Blackstone Secured Lending Fund (BXSL) 2023 Q2 法說會逐字稿

Good day, and welcome to the Blackstone Secured Lending second-quarter 2023 investor call. Today's conference is being recorded. (Operator Instructions).

美好的一天，歡迎參加 Blackstone 擔保貸款 2023 年第二季投資者電話會議。今天的會議正在錄製中。 （操作員說明）。

At this time, I'd now like to turn the conference over to Ms. Stacy Wang, Head of Stakeholder Relations. Please go ahead, ma'am.

現在，我想將會議轉交給利害關係人關係主管 Stacy Wang 女士。請繼續，女士。

Thank you. Good morning, and welcome to Blackstone Secured Lending's second-quarter call. Earlier today, we issued a press release with a 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.

謝謝。早安，歡迎參加 Blackstone Secured Lending 第二季電話會議。今天早些時候，我們發布了一份新聞稿，介紹了我們的業績，並提交了我們的 10-Q 報告，兩者均可在我們網站 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簡報。

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. For some of the risks that could affect results, please see the Risk Factors section of our most recent annual report on Form 10-K. This audiocast is copyrighted material of Blackstone and may not be duplicated without consent.

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且超出本公司的控制範圍，並且可能與實際結果有重大差異。我們不承擔更新這些聲明的任何責任。對於一些可能影響結果的風險，請參閱我們最新的 10-K 表年度報告的風險因素部分。此音訊廣播是 Blackstone 受版權保護的資料，未經同意不得複製。

With that, I'll turn the call over to BXSL's Co-Chief Executive Officer, Brad Marshall.

接下來，我會將電話轉給 BXSL 的聯合執行長 Brad Marshall。

Thank you, Stacy, and good morning, everyone. Joining me today is Co-Chief Executive Officer, Jon Bock; and our Chief Financial Officer, Teddy Desloge.

謝謝你，史黛西，大家早安。今天加入我的是聯合執行長喬恩‧博克 (Jon Bock)；以及我們的財務長 Teddy Desloge。

Turning to this morning's agenda, I'd like to start with some high-level thoughts on the market and the portfolio before turning it over to Jon and Teddy to go into more details on the portfolio and our second-quarter results.

談到今天早上的議程，我想先對市場和投資組合進行一些高層思考，然後將其交給喬恩和泰迪，以詳細介紹投資組合和我們第二季度的業績。

So turning to slide 4. BXSL reported another strong quarter, which was highlighted by our record quarterly net investment income per share, an increase in our base dividend distribution, increased net asset value, and continued strong portfolio credit performance. Looking at the details, net investment income or NII increased 14% quarter over quarter and 71% year-over-year to a BXSL of $1.06 per share which represents a 16.2% annualized return on equity. In the quarter, we also announced a 10% increase to the third quarter base dividend distribution of $0.70 per share to $0.77 per share, which represents an 11.7% annualized distribution on our June 30 net asset value per share, one of the highest among our BDC peers with as much of its portfolio invested in first lien senior secured assets, and we covered our second quarter dividend by 151%.

因此，轉向幻燈片4。BXSL 報告了另一個強勁的季度，其中突出表現在我們創紀錄的季度每股淨投資收益、基礎股息分配的增加、淨資產價值的增加以及持續強勁的投資組合信用表現。從細節來看，淨投資收益（NII）環比成長 14%，年成長 71%，達到每股 1.06 美元的 BXSL，相當於年化股本回報率 16.2%。在本季度，我們也宣布將第三季基本股利分配增加10%，從每股0.70 美元增至每股0.77 美元，這意味著我們6 月30 日每股資產淨值的年化分配率為11.7% ，是我們公司中最高的之一。BDC 的投資組合與同行一樣多，投資於第一留置權高級擔保資產，我們支付了 151% 的第二季度股息。

From a portfolio perspective, we continued our focus on protecting investors' capital. During the quarter, 100% of the investments we made were first lien senior secured with an average loan-to-value of 43.8%. As of June 30, BXSL's portfolio is 98% first lien senior secured with a 46.5% average loan-to-value, has a minimal nonaccrual rate of 0.14% at amortized cost or 0.07% at fair market value and has only 1% of debt investments marked at fair value below 90%. Our net asset value, which increased to $26.30 per share from $26.10 the previous quarter reflects portfolio stability.

從投資組合的角度來看，我們持續專注於保護投資者的資本。本季度，我們 100% 的投資均採用優先留置權擔保，平均貸款價值比為 43.8%。截至6 月30 日，BXSL 的投資組合中有98% 的優先留置權有擔保，平均貸款價值比為46.5%，以攤提成本計算的最低非應計利率為0.14%，以公平市價計算為0.07%，債務比例僅1%投資公允價值低於90%。我們的淨值從上一季的每股 26.10 美元增加到每股 26.30 美元，反映了投資組合的穩定性。

Slide 5 provides additional highlights on our portfolio activity and strong liquidity position. Second-quarter sales and repayments were $465 million, in line with what we communicated on previous calls. Proceeds from sales and repayments were primarily used to reduce leverage to our targeted range of 1 to 1.25 times, and other proceeds were used for new investments of $117 million. Additionally, we generated $7.2 million of realized gains in the second quarter associated with our exit of Westlink.

投影片 5 進一步強調了我們的投資組合活動和強勁的流動性狀況。第二季銷售額和還款額為 4.65 億美元，與我們先前電話中傳達的情況一致。銷售和還款收益主要用於將槓桿率降低至我們目標範圍 1 至 1.25 倍，其他收益用於 1.17 億美元的新投資。此外，由於退出 Westlink，我們在第二季度實現了 720 萬美元的已實現收益。

And while equity positions only account for 1.2% of the portfolio, we continue to be very strategic about those commitments. For example, inception to date, BXSL's cash proceeds from realizations of equity positions totaled $95 million on a total of $52 million invested across those positions, Westland realized in the second quarter in 2023 and Datasite in the third quarter of 2022.

雖然股票部位僅佔投資組合的 1.2%，但我們對這些承諾仍然非常具有戰略意義。例如，自成立以來，BXSL 從股權變現中獲得的現金收益總計 9,500 萬美元，這些倉位投資總額為 5,200 萬美元，Westland 於 2023 年第二季變現，Datasite 於 2022 年第三季變現。

Looking forward, we expect our deal pipeline to continue to build if economic strength continues to exceed expectations. Just as Blackstone was early to spot inflation, we are beginning to see it fall across our ecosystem of portfolio companies. For example, within the Blackstone portfolio on a year-over-year basis, input costs rose just 1.7%, and shipping costs are now back to pre-COVID level.

展望未來，如果經濟實力持續超出預期，我們預期我們的交易管道將繼續增加。正如黑石很早就發現了通貨膨脹一樣，我們也開始看到通貨膨脹出現在我們的投資組合公司生態系統中。例如，在 Blackstone 投資組合中，投入成本年比僅上漲 1.7%，而運輸成本現已回到新冠疫情前的水平。

As you've heard us say in the past, we continue to expect an economic slowdown due to the impact of sustained higher rates. What does this mean for private credit markets? With the slowdown comes caution and scarcity of capital, resulting in a reshuffling of debt capital providers. As commercial banks continue to retrench, private credit markets continue to expand.

