Saratoga Investment Corp (SAR) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen.

女士們、先生們，早安。

Thank you for standing by and welcome to Saratoga Investment Corporation's fiscal year end and fourth quarter 2025 financial results conference call.

感謝您的支持，歡迎參加薩拉託加投資公司 (Saratoga Investment Corporation) 2025 財年末和第四季財務業績電話會議。

Please note that today's call is being recorded. During today's presentation, all participant parties will be In a listen-only mode following management's prepared remarks, we will open the line for questions at this time, I would like to turn the call over to Saratoga Investment Corporation's Chief Financial Officer and Chief Compliance Officer, Mr. Henry Steenkamp.

請注意，今天的通話正在錄音。在今天的演講中，所有參與者將在管理層準備好的發言後以只聽模式進行，我們將在此時開放提問熱線，我想將電話轉給 Saratoga Investment Corporation 的首席財務官兼首席合規官 Henry Steenkamp 先生。

Sir, please go ahead.

先生，請繼續。

Thank you. I would like to welcome everyone to Saratoga Investment Corp's 2025 fiscal full year and Fourth quarter earnings conference call. Today's conference call includes forward-looking statements and projections.

謝謝。歡迎大家參加 Saratoga Investment Corp 2025 財年全年和第四季財報電話會議。今天的電話會議包括前瞻性陳述和預測。

We ask you to refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these forward-looking statements and projections. We do not undertake to update our forward-looking statements unless required to do so by law.

我們請您參考我們最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與這些前瞻性陳述和預測有重大差異的重要因素。除非法律要求，否則我們不承諾更新我們的前瞻性陳述。

Today we will be referencing a presentation during our call. You can find our fiscal full year and Fourth quarter 2025 sheller presentation in the events and presentations section of our investor relations website. A link to our IR page is in the earnings press release distributed last night.

今天我們將在通話中參考一份簡報。您可以在我們投資者關係網站的活動和演示部分找到我們的 2025 財年全年和第四季度殼牌公司的簡報。我們的 IR 頁面的連結位於昨晚發布的收益新聞稿中。

A replay of this conference call will also be available. Please refer to our earnings press release for details. I would now like to turn the call over to our Chairman and Chief Executive Officer, Christian Oberbeck, who will be making a few introductory remarks.

本次電話會議的重播也將提供。請參閱我們的收益新聞稿以了解詳情。現在，我想將電話轉給我們的董事長兼執行長克里斯蒂安·奧伯貝克 (Christian Oberbeck)，他將做一些開場發言。

Thank you, Henri, and welcome everyone.

謝謝你，亨利，歡迎大家。

Saratoga Investment Corp highlights this quarter include net positive originations generated from our pipeline, including one new portfolio company originated in the quarter and two new companies since quarter end, an increase in AUM on a fair value basis following significant repayments.

Saratoga Investment Corp 本季的亮點包括我們管道產生的淨正發起，包括本季度發起的一家新投資組合公司和季度末以來的兩家新公司，以及在大量償還後按公允價值計算的 AUM 增加。

Lower statutory and absolute leverage from an increase in NAV, and importantly, the core BDC portfolio demonstrating solid performance in a volatile macro environment.

由於淨值增加，法定和絕對槓桿率降低，更重要的是，核心 BDC 投資組合在動盪的宏觀環境下表現穩健。

Building on our strong dividend distribution history with a base quarterly dividend of $0.74 per share declared and distributed for the fiscal fourth quarter, we announced a transition to a monthly dividend structure, increasing our quarterly base dividend by $0.01 per share to $0.25 per share per month, or $0.75 per share in aggregate for the first quarter of fiscal '26.

我們擁有強勁的股息分配歷史，第四財季宣布並分配的基本季度股息為每股 0.74 美元，在此基礎上，我們宣布過渡到月度股息結構，將季度基本股息提高每股 0.01 美元至每月每股 0.25 美元，即 26 財年第一季的總計每股 0.75 美元。

From overall investment value and current yield perspective, our annualized first quarter dividend of $0.75 per share implies a 12.1% dividend yield based on the stock price of [$24.86] per share per share on May 6, 2025.

從整體投資價值和當前收益率的角度來看，我們第一季的年度化股息為每股 0.75 美元，這意味著基於 2025 年 5 月 6 日每股 [24.86 美元] 的股價，股息殖利率為 12.1%。

Our Q4 adjusted NII of $0.56 per share, further adjusted for a $0.13 per share annual excise tax expense is $0.69 per share and reflects the impact of the past nine month trend. Of decreasing levels of short-term interest rates and spreads on Saratoga's investments, largely floating rate assets, and the full period impact of the recent outsized repayments.

我們在第四季度調整後的 NII 為每股 0.56 美元，進一步調整為每股 0.13 美元的年度消費稅支出為每股 0.69 美元，反映了過去九個月趨勢的影響。薩拉託加投資（主要是浮動利率資產）的短期利率和利差水準不斷下降，以及近期超額還款對整個期間的影響。

This has resulted in $205 million of cash available at year end to be deployed accretively in investments or to repay existing debt.

這使得年底有 2.05 億美元現金可用，可用於投資增值或償還現有債務。

During the quarter, we continued to see the early stages of a potential increase in M&A in the lower middle market reflected in multiple equity realizations in Q4, in addition to significant new originations.

在本季度，我們繼續看到中低端市場併購活動潛在成長的早期階段，這體現在第四季度的多次股權實現以及重大的新發起。

The three equity realizations generated $7.2 million of realized gains while we originated $41.8 million from a combination of one new portfolio company and six follow-ons.

三次股權變現產生了 720 萬美元的已實現收益，而我們從一家新的投資組合公司和六家後續公司的組合中獲得了 4,180 萬美元的收益。

Our strong reputation and differentiated market positioning combined with our ongoing development of sponsor relationships continues to create attractive investment opportunities from high quality sponsors.

我們良好的聲譽和差異化的市場定位，加上我們不斷發展的贊助商關係，繼續從高品質的贊助商創造有吸引力的投資機會。

These trends have continued since quarter end with $45.5 million of originations, including two new portfolio companies and six follow-ons and $24.5 million of partial or full repayments of investments. We continue to remain prudent and discerning in terms of new commitments in the current volatile environment.

這些趨勢自本季末以來一直持續，共投資 4,550 萬美元，其中包括兩家新的投資組合公司和六家後續公司，以及 2,450 萬美元的部分或全額投資償還。在當前動盪的環境下，我們在做出新承諾方面繼續保持謹慎和明智。

We believe Saratoga continues to be favorably situated for potential future economic opportunities as well as challenges. At the foundation of our strong operating performance is the high quality nature, resilience, and balance of our $978 million portfolio in the current environment.

我們相信，薩拉託加將繼續處於有利地位，迎接未來的潛在經濟機會和挑戰。我們強勁經營績效的基礎是當前環境下我們 9.78 億美元投資組合的高品質、彈性和平衡。

Where we have encountered significant challenges in four of our portfolio companies over the past year, we have completed decisive action and resolved all four of these companies' challenges through two sales and two restructurings.

過去一年，我們的四家投資組合公司遇到了重大挑戰，我們採取了果斷行動，透過兩次出售和兩次重組解決了這四家公司的挑戰。

Our current core non-CLO portfolio was marked down by $3.4 million this quarter. The CLO and JV were marked down by $2.7 million and an unrealized appreciation charge of $1.5 million resulted in an overall reduction of $7.6 million in portfolio value.

本季度，我們目前的核心非 CLO 投資組合減少了 340 萬美元。CLO 和 JV 價值減少了 270 萬美元，未實現的增值費用為 150 萬美元，導致投資組合價值總體減少了 760 萬美元。

We had three equity realizations generating overall realized gains of $7.2 million. The $1.5 million unrealized depreciation charge resulted from late changes in the pricing of one of the realizations.

我們實現了三次股權，總共實現了 720 萬美元的收益。150 萬美元的未實現折舊費用是由於其中一項實現的定價後期變化造成的。

Our total portfolio fair value is now 2.2% below cost while our core non-CLO portfolio is 1.6% above cost. The overall financial performance and solid earnings power of our current portfolio reflects strong underwriting in our growing portfolio companies and sponsors in well selected industry segments.

我們總投資組合的公允價值目前比成本低 2.2%，而我們的核心非 CLO 投資組合的公允價值比成本高 1.6%。我們目前投資組合的整體財務表現和穩健的盈利能力反映了我們不斷增長的投資組合公司和精心挑選的行業領域的贊助商的強勁承銷。

Our overall credit quality for this quarter remains steady at 99.7% of credits rated in our highest category, with two investments remaining on non-accrual status being Zollege and Pepper Palace, both of which have been restructured, representing only 0.3% and 0.5% of fair value and cost, respectively.

本季度，我們的整體信貸品質保持穩定，最高評級信貸品質為 99.7%，其中兩項仍處於非應計狀態的投資是 Zollege 和 Pepper Palace，這兩項投資均已重組，分別僅佔公允價值和成本的 0.3% 和 0.5%。

With 88.7% of our investments at quarter end in first lean debt and generally supported by strong enterprise values and balance sheets and industries that have historically performed well in stress situations, we believe our portfolio and company leverage is well structured for future economic conditions and uncertainty.

由於本季末我們的投資有 88.7% 是投資於第一批精益債務，並且通常受到強勁的企業價值和資產負債表以及在壓力情況下歷來表現良好的行業的支持，我們相信我們的投資組合和公司槓桿結構良好，可以應對未來的經濟狀況和不確定性。

Recognizing the challenges posed by the current tariff discussions and the volatility seen in the broader macro environment, we remain confident in our experienced management team, solid pipeline, strong leverage structure.

認識到當前關稅討論帶來的挑戰以及更廣泛的宏觀環境中的波動，我們仍然對我們經驗豐富的管理團隊、穩固的管道和強大的槓桿結構充滿信心。

And high underwriting standards to continue to steadily increase our portfolio size, quality, and investment performance over the long term to deliver exceptional risk adjusted returns to shareholders. Mike will touch more on the impact of tariffs on our portfolio companies.

高承保標準將持續穩定提高我們的投資組合規模、品質和長期投資業績，為股東帶來卓越的風險調整回報。麥克將進一步談及關稅對我們投資組合公司的影響。

As always, and particularly in the current uncertain environment, balance sheet strength, liquidity, and NAB preservation remain paramount for us.

像往常一樣，特別是在當前不確定的環境下，資產負債表實力、流動性和 NAB 保存對我們來說仍然至關重要。

At quarter end, we maintained a substantial $428 million of investment capacity to support our portfolio companies with $136 million available through our existing SBIC III license, $87.5 million from our two revolving credit facilities, and $205 million in cash.

截至本季末，我們維持了 4.28 億美元的大量投資能力來支持我們的投資組合公司，其中 1.36 億美元可透過我們現有的 SBIC III 許可證獲得，8750 萬美元可透過我們的兩個循環信貸安排獲得，2.05 億美元可透過現金獲得。

This level of cash improves our current regulatory leverage of 162.9% to 186.2% net leverage netting available cash against outstanding debt.

這一現金水準將我們目前的監管槓桿率從 162.9% 提高到 186.2%，即用可用現金抵銷未償債務的淨槓桿率。

Saratoga Investment's fourth quarter of fiscal 2025 key performance indicators as compared to the quarters ended February 29, 2024 and November 30, 2024 are as follows.

Saratoga Investment 2025 財年第四季關鍵績效指標與截至 2024 年 2 月 29 日及 2024 年 11 月 30 日的季度相比如下。

Our quarter end NAV was $329.7 million up 6.1% from $370.2 million last year and up 4.7% from $374.9 million last quarter. The $17.8 million increase in NAV sequentially resulted from ATM sales of 1.2 million shares at NAV for net proceeds of $32.4 million partially offset by net realize gains and unrealized depreciation.

我們的季末資產淨值為 3.297 億美元，比去年的 3.702 億美元成長 6.1%，比上一季的 3.749 億美元成長 4.7%。淨資產價值 (NAV) 連續增加 1,780 萬美元，原因是 ATM 以淨資產價值 (NAV) 出售了 120 萬股，淨收益為 3,240 萬美元，但被淨實現收益和未實現折舊部分抵消。

Our adjusted NII is $8 million this quarter, down 37.2% from last year and 35.4% from last quarter. And our adjusted NII per share is $0.56 this quarter, down 35.4% from $0.94 last year, and down 37.8% from $0.90 last quarter.netting the annual exercise tax of netting the annual exercise tax of $2.4 million or $0.13 results in an adjusted NII of $0.69 in Q4.

