Crescent Capital BDC Inc (CCAP) 2026 Q1 法說會逐字稿

Good morning and welcome to Crescent Capital BDC, Inc.'s first quarter ended March 31, 2026 earnings conference call. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC, or the Company throughout the call.

早安，歡迎參加 Crescent Capital BDC, Inc. 截至 2026 年 3 月 31 日止第一季財報電話會議。請注意，在本次電話會議中，Crescent Capital BDC, Inc. 可能會以 CCAP、Crescent BDC 或本公司稱呼。

I'll start with some important reminders. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. The Company's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. The Company assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

我先提醒幾項重要事項。本次電話會議與網路直播期間所發表的評論可能包含前瞻性陳述，並受風險與不確定性影響。本公司實際結果可能因任何原因而與該等前瞻性陳述所表達者有重大差異，包括其向美國證券交易委員會（SEC）申報文件中所列之因素。本公司不承擔更新任何此類前瞻性陳述之義務。另請注意，過去表現或市場資訊不保證未來結果。

I'll now turn the call over to Dan McMahon.

接下來我把電話交給 Dan McMahon。

Thank you. Yesterday, after the market closed, the company issued its earnings press release for the first quarter ended March 31, 2026, and posted a presentation to the Investor Relations section of its website at www.crescentbdc.com. The presentation should be reviewed in conjunction with the company's Form 10-Q filed yesterday with the SEC.

謝謝。昨天收盤後，本公司發布了截至 2026 年 3 月 31 日止第一季的財報新聞稿，並在網站 www.crescentbdc.com 的投資人關係專區上傳了一份簡報。該簡報應與本公司昨日向 SEC 提交的 Form 10-Q 一併閱讀。

As a reminder, this call is being recorded for replay purposes. Speaking on today's call will be CCAP's Chief Executive Officer, Jason Breaux; Chief Financial Officer, Gerhard Lombard; and President Henry Chung.

提醒各位，本次電話會議將錄音以供回放。今天出席並發言的有 CCAP 執行長 Jason Breaux、財務長 Gerhard Lombard，以及總裁 Henry Chung。

With that, I'd now like to turn it over to Jason.

接下來我把電話交給 Jason。

Thank you, Dan, and good morning, everyone. Before turning to our results, I want to frame the quarter in the context of the broader market environment. We are operating in an environment characterized by elevated geopolitical uncertainty, mixed consumer sentiment, and persistent inflationary pressures, which have contributed to a more volatile backdrop for credit markets.

謝謝你，Dan，各位早安。在談到我們的業績之前，我想先在更廣泛的市場環境脈絡下說明本季情況。我們所處的環境具有較高的地緣政治不確定性、消費者情緒分歧，以及持續的通膨壓力，這些因素使得信貸市場的背景更加波動。

Within private credit, we are seeing pockets of pressure. At the same time, we believe the broader narrative around the asset class has become somewhat overstated, with distinct issues often grouped together in a way that can exaggerate the perception of risk.

在私募信貸領域，我們看到部分區塊出現壓力。同時，我們認為市場對此資產類別的整體敘事在某種程度上被過度渲染，許多本質不同的問題常被混為一談，從而誇大了風險觀感。

While factors such as credit stress in select sectors, valuation scrutiny, evolving risks within software, and refinancing pressures are all part of the current dialogue, these dynamics are not uniform across portfolios or issuers. Against this backdrop, a small number of credit-specific developments within CCAP's portfolio drove a more challenging quarter.

雖然目前討論中包含特定產業的信貸壓力、估值審視、軟體領域風險的演變，以及再融資壓力等因素，但這些動態在不同投資組合或發行人之間並不一致。在此背景下，CCAP 投資組合中少數與信貸相關的特定事件，使本季表現更具挑戰。

This reflects a continuation of recent quarters where NAV has declined, driven by both market conditions and pressure in certain watchlist investments. These issues are concentrated and are being actively managed, and Henry will provide further detail.

這反映了近幾季資產淨值（NAV）持續下滑的延續，主要由市場狀況以及部分觀察名單投資的壓力所致。這些問題相對集中且正被積極管理，Henry 將提供更多細節。

Importantly, we have deliberately constructed the CCAP portfolio over the past decade with a focus on first lien investments, non-cyclical industries, and strong sponsor backing, with the expectation that we would eventually operate in a more challenging credit environment. This approach is informed by Crescent's more than 35-year track record of investing in credit across multiple market cycles. As a result, while performance has reflected increased recent variability, we believe the portfolio is well-positioned to navigate these conditions over the long term.

