BlackRock Capital Investment Corp (BKCC) 2023 Q1 法說會逐字稿

Good morning. My name is Karen, and I will be your conference facilitator today for the BlackRock Capital Investment Corporation First Quarter 2023 Earnings Conference Call.

早上好。我叫凱倫，今天我將擔任貝萊德資本投資公司 2023 年第一季度收益電話會議的會議主持人。

Hosting the call will be James Keenan, Chairman, Interim Chief Executive Officer; Nik Singhal, President; Chip Holladay, Interim Chief Financial Officer and Treasurer; Laurence D. Paredes, General Counsel and Corporate Secretary; Jason Mehring, Managing Director and member of the company's investment committee. (Operator Instructions)

主持電話會議的是董事長兼臨時首席執行官詹姆斯·基南 (James Keenan)；尼克·辛哈爾，總裁； Chip Holladay，臨時首席財務官兼財務主管；勞倫斯·D·帕雷德斯 (Laurence D. Paredes)，總法律顧問兼公司秘書； Jason Mehring，董事總經理兼公司投資委員會成員。 （操作員說明）

Mr. Paredes, you may begin the conference.

帕雷德斯先生，您可以開始會議了。

Good morning, and welcome to the First Quarter 2023 Earnings Conference Call of BlackRock Capital Investment Corporation, or BCIC.

早上好，歡迎參加貝萊德資本投資公司（BCIC）2023 年第一季度收益電話會議。

Before we begin our remarks today, I would like to point out that certain comments made during this conference call and within corresponding documents contain forward-looking statements subject to risks and uncertainties. Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may and similar expressions.

在我們今天開始發言之前，我想指出，在本次電話會議和相應文件中發表的某些評論包含前瞻性陳述，存在風險和不確定性。許多前瞻性陳述可以通過使用諸如預期、相信、期望、打算、將、應該、可能和類似表達等詞語來識別。

We call to your attention the fact that BCIC's actual results may differ from these statements. As you know, BCIC has filed with the SEC reports, which lists some of the factors, which may cause BCIC's results to differ materially from these statements.

我們提請您注意，BCIC 的實際結果可能與這些陳述有所不同。如您所知，BCIC 已向 SEC 提交報告，其中列出了一些可能導致 BCIC 的結果與這些聲明存在重大差異的因素。

BCIC assumes no duty to and does not undertake to update any forward-looking statements. Additionally, certain information discussed and presented may have been derived from third-party sources and has not been independently verified. Accordingly, BCIC makes no representation or warranty with respect to such information.

BCIC 不承擔任何責任，也不承諾更新任何前瞻性陳述。此外，討論和提供的某些信息可能來自第三方來源，未經獨立驗證。因此，BCIC 不對此類信息做出任何陳述或保證。

Please note, we have posted to our website an investor presentation that complements this call. Shortly, our management team will highlight some of the information contained in the presentation. The presentation can be accessed by going to our website at www.blackrockbkcc.com and clicking the May 2023 Investor Presentation link in the Presentations section of the Investors page.

請注意，我們已在網站上發布了一份投資者演示文稿，以補充本次電話會議。很快，我們的管理團隊將重點介紹演示文稿中包含的一些信息。您可以訪問我們的網站 www.blackrockbkcc.com，然後單擊“投資者”頁面“演示”部分中的“2023 年 5 月投資者演示”鏈接來訪問該演示。

I would now like to turn the call over to Jim.

我現在想把電話轉給吉姆。

Thank you, Larry. Good morning, and thank you for joining our first quarter earnings call. After I provide an overview of our performance and highlights for the quarter, Nik will give an update on our portfolio activity, then Chip will discuss our financial results in more detail. And then we will open the call to your questions.

謝謝你，拉里。早上好，感謝您參加我們的第一季度財報電話會議。在我概述了我們本季度的業績和亮點後，尼克將介紹我們投資組合活動的最新情況，然後奇普將更詳細地討論我們的財務業績。然後我們將開始電話詢問您的問題。

Building on the momentum we generated over the past couple of years, we produced another strong quarter by further diversifying our portfolio and increasing net investment income. We selectively identified several compelling investments during the quarter, while benefiting from higher LIBOR and SOFR rates and an improved pricing environment for new originations to drive a 9.5% sequential increase in NII as compared to the prior quarter. Our NII covered our $0.10 dividend by 122% this quarter, up from 112% in the fourth quarter of 2022, marking our third consecutive quarter of full dividend coverage. This is a reflection of our delivered strategy to grow our loan portfolio with high-quality investments. As is evident from the results over the last several quarters, we have made significant progress with this strategy.

