Main Street Capital Corp (MAIN) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Main Street Capital first-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Main Street Capital 第一季財報電話會議。(接線員指示) 提醒您，本次會議將被錄音。

I would now like to turn the conference over to your host, Zach Vaughan. You may begin.

現在我將把會議交給主持人 Zach Vaughan。您可以開始了。

Thank you, operator, and good morning, everyone. Thank you for joining us for Main Street Capital Corporation's first-quarter 2026 earnings conference call. 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.

謝謝，接線員，各位早安。感謝各位參加 Main Street Capital Corporation 2026 年第一季財報電話會議。今天與我一同進行事先準備發言的有：執行長 Dwayne Hyzak；總裁兼投資長 David Magdol；以及財務長 Ryan Nelson。另外，參與問答環節的還有 Main Street 私人信貸投資團隊之董事總經理暨主管 Nick Meserve。

Main Street issued a press release yesterday afternoon that details the company's first-quarter financial and operating results. This document is available on the investor relations section of the company's website at mainstcapital.com. The replay of today's call will be available beginning an hour after the completion of the call and will remain available until May 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.

Main Street 昨天下午發布新聞稿，詳述公司第一季的財務與營運結果。該文件可於公司網站 mainstcapital.com 的投資人關係專區取得。今日電話會議的重播將於會議結束後一小時開始提供，並將持續至 5 月 15 日。如何收聽重播的資訊已包含於昨日的新聞稿中。我們也提醒您，本次電話會議將透過網際網路進行即時直播，並可於公司首頁收看。

Please note that information reported on this call speaks only as of today, May 8, 2026, 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.

請注意，本次電話會議所揭露之資訊僅截至今日（2026 年 5 月 8 日）為準，因此提醒您，任何具時效性的資訊在日後收聽重播或閱讀逐字稿時，可能已不再準確。

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.

今日電話會議將包含前瞻性陳述。許多前瞻性陳述可透過使用「預期」、「相信」、「預估」、「打算」、「將」、「應」、「可能」或類似用語加以辨識。這些陳述係基於管理階層於本次電話會議日期之估計、假設與預測，且不保證未來表現。

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、不確定性及其他因素，實際結果可能與這些陳述所明示或暗示之結果存在重大差異，包括但不限於公司向美國證券交易委員會（SEC）提交之文件中所列因素；相關文件可於公司網站或 sec.gov 查閱。Main Street 除非法律要求，否則不承擔更新任何此等陳述之義務。

During today's call, management will discuss non-GAAP financial measures, including distributable net investment income, or DNII, and DNII before taxes. 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. DNII before taxes is NII as determined in accordance with GAAP, excluding the impact of non-cash compensation expenses and any tax expenses included in NII.

在今日電話會議中，管理階層將討論非 GAAP 財務衡量指標，包括可分配淨投資收益（distributable net investment income，DNII）以及稅前 DNII。DNII 係指依照美國一般公認會計原則（GAAP）所認列之淨投資收益（net investment income，NII），排除非現金薪酬費用之影響。稅前 DNII 係指依 GAAP 所認列之 NII，排除非現金薪酬費用之影響，以及 NII 中所包含之任何稅費。

Management believes that presenting DNII and DNII before taxes and the related per share amounts is useful and appropriate supplemental disclosure for analyzing Main Street Capital Corporation's financial performance since non-cash compensation expenses do not result in a net cash impact to Main Street upon settlement. And tax expenses included in NII may include excise tax expense, which is not solely attributable to NII and deferred taxes, which are not payable in the current period. Please refer to yesterday's press release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

管理階層認為，揭露 DNII、稅前 DNII 及其每股相關數據，作為分析 Main Street Capital Corporation 財務表現之補充資訊，係屬有用且適當，因為非現金薪酬費用在結算時不會對 Main Street 造成淨現金影響。此外，NII 中所包含之稅費可能包括消費稅（excise tax）費用（其並非僅可歸因於 NII）以及遞延所得稅（deferred taxes）（其於當期不需支付）。請參閱昨日新聞稿，以取得這些非 GAAP 指標與最直接可比較之 GAAP 財務指標之調節表。

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 the average quarterly NAV. 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.

管理階層在本次電話會議中還將討論另外兩項關鍵績效指標：每股淨資產價值（net asset value，NAV）以及股東權益報酬率（return on equity，ROE）。NAV 定義為總資產減總負債，並同時以每股基礎揭露。Main Street 將 ROE 定義為營運所導致之淨資產淨增加額，除以季度平均 NAV。請注意，本次電話會議中討論之部分資訊（包括與投資組合公司相關之資訊）係取自第三方來源，且未經獨立驗證。

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

接下來我將把電話會議交給 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 is doing well. On today's call, we will provide our key quarterly updates, after which we'll be happy to take your questions.

謝謝你，Zach。各位早安，感謝各位加入我們。我們感謝各位今天早上的參與。希望大家一切都好。在今天的電話會議中，我們將提供本季的重點更新，之後很樂意回答各位的問題。

We are pleased with our performance in the first quarter. Particularly given the backdrop of significant economic and geopolitical uncertainties, which resulted in DNII before taxes per share, in line with our expectations and prior guidance, and strong investment activity in our lower-middle-market investment strategy following our very strong investment activity in the fourth quarter of 2025, resulting in significant growth of our lower-middle-market investment portfolio over the last two quarters.

我們對第一季的表現感到滿意。特別是在重大經濟與地緣政治不確定性的背景下，我們的每股稅前 DNII 與我們的預期及先前指引一致；同時，在 2025 年第四季投資活動非常強勁之後，我們於低中型市場（lower middle market）投資策略方面仍維持強勁投資活動，使得過去兩個季度我們的低中型市場投資組合顯著成長。

We believe that these results continue to demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies, and the continued strength and quality of our portfolio companies, particularly our lower-middle-market portfolio companies. We're also pleased that we further strengthened our capital structure since the beginning of the year, despite the challenging environment, which Ryan will discuss in more detail.

我們相信，這些結果持續展現我們整體平台的可持續實力、我們具差異化且多元化投資策略所帶來的效益，以及我們投資組合公司（尤其是低中型市場投資組合公司）的持續強勁與高品質。我們也很高興，儘管環境具挑戰性，我們自年初以來仍進一步強化了資本結構，Ryan 將就此進行更詳細的說明。

Given our strong liquidity position and conservative leverage profile, we're very well positioned to continue the growth of our investment portfolio for the foreseeable future. We are excited about the current opportunities we are seeing. 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.

鑑於我們強勁的流動性部位與保守的槓桿水準，我們在可預見的未來非常有利於持續擴大投資組合規模。我們對目前所看到的機會感到振奮。我們仍有信心，憑藉我們獨特的投資收益與價值創造驅動因素，加上具成本效率的營運與保守的資本結構，將使我們未來能持續為股東帶來優異成果。

Our favorable DNII before taxes for the first quarter and net realized gains over the last two quarters, combined with our outlook for the second quarter, resulted in our most recent dividend announcements, which I will discuss in more detail later.

第一季良好的稅前 DNII 與過去兩個季度的已實現淨收益，再加上我們對第二季的展望，促成了我們最近的股利公告；我稍後將更詳細說明。

Our NAV per share increased in the quarter, primarily due to the accretive impact of our equity issuances and the impact of a net fair value increase in our lower-middle-market investment portfolio, partially offset by net fair value decreases in our private loan investment portfolio and our asset management business, which Ryan will discuss in more detail.

本季我們的每股 NAV 上升，主要係因股權發行帶來的增厚（accretive）效果，以及低中型市場投資組合淨公允價值上升之影響；部分被私人貸款投資組合及資產管理業務之淨公允價值下降所抵銷，Ryan 將進一步說明。

Continued favorable performance of the majority of our lower-middle-market portfolio companies resulted in another quarter of favorable dividend income contributions and 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 favorable contributions to continue.

