BCP Investment Corp (BCIC) 2024 Q3 法說會逐字稿

Welcome to Portman Ridge Finance Corporation's third quarter, 2024 earnings conference call.

歡迎參加 Portman Ridge Finance Corporation 2024 年第三季財報電話會議。

An earnings press release was distributed Thursday, November 7th after market closed a copy of the release along with an earnings presentation is available on the company's website at www dot portmanridge dotcom in the investor relations section and should be reviewed in conjunction with the company's form. 10-Q filed on November 7th with the SEC as a reminder, this conference call is being recorded for replay purposes.

收益新聞稿已於 11 月 7 日星期四市場收盤後發布，新聞稿副本及收益介紹可在公司網站 www.portmanridge.com 的投資者關係部分查閱，並可與公司表格一併查閱。11 月 7 日向美國證券交易委員會提交的 10-Q 提醒，本次電話會議將被錄音以供重播。

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.

請注意，今天的電話會議可能包含前瞻性陳述，這些陳述並不能保證未來的表現或結果，並涉及許多風險和不確定性。

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 filing with the SEC.

由於多種因素（包括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 such forward-looking statements unless required by law.

除非法律要求，否則 Portman Ridge Finance Corporation 不承擔更新任何此類前瞻性聲明的義務。

Speaking on today's call will be Ted Goldthorpe, Chief Executive Officer, President and Director of Portman Ridge Finance Corporation, Brandon Sen, Chief Financial Officer and Patrick Sfer, Chief Investment Officer.

今天的電話會議發言者包括 Portman Ridge Finance Corporation 執行長、總裁兼董事 Ted Goldthorpe、財務長 Brandon Sen 和首席投資長 Patrick Sfer。

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

說完這些，我現在想將電話轉給 Portman Ridge 執行長 Ted Goldthorpe。

Good morning and welcome to our third quarter, 2024 earnings call.

早安，歡迎參加我們 2024 年第三季財報電話會議。

I'm joined today by our Chief Financial Officer, Brandon Sarin and our Chief Investment Officer Patrick Schafer.

今天與我一起出席的還有我們的財務長 Brandon Sarin 和首席投資長 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 markets and Brandon will discuss our operating results and financial condition in greater detail.

在我對公司第二季的業績和活動發表開場發言之後，帕特里克將對我們的投資組合和市場進行評論，布蘭登將更詳細地討論我們的經營業績和財務狀況。

On November 7th, 2024 Portman Ridge announced its third quarter 2024 results. And following the strong earnings we saw in the first half of 2024 the company's third quarter earnings were temporarily impact but impacted by prudent cash and portfolio management initiatives. Prior to the successful successful refinancing of the 2018-2 secured notes.

2024年11月7日，Portman Ridge公佈了2024年第三季業績。繼 2024 年上半年強勁獲利之後，該公司第三季的獲利暫時受到影響，但受到審慎現金和投資組合管理措施的影響。在成功對 2018-2 擔保票據進行再融資之前。

I'm very pleased with the work we did on the right side of the balance sheet and the substantial improvements we made to the company's debt capital structure.

我對我們在資產負債表右側所做的工作以及對公司債務資本結構的重大改進感到非常滿意。

Specifically, the company extended the maturity of the JPM credit facility while also reducing the spread by a full 30 basis points. Further use the upsized and lower cost JPM credit facility. The company refinanced the remaining $85 million of a 2018 to your notes at the end of August which resulted in further net spread savings of approximately 28 basis points on a run rate basis. The impact from reduced spreads should result in approximately $265,000 reduction of interest expense relative to Q3 results are 3¢ a share.

具體而言，該公司延長了摩根大通信貸協議的期限，同時將利差降低了整整 30 個基點。進一步使用規模擴大且成本降低的 JPM 信貸工具。該公司於 8 月底將 2018 年剩餘的 8,500 萬美元再融資為您的票據，從而按運行率計算進一步實現約 28 個基點的淨利差節省。利差縮小將帶來約 265,000 美元的利息支出減少，而第三季的業績為每股 3 美分。

That in mind, we continue to believe our stock remains undervalued and thus we continued repurchasing stock during the third quarter.

