Runway Growth Finance Corp (RWAY) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Runway Growth Finance second-quarter 2025 earnings conference call. Please be advised that today's conference is being recorded.

女士們，先生們，感謝各位的支持，歡迎參加Runway Growth Finance 2025年第二季財報電話會議。請注意，今天的會議正在錄製中。

I would like now to hand the conference over to Quinlan Abel, Assistant Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係助理副總裁 Quinlan Abel。請開始。

Thank you, operator. Good evening, everyone, and welcome to the Runway Growth Finance Conference Call for the quarter ended June 30, 2025. Joining us on the call today from Runway Growth Finance are David Spreng, Chief Executive Officer; Greg Greifeld, Chief Investment Officer of Runway Growth Capital LLC, our investment adviser; and Tom Raterman, Chief Financial Officer and Chief Operating Officer.

謝謝接線生。大家晚上好，歡迎參加Runway Growth Finance截至2025年6月30日季度電話會議。今天，Runway Growth Finance的執行長David Spreng、我們的投資顧問Runway Growth Capital LLC的首席投資長Greg Greifeld以及首席財務長兼首席營運長Tom Raterman將參加電話會議。

Runway Growth Finance's second-quarter 2025 financial results were released just after today's market close and can be accessed from Runway Growth Finance's Investor Relations website at investors.runwaygrowth.com. We have arranged for a replay of the call to be available on the Runway Growth Finance web page.

Runway Growth Finance 的 2025 年第二季財務業績於今日收盤後發布，可造訪 Runway Growth Finance 投資者關係網站 investors.runwaygrowth.com 取得。我們已安排在 Runway Growth Finance 網頁上播放本次電話會議的重播。

During this call, I want to remind you that we may make forward-looking statements based on current expectations. The statements on this call that are not purely historical are forward-looking statements. These forward-looking statements are not a guarantee of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including, without limitation, market conditions caused by uncertainties surrounding interest rates, changing economic conditions and other factors we identify in our filings with the SEC.

在本次電話會議中，我想提醒您，我們可能會根據當前預期做出前瞻性陳述。本次電話會議中非純歷史性的陳述均為前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，且受不確定因素和其他因素的影響，這些因素可能導致實際結果與前瞻性陳述中表達的結果存在重大差異，包括但不限於由利率不確定性、經濟狀況變化以及我們向美國證券交易委員會 (SEC) 提交的文件中確定的其他因素造成的市場狀況。

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions can prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions can be incorrect. You should not place undue reliance on these forward-looking statements.

儘管我們認為這些前瞻性聲明所基於的假設是合理的，但任何假設都可能被證明是不準確的，因此，基於這些假設的前瞻性陳述也可能是不正確的。您不應過度依賴這些前瞻性陳述。

The forward-looking statements contained on this call are made as of the date hereof, and Runway Growth Finance assumes no obligation to update the forward-looking statements or subsequent events. To obtain copies of SEC-related filings, please visit our website.

本次電話會議中包含的前瞻性陳述截至本電話會議召開之日為止，Runway Growth Finance 不承擔更新前瞻性陳述或後續事件的義務。如需美國證券交易委員會 (SEC) 相關文件的副本，請造訪我們的網站。

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

說完這些，我會把電話轉給大衛。

Thank you, Quinlan, and thanks, everyone, for joining us this evening to discuss our second quarter 2025 financial results. Today, I'll discuss our second quarter financial highlights, reflect on the first half of the year operationally and share our outlook for the remainder of 2025, then Greg will provide an update on the venture landscape. And to conclude, Tom will dive deeper into our financial performance.

謝謝Quinlan，也謝謝大家今晚加入我們，共同討論我們2025年第二季的財務表現。今天，我將討論我們第二季的財務亮點，回顧上半年的營運情況，並分享我們對2025年剩餘時間的展望。之後，Greg將介紹創投領域的最新情況。最後，Tom將深入探討我們的財務表現。

For the second quarter, Runway delivered total investment income of $35.1 million and net investment income of $13.9 million. The second quarter posed economic uncertainty due to evolving tariff policy and the potential knock-on effect to our portfolio companies. Overall, the BDC sector proved resilient, and we believe our portfolio has demonstrated its ability to perform throughout all economic cycles.

Runway 第二季總投資收益為 3,510 萬美元，淨投資收益為 1,390 萬美元。由於關稅政策的不斷變化以及對我們投資組合公司的潛在連鎖反應，第二季度帶來了經濟不確定性。總體而言，商業發展公司 (BDC) 產業表現出韌性，我們相信我們的投資組合已展現出其在所有經濟週期中都能表現優異的能力。

Amidst this macro backdrop, our focus has continued to be on driving shareholder value through our enhanced positioning as part of the BC Partners credit platform. This focus has been pivotal as we navigate the current venture debt environment and continue to be the best partner possible for our underlying portfolio investments.

在這樣的宏觀背景下，我們始終致力於透過提升作為B​​C Partners信貸平台一部分的定位來提升股東價值。這一目標對於我們應對當前風險債務環境並繼續成為我們基礎投資組合的最佳合作夥伴至關重要。

As part of the BC Partners platform, Runway is benefiting from broadened origination channels and an expanded set of financing solutions that we have already put into action in the second quarter. Our integration within the BC Partners ecosystem empowers Runway Growth Capital at the firm level to continue to make our target investments between $30 million and $150 million overall.

作為 BC Partners 平台的一部分，Runway 受益於我們已於第二季實施的更廣泛的發起管道和更豐富的融資解決方案。我們與 BC Partners 生態系統的整合將使 Runway Growth Capital 在公司層級能夠繼續實現 3,000 萬至 1.5 億美元的目標投資。

That said, our ability to partner with BC partners on these deals increases our optionality and allows us to allocate the right investment size to our BDC. We believe our sweet spot is a check size between $20 million and $45 million for the BDC. Overall, these strategic imperatives allow us to focus on three main objectives: first, to further optimize our portfolio through diversification of investment size; second, to expand the financing solutions we offer; and third, to maximize our existing commitments through consistent monitoring and diligent risk mitigation.

儘管如此，我們與商業發展基金 (BC) 合作夥伴在這些交易上合作的能力增加了我們的選擇空間，使我們能夠為 BDC 配置合適的投資規模。我們認為，BDC 的最佳投資額度是 2,000 萬美元至 4,500 萬美元。整體而言，這些策略要務使我們能夠專注於三個主要目標：第一，透過多元化投資規模進一步優化我們的投資組合；第二，擴展我們提供的融資解決方案；第三，透過持續監控和嚴謹的風險規避措施，最大限度地兌現我們現有的承諾。

With these pillars in place, we are confident in our ability to move opportunistically when new investments that meet our high credit bar are sourced. We can be nimble in our execution while leveraging the backing of BC Partners fully scaled $9 billion credit platform. Our second-quarter investment activity demonstrates our ability to execute against our portfolio optimization initiatives while continuing to maximize our existing portfolio.

