SLR Investment Corp (SLRC) 2026 Q1 法說會逐字稿

Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero and a member of our team will be happy to help you.

感謝您持續的耐心等候。您的會議即將開始。若您在任何時間需要協助，請按星號零，我們的團隊成員將很樂意為您服務。

Please stand by, your meeting is about to begin. Hello, and welcome, everyone, joining today's Q1 2026 SLR Investment Corp. Earnings Call. (Operator Instructions) Please note this call is being recorded, and we are standing by if you should need any assistance.

請稍候，您的會議即將開始。各位好，歡迎各位參加今天的 SLR Investment Corp. 2026 年第一季（Q1 2026）財報電話會議。(接線員指示) 請注意，本通話將被錄音；如您需要任何協助，我們也將隨時待命。

It is now my pleasure to turn the meeting over to Michael Gross, Chairman and Co-CEO. Please go ahead.

現在我很榮幸將會議交給董事長兼聯合執行長 Michael Gross。請開始。

Thank you very much, and good morning. Welcome to SLR Investment Corp's earnings call for the quarter ended March 31, 2026. I'm joined today by my long-term partner, Bruce Spohler, our Co-Chief Executive Officer; as well as our Chief Financial Officer, Shiraz Kajee and members of team.

非常感謝，各位早安。歡迎參加 SLR Investment Corp 截至 2026 年 3 月 31 日季度的財報電話會議。今天與我一同出席的有我的長期夥伴、聯合首席執行長 Bruce Spohler；以及我們的財務長 Shiraz Kajee 和團隊成員。

Shiraz, before we begin, would you please start off by covering the webcast and forward-looking statements.

Shiraz，在我們開始之前，能否請你先說明網路直播與前瞻性陳述事項。

Thank you, Michael. Good morning, everyone. I would like to remind everyone that today's call and webcast are being recorded. Please note that they are the property of SLR Investment Corp. and that any unauthorized broadcast in any form is strictly prohibited.

謝謝你，Michael。各位早安。我想提醒各位，今天的電話會議與網路直播都會錄音。請注意，這些內容屬於 SLR Investment Corp. 的財產，任何形式的未經授權轉播均嚴格禁止。

This conference call is also being webcast from the Events Calendar in the Investors section on our website at www.slrinvestmentcorp.com. Audio replays of this call will be made available later today as disclosed in our May 5, earnings press release. I would also like to call your attention to the customary disclosures in our press release regarding forward-looking statements. Today's conference call and webcast may include forward-looking statements and projections. These statements are not guarantees of our future performance or financial results and involve a number of risks and uncertainties.

本次電話會議亦將透過我們網站 www.slrinvestmentcorp.com「投資人」專區的「活動行事曆」進行網路直播。本通話的音訊重播將於今日稍晚提供，詳情如我們 5 月 5 日的財報新聞稿所揭露。我也想提醒各位注意我們新聞稿中關於前瞻性陳述的慣例性揭露。今天的電話會議與網路直播可能包含前瞻性陳述與預測。

Past performance is not indicative of future results. Actual results may differ materially as a result of a number of factors, including those described from time to time in our filings with the SEC. We do not undertake to update any forward-looking statements unless required to do so by law. To obtain copies of our latest SEC filings, please visit our website or call us at (212) 993-1670.

過去表現不代表未來結果。實際結果可能因多項因素而出現重大差異，包括我們不時向美國證券交易委員會（SEC）提交之文件中所述因素。除非法律要求，否則我們不承諾更新任何前瞻性陳述。如需取得我們最新的 SEC 申報文件副本，請造訪我們的網站或致電 (212) 993-1670。

At this time, I would like to turn the call back over to our Chairman and Co-CEO, Michael Gross.

此時，我想將電話會議交回給我們的董事長兼聯合執行長 Michael Gross。

Thank you, Shiraz, and thank you to everyone for joining our earnings call this morning. Following a year of relative outperformance and strong portfolio credit quality metrics, we are pleased to report a solid start to 2026 for SLR Investment Corp. This despite the confluence of events in the first quarter that created challenges for our industry.

謝謝你，Shiraz，也感謝各位今天早上參加我們的財報電話會議。在經歷相對優於同業的一年以及強勁的投資組合信用品質指標之後，我們很高興報告 SLR Investment Corp 在 2026 年有一個穩健的開局。儘管第一季多項事件交織，為本產業帶來挑戰。

These include rising geopolitical uncertainty, elevated concerns about the disruptive impacts of artificial intelligence on the economy and to a greater extent, the private credit asset class. These dynamics have triggered a speculative and often negative global conversation about the industry, unlike anything we've seen in our 20 years of operating SLR Capital Partners and decades of experience managing BDCs that were designed to match the ownership of illiquid private credit assets with permanent equity.

這些事件包括地緣政治不確定性上升、對人工智慧對經濟的顛覆性影響的擔憂升高，且更大程度上影響私募信貸資產類別。這些動態引發了對該產業帶有投機性且往往偏負面的全球討論，其程度是我們在經營 SLR Capital Partners 的 20 年以及數十年管理 BDC 的經驗中前所未見；而 BDC 的設計初衷，是以永久性股權來匹配非流動性私募信貸資產的所有權。

While we expect an elevated focus on private credit and BDC to persist through 2026, we think it's important to remind investors that we've been positioning the portfolio for this moment of recalibration of risk in direct lending for a long time. We believe SLRC's conservatism and focus on collateral-based specialty finance strategies should enable our portfolio to weather uncertain economic conditions while allowing our origination teams to be opportunistic in an improving investment climate.

雖然我們預期市場對私募信貸與 BDC 的高度關注將延續至 2026 年，但我們認為有必要提醒投資人：我們早已長期為這個直接放貸風險重新校準的時刻，持續調整投資組合配置。我們相信，SLRC 的保守作風以及對以擔保品為基礎之專業金融策略的專注，應可使我們的投資組合在不確定的經濟環境中保持韌性，同時也讓我們的承作團隊能在投資環境改善時把握機會。

Additionally, we continue to embark on growth initiatives across our specialty finance investment strategies. We also believe that both institutions are increasingly recognizing SLR's value proposition in place in a portfolio's allocation of private credit that provides differentiated exposure. For the first quarter of 2026, we reported net investment income or NII of $0.33 per share and net income of $0.31 per share. NII was down sequentially primarily due to three factors: First, the lagged impact of our floating rate loans from the Fed's 50 basis points cut in the fourth quarter of 2025; second, a contraction of the comprehensive portfolio as deal activity slowed meaningfully in what is already a seasonally light quarter from rising economic uncertainty; and lastly, a decline in fee income.

此外，我們持續推動各項專業金融投資策略的成長計畫。我們也相信，機構投資人正日益認可 SLR 的價值主張，並將其納入私募信貸配置中，以提供差異化曝險。2026 年第一季，我們每股淨投資收益（NII）為 0.33 美元，每股淨收益為 0.31 美元。NII 較前一季下降，主要原因有三：第一，2025 年第四季聯準會降息 50 個基點對我們浮動利率貸款的遞延影響；第二，因經濟不確定性上升導致交易活動明顯放緩，而第一季本就屬季節性淡季，使整體投資組合規模收縮；最後，手續費收入下降。

As of March 31, the company's net asset value per share was $18.16, down one half of 1% sequentially but flat year-over-year. SLRC's net income for the quarter equates to an approximate 7% annualized return on equity. While we recognize that the company's net investment income ROE did decline sequentially, we continue to expect that our net income ROE or total return will remain above the public and private BDC industry average in the first quarter and continue to compare favorably on both a one-year and three-year basis. During the first quarter, SLRC originated $242 million of new investments across the comprehensive portfolio and received repayments of $360 million for net repayment of $118 million, resulting in a quarter end comprehensive portfolio of $3.2 billion.

截至 3 月 31 日，公司每股淨資產價值為 18.16 美元，較前一季下降 0.5%，但與去年同期持平。SLRC 本季淨收益相當於約 7% 的年化股東權益報酬率。雖然我們注意到公司淨投資收益的 ROE 較前一季下滑，但我們仍預期，我們的淨收益 ROE 或總報酬將在第一季維持高於公開與私募 BDC 產業平均，並在一年期與三年期基礎上持續展現具競爭力的表現。第一季期間，SLRC 在整體投資組合中新增投資 2.42 億美元，並收到 3.60 億美元的償還，淨償還 1.18 億美元，使季末整體投資組合規模達 32 億美元。

The primary driver of new originations continues to be our commercial finance strategies, which we believe offer more attractive risk-adjusted returns in today's competitive private credit markets. As of March 31, 2026, approximately 85% of our investment our portfolio investments were in senior secured specialty finance loans, which remains at the highest percentage of record and offers a risk profile that is highly differentiated from other BDC portfolios available to investors.

