New Mountain Finance Corp (NMFC) 2024 Q3 法說會逐字稿

Good morning and welcome to the New Mountain Finance Corporation third-quarter, 2024 earnings conference call.

早安，歡迎參加 New Mountain Finance Corporation 2024 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to John Kline, President and Chief Executive Officer. Please go ahead.

現在，我想將會議交給總裁兼執行長約翰·克萊恩 (John Kline)。請繼續。

Thank you, and good morning, everyone. Welcome to New Mountain Finance Corporation's third-quarter, 2024 earnings call. On the line with me here today are Steve Klinsky, Chairman of NMFC; and CEO of New Mountain Capital; Laura Holson, COO of NMFC; and Chris Corbett, CFO and Treasurer of NMFC.

謝謝大家，早安。歡迎參加 New Mountain Finance Corporation 2024 年第三季財報電話會議。今天與我一起打電話的是 NMFC 主席史蒂夫·克林斯基 (Steve Klinsky)；兼 New Mountain Capital 首席執行官； NMFC 營運長 Laura Holson；以及 NMFC 財務長兼財務主管 Chris Corbett。

Steve is going to make some introductory remarks. But before he does, I'd like to ask Kris to make some important statements regarding today's call.

史蒂夫將做一些介紹性發言。但在此之前，我想請克里斯就今天的電話會議發表一些重要聲明。

Thanks, John. Good morning, everyone. Before we get into the presentation, I would like to advise everyone that today's call and webcast are being recorded. Please note that they are the property of New Mountain Finance Corporation and that any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available on our October 30, earnings press release. I would like to call your attention to the customary safe harbor disclosure in our press release and on pages 2 and 3 of the slide presentation regarding forward-looking statements.

謝謝，約翰。大家早安。在我們開始示範之前，我想告訴大家，今天的電話和網路廣播正在錄音。請注意，它們是 New Mountain Finance Corporation 的財產，嚴格禁止任何形式的未經授權的廣播。有關此通話的音訊重播的資訊可在我們 10 月 30 日的收益新聞稿中查閱。我想提請您注意我們新聞稿中以及幻燈片演示的第 2 頁和第 3 頁有關前瞻性陳述的常規安全港披露。

Today's conference call and webcast may include forward-looking statements and projections. And we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from those statements and projections.

今天的電話會議和網路廣播可能包含前瞻性陳述和預測。並且請您參閱我們最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與這些聲明和預測有重大差異的重要因素。

We do not undertake to update our forward-looking statements or projections unless required to by law to obtain copies of our latest sec filings and to access the slide presentation that we will be referencing throughout this call. Please visit our website at www.newmountainfinance.com.

我們不承諾更新我們的前瞻性陳述或預測，除非法律要求獲取我們最新的證券交易委員會文件的副本並訪問我們將在整個電話會議中參考的幻燈片演示。請造訪我們的網站 www.newmountainfinance.com。

At this time, I'd like to turn the call over to Steve Klinsky, NMFC's Chairman who will give some highlights beginning on page 5 of the slide presentation. Steve.

現在，我想將電話轉給 NMFC 主席史蒂夫·克林斯基 (Steve Klinsky)，他將從幻燈片演示的第 5 頁開始介紹一些重點。史蒂夫。

Thanks, Kris. It's great to be able to address you all today. Both as NMFC's Chairman and as a major fellow shareholder, adjusted net investment income for the quarter was $0.34 per share in line with our implied guidance and more than covering our $0.32 per share. Regular dividend that was paid in cash on September 30.

謝謝，克里斯。我很高興今天能夠向大家發表演說。作為 NMFC 的董事長和主要股東，本季的調整後淨投資收益為每股 0.34 美元，符合我們的隱含指導，並超過了每股 0.32 美元的預期。9 月 30 日以現金支付的定期股利。

Our net asset value per share of $12.62 declined $0.12 or 0.9%. Demonstrating relatively stable credit performance across our portfolio.

我們的每股淨資產價值為 12.62 美元，下降 0.12 美元，即 0.9%。我們的投資組合表現出相對穩定的信用表現。

Importantly, we had no new nonaccruals during the quarter given our earnings of $0.34 per share. This quarter, we will make our seventh consecutive variable supplemental dividend payout.

重要的是，考慮到我們的每股收益為 0.34 美元，本季我們沒有新的未計項目。本季度，我們將連續第七次派發浮動補充股利。

The variable supplemental dividend for this quarter will be $0.01 per share. NMFC will pay these distributions on December 31, to holders of record as of December 17, inclusive of this dividend, we will have paid $0.20 per share in supplemental dividends since we commenced the program in Q2 of 2023 when base rates and asset spreads were each 50 basis points to 60 basis points higher than they are today.

本季的可變補充股息為每股 0.01 美元。NMFC 將於 12 月 31 日向 12 月 17 日登記在冊的持有人支付這些分配，包括此股息，自 2023 年第二季度啟動該計劃以來，我們將支付每股 0.20 美元的補充股息，當時基準利率和資產利差分別比現在高出 50 個基點至 60 個基點。

Looking out over the coming quarters based on our current view of base rates, credit spreads and market conditions, we expect to continue to cover our base dividend but do not expect to pay supplemental dividends. Furthermore, although we do not think we need any protection to pay the regular dividend during 2025 and 2026. If we earn quarterly NII below $0.32 per share, we have pledged to reduce our incentive fee to the higher of 15% or the percentage needed to achieve NII of $0.32 per share. Again, we currently do not expect to need this pledge, but it is in place.

根據我們目前對基準利率、信用利差和市場狀況的看法，展望未來幾個季度，我們預計將繼續支付基本股息，但不會支付補充股息。此外，儘管我們認為我們不需要任何保護來在 2025 年和 2026 年期間支付定期股息。如果我們的季度 NII 收益低於每股 0.32 美元，我們承諾將我們的激勵費降低至 15% 或實現每股 0.32 美元 NII 所需的百分比（以較高者為準）。再說一遍，我們目前認為不需要這個承諾，但它已經到位。

We believe the strength of New Mountain and of NMFC is driven by the consistency of our strategy and the quality of our team.

我們相信，New Mountain 和 NMFC 的實力源自於我們策略的一致性和團隊的品質。

New mountain overall. Now numbers over 260 members and the firm has developed specialties and attractive defensive growth that is a cyclical growth sectors such as life science supplies, health care, information technology, software, infrastructure services, and digital engineering.

整體而言是新的山峰。目前，該公司擁有超過 260 名成員，並且開發了專業領域和具有吸引力的防禦性成長，即生命科學供應、醫療保健、資訊技術、軟體、基礎設施服務和數位工程等週期性成長產業。

When pursuing our credit investing efforts, we utilize our extensive group of industry experts to provide unique knowledge and expertise that allows us to make very informed high conviction, underwriting decisions. Over the last year, we have continued to expand the quality of our overall team.

