Stellus Capital Investment Corp (SCM) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, thank you for standing by.

女士們先生們，早安，感謝你們的耐心等待。

At this time, I would like to welcome everyone to Stellas Capital Investment Corporation's conference call to report financial results for its third fiscal quarter ending September 30, 2025.

此時此刻，我謹代表 Stellas Capital Investment Corporation 向大家宣布截至 2025 年 9 月 30 日的第三財季財務業績，歡迎各位參加此次電話會議。

At this time, all participants are on a listen-only mode and a question-and-answer session will follow the formal presentation.

此時，所有參與者都處於唯讀模式，正式演講結束後將進行問答環節。

If anyone should require operator assistance during the conference, please press 0 on your telephone keypad.

會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。

As a note, this conference is being recorded today, November 12, 2025.

需要說明的是，本次會議於2025年11月12日錄製。

It is now my pleasure to turn the call over to Mr. Robert Ladd, Chief Executive Officer of Stellas Capital Investment Corporation. Mr. Ladd, you may begin your conference.

現在我很高興將電話轉交給先生。羅伯特‧拉德，斯特拉斯資本投資公司執行長。先生。拉德，你可以開始你的會議了。

Okay.

好的。

Thank you, Ellie, and good morning, everyone, and thank you for joining the call. Welcome to our conference call covering the quarter ended September 30th, 2025.

謝謝你，艾莉，大家早安，謝謝各位參加電話會議。歡迎參加我們關於截至 2025 年 9 月 30 日的季度的電話會議。

Joining me as usual this morning is Todd Huskinson, our Chief Financial Officer, who will cover important information about forward-looking statements and will start us off with a review of our financial information.

今天早上照例和我一起的是我們的首席財務官托德·哈斯金森，他將介紹有關前瞻性聲明的重要信息，並首先回顧一下我們的財務信息。

Thank you, Rob. I'd like to remind everyone that today's call is being recorded. Please note that this call is the property of Stellas Capital Investment Corporation and that any unauthorized broadcast of this call in any form is strictly prohibited.

謝謝你，羅布。我想提醒大家，今天的通話將會被錄音。請注意，本次電話會議的所有權歸 Stellas Capital Investment Corporation 所有，嚴禁以任何形式未經授權播放本次電話會議內容。

Audio replay of the call will be available by using the telephone number and PIN provided in our press release announcing this call.

本次通話的錄音回放可透過我們在發布本次通話公告的新聞稿中提供的電話號碼和PIN碼收聽。

I'd also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking information. Today's conference call may also include forward-looking statements and projections, and we ask that you refer to our most recent filing with the SEC for important factors that could cause actual results to differ materially from these projections.

我還想提請您注意我們在新聞稿中關於前瞻性資訊的慣例性安全港披露。今天的電話會議可能還會包含前瞻性陳述和預測，請參閱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預測有重大差異的重要因素。

We will not update any forward-looking statements unless required by law.

除非法律要求，否則我們不會更新任何前瞻性聲明。

To obtain copies of our latest SEC filings, please visit our website at www.stellascapital.com under the public investors link or call us at 713-292-5400.

如需我們最新的美國證券交易委員會文件副本，請造訪我們的網站 www.stellascapital.com，點擊「公眾投資者」連結或致電 713-292-5400 與我們聯絡。

Now I'll cover our operating results for the quarter. I'd like to start with our life to date activity.

接下來我將介紹我們本季的經營業績。我想先從我們迄今為止的生活活動說起。

Since our IPO in November 2012, we've invested approximately $2.8 billion in over 215 companies and received approximately $1.8 billion of repayments while maintaining stable asset quality. We've paid $318 million of dividends to our investors, which represents $17.75 per share to an investor in our IPO in November 2012, which was offered at $15 per share.

自 2012 年 11 月上市以來，我們已向 215 多家公司投資了約 28 億美元，並收到了約 18 億美元的還款，同時保持了穩定的資產品質。我們已向投資者支付了 3.18 億美元的股息，相當於 2012 年 11 月首次公開發行 (IPO) 中每股 17.75 美元的投資者獲得了股息，當時 IPO 的發行價為每股 15 美元。

In the 3rd quarter We generated $0.32 per share of GAAP net investment income, realized income of $0.42 per share, and core net investment income was $0.34 per share, which excludes estimated excise taxes.

