New Mountain Finance Corp (NMFC) 2026 Q1 法說會逐字稿

Good day, and welcome to the New Mountain Finance Corporation first-quarter 2026 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to John Kline, President and CEO. Please go ahead.

大家好，歡迎參加 New Mountain Finance Corporation 2026 年第一季財報電話會議。今天的會議將被錄音。此刻，我想把會議交給總裁兼執行長 John Kline。請開始。

Thank you, and good morning, everyone. Welcome to New Mountain Finance Corporation's first-quarter 2026 earnings call. On the line with me here today are Steve Klinsky, Chairman of NMFC and CEO of New Mountain Capital; Laura Holson, COO of NMFC; and Kris Corbett, CFO and Treasurer of NMFC. As announced in our 8-K, our CFO, Kris Corbett, will be leaving us at the end of May to pursue another career opportunity.

謝謝，各位早安。歡迎參加 New Mountain Finance Corporation 2026 年第一季財報電話會議。今天與我同線的有：NMFC 董事長、New Mountain Capital 執行長 Steve Klinsky；NMFC 營運長 Laura Holson；以及 NMFC 財務長兼財務主管 Kris Corbett。如我們在 8-K 中所公告，我們的財務長 Kris Corbett 將於 5 月底離任，以追求另一個職涯機會。

Kris has been a valuable and respected member of the team, and we would like to thank him for his hard work during his time at New Mountain. Upon Kris' departure, Laura Holson will assume the additional duty of interim CFO until a successor is found. Steve is going to make some introductory remarks, but before he does, I'd like to ask Kris to make some important statements regarding today's call.

Kris 一直是團隊中寶貴且備受尊敬的一員，我們要感謝他在 New Mountain 任職期間的辛勤付出。在 Kris 離任後，Laura Holson 將額外承擔代理財務長的職責，直到找到接任者為止。Steve 將先做一些開場致詞，但在他開始之前，我想請 Kris 就今天的電話會議發表幾項重要聲明。

Thanks, John. Good morning, everyone. Before we get into the presentation, I would like to advise everyone that today's call and webcast are being recorded. Please note that they are the property of New Mountain Finance Corporation and that any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available on our May 4 earnings press release.

謝謝你，John。各位早安。在我們進入簡報之前，我想提醒各位，今天的電話會議與網路直播都會被錄音。請注意，這些內容屬於 New Mountain Finance Corporation 的財產，任何形式的未經授權轉播均嚴格禁止。關於本次電話會議音訊重播的資訊，已載於我們 5 月 4 日的財報新聞稿。

I would also like to call your attention to the customary safe harbor disclosure in our press release and on pages 2 and 3 of the slide presentation regarding forward-looking statements. Today's conference call and webcast may include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from those statements and projections.

我也想請各位留意我們新聞稿以及投影片簡報第 2 與第 3 頁中，關於前瞻性陳述的慣例性「安全港」揭露。今天的電話會議與網路直播可能包含前瞻性陳述與預測；我們請各位參閱我們最近向 SEC 提交的文件，其中列示可能導致實際結果與這些陳述與預測存在重大差異的重要因素。

We do not undertake to update our forward-looking statements or projections unless required to by law. To obtain copies of our latest SEC filings and to access the slide presentation that we will be referencing throughout this call, please visit our website at www.newmountainfinance.com. At this time, I'd like to turn the call over to Steve Klinsky, NMFC's Chairman, who will give some highlights beginning on page 6 of the slide presentation.

除非法律要求，否則我們不承擔更新前瞻性陳述或預測的義務。如需取得我們最新的 SEC 申報文件副本，並存取我們在本次電話會議中將引用的投影片簡報，請造訪我們的網站 www.newmountainfinance.com。現在，我想把電話會議交給 NMFC 董事長 Steve Klinsky，他將從投影片簡報第 6 頁開始提供一些重點摘要。

Steve?

Steve？

Thanks, Kris. It's great to be able to address you all today. Both as NMFC's Chairman and as a major fellow shareholder. Adjusted net investment income for the first quarter was $0.32 per share covering our $0.32 per share dividend that was paid in cash on March 31. Our net investment income and dividend were supported by consistent recurring income from our loan portfolio and a full voluntary incentive fee waiver of $6.1 million.

謝謝你，Kris。今天很高興能與各位對話。我既是 NMFC 的董事長，也是重要的共同股東。第一季調整後淨投資收益為每股 0.32 美元，足以覆蓋我們於 3 月 31 日以現金支付的每股 0.32 美元股利。我們的淨投資收益與股利，受惠於貸款投資組合穩定的經常性收入，以及 610 萬美元的全額自願性績效費用豁免。

Looking forward to Q2, consistent with our announcement on our previous earnings call, we would like to announce a $0.25 dividend payable on June 30 to shareholders of record as of June 16. Based on NMFC's earnings power, we expect this dividend will be more than covered by the earnings from our core business. As also previously discussed, we believe NMFC made a very positive and well-timed strategic pivot several months ago. We sold approximately $470 million of some of our most illiquid and hardest-to-value positions at 94% of December 31 book value. That transaction closed and was funded in March.

展望第二季，依照我們在上一季財報電話會議中的公告，我們宣布將發放每股 0.25 美元股利，於 6 月 30 日支付給截至 6 月 16 日的在冊股東。基於 NMFC 的獲利能力，我們預期該股利將可由核心業務的盈餘充分覆蓋，且覆蓋程度將超過股利金額。如先前所討論，我們認為 NMFC 在數月前做出了一項非常正面且時機恰當的策略轉向。我們以 12 月 31 日帳面價值的 94% 出售了約 4.70 億美元、屬於我們最不具流動性且最難估值的一些部位。該交易已於 3 月完成交割並取得資金。

With that liquidity, we have now delevered our balance sheet, and have capacity to buy high-quality assets opportunistically at far less than 94 cents on the dollar. Some of those investments were completed by March 31, and some were done or will be done after March 31, but can be judged by their expected pro forma impact.

有了這些流動性之後，我們已降低資產負債表槓桿，並具備在機會出現時，以遠低於每 1 美元 0.94 美元的價格買入高品質資產的能力。其中部分投資已於 3 月 31 日前完成，另一些則在 3 月 31 日後完成或將於其後完成，但可透過其預期的備考（pro forma）影響來評估。

First, we have been buying back our own stock at roughly $8 per share or about a 27% discount to book value. We had a $95 million buyback authorization in place at year-end 2025, about $57 million of buybacks were completed by March 31, and about $9 million have been executed since leaving us with approximately $30 million remaining in our originally existing program. Book value per share was $10.92 per share on March 31 and is $10.95 pro forma for the post-March buybacks already done, all else equal.

第一，我們一直以約每股 8 美元、約較帳面價值折價 27% 的價格回購自家股票。截至 2025 年底我們已有 9,500 萬美元的回購授權；截至 3 月 31 日已完成約 5,700 萬美元的回購，且自那之後又已執行約 900 萬美元，使我們在原有計畫下尚餘約 3,000 萬美元的額度。3 月 31 日每股帳面價值為 10.92 美元；就 3 月後已完成的回購而言，在其他條件不變下，備考每股帳面價值為 10.95 美元。

Further, our Board has now authorized an incremental $50 million for buybacks in the future, bringing our total remaining capacity to around $80 million. Again, all else equal, the math is that every $10 million of buyback at $8 per share can add approximately $0.04 per share of book value. In addition, book value on March 31 was primarily brought down by a general market bearishness in valuations rather than issues of performance in our specific loans. Today, the average mark of our green-rated names is about 96 cents on the dollar, which implies potential upside if the market normalizes and these loans accrete back to par.

此外，我們董事會已核准未來額外增加 5,000 萬美元的回購額度，使我們剩餘的總回購能力約為 8,000 萬美元。同樣地，在其他條件不變下，按數學計算，每以每股 8 美元回購 1,000 萬美元股票，可使每股帳面價值增加約 0.04 美元。另外，3 月 31 日的帳面價值下滑，主要是由於整體市場在估值上的偏空情緒，而非我們特定貸款的表現問題。目前，我們綠色評級（green-rated）標的的平均估值約為每 1 美元 0.96 美元；若市場回歸正常、這些貸款估值回升至面值，則意味著存在潛在上行空間。

Third, we have been using the market disruption to buy specific names in the secondary market when they appear to be oversold. For example, we bought one name, which is a multibillion-dollar public company at a value through the debt of just 2x EBITDA and at $0.65 on the dollar. This loan rapidly traded up approximately 10 points since our first purchase.

