Blue Owl Capital Corp (OBDC) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Blue Owl Capital Corporation's first quarter 2026 earnings call. As a reminder, this call is being recorded. At this time, I'd like to turn the call over to Michael Mosticchio, Head of BDC Investor Relations. Mike, please go ahead

各位早安，歡迎參加 Blue Owl Capital Corporation 2026 年第一季財報電話會議。提醒各位，本次會議將被錄音。現在我想把電話交給 BDC 投資人關係主管 Michael Mosticchio。Mike，請開始。

Thank you, operator, and welcome to Blue Owl Capital Corporation's first quarter 2026 earnings conference call.

謝謝接線員，並歡迎各位參加 Blue Owl Capital Corporation 2026 年第一季財報電話會議。

Joining me today are Craig Packer, Chief Executive Officer; Logan Nicholson, President; and Jonathan Lamm, Chief Financial Officer.

今天與我一同出席的有執行長 Craig Packer、總裁 Logan Nicholson，以及財務長 Jonathan Lamm。

I'd like to remind listeners that remarks made during today's call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties that are outside of the company's control.

提醒各位，今天電話會議中的發言可能包含前瞻性陳述；此類陳述不保證未來的績效或結果，並涉及多項風險與不確定性，且多數不在公司控制範圍內。

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

由於多項因素，實際結果可能與前瞻性陳述存在重大差異，包括 OBDC 向美國證券交易委員會（SEC）提交之文件中所述因素。公司不承擔更新任何前瞻性陳述之義務。

We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the Events and Presentations section of our website.

也提醒各位，我們在本次電話會議中將提及非 GAAP 指標；其與 GAAP 數字之調節表載於我們的財報簡報，該簡報可於本公司網站「Events and Presentations」專區取得。

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.

本次電話會議及公司財報資料中討論的部分資訊（包括與投資組合公司相關之資訊）係取自第三方來源，且未經獨立查證。

The company makes no such representations or warranties with respect to this information. Yesterday, OBDC issued its financial results for the first quarter ended March 31, 2026, reporting adjusted net investment income of $0.31 per share and net asset value per share of $14.41.

公司對此等資訊不作任何陳述或保證。昨日，OBDC 公布截至 2026 年 3 月 31 日止第一季財務結果，調整後每股淨投資收益為 0.31 美元，每股淨資產價值為 14.41 美元。

All materials referenced during today's call, including the earnings press release, earnings presentation and 10-Q are available on the News and Events section of OBDC's website.

今天電話會議中提及的所有資料，包括財報新聞稿、財報簡報與 10-Q，均可於 OBDC 網站的「News and Events」專區取得。

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

接下來，我把電話交給 Craig。

Thanks, Mike, and good morning, everyone. Thanks for joining us. I'd like to start by highlighting that our credit performance remains strong with no new nonaccruals, stable borrower performance and underlying performance in line with recent quarters, and we continue to feel confident in the underlying credit quality of our portfolio.

謝謝 Mike，各位早安。感謝各位加入。我想先強調，我們的信用表現仍然強勁，沒有新增停計利息（nonaccrual）項目，借款人表現穩定，基本面表現與近幾季一致，我們對投資組合的整體信用品質仍然有信心。

I would also like to acknowledge that the first quarter was a more challenging environment for OBDC from an earnings perspective.

我也想指出，從獲利角度來看，第一季對 OBDC 而言是較具挑戰的環境。

Lower base rates and tighter market spreads weighed on our results, reflecting headwinds that have been building over the last year and were fully realized this quarter.

較低的基準利率與更緊縮的市場利差拖累了我們的結果，反映過去一年逐步累積的逆風，並在本季完全顯現。

Given the market uncertainty this quarter, the deal environment was also slower, which led to minimal fee and repayment income, which was at a three year low. In addition, we operated with lower leverage and preserved capital, which has positioned us well for the more attractive opportunity set we are starting to see.

鑑於本季市場不確定性，交易環境也較為遲緩，導致手續費與提前償還收入有限，降至三年低點。此外，我們在較低槓桿下營運並保留資本，使我們能在開始出現更具吸引力的機會集合時處於有利位置。

As we have highlighted on recent earnings calls, our dividend has been a key focus as we have watched these dynamics unfold, and we believe this is

如同我們在近期財報電話會議中所強調的，當我們觀察這些動態發展時，股利一直是我們的重點，我們認為現在是

the right moment to address our dividend. As a reminder, when we went public in 2019, we set our dividend at $0.31 per share and maintained it there for more than three years, while rates were low.

處理股利議題的適當時點。提醒各位，我們在 2019 年上市時將股利設定為每股 0.31 美元，並在利率偏低期間維持該水準超過三年。

When rates began to rise in 2022, we increased the dividend to reflect the higher earnings power of the portfolio and introduced the supplemental dividend framework in an effort to provide shareholders with a predictable base dividend while distributing excess income above that level.

當利率於 2022 年開始上升時，我們提高股利以反映投資組合更高的獲利能力，並導入補充股利（supplemental dividend）架構，旨在在提供股東可預期的基本股利之同時，分配超出該水準的剩餘收益。

Similar to what a number of our peers have recently done, we are reducing the base dividend for the second quarter back to $0.31 per share, representing an approximate 8.6% yield on net asset value and an over 10% yield at the current share price.

與近期多家同業的作法類似，我們將第二季的基本股利調降回每股 0.31 美元，約相當於淨資產價值的 8.6% 殖利率，並以目前股價計算超過 10% 的殖利率。

We believe this is the appropriate level given the forward earnings power of the portfolio, particularly with spreads now widening and the rate environment appearing more stable. At the same time, we are maintaining the supplemental dividend framework.

我們認為，考量投資組合的前瞻獲利能力，尤其在利差現正擴大且利率環境看似更為穩定之際，這是適當的水準。同時，我們將維持補充股利架構。

As a reminder, under this framework, we pay out 50% of NII above our base dividend, allowing shareholders to benefit in a predictable manner when earnings exceed the base dividend.

提醒各位，在此架構下，我們會將超出基本股利之淨投資收益（NII）的 50% 配發給股東，使股東在獲利高於基本股利時能以可預期的方式受益。

Separately, spread widening across the credit markets drove unrealized losses this quarter, resulting in a net asset value decline.

另外，信用市場利差擴大導致本季出現未實現損失，進而造成每股淨資產價值下滑。

Because our portfolio is marked quarterly and spreads are a key valuation input, this drop in NAV was mostly driven by broader market moves across public and private credit and not a deterioration in the underlying quality of our assets, which remains strong.

由於我們的投資組合按季評價，且利差是關鍵估值輸入，因此本次 NAV 下滑主要由公私募信用市場的整體市場變動所驅動，而非我們資產基本品質惡化；我們的資產基本品質仍然強勁。

Approximately 75% of the write-down was attributable to spread widening across our debt portfolio and that is a key point I want to emphasize. While this quarter reflected a more challenging earnings environment, the underlying portfolio continues to perform very well.

約 75% 的減記可歸因於我們債務投資組合的利差擴大，這是我想特別強調的重點。雖然本季反映較具挑戰的獲利環境，但投資組合的基本面持續表現非常良好。

Credit selection and portfolio construction are the parts of the business we can control most directly, and that continues to be a source of OBDC's strength. Nonaccruals remain low and declined again this quarter. Borrower revenue and EBITDA growth remain healthy.

信用篩選與投資組合建構是我們最能直接掌控的業務環節，而這也持續成為 OBDC 的優勢來源。停計利息資產維持在低水位，且本季再度下降。借款人營收與 EBITDA 成長仍然健康。

Repayment activity at par has been consistent. In the first quarter, we saw a market-wide reassessment of risks and a reduction in flows into private credit, which has resulted in a much better balance of supply and demand and a more favorable investing environment.

以票面價值（par）償還的活動維持一致。第一季我們看到市場對風險進行全面重新評估，且流入私募信用的資金減少，因而使供需更為平衡，投資環境也更為有利。

We will come back to our outlook at the end of the call, but we believe we are very well positioned from here given our lower leverage, the strength of the portfolio and the more attractive spread environment we see today.

我們將在電話會議末段回到展望，但我們認為，憑藉較低槓桿、投資組合的強勁表現，以及我們目前所見更具吸引力的利差環境，我們從此處起已處於非常有利的位置。

Now I will turn the call over to Logan to provide more details on our investment activity and portfolio performance.

接下來我把電話交給 Logan，請他就我們的投資活動與投資組合表現提供更多細節。

Thanks, Craig. Starting with investment activity, we approached the environment more conservatively this quarter, which contributed to lighter origination activity and lower leverage at OBDC.

謝謝 Craig。先談投資活動：本季我們以更保守的方式因應環境，這也使 OBDC 的承作（origination）活動較為清淡、槓桿水準較低。

As market volatility increased and deal activity slowed, we remain disciplined in our pace of deployment, and now we're encouraged to see opportunities coming to market at wider spreads.

