Trinity Capital Inc (TRIN) 2025 Q2 法說會逐字稿

Good afternoon. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Trinity Capital's second-quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫大衛，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 年第二季財報電話會議。（操作員指示）

It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital. Please go ahead, sir.

現在我很高興將電話轉給 Trinity Capital 投資人關係主管 Ben Malcolmson。先生，請繼續。

Thank you, and welcome to Trinity Capital's second-quarter 2025 earnings conference call. Speaking on today's call are Kyle Brown, Chief Executive Officer; Michael Testa, Chief Financial Officer; and Jerry Harder, Chief Operating Officer. 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 年第二季財報電話會議。參加今天電話會議的有執行長凱爾布朗 (Kyle Brown)、財務長邁克爾泰斯塔 (Michael Testa) 和營運長傑瑞哈德 (Jerry Harder)。參加本次電話會議問答環節的有首席信貸官 Ron Kundich 和總法律顧問兼首席合規官 Sarah Stanton。

Earlier today, we released our financial results, which are available on our investor relations website at ir.trinitycapital.com. Before we begin, please note that certain statements made during this call may be considered forward-looking under federal securities laws. Please review our most recent SEC filings for further information on the risks and uncertainties related to these statements.

今天早些時候，我們發布了財務業績，詳情可在我們的投資者關係網站 ir.trinitycapital.com 上查閱。在開始之前，請注意，根據聯邦證券法，本次電話會議中的某些陳述可能被視為前瞻性陳述。請查看我們最近向美國證券交易委員會提交的文件，以獲取與這些聲明相關的風險和不確定性的更多資訊。

With that, please allow me to turn the call over to Trinity Capital's CEO, Kyle Brown.

說完這些，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. To get started, we want to share some notable highlights from a strong Q2 for Trinity Capital as we continue to mature as a best-in-class alternative asset manager focused on the private credit space. We delivered $34.8 million in net investment income, a 30% increase versus Q2 of last year. Our net asset value grew 11% quarter over quarter to a record $924 million. Platform AUM increased to more than $2.3 billion. Our credit quality remains strong, with non-accruals staying steady and representing less than 1% of the portfolio at fair value.

謝謝你，本。感謝大家今天的參與。首先，我們想分享 Trinity Capital 強勁的第二季的一些值得注意的亮點，我們將繼續成長為專注於私人信貸領域的一流另類資產管理公司。我們實現了 3,480 萬美元的淨投資收益，比去年第二季成長了 30%。我們的淨資產價值季增 11%，達到創紀錄的 9.24 億美元。平台AUM增至23億美元以上。我們的信貸品質依然強勁，非應計項目保持穩定，以公允價值計算，其占投資組合的比例不到 1%。

And Trinity paid a second-quarter cash dividend of $0.51 per share, representing our 22nd consecutive quarter of consistent regular dividend. Many momentum-building milestones occurred during the second quarter as well. In May, we received an investment-grade rating from Moody's, which allows us to obtain debt capital at more advantageous rates.

Trinity 在第二季度支付了每股 0.51 美元的現金股息，這是我們連續第 22 個季度支付定期股息。第二季也出現了許多勢頭強勁的里程碑。五月份，我們獲得了穆迪的投資等級評級，這使我們能夠以更優惠的利率獲得債務資本。

Then in June, we received a green light letter from the Small Business Administration to launch an SBIC fund, which will potentially provide $275 million of investable capital. The fund will be managed under our RIA, which differentiates our platform and generates new management and incentive fees that flow directly to TRIN shareholders, creating the opportunity to provide future income beyond our direct lending portfolio.

隨後在 6 月份，我們收到了美國小型企業管理局的批准函，允許我們啟動 SBIC 基金，該基金可能提供 2.75 億美元的可投資資本。該基金將在我們的 RIA 下進行管理，這使我們的平台與眾不同，並產生新的管理和激勵費用，這些費用直接流向 TRIN 股東，從而創造了在我們的直接貸款組合之外提供未來收入的機會。

Trinity Capital continues to outperform across key metrics. Our return on equity and effective yield are at or near the top of the BDC space. Our NAV has grown 36% year over year, and since our IPO four years ago, the cumulative return on TRIN stock is 88%. outpacing our peer average of 67% and the S&P's 565% total return in that same timeframe.

Trinity Capital 在關鍵指標上繼續表現出色。我們的股本回報率和有效收益率處於或接近 BDC 領域的頂端。我們的資產淨值年增 36%，自四年前首次公開募股以來，TRIN 股票的累計回報率為 88%，超過了同業平均 67% 和標準普爾同期 565% 的總回報率。

Our goal is to be the top performing BDC. We believe our ability to consistently deliver strong performance stems from our differentiated structure, disciplined underwriting, and first-class team. Our five business verticals, Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences, position us to maintain a diversified and resilient portfolio across varying macroeconomic conditions. Each vertical is supported by specialized and elite teams of originators, underwriters, and portfolio managers, fostering an efficient, effective, and scalable operating model.

我們的目標是成為表現最佳的 BDC。我們相信，我們持續提供強勁業績的能力源自於我們差異化的結構、嚴謹的核保和一流的團隊。我們的五大業務垂直領域，即贊助商融資、設備融資、科技貸款、資產抵押貸款和生命科學，使我們能夠在不同的宏觀經濟條件下保持多元化和有彈性的投資組合。每個垂直領域都由發起人、承銷商和投資組合經理組成的專業精英團隊提供支持，從而形成高效、有效且可擴展的營運模式。

Structurally, as an internally managed BDC, our employees, management, and Board members all hold the same shares as our investors. This alignment of interest ensures we are fully committed to delivering consistent dividends and growing returns. The internally managed structure also creates a premium valuation because shareholders own the management company as well as the underlying assets.

從結構上講，作為內部管理的 BDC，我們的員工、管理階層和董事會成員都持有與投資者相同的股份。這種利益一致確保我們全力致力於提供持續的股息和不斷增長的回報。內部管理結構也創造了溢價估值，因為股東擁有管理公司以及基礎資產。

Furthermore, all management fees and incentive fees generated through our asset management activities under the RIA are passed on to our shareholders, which drives additional income streams, enhances valuation, and supports platform growth.

