Golub Capital BDC Inc (GBDC) 2025 Q1 法說會逐字稿

Hello everyone and welcome to GBDC's earnings call for the fiscal quarter ended December 31, 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 statements.

大家好，歡迎參加 GBDC 截至 2024 年 12 月 31 日的財政季度收益電話會議。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》所定義的前瞻性陳述。

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.

本次電話會議中所作的歷史事實陳述以外可能構成前瞻性陳述，並不保證未來的績效或結果，並涉及若干風險及不確定性。由於多種因素（包括 GBDC 不時向 SEC 提交的文件中所述的因素），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 the events presentations link. Our earnings release is also available on our website in the investor resources section.

對於我們打算在今天的收益電話會議上參考的資料。請造訪我們網站主頁 www.golubcapitalbdc.com 上的投資者資源選項卡，然後點擊活動示範連結。我們的收益報告也可在我們網站的投資者資源部分查閱。

As a reminder, this call is being recorded with that. I am pleased to turn the call over to David Golub, Chief Executive Officer of GBDC.

提醒一下，本次通話正在錄音。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 Christopher Ericson, our CFO and Matthew 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 that are backed by strong partnership oriented private equity sponsors.

大家好，感謝大家今天加入我們。對於那些剛加入 GBDC 的人來說，與我一起參加的是我們的財務長 Christopher Ericson 和營運長 Matthew Benton。我們的投資策略專注於向由強大的合作夥伴導向的私募股權發起人支持的健康且有韌性的中型市場公司提供第一留置權高級擔保貸款。

So yesterday, we issued our earnings press release for the December 31, quarter and we posted an earnings presentation our website. We'll be referring to that presentation during today's call. I'm going to start as usual with headlines 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 we'll open the floor for some questions.

所以昨天，我們發布了 12 月 31 日當季的收益新聞稿，並在我們的網站上發布了收益報告。我們將在今天的電話會議中參考該演示。我將像往常一樣開始介紹標題，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時期的展望，然後讓我們回答一些問題。

So, the headline is that GBDC had a strong quarter and a strong start to fiscal year 2025. We hit our aspiration to be good [boring]. Here are the highlights adjusted NII per share was $0.39. This corresponds to an adjusted NII return on equity of 10.1%.

因此，頭條新聞是 GBDC 本季表現強勁，並且 2025 財年開局強勁。我們實現了成為好人的願望[無聊的]。以下是調整後每股 NII 為 0.39 美元的亮點。這相當於調整後的 NII 股本回報率為 10.1%。

If you exclude the impact of some non cash interest expense that was related to our interest rate swap adjusted for the quarter was actually $0.40 per share, adjusted net income per share was $0.42 per share. This corresponds to an adjusted return on equity of 11% adjusted net income per share included $0.03 of adjusted net realized and unrealized gains.

如果排除與本季調整後的利率互換相關的一些非現金利息支出的影響，實際為每股 0.40 美元，調整後的每股淨利潤為每股 0.42 美元。這相當於調整後的股本回報率為 11%，調整後的每股淨收入包括 0.03 美元的調整後淨已實現和未實現收益。

The vast majority of GBDC's portfolio has been performing well and continue to perform well in the December 31 quarter. In fact, we saw a nice lift in GBDC's overall portfolio credit metrics this quarter.

GBDC 的絕大部分投資組合一直表現良好，並且在 12 月 31 日季度繼續表現良好。事實上，本季我們看到 GBDC 的整體投資組合信用指標大幅提升。

And we also saw nice growth in GBDC's investment portfolio. New deal activity continued to pick up in the market and GBDC's was able to find attractive investment opportunities while remaining highly selective, enabling us to get back to our target leverage.

我們也看到 GBDC 的投資組合實現了良好的成長。市場上的新交易活動持續升溫，GBDC 能夠在保持高度選擇性的同時找到有吸引力的投資機會，使我們能夠重新達到目標槓桿率。

With that let me pass the call over to Matthew Benton to discuss the quarter in more detail.

說完這些，我將電話轉給馬修·本頓 (Matthew Benton)，讓他更詳細地討論本季度的情況。

Thanks David. I'm going to start on slide 4. GBDC's earnings were driven by three key factors. First, overall credit performance was solid. We recognize some losses on three nonaccrual investments that were restructured in the quarter.

謝謝大衛。我將從第 4 張投影片開始。GBDC 的獲利受三個關鍵因素驅動。一是信貸整體表現穩健。我們確認本季重組的三項非應計投資產生了一些損失。

These investments were all on nonaccrual as of September 30, 2024. But these losses were more than offset by gains elsewhere. Overall, we're pleased with the credit picture of GBDC's and we'll share how the progress is visible in GBDC's quarter end credit metrics.

截至 2024 年 9 月 30 日，這些投資均未提列。但這些損失被其他方面的收益所抵銷而有餘。總體而言，我們對 GBDC 的信用狀況感到滿意，我們將分享 GBDC 季度末信用指標的進展。

Second earnings continue to be supported by high base rates and attractive spreads. Consistent with recent quarters having said this, we did see some reduction in yields quarter primarily from a decrease in [sour] and to a lesser extent from some continued spread compression.

第二筆收益繼續受到高基準利率和有吸引力的利差的支撐。與最近幾季的情況一致，我們確實看到本季度收益率有所下降，這主要是由於[酸性]的下降，以及在較小程度上由於利差的持續壓縮。

The spread compression was more pronounced and visible in new investments, but we have seen some repricing of existing investments particularly in the large market of our portfolio repricing dynamics in the core metal market are less prolific than the large market where drive by repricing's are more common.

在新的投資中，價差壓縮更加明顯，但我們已經看到一些現有投資的重新定價，特別是在我們投資組合的大市場中，核心金屬市場的重新定價動態不如大市場那麼明顯，在大市場中，重新定價的驅動更為常見。

At quarter end, we analyzed GBDC's portfolio in the context of current market spreads and believe there is limited repricing risk left within the existing Outlook.

在季度末，我們在當前市場利差的背景下分析了 GBDC 的投資組合，並認為現有展望中剩餘的重新定價風險有限。

Third, we realized a reduction in borrowing costs in the quarter, both from base rate decline and because of the funding cost benefits associated with the November 2024 funding structure initiatives that we discussed on last quarter's earnings call. We didn't get a full quarter's benefit of those lower funding costs. We'll get that in the March 31, quarter.

第三，我們本季的借貸成本有所降低，這不僅是由於基準利率下降，也是因為我們在上個季度的財報電話會議上討論的 2024 年 11 月融資結構舉措帶來的融資成本效益。我們並沒有從較低的融資成本中獲得整個季度的利益。我們將在 3 月 31 日當季獲得該收益。

Fourth earnings continue to benefit from lower expenses due to GBDC's structure and fifth earnings were negatively impacted in the quarter by a penny per share related to non-cash interest expense associated with interest rate swaps on our fixed rate unsecured notes.

由於 GBDC 的結構，第四季度的收益繼續受益於較低的費用，而本季度的第五季度收益受到與我們的固定利率無擔保票據的利率互換相關的非現金利息支出相關的每股一美分的負面影響。

Adding back the penny per share impact on adjusted NII from non cash interest expense implies approximately $0.40 of adjusted NII per share. Let me summarize portfolio activity and credit quality in the quarter. Gross originations were billion two up from last quarter as we thought to continue to increase leverage post-merger.

將非現金利息支出對調整後 NII 的每股影響加上美分，意味著調整後每股 NII 約為 0.40 美元。讓我總結一下本季的投資組合活動和信用品質。由於我們認為合併後槓桿率將繼續上升，因此總發起額比上一季增加了 20 億美元。

After factoring in repayments and unfunded commitments associated with originations, net funds increased by $450 million sequentially, this represented net portfolio growth of approximately 5.5% quarter-over- quarter.

