Trinity Capital Inc (TRIN) 2025 Q1 法說會逐字稿

Good morning. My name is Katie and I'll be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's first quarter 2025 earnings conference call. (Operator Instructions) It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital.

早安.我叫凱蒂，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Trinity Capital 2025 年第一季財報電話會議。（操作員指示）現在我很高興將電話轉給 Trinity Capital 投資者關係主管 Ben Malcolmson。

Thank you, and welcome to Trinity Capital's earnings conference call for the first quarter of 2025. Today, our speakers are Kyle Brown, Chief Executive Officer; Michael Testa, Chief Financial Officer; and Gerry Harder, Chief Operating Officer. Also joining us for the Q&A portion of the call are Ron Kundich, Chief Credit Officer; and Sarah Stanton, General Counsel and Chief Compliance Officer.

謝謝，歡迎參加 Trinity Capital 2025 年第一季財報電話會議。今天，我們的演講者是執行長凱爾布朗 (Kyle Brown)； Michael Testa，財務長；以及營運長 Gerry Harder。首席信貸官 Ron Kundich 也參加了本次電話會議的問答環節；以及總法律顧問兼首席合規官 Sarah Stanton。

Trinity Capital's financial results were released earlier today and can be accessed on our Investor Relations website at ir.trinitycapital.com. Before we begin, I would like to remind everyone that certain statements made during this call may be deemed forward-looking statements under federal securities laws. Because forward-looking statements involve known and unknown risks and uncertainties, we encourage you to refer to our most recent SEC filings for information on certain risk factors.

Trinity Capital 的財務業績於今天稍早發布，可透過我們的投資者關係網站 ir.trinitycapital.com 查閱。在我們開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中所做的某些聲明可能被視為前瞻性聲明。由於前瞻性陳述涉及已知和未知的風險和不確定性，我們建議您參考我們最近向美國證券交易委員會提交的文件，以獲取有關某些風險因素的資訊。

Now please allow me to turn the call over to the CEO of Trinity Capital, Kyle Brown.

現在請允許我將電話轉給 Trinity Capital 的執行長 Kyle Brown。

Thank you, Ben, and thanks, everyone, for joining us today. Before addressing the macro environment, we wanted to share some quick highlights from a solid Q1 for Trinity Capital. We delivered $32.4 million in net investment income, a 29% increase versus Q1 of last year. Our net asset value grew to a record $833 million. Platform AUM increased to more than $2.1 billion.

謝謝你，本，也謝謝大家今天加入我們。在討論宏觀環境之前，我們想分享一下 Trinity Capital 第一季業績的一些亮點。我們實現了 3,240 萬美元的淨投資收益，比去年第一季成長 29%。我們的淨資產價值成長至創紀錄的 8.33 億美元。平台AUM增至21億美元以上。

Our credit quality remains strong with nonaccruals staying consistent and representing less than 1% of the portfolio at fair value. And Trinity paid a first quarter cash dividend of $0.51 per share, representing our 21 consecutive quarter of a consistent or increased regular dividend.

我們的信貸品質依然強勁，非應計項目保持一致，且以公允價值計算佔投資組合的比例不到 1%。Trinity 第一季支付了每股 0.51 美元的現金股息，這是我們連續第 21 個季度支付穩定或增加的定期股息。

Before we dive deeper into Q1 performance, we do want to address macroeconomic and geopolitical conditions that are currently at play. We've been closely monitoring the recent tariff announcements and have been in discussions with all of our portfolio companies to determine the potential impact on their operational performance.

在深入探討第一季的表現之前，我們確實想討論一下當前的宏觀經濟和地緣政治狀況。我們一直在密切關注最近的關稅公告，並與我們所有的投資組合公司進行討論，以確定對其營運績效的潛在影響。

Credit quality is of the utmost importance to us, particularly during periods of market volatility. The portfolio management team is actively engaged with every single one of our portfolio companies to analyze the effects of tariffs, quantify the potential impact across our -- all risk factors and safeguard the health of our investments.

信用品質對我們來說至關重要，尤其是在市場波動時期。投資組合管理團隊積極與我們投資組合中的每一家公司合作，分析關稅的影響，量化所有風險因素的潛在影響，並保障我們投資的健康。

An overwhelming majority of our portfolio companies are domestically headquartered and have very limited exposure to imported goods or international sales. As such, most do not expect a near-term impact to operations as a direct result of tariffs imposed by the United States or other countries. Gerry will address the portfolio in greater detail during his portion of the call.

我們投資組合中的絕大多數公司總部都在國內，對進口商品或國際銷售的接觸非常有限。因此，大多數人預計美國或其他國家徵收的關稅不會直接對營運造成短期影響。格里將在電話會議中更詳細地討論投資組合。

Every investment dollar matters to us, and we have demonstrated in previous periods of market uncertainty that we are committed to finding positive outcomes for our partners and most importantly, our shareholders. In terms of debt servicing, during this volatile time, almost all of our companies are privately funded by venture capital firms or private equity groups that have dry powder.

每一筆投資對我們都很重要，在以往的市場不確定時期，我們已經證明，我們致力於為我們的合作夥伴，最重要的是我們的股東找到積極的成果。在債務償還方面，在這個動盪的時期，我們幾乎所有的公司都是由擁有充足資金的創投公司或私募股權集團進行私人融資的。

Additionally, we have not seen an unusual uptick in requests for amendments or delayed payments. Times of volatility can create opportunities as well. As we experienced during the COVID years when we were able to turn macro trials into great pathways of growth for us, we see this as a moment in time to be thoughtfully opportunistic as well. The top of our funnel is expanding and our underwriting process remains strict as we continue to mature as a best-in-class direct lender to growth-oriented businesses.

此外，我們並未發現修改或延遲付款請求出現異常增加。動盪時期也能創造機會。正如我們在新冠疫情期間所經歷的那樣，我們能夠將宏觀試驗轉變為我們偉大的成長途徑，我們認為這是一個值得深思熟慮的機會。隨著我們不斷成長為面向成長型企業的一流直接貸款機構，我們的通路頂端正在擴大，而我們的核保流程依然嚴格。

We are building an asset management business that is resilient even during the ebbs and flows of the market. Our five complementary business verticals, sponsor finance, equipment finance, tech lending, asset-backed lending and life sciences position us to have a diversified portfolio that can be durable regardless of macro conditions.