隨著市場波動上升、交易活動放緩，我們在資金投放節奏上仍保持紀律；而我們也樂見目前有更多以較寬利差進入市場的機會。

In the first quarter, OBDC had fundings of $525 million against an almost $1.5 billion of repayments and sales, resulting in an ending net leverage of 1.13x, our lowest level in two years.

第一季，OBDC 撥款（fundings）為 5.25 億美元，對比近 15 億美元的償還與出售，期末淨槓桿為 1.13 倍，為兩年來最低水準。

The majority of our deployment was related to fourth quarter transactions that closed in the first quarter, which were committed at spreads lower than what we're seeing in the market today.

我們的資金投放多數與第四季交易有關，該等交易於第一季完成交割，且其承諾利差低於我們目前在市場上看到的水準。

As noted, we intentionally kept leverage low and with ample dry powder, we are well positioned to deploy as the pipeline builds.

如前所述，我們刻意維持低槓桿並保有充足的可用資金（dry powder），因此在案源管線逐步建立之際，我們已做好資金投放的準備。

Consistent with our approach of investing in diversified accretive assets, we continue to deploy selectively into our joint ventures and specialty finance investments in the first quarter.

延續我們投資於多元且具增益（accretive）資產的策略，第一季我們仍持續選擇性地投入於合資企業（JV）與專業金融投資。

For example, within our life sciences specialty finance vehicle, LSI, OBDC increased its allocation primarily to support an investment in TG Therapeutics, a company we have backed since 2024 that continues to perform well. Blue Owl served as sole lender in a $1 billion financing to support the company's continued growth.

例如，在我們的生命科學專業金融載具 LSI 中，OBDC 提高配置，主要用以支持對 TG Therapeutics 的投資；該公司自 2024 年起即為我們所支持，且持續表現良好。Blue Owl 在一筆 10 億美元融資中擔任唯一貸方，以支持該公司持續成長。

The LSI vehicle has generated returns of more than 14% to OBDC since inception, underscoring the attractiveness of our specialty finance and JV investments.

自成立以來，LSI 載具為 OBDC 創造超過 14% 的報酬，凸顯我們專業金融與 JV 投資的吸引力。

Turning to the portfolio.

接著談投資組合。

Credit performance remains stable and our borrowers continue to perform well. As a reminder, OBDC is a broadly diversified portfolio across 30 industries with an average position size of approximately 40 basis points, and our focus remains on lending to large noncyclical defensive businesses.

信用表現仍然穩定，借款人持續表現良好。提醒各位，OBDC 的投資組合高度分散，涵蓋 30 個產業，平均單一部位規模約為 40 個基點；我們的重點仍是對大型、非景氣循環、防禦型企業放款。

Our borrowers delivered year-over-year revenue and EBITDA growth in the high single digits, consistent with last year and a reflection of the fundamental health of the businesses we finance.

我們的借款人繳出年增高個位數的營收與 EBITDA 成長，與去年一致，反映我們所融資企業的基本面健康。

Zooming in, our software borrowers also demonstrated revenue and EBITDA growth consistent with the rest of the portfolio. As a reminder, these are primarily first lien senior secured loans with conservative LTVs even at today's valuations.

進一步來看，我們的軟體類借款人之營收與 EBITDA 成長也與投資組合其他部分一致。提醒各位，這些主要為第一順位留置權（first lien）的高順位擔保貸款，即使以今日估值計算，其 LTV 仍相當保守。

As you'll recall, we invest in mission-critical, scaled enterprise software providers with characteristics that we believe make them durable. While we remain appropriately cautious about the potential impact of AI on some areas of software, we are not yet seeing any material impact on our software borrowers' performance.

如各位所記得，我們投資於具使命關鍵性、具規模的企業軟體供應商，並具備我們認為能使其具備長期韌性的特徵。儘管我們對 AI 可能對軟體某些領域造成的影響仍保持適度審慎，但目前我們尚未看到對我們軟體借款人表現造成任何重大影響。

Additionally, we saw meaningful repayments from software names during the quarter, including Intelerad, which was an over $400 million investment across the Blue Owl platform, including $169 million in OBDC. Intelerad is a provider of medical imaging software solutions, which was sold to GE Healthcare at a $2.3 billion valuation, resulting in a full repayment.

此外，本季我們也看到軟體標的出現具意義的還款，包括 Intelerad；該投資在 Blue Owl 平台合計超過 4 億美元，其中 OBDC 為 1.69 億美元。Intelerad 為醫療影像軟體解決方案供應商，已以 23 億美元估值出售予 GE Healthcare，並因此完成全額償還。

This is another example of the quality and strategic value of the software businesses in our portfolio. As a result of this and one additional large repayment, MINDBODY, software exposure declined to approximately 16% of the portfolio, down from roughly 19% last quarter.

這是我們投資組合中軟體企業品質與策略價值的另一個例證。受此以及另一筆大型還款（MINDBODY）影響，軟體曝險降至約占投資組合的 16%，低於上季約 19%。

Turning to our key credit KPIs.

接下來談我們的關鍵信用 KPI。

The picture is healthy and stable in all respects. Interest coverage ratios remain healthy at approximately 2times.

整體狀況在各方面都健康且穩定。利息保障倍數仍維持健康水準，約為 2 倍。

Revolver draws remain at conservative low levels. Amendment activity is stable, and our three to five rated names remain in the same range as last year. PIK income was also stable compared to last quarter on a dollar basis, but rose slightly to 11.7% as a percentage of total investment income due to a decrease in cash interest as a result of lower rates. PIK remains down from the peak of over 13% in 2024.

循環信貸（revolver）動用仍維持在保守的低水位。修約活動穩定，我們評等為 3 至 5 的標的數量也與去年維持在相同區間。PIK 收入以金額計亦與上季持平，但由於利率下調導致現金利息下降，使其占總投資收益的比重小幅上升至 11.7%。PIK 仍低於 2024 年超過 13% 的高峰。

Also, as we have highlighted in previous earnings calls, over 85% of our PIK names were underwritten that way at inception, and we have never taken a principal loss on those intentionally structured PIK positions.

另外，如同我們在先前的法說會中強調，超過 85% 的 PIK 標的是在起始承作時即以該方式承作，而對於這些刻意結構設計的 PIK 部位，我們從未發生本金損失。

Finally, our nonaccrual rate declined to 1.0% at fair value as we removed two names from nonaccrual with no new additions.

最後，由於我們將兩個標的自停計息（nonaccrual）中移除且沒有新增標的，本季停計息比率按公允價值計下降至 1.0%。

Over the last few quarters, our nonaccruals have remained relatively stable with a three year average of approximately 1% at fair value, and this quarter's decline is a good reminder that our borrowers are performing well and fundamental performance is stable.

過去幾季，我們的停計息資產相對穩定，三年平均按公允價值計約為 1%；而本季的下降再次提醒我們，借款人營運表現良好，基本面表現穩定。

We would note that LTVs moved modestly higher this quarter, which we attribute to the broader valuation environment rather than a deterioration in borrower fundamentals.

我們也注意到，本季 LTV 小幅上升，我們將其歸因於整體估值環境，而非借款人基本面惡化。

Our average LTV across the portfolio sits at 47%, implying that over half of enterprise value would need to be impaired before we incur any losses.

我們投資組合的平均 LTV 為 47%，這意味著企業價值必須先受損超過一半，我們才會產生任何損失。

To close, the breadth and resilience of our portfolio remain intact. With lower leverage, more dry powder and the sourcing advantages of the Blue Owl platform, we believe we're well positioned to take advantage of opportunities that this environment may bring.

總結而言，我們投資組合的廣度與韌性依然完好。憑藉較低槓桿、更多可用資金（dry powder），以及 Blue Owl 平台的案源優勢，我們相信已做好充分準備，把握此環境可能帶來的機會。

Now I'll turn it over to Jonathan to review our financial results.

接下來我把時間交給 Jonathan，請他回顧我們的財務結果。

Thank you, Logan. In the first quarter, OBDC earned adjusted NII of $0.31 per share. As Craig outlined, results this quarter reflected several earnings headwinds that have been building over time and came through more fully in Q1.

謝謝你，Logan。第一季，OBDC 的調整後 NII 為每股 0.31 美元。如 Craig 所述，本季結果反映了數項隨時間累積的獲利逆風，並在第一季更完整地顯現。

Most notably, 3 rate cuts between last September and December, totaling 75 basis points are now fully reflected in our results given the lagged impact that lower rates have on our mostly floating rate portfolio.

