Runway Growth Finance Corp (RWAY) 2025 Q4 法說會逐字稿

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

女士們、先生們，感謝各位的耐心等待，歡迎參加 Runway Growth Finance 2025 財年第四季及全年財報電話會議。請注意，今天的會議正在錄影。

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

現在我將把會議交給投資者關係助理副總裁昆蘭·阿貝爾。請繼續。

Thank you, operator. Good evening, everyone, and welcome to the Runway Growth Finance conference call for the fourth quarter and fiscal year ended December 31, 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。各位晚上好，歡迎參加 Runway Growth Finance 2025 年 12 月 31 日結束的第四季和財政年度電話會議。今天參加電話會議的 Runway Growth Finance 的有：首席執行官 David Spreng；我們的投資顧問 Runway Growth Capital LLC 的首席投資官 Greg Greifeld；以及首席財務官兼首席營運官 Tom Raterman。

Runway Growth Finance's fourth quarter and fiscal year ended 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 在今日股市收盤後發布了截至 2025 年的第四季度及全年財務業績，投資者可訪問 Runway Growth Finance 的投資者關係網站 investors.runwaygrowth.com 查看。我們已安排在 Runway Growth Finance 網頁上提供電話會議錄音重播。

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.

在本次通話中，我想提醒各位，我們可能會根據目前的預期做出前瞻性陳述。本次電話會議中除純粹歷史事實外的所有陳述均為前瞻性陳述。這些前瞻性陳述並非對未來業績的保證，並且受到不確定性和其他因素的影響，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，包括但不限於利率不確定性導致的市場狀況、不斷變化的經濟狀況以及我們在提交給美國證券交易委員會的文件中確定的其他因素。

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.

儘管我們認為這些前瞻性陳述所依據的假設是合理的，但任何一個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可能是不正確的。

You should not place undue reliance on these forward-looking statements. 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.

您不應過度依賴這些前瞻性陳述。本次電話會議中所包含的前瞻性陳述僅代表截至本次會議發布之日的信息，Runway Growth Finance 不承擔更新前瞻性陳述或後續事件的義務。如需與美國證券交易委員會相關的備案文件副本，請造訪我們的網站。

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

接下來，我將把電話交給大衛。

Thank you, Quinlan, and thanks, everyone, for joining us this evening to discuss our fourth quarter and full year 2025 financial results. Today, I'll discuss our highlights for the quarter and the year and provide an update on our pending acquisition of SWK Holdings. Then Greg will discuss our portfolio activity and share our outlook on the current market backdrop, and Tom will conclude with a deep dive into our financial performance.

謝謝昆蘭，也謝謝各位今晚蒞臨，與我們共同探討我們2025年第四季和全年的財務表現。今天，我將討論本季和本年度的亮點，並就我們即將進行的對SWK Holdings的收購提供最新進展。然後，Greg 將討論我們的投資組合活動並分享我們對當前市場環境的看法，最後 Tom 將深入分析我們的財務表現。

In the fourth quarter, Runway delivered total investment income of $30 million and net investment income of $11.6 million. During the quarter, we completed seven investments in new and existing portfolio companies across the high-growth verticals of technology, health care and select consumer sectors, representing $42.9 million in funded loans.

第四季度，Runway 的總投資收益為 3,000 萬美元，淨投資收益為 1,160 萬美元。本季度，我們在科技、醫療保健和特定消費品等高成長垂直領域的新舊投資組合公司中完成了七項投資，涉及 4,290 萬美元的貸款。

Taking a step back, 2025 was a dynamic year shaped by several market-moving events and volatility, including ongoing tariff uncertainty, evolving interest rate policy, geopolitical conflicts and increasing attention to AI-driven disruption. In times like these, it's critical to stay disciplined in our investment process and diligent in our approach to portfolio construction, traits that have defined our company since its founding.

回顧過去，2025 年是充滿活力的一年，受到多起影響市場走向的事件和波動的影響，包括持續的關稅不確定性、不斷變化的利率政策、地緣政治衝突以及對人工智慧驅動的顛覆性變革日益增長的關注。在這樣的時代，保持投資流程的嚴謹性和投資組合建構方法的嚴謹性至關重要，這些特質自公司成立以來就一直是我們的標誌。

We believe our consistent performance across cycles reflects this philosophy. That said, we are not complacent and remain focused on executing against the initiatives we have discussed in recent quarters, which include further enhancing the risk profile of our portfolio through diversification and smaller position sizes, expanding our suite of financing solutions and maximizing the value of our existing commitments through robust monitoring and diligent risk mitigation. As a part of the BC Partners credit ecosystem, we've made steady progress on these objectives.

我們相信，我們在各個週期中始終如一的出色表現體現了這一理念。儘管如此，我們並不自滿，並將繼續專注於執行我們在最近幾個季度討論過的各項舉措，包括透過多元化和縮小持倉規模來進一步改善我們投資組合的風險狀況，擴大我們的融資解決方案組合，並透過強有力的監控和認真的風險緩解措施來最大限度地提高我們現有承諾的價值。作為 BC Partners 信貸生態系統的一部分，我們在實現這些目標方面取得了穩步進展。

We've also leveraged their combined resources and network in evaluating attractive and complementary portfolios as demonstrated by our announced acquisition of SWK Holdings in the fourth quarter. As an update on timing, the transaction with SWK is now expected to close in early April. Our confidence in closing this transaction remains unchanged. One key aspect of our transaction with SWK is the diversification it will bring to our portfolio. While we remain confident in our current asset mix, increasing our exposure and strengthening our capabilities in health care and life sciences will enhance our portfolio and drive optionality moving forward.

