WhiteHorse Finance Inc (WHF) 2025 Q2 法說會逐字稿

Good afternoon, everyone. My name is Bo and I will be your conference operator today. At this time, I would like to welcome everyone to the WhiteHorse Finance second-quarter 2025 earnings conference call. Our hosts for today are Stuart Aronson, Chief Executive Officer; and Joyson Thomas, Chief Financial Officer. Today's call is being recorded. (Operator Instructions)

大家下午好。我叫 Bo，今天我將擔任您的會議主持人。現在，我歡迎大家參加 WhiteHorse Finance 2025 年第二季財報電話會議。今天的主持人是執行長 Stuart Aronson 和財務長 Joyson Thomas。今天的通話正在錄音。（操作員指示）

It is now my pleasure to turn the floor over to Robert Brinberg of Rose & Company. Please go ahead, sir.

現在我很高興將發言權交給 Rose & Company 的 Robert Brinberg。先生，請繼續。

Thank you, Bo, and thank you, everyone, for joining us today to discuss WhiteHorse Finance's second quarter 2025 earnings results. Before we begin, I'd like to remind everyone that certain statements, which are not based on historical facts made during this call, including any statements relating to financial guidance, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝 Bo，也謝謝大家今天加入我們，討論 WhiteHorse Finance 2025 年第二季的獲利結果。在我們開始之前，我想提醒大家，本次電話會議中做出的某些並非基於歷史事實的陳述，包括任何與財務指導有關的陳述，可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

Before these forward-looking -- I'm sorry, because these forward-looking statements involve known and unknown risks and uncertainties, these are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

在這些前瞻性之前——很抱歉，由於這些前瞻性陳述涉及已知和未知的風險和不確定性，這些都是可能導致實際結果與這些前瞻性陳述所表達或暗示的結果有重大差異的重要因素。

WhiteHorse Finance assumes no obligation or responsibility to update any forward-looking statements. Today's speakers may refer to material from the WhiteHorse Finance second-quarter 2025 earnings presentation, which was posted on our website this morning. With that, allow me to introduce WhiteHorse Finance's CEO, Stuart Aronson. Stuart, you may begin.

WhiteHorse Finance 不承擔更新任何前瞻性陳述的義務或責任。今天的講者可以參考今天早上發佈在我們網站上的 WhiteHorse Finance 2025 年第二季財報的資料。接下來，請容許我介紹 WhiteHorse Finance 的執行長 Stuart Aronson。斯圖爾特，你可以開始了。

Thank you, Rob. Good afternoon, everyone. Thank you for joining us today. As you're aware, we issued our earnings this morning before the market opened, and I hope you've had a chance to review our results for the period ended June 30, 2025, which can also be found on our website. On today's call, I will begin by addressing our second quarter results and current market conditions.

謝謝你，羅布。大家下午好。感謝您今天加入我們。如您所知，我們今天早上在市場開盤前發布了收益報告，我希望您有機會查看截至 2025 年 6 月 30 日的業績，您也可以在我們的網站上找到該業績報告。在今天的電話會議上，我將首先介紹我們的第二季業績和當前的市場狀況。

Joyson Thomas, our Chief Financial Officer, will then discuss our performance in greater detail, after which, we will open the floor for questions. Our results for the second quarter of 2025 were disappointing as our investment portfolio declined this quarter due to net realized and unrealized losses, which impacted our financial performance. Q2 GAAP net investment income and core NII was $6.6 million or $0.282 per share compared with a quarterly distribution of $0.385 per share and was below the Q1 GAAP and core NII of $6.8 million or $0.294 per share.

我們的財務長 Joyson Thomas 將更詳細地討論我們的業績，之後我們將開放提問環節。我們 2025 年第二季的業績令人失望，因為本季我們的投資組合因淨已實現和未實現損失而下降，這影響了我們的財務表現。第二季 GAAP 淨投資收入和核心 NII 為 660 萬美元或每股 0.282 美元，而季度分配為每股 0.385 美元，低於第一季 GAAP 和核心 NII 的 680 萬美元或每股 0.294 美元。

NAV per share at the end of Q2 was $11.82 representing a 2.4% decrease from the prior quarter. NAV per share was impacted by net realized and unrealized losses in our portfolio that totaled $4.3 million. Turning to our portfolio activity in Q2.