新承作的主要驅動力仍為我們的商業金融策略；我們認為在當前競爭激烈的私募信貸市場中，這些策略可提供更具吸引力的風險調整後報酬。截至 2026 年 3 月 31 日，我們投資組合中約 85% 的投資為優先擔保之專業金融貸款，該比例仍為歷史最高，並提供與投資人可取得之其他 BDC 投資組合高度差異化的風險輪廓。

We continue to believe that SLRC's investment portfolio mix shift over the last couple of years to asset-based specialty finance strategies provides greater downside protection than cash flow loans through our strong credit agreements, actively managed borrowing bases and underlying collateral support. We expect to continue to approach new investments and cash flow lending opportunistically, especially in signs of widening spreads and improved terms endure.

我們仍相信，SLRC 過去幾年將投資組合結構轉向以資產為基礎的專業金融策略，透過強健的授信協議、主動管理的借款基礎（borrowing bases）以及底層擔保品支撐，相較於現金流貸款可提供更佳的下行保護。我們預期將持續以機會主義方式進行新投資與現金流放貸，尤其是在利差擴大與條款改善的跡象持續之際。

For investors concerned about the uncertainty of technology obsolescence risk and enterprise value destruction for the software industry from the burgeoning threat of artificial intelligence, we believe that SLRC's portfolio with its lack of software exposure offers a safe haven for investors. Our direct industry exposure to the software industry remains at approximately 2% of our portfolio's fair value as of March 31, 2026, and is one of the lowest amongst publicly traded BDCs.

對於擔憂科技淘汰風險，以及人工智慧快速崛起對軟體產業造成企業價值破壞不確定性的投資人，我們認為 SLRC 投資組合因缺乏軟體曝險，可為投資人提供一處避風港。截至 2026 年 3 月 31 日，我們對軟體產業的直接曝險約占投資組合公允價值的 2%，為公開交易 BDC 中最低者之一。

During the first quarter, we established an artificial intelligence investment committee responsible for assisting investment teams with evaluating both new opportunities as well as existing portfolio as it relates to the risk of AI to both companies and industries. Despite our de minimis exposure to software, we believe that AI will have an impact either positively or negatively on nearly all industries and are assessing every portfolio company and new investment opportunity accordingly.

在第一季期間，我們成立了人工智慧投資委員會，負責協助投資團隊評估新機會以及既有投資組合，並就 AI 對公司與產業的風險進行研判。儘管我們對軟體的曝險微乎其微，我們仍相信 AI 幾乎會對所有產業產生正面或負面的影響，因此我們正據此評估每一家投資組合公司以及每一項新的投資機會。

The underlying analysis assessment includes evaluating the impact to business model, customer base and competitive moat from AI as well as incorporating company and sector-specific evaluation categories. We will apply this process during underwriting of new investments and we will reevaluate all portfolio companies at least once per quarter. In addition, we are implementing AI in our specialty finance businesses to assist in analyzing borrower bases and covenants, streamlining routine workflows and improving legal document reviews.

該基礎分析評估包括：評估 AI 對商業模式、客戶基礎與競爭護城河的影響，並納入公司與產業別的特定評估類別。我們將在新投資的承作審查（underwriting）過程中採用此流程，並且至少每季重新評估所有投資組合公司一次。此外，我們也正在我們的專業金融業務中導入 AI，以協助分析借款人群體與契約條款（covenants）、精簡例行工作流程，並改善法律文件審閱。

Overall, we remain pleased with the composition, quality and performance of our portfolio, a direct result of SLR's multi-strategy approach to private credit investing.

整體而言，我們仍對投資組合的結構、品質與表現感到滿意，這是 SLR 採取多策略私募信貸投資方法的直接成果。

At quarter end, 94.5% of our comprehensive investment portfolio was comprised of first lien senior secured loans. 100% of investments at cost of performing with zero investments on nonaccrual and our watch list investments represented only 2.2%, which we note is unchanged from the first quarter in 2021. We believe these credit quality metrics compare favorably to peer public BDCs.

截至季末，我們的綜合投資組合中有 94.5% 由第一順位留置權（first lien）之高級擔保貸款構成。按成本計算，投資 100% 均為正常履約，零筆投資處於停止計息（nonaccrual）狀態；而列入觀察名單的投資僅占 2.2%，我們指出該比例自 2021 年第一季以來維持不變。我們認為，這些信用品質指標與同業上市 BDC 相比具競爭力。

At March 31, including available credit facility capacity at SSLP and our specialty finance portfolio companies, we had over $900 million of available capital to deploy. Our liquidity profile puts us in a position to take advantage of either stable economic conditions or softening of the economy.

截至 3 月 31 日，包含 SSLP 以及我們專業金融投資組合公司可用的信貸額度，我們擁有超過 9 億美元可部署資本。我們的流動性概況使我們能夠把握經濟穩定或經濟走弱時的機會。

At this point, I'll turn the call back over to Shiraz to take you through our first quarter financial highlights.

接下來，我把電話會議交回給 Shiraz，請他帶各位回顧第一季的財務重點。

Thank you, Michael. SLR Investment Corp's net asset value at March 31, 2026, was $990.8 million or $18.16 per share compared to $18.26 per share at December 31, 2025. At quarter end, SLRC's on-balance sheet investment portfolio had a fair value of approximately $2.1 billion in 99 portfolio companies across 28 industries compared to a fair value of $2.1 billion in 100 portfolio companies across 31 industries at December 31. SLRC's investment portfolio continues to be funded by a combination of our multi-lender revolving credit facilities and the issuance of term debt in the unsecured debt markets to institutional investors.

謝謝你，Michael。SLR Investment Corp 於 2026 年 3 月 31 日的每股淨資產價值為 18.16 美元，淨資產總額為 9.908 億美元；相較之下，2025 年 12 月 31 日的每股淨資產價值為 18.26 美元。截至季末，SLRC 資產負債表內投資組合的公允價值約為 21 億美元，涵蓋 28 個產業的 99 家投資組合公司；相較之下，截至 12 月 31 日的公允價值為 21 億美元，涵蓋 31 個產業的 100 家投資組合公司。SLRC 的投資組合持續透過多家放款人之循環信貸額度，以及在無擔保債券市場向機構投資人發行定期債務的組合來提供資金。

The company is investment-grade rated by Fitch, Moody's and DBRS, and more than 40% of the company's debt capital is comprised of unsecured debt as of March 31. At March 31, the company had approximately $1.1 billion of debt outstanding with a net debt-to-equity ratio of 1.14 times within our target range of 0.9 times to 1.25 times. We have ample liquidity to fund our unfunded commitments and for future portfolio growth. Looking forward, the company has one debt maturity in 2026 with $75 million of unsecured notes maturing in December. We expect to continue to prudently access the debt capital markets and issue unsecured debt as and when needed.

本公司獲 Fitch、Moody's 與 DBRS 評為投資等級；截至 3 月 31 日，公司超過 40% 的債務資本由無擔保債務構成。截至 3 月 31 日，公司未償債務約 11 億美元，淨負債對權益比為 1.14 倍，位於我們 0.9 倍至 1.25 倍的目標區間內。我們具備充足流動性，以支應未動用承諾以及未來投資組合成長。展望未來，公司在 2026 年僅有一筆到期債務，即 12 月到期的 7,500 萬美元無擔保票據。我們預期將持續審慎進入債務資本市場，並在需要時適時發行無擔保債務。

Subsequent to quarter end, the company increased its revolving capacity by $25 million with the addition of a new lender. Total revolving commitments now totaled $720 million, up from $695 million as of quarter end. Furthermore, in May, the board authorized a one-year extension of our $50 million stock repurchase program.

在季末之後，公司新增一家放款人，使循環額度增加 2,500 萬美元。目前循環承諾總額達 7.2 億美元，高於季末的 6.95 億美元。此外，董事會於 5 月核准將我們 5,000 萬美元的庫藏股回購計畫延長一年。

Moving to the P&L. For the three months ended March 31, gross investment income totaled $49.3 million versus $54.5 million for the three months ended December 31. Net expenses totaled $31.4 million for the three months ended March 31. This compares to $32.9 million for the December quarter. Accordingly, the company's net investment income for the three months ended March 31, 2026, totaled $17.9 million or $0.33 per average share compared with $21.6 million or $0.40 per average share for the prior quarter.

接著看損益表。截至 3 月 31 日止三個月，投資總收入為 4,930 萬美元，相較截至 12 月 31 日止三個月為 5,450 萬美元。截至 3 月 31 日止三個月，淨費用合計為 3,140 萬美元。相較之下，12 月季度為 3,290 萬美元。因此，截至 2026 年 3 月 31 日止三個月，公司淨投資收益為 1,790 萬美元，或每股平均股數 0.33 美元；相較前一季為 2,160 萬美元，或每股平均股數 0.40 美元。

Below the line, the company had net realized and unrealized losses of only $0.7 million in the first quarter versus a net realized and unrealized gain of $3.5 million for the fourth quarter of 2025.

