Trinity Capital Inc (TRIN) 2023 Q2 法說會逐字稿

Good afternoon. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's Second Quarter 2023 Earnings Conference Call.

午安.我叫切爾西，今天我將擔任你們的會議操作員。在此，我歡迎大家參加三一資本2023年第二季財報電話會議。

Our host for today's call are Steve Brown, Chairman and Chief Executive Officer; Kyle Brown, President and Chief Investment Officer; David Lund, Chief Financial Officer; Michael Testa, Chief Accounting Officer; and Ben Malcolmson, Director of Investor Relations. Gerry Harder, Chief Operating Officer; Ron Kundich, Chief Credit Officer; and Sarah Stanton, Chief Compliance Officer and General Counsel, are also present.

今天電話會議的主持人是董事長兼執行長史蒂夫布朗 (Steve Brown)；凱爾·布朗，總裁兼首席投資長；大衛隆德，財務長；麥可‧泰斯塔，首席會計官；和投資者關係總監 Ben Malcolmson。格里·哈德，營運長； Ron Kundich，首席信貸官；首席合規官兼總法律顧問 Sarah Stanton 也出席了會議。

Today's call is being recorded and will be made available for replay at 3:00 p.m. Eastern Time. The replay dial number is 800-839-5490 and no conference ID is required for access. (Operator Instructions) It is now my pleasure to turn the call over to Ben Malcolmson. Please go ahead.

今天的通話正在錄音中，並將於下午 3:00 重播。東部時間。重播號碼為800-839-5490，無需會議ID即可存取。 （接線員指示）現在我很高興將電話轉給本·馬爾科姆森。請繼續。

Thank you, Chelsea, and welcome, everyone, to Trinity Capital's Earnings Conference Call for the Second Quarter of 2023. Trinity's second quarter financial results were released earlier this morning and can be accessed from Trinity's Investor Relations website at ir.trinitycap.com. A replay of the call will be available on Trinity's website or by using the telephone number provided in today's earnings release.

謝謝切爾西，歡迎大家參加 Trinity Capital 2023 年第二季度收益電話會議。Trinity 第二季度財務業績於今天上午早些時候發布，可透過 Trinity 投資者關係網站 ir.trinitycap.com 訪問。電話會議的重播將在 Trinity 的網站上進行，或透過今天的財報中提供的電話號碼進行重播。

Before we begin, I would like to remind everyone that certain statements that are not based on historical facts made during this call, including any statements relating to financial guidance, may be deemed forward-looking statements under federal securities laws. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by those forward-looking statements. We encourage you to refer to our most recent SEC filings for information on some of these risk factors.

在我們開始之前，我想提醒大家，本次電話會議期間做出的某些並非基於歷史事實的陳述，包括任何與財務指導相關的陳述，根據聯邦證券法可能被視為前瞻性陳述。由於這些前瞻性陳述涉及已知和未知的風險和不確定性，因此存在一些重要因素可能導致實際結果與這些前瞻性陳述明示或暗示的結果有重大差異。我們鼓勵您參考我們最近向 SEC 提交的文件，以了解有關其中一些風險因素的資訊。

Trinity Capital assumes no obligation or responsibility to update any forward-looking statements. Please note that the information reported on this call speaks only as of today, August 2, 2023. Therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading.

Trinity Capital 不承擔更新任何前瞻性陳述的義務或責任。請注意，本次電話會議中報告的資訊僅截至今天（2023 年 8 月 2 日）。因此，請注意，時間敏感的資訊在任何重播收聽或文字記錄閱讀時可能不再準確。

Now please allow me to introduce Trinity Capital's Chairman and CEO, Steve Brown.

現在請容許我介紹Trinity Capital的董事長兼執行長史蒂夫布朗。

Thank you, Ben, and thank you to everyone joining us today. We finished the first half of the year with a strong operating performance and we are pleased with the results achieved in the second quarter with the most notable highlights, including growth in our net asset value, a 41% year-over-year improvement in net investment income and the increase in our regular dividend for the tenth consecutive quarter.

謝謝你，本，也謝謝今天加入我們的所有人。我們以強勁的經營業績結束了上半年，我們對第二季度取得的業績感到滿意，其中最引人注目的亮點包括我們的淨資產值增長，淨資產同比增長41%投資收入以及我們的定期股息連續第十個季度增加。

Digging a bit further into our highlights in Q2, NAV increased by $0.08 to $13.15 per share. Due in part to the stability of our portfolio, out earning our distributions and accretive stock issuances under our ATM program. We believe our consistent track record of delivering solid returns combined with a portfolio that is proving resilient even in a disrupted market is leading to a stable NAV.

進一步挖掘我們在第二季的亮點，資產淨值增加了 0.08 美元，達到每股 13.15 美元。部分原因是我們投資組合的穩定性，我們可以根據 ATM 計劃賺取分配和增值股票發行。我們相信，我們一貫提供穩健回報的記錄，加上即使在混亂的市場中也表現出彈性的投資組合，正在帶來穩定的資產淨值。

Second quarter net investment income was $22.1 million or NII per share of $0.61, providing a 127% coverage on our regular dividend. Last month, we increased our quarterly regular dividend to $0.48 per share, furthering Trinity's consistent track record of increasing our dividend since our IPO. We also announced a supplemental dividend of $0.05 per share to comply with tax regulations. We will further evaluate our tax position in Q3 and determine if additional supplemental dividends are required.

第二季淨投資收益為 2,210 萬美元，或每股 NII 為 0.61 美元，為我們的定期股息提供了 127% 的覆蓋率。上個月，我們將季度定期股息提高至每股 0.48 美元，進一步鞏固了 Trinity 自 IPO 以來增加股息的一貫記錄。我們也宣布派發每股 0.05 美元的補充股息，以符合稅務法規。我們將進一步評估第三季的稅務狀況，並確定是否需要額外的補充股利。

We continue to outearn our regular dividend and in addition to the undistributed income from 2022, we are always looking for new ways to strategically invest in our platform to provide greater returns for our shareholders. We look forward to providing more updates on this front in the quarters to come.

我們繼續賺取超過定期股息的收入，除了2022年的未分配收入外，我們一直在尋找新的方式對我們的平台進行策略性投資，為股東提供更大的回報。我們期待在未來幾季提供這方面的更多更新。

Our focus continues to be on execution as we build a business that serves our customers with uncommon care and delivers accretive value to our shareholders. I'll now turn the call over to our President and Chief Investment Officer, Kyle Brown, who will dive deeper into Trinity's competitive positioning, reviewing our growing platform and provide a portfolio update. Kyle?

