Bain Capital Specialty Finance Inc (BCSF) 2026 Q1 法說會逐字稿

Good day, and welcome to the Bain Capital Specialty Finance first-quarter ended March 31, 2026, earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions) I'd now like to turn the call over to Katherine Schneider. Please go ahead.

大家好，歡迎參加貝恩資本專業金融（Bain Capital Specialty Finance）截至2026年3月31日止第一季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。(接線員指示) 現在我想把電話交給Katherine Schneider。請開始。

Thanks, Jamie. Good morning, and welcome, everyone, to the Bain Capital Specialty Finance first-quarter ended March 31, 2026 conference call. Yesterday, after market closed, we issued our earnings press release and investor presentation of our quarterly results, a copy of which is available on Bain Capital Specialty Finance's Investor Relations website.

謝謝你，Jamie。各位早安，歡迎大家參加貝恩資本專業金融截至2026年3月31日止第一季電話會議。昨天收盤後，我們發布了財報新聞稿與季度業績投資人簡報，副本可於貝恩資本專業金融投資人關係網站取得。

Following our remarks today, we will hold a question-and-answer session for analysts and investors. This call is being webcast, and a replay will be available on our website. This call and the webcast are property of Bain Capital Specialty Finance, and any unauthorized broadcast in any form is strictly prohibited.

在我們今天的發言之後，我們將為分析師與投資人進行問答環節。本次電話會議將以網路直播，並可於我們網站收看重播。本次電話會議與網路直播為貝恩資本專業金融之財產，任何形式之未經授權轉播均嚴格禁止。

Any forward-looking statements made today do not guarantee future performance, and actual results may differ materially. These statements are based on current management expectations, which include risks and uncertainties, which are identified in the Risk Factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q as well as other filings with the SEC that could cause actual results to differ materially from those indicated.

今天所作之任何前瞻性陳述均不保證未來表現，實際結果可能存在重大差異。此等陳述係基於管理層目前之預期，包含風險與不確定性；相關風險已於我們最近提交之Form 10-K年度報告的「風險因素」章節，以及其後提交之Form 10-Q季度報告與其他向美國證券交易委員會（SEC）提交之文件中揭露，該等因素可能導致實際結果與所示內容出現重大差異。

Forward-looking statements made today include, without limitation, statements regarding dividend sustainability, investment pipeline, leverage targets, credit quality trends and the potential impact of AI disruption on portfolio companies. Bain Capital Specialty Finance assumes no obligation to update any forward-looking statements at this time unless required to do so by law or by the rules of the NYSE on which our securities are listed. Lastly, past performance does not guarantee future results.

今天的前瞻性陳述包括但不限於：股利可持續性、投資管線、槓桿目標、信用品質趨勢，以及AI顛覆對投資組合公司之潛在影響等相關陳述。除非法律或我們證券上市之紐約證券交易所（NYSE）規則要求，貝恩資本專業金融目前不承擔更新任何前瞻性陳述之義務。最後，過去績效不保證未來結果。

So with that, I'd like to turn the call over to our CEO, Michael Ewald.

那麼，接下來我想把電話交給我們的執行長Michael Ewald。

Thanks, Katherine, and good morning, and thanks to all of you for joining us here today on our earnings call. I'm joined here by Mike Boyle, our President; and our Chief Financial Officer, Amit Joshi. In terms of the agenda for the call, I'll start with an overview of our first-quarter results and then discuss the broader market environment and our positioning. Thereafter, Mike and Amit will discuss our investment portfolio and financial results in greater detail. And of course, we'll leave some questions for time -- we'll leave some time for questions at the end.

謝謝你，Katherine。各位早安，也感謝各位今天參加我們的財報電話會議。與我一同出席的有我們的總裁Mike Boyle，以及我們的財務長Amit Joshi。就本次電話會議議程而言，我將先概述第一季業績，接著討論更廣泛的市場環境與我們的定位。之後，Mike與Amit將更詳細說明我們的投資組合與財務結果。當然，我們也會在最後預留一些時間進行提問。

So beginning with our financial results. Net investment income per share for the first quarter was $0.42, representing an annualized return on equity of 10.0%. Our net investment income fully covered our regular dividend during the quarter, demonstrating the continued earnings power and resilience of our portfolio.

先從我們的財務結果開始。第一季每股淨投資收益為0.42美元，折算年化股東權益報酬率為10.0%。本季淨投資收益完全覆蓋我們的例行股利，展現投資組合持續的獲利能力與韌性。

Q1 earnings per share were $0.05, primarily driven by net unrealized losses across our investment portfolio. These losses were largely attributed to idiosyncratic credit weakness within certain portfolio companies as well as broader market-driven valuation adjustments stemming from credit spread widening and multiple compression during the quarter.

第一季每股盈餘為0.05美元，主要受投資組合的未實現損失所影響。這些損失主要歸因於部分投資組合公司之特定信用疲弱，以及本季信用利差擴大與估值倍數壓縮所帶來的整體市場估值調整。

Subsequent to quarter end, our Board declared a second quarter dividend of $0.42 per share, payable to shareholders of record as of June 15, 2026. Our Q2 dividend equates to an annualized yield of 10.0% based on ending book value as of March 31, 2026.

