Kayne Anderson BDC Inc (KBDC) 2026 Q1 法說會逐字稿

Hello, and welcome to Kayne Anderson BDC Inc's fourth-quarter 2025 earnings call. (Operator Instructions)

您好，歡迎參加 Kayne Anderson BDC Inc 2025 年第四季財報電話會議。（接線員指示）

It is now my pleasure to turn the conference over to Andy Wedderburn-Maxwell, Senior Vice President.

現在我很榮幸將會議交給資深副總裁 Andy Wedderburn-Maxwell。

Good morning, and welcome to Kayne Anderson BDC Inc's first-quarter 2026 earnings call. Today, I'm joined by Doug Goodwillie and Ken Leonard, Co-CEOs of KBDC; Frank Karl, President; and Terry Hart, CFO. Following our prepared remarks, we will be available to take your questions.

各位早安，歡迎參加 Kayne Anderson BDC Inc 2026 年第一季財報電話會議。今天與我一同出席的有 KBDC 共同執行長 Doug Goodwillie 與 Ken Leonard；總裁 Frank Karl；以及財務長 Terry Hart。在我們完成事先準備的發言後，我們將開放回答各位的提問。

Today's call may include forward-looking statements, such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the company, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions.

今天的電話會議可能包含前瞻性陳述；此類陳述涉及已知與未知的風險、不確定性及其他因素，不應對其過度依賴。這些前瞻性陳述並非歷史事實，而是基於對公司、我們目前及未來的投資組合投資、我們的產業、我們的信念與觀點，以及我們的假設之當前預期、估計與預測。

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements. We ask that you refer to the company's most recent filings with the SEC for important risk factors.

這些陳述不保證未來表現，且受風險、不確定性及其他因素影響，其中部分因素超出我們控制且難以預測。實際結果可能與前瞻性陳述中表達或預測者有重大差異。我們請您參閱公司最近向美國證券交易委員會（SEC）提交的文件，以了解重要風險因素。

Any forward-looking statements made today do not guarantee future performance and undue reliance should not be placed on them. The company assumes no obligation to update any forward-looking statements at any time. Our earnings release, 10-Q and supplemental earnings presentation are available on the financial section of our website at kaynebdc.com.

今日所作任何前瞻性陳述均不保證未來表現，且不應對其過度依賴。公司不承擔於任何時間更新任何前瞻性陳述之義務。我們的財報新聞稿、10-Q 與補充財報簡報可於 kaynebdc.com 網站的財務專區取得。

Now, I'd like to turn the call over to Doug Goodwillie.

現在，我想把電話會議交給 Doug Goodwillie。

Good morning, everyone. I'm pleased to report another quarter of solid performance that demonstrates the resilience and consistency of our value-lending approach despite the headwinds that the sector has faced this year. I will provide an overview of our quarter and share our thoughts around how KBDC's differentiated portfolio has managed to perform in a more challenging environment. Frank Karl will then provide a more detailed overview of our portfolio and performance, before Terry Hart concludes with KBDC's financial results.

各位早安。我很高興報告本季再次交出穩健的表現，儘管本年度本產業面臨逆風，我們的價值型放款策略仍展現出韌性與一致性。我將概述本季表現，並分享 KBDC 具差異化的投資組合如何在更具挑戰的環境中維持表現。接著 Frank Karl 將更詳細說明我們的投資組合與表現，最後由 Terry Hart 總結 KBDC 的財務結果。

For the first quarter of 2026, we generated net investment income of $0.43 per share, which represents strong coverage of our $0.40 quarterly dividend at 108%. While this was a slight decrease from the $0.44 per share we achieved in the fourth quarter, it reflects our disciplined approach to capital deployment in what continues to be an uncertain market environment.

2026 年第一季，我們的每股淨投資收益（NII）為 0.43 美元，對每季每股 0.40 美元股利的覆蓋率達 108%，覆蓋表現強勁。雖較第四季每股 0.44 美元略為下降，但反映我們在持續不確定的市場環境中，對資本投放採取審慎且有紀律的作法。

Our annualized return on equity for the quarter was a robust 10.6%, underscoring the effectiveness of our investment strategy. Our net asset value per share ended the quarter at $16.23, down 55 basis points from $16.32 in the last quarter. The small decline was due in part to some markdowns in the portfolio, which was offset in part by origination activity, some positive portfolio marks, and by accretive share repurchase activity.

本季年化股東權益報酬率（ROE）達 10.6%，表現強勁，凸顯我們投資策略的有效性。本季每股淨資產價值（NAV）為 16.23 美元，較上季的 16.32 美元下降 55 個基點。小幅下滑部分原因為投資組合中若干部位的估值下調，但部分被新增承作、部分正向估值調整，以及具增厚效益的庫藏股回購活動所抵銷。

I'm pleased to announce that our Board of Directors has declared a regular quarterly dividend of $0.40 per share for the second quarter of 2026. This dividend will be payable on July 16, to stockholders of record as of June 30.

