Blackstone Secured Lending Fund (BXSL) 2024 Q2 法說會逐字稿

You are currently on hold for today's Blackstone secured lending Second Quarter 2024 investor call. At this time, we're still meeting additional participants and plan to be underway shortly. We appreciate your patience and please remain on the line.

您目前正在等待今天舉行的 Blackstone 擔保貸款 2024 年第二季投資者電話會議。目前，我們仍在與其他參與者會面，並計劃很快開始。感謝您的耐心等待，請保持通話。

Please standby were about to begin.

請等待即將開始。

Good day and welcome to the Blackstone Secured Lending second quarter 2024 investor call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Stacy Wang, Head of Stakeholder Relations. Please go ahead.

美好的一天，歡迎參加 Blackstone 擔保貸款 2024 年第二季投資者電話會議。今天的會議正在錄製中。（操作員指示） 現在，我想將會議轉交給利害關係人關係主管 Stacy Wang。請繼續。

Thank you, Jennifer. Good morning, and welcome to Blackstone Secured Lending Fund's second quarter conference call. Joining me today are Brad Marshal; and Jonathan Bock, Co-Chief Executive Officers; Carlos Whitaker, President; and Teddy Desloge, Chief Financial Officer. Earlier this morning, we issued a press release and slide presentation of our results and filed our 10-Q, both of which are available on the shareholder section of our website, www.bxsl.com.

謝謝你，詹妮弗。早安，歡迎參加 Blackstone 擔保貸款基金第二季電話會議。今天加入我的是布萊德馬歇爾；和聯合執行長喬納森·博克（Jonathan Bock）；卡洛斯·惠特克，總裁；和財務長 Teddy Desloge。今天早些時候，我們發布了一份新聞稿和幻燈片演示了我們的業績，並提交了我們的10-Q 報告，這兩個文件都可以在我們網站www.bxsl.com 的股東部分獲取。

We will be referring to that presentation throughout today's call. I'd like to remind you that today's 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 in updating 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 audio cast is copyright material of Blackstone and may not be duplicated without consent.

我們將在今天的電話會議中提及該簡報。我想提醒您，今天的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 的版權資料，未經同意不得複製。

With that, I'd like to turn over the call to Brad Marshall.

說到這裡，我想把電話轉給布萊德馬歇爾。

Thank you, Stacy, and good morning everyone. Thanks for joining our call this morning. Turning to the agenda, I'll start with some high-level thoughts before turning over to Jon, Carlos, and Teddy to go into details of our portfolio and second quarter results.

謝謝你，史黛西，大家早安。感謝您今天早上加入我們的電話會議。談到議程，我將從一些高層想法開始，然後請喬恩、卡洛斯和泰迪詳細介紹我們的投資組合和第二季度業績。

Turning to slide 4 of the presentation. In my view, these results reflect the strength of our platform, leveraging the advantages of Blackstone's scale across our $1.1 trillion ecosystem and putting it to work for our investors. We're pleased that BXSL reported the best quarter of earnings on a dollar basis and the highest net asset value per share since our IPO, as well as increases in net investment income per share and net income per share compared to last quarter.

前往簡報的投影片 4。在我看來，這些結果反映了我們平台的實力，充分利用了 Blackstone 在我們 1.1 兆美元生態系統中的規模優勢，並使其為我們的投資者服務。我們很高興 BXSL 報告了自我們 IPO 以來以美元計算的最佳季度收益和最高的每股淨資產值，以及與上季度相比每股淨投資收益和每股淨利潤的增長。

Our NII of $0.89 per share, representing a 13.2% annualized return on equity is up from $0.87 per share in the prior quarter and net income of $1.01 per share is up from $0.96 per share in the prior quarter. Further, net asset value per share increased by $0.32 or 1.2% to $27.19 from $26.87 per share last quarter.

我們的 NII 為每股 0.89 美元，相當於 13.2% 的年化股本回報率，高於上一季的每股 0.87 美元，每股淨利潤為 1.01 美元，高於上一季的每股 0.96 美元。此外，每股淨值從上季每股 26.87 美元增加 0.32 美元，即 1.2% 至 27.19 美元。

Our dividend of $0.70 per share is well covered at 116% and represents an 11.3% annualized dividend yield, one of the highest among our traded BDC peers with as much of their portfolio invested in first lien senior secured assets with BXSL at 98.6%.

我們每股0.70 美元的股息得到了116% 的充分覆蓋，年化股息收益率為11.3%，是我們交易的BDC 同行中最高的之一，他們的投資組合大部分投資於BXSL 的第一留置權優先擔保資產，股利率為98.6%。

Return drivers remain strong. As of quarter end, BXSL had an 11.6% weighted average yield on debt investments with less than 0.3% investments on non-accrual at cost. And we were able to amend our corporate revolver post quarter end, leveraging the tighter market environment, as you will hear later from Teddy.

返回驅動力依然強勁。截至季末，BXSL 債務投資的加權平均收益率為 11.6%，其中非應計成本投資的加權平均收益率低於 0.3%。我們能夠在季度末後修改我們的企業左輪手槍，利用更緊張的市場環境，正如您稍後會從泰迪那裡聽到的那樣。

Moving to slide 5. The second quarter was our most active quarter for originations for both committed and funded investments since 2021, with $1.3 billion in new commitments and $891 million in fundings, this also marks the third consecutive quarter of over $1 billion in commitments. As a result of our broad coverage model and Blackstone's global reach, we get to see a broad range of deals that come to market, large, medium, small, and we seek to offer investors exposure to what we believe are compelling risk-adjusted opportunities at any given point in time.

轉到投影片 5。第二季度是我們自2021 年以來承諾投資和資助投資發起最活躍的季度，新承諾金額為13 億美元，融資金額為8.91 億美元，這也標誌著連續第三個季度承諾金額超過10 億美元。由於我們廣泛的覆蓋模式和 Blackstone 的全球影響力，我們能夠看到大量進入市場的交易，無論是大型、中型還是小型，我們力求為投資者提供我們認為具有吸引力的風險調整機會在任何給定的時間點。

This quarter, we funded more middle market companies compared to recent quarters and what we believe were high-quality transactions at lower LTVs and attractive spreads. Overall, our new fundings into new portfolio companies for the quarter were nearly 100% first lien senior secured debt with an weighted average spread of approximately 524 basis points, an average OID of 1.3% in nearly 1.5 years of call protection and an average LTM EBITDA of $119 million.