在季末之後，我們董事會宣告第二季每股股利0.42美元，將支付給截至2026年6月15日登記在冊之股東。以2026年3月31日期末帳面價值計算，我們第二季股利相當於年化殖利率10.0%。

Credit performance across the portfolio remained fundamentally sound. Non-accrual levels continue to remain low and stable as no new investments were shifted to non-accrual during the quarter, and our borrowers generally demonstrated healthy operating performance and resilient credit fundamentals despite a more uncertain macroeconomic backdrop.

投資組合整體信用表現仍維持基本面穩健。非應計水準持續維持在低且穩定的水準，本季沒有任何新投資轉列為非應計；儘管宏觀經濟背景更不確定，我們的借款人整體仍展現健康的營運表現與具韌性的信用基本面。

In fact, the first quarter was an increasingly challenging market environment characterized by heightened public market volatility, investor concerns surrounding AI disruption risk on software valuations, renewed inflationary pressures fueled by geopolitical uncertainty and retail outflows from private credit vehicles. These factors contributed to a more cautious and selective risk environment across broader credit markets.

事實上，第一季市場環境愈發具挑戰性，特徵包括公開市場波動加劇、投資人對AI顛覆風險對軟體估值的疑慮升高、地緣政治不確定性推升的通膨壓力再起，以及私人信貸工具出現零售資金流出。這些因素使整體信貸市場的風險偏好更趨謹慎與挑選性。

Against this backdrop, our pace of new investment activity moderated during the first quarter with our funding split between supporting new portfolio companies and providing add-on financings and fundings to existing borrowers. BCSF continues to benefit from Bain Capital's private credit platform, whose long-standing presence, deep relationships and extensive expertise in the core middle market position us favorably in the current market.

在此背景下，我們第一季的新投資活動步調放緩，資金投放分別用於支持新的投資組合公司，以及對既有借款人提供追加融資與撥款。BCSF持續受惠於貝恩資本的私人信貸平台；該平台長期深耕、關係深厚且在核心中型市場具備廣泛專業能力，使我們在當前市場中具備有利定位。

While much of the recent net retail outflows have been concentrated among large-cap private credit managers, potentially tempering new investment activity in that space, our platform remains well positioned to serve as a consistent long-term capital provider to our target core middle market borrowers.

雖然近期零售資金淨流出多集中於大型私募信貸管理機構，可能抑制該領域的新投資活動，但我們的平台仍具備良好條件，可作為目標核心中型市場借款人的長期且穩定的資本提供者。

We remain focused on our long-standing investing tenets of disciplined underwriting, maintaining meaningful control over our debt tranches and strong financial covenant protections. Spreads on our Q1 new originations averaged approximately 550 basis points on a weighted average basis, while net leverage levels remained prudent at 4.4 times EBITDA.

我們仍專注於長期以來的投資準則：嚴謹的授信審核、對我們的債務分層維持實質控制，以及強而有力的財務契約保護。第一季新承作案的利差（加權平均）約為550個基點，同時淨槓桿水準維持審慎，為4.4倍EBITDA。

Looking ahead into the second quarter to date, we have begun to see a pickup in volumes for new investment activities. The current investing environment for lenders has been moderately more favorable as we have observed pricing widen by an additional 25 to 50 basis points, reflecting the market's increasingly cautious tone.

展望第二季截至目前，我們已開始看到新投資活動量能回升。對放款人而言，目前投資環境略為更有利；我們觀察到定價再擴大25至50個基點，反映市場語氣日益謹慎。

As we discussed in detail on our previous earnings call, BCSF's software exposure, including software adjacent companies, represents approximately 13% of our total portfolio. Our private credit platform has remained disciplined and highly selective in investing capital, enabling us to thoughtfully target the areas of the market where we see the most compelling risk-adjusted opportunities.

如同我們在上一次財報電話會議中詳細討論，BCSF的軟體曝險（包含軟體周邊公司）約占我們整體投資組合的13%。我們的私人信貸平台在資本投放上始終保持紀律且高度挑選，使我們能審慎聚焦於我們認為具備最具吸引力風險調整後機會的市場領域。

While the past several years have been characterized by significant capital formation and heightened competition across sectors such as software and technology, we maintained a measured underwriting approach and resisted the broader trend toward increasingly aggressive structures. In addition, given our history in the space and broad investment platform, we have expertise and experience in a large number of diverse industries, thereby limiting our overreliance on any one sector.

過去數年，各產業（如軟體與科技）呈現大量資本形成與競爭加劇的特徵；我們仍維持審慎的授信承作方式，並避免追隨市場走向愈發激進的交易結構。此外，憑藉我們在該領域的歷史與廣泛投資平台，我們在多元產業具備專業與經驗，從而降低對單一產業的過度依賴。

Importantly, evaluating the potential risks and implications associated with AI-driven disruption is not a new exercise for our platform. We believe BCSF is uniquely differentiated amongst its peers through the breadth of expertise and institutional knowledge embedded across Bain Capital's broader credit platform as well as adjacent business units, including Ventures, Tech Opportunities and Private Equity.

重要的是，評估AI驅動顛覆所帶來的潛在風險與影響，對我們的平台而言並非新課題。我們相信，BCSF相較同業具備獨特差異化優勢，來自貝恩資本更廣泛信貸平台以及相鄰業務單位（包括Ventures、Tech Opportunities與Private Equity）所蘊含的專業廣度與機構知識。

These teams have all been actively incorporating AI-related risk assessment and management frameworks into their investment process for several years, allowing us to continuously refine our underwriting standards and integrate best practices and proprietary insights into our own investment framework. Over the years, our software investment strategies remained intentionally centered on mission-critical systems of record software and highly specialized vertical software businesses that serve deeply embedded and essential functions within their respective markets.

