Main Street Capital Corp (MAIN) 2025 Q3 法說會逐字稿

Greetings and welcome to the Main Street Capital third-quarter 2025 earnings conference call.

各位賓客，歡迎參加 Main Street Capital 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded.

再次提醒，本次會議正在錄影。

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

現在我很榮幸地向大家介紹主持人扎克·沃恩。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Thank you for joining us for Main Street Capital Corporation's third-quarter 2025 earnings conference call.

感謝您參加 Main Street Capital Corporation 2025 年第三季財報電話會議。

Joining me today with prepared comments, Sir Dwayne Hyzak, Chief Executive Officer; David Magdol, President and Chief Investment Officer, and Ryan Nelson, Chief Financial Officer.

今天與我一同發表準備好的評論的有：首席執行官德韋恩·海扎克爵士；總裁兼首席投資官大衛·馬格多爾；以及首席財務官瑞安·尼爾森。

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.

參與電話會議問答環節的還有 Main Street 私募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 third quarter financial and operating results. This document is available in 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三季的財務和營運業績。該文件可在公司網站 mainstcapital.com 的投資者關係欄位中找到。

A replay of today's call will be available beginning an hour after the completion of the call and will remain available until November 14. 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.

今天電話會議的錄音回放將於會議結束後一小時開始提供，並將持續到 11 月 14 日。昨天發布的公告中包含瞭如何觀看回放的信息。我們也告知您，本次電話會議正在透過網路進行直播，您可以在公司主頁上存取該直播。

Please note that information reported on this call speaks only as of today, November 7, 2025, and therefore you are advised that time sensitive information may no longer be accurate at the time of any replay listening or transcript reading.

請注意，本次通話中報告的資訊僅代表截至 2025 年 11 月 7 日的情況，因此，建議您在重聽或閱讀文字記錄時，時效性資訊可能不再準確。

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。許多此類前瞻性陳述可以透過使用諸如預期、相信、期望、打算、將、應該、可能或類似表達方式等詞語來識別。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，並不能保證未來的績效。

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、不確定性及其他因素（包括但不限於本公司向美國證券交易委員會提交的文件中列明的因素，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，Main Street不承擔更新任何此類聲明的義務。

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.

在今天的電話會議上，管理層將討論非GAAP財務指標，包括可分配淨投資收益或DNII。DNII 是根據美國公認會計原則 (GAAP) 確定的淨投資收益 (NII)，不包括非現金補償費用的影響。

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.

管理層認為，列示 DNII 及相關的每股金額是分析 Main Street 財務業績的有用且適當的補充披露，因為非現金補償支出在結算時不會對 Main Street 造成淨現金影響。有關這些非GAAP指標與最直接可比較的GAAP財務指標的調節表，請參閱昨天的新聞稿。

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值（NAV）和股本回報率（ROE）。淨資產值定義為總資產減去總負債，並以每股為基礎進行報告。Main Street 將 ROE 定義為經營活動帶來的淨資產淨成長除以平均季度淨資產價值。

Please note that certain 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某些信息，包括與投資組合公司相關的信息，均來自第三方來源，未經獨立核實。

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

現在我將把電話交給 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. We hope that everyone's doing well.

謝謝你，扎克。各位早安，感謝各位的參與。感謝您參加今天早上的電話會議。希望大家一切安好。

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.

在今天的電話會議上，David、Ryan 和我將向大家提供我們重要的季度最新進展，之後我們將很樂意回答大家的問題。

We are pleased with our performance in the third quarter, which resulted in another quarter of strong operating results highlighted by an annualized return on equity of 17%, favorable levels of DNII per share, and a new record for NAV per share for the 13th consecutive quarter.

我們對第三季的業績感到滿意，該季度再次取得了強勁的經營業績，其中年度化股本回報率達到 17%，每股淨收益 (DNII) 處於有利水平，並且連續第 13 個季度創下每股淨資產值 (NAV) 的新紀錄。

We believe that these continued strong results demonstrate the sustained 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 depth and quality of our portfolio companies, particularly our existing lower middle market portfolio companies.

我們相信，這些持續強勁的業績證明了我們整體平台的持續實力、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（尤其是我們現有的中低端市場投資組合公司）的持續深度和品質。

We're also pleased that we further strengthened our capital structure during the quarter, which Ryan will discuss in more detail. We continue to maintain a very strong liquidity position and conservative leverage profile, and we are well positioned for the continued growth of our investment portfolio. 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.

我們也很高興在本季進一步加強了資本結構，瑞安將對此進行更詳細的討論。我們繼續保持非常強勁的流動性狀況和保守的槓桿水平，並且我們已做好充分準備，迎接投資組合的持續成長。我們仍然相信，我們獨特的投資收益和價值創造驅動力，加上我們高效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回報。

Our favorable results for the third quarter combined with our positive outlook for the fourth quarter resulted in our most recent dividend announcements, which I will discuss in more detail later. Our NAV per share increased in the quarter primarily due to the impact of net fair value increases in both our lower middle market and private loan investment portfolios, which Ryan will discuss in more detail. The continued favorable performance of the majority of our lower middle market portfolio companies resulted in another quarter of strong dividend income contributions and significant net fair value appreciation in our lower middle market equity investments. Based upon our current views of these investments and feedback from our portfolio company management teams, we expect these contributions to continue to be strong for the next few quarters.

第三季業績良好，加上對第四季前景樂觀，促成了我們最近的股息公告，稍後我將詳細討論。本季我們的每股淨值有所成長，主要是由於我們的中低端市場和私人貸款投資組合的淨公允價值增加所致，Ryan 將對此進行更詳細的討論。我們投資組合中大多數中低階市場公司持續良好的業績表現，使得我們在又一個季度中獲得了強勁的股息收入貢獻，並且中低端市場股權投資的淨公允價值也大幅增長。根據我們目前對這些投資的看法以及來自我們投資組合公司管理團隊的回饋，我們預計這些貢獻將在未來幾季繼續保持強勁勢頭。

We also continue to see significant interest from potential buyers in several of our lower middle market portfolio companies, which we expect will lead to favorable realizations over the next few quarters and which we believe further highlights the strength and quality of our portfolio companies and their exceptional leadership teams. We're also excited about the new and following investments we made in our lower middle market portfolio companies during the quarter, which resulted in the addition of three new portfolio companies and a net increase in lower middle market investments of $61 million.