本季我們的調整後 NII 為 800 萬美元，比去年下降 37.2%，比上一季下降 35.4%。本季我們的調整後每股 NII 為 0.56 美元，較去年的 0.94 美元下降 35.4%，較上一季的 0.90 美元下降 37.8%。扣除年度行使稅 240 萬美元或 0.13 美元後，第四季的調整後 NII 為 0.69 美元。

Adjusted NII yield is 8.4% this quarter, down from 14% last year and from 13.3% last quarter. Latest 12 months return on equity is 7.5%, up from 2.5% last year, and down from 9.2% last quarter, slightly below the industry average of 8.9%, and our NAV per share is $25.86 down from $27.12 last year and down from $26.95 last quarter.

本季調整後的 NII 收益率為 8.4%，低於去年的 14% 和上季的 13.3%。最新 12 個月的股本回報率為 7.5%，高於去年的 2.5%，低於上季度的 9.2%，略低於行業平均 8.9%，我們的每股資產淨值為 25.86 美元，低於去年的 27.12 美元和上季度的 26.95 美元。

While these past 12 months have seen markdowns to a small number of credits in our core BDC portfolio, resulting in the latest 12 months return on equity of 7.5%, which is below the industry average of 8.9%.

而過去 12 個月，我們的核心 BDC 投資組合中的少量信貸出現減值，導致最近 12 個月的股本回報率為 7.5%，低於 8.9% 的行業平均水平。

Slide 3 illustrates how our long-term average return on equity over the last 11 years is well above the BDC industry average of 10.3% versus the industry of 7%. Our long term return on equity has remained strong over the past decade plus, beating the industry 8 of the past 11 years and consistently positive every year.

投影片 3 說明了我們過去 11 年的長期平均股本回報率遠高於 BDC 行業平均 10.3% 和行業平均 7%。過去十多年來，我們的長期股本回報率一直保持強勁，在過去 11 年中有 8 年都超過行業平均水平，並且每年都保持正值。

As you can see on slide 4, our assets under management have steadily and consistently risen since we took over the BDC 14 years ago. Outside repayments offset healthy originations this year, resulting in our AUM declining. Yet a solid Q4 originations quarter put us back on the AUM growth trajectory.

正如您在幻燈片 4 中看到的，自從 14 年前我們接管 BDC 以來，我們管理的資產一直在穩步增長。今年外部還款抵消了健康的發放，導致我們的 AUM 下降。然而，第四季穩健的資產發起量使我們重回 AUM 成長軌道。

One quarter of AUM decline in Q3 does not detract from our expectation of long-term AUM growth. The quality of our credits remains strong, with only two recently restructured Pepper Palace and Zollege credits on non-accrual consistent with last quarter.

第三季 AUM 下降四分之一並不會降低我們對長期 AUM 成長的預期。我們的信貸品質依然強勁，只有最近重組的 Pepper Palace 和 Zollege 的兩項非應計信貸與上一季一致。

Our management team is working diligently to continue this positive trend as we deploy our significant levels of available capital into our pipeline. While at the same time being appropriately cautious in this evolving credit and volatile economic environment.

我們的管理團隊正在努力延續這一積極趨勢，並將大量可用資本投入到我們的產品線中。同時，在不斷變化的信貸和動盪的經濟環境中保持適當的謹慎。

With that, I would like to turn the call over to Henri to review our financial results, as well as the composition and performance of our portfolio.

有了這些，我想把電話轉給亨利，讓他回顧我們的財務業績，以及我們投資組合的組成和表現。

Thank you, Chris. Slide 5 highlights our key performance metrics for the fiscal fourth quarter ended February 28, 2025, most of which Chris already highlighted.

謝謝你，克里斯。投影片 5 重點介紹了截至 2025 年 2 月 28 日的第四財季的關鍵績效指標，其中大部分 Chris 已經重點介紹了。

Of note, the weighted average common shares outstanding in Q4 was 14.5 million, increasing from 13.8 million and 13.6 million shares for last quarter and last year's fourth quarter, respectively.

值得注意的是，第四季的加權平均普通股數量為 1,450 萬股，高於上一季的 1,380 萬股和去年第四季的 1,360 萬股。

Adjusted NII decreased this quarter, down 37.2% from last year and 55.4% from last quarter. This quarter's adjusted investment income decreases were primarily due to two reasons. First, this quarter included $2.4 million of an annual excise tax expense due to the spillover amount as of end of December 2024 versus $1.8 million last year.

本季調整後NII有所下降，較去年同期下降37.2%，較上季下降55.4%。本季調整後投資收益的減少主要有兩個原因。首先，由於截至 2024 年 12 月底的溢出金額，本季的年度消費稅支出為 240 萬美元，而去年為 180 萬美元。

The impact to NII per share from this excise tax is $0.13, which means that adjusted NII per share is $0.69 for Q4 when adding this annual expense back.

該消費稅對每股 NII 的影響為 0.13 美元，這意味著在加上這筆年度支出後，第四季度調整後的每股 NII 為 0.69 美元。

Second, there was lower total investment income resulting from both lower base interest rates this year and lower AUM levels these past two quarters. The weighted average interest rate on the core BDC portfolio of 11.5% this quarter. Compares to 12.6% as of the previous year and 11.8% in Q3.

其次，由於今年基準利率較低以及過去兩季的 AUM 水準較低，導致總投資收益減少。本季核心 BDC 投資組合的加權平均利率為 11.5%。相比之下，去年同期為 12.6%，第三季為 11.8%。

The yield reduction primarily reflects the SOFR base rate decreases over the past year. AUM is down primarily due to the impact of the significant repayments experienced in Q3, with part of that offset by this quarter's net positive originations not yet fully reflected.

收益率下降主要反映了過去一年SOFR基準利率的下降。AUM 下降主要是由於第三季大量還款的影響，部分下降被本季尚未完全反映的淨正發放額所抵消。

Total expenses for this fourth fiscal quarter, excluding interest and debt financing expenses, base management fees and incentive fees, and income and excise taxes decreased $0.5 million to $1.4 million as compared to $1.9 million last year and decreased $1.4 million from $2.8 million last quarter. This represented 0.8% of average total assets for fiscal 2025. Up from 0.7% last year.

本財政第四季的總支出（不包括利息和債務融資費用、基本管理費和獎勵費以及所得稅和消費稅）減少了 50 萬美元，降至 140 萬美元，而去年同期為 190 萬美元，而上一季為 280 萬美元，減少了 140 萬美元。這佔2025財年平均總資產的0.8%。比去年同期上升了 0.7%。

Also, we have again added the KPI slides 28 through 31 in the appendix at the end of the presentation that shows our income statement and balance sheet metrics for the past two years, and slide 6 highlights the same key performance metrics for the full fiscal year as compared to the previous two years.

此外，我們在簡報末尾的附錄中再次添加了 KPI 幻燈片 28 至 31，其中展示了過去兩年的損益表和資產負債表指標，幻燈片 6 重點介紹了與前兩年相比整個財政年度的相同關鍵績效指標。

Of note is that the adjusted NII per share for fiscal 2025 is $3.81 per share, which is net of $0.57 of dilution resulting from increased net share count from the DRIP and ATM during the year.

值得注意的是，2025 財年的調整後每股 NII 為 3.81 美元，扣除了本年度 DRIP 和 ATM 淨股數增加導致的 0.57 美元稀釋。

Moving on to slide 7, NAV was $392.7 million as a fiscal year end, a $17.8 million dollar increase from last quarter, and a $22.5 million dollar increase from the same quarter last year. During this year, $55.4 million of new equity was raised at or above net asset value through our ATM program, of which $52.4 million was this quarter.

轉到投影片 7，財年末的 NAV 為 3.927 億美元，比上一季增加 1,780 萬美元，比去年同期增加 2,250 萬美元。今年，我們透過 ATM 計畫籌集了 5,540 萬美元的新股本，金額等於或高於淨資產價值，其中 5,240 萬美元是本季籌集的。

This chart also includes our historical NAV per share, which highlights how this metric has increased 22 of the past 30 quarters, seeing a recent decrease due to the special dividend declared in the 3rd quarter and write downs this year in discrete assets being Pepper Palace, Zollege and our CLO and JV investments.

該圖表還包括我們的歷史每股資產淨值，突出顯示了該指標在過去 30 個季度中 22 個季度是如何增長的，最近由於第三季度宣布的特別股息和今年對 Pepper Palace、Zollege 以及我們的 CLO 和 JV 投資等獨立資產的減記而出現下降。

Over the long term, our net asset value has steadily increased since 2011. And grown by $2.90 or 12% over the past seven years. Our history of consistent realized gains also continues this quarter with $7.2 million of realized gains recognized on the three equity realizations this quarter.

從長期來看，我們的淨資產價值自2011年以來穩步成長。過去七年成長了 2.90 美元，即 12%。我們持續實現收益的歷史也在本季得以延續，本季三項股權實現共實現收益 720 萬美元。

On slide 8, you will see a simple reconciliation of the major changes in adjusted NII and NAV per share on a sequential quarterly basis.

在第 8 張投影片上，您將看到按季度連續計算的調整後 NII 和每股 NAV 的主要變化的簡單對帳。

Starting at the top, adjusted NII per share was down $0.34 in Q4, primarily due to first, the annual excise tax, which was $0.13 this quarter related to unpaid spillover as previously mentioned, and second, a decrease of $0.22 in non-CLO net interest income due to both lower base rates and AUM.

從頂部開始，調整後的每股 NII 在第四季度下降了 0.34 美元，主要原因是首先，年度消費稅本季為 0.13 美元，與前面提到的未付溢出有關；其次，由於基準利率和 AUM 降低，非 CLO 淨利息收入減少了 0.22 美元。

Lower other income from lower originations and repayments, and dilution from the increased net ATM and drip share count reduced earnings by an additional $0.03 each. This was offset by a $0.06 increase from lower operating expenses.

由於發起和償還金額減少而導致的其他收入減少，以及 ATM 淨額和滴灌份額增加導致的稀釋，導致每股收益減少 0.03 美元。但因營運費用降低而增加 0.06 美元，抵消了這一影響。

On the lower half of the slide, NAV per share decreased by $1.09 primarily due to the Q3 and special dividends declared in the fourth quarter outweighing net investment income, as well as netized gains and unrealized appreciation on investments of $0.53 per share.

在下滑的下半部分，每股資產淨值下降了 1.09 美元，主要原因是第三季和第四季宣布的特別股息超過了淨投資收益，以及每股 0.53 美元的淨收益和未實現投資增值。

On slide 9, you will see the same reconciliation but now on a sequential annual basis. Starting at the top, adjusted NII per share decreased from $4.10 per share last year to $3.81 per share, mainly due to the increased net share count from the DRIP and ATM programs resulting in a $0.57 per share decrease and a $0.10 decrease from increased operating expenses and excise taxes.

在第 9 張投影片上，您將看到相同的對賬，但現在是按年度連續計算的。從頂部開始，調整後的每股 NII 從去年的每股 4.10 美元下降至每股 3.81 美元，主要由於 DRIP 和 ATM 計劃的淨股數增加導致每股減少 0.57 美元，以及營運費用和消費稅增加導致每股減少 0.10 美元。

On the lower half of the slide, this reconciles the $1.26 NAV per share decrease for the year. $3.81 of GAAP NII was more than offset by $1.66 of netized losses and unrealized appreciation, and $3.31 of dividends paid during the year. There was a $0.04 net accretion from the ATM and DRIP plan issuances during the year.

在幻燈片的下半部分，這與今年每股 1.26 美元的淨資產價值下降相一致。 3.81 美元的 GAAP NII 被 1.66 美元的淨虧損和未實現增值以及年度支付的 3.31 美元股息所抵消。當年 ATM 和 DRIP 計劃發行淨增值 0.04 美元。

Slide 10 outlines the dry powder available to us as of quarter rand, which totaled $428.2 million. This was spread between our available cash, undrawn SPA debentures, and undrawn secured credit facility.

投影片 10 概述了截至本季我們可用的現金總額為 4.282 億美元。這筆資金分佈在我們的可用現金、未提取的 SPA 債券和未提取的擔保信貸額度之間。

This quarter end level of available liquidity allows us to grow our assets by an additional 44% without the need for external financing, with $204.7 million of quarter end cash available and thus fully accretive to NII when deployed, and $136 million of available SBA debentures with its low cost pricing also very accretive.

本季末的可用流動資金水準使我們能夠在不需要外部融資的情況下將資產額外增加 44%，季度末有 2.047 億美元的可用現金，因此在部署時可以完全增值到 NII，而 1.36 億美元的可用 SBA 債券由於其低成本定價也非常具有增值性。

In addition, all $321 million of our baby bonds, effectively all our 6% plus debt, is callable now, creating a natural protection against potential continuing future decreasing interest rates, which should allow us to protect our net interest margin if needed. These calls are also available to be used prospectively to reduce current debt.

