Main Street Capital Corp (MAIN) 2025 Q2 法說會逐字稿

Greetings. Welcome to Main Street Capital's second-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Main Street Capital 第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Zach Vaughan. Please, Mr. Vaughan, proceed.

現在我很高興介紹您的主持人 Zach Vaughan。沃恩先生，請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us for Main Street Capital Corporation's second-quarter 2025 earnings conference call.

謝謝接線員，大家早安。感謝您參加 Main Street Capital Corporation 2025 年第二季財報電話會議。

Joining me today with prepared comments are Dwayne Hyzak, Chief Executive Officer; David Magdol, President and Chief Investment Officer; and Ryan Nelson, Chief Financial Officer. Also participating in the Q&A portion of the call is Nick Meserve, Managing Director and Head of Main Street's Private Credit Investment Group.

今天與我一起發表準備好的評論的有執行長 Dwayne Hyzak、總裁兼首席投資長 David Magdol 和財務長 Ryan Nelson。參與電話會議問答環節的還有 Main Street 私人信貸投資集團董事總經理兼負責人 Nick Meserve。

Main Street issued a press release yesterday afternoon that details the company's second-quarter financial and operating results. This document is available on the Investor Relations section of the company's website at mainstcapital.com.

Main Street 昨天下午發布了一份新聞稿，詳細介紹了該公司第二季度的財務和營運業績。文件可在公司網站 mainstcapital.com 的投資者關係部分找到。

A replay of today's call will be available beginning an hour after the completion of the call and will remain available until August 15. Information on how to access the replay was included in yesterday's release. We also advise you that this conference call is being broadcast live through the internet and can be accessed on the company's homepage. Please note that information reported on this call speaks only as of today, August 8, 2025, and therefore, you are advised that any time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading.

今天的電話會議重播將在電話會議結束後一小時開始提供，並將持續提供至 8 月 15 日。昨天的發布中包含了有關如何觀看重播的信息。我們也建議您，本次電話會議將透過網路進行現場直播，您可以在公司主頁上觀看。請注意，本次通話中報告的資訊僅截至今天（2025 年 8 月 8 日），因此，請注意，任何時間敏感資訊在重播或閱讀記錄時可能不再準確。

Today's call will contain forward-looking statements. Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may, or similar expressions. These statements are based on management's estimates, assumptions, and projections as of the date of this call, and there are no guarantees of future performance.

今天的電話會議將包含前瞻性陳述。許多前瞻性陳述可以透過預期、相信、期望、打算、將、應該、可能或類似表達來識別。這些聲明是基於管理層截至本次電話會議之日的估計、假設和預測，並不能保證未來的表現。

Actual results may differ materially from the results expressed or implied in these statements as a result of risks, uncertainties, and other factors including, but not limited to, the factors set forth in the company's filings with the Securities and Exchange Commission, which can be found on the company's website or at sec.gov. Main Street assumes no obligation to update any of these statements, unless required by law.

由於風險、不確定性和其他因素（包括但不限於本公司提交給美國證券交易委員會的文件中所述的因素，這些文件可在公司網站或sec.gov上查閱），實際結果可能與這些聲明中明示或暗示的結果有重大差異。除非法律要求，否則Main Street不承擔更新任何這些聲明的義務。

During today's call, management will discuss non-GAAP financial measures including distributable net investment income, or DNII. DNII is net investment income, or NII, as determined in accordance with US generally accepted accounting principles, or GAAP, excluding the impact of non-cash compensation expenses. Management believes that presenting DNII and the related per share amount are useful and appropriate supplemental disclosures for analyzing Main Street's financial performance since non-cash compensation expenses do not result in a net cash impact to Main Street upon settlement. Please refer to yesterday's press release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

在今天的電話會議上，管理階層將討論非公認會計準則財務指標，包括可分配淨投資收益（DNII）。DNII 是根據美國公認會計原則 (GAAP) 確定的淨投資收益 (NII)，不包括非現金薪酬費用的影響。管理層認為，呈現 DNII 和相關的每股金額對於分析 Main Street 的財務業績是有用且適當的補充披露，因為非現金薪酬費用在結算時不會對 Main Street 產生淨現金影響。請參閱昨天的新聞稿，以了解這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳。

Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is also reported on a per share basis. Main Street defines ROE as the net increase in net assets resulting from operations divided by average quarterly NAV.

管理階層將在本次電話會議上討論的另外兩個關鍵績效指標是淨資產價值（NAV）和股本回報率（ROE）。NAV 定義為總資產減去總負債，也是以每股報告。Main Street 將 ROE 定義為營運產生的淨資產淨增加額除以平均季度 NAV。

Please note that information discussed on this call, including information related to portfolio companies, was derived from third-party sources and has not been independently verified.

請注意，本次電話會議中討論的資訊（包括與投資組合公司相關的資訊）均來自第三方來源，尚未經過獨立核實。

And now, I'll turn the call over to Main Street's CEO, Dwayne Hyzak.

現在，我將把電話轉給 Main Street 的執行長 Dwayne Hyzak。

Thanks, Zach. Good morning, everyone, and thank you for joining us. We appreciate your participation on this morning's call, and we hope that everyone's doing well. On today's call, David, Ryan, and I will provide you with our key quarterly updates, after which we'll be happy to take your questions.

謝謝，扎克。大家早安，感謝大家的收看。感謝您參加今天早上的電話會議，我們希望每個人都一切順利。在今天的電話會議上，大衛、瑞安和我將向您提供我們的主要季度更新，之後我們很樂意回答您的問題。

We are pleased with our performance in the second quarter, which resulted in another quarter of strong operating results highlighted by an annualized return on equity of 17.1%, DNII per share that continued to exceed the dividends paid to our shareholders, a new record for NAV per share for the 12th consecutive quarter, and our largest realized gain in Main Street's history. We believe these continued strong results demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies, the unique contributions of our asset management business, and the continued underlying strength and quality of our portfolio companies, particularly those in our highly unique lower middle market investment strategy.

我們對第二季的業績感到滿意，該季度的經營業績再創佳績，其中突出的是年化股本回報率為 17.1%，每股 DNII 繼續超過支付給股東的股息，連續第 12 個季度創下每股 NAV 新紀錄，以及我們實現了 Main Street 歷史上最大的收益。我們相信，這些持續強勁的業績證明了我們整體平台的可持續實力、我們差異化和多元化投資策略的優勢、我們資產管理業務的獨特貢獻以及我們投資組合公司（特別是那些屬於我們高度獨特的中低端市場投資策略的公司）的持續潛在實力和質量。

We remain confident that our unique investment income and value creation drivers, together with our cost-efficient operations and conservative capital structure, will allow us to continue to deliver superior results for our shareholders in the future. Our favorable results for the second quarter, combined with our current expectations for the third quarter, resulted in our recommendations to our Board of Directors for our most recent dividend announcements, which I will discuss in more detail later.