重要的是，過去十年我們刻意以第一順位擔保（first lien）投資、非景氣循環產業，以及強力贊助商支持為核心來建構 CCAP 投資組合，因為我們預期終將面臨更具挑戰的信貸環境。此一作法係基於 Crescent 逾 35 年、跨越多個市場循環的信貸投資紀錄。因此，儘管近期表現反映出波動性上升，我們仍相信該投資組合具備良好定位，可在長期內因應這些環境。

At the same time, the current market is creating a more attractive opportunity set with widening spreads, stronger structures, and reduced competition for new investments. In particular, we are seeing a pullback in activity from certain lenders who are more reliant on retail and non-traded BDC capital.

同時，當前市場也因利差擴大、條款結構更強，以及新投資競爭減少，而創造出更具吸引力的機會集合。尤其是，我們看到部分放款機構的活動有所收縮，這些機構較依賴零售資金與非上市 BDC 資本。

Turning to earnings, we generated $0.38 per share of net investment income, or NII, for the quarter, down from $0.45 in the prior quarter, primarily driven by an increase in non-accruals and a reduction in base rates. However, we voluntarily waived $0.04 of incentive fees to ensure full dividend coverage for the quarter. As a result, reported NII of $0.42 per share reflects the $0.04 per share incentive fee waiver.

談到獲利，本季我們每股產生 0.38 美元的淨投資收益（NII），低於上一季的每股 0.45 美元，主要原因是非應計（non-accrual）增加以及基準利率下調。不過，我們自願豁免了 0.04 美元的績效報酬（incentive fees），以確保本季股利能完全由收益覆蓋。因此，所報告的每股 NII 為 0.42 美元，已反映每股 0.04 美元的績效報酬豁免。

As we previewed on our last earnings call and in partnership with our Board, we've implemented a broader set of structural changes to position CCAP for more consistent earnings and attractive returns across market cycles. On fees, we are permanently reducing the base management fee from 1.25% to 1% and the incentive fee from 17.5% to 15%, effective April 1, 2026.

正如我們在上次財報電話會議中所預告，並在董事會的合作下，我們已實施一套更廣泛的結構性調整，以使 CCAP 在各市場循環中具備更一致的獲利能力與具吸引力的報酬。在費用方面，我們將永久把基本管理費由 1.25% 降至 1%，並將績效報酬由 17.5% 降至 15%，自 2026 年 4 月 1 日起生效。

At the time of our listing in 2020, our fee structure was among the most competitive in the BDC sector. Over time, as the market evolved, our fees became more in line with the broader peer group. The changes we announced today bring CCAP's fee structure back towards the most competitive end of the peer group.

在 2020 年上市之時，我們的費用結構在 BDC 產業中屬於最具競爭力之一。隨著時間推移與市場演變，我們的費用水準逐漸與更廣泛的同業群體趨於一致。我們今天宣布的變更，將使 CCAP 的費用結構回到同業中更具競爭力的一端。

In conjunction with the fee reductions, we are resetting the quarterly base dividend from $0.42 to $0.34 per share. We believe this new base dividend reflects a conservative level relative to our near-term earnings outlook.

配合費用下調，我們也將每季基本股利由每股 0.42 美元重設為每股 0.34 美元。我們認為，這一新的基本股利水準相對於我們短期獲利展望而言更為保守。

Our Board has also approved three special dividends of $0.03 per share to be paid quarterly over the course of calendar year 2026. These special dividends are meant to address our current spillover balance. Taken together, this framework separates core earnings power from the return of previously earned income and provides us with greater flexibility as we actively manage the portfolio

董事會亦核准三次每股 0.03 美元的特別股利，將於 2026 年曆年期間按季支付。這些特別股利旨在處理我們目前的溢出收益（spillover）餘額。綜合而言，此一架構將核心獲利能力與先前已賺取收益的返還加以區隔，並在我們積極管理投資組合時提供更大的彈性

Finally, I'd like to touch on the recently completed transaction between Sun Life and our external advisor, Crescent Capital. In March, Sun Life acquired the remaining equity interest in Crescent, making it a wholly-owned subsidiary of SLC Management, Sun Life's alternatives platform. This further strengthens alignment with a well-capitalized long-term institutional partner. Sun Life is a long-term holder of approximately 6% of CCAP shares outstanding, holds approximately $72 million of CCAP's unsecured notes, and has invested or committed over one and a half billion across Crescent strategies since 2021, underscoring its significant and ongoing economic commitment to the platform.