這些團隊多年來皆已在投資流程中積極納入AI相關風險評估與管理框架，使我們得以持續精進授信標準，並將最佳實務與專有洞見整合至我們自身的投資框架中。多年來，我們的軟體投資策略刻意聚焦於關鍵任務的系統軟體（systems of record）以及高度專業化的垂直軟體企業，這些企業在各自市場中承擔深度嵌入且不可或缺的核心功能。

During the first quarter, we conducted a comprehensive risk reassessment to evaluate the potential substitution risks that emerging AI technologies may pose across our portfolio companies. Based on this analysis, the majority of our software investments carry a relatively low risk of AI-driven disruption, reflecting the differentiated nature and resilience of these businesses as well as our disciplined approach, investment approach and framework when we first evaluated these companies.

第一季期間，我們進行了全面性的風險重新評估，以評估新興AI技術可能對我們投資組合公司帶來的替代風險。根據此分析，我們多數軟體投資承受AI驅動顛覆的風險相對較低，反映這些企業的差異化特性與韌性，以及我們在最初評估這些公司時所採取的嚴謹投資方法與框架。

Importantly, our software portfolio companies continue to exhibit strong underlying credit fundamentals, supported by healthy operational performance and consistent earnings growth since the time of underwriting. As of quarter end, median LTV in that segment is approximately 37% when adjusted for current enterprise value multiples, and these borrowers maintain solid interest coverage levels of approximately 2.0 times.

重要的是，我們的軟體投資組合公司持續展現強勁的信用基本面，並由健康的營運表現與自承作以來一致的獲利成長所支撐。截至季末，若以目前企業價值倍數調整後計算，該分部的LTV中位數約為37%，且這些借款人的利息保障倍數約為2.0倍，水準穩健。

Looking ahead, we believe BCSF remains well positioned to navigate the current market environment. Our portfolio continues to demonstrate solid underlying health and is supported by a well-diversified liability structure, strengthened by the issuance of unsecured debt earlier this year to proactively address our near-term 2026 maturity.

展望未來，我們認為 BCSF 仍具備良好條件以因應當前的市場環境。我們的投資組合持續展現穩健的基本面健康狀況，並由高度多元化的負債結構所支撐；此外，我們於今年稍早發行無擔保債務，以主動因應 2026 年近期到期項目，進一步強化了該結構。

While we ended the quarter at the upper end of our target net leverage range of between 1.0 and 1.25 times, we believe we remain in a position to capitalize on attractive investment opportunities as the portfolio continues to generate healthy levels of repayment activity. Against this backdrop, we believe BCSF's regular dividend of $0.42 per share can be maintained in the current environment.

雖然本季末我們的淨槓桿落在目標區間 1.0 至 1.25 倍的上緣，但我們認為，隨著投資組合持續產生健康水準的回收與償還活動，我們仍有能力把握具吸引力的投資機會。在此背景下，我們認為 BCSF 每股 0.42 美元的例行股利在目前環境下可望維持。

However, at the same time, we will continue to thoughtfully evaluate our dividend policy alongside our Board on a quarterly basis, consistent with our disciplined approach to capital management and long-term shareholder value creation.

然而，同時我們也將依循一貫嚴謹的資本管理與長期股東價值創造方針，與董事會按季審慎評估我們的股利政策。

I will now turn the call over to Mike Boyle, our President, to walk through our investment portfolio in greater detail. Mike?

接下來我將把電話會議交給我們的總裁 Mike Boyle，請他更詳細說明我們的投資組合。Mike？

Thanks, Mike, and good morning, everyone. I'll start with our investment activity for the first quarter and then provide an update in more detail on our portfolio. New fundings during the first quarter were $243 million into 107 portfolio companies, including $124 million in 13 new companies, and $111 million in 93 existing companies, and $9 million into the Senior Loan Program, or SLP.

謝謝你，Mike，各位早安。我將先說明第一季的投資活動，接著更詳細更新我們的投資組合狀況。第一季新增撥款為 2.43 億美元，投向 107 家投資組合公司，其中包括對 13 家新公司投資 1.24 億美元、對 93 家既有公司投資 1.11 億美元，另有 900 萬美元投入資深貸款計畫（Senior Loan Program，SLP）。

Sales and repayment activity totaled approximately $255 million, resulting in net sales and repayments of $12.2 million quarter over quarter. Our new investment fundings were split between new and existing portfolio companies with new fundings representing 51% of total versus 49% of fundings made to existing companies.

出售與償還活動合計約 2.55 億美元，使得本季相較上季的淨出售與淨償還為 1,220 萬美元。我們本季新增投資撥款在新與既有投資組合公司之間分配，新公司撥款占總額 51%，既有公司撥款占 49%。

This quarter, we remain focused on investing in first lien senior secured loans with 93% of our new fundings within first lien structures, 4% into investment vehicles, 2% in pref and common equity, and 1% into subordinated debt.

本季我們仍聚焦於第一順位（first lien）資深擔保貸款，新撥款中有 93% 屬於第一順位架構，4% 投入投資工具，2% 投入特別股與普通股權益，1% 投入次順位債務。

New investment activity for the quarter continued to benefit from Bain Capital's deep industry expertise and long-standing sponsor relationships. We remain focused on investing in defensive sectors such as food and beverage, business services and healthcare, where we believe companies are best positioned to demonstrate resilience across varying economic environments.

