Carlyle Secured Lending Inc (CGBD) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Carlyle Secured Lending Inc third quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加凱雷擔保貸款公司 2024 年第三季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Nishil Mehta, Head of Shareholder Relations. Please go ahead.

現在我想將會議交給今天的發言人、股東關係主管尼希爾·梅塔 (Nishil Mehta)。請繼續。

Good morning and welcome to Carloss Secured Lending's conference call to discuss the earnings results for third quarter of 2024. I'm joined by Justin Plouffe, our Chief Executive Officer; and Tom Hennigan, our Chief Financial Officer.

早安，歡迎參加 Carloss Secured Lending 的電話會議，討論 2024 年第三季的獲利結果。我們的執行長賈斯汀·普洛夫 (Justin Plouffe) 也加入了我的行列。以及我們的財務長 Tom Hennigan。

Last night, we filed our Form 10-Q and issued a press release with the presentation of our results, which are available on the Investor Relations section of our website. Following our remarks today, we will hold a question-and-answer session for analysts and institutional investors. This call is being webcast, and a replay will be available on our website.

昨晚，我們提交了 10-Q 表格，並發布了一份新聞稿，介紹了我們的業績，這些新聞稿可以在我們網站的投資者關係部分找到。在今天的演講之後，我們將為分析師和機構投資者舉行問答會。該電話會議正在網路直播，我們的網站上將提供重播。

Any forward-looking statements made today do not guarantee future performance and any undue reliance should not be placed on them. Today's conference call may include forward-looking statements, reflecting reviews with respect to among other things, the timing or likelihood of the closing of the proposed merger, the expected synergies associated with the proposed merger, the ability to realize the anticipated benefits of the proposed merger and our future operating results and financial performance.

今天做出的任何前瞻性陳述並不保證未來的業績，不應過度依賴它們。今天的電話會議可能包括前瞻性陳述，反映對擬議合併完成的時間或可能性、與擬議合併相關的預期協同效應、實現擬議合併預期效益的能力等方面的審查。財務業績。

These statements are based on current management expectations and involve inherent risk and uncertainties, including those identified in the risk factors section of our 10-K and our 10-Qs. These risk and uncertainties could cause actual results to differ materially from those indicated. CGBD assumes no obligation to update any forward-looking statements at any time.

這些陳述是基於目前管理層的預期，涉及固有風險和不確定性，包括我們 10-K 和 10-Q 的風險因素部分中確定的風險和不確定性。這些風險和不確定性可能導致實際結果與所示結果有重大差異。CGBD 不承擔隨時更新任何前瞻性聲明的義務。

During this conference call, the company may discuss certain non-GAAP measures as defined by SEC Regulation G such as adjusted net investment income or adjusted NII. The company's management believes adjusted net investment income, adjusted net investment income per share, adjusted net income and adjusted net income per share are useful to investors as an additional tool to evaluate an ongoing results and trends for the company without giving effect to one time or non-recurring events and are used by management to evaluate the economic earnings of the company.

在本次電話會議期間，公司可能會討論 SEC G 條例定義的某些非 GAAP 指標，例如調整後的淨投資收益或調整後的 NII。公司管理層認為，調整後的淨投資收益、調整後的每股淨投資收益、調整後的淨利潤和調整後的每股淨收益對投資者來說是有用的，可以作為評估公司持續業績和趨勢的額外工具，而不需要一次性或非經常性事件，管理階層用來評估公司的經濟效益。

A reconciliation of GAAP manifested income per share, the most directly comparable GAAP financial measure to adjusted NII can be found in the encompass slide presentation for this call. In addition, reconciliation of these measures may also be found in our earnings release filed last night with the SEC on Form 8-K.

本次電話會議的投影片簡報中可以找到 GAAP 顯示每股盈餘的調整表，這是與調整後的 NII 最直接可比較的 GAAP 財務指標。此外，這些措施的協調也可以在我們昨晚向 SEC 提交的 8-K 表格收益報告中找到。

With that, I'll turn the call over to Justin, CGBD's Chief Executive Officer.

