Bain Capital Specialty Finance Inc (BCSF) 2026 Q2 法說會逐字稿

Please stand by, your meeting is about to begin. Hello, and welcome, everyone, joining today's Bain Capital Specialty Finance second quarter ended June 30, 2026, earnings conference call. (Operator Instructions) Please note, this call is being recorded.

請稍候，您的會議即將開始。各位好，歡迎大家參加貝恩資本專業金融（Bain Capital Specialty Finance）截至2026年6月30日止第二季財報電話會議。(接線員指示) 請注意，本通話將被錄音。

It is now my pleasure to turn the meeting over to Katherine Schneider, Investor Relations. Please go ahead.

現在我很榮幸將會議交給投資人關係部的Katherine Schneider。請開始。

Thanks, Nicky. Good morning, and welcome, everyone, to the Bain Capital Specialty Finance second quarter ended June 30, 2026, conference call. Yesterday, after market close, 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. Following our remarks today, we will hold a question-and-answer session for analysts and investors.

謝謝你，Nicky。各位早安，歡迎大家參加貝恩資本專業金融截至2026年6月30日止第二季電話會議。昨天收盤後，我們發布了盈餘新聞稿以及季度業績的投資人簡報，副本可於貝恩資本專業金融的投資人關係網站取得。在我們今天的發言結束後，我們將為分析師與投資人進行問答環節。

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.

本通話將以網路直播方式進行，並可於我們網站收看重播。本通話與網路直播為貝恩資本專業金融之財產，任何形式的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 Form 10-Q that could cause actual results to differ materially from those indicated.

今日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的預期，包含風險與不確定性；相關風險已於我們Form 10-Q的「風險因素」章節中揭露，該等風險可能導致實際結果與所示內容出現重大差異。

Certain information contained in the presentation has been obtained from published and nonpublished sources and are prepared by third parties and in certain cases, has not been updated through the date hereof. Such information has not been independently verified by Bain Capital Credit, and Bain Capital Credit does not assume responsibility for the accuracy of such information or updating the presentation based on facts learn following its issuance.

簡報中所載之部分資訊取自已發布及未發布來源，並由第三方編製；且在某些情況下，該等資訊截至本日並未更新。該等資訊未經Bain Capital Credit獨立核實，Bain Capital Credit亦不就其準確性承擔責任，亦不承擔在發布後基於其後得知之事實而更新簡報之責任。

Bain Capital Specialty Finance assumes no obligation to update any forward-looking statements at this time unless required to do so by law. Lastly, past performance does not guarantee future results.

除非法律要求，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，過往表現不保證未來結果。

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 this morning on our earnings call. I'm also joined by Mike Boyle, our President; and our Chief Financial Officer, Amit Joshi. In terms of agenda for the call, similar to past quarters, I'll start with an overview of our second 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 we'll leave some time, as always, for questions at the end.

謝謝你，Katherine。各位早安，也感謝各位今天早上參加我們的財報電話會議。今天與我一同出席的還有我們的總裁Mike Boyle，以及我們的財務長Amit Joshi。就本次會議議程而言，與過去幾季相同，我將先概述第二季業績，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。最後一如往常，我們會在結尾保留一些時間進行提問。

So beginning with our financial results, we reported solid financial results for the second quarter last night. Net investment income per share was $0.44, representing an annualized yield of 10.5% on equity, covering our base dividend of $0.42 per share by 105%. Q2 earnings per share were $0.22, representing an annualized return on equity of 5.2%.

先從財務結果開始，我們昨晚公布第二季財務表現穩健。每股淨投資收益為0.44美元，折算股東權益年化殖利率為10.5%，以105%的覆蓋率覆蓋我們每股0.42美元的基本股利。第二季每股盈餘為0.22美元，折算股東權益年化報酬率為5.2%。

Importantly, credit quality across our portfolio remained healthy overall during the quarter despite a modest decline in NAV, and nonaccruals continue to remain low across the portfolio, which we view as a continued reflection of the underlying strength and resilience of our underwriting standards and portfolio construction process.

重要的是，儘管淨資產價值（NAV）小幅下滑，本季我們投資組合整體的信用品質仍維持健康；且投資組合的停計息資產（nonaccruals）仍維持在低水位。我們認為，這持續反映了我們承作標準與投資組合建構流程的內在強度與韌性。

Subsequent to quarter end, our Board declared a third quarter dividend equal to $0.42 per share and payable to record date holders as of September 15, 2026. This represents a 10.1% annualized rate on ending book value as of June 30.