最值得注意的是，去年 9 月至 12 月之間共降息 3 次、合計 75 個基點；由於利率下行對我們以浮動利率為主的投資組合具有遞延影響，這些降息如今已在我們的結果中完整反映。

Nonrecurring income was also light this quarter, coming in at more than $0.01 below our historical average after running above that level last quarter.

本季一次性收入也偏少，較我們的歷史平均水準低逾 0.01 美元；而上季則高於該水準。

In addition, the earnings benefit from the low-cost unsecured notes we issued before rates moved higher over four years ago continue to roll off as those maturities come due. Since last July, $1 billion of those notes have matured with another $1 billion set to mature this year.

此外，我們在四年多前、利率上升之前所發行的低成本無擔保票據所帶來的獲利效益，正隨著到期而持續消退。自去年 7 月以來，已有 10 億美元該等票據到期，另有 10 億美元預計於今年到期。

These factors, together with lower leverage throughout the period, drove the decline in adjusted NII this quarter and are now mostly reflected in our current run rate earnings.

上述因素，加上期間內較低的槓桿水準，導致本季調整後 NII 下滑，而這些影響如今大多已反映在我們目前的經常性獲利水準中。

The Board declared a second quarter base dividend of $0.31, which we believe aligns with the portfolio's forward earnings power in the current environment. The dividend will be paid on July 15, 2026, to shareholders of record as of June 30, 2026.

董事會宣告第二季基本股利為 0.31 美元，我們認為這與目前環境下投資組合的前瞻獲利能力相符。股利將於 2026 年 7 月 15 日支付給截至 2026 年 6 月 30 日登記在冊的股東。

Our spillover income remains healthy at approximately $0.28 per share, providing a meaningful cushion that further supports the base dividend going forward.

我們的溢出收益（spillover income）仍維持健康水準，約為每股 0.28 美元，提供了具意義的緩衝，進一步支持未來的基本股利。

Moving to the balance sheet.

接著看資產負債表。

Our first quarter NAV per share was $14.41, down from $14.81 last quarter, primarily reflecting the impact of mark-to-market adjustments.

第一季每股 NAV 為 14.41 美元，低於上季的 14.81 美元，主要反映按市價評價（mark-to-market）調整的影響。

We'd note that the realized losses reflected on the income statement were related to investments previously on nonaccrual that had already been written down over the past several years and did not contribute to the NAV decline this quarter.

我們也要指出，損益表中反映的已實現損失，係與先前已列為停計息且在過去數年已完成減記的投資相關，並未對本季 NAV 下滑造成影響。

We continue to execute on our share repurchase program in the first quarter, buying back $35 million of stock, which was accretive to NAV per share by $0.02, while balancing that activity with a focus on deleveraging and maintaining capacity to deploy into a more attractive market environment.

第一季我們持續執行庫藏股計畫，回購 3,500 萬美元股票，使每股 NAV 增加 0.02 美元；同時我們也在回購與去槓桿之間取得平衡，並維持在更具吸引力的市場環境中部署資金的能力。

Over the past two quarters, we have repurchased a total of $183 million, reflecting our conviction in OBDC's long-term value.

過去兩季，我們合計回購 1.83 億美元，反映我們對 OBDC 長期價值的信心。

The Board of Directors also authorized a new $300 million share repurchase program in February, replacing the previous $200 million plan, leaving approximately $265 million remaining following first quarter activity.

董事會亦於 2 月核准新的 3 億美元庫藏股計畫，取代先前的 2 億美元方案；在第一季回購後，尚餘約 2.65 億美元可用額度。

We ended the quarter with net leverage at 1.13times, within our target range of 0.9times to 1.25times as we decreased leverage to preserve flexibility. Turning to our capital structure.

本季末我們的淨槓桿為 1.13 倍，落在我們 0.9 倍至 1.25 倍的目標區間內；我們降低槓桿以保留彈性。接著談我們的資本結構。

We continue to be active in further strengthening our balance sheet and enhancing our liquidity profile. In January, Moody's upgraded our credit rating to Baa2.

我們持續積極強化資產負債表並提升流動性結構。1 月，穆迪將我們的信用評等上調至 Baa2。

Beyond serving as meaningful recognition of the quality of our platform, the consistency of our performance and the strength of our balance sheet, we believe this is a validation of our efforts to build a best-in-class BDC credit profile.

除了這是對我們平台品質、績效一致性以及資產負債表強度的重要肯定之外，我們也認為這驗證了我們打造同業最佳 BDC 信用體質的努力。

Subsequent to quarter end, we accessed the unsecured debt markets with a $400 million note offering, demonstrating OBDC's continued ability to raise capital amid broader market volatility.

在季後，我們進入無擔保債務市場發行 4 億美元票據，展現 OBDC 在更廣泛市場波動之際仍具備持續籌資能力。

The strong institutional investor demand we received is a meaningful vote of market confidence in OBDC's credit profile.

我們獲得強勁的機構投資人需求，這是市場對 OBDC 信用體質投下的重要信任票。

With this offering, our liquidity has increased to over $4 billion in total cash and capacity on our facilities, which comfortably exceeds our unfunded commitments and provides ample capacity to invest in the current environment while addressing upcoming debt maturities.

透過本次發行，我們的流動性提升至超過 40 億美元，包含現金及授信額度可用容量；此水準明顯高於我們的未撥付承諾，並在因應即將到期的債務之際，提供在目前環境中投資的充足能力。

Overall, we are pleased with the proactive steps taken this quarter to strengthen our balance sheet, and we believe OBDC is well positioned from a capital and liquidity standpoint.

整體而言，我們對本季為強化資產負債表所採取的前瞻性措施感到滿意，並相信從資本與流動性角度來看，OBDC 已處於良好位置。

And now I will turn it over to Craig for some closing remarks.

現在我把時間交給 Craig，請他做一些結語。

Thanks, Jonathan. I want to close by reflecting on where we are today and our outlook. Over the past few years, private credit has benefited from a very constructive backdrop, but it also became increasingly competitive as significant amounts of capital entered the space at a time of moderate private equity M&A.

謝謝，Jonathan。我想以回顧我們目前所處位置與展望作結。過去幾年，私募信貸受惠於相當有利的環境，但在私募股權併購活動溫和之際，大量資金進入該領域，也使競爭日益加劇。

That drove spreads tighter and together with lower base rates put pressure on returns and earnings across the sector, including at OBDC. That environment has begun to shift.

這使利差收斂，並在較低基準利率的共同作用下，對整個產業（包括 OBDC）的報酬與獲利造成壓力。而這樣的環境已開始轉變。

Volatility in the broadly syndicated loan market has driven a meaningful widening in spreads, while the rate backdrop appears to be stabilizing. On the deals we are seeing today, spreads are generally about 50 basis points to 75 basis points wider and terms are more attractive than they were just a few quarters ago.

廣泛聯貸市場的波動推動利差明顯擴大，而利率環境似乎正在趨於穩定。就我們目前看到的交易而言，利差通常較幾季前擴大約 50 至 75 個基點，條款也更具吸引力。

At the same time, retail capital inflows have slowed into private credit and the supply-demand balance for new deals looks more favorable than it has been in years.

同時，零售資金流入私募信貸的速度已放緩，新交易的供需平衡看起來比多年來更為有利。

Put simply, we believe this is a more attractive investment environment than the one we've been operating in over the last two years, and we believe OBDC is well positioned to take advantage of it.

簡而言之，我們認為目前的投資環境較過去兩年我們所處的環境更具吸引力，並相信 OBDC 已做好充分準備加以把握。

Our portfolio is in good shape. Our balance sheet is strong, and our leverage is at its lowest level in two years.

我們的投資組合狀況良好。我們的資產負債表穩健，槓桿水準處於兩年來最低。

Repayments over the past year have contributed meaningfully to that positioning, giving us additional flexibility at a time when spreads are widening and the opportunity set is improving.

過去一年來的償還對這一定位作出了重要貢獻，使我們在利差擴大、機會集合改善之際擁有更大的彈性。

Combined with our scale, incumbencies and deep sponsor and borrower relationships, we believe we are well positioned to deploy selectively into attractive risk-adjusted opportunities as they emerge.

結合我們的規模、既有優勢以及與贊助方與借款人之間深厚的關係，我們相信，隨著具吸引力的風險調整後機會出現，我們已具備良好條件進行選擇性部署。

While overall deal activity has been more modest in recent months, periods like this have historically created a more favorable setup for direct lenders.

儘管近幾個月整體交易活動較為溫和，但歷史上這類時期往往為直接放款人創造更有利的布局。

As the broadly syndicated loan market becomes more volatile, borrowers increasingly turn to established direct lenders for certainty of execution, and Blue Owl is well positioned to capture that demand.