在進行信貸投資時，我們利用我們龐大的行業專家團隊提供獨特的知識和專業技能，使我們能夠做出非常明智的、高度確信的核保決策。在過去的一年裡，我們不斷提升整體團隊的品質。

New Mountain's private equity funds have never had a bankruptcy or missed an interest payment and the firm now manages over $55 billion of assets. Similarly, NMFC has experienced only 13 basis points of average annualized net realized losses in its over 13 years as a public company while paying out over $18 per share of cumulative dividends.

New Mountain 的私募股權基金從未破產或錯過利息支付，該公司目前管理的資產超過 550 億美元。同樣，NMFC 作為一家上市公司，在超過 13 年的時間裡，平均年度淨實現虧損僅為 13 個基點，同時每股累計股息超過 18 美元。

We believe our loans today are well positioned overall and defensive growth industries that we think are right in all times and particularly attractive in less certain economic times. Finally, we as management continue as major shareholders of NMFC, I and NMFCs, other senior management employees currently own approximately 12% of NMFCs total shares personally.

我們相信，我們今天的貸款總體上處於良好的定位，我們認為這些貸款在任何時候都是正確的，尤其是在經濟不太確定的時期具有吸引力。最後，我們作為管理層繼續作為 NMFC 的主要股東，我和 NMFCs 以及其他高級管理人員目前個人持有 NMFCs 總股份的約 12％。

With that, let me turn the call to John.

說完這些，讓我把電話轉給約翰。

Thank you, Steve. I would like to begin by offering a broader review of our, of our direct lending investment strategy and long term track record. Starting on page 8, we highlight our exposure to a diversified list of defensive non-cyclical sectors. These sectors map to the industries where New Mountain has made successful private equity investment and where our firm's knowledge is the strongest.

謝謝你，史蒂夫。首先，我想對我們的直接貸款投資策略和長期績效進行更廣泛的回顧。從第 8 頁開始，我們重點介紹了我們對多元化防禦性非週期性產業的投資。這些行業對應於 New Mountain 成功進行私募股權投資的行業以及我們公司知識最豐富的行業。

We seek to make investments in companies with durable growth drivers, predictable revenue streams, margin, stability and great free cash flow conversions.

我們尋求投資具有持久成長動力、可預測的收入來源、利潤率、穩定性和良好自由現金流轉換的公司。

As you can see from the industry pie chart on page 8, we have virtually no exposure to cyclical, volatile and secularly challenged industries. Our strategy has been consistent over our 13 plus years as a public company and it allows us to operate with confidence in any economic environment.

正如您從第 8 頁的行業餅圖中所看到的，我們幾乎沒有接觸過週期性、波動性和長期面臨挑戰的行業。作為一家上市公司，我們十三年來始終如一地堅持策略，這讓我們能夠在任何經濟環境下充滿信心地運作。

Page 9 provides key performance statistics showing a long term track record of delivering consistent enhanced yield to our shareholders by minimizing credit losses and distributing virtually all of our excess income to shareholders. Since our IPO in 2011, NMFC has returned over $1.3 billion to shareholders through our dividend program, generating an annualized return of approximately 10%.

第 9 頁提供了關鍵績效統計數據，顯示了我們透過最大限度地減少信用損失並將幾乎所有的超額收入分配給股東，長期持續為股東提供增強的收益。自 2011 年首次公開募股以來，NMFC 已透過股息計畫向股東返還了超過 13 億美元，年化回報率約為 10%。

Our current portfolio invest in companies within high quality industries that are performing well and where our last dollar risk is approximately 40% of the purchase price paid for the business.

我們目前的投資組合投資於表現良好的優質產業公司，其中我們承擔的最後風險約為該業務購買價格的 40%。

We lend primarily to businesses owned by financial sponsors who are sophisticated and supportive owners with significant capital that is junior to the loans that we make turning to page 10. The internal risk ratings of our portfolio improved quarter over quarter with 97.3% of our portfolio rated green compared to 97% last quarter. This represents the highest level of green rated assets since we began using the heat map rating system in 2020, as well as the first quarter in which we have no companies rated red.

我們主要向金融贊助商所擁有的企業提供貸款，這些贊助商是經驗豐富且樂於助人的所有者，擁有大量資本，其貸款級別低於我們發放的貸款（見第 10 頁）。我們投資組合的內部風險評級較上季改善，其中 97.3% 被評為綠色，而上一季為 97%。這是自 2020 年我們開始使用熱圖評級系統以來綠色評級資產的最高水平，也是第一個沒有公司被評為紅色的季度。

Our most challenged names marked orange represent only 1.1% of NMFCs fair value making them a negligible part of our portfolio.

我們最具挑戰性的名稱標記為橙色，僅佔 NMFC 公允價值的 1.1%，這使得它們成為我們投資組合中微不足道的一部分。

The updated heat map is shown in its entirety on page 11. Given NMFC's orientation towards defensive sectors like software, business services and health care. We believe our assets are well positioned to continue to perform no matter how the economic landscape develops.

更新後的熱圖完整顯示在第 11 頁。鑑於 NMFC 面向軟體、商業服務和醫療保健等防禦性行業。我們相信，無論經濟狀況如何發展，我們的資產都能夠持續保持良好的表現。

Similar to the last two quarters, we did not have any negative risk rating migrations in Q3. In fact, the vast majority of our investments continue to experience both top and bottom line growth consistent with our underwriting.

與前兩個季度類似，我們在第三季沒有任何負面風險評級遷移。事實上，我們絕大多數的投資持續實現與我們的承保一致的營收和利潤成長。

We remain optimistic about the prospects for many of our non-green names. Notably, one of our yellow names was partially repaid at par during the quarter and has improving prospects going forward.

我們對許多非綠色品牌的前景仍然持樂觀態度。值得注意的是，我們的一隻黃色債券在本季已按面額部分償還，未來前景有所改善。

Turning to page 12, we provide a graphical analysis of NV changes during the quarter resulting in a book value of $12.62.

翻到第 12 頁，我們對本季的 NV 變化進行了圖形分析，得出的結果是帳面價值為 12.62 美元。

A $0.12 decline in book value compared to last quarter. Overall, the quarter benefited from very good core credit performance cap rate, tailwinds in our net lease portfolio and a write up on our equity investment in HB wealth management offset by declines in the value of Permian and Inventum.

與上一季相比，帳面價值下降了 0.12 美元。總體而言，本季度受益於非常好的核心信貸表現資本化率、我們的淨租賃組合的順風以及我們對 HB 財富管理的股權投資的增值，但 Permian 和 Inventum 價值的下降抵消了這一影響。

While Inventum in its core business remains stable and growing, we reduce the carrying value of our equity stake as a result of the loss of an upside opportunity to expand an existing contract in the energy transition sector.

