Golub Capital BDC Inc (GBDC) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to GBDC's earnings call for the fiscal quarter ended June 30, 2024. Before we begin, I'd like to take a moment to remind our listeners that remarks made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

大家好，歡迎參加 GBDC 截至 2024 年 6 月 30 日的財季財報電話會議。在我們開始之前，我想花點時間提醒我們的聽眾，本次電話會議中的言論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Statements other than statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in GBDC's SEC filings.

本次電話會議中除歷史事實陳述外的其他陳述可能構成前瞻性陳述，不能保證未來業績或結果，並涉及許多風險和不確定性。由於多種因素，包括 GBDC 向 SEC 備案中不時描述的因素，實際結果可能與前瞻性陳述中的結果有重大差異。

For materials, we intend to refer to on today's earnings call, please visit the Investor Resources tab on the homepage of our website, which is wwwgolubcapitalbdc.com and click on the Events Presentations link. Our earnings release is also available on our website in the Investor Resources section. As a reminder, this call is being recorded.

有關我們打算在今天的收益電話會議上參考的資料，請訪問我們網站（wwwgolubcapitalbdc.com）主頁上的「投資者資源」選項卡，然後點擊「活動演示」連結。我們的收益發布也可以在我們網站的投資者資源部分找到。提醒一下，此通話正在錄音。

With that, I'm pleased to turn the call over to David Golub, Chief Executive Officer of GBDC.

至此，我很高興將電話轉給 GBDC 執行長 David Golub。

Hello, everybody, and thanks for joining us today. I'm joined by Chris Ericson, our Chief Financial Officer, and Matt Benton, our Chief Operating Officer. For those of you who are new to GBDC, our investment strategy is focused on providing first lien senior secured loans to healthy, resilient middle market companies, companies that are backed by strong partnership-oriented private equity sponsors. This is the same strategy we've had since our IPO 14 years ago. Yesterday, we issued our earnings press release for the quarter ended June 30, and we posted an earnings presentation on our website. We'll be referring to that presentation during the call today.

大家好，感謝您今天加入我們。我們的財務長克里斯·埃里克森 (Chris Ericson) 和首席營運長馬特·本頓 (Matt Benton) 也加入了我的行列。對於那些剛接觸GBDC 的人來說，我們的投資策略專注於向健康、有彈性的中間市場公司提供第一留置權高級擔保貸款，這些公司得到了強大的以合作夥伴為導向的私募股權贊助商的支持。這與我們自 14 年前首次公開募股以來一直採取的策略相同。昨天，我們發布了截至 6 月 30 日的季度的收益新聞稿，並在我們的網站上發布了收益演示。我們將在今天的電話會議中提及該簡報。

I'm going to start as usual with headlines and with a summary of performance for the quarter, then Matt and Chris are going to go through our financial results for the quarter in more detail. And finally, I'll wrap up with our outlook for the coming period and then we'll take questions.

我將像往常一樣從頭條新聞和本季度的業績摘要開始，然後馬特和克里斯將更詳細地介紹我們本季度的財務業績。最後，我將總結我們對未來一段時間的展望，然後我們將回答問題。

So let me start with headlines. The headline is that GBDC's quarter ended June 30 was great in part and disappointing in part. And we're going to talk about all of it in detail in today's call.

那麼就讓我從頭條新聞開始吧。標題是，GBDC 截至 6 月 30 日的季度表現出色，但也令人失望。我們將在今天的電話會議中詳細討論所有這些內容。

Let me start with a brief summary. I'll start with the great part. First, we closed our second win-win-win affiliate merger in early June. We believe the merger was good for GBDC shareholders, good for GBDC 3 shareholders, and good for GBDC as a business. The completion of the merger was accretive to NAV. We ended the quarter with NAV per share of $15.32. That's up 1.3% from March 31. It also made permanent the reduction in GBDC's incentive fee rate from 20% to 15%, giving GBDC what we believe to be an industry leading fee structure and increasing GBDC's go-forward earnings power. GBDC also declared and began paying a series of special distributions.

讓我先做一個簡短的總結。我將從最精彩的部分開始。首先，我們在六月初完成了第二次雙贏的聯盟合併。我們相信此次合併對 GBDC 股東有利，對 GBDC 3 股東有利，對 GBDC 作為一項業務有利。合併的完成增加了資產淨值。本季結束時，每股資產淨值為 15.32 美元。較 3 月 31 日上漲 1.3%。它還將 GBDC 的激勵費率從 20% 永久降低至 15%，使 GBDC 成為我們認為業界領先的收費結構，並提高 GBDC 的未來獲利能力。GBDC 也宣布並開始支付一系列特別分配。

Second, origination volume picked up. It builds on the recovery in middle market M&A that began in the quarter ended December 31, 2023. New investment commitments for the June 30 quarter totaled $435 million, up $111 million from the same quarter the prior year. Originations were concentrated as expected in areas of Golub Capital's competitive advantages, lots of repeat sponsors, repeat borrowers, and industry sectors we know well.

二是發源量回升。它建立在截至 2023 年 12 月 31 日的季度開始的中間市場併購復甦的基礎上。截至 6 月 30 日的季度新投資承諾總額為 4.35 億美元，比去年同期增加 1.11 億美元。正如預期的那樣，資金來源集中在 Golub Capital 的競爭優勢領域、大量重複發起人、重複借款人以及我們熟悉的行業領域。

Third, most of GBDC's borrowers perform well. The Golub Capital middle market report showed median borrower revenue and EBITDA up strongly for the seventh consecutive quarter. And performance ratings across the portfolio also improved. So it was the disappointing part. GBDC has negative outcomes in two credits, Imperial Optical and Pluralsight, and this led to meaningful write-downs on both of them. Now we're very proud of our long track record of low defaults and low credit losses, but we're not perfect.

第三，GBDC的大部分借款人表現良好。Golub Capital 中間市場報告顯示，借款人收入中位數和 EBITDA 連續第七個季度強勁增長。整個投資組合的績效評等也有所提升。所以這是令人失望的部分。GBDC 在 Imperial Optical 和 Pluralsight 這兩個信用方面產生了負面結果，這導致了對這兩個信用的大幅減記。現在，我們對長期的低違約率和低信用損失記錄感到非常自豪，但我們並不完美。

And this quarter, GBDC saw $0.17 per share of net realized and unrealized losses adjusted for the merger, primarily from these two credits. In both cases, the losses were not reflective of patterns or themes we're seeing across the portfolio. In the case of Imperial Optical, in advanced sale process fell apart, and we decided to pivot to a restructuring. And Pluralsight, a leading sponsor with over $4 billion of equity invested in the company with about $1.7 billion in debt, decided not to continue to support it.

