Blackstone Secured Lending Fund (BXSL) 2026 Q2 法說會逐字稿

Good day, and welcome to the Blackstone Secured Lending second-quarter 2026 investor call. Today's call is being recorded. (Operator Instructions)

各位好，歡迎參加 Blackstone Secured Lending 2026 年第二季投資人電話會議。今天的電話會議將被錄音。(接線員指示)

At this time, I'd like to turn the call over to Stacy Wang, Head of Stakeholder Relations. Please go ahead.

此刻，我想把電話會議交給利害關係人關係主管 Stacy Wang。請開始。

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

謝謝。各位早安，歡迎參加 Blackstone Secured Lending Fund 2026 年第二季業績電話會議。今天與我一同出席的有執行長 Brad Marshall 與財務長 Teddy Desloge，另有管理團隊其他成員也將參與問答，包括總裁 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附上業績簡報，同時提交了 10-Q；兩者皆可於我們網站 www.bxsl.com 的「股東資源」專區取得。我們在今天的電話會議中將全程引用該簡報。

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. Audiocast copyright material of Blackstone may not be duplicated without consent.

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本公司控制範圍內，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。關於可能影響業績的部分風險，請參閱我們今日稍早提交之 10-Q 表格中的風險因素章節。未經同意，不得複製 Blackstone 的音訊播送版權內容。

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

接下來，我把電話會議交給 Brad Marshall。

Thank you, Stacy, and good morning, everyone. Before we dive into quarterly results, I did want to thank my colleagues, Jon Bock and Kate Rubenstein for all their contributions to BXSL over the past several years. Jon and Kate are both good friends of the firm and many of us here. And Jon, in particular, has been a long-time leading expert in the BDC space, as many of you know, and both will be missed by all of us at Blackstone, and we wish them the best of luck in their next endeavors.

謝謝你，Stacy，各位早安。在我們深入討論本季業績之前，我想先感謝我的同事 Jon Bock 與 Kate Rubenstein 在過去幾年對 BXSL 的所有貢獻。Jon 與 Kate 都是本公司以及在座許多人的好朋友。尤其是 Jon，如各位所知，他長期以來一直是 BDC 領域的頂尖專家；我們在 Blackstone 都會想念他們，並祝福他們在下一段旅程一切順利。

I thought I'd start by highlighting a few key observations from the quarter. First, we delivered healthy earnings again in the second quarter, supported by our shareholder-aligned fee structure. Second, repayment activity continued to accelerate this quarter, which helped drive realizations, potential additional income and additional liquidity.

我想先強調本季幾項關鍵觀察。第一，我們在第二季再次交出穩健的獲利表現，並受惠於與股東利益一致的費用結構。第二，本季償還活動持續加速，帶動已實現收益、潛在額外收入以及更多流動性。

Third, our deployment remains disciplined with new fundings featuring strong credit profiles, thematic orientation and attractive spreads. Fourth, we remain highly proactive with underperforming borrowers, leveraging our senior position, strong documentation and deep restructuring expertise to protect long-term value for investors as seen at Blackstone Credit Insurance or BXCI for over 20 years.

第三，我們的資金投放仍維持紀律，新撥款具備強健的信用體質、主題式布局與具吸引力的利差。第四，對於表現不佳的借款人，我們仍保持高度主動，運用我們在資本結構中的優先順位、完善的契約文件，以及深厚的重整專業來保護投資人長期價值；正如 Blackstone Credit Insurance（BXCI）二十多年來所展現的。

And finally, we continue to be constructive on the outlook for deal activity with M&A benefiting from strength in the US economy. While the year started slower, activity levels as measured by new deals through BXCI's global private deal screenings improved during the quarter, particularly in June.

最後，我們對交易活動前景仍持建設性看法，因美國經濟強勁而使併購（M&A）受益。雖然今年開局較慢，但以 BXCI 全球私募交易篩選所衡量的新交易數量在本季有所改善，尤其是在 6 月。

Some of the areas where we are seeing new deal flow in the current quarter -- in the current market are where Blackstone has deep industry expertise and thematic conviction, including AI and digital infrastructure, infrastructure services and life sciences. BXSL funded over $300 million during the quarter, adding five new borrowers to the portfolio, bringing our total to 313 companies.

在本季、也就是目前市場中，我們看到的新交易來源主要集中在 Blackstone 具備深厚產業專長與主題信念的領域，包括 AI 與數位基礎設施、基礎設施服務以及生命科學。BXSL 本季撥款超過 3 億美元，為投資組合新增 5 家借款人，使我們的總數達到 313 家公司。

Generally, we are seeing new recently committed deals across BXCI set up with less leverage, lower loan to values and average spreads higher than in previous quarters. We will continue to use available liquidity selectively, focusing on areas where we believe we have distinct advantages and where we can leverage our scale as we believe we have done successfully in the past.

整體而言，我們看到 BXCI 近期承諾的新交易普遍採用較低槓桿、較低貸款價值比（LTV），且平均利差高於前幾季。我們將持續選擇性運用可用流動性，聚焦於我們認為具備明顯優勢、且能運用規模效益的領域；我們相信過去已成功做到這一點。

As an example, BXCI co-led a $1.1 billion financing for Aspen Pharmacare, a scaled pharmaceutical platform in Asia Pacific. In addition, [FAMA Technologies], a leading AI infrastructure platform drew on its $5 billion delayed draw term loan as part of a $10 billion financing led by Blackstone.

例如，BXCI 共同主辦（co-led）了 Aspen Pharmacare 一筆 11 億美元融資案；Aspen Pharmacare 是亞太地區具規模的製藥平台。此外，[FAMA Technologies] 作為領先的 AI 基礎設施平台，亦在 Blackstone 主導的一筆 100 億美元融資中，動用其 50 億美元的延遲提領定期貸款（delayed draw term loan）。

BXCL's liquidity position remains strong with over $700 million in additional repayments this quarter, in line with the expectations we discussed on our last call. This represented an annualized repayment rate of 21% of the portfolio at fair value compared to 13% for the prior quarter and 5% for the same quarter in the prior year.

BXCL 的流動性部位仍然強勁，本季額外收到超過 7 億美元的償還，符合我們在上次電話會議中討論的預期。這相當於以公允價值計算之投資組合年化償還率 21%，高於前一季的 13%，也高於去年同期的 5%。

The average low mark across assets fully repaid during the quarter was below 94% and select repayments included call protection leading to realizations slightly above par on average. We believe this reinforces what we discussed last quarter; the performance of sub-investment-grade companies can evolve over the duration of a directly originated loan.

本季完全償還資產的平均低點（low mark）低於 94%，且部分償還包含買回保護（call protection），使得已實現結果平均略高於面值（par）。我們認為這再次印證了我們上季所談：次投資級（sub-investment-grade）公司的表現，可能在直接起源貸款的存續期間內發生變化。

Importantly, seniority in the capital structure dictates repayment in full ahead of subordinated capital absent a restructuring. And BXSL's portfolio remains at nearly 97% first lien senior secured. Valuations reflect both company fundamentals and current market conditions. But as first lien secured lenders, our realized outcomes are ultimately driven by repayment at par over time or by enforcing our rights during periods of underperformance to maximize recoveries.

