于是，伯克希尔的2025年业绩，很可能成为股神;亲自主持下的最后一年业绩。 在年度股东大会召开前夕，伯克希尔公布了2025年第1季业绩，对比于巴菲特的金句，这份业绩所体现 的投资结果;，或更能体现股神;的投资理念和风格。 投资本钱还有利息可收 今年五月初投资界的头等盛事莫过于在奥马哈举行的伯克希尔（BRK.B.US）年度股东大会，这次与别 不同的是，巴菲特在股东大会临近结束时宣布将于2026年1月1日退休，而63岁的副董事长格雷格·阿贝 尔（Greg Abel）将为其接班人，但巴菲特仍担任伯克希尔董事长一职。 从并表的主营业务来看，伯克希尔旗下的子公司经营稳定，第1季并表收入为897.25亿美元，按年微跌 0.16%；主营业务的税前利润为114.57亿美元，按年下降14.10%；但真正令其业绩与上年同期拉开距离 的是投资亏损64.35亿美元，相较上年同期为投资收益18.76亿美元，差距达83亿美元。 不过需要注意的是，这笔投资亏损主要来自未出售投资，只是因为期内股价出现波动而暂时亏损而已， 这也是巴菲特多次强调短期投资损益只是会计处理需要，并不能作为投资业绩准绳的原因。当股价回 升，未来的投资收益可能显著上升 ...

Financial Data and Key Metrics Changes - Adjusted net investment income (NII) was $45,000,000 or $0.54 per share for fiscal Q1, down slightly from $0.55 per share in the prior quarter [9][30] - Net asset value (NAV) per share declined to $17.63 from $18.09 last quarter [9][30] - Total debt outstanding was $1,610,000,000 with a weighted average interest rate of 6.2%, down from the previous quarter [32][33] Business Line Data and Key Metrics Changes - The portfolio had a fair value of $2,800,000,000 invested across 136 companies, with a weighted average yield on debt investments at 10.7% [12] - 82% of the portfolio is now in 1st lien position, up from 78% a year ago [12] - The median EBITDA of portfolio companies was $142,000,000 with a median leverage of 5.4 times [13] Market Data and Key Metrics Changes - The company originated $198,000,000 of new investment commitments with a weighted average yield of 9.6%, a slight decline from the previous quarter [23] - Paydowns, exits, and sales in Q1 generated $352,000,000, up from $338,000,000 in the fourth quarter [24] - The company noted that competition between broadly syndicated loans and private credit drove spreads lower, which are now stabilizing [20][21] Company Strategy and Development Direction - The company amended its dividend policy to include a base dividend of $0.40 per share and a supplemental dividend of $0.07 per share [7][8] - The equity raise of $100,000,000 is expected to help grow the asset base and diversify the portfolio [5][33] - The management emphasized a focus on investing in larger companies and strong sectors to further diversify the portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the current environment but expressed optimism about increased deal flow in 2025 due to favorable regulatory conditions and private equity activity [20][21] - The company remains committed to addressing troubled assets and converting them into performing credit assets [54] - Management believes that the current market environment presents attractive investment opportunities [40][66] Other Important Information - The company has a liquidity of approximately $1,100,000,000, including $113,000,000 in cash and $958,000,000 in undrawn capacity on credit facilities [33] - The company reported a $700,000 dividend from the Kemper joint venture [34] Q&A Session Summary Question: Inquiry about the $100,000,000 equity investment and future plans - Management clarified that the investment was made at NAV with a standard lockup provision, allowing for significant dry powder for future investments [38][39] Question: Discussion on the strategic shift towards larger company direct lending - Management explained that the focus on first lien lending is due to better risk-adjusted returns in the current market environment [41][46] Question: Options for upcoming debt maturity - Management indicated that they are considering all options, leveraging existing liquidity and facilities [50] Question: Goals for the company with the new dividend and fee structure - Management stated the goal is to cover the dividend comfortably, grow the asset base, and convert non-performing assets into income-generating assets [52][54] Question: Clarification on supplemental dividend levels - Management indicated that approximately 50% of excess earnings above the base dividend would be paid out as supplemental dividends [58] Question: Rationale for buying back shares at NAV - Management explained that purchasing at NAV allows for asset growth and diversification rather than simply buying shares at a discount [65][66]