本季度，GBDC 因合併調整後的已實現和未實現淨虧損為每股 0.17 美元，主要來自這兩項信貸。在這兩種情況下，損失都沒有反映我們在整個投資組合中看到的模式或主題。以帝國光學為例，高階銷售流程崩潰了，我們決定轉向重組。Pluralsight 是一家主要贊助商，向該公司投資了超過 40 億美元的股權，負債約 17 億美元，但決定不再繼續支持該公司。

Both developments were surprising and frustrating. So where we end up in the June 30 quarter, adjusted net investment income for the quarter was $0.48 per share. Adjusted earnings per share was $0.31 per share, return on equity of about 8% annualized. For the first three quarters of the fiscal year, GBDC has delivered a return on equity of 11.4% annualized. Included in this quarter's results were some one-time merger related items and continuing our tradition of being shareholder friendly, Golub Capital decided to proactively waive on a one-time basis, the incentive fee this quarter to support returns to our shareholders.

這兩項事態發展都令人驚訝和沮喪。因此，截至 6 月 30 日的季度，該季度調整後的淨投資收益為每股 0.48 美元。調整後每股收益為每股 0.31 美元，年化股本回報率約為 8%。本財年前三個季度，GBDC 的年化股本報酬率為 11.4%。本季業績中包含一些一次性合併相關項目，為了延續我們對股東友善的傳統，Golub Capital 決定在本季主動放棄一次性激勵費，以支持股東回報。

Matt and Chris are going to describe the quarter and fiscal year to date in more detail, including a variety of one-time impacts to the P&L and how we think about how GBDC would have performed from a profitability perspective for the quarter, adjusted for these one-time items. I'll come back at the end and offer some thoughts on GBDC's outlook. Matt?

馬特和克里斯將更詳細地描述迄今為止的季度和財年，包括對損益表的各種一次性影響，以及我們如何從本季度盈利能力的角度考慮 GBDC 的表現，並根據這些因素進行調整一次性物品。我將在最後回來提供一些關於 GBDC 前景的想法。馬特？

Thanks, David. I'm going to start on slide 4. As David just previewed, adjusted NII per share was $0.48 corresponding to an adjusted NII ROE of 12.7%. Compared to fiscal Q3 of 2023, GBDC's adjusted NII per share increased by $0.04 year over year or about 9%. Adjusted earnings per share was $0.31, corresponding to an adjusted net income ROE of 8.1%. Taking a step back, GBDC's earnings were driven by multiple key factors. First, credit performance was solid generally with the exceptions of markdowns on Imperial Optical and Pluralsight that drove the majority of the $0.17 per share net realized and unrealized loss. I'll go into more detail in a moment.

謝謝，大衛。我將從幻燈片 4 開始。正如 David 剛剛預覽的那樣，調整後的 NII 每股為 0.48 美元，調整後的 NII ROE 為 12.7%。與 2023 年第三財季相比，GBDC 調整後每股 NII 年成長 0.04 美元，增幅約 9%。調整後每股收益為 0.31 美元，調整後淨利 ROE 為 8.1%。退一步來說，GBDC 的獲利是由多個關鍵因素所推動的。首先，除了 Imperial Optical 和 Pluralsight 的降價導致每股 0.17 美元的已實現淨虧損和未實現淨虧損中的大部分以外，信貸表現總體穩健。我稍後會詳細介紹。

Second, we continue to experience high base rates consistent with recent quarters. Third, GBDC's leading investment advisory fee structure, drive sustainably lower expenses. This includes the reduction in the incentive fee rate from 20% to 13%, which became permanent with the closing of the GBDC pre-merger on June 3, 2024. And finally, Golub Capital GBDC's investment manager elected to voluntarily waive the managers incentive fee this quarter. This equated to approximately $0.07 per share benefit to net investment income and earnings. The fee waiver continues a long tradition of Golub Capital taking shareholder friendly actions.

其次，我們繼續經歷與最近幾季一致的高基本利率。第三，GBDC領先的投資諮詢費用結構，推動持續降低費用。這包括激勵費率從 20% 降低至 13%，隨著 2024 年 6 月 3 日 GBDC 預合併結束，這一降低成為永久性的。最後，Golub Capital GBDC 的投資經理選擇在本季自願免除經理激勵費。這相當於每股約 0.07 美元的淨投資收入和收益收益。此次費用減免延續了 Golub Capital 採取股東友善行動的悠久傳統。

Let me summarize portfolio activity and credit quality in the quarter. Net funds increased by $2.5 billion sequentially, primarily the result of the closing of the GBDC 3 merger, bringing the size of the total portfolio at fair value to $7.9 billion. The overall credit performance of GBDC's investment portfolio remains strong with internal performance ratings improving from the prior quarter. Investments in rating categories 4 and 5 increased to 89.2% from 87.2% in the prior quarter and investments in rating categories 1 and 2 represented just 70 basis points of the total portfolio at fair value.

讓我總結一下本季的投資組合活動和信貸品質。淨資金連續增加 25 億美元，主要是 GBDC 3 合併完成的結果，使以公允價值計算的總投資組合規模達到 79 億美元。GBDC 投資組合的整體信用表現依然強勁，內部表現評級較上一季有所改善。評級類別 4 和 5 的投資從上一季的 87.2% 上升至 89.2%，評級類別 1 和 2 的投資僅佔以公允價值計算的總投資組合的 70 個基點。

As a percentage of total debt investments at fair value, non-accruals increased slightly to 1% at June 30, 2024 from 90 basis points at March 31, 2024 and continue to be well below the BDC sector average. In the quarter, the number of non-accrual investments increased to 10 as the return to accrual status of one portfolio company was offset by the addition of two portfolio companies. We continue to believe the overall portfolio is well positioned from a credit perspective.

非應計費用佔以公允價值計算的債務投資總額的百分比從 2024 年 3 月 31 日的 90 個基點小幅上升至 2024 年 6 月 30 日的 1%，並繼續遠低於 BDC 行業平均水平。本季度，非應計投資數量增加至 10 項，因為一家投資組合公司恢復應計狀態的回報被兩家投資組合公司的增加所抵消。我們仍然認為，從信貸角度來看，整體投資組合定位良好。

The weighted average loan to value of the portfolio was 45%, which we believe provides very nice downside protection. Despite these generally positive credit trends, we did have the two negative surprise from the quarter that David highlighted in his opening remarks. We don't think they are representative of the broader health of the portfolio, and it's probably worth a moment to really discuss Imperial Optical in more detail given its relative size and impact on this quarter's results.

投資組合的加權平均貸款價值為 45%，我們認為這提供了非常好的下行保護。儘管信貸趨勢普遍積極，但我們確實看到了大衛在開場白中強調的本季的兩個負面意外。我們認為它們不能代表投資組合的整體健康狀況，考慮到帝國光學的相對規模和對本季業績的影響，可能值得花點時間更詳細地討論帝國光學。

Imperial Optical is a full-service vision care platform that offers optometric patient care and retail eyewear products through 280 locations across the US. Our exposure to Imperial Optical at March 31, 2024, consisted of $96.9 million face amount of senior secured debt at pre-merger GBDC and $41.7 million face amount at pre-merger GBDC 3. The company did not perform in the sponsors' expectations for some time. With the support of the sponsor, last year, we undertook a two-prong strategy. First, the company implemented an operating turnaround plan, including a new CEO. Second, explore strategic alternatives.

