Blackstone Secured Lending Fund (BXSL) 2023 Q1 法說會逐字稿

Good day, and welcome to the Blackstone Secured Lending first-quarter 2023 investor call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Weston Tucker, Head of Blackstone Shareholder Relations. Please go ahead.

美好的一天，歡迎參加 Blackstone 擔保貸款 2023 年第一季度投資者電話會議。今天的會議正在錄製中。 （操作員指示） 現在，我想將會議轉交給 Blackstone 股東關係主管 Weston Tucker。請繼續。

Great. Thank you, Katie. And good morning and welcome to Blackstone Secured Lending's first-quarter call. Earlier today, we issued a press release with the presentation of our results and filed our 10-Q, both of which are available on the Shareholders section of our website, www.bxsl.com. We will be referring to that presentation throughout today's call.

偉大的。謝謝你，凱蒂。早上好，歡迎參加 Blackstone Secured Lending 第一季度電話會議。今天早些時候，我們發布了一份新聞稿，介紹了我們的業績，並提交了 10-Q 報告，這兩份報告均可在我們網站 www.bxsl.com 的股東部分獲取。我們將在今天的電話會議中提及該演示文稿。

I'd like to remind you that this call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ materially from actual results. We do not undertake any duty to update these statements.

我想提醒您，本次電話會議可能包含前瞻性陳述，這些陳述具有不確定性，超出了公司的控制範圍，並且可能與實際結果存在重大差異。我們不承擔更新這些聲明的任何責任。

For some of the risks that could affect results, please see the Risk Factors section of our most recent Form 10-K. This audiocast is copyrighted material of Blackstone and may not be duplicated without our consent. With that I'll turn the call over to BXSL's Co-Chief Executive Officer, Brad Marshall.

對於一些可能影響結果的風險，請參閱我們最新的表格 10-K 的風險因素部分。本音頻廣播是 Blackstone 受版權保護的材料，未經我們同意不得複制。接下來，我會將電話轉給 BXSL 的聯合首席執行官 Brad Marshall。

Thank you, Weston, and good morning, everyone. With me today is Jon Bock, Co-Chief Executive Officer. And we're excited to be joined by Teddy Desloge, our newly appointed Chief Financial Officer, effective as of close of business today.

謝謝你，韋斯頓，大家早上好。今天和我在一起的是聯合首席執行官 Jon Bock。我們很高興新任命的首席財務官 Teddy Desloge 加入，該任命於今天收盤後生效。

Many of you know Teddy as he has been with Blackstone Credit since 2015, first on the direct lending investing team and then in a portfolio manager capacity for our direct lending business. We're excited to have him officially joined BXSL's management team.

你們很多人都認識 Teddy，因為他自 2015 年以來一直在 Blackstone Credit 工作，首先是直接貸款投資團隊的成員，後來擔任我們直接貸款業務的投資組合經理。我們很高興他正式加入 BXSL 的管理團隊。

Turning to this morning's agenda, I'd like to start with some high-level perspective before Jon and Teddy go into the detail of our portfolio and first-quarter results. Turning to Slide 4, BXSL has reported another strong quarter with significant growth in net investment income, higher net asset value, and strong credit performance, all in a period that was marked by meaningful uncertainty ranging from commercial bank failures to stubbornly high core inflation.

談到今天上午的議程，在喬恩和泰迪詳細介紹我們的投資組合和第一季度業績之前，我想先從一些高層觀點開始。轉向幻燈片 4，BXSL 報告了另一個強勁的季度，淨投資收入顯著增長，淨資產價值更高，信貸表現強勁，所有這些都充滿了從商業銀行倒閉到居高不下的核心通脹等重大不確定性。

Net investment income or NII increased 3% quarter over quarter to $0.93 per share, which represented a 14% annualized return on equity and our highest NII per quarter since inception, primarily driven by rising interest rates that have increased the average yield on our debt investments from 10.7% last quarter to 11.4% at quarter end.

淨投資收入 (NII) 環比增長 3%，達到每股 0.93 美元，年化股本回報率為 14%，也是我們自成立以來每季度最高的 NII，這主要是由於利率上升提高了我們債務投資的平均收益率。從上季度的 10.7% 增至季末的 11.4%。

This earning power further reflects the quality and strength of our well-sourced portfolio, which as of March 31 was 98% senior secured first-lien, 45.2% loan to value, using cost basis to measure less than 0.14% of the investments are in nonaccrual or 0.07% on a fair-market value basis and less than 2% of our assets are marked below 90 at cost.

這種盈利能力進一步反映了我們來源良好的投資組合的質量和實力，截至 3 月 31 日，該投資組合的 98% 為高級擔保第一留置權，45.2% 的貸款價值比（使用成本基礎來衡量，不到 0.14% 的投資是在非應計利息或按公平市場價值計算的 0.07%，我們不到 2% 的資產按成本標記為低於 90。

Our net asset value per share, which increased 0.7% to $26.10 from $25.93 the previous quarter further reflects portfolio stability. Earnings power again exceeded our quarterly dividend of $0.70 per share, which was increased 17% last quarter and has increased over 30% since the fund's IPO in late 2021.

我們的每股資產淨值從上一季度的 25.93 美元增長 0.7% 至 26.10 美元，進一步反映了投資組合的穩定性。盈利能力再次超過了我們每股 0.70 美元的季度股息，上季度股息增長了 17%，自 2021 年底基金 IPO 以來，股息增長了 30% 以上。

Our current dividend represents a 10.7% annualized yield for shareholders based on a higher first-quarter NAV of $26.10 per share. We believe this represents the highest dividend yield for any listed BDC with as much of its portfolio invested in first-lien senior secured assets.

基於第一季度較高的每股資產淨值 26.10 美元，我們當前的股息代表股東年化收益率為 10.7%。我們認為，這代表了所有上市 BDC 中最高的股息收益率，其投資組合的大部分投資於第一留置權高級擔保資產。

Slide 5 provides additional highlights on our portfolio activity and stability in our liquidity position. First-quarter sales and repayments were $109 million, matched by $108 million in new investment commitments. The result of lower net origination was tied to both the seasonally slow period for new deal activity as well as a lower overall level of deal volume as private equity sponsors selectively adjust to the new market and rate dynamics.

幻燈片 5 進一步強調了我們的投資組合活動和流動性頭寸的穩定性。第一季度銷售額和還款額為 1.09 億美元，新投資承諾額為 1.08 億美元。淨發起量下降的結果與新交易活動的季節性淡季以及私募股權發起人選擇性地適應新市場和利率動態而導致交易量總體水平較低有關。

That said, we are beginning to see more market activity, which may lead to an increase in portfolio turnover. Subsequent to quarter end, we realized our debt and equity investments in Westland, the impact of which will we expect to be accretive to NAI by more than $0.05 per share.

也就是說，我們開始看到更多的市場活動，這可能會導致投資組合周轉率的增加。季度末後，我們實現了對 Westland 的債務和股權投資，我們預計其影響將為 NAI 帶來每股 0.05 美元以上的增值。

In terms of our balance sheet, we also believe we remain well positioned for both defense and continued growth with $1.2 billion of liquidity from cash and our undrawn lending lines. Our lending lines were set up two years ago at what are now below-market prices with high-quality counterparties. We had zero direct exposure to Silicon Valley Bank, Signature Bank, and First Republic Bank. And we have less than 1% of all secured debt commitments from regional banks in general.

就我們的資產負債表而言，我們還相信，我們仍處於防禦和持續增長的有利地位，擁有來自現金和未提取貸款額度的 12 億美元流動性。我們的貸款額度是兩年前以低於市場價格的價格與優質交易對手建立的。我們對矽谷銀行、Signature Bank 和 First Republic Bank 的直接風險敞口為零。總體而言，我們從區域銀行獲得的擔保債務承諾不到 1%。

Turning to Slide 6, we ended the quarter with $9.6 billion of investments and leverage of 1.31 times, which is down from 1.34 times the previous quarter. Importantly, the ending yield of our portfolio, which is 98% floating-rate debt expanded over 400 basis points over the last 12 months.