有了這些支柱，我們有信心在獲得符合我們高信用標準的新投資時，我們能夠抓住機會。我們可以靈活地執行，同時利用BC Partners已全面擴張的90億美元信貸平台的支援。我們第二季的投資活動證明了我們有能力執行投資組合最佳化計劃，同時繼續最大化現有投資組合。

In the second quarter, we executed on three investments in new and existing portfolio companies across the high-growth verticals of technology, health care and select consumer sectors, representing $37.8 million in funded loans. We completed a $40 million commitment in Autobooks, an accounting and bookkeeping solution funding $27 million at close.

第二季度，我們完成了三筆投資，投資對象涵蓋科技、醫療保健和特定消費等高成長垂直領域的新舊投資組合公司，貸款總額達3,780萬美元。我們完成了對會計和簿記解決方案公司Autobooks的4000萬美元投資承諾，交易完成後融資額達2700萬美元。

During the quarter, we also completed a new $20 million commitment in Swing Education, an online marketplace that connects schools with qualified substitute teachers, funding $8 million at close. $10 million of this commitment to Swing Education is a revolving line of credit, further reflecting the expanded solutions upon which we are executing.

在本季度，我們也完成了對 Swing Education 的 2000 萬美元新投資承諾，Swing Education 是一個將學校與合格代課教師聯繫起來的線上市場，目前已融資 800 萬美元。對 Swing Education 的這項承諾中的 1000 萬美元是循環信用額度，進一步反映了我們正在執行的擴展解決方案。

Finally, we completed a $2.8 million commitment in our existing portfolio company, Marley Spoon. Subsequent to quarter end, we announced a new $10 million co-investment with BC Partners in Federal Hearings and Appeal Services, or FHAS, funding $7.5 million at close. FHAS is a trusted national leader in providing business processing and outsourcing services to federal and state government agencies.

最後，我們完成了對現有投資組合公司 Marley Spoon 280 萬美元的投資承諾。季度末之後，我們宣布與 BC Partners 共同投資聯邦聽證和上訴服務公司 (FHAS)，投資金額達 1,000 萬美元，最終融資金額達 750 萬美元。 FHAS 是值得信賴的全國領導企業，為聯邦和州政府機構提供業務處理和外包服務。

Additionally, last week, we made a new $10 million investment in DigiCert, Inc., funding $9.2 million at close. DigiCert is a leader in offering high assurance digital certificates, certificate management solutions and public key infrastructure solutions, which provide companies a better way to authenticate information on the Internet.

此外，上週，我們向 DigiCert, Inc. 追加了 1,000 萬美元的投資，目前融資總額已達 920 萬美元。 DigiCert 是提供高可信度數位憑證、憑證管理解決方案和公鑰基礎設施解決方案的領導者，這些解決方案為企業提供了一種更佳的網路資訊驗證方式。

Looking ahead, we are pleased with our pipeline and remain hyper focused on our efforts to provide superior risk-adjusted returns for our shareholders.

展望未來，我們對我們的產品線感到滿意，並將繼續高度專注於為股東提供卓越的風險調整回報。

With that, I'll turn it over to Greg to provide a deeper look at our portfolio activity and outlook on the venture debt landscape.

接下來，我將把主題交給格雷格，讓他更深入了解我們的投資組合活動和風險債務前景。

Thanks, David, and good evening, everyone. I want to share a little more about our progress in optimizing the portfolio and what we're seeing across the venture debt market.

謝謝，David，大家晚上好。我想再分享我們在優化投資組合方面的進展，以及我們在風險債務市場看到的情況。

During the second quarter of 2025, Runway completed two investments in new portfolio companies and one investment in an existing portfolio company, representing $37.8 million in funded loans. I want to take a moment to highlight our investment in Swing, which David touched on earlier. We are providing a $20 million senior secured loan to the company, $10 million of which is a revolving line of credit, marking our first of such arrangement. This opportunity is significant for a few reasons.

2025年第二季度，Runway完成了對兩家新投資組合公司的投資，以及對一家現有投資組合公司的投資，總計3,780萬美元的貸款。我想花點時間重點介紹一下我們對Swing的投資，David之前也提到過。我們將向該公司提供一筆2000萬美元的優先擔保貸款，其中1000萬美元為循環信貸額度，這是我們首次提供此類貸款。這次機會意義重大，原因如下。

First, Swing is an ideal check size to help diversify our portfolio. Second, the delayed draw enables us to grow with the company, allowing us to be an effective partner at this stage in its life cycle. And third, we believe education technology is a high-growth sector that is insulated from many of the macro headwinds we are experiencing today.

首先，Swing 的規模非常理想，有助於我們實現投資組合多元化。其次，延遲提款使我們能夠與公司共同成長，在公司生命週期的這個階段成為有效的合作夥伴。第三，我們認為教育科技是一個高成長產業，不會受到我們目前面臨的許多宏觀不利因素的影響。

As our funnel widens and our pipeline grows, we believe there will be more opportunities like Swing that allow us to flex our newly added platform scale and growing solution set. We look forward to updating you on our expanded offerings in the quarters to come.

隨著我們通路的拓展和產品線的不斷增長，我們相信會有更多像 Swing 這樣的機遇，讓我們能夠靈活擴展新增的平台規模和不斷增長的解決方案組合。我們期待在未來幾季向您介紹我們擴展的產品組合。

Turning to credit quality. Our weighted average portfolio risk rating remained at 2.33 in the second quarter of 2025, consistent with the first quarter of 2025. Our rating system is based on a scale of 1 to 5, where 1 represents the most favorable credit rating.

談到信用品質。 2025年第二季度，我們的加權平均投資組合風險評等維持在2.33，與2025年第一季持平。我們的評級體系採用1至5的等級，其中1代表最有利的信用評級。

As with previous quarters, we calculated the loan-to-value ratio for loans in our portfolio at the end of the first quarter and at the end of the second quarter. We found that our dollar weighted loan-to-value ratio increased slightly from 29.0% to 29.8%. Our total investment portfolio had a fair value of $1.02 billion, an increase of 2.1% from $1 billion in the first quarter of 2025.

