Over the past decade, Barings has grown into one of the leading middle market lenders, anchored by a long-term perspective, disciplined underwriting, and strong alignment with our shareholders. Barings BDC is an efficient access point into the Barings direct lending franchise and reflects a point of strength within our business.

這對我們公司而言是一個重要且令人興奮的里程碑。過去十年，巴林銀行憑藉著長期的視角、嚴謹的承銷以及與股東利益的高度一致性，已發展成為領先的中型市場貸款機構之一。Barings BDC 是進入 Barings 直接貸款業務的有效途徑，體現了我們業務的優勢所在。

I'm incredibly proud of what our team has accomplished together and confident that the next chapter will build on that foundation.

我為我們團隊共同取得的成就感到無比自豪，並相信下一個篇章將在此基礎上繼續發展。

Tom is a proven leader within bearings. During his nearly two decades at the firm, he has played a pivotal role across our US high yield and global loan strategies, overseeing complex portfolios through multiple market cycles and helping to shape our credit platform into what it is today. His deep investment experience and commitment to our culture make him exceptionally well suited to lead BBDC going forward.

湯姆是軸承產業一位久經考驗的領導者。在公司近二十年的職業生涯中，他在美國高收益債券和全球貸款策略中發揮了關鍵作用，監督複雜的投資組合經歷了多個市場週期，並幫助塑造了我們今天的信貸平台。他豐富的投資經驗和對我們企業文化的認同，使他非常適合領導BBDC走向未來。

From my vantage point, this transition represents continuity, not change. Tom and I have worked very closely together for many years, and we will continue to do so in the months ahead to ensure a seamless handoff. I wholeheartedly believe he is the right person to step into this role at this time. Importantly, I remain actively involved as Executive Chairman of the Board of BBDC and as President of Barings LLC supporting Tom and the overall leadership team as we continue to execute on our long-term strategy.

在我看來，這種轉變代表著延續，而不是改變。多年來，我和湯姆一直密切合作，在接下來的幾個月裡，我們將繼續保持這種合作，以確保順利交接。我完全相信他是此時擔任這一職位的合適人選。重要的是，我將繼續積極參與 BBDC 董事會執行主席和 Barings LLC 總裁的工作，支持 Tom 和整個領導團隊，繼續執行我們的長期策略。

I want to thank our shareholders, partners, and the entire bearings team for their continued trust and support. We have built something enduring here, an institution with the scale and discipline to thrive across market environments, and I am confident that under Tom's leadership, BBDC will continue to deliver strong, consistent results for our investors in the years ahead.

我要感謝我們的股東、合作夥伴以及整個軸承團隊一直以來的信任與支持。我們在這裡建立了一個持久的機構，一個擁有規模和紀律，能夠在各種市場環境下蓬勃發展的機構。我相信，在湯姆的領導下，BBDC 將在未來幾年繼續為我們的投資者帶來強勁、穩定的回報。

Now turning to our results, in the 3rd quarter, BBDC delivered strong net investment income, accompanied by excellent credit performance within the bearings originated portion of the portfolio.

現在來看看我們的業績，在第三季度，BBDC實現了強勁的淨投資收益，同時，軸承投資部分的信貸表現也十分出色。

Origination activity across the platform during the 3rd quarter reflected continued success in our core strategies. Net deployment was influenced by fund level leverage, and the 3rd quarter reflected a period of net repayments consistent with our prior guidance.

第三季平台整體貸款發放活動反映了我們核心策略的持續成功。淨部署受到基金層級槓桿的影響，第三季反映了與我們先前預期一致的淨償還期。

A strong portfolio combined with benign credit environment and our focus on the top of the capital structure investments in the middle market issuers has continued to serve our investors well. We focus on the core of the middle market, given its lower leverage and stronger risk adjusted returns, make it -- making it the most compelling segment for BBDC and our shareholders.

強大的投資組合，加上良好的信貸環境，以及我們對中端市場發行人資本結構頂端投資的關注，持續為我們的投資者帶來豐厚回報。我們專注於中端市場的核心，因為其槓桿率較低，風險調整後的收益較高，這使得中端市場成為 BBDC 和我們股東最有吸引力的業務板塊。

Further, our emphasis on sectors that perform resiliently across economic environments provides an additional level of stability to our portfolio. This combination of senior secured financing solutions, core middle market focus, defensive non-cyclical sectors, and a global footprint offers our investors strong relative value and meaningful differentiation within the broader BDC landscape.