正如您過去所聽到的那樣，我們仍然預計，由於利率持續走高的影響，經濟將放緩。這對私人信貸市場意味著什麼？隨著經濟放緩而來的是謹慎和資本稀缺，導致債務資本提供者的重新洗牌。隨著商業銀行持續緊縮，私人信貸市場持續擴大。

Through the first half of the year, private credit managers, including Blackstone Credit, executed 108 of the 120 leveraged buyout deals that came to market. We see this as a result of the benefits that come with private credit solutions such as flexibility, certainty, and confidentiality as compared to uncertainty in the public markets.

今年上半年，包括 Blackstone Credit 在內的私人信貸管理公司執行了上市的 120 筆槓桿收購交易中的 108 筆。我們認為這是由於與公共市場的不確定性相比，私人信貸解決方案具有靈活性、確定性和保密性等優勢。

Looking at our activity, the number of deals we considered has more than doubled in the last quarter as private equity sponsors look to deploy capital. We believe these transactions represent a healthy funnel for BXSL to deploy into and are in line with BXSL's core strategy, predominantly first lien senior secured exposure and historically recession-resilient sectors we know very well.

看看我們的活動，隨著私募股權發起人尋求部署資本，我們考慮的交易數量在上個季度增加了一倍以上。我們相信這些交易代表了 BXSL 部署的健康管道，並且符合 BXSL 的核心策略，主要是第一留置權優先擔保風險敞口和我們非常了解的歷史上具有抗衰退能力的行業。

We believe that we will see deal activity continue to pick up over the remainder of the year. Our weighted average yield on debt investments at fair value increased from 11.4% last quarter to 11.8% at this quarter end primarily driven by higher base rates. The yield on new debt investment fundings during the quarter averaged 12%, while yield on assets repaid or sold down during the quarter averaged 11.3%, boosting our weighted average yield in the portfolio. Importantly, base rates on our 99% floating rate portfolio expanded approximately 400 basis points since second quarter of last year.

我們相信，今年剩餘時間內交易活動將持續增加。我們的公允價值債務投資加權平均收益率從上季度的 11.4% 上升至本季末的 11.8%，這主要是由於基準利率上升。本季新債投資資金的收益率平均為 12%，而本季償還或出售資產的收益率平均為 11.3%，提高了我們投資組合的加權平均收益率。重要的是，自去年第二季以來，我們 99% 浮動利率投資組合的基本利率擴大了約 400 個基點。

Turning to slide 6. We ended the quarter with $9.3 billion of investments, average fund leverage of 1.26 times, and ending leverage of 1.15 times down from 1.33 times to 1.31 times respectively last quarter. We also remain well positioned with $1.8 billion in liquidity, including cash and borrowing capacity to lean into a growing pipeline. One of the key benefits of having a scaled platform like Blackstone Credit is our ability not just to participate in deals but to create and lead them. In 82% of BXSL's portfolio, Blackstone Credit served as the sole or lead lender. We value the ability to drive outcomes, whether on the front end with credit documentation or later in life of the loan should the company face challenges.

轉向幻燈片 6。本季結束時，我們的投資為 93 億美元，平均基金槓桿為 1.26 倍，期末槓桿為 1.15 倍，分別從上季度的 1.33 倍下降到 1.31 倍。我們也保持著良好的地位，擁有 18 億美元的流動性，包括現金和借款能力，以支持不斷增長的管道。擁有 Blackstone Credit 這樣的規模化平台的主要好處之一是我們不僅能夠參與交易，而且能夠創造和領導交易。在 BXSL 82% 的投資組合中，Blackstone Credit 擔任唯一或主要貸款人。我們重視推動成果的能力，無論是在信用文件的前端，或是在公司面臨挑戰時的貸款後期。

Further, being part of the world's largest alternative asset manager with over $1 trillion in assets under management as of June 30, $295 billion of which comprises Blackstone Credit insurance, we have the opportunity to build an investment network, which we can offer investors distinct advantages. For example, we leverage our sector expertise and insights across the Blackstone platform with over 100 senior advisers, 50 data scientists, and 470 employees in technology and innovations, providing valuable perspectives as we make investment decisions and manage our portfolio.

此外，作為全球最大的另類資產管理公司的一部分，截至6 月30 日管理的資產超過1 兆美元，其中2,950 億美元包括Blackstone Credit 保險，我們有機會建立一個投資網絡，為投資者提供獨特的優勢。例如，我們利用 Blackstone 平台上的行業專業知識和見解，以及 100 多名高級顧問、50 名資料科學家和 470 名技術和創新員工，在我們做出投資決策和管理投資組合時提供寶貴的觀點。

Having this data advantage by being part of the largest alternative platform globally is a key differentiating factor, whether it comes in the form of sourcing investment opportunities or diligencing these opportunities in the market or looking at business trends. With over 450 professionals, Blackstone Credit has the scale and bandwidth to form investment opinions in over 3,000 corporate issuers that we currently invest in globally.

透過成為全球最大的另類平台的一部分而擁有這種數據優勢是一個關鍵的差異化因素，無論是尋找投資機會還是在市場上努力尋找這些機會或觀察業務趨勢。 Blackstone Credit 擁有 450 多名專業人士，擁有足夠的規模和頻寬，可以對我們目前在全球投資的 3,000 多家企業發行人形成投資意見。

We also have one of the largest leverage loan and CLO platforms, managing over $100 billion in liquid credits. This scale in our liquids business in addition to our private origination platform helps drive incumbent deal flow and has led to over $12 billion in new private credit opportunities for Blackstone Credit over the last 2.5 years.

我們還擁有最大的槓桿貸款和 CLO 平台之一，管理超過 1000 億美元的流動信貸。除了我們的私人發起平台之外，我們液體業務的規模有助於推動現有交易流，並在過去 2.5 年裡為 Blackstone Credit 帶來了超過 120 億美元的新私人信貸機會。

Additionally, within BXSL, over 95% of deals we've committed to in the past quarter were issuers with whom Blackstone had a preexisting relationship. And finally, Blackstone Credit provides more than just capital to our portfolio companies. BXSL borrowers are offered the full access to Blackstone Credit's value creation program.

此外，在 BXSL 內部，我們在上個季度承諾的交易中，超過 95% 的發行人與 Blackstone 已有關係。最後，Blackstone Credit 為我們的投資組合公司提供的不僅僅是資本。 BXSL 借款人可以完全參與 Blackstone Credit 的價值創造計劃。

We believe this sets Blackstone Credit apart with our differentiated platform, broad network, and dedicated teams who can partner with portfolio companies to add value after we make a loan. We believe these are important points of distinction, one that complements our strong results and strengthens our ability to continue to drive attractive, risk-adjusted returns for our investors. You see some of that in the numbers today, not just in the returns, which we have previously discussed, but also underlying credit performance.

我們相信，這使 Blackstone Credit 憑藉我們的差異化平台、廣泛的網絡和專門的團隊脫穎而出，這些團隊可以與投資組合公司合作，在我們發放貸款後增加價值。我們相信，這些都是重要的區別點，可以補充我們的強勁業績，並增強我們繼續為投資者帶來有吸引力的、經過風險調整的回報的能力。您可以在今天的數字中看到其中的一些內容，不僅是我們之前討論過的回報，還包括潛在的信用表現。

Only 0.14% of amortized cost or $0.07 at fair market value of the portfolio is on nonaccrual. Just 1% of our debt investments are currently marked below 90, and only 0.22% of our portfolio at cost had asked for performance-related amendments this quarter. Also, the quality of our earnings remains very high with limited one-time, fee-driven income and non-PIK interest accounting for 96% of total interest income. We continue to believe that our focus on credit quality will be reflected in our numbers as you measure those against our peers.