我們多數低中型市場投資組合公司持續表現良好，使本季再次帶來有利的股利收入貢獻，並推動我們低中型市場股權投資的淨公允價值上升。根據我們目前對這些投資的看法以及投資組合公司管理團隊的回饋，我們預期這些有利貢獻將會延續。

We're also pleased to have exited our investments in a high-performing low and middle-market portfolio company, KBK Industries, in the first quarter, resulting in a material realized gain in addition to the significant dividends received over the life of our equity investment.

我們也很高興在第一季退出了我們於一家表現優異的低與中型市場投資組合公司 KBK Industries 的投資，除在股權投資存續期間已收取可觀股利外，亦帶來一筆重大的已實現收益。

We 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, in which we believe further highlights the strength and quality of our portfolio companies and their exceptional leadership teams.

我們持續看到潛在買方對我們數家低中型市場投資組合公司抱持高度興趣；我們預期這將在未來幾個季度帶來有利的處分實現（realizations），並進一步凸顯我們投資組合公司的實力與品質，以及其卓越的領導團隊。

We're also excited about the new and follow-on investments we made in our lower-middle-market strategy during the quarter, which included investments in three new portfolio companies. And follow-on investments in five high-performing portfolio companies to support strategic acquisitions, resulting in a net increase in lower-middle-market investments of $157 million. 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 increase in private loan investments of $37 million. David will discuss our investment activity in more detail.

我們也對本季在低中型市場策略中所進行的新投資與追加投資感到振奮，其中包括投資於三家新的投資組合公司。並對五家表現優異的投資組合公司進行追加投資，以支持策略性併購，使低中型市場投資淨增加 1.57 億美元。本季我們的私人貸款投資活動低於我們預期的正常季度水準，主要因私募股權產業整體投資活動水準較低，導致私人貸款投資淨增加 3,700 萬美元。David 將更詳細說明我們的投資活動。

We also continue to produce positive results in our Asset Management business. The funds we advise through our external investment manager continue to experience favorable performance in the first quarter, resulting in a meaningful incentive fee income for our Asset Management business, and together with our recurring base management fees, a significant contribution to our net investment income. We remain excited about our plans for the external funds that we manage, and we're 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.

我們的資產管理業務也持續取得正面成果。我們透過外部投資管理人所提供諮詢的基金，在第一季持續展現良好績效，為我們的資產管理業務帶來可觀的績效獎勵費收入，並與我們經常性的基本管理費一併，對我們的淨投資收益作出顯著貢獻。我們對於所管理之外部基金的規劃仍感到振奮，並對基金未來的表現以及我們為各基金投資人提供的具吸引力報酬抱持樂觀，同時也看好我們在內部管理架構下擴大資產管理業務的策略。

Part of these efforts, we remain focused on growing the investment portfolio of MSE Income Fund, a publicly traded BDC advised by our external investment manager, which is solely focused on the private loan investment strategy with respect to new portfolio company investments. The result of the increase to its regulatory debt capacity, which became effective at the end of January 2026, the fund maintained significant capacity to add additional debt to fund future growth of its investment portfolio. [MSC] Income fund's first-quarter 2006 financial results conference call will be held later this morning for those who would like additional details.

作為上述努力的一部分，我們仍專注於擴大 MSE Income Fund 的投資組合；該基金為一家公開交易的 BDC，由我們的外部投資管理人提供投資建議，且在新投資組合公司投資方面，僅聚焦於私募貸款投資策略。由於其監管負債承擔能力的提高已於 2026 年 1 月底生效，該基金仍保有可觀的額外舉債空間，以支應其投資組合未來成長。[MSC] Income Fund 的 2006 年第一季財務結果電話會議將於今天稍晚舉行，供希望取得更多細節者參與。

Based upon our results for the first quarter, combined with our favorable outlook for the second quarter. Earlier this week, our Board declared a supplemental dividend of $0.30 per share payable in June, representing our 19th consecutive quarterly supplemental dividend and an increase to our regular monthly dividends for the third quarter of 2026 to $0.265 per share. These third-quarter regular monthly dividends represent a 3.9% increase from the regular monthly dividends paid in the third quarter of 2025.

基於我們第一季的業績表現，並結合我們對第二季的正向展望。本週稍早，我們董事會宣告每股 0.30 美元的特別股利，將於 6 月發放；這是我們連續第 19 季發放特別股利，並同時將 2026 年第三季的每月例行股利提高至每股 0.265 美元。上述第三季每月例行股利，較 2025 年第三季所支付的每月例行股利增加 3.9%。

Supplemental dividend for June is a result of our favorable level of DNII before taxes in the first quarter and our net realized gains over the last two quarters. It will result in total supplemental dividends paid during the trailing 12-month period of $1.20 per share, representing an additional 39% paid to our shareholders in excess of our regular monthly dividends.

6 月的特別股利係源於我們第一季稅前 DNII 的有利水準，以及過去兩季的已實現淨收益。這將使過去 12 個月期間所支付的特別股利合計達每股 1.20 美元，代表除每月例行股利之外，另向股東額外支付 39%。

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

目前我們預期將建議董事會在未來持續宣告特別股利，前提是稅前 DNII 顯著高於我們已支付的每月例行股利，或我們產生已實現淨收益，且我們在未來季度維持穩定至正向的 NAV。基於我們對第二季持續良好表現的預期，我們目前預計將提議於 2026 年 9 月支付另一筆可觀的特別股利。

Now turning to our current investment pipeline. As of today, I would characterize our lower-middle-market investment pipeline as average. Consistent with our experience in prior periods of broad economic uncertainty, we believe that our ability to provide highly flexible and customized financing solutions to lower-middle-market companies and their owners and management teams, together with our differentiated long-term to permanent holding periods, represents an even more attractive solution to the needs of many lower-middle-market companies, and we're excited about our expectations for continued growth of our lower-middle-market investment portfolio.

接著談談我們目前的投資案源。截至今日，我會將我們的中小型市場（lower-middle-market）投資案源評估為一般水準。與我們在過往經濟不確定性普遍升高期間的經驗一致，我們相信，我們能為中小型市場公司及其所有人與管理團隊提供高度彈性且量身打造的融資解決方案，再加上我們具差異化的長期至永久持有期間，對許多中小型市場公司而言更具吸引力；我們也對中小型市場投資組合持續成長的展望感到振奮。

Similarly, in our private loan investment strategy, we are seeing an improved lending environment and significant opportunities, which we believe position us well to capitalize on new private loan investment opportunities and to generate growth for our private loan investment portfolio and our Asset Management business. And as of today, I've characterized our private loan investment pipeline as average.

同樣地，在我們的私募貸款投資策略方面，我們看到放款環境改善且機會顯著增加；我們認為這使我們具備良好條件把握新的私募貸款投資機會，並推動私募貸款投資組合及資產管理業務的成長。截至今日，我也將我們的私募貸款投資案源評估為一般水準。

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

接下來，我把電話交給 David。

Thanks, Dwayne, and good morning, everyone. As Dwayne highlighted in his remarks, we believe that our first 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 our portfolio companies continues to be positive, which contributed to our favorable first-quarter financial results.

謝謝你，Dwayne，各位早安。如同 Dwayne 在談話中所強調，我們相信第一季的財務結果持續展現 Main Street 平台的實力、我們具差異化的投資方法，以及我們獨特的營運模式。我們很高興報告，我們投資組合公司的整體營運表現持續正向，進而促成我們第一季良好的財務結果。

Despite the continued heightened level of uncertainty in the overall economy, we remain confident in the ability of our portfolio companies to continue to navigate the current environment. Each quarter, we try to highlight a key aspect of our differentiated investment strategy. This quarter, we'd like to revisit reasons why we believe that our structure as a publicly traded company with the significant benefits of permanent capital is a great match within our lower-middle-market strategy.

