BCP Investment Corp (BCIC) 2025 Q2 法說會逐字稿

Welcome to Portman Ridge Finance Corporation's Second Quarter Ended June 30, 2025 Earnings Conference Call. An earnings press release was distributed yesterday, August 7, after market close. 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.

歡迎參加 Portman Ridge Finance Corporation 截至 2025 年 6 月 30 日的第二季財報電話會議。昨天（8 月 7 日）收盤後發布了一份收益新聞稿。新聞稿副本以及收益介紹可在公司網站 www.portmanridge.com 的投資者關係部分查閱，並應與公司昨天向美國證券交易委員會提交的 10-Q 表格一起查閱。提醒一下，本次電話會議將會被錄音以供重播。

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. 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，這些陳述並非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. 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，否則 Portman Ridge Finance Corporation 不承擔更新任何此類前瞻性聲明的義務。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 Satoren 和首席投資長 Patrick Schafer。

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

現在，我想將電話轉給 Portman Ridge 執行長 Ted Goldthorpe。請繼續，泰德。

Good morning, and welcome to our second quarter 2025 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 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.

早安，歡迎參加我們 2025 年第二季財報電話會議。今天與我一起出席的還有我們的財務長 Brandon Satoren 和首席投資長 Patrick Schafer。在我對公司第二季業績和活動發表開場白之後，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。

We continue to advance our strategic priorities in the second quarter, generating net investment income of $4.6 million or $0.50 per share compared with $4.3 million or $0.47 per share in the prior quarter. Our focus remains on maintaining a high-quality portfolio and delivering long-term value to our shareholders. Additionally, the recent completion of our merger with Logan Ridge Finance Corporation marks a transformational milestone for the company. We are extremely proud to have completed this transaction and look forward to the greater scale, broader portfolio diversification and enhanced financial flexibility it will provide. We believe the newly combined company will drive improved operating efficiency and shareholder returns over time.

我們在第二季度繼續推進我們的戰略重點，實現淨投資收益 460 萬美元或每股 0.50 美元，而上一季為 430 萬美元或每股 0.47 美元。我們的重點仍然是維持高品質的投資組合併為股東提供長期價值。此外，我們最近完成與 Logan Ridge Finance Corporation 的合併，標誌著公司轉型的一個里程碑。我們非常自豪能夠完成此次交易，並期待其將帶來更大的規模、更廣泛的投資組合多樣化和更強的財務靈活性。我們相信，新合併後的公司將隨著時間的推移提高營運效率和股東回報。

Logan Ridge also delivered strong results for the second quarter, generating net investment income of $1.2 million or $0.47 per share, up from $0.9 million or $0.35 per share in the first quarter of 2025. The increase was driven by net deployment activity of $3.8 million during the quarter and continued credit strength with no new investments on nonaccrual at quarter end. To better reflect this next chapter and the strength of our adviser, we will also be changing our corporate name to BCP Investment Corporation with the NASDAQ ticker BCIC in the following weeks. The new name highlights our affiliation with BC Partners, a global alternative investment platform with deep credit expertise and reinforce our commitment to build an industry-leading business development company.

Logan Ridge 在第二季也取得了強勁的業績，淨投資收益為 120 萬美元或每股 0.47 美元，高於 2025 年第一季的 90 萬美元或每股 0.35 美元。這一增長是由本季度 380 萬美元的淨部署活動和持續的信貸實力以及季度末沒有新的非應計投資所推動的。為了更好地體現接下來的篇章和我們顧問的實力，我們還將在接下來的幾週內將公司名稱更改為 BCP Investment Corporation，納斯達克股票代碼為 BCIC。新名稱凸顯了我們與 BC Partners（一家擁有深厚信貸專業知識的全球另類投資平台）的合作關係，並強化了我們打造行業領先的業務發展公司的決心。

For the second quarter of 2025, the Board of Directors approved a base distribution of $0.47 per share as well as a supplemental cash distribution of $0.02 per share. Of note, earlier this year, we modified our dividend policy and introduced a stable base distribution of $0.47 per share, which is anticipated to be sustainable across market cycles. Looking forward, we are excited about the opportunities ahead for the combined company. We will seek to leverage the company's enhanced scale, further portfolio -- further diversified portfolio, cost savings due to lower all -- overall operating expenses and improved stock trading liquidity to deliver compelling risk- adjusted returns and drive long-term value for our shareholders. We remain confident in our strategy and experienced management team as we enter the back half of this year.

對於 2025 年第二季度，董事會批准每股 0.47 美元的基本分配以及每股 0.02 美元的補充現金分配。值得注意的是，今年早些時候，我們修改了股息政策，並引入了每股 0.47 美元的穩定基本分配，預計這將在整個市場週期中保持可持續。展望未來，我們對合併後公司的未來機會感到興奮。我們將尋求利用公司擴大的規模、進一步的投資組合（進一步多樣化的投資組合）、因整體營運費用降低而節省的成本以及改善的股票交易流動性來提供引人注目的風險調整回報並為我們的股東創造長期價值。進入今年下半年，我們對我們的策略和經驗豐富的管理團隊仍然充滿信心。

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

話雖如此，我將把電話轉給我們的首席投資官帕特里克·謝弗 (Patrick Schafer)，以審查我們的投資活動。

Thanks, Ted. Activity in our core market was partially constrained for the quarter due to the initial tariff announcements and subsequent revisions to the various levels. Having said that, deal volume did pick up meaningfully towards the end of the quarter, and thus far during Q3, our pipeline and repayment activity has been fairly active. For the first time in a while, there appears to be a

謝謝，泰德。由於最初的關稅公告以及隨後對各個層級的修訂，本季我們核心市場的活動受到部分限制。話雖如此，交易量在本季末確實大幅回升，到目前為止，在第三季度，我們的管道和還款活動相當活躍。一段時間以來，似乎第一次出現了

healthy mix of new LBO sale processes as well as refinancings and the syndicated markets appear to be open for the very large end of the middle market. While this last dynamic has a limited direct impact on our franchise, it does point to overall healthy capital markets that should lay the groundwork for increased deal activity in the second half of the year.

