Sixth Street Specialty Lending Inc (TSLX) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Sixth Street Specialty Lending, Inc. Fourth Quarter and Fiscal Year ended December 31, 2022, Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded on Friday, February 17, 2023.

早上好，歡迎來到 Sixth Street Specialty Lending, Inc. 截至 2022 年 12 月 31 日的第四季度和財政年度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2023 年 2 月 17 日星期五錄製。

I will now turn the call over to Ms. Cami VanHorn, Head of Investor Relations.

我現在將把電話轉給投資者關係主管 Cami VanHorn 女士。

Thank you. Before we begin today's call, I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Sixth Street Specialty Lending, Inc.'s filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements.

謝謝。在我們開始今天的電話會議之前，我想提醒我們的聽眾，在電話會議期間發表的言論可能包含前瞻性陳述。除本次電話會議期間作出的歷史事實陳述外，其他陳述可能構成前瞻性陳述，並非對未來業績或結果的保證，並涉及許多風險和不確定性。由於多種因素，包括 Sixth Street Specialty Lending, Inc. 向美國證券交易委員會提交的文件中不時描述的因素，實際結果可能與前瞻性陳述中的結果存在重大差異。公司不承擔更新任何此類前瞻性陳述的義務。

Yesterday, after the market closed, we issued our earnings press release for the fourth quarter and fiscal year ended December 31, 2022, and posted a presentation to the Investor Resources section of our website, www.sixthstreetspecialtylending.com. The presentation should be reviewed in conjunction with our Form 10-K filed yesterday with the SEC. Sixth Street Specialty Lending, Inc.'s earnings release is also available on our website under the Investor Resources section.

昨天，收市後，我們發布了截至 2022 年 12 月 31 日的第四季度和財政年度的收益新聞稿，並在我們網站 www.sixthstreetspecialtylending.com 的投資者資源部分發布了一份演示文稿。該演示文稿應與我們昨天向美國證券交易委員會提交的 10-K 表格一起審查。 Sixth Street Specialty Lending, Inc. 的收益發布也可在我們網站的“投資者資源”部分找到。

Unless noted otherwise, all performance figures mentioned in today's prepared remarks are as of and for the fourth quarter and fiscal year ended December 31, 2022. As a reminder, this call is being recorded for replay purposes.

除非另有說明，否則今天準備好的評論中提到的所有業績數據都是截至 2022 年 12 月 31 日的第四季度和財政年度的數據。提醒一下，本次電話會議正在錄音以供重播。

I will now turn the call over to Joshua Easterly, Chief Executive Officer of Sixth Street Specialty Lending.

我現在將把電話轉給第六街專業貸款公司的首席執行官約書亞·伊斯特利。

Thanks, Cami. Good morning, everyone, and thank you for joining us. With us today is my partner and our President, Bo Stanley; and our CFO, Ian Simmonds. For our call today, I will review our full year and fourth quarter highlights and pass it over to Bo to discuss our originations activity and portfolio metrics. Ian will review our financial performance in more detail, and I will conclude with final remarks before opening the call to Q&A.

謝謝，卡米。大家早上好，感謝您加入我們。今天和我們在一起的是我的伙伴和我們的總裁博斯坦利；以及我們的首席財務官 Ian Simmonds。對於我們今天的電話會議，我將回顧我們全年和第四季度的亮點，並將其轉交給 Bo 討論我們的發起活動和投資組合指標。伊恩將更詳細地審查我們的財務業績，我將在開始問答之前發表最後的評論。

After the market closed yesterday, we reported fourth quarter adjusted net investment income of $0.64 per share or an annualized return on equity of 15.5% and adjusted net income of $0.56 per share or an annualized return on equity of 13.6%. As presented in our financial statements, our Q4 net investment income and net income per share, inclusive of the unwind of the noncash accrued capital gains incentive fee expense, were both $0.01 per share higher at $0.65 and $0.57, respectively.

