Golub Capital BDC Inc (GBDC) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to GBDC's earnings call for the fiscal year and fiscal quarter ended September 30, 2024.

大家好，歡迎參加 GBDC 截至 2024 年 9 月 30 日的財年和財季的財報電話會議。

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. 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.

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。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 提交的文件中不時描述的因素），實際結果可能與前瞻性聲明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 home page of our website which is www.golubcapitalbdc.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材料，請訪問我們網站 www.golubcapitalbdc.com 主頁上的“投資者資源”選項卡，然後單擊“活動和演示”鏈接。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 to focus on providing first lien senior secured loans to healthy resilient middle market companies that are backed by strong partnership-oriented private equity sponsors.

大家好，感謝您今天加入我們。我們的財務長 Chris Ericson 也加入了我的行列。和我們的營運長馬特·本頓。對於那些剛接觸GBDC 的人來說，我們的投資策略是專注於向健康、有彈性的中間市場公司提供第一留置權高級擔保貸款，這些公司得到強大的以合作夥伴為導向的私募股權發起人的支持。

Yesterday, we issued our earnings press release for the fiscal quarter and for the year ended September 30, and we posted an earnings presentation on our website. We'll be referring to that presentation during the course of today's call. I'm going to start as usual with headlines and with a summary of performance for the quarter. And then Matt and Chris are going to go through our operating and financial performance for the quarter in more detail. And finally, I'll wrap up with our outlook for the coming period and I'll take some questions.

昨天，我們發布了本財季和截至 9 月 30 日的年度收益新聞稿，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。我將像往常一樣從頭條新聞和本季的業績摘要開始。然後馬特和克里斯將更詳細地介紹我們本季的營運和財務表現。最後，我將總結我們對未來一段時間的展望，並回答一些問題。

The headline is that GBDC had a good fourth quarter and a solid fiscal 2024. You'll recall that fiscal 2024 had a number of landmark events that made GBDC's shareholder value proposition more compelling. First, a permanent reduction in the company's incentive fee rate. Second, a new supplemental variable distribution framework, and that distribution framework has led to $0.29 per share of supplemental distributions so far. And third and most importantly, the closing of a second win, win, win affiliate merger with GBDC 3.

標題是 GBDC 在第四季表現良好，2024 財年也表現穩健。您可能還記得，2024 財年發生了許多具有里程碑意義的事件，這些事件使 GBDC 的股東價值主張更具吸引力。首先，永久降低公司激勵費率。其次，一個新的補充變數分配框架，迄今已導致每股 0.29 美元的補充分配。第三，也是最重要的一點，完成了與 GBDC 3 的第二次 win, win, win 聯盟合併。

So while we're going to focus today on GBDC's performance for the final quarter of the fiscal year, I think it's important to keep in mind the transformational nature of fiscal 2024 as a whole. With that context, let me touch on a few highlights before I hand it over to Matt and Chris.

因此，雖然我們今天將重點關注 GBDC 在本財年最後一個季度的表現，但我認為重要的是要牢記整個 2024 財年的轉型性質。在這個背景下，讓我先談談一些要點，然後再交給馬特和克里斯。

Adjusted NII per share was $0.47 for the quarter. This corresponds to an adjusted NII return on equity of 12.4%. Adjusted NII return on equity for the full fiscal year was 12.9%. Adjusted net income per share for the quarter was $0.36, and that corresponds to an adjusted return on equity of 9.4% for the quarter. Adjusted return on equity for the full fiscal year was 10.7%.

本季調整後每股 NII 為 0.47 美元。這相當於調整後的 NII 股本回報率為 12.4%。整個財年調整後的 NII 股本回報率為 12.9%。該季度調整後每股淨利潤為 0.36 美元，對應該季度調整後股本回報率為 9.4%。整個財年調整後股本報酬率為10.7%。

GBDC's results benefited from the continuation of several trends that we've highlighted over the course of recent quarters. First, borrower performance remained generally strong as you'll see when we talk through key credit metrics. Second, high base rates continue to boost the earnings power of GBDC's portfolio. Third, GBDC's industry-leading fee structure.

GBDC 的業績得益於我們在最近幾季強調的幾個趨勢的延續。首先，正如我們在討論關鍵信用指標時所看到的那樣，借款人的表現總體上仍然強勁。其次，高基準利率持續提升 GBDC 投資組合的獲利能力。第三，GBDC產業領先的收費結構。

The fee structure combined with a voluntary $0.03 per share incentive fee waiver from GBDC's investment manager during the quarter, it meant that shareholders captured more of the value that GBDC created. That said, GBDC also faced some headwinds during the quarter, primarily headwinds from a tale of underperforming borrowers that I think everybody in credit is facing these days.

這個費用結構加上 GBDC 投資經理在本季自願免除每股 0.03 美元的激勵費，這意味著股東獲得了 GBDC 創造的更多價值。儘管如此，GBDC 在本季也面臨一些阻力，主要是來自借款人表現不佳的故事，我認為現在每個信貸領域都面臨著這種阻力。

We talked last quarter about how GBDC had negative outcomes on loans to Pluralsight and Imperial Optical. During the September 30th quarter, we worked through restructuring at Pluralsight as well as one other long-time non-accrual credit. And you can see this reflected in realized losses that are in this quarter's P&L. Our focus as always with underperforming borrowers is to use our deep bench of experienced investment professionals and the playbook that we've developed over several decades to minimize ultimate losses. In both these cases, GBDC now holds post-restructuring equity positions that we believe had upside potential.

上個季度我們討論了 GBDC 對 Pluralsight 和 Imperial Optical 的貸款產生了負面影響。在 9 月 30 日的季度中，我們對 Pluralsight 進行了重組，並進行了另一項長期非應計信貸。您可以在本季損益表中的已實現損失中看到這一點。我們一如既往地關注表現不佳的借款人，利用我們經驗豐富的投資專業人士和我們幾十年來開發的策略來最大限度地減少最終損失。在這兩種情況下，GBDC 現在持有我們認為具有上升潛力的重組後股權部位。

During the September 30th quarter, we also took some fair value mark downs on several other companies that are underperforming. The quantum of net realized and unrealized losses, it improved quarter-over- quarter, but it was again higher than our version of normal.

在 9 月 30 日的季度中，我們也對其他幾家表現不佳的公司進行了公允價值下調。已實現和未實現的淨損失量環比有所改善，但再次高於我們的正常值。

So in short, fiscal Q4 performance was good. It wasn't great, but it was good. And it gave GBDC a solid ending to a transformational fiscal year that we believe sets up GBDC very well for the long term. I'll come back to this theme when I go through our outlook at the end of our prepared remarks.

簡而言之，第四季財報表現良好。這不是很好，但也很好。它為 GBDC 的轉型財政年度畫上了堅實的句號，我們相信，從長遠來看，GBDC 的發展非常順利。當我在準備好的演講結束時回顧我們的前景時，我將回到這個主題。

With that, I'll pass the mic over to Matt Benton to discuss the quarter in more detail.