我很高興宣布，我們董事會已宣告 2026 年第二季每股 0.40 美元的例行季度股利。該股利將於 7 月 16 日支付給截至 6 月 30 日登記在冊的股東。

Looking ahead, we remain confident in our ability to sustain our dividend throughout 2026, as we stated on our last earnings call. This confidence is grounded in several key factors: our portfolio's defensive positioning with 93% in first-lien investments, our value lending philosophy that focuses on companies in stable and stable industries, which allows for a conservative average borrower leverage profile of just over four times.

展望未來，正如我們在上次財報電話會議所述，我們仍有信心在 2026 年全年維持股利水準。這份信心建立在幾項關鍵因素之上：我們的投資組合具防禦性配置，其中 93% 為第一順位擔保（first-lien）投資；我們的價值放款理念聚焦於處於穩定且成熟產業的公司，使得借款人平均槓桿水準得以維持在略高於 4 倍的保守區間。

The weighted average yield on our portfolio of 10.1% provides a solid foundation for consistent income generation, while our minimal exposure to volatile sectors like software and technology at just 2% positions us well relative to many of our peers. Our portfolio continues to demonstrate strong credit quality and resilience, particularly relative to the broader private credit market. As of March 31, 2026, non-accrual investments represented 2.5% of our debt portfolio at fair value, up from 1.4% in the prior quarter.

我們投資組合 10.1% 的加權平均收益率為穩定的收益創造提供堅實基礎；同時，我們對軟體與科技等波動性產業的曝險僅 2%，相較許多同業更具優勢。我們的投資組合持續展現強勁的信用品質與韌性，尤其相對於更廣泛的私募信貸市場。截至 2026 年 3 月 31 日，停止計息（non-accrual）投資以公允價值計占我們債務投資組合的 2.5%，高於前一季的 1.4%。

In terms of specific companies, we added score and regiments last out tranches to the non-accrual status during the quarter. We also moved Arborworks off non-accrual, and we see a clear path to further improvement in the near term.

就個別公司而言，本季我們將 Score 與 Regiments 的最後一筆分層（last-out tranche）新增列入停止計息狀態。我們也將 Arborworks 自停止計息狀態移出，並且我們看到在短期內進一步改善的明確路徑。

While many BDCs have significant exposure to software and technology companies, often 15% to 25% of their portfolios, our consistent adherence to underwriting standards that stress disciplined industry and loan level diversification has proven prescient as we're witnessing the private credit market's first prolonged stress test since the early stages of the COVID era. We remain focused on traditional, stable industry sectors, including industrial services, distribution, food products, and business services. Companies with durable cash flows, substantial, tangible enterprise value, and disciplined leverage profiles.

許多 BDC 對軟體與科技公司有顯著曝險，往往占其投資組合的 15% 至 25%；而我們一貫遵循承作標準，強調產業與單筆貸款層級的紀律性分散，已被證明具有前瞻性，因為我們正見證私募信貸市場自 COVID 初期以來的首次長時間壓力測試。我們仍聚焦於傳統且穩定的產業領域，包括工業服務、流通配送、食品，以及商業服務——這些公司具備持久的現金流、可觀且具體的企業價值，以及審慎的槓桿結構。

Turning to our investment activity for the quarter, we maintained our disciplined approach to capital deployment while continuing to find attractive opportunities that meet our stringent risk-adjusted return criteria. During the quarter, we made new private credit commitments totaling $93 million, demonstrating our ability to source quality deals even in a more selective market environment.

談到本季投資活動，我們在資本投放上維持一貫的紀律，同時持續尋找符合我們嚴格風險調整後報酬標準的具吸引力機會。本季我們新增私募信貸承諾總額 9,300 萬美元，展現即使在更為挑選的市場環境中，我們仍能取得高品質交易來源。

The pricing environment for new originations remains favorable with our new floating rate loans averaging 549 basis points over SOFR during the first quarter, which was 20 basis points wider than in the fourth quarter.

新案承作的定價環境仍然有利；第一季我們新承作的浮動利率貸款平均利差為 SOFR 之上 549 個基點，較第四季擴大 20 個基點。

Our total fundings for the quarter were $99.1 million, which included both new investments and draws on existing unfunded commitments from our portfolio companies. We received $74.6 million in private credit repayments and $17.4 million in BSL sales during the quarter, resulting in net funded investment activity of $7.1 million.

本季總撥款金額為 9,910 萬美元，包含新投資以及投資組合公司既有未動用承諾的提用。我們本季收到 7,460 萬美元的私募信貸償還款，以及 1,740 萬美元的廣泛聯貸（BSL）出售款，淨撥款投資活動為 710 萬美元。

Our balance sheet remains exceptionally strong, and we continue to maintain a conservative risk profile. As of March 31, our debt-to-equity ratio stood at 1.05 times, positioning us comfortably within our target leverage range of one to 1.25 times. Our total liquidity position of $569.7 million provides substantial capacity for accretive capital deployment. This includes $32.7 million in cash, and $537 million in undrawn debt capacity under our credit facilities.

