Capital Southwest Corp (CSWC) 2026 Q3 法說會逐字稿

Thank you for joining today's Capital Southwest third quarter fiscal year 2026 earnings call. Participating on the call today are Michael Sarner, Chief Executive Officer; Chris Rehberger, Chief Financial Officer; Josh Weinstein, Chief Investment Officer; and Amy Baker, Executive Vice President, Accounting.

感謝您參加今天舉行的 Capital Southwest 2026 財年第三季財報電話會議。今天參加電話會議的有：執行長 Michael Sarner；財務長 Chris Rehberger；首席投資長 Josh Weinstein；以及會計執行副總裁 Amy Baker。

I will now turn the call over to Amy Baker.

現在我將把電話轉給艾米貝克。

Thank you. I would like to remind everyone that in the course of this call, we will be making certain forward-looking statements. These statements are based on current conditions, currently available information and management's expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from such statements.

謝謝。我想提醒大家，在本次電話會議中，我們將做出一些前瞻性陳述。這些聲明是基於當前情況、現有資訊以及管理層的預期、假設和信念而作出的。這些並非對未來結果的保證，並且受到許多風險、不確定性和假設的影響，這些因素可能導致實際結果與此類聲明有重大差異。

For information concerning these risks and uncertainties, see Capital Southwest's publicly available filings with the SEC. The company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release, except as required by law.

有關這些風險和不確定性的信息，請參閱 Capital Southwest 向美國證券交易委員會提交的公開文件。除法律另有規定外，本公司不承擔在本新聞稿發布之日後因新資訊、未來事件、情況變更或任何其他原因而更新或修改任何前瞻性聲明的義務。

I will now hand the call over to our President and Chief Executive Officer, Michael Sarner.

現在我將把電話交給我們的總裁兼執行長邁克爾·薩納。

Thanks, Amy, and thank you all for joining us for our third quarter fiscal year 2026 earnings call. We are pleased to be with you today and look forward to walking you through our results for the quarter. During the third fiscal quarter, we generated pretax net investment income of $0.60 per share, supported by strong recurring earnings across the portfolio.

謝謝艾米，也謝謝各位參加我們2026財年第三季財報電話會議。我們很高興今天能與各位見面，並期待向大家詳細介紹我們本季的業績。在第三財季，我們實現了每股 0.60 美元的稅前淨投資收益，這得益於投資組合中強勁的經常性收益。

Our undistributed taxable income balance remains robust at $1.02 per share, reflecting consistent realization activity. In fact, over the last 12 months, we have harvested $44.5 million in realized gains from equity exits, driving UTI growth from $0.68 per share in December 2024 to today's level. Subsequent to quarter end, we realized an additional realized gain of $6.8 million from another equity exit, which should further support our UTI balance going forward.

我們的未分配應稅收入餘額依然穩健，達到每股 1.02 美元，反映出持續的實現活動。事實上，在過去的 12 個月裡，我們透過股權退出獲得了 4,450 萬美元的已實現收益，推動 UTI 的股價從 2024 年 12 月的每股 0.68 美元增長到今天的水平。季度末之後，我們透過另一筆股權退出實現了 680 萬美元的額外收益，這將進一步支持我們未來的 UTI 餘額。

Our Board of Directors has declared a total of $0.58 in regular dividends for the March quarter, payable monthly in each of January, February and March 2026 and has also declared a quarterly dividend -- supplemental dividend of $0.06 per share payable in March, bringing total dividends declared for the March quarter to $0.64 per share.

我們的董事會已宣布，3 月份季度的常規股息總額為每股 0.58 美元，將於 2026 年 1 月、2 月和 3 月每月支付；此外，還宣布了季度股息——每股 0.06 美元的補充股息，將於 3 月份支付，使得 3 月份季度宣布的股息總額達到每股 0.64 美元。

Turning to originations. Deal flow in the lower middle market remained healthy this quarter. We closed $244 million in total new commitments across eight new portfolio companies and 16 existing portfolio companies. Add-on financings continue to be an important source of originations for us as over the last 12 months, add-ons as a percentage of total new commitments have been 29%. These opportunities allow us to deploy capital into businesses we know well with proven management teams and sponsors. The weighted average spread on our new commitments this quarter was approximately 6.4%, which we view as very attractive given today's competitive spread environment.

轉向起源。本季中低階市場的交易量依然保持健康。我們為 8 家新的投資組合公司和 16 家現有投資組合公司完成了總計 2.44 億美元的新投資承諾。在過去 12 個月中，追加融資仍是我們重要的融資來源，追加融資佔新增承諾總額的 29%。這些機會使我們能夠將資金投入到我們熟悉的、擁有成熟管理團隊和投資人的企業中。本季我們新承諾的加權平均利差約為 6.4%，考慮到當前競爭激烈的利差環境，我們認為這一利差非常有吸引力。

On the capitalization front, last quarter, we strengthened our balance sheet by issuing $350 million in aggregate principal of 5.95% notes due 2030. This quarter, we used a portion of the proceeds to fully redeem our $150 million notes due 2026 and $71.9 million notes due 2028, extending our maturity profile at an attractive cost of capital. We also raised approximately $53 million in gross equity proceeds through our equity ATM program at a weighted average share price of $21.11 per share or 127% of the prevailing NAV per share, reinforcing our ability to raise capital efficiently and accretively.

在資本方面，上個季度我們透過發行總額為 3.5 億美元的 2030 年到期的 5.95% 票據，加強了我們的資產負債表。本季度，我們利用部分收益全額贖回了 2026 年到期的 1.5 億美元票據和 2028 年到期的 7,190 萬美元票據，以極具吸引力的資本成本延長了我們的到期期限。我們也透過股權增發計畫籌集了約 5,300 萬美元的股權收益，加權平均股價為每股 21.11 美元，相當於當時每股淨資產值的 127%，這進一步鞏固了我們高效能增值地籌集資金的能力。

Subsequent to quarter end, we announced a first-out senior loan joint venture with a private credit asset manager, which I would like to spend some time discussing. We believe this new JV will enhance our competitiveness in our core lower middle market by enabling us to participate in larger, higher-quality deals with tighter spreads while maintaining disciplined hold sizes. The structure also allows us to earn outsized economics due to our role as originator and administrator of the JV and higher relative yields on last-out loans, which is extremely important in an environment where SOFR is declining and loan spreads on new deals remain very tight.

