FS KKR Capital Corp (FSK) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to FS KKR Capital Corp's Second Quarter 2023 Earnings Call. (Operator Instructions) Please note that this conference is being recorded. At this time, Robert Paun, Head of Investor Relations, will proceed with the introduction. Mr. Paun, you may begin.

早上好，女士們，先生們。歡迎參加 FS KKR Capital Corp 的 2023 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。下面由投資者關係主管Robert Paun進行介紹。潘先生，您可以開始了。

Thank you. Good morning, and welcome to FS KKR Capital Corp.'s Second Quarter 2023 Earnings Conference Call. Please note that FS KKR Capital Corp, may be referred to as FSK, the fund or the company throughout the call.

謝謝。早上好，歡迎參加 FS KKR Capital Corp. 的 2023 年第二季度收益電話會議。請注意，FS KKR Capital Corp 在整個電話會議中可能被稱為 FSK、基金或公司。

Today's conference call is being recorded, and an audio replay of the call will be available for 30 days. Replay information is included in a press release that FSK issued on August 7, 2023, in addition, FSK has posted on its website a presentation containing supplemental financial information with respect to its portfolio and financial performance for the quarter ended June 30, 2023. A link to today's webcast and the presentation is available on the Investor Relations section of the company's website under Events and Presentations.

今天的電話會議正在錄音，電話會議的音頻重播將保留 30 天。重播信息包含在FSK 於2023 年8 月7 日發布的新聞稿中，此外，FSK 還在其網站上發布了一份演示文稿，其中包含有關其截至2023 年6 月30 日的季度投資組合和財務業績的補充財務信息。鏈接到今天的網絡廣播，演示文稿可在公司網站投資者關係部分的“活動和演示文稿”下查看。

Please note that this call is the property of FSK. Any unauthorized rebroadcast of this call in any form is strictly prohibited. Today's conference call includes forward-looking statements and are subject to risks and uncertainties that could affect FSK or the economy generally. We ask that you refer to FSK's most recent filings with the SEC for important factors and risks that could cause actual results or outcomes to differ materially from these statements. FSK does not undertake to update its forward-looking statements unless required to do so by law.

請注意，此呼叫屬於 FSK 的財產。嚴禁以任何形式未經授權轉播本次通話。今天的電話會議包含前瞻性陳述，並受到可能影響 FSK 或整體經濟的風險和不確定性的影響。我們要求您參考 FSK 最近向 SEC 提交的文件，了解可能導致實際結果或成果與這些聲明存在重大差異的重要因素和風險。除非法律要求，否則 FSK 不承諾更新其前瞻性陳述。

In addition, this call will include certain non-GAAP financial measures. For such measures, reconciliations to the most directly comparable GAAP measures can be found in FSK's second quarter earnings release that was filed with the SEC on August 7, 2023. Non-GAAP information should be considered supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

此外，本次電話會議還將包括某些非公認會計準則財務指標。對於此類指標，可以在2023 年8 月7 日向SEC 提交的FSK 第二季度收益報告中找到與最直接可比的GAAP 指標的對賬。非GAAP 信息本質上應被視為補充信息，不應孤立地考慮或作為根據 GAAP 編制的相關財務信息的替代品。

In addition, these non-GAAP financial measures may not be the same as similarly named measures reported by other companies. To obtain copies of the company's latest SEC filings, please visit FSK's website.

此外，這些非公認會計原則財務指標可能與其他公司報告的類似名稱的指標不同。要獲取該公司最新 SEC 備案文件的副本，請訪問 FSK 網站。

Speaking on today's call will be Michael Forman, Chief Executive Officer and Chairman; Dan Pietrzak, Chief Investment Officer and Co-President; Brian Gerson, Co-President; and Steven Lilly, Chief Financial Officer. Also joining us in the room are Co-Chief Operating Officers, Drew O'Toole and Ryan Wilson. I will now turn the call over to Michael.

首席執行官兼董事長邁克爾·福爾曼 (Michael Forman) 將在今天的電話會議上發言。 Dan Pietrzak，首席投資官兼聯席總裁；布萊恩·格爾森，聯席總裁；和首席財務官史蒂文·禮來（Steven Lilly）。與我們一同出席的還有聯席首席運營官德魯·奧圖爾 (Drew O'Toole) 和瑞安·威爾遜 (Ryan Wilson)。我現在將把電話轉給邁克爾。

Thank you, Robert, and good morning, everyone. Welcome to FS KKR Capital Corp.'s Second Quarter 2023 Earnings Conference Call. We are pleased to report another quarter of solid results as we exceeded our quarterly earnings guidance. Rewarded shareholders with a base and supplemental distribution totaling $0.70 per share and also paid shareholders a special distribution of $0.05 per share. In total, these distributions equated to an annualized distribution of approximately 15% on our stock price.

謝謝羅伯特，大家早上好。歡迎參加 FS KKR Capital Corp. 2023 年第二季度收益電話會議。我們很高興地報告又一個季度的穩健業績，因為我們超出了季度盈利指導。向股東獎勵每股 0.70 美元的基本分配和補充分配，並向股東支付每股 0.05 美元的特別分配。總的來說，這些分配相當於我們股價的年化分配約 15%。

We are also pleased to report, as Dan will discuss in more detail, that deal flow is increasing, which should be positive for us going forward. During the second quarter, we generated net investment income totaling $0.82 per share and adjusted net investment income totaling $0.78 per share as compared to our public guidance of approximately $0.78 and $0.75 per share, respectively.

我們還很高興地報告，正如丹將更詳細討論的那樣，交易量正在增加，這對我們的未來應該是積極的。第二季度，我們產生的淨投資收益總計為每股 0.82 美元，調整後的淨投資收益總計為每股 0.78 美元，而我們的公開指引分別約為每股 0.78 美元和 0.75 美元。

Our net asset value per share as of June 30 was $2.69 as compared to $24.89 at the start of the year. And $24.93 as of March 31, 2023. Excluding the effect of the $0.05 special distribution, we paid to shareholders during the quarter, our net asset value per share would have been $24.74. Based on our continued strong operating results, our Board has declared a third quarter regular quarterly distribution of $0.70 per share, consisting of our base distribution of $0.64 per share and a supplemental distribution of $0.06 per share.

截至 6 月 30 日，我們的每股淨資產值為 2.69 美元，而年初為 24.89 美元。截至 2023 年 3 月 31 日，每股淨資產值為 24.93 美元。排除我們在本季度向股東支付的 0.05 美元特別分配的影響，我們的每股淨資產值為 24.74 美元。基於我們持續強勁的經營業績，我們的董事會宣布第三季度定期季度分配每股 0.70 美元，其中包括每股 0.64 美元的基本分配和每股 0.06 美元的補充分配。

As a reminder, we expect our quarterly supplemental distribution to total a minimum of $0.06 per share throughout 2023 and possible beyond. Equating to a minimum of $0.70 per share per quarter of quarterly distributions during 2023. Additionally, last quarter, we declared a series of special distribution payments totaling $0.15 per share.

提醒一下，我們預計 2023 年甚至更長時間後，我們的季度補充分配總額至少為每股 0.06 美元。相當於 2023 年每季度至少每股 0.70 美元的季度分配。此外，上個季度，我們宣布了一系列總計為每股 0.15 美元的特別分配付款。

The first installment of the special distribution was paid in May and the other 2 will be paid at the end of the month and in November. In total, we estimate investors will be able to receive a minimum of $2.95 per share of total distributions in 2023, which we continue to believe is quite attractive in today's investment environment.

特別分配的第一期付款已於 5 月支付，另外 2 期將在月底和 11 月支付。總的來說，我們預計投資者在 2023 年將能夠獲得至少每股 2.95 美元的總分配，我們仍然認為這在當今的投資環境中相當有吸引力。

Based on our experience team, the significant resources of our platform and the portfolio rotation work we've accomplished, I believe we are well positioned not only to continue producing strong financial results but to reward shareholders with attractive dividend over the long term. And with that, I'll turn the call over to Dan and the team to provide additional color on the market and the quarter.