只有 0.14% 的攤餘成本或以投資組合公平市價計算的 0.07 美元屬於非應計費用。目前，我們的債務投資中只有 1% 的分數低於 90，以成本計算，本季只有 0.22% 的投資組合要求進行與績效相關的修正。此外，我們的收入品質仍然非常高，一次性、費用驅動的收入和非 PIK 利息佔總利息收入的 96%。我們仍然相信，當您與同行進行比較時，我們對信用品質的關注將反映在我們的數據中。

With that, I will turn it over to Jon.

這樣，我就把它交給喬恩。

Thank you, Brad. And let's turn to the portfolio and jump to slide 7.

謝謝你，布拉德。讓我們轉向投資組合併跳至投影片 7。

As Brad mentioned, we heavily stressed our seniority because as the economy slows and interest burdens elevate on businesses overall, we see the top of the capital structure as most defensive for investors. So importantly, 98% of BXSL investments are in first lien senior secured loans, and over 95% of loans are to companies owned by private equity firms or other financial sponsors who generally have access to additional equity capital to support the companies.

正如布拉德所提到的，我們非常強調我們的資歷，因為隨著經濟放緩和整體企業的利息負擔上升，我們認為資本結構的頂層對投資者來說最具防禦性。重要的是，98% 的BXSL 投資是第一留置權優先擔保貸款，超過95% 的貸款發放給私募股權公司或其他金融贊助商擁有的公司，這些贊助商通常可以獲得額外的股本資本來支持公司。

Now the portfolio is highly equitized with an average loan to value of 46.5%. But as we often say, it's not just that we're senior in the capital structure. More importantly, we're focused on senior loans with companies of the right size in the right industries. Focusing on size, our portfolio companies have a weighted average EBITDA of $183 million, relative to $149 million as of 2Q '22, as we continue to orient the portfolio to larger, more durable businesses.

現在，該投資組合高度股權化，平均貸款價值率為 46.5%。但正如我們常說的，這不僅僅是因為我們在資本結構上處於領先地位。更重要的是，我們專注於向合適行業中規模合適的公司提供高級貸款。重點關注規模，我們的投資組合公司的加權平均 EBITDA 為 1.83 億美元，而截至 2022 年第二季為 1.49 億美元，因為我們繼續將投資組合定位為規模更大、更持久的企業。

Slide 8 focuses on our industry exposure, where we believe investing in better companies in better neighborhoods drives strong returns over time. This means focusing on key sectors with low default rates and lower CapEx requirements such as software, healthcare providers and services, and professional services which account for over 35% of the investment portfolio.

幻燈片 8 重點介紹了我們的行業曝光度，我們相信投資於更好的社區中的更好的公司會隨著時間的推移帶來豐厚的回報。這意味著重點關注違約率低、資本支出要求較低的關鍵行業，例如軟體、醫療保健提供者和服務以及佔投資組合超過 35% 的專業服務。

Diving into portfolio quality further, jump to slide 9. We remain steadfast in our approach to invest in larger companies based on the simple belief that larger scale businesses handle the adversity of economic cycles better than smaller ones. And here's what supports that view.

進一步深入研究投資組合質量，跳至投影片 9。我們仍然堅定地投資於大型公司，因為我們簡單地相信，規模較大的企業比規模較小的企業更能應對經濟週期的逆境。以下是支持此觀點的內容。

As this slide shows, the relative risk-adjusted returns of spread per turn of leverage for large deals as well as middle market deals as measured by the Lincoln Senior Debt Index is effectively the same at 158 basis points. But notice some key differences. Larger companies with over $100 million of EBITDA have grown at over 5 times the rate of smaller companies with less than $50 million in EBITDA.

如這張投影片所示，以林肯優先債務指數衡量，大型交易和中間市場交易的每輪槓桿利差的相對風險調整報酬率實際上是相同的，均為 158 個基點。但請注意一些關鍵差異。 EBITDA 超過 1 億美元的大型公司的成長率是 EBITDA 低於 5,000 萬美元的小型公司的 5 倍以上。

Larger companies also default much less often with a default rate that is less than one-fifth that of middle market companies, which is why we remain steadfast in our belief that larger scale businesses handle the adversity of economic cycles better.

大型企業的違約率也低得多，違約率低於中型市場企業的五分之一，這就是為什麼我們仍然堅信規模較大的企業能夠更好地應對經濟週期的逆境。

And on slide 10, we can see BXSL's company fundamentals compared to the private credit market as measured by the Lincoln Senior Debt Index. And as you can see, BXSL's portfolio has a weighted average EBITDA of $183 million compared to the private credit market average of $87 million. And this larger focus has yielded companies with stronger EBITDA growth year over year and also companies that are 30% more profitable. Now this dovetails into a discussion on interest coverage.

在投影片 10 上，我們可以看到 BXSL 的公司基本面與透過林肯優先債務指數衡量的私人信貸市場相比。正如您所看到的，BXSL 投資組合的加權平均 EBITDA 為 1.83 億美元，而私人信貸市場平均為 8,700 萬美元。這種更大的關注使得公司的 EBITDA 年成長更加強勁，而且利潤也提高了 30%。現在這與利息保障範圍的討論相吻合。

And remember, interest coverage 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. When we calculate interest coverage, we include all private companies' EBITDA, including those that have borrowed on a recurring revenue loan.

請記住，利息覆蓋率是其他上市 BDC 財報電話會議上廣泛分享的一項統計數據，但正如我們之前提到的，BDC 經理的計算方式差異很大。在某些情況下，某些部門或類型的貸款被排除在外。在其他情況下，管理者會排除負 EBITDA 公司。當我們計算利息覆蓋率時，我們包括所有私人公司的 EBITDA，包括那些透過經常性收入貸款借款的公司。

Next, we compare our portfolio to the industry database to give a sense of relative portfolio quality. So let's dive into it. For BXSL, the last 12-month average interest coverage ratio was 2 times which is slightly higher than the market average of 1.5 times. And this shows that BXSL's portfolio companies generate greater earnings with which to pay their interest when compared to the broader market average.

接下來，我們將我們的投資組合與行業資料庫進行比較，以了解相對投資組合的品質。那麼讓我們深入探討一下。 BXSL最近12個月平均利息保障倍數為2倍，略高於市平均1.5倍。這表明，與更廣泛的市場平均值相比，BXSL 的投資組合公司產生了更高的收益來支付利息。

Now this difference remains resilient when we run interest rates forward at 5%, which brings our average interest coverage to 1.7 times versus the private credit markets at 1.4. We attribute the stability to our focus again on larger, more profitable, higher growth businesses, yet we also hear from investors and other market participants that it's less about the averages and more about the tails.

現在，當我們將利率提高到 5% 時，這種差異仍然具有彈性，這使我們的平均利息保障倍數達到 1.7 倍，而私人信貸市場的平均利息保障倍數為 1.4 倍。我們將這種穩定性歸因於我們再次專注於規模更大、利潤更高、成長速度更快的業務，但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，而與尾部有關。

And so on an LTM basis, BXSL had approximately 2% of its portfolio with an ICR below 1, but it's more relevant for investors to evaluate the percentage of one's portfolio below an ICR of 1 on a forward basis using higher base rates. And if we flow through base rates of 5%, we can see that we would have roughly 8% of our portfolio with an ICR below 1 compared to the Lincoln database which tracks the broader market, which is at roughly 17%, more than double BXSL's exposure.