儘管 Inventum 的核心業務保持穩定且不斷成長，但由於失去了擴大能源轉型領域現有合約的上行機會，我們降低了股權的帳面價值。

Additionally, we again modestly reduced the carrying value of our equity stake and momentum whose end markets are normalizing after very strong performance during the years impacted by the pandemic.

此外，我們再次小幅降低了我們的股權的帳面價值和動量，其終端市場在受疫情影響的幾年中表現非常強勁之後正在恢復正常。

Page 13 addresses NMFCs non-accrual performance. On the left side of the page, we show the current state of the portfolio where we have approximately $3.3 billion of investments at fair value of which only $37 million or 1.1% of the portfolio is currently on non-accrual.

第 13 頁討論了 NMFC 的非應計績效。在頁面的左側，我們展示了投資組合的當前狀態，其中我們擁有約 33 億美元的公允價值投資，其中只有 3,700 萬美元或 1.1% 的投資組合目前處於非應計狀態。

On the right side of the page, we show our cumulative credit performance since IPO, where NMFC has made over $10 billion of investments while realizing losses of $71 million.

在頁面的右側，我們展示了自 IPO 以來的累積信用表現，其中 NMFC 已進行了超過 100 億美元的投資，同時實現 7,100 萬美元的損失。

This represents an average annualized net realized loss rate of approximately 13 basis points since IPO, on page 14, we present NMFC's consistent and compelling returns over the last 13 years. Cumulatively, NMFC has earned over $1.3 billion in net investment income while generating only $71 million of cumulative net realized losses and only $38 million of cumulative net unrealized depreciation resulting in over $1.2 billion of value created for shareholders.

這意味著自 IPO 以來，平均年化淨實現損失率約為 13 個基點，第 14 頁展示了 NMFC 在過去 13 年中持續且令人信服的回報。累計而言，NMFC 已獲得超過 13 億美元的淨投資收益，同時僅產生 7,100 萬美元的累計淨已實現損失和 3,800 萬美元的累計淨未實現折舊，從而為股東創造了超過 12 億美元的價值。

I will now turn the call over to our Chief Operating Officer Laura Holson, to discuss the current market environment and provide more details on NMFCs quarterly performance.

現在，我將把電話轉給我們的營運長 Laura Holson，討論當前的市場環境並提供有關 NMFC 季度業績的更多詳細資訊。

Thanks, John. Sponsor backed M&A remained episodic in the third quarter with pockets of deal flow but overall activity below normal levels. Despite that, we still have found opportunities in our defensive growth verticals where we can make loans that attach a dollar one in the capital structure at attractive double digit yields while staying very selective, deal structures remain compelling with significant sponsor equity contributions.

謝謝，約翰。第三季度，發起人支持的併購活動仍然斷斷續續，雖然有一些交易流，但整體活動低於正常水平。儘管如此，我們仍然在防禦性成長垂直領域發現了機會，我們可以在資本結構中以具有吸引力的兩位數收益率提供附加一美元的貸款，同時保持高度選擇性，交易結構在贊助商股權貢獻顯著的情況下仍然具有吸引力。

Representing the vast majority of the capital structures, we remain bullish on the outlook for M&A activity. Given the magnitude of dry powder for private equity, the ongoing pressure to return capital to SLP as well as attractive financing markets for borrowers as base rates decline. The bid ask GAAP between buyers and sellers may narrow, which should also facilitate a pickup in activity.

身為絕大多數資本結構的代表，我們仍然看好併購活動的前景。考慮到私募股權的剩餘資金規模、向 SLP 返還資本的持續壓力以及隨著基準利率下降對借款人有吸引力的融資市場。買家和賣家之間的 GAAP 買賣價差可能會縮小，這也有助於活動的回升。

The general consensus is that activity should really take off again in early 2025. When a more regular deal flow environment returns, we would expect additional opportunities to deploy capital at attractive risk adjusted returns as well as an increase in fee income that comes along with portfolio velocity.

普遍的共識是，經濟活動將在 2025 年初真正再次起飛。當更正常的交易流環境回歸時，我們預計會有更多機會以具有吸引力的風調整後回報來部署資本，同時費用收入也會隨著投資組合速度的提高而增加。

The direct lending market generally remains the financing market of choice for sponsors as the majority of private equity firms still recognize the benefits of the direct lending solution including more certain execution, more flexibility around creating a bespoke capital structure and the ability to hand select lenders.

直接借貸市場通常仍然是發起人的首選融資市場，因為大多數私募股權公司仍然認識到直接借貸解決方案的好處，包括更確定的執行、在創建定制資本結構方面更靈活以及手動選擇貸款人的能力。

In addition to new deal activity, we have seen continued opportunistic refinancing as well as add on financing within our large portfolio of over 125 unique borrowers. This provides an ongoing opportunity set to make incremental loans to existing well performing portfolio companies seeking to pursue a creative M&A.

除了新的交易活動外，我們還看到在我們超過 125 個獨特借款人的龐大投資組合中持續出現機會性再融資以及附加融資。這提供了一個持續的機會，為尋求進行創意併購的現有表現良好的投資組合公司提供增量貸款。

Page 16 presents an interest rate analysis that provides insight into the effect of base rates on NMFC's earnings. The NMFC loan portfolio is 86% floating rate and 14% fixed rate. While our liabilities are 53% floating rate and 47% fixed rate.

第 16 頁展示了利率分析，深入了解了基準利率對 NMFC 收益的影響。NMFC 的貸款組合中，86%為浮動利率，14%為固定利率。我們的負債是53％浮動利率和47％固定利率。

During the quarter, we successfully issued our second investment grade bond similar to our first issuance. We fully swapped this debt from fixed to floating rates.

本季度，我們成功發行了第二筆與首次發行類似的投資等級債券。我們將這些債務從固定利率完全轉換為浮動利率。

As we continue to access the investment grade market in the future, we would expect to hedge interest rate risk in this manner.

隨著我們未來繼續進入投資等級市場，我們希望以這種方式對沖利率風險。

Furthermore, pro forma for the 2022, convert and the 2021, unsecured notes maturities over the next 15 months, we expect our mix will evolve significantly to 76% floating and 24% fixed rate.

此外，根據未來 15 個月內 2022 年轉換債券和 2021 年無擔保票據到期日的預測，我們預計我們的投資組合將大幅變化至 76% 浮動利率和 24% 固定利率。

We highlight our sensitivity to interest rates on the bottom chart while we would expect to see earnings pressure in the scenarios where base rates decrease. We are evolving our capital structure to help offset some of that pressure.