此外，我們專注於在各種經濟環境下都能保持韌性的產業，這為我們的投資組合提供了額外的穩定性。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全球佈局的組合，為我們的投資者提供了強大的相對價值，並在更廣泛的 BDC 領域中實現了顯著的差異化。

Turning to the specifics of BBDC's financial performance in the quarter, net asset value per share was $11.10. The net investment income for the quarter was $0.32 per share, compared to $0.28 per share in the second quarter.

再來看BBDC本季的具體財務業績，每股淨值為11.10美元。本季淨投資收益為每股0.32美元，而第二季為每股0.28美元。

Now digging a bit deeper into the portfolio, we continue to actively maximize the value in the legacy holdings acquired from NBC Capital and Sierra. We are seeking to divest these assets at attractive valuations as we did in the first quarter. As of quarter end, Baring's originated positions now make up 95% of the BBDC portfolio at fair value, up from 76% at the beginning of 2022.

現在，讓我們更深入地了解投資組合，我們將繼續積極地最大化從 NBC Capital 和 Sierra 收購的遺留資產的價值。我們正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。截至季末，霸菱的原始持股目前佔 BBDC 投資組合（以公平價值計算）的 95%，高於 2022 年初的 76%。

Turning to the earnings power of the portfolio, the weighted average yield at fair value was 9.9%, reflecting a slight reduction from the prior quarter due to a reduction in base rates. Our board declared 1/4 quarter dividend of $0.26 per share, consistent with the prior quarter. On an annualized basis, the dividend level equates to a 9.4% yield on our net asset value of $11.10.

從投資組合的獲利能力來看，以公允價值計算的加權平均收益率為 9.9%，由於基準利率下降，較上一季略有下降。董事會宣布派發第一季每股0.26美元的股息，與上一季一致。按年計算，股息水準相當於我們淨資產價值 11.10 美元的 9.4% 收益率。

We believe our portfolio is on strong footing, and we're advancing our strategic imperatives, as Matt will cover momentarily, BBDC is well positioned to navigate the current market volatility and deliver consistent risk adjusted returns in the quarters ahead. I'll now turn the call over to Matt.

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戰略要務，正如 Matt 稍後將要介紹的那樣，BBDC 已做好充分準備應對當前的市場波動，並在未來幾個季度提供持續的風險調整後收益。現在我將把電話交給馬特。

Thanks, Eric. I would like to spend a minute commenting on recent headlines and how they relate to BBDC. The private credit ecosystem has grown meaningfully in the past decade. As our investors know, we have been investing in core middle market strategies since the mid 90s and have stayed true to strategy in terms of how we deliver compelling value to our shareholders. While this soundbite will sound familiar to those who have dialed into our prior calls, we feel it bears repeating this quarter as the news media works to paint a private credit industry with an overly broad brush.

謝謝你，埃里克。我想花一分鐘時間談談最近的新聞標題以及它們與BBDC的關係。過去十年，私人信貸生態系統取得了顯著成長。正如我們的投資者所知，自 1990 年代中期以來，我們一直投資於核心中端市場策略，並且在如何為股東創造可觀價值方面始終堅持這一策略。對於曾經撥打過我們電話會議的人來說，這段話聽起來可能很熟悉，但我們認為有必要在本季度重申，因為新聞媒體正試圖以過於籠統的方式描繪私人信貸行業。

BBDC does not have any exposure to First Brands, Tricolor, and Broadband Telecom. As many on this call probably know, First Brands was a broadly syndicated loan issuer, and all three of these issuers were out of strategy from the opportunities our direct lending business pursues. Articles suggesting that these developments are tantamount to a canary in the coal mine are, in our view, hyperbolic.

BBDC 與 First Brands、Tricolor 和 Broadband Telecom 沒有任何業務往來。正如參加此次電話會議的許多人可能知道的那樣，First Brands 是一家廣泛的銀團貸款發行機構，而這三家發行機構都不符合我們直接貸款業務所追求的戰略機會。那些認為這些事態發展如同煤礦裡的金絲雀一樣具有預警作用的文章，在我們看來是誇大其詞的。

Due to alleged improprieties in these companies' financial statements, the core issues surrounding certain recent bankruptcy filings appears to be related more to factoring facilities than to the loans we would consider to be considered private credit.