因此，在LTM 基礎上，BXSL 大約有2% 的投資組合ICR 低於1，但對於投資者來說，使用更高的基本利率在遠期基礎上評估ICR 低於1 的投資組合百分比更為相關。如果我們採用 5% 的基本利率，我們可以看到我們的投資組合中約有 8% 的 ICR 低於 1，而追蹤更廣泛市場的林肯資料庫則約為 17%，是後者的兩倍多BXSL的曝光。

And to be clear, of that 8% with a 1 times ICR at 5% base rates, over 3% would be tied to a single transaction that was structured with a low ICR given it was a high-growth company with significant level of equity cushion embedded in the deal and has exhibited growth year-over-year.

需要明確的是，在 5% 基本利率下 1 倍 ICR 的 8% 中，超過 3% 將與以低 ICR 構建的單一交易相關，因為它是一家擁有大量股本的高增長公司交易中嵌入了緩衝，並且呈現出年成長。

Now let's dive into that 17% tail stat once more because I believe it further outlines why our focus on larger transactions is the right one for investors. Note that of the 17% of companies in the private credit market with an ICR below 1, over 70% are companies with EBITDA less than $50 million.

現在讓我們再次深入研究 17% 的尾部統計數據，因為我相信它進一步概述了為什麼我們對大型交易的關注對投資者來說是正確的。請注意，私人信貸市場中 17% 的 ICR 低於 1 的公司中，超過 70% 的公司 EBITDA 低於 5,000 萬美元。

And so we believe discerning investors will be right. Averages won't tell the story of direct lending performance; the tails will, and we seek to limit tail risk through our focus on better larger businesses in historically resilient sectors, and we continue to see favorable results. Now as Brad mentioned, Blackstone has built a conservative credit culture on a foundation of structural protections for investor capital.

因此，我們相信眼光敏銳的投資人是對的。平均數並不能說明直接貸款的表現；尾部將會出現，我們尋求透過專注於具有歷史彈性的行業中更好的大型企業來限制尾部風險，並且我們繼續看到良好的結果。現在，正如布拉德所提到的，黑石集團在投資者資本結構性保護的基礎上建立了保守的信貸文化。

So note that when Blackstone leads or co-lead the vast majority of our deals have structural protections against asset stripping transactions and almost none allow for uncapped cost savings or synergies or addbacks to EBITDA, and that is all materially better than the syndicated loan market.

因此請注意，當Blackstone 牽頭或共同牽頭時，我們的絕大多數交易都針對資產剝離交易提供了結構性保護，幾乎沒有一項交易允許無上限的成本節約或協同效應或EBITDA 的加回，而這都比銀團貸款市場好得多。

And so turning to amendments. We work with our portfolio companies constructively in the regular course to provide an idea scope of what we saw this quarter. We had 85 amendments, of which 78% were related to transitioning to SOFR or other technical adjustments, and 20% were related to M&A or other add-on activity.

因此轉向修正案。我們定期與投資組合公司進行建設性合作，以提供我們本季看到的情況的大致範圍。我們進行了 85 項修訂，其中 78% 與過渡到 SOFR 或其他技術調整有關，20% 與併購或其他附加活動有關。

We saw only two amendments related to performance, which represent 0.22% of our portfolio at cost or 0.21% of fair market value. And we believe those two amendment discussions were constructive and will ultimately support a full recovery on our invested capital.

我們只看到了兩項與績效相關的修訂，占我們投資組合成本的 0.22% 或公平市價的 0.21%。我們相信這兩項修正案討論是建設性的，並將最終支持我們投資資本的全面回收。

Turn to slide 11. As Brad mentioned, we recently increased our Q3 dividend distribution to $0.77 a share with the current dividend yield at NAV of approximately 11.7%, well covered by our earnings. This distribution is up 10% from our second quarter and over 50% up since the first quarter of 2019 when we made our first distribution, and we believe that speaks to the fund's ability to deliver for our shareholders.

轉向投影片 11。正如布拉德所提到的，我們最近將第三季股息分配增加至每股 0.77 美元，當前資產淨值股息收益率約為 11.7%，完全由我們的收益覆蓋。此次分配比第二季度增長了 10%，自 2019 年第一季我們進行首次分配以來增長了 50% 以上，我們相信這說明了該基金為股東帶來回報的能力。

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

有了這個，我會把它交給泰迪。

Thanks, Jon. I'll start with our operating results on slide 12.

謝謝，喬恩。我將從幻燈片 12 上的營運結果開始。

In the second quarter, BXSL's net investment income was a record $171 million or $1.06 per share, which was up 71% year over year. Our revenues were up $103 million or 55% year over year driven by increased interest income primarily due to higher rates. Payment in kind or PIK income represented less than 4% of total investment income.

第二季度，BXSL的淨投資收益達到創紀錄的1.71億美元，即每股1.06美元，年增71%。我們的營收年增 1.03 億美元，即 55%，主要是由於利率上升導致利息收入增加。實物支付或PIK收入佔總投資收入的比例不到4%。

In the second quarter, we also realized $13 million of nonrecurring income in the form of accelerated income from repayments and another $5 million in fees which added $0.09 per share benefit to NII in the quarter, net of the impact of incentive fees. GAAP net income in the quarter was $145 million or $0.90 per share, up from $0.47 per share a year ago despite $37 million of net unrealized losses in the quarter.

在第二季度，我們還以加速還款收入和另外500 萬美元費用的形式實現了1300 萬美元的非經常性收入，這為本季度NII 增加了每股0.09 美元的收益，扣除激勵費用的影響。儘管本季未實現淨虧損 3,700 萬美元，但本季 GAAP 淨利潤為 1.45 億美元，即每股 0.90 美元，高於去年同期的每股 0.47 美元。

Turning to the balance sheet on slide 13. We ended the first quarter with $9.3 billion of total portfolio investments, of which approximately 99% are floating rate loans with a weighted average yield at fair value of 11.8%. This compares to $5 billion of outstanding debt with a weighted average cost of just 4.8%.

轉向投影片 13 上的資產負債表。第一季結束時，我們的投資組合投資總額為 93 億美元，其中約 99% 是浮動利率貸款，加權平均收益率為公允價值 11.8%。相較之下，50 億美元的未償債務的加權平均成本僅為 4.8%。

The spread between our floating rate assets and low-cost, mostly fixed rate liabilities provide the company with the potential for additional earnings growth if rates continue to rise. As a result of strong earnings in excess of the dividend in the second quarter, NAV per share increased to $26.30, up from $26.10 last quarter.

如果利率持續上升，我們的浮動利率資產與低成本（主要是固定利率）負債之間的利差為公司提供了額外獲利成長的潛力。由於第二季獲利超過股息，每股資產淨值從上季的 26.10 美元增至 26.30 美元。

Next, slide 14 outlines our attractive and diverse liability profile, which includes 64% of drawn debt in unsecured bonds at a weighted average fixed coupon of less than 3%, which we view as a key advantage in this rising rate environment. We maintained our three investment-grade corporate credit ratings and ended the quarter with $1.8 billion of liquidity in cash and undrawn debt available to borrow. We believe this provides us with significant flexibility and cushion.

接下來，投影片14 概述了我們有吸引力且多樣化的負債狀況，其中包括64% 的無擔保債券提取債務，加權平均固定票面利率低於3%，我們認為這是在利率上升的環境下的一個關鍵優勢。我們維持三項投資等級企業信用評級，並在本季結束時擁有 18 億美元的現金流動性和可藉用的未提取債務。我們相信這為我們提供了顯著的靈活性和緩衝。

While the average fund leverage was 1.26 times over the quarter, ending leverage was 1.15 times, both down from last quarter. Based on our pipeline activity, we would expect to remain within our target of 1 times to 1.25 times for the balance of the year.