昨天收市後，我們報告第四季度調整後每股淨投資收益為 0.64 美元或年化股本回報率為 15.5%，調整後淨收益為每股 0.56 美元或年化股本回報率為 13.6%。如我們的財務報表所示，我們第四季度的淨投資收益和每股淨收益（包括非現金應計資本利得激勵費用支出的解除）分別上漲 0.01 美元，分別為 0.65 美元和 0.57 美元。

For the full year 2022, we generated net investment income per share of $2.01 or return on equity of 12% and a full year adjusted net income per share of $1.27 or return on equity of 7.6%. The difference between net investment income and net income for the year was driven overwhelmingly by unrealized losses as we incorporated the impact of wider credit market spreads on the valuation of our portfolio. The impact of increased risk premiums was presented throughout nearly every asset class in 2022.

2022 年全年，我們產生了 2.01 美元的每股淨投資收益或 12% 的股本回報率，以及 1.27 美元的全年調整後每股淨收益或 7.6% 的股本回報率。本年度淨投資收益與淨收益之間的差異主要是由未實現虧損造成的，因為我們將信貸市場利差擴大對我們投資組合估值的影響納入考慮。 2022 年，風險溢價增加的影響幾乎遍及所有資產類別。

During the calendar year, LCD's first- and second-lien spreads widened by 135 and 686 basis points, respectively. There has been a lot of talk about the lack of volatility in private asset marks. In this regard, we agree with Cliff Asness' description of this as volatility laundering.

在日曆年中，LCD 的第一留置權和第二留置權利差分別擴大了 135 和 686 個基點。關於私人資產標記缺乏波動性的討論很多。在這方面，我們同意 Cliff Asness 將此描述為波動性洗錢的說法。

As we said in the past and for the reasons we outlined in our previous public shareholder letter, we believe that using inputs from the market is not only critical but required determining fair value of assets. Of the $0.75 per share difference between our net investment income and net income results for 2022, the majority or 57%, was related to unrealized losses from credit spread movements alone that we expect to recover over time as credit spreads tighten or investments are paid off, and 20% was driven predominantly from the decline in equity valuations.

正如我們過去所說，出於我們在之前的公開股東信中概述的原因，我們認為使用市場輸入不僅至關重要，而且需要確定資產的公允價值。在我們的淨投資收益與 2022 年淨收益結果之間每股 0.75 美元的差異中，大部分或 57% 僅與信用利差變動造成的未實現損失有關，我們預計隨著信用利差收緊或投資得到償還，這些損失將隨著時間的推移而恢復, 20% 主要是由於股票估值下降。

The remaining difference between net investment income and net income is primarily related to: one, the unwind on our interest rate swaps that are not subject to hedge accounting; and two, the reversal of unrealized gains that flow through net investment income upon realization. The overall health of our portfolio remains strong with no changes in non-accruals from the last quarter.

淨投資收益與淨收益之間的剩餘差異主要與：一是我們未進行對沖會計處理的利率互換合約的平倉；第二，在實現時通過淨投資收益流動的未實現收益的逆轉。我們投資組合的整體健康狀況依然強勁，非應計項目與上一季度相比沒有變化。

For the third consecutive quarter, our Board has increased our quarterly base dividend, raising this figure by $0.01 per share to $0.46 per share to shareholders of record as of March 15 and payable on March 31. Year-over-year, we've increased our base dividend by 12.2%. We are also pleased to share that our Board declared a supplemental dividend of $0.09 per share related to our Q4 earnings to shareholders of record as of February 28, payable on March 20. In the near term, we expect that net investment income will exceed our newly established base dividend level due to our increased earnings power.

