Blackstone Secured Lending Fund (BXSL) 2026 Q1 法說會逐字稿

Good day, and welcome to the Blackstone Secured Lending first quarter 2026 Investor Call. Today's call is being recorded. (Operator Instructions) I'd like to turn the conference over to Stacy Wang, Head of Stakeholder Relations. Please go ahead.

各位好，歡迎參加 Blackstone Secured Lending 2026 年第一季投資人電話會議。今天的電話會議將被錄音。(接線員指示) 我想將會議交給利害關係人關係主管 Stacy Wang。請開始。

Thank you, Katie. Good morning, and welcome to Blackstone Secured Lending Fund's first quarter results conference call. Joining me today are Brad Marshall, Co-Chief Executive Officer; and Teddy Desloge, Chief Financial Officer, along with other members of the management team available for Q&A, including Jonathan Bock, Co-Chief Executive Officer; and Carlos Whitaker, President.

謝謝你，Katie。各位早安，歡迎參加 Blackstone Secured Lending Fund 第一季業績電話會議。今天與我一同出席的有共同執行長 Brad Marshall、財務長 Teddy Desloge，以及其他可供問答的管理團隊成員，包括共同執行長 Jonathan Bock 與總裁 Carlos Whitaker。

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

今天稍早，我們發布了新聞稿並提供業績簡報，同時也提交了 10-Q；兩者皆可於我們網站 www.bxsl.com 的「股東資源」專區取得。我們將在今天的電話會議中多次引用該簡報。

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

提醒各位，本次電話會議可能包含前瞻性陳述；此類陳述具有不確定性且不在公司控制範圍內，實際結果可能與之有重大差異。我們不承擔更新這些陳述的任何義務。關於可能影響結果的部分風險，請參閱我們今天稍早提交之 Form 10-Q 的「風險因素」章節。本次音訊轉播為 Blackstone 之受著作權保護資料，未經同意不得複製。接下來把電話交給 Brad Marshall。

Thank you, and good morning. Before turning to the quarter's results, I want to take a step back and address the broader market environment. The first quarter unfolded against an uncertain backdrop across asset classes, with the S&P 500 investment grade, high yield and broadly syndicated loan markets, all posting negative returns amidst geopolitical developments, concerns around AI's impact on software businesses and overall wider spreads.

謝謝，各位早安。在談本季業績之前，我想先退一步，談談更廣泛的市場環境。第一季在各資產類別的不確定背景下展開；S&P 500 投資級、高收益與廣泛銀團貸款市場皆在地緣政治發展、對 AI 對軟體企業影響的疑慮，以及整體利差走闊的情況下錄得負報酬。

Simply looking at the leveraged loan index, spreads widened roughly 50 basis points and returns were down 55 basis points during the quarter. Investor sentiment was clearly negative during the quarter. And despite private credit generally outperforming the broadly syndicated loan and public equity markets, capital flows into several non-traded BDCs declined and public BDCs traded down meaningfully.

單看槓桿貸款指數，利差在本季約擴大 50 個基點，報酬下滑 55 個基點。本季投資人情緒顯然偏負面。儘管私募信貸整體表現普遍優於廣泛銀團貸款與公開股票市場，資金流入多檔非交易型 BDC 仍有所下降，公開交易 BDC 的股價也明顯下跌。

Amidst the volatility and broader market pressure, the private credit markets continue to be well capitalized and in high demand by private and public companies. Through Q1, over 80% of borrowers chose private lenders for LBO financings. The direct-to-borrower model is often a better solution to our corporate partners, all while seeking to provide investors with risk mitigation through senior positioning, covenant protections and contractual income generated returns.

在波動與更廣泛的市場壓力之下，私募信貸市場仍維持充足資本，且受到私營與上市公司高度需求。截至第一季，超過 80% 的借款人在 LBO 融資中選擇私募放款人。直接面向借款人的模式往往能為我們的企業合作夥伴提供更佳解決方案，同時也力求透過優先順位、契約條款保護（covenant protections）與合約性收益所帶來的報酬，為投資人提供風險緩釋。

We believe these attributes have contributed positive returns in direct lending for Blackstone Credit and Insurance, or BXCI, since starting nearly 20 years ago. In fact, over the past 20 years, over $160 billion has been invested in BXCI's North American direct lending strategy with less than 10 basis points of realized annual losses as described in materials.

我們相信，這些特性自近 20 年前 Blackstone Credit and Insurance（BXCI）開始從事直接放款以來，已為其直接放款帶來正報酬。事實上，過去 20 年中，BXCI 的北美直接放款策略已投資超過 1,600 億美元，依資料所述，其已實現的年度損失低於 10 個基點。

More broadly, while we expect continued normalization of default activity across public and private sub-investment-grade markets from historically low levels, the private credit model is built for that environment. In our view, performance in our portfolio will continue to be underpinned by high embedded current income, disciplined asset marks and highly negotiated structural protections, and we expect that long-term outperformance to continue relative to liquid markets. For BXSL specifically, first and foremost, we have nearly 98% first lien exposure with substantial cushion of nearly 50% junior capital or equity below our capital structures on average.

更廣泛而言，雖然我們預期公開與私募的非投資級市場之違約活動，將從歷史低位持續正常化，但私募信貸模式正是為此環境而設計。我們認為，我們投資組合的表現將持續由高水位的內嵌當期收益、嚴謹的資產估值（marks）以及高度協商的結構性保護所支撐；並預期相較於流動性市場，長期超額表現將延續。就 BXSL 而言，最重要的是，我們近 98% 的曝險為第一順位擔保（first lien），且在我們的資本結構之下，平均有近 50% 的次順位資本或股權作為相當厚實的緩衝。

Second, our credit agreements are heavily reviewed with key provisions we negotiate during periods of underperformance and include strong collateral protections. Third, nearly 80% of BXCI's historical exposure is with either a sole or lead lender role, typically providing a position of influence.

第二，我們的授信協議經過嚴格審閱，並包含我們在表現不佳期間所協商的關鍵條款，同時具備強而有力的擔保品保護。第三，BXCI 歷史曝險中近 80% 係以獨家放款人或主辦／主貸放款人（sole or lead lender）的角色參與，通常能提供具影響力的地位。

We are positioned in capital structures to enforce our rights, and we believe we have unmatched resources, experience and infrastructure as part of Blackstone to help drive positive outcomes. Furthermore, in BXSL, as we enter our eighth year, we have had a total of eight restructurings that incurred realized losses, two of which have now been fully realized.

我們在資本結構中的位置足以執行我們的權利；且我們相信，作為 Blackstone 的一部分，我們擁有無可匹敵的資源、經驗與基礎設施，以協助推動正向結果。此外，BXSL 進入第八年以來，累計共有 8 件重整案產生已實現損失，其中 2 件目前已完全實現。

In those two deals, inclusive of interest received, we achieved a realized multiple on invested capital of 0.98 times, reflecting nearly a full recovery of our loan basis. Turning to performance this quarter. We generated net investment income, or NII, of $0.77 per share, fully covering our dividend and our total net return was over 70 basis points for the quarter despite a volatile market backdrop.

在這兩筆交易中，包含已收取的利息在內，我們的投資資本已實現倍數為 0.98 倍，反映我們的貸款成本基礎幾乎已全數回收。接著談本季表現。我們每股產生淨投資收益（NII）0.77 美元，完全覆蓋股利；儘管市場環境波動，本季總淨報酬仍超過 70 個基點。

We deployed $325 million of new capital, and we saw nearly $450 million of repayments, consistent with our messaging that repayment volumes remain healthy. As we sit here today, we see visibility to over $600 million of repayments in the next three months to four months, which we expect to use for a combination of new investments and share buybacks.

