Gladstone Investment Corp (GAIN) 2026 Q4 法說會逐字稿

Greetings, and welcome to Gladstone Investment Corporation fourth quarter and year-end earnings conference call. (Operator Instructions).

各位好，歡迎參加 Gladstone Investment Corporation 第四季及年度期末財報電話會議。（接線員指示）。

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Gladstone. Thank you. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人 David Gladstone。謝謝。請開始。

All right. Thank you all for calling in. This is the earnings conference call for the fourth quarter as well as fiscal year ending March 31, 2026. For shareholders and analysts of Gladstone Investment listed on Nasdaq under the symbol GAIN for common stock and then we have several others that GAINZ, GAINI and GAING registered notes that we sold in the past. Thank you for all calling in.

好的。感謝各位來電參與。這是截至 2026 年 3 月 31 日止第四季以及會計年度的財報電話會議。本次會議面向 Gladstone Investment 的股東與分析師；本公司普通股於納斯達克以代號 GAIN 交易，另外我們過去也發行並登記了數檔票據，代號為 GAINZ、GAINI 與 GAING。感謝各位來電參與。

It's always happy to provide you updates to the shareholders and to the analyst who are following us. We'll try to tell you about the current business environment and the two goals for this call is to have you understand what has happened and give you some current view on the future, although we're all in the same boat trying to figure out what's going to happen in the future.

我們一向很高興向股東以及關注我們的分析師提供最新資訊。我們會盡力向各位說明目前的商業環境；本次電話會議有兩個目標：讓各位了解已發生的情況，並提供我們對未來的最新看法——雖然我們都在同一條船上，努力判斷未來會發生什麼。

Now we'll hear from Katherine Gerkis, our Director of Investor Relations and ESG, to provide a brief disclosure regarding certain regulatory matters concerning the call today. Katherine, go ahead, please.

接下來請我們的投資人關係與 ESG 總監 Katherine Gerkis，就今日電話會議涉及的特定監管事項提供簡短揭露聲明。Katherine，請。

Thank you, and good morning, everyone. Today's call may include forward-looking statements, which are based on management's estimates, assumptions and projections.

謝謝，各位早安。今天的電話會議可能包含前瞻性陳述，該等陳述係基於管理層的估計、假設與預測。

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.

未來績效不作任何保證；由於各種不確定性，實際結果可能與這些陳述所明示或暗示者有重大差異，其中包括我們向 SEC 申報文件所載的風險因素；您可於我們網站 gladstoneinvestment.com 的 Investors 頁面查閱。

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-K and earnings press release for more detailed information.

除非法律要求，我們不承擔更新任何此類陳述之義務。如需更詳細資訊，請造訪我們網站取得 Form 10-K 與財報新聞稿副本。

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 Facebook and LinkedIn. Keyword for both is -- the Gladstone Companies.

您也可以訂閱我們的電子郵件通知服務，並查詢如何聯絡我們的投資人關係部門。我們也在 X@GladstoneComps，以及 Facebook 與 LinkedIn 上。兩者的關鍵字都是——the Gladstone Companies。

Now I will turn the call over to David Dullum, CEO and President of Gladstone Investment.

現在我將把電話會議交給 Gladstone Investment 的執行長兼總裁 David Dullum。

Thank you, Katherine. So good morning, everyone, and I'm very pleased to report that GAIN again produced solid results for this fourth quarter and the fiscal year ended March 31, 2026.

謝謝你，Katherine。各位早安，我很高興向各位報告，GAIN 在本第四季以及截至 2026 年 3 月 31 日止會計年度，再次交出穩健的成果。

We also continue to see growth in our investment portfolio through new buyout investments and the improving performance at a number of our existing portfolio companies. In addition, for the fiscal year, we generated adjusted NII of $0.88 per share, and we increased the total fair value of our portfolio to $1.3 billion as of March 31, 2026 which is a 34% increase from the $979 million that we reported in the prior year. This increase year-over-year in assets resulted from a couple of things.

我們也持續透過新的收購型投資（buyout investments），以及多家既有投資組合公司營運表現改善，看到投資組合的成長。此外，就本會計年度而言，我們創造了每股 0.88 美元的調整後 NII，並將截至 2026 年 3 月 31 日的投資組合總公允價值提高至 13 億美元，較前一年度所報告的 9.79 億美元成長 34%。這項資產的年增主要來自幾個因素。

One, we had four new buyout investments, along with appreciation of our existing investment portfolio and indeed increase in our NAV per share fairly significantly. We currently have 29 operating companies and a very healthy pipeline for new acquisitions.

第一，我們新增了四項收購型投資，加上既有投資組合的增值，並且每股 NAV 也相當顯著地上升。目前我們有 29 家營運公司，且新併購案源管線非常健康。

Just quickly reviewing for '26, we invested approximately $163 million in the four new portfolio companies I mentioned, and this compares to about $221 million, which we invested in the prior year.

快速回顧 2026 年，我們在前述四家新投資組合公司合計投資約 1.63 億美元；相較之下，前一年度我們投資約 2.21 億美元。

These new investments are consistent with our buyout strategy, growing the portfolio through the acquisition of operating companies at attractive valuations where we generally are the majority economic owner.

這些新投資符合我們的收購策略：以具吸引力的估值收購營運公司來擴大投資組合，而我們通常是主要的經濟權益持有人。

We also make acquisitions through a combination of the equity and the debt investments with the equity providing the potential upside through capital gains upon exit and the debt securities are generating this operating income to support our monthly distributions to shareholders.

