Blackstone Secured Lending Fund (BXSL) 2025 Q3 法說會逐字稿

Good day, and welcome to the Blackstone Secured Lending's third-quarter 2025 investor call. Today's call 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.

大家好，歡迎參加黑石擔保貸款2025年第三季投資人電話會議。今天的通話將會被錄音。（操作說明）現在，我將把會議交給利害關係人關係主管 Stacy Wang。請繼續。

Thank you, Katie. Good morning, and welcome to Blackstone Secured Lending Fund's Third 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.

謝謝你，凱蒂。早安，歡迎參加黑石擔保貸款基金第三季電話會議。今天與我一同出席的有：聯合執行長布拉德馬歇爾、聯合執行長喬納森博克、總裁卡洛斯惠特克、財務長泰迪德斯洛格等管理團隊成員。

Earlier today, we issued a press release with the presentation of our results and filed our 10-Q, both of which are available on the Shareholder Resources section of our website, www.bxsl.com. We will be referring to that presentation throughout today's call.

今天早些時候，我們發布了包含業績報告的新聞稿，並提交了10-Q季報告，這兩份文件都可以在我們網站www.bxsl.com的股東資源欄位中找到。在今天的電話會議中，我們將多次提及這份新聞稿。

I'd like to remind you that this call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ materially from actual results. We do not undertake any duty to update these statements. For some of the risks that could affect results, please see the Risk Factors section of our Form 10-Q filed earlier today. This audio cast is copyright material backfill and may not be duplicated without consent. With that, I'll turn the call over to Brad Marshall.

我想提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述具有不確定性，且超出公司控制範圍，可能與實際結果有重大差異。我們不承擔更新這些聲明的義務。有關可能影響業績的一些風險，請參閱我們今天早些時候提交的 10-Q 表格中的「風險因素」部分。本音訊內容為受版權保護的素材，未經許可不得複製。接下來，我將把電話交給布拉德馬歇爾。

Great. Thank you, Stacy, and thanks for joining our third quarter earnings call. I will begin with some thoughts on the current environment and our views heading into year-end. Last quarter, we addressed the positive trends reemerging with markets opening back up, equities hitting all-time highs and inflation staying muted. Now we believe we can keep capitalizing on a few key themes that may continue to yield returns for our investors.

偉大的。謝謝Stacy，也謝謝您參加我們第三季財報電話會議。首先，我想談談當前情況以及我們對年底的看法。上個季度，我們討論了隨著市場重新開放、股市創歷史新高以及通膨保持溫和而重新出現的積極趨勢。現在我們相信，我們可以繼續利用一些關鍵主題，這些主題可能會繼續為我們的投資者帶來回報。

Firstly, deal activity has continued to accelerate, which is consistent with what we have seen in past periods when cost of capital starts to come down and valuations improve. In part as a result of increased deal activity, leverage in BXSL ended at 1.22 times after averaging close to 1.15 times for the quarter.

首先，交易活動持續加速，這與我們過去在資本成本開始下降和估值改善時期所看到的現像一致。部分原因是交易活動增加，BXSL 的槓桿率在本季平均接近 1.15 倍後，最終達到 1.22 倍。

Secondly, despite falling base rates during the quarter, we saw new deals at an average spread of 544 basis points over the base rate, inclusive of amortization of OID to maturity. And total fundings during the quarter averaging 556 basis points above the base rate, the majority of each of which were first lien. Lastly, overall, we saw stable underlying fundamentals and growth in our portfolio, with the majority of the assets flat or marked higher in the quarter.

其次，儘管本季基準利率下降，但我們看到新交易的平均利差為基準利率加 544 個基點，其中包括 OID 到期攤銷。本季總融資額平均比基準利率高出 556 個基點，其中大部分為第一順位抵押貸款。最後，整體而言，我們的投資組合基本面保持穩定成長，大部分資產在本季保持穩定或成長。

Non-accruals dropped to 0.1% of costs remaining the lowest among our traded BDC peers. Despite all these positive trends, there have been external narratives around bubbles and rising default across the credit markets. What we are seeing on the ground and across over 300 credits we are invested in is in direct contrast. Firstly, as mentioned earlier, M&A activity is picking up. In fact, as of the third quarter, it is up 63% year-over-year, consistent with what we discussed with all of you regarding our expectations at the start of the year.

非應計費用降至成本的 0.1%，在我們交易的 BDC 同行中仍然是最低的。儘管出現了這些積極的趨勢，但外部仍然存在關於信貸市場泡沫和違約率上升的說法。我們在實地以及我們投資的 300 多個信貸項目中看到的情況恰恰相反。首先，如同前面提到的，併購活動正在增加。事實上，截至第三季度，年增 63%，這與我們年初與大家討論的預期一致。

And with more companies choosing to fund this M&A with private capital, this has helped our ongoing growth. Further, there was about 5x more dry powder in North America private equity vehicles than private credit origination dry powder, representing a healthy potential backlog of demand for private credit solutions.

隨著越來越多的公司選擇以私人資本為併購提供資金，這有助於我們的持續成長。此外，北美私募股權基金的可用資金比私募信貸基金的可用資金多出約 5 倍，這表明私募信貸解決方案存在健康的潛在需求積壓。

As it relates to defaults and in particular, First Brands and Tricolor, I think it is reasonably well established now that these were, in fact, not private credit transactions. They were bank originated, bank underwritten and bank distributed deals. However, it's worth noting two things: one, the falls are in fact declining in the leveraged loan and high-yield markets, down 37% year-to-date this year from 2023 and 24% in 2024, demonstrating that despite well-publicized, the default trends in the indices have improved.

關於違約事件，特別是 First Brands 和 Tricolor 的違約事件，我認為現在已經相當確定，這些實際上並不是私人信貸交易。這些交易是由銀行發起、銀行承銷和銀行分銷的。然而，有兩點值得注意：第一，槓桿貸款和高收益債券市場的跌幅實際上正在收窄，今年迄今比 2023 年下降了 37%，2024 年下降了 24%，這表明儘管眾所周知，但指數的違約趨勢已經有所改善。

Second, defaults do occur from time to time across both the public and private markets. Knowing this is why we have continued to feel very confident in our approach to investing by focusing on first lien senior secured loans with large sponsor-backed companies across sectors we believe have good long-term tailwinds.

其次，無論是在公共市場或私人市場，違約都會不時發生。正因如此，我們才對我們的投資方式充滿信心，即專注於投資我們認為具有良好長期發展前景的各行業中，由大型發起人支持的公司的優先擔保貸款。

In our view, these companies are better able to navigate market changes, inclusive of the fast pace of change driven by AI. These companies are generally more strategic because of their scale. These companies tend to attract and maintain high-quality management teams and ownership (inaudible).

我們認為，這些公司更有能力應對市場變化，包括人工智慧帶來的快速變化。由於規模優勢，這些公司通常更具策略性。這些公司往往能夠吸引並留住高素質的管理團隊和所有者。（聽不清楚）

Our experience is supportive of this thesis. In direct lending, BXCI has experienced annualized realized losses of only 0.1%, including through the global financial crisis. Being part of Blackstone allows us to navigate and leverage the full bandwidth of the firm to maximize value in the event of default, which is something we are quite proud of.

我們的經驗支持這個論點。在直接貸款領域，BXCI 的年化實際虧損僅為 0.1%，即使在全球金融危機期間也是如此。作為黑石集團的一員，我們能夠駕馭並利用公司的全部資源，在違約情況下最大限度地提高價值，對此我們感到非常自豪。

So as we put all of that together and what we view going forward, we expect to see deal activity staying active, asset turnover picking up, spreads remaining attractive when compared to traditional fixed income and credit quality remaining fairly steady across the portfolio.

綜上所述，結合我們對未來的展望，我們預期交易活動將保持活躍，資產週轉率將加快，與傳統固定收益相比，利差將保持吸引力，整個投資組合的信貸品質將保持相當穩定。

Turning to slide 4 to highlight this. BXSL reported another strong quarter with our net investment income, or NII, of $0.82 per share, representing a 12% annualized return on equity, made up overwhelmingly of interest income rather than income from PIKor dividends or fees. We believe the quality of BXSL's income has historically created a robust income stream for our investors.