我們堅信，我們獨特的投資收益和價值創造驅動力，加上我們具有成本效益的營運和保守的資本結構，將使我們能夠在未來繼續為股東帶來卓越的績效。我們第二季的良好業績，加上我們目前對第三季的預期，促使我們向董事會提出了最近的股利公告建議，稍後我將對此進行更詳細的討論。

Our NAV per share increased in the quarter, primarily due to the impact of net fair value increases in our asset management business and our lower middle market investment portfolio and the accretive impact of our equity issuances in the quarter, which Ryan will discuss in more detail. The majority of our lower middle market portfolio companies continued their favorable performance, resulting in another quarter of strong dividend income contributions and continued net fair value appreciation in our lower middle market equity investments.

本季我們的每股淨資產價值有所增加，這主要歸因於我們的資產管理業務和中低端市場投資組合的淨公允價值增加的影響，以及本季度股票發行的增值影響，Ryan 將對此進行更詳細的討論。我們投資組合中的大多數中低端市場公司繼續保持良好的業績表現，導致我們的中低端市場股票投資又一個季度實現了強勁的股息收入貢獻，並且淨公允價值持續升值。

As I discussed on our call last quarter, and as David will discuss in more detail, we are pleased to have closed the partial exit of our investments in Heritage Vet Partners in the second quarter, among the company's majority recapitalization with a new financial sponsor, resulting in the largest realized gain in Main Street's history and at a meaningful premium to our March 31 fair value. As noted in prior quarters, we have experienced underperformance in certain of our private loan portfolio companies, particularly those with direct consumer discretionary spending exposure, and this is having a negative impact on the contributions from our private loan portfolio. We continue to actively monitor these investments and are working with the portfolio companies to achieve the best possible outcome for each investment.

正如我在上個季度的電話會議上所討論的，以及 David 將會更詳細地討論的，我們很高興在第二季度完成了對 Heritage Vet Partners 的部分投資退出，這是該公司與新的金融贊助商進行的大部分資本重組的一部分，從而實現了 Main Street 歷史上最大的收益，並且比我們 3 月 31 日的公允價值有顯著的溢價價值。正如前幾季所指出的，我們的某些私人貸款投資組合公司表現不佳，特別是那些直接涉及消費者可自由支配支出的公司，這對我們的私人貸款投資組合的貢獻產生了負面影響。我們將繼續積極監控這些投資，並與投資組合公司合作，以實現每項投資的最佳結果。

Now turning to our investment activity. We are excited about the new and follow-on investments we made in our lower middle market portfolio companies during the quarter, which resulted in a net increase in lower middle market investments of $108 million.

現在談談我們的投資活動。我們對本季對中低端市場投資組合公司進行的新投資和後續投資感到非常興奮，這導致中低端市場投資淨增加 1.08 億美元。

Our private loan investment activity in the quarter was slower than our expected normal quarterly activity, primarily due to lower overall levels of private equity industry investment activity, resulting in a net decrease in private loan investments of $35 million. David will discuss our investment activity for the quarter in more detail. Given our conservative capital structure and strong liquidity position, we remain very well positioned to continue the future growth of our investment portfolio, and we are excited about the current opportunities we are seeing, particularly those in our lower middle market investment strategy.

本季我們的私人貸款投資活動低於預期的正常季度活動，主要原因是私募股權產業投資活動整體水準較低，導致私人貸款投資淨減少 3,500 萬美元。David 將更詳細地討論我們本季的投資活動。鑑於我們保守的資本結構和強大的流動性狀況，我們仍然處於非常有利的位置，可以繼續實現投資組合的未來增長，並且我們對當前看到的機會感到興奮，特別是那些在我們的中低端市場投資策略中的機會。

We have also continued to produce positive results in our asset management business. The funds we advised through our external investment manager continue to experience favorable performance in the second quarter, resulting in significant incentive fee income for our asset management business for the 11th consecutive quarter and, together with our recurring base management fees, a significant contribution to our net investment income.

我們的資產管理業務也持續取得正面成果。我們透過外部投資經理提供諮詢的基金在第二季度繼續表現良好，連續第 11 個季度為我們的資產管理業務帶來可觀的激勵費收入，加上我們的經常性基本管理費，為我們的淨投資收入做出了重大貢獻。

We remain excited about our plans for the external funds that we manage as we execute our investment strategies, and we are optimistic about the future performance of the funds and the attractive returns we are providing to the investors of each fund and about our strategy for growing our asset management business within our internally managed structure. As part of these efforts, we remain focused on growing the investment portfolio of the MSC Income Fund, a publicly traded BDC advised by our external investment manager and our largest asset management business client, through the increased current liquidity and path to additional debt capacity obtained through the fund's successful listing on the New York Stock Exchange and the related equity offering in January.

在執行投資策略時，我們對所管理的外部基金的計劃感到興奮，我們對基金的未來表現和我們為每個基金的投資者提供的誘人回報以及我們在內部管理結構內發展資產管理業務的策略感到樂觀。作為這些努力的一部分，我們將繼續致力於擴大 MSC Income Fund 的投資組合，該基金是由我們的外部投資經理和我們最大的資產管理業務客戶提供諮詢的公開交易的 BDC，透過該基金在紐約證券交易所成功上市以及 1 月份的相關股票發行，我們將增加當前的債務流動性並獲得額外的債務能力。

In addition to deploying the fund's current liquidity into new private loan investments, we also continue to focus on maximizing the benefits of the fund's legacy lower middle market investment portfolio. We remain excited about the opportunity for significant future benefits to both the fund's shareholders and our asset management business as the fund executes its growth plans.

除了將基金目前的流動性投入到新的私人貸款投資中之外，我們還繼續致力於最大化基金傳統的中低階市場投資組合的收益。隨著基金執行其成長計劃，我們仍然對基金股東和資產管理業務未來獲得重大利益的機會感到興奮。

Based upon our results for the second quarter, combined with our current outlook in each of our primary investment strategies and for our asset management business, earlier this week, our Board declared a supplemental dividend of $0.30 per share payable in September, representing our 16th consecutive quarterly supplemental dividend, and regular monthly dividends for the fourth quarter of 2025 of $0.255. The fourth-quarter regular monthly dividends are payable in each of October, November, and December, and represent a 4% increase from the regular monthly dividends paid in the fourth quarter of 2024.