我們也透過股權與債務投資的組合來進行收購；其中股權提供在退出時透過資本利得帶來上行潛力，而債務證券則產生營運收益，以支持我們對股東的每月配息。

At this point, I'd just like to note here that we do set floors on the debt securities that we use when we make these acquisitions.

此時我想特別指出，我們在進行這些收購時所使用的債務證券，會設定利率下限（floors）。

So that gives us the opportunity to maintain a level of income above our cost of capital so that we are really not susceptible to as much of the spread compression as others might exhibit in this environment.

因此，我們有機會將收益水準維持在資金成本之上，使我們在此環境下不會像其他人那樣容易受到利差壓縮的影響。

So our equity investments represent a significant ownership position in our portfolio companies, and we look to the capital gains as major contributors to the additional dividend payouts to shareholders, which we have demonstrated pretty significantly in the past.

因此，我們的股權投資代表在投資組合公司中具有顯著的持股部位；我們也將資本利得視為對股東額外股利發放的重要貢獻來源，而我們過去已相當明確地展現了這一點。

So this is also one factor that does differentiate us from other traditional credit BDCs. 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.

這也是使我們有別於其他傳統信用型 BDC 的因素之一。就營運收益而言，我們維持對股東每股 0.08 美元的每月配息，年化為每股 0.96 美元。

We also made supplemental distributions during fiscal '26 to shareholders of $0.54 per share, which came from these capital gains that we -- I mentioned earlier and which, again, are a fairly important part of our overall model and since inception, in fact, in 2005 and through this time of March 31, 2026 we've invested in 66 buyout portfolio companies for an aggregate of approximately $2.2 billion, and we exited 33 of these companies.

我們也在 2026 會計年度向股東發放每股 0.54 美元的補充配息，來源即為我先前提到的資本利得；而這同樣是我們整體模式中相當重要的一環。自 2005 年成立以來，截至 2026 年 3 月 31 日，我們已投資 66 家收購型投資組合公司，累計投資約 22 億美元，並已退出其中 33 家公司。

This has resulted in total investments currently valued at $1.3 billion, while generating approximately $354 million in net realized gains and $45 million in other income on exit.

這使得目前投資總額的估值為 13 億美元，同時在退出時創造約 3.54 億美元的已實現淨收益，以及 4,500 萬美元的其他退出收入。

So again, this is our plan or strategy, which we hope to continue in the future. Now at this point, it's very important I'd like to make an introduction to Erika Highland, who will become our President on October 1.

因此，這就是我們的計畫或策略，我們希望未來能持續推進。此時非常重要的是，我想介紹 Erika Highland，她將於 10 月 1 日起擔任我們的總裁。

I'm very honored to do this. Erika has been a Managing Director of GAIN for a number of years, recently was promoted to Executive Vice President.

我很榮幸能做此介紹。Erika 擔任 GAIN 董事總經理多年，近期並升任執行副總裁。

She has been instrumental in managing a number of our successful investments, very active in our outreach and investment generation programs and Erika will become President in October 1, as mentioned, and we're very much looking forward to that. I'm looking forward to working with her as we continue growing.

她在管理多項成功投資上扮演關鍵角色，也非常積極投入我們的外部拓展與投資案源開發計畫。Erika 將如前所述於 10 月 1 日就任總裁，我們非常期待。我也期待與她一同合作，持續推動成長。

So with that, I'm going to ask Erika to have a discussion on our outlook and a few other comments. So Erika?

接下來，我將請 Erika 就我們的展望以及其他幾點進行說明。Erika？

Thank you, Dave, and I am proud to partner with you to help lead our funds going forward. There continues to be liquidity in the M&A market, creating a competitive environment for new acquisitions at reasonable valuations. While challenging, we are able to compete effectively for acquisitions that fit our model.

謝謝你，Dave。我很榮幸能與你合作，共同帶領我們的基金邁向未來。併購（M&A）市場仍具流動性，使得在合理估值下進行新收購的競爭環境相當激烈。雖然具挑戰性，但我們仍能有效競爭，爭取符合我們模式的收購案。

This is where we provide both equity and debt to complete the transaction with a meaningful fixed charge coverage and an interest income yield on our total investment in excess of our cost of capital. As mentioned earlier, we closed on four new investments during the fiscal year.

在這些交易中，我們同時提供股權與債務以完成交易，並具備有意義的固定費用覆蓋率（fixed charge coverage），且我們對總投資的利息收益率高於資金成本。如先前所述，我們在本會計年度完成了四項新投資。

We continue to be in varying stages of diligence on possible new opportunities, including accretive add-on acquisitions to existing portfolio companies, and we are in review and negotiation with a number of other new opportunities.

我們仍在對潛在新機會進行不同階段的盡職調查，其中包括對既有投資組合公司的增值型附加收購（accretive add-on acquisitions）；同時，我們也在審查並與多個其他新機會進行協商與談判。

This activity could lead to closing on new buyout investments and accretive add-on acquisitions as we begin fiscal year '27. As to our existing portfolio, most of the companies have experienced positive results to date as reflected in our NAV increase.