在過去幾年的勢頭基礎上，我們通過進一步多元化投資組合和增加淨投資收入，創造了另一個強勁的季度業績。我們在本季度選擇性地確定了幾項引人注目的投資，同時受益於更高的 LIBOR 和 SOFR 利率以及新產品定價環境的改善，推動 NII 比上一季度連續增長 9.5%。本季度我們的 NII 覆蓋了 0.10 美元的股息，覆蓋率為 122%，高於 2022 年第四季度的 112%，這標誌著我們連續第三個季度實現全額股息覆蓋。這反映了我們通過高質量投資來擴大貸款組合的戰略。從過去幾個季度的結果可以明顯看出，我們在這一戰略方面取得了重大進展。

We had no new nonaccrual investments in the first quarter. The vast majority of our investments are in first lien positions, where we have extensive downside protection. In the current market environment, we have been able to structure new loans with improved pricing, lower leverage and a more favorable documentation.

第一季度我們沒有新的非應計投資。我們的絕大多數投資都處於第一留置權位置，我們擁有廣泛的下行保護。在當前的市場環境下，我們能夠以改進的定價、更低的槓桿率和更有利的文件來構建新貸款。

Our first quarter weighted average portfolio yield increased by 50 basis points from the fourth quarter to 12.4% based on total portfolio fair value. We have a solid foundation to continue our pursuit of prudent growth, adding to our portfolio's earning power and delivering consistent and favorable risk-adjusted returns to our shareholders.

基於總投資組合公允價值，我們第一季度加權平均投資組合收益率比第四季度增加了 50 個基點，達到 12.4%。我們擁有堅實的基礎，可以繼續追求審慎增長，增強投資組合的盈利能力，並為股東提供一致且有利的風險調整回報。

Our net leverage for the first quarter increased to 0.81x from 0.77x from the prior quarter driven by $37.6 million of new deployments, nearly all in first lien loans. We added 8 new portfolio companies, boosting our total to 121 as compared to 116 at the close of 2022, 86 at the end of 2021 and 55 at the end of 2020. Notably, our current leverage leaves us ample runway to further diversify the portfolio as we draw upon our team's deep expertise across multiple cycles and the power of BlackRock platform to identify compelling income-producing investment opportunities.

我們第一季度的淨槓桿率從上一季度的 0.77 倍增至 0.81 倍，這得益於 3,760 萬美元的新部署，幾乎全部為第一留置權貸款。我們新增了 8 家投資組合公司，使投資組合公司總數達到 121 家，而 2022 年底為 116 家，2021 年底為 86 家，2020 年底為 55 家。值得注意的是，我們目前的槓桿率為我們進一步實現投資組合多元化提供了充足的空間我們利用團隊跨多個週期的深厚專業知識和貝萊德平台的力量來識別引人注目的創收投資機會。

First lien investments now make up 82% of our portfolio, another record for BCIC. This marked a dramatic improvement from 50% at the end of 2020. Junior capital investments now comprise only 5% of our portfolio, down from 23% at the end of 2020, and another indicator of our substantial and ongoing improvement in the credit quality and positioning of our portfolio.

目前，第一留置權投資占我們投資組合的 82%，這是 BCIC 的另一項記錄。這與 2020 年底的 50% 相比有了顯著改善。初級資本投資目前僅占我們投資組合的 5%，低於 2020 年底的 23%，這是我們信用質量和信用質量持續大幅改善的另一個指標。我們投資組合的定位。

While the U.S. job market remains resilient amidst higher inflation and interest rates, we are mindful that such conditions have historically resulted in slower economic growth or contraction, creating tightening financial conditions for borrowers. We believe that the diversified nature of our portfolio with the prevalence of first lien loans as well as high quality of ownership support in our portfolio companies help us to be defensively positioned in an economic downturn.

儘管美國就業市場在通脹和利率上升的情況下仍然保持彈性，但我們注意到，這種情況歷來導致經濟增長放緩或收縮，從而為藉款人造成財務狀況收緊。我們相信，我們投資組合的多元化性質、第一留置權貸款的盛行以及投資組合公司的高質量所有權支持，有助於我們在經濟低迷時期保持防禦地位。

We communicate regularly with our portfolio companies to assess their financial health and outlook, and we are well equipped with the experience and resources to proactively engage with the management teams in the event of emerging challenges. For now, our investments continue to perform well, and our credit quality remains strong. We are confident in our ability to succeed across economic cycles while generating improved profitability on behalf of our shareholders.