我們在下圖中強調了我們對利率的敏感性，同時我們預期在基準利率下降的情況下會出現獲利壓力。我們正在改進資本結構以幫助抵消部分壓力。

Namely, as mentioned, we've been swapping our new fixed rate exposure to floating rate and we also have some opportunities to potentially refinance some shorter dated higher cost fixed rate debt.

也就是說，如上所述，我們一直在將新的固定利率曝險轉換為浮動利率，我們也有一些機會為一些期限較短、成本較高的固定利率債務進行再融資。

Our 7.5% converts mature in October 2025, and our 8.25% baby bonds are callable in November 2025. Both of which represent opportunities to hopefully refinance at lower rates.

我們的 7.5% 可轉換債券將於 2025 年 10 月到期，我們的 8.25% 嬰兒債券將於 2025 年 11 月到期。這兩者都代表著以較低利率進行再融資的機會。

Moving on to page 17, in Q3, we originated $146 million of assets and had $102 million of repayments and sales allowing us to remain fully invested at our target leverage range.

轉到第 17 頁，在第三季度，我們產生了 1.46 億美元的資產，並有 1.02 億美元的還款和銷售，這使我們能夠在目標槓桿範圍內保持全額投資。

Our originations consisted of investments in our core defensive growth, power alleys including niches of business services and enterprise software, as well as a small upsize in our senior loan program.

我們的投資包括對我們的核心防禦性成長、包括商業服務和企業軟體等細分領域的強力投資，以及對我們的高級貸款計劃的小幅增加。

The SLPs in aggregate represent a modest 8% of our portfolio at fair value with tremendous underlying diversity across 96 unique borrowers.

以公允價值計算，SLP 合計占我們投資組合的 8%，且由 96 位獨特借款人組成，具有巨大的潛在多樣性。

While we don't expect this to grow materially as a percentage of our funds, the SLPs are an important contributor to our overall yield profile.

儘管我們並不預期其占我們基金的比例會大幅成長，但 SLP 是我們整體收益狀況的重要貢獻者。

Turning to page 18. Similar to last quarter, approximately 75% of investments inclusive of first lien SLPs and net lease are senior in nature.

翻到第18頁。與上一季類似，包括第一留置權 SLP 和淨租賃在內的約 75% 的投資屬於優先性質。

Second lien positions represent just 8% of our portfolio down from 9% last quarter and 17% in Q3 of last year, approximately 7% of the portfolio is comprised of our equity positions. The largest of which are shown on the right side of the page.

第二留置權部位僅占我們投資組合的 8%，低於上一季的 9% 和去年第三季的 17%，投資組合中約有 7% 由我們的股票部位組成。其中最大的顯示在頁面的右側。

We continue to dedicate meaningful time and resources to business building at these companies. All of which we believe are making positive progress in advance of potential medium term exits, our ability to own and operate businesses is a key differentiator.

我們將繼續投入大量時間和資源來為這些公司的業務建立。我們相信，所有這些都在潛在的中期退出之前取得了積極進展，我們擁有和經營企業的能力是一個關鍵的區別因素。

We leverage the full operating capabilities of our private equity team and approach our credit equity positions like any other new mountain capital owned business.

我們充分利用私募股權團隊的全部營運能力，並像任何其他新山資本擁有的企業一樣處理我們的信用股權頭寸。

Page 19 shows that the average yield of NMFC's portfolio decreased to 10.5% for Q3 primarily due to the downward shift in the forward sour curve.

第 19 頁顯示，NMFC 投資組合的平均殖利率在第三季下降至 10.5%，主要是由於遠期酸性曲線下移。

Generally speaking, even though spreads are tighter, as evidenced by lower yields on our originations compared to on our repayments, yields remain attractive and support our net investment income target.

總體而言，儘管利差較小（表現為我們的發放收益率低於我們的還款收益率），但收益率仍然具有吸引力，並支持我們的投資淨收益目標。

Page 20 highlights the scale and credit trends of our underlying borrowers. As you can see, the weighted average EBITDA of our borrowers has increased over the last several quarters to $189 million.

第 20 頁重點介紹了我們基礎借款人的規模和信用趨勢。如您所見，我們借款人的加權平均 EBITDA 在過去幾季中增加至 1.89 億美元。

This is primarily attributable to originations of some larger companies as well as growth at the individual companies we lend to. While we are first and foremost, concentrate on how an opportunity maps against our defensive growth criteria and internal New Mountain Knowledge, we believe that larger borrowers tend to be marginally safer, all else equal.

這主要歸因於一些較大公司的發起以及我們貸款給的個別公司的成長。雖然我們首先要集中精力於如何將機會與我們的防禦性增長標準和內部新山知識相匹配，但我們認為，在其他條件相同的情況下，借款規模較大的人往往會更加安全。

We also show the relevant leverage and interest coverage stats across the portfolio. Portfolio company leverage has remained consistent over the last several quarters loan to values continue to be quite compelling and the current portfolio has an average loan to value of 41%.

我們也展示了整個投資組合的相關槓桿和利息覆蓋率統計數據。投資組合公司的槓桿率在過去幾季一直保持一致，貸款價值比繼續保持相當引人注目，當前投資組合的平均貸款價值比為 41%。

The weighted average interest coverage on the portfolio was again flat at 1.7 times this quarter. And we'd expect that to increase from here as base rates decline.

本季度，投資組合的加權平均利息覆蓋率再次持平於 1.7 倍。我們預計，隨著基準利率下降，這一數字將會增加。

We've seen sponsors to continue to proactively support company liquidity and continued M&A activity. This is a great indication that our portfolio consists of companies that are performing well and are able to attract additional investment at healthy valuations.

我們看到贊助商繼續積極支持公司流動性和持續的併購活動。這是一個很好的跡象，表明我們的投資組合由表現良好且能夠以健康的估值吸引額外投資的公司組成。

Finally, as illustrated on page 21, we have a diversified portfolio across 128 portfolio companies excluding our fund investments. The top 10 single name issuers account for 25% of total fair value and represents our highest conviction names.

最後，如第 21 頁所示，除了基金投資外，我們擁有涵蓋 128 家投資組合公司的多元化投資組合。前十大單一發行人佔總公允價值的 25%，是我們最看好的公司。

I will now turn the call over to our Chief Financial Officer Kris Corbett, to discuss our financial results.

現在，我將把電話轉給我們的財務長克里斯·科貝特 (Kris Corbett)，討論我們的財務表現。

Thank you, Laura. For more details, please refer to our quarterly report on form 10-Q that was filed yesterday with the SEC.

謝謝你，勞拉。欲了解更多詳情，請參閱我們昨天向美國證券交易委員會提交的10-Q表季度報告。

As shown on slide 22, the portfolio had over $3 billion in investments of fair value on September 30th and total assets of $3.4 billion with total liabilities of $2 billion of which total statutory debt outstanding was $1.7 billion, net asset value of approximately $1.4 billion or $12.62 per share was down slightly compared to the prior quarter.