本季的新投資活動持續受惠於 Bain Capital 深厚的產業專業與長期的贊助商關係。我們仍專注於食品飲料、商業服務與醫療保健等防禦型產業，因我們認為這些公司在不同經濟環境下最能展現韌性。

We also continue to favor core middle market-sized companies, a segment that we believe offers attractive terms and structure combined with a large market opportunity of high-quality borrowers, consistent deal flow and more favorable competitive dynamics relative to other market segments. Reflecting this focus, the median EBITDA across our new companies added to the portfolio during the quarter was $41 million. Sales and repayment activity remained healthy during the quarter, driven by a combination of full realizations and repayments as well as partial sales and repayment activity.

我們也持續偏好核心中型市場規模的公司；我們認為此一區隔在具吸引力的條款與結構之餘，亦擁有龐大的市場機會，包括高品質借款人、穩定的交易來源，以及相較其他市場區隔更有利的競爭態勢。反映此一聚焦方向，本季新增納入投資組合之新公司的 EBITDA 中位數為 4,100 萬美元。本季出售與償還活動維持健康，主要由完全退出與償還，以及部分出售與償還等活動共同帶動。

Turning now to the investment portfolio specifically. At the end of the first quarter, the size of the portfolio at fair value was $2.5 billion across a highly diversified set of 212 portfolio companies operating across 30 different industries. The average position size across single names in our portfolio was approximately 40 basis points.

接著談投資組合本身。截至第一季末，投資組合以公允價值計為 25 億美元，涵蓋高度分散的 212 家投資組合公司，分布於 30 個不同產業。我們投資組合中單一標的的平均部位規模約為 40 個基點。

Our portfolio primarily consists of first lien investments, given our focus on downside management and investing in the top of capital structures. As of March 31, 66% of the investment portfolio at fair value was in first lien debt, 1.2% in second lien debt, 3% in subordinated debt, 6.7% in preferred equity, 6.8% in common equity and other interest with 16% across our joint ventures, including 9% in the International Senior Loan Program, and 7% in the Senior Loan Program, in both of which the vast majority of underlying investments are first lien loans.

鑑於我們著重下行風險管理並投資於資本結構的最上層，我們的投資組合主要由第一順位投資構成。截至 3 月 31 日，以公允價值計，投資組合中 66% 為第一順位債務、1.2% 為第二順位債務、3% 為次順位債務、6.7% 為特別股權益、6.8% 為普通股權益及其他權益；另有 16% 來自我們的合資企業，其中包括 9% 來自國際資深貸款計畫（International Senior Loan Program），以及 7% 來自資深貸款計畫（Senior Loan Program）。在這兩項計畫中，絕大多數底層投資均為第一順位貸款。

As of March 31, 2026, the weighted average yield on the portfolio at amortized cost and fair value was 10.8% and 10.9%, respectively, consistent with December 31, 2025. As of March 31, 2026, approximately 93% of our debt investments bear interest at a floating rate.

截至 2026 年 3 月 31 日，投資組合以攤銷成本與公允價值計的加權平均收益率分別為 10.8% 與 10.9%，與 2025 年 12 月 31 日一致。截至 2026 年 3 月 31 日，我們約 93% 的債務投資為浮動利率計息。

Moving on to portfolio credit quality trends. Fundamentals across the companies remained solid during the quarter, continuing to reflect the resilience and quality of our portfolio construction. Median net leverage across our borrowers was 4.6 times EBITDA, representing a modest improvement from the prior quarter, and median interest coverage remained healthy at 2.1 times across our borrowers.

接著說明投資組合的信用品質趨勢。本季各公司基本面維持穩健，持續反映我們投資組合建構的韌性與品質。借款人淨槓桿（net leverage）中位數為 EBITDA 的 4.6 倍，較前一季小幅改善；借款人利息保障倍數（interest coverage）中位數維持健康，為 2.1 倍。

Watch list investments represented approximately 5% of the portfolio at fair value, in line with recent quarters. Importantly, the composition of these names has remained stable, and we have not observed a meaningful migration of new borrowers onto our watch list. Rather, the category continues to be concentrated within a limited number of idiosyncratic situations versus broad-based credit deterioration.

觀察名單（watch list）投資約占投資組合公允價值的 5%，與近幾季一致。重要的是，這些標的的組成維持穩定，我們未觀察到有意義的新借款人移入觀察名單。相反地，該類別仍集中於少數具個別特殊性的情況，而非廣泛性的信用惡化。

In addition, our exposure to these investments remain primarily positioned in first lien loans, providing us with what we believe to be favorable positions within each capital structure with greater potential for downside protection. Non-accrual levels remained low across our portfolio as of quarter end, representing 1.4% at amortized cost and 0.6% at fair value. T

此外，我們對這些投資的曝險仍主要配置於第一順位貸款；我們認為這使我們在各自的資本結構中具備較有利的位置，並有更高的下行保護潛力。截至季末，我們投資組合的停計息（non-accrual）水準仍偏低，以攤銷成本計為 1.4%，以公允價值計為 0.6%。T

his reflected a modest improvement from the prior quarter's level of 1.6% and 0.8%, respectively. And notably, no new companies were added to non-accrual during the quarter. Taking all of this together, the health and credit quality of our portfolio remains on solid footing.