基於我們經驗豐富的團隊、平台的重要資源以及我們已完成的投資組合輪換工作，我相信我們處於有利位置，不僅可以繼續產生強勁的財務業績，而且可以長期以有吸引力的股息回報股東。接下來，我會將電話轉給 Dan 和團隊，以提供有關市場和本季度的更多信息。

Thank you, Michael. The resilience of the labor market and continued strong consumer spending during the first half of 2023, make it unlikely in our view that the economy will slow either as soon or as dramatically as some market participants have expected. That being said, over the near term, we continue to expect inflation to remain elevated. And as we have said on prior calls, we believe the higher interest rate environment will persist.

謝謝你，邁克爾。我們認為，2023 年上半年勞動力市場的彈性和持續強勁的消費支出使經濟不太可能像一些市場參與者預期的那樣迅速或大幅放緩。話雖如此，短期內我們仍然預計通脹將保持在高位。正如我們在之前的電話會議中所說，我們相信較高的利率環境將持續存在。

While investment activity remained lower during the second quarter compared to historical averages, we continue to see compelling investment opportunities in a strong direct lending environment.

儘管與歷史平均水平相比，第二季度的投資活動仍然較低，但我們仍然在強勁的直接貸款環境中看到了引人注目的投資機會。

We and other private debt investors are able to negotiate attractive pricing, enhanced call protection and lower overall leverage levels for high-quality companies. Given the still choppy nature of the syndicated debt markets, we believe private credit is poised to continue to be the primary financing alternative for many sponsors and portfolio companies.

我們和其他私人債務投資者能夠為優質公司協商有吸引力的定價、增強的贖回保護並降低整體槓桿水平。鑑於銀團債務市場仍然不穩定，我們相信私人信貸將繼續成為許多發起人和投資組合公司的主要融資選擇。

As Michael mentioned, recently, we have seen an increase in deal flow as M&A activity appears to be picking up. However, we would remind investors that given the traditional time line associated with new investments, the recent increase in new investment activity likely will not materially impact our financial results until the fourth quarter of this year or perhaps early next year. Nevertheless, we are pleased to see the increased activity levels.

正如邁克爾提到的，最近，隨著併購活動似乎有所回升，我們看到交易量有所增加。然而，我們要提醒投資者，考慮到與新投資相關的傳統時間表，最近新投資活動的增加可能要到今年第四季度或明年初才會對我們的財務業績產生重大影響。儘管如此，我們很高興看到活動水平有所增加。

Turning to investment activity. During the second quarter, we originated $363 million of new investments. Not surprisingly, our investments primarily were focused on add-on financings to existing portfolio companies and long-term KKR relationships. Additionally, during the second quarter, we completed the sale of approximately $500 million of lower-yielding investments. This sale to a third party was proactive on our part as we sought to increase our go-forward investment capacity based on our view of the accelerating M&A environment. As a result, our new investments of $363 million when combined with $845 million of opportunistic portfolio sales and repayments equated to a net portfolio decrease of $482 million.

轉向投資活動。第二季度，我們發起了 3.63 億美元的新投資。毫不奇怪，我們的投資主要集中在現有投資組合公司的附加融資和長期 KKR 關係上。此外，在第二季度，我們完成了約 5 億美元的低收益投資的出售。這次向第三方的出售對我們來說是積極主動的，因為我們根據對加速併購環境的看法，尋求提高我們的未來投資能力。因此，我們 3.63 億美元的新投資加上 8.45 億美元的機會投資組合銷售和還款，相當於投資組合淨減少 4.82 億美元。

In terms of recent deployment opportunities, at the end of the quarter, we closed an account receivable financing facility for Bausch Health Company. The company develops, manufactures and markets a range of pharmaceutical, medical device and over-the-counter products, primarily in the Dermatology and Eye health space. We provided the company with a $600 million off-balance sheet financing facility backed by accounts receivable from their customers who are investment-grade pharmaceutical distributors.

就近期部署機會而言，本季度末，我們關閉了 Bausch Health Company 的應收賬款融資便​​利。該公司開發、製造和銷售一系列藥品、醫療器械和非處方產品，主要集中在皮膚科和眼科健康領域。我們為該公司提供了 6 億美元的表外融資融資，以投資級藥品分銷商客戶的應收賬款為支持。

Pricing was SOFR plus 665 basis points, with 2.5% fees upfront and a 75 basis point undrawn fee. FSK committed $120 million to the financing and has funded $70 million to date. This type of transaction is an example of our growing corporate ABL strategy in which we are finding compelling investment opportunities in the current environment.

定價為 SOFR 加 665 個基點，其中包括 2.5% 的預付費用和 75 個基點的未提取費用。 FSK 承諾融資 1.2 億美元，迄今為止已融資 7000 萬美元。此類交易是我們不斷發展的企業 ABL 戰略的一個例子，我們在當前環境中尋找引人注目的投資機會。

Additionally, we are seeing meaningful opportunities in our traditional asset-based finance business, particularly given the pressure on regional banks to optimize their balance sheets.

此外，我們在傳統的資產金融業務中看到了有意義的機會，特別是考慮到區域銀行優化資產負債表的壓力。

Combining our asset-based finance activities with the recent increase for traditional unitranche financings associated with the improving M&A market creates an improved outlook as we begin to focus on the second half of the year. In terms of interest coverage, at the end of the second quarter, our portfolio companies had a median interest coverage of 1.6x.

當我們開始關註今年下半年時，將我們的基於資產的融資活動與最近與不斷改善的併購市場相關的傳統單一融資的增加相結合，創造了更好的前景。就利息覆蓋率而言，截至第二季度末，我們投資組合公司的利息覆蓋率中位數為1.6倍。

For clarity, this calculation uses base rates as of March 31, 2023, and to better align with portfolio company financials. From a forward-looking perspective, we continue to believe our portfolio is well positioned. In part, due to our focus on large, high-quality borrowers with strong operating margins and deep equity cushions. These statistics are evidenced by the weighted average EBITDA in our portfolio companies. Which was $202 million as of June 30, 2023.

為清楚起見，此計算使用截至 2023 年 3 月 31 日的基本利率，以便更好地與投資組合公司的財務狀況保持一致。從前瞻性的角度來看，我們仍然相信我們的投資組合定位良好。部分原因是我們專注於擁有強勁營業利潤和深厚股本緩衝的大型優質借款人。我們投資組合公司的加權平均 EBITDA 證明了這些統計數據。截至 2023 年 6 月 30 日，該金額為 2.02 億美元。

Additionally, our portfolio companies reported a weighted average year over year EBITDA growth rate of approximately 5% across companies which we have invested in since April of 2018. And with that, I'll turn the call over to Brian to discuss our portfolio in more detail.

此外，我們的投資組合公司報告稱，自 2018 年 4 月以來我們投資的公司的加權平均 EBITDA 增長率約為 5%。因此，我將把電話轉給 Brian，詳細討論我們的投資組合。細節。

Thanks, Dan. As of June 30, 2023, our investment portfolio had a fair value of $14.8 billion, consisting of 195 portfolio companies. This compares to a fair value of $15.3 billion and 189 portfolio companies as of March 31, 2023. The decline in the fair value of our portfolio is largely due to the lower -- to the sale of lower-yielding assets, which Dan spoke about earlier.

謝謝，丹。截至2023年6月30日，我們的投資組合公允價值為148億美元，由195家投資組合公司組成。相比之下，截至 2023 年 3 月 31 日，公允價值為 153 億美元，投資組合公司有 189 家。我們投資組合公允價值的下降主要是由於丹談到的較低收益資產的出售。早些時候。

At the end of the second quarter, our 10 largest portfolio companies represented approximately 19% of the fair value of our portfolio. We continue to focus on senior secured investments, as our portfolio consisted of 59.5% for same loans and 68.3% senior secured debt as of June 30.

截至第二季度末，我們最大的 10 家投資組合公司約占我們投資組合公允價值的 19%。我們繼續關注高級擔保投資，截至 6 月 30 日，我們的投資組合由 59.5% 的相同貸款和 68.3% 的高級擔保債務組成。

In addition, our joint venture represented 9.4% of the fair value of the portfolio and asset-based finance investments represented 12%, which are comprised predominantly of -- for same loans or secured asset-based finance investments. It's important to note, looking through to the investments in our joint venture, our portfolio consisted of 76% senior secured debt as of June 30.