與前幾季一樣，我們計算了第一季末和第二季末投資組合中貸款的貸款價值比。我們發現，美元加權貸款價值比從29.0%小幅上升至29.8%。我們的投資組合總公允價值為10.2億美元，較2025年第一季的10億美元成長2.1%。

Our loan portfolio is comprised of 97% floating rate assets. To reiterate, we have structured our portfolio to be comprised almost exclusively of first lien senior secured loans, reflecting our focus on risk mitigation and the diligence with which we manage our investments. As David mentioned, we faced a muted operating environment in the second quarter, but we're pleased to see consistent origination activity and leverage.

我們的貸款組合中97%為浮動利率資產。重申一下，我們已將組合結構調整為幾乎完全由第一留置權優先擔保貸款構成，這體現了我們對風險規避的重視以及對投資管理的審慎態度。正如David所提到的，我們在第二季面臨低迷的營運環境，但我們很高興看到貸款發放活動和槓桿率保持穩定。

Turning now to our outlook on the market. As we discussed on our first-quarter 2025 earnings call, amidst the strained deal environment, we have observed a fundamental shift among venture-backed companies who we believe are compelled to demonstrate growth in order to attract investment or achieve a successful exit.

現在談談我們對市場的展望。正如我們在2025年第一季財報電話會議上所討論的那樣，在緊張的交易環境中，我們觀察到創投支持的公司發生了根本性的轉變，我們認為這些公司必須展現成長才能吸引投資或實現成功退出。

Despite some encouraging signs of life in the IPO market, we do not expect a significant increase in M&A for our target sectors for the balance of the year. The management teams we are speaking with today are prepared for an exit, whether that's an IPO or M&A, but have the flexibility to be selective due to their ongoing strong financial performance.

儘管IPO市場出現了一些令人鼓舞的復甦跡象，但我們預計今年餘下時間裡，我們目標產業的併購交易不會大幅增加。今天與我們溝通的管理團隊已做好退出的準備，無論是透過IPO還是併購，但由於其持續強勁的財務表現，他們擁有選擇權的靈活性。

This ties back to our focus on the highest quality late and growth stage companies within technology, health care and select consumer products and services industries. We believe our investors benefit from exposure to the venture ecosystem through a portfolio of assets at the top of the capital stack.

這與我們專注於科技、醫療保健以及精選消費品和服務業中最優質的後期及成長期公司息息相關。我們相信，透過投資位於資本頂層的資產組合，我們的投資者能夠從創投生態系統中獲益。

Taking a closer look at the BDC sector and venture debt in particular, the market continues to navigate the ongoing headwinds of constrained equity allocations. Additionally, as exits halted in the aftermath of tariff announcements during the second quarter, companies are focusing on preserving optionality to safeguard against macro turbulence.

仔細觀察BDC產業，尤其是風險債務，市場仍在應對股票配置受限的持續阻力。此外，由於第二季關稅公告發布後退出活動暫停，企業正專注於保留選擇權以防範宏觀經濟動盪。

According to PitchBook's latest venture monitor report, companies are opting for larger raises to extend runway and defer fundraising in an increasingly competitive environment. As we've observed in prior quarters, fundraising momentum in the second quarter was concentrated among select AI deals with PitchBook reporting that AI represented 64% and 36% of first half of 2025 deal value and count, respectively. We believe this will remain the state of play in the coming quarters, but we are confident in the pipeline we are building.

根據PitchBook最新的創投監控報告，在競爭日益激烈的環境中，企業正選擇更大規模的融資以延長發展路徑並推遲融資。正如我們在前幾個季度所觀察到的，第二季的融資勢頭集中在部分人工智慧交易中。 PitchBook報告稱，人工智慧分別佔2025年上半年交易價值和數量的64%和36%。我們相信這種情況將在未來幾季持續下去，但我們對正在建立的投資管道充滿信心。

Further, our fundamental investment philosophy continues to generate consistent originations as we focus on portfolio optimization. With the backing of a world-class platform in BC Partners, our combined deal teams are positioned to execute on opportunities that meet our high credit bar and offer purposeful diversification for the benefit of shareholders.

此外，我們的基本投資理念持續創造持續的收益，因為我們專注於投資組合優化。在BC Partners世界級平台的支持下，我們合併後的交易團隊能夠抓住符合我們高信用標準的投資機會，並為股東帶來有針對性的多元化投資。

Now I want to turn the call over to Tom to share more on financial results.

現在我想將電話轉給湯姆，讓他分享更多有關財務結果的資訊。

Thanks, Greg, and good evening, everyone. We generated total investment income of $35.1 million and net investment income of $13.9 million in the second quarter of 2025, a decrease compared to $35.4 million and $15.6 million in the first quarter of 2025. Our overall decrease can be attributed to increased interest expense and the acceleration of certain deferred financing costs associated with the refinancing of our senior unsecured notes, which was required as a result of the BC Partners transaction with our adviser.

謝謝，格雷格，大家晚上好。 2025年第二季度，我們的總投資收益為3,510萬美元，淨投資收益為1,390萬美元，較2025年第一季的3,540萬美元和1,560萬美元下降。我們的整體下降可以歸因於利息支出的增加，以及與優先無擔保票據再融資相關的某些遞延融資成本的加速，而這些成本是BC Partners與我們顧問進行交易的結果。

Importantly, on a per share basis, we delivered $0.38 of NII in the second quarter, which covered our base dividend. Our debt portfolio generated a dollar weighted average annualized yield of 15.4% for the second quarter of 2025, holding flat quarter over quarter and increasing from 15.1% for the comparable period last year.

重要的是，以每股計算，我們在第二季度實現了0.38美元的淨利息收入，這足以覆蓋我們的基本股息。我們的債務投資組合在2025年第二季度實現了15.4%的美元加權平均年化收益率，環比持平，高於去年同期的15.1%。

Moving to our expenses. Total operating expenses were $21.2 million for the second quarter of 2025, an increase from $19.8 million for the first quarter of 2025. We recorded a net realized loss on investments of $1.5 million in the second quarter of 2025 compared to a net realized gain on investments of $6.1 million in the first quarter of 2025.

談到我們的支出。 2025年第二季的總營運支出為2,120萬美元，高於2025年第一季的1,980萬美元。 2025年第二季度，我們錄得投資淨實現虧損150萬美元，而2025年第一季度，我們錄得投資淨實現收益610萬美元。

During the second quarter, we experienced one prepayment totaling $25 million and scheduled amortization of $4.2 million. As of June 30, 2025, we had only one loan on nonaccrual status to Mingle Healthcare. This loan has a cost basis of $4.8 million and fair market value of $2.4 million or 50% of cost, representing just 0.2% of the total investment portfolio at fair value as of June 30, 2025.

