SLR Investment Corp (SLRC) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to today's Fourth Quarter 2022 SLR Investment Corp. Earnings Call. (Operator Instructions) Please note this call may be recorded (Operator Instructions)

大家好，歡迎來到今天的 2022 年第四季度 SLR Investment Corp. 財報電話會議。 （操作員說明）請注意此通話可能會被錄音（操作員說明）

It is now my pleasure to turn today's program over to Michael Gross, Chairman and Co-CEO. Sir, please begin.

現在我很高興將今天的計劃轉交給董事長兼聯席首席執行官邁克爾格羅斯。先生，請開始。

Thank you very much, and good morning. Welcome to SLR Investment Corp.'s earnings call for the fiscal year ended December 31, 2022. I'm joined today by Bruce Spohler, our Co-CEO; and Rich Peteka, our Chief Financial Officer.

非常感謝，早上好。歡迎來到 SLR Investment Corp. 截至 2022 年 12 月 31 日的財政年度的收益電話會議。今天，我們的聯席首席執行官 Bruce Spohler 也加入了我的行列；和我們的首席財務官 Rich Peteka。

Rich, before we begin, would you please start by covering the webcast and forward-looking statements?

Rich，在我們開始之前，請先介紹一下網絡廣播和前瞻性陳述好嗎？

Sure. Thanks, Michael. I would like to remind everyone that today's call and webcast are being recorded. Please note that there is a property of SLR Investment Corp and that any unauthorized broadcast in any form are strictly prohibited. This call is being webcast from the event calendar in the Investors section of our website at www.slrinvestmentcorp.com. Audio replays of this call will be made available later today, as disclosed in our earnings press release.

當然。謝謝，邁克爾。我想提醒大家，今天的電話和網絡直播正在錄製中。請注意，SLR Investment Corp 擁有財產，嚴禁未經授權以任何形式進行廣播。此電話會議通過我們網站 www.slrinvestmentcorp.com 投資者部分的活動日曆進行網絡直播。正如我們的收益新聞稿中所披露的那樣，今天晚些時候將提供此次電話會議的音頻重播。

I would also like to call your attention to the customary disclosures in our press release regarding forward-looking information. Statements made in this conference call and webcast may constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of our future performance, financial condition or results and involve a number of risks and uncertainties.

我還想提請您注意我們新聞稿中有關前瞻性信息的慣例披露。本次電話會議和網絡廣播中的陳述可能構成前瞻性陳述，涉及未來事件或我們未來的業績或財務狀況。這些陳述不是我們未來業績、財務狀況或結果的保證，並涉及許多風險和不確定性。

As performance is not indicative of future results, actual results may differ materially as a result of a number of factors, including those described from time to time in our filings with the SEC. SLR Investor Corp. undertakes no duty to update any forward-looking statements, unless required to do so by law. To obtain copies of our latest SEC filings, please visit our website or call us at (212) 993-1670.

由於業績不代表未來結果，實際結果可能因多種因素而存在重大差異，包括我們在向美國證券交易委員會提交的文件中不時描述的因素。除非法律要求，否則 SLR Investor Corp. 不承擔更新任何前瞻性陳述的義務。要獲取我們最新提交給美國證券交易委員會的文件的副本，請訪問我們的網站或致電 (212) 993-1670 與我們聯繫。

With that said, I would like to turn the call back to our Chairman and Co-CEO, and Michael Gross.

話雖如此，我想把電話轉回給我們的董事長兼聯席首席執行官邁克爾·格羅斯。

Thank you very much, Rich, and good morning again, and thank you for joining us. We are to report that for the fourth quarter of 2022, SLRC earned net investment income of $0.41 per share, which fully covered our distributions. Due to the realization of synergies, portfolio growth, rising interest rates and stable portfolio credit quality, we were able to reach this net investment income target faster than we had projected at the time of the merger of SLRC and SUNS.

非常感謝你，Rich，再次早上好，感謝你加入我們。我們將報告 2022 年第四季度，SLRC 的每股淨投資收益為 0.41 美元，完全覆蓋了我們的分配。由於實現了協同效應、投資組合增長、利率上升和穩定的投資組合信用質量，我們能夠比我們在 SLRC 和 SUNS 合併時預計的更快地實現這一淨投資收益目標。

Additionally, as we continue to grow our portfolio from its COVID-19 lows, we expect further growth in net investment income per share during 2023.

此外，隨著我們繼續從 COVID-19 的低點擴大我們的投資組合，我們預計 2023 年每股淨投資收益將進一步增長。

At December 31, 2022, our net asset value per share was $18.33 compared to $18.37 at September 30. Overall, our portfolio is performing well, and credit quality is very stable. Enhanced by SLRC's acquisition of SUNS, our portfolio is well diversified across cash flow loans in noncyclical industries and in asset-based loans.

截至 2022 年 12 月 31 日，我們的每股資產淨值為 18.33 美元，而 9 月 30 日為 18.37 美元。總體而言，我們的投資組合表現良好，信用質量非常穩定。通過 SLRC 對 SUNS 的收購，我們的投資組合在非週期性行業的現金流貸款和基於資產的貸款中得到了很好的多元化。

At December 31, 98.6% of our comprehensive investment portfolio was comprised of first lien senior secured floating rate loans. Of the 1.2% of our portfolio, which is allocated to second lien loans, only 0.2% is invested in second lien cash flow loans, and 1% is invested in second lien asset-based loans with defined borrowing basis.

截至 12 月 31 日，我們綜合投資組合的 98.6% 由優先留置權優先擔保浮動利率貸款組成。在我們的投資組合的 1.2% 中，分配給第二留置權貸款，只有 0.2% 投資於第二留置權現金流貸款，1% 投資於具有明確借款基礎的第二留置權資產貸款。

Based on a recent comprehensive stress test of our portfolio, we are confident in its credit quality. Our longstanding investments on first lien loans has resulted in a portfolio that is better equipped to withstand a continued higher interest rate environment than portfolios with second lien loans or equity exposure.

根據最近對我們投資組合的全面壓力測試，我們對其信用質量充滿信心。我們對第一留置權貸款的長期投資使投資組合比第二留置權貸款或股權投資組合更能承受持續的高利率環境。

Additionally, with 78% of our comprehensive portfolio invested in specialty finance assets, which a borrowing basis supporting the first lien loans and full covenant structures, were positioned for a volatile economic environment.

此外，我們 78% 的綜合投資組合投資於專業金融資產，這是支持第一留置權貸款和完整契約結構的借款基礎，適合動蕩的經濟環境。

The current market conditions for new investments are the most attractive we've seen in several years. For Q4, the company originated $430 million of new investments and had repayments of $409 million, inclusive of commercial finance folio companies. Terms on sponsored finance loans have become more attractive, and our specialty finance business, which typically flourish during turbulent market conditions, are also seeing an attractive opportunity set and, importantly, have available capital to take advantage of this investment environment.

目前對新投資的市場條件是我們幾年來最具吸引力的。第四季度，該公司發起了 4.3 億美元的新投資，並償還了 4.09 億美元，其中包括商業金融公司。贊助金融貸款的條款變得更具吸引力，我們的專業金融業務通常在動蕩的市場條件下蓬勃發展，也看到了一個有吸引力的機會集，而且重要的是，擁有可用資本來利用這種投資環境。

All 4 of our lending strategies had a strong fourth quarter, and we expect a positive portfolio growth to continue throughout this year. The banks on the sidelines through the volatility ESL market, lenders who've been hold investments of $200 million of the more such as the SLR platform are even more valued by borrowers, have greater pricing power and influence over terms.

