Blackstone Secured Lending Fund (BXSL) 2025 Q1 法說會逐字稿

Good day and welcome to the Blackstone secured lending first quarter 2025 earnings call. Today's call is being recorded. At this time, all participants are on listen only mode. If you require operator assistance, please press 0. If you'd like to ask a question, please signal by pressing 1. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. At this time, I'd like to turn the conference over to Justin Farshidi, Principal of Blackstone Credit and Insurance. Please go ahead.

大家好，歡迎參加黑石擔保貸款 2025 年第一季財報電話會議。今天的通話正在錄音。此時，所有參與者都處於僅聆聽模式。若您需要接線生協助，請按 0。如果您想提問，請按 1 表示。如果您使用揚聲器，請確保靜音功能已關閉，以便您的訊號能夠到達我們的裝置。現在，我想將會議交給黑石信貸和保險負責人賈斯汀法爾希迪 (Justin Farshidi)。請繼續。

Thank you. Good morning and welcome to Blackstone Secured Lending Fund's first quarter conference call. Joining me today are Brad Marshall, co-Chief Executive Officer, Jonathan Bock, co-Chief Executive Officer, Carlos Whitaker, President, Teddy Desloge, Chief Financial Officer, and other members of the management team.

謝謝。早安，歡迎參加黑石擔保貸款基金第一季電話會議。今天與我一起出席的還有聯合執行長布拉德馬歇爾 (Brad Marshall)、聯合執行長喬納森博克 (Jonathan Bock)、總裁卡洛斯惠特克 (Carlos Whitaker)、首席財務長泰迪德斯洛格 (Teddy Desloge) 以及其他管理團隊成員。

Earlier today, we issued a press release with a presentation of our results and filed our 10, both of which are available on the shareholder resources section of our website www.bxsl.com. We will be referring to that presentation throughout today's call. 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 Form 10Q filed earlier today. This audio cast is copyright material of Blackstone and may not be duplicated without consent. With that, I'll turn the call over to Brad Marshall.

今天早些時候，我們發布了一份新聞稿，介紹了我們的業績，並提交了10份報告。這兩份報告均可在我們網站www.bxsl.com的股東資源欄位查閱。我們將在今天的電話會議上參考這份新聞稿。我想提醒您，本次電話會議可能包含前瞻性陳述，這些陳述不確定且超出公司控制範圍，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義務。對於可能影響結果的一些風險，請參閱我們今天早些時候提交的 10Q 表中的風險因素部分。此音訊廣播為 Blackstone 的版權資料，未經同意不得複製。說完這些，我將把電話轉給布拉德馬歇爾。

Great, thank you, Justin, and good morning, everyone. Thanks for joining our call. Before I dive into some details with John, Carlos, and Teddy, I do want to hit on some high-level views of the current environment and thoughts around our first quarter. Since the start of the year, uncertainty around tariffs and their potential impact on economic growth and inflation has certainly impacted investor sentiment. While we believe it's too early to assess the full implications of tariffs, the complex nature of the situation means that patience and discipline are key. Tenants we have had since BXSL’s inception. On the broader economy, it's important to remember we entered this period in a fundamentally strong position, and we believe those fundamentals remain intact.

太好了，謝謝你，賈斯汀，大家早安。感謝您加入我們的電話會議。在我與約翰、卡洛斯和泰迪深入討論一些細節之前，我想先談談對當前環境和第一季想法的一些高層次的看法。自今年年初以來，關稅的不確定性及其對經濟成長和通膨的潛在影響無疑影響了投資者情緒。雖然我們認為現在評估關稅的全部影響還為時過早，但情況的複雜性意味著耐心和紀律是關鍵。自 BXSL 成立以來我們就有租戶。就整體經濟而言，重要的是要記住，我們進入這段時期時處於基本面強勁的地位，而且我們相信這些基本面仍然完好無損。

Blackstone has lived through multiple cycles in its four-decade history, and we've used the firm's significant scale and data insights to benefit both our clients and portfolio companies. This includes investing in sectors that we think are more resilient in periods of volatility, and it also includes using resources like our value creation program to add value. For example, we've identified a relatively small group of companies in our portfolio that may be impacted by tariffs, and our team is actively helping these companies, whether it be through our procurement and e-sourcing programs, or supply chain consulting. Of course it's one thing to highlight tariff exposure. It is certainly another thing to have the resources to potentially manage its impact.

黑石集團在其四十年的發展歷程中經歷了多個週期，我們利用公司龐大的規模和數據洞察力，為我們的客戶和投資組合公司帶來利益。這包括投資我們認為在波動時期更具彈性的產業，也包括使用我們的價值創造計畫等資源來增加價值。例如，我們在投資組合中發現了一小部分可能受到關稅影響的公司，我們的團隊正在積極幫助這些公司，無論是透過我們的採購和電子採購計劃，還是供應鏈諮詢。當然，強調關稅風險是一回事。擁有資源來潛在地管理其影響當然是另一回事。

Despite the near-term market volatility, BXSL reported another strong quarter. Our net investment income, or NII of $0.83 per share this quarter, represented a 12.1% annualized return on equity and is made up overwhelmingly of interest income rather than income from dividends. Net asset value per share remained flat at $27.39 quarter over quarter. Our distribution of $0.77 per share was covered by our net investment income per share by 108% and represents an 11.2% annualized distribution yield, one of the highest among our traded BDC peers, with as much of their portfolio invested in first lane senior secured assets.

儘管近期市場波動，BXSL 仍報告了另一個強勁的季度業績。本季我們的淨投資收益（或每股 0.83 美元的 NII）代表 12.1% 的年化股本回報率，主要由利息收入而非股息收入組成。每股淨資產價值與上一季持平，為 27.39 美元。我們每股 0.77 美元的分配額由我們的每股淨投資收益覆蓋 108%，相當於 11.2% 的年化分配收益率，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第一通道優先擔保資產。

The BXSL still has among the lowest management fee and lowest GNA costs as a percentage of NAV across our traded BDC peers, which allows us to focus on high quality assets. Finally, credit quality remains strong with 0.3% of investments on non-accrual at cost and 0.1%. At fair market value, well below the average of our traded BDC peers of 2.7% and 1.2% respectively in the fourth quarter. Last quarter we discussed positioning BXSL for an anticipated ramp up in the activity in the back portion of 2025. And despite market uncertainty, we've been building our investment firepower to take advantage of opportunities that arise. For example, this quarter we issued $500 million of new debt at a coupon of 5.3% or a spread of 147-basis points over the relevant benchmark treasury rate, the tightest spread compared to traded BDC peers in 2025.

在我們交易的 BDC 同行中，BXSL 的管理費和 GNA 成本佔資產淨值百分比仍然最低，這使我們能夠專注於高品質資產。最後，信貸品質依然強勁，非應計成本投資佔 0.3%，而以成本計算的投資佔 0.1%。以公平市價計算，遠低於我們交易的 BDC 同業在第四季的平均 2.7% 和 1.2%。上個季度，我們討論了 BXSL 的定位，以應對 2025 年後期預期的活動成長。儘管市場存在不確定性，我們仍一直在增強投資實力，以抓住出現的機會。例如，本季我們發行了 5 億美元的新債，票面利率為 5.3%，即與相關基準國債利率相差 147 個基點，與 2025 年交易的 BDC 同行相比，利差最小。

Our liability stack continues to be diverse with floating rate components allowing us to help offset the reduced base rates on the asset side this quarter. In fact, the total weighted average interest rate on drawn debt decreased to 5.01% in Q1. In Q1 we had over $750 million of investment commitments, our sixth consecutive quarter of $750 million or above in total commitments. We also had nearly $700 million in new investment funding. This was offset by an increased repayments of $900 million during the quarter. We believe the fund's capitalization positions it well for potential future opportunities amidst market volatility and with that, I'll pass over to my colleague Jonathan.