最後，我想談談近期已完成的 Sun Life 與我們外部顧問 Crescent Capital 之間的交易。今年 3 月，Sun Life 收購了 Crescent 剩餘的股權，使其成為 SLC Management（Sun Life 的另類投資平台）的全資子公司。這進一步強化了我們與資本雄厚、長期的機構夥伴之間的一致性。Sun Life 長期持有約占 CCAP 流通在外股份 6% 的持股，持有約 7,200 萬美元的 CCAP 無擔保票據，且自 2021 年以來已在 Crescent 各項策略中投資或承諾投入逾 15 億美元，凸顯其對該平台重大且持續的經濟承諾。

With that, I'll turn it over to Gerhard.

接下來，我把時間交給 Gerhard。

Thanks, Jason. I wanted to start by bridging the change in NII compared to the prior quarter. The decline from the prior quarter was primarily driven by approximately $0.04 per share from new non-accruals, $0.02 per share from lower base rates, and approximately $0.01 per share from lower one-time fee income and deployment timing. This was partially offset by higher dividend income.

謝謝，Jason。我想先說明本季 NII 相較前一季的變動銜接。相較前一季的下滑主要來自：新增停止計息資產約每股 0.04 美元、基準利率較低約每股 0.02 美元，以及一次性費用收入較低與資金投放時點影響約每股 0.01 美元。部分則由較高的股利收入所抵銷。

On slide 10, we provide a graphical analysis of NAV changes during the quarter. Net asset value declined quarter over quarter to $18.27 per share from $19.10 per share, driven by a combination of broader mark-to-market movements and credit-specific depreciation across the portfolio.

在第 10 頁投影片中，我們提供本季 NAV 變動的圖形化分析。每股淨資產價值較前一季由每股 19.10 美元下降至每股 18.27 美元，主要由更廣泛的按市價評價變動以及投資組合中與信用相關的折價共同所致。

The impact of credit spread widening and changes in market multiples was the most significant driver of the change this quarter, accounting for approximately 65% of the overall reduction, while the remaining 35% was attributable to credit-specific factors. We believe the market-driven portion of the markdown primarily reflects a broader repricing of risk rather than underlying fundamental deterioration.

本季變動中，信用利差擴大與市場倍數變化的影響是最主要的驅動因素，約占整體下降的 65%，其餘 35% 則歸因於特定信用因素。我們認為，由市場驅動的減記主要反映風險的廣泛重新定價，而非基本面出現惡化。

Turning to the balance sheet, our investment portfolio totaled approximately $1.6 billion at fair value. We ended the quarter with net leverage of 1.32 times, modestly above our target range of 1.1 times to 1.3 times, driven by the timing of realizations that were pushed out of the quarter. We expect that leverage will return to our target range as those realizations occur.

談到資產負債表，我們的投資組合按公允價值計約為 16 億美元。本季末淨槓桿為 1.32 倍，略高於我們 1.1 倍至 1.3 倍的目標區間，主要是因原本預計在本季完成的變現時點延後所致。我們預期隨著這些變現發生，槓桿將回到目標區間。

We continue to maintain a strong liquidity position with approximately $206 million of available capacity and $27 million of cash and cash equivalents at quarter end. Importantly, we have sufficient availability under our ABL facilities, including a $100 million upsize to our SPV facility, which we expect to close before the upcoming June quarter end. Part of the upsize will be used to refinance our upcoming May unsecured maturities.

我們持續維持強勁的流動性部位，季末可用額度約 2.06 億美元，現金及約當現金 2,700 萬美元。重要的是，我們在 ABL 額度下仍有充足可用空間，其中包括將 SPV 額度擴大 1 億美元，我們預期將在即將到來的 6 月季末前完成。此次擴額的一部分將用於再融資我們 5 月到期的無擔保債務。

For the second quarter of 2026, our Board declared a regular dividend of $0.34 per share payable on July 15 to stockholders of record as of June 30. Additionally, the first $0.03 per share special dividend is payable on June 15th to stockholders of record as of May 31. While our existing variable supplemental dividend framework remains in effect, CCAP will not pay a Q1 supplemental dividend based on this quarter's NII.