我們投入 3.25 億美元的新資本，同時收到近 4.5 億美元的償還，與我們先前所傳達「償還量仍維持健康」的訊息一致。以目前來看，我們可見未來三到四個月內將有超過 6 億美元的償還，我們預期將用於新投資與庫藏股回購的組合。

NAV per share as of Q1 was $26.26, down approximately 2.5% quarter-over-quarter, reflecting changes to both public and private loan market spreads and company fundamentals. While these marks reduced NAV in the quarter, we believe they are an important part of the private credit model that reflect current information and market conditions and every line item is publicly reported versus investment costs and par value.

截至第一季，每股淨資產價值（NAV）為 26.26 美元，較前一季約下降 2.5%，反映公開與私募貸款市場利差以及公司基本面之變動。雖然這些估值調整在本季降低了 NAV，但我們認為它們是私募信貸模式的重要一環，能反映當前資訊與市場狀況；且每一個明細項目皆相對於投資成本與票面價值（par value）公開揭露。

Nonaccruals for the quarter were 3.1% at fair value and 4.7% at cost. We added three new positions to nonaccrual, including Medallia, now marked at 60.3, Affordable Care now marked at 69.8 and Paramount Global Services now marked at 65. Of the 316 portfolio companies in BXSL, these three names make up over 88% of our nonaccrual based on fair market value.

本季不計息（nonaccrual）資產占比按公允價值為 3.1%，按成本為 4.7%。我們新增三個不計息部位，包括 Medallia（目前估值標記為 60.3）、Affordable Care（目前標記為 69.8）以及 Paramount Global Services（目前標記為 65）。在 BXSL 的 316 家投資組合公司中，按公允市價計算，這三個名稱占我們不計息部位的 88% 以上。

Before detailing these portfolio developments, it is worth highlighting that we believe the overall portfolio remains resilient if you look at averages across our book, stable high single-digit EBITDA growth over the last 12 months, consistent portfolio company EBITDA margins of 28%, interest coverage at 2 times, which is a 17% increase over the last two years and an average mark of 96.2%, which is generally in line with the broadly syndicated loan market.

在詳述這些投資組合變化之前，值得強調的是：若從我們投資組合的平均數來看，我們認為整體仍具韌性——過去 12 個月 EBITDA 維持穩定的高個位數成長；投資組合公司 EBITDA 利潤率一致維持在 28%；利息保障倍數為 2 倍，較過去兩年提升 17%；平均估值標記為 96.2%，大致與廣泛銀團貸款市場一致。

Moreover, the bottom 10% of the portfolio is marked at 73, with valuations reflecting underperformance on a handful of names. Certain borrowers may continue to see challenges and require sponsor capital or capital structure improvements. We believe we are very well positioned to drive this process as senior secured lenders. On the names we added to nonaccrual this quarter, the largest is Medallia, which represents a 1.7% of BXSL's fair market value.

此外，投資組合中表現最差的後 10% 之估值標記為 73，其估值反映少數個案的表現不佳。部分借款人可能仍將面臨挑戰，並需要贊助方資本或資本結構改善。我們相信，作為優先擔保放款人，我們非常有利於推動此一過程。就本季新增至不計息的名稱而言，最大的是 Medallia，占 BXSL 公允市值的 1.7%。

While the company paid its full quarterly interest in cash in March, we have begun working towards a restructuring. As part of this restructuring, we, together with the other lenders, plan to invest new capital into the business and meaningfully delever the balance sheet. This will allow the company to, one, better serve its customers; and two, invest in new products and AI features.

雖然該公司在 3 月以現金支付了全額季度利息，但我們已開始推動重整作業。作為此次重整的一部分，我們將與其他放款人一同計畫向該業務投入新資本，並大幅降低資產負債表槓桿。這將使公司能夠：第一，更好地服務其客戶；第二，投資新產品與 AI 功能。

As we mentioned previously, Medallia is highly profitable today, and we expect it will be greatly benefit from a delevered capital structure, which we expect to finalize over the next few months. Affordable Care, representing 0.73% of BXSL's fair market value, operates in the dental service space where demand trends have weakened and the business carries a relatively elevated cost structure.

如我們先前提到的，Medallia 目前獲利能力很強，我們預期其將可從去槓桿化的資本結構中大幅受益；我們預計在未來幾個月內完成相關安排。Affordable Care 佔 BXSL 公允市值的 0.73%，其業務位於牙科服務領域，該領域的需求趨勢已轉弱，且該公司承擔相對較高的成本結構。

Importantly, we are first lien lenders in a capital structure with multiple layers of junior capital below our exposure and strong lender documentation. We plan to enforce our rights to senior lenders, and we are actively engaged with sponsor management team, junior capital providers and lender base to improve the capital structure.

重要的是，我們在該資本結構中屬於第一順位留置權（first lien）放款人；在我們曝險之下尚有多層次的次順位資本，且放款人文件條款強健。我們計畫行使作為優先放款人的權利，並正積極與贊助方管理團隊、次順位資本提供者及放款人群體合作，以改善資本結構。

Finally, Paramount Global Services, which represents 0.26% of fair market value and remains current on its coupon payments was also added to nonaccrual -- the business is a building products distributor within the trading companies and distribution industry and has seen softening demand consistent with the broader industry, which has impacted performance.

最後，Paramount Global Services 佔公允市值的 0.26%，且其票息支付仍維持正常，但也被列入非應計（nonaccrual）—該公司為貿易公司與分銷產業中的建材產品分銷商，需求走弱與整體產業一致，並已影響其表現。

In our view, the sponsor has been supportive to date and believes the challenges to be more cyclical in nature. The consistent theme across these three names is that we sit at the top of the capital structure where we have both strong documentation and lender protections. We use these to help improve the outcomes for investors and the companies.

我們認為，贊助方迄今仍提供支持，並相信這些挑戰較偏向景氣循環性。這三個標的的一致主題是：我們位於資本結構最上層，並擁有強健的文件條款與放款人保障。我們運用這些條款來協助改善投資人與企業的結果。

On the new deal front, our largest new commitment was to Firmus Technologies during the quarter, an emerging GPU cloud service provider. Blackstone led a $10 billion GPU-backed debt financing to support the company's cloud build-out, serving large investment-grade counterparties, including major hyperscalers and enterprise cloud customers. The loan is senior secured denominated in US dollars with lenders having a first lien on GPUs.

在新案方面，本季我們最大的新增承諾是對 Firmus Technologies（新興的 GPU 雲端服務供應商）的投資。Blackstone 主導了一筆 100 億美元、以 GPU 作為擔保的債務融資，以支持該公司雲端建置擴張，服務大型投資級對手方，包括主要超大規模雲端業者（hyperscalers）與企業雲端客戶。該筆貸款為以美元計價的優先擔保貸款，放款人對 GPU 享有第一順位留置權。

To date, Blackstone has led or anchored nearly $25 billion of GPU financings and is the largest owner of data centers globally. We leverage the insights gained from our experience investing across the digital infrastructure ecosystem to identify investments that benefit from the continued tailwinds we see from the build-out and demand for AI infrastructure. In this case, proprietary origination and structuring complexity helped create attractive relative value for our investors.

迄今為止，Blackstone 已主導或擔任近 250 億美元的 GPU 融資案，並且是全球最大的資料中心持有者。我們運用在數位基礎設施生態系投資所累積的洞見，辨識可受益於 AI 基礎設施建置與需求持續順風的投資機會。在此案例中，專有案源與結構設計的複雜性，有助於為投資人創造具吸引力的相對價值。

At BXCI, we continue to see attractive opportunities within the digital infrastructure, life science and infrastructure services area of the market, three higher conviction themes with secular tailwinds where we can leverage Blackstone's specialized expertise. We said last quarter that repayments would create additional balance sheet capacity if they materialize.

在 BXCI，我們持續在市場中的數位基礎設施、生命科學與基礎設施服務領域看到具吸引力的機會；這三項是我們更高信心的主題，具備結構性順風，且我們可運用 Blackstone 的專業能力。我們在上季提到，若還款實現，將可為資產負債表創造額外的承載能力。

We emphasize this because repayments give us room to be patient, stay disciplined and make capital allocation decisions between paying down debt, investing in new deals as spreads may widen and potentially buying back shares. Natural turnover can pull assets back to par upon realization. In other words, when a credit is marked below par due to market volatility or temporary performance pressure, but the underlying business retains meaningful equity value, repayments at par converts that discount into a positive realization for shareholders.