季度末之後，我們宣布與一家私人信貸資產管理公司成立一家首家高級貸款合資企業，我想花點時間討論一下。我們相信，這項新的合資企業將使我們能夠參與規模更大、品質更高、價差更小的交易，同時保持嚴格的持股規模，從而增強我們在核心中低端市場的競爭力。該結構還使我們能夠獲得超額的經濟收益，因為我們是合資企業的發起人和管理人，並且最後發放的貸款具有更高的相對收益率，這在 SOFR 下降且新交易的貸款利差仍然非常小的環境下極其重要。

The first-out loans within the JV are expected to be conservatively levered at approximately 1.5 times debt to EBITDA or less. And once fully ramped, we expect the JV to generate a low to mid-teens equity return for Capital Southwest. Finally, our partner in the JV is a highly regarded, well-capitalized asset manager with whom we are extremely excited to build a long-term relationship.

合資企業內的首筆貸款預計將採取保守的槓桿率，約為債務與 EBITDA 比率的 1.5 倍或更低。一旦全面投產，我們預計合資企業將為 Capital Southwest 帶來十幾到十幾的股權回報。最後，我們的合資夥伴是一家備受推崇、資金雄厚的資產管理公司，我們非常高興能與該公司建立長期合作關係。

We believe this relationship may open up other unique opportunities for co-investment in the future as we continue to expand our platform. Overall, we are pleased with our performance this quarter and enthusiastic about the prospects for this new venture. We look forward to giving further updates on the funds in the coming quarters.

我們相信，隨著我們平台的不斷擴展，這種合作關係未來可能會帶來其他獨特的共同投資機會。總體而言，我們對本季的業績感到滿意，並對這項新事業的前景充滿信心。我們期待在接下來的幾個季度提供有關這些基金的更多最新資訊。

I will now hand the call over to Josh to review more specifics on our investment activity and the market environment.

現在我將把電話交給喬希，讓他詳細了解我們的投資活動和市場環境。

Thanks, Michael. This quarter, we deployed a total of $199 million of new committed capital, consisting of $197 million in first lien senior secured debt and $2 million of equity across eight new portfolio companies. We also completed add-on financings for 16 existing portfolio companies, totaling $44 million in first lien senior secured debt and $405,000 in equity. Our on-balance sheet credit portfolio ended the quarter at $1.8 billion, representing 19% year-over-year growth from $1.5 billion as of December 2024.

謝謝你，麥可。本季度，我們共投入了 1.99 億美元的新承諾資本，其中包括 1.97 億美元的優先擔保債務和 200 萬美元的股權，用於投資八家新的投資組合公司。我們也為 16 家現有投資組合公司完成了追加融資，總計 4,400 萬美元的第一留置權優先擔保債務和 40.5 萬美元的股權。本季末，我們的資產負債表信貸組合為 18 億美元，較 2024 年 12 月的 15 億美元年增 19%。

Importantly, 100% of new portfolio company debt originations were first lien senior secured. And as of quarter end, 99% of the credit portfolio remained first lien senior secured with a weighted average exposure per company of only 0.9%. This level of portfolio granularity reflects our disciplined approach to risk management as we continue to scale the balance sheet.

值得注意的是，所有新投資組合公司的債務發放均為第一順位優先擔保債務。截至季末，99% 的信貸組合仍為優先擔保，每家公司的加權平均風險敞口僅為 0.9%。這種精細化的投資組合劃分反映了我們在不斷擴大資產負債表規模的過程中，對風險管理所採取的嚴謹態度。

The vast majority of our deal activity continues to be in first lien senior secured loans to private equity-backed companies. Approximately 93% of our credit portfolio is sponsor-backed, who provides strong governance, operational support and when needed, the potential for junior capital. In the lower middle market, we frequently have the opportunity to invest on a monthly -- on a minority basis in the equity of our portfolio companies, pari passu with the private equity firm where we believe the equity thesis is compelling.

我們絕大多數的交易活動仍然是向私募股權支持的公司提供優先擔保貸款。我們約 93% 的信貸組合由發起人支持，發起人提供強有力的治理、營運支持，並在需要時提供次級資本。在中低端市場，我們經常有機會按月投資我們投資組合公司的少數股權，與我們認為股權投資理念令人信服的私募股權公司享有同等權益。

As of quarter end, our equity co-investment portfolio consisted of 86 investments with a total fair value of $183 million, representing 9% of our total portfolio at fair value. This portfolio was marked at 133% of our cost, representing $45.2 million of embedded unrealized appreciation or $0.76 per share. These equity positions continue to give our shareholders meaningful upside participation in growing lower middle market businesses, driven by both operational improvements and strategic add-on acquisitions. This is evident from the recent realized gains, which Michael mentioned earlier.

截至季末，我們的股權共同投資組合由 86 項投資組成，總公允價值為 1.83 億美元，占我們總投資組合公允價值的 9%。該投資組合的估值是我們成本的 133%，代表 4,520 萬美元的未實現增值，即每股 0.76 美元。這些股權投資持續為我們的股東帶來在不斷成長的中小型企業中獲得有意義的收益，這得益於營運改善和策略性收購。這一點從最近實現的收益中可以明顯看出，邁克爾之前也提到過這一點。

The lower middle market remains highly competitive as this segment of the market continues to attract both bank and nonbank lenders. While this has resulted in tight loan pricing for high-quality opportunities, the depth and strength of our sponsor relationships the team has cultivated over the years has continued to result in our sourcing and winning opportunities with attractive risk return profiles.

中低端市場競爭依然非常激烈，因為該細分市場持續吸引銀行和非銀行貸款機構。雖然這導致高品質投資機會的貸款定價較為嚴格，但團隊多年來培養的與贊助商的深厚而強大的關係，仍然使我們能夠找到並贏得具有吸引力的風險回報特徵的投資機會。

Today, our portfolio includes investments from 90 unique private equity firms. And over the past 12 months, we closed 14 new platform investments with sponsors we had not previously partnered with. Since launching our credit strategy, we have completed transactions with over 129 private equity firms nationwide, including more than 20% with whom we have completed multiple deals. Our portfolio now consists of 132 portfolio companies, allocated 90% to first lien senior secured debt, 0.8% to second lien senior secured debt and 9.1% to equity co-investments. The credit portfolio generated a weighted average yield of 11.3% with weighted average leverage through our security of 3.6 times EBITDA.