我們的資產負債表仍然非常強健，並持續維持保守的風險輪廓。截至 3 月 31 日，我們的負債對權益比為 1.05 倍，處於我們 1.0 至 1.25 倍的目標槓桿區間內且相當寬裕。我們總流動性為 5.697 億美元，為具增厚效益的資本投放提供充足空間，其中包括 3,270 萬美元現金，以及在我們信貸融資額度下 5.37 億美元的未動用負債額度。

The private credit market is going through a period of bifurcation in terms of performance across different investment strategies and market segments. While presenting challenges for some participants, it's creating opportunities for disciplined lenders. Our selective approach means we're comfortable maintaining higher liquidity levels to be more tactically opportunistic as spreads widen.

私募信貸市場正處於一段「分化」時期，不同投資策略與市場區隔的表現差異擴大。這對部分參與者帶來挑戰，但也為有紀律的放款人創造機會。我們的選擇性策略意味著，當利差擴大時，我們願意維持較高的流動性水位，以更具戰術性地把握機會。

M&A activity has remained lower than forecasted at the start of the year as geopolitical tensions have kept the cap on activity. However, we continue to see steady transaction flow in our core middle market segment, with a noticeable uptick in activity over the past four to six weeks. The quality of deal flow remains solid, and spreads have started to widen in Q1.

由於地緣政治緊張局勢抑制活動，併購（M&A）活動仍低於年初的預期。然而，在我們核心的中型市場（middle market）區隔，我們仍看到穩定的交易流量，且在過去四到六週活動明顯升溫。交易來源品質依然穩健，而利差在第一季已開始擴大。

I would be remiss if I didn't mention one of the bigger clouds hanging over our sector right now. The rapid advancement of AI and automation technologies has created significant uncertainty around business model durability and competitive positioning for many software companies.

若不提及目前籠罩本產業的一個較大陰影，我將有所疏漏。AI 與自動化技術的快速進展，已使許多軟體公司的商業模式可持續性與競爭定位出現顯著不確定性。

We're seeing several managers' report pressure on net investment income per share, higher dividend coverage and meaningfully declining NAV per share as they grapple with softening credit performance and increased markdowns on those positions. While we believe the general negative sentiment towards software loans is somewhat overblown, our minimal 2% exposure to the sector has insulated us from this pressure.

我們看到有數位管理人報告每股淨投資收益承壓、股利覆蓋率走高，以及每股 NAV 明顯下滑，因其正面對信用表現轉弱與相關部位估值下調增加。雖然我們認為市場對軟體貸款的整體負面情緒在某種程度上被放大，但我們對該產業僅 2% 的低曝險，使我們得以免受此類壓力影響。

Public BDC valuations have lagged business fundamentals with many quality managers trading at discounts to net asset value despite maintaining strong operational performance. As the market continues to differentiate between managers based on actual performance rather than just asset growth, we believe KBDC's consistent approach will be increasingly valued by both investors and the private equity sponsors who drive our deal flow.

公開市場 BDC 估值落後於企業基本面，許多優質管理人即便維持強勁的營運表現，股價仍以低於淨資產價值的折價交易。隨著市場持續依據實際表現而非僅資產成長來區分管理人，我們相信 KBDC 一貫的作法將愈來愈受到投資人以及推動我們交易來源的私募股權贊助方所重視。

I will now pass the call over to Frank Karl, to discuss our portfolio.

接下來我將把電話會議交給 Frank Karl，請他討論我們的投資組合。

Thanks, Doug. As of March 31, our portfolio includes 105 companies with a fair value of $2.2 billion plus $289 million of unfunded commitments. Since quarter end, we have closed or are finalizing $150 million of new commitments as we've seen something of an uptick in activity in 2Q.

謝謝你，Doug。截至 3 月 31 日，我們的投資組合包含 105 家公司，公允價值為 22 億美元，另有 2.89 億美元的未動用承諾。自季末以來，隨著我們在第二季看到活動有所回升，我們已完成或正在完成 1.5 億美元的新承諾。

Investments in KBDC's portfolio, excluding those on our watch list and opportunistic investments, have a weighted average leverage of 4.4 times, interest coverage ratio of 2.4 times, and loan-to-enterprise value of approximately 43%. The weighted average EBITDA of our private middle-market portfolio companies is $52.6 million, reflecting our focus on established middle-market businesses with meaningful scale. Company count declined by two, reflecting broadly syndicated loan rotation and realizations.

KBDC 投資組合中的投資（不含列入觀察名單者及機會型投資）之加權平均槓桿為 4.4 倍，利息保障倍數為 2.4 倍，貸款對企業價值比（loan-to-enterprise value）約為 43%。我們私募中型市場投資組合公司的加權平均 EBITDA 為 5,260 萬美元，反映我們聚焦於具相當規模、已建立的中型市場企業。公司家數減少 2 家，主要反映廣泛聯貸輪替與已實現退出。

The portfolio remains highly diversified, average position is approximately 1% of fair value, and top 10 investments are only 20% of the portfolio. Our top five industry sectors, Commercial Services and Supplies; Health Care; Distributors; Food Products, and Containers and Packaging, account for just over 50% of the portfolio, and have remained consistent quarter over quarter as we focus on avoiding sector concentration risks.