我們強調這點，是因為還款讓我們有空間保持耐心、維持紀律，並在償還負債、在利差可能擴大時投資新案，以及潛在回購股份之間做出資本配置決策。自然周轉在實現時可使資產回到面值（par）。換言之，當某筆信貸因市場波動或短期營運壓力而被估值低於面值，但其基本面仍保有可觀的股權價值時，以面值還款會把該折價轉化為對股東的正向已實現收益。

A few recent instances. SelectQuote was previously marked as low as 88.4 and Colony Hardware at 91.75. Both were repaid at par during Q1. Alliance Ground's loan was marked at 96.75 previously and was taken out at par, while our equity position returned 2 times invested capital. And lastly, and probably most notably, AEVEX Aerospace, which went public in April last month, -- the business underperformed early in our BXSL investment.

近期有幾個例子。SelectQuote 先前最低被估到 88.4，而 Colony Hardware 為 91.75；兩者皆於第一季以面值償還。Alliance Ground 的貸款先前估值為 96.75，最終亦以面值被清償，同時我們的股權部位帶來 2 倍的投資資本回報。最後且可能最值得注意的是 AEVEX Aerospace，其於上月四月上市——該公司在我們 BXSL 投資初期表現不如預期。

We held the position at a low mark of 82.5 and yet we were taken out at par in Q2 following a very successful IPO. These four examples represent over $300 million of total repayments at par since Q4 despite a previous combined average mark in the 80s. These are also examples of what we have stated in past quarters. We believe realized performance is what ultimately matters and a more active deal market leading to more repayments can be helpful longer-term return driver.

我們曾以低至 82.5 的估值持有該部位，但在第二季於一次非常成功的 IPO 後，我們仍以面值被清償退出。這四個例子合計代表自第四季以來超過 3 億美元的面值還款，儘管先前合併平均估值落在 80 多。這些也呼應我們在過去幾季所說的觀點。我們相信最終重要的是已實現的表現，而更活躍的交易市場帶來更多還款，長期而言可成為有利的報酬驅動因素。

This is also why we view interim marks and embedded income together. Current income can provide a significant return cushion, while repayment activity can convert below par marks into par realizations. Finally, on software and AI, we continue to see public market bifurcation between business models that are more resilient and more insulated versus those at greater risk of potential disruption.

這也是為何我們會將期間估值（interim marks）與內含收益（embedded income）一併看待。當期收益可提供顯著的報酬緩衝，而還款活動則可將低於面值的估值轉化為面值的已實現結果。最後，關於軟體與 AI，我們持續看到公開市場在商業模式上出現分化：部分模式更具韌性、較能隔離風險；另一些則面臨較高的潛在顛覆風險。

For public loans in the leveraged loan index, companies growing earnings greater than 10% in more protected end markets have seen modest spread widening and are trading on average north of 95%. In public equities, companies with a similar profile trade at a median of nearly 14 times EBITDA. BXSL's software portfolio has continued to perform well with low double-digit percent LTM EBITDA growth and a large portion of our exposure in historically resilient subverticals such as data management, ERP and security.

就槓桿貸款指數中的公開市場貸款而言，在較受保護的終端市場中、盈餘成長超過 10% 的公司，其利差僅小幅擴大，平均交易價格在 95 以上。在公開股票市場，具類似特徵的公司其 EBITDA 交易倍數中位數接近 14 倍。BXSL 的軟體投資組合持續表現良好，最近十二個月（LTM）EBITDA 成長為低雙位數百分比，且我們相當大一部分曝險位於歷來具韌性的次垂直領域，例如資料管理、ERP 與資安。

Across approximately 70 software companies in the portfolio, weighted average LTM EBITDA is over $280 million and weighted average revenue exceeds $750 million. On average, these companies also maintain interest coverage of 2 times. As the sole or lead lender for the majority of transactions, BXCI can be more proactive and influence change versus acting as a passive investor. In many cases, BXCI's AI team has been working directly with some of these companies.

在投資組合約 70 家軟體公司中，加權平均 LTM EBITDA 超過 2.8 億美元，加權平均營收超過 7.5 億美元。平均而言，這些公司亦維持 2 倍的利息保障倍數。作為多數交易的唯一或主辦放款人，BXCI 相較於被動投資人能更主動並影響變革。在許多情況下，BXCI 的 AI 團隊已直接與其中部分公司合作。

We believe Blackstone has a differentiated perspective on AI. Across the firm, we have deep technology verticals that support and inform investment activity, including hundreds of technologists helping Blackstone's expansive portfolio on software procurement, technology implementations and AI adoption. We also benefit from senior AI experts and technology leaders across the platform.

我們相信 Blackstone 對 AI 具有差異化的觀點。在整個公司層面，我們在科技各垂直領域具備深厚能力，能支持並為投資活動提供資訊，包括數百位技術專家協助 Blackstone 龐大投資組合進行軟體採購、技術導入與 AI 採用。我們也受益於平台內的資深 AI 專家與科技領導者。

Additionally, Rodney Zemmel, former global leader of McKinsey Digital is helping us advance AI-enabled underwriting, risk analytics and portfolio activities to support BXCI's investment process. At large, the firm is in constant dialogue with AI market leaders across the digital infrastructure ecosystem. You may have seen the announcement this week that Blackstone is helping create a new AI service firm with Anthropic to bridge the gap between the technology and actual business applications.

此外，前 McKinsey Digital 全球負責人 Rodney Zemmel 正協助我們推進 AI 賦能的承保、風險分析與投資組合相關工作，以支持 BXCI 的投資流程。整體而言，本公司持續與數位基礎設施生態系中的 AI 市場領導者保持密切對話。您可能已看到本週的公告：Blackstone 正與 Anthropic 協助成立一家新的 AI 服務公司，以彌合技術與實際商業應用之間的落差。

Once built, we expect that BXSL portfolio companies could engage the new firm and benefit from these services. So stepping back, our message this quarter is that while defaults may continue to normalize off historically low levels in the sub-investment-grade market, this activity is not new and is built into the long-term return model across diversified portfolios of senior secured assets.

一旦建置完成，我們預期 BXSL 投資組合公司可與該新公司合作並受益於其服務。因此回到整體來看，我們本季的訊息是：雖然在次投資級市場中，違約率可能會從歷史低點持續回歸常態，但這類活動並不新鮮，且已納入多元分散之優先擔保資產投資組合的長期報酬模型之中。

The important point is that performance is underpinned by high embedded interest income, disciplined marks that create cushion for future outcomes and the structural protections we negotiate as first lien lenders. Said differently, this is a model designed to produce a range of positive performance over time, even as individual credit experience is volatility.

重點在於，績效由高內含利息收益、審慎的估值（marks）所形成的未來結果緩衝，以及我們作為第一順位留置權放款人所談判取得的結構性保障所支撐。換句話說，這是一個旨在隨時間產生一系列正向表現的模型，即使單一信貸經驗可能出現波動。

We believe the market is functioning. Our portfolio remains broadly healthy. Our underwriting and senior positioning matter, and our active asset management is designed to drive positive performance where companies see turbulence. At Blackstone is the world's largest alternative asset manager, we have the scale, operating resources and experience through cycles to lean into situations that require operational support.

我們認為市場運作正常。我們的投資組合整體仍大致健康。我們的承保品質與優先順位至關重要，而我們的主動資產管理旨在於企業遭遇動盪時推動正向表現。Blackstone 是全球最大的另類資產管理公司，我們具備規模、營運資源與穿越景氣循環的經驗，能在需要營運支援的情境中投入並提供協助。

That matters because even when defaults occur, we believe there is no better platform than Blackstone to manage them. BXSL has delivered a nearly 11% inception-to-date return, which represents 550 basis points of excess return to the broadly syndicated loans. We have done this through a simple formula that remains in place today, and that has continued to support outperformance.