請翻到第 4 張投影片來重點說明這一點。BXSL 報告了另一個強勁的季度業績，我們的淨投資收益（NII）為每股 0.82 美元，相當於 12% 的年化股本回報率，這主要來自利息收入，而不是來自 PIKor 股息或費用的收入。我們相信，BXSL 的收入品質歷來為我們的投資者創造了穩定的收入來源。

NAV per share decreased by $0.18 quarter-over-quarter to $27.15 due to markdowns that Teddy will discuss shortly. Our distribution of $0.77 per share was 106% covered by our net investment income per share and represents an 11.3% annualized distribution yield, one of the highest among those of our traded BDC peers with similar levels of first lien senior secured assets. Finally, as mentioned earlier, we believe credit quality remains strong, 0.1% of investments on nonaccrual at both cost and fair market value. We had no new names added to the nonaccrual list this quarter.

由於減記，每股淨值環比下降 0.18 美元至 27.15 美元，Teddy 稍後將對此進行討論。我們每股分紅 0.77 美元，每股淨投資收益覆蓋率達 106%，年化分紅收益率達 11.3%，在我們擁有類似水平的優先擔保資產的上市 BDC 同行中，這一收益率位居前列。最後，如同前面所提到的，我們認為信貸品質依然強勁，以成本和公允市價計算，非應計投資佔比僅 0.1%。本季沒有新增任何非應計名單。

Moving to slide 5. We've continued to prepare ourselves for what we believe may be a period of heightened deal activity, focusing both on our existing portfolio companies and new assets. And despite lower base rates, private credit premium relative to leveraged loans in the liquid market has endured. We collaborate with teams across the firm to identify new opportunities and key investment trends.

切換到第5張投影片。我們一直在為可能出現的交易活動加劇期做好準備，並專注於我們現有的投資組合公司和新資產。儘管基準利率較低，但相對於流動性市場上的槓桿貸款而言，私人信貸溢價仍然存在。我們與公司各團隊合作，尋找新的機會和關鍵的投資趨勢。

And right now, we believe we are in a reindustrialization with AI that will require significant ongoing insights and capital solutions. You will hear from Carlos on this later, but we integrate AI considerations into our disciplined investment process, searching for larger businesses, mission-critical products, high recurring revenue and senior secured positions. We believe we are well resourced to understand and underwrite the fast-paced change that AI is driving and the impact this will have on companies and investments.

而現在，我們認為我們正處於人工智慧帶來的再工業化進程中，這將需要持續不斷的深刻洞察和資金解決方案。稍後 Carlos 會就此發表看法，但我們將人工智慧因素納入我們嚴謹的投資流程中，尋找規模較大的企業、關鍵任務型產品、高經常性收入和高階擔保職位。我們相信我們擁有充足的資源來理解和應對人工智慧帶來的快速變革，以及這種變革將對公司和投資產生的影響。

We saw a 20% increase in new BXCI global private deal screenings this past quarter versus the third quarter of last year. And while not every BXCI deal that comes through BXCI's screening is suitable for investments by BXSL, this is consistent with our general view from last year that deal activity would pick up meaningfully throughout 2021.

與去年第三季相比，本季 BXCI 全球私募交易篩選量增加了 20%。雖然並非每筆經過 BXCI 篩選的交易都適合 BXSL 投資，但這與我們去年的整體看法一致，即交易活動將在 2021 年顯著增加。

Deployment for the quarter surpassed $1 billion and was up 90% compared to the second quarter. We believe the drivers of this growth are both more macro clarity for the US economy and lower base rates. We seek to continue our disciplined approach and use our cost advantage to focus on quality borrowers, not reach for risk and deliver returns for our shareholders. With that, I will pass it over to my colleague, Jonathan.

本季部署額超過 10 億美元，比第二季成長 90%。我們認為，推動這一成長的因素既包括美國經濟宏觀情勢更加明朗，也包括基準利率下降。我們力求繼續秉持嚴謹的態度，利用成本優勢專注於優質借款人，而不是追求風險，並為股東創造回報。接下來，我將把任務交給我的同事喬納森。

Thank you, Brad. Let's turn to slide 6. We ended the quarter with $13.8 billion of investments at fair value, over a 15% increase year-over-year from $12 billion. In 3Q alone, BXSL also added 22 new borrowers to our portfolio by exiting six positions, netting a total of 311 companies. Ending leverage and average leverage kicked up compared to prior quarter at 1.22 times and 1.15 times, respectively, remaining in our target range between 1 to 1.25 times.

謝謝你，布拉德。讓我們翻到第6張投影片。本季末，我們以公允價值計算的投資額為 138 億美元，比去年同期的 120 億美元成長了 15% 以上。僅在第三季度，BXSL 就透過退出六個部位，為我們的投資組合增加了 22 個新的借款人，使公司總數達到 311 家。期末槓桿率和平均槓桿率分別較上一季上升至 1.22 倍和 1.15 倍，但仍處於我們 1 至 1.25 倍的目標範圍內。

Our weighted average yield on performing debt investments at fair value was 10% this quarter, down from 10.2% last quarter. The yields on new debt investment fundings and assets sold and repaid during the quarter averaged 9.3% and 9.9%, respectively.

本季我們以公平價值計算的正常債務投資的加權平均收益率為 10%，低於上季度的 10.2%。本季新增債務投資資金和已售出並償還的資產的收益率平均分別為 9.3% 和 9.9%。

Now turn to slide 7. Nearly 98% of BXSL investments are in first lien senior secured loans and nearly 99% of those are the companies owned by financial sponsors that generally have significant equity value in these capital structures, demonstrated by an average loan-to-value of 49.7%. Our portfolio also has LTM EBITDA base averaging nearly $221 million, with year-over-year EBITDA growth of nearly 9%.

現在翻到第7張投影片。BXSL 近 98% 的投資是優先擔保貸款，其中近 99% 的投資對像是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相當大的股權價值，平均貸款價值比為 49.7%。我們的投資組合過去 12 個月的 EBITDA 基數平均接近 2.21 億美元，EBITDA 年成長近 9%。

This growth percentage is well above that of companies in the Lincoln International Private Markets database for last quarter. Although we've evaluated opportunities across the size spectrum as evidenced by our investment this year, we've seen continued strength of performance from larger companies relative to their smaller EBITDA counterparts in terms of higher growth and lower defaults, and we believe this trend may continue, given the Fed's latest rate cut announcement. We can see how investing in larger companies affects interest coverage. BXSL's portfolio companies average interest coverage based on LTM EBITDA was 2 times in 3Q.

這一成長率遠高於林肯國際私募市場資料庫中上一季公司的成長率。儘管我們已經評估了各種規模的投資機會（正如我們今年的投資所證明的那樣），但我們看到，與 EBITDA 較小的公司相比，規模較大的公司在增長更快、違約率更低方面表現更強勁，鑑於美聯儲最近宣布降息，我們認為這種趨勢可能會繼續下去。我們可以看到投資大型公司如何影響利息保障倍數。BXSL 投資組合公司基於過去 12 個月 EBITDA 的平均利息保障倍數在第三季為 2 倍。

And looking at the share of private portfolio assets below 1 time interest coverage when you exclude recurring revenue loans, BXSL was at 7% of fair value, which compares favorably to the Lincoln data based for the broader private credit market at 10%.

如果排除經常性收入貸款，那麼低於 1 倍利息保障倍數的私人投資組合資產佔比為 7%，而林肯銀行根據更廣泛的私人信貸市場數據得出的這一比例為 10%，這一比例相當可觀。

Now turn to slide 8, which focuses on our industry exposure. Recall, we focused on domestic businesses in less capital-intensive sectors with our highest exposures in the software, healthcare providers and services and professional services industries. This quarter, 99% of the private debt investments into new portfolio companies were first lien senior secured positions with average LTVs below 45%, meaning there's significant amount of capital beneath our loans.

現在請翻到第 8 張投影片，重點介紹我們的產業經驗。回顧一下，我們主要關注資本密集度較低的國內行業企業，其中軟體、醫療保健提供者和服務以及專業服務業的投資比例最高。本季度，對新投資組合公司的私募債務投資中，99% 為優先擔保優先貸款，平均貸款價值比低於 45%，這意味著我們的貸款背後有大量的資本。

And our relentless focus on first lien senior secured debt and historically low default rate industries, is what we view as a defensive position for investors to be in. But how does that translate into returns? Over the last 12 months, we generated a 12% net investment income return. This was well above our 11.3% dividend yield on NAV during the same time period and above the weighted average NII return of 10.7% for traded BDC peers for the 12 months ended June 30, 2025.