我們也持續看到潛在買家對我們幾家中低端市場投資組合公司表現出濃厚的興趣，我們預計這將在未來幾季帶來可觀的收益，我們也相信這將進一步凸顯我們投資組合公司的實力和品質及其卓越的領導團隊。我們也對本季對中低階市場投資組合公司進行的新投資和後續投資感到興奮，這些投資新增了三家投資組合公司，中低階市場投資淨增加 6,100 萬美元。

Consistent with our guidance last quarter, our private loan investment activity in the quarter continued to be slower than our expected normal quarterly activity, resulting in a net decrease in private loan investments of $69 million. In addition to the potential for favorable investment realizations in our lower middle market portfolio, we also recently exited one of our private loan portfolio company equity investments and have a second exit in process subject to customary closing conditions and regulatory approvals, with these activities representing total realized gains of at least $35 million both at meaningful premiums to our quarter and fair values. David will discuss our investment activity in more detail.

與上季的預期一致，本季我們的私人貸款投資活動持續低於我們預期的正常季度活動水平，導致私人貸款投資淨減少 6,900 萬美元。除了我們中低端市場投資組合中可能出現的有利投資回報外，我們最近還退出了我們的一家私人貸款投資組合公司的股權投資，並且正在進行第二次退出，但需滿足慣例成交條件和監管部門的批准。這些活動代表了至少 3,500 萬美元的已實現收益，均以遠高於季度價值和公允價值的溢價實現。David 將更詳細地討論我們的投資活動。

Given our conservative capital structure and strong liquidity position, we remain very well positioned to continue the growth of our investment portfolio for the foreseeable future, and we are excited about the current opportunities we are seeing. We also continue 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 third quarter, resulting in significant incentive fee income for our asset management business for the 12th consecutive quarter, and together with our recurring base management fees, a significant contribution to our net investment income.

鑑於我們保守的資本結構和強勁的流動性狀況，我們仍然處於非常有利的地位，能夠在可預見的未來繼續發展我們的投資組合，我們對目前看到的機會感到興奮。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管理的基金在第三季度繼續取得良好業績，連續第 12 個季度為我們的資產管理業務帶來了可觀的激勵費用收入，加上我們經常性的基本管理費，為我們的淨投資收益做出了重大貢獻。

We remain excited about our plans for the external funds that we manage as we execute our investment strategies. We are optimistic about the future performance of the funds and the attractive returns we are providing to the investors of each fund. We also remain excited about our strategy for growing our asset management business within our internally managed structure.

我們對管理外部資金並執行投資策略的計劃仍然充滿信心。我們對各基金未來的表現以及我們為每個基金投資者提供的可觀回報充滿信心。我們對在內部管理架構內發展資產管理業務的策略仍然充滿信心。

As part of these efforts, we remain focused on growing the investment portfolio of MSC Income Fund, a publicly traded BDC advised by our external investment manager and our largest asset management business client, which maintains meaningful current liquidity and will benefit from a significant increase to its regulatory debt capacity at the end of January 2026. 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 and are excited about the near-term expectations for additional realized value creation over the next few quarters.

作為這些努力的一部分，我們將繼續專注於擴大 MSC Income Fund 的投資組合。 MSC Income Fund 是一家公開交易的商業發展公司，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服務。該基金目前保持著相當可觀的流動性，並將於 2026 年 1 月底受益於其監管債務能力的大幅提升。除了將基金目前的流動性投入新的私人貸款投資外，我們還將繼續專注於最大限度地發揮基金原有的中低端市場投資組合的優勢，並對未來幾個季度內實現的額外價值創造的短期預期感到興奮。

Based upon our results for the third quarter combined with our favorable 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 December, representing our 17th consecutive quarterly supplemental dividend and an increase to our regular monthly dividends for the first quarter of 2026 to $0.26 per share. These first quarter regular monthly dividends represent a 4% increase from the regular monthly dividends paid in the first quarter of 2025.

根據我們第三季的業績，以及我們對各項主要投資策略和資產管理業務的良好展望，本週早些時候，董事會宣布派發每股 0.30 美元的補充股息，將於 12 月支付，這將是我們連續第 17 個季度派發補充股息，並將 2026 年第一季度的常規月度股息提高至每股 0.26 美元。第一季的定期月度股息比 2025 年第一季支付的定期月度股息增加了 4%。

The supplemental dividend for December is a result of our strong performance in the third quarter and our near-term expectations for additional net realized gains 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 before taxes significantly exceeds our regular monthly dividends paid or we generate net realized gains, and we maintain a stable to positive NAV in future quarters.

12 月的補充股息是由於我們在第三季度的強勁表現以及我們對近期實現淨收益的預期，這將使過去 12 個月內支付的補充股息總額達到每股 1.20 美元，相當於在常規月度股息的基礎上額外支付給股東 40%。我們目前預計，如果稅前淨收益顯著超過我們每月支付的常規股息，或者我們產生已實現淨收益，並且我們在未來幾季保持穩定或正的淨資產值，我們將建議董事會繼續宣布未來的補充股息。

Based upon our expectations for continued favorable performance in the fourth quarter, we currently anticipate proposing an additional significant supplemental dividend payable in March 2026.

基於我們對第四季業績持續向好的預期，我們目前預計將於 2026 年 3 月提議派發一筆數額可觀的額外補充股息。

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 our ability to provide unique and flexible financing solutions 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 given the current economic environment, and we are confident in our expectations for strong lower middle market investment activity in the fourth quarter.