與最近幾季相比，本季我們為更多的中間市場公司提供了資金，我們認為這是以較低的生命週期價值和有吸引力的利差實現的高品質交易。總體而言，本季我們對新投資組合公司的新資金幾乎是100% 的第一留置權優先擔保債務，加權平均利差約為524 個基點，在近1.5 年的贖回保護中平均OID 為1.3%，平均LTM EBITDA 1.19 億美元。

Importantly, these assets had an average LTV of 37.9%, well below that of the portfolio in prior years. So, while we have seen some spread compression in the private markets, these new deals funded in the quarter had a greater spread to LTV ratio of what we would call spread per unit of risk. And while we have a large team focused on our assets, we also strive to minimize the company's expenses.

重要的是，這些資產的平均 LTV 為 37.9%，遠低於前幾年的投資組合。因此，雖然我們看到私募市場的利差有所壓縮，但本季資助的這些新交易的利差與 LTV 之比更大，即我們所說的每單位風險利差。雖然我們擁有一支專注於資產的大型團隊，但我們也努力最大限度地減少公司的開支。

We start with a lower headline for fee structure compared to the average of our traded BDC peer set, which we believe investors recognize, we then further aim to minimize other expenses and the cost of our liabilities. Teddy will talk about our liabilities a bit later. But since quarter end, we negotiated lowering the spread of our nearly $2.1 billion revolving credit facility to the lowest among our traded BDC peers.

與我們交易的 BDC 同行的平均水平相比，我們一開始的費用結構較低，我們相信投資者認識到這一點，然後我們進一步致力於最大限度地減少其他費用和負債成本。泰迪稍後會談論我們的負債。但自季末以來，我們協商將近 21 億美元循環信貸額度的利差降低至 BDC 交易同業中的最低水準。

At the same time, we further diversified our lender base by adding additional banks to our revolver group with now over 15 participants. Finally, with recent market volatility, we believe private capital solutions will remain attractive to scale borrowers given certainty of execution by private lenders. I'm very pleased with this quarter's progress in every regard. We had robust origination at what we view overall as attractive spread per unit of risk.

同時，我們透過向我們的循環貸款集團增加更多銀行，進一步實現貸款機構多元化，目前參與者已超過 15 家。最後，鑑於近期市場波動，我們認為，鑑於私人貸款機構執行的確定性，私人資本解決方案仍將對規模借款人具有吸引力。我對本季各方面的進展感到非常滿意。我們的起點是穩健的，我們認為整體上每單位風險的價差具有吸引力。

We continue to see strong earnings as measured by income and NAV, and we have repriced our cost of our capital after quarter end to position BXSL to operate in an environment where rates are likely to come in. For us, it's about seeking to maximize results in every area of BXSL for the benefit of our shareholders.

我們繼續看到以收入和資產淨值衡量的強勁盈利，並且我們在季度末後重新定價了我們的資本成本，以使 BXSL 在利率可能出現的環境中運作。對我們來說，這是為了股東的利益，尋求 BXSL 每個領域的成果最大化。

With that, I will pass over to my colleague, Jon.

接下來，我將把主題交給我的同事喬恩。

Thank you, Brad and let's jump to Slide 6. We ended the quarter with $11.3 billion of investments, over an 8% increase from the $10.4 billion in Q1 across 231 portfolio companies. This resulted in an increase in ending leverage to 1.13 times and average leverage of 1.09 times given the timing of some of our investment fundings, moving up to the middle of our target range of 1 times to 1.25 times debt equity.

謝謝布拉德，讓我們跳到幻燈片 6。本季末，我們對 231 家投資組合公司進行了 113 億美元的投資，較第一季的 104 億美元成長了 8% 以上。鑑於我們部分投資資金的時機，這導致期末槓桿率增加至 1.13 倍，平均槓桿率增加至 1.09 倍，升至債務股本目標範圍 1 倍至 1.25 倍的中間位置。

We maintained our strong liquidity position at $1.2 billion, and that's comprised of cash, available borrowing capacity across our revolving credit facilities, and that's including ABLs to lean into that expanded pipeline. Now, our weighted average yield on debt investments at fair value held steady at 11.6% this quarter compared to 11.8% last quarter. The yields on new debt investment fundings and assets sold and repaid during the quarter averaged 10.9% and 11.7%, respectively.

我們將強勁的流動性部位維持在 12 億美元，其中包括現金、循環信貸設施的可用借貸能力，其中包括用於擴大管道的 ABL。目前，本季我們以公允價值計算的債務投資加權平均收益率穩定在 11.6%，而上季為 11.8%。本季新增債務投資資金以及出售和償還資產的平均收益率分別為 10.9% 和 11.7%。

And let's take a look at the portfolio and turn to slide 7. Approximately 99% of BXSL investments are in first lien senior secured loans and 99% of those loans are to companies owned by financial sponsors, who generally have significant equity value in these capital structures demonstrated by an average loan-to-value of 47.4%.

讓我們看一下作品集，然後轉到投影片 7。BXSL 大約99% 的投資是第一留置權優先擔保貸款，其中99% 的貸款發放給金融贊助商擁有的公司，這些金融贊助商通常在這些資本結構中擁有巨大的股權價值，平均貸款價值比為47.4%。

Now, it's worth noting, the average single sponsor concentration in our portfolio is approximately 1% of fair value. Now, our portfolio also has what we believe is a strong LTM EBITDA base that's averaging $206 million, and it's a 13% increase from last year.

現在，值得注意的是，我們投資組合中的平均單一發起人集中度約為公允價值的 1%。現在，我們的投資組合還擁有我們認為強勁的 LTM EBITDA 基礎，平均為 2.06 億美元，比去年增長了 13%。

This is more than two times larger than the private credit market, where we also see continued strength and performance from larger companies, the bedrock of our portfolio relative to their smaller EBITDA counterparts on both growth and default. But however, Brad mentioned this, we continue to see a broad range of deals as we invested more this past quarter across the EBITDA spectrum with that $119 million weighted average LTM EBITDA.

這比私人信貸市場大兩倍多，我們也看到較大公司的持續實力和業績，這是我們投資組合相對於規模較小的 EBITDA 同行在成長和違約方面的基石。但是，布拉德提到，隨著上個季度我們在 EBITDA 領域進行了更多投資，加權平均 LTM EBITDA 為 1.19 億美元，我們繼續看到廣泛的交易。

Now, BXSL portfolio companies have seen growth rates in line with the broader private credit market as measured by the Lincoln International Private Markets database and over 15% more profitability on an LTM EBITDA margin basis.