第三季度，我們實現了每股 0.32 美元的 GAAP 淨投資收益，每股已實現收益為 0.42 美元，核心淨投資收益為每股 0.34 美元（不包括預計消費稅）。

Net asset value per share decreased $0.16 during the quarter, which had two components. The first was $0.08 per share of dividend payments that exceeded earnings, which is necessary for us to continue to pay out the spillover balance from 2024.

本季每股淨資產值減少 0.16 美元，該季度包含兩個部分。第一筆是每股 0.08 美元的股息支付，超過了收益，這對於我們從 2024 年開始繼續支付盈餘餘額是必要的。

The second component was net unrealized losses of $0.08 per share related primarily to two debt investments.

第二部分是每股未實現淨虧損 0.08 美元，主要與兩項債務投資有關。

During the quarter, we had a realized gain of $2.8 million on an equity position. The realization had no impact on net asset value because it had already been recorded as an unrealized gain, which was reversed in the third quarter.

本季度，我們在股權投資方面實現了 280 萬美元的收益。由於該收益已作為未實現收益記錄在案，並在第三季被沖銷，因此該收益的實現對淨資產價值沒有影響。

Finally, during the quarter, we issued approximately 531,000 shares for $7.4 million of proceeds under our ATM program. Year-to-date, we've issued approximately 1.5 million shares for $20.6 million.

最後，在本季度，我們根據 ATM 計劃發行了約 531,000 股股票，籌集了 740 萬美元資金。今年迄今，我們已發行約 150 萬股股票，籌集資金 2,060 萬美元。

All issuances were above net asset value.

所有發行金額均高於淨資產值。

So turning now to portfolio and asset quality.

接下來我們來談談投資組合和資產品質。

We ended the quarter with an investment portfolio at fair value of 1.11.01 billion dollars across 115 portfolio companies, up from $985.9 million across 112 companies as of June 30th, 2025.

本季末，我們的投資組合公允價值為 1,110.1 億美元，涵蓋 115 家投資組合公司，而截至 2025 年 6 月 30 日，該投資組合的公允價值為 9.859 億美元，涵蓋 112 家公司。

During the third quarter, we invested $51.3 million in five new portfolio companies and had $12.5 million in other investment activity at par.

第三季度，我們向五家新的投資組合公司投資了 5,130 萬美元，另有 1,250 萬美元用於其他投資活動（以面額計算）。

We also received three repayments totaling $29.8 million.01 equity realization totaling $2.8 million which resulted in a realized gain of $2.8 million and received $6.4 million of other repayments, both at par.

我們還收到了三筆總計 2980 萬美元的還款，其中 280 萬美元為股權變現，實現了 280 萬美元的收益，並收到了 640 萬美元的其他還款，均按面值支付。

At September 30th, 98% of our loans were secured and 90% were priced at floating rates. The average loan for a company is $9.2 million and the largest overall investment is $22 million both at fair value.

截至9月30日，我們98%的貸款都有擔保，90%的貸款採用浮動利率。公司平均貸款額為 920 萬美元，最大總投資額為 2,200 萬美元（均以公允價值計算）。

99% of our portfolio companies are backed by a private equity firm.

我們投資組合中的公司有99%都得到了私募股權公司的支持。

Overall, our asset quality is slightly better than planned. At fair value, 82% of our portfolio is rated a 1 or 2 or on or ahead of plan, and 18% of the portfolio is marked in an investment category of 3 or below, meaning not meeting plan or expectations.

整體而言，我們的資產品質略優於預期。以公允價值計算，我們投資組合的 82% 被評為 1 或 2 級，或達到或超過計劃；18% 的投資組合被評為 3 級或以下，這意味著未達到計劃或預期。

We did not add any new loans to our non-accrual list during the quarter and currently we have loans to five portfolio companies on non-accrual which comprise 6.7% of the total cost and 3.7% of the fair value of the loan of the total loan portfolio respectively, which represents a slight decrease in the prior quarter.

