Gladstone Investment Corp (GAIN) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Gladstone Investment Corporation first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. David Gladstone, Chairman of Gladstone Investment Corporation. Thank you. You may begin.

您好，歡迎參加格拉斯頓投資公司 2026 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我想將電話轉給主持人、格拉斯頓投資公司董事長戴維·格拉德斯通先生。謝謝。你可以開始了。

Thank you, Melissa, and good morning for everybody. Thanks for you all for calling in. We love these earnings conference calls. The first quarter ending June 30, 2025, of the 2026 fiscal year, and this is for shareholders and analysts of the Gladstone companies -- Gladstone Investment companies. And we've got some common stock. You know it as GAIN, G-A-I-N, and we do have three others: G-A-I-N-N, N-N at the end and GAINZ and GAINL and GAINI.

謝謝你，梅麗莎，大家早安。謝謝大家的來電。我們喜歡這些收益電話會議。2026 財年第一季（截至 2025 年 6 月 30 日）是格拉斯頓投資公司 (Gladstone Investment) 股東和分析師的季度。我們有一些普通股。您知道它是 GAIN、G-A-I-N，我們還有其他三個：G-A-I-N-N、末尾的 N-N 以及 GAINZ、GAINL 和 GAINI。

All right. I might want to read some of those. Thank you all for calling in. We're always happy to provide an update to our shareholders and the analysts who follow us and look at the current business environment as well as the other goal, which is to give you a current view of our view of the future and understands what's happening. And now we'll hear from Catherine Gerkis. Catherine is Head of Investor Relations and ESG and provides a brief disclosure of certain regulatory matters concerning this call in. Catherine?

好的。我可能想讀其中的一些。謝謝大家的來電。我們始終樂意向我們的股東和關注我們的分析師提供最新情況，了解當前的商業環境以及另一個目標，即讓您了解我們對未來的看法並了解正在發生的事情。現在我們來聽聽凱瑟琳‧格基斯的發言。凱瑟琳是投資者關係和 ESG 主管，並簡要披露了與本次電話會議相關的某些監管事項。凱瑟琳？

Thank you, David, and good morning, everyone. Today's call may include forward-looking statements, which are based on management's estimates, assumptions, and projections. There are no guarantees of future performance, and actual results may differ materially from those expressed or implied in these statements due to various uncertainties, including the risk factors set forth in our SEC filings, which you can find on the Investors page of our website, gladstoneinvestment.com.

謝謝你，大衛，大家早安。今天的電話會議可能包含前瞻性陳述，這些陳述是基於管理層的估計、假設和預測。我們不保證未來的業績，並且由於各種不確定因素，實際結果可能與這些聲明中表達或暗示的結果存在重大差異，包括我們向美國證券交易委員會提交的文件中規定的風險因素，您可以在我們網站 gladstoneinvestment.com 的投資者頁面上找到這些風險因素。

We assume no obligation to update any of these statements unless required by law. Please visit our website for a copy of our Form 10-Q and earnings press release, both issued yesterday for more detailed information. You can also sign up for our e-mail notification service and find information on how to contact our investor relations department. We are also on X @GladstoneComps as well as LinkedIn and Facebook. Keyword for both is the Gladstone Companies. Now, I will turn the call over to David Dullum, President of Gladstone Investment.

除非法律要求，我們不承擔更新任何這些聲明的義務。請訪問我們的網站以獲取昨天發布的 10-Q 表格和收益新聞稿的副本，以獲取更多詳細資訊。您也可以註冊我們的電子郵件通知服務，並查找有關如何聯絡我們的投資者關係部門的資訊。我們也在 X @GladstoneComps 以及 LinkedIn 和 Facebook 上。兩者的關鍵字都是格拉斯頓公司。現在，我將把電話轉交給格拉德斯通投資公司總裁戴維·杜勒姆 (David Dullum)。

Thank you, Catherine. And so good morning to everybody. Happy to be here and to report that for the first quarter of fiscal year '26 that GAIN produced very positive earnings results, and we also, very importantly, had increased level of investing activity.

謝謝你，凱瑟琳。大家早安。很高興來到這裡並向大家報告，在 26 財年第一季度，GAIN 取得了非常積極的盈利結果，而且非常重要的是，我們的投資活動水平有所提高。

So we ended this first quarter with adjusted NII of $0.24 per share, which is sufficient to cover our monthly distribution to shareholders, and we also got our assets up to about $1.1 billion, which is slightly above from $1 billion at the end of the prior quarter.