現在，BXSL 投資組合公司的成長率與林肯國際私人市場資料庫衡量的更廣泛的私人信貸市場一致，並且基於 LTM EBITDA 利潤率的盈利能力增加了 15% 以上。

Now, since BXSL's inception, we believe we've been disciplined in building our portfolio to focus on first lien to use secured debt and do so in lower default rate industries as we believe that's a defensive place for investors, especially in an elevated or uncertain interest rate environment. Now, despite a slight uptick this quarter, non-accruals were at 0.3% at cost, and they remain minimal compared to our traded BDC peer average of nearly 3%, and that's compared to last quarter.

現在，自從BXSL 成立以來，我們相信我們在建立投資組合時一直遵守紀律，專注於使用擔保債務的第一留置權，並在違約率較低的行業中這樣做，因為我們認為這對投資者來說是一個防禦性的地方，特別是在違約率較高或不確定的行業中。現在，儘管本季度略有上升，但非應計費用按成本計算為 0.3%，與我們交易的 BDC 同行近 3% 的平均水平（與上季度相比）相比，它們仍然很低。

Now, we continue to emphasize the importance of interest coverage. The LTM EBITDA coverage based on average LTM EBITDA for BXSL portfolio companies over the last 12 months was 1.7 times in the second quarter, which again compares favorably to the Lincoln database for the broader private credit market at 1.4 times average coverage in the second quarter.

現在，我們繼續強調利息保障的重要性。基於過去 12 個月 BXSL 投資組合公司平均 LTM EBITDA 的 LTM EBITDA 覆蓋率在第二季為 1.7 倍，這再次與林肯資料庫中更廣泛的私人信貸市場的第二季平均覆蓋率 1.4 倍相比。

Now, looking at the share of those private credit portfolio of our private credit portfolio below 1 times interest coverage, excluding recurring revenue loans, BXSL is at 5% and of fair value versus the Lincoln private credit market index being over 3 times larger at nearly 18%.

現在，看看我們的私人信貸投資組合中利息覆蓋率低於1 倍的私人信貸投資組合的份額（不包括經常性收入貸款），BXSL 為5%，且具有公允價值，而林肯私人信貸市場指數則高出3 倍以上，接近18%。

And we've seen some increase in this figure for BXSL quarter-over-quarter, and that's because growth has slowed for some portfolio companies and additional company's interest coverage is coming just below 1 times. However, interest coverage is only one screen that we use to identify credits with which to be proactive.

我們看到 BXSL 的這一數字環比有所增長，這是因為一些投資組合公司的成長放緩，而其他公司的利息覆蓋率略低於 1 倍。然而，利息覆蓋率只是我們用來辨識主動信用的一個畫面。

Our interest coverage analysis helps us to identify companies that we believe could benefit from, for instance, in early discussion with the sponsor or an introduction to the operations-focused professionals on our BXCI value creation team. And so when we think about stress in our portfolio, instead, in our view, better represented by those assets that are marked below 80, which constitute less than 1% of the book at cost.

我們的興趣覆蓋率分析幫助我們識別我們認為可以從中受益的公司，例如，在與贊助商的早期討論中或向我們的 BXCI 價值創造團隊中以運營為中心的專業人士的介紹中。因此，當我們考慮投資組合中的壓力時，我們認為，更好地代表那些標記低於 80 的資產，這些資產佔帳面成本的比例不到 1%。

Now, looking now at how we're growing the portfolio and designing it top down, Slide 8 focuses on our industry exposure. And as I mentioned earlier, in the second quarter, the number of portfolio companies in BXCL increased to 231, while we maintain nearly 90% of our exposure to historically lower default rate industries.

現在，看看我們如何發展產品組合併自上而下地設計它，幻燈片 8 重點關注我們的行業曝光。正如我之前提到的，第二季度，BXCL 的投資組合公司數量增加到 231 家，同時我們保持了近 90% 的風險敞口處於歷史較低的違約率行業。

And this is similarly reflected in our investment activity this quarter, as Brad mentioned, with 70% of our new funded portfolio companies being in historically lower default rate industries, such as software, health care providers and services, et cetera.

正如Brad 所提到的，這也反映在我們本季的投資活動中，我們新投資的投資組合公司中有70% 位於歷史上違約率較低的行業，例如軟體、醫療保健提供者和服務等。

Now, I'll conclude with a point on amendment activity. Amendment activity continues to be relatively benign as performance of the portfolio remains strong. In the second quarter, amendments affected roughly 65 private borrowers, over 95% of which were associated with add-ons, M&A, DDTL extension, and imperial technical matters on changes to terms.

現在，我將以修正活動的觀點作為結束語。由於投資組合的表現依然強勁，修訂活動持續相對溫和。第二季度，修正案影響了大約 65 個私人借款人，其中超過 95% 與附加條款、併購、DDTL 延期以及條款變更的帝國技術問題有關。

Now, three issuers that saw amendments related to the portfolio we had incurred with three portfolio companies, all of which were marked below 80 and in total represent less than 80 basis points of the portfolio at cost.

現在，三個發行人看到了與我們對三家投資組合公司的投資組合相關的修改，所有這些修正都低於 80，以成本計算，總共代表投資組合的不到 80 個基點。

And with that, I'd like to turn it over to my colleague, Carlos.

說到這裡，我想把它交給我的同事卡洛斯。

Thanks Jon. Turning to slide 9. BXCL maintained its dividend distribution of $0.77 per share. As you can see, we have continued to focus on delivering yield to shareholders, building a level of confidence through steady regular dividends, while also growing NAV per share. We expect this approach to continue as we believe we are heading into a heightened period for deal activity.

謝謝喬恩。轉到投影片 9。BXCL 維持每股 0.77 美元的股息分配。正如您所看到的，我們繼續專注於為股東提供收益，透過穩定的定期股息建立信心，同時提高每股資產淨值。我們預計這種做法將繼續下去，因為我們相信我們正在進入交易活動的高峰期。

For instance, helping to meet this quarter's portfolio growth, we issued $190 million of additional equity under our ATM or at-the-market program this quarter at a premium to NAV. And we raised a $400 million bond that was swapped to SOFR plus 138, which we observed was well inside the price of new secured debt capacity.