這反映相較前一季（分別為 1.6% 與 0.8%）的小幅改善。值得注意的是，本季沒有新增公司被列入停計息。綜合以上，我們投資組合的健康狀況與信用品質仍維持穩健。

Amit will now provide a more detailed financial review.

接下來 Amit 將提供更詳細的財務回顧。

Thank you, Mike, and good morning, everyone. I'll start the review of our first-quarter results with our income statement. Total investment income was $66.2 million for the three months ended March 31, 2026, as compared to $68.2 million for the three months ended December 31, 2025. The decrease in investment income was primarily driven by decrease in effective yield on the existing debt investments, which reduced interest income.

謝謝你，Mike，各位早安。我將先從損益表開始回顧第一季的業績。截至 2026 年 3 月 31 日止三個月的總投資收益為 6,620 萬美元，相較截至 2025 年 12 月 31 日止三個月為 6,820 萬美元。投資收益下降主要是因既有債務投資的有效收益率下降，導致利息收入減少。

The quality of our investment income continues to be high as vast majority of our investment income is driven by contractual cash income across our investments. Interest income and dividend income represented 98% of our total investment income in Q1.

我們的投資收益品質仍維持高水準，因為我們絕大多數投資收益來自各項投資的合約性現金收入。第一季利息收入與股利收入合計占我們總投資收益的 98%。

PIK interest income represented approximately 13% of our overall investment income in Q1. Notably, the vast majority of our PIK income is derived from investments that were underwritten with PIK, totaling 81% of our total PIK income. Only a small portion of our PIK income is related to amended or restructured investments.

第一季 PIK（實物支付）利息收入約占我們整體投資收益的 13%。值得注意的是，我們的 PIK 收入絕大多數來自於在承作（underwrite）時即設計包含 PIK 的投資，該部分合計占我們 PIK 總收入的 81%。僅有少部分 PIK 收入與修訂或重整的投資相關。

Total expenses before taxes for the first quarter was $37.9 million as compared to $37.7 million in the fourth quarter. The increase in expenses was driven by higher interest and debt fee expenses, driven by the issuance of March 2031 note for $350 million in January, partially offset by lower management and incentive fee.

第一季稅前總費用為 3,790 萬美元，相較第四季為 3,770 萬美元。費用增加主要來自利息費用與債務手續費上升，係因我們於 1 月發行 3.5 億美元、2031 年 3 月到期的票據所致；部分增幅則被較低的管理費與績效費所抵銷。

Net investment income for the quarter was $27.4 million or $0.42 per share as compared to $29.7 million or $0.46 per share for the prior quarter. During the three months ended March 31, 2026, the company had a net realized and unrealized losses of $24 million or $0.37 per share. As Mike highlighted earlier, our net losses were largely attributed to idiosyncratic credit weakness within a limited number of our portfolio companies, in addition to broader market-related mark-to-market adjustments. Net income for the three months ended March 31, 2026, was $3.4 million or $0.05 per share.

本季淨投資收益為2,740萬美元（每股0.42美元），相較於上一季的2,970萬美元（每股0.46美元）。截至2026年3月31日止三個月，公司錄得已實現及未實現淨損失2,400萬美元（每股0.37美元）。如Mike先前所強調，我們的淨損失主要歸因於我們投資組合中少數公司出現的特定信用疲弱情況，另加上更廣泛的市場相關按市價評估調整。截至2026年3月31日止三個月，淨利為340萬美元（每股0.05美元）。

Moving over to our balance sheet. As of March 31, our investment portfolio at fair value totaled $2.5 billion and total assets of $2.6 billion. Total net assets were $1.1 billion as of March 31, 2026. NAV per share was $16.86, a decrease of $0.37 per share from $17.23 at the end of fourth quarter, driven by net losses of $0.37 per share.

接著看資產負債表。截至3月31日，我們以公允價值計的投資組合總額為25億美元，總資產為26億美元。截至2026年3月31日，淨資產總額為11億美元。每股淨資產價值（NAV）為16.86美元，較第四季末的17.23美元每股下降0.37美元，主要由每股0.37美元的淨損失所致。

As of March 31, approximately 80% of our outstanding debt consisted of floating rate debt with the remaining 20% comprised of fixed rate debt. Our approach to liability management continues to reflect a disciplined and proactive strategy. Through a successful execution of unsecured debt issuance during the first quarter, we were able to effectively prefund and address upcoming 2026 maturities while simultaneously extending the duration of our debt profile and enhancing overall financial flexibility.

截至3月31日，我們未償債務約80%為浮動利率債務，其餘20%為固定利率債務。我們的負債管理方法持續反映出嚴謹且積極主動的策略。透過第一季成功發行無擔保債務，我們得以有效預先籌資並因應2026年即將到期的債務，同時延長債務結構的存續期間並提升整體財務彈性。

For the three months ended March 31, 2026, the weighted average interest rate on our debt outstanding was 4.6%, consistent with the prior quarter. The weighted average maturity across our total debt commitment was approximately 4.1 years that mature at March 31, 2026.

截至2026年3月31日止三個月，我們未償債務的加權平均利率為4.6%，與上一季一致。截至2026年3月31日，我們全部債務承諾的加權平均到期年限約為4.1年。

At the end of Q1, our debt-to-equity ratio was 1.34 times as compared to 1.32 times from the end of Q4. Our net leverage ratio, which represents principal debt outstanding less cash and unsettled trades was 1.28 times at the end of Q1 as compared to 1.24 times at the end of Q4. Liquidity at quarter end was strong, totaling $729 million, including $660 million of undrawn capacity on our revolver credit facility; $34.2 million of cash and cash equivalents, including $17.6 million of restricted cash; and $34.6 million of unsettled trades net of receivables and payables of investments.

