BCP Investment Corp (BCIC) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Portman Ridge Finance Corporation's second-quarter 2024 earnings conference call. An earnings press release was distributed yesterday, August 8, after market close.

早安，女士們、先生們，歡迎參加波特曼里奇金融公司 2024 年第二季財報電話會議。昨天（8 月 8 日）收盤後發布了一份收益新聞稿。

A copy of the release, along with an earnings presentation, is available on the company's website at www. portmanridge.com in the Investor Relations section and should be reviewed in conjunction with the company's Form 10-Q filed yesterday with the SEC. As a reminder, this conference call is being recorded for replay purposes.

該新聞稿的副本以及收益報告可在該公司網站 www. portmanridge.com 位於投資者關係部分，應與該公司昨天向 SEC 提交的 10-Q 表格一併進行審查。謹此提醒，本次電話會議正在錄音以供重播之用。

Please note that today's conference call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC.

請注意，今天的電話會議可能包含前瞻性陳述，這些陳述不是對未來業績或結果的保證，並且涉及許多風險和不確定性。由於多種因素（包括該公司向美國證券交易委員會提交的文件中所述的因素），實際結果可能與前瞻性陳述中的結果有重大差異。

Portman Ridge Finance Corporation assumes no obligation to update any forward -- any such forward-looking statements unless required by law. Speaking on today's call will be Ted Goldthorpe, Chief Executive Officer, President, and Director of Portman Ridge Finance Corporation; Brandon Satoren, Chief Financial Officer; and Patrick Schafer, Chief Investment Officer.

除非法律要求，波特曼里奇金融公司不承擔更新任何前瞻性聲明的義務。Portman Ridge Finance Corporation 執行長、總裁兼董事 Ted Goldthorpe 將在今天的電話會議上發言。布蘭登‧薩托倫，財務長；派崔克‧謝弗（Patrick Schafer），首席投資長。

With that, I would now like to turn the call over to Ted Goldthorpe, Chief Executive Officer of Portman Ridge.

現在，我想將電話轉給波特曼·里奇執行長特德·戈德索普 (Ted Goldthorpe)。

Thank you. Good morning, and welcome to our second-quarter 2024 earnings call. I'm joined today by our Chief Financial Officer, Brandon Satoren; and our Chief Investment Officer, Patrick Schafer. Following my opening remarks on the company's performance and activities during the second quarter, Patrick will provide commentary on our investment portfolio and our markets, and Brandon will discuss our operating results and financial condition in greater detail.

謝謝。早上好，歡迎參加我們的 2024 年第二季財報電話會議。今天我們的財務長布蘭登·薩托倫 (Brandon Satoren) 也加入了我的行列。以及我們的首席投資長 Patrick Schafer。在我對公司第二季度的業績和活動發表開場白後，帕特里克將對我們的投資組合和市場發表評論，布蘭登將更詳細地討論我們的經營業績和財務狀況。

Yesterday, Portman Ridge announced its second-quarter 2024 results. And despite operating under challenging market conditions, we reported net investment income of $6.5 million or $0.70 per share, an increase of $300,000 or $0.03 a share as compared to the prior quarter.

昨天，Portman Ridge 公佈了 2024 年第二季業績。儘管在充滿挑戰的市場條件下運營，我們報告的淨投資收益為 650 萬美元，即每股 0.70 美元，比上一季增加了 30 萬美元，即每股 0.03 美元。

A well-diversified portfolio remains one of our highest priorities for Portman Ridge portfolio, and I'm pleased to share that we finished the quarter with exposure to 28 industries and 75 unique portfolio companies with an average par balance of $2.6 million. This compares to 27 industries and 79 unique portfolio companies with an average par balance per entity of $3.1 million as of March 31, 2024.

充分多元化的投資組合仍然是我們Portman Ridge 投資組合的最高優先事項之一，我很高興地告訴大家，本季度結束時，我們涉足28 個行業和75 家獨特的投資組合公司，平均票面餘額為260 萬美元。相較之下，截至 2024 年 3 月 31 日，27 個產業和 79 家獨特的投資組合公司每個實體的平均票面餘額為 310 萬美元。

Further, subsequent to quarter end, we amended and extended our existing senior secured revolving credit facility with JPMorgan Chase Bank. Under the terms of the amendment, we increased the facility size by $85 million to $200 million and reduced the applicable margin by 30 basis points from 2.8% per year to 2.5% per year.

此外，在季度末之後，我們修改並延長了與摩根大通銀行的​​現有優先擔保循環信貸額度。根據修訂條款，我們將融資規模增加了 8,500 萬美元至 2 億美元，並將適用利潤率降低了 30 個基點，從每年 2.8% 降至每年 2.5%。

Additionally, the reinvestment period was extended from April 29, 2025, to August 29, 2026, terming out our revolving period by two years and improving the company's asset liability matching. The remaining $85 million of secured notes will be refinanced with the upside of the credit facility. We value a long-term commitment and relationship we have with our lenders and JPMorgan, a world-class financial institution.

此外，再投資期間由2025年4月29日延長至2026年8月29日，循環期延長兩年，改善公司資產負債匹配。剩餘的 8,500 萬美元擔保票據將利用信貸額度的上限進行再融資。我們重視與貸款人和世界級金融機構摩根大通的長期承諾和關係。

The amended credit facility will provide us with meaningful liquidity as well as the flexibility to grow the company's balance sheet as we look to capitalize on future investment and origination opportunities. We continue to believe our stock remains undervalued and as such, we continue to repurchase shares under our share repurchase program.

修訂後的信貸安排將為我們提供有意義的流動性以及擴大公司資產負債表的靈活性，因為我們希望利用未來的投資和創始機會。我們仍然認為我們的股票仍然被低估，因此我們繼續根據股票回購計畫回購股票。

During the second quarter, we purchased a total of 79,722 shares for an aggregate cost of $1.6 million. These repurchases were accretive to Portman's net asset value by $0.03 per share during the quarter. Additionally, the Board of Directors approved a $0.69 per share distribution for the third quarter of 2024, which represents a 13% annualized return on net asset value, amongst the highest in the BDC space.

第二季度，我們總共購買了 79,722 股股票，總成本為 160 萬美元。這些回購使波特曼本季的每股淨資產價值增加了 0.03 美元。此外，董事會還批准了 2024 年第三季每股 0.69 美元的分配，這意味著資產淨值的年化報酬率為 13%，是 BDC 領域中最高的。

Turning to conditions in our primary market, the second quarter of 2024 continued the macro trends seen in the first quarter. New deal activity picked up pace and syndicated markets have continued to remain open, though borrowers have continued to rely heavily on private credit capital providers for M&A activity given the certainty they provide, resulting in tailwinds for our industry.