第二季度，我們發生了一筆總額為 2,500 萬美元的預付款，並計劃攤提 420 萬美元。截至 2025 年 6 月 30 日，我們僅向 Mingle Healthcare 提供了一筆未提列的貸款。該貸款的成本基礎為 480 萬美元，公允市價為 240 萬美元，佔成本的 50%，僅佔截至 2025 年 6 月 30 日投資組合公允價值的 0.2%。

We'd like to recognize that Mingle is making cash interest payments on its loan. We're confident that our thoughtful portfolio management and ability to address potential issues that may arise, combined with our ongoing commitment to supporting borrowers throughout the entire loan life cycle will enable us to achieve beneficial outcomes for all parties involved.

我們確認 Mingle 正在以現金支付其貸款利息。我們相信，憑藉我們周到的投資組合管理、應對潛在問題的能力，以及我們在整個貸款週期內持續支持借款人的承諾，我們將能夠為所有相關方帶來共贏的成果。

As of June 30, 2025, Runway had net assets of $498.9 million, decreasing from $503.3 million at the end of the first quarter of 2025. NAV per share was $13.66 at the end of the second quarter, an increase of 1.3% compared to $13.48 at the end of the first quarter of 2025. At the end of the second quarter of 2025, our leverage ratio and asset coverage were 1.05 and 1.95 times, respectively, compared to 0.99 and 2.01x, respectively, at the end of the first quarter of 2025.

截至 2025 年 6 月 30 日，Runway 的淨資產為 4.989 億美元，較 2025 年第一季末的 5.033 億美元有所下降。第二季末的每股資產淨值為 13.66 美元，較 2025 年第一季末的 13.48 美元成長 1.3%。 2025 年第二季末，我們的槓桿率和資產覆蓋率分別為 1.05 倍和 1.95 倍，而 2025 年第一季末分別為 0.99 倍和 2.01 倍。

As of June 30, 2025, our total available liquidity was $297 million, including unrestricted cash and cash equivalents, and we had borrowing capacity of $291 million. As previously discussed, during the second quarter, we restructured our privately placed senior unsecured notes as a result of the triggering of the change in control provision applicable to the company's external adviser. This required us to make an offer to repurchase our senior unsecured notes, resulting in a prepayment of the August 2027 notes, along with an exchange and upsize of our December 2026 notes.

截至2025年6月30日，我們可用的流動資金總額為2.97億美元，包括非限制性現金及現金等價物，我們的借款能力為2.91億美元。如前所述，在第二季度，由於觸發了適用於公司外部顧問的控制權變更條款，我們重組了私募的優先無擔保票據。這要求我們提出回購優先無擔保票據的要約，導致2027年8月到期的票據提前償付，同時2026年12月到期的票據進行了交換和增發。

Our total unsecured notes, excluding baby bonds, increased from $115 million to $132 million. As of June 30, 2025, we had a total of $164.9 million in unfunded commitments, which was comprised of $135.5 million to provide debt financing to our portfolio companies and $29.4 million to provide equity financing to our JV with Cadma. Approximately $35.7 million of our unfunded debt commitments are eligible to be drawn based on achieved milestones.

我們的無擔保票據總額（不包括嬰兒債券）從 1.15 億美元增至 1.32 億美元。截至 2025 年 6 月 30 日，我們的未撥付債務承諾總額為 1.649 億美元，其中 1.355 億美元用於向我們的投資組合公司提供債務融資，2940 萬美元用於向我們與 Cadma 的合資公司提供股權融資。我們約有 3,570 萬美元的未撥付債務承諾可根據已達成的里程碑提取。

We continue to believe we have sufficient liquidity to support existing unfunded commitments, selective portfolio growth, and potential share repurchases. On May 7, 2025, our Board of Directors approved a new stock repurchase program of $25 million, which will expire on May 7, 2026, or earlier if we repurchase the total amount of the stock authorized for repurchase under the program.

我們仍然相信，我們擁有充足的流動性，足以支持現有的未撥付承諾、選擇性投資組合成長以及潛在的股票回購。 2025年5月7日，董事會批准了一項2500萬美元的新股票回購計劃，該計劃將於2026年5月7日到期，如果我們回購了該計劃授權回購的全部股票，則到期日可提前。

During the second quarter, we repurchased 815,408 shares. Finally, on August 6, 2025, our Board of Directors declared total distributions for the third quarter of $0.36 per share, comprised of a $0.33 regular dividend and a $0.03 supplemental dividend.

第二季度，我們回購了815,408股。最終，在2025年8月6日，董事會宣布第三季每股股息0.36美元，其中包括0.33美元的常規股息和0.03美元的補充股息。

We continue to believe Runway presents a great opportunity for prospective investors that are seeking exposure to a high-quality venture and growth lending portfolio with attractive yield characteristics. Management has deep conviction that Runway offers the right combination of excellent credit quality, institutional scale and a clear opportunity for equity upside in the quarters to come.

我們始終堅信，Runway 為尋求投資優質創投和成長型貸款組合且收益率誘人的潛在投資者提供了絕佳的投資機會。管理層堅信，Runway 具備卓越的信用品質、機構規模以及未來幾季明顯的股票上漲機會。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

This is actually Cory Johnson on for Doug. So I just had a question. So nonaccruals have been pretty -- very low. But I noticed that, I guess, PIK as a percent of the total investment income has been increasing over the last several quarters. I just wanted to know like how much of that is sort of like force PIK versus perhaps like just companies using that optionality?

我是 Cory Johnson，代替 Doug 發言。我有個問題。所以，非應計項目一直很低。但我注意到，PIK 佔總投資收益的百分比在過去幾個季度一直在上升。我只是想知道，其中有多少是強制 PIK，還是只是公司自己選擇的？

I think earlier, you sort of mentioned that companies are sort of preparing for like possible like downturn or difficult situation. So I just want to see how much of that might be just related to optionality versus being forced into PIK.

我記得你之前提到過，企業正在為可能出現的經濟衰退或困境做準備。所以我想看看，這其中有多少可能只是出於選擇性考慮，而不是被迫採取PIK。

So the PIK is -- we use it in our portfolio is really, as you know, for two reasons. One, we use it for offensive and secondly, for defensive reasons. So we'll use it to help get ahead of an issue that a borrower might have from a short-term cash flow perspective. But we'll also use it to help win transactions.