在損益表線下項目方面，公司第一季已實現與未實現淨損失僅 70 萬美元；相較之下，2025 年第四季為已實現與未實現淨收益 350 萬美元。

As a result, the company had a net increase in net assets resulting from operations of $17.1 million for the three months ended March 31, 2026, compared to a net increase of $25.1 million for the three months ended December 31, 2025. On May 5, 2026, the board declared a quarterly distribution of $0.31 per share payable on June 26, 2026, to holders of record as of June 12, 2026. The board also approved a voluntary and permanent change in the company's advisory agreement with the investment adviser, SLR Capital Partners, reducing the performance-based incentive fee payable to 17.5% from 20%. This further aligns the adviser with our shareholders.

因此，截至 2026 年 3 月 31 日止三個月，公司因營運產生的淨資產增加額為 1,710 萬美元；相較截至 2025 年 12 月 31 日止三個月的淨增加額為 2,510 萬美元。2026 年 5 月 5 日，董事會宣告每股 0.31 美元的季度配息，將於 2026 年 6 月 26 日支付給截至 2026 年 6 月 12 日登記在冊的股東。董事會亦核准對公司與投資顧問 SLR Capital Partners 之顧問協議進行自願且永久性的變更，將以績效為基礎的激勵費率由 20% 降至 17.5%。此舉使顧問與我們股東的利益更加一致。

With that, I'll turn the call over to our Co-CEO, Bruce Spohler.

接下來，我把電話會議交給我們的共同執行長 Bruce Spohler。

Thank you, Shiraz. As Michael shared, we believe that the private credit industry continues to exhibit signs of the middle stages of a credit cycle, characterized by rising defaults and growing credit dispersion in direct lending. With uncertainty percolating, today's environment requires highly disciplined underwriting and a heightened focus on capital preservation. Our specialty finance strategies offer higher returns than cash flow loans and greater downside protection through their underlying collateral support and tight documentation.

謝謝你，Shiraz。如 Michael 所分享，我們認為私募信貸產業持續呈現信貸循環中期階段的跡象，其特徵為違約率上升，以及直接放款領域的信用利差分化加劇。在不確定性持續發酵之際，當前環境需要高度嚴謹的承作審查（underwriting）與更強化的資本保全重點。我們的專業金融策略相較於現金流貸款提供更高報酬，並透過其底層擔保品支撐與嚴謹的文件條款提供更佳的下行保護。

We view these more favorable terms as a complexity premium earned through investing in structures that require significant expertise as well as infrastructure that many private credit firms don't have. Turning to the portfolio. At quarter end, the comprehensive investment portfolio consisted of approximately $3.2 billion with average exposure of $3.7 million. Measured at fair value, approximately 98% of the portfolio consisted of senior secured loans with 94.5% in first lien loans.

我們將這些較有利的條款視為一種複雜度溢酬，係透過投資於需要大量專業能力的結構，以及許多私募信貸公司所欠缺的基礎設施而取得。回到投資組合。截至季末，綜合投資組合約為 32 億美元，平均曝險為 370 萬美元。以公允價值衡量，投資組合約 98% 為高級擔保貸款，其中 94.5% 為第一順位留置權貸款。

The 3.2% of our portfolio held in second lien loans consists entirely of asset-based loans with borrowing bases and no second lien cash flow loans. At quarter end, our weighted average asset level yield was 11.1%, which was down from 11.6% in the prior quarter. The sequential decline was primarily due to the lagged impact from the 50 basis points decline in base rates in the fourth quarter and reduced onetime income that had occurred in the fourth quarter.

我們投資組合中 3.2% 配置於第二順位留置權（second lien）貸款，且全部為具借款基礎（borrowing base）的資產基礎貸款，不包含任何第二順位留置權的現金流貸款。截至季末，我們加權平均資產層級收益率為 11.1%，低於前一季的 11.6%。該季對季下滑主要係因第四季基準利率下調 50 個基點的遞延影響，以及第四季出現的一次性收入減少所致。

Overall, we believe our portfolio has been less impacted by changes in base rates and spread compression compared to the BDC peer group because of our lower allocation to cash flow loans. Based on our quantitative risk assessment scale, our portfolio continues to perform well. At quarter end, the weighted average investment risk rating was under 2 based on our 1 to 4 risk rating scale with 1 representing the least amount of risk.

整體而言，我們認為，相較於 BDC 同業群組，由於我們對現金流貸款的配置較低，我們的投資組合受基準利率變動與利差壓縮的影響較小。依據我們的量化風險評估量表，我們的投資組合持續表現良好。截至季末，依我們 1 至 4 的風險評等量表（1 代表最低風險），加權平均投資風險評等低於 2。

Just under 98% of our portfolio is rated 2 or higher. Importantly, 100% of the portfolio was performing with no investments on nonaccrual. While our credit quality remains strong, in light of market concerns of increasing defaults in private credit portfolios, we believe it's important to take a moment to note that SLR has a strong track record of successfully navigating workouts. When a portfolio company's performance deteriorates, we work closely with our co-lenders, owners and management teams to arrive at a value-maximizing path forward. In the event owners are no longer willing to support a portfolio company with additional equity, we're comfortable stepping into an ownership role when we believe that, that will be the path to best drive the maximum return.

我們的投資組合中，略低於 98% 的部位評等為 2 或以上。重要的是，投資組合 100% 皆為正常履約，沒有任何投資處於停止計息（nonaccrual）狀態。儘管我們的信用品質仍然強勁，但鑑於市場擔憂私募信貸投資組合的違約率上升，我們認為有必要花點時間指出，SLR 在成功處理重整／協商（workout）方面擁有良好紀錄。當投資組合公司營運表現惡化時，我們會與共同放款人、股東／所有人及管理團隊密切合作，找出能使價值最大化的前進路徑。若股東／所有人不再願意以額外股權支持投資組合公司，在我們認為此舉最能推動最大回報時，我們也願意介入並承擔所有權角色。

We have a dedicated senior team that works closely with our investment teams when the situation first becomes noisy.

我們有一支專責的資深團隊，當情況一開始變得雜音增多時，便會與投資團隊密切合作。

They work hand-in-hand with our senior leadership team at SLR on all workouts. In addition, our asset-based lending teams are led by industry veterans with over 30 years of liquidation and workout experience, and they provide additional restructuring support when needed. Now let me touch on each of our four investment verticals, starting with our specialty finance segments. As a reminder, we dynamically allocate to our strategies based on market and economic conditions, which allows us to source what we believe to be attractive investments across market cycles.

他們在所有重整／協商案件上，與 SLR 的資深領導團隊密切協作。此外，我們的資產擔保放款團隊由具備超過 30 年清算與重整／協商經驗的業界資深人士領導，並在需要時提供額外的重組支援。接下來我將談談我們四個投資垂直領域，先從我們的專業金融（specialty finance）部門開始。提醒一下，我們會依市場與經濟狀況動態配置各項策略，這使我們能在不同市場循環中，取得我們認為具吸引力的投資機會。

Let me start with asset-based lending. Our direct corporate ABL business remains a highly fragmented industry and contains high barriers to entry through the complexity of underwriting, collateral monitoring and active borrowing base management. This strategy requires significant investment in experienced human capital as well as infrastructure. Our priority remains a first lien position on liquid current account assets, which has historically minimized our downside risk exposure. At quarter end, our ABL portfolio totaled just under $1.4 billion across 250 issuers, representing approximately 43% of our total portfolio.

先從資產擔保放款（ABL）開始。我們的直接企業 ABL 業務仍屬高度分散的產業，且由於承作審核（underwriting）、擔保品監控與主動式借款基礎（borrowing base）管理的複雜性，具有很高的進入門檻。此策略需要在具經驗的人才資本以及基礎設施上投入大量資源。我們的優先目標仍是取得對流動性高的流動資產（current account assets）的第一順位擔保權（first lien），歷史上這已將我們的下行風險曝險降至最低。截至季末，我們的 ABL 投資組合總額略低於 14 億美元，涵蓋 250 家發行人，約占我們總投資組合的 43%。

During the first quarter, we originated $77 million of new ABL investments and had repayments of $194 million. The weighted average asset level yield on this portfolio was 12.3% compared to 12.6% in the prior quarter. Our ABL portfolio contraction in the first quarter was predominantly due to temporary paydowns of existing revolving credit facilities and our proactive management of borrower exposures, consistent with our hands-on ABL credit discipline as opposed to repayments of loans that would have generated repayment fees.