連續第三個季度，我們的董事會增加了季度基礎股息，將這一數字提高了每股 0.01 美元，達到每股 0.46 美元，派發給截至 3 月 15 日登記在冊並於 3 月 31 日支付的股東。與去年同期相比，我們增加了我們的基本股息增加了 12.2%。我們也很高興地宣布，我們的董事會宣布向 2 月 28 日登記在冊的股東派發與我們第四季度收益相關的每股 0.09 美元的補充股息，將於 3 月 20 日支付。在短期內，我們預計淨投資收益將超過我們的由於我們的盈利能力增強，新設立的基本股息水平。

However, we determined $0.46 per share to be an appropriate level based on looking at the forward interest rate curve through 2025, which is subject to changes in the market. 2022 was a year characterized by spread income as a driver of earnings given repayment activity slowed in the wake of increased market volatility. Portfolio turnover, which is calculated as total repayments over total assets at the beginning of the year, was 26% in 2022 compared to 43% and 41% in 2021 and 2020, respectively. The wider spread environment naturally caused a slowdown in repayment activity. As a result, fee-generating income represented a smaller portion of our total investment income for the year relative to historical trends.

但是，我們根據對 2025 年遠期利率曲線的觀察，確定每股 0.46 美元是一個合適的水平，這會受到市場變化的影響。鑑於市場波動加劇導致還款活動放緩，2022 年的特點是利差收入成為收益的驅動力。投資組合周轉率按年初總還款額除以總資產計算，2022 年為 26%，而 2021 年和 2020 年分別為 43% 和 41%。更廣泛的傳播環境自然導致還款活動放緩。因此，與歷史趨勢相比，收費收入占我們當年總投資收入的比例較小。

We generated a return on assets, calculated as total investment income divided by average assets, of 11.6% for 2022 compared to 11.3% in 2021, which was a year defined by a record level of repayment activities. This further highlights the positive impact on the rise in reference rates and driving incremental returns for our shareholders.

2022 年的資產回報率（按總投資收入除以平均資產計算）為 11.6%，而 2021 年為 11.3%，而 2021 年的還款活動水平創歷史新高。這進一步凸顯了對參考利率上升和為股東帶來增量回報的積極影響。

Our year-end net asset value per share, adjusted for the impact of the supplemental dividend that was declared yesterday is $16.39, and we estimate that our spillover income per share is approximately $0.77. We would like to reiterate that our supplemental dividend policy is motivated by: one, rig distribution requirements; two, not burning our returns with the excess friction costs incurred through excise tax; and three, the goal of steadily building net asset value per share over time.

根據昨天宣布的補充股息的影響調整後，我們的年終每股淨資產值為 16.39 美元，我們估計每股溢出收益約為 0.77 美元。我們想重申，我們的補充股息政策的動機是：一，鑽機分配要求；第二，不要用消費稅產生的額外摩擦成本來消耗我們的回報；第三，隨著時間的推移穩步建立每股淨資產價值的目標。

Before passing it to Bo, I'll spend a moment on how we're thinking about the broader macroeconomic environment. Big picture, we're cautious. But when we think about our portfolio, we are constructive on how we are positioned for the road ahead.

在將其傳遞給 Bo 之前，我將花點時間談談我們如何思考更廣泛的宏觀經濟環境。大局觀，我們謹慎。但是當我們考慮我們的投資組合時，我們對我們如何為未來的道路定位是建設性的。

The U.S. economy faces a number of headwinds in 2023 that are largely the result of inflation and the resulting shift in monetary policy in 2022. The restrictive monetary environment will surely have an impact on growth. The idea of a near-term Fed pivot remains challenging until job growth slows and the consumer weakens.

美國經濟在 2023 年面臨許多不利因素，這主要是通貨膨脹和由此導致的 2022 年貨幣政策轉變的結果。緊縮的貨幣環境肯定會對增長產生影響。在就業增長放緩和消費者疲軟之前，美聯儲近期轉向的想法仍然具有挑戰性。

In summary, it feels like we're living in a transitionary period, with restrictive Fed policy that will continue to dampen growth until we see an increase in unemployment and further demand disruption. A broad-based slowdown in the economy, coupled with the current rate environment, will cause some stress for borrowers.

總而言之，感覺我們生活在一個過渡時期，美聯儲的限制性政策將繼續抑制經濟增長，直到我們看到失業率上升和需求進一步中斷。經濟普遍放緩，加上當前的利率環境，將給借款人帶來一些壓力。

This highlights the importance of why we are focused on business models with high variable cost structures and with those that have pricing power. 82% of our portfolio by fair value was comprised of software and business services companies at quarter end and are generally characterized by high levels of recurring revenue, predictable cash flows, variable cost structures and pricing power.

