Prospect Capital Corp (PSEC) 2025 Q3 法說會逐字稿

Good day, and welcome to the Prospect Capital third fiscal quarter earnings release and conference call. (Operator Instructions). Please note this event is being recorded.

大家好，歡迎參加Prospect Capital第三財季收益發表會和電話會議。（操作說明）請注意，本次活動正在錄影。

I would like now to turn the conference over to Mr. John Barry, Chairman and CEO. Please go ahead.

現在我謹將會議交給董事長兼執行長約翰·巴里先生。請繼續。

Thank you, Alan. Joining me on the call today are Grier Eliasek, our President and COO; and Kristin Van Dask, our CFO. Kristin?

謝謝你，艾倫。今天和我一起參加電話會議的還有我們的總裁兼營運長 Grier Eliasek，以及我們的財務長 Kristin Van Dask。克里斯汀？

Thanks, John. This call contains forward-looking statements that are intended to be subject to Safe Harbor protection. Future results are highly likely to vary materially. We do not undertake to update our forward-looking statements. For additional disclosure, see our earnings press release and 10-Q filed previously and available on our website, prospectstreet.com.

謝謝你，約翰。本次通話包含前瞻性陳述，旨在受到「安全港」條款的保護。未來的結果很可能與現在有重大差異。我們不承諾更新我們的前瞻性聲明。有關更多披露信息，請參閱我們之前提交的盈利新聞稿和 10-Q 表格，這些文件可在我們的網站 prospectstreet.com 上查閱。

Now I'll turn the call back over to John.

現在我把電話轉回給約翰。

Thank you, Kristin. In the March quarter, our net investment income, or NII, was $83.5 million, $0.19 per common share. Our NAV was $3.2 billion, $7.25 per common share. At March 31, our net debt to total assets ratio was 28.7%. Unsecured debt plus unsecured preferred is 87.5% of total debt plus preferred for Prospect.

謝謝你，克里斯汀。在三月的季度中，我們的淨投資收益（NII）為 8,350 萬美元，即每股普通股 0.19 美元。我們的淨資產值為 32 億美元，每股普通股 7.25 美元。截至3月31日，我們的淨負債與總資產比率為28.7%。Prospect 的無擔保債務加上無擔保優先債佔總債務加上優先債的 87.5%。

Since inception over 20 years ago through our August 2025 declared distribution, we will have distributed over $4.5 billion or $21.57 per share. We are announcing monthly common shareholder distributions of $0.045 per share for each of May, June, July, and August. We plan on announcing our next set of shareholder distributions in August. Our preferred shareholder cash distributions continue at the contractual rates of such distributions.

自 20 多年前成立以來，截至 2025 年 8 月宣布的分配，我們將累計分配超過 45 億美元，即每股 21.57 美元。我們宣布，5 月、6 月、7 月和 8 月的普通股股東每月將獲得每股 0.045 美元的分紅。我們計劃在八月公佈下一批股東分紅方案。我們繼續依照合約約定的費率向優先股股東派發現金分紅。

Thank you. I'll now turn the call over to Grier.

謝謝。現在我將把電話交給格里爾。

Thank you, John. Over the past two decades, Prospect Capital Corporation has invested $11.8 billion in over 325 exited investments that have earned a 13% unlevered investment level gross cash internal rate of return to Prospect Capital Corporation. This two-decade time period includes the GFC and has been dominated in general by low interest rates. As of March 2025, we held 114 portfolio companies across 33 different industries with an aggregate fair value of $6.9 billion.