本季度我們沒有將任何新的貸款添加到非應計貸款清單中，目前我們有五筆對投資組合公司的非應計貸款，分別佔總貸款組合總成本的 6.7% 和貸款公允價值的 3.7%，這比上一季略有下降。

Turning to capital, during the quarter, we amended and extended our revolving credit facility which reduced the spread over the thirty-day SOA rate from 2.6% to 2.25% and extended the maturity date by 2 years to September of 2030.

談到資本方面，本季我們修改並延長了循環信貸額度，將三十天 SOA 利率的利差從 2.6% 降低至 2.25%，並將到期日延長了 2 年至 2030 年 9 月。

We also upsize the total committed amount.

我們也增加了承諾的總金額。

From.

從。

Apologies ladies and gentlemen, we have momentarily lost our speaker line. One moment please while we TRY to connect.

各位女士、先生，非常抱歉，我們的揚聲器線路暫時中斷了。請稍等片刻，我們正在嘗試連線。

Once again, apologies, ladies and gentlemen.

再次向各位致歉。

We are just trying to reconnect our speaker.

我們正在嘗試重新連接揚聲器。

We'll be right back with you.

我們馬上回來。

Thank you. Ladies and gentlemen, once again, apologies for the delay.

謝謝。女士們、先生們，再次為耽擱時間致歉。

We are just having a slight issue reconnecting our speakers. If you could please bear with us, I will play some ha music in the meantime. Once again, apologies.

我們的音箱重新連接時遇到了一點小問題。如果您不介意的話，我這段時間會播放一些哈音樂。再次致歉。

Apologies, he's coming through now, one moment please.

抱歉，他馬上就到，請稍等片刻。

Okay, everyone's still there, Ali.

好了，阿里，大家都還在。

Yes, sir. Glad to have you back.

是的，先生。很高興你回來。

Okay, good. Sorry for the technical difficulties. I think I would suggest, why don't we start from the beginning and let you know where we stop.

好的。很抱歉出現技術故障。我想我的建議是，不如我們從頭開始，然後告訴你我們在哪裡結束。

Sir, the last I heard, I believe it was during your financial report for the year.

先生，我最後一次聽到您的消息，應該是在您發布年度財務報告的時候。

Okay, which was kind of lengthy probably.

好吧，可能有點冗長了。

Yeah, so let me make a suggestion if, is it just on or everyone else on?

好的，那我提個建議，是只有你一個人開著，還是所有人都開著？

So everybody else is still connected.

所以其他人仍然保持連線。

Yeah, okay, but can they hear us? Yes, sir.

好的，但是他們能聽到我們說話嗎？是的，先生。

Okay, good. Yeah, so I'm going to suggest, I apologize for this. Why don't we plan to go back, we'll start, restart, with operating results.

好的。是的，所以我建議，我為此道歉。為什麼我們不計劃回到正軌，重新開始，並取得營運成果？

Okay, Todd, please, if you will.

好的，托德，拜託了。

Okay, sure.

好的，沒問題。

In the third quarter we generated 3$0.32 per share of GAAP net investment income, realized income of $0.42 per share, and core net investment income is $0.34 per share, which excludes estimated excise taxes.

第三季度，我們實現了每股 0.32 美元的 GAAP 淨投資收益，已實現收益為每股 0.42 美元，核心淨投資收益為每股 0.34 美元（不包括預計消費稅）。

Net asset value per share decreased $0.16 during the quarter, which had two components. The first was $0.08 per share of dividend payments that exceeded earnings, which was necessary for us to continue to pay out the spillover balance from 2024.

本季每股淨資產值減少 0.16 美元，該季度包含兩個部分。第一筆是每股 0.08 美元的股息支付，超過了收益，這對於我們從 2024 年開始繼續支付盈餘餘額是必要的。

The second component was net unrealized losses of $0.08 per share related primarily to two debt investments.

第二部分是每股未實現淨虧損 0.08 美元，主要與兩項債務投資有關。

During the quarter we had a realized gain of $2.8 million on an equity position. The realization had no impact on net asset value because it had already been recorded as an unrealized gain which was reversed in the third quarter.