考慮到與發起相關的還款和未撥付承諾後，淨資金環比增加 4.5 億美元，這意味著淨投資組合環比增長約 5.5%。

GBDC did not receive the full benefit of the earnings power of this portfolio growth because a lot of the growth was back end weighted last quarter. I said the lending environment was getting more borrower friendly across all private markets. This continued in the December 31, quarter, especially in the large market segment where we saw more spread compression, looser deal, documentation and higher leverage.

GBDC 並未充分獲益於該投資組合成長帶來的獲利能力，因為上個季度的許多成長都是後端加權的。我說，所有私人市場的借貸環境對借款人而言變得更加友善。這種現像在 12 月 31 日當季仍持續存在，尤其是在大型市場領域，我們看到價差進一步壓縮、交易和文件更加寬鬆以及槓桿率更高。

Despite this Golub Capital's origination stats in calendar Q4 continued to depict our conservatives. One, a selectivity rate of less than 4%. Two, a repeat borrower percentage in excess of 70%. Three, [gala] back that is the lead or sole bookrunner in 88% of our transactions.

儘管如此，Golub Capital 第四季的發起統計數據仍然反映出我們的保守立場。一、選擇率不足4%。二、重複借款比例超過70%。第三，[gala] back 是我們 88% 交易中的主承銷商或唯一承銷商。

Four, our average LTV's the time of origination have generally been in the mid 30% to mid 40% range and five given the risk adjusted pricing dynamics, we see across the entire middle market, we are choosing to primarily play in the core middle market, the median EBITDA for our calendar Q4, 2024 originations with $53 million.

第四，我們發起時的平均 LTV 通常在 30% 中間到 40% 中間範圍內，第五，考慮到風險調整後的定價動態，我們看到在整個中端市場中，我們選擇主要在核心中端市場中發揮作用，我們 2024 年第四日曆季度的 EBITDA 中值為 5300 萬美元。

We believe this is a nice differentiator for [Gala] versus many of our peers solely focused on the large borrower market.

我們相信，這是 [Gala] 與許多僅專注於大型借款人市場的同行相比的一個很好的區別。

Credit statistics improved quarter-over-quarter investments in ratings category four and five increased to nearly 90% of the portfolio at fair value as of December 31, 2024, from approximately 87 decline, from a very low 1.2% at, September 30, 2024, to just 50 basis points.

信用統計數據環比改善，評級類別四和五的投資佔截至 2024 年 12 月 31 日的公允價值的比例從約 87% 下降至近 90%，從 2024 年 9 月 30 日的非常低的 1.2% 下降至僅 50 個基點。

The lowest level at GBDC's since 2019. In the quarter, the number of nonaccrual investments decreased to 9, following the restructuring of 3 former nonaccrual investments. Continue on slide 4, Let me briefly summarize distributions paid in certain balance sheet changes in the quarter. Total distributions paid in the quarter were $0.48 per share.

這是 GBDC 自 2019 年以來的最低水準。本季度，隨著 3 項原非計息投資進行重組，非計息投資數量減少至 9 項。繼續看投影片 4，讓我簡要總結本季某些資產負債表變動中所支付的分配。本季支付的總分配額為每股 0.48 美元。

This included one quarterly base distribution of $0.39 per share. Two, a $0.04 per share, quarterly, variable supplemental distribution that we declared in November 2024. And finally, the final $0.05 per share special distribution declared in June 2024 in conjunction with the GBDC three merger close. Now per share decreased by $0.06 on a sequential basis to $15.13.

其中包括每股 0.39 美元的季度基本分配。二、我們於 2024 年 11 月宣布的每股 0.04 美元的季度可變補充分配。最後，與 GBDC 三家公司合併結束同時，將於 2024 年 6 月宣布每股 0.05 美元的最終特別分配。目前每股價格季減 0.06 美元至 15.13 美元。

Primarily because distributions paid including the special distribution exceeded earnings net debt to equity increased quarter-over-quarter to 1.19 terms. This reflects leverage net of available cash and cash trapped debt to reservations for the purposes of paying down principal on sending those similar to last quarter.

主要是因為包括特別分配在內的支付分配超過了收益，淨債務與股權之比環比增加至 1.19。這反映了可用現金和現金困債的淨槓桿率，以及用於償還與上一季類似的本金的保留金。

The increase in net leverage largely happened in the last few weeks of the [1231] quarter GBDC's average net leverage during the quarter was just 1.14 terms. As a result, we expect GBDC to recognize the full run rate, profitability benefit of its larger investment portfolio next quarter. Further, we expect GBDC to maintain average net leverage near our current target of 1.15 terms.

淨槓桿率的上升主要發生在[1231]季度的最後幾週，GBDC 本季的平均淨槓桿率僅為 1.14 倍。因此，我們預計 GBDC 將在下個季度實現其更大投資組合的全部運行率和獲利效益。此外，我們預計 GBDC 的平均淨槓桿率將維持在我們目前的目標 1.15 附近。

In November 2024 we executed a series of debt funding related transactions. We expect to drive down GBDC's weighted average cost of debt including a $2.2 billion GBDC term debt securitization with [AAA] notes price that so for plus 158 basis points. In conjunction with the CLO pricing, we redeem some higher cost debt securitizations and debt facilities.

2024 年 11 月，我們執行了一系列債務融資相關交易。我們預計將降低 GBDC 的加權平均債務成本，包括 22 億美元 GBDC 定期債務證券化，其中 [AAA] 票據價格為正 158 個基點。結合 CLO 定價，我們贖回了一些成本較高的債務證券化和債務融資。

We expect to recognize the full run rate, profitability benefit from these transactions in the March 31, 2025, quarter which we believe will add incremental adjusted and I that we think will be a valuable forward profitability cushion to the extent that we get further base rate or investment spread reductions.

我們預計將在 2025 年 3 月 31 日當季實現這些交易的全部運行率和盈利效益，我們相信這將增加增量調整，而且我認為，只要我們進一步獲得基準利率或投資利差降低，這將是一個有價值的遠期盈利緩衝。

There are several other drivers of higher profits that we are working on including further borrowing cost optimization. As we look across our existing funding structure.

我們正在努力提高其他幾個利潤驅動因素，包括進一步優化借貸成本。當我們回顧現有的資金結構。

GBDC was upgraded by Moody's this quarter to [a va a two] rating with a stable outlook which we believe enhances our ability to issue low cost, unsecured debt portfolio rotation. We believe the successful monetization of certain non-earning equity investments and low yielding loans associated with prior restructured names with the subsequent redeployment of those proceeds into new or middle market originations could generate incremental.

本季度，穆迪將 GBDC 的評級上調至 [a va a two]，展望穩定，我們認為這增強了我們發行低成本、無擔保債務組合輪換的能力。我們相信，成功將與先前重組名稱相關的某些非盈利股權投資和低收益貸款貨幣化，隨後將這些收益重新部署到新的或中端市場發起中，可以產生增量。

NII include the obvious [caveat] that we have work to do to successfully resolve these things and it won't all happen overnight, but we have the skills and resources to do this. Let's turn to distribution is declared in the quarter, the board declared a regular quarterly distribution of $0.39 per share representing an annualized dividend yield of 10.3% based on GBDC math per share as of December 31, 2024.

NII 包括明顯的[警告]，我們需要努力才能成功解決這些問題，而且這一切不會在一夜之間發生，但我們有能力和資源來做到這一點。讓我們來看看本季宣布的分配情況，董事會宣布定期季度分配為每股 0.39 美元，根據截至 2024 年 12 月 31 日的每股 GBDC 計算，年化股息收益率為 10.3%。

Adjusted NII per share adjusted for the $0.01 per share impact from non-cash interest expense related to interest rate swaps continues to provide a comfortable cushion above our regular quarterly distribution providing us distribution coverage of 103%.