這凸顯了為什麼我們專注於具有高可變成本結構和具有定價權的商業模式的重要性。按公允價值計算，我們 82% 的投資組合在季度末由軟件和商業服務公司組成，通常具有高水平的經常性收入、可預測的現金流、可變成本結構和定價能力。

Our portfolio has shown resiliency to date, and we believe the underlying business models of our bars are robust and durable. However, we believe economic cycles do exist. As such, we will continue to focus on staying on top of the capital structure and operate in the middle of our target leverage range.

迄今為止，我們的投資組合已顯示出彈性，我們相信我們金條的基本商業模式是穩健和持久的。然而，我們相信經濟周期確實存在。因此，我們將繼續專注於保持資本結構的領先地位，並在目標槓桿範圍的中間運營。

With that, I'll pass it over to Bo to discuss this quarter's investment activity.

有了這個，我將把它傳遞給 Bo 來討論本季度的投資活動。

Thanks, Josh. I'd like to start by laying on some additional thoughts on the direct lending environment, and then more specifically, how it relates to the positioning of our portfolio in a way we're thinking about current opportunities in the market.

謝謝，喬希。我想首先對直接貸款環境提出一些額外的想法，然後更具體地說，它如何以我們正在考慮當前市場機會的方式與我們的投資組合定位相關。

2022 was a year that underscored the value proposition of private credit for borrowers. New issued leverage loan volume reached a 12-year low and was down 63% from 2021 as public credit markets were largely unavailable. As a result, private credit providers stepped in as a main source of financing solutions, given the ability to provide speed and certainty of execution despite instability in the broader markets.

2022 年是強調私人信貸對借款人的價值主張的一年。由於公共信貸市場基本不可用，新發行的槓桿貸款量達到 12 年來的最低點，比 2021 年下降了 63%。因此，私人信貸提供者介入，成為融資解決方案的主要來源，因為儘管更廣泛的市場不穩定，但私人信貸提供者有能力提供執行的速度和確定性。

One of the main themes over the last few quarters has been the growing market share of direct lenders and the large syndicated sponsor financings. Direct lenders, with the ability to write sizable checks, are benefiting from the opportunity to participate in larger transactions, which otherwise would have been financed in the broadly syndicated loan market.

過去幾個季度的主要主題之一是直接貸款人和大型銀團發起人融資的市場份額不斷增長。直接貸方有能力簽發大額支票，正從參與更大規模交易的機會中獲益，否則這些交易將在廣泛的銀團貸款市場上融資。

Notably, these investment opportunities present attractive risk reward dynamics as deal terms have moved in a more lender-friendly direction, indicated by wider spreads, tighter documents and lower leverage. We believe this shift in the underwriting terms reflects the appropriate compensation to lenders given the uncertain environment we're investing in today.

值得注意的是，隨著交易條款朝著對貸款人更友好的方向發展，這些投資機會呈現出有吸引力的風險回報動態，表現為更廣泛的利差、更嚴格的文件和更低的槓桿率。我們認為，鑑於我們今天投資的不確定環境，承銷條款的這種轉變反映了對貸方的適當補償。

We are well positioned to take advantage of this opportunity in the market, given our ability to invest alongside affiliated Sixth Street companies. As capital has generally become more constrained, the power of the Sixth Street platform has allowed us to finance larger, more established companies, while remaining selective.

鑑於我們有能力與 Sixth Street 的附屬公司一起投資，我們已做好充分準備利用這一市場機會。由於資本普遍變得更加緊張，第六街平台的力量使我們能夠為更大、更成熟的公司提供資金，同時保持選擇性。

We believe this creates a competitive advantage in today's investing environment as the number of direct lenders willing and able to participate in larger transactions is limited. In addition to the strong originations activity supporting this opportunity in the market in Q4, we have a robust pipeline for the first half of 2023, including several large financings that have already been publicly announced. As we have the ability to co-invest with Sixth Street affiliated funds on these transactions, we have flexibility to determine the optimal final hold sizes for our balance sheet.