例如，為了幫助滿足本季投資組合的成長，我們本季根據 ATM 或市場計劃以高於資產淨值的溢價發行了 1.9 億美元的額外股權。我們籌集了 4 億美元的債券，該債券被交換為 SOFR plus 138，我們觀察到該債券的價格遠低於新擔保債務能力的價格。

As we often discuss, after we make investments, we aim to add value by driving operational improvements and revenue-generating opportunities for our portfolio companies. We have outlined our BXCI value creation program on prior calls. And we believe a partnership with BXCI is valued by private equity sponsors. And with increased competition in the private credit market, we seek to distinguish ourselves by providing more than just capital to our portfolio companies.

正如我們經常討論的那樣，在進行投資後，我們的目標是透過推動投資組合公司的營運改善和創收機會來增加價值。我們在先前的電話會議中概述了我們的 BXCI 價值創造計劃。我們相信與 BXCI 的合作關係受到私募股權贊助商的重視。隨著私人信貸市場競爭的加劇，我們尋求透過向我們的投資組合公司提供的不僅僅是資本來使自己脫穎而出。

For instance, Park Place, a name we have discussed in the past, won two new clients through our BX-preferred program in the second quarter, resulting in the borrower increasing its annual recurring revenue by $1.1 million. We also continue to work with Park Place's business development team on additional opportunities with Blackstone invested companies that have meaningful spend on data centers.

例如，Park Place，我們過去討論過的一個名字，在第二季度透過我們的 BX 首選計劃贏得了兩個新客戶，導致借款人的年度經常性收入增加了 110 萬美元。我們也繼續與 Park Place 的業務開發團隊合作，為 Blackstone 投資的在資料中心方面投入大量資金的公司提供更多機會。

As a reminder, BXSL borrowers are offered full access to BXCI's value creation program, which provides borrowers with revenue-generating opportunities, cost savings procurement, and capabilities, including cybersecurity and data science, all at no additional cost because we understand the potential benefit to both BXSL's investment portfolio and shareholder returns.

提醒一下，BXSL 借款人可以完全存取 BXCI 的價值創造計劃，該計劃為借款人提供創收機會、成本節約採購和能力，包括網路安全和數據科學，所有這些都無需額外費用，因為我們了解潛在的好處BXSL 的投資組合和股東回報。

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

有了這個，我會把它交給泰迪。

Thanks Carlos. I'll start with our operating results on slide 10. In the second quarter, BXSL's net investment income was $173 million or $0.89 per share. BXSL recorded its highly quarterly GAAP net income on a dollar basis and tied its highly quarterly earnings per share since IPO at $196 million and $1.01 per share, respectively, up 12% from a year ago. Total investment income for the quarter was up $37 million or 11% year-over-year, driven by increased interest income primarily due to higher interest rates.

謝謝卡洛斯。我將從幻燈片 10 上的營運結果開始。第二季度，BXSL 的淨投資收益為 1.73 億美元，即每股 0.89 美元。BXSL 錄得以美元計算的季度 GAAP 淨利潤，自 IPO 以來季度每股收益分別為 1.96 億美元和 1.01 美元，比去年同期增長 12%。本季總投資收入成長 3,700 萬美元，年增 11%，主要是由於利率上升導致利息收入增加。

As a reminder, we amortized 100% of OID earned over the life of each loan versus taking fees upfront, which we believe leads to greater stability over the long-term. Interest income, excluding PIC fees and dividends represented nearly 93% of our total investment income in the quarter.

提醒一下，我們將每筆貸款生命週期內賺取的 OID 100% 攤銷，而不是預先收取費用，我們相信這會帶來更大的長期穩定性。利息收入（不包括 PIC 費用和股息）占我們本季總投資收入的近 93%。

Turning to our balance sheet on slide 11. We ended the quarter with $11.3 billion of total portfolio investments at fair value, $6.1 billion of outstanding debt, and $5.4 billion of total net assets. NAV per share increased to $27.9, up 1.2%, up from $26.87 last quarter, driven by excess earnings, stable portfolio fundamentals, and share issuance above NAV. This represents the seventh consecutive quarter of NAV per share growth.

轉向投影片 11 上的資產負債表。截至本季末，我們的投資組合投資總額（以公允價值計算）為 113 億美元，未償債務為 61 億美元，淨資產總額為 54 億美元。受超額收益、穩定的投資組合基本面以及高於資產淨值的股票發行的推動，每股資產淨值從上季度的 26.87 美元增至 27.9 美元，增長 1.2%。這代表每股資產淨值連續第七個季度成長。

Moving to slide 12. In addition, we saw the fifth consecutive quarter of commitment growth, as Brad outlined, with BXCL committing to approximately $1.3 billion in the quarter, funding nearly $900 million and an estimated additional $261 million committed by BXCI and earmarked for BXSL as of June 30. Net funded investment activity in the quarter was $800 million, up over 50% sequentially over the first quarter. Further, despite the spread tightening cycle across fixed income markets so far this year and an increase in broadly syndicated activity, we continue to experience muted repayment activity as Brad outlined.

轉到投影片 12。此外，正如Brad 概述的那樣，我們看到承諾額連續第五個季度增長，BXCL 在本季度承諾投入約13 億美元，資助近9 億美元，截至6 月30 日，BXCI 預計額外承諾投入2.61 億美元並指定用於BXSL。本季淨融資投資活動為 8 億美元，比第一季季增 50% 以上。此外，儘管今年迄今固定收益市場的利差收緊週期以及廣泛的銀團活動有所增加，但正如布拉德所概述的那樣，我們仍然經歷著溫和的還款活動。

In the second quarter, we saw $89 million of repayments or a 3% annualized repayment rate, bringing our year-to-date repayment rate to 4%, which compares to 10% for all of 2023. In fact, we did not have any exposure refinanced out by the syndicated market in the second quarter. It is also worth noting that in a declining rate environment, one may naturally expect an increase in portfolio turnover, but our portfolio had few realizations in the quarter.

第二季度，我們的還款額為 8,900 萬美元，年化還款率為 3%，使我們年初至今的還款率達到 4%，而 2023 年全年的還款率為 10%。事實上，第二季我們沒有任何透過銀團市場進行再融資的曝險。另外值得注意的是，在利率下降的環境下，人們自然會期望投資組合週轉率增加，但我們的投資組合在本季幾乎沒有變現。

Next, slide 13 outlines what we believe to be an attractive and diverse liability profile, which includes 46% of drawn debt and unsecured fixed bonds that are not swapped. Our unsecured fixed rate bonds have a weighted average fixed coupon of just under 3%, which we view as a key advantage in this elevated rate environment and contributed to an overall weighted average interest rate on our borrowings of 5.26%. This compares to a weighted average yield at fair value on our debt investments of 11.6%.