這很重要，因為即使發生違約，我們相信沒有比黑石更好的平台來管理這些情況。BXSL 自成立以來至今已實現接近 11% 的回報，這相當於相對於廣泛銀團貸款高出 550 個基點的超額回報。我們透過一個至今仍在沿用的簡單公式達成這一點，並且該公式持續支撐我們的超額表現。

Senior positioning in BXCI originated assets in defensive areas of the market, high current income, low expense ratios, strong structural protections, disciplined marks and an active asset management. Taken together, these elements give us confidence in BXSL's ability to outperform for shareholders across cycles. With that, I'll turn it over to Teddy.

在 BXCI 發起的資產中採取優先順位配置、聚焦市場中的防禦性領域、較高的當期收益、較低的費用率、強有力的結構性保護、嚴謹的估值標記以及積極的資產管理。綜合而言，這些要素讓我們對 BXSL 在不同週期中為股東創造超額表現的能力充滿信心。接下來我把時間交給 Teddy。

Thanks, Brad. First, on performance. BXSL's net investment income for the quarter was $179 million or $0.77 per share, representing 100% coverage to our dividend on a per share basis. Payment in-kind income represents less than 7% of total income, which is down 21% on a quarter-over-quarter basis from over 8% of total investment income.

謝謝，Brad。首先談績效。BXSL 本季的淨投資收益為 1.79 億美元，或每股 0.77 美元，按每股計算對我們股息的覆蓋率為 100%。以實物支付（PIK）的收入占總收入不到 7%，較上一季占總投資收入超過 8% 的水準，按季下降 21%。

Interest income, excluding payment in-kind fees and dividends, represented over 92% of total investment income in the quarter. Looking back, BXSL has outearned its dividend every quarter since inception. More recently, since the beginning of 2023, BXSL BXSL's annualized earnings exceeded its distribution yield by approximately 160 basis points on a weighted average basis.

本季利息收入（不含以實物支付費用與股利）占總投資收入超過 92%。回顧過去，BXSL 自成立以來每一季的獲利都高於其股息。更近期地，自 2023 年初以來，BXSL 的年化盈餘在加權平均基礎上較其配息殖利率高出約 160 個基點。

Over this period, undistributed earnings were retained in net asset value, which represents approximately $1.80 per share as of the first quarter or over $410 million. This capital has been reinvested into new deals, which has been accretive to NII by approximately $0.07 per share after accounting for annual excise tax on undistributed amounts. We outlined last quarter that should BXSL stock trade at a discount to net asset value, we would consider returning a portion of undistributed earnings to investors.

在此期間，未分配盈餘保留在每股淨資產價值中，截至第一季約為每股 1.80 美元，或超過 4.10 億美元。這些資本已再投資於新交易，在計入未分配金額的年度消費稅後，使淨投資收益（NII）約增加每股 0.07 美元。我們在上一季已說明，若 BXSL 股價以低於每股淨資產價值的折價交易，我們將考慮把部分未分配盈餘返還給投資人。

We are doing so by reaffirming BXSL's quarterly dividend of $0.77 per share, which we anticipate will be covered by a combination of both current and previous undistributed earnings. This provides a temporary bridge as we realigned our dividend with the longer-term earnings profile as rates have reset on our predominantly floating rate portfolio.

我們透過重申 BXSL 每季每股 0.77 美元的股息來做到這一點；我們預期該股息將由當期與先前未分配盈餘的組合所覆蓋。在利率於我們以浮動利率為主的投資組合上重新定價之際，這提供了一個暫時的過渡，以便我們將股息與長期盈餘結構重新對齊。

As always, we will continue to evaluate the dividend with our Board every quarter. It is worth noting we manage BXSL with a long-term orientation. That means remaining patient through periods of market volatility, continuing to focus on income generation and positive realizations and making capital allocation decisions between -- based on long-term shareholder value rather than short-term sentiment.

一如既往，我們將每季與董事會持續評估股息。值得注意的是，我們以長期導向管理 BXSL。這意味著在市場波動期間保持耐心，持續聚焦於收益創造與正向實現，並在資本配置決策上——以長期股東價值而非短期情緒為依歸。

Moving to the balance sheet. We ended the quarter with $13.9 billion of total portfolio investments at fair value, $8.1 billion of outstanding debt and $6.1 billion of total net assets. Net asset value per share at quarter end was $26.26, down from $26.92 in the fourth quarter or 2.5%, which was impacted primarily by $0.67 of unrealized losses in the portfolio, partially offset by $0.01 of net realized gains.

接著談資產負債表。本季末，我們以公允價值計的投資組合總投資為 139 億美元，未償債務 81 億美元，淨資產總額 61 億美元。季末每股淨資產價值為 26.26 美元，較第四季的 26.92 美元下降 2.5%，主要受投資組合中每股 0.67 美元的未實現損失影響，部分被每股 0.01 美元的淨已實現收益所抵銷。

The portfolio was marked at 96.2 as of the first quarter, down from 97.3 last quarter, reflecting a combination of broader spread widening across the public and private credit markets and company-specific fundamentals. Importantly, we have delivered net cumulative realized gains overall on investments since inception.

截至第一季，投資組合估值標記為 96.2，低於上季的 97.3，反映公開與私募信貸市場整體利差走闊，以及公司個別基本面因素的綜合影響。重要的是，自成立以來，我們在投資上整體已實現的累計淨收益為正。

As Brad highlighted, we saw healthy fundamentals on average across our portfolio companies demonstrated by consistent high single-digit percent EBITDA growth and increasing interest coverage ratios of two turns, which are up 5% from a year ago and 17% in the last two years. Earlier, Brad mentioned some of the advantages of senior private lending and documentation is an important part of that defensive positioning.

如 Brad 所強調，我們的投資組合公司整體平均基本面健康，體現在 EBITDA 持續維持高個位數百分比成長，以及利息覆蓋倍數提高了 2 倍；該指標較一年前上升 5%，較兩年前上升 17%。先前 Brad 提到資深私募放款的一些優勢，而文件條款是這種防禦性配置的重要一環。

When we lead a transaction, we are able to negotiate directly with our borrowers and sponsors, and we place significant emphasis on lender protections from the outset. We conducted a bottoms-up review of Blackstone credit agreements across key covenant protections relative to broadly syndicated loans. In BXCI-led transactions, nearly 100% included enhanced protections against asset stripping and collateral release as well as caps on EBITDA add-backs.

當我們主導一筆交易時，我們能夠直接與借款人及其贊助方協商，並從一開始就高度重視放款人保護條款。我們對黑石的信貸協議進行了自下而上的檢視，並就關鍵契約（covenant）保護條款與廣泛銀團貸款進行比較。在由 BXCI 主導的交易中，幾乎 100% 都包含加強的防止資產剝離與擔保品解除的保護，以及對 EBITDA 加回（add-backs）的上限。

Only 40% of broadly syndicated loan documents contain similar protective provisions. We believe that discipline is critical and will support recoveries in the private market through cycles. And this reinforces the value of directly negotiated documents, which can lead to benefits for senior secured private credit portfolios.

只有 40% 的廣泛銀團貸款文件包含類似的保護性條款。我們相信這種紀律至關重要，並將在不同週期中支持私募市場的回收率。這也強化了直接協商文件的價值，進而可為優先擔保私募信貸投資組合帶來益處。

Further, we did not see an increase in material amendments or performance-driven PIK amendments in the first quarter. In fact, both PIK income and amendment activity dropped this quarter. We had 30 amendments in the quarter across our portfolio, down 25% over Q4 with over 95% related to amendments associated with add-ons, PDTL extensions and immaterial technical matters.