Imperial Optical 是一個全方位服務的視力保健平台，透過美國 280 個地點提供驗光患者護理和零售眼鏡產品。截至 2024 年 3 月 31 日，我們對帝國光學的風險敞口包括合併前 GBDC 面額 9,690 萬美元的優先擔保債務和合併前 GBDC 3 面額 4,170 萬美元的債務。一段時間以來，該公司的表現並未達到保薦人的預期。在贊助商的支持下，去年我們採取了雙管齊下的策略。首先，公司實施了一項營運週轉計劃，其中包括任命新的執行長。其次，探索戰略選擇。

As of March 31, 2024, we believe there was a high probability of a strategic asset. However, over the course of the quarter ended June 30, it became clear this is not going to happen. Accordingly, we shifted to a singular focus on the operating turnaround, we rightsized its capital structure, and took control of the equity and board. We worked closely with existing management and other key stakeholders to ensure alignment. This restructuring drove the majority of GBDC's net realized and unrealized loss in the quarter.

截至2024年3月31日，我們認為存在戰略資產的可能性很高。然而，在截至 6 月 30 日的季度中，很明顯這種情況不會發生。因此，我們將重點轉向了營運轉型，調整了資本結構，並控制了股權和董事會。我們與現有管理層和其他主要利害關係人密切合作，以確保一致性。此次重組導致了 GBDC 本季已實現和未實現淨虧損的大部分。

Continuing on slide 4, let me briefly summarize certain balance sheet changes in the quarter. NAV per share increased by $0.2 on a sequential basis to $15.32. NAV per share is now $0.49 higher than the prior year, even as GBDC delivered higher distributions to shareholders during this period. As David described earlier, one of the benefits of the recently closed merger with GBDC 3 is that shares issued in the merger, approximately 92 million were issued at a price in excess of the current NAV, resulted in material NAV accretion for existing GBDC shareholders.

繼續投影片 4，讓我簡要總結本季資產負債表的某些變化。每股淨值環比增加 0.2 美元，達到 15.32 美元。儘管 GBDC 在此期間向股東提供了更高的分配，但每股資產淨值目前仍比前一年高出 0.49 美元。正如David 先前所描述的，最近完成的與GBDC 3 合併的好處之一是，合併中發行的股票（約9,200 萬股）的發行價格超過了目前的資產淨值，為現有GBDC 股東帶來了實質性的資產淨值增加。

Leverage decreased materially quarter over quarter to 1.05 times on a debt to equity basis, net of available cash and to 1.00 times net of available cash and cash trapped at the securitizations for the purposes of paying down principal outstanding notes. We described last quarter that we expected a level of deleveraging in connection with the merger, and we got it.

槓桿率逐季大幅下降，以債務股本計算，扣除可用現金後，槓桿率降至 1.05 倍，扣除可用現金和用於償還本金未償票據的證券化現金後，槓桿率降至 1.00 倍。我們在上個季度曾表示，我們預計合併後會出現一定程度的去槓桿化，我們做到了。

Let's turn to distributions now. The Board approved $0.44 per share of distributions comprised of a regular quarterly distribution of $0.39 per share and a fiscal Q3 supplemental distribution of $0.05 per share. Taken together, these distributions correspond to an annualized dividend yield of 11.5% based on GBDC's NAV per share as of June 30, 2024.

現在讓我們轉向發行版。董事會批准了每股 0.44 美元的分配，其中包括每股 0.39 美元的定期季度分配和每股 0.05 美元的第三財季補充分配。總而言之，根據 GBDC 截至 2024 年 6 月 30 日的每股資產淨值，這些分配對應的年化股息率為 11.5%。

Adjusted NII per share continues to significantly exceed the company's regular quarterly distributions resulting in regular distribution coverage of 123%. In addition, our Board declared additional special distributions to be paid in three equal installments of $0.05 per share, which began in June 2024 following the merger close on June 3. The remaining two special distributions of $0.05 per share will be paid on September 13, 2024 for stockholders of record as of August 16, 2024 and December 13th, 2024, for stockholders of record as of November 29, 2024.

調整後的每股 NII 繼續大幅超過公司的定期季度分配，導致定期分配覆蓋率達到 123%。此外，我們的董事會還宣布，將在 6 月 3 日合併結束後於 2024 年 6 月開始分三期等額支付每股 0.05 美元的額外特別分配。其餘兩項每股 0.05 美元的特別分配將於 2024 年 9 月 13 日向截至 2024 年 8 月 16 日登記的股東支付，並於 2024 年 12 月 13 日向截至 2024 年 11 月 29 日登記的股東支付。

You can find more information about the record dates and payment dates for fiscal Q3 distributions on slide 25 of the earnings presentation and about the variable supplemental distribution framework on slide 26. Lastly, and before I turn it over to Chris to walk through the financial results in more detail with outline on slide 6, which is a new slide, the key non-recurring items that impacted the P&L in the June 30 quarter. The intent of this analysis is to better show what we believe is a more normalized GBDC core earnings profile before the impact of modestly re-leveraging the balance sheet.

您可以在收益簡報的幻燈片 25 上找到有關第三財季分配的記錄日期和付款日期的更多信息，並在幻燈片 26 上找到有關可變補充分配框架的更多信息。最後，在我將其交給 Chris 之前，請更詳細地介紹財務業績，並在投影片 6（這是一張新投影片）中概述影響 6 月 30 日季度損益表的關鍵非經常性項目。本分析的目的是更好地展示我們認為在適度重新槓桿化資產負債表的影響之前 GBDC 核心獲利狀況更加正常化。

First, the reversal of interest income recognized in prior quarters on investments restructured or placed on nonaccrual status this quarter reduced adjusted NII per share by $0.05. Second in the quarter, GBDC recognized an additional $0.03 per share of non-cash interest expense associated with marking-to-market interest rate swaps. Again, these are non-cash charges that should come to zero over time. And lastly, the incentive fee waiver contributed to a $0.07 per share increase in adjusted NII. The net results of these adjustments for non-recurring items is an adjusted NII per share of $0.45 or an 11.7% adjusted NII ROE.

首先，前幾季因本季重組或置於非應計狀態的投資而確認的利息收入的逆轉使調整後的每股NII減少了0.05美元。第二季度，GBDC 確認了與以市價利率掉期相關的額外每股 0.03 美元的非現金利息費用。同樣，這些都是非現金費用，隨著時間的推移應該會為零。最後，激勵費豁免導致調整後的 NII 每股增加 0.07 美元。這些非經常性項目調整的最終結果是調整後的每股 NII 為 0.45 美元，或調整後的 NII ROE 為 11.7%。

Further, as I mentioned earlier, we expect that de-leveraging GBDC's balance sheet to target levels in response to the deleveraging impact of the GBDC 3 merger would be in our account.

此外，正如我之前提到的，我們預計將 GBDC 的資產負債表去槓桿化至目標水平，以應對 GBDC 3 合併的去槓桿化影響，這將計入我們的帳戶。

I'm going to turn it to Chris now to provide more detail on our results.