我們始終專注於優先擔保債務和違約率歷來較低的行業，我們認為這是投資者應該採取的防禦性策略。但這如何轉化為回報呢？過去 12 個月，我們獲得了 12% 的淨投資收益回報。這遠高於我們同期 11.3% 的淨資產收益率，也高於截至 2025 年 6 月 30 日的 12 個月內交易型 BDC 同業 10.7% 的加權平均淨利息收入回報率。

And importantly, we've continued over earning our distribution even in a more competitive tighter spread environment. Further, we believe dispersion among managers continues to be evident. And you can see this by looking at various portfolio metrics compared to the weighted average of our traded BDC peers in 2Q.

更重要的是，即使在競爭更加激烈、價差更加收窄的環境下，我們仍然持續獲得超額收益。此外，我們認為管理人員之間的分歧依然明顯。您可以透過查看各種投資組合指標與我們第二季度交易的 BDC 同行的加權平均值進行比較來看到這一點。

Our nonaccrual rates 0.1% at cost compares favorably to 2.9% for peers. Our PIKas a percentage of total investment income at 8.2% compares favorably to 11.3% for peers and our stressed debt investments marked below 80 at cost is approximately 0.9% compared to 4.1% for the peer average.

我們的非應計率（以成本計算）為 0.1%，而同業的平均非應計率為 2.9%，比例相當可觀。我們的 PIKas 佔總投資收益的百分比為 8.2%，與同業的 11.3% 相比，這一比例較為有利；我們成本低於 80 的壓力債務投資約為 0.9%，而同業的平均為 4.1%。

Now to conclude this with some points on our documents and recent amendment activity. And as a reminder, when we negotiate our credit agreements, especially as a leading lender, we place a significant focus on control and important document protections, and we've remained consistent in this approach.

最後，我想就我們的文件和最近的修訂工作提出幾點看法。再次提醒大家，作為一家領先的貸款機構，我們在協商信貸協議時，尤其註重控制和重要文件的保護，並且我們一直堅持這一做法。

And if you take a look at our recent amendments, Q3 was largely similar to Q2 activity, with the majority of amendments associated with add-ons, M&A, DDTL extensions and immaterial technical matters or slight changes to terms.

如果您查看我們最近的修訂，您會發現第三季與第二季的活動大致相似，大多數修訂都與附加條款、併購、DDTL 延期以及不重要​​的技術事項或條款的細微變化有關。

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

接下來，我將把麥克風交給我的同事卡洛斯。

Thanks, Jon. Turning to slide 9. BXSL maintained its dividend distribution of $0.77 per share as we remain focused on delivering high-quality yield to shareholders. We continue to believe BXSL's portfolio strength is owed to the scale and platform of Blackstone and BXCI, and we have used this to our advantage as we have expanded our book. Take, for instance, our view on AI.

謝謝你，喬恩。翻到第9張投影片。BXSL維持每股0.77美元的股利分配，我們將繼續專注於為股東提供高品質的收益。我們仍然認為 BXSL 的投資組合實力歸功於 Blackstone 和 BXCI 的規模和平台，我們也利用了這一點來擴大我們的投資組合。以我們對人工智慧的看法為例。

Blackstone made an early call on the importance of AI, and we believe BXCI has been at the forefront of adapting this into our portfolio. We consider AI as we evaluate investments and use Blackstone resources, including BX technology investments, the BX operating team and BX data science to help evaluate AI-related opportunities and support portfolio companies in adapting to change.

黑石集團很早就意識到人工智慧的重要性，我們相信BXCI一直走在將人工智慧融入我們投資組合的前端。我們在評估投資時會考慮人工智慧，並利用黑石集團的資源，包括黑石科技投資、黑石營運團隊和黑石數據科學，來幫助評估與人工智慧相關的機會，並支持投資組合公司適應變化。

And while BXSL has a larger concentration in software than other industries, our AI lens expands to our investments in healthcare technology, healthcare services, professional services, business services and insurance. In the current landscape, there are AI verticals that we believe have definitive headwinds that investors should be mindful of. We believe that in most instances, larger companies may be better positioned to defend and leverage AI.

雖然 BXSL 在軟體領域的投入比其他行業更集中，但我們的 AI 視野也擴展到了我們在醫療保健技術、醫療保健服務、專業服務、商業服務和保險領域的投資。在當前情況下，我們認為人工智慧領域的某些垂直領域面臨明顯的逆風，投資者應該對此予以關注。我們認為，在大多數情況下，規模較大的公司可能更有能力捍衛和利用人工智慧。

We also believe that there are tailwinds that may impact secondary beneficiaries of AI technology expansion, such as cybersecurity and data infrastructure and management. But it is worth noting, we aim to avoid verticals that we believe may be at higher risk of disruption, such as low-skill outsourced services or businesses centered around content creation, such as ad tech or Ed tech, of which BXSL has mid-single-digit percentage exposure in its portfolio.

我們也認為，人工智慧技術擴張的次要受益者，如網路安全、資料基礎設施和管理，可能會受到一些有利因素的影響。但值得注意的是，我們的目標是避免我們認為可能面臨更高顛覆風險的垂直領域，例如低技能外包服務或以內容創作為中心的業務，例如廣告技術或教育技術，BXSL 的投資組合中此類業務的佔比為個位數百分比。

In addition, we try to avoid industries that are more cyclical in nature. If we just look at BXSL's software portfolio, our investments averaged over $4 billion in enterprise value and are well capitalized with significant equity cushion. These companies are growing EBITDA annually at what we believe are healthy levels with weighted average interest coverage ratios near 2 turns.

此外，我們盡量避免進入週期性較強的產業。如果我們只看 BXSL 的軟體投資組合，我們的投資平均企業價值超過 40 億美元，並且資本充足，擁有大量的股權緩衝。這些公司的 EBITDA 每年都在以我們認為健康的水平增長，加權平均利息保障倍數接近 2 倍。

These numbers do not come by accident. Blackstone aims to identify trends and related downstream investments early before they become mainstream. While we work to expand the portfolio through new borrowers, we have remained active with existing companies that we believe are quality assets. We saw deal activity pick up across the private credit landscape. And to Brad's point, we were active on the deployment front.

這些數字並非偶然得來。黑石集團的目標是在趨勢和相關的下游投資成為主流之前，儘早發現它們。在努力透過新的借款人擴大投資組合的同時，我們也一直積極與我們認為是優質資產的現有公司保持合作。我們看到私募信貸領域的交易活動增加。正如布拉德所說，我們在部署方面非常積極。

Q3 marked our most active quarter in 2025 from a funding perspective with net deployment up 65% and gross deployment up 90% quarter-over-quarter. We believe much of this was driven by BXSL's access to incumbent borrowers across our 5,100 BXCI issuers globally. Just this quarter, nearly 2/3 of BXSL's fundings were to repeat borrowers of BXCI. In fact, we have sole or lead roles in nearly 3/4 of our debt investment fundings for the quarter, and the majority of those were sourced from our liquids business, advisor networks and our long-standing relationships.

從融資角度來看，2025 年第三季是我們最活躍的季度，淨部署額較上季成長 65%，總部署額較上季成長 90%。我們認為，這很大程度上是由於 BXSL 能夠接觸到我們在全球 5,100 家 BXCI 發行機構中的現有借款人。僅本季度，BXSL 近 2/3 的資金都流向了 BXCI 的重複借款人。事實上，在本季近四分之三的債務投資融資中，我們擔任唯一或主要角色，其中大部分資金來自我們的液體業務、顧問網絡和我們長期建立的關係。

Certain sponsors prefer to work with BXCI when their portfolio companies need capital due to what we believe is a largely differentiated credit franchise in a market. BXSL's largest third quarter investment into a new portfolio company was a large debt financing for a global specialty consulting firm. We were the sole lender in the financing and provided the company committed capital to execute on future growth plans.

一些投資機構在投資組合公司需要資金時更傾向於與 BXCI 合作，因為我們認為 BXCI 在市場上擁有差異化的信貸業務。BXSL 第三季對新投資組合公司的最大投資是為全球專業顧問公司提供的大債務融資。我們是此次融資的唯一貸款方，並為該公司提供了承諾資金，以執行未來的成長計劃。

We believe that owners like to partner with BXCI not just because of the scale solutions we can provide, but also because of the services we can offer after the investment. Our value creation team was extremely active during the third quarter and had some impactful wins with improving earnings for our portfolio companies.

我們相信，業主喜歡與 BXCI 合作，不僅是因為我們能夠提供規模化解決方案，還因為我們能夠在投資後提供相關服務。在第三季度，我們的價值創造團隊非常活躍，並在提高投資組合公司獲利方面取得了一些有影響力的成果。

Just looking at the data available through the second quarter, the BXCI value creation program, offered at no charge to participants or expense to BXSL, has created $5 billion in illustrative value and reduced cost by over $440 million for BXCI portfolio companies since its inception.