儘管整體經濟仍處於高度不確定的狀態，我們仍對投資組合公司持續因應當前環境的能力充滿信心。每一季，我們都會嘗試強調我們具差異化投資策略的一個關鍵面向。本季，我們想再次說明為何我們認為，作為一家公開交易公司並享有永久資本的重大優勢，與我們的中小型市場策略高度契合。

First, we believe that our permanent capital structure allows us to be the ideal, long-term to permanent partner for the owner-operators and management teams of privately held businesses. One of the challenges for a typical institutional investor in private equity is that they cannot provide a long-term partnership solution for business owners or their management teams due to the finite life of their investment funds.

首先，我們認為永久資本架構使我們能成為私營企業的業主經營者與管理團隊理想的長期至永久合作夥伴。典型的私募股權機構投資人面臨的一項挑戰是，由於其投資基金具有有限存續期間，他們無法為企業主或其管理團隊提供長期合作的解決方案。

Our permanent capital structure and long-term to permanent lower-middle-market investment strategy provides us with the flexibility to provide significantly more beneficial long-term structural considerations as opposed to relying solely on price as the competitive advantage. As a result, we believe our flexibility results in highly attractive customized investment structures that other investors simply cannot provide.

我們的永久資本架構與長期至永久的中小型市場投資策略，使我們具備彈性，能提供更有利的長期結構性安排，而非僅以價格作為競爭優勢。因此，我們相信這種彈性可帶來極具吸引力、量身打造的投資架構，是其他投資人根本無法提供的。

In addition, our ability to be a long-term to permanent partner in the companies we invest in allows the owners of these businesses and their management teams the ability to maintain the identity and independence of their companies, while also pursuing the best long-term strategy to achieve attractive outcomes for all of their company stakeholders.

此外，我們能在所投資公司中扮演長期至永久的合作夥伴，使這些企業的所有人與管理團隊得以維持公司身分與獨立性，同時追求最佳的長期策略，為公司所有利害關係人創造具吸引力的成果。

Second, our long-term holding periods also result in a diversified portfolio of investments in more mature companies that typically have lower relative leverage profiles since they use free cash flow from operations to deleverage over time. As our companies deleverage, we work proactively with our portfolio company executives and individual equity owners to decide how they can continue to generate the best returns for the equity owners of these businesses.

第二，我們較長的持有期間也使投資組合更為分散，並涵蓋較成熟的公司；這些公司通常具有較低的相對槓桿水準，因為它們會運用營運所產生的自由現金流，隨時間推進而降低槓桿。當我們的公司降低槓桿時，我們會主動與投資組合公司的高階主管及個別股權所有人合作，決定如何持續為這些企業的股權所有人創造最佳報酬。

This tends to create three attractive opportunities through which our high-performing lower-middle-market portfolio companies can create value. The opportunity to thoughtfully execute on internal and external growth initiatives to achieve long-term equity capital appreciation, continued deleveraging from internally generated cash flow to achieve equity appreciation, and the opportunity to pay significant dividends to shareholders of the business.

這通常會創造三項具吸引力的機會，讓我們表現優異的中小型市場投資組合公司得以創造價值。包括：審慎推動內部與外部成長計畫以實現長期股權資本增值；透過內生現金流持續去槓桿以達成股權增值；以及向企業股東支付可觀股利的機會。

We often see our portfolio companies take advantage of several of these value-creating opportunities. Given our unique strategy, we are well aligned with our portfolio company operating partners to evaluate and pursue the best alternatives to create shareholder value since we share the benefits of equity ownership with them.

我們經常看到投資組合公司同時運用其中數項創造價值的機會。鑑於我們獨特的策略，我們與投資組合公司的營運合作夥伴在評估並追求最佳替代方案以創造股東價值方面高度一致，因為我們與他們共享股權所有權所帶來的利益。

Alternatively, should one of our portfolio companies face difficult industry headwinds or economic conditions or other challenges, since they have lower relative leverage profiles and the benefits of a long-term institutional partner, they tend to be well positioned to either work through any negative economic cycles as they arise and pursue acquisitions when valuations are most attractive. Either way, our lower-middle-market portfolio companies have the added benefit of a highly aligned partner in Main Street to help them work through potentially challenging times.

相對地，若我們的某家投資組合公司面臨艱困的產業逆風、經濟情勢或其他挑戰，由於其相對槓桿較低，且擁有長期機構合作夥伴的優勢，通常能在負面經濟循環出現時妥善度過，並在估值最具吸引力時進行併購。無論哪種情況，我們的中小型市場投資組合公司都額外受益於與 Main Street 高度一致的合作夥伴關係，協助其度過可能具挑戰性的時期。

Our lower-middle-market portfolio currently includes 48 companies that have been in our portfolio for greater than five years, including 21 that have been in our portfolio for more than a decade. We are excited about our partnerships with these lower-middle-market companies and the future opportunities they represent.

我們的中小型市場投資組合目前包含 48 家持有超過五年的公司，其中 21 家已在我們投資組合中超過十年。我們對與這些中小型市場公司的合作關係，以及其所代表的未來機會感到振奮。

The first quarter of 2026 represented another attractive period for add-on investments for our lower-middle-market companies, whereby we supported five of our portfolio companies with additional capital for growth initiatives.

2026 年第一季是我們中小型市場公司進行附加投資（add-on investments）的另一個具吸引力期間；我們以額外資本支持其中五家投資組合公司推動成長計畫。

Because of Main Street's strong capital availability, long-term-investment horizon, and ability to provide both debt and equity capital to our portfolio companies, we are well situated to move quickly to support our portfolio companies, not only on the initial transaction, but also when they identify growth initiatives.

由於 Main Street 具備強勁的資本可用性、長期投資視野，以及能同時為投資組合公司提供債務與股權資本的能力，我們處於有利位置，能迅速採取行動支持投資組合公司，不僅在初始交易時如此，當它們辨識出成長計畫時亦然。

Today, the environment for add-on acquisitions by our portfolio companies remains strong, and we welcome the opportunity to make incremental investments in our high-performing, lower-middle-market portfolio companies. In both of these situations, Main Street is pleased to provide most, if not all, of the cash needs for our portfolio companies to complete their highly strategic acquisitions.

目前，我們投資組合公司進行附加併購（add-on acquisitions）的環境仍然強勁，我們也樂於把握機會，對我們表現優異的中小型市場投資組合公司進行增量投資。在這兩種情況下，Main Street 很高興能提供我們投資組合公司完成其高度策略性併購所需的大部分（若非全部）現金需求。

These acquisitions provide our portfolio companies, their owner-operators, and their management teams the opportunities to benefit from the significant equity value creation opportunities produced through combined economies of scale, cross-selling opportunities, and other synergies that are expected to result from add-on acquisitions.

這些收購為我們的投資組合公司、其所有者—經營者以及其管理團隊提供機會，得以受益於透過附加收購預期帶來的合併規模經濟、交叉銷售機會及其他協同效應所產生的顯著股權價值創造機會。

We welcome the opportunity to support our lower-middle-market portfolio companies as they seek to invest incremental capital in support of both internal and external growth initiatives, and we believe our seasoned lower-middle-market portfolio will continue to provide attractive follow-on investment opportunities in the future.

我們樂於把握機會支持我們的低中端市場投資組合公司，協助其投入增量資本以支持內部與外部成長計畫；我們相信，我們經驗成熟的低中端市場投資組合未來仍將持續提供具吸引力的後續投資機會。

Now turning to the composition of our investment portfolio. As of March 31, we continue to maintain a highly diversified portfolio with investments in 189 companies spanning across numerous industries and end markets. Our largest portfolio companies, excluding the external investment manager, represented only 4.5% of our total investment income for the trailing 12-month period and 3.4% of our total investment portfolio at fair value at quarter end. The majority of our portfolio investments represented less than 1% of our income and our assets.