我們正在建立即使在市場起伏時也具有韌性的資產管理業務。我們的五個互補業務垂直領域，即贊助商融資、設備融資、技術貸款、資產支持貸款和生命科學，使我們擁有多元化的投資組合，無論宏觀條件如何，都能持久。

As we continue to expand into the future, we want to emphasize the internally managed structure that we operate under. As an internally managed BDC, our employees, management, the Board, we all own the same shares as our investors. This structure creates great alignment with our shareholders as we strive to deliver growing returns for our investors.

隨著我們未來的不斷擴張，我們希望強調我們營運的內部管理結構。作為內部管理的 BDC，我們的員工、管理階層、董事會都擁有與投資者相同的股份。這種結構與我們的股東實現了高度一致，我們致力於為投資者帶來不斷增長的回報。

Additionally, all the fees and incentives -- incentive fees that come with being an asset manager under the RIA that we own flow to our shareholders, which drives more income, increases our valuation and grows the platform. All along, we have said that we're going to outearn the dividend and grow the BDC and we continue to do just that. This continued growth is possible for a few reasons. We are positioned well in the private credit space, focused on late-stage VC into the lower middle market.

此外，作為我們所擁有的 RIA 下的資產管理者所產生的所有費用和激勵費用都流向我們的股東，從而帶來更多收入、提高我們的估值並發展平台。我們一直以來都說，我們要超越股息，發展 BDC，而且我們將繼續這樣做。這種持續成長是可能的，原因有幾個。我們在私人信貸領域佔據有利地位，專注於進入中低端市場的後期風險投資。

With regard to our capitalization, we are building the foundation for a managed account business, offering high net worth and institutional investors access to our growing direct lending business, which offers Trinity Capital new income streams.

就我們的資本化而言，我們正在為託管帳戶業務奠定基礎，為高淨值投資者和機構投資者提供我們不斷成長的直接貸款業務，這為 Trinity Capital 提供了新的收入來源。

From a talent attraction and retention standpoint, we are hyper-focused on culture, attracting the best people in the industry as we continue this growth trajectory. Underpinning our culture are six pillars: humility, trust, integrity, uncommon care, continuous learning, and an entrepreneurial spirit. And three core principles are foundational to us exhibiting uncommon care for our employees, customers, and stakeholders, serving our clients by being partners rather than just money and providing outsized returns for our shareholders.

從吸引和留住人才的角度來看，我們高度重視文化，在繼續保持這一成長軌蹟的同時吸引業內最優秀的人才。我們的文化由六大支柱支撐：謙遜、信任、正直、非凡關懷、持續學習和創業精神。我們秉持著三大核心原則：對我們的員工、客戶和利害關係人展現非凡關懷；作為合作夥伴而非僅僅提供資金來服務我們的客戶；為我們的股東提供超額回報。

We look forward to continuing to create a company that our people, partners and shareholders are proud of. We're experiencing tremendous momentum right now as we continue to grow a best-in-class platform. Signaling confidence in our platform, subsequent to quarter end, Moody's assigned us an investment-grade rating attributable to our growing performance record since inception, our relatively low reliance on secured funding sources and our strong capitalization and liquidity. This rating from one of the most respected agencies will open up access to cheaper capital and a new pool of investors for us.

我們期待繼續創建一家讓我們的員工、合作夥伴和股東感到自豪的公司。隨著我們繼續發展一流的平台，我們現在正經歷著巨大的發展勢頭。穆迪在季度末之後給予我們投資級評級，這表明對我們的平台充滿信心，這歸功於我們自成立以來不斷增長的業績記錄、我們對有擔保融資來源的依賴程度相對較低以及我們強大的資本化和流動性。來自最受尊敬的機構之一的評級將為我們打開獲得更廉價資本和新投資者管道的大門。

Turning to our platform performance. We maintain a strong investment pipeline, including $623 million in unfunded commitments as of the end of Q1, leaving us well positioned for continued portfolio growth in 2025. More than 90% of these unfunded commitments are subject to ongoing diligence and approval by our investment committee.

轉向我們的平台性能。我們保持著強大的投資管道，包括截至第一季末的 6.23 億美元未撥付承諾，這讓我們為 2025 年投資組合的持續成長做好了準備。超過 90% 的未撥付承諾均需經過我們投資委員會的持續審查和批准。

During the quarter, we increased our NAV through net investment income that exceeded our dividend and accretive ATM offerings. The decrease in NAV per share was mostly driven by the impact of the early retirement of the convertible notes in February, which Michael will address in further detail later in the call.

在本季度，我們透過淨投資收益增加了我們的資產淨值，其金額超過了我們的股息和增值 ATM 產品。每股資產淨值的下降主要是由於 2 月可轉換票據提前贖回的影響，Michael 將在稍後的電話會議上進一步詳細討論此問題。

This debt extinguishment removes the overhang to our investors, and we firmly believe this payoff will be a net positive for our shareholders in the coming quarters. Credit underwriting and portfolio management ultimately determine our success over the long term. We have a unique structure of collaboration among our originations, credit and portfolio teams that manage our inbound opportunities in active portfolio companies.

這次債務清償消除了我們投資者的負擔，我們堅信，這項回報將在未來幾季為我們的股東帶來淨收益。信用核保和投資組合管理最終決定了我們的長期成功。我們的發起、信貸和投資組合團隊之間擁有獨特的合作結構，負責管理我們在活躍投資組合公司中的入站機會。

We are very selective and follow a rigorous diligence process, where only a small percentage of our deals reached the underwriting stage. This methodical approach mitigates risk and positions us to excel in all macroeconomic cycles. And with that, I'll turn the call over to our CFO, Michael Testa, to discuss our financial results in more detail. Michael?

我們非常挑剔，遵循嚴格的盡職調查流程，只有一小部分交易進入承銷階段。這種方法可以降低風險，使我們在所有宏觀經濟週期中脫穎而出。接下來，我將把電話轉給我們的財務長邁克爾·泰斯塔 (Michael Testa)，更詳細地討論我們的財務表現。麥可？

Thank you, Kyle. In the first quarter, we achieved total investment income of $65 million, a 30% increase over the same period in 2024. Our effective yield on the portfolio for Q1 was once again among the best in the industry at 15.3% and our core yield, which excludes fee income, remains strong at 14.1%. The decline in our effective yield this quarter was primarily driven by lower fee income from early debt repayments.