第一季末，我們的負債對股東權益比率為1.34倍，較第四季末的1.32倍上升。我們的淨槓桿比率（即未償本金債務扣除現金及未結算交易）於第一季末為1.28倍，較第四季末的1.24倍上升。季末流動性強勁，合計7.29億美元，包括循環信貸額度中未動用的6.60億美元；現金及約當現金3,420萬美元（其中包含受限制現金1,760萬美元）；以及扣除投資應收與應付後的未結算交易淨額3,460萬美元。

With that, I'll turn the call back over to Mike Ewald for closing remarks.

接下來我把電話交回給Mike Ewald作結語。

Thanks, Amit. In closing, we are pleased with the continued execution of our investment strategy on behalf of our shareholders during the first quarter. Our portfolio continued to generate attractive levels of investment income, while credit quality across our middle market borrowers remained stable.

謝謝，Amit。最後，我們很高興在第一季持續代表股東落實我們的投資策略。我們的投資組合持續產生具吸引力的投資收益水準，同時我們中型市場借款人的整體信用品質仍維持穩定。

We believe the company remains well positioned to capitalize on compelling new investment opportunities in the current market. We remain committed to delivering value for our shareholders through disciplined portfolio and liability management and producing attractive returns on equity, and thank you for the privilege of managing our shareholders' capital.

我們相信公司仍處於有利位置，能在目前市場中把握具吸引力的新投資機會。我們仍致力於透過嚴謹的投資組合與負債管理為股東創造價值並產生具吸引力的股東權益報酬，並感謝各位賦予我們管理股東資本的機會。

With that, Jamie, please open the line for questions. Thanks.

那麼，Jamie，請開放線路進行提問。謝謝。

(Operator Instructions) Paul Johnson, KBW.

（接線員指示）Paul Johnson，KBW。

So I mean, earnings were in line with the dividend this quarter. And as you mentioned, you evaluate the dividend each quarter. I would imagine you're taking a close look at that now. I'm just curious, though, I mean, as you approach those discussions, you have generally generated a higher operating ROE in the space in general for a few reasons.

所以，我的意思是，本季盈餘與股利大致一致。而如你所提到的，你們每季都會評估股利。我想你們現在應該正在密切檢視這件事。不過我只是好奇，當你們進行這些討論時，你們基於幾個原因，整體而言通常在同業中創造較高的營運ROE。

And I'm wondering, is that still the goal in mind going forward? And if so, I guess, how much is under evaluation here in terms of not just the dividend level, but the fee structure and those sorts of things to continue to generate an above-market ROE?

我想問的是，未來這仍然是你們的目標嗎？如果是的話，我想知道你們目前評估的範圍有多大——不只是股利水準，還包括費用結構之類的事項——以持續產生高於市場的ROE？

Thanks, Paul. Look, on the dividend front, I mean, it is a continuous evaluation, right? And base rates certainly drive a fair amount of that discussion. They were on a somewhat downward trajectory there for a while. They have held here at a intermediate level based on inflation forecast, everything else, I'm guessing they'll probably stick around here for a while.

謝謝，Paul。你看，在股利方面，這確實是持續性的評估，對吧？而基準利率當然會在相當程度上驅動這些討論。先前一段時間利率走勢有些下行。但基於通膨預測與其他因素，目前維持在一個中間水準；我猜它們可能會在這個水準停留一段時間。

So that is certainly one driver of our decision regarding dividends. Clearly, earnings from JVs, things like that are also going to be impactful there. As I said in my remarks, the -- as we look at it, as we sit here today, we certainly feel comfortable with that $0.42 dividend for Q2, and then we'll continue to evaluate that going forward.

因此，這當然是我們決定股利的一項驅動因素。顯然，來自合資企業（JV）的盈餘等也會對此產生影響。如我在致詞中所說，以我們目前的觀點來看，我們對第二季每股0.42美元的股利水準感到有把握，之後也會持續評估。

Regarding our ROEs, I wasn't sure which way you're going with that. If we have good ROEs, you suggest that maybe we even increase fees. I wasn't quite sure what you meant there. But the -- look, it's certainly something where we continue to ensure that we're competitive with other BDCs out there, both in terms of our return levels, our consistency of dividend, and then taking into account what other folks are doing on pricing and how they're performing as well. So it is a continuous evaluation and discussion with our Board.

至於我們的ROE，我不太確定你想往哪個方向問。如果我們的ROE很好，你是在暗示也許我們甚至可以提高費用嗎？我不太確定你的意思。不過，你看，這確實是我們會持續關注的事項，以確保我們在市場上相較其他BDC仍具競爭力——不論是報酬水準、股利的穩定性，同時也會考量其他同業在定價上的作法以及他們的表現。因此，這是與董事會持續進行的評估與討論。

Got it. Appreciate it. That's helpful. And then just, I guess, in terms of the spread widening and your ability, I guess, to capture a new vintage going forward here with investment activity. With leverage where it is where it is at 1.3 times, how are you -- do you think you're able to, I guess, capitalize on that if you do see meaningfully increased activity at better terms?