此外，透過 RIA 下的資產管理活動產生的所有管理費和激勵費都會轉嫁給我們的股東，從而推動額外的收入來源、提高估值並支持平台成長。

From a talent attraction and retention perspective, we are deeply committed to cultivating a strong culture that draws the best people in the industry as we continue our growth trajectory. We invest in our platform and our processes for future scale as we build a company that earns trust in our employees, partners, and shareholders. Our unique culture is built on six core pillars: humility, trust, integrity, uncommon care, continuous learning, and an entrepreneurial spirit. Our aim has always been to create an organization that our employees, partners, and shareholders are proud of.

從吸引和留住人才的角度來看，我們致力於培養強大的文化，以吸引業界中最優秀的人才，同時繼續我們的成長軌跡。我們投資於我們的平台和流程，以實現未來的規模，從而建立一家贏得員工、合作夥伴和股東信任的公司。我們獨特的文化建立在六大核心支柱之上：謙遜、信任、正直、非凡關懷、持續學習和創業精神。我們的目標始終是創造一個讓我們的員工、合作夥伴和股東感到自豪的組織。

We continue to thoughtfully raise both equity and debt to capitalize the business. During Q2, we raised $82 million of equity through the ATM program at an average premium to NAV of 11%. And subsequent to quarter end, we issued $125 million of unsecured notes, providing further capitalization for our growth. All this gives continued validation that we can scale the platform while maintaining and increasing our earnings per share.

我們將繼續深思熟慮地籌集股權和債務，以使業務資本化。在第二季度，我們透過 ATM 計劃籌集了 8,200 萬美元的股權，平均溢價為資產淨值的 11%。在本季末之後，我們發行了 1.25 億美元的無擔保票據，為我們的成長提供了進一步的資本。所有這些都進一步證明我們可以擴大平台規模，同時維持並增加每股盈餘。

We are experiencing tremendous momentum heading into the second half of 2025. In the first half, we funded $585 million, outpacing last year's record-setting first half by more than 20%. Our investment pipeline remains strong, including $849 million in unfunded commitments as of the end of Q2, a position for continued portfolio growth in the second half of 2025. Only 6% of unfunded commitments are considered unconditional, meaning 94% of our unfunded commitments are subject to ongoing diligence and approval by our investment committee. Underwriting and credit performance remain critically important to us.

進入 2025 年下半年，我們正經歷著巨大的發展動能。上半年，我們融資 5.85 億美元，比去年創紀錄的上半年成長了 20% 以上。我們的投資管道依然強勁，截至第二季末，我們的未出資承諾金額為 8.49 億美元，為 2025 年下半年投資組合的持續成長奠定了基礎。只有 6% 的無資金承諾被視為無條件的，這意味著 94% 的無資金承諾都需要經過我們的投資委員會的持續盡職調查和批准。核保和信用表現對我們來說仍然至關重要。

To touch on a few newsworthy topics, in terms of tariffs, as mentioned in Q1, we continue to actively communicate with the entire portfolio, and we've seen a minimal impact to date. Understanding the effects of tariffs on both new and existing portfolio companies remains a core focus for us as we continue to build the business. The positive impact of the tariffs has been an increased demand for our Equipment Finance business, which concentrates on US-based manufacturing.

談幾個有新聞價值的話題，就關稅而言，正如第一季提到的，我們繼續積極與整個投資組合進行溝通，到目前為止，我們看到的影響微乎其微。在我們繼續發展業務的過程中，了解關稅對新舊投資組合公司的影響仍然是我們關注的核心。關稅的正面影響是增加了我們專注於美國製造業的設備融資業務的需求。

Our dividend coverage increased quarter over quarter, and we expect to maintain this trend. We believe future rate cuts should have a beneficial impact for Trinity Capital since a majority of our deals are already at their full rate, And we could see an uptick in prepayments if rate cuts continue as borrowers look to refinance their debt at lower rates, which would generate additional fee income for the benefit of our shareholders and provide capital for future deployment.

我們的股息覆蓋率逐季增加，我們預計將保持這一趨勢。我們相信，未來的降息將對 Trinity Capital 產生有利影響，因為我們的大多數交易已經達到全額利率，如果繼續降息，我們可能會看到預付款增加，因為借款人希望以較低的利率為其債務進行再融資，這將為我們的股東帶來額外的費用收入，並為未來的部署提供資本。

Additionally, lower rates would reduce our borrowing costs on our credit facility and future bond issuances. From the beginning, we've consistently stated that our objective is to out-earn the dividend while growing the BDC, and we continue to deliver on that promise. Trinity Capital remains well-positioned in the private credit market with a focus on late-stage venture-backed companies into the lower middle market.

此外，較低的利率將降低我們的信貸額度和未來債券發行的借貸成本。從一開始，我們就始終如一地表示，我們的目標是在發展 BDC 的同時獲得更高的股息，並且我們將繼續兌現這一承諾。Trinity Capital 在私人信貸市場中仍佔據有利地位，專注於進入中低端市場的後期創投支持公司。

On the capitalization front, we're laying the groundwork for a managed account platform, and this initiative will expand our direct lending strategy, creating additional income streams for Trinity Capital shareholders. Overall, we are very bullish about the opportunities before us. We look forward to continuing to build a company that delivers outsized returns to our investors and demonstrates uncommon care for our people and our partners.

在資本化方面，我們正在為託管帳戶平台奠定基礎，這項舉措將擴大我們的直接貸款策略，為 Trinity Capital 股東創造額外的收入來源。整體而言，我們對眼前的機會非常樂觀。我們期待繼續打造一家為投資者帶來豐厚回報並向我們的員工和合作夥伴展現非凡關懷的公司。

With that, I'll turn the call over to Michael Testa, our CFO, to discuss our financial results in more detail. Michael?

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 second quarter, we achieved total investment income of $69.5 million, a 27% increase over the same period in 2024. Our industry-leading effective yield on the portfolio for Q2 was 15.7%. The increase in total investment income this quarter reflects higher prepayment income from over $100 million of early debt repayments, as well as net portfolio growth in the second quarter.

謝謝你，凱爾。第二季度，我們實現總投資收益6,950萬美元，較2024年同期成長27%。我們第二季投資組合的有效收益率達到行業領先水平，為 15.7%。本季總投資收入的增加反映了超過 1 億美元提前償還債務帶來的預付收入增加，以及第二季淨投資組合的成長。

Net investment income for the second quarter was $34.8 million, or $0.53 per basic share, compared to $26.7 million or $0.53 per basic share in the same period of the prior year. Our net investment income per share represents 104% coverage of our quarterly distribution. Our estimated undistributed taxable income is approximately $63 million or $0.91 per share. We continue to reinvest this capital for the benefit of our investors while maintaining a consistent and meaningful distribution.