重要的是，在未進行重整的情況下，資本結構中的優先順位決定了會先於次順位資本獲得全額償還。而 BXSL 的投資組合仍有近 97% 為第一順位留置權（first lien）的優先擔保。估值同時反映公司基本面與當前市場狀況。但作為第一順位擔保放款人，我們的已實現結果最終取決於隨時間以面值償還，或在表現不佳期間透過行使權利以最大化回收。

This quarter's activity also highlights the importance of portfolio turnover. Repayments can provide additional capacity to reinvest into new investments at attractive spreads. More broadly, we believe repayment activity has continued to be an important indicator of underlying market health and a meaningful signal for future deal activity as it typically reflects improving capital market conditions, increased M&A and sponsor activity and greater borrower confidence.

本季的活動也凸顯投資組合周轉的重要性。償還可提供額外容量，將資金再投資於利差具吸引力的新投資。更廣泛而言，我們認為償還活動持續是衡量市場基本健康狀況的重要指標，也是未來交易活動的關鍵訊號，因其通常反映資本市場狀況改善、併購與贊助商活動增加，以及借款人信心提升。

In the second quarter, BXSL generated net investment income, or NII, of $0.75 per share, which represents an 11.4% annualized NII yield. NAV per share ended at $25.53, down approximately 2.8% quarter over quarter. The total portfolio mark declined to 95.2%.

第二季，BXSL 的淨投資收益（NII）為每股 0.75 美元，相當於 11.4% 的年化 NII 殖利率。每股淨資產價值（NAV）期末為 25.53 美元，較上季約下降 2.8%。整體投資組合估值（mark）下降至 95.2%。

Nearly half of the unrealized private marks reflected continued broader market spread widening throughout the second quarter, while the remaining marks were attributed to some underperforming assets. As a point of reference, the bottom 10% of the portfolio today is currently marked at 70%.

未實現的私募資產估值調整中，近一半反映第二季期間更廣泛市場利差持續走闊，其餘則歸因於部分表現不佳的資產。作為參考，目前投資組合中表現最差的 10% 資產，其估值約為 70%。

We remain highly proactive on this subset of the portfolio during the quarter, leveraging the broader Blackstone operating resources, over 110 strategic advisers that support our firm across a range of sectors and 120-person BXCI CIO office, including the BXCI value creation team dedicated to operational support.

本季我們對這一部分投資組合仍保持高度主動，運用更廣泛的 Blackstone 營運資源、超過 110 位策略顧問（涵蓋多個產業領域）以及 120 人規模的 BXCI 投資長（CIO）辦公室，其中包括專注於營運支援的 BXCI 價值創造團隊。

This team helps portfolio companies drive operational efficiencies and cost savings across various categories from healthcare and insurance services to facilitating introductions across the broader Blackstone portfolio. Further, the team also provides comprehensive management and board enhancements to these portfolio companies through our extensive network of operating executives and industry professionals.

該團隊協助投資組合公司在多個類別推動營運效率與成本節省，範圍從醫療保健與保險服務，到促成與更廣泛 Blackstone 投資組合之間的引介。此外，該團隊也透過我們龐大的營運高階主管與產業專家網絡，為這些投資組合公司提供全面的管理層與董事會強化。

As we have discussed on previous calls, we believe the value creation team is one of the critical advantages BXCI possesses as part of the largest alternative asset manager. Importantly, BXCI has experienced an annualized loss rate of less than 10 basis points across its over 20-year North American direct lending track record.

如同我們在先前電話會議中所討論，我們認為價值創造團隊是 BXCI 作為全球最大另類資產管理公司之一所具備的關鍵優勢之一。重要的是，BXCI 在其超過 20 年的北美直接放款歷史中，年化損失率低於 10 個基點。

While we are highly focused on this bottom 10% of the portfolio and are actively leveraging these resources available to us to help these companies drive improved outcomes, we continue to see strong performance across the remaining 90% of the portfolio. And across the entire portfolio, LTM EBITDA growth was 7% year over year, in line with the growth we've seen in recent quarters.

雖然我們高度聚焦於投資組合中表現最弱的 10%，並積極運用我們可取得的資源協助這些公司推動更佳成果，但我們仍持續看到其餘 90% 投資組合展現強勁表現。而就整體投資組合而言，過去十二個月（LTM）EBITDA 年增 7%，與我們在近幾季所見的成長一致。

Additionally, interest coverage modestly improved to 2.1 times and PIK, as a percentage of investment income, was flat from last quarter at approximately 6.6%, which is over 20% below fourth quarter last year. We ended the period with a nonaccrual rate of 1.8% at fair value and 3.6% at cost, down from 3.1% at fair value and 4.7% at cost in Q1, primarily driven by two assets that were removed post restructuring.

此外，利息保障倍數小幅改善至 2.1 倍，而 PIK（實物支付）占投資收益的比例與上季持平，約為 6.6%，較去年第四季低逾 20%。期末以公允價值計的停計息（nonaccrual）比率為 1.8%，以成本計為 3.6%，較第一季以公允價值計 3.1% 與以成本計 4.7% 下降，主要係由兩項資產在重整後被移除所致。

We had no new non-accrual assets added in the quarter. Prior to completing its restructuring post quarter end, Medallia represented 1.5% of BXSL's non-accrual rate based on fair value or 79% of fair value of the portfolio on non-accrual as of 6/30.

本季未新增任何停計息資產。在季後完成重整之前，Medallia 以公允價值計占 BXSL 停計息比率的 1.5%，或截至 6/30 停計息投資組合公允價值的 79%。

On software specifically, which represented 19% of BXSL's fair market value, fundamentals overall remained healthy across our 70 borrowers. These companies have a weighted average LTM EBITDA of more than $275 million, growing in line with the broader portfolio. They have a weighted average revenue above $780 million, and they have average interest coverage of 2.2 times.

就軟體產業而言，其占 BXSL 公允市值的 19%，在我們的 70 家借款人中，整體基本面仍維持健康。這些公司的加權平均過去十二個月（LTM）EBITDA 超過 2.75 億美元，成長幅度與整體投資組合一致。其加權平均營收高於 7.8 億美元，平均利息保障倍數為 2.2 倍。

In closing, we remain highly aligned with our shareholders. We continue to generate liquidity through attractive levels of portfolio turnover, and we took proactive steps to drive better outcomes on the minority positions that are underperforming expectations.

最後，我們仍與股東高度一致。我們持續透過具吸引力的投資組合周轉水準創造流動性，並採取主動措施，推動少數未達預期的部位取得更佳結果。

With that, I'll turn it over to Teddy.

接下來我把時間交給 Teddy。

Thanks, Brad. First, on performance, BXSL's net investment income for the quarter was $174 million or $0.75 per share compared to our $0.77 per share dividend. These results represent an 11.4% annualized NII yield or 12.1% annualized distribution yield, both among the highest across traded BDC peers with similar levels of first lien senior secured exposure while continuing to benefit from one of the lowest management and incentive fee structures in the BDC industry.