接下來談談我們投資組合的構成。截至3月31日，我們仍維持高度分散的投資組合，投資於橫跨多個產業與終端市場的189家公司。我們最大的投資組合公司（不含外部投資管理人）在過去12個月期間僅占我們總投資收益的4.5%，並在季末按公允價值計占我們總投資組合的3.4%。我們的大多數投資組合投資項目占我們收益與資產的比重均低於1%。

Our lower-middle-market investment activity in the first quarter included total investments of approximately $206 million, including total investments of $105 million in three new lower-middle-market portfolio companies, which, after aggregate investment activity resulted in a net increase in our lower-middle-market portfolio of $157 million. In our private loan strategy, we completed $149 million in total private loan investments, which after aggregate investment activity, resulted in net Increase in our private loan portfolio of $37 million.

第一季我們在低中端市場的投資活動包含約2.06億美元的總投資，其中包括對三家新的低中端市場投資組合公司合計1.05億美元的總投資；在彙總投資活動後，使我們的低中端市場投資組合淨增加1.57億美元。在我們的私募貸款策略方面，我們完成了合計1.49億美元的私募貸款投資；在彙總投資活動後，使我們的私募貸款投資組合淨增加3,700萬美元。

At the end of the first quarter, our lower-middle-market portfolio included investments in 93 companies, representing $3.2 billion of fair value, which was 25% above our related cost basis. And our private loan portfolio included investments in 85 companies, representing $2 billion of fair value. [Sole] investment portfolio at fair value at quarter end was 115% of the related cost basis. Additional details in our investment portfolio at quarter end are included in the press release that we issued yesterday.

第一季末，我們的低中端市場投資組合包含對93家公司的投資，公允價值為32億美元，較相關成本基礎高出25%。而我們的私募貸款投資組合包含對85家公司的投資，公允價值為20億美元。[Sole]季末按公允價值計的投資組合為相關成本基礎的115%。關於季末投資組合的更多細節，已載於我們昨日發布的新聞稿中。

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

接下來，我將把電話會議交給Ryan，由他說明我們的財務結果、資本結構與流動性狀況。

Thank you, David. To echo Dwayne's and David's comments, we are pleased with our operating results for the first quarter, given the current environment. Our total investment income for the first quarter was $140.1 million, increasing by $3.1 million or 2.2% over the first quarter of 2025, and decreasing by $5.4 million or 3.7% from the fourth quarter of 2025.

謝謝你，David。呼應Dwayne與David的評論，鑑於目前的環境，我們對第一季的營運成果感到滿意。第一季我們的總投資收益為1.401億美元，較2025年第一季增加310萬美元（2.2%），並較2025年第四季減少540萬美元（3.7%）。

Interest income increased by $7.3 million from a year ago and by $2.5 million from the fourth quarter of 2025. The increases from prior year and fourth quarter were principally attributable to the impact of higher levels of income-producing debt investments, partially offset by a decrease in interest rates, primarily resulting from decreases in benchmark index rates on our floating rate debt investments and the negative impact from investments on non-accrual status.

利息收入較一年前增加730萬美元，較2025年第四季增加250萬美元。相較前一年與第四季的增加，主要歸因於產生收益的債務投資規模提高所帶來的影響，但部分被利率下降所抵銷；利率下降主要源自我們浮動利率債務投資的基準指數利率下調，以及處於停止計息（non-accrual）狀態投資所帶來的負面影響。

Dividend income decreased by $7.8 million when compared to a year ago after a $700,000 increase in unusual or non-recurring dividends, and decreased by $7.7 million from the fourth quarter, including a $3.5 million decrease in unusual or non-recurring dividends.

股利收入較一年前減少780萬美元（其中不尋常或非經常性股利增加70萬美元），並較第四季減少770萬美元（其中不尋常或非經常性股利減少350萬美元）。

The decreases in dividend income for both comparable periods are primarily a result of the performance of our lower-middle-market companies and their capital allocation decisions relative to prior periods and the decrease in non-recurring dividends.

兩個可比期間股利收入的下降，主要是由於我們低中端市場公司的經營表現及其相較以往期間的資本配置決策，以及非經常性股利的減少。

Fee income increased by $3.6 million from a year ago and decreased by $300,000 from the fourth quarter. The increase in fee income from prior year is primarily due to higher closing fees on new and follow-on investments and an increase in fee income from the refinancing and prepayment of debt investments and other investment activity. Fee income considered non-recurring increased by $1 million from a year ago and by $500,000 from the fourth quarter of 2025.

費用收入較一年前增加360萬美元，較第四季減少30萬美元。費用收入較前一年增加，主要由於新投資與後續投資的成交費較高，以及債務投資再融資與提前償還及其他投資活動帶來的費用收入增加。被視為非經常性的費用收入較一年前增加100萬美元，較2025年第四季增加50萬美元。

The first quarter included income considered less consistent or non-recurring in nature, primarily related to accelerated fee income and dividends from our equity investments, which totaled $4.1 million. These income items were $1.7 million or $0.02 per share higher than the first quarter of 2025; $3.5 million or $0.04 per share lower than the fourth quarter; and $1.5 million or $0.02 per share lower than the prior fourth-quarter average. These decreases were primarily due to lower non-recurring dividends from our lower-middle-market portfolio companies.

第一季包含被視為較不穩定或具非經常性質的收入，主要與加速認列的費用收入以及我們股權投資的股利有關，合計410萬美元。這些收入項目較2025年第一季高出170萬美元（每股0.02美元）；較第四季低350萬美元（每股0.04美元）；並較前一個第四季平均值低150萬美元（每股0.02美元）。這些下降主要由於我們低中端市場投資組合公司的非經常性股利較低。

Our operating expenses increased by $5 million over the first quarter of 2025 and by $800,000 from the fourth quarter. The increase in operating expenses from the prior year was largely driven by increases in interest expense, cash compensation-related expenses, and deferred compensation expense.

我們的營運費用較2025年第一季增加500萬美元，較第四季增加80萬美元。相較前一年營運費用的增加，主要由利息費用、現金薪酬相關費用及遞延薪酬費用的增加所驅動。

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, partially offset by a decrease in the weighted average interest rate on our credit facilities resulting from decreases in benchmark index interest rates and decreases in the applicable margin rates resulting from the amendments of our credit facilities in April 2025, and a decrease in the weighted average interest rate on our unsecured debt obligations resulting from early repayment of the 2025 notes and the issuance of the August 2028 notes.

利息費用較一年前增加，主要由於為支持投資組合成長而提高平均借款水準；但部分被以下因素抵銷：基準指數利率下降使我們信用融資安排的加權平均利率降低、2025年4月修訂信用融資安排使適用利差下降，以及因提前償還2025年票據並發行2028年8月票據而使我們無擔保債務義務的加權平均利率下降。

The ratio of our total operating expenses, excluding interest expense, as a percentage of our average total assets, was 1.3% for the quarter on an annualized basis in the trailing 12-month period and continues to be among the lowest in our industry.

以我們平均總資產為基礎計算、並排除利息費用後的總營運費用比率，在過去12個月期間按年化計為1.3%，且仍為本產業中最低水準之一。

Our external investment manager contributed $8.3 million to our net investment income during the first quarter, representing an increase to $500,000 from the same quarter a year ago, and a decrease of $900,000 from the fourth quarter.

第一季我們的外部投資管理人對我們的淨投資收益貢獻830萬美元，較一年前同季增加50萬美元，較第四季減少90萬美元。

Our external investment manager earned gross incentive fees of $4 million during the first quarter and waived $1 million in incentive fees from MSC Income Fund, resulting in net incentive fees of $3 million. This net result represents an increase of $300,000 in net incentive fees from prior year and a decrease of $1.2 million compared to the fourth quarter of 2025.

第一季我們的外部投資管理人賺取總額400萬美元的激勵費，並自MSC Income Fund豁免100萬美元的激勵費，使淨激勵費為300萬美元。此淨結果較前一年淨激勵費增加30萬美元，較2025年第四季減少120萬美元。

Our external investment manager ended the quarter with total assets under management of $1.8 billion. During the quarter, we recorded net fair value depreciation, including net unrealized depreciation and net realized gains, on the investment portfolio of $32.6 million. This decrease was primarily driven by net fair value depreciation in our private loan investment portfolio, our external investment manager, and our middle market investment portfolio, partially offset by net fair value appreciation in our lower-middle-market investment portfolio.