我們認為，這在當今的投資環境中創造了競爭優勢，因為願意並能夠參與大型交易的直接貸方數量有限。除了支持第四季度市場機會的強勁發起活動外，我們還為 2023 年上半年準備了強大的管道，包括已經公開宣布的幾筆大型融資。由於我們有能力與 Sixth Street 附屬基金共同投資這些交易，因此我們可以靈活地確定資產負債表的最佳最終持有規模。

Turning now to our investment activity for the quarter. Q4 was productive, with total commitments of $241 million and total fundings of $212 million across 7 new portfolio companies and upsizes to 5 existing investments. We experienced $282 million of repayments from 7 full and 3 partial investment realizations. The increase in repayment activity was largely driven by idiosyncratic payoffs of our 2 largest investments by fair value as of 09/30 that we discussed on our last earnings call, violating the front line, which represented 58% of repayments for the quarter.

現在轉向我們本季度的投資活動。第 4 季度富有成效，7 家新投資組合公司的承諾總額為 2.41 億美元，資金總額為 2.12 億美元，現有投資規模增加到 5 家。我們從 7 項全部和 3 項部分投資變現中獲得了 2.82 億美元的還款。還款活動的增加主要是由於我們在上次財報電話會議上討論的截至 09 月 30 日按公允價值計算的 2 項最大投資的異質性回報推動的，這超出了前線，佔本季度還款的 58%。

For the full year of 2022, we provided $1.1 billion of commitments and closed $864 million of fundings. Total repayments were $654 million for the year, resulting in net portfolio growth of $210 million. Year-over-year, our portfolio grew by 11%, which reflects our deliberate effort to grow responsibly.

在 2022 年全年，我們提供了 11 億美元的承諾並完成了 8.64 億美元的資金。全年還款總額為 6.54 億美元，投資組合淨增長 2.1 億美元。與去年同期相比，我們的投資組合增長了 11%，這反映了我們為負責任地增長所做的刻意努力。

We were able to remain selective in the investments that we made, given the size of our capital base and not required us to be asset gatherers, but rather bottoms up fundamental investors and focus on driving return on capital for our investors.

鑑於我們的資本基礎規模，我們能夠在我們所做的投資中保持選擇性，並不要求我們成為資產收集者，而是自下而上的基本投資者，並專注於為我們的投資者提高資本回報率。

82% of total commitments this year were sponsored transactions within our specialized sector subteams. We continue to execute on our software and business services themes, where we believe we have a competitive advantage and where the underlying companies have attractive revenue characteristics, high-quality customer bases and robust business models. At December 31, our top industry exposure by fair value was to business services at 14.4%.

今年總承諾的 82% 是我們專業部門子團隊內的讚助交易。我們繼續執行我們的軟件和商業服務主題，我們相信我們在這些主題上具有競爭優勢，並且相關公司具有誘人的收入特徵、高質量的客戶群和穩健的商業模式。截至 12 月 31 日，我們按公允價值計算的最高行業敞口是商業服務，佔 14.4%。

We'd like to take a moment to provide an update on one of our retail ABL investments that has recently been in the press, Bed Bath & Beyond. As mentioned during our Q3 2022 earnings call, (inaudible) a FILO term loan commitment in September of 2022 to support the operational turnaround by the company and provide additional liquidity. As a result of this transaction, we hold a $55 million par amount commitment as of 12/31 of the FILO term loan, which represents less than 2% of our total assets as of year-end.

我們想花點時間介紹一下我們最近在媒體上報導的一項零售 ABL 投資 Bed Bath & Beyond 的最新情況。正如我們在 2022 年第三季度財報電話會議上提到的，（聽不清）2022 年 9 月的 FILO 定期貸款承諾，以支持公司的運營扭虧為盈並提供額外的流動性。作為此次交易的結果，截至 FILO 定期貸款的 12/31，我們持有 5500 萬美元的面額承諾，占我們年底總資產的不到 2%。

On February 6, the company announced it was raising up to $1.025 billion of new equity capital through a public offering. This offering allows the company to avoid bankruptcy found in the near term, which is positive for all the company's stakeholders, including employees.