因此，我們在第一季末的調整後 NII 為每股 0.24 美元，足以支付我們每月向股東分配的金額，而且我們的資產也增加到了約 11 億美元，略高於上一季末的 10 億美元。

Now, this increase quarter-over-quarter in assets did result from really two new buyouts during the current quarter. Additionally, we closed on a new portfolio company subsequent to the quarter end, which is resulting in our current portfolio of 28 operating businesses.

現在，資產的環比增長確實是由於本季度的兩次新收購造成的。此外，我們在本季末之後關閉了一家新的投資組合公司，這使得我們目前的投資組合包括 28 家營運企業。

So to date, for fiscal '26, we have invested approximately $130 million in three new portfolio companies, and this compares to a total of $221 million, which we invested in all of fiscal '25. So recognizing this is the first quarter, we certainly look forward to hopefully exceeding what we did in fiscal '25. These two investments also are in line with our strategy where we continue growing the portfolio through acquisition of operating companies at hopefully attractive valuations.

到目前為止，在 26 財年，我們已向三家新的投資組合公司投資了約 1.3 億美元，而 25 財年全年我們的投資總額為 2.21 億美元。因此，認識到這是第一季度，我們當然希望能夠超越 25 財年的業績。這兩項投資也符合我們的策略，即透過以有吸引力的估值收購營運公司來繼續擴大投資組合。

And as usual, these acquisitions are made with a combination of our equity and the debt investments from our balance sheet where we look to generate capital gains on the equity when we exit the business and then obviously, the operating income from the debt securities, which goes towards paying off monthly dividend distributions.

像往常一樣，這些收購是透過我們的股權和資產負債表中的債務投資相結合而實現的，我們希望在退出業務時產生股權的資本收益，然後顯然產生債務證券的營業收入，用於支付每月的股息分配。

So from our operating income, we maintained our monthly distribution to shareholders of $0.08 per share or $0.96 per share on an annual basis. We also made a supplemental distribution of $0.54 per share in June. And this, again, is resulting from the successful exit in the prior quarter of one of our portfolio companies, and therefore, the realized capital gains on the equity portion of that investment.

因此，從我們的營業收入來看，我們維持每月向股東分配 0.08 美元/股或每年 0.96 美元/股的水平。我們還在六月進行了每股 0.54 美元的補充分配。而這又是由於我們投資組合中的一家公司在上一季成功退出，因此該投資的股權部分實現了資本利得。

So we keep stressing that our model is to generate capital gains and pay the supplemental distributions as well as continuing to pay the monthly distributions of dividends. So to date, we've been able to do that. And in fact, since inception in 2005 when GAIN was formed and through this period of 6/30/2025, we've invested in 64 buyout portfolio companies for an aggregate of approximately $2.1 billion and exited 33 of these companies.

因此，我們一直強調，我們的模式是產生資本收益並支付補充分配以及繼續支付每月的股息分配。到目前為止，我們已經能夠做到這一點。事實上，自 2005 年 GAIN 成立以來，截至 2025 年 6 月 30 日，我們已投資 64 家收購投資組合公司，總額約 21 億美元，並退出了其中 33 家公司。

And this has resulted in total investments currently valued, as I say, about $1 billion while generating over this period of time approximately $353 million in net realized gains and $45 million in other income on exit. And we hopefully will continue doing that. So then turning to the outlook and where we are. First of all, I believe that there is liquidity in the M&A market, which does create this competitive environment for us for new acquisitions at what we would consider reasonable valuations.

正如我所說，這導致目前的總投資價值約為 10 億美元，同時在此期間產生了約 3.53 億美元的淨實現收益和 4,500 萬美元的退出其他收入。我們希望能夠繼續這樣做。那麼接下來我們來談談前景和我們所處的位置。首先，我相信併購市場具有流動性，這確實為我們以我們認為合理的估值進行新收購創造了競爭環境。

Having said that, we're in a bit of uncertainty, obviously, with the added variable of tariffs, potentially slowing economy, which impact the analysis certainly when evaluating new opportunities. Now not every business is affected in the same manner, which both creates opportunity and adds to the uncertainty.

話雖如此，我們顯然還是處於一些不確定性之中，關稅的增加可能會導致經濟放緩，這肯定會影響評估新機會時的分析。現在，並非所有企業都受到同樣的影響，這既創造了機遇，也增加了不確定性。

Now, we seem to be able to compete effectively for acquisitions that fit our model. And as we mentioned, we've been active, closed on two new investments during the quarter and the third subsequent to quarter end. We are currently continuing to be in various stages of review and diligence on a number of new opportunities, and I do remain optimistic for new buyout activity during the balance of the fiscal year.