接下來，投影片 13 概述了我們認為有吸引力且多樣化的負債狀況，其中包括 46% 的提取債務和未交換的無擔保固定債券。我們的無擔保固定利率債券的加權平均固定息票略低於 3%，我們認為這是在這種高利率環境下的關鍵優勢，並導致我們借款的整體加權平均利率達到 5.26%。相較之下，我們的債務投資以公允價值計算的加權平均收益率為 11.6%。

As a reminder, we have a 16 person team within our CIO office that focuses on our liabilities and has access to diverse financing sources. As spreads have tightened across secured and unsecured markets, our team has been focused on driving down financing costs and further improving our balance sheet. To that end, on the heels of a full notch upgrade by Fitch to BBB flat in the first quarter, we issued a new $400 million 3.5-year bond in the second quarter, which priced at 140 basis points over treasuries and swapped to 138 basis points over SOFR.

提醒一下，我們的 CIO 辦公室內有一個 16 人的團隊，專注於我們的負債並可以獲得多種融資來源。隨著有擔保和無擔保市場的利差收緊，我們的團隊致力於降低融資成本並進一步改善我們的資產負債表。為此，在第一季度惠譽將評級全面升級至 BBB 後，我們在第二季度發行了 4 億美元的 3.5 年期債券，其定價較國債高 140 個基點，並轉換為 138 個基點點超過SOFR。

In addition, post Q2, we upsized our corporate revolver by $300 million and simultaneously dropped the drawn spread by 22.5 basis points to 152.5 basis points while bringing in our unused fee rate as well. We have no maturities on our funded liabilities until 2026, and our debt and funded facilities have an overall weighted average maturity of 2.9 years. We continue to explore means of further optimizing our cost of capital.

此外，在第二季後，我們將公司左輪手槍規模增加了 3 億美元，同時將提取利差降低了 22.5 個基點至 152.5 個基點，同時也引入了未使用的費率。我們的融資負債在 2026 年之前沒有到期日，我們的債務和融資融通的總體加權平均期限為 2.9 年。我們將繼續探索進一步優化資本成本的方法。

Total liquidity at quarter end was $1.2 billion in cash and undrawn debt available to borrow, and ending leverage as of June 30 was 1.13 turns, up sequentially from 1.03 turns in the first quarter, near the midpoint of our target range of 1 times to 1.25 times. We have positioned our balance sheet with significant excess capacity to support continued pipeline momentum we see through year-end as rates may begin to fall.

季度末的流動性總額為12 億美元現金和未提取的可藉債務，截至6 月30 日的期末槓桿率為1.13 倍，較第一季的1.03 倍有所上升，接近我們目標範圍1 倍至1.25 倍的中點次。我們在資產負債表上設定了巨大的過剩產能，以支持我們預計到年底的持續管道勢頭，因為利率可能會開始下降。

In closing, we are moving forward from what we believe is a position of strength with underlying earnings power, credit performance, and liabilities that distinguish us in the market. We will strive to remain laser-focused on delivering returns and protecting investors' capital.

最後，我們正在從我們認為的優勢地位出發，憑藉潛在的盈利能力、信用表現和負債，使我們在市場上脫穎而出。我們將努力繼續專注於提供回報和保護投資者的資本。

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)

（操作員說明）

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國銀行證券公司。

Hey, everyone, good morning. So first question in the wake of the Pluralsight restructuring for a lot of BDCs. I know you're not in there, but we're trying to get a picture of issuers or portfolio companies that would be below interest coverage, but where you have the sponsor putting in money. So is that -- would that be included in your below one interest coverage provided metric or otherwise, how prevalent is that set up in the portfolio?

嘿，大家早安。這是許多 BDC 進行 Pluralsight 重組後的第一個問題。我知道你不在那裡，但我們正在努力了解發行人或投資組合公司的情況，這些公司將低於利息覆蓋率，但你有贊助商投入資金。那麼，這是否會包含在您提供的以下一項利息保障指標中，或者以其他方式，在投資組合中設定的一般程度如何？

Hey Fin, it's Brad. So I'll just give a high-level comment, Teddy can give the statistics on the portfolio. So, Pluralsight, you're right, we're not in it. So we're not super close to that asset. I will make the comment, though, on the positive, which is the handover of Pluralsight to its lenders was actually quite orderly, which is one of the advantages of private credit. This was in the public markets. I think it would have languished it would have been stuck in bankruptcy. So it was nice to see kind of the private markets working fairly well.

嘿芬，我是布萊德。所以我只會給一個高層評論，Teddy 可以給出投資組合的統計數據。所以，Pluralsight，你是對的，我們不參與其中。所以我們距離該資產還不是很近。不過，我會從積極的方面發表評論，即 Pluralsight 向貸方的移交實際上相當有序，這是私人信貸的優勢之一。這是在公開市場上。我認為它會陷入困境，陷入破產境地。因此，很高興看到私人市場運作良好。

In terms of kind of overall credit and coverage, maybe Teddy, you can hit on the kind of what's kind of captured in our statistics.

就整體信用和覆蓋範圍而言，也許泰迪，您可以找到我們統計數據中捕獲的類型。

Yeah. I think your question, Fin, directly is a percentage of exposure below 1 times coverage and then specifically what we're seeing in terms of equity investments. Back went through it, but we had 65 amendments, 95% benign or positive. We had three issuers that had material amendments. Those three represented less than 1% of the overall portfolio.

是的。Fin，我認為你的問題直接是低於覆蓋範圍一倍的風險暴露百分比，然後具體是我們在股權投資方面看到的情況。Back 進行了審查，但我們有 65 項修改，其中 95% 是良性的或積極的。我們的三個發行人進行了重大修改。這三者佔整體投資組合的比例不到 1%。

Generally speaking, in situations that are underperforming, that is our first response is to work consensually with the company to see equity come into the structure. I can't speak specifically to those three companies, but it is something that we do ask in those types of situations.

一般來說，在業績不佳的情況下，我們的第一個反應是與公司協商一致，將股權納入結構中。我無法具體針對這三家公司，但在這種情況下我們確實會提出這樣的要求。

Okay, that's helpful. Thanks. And as a follow-up with the WHCG, it looks like you're joining the partial accrual movement. Can you talk about your policy there and if this will be commonplace going forward?