就我們的一級市場狀況而言，2024 年第二季延續了第一季的宏觀趨勢。新交易活動加快，銀團市場繼續保持開放，但鑑於私人信貸資本提供者提供的確定性，借款人繼續嚴重依賴私人信貸資本提供者進行併購活動，從而為我們的行業帶來利好。

Having said that, the combination of continued private credit capital raising and a more competitive syndicated market alternative has led to meaningful spread compression in certain parts of the private credit market.

話雖如此，持續的私人信貸融資和更具競爭力的銀團市場替代方案相結合，導致私人信貸市場某些部分的利差大幅壓縮。

According to KBRA DLD private data, private credit spreads for borrowers with greater than $100 million of EBITDA and those between $50 million and $100 million in EBITDA have both declined by approximately 75 basis points since the beginning of the year. That is compared to spread compression of approximately 50 basis points for borrowers between $20 million and $50 million of EBITDA and just over 25 basis points for borrowers a little bit less than $20 million in EBITDA.

根據KBRA DLD私人數據，自今年年初以來，EBITDA超過1億美元的借款人和EBITDA在5,000萬至1億美元之間的借款人的私人信貸利差均下降了約75個基點。相較之下，對於 EBITDA 為 2,000 萬至 5,000 萬美元的借款人，利差壓縮約 50 個基點；對於 EBITDA 略低於 2,000 萬美元的借款人，利差壓縮略高於 25 個基點。

As always, our strategy at Portman is to be selective regarding new investment opportunities by leveraging the platform scale of BC Partners and this robust deal pipeline, while also increasing the diversification of our investment portfolio through hold size.

像往常一樣，波特曼的策略是利用 BC Partners 的平台規模和強大的交易管道來選擇性地尋找新的投資機會，同時透過持有規模增加我們投資組合的多元化。

As an example, during the quarter, we made only two investments in portfolio companies, one comprising a $4.6 million investment and the other a $2.7 million investment, while the remainder of our additions were in the form of incremental capital to existing portfolio companies to support their add-on acquisitions. Patrick will provide details shortly.

舉例來說，本季度，我們僅對投資組合公司進行了兩項投資，一項投資為460 萬美元，另一項投資為270 萬美元，而其餘的追加投資則以增量資本的形式向現有投資組合公司提供支援。帕特里克將很快提供詳細資訊。

This has allowed us to maintain relatively consistent spreads on new origination as compared to our portfolio as a whole. As we enter the back half of 2024, we remain confident in our business. With our amended credit facility, robust pipeline, strong balance sheet, we believe we are well positioned to continue executing our strategy and delivering strong returns for our shareholders.

與我們的整體投資組合相比，這使我們能夠在新產品上保持相對一致的利差。進入 2024 年下半年，我們對我們的業務仍然充滿信心。憑藉我們修改後的信貸額度、強勁的管道和強大的資產負債表，我們相信我們有能力繼續執行我們的策略並為股東帶來豐厚的回報。

With that, I will turn over the call to Patrick Schafer, our Chief Investment Officer, for a review of our investment activity.

接下來，我將把電話轉給我們的首席投資長帕特里克·謝弗 (Patrick Schafer)，以審查我們的投資活動。

Thanks, Ted. Turning now to slide 5 of our presentation and sensitivity of our earnings to interest rates, as of June 30, 2024, approximately 89% of our debt securities portfolio was either floating rate with a spread tied to an interest rate index such as SOFR or PRIME rate with substantially all of these being linked to SOFR. As you can see from the chart, SOFR rates have remained relatively consistent for the last five quarters.

謝謝，泰德。現在轉向我們的幻燈片 5，以及我們收益對利率的敏感性，截至 2024 年 6 月 30 日，我們的債務證券投資組合中約 89% 是浮動利率，利差與 SOFR 或 PRIME 等利率指數掛鉤率，幾乎所有這些都與SOFR 有關。從圖表中可以看出，過去五個季度的 SOFR 率保持相對穩定。

Skipping down to slide 10, originations for the quarter were lower than last quarter and were also below the current quarter repayments and sales levels, resulting in net repayments and sales of approximately $18.2 million. During the quarter, we took advantage of rising secondary prices to exit or materially reduce a number of our more liquid loans. This proactive rotation represents a substantial portion of the net repayment and sales amounts.

跳到投影片 10，本季的起始金額低於上季度，也低於當季的還款和銷售水平，導致淨還款和銷售額約為 1,820 萬美元。在本季度，我們利用二級價格上漲的機會退出或大幅減少了一些流動性較強的貸款。這種主動輪換佔淨還款和銷售額的很大一部分。

Our new investments made during the quarter are expected to yield a spread to SOFR of 724 basis points on par value, and the investments were purchased at a cost of approximately 98.6% of par. Our investment portfolio at the end of the second quarter remained highly diversified. We ended the second quarter with a debt investment portfolio spread across 28 different industries, one more as compared to the end of the first quarter at 75 unique portfolio companies with an average par balance of $2.6 million.

我們在本季進行的新投資預計將產生以面額計算的 SOFR 724 個基點的利差，而這些投資的購買成本約為面額的 98.6%。截至第二季末，我們的投資組合仍然高度多元化。第二季末，我們的債務投資組合遍佈 28 個不同行業，比第一季末增加了 75 家獨特的投資組合公司，平均票面餘額為 260 萬美元。

Turning to slide 11, in aggregate, investments on non-accrual status for nine investments at the end of the second quarter of 2024, representing 0.5% and 4.5% of the company's investment portfolio at fair value and cost perspective. This compares to seven investments on non-accrual status as of March 31, 2024, representing 0.5% and 3.2% of the company's investment portfolio at fair value and cost respectively.

轉向投影片 11，截至 2024 年第二季末，共有 9 項投資處於非應計狀態，以公允價值和成本角度計算，分別占公司投資組合的 0.5% 和 4.5%。相較之下，截至 2024 年 3 月 31 日，有 7 項投資處於非應計狀態，分別占公司以公平價值和成本計算的投資組合的 0.5% 和 3.2%。

The main driver of this increase was due to placing an additional security of QualTek on nonaccrual. We're able to exit our entire QualTek position shortly after the quarter end. But during the course of the quarter, the buyer for the company made a number of changes to the purchase price that also resulted in our security receiving less than par. And therefore, we have included it on a non-accrual lift for the quarter.