第二季末每股淨值為 11.82 美元，較上一季下降 2.4%。每股資產淨值受到我們投資組合中總計 430 萬美元的淨已實現和未實現損失的影響。談談我們第二季的投資組合活動。

We had gross capital deployments of $39 million, which was partially offset by total repayments and sales of $36.2 million, resulting in net deployments of $2.8 million. Gross capital deployments consisted of three new originations totaling $33.1 million and the remaining $5.9 million was used to fund three add-ons to existing investments.

我們的總資本部署為 3,900 萬美元，但被 3,620 萬美元的總還款和銷售額部分抵消，導致淨部署為 280 萬美元。總資本部署包括三項新投資，總額為 3,310 萬美元，剩餘的 590 萬美元用於資助現有投資的三項附加投資。

In addition, there was $0.3 million in net fundings made on revolver commitments. Of our three new originations in Q2, one was nonsponsor and two were sponsor deals with an average leverage of approximately 4 times EBITDA. All of our Q2 deals were first lien loans at an average spread of 560 basis points and average all-in rate of 9.9% compared to 9.6% in the first quarter of 2025.

此外，循環信貸承諾的淨融資額為 30 萬美元。在我們第二季的三個新發起項目中，一個是非發起交易，兩個是發起交易，平均槓桿率約為 EBITDA 的 4 倍。我們第二季的所有交易都是第一留置權貸款，平均利差為 560 個基點，平均全包利率為 9.9%，而 2025 年第一季為 9.6%。

Total repayments and sales were $36.2 million, primarily driven by complete realizations in our positions in CleanChoice and Flexitallic. At the end of Q2, 99.3% of our debt portfolio was first lien senior secured, and our portfolio mix was approximately two-third sponsor and one-third non-sponsor.

總還款額和銷售額為 3,620 萬美元，主要得益於我們在 CleanChoice 和 Flexitallic 的持股完全實現。截至第二季末，我們 99.3% 的債務組合均為優先留置權擔保債務，我們的投資組合中約有三分之二為發起人債務，三分之一為非發起人債務。

During the quarter, the BDC transferred three new deals and one existing investment to the STRS JV. At the end of Q2, the STRS JV total portfolio had an aggregate fair value of $330 million at an average effective yield on the JV's portfolio of 10.6% compared to 10.8% in Q1.

本季度，BDC 將三筆新交易和一項現有投資轉移給了 STRS JV。截至第二季末，STRS JV 總投資組合的公允價值總額為 3.3 億美元，合資公司投資組合的平均有效收益率為 10.6%，而第一季為 10.8%。

Leverage for the JV at the end of Q2 was 1.16 times compared with 0.98 times at the end of the first -- the prior quarter. We continue to successfully utilize the JV and believe WhiteHorse's equity investment in the JV continues to provide attractive returns for our shareholders. After net deployment, JV transfers and net realized and unrealized losses, total investments decreased by $21.7 million from the prior quarter to $629.3 million.

第二季末合資公司的槓桿率為 1.16 倍，而第一季末（上一季）的槓桿率為 0.98 倍。我們繼續成功利用合資企業，並相信 WhiteHorse 對合資企業的股權投資將繼續為我們的股東帶來可觀的回報。扣除淨部署、合資企業轉移以及淨已實現和未實現損失後，總投資較上一季減少 2,170 萬美元至 6.293 億美元。

This compares to our portfolio's fair value of $651 million at the end of Q1. The weighted average effective yield on our income-producing debt investments decreased to 11.9% at the end of Q2, compared to 12.1% in the first quarter of 2025.

相較之下，我們第一季末投資組合的公允價值為 6.51 億美元。我們創收債務投資的加權平均有效收益率在第二季末下降至 11.9%，而 2025 年第一季為 12.1%。

The weighted average effective yield on our overall portfolio increased slightly to 9.8% at the end of Q2 compared to approximately 9.6% at the end of Q1, primarily driven by Telestream returning to accrual status and the realization of American Crafts.

我們整體投資組合的加權平均有效收益率在第二季末小幅上升至 9.8%，而第一季末約為 9.6%，這主要得益於 Telestream 恢復應計狀態以及 American Crafts 的實現。

During the quarter, we took net write-downs of $3.6 million primarily driven by write-downs in Honors Holdings and Aspect Software. As I mentioned earlier, American Crafts has now been fully resolved, eliminating any further downside from that investment.

