Trinity Capital Inc (TRIN) 2025 Q3 法說會逐字稿

Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's third-quarter 2025 earnings conference call. (Operator Instructions)

早安.我叫安琪拉，今天我將擔任你們的會議接線生。在此，我謹代表 Trinity Capital 歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

It is now my pleasure to turn the call over to Ben Malcolmson, Trinity Capital's Head of Investor Relations.

現在我很高興將電話轉交給 Trinity Capital 的投資人關係主管 Ben Malcolmson。

Thank you, and welcome to Trinity Capital's third-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 年第三季財報電話會議。今天參加電話會議的有：執行長 Kyle Brown；財務長 Michael Testa；以及營運長 Jerry Harder。參與本次電話會議問答環節的有：首席信貸官 Ron Kundich；以及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 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報告，您可以在我們的網站ir.trinitycapital.com上查看。在開始之前，請注意，本次電話會議中某些陳述可能構成聯邦證券法意義上的前瞻性陳述。請查閱我們最近向美國證券交易委員會提交的文件，以了解有關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.

接下來，請容許我將電話轉交給 Trinity Capital 的執行長 Kyle Brown。

Thanks, Ben, and thanks, everyone, for joining us today. To start off, we're pleased to highlight several key achievements from a strong Q3 for Trinity Capital as we continue to mature as a best-in-class alternative asset manager focused on the private credit space.

謝謝本，也謝謝各位今天收看我們的節目。首先，我們很高興地向大家介紹 Trinity Capital 在第三季度取得的幾項重要成就，我們作為專注於私募信貸領域的一流另類資產管理公司，正在不斷成長。

We delivered $37 million in net investment income, a 29% increase compared to Q3 of last year. Our net asset value grew 8% quarter over quarter to a record $998 million. Platform AUM increased to more than $2.6 billion, up 28% year over year. We maintained strong credit quality with nonaccruals at 1% of the portfolio at fair value. And we distributed a third-quarter cash dividend of $0.51 per share, marking the 23rd consecutive quarter of a consistent dividend for our shareholders.

我們實現了 3,700 萬美元的淨投資收益，比去年第三季成長了 29%。我們的淨資產值季增 8%，達到創紀錄的 9.98 億美元。平台資產管理規模增至超過 26 億美元，年增 28%。我們維持了良好的信貸質量，非應計項目佔投資組合公允價值的 1%。我們派發了第三季現金股息，每股0.51美元，這標誌著我們連續第23個季度向股東派發穩定的股息。

Trinity Capital continues to outperform across key metrics. Our return on equity and effective yield rank among the best in the BDC space. Our NAV has grown 32% year over year, while our credit metrics have remained consistent. Since our IPO nearly five years ago, Trend stock has delivered a cumulative return of 114%, far outpacing both the peer average of 63% and S&P 500 78% over the same time period. And looking forward, we have a growing asset management business, generating new income as well as 210 warrant positions in 133 portfolio companies, which have the potential to provide incremental upside to our shareholders as IPO and M&A activity continue to rebound.

Trinity Capital在各項關鍵指標上持續表現優異。我們的股本回報率和有效收益率在商業發展公司 (BDC) 領域名列前茅。我們的淨資產價值年增了 32%，而我們的信貸指標保持穩定。自近五年前上市以來，Trend 股票累計回報率為 114%，遠超過同期同業平均回報率 63% 和標普 500 指數回報率為 78%。展望未來，我們的資產管理業務正在不斷成長，不僅創造了新的收入，還在 133 家投資組合公司中持有 210 份認股權證，隨著 IPO 和併購活動的持續復甦，這些認股權證有可能為我們的股東帶來額外的收益。

We entered the fourth quarter with excellent momentum. And in Q3, we funded $471 million, bringing year-to-date investments to $1.1 billion, nearly matching all of 2024's total. Our investment pipeline remains robust with $773 million of new commitments in Q3 and $1.2 billion in total unfunded commitments as of quarter end. Important to note that 94% of our unfunded commitments remain subject to rigorous ongoing diligence and investment committee approval, while only 6% of these commitments are unconditional.

我們帶著強勁的勢頭進入了第四季。第三季度，我們投資了 4.71 億美元，使今年迄今的投資額達到 11 億美元，幾乎與 2024 年的總投資額持平。我們的投資管道依然強勁，第三季新增承諾金額達 7.73 億美元，截至季末，未註資承諾總額達 12 億美元。值得注意的是，我們 94% 的未註資承諾仍需經過嚴格的持續盡職調查和投資委員會批准，而只有 6% 的承諾是無條件的。

Our originations activity reflects consistent growth in all our verticals across the Trinity platform. It's a powerful flywheel fueled by our lead team of originators, and we own the pipeline. We do not depend on syndicated deals and have immaterial overlap with other BDCs, all of which give our investors access to a highly differentiated portfolio of investments through our five business verticals. All the while, we remain deeply committed to disciplined underwriting and credit performance, which are the bedrock of our long-term success.

我們的貸款發放活動反映了Trinity平台所有垂直領域的持續成長。這是一個強大的飛輪，由我們領先的創意團隊驅動，我們擁有整個管道。我們不依賴聯合投資，與其他商業發展公司 (BDC) 的業務重疊度也很低，所有這些都使我們的投資者能夠透過我們的五大業務領域獲得高度差異化的投資組合。同時，我們始終堅持嚴謹的核保和信貸績效，這是我們長期成功的基石。

I would like to touch on two noteworthy topics concerning the private credit space. First, let's talk about rate cuts. To date, rate cuts have had a limited impact on our business. Unlike most BDCs, the majority of our loans include interest rate floors at or near the original closing levels. This means that when rates decline, our income does not decline proportionately.

我想談談有關私人信貸領域的兩個值得關注的話題。首先，我們來談談降息。迄今為止，降息對我們的業務影響有限。與大多數商業發展公司不同，我們的大部分貸款都設定了利率下限，該下限等於或接近原始成交水準。這意味著當利率下降時，我們的收入不會成比例下降。

Looking ahead, additional rate cuts are expected to have a muted impact on our returns, partially due to a majority of our portfolio having already hit their floor rates, which could drive some early repayments and the capturing of prepayment fees and restructuring fees. Further rate cuts would also lower our borrowing costs by reducing the interest expense on our floating rate credit facility. And secondly, PIK is a nominal portion of our income with less than 2% of our income based on PIK.