在季末之後，我們董事會宣告第三季股利為每股0.42美元，並將支付給截至2026年9月15日登記在冊之股東。此相當於以6月30日期末帳面價值計算的10.1%年化比率。

So during the quarter, we were pleased to see new activity levels pick up meaningfully following a slower start to the quarter and broader economic indicators have remained sound, providing a constructive backdrop for investing.

本季期間，我們很高興看到在季初較為放緩之後，新案活動水準明顯回升；同時，整體經濟指標仍然穩健，為投資提供了建設性的背景。

BCSF continues to benefit from Bain Capital's private credit platform, which remains active and we believe is well positioned in the core middle market, a segment where we have long been established with deep relationships and expertise. This segment of the market has largely remained insulated from the retail outflows that have weighed on the larger end of the private credit market, reinforcing the relative stability of the core middle market as a segment in which to invest. This core middle market also offers greater liquidity premium, greater debt tranche control and tighter financial covenants, underwriting tenets that remain critical to us.

BCSF持續受惠於貝恩資本的私募信貸平台；該平台仍保持活躍，我們認為其在核心中型市場（core middle market）具備良好定位。我們長期深耕該市場區隔，擁有深厚的關係與專業能力。相較於私募信貸市場較大規模端所受的零售資金流出壓力，該市場區隔在很大程度上仍相對隔離，進一步凸顯核心中型市場作為投資標的之相對穩定性。核心中型市場亦提供更高的流動性溢價、更強的債務分層控制力以及更嚴格的財務契約條款，這些承作原則對我們仍至關重要。

In the current environment, new deals have benefited from attractive spreads relative to the tighter levels seen at the end of 2025. The weighted average spread on new first lien originations during the second quarter for us was approximately 570 basis points. Net leverage of new portfolio company investments came in at 4.5 times on average. This compared favorably to average sponsored middle market first lien unitranche loans of approximately 525 basis points in the second quarter and net leverage of 5.4 times.

在目前環境下，新交易的利差相較於2025年底所見的較緊水準更具吸引力。我們在第二季新承作第一順位擔保貸款（first lien）之加權平均利差約為570個基點。新投資之投資組合公司平均淨槓桿約為4.5倍。相較之下，第二季贊助型中型市場第一順位單一分層（unitranche）貸款平均利差約為525個基點，淨槓桿為5.4倍。

We also saw a healthy level of repayments during the quarter, including full repayments from two software companies despite the volatility that occurred across that sector earlier in the year, a testament to the underlying quality of those credits. On a year-to-date basis, however, repayment activity has remained low overall relative to normalized historical levels.

本季我們也看到健康的還款水準，其中包括兩家軟體公司全額償還，儘管該產業在年初曾出現波動，這也印證了這些信用標的的內在品質。然而，以年初至今來看，整體還款活動相較於歷史常態水準仍偏低。

Credit fundamentals across our underlying companies have remained resilient. At quarter end, median net leverage across our borrowers was 4.7 times and median interest coverage remained healthy at 2.1 times. Nonaccruals saw a slight increase quarter over quarter but remain low overall across the portfolio at 2.2% at fair market value as of quarter end.

我們底層投資公司的信用基本面仍具韌性。截至季末，我們借款人之淨槓桿中位數為4.7倍，利息保障倍數中位數仍維持健康水準，為2.1倍。停計息資產（nonaccruals）較上季略有上升，但整體仍偏低；截至季末按公允市值計為2.2%。

As it relates to software specifically, a topic we discussed at length last quarter, our exposure, including software adjacent companies, represents approximately 12% of our total portfolio. We've remained relatively underweight this sector versus the broader private credit market as we've taken a selective underwriting approach, which is largely focused on system of record and highly specialized vertical software.

就軟體產業而言（這也是我們上季深入討論的主題），我們的曝險（包含軟體周邊公司）約占整體投資組合的12%。由於我們採取較為選擇性的承作方式，主要聚焦於系統記錄型（system of record）以及高度專業化的垂直軟體，因此相較於更廣泛的私募信貸市場，我們在該產業維持相對低配。

Overall, fundamental performance across our software companies continues to demonstrate solid operating performance. Key performance indicators such as retention rates and revenue growth have not decelerated, and we are generally seeing many companies show continued improvement in profitability and EBITDA margins, a further testament to the underlying quality of the companies in which we've chosen to invest.