接下來，我會將電話轉給 CGBD 執行長賈斯汀 (Justin)。

Thanks, Nishil. Good morning, everyone. And thank you all for joining. I'm Justin Plouffe, the CEO of the Carlyle BDC and Deputy CIO for Global Credit at Carlyle. On today's call, I'll give an overview of our third quarter 2024 results and discuss the quarter's investment activity and portfolio positioning. I'll then hand the call over to our CFO, Tom Hennigan.

謝謝，尼希爾。大家早安。感謝大家的加入。我是賈斯汀·普洛夫 (Justin Plouffe)，凱雷 BDC 執行長兼凱雷全球信貸副首席資訊長。在今天的電話會議上，我將概述 2024 年第三季的業績，並討論該季度的投資活動和投資組合定位。然後我會將電話轉交給我們的財務長 Tom Hennigan。

In the third quarter, our financial performance continued to benefit from stable credit performance as well as a higher base rate environment. During the quarter, we generated net investment income of $0.47 per share and adjusted net investment income of $0.49 per share after adjusting for certain accelerated debt issuance costs related to our CLO reset.

第三季度，我們的財務表現持續受惠於穩定的信貸表現以及較高的基準利率環境。本季度，我們產生了每股 0.47 美元的淨投資收益，在對與 CLO 重置相關的某些加速債務發行成本進行調整後，調整後的淨投資收益為每股 0.49 美元。

Our adjusted NII represents an annualized yield of nearly 12% based on a [$9.30] NAV. Our board of directors declared a total fourth quarter dividend of $0.45 per share consisting of our phased dividend of $0.40 plus a $0.05 supplemental dividend. Our net asset value as of September 30 was relatively flat at $16.85 per share, down modestly from the prior quarter.

根據 [9.30 美元] 的資產淨值，我們調整後的 NII 的年化報酬率接近 12%。我們的董事會宣布第四季度股息總額為每股 0.45 美元，其中包括 0.40 美元的分階段股息以及 0.05 美元的補充股息。截至 9 月 30 日，我們的資產淨值相對持平，為每股 16.85 美元，比上一季略有下降。

Deal activity has continued to strengthen in the second half of 2024. While repricing activity continued, new issue spread stabilized in the third quarter. This is despite the persistence of increased competition and cross market refinancings between the broadly syndicated and private credit markets.

2024 年下半年交易活動持續加強。儘管重新定價活動仍在繼續，但新股發行價差在第三季趨於穩定。儘管廣泛的銀團信貸市場和私人信貸市場之間的競爭和跨市場再融資持續加劇，但情況仍然如此。

Our originations in the third quarter were up significantly year over year and our pipeline continues to grow. We expect volumes to remain strong in 2025 as the M&A pipeline expands. We continue to benefit from the One Carlyle platform, which differentiates us in the core middle market.

我們第三季的先發數量較去年同期顯著增加，我們的通路持續成長。我們預計，隨著併購通路的擴大，2025 年銷售量將保持強勁。我們繼續受益於 One Carlyle 平台，這使我們在核心中間市場中脫穎而出。

While increasing origination activity is a positive for our strategy, we remain focused on overall credit performance and maintaining a highly diversified portfolio. As of September 30, our portfolio is comprised of 175 investments in 128 companies across more than 25 industries.

雖然增加發起活動對我們的策略有積極作用，但我們仍然專注於整體信貸表現並維持高度多元化的投資組合。截至 9 月 30 日，我們的投資組合由 175 項投資組成，涉及超過 25 個行業的 128 家公司。

The average exposure in any single portfolio company is less than 1% and 94% of our investments are in senior secured loans. The median EBITDA across our core portfolio at quarter end was $85 million. As always, discipline and consistency drove performance in the third quarter and we expect these tenants to drive performance in future quarters.

任何單一投資組合公司的平均風險敞口均低於 1%，我們 94% 的投資是優先擔保貸款。截至季末，我們核心投資組合的 EBITDA 中位數為 8,500 萬美元。與往常一樣，紀律和一致性推動了第三季的業績，我們預計這些租戶將推動未來幾季的業績。

I'll now hand the call over to our CFO, Tom Hennigan.