隨著廣泛銀團貸款市場波動加劇，借款人愈發轉向成熟的直接放款人以確保交易執行的確定性，而 Blue Owl 具備良好條件把握這股需求。

As borrowers adjust to new market realities, refinancings will resume, driving spread widening and fee income and even if new deal flow stays moderate, we will naturally have the opportunity to put capital to work through regular activity from our existing portfolio, including add-ons and upsizings with borrowers we know well and have backed through multiple cycles.

隨著借款人調整以因應新的市場現實，再融資將會恢復，進而推動利差擴大與手續費收入；即使新增交易流量仍維持溫和，我們也將可透過既有投資組合的例行活動自然地投入資金，包括對我們熟悉、且在多個週期中支持過的借款人進行附加融資（add-ons）與增額（upsizings）。

Lastly, this quarter also marks an important milestone for OBDC as the fund has reached its 10-year anniversary.

最後，本季對 OBDC 也是一個重要里程碑，因為該基金已迎來成立 10 週年。

Over that time, we have delivered a 9.6% annualized total return while managing the portfolio through multiple periods of volatility maintaining strong credit performance and low loss rates that have averaged just 31 basis points annually.

在此期間，我們在管理投資組合穿越多個波動階段的同時，仍維持強勁的信用表現與低損失率，平均年度損失率僅 31 個基點，並交出 9.6% 的年化總報酬。

This recent volatility highlights the importance of risk management across the balance sheet. We remain focused on conservative asset selection with well-matched liabilities, sufficient liquidity and the right protections in place.

近期的波動凸顯了資產負債表整體風險管理的重要性。我們仍專注於保守的資產選擇、與之相匹配的負債結構、充足的流動性，以及到位的適當保護條款。

We have conviction in our strategy, remain focused on acting in the best interest of shareholders and believe that our long-term track record is the clearest demonstration of the quality of this platform.

我們對自身策略深具信心，持續以股東最佳利益為依歸，並相信我們長期的績效紀錄最能清楚展現此平台的品質。

Thank you for your time today. We will now open the line for questions.

感謝各位今天撥冗參與。接下來我們將開放提問。

(Operator Instructions) Brian McKenna, Citizens.

（接線員指示）Brian McKenna，Citizens。

Okay, great. Thanks. Good morning, everyone. So on the new $0.31 quarterly dividend, should we view that as a floor in NII over the next several quarters? And since you're keeping the supplemental dividend framework in place, is there the potential for some supplemental dividends to come through later this year, depending on the trajectory of NII from here as the environment begins to normalize with wider spreads, which should be a recovery in transaction activity along with stable base rates?

好的，謝謝。各位早安。關於新的每季 0.31 美元股利，我們是否應將其視為未來幾季 NII 的底線？另外，既然你們維持補充股利（supplemental dividend）的架構，今年稍晚是否可能視 NII 從現在起的走勢而發放一些補充股利——在環境隨著利差擴大而開始正常化、交易活動回升，以及基準利率維持穩定的情況下？

Hey, Brian, thanks. So we thought very carefully about where to set the dividend. We think that this is the right level. We -- in terms of it's a floor, I hope it's a floor. I expect that we will have a really good environment.

嗨，Brian，謝謝。我們非常審慎地思考股利應設定在什麼水準。我們認為這是合適的水準。至於是否是底線，我希望它是底線。我預期我們將面臨一個非常好的環境。

I think spreads, as we talked about, will go wider from here. Obviously, it's very base rate driven as well. Right now, base rates are expected to sort of stabilize here.

我認為如同我們所談到的，利差將從這裡開始走寬。當然，這也很大程度取決於基準利率。目前市場預期基準利率大致會在此處趨於穩定。

We had very little prepayment income this quarter. That's not an easily predictable variable, but our history shows we typically have it.

本季我們的提前償還收入非常少。這不是一個容易預測的變數，但我們的歷史顯示通常會有。

So I hope and expect it to be a floor. But in any quarter, things can happen. So I don't want to overstate the level of precision there.

所以我希望也預期它會是底線。但任何一季都可能發生一些事情，因此我不想把精準度說得過頭。

I appreciate you highlighting the supplemental dividend. I do think that there are going to be quarters where we are over the $0.31 and again, this is at the risk of saying this multiple times, this isn't a special dividend.

謝謝你提到補充股利。我確實認為會有一些季度我們會高於 0.31 美元；再說一次，冒著重複強調的風險，這不是一次性的特別股利（special dividend）。

We're really expressing a commitment to pay out 50% of everything over $0.31. So we hope investors appreciate that versus special, which is much more discretionary.

我們真正要表達的是承諾：對於超過 0.31 美元的部分，我們將支付其中的 50%。我們希望投資人能欣賞這一點，因為相較之下，特別股利的裁量性要高得多。

So that's some perspective on it. I'm quite optimistic over the next 12 months, it's going to be a better investing environment, and we'll have the ability to generate some really attractive earnings for the portfolio, hopefully in excess of the dividend.

以上是一些觀點。對未來 12 個月我相當樂觀，投資環境會更好，而我們也有能力為投資組合創造相當具吸引力的收益，希望能高於股利水準。

Okay. That's helpful. And then, Jonathan, it would be helpful to get a little more color around your framework and approach to marking the portfolio. I know your process is very thorough, but I think it'd be timely just to get a little bit more detail here. And then do you have any historical data around the average markup between final realized marks across the portfolio relative to the prior unrealized marks?

好的，這很有幫助。接著，Jonathan，如果能多談一些你們對投資組合估值（marking）的框架與作法會很有幫助。我知道你們的流程非常嚴謹，但我認為現在取得更多細節很應景。另外，你們是否有任何歷史數據，說明整體投資組合在最終已實現估值（final realized marks）相對於先前未實現估值（prior unrealized marks）的平均上調幅度？

Sure, just in terms of our valuation approach, it's been consistent for the last 10 years. We will remind you and remind everyone that here we do not mark our book at all.

當然。就我們的估值方法而言，過去 10 年一直保持一致。我們會提醒你、也提醒大家：在這裡我們完全不自行對投資組合估值（mark our book）。

We go out to an external valuation agent every single quarter for every single name, a large well-regarded valuation agent.

我們每一季、針對每一個標的，都會委託外部估值機構，一家規模大且備受推崇的估值機構。

They're not providing a range of values but rather marking the book to the point value and so we're not putting a number where it's at the top end of the range or the bottom end of the range, et cetera, but rather just a price taker ultimately for every single valuation.

他們不是提供一個估值區間，而是將投資組合估到一個點值；因此我們不是把數字放在區間的上緣或下緣等等，而是對每一筆估值最終都作為價格接受者（price taker）。

We do, as part of our overall requirements with our board and obviously internally. Do a look-back analysis on, first of all, comparable valuations to the peers. We've always been marked on a conservative basis, but not too much.

作為我們對董事會的整體要求、當然也包括內部要求的一部分，我們會做回溯分析：首先是與同業的可比估值比較。我們一向以偏保守的基礎來估值，但也不會過度保守。

We obviously don't want to be -- we don't want to be just taking marks down without thought, but we are always analysing where we mark relative to the peers. And another thing that we do is obviously always look at where.

我們顯然不希望在沒有充分思考的情況下就把估值往下調，但我們始終在分析我們的估值相對同業的位置。另一件我們會做的事，當然也一直在看的是——

We exit versus where we were previously marked in the prior quarter. So on a realization basis, we'll look at where the unrealized values are and then ultimately where those realizations come in and you're talking about generally a very small amount, unless obviously in the particular quarter.

我們的退出價格相對於前一季估值的位置。因此在已實現層面，我們會看未實現估值在哪裡，然後最終這些已實現結果落在哪裡；一般而言差異非常小，除非在特定季度——

There's some massive change relative to where we were. In the context of the unrealized or the realizations that we had in this quarter, all of those realizations, some of them were historical non-accruals where we effectively realized them.

相較於我們先前的位置出現了巨大的變化。就本季的未實現或已實現而言，我們本季的所有已實現項目中，有些是歷史上的非計息（non-accrual）標的，我們基本上將其實現——

Exactly where they were, because we had already taken the pain. And there were some realizations on the way up, like a name like SpaceX is obviously moving pretty dramatically, so there was a realized gain associated with SpaceX in the quarter because the valuation changed between [12.31 and 331].

在它們原本的位置，因為我們先前已經承受了損失。也有一些是向上實現的案例，例如 SpaceX 這樣的標的顯然變動相當劇烈，因此本季 SpaceX 有一筆已實現收益，因為估值在 [12.31 and 331] 之間發生了變化。

I'd just add we're a lender. Our loans are contractually due at par. Our loans, if they're performing and going to get taken out, they should be getting taken out at par.

我再補充一點：我們是放款人。我們的貸款在合約上是以面值（par）到期應付。若貸款表現正常且將被再融資或償還，理應以面值被償還。

It's very different than a private equity portfolio where a private equity firm is marking the value and then they have to exit and there's an indeterminate value up or down.