我們的重點仍然是執行力，因為我們建立了一家以非凡的關懷服務客戶並為股東創造增值價值的企業。我現在將把電話轉給我們的總裁兼首席投資官凱爾·布朗 (Kyle Brown)，他將更深入地探討 Trinity 的競爭定位，審查我們不斷發展的平台並提供投資組合更新。凱爾？

Great. Thanks, Steve. Looking at the macro environment, the VC industry is finding solid footing as the disruption caused by the recent banking crisis continues to be absorbed by the financial community. Venture capital dry powder in the U.S. remains at record levels with experts estimating there's more than $0.5 trillion of capital ready to be deployed.

偉大的。謝謝，史蒂夫。從宏觀環境來看，隨著最近銀行業危機造成的破壞繼續被金融界吸收，創投業正在找到堅實的基礎。美國的創投乾粉仍處於創紀錄水平，專家估計有超過 5 兆美元的資本可供部署。

In the second quarter, total VC industry investments were $40 billion, which is higher than pre-2021 investment levels. We're seeing the companies with the right team, technology and market continue to receive financing, albeit many at lower valuations. Even though we prefer that our portfolio of companies receive higher valuations, equity support at any valuation is an overall positive for Trinity and its portfolio.

第二季度，創投產業投資總額為 400 億美元，高於 2021 年前的投資水準。我們看到擁有合適團隊、技術和市場的公司繼續獲得融資，儘管許多公司的估值較低。儘管我們希望我們的公司投資組合獲得更高的估值，但任何估值的股權支持對聖三一及其投資組合來說總體上都是積極的。

As a proof point, year-to-date, 30 of our portfolio companies have received more than $1.4 billion of new equity fundings. Net financing such as Trinity's provides a crucial solution to the current market for venture-backed companies that want to continue to fund growth without major dilution.

作為一個證明，今年迄今為止，我們的 30 家投資組合公司已獲得超過 14 億美元的新股權融資。對於希望在不大幅稀釋的情況下繼續為成長提供資金的風險投資支持的公司而言，諸如 Trinity 之類的淨融資為當前市場提供了至關重要的解決方案。

The evolving competitive landscape has been a real favorable for Trinity, with volatility in the banking industry creating outsized opportunities for nonbank solutions like us. We're seeing more opportunities at the top of the pipeline, but a smaller percentage of deals are being approved as we remain vigilant in adhering to our proven underwriting process. We are committed to continuing to execute the rigorous diligence process that is foundational to our business model.

不斷變化的競爭格局對 Trinity 來說是真正有利的，銀行業的波動為像我們這樣的非銀行解決方案創造了巨大的機會。我們在管道頂部看到了更多機會，但由於我們對遵守經過驗證的承銷流程保持警惕，因此獲得批准的交易比例較小。我們致力於繼續執行嚴格的盡職調查流程，這是我們業務模式的基礎。

We've had a very exciting first half of the year. And as part of our growth strategy, we announced several important updates in the second quarter, including many new items surrounding our life science vertical. We believe that the life science industry holds immense potential for growth as we continue to make investments to capitalize on the opportunities we see in this sector.

我們度過了非常令人興奮的上半年。作為我們成長策略的一部分，我們在第二季宣布了幾項重要更新，包括圍繞我們的生命科學垂直領域的許多新項目。我們相信，生命科學產業擁有巨大的成長潛力，因為我們將繼續進行投資，以利用我們在該行業看到的機會。

In early 2022, Trinity brought on Rob Lake, a seasoned professional with more than 2 decades of experience as Senior Managing Director to spearhead our growth efforts in the Life Science sector. Since then, the proportion of our assets under management dedicated life science investments has continued to grow, with a portfolio now totaling over $100 million.

2022 年初，Trinity 聘請了 Rob Lake，一位擁有 20 多年高級董事總經理經驗的經驗豐富的專業人士，以帶頭推動我們在生命科學領域的發展。從那時起，我們管理的專門生命科學投資資產的比例持續成長，目前投資組合總額已超過 1 億美元。

This quarter, we added to the team with the appointment of Igor Dacruz as Managing Director, who brings more than 12 years of experience in the industry. We also announced a new office location in San Diego designed to support the company's ongoing expansion in the sector, a city known for its disruptive research and innovation, the strategic hub now places Trinity at the heart of major life science hub.

本季度，我們任命 Igor Dacruz 為董事總經理，增加了團隊成員，他擁有超過 12 年的行業經驗。我們也宣佈在聖地牙哥設立一個新的辦公地點，旨在支持公司在該領域的持續擴張，這座城市以其顛覆性研究和創新而聞名，該戰略中心現在將Trinity 置於主要生命科學中心的核心位置。

Additionally, we're expanding our tech lending platform's presence on the East Coast with the addition of Andrew Ghannam as Managing Director based in Manhattan. Andrew brings more than a decade of experience lending to venture-backed technology companies with $31 billion of Venture Capital investment last year. New York is a key market for Trinity for a go-forward basis. We're building a unique internally managed BDC platform and executing initiatives that support our ability to grow and deploy capital both on and off balance sheet.

此外，我們還任命安德魯·加南 (Andrew Ghannam) 擔任曼哈頓常務董事，擴大我們在東海岸的科技貸款平台業務。 Andrew 擁有十多年向創投支持的科技公司提供貸款的經驗，去年創投投資額達 310 億美元。紐約是 Trinity 未來發展的關鍵市場。我們正在建立一個獨特的內部管理 BDC 平台並執行舉措，以支持我們成長和部署資產負債表內外資本的能力。

In the second quarter, we continued to realize the benefits of our direct lending joint venture and expanded our lending capacity with the addition of the credit facility with KeyBank. This off-balance sheet growth provides incremental returns that flow to our shareholders. During the second quarter, we added $0.02 per share to our net investment income from our joint venture fees, and that's just the beginning. We intend to significantly ramp up our off-balance sheet activity and deployment and assets under management.