謝謝你，凱爾。第一季度，我們實現總投資收益6,500萬美元，較2024年同期成長30%。我們第一季投資組合的有效收益率再次位居行業前列，達到 15.3%，而不包括費用收入的核心收益率仍然保持強勁，達到 14.1%。本季有效收益率的下降主要是由於提前償還債務的費用收入減少。

And in Q1, early repayments were well below our historical average. Our core yield reflects the full quarter impact of 50 basis point Fed rate cuts from the prior quarter. Net investment income for the first quarter was $32.4 million or $0.52 per basic share compared to $25.2 million or $0.54 per basic share in the same period of the prior year. Our net investment income per share represents 102% coverage of our quarterly distribution. Our estimated undistributed taxable income is approximately $67 million or $1.04 per share.

而在第一季度，提前還款額遠低於我們的歷史平均值。我們的核心殖利率反映了聯準會上一季降息 50 個基點對整個季度的影響。第一季淨投資收益為 3,240 萬美元，即每股 0.52 美元，而去年同期為 2,520 萬美元，即每股 0.54 美元。我們的每股淨投資收益佔季度分配的 102%。我們估計未分配應稅收入約為 6700 萬美元或每股 1.04 美元。

We continue to reinvest this capital for the benefit of our investors while maintaining a consistent and meaningful distribution. Our platform continues to generate strong returns for our BDC shareholders with ROAE of 15.5% based on net investment income over average equity and ROAA of 7.1% based on net investment income over average total assets.

我們將繼續對這些資本進行再投資，以造福我們的投資者，同時保持一致且有意義的分配。我們的平台繼續為 BDC 股東創造豐厚回報，ROAE 為 15.5%（基於淨投資收益與平均權益之比），ROAA 為 7.1%（基於淨投資收益與平均總資產之比）。

As of March 31, 2025, our NAV was $833 million, up from $823 million as of December 31, 2024. And our corresponding NAV per share was $13.05 at the end of Q1, a decrease from $13.35 as of December 31, 2024. As Kyle explained, the decrease in net assets per share was primarily due to the repayment of convertible notes during the quarter.

截至 2025 年 3 月 31 日，我們的資產淨值為 8.33 億美元，高於 2024 年 12 月 31 日的 8.23 億美元。我們第一季末的每股資產淨值為 13.05 美元，低於 2024 年 12 月 31 日的 13.35 美元。正如凱爾所解釋的那樣，每股淨資產的減少主要是由於本季償還了可轉換票據。

The holders of our convertible notes elected to exercise their conversion right on the $50 million of notes during Q1. At our option, we elected to use cash to retire the notes and avoid the impact of further dilution by issuing shares of our common stock. These notes were fully liquidated with available proceeds received from early debt repayments, equity gains and the use of our credit facility.

我們的可轉換票據持有人選擇在第一季行使 5000 萬美元票據的轉換權。我們選擇使用現金來贖回票據，並透過發行普通股來避免進一步稀釋的影響。這些票據已全部清算，可用收益來自提前償還債務、股權收益和使用我們的信貸額度。

While the convertible note repayment caused an impact of NAV per share in the first quarter, the early conversion of these debt obligations, which were issued prior to our IPO, reflect the strong performance of the Trinity platform and will be a long-term benefit to Trinity shareholders. Additionally, $152.5 million of our 2025 notes matured in January and were repaid in full. As a result of these debt extinguishments, we have no further debt obligations due until August 2026.

雖然可轉換票據償還對第一季每股資產淨值產生了影響，但這些在我們首次公開發行之前發行的債務的提前轉換反映了 Trinity 平台的強勁表現，並將為 Trinity 股東帶來長期利益。此外，我們的 2025 年票據中有 1.525 億美元已於 1 月到期並已全額償還。由於這些債務的清償，我們在 2026 年 8 月之前不再有任何債務到期。

As Kyle mentioned earlier, we received a Baa3 investment-grade rating with a stable outlook for Moody's. This rating is further validation of our underwriting track record, strong performance and our increased scale and business diversification. The recent payoff of past debt, coupled with the ability to access the capital markets positions us effectively to capitalize on new opportunities in the coming quarters.

正如凱爾之前提到的，我們獲得了穆迪的 Baa3 投資級評級，展望穩定。該評級進一步驗證了我們的承保業績、強勁的業績以及我們不斷擴大的規模和業務多元化。最近償還了過去的債務，再加上進入資本市場的能力，使我們能夠有效地利用未來幾季的新機會。

During the quarter, we enhanced liquidity by raising $31 million of proceeds from the equity ATM program, an average premium of NAV of 17%, and we raised $4 million of gross proceeds from our net debt ATM program, all at a premium to par. We also continue to realize the benefits of our co-investment vehicles, which in Q1 provide approximately $2.2 million or $0.03 per share of incremental net investment income benefit to the BDC.

在本季度，我們透過從股權 ATM 計劃中籌集 3,100 萬美元的收益（平均 NAV 溢價 17%）增強了流動性，並且我們從淨債務 ATM 計劃中籌集了 400 萬美元的總收益，全部溢價於票面價值。我們還繼續實現共同投資工具的收益，該工具在第一季為 BDC 提供了約 220 萬美元或每股 0.03 美元的增量淨投資收益。

During Q1, we syndicated $35 million to these vehicles. As of March 31, 2025, we had over $320 million of assets under management in these private vehicles, providing incremental capital for growth and accretive returns to our shareholders. Our net leverage ratio, which represents principal debt outstanding less cash on hand, was 1.15 times as of March 31, 2025.

在第一季度，我們向這些車輛聯合投資了 3,500 萬美元。截至 2025 年 3 月 31 日，我們在這些私人工具中管理的資產超過 3.2 億美元，為我們的股東提供了成長的增量資本和增值回報。截至 2025 年 3 月 31 日，我們的淨槓桿率（即未償還本金債務減去庫存現金）為 1.15 倍。

Our strong liquidity position with diverse capital sources, both from capital raised by the BDC and through our wholly owned RIA subsidiary provides Trinity with the flexibility to manage a strong pipeline and opportunistic in the marketplace. I'll now turn the call over to our COO, Gerry Harder, to discuss our portfolio performance and platform in more detail. Gerry?

我們擁有強大的流動性狀況和多樣化的資本來源，既有 BDC 籌集的資金，也有透過我們全資擁有的 RIA 子公司籌集的資金，這為 Trinity 提供了管理強大管道和市場機會的靈活性。現在，我將把電話轉給我們的營運長 Gerry Harder，更詳細地討論我們的投資組合表現和平台。格里？

Thank you, Michael. I'd like to begin by expanding on Kyle's remarks regarding the impact of tariffs on both our portfolio companies and our business processes. Over the past several weeks, our portfolio management teams have reached out to all of our portfolio companies to better understand the potential impact of tariffs on their business models and financial projections.