本季平均基金槓桿率為 1.26 倍，期末槓桿率為 1.15 倍，均較上季下降。根據我們的管道活動，我們預計今年剩餘時間將保持在 1 倍至 1.25 倍的目標範圍內。

Additionally, we have low level of debt maturities in the next few years with only 12% of debt maturing within the next two years at an overall weighted average maturity of 3.6 years. And lastly, near the end of the quarter, we issued $125 million of equity under our ATM or at the market program to both large institutional and individual investors. This is backed by our pipeline activity in Blackstone's scale and capabilities, which we believe allow us to deploy capital at moments where it's most valuable to drive strong investor returns.

此外，我們未來幾年的債務到期日水準較低，只有 12% 的債務在未來兩年內到期，總體加權平均到期日為 3.6 年。最後，在本季末，我們透過 ATM 或市場計劃向大型機構和個人投資者發行了 1.25 億美元的股票。這得到了 Blackstone 規模和能力的管道活動的支持，我們相信這使我們能夠在最有價值的時刻部署資本，以推動強勁的投資者回報。

In closing, we believe BXSL is very well positioned to generate earnings in excess of our dividend, as rates on our 99% floating rate investment have continued to reset higher. We remain positive about the outlook given our defensive portfolio position built to overemphasize parts of the economy where we see resilience while avoiding areas of risk, balance sheet capacity to deploy into a strong market environment, continued healthy core underlying company fundamentals we see in the portfolio, and elevated earnings power tied to higher base rates. All of this is backed by Blackstone's platform advantage, providing for premier sourcing, resources, and an infrastructure built to protect investors' capital.

最後，我們相信 BXSL 處於有利地位，能夠產生超過股息的收益，因為我們 99% 浮動利率投資的利率繼續走高。我們對前景保持樂觀，因為我們的防禦性投資組合立場過度強調我們看到彈性的經濟領域，同時避免風險領域，資產負債表有能力部署到強大的市場環境，我們在投資組合中看到持續健康的核心基本公司基本面，以及與更高的基本利率相關的獲利能力的提高。所有這些都以 Blackstone 的平台優勢為後盾，提供一流的採購、資源和基礎設施，以保護投資者的資本。

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

這樣，我會要求接線員打開它來提問。謝謝。

(Operator Instructions) Casey Alexander, Compass Point.

（操作員指示）Casey Alexander，Compass Point。

I have two fairly simple questions. One, Brad, you discussed the gains that you've made on the equity investments, but equity investments are also a very small percentage of the portfolio, which -- and investors have taken a lot of comfort in the very high first lien exposure particularly in this cycle. But really, what's the sweet spot for equity investments? How much would you grow that sleeve that could lead to additional incremental NAV accretion in the future, assuming those investments are relatively successful?

我有兩個相當簡單的問題。一，布拉德，您討論了您在股權投資上取得的收益，但股權投資在投資組合中所佔的比例也很小，投資者對非常高的第一留置權敞口感到非常放心，尤其是在這個循環中。但實際上，股權投資的最佳點是什麼？假設這些投資相對成功，您會增加多少規模，以在未來帶來額外的淨值增值？

Yeah, sure. Thanks, Casey. So you should not expect us to grow that sleeve materially from where we are today. Where we've made equity investments, it's where we strongly believe we are adding some value across Blackstone. So if you look at Westland, we provided them with debt capital, growth capital, and we invested in the equity with the view that we could expand them from being a regional player into a national player. And over that short time period, we've more than doubled the value of our equity.

好，當然。謝謝，凱西。因此，你不應該指望我們會比今天的情況大幅成長。在我們進行股權投資的地方，我們堅信我們正在為 Blackstone 增加一些價值。因此，如果你看看韋斯特蘭，我們為他們提供了債務資本、成長資本，並且我們投資了股權，希望能夠將他們從區域性企業擴展為全國性企業。在這麼短的時間內，我們的股權價值增加了一倍以上。

In Datasite, similarly, we took a position in that company on the debt and equity side because we thought we could roll their products across the broader Blackstone Group and drive equity value. So it's going to be very, very precisioned in where we invest in equity. I highlight that on the call because if you look at our platform, we're trying to deliver more than just capital to these companies. We're trying to add value, whether it's through our debt investments and helping them grow their equity thesis or taking a little bit of equity to get our investors some participation in that upside.

同樣，在 Datasite，我們在該公司的債務和股權方面持有頭寸，因為我們認為我們可以將他們的產品推廣到更廣泛的 Blackstone Group 並推動股權價值。因此，我們在股權投資方面將會非常非常精確。我在電話會議上強調這一點，因為如果你看看我們的平台，我們試圖向這些公司提供的不僅僅是資本。我們正在努力增加價值，無論是透過我們的債務投資並幫助他們發展股權論，還是採取一點股權來讓我們的投資者參與這一上升趨勢。

So I just -- it's really important as you think about not just the equity positions, but also as we go through a softer economic period, we are going to be leaning on our value creation team a lot more than we have historically.

所以我只是——這真的很重要，因為你不僅要考慮股票頭寸，而且當我們經歷經濟疲軟時期時，我們將比歷史上更依賴我們的價值創造團隊。

All right. Great. My second question is, you had net repayments for the quarter and at the same point in time, you raised capital, bringing the leverage ratio down to a very manageable level and giving you some capacity. What's the real sweet spot for the leverage ratio? Would you like to hold it up around 1.2 or somewhere between 1.2 and 1.25 to maximize the earnings power of the portfolio, or are you okay where you're at now?

好的。偉大的。我的第二個問題是，您在本季度獲得了淨還款，並且在同一時間點，您籌集了資金，將槓桿率降至非常易於管理的水平，並為您提供了一定的能力。槓桿率的真正最佳點是多少？您願意將其維持在 1.2 左右或 1.2 到 1.25 之間，以最大限度地提高投資組合的盈利能力，還是您現在的處境還好嗎？

What I would say -- so historically, what we've said target range, 1 to 1.25 times. Per Brad's comments, we are seeing an increase in the pipeline. Pipeline deals we're looking at is up about 2 times over the first quarter. And for the deals we deployed in the last quarter, the return on those unlevered is about 12%. So we also want some capacity to deploy. We think ending at 1.15 does provide some of that capacity.

我想說的是——從歷史上看，我們所說的目標範圍是 1 到 1.25 倍。根據布拉德的評論，我們看到管道數量增加。我們正在關注的管道交易比第一季增加了約兩倍。對於我們上季度部署的交易，無槓桿交易的回報率約為 12%。因此，我們還需要部署一些容量。我們認為以 1.15 結尾確實提供了部分容量。

Arren Cyganovich, Citi.

阿倫·西加諾維奇，花旗銀行。

The increase in investment activity you're seeing in your pipeline, what are the conversations with sponsors that are seeing the opportunity for those to start to get a little bit more, I guess, back to normal to some extent?

您在管道中看到的投資活動有所增加，與贊助商進行了哪些對話，他們看到了那些開始獲得更多資金的機會，我猜，在某種程度上恢復正常？

Yeah, I would say the driver there, Arren, is around valuation. Taking a bigger step back, if you look at the amount of -- and we spend a lot of time with advisers. So if you think about our platform, we obviously cover sponsors, but we spend a lot of time with advisers -- and they're kind of the tip of the spear from a deal activity standpoint. I think which is why we're seeing probably more pipeline growth than others.