整體而言，我們軟體公司的基本面表現持續展現穩健的營運成果。留存率與營收成長等關鍵績效指標並未放緩；我們也普遍看到許多公司獲利能力與EBITDA利潤率持續改善，進一步印證我們所選擇投資之公司的內在品質。

As a reminder, we maintain a comprehensive risk assessment framework to evaluate the potential substitution risks that emerging AI technologies may pose across our portfolio companies. Based on this ongoing analysis, the vast majority of our software-related investments carry a relatively low risk of AI-driven disruption, reflecting both the differentiated and resilient nature of these businesses and the discipline embedded in our investment approach from the time we first evaluated these companies.

提醒各位，我們維持一套全面的風險評估框架，用以評估新興AI技術可能對我們投資組合公司帶來的潛在替代風險。基於此一持續性的分析，我們絕大多數與軟體相關的投資，其AI驅動的顛覆風險相對較低；這反映了這些企業具差異化且具韌性的特質，也反映了我們自最初評估這些公司起即貫徹於投資方法中的紀律。

Only 4% of the total portfolio at fair value falls into our high and moderate risk ratings for AI disruption. For this smaller subset of companies with elevated AI disruption risk, we are actively monitoring new bookings and retention rates. And notably, many of these companies have continued to demonstrate stable performance and modest growth improvement in the current environment.

以公允價值計算，我們整體投資組合中僅有 4% 落在 AI 破壞風險的高與中等風險評級。針對這一小部分 AI 破壞風險較高的公司，我們正積極監測新增訂單與留存率。值得注意的是，在目前環境下，這些公司中有許多仍持續展現穩定表現，且成長動能略有改善。

Turning now to our dividend outlook. We've been pleased to provide strong earnings for our shareholders in recent years with net investment income covering and/or exceeding our regular $0.42 per share dividend.

接下來談談我們的股利展望。近年來，我們很高興能為股東帶來強勁獲利，且淨投資收益足以覆蓋且／或超過我們每股 0.42 美元的例行股利。

We remain focused on providing an attractive dividend level to our shareholders, and we plan to reevaluate that dividend level in the coming quarters, considering factors such as the interest rate environment, upcoming debt maturities of our lower cost unsecured notes and other income sources as new M&A deal volume is expected to increase.

我們仍專注於為股東提供具吸引力的股利水準，並計畫在未來幾季重新評估該股利水準，並將考量利率環境、我們低成本無擔保票據即將到期的債務，以及其他收入來源等因素，因為預期新的併購（M&A）交易量將增加。

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, Michael. Good morning, everyone. I'll start with our investment activity for the second quarter and then provide an update in more detail on our investment portfolio. New fundings during the second quarter were $182 million into 99 portfolio companies, including $73 million in 8 new companies and $109 million in 91 existing companies. Sales and repayment activity totaled approximately $277 million, resulting in net sales and repayments of approximately $95 million quarter over quarter.

謝謝，Michael。各位早安。我將先說明第二季的投資活動，接著更詳細更新我們的投資組合狀況。第二季新增撥款為 1.82 億美元，投向 99 家投資組合公司，其中包含 8 家新公司 7,300 萬美元，以及 91 家既有公司 1.09 億美元。出售與回收款項合計約 2.77 億美元，使得本季相較上季的淨出售與回收約為 9,500 萬美元。

Our fundings were split between new and existing portfolio companies with new portfolios representing 40% of our total fundings versus 60% to existing companies. We remain focused on investing primarily in first lien senior secured loans with 91% of our new Q2 investment fundings in first lien structures, 1% in subordinated debt and 8% in preferred and common equity. We continue to favor core middle market sized companies given attractive terms and structure, combined with a large market opportunity of high-quality borrowers, consistent deal flow and more favorable competitive dynamics versus other market segments.

我們的撥款在新與既有投資組合公司之間分配，新投資組合占總撥款的 40%，既有公司占 60%。我們仍專注於主要投資第一順位（first lien）優先擔保貸款，第二季新增投資撥款中有 91% 為第一順位結構、1% 為次順位債務、8% 為特別股與普通股權益。鑑於條款與結構具吸引力，加上高品質借款人帶來龐大的市場機會、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，我們持續偏好核心中型市場規模的公司。

The median EBITDA across our new companies during the quarter was $31 million. Turning to our investment portfolio. At the end of the second quarter, the size of our portfolio at fair value was approximately $2.4 billion across a highly diversified set of 214 portfolio companies operating across 30 different industries. The average position size across our single name portfolio companies is approximately 40 basis points. Our portfolio primarily consists of investments in first lien senior secured loans, given our focus on downside management and investing in the top of the capital structure.