由於這些公司的財務報表有涉嫌不當行為，最近某些破產申請的核心問題似乎與保理融資有關，而不是與我們認為屬於私人信貸的貸款有關。

As part of our underwriting process, we proactively evaluate any factoring facilities within the issuer base. While we do not have a strict prohibition on factoring, the size and utility of factoring lines often combined to make for unattractive investments relative to other opportunities we have in our portfolio.

作為核保流程的一部分，我們會主動評估發行人基礎中的任何保理融資安排。雖然我們沒有嚴格禁止保理，但保理額度的規模和效用往往使得其相對於我們投資組合中的其他機會而言，成為不具吸引力的投資。

During our prior call, we discussed how private credit managers have expanded rapidly in recent years. We declined to comment on whether recent market activity is reflective of broader trends, but we do believe that remaining consistent with a manager strategy is paramount within private credit platforms. We remain convinced that our unparalleled alignment with shareholders and our ultimate parent, MassMutual, is unequaled within the BDC landscape.

在上一次通話中，我們討論了近年來私人信貸管理機構的快速擴張情況。我們拒絕評論近期市場活動是否反映了更廣泛的趨勢，但我們確實認為，在私募信貸平台中，保持與管理者策略的一致性至關重要。我們仍然堅信，我們與股東和最終母公司 MassMutual 之間無與倫比的一致性，在 BDC 領域是無與倫比的。

Now turning to the current state of the M&A environment, as you have seen from our results and those of other credit managers reporting this quarter, market activity continues to show sequential improvement quarter on quarter from both a new buyout perspective and add-on financing for the existing portfolio. It can be difficult to assess the broader state of private credit activity as mega deals, those defined as more than $5 billion financing packages, now dominate the reported industry data which can reflect high degrees of volatility quarter on quarter.

現在來看當前的併購環境狀況，正如您從我們的業績和其他信貸管理公司本季發布的業績中所看到的，市場活動繼續呈現逐季改善的態勢，無論是從新的收購角度還是從現有投資組合的追加融資角度來看都是如此。由於超過 50 億美元的融資方案等巨額交易目前主導著已公佈的行業數據，因此很難評估私人信貸活動的整體狀況，而這些數據可能反映出季度間的高波動性。

BBDC typically does not participate in transactions of this nature, with a focus on the core of the middle market. For this reason, industry reported data trends will occasionally diverge from our own experience. During the 3rd quarter, it appears that all segments of the market, lower middle market, core, and the large corporate market have all shown increased activity.

BBDC 通常不參與此類交易，其重點在於中端市場的核心領域。因此，產業報告的數據趨勢有時會與我們自身的經驗出現偏差。第三季度，市場所有細分領域，包括中低端市場、核心市場和大型企業市場，似乎都展現了活躍的提升。

In early 2025 there were rumblings about pent up M&A demand among middle market private equity firms that would likely support market increases in deployment. No such wave of transactions has materialized. Instead, we have seen steady increases quarter over quarter for each of the last 4 quarters in our core strategies.

2025 年初，有傳言稱，中階市場私募股權公司存在被壓抑的併購需求，可能會支持市場部署的增加。然而，這種交易浪潮並未出現。相反，在過去的四個季度中，我們的核心策略每個季度都實現了穩定成長。

The competition for new assets is aggressive, but we feel the core middle market continues to experience less pressure than other segments of the direct lending ecosystem.

對新資產的競爭非常激烈，但我們認為，核心中端市場所面臨的壓力仍然小於直接貸款生態系統的其他部分。

Looking forward into the balance of 2025 and into 2026, we anticipate a measured increase in deployment opportunities that will continue to favor scaled franchises such as our own, benefiting from incumbency and deep private equity coverage.

展望 2025 年剩餘時間和 2026 年，我們預計部署機會將穩步增加，這將繼續有利於像我們這樣的規模化特許經營企業，受益於現有優勢和深厚的私募股權投資。

We are highly focused on the trends in both base rates and interest rate spreads.

我們高度關注基準利率和利差的走勢。

Base rates continue to gradually migrate lower from post-COVID highs while narrowing spreads have begun to show some level of support. The weighted average spread across assets exited during the quarter was approximately 520 basis points, while the weighted average spread on new investments was above 560 basis points. The benefit of active portfolio rotation we have previously discussed are coming into sharper focus.