本季度，我們在股權投資方面實現了 280 萬美元的收益。由於該收益已作為未實現收益記錄在案，並在第三季衝回，因此該收益的實現對淨資產價值沒有影響。

During the quarter, we issued approximately 500,000 shares for $7.4 million of proceeds under our ATM program. Year-to-date, we've issued approximately 1.5 million shares for $all20.6 million of which were issued above net asset value.

本季度，我們根據 ATM 計劃發行了約 50 萬股股票，籌集了 740 萬美元資金。今年迄今，我們已發行約 150 萬股股票，總價值 2,060 萬美元，其中發行價格高於淨資產值。

We ended the quarter with an investment portfolio at fair value of slightly over a billion dollars across 115 portfolio companies, up from $985.9 million across 112 companies as of June 30th, 2025.

本季末，我們的投資組合公允價值略高於 10 億美元，涵蓋 115 家投資組合公司，而截至 2025 年 6 月 30 日，該投資組合的公允價值為 9.859 億美元，涵蓋 112 家公司。

During the third quarter, we invested $51.3 million in 5 new portfolio companies and had $12.5 million in other investment activity at par.

第三季度，我們向 5 家新的投資組合公司投資了 5,130 萬美元，另有 1,250 萬美元用於其他投資活動（以面值計算）。

We also received three full repayments totaling $29.8 million the equity realization I mentioned previously for $2.8 million which, as I mentioned earlier, was a $2.8 million realized gain, and also received $6.4 million of other repayments, both at par.

我們還收到了三筆全額還款，總計 2980 萬美元，我之前提到的 280 萬美元股權實現，正如我之前提到的，這是一筆 280 萬美元的已實現收益，此外還收到了 640 萬美元的其他還款，均按面值支付。

In September 30th, 98% of our loans were secured around and 90% were priced at floating rates. The average loan for a company is $9.2 million and the largest overall investment is $22 million both at fair value.

截至9月30日，我們98%的貸款都有擔保，90%的貸款採用浮動利率。公司平均貸款額為 920 萬美元，最大總投資額為 2,200 萬美元（均以公允價值計算）。

99% of our portfolio companies are backed by a private equity firm.

我們投資組合中的公司有99%都得到了私募股權公司的支持。

Overall, our asset quality is slightly better than planned. At fair value, 82% of our portfolio is rated a 1 or 2 or on or ahead of plan, and 18% of the portfolio is marked in an investment category of 3 or below, meaning not meeting plan or expectations.

整體而言，我們的資產品質略優於預期。以公允價值計算，我們投資組合的 82% 被評為 1 或 2 級，或達到或超過計劃；18% 的投資組合被評為 3 級或以下，這意味著未達到計劃或預期。

We did not add any new loans to our non-accrual list during the quarter.

本季我們沒有將任何新的貸款加入非應計貸款清單。

Currently we have loans to five portfolio companies on non-accrual which comprise 6.7% of the total cost and 3.7% of the fair value of the total loan portfolio respectively, which represents a slight decrease from the prior quarter.

目前，我們對五家投資組合公司持有非應計貸款，分別佔總成本的 6.7% 和總貸款組合公允價值的 3.7%，與上一季相比略有下降。

Turning now to capital activity, during the quarter, we amended and extended our revolving credit facility, which reduced the spread over the thirty-day SOA rate from 2.6% to 2.25% and extended the maturity date by two years to September 2030.

現在轉向資本活動，在本季度，我們修改並延長了循環信貸額度，將 30 天 SOA 利率的利差從 2.6% 降低至 2.25%，並將到期日延長了兩年至 2030 年 9 月。

We also upsized the total committed amount from 315 million to 335 million.

我們將承諾的總金額從 3.15 億增加到 3.35 億。

On September 20th, we issued an additional $50 million of the 7.25% 2030 notes at a premium yielding 6.94%, bringing the total 2030 notes issued to $125 million. We'll use the proceeds to repay the 2026 notes prior to their maturity, and with that, I'll turn it back over to Rob to discuss the overall outlook.