展望未來，預計進一步降息對我們的收益影響不大，部分原因是我們的大部分投資組合已經達到最低利率，這可能會促使一些提前還款，並收取提前還款費和重組費。進一步降息還可以降低我們的借貸成本，減少浮動利率信貸額度的利息支出。其次，PIK 只是我們收入中像徵性的一部分，根據 PIK 計算的收入不到我們收入的 2%。

We continue to strategically raise equity, debt and off-balance sheet vehicles to fuel our growth. In Q3, we raised $83 million of equity through our ATM program at a 19% average premium to NAV. We closed a new joint venture with a large asset manager to provide new liquidity and earnings. We converted a separate vehicle into a private BDC, which is now actively raising money.

我們將繼續透過策略性地籌集股權、債務和表外融資工具來推動我們的成長。第三季度，我們透過 ATM 計畫籌集了 8,300 萬美元的股權，平均溢價為淨資產值 19%。我們與一家大型資產管理公司成立了一家新的合資企業，以提供新的流動性和收益。我們把另一輛車改裝成了一家私人商業發展公司（BDC），該公司目前正在積極籌集資金。

In addition, we're in the process of raising outside capital for our third SBIC fund, which provides low-cost leverage and is expected to add over $260 million of capacity to our platform. Together, these initiatives underscore our ability to scale the platform and expand investment capacity. The funds I just discussed are managed by our wholly owned RIA Trinity Capital Advisor, which manages third-party capital and generates new income above and beyond the interest and equity returns from our BDC's investment portfolio.

此外，我們正在為第三支 SBIC 基金籌集外部資金，該基金提供低成本槓桿，預計將為我們的平台增加超過 2.6 億美元的容量。這些措施共同凸顯了我們擴大平台規模和提升投資能力的能力。我剛才提到的這些資金由我們全資擁有的 RIA Trinity Capital Advisor 管理，該公司管理第三方資本，並在我們 BDC 投資組合的利息和股權回報之外創造新的收入。

As shareholders of Trinity Capital, investors benefit from the fees collected by our managed fund business. I'm going to be a broken record on this point in every call going forward. What we are building is not your typical BDC. We are building a platform that can scale while driving up earnings and NAV. We believe our consistent performance is driven by our differentiated structure, disciplined underwriting and world-class team.

作為 Trinity Capital 的股東，投資者可以從我們管理的基金業務所收取的費用中受益。以後每次通話我都會重複這一點，就像複讀機一樣。我們正在打造的並且非典型的商業發展中心。我們正在建立一個能夠擴展規模，同時提高收益和淨值的平台。我們相信，我們持續優異的績效源自於我們差異化的組織結構、嚴謹的核保流程和世界級的團隊。

Our five complementary business verticals: sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences position us to maintain a diversified portfolio while staying closely aligned with our core competencies. Each vertical is supported by a dedicated originations team, underwriters, portfolio managers, together forming a highly effective and scalable operating model.

我們的五大互補業務領域：贊助商融資、設備融資、科技貸款、資產抵押貸款和生命科學，使我們能夠在保持與核心競爭力緊密結合的同時，維持多元化的投資組合。每個垂直領域都配備了專門的承銷團隊、承銷商和投資組合經理，共同構成了一個高效且可擴展的營運模式。

Structurally, as an internally managed BDC, our employees, management and Board hold the same shares as our investors, promoting complete alignment of interest and a shared commitment to delivering consistent dividends and long-term value. This structure also supports a premium valuation as shareholders benefit from ownership of both the management company and the underlying assets. In addition, the management and incentive fees generated through our managed funds business flow directly into the BDC, creating incremental income streams, enhancing valuation and fueling platform growth, all for the benefit of our shareholders.

從結構上看，作為一家內部管理的商業發展公司，我們的員工、管理層和董事會持有與投資者相同的股份，從而促進了利益的完全一致，並共同致力於提供持續的股息和長期價值。這種結構也支持溢價估值，因為股東既可以從管理公司的所有權中受益，也可以從基礎資產的所有權中受益。此外，我們透過管理基金業務產生的管理費和激勵費直接流入 BDC，創造增量收入流，提高估值，推動平台成長，所有這些都有利於我們的股東。

From a talent perspective, we're passionate about fostering a vibrant culture rooted in humility, trust, integrity, uncommon care, and continuous learning with an entrepreneurial spirit. Our unique culture enables us to attract and retain the best people in the industry and fuels our continued growth trajectory.

從人才角度來看，我們熱衷於培養一種充滿活力的文化，這種文化植根於謙遜、信任、正直、非凡的關懷和持續學習，並具有創業精神。我們獨特的企業文化使我們能夠吸引和留住業內最優秀的人才，並推動我們持續成長。

From the onset, our goal has been clear to consistently outearn our dividend while growing the BDC. We continue to deliver on that mission. Trinity Capital is strategically positioned within the private credit market, supported by a differentiated pipeline, disciplined underwriting, and a growing platform. And on the capitalization front, we're laying the foundation for a managed funds business that will expand our direct lending strategy and create additional income streams for Trinity shareholders.

從一開始，我們的目標就很明確：在發展 BDC 的同時，持續獲得超過股利的收益。我們將繼續履行這項使命。Trinity Capital 在私募信貸市場中佔據戰略地位，擁有差異化的業務管道、嚴謹的承銷流程和不斷發展的平台。在資本方面，我們正在為管理基金業務奠定基礎，這將擴大我們的直接貸款策略，並為Trinity股東創造額外的收入來源。

Overall, we remain very bullish about the opportunities before us. We're committed to building a company that aims to deliver outsized returns for our investors while demonstrating uncommon care for our people and partners.

總的來說，我們對擺在我們面前的機會依然非常樂觀。我們致力於打造一家能為投資者帶來超額回報，同時對員工和合作夥伴展現非凡關懷的公司。

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

接下來，我將把電話交給我們的財務長邁克爾·泰斯塔，讓他更詳細地討論我們的財務表現。麥可？

Thanks, Kyle. Our operational and financial performance remained strong in the third quarter. We generated $75.6 million in total investment income, a 22% year-over-year increase, and $37 million in net investment income or $0.52 per basic share, representing 102% coverage of our quarterly distribution. Estimated undistributed taxable income is approximately $63 million or $0.84 per share, which we continue to reinvest for the benefit of our investors while maintaining a consistent and meaningful distribution.