基準利率繼續從新冠疫情後的高點逐步走低，而利差收窄也開始顯示出一定的支撐作用。本季退出資產的加權平均利差約為 520 個基點，而新投資的加權平均利差超過 560 個基點。我們之前討論過的積極投資組合輪動的好處正變得越來越清晰。

BBDC shareholders benefit from a largely invested portfolio that can selectively redeploy into the most attractive middle market opportunities across the Baring's franchise.

BBDC 股東受益於其龐大的投資組合，該組合可以選擇性地將資金重新部署到 Baring's 旗下最具吸引力的中端市場機會。

Given the size of the portfolio and the illiquid nature of the underlying positions, our ability to rotate the portfolio takes quarters, not months, but we are beginning to see the benefits of this effort in the current quarter.

鑑於投資組合的規模和基礎頭寸的流動性不足，我們輪換投資組合的能力需要幾個季度而不是幾個月的時間，但我們在本季度開始看到這項努力帶來的好處。

Turning to an overview of our current portfolio, 74% of the portfolio consists of secured investments with approximately 71% constituting first lien securities. Interest coverage within the portfolio remains strong, with weighted average interest coverage this quarter of 2.4 times above industry averages and consistent with prior quarter. We believe strong interest coverage demonstrates the merits of our approach, focused on direct lending in defensive sectors and thoroughly underwriting an issuer's ability to weather a range of economic conditions.

從我們目前的投資組合概覽來看，74%的投資組合由擔保投資組成，其中約71%為第一順位擔保證券。投資組合的利息保障倍數依然強勁，本季加權平均利息保障倍數為產業平均的 2.4 倍，與上一季持平。我們認為強勁的利息覆蓋率證明了我們方法的優點，即專注於防禦性行業的直接貸款，並徹底評估發行人應對各種經濟狀況的能力。

The portfolio remains highly diversified, with the top two positions within the portfolio, Eclipse Business Capital and Rocade Holdings being strategic platform investments. These investments provide DVDT shareholders with access to differentiated, compelling opportunities to invest in asset-backed loans and litigation funding solutions, two specialized areas we believe provide attractive total return and diversification benefits.

該投資組合仍然高度多元化，其中投資組合中的前兩名分別是 Eclipse Business Capital 和 Rocade Holdings，它們是戰略平台投資。這些投資為 DVDT 股東提供了差異化、極具吸引力的投資機會，投資於資產支持貸款和訴訟融資解決方案，我們認為這兩個專業領域能夠提供可觀的總回報和多元化收益。

Turning to portfolio quality, risk ratings exhibited stability during the quarter as our issuers exhibiting the most stress, classified as risk ratings 4 and 5 were 7% on a combined basis and unchanged from the immediately preceding quarter.

從投資組合品質來看，本季風險評級保持穩定，其中風險評級為 4 和 5 的發行人（壓力最大）合計佔比為 7%，與上一季相比沒有變化。

Non-accruals excluding the assets that are covered by the Sierra CSA accounted for 0.4% of the assets on a fair value basis compared to 0.5% on a fair value basis in the immediately preceding quarter. During the quarter we removed one asset from non-accrual status that was restructured and moved one asset on to non-accrual that is covered by the CRFCSA.

不包括塞拉社區支持協議 (Sierra CSA) 涵蓋的資產的非應計項目佔資產公允價值的 0.4%，而上一季以公允價值計算的資產公允價值為 0.5%。本季度，我們取消了一項已重組的非應計資產狀態，並將一項受 CRFCSA 保護的資產轉為非應計資產。

As our internal marks on Sierra accounts remain below the CSA support amount, any prospective losses at the current marks will offset upon settlement of the CSA. We remain confident in the cred quality of the underlying portfolio.

由於我們對 Sierra 帳戶的內部標記仍然低於 CSA 支援金額，因此，在目前標記下的任何潛在損失將在 CSA 結算時予以抵銷。我們對基礎投資組合的信譽品質依然充滿信心。

We expect BBDCs differentiated reach and scale coupled with its core focus on middle market credit and unmatched alignment with shareholders to provide positive outcomes in the quarters and years to come.

我們預計，BBDC 差異化的覆蓋範圍和規模，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利益一致性，將在未來幾個季度和幾年內帶來積極的成果。

DVDC's portfolio is a through the cycle portfolio designed to withstand a variety of economic environments and prevailing interest rate levels. With that, I would like to now turn the call over to Elizabeth.

