Horizon Technology Finance Corp (HRZN) 2025 Q1 法說會逐字稿

Greetings and welcome to the Horizon Technology Finance Corporation first quarter 2025 earnings call. (Operator Instructions) As a reminder, this cost is being recorded.

問候並歡迎參加 Horizo​​n Technology Finance Corporation 2025 年第一季收益電話會議。（操作員指示）提醒一下，這項成本正在記錄中。

It is now my pleasure to introduce Megan Bacon, Director of Investor Relations and Marketing. Thank you. You may begin.

現在我很高興介紹投資者關係和行銷總監梅根·培根 (Megan Bacon)。謝謝。你可以開始了。

Thank you and welcome to Horizon Technology Finance Corporation's first quarter 2025 conference call. Representing the company today are Rob Pomeroy, Chairman and Chief Executive Officer; Jerry Michaud, President; Dan Devorsetz, Chief Operating Officer and Chief Investment Officer; and Dan Trolio, Chief Financial Officer. I would like to point out that the Q1 earnings press release and Form 10-Q are available on the company's website at horizontechfinance.com.

感謝您並歡迎參加 Horizo​​n Technology Finance Corporation 2025 年第一季電話會議。今天代表公司的是董事長兼執行長 Rob Pomeroy；總裁 Jerry Michaud； Dan Devorsetz，營運長兼首席投資長；以及財務長 Dan Trolio。我想指出的是，第一季收益新聞稿和 10-Q 表可在公司網站 horizo​​​​ntechfinance.com 上查閱。

Before we begin our formal remarks, I need to remind everyone that during this conference call, the company will make certain forward-looking statements, including statements with regard to the future performance of the company. Words such as believes, expects, anticipates, intends, or similar expressions are used to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.

在我們開始正式發言之前，我需要提醒大家，在本次電話會議中，公司將做出某些前瞻性陳述，包括有關公司未來業績的陳述。相信、期望、預期、打算等字詞或類似表達可用於識別前瞻性陳述。這些前瞻性陳述受預測未來結果和條件的固有不確定性的影響。

Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements, and some of these factors are detailed in the risk factor discussion in the company's filings with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2024. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

某些因素可能導致實際結果與這些前瞻性陳述中預測的結果有重大差異，其中一些因素在公司向美國證券交易委員會提交的文件中的風險因素討論中有詳細說明，包括公司截至 2024 年 12 月 31 日的 10-K 表格。本公司不承擔更新或修改任何前瞻性陳述的義務，無論其是否出現新資訊、未來事件或其他原因。

At this time, I would like to turn the call over to Rob Pomeroy.

現在，我想將電話轉給 Rob Pomeroy。

Welcome everyone, and thank you for your interest in Horizon. Today we will update you on our quarterly performance and our current operating environment. Dan Devorsetz will take us through recent business and portfolio developments. Jerry will then discuss the current status of the venture lending market, and Dan Trolio will detail our operating performance and financial condition. We will then take questions.

歡迎大家，感謝大家對 Horizo​​n 的關注。今天我們將向您通報我們的季度業績和當前的營運環境。Dan Devorsetz 將向我們介紹最近的業務和投資組合發展。隨後，Jerry 將討論風險貸款市場的現狀，Dan Trolio 將詳細介紹我們的經營業績和財務狀況。然後我們將回答問題。

We began 2025 with guarded optimism that markets were improving and that it was going to be a growth focused year for Horizon. However, the macro environment, including tariff-related uncertainty over the past several weeks, has dampened our optimism and directly impacted our potential recovery from some of our stressed assets, which was a significant factor in the decrease in our NAB at the end of the quarter.

我們以謹慎樂觀的態度迎接 2025 年，認為市場正在改善，並且對 Horizo​​n 來說這將是專注於成長的一年。然而，包括過去幾週與關稅相關的不確定性在內的宏觀環境削弱了我們的樂觀情緒，並直接影響了我們從部分不良資產中的潛在復甦，這是本季度末我們的國民銀行餘額下降的一個重要因素。

Until the worldwide volatility in the market subsides, the venture capital ecosystem is unlikely to return to the positive path forward, which we had hoped for earlier in the year. Our comments today will focus on our first quarter results and our outlook going forward.

在全球市場波動消退之前，創投生態系統不太可能恢復到我們今年稍早所希望的正面方向。我們今天的評論將集中於我們的第一季業績和未來展望。

Turning to our specific results for the quarter, we generated net investment income of $0.27 per share. As we look to grow our portfolio in future quarters, it is our goal to deliver NII at or above our declared distributions over time. Despite the headwinds, we were able to fund new investments and grow our debt portfolio by $20 million during the first quarter. Based on our outlook and our undistributed spillover income, our Board declared regular monthly distributions of $0.11 per share through September 2025.

談到本季的具體業績，我們產生了每股 0.27 美元的淨投資收益。我們希望在未來幾季擴大我們的投資組合，我們的目標是隨著時間的推移，實現等於或高於我們宣布的分配額的 NII。儘管面臨阻力，我們仍然能夠在第一季為新投資提供資金，並將債務組合增加 2,000 萬美元。根據我們的展望和未分配的溢出收入，董事會宣布截至 2025 年 9 月，每月定期分配 0.11 美元/股。

We once again achieved a portfolio yield on that investments at or near the top of the BDC industry. We were able to increase our investment capacity early in the year by raising equity from our at the market program. We have continued capital support from our lenders under our credit facilities, as shown by the recent closing of an increase in the commitment amount and expansion of the maturity date of our New York Life credit facility.

我們的投資組合收益率再次達到或接近 BDC 行業的最高水平。我們能夠在今年年初透過市場計畫籌集股權來提高我們的投資能力。我們繼續從信貸安排下的貸款人處獲得資本支持，這從我們最近增加紐約人壽信貸安排的承諾金額和延長其到期日可以看出。

We increased our committed and approved backlog to nearly $236 million, providing us with a solid base of opportunities to further grow our portfolio over time. As we previously disclosed, in order to further align our advisor and shareholders' interests, our advisor has agreed to waive a portion of its quarterly income incentive fees, if after the payment of such portion, the company's net investment income for the quarter would be less than the distributions declared it.

我們已承諾和已批准的訂單量增加至近 2.36 億美元，為我們進一步擴大投資組合提供了堅實的機會基礎。正如我們之前所揭露的那樣，為了進一步協調我們的顧問和股東的利益，我們的顧問已同意放棄部分季度收入激勵費，如果在支付該部分費用後，公司當季的淨投資收益低於其宣布的分配額。

Finally, Monroe Capital, the owner of our advisor, completed its partnership with Wendel Group, a French investment company. Monroe, and by extension our advisor continue to operate independently. As part of the Monroe family, Horizon will benefit from the additional capital, scale, and commitment of the partnership between Monroe and Wendel Group.