現在，我們似乎能夠有效地競爭符合我們模式的收購。正如我們所提到的，我們一直很活躍，在本季度完成了兩項新投資，並在季度末完成了第三項投資。我們目前正在對一些新的機會進行不同階段的審查和盡職調查，我對本財政年度剩餘時間的新收購活動仍然持樂觀態度。

As to our existing portfolio, we have a few companies that are consumer-focused. And while they have experienced very good results to date, we are cautious due to supply chain disruption and the tariff costs on the ultimate consumer prices that may have to be passed through, and therefore, may impact the demand and the margin of our companies.

就我們現有的投資組合而言，我們有幾家以消費者為中心的公司。儘管迄今為止他們的表現非常好，但我們仍持謹慎態度，因為供應鏈中斷以及最終消費者價格可能需要轉嫁的關稅成本可能會影響我們公司的需求和利潤。

Obviously, we are working with all of our companies in evaluating supply chain alternatives and any production strategies that we -- so we can continue to navigate this current environment. So in summing up the quarter and looking forward to the rest of the fiscal year, our current portfolio is in good shape. We have a strong liquid balance sheet, a good level of buyout activity with the prospect of continued good earnings and distributions over the next year. So while we navigate the challenges of this certain economic landscape. So to go in a little more detail, I'll turn it over to our CFO, Taylor Ritchie.

顯然，我們正在與所有公司合作，評估供應鏈替代方案和任何生產策略—以便我們能夠繼續應對當前的環境。因此，總結本季並展望本財年剩餘時間，我們目前的投資組合狀況良好。我們擁有強勁的流動性資產負債表、良好的收購活動水平，並預計在明年繼續實現良好的盈利和分配。因此，當我們應對特定經濟情勢所帶來的挑戰時。為了更詳細地介紹，我將把它交給我們的財務長泰勒·里奇 (Taylor Ritchie)。

Thank you, Dave, and good morning, everyone. Looking at our operating performance for the first quarter of the fiscal year, we generated total investment income of $23.5 million, down from $27.5 million in the prior quarter. This was primarily due to the prior quarter, including $4.2 million of success fees and dividend income, which did not reoccur as the timing of such income is variable.

謝謝你，戴夫，大家早安。從本財年第一季的經營業績來看，我們的總投資收益為 2,350 萬美元，低於上一季的 2,750 萬美元。這主要是由於上一季的 420 萬美元成功費和股息收入，由於此類收入的時間是可變的，因此不會再次發生。

The decrease in total investment income was partially offset by an increase in interest income, including the collection of $1.5 million of past-due interest from a portfolio company that was previously on nonaccrual status. Net expenses for the quarter were $14.5 million, down from $20.3 million. The decrease was primarily due to the decrease in incentive fees, which included a $2.3 million decrease in income-based incentive fees as well as a $2.3 million decrease in capital gains based incentive fees.

總投資收入的減少被利息收入的增加部分抵消，其中包括從一家先前處於非應計狀態的投資組合公司收取的 150 萬美元逾期利息。本季淨支出為 1,450 萬美元，低於 2,030 萬美元。下降的主要原因是激勵費用的減少，其中包括基於收入的激勵費用減少 230 萬美元，以及基於資本收益的激勵費用減少 230 萬美元。

Interest expense decreased in the current quarter due to the timing of the portfolio company exit in the prior quarter and the timing of our new investment activity in the current quarter. We also had an increase in credits to fees from the adviser due to the new investment activity previously mentioned. This resulted in net investment income for the quarter of $9.1 million compared to $7.2 million in the prior quarter.

由於上一季投資組合公司退出的時間以及本季我們進行新投資活動的時間，本季利息支出有所減少。由於前面提到的新投資活動，我們從顧問處獲得的費用也有所增加。這使得本季的淨投資收入達到 910 萬美元，而上一季為 720 萬美元。

Overall, portfolio company valuations in aggregate was down from $1.0 million. This unrealized depreciation was driven by decreased performance at some of our portfolio companies partially offset by higher valuation multiples across the portfolio and increased performance in a number of our other portfolio companies.

總體而言，投資組合公司估值總額從 100 萬美元下降。這種未實現的貶值是由於我們投資組合中的一些公司業績下滑所致，但投資組合中的估值倍數上升以及其他一些投資組合公司業績的提升部分抵消了這一影響。

Adjusted net investment income, which is net investment income exclusive of any accrued or reverse capital gains-based incentive fees, was $8.9 million or $0.24 per share compared to $9.4 million or $0.26 per share in the prior quarter. The decrease was due to the net impact of realized gains and unrealized depreciation on investments in the prior quarter, compared to the net unrealized depreciation recorded in the current quarter, which resulted in a reversal of previously accrued capital gains-based incentive fees.