DVDC 的投資組合是一個貫穿經濟週期的投資組合，旨在抵禦各種經濟環境和現行利率水準的影響。接下來，我將把電話交給伊莉莎白。

Thanks, Matt.

謝謝你，馬特。

As both Eric and Matt highlighted, BBDC continues to deliver strong, consistent earnings, maintain exceptional credit quality, and provide attractive risk-adjusted returns for our fellow shareholders. On slide 16, we provided a detailed bridge of the NAB per share movement for the 3rd quarter.

正如 Eric 和 Matt 所強調的那樣，BBDC 繼續提供強勁、穩定的收益，保持卓越的信貸質量，並為我們的股東提供具有吸引力的風險調整後回報。在第 16 張投影片中，我們詳細分析了 NAB 第三季的每股走勢。

As of September 30th, NAB per share was $11.10 representing a 0.7% decrease quarter over quarter. The decrease is driven by net unrealized depreciation on the portfolio, credit support agreement, and foreign exchange of $0.08 per share, and net relied losses on investments and FX of $0.01 per share. This was partially offset by NII per share exceeding both the regular and special dividends by $0.01 per share, reflecting the resilient earnings profile of the portfolio.

截至9月30日，NAB每股價格為11.10美元，季減0.7%。下降的主要原因是投資組合淨未實現折舊、信貸支持協議和外匯損失每股 0.08 美元，以及投資和外匯淨依賴損失每股 0.01 美元。每股淨利息收入比常規股息和特別股息均高出 0.01 美元，部分抵消了上述損失，反映出該投資組合具有穩健的盈利能力。

We recorded a net realized gain in the portfolio driven primarily by a gain from the partial sale of our equity position and accelerant. This is partially offset by the restructuring of our position in Zynergy, which was predominantly reclassed from unrealized depreciation.

我們實現了投資組合的淨收益，這主要得益於部分出售股權和加速器所獲得的收益。這部分被我們對 Zynergy 的投資組合重組所抵消，該投資組合主要由未實現的折舊重新分類而來。

The valuation of the Sierra Credit Support Agreement increased by approximately $1.6 million from $51.2 million in the second quarter to $52.8 million as of September 30th. This increase was predominantly due to realized and unrealized losses and a reduced discount rate driven by spread compression in credit markets, decreasing base rates, and rolling maturity during the third quarter, the Sierra portfolio had sales and repayments of approximately $3.9 million and had 16 positions remaining in the portfolio at a total value of approximately $79 million down from 18 positions as of June 30th.

截至 9 月 30 日，塞拉信貸支持協議的估值從第二季的 5,120 萬美元增加到 5,280 萬美元，增幅約為 160 萬美元。這一增長主要是由於已實現和未實現的損失以及信貸市場利差收窄、基準利率下降和第三季度滾動到期導致的折現率降低。截至第三季度，Sierra 投資組合的銷售和償還額約為 390 萬美元，投資組合中剩餘 16 個頭寸，總價值約為 7,900 萬美元，低於 6 月 30 日的 18 個頭寸。

We reported net investment income of $0.32 per share for the quarter, an increase from $0.28 per share in the prior quarter, and $0.29 per share for the third quarter of 2024. Higher earnings were primarily driven by dividends from our preferred equity investment in flywheel and lower incentive fees quarter over quarter due to the incentive fee cap and unrealized depreciation on the underlying portfolio.

本季淨投資收益為每股 0.32 美元，高於上一季的每股 0.28 美元，預計 2024 年第三季為每股 0.29 美元。更高的收益主要得益於我們對飛輪優先股投資的股息，以及由於激勵費用上限和基礎投資組合未實現的折舊，導致季度激勵費用下降。

Our net leverage ratio, which is defined as regulatory leverage net of unrestricted cash and net unsettled transactions, was 1.26 times at quarter end, down from 1.29 times as of June 30th, largely in line with our long-term target range of 0.9 to 1.25 times. During the third quarter, we sold approximately $90 million of assets to Jocassee. As we approach year-end, we anticipate continued sales to Jocassee and additional portfolio repayments.

我們的淨槓桿率（定義為監管槓桿減去非限制性現金和未結算淨交易）在季度末為 1.26 倍，低於 6 月 30 日的 1.29 倍，基本上符合我們 0.9 至 1.25 倍的長期目標範圍。第三季度，我們向 Jocassee 出售了價值約 9,000 萬美元的資產。隨著年底臨近，我們預計將繼續向 Jocassee 出售產品，並支付額外的投資組合款項。

More broadly, our funding profile remains strong and thoughtfully aligned with our disciplined approach to asset liability management. Our liabilities are well diversified by duration, seniority, and structure, with an industry-leading share of unsecured debt and our capital structure at roughly 78% of our outstanding debt balances. We further increased the share and strengthened our balance sheet during the third quarter by issuing $300 million of senior unsecured notes.

