Blue Owl Capital Corp (OBDC) 2023 Q2 法說會逐字稿

Greetings. Welcome to Blue Owl Capital Corporation Second Quarter 2023 Earnings. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎閱讀 Blue Owl Capital Corporation 2023 年第二季度收益。 （操作員說明）請注意，本次會議正在錄製中。

I would now like to turn the conference over to Dana Sclafani, Head of Investor Relations. Thank you. You may begin.

我現在想將會議交給投資者關係主管達納·斯克拉法尼 (Dana Sclafani)。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to Blue Owl Capital Corporation Second Quarter Earnings Call. Joining me this morning are our Chief Executive Officer, Craig Packer; our Chief Financial Officer and Chief Operating Officer, Jonathan Lam; and other members of our senior management team.

謝謝你，接線員。大家早上好，歡迎參加 Blue Owl Capital Corporation 第二季度財報電話會議。今天早上和我一起來的是我們的首席執行官克雷格·帕克 (Craig Packer)；我們的首席財務官兼首席運營官 Jonathan Lam；以及我們高級管理團隊的其他成員。

You'll hear us referring to the company by its new name and ticker, OBDC, throughout today's call, which is part of a broader rebranding after (inaudible) Blue Owl that became effective in July. The Owl Rock business is now known as Blue Owl's Credit Platform and all of our BDCs now reflect the new naming convention, including Blue Owl Capital Corporation.

在今天的電話會議中，您會聽到我們用新名稱和股票代碼 OBDC 來稱呼該公司，這是繼 7 月生效的（聽不清）Blue Owl 之後更廣泛的品牌重塑的一部分。 Owl Rock 業務現在被稱為 Blue Owl 信用平台，我們所有的 BDC 現在都反映了新的命名慣例，包括 Blue Owl Capital Corporation。

I'd like to remind our listeners that remarks made during today's call may contain forward-looking statements, which are not a guarantee of future performance or results, and involve a number of risks and uncertainties that are outside the company's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the OBDC filings with the SEC. The company assumes no obligation to update any forward-looking statements.

我想提醒我們的聽眾，今天電話會議中的言論可能包含前瞻性陳述，這些陳述不是對未來業績或結果的保證，並且涉及一些公司無法控制的風險和不確定性。由於多種因素（包括 OBDC 向 SEC 提交的文件中描述的因素），實際結果可能與前瞻性陳述中的結果存在重大差異。該公司不承擔更新任何前瞻性陳述的義務。

Certain information discussed on this call and in our earnings materials, including information related to portfolio companies, was derived from third-party sources and has not been independently verified. The company makes no such representations or warranties with respect to this information. OBDC's earnings release, 10-Q and supplemental earnings presentation are available on the Investor Relations section of our website at blueowlcapitalcorporation.com.

本次電話會議和我們的收益材料中討論的某些信息（包括與投資組合公司相關的信息）來自第三方來源，未經獨立核實。公司對此信息不作任何此類陳述或保證。 OBDC 的收益發布、10-Q 和補充收益介紹可在我們網站 blueowlcapitalcorporation.com 的投資者關係部分獲取。

With that, I'll turn the call over to Craig.

這樣，我會將電話轉給克雷格。

Thanks, Dana. Good morning, everyone, and thank you all for joining us today.

謝謝，達納。大家早上好，感謝大家今天加入我們。

As Dana mentioned, Blue Owl recently completed a full rebrand as part of its effort to bring together complementary businesses as a market-leading provider of capital solutions. This included renaming the business platform as well as all funds and products, including Owl Rock BDCs. However, importantly, for OBDC's investors, this change has no impact on the investment team, the day-to-day operations or strategy of the company for the broader Blue Owl direct lending business.

正如 Dana 提到的，Blue Owl 最近完成了全面的品牌重塑，作為其努力整合互補業務作為市場領先的資本解決方案提供商的一部分。這包括重新命名業務平台以及所有基金和產品，包括 Owl Rock BDC。然而，重要的是，對於 OBDC 的投資者來說，這一變化不會對投資團隊、日常運營或公司更廣泛的 Blue Owl 直接貸款業務戰略產生影響。

Turning now to our second quarter results. We delivered another quarter of continued NII growth and strong credit performance. Our net investment income increased to $0.48 per share from $0.45 last quarter. This is our second consecutive quarter of record NII and is driven by the earnings power of the portfolio in today's higher rate environment. In addition to higher rates, we also saw a benefit from an increase in onetime fees related to repayment and amendment activity, which, as you'll recall, have been negligible for the last several quarters.

現在轉向我們的第二季度業績。我們的NII 又實現了一個季度的持續增長和強勁的信貸表現。我們的淨投資收益從上季度的每股 0.45 美元增加到每股 0.48 美元。這是我們的 NII 連續第二個季度創紀錄，是由投資組合在當今較高利率環境下的盈利能力推動的。除了較高的利率之外，我們還看到了與還款和修改活動相關的一次性費用增加的好處，正如您所記得的那樣，在過去的幾個季度中，這些費用可以忽略不計。

The growth in NII continues to translate into additional cash distributions for our shareholders. Our Board has approved a supplemental dividend of $0.07 per share for the second quarter. In addition to our previously declared $0.33 regular dividend, resulting in total dividends of $0.40 for the quarter. When factoring in the base and supplemental components, this quarter's total dividend payout represents an approximate 30% increase from our $0.31 quarterly dividend a year ago.

NII 的增長繼續轉化為我們股東的額外現金分配。我們的董事會已批准第二季度每股 0.07 美元的補充股息。除了我們之前宣布的 0.33 美元定期股息外，本季度的股息總額為 0.40 美元。當考慮到基本和補充部分時，本季度的總股息支付比一年前 0.31 美元的季度股息增加了約 30%。

Our annualized ROE on NII for the second quarter increased to 12.6%, up 50 basis points from last quarter. We continue to believe that we will be able to deliver an ROE in excess of 12% for the full year based on our current outlook for rates and credit performance. We view this ROE level as very attractive in today's market, and it represents a significant increase from last year's 9.5% ROE.

第二季度 NII 年化 ROE 增至 12.6%，較上季度上升 50 個基點。我們仍然相信，根據我們目前對利率和信貸表現的展望，我們全年將能夠實現超過 12% 的 ROE。我們認為這一 ROE 水平在當今市場上非常有吸引力，與去年 9.5% 的 ROE 相比有了顯著提高。

Net asset value per share increased to $15.26, up $0.11 from the first quarter, marking the highest NAV per share since our IPO in 2019. This gain was primarily driven by overearning our dividend by $0.09. Net unrealized gains and losses were also modestly positive, partially reflecting an improving market environment and the accretion of our investments towards par. Our nonaccrual rate remains low at just 0.9% of the fair value of the portfolio. We have three names on nonaccrual as of quarter end, having added one small position this quarter.

每股資產淨值增至 15.26 美元，較第一季度增加 0.11 美元，創下自 2019 年 IPO 以來的最高每股資產淨值。這一收益主要是由於我們的股息超額盈利 0.09 美元。未實現淨收益和損失也呈小幅正值，部分反映了市場環境的改善以及我們的投資向平值方向的增長。我們的非應計利率仍然很低，僅為投資組合公允價值的 0.9%。截至季度末，我們有三個非應計項目名稱，本季度增加了一個小頭寸。

As we look at our borrowers' operating performance for the quarter, we continue to see solid results with modest growth in both revenues and EBITDA. Companies have been able to maintain previously executed price increases while also benefiting from lower input costs from supply chain normalization and a continuation of increased consumer demand post COVID.

當我們審視借款人本季度的經營業績時，我們繼續看到穩健的業績，收入和 EBITDA 均小幅增長。公司能夠維持之前執行的價格上漲，同時還受益於供應鏈正常化帶來的投入成本降低以及新冠疫情后消費者需求的持續增長。

This isn't to say that we don't expect to see some pockets of stress at some point, but our borrowers have been proactively preparing for more difficult economic conditions for a while now given the [well-telegraphed] rate increases, and we are well prepared to address concerns as they arise. Every quarter, our underwriting and portfolio management teams look at each of our borrowers and evaluate liquidity and coverage metrics in the context of both the higher rate environment and the company's operating performance.

這並不是說我們預計在某個時候不會出現一些壓力，但考慮到加息，我們的借款人一段時間以來一直在積極為更困難的經濟狀況做準備，而且我們做好充分準備來解決出現的問題。每個季度，我們的承保和投資組合管理團隊都會審視每個借款人，並在較高利率環境和公司經營業績的背景下評估流動性和覆蓋指標。

While the higher-for-longer rate environment has been a negative factor, company credit performance has been a positive one. And net-net, the overall picture remains stable. Consistent with our view in prior quarters, we believe interest coverage ratios will trend toward trough levels of mid 1x, down from 1.9x today. We expect to see this trough in the first half of 2024 and believe that most borrowers will maintain an adequate coverage cushion and strong credit performance through this period.