我們定期與投資組合公司溝通，評估其財務狀況和前景，並且我們擁有豐富的經驗和資源，可以在出現新挑戰時主動與管理團隊合作。目前，我們的投資繼續表現良好，信用質量依然強勁。我們對在跨經濟周期取得成功的能力充滿信心，同時代表股東提高盈利能力。

I'll now turn the call over to Nik to discuss our portfolio activity in further detail.

我現在將把電話轉給 Nik，進一步詳細討論我們的投資組合活動。

Thanks, Jim. We again made steady progress this quarter towards increasing our core earnings power. We provided capital to 8 new and 7 existing portfolio companies with a weighted average interest rate of 11.9%, up from 11.5% on our new deployments from the prior quarter. Approximately 26% of investment dollars went into existing relationships.

謝謝，吉姆。本季度我們在提高核心盈利能力方面再次取得穩步進展。我們向 8 家新投資組合公司和 7 家現有投資組合公司提供了資本，加權平均利率為 11.9%，高於上一季度新部署的 11.5%。大約 26% 的投資進入了現有關係。

First quarter investments in new portfolio companies were nearly all in first lien loans, consistent with our strategy of maintaining a lower risk profile, especially as the risk of a recession remains ahead of us.

第一季度對新投資組合公司的投資幾乎全部為第一留置權貸款，這符合我們保持較低風險狀況的策略，特別是在經濟衰退風險仍然存在的情況下。

Exits and repayments during the quarter were $21 million. This included the full exits of our investments in Zest Acquisition Corp., Kemmerer, and Advanced Lighting. Kemmerer and Advanced Lighting were both legacy noncore positions, and we realized approximately $3 million of proceeds from the exit of those investments.

本季度的退出和還款額為 2100 萬美元。這包括完全退出我們對 ​​Zest Acquisition Corp.、Kemmerer 和 Advanced Lighting 的投資。 Kemmerer 和 Advanced Lighting 都是傳統的非核心職位，我們從這些投資的退出中獲得了大約 300 萬美元的收益。

Advanced Lighting was also a prior nonaccrual investment. So far in the second quarter, we're seeing a steady flow of opportunities across both new and existing names. Although we continue to be very selective about what we invest in. Since the end of the first quarter, our investment committee has approved transactions of $12 million that have either closed subsequent to the first quarter or are pending close, although there can be no assurances that all such transactions will close.

高級照明也是一項先前的非應計投資。到目前為止，第二季度，我們看到新名稱和現有名稱都有穩定的機會流。儘管我們對投資對象仍然非常挑剔。自第一季度末以來，我們的投資委員會已批准了 1,200 萬美元的交易，這些交易要么在第一季度後結束，要么正在等待結束，但無法保證所有此類交易都將結束。

Our 3 largest new portfolio company investments in the first quarter include a $6.1 million SOFR plus 7.5% first lien term loan and $0.7 million unfunded commitments to Showtime Acquisition, LLC., a live dinner attraction and family entertainment operator. A $5.9 million SOFR plus 7.25% first lien term loan and $0.5 million unfunded revolver to Bynder a digital asset management provider and a $5.1 million SOFR plus 7.5% first lien term loan, and $0.5 million unfunded revolver to Duck Creek, a property and casualty software provider.

我們第一季度最大的 3 項新投資組合公司投資包括 610 萬美元的 SOFR 加 7.5% 第一留置權定期貸款，以及對現場晚餐景點和家庭娛樂運營商 Showtime Acquisition, LLC. 的 70 萬美元無資金承諾。向數字資產管理提供商 Bynder 提供 590 萬美元的 SOFR 加 7.25% 第一留置權定期貸款和 50 萬美元無資金的循環貸款，並向財產和傷亡軟件 Duck Creek 提供 510 萬美元的 SOFR 加 7.5% 第一留置權定期貸款和 50 萬美元的無資金循環貸款提供者。

Our NAV per share increased by 0.5% in the first quarter, largely driven by net investment income exceeding our dividend. Portfolio marks were approximately flat from the fourth quarter. As previously mentioned, we had no new nonaccruals during the first quarter. We feel confident about our overall credit quality and believe that we are well positioned to withstand the impact of a potentially deteriorating economic environment.