針對 2026 年第二季，我們董事會宣告每股 0.34 美元的例行股利，將於 7 月 15 日支付給截至 6 月 30 日登記在冊的股東。此外，第一筆每股 0.03 美元的特別股利將於 6 月 15 日支付給截至 5 月 31 日登記在冊的股東。雖然我們既有的可變補充股利架構仍然有效，但 CCAP 將不會基於本季 NII 支付第一季的補充股利。

With that, I'll turn it over to Henry.

接下來，我把時間交給 Henry。

Thanks, Gerhard. At a high level, the portfolio remains well-positioned with the majority of companies continuing to perform, as evidenced by year-over-year EBITDA growth, supported by strong sponsor backing and resilient business models. Approximately 86% of investments are rated 1 or 2 unchanged quarter over quarter, representing performance at or above our underwriting expectations with a weighted average portfolio risk rating of 2.1 that has also remained stable.

謝謝，Gerhard。整體而言，投資組合仍處於良好位置，多數公司持續表現穩健，從年對年 EBITDA 成長可見一斑，並受惠於強勁的贊助方支持與具韌性的商業模式。約 86% 的投資評等為 1 或 2，與前一季相比維持不變，代表其表現達到或優於我們承作時的預期；投資組合加權平均風險評等為 2.1，也同樣保持穩定。

Weighted average interest coverage improved modestly to 2.2 times, demonstrating continued resilience in underlying earnings. In addition, our software exposure continued to perform in line with expectations, with no new additions to the watchlist during the quarter. Also, it's worth noting that we do not have any exposure to ARR loans.

加權平均利息保障倍數小幅改善至 2.2 倍，顯示基礎獲利仍具韌性。此外，我們在軟體領域的曝險持續符合預期，本季沒有新增列入觀察名單的項目。另外值得一提的是，我們沒有任何 ARR 貸款曝險。

Turning to our non-accruals, as a percentage of debt investments, non-accruals increased to 5.7% of cost and 3.6% of fair value, up from 4.1% and 2% in the prior quarter, respectively, reflecting the addition of five new non-accruals during the quarter. Our five new non-accruals this quarter were concentrated across four healthcare investments.

談到停止計息資產，以債務投資占比計，停止計息資產上升至成本的 5.7% 與公允價值的 3.6%，分別高於前一季的 4.1% 與 2%，反映本季新增 5 筆停止計息資產。本季新增的 5 筆停止計息資產主要集中在 4 項醫療保健投資。

We note that the drivers of stress are distinct across each investment, ranging from deferrable healthcare consumer spending, persistent unfavorable labor dynamics, and execution-related operational challenges. We do not observe the stress in these investments as indicative of broader stress within healthcare. From a portfolio management perspective, these investments have been on our watchlist for over five quarters on average, and we have been actively working with the management teams and sponsors over that period.

我們注意到，各項投資的壓力來源各不相同，包含可延後的醫療保健消費支出、持續不利的勞動力動態，以及與執行相關的營運挑戰。我們不認為這些投資的壓力代表醫療保健產業出現更廣泛的壓力。從投資組合管理角度來看，這些投資平均已在我們的觀察名單上超過五個季度，我們在此期間也一直積極與管理團隊及贊助方合作。

Importantly, the Crescent platform has meaningful control or influence in each situation through agency roles or position size. Our experience managing through prior economic cycles gives us confidence in our ability to actively manage these situations and drive recovery outcomes.

重要的是，Crescent 平台透過代理角色或部位規模，在每個情境中都具備實質的控制權或影響力。我們在過往經濟循環中管理類似情況的經驗，使我們對於能夠主動管理這些狀況並推動復原成果充滿信心。

Taking a step back, all 13 of CCAP's non-accruals are first lien positions, which we believe is an important factor supporting our ultimate recoveries. Six were acquired through the First Eagle portfolio, which we understood at acquisition to include a number of legacy challenges and more limited lender control.

退一步來看，CCAP 的 13 筆停止計息資產全部都是第一順位擔保部位，我們認為這是支持最終回收的重要因素。其中 6 筆是透過 First Eagle 投資組合取得；在收購時我們已了解該組合包含若干歷史遺留挑戰，以及放款人控制權較為有限。

Importantly, while elevated relative to historical levels, these remain concentrated in a portfolio of almost 200 portfolio companies and are not indicative of broader portfolio deterioration. We have also taken a proactive and conservative approach to valuation of our watch list, marking assets to levels we believe appropriately reflect current conditions and expected recovery values rather than deferring these adjustments over time.