最後，我們顧問的所有者Monroe Capital與法國投資公司Wendel Group完成了合作。門羅，以及我們的顧問將繼續獨立運作。作為 Monroe 家族的一部分，Horizo​​n 將受益於 Monroe 和 Wendel Group 合作帶來的額外資本、規模和承諾。

We are continuing to support and work closely with our portfolio companies as we focus on maximizing the value of our stressed investments and preserving NAB. Moving forward, despite the near-term macro challenges, we remain guardedly optimistic about Horizon's prospects for the following reasons.

我們將繼續支持並與我們的投資組合公司密切合作，因為我們專注於最大化我們的不良投資的價值並保護 NAB。展望未來，儘管面臨近期宏觀挑戰，但我們對 Horizo​​n 的前景仍然保持謹慎樂觀，原因如下。

Our portfolio yield remains among the industry's highest, which we expect will lead to increased NII over time. Our committed backlog is growing and our pipeline remains full with quality opportunities to invest in new companies. Our liquidity and balance sheet remains strong, and finally, our markets are still active and demand for venture debt capital remains high. We look forward to being a key supplier of such capital. Again, we appreciate your continued interest and support in the Horizon Technology Finance platform.

我們的投資組合收益率仍處於業內最高水平，我們預計隨著時間的推移這將導致 NII 的增加。我們承諾的訂單量正在成長，我們的管道仍然充滿了投資新公司的優質機會。我們的流動性和資產負債表依然強勁，最後，我們的市場仍然活躍，對風險債務資本的需求仍然很高。我們期待成為此類資本的主要供應商。再次感謝您對Horizo​​​​n Technology Finance平台的持續關注和支持。

I will now turn the call over to Dan, Jerry, and Dan to give you the details of our first quarter results and progress. Dan?

現在我將把電話轉給丹、傑瑞和丹，向你們詳細介紹我們的第一季業績和進展。擔？

Thanks, Rob, and good morning to everyone. Our portfolio at the end of the first quarter stood at $690 million as the high-quality loans we originated during the quarter were offset by prepayments, amortization and unrealized depreciation in our existing portfolio.

謝謝，羅布，大家早安。我們第一季末的投資組合為 6.9 億美元，因為我們本季發放的高品質貸款被我們現有投資組合中的預付款、攤提和未實現折舊所抵銷。

In the first quarter, we funded nine debt investments totaling $100 million and two equity investments of $2 million. $31 million of the new debt investments were to three new portfolio companies, all well-sponsored companies with growing revenue in our core life science and technology markets. We also continue to build a sizable pipeline across our target sectors.

第一季度，我們完成了九項債務投資，總額達 1 億美元，以及兩項股權投資，總額達 200 萬美元。新的債務投資中有 3,100 萬美元投給了三家新的投資組合公司，這些公司都擁有良好的贊助，並且在我們的核心生命科學和技術市場中收入不斷增長。我們也將繼續在目標產業中建立規模龐大的管道。

Looking ahead to Q2, as Rob noted, we are watching the macro environment very closely. We continue to believe we are positioned well for portfolio growth over the long term. But given the current environment, we remain selective in originating loans.

展望第二季度，正如 Rob 所說，我們正在密切關注宏觀環境。我們仍然相信，我們已為長期的投資組合成長做好了準備。但鑑於當前的環境，我們在發放貸款時仍然有選擇性。

During the quarter, we experienced five loan prepayments, including two refinancings totaling $68 million in prepaid principal. Based on anticipated additional prepayment activity in the quarter, we expect a more positive impact on NII in Q2. Our onboarding debt investment yield of 13% during the first quarter remained consistent with our historic levels. We expect to continue to generate strong onboarding yields with our current pipeline of opportunities, which we believe will generate strong net investment income over time.

本季度，我們經歷了五次貸款預付，其中包括兩次再融資，預付本金總額為 6,800 萬美元。根據本季預期的額外預付款活動，我們預計第二季的 NII 將產生更積極的影響。我們第一季的入職債務投資收益率為 13%，與歷史水準保持一致。我們期望透過目前的機會管道繼續產生強勁的入職收益，我們相信隨著時間的推移，這將產生強勁的淨投資收益。

Our debt portfolio yield of 15% for the quarter was once again one of the highest yielding debt portfolios in the BDC industry. Our ability to generate these industry-leading yields continues to be a testament to our venture lending strategy and their execution of such strategy across various market cycles and interest rate environments.

本季我們的債務組合收益率為 15%，再次成為 BDC 產業收益率最高的債務組合之一。我們能夠產生這些領先業界的收益，這繼續證明了我們的風險貸款策略及其在各種市場週期和利率環境下對該策略的執行。

As of March 31, we held warrant and equity positions in 105 portfolio companies with a fair value of $32 million. Structuring investments with warrants and equity rights is a key component of our venture debt strategy and a potential generator of shareholder value. In the first quarter, we closed $157 million in new loan commitments and approvals and ended the quarter with a committed and approved backlog of $236 million compared to $207 million at the end of the fourth quarter.

截至 3 月 31 日，我們持有 105 家投資組合公司的認股權證和股權，公允價值為 3,200 萬美元。利用認股權證和股權來建構投資是我們風險債務策略的關鍵組成部分，也是股東價值的潛在創造者。在第一季度，我們完成了 1.57 億美元的新貸款承諾和批准，本季末的承諾和批准積壓金額為 2.36 億美元，而第四季末為 2.07 億美元。

We believe our pipeline, combined with our committed backlog with most of our funding commitments subject to companies achieving certain key milestones provide solid base to prudently grow our portfolio. As of quarter end, 89% of the fair value of our debt portfolio consisted of three and four rated debt investments, while 11% of the fair value of our portfolio was rated two or one.

我們相信，我們的產品線，加上我們承諾的訂單，以及我們對實現某些關鍵里程碑的公司所做的大部分融資承諾，為審慎擴大我們的投資組合提供了堅實的基礎。截至季末，我們債務組合的公允價值中有 89% 由三級和四級債務投資組成，而我們投資組合的公允價值中有 11% 被評為二級或一級。

During the first quarter and subsequently in April, we received positive news from several of our portfolio companies, most notably Emalex Biosciences and Kodiak Robotics. Emalex announced that it met the endpoints in its pivotal trial for its drug to treat Tourette syndrome, which trials the final clinical step to obtain FDA approval.

在第一季以及隨後的四月份，我們從幾家投資組合公司那裡得到了積極的消息，其中最引人注目的是 Emalex Biosciences 和 Kodiak Robotics。Emalex 宣布其用於治療妥瑞氏症的藥物的關鍵試驗已達到終點，該試驗是獲得 FDA 批准的最後臨床步驟。

In other positive news, Kodiak, a developer of autonomous trucking technology became the first company to publicly announce the use of driverless trucks in commercial operations. Kodiak also recently announced its intention to go public via a business combination with a SPAC by Ares at a $2.5 billion valuation.