雖然長期利率較高的環境是一個負面因素，但公司信用表現卻是一個積極因素。而網絡方面，整體情況保持穩定。與我們前幾個季度的觀點一致，我們認為利息保障倍數將從目前的 1.9 倍降至 1 倍中期的低谷水平。我們預計這一低谷將在 2024 年上半年出現，並相信大多數借款人在此期間將保持足夠的覆蓋緩沖和強勁的信貸表現。

That said, as we have discussed before, we expect higher-for-longer rates to impact a small number of our borrowers. This universe remains limited, and we believe we have good visibility into these names. We continue to estimate that this group represents approximately 10% of the portfolio. Now that group, 5% are the most at-risk names. Our portfolio management team and workout professionals, in coordination with the underwriting field teams, are closely monitoring these situations and, as needed, we are in ongoing dialogue with select borrowers on potential solutions.

也就是說，正如我們之前討論過的，我們預計長期較高的利率將影響少數借款人。這個宇宙仍然是有限的，我們相信我們對這些名字有很好的了解。我們繼續估計該群體約佔投資組合的 10%。在這個群體中，5% 是風險最高的名字。我們的投資組合管理團隊和鍛煉專業人員與承保現場團隊協調，正在密切監視這些情況，並根據需要與選定的借款人就潛在的解決方案進行持續對話。

In addition, we will continue to reassess our entire portfolio each quarter to identify any signs of stress as interest rate and economic conditions evolve. We believe any credit challenges will be manageable and will be more than offset by the continued strength of our earnings in this environment.

此外，我們將繼續每個季度重新評估我們的整個投資組合，以識別隨著利率和經濟狀況的變化而出現的任何壓力跡象。我們相信，任何信貸挑戰都將是可控的，並且在這種環境下我們的盈利持續強勁將足以抵消這些挑戰。

Looking back, as we entered this year, there were concerns about how private credit would fare in a higher rate environment, with some speculating that we would see significant increases in credit stress or defaults. Now that we're halfway through the year, this has not yet come to bear. Today, our portfolio is delivering record NII, and credit performance across our borrowers is strong. I want to take a moment to reflect on why the direct lending sector in general, and the Blue Owl Platform in particular, have outperformed some of these expectations so far.

回顧今年，人們擔心私人信貸在較高利率環境下的表現，一些人猜測信貸壓力或違約將大幅增加。現在已經過半了，這一點還沒有實現。如今，我們的投資組合創造了創紀錄的NII，並且借款人的信用表現強勁。我想花點時間思考一下為什麼整個直接貸款行業，特別是 Blue Owl 平台，迄今為止的表現超出了其中一些預期。

First, clearly, the U.S. economy has fared better than expected, led by robust consumer demand and the continued rebound of consumption following COVID. This has benefited companies across most industries. In addition to this economic durability, we believe the strong performance is the result of the unique attributes of direct lending as well as our approach to building a resilient OBDC portfolio.

首先，顯然，在強勁的消費者需求以及新冠疫情后消費持續反彈的帶動下，美國經濟的表現好於預期。這使大多數行業的公司受益。除了這種經濟持久性之外，我們相信強勁的業績是直接貸款的獨特屬性以及我們構建彈性 OBDC 投資組合的方法的結果。

We have always believed that direct lending provides many structural advantages compared to the public markets. As private lenders interacting directly with borrowers, we are able to do more thorough due diligence, have ongoing access to management teams that have the ability to customize documentation and terms to provide optimal downside protection.

我們始終認為，與公開市場相比，直接貸款具有許多結構性優勢。由於私人貸款人與借款人直接互動，我們能夠進行更徹底的盡職調查，持續接觸能夠定製文件和條款以提供最佳下行保護的管理團隊。

Our capital structures are streamlined, typically with only one lender group and only a few lenders in each field. Unlike public market investors, we will often target matching an index. Direct lenders can concentrate on noncyclical sectors and completely avoid more volatile exposures. We don't have to be in every deal. We have the benefit of selectivity, and we can stick to what we like.

我們的資本結構是精簡的，通常只有一個貸方集團，並且每個領域只有幾個貸方。與公開市場投資者不同，我們通常會以匹配指數為目標。直接貸款機構可以專注於非週期性行業，並完全避免波動性更大的風險敞口。我們不必參與每筆交易。我們有選擇性的好處，我們可以堅持自己喜歡的事情。

Further, within the broader direct lending opportunity set, we, at Blue Owl, have deliberately focused on high-quality, upper middle market, sponsor-backed companies, market-leading businesses that have staying power. This is why we haven't had to pivot our strategy in response to changing economic conditions.

此外，在更廣泛的直接貸款機會中，我們 Blue Owl 特意關注高質量、中高端市場、贊助商支持的公司、具有持久力的市場領先企業。這就是為什麼我們不必根據不斷變化的經濟狀況調整我們的戰略。

We have always prioritized credit quality over the marginal return. So today, we see direct lending doing well as an asset class and the OBDC portfolio achieving new earnings records. And this is because we have structured our approach, designed our portfolio to do well even in times like these.

我們始終將信貸質量置於邊際回報之上。因此，今天，我們看到直接貸款作為一種資產類別表現良好，並且 OBDC 投資組合創下了新的盈利記錄。這是因為我們已經構建了我們的方法，設計了我們的投資組合，即使在這樣的時期也能表現良好。

With that, I'll turn it over to Jonathan to provide more detail on our financial results.

這樣，我會將其轉交給喬納森，以提供有關我們財務業績的更多詳細信息。

Thanks, Craig. We ended the quarter with total portfolio investments of $12.9 billion, outstanding debt of $7 billion and total net assets of $5.9 billion. Our second quarter NAV per share was $15.26, an $0.11 increase from our first quarter NAV per share of $15.15, largely attributed to the continued overearning of our dividend. When considering the total dividends paid over the last year, along with the NAV growth of 5.4%, driven largely from portfolio appreciation and excess earnings, this represents a total return of 15.3% over the period.

謝謝，克雷格。截至本季度末，我們的投資組合投資總額為 129 億美元，未償債務為 70 億美元，總淨資產為 59 億美元。我們第二季度每股資產淨值為 15.26 美元，比第一季度每股資產淨值 15.15 美元增加了 0.11 美元，這主要歸功於我們股息的持續超額盈利。考慮到去年支付的總股息以及主要由投資組合升值和超額收益推動的 5.4% 的資產淨值增長，這意味著該期間的總回報率為 15.3%。

Funded activity for our portfolio increased slightly as we saw higher levels of deal activity across the market. OBDC had $183 million of new investment commitments for the quarter. We also received $566 million of repayments and sales in the quarter, reflecting the first signs of a return to more normalized repayment levels.

由於我們看到整個市場的交易活動水平較高，我們投資組合的融資活動略有增加。 OBDC 本季度有 1.83 億美元的新投資承諾。本季度我們還收到了 5.66 億美元的還款和銷售額，這反映出還款水平回歸正常化的初步跡象。

Turning to the income statement. As Craig mentioned, we earned a record $0.48 per share in the second quarter, up from $0.45 per share in the first quarter. The increase was largely driven by higher repayment and onetime fee income. We were pleased to complete our previously announced repurchase target of $75 million through the combined buying power of the company's share repurchase program and the Blue Owl employee investment vehicle.

轉向損益表。正如克雷格提到的，我們第二季度每股收益創紀錄的 0.48 美元，高於第一季度的每股 0.45 美元。這一增長主要是由於還款額和一次性費用收入的增加所致。我們很高興通過公司股票回購計劃和 Blue Owl 員工投資工具的綜合購買力完成了之前宣布的 7500 萬美元的回購目標。

The company repurchased a total of 4.1 million shares at an average price of $12.22 per share, which was accretive to net asset value by approximately $0.03 per share. In the third quarter of 2023, our Board has declared a $0.33 per share regular dividend, which will be paid on or before October 13 to shareholders of record as of September 29. Our Board also declared a supplemental dividend of $0.07 per share for the second quarter of 2023, which will be paid on September 15 to shareholders of record on August 31.

公司以每股12.22美元的平均價格回購了總計410萬股股票，每股資產淨值增加了約0.03美元。在2023 年第三季度，我們的董事會宣布派發每股0.33 美元的定期股息，將於10 月13 日或之前向截至9 月29 日在冊的股東支付。我們的董事會還宣布派發第二季度每股0.07 美元的補充股息。 2023 年季度的股息，將於 9 月 15 日支付給 8 月 31 日登記在冊的股東。

Since we instituted the supplemental dividend in the third quarter of 2022, we have paid out $0.20 of additional dividends per share. This dividend structure provides increased income to our shareholders while also allowing us to build NAV through overearning of our dividend. As a result, we have $0.19 of spillover income through the end of the second quarter.

自我們於 2022 年第三季度實行補充股息以來，我們已支付每股 0.20 美元的額外股息。這種股息結構為我們的股東增加了收入，同時也使我們能夠通過超額賺取股息來建立資產淨值。因此，到第二季度末，我們的溢出收入為 0.19 美元。

OBDC continues to benefit from its flexible balance sheet and well-diversified financing structure. We ended the quarter with net leverage of 1.14x, down slightly from where we ended in the prior quarter and within our target range. We also had liquidity of $1.8 billion, well in excess of our unfunded commitments of approximately $800 million.