第二季度，我們繼續實現直接貸款合資企業的效益，並透過增加與 KeyBank 的信貸安排擴大了我們的貸款能力。這種表外成長為我們的股東提供了增量回報。第二季度，我們從合資企業費用中增加了每股 0.02 美元的淨投資收入，而這只是開始。我們打算大幅增加我們的表外活動、部署和管理資產。

Trinity's newly formed RIA has also engaged with several potential investment partners, and we expect to have more to announce on that strategy over the next several quarters. Gross fundings in Q2 were approximately $155 million. The proceeds received from repayments and the company's debt investments during Q2 totaled approximately $104 million. The composition of our portfolio remains consistent with prior quarters and shows diversification across 19 different industries. We have intentionally constructed a portfolio with varied industry segmentation with our largest industry exposure, representing only 12% of the portfolio at cost.

Trinity 新成立的 RIA 也與幾個潛在的投資合作夥伴進行了接觸，我們預計在未來幾季將公佈更多有關該策略的資訊。第二季的融資總額約為 1.55 億美元。第二季從還款和公司債務投資中收到的收益總計約 1.04 億美元。我們的投資組合組成與前幾季保持一致，並顯示出 19 個不同行業的多元化。我們有意建立了一個具有不同行業細分的投資組合，其中我們的行業敞口最大，按成本計算僅佔投資組合的 12%。

Additionally, our pipeline is robust. We finished the quarter with $345 million of unfunded commitments, all of which are subject to milestones, ongoing diligence and approval by our investment committee. In addition, we had signed term sheets in the quarter of $157 million at the end of Q2. As we look to the second half of the year, we believe companies will continue to seek alternative lending solutions. We intend to be the go-to solution and lender for growth-stage companies providing all financing solutions with the exception of the inexpensive receivable financing that they can get from banks.

此外，我們的管道很強大。本季結束時，我們有 3.45 億美元的無資金承諾，所有這些都取決於里程碑、持續的盡職調查以及我們投資委員會的批准。此外，我們在第二季末簽署了 1.57 億美元的條款清單。展望今年下半年，我們相信企業將繼續尋求替代貸款解決方案。我們打算成為成長階段公司的首選解決方案和貸款人，提供所有融資解決方案，但他們可以從銀行獲得廉價的應收帳款融資除外。

Our team has built an attractive platform to support the needs of growth stage companies and the unique partnerships we maintain with current and prospective portfolio companies is unmatched. We are well positioned to continue to profitably grow this business. As we increase our off-balance sheet activity, we will see new ways to improve returns for our shareholders. As an internally managed BDC, we are focused on return on equity and delivering a steady dividend to our shareholders. We've been really consistent with that messaging from day 1.

我們的團隊建立了一個有吸引力的平台來支持成長階段公司的需求，我們與當前和未來的投資組合公司保持的獨特合作關係是無與倫比的。我們處於有利地位，可以繼續實現這項業務的獲利成長。隨著我們增加表外活動，我們將找到提高股東回報的新方法。作為內部管理的 BDC，我們專注於股本回報率並為股東提供穩定的股息。從第一天起，我們就一直貫徹這個訊息。

Our efforts on and off balance sheet are to generate outsized ROE for our shareholders. Trinity will continue to seek opportunities to further diversify our capital base with access to both public and private markets as we drive value for our shareholders.

我們在資產負債表內外的努力是為股東創造超額的淨資產收益率。 Trinity 將繼續尋求機會，透過進入公共和私人市場進一步實現資本基礎多元化，為股東創造價值。

Our CFO, David Lund, will now discuss our operating performance in more detail. David?

我們的財務長 David Lund 現在將更詳細地討論我們的營運表現。大衛？

Thank you, Kyle, and welcome to everyone joining us today. As you saw in our earnings release issued this morning, in the first half of the year, we maintained a flexible balance sheet and generated strong operational performance. In Q2, we recorded total investment income of $46 million, a 37.6% increase over the same period in 2022. This increase was attributable to interest earned on the higher average loan balances in our debt investment portfolio, the benefit of increases in the prime rate since Q2 of '22 and OID acceleration.

謝謝你，凱爾，歡迎大家今天加入我們。正如您在今天早上發布的財報中看到的那樣，今年上半年，我們保持了靈活的資產負債表並產生了強勁的營運表現。第二季度，我們的總投資收入為4,600 萬美元，比2022 年同期成長37.6%。這一增長歸因於我們的債務投資組合中平均貸款餘額較高所賺取的利息，以及優惠利率上漲的好處自 22 年第二季以來，OID 加速。

Our effective yield on the portfolio for Q2 was 16.2% compared to 15% in the first quarter. Our core yield, which excludes nonrecurring fee income increased to 14.8% from 14.3% in the prior quarter. This yield growth has contributed to our solid NII performance in the quarter.

我們第二季投資組合的有效收益率為 16.2%，而第一季為 15%。我們的核心收益率（不包括非經常性費用收入）從上一季的 14.3% 上升至 14.8%。這種收益率成長為我們本季穩健的 NII 業績做出了貢獻。

Our debt portfolio remains well positioned against the recent interest rate hikes with 72% of our debt investments at floating rates. While on the borrowing side, 35% of our outstanding debt at the end of the second quarter was at a variable silver rate, contributing to a solid net interest margin or NIM of 12.1% for the quarter.

我們的債務投資組合在近期升息的影響下仍然處於有利地位，72% 的債務投資採用浮動利率。在藉款方面，第二季末我們 35% 的未償債務採用可變白銀利率，為本季帶來了 12.1% 的穩健淨利差或淨利差。

Total operating expenses, including interest expense, were $22.9 million in the second quarter compared to $17.7 million in the comparable period in the prior year. The increase was primarily related to higher interest expense on higher debt outstanding and a higher weighted average cost of debt.

第二季的總營運費用（包括利息費用）為 2,290 萬美元，而去年同期為 1,770 萬美元。這一增長主要與未償債務增加和加權平均債務成本增加導致的利息支出增加有關。

Net investment income for the second quarter was $22.1 million or $0.61 per basic share, an increase of 41% compared to $15.7 million or $0.51 per basic share in the same period of the prior year. We recorded unrealized appreciation of $24.4 million and realized losses of $26.6 million. This investment activity was primarily related to the flip of (inaudible) that was written down in prior quarters and became a realized loss in the current quarter.