此外，我們在第一季並未看到重大修訂或由績效驅動的 PIK 修訂增加。事實上，本季 PIK 收入與修訂活動都下降。本季我們在投資組合中共進行 30 項修訂，較第四季下降 25%，其中超過 95% 與加碼（add-ons）、PDTL 展期以及非重大的技術性事項相關。

Turning to activity. As Brad mentioned, BXSL funded over $325 million at a weighted average spread of nearly 530 basis points above the reference rate. Net funded investment activity was negative $126 million after nearly $450 million of repayments. This represented an annualized repayment rate of 13% of the portfolio at fair value compared to 15% for the prior quarter and 28% for the same quarter in the prior year.

接著談投資活動。如 Brad 所提，BXSL 撥款超過 3.25 億美元，加權平均利差接近較參考利率高出 530 個基點。在近 4.50 億美元的償還後，淨撥款投資活動為負 1.26 億美元。以公允價值計，這相當於投資組合 13% 的年化償還率，低於上一季的 15%，也低於去年同期的 28%。

As a reminder, BXSL's Board of Directors approved a discretionary share repurchase plan last quarter under which BXSL may repurchase up to $250 million in the aggregate of its outstanding common shares in the open market at prices below its net asset value per share. As we see repayment activity creating additional capacity through year-end, we expect to evaluate share repurchases so long as trading levels persist at similar discounts to NAV as seen in the first and second quarter thus far.

提醒一下，BXSL 董事會在上一季核准了一項酌情股票回購計畫，依該計畫，BXSL 可在公開市場以低於其每股淨資產價值的價格，回購其流通普通股，總額最高可達 2.50 億美元。隨著我們看到償還活動在年底前帶來額外容量，只要交易水準仍維持在迄今第一季與第二季所見的、相對於 NAV 的類似折價，我們預期將評估進行股票回購。

That said, capital allocation for share repurchases will be weighed against both new deployment opportunities and repayment volume as we manage to our stated long-term leverage range of 1 to 1.25 turns. Our liability profile remains diverse across multiple financing markets, including $10.2 billion of committed debt capacity and $8.1 billion of funded debt as of the end of the first quarter.

不過，用於股票回購的資本配置，將與新的投放機會以及償還量一併權衡，因為我們將槓桿維持在既定的長期區間 1.0 至 1.25 倍。截至第一季末，我們的負債結構在多個融資市場中仍保持多元，包括 102 億美元的承諾債務額度，以及 81 億美元的已動用債務。

We have relationships across diverse lending counterparties and a balanced mix of unsecured and secured funding with approximately 56% of funded debt unsecured and 44% secured. This diversity of funding sources, combined with our scale and long-standing lender relationships supports financial flexibility and the cost of capital that remains attractive relative to our traded BDC peers.

我們與多元的放款對手方建立關係，並在無擔保與有擔保融資之間保持均衡組合；已動用債務中約 56% 為無擔保，44% 為有擔保。這種資金來源的多樣性，加上我們的規模與長期的放款人關係，支持了財務彈性，並使我們的資金成本相較於其他上市 BDC 同業仍具吸引力。

We remained active in the quarter on liabilities while reducing our cost of capital. We have $1.7 billion of drawn on our asset-based facilities with multiple banks, of which had a weighted average drawn spread of SOFR plus 1.84, down 8 basis points since Q1 2025.

本季我們在負債端仍保持活躍，同時降低了資金成本。我們在多家銀行的資產基礎融資（asset-based facilities）中已動用 17 億美元，其已動用部分的加權平均利差為 SOFR 加 1.84，較 2025 年第一季下降 8 個基點。

We successfully closed an upside for the BXSL revolver, increasing the facility by $100 million to a total size of $2.5 billion. BXSL to date continues to have the most competitively priced revolvers across our traded BDC peers. In addition, we have over $450 million of CLO debt outstanding at a weighted average coupon of SOFR plus 154 and $4.5 billion of unsecured bonds outstanding as of March 31, $2 billion of which is not swapped and has a weighted average coupon of 2.58% -- this includes a $400 million 3.5-year bond we issued in February priced 200 basis points above the benchmark treasury rate or 5.25% coupon.

我們成功完成了對 BXSL 循環信貸額度的增額，將該融資額度增加 1 億美元，使總規模達到 25 億美元。BXSL截至目前在我們的上市 BDC 同業中，仍擁有定價最具競爭力的循環信貸額度。此外，截至 3 月 31 日，我們尚有超過 4.5 億美元的 CLO 債務未償，按加權平均票息為 SOFR 加 154 個基點；以及 45 億美元的無擔保債券未償，其中 20 億美元未進行利率交換，且加權平均票息為 2.58%——其中包括我們於 2 月發行的 4 億美元、3.5 年期債券，定價為較基準美國國債利率高 200 個基點，或票息 5.25%。

Taking all of this together, our all-in cost of debt for the first quarter was 4.9%, down from 5.09% in the first quarter of 2025. Total liquidity at the end of the first quarter was $2.3 billion, including unrestricted cash and undrawn debt available to borrow, while ending leverage as of March 31 was 1.27 on a net of cash basis and 1.32 turns on a gross basis. We expect repayment volumes to continue. And with that, we can manage to the high end of our range of 1 to 1.25 turns. With that, I'll ask the operator to open it up for questions.

綜合以上因素，我們第一季的全口徑負債成本為 4.9%，低於 2025 年第一季的 5.09%。第一季末總流動性為 23 億美元，包括不受限制的現金及可動用但尚未提用的借款額度；而截至 3 月 31 日的期末槓桿率，以扣除現金後的淨額基礎計為 1.27 倍，以總額基礎計為 1.32 倍。我們預期償還量將持續。因此，我們可以將槓桿管理在 1 到 1.25 倍區間的上緣。接下來我請接線員開放提問。

(Operator Instructions)

(接線員指示)

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Look, the framework that we've been asking most of the BDCs this quarter is really trying to understand where you think we are in the continuum, both in terms of return profile and also where we are in terms of deal structure.

我們這一季對多數 BDC 提出的分析框架，主要是想了解你們認為我們目前在連續光譜中的位置——不論是就報酬輪廓而言，或是就交易結構而言。

I am curious, particularly on the ROE side, sort of if you can frame what you think the opportunity is now and put it in the context of what you think we've seen historically, realizing, of course, you guys are asset sensitive. So if you want to think about it as an ROE is a SOFR plus, that's a great way to do it.

我特別想就 ROE 這一端請教，你能否說明你認為目前的機會在哪裡，並放在歷史情境中比較一下；當然也理解你們對資產端利率變動較敏感。所以如果把 ROE 想成是「SOFR 加上某個利差」，這會是個很好的思考方式。

Sure. Rick, this is Brad. So we mentioned some of this on the call, but we have seen spreads move a little bit wider, and we've seen the cost of our leverage decline. So that's a net positive. The other positive is that as we see continued turnover, then you should expect some of those assets, four of which we talked about on the call that were marked below par start to gravitate to their repayment price of par or better. So those are the two kind of positive kind of drivers of return.

當然可以。Rick，我是 Brad。我們在電話會議中提到一些：我們看到利差略為走寬，同時我們的槓桿資金成本下降。因此淨效果是正面的。另一個正面因素是，隨著持續的周轉，你應該會預期其中一些資產——我們在會中提到有四筆先前低於面值入帳的資產——會開始朝其償還價格（面值或更高）靠攏。所以這兩點是推動報酬的兩個正面驅動因素。

And that's offset by mark-to-market volatility in our assets driven by what we're seeing in the market backdrop and if there is interim underperforming performance on assets. What we tried to do on our calls is identify on that last bucket, the bottom 10% of our portfolio, which we've marked it at $0.73 on the dollar. And as they perform in future quarters, we'll either take those marks up or down or the sponsors may contribute more capital.