第一季期間，我們新增承作 7,700 萬美元的 ABL 投資，並有 1.94 億美元的償還。該投資組合的資產層級加權平均收益率為 12.3%，相較前一季為 12.6%。我們第一季 ABL 投資組合的縮減，主要來自既有循環信用額度的暫時性還款，以及我們主動管理借款人曝險；這與我們實務導向的 ABL 信用紀律一致，而非來自原本可產生提前償還費的貸款償還。

In our ABL business, a meaningful contributor to the returns that we generate are derived from portfolio churn in the form of early repayment fees and the acceleration of upfront fees. We had close to 70% of this portfolio churn last year across our ABL businesses. Over time, we expect this churn to revert to its historical level, which we expect will drive incremental fee income.

在我們的 ABL 業務中，我們所創造報酬的重要來源之一，是投資組合周轉（churn）所帶來的提前償還費，以及前收費用（upfront fees）的加速認列。去年我們 ABL 業務的該投資組合周轉率接近 70%。隨時間推移，我們預期此周轉率將回歸歷史水準，並可望帶動額外的費用收入。

We are seeing increased activity across our ABL platform. In particular, we're seeing an uptick post a quiet first quarter from our sponsor finance clients who are increasingly seeking incremental liquidity through ABL solutions for their portfolio companies. We expect to produce net portfolio growth in our ABL strategy through the remainder of this year.

我們看到 ABL 平台的活動增加。尤其是在第一季相對平靜之後，我們看到來自贊助商金融（sponsor finance）客戶的需求回升；他們愈來愈希望透過 ABL 解決方案，為其投資組合公司取得額外流動性。我們預期今年剩餘期間，ABL 策略將帶來投資組合的淨成長。

Turning to ABL strategic initiatives. Our adviser recently established a sourcing arrangement for ABL investments with a large US commercial bank that spans many of our ABL strategies. This partnership expands our origination reach. We're optimistic that this initiative will enhance our investment sourcing funnel and support portfolio growth in specialty finance ABL investments.

接著談 ABL 的策略性計畫。我們的顧問近期與一家大型美國商業銀行建立 ABL 投資的案源合作安排，涵蓋我們多項 ABL 策略。此合作擴大了我們的承作觸及範圍。我們對此計畫持樂觀態度，認為它將強化我們的投資案源漏斗，並支持專業金融 ABL 投資的投資組合成長。

We are currently in discussions for other partnership opportunities similar to this.

我們目前也正就其他類似的合作機會進行討論。

In addition, we are continuing to evaluate strategic transactions such as portfolio and ABL business acquisitions. We also continue to expand our ABL origination team. Now let me touch on equipment finance. At quarter end, the equipment finance portfolio totaled just under $1.1 billion, representing approximately one-third of the total portfolio and was highly diversified across 580 borrowers. Credit profile of this portfolio was unchanged quarter-over-quarter.

此外，我們也持續評估策略性交易，例如投資組合與 ABL 業務的併購。我們也持續擴編 ABL 承作團隊。接下來談設備融資。截至季末，設備融資投資組合總額略低於 11 億美元，約占總投資組合的三分之一，並在 580 名借款人之間高度分散。該投資組合的信用概況與前一季相比維持不變。

During Q1, we originated $122 million of new assets with the majority of these investments coming from our business that provides leases to investment-grade corporate borrowers. We had repayments of approximately $126 million. The weighted average asset level yield for this 10.2% compared to 10.9% the prior quarter. We remain encouraged by the current trends we're seeing in our equipment finance business. Our investment pipeline has expanded, and we're seeing demand from our borrowers to extend leases on equipment rather than buy new equipment at higher tariff-adjusted prices.

第一季期間，我們新增承作 1.22 億美元的新資產，其中大多數投資來自我們向投資等級企業借款人提供租賃的業務。我們的償還約為 1.26 億美元。該投資組合的資產層級加權平均收益率為 10.2%，相較前一季為 10.9%。我們對設備融資業務目前觀察到的趨勢仍感到鼓舞。我們的投資案源已擴大，且我們看到借款人傾向延長設備租約，而非以更高的、經關稅調整後的價格購置新設備。

Now let me turn to life sciences. At quarter end, the portfolio had just over $180 million of senior close to 6% of the total portfolio, which is down from a peak of 15%. Over the past couple of years, we have been reporting on the origination challenges in this strategy. The debt market for venture-backed private and public late-stage life science companies has seen an influx of capital and a corresponding degradation in credit discipline.

接下來談生命科學。截至季末，該投資組合的優先級（senior）投資金額略高於 1.8 億美元，約占總投資組合的 6%，較高峰時的 15% 下降。過去幾年，我們一直在報告此策略在承作上的挑戰。由創投支持的私募與上市後期生命科學公司之債務市場，資金大量湧入，並伴隨信用紀律的相對弱化。

Our life science finance team has been in this business for over 25 years. The zero loss track record has been predicated on underwriting and structuring standards that new entrants are often not adhering to. This trend has impacted our portfolio growth. For context, life sciences has historically accounted for an average of 22% of our quarterly gross comprehensive income since 2020. However, in the first quarter, it was only 13.5%.

我們的生命科學融資團隊在此領域深耕超過 25 年。我們零損失的紀錄，建立在承作審核與結構設計標準之上，而新進者往往未能遵循這些標準。此趨勢影響了我們的投資組合成長。作為背景，自 2020 年以來，生命科學歷來平均占我們每季總綜合收益（gross comprehensive income）的 22%。然而在第一季，該占比僅為 13.5%。

Onetime life science fees have historically contributed an average of 3.5% to our gross investment income, whereas they represented approximately 1% during Q1.

一次性生命科學費用（onetime life science fees）歷來平均對我們的總投資收益（gross investment income）貢獻 3.5%，但在第一季約僅占 1%。

Similar to asset-based lending, churn is critical in our life science portfolio and has been a significant contributor to our earnings. The pipeline of new opportunities has picked up materially in 2026. Capitalize on the expected growing opportunity set in life sciences, our adviser has expanded the team through the hiring of three highly experienced professionals.

與資產擔保放款類似，周轉（churn）對我們的生命科學投資組合至關重要，且一直是我們獲利的重要貢獻來源。2026 年新機會的案源已明顯回升。為把握生命科學預期擴大的機會集合，我們的顧問已透過聘用三位經驗非常豐富的專業人士來擴編團隊。

We expect that these efforts to broaden our origination reach and product offering should generate strong portfolio growth over the coming quarters, which will eventually both increase portfolio churn as well as fee income.

我們預期，這些擴大我們承作觸及範圍與產品供給的努力，將在未來幾季帶來強勁的投資組合成長，最終同時提高投資組合周轉率（churn）以及手續費收入。

Finally, let me turn to cash flow lending. As a reminder, in cash flow lending, we position SLR not as a generalist capital provider across all industries, but rather as a specialized industry-focused partner to private equity firms with portfolio companies in the middle, upper mid-market. This is most evident in the health care sector, where we intentionally curate our sponsor base, partnering exclusively with dedicated health care private equity firms with long-standing successful track records of investing in the health care industry.

最後，讓我談談現金流放款。提醒一下，在現金流放款方面，我們將SLR定位為專注於特定產業的合作夥伴，而非跨所有產業的通才型資金提供者；我們主要與私募股權基金合作，其投資組合公司位於中型與中大型市場。這在醫療保健產業最為明顯：我們刻意精選贊助方（sponsor）基礎，僅與專注醫療保健、且長期在醫療產業投資並具成功實績的醫療私募股權機構合作。

These sponsors prioritize knowledge over terms, recognizing that the health care industry's ongoing regulatory and reimbursement evolution requires a lender with deep domain expertise. By leveraging SLR's three health care investment pillars: health care ABL, life sciences and health care sponsor finance, we evaluate sponsor-backed investments with a level of granularity that generalist lenders cannot replicate. Beyond our focus on health care, we selectively deploy capital into business and financial services, which mirror these same defensive characteristics, target market leaders with high recurring revenue, sustainable business models and low capital intensity.

這些贊助方重視專業知識勝於條款，因其認知到醫療保健產業持續的法規與給付（reimbursement）演變，需要具備深厚領域專長的放款人。透過運用SLR在醫療保健的三大投資支柱：醫療保健ABL、生命科學，以及醫療保健贊助方融資，我們能以一般型放款人無法複製的細緻程度，評估由贊助方支持的投資。除聚焦醫療保健外，我們也選擇性地將資金配置於商業與金融服務領域；這些領域同樣具備防禦性特質，鎖定具高經常性收入、可持續商業模式且資本密集度低的市場領導者。

By focusing on companies that share the resilient noncyclical profiles of our health care portfolio, we maintain rigorous underwriting standards while providing prudent diversification across our cash flow finance strategy. At quarter end, this portfolio was $480 million across 28 borrowers, including the senior secured loans. Approximately 2% of the portfolio is allocated to software investments. Weighted average EBITDA was approximately $110 million. 100% of our cash flow investments are in first lien investments, and the portfolio carried a weighted average LTV of 38%.