此外，我們全部 3.21 億美元的嬰兒債券（實際上是我們所有 6% 以上的債務）現在都可以贖回，從而對未來可能持續下降的利率形成自然保護，這應該可以讓我們在必要時保護我們的淨息差。這些電話也可以用於前瞻性地減少當前債務。

We remain pleased with our available liquidity and leverage position, including our access to diverse sources of both public and private liquidity and especially taking into account the overall conservative nature of our balance sheet and the fact that almost all our debt is long term in nature.

我們對我們的可用流動性和槓桿狀況仍然感到滿意，包括我們能夠獲得多種公共和私人流動性來源，特別是考慮到我們的資產負債表的整體保守性質以及幾乎所有債務都是長期性質的事實。

Also, our debt is structured in such a way that we have no BDC covenants that can be stressed during volatile times, especially important in the current economic environment.

此外，我們的債務結構使得我們沒有在動盪時期承受壓力的 BDC 契約，這在當前的經濟環境下尤其重要。

Now I would like to move on to slides 11 through 14 and review the composition and yield of our investment portfolio.

現在我想轉到第 11 至 14 張投影片，回顧一下我們的投資組合的組成和收益率。

Slide 11 highlights that we have $978 million of AUM at fair value, and this is invested in 48 portfolio companies, one CLO fund, and one JV. Our first le percentage is 88.7% of our total investments, of which 25% is in first lean last out positions.

投影片 11 強調了我們擁有 9.78 億美元的公允價值的 AUM，投資於 48 家投資組合公司、一個 CLO 基金和一家合資企業。我們的第一手投資佔總投資的 88.7%，其中 25% 處於先富後富的部位。

On slide 12, you can see how the yield on our core BBC assets excluding our CLO has changed over time, especially this past year, reflecting the recent decreases to interest rates.

在第 12 張投影片上，您可以看到我們的核心 BBC 資產（不包括 CLO）的收益率隨時間的變化，尤其是在過去一年，反映了近期利率的下降。

This quarter, our core BDC yield decreased to 11.5% from 11.8% last quarter, with two-thirds of the decrease due to the impact of decreasing core SOFR base rates. The CLO yield decreased to 16.4% from 24.6% last quarter, reflecting continued lower portfolio performance.

本季度，我們的核心 BDC 收益率從上一季的 11.8% 下降至 11.5%，其中三分之二的降幅是由於核心 SOFR 基準利率下降的影響。CLO 收益率從上一季的 24.6% 下降至 16.4%，反映出投資組合表現持續走低。

Slide 13 shows how our investments are diversified through the US and on slide 14 you can see the industry breadth and diversity that our portfolio represents spread over 40 distinct industries in addition to our investments in the CLO and JV which are included as structured finance securities.

投影片 13 展示了我們的投資如何在美國多元化，在投影片 14 上，您可以看到我們的投資組合所代表的產業廣度和多樣性，除了我們對 CLO 和 JV 的投資（這些投資被列為結構性融資證券）之外，還分佈在 40 個不同的產業。

And moving on to slide 15, 7.4% of our investment portfolio consists of equity interests, which remain an important part of our overall investment strategy.

我們繼續看第 15 張投影片，我們的投資組合中有 7.4% 由股權組成，這仍然是我們整體投資策略的重要組成部分。

This slide shows that for the past 13 fiscal years we had a combined $59.6 million of netized gains from the sale of equity interest or sale of early redemption of other investments.

這張投影片顯示，在過去的 13 個財政年度中，我們透過出售股權或出售或提前贖回其他投資共獲得了 5,960 萬美元的淨收益。

This is net of the Zollege, Netreo and Pepper Palace realized losses this year, slightly offset by the realized gains on our invita investment in Q3 and our Nauticon,Vector and Modern Campus investments in Q4. This long-term realized gain performance highlights our portfolio credit quality, has helped grow our NAV and is reflected in our healthy long-term ROE.

這是今年 Zollege、Netreo 和 Pepper Palace 實現的損失的淨額，略微被我們在第三季度對 invita 的投資以及在第四季度對 Nauticon、Vector 和 Modern Campus 的投資所實現的收益所抵消。這一長期實現收益表現凸顯了我們的投資組合信用質量，有助於提高我們的資產淨值，並反映在我們健康的長期股本回報率中。

That concludes my financial and portfolio review. Our Chief Investment Officer, Michael Grisius will now provide an overview of the investment market.

我的財務和投資組合審查到此結束。我們的首席投資長 Michael Grisius 現在將概述投資市場。

Thank you, Henri.

謝謝你，亨利。

Today, I'll focus on our perspective on the changes in the market since we last spoke with everyone in January and then comment on our current portfolio performance and investment strategy.

今天，我將重點談談自一月份我們上次與大家交談以來對市場變化的看法，然後評論我們當前的投資組合表現和投資策略。

Broader middle market deal volumes were showing signs of improvement until the recent tariff developments, which initially widened loan spreads and had a stifling effect on new debt issuances.

更廣泛的中型市場交易量一直顯示出改善的跡象，直到最近的關稅發展才開始擴大貸款利差並對新債發行產生抑製作用。

Characteristic of the volatility resident in the larger loan markets, we've more recently observed spreads tightening again and new issuances picking up as concerns about the potential economic impact of tariffs have somewhat abated, at least for the time being.

作為大型貸款市場波動性的特徵，我們最近觀察到利差再次收緊，新發行量增加，因為對關稅的潛在經濟影響的擔憂有所減弱，至少目前是如此。

It's important to point out that the lower middle market in which we operate is generally not subject to such immediate volatility and tends to move in sync with medium term macroeconomic variables. Thus, our market has remained relatively unchanged throughout this economic turmoil, and we haven't experienced the roller coaster ride of the larger markets.

需要指出的是，我們經營的中低端市場通常不會受到這種即時波動的影響，並且往往與中期宏觀經濟變數同步變動。因此，在整個經濟動盪時期，我們的市場基本上保持不變，我們也沒有經歷過像大型市場那樣的過山車式波動。

Deal volumes in our market have remained down significantly over 2024 and down further still as compared to 2021 to 2023. We believe a number of factors are influencing the decline in lower middle market deal activity.

2024 年，我們市場的交易量持續大幅下降，與 2021 年至 2023 年相比進一步下降。我們認為，有許多因素導致中低階市場交易活動的下降。

Including a disconnect between where buyers and sellers are willing to transact elevated interest rates making debt financing more expensive. And a trend toward PE firms holding on to assets longer in order to meet their return expectations.

包括買家和賣家願意交易的金額之間的差距，導致高利率使債務融資更加昂貴。為了滿足回報預期，私募股權公司會更長時間持有資產。

The combination of historically low M&A volume and an abundant supply of capital is causing spreads to tighten and leverage to remain full as lenders compete to win deals, especially premium ones. We have experienced this over the course of this past year with a little over half of our repayment activity resulting from loans being refinanced on more favorable terms.

歷史性的低併購交易量和充裕的資本供應相結合，導致利差收窄，槓桿率保持充足，因為貸方競相贏得交易，尤其是優質交易。在過去的一年中，我們經歷了這種情況，一半以上的還款活動都是透過以更優惠的條件進行再融資來實現的。

Notably, in about two-thirds of these cases, we had the opportunity to stay in the investments. Price alone was less of a determining factor. Rather, we weren't comfortable with either the new leverage profile or the structural features of the loan agreements.

值得注意的是，在其中約三分之二的案例中，我們有機會繼續投資。價格本身並不是決定性因素。相反，我們對新的槓桿狀況或貸款協議的結構特徵感到不滿。

Despite the volatility in the broader macro environment, loan terms in our market remain stubbornly borrower friendly, and we have not seen lenders revising their underwriting criteria, hiking spreads, or cutting leverage.

儘管宏觀環境整體波動，但我們市場的貸款條款仍然對借款人有利，我們尚未看到貸款機構修改承保標準、提高利差或降低槓桿。

These dynamics could of course change if the macroeconomic outlook changes materially. The historically low deal volumes we're experiencing has made it more difficult to find quality new platform investments than in prior periods.

如果宏觀經濟前景發生重大變化，這些動態當然可能會發生變化。我們目前經歷的交易量處於歷史低位，這使得尋找優質的新平台投資比以往更加困難。

This may naturally prompt the question of what is our approach to operating in this difficult asset deployment climate.

這自然會引發一個問題：在這種困難的資產部署環境下，我們的營運方式是什麼。

First, the Saratoga management team has successfully managed through a number of credit cycles over many years, and that experience has made us particularly aware of being disciplined when making investment decisions and being proactive in managing our portfolio.

首先，薩拉託加管理團隊多年來成功度過了多個信貸週期，這些經驗使我們特別意識到在做出投資決策時要嚴守紀律，並積極主動地管理我們的投資組合。

We'll continue to invest in high quality assets and will not lower our investment investment standards and take on more risk than we feel is prudent just because the market is presently difficult.

我們將繼續投資優質資產，不會因為目前市場困難而降低投資標準，承擔超出我們認為審慎範圍的風險。

We believe our shareholders will appreciate this approach in the long run. Second, we're greatly expanding our business development efforts and are investing in resources to provide greater bandwidth for our professionals to dedicate themselves to this effort.

我們相信，從長遠來看，我們的股東會欣賞這種做法。其次，我們正在大力擴展業務發展力度，並投入資源，為我們的專業人員提供更大的頻寬，使他們能夠全心投入這項工作。

While we have developed a strong presence in the lower end of the middle market, the number of companies in our marketplace is vast compared to the traditional middle market and is occupied with hundreds of thousands of businesses.

雖然我們在中端市場的低端已經佔據了強大的地位，但與傳統的中端市場相比，我們市場上的公司數量非常龐大，有數十萬家企業。

We believe the number of deal sources in our market that we have yet to build relationships with far exceeds the number that we have built relationships with. Further, our market benefits from a natural underpinning of deal flow driven by business owners seeking to transition ownership as they age.

我們相信，在我們的市場中，尚未建立關係的交易來源數量遠遠超過我們已經建立關係的數量。此外，我們的市場受益於企業主隨著年齡增長而尋求所有權轉移所推動的交易流的自然支撐。

We're in the early stages of our expanded business development initiatives, but have already already seen some positive results in our current pipeline and in the most recent portfolio company we closed in April. Third, our existing portfolio serves as a healthy source of deal flow.

我們正處於擴大業務發展計劃的早期階段，但我們已經在我們目前的管道和 4 月關閉的最新投資組合公司中看到了一些積極成果。第三，我們現有的投資組合是健康的交易流來源。

Our payoffs tend to be lumpy as our portfolio investments reach scale and maturity. While our new portfolio companies tend to be small initially and provide an embedded resource for asset deployment as we support their growth.

當我們的投資組合達到規模和成熟度時，我們的收益往往會不均勻。雖然我們的新投資組合公司最初規模往往較小，但在我們支持其成長的同時，也為資產部署提供了嵌入式資源。

Because of the nature of the way we invest our capital in this manner, follow-on activity has exceeded our new portfolio company deployment in each of our past five fiscal years. In summary, the way we're approaching the currently challenging environment is to first stay disciplined on our asset selection.

由於我們以這種方式投資資本的本質，在過去五個財年中，後續活動都超過了我們新投資組合公司的部署。總而言之，我們應對當前充滿挑戰的環境的方式是首先嚴格選擇資產。

Second, invest and greatly expand our business development efforts in a market that is still largely under penetrated by us. And third, continue to support our existing healthy portfolio companies as they pursue growth.

第二，在我們尚未完全滲透的市場中投資並大力拓展我們的業務發展。第三，繼續支持我們現有的健康投資組合公司追求成長。

The relationships and overall presence we built in the middle market in the marketplace combined with our ramped up business development initiatives give us confidence in our ability to achieve healthy portfolio growth in a manner that we expect to be accreted to our shareholders in the long run.

我們在中階市場建立的關係和整體影響力，加上我們不斷加強的業務發展計劃，讓我們有信心能夠實現健康的投資組合成長，並期望從長遠來看為股東帶來收益。

In the midst of these market conditions, we had $42 million gross and $26 million net asset growth this quarter.

在這樣的市場條件下，本季我們的總資產成長了 4,200 萬美元，淨資產成長了 2,600 萬美元。

Before leaving this topic, I'll also point out that we continue to believe that the lower middle market is the best place in terms of capital deployment. As compared to the larger end of the middle market, the due diligence we're able to perform when evaluating an investment is much more robust.