調整後的每股 NII 經調整了與利率互換相關的非現金利息支出 0.01 美元/股的影響，繼續為我們的常規季度分配提供舒適的緩衝，使分配覆蓋率達到 103%。

We expect the profitability drivers I discussed earlier to provide incremental cushion going forward. Typically, I skip slide 5, but I want to cover it this quarter. As I do think some perspective on GBDC's quarter-over-quarter, profitability would be helpful since we've had some moving pieces these last couple of quarters. In the 9 30 2024 quarter. GBC generated $0.47 of adjusted per share, which is shown on slide 5.

我們預計，我之前討論過的獲利驅動因素將在未來提供增量緩衝。通常，我會跳過第 5 張投影片，但我想在本季介紹它。我確實認為，對 GBDC 季度環比表現的一些看法、盈利能力將會有所幫助，因為最近幾個季度我們經歷了一些變化。在2024年9月30日季度。GBC 的調整後每股收益為 0.47 美元，如幻燈片 5 所示。

What you don't see on the page is that the $0.47 included a positive benefit of $0.03 per share from the non cash impact from our interest rate swaps which we discussed last quarter. It also included a $0.03 per share partial waiver of the income incentive fee adjusting for those two items. GBDC September 30, 2024, adjusted NII was $0.41 per share this quarter.

您在頁面上看不到的是，0.47 美元包括我們上個季度討論過的利率互換的非現金影響，即每股 0.03 美元的正收益。它還包括針對這兩項進行調整的每股 0.03 美元的部分收入激勵費減免。GBDC 2024 年 9 月 30 日本季度調整後的 NII 為每股 0.41 美元。

As I mentioned, GBDC generated $0.40 of adjusted NII after eliminating the non-cash impact from the interest rate swaps, I mentioned earlier there was not an income incentive fee waiver this quarter.

正如我所提到的，GBDC 在消除利率互換帶來的非現金影響後產生了 0.40 美元的調整後 NII，我之前提到過本季度沒有收入激勵費用減免。

So, on an apples-to-apples basis, GBDC, a modest decrease in adjusted NII quarter-over-quarter from $0.41 to $0.40. We think this is a solid result given the base rate and spread movements during the quarter.

因此，從同類比較來看，GBDC 的調整後 NII 環比小幅下降，從 0.41 美元降至 0.40 美元。我們認為，考慮到本季的基本利率和利差變動，這是一個可靠的結果。

So how was GBDC able to minimize the reduction to adjusted NII quarter per quarter? Given the headwinds on the rate side, first 81% of its liabilities are floating rate. So, our borrowing costs benefited from so decreases. We have meaningfully reduced GBDC's asset sensitivity over the past year, and we've now seen the benefits as base rates decreased. We do think GBDC is an outlier in the sector and is better positioned than most for a neutral, decreasing base rate environment.

那麼 GBDC 如何能夠將每季的調整後 NII 的減少量降至最低呢？考慮到利率方面的阻力，其負債中的81%首先是浮動利率。因此，我們的借貸成本受益於此下降。我們在過去一年中大幅降低了 GBDC 的資產敏感度，現在隨著基準利率的下降，我們已經看到了其帶來的好處。我們確實認為 GBDC 是該領域的異類，並且在中性、下降的基準利率環境中比大多數公司處於更有利的位置。

Second GBDC's modestly increased financial leverage. And third GBDC's leading fee structure structurally creates a higher return buffer.

第二，GBDC適度提高財務槓桿。第三，GBDC 領先的費用結構在結構上創造了更高的回報緩衝。

I'm going to turn it over to Chris now to continue our presentation.

現在我將把時間交給克里斯繼續我們的演講。

Thanks, Matt. Turning into slide 7, you can see how the earnings drivers. Matt just described and excess distributions paid in the quarter translated into GBDC's December 31, 2024, NAV per share of $15.13 adjusted NII per share of $0.39 per share was below the $0.48 per share of aggregate distributions paid out during the quarter. Net realized and unrealized gains were $0.03 per share. Together These results drove a net asset value per share decrease to $15.13 down $0.06 per share from the prior quarter.

謝謝，馬特。翻到第 7 張投影片，您可以看到獲利驅動因素。馬特剛剛描述了本季支付的超額分配，轉化為 GBDC 2024 年 12 月 31 日的每股資產淨值 15.13 美元，調整後的每股 NII 為 0.39 美元，低於本季度支付的每股 0.48 美元的總分配。淨已實現和未實現收益為每股 0.03 美元。這些結果共同導致每股淨資產價值下降至 15.13 美元，較上一季下降 0.06 美元。

If we turn to slide 10, which details our origination activity for the quarter. Net funds quarter over quarter increased by 450 million, representing a 5.5% increase in total portfolio size versus September 30, 2024.

如果我們翻到第 10 張投影片，其中詳細介紹了我們本季的發起活動。淨資金較上季增加 4.5 億，與 2024 年 9 月 30 日相比，投資組合總規模增加 5.5%。

Looking at the bottom of the slide, the weighted average rate on new investments was 9.4%. Investments that repaid in the quarter were at a weighted average rate of 11.3%. And as David and Matt described at the outset, this contributed to a lower investment yield on the portfolio from prior quarters.

從投影片底部看，新投資的加權平均利率為 9.4%。本季償還的投資加權平均利率為 11.3%。正如大衛和馬特一開始所描述的，這導致投資組合的投資收益率較前幾季有所下降。

Slide 11 shows GBC'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 87% of the portfolio at fair value.

投影片 11 展示了 GBC 的整體投資組合。如您所見，按投資類型劃分的投資組合分佈情況與上一季保持一致，一站式貸款以公允價值計算繼續佔投資組合的 87% 左右。

And slide. 12 shows that GBC's portfolio remains highly diversified by portfolio company with an average investment size of approximately 30 basis points consistent with prior quarters. Additionally, our largest borrower represents just 1.5% of the debt investment portfolio and our top10 largest borrowers represent below 13% of the portfolio we are big believers in modulating credit risk through position size, which we believe has served GBDC well in previous credit cycles. As of December 31, 2024, 92% of our investment portfolio consisted of firstly, senior secured floating rate loans to borrowers across a diversified range of what we believe to be resilient industries.

然後滑動。 12 顯示，GBC 的投資組合仍高度多樣化，平均投資規模約為 30 個基點，與前幾季一致。此外，我們最大的借款人僅佔債務投資組合的 1.5%，而我們前十大借款人佔投資組合的不到 13%，我們堅信透過頭寸規模來調節信用風險，我們相信這在之前的信貸週期中為 GBDC 提供了良好的服務。截至 2024 年 12 月 31 日，我們投資組合中的 92% 首先是向我們認為具有彈性的多元化產業的借款人提供的優先擔保浮動利率貸款。

The economic analysis on slide 13 highlights the drivers of the change in GBCS net investment spread to 5%. Let's walk through this slide in detail.

投影片 13 上的經濟分析強調了 GBCS 淨投資利差變化至 5% 的驅動因素。讓我們詳細地看一下這張投影片。

We'll 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 GBC's investment income yield fell 80 basis points sequentially to 11.2%. And as Matt highlighted, this was predominantly the result of a 99% floating rate investment portfolio reindexing in the quarter to lower three month and one month. So for reference rates and to a much lesser extent, lower weighted average spread on debt investments in the portfolio which was driven via net originations at lower spreads and some repricing activity in the existing portfolio.

我們從深藍線開始，這是我們的投資收益率。提醒一下，投資收益率包括費用和折扣的攤銷，GBC 的投資收益率環比下降 80 個基點至 11.2%。正如馬特所強調的，這主要是由於本季 99% 的浮動利率投資組合重新指數化至三個月和一個月的低點。因此，對於參考利率和在較小程度上，投資組合中債務投資的加權平均利差較低，這是透過較低利差的淨發起和現有投資組合中的一些重新定價活動推動的。

Our cost of debt, the GE line decreased 60 basis points to 6.2% reflecting our 81% floating rate debt funding structure.