其他好消息包括，自動駕駛卡車技術開發商 Kodiak 成為第一家公開宣佈在商業營運中使用無人駕駛卡車的公司。Kodiak 最近也宣布，計劃透過與 Ares 的 SPAC 進行業務合併，以 25 億美元的估值上市。

Unfortunately, as we have mentioned, we have also experienced negative portfolio events. Most significantly, our investments in both InBrace and Standvast were impacted by the lack of exit markets and the broader macro volatility, including tariffs resulting in a downgrade of both to one rated investment and reduction in fair values to zero in the quarter.

不幸的是，正如我們所提到的，我們也經歷了負面的投資組合事件。最重要的是，我們對 InBrace 和 Standvast 的投資都受到缺乏退出市場和更廣泛的宏觀波動的影響，包括關稅導致這兩項投資在本季度被降級為一項評級投資，公允價值也降至零。

As we manage our stress investments, we continue to collaborate closely with all of our portfolio companies and utilize a variety of strategies to seek to optimize returns and create opportunities for potential future value. To summarize, we continue to work diligently on our current portfolio while maintaining an opportunistic approach toward originating new loans in the current environment. Over time and as the macro environment normalizes, we believe we are positioned to grow our portfolio, which should lead to increased NII that covers our regular monthly distributions over time.

在管理壓力投資時，我們繼續與所有投資組合公司密切合作，並利用各種策略來尋求優化回報並創造潛在未來價值的機會。總而言之，我們將繼續努力經營我們目前的投資組合，同時在當前環境下保持機會主義的方式發放新貸款。隨著時間的推移和宏觀環境的正常化，我們相信我們有能力擴大我們的投資組合，這將導致 NII 的增加，從而隨著時間的推移覆蓋我們的定期每月分配。

With that, I'll turn it over to Jerry for a look at the overall venture industry and current environment.

說完這些，我會把話題交給傑瑞，讓他來看看整個創投產業和當前的環境。

Thank you very much, Dan. Turning to the venture capital environment. According to PitchBook, approximately $92 billion was invested in VC-backed companies in the first quarter, up 19% from the fourth quarter of 2024 and the highest level since the first quarter of 2022. However, the elevated deal value was once again due in meaningful part to large AI deals that represented a significant portion of the quarterly value that the tariff-related uncertainty in the marketplace, exit markets for VC-backed tech and life science companies remain nearly shut.

非常感謝，丹。轉向創投環境。PitchBook 的數據顯示，第一季創投支持的公司獲得了約 920 億美元的投資，較 2024 年第四季成長 19%，創下 2022 年第一季以來的最高水準。然而，交易價值的上升再次在很大程度上歸因於大型人工智慧交易，這些交易佔了季度價值的很大一部分，而市場上與關稅相關的不確定性，以及風險投資支持的科技和生命科學公司的退出市場仍然幾乎關閉。

Specifically, we saw some momentum for biotech IPOs starting to build in Q4 and continue into January. However, the uncertainty related to policy announcements regarding increasing tariffs on pharmaceuticals, the decrease in NIH and FDA funding and the HHS pause on the development of key vaccines is resulting in significant investor pullback in the life science market and the IPO market all but disappearing.

具體來說，我們看到生物技術 IPO 的一些勢頭在第四季度開始增強並持續到 1 月。然而，有關提高藥品關稅的政策公告的不確定性、美國國立衛生研究院和美國食品藥品監督管理局資金的減少以及衛生與公眾服務部暫停關鍵疫苗的研發，導致生命科學市場投資者大幅撤資，IPO 市場幾乎消失。

To date, the S&P Biotech Select Industry Index, XBI, is now down 14% year-over-year, reflecting cooling investor sentiment. With continued volatility in the equity markets, investors and M&A acquirers are sitting on the sidelines waiting for greater certainty. That said, with less equity options available to VC-backed tech and life science companies, venture debt is a significant option for early-stage companies to extend liquidity runway while they wait for better market conditions to raise equity or complete M&As.

迄今為止，標準普爾生技精選產業指數 XBI 年減 14%，反映出投資者情緒正在降溫。隨著股市持續波動，投資人和併購收購者都在觀望，等待更大的確定性。話雖如此，由於風險投資支持的科技和生命科學公司可用的股權選擇較少，風險債務對於早期公司來說是一個重要的選擇，可以在等待更好的市場條件來籌集股權或完成併購的同時延長流動性跑道。

This has created opportunity for Horizon to seek high-quality, well-sponsored tech and life science companies to add to its portfolio. Q1's total exit value of $56 billion was the highest quarterly total since the fourth quarter of 2021. However, nearly 40% of the total exit value was achieved through just one IPO. Until the tariffs and other macro headwinds clear up, we expect the exit market to remain relatively closed in the near term.

這為 Horizo​​n 尋求高品質、資金雄厚的科技和生命科學公司來補充其投資組合創造了機會。第一季的總退出價值為 560 億美元，是自 2021 年第四季以來的最高季度總額。然而，總退出價值的近40%是透過一次IPO實現的。在關稅和其他宏觀不利因素消除之前，我們預期出口市場短期內仍將保持相對封閉。

With that said, should market conditions persist well past the second quarter with VCs needing to find exits for their long-standing portfolio of companies, it will become even more challenging for VCs to return capital to their limited partners and raise new capital, putting even more pressure on the whole VC ecosystem.

話雖如此，如果市場狀況持續到第二季​​度之後，創投公司需要為其長期持有的公司投資組合尋找退出管道，那麼風險投資公司向有限合夥人返還資本和籌集新資本將變得更具挑戰性，從而給整個風險投資生態系統帶來更大的壓力。

To sum up, we remain committed to sourcing high-quality, well-priced investments as we seek to grow our portfolio. We believe market conditions while very challenging present a unique opportunity for experienced venture debt firms, including Horizon, to add high-quality, high-yielding debt investments to their portfolios. For Horizon, such opportunities and combined with the historical prepayment activity should generate NII that will cover its regular monthly distributions over time.

總而言之，我們致力於尋找高品質、價格合理的投資，以擴大我們的投資組合。我們相信，儘管市場條件非常具有挑戰性，但也為包括 Horizo​​n 在內的經驗豐富的風險債務公司提供了一個獨特的機會，可以在其投資組合中增加高品質、高收益的債務投資。對於 Horizo​​n 而言，這樣的機會與歷史預付款活動相結合，應該會產生能夠覆蓋其長期定期每月分配的 NII。

With that, I will now turn the call over to Dan Trolio.

說完這些，我現在將電話轉給 Dan Trolio。

Thanks, Jerry, and good morning, everyone. As Rob and Dan noted, despite headwinds, we were able to grow the portfolio of debt investments in the first quarter as we continue to work towards sustained growth with the goal to continue to cover our regular monthly distributions over time. We also strengthened our balance sheet by completing an amendment to our New York Life facility and by utilizing our ATM program to successfully and accretively sell over 400,000 shares early in the quarter. These actions demonstrate our continued ability to opportunistically access the debt and equity markets.