僅從第二季的數據來看，BXCI 價值創造計畫（對參與者免費，BXSL 也無需承擔任何費用）自成立以來，已為 BXCI 投資組合公司創造了 50 億美元的示範價值，並降低了 4.4 億美元的成本。

We can differentiate ourselves as not just a lender but as a value-added partner, helping credits grow equity value through our BXCI value creation program. We believe we have developed a reputation for being a valued partner with the ability to provide speed, creativity, flexibility and certainty of execution. And with that, I'll turn it over to Teddy.

我們不僅可以作為貸款方，還可以作為增值合作夥伴，透過我們的 BXCI 價值創造計畫幫助信貸成長股權價值，從而實現差異化。我們相信，我們已經建立了作為重要合作夥伴的聲譽，能夠提供速度、創造力、靈活性和執行力。接下來，我將把麥克風交給泰迪。

Thank you, Carlos. I'll start with our operating results on slide 10. In the third quarter, BXSL's net investment income was $189 million or $0.82 per share, representing a 106% coverage to our dividend on a per share basis. Total investment income for the quarter was up $14 million or 4.7% year-over-year, driven by increased interest income.

謝謝你，卡洛斯。我將從第 10 頁投影片上的營運結果開始。第三季度，BXSL 的淨投資收益為 1.89 億美元，即每股 0.82 美元，相當於每股股息的 106%。本季總投資收益年增 1,400 萬美元，增幅達 4.7%，主要得益於利息收入的增加。

We experienced increased repayment activity in the third quarter compared to the second quarter and with accelerating M&A and deal activity, Brad outlined earlier, we expect continued turnover activity in our portfolio throughout the upcoming quarters. Interest income, excluding PIC, fees and dividends, represented 91% of our total investment income in the quarter.

與第二季相比，第三季的還款活動增加。正如布拉德之前概述的那樣，隨著併購和交易活動的加速，我們預計在接下來的幾個季度裡，我們的投資組合將持續出現週轉活動。本季利息收入（不包括PIC、費用和股息）占我們總投資收入的91%。

Moving to our balance sheet. On slide 11, we ended the quarter with over $13.8 billion total portfolio investments at fair value, nearly $7.7 billion of outstanding debt and nearly $6.3 billion of total net assets. NAV per share at quarter end was $27.15, down from $27.33 at the second quarter. NAV per share was supported by $0.02 from share issuance from our ATM program at a premium to NAV, offset by $0.09 of realized losses and $0.16 of unrealized losses in the portfolio, primarily concentrated to a small number of larger positions.

接下來來看看我們的資產負債表。在第 11 張投影片中，我們本季末的投資組合總價值超過 138 億美元（以公允價值計算），未償債務接近 77 億美元，淨資產總額接近 63 億美元。季末每股淨資產為 27.15 美元，低於第二季的 27.33 美元。每股淨值由我們 ATM 計劃以高於淨資產值的溢價發行的股票提供的 0.02 美元支撐，但被投資組合中已實現的 0.09 美元損失和未實現的 0.16 美元損失所抵消，這些損失主要集中在少數幾個較大的持倉中。

As we look at the portfolio overall, the majority of the portfolio was flat or marked higher during the third quarter with nearly an equal number of markups versus markdowns. NAV per share was down $0.18 predominantly related to names previously highlighted. Taking a step back, as Brad and Jon highlighted, we saw healthy fundamentals across our portfolio with 9% EBITDA growth and increasing interest coverage ratios back to 2 times as rate resets are improving cash flow profiles of our borrowers.

從整體來看，投資組合的大部分在第三季保持平穩或上漲，上漲和下跌的數量幾乎相等。每股淨值下降 0.18 美元，主要與先前重點提及的公司有關。退一步講，正如 Brad 和 Jon 所強調的那樣，我們看到我們投資組合的基本面良好，EBITDA 增長了 9%，利息保障倍數也回升至 2 倍，因為利率重置正在改善我們借款人的現金流狀況。

Our nonaccruals of just 0.1% coupled with less than 1% of exposure valued below 80 are reflective of that. Further, we have over 120 individuals in our CIO office comprises of operational expertise, financial and legal restructuring expertise, data science expertise, capital formation and more, all dedicated to driving positive outcomes through our investment process and mitigating losses in the portfolio.

我們只有 0.1% 的非應計項目，以及價值低於 80 的風險敞口不到 1%，都反映了這一點。此外，我們的資訊長辦公室擁有 120 多名成員，涵蓋營運、財務和法律重組、數據科學、資本形成等方面的專業知識，致力於透過我們的投資流程推動積極成果並減少投資組合的損失。

We are relentless in finding ways to add value to our companies and deploying unique resources that Blackstone can bring to bear. Moving to slide 12. BXSL funded over $1 billion in the quarter and committed nearly $1.3 billion. Net funded investment activity was up for the quarter at over $500 million with $433 million of repayments, up nearly 150% quarter-over-quarter. This represented an annualized repayment rate of 13% of the portfolio at fair value, up from nearly 5% for the prior quarter.

我們不懈地尋找為公司創造價值的方法，並部署黑石集團所能帶來的獨特資源。切換到第12張投影片。BXSL 本季融資超過 10 億美元，並承諾投資近 13 億美元。本季淨投資活動超過 5 億美元，償還 4.33 億美元，季增近 150%。這意味著以公允價值計算，投資組合的年化償還率為 13%，高於上一季的近 5%。

Next, slide 13 outlines our attractive and diverse liability profile, which includes 37% of drawn debt in unsecured bonds that are not swapped. These unsecured bonds have a weighted average fixed coupon of less than 3%, which contributed to an overall weighted average all-in cost of debt of 5.0%, down from 5.1% last quarter. This also compares to a weighted average yield at fair value on our performing debt investments of 10%, down from Q2 at 10.2%. The overall weighted average maturity on our funding facilities is 3.3 years. Further, we have continued to optimize our cost of capital.

接下來，第 13 頁概述了我們具有吸引力和多元化的負債結構，其中包括 37% 的已提取債務為未進行互換的無擔保債券。這些無擔保債券的加權平均固定票息低於 3%，這使得整體加權平均綜合債務成本降至 5.0%，低於上季的 5.1%。相較之下，我們正常債務投資的加權平均公允價值收益率為 10%，低於第二季的 10.2%。我們融資安排的總體加權平均到期期限為 3.3 年。此外，我們也持續優化資金成本。

In August, we closed an amend and extend of our BXSL revolving credit facility, which eliminated the 10 basis point credit spread adjustment for extending loans and gave us the tightest price revolver among traded BDC peers based on our market research. Further, BXSL's overall cost of debt of 5.04% is one of the lowest compared to our traded BDC peers last quarter.

8 月，我們完成了 BXSL 循環信貸安排的修改和延期，取消了貸款延期時 10 個基點的信用利差調整，根據我們的市場研究，這使我們成為交易型 BDC 同行中價格最緊的循環信貸機構。此外，BXSL 的整體債務成本為 5.04%，是上季度我們交易的 BDC 同行中最低的之一。

We continue to be prudent in taking advantage of historically tight spreads for BDC bonds. In mid-October, we closed a $500 million bond priced at 155 basis points over the benchmark treasury rate or at a 5.125% coupon with a 5.3-year tenor. This represented the tightest spread issue among our traded BDC peers since February.

我們繼續謹慎行事，利用 BDC 債券歷史上較低的利差進行投資。10 月中旬，我們完成了一筆 5 億美元債券的發行，定價為比基準國債利率高 155 個基點，票面利率為 5.125%，期限為 5.3 年。這是自 2 月以來，我們交易型 BDC 同業中價差最小的一次。

Our balance sheet strength and portfolio performance have supported us in achieving among the highest ratings for BDCs with a Baa2 and stable outlook by Moody's, BBB- and positive outlook by S&P and BBB flat and stable by Fitch. In fact, Moody's completed its annual review of BXSL at the end of the quarter, maintaining the Baa2 stable rating citing BXSL's first lien senior secured focus, strong asset quality since inception and sound underwriting.