現在我將把電話轉交給我們的財務長 Tom Hennigan。

Thank you, Justin. Today, I'll begin with an overview of our third quarter financial results. Then I'll discuss portfolio performance before concluding with detail on our balance sheet positioning. CGBD had another strong quarter on the earnings front. Total investment income for the third quarter was $56 million. Modestly lower compared to prior quarter due primarily to a lower average portfolio balance and lower weighted average yields.

謝謝你，賈斯汀。今天，我將首先概述我們第三季的財務業績。然後，我將討論投資組合的表現，然後詳細介紹我們的資產負債表定位。CGBD 在獲利方面又經歷了一個強勁的季度。第三季總投資收入為5,600萬美元。與上一季相比略有下降，主要是由於平均投資組合餘額較低和加權平均收益率較低。

Total expenses of $31 million were flat versus prior quarter as one-time expenses associated with the CLO reset offset reduced total interest expense for both the lower average outstanding debt balance and lower rates. The result was net investment income for the third quarter of $24 million or $0.47 per share. Importantly, adjusted for the expenses associated with the CLO reset, adjusted NIII was $25 million or $0.49 per share.

總費用為 3,100 萬美元，與上一季持平，因為與 CLO 重置相關的一次性費用抵消了平均未償債務餘額較低和利率較低的總利息費用。結果第三季淨投資收入為 2,400 萬美元，即每股 0.47 美元。重要的是，根據與 CLO 重置相關的費用進行調整後，調整後的 NIII 為 2500 萬美元，即每股 0.49 美元。

Our Board of Directors declared the dividends for the fourth quarter of 2024 at a total level of $0.45 per share. That's comprised of the $0.40 based dividend plus a $0.05 supplemental dividend, which is payable to stockholders of record as of the close of business on December 31.

我們的董事會宣布 2024 年第四季的股息總額為每股 0.45 美元。其中包括 0.40 美元的股息加上 0.05 美元的補充股息，該股息將支付給截至 12 月 31 日收盤時在冊的股東。

The total dividend reflects our variable supplemental dividend policy of paying out at least 50% of excess earnings, which allows us to be flexible as the portfolio evolves and base rates fluctuate. Our base dividend coverage of 118% for the quarter remains in line with the BDC peer set average and we've consistently out-earned our dividend resulting in $1.40 per share of cumulative spillover. At the same time, the total dividend level also represents an attractive yield of nearly 11% based on the recent share price.

總股息反映了我們支付至少 50% 超額收益的可變補充股息政策，這使我們能夠隨著投資組合的發展和基本利率的波動而保持靈活性。我們本季 118% 的基本股息覆蓋率與 BDC 同業設定的平均水準保持一致，並且我們一直超過股息，導致每股 1.40 美元的累積溢出。同時，基於近期股價，總股息水準也代表著近11%的有吸引力的收益率。

Now looking ahead, we remain confident in our ability to meet and exceed our $-.40 base dividend. That said, the combination of expected lower base rates, tighter new issue spreads and portfolio pricing activity, we do expect to see some contraction in earnings in coming quarters relative to the historical highs we've achieved over the last two years.

現在展望未來，我們仍然有信心能夠達到並超過 -0.40 美元的基本股息。也就是說，由於預期基準利率較低、新股利差收緊以及投資組合定價活動，我們確實預計未來幾季的收益相對於過去兩年實現的歷史高點將出現一些收縮。

On valuations, our total aggregate realized and unrealized net loss was about $5 million for the quarter. The largest contributor was a decline in value at one of the positions in our MMCF JV. However, we successfully exited that position last month at a price materially higher than our $9.30 valuation.

就估值而言，本季已實現和未實現淨虧損總額約為 500 萬美元。最大的貢獻因素是我們 MMCF 合資企業的一個職位的價值下降。然而，我們上個月成功平倉，價格遠高於我們 9.30 美元的估值。

And of note, some of our legacy healthcare names continue to improve, highlighted by incremental markups on SPF and Bayside. In terms of credit performance, we continue to see overall stability in credit quality across the portfolio. And as previewed on last quarter's call, non-accruals decreased to only 0.6% of total investments at fair value as we exited our investment in emergency communications at a price in line with our $6.30 fair value and we continue to work towards favorable solutions with the other two borrowers currently on non-accrual status.