謝謝，Brad。首先就績效而言，BXSL 本季淨投資收益（NII）為 1.74 億美元，或每股 0.75 美元，相較於我們每股 0.77 美元的股利。這些結果代表 11.4% 的年化 NII 殖利率或 12.1% 的年化配息殖利率，兩者皆位居具相近第一順位擔保（first lien senior secured）曝險水準之上市 BDC 同業的最高水準之列，同時我們仍受惠於 BDC 產業中最低之一的管理費與績效費結構。

Payment in-kind income was flat quarter over quarter and marginally higher year over year at 6.6% of total investment income, but down 20% since the fourth quarter of 2025. Interest income, excluding payment in kind, fees, and dividends, represented over 93% of our total investment income in the quarter. As we communicated last quarter, we continue to maintain our dividend at $0.77 per share.

實物支付（PIK）收益季對季持平、年對年小幅上升，佔總投資收益的 6.6%，但自 2025 年第四季以來已下降 20%。本季利息收入（不含實物支付、費用與股利）占我們總投資收益的 93% 以上。如同我們上季所溝通的，我們將股利維持在每股 0.77 美元。

We intend to use excess earnings in the near term as we transition to a lower dividend level that is aligned with the fund's longer-term earnings profile, reflecting lower base rates and maturities of lower-cost investment-grade bonds.

在我們過渡至較低股利水準、使其與基金長期獲利輪廓一致的過程中，我們打算在短期內運用超額盈餘；此調整反映較低的基準利率，以及較低成本投資級債券到期的影響。

Prior to the second quarter, BXSL's NII per share had met or exceeded our regular dividend per share for 28 consecutive quarters and excess earnings was retained in net asset value and reinvested in the portfolio over time. As of quarter end, total undistributed earnings represented $1.77 per share, down from $1.80 per share at the end of the first quarter.

在第二季之前，BXSL 的每股 NII 已連續 28 季達到或超過我們的每股例行股利，而超額盈餘則保留於每股淨資產價值中，並隨時間再投資於投資組合。截至期末，未分配盈餘合計為每股 1.77 美元，較第一季末的每股 1.80 美元下降。

Turning to the balance sheet. We ended the quarter with $13.4 billion of total portfolio investments at fair value, $7.5 billion of outstanding debt and $5.9 billion of total net assets. Net asset value per share at quarter end was $25.53, down from $26.26 in the first quarter or 2.8%, which was impacted primarily by $0.59 of unrealized net losses. We also had $0.12 of realized net losses in the portfolio tied to two restructurings that closed in the quarter, as Brad previously mentioned.

接著談資產負債表。本季期末，我們以公允價值計的投資組合總投資為 134 億美元，未償債務 75 億美元，淨資產總額 59 億美元。期末每股淨資產價值為 25.53 美元，較第一季的 26.26 美元下降 2.8%，主要受 0.59 美元的未實現淨損失影響。此外，我們在投資組合中亦有 0.12 美元的已實現淨損失，與本季完成的兩項重整相關，如 Brad 先前所提。

Further, the portfolio is marked at 95.2% at quarter end, down from 96.2% last quarter, reflecting a combination of broader spread widening and company-specific fundamentals. Importantly, from a wider lens, we have delivered net cumulative realized gains overall on investments since inception through the second quarter.

此外，投資組合於期末的估值為面值的 95.2%，低於上季的 96.2%，反映整體利差擴大與個別公司基本面因素的綜合影響。重要的是，從更宏觀的角度來看，自成立以來截至第二季，我們在投資上整體已實現的累計淨收益為正。

We are constantly working constructively with our companies on amendments to support our businesses for growth and M&A, often including new sponsor capital and to improve terms and mitigate risk where possible. To that end, we completed amendments for 38 of our 313 issuers in the quarter and over 97% of amendments, as measured by fair value, were associated with what we believe are benign or positive events: add-ons, M&A, DDTL extensions or immaterial technical matters.

我們持續以建設性的方式與投資公司合作，透過修訂條款支持企業成長與併購（M&A），往往也包含新的贊助方資本，並在可行時改善條款以降低風險。為此，我們本季對 313 家發行人中的 38 家完成條款修訂；且以公允價值衡量，超過 97% 的修訂與我們認為屬於中性或正向的事件相關：加碼收購（add-ons）、併購（M&A）、DDTL 展期或非重大技術性事項。

Moving to our liabilities. Our liability profile remains diverse across multiple financing markets, including $10.4 billion of committed debt capacity and $7.6 billion of funded debt as of the end of the second quarter. We have relationships across diverse lending counterparties and a balanced mix of unsecured and secured funding with approximately 68% of funded debt unsecured and 32% secured.

接著談負債端。截至第二季末，我們的負債結構在多個融資市場中仍維持多元化，包括 104 億美元的承諾債務額度，以及 76 億美元的已動用債務。我們與多元放款對手方維持合作關係，且無擔保與有擔保資金來源配置均衡：已動用債務約 68% 為無擔保、32% 為有擔保。

This diversity of funding sources, combined with our scale and long-standing lender relationships support financial flexibility and low cost of capital relative to our traded BDC peers. We have $679 million, drawn on our asset-based facilities with multiple banks, of which we had a weighted average drawn spread of SOFR plus 186.

這種資金來源的多元性，結合我們的規模與長期的貸方關係，使我們相較於上市 BDC 同業具備更高的財務彈性與更低的資金成本。我們在多家銀行的資產基礎融資（asset-based facilities）中已動用 6.79 億美元，其加權平均已動用利差為 SOFR 加 186 個基點。

In addition, BXSL benefits from one of the most competitively priced revolvers across our traded BDC peers at SOFR plus 153 basis points [undrawn] amounts, over $450 million of CLO debt outstanding at a weighted average coupon of SOFR plus 154 and $5.2 billion of unsecured bonds outstanding as of June 30, $2 billion of which were not swapped and has an average coupon of 2.58%.

此外，BXSL 的循環信貸（revolver）在上市 BDC 同業中亦屬定價最具競爭力者之一：未動用金額的利率為 SOFR 加 153 個基點；截至 6 月 30 日，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；另有 52 億美元的無擔保債券未償，其中 20 億美元未進行利率交換（not swapped），其平均票息為 2.58%。

That includes a $650 million five-year bond we issued in May, which priced at 205 basis points above the benchmark treasury rate or a 5.9% coupon. And taking this all together, our all-in cost of debt for the second quarter was 5.05%.

其中包括我們於 5 月發行的 6.5 億美元五年期債券，定價為較基準美國公債利率高 205 個基點，或票息 5.9%。綜合以上，我們第二季的整體債務全成本為 5.05%。

Total liquidity comprised of unrestricted cash and undrawn debt available to borrow was $2.8 billion at quarter end, while ending leverage as of June 30 was 1.25 times on a net of cash basis and 1.28 turns on a gross basis, which is below where we ended each of the last two quarters.

期末總流動性（由不受限制現金與可動用但尚未提用的借款額度構成）為 28 億美元；而截至 6 月 30 日的期末槓桿倍數，以扣除現金基礎計為 1.25 倍、以總額基礎計為 1.28 倍，均低於前兩季的期末水準。

As a reminder, BXSL's Board of Trustees approved a discretionary share repurchase plan earlier this year, 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. While we have not exercised the program, we continue to expect repayment activity to create additional balance sheet capacity through year end and will weigh repurchases against deployments at wider spreads while managing to our stated long-term leverage range of 1 to 1.25 turns.