我們的資產負債表實力和投資組合表現幫助我們獲得了 BDC 的最高評級之一，穆迪評級為 Baa2，展望穩定；標普評級為 BBB-，展望正面；惠譽評級為 BBB，展望穩定。事實上，穆迪在本季度末完成了對 BXSL 的年度審查，維持了 Baa2 穩定評級，理由是 BXSL 專注於第一順位高級擔保，自成立以來資產質量強勁，且承銷穩健。

Total liquidity was $2.5 billion of unrestricted cash and undrawn debt available to borrow, while ending leverage as of September 30 was 1.22 turns on the higher end of our target range of 1 to 1.25 turns. Moving forward, we expect to operate near the higher end of our range given what we believe is a period of heightened deal activity. With that, I'll ask the operator to open it up for questions. Thank you.

總流動性為 25 億美元的非限制性現金和可供借款的未提取債務，而截至 9 月 30 日的期末槓桿率為 1.22 倍，處於我們 1 至 1.25 倍目標範圍的上限。展望未來，鑑於我們認為交易活動將會增加，我們預計將在預期範圍的較高水準附近運作。這樣，我就可以請接線生開放提問環節了。謝謝。

(Operator Instructions)

（操作說明）

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券。

Hey everyone, thanks, good morning. First question on Square space. I guess, can you hit on why hang on to that? There was a pretty small junior allocation, it looks like in the main tranches plus 225 pretty -- is that indicative of how low you'll go? And otherwise, should maybe more junior follow and a delayed draw or something like that?

大家好，謝謝，早安。關於正方形空間的第一個問題。我想，你能說說為什麼要保留它嗎？初級配額似乎非常少，主要批次加上 225 股就顯得少了——這是否表明你們的配額會降到多低？否則，或許應該有更多低階選手跟進，進行延遲平手或其他類似安排？

Yes, Finn, thanks for the question. I'm happy to take that. I won't speak to specific situations, but from time to time for a high-quality company that has delevered, we do have multiple options to retain exposure versus losing it to what could otherwise be a significantly tighter price syndicated option.

是的，芬恩，謝謝你的提問。我很樂意接受。我不打算評論具體情況，但對於一家已經去槓桿化的高品質公司來說，我們有時會有多種選擇來保留投資敞口，而不是因為價格可能更緊張的聯合期權而失去投資機會。

That can include potentially using a first out in some cases, where we view it's appropriate. From a spread perspective, overall, which I think is where you're going with the question, we actually saw spreads on new deals marginally increase quarter-over-quarter.

這可能包括在某些情況下使用首輪出局，如果我們認為這樣做合適的話。從利差的角度來看，總體而言（我認為這就是你問題的重點），我們實際上看到新交易的利差環比略有擴大。

I think we would characterize the environment over the last three to four quarters as relatively stable. As Brad mentioned, spreads on new deals overall, we're in the 5.25 contact with three-year OID amortized. So relatively stable. We do have multiple tools in our toolbox.

我認為我們可以將過去三到四個季度的環境描述為相對穩定。正如布拉德所提到的，就新交易的整體利差而言，我們目前處於 5.25 的合約期，三年期 OID 攤銷。所以相對穩定。我們工具箱裡有很多工具。

And maybe said differently, Then, we look at spreads on a portfolio basis, and there may be specific reasons why individual assets may be structured a certain way. But as Teddy highlighted, spreads for the quarter, if you include the add-ons and delayed draw fundings were in the mid-500s.

換句話說，我們會從投資組合的角度來檢視價差，而個別資產以某種特定方式建構可能存在一些具體原因。但正如泰迪所強調的那樣，如果將附加費和延遲提取資金計算在內，該季度的利差將在 500 多美元。

Well, I guess a follow-up is what is -- does it really matter if new spreads are in the mid-500s if they're going to be repriced to 2.25 because that -- it's pretty tough math, that's inside of a lot of BXSL. So are we going to -- is this -- is the answer indicative of a lot more of this to come?

嗯，我想後續問題是——如果新的價差在 500 多點，但最終會重新定價到 2.25，這真的很重要嗎？因為——這其中的數學計算相當複雜，很多 BXSL 都牽涉到這個問題。所以，我們是不是想要──這──這個答案是否預示著未來還會出現更多類似的情況？

The answer is no.

答案是否定的。

Okay.

好的。

I also think from time to time, you might see a first out in a portfolio that thing gets sold over time. So I think to Brad's point, you can't really take one situation to draw broad portfolio conclusions. Overall, spreads have been pretty flat over the last three to four quarters.

我也認為，有時你可能會看到投資組合中的首隻股票隨著時間的推移而被賣掉。所以我覺得布拉德的觀點沒錯，你不能只憑一個案例就得出廣泛的投資組合結論。總體而言，過去三到四個季度價差一直保持穩定。

Okay. Got it. And I guess the follow-up, just market-wide, I think you hit on some of this in the remarks, there's a lot of headlines out there that are hard hitting on private credit. Are you seeing any impact on the nontraded space, given your major, if not dominant, presence there on the nontraded BDC? Any impact do you think to the trajectory of flows on that part of the market?

好的。知道了。我想接下來，就整個市場而言，我認為你在演講中也提到了一些，現在有很多新聞標題都在猛烈抨擊私人信貸。鑑於您在非交易型商業發展貨幣市場（BDC）擁有重要的（如果不是主導的）市場份額，您是否看到非交易型市場受到任何影響？您認為這會對該部分市場的資金流動軌跡產生什麼影響？

So I'd say a couple of things, Finn. As you know, performance across the BDC market generally and more specifically Blackstone's BDCs has actually been exceptionally good. What you ultimately see in the BDC market is returns that are delivering a premium to what investors can get in the public markets. That's the real driving kind of value of the asset class and what's interesting is that when rates fall, the return premium that private credit delivers is actually more impactful.

所以，芬恩，我想說幾句。如您所知，整個 BDC 市場，尤其是黑石集團旗下的 BDC，表現都非常出色。最終，你在 BDC 市場看到的收益是高於投資者在公開市場所能獲得的收益的溢價。這才是該資產類別的真正價值所在，有趣的是，當利率下降時，私人信貸帶來的回報溢價實際上會更加顯著。

And think about 2021, we saw this when rates were near zero, you saw inflows from both institutional and individual investors actually grow despite the base rate environment we are living through. So the answer is there continues to be strong demand across all different types of investor bases for private credit.

想想 2021 年，當時利率接近零，儘管我們正經歷基準利率環境，但來自機構投資者和個人投資者的資金流入實際上都增加了。因此，答案是，各類投資者對私人信貸的需求依然強勁。

Casey Alexander, Compass Point Research and Trading.

Casey Alexander，Compass Point Research and Trading。

Yeah, good morning. Thank you for taking my questions. My first question is, obviously, there was a modest quarter-over-quarter markdown on Medallia. And just simply because of the size of the investment, I think investors would like to hear where that company stands. And we also noticed that their principal competitor is doing a large acquisition. So we wonder if in your view, that is changing any of the competitive dynamic between the two companies?

早安.謝謝您回答我的問題。我的第一個問題很顯然是，Medallia 的價格比去年同期略有下降。僅僅因為投資規模如此之大，我認為投資人都想了解這家公司的現況。我們也注意到，他們的主要競爭對手正在進行大規模收購。所以我們想知道，您認為這是否會改變兩家公司之間的競爭格局？

Thanks, Casey. Yes, there's no real update from last quarter on Medallia, and we believe it's marked appropriately. I think as the acquisition by Valtrex will take some time to integrate but does not change the market backdrop. And so no real change there.

謝謝你，凱西。是的，Medallia 上個季度並沒有什麼實質的更新，我們認為這樣的標記是恰當的。我認為Valtrex的收購需要一些時間來整合，但這不會改變市場格局。所以，這方面並沒有真正的改變。

Well, I also noticed in your deck that your company revenues year-over-year up, your company EBITDA year-over-year is up, but also the loan-to-value has skipped up a little bit higher. And normally, I would think that if revenues and EBITDA were up that might be actually coming down a little bit. Can you speak to that dynamic? Does it have something to do with loan-to-value on newly originated loans? Or what's the principal reason for that?

嗯，我還注意到，在你的簡報中，貴公司的營收年增，EBITDA 年成長，但貸款價值比也略有上升。通常情況下，我認為如果收入和 EBITDA 上升，那麼實際降幅可能會略微上升一些。您能談談這種動態嗎？這是否與新發放貸款的貸款成數有關？或者說，主要原因是什麼？

Yes, sure. So loan to values on new deals for the quarter averaged about 45%, as we noted, is probably one of our busiest quarters in a long time. Across the portfolio, you're right, loan-to-value went from 47% to just under 50%. It's a fairly marginal move. And I think that's largely a product of enterprise values getting adjusted marginally lower on existing names which we think is largely an equity consideration.

