FS KKR Capital Corp. (FSK) 2025 Q4 法說會逐字稿

Welcome to FS KKR Capital Corp's fourth quarter and full year 2025, earnings conference call. (Operator Instructions). Please note that the conference is being recorded. At this time, Anna Kleinhenn, Head of Investor Relations, will proceed with the introduction Mr. Kleinhenn, you may begin.

歡迎參加 FS KKR Capital Corp 2025 年第四季及全年業績電話會議。（操作說明）請注意，本次會議正在錄影。此時，投資者關係主管安娜·克萊因亨先生將進行介紹。克萊因亨先生，您可以開始了。

Thank you. Good morning, and welcome to FS KKR Capital Corp.'s fourth quarter and full year 2025 earnings conference call. Please note that FS KKR Capital Corp. may be referred to as FSK, the fund or the company throughout the call.

謝謝。早安，歡迎參加 FS KKR Capital Corp. 2025 年第四季及全年業績電話會議。請注意，在本次電話會議中，FS KKR Capital Corp. 可能簡稱為 FSK、基金或公司。

Today's conference call is being recorded, and an audio replay of the call will be available for 30 days. Replay information is included in a press release that FSK issued yesterday.

今天的電話會議正在錄音，錄音重播將保留30天。FSK昨天發布的新聞稿包含了回放訊息。

In addition, FSK has posted on its website a presentation containing supplemental financial information with respect to its portfolio and financial performance for the quarter ended December 31, 2025.

此外，FSK 已在其網站上發布了一份演示文稿，其中包含有關其截至 2025 年 12 月 31 日的季度投資組合和財務業績的補充財務資訊。

A link to today's webcast and the presentation is available on the for Investors section of the company's website under Events and Presentations. Please note that this call is the property of FSK. Any unauthorized rebroadcast of this call in any form is shortly prohibited.

今天的網路直播和簡報的連結可在公司網站「投資者」部分的「活動與簡報」欄位中找到。請注意，此通話屬於 FSK 所有。任何未經授權以任何形式轉播本次通話的行為都將很快被禁止。

Today's conference call includes forward-looking statements and are subject to risks and uncertainties that could affect FSK or the economy generally. We ask that you refer to FSK's most recent filings with the SEC for important factors and risks that could cause actual results or outcomes to differ materially from these statements.

今天的電話會議包含前瞻性陳述，並受到可能影響 FSK 或整體經濟的風險和不確定性的影響。請您參考 FSK 向美國證券交易委員會提交的最新文件，以了解可能導致實際結果或業績與這些聲明有重大差異的重要因素和風險。

FSK does not undertake to update its forward-looking statements unless required to do so by law. In addition, this call will include certain non-GAAP financial measures.

除非法律要求，否則FSK不承諾更新其前瞻性聲明。此外，本次電話會議也將涉及一些非GAAP財務指標。

For such measures, reconciliations to the most directly comparable GAAP measures can be found in FSK's fourth quarter earnings release that was filed with the SEC on February 25, 2026.

對於此類措施，可在 FSK 於 2026 年 2 月 25 日向美國證券交易委員會提交的第四季度收益報告中找到與最直接可比較的 GAAP 措施的調節表。

Non-GAAP information should be considered supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

非公認會計準則資訊應被視為補充訊息，不應單獨考慮，也不應取代根據公認會計準則編制的相關財務資訊。

In addition, these non-GAAP financial measures may not be the same as similarly named measures reported by other companies.

此外，這些非GAAP財務指標可能與其他公司報告的類似名稱的指標不同。

To obtain copies of the company's latest SEC filings, please visit FSK's website. Speaking on today's call will be Michael Forman, Chief Executive Officer and Chairman; Dan Petersak, Chief Investment Officer and President; and Steven Lilly, Chief Financial Officer. Also joining us on the call today are Co-Chief Operating Officers, Drew O'Toole and Ryan Wilson. I'll now turn the call over to Michael.

如需本公司最新的美國證券交易委員會文件副本，請造訪 FSK 的網站。出席今天電話會議的有：執行長兼董事長邁克爾·福爾曼；首席投資官兼總裁丹·彼得薩克；以及首席財務官史蒂文·莉莉。今天與我們一起參加電話會議的還有聯合首席營運長德魯·奧圖爾和瑞安·威爾遜。現在我將把電話交給麥可。

Thank you, and good morning, everyone. Thank you all for joining FSK's fourth quarter and full year 2025, earnings conference call. I'd like to start today's call by reviewing the goals we set for 2025, and discussing how we performed against those priorities.

謝謝大家，大家早安。感謝各位參加 FSK 2025 年第四季及全年業績電話會議。今天，我想先回顧一下我們為 2025 年設定的目標，並討論我們在實現這些優先事項方面的表現。

Our first goal was to originate attractive well-structured investments, which would be accretive to the quality of our investment portfolio.

我們的首要目標是尋找有吸引力且結構良好的投資項目，從而提升我們投資組合的品質。

During 2025, we achieved this goal as our investment team leveraged its deep sponsor relationships to originate $5.6 billion of predominantly first lien and asset-based finance investments.

2025 年，我們實現了這一目標，我們的投資團隊利用其深厚的贊助商關係，發起了 56 億美元的投資，主要為第一順位抵押和資產融資投資。

Second, we set out to provide shareholders with $2.80 per share of total distributions through a combination of our quarterly base and supplemental distributions. Our spillover income, which purposely was increased during the high interest rate environment allowed us to achieve the objective even against the backdrop of a declining interest rate environment.

其次，我們計劃透過季度基本分紅和補充分紅相結合的方式，向股東提供每股 2.80 美元的總分紅。我們在高利率環境下刻意增加了溢出收入，這使得我們即使在利率下降的環境下也能實現目標。

Our third goal was to continue proactively laddering the right side of our balance sheet. During 2025, we continue to optimize our capital structure by issuing $400 million of new unsecured notes closing on a new $400 million bilateral lending facility, diversifying our funding sources through two new middle market CLOs and further enhancing our liquidity profile through an amendment to our senior secured revolving credit facility that increased our total commitment, extended the maturity and reduced pricing.

我們的第三個目標是繼續積極主動地改善資產負債表的右邊。2025 年，我們將繼續優化資本結構，發行 4 億美元的新無擔保票據，完成 4 億美元的新雙邊貸款安排，透過兩個新的中端市場 CLO 實現融資來源多元化，並透過修訂高級擔保循環信貸安排進一步增強流動性，增加總承諾額度，延長到期日，降低定價。

Despite the achievement of these goals during the second quarter and fourth quarter of 2025, we experienced downward pressure on a few specific investments across our portfolio, which resulted in a decline in our net asset value.

儘管我們在 2025 年第二季和第四季實現了這些目標，但我們投資組合中的一些特定投資面臨下行壓力，導致我們的淨資產價值下降。

We acknowledge that non-investment-grade private debt investing necessarily will result in underperforming assets from time to time. However, we are disappointed by these markdowns.

我們承認，投資非投資等級私募債務必然會導致資產不時表現不佳。然而，我們對這些降價感到失望。

Dan, of course, will discuss these topics in more detail later in the call. Looking ahead to 2026, our goals are as follows, first, we expect to address underperforming assets through restructurings, exits and continued proactive portfolio monitoring to reduce the number of nonaccruals and non income-producing investments in the portfolio.

當然，丹稍後會在通話中更詳細地討論這些話題。展望 2026 年，我們的目標如下：首先，我們希望透過重組、退出和持續積極的投資組合監控來解決表現不佳的資產問題，以減少投資組合中非應計項目和非收入型投資的數量。

Second, we will continue our strategy of focusing on first lien senior secured originations, with the goal of continuing to increase the overall quality and diversification of our investment portfolio while simultaneously continuing to focus on rotating a portion of our legacy investments.

其次，我們將繼續專注於優先擔保貸款的發行，目標是不斷提高投資組合的整體品質和多元化程度，同時繼續專注於輪換部分傳統投資。

Third, we remain focused on preserving our strong liquidity and balance sheet flexibility by keeping net leverage within our target range and maintaining ample revolver capacity to manage volatility and selectively deploy capital.

第三，我們將繼續專注於保持強大的流動性和資產負債表靈活性，將淨槓桿率保持在目標範圍內，並保持充足的循環信貸能力來管理波動性和選擇性地部署資本。

Turning to our fourth quarter results. FSK generated net investment income totaling $0.48 per share and adjusted net investment income of $0.52 per share as compared to our public guidance of $0.51 and $0.56 per share, respectively.

接下來來看看我們第四季的業績。FSK 每股淨投資收益為 0.48 美元，調整後每股淨投資收益為 0.52 美元，而我們先前的公開預期分別為每股 0.51 美元和 0.56 美元。

Our net asset value share declined by 5% to $20.89 compared to $21.99 and as of the end of the third quarter. The two primary components of the quarterly change in net asset value are a $0.22 per share decline as a result of our $0.70 per share distribution compared to our GAAP NII of $0.48 per share and a $0.87 per share decline as a result of downward pressure on certain investments.