本投資組合仍維持高度分散，平均單一持倉約占公允價值的 1%，前十大投資合計僅占投資組合的 20%。我們前五大產業別—商業服務與用品；醫療保健；經銷商；食品產品；以及容器與包裝—合計占投資組合略高於 50%，且在我們著重避免產業集中風險的前提下，季度間維持一致。

Approximately 95% of our debt investments are floating rate, matched by predominantly floating rate liabilities. Our only material fixed rate investment is the SG Credit loan at an 11% coupon, where we increased our commitment in Q1 given the strong platform growth.

約 95% 的債務投資為浮動利率，並由以浮動利率為主的負債相匹配。我們唯一具重大規模的固定利率投資為 SG Credit 貸款，票息為 11%；鑑於該平台強勁成長，我們於第一季提高了承諾額度。

Credit performance remained strong with 2.5% of debt investments at fair value on non-accrual versus 1.4% last quarter. We do expect both Sundance and Regiment to come off non-accrual over the next one to two quarters as Sundance is completing the final stages of its realization process and Regiment is currently going through a sale. We look forward to providing an update on those credits on our next earnings call.

信用表現仍然強勁：以公允價值計，非應計的債務投資占比為 2.5%，相較上一季為 1.4%。我們預期 Sundance 與 Regiment 將在未來一至兩季內解除非應計狀態，因為 Sundance 正完成其變現流程的最後階段，而 Regiment 目前正進行出售。我們期待在下一次財報電話會議中就這些信用項目提供最新進展。

As Doug mentioned, we also moved Arborworks off of non-accrual this quarter, which did have the effect of increasing our total PIC income rate for the quarter to 7.5%, up 10 basis points from last quarter, given that we recognize some accrued interest associated with the name and income. Carrie will provide more specifics.

如 Doug 所提，我們本季也將 Arborworks 自非應計狀態轉回應計，這使得本季我們的總 PIK 收入率提高至 7.5%，較上一季上升 10 個基點，原因在於我們確認了與該標的及其收益相關的部分應計利息。Carrie 將提供更具體的細節。

Weighted average yield was 10.1% on fair value, excluding non-accruals, down slightly from 10.3% last quarter. We've achieved this with materially lower leverage than many peers, while continuing our rotation out of the BSLs into higher spread private credit. Remaining BSL exposure was $29.8 million at quarter end, and the sell down is continuing in Q2.

以公允價值計（排除非應計），加權平均收益率為 10.1%，較上一季的 10.3% 略降。我們在槓桿水準顯著低於許多同業的情況下達成此成果，同時持續將配置自 BSL 轉向利差更高的私募信貸。季末剩餘 BSL 曝險為 2,980 萬美元，且第二季仍持續減碼。

Activity has picked up in Q2, but we have stayed selective passing on deals where leverage asks pushed beyond our comfort or pricing was too aggressive against the backdrop of tariffs, AI risk, and geopolitical tensions, we're looking to remain disciplined as always. We added a further $30 million delayed draw term loan to SG Credit, which now represents approximately 5% of the portfolio. That team has executed well. The position adds diversification and the 11% coupon offers an attractive return.

第二季活動有所回升，但我們仍保持選擇性，對於槓桿要求超出我們舒適區間或在關稅、AI 風險與地緣政治緊張背景下定價過於積極的交易，我們選擇放棄；我們一如既往希望維持紀律。我們另向 SG Credit 增加 3,000 萬美元的延遲提用定期貸款，目前約占投資組合的 5%。該團隊執行表現良好。此部位可提升分散度，而 11% 的票息提供具吸引力的報酬。

Overall, outlook for investment activity looks healthy, and our long-standing sponsor relationships continue to generate preferred lender status on attractive opportunities.

整體而言，投資活動展望看起來健康，而我們長期的贊助商關係持續讓我們在具吸引力的機會上取得優先貸款人地位。

With that, I'll turn it over to Terry.

接下來我把時間交給 Terry。

Thank you, Frank. Let's first review our financial results. During the first quarter, we earned net income per share of $0.26. And net investment income per share of $0.43, compared to $0.44 in the prior quarter and $0.03 above our dividend.

謝謝你，Frank。我們先回顧財務結果。第一季每股淨利為 0.26 美元；每股淨投資收益為 0.43 美元，較前一季的 0.44 美元略低，且高於我們股利 0.03 美元。

Total investment income for the first quarter was $57.3 million, as compared to $61.9 million in the prior quarter. The decrease to investment income was primarily a result of lower average reference rates. Some spread compression, and $2.1 million less accelerated amortization of OID and prepayment fees related to realization activity, partially offset by $2.2 million of PIK interest income related to our investment in Arborworks, which moved to accrual status during the first quarter.