根據我們第二季的業績，並結合我們對各主要投資策略和資產管理業務的當前展望，董事會本週早些時候宣布，將於9月派發每股0.30美元的補充股息，這是我們連續第16個季度派發補充股息；2025年第四季度的定期月度股息為每股0.255美元。第四季的定期月度股息將於10月、11月和12月派發，較2024年第四季的定期月度股息增加4%。

The supplemental dividend for September is a result of our strong performance in the second quarter and will result in total supplemental dividends paid during the trailing 12-month period of $1.20 per share, representing an additional 40% paid to our shareholders in excess of our regular monthly dividends. We currently expect to recommend that our Board continue to declare future supplemental dividends to the extent DNII significantly exceeds our regular monthly dividends paid in future quarters, and we maintain a stable to positive NAV. Based upon our expectations for continued favorable performance in the third quarter, we currently anticipate proposing an additional significant supplemental dividend payable in December 2025.

9 月的補充股息是我們第二季強勁業績的結果，將導致過去 12 個月期間支付的補充股息總額達到每股 1.20 美元，相當於在我們每月定期股息的基礎上額外支付給股東的 40%。我們目前預計建議董事會繼續宣布未來的補充股息，只要 DNII 大大超過我們未來幾季支付的定期月度股息，並且我們保持穩定至正的資產淨值。基於我們對第三季持續良好表現的預期，我們目前預計將於 2025 年 12 月支付額外的重要補充股利。

Now turning to our current investment pipeline. As of today, I would characterize our lower middle market investment pipeline as above average. Consistent with our experience in prior periods of broad economic uncertainty, we believe that the unique and flexible financing solutions that we can provide to lower middle market companies and their owners and management teams and our differentiated long-term to permanent holding periods represent an even more attractive solution to the needs of many lower middle market companies in the current economic environment. And we are confident in our expectations for strong lower middle market investment activity over the remainder of 2025.

現在談談我們目前的投資管道。截至今天，我認為我們的中低階市場投資管道高於平均水準。與我們在以往普遍的經濟不確定時期的經驗一致，我們相信，我們可以為中低端市場公司及其所有者和管理團隊提供獨特而靈活的融資解決方案，以及我們差異化的長期至永久持有期，為當前經濟環境下許多中低端市場公司的需求提供了更具吸引力的解決方案。我們對 2025 年剩餘時間內中低端市場投資活動強勁的預期充滿信心。

In addition, we have an increased number of existing portfolio companies that are actively executing on acquisition growth strategies that we hope will provide attractive follow-on investment opportunities for us in the near-term future and significant value creation opportunities for these portfolio companies in the longer-term future, consistent with the successes we've experienced with other portfolio companies. We also continue to be pleased with the performance of our private credit team and the significant growth they have provided for our private loan portfolio and our asset management business over the last few years. As of today, given the continued slower overall private equity industry investment activities, I would characterize our private loan investment pipeline as slightly below average.

此外，在我們現有的投資組合公司中，有越來越多的公司正在積極執行收購成長策略，我們希望這些策略能在近期為我們提供有吸引力的後續投資機會，並在長期為這些投資組合公司提供重大的價值創造機會，這與我們在其他投資組合公司中取得的成功一致。我們也繼續對我們的私人信貸團隊的表現以及他們在過去幾年中為我們的私人貸款組合和資產管理業務帶來的顯著增長感到滿意。截至今天，鑑於私募股權行業整體投資活動持續放緩，我認為我們的私人貸款投資管道略低於平均水平。

With that, I will turn the call over to David.

說完這些，我會把電話轉給大衛。

Thanks, Dwayne, and good morning, everyone.

謝謝，德韋恩，大家早安。

As Dwayne highlighted in his remarks, we believe that our strong second-quarter financial results continue to demonstrate the strength of Main Street's platform, our differentiated investment approach, and our unique operating model. We are pleased to report that the overall operating performance for most of our portfolio companies continues to be positive, which contributed to our attractive second-quarter financial results. Despite the continued heightened level of concern and uncertainty in the overall economy, we remain confident in the ability of our portfolio companies to continue to navigate in the current climate.

正如德韋恩在演講中所強調的那樣，我們相信，我們強勁的第二季財務業績繼續證明了 Main Street 平台的實力、我們差異化的投資方式以及我們獨特的營運模式。我們很高興地報告，我們投資組合中的大多數公司的整體經營業績繼續保持良好，這有助於我們取得可觀的第二季財務業績。儘管整體經濟的擔憂和不確定性持續加劇，但我們仍然相信我們的投資組合公司有能力在當前環境下繼續前進。

As we have previously discussed, we believe that one of the primary drivers of our long-term success has been and will continue to be our focus on investing both debt and equity investments in the underserved lower middle market. Most notably and uniquely, our lower middle market strategy provides attractive leverage points and yields on our first lien debt investments while also creating a true partnership with the management teams of our portfolio companies through our flexible equity ownership positions. In short, we believe that this approach provides significant downside protection through our first lien debt investments while still providing the benefits of alignment and significant upside potential with our equity investments.

正如我們之前所討論的，我們相信，我們長期成功的主要驅動力之一一直是並將繼續是我們對在服務不足的中低端市場進行債務和股權投資的關注。最值得注意和獨特的是，我們的中低端市場策略為我們的第一留置權債務投資提供了有吸引力的槓桿點和收益率，同時透過我們靈活的股權所有權地位與我們投資組合公司的管理團隊建立了真正的合作夥伴關係。簡而言之，我們相信這種方法透過我們的第一留置權債務投資提供了顯著的下行保護，同時仍提供了與我們的股權投資一致的好處和顯著的上行潛力。

Each quarter, we try to highlight different key aspects of our investment strategy and differentiated approach that allow us to consistently produce best-in-class results. For today's call, I'm going to spend some time discussing the benefits we receive from the equity investments in our lower middle market strategy.

每個季度，我們都試圖強調投資策略和差異化方法的不同關鍵方面，以使我們能夠持續產生一流的業績。在今天的電話會議上，我將花一些時間討論我們從中低端市場策略的股權投資中獲得的利益。

As a result of our lower middle market equity investments in the fourth quarter of 2024 and the second quarter of 2025, we were able to generate approximately $109 million of realized gains from the exits of our equity investments in two lower middle market portfolio companies. These two realizations included a $53.7 million realized gain on Pearl Meyer, which represented an annualized internal rate of return of 69% and a 7.7 times money invested on our equity investment; and a $55.5 million realized gain in Heritage Vet Partners, which represented an annualized internal rate of return of 72% and a 10 times money invested in our equity investment.

由於我們在 2024 年第四季和 2025 年第二季對中低階市場進行了股權投資，我們從退出兩家中低階市場投資組合公司的股權投資中獲得了約 1.09 億美元的已實現收益。這兩項實現包括 Pearl Meyer 的 5,370 萬美元實現收益，代表年化內部收益率為 69%，股權投資資金的 7.7 倍；以及 Heritage Vet Partners 的 5,550 萬美元實現收益，代表年化內部收益率為 72%，股權投資資金的 10 倍。

Realized gains like these provide an offset against the inevitable credit losses that will be experienced when investing primarily in non-investment-grade debt consistent with the debt investments executed by other BDCs and private credit funds. Based upon our historical experience in current portfolio, our expectation is that our future net realized gains on lower middle market equity investments will exceed the expected credit losses which may result from our current investment strategies.