本季，我們淨減記 360 萬美元，主要原因是 Honors Holdings 和 Aspect Software 的減記。正如我之前提到的，American Crafts 的問題現在已經完全解決，從而消除了該投資帶來的任何進一步的負面影響。

No credits replaced on nonaccrual in Q2 and nonaccrual investments totaled 4.9% of the debt portfolio, an improvement compared with 8.8% of the net portfolio at fair value in the prior quarter. As I mentioned earlier, Telestream returned to accrual status this quarter, which will benefit the BDC's earnings capacity going forward. We also expect that a portion of MSI information services will likely go back on accrual in the third quarter, subject to a successful restructuring of the debt.

第二季沒有因不提列而替代的信用額，不提投資佔債務組合的 4.9%，與上一季以公允價值計算的淨投資組合的 8.8% 相比有所改善。正如我之前提到的，Telestream 本季恢復了應計狀態，這將有利於 BDC 未來的獲利能力。我們也預計，如果債務重組成功，MSI 資訊服務的一部分可能會在第三季恢復應計。

Other deals on nonaccrual are likely to remain that way for some period of time. We are continuing to actively work on getting deals off nonaccrual, leveraging the expertise of our five person dedicated restructuring team and the resources of HIG Capital.

其他不計息交易可能會在一段時間內保持這種狀態。我們將繼續積極努力，利用我們五人專門重組團隊的專業知識和 HIG Capital 的資源，使交易擺脫非應計制。

Aside from credits on nonaccrual, our portfolio is performing well. We have performed subsequent tariff analysis across the portfolio, and we believe that less than 10% of the portfolio is either heavily or moderately exposed to tariffs. Turning to the lending market. M&A activity remains pretty subdued due in part to tariff uncertainty, and this has led to reduced supply of new financing deals in the market.

除了未提列的信用額度外，我們的投資組合表現良好。我們對整個投資組合進行了後續關稅分析，我們認為，不到 10% 的投資組合受到嚴重或中等程度的關稅影響。轉向貸款市場。由於關稅不確定性，併購活動仍然相當低迷，這導致市場上新的融資交易供應減少。

At the same time, there is plenty of capital available from other lenders. This has created unprecedented competition for companies doing financings particularly for companies that are noncyclical and do not have meaningful international sales exposure.

同時，其他貸款機構也提供大量資金。這給融資公司帶來了前所未有的競爭，特別是那些非週期性且沒有顯著國際銷售風險的公司。

In the upper mid-cap and large-cap markets, deals are typically pricing at SOFR 4.25% to SOFR 4.75%. and, in many cases, on highly adjusted EBITDA levels. Leverage multiples in that sector are between 6 and 8 times and deals are getting structured with partial pick to make the cash flows work on the deals.

在中高階和大型股市場中，交易定價通常為 SOFR 4.25% 至 SOFR 4.75%，在許多情況下，EBITDA 水準經過了高度調整。該行業的槓桿倍數在 6 到 8 倍之間，交易採用部分選擇的結構，以使現金流在交易中發揮作用。

That is not nearly as true in the middle market where we focus, where pricing is 50 basis points higher at between SOFR 4.75% to SOFR 5.25%. Most of the deals we see are getting down at leverage of between 4 to 6 times and most deals still have covenant protection.

在我們關注的中端市場，情況並非如此，其定價高出 50 個基點，介於 SOFR 4.75% 至 SOFR 5.25% 之間。我們看到的大多數交易的槓桿率都在 4 到 6 倍之間，而且大多數交易仍然受到契約保護。

And the lower mid-market pricing is very similar to the mid-market with pricing starting at SOFR 4.75% but more often being at 5.00% or 5.25% and extending to as high as 5.75% for more complex or cyclical credits. These prices and structures are for the sponsor market.

而中低端市場定價與中端市場非常相似，定價從 SOFR 4.75% 開始，但通常為 5.00% 或 5.25%，對於更複雜或週期性的信貸，最高可達 5.75%。這些價格和結構適用於贊助商市場。

The nonsponsor market remains much less competitive. We continue to focus significant resources on the nonsponsor market where there are better risk returns in many cases and much less competition than what we're seeing in the new on-the-run sponsor market.