我現在將其交給克里斯，以提供有關我們結果的更多詳細資訊。

Thanks, Matt. Slide 8 shows a bridge to GBDC's new net asset value per share increased to $15.32, up $0.20 per share from the prior quarter.

謝謝，馬特。投影片 8 顯示 GBDC 的新每股淨值增至 15.32 美元，較上一季每股上漲 0.20 美元。

Next, I think it's important to turn to slide 9 to spend some time walking through the accounting treatment of the GBDC 3 merger. Because the merger was accounted for as an asset acquisition under GAAP, the purchase premium was allocated pro rata to the former GBDC 3 assets. As a result, GBDC's initial cost basis and the former GBDC 3 assets equaled their fair value at the time of the acquisition, plus the purchase premium because GBDC uses fair value accounting immediately after the closing of the merger. GBDC recognized a one-time unrealized loss equal to that same purchase premium.

接下來，我認為重要的是轉向投影片 9，花一些時間了解 GBDC 3 合併的會計處理。由於根據 GAAP 將合併視為資產收購，因此購買溢價按比例分配給前 GBDC 3 資產。因此，GBDC 的初始成本基礎和前 GBDC 3 資產等於收購時的公允價值加上購買溢價，因為 GBDC 在合併結束後立即採用公允價值會計。GBDC 承認一次性未實現損失等於相同的購買溢價。

Effectively, GBDC wrote up the former GBDC 3 assets to fair value on its purchase premium and then wrote down the former GBDC 3 assets to their fair value. This one-time loss or paper loss in accordance with GAAP is a non-cash item that doesn't reflect any economic loss experience that GBDC.

實際上，GBDC 將前 GBDC 3 資產的購買溢價以公允價值減記，然後將前 GBDC 3 資產減記至其公允價值。根據 GAAP，這種一次性損失或帳面損失是一項非現金項目，不反映 GBDC 的任何經濟損失經驗。

Turning to slide 10, this provides an illustration of how we expect the purchase premium will flow through the income statement on a go-forward basis. In short, GBDC will amortize the purchase premium over the life of the purchased loans through interest income as a reduction to net investment income or NII. Having said this the purchase premium amortization won't result in any reduction to net income as any decrease to NII, will be offset by a corresponding reversal of the unrealized loss has shown in the middle graph.

轉向投影片 10，這說明了我們預計購買溢價將如何在未來的基礎上流經損益表。簡而言之，GBDC 將透過利息收入在所購買貸款的生命週期內攤提購買溢價，作為淨投資收入或 NII 的減少。話雖如此，購買溢價攤銷不會導致淨利潤減少，因為 NII 的任何減少都將被中間圖表中顯示的未實現損失的相應逆轉所抵消。

And consistent with our approach of the GCIC merger and in order to make GBDC's post-merger financial results easier to compare to the pre-merger results will continue to use some supplemental financial measurements in addition to GAAP measurements to strip out the impact of the purchase premium write-down. We'll continue to talk about adjusted net investment income and adjusted net investment income per share, which will exclude the amortization of the purchased premium.

與我們的 GCIC 合併方法一致，為了使 GBDC 合併後的財務結果更容易與合併前的結果進行比較，除了 GAAP 衡量標準之外，我們將繼續使用一些補充財務衡量標準，以消除收購的影響保費減記。我們將繼續討論調整後的淨投資收益和調整後的每股淨投資收益，其中不包括所購買溢價的攤銷。

We'll also talk about adjusted net realized and unrealized gain or loss and adjusted net realized and unrealized gain or loss per share. These will exclude both the one-time unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss from the amortization of the purchase premium. And finally, we'll talk about adjusted net income and adjusted earnings per share, which will calculate net income and earnings per share based on adjusted net investment income and adjusted net realized and unrealized gain or loss.

我們也將討論調整後的已實現淨值和未實現淨損益以及調整後每股已實現淨值和未實現淨損益。這些將不包括因購買溢價減記而產生的一次性未實現損失以及因購買溢價攤銷而相應轉回的未實現損失。最後，我們將討論調整後的淨利潤和調整後的每股收益，它將根據調整後的淨投資收益和調整後的已實現和未實現淨損益來計算淨利潤和每股收益。

As depicted on this slide, after the one-time unrealized loss on the purchase premium write-down, adjusted net income is expected to equal GAAP net income as any purchase premium amortization is anticipated to be offset by a corresponding reversal of the unrealized loss on the GBDC 3 investments acquired.

如這張投影片所示，在購買溢價沖減的一次性未實現損失之後，調整後的淨利潤預計將等於GAAP 淨收入，因為任何購買溢價攤銷預計將被相應的未實現損失轉回所抵消。

Let's now go through the details of GBDC's financial results for the quarter ended June 30, 2024. I'll start on slide 13, which summarizes our origination activity for the quarter. Net funds growth quarter over quarter increased by $2.5 billion, primarily driven by the acquisition of GBDC 3's $2.6 billion portfolio upon closing of the GBDC 3 merger.

現在讓我們詳細了解一下 GBDC 截至 2024 年 6 月 30 日的季度財務業績。我將從投影片 13 開始，它總結了我們本季的發起活動。淨資金季增 25 億美元，主要是由於 GBDC 3 合併完成後收購 GBDC 3 的 26 億美元投資組合所致。

Beyond the merger, new investment commitments and delayed draw term loan fundings were outpaced by the net impact of exits, sales of investments, and fair value changes of existing investments. Market-wide deal activity and origination across our capital platform both improved in the June 30 quarter. We expect it to continue to improve over the remainder of the year.

除了合併之外，新的投資承諾和延遲提取定期貸款資金的成長速度也受到了退出、投資銷售和現有投資公允價值變化的淨影響的影響。整個市場的交易活動和整個資本平台的發起在 6 月 30 日的季度都有所改善。我們預計它將在今年剩餘時間內繼續改善。

Golub Capital has remained highly selective, causing approximately 2% of deals reviewed during the first half of calendar year 2024. That's on the lower end of our typical 2% to 4% activity rate and reflects our focus on quality over quantity. The asset mix of new investments shown in the middle of the slide remained predominantly one stop loans. Looking at the bottom of the slide, the weighted average rate on new investments decreased modestly quarter over quarter to 10.7%.

Golub Capital 仍保持高度選擇性，在 2024 年上半年審核的交易中約有 2%。這是我們典型的 2% 到 4% 活動率的下限，反映了我們對品質而非數量的關注。幻燈片中間顯示的新投資的資產組合仍然主要是一站式貸款。從下滑的底部來看，新投資的加權平均利率環比小幅下降至 10.7%。

We continue to be highly selective as the average loan-to-value on Golub Capital's middle market originations during the quarter was below 35% with a disproportionate amount of these originations to repeat borrowers.