2 月 6 日，該公司宣布將通過公開募股籌集至多 10.25 億美元的新股本。此次發行使公司避免在短期內破產，這對包括員工在內的所有公司利益相關者都是有利的。

Along with the capital raise, Sixth Street made an additional investment in a more senior position in the capital structure. Our position, which is already underwritten to liquidation value, has improved as a result of the new capital raise and our more senior position in the capital structure. Obviously, this remains an ongoing situation that, at this moment, we feel good about security.

在籌資的同時，Sixth Street 還對資本結構中更高級的職位進行了額外投資。由於新的融資和我們在資本結構中的更高級地位，我們已經承保清算價值的頭寸有所改善。顯然，這仍然是一個持續的情況，此時此刻，我們對安全感到滿意。

Our retail ABL capabilities have been a distinguishing feature of our investment strategy since we began the company back in 2011. We have executed over 25 transactions and invested over $1 billion of capital through TSLX. On these investments, we have taken 9 through the bankruptcy process without any losses. From a performance perspective, gross unlevered return on fully realized retail ABL investments is 20.8% as of 12/31. We have a core competency in managing these types of investments, and we'll look to continue to execute on this strategy through the same playbook we established years ago.

自 2011 年成立公司以來，我們的零售 ABL 能力一直是我們投資策略的一個顯著特徵。我們已經執行了超過 25 筆交易，並通過 TSLX 投資了超過 10 億美元的資金。在這些投資上，我們已經通過破產程序進行了 9 次投資，沒有任何損失。從業績的角度來看，截至 12 月 31 日，完全實現的零售 ABL 投資的無槓桿總回報率為 20.8%。我們在管理這些類型的投資方面擁有核心競爭力，我們將繼續通過我們多年前製定的相同策略來執行這一戰略。

Moving on to the repayment side. One realization that we'd like to highlight is our investment in TherapeuticsMD, which demonstrates the positive impact of proactive asset management for our shareholders. Since our initial investment in 2019, the company faced multiple challenges, including impacts from COVID-19, resulting in underperformance relative to expectations.

轉到還款方面。我們要強調的一個認識是我們對 TherapeuticsMD 的投資，它證明了主動資產管理對我們股東的積極影響。自我們在 2019 年進行初始投資以來，該公司面臨著多重挑戰，包括 COVID-19 的影響，導致業績低於預期。

As the situation evolves, Sixth Street worked with the company's advisers toward a path, including multiple amendments and a large partial paydown prior to our (inaudible). In December 2022, Sixth Street's debt was fully repaid when the company licensed full commercial rights of its products. TXMD will continue to be a public company receiving milestone payments and 20 years of royalties on sales. Through active portfolio management and extensive experience in the health care space, TSLX generated approximately 15.5% IRR and 1.4x MOM on the investment with a beneficial outcome for both parties.

隨著形勢的發展，Sixth Street 與公司的顧問一起制定了一條道路，包括多項修正案和我們（聽不清）之前的大量部分付款。 2022 年 12 月，當 Sixth Street 獲得其產品的全部商業權利許可時，Sixth Street 的債務已全部償還。 TXMD 將繼續作為一家上市公司，接受里程碑付款和 20 年的銷售特許權使用費。通過積極的投資組合管理和在醫療保健領域的豐富經驗，TSLX 的投資產生了約 15.5% 的 IRR 和 1.4 倍的 MOM，對雙方都有利。

From a portfolio yield perspective, our weighted average yield on debt and income-producing securities at amortized cost increased to 13.4% from 12.2% quarter-over-quarter. The increase primarily reflects a rise in the weighted average reference rate reset of 115 basis points over the quarter. The weighted average yield at amortized cost on new investments, including upsizes for Q4, was 12.6% compared to a yield of 11.9% on exited investments.