9 月 20 日，我們以 6.94% 的溢價發行了 5000 萬美元的 2030 年到期、票面利率為 7.25% 的債券，使 2030 年到期債券的發行總額達到 1.25 億美元。我們將利用所得款項在 2026 年到期前償還票據，接下來，我將把發言權交還給羅布，讓他討論整體前景。

Okay, thank you, Todd. As we look ahead to the fourth quarter of 2025, I'll cover portfolio growth, equity realizations, and dividends.

好的，謝謝你，托德。展望 2025 年第四季度，我將介紹投資組合成長、股權變現和股息。

As Todd noted earlier, we now have an investment portfolio in excess of a billion dollars across 115 companies. We continue to be very active and although we expect meaningful payoffs in Q4, we'll likely have a portfolio in excess of a billion dollars at year end.

正如托德之前提到的，我們現在擁有超過10億美元的投資組合，涵蓋115家公司。我們將繼續保持積極進取的態度，雖然我們預計第四季會有可觀的回報，但到年底我們的投資組合規模可能會超過十億美元。

For equity realizations, we expect $5 million for Q4 and possibly another $5 million in Q1 of 26.

對於股權實現，我們預計第四季將有 500 萬美元，並且 2026 年第一季可能還會有 500 萬美元。

Estimated gains associated with these realizations are $3.8 million in Q4 and $3.3 million for Q1.

預計這些收益在第四季將達到 380 萬美元，在第一季將達到 330 萬美元。

And with respect to dividends, we declared, as a $0.40 dividend for Q4. And so with that, you've probably heard some of this twice, so thank you for bearing with us. But at this point, Eli, let's open it up for questions.

至於股息，我們宣布第四季派發每股 0.40 美元的股息。所以，這些內容你可能已經聽過兩次了，感謝你的耐心。但現在，伊萊，讓我們開放提問環節吧。

Yes, indeed, sir. Ladies and gentlemen, at this time we will be conducting our question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad.

是的，先生。女士們、先生們，現在我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的星號鍵 1。

Confirmation tone will indicate your line is in the question queue, and you may press 2 if you would like to remove your question from the queue.

確認音表示您的問題已進入問題佇列，如果您想從佇列中移除您的問題，可以按 2。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start keys. One moment please, while we pull for questions.

對於使用揚聲器裝置的參與者，可能需要在按下開始鍵之前拿起聽筒。請稍等片刻，我們正在徵集問題。

Thank you.

謝謝。

Our first question is coming from Eric Swick with Lucid Capital. Your line is live.

我們的第一個問題來自 Lucid Capital 的 Eric Swick。您的線路已開通。

Good morning, Eric. Thank.

早安，埃里克。感謝。

You. Good morning. Good morning guys. I didn't have the benefit of hearing, the full presentation two times. Could you just repeat the, expectation for equity realizations, in 4th quarter and in 1st quarter I missed, that couldn't type fast enough.

你。早安.各位早安。我沒有機會完整地聽兩次演講。您能否再重複一下關於第四季和第一季股權實現的預期？我錯過了第一季的預期，因為我打字速度不夠快。

Yeah, no worries, Eric. Yeah, so, projecting 5 million of realizations in Q4, of which we've already received 1,1. And a similar number of 5 million for Q1 of 26.

沒事的，埃里克。是的，預計第四季實現量為 500 萬，其中我們已經收到 110 萬。第一季（2026 年）的實現量也為 500 萬。

And if those come to pass, the expected gains would be 3.8 million for Q4 and 3.3 million for Q1 of next year.

如果這些預測成真，預計第四季將增加 380 萬美元，明年第一季將增加 330 萬美元。

Perfect thank you and just you had a you know very active quarter in terms of, new originations and a nice healthy mix between new and add on and I know last quarter you mentioned that you really started to see a pick up in in kind of the pipelines and new activities. So just curious today as you look at the pipeline, how it looks in terms of, mix between new and add on opportunities and, if you could maybe add some comments too just in terms of what you're seeing in terms of, rate and structure as well.

非常感謝。你們上個季度非常活躍，新業務拓展迅速，新業務和新增業務的比例也相當健康。我知道上個季度你們提到，新業務的儲備和新活動確實開始增加。今天，當您查看銷售管道時，我很好奇，新機會和附加機會的組合情況如何？如果您也能就您看到的費率和結構方面發表一些評論，那就太好了。

Yeah, I'll be glad to, so with respect to.