轉向幻燈片 6，本季度末我們的投資為 96 億美元，槓桿率為 1.31 倍，低於上一季度的 1.34 倍。重要的是，我們投資組合（98% 的浮動利率債務）的期末收益率在過去 12 個月中擴大了 400 個基點以上。

Taking a moment on this slide, I want to outline that each quarter, the market continues to witness increased earnings power associated with the floating-rate nature of our loans and the attractive fixed-rate liabilities. However, I believe that there is a growing demand for BXSL due to its defensive positioning during these more volatile times.

在這張幻燈片上，我想概述一下，每個季度，市場都繼續見證與我們貸款的浮動利率性質和有吸引力的固定利率負債相關的盈利能力的增強。然而，我相信，由於 BXSL 在這些更加動蕩的時期的防禦性定位，對 BXSL 的需求不斷增長。

In fact, if you look at senior secured debt, which is 98% of BXSL's portfolio composition, the private credit asset class as measured by Cliffwater Direct Lending Index has generated consistent returns, ranking as the top first or second performer in fixed income in 13 over past 18 years since Blackstone, then GSO launches private credit strategy and only one down year, which was during the great financial crisis.

事實上，如果你看看佔 BXSL 投資組合構成 98% 的高級擔保債務，按照 Cliffwater Direct Lending Index 衡量的私人信貸資產類別已經產生了一致的回報，在 13 年固定收益中排名第一或第二。自黑石集團成立以來，18年來，GSO推出私人信貸戰略，只有一年出現下滑，那是在金融危機期間。

And prior to the GFC, the average loan to value was 66% versus 57% in 2022 and 45% in BXSL. Part of the focus on limiting risk in our portfolio is to focus on larger deals. Our leadership in large private credit transactions, where we have led or been the sole lender in approximately 50% of the 1-billion-plus direct lending deals is important as we have control over the outcome in these deals that focus on building right; lending to the right businesses, which some may consider to be a first line of defense, continues to generate solid returns for BXSL shareholders.

在全球金融危機之前，平均貸款價值率為 66%，而 2022 年為 57%，BXSL 為 45%。我們限制投資組合風險的部分重點是關注更大的交易。我們在大型私人信貸交易中的領導地位非常重要，在超過 10 億的直接貸款交易中，我們主導或成為了約 50% 的唯一貸款人，因為我們可以控制這些專注於建設正確的交易的結果；向合適的企業提供貸款（有些人可能認為這是第一道防線）繼續為 BXSL 股東帶來豐厚的回報。

Comparing our NAV returns to public market benchmarks, BXSL generated a total return of 3.4% in the quarter compared to 3.2% for leveraged loans, 3.6% for high-yield bonds, and 3% for investment-grade bonds. Jon will speak more to the portfolio later in the call.

將我們的資產淨值回報率與公開市場基准進行比較，BXSL 本季度的總回報率為 3.4%，而槓桿貸款為 3.2%，高收益債券為 3.6%，投資級債券為 3%。喬恩將在稍後的電話會議中更多地談論投資組合。

Additionally, there's a second line of defense to protect capital, often just as important as the first but goes less recognized by investors. That is the potential value add a manager can bring to the portfolio after investments are made.

此外，還有第二道防線來保護資本，通常與第一道防線同樣重要，但投資者不太認可。這是投資經理在投資後可以為投資組合帶來的潛在增值。

Many of you have heard us outline the benefits of Blackstone's credit value team, formerly Blackstone Credit Advantage, but I'd like to put a few numbers behind this value add. Recall, we have an internal Blackstone team of 109 professionals who work with our portfolio companies, including over 20 professionals in Blackstone Credit.

你們中的許多人都聽過我們概述 Blackstone 信用價值團隊（以前稱為 Blackstone Credit Advantage）的優勢，但我想在這個增值背後提供一些數字。回想一下，我們的 Blackstone 內部團隊由 109 名專業人士組成，他們與我們的投資組合公司合作，其中包括 Blackstone Credit 的 20 多名專業人士。

This team offers the scale and operating capabilities of the Blackstone network to our portfolio companies to drive both revenue and cost synergies to the benefit of the portfolio companies and the private equity sponsors. We believe these benefits are unique to Blackstone Credit, and they provide substantial value to our shareholders.

該團隊為我們的投資組合公司提供 Blackstone 網絡的規模和運營能力，以推動收入和成本協同效應，從而使投資組合公司和私募股權發起人受益。我們相信這些好處是 Blackstone Credit 所獨有的，它們為我們的股東提供了巨大的價值。

Let me share some detail with two examples where we held the equity. Last summer, we realized our position in a company called Datasite, a leading provider of virtual data room or VDR services, in which BXSL has invested in equity and warrants alongside the debt commitment, which was never called. Recall, VDR is an independent platform used to host and share highly confidential files and manage workflows.

讓我通過兩個我們持有股權的例子來分享一些細節。去年夏天，我們認識到了自己在一家名為 Datasite 的公司中的地位，該公司是虛擬數據室或 VDR 服務的領先提供商，BXSL 在債務承諾的同時投資了股權和認股權證，但從未被贖回。回想一下，VDR 是一個獨立的平台，用於託管和共享高度機密的文件以及管理工作流程。

By leveraging the Blackstone value creation team and the broader Blackstone network, we were able to identify and help data sites execute on meaningful cross-sell opportunities and cost savings.

通過利用 Blackstone 價值創造團隊和更廣泛的 Blackstone 網絡，我們能夠識別並幫助數據站點執行有意義的交叉銷售機會並節省成本。

One important element to assist data site was Blackstone's over 93 introductions across the Blackstone ecosystem, including Blackstone's internal teams, the Blackstone portfolio companies, advisers, and private equity partners.

協助數據網站的一個重要因素是 Blackstone 在整個 Blackstone 生態系統中介紹了超過 93 個信息，包括 Blackstone 的內部團隊、Blackstone 投資組合公司、顧問和私募股權合作夥伴。

Subsequent to quarter end, as I mentioned earlier, we realized our investment in Westland, a Canadian insurance brokerage business in its sale to BroadStreet Partners. We first invested in Westland in 2021 and have provided a combination of debt and equity based growth capital that helped turn them from a regional broker into a national scale player with nearly twice the operating profits.

正如我之前提到的，季度末之後，我們通過將加拿大保險經紀公司 Westland 出售給 BroadStreet Partners 實現了對 Westland 的投資。我們於 2021 年首次投資 Westland，並提供了債務和股權相結合的增長資本，幫助他們從區域經紀商轉變為營業利潤近兩倍的全國規模參與者。

With the help of our advisor expertise we provided support on our IT transformation to support growth, culminating in a payoff that we expect to be accretive to NI by more than $0.05 a share. Across these two investments, BXSL invested $207 million and received $265 million in proceeds on the sales, a 28% increase on our initial investment. In addition to $28 million of interest we received during our hold period.

在顧問專業知識的幫助下，我們為 IT 轉型提供了支持，以支持增長，最終為 NI 帶來超過每股 0.05 美元的回報。在這兩項投資中，BXSL 投資了 2.07 億美元，並獲得了 2.65 億美元的銷售收益，比我們的初始投資增加了 28%。除了我們在持有期間收到的 2800 萬美元利息外。

Remember, we offer cross-sell, cost-saving, and advisory opportunities to all of our borrowers at no additional fee because we understand the end benefits of the investment portfolio. And while we are a lender first with a portfolio overwhelmingly invested in first-lien senior secured loans, our operating platform allows us to realize additional equity upsides or help de-risk our debt investments.