謝謝，傑瑞，大家早安。正如 Rob 和 Dan 所指出的，儘管面臨阻力，我們仍然能夠在第一季擴大債務投資組合，因為我們將繼續努力實現持續成長，目標是隨著時間的推移繼續涵蓋我們的定期每月分配。我們還透過完成對紐約人壽設施的修訂以及利用我們的 ATM 計劃在本季度初成功增售超過 400,000 股股票來加強我們的資產負債表。這些行動表明我們仍然有能力抓住機會進入債務和股票市場。

In addition, we continue to diligently work with all of our portfolio companies to optimize outcomes for our investments and improve our credit quality. As such, we believe we remain well positioned to grow our portfolio and create additional value for our shareholders moving forward.

此外，我們將繼續與所有投資組合公司密切合作，以優化投資成果並提高我們的信用品質。因此，我們相信，我們仍然有能力擴大我們的投資組合，並為股東創造更多價值。

As of March 31, we had $126 million in available liquidity, consisting of $77 million in cash and $49 million in funds available to be drawn under our existing credit facilities. We currently have no borrowings outstanding under our $150 million KeyBank credit facility, $181 million outstanding on our $250 million New York Life credit facility and $90 million outstanding on our $100 million being credit facility, leaving us with ample capacity to grow our portfolio of debt investments.

截至 3 月 31 日，我們擁有 1.26 億美元的可用流動資金，其中包括 7,700 萬美元現金和 4,900 萬美元可根據現有信貸安排提取的資金。目前，我們在 1.5 億美元的 KeyBank 信貸安排下沒有未償還借款，我們在 2.5 億美元的紐約人壽信貸安排下有 1.81 億美元的未償還借款，在我們 1 億美元的現有信貸安排下有 9000 萬美元的未償還借款，這讓我們有足夠的能力擴大我們的債務投資組合。

Our debt-to-equity ratio stood at 1.54:1 as of March 31, and netting out cash on our balance sheet, our net leverage was 1.29:1, which was within our target leverage. Based on our cash position and our borrowing capacity on our credit facilities, our potential new investment capacity as of March 31 was $307 million.

截至 3 月 31 日，我們的負債權益比率為 1.54:1，扣除資產負債表上的現金後，我們的淨槓桿率為 1.29:1，這在我們的目標槓桿率範圍內。根據我們的現金狀況和信貸額度的借貸能力，截至 3 月 31 日，我們的潛在新投資能力為 3.07 億美元。

Turning to our operating results. For the first quarter, we earned investment income of $25 million compared to $26 million in the prior year period, primarily due to lower interest income and fee income on our debt investment portfolio. Our debt investment portfolio on a net cost basis stood at $700 million as of March 31, up 3% compared to $678 million as of December 31, 2024.

談到我們的經營績效。第一季度，我們的投資收益為 2,500 萬美元，而去年同期的投資收益為 2,600 萬美元，這主要是由於我們的債務投資組合的利息收入和費用收入減少。截至 3 月 31 日，我們的債務投資組合以淨成本計算為 7 億美元，較 2024 年 12 月 31 日的 6.78 億美元增加 3%。

For the first quarter of '25, we achieved onboarding yields of 13% compared to 12.6% achieved in the fourth quarter of '24. Our loan portfolio yield was 15% for the first quarter compared to 15.6% for last year's first quarter. Total expenses for the quarter were $13.4 million compared to $13.1 million in the first quarter of '24. Our interest expense increased to $8.7 million from $8.2 million in last year's first quarter due to an increase in our average borrowings.

25 年第一季度，我們的入職收益率為 13%，而 24 年第四季為 12.6%。我們第一季的貸款組合收益率為 15%，而去年第一季為 15.6%。本季總支出為 1,340 萬美元，而 24 年第一季為 1,310 萬美元。由於平均借款額增加，我們的利息支出從去年第一季的 820 萬美元增至 870 萬美元。

Our base management fee was $3.2 million comparable with the prior year period. We received no performance-based incentive fees in the first quarter as we continue to experience the deferral of incentive fees, otherwise earned by our adviser under our incentive fee cap and deferral mechanism. The deferral in the quarter was driven by net realized and unrealized losses on our portfolio. While we expect the adviser will return to earning incentive fees, as we previously mentioned, the adviser has agreed to waive a portion of any incentive fee in a quarter where we do not earn our distributions.

我們的基本管理費為 320 萬美元，與去年同期持平。我們在第一季沒有收到基於績效的激勵費用，因為我們繼續經歷激勵費用的延期，否則我們的顧問將根據我們的激勵費用上限和延期機制獲得這些費用。本季的遞延是由於我們投資組合的淨已實現和未實現損失所致。雖然我們預計顧問將恢復賺取激勵費用，但正如我們之前提到的，顧問已同意在我們沒有賺取分配的季度放棄部分激勵費用。

Net investment income for the first quarter of '25 was $0.27 per share compared to $0.27 per share in the fourth quarter of '24, and $0.38 per share for the first quarter of '24. The company's undistributed spillover income as of March 31 was $1 per share. We anticipate that the size of our portfolio, along with our portfolios to higher interest rates and our predictive pricing strategy will enable us to continue generating NII that covers our distribution over time.

25 年第一季的淨投資收益為每股 0.27 美元，而 24 年第四季為每股 0.27 美元，24 年第一季為每股 0.38 美元。截至 3 月 31 日，該公司未分配溢出收益為每股 1 美元。我們預計，我們的投資組合規模、投資組合對更高利率的反應以及我們的預測定價策略將使我們能夠繼續產生能夠覆蓋我們長期分配的 NII。

To summarize our portfolio activities for the first quarter, new originations totaled $102 million, which were partially offset by $11 million in scheduled principal payments and $68 million in principal prepayments and partial paydowns. We ended the quarter with a total investment portfolio of $690 million. As of March 31, the portfolio consisted of debt investments in 53 companies with an aggregate fair value of $644 million and a portfolio of warrant, equity and other investments in 110 companies with an agri fair value of $46 million.

總結我們第一季的投資組合活動，新發起總額為 1.02 億美元，部分被 1,100 萬美元的預定本金支付和 6,800 萬美元的本金預付和部分償還所抵消。本季結束時，我們的投資組合總額為 6.9 億美元。截至 3 月 31 日，該投資組合包括對 53 家公司的債務投資，總公允價值為 6.44 億美元，以及對 110 家公司的認股權證、股權和其他投資，農業公允價值為 4,600 萬美元。

Based upon our outlook and our undistributed spillover income, our Board declared monthly distributions of $0.11 per share for July, August and September 2025. We remain committed to providing our shareholders with distributions that are covered by our net investment income over time.