我們的外部投資管理人在季末的管理資產總額為18億美元。本季我們在投資組合上認列淨公允價值減損（包含淨未實現減損與淨已實現收益）3,260萬美元。此下降主要由我們私募貸款投資組合、外部投資管理人以及中端市場投資組合的淨公允價值減損所驅動，部分被我們低中端市場投資組合的淨公允價值增值所抵銷。

The net fair value depreciation in our private loan portfolio was primarily driven by depreciation on a specific portfolio company and increases in market spreads. The net fair value depreciation of our external investment manager was primarily driven by decreases in the valuation multiples of publicly traded peers, partially offset by an increase in valuation multiples for private transaction, both of which we use as benchmarks for valuation purposes and increased fee income.

我們私募貸款投資組合的淨公允價值減損，主要由特定投資組合公司的減損以及市場利差擴大所致。我們外部投資管理人的淨公允價值減損，主要由於上市同業的估值倍數下降；但部分被私募交易估值倍數上升（兩者皆為我們用於估值之基準）以及費用收入增加所抵銷。

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. We recognize net realized gains of $18 million in the quarter. Additional details on our net realized fair value activity are included in the press release that we issued yesterday.

我們低中端市場投資組合的淨公允價值增值，主要由部分投資組合公司持續正向的經營表現所帶動。本季我們認列淨已實現收益1,800萬美元。關於我們淨已實現公允價值活動的更多細節，已載於我們昨日發布的新聞稿中。

We ended the first quarter with investments on non-accrual status, comprising approximately 1.2% of the total investment portfolio at fair value and approximately 4% at cost. Net asset value or NAV increased by $0.13 per share over the fourth quarter and by $1.43 per share or 4.5% when compared to a year ago to our record NAV per share of $33.46 at quarter end.

第一季末，我們處於停止計息（non-accrual）狀態的投資，按公允價值計約占總投資組合的1.2%，按成本計約占4%。淨資產價值（NAV）較第四季每股增加0.13美元，較一年前每股增加1.43美元（4.5%），季末每股NAV達到創紀錄的33.46美元。

Our regulatory debt-to-equity leverage calculated as total debt excluding our SBIC debentures divided by NAV was 0.71 times and our regulatory asset coverage ratio was $2.41 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. 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.

我們依監管口徑計算之債務對權益槓桿（以扣除我們的 SBIC 債券之總債務除以 NAV）為 0.71 倍，而我們的監管資產覆蓋率為 2.41 倍；且這些比率仍較我們長期目標區間（分別為 0.8 至 0.9 倍，以及 2.25 至 2.1 倍）更為保守。在我們持續管理近期到期債務與整體資本結構多元化的同時，憑藉我們強健的關係網絡，本季我們仍積極進行資本相關活動。

These activities included an expansion of the total commitments under our corporate facility by $30 million to $1.175 billion in February, the issuance of an additional $200 million of our unsecured investment-grade notes maturing in March 2029, resulting in an effective yield of 6.2% on such issuance. And the issuance in April of $150 million of private placement unsecured notes maturing in April 2031 with an interest rate of 6.93%.

這些活動包括：2 月將我們公司融資額度下的總承諾金額增加 3,000 萬美元至 11.75 億美元；另發行額外 2 億美元、於 2029 年 3 月到期之無擔保投資級票據，使該次發行的有效殖利率為 6.2%。以及於 4 月發行 1.5 億美元私募無擔保票據，於 2031 年 4 月到期，利率為 6.93%。

We were also active in our At-The-Market, or ATM, program, raising net proceeds of $134.1 million from equity issuances, given the significant increase in our net lower-middle-market investment activity over the last several quarters.

我們在「隨市發行」（At-The-Market，或 ATM）計畫方面也相當積極；鑑於過去數季我們在淨低中端市場投資活動顯著增加，我們透過股權發行募集淨收益 1.341 億美元。

After giving effect to the capital activities in the first quarter of 2026 and a recent issuance of private placement on secured notes, we entered the second quarter with strong liquidity, including cash and unused capacity under our credit facilities, totaling approximately $1.4 billion with a near-term debt maturity of $500 million in July 2026.

在反映 2026 年第一季的資本活動以及近期一次私募擔保票據發行之影響後，我們以強勁的流動性進入第二季；包括現金及信用額度下未動用額度在內，合計約 14 億美元，而近期到期債務為 2026 年 7 月到期的 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.

我們仍相信，保守的槓桿、強勁的流動性以及持續取得資本的能力，是我們的重要優勢；這些優勢過去已證明能為我們帶來助益，並使我們為未來做好準備，讓我們即使在目前市場不確定性下，仍能持續執行具吸引力的投資策略。

Coming back to our operating results, DNII before taxes per share for the quarter of $1.04 was $0.03 per share lower than the first quarter of last year and $0.07 per share lower than the fourth quarter. Looking forward, we expect second quarter of 2026 DNII before taxes of at least $1 per share with the potential for upside driven by portfolio investment activities during the quarter.

回到我們的營運結果，本季每股稅前 DNII 為 1.04 美元，較去年第一季每股低 0.03 美元，較第四季每股低 0.07 美元。展望未來，我們預期 2026 年第二季每股稅前 DNII 至少為 1 美元，且在本季投資組合投資活動帶動下，仍有上行空間。

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

接下來，我將把電話會議交給接線員，以便我們回答各位的提問。

(Operator Instructions) Robert Dodd, Raymond James.

(接線員指示) Raymond James 的 Robert Dodd。

Good morning, guys. On the dividend income from the --there's a big decline in -- relatively big decline in non-recurring dividends, which obviously, they're non-recurring. But is there anything thematic behind that? I mean, obviously there's a lot of volatility and uncertainty out in the economy, et cetera, and we've seen in some instances in the past when that picks up your portfolio companies retain a bit more cash. So I mean, is that kind of a drive when you expect that? Kind of extra dividend income to be moderate in the near term or was it just like a one-off thing in the quarter?

各位早安。關於股利收入——非經常性股利出現了很大的下降（相對而言確實下降不少），當然它們本來就是非經常性的。但這背後是否有任何主題性因素？我的意思是，顯然經濟環境存在很多波動與不確定性等等；而我們過去也看到，在某些情況下，當不確定性升高時，你們的投資組合公司會多留一些現金。所以我的意思是，這是否是驅動因素之一？你們是否預期這類額外的股利收入在短期內會趨於溫和？還是說這只是本季一次性的因素？

Robert, would say on the non-recurring side, those would be items that are either tied to an exit of an investment. Obviously, if we sell a business and it historically had dividend income and there's dividend income in the quarter that we exit, that's going to be called out as non-recurring. The other would be if there was some transaction, some type of a large distribution that happened in one quarter and that company had not historically paid dividends, we would call that out as well.

Robert，我會說在非經常性部分，這些通常是與投資退出相關的項目。顯然，如果我們出售一家企業，而該企業過去一直有股利收入，且在我們退出的那一季仍有股利收入，這就會被列為非經常性。另一種情況是，如果某一季發生了某筆交易、某種大型分配，而該公司過去並未固定支付股利，我們也會將其列為非經常性。

I'd say the activity between Q4 and Q1 was more related to exits. I think we've talked about the fact that we've had a couple of really attractive exits, where those exits had been companies that have been in the portfolio for a long time, had delevered, were paying significant dividends or distributions, and those dividends or distributions obviously go away with that exit. So we like the exit because it is attractive from a value standpoint. We think it proves out the long-term value of our low-middle-market strategy, but it does come with the negative kind of consequence of losing the dividend income off those companies that they had paid historically.