調整後的淨投資收益（即不包括任何應計或反向資本收益激勵費用的淨投資收益）為 890 萬美元或每股 0.24 美元，而上一季為 940 萬美元或每股 0.26 美元。下降的原因是上一季已實現收益和未實現折舊對投資的淨影響，而本季度記錄的淨未實現折舊導致先前累積的基於資本收益的激勵費用被沖銷。

We continue to believe that adjusted net investment income is a useful and representative indicator of our ongoing operations. Consistent with the prior quarter, we continue to have four portfolio companies on nonaccrual status, there remain no portfolio-wide credit concerns, and we continue working closely with these four companies and their management teams to get back on accrual status or exit the investments when possible.

我們仍然相信，調整後的淨投資收益是我們持續經營的一個有用且具代表性的指標。與上一季一致，我們繼續有四家投資組合公司處於非應計狀態，投資組合範圍內沒有信用問題，我們將繼續與這四家公司及其管理團隊密切合作，以恢復應計狀態或在可能時退出投資。

With the continued improvement at one of the four portfolio companies and our planned restructuring of the investment, we anticipate that one portfolio company will return to accrual status during the next quarter. Our NAV decreased to $12.99 per share compared to $13.55 per share at the end of the past quarter. The decrease was primarily a result of $0.78 per share distribution to common shareholders including the $0.54 supplemental distribution paid in June as well as $0.04 per share of net unrealized depreciation.

隨著四家投資組合公司中的一家的持續改善以及我們計劃的投資重組，我們預計一家投資組合公司將在下個季度恢復應計狀態。我們的資產淨值從上一季末的每股 13.55 美元下降至每股 12.99 美元。下降的主要原因是向普通股股東分配每股 0.78 美元，其中包括 6 月支付的 0.54 美元補充分配以及每股 0.04 美元的淨未實現折舊。

These decreases were partially offset by $0.25 per share of net investment income and $0.01 of net accretion from our ATM stock sales. We believe that maintaining liquidity and flexibility to support and grow our portfolio is key to our continued success. As of yesterday's release, we had $151 million in availability on our line of credit. Additionally, we raised approximately $19.3 million in net proceeds under our common stock ATM, including approximately $12.8 million subsequent to quarter end.

這些減少部分被每股 0.25 美元的淨投資收益和 ATM 股票銷售的 0.01 美元的淨增值所抵消。我們相信，保持流動性和靈活性以支持和擴大我們的投資組合是我們持續成功的關鍵。截至昨天發布，我們的可用信用額度為 1.51 億美元。此外，我們透過普通股 ATM 籌集了約 1,930 萬美元的淨收益，其中包括季度末之後的約 1,280 萬美元。

We will continue to raise equity capital through our ATM program, while prices remain accretive to NAV in order to support our portfolio growth as we continue to experience a healthy level of new buyout opportunities. Further, we will look at equity capital while monitoring the interest rate environment and evaluating debt financing opportunities.

我們將繼續透過 ATM 計劃籌集股本，同時價格繼續增加資產淨值，以支持我們的投資組合成長，因為我們將繼續經歷健康水平的新收購機會。此外，我們將關注股本，同時監控利率環境並評估債務融資機會。

Overall, our leverage remains in a strong position with an asset coverage ratio as of June 30, 2025, of 189%, providing cushion to the required 150% coverage ratio. Focusing on our distribution to shareholders, we ended the prior fiscal year with $55.3 million or $1.50 per share in spillover, sufficient to cover our current monthly distribution of $0.08 per share for an annual run rate of $0.96 per share as well as the $0.54 per share supplemental distribution paid in June.

總體而言，我們的槓桿率仍然處於強勁地位，截至 2025 年 6 月 30 日的資產覆蓋率為 189%，為所需的 150% 覆蓋率提供了緩衝。重點關注我們對股東的分配，我們在上一財年結束時的溢出利潤為 5,530 萬美元或每股 1.50 美元，足以支付我們目前每股 0.08 美元的月分配額（每股 0.96 美元的年運行率）以及 6 月份支付的每股 0.54 美元的補充分配。

We will strictly continue funding future supplemental distributions as we recognize realized capital gains on the equity portion of future exits. Using the monthly distribution earning of $0.96 per share per year and the $0.54 per share in supplemental distribution paid in the current fiscal year, our aggregate estimated fiscal year distributions would yield about 10.6% using yesterday's closing price of $14.16. This covers my part of today's call. I'll now hand it back over to you, David to wrap us up.

當我們確認未來退出的股權部分已實現的資本利得時，我們將嚴格地繼續為未來的補充分配提供資金。以每股0.96美元的年度月度分配收益和本財年每股0.54美元的補充分配金額計算，我們估算的本財年總分配收益率（以昨日14.16美元的收盤價計算）約為10.6%。以上內容涵蓋了我今天電話會議的部分內容。現在我將話題交還給你，大衛，來結束我們的演講。

Thank you, Taylor. You did a nice job, so did Dave, Catherine. And all of that's good information for our shareholders, and this call and the 10-Q we filed with the SEC yesterday should bring everyone up-to-date. Team has reported solid results for the quarter ending June 30, 2025, including multiple new investments and greater liquidity position with our portfolio.