我們的負債結構持續多樣化，浮動利率部分使我們能夠抵銷本季資產方面的基準利率下降。事實上，第一季提取債務的總加權平均利率下降至 5.01%。第一季度，我們的投資承諾超過 7.5 億美元，這是我們連續第六個季度的總承諾額達到或超過 7.5 億美元。我們也獲得了近7億美元的新投資資金。但本季增加的 9 億美元還款額抵銷了這一損失。我們相信，該基金的資本化使其在市場波動中能夠很好地掌握未來的潛在機會，現在我將把發言權交給我的同事喬納森。

Thank you, Brad, and let's turn to slide 6. We ended the quarter with $12.8 billion of investments at fair value over a 20% increase from the $10.4 billion year-over-year.

謝謝你，布拉德，讓我們翻到第 6 張幻燈片。本季末，我們的投資公允價值為 128 億美元，較去年同期的 104 億美元成長了 20% 以上。

In Q1, the BXSL also added 14 new borrowers to our portfolio while exiting six positions, netting a total of 284 companies. Ending leverage and average leverage ticked up slightly compared to prior quarters at 1.19 times and 1.16 times respectively, remaining near the middle of our average target range of 1 to 1.25 times.

在第一季度，BXSL 還為我們的投資組合增加了 14 家新借款人，同時退出了 6 家公司，總共淨增加 284 家公司。期末槓桿率和平均槓桿率與上一季相比略有上升，分別為 1.19 倍和 1.16 倍，仍接近我們 1 至 1.25 倍平均目標範圍的中間值。

Our weighted average yield on performing debt investments at fair value was 10.2% this quarter and compared to 10.4% last quarter. The yields on new debt investment fundings and assets sold and repaid during the quarter averaged 9.5% and 10.3% respectively. I jumped to slide 7. 98% of BSL 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%. Our portfolio also has an LTM EBDA base averaging $210 million with year over year EBDA growth at nearly 10%. This growth percentage is nearly 2 times larger than that of companies in the Lincoln International Private Market database, and while we evaluate opportunities across the size spectrum.

本季度，我們以公允價值計算的正常債務投資的加權平均收益率為 10.2%，而上一季為 10.4%。本季新增債務投資融資和出售償還資產的收益率平均分別為 9.5% 和 10.3%。我跳到第 7 張投影片。 98% 的 BSL 投資是第一留置權、優先擔保貸款，其中 99% 的貸款是提供給金融贊助商所擁有的公司，這些公司通常在這些資本結構中擁有相當大的股權價值，平均貸款價值比為 47.4%。我們的投資組合還擁有平均 2.1 億美元的 LTM EBDA 基數，EBDA 年成長近 10%。這一成長百分比幾乎是林肯國際私人市場資料庫中公司成長百分比的兩倍，而我們評估的是不同規模範圍內的機會。

We continue to see strength of performance from larger companies, which is the majority of our portfolio. Now while we continue to emphasize these stats on every earnings call, the recent tariff announcement and subsequent market volatility are strong reminders on why we choose to focus on first lean secured lending to larger companies in what we believe are good investment neighborhoods. Turn to slide 8, which focuses on our industry exposure. On Paris, we believe there's a potential material credit impact to a relatively small group of our portfolio companies. Now recall, we focus on domestic businesses in less capital intensive sectors with our highest exposures in software, professional services, and Healthcare providers services in those industries. Now this quarter, nearly 100% of the new private debt investments during the quarter were first lean senior secured positions with an average LTV at 40%, meaning there's a significant amount of capital beneath our loans.

我們繼續看到大型公司的業績強勁，這些公司占我們投資組合的大多數。現在，雖然我們在每次收益電話會議上都會繼續強調這些數據，但最近的關稅公告和隨後的市場波動強烈提醒我們，為什麼我們選擇首先專注於向我們認為是良好投資區域的大公司提供精益擔保貸款。請翻到第 8 張投影片，重點介紹我們的產業曝光。在巴黎，我們認為這可能會對我們投資組合中相對較少的公司產生重大信貸影響。現在回想一下，我們專注於資本密集度較低的行業的國內企業，我們在這些行業中最大的投資是軟體、專業服務和醫療保健提供者服務。本季度，幾乎 100% 的新私人債務投資都是第一階段的精益優先擔保頭寸，平均 LTV 為 40%，這意味著我們的貸款背後有大量資本。

Our first lien, senior secured debt in lower default rate industries is what we view as a very defensive place for investors, and that's further evidenced by our low no accrual rate of 0.3% of cost compared to our traded BDC peer average of 2.7% from last quarter. Now we remain consistent in our focus on strength of documentation and amendment activity. And as a reminder, we remain highly focused on control and lender protections when we negotiate our credit agreements. Amendment activity was up slightly quarter over quarter by count, with 48 of BXSL's private borrowers amending documents in Q1. Now, nearly all these amendments weighted by position size were associated with add-ons, M&A, DVT I extensions, immaterial technical matters, or slight changes to terms. Beyond these amendments, only one amendment accounting for fewer than 15-basis points of the portfolio cost was associated with an underperforming investment marked below 85 and featured additional document tightening as well as incremental economics. With that, let me turn it over to Carlos.

我們認為，我們在低違約率行業中的優先留置權、優先擔保債務對於投資者來說是一個非常防禦性的領域，而我們的成本無應計利率較低，僅為 0.3%，而上一季度我們的 BDC 同行平均無應計利率為 2.7%，這進一步證明了這一點。現在我們始終關注文獻的強度和修正活動。需要提醒的是，我們在協商信貸協議時仍然高度關注控制和貸方保護。修改活動數量按季度環比略有增加，第一季 BXSL 的 48 名私人借款人修改了文件。現在，幾乎所有這些按頭寸規模加權的修訂都與附加條款、併購、DVT I 擴展、非實質技術問題或條款的細微變化有關。除了這些修訂之外，只有一項佔投資組合成本不到 15 個基點的修訂與低於 85 的表現不佳的投資有關，並且具有額外的文件緊縮以及增量經濟。說完這些，讓我把話題交給卡洛斯。

Thanks, John. Turn to slide 9. The BXSL maintained its dividend distribution of $0.77 per share as we remain focused on delivering high quality yield to shareholders. During the quarter, we had another equity realization. Over the past few years, we've had several successful exits highlighting ways that can potentially positively impact returns through our selective equity investments. And while this has not been more than 1 to 2% of our portfolio historically, it has the ability to add value. This quarter, for instance, we realized our equity in frontline where we made a $2.9 million equity investment and realized the gain of over $7 billion. Although this is smaller than some of our other exits, we believe it is important to have these in our portfolio.

謝謝，約翰。翻到第 9 張投影片。BXSL 維持每股 0.77 美元的股息分配，因為我們仍然專注於為股東提供高品質的收益。本季度，我們又進行了一次股權變現。在過去幾年中，我們已成功退出數次，凸顯了透過選擇性股權投資可能對回報產生積極影響的方式。儘管從歷史上看，這只占我們投資組合的比例不超過 1% 到 2%，但它有能力增加價值。例如，本季度，我們實現了對 Frontline 的股權投資，進行了 290 萬美元的股權投資，實現了超過 70 億美元的收益。儘管這比我們的其他一些退出規模要小，但我們認為將其納入我們的投資組合中非常重要。

I echo the point on the strength of BXSL's portfolio owed to the scale and platform of Blackstone that Brad emphasized earlier. Our BXCI platform allows us to be active with existing companies. We can expand the portfolio with newer borrowers and aim to enhance the quality of our assets. But our ongoing involvement with our portfolio companies is now more important than ever.