謝謝你，麥可。首先，我想詳細說明凱爾關於關稅對我們投資組合公司和業務流程的影響的評論。在過去的幾周里，我們的投資組合管理團隊聯繫了我們所有的投資組合公司，以便更好地了解關稅對其商業模式和財務預測的潛在影響。

Based on these discussions, we believe that our portfolio has very limited direct exposure to the impact of tariffs, and we are remaining in close contact with our portfolio companies as they navigate through the economic impact of the evolving trade policies.

基於這些討論，我們認為我們的投資組合直接受到關稅的影響非常有限，我們將繼續與我們的投資組合公司保持密切聯繫，幫助他們應對不斷變化的貿易政策帶來的經濟影響。

We have also added an additional process step to our underwriting flow to ensure that we have a clear understanding of potential direct or indirect tariff risks before any funding is released to either new or existing portfolio companies. As a reminder, a vast majority of our unfunded commitments are subject to ongoing diligence and approval by our investment committee. We will continue to follow these additional processes related to tariffs for as long as necessary to ensure that we are deploying our capital in a prudent fashion.

我們還在承保流程中增加了一個額外的流程步驟，以確保在向新的或現有的投資組合公司發放任何資金之前，我們清楚地了解潛在的直接或間接關稅風險。提醒一下，我們的絕大多數未撥付資金承諾都需要經過投資委員會的持續審查和批准。我們將在必要時繼續遵循這些與關稅相關的額外流程，以確保我們以審慎的方式部署我們的資本。

Turning back to the general composition of the portfolio. At the end of the first quarter on a cost basis, our total portfolio consisted of approximately 75% secured loans, 19% equipment financing, 4% equity and 2% warrants. The composition of our portfolio continues to be diversified across investment type, transaction size, industry, and geography.

回到投資組合的總體構成。以成本計算，第一季末我們的總投資組合包括約 75% 的擔保貸款、19% 的設備融資、4% 的股權和 2% 的認股權證。我們的投資組合構成持續在投資類型、交易規模、產業和地理上多樣化。

Our portfolio is segmented across 22 industry categories, with our largest industry exposure, finance, and insurance, representing 16.9% of the portfolio at cost. This portion of the portfolio is spread across 16 borrowers and includes both term loans and asset-backed warehouse facilities.

我們的投資組合涵蓋 22 個行業類別，其中最大的行業是金融和保險，以成本計算佔投資組合的 16.9%。這部分投資組合涉及 16 個借款人，包括定期貸款和資產支持倉儲設施。

Our second largest industry exposure is medical devices, representing 12.3% of our portfolio at cost and spread across 11 borrowers. Across our five business verticals, the approximate breakdown of our fundings in Q1 was as follows. 38% to equipment financing, 29% to Life Sciences, 18% to sponsor finance, 10% to tech lending and 5% to asset-based lending.

我們投資的第二大產業是醫療器械，占我們投資組合成本的 12.3%，涉及 11 家借款人。在我們的五個業務垂直領域中，第一季的融資大致情況如下。 38% 用於設備融資，29% 用於生命科學，18% 用於贊助融資，10% 用於技術貸款，5% 用於資產抵押貸款。

As of the end of Q1, our largest portfolio company debt exposure represents 4% of our debt portfolio and 3.7% of our total portfolio on a cost basis. Our 10 largest debt investments collectively represent 23.4% and of our total portfolio on a cost basis.

截至第一季末，我們最大的投資組合公司債務曝險以成本計算占我們債務投資組合的 4% 和總投資組合的 3.7%。以成本計算，我們的 10 項最大債務投資總計占我們總投資組合的 23.4%。

Now turning our attention to credit. The credit quality of our portfolio remained consistent quarter-over-quarter with approximately 99.1% of our portfolio performing on a fair value basis. Our average internal credit rating for the first quarter stood at 2.9% based on our one to five rating system with five indicating very strong performance.

現在我們將注意力轉向信用。我們的投資組合的信用品質與上一季保持一致，其中約 99.1% 的投資組合以公允價值為基礎。根據我們的一到五級評級系統，第一季我們的平均內部信用評級為 2.9%，其中五級表示表現非常強勁。

This rating is consistent with the average credit rating in each of the last three quarters and is attributable to strong originations of new credits within the first quarter and excellent work by our portfolio management team with existing portfolio companies. As a percentage of the debt portfolio on a cost basis, credits within the lowest two tiers improved slightly as compared to Q4.

該評級與過去三個季度的平均信用評級一致，這歸因於第一季新信貸的強勁發放以及我們的投資組合管理團隊對現有投資組合公司的出色工作。以成本計算的債務組合百分比，最低兩級的信貸與第四季相比略有改善。

Quarter-over-quarter, the number of portfolio companies on nonaccrual remain consistent at five. During Q1, one additional portfolio was added to the nonaccrual list while one existing nonaccrual was realized in the quarter. Subsequent to quarter end, an additional nonaccrual credit was realized at the Q1 fair value. At the end of Q1, our nonaccrual credits had a total fair value of approximately $15.2 million representing 0.9% of the total debt portfolio, a very slight increase as compared to the fourth quarter.

與上一季相比，未提列的投資組合公司數量保持不變，為 5 家。在第一季度，又有一個投資組合被添加到不計提名單中，同時該季度實現了一個現有的不提投資組合。季度末之後，以第一季的公允價值實現了額外的非應計信貸。在第一季末，我們的非應計信貸總公允價值約為 1,520 萬美元，佔債務總額的 0.9%，與第四季相比略有增加。

At quarter end, 78% of our total principal outstanding was backed by first position leans on enterprise equipment or both. For our financings covered under all asset means, the weighted average loan to value as of the end of Q1 was 23%, while 53% of our portfolio companies have a loan-to-value of less than 15%. These statistics demonstrate that our portfolio companies are generally not over-levered and are in a healthy position to service the debt even in instances where our loan may not be in first position.

截至本季末，我們未償還本金總額的 78% 是由企業設備或兩者的首位抵押品支持的。對於我們所有資產方式下涵蓋的融資，截至第一季末的加權平均貸款價值比為 23%，而我們投資組合中 53% 的公司貸款價值比低於 15%。這些統計數據表明，我們的投資組合公司通常沒有過度槓桿，即使在我們的貸款可能不處於第一位的情況下，也能夠健康地償還債務。

In Q1, our portfolio companies collectively raised more than $900 million of equity. Our portfolio is strong and continues to be able to secure funding even in a challenging market. In closing, we want to emphasize that our credit quality and portfolio management are of the utmost importance to Trinity. One of Trinity's hallmarks is that our staff members think and operate like shareholders. And we always strive for resolutions that benefit both our investors and our partners.