我們的淨資產價值份額下降了 5%，至 20.89 美元，而第三季末為 21.99 美元。季度淨值變動的兩個主要組成部分是：由於每股分紅 0.70 美元（而 GAAP 淨利息收入為每股 0.48 美元），導致每股淨資產值下降 0.22 美元；以及由於某些投資面臨下行壓力，導致每股淨值下降 0.87 美元。

From a liquidity standpoint, we ended the quarter with approximately $3.8 billion of available liquidity. Based upon our updated dividend framework and expected operating results, our Board declared a total first quarter distribution of $0.48 per share, consisting of our base distribution of $0.45 per share and a supplemental distribution of $0.03 per share.

從流動性角度來看，本季末我們擁有約 38 億美元的可用流動資金。根據我們更新的股息框架和預期經營業績，董事會宣布第一季總分紅為每股 0.48 美元，其中包括每股 0.45 美元的基本分紅和每股 0.03 美元的補充分紅。

This represents a 100% payout of our GAAP net investment income and a 9.2% yield on our ending fourth quarter net asset value. With that, I'll turn the call over to Dan to provide additional color on the market and the quarter.

這相當於我們 GAAP 淨投資收益的 100% 派發，以及我們第四季末淨資產價值的 9.2% 收益率。接下來，我將把電話交給丹，讓他為大家帶來更多關於市場和本季情況的資訊。

Thanks, Michael. I'd like to start by focusing on FSK's recent performance. As Michael noted, our recent underperformance reflects challenges in certain legacy investments, including Production Resource Group, as well as challenges in certain current adviser originated investments such as Medallia, Cuba Corp, KBS and 4840.

謝謝你，麥可。我想先重點談談FSK最近的表現。正如麥可所指出的，我們最近的業績不佳反映了某些傳統投資面臨的挑戰，包括 Production Resource Group，以及某些當前顧問發起的投資面臨的挑戰，例如 Medallia、Cuba Corp、KBS 和 4840。

We are actively engaged in each of these situations and are pursuing company-specific solutions to stabilize performance and maximize recoveries.

我們積極參與應對上述每種情況，並尋求針對公司的具體解決方案，以穩定業績並最大限度地提高回收率。

Although we acknowledge each company faces challenges unique to a specific business. We also acknowledge that our nonaccrual assets are higher than we would like, which tempers our near to intermediate term view from an NII standpoint.

儘管我們承認每家公司都會面臨特定業務領域特有的挑戰。我們也承認，我們的非應計資產高於我們的預期，這從淨利息收入的角度來看，削弱了我們對近期至中期前景的看法。

Specifically, this means that our 2026, dividend, which we originally believed would equate to approximately 10% of net asset value may now be more in the range of 90% of net asset value. Stepping back a bit, focusing on the current advisers long-term performance.

具體來說，這意味著我們 2026 年的股息，我們最初認為大約相當於淨資產價值的 10%，現在可能更接近淨資產價值的 90%。稍微退後一步，專注於當前顧問的長期業績。

Since the formation of the FSK care adviser eight years ago, we have originated $34 billion of investments in FSK, generating an unlevered IRR of 9.1% since inception.

自八年前成立 FSK 護理顧問公司以來，我們已在 FSK 中投入了 340 億美元，自成立以來產生了 9.1% 的無槓桿內部收益率。

And while recent nonaccruals have emerged in this body of work, we do believe some level of defaults is inevitable in a sub-investment-grade portfolio, particularly across various market cycles.

雖然最近這項研究中出現了非應計項目，但我們認為，在投資等級以下的投資組合中，一定程度的違約是不可避免的，尤其是在不同的市場週期中。

Nevertheless, we are focused on the work ahead of us during 2026, and beyond, not only to establish more stability in our investment portfolio, but also to regain the market's confidence in our ability to deliver more consistent results on a quarter-to-quarter basis.

儘管如此，我們仍專注於 2026 年及以後的工作，不僅是為了使我們的投資組合更加穩定，也是為了重新獲得市場對我們每季都能取得更穩定業績的能力的信心。

And with that, I'll turn to a few specific comments about the quarter. During the fourth quarter, approximately 50% of net realized and unrealized losses were attributable for investments, Production Resource Group, Medallia, Peraton and Cuba Corp.

接下來，我將就本季的一些具體情況發表一些看法。第四季度，約 50% 的已實現和未實現淨虧損歸因於投資、Production Resource Group、Medallia、Peraton 和 Cuba Corp.。

We have spoken about most of these investments in detail in the past. However, I'll give a quick update on each name. PRG, a legacy investment is a leading provider of integrated entertainment and live event production solutions.

我們過去已經詳細討論過其中大部分投資項目。不過，我會簡單介紹一下每個人的情況。PRG是一家歷史悠久的投資公司，是領先的綜合娛樂和現場活動製作解決方案提供商。

PRG continues to be impacted by softer operating performance due to headwinds in their TV, film and music segments.

由於電視、電影和音樂業務面臨不利因素，PRG 的營運表現持續疲軟。

During the quarter, we incurred approximately $47 million of net losses. Medallia, an Enterprise Software as a Service experience management platform has faced competitive pressures, which have resulted in the company's recent financial underperformance. This investment contributed $29 million of unrealized losses during the quarter.

本季度，我們淨虧損約 4,700 萬美元。Medallia 是一家企業軟體即服務體驗管理平台，面臨激烈的競爭壓力，導致該公司近期財務表現不佳。這項投資在本季造成了 2,900 萬美元的未實現虧損。

Paraton, a provider of technology-focused services and solutions to US government agencies contributed $23 million of unrealized losses during the quarter. Cuba Corp, an existing nonaccrual investment is a diversified technology provider to defense and civil related agencies across governments throughout the world. Over recent periods, the company has experienced order and implementation delays resulting in the current period valuation.

為美國政府機構提供技術服務和解決方案的 Paraton 公司在本季造成了 2,300 萬美元的未實現虧損。Cuba Corp 是一家現有的非應計投資公司，為世界各國政府的國防和民用相關機構提供多元化技術。最近一段時間，公司經歷了訂單和實施方面的延誤，導致本期估值受到影響。

Cuba Corp contributed $21 million of unrealized depreciation during the quarter. Turning to the investing environment. During 2025, we experienced a 13% increase in the number of investment opportunities we evaluated, though I would highlight, we are remaining extremely selective.

Cuba Corp 本季貢獻了 2,100 萬美元的未實現折舊。接下來談談投資環境。2025 年，我們評估的投資機會數量增加了 13%，但我要強調的是，我們仍然非常謹慎地進行選擇。

We are focused on continuing to diversify our portfolio by taking smaller position sizes and a greater number of borrowers.

我們專注於透過縮小持倉規模和增加借款人數量來繼續實現投資組合多元化。

Additionally, based on the opportunities we are seeing in the market today, we continue to believe the best risk-adjusted returns are in first lien loans and asset-based finance investments. During the fourth quarter, we originated approximately $1.1 billion of new investments.

此外，根據我們目前在市場上看到的機會，我們仍然認為，風險調整後的收益最佳的投資是優先擔保貸款和資產融資投資。第四季度，我們新增投資額約為 11 億美元。

Approximately 80% of our new investments were focused on add-on financings to existing portfolio companies and long-term KKR relationships.

我們約 80% 的新投資都集中在對現有投資組合公司的追加融資和 KKR 的長期合作關係。

Our new investments, combined with $806 million of net sales and repayments, when factoring in sales to our joint venture, equated to a net portfolio increase of $292 million. New originations consisted of approximately 65% in first lien loans, 15% in asset-based finance investments, capital calls to the joint venture and 2% in equity and other investments.

我們的新投資，加上 8.06 億美元的淨銷售額和償還款，以及對我們合資企業的銷售額，相當於淨投資組合增加了 2.92 億美元。新發放的貸款中，約 65% 為優先擔保貸款，15% 為資產融資投資、合資企業資本募集，2% 為股權和其他投資。

Our new direct lending investment commitments had a weighted average EBITDA of approximately $352 million. 6 2 times leverage through our security and a weighted average coupon of approximately so for plus 475 basis points. We continue to focus on upper middle market companies with EBITDA in the $50 million to $150 million range across a diverse set of industries and sectors.

我們新的直接貸款投資承諾的加權平均 EBITDA 約為 3.52 億美元，透過我們的證券實現了 6.2 倍槓桿，加權平均票息約為 475 個基點。我們繼續專注於 EBITDA 在 5000 萬美元至 1.5 億美元之間的中高端市場公司，這些公司涵蓋多個行業和領域。

As of December 31, the weighted average EBITDA of our portfolio companies was $236 million, and the median EBITDA was $132 million. Our portfolio companies reported a weighted average year-over-year EBITDA growth rate of approximately 4% across companies in which we have invested in since April of 2018.

截至 12 月 31 日，我們投資組合公司的加權平均 EBITDA 為 2.36 億美元，中位數 EBITDA 為 1.32 億美元。自 2018 年 4 月以來，我們投資的投資組合公司報告稱，其加權平均年比 EBITDA 成長率約為 4%。

Median interest coverage increased to 1.9 times compared to 1.8 times at the end of the third quarter. Software and services currently represents 16% of our investment portfolio, diversified across 50 issuers with an average position size of 33 basis points of our total investment portfolio.