第二季淨投資收益為 2,210 萬美元，即每股基本股 0.61 美元，較上年同期的 1,570 萬美元，即每股基本股 0.51 美元成長 41%。我們記錄的未實現升值為 2,440 萬美元，已實現損失為 2,660 萬美元。這項投資活動主要與前幾季減記並在本季實現的虧損（聽不清楚）的翻轉有關。

Our operating activities generated strong returns for our shareholders with ROAE based on NII over average equity of 18.4% and ROAA based on NII over average total assets of 7.6%. Lastly, as of June 30, 2023, a NAV increased 2.6% to $482 million and NAV per share increased to $13.15 compared to $13.07 in Q1. Increase in NAV per share was primarily the result of net investment income that exceeded the company's declared dividend and accretive ATM activity.

我們的經營活動為股東帶來了豐厚的回報，ROAE 基於 NII 超過平均股本 18.4%，ROAA 基於 NII 超過平均總資產 7.6%。最後，截至 2023 年 6 月 30 日，淨值成長 2.6%，達到 4.82 億美元，每股資產淨值從第一季的 13.07 美元增至 13.15 美元。每股資產淨值的增加主要是由於淨投資收入超過了公司宣布的股息和增值的 ATM 活動。

I will now hand the call over to Mike Testa, our Chief Accounting Officer, who will discuss our credit performance, liquidity and capital allocation.

我現在將把電話轉交給我們的首席會計官邁克·泰斯塔 (Mike Testa)，他將討論我們的信用表現、流動性和資本配置。

Thanks, Dave. The credit quality of our portfolio remains strong and stable with approximately 98% of our portfolio performing at fair value. Our average internal credit rating for the second quarter stood at 2.8% based on our 1 to 5 rating system with 5 indicating very strong performance. This rating is in line with our average credit rating of 2.8% in Q1.

謝謝，戴夫。我們投資組合的信用品質保持強勁且穩定，約 98% 的投資組合以公允價值表現。根據我們的 1 至 5 評級系統，我們第二季的平均內部信用評級為 2.8%，其中 5 表示表現非常強勁。該評級與我們第一季 2.8% 的平均信用評級一致。

When you look at historical loss rates, Trinity has been consistent over its 15-year history. And when factoring realized gains from warrant and equity positions, loss rates are a net positive. We take a proactive approach to managing our portfolio to mitigate risk. Trinity's dedicated portfolio management team monitors our investments on a day-to-day basis, regularly communicates with all our portfolio companies and participate in our core evaluation process. We currently have 3 portfolio companies on nonaccrual, a decrease from prior quarter. The total fair value of these investments were approximately $22.5 million, representing just 2% of the total debt portfolio.

從歷史損失率來看，Trinity 在其 15 年的歷史中一直保持穩定。當考慮認股權證和股票部位的已實現收益時，損失率是淨正值。我們採取積極主動的方法來管理我們的投資組合以降低風險。 Trinity 的專業投資組合管理團隊每天監控我們的投資，定期與我們所有的投資組合公司溝通並參與我們的核心評估流程。目前，我們有 3 家投資組合公司採用非應計利息，較上一季減少。這些投資的公允價值總額約為 2,250 萬美元，僅佔債務組合總額的 2%。

Moving to liquidity. As of June 30, 2023, we had total liquidity of approximately $130 million, comprised of approximately $118 million of undrawn capacity under our credit facility and $12 million in unrestricted cash and cash equivalents. Additionally, we continue to co-invest with our joint venture, which provides additional investment liquidity and as of Q2 had $100 million of assets under management.

轉向流動性。截至 2023 年 6 月 30 日，我們的流動資金總額約為 1.3 億美元，其中包括信貸安排下約 1.18 億美元的未提取能力以及 1,200 萬美元的無限制現金和現金等價物。此外，我們繼續與我們的合資企業共同投資，該合資企業提供了額外的投資流動性，截至第二季度管理著 1 億美元的資產。

During the quarter, we expanded our liquidity through the JV with execution of a $75 million credit facility with KeyBank, bringing the total investment capacity through the joint venture to $226 million. Our net leverage ratio, which represents principal debt outstanding less cash on hand, increased slightly to 1.35x this quarter as a result of net portfolio growth. Subsequent to June 30, Trinity received early loan repayments of $69 million, thereby reducing our debt-to-equity ratio significantly.

本季度，我們透過合資企業擴大了流動性，與 KeyBank 執行了 7,500 萬美元的信貸安排，使合資企業的總投資能力達到 2.26 億美元。由於投資組合淨成長，本季我們的淨槓桿率（即未償還本金債務減去手頭現金）小幅上升至 1.35 倍。 6 月 30 日之後，Trinity 收到了 6,900 萬美元的提前償還貸款，從而顯著降低了我們的債務股本比率。

As of June 30, 2023, total debt principal outstanding was $664.5 million and had a weighted average cost of debt of 7.2%, up slightly from the first quarter due to higher base rates on our credit facility. With the majority of our investment portfolio and floating rate investments in the majority of our corporate debt at fixed rates, we are well positioned in a rising rate environment. We also utilized our ATM offering program during the quarter, raising approximately $10 million in gross proceeds, further supporting the long-term growth of Trinity.

截至 2023 年 6 月 30 日，未償債務本金總額為 6.645 億美元，加權平均債務成本為 7.2%，由於我們信貸安排的基本利率較高，較第一季略有上升。由於我們大部分的投資組合和大部分公司債務的浮動利率投資均為固定利率，因此我們在利率上升的環境中處於有利地位。本季我們也利用了 ATM 發行計劃，籌集了約 1,000 萬美元的總收益，進一步支持了 Trinity 的長期成長。

We are focused on our capital structure and balance sheet, especially with the successful execution of the joint venture and potential investment partner discussions on the ROAA. These vehicles provide accretive earnings to our -- to the BDC, while providing additional liquidity to the platform.

我們專注於我們的資本結構和資產負債表，特別是成功執行合資企業和潛在投資夥伴關於 ROAA 的討論。這些工具為我們的 BDC 提供了增值收益，同時為平台提供了額外的流動性。

And with that, I'll now open the line up for questions. Operator?

接下來，我將開始提問。操作員？

(Operator Instructions) Our first question will come from Finian O'Shea with Wells Fargo Securities.

（操作員說明）我們的第一個問題將來自富國銀行證券公司的 Finian O'Shea。

A question on Life Sciences. Is there experience at the CIO level? And if not, how does the investment committee sort of organize around those opportunities brought by the LifeSci deal teams?