這些活動可能使我們在 2027 會計年度開始之際，完成新的收購型投資以及增值型附加收購。至於既有投資組合，目前多數公司迄今呈現正面成果，並反映在我們的 NAV 上升。

Though we continue to be cautious due to macroeconomic landscape and therefore, the impact on demand and margin. We are working with all of our portfolio companies in evaluating supply chain alternatives and cost efficiencies as we continue to navigate the current environment.

不過，鑑於總體經濟情勢，以及其對需求與利潤率的影響，我們仍保持審慎。在持續因應當前環境之際，我們正與所有投資組合公司合作，評估供應鏈替代方案與成本效率提升。

Back to you, Dave.

交給你了，Dave。

So Erica, thank you, Dave, and I am proud to partner with you to help lead our fund going forward. There continued Acquisitions that fit our model.

所以 Erica，謝謝你，Dave，我很榮幸能與你合作，共同協助領導我們未來的基金。我們仍持續進行符合我們模式的收購。

This is where we provide both equity and debt to complete the transaction with a meaningful fixed charge coverage and an interest income yield on our total investment in excess of our cost of capital.

在這裡，我們同時提供股權與債務以完成交易，並具備具意義的固定費用覆蓋率，以及我們總投資的利息收入殖利率高於我們的資本成本。

As mentioned earlier, we closed on 4 new investments during the fiscal year. We continue to be in varying stages of diligence and possible new opportunities, including a creative add-on acquisitions to existing portfolio companies, and we are in review and negotiation with a number of other new opportunities This activity can lead to closing on new buyout investments and a creative add-on acquisitions as we begin fiscal year 207.

如先前提到的，我們在本財政年度完成了4項新投資。我們仍處於不同階段的盡職調查與潛在新機會之中，包括對既有投資組合公司進行創意性的附加收購（add-on acquisitions），並且我們也正就多項其他新機會進行審查與談判。隨著我們進入207財政年度，這些活動可能促成新的收購型投資（buyout investments）以及創意性的附加收購完成交割。

As to our existing portfolio, most of the companies have experienced positive results to date as reflected in our NAV increase.

就我們既有投資組合而言，多數公司迄今呈現正面成果，這也反映在我們淨資產價值（NAV）的提升上。

So we continue to be cautious due to macroeconomic landscapes and therefore the impact on demand and margin.

因此，鑑於總體經濟環境，我們仍保持審慎，並關注其對需求與利潤率的影響。

We are working with all of our portfolio companies and evaluating supply chain alternatives and cost efficiencies as we continue to navigate the current environment actually.

我們正與所有投資組合公司合作，評估供應鏈替代方案與成本效率，持續因應目前的環境。

Thanks, Erika. So in summing up the year, our current portfolio is in solid shape. We have a strong and liquid balance sheet, which you'll hear about in a few minutes, and a very good level of potential portfolio activity with the prospect of continued strong earnings and distributions over the next year, while we continue to navigate the challenges, as Erika mentioned, of this macroeconomic landscape that we find ourselves in.

謝謝你，Erika。總結今年，我們目前的投資組合狀況穩健。我們擁有強健且流動性充裕的資產負債表，稍後幾分鐘你們會聽到更多細節；同時，我們也有相當良好的潛在投資組合活動水準，展望未來一年，在持續因應我們所處的總體經濟環境挑戰（如 Erika 所提）之際，仍有望維持強勁的獲利與分配。

So with that, I'll turn it over to our CFO, Taylor Ritchie, to go into some more detail. Taylor?

那麼接下來，我把時間交給我們的財務長 Taylor Ritchie，請他進一步說明。Taylor？

Thank you, Dave and Erika, and good morning, everyone. I'm happy to share that we ended fiscal year 2026 with our fifth consecutive year of growth in total investment income, generating $99.1 million compared to $93.7 million in the prior fiscal year.

謝謝你，Dave 和 Erika，各位早安。我很高興與各位分享，我們在2026財政年度結束時，總投資收益已連續第五年成長，達到9,910萬美元，相較前一財政年度的9,370萬美元。

The increase was primarily driven by higher interest income resulting from continued growth in our debt investment portfolio, partially offset by lower dividend and incentive fee income, the timing of which can vary from period to period.

成長主要來自利息收入提高，原因是我們的債務投資組合持續擴大；但部分被股利收入與激勵費收入下降所抵銷，而這些收入的認列時點可能因期間而異。

The weighted average principal balance of our interest-bearing investments was $672 million during the fiscal year, representing an increase of approximately $70 million over the prior year. For the year, our portfolio's weighted average yield declined modestly from 13.9% to 13.3%.

本財政年度，我們計息投資的加權平均本金餘額為6.72億美元，較前一年增加約7,000萬美元。全年而言，我們投資組合的加權平均殖利率由13.9%小幅下降至13.3%。

Importantly, the interest rate floors embedded in each of our debt investments helped mitigate the impact of declining benchmark rates as the 63 basis points decrease in portfolio yield was less than the 82 basis points decline in SOFR during the year.

重要的是，我們每筆債務投資中所嵌入的利率下限（interest rate floors）有助於緩解基準利率下滑的影響；因為本年度投資組合殖利率下降63個基點，低於SOFR下降的82個基點。

Excluding nonaccrual investments and revolving line of credit, the weighted average interest rate floor for our debt portfolio was 12.1% as of March 31.

排除停計息（nonaccrual）投資與循環信用額度後，截至3月31日，我們債務投資組合的加權平均利率下限為12.1%。

We continue to underwrite our new debt investments with elevated interest rate floors in the 13.5% to 14% range to mitigate potential declines in SOFR.