接下來，我將把麥克風交給馬特本頓 (Matt Benton)，他將更詳細地討論本季的情況。

Thanks, David. I'm going to start on slide 4. Adjusted NII per share was $0.47 corresponding to an adjusted NII ROE of 12.4%. Adjusted earnings per share is $0.36 corresponding to an adjusted net income ROE of 9.4%.

謝謝，大衛。我將從幻燈片 4 開始。調整後的每股 NII 為 0.47 美元，對應調整後的 NII ROE 為 12.4%。調整後每股收益為 0.36 美元，調整後淨利 ROE 為 9.4%。

GBDC's earnings were driven by three key factors. First, credit performance was generally solid. But as David said, we took some fair value write-downs on several underperformers. Second, earnings were supported by continued high base rates consistent with recent quarters. Third, GBDC benefited from sustainably lower expenses due to its leading investment advisory fee structure. And fourth, Golub Capital, GBDC's investment manager elected to voluntarily waive, on a one-time basis, a portion of its fee this quarter. This equated to an approximately $0.03 per share benefit to net investment income and earnings. We did this to enhance the shareholder experience by giving investors an early benefit from the cost of funds reductions GBDC will recognize from the debt funding initiatives we undertook post quarter end. I'll hit on these exciting initiatives in more detail in a bit.

GBDC 的獲利受到三個關鍵因素的推動。首先，信用表現整體穩健。但正如大衛所說，我們對幾家表現不佳的公司進行了一些公允價值減記。其次，與最近幾季一致的持續高基本利率支撐了獲利。第三，GBDC 由於其領先的投資諮詢費用結構而受益於持續降低的費用。第四，GBDC 的投資經理 Golub Capital 選擇自願一次放棄本季的部分費用。這相當於每股約 0.03 美元的淨投資收入和收益收益。我們這樣做是為了增強股東體驗，讓投資者儘早從 GBDC 將從我們在季度末採取的債務融資計劃中認識到的資金成本降低中獲益。我將稍後更詳細地討論這些令人興奮的舉措。

Let me summarize portfolio activity and credit quality in the quarter. Gross originations were nearly $1 billion, up from last quarter as we felt to take leverage up modestly post merger. After factoring in repayments and unfunded commitments associated with originations, net funds increased by $368 million sequentially. This represented net portfolio growth of approximately 5%. GBDC did not get the full benefit of the earnings power of this portfolio growth because much of that growth was back-end weighted.

讓我總結一下本季的投資組合活動和信貸品質。總發起額接近 10 億美元，高於上季，因為我們認為合併後會適度提高槓桿。考慮到還款和與發起相關的無資金承諾後，淨資金連續增加了 3.68 億美元。這意味著投資組合淨成長約為 5%。GBDC 並未充分受益於該投資組合成長的獲利能力，因為大部分成長都是後端加權的。

I want to offer some comments around the environment in general. The underwriting pendulum in the current environment has swung to more borrower-friendly across all credit markets. From investment grade, which trade in 20-year ties; to the broadly syndicated market; to private credit. In larger-size transactions especially, we are seeing spread compression; looser deal documentation, especially around EBITDA definitions; and higher leverage. As these underwriting trends have shifted over this past year, we have purposely chosen to be more selective and to focus more on core middle market transactions. Our wide funnel allows us to be picky. We typically see over 2,000 opportunities annually.

我想就總體環境提出一些評論。目前環境下的核保鐘擺已轉向對所有信貸市場的借款人更加友善。來自投資級別，以 20 年期關係進行交易；進入廣泛的銀團市場；到私人信貸。尤其是在較大規模的交易中，我們看到點差壓縮；更寬鬆的交易文檔，尤其是關於 EBITDA 定義的文檔；以及更高的槓桿。由於這些承保趨勢在過去一年中發生了變化，我們特意選擇更有選擇性並更專注於核心中間市場交易。我們廣闊的漏斗讓我們變得挑剔。我們通常每年會看到超過 2,000 個機會。

Year-to-date at Golub Capital, our origination stats depict our conservatism. First, the selectivity rate of 3%. Second, a repeat borrower percentage of about 70%. Third, Golub Capital acted as the lead or sole book runner in over 87% of our transactions. And year-to-date, we've been the sole lender in almost a quarter of the deals that we've done. So we're controlling structures and documentation which, as everyone knows, is our typical MO. Fourth, our average LTVs at the time of origination have generally been in the mid-30% to mid-40% range, with an average LTV of approximately 37%. Finally, given the risk-adjusted pricing dynamics, we are choosing to play in the core middle market. The median EBITDA for our origination has been below $60 million.

今年迄今為止，Golub Capital 的創始統計數據體現了我們的保守主義。一、選擇性率為3%。其次，重複借款人比例約70%。第三，Golub Capital 在我們超過 87% 的交易中擔任領導或獨家帳簿管理人。今年迄今為止，在我們已完成的近四分之一的交易中，我們都是唯一的貸款人。因此，我們正在控制結構和文檔，眾所周知，這是我們典型的 MO。第四，我們在發起時的平均生命週期價值一般在 30% 到 40% 之間，平均生命週期價值約為 37%。最後，考慮到風險調整後的定價動態，我們選擇進入核心中間市場。我們創立時的 EBITDA 中位數低於 6,000 萬美元。

While the overall credit performance of GBDC's investment portfolio remains strong, consistent with David's overview, we did see a small increase in Category 3 credits this quarter. Investments in rating Categories 4 and 5 decreased slightly from 89.2% of the portfolio at fair value to 87.1% during the quarter. Investments in rating Category 3 increased from 10.1% of the portfolio at fair value to 11.6% quarter-over-quarter. Investments in rating Categories 1 and 2 remained very low representing just 1.3% of the total portfolio at fair value. As a percentage of total debt investments at fair value, non-accruals increased slightly to 1.2% at quarter end from 1% in the June quarter. As a reminder, these metrics are well below the BDC sector average.

儘管 GBDC 投資組合的整體信貸表現依然強勁，與 David 的概述一致，但我們確實看到本季第 3 類信貸出現小幅增長。本季度，評級類別 4 和 5 的投資從佔投資組合公允價值的 89.2% 略有下降至 87.1%。評級類別 3 的投資從公允價值投資組合的 10.1% 增加至 11.6%。評等類別 1 和評等 2 的投資仍非常低，僅佔公允價值投資組合總額的 1.3%。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 6 月季度的 1% 小幅上升至季末的 1.2%。提醒一下，這些指標遠低於 BDC 產業的平均值。

In the quarter, the number of non-accrual investments increased to 11 as the restructuring of three former non-accrual investments was offset by the addition of four non-accrual investments in the quarter. Several of these were very small positions.

本季度，非應計投資數量增加至 11 項，因為三項前非應計投資的重組被本季新增的四項非應計投資所抵銷。其中有幾個倉位非常小。

Continuing on slide 4, let me briefly summarize distributions paid and certain balance sheet changes in the quarter. Distributions paid in the quarter of $0.49 per share included not only the quarterly base distribution of $0.39 per share, but also the $0.05 per share quarterly variable supplemental distribution declared in August as well as the $0.05 per share special distribution declared in June 2024 in conjunction with the GBDC 3 merger closing. We expect these supplementals to eliminate GBDC's need to pay excise tax on undistributed earnings. As we said in the past, we would prefer, in general, to return capital to shareholders versus paying any form of an excise tax.