我同意布拉德先前強調的 BXSL 投資組合的實力歸功於黑石的規模和平台的觀點。我們的 BXCI 平台使我們能夠與現有公司保持活躍。我們可以透過吸收新的借款人來擴大投資組合，並致力於提高資產品質。但我們與投資組合公司的持續合作現在比以往任何時候都更重要。

Recall, once we make an investment, we try to be more than capital providers. In an uncertain economic environment, not only does our CIO office leverage Blackstone's scaled insights to help identify and proactively mitigate portfolio risks, but our BXCI value creation program also supports our portfolio companies by seeking to enhance revenue and lower costs. For example, as mentioned earlier, It's one thing to highlight tariff exposure and it's another thing to have the resources to potentially help manage their impact.

回想一下，一旦我們進行投資，我們就會努力成為不僅僅是資本提供者。在不確定的經濟環境中，我們的資訊長辦公室不僅利用黑石的規模化洞察力來幫助識別和主動降低投資組合風險，而且我們的 BXCI 價值創造計劃還透過尋求提高收入和降低成本來支持我們的投資組合公司。例如，如前所述，強調關稅風險是一回事，而擁有資源來潛在地幫助管理其影響又是另一回事。

This program is used by over 90% of BXCI's portfolio companies who are offered the service and can help create equity value either by plugging borrowers into the Blackstone ecosystem or by simply saving them capital through our group procurement system. Truly a differentiated offering and a private credit space. Even better, it is offered at no charge to eligible participants and at no expense to BXSL. And it has created $5 billion in illustrative value for BXCI portfolio companies since its inception.

超過 90% 的 BXCI 投資組合公司都使用該計劃提供服務，這些公司可以透過將借款人納入黑石生態系統或僅透過我們的集團採購系統為他們節省資本來幫助創造股權價值。真正差異化的服務和私人信貸空間。更好的是，它免費提供給符合條件的參與者，並且不會為 BXSL 帶來任何費用。自成立以來，它已為 BXCI 投資組合公司創造了 50 億美元的示範價值。

And more specifically right now, portfolio companies are looking for guidance on how to price products given tariff impacts. In response, we have made more introductions to our consulting partners who provide pricing expertise and facilitate the development of tailored industry-specific pricing strategies. We have been actively utilizing our Blackstone sourcing center where we have over 57,000 supplier contracts in 106 countries that have been included in our e-sourcing events. This sourcing center supports bids across multiple geographies and languages.

更具體地說，目前，投資組合公司正在尋求如何在關稅影響下為產品定價的指導。作為回應，我們向更多的諮詢合作夥伴進行了介紹，他們提供定價專業知識並促進制定針對特定行業的定價策略。我們一直在積極利用我們的 Blackstone 採購中心，該中心在 106 個國家/地區擁有超過 57,000 份供應商合同，這些合同都已納入我們的電子採購活動。此採購中心支援跨多個地區和語言的投標。

Further, as an added bonus, BXCI's value creation program and Blackstone's market leading scale provide us with real-time insights from other Blackstone business units and proprietary views from our portfolio company's CEOs. This in turn can support our investment expertise as we selectively deploy capital into new opportunities we see in this market. And with that, I'll turn it over to Teddy.

此外，作為額外的獎勵，BXCI 的價值創造計劃和黑石集團市場領先的規模為我們提供了來自其他黑石集團業務部門的即時見解以及來自我們投資組合公司執行長的專有觀點。這反過來可以支持我們的投資專業知識，因為我們有選擇地將資本部署到我們在這個市場中看到的新機會。說完這些，我就把麥克風交給泰迪。

Thanks, Carlos. I'll start with our operating results on slide 10. In the first quarter, BXSL's net investment income was $189 million or $0.83 per share. In dollar terms up over 14% year over year and the high highest dollar amount since inception. Total investment income for the quarter, a record for the fund, was up $54 million or 18% year over year driven by increased interest income. As a reminder, we amortize 100% of OID earned over the life of each loan versus recognizing OID upfront as a fee at close, which we believe leads to greater stability over the long term.

謝謝，卡洛斯。我將從第 10 張投影片開始介紹我們的經營績效。第一季度，BXSL 的淨投資收益為 1.89 億美元，即每股 0.83 美元。以美元計算，年成長超過 14%，達到自成立以來的最高美元金額。該季度的總投資收入創下了該基金的最高紀錄，受利息收入增加的推動，該季度的總投資收入年增 5,400 萬美元，增幅為 18%。提醒一下，我們將在每筆貸款期限內攤銷 100% 的 OID，而不是在貸款結束時將 OID 預先確認為費用，我們相信這會帶來長期更高的穩定性。

As Brad noted, we did see elevated repayments in the first quarter, which accounted for nearly $13 million of accelerated OID prepayment premiums, and unamortized discounts in the first quarter. This in turn flows through interest income representing about $0.06 per share. Interest income excluding PI fees and dividends represented approximately 94% of our total investment income in the quarter. Turning to the balance sheet on slide 11, we ended the quarter with $12.8 billion of total portfolio investments at fair value, nearly $7.4 billion of outstanding debt, and over $6.2 billion of total net assets. NAV per share at quarter end was $27.39 flat since the fourth quarter of last year.

正如布拉德所指出的，我們確實看到第一季的還款額有所增加，這佔第一季加速 OID 預付保費的近 1300 萬美元，以及未攤銷折扣。這反過來又轉化為每股約 0.06 美元的利息收入。不包括 PI 費用和股息的利息收入約佔本季總投資收入的 94%。翻到第 11 張投影片上的資產負債表，本季結束時，我們的投資組合公允價值為 128 億美元，未償債務近 74 億美元，淨資產總額超過 62 億美元。本季末每股淨資產值為 27.39 美元，與去年第四季持平。

NAV per share was supported by $0.06 per share of excess earnings to our dividend, $0.11 from share issuance from our ATM program at a premium to NAV. However, offsetting this with $0.17 of unrealized losses in the portfolio, primarily concentrated to a small handful of larger positions. We continue to see stable fundamentals across the majority of our portfolio companies, with only 0.7% of debt investments at cost marked below 80%. Further, while we are focused on maintaining a senior secured portfolio, we also had a realization on an equity position, as Brad noted earlier, receiving proceeds of over a 2.5x the original investment, contributing $0.03 of positive impact to NAV. BXSL funded approximately $700 million in a quarter and committed over $750 million and held an estimated additional $59 million committed by BXCI and earmarked for BXSL as of March 31st.

每股資產淨值由每股 0.06 美元的超額收益（股息）和 0.11 美元的 ATM 計劃股票發行（溢價於資產淨值）支持。然而，投資組合中 0.17 美元的未實現損失抵消了這一損失，主要集中在少數較大的頭寸上。我們繼續看到，我們投資組合中的大多數公司的基本面保持穩定，僅有 0.7% 的債務投資成本低於 80%。此外，雖然我們專注於維持優先擔保投資組合，但我們也實現了股權頭寸，正如布拉德之前提到的，獲得的收益超過原始投資的 2.5 倍，為資產淨值貢獻了 0.03 美元的積極影響。BXSL 在一個季度內出資約 7 億美元，承諾出資超過 7.5 億美元，並持有 BXCI 承諾的額外 5,900 萬美元，截至 3 月 31 日已指定用於 BXSL。

Net funded investment activity was negative $289 million as deployment activity was offset by $978 million of repayments, primarily due to a few larger repayments during the quarter. This represented an annualized repayment rate of 28% of the portfolio at fair value, up from 6% from the prior quarter. Note, in periods of public market volatility and or slower M&A volumes as we've seen in recent periods, we would expect more muted repayment volumes. Next, slide 13 outlines are attractive and diverse liability profile, which includes 38% of drawn debt in unsecured bonds that are not swapped. These unsecured bonds have a weighted average fixed coupon of less than 3%, which we view as a key advantage in an elevated rate environment and contributed to an overall weighted average interest rate on our borrowings of 5.01%, down from 5.17% last quarter.