謝謝你，約翰。在過去的二十年裡，Prospect Capital Corporation 已投資 118 億美元，進行了 325 多項已退出的投資，這些投資為 Prospect Capital Corporation 帶來了 13% 的無槓桿投資水平總現金內部收益率。這二十年期間包括了全球金融危機，並且總體上以低利率為主導。截至 2025 年 3 月，我們持有 114 家投資組合公司，涵蓋 33 個不同的產業，總公允價值達 69 億美元。

For the March quarter, our portfolio at fair value comprised 65.5% first lien debt that's up 650 basis points from the prior year, 10.5% senior secured second lien debt that's down 410 basis points from the prior year, 4.2% subordinated structured notes with underlying secured first lien collateral that's down 310 basis points as a mix from the prior year, and 19.8% unsecured debt and equity investments, resulting in 80.2% of our investments being assets with underlying secured debt benefiting from borrower-pledged collateral.

截至三月季度末，我們的投資組合以公允價值計算，包括 65.5% 的優先擔保債務（較上年同期增長 650 個基點）、10.5% 的優先擔保次級債務（較上年同期下降 410 個基點）、4.2% 的次級結構性票據（較上年同期下降 410 個基點）、4.2% 的次級結構性票據（以上年同期為折扣 1.19%）的無擔保債務和股權投資。因此，我們 80.2% 的投資是具有擔保債務的資產，這些債務受益於借款人提供的抵押品。

In our middle market lending strategy, we continue to focus on first-lien senior secured loans during the quarter, with such investments totaling $149 million of our $196 million of originations during the quarter. Investments during the quarter included our new platform investment in Taos Footwear, a leading innovative footwear brand with a two-decade history, in other follow-on investments in existing portfolio companies to support acquisitions, working capital needs, organic growth initiatives, and other objectives.

在我們的中階市場貸款策略中，本季我們繼續專注於優先擔保貸款，此類投資總額為 1.49 億美元，佔本季 1.96 億美元貸款發放總額的 1.99 億美元。本季投資包括對 Taos Footwear 的新平台投資，Taos Footwear 是一家擁有二十年歷史的領先創新鞋類品牌；以及對現有投資組合公司的其他後續投資，以支持收購、營運資金需求、有機增長計劃和其他目標。

Our subordinated structured notes portfolio as of March represented 4.2% of our investment portfolio, a reduction of 310 basis points from 7.3% as of March 2024. Since the inception of this strategy in 2011 and through March of 2025, we've exited 15 subordinated structured note investments, earning an unlevered investment level gross cash internal rate of return of 12.1% and cash-on-cash multiple of 1.3 times.

截至 3 月，我們的次級結構性票據組合占我們投資組合的 4.2%，比 2024 年 3 月的 7.3% 減少了 310 個基點。自 2011 年該策略實施以來，截至 2025 年 3 月，我們已退出 15 項次級結構性票據投資，獲得 12.1% 的無槓桿投資總現金內部收益率和 1.3 倍的現金回報率。

As of March 2025, based on fair value and excluding investments being redeemed, the remaining subordinated structured notes portfolio had a trailing 12-month average cash yield of 30.2% and an annualized GAAP yield of 4.4%, with the difference between cash yield and GAAP yield representing amortization of our cost basis. We expect to continue to amortize and exit our subordinated structured notes portfolio and to reinvest primarily in the first-lien senior secured middle market loans.

截至 2025 年 3 月，以公允價值計算，不包括已贖回的投資，剩餘的次級結構性票據組合過去 12 個月的平均現金收益率為 30.2%，年化 GAAP 收益率為 4.4%，現金收益率與 GAAP 收益率之間的差額代表了我們成本基礎的攤銷。我們預計將繼續攤提並退出我們的次級結構性票據組合，並將主要再投資於優先擔保的中型市場貸款。

In our real estate property portfolio at National Property REIT Corp., or NPRC, since the inception of the strategy in 2012 and through March 2025, we've exited 52 property investments, earning an unlevered investment level gross cash IRR of 24% and cash-on-cash multiple of 2.4 times. We exited an additional property in the recently completed March 2025 quarter.