謝謝你，凱爾。第三季度，我們的營運和財務表現依然強勁。我們共獲得 7,560 萬美元的投資收益，年增 22%，淨投資收益為 3,700 萬美元，即每股基本收益 0.52 美元，佔季度分紅的 102%。預計未分配的應稅收入約為 6,300 萬美元，即每股 0.84 美元，我們將繼續進行再投資，以造福我們的投資者，同時保持持續且有意義的分配。

Our platform continues to deliver top-tier performance, generating 15.3% return on average equity, among the highest in the BDC space. And our weighted average effective portfolio yield remained strong at 15% for the quarter despite the declining rate environment.

我們的平台持續提供一流的業績，平均股權回報率達到 15.3%，在 BDC 領域名列前茅。儘管利率環境下降，但我們本季的加權平均有效投資組合收益率仍保持在 15% 的強勁水平。

Net asset value per share increased from $13.27 at the end of Q2 to $13.31 at the end of Q3, reflecting accretive capital raises. Total NAV rose 8% to $998 million, up from $924 million at the end of Q2. We further strengthened our capital base by raising $83 million through our equity ATM program during the quarter at an average premium to NAV of 19%. With no debt maturities until August 2026, our balance sheet and capital structure remains strong and positioned to scale earnings per share while maintaining moderate leverage.

每股淨值從第二季末的 13.27 美元增至第三季末的 13.31 美元，反映了增值融資。總淨資產價值成長 8% 至 9.98 億美元，高於第二季末的 9.24 億美元。本季度，我們透過股權融資計畫籌集了 8,300 萬美元，平均溢價 19%，進一步加強了我們的資本基礎。由於直到 2026 年 8 月之前沒有債務到期，我們的資產負債表和資本結構依然強勁，能夠在保持適度槓桿的同時提高每股收益。

Our co-investment vehicles continue to enhance returns, contributing approximately $3.3 million, or $0.05 per share of incremental net investment income in Q3. We syndicated $120 million to these vehicles during the quarter and as of September 30, managed $409 million in assets across our private vehicles.

我們的共同投資工具持續提高回報，在第三季貢獻了約 330 萬美元，即每股 0.05 美元的增量淨投資收益。本季我們向這些投資工具募集了 1.2 億美元，截至 9 月 30 日，我們透過私人投資工具管理的資產總額為 4.09 億美元。

Our net leverage ratio increased slightly to 1.18 times at quarter end. With strong liquidity, diversified capital sources, and capacity across the Trinity platform, we are well-positioned to underwrite a robust pipeline, maintain strong credit discipline, and deploy capital into high conviction opportunities.

截至季末，我們的淨槓桿率略微上升至 1.18 倍。憑藉強勁的流動性、多元化的資本來源以及Trinity平台的強大實力，我們有能力承銷穩健的專案儲備，保持嚴格的信貸紀律，並將資本投入到我們高度確信的投資機會中。

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

為了更詳細地討論我們的投資組合表現，我現在將電話交給我們的營運長 Gerry Harder。傑瑞？

Thank you, Michael. Our portfolio continues to demonstrate exceptional strength, driven by broad diversification across 21 industries with no single borrower representing more than 3.4% of total exposure. Our largest industry concentration, finance and insurance, accounts for 15% of the portfolio at cost, diversified across 20 borrowers.

謝謝你，麥可。我們的投資組合繼續展現出卓越的實力，這得益於我們在 21 個行業的廣泛多元化，沒有一個借款人佔總敞口的 3.4% 以上。我們最大的產業集中度是金融和保險業，佔投資組合成本的 15%，分散投資 20 個借款人。

Credit quality remained consistent quarter over quarter with 99% of investments performing at fair value. On our one to five scale, where five indicates very strong performance, the average internal credit rating was 2.9, consistent with prior quarters and reflecting the addition of high-quality originations and continued strong portfolio management.

信貸品質季減穩定，99% 的投資表現符合公允價值。在我們 1 到 5 的評分標準中，5 表示表現非常出色，平均內部信用評級為 2.9，與前幾季一致，反映了高品質貸款的增加和持續強勁的投資組合管理。

Quarter over quarter, the number of portfolio companies on nonaccrual remained steady at four. During Q3, one new company was added to nonaccrual status, while prior nonaccrual investment was realized and rolled off. As of September 30, nonaccruals totaled $20.7 million at fair value, representing 1% of the total debt portfolio. At quarter end, 84% of total principal was secured by first-position liens on enterprise value equipment or both.

與上一季相比，投資組合中處於非應計狀態的公司數量保持穩定，為 4 家。第三季度，新增一家公司進入非應計狀態，而先前的非應計投資已實現並結轉。截至 9 月 30 日，非應計項目以公允價值計算總計 2,070 萬美元，佔債務組合總額的 1%。截至季末，84% 的總本金由企業價值設備的第一順位留置權或兩者兼有擔保。

For enterprise-backed loans, the weighted average loan-to-value stood at 18%. During Q3, portfolio companies collectively raised $2.3 billion in equity capital, underscoring both the strength of our borrowers and their continued access to capital in the current environment.

企業擔保貸款的加權平均貸款成數為 18%。第三季度，投資組合公司共籌集了 23 億美元的股權資本，這不僅凸顯了我們藉款人的實力，也顯示他們在當前環境下能夠繼續獲得資金。

Looking ahead, our momentum, disciplined underwriting and diversified platform position us to continue delivering consistent dividends and NAV growth. With a shareholder-first mindset, our team remains focused on building a top-performing BDC that generates sustained long-term value for our investors.

展望未來，憑藉我們強勁的發展勢頭、嚴謹的承銷策略和多元化的平台，我們將繼續實現穩定的分紅和淨資產值成長。秉持股東至上的理念，我們的團隊始終專注於打造業績卓越的商業發展公司，為投資者創造持續的長期價值。

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

通話結束前，我們想開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針角。

You noted that you have $409 million off-balance sheet assets and a new JV. I'm just curious how much current capacity do you have in the off-balance sheet vehicles at this point in time? I know that number can grow because you can always create more of them, but I'm curious how much capacity you have there at this time.