我們也利用了他們的綜合資源和網絡來評估有吸引力和互補性的投資組合，正如我們在第四季度宣布收購 SWK Holdings 所證明的那樣。關於時間安排，與SWK的交易預計將在4月初完成。我們對完成這筆交易的信心依然不變。我們與SWK交易的關鍵方面是它將為我們的投資組合帶來多元化。儘管我們對目前的資產組合仍然充滿信心，但增加我們在醫療保健和生命科學領域的投資並加強我們的能力，將增強我們的投資組合，並為未來的發展提供更多選擇。

In the coming quarters, we believe there could be attractive opportunities across all of our areas of focus, technology, health care and select consumer sectors. Greg will provide additional detail on how we think about software investing with the takeaway being we have strong conviction in our underwriting capabilities and disciplined investment framework, which we believe position us well to consistently identify and execute on attractive opportunities in the sector.

我們相信，在接下來的幾個季度裡，我們所有關注的領域，包括科技、醫療保健和部分消費品領域，都可能出現有吸引力的機會。Greg 將進一步詳細介紹我們如何看待軟體投資，其核心觀點是我們對自身的承銷能力和嚴謹的投資框架充滿信心，我們相信這使我們能夠持續地識別和把握該領域的有吸引力的機會。

By broadening exposure across sectors and maintaining an allocation to software companies that meet our high standards, Runway is better positioned to generate consistent, attractive and risk-adjusted results for our shareholders. Before I turn the call over to Greg, I'll conclude with an update on our originations in the first quarter. Although this is seasonally our slowest quarter, activity thus far is encouraging, and our pipeline is stronger than it was at this point last year, giving us measured optimism for the remainder of 2026.

透過擴大跨產業的投資範圍，並維持對符合我們高標準的軟體公司的配置，Runway 更有能力為我們的股東創造持續、有吸引力且經風險調整後的收益。在將電話交給格雷格之前，我先簡單報告我們第一季的貸款發放。雖然這是往年最淡的季度，但到目前為止的業務活動令人鼓舞，而且我們的業務儲備比去年同期更充足，這讓我們對 2026 年剩餘時間抱有謹慎的樂觀態度。

As we take advantage of enhanced origination channels through BC Partners and SWK throughout the remainder of the year, we will apply the same rigor to new opportunities and act thoughtfully in making any additions to our portfolio.

在今年剩餘的時間裡，我們將利用 BC Partners 和 SWK 提供的增強型業務拓展管道，對新的機會採取相同的嚴謹態度，並在對我們的投資組合進行任何新增投資時都深思熟慮。

I will now turn over to Greg for a more in-depth look at our portfolio activity.

接下來，我將把麥克風交給格雷格，讓他更深入分析我們的作品集活動。

Thank you, David. Tonight, I will recap our portfolio activity during the quarter, provide an update on our progress against our portfolio optimization initiatives and discuss how we are competitively positioned for the year ahead. Before I turn to our portfolio activity, I think it's important to reiterate some of what David described about our approach in deploying capital. At our core, Runway upholds a credit-first investment discipline with a preference for less economically sensitive business models. Combined with our focus on first lien senior secured investments to late-stage companies, we aim to generate durable growth and attractive returns on a risk-adjusted basis.

謝謝你，大衛。今晚，我將回顧本季我們的投資組合活動，介紹我們在投資組合優化計劃方面取得的進展，並討論我們為來年做好了哪些競爭準備。在介紹我們的投資組合活動之前，我認為有必要重申大衛所描述的關於我們資本部署方法的一些內容。Runway 的核心理念是信用優先的投資原則，並偏好對經濟波動較不敏感的商業模式。結合我們對後期公司優先擔保投資的關注，我們的目標是在風險調整的基礎上實現可持續成長和可觀回報。

As it pertains to software specifically, we are confident in our current portfolio and continue to be positive on the sector as an investment opportunity. We believe the best companies will not only be able to coexist with AI, but will be able to leverage AI as a tool to optimize their operating models and accelerate penetration in the markets they serve. As our investment team has evaluated deals over the last several years, finding companies that fit this mold has been a key priority.

就軟體領域而言，我們對目前的投資組合充滿信心，並繼續看好該行業的投資前景。我們相信，最優秀的公司不僅能夠與人工智慧共存，還能夠利用人工智慧作為工具來優化其營運模式，並加速其在所服務市場的滲透。過去幾年，我們的投資團隊在評估交易時，發現符合這種模式的公司一直是優先任務。

While this is easier said than done, we believe our dedication to process, our deeply experienced team and our long-standing relationships across the venture ecosystem allow us to identify the right opportunities to grow our portfolio. More specifically, if you look at our existing portfolio, our software companies share the following characteristics: mission-critical functions with a long diligence and implementation cycle, strong moats defined by domain expertise and high switching costs and customer diversification, which we believe meaningfully derisks revenue growth projections.

雖然說起來容易做起來難，但我們相信，我們對流程的專注、我們經驗豐富的團隊以及我們在整個風險投資生態系統中建立的長期關係，使我們能夠找到合適的機會來發展我們的投資組合。更具體地說，如果您查看我們現有的投資組合，我們的軟體公司具有以下特點：關鍵任務功能，需要較長的盡職調查和實施週期；強大的護城河，由領域專業知識和高轉換成本構成；以及客戶多元化，我們認為這可以顯著降低收入成長預測的風險。

Further, the founders we partner with, are forward-thinking and always looking for ways to optimize their businesses. This includes using AI to improve operations, lower cost structure and extend cash runways. From a credit perspective, our software portfolio metrics are on solid footing. The software companies in our portfolio are delivering consistent revenue growth and maintaining stable LTVs. Lastly, we always actively monitor our portfolio companies, remaining in close contact with our borrowers and their sponsors.