非贊助商市場的競爭仍然不夠激烈。我們繼續將大量資源集中在非贊助商市場上，在許多情況下，該市場的風險回報更高，而且競爭比新興的贊助商市場少得多。

We currently have 24 originators covering 13 local regional markets. Given market conditions, these originators are primarily focused on sourcing off-the-run sponsor deals for smaller private equity firms and nonsponsor deals as we look for value in the market where there is limited deal flow and a lot of aggressiveness.

我們目前有 24 個發起人，涵蓋 13 個本地區域市場。鑑於市場狀況，這些發起人主要致力於為較小的私募股權公司尋找非發行贊助商交易和非贊助商交易，因為我們在交易流量有限且積極性很高的市場中尋找價值。

To put the attractiveness of the nonsponsor market in context, our nonsponsor mandates are still levered only 3 to 4.5 times and the highest priced deal we have priced recently is at SOFR 7.00% with all the other deals being SOFR 6.00% or better.

就非保薦人市場的吸引力而言，我們的非保薦人授權的槓桿率仍然只有 3 到 4.5 倍，我們最近定價的最高價格交易為 SOFR 7.00%，而所有其他交易的 SOFR 均為 6.00% 或更高。

Subsequent to quarter end, the BDC has closed two new investments of $14.4 million and had one full repayment totaling $9.6 million. There were two existing investments fully transferred to the JV totaling $8 million following the deployment activity in Q2 and pro forma for several transactions that have closed or that we expect to close in Q3 of 2025.

季度末之後，BDC 完成了兩筆 1,440 萬美元的新投資，並進行了一筆總額為 960 萬美元的全額償還。在第二季的部署活動之後，有兩項現有投資已全部轉移到合資企業，總額為 800 萬美元，並且已經完成或預計將於 2025 年第三季完成的幾筆交易已完成。

The BDC balance sheet has very little capacity for new assets. The JV on the other hand, has approximately $20 million of capacity supplementing the BDC's existing capacity. Our overall sourcing is being impacted by the muted M&A activity, and our pipeline is lower than normal for this time of the year. We currently have six new mandates and are working on two add-ons to existing deals.

BDC 資產負債表容納新資產的能力非常小。另一方面，合資企業擁有約 2,000 萬美元的產能，可補充 BDC 的現有產能。我們的整體採購受到併購活動低迷的影響，我們的採購管道比每年這個時候的正常水準要低。我們目前有六項新任務，並且正在為現有任務制定兩項附加任務。

Our six mandates comprise three sponsor deals and three nonsponsor deals. While there can be no assurance that any of these deals will close, all of these deals should fit into the BDC or our JV should we elect to transact.

我們的六項授權包括三項贊助協議和三項非贊助協議。雖然不能保證這些交易一定會完成，但如果我們選擇進行交易，所有這些交易都應該適合 BDC 或我們的合資企業。

With that, I'll turn the call over to Joyson for additional performance details and a review of our portfolio composition. Joyson, go ahead.

有了這些，我將把電話轉給均勝電子，以了解更多業績詳情並審查我們的投資組合組成。均勝，加油。

Thanks, Stuart, and thanks, everyone, for joining today's call. During the quarter, we recorded GAAP net investment income and core NII of $6.6 million or $0.282 per share. This compares with Q1 GAAP NII and core NII of $6.8 million or $0.294 per share as well as our previously declared quarterly distribution of $0.385 per share.

謝謝斯圖爾特，也謝謝大家參加今天的電話會議。在本季度，我們記錄了 GAAP 淨投資收入和核心 NII 660 萬美元或每股 0.282 美元。相比之下，第一季 GAAP NII 和核心 NII 為 680 萬美元或每股 0.294 美元，以及我們先前宣布的每股 0.385 美元的季度分配。

Fee income of approximately $0.8 million in Q2 was primarily due to prepayment fees earned on the full repayment in CleanChoice Energy as well as from other amendment fees. For the quarter, we reported a net increase in net assets resulting from operations of $2.3 million.