現在來看看我們目前的投資項目，就目前而言，我認為我們面向中低階市場的投資項目處於高於平均水準的水準。鑑於我們以往在經濟普遍不確定時期累積的經驗，我們相信，我們能夠為中小型企業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限，對於許多中小型企業而言，在當前的經濟環境下，更具吸引力。我們對第四季中小型企業投資活動的強勁預期充滿信心。

In addition, we continue to have an increased number of existing portfolio companies that are actively executing acquisition growth strategies that we anticipate will provide attractive follow-on investment opportunities for us in the near term and significant value creation opportunities for these portfolio companies in the longer term, consistent with the successes we've demonstrated and experienced with other portfolio companies.

此外，我們現有投資組合公司的數量持續增加，這些公司正在積極執行收購成長策略，我們預計這將在短期內為我們提供有吸引力的後續投資機會，並在長期內為這些投資組合公司提供重要的價值創造機會，這與我們在其他投資組合公司中取得的成功和經驗是一致的。

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. Our investment pipeline has increased significantly since our last conference call, and as of today, I would characterize our private loan investment pipeline as above average.

我們對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。自上次電話會議以來，我們的投資項目儲備顯著增加，截至目前，我認為我們的私人貸款投資項目儲備高於平均水平。

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

接下來，我將把電話交給大衛。

Thanks, Dwayne, and good morning, everyone.

謝謝你，德韋恩，大家早安。

As Dwayne highlighted in his remarks, we believe our strong third quarter financial results continue to demonstrate the strength of Main Street's platform, our differentiated investment approach, and our unique operating model. We are very pleased to report that the overall operating performance for most of our portfolio companies continues to be positive, which contributed to our attractive third-quarter financial results.

正如德韋恩在演講中所強調的那樣，我們相信，我們強勁的第三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法和我們獨特的營運模式。我們非常高興地報告，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勢頭，這為我們第三季度優異的財務業績做出了貢獻。

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 the current climate.

儘管整體經濟狀況持續令人擔憂且充滿不確定性，但我們仍然對投資組合公司應對當前環境的能力充滿信心。

Each quarter, we try to highlight a key aspect of our investment strategy and differentiated approach. For today's call, we thought it would be useful to spend some time discussing the support we provide to our lower middle market portfolio companies. In addition to our ongoing investment management activities and the managerial assistance we offer our lower middle market portfolio companies, we are also happy to host an annual event for the leaders of our lower middle market portfolio companies called the Main Street Presidents Meeting, which we recently hosted for the 9th time.

每個季度，我們都會著重強調我們投資策略和差異化方法的關鍵面向。在今天的電話會議上，我們認為花些時間討論一下我們為中低端市場投資組合公司提供的支援會很有意義。除了我們持續進行的投資管理活動以及為我們的中低端市場投資組合公司提供的管理協助外，我們還樂於為我們的中低端市場投資組合公司的領導人舉辦一年一度的活動，稱為“主街總裁會議”，我們最近已經舉辦了第九屆。

For those of you who are not familiar, our President's meeting is an annual event that we host for our lower middle market portfolio company leaders to network, build relationships, share best practices, learn from each other and from third-party speakers, and benefit from being a part of Main Street's family of portfolio companies. Based on post-event feedback from our lower middle market portfolio company executives, the event is highly valued by the participants, and the event improves each year as we refine our agenda based on the feedback we receive.

對於不太了解情況的人來說，我們的總裁會議是我們每年為中低端市場投資組合公司領導人舉辦的活動，旨在讓他們建立聯繫、發展關係、分享最佳實踐、互相學習以及向第三方演講者學習，並從成為 Main Street 投資組合公司大家庭的一員中受益。根據我們投資組合公司（中低端市場）高管在活動後的反饋，該活動深受參與者好評，並且隨著我們根據收到的反饋不斷改進議程，該活動每年都在進步。

Topics covered at our most recent event included artificial intelligence, use cases and best practices, DISASTER recovery planning and enterprise risk management, adding value through executing add-on acquisitions, linking incentive compensation to performance, and succession planning. As a result of this annual event, our portfolio companies have increasingly worked together, referred business to each other, utilized each other's operational resources, and formed long-term relationships that we believe are invaluable.

我們最近一次活動的主題包括人工智慧、用例和最佳實踐、災難復原計劃和企業風險管理、透過執行附加收購增加價值、將激勵性薪酬與績效掛鉤以及繼任計畫。透過這項年度活動，我們投資組合中的公司之間的合作日益密切，互相推薦業務，利用彼此的營運資源，並建立了我們認為非常寶貴的長期合作關係。

As an example, one valuable topic we covered this year was best practices for utilizing artificial intelligence in lower middle market businesses. Based on our surveying as part of the event, the vast majority of our portfolio companies are engaged in utilizing AI and are actively seeking additional ways to use AI tools in their businesses. This topic was enhanced by breakout sessions led by several of our portfolio company CEOs who shared specific examples of AI tools they use and the benefits they are achieving from utilizing AI in their businesses.

例如，我們今年探討的一個很有價值的主題是，如何在規模較小的中小型企業中更好地利用人工智慧。根據我們在本次活動中進行的調查，我們投資組合中的絕大多數公司都在利用人工智慧，並且正在積極尋求在業務中使用人工智慧工具的更多方法。本主題透過由我們投資組合公司幾位執行長主持的分組討論會得到了加強，他們分享了他們使用的 AI 工具的具體案例，以及他們在業務中使用 AI 所獲得的收益。

Q&A from the audience was robust, and we are highly encouraged about the benefits that our lower middle market portfolio companies can achieve in the future from their continued adoption of AI. Another panel we received very positive feedback on this year was focused on executing proprietary strategic add-on acquisitions.

觀眾提問熱烈，我們對中低端市場投資組合公司未來持續採用人工智慧所能獲得的益處感到非常鼓舞。今年我們收到非常正面的回饋的另一個小組討論會，重點是執行專有的策略附加收購。

The panel was comprised of another peer group of our portfolio company CEOs with extensive experience in this area who led a discussion on the benefits of pursuing add-on acquisitions, developing and executing a successful acquisition plan, strategies for creating shareholder value through these transactions, and lessons learned while sourcing and executing an acquisition growth strategy. We are highly confident that the lessons learned shared by the panelists will be very helpful for other portfolio company executives to consider as they execute their own acquisition strategies in the future.