更廣泛地說，我們的資金狀況依然穩健，並與我們嚴謹的資產負債管理方法保持著密切的聯繫。我們的負債在期限、優先順序和結構方面實現了良好的多元化，無擔保債務佔比在業內處於領先地位，資本結構中未償債務餘額約佔 78%。第三季度，我們透過發行 3 億美元的優先無抵押債券，進一步提高了股份比例，並加強了資產負債表。

We are very pleased with the execution at T 200 basis points over and view this funding as being competitively priced and allowing BBDC to generate attractive shareholder returns. We use the proceeds from this offering to pay down our credit facility and cover the upcoming maturities of our private placement notes, further enhancing our capital structure.

我們對此交易執行情況非常滿意，比預期高出 200 個基點，並認為此次融資定價具有競爭力，能夠讓 BBDC 為股東帶來可觀的回報。我們將利用此次發行所得款項償還我們的信貸額度，並支付即將到期的私募票據，從而進一步改善我們的資本結構。

Subsequent to quarter end on November 4th, we fully repaid $62.5 million of private placement notes at par, including accrued and unpaid interest. Now on the capital allocation, our net investment income for the quarter of $0.32 per share covered both our regular dividend of $0.26 per share, as well as the final of three special dividends of $0.05 per share that was paid during the quarter.

在 11 月 4 日季度末之後，我們以面額全額償還了 6,250 萬美元的私募票據，包括應計未付利息。關於資本配置，本季每股淨投資收益為 0.32 美元，足以支付每股 0.26 美元的常規股息，以及本季支付的三筆特別股息中的最後一筆每股 0.05 美元。

As previously mentioned, the board declared 1/4 quarter dividend of $0.26 per share. Representing a 9.4% distribution yield on NAP. Looking ahead, we remain comfortable with the stability of our regular dividends. While the current shape of the forward curve does imply lower rates in the near term, our net investment income continues to demonstrate resilience.

如前所述，董事會宣布派發每股 0.26 美元的季度股息。NAP 的分配報酬率為 9.4%。展望未來，我們對定期分紅的穩定性仍充滿信心。儘管目前的遠期曲線形狀確實暗示短期內利率會走低，但我們的淨投資收益繼續表現出韌性。

Our industry leading hurdle rate of 8.25% provides additional protection as rates decline, reinforcing our focus on shareholder alignment. Our structure is differentiated and allows BBDC to be well positioned amongst BBC peers to deliver attractive returns. This confidence is underpinned by our diversified portfolio of senior secured investments and a well laddered capital structure. Giving us a strong foundation heading into next year.

我們業界領先的 8.25% 最低收益率門檻在利率下降時提供額外保障，強化了我們對股東利益一致性的關注。我們的結構與眾不同，使 BBDC 在 BBC 同行中佔據有利地位，從而帶來可觀的回報。這種信心源自於我們多​​元化的高階擔保投資組合和完善的階梯式資本結構。這為我們明年的發展奠定了堅實的基礎。

Additionally, we currently have spillover income of $0.65 per share, which equates to more than 2 quarters of our regular dividend, reflecting the continued strength of our earnings and portfolio performance. Taken together, the durability of our earnings and the meaningful spillover provides a solid foundation as we move into 2026.

此外，我們目前每股還有 0.65 美元的溢出收入，相當於超過 2 個季度的常規股息，這反映了我們獲利和投資組合表現的持續強勁。綜上所述，我們獲利的持續性和顯著的溢出效應為我們邁向 2026 年奠定了堅實的基礎。

To close, I'll offer a little additional color on the fourth quarter. To date, BBDC has made $73.5 million new commitments in Q4, of which approximately $41 million are closed and funded. Our overall liquidity remains strong, with over $500 million. Of available capital. We continue to feel that we are well positioned to navigate evolving market conditions and will continue to pursue attractive investment opportunities while being a reliable capital partner to sponsors and borrowers. With that, I would like to open the call up for questions.