好的，這很有幫助。謝謝。作為 WHCG 的後續行動，您似乎正在加入部分應計制運動。您能否談談您在那裡的政策以及這是否會成為常態？

Yeah, I'm happy to start. Again, can't speak to that situation specifically. Generally speaking, Fin, I think as you've probably noticed historically, we haven't put assets on partial non-accrual unless there's a very clear potential restructuring that reflects that, in fact. More to come on that situation in the next quarter.

是的，我很高興開始。再說一次，不能具體談論這種情況。一般來說，Fin，我認為正如您在歷史上可能已經註意到的那樣，我們不會將資產部分設為非應計利潤，除非事實上有非常明確的潛在重組反映了這一點。下個季度還會有更多關於這種情況的報導。

I'd also say if you're going to make kind of the reference of how we think about both non-accruals, et cetera, Fin, if you start to see assets that have traded clearly below 80 or in some discounted mark territory, you can see that as an indicator of stress and we outline it.

我還想說，如果您打算參考我們如何看待非應計費用等，Fin，如果您開始看到交易價格明顯低於 80 或在某些折扣標記區域的資產，您可以將其視為壓力指標，我們對此進行了概述。

Maybe perhaps what you don't see here is an asset that has marched close to par that goes on non-accrual the next quarter. So I'd say that you'll see the page turn, but also in terms of that movement, you kind of have to reflect that if we have operating knowledge to have that mark and see where that mark is post restructuring, that could give you some indication of how we think about non-accruals.

也許您在這裡看不到的是一項已接近標準值的資產，但在下個季度將不再提列收益。所以我想說，你會看到翻頁，但就這一運動而言，你必須反映出，如果我們擁有操作知識來獲得該標記，並查看該標記在重組後的位置，這可能會給您對我們如何看待非應計費用有一些指示。

So just to put those two comments to the Fin, so equity, we'll always try and negotiate equity to come into the businesses, I think, in most of our restructurings that has happened. Secondly, Mark, you'll see a steady decline, and that's probably what analysts and investors should focus on is kind of what marks our -- as Jon said, below 80 because that indicates that there's real headwinds in the business. And those will improve or get worse between quarters.

因此，我想向財政部提出這兩條評論，即股權，我認為，在我們已經發生的大多數重組中，我們將始終嘗試透過談判股權來進入業務。其次，馬克，你會看到穩定下降，這可能是分析師和投資者應該關注的，正如喬恩所說，低於 80，因為這表明該行業存在真正的阻力。這些情況會在季度之間有所改善或變得更糟。

And but what's most important is we are -- it's an asset that's in that ZIP code. We are absolutely in front of the sponsor asking for equity. We have a CIO team of 80 people, which I think is bigger than most investment platforms. And all they do is spend time on making sure that we can improve the value of our investment, whether it's through the value-added program, which Carlos went through or by being early and proactive in any sort of restructuring.

但最重要的是我們——這是郵遞區號中的一項資產。我們絕對走在贊助商的前面要求股權。我們有一個80人的CIO團隊，我認為這個團隊比大多數投資平台都要龐大。他們所做的就是花時間確保我們能夠提高投資價值，無論是透過卡洛斯經歷過的增值計劃，還是儘早積極主動地進行任何形式的重組。

Thanks everybody.

謝謝大家。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Hi guys. Hopefully, you can hear. On first, on the size that you -- do you mentioned you did more middle market company for smaller companies, $100 million in EBITDA, it didn't use to be normal more market anything. But can you give us any color on when you're looking at a smaller company like that, what industries are you more focused on doing that? Because you've talked about bigger is better on size, but also neighborhood matter, which industries, et cetera.

嗨，大家好。希望你能聽到。首先，關於規模，您是否提到過，您為較小的公司提供了更多的中型市場公司，EBITDA 為 1 億美元，這在過去並不屬於正常的更多市場業務。但是，當您考慮這樣的小公司時，您能告訴我們您更專注於哪些行業嗎？因為你已經談到規模越大越好，但也涉及社區問題、行業等等。

So can you give us a color on like what industry would you do for, say, $250 million EBITDA company, but you wouldn't do for a $100 million EBITDA company. Any color on like how that shifts by size in industry appeal?

那麼，您能否告訴我們，您會為哪個行業做事，比如說， EBITDA 為 2.5 億美元的公司，但您不會為 1 億美元 EBITDA 的公司做。有什麼顏色可以解釋行業吸引力如何隨著規模的變化而變化嗎？

Yeah. Thanks Robert. It's Brad. I'll take that one. And again, it's not just -- it's not just sector, but obviously, it's capital structure. When we're looking at any deal, it is looking at the senior part of the capital structure, as you're aware. We're looking at the quality of the business. We've historically highlighted that larger companies tend to be better businesses. And then, of course, we're looking at -- you're pointing out which sectors, which neighborhoods, and we're going maybe a layer deeper than that. We're trying to be in the best blocks in the best neighborhoods.

是的。謝謝羅伯特。這是布拉德。我會接受那個。再說一次，這不僅僅是——這不僅僅是行業，而且顯然是資本結構。如您所知，當我們考慮任何交易時，我們都會考慮資本結構的高級部分。我們正在關注業務的品質。我們歷來強調，規模較大的公司往往是更好的企業。然後，當然，我們正在研究——你指出哪些部門、哪些社區，我們可能會比這更深一層。我們正在努力進入最好的街區、最好的街區。

And so I would say in when looking at these $100 million type EBITDA businesses, they are going to be in three primary sectors, where we have our sector teams built out technology and software, health care and life science and business services.

因此，我想說，在審視這些1 億美元類型的EBITDA 業務時，它們將位於三個主要行業，我們的行業團隊在這三個行業中建立了技術和軟體、醫療保健、生命科學和商業服務。

And in those areas, we characterize those neighborhoods as being historically low default sectors. They're good cash flow generators. They tend to grow, outgrow the economy, which in this environment is quite important. So that's what I would say about kind of where we're investing. And I wouldn't say they're small, I would say, the upper end of the middle market.

在這些地區，我們將這些社區描述為歷史上違約率較低的地區。它們是很好的現金流發生器。它們往往會成長，超過經濟成長，這在這種環境下非常重要。這就是我要說的關於我們投資的地方。我不會說它們很小，我會說，它們是中端市場的高端。

And then on my last point around capital structure, as we said in our prepared remarks, the investments we made in the quarter were at 37.9% loan-to-value. So the risk profile that where we're setting these companies up is quite low relative to where we've invested in some of these larger businesses, which has been more in the mid-40s.