重要的是，雖然相較歷史水準偏高，但這些仍集中於近 200 家投資組合公司的投資組合中，並不代表整體投資組合出現更廣泛的惡化。我們也對觀察名單的估值採取主動且保守的作法，將資產評價調整至我們認為能適切反映當前狀況與預期回收價值的水準，而非隨時間延後進行這些調整。

Please turn to slide 15, where we highlight our recent activity. In this environment, we continue to focus on non-cyclical sponsor-backed businesses and are seeing higher spreads and increased add-on activity. Gross deployment in the first quarter totaled $115 million, including $57 million across 14 new platform investments. These investments were made at a weighted average spread of approximately 500 basis points, with Crescent serving as lead or agent on 93% of these transactions.

請看第 15 頁投影片，我們在此重點說明近期活動。在目前環境下，我們持續聚焦於非景氣循環、由贊助方支持的企業，並看到利差走高以及追加投資活動增加。第一季總投放金額為 1.15 億美元，其中 5,700 萬美元分布於 14 項新的平台型投資。這些投資的加權平均利差約為 500 個基點，且 Crescent 在其中 93% 的交易中擔任主辦或代理角色。

The remaining $58 million was invested in existing portfolio companies. This compares to approximately $93 million in aggregate exits, sales and repayments during the quarter, resulting in net deployment of approximately $22 million. The broader Crescent platform remained highly active with over $2.6 billion of private credit capital commitments in the first quarter and over $7.5 billion on an LTM basis, providing a strong pipeline of opportunities. While we are not expecting significant net portfolio growth in the near term, we are actively rotating the portfolio while selectively deploying capital into attractive opportunities originated through the Crescent platform. We are taking a conservative approach to new investments through smaller position sizing and increased diversification. At the quarter-end, CCAP's average investment size was approximately 0.6% of the portfolio. With that, I'll turn it over to Jason.

其餘 5,800 萬美元投資於既有投資組合公司。相較之下，本季合計退出、出售與償還約 9,300 萬美元，因此淨投放約 2,200 萬美元。更廣泛的 Crescent 平台仍維持高度活躍，第一季私募信貸資本承諾超過 26 億美元，過去十二個月（LTM）合計超過 75 億美元，提供強勁的機會管道。雖然我們預期短期內投資組合淨成長不會顯著，但我們正積極進行投資組合輪動，同時選擇性地將資本投放至透過 Crescent 平台所發掘的具吸引力機會。我們對新投資採取保守作法，透過較小的部位規模與更高的分散度。截至季末，CCAP 的平均投資規模約占投資組合的 0.6%。接下來，我把時間交回給 Jason。

Thank you, Henry. In closing, this quarter reflects a continuation of challenging trends in certain segments of the portfolio, which we are actively managing. We've taken proactive steps to strengthen the durability of our earnings profile and enhance shareholder value, including reducing management and incentive fees and resetting our base dividend. Against that backdrop, CCAP benefits from being part of the broader Crescent platform, which is well-positioned and is seeing an increasingly attractive opportunity set. We appreciate your continued support and look forward to updating you next quarter.

謝謝你，Henry。最後總結，本季反映出我們投資組合中某些板塊具挑戰性的趨勢仍在延續，而我們正積極加以管理。我們已採取主動措施，以強化獲利結構的韌性並提升股東價值，包括降低管理費與績效激勵費，並重設我們的基本股利。在此背景下，CCAP 受惠於隸屬更廣泛的 Crescent 平台；該平台定位良好，且正看到愈來愈具吸引力的投資機會。感謝各位持續支持，並期待在下季向各位更新。

Operator, please open the line for questions.

接線員，請開放提問線路。

(Operator Instructions) Robert Dodd, Raymond James.

(接線員指示) Robert Dodd，Raymond James。

Hi, guys. First, I want to say, congrats or whatever the right word for it is on the fee adjustment and getting back into kind of the leading group in the space in terms of structure on that. On the kind of the focus on the non-accruals, obviously Phil kind of addressed it. I mean, it's been a theme obviously with your portfolio this quarter, few others, over the last couple of quarters in terms of healthcare. There's disparate issues between all of those things. I mean, how comfortable are you now that you have your hands around the issues for the specific assets or just kind of the healthcare themes in general?