我們繼續保持高度選擇性，因為本季 Golub Capital 中間市場發放的平均貸款價值比低於 35%，其中大部分發放給重複借款人。

Slide 14 shows GBDC's overall portfolio mix following the closing of the GBDC 3 merger. As you can see, the portfolio breakdown by investment type remained consistent quarter-over-quarter with one-stop loans continuing to represent around 85% of the portfolio at fair value. And slide 15 shows that GBDC's portfolio remains highly diversified by portfolio companies with an average investment size of approximately 30 basis points.

投影片 14 顯示了 GBDC 3 合併結束後 GBDC 的整體投資組合。如您所看到的，按投資類型劃分的投資組合細分與上一季保持一致，以公允價值計算，一站式貸款繼續佔投資組合的 85% 左右。投影片 15 顯示 GBDC 的投資組合仍高度多元化，投資組合公司的平均投資規模約為 30 個基點。

Additionally, our largest single borrower represents just 1.7% of the portfolio and our top 10 largest borrowers represent just 14% of the portfolio. We are big believers in modulating credit risk for position size, which we believe has served GBDC well in previous credit cycles and will continue to be important in the context of future credit cycles.

此外，我們最大的單一借款人僅佔投資組合的 1.7%，而我們的前 10 名最大借款人僅佔投資組合的 14%。我們堅信根據頭寸規模調節信用風險，我們相信這在先前的信用週期中為 GBDC 提供了良好的服務，並且在未來的信用週期中將繼續發揮重要作用。

As of June 30, 2024, 93% of our investment portfolio consisted of first-lien, senior secured, floating rate loans, from borrowers across a diversified range of what we believe to be resilient industries.

截至 2024 年 6 月 30 日，我們 93% 的投資組合由第一留置權、優先擔保、浮動利率貸款組成，這些貸款來自我們認為具有彈性的多元化產業的借款人。

The economic analysis on slide 16 showed some changes quarter over quarter. Let's walk through those in detail. I will start with the dark blue line, which is our investment income yield. As a reminder, the investment income yield includes the amortization of fees and discounts. Consistent with base interest rates, GBDC's investment income yield has leveled out in recent quarters and decreased to 12.3% for the quarter ended June 30.

第 16 張投影片上的經濟分析顯示了季度與季度之間的一些變化。讓我們詳細了解這些內容。我將從深藍色線開始，這是我們的投資收益收益率。提醒一下，投資收益收益率包括費用和折扣攤銷。與基本利率一致，GBDC 的投資收益率在最近幾季趨於平穩，並在截至 6 月 30 日的季度下降至 12.3%。

As a combination of spread compression and certain nonrecurring items during the quarter, notably, the impact of reversing previously recognized interest income on investments restructured or placed on non-accrual status this quarter, as well as reduced interest income earned on cash as compared to the quarter ended March 31, contributed to a decrease on a sequential basis of 50 basis points.

值得注意的是，由於本季利差壓縮和某些非經常性項目的影響，本季重組或置於非應計狀態的投資先前確認的利息收入被逆轉，以及與現金相比，現金利息收入減少。

Our cost of debt, the teal line increased primarily as a consequence of the maturity of the April 2024 unsecured notes, a full quarter of the 2029 unsecured notes outstanding, and assumption of the funding facilities from GBDC 3. Following merger close, we began executing on a plan to reduce GBDC's post merger funding costs by increasing utilization of our low-cost JPMorgan credit facility.

我們的債務成本（青色線）增加，主要是由於 2024 年 4 月無擔保票據到期、2029 年完整季度的未償還無擔保票據以及接受 GBDC 3 的融資便利。合併結束後，我們開始執行一項計劃，透過提高低成本摩根大通信貸額度的使用率來降低 GBDC 的合併後融資成本。

We also believe there's room for cost of funding improvement within certain of our other funding structures over the balance of this year. Additionally, we recognized an increase in interest expense during the quarter associated with marketing to fair value our existing interest rate swaps on the 2028 and 2029 notes.

我們也認為，在今年剩餘時間裡，我們的某些其他融資結構中的融資成本還有改進的空間。此外，我們也意識到，本季與 2028 年和 2029 年票據的現有利率互換的公允價值行銷相關的利息支出有所增加。

As a reminder, we elected to swap our recent fixed rate unsecured note issuances, the floating rate that terms over to match-fund the company's assets, which are primarily floating rate. Hedge accounting requires us to fair value the interest rate swaps and recognize any changes in fair value through interest expense. But it's important to note this is a non-cash expense and we'll net to zero over the lives of the swaps.

提醒一下，我們選擇交換最近發行的固定利率無擔保票據，即浮動利率，以匹配公司資產（主要是浮動利率）的資金。對沖會計要求我們對利率掉期進行公允價值評估，並透過利息支出確認公允價值的任何變更。但值得注意的是，這是一項非現金支出，我們將在掉期期間將淨額歸零。

For the quarter ended June 30, 2024, we saw a $0.03 per share non-cash reduction in net investment income from increased interest expense as a result of marking down the fair value of our interest rate swaps. We recognize the opposite impact in the quarter ended March 31, 2024, as the change in fair value on our interest rate swaps contributed to a reduction in non-cash interest expense and a corresponding increase to net investment income of a penny per share during that quarter.

在截至 2024 年 6 月 30 日的季度中，由於降低了利率掉期的公允價值，導致利息支出增加，導致淨投資收益每股非現金減少 0.03 美元。We recognize the opposite impact in the quarter ended March 31, 2024, as the change in fair value on our interest rate swaps contributed to a reduction in non-cash interest expense and a corresponding increase to net investment income of a penny per share during that四分之一.

We have excluded the net change in fair value related to our interest rate swap hedges from the calculation of our weighted average cost of debt, since these are non-cash amounts that will net to zero over the life of the swaps. We believe with nearly 80% of GBDC's total debt funding represented by floating rate exposure, GBDC is well positioned for declining interest rates. The collective result of these factors was for GBDC's weighted average net investment spread to Goldline to decrease sequentially to 5.8%.

我們在計算加權平均債務成本時排除了與利率互換對沖相關的公允價值淨變化，因為這些非現金金額在互換期限內淨值為零。我們認為，GBDC 債務融資總額中近 80% 是浮動利率敞口，因此 GBDC 已做好應對利率下降的準備。這些因素的綜合結果是 GBDC 與 Goldline 的加權平均淨投資差額較上季下降至 5.8%。

Going to turn the floor back over to Matt now. Matt?

現在將發言權交還給馬特。馬特？

Thanks, Chris. I'll wrap up this section by reviewing GBDC's liquidity and investment capacity on slides 23 and 24. Let's focus on the key takeaways on slide 24. Our weighted average cost of debt this quarter was 6.5%. 46% of our debt funding is in the form of unsecured notes. The fixed rate notes coming due in 2026 and 2027 were issued with a weighted average coupon of 2.3%.

謝謝，克里斯。我將在投影片 23 和 24 上回顧 GBDC 的流動性和投資能力來結束本節。讓我們重點關注幻燈片 24 上的要點。本季我們的加權平均債務成本為 6.5%。我們 46% 的債務融資採用無擔保票據的形式。2026年及2027年到期的固定利率票據的加權平均票面利率為2.3%。

And as you've heard us say on multiple occasions, we didn't swap it out for floating-rate exposure. The issuance of the July 2029 and December 2028 unsecured notes improve upon GBDC's debt maturity ladder while addressing refinancing risk with respect to the $500 million of notes that matured and were subsequently repaid in April 2024.