第一季度，我們的投資組合公司共籌集了超過 9 億美元的股權。我們的投資組合非常強大，即使在充滿挑戰的市場中也能繼續獲得資金。最後，我們要強調的是，我們的信用品質和投資組合管理對 Trinity 來說至關重要。Trinity 的標誌之一是我們的員工像股東一樣思考和行動。我們始終致力於尋求有利於我們的投資者和合作夥伴的解決方案。

Before we conclude our call, we would like to open the line for questions. Operator?

在結束通話之前，我們想開放提問熱線。操作員？

(Operator Instructions) Casey Alexander, Compass Point.

（操作員指示）凱西亞歷山大，指南針點。

Yes. Just kind of hoping you can put me in the right direction here. I mean the fourth quarter had a 3% increase in portfolio investments -- interest-earning portfolio investments. And then you were a net originator again in this quarter, and yet interest income dropped about 5% quarter-over-quarter. Can you give me some color and point me in the right direction for me to help me understand why it would drop quite that much?

是的。只是希望您能給我正確的方向。我的意思是第四季的投資組合——生息投資組合投資增加了 3%。然後，您在本季再次成為淨發起人，但利息收入卻比上一季下降了約 5%。您能否給我一些解釋並指出正確的方向，幫助我理解為什麼它會下降那麼多？

Casey, so a couple of things. One, we saw the effects of that rate cut last year kind of move through the portfolio. I think we're actually in a really great position going forward as it relates to rate cuts and having the majority of our portfolio really already a kind of base floor rates. So we feel good about that, but there were some effects of that rate cut. We also saw a pretty strong decrease in payoffs and that resulted in a few cents of less of earnings that we typically see in just pull-forward fees. So those two things right there, that was the majority of the decrease.

凱西，有幾件事。首先，我們看到去年降息的影響已經透過投資組合顯現出來。我認為，就降息而言，我們實際上處於非常有利的地位，而且我們的大部分投資組合實際上已經是一種基準利率。因此我們對此感到高興，但降息也產生了一些影響。我們也看到支出大幅減少，導致我們通常在提前收費中看到的收益減少幾美分。所以，這兩件事就是造成下降的主要原因。

Okay. But a fast follow-on to that how do you see -- generally when you get into a more uncertain environment payoffs slow down even more. Would that be your expectation that we would see a slowdown in payoffs in at least in 2Q and 3Q while the market is digesting kind of the new economic format?

好的。但快速跟進一下，您如何看待這個問題——通常，當您進入一個更不確定的環境時，回報會進一步減慢。在市場消化新的經濟模式期間，您是否預計至少在第二季和第三季我們會看到收益放緩？

Yes. You know what, in Q1, I think that's a lot of the delays in our kind of regular payoffs. They were pushed to this quarter. Subsequent to quarter end, we've already received our normal payoffs that we see in a quarter. So you'll see that bounce back. And we also have other payoff spending. So we'll see how that plays out. We can't predict how that will play out. But already, we've seen normal payoffs this quarter which will obviously help with earnings.

是的。你知道嗎，在第一季度，我認為我們的常規付款有很多延遲。他們被推到了這個季度。季度結束後，我們已經收到了本季的正常收益。所以你會看到反彈。我們還有其他回報支出。我們將拭目以待事情將如何發展。我們無法預測事情會如何發展。但我們已經看到本季的正常回報，這顯然將有助於獲利。

All right. That's great. That's good information. My last question is that medical devices is a pretty substantial portion of the portfolio. And in talking to people, what I've been told is that a large percentage of the components that goes into medical devices actually does come from Asia. Can you comment what your investigation into tariff impacts found specifically relative to medical devices?

好的。那太棒了。這是個好消息。我的最後一個問題是，醫療器材佔產品組合中相當大的一部分。在與人們交談時，我得知，醫療器材的大部分零件實際上都來自亞洲。您能否評論一下您對關稅影響的調查發現的與醫療器材具體相關的什麼？

Casey, this is Ron Kundich. Good question. As Gerry alluded to in his prepared remarks, we took an extremely deep dive into the portfolio all across the board. I can report that our Life Science portfolio received significant feedback from their companies, even quantified feedback from many companies around the impact of tariffs. And specific to your question, the impact on tariffs with regard to their supply chain.

凱西，這是羅恩昆迪奇。好問題。正如格里在他準備好的演講中提到的那樣，我們對整個投資組合進行了極其深入的研究。我可以報告，我們的生命科學投資組合收到了來自他們公司的大量回饋，甚至收到了許多公司關於關稅影響的量化回饋。具體到您的問題，關稅對其供應鏈的影響。

And there was no alarming findings. I hesitate to give you any specifics here on this call, but it was very good. I classify our tariff impact within the portfolio as low as Gerry alluded to in his prepared remarks. So ongoing review, ongoing analysis. Gerry?

並且沒有發現任何令人震驚的發現。我不太願意向你透露這通通話的具體細節，但這通通話非常順利。正如格里在其準備好的演講中提到的那樣，我將關稅對投資組合的影響劃分到最低水平。因此，持續進行審查，持續進行分析。格里？

The only thing I'd add, while I have no doubt that what you say is true, Casey, with respect to the components, medical devices in generally tend to be higher-margin devices where the subcomponent costs are just not a big part of the overall labor burden and material product costs. So that's why I think the quantified impact for the med devices tends to be low.

我唯一想補充的是，儘管我毫不懷疑你說的是真的，凱西，但就組件而言，醫療設備通常往往是利潤率較高的設備，其中子組件成本並不是整體勞動力負擔和材料產品成本的很大一部分。所以我認為醫療設備的量化影響往往較低。

Doug Harter, UBS.

瑞銀的道格·哈特。

This is Corey Johnson on for Doug. This quarter, commitments were at slow pace that they've been in a while. Can you talk just a little bit about what was behind that? Is that timing, changes in the market, any business decisions that trend or anything?

這是 Corey Johnson 代替 Doug 演繹的作品。本季度，承諾的步伐較之前一段時間緩慢。您能否稍微談談這背後的原因？這是時機、市場變化、任何商業決策趨勢或其他什麼嗎？

So I want to make sure I heard you right. Did you reference the commitments -- funding commitments?

所以我想確認一下我聽清楚了你的意思。您是否提到了承諾—資金承諾？

Yes. Correct.