根據我們的展望和未分配的溢出收入，董事會宣布 2025 年 7 月、8 月和 9 月每月分配 0.11 美元/股。我們始終致力於向股東提供由我們的淨投資收益長期涵蓋的分配。

Our NAV as of March 31 was $7.57 per share compared to $8.43 as of December 31, 2024, and $9.64 as of March 31, '24. The $0.86 reduction in NAV on a quarterly basis was primarily due to adjustments to fair value in our paid distributions, partially offset by net investment income and accretive sales of equity.

截至 3 月 31 日，我們的資產淨值為每股 7.57 美元，截至 2024 年 12 月 31 日為 8.43 美元，截至 24 年 3 月 31 日為 9.64 美元。季度淨值減少 0.86 美元，主要是由於我們支付的分配中的公允價值調整，部分被投資淨收益和股權增值銷售所抵銷。

As we've consistently noted, nearly 100% of the outstanding principal amount of our debt investments bear interest at floating rates with coupons that are structured to increase if interest rates rise with interest rate floors that will mitigate the impact of decreasing interest rates.

正如我們一貫指出的那樣，我們債務投資中幾乎 100% 的未償還本金都按浮動利率計息，且票面利率會隨著利率上升而增加，而利率下限將減輕利率下降的影響。

This concludes our opening remarks. We'll be happy to take questions you may have at this time.

我們的開場白到此結束。我們很樂意回答您此時可能提出的問題。

(Operator Instructions)

（操作員指示）

Doug Harter, UBS.

瑞銀的道格·哈特。

Hi, sorry, This is Corey Johnson on for Doug Harter. So you guys have mentioned how you expect to cover your dividend over time. And currently, you have a $1 in spillover earnings. So how are you thinking about like -- you sort of talked about how this environment is sort of like uncertain. And how that might be slowing some of the growth and ability to cover that during the meantime, but we could also be in this period for some time. So how are you thinking about managing that spillover and like how much of it you might give back over time?

嗨，抱歉，我是 Corey Johnson，代替 Doug Harter。所以你們提到了你們期望如何隨著時間的推移支付股息。目前，您有 1 美元的溢出收益。那麼您是怎麼想的——您談到了這種環境有點不確定。這可能會減緩部分成長和覆蓋能力，但我們也可能會處於這個時期一段時間。那麼您如何考慮管理這種溢出效應，以及隨著時間的推移您可以回饋多少？

Yeah. As we mentioned, I think last quarter, a similar question related to the distribution. Each quarter, if you look back the last three quarters, we've been able to grow the distribution. And so the plan is to continue to do that through 2025. And as we mentioned every quarter, we expect to have prepayments. And as you plan out the quarter, you can never determine which quarter that they will happen and the impact on income for the quarter.

是的。正如我們所提到的，我認為上個季度也存在與分佈相關的類似問題。每個季度，如果回顧過去三個季度，我們都能擴大分銷。因此，我們的計劃是持續到 2025 年。正如我們每個季度提到的那樣，我們預計會有預付款。當你制定季度計劃時，你永遠無法確定它們會在哪個季度發生以及對該季度收入的影響。

So this quarter, we had about $68 million in prepayments and refinance. A couple of those were related to refinance and a pay down of revolver. So the fee income was a little bit less than you would normally expect at that level. And as you mentioned, of course, the $1 spillover is something we'll continue to manage throughout the year. We review that every quarter in discussions with the Board and set the distribution. And I'll just point out that we declared distribution through September of '25. And so the confidence is there to continue to cover and pay that distribution as we mentioned over time.

因此本季度，我們的預付款和再融資約為 6800 萬美元。其中一些與再融資和循環信貸的償還有關。因此，費用收入比通常預期的水平要少一點。當然，正如您所說，我們將在全年繼續管理 1 美元的溢出效應。我們每季都會與董事會進行討論並確定分配方案。我只想指出，我們宣布的分發截止日期是 25 年 9 月。因此，我們有信心繼續覆蓋和支付我們長期以來提到的分配。

All right. Thank you. And just as a follow-up. So you've been mentioning how it's -- currently, it's -- I guess, since some of the market for venture equity are closed at the moment. The venture debt is the other option, and so an opportunity for you guys. And so you've expanded your backlog and your debt portfolio grew.

好的。謝謝。這只是後續行動。所以你一直在提到它是怎麼樣的——目前，它是——我猜，因為目前一些風險股權市場已經關閉。風險債務是另一個選擇，因此對你們來說是一個機會。因此，您的積壓訂單增加了，債務組合也增加了。

Can you sort of just talk about how the quality of deals that you're seeing come across your table at the moment, are there like a lot of good ones? Are there more that you would rather like pass on? Like what's that sort of look like at the moment for you?

您能否簡單談談目前您看到的交易品質如何，有很多好的交易嗎？您還有什麼想傳承下去的嗎？對您來說，現在看起來是什麼樣的呢？

Hi, this is Jerry. Yeah, you kind of hit on it. There's definitely a significantly higher bar relative to selecting the kind of transactions that we would be pursuing in today's market in addition to strong continued equity support based on realistic valuations in today's market versus what they were in '21 and '22, the quality investors, the quality of their funds because many VCs haven't been able to return capital to LPs, and they have limited ability to continue to fund portfolio companies.

你好，我是傑瑞。是的，你有點猜對了。在當今市場上，除了基於當前市場實際估值（而非 21 年和 22 年的水平）的強勁持續股權支持、優質投資者及其基金的質量之外，選擇我們要進行的交易類型的門檻肯定要高得多，因為許多風險投資公司無法向 LP 返還資本，而且他們繼續為投資組合公司提供資金的能力有限。

So just on that side of the equation the bar has been lifted significantly. But there are a lot of companies or there certainly are companies out there today that are performing very well operationally. They are continuing to be funded by high-quality VCs who do have liquidity. And so those are the kinds of deals that we are looking at. And that does, I have to say, obviously, shrink. The pipeline is very wide at the top. It's very narrow at the bottom. And that's the way we have been selecting transactions in this current environment. And that's going to continue, at least as I indicated probably for the next couple of quarters.

因此，就等式的這一邊而言，標準已經顯著提高。但如今有很多公司，或者肯定有一些公司的營運表現非常好。他們繼續得到擁有流動性的高品質創投公司的資助。這就是我們正在考慮的交易類型。我必須說，這顯然確實縮水了。管道頂部非常寬。底部非常狹窄。這就是我們在當前環境下選擇交易的方式。這種情況將會持續下去，至少正如我所指出的，可能會持續接下來的幾個季度。

Great. Thank you.

偉大的。謝謝。

Christopher Nolan, Lattenberg Bauman.

克里斯多福諾蘭，拉登柏格。

Hey, just a follow-up on those questions. Is the plan to raise the leverage ratios if you're going to grow the portfolio in coming quarters?