是的，我想說那裡的司機阿倫（Arren）的估值大約是。退一步來說，如果你看看我們花了大量時間與顧問交流的時間。因此，如果你考慮我們的平台，我們顯然涵蓋了贊助商，但我們花了很多時間與顧問在一起——從交易活動的角度來看，他們只是矛尖。我認為這就是為什麼我們看到的管道成長可能比其他人更多。

What they would say is that the amount of deals on the shelf that are ready to come to market is the highest that they've seen in over a decade. They've been paused a little bit because of uncertainty around financing. They've been paused a little bit around valuation.

他們想說的是，貨架上準備上市的交易數量是十多年來最高的。由於融資方面的不確定性，他們已經暫停了一些。他們在估值方面稍稍停頓了一下。

With the passage of time, valuations have -- the gap between the buyers and sellers has come closer together, and sponsors are starting to be a little bit more active, acknowledging the fact that the cost of capital is quite high. So that's why they're adjusting their valuations, they're adjusting their leverage levels.

隨著時間的推移，買家和賣家之間的估值差距越來越近，贊助商開始變得更加積極，承認資本成本相當高。這就是他們調整估值、調整槓桿的原因。

And so as we think about the pipeline, we'll continue to see add-ons like others. We'll continue to take privates, but the sponsor-to-sponsor activity is where we're seeing the greatest uptick in deal activity.

因此，當我們考慮管道時，我們將繼續看到像其他產品一樣的附加組件。我們將繼續進行私人交易，但贊助商之間的活動是我們看到交易活動增幅最大的地方。

That's helpful. And then on the aftermarket issuance, is that something you expect to be fairly regular when you're trading above book value, or is this just relative to what you're seeing in the opportunities in the market?

這很有幫助。然後，在售後市場發行方面，當您的交易高於帳面價值時，您期望這種情況會相當規律嗎？或者這只是與您在市場機會中看到的情況相關？

I think you can expect it to be a general part of how we raise equity capital on a go-forward basis. There's two major points to sustain a BDC premium above book. One is a steady, stable, and attractive dividend yield and then, two, slowly growing NAV over time. And to meet those two goals, you want to deploy equity capital or deploy capital in moments we have extremely attractive risk-adjusted return. I know you've heard several of our colleagues outlined the golden moment that occurs in private credit.

我認為你可以期望它成為我們未來籌集股本資本的一般組成部分。維持 BDC 溢價高於帳面價值有兩個要點。一是穩定且有吸引力的股息殖利率，二是資產淨值隨著時間的推移緩慢成長。為了實現這兩個目標，您需要部署股權資本或在我們擁有極具吸引力的風險調整回報時部署資本。我知道您已經聽過我們的幾位同事概述了私人信貸領域的黃金時刻。

And so you could see that we have the opportunity to grow accretively. And so I'd expect it to be a part of what we do on a go-forward basis while also remaining disciplined with regard to our investment pipeline.

所以你可以看到我們有機會不斷成長。因此，我希望它將成為我們未來工作的一部分，同時在我們的投資管道方面也保持紀律。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

First, I've got a question on interest coverage if I can. Your color on this has been really helpful over the last couple of quarters. I'm just wondering if all BDCs from Lake [Wobegon] or something like that because the number you gave for Lincoln, obviously the 17%, and yours is half that. Every BDC that I can recall that has actually disclosed the number, has been better than average. So I've got my theories on why that is.

首先，我有一個關於利息保障的問題。在過去的幾個季度中，您對此的顏色非常有幫助。我只是想知道是否所有 BDC 都來自 [Wobegon] 湖或類似的地方，因為您為林肯提供的數字，顯然是 17%，而您的只是這個數字的一半。我記得每一個實際披露過該數字的 BDC 都比平均好。所以我對為什麼會這樣有自己的理論。

But any color you can give us on what you would attribute that to in terms of the numbers that have been disclosed has generally been the tails in the single-digit range in the industry seeing the Lincoln report. And the industry numbers appear meaningfully higher than that when they come from a third party?

但是，根據已披露的數字，您可以給我們提供的任何顏色，在行業中看到林肯報告時，通常都是個位數範圍內的尾巴。行業數字似乎明顯高於來自第三方的數字？

Yeah. Robert, we appreciate that. And the questions that you asked is a very consistent question that you want to get to for your investors, but you give a level of inconsistency in your answers because folks try to define it differently. Our major approach was to start by looking at absolutely everything across our portfolio. No exclusions of industries, no exclusions of certain types of loans, and you can recall the stats that I outlined previously.

是的。羅伯特，我們對此表示讚賞。您提出的問題是您希望向投資者提出的非常一致的問題，但您的答案卻存在一定程度的不一致，因為人們試圖以不同的方式定義它。我們的主要方法是首先審視我們投資組合中的所有內容。不排除任何行業，也不排除某些類型的貸款，您可以回憶一下我之前概述的統計數據。

But just looking at our stats isn't enough. There has to be a level of market proxy that you can compare it to. And so we work closely with the leading index provider in the middle market or in the private credit space, Lincoln, to generate those results. So I believe it's really just asking the questions and trying to understand what folks effectively exclude.

但僅僅查看我們的統計數據是不夠的。必須有一個可以與之比較的市場代理水準。因此，我們與中間市場或私人信貸領域的領先指數提供者林肯密切合作，以產生這些結果。所以我相信這實際上只是提出問題並試圖了解人們實際上排除了什麼。

At Blackstone, you could see complete transparency. We want to provide you all the data so the market can make its inferences on our results.

在 Blackstone，您可以看到完全的透明度。我們希望為您提供所有數據，以便市場可以對我們的結果做出推論。

I appreciate that color. Second question, on the pipeline, and Brad, you mentioned, likely to be more sponsor-to-sponsor activity versus maybe follow-ons. So is the mix -- do you think the portfolio is going to shift to more growth in new loans? And is there anything we can read into the -- the economics there, right, because sometimes a new agreement might have more upfront fees than an add-on which has some most favored nation status in terms of how things are structured in terms of fees and maybe even spreads.

我很欣賞那種顏色。第二個問題，關於管道和布拉德，你提到，可能會更多地進行贊助商之間的活動，而不是後續活動。組合也是如此——您認為投資組合會轉向新貸款的更多成長嗎？我們有什麼可以解讀的——那裡的經濟學嗎，對吧，因為有時新協議的預付費用可能比在費用結構方面具有最惠國待遇的附加協議要多。甚至可能蔓延。

So can you give us any color if that is going to be a shift in the overall mix of the portfolio? And does it have slightly different economics currently, things change?

那麼，如果這將成為投資組合整體組合的轉變，您能給我們任何顏色嗎？目前的經濟狀況是否略有不同，情況發生了變化嗎？

Yeah. So Robert, what -- yeah, so what I would say is, as we work through the end of the year, you will see more names added to the portfolio. Just to give you some statistics around the pipeline which we highlighted as growing nicely. The average yield of the deal -- new deals in our pipeline is, if you take the fee and amortize it is about 12.4%. 12.4% and the average loan to value was about 37%.

是的。那麼羅伯特，是的，所以我想說的是，當我們工作到今年年底時，你會看到更多的名字被添加到投資組合中。只是為了向您提供一些有關管道的統計數據，我們強調該管道增長良好。如果您扣除費用並攤銷，我們管道中的新交易的平均收益率約為 12.4%。 12.4%，平均貸款價值約為37%。

So Jon hit on this, when we talk about the golden moment or age in private credit, this is what we're talking about. We're talking about yields that are exceptionally high because of base rates, because of spreads, we're talking about leverage that is lower because yields are higher, whether you measure that and leverage multiples or loan to value.