小組由我們投資組合公司執行長的另一組同行組成，他們在該領域擁有豐富的經驗，他們就以下問題展開了討論：尋求附加收購的好處、制定和執行成功的收購計劃、透過這些交易創造股東價值的策略，以及在尋找和執行收購增長戰略過程中吸取的教訓。我們非常有信心，小組成員分享的經驗教訓將對其他投資組合公司的高階主管在未來執行自己的收購策略時大有裨益。

The engagement from the audience during both sessions was robust and led to several post-event discussions, including the sharing of key third-party resources and best practices that we believe will ultimately improve the future financial results and operating performance for our portfolio companies. Given our primary focus on our lower middle market investment strategy and the unique benefits it can provide both to us and our management team partners at our portfolio companies, we're excited to bring together the key leadership from our lower middle market portfolio companies at our annual President's Day.

在兩場會議期間，觀眾的參與度都很高，並在會後進行了多次討論，包括分享重要的第三方資源和最佳實踐，我們相信這些資源和最佳實踐最終將改善我們投資組合公司的未來財務業績和經營績效。鑑於我們主要專注於中低端市場投資策略，以及該策略能夠為我們和我們投資組合公司的管理團隊合作夥伴帶來的獨特好處，我們很高興能在年度總裁日活動中，將我們中低端市場投資組合公司的關鍵領導層聚集在一起。

We always leave this event very excited about the quality of the individuals leading our lower middle market portfolio companies and the future value creation that we expect they and their teams can generate for our mutual benefit in the future. We left this year's event more excited than ever.

每次參加這個活動，我們都對我們投資組合中下層市場公司的領導者的素質感到非常興奮，也對我們期望他們及其團隊未來能夠為我們雙方創造的價值感到振奮。今年的活動讓我們比以往任何時候都更加興奮。

Now turning to the overall composition of results from our investment portfolio, as of September 30, we continue to maintain a highly diversified portfolio with investments in 185 companies spanning across numerous industries and end markets. Our largest portfolio companies, excluding the external investment manager, represented only 4.8% of our total investment income for the trailing 12 month period, and 3.6% 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.

現在來看看我們投資組合的整體績效組成，截至 9 月 30 日，我們繼續保持高度多元化的投資組合，投資於 185 家公司，涵蓋眾多產業和終端市場。不包括外部投資經理在內，我們最大的投資組合公司在過去 12 個月期間僅占我們總投資收益的 4.8%，在季度末僅占我們總投資組合公允價值的 3.6%。我們投資組合中的大多數投資占我們收入和資產的比例不到 1%。

Our investment activity in the third quarter included total investments in our lower middle market portfolio of $106 million including total investments of $69 million in three new lower middle market portfolio companies which, after aggregate repayments, return of invested equity capital, and a decrease in cost bases due to realized losses, resulted in a net increase in our lower middle market portfolio of $61 million. Since quarter end, we have closed an additional lower middle market platform investment representing an additional $81 million of invested capital, and we have several other expected near-term investments.

第三季度，我們的投資活動包括對中低階市場投資組合的總投資額為 1.06 億美元，其中包括對三家新的中低階市場投資組合公司的總投資額為 6,900 萬美元。在扣除累計償還款項、返還已投資的股權資本以及因已實現虧損而導致的成本基礎下降後，我們的中低端市場投資組合淨增 6,100 萬美元。自季度末以來，我們完成了一項額外的中低端市場平台投資，投資額達 8,100 萬美元，此外，我們還有幾項預計近期內完成的投資。

Driven by the capabilities and relationships of our private credit team, we also completed $113 million in total private loan investments during the third quarter, which, after aggregate repayments and a decrease in cost basis due to realized losses, resulted in a net decrease in our private loan portfolio of $69 million.

在私人信貸團隊的能力和人脈關係的推動下，我們在第三季度完成了總計 1.13 億美元的私人貸款投資，扣除累計還款和因已實現損失而導致的成本基礎下降後，我們的私人貸款組合淨減少了 6900 萬美元。

At the end of the third quarter, our lower middle market portfolio included investments in 88 companies representing $2.8 billion of fair value, which is over 28% above our cost basis. We had 86 companies in our private loan portfolio representing $1.9 billion of fair value. The total investment portfolio at fair value at quarter end was 18% above the related cost basis.

第三季末，我們的中低階市場投資組合包括對 88 家公司的投資，公允價值達 28 億美元，比我們的成本基礎高出 28% 以上。我們的私人貸款組合中有 86 家公司，總價值達 19 億美元。季度末，以公允價值計算的投資組合總額比相關成本基礎高出 18%。

In summary, Main Street's investment portfolio continues to perform at a high level and deliver on our long-term results and goals. Additional details on our investment portfolio 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，並實現了我們的長期業績和目標。有關我們投資組合季度末的更多詳情，請參閱我們昨天發布的新聞稿。

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

接下來，我將把電話交給 Ryan，讓他來介紹我們的財務表現、資本結構和流動性狀況。

Thank you, David.

謝謝你，大衛。

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

正如 Duane 和 David 所說，我們對第三季的經營業績感到滿意，其中包括每股淨利息收入和每股淨利息收入的良好水平，以及每股淨資產值的再次增長。

Our total investment income for the third quarter was $139.8 million increasing by $3 million or 2.2% over the third quarter of 2024 and decreasing by $4.1 million or 2.9% from the second quarter of 2025.

第三季我們的總投資收益為 1.398 億美元，比 2024 年第三季增加 300 萬美元，增幅為 2.2%，比 2025 年第二季減少 410 萬美元，降幅為 2.9%。

Interest income decreased by $7.3 million from a year ago and increased by $2.4 million from the second quarter of 2025. The decrease from prior year was principally attributable to a decrease in interest rates, primarily resulting from decreases in benchmark, index rates on our floating rate debt investments, and decreases in interest rate spreads on existing debt investments and an increase in investments on non-accrual status partially offset by the impact of increased net investment activity. The increase from prior quarter was driven primarily by the impact of increased net investment activity and a decrease in investments on non-accrual status.