如投影片 22 所示，該投資組合在 9 月 30 日的公允價值投資超過 30 億美元，總資產為 34 億美元，總負債為 20 億美元，其中未償還法定債務總額為 17 億美元，淨資產價值約為 14 億美元或每股 12.62 美元，與上一季相比略有下降。

At quarter end, our statutory debt to equity ratio was one spot 26:1 and one spot 23:1 net of available cash on the balance sheet, which continues to be within our range.

在季度末，我們的法定債務與股權比率為 26:1，資產負債表上的可用現金淨額為 23:1，這仍然在我們的範圍內。

On slide 23 we show our quarterly income statement results for the quarter. We earned total investment income of $96 million at 2% increase over prior year total net expenses of approximately $59 million increased 9% versus prior year. This increase in expense was a product of higher financing costs.

在投影片 23 上，我們展示了本季的季度損益表結果。我們的總投資收益為 9,600 萬美元，比上年增長 2%，總淨支出約為 5,900 萬美元，比上年增長 9%。費用的增加是融資成本上升的結果。

Our adjusted NII for the quarter was $0.34 per weighted average share which exceeded our Q3 regular dividend of $0.32 per share.

我們本季的調整後 NII 為每股加權平均 0.34 美元，超過第三季每股 0.32 美元的常規股息。

As slide 24 demonstrates 98% of our total investment income is recurring in Q3. Historically, over 90% of our quarterly income is recurring in nature and on average, over 80% of our income is regularly paid in cash. We believe this consistency shows the stability and predictability of our investment income.

如投影片 24 所示，我們總投資收入的 98% 是在第三季產生的。從歷史上看，我們 90% 以上的季度收入屬於經常性收入，平均而言，80% 以上的收入定期以現金支付。我們相信這種一致性反映了我們投資收益的穩定性和可預測性。

Importantly, positions generating noncash income during the quarter are marked at a weighted average fair value of approximately 96% of par and over 98% of this income is generated from our green rated names. Additionally, approximately 80% of this income is generated by positions that were not included. Pick from inception.

重要的是，本季產生非現金收入的部位的加權平均公允價值約為票面價值的 96%，其中 98% 以上的收入來自我們的綠色評級名稱。此外，約80%的收入來自未包括的職位所產生的。從一開始就選擇。

Turning to slide 25, the red line shows the coverage of our regular dividend. This quarter adjusted NII exceeded our Q3 regular dividend by $0.02 per share. For Q4 2024, a board of directors has again declared a regular dividend of $0.32 per share as well as a supplemental dividend of $0.01 per share.

翻到第 25 頁，紅線顯示了我們的定期股利的覆蓋範圍。本季調整後的 NII 比我們第三季的常規股息每股高出 0.02 美元。對於 2024 年第四季度，董事會再次宣布每股 0.32 美元的常規股息以及每股 0.01 美元的補充股息。

On slide 27, we highlight our various financing sources and diversified leverage profile taking into account SBA guaranteed ventures. We have $3 billion in total borrowing capacity with $896 million available on a revolving line subject to borrowing base limitations.

在投影片 27 上，我們重點介紹了我們的各種融資來源和多樣化的槓桿狀況，同時考慮到 SBA 擔保的企業。我們的總借貸能力為 30 億美元，其中 8.96 億美元為可用循環借貸額度，但須遵守借貸基數限制。

This represents our most significant availability since the inception of our business and highlights our strong liquidity position during the quarter. We had a number of positive developments with respect to our liabilities and liquidity profile including successfully negotiating a repricing of our Wells Fargo credit facility which reduced our spread from SOFR plus 2.50% to SOFR plus 2.15%. And more than doubling the size of our corporate revolver to $639 million while lowering the spread from Base Rate plus 2.10% to Base Rate plus 1.90% and extending its maturity to September 2029, for extending lenders. Finally, as mentioned, we issued our second $300 million investment grade bond that matures in October 2027, the proceeds from which were used to fully repay our higher cost Deutsche Bank credit facility.

這是我們業務開始以來最重要的可用性，凸顯了我們本季強勁的流動性狀況。我們在負債和流動性狀況方面取得了一些積極進展，包括成功協商重新定價富國銀行信貸安排，將利差從 SOFR 加 2.50% 降至 SOFR 加 2.15%。我們將公司循環信貸規模增加一倍以上，達到 6.39 億美元，同時將利差從基準利率加 2.10% 降低至基準利率加 1.90%，並將其到期日延長至 2029 年 9 月，以便延長貸款期限。最後，如上所述，我們發行了第二筆 3 億美元的投資等級債券，該債券將於 2027 年 10 月到期，其收益將用於全額償還我們成本更高的德意志銀行信貸額度。

The result of all this activity will particularly mitigate the aforementioned spread tightening seen in the market. Additionally, the facilities outlined in represent further opportunities to see we see to refinance and reduce our cost of financing in the medium term.

所有這些活動的結果將特別緩解市場上出現的上述利差收緊現象。此外，所概述的設施代表著進一步的機會，讓我們看到在中期內進行再融資並降低融資成本。

As a reminder, covenants under our Wells Fargo credit facility are generally tied to the operating performance of the underlying businesses that we lend to rather than the marks of our investments at any given time, which we think is particularly important during volatile market conditions.

提醒一下，富國銀行信貸安排下的契約通常與我們借貸的基礎企業的經營業績掛鉤，而不是與我們在任何特定時間的投資業績掛鉤，我們認為這在動蕩的市場條件下尤其重要。

Finally, on slide 28, we show our leverage maturity schedule. We've continued to successfully diversify our debt issuances including two investment grade bonds, increasing the size and extending the maturity of our credit facilities to continue to ladder our maturities and have sufficient liquidity to manage upcoming maturities in 2025 and early 2026.

最後，在投影片 28 上，我們展示了槓桿到期時間表。我們繼續成功地實現債務發行多元化，包括發行兩筆投資等級債券，增加信貸規模並延長其期限，以繼續提高信貸期限，並擁有足夠的流動性來管理 2025 年和 2026 年初即將到期的債務。

Notably, over 75% of our debt matures in or after 2027 with near term maturities representing an opportunity to continue to access the investment grade bond market.

值得注意的是，我們 75% 以上的債務將在 2027 年或之後到期，而近期到期的債務代表著繼續進入投資等級債券市場的機會。

With that, I would like to turn the call back over to John.

說完這些，我想把電話轉回給約翰。

Thank you, Kris. As we reflect on our performance over the course of 2024 NMFCs credit quality continues to improve our portfolio is more senior than ever before and we have made substantial positive changes to our liability structure with more opportunity ahead. Additionally, we believe that NMFC will have opportunities in 2025, to materially reduce its pick exposure through the monetization of certain well performing positions.