這與私募股權投資組合非常不同；私募股權公司會對價值進行估值，然後必須退出，而退出價值可能上或下，並不確定。

The vast majority of our loans in our history are exiting at their fair value because as we approach that refinancing or repayment or maturity, it gets marked closer and closer to par and as we've highlighted, we've only had 35 basis points of loss in the history of the fund. So almost everything has gotten repaid at par.

就我們的歷史而言，絕大多數貸款在退出時都接近其公允價值，因為當我們接近再融資、償還或到期時，估值會越來越接近面值；而且如我們所強調的，本基金成立以來損失僅 35 個基點。因此幾乎所有貸款都以面值償還。

The average, just so you have it at your fingertips. The current spread in the book is $5.60 over, and the average loan is marked at $95.4, and we expect to get par on almost all of those loans.

平均值方面，讓你方便掌握：目前投資組合的平均利差是較基準利率高 5.60%，平均貸款估值為 95.4，而我們預期幾乎所有這些貸款都能以面值收回。

Really helpful. Thank you, guys.

非常有幫助。謝謝各位。

Thanks, Brian.

謝謝你，Brian。

Sean Paul Adams, B. Riley Securities.

Sean Paul Adams，B. Riley Securities。

Hey, guys. Good morning. It looks like your headline non-accruals declined, but look, you marked Walker Edison on non-accrual, but you kept the first lien at a 96% mark while effectively taking that delayed draw to basically a zero.

各位早安。看起來你們的主要非計息（non-accrual）下降了，但你們把 Walker Edison 設為非計息，同時仍將第一順位擔保（first lien）維持在 96% 的估值，卻幾乎把那筆延遲提用（delayed draw）估到接近零。

It looks like that was an opportunity to kind of draw down or do you have estimates of a better recovery from that. That specific name.

看起來那可能是一個把額度提用下來（draw down）的機會，或者你們是否預期在那個特定標的上能有更好的回收率？

Walker Edison has been on non-accrual for a significant period of time. It's been marked down to very low levels with a certain view of recovery. There was a realization this quarter, Sean-Paul.

Walker Edison 已經處於停止計息（non-accrual）狀態相當長一段時間了。我們已將其估值下調到非常低的水準，並對回收有一定的看法。本季有一筆已實現損益，Sean-Paul。

So that's probably what's tripping you up. But there is -- in terms of non-accrual, it's not a new non-accrual and has been marked down drastically, not much more significantly this quarter.

所以這大概就是讓你困惑的地方。不過就停止計息而言，這不是新的停止計息項目，而且之前已大幅下調，本季並沒有再更顯著地下調。

No impact to NAV, this was just a realization of an already unrealized markdown that we had, so there was no change to NAV net at the end of the day.

對 NAV 沒有影響；這只是把我們原本已存在的未實現減記轉為已實現，因此最終日終的 NAV 淨值沒有變化。

Correct, yes, it's been a long-standing non-accrual. It's just more questioning the marks of where it's the fair value at 96% on the new non-accruals for the quarter, Cornerstone OnDemand was a new addition and that is kind of cross-held within the Aries portfolio as well that is within the kind of SaaS business, that mark has kind of deteriorated pretty rapidly. Do you have any extra color on that specific name?

沒錯，是的，這是一筆長期的停止計息。我的問題更多是在於估值：本季新增停止計息的項目其公允價值標記在 96% 的位置。Cornerstone OnDemand 是本季新增的，且在 Aries 投資組合中也有交叉持有，屬於 SaaS 業務；該項目的估值標記惡化得相當快。你能否就這個特定標的提供更多說明？

Well, sure. Before, I just want to make sure it's clear. We didn't have any additional non-accruals this quarter. So we can talk about cornerstone has public loans that trade and when we are in an investment that has public loans that trade, we certainly and our valuation firm takes.

當然可以。不過在此之前，我想先確認清楚：我們本季沒有新增任何停止計息項目。至於 Cornerstone，它有在公開市場交易的貸款；當我們投資的標的包含有公開交易的貸款時，我們以及我們的估值機構當然會採用。

The marks of those public loans heavily into account for obvious reasons and so in that particular case, the loan, the mark that we have is heavily fat weighed by the public marks.

基於顯而易見的原因，會高度納入那些公開市場貸款的價格標記；因此在那個個案中，我們的貸款估值標記在很大程度上是由公開市場標記所主導。

We believe it's a performing credit. It's had some volatility to some of this. Look, there's a lot of public market concern about software names and sometimes that trading volatility may or may not line up with our view of credit fundamentals, but we feel good about having it on accrual and we feel like we've marked it appropriately.

我們認為這是一筆正常履約的信用資產。它確實有一些波動。你看，公開市場對軟體類標的有很多疑慮，而那種交易波動有時可能、也可能不會與我們對信用基本面的看法一致；但我們對其維持計息狀態有信心，也認為我們的估值標記是適當的。

My apologies to clarify, your non-accruals were lower for the quarter, but your watch list with the aggregate marks below 85% did increase and so that the cornerstone draw out was from the watch list increasing while the non-accruals are going down.

抱歉我想釐清一下：你們本季停止計息的部位是下降的，但你們的觀察名單（watch list）中，整體估值標記低於 85% 的合計金額卻上升了；因此 Cornerstone 的變動是來自觀察名單增加，而停止計息在下降。

So my question was more pointed towards whether headline non-accruals might be going down, but the aggregate watch list credits. The risk ratings within the portfolio, could those be going up or is that rather just a mark-to-market, like you said earlier in the call, when a number of these names are cross-held positions within other BDCs?

所以我的問題更聚焦在：即使表面上的停止計息可能在下降，但投資組合中觀察名單信用的整體風險評等是否可能在上升？還是說這只是你先前在電話會議提到的市價評價（mark-to-market），因為其中不少標的是其他 BDC 也交叉持有的部位？

I would add, our 3s to 5s rated names, which we would view as more expansive than just the names below 80 and the names that we spend a lot of time considering all the factors around credit performance that is stable and it has not gone up.

我補充一下：我們評等為 3 到 5 的標的（我們認為這比僅看低於 80% 的標的更具涵蓋性），也是我們花很多時間綜合考量信用表現各項因素的部分；這一塊是穩定的，並沒有上升。

So the subset of names that you're looking at that have had volatile trading prices, there are a few most notably cornerstone, you highlighted, have been a relative value to a first lien that traded down significantly with the volatile public market, particularly around software names in the first quarter. On that name in particular, earnings and revenues in that company are perfectly stable.

所以你所看的那一小部分因交易價格波動而受影響的標的，其中幾個最明顯的就是你提到的 Cornerstone；它是一筆第一順位擔保（first lien），在第一季公開市場波動、特別是軟體類標的波動下，交易價格大幅下跌。就這個標的而言，該公司的獲利與營收其實非常穩定。

It's a public market volatility point related to the first lien. So when we look at our more expansive proxy for a watch list, our 3s to 5s rated the numbers are not going up. They're stable.

這是與第一順位擔保相關的公開市場波動因素。因此，當我們用更廣義的觀察名單代理指標——也就是評等 3 到 5 的部位——來看，數字沒有上升，是穩定的。

Okay. Thank you for the color. I appreciate it.

了解。謝謝你的補充說明，我很感謝。

Thank you.

謝謝。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi, guys. A couple of questions, if I can, kind of unrelated. On the first kind of earnings trends going forward, I mean, to your point, three-year low in fee income, two-year low in leverage.

嗨，各位。我有幾個問題可以問的話，彼此有點不相關。先談未來的獲利趨勢：如你所說，費用收入是三年低點，槓桿是兩年低點。

So there's a lot of potential drivers. I mean, what do you think could be the primary drivers of earnings one way or the other through the remainder of the year? I mean, do you think fee income.

所以有很多潛在驅動因素。你認為今年剩餘期間，影響盈餘上行或下行的主要驅動因素可能是什麼？你覺得費用收入。

Is likely -- I mean, preplaced, etc., is actually likely to increase this year given how choppy the market is and spreads are wider, maybe people don't want to refi? Or do you think leverage is more likely to be the primary tool for kind of the direction of NII through the course of this year?

是否可能——例如提前償還等——在今年因市場震盪、利差更寬而上升，或許大家不想再融資（refi）？還是你認為槓桿更可能成為今年 NII 走向的主要工具？

Look, Robert, I think it's a mix. I don't think there's one primary. In any one quarter, different things can happen.

Robert，你看，我認為是多種因素的組合。我不覺得只有單一主要因素；在任何一個季度，不同事情都可能發生。

I think our income, fee income, prepayment income was unusually low this quarter. It's in almost all market environments, it's higher than we've seen this quarter. It just wound up being exceptionally low quarter.