在結束這個主題之前，我還要指出，我們仍然相信中低端市場是資本配置的最佳地點。與中端市場的較大端相比，我們在評估投資時能夠進行的盡職調查更加嚴格。

The capital structures are generally more conservative with less leverage and more equity. The legal protections and covenant features in our documents are considerably stronger, and our ability to actively manage our portfolio through ongoing interaction with management and ownership is greater.

資本結構通常較保守，槓桿率較低，股權較高。我們的文件中的法律保護和契約特徵更加強大，我們透過與管理層和所有者的持續互動來積極管理投資組合的能力也更強。

As a result, we continue to believe that the lower middle market offers the best risk adjusted returns, and our track record of realized returns reflects this. Now I'll move on to the subject of tariffs more directly.

因此，我們仍然相信中低端市場提供最佳的風險調整回報，而我們實現的回報記錄也反映了這一點。現在我將更直接地談論關稅問題。

Although there naturally remains much uncertainty around tariffs and their potential impact on small businesses, we believe we are relatively well positioned in if tariffs conditions persist. A large majority of our portfolio companies are SA businesses or businesses that operate in the domestic services sector with direct cost structures that should largely not be affected by tariffs.

儘管關稅及其對小型企業的潛在影響仍然存在許多不確定性，但我們相信，如果關稅狀況持續下去，我們將處於相對有利的地位。我們投資組合中的大多數公司都是南非企業或在國內服務業運營的企業，其直接成本結構基本上不會受到關稅的影響。

While we're still actively working with the management teams and ownership of each of our portfolio companies to fully assess the potential exposure. It appears that for the for the handful of companies with more direct tariff exposure, only a portion of their input costs would potentially be affected.

我們仍在積極與每個投資組合公司的管理團隊和所有者合作，以全面評估潛在的風險。看起來，對於少數直接受到關稅影響的公司來說，只有部分投入成本可能會受到影響。

Our underwriting bar remains high as usual, yet we continue to find opportunities to deploy capital. As seen on slide 16, our more recent performance has been characterized by continued asset deployment to existing portfolio companies as demonstrated with 40 follow-ons in calendar year 2024.

我們的承保標準一如既往地高，但我們仍在繼續尋找部署資本的機會。如投影片 16 所示，我們最近的表現特點是繼續向現有投資組合公司部署資產，正如 2024 日曆年的 40 家後續公司所證明的那樣。

While we invested in two new platform investments last calendar year, we focused much of our time and resources towards supporting our portfolio. And managing a discreet few challenge credits. More recently, during calendar Q1, we have closed two new platform companies and a third one in April. As our business development efforts continue to ramp up despite these low volume markets.

雖然我們去年投資了兩個新的平台，但我們將大部分時間和資源集中在支持我們的投資組合上。並管理一些謹慎的挑戰積分。最近，在第一季度，我們關閉了兩家新的平台公司，並在四月關閉了第三家平台公司。儘管市場規模較小，但我們的業務拓展力度仍在不斷增加。

Overall, our deal flow remains steady, and our consistent ability to generate new investments over the long term, despite ever changing and increasingly competitive market dynamics is a strength of ours. The portfolio management continues to be critically important, and we remain actively engaged with our portfolio companies and in close contact with our management teams.

整體而言，我們的交易流保持穩定，儘管市場動態不斷變化且競爭日益激烈，但我們始終能夠長期持續產生新的投資，這是我們的優勢。投資組合管理仍然至關重要，我們仍然積極與我們的投資組合公司合作並與我們的管理團隊保持密切聯繫。

There remain two portfolio companies that we are actively managing as discussed in previous quarters, and I will touch on them shortly. But in general, our portfolio companies are healthy. Notably, the fair value of our core BDC portfolio is 1.6% above its cost.

正如前幾季所討論的，我們仍在積極管理兩家投資組合公司，我很快就會談到它們。但總體而言，我們的投資組合公司是健康的。值得注意的是，我們核心 BDC 投資組合的公允價值比其成本高出 1.6%。

88% of our portfolio is in first le debt and generally supported by strong enterprise values in industries that have historically performed well in stress situations. We have no direct energy or commodities exposure. In addition, the majority of our portfolios comprised the businesses that produce a high degree of recurring revenue and historically demonstrated strong revenue retention.

我們的投資組合中有 88% 是一級債務，並且通常受到歷史上在壓力情況下表現良好的行業的強大企業價值的支持。我們沒有直接的能源或商品風險。此外，我們的投資組合中大部分都是能夠產生大量經常性收入且歷史上表現出強勁收入保留率的企業。

We have the same two investments on non accrual, namely Pepper Palace and Zollege consistent with last quarter. We continue to hold them on non-accrual following their restructurings, but their combined remaining fair value, including equity, is just $5.5 million.

與上一季相比，我們有兩個相同的非應計投資，即 Pepper Palace 和 Zollege。重組後，我們繼續對它們保持非應計狀態，但包括股權在內的剩餘公允價值總額僅為 550 萬美元。

Looking at leverage on the same slide, you can see that industry debt multiples increased slightly for senior debt. Total leverage for our overall portfolio decreased slightly to 5.35x, excluding Pepper Palace and Zollege, reflecting lower leverage across our several portfolio companies.

查看同一張投影片上的槓桿率，您會發現優先債務的行業債務倍數略有增加。不包括 Pepper Palace 和 Zollege，我們整體投資組合的總槓桿率略微下降至 5.35 倍，這反映了我們幾家投資組合公司的槓桿率較低。

Slide 17 provides more data on our deal flow. As you can see, the top of our deal pipeline is up from the end of the year, despite the current M&A activity in the lower middle market remaining low. This recent increase is as a result of recent business development initiatives.

投影片 17 提供了有關我們的交易流程的更多數據。如您所見，儘管目前中低端市場的併購活動仍然較低，但我們的交易管道數量從年底開始上升。近期的成長是近期業務發展舉措的結果。

Overall, the significant progress we've made in building broader and deeper relationships in the marketplace is noteworthy because it strengthens the dependability of our deal flow and reinforces our ability to remain highly selective as we rigorously screen opportunities to execute on the best investments.

總體而言，我們在建立更廣泛、更深入的市場關係方面所取得的重大進展是值得注意的，因為它增強了我們交易流程的可靠性，並增強了我們在嚴格篩選機會以執行最佳投資時保持高度選擇性的能力。

As you can see on slide 18, our overall portfolio credit quality and returns remain solid.

正如您在第 18 張投影片上看到的，我們的整體投資組合信用品質和回報仍然穩健。

As demonstrated by the actions taken and outcomes achieved on the non-accrual and watch list credits we had over the past year, our team remains focused on deploying capital and strong business models where we are confident that under all reasonable scenarios, the enterprise value of the businesses will sustainably exceed the last doller of our investments.

正如我們在過去一年中針對非應計和觀察名單信用所採取的行動和取得的成果所表明的那樣，我們的團隊仍然專注於部署資本和強大的商業模式，我們相信，在所有合理的情況下，企業的企業價值將持續超過我們投資的最後一美元。

Our approach and underwriting strategy has always been focused on being thorough and cautious at the same time.

我們的方法和核保策略始終注重全面和謹慎。

Since our management team began working together almost 15 years ago, we've invested $2.28 billion in 120 portfolio companies and have had just three realized economic losses on these investments. Over that same time frame, we've successfully ex exited 78 of those investments, achieving gross unlevered realized returns of 15.1% on $1.2 billion of realizations.

自從我們的管理團隊大約 15 年前開始合作以來，我們已經向 120 家投資組合公司投資了 22.8 億美元，而這些投資中只有三家公司出現了經濟損失。在同一時間段內，我們成功退出了 78 項投資，實現了 12 億美元的無槓桿總回報，回報率為 15.1%。

Even taking into account the recent write downs of a few discrete credits or combined realized and unrealized returns on all capital invested equals 13.5%. We think this performance profile is particularly attractive for a portfolio predominantly constructed with first lean senior debt. Consistent with the previous couple of quarters, we have only two investments on non-accrual.

即使考慮到最近一些離散信貸的減記，或所有投資資本的合併已實現和未實現回報也等於 13.5%。我們認為，對於主要由優先債務所構成的投資組合來說，這種業績狀況尤其具有吸引力。與前幾季一致，我們只有兩項非應計投資。

Although Pepper Palace and Zollege have been restructured, we're still classifying Pepper Palace as red and zalage as yellow, with a combined faire value of $5.5 million including equity.

儘管 Pepper Palace 和 Zollege 已進行重組，我們仍將 Pepper Palace 歸類為紅色，將 zalage 歸類為黃色，包括股權在內的綜合公平價值為 550 萬美元。

We continue to have majority control over Pepper Palace with a turnaround, the turnaround specialist we have been working with in the role of CEO and owning significant equity in the business. Management of the company by us continues as we explore avenues to expand the business. The total fair value of the remaining investment is $1.5 million.

我們繼續對 Pepper Palace 擁有多數控制權，並一直與轉型專家合作，擔任其首席執行官，並擁有該公司的大量股權。我們將繼續管理該公司，同時探索擴大業務的途徑。剩餘投資的總公允價值為 150 萬美元。

Zollege continues to show positive signs of improvement and profitability. The previous owner has invested meaningful dollars in the business, is leading the enterprise, and has reassembled some of the former senior leadership.

Zollege 繼續展現出改善和獲利的積極跡象。前任所有者已為該企業投入了大量資金，目前正領導該企業，並重組了一些前高階領導層。

He and the management team are working in partnership with us with the immediate goal of returning the business to its former profitability levels and the ultimate objective of exceeding those levels. Many of the initiatives management has undertaken have resulted in improved key performance indicators for the business.

他和管理團隊正在與我們合作，目前目標是使業務恢復到以前的獲利水平，最終目標是超越這些水平。管理階層採取的許多措施已經提高了企業的關鍵績效指標。

We have equity in a first lien term loan in the company with a current fair value of $3.9 million with the equity marked up this quarter to reflect the recent positive financial performance of the company. In addition, during the year, we recognized $3.4 million net realize depreciation in our core non-CLO portfolio, including Pepper Palace and Zollege.

我們在該公司第一留置權定期貸款中擁有股權，當前公允價值為 390 萬美元，本季股權有所上漲，以反映公司近期積極的財務表現。此外，在本年度，我們的核心非 CLO 投資組合（包括 Pepper Palace 和 Zollege）實現了 340 萬美元的淨折舊。

About half of this depreciation represents adjustments to market multiples and pre-payment premiums, while the other half is a $1.5 million dollar mark down to our stretch zone investment, reflecting slower than projected sales growth combined with increased investment in corporate management team.

其中約一半的折舊代表了對市場倍數和預付款保費的調整，而另一半則是 150 萬美元的折舊，用於我們的延伸區投資，這反映了低於預期的銷售成長以及對企業管理團隊的投資增加。

Company management and ownership are undertaking initiatives to address these trends, and the sponsor has provided meaningful credit support to the business.

公司管理層和所有者正在採取措施來應對這些趨勢，發起人已為該企業提供了有意義的信貸支援。

The CLO and JV have $2.7 million of unrealized depreciation this quarter, reflecting primarily markdowns due to individual credit credits in these vehicles, most notably in the investment in the first CLO's F-note.

本季度，CLO 和 JV 的未實現折舊為 270 萬美元，主要反映了這些工具中個人信貸額度造成的減值，最明顯的是第一筆 CLO 的 F 票據的投資。

And importantly, we recognized netized gains of $7.2 million on the equity sales of our modern campus, Norcon and Vector investments this quarter, continuing our history of healthy realized gains.

重要的是，本季我們透過出售現代校園、Norcon 和 Vector 投資的股權實現了 720 萬美元的淨收益，延續了我們實現健康收益的歷史。

Our overall investment approach has yielded exceptional realized returns and recovery of our invested capital, and our long-term performance remains strong, as seen by our track record on this slide.

我們的整體投資方法已獲得卓越的實際回報和投資資本回收，並且我們的長期業績仍然強勁，正如這張投影片上的業績記錄所示。

Now moving on to slide 19, you can see our second SBIC license is fully funded and deployed, although there is cash available there to invest in follow-ons. And we are currently ramping up our new SBIC III license with $136 million of lower cost, undrawn debentures available, allowing us to continue to support US small businesses, both new and existing.

現在翻到第 19 張投影片，您可以看到我們的第二個 SBIC 許可證已經獲得充分資助並已部署，儘管還有現金可用於投資後續專案。目前，我們正在擴大我們的新 SBIC III 許可證，提供 1.36 億美元的低成本未提取債券，使我們能夠繼續支持美國新舊小型企業。

This concludes my review of the market, and I'd like to turn the call back over to our CEO, Chris.

我對市場的回顧到此結束，我想將電話轉回給我們的執行長克里斯。

Thank you, Mike.