而這些正面因素會被資產的按市價評價波動所抵銷，該波動來自我們所見的市場背景，以及若資產在期間內出現表現不如預期的情況。我們在電話會議中嘗試針對最後這一類，辨識出投資組合中最差的 10%，我們將其估值為每 1 美元面值約 0.73 美元。隨著它們在未來季度的表現，我們會上調或下調這些估值，或由贊助方投入更多資本。

But that's where you'll see kind of most of the volatility from a mark-to-market standpoint. The good news there is, historically, recovery rates have been higher than that. And even if they're lower than that and all of those assets default, the downside from a realized NAV standpoint is actually pretty limited.

因此，從按市價評價的角度來看，大部分波動會出現在這裡。好消息是，歷史上的回收率一直高於這個水準。即便回收率低於此水準，且這些資產全部違約，從已實現 NAV 的角度來看，下行其實相當有限。

If you assume 50% recovery rate on those bottom 10% of your assets, that means we have 2.3% asset movement from here. So I think to frame your answer without perfectly answering it, you have very high income across our vehicle and other BDCs that helps offset any potential losses in an asset class that historically has had moderate default rates and very strong recovery rates.

如果你假設這最差 10% 的資產回收率為 50%，那代表從目前水準起算，我們的資產變動幅度約為 2.3%。所以用一個不算完全精準但可用來框架化的方式回答你：我們的載體以及其他 BDC 目前都有非常高的收益，能夠抵銷潛在損失；而這個資產類別在歷史上違約率屬中等、回收率則非常強。

BXSL is uniquely positioned because we're 98% senior secured. So when we do see nonaccruals, three of which we talked about on this call, we're in control. We can reset the capital structure, work to improve the business and capture the upside to the extent we're successful.

BXSL 的獨特之處在於，我們有 98% 為優先擔保。因此當我們出現不計息資產（本次會議提到其中三筆）時，我們掌握主導權。我們可以重新調整資本結構、努力改善企業經營，並在成功的情況下捕捉上行空間。

And we talked about the long history we've had doing that where we actually only lost less than 10 basis points annually in realized losses because of that seniority, because of the high income that we generate on these investments.

我們也談到過我們在這方面的長期歷史：由於債權順位較高，以及這些投資帶來的高收益，我們每年已實現損失其實不到 10 個基點。

So from here, Rick, I would say you have a couple of positive potential drivers of return. We'll see what happens with rates. And then you have a couple of interim points of volatility that are based on market conditions and based on certain assets interim performance.

所以從現在起，Rick，我會說你有幾個可能的正面報酬驅動因素。利率接下來如何發展還要觀察。同時也會有幾個階段性的波動點，取決於市場狀況以及部分資產的期間表現。

I appreciate it. I think somewhere along the line we've written, we shouldn't assume that everything going forward will be unprecedented. But I'm hoping at some point soon, we'll be right on that.

謝謝，這很有幫助。我想我們在某處寫過，不應假設未來一切都會是前所未見的。但我希望在不久的將來，我們能在這點上被證明是對的。

Cory Johnson, UBS.

Cory Johnson，瑞銀。

I was wondering if you could maybe size how much of the losses that you saw this quarter were sort of a result of credit issues versus the AI concern versus spread widening that we've seen in the market?

我想請問，你們能否大致量化一下，本季看到的損失中，有多少是信用問題造成的、多少是 AI 擔憂造成的、以及多少是我們在市場上看到的利差走寬所造成的？

Sure. Why don't I take a stab at that, Cory. Your line was a little bit muffled, but I think I heard it. So if you look at this quarter, about half the markdowns that we saw were related to the two positions -- two of the positions we put on nonaccrual that made up about 48% of the markdowns. And then the remaining 52% was spread very broadly across the portfolio. More specifically, our software names, we took down 270 basis points during the quarter based on AI kind of concerns for the most part.

當然可以。Cory，我來嘗試回答。你的線路有點不清楚，但我想我聽懂了。如果看本季，我們看到的減記中，大約一半與兩個部位有關——也就是我們列為不計息的兩個部位——它們約占減記的 48%。其餘 52% 則相當廣泛地分散在整個投資組合中。更具體地說，我們的軟體類標的在本季下調了 270 個基點，主要是基於對 AI 的一些擔憂。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Just on the prepayment activity there, the visibility that you're seeing there. What's driving some of the healthiness that you've seen in terms of prepayment activity even despite a potentially wider spread kind of environment there?

關於提前償還活動，你們目前看到的能見度如何？在利差環境可能更寬的情況下，為何提前償還活動仍顯得相對健康？背後的驅動因素是什麼？

Yes. I'm happy to take that. This is Teddy. So we're tracking a number of repayments. And I think as you look at the list, right, it's really a mix of a few things, sales to strategics. We did have one company go public in the quarter, as Brad mentioned, sponsor-sponsor M&A continues, although it's been a little bit softer and also refinancing. So it is a bit of a mix.

是的。我很樂意回答。我是 Teddy。我們正在追蹤多筆償還。我想如果你看那份清單，確實是幾種因素的組合，例如出售給策略買家。如 Brad 提到的，本季也有一家公司上市；贊助方對贊助方的併購仍在持續，雖然稍微偏弱；另外也有再融資。所以確實是多種因素混合。

We did highlight last quarter we have visibility to over $550 million of repayments near term. We saw that conversion in the first quarter. We saw $450 million as we sit here at the end of the first quarter, visibility to another $600 million in Q2. So that turnover continues at a healthy place. As it relates to the full portfolio and what the potential return impact on that is we do have about two points of call protection and unamortized OID across the portfolio. So as those repayments continue, there is potential for potential monetization of that call Pro and unamortized OID and income.

我們在上一季強調，我們對短期內超過 5.5 億美元的償還具有能見度。我們在第一季看到這些轉化落地。截至第一季末，我們已看到 4.5 億美元，並且對第二季另外約 6 億美元仍具能見度。因此，這樣的周轉仍維持在健康水準。至於對整體投資組合以及其潛在報酬影響，我們在整體投資組合中約有 2 個百分點的提前贖回保護（call protection）以及尚未攤銷的 OID。因此，隨著償還持續，這些提前贖回保護與未攤銷 OID 以及收益，存在被變現的可能性。

And Ken, I would expect that repayment activity picks up towards the end of the year. So we've had a healthy start. We've got good visibility. And I think that continues to pick up towards the end of the year as we see more deal activity flow through the system.

而且 Ken，我預期還款活動會在年底前後加速。所以我們有一個健康的開局。我們的能見度良好。而且我認為，隨著更多交易活動在系統中推進，這種動能會在年底前持續增強。

Got you. Very helpful there. And then one follow-up, if I may, just in terms of the common dividend there. It sounds like there's some supplementing from the undistributed distributable earnings there. Wondering how many additional quarters could you see that? And then how would you frame out some of the potential return there?

了解。這點非常有幫助。然後如果可以的話，我還有一個追問，關於普通股股利。聽起來其中有一部分是由未分配的可分配盈餘來補足。想請問你們預期這種情況還會持續多少個季度？另外，你們會如何界定其中一些潛在的回報？

Yes. Just to summarize, as we take a big step back, we've covered our dividend every quarter since inception, most recently out earning by over 150 basis points, right? We're paying out 11.7% distribution among the highest across the peers. And as a result of that, we're sitting with about $1.80 of undistributed NII and that capital has been reinvested in the portfolio.

是的。簡單總結一下，從更宏觀的角度來看，自成立以來我們每一季都能覆蓋股利，最近一季的盈餘甚至高出超過150個基點，對吧？我們支付11.7%的配息率，在同業中屬於最高水準之一。因此，我們目前約有每股1.80美元的未分配淨投資收益（NII），而這些資本已再投資於投資組合中。

We also did mention previously that we consider distributions from undistributed NII if trading below NAV, which we have been over the last couple of quarters. So to facilitate that, reaffirming our dividend for the second quarter, we expect that to be covered by a combination of previous undistributed and current earnings.