第一季度我們的每股資產淨值增長了 0.5%，主要是由於淨投資收入超過了股息。投資組合分數與第四季度基本持平。如前所述，我們第一季度沒有新的非應計費用。我們對我們的整體信用質量充滿信心，並相信我們有能力抵禦經濟環境潛在惡化的影響。

We're pleased to once again achieve more than full coverage of our dividend, even if we excluded the benefit of onetime fee income. We remain conservative in underwriting new investments and vigilant in monitoring our existing portfolio. We still have room to grow our portfolio towards our target leverage range.

我們很高興再次實現股息的全面覆蓋，即使我們排除了一次性費用收入的好處。我們在承保新投資方面保持保守態度，並在監控現有投資組合方面保持警惕。我們仍有空間將投資組合擴大到我們的目標槓桿範圍。

As we continue to evaluate the pipeline of attractive opportunities in this market, we will remain disciplined in our approach.

當我們繼續評估這個市場中有吸引力的機會時，我們將保持嚴格的方法。

I'll now turn the call over to Chip to further discuss our financial results for the quarter.

我現在將把電話轉給 Chip，進一步討論我們本季度的財務業績。

Thank you, Nik. I will now take a few minutes to review some additional BCIC financial results for the first quarter. GAAP net investment income for the first quarter was $8.9 million or approximately $0.12 per share, an increase of over 9% from the fourth quarter and up 36% from the first quarter of 2022.

謝謝你，尼克。我現在將花幾分鐘時間回顧一下 BCIC 第一季度的其他財務業績。第一季度 GAAP 淨投資收益為 890 萬美元，約合每股 0.12 美元，較第四季度增長超過 9%，較 2022 年第一季度增長 36%。

NII provided first quarter dividend coverage of 122% as compared to 112% in the fourth quarter, and up substantially from 88% coverage in the first quarter of 2022.

NII 第一季度的股息覆蓋率為 122%，而第四季度的股息覆蓋率為 112%，大大高於 2022 年第一季度的 88%。

Our gross investment income was $18.8 million for the first quarter, an increase of 7% from the prior quarter and up 54% from the first quarter of 2022. The increase was driven primarily by the impact of a higher interest rate environment, net deployments of approximately $25 million over the past 2 quarters and our performing portfolio with no new nonaccrual assets.

我們第一季度的總投資收入為 1,880 萬美元，比上一季度增長 7%，比 2022 年第一季度增長 54%。這一增長主要是受到利率上升環境、淨部署的影響。過去兩個季度約為 2500 萬美元，我們的投資組合表現良好，沒有新的非應計資產。

The company's weighted average portfolio yield based on fair value increased to 12.4% at quarter end, up from 11.9% at December 31.

該公司基於公允價值的加權平均投資組合收益率從 12 月 31 日的 11.9% 增至季度末的 12.4%。

Total net expenses for the first quarter increased by approximately $0.5 million from the fourth quarter, primarily driven by an increase in interest and other borrowing costs due to an uptick in our average outstanding debt balance quarter-over-quarter and an increase in LIBOR rates.

第一季度的淨支出總額比第四季度增加了約 50 萬美元，主要是由於平均未償債務餘額環比上升以及倫敦銀行同業拆借利率 (LIBOR) 上升導致利息和其他借款成本增加。

Portfolio valuations remained relatively flat quarter-over-quarter due to stabilizing credit spreads and a slight increase in the unrealized value of our interest rate swap. We recorded total net unrealized gains of $0.3 million in the first quarter. We also recorded realized losses of $0.6 million in the quarter upon exiting 2 noncore positions in Kemmerer and Advanced Lighting.

由於信貸利差穩定以及利率掉期未實現價值略有增加，投資組合估值環比保持相對平穩。第一季度我們的未實現淨收益總額為 30 萬美元。在退出 Kemmerer 和 Advanced Lighting 的 2 個非核心頭寸後，本季度我們還實現了 60 萬美元的已實現虧損。

At quarter end, the portfolio had 2 nonaccrual investments, representing 2.7% of our portfolio's total fair value, down from 4.4% as of March 31, 2022. Our weighted average internal portfolio rating at fair value remained fairly consistent at 1.35 as compared to 1.33 at year-end.

截至季度末，投資組合有 2 項非應計投資，佔投資組合公允價值總額的 2.7%，低於截至 2022 年 3 月 31 日的 4.4%。我們的加權平均內部投資組合公允價值評級保持相當穩定，為 1.35，而截至 2022 年 3 月 31 日為 1.33年底時。

At quarter end, total available liquidity for deployment and general operating use was approximately $98 million, including cash on hand and subject to leverage and borrowing-based restrictions.