透過聚焦於與我們醫療保健投資組合同樣具韌性、非景氣循環特徵的公司，我們在維持嚴謹承作標準的同時，也為現金流融資策略提供審慎的分散化。截至季末，該投資組合規模為4.8億美元，涵蓋28名借款人（包含優先擔保貸款）。約2%的投資組合配置於軟體投資。加權平均EBITDA約為1.10億美元。我們的現金流投資100%為第一順位留置權（first lien）投資，且投資組合加權平均LTV為38%。

Our borrower fundamentals are trending positively with year-over-year growth in both EBITDA and revenue at our portfolio companies. Weighted average interest coverage on this portfolio was 2.2 times at quarter end, up from 2 times in the prior quarter. During Q1, we made investments of $43 million in first lien cash flow loans and had repayments of approximately $40 million. Only one of these 12 investments was to a new borrower. At quarter end, the weighted average cash flow yield was approximately 10% compared to 9.8% in the prior quarter.

我們借款人的基本面呈現正向趨勢，投資組合公司EBITDA與營收皆較去年同期成長。截至季末，該投資組合的加權平均利息保障倍數為2.2倍，高於前一季的2倍。第一季期間，我們在第一順位現金流貸款的投資金額為4,300萬美元，並有約4,000萬美元的還款。這12筆投資中僅有1筆為新借款人。截至季末，加權平均現金流收益率約為10%，相較前一季的9.8%。

Now let me turn to our SSLP. During the quarter, we invested $9.8 million and had $3.4 million repayments. Net leverage was just under 1 times. In the first quarter, we earned income of $1.5 million, representing an annualized yield of roughly 12.25% compared to 9.25% in the fourth quarter. At quarter end, we had approximately $54 million of undrawn debt capacity. We expect to grow this portfolio opportunistically over the remainder of 2026.

接著我談談我們的SSLP。本季我們投資980萬美元，並有340萬美元的還款。淨槓桿略低於1倍。第一季我們取得150萬美元收入，折算年化收益率約12.25%，相較第四季的9.25%。截至季末，我們約有5,400萬美元的未動用債務額度。我們預期在2026年剩餘期間，將以機會性方式擴大此投資組合。

Now let me turn the call back to Michael.

現在我把電話交回給Michael。

Thank you, Bruce. Over the last seven months, we think both the public and private markets have come to terms with private credit's maturation as a core asset class with a corresponding recalibration of forward return expectations to reflect a tighter spread environment and more normalized default/loss experience.

謝謝你，Bruce。過去七個月，我們認為公募與私募市場都已接受私募信貸作為核心資產類別的成熟化，並相應重新校準未來報酬預期，以反映利差更緊縮的環境以及更正常化的違約／損失經驗。

With less than 10 basis points of annual losses at SLRC since the company's IPO 16 years ago, resulting in an IRR above 9%, our North Star at SLR continues to be protecting capital, avoiding losses and not chasing higher spreads at the expense of structural protections. We believe this approach provides our investors with absolute returns designed to consistently exceed the liquid corporate credit markets yet with lower volatility.

自公司16年前IPO以來，SLRC的年化損失低於10個基點，帶來超過9%的IRR；因此，SLR的核心指引（North Star）仍是保護資本、避免損失，且不以犧牲結構性保障為代價去追逐更高利差。我們相信，這種作法能為投資人提供絕對報酬，目標是在波動度更低的情況下，持續超越流動性公司信貸市場。

It is with this view that the private credit market has matured and correspondingly carries tighter illiquidity premiums that our board of directors took action this quarter to adjust the second quarter dividend distribution up to a level we view to be sufficiently covered from earnings while simultaneously preserving capital while we grow our earnings and to adjust our performance-based incentive fees to 17.5% from 20%.

基於我們對私募信貸市場成熟、且相應承擔較低流動性溢價（illiquidity premium）的看法，本季董事會採取行動，將第二季股利分配調整至我們認為可由盈餘充分覆蓋的水準，同時在我們提升盈餘的過程中保留資本；並將績效型激勵費率由20%調降至17.5%。

These are actions that we don't take lightly as leaders and significant shareholders of SLRC since its founding more than 15 years ago. However, we believe that we have struck the right balance and that we are acting in the best long-term interest of shareholders. As a reminder, we have taken action previously at SLRC to adjust the dividend during transitioning investment climates to make way for growth. The SLR team owns over 8% of the company's stock and has a significant percentage of their annual incentive compensation invested in SLR stock each year, including purchase that took place in the first quarter.

作為自15多年前SLRC成立以來的領導團隊與重要股東，這些決策我們並非輕率做出。然而，我們相信已取得適當平衡，且此舉符合股東的長期最佳利益。提醒一下，過去在投資環境轉換期間，SLRC也曾調整股利，以為成長鋪路。SLR團隊持有公司超過8%的股票，且每年將相當比例的年度激勵薪酬投資於SLR股票，包括第一季所進行的買入。

The team's investment alongside fellow institutional and private wealth investors should demonstrate our confidence in the company's portfolio, stable capital structure and earnings outlook. We've made significant investments and resources across the SLR platform over the last couple of years and year-to-date, that should fuel growth in the investment portfolio that will support net investment income growth. Importantly, we have the available capital to be opportunistic in market dislocations and to evaluate strategic transactions. Thank you all again for your time today with a busy day of BDC earnings releases.

團隊與其他機構投資人及私人財富投資人共同投入，應能展現我們對公司投資組合、穩健資本結構與盈餘展望的信心。過去幾年以及今年迄今，我們已在SLR平台投入大量投資與資源，這些投入應能推動投資組合成長，並支持淨投資收益的成長。更重要的是，我們具備可用資本，能在市場錯位時把握機會，並評估策略性交易。在今天這個BDC財報密集發布的忙碌日子裡，再次感謝各位撥冗參與。

Operator, will you please open up the line for questions.

接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Eric Zwick, Lucid Capital Markets.

Eric Zwick，Lucid Capital Markets。

Thanks. Good morning, everyone. I thought you made some interesting points in the prepared comments describing how kind of lower churn in some of the portfolios has led to lower fees and how this is hopefully kind of more temporary market-related impact, but that has driven down the investment income here in the most recent quarter.

謝謝。各位早安。我覺得你們在事先準備的發言中提到一些很有意思的觀點：某些投資組合較低的周轉率（churn）如何導致費用下降，以及這希望只是較偏市場因素、較為短期的影響，但它確實使最近一季的投資收益下滑。

And I suspect that's kind of what's driving the action in the stock price today. But you also highlighted some initiatives you've taken to grow these specialty finance strategies and how those should help kind of rebuild that income through additional churn. I'm just kind of curious from to what degree, and I realize there's no definite kind of time frame, but the benefits of those initiatives that you've taken and outlined.

我猜這也是今天股價走勢採取行動的原因。但你們也強調了一些你們為了擴大這些專業金融策略所採取的措施，以及這些措施如何透過增加周轉來幫助重建收入。我只是想了解一下，在你們已採取並概述的這些措施中，其效益大概會在多大程度上、以及在什麼樣的時間進程中顯現；我知道這沒有明確的時間表。

I think that it will take a few quarters. If you step back for a moment, the churn commentary goes specifically to both our asset-based lending and life science portfolios. Historically, those assets have had a contractual duration of five or six years, but an actual duration of about two years. And so it's a combination of bringing more of those assets into the portfolio, which we expect to do this year and then let those mature and start to repay over the next 12 to 24 months.

我認為這需要幾個季度。如果先退一步看，關於周轉率的評論主要是針對我們的資產擔保放款（ABL）與生命科學投資組合。歷史上，這些資產的合約期限為五到六年，但實際存續期間約為兩年。因此，這同時取決於我們把更多這類資產納入投資組合（我們預期今年會這麼做），以及讓它們逐步到期，並在未來12到24個月開始償還。

So that's the typical life cycle of that churn that we will get back to a more normalized nonrecurring yet recurring fee income portion of our gross investment income. And then I think additionally, some of the strategic initiatives go to, as we mentioned, strategic sourcing arrangements, particularly on the asset-based lending side, additional origination members on the both the ABL and life science teams and then less predictable from a timing perspective is we continue to see some attractive opportunities in potential portfolio and team acquisitions in specialty finance.

因此，這就是那種周轉（churn）的典型生命週期；我們將回到較為正常化的、屬於非經常性但仍具經常性特徵的費用收入，作為我們總投資收益的一部分。此外，我認為一些策略性舉措也包括：如我們提到的策略性採購安排，特別是在資產基礎放款（ABL）方面；在 ABL 與生命科學團隊兩端增加更多承作／起案人員；另外在時間點上較難預測的是，我們持續在專業金融領域看到一些具吸引力的機會，可能涉及投資組合與團隊的併購。

But again, a little bit less able to predict that.