我們的債務成本，GE線下降了60個基點至6.2％，反映了我們81％的浮動利率債務融資結構。

As Matt described earlier, we expect further improvement in GBC's weighted average cost of debt next quarter. As we see a full quarter impact from the transactions we executed in November and December 2024.

正如馬特之前所描述的，我們預計下個季度 GBC 的加權平均債務成本將進一步改善。我們看到 2024 年 11 月和 12 月執行的交易對整個季度產生了影響。

Net net. Our weighted average net investment spread the gold line decrease 20 basis points sequentially to 5%. I'll turn the floor back over to Matt now.

淨淨。我們的加權平均淨投資利差黃金線季減20個基點至5%。現在我將發言權交還給馬特。

Thanks Chris. Let's move on to slides 14 and 15 and take a closer look at the improving credit quality metrics on slide 14, you can see the non accruals decreased by 70 basis points to 0.5% of total investments at fair value.

謝謝克里斯。讓我們轉到投影片 14 和 15，仔細看看投影片 14 上不斷改善的信用品質指標，您可以看到非應計項目減少了 70 個基點，至公允價值總投資的 0.5%。

The lowest level since September 2019, slide 15 shows the trends in internal performance ratings. I highlighted earlier of note investments rated three signaling. A borrower could be out of compliance with debt governance decreased materially to just 8.8% of the total investment portfolio.

自 2019 年 9 月以來的最低水平，投影片 15 顯示了內部績效評級的趨勢。我之前強調過，值得關注的投資評級有三種訊號。借款人不遵守債務治理規定的情況大幅減少，僅佔投資組合總額的 8.8%。

The proportion of loans rated one and two, which are the loans we believe are most likely to see significant credit impairment remains very low at just 1.3% of the portfolio at fair value.

我們認為，一級和二級貸款最有可能出現重大信用減值，其比例仍然很低，以公允價值計算僅佔投資組合的 1.3%。

As we usually do, we're going to skip past slide 16 through 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 至 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。

I'll wrap up this session by reviewing GBDC's liquidity and investment capacity on slides 20 through 22. First, let's focus on the key takeaways on slide 22 our weighted average cost of debt this quarter was 6.2% materially down from the prior quarter. Reflecting the debt funding structure transactions, we executed 44% of our debt funding is in the form of unsecured notes with no upcoming maturities in 2025 and well laddered through 2029 .

我將透過回顧第 20 至 22 張投影片中的 GBDC 的流動性和投資能力來結束本次會議。首先，讓我們專注於投影片 22 上的重點：本季我們的加權平均債務成本較上一季大幅下降 6.2%。反映債務融資結構交易，我們執行的 44% 債務融資是以無擔保票據的形式進行的，這些票據在 2025 年沒有即將到期的票據，並且可以很好地持續到 2029 年。

The fixed rate notes coming due in 2026 and 2027 were issued with a weighted average coupon of 2.3%. And as you heard to say on prior occasions, we did not swap them out for floating rate exposure. The remainder of GBDC's total debt funding is floating rate or swapped to floating. Again this dynamic contributes to GBDC being less acid sensitive than it was a year ago.

將於 2026 年和 2027 年到期的固定利率票據的加權平均票面利率為 2.3%。正如您之前所聽到的，我們並沒有將它們換成浮動利率敞口。GBDC 總債務融資的剩餘部分是浮動利率或轉換為浮動利率。這種動態再次導致 GBDC 對酸的敏感度比一年前降低。

Following quarter end, Moody's upgraded GBDC's corporate credit rating and senior unsecured shelf rating to B double 82 stable from B double 83 positive.

隨後第一季末，穆迪將 GBDC 的企業信用評級和高級無抵押貨架評級從 B+83 正面上調至 B+82 穩定。

With this upgrade, GBDC is one of just three publicly traded BDC's with both [A B A two] from Moody's and A triple B from Fitch. We encourage investors to read the Moody's report, but we believe the upgrade was the result of the collection of GBDC's differentiating qualities that we consistently discuss on our earnings calls, namely a highly diverse and first lien oriented portfolio, solid liquidity and capital management and a track record of seller.

在此次升級後，GBDC 成為僅有的三家同時獲得穆迪 [A B A two] 評級和惠譽 A BB 級評級的公開交易 BDC 之一。我們鼓勵投資者閱讀穆迪的報告，但我們認為升級是 GBDC 差異化品質的結果，我們在收益電話會議上不斷討論這些品質，即高度多樣化和優先留置權導向的投資組合、穩健的流動性和資本管理以及賣方的業績記錄。

That's Moody's for not ours credit performance extending back to our IPO in 2010. Overall our liquidity position remains strong and we ended the quarter with approximately $1.1 billion of liquidity from unrestricted cash undrawn commitments on our meaningfully over federalized corporate revolver and the unused unsecured revolver provided by our advisor. Now I'll hand it back over to David for closing remarks and Q&A.

穆迪對我們自 2010 年 IPO 以來的信用表現給予了高度評價。總體而言，我們的流動性狀況依然強勁，本季度末我們擁有約 11 億美元的流動性，這些流動性來自我們超額聯邦化公司循環信貸的無限制現金未提取承諾以及我們的顧問提供的未使用的無擔保循環信貸。現在我將把時間交還給戴維，讓他作結束語並進行問答。

David thanks Matt. So to sum up GBDC had a strong first quarter and a strong start to the fiscal year. I want to touch briefly on our outlook before we open the line for questions. So what the market dynamics we talked a lot about in 2024 was spread compression.

大衛感謝馬特。總而言之，GBDC 第一季表現強勁，財年開局強勁。在我們開始提問之前，我想先簡單談談我們的觀點。因此，我們在 2024 年討論最多的市場動態是價差壓縮。

We saw spread compression across all credit markets from investment grade to high yield to the broadly syndicated market and and to our markets in our markets, this impacted both new deals and some existing deals that saw repricing amendments.

我們看到，從投資等級到高收益、再到廣泛銀團市場以及我們市場中的所有信貸市場的利差都在壓縮，這既影響了新交易，也影響了一些重新定價修正的現有交易。

Spread compression has been much more pronounced in the broadly syndicated market than it has been in the private credit market within private credit. It's been more pronounced in the large side of the market than in the core middle market.

在私人信貸領域，廣泛銀團市場的利差壓縮比私人信貸市場的利差壓縮更為明顯。與核心中型市場相比，這種現像在大型市場中更為明顯。

But no segment of the credit market has been completely immune if we look beyond spread compression and look through a wider lens across all risk assets markets today are pricing in considerable optimism about the business climate.

但是，如果我們不局限於利差壓縮，而是從更廣泛的視角看待當今所有風險資產市場，就會發現信貸市場中沒有哪個部分能夠完全免受其擾。

So I think that raises an interesting question is is that optimism justified. If you've listened to our earnings calls before, you probably can predict that I'm not going to make some bold forecast. Our mantra is very consistently to stay humble about making macro predictions because we're not macroeconomists and because consensus expectations generally have been so wrong so consistently over the course of the last couple of years that said I do want to offer a few observations.

所以我認為這引出了一個有趣的問題：這種樂觀是否合理。如果您以前聽過我們的財報電話會議，您可能會預料到我不會做出一些大膽的預測。我們的口號始終是在做出宏觀預測時保持謙虛，因為我們不是宏觀經濟學家，而且由於過去幾年的普遍預期一直都是錯誤的，所以我想提供一些觀察結果。

First observation, the US economy is doing quite well. Our dollar capital middle market report highlighted how this last quarter was the ninth in a row, showing very solid revenue and growth. We do not see signs of an impending slowdown in our data.