本季新投資公司的 EBITDA 中位數為 3,100 萬美元。接著談我們的投資組合。截至第二季末，以公允價值計算，我們的投資組合規模約為 24 億美元，涵蓋高度分散的 214 家投資組合公司，分布於 30 個不同產業。我們單一標的投資組合公司的平均部位規模約為 40 個基點。鑑於我們重視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優先擔保貸款構成。

As of June 30, 63.4% of the investment portfolio at fair value was invested in first lien debt, 1.3% in second lien debt, 3.7% in subordinated debt, 7.7% in preferred equity, 7.5% in equity and other interest and 16.4% across our joint ventures, including 9% in the ISLP and 7% in the SLP. The vast majority of our underlying investments within the joint venture structures consist of first lien loans.

截至 6 月 30 日，以公允價值計算，投資組合中 63.4% 投資於第一順位債務、1.3% 於第二順位債務、3.7% 於次順位債務、7.7% 於特別股、7.5% 於股權及其他權益，另有 16.4% 透過我們的合資企業持有，其中 ISLP 占 9%，SLP 占 7%。在合資架構內的底層投資絕大多數為第一順位貸款。

As of June 30, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.4%, respectively, as compared to 10.8% and 10.9%, respectively, as of March 31, 2026. As of June 30, 2026, 95% of our debt investments bear interest at a floating rate.

截至 2026 年 6 月 30 日，以攤銷成本與公允價值計算的投資組合加權平均收益率分別為 10.8% 與 10.4%；相較之下，截至 2026 年 3 月 31 日分別為 10.8% 與 10.9%。截至 2026 年 6 月 30 日，我們 95% 的債務投資採浮動利率計息。

Moving on to portfolio credit quality trends. As Michael highlighted earlier, credit fundamentals across our portfolio have remained healthy. Median net leverage across our borrowers was 4.7 times as of quarter end compared to 4.6 times in the prior quarter. Median EBITDA was $40 million, which was relatively unchanged from the prior quarter at $42 million.

接著談投資組合的信用品質趨勢。如 Michael 先前所強調，我們投資組合的信用基本面仍維持健康。截至季末，我們借款人的淨槓桿中位數為 4.7 倍，較前一季的 4.6 倍略升。EBITDA 中位數為 4,000 萬美元，與前一季的 4,200 萬美元相比變動不大。

Watch list investments increased slightly quarter over quarter as reflected in our internal risk rating scale. These investments, which include our risk rating 3 and 4 categories, comprised 6% of our portfolio at fair value, an increase of 1% from the prior quarter.

觀察名單投資（watch list）依我們內部風險評等量表反映，較前一季略有增加。這些投資包含風險評等第 3 與第 4 類，按公允價值計算占我們投資組合的 6%，較前一季增加 1%。

Investments on nonaccrual represented 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively, as of June 30 compared to 1.4% and 0.6%, respectively, as of March 31. During the quarter, two new companies were added to nonaccrual and four companies were removed from nonaccrual status. While this resulted in a modest increase quarter over quarter, we still believe our nonaccruals remain low relative to broader industry averages.

截至 6 月 30 日，停止計息（nonaccrual）投資分別占整體投資組合攤銷成本與公允價值的 3.2% 與 2.2%；相較之下，截至 3 月 31 日分別為 1.4% 與 0.6%。本季有兩家公司新增列入停止計息，另有四家公司自停止計息狀態移除。雖然使得本季相較上季略有上升，但我們仍認為相較整體產業平均，我們的停止計息水準仍偏低。

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 second quarter results with our income statement. Total investment income was $62.3 million for the three months ended June 30, 2026, as compared to $66.2 million for the three months ended March 31, 2026. The decrease in investment income was primarily driven by lower interest income recognized on one of our joint venture investments, along with the impact of two new nonaccrual investments.

謝謝你，Mike，各位早安。我將從損益表開始回顧我們第二季的業績。截至 2026 年 6 月 30 日止三個月的總投資收益為 6,230 萬美元，相較截至 2026 年 3 月 31 日止三個月的 6,620 萬美元。投資收益下降主要是因為我們其中一項合資投資所認列的利息收入較低，以及兩項新增停止計息投資的影響。

The quality of our investment income continues to be strong as the vast majority of our investment income is driven by contractual cash income across our investments. Interest income and dividend income represented 97% of our total investment income in Q2.

我們投資收益的品質仍然強勁，因為我們的投資收益絕大多數來自各項投資的合約性現金收入。第二季利息收入與股利收入合計占我們總投資收益的 97%。

PIK interest income represent 12% of our overall investment income in Q2, a modest decrease from the prior quarter. Notably, the vast majority of our PIK income is derived from investments that were underwritten with PIK, totaling 81% of total PIK income, with the remainder related to amended or restructured investments.