考慮到這一點，我們仍然相信我們的股票仍然被低估，因此我們在第三季繼續回購股票。

Under our rule, 10 B five stock repurchase program specifically during the quarter ended September 30th 2024. The company repurchased 33,429 shares in the open market for an aggregate cost of approximately $600,000 which is a creative to nav by 1¢ to share and reinforces our commitment to increasing shareholder value.

根據我們的規定，10B 五項股票回購計畫具體在截至 2024 年 9 月 30 日的季度內進行。該公司在公開市場回購了 33,429 股，總成本約為 60 萬美元，這意味著每股收益將增加 1¢，並加強了我們提高股東價值的承諾。

Additionally, the board of directors approved a 69¢ per share distribution for the fourth quarter of 2024 which represents a 13.6% annualized return on net net asset value amongst the highest in the BDC space.

此外，董事會批准了 2024 年第四季每股 69 美分的分配，這意味著淨資產價值的年化回報率為 13.6%，在 BDC 領域名列前茅。

Regarding the private credit markets and specifically the core middle market which we define as companies generating 10 to 50 vioc activity levels continue to be elevated. Relative to 2023 the majority of activity has consistently been from refinancings add ons or amended extend transactions that most often result in lower cost of capital for our borrowers and extended maturities.

至於私人信貸市場，特別是核心中端市場，我們將其定義為產生 10 至 50 vioc 活動水準的公司持續上升。相對於 2023 年，大多數活動一直來自再融資附加或修改後的延期交易，這通常會降低我們的借款人的資本成本並延長期限。

While true new money buyout financings have remained at depressed levels throughout 2024 we continue to believe that a combination of dry powder sponsors looking to return capital to LPS the ongoing rate cuts by the fed are all tailwinds for our sector.

儘管真正的新資金收購融資在整個 2024 年一直處於低迷水平，但我們仍然相信，幹火藥贊助商希望向 LPS 返還資本，而聯準會持續降息，都是我們行業的順風。

Looking ahead to the final quarter of 2024 and the beginning of 2025 with the company's balance sheet fortified by the amended JP Morgan credit facility. We expect to be active in the market and net deployers of the company's capital which we believe will restore net investment income back in line with more normalized levels above all. Despite the current economic activity and a dynamic interest rate environment, we remain confident in our prudent investment strategy, strong pipeline and experienced management team and believe the company remains well positioned with our strong spillover income to continue to deliver positive returns to our shareholders.

展望 2024 年最後一個季度和 2025 年初，公司的資產負債表將因摩根大通信貸安排的修訂而得到加強。我們期望在市場上積極活躍並淨部署公司的資本，我們相信這將使淨投資收益恢復到更正常的水平。儘管當前經濟活動和利率環境不斷變化，我們仍然對我們審慎的投資策略、強大的產品線和經驗豐富的管理團隊充滿信心，並相信公司憑藉強勁的溢出收入仍處於有利地位，將繼續為股東帶來積極的回報。

With that, I will turn the call over 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 turn to slide 5 of our presentation and the sensitivity to our earning of our earnings to interest rates. As of September 30th 2024 approximately 88.5% of our debt securities portfolio was floating rate with a spread pegged to an interest rate index such as so far or prime with substantially all of these being linked to so far as you can see from the chart. So rates have been relatively consistent for the last for the last several quarters with a decrease in rates impacting the current quarter skipping down to slide. 10 originations for the third quarter were lower than last quarter and were also below the current quarter repayment and sales levels resulting in net repayments and sales of approximately $11.6 million.