我們的所有 4 種貸款策略都在第四季度表現強勁，我們預計今年的投資組合將繼續保持正增長。銀行在波動的 ESL 市場中處於觀望狀態，持有 2 億美元以上投資的貸款人（如 SLR 平台）更受借款人重視，具有更大的定價權和對條款的影響力。

During the second half of last year, our investment adviser, SLR Capital Partners, secured an aggregate of $3.8 billion of additional vessel capital inclusive of anticipated leverage. This incremental capital will invest alongside SLRC, which will benefit from the additional scale. This additional capital comes at a time when many other BDCs are already at full investment capacity, giving us a distinct competitive sourcing advantage.

去年下半年，我們的投資顧問 SLR Capital Partners 獲得了總計 38 億美元的額外船舶資本，包括預期槓桿。這筆增量資本將與 SLRC 一起投資，後者將從額外的規模中受益。這筆額外的資金是在許多其他 BDC 已經達到全部投資能力的時候出現的，這為我們提供了獨特的競爭性採購優勢。

As a result of the reduced competition, we are seeing accretive investment opportunities with less leverage and higher yields on loans structured in the recent period of COVID-related government stimulus. The more recession resilient sectors in which SLR specializes continues to perform extremely well, with financial sponsors focused on deploying their dry powder into existing portfolio of companies via add-on acquisitions.

由於競爭減少，我們看到在最近與 COVID 相關的政府刺激措施中結構化的貸款槓桿率較低和收益率較高的投資機會增加。 SLR 擅長的更具衰退彈性的行業繼續表現非常好，金融贊助商專注於通過附加收購將他們的干火藥部署到現有的公司組合中。

During uncertain economic times, borrowers increasingly turn to asset-based lending strategy for working capital and liquidity management. We believe the structure and collateral supporting our loans provide our investors with greater downside protection across economic cycles.

在不確定的經濟時期，借款人越來越多地轉向基於資產的借貸策略來管理營運資金和流動性。我們相信支持我們貸款的結構和抵押品為我們的投資者提供了跨經濟周期的更大下行保護。

Our ABL businesses have historically outperformed during challenging market conditions when a company's access to traditional lending sources is constrained, and we have the flexibility to allocate more of our capital to these strategies to take advantage of their attractive risk reward attributes.

我們的 ABL 業務歷來在充滿挑戰的市場條件下表現出色，當時公司對傳統貸款來源的訪問受到限制，我們可以靈活地將更多資本分配給這些策略，以利用其具有吸引力的風險回報屬性。

We have ample dry powder to capitalize on investment opportunities, which are terms that we believe are more favorable than were available to us a year ago. Our funding profile is in a strong position to weather a rising rate environment, with half of our $1.1 billion of funded debt comprised of senior unsecured fixed rate notes at a weighted average annual interest rate of just 3.9%.

我們有充足的干火藥來利用投資機會，我們認為這些條款比一年前更有利。我們的資金狀況處於有利地位，可以抵禦利率上升的環境，我們 11 億美元的融資債務中有一半由高級無擔保固定利率票據組成，加權平均年利率僅為 3.9%。

At December 31, SLRC's leverage was 1.8x net debt to equity, up from our low during the COVID-19 pandemic of 0.56x and comfortably within our target leverage range of 0.9 to 1.25x.

截至 12 月 31 日，SLRC 的槓桿率為 1.8 倍淨債務權益比，高於我們在 COVID-19 大流行期間的低點 0.56 倍，並且輕鬆處於我們 0.9 至 1.25 倍的目標槓桿率範圍內。

On the repayment of our $75 million of senior unsecured notes in January, our next term debt maturity is until the end of 2024. We're in the fortunate position of not needing to refinance any of our term debt in the near term at current higher rates. December 31, including available credit facility capital at our specialty finance portfolio companies and subject to borrowing base limits.

在 1 月份償還我們 7500 萬美元的高級無擔保票據後，我們的下一個期限債務到期日為 2024 年底。我們處於幸運的境地，不需要在短期內為我們的任何定期債務再融資，目前利率較高費率。 12 月 31 日，包括我們專業金融投資組合公司的可用信貸額度資本，並受借款基數限制。

SLRC had over $650 million in available capital to take advantage of the current attractive investment environment. As a reminder, during the pandemic, our credit quality remains strong. However, we did lose earnings power through outside loan repayments, as many of the borrowers paid down their debt with capital from government stimulus programs.

SLRC 擁有超過 6.5 億美元的可用資本來利用當前具有吸引力的投資環境。提醒一下，在大流行期間，我們的信用質量依然強勁。然而，我們確實因償還外部貸款而失去了盈利能力，因為許多藉款人用政府刺激計劃的資金償還了債務。

This year, we expect to continue to grow our portfolio, where we expect to be a very attractive vintage for both cash flow and specialty finance loans, which should drive further increases in our earnings.

今年，我們預計將繼續擴大我們的投資組合，我們預計這將是一個對現金流和專業融資貸款都非常有吸引力的年份，這將推動我們的收益進一步增長。

In December, we began contributing portions of lower-yielding first lien cash flow loans originated by SUNS to our recently announced SLR senior lending program for SSLP. SLRC and our strategic investment partner have made equity commitments of $50 million. At December 31, the SSLP held $18 million of first lien loans. We've continued to contribute sufficient additional loans to SSLP during Q1.

12 月，我們開始將 SUNS 發起的低收益第一留置現金流貸款的一部分貢獻給我們最近宣布的 SSLP SLR 高級貸款計劃。 SLRC 和我們的戰略投資夥伴做出了 5000 萬美元的股權承諾。截至 12 月 31 日，SSLP 持有 1800 萬美元的第一筆留置權貸款。在第一季度，我們繼續向 SSLP 提供足夠的額外貸款。

The target size of this portfolio once ramped is $300 million. Importantly, SSLP provides us full capacity for expanding our portfolio and earnings power.

一旦增加，該投資組合的目標規模為 3 億美元。重要的是，SSLP 為我們提供了擴展我們的投資組合和盈利能力的全部能力。

During the fourth quarter, we were active in our share repurchase program, resulting in approximately $3 million of shares we purchased at quarter end at an average price of $13.98. We intend to continue to utilize this program to repurchase shares at levels that are accretive to shareholders.

在第四季度，我們積極參與股票回購計劃，導致我們在季度末以平均 13.98 美元的價格購買了約 300 萬美元的股票。我們打算繼續利用該計劃以對股東有利的水平回購股票。

I'll now turn the call over to our CFO, Rich Peteka, to take you through fourth quarter financial highlights.

我現在將電話轉給我們的首席財務官 Rich Peteka，讓您了解第四季度的財務亮點。

Thank you, Michael. SLR Investment Corp.'s net asset value at December 31, 2022, was up $1 billion or $18.33 per share compared to $1.01 billion or $18.37 per share at September 30, 2022. At December 31, 2022, SLRC's on-balance sheet investment portfolio had a fair market value of approximately $2.1 billion in 139 portfolio companies across 45 industries compared to a fair market value of $2.2 billion in 135 portfolio companies across 44 industries at September 30, 2022.

謝謝你，邁克爾。 SLR Investment Corp. 截至 2022 年 12 月 31 日的資產淨值增加了 10 億美元或每股 18.33 美元，而 2022 年 9 月 30 日為 10.1 億美元或每股 18.37 美元。截至 2022 年 12 月 31 日，SLRC 的資產負債表內投資組合截至 2022 年 9 月 30 日，45 個行業的 139 家投資組合公司的公允市值約為 21 億美元，而 44 個行業的 135 家投資組合公司的公允市值為 22 億美元。

At December 31, the company had approximately $1.1 billion of debt outstanding with leverage of 1.08x net debt to equity. By considering the available capacity from the company's combined credit facilities, together with the available capital company and significant subsidiaries, SLR Investment Corp. has significant available capital to fund future comprehensive portfolio growth, while remaining within its target leverage range of 0.9 to 1.25x net debt to equity.