新的槓桿收購銷售流程以及再融資和銀團市場的健康組合似乎對中端市場的很大一部分開放。雖然最後一種動態對我們的特許經營權的直接影響有限，但它確實表明資本市場整體健康，這為下半年交易活動的增加奠定了基礎。

Turning now to Slide 6 of our presentation and sensitivity of our earnings to interest rates. As of June 30, 2025, approximately 86.9% of our debt securities portfolio was based on a floating rate with a spread pegged to an interest rate index such as SOFT or PRIME rate, with substantially all of these being linked to SOFR. As you can see from the chart, SOFR rates have slightly declined over the last few quarters, impacting current quarter net investment income.

現在轉到我們簡報的第 6 張投影片以及我們的收益對利率的敏感度。截至 2025 年 6 月 30 日，我們約 86.9% 的債務證券投資組合基於浮動利率，利差與 SOFT 或 PRIME 利率等利率指數掛鉤，其中絕大部分均與 SOFR 掛鉤。從圖表中可以看出，SOFR 利率在過去幾季略有下降，影響了本季的淨投資收益。

Getting down to Slide 11. Originations for the second quarter were $10.9 million and repayment and sales were $17.0 million, resulting in net repayment and sales of approximately $6.1 million. Overall yield on par value of the new investments during the quarter was 11.5%, slightly above the yield of the overall portfolio at 10.7% on par value. Our investment portfolio at year-end remains highly diversified. We ended the second quarter with a debt investment portfolio when excluding our investments in CLO funds, equities and joint ventures, spread across 69 different portfolio companies and 25 different industries, with an average par balance of $2.6 million.

轉到第 11 張投影片。第二季的貸款發放額為 1,090 萬美元，還款和銷售額為 1,700 萬美元，淨還款和銷售額約為 610 萬美元。本季新投資的整體票面收益率為 11.5%，略高於整體投資組合的票面收益率 10.7%。我們年底的投資組合仍然高度多元化。截至第二季末，我們的債務投資組合（不包括對 CLO 基金、股票和合資企業的投資）分佈在 69 家不同的投資組合公司和 25 個不同的行業，平均票面餘額為 260 萬美元。

Turning to Slide 12. In aggregate, we had six investments on nonaccrual status at the end of the second quarter of 2025, representing 2.1% and 4.8% of the company's investment portfolio at fair value and cost, respectively. It's worth noting that for a subset of the nonaccrual population, the company started during Q2 to recognize interest income on a cash basis, i.e., only when cash payments are received. This compares to six investments on nonaccrual status as of March 31, 2025, representing 2.6% and 4.7% of the company's investment portfolio at fair value and cost, respectively.

翻到幻燈片 12。整體而言，截至 2025 年第二季末，我們有六項投資處於非應計狀態，以公平價值和成本計算，分別占公司投資組合的 2.1% 和 4.8%。值得注意的是，對於一部分非應計人群，該公司從第二季度開始以現金方式確認利息收入，即僅在收到現金支付時確認利息收入。相較之下，截至 2025 年 3 月 31 日，公司有 6 項投資處於非應計狀態，以公平價值和成本計算，分別占公司投資組合的 2.6% 和 4.7%。

On Slide 13, excluding our nonaccrual investments, we have an aggregate debt investment portfolio of $314.7 million at fair value, which represents a blended price of 86.6% of par value and its 88.6% comprised of fist lien loans at par value. Assuming a par recovery, our June 30, 2025, fair values reflect the potential of $24 million of incremental NAV value or a 14.6% increase to NAV. When applying an illustrative 10% default rate and 70% recovery rate, our debt portfolio would generate an incremental $1.51 per share of NAV or an 8.4% increase as it rotates.

在投影片 13 中，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 3.147 億美元，其混合價格為票面價值的 86.6%，其中 88.6% 由票面價值的優先留置權貸款組成。假設票面價值恢復，我們 2025 年 6 月 30 日的公允價值將反映出 2,400 萬美元的增量資產淨值潛力或資產淨值成長 14.6%。當應用 10% 的違約率和 70% 的回收率時，我們的債務投資組合將產生每股 1.51 美元的增量資產淨值或 8.4% 的輪換增值。

Finally, turning to Slide 14, if you aggregate the last three acquired portfolios we have purchased a combined $435 million of investments and have realized approximately 88% of these positions at a combined realized and unrealized mark of 100% of fair value at the time of closing in the respective merger. As of Q2 2025, we have fully exited the acquired Oak Hill portfolio and are down to a combined $20 million of the acquired HCAP and initial KCAP portfolios.