我們持續以13.5%至14%的較高利率下限來承作新的債務投資，以降低SOFR可能下滑的影響。

With more than half of our debt portfolio currently under interest rate floors, we believe our portfolio yield is well protected against future rate declines. In addition, these floors should help support earnings as we refinance a portion of our existing lower cost long-term debt over time.

由於目前我們超過一半的債務投資組合設有利率下限，我們認為投資組合殖利率對未來利率下行具有良好保護。此外，隨著時間推進，當我們為部分既有、成本較低的長期債務進行再融資時，這些下限也應有助於支撐獲利。

Turning to fourth quarter results.

接著看第四季的結果。

Total investment income was $25.2 million, modestly higher than the $25.1 million in the prior quarter. The increase was primarily driven by higher dividend and success fee income, partially offset by lower interest income with our quarterly portfolio yield remaining stable at 12.9%.

總投資收益為2,520萬美元，較前一季的2,510萬美元小幅增加。增加主要來自股利收入與成功費（success fee）收入提高；但部分被利息收入下降所抵銷，而我們季度投資組合殖利率維持在12.9%不變。

As a reminder, dividend income from our equity investments depends on the portfolio company's ability to make distributions while also maintaining sufficient earnings and profits.

提醒各位，來自我們股權投資的股利收入取決於投資組合公司在維持足夠盈餘與利潤的同時，是否有能力進行分配。

Additionally, success fee income is derived from an interest rate associated with our debt investments that accrues off balance sheet and is not to actually due until a change of control event occurs.

此外，成功費收入源自我們債務投資所附帶的一項利率，該利率在資產負債表外累計，且實際上要到發生控制權變更事件時才到期應付。

Because the realization of both dividend income and income depends on multiple factors, the timing of these income streams will be variable. Net expenses for the quarter were $35.8 million compared to $31.6 million in the prior quarter.

由於股利收入與該項收入的實現取決於多項因素，這些收入來源的認列時點將會有所波動。本季淨費用為3,580萬美元，較前一季的3,160萬美元增加。

The increase was primarily driven by a $3.8 million increase in capital increase incentive fees and a $0.4 million increase of base management fee expense, both of which were largely attributable to continued unrealized appreciation across the portfolio.

增加主要來自資本增值激勵費（capital gains-based incentive fees）增加380萬美元，以及基本管理費用增加40萬美元；兩者大多可歸因於投資組合持續出現未實現增值。

As a result, net investment loss for the quarter was $10.6 million compared to $6.5 million in the prior quarter. Adjusted net investment income, which excludes the accrual of capital gains-based incentive fees, was $7.9 million or $0.20 per share compared to $8.2 million or $0.21 per share in the prior quarter.

因此，本季淨投資損失為1,060萬美元，較前一季的650萬美元增加。調整後淨投資收益（Adjusted NII）排除以資本利得為基礎的激勵費之應計影響，為790萬美元或每股0.20美元，較前一季的820萬美元或每股0.21美元略低。

Overall, portfolio valuations increased $92.5 million during the quarter. This unrealized appreciation was driven by improved operating performance at several portfolio companies, along with higher valuation multiples across the portfolio. These increases were partially offset by decreased performance at certain other portfolio companies.

整體而言，本季投資組合估值增加9,250萬美元。這項未實現增值主要來自數家投資組合公司營運表現改善，以及投資組合整體估值倍數上升。但部分被其他某些投資組合公司表現下滑所抵銷。

We continue to have three portfolio companies on nonaccrual status. We remain actively engaged with each company and their respective management teams to support operational improvement initiatives, a potential return to accrual status or strategic exits where appropriate.

我們仍有三家投資組合公司處於停計息（nonaccrual）狀態。我們持續與各公司及其管理團隊保持積極互動，以支持營運改善計畫、在可能情況下恢復計息狀態，或於適當時進行策略性退出。

Our nonaccrual investments represent 3.8% of our total portfolio at cost and 0.7% at fair value. Our NAV increased to $16.78 per share as of March 31, 2026, compared to $14.95 per share at the end of the prior quarter.

我們的停計息投資以成本計占總投資組合的3.8%，以公允價值計占0.7%。截至2026年3月31日，我們每股淨資產價值（NAV）上升至16.78美元，較前一季末的14.95美元增加。

The increase was primarily a result of $2.32 per share of net unrealized appreciation of investments. This increase was partially offset by $0.27 per share of net investment loss and $0.24 per share of distributions to common shareholders.

增加主要是因投資的淨未實現增值達每股2.32美元。但部分被每股0.27美元的淨投資損失，以及對普通股股東每股0.24美元的分配所抵銷。

As we look to our balance sheet, maintaining strong liquidity and financial flexibility remains essential to supporting and growing our portfolio.

展望資產負債表，維持強勁流動性與財務彈性仍是支持並擴大我們投資組合的關鍵。

In anticipation of the May maturity of our 5% notes, we issued $100 million of 7.125% five-year notes in February. Subsequent to quarter end, we repaid the outstanding balance of the 5% notes using proceeds from the new issuance along with borrowings under our credit facility.

為因應我們5%票據於5月到期，我們於2月發行了1億美元、票面利率7.125%的五年期票據。在季末之後，我們使用新發行所得款項，並搭配自我們的信用融資額度借款，償還了5%票據的未償餘額。

We will continue to monitor liquidity needs and be strategic on raising debt capital at suitable interest rates. While we are not active under the common stock ATM program during the quarter or subsequent to quarter end, we will remain opportunistic and we'll utilize the program when prices are accretive to NAV.