第三，我們利用市場失序，在次級市場中於特定標的看似被過度拋售時進行買入。例如，我們買入了一個標的：該公司為一家市值數十億美元的上市公司，透過其債務所反映的估值僅約為 EBITDA 的 2 倍，且買入價格為面值的 0.65。自我們首次買入以來，該筆貸款很快上漲約 10 個點。

Fourth, spreads in the market appear to have widened in general, and we are deploying our cash into new loans at significantly higher and more attractive yields than existed 12 months ago. Last and importantly, we believe we are seeing forward momentum at some of the companies we own from past defaults such as Benevis, UniTek, and Permian.

第四，市場利差整體看來已擴大，我們正將現金投入新的貸款，這些貸款的收益率顯著更高、也比 12 個月前更具吸引力。最後且同樣重要的是，我們相信，對於我們因過去違約而持有的部分公司（例如 Benevis、UniTek 與 Permian），我們正看到其經營出現向前推進的動能。

Our goal is to ultimately sell these companies at above their current marks and redeploy the proceeds into attractive alternatives. I and my fellow NMC executives remain the largest shareholders of NMFC stock and our ownership position has been increasing over time.

我們的目標是最終以高於目前估值標記的價格出售這些公司，並將所得款項再投入更具吸引力的替代投資。我與其他 NMC 高階主管仍是 NMFC 股票的最大股東，而我們的持股部位也隨時間持續增加。

During the first quarter, I purchased 1.5 million shares and other senior NMC leaders bought shares as well. Overall, New Mountain ownership increased from approximately 14% to approximately 17% of total shares outstanding. I believe we had more insider buying than any publicly traded BDC, our size or larger. We thank you as always for your ownership and partnership and we are working diligently to serve your interest in the months and years ahead.

第一季期間，我買入了 150 萬股，其他 NMC 資深主管也同樣買入股票。整體而言，New Mountain 的持股比例由約 14% 提升至約占已發行在外總股數的 17%。我相信，我們的內部人買盤規模，超過任何與我們同等規模或更大規模的上市 BDC。一如既往，我們感謝各位的持股與夥伴關係；未來數月與數年，我們將持續努力不懈，以服務各位的利益。

With that, let me turn the call over to John for more details and comments.

接下來，我把電話會議交回 John，請他提供更多細節與評論。

Thank you, Steve. I would like to begin on page 7, which offers an overview of our differentiated approach to direct lending. First and foremost, we focus only on select parts of the economy that we believe are defensive and have sustainable tailwinds that will benefit companies within these chosen sectors. We provide heightened transparency into our industry niches as opposed to the standard practice of using broad sector classifications. This enhanced disclosure provides our investors with more clarity into the specific types of companies that we invest in.

謝謝你，Steve。我想從第 7 頁開始，該頁概述我們在直接放款方面的差異化做法。首先也是最重要的，我們只聚焦於經濟中我們認為具防禦性、且擁有可持續長期利多（tailwinds）的特定領域，這些利多將使所選產業中的公司受益。相較於採用廣泛產業分類的標準做法，我們針對自身的產業利基提供更高程度的透明度。這項加強的揭露，讓投資人能更清楚了解我們所投資的公司類型。

Secondly, we have a unique investment model where our credit team partners with in-house industry executives and private equity personnel to underwrite direct lending deals within our chosen sectors. If an investment underperforms and we are compelled to take ownership of the company, New Mountain is well positioned to improve the underlying business using our private equity expertise and in-house operating talent.

第二，我們擁有獨特的投資模式：我們的信用團隊會與內部產業高階主管及私募股權人員合作，針對我們選定的產業領域承作並審核直接放款交易。若某項投資表現不如預期，而我們被迫取得該公司的所有權，New Mountain 也具備良好條件，能運用我們的私募股權專業與內部營運人才來改善其基礎業務。

As Steve mentioned, there are several situations in that category that are bearing fruit today. As we consider industry exposure, the impact of AI remains a major topic of conversation in the investment community, particularly as it relates to software end markets. While there will certainly be winners and losers in the software sector, we believe that as a group, NMFC software companies are well positioned to benefit as they implement AI into workflows at a rapid pace and use AI-assisted coding to improve software functionality and the overall user experience.

如 Steve 所提到的，該類別中有幾種情況如今正開始開花結果。在我們考量產業曝險時，AI 的影響仍是投資社群的主要討論議題，特別是其與軟體終端市場的關聯。雖然軟體產業必然會有贏家與輸家，但我們相信，整體而言，NMFC 的軟體公司在快速將 AI 導入工作流程、並使用 AI 輔助程式碼撰寫以提升軟體功能與整體使用者體驗方面，具備良好條件可望受惠。

From our vantage point as lenders, we see our sponsor partners acting proactively across all industries as it relates to AI. It's clear to private equity sponsors that there are more opportunities today than ever before to enhance margins and improve operating efficiency in almost every business. As a senior lending partner, NMFC can be a big beneficiary of these improvements.

從我們作為放款人的角度來看，我們看到贊助商合作夥伴在各行各業針對 AI 都採取了積極主動的作為。對私募股權贊助商而言很清楚的是，如今在幾乎每一門生意中，提升利潤率與改善營運效率的機會比以往任何時候都更多。作為資深放款合作夥伴，NMFC 可望成為這些改善的重大受益者。

page 8 provides key performance statistics showing a long-term track record of delivering consistent, enhanced yield by minimizing credit losses and distributing virtually all of our excess income to shareholders. Since our IPO in 2011, NMFC has returned over $1.5 billion to shareholders through our dividend program, generating an annualized return of approximately 10%. Our dividend yield at the current stock price is approximately 12% annualized based on the revised $0.25 quarterly payout, which is fully covered by net investment income.

第 8 頁提供關鍵績效統計，顯示我們透過將信用損失降至最低並將幾乎所有超額收益分配給股東，長期以來持續提供穩定、提升後的殖利率。自 2011 年 IPO 以來，NMFC 透過股利計畫已向股東返還超過 15 億美元，年化報酬率約為 10%。以目前股價計算，基於調整後每季 0.25 美元的配息，我們的股利殖利率年化約為 12%，且完全由淨投資收益所覆蓋。

Our loan-to-value ratio is just 47% and includes the latest view of enterprise value at our portfolio companies. We recalculate this metric every quarter to ensure we are accurately reflecting market movements. We do not blindly anchor to loan-to-value ratios based on what the sponsor paid for the business. Finally, we maintain an investment-grade rating at both Moody's and Fitch, which we have held for more than five years. Turning to the next page. We have made really great progress on our strategic priorities so far this year. The portfolio sale catalyzed improvements in a number of areas.

我們的貸款價值比（LTV）僅為 47%，並納入對投資組合公司企業價值的最新觀點。我們每季都會重新計算此指標，以確保能準確反映市場變動。我們不會盲目地以贊助商當初為該企業支付的價格作為 LTV 的錨定基準。最後，我們在穆迪與惠譽均維持投資級評等，且已持有超過五年。接著看下一頁。今年迄今，我們在策略優先事項上已取得非常好的進展。投資組合出售促成了多個面向的改善。

It enabled us to reduce the amount of PIK income in the portfolio, increase portfolio diversity and decreased single name exposures and we also moderated our software exposure, which is a sector that has clearly been scrutinized by the market. Additionally, our team was timely in their efforts to reprice the Wells Fargo credit facility from SOFR plus 1.95% to SOFR plus 1.85%. This lower pricing maximizes the gap between our assets and liabilities ahead of what we feel will be a wider asset spread environment. The next step in our process is to focus on monetizing some of our equity winners in the near and medium term. These actions will be dependent on continued strong portfolio performance and an improving M&A marketplace.