淨資助投資活動為負 2.89 億美元，因為部署活動被 9.78 億美元的還款所抵消，這主要是由於本季有幾筆較大額的還款。這意味著投資組合的公允價值年化償還率為 28%，高於上一季的 6%。請注意，在公開市場波動時期或最近一段時間內併購交易量放緩的時期，我們預計還款量會更加低迷。接下來，第 13 張投影片概述了有吸引力且多樣化的負債狀況，其中包括 38% 的未交換無擔保債券債務。這些無擔保債券的加權平均固定票面利率低於 3%，我們認為這是高利率環境下的關鍵優勢，並使我們借款的整體加權平均利率為 5.01%，低於上一季的 5.17%。

This also compares to a weighted average yield at fair value on our performing debt investments of 10.2%, down from 10.4% in the fourth quarter. We have 2.2 billion of debt maturities within the next two years, and our debt and funding facilities have an overall weighted average maturity of 3.5 years. Further, we continue to optimize our cost of capital. As Brad noted in February, we issued a $500 million 5.3%-year bond which priced at 147-basis points over the relevant benchmark treasury. As we have noted previously, as spreads have tightened across liability since 2023, we have been highly focused on bringing down our cost of capital through both new issuances at tighter levels and amendments to existing facilities.

相較之下，我們正常債務投資的公允價值加權平均收益率為 10.2%，低於第四季的 10.4%。我們在未來兩年內有 22 億美元的債務到期，我們的債務和融資工具的整體加權平均期限為 3.5 年。此外，我們繼續優化資本成本。正如布拉德在二月指出的那樣，我們發行了 5 億美元、年利率為 5.3% 的債券，其價格比相關基準國債高出 147 個基點。正如我們之前所指出的，隨著 2023 年以來負債利差收窄，我們一直高度重視透過在更嚴格的水平上發行新債券和修改現有工具來降低資本成本。

Today we have one of the lowest cost revolvers across traded BDCs at sulfur plus 152.5-basis points at the tightest tier. We've issued 1.6 billion of new bonds since the start of the second quarter of last year, which included the tightest new issue spread in the last two years within our traded BDC. We are one of the highest rated BDCs with a BAA2 and stable outlook by Moody's and positive outlook positive outlook by S&P. We issued our inaugural private credit CLO in the 4th quarter with senior most tranche pricing at Sulfur plus 155, 151, 1 of one of the tightest spreads on the senior most notes of any middle market private credit CLO among 200+ issued since 2021. As a result of these actions, the first quarter of 2025 weighted average spread on our floating rate committed liabilities was just sour plus 167, 30 basis points tighter than a year ago. BXSL's overall cost of debt of 5.01% is among the lowest we see across the traded BDC peer set last quarter.

今天，我們擁有在交易的 BDC 中成本最低的循環信貸之一，以硫磺加最緊等級的 152.5 個基點計算。自去年第二季初以來，我們已發行了 16 億新債券，其中包括我們交易的 BDC 中過去兩年來最緊的新發行利差。我們是評價最高的 BDC 之一，穆迪給予我們 BAA2 及穩定展望，標準普爾給予我們正面展望。我們在第四季度發行了首批私人信貸 CLO，其最高優先級票據的定價為 Sulfur plus 155, 151, 1，是 2021 年以來發行的 200 多只中端市場私人信貸 CLO 中最高優先級票據利差最小的票據之一。由於採取這些措施，2025 年第一季我們浮動利率承諾負債的加權平均利差僅為 167，比一年前收緊了 30 個基點。BXSL 的總債務成本為 5.01%，是上個季度我們在 BDC 同類交易中看到的最低成本之一。

Additionally, total liquidity was $3.4 billion of cash and undrawn debt available to borrow at these low financing costs while ending leverage as of March 31st was 1.19 turns, slightly up from 1.17 turns in the first quarter and near the midpoint of our target range of 1 to 1.25 turns. With that, I'll ask the operator to open it up for questions. Thank you.

此外，總流動性為 34 億美元現金和未提取債務，可以以較低的融資成本借入，而截至 3 月 31 日的期末槓桿率為 1.19 倍，略高於第一季的 1.17 倍，接近我們目標範圍 1 至 1.25 倍的中點。有了這些，我會請接線生開放提問環節。謝謝。

Thank you. If you would like to ask a question, you may do so by pressing one on your telephone keypad. We ask you to limit yourself to one question and one follow up to allow as many callers to join the queue as possible. Once again, one for questions. We'll go first to Finian O'Shea with Wells Fargo Securities.

謝謝。如果您想提問，您可以按下電話鍵盤上的 1 鍵。我們要求您將問題限制在一個，並進行一次跟進，以便盡可能多的呼叫者加入隊列。再次，提出一個問題。我們首先拜訪富國證券公司的 Finian O'Shea。

Hey everyone, good morning. First question on dividend coverage if you strip out the pre-pay fee and look back support, it looks like you're right at right at the dividend. So, understanding there's perhaps some leverage headroom and whatnot, but assuming the sour curve puts you under the dividend, curious as to your policy on spillover if you'll use that or adjust the base dividend as needed. Thanks.

大家好，早安。關於股息覆蓋率的第一個問題，如果你去掉預付費用並回顧支持，看起來你正處於股息階段。因此，了解可能存在一些槓桿空間等等，但假設酸性曲線使您處於股息之下，我很好奇您的溢出政策是否會使用它或根據需要調整基本股息。謝謝。

Thanks Spanish, Brad. Why don't I start and then you know John me touch on the spill over. So, I think since rates peaked last year, we've seen 3 cuts but 100-basis points. I think we're, as you point out the curve would suggest that there's more cuts and obviously that then has an impact on earnings. Earnings will come down. So, there's kind of 3 ways you can offset that, as you can see more turnover in your portfolio which creates fees, which you saw this quarter we had more turnover. Challenge with that, as you point out, it's a little less predictable. So, the second way you can, you manage falling rates is you can lower your expenses. We talked; Teddy talked a little bit about what we did in the liability front with issuing. Bonds that are 147-basis points over which we think are pretty low. We continue to focus on bringing down our G and A fees.

感謝西班牙語，布拉德。為什麼我不開始，然後你知道約翰讓我觸及溢出。所以，我認為自去年利率達到高峰以來，我們已經看到三次降息，但每次都是 100 個基點。我認為，正如您所指出的，曲線表明還會有更多的削減，這顯然會對收益產生影響。收益將會下降。因此，有三種方法可以抵消這種影響，因為您可以看到投資組合中的營業額增加，從而產生費用，而您在本季度看到我們的營業額增加。正如您所指出的，面對這樣的挑戰，事情就變得不那麼可預測了。因此，應對利率下降的第二種方法是降低開支。我們進行了交談；泰迪稍微談了一下我們在責任方面所做的事情。我們認為，高於 147 個基點的債券利率相當低。我們將繼續致力於降低 G 和 A 費用。

As much as possible and as our overall fee structure is the lowest among the lowest in the in the BDC space. So that's in works, we'll continue to focus on that. And then the third is we can take more risk. We can put more junior assets in the portfolio. We could look at harder sectors, harder credits, and TRY and offset lower base rates with more spread, but that's not us. So, we know how that movie ends, so we're going to continue to focus on quality today the dividends 11.2%, and if earnings decline, then we'll reflect that in the dividends going forward. As it relates to rates and spillover.