提醒一下，BXSL 受託人董事會於今年稍早核准一項酌情股份回購計畫，依該計畫，BXSL 可在公開市場以低於每股淨資產價值的價格，合計回購最多 2.5 億美元的流通普通股。雖然我們尚未執行該計畫，但我們仍預期至年底前的償還活動將創造額外的資產負債表容量；同時，在管理我們所揭示的 1.0 至 1.25 倍長期槓桿區間之下，我們將在較寬利差的資金投放與回購之間權衡取捨。

To close, the second quarter was important for BXSL and highlighted several strengths of our model. Earnings, supported by a fee structure highly aligned with shareholders, continued healthy portfolio turnover, creating balance sheet flexibility, disciplined deployment with new commitments at wider spreads in industries where we see tailwinds and active asset management leveraging our operating resources to proactively drive positive outcomes.

總結來說，第二季對BXSL而言相當重要，也凸顯了我們模式的多項優勢。在與股東高度一致的費用結構支持下，盈餘表現持續穩健；投資組合維持健康的周轉，帶來資產負債表的彈性；在我們看見順風的產業中，以更寬的利差進行審慎部署並承諾新的投資；同時透過運用我們的營運資源進行主動式資產管理，積極推動正向成果。

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

接下來，我請接線員開放提問。謝謝。

(Operator Instructions) Fin O'Shea, Wells Fargo Securities.

(接線員指示) Wells Fargo Securities 的 Fin O'Shea。

I guess to start, Brad, hitting on some of the remarks around restructurings and maximizing recovery. I know a couple came off this quarter, ACI, DCA, which is good, of course. But in the spirit of like longer-term recovery earnings power for the BDC, why not restructure those all into equity where -- which would more directly allow recovery of lost NAV?

我想先從這裡開始，Brad，談到你剛才關於重整與最大化回收的幾點。我知道這一季有幾個案子告一段落，ACI、DCA，當然這是好事。但從BDC長期的回收與獲利能力角度來看，為什麼不把那些都重整成股權——那樣不是能更直接地回收流失的NAV嗎？

Thanks, Fin. So every restructuring, we take into a lot of different considerations on restructuring the balance sheet. We want the balance sheet to be done in a way that aligns with the company's kind of earnings power. So that's kind of first and foremost, that's what you've seen in Medallia, that's what you saw in ACI, DCA.

謝謝你，Fin。每一次重整，我們在重整資產負債表時都會納入許多不同的考量。我們希望資產負債表的設計方式能與公司的獲利能力相匹配。這是最優先的考量；你在Medallia看到的是這樣，在ACI、DCA也同樣如此。

If I take a kind of bigger step back and look at the 10 restructurings we've done so far over the past eight years in BXCI, we've exited two and actually, if you add SelectQuote because we just have a stub position, we've exited three positions. And in each of those cases, we had a little bit of debt. We converted some to equity or we just did debt alone.

如果我稍微拉高一個層次來看，過去八年我們在BXCI已完成的10次重整中，我們已退出其中兩筆；若把SelectQuote也算進來（因為我們只剩一個零星持倉），那就是退出了三筆。而在每一個案例中，我們都保留了一點債務。我們把部分轉成股權，或是僅做債務層面的安排。

Our recovery rate, excluding the coupons was 0.93% in those three positions. So I think the formula has worked out quite well. So BXSL is kind of -- that's been experienced in those restructurings. But each situation is going to be different. And I think we'll continue to evaluate it on that basis.

在那三筆投資中，若不計息票（coupon），我們的回收率是0.93%。所以我認為這套做法的效果相當不錯。因此，BXSL在這些重整上也累積了相關經驗。但每個情況都會不同。我想我們會持續以此為基礎逐案評估。

I appreciate that. And a follow-up for Teddy on the ending remarks on buybacks and leverage. It sounds like being at target leverage is sort of a constraint for flexibility there. Do you think target leverage is too high? It seems like some managers are rethinking this and kind of taking a step back and seeing if you had -- if you have any thoughts on that?

了解，謝謝。另外想追問Teddy，你在結語提到庫藏股與槓桿。聽起來目前在目標槓桿水準，某種程度上限制了彈性。你覺得目標槓桿是否設得太高？看起來有些管理團隊正在重新思考、稍微退一步檢視；想聽聽你們是否有任何看法？

Yeah. Thanks, Fin. I'd say a couple of things. I think, first off, just in short, we have been prioritizing deleveraging in the last couple of quarters, right? Leverage is below where -- as of the end of the quarter, where it's been the last two quarters.

是的。謝謝，Fin。我想說幾點。首先簡單講，過去幾季我們一直把去槓桿（deleveraging）放在優先順序，對吧？截至季末，我們的槓桿低於前兩季的水準。

We've been highly focusing on manage to that 1 to 1.25 times range. We also do have clear visibility to increasing repayment volume, and that's a big piece of the calculus for us. We had 21% annualized repayments in the quarter, similar level of visibility in the future versus we've had the last few quarters.

我們非常專注於把槓桿控制在1到1.25倍的區間。我們也能清楚看見還款量將增加，而這是我們計算時很重要的一部分。本季還款以年化計為21%，對未來的能見度也與過去幾季相近。

So as we look forward to the back end of the year, that flexibility should continue to trend towards the mid- to high end of the range. That creates more flexibility to buy back shares. That creates flexibility to deploy capital into a market, as Brad said, at wider spreads.

因此，展望今年下半年，這種彈性應會持續往區間的中高端移動。這會帶來更多回購股份的彈性。也會讓我們有彈性把資本部署到如Brad所說、利差更寬的市場。

So both of those, we will be quite balanced in the approach. But certainly, at current trading levels, if they persist, we would expect some potential activity weighed against new deployments.

所以這兩者之間，我們會採取相當平衡的做法。但當然，以目前的交易水準來看，如果這樣的水準持續，我們預期在權衡新部署之下，可能會有一些行動。

Rick Shane, JPMorgan.

JPMorgan 的 Rick Shane。

Look, there are -- we're in a world right now where there's sort of three types of transactions that exist. There are -- there's potential refinance activity related to healthy companies as equity values improve. There are restructurings of challenged investments.

你看——我們現在所處的環境裡，大致存在三種類型的交易。第一種是隨著股權估值改善，健康公司的潛在再融資活動。第二種是對具挑戰性的投資進行重整。

And then there is sort of new to the market investments. When you look at the dispersion across those three types of activity, can you help us understand how divergent terms and pricing and structure is?

第三種則是某種程度上屬於新進市場的投資。當你觀察這三類活動之間的分化程度時，能否協助我們理解在條款、定價與結構上差異有多大？

Sure. So -- and I would say there's a fourth, which is just companies that are drawing on their delayed draws or doing some sort of kind of add-on financings. Those are typically done at the current terms of their existing loan. And in some cases, if they're asking for new capital and their old loan was kind of underpriced relative to the market, then we price that a little bit wider.

當然。我會說其實還有第四種，就是公司動用其延後提用額度（delayed draws），或進行某種追加融資（add-on financings）。這些通常會沿用其既有貸款的現行條款。在某些情況下，如果他們要求新增資金，而舊貸款相對市場而言定價偏低，我們就會把定價調得更寬一些。

Overall spreads relative to last year, we would say, is somewhere between 25 and 50 basis points wider. And that has been reflected in our marks. We had to take the markdowns because of the spread widening. I would say that's new investments, that's add-ons that -- for deals that -- to loans that are underpriced relative to the market.