截至 12 月 31 日，該公司的未償還債務約為 11 億美元，槓桿率為 1.08 倍的淨債務權益比。通過考慮公司聯合信貸額度的可用能力，以及可用資本公司和重要子公司，SLR Investment Corp. 擁有大量可用資本來為未來的綜合投資組合增長提供資金，同時保持在其 0.9 至 1.25 倍淨槓桿率的目標範圍內債權轉股權。

Moving to the P&L. For the 3 months ended December 31, 2022, gross investment income totaled $54.1 million versus $47.6 million for the 3 months ended September 30, 2022. Net expenses totaled $31.6 million for the 3 months ended December 31, 2022. This compares to $27.5 million for the 3 months ended September 30, 2022.

轉到損益表。截至 2022 年 12 月 31 日止的三個月，總投資收益總計 5,410 萬美元，而截至 2022 年 9 月 30 日止的三個月，總投資收益為 4,760 萬美元。截至 2022 年 12 月 31 日止的三個月，淨支出總計 3,160 萬美元。相比之下，截至 2022 年 9 月 30 日的 3 個月。

Accordingly, the company's net investment income for the 3 months ended December 31, 2022, totaled $22.5 million or $0.41 per average share compared to $20.1 million or $0.37 per average share for the 3 months ended September 30, 2022.

因此，公司截至 2022 年 12 月 31 日止三個月的淨投資收益總計 2250 萬美元或平均每股收益 0.41 美元，而截至 2022 年 9 月 30 日止三個月的淨投資收益為 2010 萬美元或平均每股收益 0.37 美元。

Below the line, the company had net realized and unrealized loss for the fourth fiscal quarter totaling $3.5 million versus realized and unrealized losses of $6.5 million for the third quarter of 2022.

在此線之下，該公司第四財季的已實現和未實現淨虧損總計 350 萬美元，而 2022 年第三季度的已實現和未實現虧損為 650 萬美元。

Ultimately, the company had a net increase and net assets resulting from operations of $19 million or $0.30 per average share for the 3 months ended December 31, 2022. This compares to a net increase of $13.5 million or $0.25 per average share for the 3 months ended September 30, 2020.

最終，該公司在截至 2022 年 12 月 31 日的三個月中的淨增長和淨資產為 1900 萬美元或每股平均 0.30 美元。相比之下，前三個月的淨增長為 1350 萬美元或每股平均 0.25 美元截至 2020 年 9 月 30 日。

Finally, the Board of SLRC has declared a monthly distribution of $0.136667 per share payable on April 4, 2023 to stockholders of record as of March 23, 2020.

最後，SLRC 董事會已宣布每月向截至 2020 年 3 月 23 日在冊的股東派發每股 0.136667 美元的股息，將於 2023 年 4 月 4 日支付。

And with that, I'll turn the call over to our Co-Chief Executive Officer, Bruce Spohler.

有了這個，我會把電話轉給我們的聯席首席執行官布魯斯·斯波勒。

Thank you, Rich. Let me begin by providing an overview of portfolio. At year-end, on a fair value basis, the combined comprehensive portfolio consisted of approximately $2.9 billion of senior secured loans to approximately 800 distinct borrowers, across over 120 industries, with an average investment exposure of $3.7 million.

謝謝你，里奇。讓我首先概述投資組合。截至年底，按公允價值計算，合併後的綜合投資組合包括向 120 多個行業的約 800 名不同借款人提供的約 29 億美元高級擔保貸款，平均投資風險為 370 萬美元。

At quarter end, measured at fair value, 99.8% of the comprehensive portfolio consisted of senior secured loans, with 98.6% in first lien loans, including investment in the SSLP attributable to SLRC, and only 0.2% invested in second lien cash flow loans with the remaining 1.2% invested and second lien asset-based loans, with full borrowing base governors.

截至季度末，按公允價值衡量，綜合投資組合的 99.8% 包括優先擔保貸款，其中 98.6% 為第一留置權貸款，包括對 SLRC 的 SSLP 投資，只有 0.2% 投資於第二留置權現金流貸款其餘 1.2% 的投資和第二留置權資產貸款，具有全額借款基數。

Our specialty finance investments account for approximately 78% of the comprehensive portfolio, with the remaining 22% invested in senior secured cash flow loans to upper mid-market sponsor-owned companies. We believe that this defensive portfolio construction and investment strategy diversification positions us extremely well for pending turbulence and provides a differentiated return profile for our shareholders.

我們的專業金融投資約佔綜合投資組合的 78%，其餘 22% 投資於向中高端市場發起人擁有的公司提供高級擔保現金流貸款。我們相信，這種防禦性投資組合構建和投資策略多元化使我們能夠很好地應對即將到來的動盪，並為我們的股東提供差異化的回報。

At year-end, our weighted average asset level yield was 12.2%, up from 11.3% at the end of the third quarter. At year-end, the weighted average investment risk rating of our portfolio was under 2 based on our 1 to 4 risk rating scale, with 1 representing the least amount of risk.

年末，我們的加權平均資產收益率為 12.2%，高於第三季度末的 11.3%。年末，根據我們的 1 至 4 風險評級量表，我們投資組合的加權平均投資風險評級低於 2，其中 1 代表風險最小。

Now let me turn to our investment strategies. As a reminder, we segmented the portfolio into 4 distinct asset classes. The first is cash flow loans to upper mid-market private equity-owned companies, which we refer to as sponsor finance. The second is asset-based loans. The third, life science loans which are made to venture capital back to late-stage drug and device companies, and the fourth is equipment finance.

現在讓我談談我們的投資策略。提醒一下，我們將投資組合分為 4 個不同的資產類別。第一種是提供給中高端私募股權公司的現金流貸款，我們稱之為發起人融資。二是資產抵押貸款。三是生命科學貸款，風險投資返還給後期藥物和器械公司，四是設備融資。

Now I'll touch on each of these 4 investment verticals. We start with sponsor finance. In this segment, we originated first lien senior secured loans to upper mid-market companies in noncyclical industries, with our largest industry exposure being health care provider services and diversified financials.

現在我將分別介紹這 4 個投資垂直領域。我們從贊助資金開始。在這一領域，我們向非週期性行業的中高端市場公司發起了優先留置權優先擔保貸款，我們最大的行業敞口是醫療保健提供商服務和多元化金融。

Our Sponsor Finance segment is benefiting from banks retrenchment from private financings, a slowdown in the CLO issuance market and sponsors and management teams increasing preference to partner with direct lenders during a time when sponsors have record dry powder and the desire to put it to work in new platforms and add-on acquisitions, which are available at increasingly attractive valuations in this environment.

我們的讚助商融資部門受益於銀行縮減私人融資、CLO 發行市場放緩以及贊助商和管理團隊在讚助商擁有創紀錄的干火藥並希望將其投入使用的時候越來越傾向於與直接貸方合作新平台和附加收購，在這種環境下估值越來越有吸引力。

The ongoing market turmoil caused by aggressive Fed tightening has resulted in a widening of yields in the syndicated bank loan market and a sharp reduction in bank's willingness to assume syndication risk. This has led to an increased opportunity set for direct lenders like us.