繼續投影片 4，讓我簡要總結本季已支付的分配和某些資產負債表變動。本季度支付的每股0.49 美元的分配不僅包括每股0.39 美元的季度基本分配，還包括8 月份宣布的每股0.05 美元的季度可變補充分配以及2024 年6 月宣布的每股0.05 美元的特別分配。我們預計這些補充協議將消除 GBDC 對未分配收益繳納消費稅的需求。正如我們過去所說，一般來說，我們更願意將資本回饋給股東，而不是支付任何形式的消費稅。

NAV per share decreased by $0.13 on a sequential basis to $15.19 because distributions were unusually high. Despite the decrease, GBDC's NAV per share is now $0.17 higher than it was at September 30, 2023, which we believe is a clear outlier in the BDC sector.

由於分配異常高，每股淨值環比下降 0.13 美元至 15.19 美元。儘管有所下降，GBDC 的每股淨值目前比 2023 年 9 月 30 日高出 0.17 美元，我們認為這在 BDC 行業中是一個明顯的異常值。

From a leverage perspective, debt-to-equity increased quarter-over-quarter to 1.09 turns on a net-of-cash basis. This includes cash trapped and debt securitizations for the purposes of paying down principal outstanding notes.

從槓桿角度來看，以現金淨額計算，負債股本比較上季成長至 1.09。這包括現金滯留和用於償還本金未償票據的債務證券化。

As I mentioned earlier, with respect to assets, the increase in net leverage largely happened in the last few weeks of the quarter. GBDC's average net leverage during the quarter was just 1.02 turns. Increasing that leverage further, our target is 1.10 turns to 1.15 turns will be an additional tailwind for profitability.

正如我之前提到的，就資產而言，淨槓桿的增加主要發生在本季的最後幾週。GBDC 本季的平均淨槓桿僅為 1.02 倍。進一步提高槓桿率，我們的目標是 1.10 轉至 1.15 轉，這將是獲利能力的額外推動力。

Let's turn the distributions declared in the quarter. The board declared $0.43 of total distributions, a regular quarterly distribution of $0.39 per share, and a fiscal Q4 supplemental distribution of $0.04 per share. Taken together, these distributions correspond to an annualized dividend yield of 11.3% based on GBDC's NAV per share as of September 30, 2024. Adjusted NII per share continues to significantly exceed the company's regular quarterly distribution resulting in regular distribution coverage of 121%.

讓我們來看看本季宣布的分配情況。董事會宣布總分配額為 0.43 美元，定期季度分配金額為每股 0.39 美元，第四財季補充分配額為每股 0.04 美元。總而言之，根據 GBDC 截至 2024 年 9 月 30 日的每股資產淨值，這些分配對應的年化股息率為 11.3%。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 121%。

In addition, our board declared in June 2024 additional special distributions to be paid in three equal installments of $0.05 per share following the merger close on June 3, 2024. The final special distribution of $0.05 per share will be paid on December 13, 2024, for stockholders of record as of November 29, 2024.

此外，我們的董事會於 2024 年 6 月宣布，在 2024 年 6 月 3 日合併結束後，將分三期等額支付每股 0.05 美元的額外特別分配。最終的每股 0.05 美元的特別分配將於 2024 年 12 月 13 日向截至 2024 年 11 月 29 日登記在冊的股東支付。

You can find more information about the record dates and payment dates for fiscal Q4 distributions on slide 23 of the earnings presentation and about the variable supplemental distribution framework on slide 24.

您可以在收益演示的幻燈片 23 上找到有關第四季度財務分配的記錄日期和付款日期的更多信息，並在幻燈片 24 上找到有關可變補充分配框架的更多信息。

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

我現在將其轉交給克里斯，以提供有關我們結果的更多詳細資訊。克里斯？

Thanks, Matt. Turning to slide 7, you can see how the key earnings drivers Matt just described translated into GBDC's September 30, 2024, NAV per share of $15.19. Adjusted NII per share of $0.47 per share was below the $0.49 per share of aggregate dividends paid out during the quarter. Net realized and unrealized losses were $0.11 per share. Together, these results drove a net asset value per share decrease to $15.19 down $0.13 per share from the prior quarter.

謝謝，馬特。轉向投影片 7，您可以看到 Matt 剛剛描述的關鍵獲利驅動因素如何轉化為 GBDC 2024 年 9 月 30 日的每股資產淨值 15.19 美元。調整後每股 NII 為 0.47 美元，低於本季支付的股息總額每股 0.49 美元。已實現和未實現淨虧損為每股 0.11 美元。這些結果共同推動每股資產淨值下降至 15.19 美元，較上一季下降 0.13 美元。

Let's now go through the details of GBDC's financial results for the quarter ended September 30, 2024. We'll start on slide 10 which summarizes our origination activity for the quarter. Net funds growth quarter-over- quarter increased by $368 million, representing a 5% increase in total portfolio size versus June 30, 2024.

現在讓我們詳細了解一下 GBDC 截至 2024 年 9 月 30 日的季度財務業績。我們將從投影片 10 開始，該投影片總結了本季的發起活動。淨基金環比成長 3.68 億美元，與 2024 年 6 月 30 日相比，投資組合總規模增加了 5%。

The asset mix of new investments shown in the middle of the slide remain predominantly one-stop loans. And looking at the bottom of the slide, the weighted average rate on new investments decreased modestly quarter-over-quarter to 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 40% with a disproportionate amount of these originations from repeat borrowers.

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%。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 40%，其中大部分來自重複借款人。

Slide 11 shows GBDC's overall portfolio mix. As you can see, the portfolio breakdown by investment type remained consistent quarter-over-quarter with one-stop loans continuing to represent around 86% of the portfolio at fair value.

投影片 11 顯示了 GBDC 的整體投資組合。正如您所看到的，按投資類型劃分的投資組合細分與上一季度保持一致，其中以公允價值計算，一站式貸款繼續佔投資組合的 86% 左右。

Slide 12 shows that GDBC portfolio remains highly diversified by portfolio company with an average investment size of approximately 30 basis points. Additionally, our largest single borrower represents just 1.5% of the portfolio and our top 10 largest borrowers represent just 13% of the portfolio.

投影片 12 顯示 GDBC 投資組合依投資組合公司仍高度多元化，平均投資規模約 30 個基點。此外，我們最大的單一借款人僅佔投資組合的 1.5%，而我們的前 10 名最大借款人僅佔投資組合的 13%。

We are big believers in modulating credit risk through position size which we believe has served GBDC well in previous credit cycles and will continue to be important in the context of the current cycle. As of September 30, 2024, 92% of our investment portfolio consisted of first lien senior secured floating rate loans to borrowers across a diversified range of what we believe to be resilient industries.

