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 Inc - Analyst
: Just the investments associated with First Brands. Wonder if you could just talk a little bit more about what's the current outlook for the path to
recovery there. And perhaps if you could just talk about why was there a decision made to hold on versus sell the investments in the quarter there?
Question: Kenneth Lee - RBC Capital Markets Inc - Analyst
: Got you. And just one follow up, if I may. One of the advantages of the private credit side is that potentially there's more documentation, more
ability to due diligence. For the liquid credit side, do you anticipate any changes in the investment process in terms of evaluating the adequateness
of collateral go forward just based on the experiences you had with First Brands there.
Question: Kenneth Lee - RBC Capital Markets Inc - Analyst
: Got you. Very helpful there. Thanks, again.
Question: Melissa Wedel - JPMorgan Chase & Co - Analyst
: First thing, I wanted to clarify the total repurchase capacity in light of the $5 million that was just approved. It seems like you're running at a little
bit below that on a quarterly basis right now. And so I'm wondering how many -- assuming a sort of steady repurchase level, where is that capacity
right now on a total basis?
Question: Melissa Wedel - JPMorgan Chase & Co - Analyst
: Okay. Thank you. Following up on one of the slides in your slide deck, it looks like interest coverage picked up a little bit more than normal quarter
over quarter jumping to 2.5 times from 2.2 times last quarter. I'm curious if that's just a function of lower borrowing costs or if that's also reflective
of general top line or EBITDA growth within the portfolio.
Question: Melissa Wedel - JPMorgan Chase & Co - Analyst
: Thank you.
Question: Cory Johnson - UBS AG - Analyst
: This is Cory Johnson on for Doug. Just a question, can you help me to understand the internal rating system? And I guess, just the decision of why
First Brands will not be considered [really] one, because I guess there were no one ratings during this quarter.
Question: Cory Johnson - UBS AG - Analyst
: Thank you.
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