中位數利息保障倍數從第三季末的 1.8 倍增至 1.9 倍。軟體和服務目前占我們投資組合的 16%，分散投資於 50 家發行人，平均持股規模占我們總投資組合的 33 個基點。

Average and median EBITDA of approximately $162 million and $110 million and a median LTV of approximately 39%. This segment of our portfolio historically has been one of our best performers and has been underwritten with a particular focus on primary customer relationships and the durability of revenue and cash flow streams attached to those relationships.

平均和中位數 EBITDA 分別約為 1.62 億美元和 1.1 億美元，中位數 LTV 約為 39%。從歷史上看，我們投資組合的這一部分一直是我們表現最好的部分之一，其承銷重點是主要客戶關係以及與這些關係相關的收入和現金流的持久性。

We will continue to assess potential future AI risks with each investment we analyze as our current belief is that widespread AI adoption may result in an overall expansion of the addressable market, even though it likely will negatively impact certain companies, which either have not yet achieved meaningful positive cash flows or are less well positioned from a customer retention standpoint.

我們將繼續評估我們分析的每項投資中潛在的未來人工智慧風險，因為我們目前認為，人工智慧的廣泛應用可能會導致目標市場的整體擴張，儘管這可能會對某些公司產生負面影響，這些公司要么尚未實現有意義的正現金流，要么在客戶留存方面處於不利地位。

During the fourth quarter five investments were added to nonaccrual status and one was removed. New nonaccrual assets include Alacrity Solutions, Amerivat Partners, Dental Care Alliance, Gracia and Lionbridge Technologies. Together, these investments totaled $255 million of cost and $214 million of fair value across our investment portfolio.

第四季新增五項投資為非應計狀態，同時移除一項投資。新增非應計資產包括 Alacrity Solutions、Amerivat Partners、Dental Care Alliance、Gracia 和 Lionbridge Technologies。這些投資總計成本為 2.55 億美元，公允價值為 2.14 億美元，涵蓋了我們的投資組合。

As previously disclosed, Production Resource Group was removed from nonaccrual status. As of December 31, nonaccruals represented 5.5% of our portfolio on a cost basis and 3.4% of our portfolio on a fair value basis. This compares to 5% of our portfolio on a cost basis and 2.9% of our portfolio on a fair value basis as of September 30.

如先前揭露，生產資源集團已從非應計狀態中移除。截至 12 月 31 日，非應計項目以成本計算占我們投資組合的 5.5%，以公允價值計算占我們投資組合的 3.4%。截至 9 月 30 日，以成本計算，這相當於我們投資組合的 5%；以公允價值計算，這相當於我們投資組合的 2.9%。

Nonaccruals relating to the 90% of our portfolio, which has been originated by KKR Credit were 5.1% on a cost basis and 3.1% on a fair value basis as of the end of the fourth quarter. This compares to 3.4% on a cost basis and 1.8% on a fair value basis as of the end of the third quarter.

截至第四季末，我們投資組合中 90% 的貸款（由 KKR Credit 發放）的非應計項目以成本計算為 5.1%，以公允價值計算為 3.1%。相較之下，截至第三季末，以成本計算的比例為 3.4%，以公允價值計算的比例為 1.8%。

And while we acknowledge that this nonaccrual rate is above the long-term BDC industry average cost basis, nonaccrual rate of approximately 3.8%. We also recognize that this measure is a point-in-time data point. KKR's long-term average cost basis nonaccrual rate since April 2018, is 1.2%.

雖然我們承認這一非應計率高於 BDC 產業長期平均成本基礎的非應計率（約 3.8%）。我們也意識到，這項指標只是一個時間點的數據點。自 2018 年 4 月以來，KKR 的長期平均成本基礎非應計率為 1.2%。

In summary, with regard to our investment portfolio, we recognize there's work to be done which may result in an above-average level of portfolio volatility during certain periods, coupled with lower levels of net investment income as compared to prior estimates.

總而言之，就我們的投資組合而言，我們認識到還有一些工作要做，這可能會導致某些時期投資組合的波動性高於平均水平，同時淨投資收益水平低於先前的估計。

Portfolio metrics do move over time, and we believe our investment and workout team are well equipped to successfully navigate this period of elevated portfolio volatility.

投資組合指標會隨著時間推移而變化，我們相信我們的投資和重組團隊已經做好充分準備，成功應對這段投資組合波動性加劇的時期。

Lastly, subsequent to quarter end, we announced that the aggregate capital commitment to our joint venture with South Carolina Retirement Systems Group Trust increased from $2.8 billion to approximately $2.975 billion, reflecting an additional net $175 million contribution from our partner.

最後，在季度末之後，我們宣布，我們對與南卡羅來納州退休系統集團信託的合資企業的總資本承諾從 28 億美元增加到約 29.75 億美元，反映出我們的合作夥伴額外淨投入了 1.75 億美元。

Following this transaction, our partners' ownership percentage climbed from 12.5% to 21.1% and our ownership percentage changed from 87.5% to 78.9%.

交易完成後，我們合作夥伴的持股比例從 12.5% 上升到 21.1%，而我們的持股比例從 87.5% 變為 78.9%。

We and our partners have been very pleased with the performance of the JV to date and this incremental capital positions the joint venture to continue scaling while fully leveraging the breadth and depth of the KKR Credit investment platform. With that, I'll turn the call over to Stephen to go through our financial results.

我們和我們的合作夥伴對合資企業迄今為止的表現非常滿意，這筆新增資金將使合資企業能夠繼續擴大規模，同時充分利用 KKR Credit 投資平台的廣度和深度。接下來，我將把電話交給史蒂芬，讓他來介紹我們的財務表現。

Thanks, Dan. As of December 31, 2025, FSK's investment portfolio had a fair value of $13 billion, consisting of 232 portfolio companies. At the end of the fourth quarter, our 10 largest portfolio companies represented approximately 19% of the fair value of our portfolio compared to 20% as of the end of the third quarter.

謝謝你，丹。截至 2025 年 12 月 31 日，FSK 的投資組合公允價值為 130 億美元，由 232 家投資組合公司組成。截至第四季末，我們投資組合中最大的 10 家公司約占我們投資組合公允價值的 19%，而截至第三季末，這一比例為 20%。

We remain focused on senior secured investments as our portfolio consisted of approximately 58% first lien loans and 62% senior secured debt as of December 31.

我們仍專注於優先擔保投資，截至 12 月 31 日，我們的投資組合中約有 58% 為優先擔保貸款，62% 為優先擔保債務。

In addition, our joint venture represented approximately 15% of the fair value of our portfolio as of the end of the fourth quarter. As a result, when investors consider our entire portfolio, looking through to the investments in our joint venture, and first lien loans total approximately 68% of our total portfolio and senior secured investments total approximately 72% of our portfolio as of December 31.

此外，截至第四季末，我們的合資企業約占我們投資組合公允價值的 15%。因此，當投資者考慮我們的整個投資組合時，包括合資企業中的投資，截至 12 月 31 日，第一順位抵押貸款約占我們總投資組合的 68%，優先擔保投資約占我們投資組合的 72%。

The weighted average yield on accruing debt investments was 10% as of December 31, a decrease of 50 basis points compared to 10.5% as of September 30.

截至 12 月 31 日，應計債務投資的加權平均收益率為 10%，比 9 月 30 日的 10.5% 下降了 50 個基點。

As a reminder, the calculation of weighted average yield is adjusted to exclude the accretion associated with the merger of FSKR.

提醒一下，加權平均收益率的計算已進行調整，以排除與 FSKR 合併相關的收益。

Turning to our quarterly operating results. Our total investment income was $348 million for the fourth quarter, a decrease of $25 million compared to the third quarter. The primary components of our total quarterly investment income were as follows: Total interest income was $256 million, representing a decrease of $29 million quarter-over-quarter.

接下來來看看我們的季度經營業績。第四季我們的投資總收益為 3.48 億美元，比第三季減少了 2,500 萬美元。本季投資總收益的主要組成部分如下：利息總收入為 2.56 億美元，比上一季減少了 2,900 萬美元。

The decline in interest income was driven by investments placed on nonaccrual during the quarter lower base rates and the repayment of higher-yielding investments.

利息收入下降的原因是本季非應計投資、較低的基準利率以及高收益投資的償還。

Dividend and fee income totaled $92 million, an increase of $4 million quarter-over-quarter. Our total dividend and fee income is summarized as follows: $58 million of dividend income from our joint venture, other dividends from various portfolio companies totaling approximately $28 million during the quarter and fee income totaling approximately $6 million during the quarter.

股息和費用收入總計 9,200 萬美元，比上一季增加了 400 萬美元。我們的總股息和費用收入匯總如下：來自合資企業的股息收入 5800 萬美元，來自各投資組合公司的其他股息在本季度總計約 2800 萬美元，以及本季度費用收入總計約 600 萬美元。

Our total expenses were $213 million during the fourth quarter, a decrease of $1 million compared to the third quarter. The primary components of our total expenses were as follows: our interest expense totaled $110 million, a decrease of $6 million quarter-over-quarter and our weighted average cost of debt was 5.1% as of December 31.