我認為我們本季的收入、費用收入、提前償還收入異常偏低。在幾乎所有市場環境下，這類收入通常都會高於本季所見；只是本季剛好特別低。

Again, that type of income could be from OID could be from repayments, call premium, amendment fees. There's a lot of drivers. It's not any one thing and just wound up being an exceptionally quiet quarter. Without getting too far ahead of myself, I suspect it will be higher in the second quarter, but we'll see.

再說一次，這類收入可能來自 OID，也可能來自還款、提前贖回溢價（call premium）、修約費（amendment fees）。驅動因素很多，不是單一因素，只是本季特別安靜。先不講得太超前，我猜第二季會比較高，但我們再看。

I do think that we will -- refinancing's will take place throughout the year that will allow us to add some spread to the book. I think that we're going to be cautious on leverage just because I think it's an environment that deserves caution.

我確實認為今年會有再融資發生，讓我們能在投資組合上增加一些利差。我認為我們在槓桿上會保持謹慎，因為我覺得這個環境值得謹慎。

But if we see attractive opportunities, which I think we will, taking the leverage up a bit is certainly -- we have the flexibility to do that.

但如果我們看到具吸引力的機會——我認為會有——把槓桿稍微提高一些當然是可以的；我們有這樣的彈性。

So I think it's all those things, we have our joint ventures. They pay dividends they're very predictable dividends, but in any one quarter, they can be a little bit higher, a little bit lower and obviously, credit performance needs to continue to be very strong, so it's all the factors.

所以我認為是所有這些因素。我們也有合資企業；它們會配發股利，而且是非常可預期的股利，但在任何一個季度可能會略高或略低。當然，信用表現也必須持續非常強勁，所以是所有因素的綜合。

I guess what I would say is, when we said in the script, and I just want to be really clear, this quarter, you saw the culmination of a period of time where spreads were ground down in the industry and rates came down, and there's a lag effect to the rates.

我想我會這樣說：我們在講稿裡提到的，我想非常清楚地說明，本季你看到的是一段時間累積的結果——產業利差被壓縮、利率下行，而且利率存在滯後效應。

As borrow elections turnover. And so you saw this in our results, but I think you're seeing it in our peers' results pretty consistently, and you're seeing it in the first quarter. For investors that don't follow the space very closely, what we are highlighting is, now that that's really washed its way through.

當借款人選擇（borrow elections）輪替時就會反映出來。因此你在我們的結果中看到了，但我認為你也相當一致地在同業的結果中看到，尤其是在第一季。對於沒有非常密切追蹤這個領域的投資人，我們要強調的是：現在這些影響基本上已經消化完了。

Optimistic because of the supply demand in the industry that spreads are widening from here. And I think their expectation is base rates have stabilized from here. So if we get just some reasonable repayment, that's a cause for hope around earnings for the industry over the rest of the year. I think it's all those factors.

我們之所以樂觀，是因為產業供需狀況使得利差從這裡開始擴大。我也認為市場預期基準利率在此已趨於穩定。因此只要有一些合理的還款，就能為今年剩餘期間產業的盈餘帶來希望。我認為就是所有這些因素。

Got it. Thank you. And one more if I can on the LTVs, obviously, there's been it has been an area of focus for the space to talk about LTVs as a capital protection kind of indicator.

了解，謝謝。再問一個關於 LTV 的問題：顯然，LTV 一直是這個領域關注的重點，作為資本保護的一種指標。

Can you give us any more color on how rapidly you update or where the V part of that comes from in your disclosure? And is it the underwriting value? Is it updated quarterly, which I presume? And also to the point, like what's that's the average for the portfolio.

你能否多提供一些說明：你們揭露中的 LTV 裡的 V（價值）是如何取得、以及你們更新的頻率有多快？它是承作時的估值（underwriting value）嗎？我猜是每季更新？另外，整個投資組合的平均值大概是多少？

What's the kind of range across the portfolio in terms of LTVs, obviously, for the overall portfolio? And obviously, I'm also interested in the software side in terms of how that LTV's is moving and what the range is in software as well as the overall portfolio.

就整體投資組合而言，LTV 的分布區間大概如何？另外我也特別關心軟體類：軟體類的 LTV 變動情況如何、區間是多少，以及相對於整體投資組合的狀況。

I'll start, and anyone from the team can chime in we update the LTVs every quarter. That's something we've disclosed consistently in our history. We called out in the script that the LTV for OBDC this quarter went from $41 million to $47 million.

我先回答，團隊其他人也可以補充。我們每季都會更新 LTV；這是我們過去一貫揭露的事項。我們在講稿中也特別提到，本季 OBDC 的 LTV 從 4,100 萬美元上升到 4,700 萬美元。

If you've followed us for a long time that we've consistently been in the low 40s, so this is a little bit higher that drive is very much driven by the drop in valuation in software.

如果你長期關注我們，你會知道我們一直都維持在40%出頭的水準，所以這次稍微高一些，而這主要是由於軟體估值下滑所驅動。

The biggest piece of it, meaningfully, was software, which is the largest sector in the book. So to the spirit of your question, we look at this every quarter. The teams look at it. We look at it. They look at a number of factors for when they're valuing a name.

其中最大的一塊，顯著地，是軟體，因為它是我們投資組合中最大的產業。因此回到你問題的精神，我們每一季都會看這個指標。團隊會看，我們也會看。他們在評估一個標的時會看很多因素。

Certainly, entry valuation is a key factor in the early years because that's sort of the most clear indicator. But as names season in the book, we updated for other comparable valuation where assets are trading at, M&A value, what's happened to the underlying credit. So this gets updated. I would say this quarter.

當然，進場估值在前幾年是一個關鍵因素，因為那算是最清楚的指標。但當標的在投資組合中持有一段時間後，我們會依其他可比估值更新，例如資產在市場上的交易水準、併購（M&A）價值、以及底層信用狀況的變化。因此這些都會更新。我會說就在本季。

We all recognize that there's been a really easy change in valuation for software assets. I think that's very clear, certainly, to us and to the market and so I think we took extra special care around valuing the software names, and that's reflected in the increase from $41 million to $47 million.

我們都認知到，軟體資產的估值出現了非常明顯的變化。我想這對我們、對市場都非常清楚，所以我們在軟體標的的估值上特別格外謹慎，而這也反映在從4,100萬美元增加到4,700萬美元。

In terms of your broader question around the range, I don't have it at my fingertips. But the vast majority of the names are going to be in that ZIP code and most if we're doing statistical analysis, they would cluster around 30% to 55%. We certainly have names, we always have and we always will that are.

至於你更廣泛關於區間的問題，我手邊沒有精確數字。但絕大多數標的都會落在那個大致範圍內；如果我們做統計分析，它們多半會聚集在30%到55%之間。我們當然也有一些標的——一直都有、也一直會有——是。

More challenged, and they're going to be higher loan to value, since any lending book has that, and we have that, and you can see that reflected in valuation levels.

更具挑戰性的，而它們的貸款價值比（LTV）會更高，因為任何放款投資組合都會有這種情況，我們也不例外，你也可以從估值水準中看到這點。

But we feel really good about our cushion, even in today's environment, even in software. We highlighted it in a name like Intellerad, it's a software name. It got sold to us strategic for 20 times cash flow.

但我們對我們的緩衝（cushion）感覺非常好，即使在今天的環境下，即使是在軟體領域。我們以Intellerad這個標的為例強調過，它是一家軟體公司，被賣給策略買家，價格是現金流的20倍。

Our LTV on that loan was, at the end of the day, 25% or something. So we feel good about it. We update it. It's only one metric.

我們那筆貸款的LTV，最後算下來大概是25%之類的。所以我們覺得很有信心。我們會更新它。它只是其中一個指標。

I think it's an easy metric for people to wrap their head around. It's not -- but there's hundreds of other metrics that we look at to assess the quality of the portfolio. But I think that the fact that the LTV went up this quarter, I think, should give investors. Some confidence that these are statistics that we put a lot of thinking into.

我認為這是一個大家容易理解的指標。但它不是——我們還會看數百個其他指標來評估投資組合的品質。不過我認為，本季LTV上升這件事，應該能讓投資人。對於我們在這些統計數據上投入大量思考，增加一些信心。

Thank you.

謝謝。

Paul Johnson, KBW.

KBW的Paul Johnson。

Thanks for taking my questions. I appreciate all the color that you've provided. I just had one question, actually two questions here, but I realize this is a more recent development.

謝謝讓我提問。我很感謝你們提供的所有補充說明。我其實只有一個問題——實際上是兩個問題——但我知道這是比較近期的發展。

But you've seen relatively strong performance in the equity market, public equity markets for software companies over the last few weeks. I think they've bounced almost a little over 20% from kind of the bottom that they hit at the end of last quarter.