美聯儲激進的緊縮政策導致市場持續動盪，導致銀團貸款市場收益率擴大，銀行承擔銀團風險的意願急劇下降。這為像我們這樣的直接貸方帶來了更多機會。

As a result of the diminished supply of capital available to borrowers and the sell-off in the liquid credit markets, we have seen 100 to 300 basis point increase in yields on private loans issued relative to a year ago. Additionally, total leverage levels on new issuance has decreased, which translates into a lower risk profile for our investments. We expect 2023 to be a great vintage for sponsor finance and for our pipeline to continue to build throughout this year.

由於借款人可用資本供應減少以及流動性信貸市場出現拋售，我們發現私人貸款的收益率較一年前上升了 100 至 300 個基點。此外，新發行的總槓桿水平有所下降，這意味著我們投資的風險狀況較低。我們預計 2023 年將是讚助商融資的好年份，我們的管道將在今年繼續建設。

At year-end, our sponsor finance portfolio was $643 million, including senior secured loans in the SSLP attributable to us, or just under 22% of our total portfolio, and this was invested across 44 companies.

到年底，我們的讚助商融資組合為 6.43 億美元，其中包括歸屬於我們的 SSLP 中的高級擔保貸款，占我們總投資組合的近 22%，投資於 44 家公司。

The average EBITDA of our cash flow portfolio was $129 million at year-end up from $113 million at the end of the third quarter.

我們現金流組合的平均 EBITDA 年末為 1.29 億美元，高於第三季度末的 1.13 億美元。

During the fourth quarter, we originated $58 million and experienced repayments and amortizations of $118 million. The weighted average yield on our cash flow portfolio was 11.2%, up from 9.6% in the prior quarter, with approximately 99% of our cash flow loan portfolio invested in first lien loans and a weighted interest coverage ratio above 2.3x.

在第四季度，我們發起了 5800 萬美元，並經歷了 1.18 億美元的還款和攤銷。我們現金流量組合的加權平均收益率為 11.2%，高於上一季度的 9.6%，我們約 99% 的現金流量貸款組合投資於優先留置權貸款，加權利息覆蓋率超過 2.3 倍。

We believe that our investments are well positioned to withstand any pressures borrowers may be facing from rising interest payments.

我們相信，我們的投資能夠很好地承受借款人可能因利息支付上升而面臨的任何壓力。

Now let me turn to our ABL segment. Historically, our ABL business has outperformed during periods of market volatility and economic contraction. Borrowers which are asset rich, but have cash flows pressured by rising rates and slowing demand are forced to raise capital by their liquid -- backed by their liquid collateral. Our team's deep 20-plus average years of expertise in valuing this collateral gives us an advantage in underwriting deals that are backed by strict borrowing bases against the collateral of the borrowers.

現在讓我轉向我們的 ABL 部分。從歷史上看，我們的 ABL 業務在市場波動和經濟收縮期間表現出色。資產豐富但現金流受到利率上升和需求放緩壓力的借款人被迫通過流動資金籌集資金——以流動抵押品為後盾。我們的團隊在評估這種抵押品方面平均擁有 20 多年的深厚專業知識，這使我們在承銷以藉款人抵押品為基礎的嚴格借款基礎的交易方面具有優勢。

This business segment is currently seeing heightened demand towards capital, translating into increased deal volume that we believe will continue throughout this year. In particular, slowing consumer spending is a positive for our ABL business, which has extensive experience providing working capital loans to asset-rich retail companies.

該業務部門目前對資本的需求增加，轉化為我們認為今年將繼續增加的交易量。特別是，消費者支出放緩對我們的 ABL 業務有利，該業務在向資產豐富的零售公司提供營運資金貸款方面擁有豐富的經驗。

At year end, the senior secured asset-based loan portfolio totaled $1 billion, representing 35% of our total portfolio. It was invested in over 170 borrowers. Average asset level yield of the ABL portfolio was 14.1%, up from 12.3% in the third quarter.

截至年底，基於優先擔保資產的貸款組合總計 10 億美元，占我們總投資組合的 35%。它投資於 170 多個借款人。 ABL 投資組合的平均資產水平收益率為 14.1%，高於第三季度的 12.3%。

During the fourth quarter, we originated approximately $141 million of new ABL loans and had repayments of $71 million.

在第四季度，我們發放了大約 1.41 億美元的新 ABL 貸款，並償還了 7100 萬美元。

Now let me turn to Equipment Finance. Our Equipment Finance segment provides customized equipment leasing solutions businesses in North America with significant capital equipment needs. Our borrowers range from privately held family-owned middle market businesses to large investment-grade companies. Our leasing capabilities span a broad spectrum of industries, including warehousing, manufacturing, transportation, information technology and health care.

現在讓我談談設備金融。我們的設備融資部門為北美有大量資本設備需求的定制設備租賃解決方案業務提供服務。我們的借款人范圍從私人持有的家族式中間市場企業到大型投資級公司。我們的租賃能力涵蓋廣泛的行業，包括倉儲、製造、運輸、信息技術和醫療保健。

The team has extensive experience in valuing fixed assets and structuring loans, allowing us to provide our customers with quick creative solutions to their financing needs, which is especially valued during periods of market volatility. This segment's portfolio grew during the fourth quarter, and we are expecting that trend to continue this year.

該團隊在評估固定資產和構建貸款方面擁有豐富的經驗，使我們能夠為客戶提供快速創新的解決方案來滿足他們的融資需求，這在市場波動時期尤為重要。該部門的投資組合在第四季度有所增長，我們預計這一趨勢將在今年繼續。

At year-end, the equipment finance portfolio totaled $900 million, representing approximately 32% of our total portfolio, and it was invested across 500 borrowers. The weighted average asset level yield of the portfolio was 10.7%.

截至年底，設備融資組合總計 9 億美元，約占我們總投資組合的 32%，並投資於 500 名借款人。該組合的加權平均資產水平收益率為10.7%。

During the fourth quarter, we originated [$177 million] of equipment finance loans and had repayments of $130 million.

在第四季度，我們發起了 [1.77 億美元] 的設備融資貸款，並償還了 1.3 億美元。

Finally, let me provide an overview of our Life Science segment. For Life Sciences, the current market volatility and economic uncertainty has not impacted the interest in and ultimate need for new drugs and medical devices. This has been bolstered by additional venture capital activity in recent years and, ultimately, reinforces the need for the type of first lien senior secured loans that we offer.

最後，讓我概述一下我們的生命科學部門。對於生命科學，當前的市場波動和經濟不確定性並未影響人們對新藥和醫療設備的興趣和最終需求。這得到了近年來額外風險投資活動的支持，並最終加強了對我們提供的優先留置權優先擔保貸款類型的需求。

Record amounts of venture capital coupled with improved valuations are continuing to drive this opportunity set. We expect the recent trend of higher yields to continue. Additionally, the extremely low loan to values, which are typically less than 20%, provide significant downside protection for our investments.

創紀錄數量的風險投資加上估值的提高正在繼續推動這一機遇。我們預計近期收益率上升的趨勢將繼續。此外，極低的貸款價值比（通常低於 20%）為我們的投資提供了重要的下行保護。

We continue to remain disciplined in our underwriting standards. At year-end, this portfolio totaled $322 million across 14 borrowers. Over 85% of our Life Science portfolio is invested in loans to borrowers that have over 12 months of cash runway, an important metric in this segment.

我們繼續遵守我們的承保標準。截至年底，該投資組合共有 14 個借款人，總額為 3.22 億美元。我們超過 85% 的生命科學投資組合投資於向擁有超過 12 個月現金跑道的借款人提供的貸款，這是該領域的一個重要指標。

Life Science loans represented approximately 11% of our portfolio and contributed 20% of our gross investment income for the fourth quarter. During the quarter, the team originated $110 million of new loans and had repayments of $90 million. At year-end, $121 million of Life Science unfunded commitments exist, which may be drawn based on borrowers hitting certain milestones.