目前，我們的投資組合包括來自 90 家不同的私募股權公司的投資。在過去的 12 個月裡，我們與從未合作過的贊助商完成了 14 項新的平台投資。自從推出信貸策略以來，我們已與全國 129 多家私募股權公司完成了交易，其中超過 20% 的公司與我們完成了多筆交易。我們的投資組合目前由 132 家投資組合公司組成，其中 90% 分配給第一順位優先擔保債務，0.8% 分配給第二順位優先擔保債務，9.1% 分配給股權共同投資。該信貸組合透過我們的證券實現了 3.6 倍 EBITDA 的加權平均槓桿，加權平均收益率為 11.3%。

We remain pleased with the overall performance of the portfolio. At originations, all loans are initially assigned an investment rating of two on a five point scale, with one being the highest rating and five being the lowest rating. As of quarter end, 90% of the portfolio at fair value was rated in the top two categories. Cash flow coverage remained strong at 3.4 times, reflecting an improvement from the 2.9 times low observed during the peak of base rate. This strength is further supported by the fact that our loans represent, on average, only 44% of portfolio company enterprise value.

我們對投資組合的整體表現依然感到滿意。在貸款發放之初，所有貸款都會被賦予一個初始投資評級，評級為五分制中的兩分，一分為最高，五分為最低。截至季末，以公允價值計算，投資組合中有 90% 的資產被評為前兩類。現金流覆蓋率維持強勁，達到 3.4 倍，較基準利率高峰時的 2.9 倍低點有所改善。我們的貸款平均僅佔投資組合公司企業價值的 44%，這一事實進一步佐證了我們的優勢。

Our portfolio remains broadly diversified across industries and our average exposure per company of less than 1% continues to provide meaningful protection against idiosyncratic risk. For new platform deals closed during the December quarter, weighted average senior leverage was 3 times debt to EBITDA and weighted average loan-to-value was 36%, providing a substantial equity cushion beneath our debt. Over the past 12 months, new platform originations have averaged 3.3 times senior leverage and 37% loan-to-value, underscoring our consistent commitment to conservative underwriting.

我們的投資組合仍然保持著廣泛的行業多元化，平均每家公司的風險敞口不到 1%，這繼續為抵禦特殊風險提供了有效的保護。對於 12 月季度完成的新平台交易，加權平均優先槓桿率為債務與 EBITDA 的 3 倍，加權平均貸款價值比為 36%，為我們的債務提供了大量的股權緩衝。過去 12 個月，新平台發放的貸款平均槓桿率為高級槓桿的 3.3 倍，貸款價值比為 37%，凸顯了我們對保守承銷的一貫承諾。

I will now hand the call over to Chris to review the specifics of our financial performance for the quarter.

現在我將把電話交給克里斯，讓他詳細回顧我們本季的財務表現。

Thanks, Josh. Turning to our financial performance for the quarter. Pretax net income investment was $34.6 million or $0.60 per share. Total investment income increased to $61.4 million, up from $56.9 million in the prior quarter. The increase was driven primarily by a $1.8 million increase in PIK income, a $1.1 million increase in fees and other income and a $1 million increase in dividend income.

謝謝你，喬希。接下來來看看本季的財務業績。稅前淨收益投資為 3,460 萬美元，即每股 0.60 美元。總投資收益增至 6,140 萬美元，高於上一季的 5,690 萬美元。此次成長主要得益於實物支付收入增加 180 萬美元、手續費及其他收入增加 110 萬美元以及股息收入增加 100 萬美元。

The increase in PIK was driven by an amendment to one of our portfolio companies, in which the sponsor provided significant new cash equity support and a debt paydown in exchange for a PIK option. As of quarter end, nonaccruals represented just 1.5% of our investment portfolio at fair value.

PIK 的增加是由於我們投資組合中的一家公司進行了一項修改，其中發起人提供了大量的新的現金股權支持和債務償還，以換取 PIK 選擇權。截至季末，非應計項目僅占我們投資組合公允價值的 1.5%。

During the quarter, we paid a $0.58 per share regular dividend and a $0.06 per share supplemental dividend. For the March 2026 quarter, our Board has again declared a total of $0.58 per share in regular dividends payable monthly in each of January, February and March 2026 and maintained the $0.06 supplemental dividend also payable in March, bringing total dividends declared to $0.64 per share.

本季度，我們派發了每股 0.58 美元的常規股息和每股 0.06 美元的補充股息。對於 2026 年 3 月季度，我們的董事會再次宣布每股派發 0.58 美元的常規股息，分別於 2026 年 1 月、2 月和 3 月每月支付，並維持 3 月份支付的 0.06 美元的補充股息，使宣布的股息總額達到每股 0.64 美元。

We continue to demonstrate strong dividend coverage with 110% cumulative coverage since launching our credit strategy. With UTI of $1.02 per share and a sizable unrealized depreciation balance in our equity portfolio, we remain confident in our ability to continue distributing quarterly supplemental dividends over time.

自推出信用策略以來，我們持續展現強勁的股利覆蓋率，累計覆蓋率達到 110%。由於 UTI 為每股 1.02 美元，且我們的股權投資組合中存在大量未實現的折舊餘額，我們仍然有信心繼續按季度派發補充股息。

LTM operating leverage ended the quarter at 1.7%, significantly better than the BDC industry average of approximately 2.6%. As our asset base continues to grow, our near-term target for operating leverage is 1.5% or below, reflecting the inherent efficiency of the internally managed BDC model. The internally managed model has and will continue to provide meaningful fixed cost leverage to shareholders while still allowing us to invest in talent and infrastructure as we continue to scale a best-in-class BDC platform.

LTM 經營槓桿率在本季末為 1.7%，明顯優於 BDC 產業平均約 2.6%。隨著我們的資產基礎不斷成長，我們近期的營運槓桿目標是 1.5% 或更低，這反映了內部管理的 BDC 模式固有的效率。內部管理模式已經並將繼續為股東提供有意義的固定成本槓桿，同時也能讓我們投資於人才和基礎設施，從而不斷擴大一流的 BDC 平台。

NAV per share increased to $16.75 per share, up from $16.62 per share in the prior quarter, driven primarily by our equity ATM program. As Michael noted, last quarter, we issued $350 million of 5.95% unsecured notes due 2030. During the December quarter, we used a portion of the proceeds to fully redeem our $71.9 million August 2028 notes and $150 million October 2026 notes with no make-whole payments required. We view this refinancing as a highly favorable outcome for shareholders, strengthening our balance sheet and positioning us well across a range of market environments.

每股淨值增至每股 16.75 美元，高於上一季的每股 16.62 美元，主要得益於我們的股權 ATM 計劃。正如麥可所指出的，上個季度，我們發行了 3.5 億美元的 5.95% 無擔保票據，2030 年到期。在 12 月季度，我們利用部分收益全額贖回了 2028 年 8 月到期的 7,190 萬美元票據和 2026 年 10 月到期的 1.5 億美元票據，無需支付任何補償款項。我們認為這次再融資對股東來說是一個非常有利的結果，它增強了我們的資產負債表，使我們能夠在各種市場環境下都處於有利地位。

Our liquidity position remains robust, with approximately $438 million in cash and undrawn leverage commitments across our two credit facilities plus $20 million available on SBA debentures. In total, this represents more than 1.5 times coverage of the $285 million in unfunded commitments across the portfolio.