嘿，這只是對這些問題的後續回答。如果您打算在未來幾季擴大投資組合，是否有計劃提高槓桿？

No I think we mentioned each quarter, our target leverage net of cash is around 1.2 times, 1.3 times. We may go above that slightly in a quarter, but that's still our target. We ended this quarter net of cash, [$1.29 billion]. There was some activity afterwards with the cash on the balance sheet, where we paid down some debt. So we're towards the lower range of that today, but the goal is to stay within that range.

不，我想我們每季都提到過，我們的目標槓桿率（扣除現金）約為 1.2 倍、1.3 倍。我們可能在一個季度內略微超過這個數字，但這仍然是我們的目標。本季末我們淨現金，[12.9億美元]。之後我們利用資產負債表上的現金進行了一些活動，償還了一些債務。因此，我們今天正朝著較低的範圍邁進，但目標是保持在該範圍內。

And is the plan to not tap the ATM in coming quarters just given where the stock price is.

並且，僅從股價來看，未來幾季是否計劃不再使用 ATM 機？

Well, we look at our equity needs, debt and equity needs each quarter, look at the funding pipeline and what we have related to prepayments, and we make that determination on a quarterly basis. We don't make that determination flat throughout the year.

嗯，我們每季都會查看我們的股權需求、債務和股權需求，查看融資管道以及與預付款相關的內容，然後我們每季做出決定。我們不會在全年都保持這項決心。

You guys have a 2% base management fee. The industry is closer to 1.50%, any discussion of cutting the base management fee?

你們有 2% 的基本管理費。產業接近1.50%，有沒有討論過降低基本管理費？

So our base management fee has two tariffs to it. It's 2% up to $250 million and 1.6% after that. So our blended rate is probably closer to 1.6%, 1.7% and we review the market and our comps, and we're right where our comps are when you actually do the calculations.

因此我們的基本管理費有兩種費率。2.5 億美元以下為 2%，超過 2.5 億美元為 1.6%。因此，我們的混合利率可能更接近 1.6%、1.7%，我們會審查市場和我們的同類利率，當您實際進行計算時，我們的利率就與同類利率相同。

Two more questions. One, were there any timing issues, deals closing late in the quarter, which might have resulted in the EPS coming in below where the dividend is?

還有兩個問題。第一，是否存在時間問題，交易在本季結束時完成，這可能導致每股收益低於股息？

Well, there are definitely timing issues every quarter and you try to manage the debt outstanding and the cash on the balance sheet related to that timing. And some funding slips into the second quarter. So timing always has an impact on it. I can't say specifically that drove the NII this quarter.

嗯，每個季度肯定都會有時間問題，你要嘗試管理與該時間相關的未償債務和資產負債表上的現金。一些資金流入第二季。因此時機總是會對其產生影響。我無法具體說出本季度 NII 的推動因素。

Final question. Given where the stock price is and given where the dividend is, you're paying out roughly 14.7% by my estimate of equity as dividend. Your debt yields are 15%. How does that math work where you're paying -- if you raise new equity, you're paying 14.7% of it out. And even if you invest it, you're only getting 15%, I mean something has to give.

最後一個問題。考慮到股票價格和股息，根據我估計，您將支付約 14.7% 的股息。您的債務收益率為15%。這個數學計算方法是怎麼樣的呢？如果你籌集新的股權，你就要支付其中的 14.7%。即使你進行了投資，你也只能獲得 15% 的回報，我的意思是必須有所犧牲。

Yeah. Again, it's just something we will look at each quarter as far as raising equity or not. And based on the funding and the yields, what you mentioned is exactly one of the things we look at every quarter.

是的。再說一遍，我們每季都會考慮是否要增加股權。根據資金和收益率，您提到的正是我們每季關注的事情之一。

Okay. That's it from me, guys. Thank you.

好的。夥計們，這就是我要說的。謝謝。

(Operator Instructions)

（操作員指示）

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yeah, good morning. Thank you for taking my questions. Following up on Chris' question a little bit. What -- I mean, I think you mentioned 13% onboarding yields. I mean, is that what you're seeing in the market? I mean, just because the cover what you guys have is roughly like a 16% cost of equity today, you would need to be generating like 20%-plus return at the asset level. So do you include like warrant returns or any other sort of expected item that would increase that over the long term?

是的，早安。感謝您回答我的問題。稍微回答一下克里斯的問題。什麼——我的意思是，我認為您提到了 13% 的入職收益率。我的意思是，這就是你在市場上看到的嗎？我的意思是，你們目前的保障範圍大約相當於股權成本的 16%，你們就需要在資產層面產生 20% 以上的報酬。那麼，您是否包括了認股權證回報或任何其他預期會在長期內增加回報的項目？

Well, clearly, onboarding yields is not reflective of what -- and you look historically what the portfolio actually yields on an ongoing basis. And yeah, some of that -- in stronger markets, we have more exit activity. So the overall portfolio yield can get up into the range that you were kind of mentioning, Paul.

嗯，顯然，入職收益率並不能反映出——你可以從歷史上看，投資組合的實際收益率是多少。是的，在更強勁的市場中，我們有更多的退出活動。因此，整體投資組合收益率可以達到您提到的範圍，保羅。

But in today's market with exits being fewer and not as exciting actually compared to historical periods, the portfolio yield will probably, I think, in the 16% range -- 15%, 16% range, continue for at least the next couple of quarters until we start seeing better optimism in the M&A and IPO markets.

但在當今市場，與歷史時期相比，退出機會較少，而且實際上並不那麼令人興奮，我認為，投資組合收益率可能至少在接下來的幾個季度內持續在 16% 左右——15%、16% 左右，直到我們開始看到併購和 IPO 市場更加樂觀。

There are some things going on in our couple -- a few of our portfolio companies, Dan mentioned a couple. But there is some optimism relative to some of our stronger portfolio companies, our four rated credit, three rated credits where there is some activity that does give us some confidence relative to some exit opportunities over the next couple of quarters, but we have to see how they play out because in the last couple of quarters, we've come very close on a couple of our portfolio companies from getting what looked like reasonable exits.

我們的幾家投資組合公司中發生了一些事情，丹提到了幾家。但對於我們一些實力較強的投資組合公司，我們四級信用評級公司、三級信用評級公司而言，仍存在一些樂觀情緒，這些公司開展的一些活動確實讓我們對未來幾個季度的一些退出機會充滿信心，但我們必須觀察它們如何發揮作用，因為在過去幾個季度中，我們的幾家投資組合公司已經非常接近實現看似合理的退出。

And the buyers essentially pulled back, especially over the last 90 days, just literally pulled back. And the reasons we got were basically they were frozen. They needed more indications about overall market volatility before they were willing to move. So that's the market we operate in today. And it's frustrating at times. But again, to some of the quality portfolio companies we have, there is interest in high-quality technology companies. Because at the end of the day, the kinds of companies that buy these companies need new technology as they move forward.