最後，翻到投影片 14，如果將最後三個收購的投資組合加起來，我們總共購買了 4.35 億美元的投資，並且在各自的合併結束時，以 100% 的公允價值實現了其中約 88% 的已實現和未實現的合併標記。截至 2025 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 投資組合的總價值降至 2,000 萬美元。

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

現在我將把電話轉給布蘭登，進一步討論我們本期的財務表現。

Thanks, Patrick. For the quarter ended June 30, 2025, Portman Ridge generated $12.6 million of investment income, an increase of $0.5 million compared to the $12.1 million reported for the quarter ended March 31, 2025. The increase in investment income from the prior quarter was primarily driven by the reversal of previously accrued but unpaid income from our investment in Sundance, which had a nonrecurring negative impact to prior quarter earnings when it was placed on nonaccrual.

謝謝，派崔克。截至 2025 年 6 月 30 日的季度，Portman Ridge 產生了 1,260 萬美元的投資收入，與截至 2025 年 3 月 31 日的季度報告的 1,210 萬美元相比增加了 50 萬美元。上一季投資收益的增加主要是由於我們對聖丹斯的投資中先前應計但未支付的收入的逆轉，當該收入被列入非應計收入時，對上一季的收益產生了非經常性的負面影響。

Additionally, I'm pleased to report that PIK income has declined by approximately 20% quarter-over-quarter which was also driven by a nonrecurring item that inflated the company's PIK income in the prior quarter. We remain focused on managing our noncash income to a prudent level. For the quarter ended June 30, 2025, total expenses were $8.1 million, which represents a $0.3 million increase or $0.03 per share as compared to $7.8 million reported for the prior quarter. The increase in expense compared to the prior quarter was driven by lower-than-anticipated tax expenses in the prior year, the benefit of which was recognized in the prior quarter.

此外，我很高興地報告，PIK 收入環比下降了約 20%，這也是由於上一季非經常性項目導致公司 PIK 收入膨脹所致。我們仍然致力於將非現金收入管理在審慎的水平。截至 2025 年 6 月 30 日的季度，總支出為 810 萬美元，與上一季的 780 萬美元相比增加 30 萬美元或每股 0.03 美元。與上一季相比，費用增加是由於上一年度的稅務費用低於預期，其收益已在上一季確認。

Accordingly, our net investment income for the second quarter of 2025 was $4.6 million or $0.50 per share, which constitutes an increase of $0.3 million or $0.03 per share from $4.3 million or $0.47 per share for the first quarter of 2025. Our net asset value as of June 30, 2025, was $164.7 million, representing an $8.8 million decrease as compared to the prior quarter net asset value of $173.5 million. On a per share basis, net asset value was $17.89 per share as of June 30, 2025, representing a $0.96 per share decrease as compared to $18.85 per share as of March 31, 2025.

因此，我們 2025 年第二季的淨投資收入為 460 萬美元或每股 0.50 美元，比 2025 年第一季的 430 萬美元或每股 0.47 美元增加 30 萬美元或每股 0.03 美元。截至 2025 年 6 月 30 日，我們的淨資產價值為 1.647 億美元，與上一季的 1.735 億美元淨資產價值相比減少了 880 萬美元。以每股計算，截至 2025 年 6 月 30 日的每股淨資產價值為 17.89 美元，與 2025 年 3 月 31 日的每股 18.85 美元相比減少 0.96 美元。

The decline in NAV was primarily driven by net realized and change in unrealized losses of $9.1 million partially offset by the company's second quarter net investment income exceeding the distribution paid in May for the first quarter by $0.3 million. As of June 30, 2025, our gross and net leverage ratios were 1.6 times and 1.4 times, respectively, compared to 1.5 times and 1.3 times, respectively, in the prior quarter. Specifically, as of June 30, 2025, we had $255.4 million of borrowings outstanding with a current weighted

資產淨值的下降主要是由於淨實現和未實現損失的變化為 910 萬美元，但部分抵消了公司第二季度淨投資收益超過 5 月為第一季度支付的分配 30 萬美元的貢獻。截至 2025 年 6 月 30 日，我們的總槓桿率和淨槓桿率分別為 1.6 倍和 1.4 倍，而上一季分別為 1.5 倍和 1.3 倍。具體來說，截至 2025 年 6 月 30 日，我們有 2.554 億美元的未償還借款，目前加權

average contractual interest rate of 6%, this compares to the same amount outstanding as of the prior quarter with a weighted average contractual interest rate of 5.9% The company finished the quarter with $52.6 million of available borrowing base capacity under the senior secured revolving credit facility, subject to borrowing base restrictions.

平均合約利率為 6%，而上一季未償還金額的加權平均合約利率為 5.9%。本季末，本公司在優先擔保循環信貸安排下擁有 5,260 萬美元的可用借款基礎能力，但須遵守借款基礎限制。

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

說完這些，我會把電話轉回給泰德。謝謝。

Ahead of questions, I'd like to reemphasize how excited we are for the opportunities the newly combined company will create and are rebranding to BCP Investment Corporation. Additionally, with a robust pipeline, prudent investment strategy and increased scale, we believe we are well positioned to take advantage of the current market environment, and we'll be able to deliver strong returns to our shareholders through the second half of 2025. Thank you again to all our shareholders for your ongoing support. This concludes our prepared remarks, and I'll turn the call over for any questions.