我們的流動性狀況依然穩健，我們擁有約 4.38 億美元的現金和兩項信貸安排中未提取的槓桿承諾，此外還有 2000 萬美元的 SBA 債券可供使用。總計而言，這相當於投資組合中 2.85 億美元未註資承諾的 1.5 倍以上。

Regulatory leverage ended the quarter at 0.89:1 debt to equity, down slightly from 0.91:1 in the prior quarter. While our target leverage remains 0.8 to 0.95, we continue to factor in the macroeconomic backdrop and intend to maintain a prudent leverage cushion to help mitigate capital markets volatility. We will continue to raise secured and unsecured debt capital as well as equity through our ATM program in a methodical and opportunistic manner to ensure we maintain significant liquidity and a conservatively constructed balance sheet with adequate covenant cushion.

監管槓桿在本季末的負債權益比為 0.89:1，略低於上一季的 0.91:1。儘管我們的目標槓桿率仍為 0.8 至 0.95，但我們仍會考慮宏觀經濟背景，並打算保持審慎的槓桿緩衝，以幫助緩解資本市場波動。我們將繼續透過我們的 ATM 計劃，有條不紊、抓住機遇地籌集有擔保和無擔保的債務資本以及股權，以確保我們保持充足的流動性和穩健的資產負債表結構，並有足夠的契約緩衝。

I will now hand the call back to Michael for some final comments.

現在我將把電話轉回給邁克爾，請他做最後的總結發言。

Thank you, Chris, Josh and Amy, and thank you to all of our employees who work tirelessly behind the scenes to help us deliver for our shareholders and communicate our progress each quarter. Your dedication is a critical part of what makes this platform so strong, and it remains a deep source of pride for me. And to everyone joining us today, we appreciate your continued interest, engagement and support. We remain focused on executing our strategy, maintaining disciplined growth and creating long-term value for our shareholders.

感謝克里斯、喬許和艾米，也感謝所有在幕後辛勤工作的員工，感謝你們幫助我們為股東創造價值，並讓我們每季都能與大家溝通進度。你們的奉獻精神是這個平台如此強大的關鍵因素之一，也一直是我深感自豪的原因。對於今天到場的每一位，我們感謝你們一直以來的關注、參與與支持。我們將繼續專注於執行我們的策略，保持穩健成長，並為股東創造長期價值。

That concludes our prepared remarks. Operator, we're ready to open the line for Q&A.

我們的發言稿到此結束。接線員，我們已準備好開通問答環節。

(Operator Instructions)

（操作說明）

Doug Harter, UBS.

道格·哈特，瑞銀集團。

I was hoping you could just expand a little more, talk about the lower middle market. Just how do you view that from a competitive dynamic today? What are you seeing in terms of players? Or is anyone kind of moving back into that market, moving out of the market? Just how are you seeing that? And what's the outlook for spreads as a result?

我希望您能再詳細談談中低端市場。從當今的競爭格局來看，您如何看待這個問題？你覺得球員方面狀況如何？或者有人正在重新進入這個市場，或是正在退出這個市場？你是如何看待這個問題的？那麼，價差前景如何呢？

Yes. I don't think it's really changed much over the last probably six months. I think over the last 12 and 18 months, we have seen regional banks, I think I've noted this before, that have dropped down. Historically, they only lended to maybe 1.5 turns of leverage maybe in a senior mezz structure. And more recently, we're seeing regional banks actually underwrite a whole unitranche loan.

是的。我認為在過去的六個月裡，情況並沒有太大變化。我認為在過去的 12 到 18 個月裡，我們看到一些地區性銀行（我想我之前也提到過這一點）的業績下滑了。從歷史上看，他們可能只在高級夾層結構中提供 1.5 倍槓桿的貸款。而最近，我們看到一些地區性銀行開始承銷整筆單一貸款。

Now they come and go. Certainly, anytime you see headlines of private credit issues, they sort of back off. But by and large, I think that it's kind of the same players. I mean what we probably have seen in the last, I would say, one to two months is that there's particularly on the BDC space, there's 27 of 42 BDCs have cut their dividends.

現在他們來來去去。當然，每當你看到有關私人信貸問題的新聞標題時，他們都會有所收斂。但總的來說，我認為參賽者基本上沒變。我的意思是，在過去的一兩個月裡，我們可能已經看到，尤其是在商業發展公司（BDC）領域，42 家 BDC 中有 27 家削減了股息。

And I think we're only seeing five BDCs trade above book right now. So there's a little less competition from our peers as they sort of lick their wounds right now. But other than that, I think that we're in a very strong competitive position. Obviously, we've announced this joint venture, which we think is going to strengthen our ability to continue to win deals that are in our core competency, the lower middle market.

我覺得目前只有五家商業發展公司（BDC）的交易價格高於帳面價值。所以，來自同行的競爭有所減少，因為他們現在都在舔舐傷口。但除此之外，我認為我們處於非常強大的競爭地位。顯然，我們已經宣布成立這家合資企業，我們認為這將增強我們繼續贏得我們核心競爭力領域（即中低端市場）交易的能力。

Great. And I guess just then on the spread outlook, how that -- kind of those comments would lead to kind of how you think spreads progress over the coming quarters?

偉大的。那麼，關於利差前景，我想說的是——這些評論會如何影響您對未來幾季利差走勢的看法？

Yes. So when we look at it, the spread on debt is actually from March 31, 2025, it was 7.35%. And today, it's 7.24%. So we've held in pretty well from a spread perspective. I think we'd say that we've seen spread -- the spread compression has seemed to stop the last 12 months and even the last three months, we've seen our spreads on our newly originated deals in the mid-6s, and those are with 3 times leverage and 36% loan-to-value. So very conservatively structured deals with decent spreads. So I think for us, we'll continue to be somewhere between 7% and 7.25%, we would expect for the next 12 months.

是的。因此，當我們查看時，債務利差實際上是從 2025 年 3 月 31 日開始計算的，為 7.35%。而今天，這個數字是 7.24%。所以從價差來看，我們表現得相當不錯。我認為我們可以說，我們已經看到利差——利差收窄的趨勢在過去 12 個月甚至過去三個月似乎已經停止，我們看到我們新發放的交易的利差在 6 倍左右，而這些交易的槓桿率為 3 倍，貸款價值比為 36%。因此，這些交易結構非常保守，價差也相當不錯。所以我認為，在接下來的 12 個月裡，我們的成長率將繼續保持在 7% 到 7.25% 之間。

Mickey Schleien, Clear Street.