嗨，各位。首先，我想說，恭喜——或用任何合適的詞——你們調整費用，並在結構方面回到同業領先群。關於對不計息資產（non-accrual）的關注，顯然 Phil 已經談到一些。我的意思是，這顯然是你們投資組合本季的一個主題，過去幾季在醫療保健方面也有一些類似情況。這些事情之間的問題各不相同。我的意思是，你們現在對於特定資產的問題——或更廣泛的醫療保健主題——掌握到什麼程度？你們有多放心？

I mean, there are multiple different ones, but they've been affecting a lot of portfolio companies in yours and just elsewhere as well. I mean, are there still developments progressing in healthcare that are kind of like catching you and others kind of by surprise, flat-footed, whichever way you want it? I mean, yes, they've been on the watchlist for a while, but it seems to have accelerated in terms of the problems recently.

我的意思是，情況有好幾種，但它們也影響了你們以及其他地方的許多投資組合公司。我的意思是，醫療保健領域是否仍有一些發展，會讓你們和其他人有點措手不及——不管你想怎麼形容？我的意思是，是的，它們在觀察名單上已經一段時間了，但最近問題似乎加速惡化。

Hi, Robert. This is Henry. I'll take that. I think your observation's absolutely correct, and we noticed the same across the space as well, that there's select healthcare names that have been certainly popping up on non-accrual lists just more broadly. I think in terms of the observation that we're seeing in our portfolio, it's not broad-based within healthcare. There's certain pockets within healthcare that I'd say are certainly starting to demonstrate stress. We've had them on the watchlist and have been watching them closely, and we alluded to that in our prepared remarks around being or having a kind of close eye in terms of how the different drivers have developed.

嗨，Robert。我是 Henry。我來回答。我認為你的觀察完全正確，我們也注意到整個市場同樣如此：有些特定的醫療保健公司名稱，確實更廣泛地開始出現在不計息名單上。就我們投資組合所見，這並非醫療保健整體全面性的問題。醫療保健中有某些子領域，我會說確實開始顯現壓力。我們已將它們列入觀察名單並密切追蹤，也在事先準備的發言中提到，我們正密切關注不同驅動因素的演變。

I think as we take a step back here and we look at the different drivers, while these are all classified as healthcare, they're quite different in terms of business model, in terms of what specifically was impacting these businesses, whether it's a labor cost issue, whether it's a execution-related misstep by the sponsor, whether it's a reimbursement dynamic. It's difficult to say that this is really something that we're seeing that's broad-based within the space or within the portfolio as well. I look at these as four distinct drivers in terms of what's creating operating pressure at the businesses.

我認為當我們退一步檢視不同驅動因素時，雖然都被歸類為醫療保健，但在商業模式上差異很大；影響這些企業的具體因素也不同，可能是人力成本問題、可能是贊助方在執行上的失誤、也可能是給付／報銷（reimbursement）動態所致。因此很難說這是我們在該產業或在投資組合中看到的全面性現象。我把這些視為四個彼此獨立的驅動因素，造成企業營運壓力。

Looking forward, as I think about the healthcare in our portfolio, we certainly are continuing to keep a close eye in terms of how these pressures are potentially surfacing within our portfolio. I would say by and large, as we think about how we've captured them in our watch list as well as their non-accruals, we certainly do feel like we have a good handle in terms of where to keep our focus on today. Fully recognizing that we're in an environment where on a quarter-to-quarter basis, there can certainly be volatility in terms of just how these actual businesses perform on a quarter-to-quarter basis.

展望未來，談到我們投資組合中的醫療保健部位，我們當然會持續密切關注這些壓力是否可能在投資組合中浮現。我會說，整體而言，就我們在觀察名單以及不計息資產的呈現方式來看，我們確實覺得目前已相當掌握應該把焦點放在哪裡。同時也充分認知到，在目前環境下，企業每季的實際表現可能會有波動。

Got it. Thank you. Just kind of, as kind of a crystal ball, how much of these issues have been if it's the known fact, have been exacerbated by, inflation, wage inflation, et cetera? I mean, is there a risk that, given, the latest inflation print the other day, et cetera, I mean, like could things deteriorate further from here? I mean, I think in your prepared remarks, I think you said you mark the assets now, rather than, dribbling things in, which is a good thing. Congrats on doing that.