謝謝你，克里斯。回顧 2024 年的表現，NMFC 的信用品質不斷提高，我們的投資組合比以往任何時候都更加高級，並且我們對負債結構做出了重大積極改變，未來還有更多機會。此外，我們相信 NMFC 將有機會在 2025 年透過將某些表現良好的部位貨幣化來大幅降低其選股風險。

In closing, we would once again like to thank all of our stakeholders for the ongoing partnership and support and look forward to speaking to you again on our next call in February.

最後，我們再次感謝所有利害關係人的持續合作與支持，並期待在二月的下次電話會議上再次與您交談。

I will now turn things back to the operator to begin Q&A. Operator.

我現在將問題交還給接線員並開始問答。操作員。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Robert Dodd, Raymond James.

羅伯特多德、雷蒙詹姆斯。

Morning. Congratulations on earnings. I mean on the portfolio credit stats on, on, on page 20. I mean, obviously the leverage in the portfolio has come down. If we go back to the beginning of '23 I think you're at like [67]. Now you're at [63].

早晨。恭喜您盈利。我指的是第 20 頁的投資組合信用統計。我的意思是，投資組合的槓桿率顯然已經下降了。如果我們回到23年初，我想你會[67]。現在你位於[63]。

Can you give us any color on how much of that is, is a change in if any change in the type of businesses versus how much is just businesses being put on with lower leverage, multiples, given, given rates i,e; should, should we expect that to go back up to the high sixes if base rates come down meaningfully or is it a semi-permanent shift?

您能否詳細說明其中有多少是業務類型的變化（如果有的話），有多少是僅僅是由於在給定利率的情況下，以較低的槓桿率、倍數進行的業務；如果基準利率大幅下降，我們是否應該預期利率將回升至 6% 的高位，或者這是一個半永久性的轉變？

Yeah, I, I think it's a combination of things. I mean, I think you're right in that, over the last couple quarters leverage has been constrained because of interest coverage when you think about, you know, new assets that we're originating. But again, the reality is, you know, our portfolio has been around a long time and I think has been well performing in different base rates and base rate environments.

是的，我認為這是多種因素的綜合。我的意思是，我認為你是對的，在過去幾個季度中，當你考慮我們正在發起的新資產時，槓桿率因為利息覆蓋率而受到限制。但事實是，你知道，我們的投資組合已經存在很久了，而且我認為在不同的基準利率和基準利率環境下都表現良好。

And even in light of that, you know, we're comfortable, you know, there's not a big difference in our opinion between 6.3 times and 6.7 times. You know, I think the thing that we take a lot of comfort in is the fact that enterprise value multiples haven't moved that meaningfully, you know, over the recent time period. And again, the average enterprise value businesses that we're underwriting probably tends to be higher on average given the types of businesses that we're lending to.

即使考慮到這一點，我們也感到很放心，我們認為 6.3 倍和 6.7 倍之間沒有太大差別。你知道，我認為讓我們感到很欣慰的是，企業價值倍數在最近一段時間內並沒有那麼顯著的變化。而且，考慮到我們貸款的企業類型，我們承保的企業的平均企業價值可能趨於平均較高。

So we focus a lot on loan to value and I think from a loan to value perspective, and you've seen in our stats that we report, which have kind of come down a little bit as well. Our portfolio now on average is about 41% loan to value.

因此，我們非常關注貸款價值比，我認為從貸款價值比的角度來看，正如您在我們報告的統計數據中看到的，貸款價值比也有所下降。我們現在的投資組合的貸款成數約為41%。

So, you know, there is a lot of good equity cushion below us. You know, I think it's hard to know exactly as, as base rates evolve, you know, where leverage profiles on the types of companies that we, that we lend to evolve. But importantly, you know, that loan to value cushion has been there for a long time and I think that's, that's something that we take a lot of comfort in.

所以，您知道，我們下面有很多良好的股權緩衝。你知道，我認為很難確切地知道，隨著基準利率的變化，我們貸款的公司類型的槓桿率會如何變化。但重要的是，你知道，貸款價值緩衝已經存在很久了，我認為這是讓我們感到非常欣慰的事情。

Got it. Thank you on the (Inaudible). I think you mentioned, you know, you, you might be looking to potentially reduce that next year. You know, but is that just a function of, you know, if the refinancing market comes back, you expect your, you’re a large number of assets to get refinanced away. And if that's the case, I mean, what's, what's your appetite to you know, on board new ones?

知道了。感謝您（聽不清楚）。我想你提到過，你可能希望明年減少這個數字。你知道，但這只是一個功能，你知道，如果再融資市場復甦，你預計你的大量資產將被再融資。如果確實如此，那麼，您對引進新員工有什麼意願呢？

I mean, to your point, a lot of that pick is structured that way they want rather than modified because of poor performance. So, you know, is it a deliberate choice to hopefully get refinanced out of those and then not put new pick assets on? Is, is that what you're thinking about in '25?

我的意思是，正如你所說，很多選擇都是按照他們想要的方式建構的，而不是因為表現不佳而修改的。那麼，您知道，希望透過再融資擺脫這些困境，然後不投入新的資產，這是一個刻意的選擇嗎？這就是你在 25 年所想的事嗎？

Sure, I think that the refinance of the pick that we expect is partially because of vintage, which I think you alluded to in your questions, we put on proactively good pick preferred investments threes, four years ago, and a lot of those investments are coming to the end of their life. They perform well and we expect them to exit. And we have some, we have some good visibility on that. In some cases, we just see the performance as being, you know, very strong on some of our pick assets and when assets and companies perform well, they tend to be sold by their sponsors.

當然，我認為我們預期的選擇的再融資部分是因為復古，我想你在問題中提到了這一點，我們在三、四年前積極地選擇了優先投資，其中許多投資即將結束。他們表現良好，我們期待他們退出。我們對此有一些很好的認識。在某些情況下，我們只是看到我們挑選的一些資產的表現非常強勁，而當資產和公司表現良好時，它們往往會被其發起人出售。

And so that's a driver as well. When we think about our pick mix, I think we've acknowledged that we're higher than where we want to be. And the, and in our market today, there is modest natural pick pressure that exists in the unitranche market, namely there are some loans that we underwrite and others underwrite where there's a pick option that the borrower has. And so that that is a little bit of a new trend that's been in response to the higher base rate.

這也是一個驅動因素。當我們考慮我們的選擇組合時，我想我們已經承認我們已經高於我們想要的位置。在我們今天的市場中，單一信用市場存在著適度的自然選擇壓力，也就是說，有些貸款是我們承銷的，而有些貸款是由借款人可以選擇的。這是對更高基準利率作出反應的一種新趨勢。

So given that natural pressure for maybe slight increases in pick, the fact that our portfolio is at a higher level than we would like. I do expect us to replace pick repayments with cash oriented assets so that we can get just more in balance and get our pick ratio down meaningfully. And I think our long term target on pick it would be, you know, under 10% or 12%. And if we could get there. That would, that I think that would be a big improvement to where we are right now.