第一季總投資收益為 5,730 萬美元，較前一季的 6,190 萬美元下降。投資收益下滑主要因平均參考利率較低、利差略有壓縮，以及與變現活動相關的 OID 加速攤銷與提前償還費用較少 210 萬美元；部分被 220 萬美元的 PIK 利息收入所抵銷，該收入來自我們對 Arborworks 的投資，而 Arborworks 於第一季轉回應計狀態。

Accelerated amortization of OID related to realization activity was approximately $0.5 million during the quarter, and PIK interest represented 7.5% of total interest income for the quarter. But it's worth noting that $2.2 million, or 3.9%, was related to PIK interest from Arborworks that has not been accrued since the fourth quarter of 2023. Additionally, the 20-basis point decrease to our portfolio yield was split evenly between lower reference rates and lower spreads.

本季與變現活動相關的 OID 加速攤銷約為 50 萬美元，且 PIK 利息占本季總利息收入的 7.5%。但值得注意的是，其中 220 萬美元（或 3.9%）與 Arborworks 的 PIK 利息有關，而該部分自 2023 年第四季以來未曾應計。此外，我們投資組合收益率下降 20 個基點，其中一半來自參考利率下降，另一半來自利差下降。

Full expenses for the first quarter were $28.4 million, compared to $31.8 million for the prior quarter. The decrease was primarily the result of lower reference rates on borrowings, lower average borrowings during the first quarter, lower incentive fees, and $0.5 million of excise taxes incurred in the fourth quarter.

第一季總費用為 2,840 萬美元，較前一季的 3,180 萬美元下降。下降主要因借款參考利率較低、第一季平均借款餘額較低、激勵費用較低，以及前一季發生的 50 萬美元消費稅。

During the quarter, our incentive management fees were reduced by the 12-quarter look-back incentive fee cap. During the first quarter, we had $2.3 million of realized losses, mainly related to the restructure of our debt investment and regiment security partners that resulted in a $2 million realized loss, and we recognized a $0.3 million realized loss due to the rotation out of one of our broadly syndicated bonds.

本季我們的激勵管理費受到 12 季回溯（look-back）激勵費上限的調降影響。第一季我們認列已實現損失 230 萬美元，主要與我們對 Regiment Security Partners 的債務投資重整相關，造成 200 萬美元已實現損失；此外，因自其中一檔廣泛聯貸債券（broadly syndicated bond）輪動退出，我們另認列 30 萬美元已實現損失。

During the quarter, we had net unrealized losses on the portfolio of $9 million compared to unrealized losses of $7.2 million in the prior quarter. The unrealized losses were largely the result of negative fair value changes related to our investments in Score Siegel Egg, Tempo, and Trademark Global. Additionally, we had deferred income tax expense of $0.4 million, related to unrealized gains on equity investments held in our taxable subsidiaries.

本季投資組合淨未實現損失為 900 萬美元，前一季未實現損失為 720 萬美元。未實現損失主要來自我們對 Score Siegel Egg、Tempo 與 Trademark Global 的投資之公允價值負向變動。此外，我們認列遞延所得稅費用 40 萬美元，係與我們應稅子公司所持股權投資的未實現收益相關。

As of March 31, total assets were $2.3 billion and net assets were $1.1 billion. As of that date, our net asset value was $16.23 per share. The decrease of $0.09 from $16.32 per share as of December 31, was comprised of $0.17 per share related to net realized and unrealized losses, partially offset by $0.03 of net investment income in excess of our dividend, and $0.05 related to accretive share repurchases during the first quarter.

截至 3 月 31 日，總資產為 23 億美元，淨資產為 11 億美元；當日每股淨資產價值（NAV）為 16.23 美元，較 12 月 31 日的每股 16.32 美元下降 0.09 美元。該變動包含每股 0.17 美元的已實現與未實現淨損失，部分被每股 0.03 美元（淨投資收益超過股利的部分）以及第一季具增益性的庫藏股回購所帶來的每股 0.05 美元所抵銷。

At the end of the first quarter, we had debt outstanding of $1.138 billion, and our debt-to-equity ratio was 1.05 times, which is a small increase from 1.02 times at the end of the fourth quarter. On February 20, we closed the term extension of our largest credit facility, led by Wells Fargo, and reduced the interest rate on this facility by 20 basis points.

第一季末，我們未償債務為 11.38 億美元，負債對股權比率為 1.05 倍，較第四季末的 1.02 倍小幅上升。2 月 20 日，我們完成由富國銀行（Wells Fargo）主導的最大信用融資額度之期限展延，並將該融資的利率下調 20 個基點。

And as mentioned earlier, during the quarter, we had share repurchases of $21.4 million at an average price to NAV per share of 86%, pursuant to our $100 million share repurchase program. On May 5, the program was extended for one year and the $100 million program amount was renewed starting May 25.