首先觀察，美國經濟表現相當良好。我們的美元資本中端市場報告強調，上個季度是連續第九個季度，營收和成長非常穩健。我們沒有看到數據即將出現放緩的跡象。

A second observation, private equity sponsors are voting with their wallets transaction volume continue to pick up in calendar Q4 and I think it seems likely to increase further through 2025. Dealmakers seem to be more excited about deregulation than they are concerned about tariffs.

第二個觀察結果是，私募股權發起人正在用錢包投票，交易量在第四季繼續回升，我認為到 2025 年還可能進一步增加。交易員們似乎對放鬆管制更為興奮，而非擔心關稅。

Both of these observations are consistent with the optimistic view.

這兩項觀察都與樂觀觀點一致。

But let's look at the other side at the same time that there are these reasons for optimism. There are also clear signs of elevated credit stress across the market in the BSL market. The LSTA publishes data about defaults adjusted for liability management transactions.

但同時，我們也應該看看另一方面，我們也有一些樂觀的理由。BSL 市場也出現了整個市場信貸壓力上升的明顯跡象。LSTA 發布根據負債管理交易調整的違約資料。

I think that's the right way to look at it and their data shows that we're now looking at a rate of about 4.7% for the 12 months ended December 31, that's more than double the 20 year average. It's a little hard to get apples to apples historical comparisons now that we've entered the era of liability management transactions.

我認為這是正確的看法，他們的數據顯示，截至 12 月 31 日的 12 個月的利率約為 4.7%，是 20 年平均水平的兩倍多。現在我們已經進入了負債管理交易時代，要進行同類的歷史比較就有些困難了。

But I think that's about right. It's about double signs of rising credit stress also show up in reports from the major rating agencies including S&P and Fitch and from major law firms that are covering restructurings and bankruptcies.

但我認為這是對的。信貸壓力上升的雙重跡像也出現在標準普爾和惠譽等主要評級機構以及涵蓋重組和破產的大型律師事務所的報告中。

So there are cross currents in the market that warrant both optimism and concern. We think this is the type of environment that historically has separated lenders with strong businesses, lenders with real competitive advantages from the newbies, the firms that lack the characteristics to be successful, long term players.

因此，市場中存在的逆流既令人樂觀，也令人擔憂。我們認為，從歷史上看，正是這種環境將業務實力雄厚的貸款機構、真正具有競爭優勢的貸款機構與新手（缺乏成功和長期參與者特徵的公司）區分開來。

It's not surprising to us that in the last five quarters, we've seen increased dispersion in performance among BDC managers. And we expect to see more of this in the coming period.

在過去五個季度中，我們看到 BDC 經理之間的績效差異不斷擴大，這並不奇怪。我們預計未來一段時間會看到更多這樣的情況。

We believe [Gala] capital and GBDC will once again be on the good side of this performance dispersion spectrum and we'll be delivering more good boring results for our shareholders with that. Let's open the line for questions.

我們相信 [Gala] capital 和 GBDC 將再次站在業績分散範圍的良好一邊，並藉此為股東帶來更多良好的業績。讓我們開通熱線來回答問題。

Thank you. We will now begin the question-and-answer session.(Operator Instructions)

謝謝。我們現在開始問答環節。

Your first question today comes from the line of Ray Cheesman from Anfield capital. Your line is open

您今天的第一個問題來自安菲爾德球場的雷·奇斯曼。您的線路已開通

Good morning, David and congratulations on steering the ship very well during this changing time. My questions this morning are the dollar has rallied strongly as the new administration has come in regulations have declined or are being attempted to be reduced and tariffs of course, they go on and off seemingly once in the morning, once in the evening and we ended up with only one of the three candidates remaining at the end of what it looks like at the end of this week.

早安，大衛，恭喜你在這個變革時期很好地掌舵。我今天早上的問題是，隨著新政府上台，美元強勁上漲，監管法規減少或試圖降低，當然還有關稅，它們似乎早上一次，晚上一次，最終我們在本週末結束時只剩下三個候選人中的一個。

I'm wondering how in this fish bowl of craziness, how do you think the portfolio will respond? I believe you almost exclusively are a domestically focused owner of manufacturing and service entities. So I'm guessing it's not much, but I'm very interested in your answer.

我想知道，在這個瘋狂的魚缸裡，您認為投資組合會如何反應？我相信您幾乎完全專注於國內製造和服務實體。所以我猜這並不多，但我對你的回答非常感興趣。

Yeah, we certainly live in interesting times right now. Thank you for the question. A couple of observations. First observation, we're relatively insulated from movements in foreign exchange rates and movements in tariffs because of the construction of the portfolio.

是的，我們現在確實生活在一個有趣的時代。感謝您的提問。一些觀察。首先，由於投資組合的構建，我們相對不受外匯匯率和關稅變動的影響。

As you mentioned, most of the portfolio is US borrowers, US companies that are serving other us companies. A very large proportion of the base is the base of our borrowers, is service companies including including software providers.

正如你所提到的，大部分投資組合都是美國借款人，以及為其他美國公司提供服務的美國公司。其中很大一部分是我們的借款人基礎，包括軟體供應商在內的服務公司。

We do have a significant portion of the portfolio minority but significant portion in Europe, but these are not European companies doing business in the US so much as they are European companies that are doing business with other European companies.

我們的投資組合中確實有相當一部分是少數股權，但很大一部分在歐洲，但這些不是在美國做生意的歐洲公司，而是與其他歐洲公司做生意的歐洲公司。

We're underweight in manufacturing, we're underweight in areas that have commodity exposure. We've been looking at the question of tariff vulnerability and for obvious reasons that everyone since the election ought to be planning for the possibility of tariffs.

我們在製造業的持股比例較低，我們在涉及大宗商品的領域的持股比例也較低。我們一直在研究關稅脆弱性問題，原因很明顯，自大選以來每個人都應該為可能出現的關稅做好準備。

One of the good news elements of our business is we work with very smart private equity sponsors and very talented management teams. They're all over this issue as well based on the work that we've done so far. I don't think we have a meaningful, a meaningful vulnerability on a first order basis to tariffs.

我們業務的好消息之一是我們與非常聰明的私募股權發起人和非常有才華的管理團隊合作。根據我們迄今所做的工作，他們也對這個問題非常關注。我認為，從第一順序來看，我們在關稅方面不存在重大、顯著的脆弱性。

But I want to sound and know the caution because I don't think anyone knows what the second, third, fourth order impacts could be and a trade war probably isn't going to go well for anybody.

但我想發出警告，因為我認為沒有人知道第二、第三、第四階的影響會是什麼，貿易戰可能對任何人都沒有好處。

So this is a period where in my judgment, caution is best looking for resilient strategies that are going to do well across a variety of different macroeconomic scenarios and those are, familiar mantras for [Gala Capital] that doesn't require a pivot for us in our approach.

因此，在我看來，在這個時期，最好謹慎尋找能夠在各種不同的宏觀經濟情景中表現良好的彈性策略，而這些都是 [Gala Capital] 熟悉的口頭禪，不需要我們改變方法。

Your next question comes from the line of Finian O'Shea from Wells Fargo. Your line is open.

您的下一個問題來自富國銀行的 Finian O'Shea。您的線路已開通。

Hey, everyone. Good morning. Maybe they're not really considering there but on your on your closing remarks and discussion.

嘿，大家好。早安.也許他們並沒有真正考慮這一點，而是考慮你的結束語和討論。

Sorry. Could you hear me? Well, I had speaker on better now. Okay great, thanks. I just wanted to continue on the loss environment that David you hit on toward the end. But for direct lending, can you talk about what, you know how this has changed over time and and importantly today, with the level of competition, the degradation of terms like leverage covenants and so forth and what that means for the expected loss rate in the in the direct lending asset class.