謝謝你，泰勒。你做得很好，戴夫、凱瑟琳也做得很好。所有這些對我們的股東來說都是好消息，這次電話會議和我們昨天向美國證券交易委員會提交的 10-Q 表應該會讓每個人都了解最新情況。團隊報告了截至 2025 年 6 月 30 日的季度的穩健業績，包括多項新投資和投資組合流動性狀況的增強。

So we're in a good position to grow and we look to Dave and his team to continue to grow and pay out extra dividends as well as wonderful quarterly dividends. Gladstone Investment is an attractive investment for investors seeking continuous monthly distributions and supplemental distributions from potential capital gains and other income. Team hopes to continue to show you a strong return for your investment in our fund.

因此，我們處於良好的成長位置，我們期待戴夫和他的團隊繼續發展並支付額外股息以及豐厚的季度股息。對於尋求從潛在資本利得和其他收入中獲得持續每月分配和補充分配的投資者來說，格拉斯頓投資是一項頗具吸引力的投資。團隊希望繼續為您在我們基金上的投資帶來豐厚的回報。

Now, let's have some questions from our analysts as well as shareholders and anybody else that has a question. Operator, would you come on it?

現在，讓我們來聽聽分析師、股東以及其他有疑問的人提出的問題。接線員，你能上來嗎？

(Operator Instructions) Mickey Schleien, Clear Street.

（操作員指示）Mickey Schleien，Clear Street。

Yes. Good morning, everyone. Dave, there's been a lot of discussion about weakness in the M&A market, but you've acquired three companies since May, which is a very healthy pace. And I'd like to know, is that just idiosyncratic given the lead time in getting these deals done? Or are you actually seeing better deal flow?

是的。大家早安。戴夫，關於併購市場疲軟的討論很多，但自五月以來你已經收購了三家公司，這是一個非常健康的速度。我想知道，考慮到完成這些交易所需的準備時間，這是否只是一種特殊情況？或者您實際上看到了更好的交易流程？

Yeah. Thanks, Mickey. And congratulations on your new spot. Glad this would deal with us. No, I would say it is really -- we -- obviously, as you well know, we work really hard at deal flow and certainly in the category of companies that we like to acquire in the general range of $5 million to, say, $10 million, $12 million of EBITDA. It is competitive. There is a lot of money out there, but we are seeing, I would say, a good quality of deal flow and the valuations are still tricky. We've certainly looked at a number of companies and been very interested in them and where we might be willing to pay, say, up to 7 to maybe 7.5 times on an EBITDA basis. Some of them are going for 9x, right?

是的。謝謝，米奇。恭喜您找到新職位。很高興這能解決我們的問題。不，我想說的是，我們確實——顯然，正如你所知，我們在交易流程方面非常努力，當然在我們喜歡收購的公司類別中，EBITDA 一般在 500 萬美元到 1000 萬美元、1200 萬美元之間。它很有競爭力。雖然市場上有很多資金，但我想說，我們看到交易流程品質很好，而且估值仍然很棘手。我們確實考察過許多公司，對它們非常感興趣，我們可能願意支付高達 EBITDA 的 7 倍到 7.5 倍的價格。其中一些是 9x 的，對嗎？

So theoretically, we could be even more active if the valuations came closer to where we are, but I would say it's just fundamentally. We are seeing good quality of deals, and we're very active, and we work really hard at it. So not much more than that, I don't think.

因此從理論上講，如果估值更接近我們現在的水平，我們可能會更加積極，但我認為這只是從根本上來說。我們看到交易品質很好，我們非常活躍，並且為此付出了很多努力。所以我認為不會比這更多了。

Okay. I understand. Thank you. In your prepared remarks, I think you mentioned the possibility for the economy to slow down, and that's certainly what economists are forecasting as tariffs are implemented. Are you seeing any signs yet of a weakening of performance across your portfolio companies?

好的。我明白。謝謝。在您準備好的演講中，我認為您提到了經濟放緩的可能性，而這正是經濟學家在關稅實施後所預測的。您是否發現您所投資的公司業績出現下滑的跡象？

Yeah. Not generally. I would say the activity level is about where it's been. We're seeing ironically in a couple of companies on the consumer side, where we've actually seen an increase in activity, even though tariffs have impacted the cost of our products and funny enough the retailers we deal with in that regard have been willing to absorb that in part just because of the nature of the products.