因此，考慮到選擇可能略有增加的自然壓力，事實上我們的投資組合處於比我們希望的更高的水平。我確實希望我們用現金導向資產取代選擇性償還，這樣我們就可以更加平衡，並顯著降低我們的選擇性償還率。我認為我們的長期目標是低於 10% 或 12%。如果我們能到達那裡。我認為那將對我們目前的狀況產生很大的改善。

Got it. Thank you. On more if I can ask, keeping one so to speak. I mean, the SLPs I just combined three and four together. I mean, they, they perform quite well. The income was, was up fairly healthily sequentially in the quarter, but the combined dividends from the two was down essentially in the quarter.

知道了。謝謝。如果我可以問的話，可以問更多，可以這麼說，保留一個。我的意思是，我剛剛將三和四合併到了一起。我的意思是，他們的表現相當出色。本季的營收季增相當健康，但兩家公司的合併股利在本季大幅下降。

So, I mean, can you give us any, I mean, with that a timing thing where some decision by decisions of the individual SLP boards on how they do that? But was there anything unusual this quarter? With income up dividend down from those two vehicles?

所以，我的意思是，您能否給我們任何時間安排，由各個 SLP 董事會決定如何做到這一點？但本季有什麼不尋常的事情嗎？這兩款工具的收入增加了，股利減少了嗎？

No, I wouldn't say anything unusual. You're right that some of it is a little bit just timing related from our perspective. So, no, I think the takeaway is that they've continued to be really strong performers. I talked about the underlying diversity of those portfolios there and those companies tend to are all for the most part, all doing quite well. And so we've been very happy overall with the success of the SLP program, but the dividend is just a little bit, it can vary slightly quarter to quarter, just based on some underlying nuances.

不，我不會說任何不尋常的話。您說得對，從我們的角度來看，其中一些只是與時間有關。所以，不，我認為關鍵在於他們繼續表現出色。我談到了這些投資組合的潛在多樣性，這些公司大多表現良好。因此，我們對 SLP 計劃的成功感到非常高興，但股息只是一點點，它可能每個季度都會略有不同，這只是基於一些潛在的細微差別。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作員指令）

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yeah, thanks for taking my questions. When you just mentioned, you're looking to, you know, layer in more cash pay assets versus [pickpeds], I mean, does that mean you're underwriting more assets that do not have the pick option or you're, you know, underwriting kind of more based on the expectation that, you know, the pick election will not be you know, getting utilized, I guess, you know, at initial underwriting.

是的，感謝您回答我的問題。您剛才提到，您希望分層增加現金支付資產而非 [挑選的]，我的意思是，這是否意味著您正在承保更多沒有挑選選項的資產，或者您更多地基於這樣的預期進行承保，即挑選選項不會在初始承保時得到利用。

When I think about our portfolio, the big opportunity we have as it relates to pick is to exit certain 100% pick, you know, positions to reduce the overall pick exposure. When we think about the amount of pick that could come from new unitranche conforming unitranche loans, you know, that's pretty minor. We feel we feel very comfortable with offering a small pick option on, you know, loans that are majority cash pay.

當我考慮我們的投資組合時，我們在挑選方面面臨的最大機會是退出某些 100% 挑選的頭寸，以減少整體挑選風險。當我們考慮從新的符合要求的單一貸款中可能獲得的收益時，你知道，這個數字相當小。我們非常樂意為大部分以現金支付的貸款提供小額選擇選項。

And so, so that's fine. I think the opportunity that we have is to just reduce some of the chunkier pick exposures that we have and then that will allow us to be even more comfortable giving our clients pick options when they, when they need it. Hopefully that addresses your question. That's the way I think about it.

所以，那就很好了。我認為，我們所擁有的機會是減少一些較大的挑選風險，然後這將使我們能夠在客戶需要時更放心地為他們提供挑選選項。希望這能解答您的問題。我就是這麼想的。

Yeah, that, that makes sense. And then, last question I just had, and you talked a little bit about in your remarks but the spreads on the new investments, you know, that I'm looking at this slide 17, kind of are in the 500 range, we'll call it, there's, you know, a couple added on there that are actually below [$500].

是的，那很有道理。然後，我剛才的最後一個問題，你在發言中談到了一些，但新投資的利差，你知道，我正在看第 17 張幻燈片，大概在 500 的範圍內，我們稱之為，你知道，那裡增加了幾個，實際上低於[500美元]。

I mean, is that kind of indicative of where we are in the direct lending market of where spreads are or do you think this is more of a temporary kind of phenomenon with this, you know, higher repricing add on type of activity and we're still kind of, you know, waiting for that bump in real, new M&A.

我的意思是，這是否能表明我們在直接貸款市場中的利差情況，或者您是否認為這更像是一種暫時現象，伴隨著更高的重新定價附加活動，我們仍然在等待真正的新併購浪潮。

Sure, I'll give my view and then Laura, can add some comments but my view would be that this is indicative of a very a tighter point in the market that that would, that where we had just lower deal velocity and, and that push spreads down a little bit, which is why you're seeing that the spread level that we're seeing in Q3, you know, my own perspective is that we are normalizing a little bit when we think about our pipeline right now, the average unitranche and there's some higher some lower, but the average rate would be around [$550].

當然，我會給出我的觀點，然後 Laura 可以添加一些評論，但我的觀點是，這表明市場處於一個非常緊張的點，在這種情況下，我們的交易速度會降低，並且推動利差略有下降，這就是為什麼你看到我們在第三季度看到的利差水平，你知道，我自己的觀點是，當我們考慮我們現在的渠道時，我們正在稍微化利率[550美元]。

So I perceive that we've, our pipeline has widened a little bit versus where we underwrote loans in Q3 and, and the big opportunity and we'll see if it comes to fruition would be a lot more deal flow coming post-election and into 2025. But one thing that we do part of our philosophy is, you know, we don't want to reach for yield at the expense of credit quality.

因此，我認為，與第三季我們承銷的貸款相比，我們的管道已經有所拓寬，這是一個巨大的機遇，如果它能夠實現，那麼在選舉後到 2025 年，交易量將會大幅增加。但我們的理念之一是，我們不想以犧牲信用品質為代價來追求收益。

So if we have a period of time, you know, like Q3, where, where yields are a little tighter, you know, we have to take what the market gives us and not be tempted by, by doing, you know, b quality deals. But so overall, I feel I feel decent about the environment but would acknowledge that in Q3, the new asset originations had had lower spreads than potentially what we'll see going forward.