整體而言，相較去年，我們會說利差大約擴大了25到50個基點。這也反映在我們的估值標記（marks）上。因為利差走寬，我們必須做估值下調（markdowns）。我會說這主要出現在新投資，以及那些相對市場定價偏低的貸款所做的追加融資。

In terms of restructurings, that is a little bit dependent on kind of how we set up the capital structure. So if we really underlever it, then it's going to be paying maybe a market rate that's a little bit below a new deal -- and we do that to give it a little bit more flexibility or we may kind of restructure it in line with equity capital that comes in and that is priced at/or maybe a bit wide to the market. So I would say that range is somewhere between 25 and 100 basis points depending on the situation, if that's helpful, Ric.

至於重整，則會更取決於我們如何設計資本結構。如果我們刻意把槓桿壓得很低，那它支付的可能是接近市場、但略低於新案子的利率——我們這麼做是為了給它更多彈性；或者我們也可能配合注入的股權資本來重整，而其定價會與市場相當，甚至可能略寬於市場。所以我會說，視情況不同，範圍大概在25到100個基點之間；希望這對你有幫助，Ric。

Very much. And then look, there's an interesting comment embedded in what you just said, which is that a lot of the marks that you are referring to are market-driven, and there should be pull to par associated with that as those loans approach maturity.

非常有幫助。另外，你剛才的說法裡有個有趣的點：你提到的許多估值標記其實是由市場驅動的，而隨著這些貸款接近到期，理論上會有向票面價值回歸（pull to par）的效果。

Have you -- can you guys give some sort of -- I have a loss of words. It's been a long day already, I apologize. Can you give us some sort of sense of how much accretion you could expect from pull to par over time when we look at the discount to the cost basis?

你們是否——我一時找不到合適的詞。今天已經很長了，抱歉。你們能否給我們一個概念：當我們看成本基礎（cost basis）之下的折價時，隨時間推移，因為向票面回歸，你們大概可以期待多少增值（accretion）？

Yeah. So good question. I understand. And I think maybe the best way to think about it, Rick, is you just take a look at the assets that repaid this quarter, $700 million, the average low of those marks were [94]. The portfolio today is marked at [95] and change.

可以。這是個好問題。我理解。我想也許最好的思考方式是，Rick，你可以看看本季償還的資產：7億美元，這些估值標記的平均低點是[94]。而目前投資組合的估值大約在[95]多一點。

So I would expect the vast majority of the assets that are currently marked below par to migrate and be repaid at par. That takes a little bit of time, but that would be my expectation. And then, of course, you're going to have assets that go through restructurings and those may take on a little bit of a different journey.

因此，我預期目前被標記在面值以下的資產中，絕大多數會逐步回升並以面值償還。這需要一點時間，但這是我的預期。然後，當然，也會有一些資產會進入重組流程，而那些資產的走向可能會略有不同。

But to answer your question, I would expect the vast majority of the assets to repay at par over the next several years, which is why we're very, very focused. We keep bringing this up on calls about this turnover, this repayment activity because that does kind of drive pull to par on assets that may be marked at [95, 96] that are perfectly fine assets.

但為了回答你的問題，我預期在未來幾年內，絕大多數資產都會以面值償還，這也是為什麼我們非常、非常專注。我們在電話會議上一直提到這個周轉、這個償還活動，因為這確實會推動那些可能被標記在[95、96]、但其實完全沒問題的資產，向面值回歸（pull to par）。

But spreads widened with maybe a missed kind of quarter and leverage ticked up a half turn. Unfortunately, you have to mark those assets down a little bit, but they're very good assets and will have a high probability of repaying at par.

但利差擴大，可能是因為某一季表現稍有落差，槓桿也上升了半圈。不幸的是，你必須把那些資產稍微下調估值，但它們是非常好的資產，且以面值償還的機率很高。

Melissa Wedel, UBS.

Melissa Wedel，瑞銀（UBS）。

I wanted to revisit your comments about the dividend. I realize that what you're saying now is that there's a slight shortfall this quarter in NII versus that stable dividend level. And in the short term, the Board and management, you guys are willing to sort of use that spillover income to supplement the shortfall.

我想再回到你們對股利的評論。我理解你們現在的意思是，本季NII相對於那個穩定的股利水準有些微缺口。而在短期內，董事會與管理層願意某種程度上使用那部分溢出收益（spillover income）來補足這個缺口。

I guess the question that is really how do you think about your willingness to do that or your timeline and how you define short term in that context? And then as you think about the longer-term earnings of the power of the portfolio, what kind of scenarios are you thinking about in terms of base rates and then embedded spread outlook?

我想問的其實是：你們如何看待自己這麼做的意願、時間表，以及在這個語境下你們如何定義「短期」？另外，當你們思考投資組合的長期獲利能力時，對於基準利率以及內含利差（embedded spread）的展望，你們在基準情境下是怎麼假設的？

Yeah. Thanks, Melissa. This is Teddy. I'm happy to take that. So I think you kind of nailed it; you hit it head on. So on our last call, we did set that expectation, right? What we said was we would use excess earnings as a temporary bridge in the near term to transition.

是的。謝謝，Melissa。我是Teddy。我很樂意回答。我想你說得很到位，切中要點。所以在我們上一次電話會議上，我們確實設定了那個預期，對吧？我們說的是：我們會在近期用超額盈餘作為一個暫時性的橋接，來完成過渡。

And this quarter is consistent with that approach. We did cover the shortfall by previous earnings. That was a NAV, and that's after 28 consecutive quarters of meeting or exceeding our dividend. I think what I would say is we are being front footed about this, right?

而本季的作法與這個方針一致。我們用先前的盈餘補足了缺口。那反映在NAV上，而且是在連續28個季度達到或超過我們股利之後。我想我要說的是：我們在這件事上是採取更積極主動的態度，對吧？

We will continuously and are continuously evaluating the dividend with the Board. That long-term dividend level takes into account the potential adjustment on earnings, taking into account both base rates and some lower cost of maturities in our capital structure. So as those flow through, we would expect this to be very much a short-term temporary bridge, not a long-term solution.

我們會持續、也正在與董事會持續評估股利。長期的股利水準會把盈餘可能的調整納入考量，同時考量基準利率以及我們資本結構中到期項目帶來的較低資金成本。因此，隨著這些因素逐步反映出來，我們預期這會非常像是一個短期的暫時性橋接，而不是長期的解決方案。

Okay. And then just following up on sort of that topic of earnings power longer term. I know that historically, you guys have not really expressed much interest in the sort of JV structures that a few other BDCs or many other BDCs have pursued to enhance earnings power. I'm curious if that is also on the table or sort of in discussion or any interest to management.

好的。那再追問一下關於長期獲利能力這個主題。我知道過去你們對一些其他BDC（或很多BDC）用來提升獲利能力的合資（JV）架構，並沒有表現出太大興趣。我很好奇這是否也在考量範圍內，或是否正在討論中，管理層是否有任何興趣？

Thanks, Melissa. It's Brad. I think we are constantly looking at all available ways to drive shareholder value. And we've also wanted to do it in a way that was very -- with a very clear message of what we're trying to accomplish, which is focusing on senior secured risk for investors. So trying to deliver attractive dividend, which I think we have one of the highest dividends but in a way that has the least amount of risk.