這一增長的主要驅動力是由於將 QualTek 的額外擔保置於非應計利息上。我們能夠在季度結束後不久退出整個 QualTek 頭寸。但在本季期間，該公司的買家對購買價格進行了一些更改，這也導致我們的證券收到的金額低於面額。因此，我們已將其納入本季的非應計提算中。

As of today, we have completely exited all QualTek securities, and the ultimate NAV impact has been factored into the June 30 financial results. On slide 12, excluding our non-accrual investments, we have an aggregate debt investment portfolio of $383.6 million at fair value, which represents a blended price of 93% of par value and is 91% comprised of first-lien loans at par value.

截至今天，我們已完全退出所有 QualTek 證券，最終資產淨值影響已計入 6 月 30 日的財務表現。在投影片12 上，不包括我們的非應計投資，我們的債務投資組合總額以公允價值計算為3.836 億美元，相當於面額93% 的混合價格，其中91% 由以面額計算的第一留置權貸款組成。

Assuming par recovery, our June 30, 2024, fair values reflect a potential of $26.7 million of incremental net value or a 13.6% increase to NAV. When applying an illustrative 10% default rate and 70% recovery rate, our debt portfolio would generate an incremental $1.64 per share of NAV or a 7.7% increase as it rotates to maturity.

假設票面價值恢復，我們到 2024 年 6 月 30 日的公允價值反映了潛在的 2,670 萬美元增量淨值或資產淨值增長 13.6%。當應用示例性的 10% 違約率和 70% 回收率時，我們的債務投資組合將產生每股 1.64 美元的資產淨值增量，或隨著到期時間的增加 7.7%。

Finally, turning to slide 13. If you aggregate the three portfolios acquired over the last three years, we have purchased a combined $435 million of investment; have realized approximately 85% of these positions; have combined, realized, and unrealized mark of 101% of fair value at the time of closing the respective purchase. As of Q2 2024, we have fully exited the acquired Oak Hill portfolio and are down to a combined $13.8 million of the acquired HCAP and the initial KCAP portfolios.

最後，轉到投影片 13。如果將過去三年收購的三個投資組合加在一起，我們總共購買了 4.35 億美元的投資；已實現約 85% 的職位；在完成相應購買時，已合併、已實現和未實現公允價值的 101%。截至 2024 年第二季度，我們已完全退出收購的 Oak Hill 投資組合，收購的 HCAP 和初始 KCAP 投資組合的總金額降至 1,380 萬美元。

I'll now turn the call over to Brandon to further discuss our financial results for the period.

我現在將把電話轉給布蘭登，進一步討論我們這段時期的財務表現。

Thanks, Patrick. For the second quarter of 2024, Portman generated $16.3 million of investment income of which $13.9 million was attributable to interest income, inclusive of fixed income from the debt investment portfolio. This compares to total investment income for the first quarter of 2024 of $16.5 million, of which $14.2 million was attributable to interest income, inclusive of fixed income from the debt investment portfolio.

謝謝，派崔克。2024年第二季度，波特曼產生了1,630萬美元的投資收入，其中1,390萬美元來自利息收入，包括債務投資組合的固定收入。相較之下，2024 年第一季的總投資收入為 1,650 萬美元，其中 1,420 萬美元來自利息收入，包括債務投資組合的固定收入。

The decrease was driven by lower interest income due to net repayments and sales during the quarter as well as the reversal of $0.1 million or $0.01 per share of previously accrued unpaid interest on a loan placed on non-accrual status during the quarter, partially offset by higher dividend income from the Great Lakes joint venture.

下降的原因是本季淨還款和銷售導致利息收入下降，以及本季非應計狀態貸款的先前應計未付利息衝回 10 萬美元或每股 0.01 美元，部分抵消來自五大湖合資企業的股息收入更高。

Excluding the impact of asset acquisition economy, our core investment income for the quarter was $16.2 million as compared to core investment income of $16.5 million in the prior quarter. Total operating expenses for the quarter ended June 30, 2024, decreased by $0.4 million to $9.9 million as compared to $10.3 million in the prior quarter.

排除資產收購經濟的影響，我們本季的核心投資收入為 1,620 萬美元，而上一季的核心投資收入為 1,650 萬美元。截至 2024 年 6 月 30 日的季度總營運費用減少 40 萬美元，至 990 萬美元，上一季為 1,030 萬美元。

This decrease was largely driven by a decrease in interest expense as a result of the $6.6 million paydown on the 2018-2 secured notes during the quarter as well as a larger $34.2 million paydown on the 2018-2 secured notes in the second half of the prior quarter.

這一下降主要是由於本季度 2018-2 擔保票據的 660 萬美元付款以及 2018-2 下半年 2018-2 擔保票據的 3,420 萬美元的支付導致利息支出減少。

Our net investment income for the quarter increased to $6.5 million or $0.70 per share. This compares to $6.2 million or $0.67 per share for the prior quarter. The increase in NII was primarily due to lower interest expense during the quarter. For the quarter ended June 30, 2024, net realized and change in unrealized losses on investments and debt was $12.8 million. This compares to net realized and change in unrealized losses on investment and debt of $1.7 million in the prior quarter.

本季我們的淨投資收入增至 650 萬美元，即每股 0.70 美元。相比之下，上一季為 620 萬美元或每股 0.67 美元。NII 的增加主要是由於本季利息支出減少。截至 2024 年 6 月 30 日的季度，投資和債務的已實現淨損失和未實現損失變化為 1,280 萬美元。相較之下，上一季投資和債務的已實現淨損失和未實現損失變化為 170 萬美元。

As of June 30, 2024, the company's net asset value was $196.4 million or $21.21 per share, a decrease of $14.2 million or $1.36 per share compared to the prior quarter net asset value of $210.6 million or $22.57 per share. As of June 30, and March 31st, 2024, our gross leverage ratios were 1.5x and 1.4x respectively.