此外，我們合作的創辦人都很有遠見，並且一直在尋找優化業務的方法。這包括利用人工智慧來改善營運、降低成本結構和延長現金流。從信用角度來看，我們的軟體產品組合指標基礎穩固。我們投資組合中的軟體公司實現了持續的收入成長，並維持了穩定的客戶終身價值。最後，我們始終積極監控我們的投資組合公司，並與我們的借款人及其擔保人保持密切聯繫。

This allows us to have continued confidence in the outlook for our software portfolio and our portfolio at large. Turning now to our portfolio activity during the fourth quarter. Runway completed 7 investments in new and existing portfolio companies for a total of $42.9 million funded. These investments included completion of a new $20 million investment to a fast-growing mobility company offering a seamless all-inclusive car subscription service, funding $20 million at close. Completion of a new $10 million investment to a special purpose vehicle formed by an experienced consumer products investor and operator to support their latest investment, funding $10 million at close.

這讓我們對公司軟體產品組合以及整個業務組合的前景充滿信心。現在來看看我們第四季的投資組合活動。Runway 完成了對旗下新舊投資組合公司的 7 項投資，總投資額達 4,290 萬美元。這些投資包括向一家快速發展的旅遊公司完成 2000 萬美元的新投資，該公司提供無縫的全包式汽車訂閱服務，並在交易完成時支付了 2000 萬美元。完成向一家由經驗豐富的消費品投資者和營運商成立的特殊目的公司進行的 1000 萬美元新投資，以支持其最新投資，並在交易完成時提供 1000 萬美元資金。

Completion of a new $20 million investment to Shield Therapeutics, funding $2 million at close. Shield Therapeutics is a commercial stage specialty pharmaceutical company focused on delivering innovative therapies to address significant unmet needs in patients with iron deficiencies. We also completed follow-on investments with an aggregate amount of $10.9 million to four existing portfolio companies, including Blue Shift, Bombora, Autobooks and Marley Spoon. Looking at the year ahead, we will continue to focus our opportunities to efficiently scale our portfolio while maintaining our defensive profile. We have a strong funnel featuring contributions from BC Partners and expect the pending acquisition of SWK to be additive to our sourcing capabilities, particularly within health care.

對 Shield Therapeutics 完成 2000 萬美元的新投資，其中 200 萬美元在交易完成時到位。Shield Therapeutics 是一家商業化階段的專業製藥公司，專注於提供創新療法，以滿足缺鐵患者的重大未滿足需求。我們也對四家現有投資組合公司完成了後續投資，總額達 1,090 萬美元，其中包括 Blue Shift、Bombora、Autobooks 和 Marley Spoon。展望未來一年，我們將繼續專注於把握機會，在保持防禦性的同時，高效擴大我們的投資組合。我們擁有強大的管道，主要來自 BC Partners 的貢獻，並預計即將收購 SWK 將增強我們的採購能力，尤其是在醫療保健領域。

Now I'll turn the call over to Tom for a review of our financials.

現在我將把電話交給湯姆，讓他來回顧我們的財務狀況。

Thank you, Greg. Turning now to the fourth quarter results. We generated total investment income of $30 million and net investment income of $11.6 million in the fourth quarter of 2025, a decrease compared to $36.7 million and $15.7 million in the third quarter of 2025. Our weighted average portfolio risk rating increased to 2.45 in the fourth quarter of 2025 compared to 2.42 in the third quarter of 2025. Our rating system is based on a scale of 1 to 5, where one represents the most favorable credit rating.

謝謝你，格雷格。現在來看第四季業績。2025 年第四季度，我們實現了 3,000 萬美元的總投資收益和 1,160 萬美元的淨投資收益，與 2025 年第三季的 3,670 萬美元和 1,570 萬美元相比有所下降。2025 年第四季度，我們的加權平均投資組合風險評等上升至 2.45，而 2025 年第三季為 2.42。我們的評級系統基於 1 到 5 的等級，其中 1 代表最佳信用評級。

Our total investment portfolio had a fair value of $927.4 million, a decrease of 2% from $946 million in the third quarter of 2025. To reiterate, we've structured our portfolio to be comprised almost exclusively of first lien senior secured loans, which reflects our focus on risk mitigation and diligent portfolio management.

我們的總投資組合公允價值為 9.274 億美元，比 2025 年第三季的 9.46 億美元減少了 2%。再次重申，我們的投資組合幾乎完全由第一順位優先擔保貸款組成，這反映了我們對風險緩解和認真投資組合管理的重視。

We delivered $0.32 per share of net investment income in the fourth quarter. Our base dividend in the fourth quarter was $0.33 per share. And at the end of the year, we had spillover income of approximately $0.65 per share. Prepayment fee income during the quarter declined sequentially, returning to more normalized levels, which contributed to the decline in NII. For the first quarter, we expect a $0.02 headwind related to onetime charge stemming from the full redemption of our 8% notes and partial redemption of our 7.5% notes, both of which were due in 2027.

第四季度，我們實現了每股0.32美元的淨投資收益。我們第四季的基本股利為每股 0.33 美元。到年底，我們每股獲得了約 0.65 美元的溢出收益。本季預付款收入環比下降，恢復到較正常的水平，這導致淨利息收入下降。第一季度，我們預計將有 0.02 美元的負面影響，這是由於我們全部贖回了 8% 的票據和部分贖回了 7.5% 的票據（這兩張票據均於 2027 年到期）而產生的一次性費用所致。

As we evaluated the SWK transaction, a key benefit was its ability to stabilize our asset base amid recently elevated prepayments and the deliberate portfolio optimization actions we've taken, including exiting or resizing certain positions. We continue to expect this outcome upon closing. However, the modest delay in timing will contribute to some softness in Q1 2026 earnings. With respect to the dividend, we believe it is set at a sustainable level. Our Board will continue to evaluate and approve future distributions, knowing how important consistency is to our fellow shareholders.

