Blue Owl Capital Corp (OBDC) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to Blue Owl Capital Corporation's first-quarter 2024 earnings call.

大家早安，歡迎參加 Blue Owl Capital Corporation 的 2024 年第一季財報電話會議。

I'd like to remind 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.

我想提醒聽眾，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，並且涉及許多公司無法控制的風險和不確定性。

Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described in OBDC’s filings with the SEC.

由於多種因素（包括 OBDC 向 SEC 提交的文件中所述的因素），實際結果可能與前瞻性聲明中的結果有重大差異。

The company assumes no obligation to update any forward-looking statements.

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 the company's earnings materials, including information related to portfolio companies was derived from third party sources, and has not been independently verified.

本次電話會議和公司收益資料中討論的某些資訊（包括與投資組合公司相關的資訊）來自第三方來源，未經獨立核實。

The company makes no such representations or warranties with respect to this information.

本公司對此資訊不作任何此類陳述或保證。

Yesterday, Blue Owl Capital Corporation issued its earnings release and posted an earnings presentation for the first quarter ended March 31, 2024.

昨天，Blue Owl Capital Corporation 發布了財報，並公佈了截至 2024 年 3 月 31 日的第一季財報。

These should be reviewed in conjunction with the company's 10-Q filed yesterday with the SEC.

這些應與公司昨天向 SEC 提交的 10-Q 一起進行審查。

The earnings press release, earnings presentation, and 10-Q are available on the investor section of the company's website, at blueowlcapitalcorporation.com. With that, I'll turn the call over to Craig Packer, Chief Executive Officer of OBDC.

收益新聞稿、收益演示和 10-Q 可在公司網站 blueowlcapitalcorporation.com 的投資者部分取得。接下來，我會將電話轉給 OBDC 執行長 Craig Packer。

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

大家早安，感謝大家今天加入我們。

We are pleased to report another quarter of strong earnings, delivering attractive returns to our shareholders, while maintaining our consistently high credit quality across the portfolio.

我們很高興地報告又一個季度的強勁盈利，為我們的股東帶來了有吸引力的回報，同時在整個投資組合中保持了一貫的高信用質量。

Net investment income was $0.47 per share for the quarter, equating to a 12.1% return on equity.

本季每股淨投資收益為 0.47 美元，相當於 12.1% 的股本回報率。

The strength of our earnings and continued credit performance drove another quarter of record net asset value per share at $15.47 for the first quarter.

我們強勁的獲利和持續的信貸表現推動第一季每股淨值再創新高，達到 15.47 美元。

We once again delivered a compelling ROE, while also growing the book value of our portfolio.

我們再次實現了令人矚目的淨資產收益率，同時也增加了我們投資組合的帳面價值。

Since we spoke to you last quarter, the interest-rate outlook has shifted considerably.

自從我們上個季度與您交談以來，利率前景發生了很大變化。

The market is now expecting rates to continue to stay elevated with limited to no fed cuts over the course of the year.

市場目前預計利率將繼續維持在高位，而聯準會年內降息有限或不會降息。

At the same time, the US economy has remained solid.

同時，美國經濟依然穩健。

We believe, overall, this presents a good environment for direct lenders, particularly those like Blue Owl with a long-term track record of credit selection.

我們認為，總體而言，這為直接貸款人提供了良好的環境，特別是像 Blue Owl 這樣擁有長期信貸選擇記錄的貸款人。

Given our focus on floating rate investments, our earnings benefit from a prolonged higher rate environment.

鑑於我們專注於浮動利率投資，我們的收益受益於長期較高的利率環境。

At the same time, the performance of our portfolio reflects both the strength of the economy and our high underwriting standards, and therefore, our credit performance has been resilient.

同時，我們投資組合的表現既反映了經濟的實力，也反映了我們的高承保標準，因此，我們的信貸表現一直具有彈性。

Since inception, we have worked hard to ensure that we deliver attractive returns to our shareholders across all rate environments.

自成立以來，我們一直努力確保在所有利率環境下為股東提供有吸引力的回報。

This has allowed us to pay a stable or growing regular dividend in each quarter since our IPO 2019.

這使我們能夠自 2019 年 IPO 以來每季支付穩定或不斷增長的定期股息。

For the first quarter, we paid a $0.37 regular dividend, reflecting the $0.02 increase that our board approved last quarter.

第一季度，我們支付了 0.37 美元的定期股息，反映了董事會上季度批准的 0.02 美元的成長。

Even at this higher level, our regular dividend is well covered as we over earned the dividend by $0.10 this quarter.

即使在這個較高的水平，我們的定期股息也得到了很好的支付，因為本季度我們超額賺取了 0.10 美元的股息。

In addition, our board has declared a supplemental dividend of $0.05 for the quarter for a total dividend of $0.42, which equates to a nearly 11% dividend yield.

此外，我們的董事會也宣布本季追加股息 0.05 美元，總股息為 0.42 美元，相當於近 11% 的股息殖利率。

We believe our increased regular dividend combined with our supplemental dividend framework benefits our shareholders by providing an attractive baseline dividend yield with additional predictable income as we over earn the level in the higher rate environment.