截至2024年6月30日，該公司的淨資產值為1.964億美元，即每股21.21美元，比上一季淨資產值為2.106億美元，即每股22.57美元，減少了1420萬美元，即每股1.36美元。截至2024年6月30日和3月31日，我們的總槓桿率分別為1.5倍和1.4倍。

For the same period, our leverage ratio net of cash was 1.3x and 1.2x respectively. Specifically, as of June 30, 2024, we had a total of $285.1 million of borrowings outstanding with a current weighted average contractual interest rate of 6.9%. This compares to $291.7 million of borrowings outstanding as of the prior quarter with the then-current weighted average contractual interest rate of 6.9% as well.

同期，我們扣除現金的槓桿率分別為 1.3 倍和 1.2 倍。具體而言，截至 2024 年 6 月 30 日，我們的未償還借款總額為 2.851 億美元，目前加權平均合約利率為 6.9%。相比之下，截至上一季的未償還借款為 2.917 億美元，當時的加權平均合約利率也為 6.9%。

Additionally, consistent with the prior quarter, the company finished the quarter with $23 million of available borrowing capacity under the senior secured revolving credit facility and no remaining borrowing capacity under the 2018-2 secured notes as the reinvestment period has ended.

此外，與上一季一致，該公司在本季度結束時，優先擔保循環信貸安排下的可用借款能力為 2,300 萬美元，而隨著再投資期結束，2018-2 擔保票據下沒有剩餘借款能力。

As Ted mentioned, subsequent to quarter-end, we amended and extended our existing senior secured revolving credit facility with JPMorgan. Under the terms of the amendment, the credit facility was upsized by $85 million for a total revolving capacity of $200 million.

正如特德所提到的，季度末後，我們修改並延長了與摩根大通現有的優先擔保循環信貸額度。根據修訂條款，信貸額度增加了 8,500 萬美元，總循環能力達到 2 億美元。

Additionally, the applicable margin was reduced from 2.8% to 2.5% and the reinvestment period was extended by approximately two years to August 29, 2026. This amendment has reduced our overall cost of debt capital and extended the duration of our debt capital structure.

此外，適用保證金從2.8%降至2.5%，再投資期間延長約兩年至2026年8月29日。此次修訂降低了我們債務資本的整體成本，並延長了我們債務資本結構的期限。

Further, we intend to refinance the remaining $85 million on 2018-2 secured notes outstanding with the proceeds from the upsized JPMorgan credit facility. Finally, the Board approved a quarterly distribution of $0.69 per share payable on August 30, 2024, to stockholders of record at the close of business on August 22, 2024.

此外，我們打算利用摩根大通信貸額度擴大後的收益，為 2018 年 2 月未償還擔保票據的剩餘 8,500 萬美元進行再融資。最後，董事會批准了每股 0.69 美元的季度分配，並將於 2024 年 8 月 30 日支付給 2024 年 8 月 22 日收盤時在冊的股東。

With that I will turn the call back over to Ted.

然後我會把電話轉回特德。

Thank you, Brandon. Ahead of questions, I'd like to reemphasize that we believe we are well positioned to take advantage of the current market environment as shown in the first half of the year. Through our prudent investment strategy, we believe we'll be able to deliver strong returns to our shareholders in the back half of 2024.

謝謝你，布蘭登。在提問之前，我想再次強調，我們相信我們已做好充分利用今年上半年所示當前市場環境的準備。透過我們審慎的投資策略，我們相信我們將能夠在2024年下半年為股東帶來豐厚的回報。

I would like to thank once again all of our shareholders for ongoing support. This concludes our prepared remarks, and I'll turn the call over for any questions.

我要再次感謝所有股東的持續支持。我們準備好的演講到此結束，如果有任何問題，我將轉接電話。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

（操作員說明）克里斯多福諾蘭、拉登堡塔爾曼。

Hey, guys.

嘿，夥計們。

Hi, Chris.

嗨，克里斯。

What was the driver for the realized loss and the unrealized depreciation, please?

請問已實現損失和未實現折舊的驅動因素是什麼？

Yes. I'll turn it over to Brandon for the realized. But on the unrealized front, the primary driver is that is QualTek, which I talked about a little bit in my remarks. But we ultimately exited the investments sort of right after quarter-end and had to take an unrealized write-down in and around the exit price there that, again, we'll just flip from unrealized to realized in Q3. But for Q2, it was a significant portion of our unrealized loss.

是的。我會將其交給布蘭登以實現。但在未實現的方面，主要驅動力是 QualTek，我在演講中談到了這一點。但我們最終在季度末後立即退出了投資，並且不得不在退出價格附近進行未實現的減記，我們將在第三季度從未實現變為已實現。但對於第二季度，這是我們未實現損失的很大一部分。

Yes. That's right, Patrick. (Multiple speakers) On the realized front, Chris, it was an investment called Tank. We've realized it at the mark we had last quarter. So that's already embedded within [par balance]. It was just a flip from the last two, really.

是的。沒錯，派崔克。（多個發言者）克里斯，在實現方面，這是一項名為 Tank 的投資。我們已經在上個季度的水平上意識到了這一點。所以這已經嵌入了[票面餘額]。這只是前兩次的翻轉，真的。

If I'm correct, Tank was in the old Capitala investments, is that correct?

如果我沒猜錯的話，Tank 就參與了 Capitala 的舊投資，對嗎？

No. This was an old KCAP way Legacy 1. It was on nonaccrual. It took over the portfolio. We've had like a $40,000 receivable or something left from some states like a state liquidation that finally got resolved. So it's been running at like almost no value on our SOI for several, several years now.

不。這是舊的 KCAP 方式 Legacy 1。這是非應計的。它接管了投資組合。我們有大約 40,000 美元的應收帳款或一些州留下的東西，例如州清算，最終得到了解決。因此，它在我們的 SOI 上運行了好幾年了，幾乎沒有任何價值。

Yes -- no, okay. I'm getting your portfolio company -- or excuse me, your BDC's confused. QualTek, what should we expect in terms of a realized loss for 3Q?

是的——不，好吧。我正在了解您的投資組合公司 - 或者請原諒，您的 BDC 很困惑。QualTek，我們對第三季的實現虧損有何預期？

The short answer is, it should be all flipped from unrealized to realized as we know NAV impact for Q3, Chris. I don't have the exact quantum of that. We can follow up with you with the exact quantum, but it will be a complete flip for unrealized to realized. So we baked in -- and again, it closed in, unlike July 7 or something like that. So the price as of 6/30 bakes in the exit price, but we can follow up with the exact amount that you should expect.