OBDC 繼續受益於其靈活的資產負債表和多元化的融資結構。本季度結束時，我們的淨槓桿率為 1.14 倍，比上一季度結束時略有下降，且在我們的目標範圍內。我們還擁有 18 億美元的流動資金，遠遠超出了我們約 8 億美元的無資金承諾。

With that, I will turn it back to Craig for closing comments.

至此，我將把它轉回克雷格以徵求結束意見。

Thanks, Jonathan. To close, I'd like to spend a bit more time on our outlook for the second half of this year and how we expect to deliver for our shareholders.

謝謝，喬納森。最後，我想花更多時間談談我們對今年下半年的展望以及我們期望如何為股東提供服務。

We are seeing an increase in deal activity across the market, and our pipeline of new opportunities has picked up. There has been increased private equity auction activity and refinancing discussions. In addition, we continue to see good demand for add-on financings for our existing borrowers. We like this type of deal flow as we're able to invest in borrowers we already know well and want to continue to support.

我們看到整個市場的交易活動有所增加，我們的新機會也在增加。私募股權拍賣活動和再融資討論有所增加。此外，我們繼續看到現有借款人對附加融資的良好需求。我們喜歡這種類型的交易流程，因為我們能夠投資於我們已經熟悉並希望繼續支持的借款人。

In addition to traditional repayments, we've also seen more refinancing-like amendment activity, where sponsors who have well-performing portfolio companies with upcoming maturities but prefer to delay exiting are engaging us in discussions. In these situations, sponsors are asking us to provide modest additional maturity runway in exchange for attractive commensurate economic increases.

除了傳統的還款之外，我們還看到了更多類似再融資的修改活動，那些擁有表現良好且即將到期的投資組合公司但更願意推遲退出的發起人正在與我們進行討論。在這種情況下，贊助商要求我們提供適度的額外成熟跑道，以換取有吸引力的相應經濟增長。

The public to private takeover activity has slowed from last year's levels, but we still see new opportunities coming in. Often, these are, of course, smaller deal sizes than the mega deals we saw in 2022. Overall, we are pleased with the current opportunity set for new deals and recently committed to 2 very attractive financings that illustrate these favorable conditions.

公共對私人的收購活動較去年的水平有所放緩，但我們仍然看到新的機會出現。當然，這些交易規模通常比我們在2022 年看到的大型交易要小。總體而言，我們對當前的情況感到滿意為新交易提供了機會，最近承諾進行兩項非常有吸引力的融資，這些融資說明了這些有利條件。

Just last week, Blue Owl committed to lead the financing for 2 market-leading businesses, New Relic and Worldwide Clinical Trials. Both of these companies are market leaders with consistent and growing revenue streams in their respective sectors of software and health care, two of our strongest sectors. We're backing premier private equity firms with whom we have worked with multiple times before. We are serving as administrative agent and the largest lender on both of these facilities, which have a combined total of more than $3 billion of first-lien financing.

就在上週，Blue Owl 承諾牽頭為 New Relic 和 Worldwide Clinical Trials 兩大市場領先業務提供融資。這兩家公司都是市場領導者，在各自的軟件和醫療保健領域（我們最強大的兩個領域）擁有持續增長的收入來源。我們支持之前曾多次合作過的一流私募股權公司。我們是這兩項貸款的行政代理人和最大的貸方，這些貸款的第一留置權融資總額超過 30 億美元。

Looking at our pipeline today, economics and terms remain attractive, and leverage and LTV levels remain conservative. With the reopening of public loan markets in recent months, we have seen some pressure on spreads, which were at unusually high levels. However, spreads still remain elevated relative to what we have seen over recent years, and we can still earn 12% all-in on new unitranche investments.

看看我們今天的管道，經濟和條款仍然有吸引力，槓桿和 LTV 水平仍然保守。隨著近幾個月公共貸款市場的重新開放，我們看到利差面臨一些壓力，利差處於異常高的水平。然而，與我們近年來看到的情況相比，利差仍然較高，而且我們仍然可以通過新的單一投資獲得 12% 的總投資收益。

We believe that there is pent-up demand from sponsors and borrowers to resume buying and selling assets and refinancing capital structures. As the outlook for the rate environment and economic conditions stabilize, we expect to see a meaningful increase in deal activity, resulting in new investment opportunities.

我們認為，發起人和借款人有被壓抑的需求來恢復資產買賣和資本結構再融資。隨著利率環境和經濟狀況的前景穩定，我們預計交易活動將大幅增加，從而帶來新的投資機會。

To close, I'd like to thank all of you who joined us for our first Investor Day. We had a tremendous turnout, and we are pleased to have an engaging day that covered our business in significant detail. We hope everyone came away with a better appreciation of our people, our process and our portfolio.

最後，我要感謝所有參加我們第一個投資者日的人。我們的出席人數非常多，我們很高興度過了一個精彩的一天，其中詳細介紹了我們的業務。我們希望每個人在離開時都能更好地欣賞我們的員工、我們的流程和我們的產品組合。

During the event, we shared a road map for the ways we believe we can continue to increase overall ROE. We continue to invest in our specialty financing portfolio companies, which deliver accretive returns across well-diversified underlying portfolios. We expect to see increased portfolio turnover once deal activity resumes, which will provide both an opportunity to reinvest that capital and to generate enhanced fee income.

活動期間，我們分享了一份路線圖，說明我們認為可以繼續提高總體股本回報率的方法。我們繼續投資於我們的專業融資投資組合公司，這些公司通過多元化的基礎投資組合提供增值回報。我們預計，一旦交易活動恢復，投資組合周轉率將會增加，這將提供資本再投資和產生更多費用收入的機會。

Lastly, credit performance is always our top priority and will continue to drive the strength and stability of our returns. For those who were not able to attend, I would encourage you to visit the Investor Day section of our website, which includes a full webcast of the event and presentation materials.

最後，信用表現始終是我們的首要任務，並將繼續推動我們回報的強勁和穩定。對於那些無法參加的人，我鼓勵您訪問我們網站的投資者日部分，其中包括活動的完整網絡廣播和演示材料。

We remain very confident in our portfolio and the resiliency of what we have built, and we believe we are well positioned for what's to come. With that, thank you for your time today. We will now open the line for questions.

我們對我們的產品組合和我們所建立的產品的彈性仍然充滿信心，我們相信我們已經為未來做好了充分的準備。至此，感謝您今天抽出時間。我們現在將開通提問熱線。

(Operator Instructions) Our first question is from Casey Alexander with Compass Point.

（操作員說明）我們的第一個問題來自 Compass Point 的 Casey Alexander。

I've got a few fairly simple ones here. If I read it right, you still have $100 million left on the share repurchase program. Would it be fair to characterize that, from this point forward, it's less programmatic and more discretionary than it has been in the past?

我這裡有一些相當簡單的。如果我沒看錯的話，你的股票回購計劃還剩下 1 億美元。公平地說，從現在開始，與過去相比，它不再那麼有計劃性，而更具自由裁量權？

Casey, yes, I think that's fair. I think that we were pretty clear in previous discussions that we intended to execute on the $50 million company purchase and $25 million employee purchase in the near term, and we've done that. We're very pleased with how the stock has performed. The program is still open, but I think it will be more opportunistic from here, particularly with the nice performance in the stock.

凱西，是的，我認為這是公平的。我認為我們在之前的討論中已經非常明確，我們打算在短期內執行 5000 萬美元的公司收購和 2500 萬美元的員工收購，而且我們已經做到了。我們對該股的表現非常滿意。該計劃仍然開放，但我認為從這裡開始將更加機會主義，特別是考慮到股票的良好表現。

Okay. Secondly, there has been a bit of a year-over-year pickup in PIK income. Can you contour that relative to your comments about working with your portfolio companies?

好的。其次，PIK 收入同比有所回升。您能否根據您對與投資組合公司合作的評論來概括這一點？

Sure. The vast majority, more than 90% of our PIK income is from deals that were structured as PIK from the beginning, not for credit concerns, but for particular reasons specific to a borrower, a company that is growing quickly and would like some flexibility, a loan that we make that for structural reasons. It's more arduous to be serviced in cash pay, and we're asked to make it PIK.

當然。我們PIK 收入的絕大多數（超過90%）來自從一開始就以PIK 結構的交易，不是出於信用問題，而是出於借款人的特定原因，即一家發展迅速且需要一定靈活性的公司，我們出於結構性原因提供的貸款。現金支付的服務比較困難，我們被要求改為PIK。

And that, plus 90% of the situations we feel we're getting really nicely compensated for allowing that flexibility. There's typically a limit to it of 2 or 3 years. And frankly, it's just a good trade and good use of our capital to do so. And so that PIK percentage of the portfolio has grown over the course of the year, as you noted, not because of credit -- growing credit concerns just because we've chosen to do those deals a bit more.

而且，在 90% 的情況下，我們認為我們因允許這種靈活性而獲得了很好的補償。通常有 2 或 3 年的限制。坦率地說，這只是一筆很好的交易，而且很好地利用了我們的資本。因此，正如您所指出的，投資組合中 PIK 的比例在這一年中有所增長，這並不是因為信貸——信貸擔憂的增加只是因為我們選擇多做一些交易。

You'll note this quarter, our PIK income is down, and that's because we got a repayment of our largest single PIK position, which was a great example of everything I just said. Really high-quality loan structured as PIK for particular reasons to the borrower, and they decided on their own to repay a significant amount of that and, therefore, our PIK income went down.