此外，如先前所述，本季我們依據 1 億美元庫藏股回購計畫回購 2,140 萬美元股份，回購價格相當於每股 NAV 的平均 86%。5 月 5 日，該計畫延長一年，且自 5 月 25 日起續期更新 1 億美元的計畫額度。

Now turning to our distribution. On May 5, our Board of Directors declared a regular dividend for the second quarter of $0.40 per share to shareholders of record on June 30. As of March 31, our undistributed net investment income was approximately $0.25 per share.

接著談配息。5 月 5 日，我們董事會宣告第二季例行股利為每股 0.40 美元，配發予 6 月 30 日之股東名冊記載股東。截至 3 月 31 日，我們未分配的淨投資收益約為每股 0.25 美元。

As we continue to execute during the remainder of 2026, we plan to complete the rotation out of our remaining lower-yielding BSL positions, gradually optimize our leverage within our target debt-to-equity range of one time to one and a quarter times, and stay focused on our value lending strategy.

在 2026 年剩餘期間持續執行之際，我們計畫完成剩餘低收益 BSL 部位的輪動退出，於目標負債對股權比率 1.0 倍至 1.25 倍區間內逐步最佳化槓桿，並持續聚焦於我們的價值型放款策略。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Corey Johnson, UBS.

UBS 的 Corey Johnson。

So you mentioned, I guess, passing on some deals because perhaps the terms weren't where you wanted them to be at. But I was just wondering, because I've heard from some of the other BDCs about how some of the terms on their things that they're looking at have actually strengthened so far. So I was just wondering, are you feeling any pressure possibly from upmarket?

你提到你們放棄了一些交易，可能是因為條款不如你們希望的那樣。不過我想問的是，因為我也聽到其他一些 BDC 提到，他們目前在看的案子有些條款其實到目前為止是變得更有利的。所以我想了解，你們是否感受到可能來自較大型市場（upmarket）的任何壓力？

And I guess, similarly, are you seeing any opportunities given where you're at leverage wise? I guess, come in with a little bit of a cleaner balance sheet, any opportunities for you to try to go upstream or just anything else that you're seeing in the market that you can take advantage of?

同樣地，考量你們目前的槓桿水準，你們是否看到任何機會？也就是說，以相對更乾淨的資產負債表切入，你們是否有機會往上游市場走，或是市場上還有任何你們可以加以利用的其他機會？

This is Doug Goodwillie. And I would say just in general as a backdrop, I think we always try to stay as disciplined as we can in any market in terms of leverage discipline as well as pricing discipline. And I think this quarter was not all that different for us in terms of that. I'd say the market in terms of M&A volumes continues to be at a mid-range, not fantastic given what we've talked about geopolitical and other pressures on the market.

我是 Doug Goodwillie。我想就整體背景而言，我們一向盡可能在任何市場中維持紀律，包括槓桿紀律與定價紀律。我認為本季對我們而言並沒有太大不同。我會說，就併購（M&A）量能而言，市場仍處於中等水準，並不算特別強勁，原因如我們所談到的地緣政治及其他對市場的壓力。

But the opportunities that we have seen has built in good quality. And I think if you look at Q2, we've seen a slight uptick. I think we're tracking to almost $200 million of commitments for Q2 for the BDC. So we are using our balance sheet and liquidity to invest in what we think are attractive opportunities.

但我們看到的機會本身具備良好品質。而且如果看第二季，我們確實看到些微回升。我們預期第二季 BDC 的承諾額度（commitments）接近 2 億美元。因此，我們正在運用資產負債表與流動性，投資於我們認為具吸引力的機會。

In terms of the piece of the question regarding the upper mid-market potentially kind of coming down into the core mid-market, not really the case at all. I think at this point, what we're seeing is the start of a dislocation where some of the upper mid-market players, I think, given some of the redemptions on the private BDC side, haven't been putting as much capital to work. So the $400 million and $500 million upper-mid-market deals are actually seeing some better pricing for the first time in a while.

就問題中提到的上中型市場是否可能下移到核心中型市場這一部分而言，其實完全不是這樣。我認為目前我們看到的是錯位（dislocation）的開始：一些上中型市場的參與者，我想由於私募 BDC 端出現部分贖回，並沒有像以前那樣積極投入資本。因此，4 億美元與 5 億美元的上中型市場交易，反而是近一段時間以來首次出現較好的定價。

And we've seen some of those opportunities where you can play in a $75 million to $100 million EBITDA business, get a covenant and get some decent pricing. So I think that's been more of an opportunity at this point. We haven't seen enough stress around selloffs, around software portfolios, and we do believe that we're unlikely to see that over the long term. But hopefully, that answers the question.

而且我們也看到一些機會：你可以參與 EBITDA 為 7,500 萬到 1 億美元的企業，拿到契約條款（covenant），並取得不錯的定價。所以我認為目前這更像是一個機會。我們尚未看到圍繞拋售、圍繞軟體投資組合的壓力達到足夠程度，而且我們也相信長期來看不太可能出現那種情況。不過希望這回答了你的問題。

(Operator Instructions)

（接線員指示）

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Realize it's a little difficult to predict, but could you offer up any kind of outlook around prepayments over the near term? Could you see it trending either lower or higher than a more normalized environment there? Thanks.