簡而言之，克里斯，我們知道第三季資產淨值的影響，因此應該將其從未實現轉變為已實現。我沒有確切的數量。我們可以向您提供確切的量子訊息，但這將是從未實現到實現的完全翻轉。所以我們烘烤了——而且，它再次關閉，不像 7 月 7 日或類似的事情。因此，截至 6/30 的價格已包含在退出價格中，但我們可以跟進您所期望的確切金額。

No need. That's fine. Okay. On the credit facility, the text of the press release says a margin of 2.5% or so. Am I to presume that's a spread over some sort of index? And if so, what's the index?

不需要。沒關係。好的。關於信貸安排，新聞稿中稱利潤率為 2.5% 左右。我是否可以假設這是某種指數的利差？如果是的話，索引是什麼？

Yes, SOFR. It's a 2.50 over SOFR.

是的，SOFR。比 SOFR 高 2.50。

Great. And final question would be, can you give any sort of perspective as to what the BDC M&A market might be evolving like given many BDCs are starting to see asset quality deterioration in this quarter?

偉大的。最後一個問題是，鑑於許多 BDC 在本季度開始出現資產品質惡化，您能否就 BDC 併購市場可能的演變給出任何觀點？

Yes, I would say, I think it's still pretty quiet on that front. And we are -- there is a lot of strategic activity happening in the broader asset space. So you've seen two big deals happen this past quarter. And our M&A activities pick up a lot in the broader asset management space. So I'm not sure that applies. I wouldn't say we've seen that in the BDC space, but we are seeing it in the 40x space and we're definitely seeing in the broader institutional space.

是的，我想說，我認為這方面仍然相當安靜。我們－在更廣泛的資產領域正在發生許多策略活動。所以你已經看到上個季度發生了兩筆大交易。我們的併購活動在更廣泛的資產管理領域也大幅增加。所以我不確定這是否適用。我不會說我們在 BDC 領域看到了這種情況，但我們在 40x 領域看到了這種情況，而且我們肯定在更廣泛的機構領域看到了這種情況。

And the theme is the same. The theme is scale matters. So I think costs keep going up, the pressure on fees. So I think a lot of firms are having to put a lot of money into distribution in terms of expenditure. So I think the themes are becoming more pronounced. So I think some people in 2020 had issues with credit, I think now it's much more people had issues with scale. So I think you will see a lot of M&A over the next 12 to 18 months. But that's a comment more broadly around 40x in around asset management as opposed to just BDCs.

而且主題是一樣的。主題是規模問題。所以我認為成本持續上升，費用壓力。所以我認為很多公司不得不在支出方面投入大量資金進行分配。所以我認為主題變得更加明顯。所以我認為 2020 年有些人遇到了信用問題，我認為現在更多的人遇到了規模問題。所以我認為在接下來的 12 到 18 個月裡你會看到大量的併購。但這是一個更廣泛的評論，大約 40 倍於資產管理，而不僅僅是 BDC。

Okay. That's it for me. Thanks, guys.

好的。對我來說就是這樣。謝謝，夥計們。

Thanks, Chris.

謝謝，克里斯。

(Operator Instructions) Deepak Sarpangal, Repertoire Partners.

（操作員說明）Deepak Sarpangal，Repertoire Partners。

Thank you. Hi, good morning.

謝謝。嗨，早安。

Good morning.

早安.

So a few questions. On the recent quarter, obviously, we'd all like to see zero markdowns at any given point in time, but that's essentially impossible. Curious, I know QualTek was one of the big drivers. It did seem like a lot of it was -- a lot of the weakness has been primarily in the high-tech industry part of your portfolio. Is there something broader that you're seeing? I know that that's the size of that has come down now, which is good. But is there anything else, any other context with respect to that? Because it looked like there were a few of them that --

所以有幾個問題。顯然，在最近一個季度，我們都希望在任何給定時間點看到零降價，但這基本上是不可能的。好奇的是，我知道 QualTek 是最大的推動者之一。看起來確實有很多弱點主要集中在你的投資組合的高科技產業部分。您看到了更廣泛的東西嗎？我知道現在這個規模已經下降了，這很好。但還有其他的事情嗎？因為看起來有幾個--

Yes. That's actually a very perceptive question. I would say QualTek is not really a tech company. And again, it's a long-term legacy position and we've now exited it. I will say across our tech portfolio, which is generally speaking, enterprise software, so recurring cash flow, I will say that they've definitely seen two factors that impact them.

是的。這實際上是一個非常有洞察力的問題。我想說 QualTek 並不是一家真正的科技公司。再說一遍，這是一個長期的遺留職位，我們現在已經退出了。我想說的是，在我們的技術組合中，一般來說，企業軟體，因此經常性現金流，我會說他們肯定看到了兩個影響他們的因素。

One is sales cycles becoming longer for new sales. So their existing base of business is still turning along. But number two is this AI theme and the spenders in AI, they are taking away a little bit of the budgets for what I call traditional software, it feels like, just looking at our portfolio companies.

一是新銷售的銷售週期變得更長。因此，他們現有的業務基礎仍在不斷發展。但第二個是人工智慧主題和人工智慧領域的支出者，他們正在拿走我所說的傳統軟體的一點預算，感覺就像，只要看看我們的投資組合公司。

And then number three is, there has been some very, very company-specific events that have impacted some of our company -- some of our companies in the broader space. I mean, obviously, everybody knows the CrowdStrike example. That's actually happened in a couple of other situations. We had a specific investment in a company that had a cyber-issue this quarter that we think is totally -- we think it's a temporary markdown. We think the company is totally fine. But there is some idiosyncratic events happening in tech we haven't seen before. CrowdStrike is the public example, but we've seen it on a smaller scale.

第三，發生了一些非常非常公司特定的事件，這些事件影響了我們公司的一些公司——我們在更廣泛領域的一些公司。我的意思是，顯然，每個人都知道 CrowdStrike 的例子。這實際上發生在其他幾種情況下。我們對一家本季出現網路問題的公司進行了一項特定投資，我們認為這完全是暫時的降價。我們認為這家公司完全沒問題。但科技領域發生了一些我們從未見過的特殊事件。CrowdStrike 是公開的範例，但我們已經在較小的規模上看到過它。

Okay. That makes sense. And then is there -- also, is there anything, I know your business isn't seasonal, but it also just so happened that last year, it was Q2 that was maybe a tougher quarter, but then it reverted. Is there anything maybe just where -- there's -- like you said, maybe there's company-specific factors or the overall market just happened to be in a particular position. Is there anything just in terms of timing that contributes to maybe this being like a tougher quarter than most?