所以，如你所知，我們在投資組合中使用PIK有兩個原因。首先，我們用它來進攻；其次，我們用它來防禦。我們會用它來幫助借款人從短期現金流的角度來應對可能出現的問題。但我們也會用它來幫助贏得交易。

And as rates have remained relatively high for a period of time, we've seen more transactions were baked in upfront. There was some interim period of PIK, and we had one loan in the fourth quarter that we closed on that has that PIK provision, and that's really the change there.

由於利率在一段時間內維持在相對較高的水平，我們看到越來越多的交易被預先計入。之前有過一段PIK的過渡期，我們在第四季完成的一筆貸款就包含了PIK條款，這才是真正的改變。

Yes. I would add to that, that to really echo what Tom said, it's something that we -- folks typically think of it from a defensive perspective in terms of supporting your portfolio. But as we look not only in terms of keeping deals in our portfolio, but also ability to win new deals, it's definitely a tool we have in our toolkit and something we try to use judiciously, but definitely something that we try to do to either keep the best loans in our portfolio or win new deals.

是的。我想補充一點，正如湯姆所說，我們——人們通常從防禦的角度來考慮它，以支持你的投資組合。但我們不僅要考慮如何保留投資組合中的交易，還要考慮如何贏得新交易，這絕對是我們工具箱中的一個工具，我們會努力明智地使用它，但絕對會是我們努力去做的事情，以便保留投資組合中最好的貸款或贏得新交易。

Great. And just one final question and just in regards to the share repurchase. Just wondering like how do you think that your repurchase program might play out from here going forward over the next few quarters? Do you plan on being more aggressive with it? Or is it sort of just like programmatic depending on where the stock price is at?

好的。最後一個問題是關於股票回購的。您覺得未來幾季，您的回購計畫會如何實施？您打算更積極地推進嗎？還是說，它只是根據股價狀況進行程序化回購？

Well, when we established the execution plan for the share repurchase program, we do it through a 10b5-1, and we set up a rubric that's based on where the stock trades as a percent of NAV. So we really don't obviously disclose those marks. But to answer your question directly, we'll use it. We use it more aggressively at a higher discount to NAV because it's more accretive. And we use it less aggressively when that discount diminishes.

嗯，當我們制定股票回購計劃的執行方案時，我們是透過10b5-1來執行的，並且我們制定了一個基於股票交易占資產淨值百分比的評分標準。所以我們實際上並沒有明確披露這些分數。但直接回答你的問題，我們會使用它。當資產淨值折扣較大時，我們會更積極地使用它，因為它的增值性更強。而當折扣較小時，我們會減少使用它。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

First one, I wanted to touch on some of the refinancing that was done and changes to the facilities during the quarter. I apologize if I missed it. Were there any sort of onetime costs associated with that, that we should be aware of?

首先，我想談談本季進行的一些再融資以及融資安排的變化。如果我沒有提到，請見諒。這其中是否存在一些我們應該注意的一次性成本？

Yes. Thanks for the question, Melissa, and it's a good one. So in the quarter itself, in Q2, we had about $0.04 a share that was related to increased interest expense. About $0.015 of that $0.04 was onetime costs associated with the acceleration of the deferred financing costs on the existing secured notes. And then about $0.025 is really an ongoing increase to interest expense related to taking out 4.25% notes with 7-plus percent notes.

是的。謝謝你的問題，梅麗莎，這個問題問得很好。就本季而言，也就是第二季度，我們每股約有0.04美元與利息支出增加有關。其中約0.015美元是與現有擔保票據的遞延融資成本加速相關的一次性成本。此外，約0.025美元實際上是與以7%以上利率的票據購買4.25%票據相關的持續利息支出增加。

Okay. Great. That's very helpful. I wanted to also go back to your comment about -- I believe it was $35 million of unfunded commitments that are eligible to be drawn based on certain milestones that have been achieved. I'm sure this varies over time, but in an environment like this one, how much of that $35 million might you expect to be drawn down? And how quickly might that happen?

好的。太好了。這很有幫助。我還想回到您之前的評論——我記得有3500萬美元的未撥付承諾，這些承諾可以根據已實現的某些里程碑來提取。我相信這會隨著時間的推移而變化，但在這樣的環境下，您預計這3500萬美元中有多少會被提取？提取速度有多快？

It obviously depends on the economic environment, but the performance of the companies are pretty good. And those milestones are achieved usually because the companies are performing at or above plan, which oftentimes means that they're generating more cash or they've crossed into that cash flow positive territory. So it does somewhat reduce the chance that it will be drawn.

這顯然取決於經濟環境，但這些公司的表現都相當不錯。這些里程碑的實現通常是因為這些公司的業績達到或超過了計劃，這通常意味著它們產生了更多現金，或者已經進入了現金流為正的區間。因此，這確實在一定程度上降低了被拖欠的可能性。

But I would say, historically, it's probably about 50-50. We've looked at the amount of unused commitments that expire without use, and it's a pretty significant number. It's over 50%.

但我想說，從歷史上看，這個比例大概是各佔一半。我們查看了未使用的承諾數量，發現這個數字相當可觀，超過了50%。

And I'd just tack on to that to take a moment to highlight the quality of the credits in the book. As we said, the rating remains pretty static, which we feel good about it and the number of companies that are eligible to draw based on the milestones is a good percentage.

我只是想補充一下，強調一下這本書中積分的品質。正如我們所說，評級保持相當穩定，我們對此感到滿意，而且根據里程碑有資格獲得積分的公司數量也相當可觀。

Okay, got it. It did jump out a little bit at me that, that might be the case. Just related to that, if I'll tack on one more question. You mentioned a few post quarter end deals that have been announced previously, and then I think you added some today. In terms of repayment activity, is there anything that you have line of sight on that we should be aware of for 3Q?

好的，明白了。我確實有點意識到，可能是這樣。與此相關，我再問一個問題。您提到了一些先前宣布的季度末交易，我想您今天又補充了一些。關於還款活動，您有什麼可以讓我們關注的第三季活動嗎？

Thanks, Melissa, that's a great question. So I think as we look ahead into Q3, we believe we've got line of sight into a slightly elevated level of repayments in Q3 that will benefit NII for the quarter. Now that benefit next quarter will offset the portion of that, if not all, the negative recurring impact of the increased interest expense, the increase in weighted average cost of debt from those April 28 notes.

謝謝，梅麗莎，這個問題問得很好。展望第三季度，我認為我們預計第三季的還款額會略有增加，這將有利於本季的淨利息收入 (NII)。下個季度的這一利好將部分（如果不是全部的話）抵消利息支出增加以及4月28日票據加權平均債務成本增加帶來的負面經常性影響。

Now in subsequent quarters, we'll work to continue to originate additional opportunities and replace those anticipated repayments. Now that could cause NII to come down in the near term in fourth quarter. And so if you link that back to what we talked about in Q1 and our dividend policy and the planning that we went through around optimizing the book and prospective interest rate changes, that's really one of the reasons why we reset that dividend to the $0.33 base and how we did the support to determine that base.