截至季度末，用於部署和一般運營用途的可用流動資金總額約為 9800 萬美元，包括手頭現金並受到槓桿和借款限制。

Our net leverage ratio was 0.81x, up from 0.77x at the end of the fourth quarter due to approximately $10 million in net borrowings during the quarter to fund new deployment.

我們的淨槓桿率為 0.81 倍，高於第四季度末的 0.77 倍，因為本季度淨借款約為 1,000 萬美元，用於為新部署提供資金。

As announced yesterday, we declared a quarterly dividend of $0.10 per share, payable on July 6, 2023, shareholders of record at the close of business on June 15, 2023.

正如昨天宣布的那樣，我們宣布派發每股 0.10 美元的季度股息，將於 2023 年 7 月 6 日支付，股東記錄截至 2023 年 6 月 15 日收盤。

With that, I would like to turn the call back to Jim.

說到這裡，我想把電話轉回給吉姆。

Thank you, Chip. In closing, our strategy of portfolio diversity, senior positioning and disciplined growth puts BCIC in great shape for the year ahead, and we are confident in our ability to drive strong profitability and strong returns for our shareholders.

謝謝你，奇普。最後，我們的投資組合多元化、高級定位和嚴格增長戰略使 BCIC 在未來一年處於良好狀態，我們對為股東帶來強勁盈利能力和豐厚回報的能力充滿信心。

With that, we would now like to open the call for your questions.

至此，我們現在開始電話詢問您的問題。

(Operator Instructions)

（操作員說明）

We'll take our first question from Finian O'Shea with Wells Fargo Securities.

我們將回答富國銀行證券公司 Finian O'Shea 提出的第一個問題。

On the portfolio overall, we saw a couple of borrowers migrate to a partial pick this quarter. Can you give us a sense of your discussions with borrowers, if we should see more of this in the coming quarters? Or if you have any outlook on what PIK might reach as a percent of revenue this year?

就整體投資組合而言，我們看到本季度有幾個借款人轉向部分選擇。如果我們在未來幾個季度看到更多這樣的情況，您能給我們介紹一下您與借款人的討論嗎？或者您對今年 PIK 佔收入的百分比有何展望？

Finian, this is Nik. Let me first just give some overarching commentary on the portfolio, then I can address your specific question about the PIK.

菲尼安，這是尼克。首先讓我對投資組合進行一些總體評論，然後我可以回答您有關 PIK 的具體問題。

So overall, I would say that the portfolio we feel has held up very well. There were no new nonaccruals in the first quarter. In certain sectors, we are seeing a slowdown in revenue growth. And needless to say, persistent inflation is impacting margins at some companies.

總的來說，我想說的是，我們認為這個投資組合表現得很好。第一季度沒有新的非應計項目。在某些行業，我們看到收入增長放緩。不用說，持續的通貨膨脹正在影響一些公司的利潤率。

What we're seeing are many of these borrowers or their private equity sponsors adjusting to this reality by rightsizing their cost structure and/or passing the increased cost to their customers. And much of this happened in the second half of last year. Those -- the impact of those initiatives is starting to show up in their financials albeit with a lag, and we see more and more of that activity on an ongoing basis.

我們看到，許多藉款人或其私募股權發起人通過調整成本結構和/或將增加的成本轉嫁給客戶來適應這一現實。其中大部分發生在去年下半年。這些舉措的影響開始在他們的財務中顯現出來，儘管有一定的滯後性，而且我們看到越來越多的此類活動正在持續進行。

We take comfort in the fact that we are first lien heavy with a substantial capital behind us in the borrowers capital structure, restructure and underwrite our loans to be resilient in down cycles like this one.

令我們感到欣慰的是，我們首先留置權重，在藉款人的資本結構中擁有大量資本，重組和承保我們的貸款，以便在像這樣的下行週期中具有彈性。

And importantly, most of our loans are financial covenants, which facilitate a seat at the table in the event of adverse performance. Specifically, I would note, there was one name where the conversion to PIK was via an amendment. That's our investment in Razor. And the other name where part of the interest converted to PIK was actually contractual.