第二季的費用收入約為 80 萬美元，主要來自 CleanChoice Energy 全額償還所產生的預付費用以及其他修改費用。本季度，我們報告經營活動產生的淨資產淨增加額為 230 萬美元。

Our risk ratings during the quarter showed that approximately 76.8% of our portfolio positions either carried a one or two rating slightly higher than the 74.1% reported in the prior quarter. As a reminder, a one rating indicates that a company has seen its risk of loss reduced relative to initial expectations and a two rating indicates the company is performing according to such as initial expectations. Regarding the JV specifically, we continue to grow our investment.

我們本季的風險評級顯示，我們投資組合中約有 76.8% 的部位獲得一級或二級評級，略高於上一季的 74.1%。提醒一下，一級評級表示公司的損失風險相對於初始預期有所降低，二級評級表示公司的表現符合初始預期。具體到合資企業，我們將繼續增加投資。

As Stuart mentioned earlier, in the second quarter, we transferred three new deals and one existing investment to the SRS JV totaling $22.8 million. As of June 30, 2025, the JV's portfolio helped positions in 43 portfolio companies with an aggregate fair value of $330.2 million compared to 41 portfolio companies with an aggregate fair value of $310.2 million as of March 31, 2025.

正如史都華之前提到的，在第二季度，我們向 SRS JV 轉移了三筆新交易和一項現有投資，總額為 2,280 萬美元。截至 2025 年 6 月 30 日，合資公司的投資組合有助於 43 家投資組合公司實現總公允價值 3.302 億美元，而截至 2025 年 3 月 31 日，共有 41 家投資組合公司實現總公允價值 3.102 億美元。

The investment in the JV continues to be accretive for the BDC's earnings, generating a mid-teens return on equity. During Q2, income recognized from our JV investments aggregated to approximately $3.4 million, a slight decline from $3.7 million in Q1.

對合資企業的投資持續增加 BDC 的收益，產生中等水準的股本回報率。第二季度，我們從合資企業投資中確認的收入總計約為 340 萬美元，較第一季的 370 萬美元略有下降。

As we've noted in prior calls, the yield on our investment in the JV fluctuate period-over-period as a result of a number of factors, including the timing and amount of additional capital investments, the changes in asset yields in the underlying portfolio as well as the overall credit performance of the JV's investment portfolio. Turning to our balance sheet.

正如我們在先前的電話會議中指出的那樣，我們對合資企業的投資收益率會因多種因素而逐期波動，包括額外資本投資的時間和金額、基礎投資組合中資產收益率的變化以及合資企業投資組合的整體信用表現。轉向我們的資產負債表。

We had cash resources of approximately $33.3 million at the end of Q2 including $22.7 million in restricted cash and approximately $100 million of undrawn capacity available under our revolving credit facility. During the second quarter, we completed a CLO term debt securitization and issued $174 million of debt, which bears interest at three-month term SOFR plus 1.7%.

截至第二季末，我們的現金資源約為 3,330 萬美元，其中包括 2,270 萬美元的受限現金和約 1 億美元的循環信貸額度下未提取的可用容量。在第二季度，我們完成了 CLO 定期債務證券化，並發行了 1.74 億美元的債務，其利率為三個月期 SOFR 加 1.7%。

The reinvestment period for this new term debt securitization runs through May 25, 2029, with the term debt having a maturity date of May 25, 2037. In connection with the CLO financing transaction, all amounts outstanding under our revolving credit facility were repaid, following which, we also reduced the maximum size of the revolving credit facility to $100 million.

本次新定期債務證券化的再投資期間至2029年5月25日，定期債務到期日為2037年5月25日。在 CLO 融資交易中，我們已償還了循環信貸額度下所有未償還的金額，隨後，我們還將循環信貸額度的最高規模減少至 1 億美元。

This debt optimization reduced our borrowing costs, extended our debt maturity profile and enhanced our ability to access the debt capital markets, complementing the more traditional channels we've accessed and utilized in the past.

這種債務優化降低了我們的借貸成本，延長了我們的債務期限，增強了我們進入債務資本市場的能力，並補充了我們過去使用和利用的更傳統的管道。

We expect this optimization to result in cost savings of between $0.01 to $0.015 per share per quarter. As of June 30, 2025, the company's asset coverage ratio for borrowed amounts, as defined by the 1940 Act, was 174.6%, which was above the minimum asset coverage ratio of 150%.