正如您多次聽到我們所說，我們沒有將其換成浮動利率敞口。2029 年 7 月和 2028 年 12 月無擔保票據的發行改善了 GBDC 的債務到期階梯，同時解決了 2024 年 4 月到期並隨後償還的 5 億美元票據的再融資風險。

Overall, our liquidity position remains strong and greatly enhanced by the recent unsecured notes issuances. We ended the quarter with approximately $1.6 billion of liquidity from unrestricted cash. Undrawn commitments are meaningfully over collateralized corporate revolver and the unused, unsecured revolver provided by our adviser.

總體而言，我們的流動性狀況仍然強勁，並因最近發行的無擔保票據而大大增強。截至本季末，我們擁有約 16 億美元的非限制性現金流動資金。未提取的承諾是指有抵押的公司循環資金和我們顧問提供的未使用的、無擔保的循環資金。

The diversification, flexibility, and low cost to GBDC's funding structure is an important element that underpins our three investment grade ratings from Fitch, Moody's, and S&P. GBDC has stronger ratings from Moody's and Fitch than the majority of the rate of BDC sector providing for deeper and more cost effective access to the debt markets.

GBDC 融資結構的多元化、靈活性和低成本是支撐我們獲得惠譽、穆迪和標準普爾三項投資等級評級的重要因素。GBDC 獲得穆迪和惠譽的評級，高於 BDC 部門的大多數評級，為進入債務市場提供更深入、更具成本效益的准入。

Now I'll hand it back over to David for closing remarks and Q&A. David?

現在我將把它交還給 David 進行結束語和問答。大衛？

Thanks, Matt. So to sum up, GBDC's June 30 quarter had some great elements and some disappointing elements. We've talked about the two disappointing credit losses in the quarter. We've also talked about the great elements, including strong income generation, stable credit trends on the whole, and completion of the win-win-win merger with GBDC 3.

謝謝，馬特。總而言之，GBDC 6 月 30 日的季度有一些很棒的元素，也有一些令人失望的元素。我們已經討論過本季兩次令人失望的信貸損失。我們也談到了一些偉大的因素，包括強勁的創收能力、整體穩定的信貸趨勢以及與GBDC 3完成雙贏的合併。

Let me wrap up with our outlook before we open the line for questions. We talked last quarter about a few headwinds we anticipated market in GBDC would face with respect to origination spreads in credit. Our view today is largely unchanged.

在我們開始提問之前，讓我先總結一下我們的展望。上個季度我們談到了我們預計 GBDC 市場在信貸起源利差方面將面臨的一些阻力。我們今天的觀點基本上沒有改變。

Let me touch briefly on each of these three areas. Let me start with origination. The good news is that we saw a pickup in M&A activity in the quarter. Our sense is that many market participants are expecting a further recovery in M&A activity later this year. That's a possibility. But our outlook is more cautious. We think deal activity is likely to stay modulated in the second half. We think sellers in many cases are going to choose to hold off on sales processes in hopes of falling interest rates unless economic and political uncertainty. We think it probably takes until 2025 to see volumes getting back to normal levels.

讓我簡單談談這三個領域。讓我從起源開始。好消息是我們看到本季併購活動有所回升。我們的感覺是，許多市場參與者預計今年稍後併購活動將進一步復甦。這是有可能的。但我們的前景更為謹慎。我們認為下半年交易活動可能會保持穩定。我們認為，在許多情況下，除非經濟和政治存在不確定性，否則賣家會選擇延後銷售流程，希望利率下降。我們認為交易量可能要到 2025 年才能恢復到正常水準。

Let's shift now to the second headwind spreads. The broadly syndicated loan market saw striking spread compression in the first half of 2024. And this translated in the second calendar quarter into a combination of many repricings of existing deals and lower spreads on new transactions. The dynamic was much more pronounced in a large market segment where direct lenders compete with broadly syndicated market executions.

現在讓我們轉向第二個逆風傳播。2024 年上半年，廣泛的銀團貸款市場利差顯著壓縮。這在第二季轉化為現有交易的多次重新定價和新交易利差的降低。這種動態在直接貸款人與廣泛的銀團市場執行競爭的大型細分市場中更為明顯。

Overall spread compression in the large market segment since the beginning of the year has been in the range of 50 basis points to 100 basis points. The traditional middle market, our focus has seen less spread compression and fewer repricings than in the large market. But our strategy hasn't been immune to the spread tightening and borrower friendly refinancing activities.

自年初以來，大市場整體利差壓縮在50個基點至100個基點範圍內。與大型市場相比，我們關注的傳統中間市場的價差壓縮和重新定價較少。但我們的策略並沒有免受利差收緊和借款人友好的再融資活動的影響。

In recent weeks, the market seems to be stabilizing and this week's market volatility may add to that stabilization. Finally, let's talk about our outlook for credit. For the last two years, we've talked about how we have been expecting to see more credit stress in both the broadly syndicated market and the private credit market. While the higher credit stress is visible, you can see it in higher default rates in both the broadly syndicated market and in parts of private credit.

最近幾週，市場似乎趨於穩定，而本週的市場波動可能會加劇這種穩定。最後，我們來談談我們對信貸的展望。在過去的兩年裡，我們一直在談論我們如何預期在廣泛的銀團市場和私人信貸市場上會出現更多的信貸壓力。雖然較高的信貸壓力是顯而易見的，但你可以從廣泛的銀團市場和部分私人信貸的較高違約率中看到這一點。

Now credit stress never shows up evenly. We've been seeing and I expect this trend will continue. We've been seeing more issues in certain sectors and in respect of certain managers. We expect this dispersion and results to continue.

現在，信用壓力從來沒有均勻地顯現出來。我們已經看到並且我預計這種趨勢將會持續下去。我們在某些​​部門和某些經理方面看到了更多問題。我們預計這種分散和結果將持續下去。

So to sum up, we continue to expect to see some headwinds in the coming period, and we continue to believe GBDC is very well positioned to be on the favorable end of the manager dispersion spectrum that we expect to see. We believe post merger GBDC is poised to deliver strong earnings, thanks to its resilient portfolio, its best in class B structure, it's very low non-accruals, and it's durable and diversified liability structure. We appreciate the overwhelming support for the merger that we received from GBDC shareholders and we look forward to delivering the expected benefits of the merger going forward.

總而言之，我們仍然預計未來一段時間會遇到一些阻力，我們仍然相信 GBDC 處於非常有利的位置，處於我們預期的管理者分散範圍的有利一端。我們相信，合併後 GBDC 預計將實現強勁的盈利，這要歸功於其富有彈性的投資組合、最佳的 B 類結構、非常低的非應計費用以及持久且多元化的負債結構。我們感謝 GBDC 股東對合併的大力支持，並期待未來實現合併的預期效益。

With that, please open the line for questions.

