The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kenneth Lee - RBC Capital Markets - Analyst
: Hey, good afternoon, and thanks for taking my question. In terms of the investments you sold within the portfolio in the quarter, and I think you
briefly mentioned that they were not meeting the risk-adjusted returns or at least you didn't find them attractive. I wonder if you could just talk a
little bit more about the thought process, what exactly triggered the sales and then realize that your investment strategy allows you to be more
nimble. So I just want to get a little bit more of an explanation on that. Thanks.
Question: Kenneth Lee - RBC Capital Markets - Analyst
: Got you. Got you. Very helpful there. And just one follow-up, if I may. I wonder if you could just share your latest thoughts around the relative
attractiveness between the primary and secondary probably syndicated loan markets right now at this point. Thanks.
Question: Doug Harter - UBS - Analyst
: Thanks, and good afternoon. I was hoping you could talk about how you're seeing the relative attractiveness of kind of more liquid markets where
you participate versus kind of direct lending.
Question: Doug Harter - UBS - Analyst
: And can you talk about on recent transactions how kind of covenant and collateral packages and things like that have been trending?
Question: Melissa Wedel - JPMorgan - Analyst
: Thank you. Good afternoon. Appreciate you taking my question. I really wanted to go back to a comment made earlier on the call. I just want to
clarify. You were talking about some realized gains in the portfolio this quarter. I think you said there were a few investments where they had been
marked up given fundamental performance, and so there was an unrealized gain. I got the impression those were marked up above par.
I'm wondering, did you say that when they were repaid, they were repaid at par, so the reversal of the unrealized gain was actually larger than the
realized gain? Did I hear that right?
Question: Melissa Wedel - JPMorgan - Analyst
: Got it. And is this something that you would -- that you see recurring or has happened before? I would think that given your relative value approach
that you often will be rotating out of things that are trading particularly well and above par, especially if you think there's an opportunity that they
might refinance those.
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