謝謝你，麥克。

As outlined on slide 20, our latest dividend of $0.74 per share for the quarter ended February 28, 2025 was paid on March 25, 2025. Additionally, as previously discussed, building on our strong distribution history, we announced a transition to a monthly dividend structure, increasing our quarterly based dividend by $0.01 per share to $0.25 per share per month, or $0.75 per share in aggregate for the first quarter of fiscal 2026.

如投影片 20 所述，我們截至 2025 年 2 月 28 日的季度的最新股息為每股 0.74 美元，於 2025 年 3 月 25 日支付。此外，如前所述，基於我們強大的分銷歷史，我們宣布過渡到月度股息結構，將季度股息提高每股 0.01 美元至每月每股 0.25 美元，即 2026 財年第一季的每股總計 0.75 美元。

This reflects a 1% increase over the past year and 7% increase over the past two years. The board of directors will continue to evaluate the dividend level on at least a quarterly basis considering both company and general economic factors, including the current interest rate and macro environment's impact on our earnings.

這比過去一年增長了 1%，比過去兩年增長了 7%。董事會將繼續至少每季評估一次股利水平，同時考慮公司和一般經濟因素，包括當前利率和宏觀環境對我們收益的影響。

Moving to slide 21, our total return for the last 12 months, which includes both capital appreciation and dividends, has generated total returns of 26%, outperforming and doubling the BDC indexes 13% for the same period. Our longer term performance is outlined on our next slide 22.

轉到第 21 張投影片，我們過去 12 個月的總回報（包括資本增值和股息）產生了 26% 的總回報率，超過並超越了同期 BDC 指數 13% 的兩倍。我們的長期表現概述在下一張投影片 22 中。

Our Five year return places us well above the BDC index, while our 3 year performance is in line with the index. Of note, the 5 year performance for the BDC industry is uncharacteristically high due to the five year period starting during the COVID-19 market crash. Since Saratoga took over management of the BDC in 2010, our total return has been 831% versus the industry's 308%.

我們的五年報酬率遠高於 BDC 指數，而我們的三年表現與該指數一致。值得注意的是，由於這五年是從 COVID-19 市場崩盤開始的，因此 BDC 產業的 5 年表現異常高。自 2010 年 Saratoga 接管 BDC 管理以來，我們的總回報率為 831%，而產業回報率為 308%。

On slide 23, you can further see our last 12 months' performance placed in the context of the broader industry and specific to certain key performance metrics. We continue to focus on our long term metrics such as return on equity, NAV per share, NII yield, and dividend growth and coverage, all of which reflect the value our shareholders are receiving.

在第 23 張投影片上，您可以進一步看到我們過去 12 個月在更廣泛的產業背景下的表現，以及特定關鍵績效指標的表現。我們繼續關注我們的長期指標，例如股本回報率、每股資產淨值、NII 收益率以及股息成長和覆蓋率，所有這些都反映了我們的股東所獲得的價值。

While the return on equity NAV per share growth and dividend coverage are lagging this past year, this is largely due to the two discrete non-accrual investments previously discussed, as well as the impact of recent lower base interest rates and AUM levels, reflecting the full period impact of recent third quarter debt repayments.

雖然去年每股淨資產回報率增長和股息覆蓋率有所滯後，但這主要是由於之前討論過的兩項獨立的非應計投資，以及近期較低的基準利率和 AUM 水平的影響，反映了近期第三季度債務償還的全期影響。

In this volatile macro environment, we will be prudent in deploying our significant available capital into strong credit opportunities that meet our high underwriting standards. We also continue to be one of the few BDCs to have grown NAV accretively over the long term, with our long term return on equity at 1.5 times the industry average.

在這種動盪的宏觀環境下，我們將謹慎地將大量可用資本投入到符合我們高承保標準的強勁信貸機會中。我們也繼續成為少數幾家資產淨值長期持續成長的 BDC 之一，我們的長期股本回報率是行業平均水平的 1.5 倍。

Moving on to slide 24, all of our initiatives discussed in this call are designed to make Saratoga Investment a leading BDC that is attractive to the capital markets community. We believe that our differentiated performance characteristics outlined in this slide will help drive the size and quality of our investor base, including adding more institutions.

延續第 24 張投影片，我們在本次電話會議中討論的所有舉措都是為了使 Saratoga Investment 成為對資本市場界有吸引力的領先 BDC。我們相信，本投影片中概述的差異化業績特徵將有助於擴大我們的投資者群體的規模和質量，包括增加更多的機構。

These differentiating characteristics, many previously discussed include maintaining one of the highest levels of management ownership in the industry at 11.2%, ensuring we are strongly aligned with our shareholders.

這些差異化特徵，許多之前已經討論過，包括保持行業內最高的管理所有權水平之一，即 11.2%，確保我們與股東保持一致。

Looking ahead on slide 25 as we navigate through a reshaped yield curve environment with decreasing short term and increasing long-term rates and an uncertain economic outlook in the face of an ever evolving geopolitical landscape.

在第 25 張投影片中展望未來，我們將經歷一個重塑的殖利率曲線環境，短期利率下降，長期利率上升，並且在不斷變化的地緣政治格局下，經濟前景不明朗。

We remain confident that our reputation, experience management team, robust pipeline, and historically strong underwriting standards and time and market tested investment strategy will serve us well to continue to steadily increase our portfolio size, quality, and investment performance over the long term.

我們堅信，我們的聲譽、經驗豐富的管理團隊、強大的管道、歷來強大的承保標準以及經過時間和市場考驗的投資策略將有助於我們長期穩步提高投資組合的規模、品質和投資績效。

This will allow us to deliver exceptional risk adjusted returns to the shareholders and to navigate through the current challenges in the market and uncover opportunities in the current and future environment.

這將使我們能夠為股東提供卓越的風險調整回報，並應對當前市場中的挑戰，並在當前和未來的環境中發現機會。

Recognizing the challenges posed by the current tariff discussions and the volatility seen in the broader macro environment, we also believe that our strong balance sheet, capital structure, and liquidity places us in a strong position to successfully address these types of uncertainties.

認識到當前關稅討論和更廣泛的宏觀環境中的波動所帶來的挑戰，我們也相信，我們強大的資產負債表、資本結構和流動性使我們處於有利地位，可以成功應對這些類型的不確定性。

In closing, I would again like to thank all of our shareholders for their ongoing support and I would like to now open the call for questions.

最後，我要再次感謝所有股東一直以來的支持，現在我開始提問。

(Operator Instructions) Our first question comes from the line of Eric Swick from Lucid Capital Markets. Your question, please.

（操作員指示）我們的第一個問題來自 Lucid Capital Markets 的 Eric Swick。請問您的問題。

Thanks, good afternoon everyone.

謝謝，大家下午好。

It was encouraging to hear your comments on the pipeline strengthening. I'm curious if you can maybe add a little color in terms of what what that mix looks like in terms of new versus add-on, opportunities as well as any particular industries where you're seeing strength at this point.

聽到您對管道加強的評論令人鼓舞。我很好奇，您是否可以稍微解釋一下，這種組合在新事物與附加事物、機會以及您目前認為具有優勢的特定行業方面是怎樣的。

It's a difficult question to answer, mostly because there's there's so much.

這是一個很難回答的問題，主要是因為問題太多了。

Going on in the marketplace, particularly some of the uncertainty that's being driven by the tariff environment, I think that plus the low volume of of deals in the marketplace makes it makes it a bit challenging to to look out at the pipeline with any, real level of certainty.

市場上發生的事情，特別是關稅環境帶來的一些不確定性，我認為再加上市場上交易量的低迷，使得我們很難真正確定地看待管道的情況。

I would say that. We feel very confident in the initiatives that we're undertaking to reinforce our business development, efforts and that in the the space that we occupy in the lower middle market there's an enormous number of businesses and deal sources there and that over time that our asset deployment will.

我會這麼說。我們對我們正在採取的加強業務發展的舉措充滿信心，我們努力在中低端市場佔據一席之地，那裡有大量的企業和交易來源，而且隨著時間的推移，我們的資產配置將會得到加強。

Exceed the payoffs that we experience in the marketplace. A little bit hard to say too much about where our pipeline is right now. It's kind of reflective of what you've seen in the last couple of quarters would be the best way to characterize it.

超越我們在市場上所獲得的回報。目前，我們很難說太多關於我們的管道在哪裡的資訊。這在某種程度上反映了過去幾個季度所看到的情況，這是對其進行描述的最佳方式。

Alright, thanks, and maybe just a bit of a follow up, one of the initiatives that you talk about on slide 24 is that the commitment to grow AUM, and I realized too, a large degree that's dependent on, market opportunities for new lending, as well as, paybacks, but just taking a look from maybe a different perspective, just your current kind of personnel and infrastructure capabilities, what is the ideal size for the portfolio from your perspective?

好的，謝謝，也許只是一點後續問題，您在第 24 張投影片上談到的舉措之一是致力於增加 AUM，我也意識到，這很大程度上取決於新貸款的市場機會以及回報，但只是從不同的角度來看，就您目前的人員和基礎設施能力而言，從您的角度來看，投資組合的理想規模是多少？

Well, I don't know that we think about it in terms of ideal size. I mean, we've certainly grown the business to a point where it's at a decent scale, a scale that works very well in the market that we're in.

嗯，我不知道我們是否從理想尺寸的角度來考慮這個問題。我的意思是，我們的業務確實已經發展到相當規模，這個規模在我們所處的市場中表現得非常好。

We do think that there are opportunities for us to grow quite significantly without any change in strategy in the marketplace that we're in, we could be quite a bit larger. But we don't feel like we're under scale, and that's a weakness in any respect either.

我們確實認為，如果我們不改變所處市場的策略，我們就有機會實現顯著成長，而且我們的規模還可以更大。但我們並不覺得我們的規模不夠，從任何方面來說這都是一種弱點。

So I don't know if that helps answer your question. I would say this just to reinforce what I've mentioned on on the business development front. I mean, we are actively investing in personnel growth, so we've added people on the portfolio management side, we've added people on the business development side. We've invested in.

所以我不知道這是否有助於回答你的問題。我這樣說只是為了強調我在業務發展上所提到的內容。我的意思是，我們正在積極投資於人員成長，因此我們在投資組合管理方面增加了人員，我們在業務開發方面增加了人員。我們已經投資了。

Other resources to help make our business development efforts that much more efficient and free up our investment professionals to also get much more involved in outward facing activities that should feed our pipeline and we're seeing some evidence of that bearing fruit, but it's a little bit early to tell, as you can imagine.

其他資源有助於使我們的業務發展工作更加高效，並讓我們的投資專業人員能夠更多地參與面向外部的活動，從而豐富我們的管道，我們看到一些證據表明這些活動正在取得成果，但正如你所想像的，現在下結論還為時過早。

By our nature, our DNA is to be cautious, and it's not an easy environment to invest in right now because the deal flows are down, but we feel very good that we can grow our portfolio over time.

從本質上講，我們的 DNA 是謹慎，而且由於交易流量下降，目前的投資環境並不容易，但我們對能夠隨著時間的推移擴大我們的投資組合感到非常高興。

If I could just add a little bit too about the nature of of of the markets that you know we're addressing. In the smaller middle market range, we're often investing in companies that are founder, the founder is still present and often transition.

我是否可以再補充一點有關我們正在處理的市場性質的問題。在較小的中型市場範圍內，我們經常投資於創辦人公司，創辦人仍然存在並且經常處於過渡期。

The founders trying to effect the transition, either a complete sale or a partial sale in anticipation of moving out and institutional capital coming in, and we're often the first institutional capital in some of these some of these situations. And and that and the presence and the volume of those deals is kind of an actuarial thing.

創辦人試圖實現轉型，要麼全部出售，要麼部分出售，以期搬出並獲得機構資本的進入，而在某些情況下，我們往往是第一家獲得機構資本的公司。這些交易的存在和數量是一種精算的事情。

It has to do with how many founders are, in their mid-60s and mid-70s and starting to think about, what's the next stage for their business and their estate planning and things like that. So and I think as Mike had said. That, those type of deals are out there almost regardless of the environment and it's really incumbent on us to find those and address those.

這與許多 60 多歲和 70 多歲的創辦人開始思考他們的業務的下一個階段以及他們的財產規劃等事情有關。所以我認為正如麥克所說的那樣。無論環境如何，這類交易幾乎都會存在，我們真的有責任找到並解決這些問題。

And so I think we have an opportunity in the smaller middle market to generate deal flow in an adverse environment like like we're in it's a little easier, there's more prevalent deals than there would be in the larger markets that are driven much more by the, broader market trends.