我們相信，我們增加的定期股息與我們的補充股息框架相結合，透過提供有吸引力的基準股息收益率和額外的可預測收入，使我們的股東受益，因為我們在較高利率環境下超額賺取了水平。

Looking to our portfolio companies, on average, we continue to see steady top and bottom line growth on both a quarter-over-quarter and year-over-year basis.

就我們的投資組合公司而言，平均而言，我們繼續看到季度環比和同比的營收和利潤穩定增長。

Our borrowers were well positioned coming into this year, having successfully navigated a full year with higher interest rates by growing revenues and profitability, adjusting cost structures, and managing cash flow and working capital where needed.

我們的借款人在進入今年時處於有利地位，透過增加收入和盈利能力、調整成本結構以及在需要時管理現金流和營運資金，成功地度過了利率較高的全年。

We believe our companies are faring well by design as we have intentionally invested in large, high quality businesses and recession resistant sectors, often backed by operationally sophisticated private equity sponsors who have large equity investments in these businesses.

我們相信，我們的公司在設計上表現良好，因為我們有意識地投資於大型、高品質企業和抗衰退行業，通常得到了營運經驗豐富的私募股權發起人的支持，他們對這些企業進行了大量股權投資。

Our portfolio has a weighted average EBITDA in excess of $180 million, and an average loan to value ratio of less than 45%.

我們的投資組合的加權平均 EBITDA 超過 1.8 億美元，平均貸款價值比低於 45%。

Across the portfolio, our average interest coverage ratio is currently 1.6 times.

在整個投資組合中，我們的平均利息保障倍數目前為 1.6 倍。

Over the last few quarters, we have expected coverage to trough at around 1.5 to 1.6 times, which is about where we are now.

在過去的幾個季度中，我們預計覆蓋率將降至 1.5 至 1.6 倍左右，這與我們現在的水平差不多。

Borrowers have been paying SOFR rates of 5% to 5.25% for more than four quarters.

四個多季度以來，借款人一直支付 5% 至 5.25% 的 SOFR 利率。

If SOFR rates remained in this range over the course of the year as the market currently expects, then we are currently at trough coverage levels and should remain here.

如果 SOFR 率在這一年中如市場目前預期的那樣保持在這個範圍內，那麼我們目前處於低谷覆蓋水平，並且應該保持在這個水平。

Despite the higher rates, we haven't seen any pickup in stress across the across the portfolio.

儘管利率較高，但我們並沒有看到整個投資組合的壓力有任何上升。

We continue to have a small number of borrowers who are on our watch list, but this subset has remained relatively static over the last few quarters.

我們的觀察名單上仍然有少數借款人，但在過去幾個季度中，這群人保持相對穩定。

While companies with more constrained liquidity will likely face heightened pressure in coming quarters, we believe we have the resources in place across both our team and the financial sponsors supporting these companies to appropriately manage these situations.

雖然流動性較為緊張的公司在未來幾季可能會面臨更大的壓力，但我們相信，我們的團隊和財務贊助商都擁有適當的資源，支持這些公司妥善管理這些情況。

We believe our recovery focused underwriting, paired with our leadership position on our investments will allow us to optimize our outcomes.

我們相信，我們以復甦為重點的承保，加上我們在投資方面的領導地位，將使我們能夠優化我們的成果。

We serve as the administrative agent or lead lender on the majority of our loans, affording us advantageous access to diligence during the underwriting process, influencing and negotiating the credit documentations, and control over any amendment or workout situation.

我們作為大部分貸款的行政代理人或主要貸款人，使我們能夠在核保過程中進行盡職調查，影響和談判信用文件，並控制任何修改或解決情況。

This is further evidenced in our non-accrual rate, which remains low at 1.8% of debt investments at fair value across five investments.

我們的非應計利率進一步證明了這一點，五項投資中以公允價值計算的債務投資的非應計利率仍然很低，為 1.8%。

Overall, our borrowers are growing revenue and EBITDA.

總體而言，我們的借款人的收入和 EBITDA 正在成長。

The number of challenges positions is small, and our credit performance remains strong.

挑戰職位數量很少，我們的信用表現仍然強勁。

These achievements reflect our continued focus on credit selection and proactive portfolio management, which remains unwavering even as economic conditions shift.

這些成就反映了我們對信貸選擇和主動投資組合管理的持續關注，即使經濟狀況發生變化，這一點也依然堅定不移。

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表現的更多詳細資訊。

Thanks, Craig.

謝謝，克雷格。

We ended the quarter with total portfolio investments of $12.4 billion, outstanding debt of $7 billion, and total net assets of $6 billion.

截至本季末，我們的投資組合投資總額為 124 億美元，未償債務為 70 億美元，總淨資產為 60 億美元。

Our first quarter NAV per share was $15.47, another record, and a $0.02 increase from the fourth quarter, attributable to the continued overearning of our dividend.

第一季每股資產淨值為 15.47 美元，再創歷史新高，較第四季增加 0.02 美元，這得益於我們股息的持續超額獲利。

In terms of deployment, we continued to see more normalized repayment levels at $1.2 billion.

在部署方面，我們繼續看到更正常的還款水準為 12 億美元。

While these repayments were matched by a comparable level of new originations, new fundings were only approximately $1 billion in the quarter.