是的。一般情況下不會。我想說的是活動水準與之前的水準差不多。諷刺的是，我們看到幾家消費品公司的活動實際上有所增加，儘管關稅影響了我們產品的成本，而且有趣的是，我們在這方面打交道的零售商願意吸收這部分影響，僅僅是因為產品的性質。

But I would say, overall, it's a general -- we're not increasing really, but we're not seeing significant decrease in activity at this point, just more caution. I'd say the biggest impact, obviously, is how the costs are, in fact, affecting a bit the margins. That's where we're really, I would say, seeing more impact. So as a result of that, we have some of these companies where we clearly had a modest decline in EBITDA, which obviously has led to somewhat a decline in valuations. Nothing overly dramatic, but just a squeezing a little bit of margin just because of mainly the tariffs.

但我想說，總的來說，這是一個普遍現象——我們實際上並沒有增加，但我們目前也沒有看到活動明顯減少，只是更加謹慎。我認為最大的影響顯然是成本實際上對利潤率的影響。我想說，這就是我們真正看到更多影響力的地方。因此，我們的一些公司的 EBITDA 明顯出現小幅下降，這顯然導致估值下降。沒有什麼特別戲劇性的事情，只是因為關稅的原因，利潤空間稍微縮小了一點。

That's interesting, but not enough to threaten their ability to service their debt, right?

這很有趣，但還不足以威脅他們償還債務的能力，對嗎？

Correct. Yes, sir.

正確的。是的，先生。

Okay. And one sort of modeling question. And I think Taylor talked about undistributed taxable income. If I adjust it for the write-down of edge, which looks like it's going to happen. It looks like you're carrying about $0.50 of UTI per share, as of the end of the quarter you just reported. Is that a level the Board is comfortable retaining?

好的。還有一種建模問題。我認為泰勒談到了未分配應稅收入。如果我根據邊緣的減記進行調整，這看起來就會發生。截至您剛剛報告的季度末，您每股持有的 UTI 價值似乎約為 0.50 美元。這是董事會願意保留的水平嗎？

I think we're -- we continue to monitor our current spillover level and where we stand as far as using what we already have from ending the fiscal year, which was $1.50 per share. We got rid of a third of that approximately with the supplemental distribution [impact] in June. And we don't necessarily have an exact target that we use to monitor this level considering our fluctuations from quarter-to-quarter with our capital gains accrual. So yes, I mean we are comfortable where we stand right now. And we continue to evaluate it from a quarter-to-quarter basis.

我認為我們——我們將繼續監控我們目前的溢出水平，以及我們在使用本財年末已有的每股 1.50 美元的資金方面的狀況。透過 6 月的補充分配[影響]，我們消除了其中約三分之一。考慮到我們資本利得累積的季度波動，我們不一定有一個確切的目標來監控這個水準。是的，我的意思是我們對現在的處境感到滿意。我們會繼續按季度進行評估。

Okay, thank you for that. Those are all my questions. Appreciate your time.

好的，謝謝你。這些就是我的全部問題。感謝您的時間。

Thanks, Mickey.

謝謝，米奇。

Sean-Paul Adams, B. Riley Securities.

肖恩·保羅·亞當斯 (Sean-Paul Adams)，B. Riley 證券。

Hey, guys, good morning. On Diligent Delivery Systems, that one is coming up due pretty soon. It looks like you actually had a quarter-over-quarter markup on it as well. Is there any color you can add to that name in particular?

嘿，大家早安。關於勤勉交付系統 (Diligent Delivery Systems)，這個很快就要到期了。看起來你實際上也有一個季度環比加價。您能為這個名字添加什麼特別的顏色嗎？

Yeah. Thanks, Sean-Paul, nice to talk with you. We are going to keep that rolling on that investment as necessary. It's one that we've a little bit of history, you may not be aware of. It's actually a company that we owned many years ago called NDLI, which we actually sold and when we sold it, we just took back a bit of paper, $13 million and a small amount of warrants and it's just been really, frankly, just a debt investment, which, of course, for us right now is unusual.

是的。謝謝，肖恩保羅，很高興與您交談。我們將根據需要繼續進行這項投資。這是我們有一些歷史，你可能不知道。這實際上是我們多年前擁有的一家名為 NDLI 的公司，我們實際上已經將其出售，出售時我們只收回了一些票據、1300 萬美元和少量認股權證，坦率地說，這只是一項債務投資，當然，對我們來說，這現在是不尋常的。

We've been going through working with the senior bank we and they are in concert and there's some restructuring of management that's going on with the company right now. So we'll just keep keeping the business. We're not going to do anything dramatic with it, and we'll roll it as you say. And then over time, we'll get out of it when we get our debt paid out.