這使我們得以降低投資組合中的 PIK 收益占比、提高投資組合多元性並降低單一標的曝險，同時也適度降低了我們在軟體領域的曝險；該產業顯然一直受到市場檢視。此外，我們團隊也及時將富國銀行信貸融資的利率重新定價，從 SOFR + 1.95% 降至 SOFR + 1.85%。較低的定價在我們認為資產利差環境將更為擴大的情況下，最大化了資產與負債之間的利差空間。我們流程的下一步，是在短期與中期聚焦於將部分表現優異的股權投資變現。這些行動將取決於投資組合持續強勁的表現，以及併購（M&A）市場的改善。

And of course, redeploying equity proceeds into cash yielding loans could have a powerful impact on NMFC's earnings power and income quality. As shown on page 10, 91% of the portfolio is green on our risk rating scale. We continue to focus on transparent and accurate scoring with a few select names migrating negatively during the quarter, but risk ratings for the vast majority of the portfolio were stable. Importantly, our most challenged names, marked orange and red represent only 3.5% of NMFC's fair value, making them a small portion of the portfolio.

當然，將股權處分所得再部署至可產生現金收益的貸款，可能對 NMFC 的獲利能力與收益品質帶來強勁影響。如第 10 頁所示，我們的投資組合有 91% 在風險評等量表上呈現綠色。我們持續專注於透明且準確的評分；本季有少數特定標的評等下移，但投資組合絕大多數的風險評等仍維持穩定。重要的是，我們最具挑戰的標的（以橘色與紅色標示）僅占 NMFC 公允價值的 3.5%，在投資組合中屬於小部分。

Turning to page 11. We provide a graphical analysis of NAV changes during the quarter, resulting in a book value of $10.92, a $0.23 decline compared to $11.15 for Q4 pro forma for the impact of the secondary sale. The main driver of the decline this quarter was broader market movement, which accounted for 2/3 of the overall write-down.

接著看第 11 頁。我們提供本季 NAV 變動的圖形分析，最終帳面價值為 10.92 美元，較第 4 季在次級出售影響下的擬制（pro forma）11.15 美元下降 0.23 美元。本季下降的主要驅動因素是更廣泛的市場變動，約占整體減記的 2/3。

The remaining one-third decrease was related to credit-specific movement. We see continued tailwinds at Benevis and UniTek that are offset by a restructuring process currently taking place at Affordable Care and an adjustment to our wind down assumption on Northstar, which is currently in liquidation.

其餘 1/3 的下降與特定信用因素的變動有關。我們看到 Benevis 與 UniTek 持續有利多因素（tailwinds），但被 Affordable Care 目前進行中的重整流程，以及我們對目前正在清算的 Northstar 之退出（wind down）假設調整所抵銷。

Today, Northstar is a small position that represents approximately $20 million of value. We expect cash recovery on this name to begin next year. Finally, as Steve discussed, we aggressively repurchased shares this quarter, which represented $0.26 of book value accretion. Today, we maintain approximately $80 million of buyback authorization to repurchase additional shares in the future. page 12 addresses NMFC's credit performance.

目前，Northstar 是一個小部位，約代表 2,000 萬美元的價值。我們預期該標的的現金回收將於明年開始。最後，如 Steve 所討論，我們本季積極回購股份，帶來每股帳面價值增加 0.26 美元。目前，我們仍保有約 8,000 萬美元的回購授權，以便未來回購更多股份。第 12 頁說明 NMFC 的信用表現。

For the quarter, nonaccruals at fair value stood at 2.6%, which was a modest increase from last quarter. During the quarter, Affordable Care's first lien position and Convey were added to the list. Despite these migrations, we see an improving outlook for both names.

就本季而言，以公允價值計算的非應計（nonaccrual）占比為 2.6%，較上季小幅上升。本季，Affordable Care 的第一順位留置權部位以及 Convey 被納入名單。儘管出現這些移轉，我們仍看到兩者的展望正在改善。

We expect Affordable Care, a dental business specializing in higher-margin tooth replacement implant services to come off nonaccrual in the coming quarters as the lending group effectuates a change in control. The new capital structure will include a smaller sized cash pay first lien loan and a large equity account controlled by the former lenders, the management team and the doctors. We believe a much lower debt burden and more overall financial flexibility will allow Affordable Care to recruit new talent, pursue operational improvement, and refocus on growth.

我們預期 Affordable Care（一家牙科企業，專注於較高毛利的缺牙替換植牙服務）將在未來幾季隨著放款團完成控制權變更而解除非應計狀態。新的資本結構將包含規模較小、以現金付息的第一順位留置權貸款，以及由原放款人、管理團隊與醫師共同控制的大額股權帳戶。我們相信，更低的負債負擔與更高的整體財務彈性，將使 Affordable Care 能夠招募新人才、推動營運改善，並重新聚焦於成長。

Convey is a smaller health care services company that has faced operational challenges in some of its business units. In partnership with the lender group, New Mountain has already recruited a new leader for the business, and we are optimistic about our ability to achieve a strong near-term recovery. In addition to Affordable Care and Convey, we see multiple other near-term catalysts for existing nonaccruals to exit the portfolio and expect to be able to report positive migrations next quarter.

Convey 是一家規模較小的醫療保健服務公司，其部分業務單位面臨營運挑戰。在與放款團合作下，New Mountain 已為該企業招募新的領導者，我們對於在短期內實現強勁復甦的能力抱持樂觀。除 Affordable Care 與 Convey 之外，我們也看到多項其他短期催化因素，可望使既有非應計標的退出投資組合，並預期下季能報告正向移轉。

Finally, on the right side of the page, we show our cumulative credit performance since IPO. During that time, NMFC has made approximately $10.5 billion of investments while realizing losses net of gains of $56 million.

最後，在頁面右側，我們展示自 IPO 以來的累積信用表現。在此期間，NMFC 約完成 105 億美元的投資，而已實現損失扣除已實現收益後為 5,600 萬美元。

We remain focused on reversing unrealized losses through initiatives that we have discussed earlier on this call.

我們仍專注於透過先前在本次電話會議中討論的各項措施，扭轉未實現損失。

I will now turn the call over to our Chief Operating Officer, Laura Holson, to discuss the current market environment and provide more details on NMFC's quarterly performance.

接下來我將把電話會議交給我們的營運長（COO）Laura Holson，請她討論目前的市場環境，並提供更多關於 NMFC 本季表現的細節。

Thanks, John. Since our call last quarter, the media has increased its scrutiny of the private credit asset class. We thought it would be helpful to address our perspective on some of those headlines. First, SaaSpocalypse. Recent media coverage has implied that all software loans are bad and with private credit having approximately 30% exposure to software on average that such exposure presents significant risk.

謝謝，John。自上季電話會議以來，媒體對私募信貸（private credit）資產類別的檢視力度有所提高。我們認為，針對其中一些新聞標題，說明我們的觀點會有所幫助。第一，SaaSpocalypse（SaaS 末日論）。近期媒體報導暗示所有軟體貸款都不好；而私募信貸平均約有 30% 的軟體曝險，因此此類曝險被認為帶來顯著風險。

Consistent with John's commentary, not all software is created equal, particularly when thinking about AI. While the technology continues to evolve real time, the market seems to be starting to delineate between the software businesses that are true systems of records with data or other moats versus the low-code point solution-type business models that we believe are more at risk.

與 John 的評論一致，並非所有軟體都一樣，特別是在思考 AI 時。雖然技術仍在即時演進，但市場似乎開始區分：哪些軟體企業是真正具備資料或其他護城河的「系統紀錄（systems of record）」；以及哪些是我們認為風險較高的低程式碼（low-code）單點解決方案型商業模式。

As a reminder, in order for our primarily senior software loans to be impaired, the private equity capital junior to us would first need to be wiped out in full. Second, potential systemic credit stress. While the media has highlighted one-off examples, we are not seeing signs that there is a systemic credit stress across the asset class.

提醒一下，若要使我們以資深順位為主的軟體貸款發生減損，必須先將位於我們之下的私募股權資本完全歸零。第二，潛在的系統性信用壓力。雖然媒體強調了一些個案，但我們並未看到該資產類別存在系統性信用壓力的跡象。

As evidenced by default rates that remain below the 10-year average. There are a handful of idiosyncratic challenges across the universe of direct lending loans. However, we have yet to see evidence that overall portfolios or certain subsectors are fundamentally impaired. We expect the primary driver of NAV declines this quarter to be mark-to-market movement in sympathy with the broadly syndicated loan market. Third, heightened redemptions.