在回答問題之前，我想再次強調，我們對新合併的公司將創造的機會以及更名為 BCP 投資公司的品牌感到非常興奮。此外，憑藉強大的產品線、審慎的投資策略和不斷擴大的規模，我們相信我們已做好準備，充分利用當前的市場環境，並能夠在 2025 年下半年為股東帶來豐厚的回報。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提問。

(Operator Instructions)

（操作員指示）

Christopher Nolan, Ladenburg.

克里斯多福諾蘭，拉登堡。

Hey guys. Brandon, were there any nonrecurring items in the quarter?

嘿，大家好。布蘭登，本季有任何非經常性項目嗎？

Outside of the other income that's broken out on the financial statements, there were no material items this quarter.

除財務報表中列出的其他收入外，本季沒有重大項目。

Okay. And then why was interest income higher quarter-over-quarter despite a smaller portfolio and a slight dip in yield?

好的。那麼，為什麼儘管投資組合規模較小且收益率略有下降，但利息收入卻比上一季成長？

So it was largely driven by the net -- the deployment we had in the prior quarter flowing through the current period.

因此，這在很大程度上是由網路驅動的——我們在上一季的部署貫穿了當前時期。

Yes, Chris, it's just a timing impact of last quarter, we tended to have some more stuff come on sort of like second half of February and into March and so we didn't get kind of a full quarter impact last quarter.

是的，克里斯，這只是上個季度的時間影響，我們往往會在二月下半月和三月出現更多的事情，因此上個季度我們並沒有受到整個季度的影響。

Simple timing issues?

簡單的時間問題？

Yes. And first, we also had the -- so in the prior quarter, we had the Sundance onetime reversal of previously accrued income by about $0.5 million that impacted Q1 on an out-of-period basis that I highlighted in my script.

是的。首先，我們還有——所以在上一季度，聖丹斯一次性沖銷了約 50 萬美元的先前應計收入，這對第一季度產生了非期間影響，我在腳本中強調了這一點。

Great. And then the realized loss was $15 million. ProAir was $6 million. What's the rest --

偉大的。實際損失為 1500 萬美元。ProAir 的價值為 600 萬美元。剩下的是什麼--

So the other half is Anthem, which we restructured this quarter.

另一半是 Anthem，我們在本季對其進行了重組。

Great. And I guess final, is there a hard date when the trading symbol is going to switch over and the name change going to take effect?

偉大的。最後我想問的是，交易代碼轉換和名稱變更生效的具體日期是什麼時候？

Not a final date, but its in the -- over the course of the next couple of weeks, we're going to -- we should have that complete. It candidly, the biggest delay is just building out the new website and whatnot under the new branding. But we should have that wrapped up here in the next couple of weeks, and then we will definitely announce the ticker change and website, et cetera, at that time. We also didn't want to do it in the middle of earnings because it does have some administrative implications when your name as of 6/30 was Portman Ridge and your filing today under a different name.

雖然這不是最終日期，但在接下來的幾週內，我們應該能夠完成它。坦白說，最大的延遲只是在新品牌下建立新網站等等。但我們應該在接下來的幾週內完成這項工作，然後我們一定會在那時宣布股票代碼變更和網站變更等。我們也不想在盈利期間這樣做，因為當您 6 月 30 日的名字是 Portman Ridge 而您今天以不同的名字提交文件時，這確實會產生一些管理影響。

Got it. I guess final question is you guys serve are the go-to guys to buy broken BDCs. And given that there's a big maturity wall for a lot of the investment spreads for BDCs are going to be coming in? Have you guys seen more deal activity or shown to you more deals or merging with other BDCs?

知道了。我想最後一個問題是，你們是購買破損 BDC 的首選。鑑於 BDC 的許多投資利差存在較大的到期壁壘，那麼 BDC 的投資利差將會如何呢？你們是否看到更多的交易活動或向你們展示過更多的交易或與其他 BDC 合併？

I would say we -- deal activity has definitely picked up. Our M&A pipeline and things that we're looking at is probably the highest it's been in a very long time. I think -- I'm not sure it has to do with the maturity wall. I think it has to do with -- I think if you just look broadly what's happening across the space, I think every single day, scale becomes more important. And I think that's driving a lot of internal conversations at firms about where they want to focus and where they want to scale. So I would say our M&A pipeline, and again, like M&A maybe happens maybe doesn't it's -- in my opinion, it's probably never been higher.

我想說的是，交易活動肯定已經回升。我們的併購管道和正在關注的事情可能是很長一段時間以來的最高水準。我認為——我不確定這是否與成熟度障礙有關。我認為這與…有關——如果你廣泛地觀察整個領域正在發生的事情，我認為每一天，規模都會變得更加重要。我認為這引發了公司內部關於他們想要關注什麼以及他們想要擴大什麼規模的大量討論。所以我想說我們的併購管道，再說一次，就像併購可能發生，也可能發生，但在我看來，它可能從未如此高過。

So we're spending a lot of time. At the end of the day, like we want our BDC to be much larger. And we really benefited from support from a lot of great shareholders to get our merger done. And as we've told people, like the hope would be that the first or a step towards other steps to get to bigger scale. And so our pipeline is not just full of traditional BDCs. It's also full of closed-end funds, private non-traded BDCs and other type entities. So like I would say -- there's been a bit of a lot of winners and there's been a few winners and a couple of people who have had a hard time scaling and those people are beginning to explore partnering with a bigger platform to help grow. So sorry, that was a very long answer.