您提到您有 4.09 億美元的表外資產和一個新的合資企業。我只是好奇目前你們在表外車輛方面有多少產能？我知道這個數字可以成長，因為你可以不斷創造更多，但我很好奇你目前有多少產能。

Yeah. Casey, there's -- I think with the question looking at our liquidity and our ability to allocate investments each quarter, it grew this quarter. You saw that. I think you'll continue to see that in our allocation policy. We look to which vehicles have more liquidity than others. And those are going to get more share -- or a higher share, but we're consistently allocating based off of available liquidity. So I don't think in any period, one vehicle like the BDC that has more liquidity would be under-allocated investments.

是的。Casey，我認為——考慮到我們的流動性以及我們每季分配投資的能力，這個季度有所增長。你看到了。我認為你會在我們的分配政策中繼續看到這一點。我們關注哪些車輛比其他車輛具有更高的流動性。這些公司將會獲得更多份額——或者說更高的份額，但我們將始終根據可用流動性進行分配。因此，我認為在任何時期，像 BDC 這樣流動性較強的投資工具都不會出現投資配置不足的情況。

We're going to try to grow it as much as we can. I mean that's like the strategy, though, Casey, is the more capital we can raise via the RIA and the various funds we're setting up, that's just new income, right, and above and beyond what our loans generate. And it has a huge impact on our earnings long-term. So our goal is to grow it as fast as possible.

我們將盡力讓它發展壯大。我的意思是，凱西，這就是我們的策略，我們透過 RIA 和我們正在設立的各種基金籌集的資金越多，就能獲得越多的新收入，對吧，而且這還不包括我們的貸款所產生的收入。而且，從長遠來看，這會對我們的收益產生巨大影響。所以我們的目標是盡可能快速地發展壯大它。

We've got our new BDC that we manage, and we're out there raising money through the kind of wealth channel. And then we have a couple of larger partnerships with large credit funds that we're now managing, and we're going to try to funnel as much as we can there. And so long as we stay really active and grow kind of the manufacturing side and deployment side of the business, it gives us new earnings potential going forward.

我們有了自己的新商業發展公司（BDC），我們正在透過財富管道籌集資金。此外，我們目前也與幾家大型信貸基金建立了規模更大的合作關係，我們將盡力把盡可能多的資金投入這些合作項目。只要我們保持積極進取，發展業務的製造和部署環節，就能為我們帶來新的獲利潛力。

Yeah. I get all that. But how much capacity do you have at the moment?

是的。我全都明白。但你們目前有多少產能？

Yeah. So currently, the new vehicle is just ramping up. So, there's $200 million or so of current capacity there. We'll look to increase that by setting up a debt facility there. And then the other two vehicles, they're probably 75% or so funded to date, and those had the benefit of increasing capacity as we deploy or raise additional equity as well as leverage in each of those two.

是的。所以目前，這款新車正處於量產階段。所以，那裡目前的產能大約有2億美元左右。我們將透過在那裡設立債務融資機制來增加這筆資金。另外兩輛車，目前可能已經籌集了 75% 左右的資金，而且隨著我們在這兩輛車中部署或籌集額外的股權以及槓桿，它們的產能也提高了。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Congrats on another good quarter. A little bit of a related question to the last question is you guys are in five verticals. You have your multiple funds you run, I guess, but you are focused on scaling the enterprise. How do we think about the capacity of the team right now?

恭喜又一個季度業績出色。還有一個與上一個問題略相關的問題，你們公司有五個垂直領域。我想你管理多個基金，但你專注於擴大企業規模。我們現在如何看待團隊的能力？

How much can that originate and manage in a period? And what are kind of the thresholds where you would need to bring in new resources in any of those verticals?

在一段時間內，它能夠產生和管理多少？那麼，在這些垂直領域中，需要引入新資源的門檻是什麼？

Yeah. So, we have continued over the last five years to be about a year ahead from an employment standpoint. We're planning out one-, three-, five-year plans, and we've hired in advance of that. And so we're reaching some interesting points right now where we have some efficiencies of scale. And a lot of our deployment growth and AUM growth doesn't necessarily correlate to employment additions, at least in the same way.

是的。因此，在過去的五年裡，我們在就業方面一直保持著大約一年的領先優勢。我們正在製定一年、三年、五年計劃，並且已經提前進行了招募。因此，我們現在正達到一些有趣的節點，在這些節點上，我們獲得了一些規模效益。而且，我們的部署成長和資產管理規模成長與就業人數增加並不一定以相同的方式相關。

But we are -- we have a -- with our five verticals right now, we have a road and a path towards continued growth with the team that we have. And we're still hiring and we're still recruiting great talent, but we've already hired for what we think is a very achievable 2026 plan right now.

但是，我們——我們——憑藉我們目前的五個垂直領域，我們擁有了一條通往持續成長的道路和團隊。我們仍在招聘，仍在招募優秀人才，但我們已經為我們認為目前非常可實現的 2026 年計劃完成了招聘。

Yeah, I guess -- this is Gerry. I would add to that, right? The current managed accounts are co-investment vehicles, right? So they're taking ratable portions of the investments in the five verticals where we're already performing. And so we don't need to add any additional types of capability.

是的，我猜——這是傑瑞。我還要補充一點，對吧？目前的管理帳戶是共同投資工具，對嗎？因此，他們將從我們已經取得業績的五個垂直領域的投資中獲得一定比例的份額。因此，我們不需要添加任何其他類型的功能。

The businesses we've been doing for a longer period of time, tech lending, equipment financing, life sciences lending are at or very close to scale, right? So we're continuing to scale in some of the newer verticals, the sponsor finance and ABL. So you might see some headcount growth there in '26, but the other businesses are pretty well scaled.

我們長期以來一直在從事的業務，例如科技貸款、設備融資、生命科學貸款，都已經達到或接近規模了，對吧？因此，我們正在繼續擴大在一些新興垂直領域的規模，例如贊助商融資和資產抵押貸款。所以你可能會看到 2026 年那裡的人員數量有所增長，但其他業務的規模都相當不錯。

Okay. And then another question is you noted that given your unique footprint and the unique -- and the verticals, there's limited overlap with other BDCs. So I guess a couple of questions on that is, one is, who do you perceive as your competition in the various verticals? And second is, I guess, given a lower amount of overall competition, how are kind of new deal spreads relative to where they were, say, six months ago?