請記住，我們向所有借款人免費提供交叉銷售、節省成本和諮詢機會，因為我們了解投資組合的最終收益。雖然我們首先是貸款人，投資組合絕大多數投資於第一留置權高級擔保貸款，但我們的運營平台使我們能夠實現額外的股本優勢或幫助降低債務投資的風險。

Datasite and Westland are two very recent and successful case studies of how truly unique our platform and our capital can be for the companies that we partner with. Generally, across our direct lending business, a substantial majority of the portfolio companies that are introduced to the valuation creation team actively participate in the program.

Datasite 和 Westland 是兩個最近的成功案例研究，說明我們的平台和資本對於我們合作的公司來說是多麼獨特。一般來說，在我們的直接貸款業務中，絕大多數被引入估值創建團隊的投資組合公司都積極參與該計劃。

And while we have a large portfolio monitoring team as one of the largest in the world in private credit, we go beyond that with our own resources and infrastructure to drive outcomes that benefit not only our portfolio companies, but also our shareholders in real tangible ways.

雖然我們擁有龐大的投資組合監控團隊，是世界上最大的私人信貸團隊之一，但我們憑藉自己的資源和基礎設施超越了這一點，以推動不僅有利於我們的投資組合公司，而且有利於我們的股東的成果。 。

With that, I'll turn it over to Jon to speak about the portfolio.

這樣，我將把它交給喬恩來談論投資組合。

Thank you, Brad. And echoing your comments on strength in periods of uncertainty, let's again see what a defensive portfolio looks like. So jump to Slide 7, let's start with seniority up to 98% of BXSL investments are in first-lien senior secured loans, and over 95% of those are the companies owned by private equity firms or other financial sponsors who have access to additional equity capital to support their companies.

謝謝你，布拉德。與您對不確定時期的強勢的評論相呼應，讓我們再次看看防禦性投資組合是什麼樣子的。因此，跳到幻燈片 7，讓我們從資歷開始，高達 98% 的 BXSL 投資屬於第一留置權高級擔保貸款，其中超過 95% 是私募股權公司或其他有權獲得額外股權的金融贊助商擁有的公司資本來支持他們的公司。

The portfolio is highly equitized with an average loan to value of 45%. But it's not just that we're senior in the capital structure, more importantly, we're focused on seniority with companies with the right size and in the right industries. Focusing on size, our portfolio companies have a weighted average EBITDA of $179 million, well into $128 million as of the first quarter of 2022 as we continue to orient the portfolio to larger, more durable businesses.

該投資組合高度股權化，平均貸款價值率為 45%。但這不僅僅是我們在資本結構上的資深，更重要的是，我們注重與規模合適、行業合適的公司的資歷。重點關注規模，我們的投資組合公司的加權平均 EBITDA 為 1.79 億美元，隨著我們繼續將投資組合定位於規模更大、更持久的企業，截至 2022 年第一季度，該數字將遠高於 1.28 億美元。

Now jump to Slide 8. Our focus on the upper end of the middle market is rooted in our belief that this area provides compelling value opportunity, and the data bears this out. Note that recent data from Lincoln suggests that upper-middle market companies with greater than $100 million of EBITDA maintain a similar credit spread per unit of leverage compared to middle market businesses.

現在跳到幻燈片 8。我們對中端市場高端的關注植根於我們的信念，即該領域提供了令人信服的價值機會，數據也證實了這一點。請注意，Lincoln 的最新數據表明，與中端市場企業相比，EBITDA 超過 1 億美元的中高端市場企業每單位槓桿的信用利差保持相似。

But larger companies grew more than twice the rate of smaller companies in 2022, and it had substantially lower default rates since 2018. And for reference, BXSL had less than 2% of its portfolios in companies earning less than $30 million of EBITDA, which has historically had those higher covenant default rates.

但到 2022 年，大公司的增長率是小公司的兩倍多，而且自 2018 年以來，其違約率大幅降低。作為參考，BXSL 的投資組合中，EBITDA 收入低於 3000 萬美元的公司所佔比例不到 2%，歷史上有較高的契約違約率。

Now many of you know, Lincoln is a leading valuation provider to private credit in the BDC space as they value and review over 4,000 private credit investments each quarter.

現在很多人都知道，Lincoln 是 BDC 領域私人信貸領域領先的估值提供商，他們每個季度都會評估和審查 4,000 多項私人信貸投資。

Now Slide 9 focuses on our industry exposure, where we believe investing in better companies, in better neighborhoods drives sustained returns over time. This means focusing on key sectors with low default rates; low CapEx requirements such as software, healthcare providers and services, and professional services, which account for over 35% of the investment portfolio.

現在幻燈片 9 重點關注我們的行業曝光，我們相信投資於更好的公司、更好的社區會隨著時間的推移帶來持續的回報。這意味著重點關注違約率較低的關鍵行業；資本支出要求低，例如軟件、醫療保健提供商和服務以及專業服務，佔投資組合的 35% 以上。

Now diving into the portfolio quality further, jump to Slide 10. Here we compare the BXSL portfolio to the Lincoln International private market database. And you can see that our weighted average EBITDA of $109 million is more than double the market average of $80 million. Last 12 months, EBITDA growth for our portfolio companies was nearly triple that of the benchmark. And importantly, on profitability, our portfolio companies have EBITDA margins that are 25% higher.

現在進一步深入了解投資組合的質量，請跳至幻燈片 10。在這裡，我們將 BXSL 投資組合與林肯國際私人市場數據庫進行比較。您可以看到，我們的加權平均 EBITDA 為 1.09 億美元，是市場平均水平 8000 萬美元的兩倍多。過去 12 個月，我們投資組合公司的 EBITDA 增長幾乎是基準的三倍。重要的是，就盈利能力而言，我們投資組合公司的 EBITDA 利潤率高出 25%。

Now let's talk interest coverage. As mentioned last quarter, this is a stat that gets widely shared on other listed BDC earnings calls. But as we've mentioned previously, the way it's calculated by BDC managers varies widely, in some cases, certain sectors or types of loans are excluded; in other cases, managers exclude negative EBITDA companies, both decisions that have security averages and leave investors looking for better transparency.

現在我們來談談利息保障。正如上個季度提到的，這一統計數據在其他上市 BDC 財報電話會議上得到了廣泛分享。但正如我們之前提到的，BDC 管理者的計算方式差異很大，在某些情況下，某些行業或類型的貸款被排除在外；在其他情況下，管理者會排除 EBITDA 為負值的公司，這兩種決策都有安全平均值，並讓投資者尋求更高的透明度。

So when we calculate interest coverage, we include all private companies' EBITDA, including companies that have borrowed on a recurring revenue loan and companies that may have amended some of their interest obligations to PIK after initial underwriting.

因此，當我們計算利息覆蓋率時，我們包括所有私營公司的 EBITDA，包括通過經常性收入貸款借款的公司以及可能在初始承銷後修改了 PIK 部分利息義務的公司。

Next, we compare our portfolio to the Lincoln database, which we believe is a representative proxy for that entire credit market.

接下來，我們將我們的投資組合與林肯數據庫進行比較，我們認為該數據庫是整個信貸市場的代表性代理。

Now we currently sit at a last 12-month average interest coverage of 2.1 times today, which is slightly higher than the market average of 1.8 times via Lincoln. This difference remains resilient when we run interest rates at 5% through the portfolio, which brings our average interest coverage to 1.7 times compared to the bucket of 1.4. And we attribute this stability to our focus on larger, more profitable, higher-growth businesses.