因此，我認為我們有機會在較小的中型市場中產生交易流，就像我們所處的不利環境中一樣，這有點容易，與較大的市場相比，這裡有更多普遍的交易，而這些交易更多地受到更廣泛的市場趨勢的驅動。

Yeah, I appreciate the detailed commentary there.

是的，我很欣賞那裡的詳細評論。

Curious, I appreciate the comments you gave regarding potential impact to tariffs. I'm curious if you could kind of address any potential exposure you have to government contracts that could be impacted by the federal agency costs and reductions.

我很好奇，我很欣賞您對關稅潛在影響的評論。我很好奇，您是否可以談談聯邦機構成本和削減可能對您在政府合約方面帶來的潛在影響。

We don't see anything in our portfolio that makes us feel like we're significantly exposed to that in any way.

我們沒有看到我們的投資組合中有任何東西讓我們感覺我們以任何方式受到嚴重影響。

Alright, that's good to hear. And last one for me and then I'll step aside, I may have missed it in the prepared comments. Did you mention what where the spillover level currently stands, at this point?

好的，很高興聽到這個消息。對我來說這是最後一個，然後我就離開了，我可能在準備好的評論中錯過了它。您是否提到目前的溢出水準如何？

No, we didn't, but it's, been disclosed in the 10-Q, Eric, that we just, a 10-K that we just filed, and also just, it's similar to what we mentioned last quarter. It's sort of just over the $3 a share at the moment.

不，我們沒有，但是，埃里克，我們剛剛在 10-Q 中披露了這一點，我們剛剛提交了 10-K 報表，而且，這與我們上個季度提到的類似。目前股價略高於每股 3 美元。

Thanks Henri and Chris and Mike, I appreciate that answering my questions as well. Thanks guys.

感謝 Henri、Chris 和 Mike，我也很感激他們回答了我的問題。謝謝大家。

Thank you.

謝謝。

You. And our next question comes from the line of Sean-Paul Adams from B. Riley Securities. Your question, please.

你。我們的下一個問題來自 B. Riley Securities 的 Sean-Paul Adams。請問您的問題。

Yeah, it's good afternoon I dialed in a little bit late, so apologies if this already got asked, but.

是的，下午好，我打電話有點晚了，所以如果這個問題已經被問到了，我很抱歉，但是。

When I, when I'm looking at the net deployment for the quarter it looks like there was a, significant uptick in, repayments versus deployments, is there a certain, given the cash on hand, is there a certain yield and structure that you guys are, looking for for new deals where you would expect to deploy capital and is the deal flow pipeline kind of aligned with, previous quarters?

當我查看本季的淨部署情況時，似乎還款額與部署額有顯著上升，考慮到手頭上的現金，是否存在一定的收益率和結構，你們正在尋找新的交易來部署資本，交易流程是否與前幾季一致？

We're seeing our pipeline up slightly to address that question, but as I mentioned in prepared remarks, it's a tough market out there. We think our efforts to get out in front of potential deal sources are we're we're getting some positive effects of that, but, hard to really say given that the pipeline is.

我們看到我們的管道正在略微增加以解決這個問題，但正如我在準備好的演講中提到的那樣，這是一個艱難的市場。我們認為，我們為爭取潛在交易來源所做的努力正在產生一些積極的影響，但考慮到通路情況，很難說。

The marketplace is relatively challenged in that respect. And then I'm sorry, what was the other part of your question?

市場在這方面面臨相對的挑戰。那麼抱歉，您問題的另一部分是什麼？

Just be like if there's a specific yield or structure that you guys are looking for for the new deal.

就像你們是否在為新交易尋求特定的收益或結構。

Okay, yeah, generally the way we're looking at the market and any deals that we do is we're looking at our all in cost of capital and making sure that we're pricing deals cognizant of what our all in cost of capital is so that we can.

好的，是的，通常我們看待市場和進行任何交易的方式是考慮我們的全部資本成本，並確保我們在定價交易時了解我們的全部資本成本，以便我們能夠。

Make sure that as we're deploying our capital that it's accretive to our shareholders. Now we, where we occupy in the lower end of the middle market, we've seen that generally over time the spreads that we can achieve are a bit higher than where they are.

確保我們在部署資本時能夠為股東帶來增值。現在，我們佔據了中端市場的低端，我們發現，隨著時間的推移，我們所能實現的利差通常會比現在略高一些。

In the upper market, that's not always the case at every moment, but by and large we end up, we tend to operate in a wider spread in market spread environment than the upper market.

在高端市場中，情況並不總是如此，但總的來說，我們傾向於在比高端市場更大的市價差環境中運作。

This market's a little bit volatile, so it's hard to tell, but we're finding deals and certainly the deals that we're investing in right now, we're looking at them from a standpoint of what's our cost of capital and making sure they're creative from that standpoint.

這個市場有點不穩定，所以很難說，但我們正在尋找交易，當然還有我們現在正在投資的交易，我們從資本成本的角度來看待它們，並確保它們從這個角度來看具有創造性。

Yeah, and Sean Paul, just to clarify, so we actually did grow in AUM in Q4 this quarter. We're actually up about $26 million or so. The big reduction that we referenced the whole time and that you've seen was in Q3. Q3, we had healthy originations, $80-odd million, but we had $160 million of repayments in the one quarter, which probably probably a record for a quarter for us.

是的，肖恩保羅，需要澄清的是，我們本季第四季的 AUM 確實有所成長。我們實際上已經獲利約 2600 萬美元。我們一直提到的並且您已經看到的大幅減少是在第三季。第三季度，我們的貸款發放情況良好，有超過 8,000 萬美元，但一個季度的還款額就達到 1.6 億美元，這可能是我們一個季度的最高紀錄。

And so that obviously resulted in a In decline in AUM in Q3, and most of the cash that we have on our balance sheet at the moment. But Q4 is actually growth.

因此，這顯然導致了第三季 AUM 的下降，以及我們目前資產負債表上的大部分現金的下降。但第四季實際上是成長的。

And I would add to that. I would add to that too. One of the things I should have mentioned just thinking about our cost of capital, one of the things that we benefit from is that we do have an SBIC license and that gives us access to very favorable cost of capital for the deals that qualify for SBIC financing, and the vast majority of what we do does qualify for SBIC financing.

我想補充一點。我也要補充這一點。我應該提到的一件事就是考慮我們的資本成本，我們受益的一件事是，我們確實擁有 SBIC 許可證，這使我們能夠為符合 SBIC 融資條件的交易獲得非常優惠的資本成本，而且我們所做的絕大多數交易確實符合 SBIC 融資條件。

So it makes it easier for us, even in market conditions like now, where pricing is pretty tight because everybody's clamoring for good assets to deploy capital in a way that's still very creative to our shareholders.

因此，即使在現在這樣的市場條件下，由於每個人都在爭奪優質資產，定價也相當緊張，我們也能更輕鬆地以對股東仍然非常有創意的方式配置資本。

Got it. I appreciate the the color.

知道了。我很欣賞這個顏色。

Thank you.

謝謝。

Thank you. And our next question comes from the line of Casey Alexander from Compass Point Research. Your question, please.

謝謝。我們的下一個問題來自 Compass Point Research 的 Casey Alexander。請問您的問題。

Yeah, first off, did Henri, did you repay some of the deventures on SBIC II during the quarter?

是的，首先，亨利，你在本季償還了 SBIC II 的部分投資嗎？

We did absolutely, yeah, we repaid $44 million of SBIC II debentures because we're at the end of our reinvestment period in SBIC II. So when it makes sense, we'll start using available cash that is in SBIC II to repay debentures, and we did that in February, end of February.

是的，我們確實償還了 4,400 萬美元的 SBIC II 債券，因為我們對 SBIC II 的再投資期已經結束。因此，當情況合理時，我們將開始使用 SBIC II 中的可用現金償還債券，我們在二月份，也就是二月底就這樣做了。

And what was the cost on those that you repaid? What was the interest rate?

您償還的那些款項的成本是多少？利率是多少？

I think on average they were about $6 million or so. Sorry, 6% or so, yeah.

我認為平均價格約為 600 萬美元左右。抱歉，是的，6% 左右。

6%. What's the rate on the new SBA debentures when you take them down right now?

6%。現在購買新的 SBA 債券的利率是多少？

Yeah, the most recent ones were priced around about the high 4s. I think all in is probably like 5.25%.

是的，最新款的價格大約在 4 美元以上。我認為全部投入大概是 5.25%。

Okay, have you considered moving to, recognizing the exercise tax quarterly as opposed to annually and kind of removing some of the distortion that such a large excise tax creates on your results?

好的，您是否考慮過改為按季度而不是按年確認消費稅，並消除如此高的消費稅對您的結果造成的一些扭曲？

Yeah, we actually did, and we actually walked through all the accounting with our accountants, but the way the accounting works is you only recognize it when once you know it's definitive, and if you can, depending upon when you pay your spill over, you have till the end of December to pay it.

是的，我們確實這樣做了，並且我們確實與會計師一起完成了所有的會計工作，但會計工作的方式是，只有當你知道它是確定的時你才能認識到它，如果可以的話，取決於你何時支付溢出，你必須在 12 月底之前支付。

So if for example you pay it on December 30, you won't have any excise tax. So it's a point in time. So only once you hit January 1, is the expense definitive and do you pay it. Is it a is it an obligation? I.

例如，如果您在 12 月 30 日付款，則無需繳納任何消費稅。所以這是一個時間點。因此，只有到了 1 月 1 日，費用才是確定的，您才需要支付。這是義務嗎？我。

Mean, with $3 a share and spillover.you're going to have it though. You could accrue for it on a quarterly basis and reduce some of the distortion, can't you?

意思是，每股 3 美元，並且有溢出效應，你就會得到它。您可以按季度累計並減少一些扭曲，不是嗎？

You have the opportunity, so we'll face a point again come the end of December where we can pay that $3 and whatever else is built up since then, on like December 30, and then you wouldn't have a liability or obligation.

你有機會，所以我們會在 12 月底再次面臨一個問題，我們可以在 12 月 30 日支付那 3 美元以及從那時起積累的其他金額，然後你就不會承擔任何責任或義務。

Okay, yeah.

好的，是的。

Okay, can you remind me because I have looked at the management contract recently, is cash subtracted from gross assets for the purpose of calculating the management fee?

好的，您能提醒我嗎？因為我最近看了管理合同，計算管理費時是否要從總資產中扣除現金？

Yes.

是的。

Okay. And Mike, can you said that there was one deployment in April, is there any way you can share with us how large it was?

好的。麥克，您能否說四月進行了一次部署，能否與我們分享一下部署規模有多大？

Mm.

毫米。

I'm looking at Henry. I mean, I think we generally haven't, done that. I think, it's interesting, Casey. I'm not trying to be evasive because what we're trying to avoid is, getting right up to the earnings call and just saying everything that that we've done in our portfolio right up to that date. I think the way we think about it, and I know you appreciate this.

我正在看著亨利。我的意思是，我認為我們通常沒有這樣做。我認為這很有趣，凱西。我並不是想迴避問題，因為我們想要避免的是在收益電話會議之前說出我們投資組合中截至目前所做的一切。我認為我們思考這個問題的方式，我知道你會欣賞這一點。

Is that we think of growth of our portfolio more centered around adding portfolio companies, a little less about the size of that particular investment and more about every time we add a portfolio company that is fuel for. Additional capital deployment over time and I think I referenced in the prepared remarks that over the last five years we've actually done more add-ons than we have initial portfolio companies because most of what we Invest in is small.

我們認為投資組合的成長更集中在增加投資組合公司上，而不是特定投資的規模，而更專注於每次我們增加一個投資組合公司所帶來的動力。隨著時間的推移，我們會進行額外的資本部署，我想我在準備好的評論中提到，在過去五年中，我們實際上進行的附加投資比我們最初的投資組合公司還要多，因為我們投資的大部分公司規模都很小。

Henry, I think we do say what so far.

亨利，我想我們到目前為止確實說了什麼。

Right? So we did disclose, Casey, I think it's in the actual earnings release that we had 45 odd million since since year end, and that was two follow-ons and I think, sorry, two new portfolio companies and five follow-ons. So that gives you a sense of sort of the size and how it's spread over multiple investments.

正確的？因此，凱西，我們確實披露了這一點，我認為在實際收益報告中，自年底以來我們已經擁有 4500 多萬美元，這是兩次後續行動，我想，抱歉，是兩家新的投資組合公司和五家後續公司。這樣您就可以大致了解其規模以及它如何分佈在多項投資中。

So that's what your deployment is thus far in this new year $45 million.

這就是您今年迄今為止的部署，即 4500 萬美元。

Correct from March 1st, yeah, okay.