好的。然後還有一個問題是，您提到，鑑於您獨特的業務範圍和獨特的垂直領域，與其他 BDC 的重疊有限。所以我想問幾個問題，其中之一是，您認為在各個垂直領域中誰是您的競爭對手？其次，考慮到整體競爭程度較低，與六個月前相比，新交易的價差情況如何？

Yeah. I mean, to answer your last question there, we just -- we don't see the same rate compression or spread compression and difficulties that the middle market and upper middle market are experiencing right now for a handful of reasons, right? Our verticals are more niche in nature. They're still big markets, and we can really scale them in a unique way. But in our world, we're dealing directly with the company, the CEO, the CFO, the team, we are underwriting the transaction.

是的。我的意思是，回答你最後一個問題，我們只是——由於一些原因，我們沒有看到中端市場和中高端市場目前所經歷的利率壓縮或利差壓縮和困難，對吧？我們的垂直領域更具細分性。這些市場依然很大，我們可以用一種獨特的方式真正擴大它們的規模。但在我們的世界裡，我們直接與公司、CEO、CFO、團隊打交道，我們負責承銷這筆交易。

We're not out there buying syndicated deals and doing some of the things that private credit companies in the middle market and upper middle market are doing. Because of that, it's a very relationship-driven business. And in our space where we write $20 million to $100 million checks, there's just less competition. And so we just -- we have not seen that spread compression. We're still delivering great returns well above your typical BDC or private credit company in the middle market.

我們不會像中端市場和中高端市場的私人信貸公司那樣，參與銀團貸款交易或從事其他一些活動。正因如此，這是一個非常注重人際關係的行業。在我們這個年開出 2,000 萬到 1 億美元支票的領域，競爭就沒那麼激烈了。因此，我們還沒有看到價差收窄。我們仍然能夠提供遠高於一般中端市場商業發展公司或私人信貸公司的豐厚回報。

When it comes to competition, it's going to vary in a really unique way depending on the vertical. And so I could sit here and list out multiple competitors for each individual vertical, but we are tracking ourselves to other BDCs from a competition standpoint and performance standpoint, and we're trying to be -- what we're building and what we're trying to perform to here is a best-in-class BDC on the KPIs that matter there, NAV growth, a consistent dividend, right? Earnings per share, keeping it consistent, growing. Having our nonaccruals stay incredibly low and being a very, very consistent yielding BDC for investors.

就競爭而言，不同垂直領域的競爭方式會截然不同。所以我可以坐在這裡列出每個垂直領域的多個競爭對手，但我們從競爭和業績的角度將自己與其他 BDC 進行比較，我們努力成為——我們正在構建和努力實現的，是成為在關鍵績效指標（KPI）方面表現最佳的 BDC，例如淨資產值增長和持續分紅，對吧？每股收益保持穩定成長。我們保持非應計項目極低的水平，並為投資者提供非常、非常穩定的收益。

And so I hope that answers your question. I can spend a lot of time going through and trying to figure out the top competitors in each individual vertical, but we're really tracking towards being a best-in-class BDC.

希望這能解答你的疑問。我可以花很多時間去研究和找出每個垂直領域的主要競爭對手，但我們確實正朝著成為一流的 BDC 的目標邁進。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

This is Cory Johnson on for Doug. I noticed that the compensation expense over the last couple of quarters has been going up quite a bit. Can you talk about a little bit about why that's the case? Is that just -- is that more hiring? Are there other possible like one-timers in there? And do you expect that to sort of continue to grow over the next coming quarters?

這裡是科里·約翰遜，替道格報道。我注意到，過去幾季的薪資支出大幅上升。能稍微談談為什麼會這樣嗎？那是不是——那是不是意味著要招更多人？還有其他可能出現一次性事件的情況嗎？你預計這種成長勢頭會在接下來的幾個季度繼續保持嗎？

Yeah, that's us ramping up. I mean that's hiring. We've added to the team, added some incredible talent to the team, and we're growing. And we also launched a team in the UK and an office there to replicate the success we've had here in the US.

是的，我們正在加緊推進。我的意思是，這就是招募。我們擴充了團隊，為團隊增添了一些傑出的人才，我們正在成長。我們還在英國組建了團隊並設立了辦事處，以複製我們在美國的成功。

And so not onetime expenses, but just further team growth. And additions to the team, we're still in growth mode. And as far as the way we compare ourselves to our larger peers, we're very small. And we have a lot of growth potential and opportunity in front of us, and we're going to keep growing.

因此，這不是一次性支出，而是團隊進一步發展所需的費用。團隊也在不斷壯大，我們仍處於發展階段。至於我們與規模更大的同行相比，我們規模非常小。我們面前有很多發展潛力和機遇，我們將繼續發展壯大。

And then just also it looks like you were able to make good progress on your watch credit. Can you maybe just talk a little bit about what exactly occurred there? And then how are your portfolio companies in general, just how are they doing in regards to being able to raise additional investor capital?

而且看起來你的手錶積分也取得了不錯的進展。能否簡單談談那裡究竟發生了什麼事？那麼，您投資組合中的公司整體狀況如何？它們在籌集額外投資者資金方面做得怎麼樣？

Yeah. This is Gerry. I can take that one, Cory. So yeah, the watch decreased significantly from Q3 that -- so we're pleased with that. One of the particular companies landed on the watch list in the prior quarter as they were trying to close some financing. They've got both a term sheet for financing and an offer for M&A. So we're feeling much more secure about that position. One of the companies on watched prior quarter became partially realized. And so the loan portion that remains went on nonaccrual. So went from watch downward.

是的。這是傑瑞。科里，我可以接受這個挑戰。是的，手錶銷量較第三季大幅下降——我們對此感到滿意。其中一家公司在上個季度被列入觀察名單，因為該公司當時正在努力完成一些融資。他們既有融資條款清單，也有併購要約。所以我們對這個立場更有信心了。上個季度我們關注的一家公司部分股權已實現。因此，剩餘的貸款部分就不再提列利息。於是，我從手錶開始往下看。

But overall, portfolio health is good. We continue to monitor closely. You'll hear us say all of our verticals include their own originations, underwriting and portfolio management. And overall, portfolio health, we're happy with at this point in time.