此外，我們的合資企業佔投資組合公允價值的 9.4%，資產型金融投資佔 12%，其中主要包括相同貸款或有擔保的資產型金融投資。值得注意的是，縱觀我們合資企業的投資，截至 6 月 30 日，我們的投資組合由 76% 的高級擔保債務組成。

The weighted average yield on occurring debt investments was 12.1% as of June 30, 2023, compared to 11.7% as of March 31. As a reminder, the calculation of weighted average yield is adjusted to exclude the accretion associated with the merger with FSKR. The increase in our weighted average yield during the second quarter was primarily associated with the continued rise in base rates as well as higher yields on new originations during the past few quarters.

截至2023 年6 月30 日，已發生債務投資的加權平均收益率為12.1%，而截至3 月31 日為11.7%。需要提醒的是，加權平均收益率的計算進行了調整，以排除與FSKR合併相關的增量。第二季度加權平均收益率的增長主要與基準利率的持續上升以及過去幾個季度新產品收益率的上升有關。

Including the effects of the investment activity we experienced during the second quarter as of June 30, 2023, approximately 86% of our total investment portfolio is now comprised of investments originated either by KKR Credit or the FS/KKR Advisor.

包括截至 2023 年 6 月 30 日第二季度我們經歷的投資活動的影響，我們總投資組合的約 86% 目前由 KKR Credit 或 FS/KKR Advisor 發起的投資組成。

During the second quarter, excluding the impact of merger accounting, we experienced net portfolio depreciation on investments of approximately $77 million, primarily concentrated in a handful of names, including Wittur and NBG Home both of which we have mentioned on prior earnings calls.

在第二季度，排除合併會計的影響，我們的投資組合淨折舊約為7700 萬美元，主要集中在少數幾個公司，包括Wittur 和NBG Home，我們在之前的財報電話會議上都提到過這兩家公司。

This past (inaudible) Wittur with management the majority of first lien lenders as well as the equity sponsor to provide additional liquidity to the company as well as delever its balance sheet. Pursuant to this agreement, the first lien debt will be significantly reduced at the operating company level, FSK and other funds managed by KKR will provide EUR 85 million of new capital to the company to fund operations and our second lien loan will be converted into a majority equity ownership stake in the business. The transaction is subject to standard closing conditions and regulatory approvals.

過去（聽不清）威特與管理層、大多數第一留置權貸款人和股權發起人一起為公司提供額外的流動性並降低其資產負債表的槓桿率。根據該協議，第一留置權債務將在運營公司層面大幅減少，FSK 和 KKR 管理的其他基金將為公司提供 8500 萬歐元的新資本，用於資助運營，我們的第二留置權貸款將轉換為企業的多數股權。該交易須滿足標準成交條件和監管部門批准。

We also led a successful restructuring of NBG Home earlier this year, and the company emerged from Chapter 11 protection last month. Pursuant to the company's plan of reorganization FSK and other funds managed by KKR now own new debt securities and the delevered capital structure as well as the majority equity ownership of the surviving company.

今年早些時候，我們還成功領導了 NBG Home 的重組，該公司上個月擺脫了第 11 章保護。根據公司的重組計劃，FSK 和 KKR 管理的其他基金現在擁有新的債務證券和去槓桿化的資本結構以及倖存公司的多數股權。

As of June 30, 2023, nonaccruals improved to 4.8% of our portfolio on a cost basis and 2.5% on a fair value basis compared to 5.5% on a cost basis and 2.7% on a fair value basis as of March 31, 2023. We believe it is helpful to provide the market with information based on the assets originated by KKR Credit.

截至2023 年6 月30 日，非應計費用占我們投資組合的成本比例提高至4.8%，公允價值比例提高至2.5%，而截至2023 年3 月31 日，非應計費用佔成本比例為5.5%，公允價值比例為2.7%。我們認為，向市場提供基於 KKR Credit 來源的資產的信息是有幫助的。

As of the end of the second quarter, nonaccruals related to the 86% of our total portfolio, which have been originated by KKR Credit and the FS/KKR Advisor were 2.2% on a cost basis and 0.6% on a fair value basis. And with that, I'll turn the call over to Steven.

截至第二季度末，與我們總投資組合 86% 相關的非應計費用（由 KKR Credit 和 FS/KKR Advisor 發起）按成本計算為 2.2%，按公允價值計算為 0.6%。然後，我會將電話轉給史蒂文。

Thanks, Brian. Our total investment income increased by $6 million quarter-over-quarter to $462 million, driven by increased interest income. The components of our total investment income during the quarter were as follows: Total interest income was $376 million an increase of $7 million quarter-over-quarter. Dividend and fee income totaled $86 million, a decrease of $1 million quarter-over-quarter.

謝謝，布萊恩。在利息收入增加的推動下，我們的總投資收入環比增加了 600 萬美元，達到 4.62 億美元。本季度我們總投資收入的構成如下： 總利息收入為 3.76 億美元，環比增加 700 萬美元。股息和費用收入總計 8600 萬美元，環比減少 100 萬美元。

Our dividend and fee income during the quarter is summarized as follows: $55 million of recurring dividend income from our joint venture, other dividends from various portfolio companies totaling approximately $25 million during the quarter, and fee income totaling approximately $6 million during the quarter.

我們本季度的股息和費用收入總結如下：來自我們合資企業的經常性股息收入為5500 萬美元，來自各投資組合公司的其他股息本季度總計約2500 萬美元，本季度費用收入總計約600 萬美元。

Our interest expense totaled $118 million, an increase of $4 million quarter-over-quarter due to the impact of rising base rates on our secured debt facilities. Our weighted average cost of debt was 5.2% as of June 30. Management fees totaled $56 million, a decrease of $2 million quarter-over-quarter and incentive fees totaled $47 million during the second quarter.

由於基本利率上升對我們的擔保債務融資的影響，我們的利息支出總計 1.18 億美元，環比增加 400 萬美元。截至 6 月 30 日，我們的加權平均債務成本為 5.2%。第二季度管理費總計 5,600 萬美元，環比減少 200 萬美元，激勵費總計 4,700 萬美元。

Other expenses totaled $12 million during the quarter. The detailed bridge in our net asset value per share on a quarter-over-quarter basis is as follows: our ending first quarter 2023 net asset value per share of $24.93, which increased by GAAP net investment income of $0.82 per share. And was decreased by $0.31 per share due to a decrease in the overall value of our investment portfolio.

本季度其他費用總計 1200 萬美元。我們每股淨資產值環比的詳細情況如下：2023 年第一季度末每股淨資產值為 24.93 美元，按 GAAP 計算的每股淨投資收益增加 0.82 美元。由於我們投資組合的整體價值下降，每股減少了 0.31 美元。

Our net asset value per share was reduced by our $0.70 per share quarterly distribution. And the $0.05 per share special distribution. Some of these activities results in our June 30, 2023 net asset value per share of $24.69. Accounting for the $0.05 per share special distribution paid during the quarter, our adjusted net asset value per share was $24.74.

我們的每股淨資產值因每股季度分配而減少了 0.70 美元。以及每股 0.05 美元的特別分配。其中一些活動導致我們 2023 年 6 月 30 日的每股淨資產值為 24.69 美元。考慮到本季度支付的每股 0.05 美元特別分配，我們調整後的每股資產淨值為 24.74 美元。

From a forward-looking guidance perspective, we expect third quarter 2023 GAAP net investment income to approximate $0.79 per share, and we expect our adjusted net investment income to approximate $0.76 per share. Detailed third quarter guidance is as follows: our recurring interest income on a GAAP basis is expected to approximate $374 million. Interest income is expected to be relatively flat quarter-over-quarter, primarily due to the portfolio sale Dan mentioned earlier as well as certain assets which were repaid during the month of July.

從前瞻性指導的角度來看，我們預計 2023 年第三季度 GAAP 淨投資收益約為每股 0.79 美元，我們預計調整後的淨投資收益約為每股 0.76 美元。詳細的第三季度指引如下：按照 GAAP 計算，我們的經常性利息收入預計約為 3.74 億美元。預計利息收入環比將相對持平，這主要是由於 Dan 之前提到的投資組合出售以及 7 月份償還的某些資產。

We expect recurring dividend income associated with our joint venture to approximate $54 million. We expect other fee and dividend income to approximate $25 million as we expect normal course ABF dividends to be incrementally lower between now and the end of September. From an expense standpoint, we expect our management fees to approximate $56 million, we expect incentive fees to approximate $45 million. We expect our interest expense to approximate $120 million, and we expect other G&A expenses to approximate $10 million.