第二季 PIK（實物支付）利息收入占我們整體投資收益的 12%，較前一季小幅下降。值得注意的是，我們的 PIK 收入絕大多數來自在承作時即設計包含 PIK 的投資，占 PIK 總收入的 81%，其餘則與修訂或重整的投資相關。

Total expenses before taxes for the second quarter were $33 million as compared to $37.9 million in the first quarter. The decrease in expenses was driven by lower incentive fee, driven by reduced pre-incentive fee net investment income and the look-back provision, partially offset by higher interest and debt fee expenses.

第二季稅前總費用為 3,300 萬美元，相較第一季的 3,790 萬美元。費用下降主要由較低的激勵費所致，原因在於激勵費前淨投資收益下降以及回溯條款（look-back provision）的影響；但部分被較高的利息費用與債務費用所抵銷。

Net investment income for the quarter was $28.6 million or $0.44 per share as compared to $27.4 million or $0.42 per share for the prior quarter. During the three months ended June 30, 2026, the company had net realized and unrealized losses of $14.6 million or $0.22 per share. Our net realized loss during the quarter was driven by one of our restructured investment and an exit of a portfolio company. Net income for the three months ended June 30, 2026, was $14.1 million or $0.22 per share.

本季淨投資收益為 2,860 萬美元，或每股 0.44 美元；相較前一季為 2,740 萬美元，或每股 0.42 美元。截至 2026 年 6 月 30 日止三個月，公司淨已實現與未實現損失為 1,460 萬美元，或每股 0.22 美元。本季淨已實現損失主要來自我們其中一項重整投資，以及退出一家投資組合公司。截至 2026 年 6 月 30 日止三個月的淨利為 1,410 萬美元，或每股 0.22 美元。

Moving over to our balance sheet. As of June 30, our investment portfolio at fair value totaled $2.4 billion with total assets of $2.6 billion. Total net assets were $1.1 billion as of June 30, 2026. NAV per share was $16.65, a decrease of $0.21 per share from $16.86 at the end of first quarter, driven by net losses of $0.22 per share. As of June 30, approximately 80% of our outstanding debt was in floating rate debt and 20% was in fixed rate debt.

接著看我們的資產負債表。截至6月30日，我們以公允價值計的投資組合總額為24億美元，總資產為26億美元。截至2026年6月30日，淨資產總額為11億美元。每股淨資產價值（NAV）為16.65美元，較第一季末的16.86美元每股下降0.21美元，主要由每股0.22美元的淨損失所致。截至6月30日，我們未償還債務中約80%為浮動利率債務，20%為固定利率債務。

Our liability management efforts remain disciplined. By conducting an unsecured issuance this year and entering into an amendment of our existing credit facility subsequent to quarter end, which extended its maturity to 2031, we have prefunded and mitigated upcoming maturities in 2026, while simultaneously extending debt maturities and preserving the financial flexibility.

我們的負債管理工作仍維持嚴謹紀律。透過今年進行一筆無擔保發行，並在季末後對既有信貸額度進行修訂、將到期日延長至2031年，我們已為2026年即將到期的債務進行預先籌資並降低到期風險，同時延長債務到期結構並保留財務彈性。

For the three months ended June 30, 2026, the weighted average interest rate on our debt outstanding was 5% as compared to 4.6% as of the prior quarter end. The weighted average maturity across our total debt commitment was approximately 3.9 years at June 30, 2026. At the end of Q2, our debt-to-equity ratio was 1.41 times as compared to 1.34 times from the end of Q1.

截至2026年6月30日止三個月，我們未償還債務的加權平均利率為5%，相較於上一季季末的4.6%。截至2026年6月30日，我們全部債務承諾的加權平均到期年限約為3.9年。第二季末，我們的負債對股東權益比率為1.41倍，較第一季末的1.34倍上升。

Our net leverage ratio, which represents principal debt outstanding less cash and unsettled trade was 1.22 times at the end of Q2 as compared to 1.28 times at the end of Q1. Subsequent to quarter end, our gross leverage declined to 1.34 times and was at 1.22 times on a net basis as of July 31, 2026.

我們的淨槓桿比率（即未償還本金債務扣除現金及未結算交易）在第二季末為1.22倍，較第一季末的1.28倍下降。季末後，我們的總槓桿降至1.34倍；截至2026年7月31日，以淨額基礎計為1.22倍。

Liquidity at quarter end was strong, totaling $806 million, including $606 million of undrawn capacity on our revolver credit facility, $130.6 million of cash and cash equivalents, including $18.5 million of restricted cash and $69.4 million of unsettled trades net of receivables and payables of investments.