在評估 SWK 交易時，一個關鍵的好處是，在最近提前還款額上升以及我們採取了包括退出或調整某些頭寸在內的有意識的投資組合優化措施的情況下，它能夠穩定我們的資產基礎。我們仍然預期交易完成後會得到這樣的結果。然而，時間上的些許延遲將導致 2026 年第一季獲利略有疲軟。關於股息，我們認為目前的股息水準是可持續的。我們的董事會將繼續評估並批准未來的分紅，因為我們深知一致性對其他股東的重要性。

Our debt portfolio generated a dollar weighted average annualized yield of 14.2% for the fourth quarter of 2025, decreasing from 16.8% quarter over quarter and decreasing from 14.7% for the comparable period last year. The sequential decline was the result of lower prepayment income in the quarter. Moving to our expenses. Total operating expenses were $18.4 million for the fourth quarter of 2025, a decrease from $21 million in the third quarter of 2025. We recorded a net realized loss on investments of $377,000 in the fourth quarter of 2025 compared to a net realized loss on investments of $1.3 million in the third quarter of 2025.

2025 年第四季，我們的債務組合產生了 14.2% 的美元加權平均年化收益率，較上一季的 16.8% 有所下降，也較去年同期的 14.7% 有所下降。環比下降是由於本季預付款收入減少所致。轉移到我們的開支。2025 年第四季總營運支出為 1,840 萬美元，低於 2025 年第三季的 2,100 萬美元。2025 年第四季度，我們的投資淨已實現虧損為 377,000 美元，而 2025 年第三季的投資淨已實現虧損為 130 萬美元。

During the fourth quarter, we experienced two full repayments and one partial repayment totaling $60.6 million and scheduled amortization of $2.2 million. As of December 31, 2025, we had only one loan on nonaccrual status, and that is Domingo Healthcare. The loan has a cost basis of $4.8 million and fair market value of $2.4 million or 50% of cost, representing just 0.25% of the total investment portfolio at fair value as of December 31, 2025. As of December 31, 2025, Runway had net assets of $484.9 million, decreasing from $489.5 million at the end of the third quarter of 2025. NAV per share was $13.42 at the end of the fourth quarter, a decrease of 1% compared to $13.55 at the end of the third quarter of 2025.

第四季度，我們進行了兩筆全額還款和一筆部分還款，總計 6,060 萬美元，以及 220 萬美元的計畫攤提。截至 2025 年 12 月 31 日，我們只有一筆貸款處於非應計狀態，那就是 Domingo Healthcare。該貸款的成本基礎為 480 萬美元，公允市價為 240 萬美元，即成本的 50%，僅佔截至 2025 年 12 月 31 日公允價值的總投資組合的 0.25%。截至 2025 年 12 月 31 日，Runway 的淨資產為 4.849 億美元，低於 2025 年第三季末的 4.895 億美元。截至第四季末，每股淨資產為 13.42 美元，比 2025 年第三季末的 13.55 美元下降了 1%。

At the end of the fourth quarter of 2025, our leverage ratio and asset coverage were 0.9 and 2.11 times, respectively, compared to 0.92 and 2.09 times, respectively, at the end of the third quarter of 2025. As of December 31, 2025, our total available liquidity was $395.2 million, including unrestricted cash and cash equivalents, and we had borrowing capacity of $377 million.

截至 2025 年第四季末，我們的槓桿率和資產覆蓋率分別為 0.9 倍和 2.11 倍，而截至 2025 年第三季末，這兩個數字分別為 0.92 倍和 2.09 倍。截至 2025 年 12 月 31 日，我們可用的流動資金總額為 3.952 億美元，其中包括不受限制的現金和現金等價物，我們的借款能力為 3.77 億美元。

As of December 31, 2025, we had a total of $145.5 million in unfunded commitments, which was comprised of $122.8 million to provide debt financing to our portfolio companies and $22.7 million to provide equity financing to our JV with Cadma. Approximately $32.4 million of our unfunded debt commitments are eligible to be drawn based on achieved milestones. Subsequent to quarter end, we took steps to enhance our balance sheet and reduce our cost of funds by launching an underwritten public offering of $103.25 million in aggregate principal amount of unsecured notes due in February 2031 at 7.25%.

截至 2025 年 12 月 31 日，我們共有 1.455 億美元的未籌集資金承諾，其中包括 1.228 億美元用於向我們的投資組合公司提供債務融資，以及 2270 萬美元用於向我們與 Cadma 的合資企業提供股權融資。根據已實現的里程碑，我們約有 3,240 萬美元的未償債務承諾可以提取。在季末之後，我們採取措施改善資產負債表並降低資金成本，具體做法是發行總額為 1.0325 億美元的無擔保票據，該票據將於 2031 年 2 月到期，利率為 7.25%。

We also redeemed a portion of our 7.5% notes and all of our 8% notes, which were due in 2027, taking advantage of an attractive rate and spread environment as well as extending our debt maturity ladder. Before we conclude, I'd like to take a moment to reflect on the progress we've made over the last 18 months and reiterate our confidence in the transaction with SWK and its anticipated benefits. Prior to our acquisition by BC Partners, Runway was operating in a venture ecosystem facing a valuation reset and muted sponsor activity. So we intentionally look for ways to strengthen our competitive position. This included the BC Partners transaction, which has meaningfully widened our deal funnel.