您會注意到，本季度我們的 PIK 收入下降了，這是因為我們最大的單一 PIK 頭寸得到了償還，這是我剛才所說的一個很好的例子。由於借款人的特殊原因，真正高質量的 PIK 貸款結構，他們自己決定償還其中的大部分，因此，我們的 PIK 收入下降了。

Excellent. Last question, and I'm going to ask you to put on sort of a prognosticator's hat here because -- and some of your comments made me think of this question. What is really the optimal level of benchmark rates that carries the combination of maximizing your income, allowing for the best distribution, but also keeping the least amount of stress on your borrowers?

出色的。最後一個問題，我要請你在這裡戴上預言家的帽子，因為——你的一些評論讓我想到了這個問題。真正的最佳基準利率水平是多少，既能實現收入最大化、實現最佳分配，又能將藉款人的壓力降到最低？

Where is that mix? Is it here? Is it 100 bps below here? Like where's sort of the honey hole of benchmark rates where Owl Rock and their borrowers together operate in the most optimal and efficient manner?

那個混合在哪裡？是這裡嗎？這裡是否低於 100 bps？比如，Owl Rock 及其借款人以最優化、最高效的方式共同運作的基準利率蜜穴在哪裡？

I'm trying to wrap my head around a honey hole, but it's a good question. I -- we feel really comfortable with our portfolio even at today's higher rates. You've heard on the call, and I'll reiterate, we have a great degree of confidence that the vast majority of our companies will comfortably be able to support their debt. But clearly, many of these capital structures were put in place before the rate move, and it's pressuring portfolio company cash flows.

我正試圖把我的頭包裹在一個蜜洞裡，但這是一個很好的問題。即使在今天更高的利率下，我們對我們的投資組合也感到非常滿意。你們在電話會議上聽到了，我重申一下，我們非常有信心我們的絕大多數公司將能夠輕鬆地支持其債務。但顯然，許多資本結構是在利率變動之前就已經到位的，這給投資組合公司的現金流帶來了壓力。

From our perspective as a borrower, it's manageable for the companies, and they are managing it. But there's no doubt that if you talk to the CFOs, liquidity is going to be tighter. And they're going to have to work harder to make sure that they're able to not only service their debt but run their business. So I suspect that we're being thoughtful and honest, probably modestly lower rates would be better for the overall system in terms of both their comfort level and us earning suitable returns.

從我們作為藉款人的角度來看，這對公司來說是可以管理的，而且他們正在管理它。但毫無疑問，如果你與首席財務官交談，流動性將會更加緊張。他們將不得不更加努力地工作，以確保他們不僅能夠償還債務，而且能夠經營自己的業務。因此，我懷疑我們是深思熟慮和誠實的，就整個系統的舒適度和我們獲得適當的回報而言，適度降低利率可能會更好。

I mean, we -- we're floating rate investors. I don't -- we benefit from higher rates. Our shareholders benefited from higher rates. You're seeing this now. These higher rates are resulting us paying out more dividends. And so I don't -- I wouldn't want rates to go down much more than we are here because it's great for our clients.

我的意思是，我們是浮動利率投資者。我不認為——我們受益於更高的利率。我們的股東受益於更高的利率。你現在看到這個了。這些較高的利率導致我們支付更多的股息。所以我不——我不希望利率下降得比我們現在的水平低得多，因為這對我們的客戶來說非常好。

So you throw a 100 basis points. I don't think it's more than that. 50 basis -- 50 to 100 would probably be optimal. And by the way, while rates are very elevated now and most observers expect rates to go down, with a debate to 12 months, it's 18 months. So it's really a limited window of time that is -- where it's at its worst. So that is -- I guess that's some thoughts.

所以你拋出 100 個基點。我認為僅此而已。 50 基礎——50 到 100 可能是最佳的。順便說一句，雖然現在利率非常高，而且大多數觀察家預計利率會下降，有爭議的是 12 個月，但實際上是 18 個月。所以這實際上是一個有限的時間窗口——這是最糟糕的情況。所以這就是——我想這是一些想法。

Our next question is 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 credit quality. You probably guessed this was coming. On the tail, I appreciate everything you give us in terms of color on the average. But -- and then 10% under stress, 5% deeper stress. What percentage of the portfolio currently is not covering its interest?

關於信用質量的問題。你可能猜到這會到來。在尾巴上，我很欣賞你給我們提供的平均顏色方面的一切。但是——然後是 10% 的壓力，5% 更深的壓力。目前投資組合中有多少百分比未覆蓋其利息？

But tied to that, what percentage of that were structured that way? To your point, if you structure a PIK loan, it's underwritten on that basis. So what percentage of the portfolio is structured that way versus the percentage that's not covering right now? And do you expect that to evolve over time?

但與此相關的是，其中有多少比例是以這種方式構建的？就您而言，如果您構建 PIK 貸款，它將在此基礎上承保。那麼，以這種方式構建的投資組合的百分比是多少，與目前尚未涵蓋的百分比相比？您預計這種情況會隨著時間的推移而發展嗎？

There are 7 names with interest coverage less than 1 today. That number at sort of peak rates, we think, could be 12. So 7 today, 12 at peak rates. I don't have a dollars number, but my guess is it's probably slightly less on a percentage basis in the portfolio. That's 5%, give or take. 5%, maybe a few basis points higher. So that's the group. It's the same group of companies that we've been referencing.

今天有 7 個名字的利息覆蓋率小於 1。我們認為，按峰值費率計算，這個數字可能是 12 個。所以今天是 7 個，按峰值費率計算是 12 個。我沒有具體的美元數字，但我的猜測是，按投資組合的百分比計算，它可能會略少一些。也就是 5%，無論給予還是接受。 5%，也許高幾個基點。這就是這個團體。這與我們一直引用的公司是同一集團。

Look, this interest coverage statistic is just one statistic. It's -- I think it's a nice shorthand for us to have conversations at a very high level to give you a flavor for relative stress in the portfolio. But obviously, as a lender, we look at much more than just interest coverage statistics. How much liquidity does the company have, what's the trajectory, working capital needs and the like.

看，這個利息覆蓋率統計數據只是其中一項統計數據。我認為這是我們在很高級別上進行對話的一個很好的速記方式，讓您了解投資組合中的相對壓力。但顯然，作為貸款人，我們關注的不僅僅是利息覆蓋率統計數據。公司有多少流動性，發展軌跡如何，營運資金需求等等。

So those names that we're talking about, those are names that will -- we should acknowledge are under -- they're not -- they weren't structured that way. They were -- these are names that are under some stress. That's why they're on our watch list. That's why we're referring to them names of notice. If it was a name that was around 1x coverage but structured that way for very particular reasons, we wouldn't be highlighting it as a name of concern. So this is the universe.

因此，我們正在談論的那些名稱，這些名稱將會——我們應該承認它們不會——它們的結構不是這樣的。他們是——這些名字都面臨著一些壓力。這就是為什麼他們出現在我們的觀察名單上。這就是為什麼我們將它們稱為通知名稱。如果該名稱的覆蓋率約為 1 倍，但出於非常特殊的原因而採用這種結構，我們就不會將其作為值得關注的名稱來強調。所以這就是宇宙。

But the companies are really doing a nice job of working through this. We work with them. We're in dialogue with them constantly and the sponsors constantly. It's not a fast-moving object. Sometimes we can look out. We have projections. We look out 6 months, 9 months. And we proactively work with the companies and the sponsors to address problems well ahead of time.

但這些公司在解決這個問題上確實做得很好。我們與他們合作。我們不斷與他們和讚助商對話。它不是一個快速移動的物體。有時我們可以看看。我們有預測。我們期待 6 個月、9 個月。我們積極與公司和讚助商合作，提前解決問題。

And our confidence on why the universe isn't going to grow stems from the tremendous support from the financial sponsors. Even in situations where the coverage is tight, our average loan to value in our portfolio is less than 45%. And so if you're a financial sponsor, you have a company that's tight on liquidity, but you think -- and they mark their portfolio as well.

我們對宇宙為何不會增長的信心源於金融贊助商的巨大支持。即使在覆蓋範圍很窄的情況下，我們投資組合中的平均貸款價值比也低於 45%。因此，如果你是財務贊助商，你的公司流動性緊張，但你認為 - 他們也會標記他們的投資組合。

If you think you're sitting on an equity investment with substantial value, it's obviously in your own self-interest to put some additional capital in to buy some time to -- particularly if you think rates are going to go down. And that's the behavior we're seeing. And that's why you're not seeing a real pickup in defaults. The sponsors are solving the problem. We work with them. We want them to solve it. But it's a very -- I think a pretty constructive working relationship even in the more stressed names.