第四季總支出為 2.13 億美元，比第三季減少了 100 萬美元。我們總支出的主要組成部分如下：利息支出總額為 1.1 億美元，比上一季減少了 600 萬美元；截至 12 月 31 日，我們的加權平均債務成本為 5.1%。

Management fees totaled $50 million, a decrease of $1 million quarter-over-quarter in sense of fees totaled $28 million, a decrease of $5 million from the third quarter. Other expenses totaled $7 million, a decrease of $3 million quarter-over-quarter. And lastly, excise tax totaled $18 million during the quarter.

管理費總額為 5,000 萬美元，比上一季減少了 100 萬美元；管理費總額為 2,800 萬美元，比第三季減少了 500 萬美元。其他支出總計 700 萬美元，比上一季減少了 300 萬美元。最後，本季消費稅總額為 1,800 萬美元。

The detailed bridge in our net asset value per share on a quarter-over-quarter basis is as follows: our ending third quarter 2025 net asset value per share of $21.99 was increased by GAAP net investment income of $0.48 per share and was decreased by $0.87 per share due to a decrease in the overall value of our investment portfolio.

我們每股淨值按季度環比的詳細變化如下：截至 2025 年第三季末，我們每股淨值為 21.99 美元，其中 GAAP 淨投資收益每股增加 0.48 美元，但由於我們投資組合的整體價值下降，每股淨值減少 0.87 美元。

We experienced a $0.01 per share reduction in net asset value from realized loss on extinguishment of debt and a $0.70 per share reduction as a result of the total quarterly distribution paid during the quarter.

由於債務清償造成的已實現損失，我們的每股淨資產價值減少了 0.01 美元；由於本季支付的季度分紅總額，我們的每股淨資產價值減少了 0.70 美元。

The sum of these activities results in our December 31, 2025, net asset value per share of $20.89. From a forward-looking guidance perspective, we expect first quarter 2026 GAAP net investment income to approximate $0.45 per share and we expect our adjusted net investment income to approximate $0.44 per share.

上述各項活動的總和使我們截至2025年12月31日的每股淨資產價值達到20.89美元。從前瞻性指引的角度來看，我們預計2026年第一季GAAP淨投資收益約為每股0.45美元，調整後淨投資收益約為每股0.44美元。

The detailed components of our first quarter guidance are as follows our recurring interest income on a GAAP basis is expected to approximate $226 million.

我們第一季業績指引的詳細組成部分如下：按美國通用會計準則計算，我們的經常性利息收入預計約為 2.26 億美元。

We expect recurring dividend income associated with our joint venture to approximate $60 million. We expect fee and other dividend income to approximate $29 million.

我們預計與合資企業相關的經常性股息收入約為 6000 萬美元。我們預計手續費和其他股息收入約為 2900 萬美元。

From an expense standpoint, we expect our management fees to approximate $48 million. We expect incentive fees to approximate $26 million. We expect interest expense to approximate $104 million, and we expect other G&A expenses to approximate $9 million structure.

從支出角度來看，我們預計管理費約為 4,800 萬美元。我們預計激勵費用約為2600萬美元。我們預計利息支出約 1.04 億美元，其他一般及行政費用約為 900 萬美元。

In December, we closed our third middle market CLO, raising $363 million of low-cost secured debt priced at a weighted average rate of SOFR plus 157 basis points. We are pleased with this financing, given it is match funded with no mark-to-market at an attractive rate.

12 月，我們完成了第三筆中端市場 CLO 交易，以 SOFR 加 157 個基點的加權平均利率籌集了 3.63 億美元的低成本擔保債務。我們對此次融資感到滿意，因為它有配套資金，沒有按市值計價，而且利率很有吸引力。

As of December 31, our gross and net debt-to-equity levels were 130% and 122%, respectively, compared to 120% and 116% at September 30. Our leverage remains within our target range of 1 times to 1.25 times net debt to equity. At the end of the fourth quarter, our available liquidity was $3.8 billion and approximately 62% of our drawn balance sheet and 43% of our committed balance sheet was comprised of unsecured debt.

截至 12 月 31 日，我們的總負債權益比和淨負債權益比分別為 130% 和 122%，而 9 月 30 日分別為 120% 和 116%。我們的槓桿率仍維持在淨負債權益比為 1 倍至 1.25 倍的目標範圍內。在第四季末，我們的可用流動資金為 38 億美元，已提取資產負債表的約 62% 和已承諾資產負債表的約 43% 由無擔保債務構成。

Pro forma for the $1 billion unsecured bonds that matured on January 15, 2026, 49% of our drawn balance sheet and 38% of our committed balance sheet was comprised of unsecured debt and our next balance sheet maturity is a $400 million bond in January of 2027. And with that, I'll turn the call back to Michael for a few closing remarks before we open the call for questions.

根據 2026 年 1 月 15 日到期的 10 億美元無擔保債券的備考情況，我們已提取資產負債表的 49% 和已承諾資產負債表的 38% 由無擔保債務構成，我們下一個資產負債表到期日是 2027 年 1 月到期的 4 億美元債券。接下來，我將把電話轉回給邁克爾，請他做幾句總結發言，之後我們將開始接受提問。

Thank you, Stephen. As we enter 2026, we actively are focused on working through the portfolio-related items Dan discussed in detail. Our new and recent originations are performing well, and the vast majority of our portfolio continues to perform in line with our original expectations.

謝謝你，史蒂芬。進入 2026 年，我們正積極專注於處理 Dan 詳細討論過的與投資組合相關的事項。我們新推出的貸款和近期推出的貸款表現良好，我們投資組合中的絕大多數貸款繼續按照我們最初的預期表現。

As a result, we believe our scale, experience and proactive portfolio management will enable us to maximize recoveries and to continue providing shareholders with an attractive level of current income relative to the risk-free rate.

因此，我們相信，憑藉我們的規模、經驗和積極主動的投資組合管理，我們將能夠最大限度地提高回收率，並繼續為股東提供相對於無風險利率而言具有吸引力的當前收入水平。

As always, we appreciate you joining us today. With that, operator, please open the line for questions.

和往常一樣，感謝您今天的參與。接線員，請開啟提問頻道。

(Operator Instructions).

（操作說明）

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券。

Hey everyone, good morning. So just to start, like big picture, FSK is shrinking, which makes it worse than likely stuck below book. So do you ever think about like a grand bargain or, say, the FS side allows for a lower fee. And then the KKR side puts in some balance sheet money to inject life into the BDC and ultimately show that the partnership model can work?

大家好，早安。首先，從大局來看，FSK正在萎縮，比可能一直低於帳面價值的情況更糟。所以你有沒有想過要達成某種優惠協議，或者比如說，FS方面允許降低費用？然後KKR方面投入一些自有資金，為BDC注入活力，最終證明這種合作模式是可行的？

Yeah, I mean, that's probably a bit of a complicated question. But I think if you take a step back, I think we have been, I think, both sides quite happy with just the partnership I mean, clearly, it's been a harder quarter.

是的，我的意思是，這可能是一個有點複雜的問題。但我覺得，如果退一步來看，我認為我們雙方都對目前的合作關係相當滿意。我的意思是，很顯然，這個季度比較艱難。

But if you do think about we have originated $34 billion of investments into FSK in the last eight years, the last quarters have helped bumpy, but we're to the 9.1% sort of IRR sort of against those.

但如果你仔細想想，在過去的八年裡，我們已經向 FSK 投入了 340 億美元的投資，雖然最近幾個季度有些波折，但我們仍然實現了 9.1% 左右的內部收益率。

I think we've got some work to do clearly on the portfolio. I think we got some work to do, to your point about how to either grow this thing or create some levers as it relates to income growth. The short or the low-hanging fruit there is we do have too many nonincome-producing assets. right? We're roughly 9.5% there.

我認為我們在投資組合方面顯然還有一些工作要做。我認為我們還有一些工作要做，正如你所說，我們需要思考如何發展壯大這個項目，或創造一些與收入成長相關的槓桿。最簡單易行的辦法是，我們確實擁有太多不會產生收入的資產，對吧？我們大約完成了9.5%。

I think we've been stuck with that for a while because that really started with some of the older assets that were here. I think us and the team have gone through I'd say, a laundry list of things as I would think about kind of a forward operating plan as we evolve these things for '26, to '27. I don't think this is a quarterly sort of discussion as we work on that evolution.

我認為我們一直被這個問題困擾，因為這個問題實際上是從我們這裡一些較舊的資產開始的。我認為我們和團隊已經考慮了很多事情，就像製定一個前瞻性的營運計劃一樣，因為我們要為 2026 年到 2027 年的發展完善這些事情。我認為在我們推進這一發展進程的過程中，這不應該是個季度性的討論議題。

Okay. Sorry, can you -- sorry about that. A follow-on the performance fees. So one of your peers yesterday, Blackstone, they had a few write-downs. They got a little bit less of an incentive fee the stock was fine. Do you think that makes sense to revisit again the look back that is?

好的。抱歉，您能——真不好意思。後續將支付演出費用。昨天，你們的同行之一黑石集團進行了一些資產減記。他們的激勵費用略有減少，但股票表現尚可。你覺得重新檢視過去有意義嗎？

Yeah, and I mean, I think we're kind of quite cognizant of fee structures and constantly sort of mapping that to the market or at least where we sit versus others in the market? And then also thinking about where we said vis-a-vis sort of dividend numbers, right? I think at the $0.48 odd number or sort of roughly 9.2%. But I think that we'll call it a valuation we as a team, and we're constantly sort of thinking about well be discussing those sorts of matters.