雖然這些還款與同等級的新融資相匹配，但本季的新融資金額僅為約 10 億美元。

Given this gap in net funded activity, we saw a small decrease in leverage again this quarter, ending the quarter at 1.04 times, down from 1.09 times.

鑑於淨資金活動的這種差距，我們看到本季槓桿率再次小幅下降，季度結束時為 1.04 倍，低於 1.09 倍。

Turning to the income statement.

轉向損益表。

As Craig mentioned, we earned NII of $0.47 per share, an increase of 4% versus the prior year and one of our highest quarters since inception.

正如 Craig 所提到的，我們每股 NII 收益為 0.47 美元，比上年增長 4%，是我們自成立以來最高的季度之一。

NII was down $0.04 per share from the prior quarter, primarily reflecting our lower average leverage and the impact from portfolio mix shift as we saw a large amount of second-lien investments repay with capital redeployed into first-lien investments.

NII 比上一季每股下降0.04 美元，主要反映了我們較低的平均槓桿率以及投資組合組合轉變的影響，因為我們看到大量第二留置權投資透過將資本重新部署到第一留置權投資來償還。

In addition, we saw a modest impact from a non-recurring item in interest expense.

此外，我們也看到非經常性項目對利息支出的影響不大。

Turning to our dividend, the Board declared a supplemental dividend of $0.05 per share for the first quarter, which will be paid on June 14 to shareholders of record on May 31.

至於我們的股息，董事會宣布第一季補充股息為每股 0.05 美元，並將於 6 月 14 日向 5 月 31 日登記在冊的股東支付。

The board also declared a second quarter regular dividend of $0.37, which will be paid on July 15 to shareholders of record as of June 28.

董事會也宣布第二季定期股利為 0.37 美元，將於 7 月 15 日向截至 6 月 28 日在冊的股東支付。

We continue to accumulate spillover income because of over earning of our dividend.

由於超額賺取股息，我們繼續累積溢出收入。

We estimate our spillover income is currently approximately $0.30 per share, which is a strong advantage that provides stability to our regular dividend.

我們估計目前我們的溢出收入約為每股 0.30 美元，這是一個強大的優勢，可以為我們的定期股息提供穩定性。

OBDC continues to benefit from its flexible balance sheet and well diversified financing structure.

OBDC 繼續受益於其靈活的資產負債表和多元化的融資結構。

We ended the quarter with liquidity of $2.4 billion, well in excess of our unfunded commitments of approximately $1.1 billion.

本季結束時，我們的流動資金為 24 億美元，遠遠超出了我們約 11 億美元的無資金承諾。

As a reminder, in January, we opportunistically raised $600 million in new five-year unsecured notes, which were subsequently swapped to floating rate.

提醒一下，一月份，我們機會主義地籌集了 6 億美元的新五年期無擔保票據，隨後將其轉換為浮動利率。

A portion of the proceeds were used to repay our $400 million unsecured notes that were set to mature in April 2024.

部分收益用於償還定於 2024 年 4 月到期的 4 億美元無擔保票據。

The remaining proceeds were used to pay down a portion of our secured debt.

剩餘的收益用於償還我們的部分擔保債務。

Since our last earnings call, we saw further differentiation from the rating agencies and the BDC sector towards recognizing the highest quality issuers.

自從上次財報電話會議以來，我們看到評級機構和 BDC 行業在認可最高品質發行人方面進一步分化。

In the first quarter, Moody's revised OBDC’s outlook to positive from stable and Fitch upgraded OBDC to BBB flat with a stable outlook.

第一季度，穆迪將 OBDC 的前景從穩定調整為正面，惠譽將 OBDC 的評級上調至 BBB 級，前景穩定。

We hope this trend of differentiation by the various agencies will continue in the near future.

我們希望各機構的這種分化趨勢在不久的將來能夠持續下去。

With that, I'll 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.

謝謝，喬納森。

To close, I'll spend a few minutes on the current market environment and what we're seeing today.

最後，我將花幾分鐘時間介紹當前的市場環境以及我們今天所看到的情況。

In terms of activity, the first quarter was lighter overall than what the market was generally expecting.

就活動而言，第一季整體低於市場普遍預期。

While we continue to believe there is substantial pent up desire for private equity firms for return capital to LPs by exiting companies and that increased clarity on the rate environment could drive more M&A activity, we have not yet seen this materialize.

儘管我們仍然認為，私募股權公司對透過退出公司向有限合夥人返還資本的強烈渴望以及利率環境的日益明確可能會推動更多的併購活動，但我們尚未看到這種情況成為現實。

The public loan markets were significantly more active than they were in 2023, with the vast majority of this activity being repricing or refinancing transactions, which do not generate new loan supply.

公共貸款市場比 2023 年明顯更活躍，其中絕大多數活動是重新定價或再融資交易，不會產生新的貸款供應。

Many borrowers were able to take advantage of the supply demand imbalance to access the public market and refinance higher spread loans.

許多藉款人能夠利用供需失衡進入公開市場並為更高利差的貸款進行再融資。

This represented a shift in the market dynamic compared to last year, when we saw a sizable number of previously public capital structures refinanced in the direct lending market.