從投資組合收益率的角度來看，我們按攤銷成本計算的債務和創收證券的加權平均收益率從上一季度的 12.2% 上升至 13.4%。這一增長主要反映了本季度加權平均參考利率重置 115 個基點的上升。新投資（包括第四季度的擴大規模）的攤銷成本加權平均收益率為 12.6%，而退出投資的收益率為 11.9%。

Looking at the year-over-year trends, our weighted average yield on debt and income producing securities at amortized cost is up about 320 basis points from a year ago. The significant increase in our yields in 2022 illustrates a positive asset sensitivity for our business from increased base rates beyond our floors in addition to our selective origination approach across themes and sectors.

從同比趨勢來看，我們按攤餘成本計算的債務和創收證券的加權平均收益率比一年前上升了約 320 個基點。我們在 2022 年收益率的顯著提高表明，除了我們跨主題和行業的選擇性發起方法外，我們的業務對資產的積極敏感性也來自於基準利率的提高超出我們的底線。

Moving on to the portfolio composition and credit stats across our core borrowers for whom these metrics are relevant. We continue to have conservative weighted average attach and detached points of 0.9x and 4.5x, respectively, and weighted average interest coverage decreased from 2.6x to 2.2x. The decrease in interest coverage is in line with our expectations from the impact of rising rates on the cost of funds for our borrowers.

繼續討論與這些指標相關的核心借款人的投資組合構成和信用統計數據。我們繼續保持保守的加權平均附加點和分離點分別為 0.9 倍和 4.5 倍，加權平均利息覆蓋率從 2.6 倍降至 2.2 倍。利息覆蓋率的下降符合我們對利率上升對借款人資金成本影響的預期。

Our interest coverage metric assumes we apply reference rates as at the end of the year to the run rate borrower EBITDA, we believe this is a better representation of our position of our borrowers as opposed to a (inaudible) metric, such as LTM.

我們的利息覆蓋率指標假設我們將年底的參考利率應用於借款人 EBITDA 的運行率，我們認為這可以更好地代表我們藉款人的狀況，而不是 LTM 等（聽不清）指標。

One additional nuance we'd like to highlight on interest coverage relates to the positioning of our portfolio towards software and business services. These businesses generally see more limited fixed charge requirements, such as capital expenditures. Other more capital-intensive industries experienced higher fixed charges in addition to financing costs, meaning interest coverage metrics likely understate fixed obligations of those businesses. As of Q4 2022, the weighted average revenue and EBITDA of our core portfolio companies was $152 million and $46 million, respectively, representing an increase in both metrics from Q3.

我們想強調的另一個細微差別與我們的投資組合對軟件和商業服務的定位有關。這些企業通常看到更有限的固定費用要求，例如資本支出。除了融資成本外，其他資本密集型行業的固定費用也更高，這意味著利息覆蓋率指標可能低估了這些企業的固定義務。截至 2022 年第四季度，我們核心投資組合公司的加權平均收入和 EBITDA 分別為 1.52 億美元和 4600 萬美元，這兩個指標均較第三季度有所增長。

Finally, the performance rating of our portfolio continues to be strong, with a weighted average rating of 1.12 on a scale of 1 to 5, with 1 being the strongest, representing no change from last quarter's ratings. We continue to have minimal nonaccruals with only one portfolio company on nonaccrual representing less than 0.01% of the portfolio at fair value and no new names added to nonaccrual during Q4.

最後，我們投資組合的績效評級繼續保持強勁，加權平均評級為 1.12，評分範圍為 1 至 5，其中 1 為最強，與上一季度的評級相比沒有變化。我們繼續保持最小的非應計項目，只有一家投資組合公司的非應計項目佔投資組合的公允價值不到 0.01%，並且在第四季度沒有新名稱添加到非應計項目。

With that, I'd like to turn it over to Ian to cover our financial performance in more detail.

有了這個，我想把它交給伊恩來更詳細地介紹我們的財務業績。

Thank you, Bo. We finished the year with a strong quarter from an earnings and investment activity perspective. In Q4, we generated net investment income per share of $0.65, resulting in full year net investment income per share of $2.13. Our Q4 net income per share was $0.57, resulting in full year net income per share of $1.38. There was $0.11 per share unwind of previously accrued capital gains incentive fees in 2022, which is a noncash reversal.