生命科學貸款約占我們投資組合的 11%，占我們第四季度總投資收入的 20%。本季度，該團隊發放了 1.1 億美元的新貸款，並償還了 9000 萬美元。到年底，生命科學領域存在 1.21 億美元的資金承諾，這些承諾可能會根據借款人達到某些里程碑而提取。

Additionally, the Life Science team currently has a robust pipeline of new opportunities, which we expect to fuel portfolio growth over the next several quarters. At year-end, the weighted average yield on this portfolio was 12.5%. However, that excludes success fees and warrants, which typically take our returns higher.

此外，生命科學團隊目前擁有大量新機會，我們預計這將在未來幾個季度推動投資組合增長。年末，該投資組合的加權平均收益率為 12.5%。但是，這不包括成功費用和認股權證，它們通常會使我們的回報更高。

In conclusion, we are optimistic about the performance of the loans within each of our 4 investment strategies as well as the prospects for additional portfolio growth this year and what we anticipate will be an attractive vintage for each of our segments.

總之，我們對我們 4 種投資策略中每一種的貸款表現以及今年投資組合進一步增長的前景以及我們預計我們每個部門都將是一個有吸引力的年份持樂觀態度。

At this time, let me turn the call back to Michael.

這時候，讓我把電話轉回給邁克爾。

Thank you, Bruce. In closing, we believe that our time-tested conservative underwriting approach, resulting in a defensively constructive portfolio comprised of both first lien cash flow loans to borrowers in noncyclical industries and asset-based loans with significant collateral coverage position us well for a recession and any continued market volatility.

謝謝你，布魯斯。最後，我們認為，我們經過時間考驗的保守承保方法，導致具有防禦性建設性的投資組合，包括向非週期性行業借款人提供的第一留置現金流貸款和具有大量抵押品覆蓋範圍的基於資產的貸款，使我們能夠很好地應對經濟衰退和任何市場持續波動。

All 4 of our asset classes are exhibiting overall strong quality and attractive investment pipelines. We're anticipating further portfolio growth across the board in 2023, which should drive further increases in our net investment income per share.

我們的所有 4 個資產類別都展現出整體強勁的質量和有吸引力的投資渠道。我們預計 2023 年投資組合將進一步全面增長，這將推動我們的每股淨投資收益進一步增長。

As I mentioned in my opening remarks, our fourth quarter net investment income fully covered our first quarter 2022 distributions. And based on current (inaudible) pipelines, we expect to continue to build our earnings power this year as we deploy our available capital into higher-yielding assets.

正如我在開場白中提到的，我們第四季度的淨投資收入完全覆蓋了我們 2022 年第一季度的分配。根據當前（聽不清）的管道，我們預計今年將繼續建立我們的盈利能力，因為我們將可用資本部署到更高收益的資產中。

However, please note that the amount and timing of past dividends and distributions are not a guarantee of any future dividends or distributions or the amount thereof, the payment timing and amount of which be determined by the company's Board of Directors.

但是，請注意，過去的股息和分配的金額和時間不能保證任何未來的股息或分配或其金額，其支付時間和金額由公司董事會決定。

Our investment buyer's alignment of interest with the company's shareholders continues to be one of our guiding principles. The SLR team owns approximately 8% of the company's stock, including having a significant percentage for annual incentive compensation invested in SLRC stock.

我們的投資買家與公司股東的利益保持一致仍然是我們的指導原則之一。 SLR 團隊擁有公司約 8% 的股份，其中很大一部分用於投資 SLRC 股票的年度激勵薪酬。

The teams invest in alongside fellow SLRC shareholders demonstrates our confidence in the company's defensive portfolio, stable funding and favorable positions.

這些團隊與其他 SLRC 股東一起投資表明我們對公司的防禦性投資組合、穩定的資金和有利的地位充滿信心。

We thank you for your time today. Operator, will you please open the line for questions?

我們感謝您今天的時間。接線員，請打開問題線路好嗎？

(Operator Instructions) And our first question will come from Casey Alexander with Compass Point.

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

My questions are centered around equipment finance, which used to be one of the most attractive yields in the portfolio. But because as I recall, it's shorter-term loans that are fixed rate, kind of the yields on some of your other verticals have moved on past it.

我的問題圍繞著設備融資，這曾經是投資組合中最具吸引力的收益之一。但因為我記得，這是固定利率的短期貸款，你的其他一些垂直領域的收益率已經超過了它。

And so I'm kind of wondering, how long does it take for that portfolio to turn over? And what kind of onboarding yields are you getting now relative to the weighted average yield of 10.7%?

所以我有點想知道，該投資組合需要多長時間才能周轉？相對於 10.7% 的加權平均收益率，您現在獲得了什麼樣的入職收益率？

Casey, thanks. Great question. So yes, as you know, it is a high churn portfolio. As you look at the year, Equipment Finance had 476 of originations and repays of 4.49%. So it is a high churn. But to your point, we are burdened fixed rate loans. So I can't put a precise time, but, yes, we are putting new assets on above that 10.7%, or else we wouldn't be deploying capital to that segment by definition given what we're seeing in other segments. So we expect it to catch up over the next 12 to 18 months.

凱西，謝謝。很好的問題。所以是的，正如你所知，這是一個高流失率的投資組合。回顧這一年，Equipment Finance 發起了 476 筆貸款，還款率為 4.49%。所以這是一個高流失率。但就您的觀點而言，我們背負著固定利率貸款的重擔。所以我不能給出一個準確的時間，但是，是的，我們正在將新資產放在 10.7% 以上，否則我們不會根據我們在其他領域看到的情況將資本部署到該領域。所以我們預計它會在未來 12 到 18 個月內趕上。

Okay. And one other question, just simply because it's become sort of relevant to the equipment financing universe. Does your equipment financing portfolio include any loans to -- that are backed by crypto mining machines?

好的。還有一個問題，只是因為它與設備融資領域有點相關。您的設備融資組合是否包括任何由加密礦機支持的貸款？

No. Great question, but no.

不，很好的問題，但不是。

Our next question will come from Erik Zwick with Hovde Group.

我們的下一個問題將來自 Hovde Group 的 Erik Zwick。

One just wanted to say I appreciate all the commentary that Bruce gave kind of breaking down some of the current characteristics and within the forward distinct asset cost is helpful.

一個人只想說，我很欣賞 Bruce 給出的所有評論，這些評論打破了一些當前的特徵，並且在遠期獨特的資產成本中是有幫助的。

And I guess I'm curious, as you look at the pipeline today, and I'm sure the next 1 to 2 quarters, the visibility is probably good beyond that, maybe not quite as clear. But just curious, as you look at that and think about the relative attractiveness of the 4 sectors, it sounds like you're positive on growing all 4 of those.

我想我很好奇，當你看今天的管道時，我敢肯定接下來的 1 到 2 個季度，除此之外，能見度可能會很好，也許不是那麼清楚。但只是好奇，當你看到並考慮這 4 個行業的相對吸引力時，聽起來你對所有 4 個行業的增長持積極態度。

But is there 1 that -- 1 or 2 that look relatively more attractive or just based on the mix in the portfolio, you would expect to be exit stronger originations here, maybe the first part of the year?

但是，是否有 1 個 - 1 個或 2 個看起來相對更具吸引力，或者僅基於投資組合的組合，你會期望在這裡退出更強大的起源，也許是今年上半年？

Yes. I think If you can just look at '22 as a proxy, ABL for the year was $400 million of the $1.2 billion that we originated last year. And I think we would expect that to continue sort of out originate the other segments.