自 2012 年該策略實施以來，截至 2025 年 3 月，我們在 National Property REIT Corp.（簡稱 NPRC）的房地產投資組合中已退出 52 項房地產投資，獲得了 24% 的無槓桿投資總現金內部收益率 (IRR) 和 2.4 倍的現金回報率。我們在最近結束的 2025 年 3 月季度中退出了另一處房產。

The remaining real estate property portfolio includes 58 properties that paid us an income yield of 4.5% for the March quarter. Prospect's aggregate investments in NPRC had a $460 million unrealized gain as of March. We expect to continue to redeploy future asset sale proceeds primarily into property value-add capital investment and first-lien middle market loans.

剩餘的房地產投資組合包括 58 處房產，這些房產在 3 月季度為我們帶來了 4.5% 的收益率。截至 3 月，Prospect 對 NPRC 的總投資未實現收益為 4.6 億美元。我們預計將繼續把未來的資產出售所得款項主要用於房地產增值資本投資和優先擔保中端市場貸款。

Prospect's approach is one that generates attractive risk-adjusted yields. In our performing interest-bearing investments, we're generating an annualized yield of 11.5% as of March. Our interest income in the March quarter was 93% of total investment income, reflecting a strong recurring revenue profile for our business. Payment-in-kind income for the quarter ended March was $19.5 million, down nearly 50% from the June 2024 quarter.

Prospect 的投資策略能夠產生具吸引力的風險調整後收益。截至 3 月，我們表現良好的計息投資的年化報酬率為 11.5%。三月季度，我們的利息收入佔總投資收入的 93%，反映出我們業務強勁的經常性收入狀況。截至 3 月的季度，實物支付收入為 1,950 萬美元，比 2024 年 6 月季度下降了近 50%。

Non-accruals as a percentage of total assets stood at approximately 0.6% in March. Our weighted average EBITDA per portfolio company stood at just under $100 million. Investment originations in the March quarter aggregated $196 million and were comprised of $149 million of first-lien loans or 76% of total originations. We also experienced $192 million of repayments and exits as a validation of our capital preservation objective, resulting in net originations of $4.5 million.

3月份非應計項目佔總資產的比例約為0.6%。我們投資組合中每家公司的加權平均 EBITDA 略低於 1 億美元。3 月季度的投資貸款總額為 1.96 億美元，其中第一順位貸款為 1.49 億美元，佔總貸款額的 76%。我們也經歷了 1.92 億美元的還款和退出，這驗證了我們的資本保全目標，最終淨新增貸款金額為 450 萬美元。

During the March quarter, our originations comprised 81% middle market lending, 4.9% middle market lending and buyouts, 14.1% real estate, and 0% in subordinated structured notes. So far in the current June 2025 quarter, we booked $65 million in originations and experienced $20 million of repayments. Our originations have consisted of 75.5% middle market lending and 21.3% real estate.

在三月的季度中，我們的貸款發放包括 81% 的中端市場貸款、4.9% 的中端市場貸款和收購、14.1% 的房地產貸款，以及 0% 的次級結構性票據。截至目前（2025 年 6 月季度），我們已確認新增貸款 6,500 萬美元，並已收到還款 2,000 萬美元。在我們的貸款發放中，75.5%為中端市場貸款，21.3%為房地產貸款。

Thank you. I'll now turn the call over to Kristin. Kristin?

謝謝。現在我將把電話交給克里斯汀。克里斯汀？

Thanks, Grier. We believe our prudent leverage, diversified access to matched book funding, substantial majority of unencumbered assets, weighting toward unsecured fixed rate debt, and avoidance of unfunded asset commitments all demonstrate balance sheet strength as well as substantial liquidity to capitalize on attractive opportunities.