關於生命科學的問題。有CIO等級的經驗嗎？如果沒有，投資委員會如何圍繞 LifeSci 交易團隊帶來的機會進行組織？

Finian, we are starting that business and have kicked off the majority of that portfolio is really focused on commercialized products and execution risk, which is what we're very familiar with. So first and foremost, the portfolios, it's not going to be filled with a lot of biotech deals. A lot of FDA approved and we're really kind of focused on a company that's ramping up production and sales. So that's the first thing. And then Gerry, you can pick up there.

菲尼安，我們正在開始這項業務，並且已經啟動了大部分投資組合，真正專注於商業化產品和執行風險，這是我們非常熟悉的。因此，首先也是最重要的是，投資組合不會充滿大量生技交易。 FDA 批准了許多產品，我們確實關注的是一家正在提高生產和銷售的公司。這是第一件事。然後格里，你可以去那裡接。

Yes. I mean, Kyle referenced it in his prepared remarks. Rob Lake, who is running that vertical market for us as 20-plus years of experience with different organizations, sourcing and underwriting and managing these types of companies. We're obviously going to be expanding our credit team there as we grow that team. But as Kyle said, we're starting out with that same sort of execution risk that we historically take with our tech lending practice.

是的。我的意思是，凱爾在他準備好的演講中提到了這一點。 Rob Lake 負責為我們經營這個垂直市場，他在不同組織、採購、承銷和管理這類公司方面擁有 20 多年的經驗。顯然，隨著我們隊伍的壯大，我們將在那裡擴大我們的信貸團隊。但正如凱爾所說，我們一開始就面臨著與科技貸款實務歷史上相同的執行風險。

That's helpful. And just a follow-up on the joint venture. It looks like the partner took on something close to its 40% allocation this quarter on origination. Does that mean a quarter like this, would it be unprofitable for the BDC after you account for your G&A compensation and so forth.

這很有幫助。這只是合資企業的後續行動。看起來該合作夥伴在本季度的發起時承擔了接近 40% 的分配。這是否意味著像這樣的季度，在考慮了 G&A 補償等因素後，BDC 是否會無利可圖？

Yes. Fin, this is Mike. I just want to point out. What we do have? You'll see some actually benefit in the quarter where there's a quite a bit more JV sales given how the fee structure is set up at the joint venture with a lot of that 100 basis points of (inaudible). So you'll see that come through and you saw in this quarter in the results about $700,000 of fee income from the joint venture, which helps to offset that portfolio's -- the sales to the JV and the income from those positions.

是的。芬，這是麥克。我只想指出。我們有什麼？您會在本季看到一些實際收益，考慮到合資企業的費用結構是如何設定的，其中有很多 100 個基點（聽不清楚），合資企業的銷售額會增加很多。所以你會看到這一點得到實現，你會在本季度的業績中看到來自合資企業的約700,000 美元的費用收入，這有助於抵消該投資組合——對合資企業的銷售和這些職位的收入。

It's all incremental, though. I think it's...

不過，這一切都是漸進的。我想這是...

Yes. I mean it's all incremental to the BDC. The other thing I would say, Fin, is the sale to a JV is going to lag our funding by about 45 days in general. And so looking at the cohort of what we add to the portfolio at the BDC level in any given quarter and looking with the JV adds, it's time shifted by about half a quarter. So just something to be cognizant of as you're modeling.

是的。我的意思是，這一切都是 BDC 的增量。 Fin，我要說的另一件事是，出售給合資企業將比我們的融資晚大約 45 天。因此，請看看我們在任何給定季度在 BDC 級別添加到投資組合中的隊列，並查看合資企業的添加，時間會偏移大約半個季度。因此，在建模時需要注意一些事情。

Our next question will come from Bryce Rowe with B. Riley.

我們的下一個問題將由 Bryce Rowe 和 B. Riley 提出。

I wanted to ask about just growth of the platform and any commentary you can add on taking advantage of hiring opportunities, et cetera, that you've seen from fall out in Silicon Valley? I mean it looked like you had the employee count or at least the professional account goes from 55 to 61 quarter-over-quarter. And so again, is that tied to what you've seen here in the first half of the year? Or was that planned?

我想問一下平台的發展情況，以及您對利用招聘機會等您在矽谷的爭吵中看到的任何評論？我的意思是，看起來您的員工人數或至少專業帳戶數量從 55 人增加到 61 人。再說一遍，這與您今年上半年在這裡看到的情況有關嗎？還是這是計劃好的？

So we've been really opportunistic with a lot of volatility in the banking space. We have decades of experience working with seasoned veterans, and we took a bit of a sniper approach to -- and for talent, and we're really excited to talk about some of the people that we've added to the team who are bringing their network and incredible knowledge and value. And we expect you'll see some more announcements in the future about that as well.

因此，我們一直在銀行業領域的巨大波動中採取機會主義態度。我們擁有數十年與經驗豐富的退伍軍人合作的經驗，我們對人才採取了一點狙擊方法，我們很高興談論我們已添加到團隊中的一些人，他們正在帶來他們的網絡以及令人難以置信的知識和價值。我們預計您將來還會看到更多相關公告。

Okay. That's helpful. And then maybe a related question. Just around appetite for equity raises, especially considering the stock being up as much as it is year-to-date, and now with a nice premium over NAV and obvious opportunities to build out the platform. Just kind of curious what your appetite might be above and beyond using the ATM from an equity perspective?

好的。這很有幫助。然後也許是一個相關的問題。正好對股權融資感興趣，特別是考慮到該股今年迄今的漲幅，而且現在比資產淨值有很大的溢價，並且有明顯的建立平台的機會。只是有點好奇，從股權角度來看，除了使用 ATM 機之外，您還有什麼興趣？

So we are really focused on building the platform, both on and off balance sheet to the extent that it's accretive and good for investors. We've proven that from day 1 when we raise equity, we put to work and we out our -- and we just -- we're going to continue doing that. And so what the off-balance sheet business does, both on the JV and the RIA, it really gives us the ability to grow and make sure that any time we do grow, it's accretive and good for investors. So we're going to be opportunistic. And we're excited to see some of the positive momentum. But again, we're -- as an internally managed BDC, we're just really hyper focused on ROE.