目前，我們目前的過去 12 個月平均利息覆蓋率為 2.1 倍，略高於林肯的市場平均水平 1.8 倍。當我們在投資組合中採用 5% 的利率時，這種差異仍然具有彈性，這使我們的平均利息保障倍數從 1.4 倍增至 1.7 倍。我們將這種穩定性歸因於我們對規模更大、利潤更高、增長速度更快的業務的關注。

Yet we also hear from investors and other market participants that it's less about averages, particularly the averages that are obscured by exclusions and much more about the tails, namely the percent of one's portfolio below an interest coverage ratio of 1 times on a forward basis using higher base rates.

然而，我們也從投資者和其他市場參與者那裡聽到，這與平均值無關，特別是被排除所掩蓋的平均值，而更多地與尾部有關，即一個人的投資組合在遠期基礎上低於 1 倍利息覆蓋率的百分比，使用更高的基本費率。

If we flow through 5% interest rates, reflecting the lower end of the Fed funds target range today, we can see that BXSL would have had roughly 7% of its portfolio with an ICR below 1 compared to the private credit database or market, which is approximately twice that amount.

如果我們採用 5% 的利率（反映當前聯邦基金目標範圍的下限），我們可以看到，與私人信貸數據庫或市場相比，BXSL 大約 7% 的投資組合 ICR 低於 1，這大約是該數量的兩倍。

And in the 5% interest rates example of that estimated 7% of our portfolio below and 1% or 1 times interest coverage, 3% is related to a single transaction that we initially structured with a low ICR given the anticipated ramp of EBITDA generation. That company continues to perform and expand its profit margins.

在 5% 利率的例子中，我們估計投資組合的 7% 低於 1% 或 1 倍的利息覆蓋率，其中 3% 與我們最初以較低 ICR 構建的單一交易相關，考慮到 EBITDA 生成的預期增長。該公司繼續表現並擴大其利潤率。

So discerning investors will be right. Averages will not tell the story of direct lending performance, the tails will, and we seek to limit our tail risk with a focus on larger, better businesses and more stable sectors. And we continue to see favorable results.

因此，眼光敏銳的投資者是對的。平均數不會反映直接貸款的表現，而尾部會，我們力求通過關注更大、更好的企業和更穩定的行業來限制尾部風險。我們繼續看到良好的結果。

Blackstone fulfills its conservative credit culture on a foundation of structural protections for investor capital. And we do this always while focusing on larger transactions. Note that when Blackstone leads or co-leads the vast majority of our deals, they have structural protections against asset stripping, collateral lease to prevent any shifting of assets out of our collateral package. And almost none allow for uncapped EBITDA add-backs, all materially better than when compared to the leveraged loan market.

Blackstone 在對投資者資本進行結構性保護的基礎上踐行其保守的信貸文化。我們在這樣做的同時始終專注於較大的交易。請注意，當黑石主導或共同主導我們的絕大多數交易時，他們會針對資產剝離和抵押品租賃提供結構性保護，以防止資產從我們的抵押品包中轉移。而且幾乎沒有一個允許無上限的 EBITDA 回加，所有這些都比槓桿貸款市場要好得多。

Now let's just turn to amendments for a moment. We work with our companies constructively in the regular course to provide an idea of scope. And so, of the 45 amendment requests that we've received this quarter, 98% are related to M&A, add-on activity, and other benign technical amendments such as SOFR rate hedging or reporting. We did not have any situations where we provided immediate PIK flexibility due to the inability to pay interest or principal.

現在讓我們暫時轉向修正案。我們定期與我們的公司進行建設性合作，以提供範圍的想法。因此，在本季度我們收到的 45 項修訂請求中，98% 與併購、附加活動以及其他良性技術修訂（例如 SOFR 利率對沖或報告）相關。我們沒有遇到過因無法支付利息或本金而立即提供 PIK 靈活性的情況。

Now turn to Slide 7 -- Slide 11, sorry about that. As Brad mentioned, we increased our dividend distribution to $0.70 a share with the current dividend yield at NAV of approximately 10.7%, and that was up 17% from the last quarter and has increased over 30% to be clear last quarter -- two quarters ago, relative to the fund's IPO in late 2021.

現在轉到幻燈片 7 - 幻燈片 11，對此表示抱歉。正如布拉德提到的，我們將股息分配增加至每股 0.70 美元，目前按資產淨值計算的股息收益率約為 10.7%，比上一季度增長了 17%，並且上一季度（兩個季度）增長了 30% 以上。此前，相對於該基金 2021 年底的 IPO。

So importantly, we believe this 10.7% dividend yield at NAV is supported by high margin of safety when you compare it to BXSL's net income yield of 14%. And it further reflects our view that the best dividend policy can support both a steady and stable distribution and long-term NAV growth.

重要的是，我們認為，與 BXSL 14% 的淨利潤率相比，10.7% 的資產淨值股息率得到了高安全邊際的支持。這也進一步體現了我們的觀點，即最好的股息政策能夠同時支持穩健的分配和長期的資產淨值增長。

And with that, I'll turn it over to Ted.

有了這個，我會把它交給特德。

Thanks, Jon, and thanks for the introduction, Brad. I'm excited to be part of the management team and look forward to spending more time with folks here on the phone in the coming months.

謝謝喬恩，也謝謝布拉德的介紹。我很高興成為管理團隊的一員，並期待在接下來的幾個月里花更多的時間與這裡的人們通電話。

I will spend a few minutes on our operating results, summarize our investment activity, and give some color into the pipeline activity we see on the ground today.

我將花幾分鐘時間介紹我們的經營業績，總結我們的投資活動，並對我們今天在實地看到的管道活動進行一些說明。

I'll start with our operating results on Slide 12. In the first quarter of 2023, we generated our highest quarterly net investment income to date of $149 million or $0.93 per share, which was up 45% year over year as we continued to see the benefit of higher base rates flow through earnings on a predominantly floating-rate first-lien portfolio.

我將從幻燈片 12 上的運營業績開始。2023 年第一季度，我們創造了迄今為止最高的季度淨投資收入 1.49 億美元，即每股 0.93 美元，同比增長 45%，我們繼續看到較高基本利率的好處體現在主要為浮動利率的第一留置權投資組合的收益中。

Our net investment income yield in the quarter was 14%. Total investment income was up $79 million or approximately 43% year over year to $265 million in the first quarter. Importantly, we maintain a policy by which no origination fees are paid to the manager, mitigating conflicts associated with originating any particular transaction.

本季度我們的淨投資收益率為 14%。第一季度總投資收入達 2.65 億美元，同比增長 7900 萬美元，增幅約 43%。重要的是，我們維持一項政策，不向管理人支付發起費用，從而減輕與發起任何特定交易相關的衝突。

In addition, a 100% of upfront origination fees are amortized over the life of our loan. This results in a more stable income picture versus recognizing fees upfront, particularly in an environment where origination and repayment activity is lower.

此外，100% 的預付款在我們的貸款期限內攤銷。與預先確認費用相比，這會帶來更穩定的收入狀況，特別是在發起和還款活動較低的環境中。

To that end, fee income was less than $1 million in the first quarter due to below-average repayment volume of $109 million. Yet we still generated earnings that represented 133% coverage to our dividend. Payment in kind or PIK income was about flat quarter over quarter and represented less than 4% of total investment income.

為此，由於還款額低於平均水平 1.09 億美元，第一季度的費用收入不到 100 萬美元。然而，我們仍然產生了相當於股息覆蓋率 133% 的收益。實物支付或 PIK 收入環比持平，佔總投資收入的比例不到 4%。

As John mentioned, we are encouraged by our borrowers' ability thus far to manage through higher financing costs at higher base rates, but we had no new amendments in the quarter providing for PIK flexibility.

正如 John 提到的，我們對借款人迄今為止以更高的基本利率管理更高的融資成本的能力感到鼓舞，但我們在本季度沒有提供 PIK 靈活性的新修正案。

Moving down the P&L, net expenses were up $33 million compared to last year's first quarter, driven primarily by higher interest expense. GAAP net income in the quarter was $139 million, or $0.86 per share, up from $0.63 per share a year ago. Unrealized markdowns of approximately 1$5 million in the quarter were the primary driver of a $2 million capital gains incentive fee reversal or approximately $0.01 per share benefit to net investment income.