了解。謝謝。再稍微用「水晶球」的角度問一下：這些問題有多少是被通膨、薪資通膨等等已知因素所加劇？我的意思是，考量到前幾天最新的通膨數據等等，是否有風險讓情況從這裡進一步惡化？我的意思是，我記得你們在事先準備的發言中提到，你們現在是一次性把資產估值調整到位，而不是一點一點地調整，這是好事。恭喜你們這麼做。

I mean, is What's the confidence that that that is it, so to speak, and things couldn't get worse driven more by, in this context, more by macro factors? Is that still a meaningful threat to these businesses?

我的意思是，對於「就此為止」——也就是說已經反映完畢——你們有多大信心？在這個情境下，是否可能因為總體因素而讓情況變得更糟？這對這些企業而言仍是重大威脅嗎？

Yeah. I think that's something that has pressured these businesses for the better part of the last two years now, in particular on the wage inflation side. It's been sticky. We've certainly seen the clip at which wage increases have demonstrated within these cost structures as slowing down, but they're still elevated to where they were in 2023. Just, that we haven't seen a reversal of those trends. To be honest, we don't expect to see a reversal in the trends, and we factor that into how we value the assets and how we determine the accrual status of these assets.

是的。我認為在過去大約兩年裡，這一直在壓迫這些企業，特別是在薪資通膨方面。它一直很黏著（難以下降）。我們確實看到薪資上升在成本結構中呈現的增速已放緩，但仍高於 2023 年的水準。只是，我們尚未看到這些趨勢出現反轉。坦白說，我們也不預期會看到趨勢反轉，因此我們在資產估值以及判定這些資產是否計息（accrual status）時，已將此納入考量。

So when I think about how we're positioned here, we're not necessarily waiting for better outcomes with respect to wages to think about how we mark the positions and just the accrual status. We want to make sure that we're being conservative here, and I would say that what we how we've kind of thought about value and how we've thought about our watches today reflects that.

因此當我思考我們目前的定位時，我們並不是在等待薪資方面出現更好的結果，才去思考如何調整部位估值以及計息狀態。我們希望確保在這裡採取保守作法；我會說，我們目前對價值的看法以及對觀察名單的處理方式，已反映了這一點。

Christopher Nolan, Ladenburg Thalmann.

Christopher Nolan，Ladenburg Thalmann。

Hi. Thanks for taking my questions, and I echo Robert's congratulations on restructuring on the fee. Continuing on the non-accruals, I presume they're all sponsored companies. Were they different sponsors? Because they're not accruing, I presume the sponsor is not getting any dividends or anything from these investments. Is that a correct assumption?

嗨。謝謝讓我提問，我也呼應 Robert 對費用重整的恭喜。延續不計息資產的話題，我推測它們都是有贊助方（sponsored）的公司。它們是不同的贊助方嗎？因為它們不計息，我推測贊助方不會從這些投資中拿到任何股利或其他分配。這樣的假設正確嗎？

Yeah, that's correct on both fronts. These are all sponsor-backed companies. Then the second piece as well is it's customary as a business well in advance of typically when wewihtinow determine non-accrual status, that any dividends or management fees to the sponsors are shut off 'cause those outflows of cash are subordinated to our debt service.

是的，兩方面都正確。這些都是由贊助方支持的公司。另外第二點也一樣，通常在我們判定為非應計狀態之前很久，作為慣常的商業做法，會先把支付給贊助方的任何股利或管理費切斷，因為那些現金流出在我們的債務償付之前是從屬的。

Great. Then given that overwhelmingly your business seems to be focused on providing debt to sponsored companies, given, I mean, from my chair seeing deteriorating asset quality across BDCs in general, but that must mean that the private equity sector must be under stress. Going forward, doesn't this create a greater risk to your business model since these sponsors would have less capacity to support these problematic businesses? Just because -- if private credit's getting pulled, private equity is getting pneumonia.

很好。那麼，鑑於你們的業務幾乎都聚焦於向有贊助方的公司提供債務融資，而且從我這邊看，整體BDC的資產品質似乎都在惡化，這必然意味著私募股權部門也承受壓力。往前看，這是否會對你們的商業模式造成更大的風險，因為這些贊助方支持這些問題企業的能力會變弱？因為——如果私募信貸被抽走，私募股權就會得肺炎。

Yeah. Hey, hey, Chris. It's Jason. Thanks. Thanks for that question. I think it's a really good observation and something that we've seen through cycles. I would agree with you. Certainly, if you're seeing elevated credit quality stress in BDCs, that means that sponsors are also experiencing challenges in their portfolios. I would say, hopefully, in most cases, if we've done our jobs, we've picked credits that sponsors are going to try to continue to support. I do think that there will be some continued triage taking place across sponsor-backed portfolios. Certainly with some of these non-accruals, we will end up owning these lease.