重要的是，我們的大部分貸款都是財務契約，這有助於在業績不佳時獲得參與權。具體來說，我要指出的是，有一個名稱是通過修訂轉換為 PIK 的。這就是我們對 Razor 的投資。而另一個將部分權益轉換為 PIK 的名稱實際上是合同規定的。

We have that feature in some of our more PIK-oriented names, and we actually anticipate that, that sort of conversion will be used from time to time. So that's the sort of overall commentary I would give.

我們在一些更面向 PIK 的名稱中具有該功能，並且我們實際上預計這種轉換會時不時地使用。這就是我要給出的總體評論。

Our PIK income was approximately 6% of total income in the first quarter where -- we engage with our portfolio companies almost on a continuous basis throughout the quarter. Again -- over time, as things progress, should the PIK income increase over time? That's a possibility. But we're also seeing, on the other hand, a number of the companies taking all the actions that they need to take to preserve margins in this market.

我們的 PIK 收入約佔第一季度總收入的 6%，我們在整個季度幾乎持續與我們的投資組合公司進行合作。再說一遍——隨著時間的推移，隨著事情的進展，PIK 的收入是否應該隨著時間的推移而增加？這是有可能的。但另一方面，我們也看到許多公司採取了他們需要採取的一切行動來保持這個市場的利潤。

That's very helpful color. And just as a follow-up, sort of related question on -- if you have these numbers, for the overall portfolio, what's the current or forward-looking fixed charge coverage? And then what percent of the portfolio is underwater or under one?

這是非常有用的顏色。作為一個後續的相關問題，如果您有這些數字，對於整個投資組合，當前或前瞻性的固定費用覆蓋範圍是多少？那麼投資組合中有多少百分比處於水下或低於 1 的狀態呢？

Yes so -- and I don't have the exact numbers in front of me right now but what I can say is that when we underwrite new loans at inception generally, we require the interest coverage ratios to be strong, call it, 2.5 to 3x. In many cases, even more than 3x. And largely because of LIBOR and SOFR having gone up, we've seen contraction in those ratios. And I would say, on an aggregate basis, they maybe come down by a turn. So look at the median interest coverage ratio that might be in the high 1s or low 2s at this point in time compared to 2.5 to 3x at origination.

是的，我現在沒有確切的數字，但我可以說的是，當我們在開始時一般承保新貸款時，我們要求利息覆蓋率很高，稱之為2.5到3x。在許多情況下，甚至超過 3 倍。很大程度上由於 LIBOR 和 SOFR 上升，我們看到這些比率出現收縮。我想說，從總體來看，它們可能會出現下降。因此，看看此時的利息保障倍數中位數可能處於高 1 或低 2 水平，而起始時則為 2.5 至 3 倍。

And the one thing I would say is that when we speak to our borrowers, we're very, very focused on their liquidity situation. And we were starting to see liquidity getting tighter for some of the names in Q3 and Q4. Surprisingly, many of those names were actually seeing the liquidity situation get better as the owners continue to take the right actions to manage their cash flow.

我要說的一件事是，當我們與借款人交談時，我們非常非常關注他們的流動性狀況。我們開始看到第三季度和第四季度某些公司的流動性變得更加緊張。令人驚訝的是，隨著業主繼續採取正確的行動來管理現金流，其中許多公司的流動性狀況實際上有所改善。

Okay. That's helpful. And just one more for me. The -- can you talk about the remaining securities related to Gordon Brothers? How that portfolio is performing? And any outlook for that eventual off-ramp? And that's all for me.

好的。這很有幫助。還給我一個。您能談談與戈登兄弟相關的剩餘證券嗎？該投資組合的表現如何？最終的出口匝道有什麼前景嗎？這就是我的全部。

Yes. So if you will recall, we monetized most of our GBFC position back in November 2020. And GBFC itself was left with certain additional assets that, one, have continued to provide a source for additional paydowns since that time. And we expect we'll continue to provide additional recovery over time.

是的。因此，如果您還記得的話，我們早在 2020 年 11 月就將 GBFC 的大部分頭寸貨幣化了。GBFC 本身還留下了某些額外資產，其中之一是自那時以來繼續提供額外付款的來源。我們預計隨著時間的推移，我們將繼續提供額外的恢復服務。

The exact timing is just by its nature uncertain. I would say, it's not a few quarters. I think it's going to be over the next several quarters. And while we can talk about the underlying portfolio at Callodine specifically, what we can tell you is that the reference portfolio of loans to which the first loss not related continues to shrink in size as Callodine realizes exits and recoveries on those lines.