因此，我們真正專注於建立資產負債表內外的平台，使其能夠增值並為投資者帶來好處。我們已經證明，從籌集股本的第一天起，我們就投入工作，我們將繼續這樣做。因此，無論是在合資企業還是在 RIA 中，表外業務確實使我們有能力實現成長，並確保任何時候我們的成長都能為投資者帶來增值和好處。所以我們會採取機會主義的態度。我們很高興看到一些積極的勢頭。但同樣，作為內部管理的 BDC，我們非常關注 ROE。

Our next question will come from Christopher Nolan with Ladenburg Thalmann.

我們的下一個問題將由克里斯多福諾蘭和拉登堡塔爾曼提出。

Three quick questions. Any change in terms of your leverage limit or threshold, which sort of follows on Bryce's question, given your leverage levels are sort of high?

三個簡單的問題。考慮到您的槓桿水平有點高，您的槓桿限製或閾值是否有任何變化（這符合佈萊斯的問題）？

Chris, it's Mike. Yes, as I mentioned in my prepared remarks, we were slightly above the top end of the range. But when you take into account the cash on hand, we're right there. And as I mentioned also, we have some significant payoffs that pushed from June to July. So that does help. And at the point in time, yes, we are at the high end of the range. But yes, I think with the JV having that liquidity, those sales also will help. And again, another quarter of low repayments and portfolio growth that's driving that number.

克里斯，是麥克。是的，正如我在準備好的發言中提到的，我們略高於範圍的上限。但當你考慮到手頭上的現金時，我們就在那裡。正如我也提到的，從 6 月到 7 月，我們取得了一些重大回報。所以這確實有幫助。是的，在當時，我們正處於該範圍的高端。但是，是的，我認為合資企業擁有流動性，這些銷售也會有所幫助。又一個季度的低還款額和投資組合成長推動了這個數字。

We're honed in on making sure that NII is up and the right dividend is up into the right, and our off-balance sheet activity there helps us really manage that debt to equity.

我們致力於確保 NII 上升，正確的股息上升，而我們的表外活動有助於我們真正管理債務轉股本。

Great. And I didn't see was the increase in compensation related to the amortization of restricted stock grants.

偉大的。我沒有看到與限制性股票授予的攤銷相關的薪酬增加。

That's right. Yes. This was a full quarter of that.

這是正確的。是的。這是其中的整整四分之一。

Final question, big picture. In today's Wall Street Journal, there's an article talking about private equity and hedge funds braced for coming SEC overhaul. Does that touch the BDC sector at all?

最後一個問題，大局觀。今天的《華爾街日報》上有一篇文章談論私募股權和對沖基金為即將到來的 SEC 改革做好準備。這是否觸及 BDC 部門？

I don't know the article that you're referencing. So I couldn't speak to it. But we -- big picture, we are seeing a lot of opportunities for growth, nonbank solutions, banks lending less and looking to alternative solutions, and we intend to be that solution.

我不知道你引用的文章。所以我無法對它說話。但從大局來看，我們看到了許多成長機會、非銀行解決方案、銀行減少貸款並尋求替代解決方案，我們打算成為這種解決方案。

Our next question will come from Casey Alexander with Compass Point.

我們的下一個問題將來自 Compass Point 的 Casey Alexander。

There seems to be kind of a mix shift in the portfolio from with a higher percentage of secured loans and a lower percentage of equipment finance making up the portfolio. So I'm just wondering, as rates have risen, have those who are seeking to finance equipment found more competitive solutions and maybe the mandates that you're seeing for equipment finance have declined some simply because they're a fully collateralized loan solution and perhaps there's more competition in that sleeve?

投資組合似乎出現了某種混合轉變，即擔保貸款的比例較高，而設備融資的比例較低。所以我只是想知道，隨著利率的上升，那些尋求設備融資的人是否找到了更具競爭力的解決方案，也許您所看到的設備融資的要求有所下降，僅僅是因為它們是完全抵押的貸款解決方案，也許那個袖子裡有更多的競爭？

So 21% of the portfolio is equipment. That's consistent year-over-year. Deployment-wise, that might just be a lag in some fundings. But I think we're actually going to stay really consistent with the idea that equipment is somewhere around 1/4 of our deployment and we'll continue to be -- and we have the ability to grow that business. The other part of that question?

因此，設備佔投資組合的 21%。這是逐年一致的。從部署角度來看，這可能只是某些資金的滯後。但我認為我們實際上將始終堅持這樣的理念：設備占我們部署的 1/4 左右，而且我們將繼續如此——而且我們有能力發展該業務。這個問題的另一部分？

Yes. I think, Casey, as we add the life sciences business, right? It's becoming more relevant at over $100 million. And so those are going to be loans. And so if you look at the historical mix of equipment versus term loans, it used to be equipment financing and tech lending. Now it's equipment financing, tech lending and life sciences lending, right? So I do think if you look across historical numbers, you might see what looks like a shift in less equipment. But I think it's just more opportunity in new areas where we were growing.

是的。我想，凱西，當我們增加生命科學業務時，對吧？它的價值超過 1 億美元，變得更加重要。所以這些將是貸款。因此，如果你看一下設備與定期貸款的歷史組合，你會發現它曾經是設備融資和技術貸款。現在是設備融資、技術貸款和生命科學貸款，對嗎？因此，我確實認為，如果您查看歷史數據，您可能會發現設備數量減少。但我認為這只是我們發展的新領域有更多機會。

Hence, there being a shift.

因此，出現了轉變。

There's a difference between a shift between existing business units and a change in denominator due to adding business units. So I disagree with that.

現有業務部門之間的轉變與由於添加業務部門而導致的分母變化之間存在差異。所以我不同意這一點。

Yes. All right. The -- any further color on the payoffs that shifted from June to July? And can you help us with how much we might be seeing in terms of payoffs in the third quarter? Because the last 2 quarters obviously have been some of the lowest that you've ever had in history.

是的。好的。從 6 月到 7 月的回報還有進一步的改變嗎？您能否幫助我們了解第三季我們可能會看到多少回報？因為過去兩個季度顯然是史上最低的季度。

Yes, for sure. The last 3, as a matter of fact, I think going back to Q4 of '22. So as Mike mentioned, we got $69 million in early repayments in July that was 3 credits. And I don't know that I would read a broader trend into that in terms of more of that within the quarter. In general, we are seeing a bit more activity in the marketplace. So I think clearly, even with that July result, we're coming off those historical ways. But I wouldn't declare it open season yet. It was just idiosyncratic that we got those 3 within July.