從 3 月 1 日起正確，是的，好的。

I hate to go back to an old sticking point, but you entered the quarter with $250 million in cash and still somehow chose to raise $32 million in equity capital in a quarter where you only put out $26 million.

我不想回到老問題上，但您在本季度開始時擁有 2.5 億美元現金，但不知何故，您仍然選擇在一個季度籌集 3200 萬美元的股本，而您當時只投入了 2600 萬美元。

I think every shareholder should ask you why are you selling stock when you have so much that you need to get deployed, and some of it is difficult to deploy because it sits in in SBA subsidiaries like. It just seems dilutive to your earnings and and not in the best interests of shareholders.

我認為每個股東都應該問你，既然你有這麼多股票需要部署，為什麼要賣股票？而且有些股票很難部署，因為這些股票位於 SBA 子公司。這似乎只會稀釋你的收益，而且不符合股東的最佳利益。

Okay, I think we appreciate the question. I think it's a totally legitimate question, and we have discussed this before, and I think, if we were managing on a quarter to quarter basis, or, you're right, it's not, the right thing, you have to do if you if you're saying like what are we trying to maximize this quarter, but I think, one of the beauties of the BDC is it's a permanent capital vehicle and.

好的，我想我們很欣賞這個問題。我認為這是一個完全合理的問題，我們之前也討論過這個問題，我認為，如果我們按季度進行管理，或者，你是對的，這不是正確的事情，你必須這樣做，如果你說我們試圖最大化這個季度，但我認為，BDC 的優點之一是它是一種永久性的資本工具。

And you know we're not forced to deploy capital, like a fund would be like use it or lose it or anything like that, so. So we take a long term view on growth and again I think as we've emphasized in our presentation, our long term performance is, substantially above the industry's long term performance and so we're very focused on that.

而且你知道，我們不會被迫部署資本，就像基金要么使用它，要么失去它或諸如此類的事情，所以。因此，我們對成長持長遠看法，而且我認為，正如我們在演示中所強調的那樣，我們的長期表現遠高於行業的長期表現，因此我們非常關注這一點。

We think right now while the earnings, are what they are as we presented and and we had repayments and our net originations aren't, as robust as they have been in other periods of time. Our balance sheet is incredibly strong and I think in an uncertain environment like this, strengthening the balance sheet is critical in the, in the near and the long term, and the equity component of our of our enterprise is also critical.

我們認為，目前的收益與我們所呈現的一樣，而且我們有還款，但我們的淨發起額並不像其他時期那麼強勁。我們的資產負債表非常強勁，我認為在這種不確定的環境中，加強資產負債表在短期和長期都至關重要，我們企業的股權部分也至關重要。

And so, we have been, people have commented on the levels of of leverage. Being high and we've talked a lot about our views on leverage, especially the fact that we have a lot of fixed cost debt with no covenants and long and long dated maturities and things like that.

因此，人們一直在評論槓桿水平。在高槓桿率的情況下，我們已經談了很多關於槓桿率的看法，特別是我們有很多沒有契約、期限很長的固定成本債務等事實。

But also I think that this raising of the equity does deleverage us in this in this environment, so yes, we have a lot of capital on hand, but so on the one hand you're saying, well, that costs us something, which it does. But on the other hand, we're incredibly well positioned with a, kind of a fortress balance sheet.

但我也認為，在這種環境下，股權融資確實可以降低我們的槓桿率，所以是的，我們手頭上有很多資本，但一方面你會說，這會讓我們付出一些代價，事實也確實如此。但另一方面，我們擁有極為有利的條件，就像一份堡壘資產負債表。

We've never had such a strong balance sheet position in the in our history and strength having a super strong balance sheet, we think it is very important. The other thing I would say is that, and again, I don't have the data at the tip of my tongue here.

在我們的歷史上，我們從未擁有過如此強勁的資產負債表狀況，擁有超強的資產負債表，我們認為這非常重要。我想說的另一件事是，我再說一遍，這裡沒有現成的數據。

But and you know this very well yourself, if you look at the history of BDCs, you can only raise equity capital in certain types of environments, and so, equity capital is not a continuously available resource, and often the times when you want to be able to deploy, like for example, during the COVID downturn.

但是，你自己也非常清楚這一點，如果你看看 BDC 的歷史，你只能在特定類型的環境中籌集股本，因此，股本不是一種持續可用的資源，而且往往在你希望能夠部署的時候，例如在 COVID 低迷時期。

Nobody, you couldn't sell any equity, but there was tremendous opportunities to invest, and we invested a lot of capital. We were very well prepared in that downturn and grow our assets under management very well and improved our relationships with sponsors and things like that, but there was absolutely no equity to be raised during that period of time when there was very robust pipeline opportunities and very, fat spreads in a lot of the things we were doing and so.

沒有人，你不能出售任何股權，但有巨大的投資機會，我們投入了大量資金。我們在那次經濟衰退中做好了充分的準備，很好地增加了我們管理的資產，改善了我們與贊助商的關係等等，但在那段時期，我們根本沒有股權可以籌集，而當時我們所做的很多事情都有非常強勁的渠道機會和非常大的利差。

I think thinking about the long run, you kind of have to raise equity capital when you can, as opposed to when you need to and then strengthen your balance sheet so that, as the opportunities change and evolve, you're in a very strong position to do so. So again, it's a long term investment in our foundational.

我認為從長遠來看，你必須在可以的時候籌集股本，而不是在需要的時候才籌集，然後加強你的資產負債表，這樣，隨著機會的變化和發展，你就處於非常有利的地位。所以，這又是對我們基礎的長期投資。

Equity structure, which is the cornerstone of all the leverage and all the things that we do and and that's how we view it.

股權結構是所有槓桿和我們所做的一切事情的基石，這就是我們對此的看法。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you. Our next question comes in the line of Robert Dodd from Raymond James. Your question please.

謝謝。我們的下一個問題來自雷蒙德詹姆斯公司的羅伯特多德。請問您的問題。

Hi, guys. Just to go back to the spillover question, I mean, it looks to me like you've got about $33.30 per current share, obviously. Share accounts can change. That, I mean, that's more than four quarters of current run rate dividend.

嗨，大家好。回到溢出效應問題，我的意思是，在我看來，顯然每股收益約為 33.30 美元。共享帳戶可能會發生變化。我的意思是，這超過了目前運行率股息的四個季度。

So is there, I mean, is the spillover balance too high is what it boils down to, because I mean, is there an issue that you're sort of almost mandated to grow the dividend or pay out special distributions again as you did in the third quarter, even if base rates go down and earnings go down, the, with the spillover level that high.

那麼，我的意思是，溢出餘額是否太高，這才是關鍵，因為我的意思是，是否存在一個問題，即你幾乎被要求增加股息或再次支付特別分配，就像你在第三季度所做的那樣，即使基準利率下降，收益下降，溢出水平那麼高。

There's now an emerging, disconnect between what your dividend must do to meet the BDC distribution requirements versus what earnings might do. So I mean, is there a case to be made that like lowering it more than the $0.35 special, should you do more than that to lower it so that you can reconnect dividend trends to potential earnings trends, if that makes sense?

現在出現了一種脫節，即您的股息必須達到 BDC 分配要求與收益可能達到的要求之間存在差距。所以我的意思是，是否有理由將其降低到 0.35 美元以上的特別水平，您是否應該採取更多措施來降低它，以便您可以將股息趨勢與潛在的盈利趨勢重新聯繫起來，如果這有意義的話？

Well, I think.

嗯，我想。

There's been a lot of change in the marketplace, and I think, for example, we talked about at length, sort of outsized redemptions, affecting, our earnings level. The good news is those were redemptions of very successful investments, some of them dating back five and more years. And so on the one hand, we had realized equity gains and things like that.

市場發生了很大變化，例如，我想我們詳細討論了超額贖回對我們的獲利水準的影響。好消息是，這些都是非常成功的投資贖回，其中一些可以追溯到五年前甚至更久以前。因此，一方面，我們實現了股權收益等等。

So it's reflective of a solid portfolio with strong underwriting. But nonetheless, it does reduce our earnings relative to our dividends. But we do have a dividend level and we do have a spillover as you remarked, but a lot of things remain to be seen.

因此，它反映出穩健的投資組合和強大的承保能力。但儘管如此，它確實減少了我們相對於股息的收益。但正如您所說，我們確實有股息水平，也確實有溢出效應，但很多事情還有待觀察。

I mean there may be some opportunities to, substantially deploy capital and pay out sufficiently. And then further as Henry mentioned in answering the the question, the.

我的意思是可能有一些機會可以大量部署資本並支付足夠的費用。然後，正如亨利在回答問題時所提到的。

Earlier about the accounting for the spill over, we do have until the 30th of December to decide what to do and if, as you laid out, things sort of continue on the path they're continuing, yeah, there would be a special dividend, to be paid but to reduce the spill over and the excise tax and things like that. So.

先前關於外溢效應的會計處理，我們必須在 12 月 30 日之前決定怎麼做，如果像你所說的那樣，事情繼續按照現在的軌跡發展，那麼，就會有特別股息需要支付，但要減少溢出效應和消費稅等等。所以。

But again, I think a lot of it's going to be conditioned on our relative performance over the balance of the year.

但我再次認為，這很大程度上取決於我們今年餘下的相對錶現。

Got it. I appreciate that. Another one I forgot on the cash, right? I mean.

知道了。我很感激。我又忘了現金，對嗎？我是說。

What, you, you've obviously you've deployed your portfolio is growing again. The AUM is growing again, so you're going to consume that cash over a period of time. At what point does it make sense, and you've mentioned for many quarters that, some of this higher cost, the baby bonds, for example, are callable now.

您，您顯然已經部署了您的投資組合，並且投資組合正在再次成長。資產管理規模 (AUM) 再次成長，因此您將在一段時間內消耗這些現金。什麼時候這才有意義？您已經多次提到，其中一些成本較高的債券，例如嬰兒債券，現在可以贖回了。

At what point with the cash balance. That you have obviously some of it's in semi restricted areas, but what sense does it actually make sense to start calling that higher cost debt in the medium term to kind of utilize some of that cash, which would be, accredited to earnings.

現金餘額在什麼時候。顯然，其中一些是在半限制區域，但實際上，在中期內開始調用這些高成本債務來利用其中的一些現金（這些現金將計入收益）有什麼意義呢？

In a in a market where deployment opportunities are there but $200-plus million, I mean that's a lot, so any thoughts there?

在一個有部署機會的市場中，但需要 2 億多美元，我的意思是這已經很多了，您有什麼想法嗎？

Well, I think if you look at the the baby bonds, you've got to look at the remaining time outstanding, the cost of the call, and then also the cost of reissuance, to the extent we would grow subsequent to calling them.

嗯，我認為，如果你看一下嬰兒債券，你必須看看剩餘的未償還時間、贖回成本，然後還有重新發行的成本，以及我們在贖回之後的成長幅度。

We did at one point in our history have a couple of years ago, we did call a baby bond and regretted it 6 months later. So I think we want to be careful. The baby bonds are some of the most favorable types of financing, available to companies, they're interest only, no covenants, and callable. And so there there's tremendous features to those that are very attractive, but you want to make sure you don't.

幾年前，我們確實有過一次生育嬰兒債券的經歷，但六個月後我們就後悔了。所以我認為我們要小心謹慎。嬰兒債券是企業最青睞的融資類型之一，這類債券只支付利息，無契約，而且可以贖回。因此，這些產品具有非常吸引人的特點，但你要確保自己不會這樣做。

And then also you need to look at what the reissuance costs are. And it'd be one thing if our baby bonds were trading, several 100 basis points higher in cost than we could reissue at. But the reissuance markets is not that different from the pricing of our baby bonds.

然後你還需要看看重新發行的成本是多少。如果我們的嬰兒債券交易成本比我們重新發行的成本高出幾百個基點，那將是一回事。但再發行市場與我們的嬰兒債券的定價並沒有太大不同。

And so, it's one of these things where you could maybe have you maybe make some have some near term benefit for a couple of quarters, but you could regret it. Dramatically later if you had to reissue and all the cost of the breakage and the calling, so it, there's not enough juice in it.

因此，這是其中一件你可能會在幾個季度內獲得一些短期利益的事情，但你可能會後悔。戲劇性地，如果您必須重新發行並承擔所有破損和通話的費用，那麼它的電量就不夠了。

Right now relative to what we think we can do on a deployment basis for us to, make a bold move. I mean, I think as Henry mentioned, we did, we have repaid some some of our outstanding debt, opportunistically here and there, but we're, but calling the baby bonds is. It is something that is not, something we're actively looking at at this moment in time.