這可由違約率仍低於10年平均水準所證明。在直接放款貸款的整體範圍內，存在少數具個別性的挑戰。然而，我們尚未看到證據顯示整體投資組合或某些子產業在基本面上受到損害。我們預期本季淨資產價值（NAV）下滑的主要驅動因素，將是隨著廣泛聯貸市場而產生的按市價評價（mark-to-market）變動。第三，贖回增加。

There has been significant attention to the redemptions in the perpetual non traded BDCs in Q1. However, there have also been meaningful inflows to the asset class. Note that we don't view this as gating. This is how these funds have been designed to protect remaining investors given the underlying illiquid assets. Importantly, the majority of the $2 trillion private credit market is funded by institutional investors.

第一季市場對永續型非交易型BDC的贖回情況高度關注。然而，該資產類別也出現了可觀的資金流入。請注意，我們不將此視為設置贖回限制（gating）。這些基金的設計目的，正是為了在底層資產流動性較低的情況下保護留存投資人。重要的是，規模達2兆美元的私募信貸市場中，多數資金來源為機構投資人。

We are seeing more sophisticated investors, reconsider new allocation to the asset class as the supply/demand rebalances following the exit of some of the more headline-driven investors. Fourth, a sector-wide lack of transparency.

隨著部分較受新聞標題驅動的投資人退出、供需重新平衡，我們看到更成熟的投資人正在重新考慮對該資產類別的新配置。第四，整體產業透明度不足。

All BDCs disclosed in their schedule of investments, line-by-line detail of company name, industry, spread, maturity, par, fair value, et cetera. We believe we provide a heightened level of transparency, as John discussed earlier with our heat map, detailed industry classifications and leverage levels for each portfolio company.

所有BDC都在其投資明細表中逐筆揭露公司名稱、產業、利差、到期日、票面金額、公允價值等細節。我們相信我們提供了更高程度的透明度，正如John先前提到的，我們提供熱力圖、詳細的產業分類，以及每家投資組合公司的槓桿水準。

All that said, M&A activity was seasonally slower in Q1 as expected, and further impacted by the AI-induced volatility. The backlog of potential private equity exits remains full, and there is still pressure to deploy private equity dry powder. So we remain cautiously optimistic about the outlook for 2026 and have started to see new deal activity pick up again in recent weeks.

儘管如此，如預期所示，第一季併購（M&A）活動具有季節性放緩，且進一步受到AI引發的波動影響。潛在私募股權退出的待處理案件（backlog）仍然充足，且私募股權仍面臨部署閒置資金（dry powder）的壓力。因此，我們對2026年的展望仍保持審慎樂觀，並且在最近幾週已開始看到新交易活動再度回升。

We continue to believe direct lending remains an attractive asset class in today's market and provides good risk-adjusted returns and enhanced yield relative to other asset classes. We have seen some spread widening occur as compared to the 2025 types and a more meaningful increase in pricing dispersion. The more challenging environment underscores the importance of our differentiated underwriting strategy, which allows us to go deeper on diligence, and identify the most compelling credit opportunities, both in the primary and secondary markets.

我們仍然認為，在當前市場環境下，直接放款仍是具吸引力的資產類別，與其他資產類別相比可提供良好的風險調整後報酬與更高收益率。相較於2025年類型的交易，我們看到利差有所擴大，且定價分化更為明顯。更具挑戰的環境凸顯我們差異化承作（underwriting）策略的重要性，使我們能更深入進行盡職調查，並在一級與二級市場中辨識最具吸引力的信貸機會。

Page 14 presents an interest rate analysis that provides insight into the effective base rates on NMFC's earnings. As of March 31, the NMFC loan portfolio was 89% floating rate and 11% fixed rate. While our liabilities were 73% floating rate and 27% fixed rate. As discussed over the last several quarters, we have meaningfully shifted this liability mix to increase the percentage of our liabilities that float. We are now nearly achieving our goal of matching our percent of liabilities that float with the percent of assets that float.

第14頁呈現利率分析，提供對NMFC盈餘有效基準利率的洞見。截至3月31日，NMFC貸款投資組合中89%為浮動利率、11%為固定利率。而我們的負債中73%為浮動利率、27%為固定利率。如過去幾季所討論，我們已大幅調整此負債結構，以提高浮動利率負債的占比。我們目前幾乎已達成目標：使浮動利率負債占比與浮動利率資產占比相匹配。

Last year at this time, our liability mix was just 50% floating rate. As shown on the bottom table, we would expect to see earnings pressure in the scenarios where base rates decrease, but the evolution of our liability structure helps to alleviate some of that pressure.

去年此時，我們的負債結構僅有50%為浮動利率。如底部表格所示，在基準利率下降的情境下，我們預期盈餘將承受壓力，但負債結構的演進有助於緩解部分壓力。

Moving on to page 15. During Q1, NMFC originated $117 million of assets offset by $492 million of sales and repayments, primarily related to the secondary portfolio sale. Our originations consisted of investments in our core defensive growth power allies, including health care, business services and IT infrastructure and security. We also purchased a few positions at meaningful discounts in the secondary market, where we believe we have a differentiated view and opportunity for meaningful book value upside if our thesis proves correct.

接著看第15頁。第一季，NMFC新增承作（originate）資產1.17億美元，但被4.92億美元的出售與償還所抵銷，主要與二級投資組合出售相關。我們的新增承作主要投資於核心防禦型成長領域，包括醫療保健、商業服務以及IT基礎設施與資安。我們也在二級市場以顯著折價買入少數部位；我們認為在此我們具備差異化觀點，若投資論點獲得驗證，將有機會帶來可觀的帳面價值上行。

Turning to page 16. Approximately 81% of our investments, inclusive of first lien, SLPs and net lease are senior in nature up from 77% in the prior year period. Approximately 5% of the portfolio is comprised of our equity positions, the largest of which are shown on the right side of the page. We continue to dedicate meaningful time and resources to business building at these companies. And as Steve mentioned, we believe we are making positive progress.

再看第16頁。約81%的投資（包含第一順位擔保、SLPs與淨租賃）屬於資本結構中較優先的部位，較去年同期的77%提高。投資組合約5%由我們的股權部位構成，其中最大者列示於頁面右側。我們持續投入大量時間與資源，協助這些公司進行業務建設。正如Steve所提到，我們相信我們正取得正向進展。

Page 17 shows that the average yield of NMFC's portfolio increased to 11.1% during the quarter due to the higher yield on our originations as compared to our repayments as well as the higher for longer shift in the forward curve. The higher yield on our originations relates in part to some of the secondary discounted purchases I mentioned when discussing our Q1 originations. We continue to believe that yields remain attractive for the risk.

第17頁顯示，NMFC投資組合的平均收益率於本季提高至11.1%，原因在於我們新增承作的收益率高於償還部位，以及遠期曲線「高利率維持更久」的轉變。我們新增承作的較高收益率，部分來自我在討論第一季新增承作時提到的二級市場折價買入。我們仍然認為，就風險而言，目前收益率仍具吸引力。

Finally, as illustrated on page 18, we have a diversified portfolio across 115 companies. Excluding our investments in the SLPs and net lease funds, the top 10 single name issuers account for just 24% of total fair value, down from 25.7% in the prior year. The progress here largely relates to the benefit of the secondary sale as we discussed last quarter.

最後，如第18頁所示，我們在115家公司間建立了分散的投資組合。若排除我們在SLPs與淨租賃基金的投資，前十大單一發行人僅占總公允價值的24%，低於去年的25.7%。此處的進展主要與我們上季討論的二級出售所帶來的效益有關。

I will now turn the call over to our Chief Financial Officer, Kris Corbett, to discuss our financial results.

接下來我將把電話會議交給我們的財務長（CFO）Kris Corbett，說明我們的財務結果。

Thank you, Laura. For more details, please refer to our quarterly report on Form 10-Q that was filed yesterday with the SEC. As shown on slide 19, the portfolio had $2.3 billion in investments at fair value on March 31 and total assets of $2.4 billion. Total liabilities were $1.4 billion, of which total statutory debt outstanding was $1.2 billion. Net asset value was $1 billion or $10.92 per share. At quarter end, our net debt-to-equity ratio was 1.08:1, which remains within our target range of 1x to 1.25x.