此類已實現收益可抵銷主要投資於與其他 BDC 和私人信貸基金執行的債務投資一致的非投資等級債務時不可避免的信貸損失。根據我們目前投資組合的歷史經驗，我們預期未來中低端市場股票投資的淨實現收益將超過我們目前投資策略可能導致的預期信用損失。

Another advantage of having equity ownership positions in our lower middle market portfolio companies is our ability to provide additional growth capital to our companies as they find opportunities to expand both organically and through acquisitions. Both Pearl Meyer and Heritage Vet Partners executed multiple value-creating acquisitions almost exclusively with additional debt capital that we provided.

在我們的中低端市場投資組合公司中擁有股權的另一個優勢是，當我們的公司找到透過內部擴張和收購進行擴張的機會時，我們能夠為其提供額外的成長資本。Pearl Meyer 和 Heritage Vet Partners 幾乎都利用我們提供的額外債務資本進行了多次創造價值的收購。

Similar to our experiences with Pearl Meyer and Heritage Vet Partners, a meaningful portion of our lower middle market portfolio companies also provide us the opportunity to invest additional capital in our highest-performing proven portfolio companies as they work to grow through acquisitions or other growth strategies. As a result of these follow-on investments, both we and our portfolio company management team partners are able to benefit from the significant value creation achieved by these acquisitions. We have multiple examples in which we have greatly increased our initial investment sizes in our highest-performing lower middle market portfolio companies, and we look forward to continuing to execute this as part of our strategy in the future.

與我們在 Pearl Meyer 和 Heritage Vet Partners 的經歷類似，我們中低端市場投資組合公司中很大一部分也為我們提供了機會，讓我們能夠向表現最佳的成熟投資組合公司投資額外資本，因為它們正在努力透過收購或其他成長策略來成長。透過這些後續投資，我們和我們的投資組合公司管理團隊合作夥伴都能夠從這些收購所實現的巨大價值創造中受益。我們有多個例子表明，我們大幅增加了對錶現最好的中低端市場投資組合公司的初始投資規模，我們期待在未來繼續將此作為我們策略的一部分來執行。

In addition to the benefits received from net realized gains and net unrealized appreciation, we also benefit from dividends received from our lower middle market equity investments. As we have stated in the past, as our lower middle market portfolio companies perform over time, they naturally deleverage with free cash flow generated from operations, which provides the opportunity for those companies to pay dividends to their equity owners. Additionally, our stated long-term to permanent holding period for many of our lower middle market portfolio companies enhances our ability to benefit from the long-term free cash flow generation and resulting dividends received from these companies.

除了從淨已實現收益和淨未實現增值中獲得的收益外，我們還從中低端市場股權投資中獲得的股息中受益。正如我們過去所說，隨著我們中低端市場投資組合公司隨著時間的推移而表現良好，它們自然會利用營運產生的自由現金流去槓桿，這為這些公司提供了向其股權所有者支付股息的機會。此外，我們對許多中低端市場投資組合公司聲明的長期至永久持有期增強了我們從這些公司獲得的長期自由現金流和由此產生的股息中獲益的能力。

We are pleased to report that in the second quarter, we continue to receive the benefit of significant dividends from our lower middle market equity investments. While our dividend income can be lumpy on a quarter-to-quarter basis, given changes in our portfolio companies' cash flow and capital allocation decisions, given the strength and quality of our existing lower middle market investment portfolio, we expect dividend income to continue to be a significant contributor to our results in the future.

我們很高興地報告，在第二季度，我們繼續從中低端市場股票投資中獲得可觀的股息收益。雖然我們的股息收入可能會按季度波動，但考慮到我們投資組合公司的現金流量和資本配置決策的變化，考慮到我們現有的中低端市場投資組合的實力和質量，我們預計股息收入將繼續成為我們未來業績的重要貢獻者。

Now turning to the overall composition results of our investment portfolio as of June 30. We continue to maintain a highly diversified portfolio with investments in 187 companies spanning across numerous industries and end markets. Our largest portfolio companies, excluding the external investment manager, represented only 3.9% of our total investment income for the trailing 12-month period and 3.7% of our total investment portfolio fair value at quarter-end. The majority of our portfolio investments represented less than 1% of our income and our assets.

現在來看看截至 6 月 30 日我們的投資組合的整體構成結果。我們持續保持高度多元化的投資組合，投資於眾多產業和終端市場的 187 家公司。我們最大的投資組合公司（不包括外部投資經理）僅占我們過去 12 個月總投資收入的 3.9%，占我們季度末總投資組合公允價值的 3.7%。我們的投資組合大部分只占我們收入和資產的不到 1%。

Our investment activity in the second quarter included total investments in our lower middle market portfolio of approximately $209 million, including total investments of $110 million in three new lower middle market portfolio companies, which, after aggregate repayments on debt investments and return of invested equity capital, resulted in a net increase in our lower middle market portfolio of $108 million. Driven by the capabilities and relationships of our private credit team, we also made $189 million in total private loan investments, which, after aggregate repayments and other private loan investment activities, resulted in a net decrease in our private loan portfolio of $35 million.

我們第二季的投資活動包括對中低端市場投資組合的總投資約 2.09 億美元，其中包括對三家新的中低端市場投資組合公司的總投資 1.1 億美元，在償還債務投資和返還投資股本後，我們的中低端市場投資組合淨增加了 1.08 億美元。在我們私人信貸團隊的能力和關係的推動下，我們還進行了總計 1.89 億美元的私人貸款投資，在完成總還款和其他私人貸款投資活動後，我們的私人貸款組合淨減少了 3500 萬美元。

At the end of the second quarter, our lower middle market portfolio included investments in 88 companies, representing $2.7 billion of fair value, which was 27% above our related cost basis. We had investments in 87 companies in our private loan portfolio, representing $1.9 billion of fair value. The total investment portfolio at fair value at quarter-end was 17% above our related cost basis.

截至第二季末，我們的中低階市場投資組合包括對 88 家公司的投資，公允價值為 27 億美元，比我們的相關成本基礎高出 27%。我們的私人貸款組合投資了 87 家公司，公允價值為 19 億美元。季末的公允價值總投資組合比我們的相關成本基礎高出 17%。

In summary, Main Street's investment portfolio continues to perform at a high level and deliver on our long-term goals. Additional details on our investment portfolio at quarter-end are included in the press release that we issued yesterday.