季末流動性強勁，合計8.06億美元，包括循環信貸額度中尚未動用的6.06億美元、1.306億美元的現金及約當現金（其中包含1,850萬美元的受限制現金），以及6,940萬美元的未結算交易（已就投資的應收與應付項目淨額後）。

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

接下來我把電話交回給Michael Ewald做結語。

Thanks, Amit, and thanks, Mike, as well. Look, in closing, we are pleased to deliver another quarter of attractive net investment income and healthy credit fundamentals across our portfolio of middle market borrowers.

謝謝你，Amit，也謝謝Mike。最後總結一下，我們很高興再度交出一季具吸引力的淨投資收益，且在我們的中型市場借款人投資組合中，信用基本面維持健康。

Looking ahead, we believe the company is well positioned to continue driving attractive earnings for our shareholders, supported by our platform's positioning and investment discipline in the core middle market. We remain committed to delivering value for our shareholders by providing attractive returns on equity and prudently managing our shareholders' capital.

展望未來，我們相信公司已具備良好定位，可持續為股東帶來具吸引力的獲利表現，這得益於我們平台在核心中型市場的定位與投資紀律。我們仍致力於透過提供具吸引力的股東權益報酬率，並審慎管理股東資本，為股東創造價值。

Nicky, please open the line for questions at this point.

Nicky，請現在開放提問。

(Operator Instructions) Finian O'Shea, Wells Fargo.

（接線員指示）Wells Fargo 的 Finian O'Shea。

Michael, a couple on the dividend. As you mentioned, I know there's a couple of variables, but any guide on sort of a target ROE target payout on NAV framework?

Michael，關於股利有幾個問題。如你提到的，我知道這裡有幾個變數，但你們是否能提供一些指引，例如以NAV為基礎的目標ROE或目標配息率框架？

And then sort of second part, target, I guess, spillover as well, sort of where you are there? And will that be sort of an input to your '27 plan?

第二部分是關於目標的留存（spillover）也是一樣，你們目前大概在什麼水準？這會不會成為你們2027年規劃的一個輸入因素？

Yes. Thanks. I'll let Amit talk about the spillover income. But as you point out, and as I said, there's a number of different variables here. So it's been an ongoing topic with our Board as we try to project out earnings.

是的。謝謝。我先請Amit談談留存收益（spillover income）。不過如你所指出、也如我所說，這裡有許多不同的變數。因此，當我們嘗試推估未來獲利時，這一直是我們與董事會持續討論的議題。

Obviously, it looks like base rates may well stay higher here for a while. That's a positive. We've got that unsecured that we got to payback coming up in October, so that's a negative. So there's a lot of puts and takes there.

顯然，目前看起來基準利率很可能會在較高水準維持一段時間。這是正面因素。我們在10月有一筆無擔保債務需要償還，所以這是負面因素。因此其中有很多相互拉扯的因素。

We've certainly observed what's going on in the market in general, too, with some pressure on other folks' earnings. So it's not so much that we have a target as a percent of NAV. It's more that we want to be ensuring that we're amply covering our dividend in a consistent and sustainable manner.

我們也確實觀察到整體市場的情況，其他同業的獲利也面臨一些壓力。所以與其說我們有一個以NAV百分比計的目標，不如說我們希望確保能以一致且可持續的方式，充分覆蓋我們的股利。

So as we get some more clarity in the back half of the year around base rates, around new deal volume, which generates fee income and our cost of debt going forward as well, I think that's when we'll end up reevaluating and see if we stick with the same or change our dividend.

因此，當我們在今年下半年對基準利率、新案量（會帶來費用收入）以及未來的債務成本有更清楚的掌握時，

Amit, I don't know if you want to talk about the spillover income, too, that's certainly a source of cash, obviously, as well.

Amit，我不知道你是否也想談談留存收益（spillover income）；那當然也是現金來源之一。

Yes. Just to add on to what Mike highlighted, we continue to look at our spillover income, though I would say we want to ensure we are earning NII to meet our dividend set in 2027. So that will be our primary focus. Along with that, again, we -- as you have seen it in the past, we will evaluate our special dividend distribution as required to manage our spillback income as well.

是的。補充Mike剛才強調的，我們會持續關注我們的留存收益（spillover income），不過我想說的是，我們希望確保我們賺取的淨投資收益（NII）足以支應我們在2027年設定的股利。因此，這將是我們的主要重點。此外，同樣地——如同你過去所見——我們也會視需要評估特別股利的發放，以管理我們的留存（spillback）收益。

Okay. Appreciate it. And did you guys give the spillover this quarter?