米奇‧施萊恩，《清晰的街道》。

Michael, could you give us a sense of the breakdown of the portfolio between sponsored and nonsponsored at this time?

Michael，您能否簡單介紹一下目前投資組合中贊助專案和非贊助專案的具體構成？

I think it's 93% sponsored and 7% nonsponsored. And that's probably the high side. It's typically been somewhere between 85% and 95% sponsored deals.

我認為其中 93% 是贊助內容，7% 是非贊助內容。這大概已經是最高值了。通常情況下，贊助交易佔比在 85% 到 95% 之間。

And how are those sponsors behaving in terms of their appetite for deals in the current market environment? I mean we go quarter-to-quarter and sometimes it's risk on, sometimes it's risk off, there's so much going on. Can you give us a sense of just the backdrop?

那麼，在當前的市場環境下，這些贊助商在交易意願方面表現如何呢？我的意思是，我們每季都會經歷不同的情況，有時是風險偏好型策略，有時是風險規避型策略，情況變化太多了。能為我們描述一下背景狀況嗎？

Josh, do you want to take this one?

喬希，你想接這個任務嗎？

I think there's still a lot of capital in the private equity, lower middle market private equity funds. So they're still looking for deals. I think that if you ask most private equity sponsors in the lower middle market, they would say last year was a pretty weak year from a deployment perspective, and they're hoping 2026, there'll be more opportunities for them. But yes, I think that they're looking for deals. They have capital to spend, but they're not -- but last year, they didn't find as many deals available to them.

我認為私募股權基金，尤其是中低端市場私募股權基金，仍然有很多資金。所以他們仍在尋找交易機會。我認為，如果你問大多數中低端市場的私募股權投資機構，他們會說去年從投資部署的角度來看是相當疲軟的一年，他們希望 2026 年會有更多機會。是的，我認為他們正在尋找交易機會。他們有資金可以花，但他們沒有——但去年，他們沒有找到那麼多合適的交易。

The other thing I would add is that the lower middle market where we play the $3 million to $15 million in EBITDA. We're not -- the volume you see isn't as typical as what you hear in the headlines of M&A going up and down. There are founders. There's an aging population where companies are turning over. There's been a steady drumbeat.

我還要補充一點，我們主要面向中低階市場，我們的 EBITDA 為 300 萬美元至 1500 萬美元。我們並非如此——你看到的交易量並不像新聞報導中提到的併購交易量波動那樣典型。有創始人。人口老化導致企業更迭頻繁。鼓聲一直持續不斷。

I wouldn't say that there's been -- there's clearly not the same peaks and troughs that you see in the upper and middle middle market. So I think the sponsors that Josh was referring to, they're still seeing plenty of deal flow.

我不會說這裡出現了——顯然這裡沒有像中高端市場那樣出現同樣的波峰和波谷。所以我認為喬許提到的那些贊助商，他們仍然有很多合作機會。

And Michael, with that in mind, I mean, we're certainly reading a lot about pressure from LPs on these sponsors to provide them some liquidity. But I'm getting the sense that the sponsors you work with, which are focused on the lower middle market, is that less of an issue for them?

邁克爾，考慮到這一點，我的意思是，我們確實看到很多關於有限合夥人向這些發起人施壓，要求他們提供一些流動性的報道。但我感覺，你們合作的贊助商主要面向中低階市場，所以對他們來說，這似乎不是什麼大問題？

I think it's -- I mean I think it can be an issue depends on where they are in the life cycle of fund. I mean I think that they're looking for opportunities to exit as well to provide that liquidity to LPs, but probably a little bit less pressure than you'd see in the middle market or upper middle market. But we obviously talk to a lot of sponsors in the country and have deep relationships with them. But speaking specifically about their liquidity situations and all that stuff is a little bit tough for us.

我認為——我的意思是，我認為這可能是一個問題，取決於基金所處的生命週期階段。我的意思是，我認為他們也在尋找退出機會，以便為有限合夥人提供流動性，但可能比中端市場或中高端市場面臨的壓力要小一些。但我們顯然與國內許多贊助商都有聯繫，並與他們建立了深厚的關係。但具體談論他們的流動性狀況等等，對我們來說有點困難。

And other thing I would note for you, this is -- when we go through our investment committee process on new deals, we definitely focus on where this investment stands in a fund life. So if a fund or a sponsor, this is one of the last deals and we know there's only $5 million to $10 million of dry powder that's allocated with the rest of the portfolio, that's certainly going to be a negative and something that we're going to discuss to see whether we still feel good about the credit. So we typically want these deals to be in the beginning or the middle stages of a fund life.

還有一點要提醒大家的是──當我們透過投資委員會流程來評估新交易時，我們一定會關注這項投資在基金生命週期中的位置。因此，對於基金或發起人來說，這是最後的幾筆交易之一，而且我們知道只有 500 萬到 1000 萬美元的可用資金（乾粉）被分配到其餘的投資組合中，這肯定會是一個不利因素，我們將討論這個問題，看看我們是否仍然對信貸狀況感到滿意。因此，我們通常希望這些交易發生在基金生命週期的初期或中期。

Understood. Michael, given what we've just talked about in terms of sponsors, any sense of how active you expect to be this calendar year and maybe even next year in terms of deal flow and repayment risk in the portfolio? And essentially, what's your sort of business plan for net portfolio growth?

明白了。Michael，鑑於我們剛才討論的贊助商情況，你預計今年甚至明年在交易量和投資組合的償還風險方面會有多活躍？那麼，您實現投資組合淨成長的商業計劃本質上是什麼？

No, I feel very bullish for several reasons. One, we've grown our sponsor relationships. I think we cited the numbers earlier over time. We've recently added another MD -- originating MD, Ryan Mullins, who brings his own unique set of sponsors, who's going to be covering the country. We recently promoted Grant Eason, one of our principles to MD, and he's firing on all cylinders, and so he's another source of origination.

不，我出於幾個原因非常看好市場。第一，我們拓展了與贊助商的關係。我認為我們之前已經引用過這些數字了。我們最近又增加了一位醫學博士——創始醫學博士瑞安·穆林斯，他帶來了自己獨特的贊助商，他將負責全國的醫療服務。我們最近將我們的一位負責人 Grant Eason 提拔為總經理，他工作非常出色，因此他也是新的業務來源。

And then the joint venture, I'll go back to it. So the joint venture allows us to compete on the same deals we're looking at today, but we've historically held the line at around 5.75% because that's a moving target. But most recently, 5.75% spread kind of meets our ROE target. And anything below that we didn't view as accretive to the portfolio and helpful to our dividend. By doing this joint venture, we're able to compete and win on deals at 5% or above, while still actually incorporating additional arranger fees, profit allocation and enhanced spread that increases the yield on the deal by 100 basis points.