就這樣，請打開提問專線。

We are now opening the floor for question-and-answer session. (Operator Instructions) Robert Dodd, Raymond James.

我們現在開始問答環節。（操作員說明）羅伯特·多德，雷蒙德·詹姆斯。

Hi, guys, and congrats on getting everything done. The first question, David, about the market volatility. You said the near term volatility might enable spreads to stabilize. At what point -- how long would such volatility you need to go on you think before VSL and private markets that should actually start to widen again?

嗨，夥計們，恭喜你完成了一切。大衛，第一個問題是關於市場波動的。您說近期的波動可能會使利差穩定下來。您認為在 VSL 和私人市場真正開始再次擴大之前，這種波動需要持續多久？

So great question, Robert. Market conditions right now are very hard to make generalizations about because we're all in real time trying to assess the underlying causes of the soon that started on Friday, continued on Monday, reversed some today. My own view is that this market volatility reflects the recent weakness in some economic data that came out jobs report, some increased sense from an emotional standpoint that valuations had gotten too high in the public markets, particularly in the tech sector.

這是一個很好的問題，羅伯特。目前的市場狀況很難一概而論，因為我們都在即時評估導致周五開始、週一持續、今天出現一些逆轉的根本原因。我個人的觀點是，這種市場波動反映了近期就業報告中公佈的一些經濟數據的疲軟，從情感的角度來看，有些人越來越感覺到公開市場的估值過高，尤其是科技業。

But I'd be buying if I told you that I have a good deed on where the market volatility, where market prices are going to head in the near term. I don't have a good deed on that. Here's what we know. We know that over the course of the last few days, the broadly syndicated loan market has seen decreases in loan prices of about a point. We've seen changes in securitization liability markets. I'd say for a typical broadly syndicated CLO average cost of funds on a marked basis would be about 25 basis points. Will those changes flow through to private credit or even sustain over the course of the next few days or weeks?

但如果我告訴你我對市場波動、市場價格在短期內將走向何方有很好的了解，我就會買進。我在這方面沒有什麼好事。這是我們所知道的。我們知道，在過去的幾天裡，廣泛的銀團貸款市場的貸款價格下降了約一個百分點。我們看到了證券化負債市場的變化。我想說，對於典型的廣泛銀團 CLO，顯著基礎上的平均資金成本約為 25 個基點。這些變化會影響私人信貸，甚至會在接下來的幾天或幾週內持續下去嗎？

I think that that's difficult to know right now. My own take is that the weakness is causing some rethinking in private credit land of some of the desirability of the spread compression that we've seen in the last few months and may take some of the scheme out of some of the parties that have been most receptive to reducing spreads in the private markets. But this is all very real time, Robert, and it's difficult to gauge.

我認為現在很難知道這一點。我個人的看法是，這一弱點正在引起私人信貸界重新思考我們在過去幾個月中看到的利差壓縮的一些可取性，並且可能會取消一些已經被取消的參與者的部分計劃。願意減少私人市場的利差。但這都是非常即時的，羅伯特，而且很難衡量。

Yeah. I understood. Thank you for that color, is very real-time. On credit, I mean, for sites, probably one of the most widely flagged problem assets over the last quarter that we've ever seen in the BDC space. We all knew it was coming into those space. Broadly though, what proportion of your portfolio has loans structures, documentation such as, however you want to think about it that is similar to the comp structure in Pluralsight that allow, for example, somebody from asset sensors, unrestricted subs, things like that and you how widespread is that kind of loan structure in the rest of the portfolio and less than about four cycles we all know about at this point?

是的。我明白了。謝謝你的顏色，非常即時。我的意思是，就信用而言，對於網站來說，這可能是上個季度我們在 BDC 領域看到的最廣泛標記的問題資產之一。我們都知道它會進入那些空間。但從廣義上講，您的投資組合中有多少比例具有貸款結構、文檔，例如，無論您想如何考慮，它都類似於Pluralsight 中的補償結構，例如，允許來自資產感測器、不受限制的子項目等的人，以及這種貸款結構在投資組合的其餘部分中有多普遍，目前我們都知道不到四個週期？

So I wanted to just give a perspective on Pluralsight before I answer the rest of your question. I do not view Pluralsight despite some of the press that it's gotten. I do not view it as a good example of a sponsor misbehaving or of a sponsor miss using documentation. In fact, in this instance, what this time I think very highly of this business sponsored we have very few problem credits that we've ever had with Vista. I think they're very, very good operators.

因此，在回答您的其餘問題之前，我想先談談對 Pluralsight 的看法。儘管有一些媒體報導 Pluralsight，但我並沒有看過它。我不認為這是發起人行為不當或發起人未使用文件的好例子。事實上，在這種情況下，這次我對這項業務贊助的評價非常高，我們在 Vista 上遇到的問題很少。我認為他們是非常非常優秀的營運商。

What this did was they were in discussions and negotiations with lenders about how to pursue a longer-term solution. And they ran out of time before needing to make a decision about paying an interest payment. And in order to make that payment and create more time, they arranged a loan provided by Vista for the purposes of paying interest to other lenders. This is not lender or lender violence. This is not a liability management transaction. This is much more boring than any of that.

這樣做的目的是，他們正在與貸方討論和談判如何尋求長期解決方案。他們在需要做出支付利息的決定之前已經沒有時間了。為了支付這筆款項並創造更多時間，他們安排了 Vista 提供的貸款，用於向其他貸方支付利息。這不是貸方或貸方暴力。這不是負債管理交易。這比任何一個都無聊得多。

Many of the large market loans in private credit plan, provide baskets and documentation terms that permit a certain amount of pari passu or subsidiary level borrowings. It's not uncommon. What makes the private credit market relatively insulated compared to the broadly syndicated market, relatively insulated from liability management transactions are our two key points incentives and norms.

私人信貸計劃中的許多大型市場貸款都提供籃子和文件條款，允許一定數量的同等貸款或附屬貸款。這並不罕見。與廣泛的銀團市場相比，私人信貸市場相對不受負債管理交易的影響，這是我們兩個關鍵的誘因和規範。

What do I mean by each of these? Incentives, so in private credit transactions, one tends to see a relatively small number of lenders. Most of the liability management transactions in the broadly syndicated market that have garnered a lot of press and garnered a lot of attention, they picked one group of lenders against another group of lenders. If you have a large group of lenders in the mix, it's much easier to create a cool kids club and pit that cool kids club against the non-cool kids' club. In private credit land where you have a syndicate there that are very small, much, much harder to affect that.

我所說的每一個是什麼意思？激勵措施，因此在私人信貸交易中，貸款人的數量往往相對較少。在廣泛的銀團市場中，大多數負債管理交易都引起了許多媒體的關注，他們選擇一組貸款人來對抗另一組貸款人。如果你有一大群貸款人，那麼創建一個很酷的兒童俱樂部並將該很酷的兒童俱樂部與非很酷的兒童俱樂部進行競爭會更容易。在私人信貸領域，你有一個非常小的辛迪加，很難影響這一點。

The second key criteria is norms. There are norms of behavior in any market, including in particular and I talk about one in the private credit market, our sponsors and private credit buy groups have strong relationships with each other is when the market is well functioning, they do, and both parties have a commitment to the success in share dealing with the other.