我們將持續監控流動性需求，並在合適的利率水準下策略性地籌措債務資本。雖然本季及季末後我們未透過普通股ATM（隨市發行）計畫進行發行，但我們將保持機動，並在股價對NAV具增厚（accretive）效果時使用該計畫。

We continue to believe that we are in a strong liquidity position with our ability to access the debt capital market and the possible equity market to support both the refinancing of long-term debt and our pipeline of new buyout opportunities.

我們仍相信自身流動性部位強勁，能夠進入債務資本市場，並在需要時進入股權市場，以支持長期債務再融資以及我們新收購機會（buyout opportunities）管線。

Overall, our leverage remains conservatively positioned with an asset coverage ratio of 214% and a debt-to-equity ratio of 0.84x as of March 31, 2026. Turning to distributions.

整體而言，截至2026年3月31日，我們的槓桿水準仍採保守配置，資產覆蓋率為214%，負債對股東權益比率為0.84倍。接著談分配。

We ended the fiscal year with $21.3 million or $0.53 per share in spillover income, which is sufficient to cover our current monthly distribution rate of $0.08 per share for approximately six months. We ended the year with total distributable income of $181.5 million or $4.56 per share.

本財政年度結束時，我們有2,130萬美元（或每股0.53美元）的結轉收益（spillover income），足以支應目前每股每月0.08美元的分配率約六個月。本年度結束時，我們的可分配收益總額為1.815億美元（或每股4.56美元）。

Because total distributable income primarily reflects net unrealized appreciation within the portfolio, we expect this value to support monthly and supplement distributions as appreciated investments are monetized over time.

由於可分配總收入主要反映投資組合內的未實現淨增值，我們預期隨著已增值的投資隨時間逐步變現，該數值將可支撐每月配息並補充額外配息。

Including the $0.54 supplement distribution in the current fiscal year, we paid an aggregate of $3.26 per share across 13 supplement distributions over the last five fiscal years, in addition to $4.58 per share of monthly distributions during this time.

包含本會計年度的每股0.54美元補充配息在內，過去五個會計年度我們共進行了13次補充配息，合計支付每股3.26美元，此外在此期間亦支付每股4.58美元的每月配息。

We believe this track record demonstrates our ability to maintain a stable monthly distribution while also delivering incremental shareholder returns, highlighting the strength and consistency of our focused equity-oriented investment strategy.

我們認為這項紀錄展現了我們在維持穩定每月配息的同時，也能為股東帶來額外報酬的能力，突顯我們聚焦於股權導向投資策略的強度與一致性。

Looking ahead, we expect to remain an important component of our overall shareholder return strategy with the amount and timing of future payments driven by realized capital gains on our equity investments, along with other capital allocation considerations. This concludes my remarks for today's call.

展望未來，我們預期這仍將是整體股東報酬策略的重要組成部分，未來支付的金額與時點將由我們股權投資的已實現資本利得，以及其他資本配置考量所驅動。以上為我今天電話會議的發言。

I'll now hand it back over to you, David, to wrap us up

接下來我把時間交還給你，David，請你做結語。

Very nice, Taylor, and good report on Dave and Erika and Catherine. Lots of good information. Hopefully, our shareholders are now up to date this call based on our 10-K should bring everyone up to date.

非常好，Taylor，也很感謝Dave、Erika與Catherine的報告。資訊非常充實。希望我們的股東現在都已掌握最新狀況；本次電話會議搭配我們的10-K應能讓大家全面更新。

The team has reported solid results for the quarter ending March 31, 2026, including new investment activity and strong liquidity position to grow the portfolio through the upcoming fiscal year. We believe Gladstone Investment is an attractive investment for investors seeking continuous monthly distributions and supplemental distributions from capital gains and other income.

團隊已就截至2026年3月31日的季度交出穩健成果，包括新的投資活動，以及強勁的流動性部位，可在即將到來的會計年度中擴大投資組合。我們相信，對於尋求持續每月配息，以及來自資本利得與其他收入之補充配息的投資人而言，Gladstone Investment 是具吸引力的投資標的。

The team hopes to continue to show you strong returns going forward. So operator, would you come on now?

團隊也希望未來能持續向各位展現強勁的報酬。那麼，接線生，請你現在加入。

Let's have some questions from our analysts and shareholders and people who are on the line.

我們來聽聽分析師、股東以及線上與會者的提問。

(Operator Instructions) Erik Zwick, Lucid Capital Markets.

(接線生指示) Erik Zwick，Lucid Capital Markets。

I appreciate the last two quarters that it's come in below the the dividend level and I think my phone cut out a little bit.

我注意到過去兩個季度的數字都低於股利水準，另外我剛剛電話好像有點斷線。

Taylor, if you could repeat just where the spillover, income stands today and just your thoughts on the dividend level and if the expectation is that, some of the gains that you typically harvest will help support that going forward.

Taylor，你能否再說一次目前結轉（spillover）收入的水準，以及你對股利水準的看法？另外，是否預期你們通常會實現的一些利得，將在未來持續協助支撐該股利水準？

Sure. So we ended the year with $21.3 million or $0.53 per share in spillover income. So based on our $0.08 per share monthly distribution rate, that would be spillover sufficient for six months. So half of the next fiscal year would be covered by spillover already. We do look to increase our adjusted NII per share going forward.