所以喬恩突然想到了這一點，當我們談論私人信貸的黃金時刻或時代時，這就是我們正在談論的內容。我們談論的是由於基本利率和利差而導致的異常高的收益率，我們談論的是由於收益率較高而較低的槓桿，無論您是衡量槓桿倍數還是貸款價值。

And better companies are the only ones that can access capital. So you have higher quality assets with less leverage, earning yields that are almost twice as high as what they were a couple of years ago. This is the moment in private credit, where you can drive equity-like returns by being senior first lien in the capital structure.

更好的公司是唯一可以獲得資本的公司。因此，您可以用更少的槓桿擁有更高品質的資產，賺取的收益率幾乎是幾年前的兩倍。這是私人信貸的時刻，您可以透過在資本結構中成為高級第一留置權來獲得類似股票的回報。

So you will see more names, and you will see some add-ons, and we're excited for investors for BXSL to continue to benefit from an earnings standpoint.

所以你會看到更多的名字，你會看到一些附加產品，我們很高興 BXSL 的投資者能夠繼續從收益的角度受益。

(Operator Instructions) Ryan Lynch, KBW.

（操作員說明）Ryan Lynch，KBW。

Nice quarter. First question I had was a follow-up on the deal environment. You mentioned the deal activity is likely picking up, the advisers seeing more conversations going on. I'm just curious, in the past six months or so, deal activity has been down, but the quality of deals have been very high. It feels like there has been a lot of add-ons, but really only it feels like that the highest quality companies are the ones that they're able to transact.

不錯的季度。我的第一個問題是關於交易環境的後續問題。您提到交易活動可能會增加，顧問們看到更多的對話正在進行中。我只是好奇，在過去六個月左右的時間裡，交易活動有所下降，但交易的品質卻非常高。感覺好像有很多附加組件，但實際上只是感覺最高品質的公司是他們能夠交易的公司。

I'm just curious if going forward deal volume or an M&A is going to pick up, does that mean that there are also -- you expect kind of subpar or not as high as quality deals to start to slip into those M&A processes? And so it might actually mean that overall originations may and fundings may actually not pick up because you have to be more selective in the environment? Or do you expect the quality of deals to remain as high as they have been in the last six to nine months?

我只是很好奇，如果未來交易量或併購將會增加，這是否意味著您預計會有一些低於標準或品質不高的交易開始進入這些併購流程？因此，這實際上可能意味著整體發起和資金實際上可能不會增加，因為你必須在環境中更具選擇性？或者您預計交易品質將保持過去六到九個月的高水準？

Thanks, Ryan. I would say it's the latter. I think what you're seeing in some of these deals that have not come to market, the seller was expecting to get, for example, 22 times multiple because it has been growing, it generates a lot of free cash flow, and they are holding on to that valuation, whereas the buying community is factoring in a higher cost of capital, and so it's willing to pay 18 times.

謝謝，瑞安。我想說的是後者。我認為你在一些尚未進入市場的交易中看到的，賣方期望獲得例如 22 倍的收益，因為它一直在增長，它產生了大量的自由現金流，而且它們是維持這一估值，而購買群體考慮到更高的資本成本，因此願意支付18 倍的價格。

That's the gap. That's four turns of enterprise value. But obviously, 18 times EBITDA would indicate a very high-quality business. It's that quality and that type of business that we're seeing come back into the market where the seller is willing to accept something lower than their expectation which was driven by often valuations in 2021 and the first part of 2022.

這就是差距。這就是企業價值的四輪轉變。但顯然，18 倍的 EBITDA 就表示業務品質非常高。我們看到這種品質和類型的業務重新回到市場，賣方願意接受低於預期的價格，這是由 2021 年和 2022 年上半年的估值推動的。

So it's -- Ryan, it's really hard for a marginal business to afford 12.4% cost of capital, unless they take on a de minimis amount of debt. So that's what's driving the quality of assets coming into the market. It's a higher cash flow business. It's ones that can grow through an economic period of slowness. And so we expect that the quality of assets in this rate environment will remain very good.

所以，瑞安，邊緣企業很難承擔 12.4% 的資本成本，除非他們承擔最低限度的債務。這就是推動進入市場的資產品質的因素。這是一項現金流量較高的業務。它能夠在經濟緩慢時期實現成長。因此，我們預計在這種利率環境下，資產品質將保持良好。

Okay. That's helpful color. The other one I had was, credit quality is really good in the portfolio. And Jon, I also really appreciate the details you gave on interest coverage, both from your portfolio as well as the broader industry. I'm just curious, you said you had 85 amendments this quarter, only two were related to performance. I'm just curious, were those amendments that you made this quarter, was it just -- were they both related to switching from cash to some level or total PIK in those amendments? And was there any sort of, I guess, comfort or any sort of give back provided by the private equity sponsor in those deals in order to make those amendments?

好的。這是有用的顏色。我的另一件事是，投資組合中的信用品質非常好。喬恩，我也非常感謝您提供的有關利息覆蓋範圍的詳細信息，包括您的投資組合以及更廣泛的行業。我只是好奇，您說本季有 85 項修改，只有兩項與績效相關。我只是好奇，你們本季所做的這些修改是否都與這些修改中從現金轉向某種水平或總 PIK 相關？我想，私募股權發起人在這些交易中是否提供了任何形式的安慰或任何形式的回饋，以便做出這些修改？

Yeah. Thanks, Ryan. This is Teddy. I'm happy to take that. So just to reiterate the stats, you are right, 85 amendments. Most of those 98% due to SOFR add-ons, M&A or other benign activity. Two were "performance related." One was a covenant amendment that came with a material prepayment, and we're actually seeing some improvement in that business.

是的。謝謝，瑞安。這是泰迪。我很樂意接受。所以重申一下統計數據，你是對的，85 項修正案。其中 98% 的大部分是由於 SOFR 附加組件、併購或其他良性活動造成的。其中兩個與“性能相關”。其中之一是一項附帶實質預付款的契約修正案，我們實際上看到該業務有所改善。

The other was a one-quarter interest deferral. I can't get in too much details on this call, but we've since received some pretty positive news that that will be a full recovery of our principal. Both of those marked above 90% at the end of the quarter. So nothing material to point to there.

另一個是延期四分之一的利息。我無法透露有關這次電話會議的太多細節，但我們已經收到了一些非常積極的消息，這將是我們本金的完全恢復。截至本季末，這兩項指標均超過 90%。所以沒有什麼實質的內容可以指出。

Okay. Understood. I appreciate it.

好的。明白了。我很感激。

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Just given the relatively attractive spread in terms on your originations you're seeing. I wonder if you could just talk a little bit about what you're seeing in terms of competitive activity? Has there been any recent changes?

考慮到您所看到的起源方面相對有吸引力的價差。我想知道您能否簡單談談您在競爭活動中所看到的情況？最近有什麼變化嗎？

I'll take that. It's Brad. So on the competitive side, you've seen on the larger end of the market, the competitive dynamic remains very favorable largely because the public markets have a harder time taking on these new LBOs. Banks are a little bit more reluctant to underwrite to distribute risk into that market. The large end of the market where we spend, as you know, a lot of time and energy and focus to use our scale to our advantage. That part of the market is -- remains quite attractive from a competitive standpoint.