好的。這是有道理的。還有，還有什麼，我知道你們的業務不是季節性的，但去年第二季度可能是一個更艱難的季度，但後來又恢復了。就像你說的，也許有公司特定的因素，或者整個市場恰好處於一個特定的位置。就時間而言，是否有什麼因素導致本季比大多數季度更加艱難？

Yes, another really good question. I would say thematically, the banks were really closed in 2020. So post Twitter, a lot of the investment banks were really reticent to take on risk, and then you obviously have the regional banking crisis. So we felt like there really wasn't a lot of issue. Look, we've had more loan issuance year to date than we've had in the last two years combined. It has not really impacted us, as we're the smaller in the market. So we haven't seen the refis that some of our larger peers have seen.

是的，另一個非常好的問題。我想說的是，2020 年銀行真的關門了。所以推特發布後，很多投資銀行都不願承擔風險，然後顯然就出現了區域銀行業危機。所以我們覺得確實沒有太多問題。看，今年迄今為止我們發放的貸款比過去兩年的總和還要多。它並沒有真正影響我們，因為我們在市場上規模較小。因此，我們還沒有看到一些較大同行所看到的改裝。

Coming into this year, our portfolio -- our pipeline is not that great. We were incredibly busy up until June, and our pipeline slowed down again. And the theme there is there's just not a lot of new LDO activity. So when you're seeing M&A pick up broadly and you're seeing the investment banks comment on M&A, we're not seeing it on the private equity sponsor level.

進入今年，我們的產品組合—我們的管道並不是那麼好。直到六月我們都非常忙碌，我們的管道再次放慢了速度。主題是沒有太多新的 LDO 活動。因此，當你看到併購廣泛回升並且看到投資銀行對併購發表評論時，我們並沒有在私募股權贊助商層面上看到它。

So exits are hard. Prices haven't come down that much. Financing costs are higher, and the economy is slowing down. So I think we're seeing -- our pipeline for new M&A activity in LDOs is pretty anemic. So I think that will pick up. Like if you look at our portfolio today, a very large percentage of them are supposed to go for sale in the fourth quarter.

所以退出很難。價格並沒有下降那麼多。融資成本上升，經濟放緩。因此，我認為我們看到，我們在 LDO 領域的新併購活動管道相當貧乏。所以我認為這種情況將會好轉。就像你今天看看我們的投資組合一樣，其中很大一部分應該在第四季度出售。

Now again that was the same thing last year. That doesn't mean they're actually going to transact, but there is a very, very large pipeline of companies in the middle market that need to be sold over the next one, two, three years. So this should revert to mean at some point. (Multiple speakers) So Deepak, I wouldn't say it's seasonal, it's more thematic, I would say.

去年的情況又是一樣的。這並不意味著他們實際上會進行交易，但中間市場有大量的公司需要在未來一年、兩年、三年內出售。所以這應該在某個時候恢復到原來的意思。（多個發言者）迪帕克，我不會說這是季節性的，我會說它更具主題性。

Okay. Yes, that makes more sense. And this question is a little bit more random, but I noticed that one thing -- I do like that again, the joint ventures and CLO parts of your portfolios are smaller and continuing to get smaller. In your fair value disclosures and assumptions, it looks like you value those with discount rates of over 20% on a weighted average. I'm glad that's conservative. It does seem like a high discount rate. Can you maybe explain a little bit more about how you come up with that and how to think about that?

好的。是的，這更有意義。這個問題有點隨機，但我注意到一件事——我再次喜歡這一點，你的投資組合中的合資企業和 CLO 部分規模較小，而且還在繼續縮小。在您的公允價值揭露和假設中，您似乎對加權平均折現率超過 20% 的公司進行了估值。我很高興這是保守的。看來折扣率確實很高。您能否更多地解釋一下您是如何想到這一點以及如何思考這一點的？

Yes, Deepak. This is Patrick. So the short answer is for all those valuations, we send those out to third parties to be valued. So third parties do kind of come up with the discount rates. But the reality is CLO equity, and that's kind of generally where discount rates are coming from. Not as much like Great Lakes joint venture, but really more so the other CLOs. (inaudible) it's a very opaque market and where spreads are right now, liabilities came down a little bit, but not nearly as much as spreads have come down.

是的，迪帕克。這是派崔克.因此，簡短的答案是，對於所有這些估值，我們將其發送給第三方進行估值。因此，第三方確實會提供折扣率。但現實是 CLO 股權，這通常是折現率的來源。不像五大湖合資企業那樣，但實際上更像是其他 CLO。 （聽不清楚）這是一個非常不透明的市場，在目前的利差情況下，負債下降了一點，但幅度沒有利差下降那麼多。

So the return to equity in CLO land has been relatively compressed, which means you need to kind of price at a much higher discount rate. So -- and again, it's not like the most obvious of answers, but just in the CLO market, in order to get potential buyers to transact, you really need to have a very healthy discount rate to that back end of (technical difficulty) because of where the liability asset spread is on BSLs. (Multiple speakers)

因此，CLO土地的股本回報率相對壓縮，這意味著你需要以更高的折扣率定價。所以，再說一遍，這不是最明顯的答案，但只是在 CLO 市場中，為了讓潛在買家進行交易，你確實需要對後端（技術難度）有一個非常健康的折扣率因為負債資產利差位於BSL 上。（多位發言者）

As you mentioned, it's a very small portion of our book and obviously will get smaller. Our Great Lakes joint venture, which is the biggest piece of that is not valued at a 20% discount rate. All the individual loans within their joint venture are valued at their own individual discount rates that then kind of rolls up into a joint venture valuation. And I don't know the exact numbers off the top of my head, but those are all substantially lower than 20%.

正如您所提到的，它只是我們書中的一小部分，顯然會變得更小。我們的五大湖合資企業是其中最大的一塊，其估值並非以 20% 的折扣率計算。合資企業內的所有個人貸款均以各自的折現率估值，然後匯總到合資企業估值。我不知道確切的數字，但這些數字都遠低於 20%。

Yes. And again, in the relatively smaller cases where you're using EBITDA multiples. It does look -- again, I know that these are not necessarily apples-to-apples, but to what extent are the businesses that you're valuing just lower multiple businesses versus maybe just better-priced investments.