是肯定的。事實上，最後 3 個，我想可以追溯到 22 年的第四季。正如麥克所提到的，我們在 7 月提前還款了 6,900 萬美元，相當於 3 個學分。我不知道我是否會從本季內更多的角度來解讀更廣泛的趨勢。總的來說，我們看到市場上的活動增加。所以我清楚地認為，即使有了 7 月的結果，我們也正在擺脫那些歷史性的方式。但我還不會宣布它為開放賽季。我們在 7 月就拿到了這 3 個，這真是很奇怪。

Last question, unless I missed it. Any reason that you didn't give the details of the ATM program in the quarter in the press release?

最後一個問題，除非我錯過了。您為何沒有在新聞稿中提供本季 ATM 計劃的詳細資訊？

No, there should have been $10 million of gross proceeds that we see from ATM. So we did tap that on pace this quarter.

不，我們從 ATM 看到的總收益應該是 1000 萬美元。因此，我們本季確實加快了這一步伐。

Yes. Okay. Just it would be helpful if you threw that into future quarters.

是的。好的。如果您將其投入到未來的幾個季度中，將會有所幫助。

Our next question will come from Ryan Lynch with KBW.

我們的下一個問題將來自 KBW 的 Ryan Lynch。

First question I had, the roughly $700,000 in fee income from the JV. You have a rough breakdown of what percentage of that was structuring fees versus loan servicing fees? And I'm just also trying to get a sense of if this JV kind of ramps to roughly the max capacity over whatever time frame that takes, what sort of level of fee income do you think the JV can generate once fully ramped?

我的第一個問題是，合資企業的費用收入約為 70 萬美元。您粗略地了解了結構費與貸款服務費的百分比是多少？我還想了解這種合資企業是否會在任何時間範圍內大致達到最大容量，您認為合資企業一旦完全提高可以產生什麼樣的費用收入水平？

Yes. I mean I think this benefit -- you saw the benefit this quarter mostly in origination fee, I think of $600 000 of that $700,000. And as this stage, as it's ramping, you see more sales, that will probably continue for the next couple of quarters until it's fully deployed. And then you'll see more on the AUM and management base, administrative base fee component and then you'll see, again, start to see our dividends. But as well, we have our debt investment that is -- has the current coupon associated with it and is also pulling in income from the JV (inaudible).

是的。我的意思是，我認為這個好處 - 你在本季度看到的好處主要是發起費，我認為這 700,000 美元中有 600,000 美元。隨著這個階段的發展，您會看到更多的銷售，這種情況可能會持續到接下來的幾個季度，直到完全部署。然後你會看到更多有關資產管理規模和管理基礎、管理基本費用組成部分的信息，然後你會再次看到我們的股息。但同樣，我們的債務投資具有與之相關的當前息票，並且還從合資企業中獲取收入（聽不清楚）。

Do you have a sense of the $700,000? Obviously, there's going to be a period where you'll keep ramping up. So structuring fees will be high over that period of time. And then like you said, it will sort of shift where then once this starts to get fully ramped on structuring fees will go down, but the loan servicing fees will go up. Is this sort of a good run rate then for the foreseeable future, the $700,000? Or do you expect it to expand to any higher levels?

你對這70萬美元有感覺嗎？顯然，有一段時間你會繼續進步。因此，在那段時間內，結構費用將會很高。然後就像你說的，它會發生某種轉變，一旦開始全面提高，結構費用將會下降，但貸款服務費用將會上升。那麼在可預見的未來，70 萬美元的運轉率是否算不錯呢？或者您期望它擴展到更高的水平嗎？

Yes, I think in the next 2 quarters, that's probably around that level, but we do expect those to increase over time.

是的，我認為在接下來的兩個季度，這可能會圍繞這個水平，但我們確實預計這些數字會隨著時間的推移而增加。

And then the other question I had was just surrounding kind of your existing portfolio companies receiving funding. And this is maybe a broader question. But obviously, out there, the term AI has sort of captured a lot of mind share from certainly the media as well as, I think, VCs. Has there, to any extent, been sort of shift away from VCs? Any sort of pullback in funding companies out there that don't have a specific AI bent to them, which would -- could hurt really well companies out there who maybe aren't directly in that AI field from receiving additional funding given that we all know capital raising is down, investments are down, exits are down in the VC space. So capital is already a little limited. And I'm just wondering if you're having kind of an outsized funding towards AI-related investments, does that pull away from existing investments in other businesses?

我的另一個問題是圍繞您現有的投資組合公司獲得資金的類型。這可能是一個更廣泛的問題。但顯然，人工智慧這個術語已經吸引了媒體以及創投家的廣泛關注。在某種程度上，創投是否已經發生了轉變？任何形式的對沒有特定人工智慧傾向的資助公司的撤資，都可能會傷害那些可能不直接進入人工智慧領域的公司，因為他們無法獲得額外的資金，因為我們所有人創投領域的融資、投資、退出都在下降。所以資本已經有點有限了。我只是想知道你們是否在人工智慧相關投資上投入了大量資金，這是否會影響其他業務的現有投資？

Ryan, this is Ron Kundich Chief Credit Officer. I'll take that question. The quick answer is no. We're still seeing a very diversified mix of companies entering the top of our pipeline. AI is obviously a category of interest as you alluded to, whether it's in the press or in reality, we are seeing more AI, broadly speaking, companies hit the portfolio -- I'm sorry, hit the pipeline, but that is not taking away from the other industries and industry segments that have been within our pipeline for the last several years.

瑞安，我是羅恩·昆迪奇（Ron Kundich）首席信貸官。我來回答這個問題。快速回答是否定的。我們仍然看到非常多元化的公司組合進入我們的管道頂端。正如你所提到的，人工智慧顯然是一個令人感興趣的類別，無論是在媒體上還是在現實中，我們看到更多的人工智慧，從廣義上講，公司正在投資組合中——對不起，正在醞釀中，但這並沒有遠離我們過去幾年一直在考慮的其他行業和行業領域。

(Operator Instructions) Our next question will come from Kyle Joseph with Jefferies.

（操作員說明）我們的下一個問題將由傑弗里斯的凱爾·約瑟夫提出。

Just want to get a sense for, obviously, good yield expansion on the portfolio. Is that primarily 100% base rate? Or what are you seeing in terms of spreads in your market?