感謝 Ted，請前往我們簡報的第 5 頁，以及我們的收益對利率的敏感度。截至 2024 年 9 月 30 日，我們債務證券投資組合中約有 88.5% 為浮動利率，利差與利率指數（如迄今為止或主要利率）掛鉤，從圖表中可以看出，基本上所有這些都與迄今為止掛鉤。因此，過去幾季中利率一直相對穩定，利率的下降導致本季利率出現下滑。第三季的 10 筆貸款發放量低於上一季度，也低於本季的還款和銷售水平，導致淨還款和銷售額約為 1,160 萬美元。

During the quarter, we funded small incremental ddtls and revolver draws in seven existing portfolio companies and increased our investment in our Great Lakes to venture but did not add any new portfolio companies as we one transaction closed in early October and several other transactions slated for Q4 closings.

在本季度，我們為七家現有投資組合公司提供了小幅增量直接存款和循環信貸，並增加了對五大湖風險投資的投資，但沒有增加任何新的投資組合公司，因為我們的一筆交易已於 10 月初完成，其他幾筆交易計劃於第四季度完成。

Our fundings made during the quarter are expected to yield a spread to so of 656 basis points on par value. And the investments were purchased at a cost of approximately 98.5% of par our investment portfolio at the end of the third quarter remains highly diversified. Meaning the third quarter with debt investment portfolio spread across 28 different industries with 72 unique portfolio companies and an average split and an average par balance of $2.7 million for slide. 11 in aggregate investments on non accrual status were nine investments at the end of the third quarter of 2024 representing 1.6% and 4.5% of the company's investment portfolio at fair value and cost perspective.

我們在本季進行的融資預計將產生票面價值 656 個基點的利差。這些投資的購買成本約為票面價值的 98.5%，截至第三季末，我們的投資組合仍高度多元化。這意味著第三季的債務投資組合分佈在 28 個不同的行業，擁有 72 家獨特的投資組合公司，平均分割和平均票面餘額為 270 萬美元。截至 2024 年第三季末，非應計狀態的投資總計 11 項，其中 9 項投資以公允價值和成本角度分別占公司投資組合的 1.6% 和 4.5%。

This compares to nine investments on a status as of June 30th 2024 representing 0.5% and 4.5% of the company's investment portfolio at fair value and cost respectively.

相較之下，截至 2024 年 6 月 30 日，該公司共有 9 項投資，以公平價值和成本計算，分別占公司投資組合的 0.5% 和 4.5%。

On slide 12, excluding our nonaccrual investments, we have an aggregate debt investment portfolio of $341 million at fair value. This represents a blended price of 92.6% of par and is 92.9% comprised of first aid loans at par value.

在第 12 頁上，不包括我們的非應計投資，以公平價值計算，我們的債務投資組合總額為 3.41 億美元。這代表了票面價值 92.6% 的混合價格，其中 92.9% 由票面價值的急救貸款組成。

Assuming a power recovery, our September 30th 2024 fair value, fair values reflect a potential of $27.3 million of incremental NAV value or a 13.9% increase to NAV when applying a lust of 10% default rate and 70% recovery rate. Our debt portfolio would generate an incremental $1.1.76 per share of now or an 8.3% increase as it rotates finally turn to slide. 13. If you aggregate the three portfolios over the last three years, we have purchased a combined $435 million of investments have realized approximately 85% of these positions at a combined realized and unrealized mark of 101% of fair value at the time of closing their respective mergers.

假設電力恢復，即我們的 2024 年 9 月 30 日的公允價值，在應用 10% 的違約率和 70% 的回收率的情況下，公允價值反映了 2730 萬美元的增量資產淨值潛力或 13.9% 的資產淨值增長。我們的債務投資組合現在將產生每股 1.176 美元的增量，或隨著其最終轉向下滑，產生 8.3% 的增幅。13.如果將過去三年的三個投資組合加起來，我們總共購買了 4.35 億美元的投資，其中約 85% 已實現和未實現的綜合收益達到各自合併時公允價值的 101%。

As the Q3 2024 we fully exit the acquired our portfolio and are down to a combined $27.9 million of the acquired HCAP and initial KCAP portfolios.