是的，我很樂意，所以表示尊重。

And we have had quite a few follow-ons. I'm glad you've noted that. I'd say that probably continue to see the same mix as you may know or have identified that we have quite a few delayed draw term loans in the portfolio that are undrawn. So those are typically the things that are funding that are follow-ons. So we would expect the pace of both to continue very active this quarter and really it's picked up meaningfully since 4th of July overall for the year.

之後我們收到了不少後續回饋。很高興你注意到了這一點。我認為情況可能會繼續保持不變，正如您可能已經知道或發現的那樣，我們的投資組合中有相當多的延期提取定期貸款尚未提取。所以這些通常是後續計畫的資助對象。因此，我們預計本季這兩項活動的步伐將繼續非常活躍，而且從7月4日以來，今年的整體活動步伐確實顯著加快了。

So I think that, expect both to occur, but certainly the majority of the fundings will be on new investments, relative to rate and structure, so we've not seen any change, and this would really be for the entirety of our investing in terms of, meaningful capital structures, so. Typical equity check is at least 50% of the acquisition. Therefore, our debt is is typically 50% or less, more likely in today's case, 40% debt, 60% equity.

所以我認為，預計這兩種情況都會發生，但可以肯定的是，大部分的資金將用於新投資，相對於利率和結構而言，所以我們沒有看到任何變化，就有意義的資本結構而言，這實際上將適用於我們的全部投資。典型的股權審查至少佔收購價的 50%。因此，我們的債務通常為 50% 或更少，在今天的情況下，更有可能是 40% 的債務和 60% 的權益。

Leverage quotient are running at 4 times even $1 less. So those structures all are really strong. We continue to have important covenants across all of our loans, but we are seeing some tightness in spreads, as a competitive market again, we have competition, but we're very active, so seeing some reduction in spreads, as from a year ago.

即使少付 1 美元，槓桿率也高達 4 倍。所以這些建築都非常堅固。我們所有貸款仍然都有重要的契約條款，但我們看到利差有所收窄，因為市場競爭依然激烈，我們面臨競爭，但我們非常活躍，所以與一年前相比，利差有所下降。

6 over so far or so and now 5 over so far and starting to creep down just a little bit under 5 but that's that we're seeing that throughout the industry I think you guys are observing that in other other companies.

到目前為止，已經超過 6 個百分點左右，現在超過 5 個百分點，並且開始緩慢下降到略低於 5 個百分點，但這就是我們在整個行業中看到的情況，我想你們在其他公司也觀察到了這種情況。

But a meaningful amount of capital to invest, very active. We, fortunately, we continue to obtain equity co-invest in many of the loans we make, and as you could tell from my earlier remarks, those continue to pay off for us.

但擁有相當可觀的投資資金，非常活躍。幸運的是，我們繼續在我們發放的許多貸款中獲得股權共同投資，正如你從我之前的演講中可以看出，這些投資繼續為我們帶來回報。

Thank you that's, very helpful, and just last one for me we continue to see some mixed signs and Maybe some mixed expectations for the economic trajectory as well as as you look through your portfolio and you noted, I think it's 82% of the portfolio is one or two so on or ahead of schedule just are you seeing any increasing weakness or even signs of concern in in any, segments or or industries of of your portfolio at this point?

謝謝，這很有幫助。最後一個問題，我們繼續看到一些喜憂參半的跡象，對經濟走勢的預期可能不盡相同。正如您查看您的投資組合時所指出的，我認為82%的投資組合都處於按計劃進行或提前完成的狀態。目前，您是否看到投資組合中的任何板塊或行業出現任何疲軟跡象，甚至是令人擔憂的跡象？

We we're really not, so the, any credit issues we have had are are really based on company specific issues so don't see a trend in that way and.

我們確實不是，所以，我們遇到的任何信用問題實際上都是基於公司特有的問題，因此不認為這方面有趨勢。

So more company specific and fortunately most of the companies are doing well.