利息收入較上年同期減少 730 萬美元，較 2025 年第二季增加 240 萬美元。與前一年相比的下降主要歸因於利率下降，這主要是由於我們浮動利率債務投資的基準指數利率下降，以及現有債務投資的利差下降和非應計狀態投資增加所致，但部分被淨投資活動增加的影響所抵消。與上一季相比，成長的主要原因是淨投資活動增加以及非應計投資減少。

Dividend income increased by $8 million when compared to a year ago, including a $600,000 increase in unusual or non-recurring dividends, and decreased by $6.6 million from the second quarter, including a $4.2 million decrease in unusual or non-recurring dividends. The increase in dividend income from prior year is primarily a result of the continued underlying positive performance of our lower middle market portfolio companies. The decrease in dividend income from the second quarter is primarily due to non-recurring dividends received from one of our lower middle market portfolio companies in the second quarter.

與去年同期相比，股息收入增加了 800 萬美元，其中包括 60 萬美元的非經常性股息；與第二季度相比，股息收入減少了 660 萬美元，其中包括 420 萬美元的非經常性股息。股息收入較上年有所增長，這主要是由於我們投資組合中下層中端市場公司持續保持良好的基本面。第二季股利收入的減少主要是因為我們第二季從一家中低端市場投資組合公司收到了非經常性股利。

Fee income increased by $2.2 million from a year ago and was consistent with fee income from the second quarter. The increase from prior year was primarily due to higher closing fees on new and follow-on investments and an increase in exit and prepayment fees from investment activity. Fee income considered non-recurring increased by $900,000 from a year ago and by $500,000 from the second quarter of 2025.

手續費收入比去年同期增加了 220 萬美元，與第二季的手續費收入持平。與前一年相比，成長的主要原因是新投資和後續投資的交易手續費增加，以及投資活動的退出費和提前還款費增加。被視為非經常性費用的收入比去年同期增加了 90 萬美元，比 2025 年第二季增加了 50 萬美元。

The third quarter included higher levels of income considered less consistent or non-recurring in nature in comparison to the prior year, including interest income from accelerated prepayment, repricing and other activity, accelerated fee income, and dividends from our equity investments. In the aggregate, these items totaled $4.3 million and were $2.1 million or $0.02 per share, higher than the third quarter of 2024. Income considered less consistent or non-recurring in nature decreased from the second quarter by $3.8 million or $0.04 per share, primarily due to a decrease in dividends from one of our lower middle market portfolio companies. The current quarter's less consistent or non-recurring income was in line with the prior full-year average.

與前一年相比，第三季收入水平較高，但這些收入被認為不太穩定或不經常性，包括加速提前還款、重新定價和其他活動產生的利息收入、加速手續費收入以及股權投資的股息。這些項目總計 430 萬美元，即每股 210 萬美元或 0.02 美元，高於 2024 年第三季。被認為不太穩定或非經常性的收入較第二季度減少了 380 萬美元，即每股 0.04 美元，這主要是由於我們一家中低端市場投資組合公司的股息減少所致。本季較不穩定或非經常性收入與上年全年平均持平。

Our operating expenses increased by $1.1 million over the third quarter of 2024 and decreased by $300,000 from the second quarter. The increase in operating expenses from the prior year was largely driven by increases in cash compensation-related expenses and share-based compensation expense, partially offset by a decrease in interest expense. The decrease in interest expense from a year ago was primarily driven by a decrease in the weighted average interest rate on our credit facilities, resulting from decreases in the benchmark index interest rates and a decrease in the applicable margin rates resulting from the amendments of our credit facilities in April 2025, partially offset by an increase in average borrowings to fund the growth of our investment portfolio.

2024 年第三季度，我們的營運費用增加了 110 萬美元，比第二季度減少了 30 萬美元。與前一年相比，營運費用的增加主要是由於現金薪酬相關費用和股份支付費用的增加，部分被利息支出的減少所抵銷。與去年同期相比，利息支出減少主要是由於信貸安排的加權平均利率下降，而加權平均利率下降是由於基準指數利率下降以及 2025 年 4 月信貸安排修訂導致適用利差利率下降所致，但部分被為投資組合增長而增加的平均借款所抵消。

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. Our external investment manager contributed $8.8 million to our net investment income during the third quarter, representing an increase of $900,000 from the same quarter a year ago and it was consistent with the contribution to our net investment income in the second quarter.

本季度，不包括利息支出在內的總營運費用佔平均總資產的百分比為 1.4%（按年率計算），過去 12 個月的百分比為 1.3%，繼續保持行業內最低水準。第三季度，我們的外部投資經理為我們的淨投資收益貢獻了 880 萬美元，比去年同期增加了 90 萬美元，與第二季度對我們淨投資收益的貢獻一致。

Our investment manager ended the quarter with total assets under management of $1.6 billion. During the quarter, we recorded net fair value appreciation, including net realized losses and net unrealized appreciation on the investment portfolio of $43.9 million. This increase was primarily driven by net fair value appreciation in our lower middle market and private loan investment portfolios, partially offset by net fair value depreciation in our external investment manager.

我們的投資經理本季末管理的資產總額為 16 億美元。本季度，我們錄得投資組合的淨公允價值增值，包括已實現淨損失和未實現淨增值，為 4,390 萬美元。此成長主要得益於我們中低端市場和私人貸款投資組合的淨公允價值增值，部分被我們外部投資管理人的淨公允價值貶值所抵銷。

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. The net fair value appreciation in our private loan portfolio was primarily driven by several specific portfolio companies and decreases in market spreads. The net fair value depreciation of our external investment manager was primarily driven by decreases in the evaluation multiples of publicly traded peers, which we use as one of the benchmarks for valuation purposes, partially offset by increased incentive fee income.