謝謝你，格里爾。我們相信，我們審慎的槓桿率、多元化的配比融資管道、絕大多數未抵押資產、以無擔保固定利率債務為主的投資組合以及避免未融資資產承諾，都展現了我們穩健的資產負債表以及充足的流動性，從而能夠把握有吸引力的投資機會。

Our company has locked in a ladder of liabilities extending 27 years into the future. Our unfunded eligible commitments to portfolio companies totals approximately $43 million, of which $17 million are considered at our sole discretion, representing approximately 0.6% and 0.2% of our assets as of March 2025, respectively. Our combined balance sheet cash and undrawn revolving credit facility commitments stood at $1.7 billion as of March, and we held $4.4 billion of our assets as unencumbered assets, representing approximately 63% of our portfolio.

我們公司已經鎖定了一系列長達 27 年的債務。我們對投資組合公司的未註資合格承諾總額約為 4,300 萬美元，其中 1,700 萬美元由我們自行決定是否考慮，分別約占我們截至 2025 年 3 月資產的 0.6% 和 0.2%。截至 3 月，我們的資產負債表現金和未提取循環信貸額度總額為 17 億美元，我們持有 44 億美元的未抵押資產，約占我們投資組合的 63%。

The remaining assets are pledged to Prospect Capital Funding, a non-recourse SPV. We currently have $2.12 billion of commitments from 48 banks, demonstrating strong support of our company from the lender community with the diversity unmatched by any other company in our industry. The facility does not mature until June 2029 and revolves until June 2028. Our drawn pricing continues to be SOFR plus 2.05%.

剩餘資產已抵押給 Prospect Capital Funding，一個無追索權的特殊目的實體 (SPV)。我們目前已獲得 48 家銀行 21.2 億美元的貸款承諾，這表明貸款機構對我們公司給予了強有力的支持，這種多樣性是業內任何其他公司都無法比擬的。該融資工具要到 2029 年 6 月才會到期，循環期到 2028 年 6 月。我們制定的定價仍是 SOFR 加 2.05%。

Outside of our revolver, we have access to diversified funding sources across multiple investor types and have successfully issued securities in an array of markets. Prospect has issued multiple types of unsecured debt, institutional non-convertible bonds, institutional convertible bonds, retail baby bonds, and retail program notes. All of these types of unsecured debt have no financial covenants, no asset restrictions, and no cross defaults with our revolver.

除了循環信貸額度外，我們還可以透過多種投資者類型獲得多元化的融資管道，並在多個市場成功發行了證券。Prospect 發行了多種類型的無擔保債務、機構不可轉換債券、機構可轉換債券、零售嬰兒債券和零售項目票據。所有這些類型的無擔保債務都沒有財務契約、資產限制，並且與我們的循環信貸沒有交叉違約。

As of March, unsecured term debt represents 78% of all of Prospect's indebtedness. We attached the unsecured term debt market on multiple occasions to ladder our maturities and to extend our liability duration out 27 years with our debt maturities extending through 2052. With so many banks and debt investors across so many unsecured and non-recourse debt tranches, we have substantially reduced our counterparty risk. On March 31, 2025, our weighted average cost of unsecured debt financing was 4.33%.

截至 3 月，無擔保定期債務佔 Prospect 所有債務的 78%。我們多次利用無擔保定期債務市場來錯開到期日，並將負債期限延長至 27 年，債務到期日一直持續到 2052 年。由於有如此多的銀行和債務投資者參與瞭如此多的無擔保和無追索權債務，我們大幅降低了交易對手風險。截至 2025 年 3 月 31 日，我們的無擔保債務融資加權平均成本為 4.33%。

Now I'll turn the call back over to John.

現在我把電話轉回給約翰。

Thank you, Kristin. I think we can take questions now.

謝謝你，克里斯汀。我想我們現在可以開始提問了。

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

（操作說明）Finian O'Shea，富國銀行。

First question on the top line. Other income from the control, namely NP REIT, had been a pretty recurring feature for a while, and that was very low, if there's not anything this quarter. Seeing how we should think about that if this should bounce back or the new -- this reflects the new sort of rack rate total earnings.