所以具體情況要具體分析，幸運的是，多數公司都經營得很好。

I appreciate the update. That's all for me.

感謝您的更新。我就說這些了。

Thank you.

謝謝。

Hey, thank you, Eric.

嘿，謝謝你，艾瑞克。

Thank you. As a reminder, ladies and gentlemen, if you do have questions or comments, please press star one on your telephone keypad.

謝謝。再次提醒各位，如果您有任何問題或意見，請按電話鍵盤上的星號鍵 1。

Our next question is coming from Christopher Nolan with Ladenberg Falman. Your line is live.

我們的下一個問題來自克里斯多福諾蘭和拉登堡法爾曼。您的線路已開通。

Hey guys, good morning, Todd, on the new facility, was there any change in the advance rate? What I'm really interested in is whether or not the banks are getting increasingly concerned in terms of the private credit environment.

大家好，早安，Todd，關於新設施，預付款比例有變化嗎？我真正感興趣的是，銀行是否越來越關注私人信貸環境。

No, not at all, no, they were, they, there's no change in the structure of the credit facility in terms of advance rates. And in fact, we have other relationships with these with the banks and other things and, had some additional banks come into this facility as it as it is and so no we really were pleased with the.

不，完全沒有，不，他們，他們，信貸安排的結構，就預付款比例而言，沒有任何變化。事實上，我們與這些銀行和其他機構還有其他合作關係，而且還有一些額外的銀行也加入了這個信貸安排，所以，我們對此非常滿意。

With the bank group and and you know their response to the to the changes, so no cha no change at all we didn't we didn't sense any issues.

銀行集團方面，你知道他們對這些變化的反應，所以沒有任何變化，我們沒有感覺到任何問題。

Great and what's the current status on the 3rd SBA license please?

太好了，請問第三張SBA許可證目前進展如何？

So as we reported last quarter, we received a green light letter.

正如我們上個季度報告的那樣，我們收到了批准函。

And are kind of in the spot where we're waiting for the 3rd license to be issued which you know we don't know exactly when it happens but but you know we would expect it relatively soon so so we can we don't have any new news on it though.

我們現在的情況是，我們正在等待第三張許可證的發放，我們不知道確切的時間，但我們預計會很快發放，所以目前我們還沒有任何新的消息。

And how much capacity would that add?

那會增加多少產能？

Levered.

槓桿式。

Well, so today we have 295 million of debentures outstanding and you know the total funds family.

嗯，所以今天我們有 2.95 億股未償還債券，你知道整個基金家族的情況。

Is the maximum is 350 million of the ventures, so think of it as another 50 or so, a little over 50, which of course is dependent upon those loans qualifying for SBIC.

最高限額為 3.5 億美元，所以可以把它看作是另外 50 家左右，略多於 50 家，當然這取決於這些貸款是否符合 SBIC 的資格。

Capital, but so it would add additional capital to us, and we also have to have to fund that license with some equity from the parent which you know we would do through, to payoffs of the existing debentures and other sources.

資本，但這會為我們增加額外的資本，而且我們還必須用母公司的一些股權來為該許可證提供資金，你知道我們會透過償還現有債券和其他來源來實現這一點。

But I.

但我。

Think in summary 50 million more of capacity. Yeah.

簡而言之，就是增加5000萬的產能。是的。

That's right.

這是正確的。

Okay, and then final question, as I recall about half of your, deal origination is SBIC compliant, is that correct?

好的，最後一個問題，我記得你們大約有一半的交易發起符合 SBIC 的規定，是這樣嗎？

That's correct.

沒錯。

Okay, that's it for me thank you.

好了，我的話就說到這裡，謝謝。

Great thank you Chris.

非常感謝克里斯。

Thank you.

謝謝。

As we have no further questions on the lines at this time, I would like to turn it back over to management for any closing remarks they may have. Oh, I apologize, sir, we've had a la question come in.

由於目前我們沒有其他問題，我想把發言權交還給管理階層，讓他們做最後的總結發言。哦，先生，很抱歉，我們收到了一個諮詢。

I do apologize from Robert Dob with Raymond James. Your line is live.