但過去幾週你們看到軟體公司的股票市場、公開股權市場表現相對強勁。我想它們從上季末觸及的低點反彈了將近、甚至略高於20%。

I'm just curious, I mean, in any way, has that been reflected within conversations, engagement with the sponsor community where -- maybe there's a little more of a narrowing of the bid-ask between these companies or anything that's happening to allow these sponsors to get a little bit more comfortable, I guess, transacting in that sector, just given the bounce we've seen in the public markets.

我只是好奇，我是說，這是否在任何程度上反映在你們與贊助商社群（sponsor community）的對話與互動中——也許這些公司之間的買賣價差（bid-ask）有些收斂，或是有任何事情正在發生，讓這些贊助商在該產業的交易上更感到安心一些，畢竟我們看到公開市場出現了反彈。

Look, I do think it's nice to see some of that bounce, and I think the market is being the equity markets, but the markets in general, I think, are being a little more thoughtful about software and the impact on AI.

你看，我確實覺得看到一些反彈是好事。我認為市場——也就是股市，但更廣義的市場——在看待軟體以及AI的影響時，變得更審慎、更有思考。

The initial reaction was so dramatic, and I think you're starting to see the market focus on the high-quality aspects of software and the stickiness and the durability, even in an AI world.

一開始的反應非常劇烈，而我想你開始看到市場把焦點放在軟體的高品質面向，以及其黏著度與耐久性，即使是在AI的世界裡。

I don't have -- I think it's too soon to. We're not seeing any significant different dialogue with sponsors based on a few weeks of trading activity, but I can tell you the sponsors are very focused on making sure that their companies are prepared for an AI world and investing considerable resources and doing what we would expect them to be doing to make sure their companies continue to prosper, and that's the biggest part of our dialogue with them, but I don't have anything to add beyond that.

我沒有——我覺得現在下結論還太早。我們並沒有因為短短幾週的交易活動，就看到與贊助商之間有任何顯著不同的對話；但我可以告訴你，贊助商非常專注於確保他們的公司已為AI世界做好準備，投入相當多資源，做我們預期他們該做的事，以確保公司能持續成長興盛，而這是我們與他們對話中最大的部分；除此之外我沒有更多可以補充的。

Thanks, that's helpful. Last one, just higher level, but it feels like banks could certainly become more competitive here and lean into the BSL market a little more if they wanted to.

謝謝，這很有幫助。最後一個問題，偏高層次一點，但感覺銀行如果想要的話，確實可能在這裡變得更具競爭力，並更積極切入BSL市場。

I'm wondering, I mean, are you just in terms of like the repayments, $1.5 billion this quarter, a little over $5 billion last year.

我想問的是，就還款而言，本季是15億美元，去年是略高於50億美元。

Like how much of that is going to the BSL market and whether or not you could actually use something like that to your advantage where you could potentially reduce software exposure or improve liquidity, that sort of thing where perhaps getting some of these deals refinanced into the BSL market is not such a bad thing?

其中有多少是流向BSL市場？以及你們是否其實可以把這當作優勢來運用，例如可能降低軟體曝險或改善流動性之類——也就是說，讓其中一些交易被再融資到BSL市場，或許並不是壞事？

So I'll start. You can chime in look, we compete with the broadest indicated market. That's been core part of our business over 10 years. There's times the market's really strong. There's times the market's weak.

我先回答。你也可以補充。你看，我們是跟最廣泛的可得市場（broadest indicated market）競爭。這一直是我們10年來商業模式的核心部分。有時市場非常強，有時市場很弱。

I think right now, it's not especially strong. So I don't think this is an environment where the banks are leaning in on underwriting and I think if you follow that market closely, you'll know that there have been some challenges in some syndications in the BSL market.

我認為現在並不是特別強的時候。所以我不認為這是一個銀行會積極承作與承銷（underwriting）的環境；而且如果你密切關注那個市場，你會知道BSL市場的一些聯貸發行（syndications）確實遇到了一些挑戰。

But it's part of the model. Sometimes names get refinanced, sometimes they don't. All of our names get refinanced, whether they get refinanced by getting refinanced in the private market, public market, the companies get sold. It's an expected part of our economic model and those repayments.

但這是模型的一部分。有時標的會被再融資，有時不會。我們所有的標的最終都會被再融資——不論是透過私募市場再融資、公開市場再融資，或是公司被出售。這是我們經濟模型中預期的一部分，而那些還款。

I think, yes, I do think that this environment over the next 12 months is going to give us an opportunity when we get repayments to recycle those dollars into higher spread assets and it could be just refinancing some of our own names and marking those to market and so I do think this is an environment where through refinancings and repayments, whether it comes from a BSL syndication, private refinancing.

我想，是的，我確實認為未來12個月的環境會在我們收到還款時，給我們機會把資金再投入到利差更高的資產；也可能只是把我們自己的一些標的再融資，並按市價重估（mark to market）。所以我確實認為，這是一個透過再融資與還款——不論來源是BSL聯貸、私募再融資——

We'll have a chance to add spread to the book. We reduced software exposure this quarter from 19% to 16%. That happened naturally due to some repayments and I think that we're going to continue to be, I think, very cautious in software, and as we get repayments, probably look to continue to take that down, but we continue to have conviction on our software names, but it's a lawyer sector, there's more uncertainty there, and I think you'll see that reflected in a very high bar to add new names and probably a disposition to reduce our software exposure, but they performed very well, and this quarter was all just it's just repayments.

我們都有機會為投資組合增加利差。我們本季把軟體曝險從19%降到16%。這是因為一些還款而自然發生的。我認為我們會繼續在軟體上保持非常謹慎；隨著收到還款，可能會繼續把比重降下來。不過我們對我們的軟體標的仍然有信心，但這是一個較棘手的產業，存在更多不確定性；我想你會看到這反映在：新增標的的門檻會非常高，而且可能傾向於降低我們的軟體曝險。但它們表現得非常好，而本季全部都只是——就只是還款。

I appreciate it. That's all for me. Thank you.

了解，謝謝。我的問題就到這裡。謝謝。

Thank you.

謝謝。

Arren Cyganovich, Truist Securities.

Truist Securities的Arren Cyganovich。

Thanks. I was hoping you could just discuss some of the conversations you're having with sponsors in terms of the pipeline that you're seeing right now. I know things have slowed down quite a bit, but anything that's. Starting to show signs of opening up and would we also expect the repayments to slow as well since there's new deal activity is slowing?

謝謝。我想請你們談談目前你們與贊助商的對話，尤其是就你們現在看到的案源（pipeline）而言。我知道整體已經放緩不少，但是否有任何。開始出現回溫的跡象？另外，既然新交易活動正在放緩，我們是否也應該預期還款會放慢？

Sure. Thanks, Arren. We are starting to see a little bit of an uptick in activity. The vast majority of the activity so far has been on our incumbent position, so add-ons, bolt-ons, small acquisitions.

當然。謝謝你，Arren。我們確實開始看到活動量有些微上升。到目前為止，絕大多數的活動都發生在我們既有的部位上，也就是加碼（add-ons）、附加收購（bolt-ons）、小型併購。

But in the last couple of weeks, we've seen a couple of M&A processes underway, more in the healthcare, industrial and distribution space.

但在過去幾週，我們看到有幾個併購（M&A）流程正在進行中，主要集中在醫療保健、工業以及分銷領域。

Software still remains relatively quiet, but we are starting to see some more activity, particularly with the bounce back in public markets and equity markets but for now, the activity still remains relatively light.

軟體領域仍相對平靜，但我們開始看到一些活動增加，特別是在公開市場與股權市場反彈之後；不過就目前而言，整體活動仍然相對偏輕。

Repayment activity, it really just depends. We have seen areas where, over the years, public market volatility slows repayments. I think that's -- it's a fair point, and those are oftentimes correlated.

至於償還活動，確實要看情況。我們看到有些時期，隨著公開市場波動，償還會放緩。我認為那是——這是個合理的觀點，而且兩者往往是相關的。

But in the past quarter, as an example, a number of our takeout's were strategic buyers taking out assets like Intelerad, and strategic buyers have. Certainly strong equity market performance, strong valuations and strong earnings in public investment grade companies.

但以過去一季為例，我們有多筆退出（takeout）是由策略買家收購資產，例如 Intelerad；而策略買家確實受惠於強勁的股市表現、較高的估值，以及公開投資級公司強勁的獲利表現。

So it really just depends and this is not like the last few bouts of volatility, so we'll just have to see what happens.

所以這真的要看情況，而且這次不像前幾次的波動，因此我們只能再觀察接下來會發生什麼。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Hey, good morning and thanks for taking my question. Just another one on the new dividend level there. I wonder if you could just talk a little bit more about some of the embedded assumptions behind there. Are you embedding.

嗨，早安，謝謝讓我提問。再問一個關於新的股利水準。我想請你多談一點其中隱含的假設。你們是否在假設……

Essentially either further spread compression or conversely some benefit from spread winding? Anything else you'd like to articulate around what drove the new dividend level there?