我們堅信透過頭寸規模調節信用風險，我們認為這在先前的信貸週期中為 GBDC 提供了良好的服務，並且在當前週期的背景下將繼續發揮重要作用。截至 2024 年 9 月 30 日，我們 92% 的投資組合包括向我們認為具有彈性的多元化產業借款人提供的第一留置權優先擔保浮動利率貸款。

The economic analysis on slide 13 highlights the drivers of the change in GDBC's net investment spread to 5.2%. Let's walk through this slide in detail. We start with the dark blue line which is our investment income yield. And as a reminder, the investment income yield includes the amortization of fees and discounts. GBDC's investment income yield fell 30 basis points sequentially to 12%, primarily due to reduced discount amortization as compared to the prior quarter as well as the impact of moderating investment spreads over recent quarters and to a lesser extent, the impact of lower interest base rates in September.

第 13 張投影片的經濟分析強調了 GDBC 淨投資利差變化至 5.2% 的驅動因素。讓我們詳細瀏覽一下這張投影片。我們從深藍色線開始，這是我們的投資收益率。提醒一下，投資收益收益率包括費用和折扣的攤銷。GBDC 的投資收益收益率環比下降 30 個基點至 12%，主要是由於折價攤銷較上一季度減少以及最近幾季投資利差放緩的影響以及較低基準利率的影響九月。

Our cost of debt, the teal line, increased 30 basis points to 6.8% as we saw the full quarter impact of the assumption of GBDC 3 debt funding facilities. Matt will detail later in the call how we already executed a multifaceted plan to reduce GBDC post-merger debt funding costs. As a result, our weighted average net investment spread, the gold line, decreased 60 basis points sequentially to 5.2%.

我們的債務成本（青色線）增加了 30 個基點，達到 6.8%，因為我們看到了 GBDC 3 債務融資工具假設對整個季度的影響。Matt 稍後將在電話會議中詳細介紹我們如何執行一項多方面的計劃來降低 GBDC 合併後的債務融資成本。因此，我們的加權平均淨投資利差（金線）環比下降 60 個基點至 5.2%。

Additionally, we recognize the decrease in interest expense during the quarter associated with marking to fair value our existing interest rate swaps on the 2028 and 2029 notes. Hedge accounting requires us to fair value the interest rate swaps on a quarterly basis and recognize any changes in fair value through interest expense. But it's important to recognize, this is a non-cash expense and will net to zero over the lives of the swaps.

此外，我們也承認本季利息支出的減少與將 2028 年和 2029 年票據的現有利率掉期標記為公允價值相關。對沖會計要求我們每季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化。但重要的是要認識到，這是一項非現金支出，並且在掉期期間淨額將為零。

Consistent with prior periods, 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 that GBDC is well-positioned for declining interest rates.

與前期一致，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，因為這些是非現金金額，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有利準備。

I'll turn the floor back over to Matt now.

現在我將把發言權交還給馬特。

Thanks, Chris. Let's move on to slides 14 and 15 and take a closer look at credit quality metrics. The headline is that credit remains solid. On slide 14, you can see the non-accruals increased modestly by 20 basis points sequentially to 1.2% of total debt investments at fair value.

謝謝，克里斯。讓我們繼續看投影片 14 和 15，仔細研究信用品質指標。標題是信用依然穩固。在投影片 14 上，您可以看到非應計費用連續小幅增加 20 個基點，達到以公允價值計算的債務投資總額的 1.2%。

Slide 15 shows the trend in internal performance ratings on GBDC's investments. As of September 30, 2024, approximately 87.1% of GBDC's investments were rated 4 or 5 which means they're performing as expected or better than expected at underwriting. The proportion of loans rated 1 and 2, which are the loans we believe are most likely to see significant credit impairment, remained very low which is 1.3% of the portfolio at fair value.

投影片 15 顯示了 GBDC 投資的內部績效評級趨勢。截至 2024 年 9 月 30 日，GBDC 約 87.1% 的投資評級為 4 或 5，這意味著它們的承保表現符合預期或優於預期。我們認為最有可能出現重大信用減損的 1 級和 2 級貸款的比例仍然非常低，以公允價值計算佔投資組合的 1.3%。

As we usually do, we're going to skip past slides 16 to 19. These slides have more detail on GBDC's financial statements, dividend history, and other key metrics.

像往常一樣，我們將跳過幻燈片 16 到 19。這些幻燈片詳細介紹了 GBDC 的財務報表、股息歷史和其他關鍵指標。

Slide 21 describes some actions that we took subsequent to September 30, 2024, regarding GBDC's post-merger funding structure. Recall, at the time of the merger, we discussed the opportunity to drive improvements in GBDC's funding.

投影片 21 描述了我們在 2024 年 9 月 30 日之後針對 GBDC 合併後融資結構採取的一些行動。回想一下，在合併時，我們討論了推動 GBDC 資金改善的機會。

In early November, we announced the pricing of a new $2.2 billion GBDC term debt securitization with AAA notes priced at SOFR plus 156 basis points, a very attractive level relative to the levels at which we borrow under our secured corporate revolver. This includes a four-year reinvestment period with attractive underlying structural terms that provide meaningful flexibility.

11 月初，我們宣布了新的22 億美元GBDC 定期債務證券化的定價，其中AAA 票據的定價為SOFR 加156 個基點，相對於我們的擔保企業循環貸款水平而言，這是一個非常有吸引力的水平。這包括為期四年的再投資期，具有有吸引力的基礎結構條款，可提供有意義的靈活性。

In conjunction with the CLO pricing, we elected to announce a full repay of certain of GBDC's legacy higher cost debt securitizations. Additionally, we issued a notice of redemption to redeem the GBDC 3 2022 debts to debt securitization in full on December 16, 2024. As a note, this securitization has pricing of three months SOFR plus 260 basis points. Further, we announced an increase in the size of the JPMorgan credit facility to $1.9 billion and all amounts outstanding on the GBDC 3 DB credit facility were repaid and the facility was terminated.

結合 CLO 定價，我們選擇宣布全額償還 GBDC 的某些遺留高成本債務證券化。此外，我們於2024年12月16日發布了贖回通知，將GBDC 3 2022債務全額贖回為債務證券化。請注意，該證券化的定價為三個月 SOFR 加 260 個基點。此外，我們也宣布將摩根大通信貸額度的規模增加至 19 億美元，GBDC 3 DB 信貸額度的所有未償金額均已償還並終止該額度。

We believe the combination of these debt funding initiatives will meaningfully lower GBDC's cost of funds and leave GBDC again with one of the lowest cost debt funding structures in the BDC sector while also meaningfully extending its debt maturity ladder. We expect GBDC to recognize the full run rate benefit of these actions in the March 31, 2025, quarter.

我們相信，這些債務融資措施的結合將顯著降低 GBDC 的資金成本，並使 GBDC 再次成為 BDC 領域成本最低的債務融資結構之一，同時也有意義地延長其債務期限階梯。我們預計 GBDC 將在 2025 年 3 月 31 日的季度認識到這些行動的全部運行率效益。

Slide 22 details GBDC's funding structure and other key takeaways. Our weighted average cost of debt this quarter was 6.8%. As you heard me just describe, we expect the funding actions that we put subsequent to quarter end are expected to reduce GBDC's cost of funds over time. 43% of our debt funding is in the form of unsecured notes with no upcoming maturities in 2024 or 2025. The fixed rate notes coming due in 2026 and 2027 were issued with a weighted average coupon of 2.3%. And as you've heard us say on prior occasions, we did not swap them out for floating exposure. The remainder of GBDC's total debt funding is floating rate or swapped to floating.