但總體而言，投資組合狀況良好。我們將繼續密切關注。你會聽到我們說，我們所有的垂直業務部門都擁有自己的貸款發起、承銷和投資組合管理。總體而言，我們對目前的投資組合健康狀況感到滿意。

(Operator Instructions)

（操作說明）

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Can you just maybe if you can take us a little bit further through what, I guess, occurred with kind of Nomad Health during the quarter. It looks like you chose to write off a pretty significant portion of that prior to that investment going on nonaccrual. So I'd be curious to hear kind of what transpired there.

您能否再詳細地向我們介紹一下 Nomad Health 在本季發生的事情？看來你選擇在投資轉為非應計項目之前，將其中相當一部分金額註銷了。所以我很想知道那裡到底發生了什麼事。

Yeah. It's a little -- this is Gerry again. Thanks for the question. A little bit complicated. So the investment, as I mentioned in the prior question, was partially realized. So what ended up happening about two-thirds of that debt position was converted to equity. So that's realized from the accounting perspective. That's a realized transaction. And this is where you see the impact to NAV from that investment.

是的。有點……我是 Gerry。謝謝你的提問。有點複雜。正如我在前一個問題中提到的，這筆投資已經部分收回。最終，大約三分之二的債務被轉換成了股權。這是從會計角度來看的。這是一筆已完成的交易。這就是您看到該項投資對淨值的影響的地方。

The remaining one-third remains debt out of an abundance of caution. We're keeping that on nonaccrual as this plays out. And it's an interesting situation because the equity portion of the transaction is realized, but the story is far from over, right? The company continues to exist, and we're optimistic that that can accrete some value and be a good story at the end of the day. But mark-to-market, this is where it is right now, and that's what you're seeing reflected in the SOI and the realized results.

出於謹慎考慮，剩餘的三分之一仍為債務。我們會暫時將其列為非應計項目，等待事態發展。這是一個有趣的局面，因為交易中的股權部分已經實現，但故事遠未結束，對吧？公司仍在運營，我們樂觀地認為，這最終會累積一些價值，並成為一個好故事。但就目前的市場狀況而言，這就是現狀，而這正是你在SOI和實際結果中看到的反映。

Got it. Appreciate that. I mean, why would you choose to take a more accelerated approach to that, I guess, and basically realize or charge off so much of the investment in a relatively kind of accelerated fashion? I mean, was there anything sort of atypical here in the outcome of the situation that was just different from what you expected and this was kind of the best path forward?

知道了。謝謝。我的意思是，我想，你為什麼要選擇採取更快速的方式，基本上以相對加速的方式實現或沖銷如此多的投資？我的意思是，這種情況的結果有什麼不尋常之處，與你的預期不同，而這反而是最好的解決辦法嗎？

Yeah. Michael and I were talking about that just yesterday, right? So not really atypical in terms of how the investment was handled. And the realized portion is realized from an accounting perspective, right? And that's GAAP accounting, how we have to do it. And so it wasn't really an election that we elected to do it that way.

是的。昨天我和麥可還在談論這件事，對吧？所以就投資處理方式而言，這其實也沒有什麼特別之處。而已實現的部分是從會計角度實現的，對吧？這就是GAAP會計準則，我們必須這麼做。所以，這其實不是一場我們選擇以這種方式進行的選舉。

The debt portion that was converted to equity is realization. And so we marked that equity position to market, which you could argue is pessimistic or optimistic. But the company remains, they're operating. And I would say from the equity standpoint, there's far more upside than downside at this point.

債務轉換為股權的部分即為實現金額。因此，我們將該股權部位調整為市值，你可以說這是悲觀的，也可以說是樂觀的。但該公司仍在營運。從股票的角度來看，我認為目前上漲空間遠大於下跌空間。

Got it. So as a result of the restructuring, are you in the control of the equity at this point? Or where do you, I guess, fall in terms of your ownership and what you kind of have in the residual?

知道了。那麼，重組之後，您現在是否掌控了股權？或者，我想問的是，就所有權和剩餘權益而言，您屬於哪個層級？

It's not a control position, but we have a significant stake and a seat at the table as the company moves forward.

雖然我們沒有控股權，但我們持有相當可觀的股份，並且在公司發展過程中擁有發言權。

Got it. And one last thing for me. I was just wondering just kind of broadly, if you could touch on, if any -- if there's sort of any underlying exposure within the portfolio to consumer receivables either via any of the fintech investments, any of those companies that rely on any sort of -- any one of those receivables structures?

知道了。最後還有一件事。我只是想大致了解一下，您的投資組合中是否存在任何與消費者應收帳款相關的潛在風險敞口，無論是透過任何金融科技投資，還是透過任何依賴此類應收帳款結構的公司？

No. The answer is no. The portfolio is incredibly granular and diversified, very little exposure to anything consumer whatsoever. And anything that is consumer is very sticky, has strong retention of customers, and we have a very high mark for any kind of consumer deal to get to the finish line here. And so no, I mean, the portfolios remains incredibly stable with 99% of it performing.

不。答案是否定的。該投資組合非常細緻且多元化，幾乎沒有任何消費領域的投資。任何面向消費者的產品都具有很強的黏性，客戶留存率很高，我們對任何類型的消費者交易最終能否成功都有非常高的評價。所以，不，我的意思是，投資組合依然非常穩定，其中 99% 的投資組合都表現良好。

And then we focused on one individual credit out of over 100 here, but historically, our loss rate has remained very low with our realized gains offsetting all losses and providing some incremental upside to investors. And so we don't see any trends that would reflect any change from our historical performance over nearly 20 years on that loss rate.

然後，我們從 100 多隻信貸產品中選取了一隻進行分析，但從歷史數據來看，我們的損失率一直很低，已實現的收益抵消了所有損失，並為投資者帶來了一些額外的收益。因此，我們沒有看到任何趨勢表明，就損失率而言，我們近 20 年的歷史表現有任何變化。

Yeah. And specifically on two items that you called out, our asset-based lending is focused on B2B receivables. And those, frankly, are some of the highest-performing financings in the portfolio. And with respect to consumer, on our SOI, 2.4% at fair value of our portfolio is what we would classify as consumer products and services. So very low exposure to consumer.

是的。具體來說，針對您所提及的兩點，我們的資產抵押貸款主要針對 B2B 應收帳款。坦白說，這些都是投資組合中表現最好的融資項目之一。至於消費者方面，根據我們的SOI，以我們投資組合的公平價值計算，2.4%屬於消費產品和服務。因此，消費者接觸度非常低。

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券。

Kyle, it sounded like we're still pretty upbeat on growth. Can you talk about the split between the BDC issuing in the market, secondary ATM and so forth versus the RIA? And then should we expect the BDC had a pretty good bit this past quarter. Share prices across the industry are also lower. So seeing if you think that it's as attractive in the context of what you're seeing in the origination pipeline?