我們先前也提到過，若股價低於每股淨值（NAV）交易，我們會考慮以未分配NII進行配息，而過去幾個季度確實如此。因此，為了促成這點，我們重申第二季股利水準，並預期將由先前未分配收益與當期收益的組合來覆蓋。

This would be viewed as a temporary bridge. As we've said previously, recognize that rates have come down. We continuously evaluate the longer-term dividend to align with the earnings generation of the portfolio, and we'll continue to evaluate that with our Board each quarter.

這會被視為一個暫時性的過渡安排。如同我們先前所說，要注意利率已經下行。我們會持續評估長期股利水準，使其與投資組合的獲利能力相匹配，並將在每一季與董事會一同持續檢視。

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券（Wells Fargo Securities）。

Brad, sort of a crystal ball question admittedly, just on credit, where I think the industry is rolling through just a bit of a tough vintage right now. And I know there's spread widening on top of that, but just sticking to credit, like new nonaccruals, what inning do you think we're in, in dealing with underperforming assets? How long should we expect new nonaccruals to continue to roll in?

Brad，這確實有點像水晶球問題，主要是關於信用。我認為整個產業目前正經歷一個稍微艱難的放款批次（vintage）。我也知道在此之上利差正在擴大，但如果只聚焦在信用面，例如新增的不計息（nonaccrual）資產，你覺得我們現在處於處理不良資產的第幾局？我們應該預期新增不計息資產還會持續湧入多久？

Well, I would expect that in levered credit, there is always going to be some level of nonaccruals flowing through everyone's portfolios. We generate a double-digit dividend for our investors. And along the way, we take some risk in doing so. And so I think default rates will normalize off what has been very low levels.

嗯，我預期在槓桿信貸中，每個人的投資組合都會有一定程度的不計息資產流入。我們為投資人創造雙位數的股利。在這個過程中，我們也承擔了一些風險。因此我認為違約率會從先前非常低的水準回歸常態。

And you're seeing that flow through, I think, most people's earnings over the course of the year. But I don't think it's elevated. I don't think it will be much more elevated from here. As we look at our portfolio, most of the issues that we're seeing, one, we think are already marked into the portfolio.

而你也會看到這點在今年大多數人的盈餘中逐步反映出來。但我不認為它處於偏高水準。我也不認為從現在起會再顯著升高。就我們的投資組合而言，我們看到的大多數問題，第一，我們認為已經反映在投資組合的估值中。

Two are fairly identifiable meaning we know what the issues are. They're not broad-based. They're maybe a bad acquisition, maybe some operating issues, maybe a customer loss. And so I think it's actually quite manageable.

第二，這些問題相當可辨識，也就是我們知道問題是什麼。它們不是全面性的。可能是一筆不佳的併購、一些營運問題，或是流失了某個客戶。因此我認為其實相當可控。

It doesn't mean there won't be more defaults in our portfolio and others. But I think what really matters as you think about kind of the outcome of any future defaults or assets that go on nonaccrual is are you first lien in the capital structure? Can you control the outcomes of those nonaccruals?

這並不代表我們的投資組合或其他人的投資組合不會出現更多違約。但我認為，當你在思考未來任何違約或轉為不計息的資產之最終結果時，真正重要的是：你在資本結構中是否為第一順位擔保（first lien）？你是否能掌控這些不計息資產的處置結果？

And are you in a position to enforce your rights as first lien lenders? And if you are, then if you look back over a long history, certainly of Blackstone, 20-plus years, the outcomes are actually pretty good. loss rates are fairly low.

以及你是否處於能以第一順位貸方身分主張並執行權利的位置？如果是的話，那麼回顧很長的歷史，當然也包括黑石超過20年的歷史，結果其實相當不錯，損失率相對偏低。

You're able to reset the capital structure, give the company more flexibility to grow their business, to invest into their business versus cutting costs to service their debt. So I think it's -- you have to put all of it in perspective when you're looking at coming off of low default rate environment and where you sit in the capital structure.

你能夠重新調整資本結構，讓公司有更大的彈性去成長、去投資其業務，而不是為了償債而削減成本。所以我認為——當你從低違約率環境走出來、並檢視自己在資本結構中的位置時，必須把這一切放在正確的脈絡下看待。

I appreciate that. I guess sort of a small -- sort of a follow-up to that thread. If today's -- if the nonaccrual rate in the industry again, if it's more of a normalization than a flare up, do you think like the $400 million to $500 million spread frame is just way too low and the industry needs to sort of reprice risk in a more attractive way?

感謝說明。我想再小小追問一下延伸的問題。如果以今天產業的不計息比率來看，它更像是正常化而非突然惡化，你是否認為目前大約4億到5億美元的利差區間假設其實太低了，產業需要以更具吸引力的方式重新為風險定價？

Well, I think the spread environment will be dictated by the quality of deals you do and how the broader market, including the public loan market is pricing risk. And what we've seen over the past number of years is the public markets continue to price risk tighter and tighter, reflecting that the default environment. What I think will happen, Fin, over the course of this year, if deal activity accelerates, then you could see a widening of spreads in order to get those deals done in the private markets.

嗯，我認為利差環境將取決於你所做交易的品質，以及更廣泛的市場（包括公開貸款市場）如何為風險定價。而我們在過去幾年看到的是，公開市場持續把風險定價得越來越緊，反映了當時的違約環境。我認為今年接下來會發生的是，Fin，如果交易活動加速，那麼為了在私募市場完成這些交易，你可能會看到利差擴大。

But for us, our kind of true north is to deliver premium over those public markets. You know this better than anyone, but last year, we generated a 360 basis point premium to the public markets despite some markdowns on certain assets. First quarter, that premium was over 100 basis points. So I think the asset class in BXSL and others continues to deliver what it set out to do, which is deliver that premium to the public markets and drive an attractive return for investors.

但對我們而言，我們的「北極星」目標是相對公開市場提供溢價。你比任何人都清楚，但去年我們相對公開市場創造了360個基點的溢價，儘管某些資產有一些估值下調。第一季，這個溢價超過100個基點。所以我認為，BXSL以及其他同類資產類別仍在實現其初衷，也就是相對公開市場提供溢價，並為投資人帶來具吸引力的回報。

(Operator Instructions)

（接線員指示）

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

I was hoping we could discuss some of the AI infrastructure investments that you were referencing, the GPU-backed debt financing. How are they structured? What kind of rate do you get on these loans? And are they backed by the borrower? Or are they nonrecourse? Just trying to understand the kind of risks rewards of the giant investment that's going on in the industry?

我希望我們可以討論一下你們提到的部分AI基礎設施投資，也就是以GPU作為支撐的債務融資。它們的結構是怎麼設計的？這些貸款的利率大概是多少？它們是由借款人提供擔保嗎？還是屬於無追索權（nonrecourse）？我想更了解目前產業中這種巨額投資所對應的風險與報酬？

Yes, Arren, I think I caught most of that. The -- in terms of kind of where we're investing across AI, maybe just start with a point of perspective. I think today, Blackstone has become the largest investor in AI-related infrastructure in the world. So we have this pretty unique vantage in this ecosystem that continues to grow -- and we've developed these in-house capabilities, which I mentioned.

是的，Arren，我想我大致聽到了你的問題。——就我們在AI領域的投資布局而言，或許先從一個宏觀觀點開始。我認為目前黑石已成為全球AI相關基礎設施最大的投資人。因此在這個持續成長的生態系中，我們擁有相當獨特的視角——而且我們也建立了我剛才提到的內部能力。

And I know your question was around investing, but it's also worth highlighting that these capabilities, these viewpoints helps us manage our AI exposure, helps us implement AI strategy in our portfolio companies. We're currently working with Medallion more specifically. And so it's a very unique asset to have within Blackstone because it's a 24/7 resource.