投影片 22 詳細介紹了 GBDC 的融資結構和其他關鍵要點。本季我們的加權平均債務成本為 6.8%。正如您剛才所描述的，我們預計季度末後採取的融資行動預計將隨著時間的推移降低 GBDC 的資金成本。我們 43% 的債務融資採用無擔保票據形式，且不會在 2024 年或 2025 年到期。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%。正如您之前聽我們說​​過的那樣，我們並沒有將它們換成浮動曝光。GBDC 債務融資總額的其餘部分採用浮動利率或改為浮動利率。

Overall, GBDC's liquidity position remains strong and we ended the quarter with approximately $1.4 billion of liquidity from unrestricted cash, undrawn commitments on our meaningfully over-collateralized corporate revolver, and the unused unsecured revolver provided by our advisor.

總體而言，GBDC 的流動性狀況依然強勁，本季末我們擁有約14 億美元的流動性，這些流動性來自不受限制的現金、對我們有意義的超額抵押企業循環輪的未提取承諾以及我們顧問提供的未使用的無擔保循環輪。

I'm going to hand it back over to David now for closing remarks and Q&A. David?

我現在將其交回給 David 進行結束語和問答。大衛？

Thanks, Matt. So to sum up, GBDC had a good fourth quarter and wrapped up a strong fiscal 2024. I want to end with our outlook and then I'm going to open the line for questions.

謝謝，馬特。總而言之，GBDC 在第四季表現良好，並為 2024 財年帶來了強勁的業績。我想以我們的展望結束，然後我將開通提問熱線。

We talked last quarter about a few headwinds that we anticipated the market generally and GBDC would face with respect to credit spreads and origination. Our view today is largely unchanged. But I want to touch briefly on each of these three areas.

上個季度我們談到了我們普遍預期市場和 GBDC 在信用利差和起源方面將面臨的一些不利因素。我們今天的觀點基本上沒有改變。但我想簡單談談這三個領域。

First, let's talk about our outlook for credit. For the past couple of years, we were talking about how we have been expecting to see more credit stress. And I said last quarter that it's here, the signs are all around us. You can see it today in the BSL market. LSTA estimates for the default rate adjusted for liability management transactions is now running at north of 4% annualized. That's more than double the long-term average. We can also see it in reports from major credit rating agencies like S&P and Fitch, and from the major law firms that are covering restructurings and bankruptcies.

首先，讓我們來談談我們的信貸前景。在過去的幾年裡，我們一直在談論我們如何預期會看到更多的信用壓力。我上個季度說過，它就在這裡，跡象就在我們周圍。今天您可以在 BSL 市場上看到它。LSTA 估計，根據負債管理交易調整後的違約率目前在年化 4% 以上。這是長期平均的兩倍多。我們也可以在標準普爾和惠譽等主要信用評級機構以及涵蓋重組和破產的主要律師事務所的報告中看到這一點。

Now I'm going to say something that may surprise many of you. We think this increased credit stress is a good thing. Golub Capital has consistently outperformed in challenging markets, and we're quite confident this will be the case this cycle too. More defaults. More underperforming credits. These should cause market conditions to shift from where they are now, which is pretty borrower-friendly, to more lender-friendly. And it should chase out some of the tourists who've entered direct lending but lack the characteristics to be successful long term.

現在我要說的話可能會讓你們很多人感到驚訝。我們認為信貸壓力增加是件好事。Golub Capital 在充滿挑戰的市場中始終表現出色，我們非常有信心本週期也會如此。更多預設值。更多表現不佳的信貸。這些應該會導致市場狀況從現在對借款人非常友善的狀態轉變為對貸方更友善的狀態。它應該驅逐一些進入直接貸款但缺乏長期成功特徵的遊客。

Let's shift now to the second headwind, to spreads. The broadly syndicated loan market saw striking spread compression in 2024. I talked about this last quarter. And private credit lenders have also seen spread compression. The dynamic has been most pronounced among borrowers with over $100 million in EBITDA, what we call the large market segment. The large market segment is where a number of our competitors focus.

現在讓我們轉向第二個逆風，即價差。2024 年，廣泛的銀團貸款市場利差顯著壓縮。我上個季度談到這個問題。私人信貸機構的利差也有所壓縮。這種動態在 EBITDA 超過 1 億美元的借款人中最為明顯，我們稱之為大型細分市場。龐大的細分市場是我們許多競爭對手關注的焦點。

I point out, it's not our focus. We prefer to focus on the core middle market. And the core middle market, it wasn't immune from the spread compression trends. But we see wider pricing, lower leverage, better documentation terms, and frankly, less competition there.

我指出，這不是我們的重點。我們更願意專注於核心中間市場。而核心中間市場，也未能倖免於價差壓縮趨勢。但我們看到更廣泛的定價、更低的槓桿、更好的文件條款，坦白說，那裡的競爭更少。

Finally, origination. Consensus expectations have called for a robust recovery in the level of M&A activity in 2024. We were more cautious. And our call is proven to be correct. We've experienced a pickup in M&A activity this year, but not a large pickup. We do think we're going to see a pick up in 2025. Falling interest rates, less political uncertainty, continuing pressure on PE sponsors to return money to LPs. All of these are tailwinds for M&A activity in 2025. I think it's early to predict an M&A supercycle, but we are seeing signs of improving activity.

最後，起源。普遍預期併購活動水準將在 2024 年強勁復甦。我們更加謹慎。事實證明我們的呼籲是正確的。今年我們的併購活動有所回升，但幅度不是很大。我們確實認為 2025 年將會回升。利率下降，政治不確定性減少，私募股權發起人持續面臨向有限合夥人返還資金的壓力。所有這些都是 2025 年併購活動的推動力。我認為現在預測併購超級週期還為時過早，但我們看到了活動改善的跡象。

So in sum, across all three of these headwinds, we see signs of better conditions. And we anticipate that market conditions are going to improve over the course of 2025.

總而言之，在所有這三個不利因素中，我們看到了狀況好轉的跡象。我們預計市場狀況將在 2025 年有所改善。

Having said that, I want to spend a minute on what happens if we're wrong on this. After all, consensus predictions have been wrong a lot in the last several years. And here's the good news. Whatever the coming period may bring, we think GBDC is well-positioned to outperform. This is because we think Golub Capital does a complementary set of things very well.

話雖如此，我想花一點時間討論如果我們在這一點上錯了會發生什麼。畢竟，在過去幾年裡，共識預測已經出現了許多錯誤。這是好消息。無論未來一段時間會發生什麼，我們認為 GBDC 都有能力跑贏大盤。這是因為我們認為 Golub Capital 在一系列互補的事情上做得很好。

We're good at identifying resilient borrowers that are in resilient industries. Our relationships and incumbencies make us a preferred partner for attractive sponsor-backed companies. Our investment process and protocols enable us to identify and address issues that arise early on. And the depth of our expertise in managing problem credits that helps us preserve value.