了解。感謝。這很有幫助。另外，我想就利差擴大以及你們在未來投資活動中把握新一批（new vintage）機會的能力來問一下。在槓桿目前約1.3倍的情況下，如果你們確實看到在更佳條件下活動明顯增加，你們認為自己能夠把握嗎？

Is it -- do you have, I guess, better line of sight on repayments that you would expect over the course of the year or still capacity within some of the JVs to take on some of that activity? Just that would be great to hear. Thanks.

你們是否對今年內可能出現的還款有更清晰的能見度，或是某些合資企業仍有容量可以承接部分活動？很希望聽聽你們的看法。謝謝。

Yeah. Look, you really touched on two of the big drivers there, right? One is repayments, which are somewhat notoriously difficult to forecast. We'll get a heads up a week before we're getting a repayment. So always difficult to tell what that schedule is going to look like, and we continuously get those. We certainly benefited from some of those in the first quarter. So we're able to rotate out some investments there.

是的。你其實點到了兩個主要驅動因素，對吧？第一個是還款，而這向來很難預測。我們通常在收到還款前一週才會先得到通知。所以很難判斷那個時程表會長什麼樣子，而我們也會持續收到這類還款。第一季我們確實受惠於其中一些還款。因此我們得以在那段期間輪換退出部分投資。

And then the second point you mentioned too is those JVs where there's still additional capacity and potentially the ability to add some more over time as well. So you'll notice that some of our repayments were actually sales down to those JVs. So there continues to be an opportunity to grow those as well.

第二點如你所提到的，是那些仍有額外容量的合資企業，並且可能也有能力隨時間再增加一些配置。所以你會注意到，我們的一些還款其實是出售給那些合資企業。因此，這些合資企業也仍然有成長的機會。

(Operator Instructions) Derek Hewett, Bank of America.

(接線員指示) Derek Hewett，美國銀行。

So it appears that Gale Aviation drove most of the unrealized loss this quarter. So what was the change in the investment thesis that caused the loss and then for you to exit the investment?

看起來本季未實現損失主要是由 Gale Aviation 所造成。那麼，導致該損失並促使你們退出這項投資的投資論點發生了什麼變化？

Overall, we exited the investment during the quarter. So it was more based on realization. We -- as you can appreciate, there are approximately five planes, which, as we have highlighted in the past, we've been trying to liquidate that investment. And as we were ironing things out, we have been revisiting based on our projection, the fair valuation.

整體而言，我們在本季退出了這項投資。因此更偏向於實現層面的因素。我們——如你所理解，大約有五架飛機；正如我們過去強調的，我們一直在嘗試清算這項投資。在我們把相關事項梳理完善的同時，也一直根據我們的預測重新檢視其公允價值評估。

So I think based on -- compared to prior mark, it came very close to that, and we exited the investment during the quarter. Again, as we have highlighted in the past, aviation is a sector. Overall, we do look at it. That's an area where our -- we have teams which are focused on it. So depending on how we look at it from a long-term perspective, we -- for this portfolio, we wanted to exit out of that investment, and that's what happened during Q1.

所以我認為，與先前的估值標記相比——結果非常接近，我們也在本季退出了該投資。再次強調，如同我們過去提到的，航空是一個產業。整體而言，我們確實會關注它。這也是我們——有專門團隊聚焦的領域。因此，從長期角度來看，對於這個投資組合，我們希望退出該項投資，而這就是第一季發生的事情。

And I would just add, if you think about on the -- look, there's a number of asset-backed opportunities that we've always got going on in the background. Aviation is certainly one of those. The trade around leasing to airlines and planes has got a little bit more saturated. So the opportunity set isn't quite as attractive there as it was when we first got into it several years ago.

我再補充一下，如果你從——你看，我們一直在背景中持續評估多種資產擔保型的機會。航空當然是其中之一。圍繞航空公司租賃與飛機的交易變得更為飽和。因此，機會集合不如我們幾年前剛進入時那麼有吸引力。

So we made the decision to exit that. But as Amit mentioned, we still have a pretty strong positive view around aerospace and defense in general and continue to actively invest there and also opportunistically are looking at some other asset-backed plays as well.

所以我們做出退出的決定。但如 Amit 提到的，我們對航太與國防整體仍維持相當強烈的正面看法，並持續積極投資，同時也會機會性地尋找其他資產擔保型的投資機會。

Okay. And then of the $0.27 of unrealized losses during the quarter, like what percentage of that was just due to just your general kind of spread widening? And then what was just -- what was due to kind of specific credit issues?

好的。另外，本季每股 0.27 美元的未實現損失中，有多少比例只是因為整體利差擴大？又有多少是因為特定的信用問題？

Yeah. Look, it's a little tougher to parse that out and be too exact there. If you have a company that misses its budget, but it's up 10% over last year, and there's a slight markdown there, is that because it missed budget? It's still up over last year? Is that because of spread widening? So there's a whole bunch of little puts and takes across the portfolio.

是的。你看，要把這個拆得很清楚並精確量化會比較困難。如果一家公司未達預算，但相較去年仍成長 10%，而我們做了小幅下調估值，那是因為未達預算嗎？但它仍較去年成長？還是因為利差擴大？所以整個投資組合裡有很多小幅的正負因素交錯。

But what I would say is the majority of it was limited to companies on non-accrual, which tend to bump around a little bit. We actually had a recent increase in one of our non-accrual names this quarter as well. So there's always going to be a little bit of noise in that bucket as well as that spread widening piece.