至於合資企業，我稍後再談。因此，合資企業使我們能夠參與我們今天正在關注的相同交易中，但我們歷來將收益率維持在 5.75% 左右，因為這是一個不斷變化的目標。但最近，5.75% 的利差基本上符合我們的 ROE 目標。低於這個水準的任何投資，我們都認為不會增加投資組合的價值，也不會提高我們的股利。透過成立合資企業，我們能夠在 5% 或以上的交易中參與競爭並贏得勝利，同時還能實際納入額外的安排費、利潤分配和更高的利差，從而使交易收益率提高 100 個基點。

So we're going to be able to see the same amount of deals from one perspective, but be winning more of them. And these are typically -- the reason this venture was really important to us is we were focused over the last 12 months saying, look, we've seen a lot of really high-quality deals that we would love to put in our portfolio that we thought were sleep at night credit but we weren't getting our deal team the ability to go below 5.75%. This is giving them another arrow in quiver to actually go out and compete.

因此，從某個角度來看，我們可以看到相同數量的交易，但贏得的交易數量會更多。而這些通常是——這項投資對我們來說非常重要的原因是，在過去的 12 個月裡，我們一直專注於此，我們說，我們看到了很多非常高品質的交易，我們很想把它們納入我們的投資組合，我們認為這些交易的信貸額度可以讓我們安心入睡，但我們的交易團隊卻無法將利率降至 5.75% 以下。這讓他們多了一張王牌，可以真正出去參加比賽了。

And again, these are deals that we can consider cleaner and more high quality. And it also allows us to maintain granularity. We think that's been a huge part of our success is maintaining granularity through the last 10 years and not really getting greedy, staying below that 1% on average.

再次強調，這些交易可以被認為是更乾淨、更高品質的交易。它還允許我們保持粒度。我們認為，過去 10 年來我們成功的一個重要原因是保持了精細化，沒有貪婪，平均保持在 1% 以下。

Michael, did you say in your prepared remarks that the JV would be primarily a last out fund? Did I hear you correctly?

邁克爾，你在事先準備好的演講稿中是否提到過，合資企業將主要作為最後的救助基金？我沒聽錯吧？

No. So well, I'd say it's primarily, but there's going to be different types of assets that go into the fund. Probably the best example of what this fund is, is if you look at a $10 million EBITDA company that's levered 3.5 times with, say, 35% loan-to-value at a 5.50 spread. That's a $35 million total debt check. So in our -- in the example I give you, the first out that would go into the joint venture, so probably to correct myself, the only that's pretty much going into the joint ventures would be first out position.

不。所以，總的來說，我認為這主要是資產，但基金中也會包含不同類型的資產。要了解這筆基金的本質，最好的例子可能就是 EBITDA 為 1,000 萬美元、槓桿率為 3.5 倍、貸款價值比為 35%、利差為 5.50 的公司。這是一筆總額為 3500 萬美元的債務支票。所以，在我們——在我給你的例子中，第一個退出者會進入合資企業，所以可能要糾正一下，唯一會進入合資企業的就是第一個退出者。

So they would hold $10 million at 3.75 spread, 1 turn of leverage and 10% loan to value. On our balance sheet, we would hold $25 million of that debt of the debt stack, and that would get a 6.25% spread and still levered at the same 3.5 times and 35% loan-to- value. So that kind of gives you an idea of what it will look like on balance sheet and in the JV.

因此，他們將持有 1000 萬美元，利差為 3.75，槓桿率為 1 倍，貸款價值比為 10%。在我們的資產負債表上，我們將持有該債務結構中的 2,500 萬美元債務，這將獲得 6.25% 的利差，槓桿率仍為 3.5 倍，貸款價值比為 35%。這樣你就能大致了解它在資產負債表和合資企業中的樣子了。

Understood. And what kind of leverage do you expect the JV's balance sheet to have?

明白了。你預期合資企業的資產負債表會有多大的槓桿率？

So I'll start. The asset level is going to be between 1 and 1.5 turns of leverage for individually on the asset side. The fund itself will be probably something around 2.5 turns, plus or minus.

那我先來。資產端的槓桿水準將在 1 到 1.5 倍之間。基金本身的規模大概在 2.5 倍左右，上下浮動。

Okay. And that gets you to your ROE target. I understand. And lastly, and I appreciate your patience. The portfolio has about 21% at fair value in consumer products and services, restaurants and movies. Those are sort of cyclical segments. Can you discuss your underwriting approach to those segments? And how are those portfolio companies doing given everything we're reading about a K-shaped economy?

好的。這樣就能達到你的淨值報酬率目標。我明白。最後，感謝大家的耐心等待。該投資組合中約有 21% 的資產以公允價值投資於消費品和服務、餐飲和電影。這些都是一些循環往復的片段。您能否談談貴公司針對這些細分市場的承保策略？鑑於我們目前所了解的 K 型經濟情勢，這些投資組合公司表現如何？

So I think Josh, if you want to take this one. I would tell you that when I look at our weighted average leverage for consumer services that fall into the buckets you're referring to, their leverage is slightly elevated at 4.2 times. When we look at where other portfolios begin at 5.5 to 6 times in upper middle market, we would say it's still pretty conservatively levered because our entry multiple on many of these companies are going to be somewhere between 1.5 to 3 times leverage.

所以我覺得喬希，如果你想接下這個任務的話。我想告訴你，當我查看你提到的那些類別的消費者服務的加權平均槓桿率時，它們的槓桿率略高，為 4.2 倍。當我們看到其他投資組合在中高端市場中起步槓桿率為 5.5 到 6 倍時，我們會說這仍然是相當保守的槓桿水平，因為我們對其中許多公司的入場倍數將在 1.5 到 3 倍槓桿之間。

We're certainly cognizant of consumer discretionary. So I would say there's a decent amount of that consumer, probably the majority of that consumer, we think, are well positioned for consumer pullback or economic pullback. And on top of that, we do structure our deals recognizing where we are with the potential consumer pullback.

我們當然了解消費者的非必需消費品。所以我認為，相當一部分消費者，或許是大多數消費者，我們認為，已經做好了應對消費衰退或經濟衰退的準備。此外，我們在製定交易方案時，也會考慮到消費者可能出現的回落趨勢。

Erik Zwick, Lucid Capital Markets.