總而言之，Main Street 的投資組合繼續保持高水準表現並實現我們的長期目標。我們昨天發布的新聞稿中包含了有關我們季度末投資組合的更多詳細資訊。

With that, I will turn the call over to Ryan to cover our financial results, capital structure, and liquidity position.

說完這些，我將把電話轉給瑞安，討論我們的財務表現、資本結構和流動性狀況。

Thank you, David. To echo Dwayne's and David's comments, we are pleased with our operating results for the second quarter, which included favorable levels of NII per share and DNII per share and another increase in NAV per share.

謝謝你，大衛。與 Dwayne 和 David 的評論一致，我們對第二季度的經營業績感到滿意，其中包括每股 NII 和每股 DNII 的良好水平以及每股 NAV 的再次增加。

Our total investment income for the second quarter was $144 million, increasing by $11.8 million, or 8.9% over the second quarter of 2024, and by $6.9 million, or 5.1% from the first quarter of 2025. Interest income increased by $800,000 from a year ago and by $2.8 million from the first quarter of 2025. The increase from prior year and prior quarter were both driven primarily by the impact of increased net investment activity, partially offset by an increase in investments on non-accrual status, with the increase from prior year also partially offset by a decrease in interest rates on our floating rate debt investments, primarily resulting from decreases in benchmark index rates.

我們第二季的總投資收入為 1.44 億美元，比 2024 年第二季增加 1,180 萬美元，增幅 8.9%，比 2025 年第一季增加 690 萬美元，增幅 5.1%。利息收入比去年同期增加了 80 萬美元，比 2025 年第一季增加了 280 萬美元。與上年同期和上一季相比的成長主要受到淨投資活動增加的影響，但被非應計投資的增加部分抵消，而與上年同期相比的增長也部分被浮動利率債務投資的利率下降所抵消，這主要歸因於基準指數利率的下降。

Dividend income increased by $11.2 million when compared to a year ago, including a $3 million increase in unusual or non-recurring dividends, an increase by $1.8 million from the first quarter, including a $4.2 million increase in unusual or non-recurring dividends. The increases in dividend income are primarily the result of the continued underlying positive performance of our lower middle market portfolio companies.

與去年同期相比，股息收入增加了 1,120 萬美元，其中非常規或非經常性股息增加了 300 萬美元；與第一季相比，股息收入增加了 180 萬美元，其中非常規或非經常性股息增加了 420 萬美元。股息收入的增加主要是由於我們的中低階市場投資組合公司持續保持良好的績效。

Fee income decreased by $200,000 from a year ago and by $2.3 million from the first quarter. The increase from the first quarter was primarily due to higher closing fees on new and follow-on investments and an increase from exit prepayment and amendment fees from investment activity. Fee income considered non-recurring decreased by $700,000 from a year ago and increased by $200,000 from the first quarter of 2025.

費用收入比去年同期減少了 20 萬美元，比第一季減少了 230 萬美元。第一季的成長主要是由於新投資和後續投資的結算費用增加以及投資活動的退出預付款和修改費用增加。非經常性費用收入比去年同期減少了 70 萬美元，比 2025 年第一季增加了 20 萬美元。

Second quarter included elevated levels of income considered less consistent or non-recurring in nature in comparison to the comparable periods, including dividends from our equity investments and accelerated prepayment, repricing, and other activity related to our debt investments. In the aggregate, these items totaled $8.1 million and were $4.8 million, or $0.05 per share, higher compared to the average of the prior four quarters, $3 million, or $0.3 higher than the second quarter of 2024, and $5.7 million, or $0.06 higher than the first quarter of 2025.

與同期相比，第二季度的收入水平有所提高，這些收入被認為具有較低的一致性或非經常性，包括來自股權投資的股息以及與債務投資相關的加速預付款、重新定價和其他活動。總體而言，這些項目總額為 810 萬美元，比前四個季度的平均水平高出 480 萬美元，即每股 0.05 美元，比 2024 年第二季度高出 300 萬美元，即每股 0.3 美元，比 2025 年第一季高出 570 萬美元，即每股 0.06 美元。

Our operating expenses increased by $5.8 million over the second quarter of 2024 and increased by $3.4 million from the first quarter. The increases in operating expense from the prior year and from the first quarter of 2025 were largely driven by increases in interest expense, cash compensated-related expenses, general and administrative expenses, and share-based compensation expense.

我們的營運費用比 2024 年第二季增加了 580 萬美元，比第一季增加了 340 萬美元。與去年同期及 2025 年第一季相比，營業費用的增加主要是由於利息費用、現金補償相關費用、一般及行政費用及股權激勵費用的增加。

The increase in interest expense from a year ago was primarily driven by an increase in average borrowings to fund the growth of our investment portfolio and an increase in the weighted average rate on our unsecured debt obligations, partially offset by a decrease in the weighted average interest rate on our credit facilities, resulting from decreases in the benchmark index rates and a decrease in the applicable margin rates related to the amendments of our credit facilities in April 2025. Increase in interest expense from the first quarter was primarily driven by an increase in average borrowings to fund the growth of our investment portfolio. The ratio of our total operating expenses, excluding interest expense, as a percentage of our average total assets was 1.4% for the quarter on an annualized basis and 1.3% for the trailing 12-month period and continues to be among the lowest in our industry.

利息支出較上年同期增加，主要由於為投資組合增長提供資金而增加的平均借款以及無擔保債務的加權平均利率上升，但部分被信貸安排的加權平均利率下降所抵消，這是由於基準指數利率下降以及與 2025 年 4 月信貸安排修訂相關的適用保證金率下降所致。第一季利息支出的增加主要是由於為支持投資組合的成長而增加的平均借款。本季度，我們的總營運費用（不包括利息費用）佔平均總資產的比率按年率計算為 1.4%，過去 12 個月為 1.3%，繼續處於行業最低水平。

Our external investment manager contributed $8.7 million to our net investment income during the first quarter, a decrease of $500,000 from the same quarter a year ago and an increase of $900,000 from the first quarter of 2025. Our investment manager ended the quarter with total assets under management of $1.6 billion.

我們的外部投資經理在第一季為我們的淨投資收入貢獻了 870 萬美元，比去年同期減少了 50 萬美元，比 2025 年第一季增加了 90 萬美元。我們的投資經理在本季結束時管理的總資產為 16 億美元。

During the quarter, we recorded net fair value appreciation, including net realized gains and net unrealized appreciation, on the investment portfolio of $33.5 million. This increase was primarily driven by net fair value appreciation in our external investment manager and our lower middle market investment portfolio, partially offset by net fair value depreciation in our private loan investment portfolio.