是的。同樣，在相對較小的情況下，您使用 EBITDA 倍數。看起來確實如此——我再次知道，這些不一定是同類的，但你所評估的企業在多大程度上只是較低的倍數企業，而不是可能只是價格更高的投資。

And the reason why I ask that is for example, your multiples are by far the low -- which is a good thing, I think, but by far the lowest. If you look at one of the larger BDCs, Ares, it's more like 11 x or 13x, I think, in terms of those EBITDA multiples. Now I know those could be software businesses or something like that. But I'm just curious, is there anything else that accounts for that?

我之所以這麼問，是因為，你們的本益比是迄今為止最低的——我認為這是一件好事，但也是迄今為止最低的。如果你看看較大的 BDC 之一 Ares，我認為就 EBITDA 倍數而言，它更像是 11 倍或 13 倍。現在我知道這些可能是軟體業務或類似的業務。但我只是好奇，還有其他原因嗎？

Another good question. So I'd say a couple of things, which is, one, I think, generally trying to be pretty conservative on our valuations, particularly on equity securities, which is what you're referencing just because, again, equity can tend to be volatile. So we need to be on the SOFR side. I think the other little bit of a nuance there is, generally speaking, our equity positions are tended to be some of the acquired portfolios from either Harvest or Garrison or even like KCAP where the bars themselves are probably a little bit smaller.

另一個好問題。因此，我想說幾件事，一是，我認為，通常會嘗試對我們的估值相當保守，特別是在股票證券方面，這正是您所引用的，因為股票往往會傾向於易揮發的。所以我們需要站在 SOFR 這邊。我認為還有一點細微差別，一般來說，我們的股票部位往往是從 Harvest 或 Garrison 甚至像 KCAP 收購的投資組合，其中金條本身可能要小一些。

And so we do tend to try and factor in a little bit a discount in terms of size of the portfolio company relative to a, quote-unquote, peer set and where we think of valuation multiples should trade. So again I think the combination of being able to conserve out the multiple and if you are using Ares as the example, they're going to have much larger portfolio companies.

因此，我們確實傾向於嘗試考慮投資組合公司的規模相對於同業組的一點折扣，以及我們認為應該交易的估值倍數。因此，我再次認為，能夠保留倍數的組合，如果你以阿瑞斯為例，他們將擁有更大的投資組合公司。

So they're kind of, I guess, able to or probably can look more similar to like the actual peer set from a valuation multiple perspective as opposed to ours. We tend to apply a meaningful discount to where the peers trade just to factor in the fact that they're smaller companies than the peers.

因此，我想，從估值多重角度來看，與我們不同的是，他們能夠或可能看起來更類似於實際的同行。我們傾向於對同業交易的地方進行有意義的折扣，只是為了考慮到它們是比同行更小的公司。

Great. I think that's all my questions. I am glad to see that you're continuing to take advantage of your undervalued stock. And it's not every company that demonstrates that kind of savvy capital allocation and especially in the BDC space. So thanks, and look forward to more ahead.

偉大的。我想這就是我的全部問題。我很高興看到您繼續利用被低估的股票。並不是每家公司都表現出這種精明的資本配置，尤其是在 BDC 領域。所以謝謝，並期待更多的未來。

Thank you.

謝謝。

(Operator Instructions) Steven Martin, Slater Capital Management.

（操作員說明）Steven Martin，Slater Capital Management。

Hi, guys. You've addressed a lot of my questions. Can you comment on what the current trend is in amendments, extensions, waivers, et cetera?

嗨，大家好。你已經解答了我的許多問題。您能否評論一下目前修訂、延期、豁免等方面的趨勢？

Yes. I don't think we've seen a material pickup in amendment and waiver activity. So again, a lot of companies who are not fully levered were having trouble -- not trouble, but they were asking for extensions for the last couple of years. Now the market's kind of normalized, and so there is some repricing activity.

是的。我認為我們並沒有看到修訂和豁免活動有實質的回升。同樣，許多沒有充分槓桿化的公司遇到了麻煩——不是麻煩，而是他們在過去幾年裡要求延期。現在市場已經正常化，因此出現了一些重新定價活動。

And to that extent, we're not willing to do it. There's other lenders who might have to do it. So I don't think there's been -- I mean, obviously, we have some normal course amendments going on. I don't think we've seen a material pickup in amendment activity. Actually, it's pretty -- honestly, this quarter has been relatively muted.

從這個意義上說，我們不願意這樣做。還有其他貸款人可能不得不這樣做。所以我不認為——我的意思是，顯然我們正在進行一些正常的課程修改。我認為我們並沒有看到修正案活動有實質的回升。事實上，這很不錯——老實說，這個季度相對平靜。

Got you. Can you comment on the nature of your PIK income. It's been relatively flat. Is it penalty? Is it a little extra income? Are you eventually collecting? What's the status?

明白你了。您能否評論一下您的 PIK 收入的性質？一直比較平坦。是懲罰嗎？是不是有點額外的收入？你最終會收集嗎？現狀如何？

Yes. The answer is -- Steve, it's Patrick. The answer is it's a little bit of all of the above. So there are some instances that have been, historically, where a lot of it was coming out COVID where you get an extra 100, 150 basis points of pricing concession for a covenant relief for a maturity extension or something, and that typically came in the form of PIK. And so you have, whatever it is, 80% of your spread in cash and the extra 100, 150 basis points, you get more PIK.

是的。答案是──史蒂夫，是派崔克。答案是以上所有因素都有一點。因此，從歷史上看，有一些例子，其中許多都是由於新冠疫情而出現的，你可以獲得額外 100、150 個基點的定價優惠，以獲得延期期限或其他條款的減免，而這通常是在PIK 的形式。因此，無論是什麼，您的價差的 80% 都是現金，再加上額外的 100、150 個基點，您將獲得更多 PIK。

There's a combination of that. I think more recently, and there's three good examples of this that we've done in the last handful of months. Riddell, which was done at the end of Q1, and then Princeton Medspa and Care Connectors are the two business names that were the new portfolio company -- those two are the new portfolio companies in this quarter where we as BC and Portman, collectively, we did effectively like a two-security unitranche where we provided, let's call it, 80% of our capital in the form of a senior secured first lien loan and then 20% of our capital in the form of some kind of structured equity solution.