是的，我的意思是，我認為我們相當了解收費結構，並且不斷地將其與市場進行比對，或至少將我們與市場上的其他公司進行比較？然後還要考慮我們之前提到的股息數字，對吧？我認為應該是 0.48 美元這個奇怪的數字，或者大約是 9.2%。但我認為，我們團隊會稱之為估值，而且我們一直在思考和討論這類問題。

But I think we're, in a lot of ways, focused on the total earnings for the year and that 9.2%, which probably lower than we want to be today, but probably above kind of historical average.

但我認為，在很多方面，我們都關注的是全年的總收益以及9.2%的成長率，這可能低於我們目前想要達到的水平，但可能高於歷史平均水平。

Thanks Dan.

謝謝你，丹。

Ethan Kay, Lucid Capital Markets.

Ethan Kay，Lucid Capital Markets。

Hey guys, wondering if there's anything you can kind of point to any common threat or common denominator here across the position that drove the underperformance this quarter?

各位，我想問大家，有沒有什麼共同的威脅或共同因素導致了本季業績不佳？

Yeah, Ethan, thanks for the question. Maybe I'll put it in a couple of buckets, right. If you do look at the five names that were added to nonaccruals, two of those are in the sort of medical or sort of health care rollup space, right?

是的，伊森，謝謝你的提問。也許我會把它裝進幾個桶子裡，對吧。如果你看一下被加到非應計項目中的五個名字，其中兩個屬於醫療或保健匯總領域，對吧？

That's one area we are kind of keeping an eye on I think we've seen a lot of names performing well there, but that has been a space where wage inflation sort of has mattered. Retention has mattered. That's been across kind of dental as well as the area. So that is probably what I'd say, one common theme out there on the nonaccrual side.

我覺得這是我們一直在關注的一個領域，我們已經看到很多公司在這個領域表現良好，但在這個領域，薪資通膨確實起到了一定的作用。留住人才至關重要。這種情況在牙科領域以及週邊地區都存在。所以這大概就是我要說的，非應計方面存在的一個共同主題。

I think the other names where we've seen some of the marks and when we got through the script, I mean four names drove 50%-odd of that. One of them is PRG, which has been a tough name for a long time. We've done a lot of resources sort of attached to that, but that's very much idiosyncratic to that name.

我認為其他一些名字，我們已經看到了一些跡象，當我們看完劇本後，我的意思是，四個名字貢獻了大約 50% 的份額。其中一個就是 PRG，這個名字長期以來都很難讓人記住。我們已經做了很多與此相關的資源，但這與這個名字非常契合。

The rest of it, I would just probably put in the camp of, we'll call it, operational sort of underperformance. There's a little bit of dose or government sort of contract risk embedded in there. And I think that still plays through the system with someone like a Peraton or sort of a cubic.

至於其他方面，我大概會歸為營運方面的不足。這裡面隱含著一些劑量風險或政府合約風險。我認為這仍然會影響像 Peraton 或類似立方體這樣的系統。

So there are, on one hand, some themes with the medical roll-ups on some hands and themes with kind of the dose or the government to the points and then some of it is boils down to operational performance.

所以，一方面，有一些主題涉及醫療匯總，一些主題涉及劑量或政府要點，而有些則歸結為營運績效。

Got it. And then I guess the three kinds of other nonlegacy names you mentioned as well as at least I think one of the new nonaccrual names seem to be either software-centric or software adjacent, if I'm not mistaken. I'm just curious if there's any kind of, we're obviously hearing a lot about the emergence of AI and the risk that poses to software companies wondering if any kind of pressure from that dynamic?

知道了。然後，我想你提到的其他三種非傳統名稱，以及至少我認為其中一種新的非應計名稱，如果我沒記錯的話，似乎都是以軟體為中心或與軟體相關的。我只是好奇，我們顯然經常聽到關於人工智慧的出現及其對軟體公司構成的風險，想知道這種動態是否會給軟體公司帶來任何壓力？

Yeah, no, it's a very fair question considering what's going on news wise. I mean, the overall portfolio from software for us is about 16%. I think we have been evaluating what I would call AI risk in that portfolio for some time, not just on the back of the recent news flow.

是的，考慮到目前的新聞情勢，這的確是一個非常合理的問題。我的意思是，我們公司軟體業務的整體佔比約為 16%。我認為我們已經評估該投資組合中的人工智慧風險一段時間了，而不僅僅是基於最近的新聞報導。

We do have the benefit of working with our private equity colleagues and have come up with this sort of what I'll call framework looking at 20 different data points to assess what might be high risk or not.

我們與私募股權領域的同事合作，這給我們帶來了好處，我們制定了這樣一個框架，我稱之為框架，它考察了 20 個不同的數據點，以評估哪些可能是高風險，哪些不是。

I think from an investing perspective, we have focused on what I would call mission-critical products, those that are sort of hard to rip out or are focused on those businesses that, in our opinion, truly have proprietary data.

我認為從投資的角度來看，我們一直專注於我稱之為關鍵任務型產品，也就是那些很難剝離的產品，或是專注於我們認為真正擁有專有數據的企業。

I think we have not been active in the ARR space, right? We do have one ARR loan left, which is Medallia, which we sort of talked about. I think when you put all that together, when we look at our portfolio, we got sort of roughly 2% of the names that we think have a high AI risk attached to them.

我認為我們一直沒有積極涉足 ARR 領域，對嗎？我們還有一筆 ARR 貸款尚未償還，那就是 Medallia，我們之前也討論過這筆貸款。我認為，綜合所有因素來看，當我們審視我們的投資組合時，我們發現大約有 2% 的公司被認為有較高的 AI 風險。

Of the names you kind of referred to, you look at the ones that were talked about as it relates to driving the mark. I don't think that they actually had anything to do with as it relates to underperformance, it's really more in that operational camp.

在你提到的那些名字中，你要專注在那些與推動目標相關的討論。我不認為他們與業績不佳有任何關係，這更像是營運方面的問題。

The one that did would be lines, rich right? That business is a language translation business and sort of a gaming business.

那樣做的話，線條會很豐富，對吧？那家公司是語言翻譯公司，也兼營一些遊戲業務。

The language business has, in our opinion, had some headwinds from that. We think the gaming business is quite attractive. I think for a long time, and I think we still might believe we could be covered from that gaming business, but really not AI-driven as a summary point.

我們認為，語言產業因此受到了一些不利影響。我們認為遊戲產業很有吸引力。我認為在很長一段時間內，我們可能仍然相信我們可以擺脫遊戲業務的影響，但總的來說，人工智慧驅動的業務並不會真正影響我們。

Thanks very much for that.

非常感謝。

Arren Cyganovich, Truist Securities Inc

阿倫·西加諾維奇，Truist Securities Inc.

Thanks, the 2026, goal of kind of dealing with from credits, maximizing value can often take a while to unfold. How are you kind of approaching this to try to both quickly address the east, but also maximize the value that you're going to get from potential restructuring.

謝謝，2026 年的目標，即處理信貸問題，最大限度地提高價值，通常需要一段時間才能實現。您打算如何著手處理此事，既要盡快解決東部地區的問題，又要最大限度地提高潛在重組帶來的價值？

Yeah, and the line is not great. But I think the question was around sort of maximizing value. So if I don't answer it fully, please add to it. I think we did talk about our '26, goals, right?

是的，而且排隊情況不太好。但我認為問題的關鍵在於如何最大化價值。如果我的回答不夠完整，請補充。我想我們確實談過我們2026年的目標，對吧？

I mean clearly, addressing these underperforming assets has to be top of that list. I think the other parts of it relate to getting more diversification in the portfolio. That's been a big focus. It needs to continue to be. And then obviously thinking about liquidity.

我的意思是，很顯然，解決這些表現不佳的資產必須是首要任務。我認為其他部分與提高投資組合的多元化程度有關。這一直是我們的重點工作。必須繼續維持現狀。當然，也要考慮流動性問題。

We've got a deep and solid invespecifically those who function on the workout side we've got 25 odd people focused on portfolio monitoring. I do think, Ari's a little bit of a case-by-case basis. I think there are some things that I would expect to be multiyear events and some PRG has been multiyear already.

我們擁有深厚而紮實的實力，特別是那些負責訓練方面的人員，我們有大約 25 人專注於投資組合監控。我認為，對於阿里，具體情況具體分析。我認為有些事情應該是持續多年的，而有些 PRG 也已經持續了好幾年。

I think there are some where we think there could be either a faster sale process, either because it be accretive or sort of a risk management point in several of these businesses, we have replaced management teams, brought in new senior leadership, used our senior adviser network.

我認為有些業務的出售流程可能會更快，因為出售可以帶來收益，或者從風險管理的角度來看，我們已經更換了管理團隊，引入了新的高級領導層，並利用了我們的高級顧問網絡。

So it will be case by case. I would caution to say that it's not an overnight thing, right? We do believe it will take some time. That's why we're talking about things over kind of a longer period, which I would call so the 26th and 27th.