與去年相比，這代表了市場動態的轉變，當時我們看到大量以前的公共資本結構在直接貸款市場上進行了再融資。

We believe this is in line with the natural market dynamics in which the public and private market coexist.

我們認為這符合公共市場和私人市場共存的自然市場動態。

We expect that at times, the public market will pull back, and we'll see private credit step up to serve as the primary capital provider.

我們預計，公開市場有時會回調，我們會看到私人信貸逐漸成為主要資本提供者。

And at other times, public markets will be more active and activity will be balanced between the two markets, which is what we're experiencing now.

而在其他時候，公開市場將會更加活躍，兩個市場之間的活動將會平衡，這就是我們現在正在經歷的情況。

At the same time, we've also seen increased fundraising in the private credit markets.

同時，我們也看到私人信貸市場的募款活動增加。

As a result of these trends, we have seen some pressure on loan spreads this year.

由於這些趨勢，我們今年看到貸款利差面臨一些壓力。

Some of this was evident in our portfolio, where certain higher spread positions were paid down or refinanced with lower pricing, while new originations came into the portfolio at lower, although still attractive levels.

其中一些在我們的投資組合中很明顯，其中某些較高利差頭寸以較低的價格被償還或再融資，而新的產品以較低的價格進入投資組合，儘管仍然具有吸引力。

Having said that, given where base rates are, we are still earning over 11% in total yield across the portfolio, which we believe remains a very compelling rate of return for a portfolio comprised of predominantly first-lien loans and high quality, upper middle market companies.

話雖如此，考慮到基本利率，我們整個投資組合的總收益率仍超過11%，我們相信，對於主要由第一留置權貸款和高品質、中上等貸款組成的投資組合來說，這仍然是一個非常引人注目的回報率。

While there has been increased activity in the public-loan market, the secular trend towards direct lending continues as sponsors increasingly recognize the benefits of private financing solutions.

儘管公共貸款市場的活動增加，但隨著贊助商越來越認識到私人融資解決方案的好處，直接貸款的長期趨勢仍在繼續。

A pickup and M&A activity should drive more deal activity in both the public and private markets and improve the spread environment.

回升和併購活動應會推動公共和私人市場的更多交易活動，並改善利差環境。

One notable theme this quarter, was the refinancing of many of our second lien loans with roughly 40% of our existing second-lien positions repaid this quarter.

本季一個值得注意的主題是我們許多第二留置權貸款的再融資，本季償還了我們現有第二留置權部位的約 40%。

I wanted to take a minute to reflect on our approach to second-lien investing, which has been consistent since inception.

我想花一點時間反思我們的第二留置權投資方法，該方法自成立以來一直保持一致。

We've always had a very high bar for our second lien investments, focusing on businesses with scale and very strong credit metrics.

我們對第二留置權投資一直有很高的門檻，專注於具有規模和非常強大的信用指標的企業。

The average enterprise value of our second-lien borrowers is roughly double that of our first-lien positions.

我們的第二留置權借款人的平均企業價值約為我們第一留置權借款人的兩倍。

These borrowers typically have performed very well.

這些借款人通常表現良好。

Looking at the second lien investments which were refinanced this quarter, on average, EBITDA grew by approximately 50%, and these companies de-leveraged by roughly 1.5 turns during the period that we held the loans.

看看本季再融資的第二留置權投資，平均而言，EBITDA 成長了約 50%，這些公司在我們持有貸款期間去槓桿化了約 1.5 倍。

So the credit profile of these investments improved significantly, and it was natural that they would look to recapitalize.

因此，這些投資的信用狀況顯著改善，他們自然會尋求資本重組。

Across these names, we realized more than 1.3 times our money on average, a strong track record that reflects our team's highly selective approach and deep underwriting capabilities.

在這些名稱中，我們平均實現了超過 1.3 倍的資金，這一良好的記錄反映了我們團隊高度選擇性的方法和深厚的承保能力。

Finally, I'd like to take a moment to note that we are approaching the one year anniversary of our first BDC investor day, which we hosted in May of 2023 and which many of you participated in.

最後，我想花一點時間指出，我們即將迎來首屆 BDC 投資者日一周年紀念日，我們於 2023 年 5 月主辦了該日，很多人都參加了該日。

I'd like to look back on the progress that we have made since then.

我想回顧一下我們自那時以來所取得的進展。

Last May, we outlined the potential for upside to our share price, which was then trading at 0.87 times book value.

去年 5 月，我們概述了股價上漲的潛力，當時股價的本益比是 0.87 倍。

We believe we could achieve a higher valuation for our shareholders by continuing to share in more detail, our story with the market, including how we approach underwriting, portfolio construction, and portfolio management as well as the emphasis we place on a flexible liability structure, all of which allow us to maintain our track record of excellent credit quality.

我們相信，透過繼續更詳細地分享我們與市場的故事，包括我們如何進行承銷、投資組合建構和投資組合管理以及我​​們對靈活負債結構的重視，我們可以為股東實現更高的估值，所有這些使我們能夠保持良好的信用品質記錄。

This is on the back of multiple, tangible initiatives to demonstrate our confidence in our portfolio, including increasing our regular dividend, putting in place our supplemental dividend framework, announcing a new, $150 million repurchase program, and creating an employee backed investment vehicle to purchase additional shares of OBDC.