最後，我再補充一點關於第四季的情況。截至目前，BBDC在第四季已做出7,350萬美元的新承諾，其中約4,100萬美元已完成並已獲得資金。我們的整體流動性依然強勁，超過 5 億美元。可用資金。我們仍然認為我們有能力應對不斷變化的市場環境，並將繼續尋求有吸引力的投資機會，同時成為發起人和借款人可靠的資本合作夥伴。接下來，我想接受大家的提問。

(Operator instruction)

（操作說明）

Hayley Schaff with Raymond James.

Hayley Schaff 與 Raymond James 合作。

Good morning. Thanks for the question. So with repayment activity elevated this quarter as base rates come down, and with the second Fed cut in October, do you expect to see repayments remain at 32 levels or are you seeing any sort of moderation there?

早安.謝謝你的提問。因此，隨著基準利率下降，本季還款活動增加，加上聯準會在 10 月第二次降息，您預計還款額會維持在 32 的水平，還是會出現某種程度的放緩？

Yeah, Hayley, good question. And so as we think about the activity in Q3 and how you perceive kind of the repayments, a meaningful percentage of the repayment line that you're seeing is actually sales to our, joint venture par joint venture within BBDC, and so I would say that we continue to utilize our joint venture really to actively manage our leverage profile as well as provide capacity for the broader BBDC ecosystem, that said, as we kind of look across the broader landscape, we do anticipate a moderate uptick in terms of repayment velocity as we move to the end of the year that's based on kind of payoffs that were made that we've been made aware of, through today to be candid, but do not anticipate that it's going to have a meaningful needle mover in the context of the deployed capital within BBDC as a fund.

是的，海莉，問得好。因此，當我們思考第三季的活動以及您對還款的看法時，您看到的還款額中相當一部分實際上是我們與BBDC合資企業的銷售收入。因此，我認為我們繼續利用我們的合資企業來積極管理我們的槓桿水平，並為更廣泛的BBDC生態系統提供融資能力。也就是說，當我們放眼更廣闊的市場時，我們預計隨著年底的臨近，還款速度將略有加快，這是基於我們目前了解到的已支付款項，但坦白說，我們預計這不會對BBDC基金的已部署資本產生重大影響。

Okay, got it. And historically, you've had $86 million in share buybacks, so they've slowed in recent quarters. With the recent contraction in industry multiples across the board, are there any plans to ramp up buybacks while your stock is trading at such a discount?

好的，明白了。從歷史數據來看，你們已經進行了 8,600 萬美元的股票回購，但最近幾季回購速度有所放緩。鑑於近期各行業估值倍數普遍收縮，貴公司是否有計劃在股票價格如此折讓的情況下加大股票回購力度？

It's something that we consistently evaluate over the course of the past quarter we were a little bit more restricted in the context of when we could be actively in market and so as a consequence of that we were not able to take full full utility of the share buyback program as it's been approved by the board. It is however, something that we consistently evaluate and you could, it's very likely that you will see some degree of activity on that in the quarters to come.

在過去的一個季度裡，我們一直在評估這個問題。由於我們在積極參與市場活動的時間方面受到了一些限制，因此我們無法充分利用董事會批准的股票回購計劃。然而，這是我們一直在評估的事情，而且很有可能在接下來的幾個季度裡，你會看到這方面有一些進展。

Got it.

知道了。

Thank you for the call. I appreciate.

謝謝你的來電。謝謝。

It. Of course, thank you.

它。當然，謝謝。

As a reminder, if you'd like to ask a question at this time, you may press star one from your telephone keypad. We'll pause a moment to assemble the queue.

提醒一下，如果現在想提問，可以按電話鍵盤上的星號鍵 1。我們將暫停片刻，整理一下隊伍。

Thank you.

謝謝。

What's good give me press star. I wanted to ask a question at this time.

有什麼好事發生嗎？給我媒體之星。我想在這個時候問一個問題。

Thank you.

謝謝。

At this time, I'll turn the floor back to Eric for closing comments.

現在，我將把發言權交還給艾瑞克，請他做總結發言。

Well, thank you everyone for joining the call, and we look forward to supporting you in the in the quarters ahead.

感謝各位參加本次電話會議，我們期待在接下來的幾季繼續為大家提供支援。

This will conclude today's conference.

今天的會議到此結束。

Thank you for your participation. You may not disconnect your line at your time and have a wonderful day.

感謝您的參與。您不必在規定時間內斷開線路，祝您有美好的一天。