Erik Zwick，Lucid Capital Markets。

This is Justin Marca on for Erik today. Just going back to the spread conversation, I was wondering if you guys could talk about the current state of underwriting conditions and if you're seeing any other signs of pressure on structure terms?

今天由賈斯汀·馬爾卡代替埃里克為大家解說。回到利差的話題，我想問各位能否談談目前的承保狀況，以及你們是否看到結構條款方面有其他壓力跡象？

From a performance standpoint, I would tell you that we're not seeing pressure on any particular industry. Any issues in the portfolio will continue to be idiosyncratic.

從業績角度來看，我認為我們沒有看到任何特定行業面臨壓力。投資組合中出現的任何問題仍將具有特殊性。

I think you're asking about the structure of new deals we're doing. I think -- is that your question?

我想你是在問我們正在進行的新交易的結構。我想——這是你的問題嗎？

Yes.

是的。

Yes. So I think we've said this and it's stayed consistent that we've definitely seen -- we had seen spread compression over the last kind of 12, 18 months considerably. But structurally, in the lower middle market, we have not seen sort of weak credit agreements or asks coming through from our private equity sponsors. It's pretty status quo from a structural perspective over the last bunch of years. I think where the lower middle market has moved in the last kind of 18 months or so has been on the pricing and spread, not on the structure. So still seeing good covenants and solid credit documents.

是的。所以我認為我們已經說過這​​一點，而且這一點一直保持不變，那就是我們確實看到——在過去的 12 到 18 個月裡，我們已經看到價差明顯收窄。但從結構上看，在中低端市場，我們還沒有看到私募股權贊助商提出任何疲軟的信貸協議或要求。從結構角度來看，過去幾年基本上維持現狀。我認為在過去18個月左右的時間裡，中低端市場的變化主要體現在價格和價差上，而不是結構上。所以，仍然可以看到良好的契約和可靠的信用文件。

Yes. I mean almost, I'd say, 100% of our portfolio or close to it, have a fixed charge covenant, they have a leverage covenant, they have a CapEx covenant. And then to the extent that there's a DDTL, you'll see an incurrence covenant as well.

是的。我的意思是，幾乎，可以說我們投資組合的 100% 或接近 100% 都有固定費用契約、槓桿契約和資本支出契約。而且，如果存在債務減免協議 (DDTL)，您還會看到一項債務發生契約。

Okay. And last one for me. Any other additional details on the new JV, whether you have like a targeted size in mind or when you're expecting to be fully ramped up?

好的。這是我最後一個問題。關於新的合資企業還有其他細節嗎？例如你們是否有目標規模，或是預計何時能夠全面投產？

Sure. So we've actually -- we've been negotiating that for a bit of time. We've already started ramping. We closed three deals that will be contributed -- closed two deals in the 12/31 quarter that will be contributed in the coming weeks. And we're close to closing a credit facility. I guess how many -- that $150 million? $150 million credit facility.

當然。所以實際上，我們已經就此談判了一段時間。我們已經開始逐步擴大生產規模了。我們完成了三筆交易，這些交易的收益將計入——在 12 月 31 日季度完成了兩筆交易，這些交易的收益將在未來幾週內計入。我們即將完成一筆信貸安排。我猜是多少──那1.5億美元？ 1.5億美元百萬信用額度。

I think the answer to the question is each party is contributing -- has committed $50 million of equity to date. We think it's going to take probably at least a year to get probably up to the full leverage. So it's going to probably be -- it will eventually be a mid-teens return. I think it will be double-digits return by the end of the year.

我認為這個問題的答案是，各方都在出資——迄今為止已承諾投入 5000 萬美元的股權。我們認為可能至少需要一年時間才能達到全部槓桿水平。所以最終可能會在十幾歲中期回歸。我認為到年底收益率將達到兩位數。

Dylan Heinz, B. Riley Securities.

Dylan Heinz，B. Riley Securities。

I was just wondering, I know you talked about the spreads in the quarter for the originations. I was wondering, do you have -- do you know what the weighted average yield was for your originations in the quarter?

我只是想問一下，我知道你談到了本季貸款發放的利差。我想問一下，您是否知道本季您貸款發放的加權平均收益率是多少？

Weighted average yield? I think I said earlier, so the spread on the new deals this quarter was 6.5% and leverage was 3 times and loan-to-value was 36%. Sorry, you're just saying -- I mean with the SOFR, so the weighted average yield was approximately 10.50.

加權平均收益率？我想我之前說過，本季新交易的利差為 6.5%，槓桿率為 3 倍，貸款價值比為 36%。抱歉，你只是說——我的意思是，使用 SOFR 時，加權平均收益率約為 10.50。

And then I was wondering about the ATM issuances. Do you expect to continue doing that as long as the premium is favorable? Do you have a target rate that you generally want to issue at or?

然後我就在想自動櫃員機的發卡狀況。只要溢價有利，您是否打算繼續這樣做？您是否有理想的發行利率目標？

Yes, sure. So if you look past history, we do somewhere between $30 million and $50 million every quarter. That vacillates depending on deal flow and repayments and liquidity needs. But certainly, with the premium we're trading at, somewhere in that range is -- would be a good expectation for the coming quarter.

當然可以。所以，回顧歷史數據，我們每季的收入大約在 3,000 萬美元到 5,000 萬美元之間。這取決於交易量、還款情況和流動性需求而波動。但可以肯定的是，以我們目前的溢價水準來看，下一季的預期應該在這個範圍內。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hope you can hear me with background noise. On the JV, is there any intent -- I mean you said you don't need to expand kind of your net currently in terms of being able to stock that up. But is there any intent to expand maybe the size of the businesses or the type of leverage multiple, anything like that, maybe once it gets closer to scale? Or is it just -- it's exactly the same assets, just the lower spread ones going in that JV?

希望在有背景噪音的情況下你能聽清楚我說話。關於合資企業，您有什麼打算嗎？我的意思是，您說過您目前不需要擴大您的網絡，以便能夠儲備這方面的物資。但是，公司是否有計劃擴大業務規模或提高槓桿倍數之類的，也許在接近規模化之後會這樣做？或者說，其實就是──資產完全相同，只是合資企業投入了利差較低的資產？

So I see this way. It's pretty much exactly the same asset. I think these deals that are really targeted for this are going to be the deals that are between $5 million and $10 million of EBITDA. So that, like I said many times, are very clean deals and that are priced between 5 and 5.75. I would say to the extent that we're seeing deals that are slightly larger, so let's call them $35 million to $40 million check, which we don't prefer to hold because of our preference for granularity, this does give us the ability on those deals to put $10 million to $15 million in the JV, while still maintaining a $20 million to $30 million hold. So I think on the margin, it allows us to feel more comfortable with deals that are slightly larger. But for the most part, it's just the cleanest deals in our core space.