是的。我認為，如果您可以將 22 年視為代理，那麼當年的 ABL 是我們去年發起的 12 億美元中的 4 億美元。而且我認為我們會期望它繼續在某種程度上起源於其他細分市場。

As we just touched on with (inaudible), Equipment Finance is kind of a steady drip of -- a steady drip of repayments. But I think ABL in general, in addition to Equipment Finance, but ABL more broadly is going to be more active in this environment.

正如我們剛剛提到的（聽不清），設備融資是一種穩定的——穩定的還款。但我認為 ABL 總的來說，除了設備金融，但更廣泛的 ABL 將在這種環境中更加活躍。

We're still seeing steady originations in our Sponsor Finance and Life Science segments. But I think ABL will be a little bit heavier because, as we mentioned in our comments, in this environment, cash flow market is only open to certain borrowers in certain industries, such as health care, which is extremely defensive and recession resilient.

我們仍然看到贊助金融和生命科學領域的穩定起源。但我認為 ABL 會更重一些，因為正如我們在評論中提到的，在這種環境下，現金流市場只對某些行業的某些借款人開放，例如醫療保健，它具有極強的防禦性和經濟衰退彈性。

And so if you are in capital-intensive businesses or cyclical businesses, your only access to capital is really using your assets since the cash flow market is in dislocation.

因此，如果你從事資本密集型業務或週期性業務，那麼你獲得資本的唯一途徑就是真正使用你的資產，因為現金流市場處於混亂狀態。

So ABL will be heavier. We see that out driving everything else this year, but a steady activity in the other segments, which is what we find very attractive.

所以ABL會更重。我們看到今年推動其他一切，但其他領域的穩定活動，我們認為這是非常有吸引力的。

And to Casey's comments earlier, what you see is the yields are very attractive across all segments and more consistent with each other, and you see periods of economic benign periods.

對於 Casey 之前的評論，你看到的是所有部門的收益率都非常有吸引力，而且彼此之間更加一致，而且你看到了經濟良性時期。

That's helpful. And then just another question on the comments about expecting further growth in a high per share throughout 2023, and you mentioned there's opportunity for portfolio growth. And certainly, you have got some room there with leverage to take that higher. I assume a part of that expectation is also just the outlook for higher rates.

這很有幫助。然後是關於預期整個 2023 年每股收益進一步增長的評論的另一個問題，你提到了投資組合增長的機會。當然，你有一些空間可以利用槓桿來達到更高的水平。我假設這種預期的一部分也只是更高利率的前景。

So kind of curious if you could maybe kind of weigh out the benefits of the 2 of those and then just what you're expecting in terms of additional kind of Fed funds increases, which would likely take LIBOR and SOFR higher as well.

很好奇你是否可以權衡一下這兩者的好處，然後看看你對額外類型的聯邦基金增長的預期，這可能會使 LIBOR 和 SOFR 也更高。

Yes. I think we were enough to predict the curve. We obviously are following what the Fed is saying. And so rates will be targeted upwards, at least in the first half of this year.

是的。我認為我們足以預測曲線。我們顯然在關注美聯儲的言論。因此，至少在今年上半年，利率將上調。

We benefit from the fact, as Michael mentioned, that we've termed out our liabilities, have a nice 50-50 structure and don't need to go back to the funding markets until the end of '24, beginning of '25. So we're going to be opportunistic on that side.

正如邁克爾所提到的，我們受益於這樣一個事實，即我們已經償還了我們的債務，擁有一個很好的 50-50 結構，並且在 24 年底、25 年初之前不需要回到融資市場。所以我們會在這方面投機取巧。

And I think on the asset side, given the strength of our portfolio and the first lien dominance, we are very comfortable deploying our over $650 million of available capital in this environment.

我認為在資產方面，鑑於我們的投資組合實力和第一留置權優勢，我們非常樂意在這種環境中部署超過 6.5 億美元的可用資本。

(Operator Instructions) Our next question will come from Mickey Schleien with Ladenburg.

（操作員說明）我們的下一個問題將來自 Mickey Schleien 和 Ladenburg。

First question is about the 2.3x interest coverage ratio you mentioned. I just wanted to clarify, is that on the last 12-month basis? Or is that the fourth quarter rate annualized? .

第一個問題是關於你提到的2.3倍的利息覆蓋率。我只是想澄清一下，這是基於過去 12 個月的數據嗎？還是第四季度年化率？ .

That is the fourth quarter annualized.

這是第四季度的年度化。

Okay. Good to hear. And are you seeing signs of stress on average among borrowers in cash flow and their ability to service their debt given how much rates have increased?

好的。很高興聽到。考慮到利率上升了多少，您是否看到借款人的現金流和償債能力平均有壓力的跡象？

That's a great question and, obviously, why we did the recent stress test on not just interest coverage, but fixed charge coverage. And for us, as you know, our cash flow book, while it's only 22% of the portfolio, it is bigger in our other portfolios that we manage than it is in the BDC.

這是一個很好的問題，很明顯，為什麼我們最近不僅對利息覆蓋面，而且對固定費用覆蓋面進行了壓力測試。對於我們來說，正如你所知，我們的現金流量簿雖然只佔投資組合的 22%，但在我們管理的其他投資組合中比在 BDC 中的要大。

So all of our other portfolios co-invest with the BDC and own similar cash flow and securities. And as we look at those investments, because, Mickey, we're in high free cash flow in companies, defensive sectors and large companies, we mentioned the average EBITDA being up above $110 million, we just find bigger is safer in environments like this and obviously first lien.

因此，我們所有其他投資組合都與 BDC 共同投資，並擁有類似的現金流和證券。當我們審視這些投資時，因為 Mickey，我們在公司、防禦行業和大公司中擁有高自由現金流，我們提到平均 EBITDA 超過 1.1 億美元，我們發現在這樣的環境中越大越安全顯然是第一留置權。

There is not much in the way of junior capital beyond equity. We don't have big second lien structures that we've invested in.

除了股權之外，初級資本的方式並不多。我們沒有投資的大型第二留置權結構。

But as we look at it, our companies just need to run in place from an earnings perspective, in spite of the increased interest burden that they're facing because they don't have many other fixed charges, because we don't go into capital-intensive businesses that have CapEx and big working capital investments.

但正如我們所看到的那樣，我們的公司只需要從盈利的角度來看就地運行，儘管他們面臨著增加的利息負擔，因為他們沒有很多其他固定費用，因為我們沒有進入具有資本支出和大量營運資本投資的資本密集型企業。

And so what we find is steady earnings, we can still generate substantial free cash flow, which is what we care about and derisk our credits. We are hearing from others, peers who are in more broad across the industries, cyclicals, et cetera, that they are starting to feel some pressures. And some people who own second liens are having to defer some cash interest. We're just not seeing it systemically in our book given the sectors that we're invested in.

因此，我們發現穩定的收益，我們仍然可以產生可觀的自由現金流，這是我們關心並消除信用風險的。我們從其他人那裡聽到，來自更廣泛的行業、週期性行業等的同行，他們開始感受到一些壓力。一些擁有第二留置權的人不得不推遲支付一些現金利息。鑑於我們投資的行業，我們只是沒有在我們的書中系統地看到它。

That's good to hear and helpful, Bruce. On the $75 million repayment of the 4.5% unsecured notes in January, could you clarify what was the source of the funds to make that repayment?

布魯斯，這很高興聽到並且很有幫助。關於 1 月份償還 4.5% 無抵押票據的 7500 萬美元，您能否說明償還這筆款項的資金來源是什麼？

Sure. So as you know, capital is fungible. But last year, we had -- before rates went up, we had pre-refinanced in January and December '21 maturities that we had last spring. And we also did a little bit extra. So we had $30 million more that we took on at 3.3% before rates went up.