如果您認為自己持有的股權投資具有巨大價值，那麼投入一些額外的資本來爭取一些時間顯然符合您自己的利益——特別是如果您認為利率將會下降。這就是我們所看到的行為。這就是為什麼你沒有看到違約率真正上升的原因。贊助商正在解決這個問題。我們與他們合作。我們希望他們解決這個問題。但我認為，即使在壓力更大的情況下，這也是一種非常有建設性的工作關係。

All right. I appreciate all that color. And yes, I definitely lead in the direction of it's not the only thing that matters, but the more fulsome discussion that you gave is very helpful as well. So on to the -- yes, like I can get good color on that as well, but basically, it's like new platforms, refis and add-ons. I mean everything seems to be ramping up right now.

好的。我很欣賞所有這些顏色。是的，我肯定會引導這個方向，這不是唯一重要的事情，但是您給出的更豐富的討論也非常有幫助。那麼，是的，就像我也可以在上面獲得很好的色彩，但基本上，它就像新平台、改裝和附加組件。我的意思是，現在一切似乎都在加速。

Is it -- do you expect the mix, as we go forward, to shift more in that direction of -- obviously, there's a lot of refinancing that has to happen eventually. But is it going to be more new platforms that work with better terms or more add-ons, where the terms may carry some legacy relationship benefits and the terms might not be quite as good as that available on your platform? Any color you can give about how that -- you think that's going to shake out?

隨著我們的前進，您是否期望這種組合會更多地朝這個方向轉變——顯然，最終必須進行大量的再融資。但是，是否會有更多新平台使用更好的條款或更多的附加組件，這些條款可能會帶來一些遺留關係的好處，並且這些條款可能不如您平台上的條款那麼好？你能給出任何關於這一點的顏色嗎——你認為這會發生改變嗎？

I think that there's a lot of pent-up activity in every flavor that you could consider, add-ons, refinancings, just new buyouts, auctions. So I think all of it is pent up. We approach any new investment with the mind of getting market terms at that time. So I don't think an add-on or any kind of refinancing had any relationship benefit to it. We want to get market terms, and the sponsors want to get market terms in both directions. And so there's always discussion back and forth.

我認為你可以考慮的每種類型都有很多被壓抑的活動，附加項目、再融資、新的收購、拍賣。所以我認為這一切都被壓抑了。我們在進行任何新投資時都會考慮到當時的市場條件。因此，我認為附加項目或任何類型的再融資不會對其產生任何關係好處。我們希望獲得市場條款，贊助商希望獲得雙向市場條款。所以總是有來回的討論。

So I wouldn't look at the mix and think, well, 1 mix would result in better term -- new deals will get better terms versus refis. I don't think you could draw that conclusion. Maybe a [snitch] on the margin, but I wouldn't -- that is not how we think about it. When we spend capital, we really want to make sure we're getting compensated for it.

因此，我不會在考慮組合後認為，1 種組合會帶來更好的條款——與再融資相比，新交易將獲得更好的條款。我認為你不能得出這樣的結論。也許是邊緣的[告密者]，但我不會——這不是我們的想法。當我們花費資本時，我們確實希望確保我們得到補償。

I mentioned it in the script, but I'll just underscore it here. We're quite excited about the deal flow environment. It may not show up in third quarter completed deals because it takes a while from when we sign a deal to a closing, but we've just signed up 2 very attractive financings, I mentioned in the script, for New Relic, Worldwide Clinical.

我在腳本中提到過，但我在這裡強調一下。我們對交易流程環境感到非常興奮。它可能不會出現在第三季度完成的交易中，因為從我們簽署協議到完成需要一段時間，但我們剛剛為 New Relic、Worldwide Clinical 簽署了兩項非常有吸引力的融資。

These are brand-new deals, sizable, I mentioned a few minutes ago, $3 billion in financing. We're leading both. We'll take the largest piece in both. And they all have the same -- all the attributes of deals that we like in terms of credit quality and economic terms and covenants and protections. And so I think we're seeing it now, I guess, is what I'm saying.

這些都是全新的交易，規模相當大，我幾分鐘前提到過，融資額達 30 億美元。我們都領先。我們將取兩者中最大的一塊。它們都具有相同的特徵——我們喜歡的交易的信用質量、經濟條款、契約和保護方面的所有屬性。所以我想我們現在已經看到了，我想，這就是我所說的。

So we're seeing the pickup now. It's just going to take a little bit of time for that to result in new investments showing up on balance sheets. I also mentioned there's a bit of spread compression. I mentioned it. I'll re-mention it. Spreads were extremely wide for 9 months to a year because the syndicated markets were shut.

所以我們現在看到了皮卡。只需要一點時間，新的投資就會出現在資產負債表上。我還提到有一點傳播壓縮。我提到過。我再提一下。由於銀團市場關閉，價差在 9 個月到一年的時間裡都非常大。

Spreads have compressed. They're still very attractive and elevated versus where spreads were 18 months ago. So I think it's a pretty reasonable place for borrowers and for investors. But we are earning 12-plus percent on new unitranche for sub-40% loan-to-value first-lien term loans. I think it's extremely attractive, and we're fortunate to be in a position to lead and have the biggest piece of some of these really attractive deals.

利差已經壓縮。與 18 個月前相比，它們仍然非常有吸引力並且利差有所提高。所以我認為這對於借款人和投資者來說都是一個相當合理的地方。但我們在新的單一貸款價值比低於 40% 的第一留置權定期貸款中賺取了 12% 以上的利潤。我認為這非常有吸引力，我們很幸運能夠領導並獲得其中一些真正有吸引力的交易中最大的一塊。

Our next question is from Ryan Lynch with KBW.

我們的下一個問題來自 KBW 的 Ryan Lynch。

Craig, I wanted to follow up on kind of that last comment you just made on spreads. I think you kind of alluded to this, but you said spreads are still fairly wide but are tightening. I think you mentioned something about maybe the syndicated market maybe opening back up and maybe pressuring them. But I'd just love to hear, what is really the driver behind spreads tightening a little bit?

克雷格，我想跟進您剛剛對點差發表的最後評論。我認為你有點提到了這一點，但你說價差仍然相當大，但正在收緊。我想你提到了銀團市場可能會重新開放並對他們施加壓力。但我很想听聽，利差收緊背後的真正驅動因素是什麼？

Because you would think, to the extent that there's more deal activity out there, you might kind of have the opposite thing happening. So I'd just love to hear, is it because of the syndicated market opening up or another reason? If it is because of the syndicated market opening up, what's really the drivers behind that even?

因為你可能會認為，只要交易活動增多，情況可能就會發生相反的情況。所以我很想听聽，是因為銀團市場開放還是其他原因？如果是因為銀團市場開放，那麼背後的真正驅動因素是什麼？

Sure. It's a mix. Look, it's a market. There's a lot of components that go into how we price our capital and how the sponsors make their choices. And so 1 component is the sponsors' alternative financing in the public markets, that was shut for a long time. It's open now. The markets are open. Banks are willing to commit to deals. And so the sponsors will consider what that pricing might look like.

當然。這是一個混合。看，這是一個市場。我們如何為資本定價以及贊助商如何做出選擇涉及很多因素。因此，其中一個組成部分是讚助商在公開市場上的替代融資，該市場已關閉很長時間。現在已經開放了。市場是開放的。銀行願意承諾進行交易。因此贊助商會考慮定價可能是什麼樣的。

The syndicated markets are not well suited for unitranche financing. Syndicated markets offer generally first-lien financing. And if you want additional debt, you can get that in the form of second-lien or high-yield bonds. Generally doesn't have unitranche as a solution, in part because the rating agencies would give it not a great rating and, therefore, the CLO buyers who buy all the syndicated deals wouldn't buy it.

銀團市場不太適合統一融資。銀團市場通常提供第一留置權融資。如果您想要額外的債務，您可以以第二留置權或高收益債券的形式獲得。一般來說，沒有統一的解決方案，部分原因是評級機構不會給予它很好的評級，因此，購買所有銀團交易的 CLO 買家不會購買它。

So it's really -- they're comparing a unitranche from a direct lender versus a combination financing from a bank, which has flex and uncertainty to it. But they'll try to do that math. So when the banks are open, as they are now and they're willing to underwrite, the sponsors will compare. Here's the combination pricing of these 2 pieces, factor in the flex, compared to the certainty that we can provide, and they'll pay us a premium for it. But that premium has to be somewhat related to what their options are.

所以，他們實際上是在比較直接貸款機構的統一貸款與銀行的組合融資，後者俱有靈活性和不確定性。但他們會嘗試做數學計算。因此，當銀行像現在一樣開放並且願意承保時，贊助商就會進行比較。這是這兩個部分的組合定價，考慮到靈活性，與我們可以提供的確定性相比，他們會為此支付我們溢價。但這種溢價必須與他們的選擇有一定的關係。

So that's 1 variable. Another variable is just the general competitive environment for direct lenders. And do folks have capital? Are they willing to commit that capital and on what terms? And so I would say, a year ago, we were not in this camp, but there were some large direct lenders that weren't as flushed with capital, for whatever reason, fundraising, repayments.

所以這是 1 個變量。另一個變量是直接貸款機構的總體競爭環境。人家有資本嗎？他們是否願意投入這筆資金以及以什麼條件投入？所以我想說，一年前，我們並不屬於這個陣營，但有一些大型直接貸款機構無論出於何種原因，在籌款、還款方面都沒有那麼充足的資本。

And so we've seen an increased desire by some direct lenders. Again, we've been pretty consistent the whole time, but we've seen some that were kind of a bit more on their heels, have been coming in more aggressively and willing to push for tighter pricing. So those are some of the factors.