這是基於多項實際措施來證明我們對我們的投資組合的信心，包括增加我們的定期股息、建立我們的補充股息框架、宣布一項新的1.5 億美元回購計劃，以及創建一個員工支持的投資工具來購買OBDC 的額外股份。

As a result of these activities, today, OBDC is trading at book value.

由於這些活動，如今 OBDC 以帳面價值進行交易。

Investors who purchase shares of OBDC on investor day have received a 30%-plus total return, broadly outperforming the S&P and our BDC peers.

在投資者日購買 OBDC 股票的投資者獲得了 30% 以上的總回報，整體表現優於標準普爾和我們的 BDC 同行。

We are pleased to see the market recognize the strength of the portfolio and to deliver these returns to our shareholders.

我們很高興看到市場認可我們的投資組合的實力，並為我們的股東帶來這些回報。

With that, thank you for your time today, and we will now open the line for questions.

感謝您今天抽出時間，我們現在開始提問。

Brian McKenna, Citizens JMP.

Brian McKenna，公民 JMP。

Thanks.

謝謝。

Good morning, Craig and Jonathan.

早上好，克雷格和喬納森。

Hope you both are doing well.

希望你們倆都一切順利。

So question on the trajectory of the investment portfolio to start, so it declined 2% in the quarter.

因此，對投資組合軌蹟的質疑開始了，因此該季度下降了 2%。

It seems like the majority of the decline was just the (technical difficulty) of new investments being funded, and then the timing of repayments.

似乎下降的大部分只是新投資的（技術難度）以及還款時間。

But just curious of your thoughts here?

但只是好奇你的想法？

And then, with leverage where it is, getting back down to one time, should we expect to see the portfolio re-expand from here as deal flow is set to pick up?

然後，在槓桿率保持在原來水準的情況下，回到一倍，隨著交易流量的回升，我們是否應該期望看到投資組合從這裡重新擴大？

And then, what I'm getting at -- what does all this mean for the trajectory of NII following a $15 million sequential decline in the quarter?

然後，我想說的是——在本季度連續下降 1500 萬美元之後，這一切對於 NII 的軌跡意味著什麼？

Sure, Brian, good morning.

當然，布萊恩，早安。

Deal activity across the market was a little lighter than we would've hoped for, given generally strong economic conditions.

鑑於整體強勁的經濟狀況，整個市場的交易活動比我們預期的要少一些。

And so we had higher repayments, and new originations weren't quite at pace.

因此，我們的還款額更高，而新項目的啟動卻不太同步。

It was pretty close but weren't quite at pace.

已經很接近了，但節奏還不夠。

So we delivered just a little bit.

所以我們只交付了一點點。

I think in terms of the outlook, sitting here the last few weeks, we've seen a pickup in activity.

我認為就前景而言，過去幾週我們看到活動有所回升。

We'll see if that holds.

我們將看看這是否成立。

My hope is, over the course of the year, that deal activity will pick up, and we'd like to get the leverage a bit higher in the portfolio, staying within our target leverage range.

我的希望是，在這一年中，交易活動將會增加，我們希望將投資組合中的槓桿提高一點，保持在我們的目標槓桿範圍內。

I think that's achievable.

我認為這是可以實現的。

We also had a lot of repayments in the quarter.

本季我們也有很多還款。

I'm not sure if that pace of repayments will continue.

我不確定這種還款速度是否會持續下去。

And so I think we -- with a pickup in deal activity at some point over the next quarter or two, we should be able to get the leverage back up and earn back some of that income.

因此，我認為，隨著交易活動在未來一兩個季度的某個時候有所回升，我們應該能夠恢復槓桿並賺回部分收入。

I do think that there will continue to be some spread pressure, given strong market conditions in the public market and the private markets and some continued refinancing of some of the higher spread positions.

我確實認為，鑑於公開市場和私人市場的強勁市場狀況以及一些較高利差頭寸的持續再融資，利差壓力將繼續存在。

And I think those trends will generally, balance each other out, higher portfolio investments with a little bit of wind in our face on spread.

我認為這些趨勢通常會相互平衡，更高的投資組合在利差方面會帶來一些阻力。

And so we may get a bit -- we may see a bit of that leak in the second quarter, but expect it to pick up as the year wears on.

因此，我們可能會在第二季度看到一些洩漏，但預計隨著時間的推移，洩漏會增加。

It's hard to predict precisely quarter to quarter.

很難準確預測每季的情況。

But those are the two trends.

但這是兩個趨勢。

Okay.

好的。

Great.

偉大的。

Helpful.

有幫助。

Thanks, Craig.

謝謝，克雷格。

And then just to follow-up.

然後只是跟進。

So you and the team has done a great job getting OBDC back to book value.

因此，您和您的團隊在讓 OBDC 恢復帳面價值方面做得非常出色。

It's actually trading decently above that.

事實上，它的交易價格還不錯。

So given how this and OBDE are trading, do you have any updated thoughts around the timeline of merging these BDCs?

那麼考慮到 BDC 和 OBDE 的交易方式，您對合併這些 BDC 的時間表有什麼最新的想法嗎？

And what ultimately needs to take place before we move forward on merging the two?