當然。我們在年度結束時的結轉收入為2,130萬美元，或每股0.53美元。以我們每股0.08美元的每月配息率來看，這些結轉收入足以支應六個月。也就是說，下一個會計年度的一半已可由既有結轉收入覆蓋。我們也希望未來能提高每股調整後淨投資收益（NII）。

That will be dependent on deal origination, timing of new investments, where SOFR rates headed as well as additional fee credits that we collect from time to time from our portfolio companies.

這將取決於交易來源、 新投資的時點、SOFR利率走勢，以及我們不時自投資組合公司收取的額外費用抵減（fee credits）。

So our adjusted NII per share will move around quarter-to-quarter, but we still feel confident in our $0.08 per share monthly distribution rate and don't really envision that changing.

因此，我們的每股調整後NII會隨季度而波動，但我們仍對每股0.08美元的每月配息率有信心，也不太預期會有所改變。

Excellent. And then just looking at some changes in fair values in the SOI this quarter, I noticed the diligent delivery systems, the second lien position was marked down materially from about 76% of cost down to 4%. So just curious if you could provide any update of what transpired there during the quarter.

很好。另外，觀察本季SOI中的一些公允價值變動，我注意到 Diligent Delivery Systems 的第二順位擔保債權部位被大幅下調，從約為成本的76%降到4%。想請教你能否更新一下本季期間發生了什麼情況？

So Erik, it's Dave. Pretty much the business is continuing, I would say, on a fairly stable basis. We had a bit of a decline in the EBITDA, but still positive and still servicing our interest. It's a function, you probably remember of providing service to rent-a-car companies at airports and so on, and there's been some...

Erik，我是Dave。整體而言，我會說該業務仍以相當穩定的狀態在運作。我們的EBITDA有些下滑，但仍為正值，且仍在支付利息。這主要與其在機場等地為租車公司提供服務有關，所以最近有一些……

Diligent, he asking about.

他在問Diligent那一筆。

I'm sorry, yes, I was thinking about something else. Diligent, no, it's actually improving even though the valuation is down, believe it or not, the business is actually improving, and that's one that is currently on nonaccrual, which we anticipate might indeed be coming off of nonaccrual as we move through the year.

抱歉，是的，我剛剛想到別的。Diligent 的部分，不，事實上即使估值下調，業務反而在改善。這一筆目前處於停計利息（nonaccrual）狀態，而我們預期隨著今年推進，它確實可能會從停計利息狀態中恢復。

No direct expectation on timing, but I believe we might get there. So I feel better about diligent today, even though we did have it marked down was more a function of where the trailing EBITDA was relative to where the actual business is operating, and we're in a better shape with that today, frankly, than we were even 6, 9 months ago.

對於具體時點沒有直接預期，但我相信我們可能會達成。所以即便我們做了下調，我對Diligent目前的狀況反而更有信心；下調更多是因為過去12個月（trailing）的EBITDA相對於實際營運狀況的差異所致。坦白說，現在的狀況比6到9個月前更好。

Great. And then on a more positive note, just noticed the preferred equity position in Schylling was marked up materially and having some young kids. I'm guessing maybe that's in part due to the kind of recent surge in popularity of the -- so maybe a two-part question. One, what are you seeing in terms of the business trends for that company?

很好。再來談一個更正面的部分：我注意到 Schylling 的特別股權部位被大幅上調；我自己有幾個年幼的孩子，我猜這可能部分是因為最近那個產品人氣暴增——所以我有兩個問題。第一，你們看到那家公司在業務趨勢上有哪些變化？

And then I guess I have the opportunity to be the most popular person at the dinner table tonight in the eyes of my kids, if you have any insight to when those NeeDohs might be back in stock on the website or on local store shelves.

第二，如果你能提供一些線索，告訴我那些 NeeDoh 什麼時候會在官網或本地商店貨架上補貨，我今晚在孩子眼中大概就能成為餐桌上最受歡迎的人。

Yes. I think Erika Highland will take that one. She is involved directly with Schylling and been involved with for a number of years. Erika?

好的。我想這題讓Erika Highland來回答。她直接參與Schylling，且已參與多年。Erika？

Yes, I can -- I'd love to be able to tell you I could offer you some product, but that's the question of the hour right now from everybody. Yes. No, they are diligently working on expanding their production capacity with their third-party suppliers and trying to meet all of the demand, which, as you point out, that product has certainly gone viral in the last several months. And they're very much aware of the demand and trying to ramp up capacity as quickly as possible. So I think what you see reflected in the fair market value is directly attributable to that and their increased financial performance over the last several months due to that product.

是的，我可以——我很希望能告訴你我可以提供一些產品，但這正是現在大家最常問的問題。是的。他們正積極與第三方供應商合作擴充產能，並試圖滿足所有需求；如你所說，那個產品在過去幾個月確實爆紅。他們非常清楚市場需求，並正盡快提升產能。因此，你在公允市價中看到的反映，直接歸因於此，以及該產品帶動下過去幾個月財務表現的提升。

Makes sense. And I will say I was able to pick up one toy each for both of my kids at your Investor Day back in the fall. So they are very grateful to you. So thank you, great. That's all for me today. Thank you. Thanks, sir.

