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
: Just wanted to get your thoughts broadly across the liquid loan markets. Where are you seeing the current pockets of opportunity right now?
Question: Kenneth Lee - RBC Capital Markets - Analyst
: Great. And then in terms of the overall portfolio allocation and more in terms of the more opportunistic investments, I wonder if you could just
share your thoughts on the outlook for CLO debt or equity investments potentially and how you think about the relative attractiveness of those
kind of investments in this environment?
Question: Melissa Wedel - J.P. Morgan Securities LLC - Analyst
: I wanted to circle back on one of your comments about, it's interesting you're seeing some private -- what maybe would have been private credit
opportunities coming back to the broadly syndicated market. I wanted to better understand what that means for PSBD in particular. Is it fair to say
that most of your new capital deployment is generally in the sort of the secondary market rather than primary deals. And if that's the case, would
sort of the more active BSL market impacts the BDC more in terms of spread narrowing rather than sort of capital deployment? Any color you can
provide on that would be great.
Question: Melissa Wedel - J.P. Morgan Securities LLC - Analyst
: That's really helpful. I appreciate it. Could you also touch on how you guys are thinking about portfolio leverage? And how -- maybe help us kind
of understand how you might approach levels of portfolio leverage throughout different parts of the credit cycle. Where is it you'd like to be ideally
in this kind of environment?
Question: Kaili Wang - Citi - Analyst
: Just curious if you could give an update on your view on the distribution policy going forward? Do you expect that to be slowing related to your
net investment income per share? Or do you expect to hold a relatively stable level of regular dividend and pay supplemental in addition to that?
Question: Kaili Wang - Citi - Analyst
: Got it. Okay. And when we think about you are closing the IPO and deploying the proceeds to new investments, how much of a yield impact would
that be for the first quarter?
Question: Melissa Wedel - J.P. Morgan Securities LLC - Analyst
: I'm back. I wanted to follow up with another question about your view on rate. Definitely made a note of your shorter duration focus and wanted
to get your thoughts on sort of how that sets up into a potentially declining rate environment or maybe begs the question, is that your view that
we will be facing a declining rate environment later this year?
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