我知道你的問題是關於投資，但也值得強調的是，這些能力與觀點也有助於我們管理AI曝險，並協助我們在投資組合公司中落實AI策略。我們目前更具體地正在與Medallion合作。因此，這在黑石內部是一項非常獨特的資產，因為它是一個24/7的資源。

We announced the partnership with Anthropic as well as in addition to that. So this entire build-out of the AI infrastructure is something that we will continue to stay very active in and BXSL will benefit from that. Our investments in the space will continue to be first lien senior secured backed by collateral backed by contracts. That is what you saw in our announcement with Firmus. That deal was a commitment last quarter that will start to fund this quarter, and we'll disclose the terms of that loan next quarter.

我們也宣布了與 Anthropic 的合作夥伴關係，除此之外亦是如此。因此，這整體 AI 基礎設施的建置，我們將持續保持非常積極的參與，而 BXSL 也將從中受益。我們在該領域的投資將持續以第一順位留置權的高級擔保貸款為主，並以抵押品作為擔保，而該抵押品又由合約所支撐。這就是你們在我們與 Firmus 的公告中所看到的。那筆交易是上季所做出的承諾，將於本季開始撥款，我們會在下季披露該筆貸款的條款。

Okay. That's helpful. And understanding that you have a strong history with credit and recoveries, but the near-term impact of these new nonaccruals is going to weigh on your earnings power. How can you, I guess, get some of that earnings power back? And what is the investment appetite right now given the environment? Are you continuing to see good opportunities? And when would you expect to start to see some of that investment activity to occur?

好的。這很有幫助。而且我理解你們在信貸與回收方面有很強的歷史紀錄，但這些新增的不計息資產在短期內將會拖累你們的獲利能力。你們要如何，我想，取回部分獲利能力？在目前的環境下，你們現在的投資意願如何？你們是否仍持續看到不錯的機會？你們預期何時會開始看到部分投資活動發生？

Yes. So on the nonaccruals, they are clearly not accruing any income. As we work through the restructuring, we will reset the debt lower. So the debt that we reinstate lower will be accruing income. So there's earnings upside from those nonaccrual names going forward. In terms of the opportunity set, we will really be defined by how much repayment activity that we see that allow us to reinvest into the market backdrop.

是的。關於不計息資產，它們顯然不會計提任何收益。當我們推進重整時，我們會把債務重設到更低的水準。因此，我們以較低水準恢復的債務將會開始計提收益。所以，這些不計息標的在未來會帶來獲利上行空間。就機會集合而言，我們的表現將在很大程度上取決於我們看到多少還款活動，這些還款能讓我們在市場背景下進行再投資。

Again, repayment activity does two things. It helps drive a little bit of extra returns because of the fee acceleration that we get, and it does help with NAV. And then lastly, those repayments, we will use either to buy back shares or to reinvest into a market backdrop that in this moment feels a little bit wider, albeit there's not a ton of activity that we've seen more recently.

再次強調，還款活動有兩個作用。它有助於因我們取得的費用加速而帶來一些額外回報，也有助於淨資產價值（NAV）。最後，這些還款我們將用於回購股份，或再投資於當下看起來利差略為擴大的市場背景中，儘管我們最近看到的活動量並不多。

Ethan Kaye, Lucid Capital Markets.

Ethan Kaye，Lucid Capital Markets。

You mentioned kind of balancing the allocation of repayment activity between share buybacks and new investments, I guess, based on kind of relative attractiveness there. Given some of the commentary we've heard about improving economics and terms on new deals, kind of curious how you see those two kind of competing uses of capital stacking up currently? Like is there kind of a clearly more favorable use in the current kind of environment?

你提到在還款資金的配置上，要在股票回購與新投資之間取得平衡，我想是基於兩者相對吸引力來決定。鑑於我們聽到一些關於新交易的經濟條件與條款正在改善的評論，我有點好奇你如何看待這兩種相互競爭的資金用途在目前的排序？例如，在目前這樣的環境下，是否有一個明顯更有利的用途？

Yes. This is Teddy. I'm happy to take that. I think it's a few things. Number one, we do see clear repayment volume continuing, right? We're mentioning $600 million in the near term. As that happens, there are some competing allocations of capital. Number one, we do want to manage our leverage ratio to the 1 time to 1.25 times longer-term target. We are at 1.25 times net, so we're not too far off of that.

是的。我是 Teddy。我很樂意回答。我認為有幾個面向。第一，我們確實看到還款量持續存在，對吧？我們提到短期內約 6 億美元。隨著這些發生，資本配置上會有一些相互競爭的選項。第一，我們確實希望將槓桿比率管理在長期目標的 1 倍到 1.25 倍之間。我們目前淨槓桿為 1.25 倍，所以距離目標不遠。

Number two, what we have said in the last quarter and continue to see is that buying back stock, buying back shares is accretive at similar discounts that we've seen in the first and second quarter. So if those continue, we will certainly evaluate that as a real option in the back half of the year.

第二，我們在上季所說、且目前仍持續看到的是，在第一季與第二季所見的類似折價水準下回購股票、回購股份是具增厚效益的。因此，如果這些折價持續存在，我們當然會在下半年把它作為一個重要選項來評估。

And then number three, as Brad mentioned, as repayments hit, we see a little bit of a return benefit from potential return benefit from unamortized OID and then we can redeploy that potentially at wider spreads. We saw spreads marginally wider in the first quarter. As we look at what's getting done in the market today, it's continuing to move a little bit wider. So we will have potentially some capital to take advantage of that tied to repayments.

第三，如 Brad 所提到，隨著還款到位，我們可能會因未攤銷的 OID（原始發行折價）而看到一些回報上的潛在好處，然後我們可以在更寬的利差下重新部署這些資金。我們在第一季看到利差略為擴大。就我們觀察目前市場上正在完成的交易而言，利差仍在持續略為走寬。因此，我們可能會有一些與還款相關的資本可用來把握這些機會。

Okay. That's helpful. And then one other on Medallia. So I guess you kind of talked about like the confidence you have in the underlying business going forward, right? I'm wondering how much of the challenges over there would you categorize as like capital structure related versus maybe more fundamental pressure related to competition from AI, say?

好的。這很有幫助。另外還有一個關於 Medallia 的問題。所以我想你談到你對其未來基本面業務的信心，對吧？我想知道，你會把那邊的挑戰有多少歸類為資本結構相關，而不是例如來自 AI 競爭所造成的更根本性壓力？

Great. Ethan, it's Brad. I'll take that. I think most of their challenges have been around their capital structure, and it's prevented them from fully investing into the company for growth because their debt levels were higher than what their cash flow supported. And so as we go forward, our job is to reset the capital structure in a way that will position them to reinvest in the business and grow.

很好。Ethan，我是 Brad。我來回答。我認為他們的大多數挑戰都與資本結構有關，這也使得他們無法為了成長而充分投資於公司，因為其債務水準高於其現金流所能支撐的程度。因此，往後我們的工作是以一種能讓他們重新投資於業務並成長的方式，來重設資本結構。

And I think after we do finish the restructuring, they'll be less levered than their competitor and therefore, potentially better capitalized to continue to expand. They will most definitively need to invest into AI to continue to improve their product offering for their clients. But the company has already started this journey. We're supporting them with more capital and our AI resources. And as I mentioned on the call, the company today is highly profitable. And with the new capital structure, we're very optimistic.

而且我認為在我們完成重整之後，他們的槓桿將低於競爭對手，因此可能具備更好的資本實力以持續擴張。他們最確定需要投資於 AI，才能持續為客戶改善其產品供給。但公司已經開始走上這條路。我們正以更多資本與我們的 AI 資源來支持他們。如我在電話會議中提到的，公司目前獲利能力很強。而在新的資本結構下，我們非常樂觀。

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

謝謝。目前佇列中沒有其他問題，我想把電話會議交回給 Stacy Wang，請她做任何補充或結語。

Thank you again for your time and continued interest in BXSL and for all your questions today. We look forward to updating you next quarter. Have a great day.

再次感謝各位撥冗，以及持續關注 BXSL，也謝謝大家今天的所有提問。我們期待在下季向各位更新。祝各位有美好的一天。