對不起。你聽見我說話嗎？好吧，現在我的揚聲器已經好多了。好的，太好了，謝謝。我只是想繼續討論大衛你在最後提到的損失環境。但是對於直接貸款，您能否談談它隨著時間的推移發生了怎樣的變化，重要的是，今天隨著競爭水平的提高，槓桿契約等條款的退化，以及這對直接貸款資產類別的預期損失率意味著什麼。

We can see that obviously, as you pointed out it goes it's going higher in the leverage finance markets those of course are much more transparent. We see it in real time and it's much slower to play out in private. So seeing if you had any just high level guide for us there. Thanks.

我們可以明顯地看到，正如你所指出的，槓桿融資市場正在走高，當然也更加透明。我們在實時中看到了這一點，但在私下里它的發展速度要慢得多。所以看看您是否能為我們提供任何高級指南。謝謝。

Sure. So in today's environment, we have an interesting real time experiment in looking at how credit stress is showing up in the more liquid broadly syndicated loan market and how it's showing up in private credit markets.

當然。因此，在當今的環境下，我們進行了一個有趣的即時實驗，觀察信貸壓力在流動性更強的廣泛銀團貸款市場中如何表現，以及在私人信貸市場中如何表現。

And I think it's very instructive to look at both at the same time. One difference is your point that there's more information about what's going on in the broadly syndicated market. And we're seeing the signals of credit stress in the form of higher default rates, higher levels of liability management transactions, more triple C credits.

我認為同時看待這兩方面是非常有啟發性的。一個不同之處是，您指出，有關廣泛聯合市場上發生的事情的資訊更多。我們看到了信貸壓力的訊號，表現為更高的違約率、更高水準的負債管理交易、更多的三C信用。

One interesting element of the difference is the second piece. We're seeing liability management transactions. We really aren't seeing those transactions in the private credit market. And you know, liability management transactions are proving that for recoveries in the broadly syndicated market.

差異中一個有趣的元素是第二部分。我們看到了負債管理交易。我們確實沒有在私人信貸市場上看到這些交易。你知道，負債管理交易證明了廣泛銀團市場復甦的必要性。

I think they're largely a transfer of value from lenders, lawyers and restructuring advisers they certainly aren't working for private equity firms have been very few successful turnarounds of companies that have undertaken liability management transactions.

我認為它們主要是來自貸方、律師和重組顧問的價值轉移，他們肯定不是為私募股權公司工作，很少有公司透過進行負債管理交易而成功扭虧為盈。

Virtually all of them end up going through restructuring. They just delay the inevitable and they end up costing creditors significant amounts through that delay in the private market. We are seeing in visa of more credit stress. It's not broad, it's a tail and it's not everywhere. It's, it's more concentrated in the portfolios of some players than in others.

幾乎所有企業最終都會經歷重組。他們只是在拖延不可避免的事情發生，並最終因私人市場的拖延而使債權人蒙受巨額損失。我們看到簽證方面的信貸壓力越來越大。它不是廣闊的，它是尾巴，它不是無所不在。它在某些參與者的投資組合中比在其他參與者的投資組合中更集中。

One of the characteristics that we're seeing in the private credit market that's similar to the broad syndicated market is that when companies hit real difficulties, it's often because of liquidity issues as opposed to because of a covenant issues. And that's particularly true in the larger end of the market.

私人信貸市場與廣泛的銀團市場相似的一個特徵是，當公司遇到真正的困難時，通常是因為流動性問題，而不是契約問題。在較大的市場中尤其如此。

That means that by the time lenders get into the picture and are able to take over control of situations that the company is, have had time to deteriorate significantly. Those can be harder turnarounds to affect. One of the reasons I we prefer the core middle market is that we tend to be either sole lender or we tend to be one of a small number of lenders.

這意味著，當放貸者介入並能夠接管公司控制權時，公司的情況已經嚴重惡化。這些可能是更難實現的轉變。我青睞核心中端市場的原因之一是，我們傾向於成為唯一貸款人，或成為少數貸款人之一。

We tend to have stronger documentation terms and we're able to address problems in our borrowers much earlier. So I think what we're going to see in the coming period is is it continuing playing out of this tale of companies that is less good at addressing higher interest rates, have less pricing power hasn't grown over the course of the last couple of years.

我們傾向於擁有更強有力的文件條款，並且能夠更早解決借款人的問題。因此，我認為，未來我們將會看到，這種情況將繼續上演：那些不太擅長應對較高利率、定價能力較弱的公司在過去幾年中並沒有實現成長。

We're going to see the metal of a number of private credit players who haven't been tested in prior cycles and two things are going to be tested. One is how good are they at underwriting? And the second is how good are they at managing and turning around underperformers and both of those are critical skills for successful private credit players over time.

我們將會看到許多在先前的周期中還未經過考驗的私人信貸參與者的狀況，有兩件事將接受考驗。一是他們的承保能力有多好？第二，他們在管理和扭轉表現不佳的情況方面有多好，這兩項技能對於長期成功的私人信貸參與者來說都是至關重要的。

I think we'll fare very well in that evaluation.

我認為我們在這次評估中會表現得很好。

Great. It's a helpful color. It's just another high level follow up on the platform. I think you talked about your maybe the closing remarks as well. Some of the a lot of the newer players, can you talk about how that is maybe changing, go up pushing you to grow faster as you know, I think [Gala] is building out more, reach into insurance and retail.

偉大的。這是一種有用的顏色。這只是該平台的另一個高水準的後續追蹤。我想您也談到了您的結束語。對於許多新參與者，您能否談談這種情況可能會發生哪些變化，推動您更快地成長，正如您所知，我認為 [Gala] 正在進一步擴張，涉足保險和零售業。

Like that's where a lot of the capital is being raised now. Is the, is the sort of or how much faster if any is the sort of gallop train running on fundraising and origination in response to today's competition? Thanks.

就像現在大量資金的籌集地。為了因應當今的競爭，融資和發起業務的快速發展是否有可能，或者速度有多快？謝謝。

So we, we're not running faster because of competition. In fact, we don't run our strategy in response to how other people are playing our approach to growing dollar capital has for years. Been to focus maniacally on building competitive advantages in a very narrow set of activities.

所以我們並不會因為競爭而跑得更快。事實上，我們實施的策略並不是根據其他人如何運作，而是我們多年來一直採用的增加美元資本的方法。一直瘋狂地專注於在非常狹窄的活動中建立競爭優勢。

So we are a specialist in private credit and in sponsor finance in an era of multi strategy alternative asset managers. And we're not changing our stripes on that front. A couple of years ago when a number of our competitive brethren saw an opportunity to grow a lot in the large private credit, the large market competing with the broadly syndicated market.

因此，在多策略另類資產管理時代，我們是私人信貸和發起人融資的專家。我們在這方面不會改變我們的立場。幾年前，我們的許多競爭對手看到了在大型私人信貸、與廣泛銀團市場競爭的大型市場中實現大幅成長的機會。

We chose to turn left and we commit ourselves to the core middle market. And I'm very happy that we made that decision. We are now one of the largest, one of the dominant players in the core middle market. And I think that's a better business. So we continue to beat to our own drum fin. It's a different drum from others in the industry and we think we think we think it's the right drum for us.

我們選擇向左轉，並致力於核心中端市場。我很高興我們做出了這個決定。我們現在是核心中端市場中最大的、主導的參與者之一。我認為這是一個更好的生意。因此，我們繼續按自己的節奏行事。它與業內其他的鼓不同，我們認為它是適合我們的鼓。

Awesome. It's helpful.

驚人的。這很有幫助。

Thanks so much.

非常感謝。

Again, if you'd like to ask a question,[Operator Instructions]. Your next question comes from the line of Robert Dodd from Raymond James. Your line is open.

再次重申，如果您想提問，請參閱[操作員說明]。您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的羅伯特多德 (Robert Dodd)。您的線路已開通。

Hi morning, morning, everyone. Couple of questions on the liability side and then the side on the liability side. You gave in the presentation the weighted average cost effectively in the fourth quarter. The December quarter was 6.2 and it hasn't benefited from all the activity, which he did a lot during the quarter. So can you give us a scale of like just how much, how, what's the scale of the relative cost savings or rate savings? That once it's fully effective for full quarter, how significant is that cost saving on the liability side?