確切的時間本質上是不確定的。我想說，這不是幾個季度。我認為這將在接下來的幾個季度內發生。雖然我們可以具體討論 Callodine 的基礎投資組合，但我們可以告訴您的是，隨著 Callodine 實現這些額度的退出和回收，與第一筆損失無關的貸款參考投資組合的規模繼續縮小。

We'll take our next question from Melissa Wedel with JPMorgan.

我們將回答摩根大通的 Melissa Wedel 提出的下一個問題。

Fin, covered a lot of it, but I was hoping to follow on in a couple of areas. First, Nik, I believe you gave an update on activity quarter-to-date of roughly $12 million of originations. Just wanted to make sure I heard that right. And then I don't think I caught anything that you mentioned perhaps on exit for that quarter to date? Or did I miss it?

Fin 涵蓋了很多內容，但我希望在幾個領域繼續下去。首先，Nik，我相信您提供了本季度迄今大約 1200 萬美元發起活動的最新情況。只是想確保我沒聽錯。然後我認為迄今為止我在該季度退出時沒有發現您提到的任何內容？還是我錯過了？

Yes. No. So that is correct, Melissa. $12 million is the expected number. But again, keep in mind that that's only first 4 weeks of the quarter. And so things can change, right, in the remaining 2 months.

是的。不，所以這是正確的，梅麗莎。預計數字為 1200 萬美元。但再次請記住，這只是本季度的前 4 週。所以在剩下的兩個月裡事情可能會發生變化，對吧。

Again, I think the point I would enforce is that we're seeing opportunities. Even though overall M&A activity is very slow in the market, it's not 0. We're still seeing dealmaking activity. The one thing we can assure you is that we will continue to remain selective in the opportunities we invest in.

再說一次，我認為我要強調的一點是我們看到了機會。儘管市場整體併購活動非常緩慢，但並非為零。我們仍然看到交易活動。我們可以向您保證的一件事是，我們將繼續對投資機會保持選擇性。

And also every quarter, our existing portfolio companies continue to be an important source of deployment opportunities. And these are not defensive deployments. These are good deployments that we want to make to help our companies grow. .

每個季度，我們現有的投資組合公司仍然是部署機會的重要來源。這些不是防禦性部署。這些都是我們希望幫助我們公司發展的良好部署。 。

And again, I think look, what we feel good about is we have enough dry powder to take advantage of the market conditions we are in. Right now, obviously, rates are up, spreads are attractive. And we're also saying it's not sort of the borrowers market that it used to be. We can get favorable documentation. We can get tight cushion on covenants. So it's really a good period of time to be deploying capital in. And on the repayments, correct that we did not have any repayments or at least any material repayments in the quarter so far.

再說一次，我認為，我們感覺良好的是我們有足夠的干粉來利用我們所處的市場條件。現在，顯然，利率上升了，利差很有吸引力。我們還想說，現在的借款人市場已經不再像以前那樣了。我們可以獲得有利的文件。我們可以在契約上獲得嚴格的緩衝。因此，這確實是部署資本的好時機。關於還款，請糾正我們在本季度到目前為止沒有任何還款或至少沒有任何實質性還款。

Okay. Got it. And I appreciate that context. It did jump out to us that you guys are finding opportunities in a lot of new portfolio companies, which is consistent with what your stated goal has been, of diversifying the portfolio. Just conceptually, is that intention -- or is that diversification of the portfolio somehow intention with the idea of keeping your lending standards incredibly tight. And arguably, we see a lot of managers deploying primarily to existing borrowers because they know them. There's that sense of we know the business better, how do you guys approach that? And is there a point at which you might feel like the diversification piece should take a back seat to sort of deploying to companies that you know better. Hopefully, that makes sense.

好的。知道了。我很欣賞這種背景。我們確實意識到，你們正在許多新的投資組合公司中尋找機會，這與你們既定的投資組合多元化目標是一致的。從概念上講，這就是這種意圖——或者說投資組合的多元化在某種程度上是為了保持貸款標準極其嚴格。可以說，我們看到許多管理人員主要向現有借款人部署，因為他們了解他們。我們感覺我們更了解業務，你們是如何做到這一點的？在某個時刻，您可能會覺得多元化業務應該退居二線，而應該部署到您更了解的公司。希望這是有道理的。

Yes. So -- yes. No, it does. I'm going to answer 2 ways, right? Firstly, the strategy to diversify is 100% intentional, right? We are focused on creating NAV stability, predictable net investment income. And we feel that achieving portfolio diversification is a key tool in delivering that to our shareholders, okay? .