我們一直在與高級銀行合作，他們正在協同工作，目前公司正在進行一些管理重組。因此我們將繼續保持業務。我們不會對此採取任何戲劇性的行動，我們會照您說的去做。然後隨著時間的推移，當我們還清債務時，我們就會擺脫困境。

Got it. Appreciate the color.

知道了。欣賞色彩。

(Operator Instructions) Erik Zwick, Lucid Capital Markets.

（操作員指示）Erik Zwick，Lucid Capital Markets。

Thanks, good morning, everyone. I just noticed that after several quarters of a decline in the yield on the interest-bearing investments, it did increase here in the most recent quarter. Just curious, have you seen a change there? Do you think we've seen a bottom, what drove it here? And then what would be your outlook going forward? And I guess maybe taking into consideration the market's expectation that we may see, maybe 100 basis points decline in Fed funds and SOFR potentially?

謝謝，大家早安。我剛剛注意到，在連續幾個季度下降之後，計息投資的收益率在最近一個季度確實有所上升。只是好奇，你看到那裡有改變嗎？您認為我們已經看到底部了嗎？是什麼原因導致它出現在這裡？那麼，您對未來的展望是什麼？我想，考慮到市場的預期，我們可能會看到聯邦基金利率和 SOFR 利率可能下降 100 個基點？

Sure. Thanks, Erik. So the yield this order picked up, and that was primarily due to that collection of $1.5 million of past-due interest from when the company is on non-accrual status. So we did have that one quarter bump from that.

當然。謝謝，埃里克。因此，該訂單的收益有所提高，這主要是因為該公司在非應計狀態下收取了 150 萬美元的逾期利息。因此，我們確實實現了四分之一的成長。

Excluding that collection, our yield was 13.1%. So approximately in line with where we were last quarter. And really, that declined quarter-over-quarter when you back out the collection of past-due interest is really due to the exit of knock turn at the end of the prior quarter.

除去那筆收款，我們的收益率為 13.1%。因此與我們上個季度的情況大致一致。事實上，當你收回逾期利息時，這一季度環比下降實際上是由於上一季末的轉折點的出現。

So I think, looking forward, to your point on potential rate cuts and compression, our three most recent new deals between Smart Chemical, Sun State and Global GRAB, all have 13.5% floors. And given our spread in the way those terminals are situated, they're going to stay at 13.5% despite any changes in SOFR. So I think, that's our goal going forward is to continue to build in that cushion of protection when SOFR is decreasing.

因此，我認為，展望未來，正如您所提到的潛在降息和壓縮利率，我們最近在 Smart Chemical、Sun State 和 Global GRAB 之間達成的三項新交易的利率下限均為 13.5%。考慮到這些終端的分佈情況，無論 SOFR 發生什麼變化，利率都將維持在 13.5%。所以我認為，我們未來的目標是在 SOFR 下降時繼續建立這種保護緩衝。

That's great color, and I appreciate the clarification on the yield, excluding that one-time collection. So maybe kind of continuing on that last point, you've been fairly effective in getting floors in on some of these new deals. As you look at your portfolio and in prepared comments, you mentioned there's quite a bit of competition in the market for new deals.

顏色很棒，我很感謝對產量的澄清，不包括一次性收集。所以也許可以繼續討論最後一點，您在一些新交易中取得了相當有效的進展。當您查看您的投資組合並在準備好的評論中提到市場上的新交易競爭相當激烈。

Just from a non kind of pricing and spread kind of perspective, but more so on structure, are you seeing any kind of changes from maybe some of your competitors, whether they're bending structure that would potentially weaken the underwriting in the market from a future perspective? Or is that still holding up pretty well at this point?

僅從非定價和價差的角度來看，更重要的是從結構來看，您是否看到一些競爭對手發生了任何變化，他們是否正在改變結構，從未來的角度來看，這可能會削弱市場的承保能力？或者目前情況仍然很好？

Yeah. Thanks, Erik. For us, again, recognizing the nature of our strategy, if you will, right, where we're buying the business and we're providing the debt and the equity, I say this very carefully. We don't have any real direct competitor in that regard in the BDC space. There are others that are similar to some extent that do debt and might take our slightly bigger piece of equity, whether it be through warrants or participation.

是的。謝謝，埃里克。對我們來說，再次，認識到我們策略的性質，如果你願意的話，對的，我們購買業務並提供債務和股權，我非常謹慎地說這一點。在 BDC 領域，我們在這方面沒有任何真正的直接競爭對手。還有一些公司在某種程度上與此類似，它們做債務，可能會佔據我們稍大一點的股權，無論是透過認股權證還是參與。

But recognizing we generally are functioning effectively as the sponsor, right? So we really are competing more with the private equity guys. And so to the extent that they are getting leverage perhaps and where they might be getting leverage at a lower rate, we are competing with them in that regard.