我們預計此次優化將使每股每季節省 0.01 美元至 0.015 美元的成本。截至 2025 年 6 月 30 日，該公司根據 1940 年法案定義的借款資產覆蓋率為 174.6%，高於 150% 的最低資產覆蓋率。

Our Q2 net effective debt-to-equity ratio after adjusting for cash on hand was approximately 1.22 times compared with 1.23 times from the prior quarter. Before I conclude and open up the call to questions, I'd like to again highlight our distributions. This morning, we announced that our Board declared a third quarter distribution of $0.385 per share, which is consistent with the prior quarter.

我們第二季的淨有效負債權益比率（經現金調整後）約為 1.22 倍，而上一季為 1.23 倍。在結束並開始提問之前，我想再次強調我們的分佈。今天上午，我們宣布董事會宣布第三季每股分配 0.385 美元，與上一季一致。

The upcoming regular distribution, the 52nd consecutive quarterly distribution paid since our IPO in December 2012, with all distributions at or above the rate of $0.355 per share per quarter will be payable on October 3, 2025, to stockholders of record as of September 19, 2025.

即將進行的定期分配是自 2012 年 12 月首次公開募股以來連續第 52 次季度分配，所有每季度每股 0.355 美元或以上的分配將於 2025 年 10 月 3 日支付給截至 2025 年 9 月 19 日登記在冊的股東。

As we said previously, we will continue to evaluate our quarterly distribution, both in the near and medium term based on the core earnings power of our portfolio in addition to other relevant factors that may warrant consideration.

正如我們之前所說，我們將繼續根據投資組合的核心獲利能力以及其他可能值得考慮的相關因素來評估我們近期和中期的季度分佈。

In assessing distributions, we also consider our taxable income relative to amounts that we have distributed during the year when setting our overall dividend. After accounting for and including the distribution of approximately $8.9 million paid on July 3, 2025, our remaining amount of undistributed taxable income related to the 2024 annual period sometimes referred to as our prior year spillover, is approximately $9.7 million.

在評估分配時，我們也會考慮我們在設定整體股利時相對於當年分配金額的應稅所得。在計入並包括 2025 年 7 月 3 日支付的約 890 萬美元的分配後，我們與 2024 年年度期間相關的剩餘未分配應稅收入（有時稱為我們上一年的溢出）約為 970 萬美元。

With that, I'll now turn the call back over to the operator for your questions. Operator?

說完這些，我現在將電話轉回給接線員，以便回答您的​​問題。操作員？

(Operator Instructions)

（操作員指示）

Christopher Nolan, Lattenberg Ballin.

克里斯多福諾蘭，拉登伯格巴林。

Hi, thank you for taking my questions. I guess on American Crafts, is it correct that, that was an exit or was there a restructuring?

你好，謝謝你回答我的問題。我猜對於 American Crafts 來說，這是一次退出還是一次重組？

It was a sale of the remaining piece of the company, and that sale yielded very little in terms of proceeds. So we have resolved that, taken the write-down, and there is no further downside on that account.

這是對公司剩餘部分的出售，而此次出售的收益非常少。因此，我們已經解決了這個問題，進行了減記，並且該帳戶不再有任何損失。

Got you. And on the CLO, and Joyson was going through some of the details, helpful. But what is the term of it for the reinvestment period?

明白了。在 CLO 上，Joyson 正在討論一些細節，這很有幫助。但再投資期間的期限是怎麼樣的？

Reinvestment period is through May 25, 2029.

再投資期間為2029年5月25日。

Thank you, Chris.

謝謝你，克里斯。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

Good afternoon. Thanks for taking my questions. I appreciate the reminder on the portion of the portfolio where companies are facing tariff pressure. I'm wondering if you can expand on that a little bit. I'm curious if there are -- the extent to which any mitigating actions can be taken or have been taken. Can you elaborate on -- I assume some of it's supply chain pressure. If not, could you explain a bit more on that?