我們中低階市場投資組合的淨公允價值增值主要得益於我們投資組合中某些公司持續良好的業績表現。我們私人貸款組合的淨公允價值增值主要得益於幾家特定投資組合公司和市場利差的下降。我們外部投資管理人的淨公允價值貶值主要是由於上市同行的估值倍數下降所致，而上市同行的估值倍數是我們用作估值基準之一的指標，部分被激勵費用收入的增加所抵消。

We recognized net losses of $19.1 million in the quarter. The realized losses recognized were primarily the result of the restructures of two private loan investments and the full exits of two lower middle market investments, which were partially offset by a realized gain on the full exit of a lower middle market investment and the partial exit of another portfolio investment. We ended the third quarter with investments on non-accrual status comprising approximately 1.2% of the total investment portfolio at fair value and approximately 3.6% at cost.

本季我們確認淨虧損1910萬美元。已確認的已實現損失主要是由於兩項私人貸款投資的重組和兩項中低端市場投資的完全退出造成的，而一項中低端市場投資的完全退出和另一項投資組合的部分退出所實現的收益部分抵消了這些損失。第三季末，我們處於非應計狀態的投資以公允價值計算約佔總投資組合的 1.2%，以成本計算約佔 3.6%。

Net asset value or NAV increased by $0.48 per share over the second quarter and by $2.21 per share, or 7.2% when compared to a year ago, to a record NB per share of $32.78 at quarter end. Our regulatory debt to equity leverage calculated as total debt excluding SBIC debentures divided by NAV was 0.62 times, and our regulatory asset coverage ratio was 2.61 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.

第二季每股淨值 (NAV) 成長 0.48 美元，與去年同期相比成長 2.21 美元，增幅達 7.2%，季末每股淨值 (NB) 達到創紀錄的 32.78 美元。我們監管債務權益槓桿率（不包括 SBIC 債券的總債務除以淨資產值）為 0.62 倍，監管資產覆蓋率為 2.61 倍，這些比率仍然比我們長期目標範圍 0.8 至 0.9 倍和 2.25 至 2.1 倍更為保守。

We continue to be active this quarter on capital activities aided by our strong relationships as we continue to manage our near-term maturities and overall capital structure, diversity, and efficiency. In August 2025, we issued $350 million of unsecured investment grade notes maturing in August 2028 with an interest rate of 5.4%. In September 2025, we repaid the $150 million due on our December 2025 notes prior to their maturity and without any fees or penalties.

本季度，我們將繼續積極開展資本活動，並藉助我們強大的關係網絡，繼續管理我們的近期到期債務和整體資本結構、多元化和效率。2025 年 8 月，我們發行了 3.5 億美元的無擔保投資等級票據，將於 2028 年 8 月到期，利率為 5.4%。2025 年 9 月，我們提前償還了 2025 年 12 月到期的 1.5 億美元票據，且未收取任何費用或罰款。

Given our current liquidity position and recent investment activity, we continue to be less active during the third quarter in our ATM program, raising net proceeds of $6.7 million from equity issuances. After giving effect to the capital activities in the third quarter of 2025, we entered the fourth quarter of 2025 with strong liquidity, including cash and unused capacity under our credit facilities totaling over $1.5 billion with a near-term debt maturity of $500 million in July 2026.

鑑於我們目前的流動性狀況和最近的投資活動，我們在第三季度繼續減少 ATM 計劃的活躍度，透過股權發行籌集了 670 萬美元的淨收益。在 2025 年第三季完成資本活動後，我們進入 2025 年第四季時擁有強勁的流動性，包括現金和信貸額度未使用的額度總計超過 15 億美元，近期債務將於 2026 年 7 月到期，金額為 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. Because of the market uncertainty, we expect to continue to operate over the next few quarters 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管道是我們的重要優勢，這些優勢在歷史上已經證明對我們有利，並使我們為未來做好了充分準備，使我們能夠在當前市場的不確定性中繼續執行我們有吸引力的投資策略。由於市場存在不確定性，我們預計未來幾季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 before taxes per share for the quarter of $1.07 was $0.01 higher than DNII before taxes per share for the third quarter of last year and $0.04 lower than DNII before taxes per share for the second quarter. Looking forward, we expect fourth quarter of 2025 DNII before taxes of at least $1.05 per share, with the potential for upside driven by portfolio investment activities during the quarter.

回到我們的經營業績，本季稅前每股淨收益為 1.07 美元，比去年第三季稅前每股淨收益高出 0.01 美元，比第二季稅前每股淨收益低 0.04 美元。展望未來，我們預計 2025 年第四季稅前 DNII 至少為每股 1.05 美元，而該季度投資組合活動可能會帶來上漲空間。

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

接下來，我將把電話轉交給接線員，以便回答大家的問題。

(Operator Instructions)

（操作說明）

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

In your prepared marks, you indicated that the pipeline for investment activity is actually above average for both, and that it's a notable change for the private loan portfolio pipeline from last quarter. Maybe you just talk a little bit about the sustainability of that and what necessarily kind of changed in the private loan part of the [focus of the] middle market.

在您準備的評分中，您指出，兩者的投資活動儲備實際上都高於平均水平，而且與上個季度相比，私人貸款組合儲備發生了顯著變化。或許你可以稍微談談這種模式的可持續性，以及中階市場（重點）私人貸款部分必然發生了哪些變化。

Sure, Arren, I'll give a few comments. I'll let Nick add on if he has anything he wants to add.

當然，阿倫，我會發表一些意見。如果尼克還有什麼要補充的，我會讓他補充。

But I'd say this quarter we've just seen the pipeline grow significantly. I think overall from a market standpoint, from our perspective, you've seen an increase in overall activity and we've seen that come in both at the front end of the funnel and in transactions that we're working on that we expect to close, either in the fourth quarter or the first quarter, so overall I think it's been driven by more market activity. I think the quality of the transactions, consistency of the transactions with what we've done historically continues to be the same. So I think it's really driven more by market activity, but I'll let Nick add on any additional color.