我們預計與我們合資企業相關的經常性股息收入約為 5400 萬美元。我們預計其他費用和股息收入約為 2500 萬美元，因為我們預計從現在到 9 月底正常的 ABF 股息將逐漸降低。從費用角度來看，我們預計管理費約為 5600 萬美元，激勵費約為 4500 萬美元。我們預計利息支出約為 1.2 億美元，其他一般管理費用約為 1000 萬美元。

As a reminder, the $0.03 per share difference between our GAAP net investment income and our adjusted net investment income relates to the expected accretion of our investments during the quarter due to merger accounting. This difference affects our recurring interest income. Other categories of revenues and expenses are not affected, primarily due to the sale of approximately $500 million of assets to a third party during the second quarter, our gross and net debt to equity levels were 118% and 113%, respectively, at June 30, 2023, compared to 125% and 118% at March 31, 2023.

提醒一下，我們的 GAAP 淨投資收益和調整後的淨投資收益之間每股 0.03 美元的差異與由於合併會計而導致的本季度投資的預期增長有關。這種差異影響我們的經常性利息收入。其他類別的收入和支出不受影響，主要是由於第二季度向第三方出售了約 5 億美元的資產，截至 6 月 30 日，我們的總債務與股本水平分別為 118% 和 113% ，2023年，相比之下，2023 年3 月31 日為125% 和118%。

At June 30, our available liquidity was $3.5 billion, up from $3 billion at the end of the first quarter. Approximately 58% of our drawn balance sheet and 42% of our committed balance sheet was comprised of unsecured debt and our overall effective weighted average cost of debt was 5.2%. And with that, I'll turn the call back to Michael for a few closing remarks before we open the call for questions.

截至 6 月 30 日，我們的可用流動資金為 35 億美元，高於第一季度末的 30 億美元。我們提取的資產負債表中約 58% 和承諾資產負債表中的 42% 由無擔保債務組成，我們的整體有效加權平均債務成本為 5.2%。接下來，在我們開始提問之前，我將把電話轉回邁克爾，讓他做一些總結髮言。

Thanks, Steven. In closing, I am pleased FSK is continuing to deliver strong earnings, which enables us to award shareholders with such an attractive distribution. The team has remained diligent and focused on the long-term success of the company by investing in defensive, high-quality companies, proactively managing our available investment capacity and minimizing losses from challenged assets.

謝謝，史蒂文。最後，我很高興 FSK 繼續提供強勁的收益，這使我們能夠向股東提供如此有吸引力的分配。該團隊一直保持勤奮並專注於公司的長期成功，投資於防禦性的優質公司，積極管理我們的可用投資能力，並最大限度地減少受挑戰資產的損失。

We are pleased with our results both during the quarter and on a year-to-date basis. This is -- we also are pleased to see an overall pickup in deal activity, which clearly is advantageous for FSK. On behalf of the team, we thank you for joining the call and for your continued support. And with that, operator, we'd like to open the call for questions.

我們對本季度和年初至今的業績感到滿意。我們也很高興看到交易活動總體回升，這顯然對 FSK 有利。我們代表團隊感謝您加入電話會議並感謝您的持續支持。接線員，我們現在開始提問。

(Operator Instructions) . Our first question comes from John Hecht with Jefferies.

（操作員說明）。我們的第一個問題來自杰弗里斯的約翰·赫克特。

Congratulations on the good quarter. First one is just very high level, and you guys you guys even touched on some of this during the call here, but just given the recent events in the banking industry and the likely changes to capital requirements and some of the regulatory framework do you guys see a long-term or even permanent kind of structural shift in the business? And what type of asset characteristics would that maybe give an edge to you guys and relative to where we are today going forward?

祝賀季度業績良好。第一個是非常高水平的，你們甚至在電話會議中觸及了其中的一些內容，但考慮到銀行業最近發生的事件以及資本要求和一些監管框架可能發生的變化，你們知道嗎？看到業務發生長期甚至永久性的結構性轉變嗎？相對於我們今天的進展，哪種類型的資產特徵可能會給你們帶來優勢？

Thanks, John. I mean I think a fair question there, especially considering what's been going on in the market. I do think we expect this to be probably a longer-term situation in terms of how it plays out. You see new rules as it relates to Basel III. Obviously, there's concerns around liquidity and how banks sort of manage assets. I think we've seen this in many ways, starting with the financial crisis and continuing. I do think it's a tailwind for the overall private credit space. I think we'll benefit from that. I think it's probably a little bit less of a focus on what I'll call the regular direct lending space. It's probably more of a tailwind for our asset-based finance business. But I think it's something as I said, that will play out over several years.

謝謝，約翰。我的意思是，我認為這是一個公平的問題，特別是考慮到市場上正在發生的事情。我確實認為，就其結果而言，我們預計這可能是一個長期的情況。您會看到與巴塞爾協議 III 相關的新規則。顯然，人們對流動性以及銀行如何管理資產感到擔憂。我認為我們從很多方面都看到了這一點，從金融危機開始一直持續到今天。我確實認為這對整個私人信貸領域來說是一股順風。我想我們會從中受益。我認為它可能不太關注我所說的常規直接貸款空間。這可能對我們的資產金融業務來說更像是一種順風。但我認為正如我所說，這將在幾年內發揮作用。

Okay. That's helpful. And then maybe just a quick update on Global Jet. I know that's a big asset you guys have been working on. Is there any update there?

好的。這很有幫助。然後也許只是 Global Jet 的快速更新。我知道這是你們一直在努力的一項重要資產。那裡有更新嗎？

I think 2 things. One, the underlying performance of the assets remain strong, I think both in terms of the folks paying on the leases, but also just asset values, right? There's been a real tailwind in that space on the other side of COVID. I think the company management team also has done quite a good job as it relates to cost at the business and looking to improve sort of ROE.

我認為有兩件事。第一，資產的基本表現仍然強勁，我認為無論是在支付租賃費用的方面，還是在資產價值方面，對吧？在新冠肺炎疫情的另一邊，這個領域確實出現了一股真正的順風。我認為公司管理團隊也做得很好，因為它涉及業務成本並尋求提高股本回報率。

So I think it's been a good story there for the last several years. I think we're still working with the team to figure out next steps as it relates to it, but the asset performance remains strong.

所以我認為過去幾年這是一個很好的故事。我認為我們仍在與團隊合作找出與之相關的後續步驟，但資產績效仍然強勁。

And our next question comes from Casey Alexander with Compass Point Research and Trading.

我們的下一個問題來自 Compass Point Research and Trading 的 Casey Alexander。

I have a couple of questions here. I'm looking at the asset mix of ABF at 12% and the JV at 9%. So there's room in this bucket. And given kind of your discussion about ABF, should we expect that ABF percentage to rise as a percentage of the total portfolio? as you put some of the proceeds of these sales to work?

我在這裡有幾個問題。我認為 ABF 的資產組合為 12%，JV 的資產組合為 9%。所以這個桶裡還有空間。鑑於您對 ABF 的討論，我們是否應該預期 ABF 佔總投資組合的百分比會上升？當您將這些銷售的部分收益投入使用時？

Well, I think we've been consistent with the market and talking about sort of a 10% to 15% range there. For our ABF sort of bucket, I think we're in the middle of that range. I think some quarters, it will sort of trend up there are certain deals in there that are continuing to ramp in terms of adding assets. So I think it's fair to assume that it will sort of make its way towards that sort of 15%, but I think it's -- I would expect the range over the long term to be that 10% to 15%.

嗯，我認為我們一直與市場保持一致，並討論了 10% 到 15% 的範圍。對於我們的 ABF 類別，我認為我們處於該範圍的中間。我認為在某些季度，某些交易會在增加資產方面繼續增加，從而呈上升趨勢。所以我認為可以公平地假設它將朝著 15% 的方向發展，但我認為——我預計長期範圍是 10% 到 15%。

Okay. In relation to the portfolio sale, what was the average price of the sale as a percentage of par value?

好的。就投資組合銷售而言，平均銷售價格佔票面價值的百分比是多少？

I mean upper 90s sort of approaching [99%] sort of sense. I mean these were performing assets I think we were honestly excited and sort of proud of to get it done, and we want to create some capacity inside of FSK. The assets themselves slightly lower yielding. We just sold a strip of assets that we owned, right? So these assets are not just remain inside of FSK but other sort of accounts that we manage.