盡可能地，因為我們的整體費用結構是 BDC 領域中最低的。所以這是正在進行的工作，我們將繼續關注這一點。第三，我們可以承擔更多風險。我們可以在投資組合中投入更多次級資產。我們可以考慮更困難的行業、更困難的信貸和土耳其里拉，並透過更大的利差來抵消較低的基準利率，但這不是我們想要的。所以，我們知道這部電影的結局，所以我們今天將繼續關注質量，股息 11.2%，如果收益下降，那麼我們將在未來的股息中反映這一點。因為它與利率和溢出效應有關。

I'd say that if you look at it, there's some benefits and just as a quick reminder, understand that the cost of the underlying spillover at roughly 4%, right, that's very cheap cost of capital as you think about retained equity, and it also builds an earnings base, right? It builds an earnings base because your equity has grown. But you've not issued new shares to do so.

我想說的是，如果你看一下它，你會發現它有一些好處，並且只是快速提醒一下，要知道底層溢出的成本大約為 4%，對吧，當你考慮保留股權時，這是非常便宜的資本成本，而且它還可以建立盈利基礎，對吧？由於您的資產淨值增長，它建立了盈利基礎。但你還沒有發行新股來實現這一點。

So you have a level of additional earnings impact as a result of spillover retention, which is positive. I'd say when you think about management, it's return of capital. Our view is simply if we think about where the shares trade and the valuation impact of having additional earnings. I'd say as opposed to a BDC that might be below book value, certainly returning spillover in that case makes complete sense because you're giving people whole dollars as opposed to owning shares at a discount. And so, for us, we'll always look at it, but at a positive earnings profile, continued strength of the portfolio, and an attractive valuation, it makes sense to have a level of retention, but we'll always revisit it. It's a good question.

因此，溢出保留會對獲利產生一定程度的額外影響，這是正面的。我想說，當你考慮管理時，它就是資本回報。我們的觀點很簡單，如果我們考慮股票交易的位置以及額外收益對估值的影響。我想說的是，與可能低於帳面價值的 BDC 相比，在這種情況下返還溢出效應肯定是完全合理的，因為你給人們的是整美元，而不是以折扣價持有股票。因此，對我們來說，我們會一直關注它，但是考慮到積極的盈利狀況、投資組合的持續強勁以及有吸引力的估值，保留一定程度是有意義的，但我們會一直重新審視它。這是個好問題。

Okay, thanks, and as a follow up I wanted to ask about donuts, the large refi, wondering how hard you fought to keep that and where maybe you lost out, obviously there's the value creation program you've been a pioneer in in repricing technology, but just to get a sense on the limitations of those approaches. And perhaps the outlook for higher repays on the go forward, thanks.

好的，謝謝，作為後續問題，我想問一下關於甜甜圈、大型再融資的問題，想知道您為保持這一點付出了多大努力，以及您可能在哪些方面失去了什麼，顯然您在重新定價技術方面一直是價值創造計劃的先驅，但我只是想了解這些方法的局限性。也許未來會有更高的回報前景，謝謝。

Yeah, that deal was refinanced the whole business securitization then, so not much for us to do there great credit, it was a good asset in our portfolio. We saw two other larger repayments that went to strategics, so not a lot we could do there kind of either, but our policy will remain the same. TRY and hold on to good assets as much as possible and let the less good assets, get repaid, over time.

是的，那筆交易是整個業務證券化的再融資，所以我們在那裡做不了什麼，但它是我們投資組合中的一個好資產。我們看到另外兩筆較大額的還款都用於策略性投資，因此我們在這方面能做的也不多，但我們的政策將保持不變。盡可能嘗試保留優質資產，並讓不太優質的資產隨著時間的推移而償還。

Thanks so much. We'll take our next question from Mark Hughes, tourist Securities. Mr. Hughes, please go ahead. Your line is open. Please check your mute function. Let's jump to the next. We'll go to Melissa Wooddell with JP Morgan.

非常感謝。我們將回答旅遊證券公司的馬克休斯提出的下一個問題。休斯先生，請繼續。您的線路已開通。請檢查您的靜音功能。讓我們跳到下一個。我們將與摩根大通一起拜訪梅麗莎·伍德德爾。

Good morning. Thanks for taking my questions today. When we think about sort of the amount of leverage in the portfolio, when you on a growth basis it seems towards the higher end of the range, but when we back out the amount of cash, on the balance sheet, it takes you down towards the low end of the range by our map it's about 103, net debt to equity. Assuming that you would have sort of agree with this, it looks like you might be sitting on some dry powder, and as you think about deploying capital, in this environment, curious about how you pace that. Obviously, you've got access to additional capital through the market program, but in terms of the environment and the spread environment that you're seeing, given the amount of uncertainty from policy, how eager are you to deploy additional capital?

早安.感謝您今天回答我的問題。當我們考慮投資組合中的槓桿數量時，如果以增長為基礎，它似乎處於範圍的高端，但是當我們在資產負債表上退出現金數量時，它會下降到範圍的低端，根據我們的地圖，它大約是 103，即淨債務與股本的比率。假設您同意這一點，看起來您可能坐擁一些資金，並且當您考慮在這種環境下部署資本時，我很好奇您會如何安排。顯然，您可以透過市場計劃獲得額外資本，但就您所看到的環境和利差環境而言，考慮到政策的不確定性，您有多渴望部署額外資本？

Yeah, I'm happy to take that. Thanks, Melissa. So you're right, we did have a little bit of excess cash in the end of the quarter. That was really tied to timing of some repayments towards the end of the quarter, backing that out, we're, closer to the lower end of the range from a leverage perspective. I think from our perspective as we think about periods of volatility, uncertainty, what we've seen really in the liquid markets in the last the last month or so has been a bit of a shift from a deal flow from the liquid markets to the private market. We saw that play out certainly in 2023 that led to, fairly material spread widening in that period. From our perspective, we want to be well capitalized to take advantage of that, right? We are seeing a bit of a pickup in the pipeline in the near term.

是的，我很樂意接受。謝謝，梅麗莎。所以你說得對，我們在本季末確實有一點多餘的現金。這實際上與季度末一些還款的時間有關，從槓桿的角度來看，我們更接近該範圍的低端。我認為，從我們的角度來看，當我們考慮波動和不確定時期時，我們在過去一個月左右的流動性市場中看到的是交易流從流動性市場向私人市場發生了一些轉變。我們肯定會在 2023 年看到這種情況發生，導致該時期利差相當擴大。從我們的角度來看，我們希望擁有充足的資本來利用這一點，對嗎？我們看到近期管道建設有所回升。

We'll see how that translates to deal activity in the next quarter, but we feel very good about how we are capitalized today. I mentioned our low cost financing at 5.01% interest rate across our across our funded liabilities. We have unfunded, we've unfunded liabilities at low cost as well. So, we'll lean into that as we see the market opportunity.