在本季度，我們記錄了 3,350 萬美元的投資組合的淨公允價值增值，包括淨已實現收益和淨未實現增值。這一增長主要得益於我們的外部投資經理和中低端市場投資組合的淨公允價值升值，但部分被我們的私人貸款投資組合的淨公允價值貶值所抵消。

The net fair value appreciation of our external investment manager was primarily driven by increases in the valuation multiples of publicly traded peers, which we use as one of the benchmarks for valuation purposes, and by increased fee income. The net fair value appreciation in our lower middle market portfolio was largely driven by the continued positive performance of certain of our portfolio companies. Net fair value depreciation in our private loan investment portfolio was driven by specific portfolio company performance, partially offset by decreases in market spreads.

我們的外部投資經理的淨公允價值增值主要得益於上市公司同業的估值倍數增加（我們將其作為估值基準之一）以及費用收入的增加。我們的中低階市場投資組合的淨公允價值升值很大程度上得益於某些投資組合公司的持續良好表現。我們的私人貸款投資組合中的淨公允價值貶值是由特定投資組合公司績效推動的，但被市場利差的下降部分抵消。

We recognized net realized gains of $52.4 million in the quarter. The realized gains recognized were primarily a result of a full exit of a lower middle market investment, as discussed by Dwayne and David, partial exits of other two portfolio investments, and the exit of one private loan investment, partially offset by realized losses on the full exit of a private loan investment and the restructure of a private loan investment. We ended the second quarter with investments on non-accrual status comprising approximately 2.1% of the total investment portfolio at fair value and approximately 5% at cost.

本季我們實現了 5,240 萬美元的淨收益。已實現的收益主要源於 Dwayne 和 David 所討論的中低端市場投資的完全退出、其他兩項投資組合的部分退出以及一項私人貸款投資的退出，但部分被一項私人貸款投資的完全退出和一項私人貸款投資的重組所實現的損失所抵消。截至第二季末，非應計投資佔總投資組合的約 2.1%（以公允價值計算）及約 5%（以成本計算）。

NAV increased by $0.27 per share over the first quarter and by $2.50 per share, or 8.4% when compared to a year ago, to a record NAV per share of $32.30 at quarter-end.

第一季每股淨資產價值 (NAV) 增加 0.27 美元，與去年同期相比每股淨資產價值增加 2.50 美元，增幅為 8.4%，季末每股淨資產價值達到創紀錄的 32.30 美元。

Our regulatory debt to equity leverage, calculated as total debt excluding our SBIC debentures divided by net asset value, was 0.65 times and our regulatory asset coverage ratio was 2.53 times. And these ratios continue to be more conservative than our long-term target ranges of 0.8 to 0.9 times and 2.25 to 2.1 times, respectively.

我們的監管債務與股權槓桿率（扣除 SBIC 債券後的總債務除以淨資產價值計算）為 0.65 倍，監管資產覆蓋率為 2.53 倍。這些比率仍然比我們的長期目標範圍（分別為 0.8 至 0.9 倍和 2.25 至 2.1 倍）更為保守。

Given our current liquidity position and recent investment activity, we were less active during the second quarter in our ATM program, raising net proceeds of $10.7 million from equity issuances. After giving effect to the capital activities in the second quarter of 2025, we entered the third quarter of 2025 with strong liquidity, including cash and availability under our credit facilities totaling over $1.3 billion, with two near-term debt maturities of $150 million and $500 million in December 2025 and July 2026, respectively.

鑑於我們目前的流動性狀況和近期的投資活動，我們在第二季的 ATM 計劃中不太活躍，透過發行股票籌集了 1,070 萬美元的淨收益。在實施 2025 年第二季的資本活動後，我們進入 2025 年第三季時擁有強大的流動性，包括現金和信貸額度下的可用資金總額超過 13 億美元，兩筆近期債務到期金額分別為 2025 年 12 月和 2026 年 7 月的 1.5 億美元和 5 億美元。

We continue to believe that our conservative leverage, strong liquidity, and continued access to capital are significant strengths that have proven to benefit us historically and have us well positioned for the future, allowing us to continue to execute our attractive investment strategies despite the current market uncertainty. We expect to continue to operate throughout the year at leverage levels more conservative than our long-term targets.

我們仍然相信，我們保守的槓桿率、強大的流動性和持續的資本獲取能力是重要的優勢，這些優勢已被證明在歷史上使我們受益，並使我們在未來處於有利地位，使我們能夠在當前市場不確定的情況下繼續執行我們有吸引力的投資策略。我們預計全年將繼續以比長期目標更保守的槓桿水平運作。

Coming back to our operating results, DNII per share for the quarter of $1.06 exceeded DNII per share for the second quarter of last year by $0.03 and exceeded the DNII per share for the first quarter by $0.04. Looking forward, we expect third quarter of 2025 DNII per share of at least $1 with the potential for upside driven by portfolio investment activities during the quarter.

回顧我們的營運業績，本季每股淨資產收益率 (DNII) 為 1.06 美元，比去年第二季每股淨資產收益率 (DNII) 高出 0.03 美元，比第一季每股淨資產收益率 (DNII) 高出 0.04 美元。展望未來，我們預計 2025 年第三季每股淨資產收益率 (DNII) 將至少達到 1 美元，並有可能在本季的投資組合活動推動下實現上漲。

With that, I will now turn the call over to the operator so we can take any questions.

說完這些，我現在將把電話轉給接線員，以便我們回答任何問題。

(Operator Instructions) Robert Dodd, Raymond James.

（操作員指示）羅伯特·多德、雷蒙德·詹姆斯。

Hi, guys. Good morning. Congrats for the quarter and the performance in the lower middle market portfolio, but I want to focus on the private loan. It shrank this quarter. Can you give us an example -- was that a reduction in deal flow? Or was it an increase in -- I mean, obviously, you originated a lot but had a lot of repayments. So are the trends like deal flow slowing or you're seeing less attractive opportunities and that is the driver behind it shrinking a little bit? Any color you can give me there?

嗨，大家好。早安.恭喜本季以及中低階市場投資組合的表現，但我想專注於私人貸款。本季有所萎縮。您能給我們舉個例子嗎—這是否意味著交易流量的減少？或者增加了——我的意思是，顯然你發起了很多，但也有很多償還。那麼，交易流的趨勢是否正在放緩，或者您看到的機會是否不那麼有吸引力，而這是否是其背後的驅動因素有所縮小？您能給我什麼顏色嗎？

Sure, Robert. Good morning, and thanks for the comments there. I'll give a couple of comments. I'll let Nick, who, as you know, leads our private credit team, let him add on.

當然，羅伯特。早上好，感謝您的評論。我將提出幾點意見。我會讓尼克（如你所知，他是我們私人信貸團隊的負責人）補充。

I would say it was a combination of both. The investment activity, which we think is largely attributable just to the overall private equity industry still being slow given the uncertainty in the economy. The new investment or origination activity and follow-ons were on a combined basis lower than what we would want them to be. And I think I said in my comments we're still viewing the pipeline as slightly below average. Actually, we haven't seen that change significantly, but you also had in the quarter higher-than-expected repayments. So it's a combination of the two.