我的意思是 90 年代上層接近 [99%] 的感覺。我的意思是，這些都是性能資產，我認為我們真的很興奮，並且為完成它而感到自豪，我們希望在 FSK 內部創建一些容量。資產本身的收益率略低。我們剛剛出售了我們擁有的一部分資產，對吧？因此，這些資產不僅保留在 FSK 內部，還保留在我們管理的其他類型的賬戶中。

So this was not a credit story. This was managing future investment capacity. I think we've always been clear with what our target leverage range was for FSK. I think using this as a moment to bring it down to 1.3x looking at an M&A market that's picking up made a lot of sense to us.

所以這不是一個信用故事。這是管理未來的投資能力。我認為我們一直很清楚 FSK 的目標槓桿範圍是多少。我認為利用這個時機將其降至 1.3 倍，看看併購市場正在回升，這對我們來說很有意義。

Well, perhaps you can explain to me the rationale of selling what you consider to be good assets at a discount to par in order to reinvest them at par loans. I understand the higher-yielding loans on the new stuff, but you're receiving less principal value for the loans that you sold. So kind of what's the rationale for the mix there?

好吧，也許您可​​以向我解釋一下以低於面值的折扣出售您認為的優質資產以便以面值貸款進行再投資的理由。我了解新產品的收益率較高，但您出售的貸款獲得的本金價值較少。那麼混合的理由是什麼？

Okay. I remember 2 things, right? The loans themselves -- you're always originating loans at a slight sort of discount because there's fees and sort of OID that's generated, right? So I would keep that sort of in mind one. Two, I think the market today is, let's call it, 50 basis points plus wide on a spread level, the upfront fees have kind of held at probably 3 points was sort of better [call pro].

好的。我記得兩件事，對嗎？貸款本身——你總是以稍微折扣的方式發放貸款，因為會產生費用和某種 OID，對嗎？所以我會牢記這一點。第二，我認為今天的市場，讓我們稱之為，50 個基點加上廣泛的利差水平，預付費用大概保持在 3 個點是比較好的 [call pro]。

So it's just a little bit of a portfolio rotation. I think our fee income number has been sort of lower than usual. Steven mentioned that in his prepared remarks. I think that number sort of picks up. I think we've been able to generate the net income numbers you've seen was sort of out that. So I would focus on those points.

所以這只是投資組合的一點輪換。我認為我們的費用收入數字比平時要低一些。史蒂文在他準備好的講話中提到了這一點。我認為這個數字有所上升。我認為我們已經能夠生成您所看到的淨利潤數字。所以我會重點關注這些點。

Okay. And then my last question is there's a reasonably meaningful bump up in PIK income in the quarter. Can you walk us through the change in that component, please?

好的。我的最後一個問題是，本季度 PIK 收入出現了相當有意義的增長。您能否向我們介紹一下該組件的更改？

Sure. Entirely related to 1 name, Solera. This is a well-performing company, north of $1 billion of EBITDA, a very strong equity sponsor who's got a meaningful sort of dollars in there. I would put this as a one-off case where certain earn-outs and others nonrecurring sort of cash items were happening during the first half of the year.

當然。與 1 個名字完全相關，Solera。這是一家業績良好的公司，EBITDA 超過 10 億美元，是一家非常強大的股權贊助商，擁有大量資金。我會將其視為一次性案例，其中某些收益和其他非經常性現金項目發生在今年上半年。

They requested 2 quarters of PIK there was change in sort of rate on the other side that we thought was attractive both during the PIK period but then sort of post the loan going back to sort of cash base. So this is not a challenged credit situation, I would think about it as a 2-quarter move.

他們要求 2 個季度的 PIK，另一方的利率發生了變化，我們認為在 PIK 期間都很有吸引力，但隨後將貸款轉回現金基礎。因此，這並不是一個充滿挑戰的信貸狀況，我將其視為兩個季度的變動。

Our next question comes from Ryan Lynch with KBW.

我們的下一個問題來自 KBW 的 Ryan Lynch。

First question I had was on the portfolio sale of $500 million. I think that makes a lot of sense, just selling off some older assets to get more exposure to this current vintage. My question on that was, is that something that you guys are looking to explore more of those -- those sort of portfolio sales or strips of portfolio sales going forward? Or was this purely sort of a one-off opportunity?

我的第一個問題是關於 5 億美元的投資組合出售。我認為這很有意義，只需出售一些舊資產即可獲得更多對當前年份的投資。我的問題是，你們是否希望探索更多類似的投資組合銷售或投資組合銷售條帶？或者這純粹是一次性的機會？

And then I know you said there were lower yielding investments of that portfolio. I don't know if I missed it or not, but could you provide what was sort of the weighted average spread on that $500 million of investments sold?

然後我知道你說過該投資組合的投資收益較低。我不知道我是否錯過了，但您能否提供所售出的 5 億美元投資的加權平均利差是多少？

Sure. In terms of the portfolio sale itself, I think we're always focused on being active in terms of portfolio management. I think we're fortunate to be part of a platform that's got a lot of different market participants. We have relationships, investors or sort of otherwise. I wouldn't think about it as something that we would repeat consistently as a part of normal course.

當然。就投資組合銷售本身而言，我認為我們始終專注於積極參與投資組合管理。我認為我們很幸運能夠成為一個擁有許多不同市場參與者的平台的一部分。我們有關係、投資者或其他方面。我不認為這是我們會作為正常課程的一部分不斷重複的事情。

That said, I think we're quite pleased, as I said, to get it done. I do like having the additional capacity in the entity where we can maybe be more active in this current vintage, or there's additional sort of volatility in the market. So I would think about it in sort of that context. In terms of spread, roughly 6%, in terms of the spread on the assets.

也就是說，正如我所說，我認為我們很高興能夠完成這項工作。我確實喜歡在實體中擁有額外的能力，這樣我們就可以在當前的年份中更加活躍，或者市場上存在額外的波動。所以我會在這種背景下思考它。就利差而言，就資產利差而言，大約為 6%。

Okay. Then the other question was you mentioned and it's been talked and that's about but kind of the increased activity in the asset-based finance sort of vertical, that spreads across a lot of different underlying investments. I would just love to hear, is there any specific sort of like subsector or specific assets that you guys are seeing increased deal opportunity across? Or is it just across the whole spectrum? And then the second part to that was, when I look at your asset-based finance portfolio, there's a lot of different investment yields in that portfolio some are based on SOFR some are fixed rate. I would just love to hear in the current marketplace, if you're seeing more deals of that asset-based finance vertical, what sort of either net yields are you guys looking at in the current pipeline or spreads if they're floating rate investments.

好的。然後另一個問題是你提到的，並且已經被討論過，這只是基於資產的金融垂直領域活動的增加，它分佈在許多不同的基礎投資中。我很想听聽，你們是否看到任何特定類型的子行業或特定資產的交易機會增加？或者只是涵蓋整個範圍？第二部分是，當我查看你們的基於資產的金融投資組合時，該投資組合中有很多不同的投資收益率，有些是基於 SOFR，有些是固定利率。我很想听聽在當前市場上，如果您看到更多基於資產的金融垂直領域的交易，那麼您在當前管道中看到的淨收益率或利差（如果它們是浮動利率投資）是怎樣的。

But if you recall, we have taken what I'll call a multisector or multi-asset class approach to the space. I think that's important. We want the team to be focused on the best risk-adjusted returns that are available here. We've done really put it in the following buckets: consumer, mortgage, commercial finance, contractual cash flows and hard assets, and there's, let's call it, 25 kind of subsectors below those.

但如果你還記得的話，我們對這個領域採取了我稱之為多部門或多資產類別的方法。我認為這很重要。我們希望團隊專注於這裡可獲得的最佳風險調整回報。我們確實將其分為以下幾類：消費者、抵押貸款、商業金融、合同現金流和硬資產，下面還有 25 個子行業。

I think we're able to do that, right? We've got a very large team. We've got over 50 people that are directly involved in the business. We've got a capital base that's quite large. At north of $40 billion of AUM. So I think we're quite pleased with where we stand from -- let's call it, how we're competing in the market. I think all of those assets have certain things that are -- what I would call interesting today. That business is a little bit more opportunistic and thematic than what I would say the more traditional direct lending business where you're forced to cover clients sort of daily.