到 2024 年第三季度，我們將完全退出收購的投資組合，收購的 HCAP 和初始 KCAP 投資組合總額降至 2,790 萬美元。

I'll not the call over to Brandon to further discuss our financial results for the period.

我不會打電話給布蘭登進一步討論我們該時期的財務表現。

Thanks Patrick for the third quarter of 2024. Portman generated 15.2 million of investment income of which 12.7 million was attributable to interest income inclusive of pick income from the debt investment portfolio. This compares to total investment income for the second quarter of 2024 of 16.3 million of which 13.7 million was attributable to interest income inclusive of pick income from the debt investment portfolio. The decrease was primarily driven by lower interest income due to net repayments and sales during the quarter, a loan being placed on non accrual as well as lower clo and joint venture income.

感謝帕特里克 (Patrick) 2024 年第三季的表現。波特曼產生了1,520萬美元的投資收益，其中1,270萬美元來自利息收入，包括債務投資組合的收益。相較之下，2024 年第二季的總投資收入為 1,630 萬，其中 1,370 萬歸因於利息收入，包括債務投資組合的收益收入。下降的主要原因是本季淨還款和銷售導致利息收入減少，貸款為非應計貸款，以及 clo 和合資收入減少。

With that in mind, I'd like to highlight that recurring pick income as a percentage of total investment income declined by over 200 basis points compared to the prior quarter excluding the impact of asset acquisition accounting. Our core investment income was 15.2 million as compared to core investment income of 16.2 million in the prior quarter.

考慮到這一點，我想強調的是，排除資產收購會計的影響，經常性精選收入佔總投資收入的百分比與上一季相比下降了 200 多個基點。我們的核心投資收入為 1,520 萬美元，而上一季的核心投資收入為 1,620 萬美元。

Total expenses for the quarter ended September 30th 2024 decreased by 0.5 million to 9.4 million as compared to 9.9 million in the prior quarter. This decrease was largely driven by lower interest expense during the quarter as a result of the successful refinancing of the 20 18-2 secured notes in conjunction with the amendment to the existing senior secured revolving credit facility with JP Morgan that reduced the applicable margin from 2.8% to 2.5% as well as lower management and incentive fees. Accordingly, our net investment income for the quarter decreased to 5.8 million or 63¢ per share. This compares to 6.5 million or 70¢ per share for the prior quarter.

截至 2024 年 9 月 30 日的季度總支出與上一季的 990 萬美元相比減少了 50 萬美元至 940 萬美元。這一下降主要由於本季度利息支出減少所致，因為成功對 20 18-2 擔保票據進行再融資，同時對與摩根大通現有的優先擔保循環信貸安排進行修訂，將適用保證金從 2.8% 降至 2.5%，且管理費和激勵費也降低。因此，本季我們的淨投資收益減少至 580 萬美元，即每股 63 美分。相比之下，上一季的利潤為 650 萬美元，即每股 70 美分。

Further for the quarter ended September 30th net realized and change in unrealized losses on investments in debt was 7.3 million. This compares to net realized and change in unrealized losses on investments in debt of 12.8 million in the prior quarter.

截至 9 月 30 日的季度，債務投資的淨實現損失和未實現損失變動為 730 萬美元。相較之下，上一季債務投資的淨實現損失和未實現損失變動為 1,280 萬美元。

As of September 30th 2024 the company's net asset value was 188 million or $20.36 per 36¢ per share. A decrease of 8.4 million or 85¢ per share compared to the prior to the company's prior quarter. Net asset value of 196.4 million or $21.21 per share.

截至 2024 年 9 月 30 日，該公司的淨資產價值為 1.88 億美元，即每股 36 美分 20.36 美元。與公司上一季相比，減少 840 萬美元，即每股 85 美分。淨資產價值 1.964 億美元，或每股 21.21 美元。

As of September 30th and June 30th 2024 our gross leverage ratios were approximately 1.4 times and 1.5 times respectively for the same periods. Our leverage ratio net of cash was 1.3 times specifically as of September 30th 2024 we had a total of 267.5 million in borrowings outstanding with a current weighted average contractual interest rate of 6.7%.