凱爾，聽起來我們對成長前景依然相當樂觀。您能否談談 BDC 在市場上的發行、二級 ATM 等與 RIA 之間的差異？那麼我們是否可以預期 BDC 在上個季度會有相當不錯的收益呢？整個產業的股價也普遍下跌。所以，我想看看，在你目前看到的專案啟動流程中，它是否同樣具有吸引力？

Yeah. I'll start at the end there. The pipeline is exploding, where we deal, which is late-stage VC-backed companies heading towards an IPO or liquidity event into the lower middle market, $3 million to $15 million of EBITDA sponsor-backed, like this market is robust. It's growing. Private credit companies who have raised too much money, who have to deploy too much money. They're focused on middle market, upper middle market. It's just wide open, and we are seeing kind of a really robust pipeline right now in our -- where we deal.

是的。我就從結尾開始吧。我們所從事的領域，即後期風險投資支持的公司，即將進行首次公開發行 (IPO) 或進入中低端市場，其 EBITDA 為 300 萬至 1500 萬美元，並獲得發起人支持，市場正在蓬勃發展。它正在增長。籌集了過多資金，不得不投入過多資金的私人信貸公司。他們的目標市場是中階市場和中高端市場。市場前景一片光明，在我們——我們所從事的領域——目前我們看到了一個非常強勁的業務管道。

As far as capital raising goes, everything comes down to earnings per share, EPS, and when we talk about -- and we meet twice a week, our executive team and FP&A group on how we're going to capitalize, how we're going to raise capital to meet the deployment needs that our business has. And it all comes down to EPS and making sure we don't dilute shareholders, right? I mean I'm one of our largest shareholders of Trinity, our executive team and every single person in our company owns Trin shares.

就融資而言，一切都歸結於每股盈餘 (EPS)。我們每週開兩次會，我們的執行團隊和財務規劃與分析 (FP&A) 小組會討論如何籌集資金，以滿足我們業務的部署需求。歸根結底，一切都取決於每股收益，以及確保我們不會稀釋股東權益，對吧？我的意思是，我是Trinity最大的股東之一，我們公司的管理團隊和每個人都持有Trinity的股份。

We have no incentive to dilute shareholders. And so it's always a combination of equity issuances at the BDC level, downstreaming assets into our new funds that we've set up and with a huge emphasis on raising third-party capital, which we can generate new management fees, incentive fees. And then the more permanent capital vehicles or permanent like that we set up, our RIA has NAV growth and NAV accretion because we can value those long-term income streams. And it's just icing on the cake for our shareholders.

我們沒有理由稀釋現有股東的權益。因此，我們總是將 BDC 層級的股權發行、將資產轉移到我們新設立的基金中，並且非常重視籌集第三方資本，從而產生新的管理費和激勵費。然後，對於我們設立的更永久性的資本工具或類似永久性工具，我們的 RIA 會實現淨資產值增長和淨資產值增值，因為我們可以對這些長期收入流進行估值。這對我們的股東來說簡直是錦上添花。

And so we're hyper focused on EPS, making sure it's consistent. And we have been working for a couple of years now on building that foundation to where we can see it grow with our managed fund business. And we're there, and we're scaling and executing on that plan right now. So it's a really exciting time for us.

因此，我們高度關注每股收益，確保其保持穩定。過去幾年，我們一直在努力打好基礎，以便它能隨著我們管理的基金業務的成長而成長。我們已經實現了這個目標，現在正在擴大規模並執行該計劃。所以這對我們來說是一個非常令人興奮的時刻。

Appreciate that. And just a follow-up on the sort of exploding pipeline. Managers across the space, they're sort of mixed. Some are more optimistic that it will come back, but no one else is really saying that. No one is that excited. Now to be fair, we haven't heard all of the venture peers yet. So maybe that will transpire in the more life side or tech front.

謝謝。還有一點關於輸油管爆炸事件的後續報導。各領域的經理們，情況比較複雜。有些人比較樂觀，認為它會復甦，但其他人都不這麼認為。沒人會那麼興奮。公平地說，我們還沒有聽到所有創投同行的意見。所以，這或許會在生活領域或科技領域發生。

But seeing if there's any concentration there, are you seeing a lot more in, say, late-stage growth or equipment finance vis-a-vis like an ABL or a sponsor finance?

但看看是否存在某種集中化現象，比如說，在後期成長階段或設備融資方面，與資產抵押貸款或發起人融資相比，是否看到更多此類融資？

So we've got five different verticals, and it's becoming more and more balanced across those verticals. People still think of us as a venture debt business. You're not a venture debt business. That's about 25% of our deployment. thereabouts.

所以我們目前有五個不同的垂直領域，而且這些領域之間的平衡程度也越來越高。人們仍然把我們看作是一家風險債務公司。你不是風險債務公司。這大約占我們部署總量的25%。

And we have a huge emphasis on equipment right now. We're seeing more and more CapEx needs for US-based companies who are manufacturing their goods here. We're seeing more and more needs for asset-backed lending for companies that have -- that are disrupting the kind of legacy financial sector. We are seeing more and more of these lower middle market companies get picked up and bought, and there's a need for financing there.

目前我們非常重視設備。我們看到越來越多的美國本土企業在本地生產產品，因此需要增加資本支出。我們看到，越來越多的公司對資產抵押貸款有需求，這些公司正在顛覆傳統的金融業。我們看到越來越多的中低端市場公司被收購，因此需要融資。

And so we are -- and we've been doing this for years now, but we have been diversifying into complementary segments of the market. And so no, there's no concentration in any one of our verticals right now. It's pretty spread out, and the portfolio is looking more and more spread out each quarter.

所以，我們一直在這樣做——而且我們已經這樣做了好幾年了，但我們一直在向互補的市場領域多元化發展。所以，目前我們沒有任何一個垂直領域的集中化策略。它的投資組合相當分散，而且每個季度看起來都越來越分散。

Sean-Paul Adams, B. Riley Securities.