第二季淨投資收益為 3,480 萬美元，即每股 0.53 美元，而去年同期為 2,670 萬美元，即每股 0.53 美元。我們的每股淨投資收益佔季度分配的 104%。我們估計未分配應稅收入約為 6,300 萬美元或每股 0.91 美元。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。

Our platform continues to generate strong returns for our BDC shareholders, with return on average equity of 15.9%, once again among the top in the BDC space. At the end of Q2, our net asset value was $924 million, up 11% from $833 million as of Q1. And our corresponding NAV per share increased to $13.27 at the end of Q2 as compared to $13.05 as of Q1. The increase in NAV per share reflects net appreciation on the portfolio and accretive equity ATM issuances.

我們的平台繼續為 BDC 股東創造豐厚回報，平均股本回報率達到 15.9%，再次位居 BDC 領域前列。截至第二季末，我們的淨資產價值為 9.24 億美元，較第一季的 8.33 億美元成長 11%。我們相應的每股資產淨值在第二季末增至 13.27 美元，而第一季為 13.05 美元。每股資產淨值的增加反映了投資組合的淨升值和增值股權 ATM 發行。

During the quarter, we enhanced liquidity and lowered our net leverage ratio by raising $82 million through our equity ATM program at an average premium to NAV of 11%. We opportunistically raised $2 million of gross proceeds from our debt ATM program, all at a premium to par. And as Kyle mentioned, subsequent to quarter end, we issued $125 million of 6.75% unsecured notes due in July 2030. This institutional bond issuance further diversifies our sources of capital, improves our cost of capital, and ladders out our debt maturities. We maintain a strong balance sheet with no debt maturities until August 2026.

在本季度，我們透過股權 ATM 計劃籌集了 8,200 萬美元，平均溢價至資產淨值 11%，從而增強了流動性並降低了淨槓桿率。我們抓住機會，從債務 ATM 計劃中籌集了 200 萬美元的總收益，全部以高於票面價值的價格籌集。正如凱爾所提到的，在季度末之後，我們發行了 1.25 億美元的 6.75% 無擔保票據，到期日為 2030 年 7 月。此次機構債券發行進一步豐富了我們的資金來源，改善了我們的資金成本，並使我們債務期限更加緊湊。我們的資產負債表強勁，2026 年 8 月之前沒有債務到期。

We continue to benefit from our co-investment vehicles, which provide approximately $1.9 million, or $0.03 per share, of incremental net investment income to the BDC and Q2. We syndicated $34 million to these vehicles during the quarter. And as of June 30, 2025, we managed over $300 million of assets across these private vehicles, providing incremental growth capital and accretive returns to our shareholders.

我們繼續受益於我們的共同投資工具，該工具為 BDC 和 Q2 提供約 190 萬美元或每股 0.03 美元的增量淨投資收益。我們在本季向這些車輛聯合投資了 3,400 萬美元。截至 2025 年 6 月 30 日，我們透過這些私人工具管理超過 3 億美元的資產，為股東提供了增量成長資本和增值回報。

Our net leverage ratio decreased to 1.12 times as of quarter end. With strong liquidity, well-diversified capital sources, including funding from both the BDC and vehicles managed under our wholly owned registered investment advisor, Trinity is well-positioned to thoughtfully underwrite a robust pipeline, maintain a strict credit discipline, and selectively deploy capital in high-conviction opportunities.

截至季末，我們的淨槓桿率下降至 1.12 倍。憑藉強大的流動性和多元化的資本來源（包括來自 BDC 和我們全資註冊投資顧問管理的工具的資金），Trinity 完全有能力精心承保強大的管道，保持嚴格的信貸紀律，並有選擇地將資本部署在高信念機會中。

To discuss our portfolio performance and platform in more detail, I'll now pass the call over to our COO, Jerry Harder. Jerry?

為了更詳細地討論我們的投資組合表現和平台，我現在將電話轉給我們的營運長傑瑞哈德 (Jerry Harder)。傑瑞？

Thank you, Michael. At the end of the second quarter, the composition of our portfolio on a cost basis was composed of approximately 76% secured loans, 17% equipment financings, 4% equity, and 2% warrants. The portfolio remains well diversified by investment type, transaction size, industry, and geography. We are currently invested in 20 distinct industry categories.

謝謝你，麥可。截至第二季末，以成本計算，我們的投資組合構成約為 76% 的擔保貸款、17% 的設備融資、4% 的股權和 2% 的認股權證。該投資組合在投資類型、交易規模、行業和地理方面保持了良好的多樣化。我們目前投資 20 個不同的行業類別。

Our largest industry exposure is finance and insurance, representing 15% of the portfolio at cost and diversified across 17 borrowers, including both term loans and asset-based warehouse facilities. As of the end of Q2, our largest single portfolio company debt exposure represents 3.3% of our debt portfolio on a cost basis. Our 10 largest debt investments collectively represent 23.1% of our total portfolio on a cost basis.

我們最大的產業風險是金融和保險，佔投資組合成本的 15%，並分散在 17 個借款人中，包括定期貸款和基於資產的倉儲設施。截至第二季末，我們最大的單一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 3.3%。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 23.1%。

Turning to credit, the 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 second quarter stood at 2.9 based on our 1 to 5 scale, where 5 represents very strong performance. This rating is consistent with prior quarters, reflecting both the addition of high-quality originations during the quarter and strong portfolio management of existing investments.

談到信貸，我們的投資組合品質與上一季相比保持一致，約有 99.1% 的投資組合以公允價值為基礎。根據 1 到 5 的等級，我們第二季的平均內部信用評級為 2.9，其中 5 代表表現非常強勁。該評級與前幾季一致，反映了本季度增加了高品質的發行，並對現有投資進行了強有力的投資組合管理。

Quarter over quarter, the number of portfolio companies on non-accrual improved from five to four. During Q2, one new company was added to non-accrual status, while two prior non-accrual investments were realized and rolled off. As of June 30, non-accrual credits had a total fair value of approximately $15.6 million, or 0.9% of the total debt portfolio, consistent with the preceding order.