因此，我們看到一些直接貸款人的願望有所增加。再說一遍，我們一直以來都非常一致，但我們看到有些人更加緊隨其後，更加積極地進場，並願意推動更嚴格的定價。這些是其中一些因素。

And so you're seeing some spread compression. Again, we're still getting 600, 625 over on unitranche. That's at least 50 basis points wider than the tights of 12, 18 months ago. So it's just the market. It goes up and down, and I think it's in a really healthy place now.

所以你會看到一些傳播壓縮。再說一次，我們仍然在單位上得到 600、625 的分數。這比 12、18 個月前的寬鬆至少寬了 50 個基點。所以這只是市場。它有起有落，我認為現在處於一個非常健康的位置。

So to your question, well, there's more new deals, why is it going tighter? Well, it's just supply and demand. Yes, there's more new deals, but there's also more capital coming to chase those deals. And over the last -- I would say, over the last couple of months, that's resulted in this spread tightening. But I think it's kind of leveled out at this point. We'll see. It could go wider. It could go tighter.

那麼，對於你的問題，有更多的新交易，為什麼會變得更加緊張？嗯，這只是供給和需求。是的，有更多的新交易，但也有更多的資本來追逐這些交易。在過去的幾個月裡，我想說，這導致了利差收緊。但我認為目前情況已經趨於平穩。我們拭目以待。它可以更廣泛。它可以變得更緊。

We can get focused on these spread numbers. The base rates are extraordinarily high. And the credits, the deals, really attractive. So yes, of course, we'd all prefer to get an extra 25 or 50 basis points. Of course, we'd like that. But I just think, what's exciting, and I mentioned these 2 deals, but they're indicative of the quality of what we're seeing is extremely high. And so I take a lot of comfort in that.

我們可以專注於這些傳播數字。基本費率非常高。而且積分、優惠真的很有吸引力。所以，是的，當然，我們都希望獲得額外的 25 或 50 個基點。當然，我們希望這樣。但我只是想，令人興奮的是，我提到了這兩筆交易，但它們表明我們所看到的質量非常高。所以我對此感到很大安慰。

Yes. That's really, really helpful, kind of fulsome commentary on all the moving pieces. So that's great. The other question I had was just going back to the dividend policy. Obviously, you guys have the supplemental dividend policy. But the core is now -- when the original core was set and then raised, your earnings have moved up substantially. I know the supplemental dividend policy captures some of that.

是的。這真的非常非常有幫助，對所有感人的作品進行了豐富的評論。那太好了。我的另一個問題是回到股息政策。顯然，你們有補充股息政策。但現在的核心是——當原來的核心設定好然後提高之後，你的收入就大幅上升了。我知道補充股息政策體現了其中的一些特點。

But I'm just curious, in the most recent quarter, if you look at the earnings supplemental for next quarter that you guys have projected, you guys have about 120% dividend coverage on kind of total dividends. Is that where you want to be? Or is there any thought to get that total dividend payout a little bit closer to earnings?

但我只是好奇，在最近一個季度，如果你看看你們預測的下個季度的盈利補充，你們的股息覆蓋率約為總股息的 120%。那是你想去的地方嗎？或者是否有任何想法讓總股息支付更接近收益？

I'll comment and then Jonathan can add. Look, I've been really pleased with how the supplemental dividend has worked. When we introduced it, it was new. The recognition of higher rates, we knew we'd be earning more in the portfolio. And you're trying to strike this balance with offering the clear certainty of the stated dividend, plus the predictability of the supplemental.

我會發表評論，然後喬納森可以添加。看，我對補充股息的運作方式非常滿意。當我們推出它時，它是新的。認識到更高的利率，我們知道我們會在投資組合中獲得更多收益。你試圖通過提供明確的股息確定性以及補充股息的可預測性來達到這種平衡。

Again, it's a tricky -- everybody wants certainty, but our underlying assets are floating rate, and they move around. So how do you offer certainty of something that's fundamentally moving around? And we think the supplemental construction is a great way to do that. And we increased our base at the time, I know you recall, from $0.31 to $0.33.

這又是一個棘手的問題——每個人都想要確定性，但我們的基礎資產是浮動利率的，而且它們會四處移動。那麼，如何為根本上正在變化的事物提供確定性呢？我們認為補充建設是實現這一目標的好方法。我知道您還記得，我們當時將基數從 0.31 美元增加到 0.33 美元。

Again, what I think -- it should be clear, but I just want to make sure it's clear. It's a formula that we're committed to every quarter. So our investors, I think, should have a high degree of confidence at these earnings levels, exactly what the supplemental will be. We basically committed to pay out 50% in excess. And then we're building a very nice amount of additional spillover income, which we never had before as a more relatively new public company.

再說一次，我的想法應該是清楚的，但我只是想確保它是清楚的。這是我們每個季度都致力於實現的公式。因此，我認為，我們的投資者應該對這些收益水平、具體的補充金額抱有高度的信心。我們基本上承諾支付超額的 50%。然後，我們正在建立大量額外的溢出收入，這是我們作為一家相對較新的上市公司之前從未有過的。

And so we're -- we think that offers additional comfort to investors. Thinking of the future in the next 2 or 3 years now, we are consistently able to stock away some additional earnings in that spillover income. So I feel like this has worked out really well. Shareholders are benefiting from more money in their pocket. They're also benefiting from increased cushion.

所以我們認為這給投資者帶來了額外的安慰。現在考慮未來兩三年的未來，我們始終能夠在溢出收入中儲存一些額外的收益。所以我覺得這已經非常有效了。股東們正從口袋裡的更多錢中受益。他們還受益於緩衝的增加。

In terms of the guts of your question, given -- every quarter, we're going to look at it, right? But I'd say, it's an uncertain time for the trajectory of rates. It just is. We all know that. And so I think that, in a very short term, we probably would want to see some greater clarity on where rates might go over the next 2 or 3 years before we would look to change.

就你問題的實質而言，每個季度我們都會審視它，對嗎？但我想說，現在是利率軌蹟的不確定時期。確實如此。我們都知道。因此，我認為，在很短的時間內，我們可能希望更清楚地了解未來 2 到 3 年內利率的走向，然後我們才會尋求改變。

So I don't think there's any magic formula percentage, but I do think that the components of the formula are just going to move around a bit here. And so we will watch it. We're very motivated to deliver capital back to our shareholders.

所以我不認為有任何神奇的公式百分比，但我確實認為公式的組成部分只會在這裡稍微移動一下。所以我們會關注它。我們非常有動力向股東返還資本。

We're all shareholders. I'm a shareholder. I like getting dividends. We're going to continue to look for ways for increasing them. But we also know that people value consistency. And so we don't want to lean into something, and then 3 or 6 months later, it creates some unnecessary anxiety about whether it's going to get reduced again. And I think this formula really does a nice job of balancing those two.

我們都是股東。我是股東。我喜歡獲得股息。我們將繼續尋找增加它們的方法。但我們也知道人們重視一致性。所以我們不想依賴某件事，然後 3 或 6 個月後，它會產生一些不必要的焦慮，擔心它是否會再次減少。我認為這個公式確實很好地平衡了這兩者。

Our next question is from Derek Hewett with Bank of America.

我們的下一個問題來自美國銀行的德里克·休伊特 (Derek Hewett)。

Congrats on the good quarter. Craig, could you talk about your outlook for the Wingspire dividends? It looks like the dividend is down about a couple of million dollars to 8 on a quarter-over-quarter basis. But if you look at the scheduled investments, it looks like the BDC actually added to the investment and then there was a modest write-up of the investment during the second quarter.

祝賀季度表現良好。 Craig，您能談談您對 Wingspire 股息的展望嗎？看起來股息環比下降了約幾百萬美元至 8 美元。但如果你看一下預定的投資，就會發現 BDC 實際上增加了投資，然後在第二季度對投資進行了適度的追加。

Sure. Really, as we've talked about multiple times, we created the Wingspire business organically, working with an experienced management team, built out a substantial business there that we're very happy with the performance. They did an acquisition in the equipment finance business. And so we are -- we've continued to add capital to Wingspire. It's a diversified pool of underlying asset-based loans and equipment finance loans. And so we're pleased with the performance. We're going to continue to add capital.

當然。事實上，正如我們多次談論的那樣，我們有機地創建了 Wingspire 業務，與經驗豐富的管理團隊合作，在那裡建立了一項實質性業務，我們對業績非常滿意。他們對設備融資業務進行了收購。因此，我們繼續向 Wingspire 增加資金。它是一個多元化的基礎資產貸款和設備融資貸款池。所以我們對錶現感到滿意。我們將繼續增加資本。

We, at OBDC, through our role on the Wingspire Board, meet regularly with the Wingspire team to determine dividend levels coming out of Wingspire thoughtfully and carefully. And they may go up or down a bit in any given quarter based on what's happening at Wingspire. So it had increased nicely to $10 million in the previous quarter, $8 million in this quarter. I think that's the right neighborhood to think about the dividend levels based on performance.