這是兩者的結合。我認為最近幾個月我們已經做了三個很好的例子。Riddell 是在第一季末完成的，然後是 Princeton Medspa 和 Care Connectors 是新投資組合公司的兩個企業名稱——這兩家公司是本季新的投資組合公司，我們統稱為 BC 和 Portman，我們的做法實際上就像一種雙重擔保的統一貸款，我們以高級擔保第一留置權貸款的形式提供80% 的資本，然後以某種結構性股權解決方案的形式提供20% 的資本。

And so that equity piece itself is all PIK. But the way we look at the investment is a combined investment in both the term loan and the preferred equity. And so from a cash PIK component in terms of our investment in the bar -- in aggregate, it's probably something like 80-20, 85-15 type of a split. But those two securities themselves happen to be all PIK because they're structured equity.

所以股權本身就是 PIK。但我們看待投資的方式是定期貸款和優先股的組合投資。因此，從我們對酒吧投資的現金 PIK 組成部分來看，總的來說，可能是 80-20、85-15 類型的分割。但這兩種證券本身恰好都是 PIK，因為它們是結構性股權。

So the answer, Steve, is we look at both cash and PIK in a collective investment. And so more often than not, it is a little bit of extra PIK in addition to cash coupon for a borrower, but there are some instances like the handful of deals or three deals that we've done recently where, technically, one here is PIK, but we did it as strip between first lien. And that is all cash. And the preferred equity, that's all PIK. So it kind of blends to, again, something that makes more sense in terms of 85-15 or wherever you want to think about a cash PIK. (Multiple speakers)

所以，史蒂夫，答案是我們在集體投資中同時考慮現金和 PIK。因此，通常情況下，對於借款人來說，除了現金優惠券之外，還有一點額外的PIK，但也有一些情況，例如我們最近完成的少數交易或三筆交易，從技術上講，這裡有一個是PIK，但我們將其作為第一留置權之間的剝離。這都是現金。還有優先股，這就是PIK。因此，它再次與 85-15 或任何您想要考慮現金 PIK 的地方更有意義。（多位發言者）

I'd just point out that there's a little -- it looks like PIK increased by 1% this quarter over quarter. There's a little bit of a down major effect there. The reality is PIK only increased -- PIK increased by less than 200 million.

我只想指出，PIK 本季環比成長了 1%。那裡有一點點下降的主要影響。現實是PIK只增加了──PIK增加了不到2億。

Okay. I just point out that there's little looks like take increased by 1% quarter over quarter. There's a little bit of a denominator effect there, but the reality is Pecan Acres. It increased by less than $200 million.

好的。我只是指出，營收季度環比成長幾乎沒有 1%。這裡有一點分母效應，但現實是山核桃英畝。增加了不到2億美元。

Right. I was more commenting on the last couple of quarters. It's been around the $2 million level. So I was curious as to the composition. On the unrealized, Ted, you said spreads have tightened over the last couple of months. If spreads have tightened versus the prior four or five quarters where they were wider, are we seeing or shouldn't we see a recapture of some of our unrealized losses?

正確的。我對過去幾季的評論更多。一直在200萬美元左右。所以我對它的成分很好奇。關於未實現的情況，泰德，您說過去幾個月利差已經收緊。如果利差比前四、五個季度收窄，那麼我們是否會看到或不應該看到一些未實現的損失被收回？

Yes, it's a good question. I mean, there's a bit of a lag. So I'd say a couple of things. Spread compression always starts at the top. So we've seen spread compressions at the big cap level. And obviously, over time, that will trickle into our market. So that should be a tailwind for valuations. And again, Patrick gave some color around NAV upside in our book right now. And so I think it should filter through.

是的，這是一個好問題。我的意思是，有一點滯後。所以我想說幾件事。傳播壓縮總是從頂部開始。因此，我們已經看到大盤股層面的利差受到壓縮。顯然，隨著時間的推移，這將慢慢進入我們的市場。因此，這應該是估值的推動力。派崔克再次在我們的書中對淨值的上漲進行了一些闡述。所以我認為它應該過濾掉。

There's always a lag, though. So spreads have really come down pretty aggressively over the last, say, three months. And again, the way our valuation methodology works is there's a bit of a lag on our matrix, so there should be some tailwind there. Obviously, recent volatility excluded that in the markets.

但總是有滯後。因此，在過去三個月中，利差確實大幅下降。再說一次，我們的估值方法的工作方式是我們的矩陣有一點滯後，所以那裡應該有一些順風。顯然，最近的波動排除了市場的波動。

Got you. With respect to position sizes, the last couple of deals you've added Riddell as an example. You've taken very little of the deal. Is there a reason why the position sizes you've added are -- seem to be much smaller?

明白你了。關於頭寸規模，您以 Riddell 為例的最後幾筆交易。你在這筆交易中只得到了很少的一部分。您添加的頭寸規模似乎要小得多，這是否有原因？

Yes. I mean, Steve, I think the simple answer is I think our view on BDC, specifically, is that they should be very well-diversified portfolios. I think where we sit from a leverage perspective, investment capital perspective, I don't think we need to put out significant amounts of capital.

是的。我的意思是，史蒂夫，我認為簡單的答案是，我認為我們對 BDC 的看法特別是它們應該是非常多元化的投資組合。我認為從槓桿角度、投資資本角度來看，我們不需要投入大量資本。

And so for us, we've been focused on trying to continue to run a diversified book, and in our opinion, being able to take smaller bits of more deals is more advantageous for our shareholders as they're able to invest in, again, a more diversified portfolio over any individual deal becomes less impactful, either positive or minus, and increase a lot more consistency of results.

因此，對我們來說，我們一直致力於繼續經營多元化的業務，在我們看來，能夠進行更多交易中的小部分對我們的股東來說更有利，因為他們能夠再次投資，與任何單一交易相比，更多元化的投資組合的影響力（無論是正面還是負面）都會變得較小，並且會增加結果的一致性。

All right. Thanks a lot.

好的。多謝。

And we have no further questions at this time. I would now like to turn the conference back over to Mr. Ted Goldthorpe for closing remarks.

目前我們沒有進一步的問題。現在我想將會議轉回由 Ted Goldthorpe 先生致閉幕詞。

Thank you all for attending our call. And as always, please reach out to us for any questions, which we're happy to discuss. We look forward to speaking to you again in November for our third-quarter conference call, and we hope all of our shareholders and stakeholders have a very good end of summer. Thank you.

感謝大家參加我們的電話會議。像往常一樣，如有任何問題，請聯繫我們，我們很樂意討論。我們期待在 11 月再次與您召開第三季電話會議，並希望所有股東和利害關係人度過一個美好的夏季。謝謝。

And ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。