我想我們能夠做到這一點，對嗎？我們有一個非常大的團隊。我們有 50 多名直接參與業務的人員。我們有相當大的資本基礎。資產管理規模超過 400 億美元。所以我認為我們對我們的立場非常滿意——我們可以這樣稱呼它，我們在市場上的競爭方式。我認為所有這些資產都有某些我今天所說的有趣的東西。與我所說的更傳統的直接貸款業務相比，這項業務更具機會主義和主題性，在傳統的直接貸款業務中，你被迫每天為客戶提供服務。

I think the one thing that has probably been the most interesting there, this year, specifically over the last 4 or 5 months is some of the tailwinds we've seen from the regional bank space, who are looking to other clean up asset portfolios or dispose of certain assets. So I think there is a good tailwind there. I think you are right. I mean, every deal is a little bit different. Some deals might be floating, some deals might be fixed. I would think about it from a broad stroke. We're really targeting to do deals in that space that are roughly from a base case perspective, kind of 15% sort of IRRs, that's probably the simplest way to think about it.

我認為今年最有趣的一件事，特別是在過去的四五個月裡，是我們從區域銀行領域看到的一些順風，他們正在尋找其他清理資產組合或處置某些資產。所以我認為那裡有一個很好的順風。我想你是對的。我的意思是，每筆交易都有點不同。有些交易可能是浮動的，有些交易可能是固定的。我會從廣義上思考這個問題。我們真正的目標是在這個領域進行交易，大致從基本情況的角度來看，類似於 15% 的 IRR，這可能是最簡單的思考方式。

Okay. And then just one follow-up on that point. You mentioned kind of the pullback from the regional banking space, creating new deal opportunities just because from a less -- there's less competition. But are you guys looking or seeing any sort of inbound opportunities from regional banks looking to sell off entire portfolios? And is that something you would be interested in onboarding?

好的。然後就這一點進行一次後續行動。你提到了區域銀行業的退出，創造了新的交易機會，只是因為競爭減少了。但是，你們是否正在尋找或看到區域銀行尋求出售整個投資組合的任何入境機會？您對此感興趣嗎？

Yes. I mean the short answer is yes. I think some of that has been quite public with some of the SVB or First Republic or signature sort of assets. But the team is having sort of constant dialogues there. I think we are looking to partner with banks on several of these transactions. Some of that could be buying portfolios in whole. Some of that could be buying sort of parts to different portfolios. But we're very active in that space.

是的。我的意思是簡短的回答是肯定的。我認為其中一些對於 SVB 或第一共和國或簽名類資產來說已經相當公開了。但團隊在那裡不斷進行對話。我認為我們正在尋求與銀行就其中幾項交易進行合作。其中一些可能是購買整個投資組合。其中一些可能是為不同的投資組合購買某種零件。但我們在這個領域非常活躍。

Honestly, that is a cornerstone of the business in kind of normal markets, but just more active today. The one thing that I think is probably even more interesting today is a lot of these banks would be acquiring kind of assets on a flow perspective from Fincos that are originating those a lot of those banks are taking a step back from that, specifically on certain fixed rate assets.

老實說，這是正常市場中業務的基石，但如今更加活躍。我認為今天可能更有趣的一件事是，許多銀行將從金融公司的流量角度收購某種資產，這些資產是許多銀行正在後退的一步，特別是在某些方面固定利率資產。

So I think we're able to come in and fill the void there as well. We've done that on a couple of portfolios I think we're excited by the opportunities that present themselves there. And again, it's across all these different sort of asset types. So I think you need the team to be able to prosecute that. But I'm expecting the folks to be busy for the coming quarters, coming years.

所以我認為我們也能夠介入並填補那裡的空白。我們已經在幾個投資組合中做到了這一點，我認為我們對其中出現的機會感到興奮。再說一次，它涉及所有這些不同類型的資產類型。所以我認為你需要團隊能夠起訴這一點。但我預計人們在未來幾個季度、未來幾年會很忙。

That's interesting to comment on the deal flow from the Fincos and stepping in with that void. That's all for me.

對金融公司的交易流程進行評論並彌補這一空白是很有趣的。這就是我的全部。

Our next question comes from Ken Lee with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Ken Lee。

Sounds like terms and pricing is still favorable for origination activity. I wonder if you could just talk a little bit more about what you're seeing in terms of competitive activity more recently.

聽起來條款和定價仍然有利於發起活動。我想知道您是否可以多談談您最近在競爭活動方面所看到的情況。

Yes. Ken, I think there's been -- in many ways, and you've heard us talk about on the call today or prior quarters. The general M&A volumes have been lower. I think you'd expect that, I think the -- there's been some sort of articles that was lower due to the lack of available financing. I don't think that's correct. I think it's been entirely driven by we'll call it, valuation mismatches or the lack of ability to agree on valuation between a seller or a company and the buyer thereof.

是的。肯，我認為在很多方面，你都聽到我們在今天或前幾個季度的電話會議上談論過。總體併購數量較低。我想你會預料到，由於缺乏可用的融資，有些文章的價格較低。我認為這是不正確的。我認為這完全是由我們所說的估值不匹配或賣方或公司與其買方之間缺乏就估值達成一致的能力所驅動的。

I think we're starting to see that fall -- the pipeline has been dramatically more active in the last handful of weeks. I think we're hearing the M&A adviser community kind of ramping up, whether they're a boutique firms or some of the larger sort of bulge bracket. So I think the volume, you're going to see pick up. And I think the market has the capital available to do the deal. So I think the competitive environment has remained, what you imagine is there are sort of active players here who are prepared to kind of step into these deals. But I think you're going to see this pickup in volume, which we're excited about.

我認為我們已經開始看到秋天了——在過去幾周里，管道已經變得更加活躍。我認為我們聽到併購顧問群體正在不斷壯大，無論他們是精品公司還是一些規模較大的公司。所以我認為成交量將會增加。我認為市場有足夠的資金來完成這筆交易。所以我認為競爭環境仍然存在，你可以想像這裡有一些活躍的參與者準備參與這些交易。但我認為你會看到數量的增加，我們對此感到興奮。

Got you. Very helpful there. And then 1 follow-up, if I may. Just stepping back, I wonder if you could just talk about thoughts around the current share price and perhaps what additional actions or options could you consider that could help narrow the discount shares are trading to NAV over time?

明白你了。那裡非常有幫助。如果可以的話，然後進行 1 次後續行動。退一步，我想知道您是否可以談談對當前股價的想法，也許您可​​以考慮採取哪些額外行動或選擇來幫助縮小股票隨著時間的推移交易到資產淨值的折扣？

I think a couple of points there. One, the share price is obviously a clear sort of focus of ours. I think, we've tried to be quite transparent as you can see in these earnings calls with Steven going through the quarter and sort of going through the guidance.

我認為有幾點。第一，股價顯然是我們關注的焦點。我認為，我們已經努力做到相當透明，正如你在這些財報電話會議中看到的那樣，史蒂文回顧了本季度，並回顧了指導方針。

I think we have been quite pleased with what we've put up in terms of operating results. I think we're happy to announce that special dividend. That $2.95 a share, we think, is quite attractive -- even more attractive -- I mean it's quite attractive just thinking about in terms of NAV, but obviously even more attractive. When you think about it in terms of stock price, the team is spending a lot of time on the road, meeting with investors doing as many calls as we can. We need to continue to, I think, to perform, put up these numbers going to meet the guidance numbers that we're sort of putting out there.

我認為我們對我們在經營業績方面所取得的成績感到非常滿意。我認為我們很高興宣布特別股息。我們認為，每股 2.95 美元相當有吸引力——甚至更具吸引力——我的意思是，僅考慮資產淨值就相當有吸引力，但顯然更具吸引力。當你從股價的角度來考慮時，團隊會花費大量時間在路上，與投資者會面並進行盡可能多的電話會議。我認為，我們需要繼續執行，提出這些數字，以滿足我們在那裡發布的指導數字。

And I think the market has struggled for a little while on the legacy portfolio. I think we've tried to give guidance consistently with -- that's only now 14% of the portfolio. It's really focused on a handful of names. We've got some more work to do on those, but we hope to continue to push and sort of bring that down. So in some ways, it's kind of all of the above.

我認為市場在傳統投資組合上已經掙扎了一段時間。我認為我們已經嘗試提供一致的指導——現在這只佔投資組合的 14%。它確實集中在少數幾個名字上。我們還有更多工作要做，但我們希望繼續推動並減少這種情況。所以在某些方面，它是以上所有的。

Our next question comes from Robert Dodd with Raymond James.