基本上是進一步的利差收斂，或相反地，從利差回歸（spread winding）中獲得一些好處？還有沒有其他你想說明、用以解釋新股利水準形成原因的因素？

Sure. So we're constantly analyzing our model and forward earnings. So for sure, we are taking into account the forward curve and thinking through stresses.

當然。我們一直在持續分析我們的模型與未來盈餘。因此，我們確實會把遠期曲線納入考量，並思考各種壓力情境。

Stresses to that, we are also looking at spreads and the compression that we've seen over the last couple of years and stressing.

在這些壓力測試中，我們也會檢視利差，以及過去幾年我們看到的利差收斂，並進行壓力測試。

The relative up-down of spreads further compressing relative to widening and obviously, we have a view on that. We're also looking at historical levels of fee income relative to where we're currently performing.

也就是針對利差相對於擴大而言，進一步收斂的上、下行幅度做測試；當然，我們對此也有自己的看法。我們也會看歷史上的費用收入水準，並與目前的表現做比較。

So all of those things, leverage et cetera, credit performance, everything goes into that, and we've set our dividend at a level that we think is a supportable level and that's -- we took our time thinking through that process over the course of several quarters.

所以所有這些因素——槓桿等等、信用表現——全部都會納入考量。我們把股利設定在我們認為可持續支撐的水準；而且——我們花了好幾季的時間仔細思考這個流程。

Over the last few quarters, we've talked about it, and we think that this is the level that makes the most sense given all of those factors, Ken.

在過去幾季我們也談過這件事；綜合所有因素，我們認為這個水準最合理，Ken。

Very helpful there. And then one follow-up, if I may, just in terms of share repurchases, wondering, given where valuations are and given some of the leverage considerations you have there, how active could you be in terms of share repurchases over the near term?

非常有幫助。那我再追問一個：關於庫藏股回購，考量目前估值水準以及你們對槓桿的考量，短期內你們在回購方面可能會有多積極？

Well, I mean, I think you've seen us over the last couple of quarters be active. We've upsized the total size of our repurchase plan.

嗯，我想你也看到我們在過去幾季一直相當積極。我們也上調了整體回購計畫的規模。

This quarter, we were a little less active, as you can see notwithstanding the spread movements, overall credit spread movements and therefore declines in NAV, we were able to bring leverage down and into a level that puts us in a very comfortable range and so when we think about repurchases, we're thinking about it in the context of capital allocation, which is thinking about your leverage, thinking about.

本季我們的回購相對沒那麼積極；如你所見，儘管利差變動、整體信用利差變動並因此導致每股淨值（NAV）下滑，我們仍能把槓桿降下來，並降到一個讓我們非常舒適的區間。因此當我們思考回購時，我們是在資本配置的脈絡下思考，也就是要考量槓桿、考量……

Future deal opportunities relative to current deal opportunities and all of those elements. So we want to be active and we think that we created in all of those things depending on where the best capital allocation is on the forward and we think bringing down leverage this quarter is helpful to all of those potential allocations.

未來的交易機會相對於當前的交易機會，以及所有這些要素。所以我們希望保持積極，我們也會依據前瞻角度下最佳的資本配置來衡量所有這些事情；而我們認為本季降低槓桿，對於上述各種可能的配置選項都有幫助。

Derek Hewitt, Bank of America.

Derek Hewitt，美國銀行（Bank of America）。

Good morning, everyone. So I might have missed it because I was jumping between calls earlier, but could you discuss like what is your net leverage on the total portfolio? And then also, what is the net leverage specifically on the software portfolio?

各位早安。我可能漏聽了，因為我先前在不同電話會議間切換。不過你們能否說明一下整體投資組合的淨槓桿是多少？另外，軟體投資組合的淨槓桿具體是多少？

You're talking about at the investment level, not the BDC, not the company.

你指的是投資標的層級的槓桿，不是 BDC，也不是公司層級，對嗎？

Yes, we've typically been running between 5.5times and 6 times on our portfolio companies for net leverage, and that has not moved dramatically over the last few quarters.

是的，我們投資組合公司（portfolio companies）的淨槓桿通常介於 5.5 倍到 6 倍之間，過去幾季並沒有出現明顯變動。

Similarly, interest coverage, as we've talked about, has ticked up from 1.6times at a trough to around 2 times.

同樣地，如我們先前提到的，利息保障倍數已從谷底的 1.6 倍上升到約 2 倍左右。

Software companies, given the strong cash flow dynamics, have typically run a little bit higher, so north of 6 times for leverage, but that has not moved dramatically in the last few quarters either, given fundamental performance of our software borrowers has been strong and as we mentioned, earnings growth for the software portfolio companies is still low double-digit EBITDA growth. In line with the rest of the portfolio. So the leverage statistics have not moved around dramatically.

軟體公司因為現金流動態強勁，槓桿通常會略高一些，因此槓桿在 6 倍以上；但過去幾季也沒有明顯變動，因為我們的軟體借款人基本面表現強勁。正如我們提到的，軟體投資組合公司的獲利成長仍是 EBITDA 低雙位數成長，與整體投資組合一致。因此槓桿統計並沒有大幅波動。

Okay, great. And then just in terms of the software portfolio, what is the LTV for in the software portfolio? And you had mentioned the overall portfolio was 47%?

好的，很好。另外就軟體投資組合而言，LTV 是多少？你們提到整體投資組合是 47%。

So we mentioned 47% for the overall portfolio, and it's approximately 48% for the software portfolio. So it's not materially different. It's 48% for the software portfolio and 47% for the overall.

我們提到整體投資組合是 47%，而軟體投資組合約為 48%。所以差異不大：軟體投資組合是 48%，整體是 47%。

And does that include kind of mark-to-market in terms of like what happened with software values quarter-to-date?

那這是否包含按市價評估（mark-to-market），也就是軟體估值在本季迄今的變化？

Correct. That's our current view, marked to the quarter end.

是的。那是我們目前的看法，並以季末為基準進行評價。

Thank you.

謝謝。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Hey, good morning. Thanks for letting me join the party today. I just had to follow-up on the software EBITDA growth you said. I think you just said it's low double-digits versus last quarter, 16%. Am I hearing that correctly? And if so, could you give more color on what's driving that decline? Thank you.

嗨，早安。謝謝讓我今天加入。我想追問你提到的軟體 EBITDA 成長。我記得你剛說是低雙位數，而上一季是 16%。我聽得對嗎？如果是的話，能否多提供一些造成下滑的原因？謝謝。

Great. Sure. Thanks for the question. Last year, we saw software EBITDA growth for our borrowers in the low double-digits. The fourth quarter, as you mentioned, was a little bit of an outlier higher.

很好。當然，謝謝你的問題。去年我們借款人的軟體 EBITDA 成長是低雙位數。你提到的第四季確實稍微偏高，算是比較特例。

It's not a perfect measure in any one quarter given some of it includes M&A and the portfolio has puts and takes given there are names exiting and names entering and so and there's some seasonality. So we'll see what the trend is over time, but I would say that low double-digits has been consistent for the last year and you are right that the fourth quarter was a slight outlier higher.

由於其中一部分包含併購（M&A），而且投資組合會有進出（有些標的退出、有些標的加入），再加上也有一些季節性，因此單一季度並不是完美的衡量方式。我們會觀察長期趨勢，但我會說低雙位數在過去一年一直是相對一致的；你也說得對，第四季確實略高、屬於小幅特例。

So the 16% was not a full-year number, that was just the quarterly.

所以 16% 不是全年數字，那只是單季的。

That was the year-over-year reference last quarter.

那是上一季提到的年增率（year-over-year）參考。

Thanks a lot.

非常感謝。

Christopher Nolan, Ladenburg Farming.

Christopher Nolan，Ladenburg Farming。

Hi. Thanks for my questions. Most of the questions have been asked on loan sales, there are roughly $400 billion in loan sales in February, according to the Q. Are these the same loan sales that were discussed in the last quarterly call?

嗨，謝謝回答我的問題。關於貸款出售（loan sales）的問題大多已被問過了。根據 Q 的資料，2 月大約有 4,000 億美元的貸款出售。這些是否就是上一季電話會議中討論過的同一批貸款出售？

Yes.

是的。

Thank you.

謝謝。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節到此結束。我想把時間交回去，看看是否有任何進一步或結語的評論。

Terrific. Thank you all for joining. We appreciate your interest. As always, we're accessible. If you have follow-up questions, we'd be happy to engage with you, just reach out, and hope everyone has a great day.

太好了。謝謝各位參與。我們感謝各位的關注。一如既往，我們都很容易聯繫到；如果你們有後續問題，我們很樂意與各位交流，請直接聯絡我們，也祝大家今天愉快。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。