在我們繼續將兩者合併之前，最終需要發生什麼？

Sure.

當然。

We are really pleased with how OBDE has traded post listing.

我們對 OBDE 上市後的交易方式感到非常滿意。

We’re really pleased with how OBDC is trading now above book value, as you know, a long time in coming.

我們對 OBDC 目前的交易價格感到非常滿意，正如您所知，在很長一段時間內，OBDC 的交易價格都將高於帳面價值。

And it’s really appreciative that the market is seeing the quality of the portfolio and an attractive return profile.

令人欣慰的是，市場看到了投資組合的品質和有吸引力的回報狀況。

I would note that OBDC, while it’s above book value, still trades at a discount to some of our peers.

我要指出的是，雖然 OBDC 的價格高於帳面價值，但其交易價格仍低於我們的一些同行。

And so we think there’s still the opportunity for price appreciation in BDC.

因此，我們認為 BDC 的價格仍有升值機會。

In terms of a potential merger, I don’t have any update other than what we said at the time of the listing of OBDE, which is we continually look at what’s best the shareholders of both companies and discuss this with our boards at each company regularly with an eye towards delivering attractive shareholder value.

就潛在合併而言，除了我們在OBDE 上市時所說的之外，我沒有任何最新消息，即我們不斷地研究對兩家公司的股東來說什麼是最好的，並與我們的股東進行討論。

Obviously, the portfolios have tremendous overlap and there’s an industrial logic to why they make sense combined.

顯然，這些投資組合有巨大的重疊，並且有一個工業邏輯來解釋為什麼它們組合起來有意義。

And we have talked previously about the logic of us having a one larger publicly traded BDC.

我們之前已經討論過我們擁有一個更大的公開交易 BDC 的邏輯。

But when we think -- for each company, when the board and we think for each company, there’s a transaction that will deliver value and we’ll pursue it, obviously, and keep folks updated on it.

但是，當我們為每家公司思考時，當董事會和我們為每家公司思考時，有一筆交易可以帶來價值，我們顯然會追求它，並讓人們了解最新情況。

So certainly, in environment with strong credit performance in each portfolio with those stocks trading well with BDCs trading at high valuations, certainly those are the kinds of conditions that give you the opportunity to look at those transactions.

因此，當然，在每個投資組合信用表現強勁的環境中，這些股票在 BDC 的高估值下交易良好，當然這些條件讓您有機會查看這些交易。

But there’s complications.

但也有一些複雜的情況。

OBDE still has lockups.

OBDE 仍然有鎖定。

The first lockup hasn’t come off yet.

第一次鎖定尚未解除。

And so we’ll take all these factors into account carefully.

因此，我們將仔細考慮所有這些因素。

But to answer your question, I think the conditions are certainly present for a number of factors that we would consider, and we’ll have to consider all the factors.

但要回答你的問題，我認為我們要考慮的許多因素的條件肯定是存在的，而且我們必須考慮所有因素。

Okay.

好的。

I'll leave it there.

我會把它留在那裡。

Thanks for taking my question.

感謝您提出我的問題。

Thanks, Brian.

謝謝，布萊恩。

Mark Hughes, Truist Securities.

馬克休斯，Truist 證券公司。

Yeah, thank you.

是的，謝謝。

Good morning.

早安.

Hey, Craig.

嘿，克雷格。

Hey, Jonathon.

嘿，喬納森。

Non-accrual is still very low but ticked up just a little bit.

非應計費用仍然很低，但略有上升。

Maybe one company added to non-accrual.

也許有一家公司增加了非應計費用。

Could you talk about that and then the four companies that I think were on non-accrual, any updates there?

您能談談這個問題，然後是我認為屬於非應計利潤的四家公司，有什麼更新嗎？

Sure.

當然。

We actually added two and took one off.

我們實際上添加了兩個並去掉了一個。

But the one of significance was a company called Hearthside.

但最重要的是一家名為 Hearthside 的公司。

It's a packaged food manufacturer.

這是一家包裝食品製造商。

It's got some public loans and bonds.

它有一些公共貸款和債券。

And we're in a second lien.

我們還有第二留置權。

So there are some folks that follow the credit that may have some familiarity to it.

因此，有些關注信用的人可能對其有些熟悉。

It's a large company.

這是一家大公司。

It’s had some headwinds on costs and a bit of weakness on customer demand.

它在成本方面遇到了一些阻力，而且在客戶需求方面也有些疲軟。

We marked it down pretty meaningfully, and felt, at this moment, it was appropriate to put it on non-accrual.

我們非常有意義地將其記下來，並認為此時此刻將其設為非應計利息是合適的。

We're still earning cash interest on it, but we made the judgment as we make on every name in totality that we felt it was appropriate to put it on non-accrual.

我們仍然從中賺取現金利息，但我們對每個名稱的總體判斷做出了判斷，認為將其設為非應計利息是合適的。

The other name was quite small, so I don't think it's worth necessary going into.

另一個名字很小，所以我認為沒有必要討論它。

No updates on the other non-accruals.

其他非應計費用沒有更新。

We work these positions hard to try to maximize our ultimate recovery.