但我認為本季我們已經看到專案儲備顯著成長。我認為從市場角度來看，從我們的角度來看，整體市場活動有所增加，無論是在銷售漏斗的前端還是在我們正在進行並預計將在第四季度或第一季度完成的交易中，都出現了增長，因此我認為總體而言，這是由更多的市場活動推動的。我認為交易的品質和交易的一致性與我們過去的做法保持一致。所以我認為這更多是由市場活動驅動的，但我會讓尼克補充更多細節。

I think what I would add there is it probably started the week after the last earnings call. So it's been picked up for a decent amount of time now, and I think we expect it to continue end at ‘26, and I'd say it's both in volume, the number of deals, and the overall deal sizes, and each transaction, it just overall the pipeline feels like it's more live and actually going to close and get to a finish line versus I'd say, over the last year, a lot of deals felt like they just weren't going to get anywhere and we're kind of just performing back and forth on LOIs. You don't really feel like you're going to get to a close transaction.

我認為需要補充的是，這種情況很可能是從上次財報電話會議後的那一週開始的。所以現在已經持續一段時間了，我認為我們預計它將繼續保持在26歐元左右。無論是交易數量、交易總額或每筆交易的規模，整體而言，交易管道感覺更加活躍，更有可能最終完成。相較之下，在過去一年裡，許多交易感覺都毫無進展，我們只是在意向書方面反覆拉鋸。你感覺這筆交易不太可能最終完成。

Got it.

知道了。

And you had an improvement in credit quality in the quarter at least from a statistical standpoint. Maybe you talk a little bit -- give us a little bit of more color about what was driving that.

從統計角度來看，本季信貸品質有所改善。或許你可以稍微談談──給我們詳細解釋一下是什麼促使你這麼做。

Yeah, I wouldn't say there's anything specific. I think overall in both the lower middle market and private loan portfolios, the companies are doing well. There's always some outliers, both in terms of companies doing exceptionally well and some underperforming when you've got a large, diversified portfolio like we have, but I wouldn't say there's anything specific quarter over quarter that changed. It's just overall the portfolio continues to perform at a high level.

是的，我倒不覺得有什麼特別的原因。我認為，無論是在中低端市場還是私人貸款組合方面，這些公司的整體表現都很好。在我們這樣擁有龐大且多元化投資組合的公司中，總是會有一些例外情況，既有表現特別好的公司，也有表現不佳的公司，但我不會說每季之間有什麼具體的變化。總體而言，該投資組合繼續保持高水準表現。

Healy Sheth with Raymond James.

Healy Sheth 與 Raymond James 合作。

Going back to the private loan portfolio, can you talk a little bit more about what was driving the $69-million net decrease? Was it primarily driven by elevated repayments, the slowing deal flow, or just less attractive opportunities in the current market environment? Any like additional color you can provide there?

回到私人貸款組合的話題，您能否再詳細談談導致淨減少 6,900 萬美元的原因？主要原因是還款金額增加、交易量減少，還是當前市場環境下機會吸引力下降？有其他顏色可以提供嗎？

Sure, I'd say it was a combination probably of all three. I think in general, as we had communicated on the last call, for the third quarter, our investment activity was a little bit below our expectations. We also had more than expected or more than normal repayment or prepayment activity, so I'd say it was a combination of those two factors that drove the decrease. I think as Nick said, we feel good about the pipeline today in addition to the new origination activity being higher from an expectation standpoint I think some of the prepayment activity is a little bit lighter, so I think it's just kind of a point in time in the third quarter you have both the lower originations and higher repayments that both occurred in the same quarter.

當然，我覺得可能是這三者共同作用的結果。我認為總體而言，正如我們在上次電話會議上所溝通的那樣，第三季我們的投資活動略低於預期。我們也出現了超出預期或超出正常水平的還款或預付款活動，所以我認為正是這兩個因素的結合導致了下降。我認為正如尼克所說，我們對目前的貸款儲備感到滿意，除了新增貸款活動高於預期之外，我認為一些提前還款活動有所減少，所以我認為這只是第三季度的一個特殊時期，同一季度內新增貸款減少，而還款增加的情況。

I was only going to add (multiple speakers) there is there there's probably a handful of deals that we expected to close late in the quarter that really got pushed in the fourth quarter, and they're still going to close. It just got pushed in this quarter versus the third quarter. Overall, it was a lighter origination, but some of it was just timing.

我本來只想補充一點（多位發言者）：可能有一些我們原本預計在本季度末完成的交易，實際上被推遲到了第四季度，但它們仍然會完成。只是這季度比第三季有所推遲。整體而言，這次事件的起因比較輕微，但部分原因只是時機把握得好。

Okay.

好的。

And do you see any of these trends shifting going into 4Q or is it more of the same?

您認為這些趨勢在第四季會改變嗎？還是會跟以前一樣？

I think overall, as Nick said, I think we feel good about the new investment expectations for Q4. I think we also feel pretty good about expectations for Q1 just given the strength of the pipeline both in the early stages and in the more developed stages. Looking out longer than that, it really it's going to come down to how active the private equity industry as a whole is, but I think for the near term, I think we feel pretty good about it.

總的來說，正如尼克所說，我們對第四季的新投資預期感到樂觀。我認為，鑑於我們產品線在早期階段和更成熟階段的實力，我們對第一季的預期也相當樂觀。從更長遠的角度來看，這實際上取決於整個私募股權行業的活躍程度，但我認為就短期而言，我們對此感覺相當不錯。

(Operator Instructions)

（操作說明）

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Hi, this is, Cory Johnson on for Doug.

大家好，我是科里·約翰遜，替道格為您報道。

The compensation expense was a little bit higher this quarter. And in the press release part of what you know to attribute that was an increase in headcount to support the portfolio and asset management activities. Can you talk a little bit about what type of roles those are and I guess you know what -- should we expect the headcount to continue to grow into this year and the end of this year and also into to next?