顯然，只是想了解投資組合的良好收益率擴張。這主要是 100% 的基本利率嗎？或者您對市場的利差有何看法？

We are and have continued to push this, Kyle. We've continued to push pricing, and we continue to see it increase. And so some of that is rates going up and then some of it is demand for our products. And I'd say less liquidity out there from a supply perspective. And so we're pushing pricing. We're still pushing pricing. And you've seen that gradually increase over the last 1.5 years, right?

凱爾，我們正在並將繼續推動這一目標。我們繼續提高定價，價格繼續上漲。因此，其中一些是利率上漲，還有一些是對我們產品的需求。從供應角度來看，我想說的是流動性減少了。所以我們正在推動定價。我們仍在推動定價。您已經看到這一數字在過去 1.5 年中逐漸增加，對吧？

Got it. And then with the IPO market showing signs of life, you highlighted kind of near-term repayment activity, but kind of give us a kind of intermediate longer-term outlook? Do you expect repayments to go towards historical levels and how the rates that impact that as well?

知道了。然後，隨著 IPO 市場顯示出生命跡象，您強調了短期還款活動，但這是否給了我們一種中期長期前景？您預計還款金額會達到歷史水準嗎？利率會如何影響這個水準？

So historically, the majority of our exits are coming through refinances, amortization, M&A type activity. And then IPOs are certainly just -- it's a positive thing. So to the extent there are more IPOs, that is only a good thing for us in some of our more mature companies, right, and giving them another liquidity option. So there's nothing on the horizon and nothing we can point to right now. Certainly, some candidates. Hopefully, that's a great option for some of them.

從歷史上看，我們的大部分退出都是透過再融資、攤提、併購類型的活動。那麼首次公開募股肯定是——這是一件正面的事情。因此，在某種程度上，有更多的首次公開募股，這對我們一些更成熟的公司來說只是一件好事，對吧，並為他們提供了另一種流動性選擇。因此，目前還沒有什麼東西可以指出，我們也沒有什麼可以指出的。當然，也有一些候選人。希望這對他們中的一些人來說是一個不錯的選擇。

Got it. And then one last one for me. Obviously, credit appears stable. I see nonaccruals come down. But just give us a sense for kind of the revenue growth trends you've been seeing at the portfolio level and how that is compared to recent quarters?

知道了。然後是最後一張給我的。顯然，信用看起來很穩定。我看到非應計費用有所下降。但請讓我們了解您在投資組合層面看到的營收成長趨勢，以及與最近幾季相比如何？

Yes. This is Ron again, Chief Credit Officer. Quarter-over-quarter over the past several quarters, I mean, yes, revenues are -- some companies have been impacted on the revenue growth side, but I'll circle back to our rigorous underwriting we do. Any company we led into the portfolio is on a growth path, is a growing top line story. And we've seen that our portfolio is just the test of time over the last couple of quarters. Our companies are growing. They're raising capital when they need to and we're supporting them along the way.

是的。我又是羅恩，首席信貸官。我的意思是，在過去幾個季度中，收入確實受到了影響，一些公司的收入成長受到了影響，但我會回到我們嚴格的承保工作。我們引入投資組合的任何一家公司都處於成長道路上，都是一個不斷成長的營收故事。我們已經看到，我們的投資組合只是過去幾季的時間考驗。我們的公司正在成長。他們在需要時籌集資金，我們一路為他們提供支持。

Yes. I would say there's just less focus on the explosive growth rate than we saw prior to about a year ago, right? Our portfolio companies are making their cash less. They're growing at more modest levels. They're focusing on reaching cash flow positivity versus that grow at all costs.

是的。我想說的是，與大約一年前相比，人們對爆炸性成長率的關注較少，對吧？我們的投資組合公司的現金正在減少。它們的成長水平較為溫和。他們專注於實現正現金流，而不是不惜一切代價實現成長。

Yes. And that began Q1, Q2 of 2022, right? So I think our industry in general, was a little bit ahead of the curve because they have to be, right? And so a lot of these adjustments, reduction of burn, we sell that across the portfolio, and we've seen that for the last 6 quarters, right? So they acted quick and they've continued to be a little more prudent.

是的。那是從 2022 年第一季、第二季開始的，對嗎？所以我認為我們的行業總體來說有點領先，因為他們必須如此，對吧？因此，我們在整個投資組合中進行了很多調整，減少了燒錢，我們在過去的 6 個季度中都看到了這一點，對嗎？因此，他們行動迅速，而且繼續更加謹慎。

Next, we have Vilas Abraham with UBS.

接下來是瑞銀集團的維拉斯亞伯拉罕 (Vilas Abraham)。

Just one for me. Just on the supplemental dividend. It sounds like your hand was forced a little bit here recently with that. And just wondering if we are going to see, say, NII per share kind of consistent with what we saw for Q2, is it fair to expect that the supplemental dividend will keep coming here?

只給我一個。只是補充股息。聽起來你的手最近受了一點壓力。只是想知道，比如說，每股 NII 是否與我們在第二季度看到的情況一致，預計補充股息將繼續出現是否公平？

This is Dave. The supplemental dividend had more to do with the '22 spillover than it does with the current operations. So I mean we're continuing to grow our dividend, have done so over the last 10 quarters. So we will take a look during the third quarter and determine whether or not we need to do another supplemental dividend simply to pay out the balance of the '22 spill over.

這是戴夫。補充股息更多地與 22 年的溢出效應有關，而不是與當前的營運有關。所以我的意思是，我們將繼續增加股息，在過去 10 個季度中一直這樣做。因此，我們將在第三季進行觀察，並確定是否需要再進行一次補充股息，以支付 22 年溢出的餘額。

At this time, we have no further questions in the queue. So I would like to turn the call back over to Steve Brown, Chairman and CEO, for closing remarks.

目前，隊列中沒有其他問題。因此，我想將電話轉回給董事長兼執行長史蒂夫布朗 (Steve Brown)，讓其致閉幕詞。

Thank you. We really appreciate everybody's participation today. We appreciate your support and we look forward to reporting on Q3 in the fall. Thank you so much.

謝謝。我們非常感謝大家今天的參與。我們感謝您的支持，我們期待在秋季報告第三季。太感謝了。

Thank you, ladies and gentlemen. This concludes today's call, and we appreciate your participation. You may disconnect at any time.

謝謝你們，女士們、先生們。今天的電話會議到此結束，我們感謝您的參與。您可以隨時斷開連線。