關於我關於資本結構的最後一點，正如我們在準備好的發言中所說，我們在本季進行的投資為貸款價值比 37.9%。因此，與我們在 40 年代中期投資一些大型企業的風險相比，我們設立這些公司的風險相當低。

Got it. Thank you. Follow-up. Pluralsight already came up, Fin brought it up. You're not involved. It was originated in the second quarter of 2021, and you guys were $7 billion AUM back then and 2021 was a really active year. So I'm going to assume and we know what assuming means that you had the opportunity to participate in Pluralsight.

知道了。謝謝。後續行動。Pluralsight 已經出現了，Fin 提出了它。你沒有參與。它起源於 2021 年第二季度，當時的資產管理規模為 70 億美元，2021 年是非常活躍的一年。因此，我將假設，我們知道假設意味著您有機會參與 Pluralsight。

So can you correct me if I did you not see the deal or did you see the deal and decline to participate? And if you did decline, any recollection of what the reason was back then? It wasn't that moment ago.

那麼，如果我沒有看到該交易，或者您看到了該交易但拒絕參與，您能糾正我嗎？如果你確實拒絕了，你還記得當時的原因是什麼嗎？剛才不是那一刻。

Yeah. Well, we've seen it twice actually, and we passed both times based on just our own view of the credit was maybe different than others. One of the nice things about our platform is we have 900 technologists across kind of the Blackstone platform that we can kind of tap into and get very good insights into these technology businesses, and we do that in every single deal that we're invested in as well as we use the 50 data scientists that are part of the platform as well.

是的。好吧，我們實際上已經看過兩次了，而且我們兩次都通過了，只是因為我們自己對信用的看法可能與其他人不同。我們平台的好處之一是，我們在 Blackstone 平台上擁有 900 名技術人員，我們可以利用這些技術人員並獲得對這些技術業務的深入了解，並且我們在投資的每筆交易中都這樣做我們還使用了該平台的50 位資料科學家。

So and this will happen in many instances where we just take a different view than the market. I'd rather not get into the specific reasons and why we passed on it. But nonetheless, we did see it twice and passed both on it.

因此，在許多情況下，只要我們的觀點與市場不同，就會發生這種情況。我不想詳細說明具體原因以及我們為何放棄它。但儘管如此，我們確實看到了它兩次並且都通過了它。

Got it. Thank you.

知道了。謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Hey good morning. Thanks for taking my questions here. Just wanted to squeeze in. I just wanted to know about a specific credit in the portfolio and just kind of give your thoughts on performance, but maybe a little bit of an explanation of what the company is?

嘿早安。感謝您在這裡提出我的問題。就是想擠進去。我只是想了解投資組合中的特定信用，並給出您對業績的看法，但也許可以解釋一下這家公司是什麼？

Snoopy Bidco, large loan in the portfolio. I believe it's on full pick at this point, but it seems to be marked fairly well. Just wondering to get some ideas on how that company is performing and that's all?

Snoopy Bidco，投資組合中的大筆貸款。我相信此時它已經完全被選中，但它似乎標記得相當好。只是想了解公司的表現如何，僅此而已嗎？

Yeah. So unfortunately, the private companies, so we can't say much about the business. The business is a vet care business. We can talk about the mark, which is around [97.25%] across the securities, which would reflect that it's performing in line with expectations. I think when we did the deal, we were through the senior debt, which were -- that's our investment, we're through 32% loan to value. So a lot of equity kind of beneath us and the sponsors continue to kind of support that business and it's generally performing flat.

是的。不幸的是，私人公司，所以我們不能對業務說太多。該業務是獸醫護理業務。我們可以談論該標記，該標記在所有證券中約為 [97.25%]，這表明其表現符合預期。我認為當我們完成這筆交易時，我們償還了優先債務，這就是我們的投資，我們償還了 32% 的貸款價值。因此，我們擁有大量股權，贊助商繼續支持該業務，並且整體表現平平。

Got it. And would you say is that the majority of the PIC income in the portfolio? Or are there --

知道了。您認為這是投資組合中 PIC 收入的大部分嗎？或者有沒有--

Yeah, I'm happy to take that. No real change quarter-over-quarter in terms of PIC income, it represents 7% of income. 80% of our PIC is from the top five assets similar to last quarter. Those, as Brad said, are all performing all marked above 97%, and there were no new PIC amendments in the quarter.

是的，我很高興接受。PIC 營收季減沒有實際變化，佔營收的 7%。與上季類似，我們 80% 的 PIC 來自前五名資產。正如 Brad 所說，這些的表現均高於 97%，且本季沒有新的 PIC 修訂。

Got it. Appreciate it. And congrats on the good quarter. Thanks guys.

知道了。欣賞它。恭喜這個季度的良好表現。謝謝你們。

Thanks Paul.

謝謝保羅。

Mark Hughes, Truist.

馬克‧休斯，真理主義者。

Yeah, thank you. Good morning. Sorry if I missed this join late, but the repayments were pretty low this quarter. Is that just idiosyncratic quarter? Or is there some broader theme, something about your portfolio and kind of give any expectations you can share regarding how you expect that to play out?

是的，謝謝。早安.抱歉，如果我錯過了這次加入，但本季的還款額相當低。這只是一個特殊的季度嗎？或者是否有一些更廣泛的主題，關於您的作品集的一些內容，以及您可以分享的關於您希望如何發揮作用的任何期望？

Yeah, I'm happy to take that. You're right, annualized repayment rate was 3%, I think, lower than we would expect in sort of a normalized M&A environment. I think a couple of things driving that. Number one, M&A volumes overall have increased are still relatively muted.

是的，我很高興接受。你是對的，我認為年化還款率為 3%，低於我們在正常化併購環境中的預期。我認為有幾個因素推動了這一點。第一，併購交易量整體有所成長，但仍相對溫和。

So we've been driving deployment really through incumbency around half of what we're deploying are into assets where we do have incumbency. I think it is possible that we see repayments pick up over time as M&A picks up and as rates come down. But for now, you're right, they've remained relatively low.