大家早安，早安。關於責任方面有幾個問題，然後是關於責任方面的。您在演示中給出了第四季度的加權平均成本效益。12 月季度的業績為 6.2，並未從他在本季所做的所有活動中受益。那您能給我們一個尺度嗎，例如相對成本節省或費率節省的尺度到底是多少？一旦它在整個季度全面生效，負債方面的成本節省有多大意義？

So I'm really glad you asked the question, Robert, because I think how firms manage the right hand side of the balance sheet. It is just so critically important to long term success. And we've got a great team that focuses on that. I'm going to hand the mic to Matt Benton to describe in more detail, the steps that we've undertaken in the last few months to take advantage of reduced spreads in liability markets and how that's going to be impacting our profitability on a go forward basis.

所以我很高興你問了這個問題，羅伯特，因為我想知道公司如何管理資產負債表的右側。這對於長期成功至關重要。我們有一個專注於此的優秀團隊。我將把麥克風交給馬特·本頓 (Matt Benton)，讓他更詳細地描述我們在過去幾個月中為利用負債市場利差縮小而採取的措施，以及這些措施將如何影響我們未來的盈利能力。

Hey Robert. Hi, how are you?

嘿，羅伯特。你好你好嗎？

It's a good question. Look, I think the easiest way to think about it is look at page 22 of our investor presentation which shows our debt stack. The benefits of the funding structure initiatives, which we talked a lot about by issuing the inexpensive PLO taking out higher cost debt facilities didn't really take effect until later in the quarter.

這是個好問題。看，我認為思考這個問題的最簡單的方式是查看我們的投資者簡報的第 22 頁，其中顯示了我們的債務堆疊。我們多次討論過融資結構舉措的好處，即透過發行廉價的 PLO 來取代高成本的債務工具，但這種好處直到本季後期才真正生效。

So we closed the $2.2 billion CLO that had a blended interest expenses so far plus 158 basis points. On 18, November, we took out at that time some of the more expensive legacy debt facilities that we had, but we weren't, for example, able to call the GBD [320] 2022 securitization until 16, December and recall, that was 225 million, a third party not price but so plus 260 basis points.

因此，我們關閉了 22 億美元的 CLO，其迄今為止的混合利息支出加上 158 個基點。11 月 18 日，我們當時取出了部分成本較高的遺留債務工具，但直到 12 月 16 日，我們才能夠調用 GBD [320] 2022 證券化，回想一下，那是 2.25 億美元，不是第三方價格，而是加上 260 個基點。

So that 6.2% weighted average cost of debt that you see on the slide, it reflects again, the weighted average cost over the entire quarter, which includes operating for a good chunk of the quarter with those higher cost legacy facilities.

因此，您在投影片上看到的 6.2% 的加權平均債務成本再次反映了整個季度的加權平均成本，其中包括在本季度很大一部分時間內運營的那些成本較高的遺留設施。

If you, if you look at where we are today, the easiest way to think about it would be the current in place, weighted average cost of funds for GBDC would be to apply a 4.3% current silver base rate through that debt stack and apply the weighted average spread on the page to that which would give you around a 5.5% weighted average cost of debt today.

如果你看看我們今天的狀況，最簡單的思考方式就是，當前 GBDC 的加權平均資金成本將是透過該債務堆疊應用 4.3% 的當前白銀基準利率，並將頁面上的加權平均利差應用到該利率上，這將為你提供今天約 5.5% 的加權平均債務成本。

That's in place, that's where it is today. One other point that I would mention is, there's obviously always a lot of moving parts when you think about right to right and left side of the balance you hear, for the CLO's, both of which comprise almost a billion sixth of outstanding parts.

它就在那裡，就是今天的地方。我想提到的另一點是，當您考慮聽到的平衡的左右兩側時，顯然總是會有很多活動部件，對於 CLO 來說，這兩者都構成了幾乎十億分之一的未完成部件。

Those did not reset their reference base rates lower until post quarter end. So they reset in January. So again, that's where you start to see some of the big differences. And again, my, my simple math there doesn't include advertising fees and do it. But that's the way to think about it.

直到本季末之後，這些國家才將參考基準利率下調。所以他們在一月重置了。所以再說一次，這就是你開始看到一些巨大差異的地方。再說一次，我的簡單計算不包括廣告費。但這就是思考問題的方式。

Got it, got it very, very helpful. Thank you on that. And that another one follows up on that, the JP Morgan facility. I mean, it's a good facility, attractive pricing. It's, it's not a facility that was constructed when you have the credit ratings you have today. So what are the, what do you think of the potential that you can do on that facility? I mean, obviously it's got many years to run if you just want to let it sit, but at the same time, it was a, you were a triple B minus when you structured that another triple B flat equivalent.

明白了，明白了，非常非常有幫助。對此我表示感謝。另一個跟進這項措施的是摩根大通的設施。我的意思是，這是一個很好的設施，而且價格很有吸引力。它並不是在你擁有今天的信用評級時建造的設施。那麼，您認為該設施的潛力是什麼？我的意思是，如果你只是想讓它閒置的話，顯然它還要運行很多年，但與此同時，當你構建另一個三重 B 平坦等價物時，你就是一個三重 B 減號。

Yeah, we do think that that's another good question there is room for improvement there as we look at what some of our peers have done in market. You know, you can look at some of our close peers at how they've amended their existing facilities. And again, when we price, when we put that facility in place we had best in class pricing on that facility.

是的，我們確實認為這是另一個好問題，當我們觀察一些同行在市場上所做的事情時，還有改進的空間。你知道，你可以看看我們的一些親密同行，看看他們是如何修改現有設施的。再說一次，當我們定價時，當我們建立該設施時，我們對該設施進行了一流的定價。

We obviously have very good relations on the bank side. We've got a very long, very successful track record and we can leverage that so you should definitely assume that we're evaluating that very closely and that if we're successful, there would be some up side to the, to the current plus 175 basis point spread that we have today.

我們與銀行方面顯然有著非常好的關係。我們擁有非常悠久、非常成功的業績記錄，我們可以利用這一點，因此你絕對應該假設我們正在非常密切地評估這一點，如果我們成功了，那麼我們今天所擁有的正 175 個基點的利差將有一定的上升空間。

Got it. Thank you. Now, if I can flip it to the asset side, I mean, on the, not the tail, which I think David you address very well within there but on the yeah, I think it was 90% are now category four or top performance, performing above expectations. What in terms of that, in your view, does that create a risk?

知道了。謝謝。現在，如果我可以將其轉到資產方面，我的意思是，不是尾部，我認為 David 您在那裡很好地解決了這個問題，但是是的，我認為現在 90％ 都屬於第四類或頂級表現，表現超出預期。您認為這會造成什麼風險？

The market is getting more active? Does it create a risk for air quote to that list? That those assets that are performing above expectations become acquisition targets in a more active market? And what's, what's the risk that you see significant portfolio churn as we go through '25 if it really seems to that to think and as the fourth quarter activity just continues to ramp.

市場變得更活躍了？這是否會為該清單的航空報價帶來風險？那些表現超出預期的資產是否會成為更活躍的市場中的收購目標？如果我們確實這麼認為，並且隨著第四季度的活動繼續升溫，那麼在我們進入 25 年之際，您看到投資組合大幅變動的風險有多大？

So.

所以。

It's a, it's a great question. If you look at overall levels of portfolio turnover in the last couple of years, they've been below normal levels Robert. And that's for the obvious reason that M&A activity post May June of 2022 in response to the interest rate hikes, M&A activity fell very significantly.