所以要具體問題具體分析。我想提醒大家，這並非一朝一夕就能完成的事情，對吧？我們認為這需要一些時間。這就是為什麼我們要討論一個較長時期內的事情，我稱之為26日和27日。

Got it. And maybe you could just provide a little more details on the JV equity changes there? And what drove that? And how much of a drag will that be from the dividend income associated with that?

知道了。您能否提供更多關於合資企業股權變更的細節？是什麼原因導致了這種情況？那會對相關的股利收入造成多大的拖累呢？

Yeah, fair question. We've been happy with the joint venture. I think that's the starting point, right? We've talked about a lot on prior calls about getting that towards its target number of roughly 10% to 15%. It's been at the upper end of that range.

嗯，問得好。我們對合資企業很滿意。我想這就是起點，對吧？我們在之前的電話會議中多次討論過如何將這一比例提高到大約 10% 到 15% 的目標水平。它一直處於該範圍的高端。

We do want to see it continue to grow over time, which that was really the driver here. South Carolina has been a great partner for us.

我們希望看到它隨著時間的推移繼續發展壯大，這才是我們真正想要實現的。南卡羅來納州一直是我們的重要合作夥伴。

Then putting additional capital in, I think you can just equate to FSK kind of selling a portfolio or an asset sort of that kind of the mark and then you can use that those proceeds to reinvest into other places. So there's some offset to that, to your question around any sort of dividend reduction.

然後投入更多資金，我認為你可以把它等同於 FSK 出售投資組合或資產之類的東西，然後你可以用這些收益再投資到其他地方。所以，對於你提出的關於任何形式的股利減少的問題，會有一些抵銷因素。

But the point and the purpose of it was to allow the entity to grow. My guess is, over time, you will see our percentage potentially sort of tick back up as we could continue to put additional sort of capital in there. That's not necessarily automatically will happen, but it's something that sort of could happen. But it's about trying to continue to grow.

但其關鍵和目的在於讓實體得以成長。我的猜測是，隨著時間的推移，隨著我們不斷投入更多資金，我們的股份比例可能會逐漸回升。這不一定會立即發生，但確實有可能發生。但關鍵在於努力持續發展。

I think it will have a certain amount of an impact out of the gate I think we're mindful about that. But I think we were pretty happy to continue this good partnership with South Carolina.

我認為這會在一開始就產生一定的影響，而我們也意識到了這一點。但我認為我們非常高興能夠繼續與南卡羅來納州保持這種良好的合作關係。

Thank you.

謝謝。

Casey Alexander, Compass Point Research and Trading.

Casey Alexander，Compass Point Research and Trading。

Yeah, hi, good morning, and thank you for taking my questions. I have one question and one follow-up. My first question is, look, I hate to bring up what might seem like a tired old refrain, but at the moment, the stock is trading at 55% of book, and that's kind of streams not to invest in new loans, but to take repayments and start buying the stock could you guys give us some feeling for your temper in regards to beginning to initiate meaningful stock repurchases and I know, look, I know the employees have bought the stock.

是的，您好，早安，謝謝您回答我的問題。我有一個問題和一個後續問題。我的第一個問題是，我知道這聽起來可能有點老生常談，但目前股票的交易價格只有帳面價值的55%，這意味著資金流向並非用於投資新貸款，而是用於償還貸款並開始購買股票。你們能否就開始進行有意義的股票回購這件事談談你們的態度？我知道，我知道員工們已經買了股票。

I know the advisers bought the stock. But at this point in time, your only road to increasing NAV at this point in time is accretive share repurchases at such a dramatic discount to book value.

我知道顧問們買入了股票。但就目前而言，提高淨資產值的唯一方法是以遠低於帳面價值的價格進行增值性股票回購。

Yeah, and good morning, Casey, thanks for the questions. I think we understand the point there. I think as the entity these numbers might not be perfect, but I think we have historically bought back $350 million of stock. That's probably more than sort of most out there. It is something that we do have to consider.

是的，早安，凱西，謝謝你的提問。我想我們都明白你的意思了。我認為作為一家公司，這些數字可能並不完美，但我認為我們歷史上已經回購了價值 3.5 億美元的股票。這可能比市面上大多數同類產品都要多。這是我們必須考慮的問題。

I think the only thing on the other side of that, that I just need to be mindful about is the market noise and volatility and I do believe some of that is overdone out there broadly, but that's kind of top of mind and then where we're at vis-a-vis sort of leverage and target leverage, but it is yes something that we will be talking about.

我認為除此之外，我唯一需要注意的就是市場噪音和波動性，我確實認為目前市場整體上有些過度波動，但這確實是我最關心的問題。另外，我們目前在槓桿和目標槓桿方面也需要關注，這確實是我們會討論的問題。

Yeah, and the fact that maybe some of the movement in the stock is related to broader market noise would argue even more, I would think, to buying it here because some of that will then be relieved by the absence of the market noise, and this would be the most accretive level.

是的，而且我認為，股票價格的部分波動可能與更廣泛的市場噪音有關，這更支持現在買入，因為隨著市場噪音的消失，部分波動將會緩解，而現在將是最具增值潛力的價位。

My second question is there have been multiple reports of a pretty material dislocation in the fix and flip market, and FSK has a significant investment in [toorak] and so I was wondering if you could remind us what the structure of the Turk investment is and how it's performing?

我的第二個問題是，有多家媒體報告房屋翻新市場出現了相當大的混亂，而 FSK 在 [toorak] 有大量投資，所以我想請您提醒我們土耳其的投資結構是什麼，以及它的表現如何？

Yes. So if you go back, I mean, that investment was initially made in 2016. In a lot of ways, started out in probably thinking about it almost as a trade, right, meaning that there was no institutional footprint out there, we wanted to capitalize on that. When we did the deal back in '16, I probably would have been happy with if we did kind of $1 billion to $2 billion of loans.

是的。所以，如果你回顧一下，我的意思是，那項投資最初是在 2016 年進行的。在很多方面，我們最初可能把它看作是一場交易，對吧，這意味著當時市場上還沒有機構投資者，我們想利用這一點。2016 年我們做這筆交易的時候，如果貸款額達到 10 億到 20 億美元，我可能就會很滿意了。

I think what we do look at it today, right, we've done $12.5 billion of loans. I think the cumulative losses for the entity over the 10 years have been kind of roughly $100 million.

我認為，就我們今天所看到的，我們已經發放了 125 億美元的貸款。我認為該實體過去 10 年的累積虧損約為 1 億美元。

So that's held up pretty well. I think we have seen and I don't think your point is wrong, Casey, I'll come back to the other side of that. I think we have seen some positive sort of points.

所以，情況一直都很好。我認為我們已經看到了，而且我認為你的觀點並沒有錯，凱西，我稍後會談到另一面。我認為我們已經看到了一些積極的方面。

Their direct origination business did almost $800 million or $820 million last year. They do have a business in the U.K. that's been quite effective and quite strong. I think we have seen higher delinquencies in the U.S. roughly 10%, although that's been sort of stabilizing.

去年，他們的直接貸款業務收入接近 8 億美元或 8.2 億美元。他們在英國確實擁有一項相當有效且相當強大的業務。我認為美國的違約率上升了大約 10%，儘管目前已經趨於穩定。

I think we have seen ROEs challenged, right some of that relates to the delinquency numbers, some of that relates to the rate environment where the interest rate on the loans did not move anywhere near the financing cost did, right?

我認為我們已經看到 ROE 受到挑戰，對吧？其中一些與違約率有關，有些與利率環境有關，貸款利率的變動遠不及融資成本的變動，對吧？

That has had an impact on us, right? Our dividends out of Torc, which have historically been roughly 10% per year have been lower. We've seen some impact to the mark there. But arguably, over the 10-year period has been a positive story.

這肯定對我們產生了影響，對吧？我們從 Torc 獲得的股息，歷來約為每年 10%，但有所下降。我們已經看到該指標受到了一定影響。但可以說，過去十年是一個積極的發展階段。

It is treated like a portfolio company, meaning it is an active originator on a direct basis as well as a buyer of loans in the US and the UK and so we can either be the benefactor of those cash flows or it's a partnership with the management team, you could look for a monetization event down the road.

它被視為一家投資組合公司，這意味著它既是美國和英國的活躍貸款發起方，也是貸款購買方，因此我們可以從中受益，或者與管理團隊建立合作關係，將來可能會有變現的機會。

But I think you're not wrong about the noise. I think there's been a little bit of let's call it, LTV type risk against some of the loans that have originated especially from some of the smaller guys, fortunately, torics had really any de minimis exposure to like that. But I think the ROE has been the biggest.

但我認為你對噪音的看法沒錯。我認為，對於一些貸款，尤其是來自一些小機構的貸款，存在一些所謂的「貸款價值比」風險。幸運的是，Torics 在這方面的風險敞口微乎其微。但我認為權益報酬率（ROE）的變動最為顯著。

Okay, thank you for taking my question.

好的，謝謝您回答我的問題。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Hey guys, thanks for taking my questions this morning. Look, Case really covered, I think, as far as I'm concerned, the most important structural issue in terms of repurchasing shares. Look, you guys had over $5 billion come in last year, $5 billion the year before that. Presumably, the run rate in terms of repayments will be similar this year which should provide a fair amount of liquidity for repurchases.