我們也贖回了部分 7.5% 的票據和全部 8% 的票據（這些票據將於 2027 年到期），利用了有吸引力的利率和利差環境，並延長了我們的債務到期期限。在結束之前，我想花點時間回顧一下我們在過去 18 個月中取得的進展，並重申我們對與 SWK 的交易及其預期收益的信心。在被 BC Partners 收購之前，Runway 所處的創投生態系統正面臨估值重置和發起人活動減少的困境。因此，我們有意識地尋找方法來增強我們的競爭地位。這其中包括與 BC Partners 的交易，這大大拓寬了我們的交易管道。

Now the SWK transaction will expand health care and life sciences exposure and widen our opportunity set further. Through this process, we've meaningfully enhanced the portfolio's earnings power, optimized portfolio composition and navigated periods of elevated repayments. At the same time, we're reducing the risk profile of the portfolio. Following the close of the SWK transaction, which should be on or about April 6, we expect to reduce our average position size to $23.5 million or 2.2% of the portfolio. This compares to $30.3 million or 3.1% of the total portfolio before the BC Partners transaction, marking tangible progress against our portfolio enhancement initiatives.

現在，SWK 的交易將擴大我們在醫療保健和生命科學領域的業務，並進一步擴大我們的機會範圍。透過這個過程，我們大幅提高了投資組合的獲利能力，優化了投資組合組成，並度過了高額還款期。同時，我們正在降低投資組合的風險狀況。SWK交易完成後（預計在4月6日左右），我們預期平均持股規模將減少至2,350萬美元，佔投資組合的2.2%。相較之下，在 BC Partners 交易之前，該投資金額為 3,030 萬美元，佔總投資組合的 3.1%，這標誌著我們在投資組合增強計畫方面取得了實際進展。

As we've discussed before, other benefits of the transaction include enhancing our financial profile, expanding our shareholder base, generating run rate net investment income accretion in the mid-single digits and supporting modest ROE expansion as well as improved dividend coverage. In tandem with the enhanced earnings power and lower risk profile the deal brings, we're potentially expanding our access to new debt financing markets, including ABS and other secured lending markets.

正如我們之前討論過的，此次交易的其他好處包括提升我們的財務狀況、擴大我們的股東基礎、產生中等個位數的年化淨投資收益增長、支持適度的 ROE 擴張以及提高股息覆蓋率。隨著該交易帶來的獲利能力增強和風險降低，我們有可能擴大進入新的債務融資市場的管道，包括資產支持證券 (ABS) 和其他擔保貸款市場。

We look forward to the deal closing in early April. I'll conclude with an update on our capital allocation initiatives. Due to the pending acquisition of SWK, we were not able to utilize our stock repurchase program during the quarter and will not be able to do so until after the transaction closes, and we are outside of our normal blackout periods.

我們期待這筆交易在四月初完成。最後，我將報告我們的資本配置計畫的最新進展。由於 SWK 的收購正在進行中，我們本季無法使用股票回購計劃，並且在交易完成且我們正常的靜默期結束後才能使用。

Our existing stock repurchase program will expire before the blackout window opens. However, in general, we continue to view stock repurchases as an important tool in delivering shareholder value. Finally, on February 25, 2026, our Board declared a regular distribution for the first quarter of 2026 of $0.33 per share. While we face some fluctuation in earnings quarter to quarter based on timing of the SWK deal and other factors, we're confident that our earnings power is aligned with the current distribution level on a full year basis.

我們現有的股票回購計畫將在禁售期開始前到期。然而，整體而言，我們仍然認為股票回購是實現股東價值的重要工具。最後，在 2026 年 2 月 25 日，我們的董事會宣布 2026 年第一季每股派發 0.33 美元的常規股息。雖然由於 SWK 交易的時間和其他因素，我們的季度收益可能會出現一些波動，但我們相信，從全年來看，我們的盈利能力與目前的分配水平是一致的。

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

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Eric Zwick, Lucid Capital Markets.

Eric Zwick，Lucid Capital Markets。

David, in your prepared comments, you noted that the pipeline is stronger than it was at this point last year. I'm wondering if you or Greg, if you wanted to weigh in as well, could you just talk about maybe how it looks today in terms of new versus add-on opportunity, if there's any particular industries that are more kind of heavily weighted at this point? And then I think you mentioned also in the back half of the year that you could see some additional growing or growth from the benefits of BC Partners and SWK and whether you would think that broadens kind of the mix. I think you mentioned some new products as well. So just kind of curious an outlook there.

戴維，你在事先準備好的評論中提到，目前的管道狀況比去年同期要好。我想問您或 Greg，如果您也想發表意見，能否談談目前新業務與附加業務的機會情況，以及目前哪些行業在這方面佔比更大？然後，我想您也提到，在今年下半年，您可能會看到 BC Partners 和 SWK 帶來的額外成長，以及您是否認為這會拓寬業務組合。我想你也提到了一些新產品。所以就想了解這方面的看法。

Yeah. Great. Thanks, Eric. I can start and then Greg can add on. The comment really represents the impact that BC primarily is having on our deal flow. We're seeing a lot of really interesting opportunities from them. And we've done several deals together already, and I expect we'll do at least one deal together per quarter going forward. And SWK represents a huge opportunity to upsize the loans that they have to their base. And then on top of that, just our normal deal flow, excluding BC and SWK is pretty strong. And so I think we do believe that we've got good momentum.

是的。偉大的。謝謝你，埃里克。我可以先開始，然後格雷格可以補充。這篇評論真實地反映了BC省對我們的交易流程的主要影響。我們看到了他們帶來的許多非常有趣的機會。我們已經合作完成了幾筆交易，我預計未來每季我們至少會合作完成一筆交易。SWK 代表著一個巨大的機會，可以擴大其現有貸款規模。除此之外，我們正常的交易量（不包括BC和SWK）也相當強勁。所以我認為我們確實相信我們目前勢頭良好。

That can change at any time. And as I think all three of us said in the prepared remarks is that we're going to remain conservative in our approach to underwriting, and we're going to continue to look for the strongest companies. The problem is that when we like something, somebody else usually loves it and offers very, very aggressive terms. And unfortunately, we just, at some point, have to back out and just say it's not worth it. But there are getting to be some really interesting opportunities with very juicy returns, particularly in software and in consumer.