與上一季相比，未提列的投資組合公司數量從 5 家增加到 4 家。第二季度，有一家新公司被納入非應計狀態，同時兩項先前的非應計投資被實現並結轉。截至 6 月 30 日，非應計信貸的公允價值總額約為 1,560 萬美元，佔債務總組合的 0.9%，與先前的命令一致。

At the end of Q2, 81% of our total principal outstanding was secured by first-position liens on enterprise, equipment, or both. For loans covered by enterprise value, the weighted average loan-to-value was 20%, with 58% of our portfolio companies maintaining a loan-to-value below 15%. In the second quarter, our portfolio companies collectively raised over $1.3 billion in equity capital, demonstrating the continued strength of our portfolio and our portfolio's ability to attract fundings in the current macro environment.

截至第二季末，我們未償還本金總額的 81% 由企業、設備或兩者的優先留置權擔保。對於以企業價值覆蓋的貸款，加權平均貸款價值比為 20%，其中 58% 的投資組合公司的貸款價值比保持在 15% 以下。在第二季度，我們的投資組合公司共籌集了超過13億美元的股本，證明了我們投資組合的持續實力以及在當前宏觀環境下吸引資金的能力。

These metrics underscore the strong credit profile of our portfolio, with borrowers generally well capitalized and positioned to finance their operational growth, including servicing of their debt obligations. In closing, we want to emphasize that credit quality and disciplined portfolio management remain top priorities for Trinity Capital. Our team operates with a shareholder mindset, consistently striving for outcomes that serve the best interests of both our investors and our partners.

這些指標凸顯了我們投資組合的強勁信用狀況，借款人通常資本充足，能夠為其營運成長提供資金，包括償還債務。最後，我們要強調的是，信貸品質和嚴格的投資組合管理仍然是 Trinity Capital 的首要任務。我們的團隊以股東心態運作，始終致力於實現符合投資者和合作夥伴最佳利益的結果。

Before we conclude the call, we'd 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, hi. Good afternoon on the East Coast. Good morning on the West Side. Kyle, you made a comment that tariffs were driving more interest in Equipment Finance, but this quarter was much more heavily slanted towards secured loans than Equipment Finance. Is that something that you see occurring over the rest of the year?

是的，你好。東海岸的各位下午好。西區的早安。凱爾，您評論說關稅推動了人們對設備融資的更多興趣，但本季對擔保貸款的傾向比對設備融資的傾向更大。您認為今年剩餘時間還會出現這種情況嗎？

Hey, Casey. Thanks for the question. No I think that's more of just the timing. Our Tech Lending group had a great quarter. They won a lot of deals, performed very well. And equipment financing was in line with our expectations and also had a really significant quarter in terms of term sheets accepted. So more of a timing issue, Casey, and you can expect them to continue their growth going forward.

嘿，凱西。謝謝你的提問。不，我認為這只是時間問題。我們的技術貸款集團本季表現出色。他們贏得了很多交易，表現非常出色。設備融資符合我們的預期，並且就接受的條款清單而言，本季也表現十分出色。所以更多的是一個時間問題，凱西，你可以期待他們在未來繼續成長。

Yes, a little bit of additional color, Casey. This is Jerry. Year-to-date, our deployments have been 26% equipment. That's a little bit higher than we set out in our AOP, but within what we would expect. And as Kyle mentioned, a pretty strong quarter for commitments for that vertical.

是的，加了一點顏色，凱西。這是傑瑞。年初至今，我們的設備部署率為 26%。這比我們在 AOP 中設定的要高一點，但在我們的預期之內。正如凱爾所提到的，本季該垂直產業的承諾相當強勁。

Okay, thanks for that. Secondly, look, this is clearly a great quarter. It's being reflected in the stock right now. But I'm obliged to ask, there was a relatively meaningful increase in the watch list at fair value quarter over quarter. Now you define those as need for additional capital or underperforming relative to the business plan. And those can be two very different things because need for additional capital can be simply be a timing issue. So can you give us a feel for how much of that $97 million is portfolio companies that are lining up for additional capital versus how many are underperforming their business plans?

好的，謝謝。其次，看，這顯然是一個很棒的季度。現在這一點已經反映在股票上。但我不得不問，以公允價值計算的觀察名單與上一季相比有相對有意義的成長。現在，您將其定義為需要額外資本或相對於業務計劃表現不佳。這可能是兩件截然不同的事情，因為需要額外資本可能只是一個時機問題。那麼，您能否告訴我們，這 9,700 萬美元中有多少是等待額外資本的投資組合公司，又有多少是表現不佳的公司？

Hey, Casey. This is Ron Kundich. I'll take that. I'm looking at the list right now. I think it's a combination of the two things. These companies -- let me step back. It's not a one-way street. These companies hit the watch list and oftentimes pop off the watch list. Two big adds to the watch list this quarter. Those companies are actively raising capital from their investors.

嘿，凱西。我是 Ron Kundich。我會接受的。我現在正在看清單。我認為這是兩件事的結合。這些公司——讓我退一步來說。這不是一條單行道。這些公司經常被列入觀察名單，但又經常被從觀察名單中剔除。本季關註名單新增兩項重要內容。這些公司正在積極向投資者籌集資金。

We're in negotiations with them as to how we can help with perhaps a modification of our loan. It is a catch-all. Company performance oftentimes leads to a company's need for capital. The two things are related more often than not. That's kind of how I would describe that, Casey. If you have any follow-ups, feel free.

我們正在與他們協商如何幫助他們修改貸款。這是一個包羅萬象的問題。公司業績常常決定公司對資本的需求。這兩件事往往是相關的。這就是我對此的描述，凱西。如果您有任何後續問題，請隨時與我們聯繫。

All right. Thank you.

好的。謝謝。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. I was hoping you could give us some more thoughts or color around the expected pacing of raising third-party capital. You mentioned separately managed accounts. How should we think about the potential growth of that pool of capital?

謝謝。我希望您能就第三方資本籌集的預期速度給我們更多的想法或細節。您提到了單獨管理的帳戶。我們該如何看待該資本池的潛在成長？

Yes, you bet. Thanks, Doug. We have been actively setting up and laying the groundwork for our managed account business for over a year. Some of that has required SEC approval. We continue to build assets under management. We had been waiting for SEC approval for some time to convert our private fund into a non-traded BDC, which we'll be managing. We're at the very end of that process and hoping to launch and really start growing that entity now.