我們的下一個問題來自羅伯特·多德和雷蒙德·詹姆斯。

Question on kind of the restructuring environment, if you all. When we look at Wittur and NBG, I mean you have -- you've talked about those on prior calls -- made progress on restructuring one and we just come out of check, et cetera. But the valuations of those obviously came down this quarter.

關於重組環境的問題，如果大家都這樣的話。當我們關注 Wittur 和 NBG 時，我的意思是，你們在之前的電話會議上談到了這些，在重組方面取得了進展，而我們剛剛擺脫了控制，等等。但本季度這些公司的估值明顯下降。

So that would tend to imply that the outcome may have been slightly worse than you're expecting, say, 3 months ago. So can you give us any color on what's driving that? Is the recovery environment worse? Is a lender groups being less cooperative? Or was it just incremental deterioration of those businesses that drove that slightly lower fair value today than 3 months to ago when the restructuring issues were known and ongoing.

因此，這往往意味著結果可能比您的預期（例如 3 個月前）稍差。那麼您能否告訴我們是什麼推動了這一趨勢？復甦環境是否更糟？貸方團體是否不太合作？或者只是這些業務的逐漸惡化導致今天的公允價值比三個月前（重組問題已知並正在進行時）略有下降。

And Brian I want to add to this as well. I mean, I think we were quite pleased to get those restructurings done and I think just to be clear in our remarks on -- in our prepared remarks, the Wittur was announced. It's still subject to we'll call it final regulatory approvals, et cetera. But I think we were glad to get that done. I think we're fortunate that we've got a dedicated team focused on this space. I think that really helps in these situations.

布萊恩，我也想補充這一點。我的意思是，我認為我們很高興完成這些重組，我想在我們準備好的發言中明確表示，威特已經宣布了。它仍然需要我們稱之為最終監管批准等等。但我認為我們很高興能完成這件事。我認為我們很幸運，我們有一支專注於這個領域的專門團隊。我認為這在這些情況下確實很有幫助。

I don't think the environment is necessarily more difficult or I probably wouldn't probably read too much into this. I think NBG was more of a difficult situation and probably got more difficult as it went along. That was arguably a name that really did not have any level of pricing power or other things and part of that business ended up being liquidated and then part of it end up being sort of reconstituted as a stand-alone business.

我不認為環境一定更困難，或者我可能不會對此進行太多解讀。我認為 NBG 的處境更加困難，而且隨著情況的發展可能會變得更加困難。可以說，這個名字實際上沒有任何水平的定價能力或其他東西，並且該業務的一部分最終被清算，然後它的一部分最終被重組為獨立的業務。

Wittur itself is a strong company with a good footprint in a bunch of jurisdictions globally. It was a complicated process, and I think that process yielded the numbers that you see as it relates to the marks.

威特本身就是一家實力雄厚的公司，在全球多個司法管轄區擁有良好的足跡。這是一個複雜的過程，我認為這個過程產生了你看到的與分數相關的數字。

Yes. I mean, look, I think these restructurings tend to take a long and winding road. Things change over the course of negotiations. I think in the case of both companies, we own the majority equity of both businesses. That means we have control of the Board, the company, strategic direction, management, all those sorts of things. Where we can hopefully create some value and hopefully, some real appreciation in the value of that stock. Time will tell on those things. But when you look at other companies where we've done sort of similar things like a PRG or an APX, I think our team has really had some great outcomes in those situations.

是的。我的意思是，我認為這些重組往往會走一條漫長而曲折的道路。事情在談判過程中發生變化。我認為就這兩家公司而言，我們擁有這兩家公司的多數股權。這意味著我們可以控制董事會、公司、戰略方向、管理以及所有這些事情。我們希望能夠創造一些價值，並希望該股票的價值能夠真正升值。時間會證明這些事情。但是當你看看我們做過類似事情的其他公司（例如 PRG 或 APX）時，我認為我們的團隊在這些情況下確實取得了一些出色的成果。

And just to be clear on Brian's comments, we will all know is post the restructuring is getting done on the equity, not today.

為了澄清布萊恩的評論，我們都會知道股權重組是在股權重組完成後，而不是今天。

Thank you -- got the clarity on that. On the kind of the price line, I mean, the indication, I think maybe the big outspread on valuation is now waiting finally. So should we expect more -- more platform activity and new portfolio companies rather than necessarily maybe maturity dividend refinancings. I wouldn't expect a lot of dividend recaps. But can you give us any color on what kind of -- what the type of mix of things you're seeing in that pipeline? Is that...

謝謝你——明白了。在價格線的類型上，我的意思是，有跡象表明，我認為估值的大幅擴張現在終於在等待了。因此，我們是否應該期待更多——更多的平台活動和新的投資組合公司，而不一定是到期股息再融資。我預計不會有很多股息回顧。但是您能否告訴我們您在該管道中看到的混合類型是什麼？就是它...

No, happy to. I think you're correct. You should expect new portfolio names. I think the add-on business or the add-on environment will continue. I think those are some of the better loans that you can do since you know the company so well. But these are, I would think about new situations. They're usually M&A sort of driven. I mean we were looking at the numbers sort of last night and sort of today.

不，很高興。我認為你是對的。您應該期待新的投資組合名稱。我認為附加業務或附加環境將會繼續下去。我認為這些是您可以提供的一些更好的貸款，因為您對公司非常了解。但這些都是我會思考的新情況。他們通常是併購驅動的。我的意思是我們正在研究昨晚和今天的數字。

I mean, there's north of a couple of billion dollars of transactions that we have committed to. That's across the entire sort of private credit platform for us, but FSK is obviously a big sort of piece of that. There's no guarantees that all those close, but the activity level is definitely sort of picked up. The one thing I did mention in my remarks is those deals won't necessarily all close in Q3 or maybe not even some of them in Q4 or some of these deals have approvals required to get done, but you should expect new line items in the portfolio.

我的意思是，我們承諾的交易額超過了數十億美元。這對我們來說是整個私人信貸平台的一部分，但 FSK 顯然是其中的重要組成部分。不能保證所有這些都會關閉，但活動水平肯定有所回升。我在發言中提到的一件事是，這些交易不一定會在第三季度全部完成，甚至其中一些交易可能不會在第四季度完成，或者其中一些交易需要獲得批准才能完成，但您應該期待在文件夾。

And our next question comes from Mark Hughes with Truist Securities.

我們的下一個問題來自 Truist Securities 的馬克·休斯 (Mark Hughes)。

When I'm thinking about the banks and their participation in the asset-backed financing, do you think that's just kind of a slowdown in the near term as the banks figure out their capital requirements? Or do you think that will be a permanent shift perhaps away from the bank?

當我想到銀行及其參與資產支持融資時，您是否認為這只是銀行在確定其資本要求時的短期放緩？或者您認為這可能會是遠離銀行的永久性轉變嗎？

It's probably a little bit of both. And I think there is some sort of near-term sort of points I would expect probably a certain amount of consolidation in the space. And then I think you have to wait until the regulatory environment sort of evolves. I mean, banks are a cornerstone of the U.S., and I think that's going to clearly sort of continue.

可能兩者都有一點。我認為短期內我預計該領域可能會出現一定程度的整合。然後我認為你必須等到監管環境發生某種變化。我的意思是，銀行是美國的基石，我認為這種情況顯然會繼續下去。

But I think for certain asset classes, it just might not be as attractive from a capital perspective or even how they're sort of forced to manage liquidity, but it's probably a bit of both.

但我認為，對於某些資產類別來說，從資本角度來看，甚至從它們被迫管理流動性的方式來看，它可能沒有那麼有吸引力，但可能兩者兼而有之。

Yes. And then when you think about your portfolio, you see the deal activity is ramping up. Do you think payoffs will be ramping up in parallel?

是的。然後，當您考慮您的投資組合時，您會發現交易活動正在增加。您認為回報會同時增加嗎？

We do. I mean there's probably -- maybe a little bit of a mismatch on some of those. There's been a couple of deals that we've just gotten refied out of but that's more of an immediate thing. And as I mentioned to you before, some of the new deal activity while we might commit would take several months or maybe even several quarters to sort of close, but I think we're expecting it on both sides.