謝謝你，Laura。更多細節請參閱我們昨日向美國證券交易委員會（SEC）提交的10-Q季度報告。如第19頁所示，截至3月31日，投資組合按公允價值計為23億美元，總資產為24億美元。總負債為14億美元，其中法定未償債務總額為12億美元。淨資產價值為10億美元，或每股10.92美元。季末，我們的淨負債對股東權益比率為1.08:1，仍在我們1倍至1.25倍的目標區間內。

On slide 20, we show our quarterly income statement results. For the current quarter, we earned total investment income of $69 million, an 11% decrease compared to prior quarter. Total net expenses of $37 million decreased 18% versus the prior quarter, inclusive of the fee waiver previously mentioned. Our adjusted net investment income for the quarter was $0.32 per weighted average share, which covered our Q1 dividend. Our earnings were driven by our strong core income and incentive fee waiver and the share repurchase program.

在第20頁，我們展示季度損益表結果。本季我們的投資總收入為6,900萬美元，較前一季下降11%。淨費用總額為3,700萬美元，較前一季下降18%，其中包含先前提到的費用減免。本季調整後淨投資收益為每股（加權平均股數）0.32美元，足以覆蓋我們第一季股利。我們的盈餘主要由強勁的核心收入、績效費用減免，以及庫藏股回購計畫所驅動。

Slide 21 highlights that 98% of our total investment income is recurring in the first quarter. On the following page, you can see that 83% of our investment income was paid in cash, up from 77% prior quarter. 12% of investment income was PIK income from positions that included PIK from inception to best enable these borrowers to execute on their strategic growth plans. Only 3% of investment income is driven by modified PIK from an amendment or restructuring.

第21頁重點顯示，第一季我們投資總收入的98%為經常性收入。在下一頁，您可看到我們83%的投資收入以現金支付，較前一季的77%提高。12%的投資收入為PIK收入，來自自起始即包含PIK條款的部位，以最有利於這些借款人執行其策略性成長計畫。僅有3%的投資收入來自因修訂或重整而產生的調整後PIK。

Importantly, investments generating noncash income during the first quarter are marked at weighted average fair market value of 96% of par. During the quarter, we also collected approximately $35 million of previously accrued PIK income as part of the secondary sale.

重要的是，第一季產生非現金收入的投資，其加權平均公允市價為票面價值的96%。本季我們也在二級出售中收回約3,500萬美元先前已累計的PIK收入。

Turning to slide 23. The red line shows the coverage of our dividend. For Q2 2026, our Board of Directors has declared a dividend of $0.25 per share.

接著看第23頁。紅線顯示我們股利的覆蓋情況。針對2026年第二季，我們董事會已宣告每股0.25美元的股利。

On slide 24, we highlight our various financing sources and diversified leverage profile. As a reminder, our Wells Fargo facility is non-mark-to-market and tied to the operating performance of the underlying companies we lend to. New Mountain Finance Corporation has maintained a long and deep relationship with more than a dozen banks dating back over the course of our nearly 15 years as a public company. NMFC benefits from the stability provided by these relationships from across the entire New Mountain platform. Taking into account SBA guaranteed debentures, we have over $2 billion of total borrowing capacity with approximately $690 million available on the revolving lines, subject to borrowing base limitations. This more than covers our unfunded commitments of $190 million.

在第 24 頁投影片中，我們重點說明了多元的融資來源以及分散化的槓桿結構。提醒一下，我們的富國銀行（Wells Fargo）融資額度不採市價評價（non-mark-to-market），並與我們所放款之標的公司營運表現連動。New Mountain Finance Corporation 作為一家上市公司近 15 年來，與十多家銀行維持長期且深厚的合作關係。NMFC 受惠於這些關係所帶來的穩定性，且此穩定性來自整個 New Mountain 平台。若將 SBA 擔保債券（guaranteed debentures）納入考量，我們的總借款額度超過 20 億美元，其中循環額度約有 6.9 億美元可用，但仍須受借款基礎（borrowing base）限制。這已足以覆蓋我們 1.9 億美元的未動用承諾額度。

Finally, on slide 25, we show our leverage maturity schedule. We continue to ladder our maturities with less than 1% of outstanding debt maturing in 2026. Notably, 60% of our outstanding debt matures in or after 2029. We remain focused on continuing to access the unsecured market in 2026.

最後，在第 25 頁投影片中，我們展示了槓桿到期時程表。我們持續採取階梯式配置到期日，2026 年到期的未償債務不到 1%。值得注意的是，我們未償債務中有 60% 於 2029 年或之後到期。我們仍專注於在 2026 年持續進入無擔保市場融資。

With that, I would like to turn the call back over to John.

接下來，我想把電話交回給 John。

Thank you, Kris. In closing, we would like to thank all of our stakeholders for the ongoing partnership and look forward to speaking to you again on our second quarter 2026 earnings call in August. I will now turn things back to the operator to begin Q&A. Operator?

謝謝你，Kris。最後，我們要感謝所有利害關係人持續的合作夥伴關係，並期待在 8 月的 2026 年第二季財報電話會議上再次與各位交流。我現在把流程交回給接線員，開始問答環節。接線員？

(Operator Instructions) Finian O'Shea, Wells Fargo Securities.

（接線員指示）Finian O'Shea，富國銀行證券（Wells Fargo Securities）。

Just starting with a couple small items on the deck, the nonaccruals jumped a bit more than just Convey would explain, I think, up to $143 million at cost, seeing if there's anything else in there and then on the new fundings reported yield at 15.5%. Is that sort of a simple average considering the discounted purchases? Or is there sort of extra economics embedded in something like a health span?

先從簡報裡幾個小項目開始，非應計（nonaccrual）資產的增加幅度似乎比僅由 Convey 所能解釋的還要大，我想是以成本計達到 1.43 億美元，想確認是否還有其他項目；另外，新投放資金（new fundings）所報告的收益率為 15.5%。這是否只是把折價買入（discounted purchases）納入後的簡單平均？或者是否在像 health span 這類投資中包含了額外的經濟利益？

Thanks, Fin. Good morning. On nonaccruals, the two new nonaccruals were Affordable Care first lien, I believe last quarter, we put the pref on nonaccrual, and we had mentioned on last quarter's call that Affordable Care would be going through a restructuring process, and that's still happening. So the first lien is a new nonaccrual this quarter along with Convey. So I think that would bridge the gap.

謝謝，Fin。早安。關於非應計，新增的兩筆非應計資產是 Affordable Care 的第一順位擔保貸款（first lien）；我記得上季我們把其優先股（pref）列為非應計，且我們在上季電話會議提到 Affordable Care 將進行重整流程，目前仍在進行中。因此，本季新增非應計的是第一順位擔保貸款以及 Convey。我想這就能補上你提到的差額。

And then as I mentioned in my comments, both of those, particularly Affordable Care should be coming off accrual in the near future over the next quarter. As we set a new capital structure in place in conjunction with the rest of the lender group, which we feel very positive about. So we feel that this is a good moment for Affordable Care despite the fact that it is currently a nonaccrual.

另外如我在發言中提到，這兩筆之中，尤其是 Affordable Care，預期在接下來一季左右的近期將恢復計息（coming off accrual）。我們將與其餘貸款人團（lender group）共同建立新的資本結構，我們對此非常正面。因此，儘管目前列為非應計，我們仍認為 Affordable Care 正處於一個良好時點。

And to your question, just around the yields of the Q1 originations. So it is a weighted average based on the dollars deployed, but there's no kind of in an economics or anything, but it does take into account the OID or in some cases, for the secondary purchases, the material discount at which we bought those assets.

至於你問到第一季承作（Q1 originations）的收益率。這是依投放金額加權平均計算；並沒有額外嵌入的經濟利益或其他項目，但會納入原始發行折價（OID），或在某些情況下，針對次級市場買入（secondary purchases）我們以顯著折價買入資產的影響。

So what made it 15.5% then?

那麼是什麼讓它達到 15.5% 呢？

Yes. So if you look at our originations on page 15 of the slide deck, you can see a couple of those originations were done at meaningful discounts because they were done in the secondary market. As we touched on, we did find some more opportunistic investments over the course of the quarter where loans that we thought were misunderstood by the market. We had a differentiated view on. And so that accounts for the uptick in the yield this quarter.

是的。如果你看簡報第 15 頁的承作明細，你會看到其中幾筆承作是因為在次級市場完成，所以以相當有意義的折價進行。如我們提到的，本季我們確實找到一些更具機會性的投資，市場對某些貸款可能存在誤解。我們對此有差異化的看法。因此，這就解釋了本季收益率上升的原因。

Okay. And just a follow-up. SBIC II, you repaid some early, can you give us the sort of why on that and what that means for your go-forward debt stack?