在接下來的幾個季度中，我們將繼續努力創造更多機會，並彌補這些預期的還款。這可能會導致淨利息收入（NII）在第四季度短期內下降。因此，如果將其與我們在第一季度討論的內容、我們的股息政策以及我們圍繞優化賬面價值和預期利率變化所進行的規劃聯繫起來，這實際上是我們將股息重置為0.33美元基數以及我們如何提供支持以確定該基數的原因之一。

I think the important thing is we understand and value the importance of delivering consistency of earnings and letting you know where we think they're going to be. And we're working hard to replace those assets that we see coming off the books, and we've got a great capital allocation plan in place, and it's going to cover our base dividend.

我認為重要的是，我們理解並重視實現獲利一致性的重要性，並讓大家了解我們預期的獲利水準。我們正在努力替換那些即將從帳面上消失的資產，並且我們制定了一項出色的資本配置計劃，這將涵蓋我們的基本股息。

Casey Alexander, Compass Point Research.

凱西·亞歷山大（Casey Alexander），Compass Point Research 的研究員。

Yes. First of all, I'd like to state how much I'm sure shareholders appreciate the depth of the share repurchase program. That was great to see. I know you guys got locked out of the market in the first quarter. In reference to the new originations, were any -- particularly to the two new portfolio companies, were either of those larger deals that you shared with the BC platform? Or did you take all of those?

是的。首先，我想說的是，我相信股東們非常欣賞股票回購計畫的深度。看到這一點真是太好了。我知道你們在第一季被市場拒之門外。關於新發起的股票，特別是兩家新的投資組合公司，你們與BC平台分享的那些規模較大的交易是其中之一嗎？還是你們把這些都拿走了？

Because I know that part of the intent of the merging with the BC platform was the ability to do larger loans and cut them up.

因為我知道與 BC 平台合併的部分目的是為了能夠發放更大規模的貸款並將其分割。

Yes. Thanks, Casey. So the two deals that we announced that were done last quarter, Autobooks and Swing, those were done exclusively in the BDC. However, the two deals that we announced as subsequent events were portions of larger deals run by BC.

是的。謝謝，Casey。我們上個季度宣布的兩筆交易，Autobooks 和 Swing，都是在 BDC 獨家完成的。然而，我們宣布的後續交易，實際上是 BC 運營的大型交易的一部分。

So to your point, we're actively keyed into BC's pipeline. We are keenly aware of what does and doesn't fit the mandate of the RWA vehicle, and we're going to make sure that we get the appropriate allocations of those deals that do fit as you've seen with these two appropriately sized slugs of deals that happened at subsequent events.

所以正如您所說，我們正積極關注BC的融資管道。我們非常清楚哪些符合風險加權資產（RWA）工具的授權，哪些不符合，並且我們將確保對符合授權的交易進行適當的分配，正如您在後續活動中看到的這兩筆規模合適的交易。

Mickey Schleien, Clear Street.

米奇‧施萊恩 (Mickey Schleien)，清晰街道。

When I look at page 7 of the presentation, it looks like first half deal flow this year implies a very strong year if we were just to annualize it. But in your prepared remarks, you sounded pretty cautious. Could you help reconcile that for us?

我看了簡報的第7頁，如果只按年化計算，今年上半年的交易量似乎意味著非常強勁的一年。但您在準備好的發言中聽起來相當謹慎。您能幫我們解釋一下嗎？

Yes. I think that we, in general, feel that the environment is a bit of a mixed bag. There's definitely a good amount of flow out there, but we've been very consistent over the last few quarters, if not years, that we're going to highlight quality more than anything else. So as you've seen with the four deals that we talked about here, two of which were, as Casey asked, direct deals and then two were part of the broader BC platform.

是的。我認為我們總體上感覺目前的環境有點好壞參半。確實有很多流量，但過去幾個季度，甚至幾年來，我們一直非常一致地強調，品質高於一切。正如你所看到的，我們在這裡談到的四筆交易中，其中兩筆，正如Casey所問的，是直接交易，另外兩筆是更廣泛的BC平台的一部分。

I think another point, too, to just get everyone on the same page is diversification is a big theme in terms of our investment outlook and thesis for the next couple of quarters. So a deal like Swing, definitely on the smaller size relative to the overall portfolio. But as I said in the prepared remarks, a big reason that we like it is it's an additional name at a bit of a smaller bite size today, so it helps get us to diversification, but also $8 million funded of a $20 million overall facility, it allows us to grow our exposure as the company grows and make sure that we have the right loan to the company at the right point in its growth cycle.

我認為，為了讓大家達成共識，還有一點很重要：多元化投資是我們未來幾季投資前景和投資策略的一大主題。因此，像Swing這樣的交易，相對於整體投資組合而言，規模肯定較小。但正如我在準備好的演講中所說，我們之所以喜歡它，很大程度上是因為它目前規模較小，是一個新增的品牌，因此有助於我們實現多元化投資。此外，它還提供了800萬美元的貸款（總貸款額度為2000萬美元），這使我們能夠隨著公司的發展擴大投資，並確保我們在公司成長週期的正確階段向其提供合適的貸款。

If I could follow up, is AI also skewing the numbers that we're looking at in that PitchBook data in the sense that there might be some very large AI deals in there that make it look stronger than it actually is?

如果我可以繼續追問的話，人工智慧是否也會扭曲我們在 PitchBook 資料中看到的數字，因為其中可能有一些非常大的人工智慧交易，使其看起來比實際上更強大？

Without a doubt, I think that's a big thesis not only in the venture debt but the venture equity market. AI is a sector, as with everything else that we continue to evaluate. But I would say, since we typically play in the latest stage of the venture and growth market, those opportunities might be a couple of years away from being a meaningful part of our book.

毫無疑問，我認為這不僅在風險債務領域，而且在風險股權市場都是一個重要的論點。人工智慧是一個行業，就像我們持續評估的其他所有行業一樣。但我想說，由於我們通常涉足創投和成長型市場的最新階段，這些機會可能還需要幾年時間才能成為我們投資組合中的重要部分。

I understand. That's helpful. My last question relates to the consumer sector. Obviously, the consumer, at least parts of the consumer segment in the US has been pretty challenged this year and 20% of your portfolio is in that sector. I think it would be a good time to remind us how you approach making investments in that sector, which help reduce its inherent risk and cyclicality?