截至 2024 年 9 月 30 日及 2024 年 6 月 30 日，我們同期的總槓桿率分別約為 1.4 倍及 1.5 倍。我們的現金淨槓桿率為 1.3 倍，具體截至 2024 年 9 月 30 日，我們未償還借款總額為 2.675 億，目前加權平均合約利率為 6.7%。

This compares to 285.1 million of borrowings outstanding as of the prior quarter with a then current weighted average contractual interest rate of 6.9%. The company finished the quarter with $40.5 million of available borrowing capacity under the senior secured revolving credit facility.

相比之下，截至上一季度，未償還借款為 2.851 億，當時的加權平均合約利率為 6.9%。本季結束時，該公司在優先擔保循環信貸安排下的可用借款能力為 4,050 萬美元。

Finally, the board approved a quarterly distribution of 69¢ per share payable on November 29th, 2024 to stockholders of record at the close of business on November 19th 2024.

最後，董事會批准每股 69 美分的季度分配，並將於 2024 年 11 月 29 日支付給 2024 年 11 月 19 日營業結束時登記在冊的股東。

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

說完這些，我現在將電話轉回給泰德。

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 has shown for the first nine months of the year. Through our proven investment strategy, we believe we'll be able to deliver strong returns to our shareholders at the end in the tail end of 2024.

謝謝你，布蘭登。提前提問。我想再次強調，我們相信我們有能力利用今年前九個月所展現的當前市場環境。透過我們行之有效的投資策略，我們相信我們將能夠在 2024 年底為股東帶來豐厚的回報。

Thanks again once again to all of our shareholders for ongoing support. This concludes our prepared remarks and I will turn the call over for any questions.

再次感謝所有股東的持續支持。我們的準備好的演講到此結束，我將把電話轉交給大家以回答任何問題。

At this time. I would like to remind everyone in order to ask a question, please press star. Then the number one on your telephone keypad, we will pause for just a moment to compile the Q&A roster.

此時。我想提醒大家，要想提問，請按星號。然後按下您電話鍵盤上的數字 1，我們將暫停片刻，以編制問答名單。

And your first question comes from the line of Christopher Nolan with Landenburg Falvin, your line is open.

您的第一個問題來自蘭登堡法爾文的克里斯多福諾蘭的電話，您的線路是開放的。

What's the driver of the realized losses, please?

請問造成已實現損失的原因是什麼？

Hey, Chris, this is Brandon. The primary driver of the realized loss was qualtek. You may recall on our last earnings call, we had disclosed that we had successfully exited qualtek at the mark we had in the prior quarter. So, there was no impact and have as a result of that realized loss that was previously captured.

嘿，克里斯，這是布蘭登。造成實際損失的主要原因是 qualtek。您可能還記得，在我們上次的財報電話會議上，我們披露已按照上一季的股價成功退出了 qualtek。因此，沒有產生影響，並且是由於先前捕獲的實際損失造成的。

I thought that I thought, I thought so. Okay. On the interest rate sensitivity, I'm looking at flood five and it says, you know, blah, blah, blah, reduction of quarterly income of 164 K.

我以為我以為，我是這麼以為的。好的。關於利率敏感性，我正在研究洪水五號，它說，你知道，等等，等等，季度收入減少 164 K。

And then if you look in the 10-Q, it says for a 1% decrease in interest rates, you know, it's $1.7 million annually and given that the fed is, you know, eased by 75 bits or so. And, you know, should that infor information? I mean, there seems to be a lot, the impact of our 1% rate change seems to be a lot bigger in the queue than is in the deck.

然後，如果您查看 10-Q，它說利率下降 1%，每年就是 170 萬美元，而且假設聯準會升息 75% 左右。而且，您知道，這應該是訊息嗎？我的意思是，似乎有很多，我們的 1% 利率變化的影響在隊列中似乎比在甲板上要大得多。

Yeah, so.