在 OBDC，我們通過在 Wingspire 董事會中的角色，定期與 Wingspire 團隊會面，深思熟慮、仔細地確定 Wingspire 的股息水平。根據 Wingspire 的情況，它們在任何特定季度可能會略有上升或下降。因此，上一季度的銷售額大幅增長至 1000 萬美元，本季度增長至 800 萬美元。我認為這是根據業績來考慮股息水平的正確做法。

And so we'll -- it's going to be a low double-digit, maybe one day a bit higher than that. Our returner for us. I think that's terrific returns and want to continue to invest capital in it. So any one quarter could be $1 million or $2 in one direction or the other, but I think this is the right range to think about Wingspire dividends.

所以我們會——這將是一個較低的兩位數，也許有一天會比這個高一點。我們的歸來者。我認為這是非常好的回報，並希望繼續向其投資。因此，任何一個季度可能會在一個方向或另一個方向達到 100 萬美元或 2 美元，但我認為這是考慮 Wingspire 股息的正確範圍。

Our next question is 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)。

Yes. It sounds like the third quarter off to a good start on origination activity. Any sense on the net investment in kind of coming periods if you've got more repayments? How do you think that will balance out?

是的。聽起來第三季度的發起活動有了一個良好的開端。如果您有更多還款，那麼未來一段時期的淨投資有什麼意義嗎？您認為這將如何平衡？

Yes. I just want to make sure I'm not giving the wrong impression. I mentioned our deal flow today and these couple of deals that we signed up without speaking to any one specific deal. You shouldn't read that into translating into origination in the third quarter. We're already in the third quarter now. I'm commenting on the deal flow we're seeing now that's getting signed up that might close in the next 6 months, 9 months. It doesn't -- it just doesn't get closed overnight.

是的。我只是想確保我沒有給人留下錯誤的印象。我今天提到了我們的交易流程以及我們簽署的這幾筆交易，但沒有談到任何一項具體交易。你不應該將其解讀為第三季度的起源。我們現在已經進入第三季度了。我正在評論我們現在看到的交易流程，這些交易流程可能會在未來 6 個月、9 個月內完成。它不會——它只是不會在一夜之間關閉。

So in the third quarter, sitting here right now, we had a moderate origination quarter, we had a nice pickup in repayments. I'd say, net-net, just sitting here right now, the third quarter, probably the repayments, we're running a bit behind right now in the third quarter, where we landed in the second quarter.

因此，在第三季度，現在坐在這裡，我們有一個溫和的發起季度，我們的還款有了很好的回升。我想說，淨淨，現在就坐在這裡，第三季度，可能是還款，我們在第三季度有點落後，我們在第二季度著陸。

Now a lot can happen over the next 6 weeks. But I'd say, right now, we're running a bit behind it. In terms of origination, we're probably running on pace, which is a modest quarter. So not going to be a significant pickup in origination, maybe a bit of a decline in repayments, and net-net, a modest growth in the portfolio or slightly up or slightly down.

接下來的 6 周可能會發生很多事情。但我想說，現在我們有點落後了。就起源而言，我們可能正在按節奏前進，這是一個溫和的季度。因此，貸款發放不會大幅增加，還款額可能會略有下降，而淨額淨額，投資組合將略有增長，或略有上升或略有下降。

Yes, yes. Would you venture to say when did the lines cross?

是的是的。您能冒昧地說一下這兩條線是什麼時候交叉的嗎？

Well, Mark, the lines are never going to cross because we're really targeting a leverage target, right? So we've got our 0.9 and 1.25x leverage target. And so we are -- in essence, the repayments are what drive our originations. I mean as a platform, we're quite active. We originated more than $3 billion of deals in the second quarter, more than 2x our first quarter.

好吧，馬克，這條線永遠不會交叉，因為我們真正的目標是槓桿目標，對嗎？因此，我們的槓桿目標是 0.9 倍和 1.25 倍。因此，從本質上講，回報是我們創立的動力。我的意思是，作為一個平台，我們非常活躍。第二季度我們發起了超過 30 億美元的交易，是第一季度的兩倍多。

So as a platform, we're seeing everything, and are ramping funds or investing. But for OBDC, specifically, given that we're living within the leverage targets that we've been very clear on, in any one quarter, we're kind of matching up origination to match repayments. So if we get modest repayments, you should expect to see modest origination.

因此，作為一個平台，我們看到了一切，並且正在增加資金或投資。但具體而言，對於 OBDC 來說，鑑於我們生活在我們非常明確的槓桿目標之內，在任何一個季度，我們都會將起源與還款相匹配。因此，如果我們得到適度的還款，你應該會看到適度的起源。

Now at some point -- I mean, it's not going to be in the third quarter. At some point, I think you're going to see a, dare I say, dramatic pickup in repayments because there's just a lot of pent-up desire for sponsors to exit companies and return capital to their LPs to refinance. There's just -- there's a lot of deals that I think are sort of hovering out there.

現在在某個時刻——我的意思是，這不會是在第三季度。在某些時候，我敢說，你會看到還款大幅增加，因為贊助商有很多被壓抑的願望退出公司並將資本返還給有限合夥人進行再融資。我認為有很多交易懸而未決。

So at some point, it will pick up quite dramatically. So we will be in an environment where there's lots of repayments and lots of origination, but the net-net will probably still be as close to 0 as possible to live within that leverage target. So does that make sense?

所以在某個時候，它會急劇上升。因此，我們將處於一個有大量還款和大量原始資金的環境中，但淨淨值可能仍盡可能接近 0，以實現槓桿目標。那麼這有道理嗎？

It sure does. I'll rephrase. When do the lines meet would be a better way to...

確實如此。我會重新表述一下。線什麼時候相遇將是更好的方式......

They're kind of me. I mean we're -- if you stare at every quarter, you're going to see us -- again, you can't match it up perfectly because repayments happen when they happen. The new deal closes when it happens. You can't match it up perfectly. But we're basically at that point. We've been at that point for the last several quarters, where we are hovering right in that 1.1 to 1.25x leverage.

他們對我很好。我的意思是，如果你盯著每個季度，你就會看到我們——再說一遍，你無法完美地匹配它，因為還款是在發生時發生的。新交易一旦發生即告結束。你不可能完美地匹配它。但我們基本上已經到了那個階段。過去幾個季度我們一直處於這個水平，槓桿率徘徊在 1.1 至 1.25 倍之間。

We think that's the optimal level for us. There's some that run a bit higher than that, which you can have a view of. It will help you with returns. But we care about our bondholders, too, and so we prefer not to be a bit higher than that. I think if you run a bit lower than that, it's going to hurt your returns. And so we prefer -- I think it's just kind of the sweet spot.

我們認為這對我們來說是最佳水平。有一些比這個高一點，你可以看看。它將幫助您獲得回報。但我們也關心我們的債券持有人，因此我們不希望價格高於這一水平。我認為如果你的運行速度比這個低一點，就會損害你的回報。所以我們更喜歡——我認為這只是一種最佳點。

Understood. And then one other question, the increase in fees in the quarter. I think you alluded to amendments and repayments. The balance of those 2 and the impact, which was more significant?

明白了。還有一個問題，本季度費用的增加。我認為你提到了修改和還款。這兩者的平衡和影響，哪個更重要？

Mostly related to repayments or refinancing. Some of it gets characterized on an -- from an accounting perspective as an amendment. But it's not an amendment due to anything happening at the portfolio company, but more -- they're doing a refinancing that qualify as a brand-new financing for GAAP, so it gets treated as amendment [base].

主要與還款或再融資有關。其中一些內容從會計角度來看是一項修正案。但這並不是由於投資組合公司發生的任何事情而進行的修正，而是更多——他們正在進行再融資，符合公認會計原則的全新融資，因此它被視為修正[基礎]。

Yes. I will add in that, although our repayments were higher this quarter, the economics that we earn from amendments and fees was even a bit higher than we would have guessed for the mix. It wound up being a sort of a lucrative amount of fees.

是的。我要補充一點，儘管本季度我們的還款額較高，但我們從修改和費用中賺取的經濟效益甚至比我們對組合的猜測還要高一些。這最終成為一筆利潤豐厚的費用。

So as you think about our third quarter, there's probably a penny or two of extra fees in there that, sitting here right now, we're not seeing it for the third quarter. I mean, again, it's early, but I just -- you shouldn't just sort of straight line it across even if the repayments stay at the same level. Again, we'll see, but there are some exit fees that won't necessarily repeat in there that are helping that number.

因此，當您考慮我們的第三季度時，可能會有一兩便士的額外費用，但現在坐在這裡，我們在第三季度看不到它。我的意思是，再說一遍，現在還早，但我只是——即使還款保持在同一水平，你也不應該直接劃線。同樣，我們會看到，但有一些不一定會重複出現的退出費用有助於這個數字。

Our next question is from Bryce Rowe with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Bryce Rowe。

Maybe wanted to -- just to follow up on the discussion around repayments. Just curious if the quarterly repayments were more kind of normal course or kind of proactivity on your part to get in front of what might be higher origination as we continue to look forward?