當然。如您所知，資本是可替代的。但去年，我們有——在利率上升之前，我們在 21 年 1 月和 12 月對去年春天到期的債券進行了預再融資。我們還做了一些額外的工作。因此，在利率上升之前，我們以 3.3% 的利率承擔了 3000 萬美元。

So you could argue that $30 million of that went to the $75 million repayment, and then the rest came from our revolving credit line.

所以你可以爭辯說，其中 3000 萬美元用於償還 7500 萬美元，其餘來自我們的循環信貸額度。

Okay. I was curious whether you've shrunk the balance sheet to make that payment. And lastly -- I'm sorry?

好的。我很好奇你是否縮減了資產負債表來支付這筆款項。最後——對不起？

The other thing I would just highlight, Mickey, is, as you recall, when we merged with SUN, -- we -- there, $85 million of senior unsecured notes that were at 3.9%, and we also pick up their undrawn revolver.

米奇，我要強調的另一件事是，正如你記得的那樣，當我們與 SUN 合併時，——我們——那裡有 8500 萬美元的高級無抵押票據，利率為 3.9%，我們還拿起了他們未提取的左輪手槍。

So we expanded our credit capacity, and Rich and the team have been very successful in actually adding to our credit facility. So we have ample -- we can easily get to the 1.25% with our existing balance sheet.

所以我們擴大了我們的信貸能力，Rich 和團隊在實際增加我們的信貸額度方面非常成功。所以我們有足夠的——我們可以很容易地用我們現有的資產負債表達到 1.25%。

Yes, I agree and understand. Just my last question in regards to stock repurchase program. I was glad to see some repurchases during the quarter. If I'm not mistaken, that was the first quarter during the existing program, which would appear to be expiring this May.

是的，我同意並理解。這是我關於股票回購計劃的最後一個問題。我很高興在本季度看到一些回購。如果我沒記錯的話，那是現有計劃的第一季度，該計劃似乎將於今年 5 月到期。

Given the stock price and how accretive it would be, how does the Board feel about extending that program beyond this May?

考慮到股價及其增長幅度，董事會對該計劃延長至今年 5 月之後有何看法？

We will likely extend it. And with our window period open at the appropriate price, we move back to the market, but we're going to definitely extend it. So we have the flexibility to take advantage of it during volatility.

我們可能會延長它。隨著我們的窗口期以適當的價格開放，我們回到市場，但我們肯定會延長它。因此，我們可以靈活地在波動期間利用它。

Good to hear. And Michael, it's a 10b5-1 plan, if I'm not mistaken, is -- I know there's a lot of constraints in terms of your ability to make those repurchases. But is there scope to increase the quarterly amount that you're repurchasing?

很高興聽到。邁克爾，如果我沒記錯的話，這是一個 10b5-1 計劃——我知道在你進行這些回購的能力方面有很多限制。但是是否有增加您回購的季度金額的空間？

It depends on the price is the answer. So we'll see, and it depends kind of on the investment opportunities in front of us in terms of measuring the accretiveness of new investments versus buying back stock.

這取決於價格是答案。所以我們會看到，在衡量新投資與回購股票的增值方面，這在某種程度上取決於我們面前的投資機會。

Last quarter, we would have booked all $50 million at that price. It just wasn't available to us.

上個季度，我們將以該價格預訂所有 5000 萬美元。它只是對我們不可用。

Our next question will come from Paul Johnson with KBW.

我們的下一個問題將來自 KBW 的 Paul Johnson。

Most of it have been asked, but kind of adding to Mickey's questions a little bit. I mean, obviously, credit quality for you guys is pretty good, and it sounds like the portfolio is performing pretty well.

大多數問題都已被問到，但有點增加了 Mickey 的問題。我的意思是，很明顯，你們的信用質量非常好，而且聽起來投資組合表現不錯。

Just curious if you've observed any sort of pickup in amendment activity, either in your portfolio or amendment request activity, I should say, in your portfolio or even just more broadly across anywhere else in the platform. And I'd also be curious, just of your cash flow portfolio, what percent of loss, I guess, would you say you're in a controlling position?

只是好奇您是否觀察到修改活動有任何形式的回升，無論是在您的投資組合還是修改請求活動中，我應該說，在您的投資組合中，甚至更廣泛地跨越平台的其他任何地方。而且我也很好奇，就您的現金流量組合而言，我猜損失的百分比是多少，您會說您處於控制地位嗎？

Yes. So I would say first question around amendment trends, they have come down. Peak amendments were sort of during lockdown Q2, Q3 of 2020, where we had 5 or 6 amendments. That has come down and sort of got back to the steady level of, call it, 2 to 3. That's where we sit today. So no change in trends over the last 2 years since lockdown.

是的。所以我會說第一個關於修訂趨勢的問題，它們已經下降。高峰期修正案發生在 2020 年第二季度、第三季度的封鎖期間，我們進行了 5 或 6 次修正。這已經下降並回到了穩定的水平，稱之為 2 比 3。這就是我們今天所處的位置。因此，自鎖定以來的過去 2 年中趨勢沒有變化。

And I would say as you...

我會像你一樣說...

Second question, given that the average EBITDA on our cash flow book is north of $100 million, we are not in a controlling position. We are part of generally of clubs, but we do have and make sure where it's not happened to be there are sacred rights that cannot be amended without our consent.

第二個問題，鑑於我們現金流量表上的平均 EBITDA 超過 1 億美元，我們不處於控制地位。我們是一般俱樂部的一部分，但我們確實擁有並確保在沒有發生的地方存在未經我們同意不得修改的神聖權利。

And generally speaking, in the clubs we're in, we are with lenders where in mindsets. And so we've never really been in a position where momentum and brought forward, and we've had 5 months later to get them when we get done.

一般來說，在我們所在的俱樂部中，我們與貸方的心態一致。因此，我們從來沒有真正處於推動和推進的位置，我們有 5 個月的時間在完成後獲得它們。

We generally have a blocking position.

我們通常有一個阻擋位置。

Got it. That's very helpful. Just one more question. Just on the ABL portfolio, I think you talked about this in the past. But just remind me, what's sort of like the average life of the assets in that portfolio? And what is sort of the typical credit rating of the underlying -- or I guess, the risk of the underlying borrower in that portfolio as well? .

知道了。這很有幫助。還有一個問題。就 ABL 投資組合而言，我想你過去也談過這個。但請提醒我，該投資組合中資產的平均壽命是多少？標的物的典型信用評級是什麼——或者我猜，該投資組合中標的借款人的風險是多少？ .

So the borrowers are no different from what we see in our cash flow business, which is typically we're talking about single-B, weak double-B, is what I would say. And remember, we're first lien and secured. So we tend to be strong single-B, weak double-B, again, similar to where we are in the cash flow book.

因此，借款人與我們在現金流業務中看到的沒有什麼不同，通常我們談論的是單 B，弱雙 B，這就是我要說的。請記住，我們首先是留置權和擔保人。所以我們傾向於強單 B，弱雙 B，再次類似於我們在現金流量表中的位置。

And the underlying collateral is long live because, again, we're going to lend against and underwrite the liquidation value of that collateral. And we're not going to invest in commodities or short sense.

基礎抵押品是長期存在的，因為我們將再次借出並承銷該抵押品的清算價值。而且我們不會投資商品或短期投資。

With the average duration of our loans, the same maturity is typically 5 years. The average duration is closer to 2.

根據我們貸款的平均期限，相同期限通常為 5 年。平均持續時間接近 2。

(Operator Instructions) our next question will come from Robert Dodd with Raymond James.