我們將看到這將如何轉化為下一季的交易活動，但我們對今天的資本利用感到非常滿意。我提到了我們的低成本融資，利率為 5.01%，涵蓋我們的融資負債。我們有未籌措資金的債務，我們也有低成本的未籌措資金的債務。因此，當我們看到市場機會時，我們傾向於這樣做。

And Melissa, what I'd add to that is our pass rate in the first quarter was probably among the highest it's been in a long time. Just if you think about, wanting a little bit more clarity in the direction of travel in the US and global economy, we were pretty cautious. We built up, some capital to invest into the dislocation and we found a few things, but we probably were more on the path side, as I sit here today. We have our kind of heads-up meeting where we're we have 20 deals going through that heads up review process, which is pretty high, I, we're obviously doing this instead of sitting in that meeting, but so we don't know the quality, but in terms of the number of deals coming through, it's actually pretty steady.

梅麗莎，我想補充的是，我們第一季的通過率可能是長期以來最高的。如果你仔細想想，為了更清楚地了解美國和全球經濟的發展方向，我們非常謹慎。我們累積了一些資本來投資解決這個問題，並發現了一些東西，但正如我今天坐在這裡一樣，我們可能更多地處於路徑方面。我們有一個類似前瞻會議的會議，其中有 20 筆交易正在經歷前瞻審查過程，這個數字相當高，我，我們顯然是在做這件事而不是坐在那個會議上，但我們不知道質量，但就達成的交易數量而言，它實際上是相當穩定的。

In terms of spreads, what we have seen, clearly the public markets, you saw some spread widening, mostly in the more tariff impacted sectors, and I would say similarly in the private markets, the lower quality assets you've seen spreads widened by 50 to 100-basis points. The higher quality assets less, so there's definitely still a quality bias and that's probably somewhere around, maybe it's up 25-basis points, but not much more than that. So, we'll, continue to see the markets evolve here and hopefully get more clarity and M&A will pick up, but as Teddy said, in the meantime, more deals are shifting to the private markets away from the public.

就利差而言，我們已經看到，顯然在公開市場中，你會看到利差有所擴大，主要是在受關稅影響較大的行業，我想說，在私人市場中也同樣如此，你會看到質量較低的資產的利差擴大了 50 到 100 個基點。優質資產較少，因此肯定仍然存在品質偏差，大概在某個地方，也許上漲 25 個基點，但不會超過太多。因此，我們將繼續觀察市場的發展，並希望獲得更清晰的認識，併購活動也將回升，但正如泰迪所說，與此同時，更多的交易正在從公開市場轉向私人市場。

I appreciate all that color that you gave there. I wanted to follow up also on Finian's question too. When we back out the $0.06 a share of NII that came from the repayment activity, would you say that most of the decline in base rates. Is effectively fully running through the income statement at this point. I know there tends to be a little bit of a lag, but just curious if that's fully caught up now. Thank you.

我很欣賞你在那裡所賦予的所有色彩。我也想跟進 Finian 的問題。當我們從還款活動中抽出每股 0.06 美元的 NII 時，您是否認為大部分基準利率都下降了。此時，實際上已經完全運行了損益表。我知道往往會有一點滯後，但只是好奇現在是否已經完全趕上。謝謝。

Yeah, thanks Melissa. I'm happy to take that. Yes, we would expect the current base rate environment to be fully reflective of earnings in the quarter.

是的，謝謝梅麗莎。我很高興接受這個。是的，我們預計當前基準利率環境將充分反映本季的收益。

Thank you. We'll go next to Hallie Sheep with Raymond James.

謝謝。接下來我們將和 Raymond James 一起去 Hallie Sheep。

Morning, thanks for the question. We've heard from other BDCs this earning season who are shifting largely down market while your shift is moving further upmarket. Can you expand on your strategy there?

早安，感謝您的提問。我們聽說，在這個獲利季節，其他 BDC 正在大幅向低端市場轉移，而您的業務則進一步轉移到高端市場。您能詳細闡述一下您的策略嗎？

Yeah, I can hit on that, Ali. So, it's a little bit what I was saying earlier with Finn's question on where we want to be investing. And I think in market, times of volatility, uncertainty, you definitely want to be shifting to higher quality assets and for more expensive BDCs, that's really hard to do because their expense load is really high. But as you know with BXSL, the management fees, the GnA fees, the liabilities are low, and so that allows us to look at higher quality assets, and we think those are just more resilient. We think there are bigger companies are better. We think that the sectors we're picking are more resilient and so that will remain our strategy. We do not want to reach for risk, impair the volatility. We think it's a much better strategy to maintain quality even if spreads, compress or don't widen as much as some of the lower quality assets.

是的，我可以做到這一點，阿里。所以，這有點像我之前在回答 Finn 的問題時所說的「我們想要在哪裡投資」。我認為，在市場波動和不確定的時期，你肯定希望轉向更高品質的資產，而對於更昂貴的 BDC 來說，這真的很難做到，因為它們的費用負擔非常高。但正如您所知，BXSL 的管理費、GnA 費用和負債都很低，因此我們可以考慮更高品質的資產，而且我們認為這些資產更具彈性。我們認為公司越大越好。我們認為，我們選擇的產業更具彈性，因此這仍將是我們的策略。我們不想追求風險，損害波動性。我們認為，即使利差縮小或沒有像一些品質較低的資產那樣擴大，這也是一種保持品質的更好策略。

Got it, understood, thanks. And then a real quick follow up. Have you received any specific feedback from portfolio companies on tariff impacts and seen any emerging patterns or trends with specific industries seeing stress? And accordingly, has your investment strategy shifted? Going forward in terms of targeting certain industries or deemphasizing exposure in other industries.

明白了，了解了，謝謝。然後進行真正快速的跟進。您是否收到投資組合公司關於關稅影響的具體回饋，並且看到特定產業面臨壓力的新興模式或趨勢？那麼您的投資策略是否也隨之改變了？繼續瞄準某些行業或減少對其他行業的關注。

Yeah, thanks. I can take that. So, I think overall our view is it's still very early to tell, right, as we look at our portfolio, what are we not doing? We're not financing foreign companies selling physical goods in the US, so we feel pretty good about where we're positioned, the industries that you see on the page, predominantly US-based software, services and healthcare, right? These are business models that are and should be less impacted as a result of tariffs.

是的，謝謝。我可以接受。所以，我認為總的來說，現在下結論還為時過早，對吧，當我們審視我們的投資組合時，我們還沒有做什麼？我們不為在美國銷售實體商品的外國公司提供融資，因此我們對自己所處的位置感到非常滿意，您在頁面上看到的行業主要是美國的軟體、服務和醫療保健，對嗎？這些商業模式受關稅的影響應該較小。

As we characterize that, it's about 90% of the portfolio that's in those less impacted areas. Now John mentioned it, but we did do a name-by-name analysis actually across 2000 sub-investment grade and investment grade companies across our platform that included all 284 companies and BXSL and found a relatively small group of companies that may be materially impacted.

正如我們所描述的那樣，大約 90% 的投資組合位於受影響較小的地區。正如約翰所提到的，我們確實對我們平台上的 2000 家次投資級和投資級公司進行了逐一分析，其中包括所有 284 家公司和 BXSL，並發現一小部分公司可能會受到重大影響。

So again I think it's a little bit too early to tell, but overall I feel very good about positioning, not changing how we're thinking about investing, right, as Brad mentioned, we've taken a defensive first strategy that's leaning into first lean exposure, that's leaning to more stable growing sectors in the US. We do think some parts of direct lending may be tested as a result of tariffs. If you think about the more fragile parts of the economy, junior exposure, non-sponsored exposure where there's limited junior capital support potentially could be under stress and may have been, less tested in recent environments. So, we feel very good about our position, continue to take more of a defensive approach.