我是這樣看的。這幾乎是完全相同的資產。我認為真正有針對性的這些交易，應該是 EBITDA 在 500 萬美元到 1000 萬美元之間的交易。所以，就像我多次說過的那樣，這些都是非常乾淨的交易，定價在5到5.75之間。我想說的是，如果我們看到一些規模稍大的交易，比如我們稱之為3500萬到4000萬美元的支票，由於我們更傾向於精細化管理，所以不太願意持有這麼大的金額，那麼這種方式確實使我們能夠在這些交易中向合資企業投入1000萬到1500萬美元，同時仍然保持2000萬美元的300萬美元。所以我覺得，從邊際效應來看，這讓我們對規模稍大的交易更有信心。但總的來說，這只是我們核心領域中最乾淨俐落的交易。

Got it. One more, if I can. It's been topical over the last couple of days. How are you evaluating AI disruption risk, both within the assets you already have in the portfolio, but then when you look at new originations and opportunities, how much, if any, is AI risk being factored into your underwriting case?

知道了。如果可以的話，再來一個。過去幾天，這個話題一直很熱門。您如何評估人工智慧顛覆風險？包括您投資組合中已有的資產，以及在考慮新的業務拓展和機會時，您在核保過程中考慮了多少人工智慧風險？

Honestly, that is something that we started taking up about probably a year ago. We formed an AI committee and then actually created a segment in our investment committee process, which rates the various aspects of a company in terms of the AI risk or so -- because look, when we look at companies, sometimes AI is going to be helpful. We've seen sometimes financial services companies, they're going to be using AI to basically become more efficient.

說實話，我們大概在一年前開始考慮這件事。我們成立了一個人工智慧委員會，然後在我們的投資委員會流程中專門設立了一個環節，對公司的各個方面進行人工智慧風險等方面的評估——因為你看，當我們考察公司時，人工智慧有時會很有幫助。我們看到一些金融服務公司正在利用人工智慧來提高效率。

In other deals, we're seeing AI as a potential. We just saw a deal maybe two weeks ago that we couldn't get comfortable with because the advent of AI may not impact the business in the next two years, but it would impact the business in five, and therefore, the concern of how it's going to get sold and at what valuation would that cover the debt. So I think we're looking at it -- we're certainly -- it's definitely a heavy segment of our investment committee discussion. And then internally, we're looking to see how we can utilize AI as well to become more efficient as an organization, and that's something that has begun in earnest.

在其他交易中，我們看到了人工智慧的潛力。大約兩週前，我們看到一筆交易，但我們覺得不太放心，因為人工智慧的出現可能不會在未來兩年內對業務產生影響，但會在五年內產生影響，因此，我們擔心它將如何出售，以及出售後的估值如何覆蓋債務。所以我覺得我們正在關注這個問題——我們當然在關注——這絕對是我們投資委員會討論的一個重要部分。然後，在公司內部，我們也在研究如何利用人工智慧來提高組織的效率，這項工作已經正式啟動。

That concludes today's question-and-answer session. I'd like to turn the call back to Michael Sarner for closing remarks.

今天的問答環節到此結束。我想把電話轉回給麥可·薩納，請他作總結發言。

Yes. I want to take one minute to just pause and reflect our company, our balance sheet just passed $2 billion in assets. And though growing the balance sheet is not the goal here, it's creating value. It is a testament to everybody who's worked here and all the value that's created to allow us to continue to grow.

是的。我想花一分鐘時間停下來反思我們公司，我們的資產負債表上的資產剛剛突破了 20 億美元。雖然增加資產負債表的規模並不是最終目標，但它確實在創造價值。這要歸功於所有在這裡工作過的人，以及他們創造的所有價值，正是這些價值讓我們能夠繼續成長。

My optimism today, and I think our optimism as a group has never been higher. I mean we've mentioned the two new MDs that are helping enhance the business, the joint venture, which we spent a lot of time discussing. We've talked about over the last 12 months, we've exited to date, like $50 million in equity. And I'd remind everybody that's on a $5 million -- 5% equity portfolio at cost.

我今天的樂觀情緒，以及我認為我們整個團隊的樂觀情緒，都達到了前所未有的高度。我的意思是，我們已經提到了兩位新任總經理，他們正在幫助提升業務，還有合資企業，我們花了很多時間討論合資企業。在過去的 12 個月裡，我們已經討論過，到目前為止，我們已經退出了價值約 5000 萬美元的股權。我還要提醒大家，這是基於 500 萬美元——5% 的股票投資組合（以成本價計算）。

So we're punching way above our weight, which tells you our underwriting, both on our debt and our ability to create equity gains has been strong. That's created the $1.02 per share of UTI. We had $0.76 of unrealized depreciation, and we would tell you the majority of that are in companies that are in the market, some in the first half of 2026 and other in the back half.

所以，我們的表現遠遠超出了我們的規模，這說明我們在債務和創造股權收益方面的承銷能力都非常強勁。這就造就了 UTI 每股 1.02 美元的股價。我們有 0.76 美元的未實現折舊，我們可以告訴你，其中大部分是已上市的公司，有些在 2026 年上半年上市，有些在下半年上市。

Our operating leverage in the company is 1.4% on a run rate basis, excluding the onetime charge from last year. Conservative leverage at the corporate level of 0.89, conservative leverage at our portfolio level of 3.6 times, significant liquidity. And all of that has brought us to a place where we have a 40%-plus premium to book on our stock, which reflects, I think, all the strong work we've done at the company. So as we leave this call, I just -- I'm thankful to all of the shareholders that supported the company. I'm extremely proud of all of the employees who have done this great work. And as we look forward, we see this optimism and hope you understand it as well. Thanks to everyone, and have a great week.

本公司的營運槓桿率為 1.4%（以年率計算），不包括去年的一次性費用。公司層面的保守槓桿率為 0.89 倍，投資組合層面的保守槓桿率為 3.6 倍，流動性充足。所有這些努力使我們的股票帳面溢價超過 40%，我認為這反映了我們公司所做的所有卓有成效的工作。結束這場電話會議之際，我衷心感謝所有支持公司的股東們。我為所有參與這項工作的員工感到無比自豪。展望未來，我們看到了這種樂觀情緒，希望你們能夠理解。謝謝大家，祝大家一週愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。