（操作員說明）我們的下一個問題將來自 Robert Dodd 和 Raymond James。

A couple of themes I'll say the inflation market. On the JV, you talked about you've made a EUR 15 million equity commitment so upon a max target or target size 300, which is Tier 1 leverage.

幾個主題我會說通貨膨脹市場。在合資企業中，你談到你已經做出了 1500 萬歐元的股權承諾，因此最大目標或目標規模為 300，這是一級槓桿。

Is that 300 the max? Obviously, it's the max based on the 50 that you've initially committed, but would you consider expanding that even further given how attractive the environment is? And what kind of time frame would you be expecting to get to that size given, again, you talked about the cash flow pipeline and the 2023 vintage be extremely attractive?

300是最大值嗎？顯然，這是基於您最初承諾的 50 個的最大值，但考慮到環境的吸引力，您是否會考慮進一步擴展它？考慮到您再次談到現金流管道和 2023 年極具吸引力，您期望在什麼樣的時間範圍內達到這個規模？

Sure. Great question. So first question, yes, that is the initial commitment. I would say that the JV partner has other capital committed to us across our platform in the form of SMAs. So we know that they have a desire to grow with us should the market opportunity continue.

當然。很好的問題。所以第一個問題，是的，這是最初的承諾。我想說的是，合資夥伴在我們的平台上以 SMA 的形式向我們承諾了其他資本。所以我們知道，如果市場機會繼續存在，他們希望與我們一起成長。

And then as it relates to timing, we actually -- because of the merger with SUN, really, what was the catalyst for thinking about setting up an SSLP again because, as you know, we had them a few years ago, so we have those assets on balance sheet.

然後因為它與時間有關，我們實際上 - 因為與 SUN 的合併，真的，是什麼促使我們再次考慮建立 SSLP，因為正如你所知，我們幾年前就有了，所以我們有資產負債表上的那些資產。

We are cycling them down as we redeploy on-balance sheet, so that we can make sure that we're continuing to generate the appropriate earnings and grow the portfolio prudently. So I think what you'll see is a rotation of the on-balance sheet cash flow loans that were acquired with SUNS, together with new originations direct into the SSLP.

當我們重新部署資產負債表時，我們正在將它們循環下來，這樣我們就可以確保我們繼續產生適當的收益並審慎地增加投資組合。所以我認為你會看到的是從 SUNS 獲得的資產負債表內現金流貸款的輪換，以及直接進入 SSLP 的新貸款。

We're already doing that. And I can't pick the quarter, but our best guess, Robert, is that by the end of this year, you'll see that have been fully ramped to that $300 million target portfolio.

我們已經在這樣做了。我無法選擇季度，但我們最好的猜測是，羅伯特，到今年年底，你會看到已經完全增加到 3 億美元的目標投資組合。

Got it, got it. And then the others, when you look at ABL or equipment, I mean, in both cases, I mean, prices are rising, right? I mean, that's in place. How is that impacting a demand, right? Because somebody might be inclined buy a new piece of equipment before the manufacturer takes the price up.

明白了，明白了。然後是其他人，當您查看 ABL 或設備時，我的意思是，在這兩種情況下，價格都在上漲，對嗎？我的意思是，這是到位的。這對需求有何影響，對嗎？因為有些人可能傾向於在製造商提價之前購買新設備。

And b, when you underwrite it, assessing -- are you taking into account the inflation when you're assessing collateral value? Or are you just assuming flat line collateral value and not pricing equipment prices in terms of how you want the right currently?

b，當你承銷它時，評估——你在評估抵押品價值時是否考慮了通貨膨脹？或者你只是假設抵押品價值不變，而不是根據你目前想要的權利來定價設備價格？

Yes. So on the ABL, we'll segment into ABL from a fan. So on the ABL business, as we discussed, those are short -- their long-lived assets, short-duration loans, and we are constantly monitoring and updating our borrowing base to the extent that the underlying collateral changes in value. We control that and in terms of determining our advance rate.

是的。所以在 ABL 上，我們將從一個風扇分割成 ABL。因此，正如我們所討論的那樣，在 ABL 業務中，那些是短期的——他們的長期資產、短期貸款，我們不斷地監測和更新我們的借貸基礎，以達到相關抵押品價值變化的程度。我們控制這一點並確定我們的推進率。

But if you're lending to a retailer and they sell jeans and t-shirts, there's not going to be a lot of volatility in the cost of those goods. And we lend against cost, liquidation value against cost, not against market or retail.

但如果你借給一家零售商，而他們出售牛仔褲和 T 卹，那麼這些商品的成本不會有太大波動。我們根據成本、清算價值和成本放貸，而不是針對市場或零售。

So we have a tremendous amount of cushion built in there and not much in the way of volatility from an inflation perspective, affecting the underlying cost of the goods that we're lending against.

因此，我們在那裡建立了大量的緩衝，從通貨膨脹的角度來看，波動的方式並不多，影響了我們藉貸的商品的潛在成本。

And it's finished goods or raw. We're not lending against work in process. So -- and then on the equipment finance side, what we're seeing is a dynamic where -- yes. As you may recall from prior conversations, the -- there was a pent-up pipeline of orders that have been placed, but because of supply chain disruption, goods did not arrive. So they weren't drawing down on our facilities.

它是成品或原料。我們不會以在製品為抵押進行貸款。所以——然後在設備融資方面，我們看到的是一種動態——是的。您可能從之前的談話中還記得，有一個被壓抑的訂單管道已經下達，但由於供應鏈中斷，貨物沒有到達。所以他們沒有減少我們的設施。

So we're benefiting from a funding of the past pipeline almost in as to a DDTL over in cash flow land. So we're funding that pipeline, and supply chain has loosened up. So we're funding past investments. We are seeing, which is typical in periods of inflation, where the purchase versus lease decision is leaning towards leasing and extending existing leases, which provides good income for us because it extends the maturity of those fixed rate leases that we had offered.

因此，我們從過去管道的資金中受益，幾乎是在現金流土地上的 DDTL。所以我們正在為這條管道提供資金，供應鏈已經放鬆。所以我們正在為過去的投資提供資金。我們看到，這在通貨膨脹時期很典型，購買與租賃決策傾向於租賃和延長現有租約，這為我們提供了可觀的收入，因為它延長了我們提供的那些固定利率租約的期限。

And that's very often how they get the excess income into our portfolio. So as you can see from the results, it's a steady drip of originations and a steady drip of repayment, But albeit net portfolio growth, and we think that trend will continue.

這通常是他們將超額收入納入我們投資組合的方式。因此，正如您從結果中看到的那樣，這是穩步下降的起源和穩定的還款，但儘管投資組合淨增長，我們認為這種趨勢將繼續下去。

We've yet to see a dramatic spun in new orders. But again, we do have a strong backlog that we're still funding.

我們還沒有看到新訂單出現戲劇性的變化。但同樣，我們確實有大量積壓，我們仍在資助。

At this time, there are no further questions in the queue, so I'd like to turn it back over to Michael Gross for any additional or closing remarks.

目前，隊列中沒有其他問題，所以我想將其轉回給 Michael Gross，請其補充或結束髮言。

Just thank you very much, and thank you all for your great questions. If you have anything else, please feel free to reach out to us. And otherwise, we'll speak to you in 2 months on our Q1 call. Thank you. Bye-bye.

非常感謝你們，感謝大家提出的重要問題。如果您有任何其他問題，請隨時與我們聯繫。否則，我們將在 2 個月後的第一季度電話會議上與您交談。謝謝。再見。

Ladies and gentlemen, this does conclude today's teleconference, and we appreciate your participation. You may disconnect at any time.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。您可以隨時斷開連接。