是的。正確的。

So listen, we took a page out of our COVID playbook. And when you see large kind of macroeconomic conditions deteriorate or change, it's really important for us to focus on our portfolio first, kind of take a defensive stance, understands where the wind is blowing and how -- what's going on is going to impact businesses and then really invest into companies that are benefiting from it. And so we did just that.

所以聽著，我們從 COVID 策略中吸取了一些經驗。當你看到宏觀經濟狀況大幅惡化或改變時，我們首先要關注我們的投資組合，採取防禦姿態，了解風向以及風向將如何影響企業，然後真正投資於從中受益的公司。所以我們就是這麼做的。

We slowed some of our originations efforts. We had to make sure that we put a new filter in place so that any deal that we were looking at funding, any new deal in the pipeline. We understood the effects of tariffs and whether or not we wanted to fund that company. We had to apply a sensitization from a credit standpoint to each of those companies to make sure that they still have the cash life or EBITDA or cash flow that we thought they had.

我們放慢了一些發起努力。我們必須確保建立一個新的過濾器，以便我們考慮資助的任何交易以及任何正在籌備的新交易。我們了解關稅的影響，也知道是否願意為該公司提供資金。我們必須從信用角度對每家公司進行敏感化，以確保它們仍然擁有我們認為的現金壽命、EBITDA 或現金流。

And so what that meant was us slowing down and funding a little bit less in Q1, now those deals did go away. The pipeline is robust. It's growing. We have a significant deal flow right now and it's led us into Q2 with an understanding of who is benefiting from it and who is not and giving us a really interesting point to invest in these companies going forward. So anyway, commitments are down simply by choice. And we're still monitoring what's going on, but that's not a trend.

這意味著我們在第一季會放慢速度並減少資金投入，現在這些交易確實消失了。管道十分堅固。它正在成長。我們現在有大量的交易流，這讓我們進入第二季度，了解誰從中受益，誰沒有受益，並為我們未來投資這些公司提供了一個非常有趣的點。所以無論如何，承諾的減少都是出於自願。我們仍在關注事態發展，但這並不是一種趨勢。

Got it. And so you would say -- would you say now that you have kind of been able to assess things and you feel like a bit more comfortable and that commitment will go back up in 2Q? Or are you still playing it a little bit more defensively?

知道了。那麼您會說——您是否會說現在您已經能夠評估事情了，並且感覺更舒服一些，而且承諾將在第二季度回升？還是你仍然採取更防守的打法？

So there are certain segments we've already identified that are benefiting from this. We have seen within Q1 and carrying into Q2, pretty significant uptick in CapEx spend for companies that manufacture in the US. Our equipment business is poised to benefit from that. You saw that with nearly one-third of our deployments in Q1 were equipment over one-third and I don't think that's going to slow down.

因此，我們已經確定某些部分將從中受益。我們看到，在第一季和第二季度，美國製造業公司的資本支出出現了相當顯著的成長。我們的設備業務將從中受益。您會發現，我們第一季的部署中近三分之一是設備，而且我認為這種速度不會放緩。

So that's a great differentiator for us as a lender. We can look at that and say, great, let's -- we're poised to really benefit from this if it continues. I think manufacturing in the US is a good place to be and we're really focused on it. So -- that's -- I'm not going to tell you that it's going to be two or three times what we did in Q1, but the pipeline is very strong right now.

因此，對於我們作為貸款方來說，這是一個很大的區別。我們可以看到這一點並說，太好了，如果這種情況繼續下去，我們將真正從中受益。我認為美國製造業是一個好地方，我們非常關注它。所以——那是——我不會告訴你它將是我們第一季的兩倍或三倍，但現在的管道非常強勁。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭、拉登堡塔爾曼。

The stock -- the common stock is yielding 14.5% or so, which is pretty close to what your core yield is. How does that affect your consideration of raising additional common equity?

該股票－普通股的收益率約為 14.5%，與核心收益率非常接近。這對您對增加額外普通股權益的考量有何影響？

Chris, it's Mike here. Appreciate the question. Yes, it's something we're modeling. We look at -- we're only going to raise capital when it's accretive to our investors. So we raised about $31 million this quarter on the ATM.

克里斯，我是麥克。感謝你的提問。是的，這是我們正在建模的東西。我們認為－只有當資本能為我們的投資者帶來增值時，我們才會籌集資金。因此，本季我們透過 ATM 籌集了約 3,100 萬美元。

Again, that's an efficient way of raising capital. It's lower than we've done in the past, but we're looking at all the different levers from liquidity on balance sheet to off balance sheet returns for deploying on balance sheet versus syndicating and raising more capital and the benefit -- accretive benefits we can get from those fundings being in the RIA. So I appreciate. Yes, the modeling exercise and the math for raising capital on balance sheet versus the -- how that trickles down and leverage a number of moving parts to the benefit of our investors.

再次強調，這是一種有效的籌集資金的方式。它比我們過去所做的要低，但我們正在研究從資產負債表上的流動性到表外回報的所有不同槓桿，以便在資產負債表上部署，而不是聯合起來籌集更多資本，以及我們可以從 RIA 中的這些資金中獲得的收益——增值收益。所以我很感激。是的，建模練習和在資產負債表上籌集資金的數學計算與如何涓滴效應和利用一系列活動部件為我們的投資者帶來利益。

Great. And then reading into that, I guess, the new vehicles that you guys are raising separate managed funds would take a bigger role going forward. How does -- how do you guys allocate deals between separate managed accounts and the BDC?

偉大的。然後仔細閱讀，我想，你們籌集的獨立管理基金的新工具將在未來發揮更大的作用。你們如何在單獨的管理帳戶和 BDC 之間分配交易？

We think about the managed accounts is just additional liquidity, right? And so you kind of just touched on it. Our goal -- our overall encompassing goal is to grow earnings, grow the dividend. So earn it and grow. That's our goal. We've said it over and over again, our managed accounts give us the ability to generate new income.

我們認為管理帳戶只是額外的流動性，對嗎？所以你剛才只是提到了這一點。我們的目標－我們的總體目標是增加收益，增加股利。因此，努力去爭取並成長。這就是我們的目標。我們已經一遍又一遍地說過，我們的管理帳戶使我們能夠創造新的收入。

So there is a quarterly shuffle that happens and making sure that we do that. And that in some quarters might mean we need to raise some additional equity, common equity, that -- and right now and frankly, the rest of this year, a lot of that is focused on raising capital off balance sheet, private funds and generating new income there.