所以我們花了很多時間。最終，我們希望我們的 BDC 變得更大。我們確實受益於許多優秀股東的支持，才得以完成合併。正如我們告訴人們的那樣，我們希望這是邁向更大規模的第一步或邁出的一步。因此我們的管道不僅僅充滿了傳統的 BDC。它還充滿了封閉式基金、私人非交易 BDC 和其他類型的實體。所以就像我想說的那樣——有很多贏家，也有一些贏家和一些在擴大規模方面遇到困難的人，這些人開始探索與更大的平台合作以幫助成長。非常抱歉，答案太長了。

Yes. No, no problem at all. I mean it's all good stuff. I imagine the next steps will be renegotiating the bank revolver and you're sort of edging towards at some point, try to get an investment-grade rating for the notes.

是的。不，完全沒問題。我的意思是它們都是好東西。我想下一步將是重新談判銀行循環信貸，並且你會在某個時候嘗試獲得票據的投資等級評級。

Yes, if you look at -- I mean, if you look at financing costs across the space, like the larger platforms -- and I'm not just describing BDC, but if you're associated with a larger platform, there's a material difference in financing costs. And we're in the cost of capital business, and that all drops to the bottom line. So -- and obviously, in an environment where spreads are coming down and there's some headwinds on earnings, refinancing our debt at cheap rates. And the market right now is wide open, is very important to driving earnings.

是的，如果你看一下——我的意思是，如果你看一下整個領域的融資成本，比如更大的平台——而且我不僅僅是在描述 BDC，但如果你與更大的平台相關聯，那麼融資成本就會有實質性的差異。我們從事的是資本成本業務，而這一切都歸結於底線。因此——顯然，在利差下降且獲利面臨一些阻力的環境下，我們以低廉的利率對債務進行再融資。目前市場非常開放，對於推動獲利非常重要。

Yes, okay. That's it for me. Thanks.

是的，好的。對我來說就是這樣。謝謝。

Thanks, Chris.

謝謝，克里斯。

Erik Zwick, Lucid Capital Markets.

Erik Zwick，Lucid Capital Markets。

Good morning everyone. You sounded fairly optimistic about the opportunity for originations in the back half of the year, noting some increased -- activity up in the market. Just as you look at the pipeline today, I'm curious how kind of breaks down in terms of maybe new and add-on opportunities and how spreads are today versus maybe a quarter ago beginning of the year?

大家早安。您似乎對下半年的發起機會相當樂觀，並注意到市場活動有所增加。正如您今天所看到的，我很好奇，在新機會和附加機會方面，情況是如何細分的，以及今天的價差與今年初一個季度前相比如何？

Yes. Why don't I go first. I would say -- I mean we're focused on two things in the back half of this year, like we are seeing a big uptick in refinancing activity, and you haven't seen it roll through our earnings yet, but if you will. And so like our sponsor-based pipeline has increased dramatically over the last two or three months, and I'm sure you've heard that from others. And on top of that activity levels

是的。我先走吧。我想說的是——我的意思是，我們在今年下半年重點關注兩件事，例如，我們看到再融資活動大幅增加，而且你還沒有看到它對我們的收益產生影響，但如果你願意的話。因此，我們的基於贊助商的管道在過去兩三個月裡急劇增加，我相信您也從其他人那裡聽說過這個消息。除此之外，活動水平

have picked up, too, like we're getting real realizations. I would say it's a pretty -- and Patrick can comment too, I think it's a pretty healthy mix of -- it's been all refis for three years. For the first time, we're actually seeing some true sales -- and -- but it's still primarily refinancings.

也得到了提升，就像我們得到了真正的實現一樣。我想說這是一個相當不錯的——帕特里克也可以評論一下，我認為這是一個非常健康的組合——三年來一直是再融資。我們第一次真正看到了一些真正的銷售——而且——但它仍然主要是再融資。

I would say spreads, in my opinion, really haven't come down that much in the last quarter. And we target the middle market, our spreads still seem to be 50 to 75 basis points higher than the very large deals that are getting done. But the syndicated markets are white hot right now, deal price this week with no OID at very tight spreads. And again, we don't really compete with the syndicated markets, but our industry broadly does. And that's obviously placing some pressure on spreads.

我認為，上個季度利差實際上並沒有下降那麼多。我們的目標是中端市場，我們的利差似乎仍然比正在進行的大型交易高出 50 至 75 個基點。但目前銀團市場非常火爆，本週沒有 OID 的交易價格價差非常小。再說一次，我們實際上並不與聯合市場競爭，但我們的行業總體上是競爭的。這顯然給利差帶來了一些壓力。

But I would say the other thing I just mentioned is we're very cognizant of where our stock trades. We obviously have been unable to buy back stock or do other things. And we've been out there publicly as part of this merger, saying that when we're kind of eligible to do it, I think we'll be pretty aggressively buy back stock and not just through normal course ways. And I think it's -- when you run the math on where spreads are today versus us buying back stock or tendering for stock, obviously, it makes a lot of sense for us to do consider both. So I think in the back half of this year, I mentioned refinancing activities up, that cash is not going to be just plowed into new lower spreading loans. I think some of that money is going to be used to buy back stock.