了解。我也想說，我在去年秋天你們的投資人日活動上，成功替兩個孩子各買到一個玩具。所以他們非常感謝你們。謝謝，很棒。我今天就問到這裡。謝謝。謝謝你，先生。

Next question?

下一個問題？

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann

(接線生指示) Christopher Nolan，Ladenburg Thalmann。

Hi, good morning. This is the second quarter where you have unusually strong, unrealized gain. Should we expect that to happen in this quarter?

嗨，早安。這是你們連續第二個季度出現異常強勁的未實現收益。我們是否應該預期本季度也會發生同樣情況？

Taylor?

Taylor？

Well, we're still working through, obviously, what the 6/30 valuation will look like. It's only the middle of May. So the multiples could move one way or the other, and that would obviously drive the fair value changes or would be a significant component. We will have to see where EBITDA metrics are moving on a company-by-company basis. And we do feel confident that our portfolio companies are doing well, will continue to do well.

嗯，我們仍在評估6/30的估值會是什麼樣子。現在才5月中旬。因此，估值倍數可能上升或下降，而這顯然會推動公允價值變動，或成為其中的重要組成。我們必須觀察各家公司EBITDA指標的變化。我們也對投資組合公司的營運表現有信心，認為它們目前做得很好，且將持續表現良好。

As Dave mentioned, a couple of them that are marked down. Right now, we do feel optimistic that they will begin to turn around. That might not be this quarter, but it could be quarters coming forward.

如Dave所提到，有幾家公司目前被下調。就現階段而言，我們確實樂觀認為它們將開始好轉。這可能不是在本季度發生，但可能會在接下來的幾個季度出現。

And I guess as a follow-up question, are you finding it to be a strong competitive advantage in the current market where you can invest both debt and equity? Because my sense is private equity investments are not as plentiful as it might have been a couple of years ago. And just trying to see how this is working in your favor or against no real effect.

我想追問一下，在目前這個市場環境下，你們能同時投資債務與股權，是否被你們視為一項很強的競爭優勢？因為我的感覺是，私募股權投資機會不像兩三年前那麼充裕。所以想了解這對你們是加分、扣分，還是其實沒有太大影響。

Christopher, this is Erika Highland. I'll take that one. I'd say, yes, the fact that we are able to offer both debt and equity for all of our buyout transactions is indeed a competitive advantage in today's market.

Christopher，我是Erika Highland。這題我來回答。我會說，是的，我們能在所有收購交易中同時提供債務與股權資金，確實是當今市場的一項競爭優勢。

Even though there's a lot of liquidity out there, there is still a lot of uncertainty and private equity firms have had challenges deploying capital and raising capital due to just some of their structural issues with fundraising and so our ability to provide all the capital for a transaction, it provides that level of certainty to close to sellers, and that's probably been one of the driving factors for how we've been able to be competitive over the last several years, frankly.

儘管市場上流動性很充裕，但不確定性仍然很高，而私募股權公司因募資結構上的一些問題，在資金部署與募資方面都面臨挑戰；因此，我們能為一筆交易提供全部資金，能讓賣方對成交更有把握，這大概也是坦白說過去幾年我們能保持競爭力的主要驅動因素之一。

Okay, thank you. Congratulations on your promotion.

好的，謝謝。恭喜你升職。

Thank you

謝謝。

All right. Do we have another question from the group?

好。各位還有下一個問題嗎？

We're showing no additional questions at this time. Mr. Gladstone, do you have any additional or closing comments?

目前顯示沒有其他問題。Gladstone先生，您還有其他補充或結語嗎？

Yeah, I'm very disappointed. We want lots of questions, and we didn't get them this time. We've done a good job. But maybe next quarter, you will have some really solid questions for us. That's the end of the question-and-answer period, and we're going to sign off.

有，我很失望。我們想要很多問題，但這次沒有。我們做得很好。不過也許下個季度，你們會有一些很扎實的問題要問我們。問答環節到此結束，我們就先結束通話。

We got one more. Oh you got. You got one more coming? No. Okay. Who's next?

我們又收到一個。喔你有——你說還有一個要進來？沒有。好。下一位是誰？

We did have a late entry. Our next question is coming from Sean-Paul Adams of B. Riley.

我們剛剛有一位晚到的提問者加入。下一個問題來自B. Riley的Sean-Paul Adams。

Hey guys. Good Morning. Congrats on the quarter. Just really quickly, you touched a little bit earlier on the call about one possible nonaccrual kind of going through a work through and without any concrete timelines could be coming off that nonaccrual.

嗨，各位。早安。恭喜本季表現。很快問一下，你們稍早在電話會議中提到，有一筆可能的非應計項目正在處理中，雖然沒有明確時間表，但可能會從非應計狀態轉出。

The remaining two, can you provide just a little bit more color on if there's any expected workouts coming? It seems like they have some pretty severe markdowns in the portfolio. So just a little bit more color on that.

至於剩下兩筆，你們能否再多提供一些細節，看看是否有任何預期的重整/處置（workout）進展？看起來它們在投資組合中的減記幅度相當大。所以想請你們再多說明一下。

Sean, it's Dave. On the other two, one is quite small investment and probably going to take some action with that, that will, frankly, probably eliminate the issue. That's one. The other company, B&T is actually performing fairly well. We're working through with the management and so on as to what to frankly do with the business.