因此，每季都會進行一次改組，並確保我們做到這一點。在某些方面，這可能意味著我們需要籌集一些額外的股權、普通股——而現在，坦白說，今年剩餘時間，我們的許多精力都集中在籌集表外資本、私募基金以及在那裡創造新收入。

And so we meet twice a week. We look at the model. We try to make sure that we are keeping leverage around that kind of one-to-one mark and over time, hoping to decrease that, giving ourselves more liquidity while also increasing earnings. So the answer is it's not an exact answer because the output just has to be EPS is stable and growing.

因此我們每週見面兩次。我們看一下模型。我們盡力確保將槓桿率保持在那種一對一的水平，並希望隨著時間的推移降低槓桿率，從而為自己提供更多流動性，同時增加收益。所以答案是，這不是一個確切的答案，因為輸出必須是 EPS 穩定且成長。

Great. Final question. What do you think the impact will be on the fair value evaluation of your portfolio company investments? I mean will this increase the base rate, the risk-free rate. And then on top of that, you add the risk premiums. Any color on that would be great.

偉大的。最後一個問題。您認為這會對您所投資的投資組合公司的公允價值評估產生什麼影響？我的意思是這會提高基準利率，即無風險利率嗎？然後在此基礎上加上風險溢價。任何顏色都可以。

Chris, I don't know if I understood the question, the fair value of the entire portfolio in general or investment in the RIA.

克里斯，我不知道我是否理解了這個問題，即整個投資組合的公平價值或 RIA 投資的公平價值。

Each of your investments in your scheduled investments is valued by an outside firm on a periodic basis. How does the tariffs impact the methodology? And does it impact -- does it raise the risk premium of your investments and thus lower your fair value?

您的每項預定投資都會由外部公司定期進行估價。關稅對方法論有何影響？它會產生影響嗎—它是否會提高您的投資風險溢價，從而降低您的公允價值？

Yes. I think certainly, Chris, in valuing the equity portion of our portfolio, right, that's going to be a function of market multiples as of June 30 when the marks are affected, right? So to the extent that trade policies are affecting the markets where our portfolio companies find themselves, then that could certainly affect those marks.

是的。克里斯，我認為，在評估我們投資組合的股票部分時，這將是截至 6 月 30 日的市場倍數的函數，屆時市場將受到影響，對嗎？因此，如果貿易政策影響到我們投資組合公司所在的市場，那麼這肯定會影響這些分數。

With respect to the debt portfolio, if we've got performing debt instruments, we're going to value that with a discounted cash flow. And I think based on what we know today, I would say it would be unlikely that we would across the Board, add to the discount rate as we value that portfolio. However, end the quarter is two months away, and we can't say what may or may not happen. But based on what we know today, we don't think we would need to make such a an encompassing portfolio-wide adjustment.

對於債務組合，如果我們有表現良好的債務工具，我們將以折現現金流來對其進行估值。我認為，根據我們今天所了解的情況，我們不太可能在評估該投資組合時全面提高折現率。然而，距離本季結束還有兩個月的時間，我們無法預測會發生什麼。但根據我們目前所了解的情況，我們認為我們不需要進行如此全面的投資組合調整。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Kyle, how do you guys -- I guess, how do you think about just the lower yields in the portfolio over the last several quarters? I mean do you think that's reflective kind of your push into like a broader origination verticals, including some sponsor-backed deals, are there sort of other things in there kind of like lower activity that you might think are the bigger factor?

凱爾，你們怎麼看──我想，你們如何看待過去幾季投資組合報酬率下降的問題？我的意思是，您是否認為這反映了您向更廣泛的垂直發起領域（包括一些贊助商支持的交易）的推動，其中是否還有其他因素，例如活動減少，您可能認為這些是更大的因素？

Yes. We haven't seen a lot of the compression, I think, across all five verticals combined than I think other BDCs and lenders generally have experienced. The majority of that is the effects of the rates changing and then us growing our more upstream and more mature sponsored finance business, which I think investors should be pretty excited about, right? These are more mature companies, less volatility. They really balance out the portfolio.

是的。我認為，我們在所有五個垂直領域中看到的壓縮程度，並沒有比其他 BDC 和貸款機構普遍經歷的壓縮程度要大。其中大部分是利率變化的影響，然後我們發展更上游、更成熟的贊助金融業務，我認為投資者應該對此感到非常興奮，對嗎？這些公司更加成熟，波動性較小。他們確實平衡了投資組合。

And so there's -- it's pretty minute, but there is some decrease in the yield, but I'd say, a, it's best-in-class still; b, we're pretty protected on the majority of the portfolio from additional rate decreases because of those floor rates; and c, I would 100% trade the diversification and derisking of the portfolio for the small change in yield, right?

所以——它相當微小，但產量有所下降，但我想說，它仍然是同類產品中最好的； b，由於這些最低利率，我們投資組合中的大部分資產都受到了很好的保護，不會受到利率進一步下降的影響； c，我願意 100% 地用投資組合的多樣化和去風險化來換取收益率的微小變化，對嗎？

And so what this doesn't take into account, though, is our 100-plus warrant positions right, that are outstanding that we can't necessarily tell you which one is going to work and win. And -- but those are all options that we have out there right now that can provide some -- and have historically provided upside that covers any kind of losses that we might expect and then provide additional upside. So those are out there as well.

然而，這沒有考慮到的是，我們有 100 多個認股權證部位，這些部位非常出色，我們無法告訴您哪一個會成功並獲勝。而且 — — 但這些都是我們現在擁有的可以提供一些選擇 — — 並且從歷史上看，它們提供了上行空間，可以彌補我們可能預期的任何損失，然後提供額外的上行空間。所以那些也在那裡。

Thanks. I appreciate that. Thanks for color there. And then I can't -- I may have missed it on the call, but I was just wondering if you could remind us of how much of the portfolio is sort of first lien without any sort of additional lender or bank ahead of you in the loan?

謝謝。我很感激。感謝那裡的色彩。然後我不能——我可能在電話中錯過了，但我只是想知道您是否可以提醒我們，在沒有任何額外貸款人或銀行在您之前貸款的情況下，有多少投資組合是第一個留置權？

Paul, this is Ron again. 78% of the portfolio is first lien, not encumbered by any senior debt. That's a pretty direct answer to your specific question. Happy to elaborate, if you have any follow-ups.

保羅，我又是羅恩。 78% 的投資組合為第一留置權，不受任何優先債務的約束。這是對您的具體問題的一個非常直接的回答。如果您有任何後續問題，我很樂意詳細說明。

Yes, in the second lien or sub or mezz layers that we take there, frankly, those are the more mature companies. We take a position of partnering with the bank provides a lower blended cost of capital for the company and we would be more than willing to be the senior facility. But that lower blended cost of capital ends up putting the company in a better position. So when we do it, that typically just means that's a more mature company, later stage, better credit quality and so we just rarely see issues with those loans.