值得注意的是，我們的一些傳統醫療保健品牌繼續改善，SPF 和 Bayside 的增量加價凸顯了這一點。就信貸表現而言，我們持續看到整個投資組合的信貸品質整體穩定。正如上季電話會議所預覽的那樣，隨著我們以符合6.30 美元公允價值的價格退出應急通訊投資，非應計費用僅佔公允價值總投資的0.6%，並且我們將繼續努力尋求有利的解決方案另外兩位借款人目前處於非應計狀態。

I'll finish by touching on our financing facilities and leverage. It's been a busy last few months as we continue to improve our positioning on the right side of our balance sheet. As mentioned on last quarter's call in early July, we closed a reset of 2015-1 CLO, extending the reimbursement period and maturity date by four years and reducing the cost of debt by more than 20 basis points within that vehicle.

最後我將談談我們的融資設施和槓桿。過去幾個月非常忙碌，我們不斷改善資產負債表右邊的定位。正如7 月初上一季的電話會議中所提到的，我們完成了2015-1 CLO 的重置，將償還期和到期日延長四年，並將該工具內的債務成本降低了20 個基點以上。

In September, we successfully received investment grade ratings from both Moody's and Fitch. And then in October, we issued $300 million of unsecured notes with a 6.75% fixed rate, which we swapped to a floating interest rate of SOFR plus 3.23% beginning in August 2025. This transaction further diversifies our financing sources and will repay the 2024 unsecured notes that mature in December, while providing additional capital to fund new investment opportunities.

9月，我們成功獲得穆迪和惠譽的投資等級評等。然後在 10 月份，我們發行了 3 億美元的無擔保票據，固定利率為 6.75%，從 2025 年 8 月開始，我們將其轉換為 SOFR 加 3.23% 的浮動利率。此交易進一步豐富了我們的融資來源，並將償還 12 月到期的 2024 年無擔保票據，同時提供額外資本來資助新的投資機會。

At quarter end, statutory leverage was about 1.05 times and net financial leverage was about 0.9 times. With leverage at the low end of our target range of 0.9 to 1.25 times, we have capacity to deploy capital into attractive opportunities in accelerating deal environment.

季末法定槓桿約1.05倍，淨財務槓桿約0.9倍。由於槓桿率處於我們目標範圍的低端 0.9 至 1.25 倍，我們有能力將資本部署到加速交易環境中有吸引力的機會。

With that, I'll turn the call back over to Justin.

這樣，我會將電話轉回給賈斯汀。

Thanks, Tom. As a final point, I'd like to report that the merger between CGBD and Carlyle Secured Lending III announced on our second quarter earnings call remains on track to close by the end of the first quarter of 2025, subject to approval from CGBD stockholders and satisfaction or waiver of other customary closing conditions.

謝謝，湯姆。最後一點，我想報告的是，在我們第二季財報電話會議上宣布的 CGBD 和凱雷擔保貸款 III 之間的合併仍有望在 2025 年第一季末完成，但須得到 CGBD 股東和滿足或放棄其他慣例成交條件。

We continue to have high conviction in the strategic benefits the transaction will provide to CGBD, including an increase in scale and liquidity, a reduction in costs from operational efficiencies and decretion to both earnings and NAV per share.

我們仍然堅信該交易將為 CGBD 帶來的戰略利益，包括規模和流動性的增加、營運效率成本的降低以及每股收益和資產淨值的減少。

As a reminder, Carlyle has agreed to exchange its existing convertible preferred shares for common stock at a price of NAV rather than the existing diluted conversion price of $8.92, which will occur shortly before close of the proposed merger.

提醒一下，凱雷已同意以資產淨值價格將其現有可轉換優先股轉換為普通股，而不是現有的 8.92 美元稀釋轉換價，這將在擬議合併結束前不久進行。

We believe that this exchange is shareholder friendly and demonstrates Carlyle's support for the ongoing success of CGBD. We expect to distribute proxy materials related to the merger in the coming months and urge all stockholders to vote in the merger approval process upon receiving a formal notification.