也許只是想跟進有關還款的討論。只是好奇，季度還款是否更正常，或者您在我們繼續期待的過程中主動行動，以達到可能更高的起源？

Well, I'm not sure if this is going to answer your question or not. I -- look, we're -- we -- fundamentally, the decision on when we get repaid in a performing credit is a function of what the company is up to and what the sponsor is up to. They're certainly probably a name or two we wouldn't be disappointed if they repaid us, but those tend to be the more challenged situations that have less the ability to do so.

好吧，我不確定這是否能回答你的問題。我——聽著，我們——我們——從根本上來說，我們何時獲得履約信貸償還的決定取決於公司的情況和讚助商的情況。他們當然可能是一兩個名字，如果他們回報我們，我們不會感到失望，但那些往往是更具挑戰性的情況，沒有能力這樣做。

So I think it's just the healthy activity of a well-performing portfolio and sponsors and companies on their own timetable deciding when to refinance or when to grow through acquisition. I mentioned it in the script, but I think one of the interesting things is we've gotten approached a handful of times in this quarter, where the sponsor, in their hope, would have exited the company this past year. They wanted to sell the company.

因此，我認為這只是表現良好的投資組合以及贊助商和公司按照自己的時間表決定何時再融資或何時通過收購實現增長的健康活動。我在劇本中提到過這一點，但我認為有趣的事情之一是我們在本季度接觸過幾次，贊助商希望在去年退出公司。他們想賣掉公司。

But the environment was one where they didn't think it was a wise time to sell the company, but they might have had a maturity in 2 or 3 years. So being prudent, they don't want to wait too long to address the maturity, but they're not quite ready to sell. And so they'll engage us in a discussion where they say, "Look, we'd like another year of runway so that there's no gun to our head, and we're willing to pay for it." And if it's a well-performing business, we're happy to engage in those discussions. It's very constructive.

但當時的環境讓他們認為現在不是出售公司的明智時機，但他們可能在兩三年後就成熟了。因此，出於謹慎的考慮，他們不想等待太長時間來解決到期問題，但他們還沒有準備好出售。因此，他們會與我們進行討論，他們會說：“聽著，我們希望再有一年的跑道，這樣就不會有人用槍指著我們的頭，而且我們願意為此付出代價。”如果這是一家業績良好的企業，我們很樂意參與這些討論。這是非常有建設性的。

Again, we've been in the credit. We know it well. We're not changing our exposure, and we'll have a fulsome review of the terms and the covenants and basically price in what we think is attractive to us to give them another year or 2, which is typically can include giving us a fee, increasing the spread, adding call protection, tightening of covenant basket. Those are the menu of things that we look at.

再說一次，我們已經獲得了信用。我們很清楚這一點。我們不會改變我們的風險敞口，我們將對條款和契約進行全面審查，並基本上以我們認為對我們有吸引力的價格給他們再給他們一兩年的時間，這通常可以包括給我們一筆費用，增加點差，增加看漲期權保護，收緊契約籃子。這些是我們查看的內容的菜單。

And the private equity firms really like that because this is one of the great attributes of direct lending. They can call us up, have one conversation. We can turn that around in a couple of weeks, and they can be done in the syndicated markets. It's just not possible. It's not possible to get it done. And even if you could get it done, it could take months and months.

私募股權公司真的很喜歡這一點，因為這是直接貸款的一大特點。他們可以給我們打電話，聊一聊。我們可以在幾週內扭轉這一局面，並且可以在聯合市場上完成。這是不可能的。這是不可能完成的。即使你能完成它，也可能需要數月的時間。

And so this is something that we do well, and I think it builds a lot of connectivity and loyalty with the private equity firms when they see that user friendliness of the private credit solution. And we like it because we get to keep a loan to a company we already have, that we like and with better economics and which is likely to exit in the next year or 2.

所以這是我們做得很好的事情，我認為當私募股權公司看到私人信貸解決方案的用戶友好性時，他們與私募股權公司建立了很多聯繫和忠誠度。我們喜歡它，因為我們可以向我們已經擁有的、我們喜歡的、經濟狀況更好的公司保留貸款，而這家公司可能會在未來一兩年退出。

And so that type of activity happened in the second quarter, and I think you'll see more of that. At some point, you're just going to see deal activity resume and they'll exit. But in the meantime, this is one of the ways that we're working with private equity firms to have a win-win.

因此，這種類型的活動發生在第二季度，我想你會看到更多這樣的活動。在某些時候，你會看到交易活動恢復，然後他們就會退出。但與此同時，這是我們與私募股權公司合作實現雙贏的方式之一。

And Craig, is that a process? Or is that more a dialogue or part of the ongoing dialogue? Or is it, again, using that word proactivity, are you being proactive to get in front of those maturities? Or is it the private equity firm that's trying to be proactive to get in front of it? Just kind of curious how the conversation...

克雷格，這是一個過程嗎？或者這更像是一次對話或正在進行的對話的一部分？或者，再次使用“主動性”這個詞，您是否正在積極主動地趕在這些成熟之前？或者是私募股權公司試圖主動出擊？只是有點好奇對話是怎樣的……

Yes. We saw -- we -- our team talks to the sponsors all the time. All the time, I mean weekly. And we're talking about -- we're certainly covering every company quarterly, and we're talking to the CFOs. We're their bank. We're the revolving credit provider. They give us reporting. Nothing is sneaking up on us. Nothing is sneaking up on them. It's a fluid ongoing dialogue.

是的。我們看到——我們——我們的團隊一直在與讚助商交談。一直，我的意思是每週。我們正在談論——我們當然會每季度報導每家公司，並且我們正在與首席財務官交談。我們是他們的銀行。我們是循環信貸提供商。他們給我們報告。沒有什麼可以偷襲我們。沒有什麼可以偷偷地接近他們。這是一個流暢的持續對話。

We -- part of our job is to make sure they know what options they have available and what we can support. Part of their job is to talk to their lenders and ask [whatever] the possible is. There are times we have these discussions. We could spend 6 weeks going back and forth, and they decide to wait.

我們的部分工作是確保他們知道他們有哪些選擇以及我們可以支持什麼。他們的部分工作是與貸方交談並詢問[任何]可能的情況。有時我們會進行這些討論。我們可以花 6 週的時間來來回回，但他們決定等待。

This is a constant level of dialogue that -- it's not one or the other. It's just constant back and forth in a tight partnerships that we have with our companies. Not to digress too much, but we had our second annual CFO conference just a couple of months ago. We did our Investor Day, which was terrific. We did a whole separate event just for the CFOs of our companies and brought them to New York. We had 50 CFOs, who spent the day with us. We had some really good content. We are close to our companies. We don't wait for problems. They don't want to have problems. We're in constant dialogue with them.

這是一種持續不斷的對話——不是非此即彼。我們與公司之間的緊密合作關係就是不斷地來來回回。不要離題太多，幾個月前我們剛剛召開了第二屆首席財務官年度會議。我們舉辦了投資者日，非常棒。我們專門為我們公司的首席財務官舉辦了一場單獨的活動，並將他們帶到了紐約。我們有 50 名首席財務官，他們和我們一起度過了一天。我們有一些非常好的內容。我們離我們的公司很近。我們不會等待出現問題。他們不想出現問題。我們一直在與他們對話。

Got it. Maybe one more for me. You've got plenty of availability on the revolving line of debt. Capital markets have kind of opened back up to a higher extent here recently. Just curious how you're thinking about the April 24 unsecured note maturity at this point?

知道了。也許再給我一份。您在循環債務額度上有足夠的可用空間。最近資本市場的開放程度有所提高。只是好奇您現在如何看待 4 月 24 日的無擔保票據到期日？

Yes. I mean, look, we've got -- as I think I mentioned in the script, we've got a significant amount of liquidity in excess of our unfunded commitments. And so the way that we're looking at that maturity is we want to be opportunistic about it. We think we have options elsewhere on our platform.

是的。我的意思是，你看，我們已經——正如我在劇本中提到的那樣，我們擁有大量的流動性，超過了我們沒有資金支持的承諾。因此，我們看待這種成熟的方式是我們希望對此持機會主義態度。我們認為我們平台上的其他地方還有選擇。

We've been successful in issuing unsecured. We can go do that here, or we can take it out with the revolver because we've got plenty of capacity. So we have that optionality. And so we're not in any rush to make any decisions with respect to it. We'll see what makes most sense from an economic perspective in the market as we get closer.

我們已經成功發行了無擔保債券。我們可以在這裡做，或者我們可以用左輪手槍把它拿出來，因為我們有足夠的容量。所以我們有這種選擇權。因此，我們並不急於就此做出任何決定。隨著時間的推移，我們將看到從市場經濟角度來看什麼是最有意義的。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Craig Packer for closing comments.

我們的問答環節已經結束。我想將會議轉回給克雷格·帕克（Craig Packer）徵求結束意見。

Well, thank you all. Some great questions today. We're really pleased with the results and encouraged by the stock movement and excited to keep delivering strong results for the back half of the year. So hope everyone enjoys their day, and thanks for spending some time with us.

嗯，謝謝大家。今天有一些很好的問題。我們對結果感到非常滿意，並受到股票走勢的鼓舞，並很高興能夠在今年下半年繼續取得強勁的業績。希望每個人都度過愉快的一天，並感謝您與我們共度時光。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。