但同樣地，這方面就更難以預測。

I appreciate the color there. And then just more importantly, from kind of my research and investigating credit performance is ultimately one of the biggest predictors of long-term ROE and performance for BDCs. And you've outlined your very limited loss history and the portfolio remains very clean from a nonaccrual perspective. And also just comparing your internal risk ratings from last quarter to this quarter, there's even been an improvement there, but we're seeing kind of the opposite at other BDCs. So I wonder if you could just kind of talk about the improvement that was kind of that I noticed here in the most recent quarter from your internal risk rating perspective.

感謝你提供這些補充說明。接著更重要的是，從我研究並檢視信用品質表現的角度來看，信用表現最終是 BDC 長期 ROE 與績效最重要的預測因子之一。你們已說明過非常有限的損失歷史，而且從不計息（nonaccrual）的角度看，投資組合仍然非常乾淨。另外，把你們上季到本季的內部風險評等做比較，甚至還有改善，但我們在其他 BDC 看到的卻是相反的情況。所以我想請你談談：就你們內部風險評等的角度，最近一季我注意到的這個改善，背後主要是什麼因素？

I think it's, we don't as you know, judge, it's sort of quarter-to-quarter. There are always some names coming in and names coming out underneath those risks. I think what we'd like to point to is the watch list is about 2.2%. If you go back over the last five years, that it's been a little higher, a little bit lower, but 2.2% is actually the average going back to 2020. So it's for us, to your commentary, we're looking for more consistency across the credit performance.

我認為，如你所知，我們不會用那種逐季（quarter-to-quarter）的方式來評斷；在那些風險之下，總會有一些標的進來、一些標的出去。我想我們想指出的是，觀察名單（watch list）約為 2.2%。如果回看過去五年，它有時高一點、有時低一點，但 2.2% 其實就是回溯到 2020 年以來的平均值。所以對我們而言，呼應你的評論，我們追求的是信用品質表現更一致、更穩定。

And that's what we're happy about and comfortable with.

這也是我們感到高興並且覺得安心的地方。

And look, I think it's also an example how we've talked for a long time that the specialty finance assets, the ABL assets are much less volatile than cash flow-oriented loans. And that's why the list is so low, and we expect it to stay that way.

而且你看，我認為這也再次印證了我們長期以來所說的：專業金融資產、ABL 資產的波動性遠低於以現金流為導向的貸款。這也是為什麼名單（指 watch list）這麼低，我們也預期會維持在這樣的水準。

Rick Shane, JPMorgan.

Rick Shane，摩根大通（JPMorgan）。

Look, ROE on your new dividend based on current book is about 6.8%, which is roughly SOFR plus 2%. That seems like a relatively low margin given the return the risk profile of the company. And again, I realize great track record on credit, but this is a levered portfolio. There is inherently credit risk in it. How do we think about this going forward?

你們以目前帳面價值計算、基於新股利水準的 ROE 約為 6.8%，大約等於 SOFR 加 2%。以公司的風險報酬輪廓來看，這個利差似乎相對偏低。而且我也理解你們在信用方面有很好的紀錄，但這是一個有槓桿的投資組合。其中本質上就存在信用風險。我們該如何看待未來的走向？

Are you saying that the return profile for the company is likely to be altered for the industry is likely to be altered sort of long term because of some of the dynamics we're seeing in terms of the broader flows to private credit? Or how should we think about the dividend in the context of your long-term return objectives?

你的意思是，因為我們看到更廣泛資金流向私募信貸（private credit）的一些動態，公司的報酬輪廓、甚至整個產業的報酬輪廓，長期可能會被改變嗎？或者，我們應該如何在你們長期報酬目標的脈絡下，來看待股利？

I think, look, we set at a level that we want to have confidence we're going to exceed in the near term. I think in the long term, as Bruce alluded to in his commentary, we have several levers and initiatives that give us comfort that over the medium to long term, we should see our earnings move back towards the $0.40 level that we've experienced in the past and get to the higher ROE and ROI that we expect and have experienced in the past. I think the other thing is our focus continues to be on total return. Obviously and that takes into account losses. And I think we feel very good about where we are because of the credit quality, and that's something that's sustainable.

我認為，你看，我們把股利設定在一個我們有信心在短期內能夠超越的水準。我想長期而言，正如 Bruce 在他的評論中提到的，我們有幾個槓桿與策略舉措，讓我們有信心在中長期內，盈餘應可回到過去曾經達到的每股 0.40 美元水準，並回到我們預期且過去也曾實現的較高 ROE 與 ROI。另外一點是，我們的重點仍然放在總報酬（total return）。顯然，總報酬也會把損失納入考量。我認為基於信用品質，我們對目前的位置感到非常良好，而這也是可持續的。

Got it. And when you think about those levers to get back to the $0.40 of core earnings, what is like fine recasting the portfolio is a gradual process. Is the most immediate opportunity, a modest degree of enhanced leverage? I mean, again, I'm trying to figure out not only what the destination is, but what the path looks like a little bit as well?

了解。那當你談到那些讓核心盈餘回到每股 0.40 美元的槓桿時，像是重新配置投資組合是一個漸進的過程。最立即的機會會不會是適度提高槓桿？我的意思是，我想弄清楚的不只是目標終點，也想更了解路徑大概會長什麼樣子。

Yeah, fair question.

是的，這是個合理的問題。

Yeah. So look, I think and we touched on this a little bit earlier in terms of timing, right? So potential portfolio acquisitions, particularly around the asset-based industry, which we have done in the past, given the fragmented nature, we'd see more opportunities there. That would be more difficult to predict, but more immediate should they come to pass as we bring portfolios in.

是的。所以你看，我想我們先前在談時間點時也稍微提到過，對吧？潛在的投資組合收購，特別是在資產基礎（ABL）這個產業周邊——我們過去也做過——由於市場相當分散，我們會在那裡看到更多機會。這會比較難預測，但一旦發生、我們把投資組合納入，就會更立即地反映出來。

The most recent, as you may recall, was fourth quarter of '24. We brought in the Webster factoring portfolio. So those are difficult to predict, but are immediately accretive and also strategic in terms of expanding our ABL footprint either geographically or by industry. I think the levers that you heard in terms of generally go around expanding our sourcing across specialty finance, in particular, ABL and life sciences. And it's a combination of additional originators.

最近一次，如你可能記得，是 2024 年第四季。我們納入了 Webster 的保理（factoring）投資組合。所以這些交易難以預測，但會立刻帶來增益（immediately accretive），而且在策略上也有助於擴大我們的 ABL 版圖，不論是地理覆蓋或產業覆蓋。我認為你聽到的那些槓桿，整體上主要圍繞在擴大我們在專業金融（specialty finance）的案源／承作來源，特別是 ABL 與生命科學。而這是由增加更多承作人員所組成的組合。

It's also the strategic sourcing arrangements that we're starting to create partnerships with existing ABL players.

同時也包括我們正在建立的策略性採購安排——我們開始與既有的 ABL 參與者建立合作夥伴關係。

So as you know, we are incredibly conservative. And so it helps to have a broader pipeline and expand that origination opportunity set, which allows us to start to bring more of these short duration ABL and life science loans into the portfolio and unfortunately, know that they're going to churn out pretty quickly with a 24-month average duration. And so you'll start to see that. Obviously, some are six months, some are 26 months, but you'll start to see that work through the portfolio in terms of coming into the portfolio this year and starting to exit as early as next year. And it's really that velocity in those two asset classes that will contribute additional nonrecurring recurring fee-based income.

所以如你所知，我們非常保守。因此，擁有更廣的案源管道、擴大起案機會集合會很有幫助，讓我們能把更多這類短存續期的 ABL 與生命科學貸款納入投資組合；但也必須接受它們平均 24 個月的存續期會讓它們很快就周轉退出。所以你會開始看到這個變化。當然，有些是 6 個月、有些是 26 個月，但你會看到它在投資組合中逐步發酵：今年進來，最早明年就開始退出。而正是這兩類資產的周轉速度（velocity），將帶來額外的非經常性但具經常性特徵的、以費用為基礎的收入。

Got it. And then, look, philosophically a lot of people talk about being conservative. You guys have demonstrated. Your credit results are evidence of conservatism. As a lender, for some types of lenders, if you're a credit card lender, there's an efficient frontier.

了解。然後你看，從理念上，很多人都會談自己很保守。你們已經用行動證明了。你們的信用結果就是保守的證據。作為放款人，對某些類型的放款人而言，例如信用卡放款人，存在一個效率前緣（efficient frontier）。

You're not it's not a zero defect business by definition. And if your loss rates are too low, you're leaving too much opportunity on the table. I would argue that BDC lending is, in fact, a zero defect business. One of your most thoughtful competitors years ago said to me, there's no spread that makes up for a bad loan. And that's always stuck with me.