但我想說的是，我剛才提到的另一件事是我們非常清楚我們的股票交易地點。我們顯然無法回購股票或做其他事情。作為此次合併的一部分，我們已經公開表示，當我們有資格這樣做時，我認為我們將非常積極地回購股票，而不僅僅是透過正常的方式。我認為——當你計算今天的價差與我們回購股票或招標股票的價差時，顯然，同時考慮這兩種情況對我們來說非常有意義。因此，我認為在今年下半年，我提到了再融資活動，現金不會只投入新的低利率貸款。我認為其中一部分資金將用於回購股票。

Ted had all the high points, I just to make a couple of notes there. Again, generally speaking, if we're doing kind of a refi type of an opportunity, you tend to get a little bit of a better spread because there were some -- whether direct or perceived breakage cost between finding new lenders and kind of like dealing with a new credit agreement and a new lending group, et cetera. So you tend to get a little bit of a premium or at least a little bit less compression if you are just kind of refi existing deal. Our franchise is more weighted towards nonsponsor or nontraditional sponsor.

泰德 (Ted) 講了所有精彩內容，我只想在這裡做幾點記錄。再說一次，一般來說，如果我們進行某種再融資類型的機會，你往往會獲得更好的利差，因為在尋找新的貸款人和處理新的信貸協議和新的貸款集團等之間存在一些直接的或可感知的違約成本。因此，如果您只是對現有交易進行再融資，那麼您往往會獲得一點點溢價，或者至少獲得一點點較少的壓縮。我們的特許經營權更傾向於非贊助商或非傳統贊助商。

Again, it's a little bit less competitive. You're going to get a little bit of better ability to kind of price and structure deals. So that also helps at least our franchise in terms of kind of [like this] when sort of the bigger deals and sponsors are kind of really leaning on lenders to drive terms. We do get a little bit of insulation and protection from that.

再次，競爭力稍弱。您將獲得更好的定價和交易結構能力。因此，當大型交易和贊助商真正依賴貸款人來推動條款時，這至少對我們的特許經營權有幫助。我們確實從中得到了一點隔離和保護。

I appreciate the additional commentary there. And with regard to Ted, your commentary about fairly strong appetite to use the buyback, that was 60 days from the closing to be kind of mid-September, like September 15-ish or so when you could potentially get back into the market with the buyback. Is that correct?

我很欣賞那裡的補充評論。至於泰德，您提到了使用回購的強烈意願，即從收盤到 9 月中旬還有 60 天，例如 9 月 15 日左右，屆時您就有可能透過回購重返市場。對嗎？

Yes. So -- so when you do a merger process, there's a period of time we have to wait like a cooling off period till -- to like the dust settles kind of thing. And that takes you right towards the end of the third quarter. And then at that time, you're running into things like blackouts and stuff. So we're trying as hard as we can to try and do something. So it might slip a little bit until the blackout finishes, but that timing is roughly, right? It's a little later than that, but it's you're not so far off.

是的。所以 — — 當你進行合併過程時，我們必須等待一段時間，就像一個冷靜期，直到塵埃落定。這正好帶你進入第三季的尾聲。然後在那個時候，你會遇到諸如停電之類的事情。因此，我們正在盡最大努力嘗試做某事。因此，停電結束的時間可能會稍微推遲一些，但這個時間大致是這樣的，對嗎？雖然比那晚了一點，但距離也不算太遠。

Got it. Thanks. And one, congrats on getting the deal closed earlier this quarter. Curious, do you have -- are you able to share kind of a pro forma NAV either as the date that the transaction closed or end of July, anything you might have on hand or that you could share?

知道了。謝謝。首先，恭喜您在本季早些時候完成了交易。好奇，您是否可以分享交易結束日期或 7 月底的備考資產淨值，或者您手頭上有什麼或可以分享什麼？

Yes. Eric, so it's about just north of $235 million.

是的。艾瑞克，所以這個數字大約是 2.35 億美元。

Okay, thanks. And with regard to the comments about the potential benefit to NAV from the positions that you currently hold that are at a discounted par, like the potential for those to convert towards par as they mature, any kind of commentary you could provide in terms of the potential timeframe? Like what is the average remaining maturity on that portion of the book? Or just how to think about the opportunity and timeframe to realize those potential benefits?

好的，謝謝。關於您目前持有的以折扣票面價值計價的頭寸對資產淨值可能帶來的好處的評論，例如這些頭寸在到期時有可能轉換為票面價值，您能否就潛在的時間框架提供任何評論？例如這部分帳簿的平均剩餘期限是多少？或只是如何考慮實現這些潛在利益的機會和時間框架？

Yes, it's Patrick. I'll have a couple of comments here. We just say it's not all just maturity necessarily. We do have a handful of sort of liquid CUSIP-type securities that do move around a bit. And so there is some kind of material NAV benefit potential from those names that frankly doesn't necessarily take a maturity to work through. I would say also kind of practically speaking, over the course of a normal cycle, you tend to see a natural maturity duration of kind of about 2.5 to three years. So that would kind of be like how we sort of look at things like that sort of over a 2.5, three-year period. Again, kind of maybe a couple of different ways to get at it.

是的，是派崔克。我在這裡想發表幾點評論。我們只是說這不一定只是成熟。我們確實有少量流動性較強的 CUSIP 型證券，它們的流動性確實會有所增強。因此，這些股票具有某種實質的淨值收益潛力，坦白說，並不一定需要成熟才能實現。我想說的是，從實際角度來說，在正常週期內，你往往會看到自然成熟期約為 2.5 至 3 年。所以這有點像是我們在 2.5 年或 3 年的時間裡看待這類事情的方式。再一次，也許有幾種不同的方法可以實現它。

That's helpful. And last one for me. I'm just looking at that nonaccrual book, and it seems like -- there's still a lot of LME activity in the space more limited on kind of bankruptcy side. But just curious about, as you look at your nonaccrual book, the opportunity to potentially either restructure or resolve some of those and potentially kind of move those back to accrual or maybe sell? How does the kind of the resolution trajectory look at this point?