謝謝，Melissa。我是Brad。我想我們一直在看所有可用的方式來提升股東價值。同時我們也希望以一種非常——以一個非常清楚的訊息來做這件事，也就是專注於為投資人提供優先擔保（senior secured）的風險承擔。因此，我們試圖提供具吸引力的股利——我認為我們的股利是最高之一——但要以風險最小的方式來達成。

When you do the JVs, it's certainly an interesting structure. We look at it. It does add more leverage. So we just want to weigh that against what we set out to do for our investors longer term. So everything is on the table, buybacks, investing into the market, different leverage structures.

至於做JV，這確實是一種有趣的架構。我們會研究它。它確實會增加更多槓桿。所以我們只是想把這點與我們長期為投資人所設定的目標做權衡。所以所有選項都在桌上，包括庫藏股回購、在市場上投資、不同的槓桿結構。

But what we don't want to do is really layer in a lot of risk. So it's the reason why PIK preferreds, which have been very topical recently. We have almost 0% of PIK preferreds in the portfolio. And because we think when those go sideways, the recovery is close to zero. So we'll weigh all of those things, but with the overarching goal of minimizing risk and maximizing returns for investors.

但我們不想做的是在上面再疊加很多風險。這也是為什麼近期很熱門的PIK優先股（PIK preferreds）。我們投資組合中PIK優先股幾乎是0%。因為我們認為一旦那些出狀況，回收率幾乎接近於零。所以我們會權衡所有這些事情，但總體目標是把風險降到最低，並為投資人把報酬最大化。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Sorry to kind of pile on Fin's question about restructuring, et cetera. I mean, historically, right, for BDCs, about the worst kind of outcome for recovery is a restructuring that doesn't stick, right? If it gets non-accrual, restructured and then ends up back on non-accrual, those tend to produce extremely low recovery. So I'm not saying you've had any of them yet, but that's the issue, right?

抱歉有點接著Fin關於重組等問題繼續追問。我的意思是，從歷史來看，對BDC而言，回收最糟的一種結果，大概就是重組沒有成功、沒有「站穩」，對吧？如果它進入非應計（non-accrual）、完成重組，然後最後又回到非應計，這類情況往往會造成極低的回收率。所以我不是說你們已經出現過，但這就是問題所在，對吧？

So when it comes to a restructuring, obviously, a BDC has an income mandate, so you don't want to eliminate all the debt necessarily. But you also, worst case, do not want it to have another failure. We've seen over the last two years, maybe not over the last -- a much greater incidence of restructurings failing.

所以談到重組時，顯然BDC有收益（income）要求，因此你不一定想把所有債務都消掉。但同時，在最糟情況下，你絕對不希望它再次失敗。我們在過去兩年看到——也許不是在更長期間——重組失敗的發生率高了很多。

I can give you a list of names, if you want. Not generally yours, obviously, right, but across the industry. So when you look at like some of these just ACI, but the Medallia, like obviously, a very big deal. There was also a big software deal a couple of years ago that underwent a restructuring and has defaulted again, right?

如果你想要，我可以給你一串名單。當然一般不是你們的案子，但在整個產業裡是這樣。所以當你看像一些——就ACI也好，但像Medallia，顯然是一筆非常大的案子。另外，幾年前也有一筆大型軟體交易做了重組，結果又再次違約，對吧？

So why three is not really a meaningful sample size in terms of historics. So why should we investors believe like that you've done it right? And I realize that's really hard to quantify, but the risk of a redefault really is -- really outsized in terms of NAV risk. So how do you evaluate that? And how are you sure that you're not going to have that kind of incident occur?

所以三個案例其實在歷史統計上並不是很有意義的樣本數。那投資人為什麼應該相信你們做對了？我知道這很難量化，但再次違約（redefault）的風險在NAV風險上確實是——確實是非常不成比例地大。所以你們如何評估這件事？你們如何確信不會發生那種事件？

Yeah. Thanks, Robert. This is Brad. Well, we agree with you. We start there that when you restructure a business, you need to set it up with the right capital structure. I've referenced the 10 we've done in BXSL. But clearly, in BXCI, we've been doing this for 20 years. And we've had our fair share of restructurings that went exceptionally well, and we've had our fair share of some that didn't go well.

是的。謝謝，Robert。我是Brad。嗯，我們同意你的看法。我們從這點出發：當你重組一家企業時，你必須用正確的資本結構把它重新設定好。我提過我們在BXSL做過的10個案例。但很明顯，在BXCI，我們做這件事已經20年了。我們確實有相當一部分重組做得非常成功，也有相當一部分做得不理想。

It's really the ones that didn't go well that you learn your lessons -- your best lessons from. And that informs us on these new restructurings that we do and how to set up the capital structure that positions the business for success. The only reason why you go through these restructurings is to reset the capital structure, give the company cash flow so they can reinvest in the business and reposition them to grow.

真正能讓你學到教訓——最寶貴教訓——的，往往是那些進展不順利的案子。而這些經驗也會反過來指引我們在新的重整案中該怎麼做，以及如何設計資本結構，讓企業站在成功的位置上。你之所以要做這些重整，唯一的原因就是要重置資本結構，讓公司有現金流可以再投資於業務，並重新定位以實現成長。

That is what restructuring is all about. And over that time period, over 20 years, our loss rate has been 10 basis points. So not all of them have worked out perfectly. Some of them have worked out exceptionally well. But it comes from a lot of experience, but it starts from us agreeing with what you just said, which is you need to set these up with appropriate amount of debt.

這就是重整的核心。而在那段期間、20 年來，我們的損失率是 10 個基點。所以並不是每一筆都完美收場。有些案子表現得非常出色。但這來自大量經驗；不過起點是我們同意你剛才說的：你必須用適當的負債水準來設計這些案子。

You're right, we're an income payer. So we need to think about that. But to do so in a way that positions the company for success and you're not back at the table. So we have 120 people in our kind of our CIO office, our restructuring team. This is all they do. That's all they think about and -- because we're very much in line with how you and Fin are thinking about it.

你說得對，我們是收益型的支付者。所以我們需要把這點納入考量。但同時也要以能讓公司走向成功、而不是很快又回到談判桌的方式來做。所以我們在 CIO 辦公室、重整團隊大概有 120 人。他們做的就是這件事。他們想的也都是這件事——因為我們的思路和你以及 Fin 的想法非常一致。

Got it. And one more, if I can, not technically a follow-up. A lot of talk about the second half of the year in terms of deal flow, to your point, like the repayment activity is pretty good. Your choice of words today, I think, was constructive on the outlook for activity. A lot of other managers have said things like optimistic or things like that.

了解。如果可以的話再問一個，嚴格來說不算追問。市場上很多人在談下半年交易量（deal flow），就像你提到的，償還活動其實相當不錯。你今天用詞我覺得對活動前景是偏正面的。很多其他管理人則會用「樂觀」之類的字眼。

You sound -- constructive sounds less optimistic than optimistic to me. So could you give us any color? Obviously, everybody has been wrong multiple times over the last couple of years. So a little caution is justified.

你聽起來——「偏正面（constructive）」在我看來比「樂觀（optimistic）」沒那麼樂觀。所以你能不能多給我們一些顏色（補充說明）？顯然，過去幾年大家都錯過很多次。所以稍微保守一點是合理的。

But can you give us any kind of like what's your comfort level that activity really is actually going to pick up in the second half or maybe in '27? Or are you still constructively cautious, inflections?