按定義來說，那不是一個零缺陷（zero defect）的生意。如果你的損失率太低，你其實是在把太多機會留在桌上、沒有把握住。我會主張，BDC 放款事實上是一個零缺陷的生意。我一位非常有想法的競爭對手多年前曾對我說：沒有任何利差能彌補一筆壞帳。這句話一直讓我印象深刻。

But I do ask I do wonder if even within a zero defect construct that is there a concern that you guys are too far from that line of zero defect and that there's a little bit of widening that you can do and still maintain a zero defect objective?

但我確實想問、也在想，即使是在「零缺陷」的架構之下，是否會擔心你們離零缺陷那條線太遠，以致於其實還有一些可以放寬的空間，同時仍能維持零缺陷的目標？

So I think that is a phenomenal point. The way that we address our, let's call it, maybe ultraconservative approach to this requirement to be zero defect in private credit is by moving increasingly into these specialty finance strategies, the reason that we have zero defects is definitely in large part because of the leadership of our life science and ABL teams, period full stop. But secondarily, they come with collateral, they come with tight documentation, borrowing bases.

我認為這是個非常到位的觀點。我們處理（姑且稱之為）在私募信貸中對零缺陷要求所採取的、可能偏向超保守作法的方式，是逐步加大配置到這些專業金融策略；我們之所以能做到零缺陷，很大一部分確實要歸功於我們生命科學與 ABL 團隊的領導力，句點、毫無疑問。但其次，這些策略有擔保品、有嚴謹的文件、有借款基礎（borrowing bases）。

There's been no degradation in the. So the fact that the performance of these asset classes, in addition to, obviously, the leadership of those teams over decades and multiple cycles allows us to take on more risk in those strategies than we would perhaps as a team focused exclusively on cash flow lending because you do have that downside protection of underlying collateral, be it cash and IP in life sciences and working capital assets in asset-based lending.

並沒有出現任何劣化。因此，這些資產類別的表現，再加上顯然這些團隊在數十年與多個週期中的領導力，使我們能在這些策略上承擔比一個只專注於現金流放款的團隊可能更高的風險，因為你確實有底部保護（downside protection）來自於底層擔保品——無論是生命科學中的現金與智慧財產（IP），或是資產抵押放款中的營運資金資產。

And so we are extremely cognizant of the point you're making. And therefore, it further aligns our conservative culture by doing more in the specialty finance collateral-based strategies.

所以我們對你提出的觀點非常警覺。因此，透過在以擔保品為基礎的專業金融策略上做得更多，也進一步讓我們保守的文化更一致。

I'd say the other thing on that also is in terms of where we are and others are in the risk spectrum is that the jury is still out, right? I mean we've been we've had a 17-year run without a real credit cycle. And so what we're seeing this quarter and last quarter is we're seeing public BDCs and private BDCs had significant NAV degradation with the storyline behind it being that it's temporary, it's mark-to-market. Well, the jury is out whether that is truly mark-to-market and is recoverable. You know people when you think of people's software exposure, that mark-to-market may be permanent and can actually become worse.

我想另外一點是，就我們與其他人在風險光譜上的位置而言，現在其實仍未有定論，對吧？我的意思是，我們已經有 17 年沒有真正經歷一個信貸週期。所以我們在本季與上季看到的是，公開 BDC 與私募 BDC 的 NAV 出現顯著下滑，而背後的說法是這是暫時性的、是按市價評價（mark-to-market）。但這是否真的是按市價評價、且是否可回復，仍未有定論。你知道，當你想到大家在軟體上的曝險時，那個按市價評價的下調可能是永久性的，甚至可能變得更糟。

So I think we're very comfortable where we've been to Bruce's point on documentation and not pushing the envelope on traditional direct lending because it's your early point about spread.

所以我認為我們對我們一直以來的位置非常安心，呼應 Bruce 關於文件的觀點，我們不會在傳統直接放款上去過度突破界線，因為這回到你一開始提到的利差（spread）。

It's not just spread that you can't make up for. It's bad documentation that you can't get to the table early enough to kind of protect your interest. And so I think we feel very good about where we are. In the past, are there deals that we've done that we passed on because we're too conservative and worked out just fine? Yes.

不只是利差是你無法彌補的。你也無法彌補的是糟糕的文件，因為那會讓你無法夠早坐到談判桌前來保護你的權益。所以我認為我們對目前的位置感覺非常好。過去是否有一些交易我們因為太保守而放棄，但最後其實表現得很好？是的。

But have we applied that same mentality as a portfolio approach, we'd be sitting on a lot of loans today that we'd be really worry about and not be able to sleep at night. And to the earlier comment about being able to kind of focus on to rebuilding our NII, the good news is the team given how low our watch list is and they have no defaults, the team is not focused on restructurings or worrying about the portfolio too much.

但如果我們以同樣的心態來做整體投組，我們今天可能會持有很多貸款，會讓我們非常擔心、晚上睡不著覺。而且回到先前關於能夠專注於重建我們 NII 的評論，好消息是，鑑於我們的觀察名單（watch list）非常低、且沒有違約，團隊並沒有把精力放在重整（restructurings）或過度擔心投組上。

They're focused on growth and how to rebuild in a way that we can be profitable for the long term.

他們專注在成長，以及如何以能讓我們長期獲利的方式來重建。

I realize they're pretty philosophical type questions, and I appreciate the thoughtful answers.

我知道這些問題相當偏哲學性，我也感謝你們深思熟慮的回答。

(Operator Instructions)

（接線員指示）

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

I've got a first question. The second question, basically, Rick already asked it, but I've got a slightly different way of looking at it. On the first one, on the comprehensive portfolio, paybacks, right? You'd always rather get your money back than lose it. On that, I mean, it just surprised me a little bit that it was so strong and the portfolio shrank so much relatively speaking, in this quarter when there is all these, the banks, I think the sense is they're not looking to go heavily risk on right now.

我有第一個問題。第二個問題基本上 Rick 已經問過了，但我有一個稍微不同的看法。先談第一個，關於整體投組、回收（paybacks），對吧？你總是寧可把錢收回來，也不想把它賠掉。就這點而言，我的意思是，讓我有點意外的是，在這一季投組回收這麼強、投組規模相對縮得這麼多，而此時有這麼多——銀行，我想市場的感覺是它們現在並不想大幅提高風險承擔（risk on）。

They're one of your primary competitors on ABL lending, it's a fragmented market. I mean what was the real driver of that payoff? It seems like a market where I would have expected repayments on ABL or taking your competitive takeaways or whatever to be more muted. Yet it was you were very successful on getting a lot of capital back. That's a good thing and a bad thing.

它們是你們 ABL 放款的主要競爭對手之一，而且這是一個分散的市場。我的意思是，這些回收的真正驅動因素是什麼？這看起來像是一個我原本預期 ABL 的還款、或你們搶到競爭對手份額之類的情況會更溫和的市場。但你們卻非常成功地收回了大量資金。這既是好事也是壞事。

So any thoughts on like what drove that dynamic?

所以你們對於是什麼驅動了這個動態，有什麼想法嗎？

Yes. So underneath the hood there, asset-based lending, there's three primary sources of repayments. There's the traditional you get refinanced out to another ABL lender or maybe to a cash flow loan. And then there's the, what I would call, temporary repayment because most ABL facilities have a large revolver, maybe seasonal draws. So in our $194 million seasonal repayments.

有的。所以在資產抵押放款（asset-based lending）這裡，深入來看，還款主要有三個來源。第一個是傳統的：你被另一家 ABL 放款人再融資（refinanced out），或可能轉成一筆現金流貸款。第二個是我稱之為暫時性還款，因為多數 ABL 額度都有很大的循環額度（revolver），可能有季節性動用。所以在我們這裡，有 1.94 億美元的季節性還款。

And as I mentioned in my prepared remarks, most of it was because of seasonal repayments rather than a borrower exiting the platform and canceling their facility per se.

如我在事先準備的發言中提到的，大部分是因為季節性還款，而不是借款人退出平台並取消其額度本身。

The third dynamic, which we didn't have in Q1, but just to touch on your question more broadly is sometimes in asset-based lending when we feel the fundamental performance of the business is not going in the direction that we're comfortable with. The beauty of ABL because we have strong documentation is we can start to turn up the pressure on that borrower to create alternative sources of liquidity because we can wind down our exposure with that borrowing base by increasing reserves in eligibles such that our advance rates continue to contract in our favor, and that will drive an exit or repayment, not necessarily because we got refinanced or there was a temporary paydown, but just because we've kind of applied some pressure and said, look, we think you should be looking elsewhere and refinance us with somebody else. And so and that is a dynamic selectively that our life science team has done from time to time.