這是一個很好的問題。如果你看一下過去幾年的投資組合週轉率總體水平，你會發現它們一直低於正常水平，羅伯特。原因很明顯，為了因應升息，2022 年 5 月至 6 月後的併購活動大幅下降。

So logic would tell you if our loans have a typical five or six year maturity and the usual average life of one of our loans is, three years and we've gone through a period when M&A activity and repayments have been lighter than usual.

因此，邏輯會告訴你，如果我們的貸款通常有五年或六年的期限，而我們的一筆貸款的平均期限通常為三年，那麼我們就會經歷一個併購活動和還款比平時較少的時期。

But at some point that's going to shift into an environment where M&A activity and portfolio turnover is going to be higher than normal. The good news is that when that happens, I think there will also be a lot of activity available for us in the new loan category. So my expectation would be that two things would happen at the same time, we'd see both higher new originations and higher repayments. And and I think, that's the pattern that we've seen in the past when we've seen this kind of pattern, I think that that will make that will make the period of higher portfolio turnover manageable.

但在某個時候，這種情況將會轉變為一種併購活動和投資組合週轉率高於正常水平的環境。好消息是，當這種情況發生時，我認為我們在新的貸款類別中也會有很多活動可做。因此，我預期兩件事會同時發生，我們將看到更高的新發起額和更高的償還。而且我認為，這就是我們過去所看到的模式，當我們看到這種模式時，我認為這將使得投資組合週轉率較高的時期變得可控。

Just one add on question that do you think if that would there be a change in the potential mix between large and small and poor middle market if that activity picks up, could you see the churn that you might have put airs and have to shift more towards larger transactions? If that's where all the activity is concerned, do you think that occur? Do you think there's a potential for a mixed shift there or anything like that?

補充一個問題，如果這種活動回升，您是否認為大型和小型以及​​較差的中型市場之間的潛在組合會發生變化，您是否會看到您可能已經放棄的客戶流失，並且必須更多地轉向更大的交易？如果所有活動都與此有關，您認為會發生這種情況嗎？您認為那裡有發生混合轉變或類似情況的可能性嗎？

So, one of the great strengths of the platform Robert is that we participate in transactions that range from quite small $20 million EBITDA companies to large companies, to companies that have hundreds of millions of dollars in EBITDA and to whom we have across the platform multibillion dollar loans. So we have an ability to move our origination to where we see the most attractive opportunities.

因此，羅伯特平台的一大優勢是，我們參與的交易範圍從 EBITDA 為 2000 萬美元的小型公司到大型公司，再到 EBITDA 為數億美元的公司，我們透過平台向這些公司提供數十億美元的貸款。因此，我們有能力將我們的起源轉移到我們看到的最具吸引力的機會的地方。

I will tell you to reiterate something that Matt said in our comments at the start of this call, we have seen the most attractive opportunities in the recent period in the core middle market. And my expectation is that that's going to continue in large measure because that's where our competitive advantages are strongest.

我要告訴你們重申馬特在本次電話會議開始時的評論中所說的話，我們在近期看到了核心中端市場最具吸引力的機會。我預計這種情況將在很大程度上持續下去，因為這是我們最強的競爭優勢。

That's where we're a dominant player. That's where our relationships and our incumbencies and our expertise are, are particularly valuable. But having said that, I think being able to play the breadth of companies across different size ranges, gives us the capacity to adjust if we're in an environment along the lines of what you're describing, if we're in an environment in which most of the new M&A activity is in larger companies.

這就是我們佔據主導地位的地方。這就是我們的關係、我們的職責和我們的專業知識特別寶貴的地方。但話雖如此，我認為，如果我們所處的環境中與你所描述的類似，如果我們所處的環境中大多數新的併購活動都發生在較大的公司中，那麼能夠在不同規模範圍內發揮廣泛的作用，使我們能夠進行調整。

I don't think that's what's going to happen. I think when we start to see more activity, it's going to it's going to be across the spectrum. In fact, it may even be disproportionately middle market. But if it happened the way you described, I think that'd be fine.

我不認為會發生這樣的事。我認為，當我們開始看到更多活動時，它將會涉及整個範圍。事實上，它甚至可能不成比例地屬於中端市場。但如果事情真如你所描述的那樣發生，我認為就沒問題了。

Okay, thank you.

好的，謝謝。

Your next question comes from the line of Ray Cheeseman from Anfield Capital, your line is open.

您的下一個問題來自安菲爾德資本公司的雷·奇斯曼 (Ray Cheeseman)，您的線路是開放的。

David. Thanks for the follow up. I was wondering, software has been a very attractive place for BDC''s, including yours to put money to work and earn great returns. How do you feel about the category possibly being impacted going forward as artificial intelligence adjusts not only the hardware side with the [NVIDIA] story, but but now it's getting into software with deep seeks supposedly doing a lot more with software than it's ever done with hardware. So I was just wondering, do you see the category possibly being a different kind of bucket going forward?

大衛。感謝您的跟進。我想知道，軟體對 BDC 來說是否是一個非常有吸引力的地方，包括你們公司可以把錢投入其中並獲得豐厚的回報。您如何看待該類別未來可能受到的影響？所以我只是想知道，您是否認為該類別將來可能會成為不同類型的儲存桶？

So you're right, that software has been a very favorable industry for Gala of capital. We were very early in identifying software as being an industry with a lot of good credit. It's almost 15 years ago now when we started being a large software lender, but a couple of comments.

您說得對，軟體對於 Gala of Capital 來說是一個非常有利的行業。我們很早就認識到軟體是一個享有盛譽的行業。從我們開始成為大型軟體貸款機構到現在已經快 15 年了，但我有幾點評論。

One is software has never been a no brainer, they're good software companies and there are bad software companies. And we, we've learned how to be a very good software lender. Not all lenders are good software lenders, it takes a lot of skill and expertise to be able to understand the credit characteristics and strategic positioning of different of different software software companies on a go forward basis.

一是軟體從來都不是不用動腦子的事情，有好的軟體公司，也有壞的軟體公司。我們已經學會如何成為一個非常優秀的軟體貸款人。並非所有貸款人都是好的軟體貸款人，需要大量的技能和專業知識才能理解不同軟體公司的信用特徵和策略定位。

I think that that that act of being able to distinguish between good software companies and less good ones is going to be even more important and harder. And one of the reasons for that is AI some software companies are going to be able to use AI as a means of enhancing the value proposition for their clients.

我認為，區分優秀的軟體公司和不太優秀的軟體公司將會變得更加重要，也更加困難。其中一個原因是人工智慧，一些軟體公司將能夠使用人工智慧作為增強其客戶價值主張的一種手段。

And some other software companies are going to see situations arise where AI challenges their historical incumbencies. So I think this is a very important area for firms to have really strong internal expertise in order to evaluate and distinguish between the firms that are going to be winners and the firms that are going to be losers as a consequence of AI now AI is not the only thing that's going to distinguish winners and losers in software.

其他一些軟體公司也將看到人工智慧挑戰其歷史職責的情況出現。因此，我認為這是一個非常重要的領域，公司需要擁有非常強大的內部專業知識，以便評估和區分在人工智慧時代將會成為贏家的公司和將會成為輸家的公司。

There are many, many other factors at play as well. And I think I think firms that are good at software lending are going to need to be very good at evaluating those other factors as well.

還有許多其他因素在起作用。我認為擅長軟體借貸的公司也需要非常善於評估其他因素。

And that concludes our question and answer session. I will now turn the call back over to David Golub for closing remarks.

我們的問答環節到此結束。現在我將電話轉回戴維‧戈勒布，請他作最後發言。

Well, thank you all for joining us today. I appreciate your attention and your time as always, if you have further questions or issues that we didn't cover today, please feel free to reach out and we look forward to talking to you next quarter.

好吧，感謝大家今天的參加。我一如既往地感謝您的關注和時間，如果您有我們今天未涉及的其他問題或問題，請隨時與我們聯繫，我們期待下個季度與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect. You have reached.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。您已到達。