各位，謝謝你們今天早上回答我的問題。我認為，就股票回購而言，凱斯確實涵蓋了最重要的結構性問題。你看，你們去年收入超過 50 億美元，前年也是 50 億美元。據推測，今年的還款速度將與往年類似，這將為回購提供相當可觀的流動性。

I haven't listening to all the BDC calls, I haven't heard anybody make a super compelling case for, wow, there's this incredible dislocation, this opportunity to deploy capital into new loans that's so attractive what is out there that's actually more accretive to both earnings and again to NAV than repurchasing shares at this point?

我沒有聽過所有 BDC 的電話會議，也沒有聽到任何人提出特別有說服力的理由，比如“哇，現在市場出現了巨大的錯位，這是一個將資金投入新貸款的絕佳機會”，那麼目前市場上還有什麼比回購股票更能增加收益和淨資產值的投資機會呢？

Yeah and you know thanks for the question but I think the you know the investing environment has been maybe the right word is interesting over the last handful of years, right?

是的，謝謝你的提問，但我認為，過去幾年的投資環境或許用「有趣」這個詞來形容比較貼切，對吧？

There's been a lot of different forms of market events the market I think on the direct lending side, to be fair, has felt decently tight in terms of you have seen spread compression I think a lot of that has had to do with the fact of inflows were high.

市場出現了許多不同形式的事件，公平地說，就直接貸款市場而言，市場感覺相當緊張，你會看到利差收窄，我認為這很大程度上與資金流入量高有關。

I do think the inflows from the wealth channel was a driver of that, and that was really coupled with let's call it, lower than normal M&A volumes. So you could talk about a little bit of a market technical out there, I think the offset to that is I think the quality of the companies that have been accessing the market has been strong.

我認為財富管道的資金流入是造成這種情況的原因之一，而這又與併購交易量低於正常水平密切相關。所以你可以談談市場上的一些技術因素，我認為抵消這些因素的是，我認為進入市場的公司的品質一直很強。

I think the size of the companies that have been accessing the market has been good. I think we prefer to lend to those larger companies. I think the thing we have tried to focus on is getting diversification in the book, right? So that was growing the joint venture was one form of that. We've gone up to the target number we have seen some compelling opportunities in the asset-based finance.

我認為進入市場的公司的規模都比較合適。我認為我們更傾向於貸款給那些規模較大的公司。我認為我們一直努力關注的是實現書籍內容的多元化，對吧？所以，發展合資企業是其中的一種形式。我們已經達到了目標數字，並且在資產融資領域看到了一些引人注目的機會。

We talked about some of those on prior deals onside prior calls, either the Harley-Davidson or the PayPal. But I understand the point. I think we need to take all that into consideration as we move forward.

我們在之前的電話會議中討論過一些相關的交易，例如哈雷戴維森或PayPal。但我明白你的意思。我認為我們在前進的過程中需要將所有這些因素都考慮在內。

I would say one thing. I probably am expecting a more lender-friendly environment as we go through the course of '26. I think that will very much skew based upon how open the capital markets is, which it is pretty open right now.

我只想說一件事。我預計在 2026 年期間，貸款機構會迎來更友善的環境。我認為這很大程度取決於資本市場的開放程度，而目前資本市場相當開放。

But I think you'll see the flows maybe sort of temper a bit and then you'll have to see what happens in the capital markets as the sort of probably primary driver of that. But our eyes are focused on it.

但我認為資金流動可能會有所緩和，然後就得看看資本市場會發生什麼，這可能是主要的驅動因素。但我們的目光都集中在它上面。

I appreciate the answer. Look, there's the old cars may you live in interesting times. I'm not sure but you guys, but I'm tired of interesting times.

感謝您的解答。瞧，那些老式汽車，也許你生活在一個有趣的時代。我不知道你們怎麼想，但我已經厭倦了這充滿變數的時代。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Excuse me, Sorry, I'm recovering from that thing because I agree with him on that one. A couple of questions on credit, not surprising. On the main markdowns this quarter I mean PRG, Medallia, Pareton, I mean cubic is already on noncore. Those are the three. I mean, PIG just came off, not a call markdown.

不好意思，我還在從那件事中恢復過來，因為我在這件事上同意他的看法。幾個關於信用方面的問題，這並不奇怪。本季主要的降價商品包括 PRG、Medallia 和 Pareton，而 cubic 已經降價到非核心商品行列了。就是這三個。我的意思是，PIG 剛剛下架，不是降價促銷。

I mean looking at the scale of the marks I got a question are there is there a high probability that those businesses end up on nonaccrual as well or large segments of them?

我的意思是，從分數來看，我有個疑問：這些企業最終很可能也會進入非應計制狀態，或者其中很大一部分會進入非應計制狀態嗎？

Do they have to go through aggressive restructurings, where even if they don't go in, you equitize a bunch of the debt and those is there an increment for risk in addition, obviously, to the five new ones this quarter, those three PRG, which has been a mill process already, but the first restructuring didn't stick. Is there a material risk that there's more earnings loss to come from those assets?

他們是否必須進行激進的重組？即使他們不進行重組，你也要將許多債務股權化，這是否會增加風險？顯然，除了本季新增的五家公司之外，還有三家PRG公司，這已經是一個漫長的過程，但第一次重組並沒有成功。這些資產是否有造成更多收益損失的重大風險？

Yeah, and on thank you for the question. I think on each of those names, there's what I would call some level of active dialogue or sort of active to the monitoring. I mean, Peraton is probably as much of over time, it's evolved as much as a level two asset as sort of level three.

是的，謝謝你的提問。我認為對於這些名字，都存在某種程度的積極對話或積極的監督。我的意思是，隨著時間的推移，Peraton 可能已經發展成為二級資產，甚至有點像三級資產。

So I think that is some of that component in there, so I think as we as you go down the list of those, right, I think we're trying to make significant changes on the PRG.

所以我認為其中就包含了一些這樣的因素，所以我認為，當我們逐一查看這些因素時，對吧，我認為我們正在嘗試對 PRG 進行重大改變。

There is a large chunk of more sort of equity right equity life risk that's in the non-income-producing bucket. I think the lenders have been doing a lot of work on the Cubic side, but there still is, quite frankly, some headwinds on from the government. I think Pareton had some good news, right, during Q4 is related to sort of a big contract win.

還有很多其他類型的權益型人壽風險屬於非收入型範疇。我認為貸款方在 Cubic 方面做了很多工作，但坦白說，政府方面仍然存在一些阻力。我認為帕雷頓在第四季度傳來了一些好消息，這與他贏得一份大合約有關。

And I think we're going to spend time with the other lenders. And I'm sure discussions with the sponsor on Medallia. There's a lot of capital below the metal, but performance has been more difficult, really operational, though non-AI, so they're all live situations.

我認為我們還要花些時間與其他貸款方會面。我確信會與贊助商就 Medallia 進行討論。硬體之下蘊藏著大量資金，但實際操作起來卻更加困難，儘管並非人工智慧，但它們都是即時運作的。

Got it, and then on to you mentioned this in response to another question, I mean the health care and the roll-up issue. I mean a few years ago, physician office roll, talking about your portfolio at this point.

明白了，然後你又在回答另一個問題時提到了這一點，我是指醫療保健和合併問題。我的意思是幾年前，醫生辦公室職位，現在談論的是你的工作經驗。

And then it became dental, I mean, you've got DCA, but a lot of other people at DCA and two other dental businesses went back on nonaccrual this quarter elsewhere.

然後就變成了牙科，我的意思是，DCA 有，但是 DCA 的許多其他人和另外兩家牙科公司本季度在其他地方又恢復了非應計項目。

And you had I mean, obviously, that's been an evolving theme the roll-up issue within the health care space has become, it doesn't seem to be getting fixed, right, broadly across space.

我的意思是，很明顯，醫療保健領域的整合問題已經演變成一個不斷演變的主題，而且似乎並沒有解決，對吧，至少在整個領域是如此。

Is there this continues to spill. I mean there's still plenty of dental businesses that aren't currently feeling those pressures across in your portfolio elsewhere.

這種情況還會繼續發生嗎？我的意思是，你投資組合中的其他牙科企業目前仍然有很多沒有感受到這些壓力。

And the same thing like with vets and what's the next shoe to drop on the roll-up strategy kind of breaking down as it exists in your portfolio as a lender.

就像對待退伍軍人一樣，作為貸款機構，你的投資組合中現有的整合策略可能會出現問題，下一步又會發生什麼事？

Yeah. I mean I think that is a fair question. And I think you're correct, it was for some period of time, probably one of the darlings of both PE and direct lending. We it is an emerging theme in our mind or it has been for the last handful of quarters. I think we saw it initially on things that were, let's call it, consumer discretionary sort of focused, right?

是的。我覺得這個問題問得蠻合理的。我認為你是對的，在一段時間內，它可能是私募股權和直接貸款領域的寵兒之一。在我們看來，這是一個逐漸形成的趨勢，或者說，在過去的幾個季度一直是這樣。我認為我們最初是在一些，我們姑且稱之為，以非必需消費品為主的領域看到這種情況的，對吧？

So they were sort of struggling. We have seen, as I talked about before, kind of the wage inflation remains sort of a challenge there we have seen, we'll call it, very different performance even within the dental space on certain names.