Sean，我是Dave。另外兩筆裡，其中一筆投資金額很小，我們可能會採取一些行動，坦白說應該能把問題消除。這是第一筆。另一家公司B&T其實營運表現相當不錯。我們正與管理團隊一起討論，坦白說要如何處理這個業務。

Nothing drastic, but we're on top of it. So I don't expect to see much change with those two companies probably within the next six months at this point. And as I mentioned, on the other one, diligent, there is a reasonable probability that, that will actually come off of nonaccrual. So

沒有什麼劇烈的狀況，但我們有掌握進度。所以就目前來看，我不預期這兩家公司在未來六個月內會有太大變化。另外如我提到的，另一筆Diligent，有相當合理的機率會從非應計狀態轉出。所以——

I'm not concerned about our nonaccrual situation. It's relative to the overall total cost of our portfolio and the value of our portfolio, as Taylor mentioned earlier, I feel like we're in pretty decent shape there.

我對我們的非應計狀況並不擔心。相較於我們投資組合的總成本與投資組合價值（如Taylor先前提到），我覺得我們目前的狀況相當不錯。

So nothing that I could really add that would be of any significance on those. Erika, did you agree with that?

所以在這些項目上，我沒有什麼更重要的補充。Erika，你同意嗎？

Nothing else to add.

沒有其他補充。

Okay. Any further questions?

好的。還有其他問題嗎？

We do have a follow-up question coming from Eric Swick of Lucid Capital.

我們有一個追問，來自Lucid Capital的Eric Swick。

Thanks for taking the fall as well. So just another kind of portfolio position question. The other large write-off I noticed was the SFEG holdings that the common there was marked up quite material. So curious if you could provide us an update on the trends you're seeing there and what led to the valuation change.

謝謝也讓我追問。再問一個投資組合部位的問題。我注意到另一個較大的調整是SFEG的持股，其中普通股被大幅上調。想請你們更新一下那邊看到的趨勢，以及是什麼原因導致估值變動。

Taylor, why don't you take it?

Taylor，你來回答好嗎？

Well, I think that's one where we continue to see the returns from the add-on acquisitions we've done, the strategic initiatives that the company has put in place that have really been able to move EBITDA in a meaningful way. And then based on market analysis and valuations that we're receiving from third parties, the multiple increased by a meaningful amount as well this quarter.

我想那是一個我們持續看到附加收購（add-on acquisitions）帶來回報的案例，以及公司推動的策略性措施，確實讓EBITDA有顯著提升。另外，根據我們從第三方取得的市場分析與估值，本季估值倍數也有明顯上升。

Yeah, that's just -- Erik, fundamentally is a really, really well-managed, very good business. It's got a broad swath of products in a number of somewhat related industry categories, I would say. It's international in scope and again, the valuation, frankly, is purely a function of very solid EBITDA certainly over the last 12 months and continuing to grow and then multiples, we don't have a crazy multiple on it that's really causing the valuation to be where it is. So it's just that it's fundamentally it's a really good business.

對，Erik，從基本面來看，那是一家管理非常、非常到位、體質很好的公司。它在多個彼此有些相關的產業類別中，擁有很廣泛的產品線。業務範圍是國際性的；而且坦白說，估值純粹是因為過去12個月EBITDA非常穩健且持續成長，再加上倍數因素。我們給它的倍數並不誇張，並不是因為倍數過高才讓估值到現在這個水準。所以本質上，它就是一家非常好的企業。

It sounds like something kind of given those trends, you put a lot of working capital into it, it would be something that you'd prefer to continue holding at this point as opposed to monetizing in the kind of the near to midterm?

聽起來在這些趨勢之下，你們也投入了不少營運資金；所以想確認一下，相較於在短中期內變現，你們目前會更傾向繼續持有它嗎？

Well, you know, you never know. And as you know, and you watch this and certainly over the years, we exit companies when not only we think it might make sense, but frankly, when the management teams are in favor of doing that, we've always done it that way. So we don't rush to the exits. The companies are performing well and importantly, paying our interest, we like to keep them in the portfolio, but you never know sometimes when there are opportunities that you just cannot ignore, and we'll always keep evaluating those as we move forward.

嗯，你也知道，這很難說。而且你也知道、也一路觀察我們多年，我們退出一家公司的時點，不只是我們覺得合理，坦白說也要管理團隊支持，我們一直都是這樣做的。所以我們不會急著出場。公司表現良好，且更重要的是能支付我們的利息，我們就喜歡把它們留在投資組合裡；但你永遠不知道，有時候會出現一些你無法忽視的機會，我們也會在往前推進的過程中持續評估。

Yeah makes sense opportunity dependent, so great, thanks for taking my question again.

了解，取決於機會而定。很好，謝謝再次回答我的問題。

Any other questions?

還有其他問題嗎？

we're showing no at this.

目前顯示沒有。

Okay. We'll close it up. It sounds like we ran out of questions. We had more people than questions this time. So lots of fun in the business these days and market is getting hotter.

好的。那我們就結束了。看起來我們的問題問完了。這次參與的人比提問的人多。所以最近這門生意很有趣，市場也越來越熱。

So tune in next time, and we'll tell you some more stories. That's the end of this. Thank you very much.

所以下次再收聽，我們會再跟各位分享更多故事。今天就到這裡。非常感謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines and log off the webcast at this time, and enjoy the rest of your day.

各位女士、先生，今天的活動到此結束。您現在可以中斷電話連線並登出網路直播，祝您今天剩下的時間愉快。