好的。感謝。你們這一季有提供留存（spillover）的數字嗎？

We might have -- but if not, yes, it's around $1.26, $1.27.

我們可能有——但如果沒有的話，是的，大約是1.26美元、1.27美元。

Okay. And a follow-up on the unsecured. Is that something that might come down with the post-quarter expansion of the facility?

好的。再追問一下無擔保部分。季後擴增信貸額度之後，這個比例是否可能下降？

Yes. So unsecured, as you know, in October, we have a maturity as well, which is due will be paid down. And of course, we have done the extension of the facility as well. So that all will play a role to bring down the unsecured percentage.

是的。如你所知，無擔保方面，我們在10月也有一筆到期，屆時會償還。當然，我們也已完成信貸額度的展期。因此，這些都會有助於降低無擔保的占比。

Derek Hewett, Bank of America.

Bank of America 的 Derek Hewett。

So revenue from the JVs and specifically, I'm talking about the ISLP was down materially. So could you provide additional color on what happened there? And then should we expect that yield to remain under pressure in the near term?

合資企業（JV）的收入，特別是我指的是ISLP，明顯下滑。你們能否提供更多背景說明發生了什麼？另外，我們是否應預期該收益率在短期內仍會承壓？

Sure. Thanks for the question, Derek. So we did end up retaining some earnings in the ISLP rather than paying out full interest and dividends from that structure. That was a onetime event in the joint venture as we're particularly focused on continuing to build diversification and expand that structure alongside our joint venture partner. So that is not an indication of broader pressure on earnings in that structure, but more of a onetime event for the quarter.

當然。謝謝你的問題，Derek。我們確實在ISLP中保留了一部分盈餘，而不是從該架構中全額支付利息與股利。這是合資企業中的一次性事件，因為我們特別專注於持續提升多元化，並與合資夥伴一起擴大該架構。因此，這並不代表該架構的獲利面臨更廣泛的壓力，而是本季的一次性事件。

As a reminder, the ISLP, International Senior Loan Program is about 1:1 levered. It is an off-balance sheet structure, but very comparable leverage level to what's on balance sheet and has been delivering kind of high single-digit IRR since inception. So it has been performing in line with expectation. As I said, it's more of a one-off event as we're looking at that what the exact future will be for the ISLP.

提醒一下，ISLP（國際高級貸款計畫）的槓桿約為 1:1。這是一個表外結構，但其槓桿水準與表內非常相近，自成立以來一直帶來約高個位數的 IRR。因此其表現符合預期。如我所說，這比較像一次性的事件，因為我們正在評估 ISLP 未來確切會如何發展。

Okay. And then my follow-up is, was there any change in the terms of the revolving credit facility that was recently extended other than the elimination, it looks like of the credit adjustment spread.

好的。那我接著問，最近展延的循環信用額度（revolving credit facility）條款是否有任何變更，除了看起來取消了信用調整利差（credit adjustment spread）之外？

In reference to revolver, yes, we did replace the credit adjustment spread, right? That through our amendment and extended, we were able to remove.

就循環額度而言，是的，我們確實替換了信用調整利差，對吧？透過我們的修訂與展延，我們得以將其移除。

Okay. But nothing else in terms of like margin requirements or collateral type?

好的。但在例如利差（margin）要求或擔保品類型方面，沒有其他變更嗎？

No, no other major changes. That was the big one.

沒有，沒有其他重大變更。那是最大的變更。

(Operator Instructions) Paul Johnson, KBW.

(接線員指示) KBW 的 Paul Johnson。

So I guess with leverage 1.2 times, 1.3 times or so, how should we think about just, I guess, balancing, I guess, the new activity with just new leverage and also the opportunity, I guess, to drop down some investments into the joint ventures. How should we kind of think about that I guess, balanced with what you're seeing in the market right now in terms of new deployment here over the near term?

所以我想，在槓桿約 1.2 倍、1.3 倍左右的情況下，我們應該如何看待——我想是——在新增投放活動與新增槓桿之間的平衡，以及把部分投資下放到合資企業（joint ventures）中的機會？就你們目前看到的市場狀況而言，短期內在這裡進行新的資金部署，我們應該如何思考這種平衡？

Thanks for the question, Paul. So I would say we have been operating at the higher end of our leverage range, as you know. And part of that has been because there's been pretty limited paydowns, repayments across our portfolio, but also across the broader market in recent history. We do have some ability to drop loans down into our joint ventures, which does allow us some room to continue to originate in today's market. But I will say we are largely focused on being one in, one out.