是啊。

That the in the deck, it's just the difference between the 475 and the 455. It's not a full 1% reduction.

那是在甲板上，它只是 475 和 455 之間的差異。這並不是整整 1% 的減少。

Okay?

好的？

And then I guess spill over a spillover.

然後我猜溢出效應就會持續下去。

So it's a, it's.

所以它是一個，它是。

A. It's about 70¢ per share from the prior year.

答：比去年同期上漲了約 70 美分/股。

Finally, strategy, you guys are sort of cruising along at your normal leverage ratio and the growth has been slow. What is the strategy if anything to grow earnings in growing the book? Excuse me, growing NAV in general.

最後，關於策略，你們的槓桿率處於正常水平，成長緩慢。如果有的話，有什麼策略可以增加書籍的收入？抱歉，總體而言，資產淨值 (NAV) 正在成長。

So, so I'll, I'll start, which is number one is, I mean, there is a lot of embedded NAV to the extent that our loans mature at par. And we, we Patrick talked a little bit about it in the script, but we can, we can get you the numbers.

所以，我先開始，首先，我的意思是，在我們的貸款以面額到期的範圍內，有大量的嵌入式資產淨值。我們帕特里克在劇本中談到了這一點，但我們可以，我們可以為你提供數字。

So to the extent that we remain in a, you know, subdued credit environment, there just should be upside just with our existing portfolio and, and there is some positions that we have that as rates go down, if they go down, you get a NAV increase. So it there's a income comes down a little bit, but you get NAV increases in certain situations. That's number one.

因此，在我們仍然處於低迷的信貸環境中的情況下，我們現有的投資組合就應該有上行空間，並且我們的一些部位是，隨著利率下降，如果利率下降，您的資產淨值就會增加。因此，收入會有所下降，但在某些情況下資產淨值會增加。這是第一點。

And then in terms of investment strategy, you know, again, like we haven't been as nearly as impacted as other BBCs by this production spreads. It, it may be coming to our markets beginning to come to our market, but that's really been a large cap and upper middle market phenomenon. So we've been able to retain spread and in the situations where we've been asked to kind of like reduce spreads to, you know, where big, big cap mark guys are we've generally taken the refi. So again, you can see on slide 6 of what we disclosed, I mean fee income for us continues to be anemic like we only had, you know, we basically had our lowest fee income ever this quarter going back, you know, four years, 45 years and that that should revert back to normal at some point as you know, this refi wave continues. So there's like that obviously is a tail end earnings as well. Although it's something we can't obviously forecast or predict.

從投資策略來看，我們並沒有像其他 BBC 那樣受到這種生產利差的影響。它可能正在進入我們的市場，開始進入我們的市場，但這確實是一個大盤股和中上層市場的現象。因此，我們能夠保留利差，而在被要求降低利差的情況下，對於大額上限的人來說，我們通常會採取再融資。因此，您可以在第 6 張幻燈片中看到我們披露的內容，我們的費用收入持續低迷，就像我們本季度的費用收入基本上是四年、四十五年來的最低水平，而且在某個時候應該會恢復正常，正如您所知，這波再融資浪潮仍在繼續。因此，這顯然也是一種尾端收益。儘管這顯然是我們無法預測或預報的事情。

Okay, great. Thank you. Talk to you guys later.

好的，太好了。謝謝。稍後再與你們交談。

Your next question comes from the line of Steven Martin with Slater Capital. Your line is open.

您的下一個問題來自 Slater Capital 的 Steven Martin。您的線路已開通。

You guys.

你們。

Two questions. You, you made some comments about some activity in the fourth quarter. Are we expecting net deployments in the fourth quarter?