是的，坦白說，在我們採取的第二留置權或子留置權或夾層中，這些都是更成熟的公司。我們的立場是與銀行合作，為公司提供較低的混合資本成本，我們非常願意成為優先融資機構。但較低的混合資本成本最終會讓公司處於更有利的地位。因此，當我們這樣做時，通常意味著這是一家更成熟、更後期、信用品質更好的公司，因此我們很少看到這些貸款有問題。

Once again, very helpful. And then the last one, I had was just I was wondering if you've seen anything kind of quarter-to-date in terms of revolver draws or liquidity issues or demands from any of your borrowers? That's all.

再次強調，非常有幫助。然後最後一個問題是，我只是想知道您是否看到本季度迄今為止的任何循環信貸提取或流動性問題或任何借款人的需求？就這樣。

No, we've not seen an uptick at all with companies requesting capital or looking for additional draws above and beyond. And you got to remember, we -- if we don't -- in many cases, we actually have milestones in place. So a company can't just call us up and ask for money. They will have had to have achieved something or hit some milestones to access additional capital.

不，我們根本沒有看到公司要求資本或尋求額外資金的上升趨勢。你必須記住，我們——如果我們不這樣做——在很多情況下，我們實際上已經設定了里程碑。所以公司不能直接打電話給我們要錢。他們必須取得一些成就或達到一些里程碑才能獲得額外的資本。

But then on the majority, the vast majority, I want to say, 90% of the portfolio -- outstanding commitments, we have to underwrite the deal and approve it before we release capital and it's at our discretion.

但對於大多數、絕大多數，我想說的是，90% 的投資組合的未兌現承諾，我們必須承銷交易並在釋放資本之前批准它，這由我們自行決定。

(Operator Instructions) Sean-Paul Adams, B. Riley Securities.

（操作員指示）Sean-Paul Adams，B. Riley Securities。

You guys have a pretty good track record of this stable dividend. Congrats on 21 quarters without a cut. But this quarter's NII kind of had a narrow margin versus the dividend payout. How committed are you guys when it comes to the dividend or dividend increases? And do you guys have -- currently have any plans to build more spillover?

你們在穩定股息方面有著相當良好的記錄。恭喜您 21 個季度沒有被淘汰。但本季的 NII 與股息支付相比差距較小。在股利或股利增加方面，你們的承諾如何？你們目前有沒有什麼計劃來建立更多的溢出效應？

Good question. So a couple of things. One, the -- keeping for BDCs, keeping the dividends, and not decreasing it, that is -- that's BDC 101 right there, right? So we are very focused on keeping the dividend and growing the dividend. Our Board will meet and decide on whether to keep it or increase it and our goal internally is to cover the dividend and increase that coverage over time.

好問題。有幾件事。第一，保留 BDC，保留股息，而不是減少股息，這就是 BDC 101，對吧？因此，我們非常注重保持股息和增加股息。我們的董事會將開會決定是否保留或增加股息，我們的內部目標是支付股息並隨著時間的推移增加股息覆蓋率。

We had less coverage this quarter for the reasons we've already stated. Payoffs alone account for $0.03 to $0.04 of regular earnings per share that we just didn't see this quarter. There are a few other things that I just -- that were just specific to this quarter.

由於我們已經說明的原因，本季我們的報導較少。僅股息一項就佔每股常規收益的 0.03 美元至 0.04 美元，而我們本季並未看到這一數字。還有一些其他的事情我只是 - 只是本季特有的。

So our goal is to build it and grow it. I think generally speaking, right now, if we're going to over-earn the dividend, and we're still generating a 14% dividend yield, we're clearly not being -- our stock is not reflecting its true value in that scenario right there. So increasing the dividend doesn't make a lot of sense because we're not getting a lot of credit for that.

因此我們的目標是建立它並發展它。我認為一般來說，現在，如果我們要超額賺取股息，而我們仍然產生 14% 的股息殖利率，那麼我們顯然沒有——我們的股票沒有反映其在那種情況下的真實價值。因此增加股利沒有多大意義，因為我們並沒有因此獲得很多讚譽。

So building NAV and focusing on building NAV has been what we've done now for consecutive quarters. We'll probably continue doing that. But the Board will meet quarterly to decide whether or not we want to build that spillover. And then at some point, of course, we have to distribute out 90%-plus of our earnings. So if we are successful doing what I just said, we're going to be forced to send out special dividends at some point to the benefit of shareholders. So that's a problem we really want to have.

因此，建立 NAV 並專注於建立 NAV 是我們連續幾季所做的事情。我們可能會繼續這樣做。但董事會將每季召開一次會議來決定我們是否要建立這種外溢效應。當然，在某個時候，我們必須分配90％以上的收益。因此，如果我們成功地做到了我剛才所說的，我們將被迫在某個時候派發特別股息，以造福股東。所以這是我們真正想要遇到的問題。

Got it. And when you're looking at forward quarters, if there is a material crunch on the earnings front, how are you looking at the balance of the dividend distribution versus the NAV?

知道了。當您展望未來幾季時，如果獲利方面出現重大危機，您如何看待股利分配與資產淨值的平衡？

We feel really good about covering our dividend. All right, well, that was easier than I thought. But we feel really good about covering the dividend.

我們對支付股息感到非常滿意。好吧，這比我想像的還要容易。但我們對於支付股利感到非常滿意。

It appears we have no further questions at this time. I'll now turn the call back over to CEO, Kyle Brown for closing remarks.

目前看來我們沒有其他問題。現在我將把電話轉回給執行長凱爾布朗 (Kyle Brown) 作最後發言。

All right. Well, we'd like to thank everybody for participating in our call today. We appreciate your interest and investment in Trinity Capital. We look forward to updating you on our second quarter results at our earnings call on August 6. Have a great rest of your day. Thanks. Bye.

好的。好吧，我們要感謝大家今天參加我們的電話會議。我們感謝您對 Trinity Capital 的關注與投資。我們期待在 8 月 6 日的收益電話會議上向您通報我們的第二季業績。祝您今天剩餘的時間過得愉快。謝謝。再見。

Thank you, ladies, and gentlemen. This concludes today's event. You may now disconnect.

謝謝各位，女士們，先生們。今天的活動到此結束。您現在可以斷開連線。