了解。再追問一題。SBIC II 你們提前償還了一部分，可以說明原因，以及這對你們未來的負債結構（debt stack）意味著什麼嗎？

Yes, it was a pretty modest amount that we repaid early there. As you know, we -- the SBIC I and II are kind of out of their reinvestment period. And so just from a mechanical perspective, in some cases, to maximize liquidity, it makes more sense for us to do that. But we also have our third SBIC license that we can use from a ramp perspective as well. So there are some puts and takes when we look at our overall liability stack.

可以，我們在那裡提前償還的金額其實相當小。如你所知，我們的 SBIC I 和 II 已經大致走出再投資期間（reinvestment period）。因此，從操作層面來看，在某些情況下，為了最大化流動性，這樣做對我們更合理。不過我們也有第三張 SBIC 執照，可用於逐步建倉（ramp）方面。所以在檢視整體負債結構時，會有一些取捨（puts and takes）。

But ultimately, that's what we did in Q1.

但總之，這就是我們在第一季所做的。

We'll move to our next question from Ethan Kaye with Lucid Capital Markets.

接下來我們進入下一題，來自 Lucid Capital Markets 的 Ethan Kaye。

Congrats on the asset sale. But kind of with the asset sale in the rearview mirror now already seeing some kind of progress deleveraging, diversifying, reducing PIK, et cetera. Hoping you can just talk about kind of the path forward with respect to these initiatives? Like was the asset sale a first step, albeit a big one, and there's more to be done? Or do you kind of feel that the bulk of what needed to be done has been taken care of with the sale?

恭喜完成資產出售。不過在資產出售已成過去之後，我們已經看到一些去槓桿、分散化、降低 PIK 等方面的進展。希望你們談談這些措施接下來的推進路徑？例如資產出售是否只是第一步（雖然是很大的一步），後面還有更多要做？或者你們認為透過這次出售，該做的大部分已經完成了？

Sure. Thanks for the question. We think it was a big step forward, as Steve talked about, and we think that there's ongoing benefits from that asset sale that are even occurring today as we redeploy the proceeds. Really, the next step for us is some of the other positions that we talked about. When we think about our PIK income and some of our concentration in equity positions.

當然。謝謝你的提問。我們認為這是很大的一步，如 Steve 所說，而且我們也認為這次資產出售帶來的持續效益，甚至在今天仍在發生，因為我們正在重新部署（redeploy）這些資金。對我們而言，下一步主要是我們提到的其他部位。當我們思考 PIK 收入以及部分股權部位的集中度時。

A lot of that is derived from a couple of big positions that are actually performing pretty well. We mentioned Benevis and UniTek and there are a couple of other small ones as well. And we're very focused on monetizing some of the PIK positions that are performing well as at nonyielding equity. And I think we showed that in the deck a little bit.

其中很大一部分來自幾個其實表現相當不錯的大型部位。我們提到 Benevis 和 UniTek，另外也有幾個較小的部位。我們非常專注於將一些表現良好的 PIK 部位變現，因為它們屬於不產生收益的股權（nonyielding equity）。我想我們在簡報中也稍微展示了這點。

And we feel like that is the next step to becoming even more conforming having more cash income as a percentage of our total income, having more diversity. And we're really excited for that next step. We think we're on the doorstep of really transforming the company as we monetize those positions over the next medium -- short to medium term.

我們認為，這將是下一步，讓公司變得更加符合目標：讓現金收入占總收入的比重更高、組合更分散。我們對下一步非常期待。我們認為，隨著未來短期到中期內逐步將這些部位變現，我們正站在真正轉型公司的門檻上。

Great. And then one on yields and spreads. So there's an uptick in portfolio yields quarter-on-quarter, sensibly some of that's due to the rotation of some of those non-income-producing assets, but you did also -- you guys mentioned redeploying some proceeds and higher spread widening, right? So I'm wondering if you kind of have a sense of what share of that, call it, 60 to 70 basis point yield increase was from rotating -- simply rotating those non-income-producing assets versus how much was maybe attributable to kind of higher spread opportunities? And then if you can just kind of quantify the increase in kind of spreads you're seeing on some of the on-the-run deals here, that would be helpful.

很好。再問一題關於收益率與利差。投資組合收益率季對季上升，合理來說其中一部分是因為輪換掉一些不產生收入的資產，但你們也提到重新部署部分資金，以及利差擴大、對吧？所以我想了解，在大約 60 到 70 個基點的收益率提升中，有多少是來自單純輪換不產生收入的資產，又有多少可能是來自較高利差的機會？另外，如果你們能量化一下目前在一些當期新案（on-the-run deals）上看到的利差提升幅度，會很有幫助。

Sure. Yes. If you look at page 17 of our deck, I think we try to lay out kind of the bridge, if you will. So it's not any one thing, I would say, when you look at the uptick in yield. It was a bit of the SOFR curve movement, a bit of the origination activity and a bit of the rotation piece.

當然。是的。如果你看我們簡報第 17 頁，我想我們試著把這個「橋接」關係（如果你願意這麼說）梳理出來。所以我會說，當你看到殖利率上升時，並不是單一因素造成的。有一部分是 SOFR 曲線的變動，一部分是承作（origination）活動，還有一部分是輪動（rotation）的因素。

So it kind of all contributes to it. I think the main driving factor, as we talked about of the increase in Q1 origination yields related to some of those secondary opportunities. But stepping back a little bit to answer your broader question about what are we seeing in spreads. I think in general, we've seen spreads for regular way deals probably widen to the tune of 25 to 50 basis points. So what was the SOFR 450 unitranche loan late last year would probably be a SOFR 500 unitranche loan today with maybe a little bit more OID.

所以這些因素都有所貢獻。我認為主要驅動因素，如我們談到的，第一季承作殖利率的上升與一些次級市場機會有關。但退一步回到你更宏觀的問題：我們在利差方面看到了什麼。我認為整體而言，我們看到一般常規交易（regular way deals）的利差大概擴大了 25 到 50 個基點。所以去年底的 SOFR+450 單一融資（unitranche）貸款，今天可能會變成 SOFR+500 的單一融資貸款，且可能還會有多一點 OID（原始發行折價）。

So that's kind of the generic loan. And then if you look at anything on the software ecosystem, we're probably seeing a little bit broader spread widening even than that. So instead of 500 that's probably 550 plus. So directionally, that's kind of what we've been seeing in terms of opportunities. And that's why, as John said, when we think about some of the benefits of the secondary sale, certainly redeploying into some of these newer assets is also a key component of that.

所以那算是一般性的貸款。然後如果你看軟體生態系的任何交易，我們看到的利差擴大可能比那還要更明顯一些。也就是說，不是 500，而可能是 550 以上。就方向性而言，這大概就是我們在機會面上所看到的情況。也因此，如 John 所說，當我們思考次級出售的一些好處時，將資金重新部署到這些較新的資產上，當然也是其中一個關鍵組成。

(Operator Instructions) Robert Dodd, Raymond James.

（接線員指示）Robert Dodd，Raymond James。

Congrats on getting the asset sales done and you've been kind of aggressive on the buyback. And I also want to say best of luck. I don't want to -- to Kris on whatever he's heading off to. So a couple of questions. I mean one of them ties in the context of Benevis and UniTek and some of the others you talked about maybe monetizing those in the short to medium term or near to medium term, whatever the exact wording was.

恭喜完成資產出售，而且你們在回購方面也算是相當積極。我也想說祝你們一切順利。我不想——對 Kris 接下來要去做的事情（不論是什麼）說——所以有幾個問題。其中一個是把你們提到的 Benevis、UniTek 以及其他一些標的，可能在短到中期或近到中期（不管你們用的確切措辭是什麼）變現的脈絡串在一起。

And then Laura's comments that the M&A market is starting to pick back up. I mean what's the confidence level in moving some of? Obviously, I mean, the market has been a little -- suffice to say, choppy. And normally, when it rebounds from a period like that, it's premium A plus assets that move first, not to knock Benevis and UniTek, but they have had issues in the past. I mean, are they -- so what's the kind of -- where does the confidence come from that that's may be monetizable in the near to medium term, what I would have thought maybe a little longer for assets that have had issues in the past, given how the market tends to respond to that?