目前，相對於我們認為我們可以在部署基礎上採取的大膽舉措。我的意思是，我認為正如亨利所提到的，我們確實償還了一些未償債務，我們時不時地會償還一些，但我們稱之為嬰兒債券。它並不是我們此刻正在積極關注的事物。

And Robert, also, we are currently and have been for a while now earning about 4.25% on the cash.

羅伯特，我們目前的現金收益大約是 4.25%，而且已經有一段時間了。

So when you sort of think of the, when you think of the negative drag, it's not, 6% to 8%, it's sort of 2% to 4%, and then as Chris says, you want to be a, it's really great to have a strong capital structure and we almost view that as deleveraging at the moment, but secondly, it's, there is a real reissuance cost in this market that we wouldn't be able to issue at less at the moment.

因此，當您考慮負面阻力時，它不是 6% 到 8%，而是 2% 到 4%，然後正如克里斯所說，擁有強大的資本結構真的很好，我們幾乎將其視為目前的去槓桿，但其次，這個市場存在實際的再發行成本，我們目前無法以更低的成本發行。

So the bond market hasn't changed yet, maybe it will with, if rates start changing, but at the moment, your break even is quite an extended period and so then the value of this cash in the capital structure is quite valuable.

因此，債券市場尚未發生變化，如果利率開始變化，也許它會發生改變，但目前，你的損益平衡期相當長，因此資本結構中的現金價值相當高。

I understand your point. I mean, my point is just that you wouldn't need to immediately refinance. It's kind of the point with the amount of cash you have. If you would, I certainly would encourage you refinancing them right now. The question is more motivated by using, lowering the cash balance, paying them off, but I understand your point and thank you for the answer.

我明白你的意思。我的意思是，我的觀點是你不需要立即再融資。這與你擁有的現金數量有關。如果你願意，我當然會鼓勵你現在就進行再融資。這個問題更多的是透過使用、降低現金餘額、償還債務來驅動，但我理解你的觀點並感謝你的回答。

Yeah, if I could just go back, sort of tying these two questions together a little bit to the spillover conversation before, I think what's important to note is that the excise tax amounts to a one-time payment of 4% of the obligation.

是的，如果我可以回過頭來，將這兩個問題與之前的溢出對話稍微聯繫起來，我認為需要注意的是，消費稅相當於一次性支付 4% 的義務。

And so one can look at it as quite low cost financing, in this environment in years past, when we had SBIC debentures below 4% we didn't run any spill over at all but it's something that you know it's part of our capital deployment considerations and so. The cost of of the spill over is, a pretty favorable one right now.

因此，人們可以將其視為相當低成本的融資，在過去幾年的環境下，當我們的 SBIC 債券利率低於 4% 時，我們根本沒有發生任何溢出，但你知道這是我們資本部署考慮的一部分，等等。目前溢出的成本相當低。

Thanks, Robert.

謝謝，羅伯特。

Thank you.

謝謝。

Thank you. And our final question for today comes from the line of Mick Schleien from Ladenburg. Your question, please.

謝謝。我們今天的最後一個問題來自拉登堡的 Mick Schleien。請問您的問題。

Yes, good afternoon everybody. As usual your prepared remarks were very thorough and a lot of folks have already asked a lot of great questions so I just have a couple of, more straightforward questions I suppose. I noticed that the portfolio yield, did not change quarter to quarter.

是的，大家下午好。像往常一樣，您準備的發言非常詳盡，而且很多人已經提出了很多很好的問題，所以我想我只剩下幾個更直接的問題了。我注意到投資組合收益率每季都沒有變化。

At the same time, the portfolios allocation by security didn't change, but so far or average SOFR went down about 50 basis points. So I was hoping you could triangulate how, portfolio yield was stable in that environment.

同時，投資組合的證券配置沒有變化，但迄今為止平均 SOFR 下降了約 50 個基點。所以我希望你能測量出在那種環境下投資組合報酬率是如何保持穩定的。

No, actually, Mickey, our portfolio did go down 30 basis points. If you look at slide.

不，實際上，米奇，我們的投資組合確實下降了 30 個基點。如果你看投影片。

Slide 12 you'll see, it's important to differentiate the CLO and the joint venture out of the sort of the overall interest and portfolio.

從投影片 12 中您會看到，從整體利益和投資組合的角度來區分 CLO 和合資企業非常重要。

So what we call the core portfolio went down from $11.8 million to $11.5 million. That was 30 basis points and about two-thirds of that was SOFR, which changed by about 20 basis points during the quarter and then the other third was just a sort of the, like you said, the mix and Some of the impact of the new deals that we've done over the last couple of quarters versus the repayments.

因此，我們所說的核心投資組合從 1,180 萬美元下降到了 1,150 萬美元。這是 30 個基點，其中約三分之二是 SOFR，在本季度變化了約 20 個基點，而另外三分之一隻是一種，就像你說的，組合以及我們在過去幾個季度完成的新交易與償還額之間的一些影響。

Okay, that that's helpful, and Henry, was there any sort of reversal of interest income during the quarter?

好的，這很有幫助，亨利，本季利息收入有任何逆轉嗎？

No.

不。

No, and just want to make sure I understand, and following up on Casey's question, did the external managers subsidize some of the common share issuance during the quarter?

不，我只是想確保我理解，並繼續回答凱西的問題，外部經理是否在本季度補貼了部分普通股發行？

Yes, we did, consistent with what we've done in other quarters as well. And so all the issuances were done at NAV or even slightly above, while we were trading, anything from like 3% to 7%, 3% to 8% below NAV.

是的，我們確實這麼做了，這與我們在其他方面的做法一致。因此，所有發行都是按資產淨值或略高於資產淨值進行的，而我們的交易價格比資產淨值低 3% 到 7%，或 3% 到 8%。

Okay, and lastly, on the balance sheet leverage question maybe a question for for Chris just thinking long term I do understand obviously that you have a series of unsecured notes outstanding and that gives you flexibility that's you know superior to having secured debt, but the leverage ratio is quite high and the regulatory app, coverage ratio is quite low.

好的，最後，關於資產負債表槓桿率的問題，也許是克里斯的一個問題，只是從長遠考慮，我確實明白，你顯然有一系列未償還的無擔保票據，這給你帶來了靈活性，你知道這比有擔保債務要好，但槓桿率相當高，監管應用的覆蓋率相當低。

At the same time that economic risk is increasing, so just thinking broadly and longer term, would you like to see balance sheet leverage, perhaps trend down some more? You specifically talked about issuing equity last quarter to help that along the way, what is that the long term goal of management?

同時，經濟風險正在增加，因此從更廣泛和更長遠的角度來看，您是否希望看到資產負債表槓桿率進一步下降？您特別談到了上個季度發行股票來幫助實現這一目標，這是管理層的長期目標嗎？

Well, that's a very, good and complex question that we wrestle with ourselves and with our board, quite a bit like what is the right leverage level at a given point in time. I think as we mentioned earlier, the issue is of equity.

嗯，這是一個非常好且複雜的問題，我們自己和董事會都在思考這個問題，就像在特定時間點的正確槓桿水平是多少一樣。我認為正如我們之前提到的，問題在於公平。

Is something that's kind of opportunistic because, certainly BDCs our size don't have the opportunity to do that on a regular basis. There's only certain times and places where you can do that, and we think you have to do that, and our intent and our history has been one of significant long term growth, and the cornerstone of that long term growth is equity.

這是一種機會主義行為，因為我們這種規模的 BDC 當然沒有機會定期這樣做。只有在特定的時間和地點你才能做到這一點，我們認為你必須這樣做，我們的目標和歷史一直是實現長期的顯著增長，而長期增長的基石就是公平。

You have to have more equity to grow and there's different ways. To get that equity, one is by selling it in the open market. Others has been realizations on capital gains, which has been an important source because we do get equity in our investments often. And we did have, $7 million of realized gains this past quarter.

你必須擁有更多的股權才能實現成長，而且有很多不同的方法。要獲得股權，一種方法是在公開市場上出售它。其他收入是資本利得的實現，這是一個重要來源，因為我們經常在投資中獲得股權。上個季度我們確實實現了 700 萬美元的收益。

So all that, contributes to the cornerstone building of it. Now in terms of our view of leverage, I think we've talked about that many times over the years, we feel that if you have long term covenantree fixed rate financing. That, with a maturity structure, 2 to 10 years out, that is, that leverage is very different than asset-based leverage.

所以，所有這些都為它的基石建設做出了貢獻。現在就我們對槓桿的看法而言，我想我們多年來已經討論過很多次了，我們認為如果你有長期契約固定利率融資。也就是說，在 2 至 10 年的期限結構下，槓桿與以資產為基礎的槓桿有很大不同。

Which is, you've got mark to market risks and things like that. I mean, we don't have mark to market risks. And if, but a lot of people, a lot of entities that have the asset-based lending, if there's some event like happened in 2008 or COVID or something like that.

也就是說，您有按市價計價的風險和諸如此類的事情。我的意思是，我們沒有以市價計價的風險。但是，如果發生像 2008 年或 COVID 這樣的事件，許多擁有資產抵押貸款的人、實體都會受到影響。

Market to market risks, have to be addressed immediately, or else there's a foreclosure kind of action that takes place, but we don't have that risk really at all. So we think we've got a very, that, that's sort of like a, sort of a huge risk factor that that's really not present for us.

市場對市場的風險必須立即解決，否則就會發生喪失抵押品贖回權的行為，但實際上我們根本沒有這種風險。所以我們認為我們有一個非常、那、那有點像是巨大的風險因素，但實際上它對我們來說並不存在。

So that gives us the confidence to run with a higher leverage rate because over time we feel confident in The US economy we confident in you know our underwriting, our underlying companies and all that so we think there may be dislocations in short periods of time, but over long periods of time.

因此，這讓我們有信心以更高的槓桿率運營，因為隨著時間的推移，我們對美國經濟充滿信心，我們對我們的承保、我們的基礎公司等等充滿信心，所以我們認為短期內可能會出現混亂，但長期來看是這樣的。

We think we're going to be all right with everything and and so so so that that kind of governs a lot of of how we how we look at that and so. So we don't feel that we're over leveraged right now. And I think also, I think, if you go back to the comments that Mike was making about our portfolio and Henry, our portfolio right now is in very good shape.

我們認為我們會對一切都好，所以這在很大程度上決定了我們如何看待這些事情等等。因此，我們並不認為我們現在的槓桿率過高。而且我認為，如果你回顧一下麥克和亨利對我們的投資組合所做的評論，你會發現我們目前的投資組合狀況非常好。

I don't know what all the other portfolios you cover look like, but our.

我不知道您介紹的其他投資組合是什麼樣的，但是我們的。

We have, our problems are very minor. We have some very solid companies, very well underwritten, so we feel like we've got a very solid portfolio and so that gives us also more confidence that the leverage level that we're at right now is certainly not too high relative to all those things that we've just mentioned.

我們有，我們的問題很小。我們擁有一些非常穩健的公司，承保非常好，因此我們覺得我們擁有非常穩健的投資組合，這也讓我們更有信心，相對於我們剛才提到的所有因素而言，我們目前的槓桿水平肯定不會太高。

If I could just follow up, Chris, I hear what you're saying, but you do have mark to market risk on your assets, right? And, if we were to, God forbid we had an we had an 2008, 2009 sort of environment, there I could paint a picture where you would trip your regulatory asset coverage ratio and you'd have to suspend the dividend. Are you saying that you're willing to take that risk, at this point in time?

如果我可以跟進的話，克里斯，我聽到了你所說的，但是你的資產確實存在按市價計價的風險，對嗎？如果我們這樣做，但願我們不會遇到 2008 年、2009 年那樣的環境，那麼我可以描繪出這樣的畫面：你的監管資產覆蓋率將會觸及上限，你必須暫停派息。您是說，此時此刻，您願意承擔這個風險嗎？

I think what I'm saying is that I don't foresee, given the nature of our portfolio, a very substantial mark to market risk in the type of businesses that we're financing.

我想說的是，考慮到我們投資組合的性質，我預期我們所融資的業務類型不會有非常大的市場風險。

Okay, I appreciate that those are all my questions this afternoon. Thanks for your time.

好的，謝謝，這些就是我今天下午的所有問題。感謝您的時間。

Thank you. This does include the question and answer session of today's program. I'd like to hand the program back to Christian Oberbeck for any further remarks.

謝謝。這確實包括今天節目的問答環節。我想將節目單交還給 Christian Oberbeck，以便他發表進一步的評論。

Okay, well I'd like to thank everyone for joining us today and we look forward to speaking with you next quarter.

好的，我感謝大家今天的加入，我們期待下個季度與你們交談。

Thank you, ladies and gentlemen for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。