我們努力工作這些職位，以最大限度地提高我們的最終康復率。

And no particular developments to call out.

並沒有特別值得關注的進展。

They're all marked.

他們都被標記了。

We think, appropriately, we look at the marks and the non-accrual status for all these names plus other names each quarter to make sure we're properly accounting.

我們認為，我們每個季度都會適當地查看所有這些名稱以及其他名稱的標記和非應計狀態，以確保我們進行正確的會計處理。

And so really Hearthside was the development this quarter

所以 Hearthside 是本季的發展

Understood.

明白了。

Any broader trends in amendment activity?

修正案活動有更廣泛的趨勢嗎？

It's really been consistent with the last few quarters.

這確實與過去幾季的情況一致。

Amendment activity is, I'll say, modest.

我想說，修正活動是適度的。

We have a few amendments -- few material amendments each quarter.

我們有一些修改——每個季度都有一些實質修改。

Every quarter, we have a large number of minor amendments, housekeeping type amendments, but we have a few material amendments this quarter.

每個季度，我們都會有大量的小修改、內務型修改，但本季我們會有一些實質修改。

No change.

不用找了。

There's a few each quarter.

每個季度都會有一些。

I think the lack of pickup in serious amendment activity really speaks to the strong, underlying performance of the companies.

我認為認真的修訂活動缺乏回升確實說明了公司強勁的基本業績。

The companies continue to do well.

這些公司繼續表現良好。

The economy continues to be a good one.

經濟繼續向好。

There continues to be growth in all of our sectors, in revenues, and in EBITDA.

我們所有部門的收入和 EBITDA 都在持續成長。

And so, despite higher-debt service, the companies are finding ways to manage through that and resulting in continued moderate amendment activity.

因此，儘管債務還本付息較高，但這些公司仍在尋找方法來應對這一問題，並導致持續的適度修正活動。

And then, Jonathan, you mentioned a modest impact from a nonrecurring, I think interest expense item.

然後，喬納森，您提到了非經常性利息支出項目的適度影響。

Did you size that or can you?

你確定了這個尺寸嗎？

It was a little less than a penny, but close to a penny and it was related to effectively the takeout of one of our sales.

雖然不到一便士，但也接近一便士，而且與我們的一項銷售額的外賣有效相關。

And then with the capital markets activity this quarter, how does that -- what's the incremental impact on interest expense, before or after?

那麼，從本季的資本市場活動來看，之前或之後對利息支出的增量影響是多少？

So, the unsecured that we issued this quarter relative to the unsecured that we took out, which were unswapped, it actually was accretive to interest expense.

因此，我們本季發行的無抵押債券相對於我們取出的未互換的無抵押債券，實際上增加了利息支出。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Good morning.

早安.

On your comments on second lien -- 40% repaid in the quarter, and then that got redeployed.

關於您對第二留置權的評論——本季度償還了 40%，然後重新部署。

So on the one hand, all your second liens are repaying quite nicely, probably faster than you’d like.

因此，一方面，您所有的第二留置權都得到了很好的償還，可能比您希望的要快。

And then, on the other hand, there was one new non-accrual, which was a second lien.

另一方面，出現了一項新的非應計利息，即第二留置權。

So can you give us an update on your thoughts on where you would like that to be as a percentage of the portfolio?

那麼，您能否向我們介紹一下您的最新想法，即您希望其在投資組合中所佔的百分比？

Obviously, spreads can be a little higher, not crazy, because they tend to be much bigger companies.

顯然，利差可以高一點，但並不瘋狂，因為它們往往是更大的公司。

But what's your view on -- would you like to actually increase that from here?

但你的看法是什麼——你想從現在開始真正增加這一點嗎？

And is that realistic, if the first lien BSL market comes back and a lot of the second liens tend to be behind that?

如果第一留置權 BSL 市場回歸，而許多第二留置權往往會落後，那麼這現實嗎？

So is there room to grow it, and would you like it to?

那麼它有發展的空間嗎？

Thanks, Robert.

謝謝，羅伯特。

Look, our approach to second lien has been really consistent since inception.

瞧，我們對第二留置權的態度自成立以來一直非常一致。

We only do them on really high quality businesses that are large and stable with lots of equity cushion beneath us.

我們只在真正高品質的企業上做這些事情，這些企業規模大、穩定，擁有大量的股權緩衝。

We are favorable on doing second liens in those types of companies if the attachment point and the detachment point are appropriate.

如果附著點和分離點合適，我們贊成在這些類型的公司中實行第二留置權。

And, obviously, the reason we like them is they generate meaningfully higher spread.

顯然，我們喜歡它們的原因是它們產生了有意義的更高的點差。

And so if those opportunities present themselves, then we'll do them.

因此，如果這些機會出現，我們就會抓住它們。

If they don't, we won't.

如果他們不這樣做，我們就不會。

The environment in the last six to nine months.

過去六到九個月的環境。

There just hasn't been a lot of second liens.

只是沒有太多第二留置權。

The sponsors have really favored unitranche financing.

發起人非常支持統一融資。

And so we haven't seen a lot.

所以我們還沒有看到很多。

We certainly haven't seen ones that were attractive to us.