再加上 Laura 的評論說併購（M&A）市場開始回溫。我的意思是，對於推動其中一些（資產）的信心程度如何？顯然，市場一直——可以說——相當震盪。而通常當市場從那樣的期間反彈時，最先成交的是溢價的 A+ 頂級資產；不是要貶低 Benevis 和 UniTek，但它們過去確實有一些問題。我的意思是，它們——所以大概是——你們認為在近到中期可能變現的信心來源是什麼？以我原本的想法，對於過去有過問題的資產，可能需要更長一些時間，因為市場通常會那樣反應？

Sure. Thank you, Robert. It's a great question. I think the confidence really comes from the underlying performance of the businesses. So Benevis is in a more challenged sector.

當然。謝謝你，Robert。這是個很好的問題。我認為信心主要來自於企業本身的基本面表現。所以 Benevis 所在的是一個較具挑戰的產業。

It's a dental business. But we really feel we have a great management team. We have improving numbers, and we think that we've built a winner in what has been a more difficult space. And I think there should be really good value to investing in winners generally. So that's where our confidence is derived from.

它是一家牙科業務。但我們真的覺得我們有一個很棒的管理團隊。我們的數字在改善，而且我們認為我們在一個較困難的領域中打造出了一個贏家。而我認為，投資於贏家通常應該會有很好的價值。所以我們的信心就是從這裡來的。

I think the obvious challenge is that it has been a more difficult space. So we'll have to navigate that. And we believe that we have a good plan to do so as we think about the exit. With regard to UniTek, that has been a bit of a long road, but we've really positioned the business to be right in the center of broadband build and this data center explosion and we're doing just a lot of work as it relates to multiple broadband initiatives around the country that have a lot of private and public funding, and we have a big backlog of projects that enact existing and new data centers. And I think that boom as well discussed and well known about.

我想顯而易見的挑戰是，這一直是一個較困難的領域。所以我們必須去因應並穿越這些狀況。而在我們思考退出時，我們相信自己有一個好的計畫可以做到。至於 UniTek，那確實走了很長一段路，但我們已把公司定位在寬頻建設與資料中心爆發成長的核心位置；我們正在做大量工作，涉及全國各地多項寬頻計畫，這些計畫有很多民間與公共資金支持；同時我們也有大量專案積壓（backlog），涵蓋既有與新建資料中心的落地。而我想這股榮景也已被廣泛討論、眾所周知。

So UniTek is just in a really good position, and it's executing well in what is, I think, a hot industry. So that, I think, has all the positive elements going forward.

所以 UniTek 的位置真的很好，而且在我認為相當火熱的產業中執行得很到位。因此我認為，往前看它具備所有正面的要素。

Got it. Got it. And kind of tied to the whole -- how is the market going to do various things. I mean Laura mentioned more dispersion in loan pricing. And that spread expansion, I mean, obviously, 25 to 50, 50 plus for software.

了解。了解。然後把它跟整體——市場會如何發展各種事情——連在一起。我的意思是，Laura 提到貸款定價的分散度更高。而利差擴大——顯然，一般是 25 到 50，軟體是 50 以上。

I mean, how wide is the dispersion? And kind of what's your appetite to play at the tight end of that versus the middle versus the wider end of that dispersion in terms of risk?

我的意思是，分散度到底有多大？以及就風險而言，你們在這個分散區間中，對於參與較緊端、較中間、或較寬端的胃納（appetite）大概是怎麼看？

Yes. Well, I think like last year, for example, and we've talked about this in some of our calls last year, we saw really no dispersion, right? Everything was pricing and that SOFR 450 to 475 band. And that we thought was a challenging dynamic, and we had the philosophy very much of staying safe because you -- particularly last year, you're not getting paid for any extra incremental risk. This year, so far, as I said, we are starting to see more dispersion.

是的。我想以去年為例，而且我們在去年的一些電話會議中也談過，去年我們幾乎看不到分散度，對吧？所有東西的定價都落在 SOFR+450 到 +475 的區間。我們認為那是一個具挑戰性的動態，而我們的理念非常偏向保持保守，因為——尤其在去年——你並沒有因為承擔額外的增量風險而得到報酬。今年到目前為止，如我所說，我們開始看到更多分散度。

Some of that's industry, as I alluded to, where software is now pricing wider. But even just in general, I think we are starting to see a little bit more dispersion by industry, by size of company, sponsor, et cetera. So look, our philosophy hasn't changed. We're always focused on staying safe. As you know, we like the most defensive sectors of the economy.

其中一部分是產業因素，如我提到的，軟體現在的定價更寬。但即便更一般性地看，我認為我們也開始看到按產業、公司規模、贊助方（sponsor）等等出現更多分散。所以你看，我們的理念沒有改變。我們始終專注於保持保守、控制風險。如你所知，我們偏好經濟中最具防禦性的產業。

We do feel like our research engine is differentiated and allows us to pick the best credits within those safer sectors. So that continues to be our philosophy. We're definitely not -- our goal is not to chase yield at the risk of credit. That being said, some of the opportunistic stuff that we did in Q1, we felt like we had high conviction on and really benefited from the knowledge base that the New Mountain ecosystem has. So that's how I would categorize it.

我們確實覺得我們的研究引擎具有差異化，能讓我們在這些較安全的產業中挑選出最好的信用標的。所以這仍然是我們的理念。我們絕對不——我們的目標不是以犧牲信用風險為代價去追逐殖利率。話雖如此，我們在第一季做的一些機會型操作，我們覺得有很高的確信度（high conviction），並且確實受益於 New Mountain 生態系的知識基礎。所以我會這樣來歸類。

Robert, the only quick thing I'd add is when you think about the dispersion within software, I perceive right now, it is pretty wide. I think it could be anywhere, Laura was saying, from 550 to 1,000. And that dispersion is driven by real and perceived views on the quality of the business model with different -- within the software ecosystem. And I think that's a more exciting environment to invest in versus the environment that Laura was talking about earlier where everything is pricing at 475. So I think lenders will have the opportunity to take differentiated views in software and potentially get rewarded for making the good credit picks.

Robert，我唯一想快速補充的是，當你思考軟體內部的分散度時，我目前的感受是它相當大。我想它可能落在 550 到 1,000 之間，正如 Laura 所說。而這種分散是由於市場對於軟體生態系內不同商業模式品質的實際與感知看法所驅動。我認為，這是一個比 Laura 先前提到的那種所有東西都定價在 475 的環境更令人興奮、更適合投資的環境。所以我認為放款人將有機會在軟體領域採取差異化觀點，並且可能因為做出好的信用選擇而獲得回報。

That's the one thing I would add to that commentary.

這是我唯一想對那段評論補充的一點。

Got it. Got it. Understood. And then one more -- a quick one, if I can. But obviously, it's pretty attractive.

了解。了解。明白。然後再一個——如果可以的話，一個簡短的問題。但顯然，這相當有吸引力。

You can get a high-quality loan at [65] in the secondary market and your stock is trading at [75], sometimes allocating to the secondary and getting the appreciation that way might be attractive. But you did just increase the buyback. You bought a lot in the first quarter. What's kind of your thinking right now on how attractive that buyback versus general deployments versus opportunistic secondary purchases kind of shake out?

你可以在次級市場以[65]取得一筆高品質貸款，而你的股票交易價格在[75]；有時候配置到次級市場並透過那種方式取得增值，可能會很有吸引力。但你們確實才剛提高了回購規模。你們在第一季買了很多。你們目前對於回購相較於一般資金部署、以及機會性次級市場買入之間的吸引力，整體是怎麼思考與權衡的？

Sure. I think we want to be balanced between managing the business at an appropriate leverage level, taking advantage of opportunities in the secondary market that we see continuing to support sponsor clients. As well as buying back stock when it's trading at a level that we think is too cheap. So I just think it's a balance of each and I think that's what we've done historically in the first quarter, and that's what we'll continue to do. So I guess that's the way I would answer that question.

當然。我認為我們希望在幾個面向之間取得平衡：以適當的槓桿水準來管理業務、把握我們在次級市場看到且持續存在的機會以支持贊助商客戶，同時在股價交易於我們認為過於便宜的水準時回購股票。所以我認為就是在各項之間取得平衡；我想這也是我們過去在第一季一貫的做法，未來也會持續如此。我想我會用這樣的方式回答這個問題。

(Operator Instructions) Paul Johnson, KBW.