但你能不能談談，你對於活動真的會在下半年回升、或可能在 2027 年回升的信心程度？還是你仍然是「偏正面但謹慎」，在等待拐點？

So I'm one person -- this is Brad. And I would say I'm very constructive. How about that? But as I also said two years ago, we were going to start a super cycle. So -- but listen, I think all the fundamentals are there, which is why we're optimistic.

我是一個人——我是 Brad。我會說我非常偏正面。這樣可以嗎？但我也說過，兩年前我就講我們會進入一個超級循環。所以——不過你聽我說，我覺得所有基本面條件都具備了，這也是為什麼我們樂觀。

The deal activity in the past couple of months has picked up a fair bit just in terms of screenings. The US economy is fairly healthy. We've got to get through this war, which feels like it's trending the right way. So there are a lot of reasons to support us being very constructive.

過去幾個月的交易活動，至少就篩選案源（screenings）而言，確實增加了不少。美國經濟相當健康。我們得先度過這場戰爭，而目前看起來走向是朝正確方向發展。所以有很多理由支持我們保持非常偏正面的看法。

(Operator Instructions) Arren Cyganovich, Truist Securities.

(接線員指示) Arren Cyganovich，Truist Securities。

You highlighted amendment activity during the quarter, and it sounded as though you were being somewhat proactive on this front. I was -- but you also mentioned that it was kind of mostly benign or positive events. Are you getting a decent amount of amendment requests from any of your borrowers? Or -- and are you actually kind of looking to be proactive in terms of some of the ones that maybe you want to give a little bit more flexibility to?

你提到本季的修訂（amendment）活動，聽起來你們在這方面是相對主動的。但你也提到這些大多是偏良性或正面的事件。你們有從任何借款人那邊收到相當多的修訂要求嗎？或者——你們是否也會主動針對某些案子，想給它們多一點彈性？

Yeah. Thanks, Aaron. I'm happy to take that. This is Teddy. I'd say a couple of things. Overall, no real significant change over the last few quarters. I will say we did see amendment activity pick up marginally versus the previous quarter. As we dig through that activity, over 97% is driven by M&A, EDTL extensions, things we can do proactively to support our companies over a long period of time in addition to what are just ongoing sort of more benign technical matters that are a little bit less relevant.

是的。謝謝，Aaron。我很樂意回答。我是 Teddy。我想說幾點。整體而言，過去幾季沒有出現真正顯著的變化。我會說，相較前一季，我們確實看到修訂活動小幅增加。我們深入拆解後，超過 97% 是由併購（M&A）、EDTL 展期等因素驅動；這些是我們可以主動採取、用來長期支持投資組合公司的措施，另外也包含一些持續性的、較良性的技術性事項，相對沒那麼重要。

We are being highly proactive with our companies, more on being supportive in an environment, to Brad's point, where M&A is picking up across the space, our companies can take advantage of that, particularly in some sectors where multiples are lower, that builds to the equity thesis and also helps diversify from a credit perspective. So we've had good case studies over a long period of time where we've financed our businesses over the life cycle, and we'll continue to do that through amendment activity.

我們對投資組合公司採取高度主動的作法，更多是以支持的角度出發；如 Brad 所說，當併購在整個市場回升時，我們的公司可以把握機會，特別是在某些估值倍數較低的產業，這有助於強化股權投資論點（equity thesis），也能從信用角度提升分散度。長期以來我們有不少很好的案例研究，顯示我們在企業生命週期中持續為其提供融資；我們也會透過修訂活動持續這麼做。

And where are we seeing, I guess, the impacts of that? And maybe it's just kind of behind the scenes because it doesn't look like there's much in terms of amendment fees that are going through. How are you structuring these typically?

那我們大概在哪些地方看到這些影響？也許多半是在檯面下，因為看起來修訂費用（amendment fees）入帳的不多。你們通常是怎麼設計這些修訂的？

Less so fees, but if you do look at sort of what we deployed in the quarter, you do see some add-ons. You see some DDTLs that increased. So it's less going to be driven by fees. I think there was marginal structuring/amendment fees on the income statement that you can see, but more so in deployment.

比較不是靠費用；但如果你看本季我們的投放（deploy）內容，會看到一些加碼（add-ons）。也會看到一些 DDTL 的額度增加。所以驅動因素比較不會是費用。我想損益表上你會看到些微的結構安排／修訂費用，但更多反映在投放上。

Yeah. And most of the amendments, because they're positive, Arren, you don't -- meaning it's good for the credit. You don't typically charge fees on those sort of activities, and that's the bulk of kind of what we've seen in the past couple of quarters.

是的。而且多數修訂因為是正面的，Arren，你不——也就是說對信用狀況是有利的。你通常不會對這類活動收費，而這也就是我們過去幾季看到的大宗。

Ken Lee, RBC Capital Markets.

Ken Lee，RBC Capital Markets。

Just one on the portfolio. Wondering if you could just talk about how much of the investments are or would be considered to be on some sort of watch list and maybe how that's been trending more recently?

關於投資組合我想問一個。想請你談談，有多少投資項目屬於或可被視為在某種觀察名單（watch list）上，以及最近這個趨勢如何？

Yeah, I'm happy to take that. So we've given the stat that we started this a couple of quarters ago where the bottom 10% of the portfolio, that was marked at 70% this last quarter. I think that's the best way to frame it.

好的，我很樂意回答。我們從幾季前開始提供一個統計：投資組合中表現最差的 10%，在上一季的估值標記（mark）是 70%。我認為這是最好的表述方式。

What we have seen is some positions that have taken marks continue to take some marks. It's a relatively concentrated set in the portfolio. But in terms of that bottom 10% mark, that's probably the best stat to look at. Again, that was marked at 70% in the last quarter.

我們看到的是，一些已經被下調估值標記的部位，仍持續再被下調一些。這在投資組合中屬於相對集中的一小部分。但就那個「最差 10%」的標記而言，這大概是最值得看的指標。再說一次，上一季那部分的估值標記是 70%。

Got you. Very helpful there. And then one follow-up, if I may. I wonder if you could talk about any additional efforts or options that you have to further optimize your funding mix over the near term?

了解。非常有幫助。如果可以再追問一個。想請你談談，短期內你們是否有任何額外的努力或選項，可以進一步優化你們的資金來源組合（funding mix）？

Yeah. I'm happy to take that as well. So highly focused on funding mix. We've seen increased diversity over the last year. We've actually seen spreads come down overall over the last year on our fundings and liabilities.

是的。我也很樂意回答這個問題。所以我們非常專注於資金來源組合。過去一年我們看到多元化程度提升。事實上，過去一年我們在融資與負債端的利差整體都有所收斂。

I think what we also see is a financing market that's wide open. I mean we have access to all capital markets, seeing strong demand post the Q1 volatility. IG bond spreads have largely retraced the widening we saw earlier this year. We did take advantage of that. We issued a $650 million five-year bond that priced just over 200 basis points over treasuries.