我想說這是兩者的結合。我們認為，投資活動在很大程度上是由於經濟不確定性導致整個私募股權產業仍然緩慢。新的投資或發起活動以及後續活動的總和低於我們的預期。我想我在評論中說過，我們仍然認為該管道略低於平均水平。實際上，我們並沒有看到顯著的變化，但本季的還款額也高於預期。所以這是兩者的結合。

In terms of quality, I think we still view the quality of the investments as being very attractive. Terms, conditions, leverage, the type of companies, I think we are positive across the board. But there is just less of it out there in the marketplace.

就品質而言，我認為我們仍然認為投資的品質非常有吸引力。條款、條件、槓桿、公司類型，我認為我們對此持正面態度。但市面上這種產品的數量卻越來越少。

But I'll let Nick add on or give additional color.

但我會讓尼克添加或提供額外的顏色。

Yeah, I agree with Dwayne. The only thing I would add is we probably missed on pricing a little bit in the second quarter. So pricing has probably come in, call it, 25 to 50 basis points in '25. And we were probably a little bit wide on a few deals we would have liked to have won and held our pricing and those deals went away from us. If we had lowered it down, call it, 25 to 50 basis points, we might have won those deals and the net origination would have been much higher for 2Q.

是的，我同意德韋恩的觀點。我唯一想補充的是，我們可能在第二季錯過了一些定價機會。因此，25 年的定價可能已經達到 25 至 50 個基點。我們可能在一些我們希望贏得的交易上有點猶豫，並保持了我們的定價，但這些交易卻離我們而去。如果我們將其降低，比如說降低 25 到 50 個基點，我們可能會贏得這些交易，而第二季的淨發起額也會高得多。

Okay, got it. Appreciate that color. Then on the comments, where you have seen some underperformance within the portfolio, and I think basically it boils down to consumer businesses seeming to struggle a little bit more than others, which makes a lot of sense. But I mean, is there any theme within that? Is it particular types of consumer business? Obviously, I can look through the portfolio later, but also, is that making you more inclined to maybe avoid some consumer businesses for additional deployments? Or how you are thinking about that?

好的，明白了。欣賞那種顏色。然後根據評論，您看到投資組合中存在一些表現不佳的情況，我認為基本上可以歸結為消費業務似乎比其他業務更艱難一些，這是有道理的。但我的意思是，這其中有什麼主題嗎？它是特定類型的消費者業務嗎？顯然，我可以稍後再查看投資組合，但是，這是否也使您更傾向於避免一些消費者業務進行額外的部署？或者您對此有何看法？

Yeah. Robert, I would say that we have been expecting or sensing some weakness really probably for the last two years. I have to think back to how long we've been making that commentary. So I'd say on the new investment side, we have been risk off on companies that have direct significant consumer exposure. So I think we've been doing that. I think we just have some longer-term legacy investments that had more consumer exposure that have continued to struggle.

是的。羅伯特，我想說，過去兩年我們可能一直在預期或感覺到一些疲軟。我必須回想一下我們已經發表這個評論多久了。因此我想說，在新的投資方面，我們一直對那些與消費者有直接重大接觸的公司保持謹慎。所以我認為我們一直在這樣做。我認為我們只是有一些長期的遺留投資，這些投資有更多的消費者接觸，但卻一直在苦苦掙扎。

I would say that in the current quarter, when you look at the non-accrual movement, it was not just consumer. We also had another company that is outside of the consumer space that had some underperformance that resulted in that company being put on non-accrual status. But I still think when you look at the non-accruals as a whole, there still is more of a concentration in the consumer side.

我想說的是，在本季度，當你查看非應計變動時，它不僅僅是消費者。我們還有另一家不屬於消費領域的公司，由於業績不佳，導致該公司被置於非應計狀態。但我仍然認為，當你從整體上看非應計項目時，消費者方面的集中度仍然更高。

I think if we were to pick where the consumer is feeling more pain, it is the lower end of the consumer. I think we've been saying that for a while and that continues to be the case today. Overall, I think there are parts of the consumer segment that continue to hold up pretty well on the upper end, but you are definitely -- from our perspective at least -- seeing continued pain at the lower end and you see that in our companies.

我認為，如果我們要選擇消費者感到更痛苦的地方，那就是低端消費者。我想我們已經說了一段時間了，而且今天仍然如此。總體而言，我認為消費者細分市場中的部分高端市場仍保持著相當不錯的表現，但至少從我們的角度來看，低端市場肯定仍將持續面臨痛苦，這一點在我們的公司中也能看到。

The other comment I would provide is when you look at the portfolio as a whole, I do think in the current environment, you are probably seeing more separation between the companies that are performing really, really well versus the companies that are performing below expectations. And I think that's a trend we've seen for the last couple of quarters. I think we continue to see it in the current quarters.

我想提供的另一個評論是，當你從整體上看待投資組合時，我確實認為在當前環境下，你可能會看到表現非常好的公司與表現低於預期的公司之間的差距更大。我認為這是我們在過去幾季看到的趨勢。我認為我們在本季會繼續看到這種情況。

I just think you're seeing more bifurcation across the portfolio. Some of that is just attributable to the quality or the strength of the management teams and their operations. Some of it also is just how impacted are those companies by some of the uncertainty in the marketplace.

我只是認為你看到了整個投資組合中更多的分歧。其中一些只是歸因於管理團隊及其營運的品質或實力。其中一部分原因還在於這些公司在多大程度上受到了市場不確定性的影響。

Got it. Appreciate that. And if I can cram one more and flipping to the lower middle market. I mean, to your point, I think you've set two records in the last roughly nine months, I think, for exit gains with Pearl Meyer and Heritage. I mean, would you say the gain opportunity is cycle near term? Are we in an elevated period where you could maybe expect more gains? I am not identifying individual assets, obviously. Or do you think that's going to be moderated for a little bit before some of your younger assets age into the point where the gains are potentially there? Any thoughts on that?

知道了。非常感謝。如果我能再塞進一個，然後轉向中低階市場。我的意思是，就你的觀點而言，我認為你在過去大約九個月內創造了兩項記錄，分別是 Pearl Meyer 和 Heritage 的退出收益記錄。我的意思是，您是否認為獲利機會是近期週期性的？我們是否正處於可能期待更多收益的高漲時期？顯然，我並沒有指明具體的資產。或者您認為，在您的一些較年輕的資產達到可能產生收益的程度之前，這種情況會有所緩和？對此有什麼想法嗎？

Sure, Robert. I'll give a couple of comments. One is we think we have a very mature portfolio. We think one of our biggest benefits, as you've heard us say repeatedly, is as a public company having permanent capital, we can and will be a long-term to permanent investor. So we have a very mature portfolio when you look at the existing lower middle market assets. Clearly, both Pearl Meyer and Heritage Vet were fantastic companies, fantastic management teams. And between us and our partners at the management team level, we had great transaction outcomes there.