當然可以。因此，正如我們所指出的，本季新交易的貸款價值比平均約為 45%，這可能是我們很長一段時間以來最繁忙的季度之一。沒錯，整個投資組合的貸款價值比從 47% 升至略低於 50%。這是一個相當微不足道的舉動。我認為這主要是由於現有公司的企業價值略有下調所致，我們認為這主要是出於股權方面的考量。

It's like saying the average enterprise of our companies was something like $3.2 billion, and now it's $3 billion. But most importantly, there's still $1.5 billion of equity subordinate to us. And so as we think about it from a credit standpoint, you're focused on the right things. The companies are growing, interest coverage is getting better, 98% of the portfolio is at the top of the capital structure. So nothing to read into anything there, just marginal changes.

這就像說我們公司的平均企業規模以前是 32 億美元，現在是 30 億美元。但最重要的是，我們還有15億美元的股權處於次級地位。所以從信貸的角度來看，你們關注的重點是正確的。這些公司正在發展壯大，利息保障倍數正在提高，98% 的投資組合處於資本結構的頂端。所以沒什麼好解讀的，只是一些細微的變化。

Right, thank you for taking my questions.

好的，謝謝您回答我的問題。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Can you talk about the -- how you're viewing the outlook for the dividend as base rates come down and you have to refinance some more of your fixed rate debt?

您能否談談—隨著基準利率下降，您需要對部分固定利率債務進行再融資，您如何看待股息前景？

Sure, Doug. So maybe we'll just start with the quarter, right, paid $0.77 dividend and earn approximately $0.82. So the payouts covered with room to spare, but the portfolio is in great shape, as Brad outlined, you've got low nonaccruals and levered equity base, which Teddy referenced, and importantly, an income, right, investment income that's high quality and most of all, predictable, approximately 90% come from cash interest.

當然可以，道格。所以，我們不妨先從本季說起，對吧？本季支付了 0.77 美元的股息，大約能賺 0.82 美元。因此，股息支付綽綽有餘，而且正如 Brad 所概述的，投資組合狀況良好，非應計項目低，槓桿權益基礎高（Teddy 也提到了這一點），更重要的是，還有高質量的投資收益，最重要的是，收益可預測，大約 90% 來自現金利息。

So it's not PIC or not fee related. Now right now, about 99% of the portfolio is floating rate, which has been a big win with rates being high, but when rates start to come down and the Fed is expected to take so far around 3% over the next year, we'll see some impact on earnings.

所以這與PIC或費用無關。目前，投資組合中約 99% 為浮動利率，在高利率環境下取得了巨大成功，但當利率開始下降時（預計聯準會在未來一年內將利率降至 3% 左右），我們將看到收益受到一定影響。

Now some peers have already adjusted their dividends. And for us, the plan is to keep looking at the base dividend in light of where rates and earnings are headed and still make sure it stays competitive and sustainable. Now the good news is we have a cost and expense advantage over peers, and our latest bond deal swapped at around 155 over outlined that.

現在一些同業已經調整了股利。對我們來說，計劃是根據利率和盈利的走向，繼續關注基本股息，並確保其保持競爭力和可持續性。好消息是，我們在成本和費用方面比同業更有優勢，我們最近的債券交易以約 155 的價格互換，也印證了這一點。

And with more M&A activity expected, we see some opportunities, as Brad outlined, to put some capital to work. So it's -- we're in a good spot to be thoughtful about any changes to the base dividend rather than just rush into them. That's how we're looking at it this quarter and the quarters going forward.

正如布拉德所概述的那樣，隨著併購活動的增加，我們看到了一些機會，可以運用一些資本。所以，我們現在處於一個比較有利的位置，可以認真考慮對基本股利的任何改動，而不是倉促行事。這就是我們本季以及未來幾季的展望。

Appreciate that. And just as you mentioned, if there is increased M&A and turnover in the portfolio, how do you think about that impact on the realized yields you have if portfolio turnover picks up?

謝謝。正如您所提到的，如果投資組合中的併購和周轉率增加，您認為投資組合週轉率上升會對實際收益率產生什麼影響？

Yes, I'm happy to take that. I think we've been messaging for some time that, number one, we expect activity to pick up. You clearly saw that. Number two, in line with that, you would expect repayment activity to pick up as well. You saw that to this quarter.

是的，我很樂意接受。我認為我們已經傳達了一段時間的訊息，第一，我們預計業務活動將會回升。你明明看到了。第二，與此相符，預計還款活動也會增加。你已經看到了本季的情況。

So if those trends persist, we'd expect a continued trend that does represent a potential upside driver to returns versus what you saw in certainly the second quarter and previous quarters and lower repayment activity.

因此，如果這些趨勢持續下去，我們預計這將持續成為一種潛在的上漲動力，與第二季和前幾季的情況以及較低的還款活動相比，回報可能會有所提高。

Yes, it probably has more of an immediate impact on earnings just given the acceleration of OID, the fees that we get from those refinancings. And then if the rate environment or the yield environment is a little bit lower, longer-term yields will be a tad lower on those new deals.

是的，考慮到 OID 加速以及我們從這些再融資中獲得的費用，它可能對收益產生更直接的影響。如果利率環境或殖利率環境略低，那麼這些新交易的長期殖利率也會略低一些。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Hey, thanks for taking my question. First one is just about the AI opportunities, and you highlighted a couple of different things here. Over the near term, what sorts of opportunities do you see potentially over the next coming quarters? Could this include, for example, debt financing and some of the infrastructure, what's appropriate for the vehicle here?

嘿，謝謝你回答我的問題。第一個問題是關於人工智慧的機遇，你在這裡重點提到了幾個不同的面向。短期來看，您認為未來幾季可能會出現哪些類型的機會？例如，這是否包括債務融資和一些基礎設施，哪些適合這裡的車輛？

Yes. So obviously, AI is both a risk and an opportunity. We're spending a lot of time on the risk side, understanding what sectors could be impacted. We have -- I think we've talked about this before, 1,000 technologists across Blackstone. So our insights into areas of concern and risk are probably better positioned than most anyone in the industry.

是的。顯然，人工智慧既是風險也是機會。我們花了很多時間研究風險方面的問題，了解哪些產業可能會受到影響。我們有——我想我們之前也討論過這個問題——黑石集團擁有 1000 名技術人員。因此，我們對值得關注的領域和風險的洞察力可能比業內大多數人都要強。

Your question was more on the opportunity side, and we think everything in and around the AI ecosystem is looking attractive, not from an application or technology standpoint. There's some -- we need to be cautious as a debt investor on where we want to invest, but more in the infrastructure and that includes equipment providers into data centers.

您的問題更多是關於機會方面，我們認為人工智慧生態系統內外的一切都很有吸引力，而不是從應用或技術角度來看。作為債務投資者，我們需要謹慎選擇投資方向，但更多的是投資基礎設施，包括資料中心設備供應商。

So we just did a big deal for BXSL during the quarter called Layer Zero which Advent purchased. We just announced a deal last week, Sabre Power, which powers another attractive infrastructure play on the AI -- in the AI ecosystem. So you'll continue to see us play in the picks and shovels around AI and drive more secured type investments in that space.

所以，我們在本季為 BXSL 完成了一筆名為 Layer Zero 的大交易，Advent 收購了該公司。我們上週剛宣布了一項交易，Sabre Power，它為人工智慧生態系統中另一個極具吸引力的基礎設施項目提供了動力。所以，你們會繼續看到我們參與人工智慧領域的各種活動，並推動該領域更多安全的投資。

Great. Very helpful there. And then one follow-up, if I may more broadly. How are you seeing in terms of the quality of deals that you're seeing? You've certainly seen a pickup in activity, but wondering how would you assess the quality of the deals that you're seeing so far?

偉大的。那方面幫了我很大的忙。然後，如果可以的話，我想更廣泛地問一個後續問題。您覺得目前看到的交易品質如何？您肯定已經看到交易活動增加，但我想知道您如何評價目前為止所看到交易的品質？

Yes. I would say it's actually fairly good. We're seeing -- what's driving a little bit of the pickup in M&A activity, as I said in my opening remarks, you have a little bit more macro clarity. You have a lower cost of capital and those two things are driving improved valuations. And so buyers and sellers are coming a little bit closer together.