第二個關鍵標準是規範。任何市場都有行為規範，特別是我談到的私人信貸市場，我們的贊助商和私人信貸購買團體彼此之間有著牢固的關係，當市場運作良好時，他們會這樣做，而且雙方都會這樣做。

So again as a consequence of norms, it would be an enormous violation of norms and it would be relationship destructive to have a sponsor use documentation terms in a manner that would be disadvantageous to one of the key private credit lenders in one of their companies and with whom they do a lot of business. So I don't think it's a documentation turns issue that underlies why we've seen so few examples of lender and lender violence in private credit. I think it has to do with incentives in norms.

因此，再次作為規範的結果，這將是對規範的巨大違反，並且如果保薦人以對其公司之一的主要私人信貸放款人之一不利的方式使用文件條款，將會破壞關係。有很多生意往來。因此，我不認為文件轉換問題是我們在私人信貸中很少看到貸方和貸方暴力的例子的原因。我認為這與規範中的激勵措施有關。

Thank you.

謝謝。

Finian O'Shea, Wells Fargo.

菲尼安‧奧謝，富國銀行。

Hey, everyone, good morning. I guess just sticking with the apparel side for a moment, there of piecing everything together it sounded like the sponsor, it had been supporting the company. And then, of course, it seems like they stopped and here we are. But we're not looking for tariffs by say specifics, but for the rest of the book, where a lot of companies may be struggling from higher interest rates, how common is that setup where the sponsor is needing to put more money in to keep interest payments up?

嘿，大家早安。我想暫時只專注在服裝方面，把所有東西拼湊在一起，聽起來就像是贊助商，它一直在支持公司。然後，當然，他們似乎停了下來，而我們就在這裡。但我們並不是透過具體的關稅來尋找關稅，而是在本書的其餘部分中，許多公司可能正在為更高的利率而苦苦掙扎，贊助商需要投入更多資金來維持的這種設置是多麼普遍。

I'd say that's quite uncommon Fin. Most companies in the portfolio are doing well of the portion that's not doing well. They're still cash flow positive after interest expense. So it's a relatively small group where we would anticipate there being a need or continued sponsor support.

我想說這是很不常見的芬。投資組合中的大多數公司在表現不佳的部分中表現良好。扣除利息支出後，他們的現金流仍然為正。因此，這是一個相對較小的群體，我們預計會有需求或持續的贊助商支持。

Thanks. That's helpful. Just a follow up on the -- there was some commentary on leverage. Sounds like that will be coming back up. So with things sounding like they're getting busier out there and we're seeing -- if you have visibility on that and are able to provide color on sort of what leverage level and perhaps how soon? And second part, qualitatively, how are you thinking about the benefit of re-leveraging into a very tight spread environment?

謝謝。這很有幫助。只是後續——有一些關於槓桿的評論。聽起來這會回來。因此，事情聽起來好像他們變得越來越忙，我們看到 - 如果您對此有可見性並且能夠提供有關槓桿水平的信息，也許需要多長時間？第二部分，從定性的角度來看，您如何看待在利差非常緊張的環境中重新利用槓桿的好處？

So I think your question highlights exactly the issues that we're thinking about right now. Right now, we're thinking that a good target for GBDC from a leverage standpoint is about 1.15 times debt to equity, which is a bit higher than where we're running now. But we're not going to be in a wild rush to get to that 1.15 times unless we unless we determine that there are attractive new loan opportunities out there, that merit are committing to grow the balance sheet.

所以我認為你的問題恰恰突顯了我們現在正在考慮的問題。目前，我們認為從槓桿角度來看，GBDC 的一個好目標是債務股本比約為 1.15 倍，這比我們現在的目標要高一些。但我們不會急於達到 1.15 倍，除非我們確定存在有吸引力的新貸款機會，並承諾擴大資產負債表。

So right now, as I mentioned in our prepared remarks, we're not seeing a dramatic surge in deal activity. We're seeing a continuity of trend from Q1 and Q2. So we're going to be picky and we're going to take our time and we're going to aim to have leverage increase at GBDC over the course of the coming period. It's not at the expense of quality.

因此，正如我在準備好的演講中提到的那樣，目前我們沒有看到交易活動大幅激增。我們看到第一季和第二季的趨勢具有連續性。因此，我們會變得挑剔，我們會慢慢來，我們的目標是在未來一段時間內增加 GBDC 的槓桿率。這並不以犧牲品質為代價。

Great. Thanks so much.

偉大的。非常感謝。

(Operator Instructions) Paul Johnson, KBW.

（操作員說明）Paul Johnson，KBW。

Yes, thank you for taking my questions. I was just wondering to get your idea of the fee waivers this quarter. Was that entirely a voluntary action on your part and what was kind of the motivation behind that, whether this kind of some of the restructuring during the quarter of periodical or this was more related to always have been figured?

是的，謝謝您回答我的問題。我只是想了解您對本季費用減免的想法。這完全是你們自願的行為嗎？

Sure. Thanks for your question. So we have a long tradition at Golub Capital. It's very different from many other managers. We have a long tradition of periodical waiving fees. So this is not out of the ordinary. It was entirely voluntary. Our view of the quarter when we when we looked at it in its totality, was there is a significant amount of one-time noise, and we thought it was appropriate in the context of the onetime noise to waive the incentive fee. I think that our view is that taking a long-term view as manager and making sure that our investors have a positive experience is good for everybody.

當然。謝謝你的提問。因此，我們 Golub Capital 有著悠久的傳統。這與許多其他經理有很大不同。我們有免除期刊費用的悠久傳統。所以這並不奇怪。這完全是自願的。當我們從整體來看時，我們對本季的看法是，存在大量的一次性噪音，我們認為在一次性噪音的背景下放棄激勵費是適當的。我認為我們的觀點是，作為管理者採取長遠的眼光並確保我們的投資者擁有積極的體驗對每個人都有好處。

Yes, that's helpful. That's all for me.

是的，這很有幫助。這就是我的全部。

Thank you so much. As of right now, we are still waiting for some questions to come in. (Operator Instructions) We don't have any pending questions as at the moment. So I'd now like to hand back over to David Golub for final remarks.

太感謝了。截至目前，我們仍在等待一些問題的提出。（操作員說明） 目前我們沒有任何懸而未決的問題。現在我想把最後的發言權交給大衛‧戈盧布。

Thank you all for joining us today. As always, if you have further questions, please feel free to reach out to us at any time. And we look forward to reporting back to all of you next quarter.

感謝大家今天加入我們。一如既往，如果您還有其他疑問，請隨時與我們聯繫。我們期待下個季度向大家報告。

Thank you so much for attending today's call. You may now disconnect. Have a wonderful day.

非常感謝您參加今天的電話會議。您現在可以斷開連線。祝你有美好的一天。