我會說，第四季到第一季之間的變化更多與退出有關。我想我們已談到，我們有幾筆非常具吸引力的退出；而這些退出標的都是在投資組合中持有很長時間、已去槓桿，並且一直支付可觀股利或分配的公司；隨著退出，這些股利或分配自然就不再存在。因此，我們喜歡這些退出，因為從價值角度看很具吸引力。我們認為這也驗證了我們低中端市場策略的長期價值，但確實也帶來一個負面後果：失去這些公司過去一直支付的股利收入。

More broadly, I do think, to your point, there is and has been more uncertainty in the market broadly. So I think our companies, in times like this, they do tend to become more conservative from a capital allocation standpoint. So I think if you look at the total dividend income number, both Q1 versus Q4; and then Q1 versus prior-year Q1, there would be some impact from those capital allocation decisions as well, would be a combination of both of those.

更廣泛來看，我確實認同你的觀點，市場整體的不確定性正在上升且一直存在。因此，我認為在這種時期，我們的投資組合公司在資本配置方面往往會更保守。所以如果你看總股利收入的數字，無論是第一季相較第四季，或第一季相較去年第一季，都會受到這些資本配置決策的影響，會是兩者因素的綜合。

Got it. Got it. Thank you. And then you did also -- there's a comment, I think there was a fee waiver of the incentive fees from MSIF. Obviously, from the MSIF perspective, there's a different call for that, but is that -- I mean, should we expect that to continue in the near term in terms of Main being extra supportive of the performance of MSIF in terms of fee waivers?

了解。了解。謝謝。另外你們也提到——我想有一項是 MSIF 的績效費（incentive fees）減免。當然就 MSIF 的角度，會有另一通電話會議討論，但這件事——我的意思是，我們是否應該預期短期內會持續？也就是 Main 是否會透過費用減免，在 MSIF 的表現上提供額外支持？

Sure, Robin, I see on the fee waiver for the incentive fee, I think it's going to be based on what happens in that quarter, so there's no pre-agreed upon expectation or agreement there. We're going to look at what happens in each quarter and then make a decision on whether or not we think it makes sense to provide that fee waiver.

當然可以，Robin。關於績效費的減免，我認為會取決於該季度實際發生的情況，因此並沒有任何事先約定的預期或協議。我們會檢視每一季的情況，然後再決定是否認為提供該項費用減免是合理的。

Obviously, in the first quarter, we provided that. And to your point, it was about $1 million of the fee waiver that came through to the benefit of MSC Income Fund and obviously to the detriment of the Asset Management business on the Main Street side.

顯然，在第一季我們提供了該項減免。如你所說，約 100 萬美元的費用減免使 MSC Income Fund 受益，而對 Main Street 端的資產管理業務則是不利影響。

Got it. Got it. Thank you. And then just more generally, obviously, I mean, I think the private loan you characterize as average, it had been slower in terms of activity through much of last year because you thought to a degree that the pricing was unreasonably low. All the indications we're hearing in the market are that pricing maybe is moving higher. So is there a prospect where the private loan activity could ramp up the average for Q2? But is there a prospect we could ramp up more if M&A picks up and the pricing may be turning more attractive?

了解。了解。謝謝。再更一般性地問一下，顯然——我的意思是，我想你們把私募貸款形容為「平均」；而去年大部分時間活動較慢，部分原因是你們認為定價不合理地偏低。我們從市場上聽到的各種跡象顯示，定價可能正在走高。那麼，私募貸款活動是否有機會在第二季加速、使其高於平均？另外，如果併購（M&A）回溫、且定價變得更具吸引力，我們是否有機會進一步加速？

Robert, I'll give a couple of comments, and I'll let Nick add on or clarify. What I would say is that, that could happen, but it all comes down to the overall private equity industry's activities. And I'd say in the current period where there is some uncertainty. The big question mark is what does private equity do, how aggressive will they be from a deployment of capital standpoint. But if they are active, if they are aggressive, I do think the current environment from a pricing and just general structure, terms and conditions is favorable.

Robert，我先說幾點，然後讓 Nick 補充或釐清。我會說，這確實可能發生，但一切都取決於整體私募股權產業的活動。而我會說，在目前存在一些不確定性的期間，最大的問號在於私募股權會怎麼做、在資本部署方面會有多積極。但如果他們保持活躍、且更積極，我確實認為目前環境在定價以及整體結構、條款與條件方面是有利的。

I think we've talked about our pricing range broadly being in the $500,000 to $600,000 range from a spread standpoint, I'd say we probably think it's still in that range. Within that range, we have probably trended to the bottom end of that range over the last year. So that may have improved a little bit, but I think it remains to be seen how much activity there is over the next one or two or three quarters, and then what that just pricing, but Nick, feel free to add on there.

我想我們談過，我們的定價區間（就利差而言）大致在 50 萬到 60 萬的範圍內；我會說我們可能仍認為就在這個區間。在這個區間內，過去一年我們大概偏向該區間的下緣。所以這可能已稍有改善，但未來一到兩季或三季的活動量會有多大仍有待觀察，然後還有定價——不過 Nick，你可以在這裡補充。

I think Dwayne nailed it. I think the one thing I would add would -- I'd say over the last 12 months, we probably lost a few or more deals on just on straight pricing where we went lower than we were comfortable with. I think that dynamic hopefully has changed in the current period and hopefully sticks with us for the rest of the year.

我認為 Dwayne 說得很到位。我想我唯一要補充的是——我會說在過去 12 個月裡，我們可能因為純粹的定價因素而丟掉了幾筆（甚至更多）交易，因為我們把價格壓得比我們覺得舒適的水準還低。我認為這種態勢希望在目前這個期間已經有所改變，並且希望能在今年剩餘時間持續下去。

Got it. Thank you.

了解。謝謝。

Thank you, Robert.

謝謝你，Robert。

Brian McKenna, Citizens.

Brian McKenna，Citizens。

Great. Thanks. Good morning, everyone. So just a quick question on the unrealized markdowns in the quarter. It seems like the majority of that was from marking your asset manager given the decline in valuations for the public calls. But was there anything else meaningful within that just in terms of the other drivers? And then if you're it might be tough to answer this, but if you were to mark-to-market the portfolio in these assets to reflect some of the quarter-to-date recovery, how much of the first quarter markdowns would be reversed?

很好。謝謝。各位早安。我想就本季未實現減記簡單問一下。看起來其中大部分是因為公開市場同業估值下滑，因此你們對資產管理業務進行了估值調整。但除此之外，是否還有其他重要因素，從其他驅動項來看？另外，如果這題可能不太好回答，但若你把這些資產的投資組合按市價重估，以反映本季迄今的回升，那第一季的減記大概會回轉多少？

Sure, Brian, good morning, and thanks for the questions. I would say a couple of things from a fair value standpoint, I'd say it was a mixed bag this quarter. The lower middle market continued to have significant appreciation. You probably saw that in the earnings release, but it will also be more detailed in the 10-Q, but we had just under $30 million of appreciation in the quarter.

當然可以，Brian，早安，也謝謝你的提問。我會說，從公允價值的角度來看，本季算是好壞參半。較低中型市場（lower middle market）持續出現顯著的增值。你可能在財報新聞稿裡看到了，但在 10-Q 裡也會有更詳細的揭露；我們本季的增值接近 3,000 萬美元。

On the flip side of that, you hit on the Asset Management business. It was a fairly significant amount of depreciation, and that was purely based upon the peer evaluations we use as part of the valuation inputs for that valuation process. And then you also had a private loan was down by a significant amount, about $36 million of depreciation. And I would say that was a mix of one specific name that had significant depreciation and then kind of a mixed bag across the rest of the portfolio, both underlying performance and just movement in the marketplace from a [spread's] standpoint.