從損益表來看，淨支出與去年第一季度相比增加了 3300 萬美元，這主要是由於利息支出增加。該季度 GAAP 淨利潤為 1.39 億美元，即每股 0.86 美元，高於一年前的每股 0.63 美元。本季度未實現的約 1500 萬美元的降價是 200 萬美元資本利得激勵費逆轉或每股淨投資收益約 0.01 美元收益的主要驅動力。

Turning to the balance sheet on Slide 13, we ended the first quarter with $9.6 billion of total portfolio investments, of which approximately 98% are floating-rate loans with a weighted average yield of 11.4%. This compares to $5.5 billion of outstanding debt with a weighted average cost of just 4.68%.

轉向幻燈片 13 上的資產負債表，我們第一季度末的投資組合投資總額為 96 億美元，其中約 98% 是浮動利率貸款，加權平均收益率為 11.4%。相比之下，未償債務為 55 億美元，加權平均成本僅為 4.68%。

The spread between our floating-rate assets and low-cost, mostly fixed-rate liabilities has helped offset the impact of rising rates on our average cost of debt. As Brad previously mentioned, sales and repayment volume of $109 million was matched by new investment activity of $108 million, 90% of which was related to portfolio activity, where we have incumbency.

我們的浮動利率資產與低成本（大部分為固定利率）負債之間的利差有助於抵消利率上升對我們平均債務成本的影響。正如 Brad 之前提到的，1.09 億美元的銷售和還款額與 1.08 億美元的新投資活動相匹配，其中 90% 與我們現有的投資組合活動相關。

To give some context for the pipeline, we have seen an increasing activity in recent weeks, both as it relates to new opportunities and portfolio activity where we retain incumbency, which represents a significant competitive advantage from our scale and presence in the market.

為了給管道提供一些背景信息，我們看到最近幾週的活動不斷增加，因為它與我們保留現有地位的新機會和投資組合活動有關，這代表了我們在市場中的規模和存在的顯著競爭優勢。

We believe this represents a strong foundation for new originations for BXSL to the extent capacity increases from repayment volume or new share issuance. Lastly, as a result of strong earnings in excess of the dividend in the first quarter, NAV per share increase increased to $26.10, up from $25.93 last quarter.

我們相信，這為 BXSL 的新起源奠定了堅實的基礎，從還款量或新股發行的能力來看。最後，由於第一季度盈利超過股息，每股資產淨值從上季度的 25.93 美元增至 26.10 美元。

Next, Slide 14 outlines our attractive and diverse liability profile, which includes 58% of drawn debt in unsecured bonds at an average fixed rate of less than 3%, which we view as having been a key advantage while the Fed increased its policy rate by 500 basis points since the beginning of 2022.

接下來，幻燈片 14 概述了我們有吸引力且多樣化的負債狀況，其中包括 58% 的無擔保債券提取債務，平均固定利率低於 3%，我們認為這是一個關鍵優勢，而美聯儲將政策利率提高了自2022年初以來上漲500個基點。

Additionally, BXSL ended the quarter with $1.2 billion of liquidity and cash and immediately available, but undrawn secured leverage capacity. Our debt-to-equity ratio was 1.31 times, down from 1.34 times last quarter. Additional repayments realized subsequent to quarter end will help support deleveraging towards our target of approximately 1.25 times.

此外，BXSL 在本季度結束時擁有 12 億美元的流動性和現金，並且可以立即使用，但未提取有擔保的槓桿能力。我們的債務股本比率為 1.31 倍，低於上季度的 1.34 倍。季度末後實現的額外還款將有助於支持去槓桿化，實現我們約 1.25 倍的目標。

Importantly, we ended the quarter with a 0.14% nonaccrual rate at cost versus the BDC market average of 2.2% as of March 31, and we maintain our three investment-grade corporate credit ratings. Additionally, we have a low level of near-term debt maturities with just 6% of commitments maturing over the next two years and an overall weighted average maturity of 3.6 years.

重要的是，本季度結束時，我們的非應計成本率為 0.14%，而截至 3 月 31 日，BDC 市場平均水平為 2.2%，並且我們維持三個投資級企業信用評級。此外，我們的近期債務到期日水平較低，只有 6% 的承諾將在未來兩年內到期，總體加權平均到期日為 3.6 年。

To that end, in March, we amended our $500 million Big Sky facility with Bank of America, which further expanded our revolving period by two years with no pricing step-up until September 2024. Importantly, BXSL's model is very different from some of the regional banks that have had issues.

為此，我們在 3 月份修改了與美國銀行的 5 億美元 Big Sky 融資，這進一步將我們的循環期限延長了兩年，並且在 2024 年 9 月之前不會提高定價。重要的是，BXSL 的模式與一些出現問題的地區性銀行。

We do not hold deposits. We run a little over one turn of leverage while banks typically run above 10 turns of leverage. We do not hold fixed-rate liquid assets to cover funding obligations, and we manage the duration of our liabilities to match or exceed the expected duration of our assets.

我們不持有存款。我們的槓桿率略高於 1 圈，而銀行的槓桿率通常高於 10 圈。我們不持有固定利率流動資產來履行融資義務，並且我們管理負債期限以匹配或超過資產的預期期限。

As mentioned, we have available liquidity of $1.2 billion at quarter-end, which we believe is sufficient to repay the $400 million bond maturing in July of this year. Should we choose to do so, this will maintain ample pro forma leverage capacity for unfunded commitments, which at quarter end totaled approximately $600 million with over 40% expiring by the end of this year if unused.

如前所述，我們在季度末擁有 12 億美元的可用流動性，我們相信這足以償還今年 7 月到期的 4 億美元債券。如果我們選擇這樣做，這將為未提供資金的承諾保持充足的備考槓桿能力，截至季度末，這些承諾總額約為 6 億美元，其中超過 40% 如果未使用，將於今年年底到期。

We continue to balance the attractiveness of the market opportunity today in direct lending and quality of our pipeline with our focus on managing the balance sheet toward our target of approximately 1.25 times leverage. We may see additional repayments materialize beyond the approximately $200 million realized subsequent to the end of the first quarter, which would further support deleveraging and capacity for new deployment.

我們繼續平衡當今市場機會在直接貸款方面的吸引力和我們渠道的質量，重點是管理資產負債表，以實現槓桿率約 1.25 倍的目標。我們可能會看到在第一季度末實現的約 2 億美元之外還有更多還款，這將進一步支持去槓桿化和新部署的能力。

With that, I'll pass it back over to Brad.

這樣，我會將其傳回給布拉德。

Thanks, Teddy. Blackstone has been investing in cycles for over 37 years, and Blackstone Credit and private credit for 17 years. Since the very beginning, our investment committee has been working together navigating through cycles, and we delivered a 12-basis-point annualized realized loss rate in direct lending through our track record as of March 31.

謝謝，泰迪。 Blackstone 投資週期已超過 37 年，Blackstone Credit 和私人信貸投資已有 17 年。從一開始，我們的投資委員會就一直在共同努力應對周期，根據截至 3 月 31 日的業績記錄，我們的直接貸款年化實現損失率達到了 12 個基點。

We have 100 specialized industry advisors that support our underwriting. We cover over 3,000 companies across private and liquid credit strategies. And we have 300 investment professionals globally across 17 offices and what we believe to be one of the largest teams in the industry at 57 in our CIO office specialized in active portfolio management.