是的，沒錯。謝謝，道格。一年多來，我們一直在積極建立和奠定託管帳戶業務的基礎。其中一些需要美國證券交易委員會的批准。我們持續擴大管理資產。我們一直在等待美國證券交易委員會的批准，將我們的私募基金轉換為非交易的 BDC，我們將對其進行管理。我們正處於這個過程的最後階段，希望現在就能啟動並真正開始發展這個實體。

And so the groundwork's been laid for over a year. We're starting to see the fruits of that trickle in now, and very excited about rolling that out and seeing more of that fruit get delivered here in subsequent quarters. And then the last part of your question is a big, big part of our future. As an operating company which has the ability to generate income above and beyond just the loans that we issue, we are highly incentivized to build that business and to generate new management fees and incentive fees because it directly benefits our shareholders.

因此基礎工作已經進行了一年多了。我們現在開始看到這種舉措的成果，並且非常高興能夠推出這種舉措並在接下來的幾季看到更多的成果。你問題的最後一部分對我們的未來來說非常重要。作為一家能夠創造超出我們發放的貸款的收入的營運公司，我們有很強的動力去發展這項業務並產生新的管理費和激勵費，因為它直接使我們的股東受益。

It gives us the ability to generate and increase earnings per share, which, again, as a BDC, gives us the ability to generate new dividend income and higher dividend income. And so it's a big, big part of our future. The groundwork's been laid. It's taken a long time to get there. And now we're starting to execute on it. So very excited about where we're at.

它使我們能夠產生和增加每股收益，同樣，作為 BDC，它使我們能夠產生新的股息收入和更高的股息收入。所以它是我們未來的重要組成部分。基礎已經打好。到達那裡花了很長時間。現在我們開始執行它。我們對目前的情況感到非常興奮。

Yes, one thing I would add -- this is previously announced, but we did get our green light letter from the SBA, as Cal mentioned, in prepared remarks. And so that sets off a sequence of events to create that SBIC fund, which will be a managed account under our RIA as well.

是的，我想補充一點——這是之前宣布過的，但正如卡爾在準備好的演講中提到的那樣，我們確實收到了 SBA 的批准信。這引發了一系列事件來創建 SBIC 基金，該基金也將成為我們 RIA 下的一個管理帳戶。

And maybe just to put a finer point on that we are raising -- unlike most BDCs, when they get an SBIC license, they downstream their own equity just to get some extra leverage, which is better for their return on equity. We are actually raising $87.5 million of equity, which will then get two tiers of leverage, $275 million of new capital with management fees and incentive fees that will begin flowing into Trinity. And we're hoping to close out that fund this year and start deploying next year. So this is in real time happening, and we're really excited about the upside that comes from it.

也許只是為了更準確地說明我們正在提出的這一點——與大多數 BDC 不同，當他們獲得 SBIC 許可證時，他們會將自己的股權下游化，以獲得一些額外的槓桿，這對他們的股本回報率更有利。我們實際上正在籌集 8,750 萬美元的股權，然後將獲得兩層槓桿，2.75 億美元的新資本加上管理費和激勵費將開始流入 Trinity。我們希望今年結束該基金並於明年開始部署。所以這是即時發生的，我們對由此帶來的好處感到非常興奮。

Great, appreciate the answers there.

太好了，感謝您的回答。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Hey, thanks for taking my questions and congrats on another good quarter. I guess just diving a little bit more into the SBIC, maybe can you talk to us about like how the interest rate positioning of that, does that, if I recall, that type of debt is tied to -- it's adjustable rate debt tied to some type of part of the treasury curve. And then what are the characteristics of assets that go into that, and how do they differ from the rest of the portfolio in terms of contribution and economics?

嘿，感謝您回答我的問題，並祝賀您又一個好季度。我想稍微深入研究一下 SBIC，也許您可以跟我們談談它的利率定位嗎？如果我沒記錯的話，這種類型的債務是與可調利率債務掛鉤的，與國債曲線的某些部分掛鉤。那麼，構成其中的資產有哪些特質呢？它們在貢獻和經濟方面與投資組合的其他部分有何不同？

Hey, John. Good to hear from you. Thanks for the question. So the SBIC fund is great for LPs, of course, that we're raising money from. And then it's incredible for Trinity with new management fees and incentive fees. But the real benefit here is you get 2 times leverage. Every dollar of equity we raise, we get $2 from into ventures backed by the SBA fixed at some -- it's right around 5% today. So it's a very low cost of capital for the life of the fund.

嘿，約翰。很高興收到你的來信。謝謝你的提問。因此，SBIC 基金對於我們籌集資金的 LP 來說當然非常棒。然後，Trinity 的新管理費和獎勵費令人難以置信。但真正的好處是您可以獲得兩倍的槓桿。我們籌集的每一美元股權，都會從 SBA 支持的企業中獲得 2 美元，固定利率——目前約為 5%。因此，在基金存續期間，資本成本非常低。

So that ends up creating an incredible return for the LPs that we raise money from. And then it creates a really interesting value prop for us as that cost of capital is extremely low, lower than what we can currently get at the VDC level even right now. And so that gives us a great new pool of capital with a very low cost of that capital and the ability and new liquidity.

因此，這最終為我們籌集資金的 LP 創造了令人難以置信的回報。然後它為我們創造了一個非常有趣的價值主張，因為資本成本極低，甚至低於我們目前在 VDC 水準所能獲得的資本成本。因此，這為我們提供了一個巨大的新資本池，其資本成本非常低，並且具有能力和新的流動性。

And so we intend to draw down and start deploying next year. And of course, we're generating current management fees and incentive fees along the way. And so it's a great -- that will be our third SBIC license for Trinity Capital, the first since becoming a public company. And we think that's going to be a great addition and some future upside for our shareholders there.

因此，我們打算縮減兵力，並在明年開始部署。當然，我們在過程中也會產生目前的管理費和激勵費。這真是太棒了——這將是 Trinity Capital 獲得的第三個 SBIC 許可證，也是其成為上市公司以來的第一個。我們認為這將是一個很好的補充，並且會為我們的股東帶來未來的好處。

I would add the mandate of that fund will be a co-investment vehicle alongside the BDC. Not every deal that we do within the BDC will fit into an SBIC fund. For example, deals in foreign jurisdictions won't apply. But largely, it will co-invest alongside the BDC.

我想補充的是，該基金的任務是作為 BDC 的共同投資工具。我們在 BDC 內完成的交易並非都適合 SBIC 基金。例如，外國司法管轄區內的交易不適用。但總體而言，它將與 BDC 共同投資。

It will just be programmatic, so it'll just take a little piece of every deal we do.