因此，我們一直在透過在職人員真正推動部署，我們正在部署的大約一半的資源都部署在我們確實擁有的資產中。我認為隨著併購的增加和利率的下降，我們可能會看到還款隨著時間的推移而增加。但就目前而言，你是對的，它們仍然相對較低。

Mark, I'd just add, that's also a function of an item we mentioned last quarter, which is a proactive view on effective defense. So here in the quarter, we had repricing activity where what we have is a company that's effectively coming close to moving off call protection. And you have the ability to work with the company that you know and do so at a market price that's well above your current cost of capital and end up earning or extending the life of that loan and its current benefit to ROE.

馬克，我想補充一點，這也是我們上季度提到的一個專案的功能，這是對有效防禦的正面看法。因此，在本季度，我們進行了重新定價活動，我們所擁有的公司實際上已經接近取消呼叫保護。而且您有能力與您認識的公司合作，並以遠高於您當前資本成本的市場價格進行合作，最終賺取或延長貸款期限及其當前的淨資產收益率收益。

So if you look at across the board, give or take, our focus there in those active defense is also what will keep assets on the books for longer, allowing us to grow accretively as we also issue equity and low-cost debt.

因此，如果你全面考慮，無論給予還是接受，我們對這些積極防禦的關注也將使資產在賬面上保留更長時間，使我們能夠在發行股票和低成本債務的同時實現增長。

Is that process becoming a little more competitive, the repricing? Is there more negotiation around spreads as others maybe -- as the companies may be checking the current market dynamics?

重新定價這個過程是否變得更具競爭力？是否會像其他公司一樣，圍繞利差進行更多談判——因為公司可能會檢查當前的市場動態？

It's all a market dynamic, right? And it's clearly in an environment where you have a good amount of capital looking at a finite amount of deals that's simply a market phenomenon. Overall, it's around if you look at some of the reprices, is core is about 70-ish basis points of, we'll call it, tightening, if you will, which is in line with where we've started to see kind of market trends move overall.

這都是市場動態，對吧？顯然，在一個擁有大量資本的環境中，你會關注有限數量的交易，這只是一種市場現象。總體而言，如果你看一些重新定價，核心大約是 70 個基點左右，我們稱之為緊縮，如果你願意的話，這與我們開始看到的情況一致。

But I'd say a clear to my colleagues here, but it does find itself kind of just natural as it relates to where the broadly syndicated loan market is today and that perhaps can change with current volatility.

但我想對我的同事說清楚，但這確實很自然，因為它與當今廣泛的銀團貸款市場的狀況有關，並且可能會隨著當前的波動而改變。

So Mark, we have call protection in these deals, so it gives us a low leverage. And certainly, as repayments as the market gets more active, you'll probably see more repayments and that will either give us the opportunity to stay with the credit or take our call protection and accelerated fee income to help drive earnings. So for us, it's a little bit of a win-win. Investors either in a more active environment, we'll get more fee income or we get to kind of hold on to our better assets at market spreads.

馬克，我們在這些交易中擁有呼叫保護，因此它為我們帶來了較低的槓桿作用。當然，隨著市場變得更加活躍，您可能會看到更多的還款，這將使我們有機會保留信用，或利用我們的呼叫保護和加速費用收入來幫助推動收入。所以對我們來說，這有點雙贏。投資者要麼在更活躍的環境中，我們將獲得更多的費用收入，要麼我們可以以市價差持有更好的資產。

Understood. Thank you.

明白了。謝謝。

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking my question. And I just jumping around from calls, so I apologize if this was covered already, but could you go over some of the key drivers for the unrealized gains that were reported in the quarter? Thanks.

嘿，早安。感謝您提出我的問題。我只是從電話中跳來跳去，所以如果這已經被涵蓋，我很抱歉，但是您能否回顧一下本季度報告的未實現收益的一些關鍵驅動因素？謝謝。

Yeah, I'm happy to take that. We did have unrealized gains of $23 million in the quarter. A few markups and a couple of markdowns. I wouldn't necessary under say there's anything notable. We did see spreads come in a little bit in the quarter which helped drive March overall, given what we're seeing in the markup in the market, but nothing really to call out here.

是的，我很高興接受。本季我們確實有 2300 萬美元的未實現收益。一些加價和一些降價。我沒有必要說有什麼值得注意的話。考慮到我們在市場上看到的加價情況，我們確實看到本季利差出現了一些，這有助於推動 3 月的整體成長，但這裡沒有什麼值得指出的。

Got you. And then one follow-up, if I may. In terms of recent deal activity, you talked about some of the spreads that you're seeing, but just wondering, in terms of terms and documentation, what are you seeing in terms of some of the more recent activity, any timing or changes there? Thanks.

明白你了。如果可以的話，然後是一個後續行動。就最近的交易活動而言，您談到了您所看到的一些價差，但只是想知道，就條款和文件而言，您在最近的一些活動、任何時間或變化方面看到了什麼？謝謝。

Yeah, I would say no specific trends. There's, I would say, on the back of Pluralsight, the provision in the document that allowed the sponsor to move around kind of assets, that's actually been tightened up. So lenders have pointed to that as a weakness in documents and for new deals have tightened up that that loophole, I would say, in the middle market documents tend to be a little bit tighter than the large end of the market, which competes with the syndicated market. And so for us, during the quarter, documents are actually pretty good.

是的，我想說沒有具體的趨勢。我想說的是，在 Pluralsight 的背後，文件中允許贊助商轉移某種資產的條款實際上已經加強了。因此，貸方指出，由於文件和新交易的弱點已經收緊，因此，我想說的是，在中間市場，文件往往比大型市場更嚴格，而大型市場與大型市場競爭。因此，對於我們來說，本季度的文件實際上非常好。

But any time you see a very active liquid market, you tend to see some provisions get tested in the market, and you saw some of that earlier on in the quarter. Now, the liquid markets are showing a little bit of volatility right now. So that's changing a little bit right now, but we'll see how it develops over the course of the year.

但每當你看到一個非常活躍的流動性市場時，你往往會看到一些準備金在市場上受到考驗，並且你在本季度早些時候就看到了其中的一些。現在，流動性市場出現了一些波動。所以現在情況發生了一些變化，但我們將看到它在這一年中的發展。

Got you. Very helpful there. Thanks again.

明白你了。那裡非常有幫助。再次感謝。

And at this time, I'll turn the call back to you, Stacy Wang for closing comments.

此時，我會將電話轉回給您 Stacy Wang，以供結束評論。

Thank you, everyone, for joining our call today. We look forward to speak to you next quarter. Thanks, everyone.

謝謝大家今天加入我們的電話會議。我們期待下個季度與您交談。謝謝大家。

Goodbye.

再見。