這種情況隨時可能改變。正如我們三人在事先準備好的演講稿中所說，我們將在承保方面保持保守態度，並將繼續尋找實力最強的公司。問題是，當我們喜歡某樣東西時，其他人通常也很喜歡它，並且會提出非常非常苛刻的條件。但很遺憾，在某些時候，我們不得不退出，並說這不值得。但目前出現了一些非常有趣的機會，回報也非常豐厚，尤其是在軟體和消費領域。

We've never been ones to chase after returns. We'd rather have a slightly lower return that comes with a lot less risk. But it is interesting to note that the competitive dynamic in those two sectors is offering pretty good returns. Greg, anything else you want to add?

我們從來都不是那種會追求回報的人。我們寧願接受稍低的回報，但風險也要小得多。但值得注意的是，這兩個領域的競爭動態帶來了相當不錯的報酬。格雷格，你還有什麼要補充的嗎？

Yeah, I would definitely echo those sentiments. I think that our core type of volume definitely increased year over year. And one thing I would point to is there has definitely been uncertainty in the public market, which providers in the private markets is a benefit. And what I mean by that is if you look at the optimism going into the beginning of the year in terms of the potential for IPOs this year, obviously, some big blockbuster on the overall IPO window for companies overall. That seems to not be happening, which leads us to look for definitive solutions themselves with that metro bring on the table has led to an increase in our core pipeline. And while SWK has not closed yet, I would say just the general era and we've been involved in health care since 2020, but this deal (inaudible) opportunities.

是的，我完全同意這種看法。我認為我們的核心業務量肯定比前一年有所成長。我想指出的一點是，公共市場確實存在不確定性，而私人市場的供應商則是優勢。我的意思是，如果你看看年初人們對今年IPO前景的樂觀態度，顯然，今年整體IPO市場會出現一些重磅消息。這種情況似乎並沒有發生，這促使我們自己尋找明確的解決方案，而地鐵的引入也導致了我們核心管道的增加。雖然SWK尚未完成交易，但我認為就目前的情況來看，我們自2020年以來一直涉足醫療保健領域，但這筆交易（聽不清楚）帶來了機會。

That's great color. And maybe a question for Tom. Just after -- do you have a pro forma leverage number for the -- after the first quarter actions? Or is it materially different than it was at 12/31? And just how are you thinking about the appropriate level of leverage today for the portfolio?

顏色真好看。或許可以問湯姆一個問題。在第一季行動之後—您是否有針對該行動的預測槓桿率數據？或者說，它與 12 月 31 日的情況有實質的不同嗎？那麼，您認為目前投資組合的合適槓桿水準是多少？

Yeah. Thanks, Eric. Post SWK will be just under 1.2. We'll strike -- we'll each strike our NAV two days before the closing, which should be April 6. And so as we think about then moving forward, we still want to run between 1.2 and 1.3 and consider that our fully levered run rate, if you will.

是的。謝謝你，埃里克。SWK 之後將略低於 1.2。我們將採取行動－我們將在交割前兩天各自採取行動，交割日期應為 4 月 6 日。因此，當我們考慮未來發展時，我們仍然希望將運行速度保持在 1.2 到 1.3 之間，並將此視為我們完全槓桿運行速度。

One of the things that we'll consider and a lot of it will depend on the economic environment and volatility in the capital markets. With the prepayments over the last, call it, 18 to 24 months, we've seen it's very difficult during a portfolio reconstruction period, a reset period when we're putting out smaller amounts on a per deal basis, so we might get $60 million back or $50 million back. We want to put that out in two or three deals. So we may, in the short term, as we have line of sight to either scheduled maturities or anticipated prepayments, we might run a little high one quarter, knowing that in the coming quarter that we're going to see a prepayment. We wouldn't run generally purposely above 1.35 in that scenario.

我們會考慮的因素之一，很大程度取決於經濟環境和資本市場的波動性。在過去的 18 到 24 個月裡，我們看到，在投資組合重組期或重置期，由於每筆交易投入的金額較小，我們可能只能收回 6000 萬美元或 5000 萬美元，這非常困難。我們想分兩到三筆交易完成。因此，短期內，由於我們可以預見到期日或預期提前付款，我們可能會在一個季度內將財務狀況做得稍微好一些，因為我們知道在下一個季度我們將看到提前付款。在這種情況下，我們一般不會故意將賠率設定在 1.35 以上。

But we may, in the short term, try to protect the core earnings power of the portfolio from some of those prepayments. If it's one thing that we've seen over the last 18 to 24 months is that it's harder to put that money to work in smaller pieces given the competitive environment and our just overall level of pickiness, choosiness in transactions.

但短期內，我們可能會嘗試保護投資組合的核心獲利能力免受部分提前償付的影響。在過去 18 到 24 個月裡，我們看到的一件事是，鑑於競爭環境和我們整體上對交易的挑剔程度，要把錢分成小額投資出去就更難了。

That's helpful. And last one for me. Just is there any new updates on the Cadma JV to communicate?

那很有幫助。這是我最後一個問題。請問Cadma合資專案有什麼新的進展可以公佈嗎？

So we continue to work actively with Cadma. We've got a couple of deals in the JV right now. It's been, again, a little difficult to build that up given the aggregate deal flow. But when we sat down recently with our partners at Cadma, I think there's a renewed effort to really build that portfolio and juice up the earnings power there. We do expect the first distribution from the JV in Q2. So you'll see that flow through the Q2 income statement.

因此，我們將繼續與 Cadma 積極合作。我們合資公司目前有幾筆交易。鑑於整體交易量，再次建立這種局面有點困難。但最近我們和 Cadma 的合作夥伴坐下來談時，我覺得他們正在重新努力，真正建立這個投資組合，並提高其獲利能力。我們預計合資企業將於第二季進行首次分紅。所以你會在第二季損益表中看到這筆資金流出。

Casey Alexander, Compass Point Research & Trading.