午安.感謝您回答我的問題。我很感謝你對投資組合中面臨關稅壓力的部分公司的提醒。我想知道您是否可以稍微詳細闡述這一點。我很好奇是否有——可以採取或已經採取了多大程度的緩解措施。您能詳細說明一下嗎——我認為部分原因是供應鏈壓力。如果沒有，您能否進一步解釋一下？

Yeah, I mean it varies company by company. In some cases, the companies are actively negotiating to have their suppliers absorb a portion of the tariff amount. What we're seeing in a decent number of cases, about half the tariff amount is being absorbed. In some of the cases, the tariff amounts are still not clear based on ongoing negotiations and changes week to week.

是的，我的意思是每個公司的情況都不同。在某些情況下，公司正在積極談判，讓其供應商承擔部分關稅金額。在相當多的案例中，我們看到大約一半的關稅金額被吸收了。在某些情況下，根據正在進行的談判和每週的變化，關稅金額仍然不明確。

And then in some other cases, particularly where we've had companies that source out of China, they have been moving their sourcing. One of our companies is in the toy business. and they've moved a lot of their sourcing from China to Vietnam.

在其他一些情況下，特別是那些從中國以外購買產品的公司，他們一直在轉移採購地點。我們的一家公司從事玩具業務，他們已將大量採購從中國轉移到越南。

So people are taking the information that exists in the market, trying to optimize based on whatever is going on. But as we all recognize, the tariff situation changes every week and in some cases, every day. So people are having to be nimble to keep up with what's going on, Melissa.

因此，人們正在獲取市場上存在的信息，並嘗試根據正在發生的事情進行優化。但正如我們所知，關稅情況每週都在變化，有時甚至每天都在變化。因此人們必須保持敏捷才能跟上正在發生的事情，梅麗莎。

That certainly makes sense. I also appreciated the update on sort of post-quarter end activity and I guess, a couple of things jumped out there. First of all, it seemed like the mandate -- I'm not sure if you sized it in terms of dollars, but the number of mandates that you referenced seems to be certainly higher than last quarter, though that might not be too surprising given the volatility last quarter. But given the higher number of mandates, should we be thinking about that as you also have in line of sight to some elevated repayment activity given the constraints on leverage within the general portfolio?

這當然是有道理的。我也很欣賞關於季度末後活動的更新，我想，有幾件事很引人注目。首先，這似乎是授權——我不確定您是否以美元來衡量，但您提到的授權數量似乎肯定高於上個季度，儘管考慮到上個季度的波動性，這可能並不太令人驚訝。但考慮到授權數量較多，我們是否應該考慮這一點，因為考慮到一般投資組合中槓桿率的限制，您還會看到一些增加的償還活動？

We think that we're right now in a pretty good balance between repayment and new mandates. There are companies that are either in the midst of being sold or expected to be sold in Q4. In the cases where we like those companies, we will attempt to pursue them with the new owners.

我們認為，目前我們在償還債務和新任務之間取得了相當好的平衡。有些公司正在出售或預計將在第四季度出售。如果我們看好這些公司，我們會嘗試與新東家合作。

But I would say, in general, Melissa, the messages that the BDC balance sheet is expected to be fully deployed this quarter based on the mandates that we have now and based on what we're seeing in terms of repayment activity and then as I mentioned earlier, the JV has about $20 million of additional capacity, which would be, on the average deal allocation, about three deals that we could add to the JV, which would create more income.

但我想說，梅麗莎，總的來說，根據我們現在的授權和我們在還款活動方面看到的情況，BDC 資產負債表預計將於本季度全面部署，然後正如我之前提到的，合資企業擁有約 2000 萬美元的額外容量，按照平均交易分配，我們可以為合資企業增加大約三筆交易，這將創造更多收入。

Well, and I guess, I'll sneak in one more follow-up on that, in particular, given the, I'd characterize as fairly limited, extra capacity in the JV. Do you have any plans on either upsizing the existing JV or perhaps pursuing additional joint ventures with other partners?

好吧，我想，我會偷偷地再跟進一次，特別是考慮到我認為合資企業的額外產能相當有限。您是否有計劃擴大現有合資企業的規模，或與其他合作夥伴建立更多的合資企業？

No, there are no plans to increase the JV at this time. If we decide that makes sense, we'll certainly let you know but we think the JV is sized appropriately, and we're doing our best to keep it as close to full as we can.

不，目前沒有擴大合資規模的計劃。如果我們認為這有意義，我們一定會通知您，但我們認為合資企業的規模是合適的，我們正在盡最大努力使其盡可能接近滿員。

Got it. Thank you.