我明白了。這很有幫助。我的最後一個問題與消費領域有關。顯然，消費領域，至少是美國部分消費領域今年面臨相當大的挑戰，而您的投資組合中有20%都投資於該領域。我想現在是時候回顧一下您是如何投資該領域的，這有助於降低其固有風險和週期性？

Yes, without a doubt. And I'll take a quick second to remind everyone that we really focus on three main sectors: technology, broadly healthcare as well as consumer. And to your point, as we enter and exit different macro environments, we're going to see the allocation between those three sectors shift. This is a market where we're probably focused less on consumer relative to the other two legs of that stool.

是的，毫無疑問。我想提醒大家，我們真正關注的是三個主要領域：科技、醫療保健以及消費領域。正如您所說，隨著我們進入和退出不同的宏觀環境，我們將看到這三個領域之間的配置發生變化。在這個市場中，我們對消費領域的關注度可能低於其他兩個領域的關注度。

But I also would like to take a moment to remind everyone that we do like consumer, but the companies that we target are much bigger in terms of scale. We're talking $100 million-plus revenue businesses, real proven track record of why they have a reason to exist as well as much less tolerance for burn or path to profitability than we might see in technology.

但我也想提醒大家，我們確實喜歡消費性公司，但我們瞄準的公司規模要大得多。我們談論的是營收超過1億美元的企業，它們擁有值得信賴的業績記錄，證明了其存在的意義，而且它們對資金燒錢或盈利路徑的容忍度遠低於科技業。

So I think that's -- while we say we have the three sectors, as you highlighted, consumer is about 20% of the book today. I would say that in this market, it's not a sector that we're trying to expand our position in, but that's today and tomorrow could be a different situation.

所以我認為——雖然我們說我們有三個領域，但正如你所強調的那樣，消費領域目前約佔總銷售額的20%。我想說，在這個市場中，我們不會試圖擴大在這個領域的份額，但目前是這樣，明天的情況可能會有所不同。

Erik Zwick, Lucid Capital Markets.

Erik Zwick，Lucid Capital Markets。

Can you just provide an update on the Cadma JV, if there's been any new developments there in the last three months or so?

您能否提供 Cadma JV 的最新情況，看看過去三個月左右有什麼新進展嗎？

Yes. The Cadma JV is in place. It is ramping up. We expect to see additional transactions in it between now and the end of the year. It's a good relationship and one that each of us value. At the same time, we've been certainly judicious in our underwriting approach. And so that reduces the opportunities that would potentially go into the JV. But it will probably be a few additional quarters before we start seeing the benefits from an ROE perspective of that JV.

是的。 Cadma 合資公司已經成立，正在加速發展。我們預計從現在到年底，合資公司將有更多交易。這是一種良好的合作關係，我們雙方都珍惜這段關係。同時，我們在承保方面也非常謹慎。因此，這減少了合資公司的潛在投資機會。但從淨資產收益率 (ROE) 的角度來看，我們可能還需要幾個季度才能看到合資公司帶來的收益。

And with regard to the new products that you're offering now, just curious if you could provide any detail into which ones are receiving positive market reaction and the ones that you have had some originations on so far?

關於您現在提供的新產品，我只是好奇您是否可以提供一些細節，說明哪些產品獲得了積極的市場反應，哪些產品迄今為止已經有一些創新？

Yes. I'd say the short good answer is all of the products that we're rolling out are well received by the market. And we've already done a structured second lien, which could be called a structured equity investment. As I said in the prepared remarks, we've just done a revolver. This is something where I think is really part of the product expansion and benefit for being part of the broader BC Partners platform.

是的。簡而言之，我們推出的所有產品都受到了市場的歡迎。我們已經完成了結構化第二留置權，也可以稱之為結構化股權投資。正如我在準備好的演講中所說，我們剛剛完成了循環信貸。我認為這實際上是產品擴展的一部分，也是成為更廣泛的 BC Partners 平台一部分的益處。

It's not necessarily that we can't evaluate these businesses. It's just that we're able to lean on their expertise in structuring and administering these newer types of products. And it definitely is the kind of thing where you have to plant the seeds in order to harvest the hay in coming quarters. So it is a bit of a new, I would say, marketing effort where we're calling the same companies and sponsors that we know and letting them know that our product suite has expanded where now we can do revolvers.

這並不意味著我們不能評估這些業務。只是我們可以依靠他們在建立和管理這些新型產品方面的專業知識。這絕對是那種需要先播下種子，才能在未來幾季收穫果實的事情。所以，我想說，這是一種全新的行銷方式，我們會聯繫那些我們熟悉的公司和贊助商，讓他們知道我們的產品組合已經擴展，現在可以做循環投資了。

We can obviously still do first lien senior secured. We can do second lien. We can do a structured equity. We can do equipment financing. And that's not to say that all of that will be largely placed in the BDC, but it's definitely a virtuous cycle in terms of more points of call on the same relationships and companies and sponsors.

我們顯然仍然可以進行優先擔保第一留置權。我們可以進行第二留置權。我們可以進行結構性股權。我們可以進行設備融資。這並不是說所有這些業務都將主要集中在BDC，但就相同的關係、公司和發起人而言，這無疑是一個良性循環。

And last one for me, just as I've listened to some commentary for some middle market BDCs over the past week, we're hearing that M&A is coming back and starting to see some activity there. Your comments earlier indicated that you're not really expecting an increase here in the venture market here in the second half of '25. Yes. So just kind of curious from your seat, from your perspective, why maybe it's a little bit slower for M&A to pick up here in the venture market?

最後一個問題，正如我過去一周聽到一些針對中型市場商業發展公司（BDC）的評論一樣，我們聽說併購正在復蘇，並開始出現一些活躍度。您先前的評論表明，您並不真正預期2025年下半年創投市場會出現成長。是的。所以，從您的角度來看，我有點好奇，為什麼創投市場的併購回暖速度會比較慢？

Yes. And I think it's a theme that we've highlighted the past couple of quarters in terms of when you look at what technology, healthcare and just venture-backed companies in general have done over the past two or three years, as that venture cycle has slowed down and equity has become less free flowing than it was the couple of years right after COVID, companies really had to survive and cut burn. And with cutting burn, they cut growth as well.