相對地，你提到的資產管理業務。出現了相當顯著的減值，而這完全是基於我們在該估值流程中作為估值輸入所使用的同業估值。此外，你們也看到一筆私募貸款下滑幅度很大，減值約 3,600 萬美元。我會說這是由一個特定標的出現顯著減值，加上其餘投資組合呈現某種程度的混合情況所致，包含基本面表現，以及從[利差]角度來看市場面的變動。

Okay, that's helpful. Thanks, Dwayne. And then going back to capital and liquidity, I mean, you've raised a decent amount of capital year to date. I think that's a great example of just the underlying strength in the balance sheet, the business, and really your access to both the debt-and-equity capital markets in all environments. So you raised a few hundred million dollars of new debt capital. You also raised some equity capital through the ATM. And I heard the commentary on the pipelines today is average, but it seems like you're in a pretty strong position to lean in from a deployment perspective. But how should we think about the pace to the originations and really net portfolio growth over the next few quarters?

好的，這很有幫助。謝謝你，Dwayne。接著回到資本與流動性，我的意思是，你們今年迄今已募集了相當可觀的資本。我認為這很好地展現了資產負債表、業務的內在強度，以及你們在各種環境下進入債務與股權資本市場的能力。所以你們新增了數億美元的新債務資本。也透過 ATM 增發募集了一些股權資本。我也聽到今天對案源管線的評論是「平均」，但看起來你們在部署方面其實處於相當有利的位置、可以更積極一些。那麼，我們應該如何看待未來幾季的放款/投資起案（originations）節奏，以及淨投資組合成長？

Brian, so to your comments there, we had been very active on the lower-middle-market side, both Q4 and Q1, I think we're still seeing good opportunities, and we expect to continue to see good opportunities as we move forward, particularly given the current state of the economy. We think our lower-middle-market strategy and offerings are always very attractive. We think they should become even more attractive in this type of environment, and that's what we've seen over the last 20 years. So we would expect that to be the case.

Brian，針對你剛才的評論，我們在較低中型市場這一端一直非常活躍，第四季與第一季都是；我認為我們仍看到不錯的機會，而且我們預期隨著往前推進，仍會持續看到好機會，特別是在目前的經濟狀況下。我們認為我們的較低中型市場策略與產品一向非常有吸引力。我們認為在這種環境下，它們應該會變得更具吸引力，而這也是我們過去 20 年所觀察到的。因此我們預期情況會是如此。

When you look at our capital activities related to lower middle market, I think you've heard us say this in the past, but when we're issuing equity, it is really tied to us growing our lower-middle-market portfolio. So we've grown the portfolio significantly in Q4 and Q1. So we were playing [catch up] a little bit on the equity issuance to support that lower-middle-market growth.

當你看我們與較低中型市場相關的資本活動時，我想你以前也聽我們說過：我們發行股權，基本上是與我們擴大較低中型市場投資組合的成長相連動。所以我們在第四季與第一季都大幅成長了投資組合。因此在股權發行方面，我們有點是在[追趕]，以支撐較低中型市場的成長。

On the debt capital side, I would say our activities were more in anticipation of the July maturity we have. So we've got a $500 million maturity in July. So we were building liquidity and capital structure flexibility to make sure that we can not only address that maturity, but also have significant dry powder to continue to grow because we do think, as you heard us say in our comments and as I said earlier, we do expect to have good opportunities on the lower-middle-market side, and we -- as we said here today, we expect to have good opportunities on the private credit side, but that will largely be dictated by the overall marketplace. But we do expect to have good opportunities, and we're trying to make sure we're positioned from a capital standpoint to act on that.

在債務資本方面，我會說我們的活動更多是為了因應 7 月到期的債務而提前布局。我們在 7 月有 5 億美元到期。因此我們在建立流動性與資本結構的彈性，以確保我們不僅能處理該到期項目，也能保有充足的「乾粉」持續成長；因為我們確實認為——如同你聽到我們在評論中所說、以及我先前提到的——我們預期在較低中型市場端會有不錯的機會，而且我們——如同今天所說——也預期在私募信貸端會有不錯的機會，但那在很大程度上將取決於整體市場狀況。不過我們確實預期會有好機會，而我們正努力確保在資本面上已就位，以便把握這些機會。

Okay, got it. And then one more, if I may. When you look across your portfolio, what percent of your lower-middle-market investments will directly or indirectly benefit from everything going on in and around AI and digital infrastructure? And I ask that because it does feel like the old economy is coming back in a big way here, and I suspect many of the businesses you're invested in are set to benefit pretty meaningfully from all this. So I'm just trying to gauge how big of an impact we could see from all this over the next several years? And what that ultimately means for shareholder value creation?

好的，了解。如果可以的話我再問一題。當你檢視整個投資組合時，你們較低中型市場的投資中，有多少比例會直接或間接受惠於 AI 與數位基礎設施周邊正在發生的一切？我之所以這樣問，是因為感覺「舊經濟」正在強勢回歸，而我猜測你們投資的許多企業將會相當明顯地受惠於這些趨勢。所以我只是想衡量，未來幾年我們可能會看到多大的影響？以及這最終對股東價值創造意味著什麼？

Sure, Brian, I think, to your point, if you look at our, lower-middle-market portfolio, and I'd say also our private credit portfolio, we're value-based investors we're old economy-based investors we do have some limited technology software, but it's admittedly a small part of our portfolio. So most of our businesses are pretty basic, kind of traditional, industries and companies.

當然，Brian，我想如你所說，如果你看我們的較低中型市場投資組合，我也會說我們的私募信貸投資組合也是——我們是以價值為導向的投資人、我們是以舊經濟為主的投資人；我們確實有一些有限的科技/軟體曝險，但坦白說那只占我們投資組合的一小部分。所以我們的大多數企業都相當基礎，屬於比較傳統的產業與公司。

So when we look at AI, I would say all of our companies. Are looking at it. It's something that we emphasize as part of our President's meeting each year. We did it in our most recent meeting back in October, and we'll continue to emphasize it going forward in that venue. But also as our portfolio management teams, our portfolio managers on our side are speaking with portfolio companies on an ongoing basis, whether it's in Board meetings or just other periodic catch-ups, AI, and what they're doing there is a consistent topic of conversation.

因此當我們談到 AI，我會說我們所有的公司。都在關注它。這是我們每年總裁會議（President's meeting）中強調的議題之一。我們在去年 10 月最近一次會議中也談了這個，未來也會在那個場合持續強調。同時，我們這邊的投資組合管理團隊、投資組合經理也會持續與投資組合公司溝通，不論是在董事會會議或其他定期交流中，AI 以及他們在這方面的作為，都是一個持續被討論的主題。

That being said, I think we don't expect it to be a huge game changer. We think it will be beneficial, but I think it remains to be seen how beneficial it will be long-term. Happy to let David add on any additional comments he has.

話雖如此，我想我們不預期它會成為巨大的顛覆性改變。我們認為它會帶來助益，但長期而言能有多大助益，仍有待觀察。也很樂意讓 David 補充他其他的看法。

I think Dwayne covered it. The only thing I'd add is that we do have some companies that are kind of more infrastructure-oriented on what would be building infrastructure related to AI, that should benefit as well. So we'll see some benefit across the portfolio that we think is incremental. We'll continue to appreciate over time.

我想 Dwayne 已經涵蓋到了。我唯一要補充的是，我們確實有一些公司比較偏向基礎設施導向，會參與建置與 AI 相關的基礎設施，這些公司也應該會受惠。因此我們預期整個投資組合會看到一些我們認為屬於增量的效益。並且會隨時間推移持續累積。

All right. That's all. I'll leave it there.

好的。就這些。我先說到這裡。

Thank you, Brian.

謝謝你，Brian。

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

Thank you. Good morning. I'd like to talk a little bit about credit quality. We've seen across the BDCs that we cover a bit kind of weakening, I'd say, over the past couple of quarters. What are you seeing from your portfolio companies? And are there any particular vintages of originations that might be underperforming?