第一行第一個問題。來自控股公司（即 NP REIT）的其他收入已經持續了一段時間，而且金額非常低，如果本季度沒有任何收入的話。看看我們應該如何看待這種情況，無論是反彈還是新的——這反映了新的標價總收益。

Thank you, Finian. Grier, do you want to take that one?

謝謝你，菲尼安。格里爾，你想接那個任務嗎？

Sure. So we had, as you can see in our financials for multiple periods going back a few years, actually, fairly significant other income coming out of NPRC associated with the real estate book, primarily associated with exit-related income, as we had successfully completed our value-add capital improvement program and exited assets.

當然。因此，正如您在我們過去幾年的財務報表中看到的那樣，實際上，NPRC 與房地產業務相關的其他收入相當可觀，主要與退出相關的收入有關，因為我們已經成功完成了增值資本改善計劃並退出了資產。

The pacing of such exits understandably slowed a bit, as the Fed hiked and, in particular, 10-year treasuries spiked. We think things are starting to normalize. Whenever you have sharp movements in macro indices like that, it tends to make buyers and sellers pause. But we're looking to achieve a value maximizing orderly reduction in the size of NPRC and our real estate portfolio. We just sold an additional asset, as we mentioned, in the quarter just completed. We have some additional assets we're exploring as well and other ways to unlock potential capital upstairs from NPRC.

隨著聯準會升息，尤其是 10 年期美國公債價格飆升，此類退出的步伐自然有所放緩。我們認為情況正在開始恢復正常。每當宏觀指數出現如此劇烈的波動時，往往會讓買賣雙方都停下來觀望。但我們希望透過有序縮減 NPRC 的規模和我們的房地產投資組合，來實現價值最大化。正如我們之前提到的，在剛結束的這個季度，我們又賣了一項資產。我們還有一些其他資產正在探索，以及其他方式來釋放 NPRC 樓上的潛在資本。

That business line, as we discussed a couple of quarters ago, has achieved terrific total returns for us, 24% IRRs after exiting several dozen -- I think over 50 investments in the last two decades of -- or nearly two decades of making these investments, but lower on the current yield side of things that's more competitive in -- at least as it relates to -- compared with middle market lending.

正如我們幾個季度前討論的那樣，這條業務線為我們帶來了極佳的總回報，在過去二十年（或者說近二十年）退出數十項投資（我認為超過 50 項）後，內部收益率達到了 24%。但就目前的收益率而言，它比中端市場貸款更具競爭力——至少就此而言。

It's competitive in a low short-term interest rate environment, but not as competitive in a higher rate environment that we find ourselves here still today within 100 basis points of peak SOFR for Fed tightening. So that other income line, you may see some activity there. In the future, we're not really guiding to anything specifically. It depends on the pacing and magnitude of those exits as they transpire.

在短期利率較低的環境下，它具有競爭力，但在利率較高的環境下，它的競爭力就沒那麼強了。而我們今天所處的利率環境，距離聯準會收緊貨幣政策的峰值SOFR僅差100個基點。所以，您可能會看到另一個收入來源有所波動。未來，我們並沒有具體指明任何方向。這取決於這些退出事件發生的節奏和規模。

Very helpful. So say that remains subdued for a little while, the -- you have the incentive fee this quarter that wasn't full. You assume that comes back and everyone -- the whole industry being mostly floating rate is now sort of pretty tight on dividend coverage with SOFR pointed down. I think you said you declared through August. Is there another lever to pull on leverage or adding to other sort of higher-yielding investments? Like how do we think about dividend coverage, I guess, beyond August at today's SOFR curve?

很有幫助。假設這種情況持續一段時間，那麼－本季的激勵費用並沒有全部到帳。你假設這種情況會恢復，而現在整個產業（大部分是浮動利率）由於 SOFR 利率下調，股息覆蓋率都相當緊張。我想你說過你申報的截止日期是八月。有其他方法可以利用槓桿效應，或是增加其他高收益投資嗎？例如，在目前的SOFR曲線下，我們該如何考慮8月以後的股利覆蓋率呢？

Right. So I think yes and yes to both of those. First of all, we've been prioritizing more and more sort of lower middle market and core, our traditional middle market lending. We have not been big fans of the upper end of the market and what's transpired, especially in the last couple of years and have been prioritizing our originations in the less efficient part of the market where spreads are wider and also where SOFR floors are much higher.