(接線員指示) Paul Johnson，KBW。

Just in terms of the credit statistics you provide on the PIK portfolio, which is very helpful. I was wondering if you can kind of explain that it looks like there was a bigger drop within just the -- looks like the green-rated names of income generation within PIK dropped to about 83% or so of that -- of those investments. Was that because of something to do with just the asset sale or any new names that were placed on PIK this quarter? Or if you can kind of maybe explain the change quarter-over-quarter?

就你們提供的 PIK 投資組合信用統計而言，這非常有幫助。我想請你們解釋一下：看起來在——看起來是綠色評級標的——PIK 內的收益產生比例似乎有較大的下滑，降到大約 83% 左右（就那些投資而言）。這是因為資產出售相關的因素，或是本季有新的標的被納入 PIK 嗎？或者你們能否說明一下這個季度對季度的變化？

Yes. I think the biggest driver, I mean, obviously, as folks have highlighted, our PIK percentage did come down pretty meaningfully in the quarter, right? We were around 20% last quarter. This quarter, we're at about 15%. A large driver of that was the secondary sales we talked about.

是的。我認為最大的驅動因素——顯然，正如大家所提到的，我們的 PIK 比例在本季確實相當明顯地下滑，對吧？上季大約在 20%。本季大約在 15%。其中一個主要驅動因素就是我們提到的次級市場出售。

That was one of the key focus areas, one of the drivers behind the secondary sale, amongst other reasons. And so just as the PIK composition just changed pretty meaningfully in one single quarter, that was the main driver of the decrease in percentage green versus anything -- any kind of dramatic movement. We did see a little bit of heat map movement this quarter, as John talked about, but it was really more to former, the secondary sales.

那是我們的重點關注領域之一，也是推動次級市場出售的因素之一，當然還有其他原因。因此，由於 PIK 的組成在單一季度內出現相當明顯的變化，綠色占比下降的主要原因就是這個，而不是——不是任何劇烈的變動。如 John 所說，本季我們確實看到熱度圖有些微變動，但主要還是前者，也就是次級市場出售。

Got it. Okay. That's helpful. And then just on EBITDA trends within the portfolio, it looks like EBITDA kind of year-over-year up around 11%. Leverage declined a little bit, interest coverage improved a little bit.

了解。好。這很有幫助。另外就投資組合內的 EBITDA 趨勢來看，EBITDA 看起來年增約 11%。槓桿小幅下降，利息保障倍數小幅改善。

I mean, is that pretty reflective in your opinion of just the underlying kind of trends within the portfolio here this quarter? I mean -- or within, I guess, just the broader context of a little bit more noise within the mark-to-market stuff as well as some credit-related metric marks this quarter as well. I'm wondering if you can kind of put the two between just kind of the NAV marks and just in general looks like credit improvement on the quarter.

我的意思是，就你們的看法，這是否相當反映本季投資組合基本面的趨勢？我的意思是——或者說，在更廣的背景下，市價評估（mark-to-market）方面也有比較多雜訊，同時本季也有一些與信用相關的指標評價變動。我想請你們協助把兩者串起來：一方面是 NAV 的評價變動，另一方面是整體來看本季信用似乎有所改善。

Yes. No, I think the takeaways that you're alluding to around just the EBITDA growth, the deleveraging in general, is consistent with what we're seeing. It's kind of -- we get the benefit of this time of year where we're getting a lot of Q4, Q1 and budget reporting from a lot of our portfolio companies. And generally speaking, we think the portfolio is largely performing well. When we think about the NAV movement, and John talked about this, but a good chunk of the NAV movement in the quarter, the majority of it, related more to just pure mark-to-market and just reflecting where the BSL market is currently trading as opposed to credit specific.

是的。不，我認為你提到的重點——也就是 EBITDA 成長、整體去槓桿——與我們所看到的情況一致。每年這個時點我們有個好處，就是會從許多投資組合公司收到大量的第四季、第一季以及預算報告。整體而言，我們認為投資組合大多表現良好。至於 NAV 的變動，John 也談到了，本季 NAV 變動中相當大的一部分、而且是多數，更多是來自純粹的市價評估，反映目前 BSL 市場的交易水準，而非特定信用因素。

So in general, I do look at these trends and think it's illustrative of the portfolio. We did have the modest heat map segregation that I just talked about. But that to me was a little bit more idiosyncratic and also trying to reflect some of the latest enterprise value multiples from the software market in particular.

所以整體來看，我確實會把這些趨勢視為能反映投資組合狀況。我們確實有我剛提到的些許熱度圖分層變化。但對我而言，那更多是較具個別性（idiosyncratic），同時也試圖反映特別是軟體市場最新的企業價值倍數。

(Operator Instructions) Sean-Paul Adams, B. Riley Securities.

(接線員指示) Sean-Paul Adams，B. Riley Securities。

It sounds like there was a couple of portfolio positives this quarter. It looks like there was a large wave of buybacks. It looks like you guys kind of alluded to that nonaccruals could go down in the next couple of quarters. On just the origination volatility, I guess. What are your thoughts as far as just balancing out the current volume over the next couple of quarters?

聽起來本季投資組合有幾個正面因素。看起來有一波相當大的回購。你們似乎也提到，未來幾季不計息資產（nonaccruals）可能會下降。就承作（origination）波動而言，我想問：你們對於未來幾季如何平衡目前的量，有什麼看法？

It looks like you guys got back to a lower leverage ratio. There's been some sizable like portfolio benefits in terms of spread. But where you're looking at in terms of getting back to a target leverage range? Do you have thoughts about continuing the portfolio expansion given opportunistic levels? Or are you kind of more comfortable at your current levels and just looking for more opportunistic deals?

看起來你們的槓桿比率回到較低水準。在利差方面，投資組合也有一些相當可觀的效益。但就回到目標槓桿區間而言，你們目前怎麼看？在機會性水準出現的情況下，你們是否考慮持續擴張投資組合？或者你們對目前水準已較為滿意，只是尋找更具機會性的交易？

Yes. Thanks for the question. I would say when we think about our target leverage range, I think we've been pretty consistent in articulating the 1 to 1.25x. That's been our target leverage range for a long time at this point. And we are comfortable operating anywhere in that range.

是的。謝謝你的問題。我會說，談到我們的目標槓桿區間時，我們一直相當一致地表達為 1 到 1.25 倍。這個目標槓桿區間我們維持很長一段時間了。而且我們在這個區間內的任何位置運作都覺得舒適。

We obviously, post secondary sale had delevered slightly below that range as we talked about on last quarter's call and through the combination of some buybacks and some origination activity kind of migrated back to within the range. Look, it's something that's hard to predict and pinpoint exactly, right, because just from a timing of origination and repayment perspective, those things are typically outside of our control. So I can't say that we have a specific target within the range. We are comfortable within the range. And we certainly don't want to be -- there's a few quarters, I think, over the past few years that we were at the high end of the range every quarter, and that is not our goal.

如我們在上季電話會議所談到的，次級市場出售之後，我們的去槓桿程度一度略低於該區間；而透過一些回購與部分承作活動的組合，我們又回到區間之內。坦白說，這件事很難精準預測與定位，對吧？因為從承作與償還的時間點來看，這些通常不在我們的控制範圍內。所以我不能說我們在該區間內有一個特定的目標點。我們在這個區間內都很自在。而且我們當然不希望——我想過去幾年有幾個季度，我們每一季都在區間的高端，那並不是我們的目標。

We want to be kind of within the range in general.

我們希望整體而言大致落在這個區間內。

(Operator Instructions) It appears there are no further questions at this time. I'd like to turn the conference back over to John for any additional or closing remarks.

(接線員指示) 目前看來沒有其他問題。我想把電話會議交回給 John，請他做任何補充或結語。

Great. Well, I would just like to thank everyone for joining our call today, and we look forward to speaking to everyone again in August. Thank you.

很好。那我只想感謝各位今天參加我們的電話會議，我們期待在八月再次與各位交流。謝謝。

This concludes today's call. Thank you again for your participation. You may now disconnect, and have a great day.

今天的電話會議到此結束。再次感謝各位的參與。您現在可以掛線，祝您有美好的一天。