它只是程序化的，所以它只會從我們做的每筆交易中抽取一小部分。

Okay, that's helpful. I guess still on the related concept on interest rates, anything that we should be thinking about in terms of prepayments or repayments if rates go down? I mean, you gave some of the sensitivities on the business to declining rates, but anything else we should think about in terms of the impacts? I know the lower rates will help borrowers get lower cost of capital and so forth. But is there anything from a portfolio perspective we should be thinking about?

好的，這很有幫助。我想仍然是關於利率的相關概念，如果利率下降，我們應該考慮預付款或還款方面的任何事情嗎？我的意思是，您提到了利率下降對業務的一些敏感性，但就其影響而言，我們還應該考慮其他什麼嗎？我知道較低的利率將有助於借款人降低資本成本等等。但從投資組合的角度來看，我們應該考慮什麼嗎？

Well, on the prepayments here to date are kind of in line with our expectations and historical expectations for prepayments. Lower rates are going to be really interesting for us. Unlike most BDCs, the majority of our portfolio is really kind of either at floor rates for our floating rate loans, or a quarter of the portfolio is equipment financings, which are really fixed once we deploy.

嗯，到目前為止的預付款與我們的預期和歷史預付款預期一致。較低的利率對我們來說確實很有吸引力。與大多數 BDC 不同，我們的投資組合中的大部分實際上要么是浮動利率貸款的最低利率，要么是四分之一的設備融資，一旦我們部署，這些融資實際上是固定的。

The majority of our portfolio is really set to see some upside because the cost of our capital will go down, of course, with our revolving line of credit, and then future debt issuances will be lower in theory. And so there's some really interesting upside just from a return perspective if rates do go down. The answer to your question is yes. If rates go down, companies may look to refinance their debt into lower cost of capital.

我們大部分的投資組合確實會出現一些上漲，因為我們的資本成本將會下降，當然，隨著我們的循環信貸額度增加，理論上未來的債務發行量也會降低。因此，如果利率確實下降，從回報角度來看，將會帶來一些非常有趣的上行空間。你的問題的答案是肯定的。如果利率下降，公司可能會尋求透過再融資來降低債務的資本成本。

And of course, that gives us the ability to kind of pick and choose maybe who we want to stay with and create new facilities for. And then it'll also give us the ability to pull forward fees and closing or exit fees, et cetera, which could generate some nice returns in the meantime. It's looking pretty positive if that ends up happening for us. And that was a couple years in the making, planning and making sure we were set up for that eventuality.

當然，這讓我們能夠選擇我們想要與之共存的人並為他們創建新的設施。然後，它還能讓我們有能力提前支付費用、關閉費用或退出費用等等，同時這可以產生一些不錯的回報。如果這件事最終能夠實現，那麼對我們來說，這看起來是非常積極的。我們花了幾年的時間進行規劃，以確保我們為這一最終結果做好了準備。

Okay, that's great. And then just one quick final question. Anything that we should be thinking about in terms of seasonality in the third and fourth quarter for originations or repayments?

好的，太好了。最後再問一個簡短的問題。在第三季和第四季度，對於發起或償還而言，我們應該考慮哪些季節性因素？

So we've mentioned it. We've got approaching $1 billion in unfunded commitments. You can think about that as mostly when we're doing manufacturing lines. As companies grow, they need additional capital. A lot of that's going to be equipment financing. As companies continue to grow and improve, they're going to need more capital for it. We mentioned we have a lot of momentum going into Q3. A lot of that is signed term sheets, which roll into that unfunded commitment amount. We're on a great pace right now for deployment. and we have line of sight for a strong deployment quarter in Q3.

我們已經提到它了。我們有近 10 億美元的未兌現承諾。您可以將其想像為我們在生產線上進行的大部分工作。隨著公司的發展，他們需要額外的資本。其中很大一部分將是設備融資。隨著公司不斷發展和進步，他們將需要更多的資金。我們提到，我們在進入第三季時擁有很大的發展勢頭。其中許多是簽署的條款清單，這些條款都計入了未撥付的承諾金額。我們目前的部署步伐非常快，並且我們預計第三季的部署將非常強勁。

Great. Thank you, guys, very much.

偉大的。非常感謝你們。

Thanks, John.

謝謝，約翰。

Sean-Paul Adams, B. Riley Securities.

肖恩·保羅·亞當斯 (Sean-Paul Adams)，B. Riley 證券。

Hey, guys. Good afternoon and congrats on the quarter. Can you provide a little bit more detail on NextCar and space perspective and if there's any kind of near-term plan, given their upcoming maturity dates?

嘿，大家好。下午好，恭喜本季取得佳績。您能否提供一些有關 NextCar 和空間視角的更多細節，以及考慮到它們即將到來的到期日，是否有任何近期計劃？

Yes, sorry, this is Ron again. NextCar has been on the list for several quarters now. As you might know and recall, we're partnering with another BDC on that fund -- on that loan. All I can tell you is a broken record, but there are ongoing discussions with the company regarding a loan modification. The company continues to receive backing from their investors, which is good, and hopefully more to report next quarter on that one. And then you asked about space perspective. Obviously, on the non-accrual list this quarter, we expect to finalize that transaction during Q3. There'll be more to report later, but that's what I've got for you right now.

是的，抱歉，我又是榮恩。NextCar 已連續幾季上榜。您可能知道並記得，我們正在與另一家 BDC 就該基金——該筆貸款進行合作。我所能告訴你的只是一個破紀錄，但我們正在與該公司就貸款修改進行討論。該公司繼續獲得投資者的支持，這是件好事，希望下個季度能有更多關於這方面的報告。然後你問到空間視角。顯然，在本季的非應計清單上，我們預計將在第三季完成該交易。稍後還會有更多內容要報告，但這就是我現在要告訴你的。

Perfect. I appreciate the color. Thank you.

完美的。我很欣賞這個顏色。謝謝。

Thanks, Sean.

謝謝，肖恩。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭、拉登堡塔爾曼。

Hey, guys. What are the thoughts in terms of, given the tax changes that just happened (technical difficulties)

嘿，大家好。鑑於剛剛發生的稅收變化，您對此有何看法（技術難題）

Hey, Chris, we can't hear you. Maybe a little bit louder?