我們相信，此交換對股東有利，並體現了凱雷對 CGBD 持續成功的支持。我們預計在未來幾個月內分發與合併相關的代理資料，並敦促所有股東在收到正式通知後在合併批准程序中進行投票。

As we look toward year end, market demand for private credit remains strong. We continue to focus on sourcing transactions with significant equity cushions, conservative leverage profiles and attractive spreads relative to market levels.

展望年底，市場對私人信貸的需求仍然強勁。我們繼續專注於尋找具有顯著股權緩衝、保守槓桿狀況以及相對於市場水平有吸引力的利差的交易。

With attractive new originations, a stable portfolio and low non accruals, CGBD stockholders are benefiting from the continued execution of our strategy.

憑藉著有吸引力的新產品、穩定的投資組合和較低的非應計費用，CGBD 股東正從我們策略的持續執行中受益。

As always, we remain committed to delivering a resilient stable cash flow stream to our investors through consistent income and solid credit performance.

一如既往，我們仍然致力於透過穩定的收入和穩健的信用表現，為投資者提供富有彈性的穩定現金流。

I'd like to now hand the call over to the operator to take your questions. Thank you.

我現在想將電話轉接給接線員回答您的問題。謝謝。

(Operator Instructions) Bryce Rowe, B. Riley.

（操作員說明）Bryce Rowe、B. Riley。

Thanks. Good morning. Wanted to just maybe start on the outlook from a portfolio perspective and just get a get a feel for what the pipeline kind of looks like right now and any thoughts around balance sheet leverage at this point?

謝謝。早安.是否想從投資組合的角度開始展望前景，了解一下目前的管道狀況以及目前有關資產負債表槓桿的任何想法？

I think you highlighted that you're at a relatively low point from a balance sheet leverage perspective and sister BDC is, to the best of my knowledge, carrying even lower leverage. So just wanted to get a feel for how that could ramp as the two BDCs possibly come together, especially in light of some of the commentary around M&A picking up?

我認為您強調指出，從資產負債表槓桿的角度來看，您處於相對較低的水平，而據我所知，姊妹公司 BDC 的槓桿率甚至更低。那麼，我只是想了解一下，隨著兩個 BDC 可能合併，特別是考慮到有關併購的一些評論增多，這種情況會如何發展？

Yeah, sure. Bryce. This is Justin, excuse me. I'll take the sort of macro question and then maybe I'll ask Tom to talk about the balance sheet leverage. So the short answer is we're optimistic, our originations were up last quarter. I think the pipeline I would characterize as meaningful and increasing. We certainly expect M&A activity to continue to pick up in Q4 and in the first quarter of next year. So we're very, very focused on the deployment that we need to do prior to the merger. And I think that the market is -- it's coming our way in that respect in terms of deal volume.

是的，當然。布萊斯。這是賈斯汀，對不起。我會回答宏觀問題，然後也許我會請湯姆談談資產負債表槓桿。所以簡短的回答是我們很樂觀，我們的起源在上個季度增加。我認為我認為這條管道是有意義且不斷增加的。我們當然預計第四季和明年第一季的併購活動將繼續回升。因此，我們非常非常專注於合併之前需要進行的部署。我認為，就交易量而言，市場正在朝著我們的方向發展。

Now, of course, there is downward pressure on spreads. But that's market wide phenomenon. We're really focused on deploying into great spreads and that really what we're going to try to do over the next six months. Specifically on the amount of leverage, Tom. do you want to comment on that, where we are?

當然，現在利差有下行壓力。但這是整個市場的現象。我們真正專注於部署更大的價差，這也是我們在未來六個月內將努力做的事情。特別是關於槓桿的金額，湯姆。您想對此發表評論嗎？

Absolutely, Bryce. And our target at merger close is 1.1 across the combined entities. And as of 9:30, 0.9 at CGBD. But right now, our pipeline, Justin noted, very solid on the new deal front. Repayments looking a little bit lighter this quarter, at least that's our current crystal ball and expectations. So right now, we're closer to 0.95 times and by quarter end, we think we'll be north of 10, at least that's based on our current visible pipeline right now. So we think we're well on our way to achieving that 1.1 rough target when we get to the merger confirmation in the first quarter.