我認為我們也看到融資市場非常暢通。我的意思是，我們可以進入所有資本市場，在第一季波動之後看到強勁需求。投資級（IG）債券利差已在很大程度上回吐了今年稍早的擴大幅度。我們也把握了這個機會。我們發行了6.5億美元的五年期債券，定價約為較美國公債高出200個基點出頭。

That book was near 5 times oversubscribed and is actually now trading tight to where we issued. So we'll continue to access the markets. We're sitting at right around 32% secured, 68% unsecured. We like being in that position because that adds operating flexibility to the portfolio.

該筆發行的認購倍數接近5倍超額認購，目前交易利差也收斂至接近我們發行時的水準。因此我們將持續進入市場。我們目前大約是32%有擔保、68%無擔保。我們喜歡維持在這個位置，因為這能為投資組合增加營運彈性。

We also do see the bank and CLO markets continue to be functioning in a healthy way. So I would expect that we're continuing to access the capital markets.

我們也看到銀行與CLO市場持續以健康的方式運作。所以我預期我們會持續進入資本市場。

Paul Johnson, KBW.

Paul Johnson，KBW。

Just a little bit more on Ken's question in terms of like the internal watch list and the bottom 10% of the portfolio. I mean, at this point in the cycle, a lot kind of developed here this year in terms of credit risk and spreads, et cetera. But do you see, I guess -- did you feel, I guess, that bottom 10% is kind of, as you mentioned, I guess, kind of a contained subset of the portfolio where you feel like you've got a pretty good handle on -- this is what you've identified as maybe the tail risk within the portfolio?

就Ken的問題再追問一點，關於內部觀察名單以及投資組合中表現最差的10%。我的意思是，在這個週期的這個階段，今年在信用風險、利差等等方面發生了很多變化。但你們是否認為——我想問的是——如你們提到的，那個後段10%是否算是投資組合中一個相對受控的子集合，你們覺得自己掌握得相當清楚——也就是你們所辨識出的、可能屬於投資組合尾端風險的部分？

Or maybe it's still just relatively early in addressing some of the maturity walls from the earlier COVID vintages that are set to be addressed here over the next few years?

或者說，現在可能仍然只是相對早期，正在處理先前COVID期間那些批次所形成、未來幾年將到期需要面對的「到期牆」？

Yeah. Maybe I'll start, Paul. So I would say the reason why we focus on this bottom 10% is just to highlight that from a mark standpoint, we feel like we're being very proactive in marking the assets to the right level. If you look at kind of half of those assets, actually, the sponsors are putting in more kind of equity into those businesses. So that would suggest that longer term, they're fairly supportive of those assets.

是的。Paul，也許我先開始回答。我會說我們之所以聚焦在這個後段10%，主要是想強調從估值標記（mark）的角度，我們覺得自己在把資產主動標記到適當水準方面非常積極。如果你看其中大約一半的資產，實際上贊助方正在對那些企業投入更多股權資金。這表示從長期來看，他們對這些資產是相當支持的。

I think your question is, one, do you see a migration to that -- to the bottom tail kind of expanding? And I would point out just a couple of statistics that we've highlighted. One, we don't have a lot of kind of PIK assets and we're first lien. So I think all our companies continue to generally service their debt with cash, and that is a really important statistic for everyone to focus on.

我想你的問題是：第一，你是否看到資產往那個——往後段尾部擴大的遷移？我會指出我們強調過的幾個統計數據。第一，我們沒有太多PIK（實物支付利息）資產，而且我們是第一順位擔保（first lien）。所以我認為我們所有公司整體上仍然能以現金償付債務，這是大家都應該關注的一個非常重要的指標。

The other thing this quarter, you saw the percentage of assets below 90% and below 85% actually decreased this quarter. So it's trending in the right way. The overall portfolio continues to perform very well, except for the bottom few assets that we have that tend to be older vintages.

另外，本季你也看到低於90%以及低於85%的資產占比實際上都有所下降。所以趨勢是往正確方向走。整體投資組合持續表現非常好，除了我們少數幾個偏後段的資產，這些通常是較早期批次的投資。

They tend to be -- your tail tends to be assets. They are a little bit older and they haven't grown out of their capital structure. Some of these businesses, so, Paul, are actually quite good. but they didn't grow into their capital structure given how they were set up maybe five, six years ago.

它們通常是——你的尾端往往是一些資產。它們比較老，而且沒有隨著時間成長而「長進」其資本結構。其中一些企業其實相當不錯，但由於它們大概在五、六年前的設計方式，並沒有成長到足以匹配其資本結構。

So those are the ones that we can reset and try and reposition them for growth and get a good recovery. But I don't see that tail really -- we don't see it in the statistics that we look at as expanding. It's fairly contained, and we're working through it.

所以這些就是我們可以重新調整、並嘗試重新定位以促進成長、並取得良好回收的標的。但我不認為那個尾端真的——從我們看的統計數據來看，並沒有擴大的跡象。它相當受控，我們也正在逐步處理。

That's very helpful. And last question, maybe a little bit more of a technical one, but just trying to understand in the presentation in terms of your LTV statistics sort of year over year, the 51.9% LTV in the portfolio today versus 46.9% a year ago. Is the change there -- is that just kind of like a weighted average change of mix within the portfolio?

這非常有幫助。最後一個問題，可能比較偏技術面，我想了解你們簡報中LTV統計的年對年變化：目前投資組合的LTV是51.9%，相較一年前是46.9%。這個變化——是否只是投資組合內部組合變動所造成的加權平均變化？

Or is that driven more from -- or I guess, is there some sort of valuation impact where is the valuation coming from your own proprietary valuation versus the most recent mark that would be making that adjustment? Or is it just kind of further drawdown of debt within these companies?

還是更多是由——或者我想問，是否有某種估值影響：這個估值是來自你們自有的專有估值，還是來自最近一次的市場標記（mark）而做出的調整？或者只是這些公司債務進一步提用（drawdown）所致？

Yeah. Good question. It's a relatively simple answer. It is a weighted average. We are refreshing our view for LTVs, taking into account both underlying fundamentals and valuations, both public and private. Remember, we are predominantly first lien. Average LTV at close is low 40s.

是的。好問題。答案相對簡單。這是一個加權平均的結果。我們正在更新我們對LTV的看法，同時納入基本面與估值因素，包含公開市場與私募市場。請記得，我們主要是第一順位擔保。成交時的平均LTV在40%出頭。

But certainly, in a market where multiples have compressed over the last year, you would see that reflected in your LTV. The pickup in the last quarter alone was actually most related to just two companies. So a bit of a weighted average that you're seeing somewhat tied to multiples that we've seen over the last year in the public market.

但當然，在過去一年估值倍數被壓縮的市場環境下，你會看到這反映在LTV上。單就上一季的上升幅度而言，主要其實與兩家公司最相關。所以你看到的有一部分是加權平均效果，也在某種程度上與我們過去一年在公開市場看到的倍數變化有關。

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

目前沒有其他排隊提問，我想把電話會議交回給Stacy Wang，請她做任何補充或結語。

Thank you, everyone, for joining us for our call this morning. We really appreciate all the thoughtful questions, and our team will be available for any follow-ups. With that, that wraps our call this morning, and we look forward to speaking with you again next quarter.

感謝各位今天早上參與我們的電話會議。我們非常感謝大家提出的深思熟慮的問題，我們的團隊也會隨時提供後續追問的協助。那麼，今天早上的會議就到此結束，我們期待在下個季度再次與各位交流。