在Benefit Street Partners这家专注于信贷的投资管理公司，回答投资委员会的后续问题过去需要几天或几周。投资组合经理Anant Kumar表示，分析师现在借助Codex可以在一天内完成一轮意见回复，而且常常能在会议期间直接回答问题。BSP正在利用这些工具在相同时间内为承销增加更多审查能力和严谨性，而不是为了做更多交易。
“我已经从单纯的分析师和投资组合经理，变成了现在同时也是开发者。我可以自己构建东西。”
——Anant Kumar，Benefit Street Partners投资组合经理
构建自己的仪表盘
为了创建一个可以与同事共享的仪表盘，Kumar过去需要具备软件专业知识的人来搭建网站并提取数据。现在他自己构建工具，利用AI起草代码并审查错误。
他的追踪器使用业务发展公司（BDC）公开的SEC文件，比较各公司对同一笔贷款的估值。团队可以查看自己的标记与其他持有人的估值相比如何。
Kumar构建了追踪器，并使用Codex进行代码审查。第一个版本花了一天时间。在随后几周添加功能并完善界面后，他估计总开发时间约为10–12小时。
构建信贷协议分析器
Kumar的另一个工具用于分析信贷协议，这些协议通常长达300页甚至更多。投资者需要找到可能将价值从贷款人转移走的条款，这项任务以前意味着请外部律师逐页梳理协议。Kumar汇集了领先律师事务所关于需关注条款和风险的备忘录。他将该分析器描述为“我们组织内的第二大脑”。
上传的信贷协议大约需要20分钟处理成第一轮分析，随后需要一小时或更长时间的人工审查。BSP已使用GPT‑6 Astra重构了该工具，目前已在公司托管的门户中上线。
“AI在整理数据、摄取数据、综合分析方面非常有帮助，但最终投资决策需要由人做出，”他说。
承销通常是一个多轮过程。一轮包括进一步尽职调查和一份修订后的备忘录，以回应投资委员会的问题。交易时间线从几天到几周不等，因此轮数各不相同。Kumar说：“我们对决策更有信心，因为我们有更多信息可供使用。”
“我的分析质量变得好多了，也快多了。”
——Anant Kumar，Benefit Street Partners投资组合经理
结果一览
一天内构建了第一个BDC追踪器，使用Codex进行代码审查；包括后续添加在内总共约10–12小时。
大约20分钟生成信贷协议的第一轮分析，随后需要一小时或更长时间的人工审查。
据Kumar称，借助Codex更快地回答委员会后续问题，常常在会议期间完成。
下一步
BSP正在努力连接跨交易的信息。持续承销是一个长期目标：团队可以在新闻发生时监控贷款，并检查其对整个投资组合的影响，而不是仅在事件发生后重新承销。
“Codex解放了我的一天，因为我一天中有更多时间做更高层次的工作，减少例行工作，”Kumar说。
At Benefit Street Partners, a credit-focused investment manager, answering an investment committee’s follow-up questions used to take days or weeks. Portfolio manager Anant Kumar says analysts can now turn a round of comments in a day with Codex, and often answer questions during the meeting itself. BSP is using these tools to add more review capacity and rigor to underwriting within the same timeframe, rather than to do more deals.
“I’ve gone from being just an analyst and a portfolio manager to being a developer as well now. I can build things.”
—Anant Kumar, Portfolio Manager, Benefit Street Partners
Building his own dashboards
To create a dashboard he could share with colleagues, Kumar used to need someone with software expertise to build a website and pull in the data. Now he builds his own tools, using AI to draft code and review it for errors.
His tracker uses public SEC filings from business development companies (BDCs) to compare how firms value the same loan. The team can see how its marks compare with other holders’ valuations.
Kumar built the tracker and used Codex for code review. The first version took a day. After adding features and refining the interface over subsequent weeks, he estimates total development time at 10–12 hours total.
Building a credit agreement analyzer
Kumar’s other tool analyzes credit agreements, which are often 300 pages or longer. Investors need to find clauses that could shift value away from lenders, a task that previously meant asking outside counsel to work through the agreement page by page. Kumar brought together memos from leading law firms on clauses and risks to watch for. He describes the analyzer as a “second brain within our organization.”
An uploaded credit agreement takes about 20 minutes to process into a first-pass analysis, followed by an hour or more of human review. BSP has refactored the tool with GPT‑6 Astra, and it is now live in the company-hosted portal.
“The AI is very helpful in collating data, ingesting it, synthesizing analysis, but the ultimate investment decision needs to be made by a human,” he says.
Underwriting is typically a multi-round process. A round consists of further diligence and a revised memo responding to the investment committee’s questions. Deal timelines range from a few days to a few weeks, so the number of rounds varies. Kumar says, “We feel more confident in our decision making because we have more information at our disposal.”
“The quality of my analysis has become so much better and so much faster.”
—Anant Kumar, Portfolio Manager, Benefit Street Partners
Results at a glance
Built the first BDC tracker in a day, using Codex for code review; about 10–12 hours total including later additions.
Produces a first-pass analysis of a credit agreement in about 20 minutes, followed by an hour or more of human review.
Answers committee follow-up questions faster with Codex, often during the meeting, according to Kumar.
What’s next
BSP is working to connect information across deals. Continuous underwriting is a longer-term aspiration: the team could monitor loans as news happens and examine the effects across its portfolio, rather than re-underwriting only after an event.
“Codex has unlocked my day, because I have many more hours in the day to do more high-level work and less routine work,” says Kumar.
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