嘿，克里斯，我們聽不到你說話。可能聲音大一點嗎？

Apologies. Can you hear me now?

抱歉。現在你能聽到我說話嗎？

Yes, got you.

是的，明白了。

Okay, thanks. Given the tax changes, is that going to benefit the equipment financing business?

好的，謝謝。鑑於稅收變化，這是否會有利於設備融資業務？

I think you're speaking about tariffs, right?

我想您說的是關稅，對嗎？

Actually, no, I'm talking about the accelerated depreciation where you can start taking 100% right off of year one.

實際上，不是的，我說的是加速折舊，你可以從第一年開始扣除 100%。

Yes, I mean, in theory, yes. As you know, most of our equipment deals are set up as financings. We don't own the equipment. The company does. And more depreciation for -- and you've got to think about for some of these companies are going to be venture backed, still growing, and then many of which, as you've probably seen the portfolio grow, are going to be in the lower middle market or public companies that have strong EBITDA. Those will absolutely benefit. And so we have seen a pretty massive uptick, over 20% year-to-date in equipment financing requests and just overall company's plans for CapEx spend. And some of that has a lot to do, I think, with some of the tax changes.

是的，我的意思是，從理論上來說，是的。如您所知，我們的大多數設備交易都是以融資的方式進行的。我們不擁有該設備。公司確實如此。而且還有更多折舊——你必須考慮到其中一些公司將獲得風險投資支持，仍在增長，然後其中許多公司，正如你可能已經看到的投資組合增長，將處於中低端市場或擁有強勁 EBITDA 的上市公司。這些人絕對會受益。因此，我們看到了相當大的成長，今年迄今為止，設備融資請求和公司整體資本支出計畫都增加了 20% 以上。我認為，這和一些稅收變化有很大關係。

And should we expect the percentage of equipment financing to grow relative to -- as a percentage of the portfolio?

我們是否應該預期設備融資的百分比相對於投資組合的百分比會成長？

We have it baked in at about a quarter of our deployments or thereabouts and they continue to hit that or achieve higher than that. As our other four verticals continue to grow as well, you have continued to see kind of more diversification across the platform. And yet, equipment continues to be about a quarter of our overall deployment.

我們已經將它融入到大約四分之一的部署中，並且它們繼續達到或超過這個數字。隨著我們其他四個垂直領域的持續成長，您將看到整個平台的多樣化程度不斷提高。然而，設備仍然只占我們整體部署的四分之一左右。

And follow-up question, in terms of any -- I mean, your investment portfolio is really secured loans, equipment financing, and equity. Any consideration of expanding that into revolving facilities for your portfolio companies?

後續問題是，就任何而言——我的意思是，您的投資組合實際上是擔保貸款、設備融資和股權。有沒有考慮將其擴展為投資組合公司的循環信貸設施？

So our ABL business does provide some receivable financing, and that's a really great and exciting business for us that continues to grow. So we are doing some of that and have been doing some of that for a couple of years. Our assets there are enterprise-type customers and receivables, where we're providing an advance against those receivables, and they're in bankruptcy-remote SPVs. High-quality assets, short-term receivables, that's a great business for us. We continue to see that grow. We expect that to continue to grow going forward, but it is just one of our five verticals.

因此，我們的 ABL 業務確實提供了一些應收帳款融資，這對我們來說是一項非常棒且令人興奮的業務，並且還在持續成長。因此，我們正在做一些這樣的事情，並且已經做了幾年了。我們在那裡的資產是企業型客戶和應收帳款，我們針對這些應收帳款提供預付款，並且它們處於破產隔離的特殊目的載體中。優質資產、短期應收款，對我們來說是一筆很好的生意。我們持續看到這種成長。我們預計未來它將繼續成長，但這只是我們的五個垂直領域之一。

Final question. Congratulations on getting the investment grade rating. If you guys decide to do, let's say, another BDC vehicle, like a non-traded BDC, is the investment grade for the management or is this specifically for the trend publicly traded BDC?

最後一個問題。恭喜您獲得投資等級評級。如果你們決定要做，比如說，另一個 BDC 工具，例如非交易的 BDC，這是管理層的投資等級嗎，還是專門針對趨勢公開交易的 BDC？

Hey, Chris, it's Mike. Yes, right now, that investment-grade rating is for the platform. So if we do raise another BDC, non-traded, we'd have to go and get additional ratings for that vehicle. But again, that additional rating would look to the same assets. If it's co-investment, you're looking at the same assets. So the validation you get from Moody's looking through into the platform and the assets, you get some benefit there.

嘿，克里斯，我是麥克。是的，目前，該投資等級評級是針對該平台的。因此，如果我們確實提高了另一個非交易的 BDC，我們必須去為該車輛獲得額外的評級。但同樣，額外的評級將關注相同的資產。如果是共同投資，那麼你關注的是相同的資產。因此，穆迪透過對平台和資產的審查而獲得的驗證，會為你帶來一些好處。

Sounds good. Thanks, Mike. Okay, great call, guys. Thanks.

聽起來不錯。謝謝，麥克。好的，夥計們，打得非常好。謝謝。

Thanks, Chris.

謝謝，克里斯。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yes, thank you for taking my questions. In terms of just the funds within the RIA complex, where are you at, I guess, from a deployment standpoint? At this point, are these funds fully deployed here in terms of leverage, and it's more based on fundraising here on out, or where do you guys stand there?

是的，感謝您回答我的問題。就 RIA 綜合體內的資金而言，從部署的角度來看，您處於什麼位置？目前，這些資金是否已在槓桿方面得到充分部署，並且更多地基於融資，或者你們的立場是什麼？

Hey, Paul. It's Mike. Yes, we're continuing to ramp the RIA. You'll see in Q3, we did raise some more capital. So you'll see that deployment increase from what we did in Q2. It's around 12% of our any new funding that we do is syndicated into the RIA.

嘿，保羅。我是麥克。是的，我們正在繼續加強 RIA。您將在第三季看到，我們確實籌集了更多資金。因此，您會看到部署量比我們第二季度增加。我們進行的任何新融資中約有 12% 被聯合到 RIA。

In the RIA, Paul, just put a stamp on it, it's an incredible opportunity for us to increase our revenues and earnings per share. But it's also a great tool for us to manage our debt-to-equity ratios at TRIN. And that's really important because what we need and what we want are better ratings, which then drive down the cost of our debt capital over time on future bond issuances and provides us with great liquidity so that we can really manage where we're raising money or whether we need to raise additional equity or debt at TRIN. So it's just a great tool overall, not just from an earnings perspective, but to really make the TRIN BDC more and more efficient.