我們擅長識別彈性產業中具有彈性的借款人。我們的關係和職責使我們成為有吸引力的贊助商支持的公司的首選合作夥伴。我們的投資流程和協議使我們能夠識別並解決早期出現的問題。我們在管理問題信用方面的專業知識深度有助於我們保值。

We built these competitive advantages over time with great intent, with great effort. This is our 30th anniversary year, and we're proud to be celebrating what we call 30 years of good board.

隨著時間的推移，我們懷著強烈的意願和巨大的努力建立了這些競爭優勢。今年是我們成立 30 週年，我們很自豪能夠慶祝「好董事會 30 週年」。

With that, let me open the line for questions.

接下來，讓我打開提問熱線。

(Operator Instructions)

（操作員說明）

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Hi guys. Thanks for all those color on the call, as always. One of the questions, David, you went through credit spreads, originations, etcetera. What about, I think Matt mentioned, terms? You start to see weaker EBITDA definitions, etcetera, and things like that. Where is that on the scale of best to worst across cycles? Because obviously, spreads sometimes will reach a low and then spreads don't go down anymore. But everything else around them in terms of document structures and definitions weakens. And then that swings the other way at some point. So where would you say we are in the cycle of, not just spreads, but like all the other bits that go with it?

嗨，大家好。一如既往，感謝通話中的所有色彩。其中一個問題，大衛，你經歷了信用利差、起源等問題。我想馬特有提到過，條款怎麼樣？你開始看到較弱的 EBITDA 定義等等。從最好到最差的跨週期範圍來看，這個比例在哪裡？因為顯然，點差有時會達到低點，然後點差就不會再下降了。但它們周圍的其他一切在文件結構和定義方面都減弱了。然後在某個時刻，情況會向另一個方向轉變。那麼，您認為我們不僅處於價差循環中，而且還處於與之相關的所有其他部分的循環中嗎？

Sure. Good question, Robert. I think it's important in thinking about in particular documentation terms to also be talking about in the context of a market segment. So in particular, if we think about core middle market versus large market, there's always a pretty meaningful difference in documentation terms. In the core middle market, we typically have this thing called covenants. We typically have strong protections against a leakage of various sorts. We typically have strong definitions of EBITDA.

當然。好問題，羅伯特。我認為在考慮特定文件術語時，在細分市場的背景下進行討論也很重要。因此，特別是，如果我們考慮核心中型市場與大型市場，那麼在文件術語方面總是存在相當有意義的差異。在核心中間市場，我們通常有一種稱為契約的東西。我們通常會採取強有力的保護措施來防止各種類型的洩漏。我們通常對 EBITDA 有嚴格的定義。

In the larger market where we and other private credit lenders compete against the broadly syndicated market, there's more variability in the strength of documentation terms. And as we move from a lender-friendly market to a more borrower-friendly market, we see more movement in documentation terms.

在我們和其他私人信貸機構與廣泛的銀團市場競爭的更大市場中，文件條款的強度存在更大的可變性。隨著我們從對貸款人友善的市場轉向對借款人更友善的市場，我們看到文件條款發生了更多變化。

Today, the broadly syndicated market is very strong. It has come back in an enormous way in 2024. I think the death of the broadly syndicated market was prematurely called last year. I was very vocal that it was going to come back and that people were over-hyping the growth of private credit relative to the broadly syndicated market. And we proved right. The broadly syndicated market has refinanced a lot of loans that were financed in the private credit market. It's also been a threat to the private credit market which has caused private credit lenders to agree to re-pricings and to agree to documentation in terms of new loans that are more borrower-friendly.

如今，廣泛的銀團市場非常強勁。2024 年，它以巨大的方式捲土重來。我認為去年就已經過早宣布了廣泛的銀團市場的死亡。我非常直言不諱地說，它將會捲土重來，而且人們過度誇大了私人信貸相對於廣泛的銀團市場的成長。事實證明我們是對的。廣泛的銀團市場已經為許多在私人信貸市場融資的貸款進行了再融資。這也對私人信貸市場構成了威脅，導致私人信貸機構同意重新定價，並同意以對借款人更友善的方式提供新貸款。

So today, I would characterize documentation terms as being on the borrower-friendly side of the spectrum on the large market side. They're not quite at 2021 levels, but they're relatively borrower-friendly. And that's one of the reasons, Robert, that we've been more focused than ever on sticking our core focus on the core middle market.

因此，今天，我將文件術語描述為在大市場方面對借款人友好的一面。雖然還沒有完全達到 2021 年的水平，但對借款人來說相對友好。羅伯特，這就是我們比以往任何時候都更專注於核心中間市場的原因之一。

I appreciate that color. Thank you. To the point of 2021, I mean, you're clearly not calling 2025 as going to be another 2021 -- What are the -- Currently. What are the pushes and takes on -- I mean, where do you expect it to be? Just behind 2021, but meaningfully stronger than 2022, 2023, 2024? Or where would you rank it? And what would it take in terms of things you're seeing in the market? Because clearly, not seeing that as of yet. Or what would it take for you to put a supercycle label on it?

我很欣賞那種顏色。謝謝。我的意思是，就 2021 年而言，您顯然不會將 2025 年稱為另一個 2021 年——目前是什麼。推動力和接受力是什麼——我的意思是，你期望它在哪裡？僅落後 2021 年，但明顯強於 2022 年、2023 年、2024 年？還是你會把它排在什麼位置？就您在市場上看到的東西而言，需要什麼？因為顯然，目前還沒有看到這一點。或者你需要什麼才能給它貼上超級循環標籤？

2025 M&A volumes are a question mark right now. Let's talk about both the tailwinds as well as the headwinds. On the tailwind side, we have somewhat lower rates. We have lower spreads. We have somewhat less political/policy uncertainty now that the elections have gone through. We've got the continuing pressure on private equity firms to deliver more disposition proceeds to their investors. And we've got a second set of continuing pressures on private equity firms who have not yet spent enough of their current funds to spend money. So there are some very significant tailwinds that I think, recognize, are really powerful.

2025 年的併購量目前仍是一個問號。讓我們來談談順風和逆風。在順風方面，我們的利率略低。我們的點差較低。選舉已經結束，我們的政治/政策不確定性有所減少。我們持續面臨私募股權公司向投資者提供更多處置收益的壓力。私募股權公司還面臨第二輪持續的壓力，它們目前的資金還沒有花完。因此，我認為並認識到一些非常重要的推動因素非常強大。

On the headwind side, we still have a lot of uncertainty. I think we don't know where things are going to go on taxes, on tariffs, on spending levels. There's a lot of geopolitical uncertainty highlighted in the last few days in the developments in the Ukraine War. There's a significant question as to what's going to be the catalyst for more M&A activity. Because what tends to happen, Robert, is a bit of a snowball effect. As you have more M&A activity, there comes with that more certainty about what market-clearing price levels are going to be, and that in turn leads to more M&A activity.