因此，如果我們有一段時間，例如第三季度，收益率稍微緊張一些，那麼我們就必須接受市場給我們的東西，而不要受到優質交易的誘惑。但總體而言，我對環境感覺良好，但我承認，在第三季度，新資產發起的利差低於我們未來可能看到的利差。

Thanks for that. It's very helpful. It's all for me.

謝謝。這非常有幫助。一切都是為了我。

Bryce Rowe, B. Riley Securities.

布萊斯·羅 (Bryce Rowe)，B. Riley Securities。

Thanks, good morning, sorry for jumping in the queue kind of late here. John, wanted to, you've got, you know, you've got a recent press release extending the buyback stocks a bit weak from a price and NAV perspective just want to kind of get your feel for appetite to, to use the buyback. And, you know, if, if you've got any parameters around valuation, I, I think the stock rarely trades below 90% of NAV, you know, historically.

謝謝，早安，抱歉我插隊這麼晚。約翰，你知道，你最近發布了一份新聞稿，從價格和資產淨值的角度來看，回購股票的時間有點短，只是想讓你感受一下你對回購的興趣。而且，你知道，如果你有任何關於估值的參數，我認為從歷史上看，股票交易價格很少低於資產淨值的 90％。

Yes, thanks for the question. The stock has been, has been weak. I do perceive it's, it's a reflection of, of the amount of pick we have and we've been very upfront about that and we think that there are big opportunities in '25 to potentially reduce, pick, maybe release some of our equity positions, continue to improve the financing, which we've done a good job of in 2024.

是的，謝謝你的提問。該股一直處於疲軟狀態。我確實認為這反映了我們的選擇數量，而且我們對此非常坦率，我們認為 25 年有很大機會減少、選擇，甚至釋放我們的部分股權頭寸，繼續改善融資，我們在 2024 年做得很好。

So that my belief on the weakness in the stock and we're very, very focused on strengthening the story and strengthening the performance. I think the stock buyback is, is in place, it's in place because we want -- we would like to have the ability to use it if we think it's in the interest of NMFC and our shareholders.

因此，我相信股票會疲軟，我們非常非常注重加強故事和加強業績。我認為股票回購已經到位，之所以到位是因為我們想要——如果我們認為這符合 NMFC 和我們股東的利益，我們希望有能力使用它。

And so we're going to have a very open mind about that and we're going to do the math and, you know, we're very, very focused on defending the stock and, and, and, and we would acknowledge that typically we do trade above 90% of book and most times a lot better than that. So it does have our attention and we are very focused.

因此，我們將對此保持非常開放的心態，並進行計算，你知道，我們非常非常專注於捍衛股票，並且，並且，我們承認，通常我們的交易額確實超過賬面價值的 90％，而且大多數時候都比這好得多。因此它確實引起了我們的注意並且我們非常專注。

Okay, I appreciate that. You know, on, on the kind of the liability side of the balance sheet, you all have talked a lot about opportunities for, you know, for you know, repositioning, so to speak. And you've done, done quite a bit of that. You do have the SBA maturity coming up in 2025 you know, just optically that's going to take your regulatory, you know, debt to equity ratio higher is, that, you know, are you sensitive to that? And then, you know, if you could speak to, I know we've talked about this in past calls but any update in terms of trying to access a another SBIC license.

好的，我很感激。你知道，在資產負債表的負債方面，你們都談了很多關於重新定位的機會。你已經做了相當多這樣的事。SBA 將在 2025 年到期，從表面上看，這將提高監管力度，債務權益比也會更高，您對此敏感嗎？然後，您知道，如果您可以談談，我知道我們在過去的電話會議中討論過這個問題，但在嘗試訪問另一個 SBIC 許可證方面有任何更新嗎？

Yeah, I mean, I think we've always talked about our target leverage range in the 1 times to 1.25 times range. So we definitely are well aware of the, you know, the SBIC one maturity upcoming and we take that into account as we're doing our liquidity planning and, and financing planning as we look into 2025.

是的，我的意思是，我認為我們一直在談論我們的目標槓桿範圍在 1 倍到 1.25 倍範圍內。因此，我們非常清楚 SBIC 一期即將到期，我們在進行流動性規劃和 2025 年融資規劃時會考慮到這一點。

So we, we have some, some ways of how we think about that, but again, you know, no change to our target leverage range of the 1 times to 1.25 times. And then when we think about the go forward on SBA program, yeah, no material updates. We're still in the process.

因此，我們對此有一些思考方式，但您知道，我們的目標槓桿範圍（1 倍到 1.25 倍）沒有改變。然後，當我們考慮繼續推進 SBA 計劃時，是的，沒有實質的更新。我們仍處於這一過程中。

And Laura, any thoughts, I mean, I guess you've got this call period coming up for the baby bonds and, and the maturities that are, you know, maybe later in '25 any thought around, front running. Some of that and you know, maybe locking in some financing now. But, you know, before you, who knows what's going to happen with the market?

勞拉，您有什麼想法嗎？ 我的意思是，我想您已經知道嬰兒債券的贖回期即將到來，而且，您知道，這些債券的到期日可能是在 25 年晚些時候，您有什麼想法，可以預先交易。你知道，其中的一些可能現在就鎖定了一些融資。但是，你知道，在你之​​前，誰知道市場會發生什麼？

Yeah. Well, I think that's what some of the activity that Kris described. We -- that's what we've been trying to do, right? So we just recently issued the second investment grade bonds, the $300 million that we just did a couple weeks ago. You know, we also upsized our corporate revolver.

是的。嗯，我認為這就是克里斯所描述的一些活動。我們——這就是我們一直努力在做的事情，對嗎？因此，我們最近剛發行了第二批投資等級債券，金額為 3 億美元，這是我們幾週前剛發行的。您知道，我們也擴大了公司左輪手槍的規模。

So we do feel like we have gotten ahead of some of those maturities and it's certainly important from just a planning perspective. You know, we recognize there could be market risk, et cetera. So that was the main reason why we, we kind of got that deal done when we when we could and, and then planning ahead for those upcoming maturities that you noted.

因此，我們確實感覺我們已經領先於其中一些成熟階段，從規劃的角度來看這當然很重要。你知道，我們認識到可能存在市場風險等等。所以，這就是我們在可能的情況下完成這筆交易，然後為您提到的即將到期的債務提前做好計劃的主要原因。

Okay, appreciate the time. Thanks.

好的，感謝您的時間。謝謝。

(Operator Instructions)

（操作員指令）

Showing no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to John Kline for any closing remarks.

沒有其他問題。我們的問答環節到此結束。我想將會議交還給約翰·克萊恩 (John Kline) 做最後發言。

Well, thank you everyone for joining our third-quarter conference call and we very much look forward to speaking with you again in February.

好吧，感謝大家參加我們的第三季電話會議，我們非常期待二月再次與您交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。