Casey Alexander，Compass Point Research & Trading。

Tom, is there any way that you could update us as to -- the kind of -- like there have been some changes in the SWK Holdings portfolio after you announced the deal. And I'm just wondering if you could update us as to what the balance of their loans and the number of loans you expect to have coming over on April 6 is going to be.

湯姆，你能否告知我們一些信息，例如在你宣布這筆交易後，SWK Holdings 的投資組合是否發生了一些變化？我想問一下，您能否告知我們他們的貸款餘額以及您預計4月6日將收到的貸款數量？

Sure. Subject to a little bit of modification, there'll be 13 loans with a fair value of around $235 million. There's equity in addition to that. So there's an equity portfolio of some stock positions, warrants, and there are a couple of remaining royalties that will come across. Those are generally not yielding right now. So we're yielding very low. So the -- and the aggregate yield on that portfolio, the total portfolio is about 14%. The debt-only portfolio is about 16%.

當然。稍作修改後，將有 13 筆貸款，公允價值約 2.35 億美元。除此之外，還有股權問題。所以，這裡有一些股票部位、認股權證的股權投資組合，還有一些剩餘的特許權使用費將會到帳。目前這些資產普遍沒有屈服的可能。所以我們產量很低。因此，該投資組合的總收益率約為 14%。僅債券投資組合約佔 16%。

Okay. And Greg, I don't know Greg, when you were answering the last question, at least to me, you were breaking up quite a bit. I don't know if you're on a speaker or what. But I do have a question for you. If I was a member of the media, I would just ask you when are you going to mark the software portfolio at zero, right?

好的。格雷格，我不知道格雷格是誰，當你回答最後一個問題時，至少在我看來，你一直在哽咽。我不知道你是不是用揚聲器之類的設備。但我有個問題想問你。如果我是媒體的一員，我就會問你，你什麼時候才能把軟體產品組合的餘額降到零？

Because that's what the media expectation is at this point in time. But I did want to ask, you have had one loan at the end of the third quarter that was marked at a reasonable discount to par, I think around 82%. And when I read the Las Vegas Sun, I see that Circadence closed a new investment round and is talking about strong revenue growth. And so I was wondering if you could update us on that particular credit because it seems as though things may have turned for the better.

因為這就是目前媒體的預期。但我確實想問一下，您在第三季末有一筆貸款的折價幅度相當合理，我記得大約是 82%。當我閱讀《拉斯維加斯太陽報》時，我看到 Circadence 完成了一輪新的融資，並且正在談論強勁的收入成長。所以我想知道您能否向我們更新那筆貸款的最新情況，因為看起來情況似乎有所改善。

Yeah. And hopefully, this is better soundwise if you need me to repeat anything. But as you pointed out, successfully close on an equity round as well as sign a substantial contract with the Defense Department, is change in combination we believe will lead to an increase in performance for them. So it is one that we do continue to watch (technical difficulty)

是的。希望這次的音質會更好，如果需要我重複什麼的話。但正如你所指出的，成功完成股權融資並與國防部簽署一份實質合同，我們認為這種組合變化將導致他們的業績提升。所以我們會繼續關注它。（技術難題）

(Operator Instructions)

（操作說明）

Richard Shane, JPMorgan.

理查沙恩，摩根大通。

First, in terms of -- and actually this is both related. When you guys announced the transaction, you announced the SWK transaction, you announced an accretion level from an NII per share perspective, I assume. Given the movements in the stock price and the relative performance, how should we be thinking about that? And are there any caps or collars on the equity component that you're providing the $75 million?

首先，就——其實這兩點是相關的。你們宣布這筆交易時，也就是宣布SWK交易時，我猜你們也宣布了每股淨利息收入的增幅水準。鑑於股價波動和相對錶現，我們該如何看待這個問題？對於您提供的 7500 萬美元股權部分，是否有任何上限或限制？

Thanks, Richard. Thanks for the question, and welcome to our -- to your first earnings call with us. We're glad to have you as part of the coverage team. So the amount of equity is set at $75.5 million. That won't change. The number of shares will change modestly based on the calculation of NAV. There'll still be meaningful accretion. There is some accounting that happens that actually increases the NII contribution as we -- as the stock declines, it's kind of counterintuitive. But it, in effect, increases the discount at which we're buying the portfolio. And as I said, it's fixed in terms of the dollar amount, the share count just changes based on the NAV.

謝謝你，理查。感謝您的提問，歡迎參加我們的問題—這是您第一次參加我們的財報電話會議。我們很高興您能加入我們的報道團隊。因此，股權金額設定為7550萬美元。這一點不會改變。根據淨資產值的計算，股份數量將略有變化。仍然會有顯著的增長。有些會計處理實際上會增加淨利息收入的貢獻，因為——隨著股價下跌，這有點違反直覺。但實際上，這會增加我們購買該投資組合的折扣。正如我所說，金額是固定的，股份數量只是根據淨資產值而變化。

Got it. But presumably, that means that the deal becomes more dilutive because you are giving more shares in order to provide the $75 million of stock compensation or consideration?

知道了。但據推測，這意味著由於需要提供價值 7,500 萬美元的股票補償或對價，因此需要發放更多股份，因此該交易的股權稀釋效應會更大？

That's correct. But we're talking about an insignificant change in terms of the change in NAV. If you look at the 12/31 NAV versus the 9/30 NAV, it's 1%-ish. So it's not a meaningful amount. And at least at the moment, the preliminary calculations are that, that will largely be offset by the increase in the discount that we're purchasing at because of the decline in the stock price.