在逆風方面，我們仍然有很多不確定性。我認為我們不知道稅收、關稅和支出水準將走向何方。過去幾天烏克蘭戰爭的發展凸顯出許多地緣政治不確定性。一個重要的問題是什麼將成為更多併購活動的催化劑。羅伯特，因為往往會發生的事情有點像滾雪球效應。隨著併購活動的增加，市場出清價格水準的確定性也隨之提高，進而導致更多的併購活動。

So I'm not saying we're not going to have a big M&A year in 2025. I'm saying I'm not sure. And I think it's too early right now to be pounding the table saying we're going to see an M&A supercycle in 2025. We may. I hope we do. But I think it's too early to make that call.

所以我並不是說 2025 年我們不會有大規模的併購年。我是說我不確定。我認為現在就說我們將在 2025 年看到併購超級週期還為時過早。我們可能會。我希望我們能做到。但我認為現在做出這個決定還為時過早。

Got it. Thank you. One more if I can. I mean, you've done a lot of work on the balance sheet post quarter end. Pretty much all on the secure side with the CLOs, the credit facilities, etcetera. So would you say you're done with this for now, I mean, obviously, it has to be revisited in a couple of years like with the structure of the secure side, of the liability side. Any thoughts on, obviously, unsecured spreads? You know, spreads aren't just down for BSL borrowers. They're down for BDC borrowers as well in terms of -- So how would you characterize the positioning? Are you done on the secured, but there's still work to be done on the unsecured? Or how would you take a view on that?

知道了。謝謝。如果可以的話，再來一張。我的意思是，您在季末後的資產負債表上做了很多工作。幾乎所有的事情都透過 CLO、信貸設施等來確保安全。所以你會說你現在已經完成了這個工作嗎？顯然，對無擔保利差有什麼想法嗎？您知道，利差下降的不僅是 BSL 借款人。他們在以下方面也對 BDC 借款人不利——那麼您如何描述這種定位？您已經完成了有擔保的工作，但無擔保的工作還有待完成？或者您對此有何看法？

Look, we're never done in terms of the balancing and optimizing that we're doing on the right-hand side of GBDC's balance sheet. This is something that I think is a core competitive advantage of Golub Capital. We're good at it. We're good at sustaining over time a low-cost flexible balance sheet.

看，我們在 GBDC 資產負債表右側所做的平衡和優化方面從未完成。這是我認為Golub Capital的核心競爭優勢。我們很擅長。我們擅長長期維持低成本、彈性的資產負債表。

Right now, to your point, we have done a lot of work on it. We have gotten a lot of the benefits that we talked about at the time of the merger in respect of reducing the borrowing costs of the post-merger combined company. But I take your point. I think across the spectrum, we're seeing attractive opportunities to put new debt on, both secured and unsecured. And it's our job to keep looking for opportunities for GBDC to take advantage of that.

目前，就您而言，我們已經在這方面做了很多工作。我們在合併時談到的關於降低合併後合併公司的借貸成本方面獲得了很多好處。但我同意你的觀點。我認為，從各個方面來看，我們都看到了發行新債務的誘人機會，無論是有擔保的還是無擔保的。我們的工作就是不斷為 GBDC 尋找利用這一點的機會。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Apologies there. I was on mute. But thanks for taking my questions. Of the strong quarter for deployment here $1 billion of originations this quarter, can you give us a sense of what that was for the overall Golub platform? Whether that was up across the platform as well or this was mainly allocated towards GBDC? And I'd also just ask, kind of given some of the comments on cautious on credit. The pricing environment is a little bit less favorable today. Why deploy so much now into this quarter instead of trying to pull a little bit back essentially for a better year, sort of activity next year?

抱歉。我當時處於靜音狀態。但謝謝你回答我的問題。本季部署的季度收入高達 10 億美元，您能否讓我們了解整個 Golub 平台的情況？這是否也在整個平台上進行，或者主要分配給 GBDC？我也想問一下，考慮到一些關於謹慎信貸的評論。今天的定價環境有點不太有利。為什麼現在在本季度部署如此多的資金，而不是為了明年更好的一年而嘗試稍微撤回一些活動？

Thanks, Paul. Good question. So a couple of comments on this. We always deploy across the whole Golub platform. So this quarter is no different. We didn't change our allocation policy in a way that was aimed at increasing allocations to GBDC. Having said that, we were hoping for an opportunity to increase assets within GBDC. Coming out of the merger, you'll recall that we were well under our target leverage level. In fact, I would argue, in the quarter we just finished, we were still significantly under our target leverage level. We had an average leverage over the quarter of just slightly over 1 times, and our target is 1.1 to 1.15.

謝謝，保羅。好問題。對此有幾點評論。我們始終在整個 Golub 平台上進行部署。因此，本季也不例外。我們沒有以旨在增加 GBDC 分配的方式改變我們的分配政策。話雖如此，我們希望有機會增加 GBDC 內的資產。合併結束後，您會記得我們的槓桿水平遠低於目標。事實上，我認為，在我們剛結束的季度中，我們的槓桿水平仍然大大低於我們的目標槓桿水平。本季我們的平均槓桿率略高於 1 倍，我們的目標是 1.1 至 1.15。

Second point I'd make is that the total new investment commitments is a little bit overstated in the sense that there is some refinancing, repricing simultaneous exit and entry activity. So I tend to focus more on the net funds growth number, the $368 million, which is not an eye-popping number at all. It's a pretty normal-looking number.

我要說的第二點是，從存在一些再融資、同時退出和進入活動重新定價的意義上來說，新的投資承諾總額有點被誇大了。因此，我傾向於更關注淨資金成長數字，即 3.68 億美元，這根本不是一個令人瞠目結舌的數字。這是一個看起來很正常的數字。

The third point I'd make is that while it's a challenging environment from a new origination standpoint, we have some giant advantages. And two of those giant advantages are our relationships with private equity sponsors and our existing portfolio. And both of those really shown through in this last quarter. Almost all of our new origination was with repeat sponsors. And a very disproportionate from normal portion of our origination was repeat borrowers. So we're really leaning in during this period on our competitive advantages and focusing on sponsors and borrowers and industries that we have expertise in.

我要說的第三點是，雖然從新的起源角度來看這是一個充滿挑戰的環境，但我們擁有一些巨大的優勢。其中兩個巨大的優勢是我們與私募股權贊助商的關係以及我們現有的投資組合。這兩點在上個季度都得到了真正的體現。我們幾乎所有的新創意都是由重複贊助商提供的。與我們發起的正常部分非常不成比例的是重複借款人。因此，在此期間，我們確實依靠我們的競爭優勢，並專注於贊助商、借款人和我們擁有專業知識的行業。

Appreciate that. It's a very helpful answer. And then one for, possibly Chris, just on the non-cash interest expense related to the swap this quarter. Is there any way to quantify what that was on a per share basis of your non-cash interest expense, the result of the swap mark down?

很欣賞這一點。這是一個非常有幫助的答案。然後是克里斯，可能是與本季互換相關的非現金利息費用。有什麼方法可以量化每股​​非現金利息支出（掉期標記下調的結果）嗎？

Yeah. Hi Paul. It was about $0.02 a share.