因此，我再次認為現在下結論還為時過早，但總體而言，我對定位非常滿意，不會改變我們對投資的看法，正如布拉德提到的那樣，我們採取了防禦性優先的策略，傾向於首先進行精益投資，傾向於美國更穩定的增長行業。我們確實認為，直接貸款的某些部分可能會因關稅而受到考驗。如果你考慮一下經濟中比較脆弱的部分，初級風險敞口、非贊助風險敞口（初級資本支持有限）可能會面臨壓力，而且在最近的環境中可能沒有受到太多考驗。因此，我們對自己的立場感到非常滿意，並將繼續採取更防禦性的策略。

And Ale Carlos hit on this, but and I did as well. It is, and I mean this quite sincerely, it is one thing to talk about tariffs and their impact, but then to have the ability to go and try and do something about it. And the Blackstone value creation program, this is what it's designed for. It's designed to help with procurement. It's designed to run e-sourcing programs to lower cost of goods or get better deals on services or products. We have a consulting effort, so this team that sits in credit, all they do is call our companies and say, hey, we noticed that potentially your costs are up because of tariffs. What can we do to help? And it's kept since Liberation Day. Kept that team quite busy seeing where we can indeed help.

Ale Carlos 想到了這一點，但我也想到了。是的，我是真誠地這麼說的，談論關稅及其影響是一回事，但有能力去嘗試並採取行動則是另一回事。這就是黑石價值創造計畫的設計目的。它旨在幫助採購。其目的是運行電子採購程序來降低商品成本或獲得更好的服務或產品交易。我們有一個諮詢團隊，負責信貸的團隊所做的就是打電話給我們的公司並說，嘿，我們注意到你們的成本可能因為關稅而上升。我們能做些什麼來幫忙？自解放日以來它一直被保留下來。讓那個團隊忙個不停，看看我們究竟能提供什麼幫助。

Got it. I appreciate the call thank you.

知道了。我很感謝你的來電，謝謝。

We'll take our next question from Paul Johnson with KBW.

我們將回答 KBW 的 Paul Johnson 提出的下一個問題。

Yeah, good morning. Thanks for taking my question. I'm just curious if you could maybe kind of parse out a little bit just because, the $0.17 or 60-basis points of kind of map decline on the portfolios or how much may have been, driven to more credit specific stuff for smart market.

是的，早安。感謝您回答我的問題。我只是好奇，您是否可以稍微分析一下，因為投資組合中 0.17 美元或 60 個基點的地圖下降，或者可能在多大程度上導致了智慧市場對信貸的更多特定需求。

Yeah, I'm happy to happy to take that. Thanks, Paul. So just to summarize, as we mentioned, Nav flat quarter over quarter, $0.06 benefit from our earnings, $0.11 benefit from ATM issuance, and then $0.17 unrealized losses as we dig into that $0.17 there really Two primary drivers of it. The first was about 30% of the net impact was actually repayments. That's a reversal of unrealized gains in the quarter tied to that repayment activity.

是的，我很高興接受這個。謝謝，保羅。所以總結一下，正如我們所提到的，Nav 季度環比持平，0.06 美元的收益來自我們的收益，0.11 美元的收益來自 ATM 發行，然後是 0.17 美元的未實現損失，當我們深入研究 0.17 美元時，實際上有兩個主要驅動因素。首先，約 30% 的淨影響實際上是償還。這是與該還款活動相關的本季未實現收益的逆轉。

Just under half of that impact was one company, and that's Medallia, which we talked about last quarter that was now marked down to 89 in the quarter, down from 94%. Without getting into too much detail, that mark reflects. More competitive pricing environment we are backing a sponsor here who is highly specialized in this space with significant cash equity. We've been supportive of management and sponsor actions. We're actually using Blackstone resources to also help where possible.

其中近一半的影響來自一家公司，那就是 Medallia，我們在上個季度談到這家公司，其評級從 94% 下降至本季的 89%。無需過多細節，該標記即可反映。更具競爭力的定價環境，我們支持一位在該領域高度專業化且擁有大量現金股權的贊助商。我們一直支持管理階層和贊助商的行動。我們實際上也在利用黑石資源盡可能地提供幫助。

Product quality there actually remains very high. Gartner recently rated Medallia as a leader in their voice of customers platform. So, one will continue to watch. I think if you look across the portfolio overall seeing healthy trends. 75% of our companies were either marked up or flat over the over the prior quarter. And if you strip out Medallia, the vast majority of markdowns were 1-point or less, predominantly performing names marked above 95%. So overall we feel we feel good about the portfolio, 70-basis points of assets marked below 80 and it's well below the average of the traded BDC peer set and non-accruals just 30-basis points.

那裡的產品質量實際上仍然很高。Gartner 最近將 Medallia 評為其客戶之聲平台的領導者。因此，人們將繼續觀察。我認為，如果你縱觀整個投資組合，你會看到健康的趨勢。 75% 的公司股價與上一季相比上漲或持平。若剔除 Medallia，絕大多數降價幅度都在 1 分或以下，主要為表現優異的品牌，降價幅度在 95% 以上。因此，總體而言，我們對投資組合感到滿意，70 個基點的資產低於 80，遠低於交易的 BDC 同行的平均水平，而非應計項目僅為 30 個基點。

Thanks for that.

謝謝。

That's a really good color, and I also appreciate all the details that you guys provide on amendments and amendment activity during the quarter. Be great to hear, that same kind of information from some of your peers but just going to one specific credit during the quarter, Navigator, looks like it may have been kind of marked up just marginally, but that was another one that was kind of in the 80s. Last quarter maturity was pitched up pushed out, with a little bit of stick in there. Just wondering if that was the one company you mentioned regarding the kind of the negative amendments in the quarter and in any kind of color you might be able to provide there.

這確實是一個很好的顏色，我也很感謝你們提供的有關本季修正和修正活動的所有細節。很高興聽到一些同行提供相同的信息，但只針對本季度的一項特定信貸，Navigator，看起來可能只是略有上漲，但那是另一個 80 年代左右的信貸。上個季度，成熟度被推高，但仍有一點停滯。我只是想知道這是否是您提到的那家公司，關於本季的負面修正，以及您能否提供任何具體資訊。

Yeah, just on that company, you're right, they underperformed. Last year they started this year stronger than anticipated, so we did mark that up, during the quarter as we I think we probably had more than a dozen names that ended up getting marked up just because they came out, started the year much stronger than they ended the year.

是的，就那家公司而言，你是對的，他們的表現不佳。去年他們今年的開局比預期要強勁，所以我們確實在這個季度標記了這一點，因為我認為我們可能有十幾個名字最終被標記，只是因為他們的出現，今年的開局比年底要強勁得多。

Okay, thanks for that. And then lastly from me. Just on kind of the equity investment, that you kind of mentioned on the call. I was just wondering, how I, it's obviously a very small percent of the portfolio, but how frequently I guess are you able to, get, any sort of equity investment, in the fields. Knowing that you're obviously, competing in the larger end of the market, one to think that it's, very competitive there and a little bit harder to come by, but just wondering that, how frequently you're able to see that and that's all for me. Thank you.

好的，謝謝。最後由我來發言。就您在電話中提到的股權投資而言。我只是想知道，這顯然只佔投資組合的一小部分，但我猜你能夠多久在這些領域獲得任何形式的股權投資。我知道你顯然在更大的市場中競爭，人們認為那裡的競爭非常激烈，而且有點難以獲得，但我只是想知道，你多久能看到一次這種情況，對我來說就是這樣。謝謝。

Yeah, actually, just because of some of the things that the value that we can kind of add to many of these companies because we can plug them into the Blackstone network, we do have a little bit more ability to get equity in the businesses where we want to get equity, so despite us focusing on.