Sean-Paul Adams，B. Riley Securities。

It looks like nonaccruals were relatively flat quarter over quarter, but the overall rankings for the watch and defaults within the portfolio went down by approximately half. Can you just share a little bit more color about any changes in the portfolio health for those companies?

非應計項目似乎與上一季相比基本持平，但投資組合中受關注和違約項目的總體排名下降了約一半。能否詳細介紹一下這些公司的投資組合健康狀況有哪些改變？

Yeah. I mean, thanks. That was noted on an earlier question. So yes, nonaccruals was pretty consistent. Watch list credits dropped significantly compared to prior quarter. And we saw movement both up and down, right? So the current nonaccrual includes an investment that was prior on watch. And then two other investments were promoted out of watch list as they raised capital and continue to improve their performance.

是的。我的意思是，謝謝。之前有人問過這個問題，已經提過了。所以，是的，非應計項目相當穩定。與上一季相比，關註名單積分大幅下降。我們看到價格既有上漲也有下跌，對吧？因此，目前的非應計項目包括先前處於觀察期的投資。隨後，由於另外兩項投資籌集了資金並持續改善業績，它們從觀察名單中移除。

So overall, we think the health of the portfolio is as strong as ever. The credits on the watch list are the ones that we're obviously working most actively, but seeing fewer members in that club is definitely a good thing.

所以總的來說，我們認為投資組合的健康狀況一如既往地強勁。關註名單上的項目顯然是我們正在積極推進的項目，但看到名單上的成員減少絕對是一件好事。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

What's the plan on the leverage ratio going forward, up or down?

未來槓桿率的計畫是上調還是下調？

Plan is down for a variety of reasons, right? Right now, we utilize it and kind of scale it up as we load up on deals and then downstream them into our new funds that we're setting up. But long-term, our ability to generate new income via the RIA gives us the ability -- and have liquidity there, gives us the ability to lower that leverage ratio. We're not trying to maximize returns. I mean we can ratchet that thing up and generate better earnings per share, but that's not the plan.

計劃因為各種原因擱淺了，對嗎？目前，我們正在利用它，隨著我們獲得更多交易，我們會逐步擴大規模，然後將它們轉移到我們正在設立的新基金中。但從長遠來看，我們透過 RIA 創造新收入的能力，以及擁有流動性的能力，使我們能夠降低槓桿率。我們並非追求收益最大化。我的意思是，我們可以加大力度，提高每股收益，但這不是我們的計劃。

The plan is to lower the leverage, create ample liquidity so we can be opportunistic at the right time and get the proper ratings that will give us the ability to lower our cost of debt capital. And so our off-balance sheet growth and activity really gives us that ability to lower that leverage ratio over time.

該計劃旨在降低槓桿率，創造充足的流動性，以便在適當的時機抓住機會，並獲得適當的評級，從而降低我們的債務資本成本。因此，我們的表外增長和活動確實使我們能夠隨著時間的推移降低槓桿率。

Now the off-balance sheet vehicles, and you guys are not the only ones who do this, but things such as an SLF, I mean, isn't that just sort of like second-lien type of risk there? I mean because -- you're in equity in a levered vehicle, inside a levered vehicle.

現在來說說表外融資工具，你們不是唯一這麼做的，但像SLF這樣的融資工具，我的意思是，這不就跟第二順位抵押貸款的風險差不多嗎？我的意思是，因為──你持有的是槓桿車輛的股權，而你本身又是槓桿車輛的一部分。

No. I get that that's how some BDCs do JVs to ramp up leverage. That's not what we're doing. We're raising third-party capital that we can utilize and co-invest alongside of the loans we're funding and then charge management fees and incentive fees. And we have very little equity in any of those deals.

不。我明白有些商業發展公司就是透過合資企業來提高槓桿率的。我們並沒有那麼做。我們正在籌集第三方資金，我們可以利用這些資金與我們正在資助的貸款進行共同投資，然後收取管理費和激勵費。而我們在這些交易中幾乎沒有任何股權。

Some we don't have any. And so we're doing it very different. It's a fund management business where we can offer to investors who can't hold a public security. It gives us the ability to offer up our manufacturing to a different subset of investors and generate income by doing so.

有些我們根本沒有。所以我們採取了截然不同的做法。這是一項基金管理業務，我們可以為那些無法持有上市證券的投資者提供服務。這使我們能夠將我們的製造業務提供給不同的投資者群體，並透過這樣做來創造收入。

And final question for these off-balance sheet vehicles, are they set up like a fund where investors can call their investments at some point?

最後一個問題，關於這些表外工具，它們的設立方式是否類似於基金，投資者可以在某個時候贖回他們的投資？

Right now, no. Right now, we have a couple of separately managed accounts. And then we have a perpetual BDC -- private BDC that investors can -- and it's focused on the wealth management segment. Those are the three funds we have currently. But what this gives us the ability to do is raise funds in whatever way we need to. And so we are exploring a larger institutional co-investment fund.

目前還沒有。目前，我們有幾個獨立管理的帳戶。然後我們還有一個永久 BDC——投資者可以投資的私人 BDC——它專注於財富管理領域。目前我們有這三支基金。但這賦予了我們以任何我們需要的方式籌集資金的能力。因此，我們正在探索設立規模更大的機構共同投資基金。

And then we are in the middle of fundraising and closing out our third SBIC fund, which is focused primarily on banks and investors that have had success with us in our previous two SBIC funds. So it's going to come in multiple forms so that we can be investors where they are.

目前，我們正在進行第三期 SBIC 基金的募款和收尾工作，該基金主要針對在前兩期 SBIC 基金中與我們合作取得成功的銀行和投資者。所以它會以多種形式出現，這樣我們就可以隨時隨地進行投資。

It appears we have no further questions at this time. I will now turn the program back to Kyle Brown for any additional or closing remarks.

目前看來我們沒有其他問題了。現在我將把發言權交還給凱爾·布朗，讓他補充或作總結發言。

Great. On behalf of the Trinity Capital team, thank you for joining us today. We appreciate your continued interest and investment in Trinity Capital. We look forward to sharing our fourth quarter and 2025 results on our next earnings call in February. Have a great day. Thanks.

偉大的。我謹代表Trinity Capital團隊，感謝您今天蒞臨本次活動。我們感謝您一直以來對Trinity Capital的關注與投資。我們期待在二月的下一次財報電話會議上分享我們第四季和 2025 年的業績。祝你有美好的一天。謝謝。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。