我們有 100 名專業行業顧問為我們的承保提供支持。我們的私人和流動信貸策略涵蓋 3,000 多家公司。我們在全球 17 個辦事處擁有 300 名投資專業人士，我們認為，我們的 CIO 辦公室擁有 57 個專門從事主動投資組合管理的團隊，是業內最大的團隊之一。

While we remain highly disciplined in an uncertain macroenvironment, we believe the dynamics at play create a once-in-a-generation opportunity for direct lending and remain positive about the outlook for BXSL shareholders as a result.

儘管我們在不確定的宏觀環境中保持高度自律，但我們相信當前的動態為直接貸款創造了千載難逢的機會，因此對 BXSL 股東的前景保持樂觀。

And with that, I'll ask the operator to open it up for questions. Thank you.

然後，我會要求接線員打開它詢問問題。謝謝。

Thank you. (Operator Instructions) Finian O'Shea, Wells Fargo.

謝謝。 （操作員說明）Finian O'Shea，富國銀行。

Hey, everyone. Good morning. A question for Brad, I guess, for one, is the post-quarter repay you noted in the presentation, is that going syndicated? And then, can you touch on the general potential for your portfolio being large first-lien, well-performing, et cetera, to flow out into BSL channel?

嘿大家。早上好。我想問布拉德的一個問題是，您在演示文稿中提到的季度後回報是銀團支付的嗎？然後，您能否談談您的投資組合（具有較大的第一留置權、表現良好等）流入 BSL 渠道的總體潛力？

Yes, sure. So to answer your question on the first -- on the asset, Westland, a corporate is buying that asset. And yes, they are using public debt to fund that acquisition.

是的，當然。因此，回答你的第一個問題——關於資產，Westland，一家公司正在購買該資產。是的，他們正在使用公共債務來為此次收購提供資金。

On your second point around the syndicated markets, I would say that continues to be a market that hasn't fully recovered. But as some of the larger assets outperform and look to lower their cost of capital, there is an opportunity for there to be more turnover in the portfolio, and we would get our call protection on those assets.

關於您關於聯合市場的第二點，我想說這仍然是一個尚未完全復甦的市場。但由於一些較大的資產跑贏大盤並尋求降低資本成本，投資組合中有機會出現更多的周轉率，我們將獲得對這些資產的看漲期權保護。

But as I look across the opportunity sets and -- we have about $30 billion of assets in our pipeline right now. So I think that the -- I see turnover, as a potential, very positive from an earnings standpoint because the pipeline is so large for us that we'll be able to easily replace it.

但當我縱觀機會集時，我們現在擁有大約 300 億美元的資產。因此，我認為，從盈利的角度來看，我認為營業額是一種潛在的、非常積極的因素，因為管道對我們來說太大了，我們可以輕鬆地更換它。

Okay. That's helpful. And then a follow up, I think Teddy touched on this. I apologize if I didn't hear the full answer. The fee income has been pretty anemic. Can you remind us if any of the fees are retained at the advisor level? And relatedly, would you expect this to eventually pick up for the BDC?

好的。這很有幫助。然後是後續行動，我想泰迪談到了這一點。如果我沒有聽到完整的答案，我深表歉意。費用收入相當貧乏。您能否提醒我們顧問級別是否保留任何費用？與此相關的是，您是否預計 BDC 最終會出現這種情況？

Yes. I'm happy to take that, Fin. Thanks. No fees are retained at the advisor level, to answer your first question. And to answer your second question, I think it somewhat depends on market volumes.

是的。我很高興接受這個，芬。謝謝。顧問級別不保留任何費用來回答您的第一個問題。回答你的第二個問題，我認為這在某種程度上取決於市場容量。

As Brad mentioned, we are seeing an increase in activity across our pipelines, and that's been the case for the last couple of months. And that could lead to more repayment volume, which would drive fee income and accelerated OID as well.

正如布拉德提到的，我們看到整個管道的活動有所增加，過去幾個月就是這種情況。這可能會導致還款量增加，從而推動費用收入並加速 OID。

But when we do a deal, Fin, that upfront OID gets amortized over the life of the loan, which Terry highlighted. And I'll be a little more emphatic than Teddy. The manager does not scrape fees for the benefit of the manager. Every fee that we generate goes to investors.

但當我們達成交易時，芬，這筆預付 OID 會在貸款期限內攤銷，特里強調了這一點。我會比泰迪更強調一點。經理不會為了經理的利益而收取費用。我們產生的每一筆費用都歸投資者所有。

Thanks so much.

非常感謝。

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針點。

Hi, good morning. First off, in past quarters, you've had a chart that discussed that when all resets flowed through the portfolio, what the earnings power might be. Have we pretty much captured all of the resets at this point in time, or is there additional flow through that could punch earnings a little bit higher?

早上好。首先，在過去的幾個季度中，您有一張圖表討論了當所有重置都流經投資組合時，盈利能力可能是多少。目前我們是否已經捕獲了所有的重置，或者是否有額外的流量可以使收益稍微提高一點？

Thanks, Casey. No, so we just put some numbers to it. Our average base rate earned in the quarter was right around 4.7% across our portfolio. That's versus the three-month LIBOR spot rate at 3.31% as opposed to 5.2%. So what we would say is there is still some juice left to see just based on where rates are today.

謝謝，凱西。不，所以我們只是輸入一些數字。我們整個投資組合本季度的平均基本收益率約為 4.7%。相比之下，三個月期 LIBOR 即期利率為 3.31%，而非 5.2%。因此，我們想說的是，僅根據今天的利率水平，仍有一些剩餘的空間有待觀察。

Historically, we have shown that chart. If we run that up through our analysis today, that's an extra $0.04 or so of earnings potential just from base rates.

從歷史上看，我們已經展示了該圖表。如果我們今天進行分析，僅從基本利率來看，就可以額外獲得 0.04 美元左右的潛在收益。

All right. Great, thank you. Secondly, while I appreciate the statistic that only 2% of your portfolio is trading at below 90% at cost, do you know what -- across the portfolio, what the average discount to par value that the portfolio is priced out right now? I'm just trying to get at how much potential NAV accretion there might be when you start to get repayments on the portfolio.

好的。太好了謝謝。其次，雖然我很欣賞統計數據，即您的投資組合中只有 2% 的交易價格低於成本價的 90%，但您是否知道在整個投資組合中，該投資組合目前定價相對面值的平均折扣是多少？我只是想了解當您開始獲得投資組合還款時，資產淨值可能會增加多少。

Our average mark as a percentage of par at the end of the first quarter was 97.8.

第一季度末我們的平均得分為 97.8。

Great. Thank you very much. I appreciate you taking my questions.

偉大的。非常感謝。感謝您回答我的問題。

Ken Lee, RBC.

肯·李，加拿大皇家銀行。

Hi. Thanks for taking my question, and good morning. You talked in the prepared remarks about seeing more market activity more recently. I wonder if you could just further expand upon that. Where are you seeing activity coming from and looking a little bit further out for the rest of the year? Granted incumbency is going to help, how dependent are origination bonds going to be on M&A activity picking up, do you think? Thanks.

你好。感謝您提出我的問題，早上好。您在準備好的發言中談到最近看到更多的市場活動。我想知道你是否可以進一步擴展這一點。您認為今年剩餘時間內的活動來自哪裡？誠然，在任會有所幫助，但您認為發起債券對併購活動的增加有多大程度的依賴？謝謝。

Yes, thanks, Ken. I'll take it. So where we're seeing activity, public to private, so public companies looking to be taken private by private equity sponsors. We're seeing add-on financings. We're seeing corporate carve-out, and we're actually seeing a pickup in sponsor-to-sponsor activity.

是的，謝謝，肯。我要買它。因此，我們看到從公私部門到公私部門的活動，上市公司希望被私募股權贊助商私有化。我們看到了附加融資。我們看到企業被剝離，而且我們實際上看到贊助商之間的活動有所增加。

Anytime you're in a period of volatility, the bid-ask spread is fairly wide. And with the passage of time, that tends to come down. So we're seeing valuations come down and more transactions as a result of that. And for us, the reason why our pipeline is so big is because we have such large incumbency in 3,000 credits.