是的，實際上，只是因為我們可以為這些公司增加一些價值，因為我們可以將它們納入黑石網絡，所以我們確實有更多的能力在我們想要獲得股權的企業中獲得股權，所以儘管我們專注於。

The mid to larger end of the market, I think it's available to us where and when we want it. Not all great credit stories are great equity stories in our minds, so we pick our spots, and we do want to highlight when we do have realizations like. Frontline and some of the previous ones we've had because they're nice kind of offsets to any potential kind of credit losses and we do have a more strategic, contribution when we make those equity investments. It'll never be a big part of the portfolio though, Paul, we want to make sure we stick to kind of what we've advertised and so it's going to be very selective.

我認為，對於中端到高端市場，我們可以隨時隨地獲得它。在我們心中，並非所有偉大的信用故事都是偉大的股權故事，因此我們會選擇自己的點，當我們確實意識到這一點時，我們確實想要強調。我們擁有 Frontline 和一些先前的投資，因為它們可以很好地抵消任何潛在的信貸損失，而且當我們進行這些股權投資時，我們確實做出了更具策略性的貢獻。不過，保羅，它永遠不會成為投資組合的重要組成部分，我們希望確保我們堅持我們所宣傳的內容，因此它將非常有選擇性。

Thank you. As a reminder, one, if you would like to ask a question, we'll go next to Maxwell Friter with Trust.

謝謝。提醒一下，首先，如果您想提問，我們接下來會請 Trust 的 Maxwell Friter 提問。

Hi, good morning. I'm on for Mark Hughes. Sorry for the earlier confusion. Given the current macro backdrop, has there been any change in your credit evaluation, process on new deals?

嗨，早安。我支持馬克·休斯。對於之前造成的混亂，深感抱歉。鑑於目前的宏觀背景，您的信用評估、新交易流程有什麼變化嗎？

Yeah, I mentioned earlier. That the 1st quarter was pretty, it's actually a busy quarter from an underwriting standpoint but we end up passing on a lot of deals, especially on the larger end primarily because of just the backdrop which is a little bit uncertain and as tariff diplomacy takes a little bit of time to get sorted out. So, but our underwriting standards haven't changed. We continue to be focused on Sectors that we ultimately think will be less impacted by, economic weakness, so sectors that tend to outgrow the broader economy, like software, technology, healthcare IT business services, and underweight more, product heavy consumer focused businesses. So, that remains true, it remains, I guess especially true right now just given, what's potentially going to how companies are potentially going to be impacted by tariffs.

是的，我之前有提到過。第一季表現不錯，從承保的角度來看這實際上是一個繁忙的季度，但我們最終放棄了很多交易，尤其是規模較大的交易，主要是因為背景有點不確定，而且關稅外交需要一點時間來理清。但我們的承保標準沒有改變。我們將繼續關注那些我們認為最終受經濟疲軟影響較小的行業，即那些成長速度往往超過整體經濟的行業，例如軟體、技術、醫療 IT 業務服務，以及持股較少、產品密集、以消費者為中心的業務。所以，這仍然是事實，我想現在尤其如此，因為考慮到企業可能會受到關稅的潛在影響。

But I think we're underwriting a little less growth in the economy. And that will reflect be reflected in leverage that will be reflected in the sectors we invest in, and, in the companies we choose.

但我認為我們對經濟成長的保證已經減弱。這將反映在槓桿作用上，而槓桿作用將反映在我們所投資的產業和我們所選擇的公司。

Understood, thank you and sorry if I missed this and it was touched on, but was there any commonality among the larger repayments in the quarter, if there were any large payments and then, maybe how have, how, have repayments trended thus far into 2Q? Thanks.

明白了，謝謝，如果我錯過了這一點並且被提及，我很抱歉，但是本季度的大額還款之間是否有任何共同點，如果有任何大額還款，那麼，到目前為止，到第二季度為止，還款趨勢如何？謝謝。

I'm happy to take that, Max, so I wouldn't say there was any specific commonality. It is a relatively small handful of companies that were repaid. A couple of them were larger positions.

我很高興接受這一點，馬克斯，所以我不會說有任何具體的共同點。獲得償還的公司數量相對較少。其中有幾個職位較大。

Brad mentioned two were refinanced via the securitization markets.

布拉德提到，其中兩筆是透過證券化市場進行再融資的。

We view those as success stories, right? Companies that were smaller, we grew with, we grew exposure and then had access to a much lower cost market that even the public market had a hard time competing with. Two were sold to strategic, a couple of sponsors sponsor sales. We actually had very limited, if any, exposure refinanced by the syndicated market. I don't want to give forward-looking guidance, but I think generally speaking, as it relates to repayment in periods of excess volatility combination with low M&A, we would expect repayment volumes to be quite muted, and those are those two things we are we are seeing this quarter.

我們認為這些是成功的故事，對嗎？我們與規模較小的公司一起成長，提高了知名度，然後進入了成本低得多的市場，即使是公開市場也很難與之競爭。其中兩家被出售給策略贊助商，另外幾家則被出售給贊助商。事實上，我們透過銀團市場再融資的風險敞口非常有限，甚至沒有。我不想給出前瞻性的指導，但我認為一般來說，由於它與過度波動和低併購時期的償還有關，我們預計償還量會相當低，而這正是我們本季度看到的兩件事。

Very good. Thank you.

非常好。謝謝。

Thank you. We'll take our final question from Finian O'Shea with Wells Fargo Securities.

謝謝。我們將回答富國證券公司的 Finian O'Shea 提出的最後一個問題。

Hey everyone, thanks for the follow up. I wanted to ask about growth. It looks like you hit the brakes on the ATM early in the quarter and just with a lot of the talk that came out on the Q&A on being more selective. You know what we should expect say this year or at least for the outlook as you can see it you know say starting you know now or tomorrow as you're out of the blackout window on equity growth for the ATM thanks.

嘿大家，感謝關注。我想問一下關於成長的問題。看起來您在本季初就對 ATM 踩下了煞車，並且在問答環節中談到了更多選擇性。您知道我們應該對今年抱持怎樣的期望嗎？或至少對於前景，正如您所見，您知道從現在開始或從明天開始，因為您已經超出了 ATM 股權增長的封鎖期，謝謝。

I think you can expect it to be tied with originations and so clearly as we're slowly ramping and Brad outlined kind of the build and the portfolio, you can expect that to be a part of it. However, if you look back when we saw that deal activity would be muted, you can see that early on, it ceased. So, part of it I'd say it's probably a little less emphasized now as a result of the slow markets, but to the extent the activity picks up, so too with ATMs, always a creative and designed to drive an attractive return for our investors.

我認為你可以預期它會與起源聯繫在一起，而且很明顯，隨著我們正在慢慢地擴大規模，並且布拉德概述了構建和投資組合的類型，你可以預期它將成為其中的一部分。然而，如果你回顧當時我們看到的交易活動變得平靜的情況，你會發現它很早就停止了。因此，我想說，部分原因在於，由於市場低迷，現在對它的重視程度可能有所降低，但隨著活動的回升，ATM 也同樣如此，它始終富有創意，旨在為我們的投資者帶來可觀的回報。

Okay, thanks so much.

好的，非常感謝。

Thank you. That will conclude our question-and-answer session. At this time, I would like to turn the call back over to Justin Farshidi for any additional or closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將電話轉回給賈斯汀法爾希迪 (Justin Farshidi)，讓他發表任何補充或結束語。

Thank you and thanks to all of you for joining today's call. We look forward to our follow-up discussions and we'll reconvene again next quarter.

謝謝大家，也謝謝大家參加今天的電話會議。我們期待後續討論，並將於下個季度再次召開會議。