是的。我認為這是我們過去幾季強調的一個主題，看看科技、醫療保健以及創投支持的公司在過去兩三年的表現，你會發現，隨著創投週期放緩，股權流動性不如新冠疫情剛過後的幾年，公司真的必須生存下來，減少資金消耗。而減少資金消耗也意味著成長放緩。

I think now you're starting to see the green shoots, not only in terms of opportunities for their sales teams, but also opportunities in terms of additional capital to fund growth. And with those opportunities, I think you're seeing boards that might have been tired and looking for an exit even as recently as the end of last year, now see a sense of reinvigoration where they think that there's opportunities for these companies to return to growth.

我認為現在大家開始看到復甦的苗頭，這不僅體現在銷售團隊的機會上，也體現在額外資本支持成長的機會上。有了這些機會，我認為大家會看到董事會，即使到去年年底，他們可能還感到疲憊不堪，想要退出，但現在他們看到了一絲復甦的跡象，他們認為這些公司有機會恢復成長。

And with that return to growth, they see an opportunity for a meaningful increase in exit value. So I think that it's actually a bit of a positive for us where we're seeing less M&A because we're seeing companies look at organic growth, feel confident enough to continue the go-alone plan.

隨著成長的恢復，他們看到了大幅提升退出價值的機會。所以我認為，併購交易減少對我們來說其實是件好事，因為我們看到很多公司注重有機成長，並且有足夠信心繼續執行單幹計畫。

And I'd also highlight the IPO market, particularly the success of the Figma IPO. People typically think of IPOs as a source of repayment for us. That's typically not the case. As you look at use of proceeds for an IPO, deleveraging is not typically the best use of an expensive equity raise for these growth stage businesses.

我還要強調IPO市場，尤其是Figma IPO的成功。人們通常認為IPO是我們的還款來源。但通常情況並非如此。當你考慮IPO的收益用途時，去槓桿通常並非這些成長期企業昂貴的股權融資的最佳用途。

And if anything, similar to what we saw with the SPAC boom, where companies are trying to tie as large of a capital raise as possible together, we do believe that if the IPO window remains open, it's an opportunity for us and other venture lenders to tack on debt raises in combination with those IPOs.

如果有什麼不同的話，那就是與我們在 SPAC 熱潮中看到的情況類似，即公司試圖將盡可能多的資本籌集結合在一起，我們確實相信，如果 IPO 窗口保持開放，那麼對於我們和其他風險貸款人來說，這是一個機會，可以結合這些 IPO 來增加債務。

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

（操作員指示）Sean-Paul Adams，B. Riley Securities。

As a quick follow-up on that last question, it seems that there's been a couple of successive quarters of net portfolio contraction, at least at cost. And you guys mentioned some elevated repayments post quarter end. Are you looking at the first half of 2026 as the potential time for a turnaround for larger growth targets?

關於最後一個問題，我想快速跟進一下，似乎連續幾個季度淨投資組合都在萎縮，至少成本方面是如此。你們也提到了季度末之後還款額有所增加。您是否認為2026年上半年是實現更大成長目標的潛在轉捩點？

It will take a little time. I do think our outlook is generally brighter for 2026 than it is for the second half of 2025. Importantly, for us, it's about portfolio optimization right now. And that means rightsizing the bite size for the BDC. It means introducing new products, diversifying with products. And it means using our dry powder, which we're comfortable with the amount of dry powder we have judiciously. So do we expect the pipeline will increase over the next several quarters.

這需要一些時間。我確實認為，我們對2026年的前景總體上比2025年下半年更加樂觀。對我們來說，重要的是現在優化投資組合。這意味著要調整BDC的規模。這意味著要推出新產品，實現產品多元化。這意味著要合理利用我們的儲備資金，我們對現有的儲備資金數量感到滿意。因此，我們預計未來幾個季度，產品線將會增加。

Yes, it typically increases in fourth quarter and then you tend to have some cleanup in first quarter, and then it builds back into second quarter and then soft third quarter and then another strong. But we do expect the benefit -- to see the benefits of that portfolio optimization and the benefits of what we're doing on the origination side in terms of bringing additional growth into the portfolio.

是的，它通常會在第四季度增長，然後通常會在第一季有所回落，然後在第二季度回升，然後是疲軟的第三季度，之後再次強勁增長。但我們確實期待看到收益——看到投資組合優化帶來的收益，以及我們在發起方面所做的努力帶來的收益，從而為投資組合帶來額外的成長。

I mean, we're quite comfortable with where we're at now. We have the ability to cover our base dividend. We have good core earnings. So we don't feel pressured to return to growth in what could be deemed too quick or too reckless of a manner or to jump in too soon.

我的意思是，我們對目前的狀況相當滿意。我們有能力支付基本股利。我們的核心獲利也不錯。因此，我們不會感到壓力，需要以可能被認為過快或過於魯莽的方式恢復成長，也不會感到太快介入。

Yes. And I'll just add to that really quick. I do want to underscore that we're definitely comfortable where we are and with the pipeline. And I think to say optimization slightly differently in terms of diversification, we have had a couple of loans that are $70 million-plus. And as we think about diversification, as those do roll off, we're not going to replace them with other positions of that same size. So there could be a couple of quarter lag in terms of replacing one $75 million loan with three loans.

是的。我再補充一點。我想強調的是，我們對目前的狀況和現有管道非常滿意。我想換個角度來說，在多元化方面，我們有一些7000萬美元以上的貸款。當我們考慮多元化時，這些貸款的到期，我們不會用其他同等規模的部位來取代它們。因此，用三筆貸款取代一筆7,500萬美元的貸款可能會有幾個季度的滯後。

But to echo Tom's point, we're very comfortable where we are. We think that we're in a good place in terms of coverage of the dividend. And just really the theme, and I hope a key takeaway is that we're trying to optimize and diversify the portfolio.

但與湯姆的觀點一致，我們對目前的狀況非常滿意。我們認為，就股利覆蓋率而言，我們處於良好的狀態。關鍵在於，我希望大家能夠理解的是，我們正在努力優化和多元化投資組合。

I show no further questions at this time. I will now turn the call back over to David Spreng for closing remarks.

我現在沒有其他問題了。現在我將把主持人交還給 David Spreng，請他做最後發言。

Thank you, operator. Our management team is excited to meet with investors in the coming weeks, and we encourage you to reach out to our Investor Relations team if you're interested in connecting. We look forward to updating you on our strategic progress during our third quarter 2025 earnings call in November.

謝謝接線生。我們的管理團隊很高興在接下來的幾週內與投資者見面，如果您有興趣，我們鼓勵您聯繫我們的投資者關係團隊。我們期待在11月2025年第三季的財報電話會議上向您通報我們的策略進展。

This concludes today's conference call, and thank you for participating. You may now disconnect.

今天的電話會議到此結束，感謝您的參與。您可以掛斷電話了。