是的。我覺得它其實相當不錯。我們看到——正如我在開場白中所說，推動併購活動略有回升的因素是宏觀情況更加明朗。你的資金成本更低，而這兩點正在推動估值提升。因此，買賣雙方之間的距離正在拉近。

And typically, when an M&A machine starts to pick up, it leads with the higher-quality assets. And those are the types of deals that we're seeing. As I just mentioned on the previous question, average loan-to-value of about 45%, so still sub-50%. When we started 15, 20 years ago, average loan-to-values were around 65%.

通常情況下，當併購活動開始活躍時，它會優先收購更高品質的資產。這就是我們看到的交易類型。正如我在上一個問題中提到的，平均貸款價值比約為 45%，仍然低於 50%。15、20年前我們剛起步時，平均貸款成數約為65%。

So very good backdrop from a capital structure standpoint if you're investing at the top of the capital structure, which we continue to do. And then I would say there are certain sectors that we think will be better performers going forward, and those are the ones that we've invested in the past year and will continue on a go-forward basis for our investors.

因此，從資本結構的角度來看，如果你投資在資本結構的頂端（我們一直在做），那麼這是一個非常好的背景。然後我想說，我們認為某些行業未來會表現得更好，這些行業是我們過去一年投資的領域，我們將繼續為我們的投資者進行投資。

Great, very helpful there, thanks again.

太好了，幫了我很大的忙，再次感謝。

Ethan Kaye, Lucid Capital Markets.

Ethan Kaye，Lucid Capital Markets。

Hey, good morning guys. Thanks for taking my question here. So you guys had strong commitment in net funding activity this quarter, which is great to see. I guess first question is how much of this was kind of incumbent versus new borrowers? And are you kind of seeing a shift in these proportions in the last quarter, recent months here?

嘿，各位早安。感謝您接受我的問題。你們本季在淨融資活動方面表現出了強勁的決心，這非常好。我想第一個問題是，這其中有多少是現有借款人，又有多少是新借款人？那麼，在過去一個季度，也就是最近幾個月裡，你是否注意到這些比例已經發生了一些變化？

Yes. Good question. Thanks, Ethan. So as we look at total activity in the quarter, which includes existing portfolio companies that are accessing DDTLs or doing add-ons in addition to new deals, over 80% of activity was to incumbent borrowers and over 70% or actually close to 75%, as Carlos mentioned, were sole leads. So I don't -- I wouldn't say that's in a different quarter than previous.

是的。問得好。謝謝你，伊森。因此，當我們審視本季度的整體活動時，其中包括現有投資組合公司獲取 DDTL 或進行附加交易以及新交易，超過 80% 的活動是針對現有借款人的，超過 70% 或實際上接近 75%（正如 Carlos 所提到的）是獨家線索。所以，我不認為——我不會說這和之前的情況有所不同。

That's kind of been consistent for a while. It goes back to our broad coverage across the sub-investment grade universe, cover or invested as a platform over 5,000 companies, that's somewhat of a fertile hunting ground for us for new deals. You saw that in the quarter.

這種情況已經持續了一段時間。這要歸功於我們對投資等級以下領域的廣泛覆蓋，我們作為一個平台涵蓋或投資了超過 5,000 家公司，這在某種程度上是我們尋找新交易的沃土。你在那一季裡看到了。

And I would say just as a market backdrop, we're seeing about a 25% uptick in new LBOs. So going forward, I think you'll see a decent percentage of new deals come through the portfolio and into next year.

而且就市場背景而言，我們看到新的槓桿收購交易量增加了約 25%。因此，我認為未來幾年，你會看到相當一部分新交易透過投資組合進入市場，並延續到明年。

Got it. That's helpful. And then, I guess, somewhat of a follow-up. So given that leverage ticked up a bit, at the high end of your range, as you mentioned. And given that kind of share issuance ability is a little bit more constrained these days, should we anticipate kind of the level of deployment to be largely driven by portfolio turnover? Do you think there's capacity to kind of maintain these elevated net funding levels?

知道了。那很有幫助。然後，我想，算是後續吧。所以，正如您所提到的，槓桿率略有上升，達到了您預期範圍的高端。鑑於如今此類股票發行能力受到一定限制，我們是否應該預期部署水準將主要由投資組合週轉率驅動？你認為是否有能力維持這種較高的淨融資水準？

Yes, good question. Thank you. So well, first off, going into a period of heightened activity, very well capitalized, right, over $2.5 billion of liquidity, among lowest cost of financing, debt markets wide open, we issued a $500 million bond at 155 basis points spread over treasury. And to put that in context, that's about 50 basis points inside of where spreads were on bonds in 2021.

是的，問得好。謝謝。首先，在進入一段業務活動頻繁的時期，我們資本非常充足，擁有超過 25 億美元的流動性，融資成本極低，債務市場完全開放，我們發行了 5 億美元的債券，利率比國債利率高出 155 個基點。換個角度來看，這比 2021 年債券利差低了約 50 個基點。

So to your point, also seeing a pickup in repayment activity as the M&A market does pick up, we expect to continue to see that. And we'll watch the equity markets closely, an only issue if we see that it's accretive to both NAV and earnings based on the opportunity set in front of us. So in the meantime, we feel we're in a very good position and do have some visibility to increasing repayments as previously mentioned.

正如您所說，隨著併購市場的回暖，還款活動也隨之增加，我們預期這種情況還會持續下去。我們會密切關注股票市場，只有當我們認為基於擺在我們面前的機會，股票市場能夠同時增加淨值和收益時，我們才會考慮它。所以同時，我們感覺我們處境非常好，並且如前所述，我們對增加還款額有一定的預期。

The pickup in M&A activity and turnover are directly linked, not surprisingly. So you'll see both those happen at the same time.

併購活動和營業額的成長是直接相關的，這並不令人意外。所以你會看到這兩件事同時發生。

Great. Appreciate it. Thanks guys.

偉大的。謝謝。謝謝各位。

(Operator Instructions)

（操作說明）

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi guys. If I can go back to the LTV question quickly. I mean almost 50%, I think that's probably an all-time high in this portfolio, and it's up almost 300 basis points since last quarter. And there's also -- there seems to be a bit of tension. Brad, in your prepared remarks, you're talking to Ken, you said valuations in the market are improving, and that's one of the factors driving activity.

嗨，大家好。如果我能快速回到LTV的問題上來。我的意思是接近 50%，我認為這可能是該投資組合的歷史最高水平，而且自上個季度以來上漲了近 300 個基點。而且，似乎還存在著一些緊張氣氛。布拉德，你在事先準備好的演講稿中，你和肯談到，市場估值正在改善，這是推動市場活躍的因素之一。

But then explanation for LTVs going down as you're marking down the enterprise value for some of your portfolio companies. So can you give us a little bit more granularity on that? Is it trimming multiples modestly broadly across the portfolio for your enterprise value assessments or more concentrated in some larger assets where there are bigger negative adjustments?

但這樣一來，當你降低某些投資組合公司的企業價值時，LTV（客戶終身價值）就會下降，這就需要解釋原因了。能再詳細解釋一下嗎？對於企業價值評估，您是小幅削減整個投資組合的倍數，還是更集中地削減一些存在較大負面調整的較大資產的倍數？

Yes. I don't want to get into too technical of an answer on this point. But I'll give you an example, and hopefully that is helpful. If a company does an add-on financing where they had previously an equity position, let's just say that was $1.5 billion, that company may have improved in value and we may have financed it with the acquisition with debt.

是的。我不想在這個問題上給出過於技術性的答案。但我會舉個例子，希望對你有幫助。如果一家公司進行追加融資，而該公司之前已經持有股權，假設股權價值為 15 億美元，那麼該公司的價值可能會提高，而我們可能會透過債務融資來收購該公司。

So it may look like the LTV has gone up, but it, in fact, is reflecting the original purchase price of the sponsor. So there's a lot of puts and takes on the LTV, Robert. I would tell you it's not -- it's -- as we look at it, it's not a story. It's not an event that concerns us just given the subordination that remains below our debt positions.

因此，雖然看起來 LTV 似乎上升了，但實際上它反映的是贊助商的原始購買價格。所以，關於LTV有很多不同的看法和觀點，羅伯特。我會告訴你，這不是——這——從我們的角度來看，這不是一個故事。鑑於我們的債務地位仍然處於次級地位，這並不是一件讓我們擔憂的事情。

Got it. Got it. Sort of a follow-up, a little early. On spreads, I mean, in your opening remarks, Brad, you did say spreads are still attractive relative to other fixed income markets. We agree with that, right?