買家基本上已經撤退，特別是在過去的 90 天裡，確實已經撤退。我們得到的理由基本上是他們被凍結了。他們需要更多有關整體市場波動的跡象才願意採取行動。這就是我們今天營運的市場。有時這很令人沮喪。但同樣，對於我們擁有的一些優質投資組合公司，人們對高品質的科技公司感興趣。因為歸根究底，收購這些公司的公司在發展過程中需要新技術。

So there is a bit of a pull toward those kind of companies. But there just isn't enough in the market today to be able to say with great confidence what's going to happen over the next couple of quarters. We need greater certainty in a lot of the macro issues that everybody is quite aware of.

因此，人們對這類公司有一定的吸引力。但目前市場上還沒有足夠的資訊讓我們能夠非常自信地預測未來幾季會發生什麼。我們需要對許多大家都非常清楚的宏觀問題有更大的確定性。

That's a -- yeah, go ahead. I'm sorry.

那是——是的，繼續吧。對不起。

Yeah, Paul, this is Rob. I was just going to comment on your question about onboarding yields. Just for clarity. The onboarding yield is a cash-on-cash return in the transaction, assuming it goes to term without any benefit of any warrant upside or otherwise. That onboarding yield turns into the actual portfolio yield based on accelerated fees from prepayments and other events. And so to get to the ROE we need, you can do the math with the leverage -- the spread of the cost of debt.

是的，保羅，這是羅布。我只是想評論一下您關於入職收益的問題。只是為了清楚起見。入職收益率是交易中的現金回報，假設交易在沒有任何認股權證上漲或其他好處的情況下到期。根據預付款和其他事件的加速費用，入職收益率轉化為實際投資組合收益率。因此，為了得到我們需要的 ROE，你可以用槓桿——債務成本的利差——來計算。

Okay. That's helpful. Thanks for that. But just given how frozen the market is, as you kind of say and the potential for that to continue for some time. I mean, is that -- have you approached that part of your strategy any differently in terms of the warrants and the equity kickers. Is there -- has that made you rethink how hard you push for that in deals?

好的。這很有幫助。謝謝。但正如您所說，鑑於市場凍結的程度以及這種狀況可能持續一段時間。我的意思是，在認股權證和股權附加條件方面，您是否採取了不同的策略？這是否讓您重新思考在交易中您為實現這一目標所付出的努力？

Well, I think overall, yeah, I mean, that's not necessarily just a recent phenomenon. I think over the last few quarters, we -- especially as we look at valuations of companies very closely now, given valuations that were existing in '21, '22 compared to what -- just significant decline in valuations over the last, really, almost 2 years now, which is part of the issue, of course, it's been a long-running problem for the venture capital markets in general.

嗯，我認為總的來說，是的，我的意思是，這不一定只是最近才出現的現象。我認為在過去幾個季度中，尤其是當我們非常仔細地審視公司估值時，考慮到 21 年和 22 年的估值與過去近兩年相比大幅下降，這當然是問題的一部分，也是整個創投市場長期存在的問題。

That's one of the reasons exits have been so hard. It's hard to get companies back to valuations that make sense in today's market. So yeah, we look at other ways of propping up returns through higher yields, more fee income, end-of-term payments and things like that, we're much more focused on getting our yields from those kind of events versus a warrant expectation.

這就是為什麼退出如此困難的原因之一。很難讓公司恢復到當今市場合理的估值。所以，是的，我們正在尋找其他方式來支撐回報，例如更高的收益率、更多的費用收入、期末付款等，我們更注重從這些事件中獲得收益，而不是認股權證預期。

Got it. Thanks. That's helpful once again. And then I was hoping maybe you could expand a little bit on the disclosure in the press release regarding Soli Organics post-quarter, receiving the blockage notice from Western Alliance. That loan, I think it was marked at 96% last quarter. I believe it was around 91% or so this quarter, fair value cost. I mean, was there any sort of ongoing action or any ongoing discussion with the sponsor there? I mean -- I guess what changed so quickly kind of between the most previous quarters and getting the blockage notice in April?

知道了。謝謝。這再次很有幫助。然後我希望您能稍微詳細說明一下新聞稿中關於 Soli Organics 本季後收到西方聯盟封鎖通知的披露內容。我認為上個季度該筆貸款的利率達到了 96%。我認為本季的公允價值成本約為 91% 左右。我的意思是，那裡是否有任何正在進行的行動或與贊助商的正在進行的討論？我的意思是——我想問一下，從前幾個季度到四月份收到封鎖通知之間，發生了什麼如此迅速的變化？

Yeah. So we've been working with the senior lender, the management team and the investors on Soli for a number of quarters now. As new capitals come in, they look for external investors or an acquisition of the company that's been occurring for -- that's been a process that's been ongoing for a while. And we continue that dialogue now and there is activity going on.

是的。因此，我們已經與 Soli 的高級貸款人、管理團隊和投資者合作了多個季度。隨著新資本的進入，他們會尋找外部投資者或對公司進行收購——這是一個持續了一段時間的過程。我們現在繼續對話，並正在進行活動。

This latest notice that we got from the senior lender was just part of that process. And as they get to the finish line on some of these situations that are evolving and we believe we'll be successful the senior lender needed to take this action. So we needed to disclose it and we did. But their dialogues have continued to happen with all parties.

我們從優先貸款人那裡得到的最新通知只是過程的一部分。當他們在一些正在演變的情況上取得進展時，我們相信我們會成功，高級貸款人需要採取這項行動。所以我們需要披露它，我們也確實這樣做了。但他們與各方的對話仍在繼續。

Got it, thank you. And just a few more, if I can, another credit specific question. I noticed Standvast, I believe it may have some e-commerce. I don't know if it's an e-commerce aggregator or if it just has some exposure there. I mean we've seen some weakness in that industry.

知道了，謝謝。如果可以的話，我再問幾個與信用相關的問題。我注意到了 Standvast，我相信它可能有一些電子商務。我不知道它是否是一個電子商務聚合器，或者它只是在那裡有一些曝光。我的意思是我們已經看到了該行業的一些弱點。

Is that the only type of peer company that you have like that, is there any more -- I guess, I would ask any more sort of consumer exposure that you see in the portfolio that might be susceptible to any sort of consumer slowdown.

這是您所擁有的唯一類型的同行公司嗎？還有其他公司嗎？我想，我想問一下，您在投資組合中看到的任何其他類型的消費者風險敞口都可能受到任何類型的消費放緩的影響。

And one additional to that, I would also ask if there's any sort of meaningful tariff sort of exposure in any of your companies in terms of hardware manufacturing, anything like that, that might be impacted.