我謹代表 Raymond James 的 Robert Dob 向您致歉。您的線路已開通。

Little slow on the buttons there for me, in your preplacement marks, I mean you mentioned potential for significant repayments in in Q4. I mean, so I mean is. Is that going to generate like any one-time income accelerated prepayment fees etc. Etc. That's not problem but could you also tell us something like what's the driver? Obviously some of the equity realizations is it re-pricings, can you give us an idea of like what's what's What's the the the the underpinning for for significant repayments in people?

對我來說，你的預估成績有點慢，我的意思是，你提到第四季可能會有大量的還款。我的意思是，所以我的意思是，是。這是否會產生類似一次性收入、加速預付款等費用？ETC。那沒問題，但您能否也告訴我們一些訊息，例如駕駛員是誰？顯然，部分股權實現是重新定價的結果，您能否給我們解釋一下，對於人們的大額還款來說，其根本原因是什麼？

Sure, it's, I'd say mostly the sales of businesses, and then it could be a case where someone is refinancing but getting down to like bank pricing where it fits for a bank, but I think it's mostly sales of.

當然，我認為主要是企業出售，然後也可能是有人進行再融資，但最終以銀行能接受的價格出售，但我認為主要還是企業出售。

Companies.

公司。

Got it. Thank you. And then, on the spread environment, I mean, yeah, I mean it's kind of across the market, what do you think? Within your segment, which obviously are smaller, relatively smaller companies than the upper market, what's the primary driver here? I mean, I've heard that it's not necessarily the large players coming down market, but there's new capital formation as well. I mean, what do you think's the overall driver, pushing down the spread to you said now in some cases below 500, and do you think?

明白了，謝謝。然後，關於價差環境，我的意思是，是的，我的意思是，這種情況在整個市場都是如此，你覺得呢？在你們的細分市場中（顯然是規模較小的公司，與高端市場相比規模相對較小），主要驅動因素是什麼？我的意思是，我聽說不一定是大型企業下坡進入市場，也有新的資本形成。我的意思是，你認為是什麼因素導致價差下降到你所說的某些情況下低於 500？你覺得呢？

Do you think they ever go back?

你覺得他們會回去嗎？

Yes, so great question. So certainly a competitive market and, some credit providers are willing to lend at lower rates. So I think that drives it, will it go back up? It likely will.

是的，問得好。因此，市場競爭非常激烈，有些信貸機構也願意以較低的利率放款。所以我認為這是影響因素，它會回升嗎？很有可能。

We've seen that, as we've been in business for over 20 years, we've seen a number of cycles and And you can see it go the other way, but the good news is that a lot of good capital in the system, both at the private equity firms who we're supporting and in private credit, so a healthy financial system around private credit, but they can certainly go the other way.

我們已經經營商 20 多年，見證了許多周期，也看到了經濟週期的逆轉，但好消息是，體系內有很多優質資本，無論是在我們支持的私募股權公司還是在私募信貸領域，因此圍繞私募信貸的金融體係都很健康，但經濟週期當然也可能逆轉。

Got it.

知道了。

Thank you.

謝謝。

Okay, thank you, Robert.

好的，謝謝你，羅伯特。

Thank you. I am going to be very cautious here and see if we have any further questions come into queue.

謝謝。我會非常謹慎，看看是否還有其他問題需要解答。

Okay, gentlemen, it appears we have no further questions at this time, so I'll hand it back to management for closing remarks.

好的，先生們，看來我們現在沒有其他問題了，那麼我將把發言權交還給管理階層，請他們做總結發言。

Okay, very good. Well, thanks everyone for joining us.

好的，很好。謝謝大家的參與。

Thank you for the support of our company and we look forward to give you an update in the spring. I believe it'll be in early March. We'll be reporting the results of the 4th quarter and the 10k as well.

感謝您對我們公司的支持，我們期待在春季向您報告最新進展。我認為應該會在三月初。我們將公佈第四季度業績和10K報告。

Many thanks.

非常感謝。

Thank you.

謝謝。

Thank you, ladies and gentlemen. This does conclude today's conference. You may disconnect your lines at this time and we thank you for your participation.

謝謝各位女士、先生。今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。