謝謝你的問題，Paul。我會說，如你所知，我們一直在槓桿區間的較高端運作。部分原因是，無論在我們的投資組合內，或在更廣泛的市場，近來本金回收、提前償還都相當有限。我們確實有能力把部分貸款下放到我們的合資企業中，這讓我們在當前市場仍有空間持續承作新案。但我也要說，我們主要聚焦在「一進一出」。

So as loans are paying down, really adding new loans behind them to keep the structure fully invested. But we also have an eye towards moderating back down towards the middle of our net leverage range. So as a reminder, between 1 and 1.25 is our leverage range for the fund.

也就是說，當貸款開始回收本金時，就在其後補上新的貸款，以維持結構的滿投（fully invested）。但我們也留意要把槓桿適度調降回到淨槓桿目標區間的中位。提醒一下，本基金的槓桿區間是 1 到 1.25。

I do think in future quarters, we're looking to pull that back down below that 1.25 times that we've been recently operating at, while at the same time, using some of the other levers we have like JVs to facilitate some new investment opportunities for the fund over that time.

我確實認為在未來幾季，我們會希望把槓桿拉回到低於 1.25 倍（這是我們近期的運作水準），同時也會運用我們其他工具（例如合資企業）來協助基金在那段期間把握一些新的投資機會。

Got it. And is that more just because more from a capital management side, that's where you want to operate in this environment? Or would you say it's just more because the environment is maybe just not as attractive as you would like?

了解。那這更多是因為從資本管理的角度，在這種環境下你們希望在那個水準運作？還是你會說，更多是因為環境可能沒有你們希望的那麼具吸引力？

It's more of the former. So we have been largely originating first lien loans. And as I noted, over 80% of our originations in the quarter were in first lien structures. And so as we look at the risk of the investments we're making, we're also thinking about capital planning related to that. And so given the first lien skew of the portfolio today, we have been comfortable operating at the higher end of our targeted leverage range.

比較偏向前者。所以我們主要承作第一順位擔保貸款（first lien loans）。如我提到的，本季我們超過 80% 的承作都在第一順位結構。因此在評估我們所做投資的風險時，也會同步思考與之相關的資本規劃。所以，鑑於目前投資組合偏向第一順位，我們一直很安心地在目標槓桿區間的較高端運作。

And I will say, as we noted in our remarks, new investment opportunities continue to be attractive. We've still been originating at spreads in the mid-500s for new first lien securities. And so we are still excited about finding new investment opportunities out there in addition to operating within that midpoint of our target leverage range.

另外我也要說，如我們在談話中提到的，新的投資機會仍然具有吸引力。我們在新的第一順位證券上，仍以約 500 多個基點中段（mid-500s）的利差在承作。因此，除了在目標槓桿區間的中位運作之外，我們仍對在市場上尋找新的投資機會感到振奮。

My final question, maybe a little bit more of a technical one, but the 12% PIK income for this quarter, if I actually just try to calculate that from the cash flow statement, it looks like something that's quite a bit higher, something a little bit closer to like 19% or so through the six months through this year, running at around 19% for this quarter. But I guess can you help me explain what's the -- I guess, the difference between those two numbers, if there's some sort of onetime accrual item or something that's flowing through this quarter in terms of the PIK income?

我最後一個問題可能比較技術性：本季 12% 的 PIK 收入，如果我試著從現金流量表去計算，看起來高出不少；以今年截至目前的六個月來看，本季的年化（或運行）水準似乎更接近 19% 左右。但你能否協助我理解——我想——這兩個數字之間的差異？是否有某種一次性的應計項目或其他因素在本季影響了 PIK 收入？

We can look into this more detail and come back to you. But overall, again, our 12% number is more for this current quarter, while cash flow is six months. So as you said, in Q1, maybe the PIK income was higher. And then some of it might be driven by our preferred dividend, which at times could also be driving it, but we can look at it and come back to you.

我們可以再更詳細地查看，之後再回覆你。但整體而言，我們的 12% 數字是針對本季，而現金流量表是六個月的數據。所以如你所說，第一季的 PIK 收入可能較高。另外其中一部分也可能受到我們的特別股股利影響，某些時候也會推動該數字；但我們會再看一下並回覆你。

And at this time, there are no further questions in queue. I will now turn the meeting back to Michael Ewald for closing comments.

目前提問佇列中沒有其他問題。我現在把會議交回給 Michael Ewald 作結語。

Thanks, Nicky, and thanks again for all of your time and attention today. We look forward to speaking with you all again soon. Thanks very much. Cheers.

謝謝你，Nicky，也再次感謝各位今天撥冗並專注參與。我們期待很快再次與各位交流。非常感謝。再會。

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。您現在可以掛線。