謝謝。早安。我想稍微談一下信用品質。我們在所覆蓋的 BDC 中看到一些走弱的跡象，我會說在過去幾個季度有點這種趨勢。你們從投資組合公司那邊看到了什麼？是否有任何特定起案年度（vintage）的投資表現可能較差？

Sure, Arren. Thanks for the question. When we've seen weakness, I would say it's been more specific company weakness as opposed to anything that's more broad across the portfolio or the economy. The one thing that I might add, which is something we may have said in prior quarters and we've seen it continue to evolve in the more recent periods, is you are seeing more bifurcation between the companies that are doing really well versus companies that are not doing as well.

當然，Arren。謝謝你的提問。當我們看到疲弱時，我會說那更多是特定公司的疲弱，而不是整個投資組合或經濟層面更廣泛的問題。我可能想補充的一點是——這也是我們在前幾季可能提過、且在近期期間持續演變的——你會看到表現非常好的公司與表現沒那麼好的公司之間出現更明顯的分化。

I think we've continued to see that bifurcation. So despite some of the uncertainty in the economy, there are certain companies that are just absolutely crushing it. So you're seeing more of that. But you're also seeing, on the flip side, if something is underperforming, you're probably seeing more pressure on that underperformance. Those would be the comments I would make, but David or Nick, if you guys have something else to add, feel free to add on.

我認為我們持續看到這種分化。因此，儘管經濟存在一些不確定性，仍有某些公司表現得非常出色。所以你會看到這種情況更明顯。但另一方面，如果某件事表現不如預期，你可能也會看到對這種落後表現施加更大的壓力。以上是我會做的評論；不過 David 或 Nick，如果你們還有其他補充，歡迎補充。

Just specific to your comment on the vantages on the lower-middle-market side. Our partners that we're transacting with are transacting for personal reasons that exist in all sorts of periods of time, whether it's prolific or more challenging economic environments, they're looking at succession planning or what have you. So we don't really see a major impact relative to vintage in that side of our portfolio, which is obviously the majority of our business.

就你提到較低中型市場（lower-middle-market）那一側的投資年度（vintage）而言。我們正在交易的合作夥伴出於個人原因進行交易，這些原因在各種時期都會存在——不論是景氣繁榮或更具挑戰的經濟環境——他們會考量接班規劃或諸如此類的事情。因此，就我們投資組合那一側（顯然也是我們業務的大部分）而言，我們並未看到相對於投資年度有重大影響。

Probably, Chris, the only thing I would add would be deals that were done in '21, '22 in a lower rate environment, they survived the higher rates, but you are starting to see if they are struggling, the longer-term of those higher rates and the stipend of off of cash flows and more interest versus CapEx is harming those businesses. And I think we're seeing that kind of build up over time in the past two to three years of higher interest rates.

Chris，我想我唯一要補充的是：在較低利率環境下於 2021、2022 年完成的交易，雖然撐過了較高利率，但你開始看到，如果它們本來就有些吃力，那麼高利率長期化，以及現金流被抽走、更多資金用於支付利息而非資本支出（CapEx），正在傷害那些企業。而我認為，在過去兩到三年較高利率的環境下，我們看到這種情況隨時間逐步累積。

Sean-Paul Adams, B. Riley Securities.

Sean-Paul Adams，B. Riley Securities。

Hey, guys. Good morning. You've got a long track record of NAV appreciation from those realized gains on those equity exits. What's your gauge on the tempo of upcoming equity exits, given just the general frothiness in the market?

嗨，各位。早安。你們靠著股權退出的已實現收益，帶來了長期的每股淨資產價值（NAV）成長紀錄。考量到市場整體的偏熱（frothiness），你們如何衡量接下來股權退出的節奏？

Sean-Paul, thanks for your question and thanks for joining us this morning. We -- with a large portfolio, today we've got, I think it's 93 portfolio companies, a significant portion of which have been in our portfolio for a long period of time and it performed. I would say those companies consistently would get interest from third parties. A lot of it unsolicited inbound interest that either sparks a transaction through that process or at least sparks our management team partners and our equity partners in those businesses to consider an exit.

Sean-Paul，謝謝你的提問，也謝謝你今天早上加入我們。我們——以一個大型投資組合來看，目前我想我們有 93 家投資組合公司，其中相當一部分已在我們投資組合中很長一段時間且表現良好。我會說，這些公司一向都會持續收到第三方的興趣。其中很多是未經邀請的主動來詢（unsolicited inbound interest），這要麼會在該過程中促成交易，要麼至少會促使我們的管理團隊合作夥伴以及這些企業中的股權合作夥伴去考慮退出。

So we have been and continue to have a number of our companies that are in different stages of looking at an exit, and we think that over the balance of the next couple of quarters, we should see one or more exits, and when those exits happen, we think that they tend to be good outcomes both for us and for our management team, your partners, the other equity owners and management team members of those companies.

因此，我們一直以來、並且仍然有多家公司處於評估退出的不同階段；我們認為在接下來幾個季度的剩餘時間裡，應該會看到一筆或多筆退出。

I'd say nothing has changed today. We haven't seen anything that has been elevated, but we also continue to see some activities across the portfolio that we think will lead to good outcomes if there is an exit. But David, if you want to add anything, feel free to add on there.

我會說目前沒有任何改變。我們沒有看到任何特別升溫的情況，但我們仍持續看到投資組合內的一些活動，我們認為若發生退出，將會帶來良好結果。不過 David，如果你想補充什麼，歡迎補充。

Appreciate the call. Thank you.

感謝這通電話。謝謝。

Thank you.

謝謝。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Hey, good morning. Thanks for taking my question. Just one on leverage. Just wanted to get a latest updated view on where you think leverage could trend. I think previously you said you could take a little bit more of a conservative view, just given the pipeline that you're seeing as well as the macro backdrop. Just wanted to get your latest views there. Thanks.

嗨，早安。謝謝讓我提問。我想問一個關於槓桿的問題。想了解你們對槓桿可能走勢的最新看法。我記得你們之前提到，鑑於你們看到的案源管線以及總體環境，你們可能會採取稍微更保守的觀點。想請教你們最新的看法。謝謝。

Thanks for the question, Ken. Just to remind you, our leverage target from a regulatory basis is 0.8 to 0.9 times. Currently, as we sit today, we're at 0.71 times, which is consistent with where we were at the end of the quarter. You could see us move closer to our target range, depending on where we are or where we end up from a net origination standpoint, but as we've messaged in the past, we're comfortable being kind of at the conservative end of that target range.

謝謝你的提問，Ken。提醒一下，從監管口徑來看，我們的槓桿目標是 0.8 到 0.9 倍。目前截至今天，我們是 0.71 倍，與季度末的水準一致。視淨新增投放（net origination）的情況而定，你可能會看到我們更接近目標區間；但如同我們過去所傳達的，我們也樂於維持在該目標區間較保守的一端。

One thing I would add, I think you've heard us say this in the past, but just to make sure it's kind of on top of people's minds. I think we value capital flexibility and liquidity more than pushing up leverage and trying to [eke] out some economic returns through that process. I know that not everybody has that view, but that's always been a view that has served us well over the last 20 years, and we would expect to continue to maintain that. So that's the only other thing I would add.

我想補充一點：我想你們過去也聽我們說過，但我想確保大家把這點放在心上。我們認為資本彈性與流動性，比起把槓桿拉高、並試圖透過那個過程去[擠出]一些經濟回報更重要。我知道不是每個人都持相同看法，但這一直是我們過去 20 年來行之有效的觀點，我們也預期會持續維持。以上是我唯一要補充的。

Great. Very helpful there. Thanks again.

很好。非常有幫助。再次感謝。

Thanks, Ken. I think, as the operator said, that was our last question of the day, so we greatly appreciate everybody for joining us this morning, and we'll look forward to catching up again in August after our second-quarter earnings release. Thank you.

謝謝你，Ken。我想，如同接線員所說，這是我們今天最後一個問題；非常感謝各位今天早上加入我們，我們也期待在 8 月、於我們發布第二季財報之後再與各位交流。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。