兩個問題。您對第四季度的一些活動發表了一些評論。我們預計第四季會有淨部署嗎？

I think the short answer is, is yes, Steve, the long answer is it, it, it always depends on, you know, there, we only have sort of one known repayment during the quarter for now. So the answer is yes, all we'd expect to be a net deployer over the next call it two months. But, you know, again, we might get unforeseen, you know, exits or things like that. But I'd say our, our strategy is and will be to be a net deployer.

我認為簡短的回答是肯定的，史蒂夫，詳細的回答是，它總是取決於，你知道，目前我們在本季度只有一種已知的還款方式。所以答案是肯定的，我們預計在接下來的兩個月內都會成為淨部署者。但是，你知道，我們可能會遇到無法預料的情況，例如退出或類似的事情。但我想說，我們的策略是並且將是成為一個網路部署者。

Okay. And your pick income declined dramatically in the quarter, which was great. What was the reason for the decline.

好的。而你的選擇收入在本季大幅下降，這很好。下降的原因是什麼？

Yeah, I mean, Brandon gave you the specifics but we did have one company that, you know, had a period of time where there was a partial pick and that is converted back to cash and there's a couple of other things that, that Brandon can enumerate. But yeah.

是的，我的意思是，布蘭登向您提供了具體細節，但我們確實有一家公司，你知道，有一段時間，有部分選擇，然後轉換回現金，還有其他一些事情，布蘭登可以列舉出來。但，是的。

It's, it's, it's two portfolio companies in particular were previously paying their interest with pick, that reverted to cash this quarter. It was about a half a million dollars worth.

特別是，這兩家投資組合公司之前是用現金支付利息，但本季卻恢復了現金支付。價值約50萬美元。

Okay. That's the good way to reduce pick.

好的。這是減少挑選的好方法。

Can you talk about the activity in the non accruals?

您能談談非應計活動嗎？

What went in? What went out?

什麼東西進去了？出了什麼事？

Yeah, the as we mentioned last quarter, so qualtek security went out and the bar I should say went out and then we had one new bar in which Vega on our, on our. So I it goes by a number of different names colloquially is Navigo on our, on our. So I and Colin is another name that it goes by. But that one we've been, we, the lenders have been working through with the company. I think we, we would expect that to be a somewhat temporary, temporary non accrual. But for now that that's kind of where it is based on based on the facts and circumstances.

是的，正如我們上個季度提到的那樣，qualtek security 推出了，我應該說這個酒吧也推出了，然後我們有了一個新的酒吧，其中 Vega 在我們的酒吧上。因此，它有許多不同的名字，通俗地說就是我們的 Navigo。所以我和科林是它的另一個名字。但我們，作為貸款方，一直在與該公司合作解決這個問題。我想我們預期這只是暫時的、暫時的非應計現象。但就目前而言，這只是基於事實和情況。

Okay. And what does it look like for restructurings of any of the other non accruals.

好的。那麼對於其他非應計項目的重組來說，情況又如何呢？

I think as of right now, there is nothing substantial. I mean, again, it's, there are, there are a couple that, that, you know, candidly just are, are, you know, we, we have market zeros and we would expect them to continue to be zeros. Such as Pro Air is a name that's on, on not accrual that will continue to be on, on non accrual until we can kind of legally clean it up. So I'd say II, I don't think there's anything significant on the horizon in terms of, in terms of other non accruals.

我認為截至目前，還沒有任何實質的內容。我的意思是，再說一次，有幾個，坦白說，你知道，我們的市場為零，我們預計它們將繼續為零。例如，Pro Air 是一個處於開啟狀態、不計入應計利潤的名稱，並且將繼續處於開啟狀態、不計入應計利潤的狀態，直到我們能夠合法地清理它。因此我想說 II，我認為就其他非應計項目而言，未來不會有任何重大變化。

Okay. Thanks a lot.

好的。多謝。

Take that back.