但我會說，其中大部分集中在非應計公司上，這些標的的估值通常會有些波動。其實我們本季也有一個非應計名稱出現了上調。所以在那個區塊以及利差擴大的部分，總會有一些雜訊。

Okay. Great. And then lastly for me, like what are the puts and takes of executing on your buyback? I believe it's roughly $50 million, which would be accretive based on where the stock is trading today versus new originations, just given the more investor-friendly environment where you can get like spreads of, I believe you said 25 to 50 basis points higher than what you were previously receiving.

好的。很好。最後一個問題：執行庫藏股回購的利弊取捨是什麼？我相信規模大約是 5,000 萬美元；以目前股價相對於新承作（新放款/新投資）來看，回購應該是增益性的，尤其在更偏向投資人友善的環境下，你們可以取得我記得你說過比先前高 25 到 50 個基點的利差。

Yeah. Look, that's certainly another item of debate that we engage in with our Board at our quarterly meetings and even between those quarterly meetings as well. We're constantly evaluating the math around a potential bit of a short-term boost from buybacks versus being able to reinvest some of that capital in an existing attractive market.

是的。你看，這確實是我們在每季董事會會議上、甚至在兩次季會之間也會與董事會持續討論的議題之一。我們一直在評估：回購可能帶來的短期提升，與把部分資本再投入目前仍具吸引力的市場之間，哪個在數學上更划算。

And there's also just the added governor of operating closer to the top end of our leverage range. So those are all considerations that we do take into account. To date, we haven't executed on that, but it certainly is an open topic.

另外還有一個限制因素：我們的槓桿水準若更接近目標區間上緣，操作空間就會受到約束。所以這些都是我們會納入考量的因素。截至目前我們尚未執行回購，但這確實仍是開放討論的議題。

The other point on the stock buyback, too, is just it's not the most liquid stock as you can probably appreciate as well. So that can make stock buybacks a little bit difficult, too.

關於股票回購的另一點是，正如你可能也理解的，我們的股票流動性並不是最高。因此這也會讓股票回購變得稍微困難一些。

Paul Johnson, KBW.

Paul Johnson，KBW。

Just one more follow-up. I was wondering if I could ask just about a specific credit, if you don't mind. I noticed that the maturity was pushed back from last quarter, and there's several other lenders in the loan, and I'm not sure if you're in a position of control or not. But I noticed your mark was lower than a few of your peers.

再追問一個問題。如果你不介意，我想問一筆特定的授信。我注意到到期日相較上季被往後延，而且這筆貸款裡還有其他幾家放款人，我不確定你們是否處於控制地位。但我注意到你們的估值標記比一些同業更低。

But Premier Imaging, I was wondering if you could provide any color on what the situation is there? I guess, if the sponsor has been supportive of the company, but then as well as just more broadly, with kind of all the volatility we've had, I guess, in the software technology market, has that impacted the M&A, I guess, environment within the healthcare sector at all, if that was also obviously has been a challenged sector for the last several years?

關於 Premier Imaging，我想請你們提供一些情況說明：那邊目前的狀況如何？我猜贊助方（Sponsor）一直有支持公司；另外更廣泛地說，鑑於我們在軟體科技市場看到的波動，這是否影響了醫療保健產業內的併購（M&A）環境？畢竟那也是過去幾年相對具挑戰的產業。

So I'd say we have not -- on the healthcare side to start, we really have not seen any meaningful degradation in the exposures we have to that space. And part of that's because we've been much more active in recent vintages.

我會說，先從醫療保健面向談起，我們其實沒有看到我們在該領域的曝險出現任何顯著惡化。部分原因是我們在較近期的承作年度（vintages）中更為積極。

So I think 2023 and 2024 deals in healthcare when we felt like many of the issues, particularly around roll-ups were already exposed in the market. And so it allowed us to lend into companies at lower leverage points with lower adjustments. So we've continued to see the health of that portfolio be reasonably strong.

所以我認為在 2023 與 2024 年的醫療保健交易中，當我們覺得許多問題——特別是關於併購整合（roll-ups）——已經在市場上暴露之後，這讓我們能以較低的槓桿水位、較少的調整項，對這些公司提供融資。因此我們持續看到該投資組合的健康狀況仍相當穩健。

And then on your specific name -- question about a name, it's one that we're actually a fairly small holder of the tranche. And so we do work with our third parties to evaluate the mark that we're using as we do with all the other assets in the portfolio.

至於你提到的特定名稱——關於某個標的的問題，我們其實在那個分層（tranche）中的持有部位相對較小。因此我們會與第三方合作，評估我們採用的估值標記，就像我們對投資組合中其他資產所做的一樣。

But this is one that we are not in a controlled position. And so that could be a component reflected in our valuation versus some peers that might have more of a control stake.

但這一筆我們並不處於控制地位。因此，與某些可能持有較多控制性持股/控制性部位的同業相比，這可能會反映在我們的估值差異上。

And with no further questions in queue at this time, I'd like to turn the floor back over to Michael Ewald for any additional or closing comments.

目前佇列中沒有其他問題的情況下，我想把時間交回給 Michael Ewald，請他做任何補充或結語。

Thanks, Jamie, for all your help today, and thanks again for everyone's time and attention on the call. We were happy to report first-quarter results here and look forward to speaking with you all again soon. Have great days. Thanks.

謝謝 Jamie 今天的協助，也再次感謝各位在電話會議上的時間與關注。我們很高興在此報告第一季的業績，並期待不久後再次與各位交流。祝各位有美好的一天。謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。您現在可以中斷連線。