這很有幫助。對我來說這是最後一個。我只是看了那本不提帳簿，看起來——倫敦金屬交易所在破產方面的活動仍然非常有限。但我只是好奇，當您查看您的非應計帳簿時，是否有機會重組或解決其中的一些問題，並可能將它們移回應計或出售？目前來看，解決軌跡是怎麼樣的？

Yes. I'd say I'd say maybe, let's call it, like flat to fault you positive in the sense of -- I do think there are probably a couple of the smaller names on there that are just going to take kind of a very long time to work through, one of our bigger names we kind of alluded to it on the call, but there has been sort of a, I'd call it, a partial restructuring, not full, but such that we are now receiving cash interest on the loan however, kind of given all the puts and takes, we still don't think it -- we still struggle, kind of getting to a full par recovery from kind of what we think about the business and enterprise value, et cetera.

是的。我想說，也許，讓我們稱之為平緩的積極情緒——我確實認為其中可能有幾個較小的名字需要很長時間才能解決，我們在電話會議上提到過一個較大的名字，但有一種，我稱之為部分重組，不是全部，但我們現在正在收到貸款的現金利息，然而，考慮到所有的利弊，我們仍然不認為——我們仍然在努力，從我們對業務和企業價值的看法方面完全實現。

So kind of we continue to leave it on nonaccrual, but we are recognizing the cash interest that we received on the loan, not recognizing any of the pick, and I think our suspicion is that, that situation will continue to improve versus not. And I'd say the rest of them are relatively flat to, I'd say, kind of increasing. There's another large position that we've been working with the company on monetizing some noncore assets to generate some kind of pay downs there, which, again, doesn't necessarily translate into turning that back on nonaccrual, but getting the money back and then redeploying it somewhere else has the exact same positive benefit.

因此，我們繼續將其保留在非應計狀態，但我們確認了貸款收到的現金利息，而不是確認任何選擇，我認為我們懷疑這種情況將繼續改善而不是沒有改善。我想說，其餘部分則相對平穩，或者說有所增加。另一個重要方面是我們一直在與該公司合作，將一些非核心資產貨幣化，以產生某種形式的償還，這並不一定意味著將其轉回非應計項目，但收回資金然後將其重新部署到其他地方具有完全相同的積極效益。

Thanks for taking my questions today.

感謝您今天回答我的問題。

Steven Martin, Slater Capital.

史蒂文·馬丁，斯萊特資本。

Morning guys. Most of my questions have been asked and answered. When you look at the pro forma combined portfolio, recognizing that we sort of knew what was in each -- what's the most dramatic change going to be? Is it just the -- is it the Logan equity that Portman doesn't have a lot of equity and it will end up getting diluted. What is the nature of the difference in the portfolio going to look like?

大家早安。我的大部分問題都已提出並得到解答。當您查看備考合併投資組合時，您會意識到我們大致知道每個投資組合中的內容——最顯著的變化是什麼？是不是只是——波特曼沒有太多洛根股權，最終會被稀釋。投資組合的差異的本質是什麼？

Good question. I'll give you like a slightly bad answer in the sense of -- the reason why this made a lot of sense is the portfolios are pretty similar, and we have done a very good job of exiting a number of equity positions in Logan Ridge over the last 12 months. So I would say, yes, I think if you look at the pro forma company, equity will look as a relatively small amount. I would say our joint ventures and fuel equities will also look as a smaller amount. If you kind of -- if you're looking at it from a Portman perspective, Logan Ridge had sort of less limited to no -- limited CLO equity and less joint venture positions.

好問題。我會給你一個稍微糟糕的答案——這很有意義的原因是投資組合非常相似，並且在過去 12 個月中，我們在退出 Logan Ridge 的多個股票頭寸方面做得非常好。所以我想說，是的，我認為如果你看一下備考公司，股權看起來會是一個相對較小的數額。我想說我們的合資企業和燃料股權的金額也會較小。如果你從波特曼的角度來看，洛根里奇的 CLO 股權限制較少甚至沒有限制，而且合資企業地位也較少。

So I think again, when you kind of like put it on to the balance sheet for 9/30, and you're looking at it from a Portman perspective, those numbers will be down a little bit, as a percent of the total and kind of the debt will be up a bit as a percentage of total. I don't think it's dramatic, candidly. But I would say, again, if you kind of -- from a Portman perspective, I think that the mix of your debt will likely go up a little bit or say differently, the CLO equity will go down to measure will go down a little bit. I think the equity will go up a bit, but somewhat negligible. So it will really be a relatively consistent SOI.

所以我再次思考，當你把它放到 9 月 30 日的資產負債表上時，從波特曼的角度來看，這些數字佔總數的百分比會略有下降，而債務佔總數的百分比會略有上升。坦白說，我不認為這有什麼戲劇性。但我想說，再說一次，如果你從波特曼的角度來看，我認為你的債務組合可能會上升一點，或者換句話說，CLO 股權將會下降，衡量標準將會下降一點。我認為股權會上升一點，但可以忽略。因此它確實會是一個相對一致的 SOI。

Steve, I would just add, as of 6/30, the weighted average yield was 10.7% at Portman for Logan, it was 10.6% on a combined basis, it's 10.7%. But there's pretty material operating expense efficiencies that you guys will all benefit from. Going forward as well as, of course, the fee waivers, et cetera, that we put in place that will drive P&L going forward. And then over the longer term, we'd look to rotate out of the equity book and all of the non-yielding names that Logan Ridge has and redeployed those proceeds into interest earning (inaudible).