除此之外，我還想問一下，你們公司在硬體製造方面是否有任何重大關稅風險，可能會受到影響。

Sure. You're right. Yes, Standvast did operate in the 3PL space. And so that they weren't selling to consumers, but they were certainly adjacent to the consumer market. So that had an impact on the eventual outcome there. We have intentionally over the last number of years, managed our portfolio out of consumer-facing and direct to e-commerce transactions. We currently have one transaction in the portfolio that's directly e-commerce. That's heavenly and they're actually performing quite well, but we are not actively looking to grow that into that sector.

當然。你說得對。是的，Standvast 確實在 3PL 領域運作。因此，他們不向消費者銷售產品，但他們肯定毗鄰消費者市場。所以這對最終結果產生了影響。過去幾年來，我們有意將我們的投資組合從面向消費者和直接進行電子商務交易中剝離出來。我們目前的投資組合中有一筆交易是直接電子商務交易。這真是太好了，而且他們的表現確實很好，但我們並沒有積極尋求將其發展到該領域。

In terms of the tariffs in general, we have addressed that -- looked at all of our portfolio companies. In terms of specific impacts to their products, not a ton. In terms of how their supply chains work, we're still working through that. But we expect that while there will be some displacement, most of them have planned for it.

就整體關稅問題而言，我們已經解決了這個問題——審查了我們所有的投資組合公司。就其對產品的具體影響而言，影響並不大。關於他們的供應鏈如何運作，我們仍在努力解決。但我們預計，儘管會有一些流離失所，但大多數人已經為此做好了準備。

Yeah, I'll add to that, Paul. This is Rob, that the real impact of the tariffs on our portfolio. As we mentioned in the body of the script was just the great uncertainty and the shocks to the market -- stock markets on again, off again targeted industries. It's not specific to a specific tariff or a specific country or specific anything.

是的，保羅，我要補充一點。這是羅布，這是關稅對我們的投資組合的真正影響。正如我們在正文中提到的那樣，市場存在巨大的不確定性和衝擊——股票市場對目標行業時而波動。它並非針對特定的關稅、特定的國家或任何特定的事物。

It was people nearing the finish line on transactions that in a more common environment could have and would have gotten done that were jolted into while they're just paralyzed, we're not going to do anything. So that's a fundamental part of our -- the comments we made earlier.

人們在接近交易終點時遭遇了衝擊，在更常見的環境中，這些交易本來可以完成，但卻因陷入癱瘓而無法進行，我們什麼也不做。這是我們之前所做評論的一個基本部分。

Got it. Appreciate that. I guess if I can just ask one more. I mean the recent Wendel Monroe partnership, I mean, can you say if there's been any sort of additional resources you've been able to access or anything that's been given in support of the BDC, I guess, to assist in whether it's just recovery efforts were potentially expanding verticals to capture some different industries, such as like the AI, some of the AI investment going on. Is there anything I guess, notable that you could mention there.

知道了。非常感謝。我想我可以再問一個問題。我的意思是，最近與 Wendel Monroe 的合作，您能否說說您是否能夠獲得任何額外的資源，或者為支持 BDC 提供了什麼，我想，是為了協助恢復工作，是否可能擴大垂直領域以覆蓋一些不同的行業，例如人工智能，正在進行的一些人工智能投資。我猜有什麼值得您提及的嗎？

Well, the deal's closed, been closed for 30 days. So the real impact is that the deal is closed now and the Monroe and the Horizon, we focused on our businesses and the things that we need to do, especially in light of the market we're in. This is a book business to continue to operate independent at Wendel. However, the fact that is closed is really focused now everybody's attention on the things we need to do to stabilize and grow in all of Monroe's segments.

好吧，交易已經結束，已經結束 30 天了。因此，真正的影響是交易現在已經完成，而 Monroe 和 Horizo​​n，我們專注於我們的業務和我們需要做的事情，特別是考慮到我們所處的市場。這是溫德爾繼續獨立經營的圖書業務。然而，關閉門羅店的事實確實讓所有人的注意力都集中在我們需要做的事情上，以穩定和發展門羅的所有業務。

So I think we will see over time the strong benefit of the scale. And for Horizon, we're getting good help from Monroe on all the places we need to help. And so from that standpoint, that's been ongoing and continuing, and I think will be ramped up as we go forward.

所以我認為隨著時間的推移我們將會看到規模帶來的巨大好處。對於 Horizo​​​​n，我們在所有需要幫助的地方都得到了 Monroe 的大力幫助。因此，從這個角度來看，這種情況一直在持續，而且我認為隨著我們前進，這種情況還會加劇。

Great, thank you. That's all for me.

太好了，謝謝。對我來說就這些了。

Mitchel Penn, Oppenheimer.

米切爾佩恩、奧本海默。

Thanks so much. Hey, guys.

非常感謝。嘿，大家好。

Good morning.

早安.

Morning. I just had a follow-up on Soli. It looks like you say it's -- a default has occurred. Do you guys have a cross default so that you're essentially going -- you have to put it on nonaccrual this quarter?

早晨。我剛剛對 Soli 進行了跟踪。看起來就像您說的那樣——發生了違約。你們是否有交叉違約的情況，以至於你們基本上必須在本季將其置於不計提狀態？

So as related to nonaccruals, this just occurred as far as getting the blockage and looking into the default and looking into that currently. So if we don't collect any interest payments as has been noted in the blockage, then yeah, that will have to be a nonaccrual.

因此，就不提列而言，這只是發生在獲取阻塞並調查違約並目前正在調查的情況。因此，如果我們沒有收取任何利息支付（如阻塞中所述），那麼，是的，這將是不計提的。

Got it. Okay. And are you comfortable with the marks or would you have to reassess next quarter -- this quarter, I guess, to figure out what the value is?

知道了。好的。您對這些分數滿意嗎？或者您需要在下個季度（我想是這個季度）重新評估，以確定其價值是多少？

Yeah. So we will obviously reassess the mark as we get more detail and work more through the credit. As Dan mentioned, it's been ongoing and there's still activity that it still has to come to fruition, and so that will factor into the fair value going forward.

是的。因此，隨著我們獲得更多細節並透過信用進行更多工作，我們顯然會重新評估分數。正如丹所提到的，這項工作一直在進行中，並且仍有一些活動需要完成，因此這會影響未來的公允價值。

Okay, that's all. Thank you so much.

好的，就這些。太感謝了。

Thank you.

謝謝。

Thank you. At this time, I would like to turn the call back over to management for closing comments.

謝謝。現在，我想將電話轉回給管理階層，徵求他們的最後意見。

We want to thank you all for joining us this morning. We really do appreciate your continued interest and support in Horizon. We look forward to speaking with you again soon. This will conclude our call.

我們感謝大家今天上午的參加。我們非常感謝您對 Horizo​​​​n 的持續關注和支持。我們期待很快再次與您交談。我們的通話到此結束。

Thank you, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝，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，祝您有個愉快的一天。