但要認識到我們通常作為贊助商發揮有效作用，對嗎？所以我們確實在與私募股權投資公司進行更激烈的競爭。因此，在他們可能獲得槓桿的範圍內，以及在他們可能以較低的利率獲得槓桿的範圍內，我們在這方面與他們競爭。

However, I'd say for us, it's more around what valuation, the enterprise value is of the business. So if we can get into an enterprise value that works for us, then the ability we have in the structure of the equity and the debt, I don't see changing very much. And I think that's where -- how we're able really to put a floor, like Taylor said in the deal. And if we have to moderate a bit the equity component, it's kind of doing it to ourselves, if you will, the equity piece relative to the debt piece.

然而，我想說，對我們來說，這更多的是關於企業的估值，也就是企業價值。因此，如果我們能夠獲得適合我們的企業價值，那麼我們在股權和債務結構方面的能力就不會發生太大變化。我認為這就是我們能夠真正設定底線的地方，就像泰勒在交易中所說的那樣。如果我們必須稍微調整股權部分，那麼這就像是我們自己做的那樣，股權部分相對於債務部分。

So we're driving towards fixed charge coverage on the business because that's important to be able to continue paying the interest, obviously, and then obviously modifying the spread to get us to a fixed yield that works for us on our weighted average cost of capital.

因此，我們正在推動業務的固定費用覆蓋，因為這顯然對於繼續支付利息很重要，然後顯然修改利差以使我們獲得適合我們加權平均資本成本的固定收益率。

So a long story short, I would say we're in good shape, plus we also obviously have usually an exit fee, which we built in, which is different than most people use for pick, if you will. So I'd say we're in good shape. The real issue for us competitively is finding that enterprise value of the business that fits our profile. And if we keep doing it the way we're doing it, I think, we're in good shape there. Long answer. I hope it helps to answer that question.

長話短說，我想說我們狀況良好，而且我們顯然通常還會收取退出費，這是我們內置的，這與大多數人使用的挑選費不同，如果你願意的話。所以我想說我們的情況很好。我們面臨的真正競爭問題是找到適合我們業務的企業價值。如果我們繼續按照現在的方式去做，我想我們會處於良好的狀態。長答案。我希望它有助於回答這個問題。

And Erik, I was going to jump in and just say it as well. A lot of the other BDCs have been seeing a rise in PIK income. We are one of the few, if not the only, that has zero PIK income. Dave did mention the exit fee, that is recorded off balance sheet, and it's not being factored into our income stream until we actually collect that income. So I think, that is something that sets us apart from other BDCs in the space.

艾瑞克，我也正要插嘴這麼說。許多其他 BDC 的 PIK 收入也出現了成長。我們是少數（如果不是唯一）沒有 PIK 收入的公司之一。戴夫確實提到了退出費，這是在資產負債表外記錄的，在我們實際收到這筆收入之前，它不會被計入我們的收入流。所以我認為，這就是我們與該領域其他 BDC 的不同之處。

And last one for me, just looking at the SOI, it looks like ImageWorks had a material increase in the fair value mark this quarter. Anything noteworthy there company-specific or within the industry that drove that market?

對我來說，最後一個是，僅看一下 SOI，看起來 ImageWorks 本季的公允價值標記有實質的成長。有哪些值得注意的特定公司或產業因素推動了該市場的發展？

No, just that their EBITDA was up and also the multiple was up. So it was just a combination of those two things. That's a good business. They're very, very strong in their market space, good management team, and it's one that we look forward to seeing good results going forward.

不，只是他們的 EBITDA 上升了，而且倍數也上升了。所以這只是這兩件事的結合。這是一門好生意。他們在自己的市場領域非常強大，擁有優秀的管理團隊，我們期待看到他們未來能有良好的表現。

Thanks so much for taking my questions this morning.

非常感謝您今天上午回答我的問題。

Sir, right now, we have no other questions. I'll turn the floor back to you for any final comments.

先生，現在我們沒有其他問題。我將把發言權交還給您，請您發表最後的評論。

All right. Well, we thank all of you for calling in and asking questions. And Hopefully, in the next quarter, you'll have a lot more questions for us. We like the questions that come in, gets anything out of the way that someone might not understand. So that's the end of this call, and we thank you all for calling in. See you next quarter.

好的。好吧，我們感謝大家打電話來問問題。希望在下個季度，您能向我們提出更多問題。我們喜歡提出問題，解決人們可能不理解的問題。本次通話到此結束，感謝大家的來電。下個季度見。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。