每當您處於波動時期時，買賣價差都會相當大。隨著時間的推移，這種情況往往會下降。因此，我們看到估值下降，因此交易增加。對我們來說，我們的渠道之所以如此龐大，是因為我們有 3,000 個學分如此之多的在職人員。

Anything that is large will have to come through Blackstone Credit, anything complicated, such as carve-outs as well. And so, I don't think as we think about investing and continue to invest out to BXSL that we're 100% dependent on what the broader market is seeing because our deal funnel is as busy as it is.

任何大型項目、任何復雜項目（例如剝離）都必須通過 Blackstone Credit 進行。因此，我認為，當我們考慮投資並繼續投資 BXSL 時，我們不會 100% 依賴於更廣泛的市場所看到的情況，因為我們的交易渠道非常繁忙。

Got you, very helpful there. And one follow-up, if I may. You've been [outearning] your common dividend meaningfully. I'm wondering if there's any updated thoughts around dividend coverage and how it could trend over the near term. Thanks.

明白了，非常有幫助。如果可以的話，還有一個後續行動。您已經[賺取]了您的共同股息，這很有意義。我想知道關於股息覆蓋率是否有任何最新的想法以及它在短期內的趨勢。謝謝。

Ken, this is Bock. The way I'd kind of look at it would be, the best BDC valuations are really defined by two things: steady and stable dividend profile and a slowly and steady increasing NAV. We've seen that over the decades. And so, in terms of our application of approach here, you can see that level of earnings excess. That excess will continue to build and spill over and flow into NAV.

肯，這是博克。我的看法是，最好的 BDC 估值實際上由兩件事定義：穩定的股息狀況和緩慢穩定增長的資產淨值。幾十年來我們已經看到了這一點。因此，就我們在這裡應用的方法而言，您可以看到超額收益的水平。這種過剩將繼續積累並溢出並流入資產淨值。

And then over time, to the extent we approach a cap, clearly, there would be some level of special. But our focus is on maintaining a stable and steady dividend and then watching NAV grow as a result of the accretion to NAV through excess earnings.

隨著時間的推移，當我們接近上限時，顯然會出現一定程度的特殊情況。但我們的重點是保持穩定的股息，然後觀察資產淨值因超額收益增加資產淨值而增長。

Got you, very helpful there. Thanks again.

明白了，非常有幫助。再次感謝。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Hi, guys. A couple of questions, first one on Westland, can you reconcile a number for me? I think that you said more than $0.05 accretive to NII. Looking at the market, it looks to be about $4.5 million in embedded pre-payment fees in the fair value in the quarter, so that would be about $0.02, $0.025.

嗨，大家好。有幾個問題，第一個問題是關於 Westland 的，你能為我核對一個數字嗎？我認為您所說的 NII 增值超過 0.05 美元。從市場來看，本季度的公允價值中嵌入預付款費用約為 450 萬美元，因此約為 0.02 至 0.025 美元。

So is there a dividend along with the exit of Westland this quarter, or could you reconcile the difference between where the mark on the loans are and the embedded pre-pay fees and your indication about that? I appreciate it.

那麼，隨著韋斯特蘭本季度的退出，是否會產生股息，或者您能否協調貸款標記與嵌入預付費費用之間的差異以及您對此的指示？我很感激。

Yes. So remember -- or maybe not remember, but when we did the deal, we gave them both debt and equity. With the debt, we had warrants attached to that debt that increased our discount, so our OID was lower. But we also had a fair bit of call protection. So between the call protection, the accelerated OID, that results in the approximate $0.05 of NII.

是的。所以請記住——或者也許不記得，但當我們完成交易時，我們給了他們債務和股權。有了債務，我們就為該債務附加了認股權證，這增加了我們的折扣，因此我們的 OID 較低。但我們也有相當多的通話保護。因此，在調用保護和加速 OID 之間，NII 約為 0.05 美元。

So you didn't mark up the fair value to the loan proceeds for this quarter?

那麼您沒有標記本季度貸款收益的公允價值嗎？

Yes, we didn't mark it out to --

是的，我們沒有將其標記為——

Understood, no problem. On the unsecured that's going to mature in July, how -- you could obviously have the liquidity to take it up. If you just take that up with [a revolving] -- you'll drop unsecured as a percentage of mix down to just over 50%, which is perfectly adequate.

明白了，沒問題。對於將於 7 月到期的無擔保債券，您顯然可以擁有流動性來購買它。如果你只是用[循環]來解決這個問題——你就會將無擔保的混合比例下降到剛剛超過 50%，這已經足夠了。

How low -- if markets remain -- BDC unsecured markets remain disrupted for an increasingly long period of time, how low would you be comfortable going on the unsecured mix, conceptually? I mean, obviously, the rating agencies are like 30 plus. But they're usually well ahead of that.

如果市場保持在多低的水平，BDC 無擔保市場在越來越長的一段時間內仍然受到干擾，從概念上講，您對無擔保組合的接受程度有多低？我的意思是，顯然，評級機構大約有 30 多個。但他們通常遠遠領先。

I'm happy to hit that. So first, if you look at our maturity profiles, we do have the $40 million bond that's maturing. After that, the earliest maturity is a floating-rate facility in 2025. So the capital structure is pretty set and rock-solid until then.

我很高興能做到這一點。首先，如果你看一下我們的到期情況，我們確實有 4000 萬美元的債券即將到期。此後，浮動利率貸款最早將於 2025 年到期。因此，在此之前，資本結構已經相當確定且堅如磐石。

I would say, we have the benefit of low-cost financing that was put in place really prior to the dislocation and spread widening that we saw last year. Our average spread on our revolver is SOFR plus 1.75%, and we'll potentially use those proceeds to pay back the bond.

我想說的是，我們受益於低成本融資，這些融資實際上是在我們去年看到的混亂和利差擴大之前就已經到位的。我們的左輪手槍平均利差為 SOFR 加 1.75%，我們可能會用這些收益來償還債券。

We will be opportunistic with it, right? When the market opens up and we see a good a good opportunity, then we certainly could issue bonds. But to your point, we do have quite a bit of cushion starting at 58%.

我們會投機取巧，對嗎？當市場開放的時候，我們看到一個很好的機會，那麼我們當然可以發行債券。但就你的觀點而言，我們確實有相當多的緩衝，從 58% 開始。

We want to manage the rating, Robert, as well. So that's our whole goal, and everything we do is minimize risk and maximize earnings. And so, it will be -- whatever we do in 2025, 2026 will be consistent with that.

羅伯特，我們也想管理評級。這就是我們的整體目標，我們所做的一切都是為了最小化風險和最大化收益。因此，無論我們在 2025 年、2026 年做什麼，都將與此保持一致。

Got it. Thank you.

知道了。謝謝。

Ryan Lynch, KBW.

瑞安·林奇，KBW。

Hey, good morning. First question I had was, if you look at your overall portfolio composition and maybe your top 10 industries on Slide 9, I know this is probably tough to do because it's going to depend on each individual's -- company's performance.

嗨，早上好。我的第一個問題是，如果你看看你的整體投資組合構成，也許還有幻燈片 9 上的前 10 個行業，我知道這可能很難做到，因為這將取決於每個人的公司業績。

But when you look at those top 10 industries, are there any industries that are maybe outperforming your original expectations in this environment? And then, conversely, are those any industries that are maybe underperforming in this current environment? We'll just get your opinion on that.