本季度薪資支出略有增加。新聞稿中提到，部分原因是增加了人手支持投資組合和資產管理活動。您能否談談這些職位的具體情況？另外，我想問的是──我們是否應該預期員工人數在今年年底以及明年繼續成長？

Sure Cory, thanks for the question. Thanks for joining us this morning.

當然可以，科里，謝謝你的提問。感謝您今天早上收看我們的節目。

I'd say that across the platform on the investment side, both lower middle market and private loan, we have been and continue to look for ways to grow our teams and our investment professionals. I think we view both market opportunities to be very attractive. The lower middle market is very people heavy or people intensive, just the nature of the activities, more of a private equity type investment strategy, so we are always looking to add resources there and we continue to be in that position today.

我想說，在整個平台的投資方面，無論是中低端市場還是私人貸款，我們一直在尋找並將繼續尋找方法來發展我們的團隊和投資專業人員。我認為這兩個市場機會都非常有吸引力。中低端市場是人力密集或勞動密集型市場，這是由其業務性質決定的，更適合私募股權類型的投資策略，因此我們一直在尋求增加這方面的資源，而且我們今天仍然處於這種狀態。

So some of that, headcount and comp increase would be concentrated there but we've also grown our private loan team significantly, not just for Main Street's portfolio and balance sheet, but as you know we've got the asset management business that we have been and we expect to continue to grow going forward. That growth is going to be almost exclusively focused on the private loan, private credit side. So we've also been working -- Nick and his team have been working to grow, our team there. So I'd say it's on both sides.

因此，部分人員增加和薪資成長將集中在那裡，但我們也大幅擴大了私人貸款團隊，不僅是為了服務主街銀行的投資組合和資產負債表，而且正如您所知，我們還有資產管理業務，我們預計未來將繼續成長。這種成長將幾乎完全集中在私人貸款、私人信貸領域。所以我們也一直在努力——尼克和他的團隊一直在努力發展壯大我們那裡的團隊。所以我覺得雙方都有問題。

All right.

好的。

And then I guess do you happen to have any targets for your RIA in terms of like AUM for 2026 that you could possibly share? Is there a range or anything at all that you're looking to hit?

那麼，能否分享一下您RIA在2026年的資產管理規模（AUM）目標？你想達到什麼目標範圍或具體目標嗎？

Yeah, we haven't shared any specific guidance, Cory. I think our goal and our expectation is that we will grow AUM. We'll grow it two ways. Right now, as you likely recall, we have our largest asset management business client, MSC Income Fund, which is a publicly traded BDC. It has the opportunity at the end of January of 2026 to have a significant increase in its regulatory leverage capacity. We would expect to expand the leverage capacity there – those -- that capital or those proceeds would be invested in the private loan, private credit space. So we think that'll be the biggest catalyst going forward into 2026. We also have our second private fund MS Private Loan Fund II that's still kind of in the earlier stages of its investment deployment activities that should ramp up significantly in 2026 as well. But outside of giving guidance that those are the two catalysts, we have not given specific guidance for how much we expect the AUM to grow in 2026.

是的，我們沒有提供任何具體指導，科里。我認為我們的目標和期望是實現資產管理規模的成長。我們將透過兩種方式發展它。您可能還記得，我們​​目前最大的資產管理業務客戶是 MSC Income Fund，它是一家公開交易的商業發展公司 (BDC)。它有機會在 2026 年 1 月底大幅提高其監管槓桿。我們預計會擴大那裡的槓桿能力——這些資本或收益將投資於私人貸款、私人信貸領域。所以我們認為這將是2026年之前最大的催化劑。我們還有第二支私募股權基金 MS Private Loan Fund II，目前仍處於投資部署活動的早期階段，預計在 2026 年也將大幅加速。除了指出這是兩個催化劑之外，我們還沒有給出關於 2026 年資產管理規模預計成長多少的具體指引。

Thanks.

謝謝。

And if I could just ask one more. You spoke about how your LLM companies are sort of talking about AI and sort of how to integrate that. Have you seen, I guess in those conversation that have companies been mentioning that AI is making significant efficiency gains and are they showing up at all in like the valuations that perhaps that you might be able to realize either now or do you expect that to possibly make a difference in upcoming quarters, something soon.

如果可以的話，我還能再問一個問題嗎？你提到你的LLM公司正在討論人工智慧以及如何將其整合到LLM中。我想，在那些討論中，您是否注意到一些公司提到人工智慧正在帶來顯著的效率提升？這些提升是否已經體現在估值上？您是否預計人工智慧會在接下來的幾季或不久的將來產生影響？

Sure, Cory, I'd say it's more forward-looking. I don't think we've seen significant benefit from AI from a historical standpoint or any of the evaluations that we have today. I do think we're excited as our portfolio companies and their management teams are that there's a lot of opportunities through the implementation of AI. So I think we're excited about that but it would be more forward-looking as opposed to historical.

當然，科里，我覺得它更具前瞻性。從歷史角度或我們目前的任何評估來看，我認為我們還沒有看到人工智慧帶來顯著的好處。我認為，我們和投資組合中的公司及其管理團隊一樣感到興奮，因為人工智慧的實施帶來了許多機會。所以我覺得我們對此感到興奮，但這會更著眼於未來，而不是歷史。

This now concludes our question-and-answer session, and I would now like to turn the floor back over to management for closing comments.

問答環節到此結束，現在我想把發言權交還給管理階層，請他們做總結發言。

We just want to say thank you again to everyone for joining us this morning. I think it'll be a few months before we talk to you again, so hopefully everyone has a happy holidays, and we look forward to talking to you again with our next update call in February after the results for the fourth quarter and the year end for Main Street.

我們再次感謝今天早上所有到場的各位。我想我們可能要過幾個月才能再次與您聯繫，所以希望大家假期愉快，我們期待在2月份的下一次更新電話會議上與您再次交談，屆時我們將公佈第四季度和全年的Main Street業績。

Thank you.

謝謝。

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

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。