第三個動態——我們在第一季沒有發生，但為了更廣泛地回應你的問題——是有時在資產抵押放款中，當我們覺得企業的基本面表現並未朝我們能接受的方向發展時。ABL 的優勢在於，因為我們有強而有力的文件，我們可以開始對借款人施加更大壓力，促使其尋找替代流動性來源；因為我們可以透過借款基礎來逐步降低曝險，方法是提高合格資產（eligibles）中的準備金（reserves），使得我們的預支率（advance rates）持續朝對我們有利的方向收縮，這將驅動其退出或還款——不一定是因為被再融資或是暫時性償還，而是因為我們某種程度上施加了壓力並表示：我們認為你應該去別處尋找資金，找其他人把我們再融資掉。因此，這也是我們生命科學團隊不時會選擇性採用的一種動態。

So it's a key of our specialty finance strategies is that you have that ability to try to wind down your exposure and take down your advance rates given how tight the documentation is and your underlying collateral support. But specifically to your question in Q1, Robert, it was really temporary repayments of facilities rather than any of the other two alternatives, which is a true refinancing or I'll call an agreed-upon exit.

所以，專業金融策略的一個關鍵在於：在文件非常嚴謹、且有底層擔保品支撐的情況下，你有能力透過降低預支率來嘗試逐步收縮你的曝險。但就你對第一季的具體問題，Robert，主要是額度的暫時性還款，而不是另外兩種情況——也就是真正的再融資，或我稱之為雙方同意的退出。

Got it. And then the second one, it's basically related to Rick's question. I mean I agree that zero defect is the goal. But when you look at the portfolio, I mean, some kind of thing, have you been is your pipeline construction with the in-house teams, et cetera, so strict that the result is, yes, you have really high-quality assets, but there's not enough there's only great assets that's not good assets. So when a great asset repays, you don't have a flow of acceptable, probably zero defect.

了解。那第二個問題，基本上與 Rick 的問題相關。我的意思是，我同意零缺陷是目標。但當你看投組時，我的意思是，某種程度上，你們的管線建構、加上內部團隊等等，是否嚴格到導致結果是：沒錯，你們有非常高品質的資產，但可投的資產不夠——只有「很棒的資產」，而沒有「夠好的資產」。所以當一個很棒的資產還款時，你們就沒有一個可接受的、很可能也能做到零缺陷的資產流入。

But so you can't moderate the size of the portfolio more when things are great, you edge a little bit that are still in the zero defect bound.

但這樣一來，當情況非常好時，你就無法再進一步調節投資組合的規模；你只能稍微加一點點，同時仍然維持在零缺陷的界限內。

I like that term.

我喜歡這個說法。

Thanks, Rick. But allows more moderation of which deals you agree to do. And is that kind of one of the strategic components of expanding the distribution, you signed a deal with the bank to see more ABL deals. What's the thought on that on moderating the flow?

謝謝你，Rick。但這確實讓你能更有節制地決定哪些交易要做。這是否也是擴大分銷/渠道的一個策略性組成部分——你們與銀行簽了一項合作，以看到更多 ABL 交易。對於透過這種方式來調節交易流量，你們的想法是什麼？

So obviously, when you're saying yes to 5% of the opportunity flow, the way to expand the actual funded investments is to just expand that funnel so that 5% becomes a much bigger number. So there's that element. And the quality of the deals that we generally see from asset-based loans coming out of asset-based banks is a higher quality. It might not be their quality because they're being measured based upon the risk rating of the borrower rather than the collateral where we can look at the collateral and say, this is phenomenal collateral.

很明顯，當你只對 5% 的機會流說「是」時，要擴大實際撥款投資的方式，就是把漏斗擴大，讓那 5% 變成一個更大的數字。這是一個面向。而且，我們通常從資產基礎貸款（asset-based loans）/資產基礎銀行那邊看到的交易品質更高。也許不是他們所衡量的「品質」，因為他們是依借款人的風險評等來衡量，而不是依抵押品；但我們可以看抵押品並說：這是非常出色的抵押品。

We, Michael touched on the AI initiative. There are a number of businesses that we lend to that may be impacted by AI, but we have collateral. Unfortunately, they may not survive, but we will probably liquidate ourselves out and be just fine. And so I think to your specific question, there's no such thing as a great private credit deal, period full stop. You're taking on the ability to potentially lose money.

我們——Michael 提到了 AI 的倡議。我們放款的許多企業可能會受到 AI 影響，但我們有抵押品。不幸的是，他們可能撐不下去，但我們大概率可以透過自行清算回收，並且不會有問題。所以我想就你這個具體問題而言，根本不存在所謂「很棒的私募信貸交易」，句點、到此為止。你承擔的是可能虧錢的風險。

And so everything we do is looking for good. And I think the more deal flow we have with underlying collateral, that checks the SLR box for good if we have high-quality collateral. And then expanding that pipeline by getting more and more out of that also increases the level of the operating performance of those fundamental borrowers. And so really the combination of having a much larger pipeline and having high-quality collateral, both in ABL and life sciences that we believe if things go sideways, we always assume they will go sideways. And so when they go sideways, we're going to be just fine because of the additional collateral support beyond just the traditional ownership support that you look to in a borrower.

因此，我們做的每一件事都是在尋找「好的」。我認為，只要我們有高品質抵押品，更多帶有底層抵押品的交易流，就能在「好」這一點上勾選 SLR 這個框。然後，透過取得越來越多這類交易來擴大管線，也會提升那些基本借款人的營運表現水準。所以，真正的關鍵是：同時擁有更大的管線與高品質抵押品——無論是在 ABL 或生命科學領域——我們相信一旦情況變糟（我們一向假設情況會變糟）。而當它真的變糟時，因為除了你在借款人身上通常依賴的傳統股權支持之外，還有額外的抵押品支撐，我們會完全沒問題。

Finian O'Shea, Wells Fargo.

Finian O'Shea，富國銀行。

Can you hit on the fee change, the break to 17.5% on the incentive fee, appreciating that. Can you hit on how you and the board came to that number?

能否談談費用調整——激勵費率下調到 17.5% 這件事，我理解並感謝。能否說明你們與董事會是如何決定這個數字的？

It wasn't a long discussion. I think it was initiated by us, not the board and it was just kind of we looked around where people were doing it and thought it was the right thing to do.

其實沒有討論很久。我想是由我們提出的，不是董事會；我們只是看看市場上大家怎麼做，覺得這是正確的事。

Okay. That's helpful. And then did the concept of the hurdle rate come up given the sort of story here now is growing earnings, which is tough for a BDC to do. You've been working at that for a long time. It's not the easiest thing, I appreciate to deliver on.

好的。這很有幫助。另外，鑑於現在這裡的敘事是要成長盈餘，而這對 BDC 來說很難做到，當時有沒有討論到門檻報酬率（hurdle rate）的概念？你們為此努力很久了。我理解這不是最容易兌現的事情。

But do you think a higher hurdle rate would motivate the team, align the team better to achieve that higher earnings?

但你是否認為，提高門檻報酬率會激勵團隊，並讓團隊的目標更一致，以達成更高的盈餘？

No, actually, a lower hurdle would have done that. So that wasn't something we're going to consider. No, look, I think the team, frankly, the way we manage our business has never focused on a hurdle rate. That's not their job. That's not how they're motivated or compensated.

不，事實上，較低的門檻才會做到那點。所以這不是我們會考慮的事情。不過你看，我認為團隊——坦白說——我們管理業務的方式從來不會把門檻報酬率當作重點。那不是他們的工作。他們也不是以此作為激勵或薪酬依據。

And the hurdle rates we've had since inception and rates go up, rates go down, it's been the right place to be.

我們自成立以來就有這些門檻報酬率；利率上升、利率下降，它一直都在合適的位置。

But maybe they would think about it if it was higher. Why do you say it would be better if it was lower?

但如果門檻更高，也許他們就會去想這件事。你為什麼說如果門檻更低會更好？

Then they'd be more into the money on incentive fees.

那樣他們在激勵費上就會更容易「進入獲利區間」（in the money）。

Well, and just from the BDC investors vantage point.

嗯，從 BDC 投資人的角度來看也是。

You asked the question relative to our team.

你問的是相對於我們團隊的問題。

And at this time, there are no further questions in queue. I will now turn the meeting back to our presenters for any additional or closing remarks.

目前佇列中沒有其他問題。我現在把會議交回給簡報人員，請他們做任何補充或結語。

No further comments other than to thank you all for your participation today. I recognize it's a very busy period of time and a lot going on within the private credit space, both in the public and private BDCs. And as always, the entire team is available for any questions that you may have to follow up with. Thank you.

沒有其他補充，僅想感謝各位今天的參與。我知道這是一段非常忙碌的期間，而且私募信貸領域有很多事情在發生，無論是公開或私募的 BDC 都是如此。一如既往，若各位有任何後續問題，整個團隊都隨時可以提供協助。謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會。各位現在可以斷線。