沒錯。但就淨值的變動而言，這只是一個微不足道的變動。如果比較 12 月 31 日的淨資產值和 9 月 30 日的淨資產值，大約相差 1%。所以這筆錢金額微不足道。至少目前初步計算結果顯示，由於股價下跌，我們購買股票的折扣力度加大，這將在很大程度上抵消上述損失。

Got it. Okay. Very helpful. And then, look, you guys have a history of repurchasing shares. You didn't repurchase shares this quarter. You mentioned the fact that you do see that as an attractive opportunity. I am curious if one of the considerations in terms of just forestalling that during the fourth quarter was the impact of the acquisition? And is that something that post acquisition lifts and you guys will start to go back to the market and be repurchasing shares again?

知道了。好的。很有幫助。而且，你們也有回購股票的歷史。本季你沒有回購股票。你提到你認為這是一個很吸引人的機會。我很好奇，在第四季度阻止這種情況發生的原因之一是否是收購的影響？收購完成後，這種情況是否會有所改善，你們是否會重返市場並再次回購股票？

We've done that in the past, and that is our plan to discuss that with the Board. If history repeats itself, I would think the Board would view it and has consistently with the management team that it's a good use of capital. But we were not legally available with the pending acquisition. When we were under LOI, we could not use the stock repurchase program. When we had the M14 pending, we could not use the stock repurchase program.

我們過去也這樣做過，我們計劃與董事會討論此事。如果歷史重演，我認為董事會會認為（並且管理團隊也一直這麼認為），這是對資金的合理利用。但由於收購尚未完成，我們當時不具備法律上的參與資格。在簽訂意向書期間，我們不能使用股票回購計畫。M14專案仍在核准時，我們無法使用股票回購計畫。

In general, the first time we'd be able to do it would be two days after the closing. However, that's in our blackout period for Q1. So the first time that we can be back in the market is probably the second week of May. And so as we look at capital allocation, it's a balancing act between new deals and the long-term core earnings power that, that brings to the table versus the immediate accretion from buying at such a discount. And so we recognize the financial impact to our shareholders on that.

一般來說，我們第一次能夠進行這項工作的時間是在交易完成後的兩天內。但是，那正值我們第一季的靜默期。因此，我們最早可能在五月的第二週才能重返市場。因此，當我們審視資本配置時，這需要在新交易及其帶來的長期核心獲利能力與以如此低的折扣購買所帶來的即時收益之間取得平衡。因此，我們意識到這會對我們的股東造成財務影響。

Got it. Okay. Great. That's very helpful. And that was kind of what I was trying to understand. And then very briefly, last question. What is remaining under your repurchase authorization from before?

知道了。好的。偉大的。那很有幫助。而這正是我試圖理解的事。最後一個問題，請盡量簡短回答。您之前的回購授權還剩下哪些商品？

It's -- effectively, there's a number, but we can't use it. So we'll revisit the whole number come the end of April, early May when we have our Board meeting, and we'll have much better details on the portfolio.

實際上，雖然有一個數字，但我們無法使用它。因此，我們將在四月底五月初召開董事會會議時重新審視整個數字，屆時我們將掌握更詳細的投資組合資訊。

I appreciate that. A lot of moving parts for the new guy.

我很感激。對新人來說，需要處理的環節很多。

That's all right. We appreciate the questions. And again, welcome. We're glad to have you on board.

沒關係。感謝您提出的問題。再次歡迎。我們很高興你能加入我們。

Sean Paul Adams, B. Riley Securities.

Sean Paul Adams，B. Riley Securities。

On the merger, I understand that you guys have proxy deadlines in the shareholder meetings. But was there any reason that kind of prevented the mail outs from going out a little bit sooner in the quarter?

關於合併事宜，我了解到你們在股東會上有代理投票截止日期。但有沒有什麼原因導致郵件無法在本季早些時候寄出呢？

Yeah. Nothing to do with us. So technically, the SEC has 30 days to respond to your filing, and we filed November 19, which would have meant a December 19 date for the initial comments back. Unfortunately, with the shutdown and the backlog that the SEC had and this was not a typical investment company to investment company transaction. It was the acquisition by an investment company of an operating company.

是的。這跟我們無關。因此，從技術上講，美國證券交易委員會有 30 天的時間來回應你們提交的文件，而我們是在 11 月 19 日提交的，這意味著 12 月 19 日是收到初步評論的日期。不幸的是，由於政府停擺和美國證券交易委員會積壓的案件，而且這也不是典型的投資公司之間的交易。這是投資公司對營運公司的收購。

So I would say there was a little more to digest for the SEC. But the reality is it took 72 days to get the majority of the comments and 77 days for the last comments. They weren't particularly difficult. And we -- once we had them, we turned them and filed as quickly as possible. But there are absolutely no underlying business issues.

所以我覺得美國證券交易委員會需要消化的資訊還比較多。但實際情況是，大部分評論花了 72 天才收集到，而最後幾條評論則花了 77 天才收集到。它們並不特別難。我們一旦拿到這些文件，就盡快將它們整理歸檔。但絕對不存在任何潛在的業務問題。

It was really just getting through the queue at the SEC. And once they -- I have to say, once they gave us their comments and they recognized that we had a deadline embedded into the merger agreement, they were very good to work with and very attentive.

其實最難的就是透過美國證券交易委員會的排隊。我必須說，一旦他們提出了意見，並且意識到合併協議中規定了最後期限，他們就變得非常容易合作，而且非常認真負責。

And I'm currently showing no further questions at this time. I'd now like to hand the call back over to David Spreng for closing remarks.

目前我沒有其他問題要問。現在我把電話交還給大衛‧斯普倫，請他作總結發言。

Thank you, operator, and thank you all for joining us today. We look forward to discussing our first quarter 2026 financial results with you in May.

謝謝接線員，也謝謝各位今天收看我們的節目。我們期待在五月與您討論我們2026年第一季的財務表現。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。