是的。嘿，嘿，Chris。我是Jason。謝謝。謝謝你的問題。我認為這是非常好的觀察，也是我們在不同週期中都看過的現象。我同意你的看法。當然，如果你看到BDC的信用品質壓力升高，這也意味著贊助方在其投資組合中同樣面臨挑戰。我會說，希望在大多數情況下，如果我們把工作做好了，我們挑選的信貸標的會是贊助方願意持續支持的。我確實認為，在贊助方支持的投資組合中，接下來仍會有一些持續的「分級處置／優先處理」（triage）。當然，對於其中一些非應計資產，我們最後會擁有這些租賃。

Crescent's philosophy has always been around trying to pick the good credits, the credits where we think risk of impairment is minimal. We are going to get our money back, which means there will be value down into the equity. Agree with you, these are more challenged times. Sponsors are holding onto assets longer than they ever have, because the exit environment is also increasingly challenging, and we went from zero base rates to something greater than zero base rates over the last several years. I think there's a confluence of events that have driven some of these challenges. Our hope and our objectives always have been to try to pick the right credits that we're not going to lose money on.

Crescent一向的理念是，盡量挑選好的信貸標的，也就是我們認為減損風險極低的標的。我們會把錢收回來，這也意味著股權層面仍會有價值。我同意你說的，現在是更具挑戰的時期。贊助方持有資產的時間比以往任何時候都更長，因為退出環境也愈來愈具挑戰性；而且過去幾年我們也從零基準利率走到高於零的基準利率。我認為有多重事件交織在一起，導致了其中一些挑戰。我們的希望與目標一直都是，盡量挑對信貸標的，確保我們不會虧錢。

Great. If I can ask one more. The Sun Life tie-up, will that in any way enable you guys to get lower cost funding, debt funding going forward?

很好。如果我可以再問一個。與Sun Life的合作，是否能在任何方面讓你們未來取得更低成本的資金、也就是債務資金？

Sun Life, I think you're referencing, Chris, which we entered into an agreement with Sun Life five years ago where Crescent sold a majority stake to Sun Life. As I mentioned on the prepared remarks, the remaining minority interest of Crescent was purchased by Sun Life. That was all negotiated, prearranged, five years ago as an option for Sun Life. They've been a terrific capital partner for us. Very supportive. I think I mentioned some of the figures in the prepared remarks. They own equity in CCAP. They own unsecured debt in CCAP.

Sun Life，我想你指的是，Chris，我們在五年前與Sun Life簽訂的一項協議，當時Crescent將多數股權出售給Sun Life。如我在事先準備的發言中提到，Crescent剩餘的少數股權也已由Sun Life買下。這些都是五年前就談妥、事先安排好的，作為Sun Life的一項選擇權。他們一直是我們非常出色的資本夥伴。非常支持我們。我想我在事先準備的發言中提到了一些數字。他們持有CCAP的股權。他們也持有CCAP的無擔保債務。

They're actually quite a dominant player in the private placement market, debt private placement market. They've also supported us across a number of our

他們其實也是私募配售市場、債務私募配售市場中相當具主導地位的參與者。他們也在我們多項……方面支持過我們

Hello?

喂？

Are you there?

你還在嗎？

Yeah, cut out. No, you answered my question.

在，剛剛斷線了。沒有，你已經回答我的問題了。

Okay.

好的。

Thank you for taking my questions.

謝謝你回答我的問題。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will now turn the call back to Jason Breaux for closing remarks.

目前沒有其他問題。我現在把電話交回給Jason Breaux作結語。

Okay. Thank you, operator. Thank you all for joining our Q1 earnings call. We continue to believe that this portfolio is well-positioned over the long term. We are excited to demonstrate alignment with our shareholders through our fee structure changes, and we look forward to continuing our dialogue with you next quarter.

好的。謝謝，接線員。謝謝各位參加我們第一季的財報電話會議。我們仍然相信，這個投資組合在長期而言具備良好的定位。我們很高興能透過費用結構的調整，展現與股東利益一致的承諾，也期待在下個季度繼續與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。