我們當然還沒看到那些對我們有吸引力的。

So in this market environment, I'm happy to run primarily first-lien portfolio, the first-lien percentages.

因此，在這種市場環境下，我很高興主要運行第一留置權投資組合，即第一留置權百分比。

It's the highest; it's been for us in years.

這是最高的；多年來我們一直如此。

So a safer portfolio.

因此，這是一個更安全的投資組合。

If we get an environment where there are more second lien opportunities that hit our investment criteria, then we would take it -- take the percentage back up.

如果我們所處的環境中有更多符合我們投資標準的第二留置權機會，那麼我們就會接受—恢復百分比。

I'm certainly comfortable where we were running, if not even a bit higher.

我當然對我們跑步的地方感到很舒服，即使不是更高一點。

But I just don't see that happening, in the short term, given the deal flow that we're seeing.

但考慮到我們所看到的交易流量，我認為短期內不會發生這種情況。

We don't solve for percentages.

我們不解決百分比問題。

We solve for the best opportunities that we're seeing.

我們尋找我們所看到的最佳機會。

And right now, it's primarily unitranche.

目前，主要是統一經營。

It stands to reason if, given how strong the syndicated market is, that as new deal flow reappears, that we'll see more second-lien opportunities as the year unfolds.

考慮到銀團市場的強勁程度，隨著新交易流的重新出現，隨著今年的展開，我們將看到更多的第二留置權機會，這是有道理的。

Haven't seen it yet. but it wouldn't surprise me if we did.

還沒看到。但如果我們這樣做了我也不會感到驚訝。

And if that's the case, then we'll strongly look at those opportunities.

如果是這樣，那麼我們將大力關注這些機會。

Got it.

知道了。

Thank you.

謝謝。

On your comment on -- haven't necessarily seen deal activity materialize yet, which obviously is true.

關於您的評論—尚未看到交易活動具體化，這顯然是正確的。

Are you seeing any increase in books coming in, et cetera?

您是否看到圖書進口量增加等等？

Is the preliminary stages of deal activity ramping up and then it's hitting gridlock when it comes to buyers and sellers agreeing on price?

交易活動的初步階段是否在加速，然後在買家和賣家就價格達成協議時陷入僵局？

Can you give us a sense of what the stages of the pipeline look like?

您能否讓我們了解一下管道的各個階段？

Is it close to a big ramp up in the activity or is that just not really here yet?

活動是否即將大幅增加，還是還沒真正到來？

Sure.

當然。

So I made the comment a minute ago.

所以我在一分鐘前發表了評論。

You might not have heard it.

你可能沒聽過。

But just to repeat it, in the last four to six weeks, we've seen more activity that could result in M&A.

但重複一遍，在過去的四到六週裡，我們看到了更多可能導致併購的活動。

Some take private opportunities and some sponsor to sponsor opportunities and some add-on acquisitions.

有些人利用私人機會，有些人贊助機會，還有一些附加收購。

So I would say green shoots for new M&A, but not yet coming to full fruition.

因此，我認為新的併購已經萌芽，但尚未完全實現。

I think there's some chatter about pure M&A processes pick up with books.

我認為書籍中出現了一些關於純粹併購流程的討論。

And the sponsors have some chatter around that.

贊助商們也圍繞著這個問題進行了一些討論。

It's ort of too early for me to really say that that's going to result in a lot more deal flow.

對我來說，現在說這會帶來更多的交易流量還為時過早。

But first quarter was light.

但第一季表現清淡。

I think that we're seeing green shoots that could result in more deal flow.

我認為我們看到了可能帶來更多交易流的萌芽。

The deal flow we're seeing come in today might not close in the second quarter.

我們今天看到的交易流可能不會在第二季結束。

That might be third quarter activity.

這可能是第三季的活動。

So I think the first half of the year will still be a kind of a light deal flow environment.

所以我認為上半年還是會是個清淡的交易環境。

But hopefully, by the third quarter, things have improved.

但希望到第三季度，情況有所改善。

I appreciate that.

我很感激。

I did miss that.

我確實錯過了。

Thank you.

謝謝。

All right.

好的。

Thanks.

謝謝。

Anything else, Robert?

還有別的事嗎，羅伯特？

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

All right, thank you.

好吧。

(Operator Instructions) There are no further questions at this time.

（操作員說明） 目前沒有其他問題。

I'd like to hand the call back to Craig Packer for closing remarks.

我想將電話轉回克雷格·帕克 (Craig Packer) 作結束語。

All right, well, I guess we've worn everyone out, we've answered everything in our prepared remarks.

好吧，我想我們已經把每個人都累壞了，我們已經在準備好的發言中回答了所有問題。

Look, we appreciate everyone spending time with us today.

聽著，我們感謝大家今天與我們共度時光。

If you have any further questions, please reach out to our team.

如果您還有任何疑問，請聯絡我們的團隊。

Really pleased with the quarter, and look forward to speaking with everyone soon.

對這個季度非常滿意，並期待很快與大家交談。

Have a great day.

祝你有美好的一天。

This concludes today's conference.

今天的會議到此結束。

Please disconnect your lines at this time.

此時請斷開您的線路。

Have a great day.

祝你有美好的一天。