當然，布萊斯。我們的合併完成目標是合併後實體的 1.1。截至 9:30，CGBD 為 0.9。但賈斯汀指出，目前我們的管道在新交易方面非常穩固。本季的還款額看起來有點少，至少這是我們目前的水晶球和預期。所以現在，我們接近 0.95 倍，到季度末，我們認為我們將超過 10 倍，至少這是基於我們目前可見的管道。因此，我們認為，當我們在第一季獲得合併確認時，我們正在順利實現 1.1 的粗略目標。

Okay. And Tom, just to be clear, the 0.95 and the 1.0 comment you just made, that is just CGBD specific or is that pro forma?

好的。湯姆，需要澄清的是，您剛剛發表的 0.95 和 1.0 評論，這只是 CGBD 特有的，還是只是形式上的？

CGBD.

CGBD。

Yeah. Okay. And then -- and maybe just some commentary around the repayment volume, certainly appreciate that the pipeline looks strong. And as you progress towards the end of the year, deals are coming together from an origination perspective. Is that continuing -- are you continuing to see pressure from a repayment perspective?

是的。好的。然後——也許只是一些關於還款量的評論，當然會欣賞管道看起來很強大。隨著年底的進展，從發起的角度來看，交易正在聚集在一起。這種情況是否仍在繼續——從還款的角度來看，您是否繼續面臨壓力？

I think if I just kind of look at maybe the last seven quarters, you've had repayments that have outpaced originations. So just trying to get a feel for how that could change and the dynamic that's -- that will make that change?

我想，如果我看看過去七個季度，你的還款速度已經超過了原始貸款速度。那麼，只是想了解一下這種情況會如何變化以及會帶來這種變化的動態嗎？

Yeah, we do see that reversing this quarter, basically just higher overall volume on the new deal side. And then difficult to time repayments, but at least as of right now in terms of known repayments in the book, it's, lighter this quarter than it's been the last couple of quarters.

是的，我們確實看到本季情況出現逆轉，基本上只是新交易方面的整體交易量有所增加。然後很難確定還款時間，但至少就目前帳面上已知的還款而言，本季比過去幾季少。

Okay. And then Justin, you made a comment kind of early in your prepared remarks about spreads stabilizing. I think we've heard a lot about spread compression in the space and have heard a couple comments here recently that spreads feel like they're stabilizing, any -- maybe expand that comment for us a little bit if you don't mind.

好的。然後賈斯汀，您在準備好的有關利差穩定的評論中很早就發表了評論。我想我們已經聽到了很多關於該領域傳播壓縮的信息，並且最近在這裡聽到了一些評論，認為傳播感覺正在穩定，如果您不介意的話，也許可以為我們擴展一下該評論。

Sure. I would say that for our typical first lien or unitranche deals, we did see significant reduction in kind of the 12 months ending in the summer at the end of Q2. Since then, stabilization in the, let's call it, SOFR [500] to [550] area that -- we seem to be sticking there a little bit. Now, who knows what the future will bring.

當然。我想說的是，對於我們典型的第一留置權或統一管理交易，我們確實看到第二季末夏季結束的 12 個月的交易量大幅減少。從那時起，我們稱之為 SOFR [500] 至 [550] 區域的穩定 - 我們似乎會稍微堅持下去。現在，誰知道未來會發生什麼。

And I will say that as rates go down, if they go down more towards the kind of 4% terminal value that the market is predicting, we may even see spreads widen out a little bit of history [as] any indicator. Typically, when we see reductions in base rates, we do get a little bit of spread widening.

我想說的是，隨著利率下降，如果利率下降更多，接近市場預測的 4% 終值，我們甚至可能會看到利差比任何指標都擴大一些。通常，當我們看到基本利率下降時，利差確實會擴大。

So I think there's reason to believe based on the deal flow that we have and based on the reduction in rates in September and maybe tomorrow, that spreads may stick where they are and maybe even widen a little bit.

因此，我認為有理由相信，根據我們現有的交易流量以及 9 月甚至明天利率的下降，利差可能會保持在原位，甚至可能會擴大一點。

Melissa Wedel, JP Morgan.