收回剛才的話。

I'm, I'm looking, I'm names now. There is, there is one is in the process of restructuring Robert Shaw that should ultimately clear through our non accruals sometime shortly. That was a bankruptcy process that I believe the company is exiting shortly. And so we, we should ultimately, that's we get clean up. And, and the new security we'd be taking on, you know, should be accruing security. So that, that might be one other one, but that's a relatively small small number. It's, you know, a couple $100,000 in market value, so not, not particularly relevant. But that should get cleaned up shortly. Okay.

我，我正在尋找，我現在是名字。有，有一個正在重組羅伯特肖 (Robert Shaw) 的過程中，最終應該很快就會清算我們的非應計項目。這是一個破產程序，我相信公司很快就會退出。所以我們最終應該把事情清理乾淨。而且，我們要採取的新安全措施應該是不斷累積的安全措施。所以，這可能是另一個，但這是一個相對較小的數字。你知道，它的市場價值是幾十萬美元，所以不是特別相關。但很快就會解決。好的。

Thanks.

謝謝。

Your next question comes from the line of Paul Johnson with KBW. Your line is open.

您的下一個問題來自 KBW 的保羅·約翰遜。您的線路已開通。

Hey guys, thanks for taking my questions. I'm hopping on the call. A little bit late. So I apologize if you mentioned this in your remarks or if there was already a question but in the release last night or sorry, last week on, on for earnings, you just mentioned some prudent cash and portfolio management initiatives prior to paying off some notes in the portfolio. Can you just tell us what exactly that was? And if, how, I guess how that would have affected results this quarter if, if it did at all?

嘿夥計們，謝謝你們回答我的問題。我正接聽電話。有點晚了。因此，如果您在評論中提到了這一點，或者已經存在問題，我深感抱歉，但在昨晚的發布中，或者抱歉，上週的收益發布中，您只是提到了在償還投資組合中的部分票據之前採取的一些審慎的現金和投資組合管理舉措。你能告訴我們那到底是什麼嗎？如果確實如此，我猜這會對本季的業績產生怎樣的影響？

Yeah. Yeah, Paul, I mean, the short answer is we were in the process of refinancing out the the secured notes with an upsized the JP Morgan facility. And to we, we to be prudent and we had been sitting on additional cash in our vehicle to ensure a smooth refinancing. And so too, we were sitting on incremental capacity in the JP Morgan facility to make sure that there was that the entire process went smoothly and we were, and, and we were, you know, able to successfully refinance and then, and then able to kind of turn back to investing once we kind of had a collective facility with and, and and you know, better understood our kind of available capacity, but it was effectively, you know, holding back on investments and sitting on some cash to ensure a smooth refinancing process there.

是的。是的，保羅，簡而言之，我們正在利用摩根大通的擴大融資規模來為擔保票據進行再融資。對我們來說，我們要謹慎，並且我們一直在我們的車輛中存放額外的現金，以確保順利進行再融資。因此，我們也利用摩根大通設施的增量產能來確保整個過程順利進行，而且我們能夠成功地進行再融資，然後，一旦我們擁有了集體設施，並且更好地了解了我們的可用產能，我們就可以重新進行投資，但實際上，我們抑制了投資並持有一些現金，以確保再融資過程順利進行。

Got it, appreciate that that's helpful, but that's all the questions for me. Thank you.

明白了，很高興能幫到你，不過對我來說這就是全部問題了。謝謝。

Again. If you would like to ask a question, press star one on your telephone keypad.

再次。如果您想提問，請按電話鍵盤上的星號鍵 1。

I will now turn the call back over to Mr Gospal from closing remarks.

現在我將把閉幕詞交還給戈斯帕爾先生。

Thank you all for attending our call. As per always, please reach out to us with any questions which we're happy to discuss. We look forward to speaking to you again on December 12th during our investor luncheon event and encourage you guys to come. Thank you very much.

感謝大家參加我們的電話會議。像往常一樣，如果您有任何問題請聯繫我們，我們很樂意討論。我們期待在 12 月 12 日的投資者午餐會上再次與您交談，並鼓勵您們前來。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining you. May now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。現在可以編輯。