所以他們當時有點舉步維艱。正如我之前提到的，我們已經看到薪資上漲仍然是一個挑戰，我們看到，即使在牙科領域，某些品牌的表現也截然不同。

So and some of that goes to, we'll call it, structure of business or how the employees are getting compensated, whether they own part of their individual practice or whether everybody owns something sort of up top.

所以，其中一些因素與企業結構或員工的薪酬方式有關，例如他們是否擁有自己診所的部分股份，或者每個人是否都擁有某種高層股份。

So it is a little case specific I think for us, we're 5.7% of the portfolios in these medical sort of roll ups, 3.3% of that is dental. DCA went on nonaccrual, it got sort of marked down this quarter. I think we feel pretty good about that business, that team.

所以我認為這有點因地制宜，對我們來說，我們在這些醫療類合併投資組合中佔 5.7%，其中 3.3% 是牙科。DCA 已轉為非應計項目，本季其價值有所下降。我認為我們對那家公司、那個團隊都相當有信心。

I think we were in, what I'll call it, live discussions with the junior net holders and sponsors there. it feels like it's going to be a one led solution. But that business is actually doing what we'll call it, broadly okay or at least in line with plan, but I think being a '21, investment at a different rate environment just over levered the we have seen some other names out there that have inside of this quarter, struggle a little bit more in the dental space, right? We have one of those in affordable care, but it is a bit of a hotspot right now and one that we're focused.

我認為我們當時正與青少年網球網持有者和贊助商進行著我稱之為「現場討論」的對話。感覺最終會是一個由一方主導的解決方案。但實際上，這家公司總體上還算可以，或者至少符合計劃，但我認為，作為 2021 年的投資，在不同的利率環境下，槓桿率過高，我們看到其他一些公司在本季度在牙科領域也遇到了一些困難，對吧？我們在平價醫療領域有一家這樣的機構，但它目前是一個比較熱門的領域，也是我們關注的重點。

[Dylan Heinz, Barley Securities].

[迪倫·海因茨，巴利證券]

Hey, how's it going? Thanks for taking the question. I know we talked about this quite a little bit here, but I guess what was the inflection point coming from last quarter's expectations of decreasing nonaccruals, there's the pro forma guide cost and 1.9% of fair value after PRG restructuring. But I guess, like yes, what was the breaking point coming from that to where we are now.

嘿，你好嗎？感謝您回答這個問題。我知道我們在這裡已經討論過很多次了，但我想，從上個季度預期非應計項目減少來看，轉折點是什麼？這裡有備考指導成本和 PRG 重組後公允價值的 1.9%。但我想，是的，從那時到我們現在所處的境地，究竟是什麼導致了這種局面？

Yeah, and again, another fair question. I do think, just to be there, I think the 3.6% was just kind of giving a pro forma knowing that BRG had sort of fallen off it wasn't trying to sort of necessarily guide, but if that was the impression, we'll work better on communication there.

是的，這又是一個很合理的問題。我認為，3.6% 的成長率只是為了說明情況，因為 BRG 的業績有所下滑，所以這個數字只是一個形式上的估算，並不是想起到指導作用。但如果給人留下了這樣的印象，我們會在這方面加強溝通。

I think that if you look at the nonaccruals, really, the three of the names are quite small from a market value perspective the real drivers are really DCA and Lions bridge I just talked about DC on the prior call, that was a live conversation with those who are subordinate to us and it's going a different way than I think we would have assumed or thought it was going.

我認為，如果你看一下非應計項目，實際上，從市值角度來看，這三家公司的規模都很小，真正的驅動因素是DCA和Lions Bridge。我剛才在之前的電話會議上談到了DC，那是一次與我們下屬的現場對話，它的發展方向與我們之前假設或認為的方向不同。

And then on Lions bridge, we were in an active sales process. We do think parts of that business are still interesting and that was the one space in the portfolio where there was some direct in my mind, kind of AI impact, not just performance, but the kind of overall mode around the business, which I think made that sort of sales process hard. So I think the events relating to what we're at CA and Lenzburg were the drivers.

然後，在獅子橋計畫上，我們積極進行銷售工作。我們認為該業務的某些部分仍然很有趣，而且在我看來，這是投資組合中唯一一個人工智慧能夠直接產生影響的領域，不僅僅是業績，而是圍繞業務的整體模式，我認為這使得銷售過程變得困難。所以我認為，與我們在加州和倫茨堡所經歷的事情相關的事件是推動因素。

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券。

Alright, hey everyone, good morning. I appreciate the follow. I'll be less abstract this time. I wanted to get an update on the I know you talked about the dividend a little bit, but part of the sort of lead up to the finality here was the spillover item. Can you give us an update there? Did you like reach your target range and or should we anticipate specials like on top of the supplemental program?

好了，大家好，早安。感謝關注。這次我會盡量減少抽象表達。我想了解一下最新情況，我知道您之前談到過股息，但最終結果出爐前的鋪墊工作還包括溢出效應。您能提供我們那邊的最新情況嗎？您是否達到了目標範圍？或者我們應該期待在補充計劃之外會有特別優惠？

Program? Thanks yeah. And I'll let Stephen kind of go through that. I think just for everybody's benefit on the call, just as a reminder, right, we did change the dividend effective the dividend policy in the last call to be more sort of base and supplemental the $45 base the supplemental sort of thereafter. But Stephen, do you want to.

程式?謝謝。我會讓史蒂芬自己去經歷這一切。我想，為了方便電話會議上的各位，提醒一下，我們在上次電話會議上更改了股息政策，使其更像一個基本股息和一個補充股息，基本股息為 45 美元，補充股息在此之後生效。但是史蒂芬，你願意嗎？

Yeah, then we ended the year, I think the number in the 10-K is the estimate is $464 million or so of spillover. And as you will certainly not based on the current dividend, that's sort of 3.5 quarters or so. What I would say in that is this we have what we've seen kind of during late '24, and through 2025, as the ABF portfolio has continued to ramp and international structured investments and partnerships and banks, we're making estimates at this point in the year tax could be.

是的，然後我們結束了這一年，我認為 10-K 文件中估計的溢出效應約為 4.64 億美元。而且根據目前的股息計算，這肯定不會是最終結果，大概是 3.5 個季度左右。我想說的是，從 2024 年底到 2025 年，隨著 ABF 投資組合的持續成長以及國際結構化投資、合作關係和銀行業務的拓展，我們看到了這樣的情況。目前，我們正在對今年的稅收情況進行估算。

And then in certain investments, whether or not cash is received, they're quota paper profits, and we allocated our portion of tax, which would go into spillover.

然後，在某些投資中，無論是否收到現金，它們都是配額帳面利潤，我們分配了我們應繳的稅款，這部分稅款將用於溢出效應。

So there can be some timing differences on that. And so we will know much more in the kind of August, September time frame. But I think we stand by what we said before, which is if we need to make a payment later in the year, we will certainly do that.

所以這方面可能會有一些時間上的差異。因此，在八、九月的時候，我們會了解更多。但我認為我們仍然堅持之前的說法，那就是如果今年稍後需要付款，我們一定會付款。

But I think it's too early to tell if some of these reversals could happen or where the final partnership tax returns will come in over the summer months. So it's a little bit of wait and see. But certainly, when the will announce it.

但我認為現在判斷這些逆轉是否會發生，或者夏季幾個月最終的合夥企業納稅申報表何時出爐，還為時過早。所以現在還得等等看。但可以肯定的是，他們會在某個時候宣布的。

Yeah. No, appreciate it. So it's not like last year where it's overpaying like the 45% is your true like NOI target.

是的。不，應該感謝。所以情況不像去年那樣，支付過高，45% 是你真正的 NOI 目標。

Yeah. I think what we said in terms of the dividend is as GAAP net investment income moves quarter-to-quarter, then the dividend will move as well. And then if we need to make an additional payment later in the year to satisfy something from a spillover related basis, we will do that, which is, as I think you're pointing out, different than the concept last year of effectively guaranteeing the market we're going to pay $0.70 for all four quarters of 2025, because for other reasons, more over-earning reasons and the higher interest rate period, the spillover balance had grown.

是的。我認為我們先前對股利的表述是，隨著 GAAP 淨投資收益逐季變動，股利也會隨之變動。然後，如果我們需要在今年稍後支付額外的款項以滿足溢出效應相關的某些需求，我們就會這樣做。正如我認為您所指出的，這與去年的概念不同，去年我們有效地向市場保證，我們將在 2025 年的四個季度支付 0.70 美元，因為由於其他原因，更多的是超額收益的原因和較高的利率時期，溢出餘額已經增長。

Awesome appreciate that Steven.

太棒了，謝謝你，史蒂文。

This concludes the question-and-answer session. And I would now like to turn it back to Dan Peter such for closing remarks.

問答環節到此結束。現在我想把時間交還給丹彼得，讓他做總結發言。

Thank you, everyone, for your time on the call today. We very much appreciate it we are available for any follow-up questions as needed. And if not, we look forward to speaking with you on our Q1 call. Thank you.

感謝各位今天抽空參加電話會議。我們非常感謝您的幫助，如有需要，我們隨時樂意解答任何後續問題。如果以上情況不合適，我們期待在第一季電話會議上與您溝通。謝謝。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。