我們的確是。我的意思是，其中一些可能存在一些不匹配。我們剛剛取消了幾筆交易，但這更多的是直接的事情。正如我之前向您提到的，我們可能承諾的一些新交易活動需要幾個月甚至幾個季度才能完成，但我認為我們雙方都對此抱有期望。

I'm just curious you didn't have a pretty informed strong opinion about the interest rates may be higher for longer. Any spicy view on what you think the Fed will do, will they recognize that and not cut? Or how do you think they'll behave in this environment?

我只是好奇你對利率可能會在更長時間內走高沒有一個非常明智的強烈看法。您對美聯儲將採取的行動有什麼尖銳的看法嗎？他們會認識到這一點而不降息嗎？或者你認為他們在這種環境下會表現如何？

Yes. I think it's always tough to predict what the Fed is going to do. I think the comment more about hire for longer is just the economy seems to be doing quite frankly, quite well. I think if you asked me that a year ago, I would have probably had a slightly different view of how it would have played out.

是的。我認為預測美聯儲將做什麼總是很困難。我認為更多關於僱用更長時間的評論只是坦率地說，經濟似乎表現得相當好。我想如果你在一年前問我這個問題，我可能會對事情的結果有稍微不同的看法。

But the consumer seems to be in good shape. People seem to be continuing to spend sort of money, airports are crowded restaurants are crowded. So it doesn't feel like you're going to see this kind of quick snapback. There a couple of comments I read this morning from a couple of different Fed governors out sort of last night, giving kind of their views. But it -- I'm not too sure how many more rate hikes there would be, if any, but it feels like they'll just be higher for longer.

但消費者似乎狀況良好。人們似乎在繼續花錢，機場擁擠，餐館擁擠。所以感覺你不會看到這種快速的反彈。今天早上我讀到了昨晚幾位不同美聯儲理事的評論，表達了他們的觀點。但我不太確定還會加息多少次（如果有的話），但感覺加息的時間會更長。

And our next question comes from Melissa Wedel with JPMorgan.

我們的下一個問題來自摩根大通的 Melissa Wedel。

I was hoping we could go back to your comments earlier on the dividend. You mentioned sort of a $2.95 at a minimum of a dividend payout for the full year of '23. I was hoping you could just remind us what the spillover income level is as of second quarter?

我希望我們能早點回到您對股息的評論。您提到 23 年全年的股息支付至少為 2.95 美元。我希望你能提醒我們截至第二季度的溢出收入水平是多少？

Yes. Melissa, it's Steven. It's sort of between $450 million and $480 million, we published that once a year in the 10-K, and so it's sort of an estimate during the year. So that puts us still north of 2 quarters between 2 and 3 quarters of dividends. So I feel very good about where we are. I think we, in area, have kind of the highest levels in the industry. So it's a nice level for us.

是的。梅麗莎，是史蒂文。大約在 4.5 億美元到 4.8 億美元之間，我們每年在 10-K 中發布一次，所以這是全年的估計。因此，這使我們仍處於第二至三個季度股息之間的兩個季度之上。所以我對我們現在的處境感覺非常好。我認為我們在該領域擁有業內最高水平。所以這對我們來說是一個很好的水平。

Let's remember the dividend buildup is the $0.64 sort of base, the $0.06 sort of supplemental and then the $0.15 that we declared that was the special.

讓我們記住，股息累積是 0.64 美元的基礎股息，0.06 美元的補充股息，然後是我們宣布的特殊股息 0.15 美元。

Yes. I'm wondering, given the level of spillover income and sort of the 2 quarters of coverage that Steven just mentioned, is that something that you intend -- or you expect the Board to revisit around sort of year-end timing for potential specials? -- or I should say...

是的。我想知道，考慮到溢出收入水平和史蒂文剛才提到的兩個季度的覆蓋範圍，這是您打算做的事情嗎？或者您希望董事會在年底左右重新審視潛在的特價商品？ ——或者我應該說……

Sure. Number one, we have not had a conversation with the Board to this date of extending that, we wanted to get further into this year. It's also the fact that we've not had the conversation yet does not clearly preclude us from having that conversation with the Board.

當然。第一，到目前為止，我們還沒有與董事會就延長期限進行對話，我們希望今年能進一步討論。事實上，我們尚未進行對話，但這並不明確阻止我們與董事會進行對話。

So -- we'll have to wait and see how it comes. I would think the bookends of that conversation were to occur would be -- the earliest would be in our November meeting, the latest would probably be in our February meeting of next year. So a little more to come there.

所以——我們必須等待，看看它會如何發生。我認為這次談話的結束將是——最早將在我們 11 月的會議上進行，最晚的可能會在我們明年 2 月的會議上進行。所以還要多一點。

And our next question comes from Bryce Rowe with B. Wiley.

我們的下一個問題來自 Bryce Rowe 和 B. Wiley。

Wanted to maybe start on -- just on the dynamic of lower net balance sheet leverage, both at the BDC and within the JV. Just curious with the JVs debt-to-equity going down, similar dynamic to what you're seeing within the BDC and then maybe a follow-up to that, just kind of thinking about how that might relever back up over what level of time?

希望可以從 BDC 和合資企業內部淨資產負債表槓桿率較低的動態開始。只是對合資企業的債務股本比下降感到好奇，與您在 BDC 中看到的情況類似，然後可能是後續行動，只是想一下這可能會在多長時間內恢復？

Yes. I wouldn't try to tie the 2 together to find sort of a linkage there. I think it's -- I guess, normal course of business, I think it's at 1.09x. I think for both of these, we're within, as I said before, that sort of target range and there'll be some new deals getting sort of funded. There'll be some sort of pay downs.

是的。我不會試圖將兩者聯繫在一起以找到某種聯繫。我認為這是——我想，正常的業務過程，我認為它是 1.09 倍。我認為對於這兩個方面，正如我之前所說，我們都處於目標範圍之內，並且將會有一些新交易獲得資金。會有某種形式的補償。

But I think if we can operate where we're at and continue to generate the net income and the operating sort of ROE there, it's nice to have the dry powder.

但我認為，如果我們能夠在現有的情況下運營並繼續產生淨利潤和運營股本回報率，那麼擁有乾粉就很好了。

That's fair, Dan. And maybe switching gears a little bit. We've seen debt capital markets kind of open back up here recently. You've got quite a bit of time until your '24 maturities, but I'm just curious if you're -- if you're thinking about trying to get active there and how to kind of think about maybe mix of debt capital relative to what it looks like right now, a year to 1.5 years from now?

這很公平，丹。也許會稍微改變一下方式。我們最近看到債務資本市場有所回升。距離 24 歲到期還有相當多的時間，但我只是好奇你是否正在考慮嘗試在那里活躍起來以及如何考慮債務資本的組合相對於現在的情況，一年到 1.5 年後呢？

No, it's been good to see the markets reopen there. Clearly, it's something that we as a team sort of always talked about. I think we've been quite pleased with what we've done with the capital structure over the last handful of years, I mean the revolver north of $4.5 billion that's out to $27 today. You're right, there's no maturities over the next 4 quarters, the '24 maturities, which are $900-odd million or all the second half of the year.

不，很高興看到那裡的市場重新開放。顯然，這是我們作為一個團隊一直在談論的事情。我認為我們對過去幾年在資本結構方面所做的工作感到非常滿意，我的意思是超過 45 億美元的左輪手槍，今天已經達到 27 美元。你是對的，接下來的 4 個季度，即 24 年的到期日，沒有到期日，價值 9 億多萬美元，或者整個下半年。

So I think it puts us in a pretty strong position. Steven mentioned some of the bilateral sort of financings that we did extend I think we've been active in this market. I think we will continue to be active, and we're going to continue to probably keep the mix as you kind of see today from a sort of unsecured and sort of revolver perspective.

所以我認為這使我們處於非常有利的地位。史蒂文提到了我們確實提供的一些雙邊融資，我認為我們在這個市場上一直很活躍。我認為我們將繼續保持活躍，並且我們將繼續保持這種組合，正如您今天從某種無擔保和左輪手槍的角度看到的那樣。

I'm showing no further questions at this time. I would now like to turn the conference back to Dan Pietrzak for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請丹·皮特扎克 (Dan Pietrzak) 致閉幕詞。

Thank you all for your time today and all the great questions. We hope you enjoy the rest of your summer, and we'll speak with you next quarter. Thank you.

感謝大家今天抽出寶貴的時間並提出所有重要問題。我們希望您度過愉快的夏天，我們將在下個季度與您交談。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。