但當你看看這十大行業時，有沒有哪個行業在這種環境下表現可能超出你最初的預期呢？那麼，反過來說，那些行業在當前環境下可能表現不佳嗎？我們將聽取您對此的意見。

Yes, so 90% of our portfolio is in line or exceeding their budget, Ryan. So that's a pretty high percentage. And I would say, the areas that are probably outperforming the most will be software, healthcare, IT, insurance, professional services. Those would be the largest outperformers. But each of those sectors on page 9 are -- have been, and we expect to continue to be very good performers in a market that could see some headwinds.

是的，所以我們 90% 的投資組合都符合或超出了他們的預算，Ryan。所以這是一個相當高的百分比。我想說，表現最好的領域可能是軟件、醫療保健、IT、保險、專業服務。這些將是表現最好的公司。但第 9 頁上的每個行業都已經是，並且我們預計在可能遇到一些阻力的市場中將繼續表現出色。

Maybe to answer the question differently, where I expect to see more challenges across the market, not surprisingly, it will be in cyclicals. It will be in heavy industrial businesses. It will be in retail. It will be in low-margin businesses. Those sectors will arguably feel the full impact of rising rates and higher inflation as well as a slowing economy.

也許以不同的方式回答這個問題，我預計整個市場將面臨更多挑戰，毫不奇怪，這將是周期性的。它將出現在重工業企業中。它將在零售領域。它將出現在低利潤業務中。可以說，這些行業將感受到利率上升、通脹上升以及經濟放緩的全面影響。

We were very, very deliberate when we set out DXSL to be in sectors that we thought could grow through economic cycles, and the portfolio was built accordingly.

當我們將 DXSL 設定為我們認為可以在經濟周期中增長的行業時，我們非常非常慎重，並相應地建立了投資組合。

You notice that we don't have a lot of tech that's in this earlier stage, negative EBITDA-type profile that have some managers have gotten into. Those could face challenges if they can't access the capital markets, or they don't cut costs. Our software businesses are larger, EBITDA positive, and are growing at 14% year over year.

您會注意到，我們沒有很多處於早期階段、負 EBITDA 類型的技術，一些經理已經涉足這一領域。如果它們無法進入資本市場，或者不削減成本，它們可能會面臨挑戰。我們的軟件業務規模更大，EBITDA 為正值，並且年增長率為 14%。

What about your healthcare businesses? We've heard from other industry participants that the sector -- that it's facing some pressure, particularly with wage growth and keeping up with those costs. How is that sector overall performing relative to your expectations thus far? And what's your expectation for it --

您的醫療保健業務怎麼樣？我們從其他行業參與者那裡聽說，該行業面臨著一些壓力，特別是工資增長和跟上這些成本的壓力。到目前為止，該行業的總體表現與您的預期相比如何？你對此有何期望——

Yes, the areas you've seen issues, and we've seen others add some assets to nonaccrual, have been more of these doctor practice offices, which were very reliant on acquisitions and roll-ups to mask their lack of cash flow generation. So as acquisitions have slowed down, as that kind of adjustments to the cash flow has ended, you're seeing a lot of pressure in those businesses.

是的，您所看到的問題領域，以及我們看到其他人在非應計項目中添加了一些資產的領域，更多的是這些醫生診所，它們非常依賴收購和匯總來掩蓋其現金流生成的缺乏。因此，隨著收購放緩，隨著這種現金流調整的結束，你會看到這些業務面臨很大的壓力。

And you're right, you've got wage pressure from nurses, technicians, that are 50-plus percent. And those businesses have not been able to pass on those price increases to the consumer or the end user. And so, our exposure to those types of businesses is very, very low.

你是對的，護士、技術人員的工資壓力超過 50%。這些企業無法將價格上漲轉嫁給消費者或最終用戶。因此，我們對這些類型企業的投資非常非常低。

We have one business that's actually on our assets that are marked below 90 called WHCG Purchaser. It's called Axia, and that is unperforming plan and we're watching it closely. But that's really the only one across the entire portfolio.

我們有一項業務實際上是在我們的資產上標記為 90 以下，稱為 WHCG 購買者。它叫做 Axia，這是一個表現不佳的計劃，我們正在密切關注它。但這實際上是整個投資組合中唯一的一個。

Okay. I appreciate you taking my questions today.

好的。感謝您今天回答我的問題。

Thanks, Ron.

謝謝，羅恩。

Melissa Wedel, JPMorgan.

梅麗莎·韋德爾，摩根大通。

Good morning. Thanks for taking my questions today. First, I just wanted to say congrats to Teddy and Stacy and the rest of the named team today. I look forward to working with you. I think a lot of my questions have been asked already and answered, but I was hoping to get your thoughts on sort of the implications of the forward rate curve.

早上好。感謝您今天回答我的問題。首先，我只想向 Teddy 和 Stacy 以及今天指定團隊的其他成員表示祝賀。我期待著與您合作。我認為我的很多問題已經被提出並得到解答，但我希望了解您對遠期利率曲線的影響的想法。

Certainly, looking at over the next 18 months, 200-basis-points decline in forward rates. You've talked about stressing portfolio investments for 5% sustainable rate. But what do you think about what the forward curve is implying in terms of declines? And what might you expect to see in terms of spread trends in that kind of environment? Thanks so much.

當然，展望未來 18 個月，遠期利率將下降 200 個基點。您談到了強調投資組合投資的可持續利率為 5%。但您如何看待遠期曲線的下跌意味著什麼？在這種環境下，您預計會看到什麼傳播趨勢？非常感謝。

Yes. So the forward curve is clearly reflecting a view that inflation is a little bit more under control, and we may be entering a slower economic period. By the way, higher rates are designed to do that. So it's not a surprise.

是的。因此，遠期曲線清楚地反映出這樣一種觀點，即通脹已得到更多控制，我們可能正在進入經濟放緩時期。順便說一句，更高的利率就是為了做到這一點而設計的。所以這並不奇怪。

And so, on the one hand, that's positive for the portfolio companies. That will help them retain more cash on the business versus paying us. On the other hand, you may see a slower economic environment. It's certainly an environment that we've been planning for. So from our portfolio standpoint, I think we're in very good shape to head into a slower economic period.

因此，一方面，這對投資組合公司來說是積極的。這將幫助他們在業務上保留更多現金，而不是向我們支付費用。另一方面，您可能會看到經濟環境放緩。這當然是我們一直在規劃的環境。因此，從我們的投資組合角度來看，我認為我們處於進入經濟放緩時期的良好狀態。

As it relates to spreads, I think spreads have -- feel like they've topped out. We are starting to see some spread compression, which, by the way, will be good for existing markets and on assets over time.

就利差而言，我認為利差已經達到頂峰。我們開始看到利差有所壓縮，順便說一下，隨著時間的推移，這將有利於現有市場和資產。

And I think what's driving that -- in this sort of environment, what tends to happen is in a slower M&A environment, the higher-quality businesses tend to come to market first, and you would expect those type of businesses to have tighter spreads than other businesses. And so, you're seeing a quality bias in the market right now, and that's driving spreads a little bit tighter than where we were over the past couple of quarters.

我認為推動這種情況的原因是——在這種環境下，往往會發生的是併購速度較慢的情況，高質量的企業往往會首先進入市場，並且您會期望這些類型的企業的利差比其他企業更窄。其他業務。因此，您現在看到市場上存在質量偏差，這導致利差比過去幾個季度收窄一些。

Thanks so much.

非常感謝。

Thanks, Melissa.

謝謝，梅麗莎。

That will conclude our question-and-answer session. At this time, I'd like to turn the call back over to Mr. Tucker for any additional or closing remarks.

我們的問答環節就到此結束。現在，我想將電話轉回給塔克先生，請他發表補充或結束語。

Thanks, everyone, for joining us today, and the team is available after the call for any follow-up questions. Have a good day.

感謝大家今天加入我們，團隊將在電話會議後解答任何後續問題。祝你有美好的一天。

And we'll conclude today's call. We appreciate your participation.

我們將結束今天的電話會議。我們感謝您的參與。