梅麗莎‧韋德爾，摩根大通。

Good morning. Thanks for taking my questions today. You've addressed a lot of them. I was hoping that you could touch on trends that you're seeing just in terms of fundamentals. And I apologize if I missed it earlier, but in terms of revenue growth and EBITDA, what are you seeing within the portfolio? And what are you seeing within the opportunity set to deploy new capital?

早安.感謝您今天回答我的問題。你已經解決了很多問題。我希望您能談談您所看到的基本面趨勢。如果我之前錯過了，我深表歉意，但就收入成長和 EBITDA 而言，您在投資組合中看到了什麼？您在部署新資本的機會中看到了什麼？

Yeah, I would say, fundamentals are strong. The companies in our book, as a general matter -- and they continue to grow revenue, they continue to grow EBITDA across the market. The level of distress is on the lower end. There are always credits that we're eyeing of course that have idiosyncratic issues. But across the book, I would say, it's a relatively benign credit environment.

是的，我想說，基本面很強。總的來說，我們書中的公司——他們的收入持續成長，整個市場的 EBITDA 持續成長。痛苦程度處於較低水準。當然，我們關注的總是有一些有特殊問題的作品。但我想說，縱觀整本書，這是一個相對良性的信貸環境。

Companies seem to have survived the significant rise in rates over the past couple of years, generically better than I think the market expected. So from a credit perspective, we're relatively pleased with where the market is and the new opportunities we're seeing, we're seeing good companies. They're strong credits. We like the companies we're seeing. I'd characterize the market overall right now as pretty constructive.

公司似乎在過去幾年的利率大幅上漲中倖存下來，總體上好於我認為的市場預期。因此，從信用角度來看，我們對市場狀況以及我們看到的新機會感到相對滿意，我們看到了優秀的公司。他們的信用很強。我們喜歡我們看到的公司。我認為目前市場整體而言非常有建設性。

Okay. And just to put maybe a finer point to it in terms of revenue growth versus EBITDA growth across your portfolio generally, are you seeing one fast -- growing faster than the other and any general range that you could provide? Thank you.

好的。更具體地說，就您的投資組合中的收入成長與 EBITDA 成長而言，您是否看到其中一個成長速度快於另一個以及您可以提供的任何總體範圍？謝謝。

Yeah, Melissa. I think that when you go back two years, three years when inflation started to hit, definitely the top line was growing faster than the bottom line. We saw 12, 18 months ago that reverse where finally margins were catching up and we saw margin expansion.

是的，梅麗莎。我認為，當你回顧兩年、三年時，當通貨膨脹開始襲來時，收入的成長速度肯定快於利潤的成長速度。我們在 12、18 個月前就看到了這種情況的逆轉，最終利潤率迎頭趕上，我們看到了利潤率的擴張。

So you go back a couple of quarters, we had revenue and EBITDA growth in the low single digit -- low double digits, 10%, 12%. We've seen that slow down a little bit and probably just based on inflationary pressure -- inflationary pressures going away. So we're seeing those growth rates and margins stabilize in more than mid single digits. So still healthy growth, just probably not, we'll call it, the inflation driven higher overall growth rates we were seeing, let's say, a number of quarters back.

所以你回顧幾個季度，我們的營收和 EBITDA 成長處於低個位數——低兩位數，10%、12%。我們已經看到成長速度放緩，這可能只是基於通膨壓力——通膨壓力正在消失。因此，我們看到這些成長率和利潤率穩定在中等個位數以上。因此，仍然是健康的成長，只是可能不是，我們稱之為通膨推動了更高的整體成長率，我們可以說，幾個季度前我們就看到了這一點。

(Operator Instructions) At this time, I would not like to turn the conference back over to Justin Plouffe for closing remarks.

（操作員指示）此時，我不想將會議轉回賈斯汀·普洛夫（Justin Plouffe）進行閉幕致詞。

Thank you everyone for joining us today. We really appreciate all your attention and we will speak with you next quarter. Thank you so much. That'll conclude the call.

感謝大家今天加入我們。我們非常感謝您的關注，我們將在下個季度與您交談。太感謝了。通話就此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。