當然，羅伯特。我將提出幾點意見。一是我們認為我們擁有非常成熟的產品組合。我們認為，正如您一再聽到我們所說的那樣，我們最大的優勢之一是，作為一家擁有永久資本的上市公司，我們可以而且將成為長期到永久的投資者。因此，當您查看現有的中低端市場資產時，我們擁有非常成熟的投資組合。顯然，Pearl Meyer 和 Heritage Vet 都是出色的公司，擁有出色的管理團隊。在我們和管理團隊層級的合作夥伴之間，我們取得了很好的交易成果。

Despite that, I think as we sit here today, we still have a number of companies that are having some inbound interest and having discussions about potential exits that could lead to additional realizations over the next three to nine months. You never know exactly what is going to happen, but I do think you could see some additional realized gain exit activities in the near term.

儘管如此，我認為，今天我們坐在這裡，仍然有許多公司對入站感興趣，並正在討論潛在的退出，這可能會在未來三到九個月內帶來更多收益。你永遠不知道究竟會發生什麼，但我確實認為你可以在短期內看到一些額外的已實現收益退出活動。

And I would say what we are seeing in the marketplace is when you take a very high-quality company like Pearl Meyer and Heritage Vet Partners to market, because there is a lack of overall deal flow, those premium assets get premium pricing. So I think we've seen that in the marketplace with these two recent transactions. And I think if we're successful with any of the potential realization activities that we're having discussions on with the lower middle market portfolio companies, I think you would see a premium outcome. But obviously, a lot of things have to happen to get there, but we continue to see some elevated or more than normal activity on the exit or realization side.

我想說的是，我們在市場上看到的是，當你將像 Pearl Meyer 和 Heritage Vet Partners 這樣的高品質公司推向市場時，由於缺乏整體交易流，這些優質資產會獲得溢價。所以我認為我們已經在市場上看到了最近這兩筆交易。我認為，如果我們與中低端市場投資組合公司討論的任何潛在實現活動都取得成功，那麼你會看到一個優質的結果。但顯然，要實現這一目標還有很多事情要做，但我們繼續看到退出或實現方面的一些活動有所提升或超過正常水平。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) Arren Cyganovich, Truist Securities.

（操作員指示）Truist Securities 的 Arren Cyganovich。

Thanks. Good morning. Congratulations on those realizations. The commentary about private loan piping below average, I guess mixed with the 20 to 50 basis points of spread tightening that came in, are those areas that are somewhat interrelated? I would think that if the spread tightening was happening, then you would probably see more deal activity. Maybe you should talk a little bit about that.

謝謝。早安.祝賀這些目標的實現。關於私人貸款管道低於平均水平的評論，我猜想與利差收緊 20 至 50 個基點混合在一起，這些領域是否在某種程度上相互關聯？我認為，如果利差正在縮小，那麼你可能會看到更多的交易活動。也許你應該稍微談論一下這個。

Yeah. I'll let Nick add on to his comments from earlier.

是的。我會讓尼克補充他之前的評論。

Yeah. I think the deal activity being a little softer is really just M&A being down on the private equity side. We've seen that for the past probably two or three years. I think every quarter or every year, we expect that to pick back up again, as private equity is natural dealmakers and they want to spend their new funds. It just hasn't come to fruition yet. We still expect that in the next 6 to 12 months, but so far this year, we have not seen it. Spreads coming in, I think it is somewhat related to slightly less deal flow, pushing a little more competition for everyone to find paper to spend on new deals.

是的。我認為交易活動略微疲軟實際上只是私募股權方面的併購活動減少。過去兩三年來我們已經看到了這種情況。我認為每個季度或每年，我們都預期這一數字會再次回升，因為私募股權是天然的交易撮合者，他們希望花掉他們的新資金。只是尚未實現。我們仍然預計未來 6 到 12 個月內會出現這種情況，但今年到目前為止，我們還沒有看到這種情況。利差的出現，我認為這與交易流量略有減少有關，這促使每個人都更加競爭，以找到可用於新交易的票據。

Got it. Okay, that makes sense. And then, Ryan, you had mentioned there's a couple of debt maturities coming up over in the next year. Maybe you could talk a little bit about what your funding options are for those.

知道了。好的，這很有道理。然後，瑞安，你提到明年會有幾筆債務到期。也許您可以稍微談談針對這些問題的融資選擇。

Sure. As we mentioned in the prepared remarks, we do have ample liquidity as we look to the back half of the year. Outside of that, we also will be looking at the market and what pricing is in the debt market over the back half of the year. I think we have the benefit of not having to execute if pricing isn't favorable, given where we are from a liquidity perspective. But also, we will also be thinking about our $500 million maturity next July in ways to derisk that with capital market activities through the end of the year.

當然。正如我們在準備好的評論中提到的那樣，展望下半年，我們確實擁有充足的流動性。除此之外，我們還將關註今年下半年的市場狀況以及債務市場的定價情況。我認為，從流動性的角度來看，如果定價不利，我們就不必執行。但同時，我們也將考慮明年 7 月到期的 5 億美元債券，以便在年底前透過資本市場活動來降低風險。

Yeah. I think just adding on to that, I think you've always heard us say this, but we view our capital structure and liquidity position to be two of our significant strengths. One, we should be able to have 100% control over that side of what we execute. So to Ryan's point, I think if the market's available, we are going to continue to look at it and be opportunistic when we can and really focus on maintaining just what we think is a very, very attractive, very conservative capital structure and significant liquidity. That continues to be a key focus for us on our capital structure side.

是的。我想補充一點，我想你總是聽我們這麼說，但我們認為我們的資本結構和流動性狀況是我們的兩個重要優勢。首先，我們應該能夠 100% 控制我們所執行的操作。所以對於瑞安的觀點，我認為如果市場可用，我們將繼續關注它，並在可能的情況下抓住機會，真正專注於維持我們認為非常非常有吸引力、非常保守的資本結構和顯著的流動性。這仍然是我們資本結構的重點。

Got it. Okay, thank you.

知道了。好的，謝謝。

Thank you.

謝謝。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議交還給管理階層，請他們發表結束語。

We just want to say thank you again to everyone for joining us this morning. We appreciate the continued support of our shareholders, and we will look forward to talking again after our earnings release for the third quarter. Thank you.

我們只想再次感謝今天早上加入我們的每個人。我們感謝股東的持續支持，並期待在發布第三季收益後再次進行交談。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。