我知道這有點難以預測，但你們能否就短期內的提前償還（prepayments）提供任何展望？你們覺得它會趨勢性地低於或高於較為正常化的環境嗎？謝謝。

I'll start. And maybe, Frank, you can weigh in as well. I think it's been a relatively slow prepayment year and probably, two to three years, I think, just given the M&A market. So you've seen the average duration, which Ken and I have been doing this together 25 years, it's almost always over the long term, around three years. I think in a [risk] M&A environment, it's going to 2.5, and I think we're seeing it closer to four for this post-COVID period.

我先說，Frank 你也可以補充。我認為今年的提前償還相對偏慢，可能過去兩到三年都是如此，主要是因為併購（M&A）市場的狀況。因此你會看到平均存續期間（average duration）——Ken 和我一起做這行 25 年了——長期來看幾乎一直在大約三年左右。我認為在一個[風險]併購環境下，它會到 2.5 年，而在這個後 COVID 時期，我們看到更接近四年。

So this year, we're seeing, and I'll toss it over to Frank, relatively normal first half and projecting a pickup in Q4. But I'd say that's a bit dependent on the overall market.

所以今年我們看到——我把話交給 Frank——上半年相對正常，並預期第四季會回升。但我會說這在一定程度上取決於整體市場。

Yeah. I think we've got, to Doug's point, we usually expect something of a back half, more transaction volume, you'd expect a little bit of a pickup. That said, if you are in an environment where spreads are increasing 25 basis points, 50 basis points, maybe higher than that, generally leads to something of a slightly more muted refinancing and transaction period of time. So I would argue, we're probably expecting '26 to look maybe a little bit of a step up from '25.

是的。我認為如 Doug 所說，我們通常預期下半年交易量會比較多，因此你會期待有些回升。不過，如果你所處的環境是利差（spreads）擴大 25 個基點、50 個基點，甚至更高，通常會導致再融資與交易活動在一段時間內相對更為溫和。所以我會認為，我們大概預期 2026 年看起來會比 2025 年略有提升。

Just one more follow up, if I may. Just in terms of the ongoing portfolio ramp, once again, just given the outlook, the macro conditions and obviously, what you're seeing. Do you think you would lean for portfolio leverage to be closer to the lower end or the higher end of your target range there over the near term?

如果可以的話，我再追問一個。就持續的投資組合擴張（portfolio ramp）而言，考量展望、總體環境以及你們所看到的情況，短期內你們會傾向讓投資組合槓桿更接近目標區間的下緣，還是上緣？

I think we're comfortable with where we are between 1.0x to 1.1x. I think our view is yet to see where this dislocation goes, and whether it will be prolonged and we'd like to certainly have a decent amount of liquidity going into the front end of a potential dislocation. And certainly, don't want to be at the upper end at 1.2x, 1.25x and dealing with potential borrowing base and things like that that can occur if you really go into a prolonged dislocation.

我認為我們對目前 1.0 倍到 1.1 倍的水準感到舒適。我們的看法是，還需要觀察這次錯位會如何發展、是否會延續，而我們希望在潛在錯位的前段能保有相當充足的流動性。當然，我們也不希望處在 1.2 倍、1.25 倍的上緣，然後在真的進入長期錯位時，還要面對可能出現的借款基礎（borrowing base）等問題。

So I think we're pretty comfortable with where we are, and we're still seeing good opportunities, and we'll still deploy capital, but would not expect to get aggressive towards the 1.2x, 1.25x side on the leverage side.

所以我認為我們對目前的位置相當安心；我們仍然看到不錯的機會，也會繼續部署資本，但不預期在槓桿方面會積極往 1.2 倍、1.25 倍那一側靠攏。

Derek Hewett, Bank of America.

Derek Hewett，美國銀行。

It was nice to see the 20 basis points of improvement in spreads on a quarter-over-quarter basis. But how are spreads trending today on deals that you're looking at?

很高興看到利差按季改善了 20 個基點。但就你們目前正在看的交易而言，利差今天的走勢如何？

I'll start, and Ken, Frank, please weigh in. I think we've seen a slight uptick in the core mid-market, but something along the lines of potentially 20 basis points in our opportunity set, and I think that's translating into the core mid-market. I think you'd hear that in the upper mid-market, there's been slightly more than that, as I think you saw more of the start of the dislocation occurring there.

我先說，Ken、Frank 也請補充。我認為我們在核心中型市場看到小幅上行，大概在我們的機會集合中可能是 20 個基點左右，而我認為這也正在反映到核心中型市場。至於上中型市場，我想你們也會聽到那邊的上行幅度略高一些，因為如你所見，那裡更早開始出現錯位。

We expect with capital coming out of the market, fundraising to be harder with a lot of the -- whether it's right or wrong, negative press around private credit. So I think those factors bode well for spreads increasing both in the upper mid-market as well as the core mid-market over the near term.