是的。嗨保羅。每股約0.02美元。

Got it. Thank you. Those are all my questions. Thank you very much.

知道了。謝謝。這些都是我的問題。非常感謝。

Ray Cheesman, Anfield Capital.

雷‧奇斯曼，安菲爾德資本。

Thank you for taking the question. The first one is the decline in yield. Was it due mostly to anything you did that was due where the competition forced the spread down? Or was it -- as I'm seeing in other bank credits, I mean, repricing is rather aggressive here.

感謝您提出問題。第一個是產量下降。是否主要是由於您所做的任何事情導致競爭迫使價差下降？或者是——正如我在其他銀行信用中看到的那樣，我的意思是，這裡的重新定價相當激進。

I would say it's a combination of factors. We have seen in the larger side of our portfolio, the large-market borrowers, we have seen some movements, as you described, where there are re-pricings that take place. Also, and you can see it on page 10 of the presentation, the weighted average spread on new loans is lower than it has been in prior quarters, reflecting the spread compression that we've been talking about. So it's a variety of factors. A third one I mentioned, which we're all going to see more of over the -- (inaudible) managed floating-rate assets are going to see more of over the course of the coming period is declining base rates. So it's all three of those.

我想說這是多種因素的結合。正如您所描述的，我們在投資組合的較大部分（大型市場借款人）中看到了一些變動，其中發生了重新定價。此外，您可以在簡報的第 10 頁上看到，新貸款的加權平均利差低於前幾個季度，反映了我們一直在談論的利差壓縮。所以這是多種因素造成的。我提到的第三個因素是基本利率下降，我們都將在未來一段時間內看到更多（聽不清楚）管理浮動利率資產的情況。所以這就是這三個。

The second one would be considering the way Pluralsight started and proceeded with the sponsor simply packing up its toys and going home, I mean, sponsors, I think your experience would say, usually work with their creditors and try to get a better outcome. You're not seeing a repeat of that kind of behavior anywhere else in the portfolio, I hope?

第二個是考慮Pluralsight 開始和進行的方式，贊助商只是簡單地收拾好玩具然後回家，我的意思是，贊助商，我想你的經驗會說，通常會與債權人合作，並努力獲得更好的結果。我希望您在投資組合的其他地方沒有看到這種行為的重複？

We always have good dialogue with our sponsor clients and there's a range of sponsor reactions to work out situations. Our first choice is to work with sponsors toward win-win solutions that involve continuing contributions and continuing benefits to the sponsor. But if a sponsor concludes that they're not in a position to do so for any of a number of reasons, we're quite content to take the keys and to run with the situation. That's always been something that we've done, Ray. And this current period and coming period, I don't think it's going to be any different.

我們總是與贊助商客戶進行良好的對話，並且贊助商會做出一系列反應來解決問題。我們的第一選擇是與贊助商合作，尋求雙贏的解決方案，為贊助商提供持續的貢獻和持續的利益。但如果贊助商得出結論，由於多種原因，他們無法這樣做，我們很樂意接受並順應這種情況。這一直是我們所做的事情，雷。當前時期和未來時期，我認為情況不會有任何不同。

Last one for you is are there, in your opinion, any additional vehicles inside of GBDC that will eventually make their way into our larger pile for continued, either positive leverage on the operation side or cost of funds side? Or just in general, are we going to get bigger because we'll be better or do you think this is a good size for the current environment we're in?

最後一個問題是，在您看來，GBDC 內部是否有任何其他工具最終會進入我們更大的工具堆，以持續實現營運方面或資金成本方面的正槓桿作用？或者總的來說，我們會變得更大，因為我們會變得更好，還是您認為這對我們當前所處的環境來說是一個合適的規模？

You know, at Golub Capital, generally, we're always looking for opportunities in areas where we have expertise, in areas where we have competitive advantage to grow the portfolio. I'm very pleased right now, I'm very satisfied right now with the strategy of GBDC. It's been very consistent for 14 years. I see more opportunities for us to grow in that strategy. So I'm not anticipating any major changes. I'm not anticipating, for example, that we're going to announce in coming days investments in specialty finance subsidiaries in unrelated areas, and some of our competitors have done that. That's not our MO.

你知道，在 Golub Capital，一般來說，我們總是在我們擁有專業知識的領域、在我們擁有競爭優勢的領域中尋找機會來擴大投資組合。我現在很高興，我現在對GBDC的策略非常滿意。14年來一直非常穩定。我認為我們有更多機會在這項策略中成長。所以我預計不會有任何重大變化。例如，我預計我們不會在未來幾天宣布對不相關領域的專業金融子公司進行投資，而我們的一些競爭對手已經這樣做了。那不是我們的行事方式。

No. The question was really is there a GBDC 4 which you think will eventually end up in GBDC public?

不。問題是，您認為 GBDC 4 最終會出現在 GBDC 中嗎？

Oh, sorry. I misunderstood your question. We do have a private BDC, called GBDC 4. It's a public filer. You can look at it. And it's possible that there will come a time after it's matured where it will make sense to look at liquidity options for GBDC 4 including a potential merger with GBDC.

哦，抱歉。我誤解了你的問題。我們確實有一個私有 BDC，稱為 GBDC 4。這是一個公共文件管理器。你可以看看。在它成熟之後，可能會有一段時間考慮 GBDC 4 的流動性選擇，包括與 GBDC 的潛在合併。

If you were to be $10 billion in size instead of $8 billion, is that something which would be an advantage in today's marketplace or do you think that the size you are now is optimal for the environment now?

如果您的規模是 100 億美元而不是 80 億美元，這在當今的市場中是否具有優勢，或者您認為您現在的規模對於當前的環境是最佳的嗎？

I really think about that across all of Golub Capital and not specifically about GBDC. We're very focused on making sure as a platform that we have a size that's appropriate for the opportunities that are before us and that we're not in the business of raising money and then deploying it as best we can. We're not believers in the raise-money-and-then-deploy-it-as-best-we-can model of asset management. So one of the questions that we think about a lot, Ray, and it's a question not just for GBDC but across the Golub platform, is what's the right level of dry powder to develop in order to take advantage of market conditions without either having too much dry powder or too little dry powder.

我真的在整個 Golub Capital 中思考這一點，而不是專門針對 GBDC。我們非常注重確保作為一個平台，我們的規模適合我們面前的機會，並且我們不是在籌集資金，然後盡我們所能地部署它。我們不相信「籌集資金，然後盡最大努力進行部署」的資產管理模式。因此，我們經常思考的問題之一，Ray，這不僅是 GBDC 的問題，也是整個 Golub 平台的問題，即開發什麼水平的乾粉才是正確的，以便利用市場條件，同時又不至於太糟糕。過多或過少。

(Operator Instructions)

（操作員說明）

I want to thank everyone for their attendance today and their questions. And as usual, if anybody has anything else they would like to talk about, please feel free to reach out. Thanks for coming today.

我要感謝大家今天的出席和提出的問題。像往常一樣，如果有人還有什麼想談的，請隨時與我們聯繫。謝謝你今天來。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。