正確的。所以我覺得這兩個問題的答案都是肯定的。首先，我們越來越重視中低階市場和核心的傳統中階市場貸款業務。我們一直不太看好高端市場及其發展，尤其是在過去幾年裡，我們一直優先考慮在效率較低的市場部分開展業務，這些部分的利差更大，而且SOFR下限也更高。

As you pointed out, what went up can and already has started to and is projected to based on the forward curve that you mentioned go down again. And it will be in a symmetrical fashion for others with low-to-no SOFR floors prioritizing upper end of the market, where competition is fierce, spreads are tight, floors are low, and covenants are nonexistent from a seat-at-the-table standpoint.

正如你所指出的，上漲的趨勢可能會再次下跌，根據你提到的遠期曲線，這種下跌趨勢已經開始，並且預計還會再次下跌。而對於其他SOFR下限較低甚至沒有SOFR下限的公司來說，情況也將以對稱的方式發展，這些公司優先考慮高端市場，那裡的競爭異常激烈，利差很小，下限很低，而且從參與決策的角度來看，沒有任何契約約束。

The lower end of the market, we get the opposite of all those things, wider spreads, higher floors, better covenants that act as a repricing event. So we're getting that from our focus on the lower end of the market, number one. Number two, there's a portfolio rotation aspect occurring, which we're looking to boost our yields. One area is our subordinated structured notes portfolio or CLO equity portfolio, which is down to only 4% of our assets but is a low GAAP contributor, high cash contributor, which is the amortization of our cost basis.

在低端市場，情況則與上述所有情況相反，價差更大，下限更高，更嚴格的契約條款起到重新定價的作用。第一，我們之所以能取得這樣的成績，是因為我們專注於低端市場。第二，我們正在進行投資組合輪動，以期提高殖利率。其中一個領域是我們的次級結構性票據組合或 CLO 權益組合，該組合目前僅占我們資產的 4%，但其 GAAP 貢獻率低，現金貢獻率高，現金是我們成本基礎的攤銷。

So that unlocks capital that could be invested in high-returning deals. Real estate is a significant storehouse of value for us. Our real estate book is only yielding about 4.5%. Again, that's a total return strategy, lower on yield, attractive for total returns. And we think rotating those assets selectively, prudently, in an orderly value-maximizing way, as I mentioned to the last question, is also going to help to boost our yield.

這樣就能釋放出可用於投資高回報項目的資金。房地產對我們來說是一筆重要的財富儲備。我們的房地產投資組合收益率只有4.5%左右。再說一遍，這是一種總回報策略，收益率較低，但對總回報有吸引力。正如我在上一個問題中提到的那樣，我們認為有選擇地、謹慎地、有條不紊地以價值最大化的方式輪換這些資產，也將有助於提高我們的收益率。

And then we're also underlevered, significantly underlevered from a standpoint of debt to total cap only around 30% or so. Our leverage is half or less than half compared to peer companies in the industry, which reflects conservatism. It also reflects being careful and reluctant about tying up too much of our balance sheet with more expensive financing with less borrower-friendly call protections along the way.

而且，從負債與總資本比率來看，我們的槓桿率也很低，只有30%左右。與業內同業公司相比，我們的槓桿率只有一半甚至不到一半，這反映了我們的保守作風。這也反映出我們謹慎且不願將太多資產負債表資金用於成本較高的融資，因為這種融資方式對借款人而言缺乏有效的贖回保障。

So we've liked having locked in capital at 3% to 4% rates from several years ago. We're being advantageous and opportunistic as it pertains to thinking about such issuance. And we have multiple areas of financing to look at that can be adjusted over time based on what's happening with short- and medium-term prevailing rates in more of a programmatic fashion as we raise significant capital there. So all those are available levers to pull that we're looking at to enhance net investment income.