我們預期隨著資金退出市場、募資變得更困難，再加上圍繞私募信貸（private credit）的——不論對錯——一些負面報導，我認為這些因素在短期內都有利於上中型市場與核心中型市場的利差擴大。

The other thing I would add is we've talked to investment bankers, and the pipeline seems to be increasing. That's always the front end of our investment process. And so as more volume comes in the market, we think there'll be an opportunity to take spreads up. And so we remain hopeful that that's going to continue as that's generally a pretty good leading indicator.

另外我想補充的是，我們和投資銀行家聊過，案源管線（pipeline）似乎正在增加。那通常是我們投資流程的前端。因此，當市場上有更多交易量進來時，我們認為會有機會把利差往上談。我們仍然抱持希望這種情況會持續，因為這通常是一個相當不錯的領先指標。

And then in the prepared marks, you guys had mentioned that the SG Credit add-on was on the delayed draw side due to just growth in that investment in general. So how should we think about maybe increasing your exposure on the equity side, just given that you're seeing strong growth overall in that vehicle?

另外，在你們的事先準備稿（prepared marks）中提到，SG Credit 的追加投資（add-on）是在延遲提用（delayed draw）那一側，主要是因為該投資整體成長所致。那麼，考量你們看到該載體（vehicle）整體成長強勁，我們應該如何看待你們在股權端提高曝險的可能性？

Yeah. I'll start there. I mean there -- continuing to grow the book, obviously, one good way to do that, and it's over the long term will support the valuation of our equity investment, is via the incremental debt investment. We've talked about in the past; we do have an option to purchase more equity in that vehicle. I think that that's something that we will continually be discussing internally as that platform grows, we're not going to be on the phone next quarter saying, hey, we've made a substantially increased equity commitment to SG Credit.

是的。我先回答。我的意思是——持續擴大這本投資組合（book），顯然其中一個好方法，而且長期來看也會支撐我們股權投資的估值，就是透過新增的債務投資。我們過去也談過；我們確實有一個選擇權，可以在那個載體中再買更多股權。我認為隨著該平台成長，這會是我們內部持續討論的事情；但我們不會在下個季度的電話會議上說，嘿，我們已經對 SG Credit 做了大幅增加的股權承諾。

And then the last one for me is, in your prepared remarks, you guys had mentioned that you were continuing to monetize the BSL portfolio. Is that expected to be done in the first quarter? Or are there maybe a couple of investments in that portfolio that may have experienced some dislocation over the past three to five months? It might take a little bit longer to monetize.

我最後一個問題是，在你們的事先準備稿中提到你們正在持續變現（monetize）BSL 投資組合。這預期會在第一季完成嗎？還是說該投資組合中可能有幾筆投資在過去三到五個月出現了一些錯位，可能需要更長時間才能變現？

I'll toss it to Frank, who's a little closer on the exact timing, but we're down to four credits, three or I think the average leverage across those is mid-twos. There's one that's slightly marked down, which Frank can hit on. But we do expect to monetize that largely during this quarter, but some may slip into Q3.

我把這題交給 Frank，他對確切時點更清楚。不過我們目前剩下四個信用標的（credits），三個——我想這些的平均槓桿在 2 倍多的中段。有一個略有下調估值，Frank 可以說明。但我們確實預期大部分會在本季完成變現，不過有些可能會延到第三季。

Not much to add. There's four names, about $30 million at cost, about $27 million at FMV. I think it will just depend on, to Doug's earlier point around how we want to manage leverage, what the opportunities look like, et cetera. But three of those are trading right around our cost basis. And then you mentioned Tempo, that's a light solutions. That business has gotten knocked by some AI-related noise, although we do think it's more of a -- we don't think it's a fair characterization for that business. Very small position that we are looking to unwind sooner rather than later.

沒有太多補充。共有四個名稱，成本約 3,000 萬美元，公允市值（FMV）約 2,700 萬美元。我認為這將取決於——呼應 Doug 先前關於我們如何管理槓桿、機會看起來如何等等——但其中三個的交易價格大致就在我們的成本基礎附近。然後你提到的 Tempo，那是一家照明解決方案公司。那個業務受到一些與 AI 相關的雜音影響而被打擊，儘管我們認為那對該業務而言更像是——我們不認為那是對該業務的公平描述。我們的部位非常小，正希望能儘早而非拖延地退出。

We have no further questions. I'd like to turn the call back over to Doug Goodwillie for closing remarks.

我們沒有進一步的問題。接下來我想把電話交回 Doug Goodwillie 作結語。

With that, I would like to thank everyone for joining us for this KBDC earnings presentation for your continued interest in KBDC and our platform. We look forward to speaking again in August at our next earnings call.

那麼，我想感謝各位參與本次 KBDC 財報簡報，並感謝各位持續關注 KBDC 以及我們的平台。我們期待在 8 月下一次財報電話會議再與各位交流。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。