知道了。知道了。算是後續報道，稍微提早了一點。關於利差，我的意思是，布拉德，你在開場白中確實說過，相對於其他固定收益市場，利差仍然很有吸引力。我們同意這一點，對吧？

I mean spreads are down everywhere. And private credit has persistently maintained the premium over the syndicated low market, call it, 150 basis points-plus. Do you think there's risk to that 150 as we go forward given the amount of capital and the amount of competition?

我的意思是，所有市場的價差都在下降。私人信貸一直維持著比銀團貸款低市場的溢價，大約高出 150 個基點以上。考慮到目前的資本規模和競爭程度，你認為未來150美元的目標價位會有風險嗎？

I definitely do not think there's risk to that premium. If you take a step back and think about what private credit is delivering for companies, in the bank model, you approach a bank, bank underwrites a loan, goes to rating agencies, goes through a long distribution process and eventually prices that debt in the public markets. They charge a fee for that.

我絕對不認為這個保費有什麼風險。如果你退後一步，想想私人信貸能為公司帶來什麼，你會發現，在銀行模式下，你去找銀行，銀行承銷貸款，然後去評級機構，經過漫長的分銷過程，最終在公開市場上為債務定價。他們會為此收取費用。

Usually, that fee is somewhere between 2.5 basis -- 250 basis points to 300 basis points, depending on the -- all the other ancillary expenses. And you compare that to private credit, where I'm going to the same company and saying, work with Blackstone directly. We can give you $1 billion loan, you don't need to go through that distribution process.

通常情況下，該費用在 2.5 個基點到 250 個基點到 300 個基點之間，具體取決於所有其他輔助費用。然後你把它和私人信貸進行比較，在私人信貸中，我會去同一家公司，說直接與黑石集團合作。我們可以給你10億美元的貸款，你不需要經過那些繁瑣的分配流程。

By the way, we can give you a little bit more of a tailored solution for you. And that is the value of what private credit brings to the market. It's the disintermediation of the bank distributed model and there's value for that. There's value for the company and there's value for investors. And so I strongly believe that, that premium will be maintained and at some point, will actually even be wider.

順便說一下，我們可以為您提供一些更個人化的解決方案。這就是私人信貸為市場帶來的價值。這是對銀行分散式模式的去中介化，而這種去中介化是有價值的。這對公司有價值，對投資人也有價值。所以我堅信，這種溢價將會維持下去，而且在某個時候，溢價甚至會進一步擴大。

Got it. I hate to ask one more. Can you give us the estimated spillover currently to support the dividend?

知道了。我不想再問這個問題了。您能否告知我們目前用於支撐股利的預期溢出效應量？

Yes, $1.89.

是的，1.89美元。

Got it. Thank you.

知道了。謝謝。

Melissa Wedel, JPMorgan.

梅麗莎‧韋德爾，摩根大通。

Good morning. Thanks for taking my questions today. Definitely noticed the resilience in interest income this quarter, especially given the pickup quarter-over-quarter, and I was wondering if there was anything onetime or outsized showing up and impacting the 3Q revenue number?

早安.謝謝您今天回答我的問題。本季利息收入的韌性確實很明顯，尤其是在環比增長之後，我想知道是否有任何一次性或超額因素出現並影響了第三季度的收入數字？

Yes. Thanks, Melissa, I think as you look at our interest income profile overall, what you see is quite a bit of recurring nature, right? We have, as I mentioned, 91% excluding -- 91% of interest income excludes PIK and onetime fees. We did have a little bit of repayment activity.

是的。謝謝梅麗莎，我想當你整體審視我們的利息收入情況時，你會發現其中有很多是經常性收入，對吧？正如我之前提到的，我們有 91% 的利息收入不包括實物支付和一次性費用。我們確實有一些還款活動。

The impact of that was maybe $0.03 a -- so I think overall, as you go back to our policy from an accounting perspective, right, all OID and upfront fees are amortized over the life. And so that leads to more stability or we believe leads to more stability over a long period of time.

那的影響可能是 0.03 美元——所以我認為總體而言，從會計角度來看，所有 OID 和預付費用都會在生命週期內攤提。因此，這會帶來更大的穩定性，或者我們認為，這會帶來更長時期的穩定性。

Okay. That helps. And it sounds like with the pickup in M&A activity and deal volumes, you're seeing some attractive opportunities. I'm curious how the opportunity set here in the US now that it is sort of reaccelerating, how does that compare to what you're seeing outside of the US, which I know has a small exposure in the portfolio?

好的。那很有幫助。聽起來，隨著​​併購活動和交易量的回升，您看到了一些相當吸引人的機會。我很好奇，現在美國市場似乎正在重新加速發展，這裡的投資機會與你們在美國以外看到的機會相比如何？我知道你們的投資組合中在美國以外地區有一小部分投資。

Yes. I would say Europe as being the primary market that's most developed outside of the US, probably sees terms that are a little bit wider to what you're seeing in the US The market is just not as developed. The capital markets aren't as deep. There's not as many competitors and so as that market starts to reaccelerate as well, there's a slightly better backdrop in Europe than the US.

是的。我認為歐洲作為美國以外最發達的主要市場，其用語範圍可能比美國更廣一些。歐洲市場的發展程度還不夠。資本市場深度不夠。競爭對手不多，因此隨著歐洲市場也開始重新加速發展，歐洲的市場環境比美國略好。

Both are attractive clearly, but you see about a 25, 50 basis points spread premium in Europe. And in Asia, it's a little bit of a market that's still developing for the most part and probably not a great comp.

兩者顯然都很有吸引力，但在歐洲，價差溢價約為 25 至 50 個基點。而在亞洲，這在很大程度上仍是一個發展中的市場，可能不是一個很好的比較對象。

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

Thank you. I just wanted to talk a little bit about the commentary of investment activity picking up because the cost of capital coming down and macro getting better. The macro still seems kind of squishy and part of the reason that rates may be coming down is that there is a little bit of macro uncertainty along with the slowing inflation.

謝謝。我只是想簡單談談關於投資活動回升的評論，因為資本成本下降，宏觀經濟情勢好轉。宏觀經濟情勢仍有些不明朗，利率可能下降的部分原因是宏觀經濟存在一些不確定性，同時通膨也在放緩。

What -- I guess what are your -- what's your experience in the past in areas like this where you have the cost of capital coming down, but macro still has some uncertainty in it?

我想問的是，您在類似這樣的領域有什麼經驗？在這些領域，資本成本正在下降，但宏觀經濟仍存在一些不確定性。

Yes. Let me just comment broadly on the economy because you are correct, we did highlight that it feels like the economy, the backdrop is good. Corporate balance sheets are good. Earnings, as we see them reported publicly, are strong. We're seeing that in our portfolio as well.

是的。讓我就經濟問題泛泛地談談，因為你說得對，我們確實強調過，目前經濟狀況看起來不錯，背景也很好。公司資產負債表狀況良好。從公開揭露的數據來看，獲利狀況良好。我們的投資組合中也出現了這種情況。

I think we mentioned 9% earnings growth. There are pockets of weakness most certainly. And you see that in the cyclicals. You see that in smaller companies. You see that in companies that are exposed to the lower end of the consumer. Tricolor is a good example of that.

我想我們之前提到過9%的獲利成長。當然，其中也存在一些薄弱環節。這一點在周期性股票中也能看到。這種情況在規模較小的公司很常見。你會發現，這種情況在那些面向低端消費者的公司中很常見。三色旗就是一個很好的例子。

And then you see some businesses that are more impacted by AI. So it's not without challenges, but -- so it really depends on where you're invested. But importantly, as you think about rates, rates are primarily looking at inflation. And inflation is coming down. The labor markets are cooling, shelter, costs are lower, and that's really what the Fed is focused on when they're setting their interest rate policy.

然後你會發現有些企業受人工智慧的影響更大。所以這並非沒有挑戰，但是——這真的取決於你的投資方向。但重要的是，在考慮利率時，利率主要關注的是通貨膨脹。通貨膨脹正在下降。勞動市場正在降溫，住房成本降低，這正是聯準會在製定利率政策時真正關注的重點。

Got it. All right. Thank you.

知道了。好的。謝謝。

With no additional questions in queue, I'd like to turn the call back over to Stacy Wang for any additional or closing remarks.

由於沒有其他問題需要提問，我想把電話轉回給 Stacy Wang，請她補充或作總結發言。

Thank you, and thanks, everyone, for your participation in our call this morning. We look forward to speaking to you next quarter. Thanks again.

謝謝大家今天上午參加我們的電話會議。我們期待下個季度與您再次交流。再次感謝。