因此，我們很滿意幾年前鎖定在 3% 到 4% 利率上的資金。在考慮發行這類債券時，我們採取的是有利可圖和投機取巧的策略。我們有多個融資領域需要考慮，可以根據短期和中期現行利率的變化情況，以更具規劃性的方式進行調整，同時我們也從中籌集了大量資金。所以，這些都是我們可以利用的手段，我們可以研究如何提高投資淨收益。

One more on that. Like this quarter on the multiple sources, the program notes slowed, the preferred raises were pretty good. I know that's sort of -- the preferreds are sort of in between, but just considering them leverage for now, is that -- should we anticipate that continues like more of a ramp on the prefs as opposed to traditional unsecured debt?

關於這一點，還有一點要補充。與本季多方消息來源一樣，節目單發布速度放緩，但優先股的漲幅相當不錯。我知道這有點——優先股有點介於兩者之間，但就目前而言，僅僅考慮它們的槓桿作用，這是否意味著——我們是否應該預期優先股的增長速度會比傳統的無擔保債務更快？

I think you'll look at us prioritizing both unsecured debt and preferreds. Unsecured financing, of course, is a significant derisker of the balance sheet, and we've been big fans of that. We also have our $2.1 billion revolving credit facility with close to 50 banks, more than any other company in our industry. We all know what has transpired in the last few weeks and at the tail end of the last quarter, just tremendous volatility. So it's no surprise that you saw issuance slow during that sort of a period from our program notes.

我認為你們會看到我們優先考慮無擔保債務和優先股。當然，無擔保融資是降低資產負債表風險的重要手段，我們一直都非常支持這種做法。我們還與近 50 家銀行建立了 21 億美元的循環信貸額度，比業內任何其他公司都多。我們都知道過去幾週以及上個季度末發生了什麼，市場波動非常劇烈。因此，根據我們的節目單，在那段時間發行速度放緩也就不足為奇了。

But we have multiple areas to look to with program notes, with preferreds, and other types of financing as well. I think we've issued more diversified financing in our history than any other company in the industry, pioneering the first convertible notes, printing the first institutional bond, printing the first and only perpetual preferred, and so on and so on.

但是，我們可以透過專案說明、優先股以及其他類型的融資方式，從多個方面進行檢視。我認為，在我們公司的歷史上，我們發行的融資種類比業內任何其他公司都更加多元化，我們率先發行了可轉換債券，印製了第一筆機構債券，印製了第一筆也是唯一一筆永續優先股，等等等等。

So we're always looking at different avenues that help with cost of capital but also provide a diversity and access, including during more volatile time periods. Having this programmatic type of issuance is very valuable and differentiating about our company that tends to be sticky. Maybe the volumes can fluctuate a bit, but it's available in there and represents more just-in-time type of financing.

因此，我們一直在尋找不同的途徑來幫助降低資本成本，同時提供多樣性和管道，包括在波動性較大的時期。擁有這種程式化發行方式對我們公司來說非常有價值，也使其與眾不同，並且往往能吸引更多客戶。交易量可能會有些波動，但它確實存在，並且代表了一種更及時的融資方式。

This concludes our question-and-answer session. I would like to hand the call back over to Mr. John Barry.

我們的問答環節到此結束。我想把電話轉回給約翰·巴里先生。

Okay. Thank you, everyone. Have a lovely morning and a great weekend. Thank you very much. Bye now.

好的。謝謝大家。祝您有個美好的早晨和愉快的週末。非常感謝。再見了。

This concludes our question-and-answer session. This concludes our call. Thank you for attending today's conference. You may now disconnect.

我們的問答環節到此結束。通話到此結束。感謝各位參加今天的會議。您現在可以斷開連線了。