知道了。謝謝。

Thank you, Melissa.

謝謝你，梅麗莎。

(Operator Instructions)

（操作員指示）

Heli Sheth, Raymond James.

赫利謝斯，雷蒙德詹姆斯。

Afternoon. Thanks for the question. In regards to the dividend, I know you mentioned prior year spillover of $9.7 million. Any update on any idea on thought processes for working down spillover through 2025 and into 2026?

下午。謝謝你的提問。關於股息，我知道您提到了去年的 970 萬美元溢出。關於如何透過 2025 年和 2026 年減少外溢效應的思考過程，有什麼更新嗎？

Joyson, can you take that?

均勝，你能接受嗎？

Certainly. Yeah, as we mentioned before, the undistributed spillover income related to 2024, that still remains at $9.7 million. And so as we've discussed in prior calls, that factors into the dividend distribution for the remainder of this year into next. So I think the way to think about it is thinking about the October distribution that will be made of approximately $8.9 million, there's still a small amount, less than $1 million, that would be undistributed.

當然。是的，正如我們之前提到的，與 2024 年相關的未分配溢出收入仍然為 970 萬美元。正如我們在之前的電話會議中討論過的，這會影響今年剩餘時間到明年的股利分配。因此，我認為考慮這個問題的方式是考慮 10 月份的分配額約為 890 萬美元，其中仍有一小部分（不到 100 萬美元）未分配。

And so factors to consider there would be a potential special dividend, otherwise, that would go undistributed for the year and roll into tax incurrence for the year. So I think from that standpoint, we're looking at that undistributed taxable income in combination with other factors related to just shortfall of the earnings in the current year when we think about the dividend for 2026

因此需要考慮的因素是可能會有特別股息，否則，該股息將不會在當年分配，並會轉為當年的稅收。因此，我認為從這個角度來看，當我們考慮 2026 年的股息時，我們會將未分配的應稅收入與其他與當年收益不足相關的因素結合起來考慮。

Got it, thanks for the call I appreciate it.

明白了，謝謝您的來電，我很感激。

Sean-Paul Adams, B. Riley Securities.

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

Hey guys, good afternoon. On the portfolio companies that you mentioned were suffering tariff impacts, are you seeing any incremental bottom line flow-through to just the net consumer? Historically, during the COVID period, it was passed through to the end user with little to no issue after the 6 to 12-month volatility period.

大家好，下午好。對於您提到的受到關稅影響的投資組合公司，您是否看到任何增量底線流向淨消費者？從歷史上看，在 COVID 期間，經過 6 到 12 個月的波動期後，它幾乎沒有出現任何問題就傳遞給了最終用戶。

Good afternoon, and the answer is, yes, to the extent that tariffs are not being fully absorbed by the suppliers. Our companies are raising prices, and they are seeing competing companies raise prices as well. So far, what we don't know is how the consumer will react to those higher prices.

下午好，答案是肯定的，只要關稅沒有被供應商完全吸收。我們的公司正在提高價格，而且他們也看到競爭公司也在提高價格。到目前為止，我們還不知道消費者對更高的價格會如何反應。

And a good example of that is the toy and game company that we're lending to. We won't know the consumer reaction to higher prices until we get through the holiday season and see what the sales look like. But in general, anything not being absorbed by the suppliers is being attempted to be passed through to the final users or consumers.

一個很好的例子就是我們貸款給的玩具和遊戲公司。直到假期結束並看到銷售情況後，我們才會知道消費者對價格上漲的反應。但一般來說，供應商未吸收的任何東西都會被轉嫁給最終用戶或消費者。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) And gentlemen, I have no further questions coming in today. So that will bring us to the conclusion of today's conference call. We would like to thank everyone for joining today's WhiteHorse Finance second-quarter 2025 earnings conference call.

（操作員指示）先生們，今天我沒有其他問題了。今天的電話會議就到此結束了。感謝大家參加今天的 WhiteHorse Finance 2025 年第二季財報電話會議。

Again, thanks so much for joining us, everyone, and we wish you all a great afternoon. Goodbye.

再次感謝大家的參與，祝大家下午愉快。再見。

Bye bye.

再見。