保羅，在 RIA 中，只需蓋上印章，這對我們來說是一個增加收入和每股收益的絕佳機會。但它也是我們管理 TRIN 負債權益比率的絕佳工具。這真的很重要，因為我們需要和想要的是更好的評級，這將在未來的債券發行中降低我們的債務資本成本，並為我們提供巨大的流動性，以便我們能夠真正管理我們籌集資金的地方，或者我們是否需要在 TRIN 籌集額外的股權或債務。因此，總體而言，它是一個很好的工具，不僅從獲利角度來看，而且確實使 TRIN BDC 越來越有效率。

Thanks for that. And where would you guys like to be, I guess, in terms of contribution from the RIA to TRIN's overall business?

謝謝。我想，就 RIA 對 TRIN 整體業務的貢獻而言，你們希望達到什麼程度？

I mean, as you know, as an internally managed BDC, we own the same shares as our investors. And so to the extent we can raise and be very successful raising more and more capital off balance sheet in managed funds, that drives up earnings per share significantly for our shareholders and limits our need to raise equity and debt. So there will be a balance between capital that we're raising on balance sheet and off balance sheet. But it will always come down to, can we grow? And if we grow, will it be accretive to our investors? It makes no sense to grow in a way that's dilutive to our investors.

我的意思是，如你所知，作為內部管理的 BDC，我們擁有與投資者相同的股份。因此，只要我們能夠籌集並成功籌集越來越多的管理基金表外資本，就能大幅提高股東的每股收益，並限制我們籌集股權和債務的需要。因此，我們在資產負債表內和資產負債表外籌集的資本將保持平衡。但最終問題還是在於，我們能否成長？如果我們發展壯大，我們的投資者會因此受益嗎？以稀釋投資者利益的方式進行成長是沒有意義的。

So the answer to your question is, can we continue to grow the business? Can we attract the best talent in the world? Can we retain the best talent in the world? And then can we continue to stay really relevant in the market and build the business while making sure we don't dilute investors? If that box doesn't get checked, there's no point in growing. So the answer to your question is can we grow, yes or no, and then what's a way to do it that's accretive to our investors?

所以你的問題的答案是，我們能否繼續發展業務？我們能吸引世界上最優秀的人才嗎？我們能留住世界上最優秀的人才嗎？那麼，我們能否繼續保持與市場的真正相關性並發展業務，同時確保我們不會稀釋投資者的利益？如果這個框沒有被選中，那麼成長就沒有意義。所以你的問題的答案是，我們能否發展，是或否，那麼有什麼方法可以讓我們的投資人獲得增值呢？

Okay, thank you. And then one question I just had, too, is it looks like the majority of your portfolio is kind of at or approaching the floor in its rate -- its interest rate. But I guess, when a loan is at the floor where it's been there kind of for some time as its rates kind of start to move lower, how likely are those loans to be refinanced or repaid early, either getting refinanced by another lender or just getting taken out by the equity early? Or is it a lot more just kind of dependent on the overall exit environment in terms of getting those loans repaid?

好的，謝謝。我剛才還有一個問題，看起來您的大部分投資組合的利率都處於或接近最低水平。但我想，當一筆貸款處於最低水平，並且已經在那裡停留了一段時間，而其利率開始走低時，這些貸款再融資或提前償還的可能性有多大，要么由另一個貸款機構再融資，要么提前被股權收回？或者說，在償還貸款方面，這是否更取決於整體退出環境？

Yes, this is Jerry. Let me take a crack at that for you. I think our borrowers in general, right, interest rates aside, if they can scale and grow and become eligible for lower-cost financing from a bank, they're going to do that. That's a lot of the refis that we see are portfolio companies that essentially graduate from the Trinity type of debt. I don't know that a couple points of interest rate change is incentive enough for companies. And certainly, sometimes it is, right? And we'll see that.

是的，這是傑瑞。讓我來為你解決這個問題。我認為，總體而言，除了利率之外，如果我們的借款人能夠擴大規模、成長並有資格從銀行獲得低成本融資，他們就會這樣做。我們看到的許多再融資都是從三位一體債務類型畢業的投資組合公司。我不知道幾個點的利率變動是否足以激勵公司。當然，有時確實如此，對吧？我們將會看到這一點。

And as Kyle mentioned, it puts us in a great perspective because we get the first look, so to speak, at what this new portfolio or what this company can achieve with new debt. And maybe that's a place where we want to participate. So we don't really fear those interest-rate-driven refis because it's a very incremental savings for the company. And if we elect to ride along, we often can do so. If a company is going to qualify for bank debt, then congratulations, and they should go do that.

正如凱爾所提到的，它為我們提供了一個很好的視角，因為我們可以先看到這個新投資組合或這家公司利用新債務可以實現什麼。也許這就是我們想要參與的地方。因此，我們並不真正擔心那些由利率驅動的再融資，因為這對公司來說是一個非常增量的節省。如果我們選擇跟隨，我們通常可以做到。如果一家公司有資格獲得銀行債務，那麼恭喜他們，他們應該這樣做。

Thank you. That's all for me.

謝謝。對我來說就這些了。

Thanks, Paul.

謝謝，保羅。

And there are no further questions on the line at this time. I'll turn the call back to your CEO, Kyle Brown, for any closing remarks.

目前我們還沒有其他問題。我會將電話轉回給你們的執行長凱爾布朗 (Kyle Brown)，請他做最後一次發言。

Well, on behalf of Trinity Capital and our team, thank you for joining us today. We appreciate your continued interest in investment in Trinity Capital, and we look forward to sharing our third-quarter results on our next earnings call scheduled for November 5. Have a great day. Thanks. Bye.

好吧，我代表 Trinity Capital 和我們的團隊感謝您今天加入我們。感謝您對 Trinity Capital 投資的持續關注，我們期待在 11 月 5 日舉行的下一次財報電話會議上分享我們的第三季業績。祝你有美好的一天。謝謝。再見。

And this does conclude Trinity Capital's second-quarter 2025 earnings conference call. Thank you for your participation, and you may now disconnect.

這就是 Trinity Capital 2025 年第二季財報電話會議的結束。感謝您的參與，您現在可以斷開連接。