是的。所以——是的。不，確實如此。我會用兩種方式回答，對嗎？首先，多元化戰略是100%有意為之的，對嗎？我們專注於創造資產淨值穩定性和可預測的淨投資收益。我們認為，實現投資組合多元化是向股東提供投資組合多元化的關鍵工具，好嗎？ 。

Secondly, the way our platform, the BlackRock direct lending platform has evolved and grown over time. It actually tremendously helps BCIC in achieving diversification. And what I mean by that is that the team that supports BCIC also supports a much larger direct lending platform, which enables us to be a player in scale and size. So as an example, we might be participating in an investment that, call it, $100 million, $200 million, even more in size. And then we allocate it across multiple different funds, including BCIC, right? So we're getting the benefit of being a scaled lender. And at the same point of time, BCIC is getting the benefit of diversification, right? So that's my response from an overall strategy perspective.

其次，我們的平台（貝萊德直接貸款平台）隨著時間的推移不斷發展和成長。它實際上極大地幫助了 BCIC 實現多元化。我的意思是，支持 BCIC 的團隊還支持一個更大的直接貸款平台，這使我們能夠成為規模和規模的參與者。舉個例子，我們可能參與一項規模為 1 億美元、2 億美元甚至更大的投資。然後我們將其分配給多個不同的基金，包括 BCIC，對吧？因此，我們正在享受成為規模化貸款人的好處。與此同時，BCIC 正在從多元化中獲益，對吧？這就是我從整體戰略角度的回應。

And then I think the second part of your question was new investments versus existing portfolio companies. I think we have both tools opened, right? And you'll see that percentage vary from quarter-to-quarter. I think in the past, it has ranged from 20% to 50%. We don't necessarily have any preconceived notions there. It's all about putting our capital in the best available opportunities. But if you look at the number of portfolio companies, it's 121 portfolio companies. That's a massive, massive improvement from the 27-or-so portfolio companies BCIC had a few years ago, right? So it's truly a diversified portfolio at this point in time.

然後我認為你問題的第二部分是新投資與現有投資組合公司的比較。我想我們已經打開了這兩個工具，對嗎？您會發現該百分比每個季度都有所不同。我認為過去，這個比例在20%到50%之間。我們不一定有任何先入為主的觀念。這一切都是為了將我們的資本投入到最好的機會上。但如果你看一下投資組合公司的數量，就會發現有 121 家投資組合公司。與幾年前 BCIC 大約 27 家投資組合公司相比，這是一個巨大的進步，對嗎？因此，目前它確實是一個多元化的投資組合。

Certainly. Point taken. If I could follow on with sort of my persisting question quarter-over-quarter, we did notice on repurchase activity that there wasn't any in this quarter. Following a decent track record, I think it was 7-ish quarters prior to that of some share repurchase. Can you -- given that you do have plenty of room to increase leverage and that share repurchases are inherently levering activity. Can you update us on just how you're thinking about that now? And what has changed, if anything?

當然。點已採取。如果我可以按季度繼續回答我一直存在的問題，我們確實注意到本季度沒有任何回購活動。繼良好的業績記錄之後，我認為在進行一些股票回購之前大約有 7 個季度。鑑於您確實有足夠的空間來增加槓桿率，並且股票回購本質上是槓桿活動，您可以嗎？您能告訴我們您現在對此有何看法嗎？如果有的話，發生了什麼變化？

Yes, Melissa. So in terms of the share repurchases being one of our tools to deliver shareholder value. Nothing has changed with respect to that. We and the Board assess the plan every quarter. And any repurchases that we make are conducted pursuant to the provisions of rules, 10b5-1 and 10b-18. And once that program is in place, repurchases are out of control, so you'll -- it's possible to see variability quarter-over-quarter. And I'm just going to -- unfortunately, I can't comment anymore. So I'll leave it there.

是的，梅麗莎。因此，就股票回購而言，這是我們提供股東價值的工具之一。這方面沒有任何改變。我們和董事會每季度都會評估該計劃。我們進行的任何回購均按照規則 10b5-1 和 10b-18 的規定進行。一旦該計劃到位，回購就會失控，因此您可能會看到季度與季度之間的變化。不幸的是，我不能再發表評論了。所以我會把它留在那裡。

That concludes today's question-and-answer session. And this concludes today's call. We thank you for your participation. You may now disconnect, and have a great day.

今天的問答環節到此結束。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接，祝您有美好的一天。