史蒂夫，我想補充一下，截至 6 月 30 日，波特曼和洛根的加權平均收益率為 10.7%，合併收益率為 10.6%，即 10.7%。但你們都將從中受益，這將帶來相當可觀的營運費用效率。當然，我們實施的費用減免等措施也將推動損益表的進步。然後從長遠來看，我們希望輪換出股票帳簿和 Logan Ridge 擁有的所有無收益股票，並將這些收益重新部署到賺取利息的（聽不清楚）。

Since there was a substantial overlap in names over the last two to three years, when you combine them, is there going to be a material difference in the number of different names in the portfolio?

由於過去兩三年來名稱有大量重疊，當它們合併時，投資組合中不同名稱的數量是否會出現實質差異？

Again, we can talk about materiality, probably not. I mean, again, if you're looking at it from a Portman perspective, there's 94, 96 unique borrowers that will maybe go up by 10 to 15 names so that obviously, we are adding diversification. I wouldn't say it is substantial. And I would also say the names are pretty similar, but depending on the timing of when we did the individual names, one name might be a slightly higher percentage of Logan versus Portman that will kind of like normalize out when you add the two things together.

再一次，我們可以談論物質性，但可能不行。我的意思是，如果你從波特曼的角度來看，有 94、96 個獨特的借款人，其中可能會增加 10 到 15 個名字，所以顯然我們正在增加多樣化。我不會說它有多大意義。而且我還想說，這些名字非常相似，但根據我們進行單獨命名的時間，一個名字可能是 Logan 而不是 Portman 的百分比略高，當你將兩者加在一起時，這種比例就會正常化。

Candidly, I think the biggest piece from our perspective that will move around when you put the two things together is we'll have a lot more flexibility around where we sort of put the names and the exposures between our different credit facilities and where we can kind of get better borrowing capacity.

坦白說，我認為從我們的角度來看，當你將這兩件事結合起來時，最大的變化是，我們將在如何安排不同信貸工具之間的名稱和風險敞口以及在何處可以獲得更好的借貸能力方面擁有更大的靈活性。

Again, all of our different -- two different credit facilities have different industry concentrations, leverage concentrations, kind of things that -- all like that. So the ability for us now under one combined roof to be able to sort of, I'll call it, move around the asset positions within the credit facilities, at least from our perspective, is where we'll be able to sort of unlock a lot of value from the SOI being put together.

再說一次，我們所有的不同——兩種不同的信貸工具都有不同的行業集中度、槓桿集中度等等——都是這樣的。因此，我們現在能夠在一個合併的屋簷下，在信貸安排內調整資產頭寸，至少從我們的角度來看，這是我們能夠從整合的 SOI 中釋放大量價值的地方。

Got it. One last one. recognizing that you've gotten -- you exited a number of the larger equity positions. Any change that you can talk about on what was left of the Logan Ridge equity?

知道了。最後一個。認識到你已經退出了一些較大的股權頭寸。您能談談 Logan Ridge 股權剩餘部分有何變化嗎？

No. Not a huge change. There's still a couple of small things that we're working on, on getting -- exiting and moving around out data is probably one or two of the larger ones, that are still sort of trying to work through their own processes. We don't have a lot of control in those instances. So we obviously kind of like [push and prod] where we can. But I would say I would not say that there is anything logical on the horizon. But having said that, like for sure, the macro environment and where kind of LBO environment, we think is trending over the next 6 months? I wouldn't be surprised if we see a bunch of things that we're not expecting smaller positions -- but volume-wise, you see more things that we're not expecting to actually get monetized and realized.

不。變化不大。我們仍在處理一些小事，獲取和移動數據可能是其中一兩個較大的問題，這些問題仍在嘗試透過自己的流程來解決。在這些情況下，我們無法進行太多控制。因此，我們顯然喜歡在力所能及的範圍內進行[推動和刺激]。但我想說，我不會說未來會出現任何合乎邏輯的事情。但話雖如此，我們可以肯定的是，宏觀環境和槓桿收購環境在未來 6 個月內會呈現什麼趨勢？如果我們看到很多我們未曾預料到的較小規模的事物，我不會感到驚訝——但從數量上看，你會看到更多我們未曾預料到會真正貨幣化和實現的事物。

Okay, thanks a lot guys.

好的，非常感謝大家。

Thanks, Steve.

謝謝，史蒂夫。

That concludes our question-and-answer session. I will now turn the call back over to Ted Goldthorpe for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給泰德‧戈德索普 (Ted Goldthorpe) 作結束語。

Thank you all for attending the call. As always, please reach out dose with any questions, which we're happy to discuss. We look forward to speaking to you again in November when we announced third quarter 2025 results, and I wish everybody a great end to their summer. Thank you so much.

感謝大家參加電話會議。像往常一樣，如有任何疑問，請聯繫我們，我們很樂意討論。我們期待在 11 月宣布 2025 年第三季業績時再次與您交談，並祝大家度過一個美好的夏天。太感謝了。

Ladies and gentlemen, this 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。您現在可以斷開連線。