我會接受的。這是布拉德。因此，在競爭方面，您已經看到，在市場的較大端，競爭動態仍然非常有利，很大程度上是因為公開市場很難接受這些新的槓桿收購。銀行不太願意承保以將風險分散到該市場。如您所知，我們在大型市場上花費了大量時間和精力，並專注於利用我們的規模來發揮我們的優勢。從競爭的角度來看，這部分市場仍然相當有吸引力。

Small, midsized market, there's more capital that's come into that market, maybe a little bit more competitive. But at the same time, spreads and all-in structure and documentation remain fairly disciplined from -- despite more capital coming into that part of the market.

中小型市場，有更多的資本進入該市場，也許競爭更激烈一些。但同時，儘管有更多資本進入這部分市場，但利差、整體結構和文件仍然相當嚴格。

Got it. Very helpful there. And then one follow-up, if I may. In terms of expectations around investment paydowns over the near term, would you expect that to pick up somewhat in tandem as the pipeline builds up for originations?

知道了。那裡非常有幫助。如果可以的話，然後是一個後續行動。就近期投資回報的預期而言，您是否認為隨著初始管道的建立，投資回報會回升？

So in the quarter, we had $465 million of repayments. Two-thirds of that was really from two transactions. I would say one quarter is not a trend, and we view that as fairly high versus previous quarters and the current activity we see on the ground. I think, generally, if Brad's comments come to fruition, and we do see pipeline convert more through the remainder of the year, we do think that would also lead to higher potential refinancings as a result.

因此，本季我們的還款金額為 4.65 億美元。其中三分之二實際上來自兩筆交易。我想說，一個季度不是一種趨勢，我們認為與前幾季以及我們在實地看到的當前活動相比，這個季度相當高。我認為，總的來說，如果布拉德的評論得以實現，並且我們確實看到今年剩餘時間內管道轉換更多，我們確實認為這也會導致更高的潛在再融資。

Got you. Very helpful there.

明白你了。那裡非常有幫助。

(Operator Instructions) Melissa Wedel, JP Morgan.

（操作員指示）Melissa Wedel，摩根大通。

Thanks for taking my questions. Actually, a lot of them have already been addressed. But I was hoping you could remind us of how you're thinking about dividends into the later part of this year, particularly with the earnings power of the portfolio so far exceeding even your increased dividend rate in 3Q?

感謝您回答我的問題。事實上，其中許多問題已經解決。但我希望您能提醒我們您如何考慮今年下半年的股息，特別是到目前為止，投資組合的盈利能力甚至超過了您在第三季度增加的股息率？

This is Bock. And so when we think of the dividend distribution, these are pass-through vehicles. And so the goal is to always ensure that you're distributing and in compliance with [rate test] I'd start to look at it from an over earnings perspective. So we have a very healthy level of earnings relative to the strong dividend that we pay out. And so looking into the future, it's that level of conservatism that we feel quite strongly about.

這是博克。因此，當我們考慮股利分配時，這些都是傳遞工具。因此，目標是始終確保您進行分配並遵守[速率測試]，我將開始從超額收益的角度來看待它。因此，相對於我們支付的強勁股息，我們的獲利水準非常健康。因此，展望未來，我們對這種程度的保守主義感到非常強烈。

So currently, a $0.77 dividend and $1.06 in terms of earnings, and both as Teddy and Brad had outlined in terms of portfolio activity, we feel very confident in the level of earnings profile and dividend support that we offer given this high level of earnings even to the extent that base rates come down because, I recall, it's -- let's say, cost of capital come down, and as Brad outlined, that's a bit of a limitation to deal activity, as portfolio velocity or repayments increase, so too, you can see the level of earnings power in our book increase as well.

因此，目前股息為0.77 美元，收益為1.06 美元，正如Teddy 和Brad 在投資組合活動方面所概述的那樣，考慮到如此高的收益水平，我們對我們提供的收益狀況和股息支持水平非常有信心，即使就基本利率下降而言，我記得，這是因為——比方說，資本成本下降，正如布拉德概述的那樣，這對交易活動有一定的限制，因為投資組合速度或還款增加了，您可以在我們的書中看到獲利能力水準也在提高。

So we're confident about -- you always want to start with an attractive level and sure it's well covered from earnings because you get that benefit that I stated at the beginning. Steady, stable dividend and attractive payout, with growing NAV is what equals an attractive premium for the stock over time.

所以我們有信心——你總是希望從一個有吸引力的水平開始，並確保它能從收入中得到很好的補償，因為你可以獲得我在開始時所說的好處。穩定、穩定的股息和有吸引力的派息，以及不斷增長的資產淨值，意味著隨著時間的推移，該股票將具有有吸引力的溢價。

So just to follow on there. We did see an increase in excise tax from 1Q into 2Q. Just going forward, should we expect that to be sort of a regular course line item that we should be modeling? Or would you look to limit that as you built up a cushion?

所以只是繼續那裡。我們確實看到消費稅從第一季到第二季增加。展望未來，我們是否應該期望它成為我們應該建模的常規課程專案？或者你會在建立緩衝時考慮限制這種情況嗎？

I think it would come in the form of cost of capital and really what you're seeing as it relates to the investment environment. So 4% excise tax you paid a rate retain capital effectively that was undistributed. You find that's an extremely cheap cost of equity.

我認為它會以資本成本的形式出現，實際上你所看到的東西與投資環境有關。因此，您繳納的 4% 消費稅可以有效保留未分配的資本。你會發現這是一個極為便宜的股本成本。

Now the key is when you retain equity, you need to make sure that you're retaining it in a book stable, right? And so you see situations to the other extreme where capital is retained but then effectively lost through poor credit performance. So if you look at on a forward basis, that's attractive cost capital. It can be redeployed into a book that's earning attractive ROE, and we continue to see ROEs remain strong given where we are.

現在的關鍵是，當您保留股權時，您需要確保將其保留在帳面穩定中，對嗎？因此，您會看到另一個極端的情況，即資本被保留，但隨後由於信用表現不佳而實際上損失了。因此，如果你從長遠來看，這就是有吸引力的成本資本。它可以被重新部署到一本能夠賺取有吸引力的淨資產收益率的書中，考慮到我們所處的位置，我們繼續看到淨資產收益率仍然強勁。

So you could likely expect that to stay.

所以你可能會期望這種情況會持續下去。

Melissa, just to maybe add to that. We talk about this a lot. We're in a fortunate position where we're - our earnings are very, very high. And if you look at six of the last eight quarters, we've either increase the dividend or paid a special. And in each of those -- on average, in those quarters, we've had 31% coverage over our dividend. So we want the investor experience to be at the top of our mind.

梅麗莎，也許可以補充一下。我們對此談了很多。我們處於一個幸運的位置——我們的收入非常非常高。如果你看看過去八個季度中的六個季度，我們要么增加了股息，要么支付了特別股息。平均而言，在這些季度中，我們的股利覆蓋率為 31%。因此，我們希望投資者的體驗成為我們的首要考量。

So that's why we talk about it every quarter. That's why you've seen us make changes in 75% of the quarters, and we'll continue to assess that with the Board.

這就是為什麼我們每個季度都會談論它。這就是為什麼我們在 75% 的季度中都做出了改變，我們將繼續與董事會一起評估這一點。

And there are no further questions. I'd now like to turn the call over to Stacy Wang for closing remarks.

沒有其他問題了。我現在想將電話轉給史黛西·王（Stacy Wang）做總結發言。

Thank you. That wraps up our call for today. Thank you all for joining us this morning, and we look forward to speaking to you next quarter.

謝謝。我們今天的電話會議到此結束。感謝大家今天早上加入我們，我們期待下個季度與您交談。