0001193125-26-207620
SEC filingQ1 2026 净投资收入同比增长 37% 至 $44.5M，投资组合扩张驱动，但净收益受未实现亏损拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Investment Income | $90.1M | $65.4M | +38% |
| Net Investment Income | $44.5M | $32.4M | +37% |
| Net Investment Income Per Share | $0.53 | $0.52 | +2% |
| Net Increase in Net Assets | $29.8M | $27.1M | +10% |
| Net Increase in Net Assets Per Share | $0.36 | $0.43 | -16% |
| Total Expenses | $45.6M | $33.0M | +38% |
| Net Expense Ratio | 16.4% | 16.2% | +20 bps |
| Net Investment Income Ratio | 16.0% | 15.9% | +10 bps |
| Portfolio Turnover | 9.7% | 8.9% | +80 bps |
| Asset Coverage Ratio | 185.8% | 186.1% | -30 bps |
Q1 2026 净投资收入同比增长 37% 至 $44.5M，主要受投资组合扩张驱动。总资产同比增长 15% 至 $2.56B，投资组合公允价值达 $2.48B。净投资收入利润率（净投资收入/总投资收入）为 49.4%，同比基本持平，表明收入增长与费用增长同步。
净收益同比增长 10% 至 $29.8M，但每股净收益下降 16% 至 $0.36，主要因加权平均股数增加 34%（从 62.6M 增至 83.6M），反映了 Q1 大规模股权融资的稀释效应。净收益受 $4.7M 未实现亏损拖累，主要来自债务和权证投资。
经营现金流为 -$45.8M，主要因投资净购买 $61.3M（购买 $299.6M，销售/偿还 $238.3M）。公司通过发行 5.3M 股净募资 $78.3M，以及净借款 $53.6M 来支持投资活动。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Finance and Insurance | $376.1M | +3% | — | — | 最大行业，占投资组合 15.0% |
| Medical Devices | $305.5M | +26% | — | — | 增长最快行业之一，占 12.3% |
| SaaS | $259.1M | +16% | — | — | 占 10.4% |
| Other Healthcare Services | $223.1M | +1% | — | — | 占 9.0% |
| Space Technology | $154.0M | +13% | — | — | 占 6.2% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and Cash Equivalents | $19.6M | +$0.5M |
| Total Investments | $2.48B | +$65.5M |
| Total Assets | $2.56B | +$71.3M |
| Total Debt | $1.36B | +$53.6M |
| Net Assets | $1.17B | +$72.3M |
| Operating Cash Flow | -$45.8M | +$17.6M |
| Capex | $0.4M | +$0.3M |