謝謝你，博。從收益和投資活動的角度來看，我們以強勁的季度結束了這一年。在第四季度，我們產生了 0.65 美元的每股淨投資收益，從而導致全年每股淨投資收益為 2.13 美元。我們第四季度的每股淨收入為 0.57 美元，全年每股淨收入為 1.38 美元。 2022 年之前應計的資本利得激勵費用每股解除 0.11 美元，這是一種非現金逆轉。

Excluding the $0.11 per share unwind for this year, our adjusted net investment income and adjusted net income per share for the year were $2.01 and $1.27, respectively. At year-end, we had total investments of $2.8 billion, total principal debt outstanding of $1.5 billion and net assets of $1.3 billion or $16.48 per share, which is prior to the impact of the supplemental dividend that was declared yesterday.

不包括今年每股 0.11 美元的平倉，我們今年調整後的淨投資收益和調整後的每股淨收益分別為 2.01 美元和 1.27 美元。截至年底，我們的總投資為 28 億美元，未償還的主要債務總額為 15 億美元，淨資產為 13 億美元或每股 16.48 美元，這是在昨天宣布的補充股息影響之前。

Our ending debt-to-equity ratio was 1.13x, down from 1.16x in the prior quarter and our average debt-to-equity ratio also decreased slightly from 1.15x to 1.14x quarter-over-quarter. For full year 2022, our average debt-to-equity ratio was 1.03x, up from 1x in 2021 and well within our previously stated target range of 0.9x to 1.25x.

我們的期末債務權益比率為 1.13 倍，低於上一季度的 1.16 倍，我們的平均債務權益比率也從上一季度的 1.15 倍小幅下降至 1.14 倍。對於 2022 年全年，我們的平均債務權益比率為 1.03 倍，高於 2021 年的 1 倍，並且完全在我們之前設定的 0.9 倍至 1.25 倍的目標範圍內。

Our liquidity position remains robust with $866 million of unfunded revolver capacity at year-end against $178 million of unfunded portfolio company commitments eligible to be drawn. Our year-end funding mix was represented by a 53% unsecured debt.

我們的流動性狀況依然強勁，年底有 8.66 億美元的無資金循環能力，而有資格提取的 1.78 億美元無資金投資組合公司承諾。我們的年終資金組合由 53% 的無擔保債務構成。

Post quarter end, we satisfied the maturity of our $150 million January 2023 unsecured notes through utilization of undrawn capacity on our revolving credit facility. The settlement marginally decreased our weighted average cost of debt and had no impact on leverage.

季末後，我們通過利用循環信貸額度上的未提取能力來滿足 2023 年 1 月 1.5 億美元無擔保票據的到期。和解協議略微降低了我們的加權平均債務成本，並且對槓桿率沒有影響。

Moving to our presentation materials. Slide 10 contains this quarter's NAV bridge. Walking through the main drivers of NAV growth, we added $0.64 per share from adjusted net investment income against our base dividend of $0.45 per share. There was $0.11 per share reduction to NAV as we reversed net unrealized gains on the balance sheet related to investment realizations and recognized these gains into this quarter's income.

轉到我們的演示材料。幻燈片 10 包含本季度的 NAV 橋。回顧 NAV 增長的主要驅動因素，我們從調整後的淨投資收益中增加了每股 0.64 美元，而我們的基本股息為每股 0.45 美元。每股資產淨值減少 0.11 美元，因為我們在資產負債表上撤銷了與投資變現相關的淨未實現收益，並將這些收益計入本季度的收入。

The reversal of unrealized gains this quarter was primarily driven by the early payoff of Biohaven, which resulted in an unwinded $0.12 per share from unrealized gains to net investment income for the quarter. There were minor positive impacts from changes in credit spreads on the valuation of our portfolio and a positive $0.01 per share impact from portfolio company-specific events.

本季度未實現收益的逆轉主要是由 Biohaven 的早期回報推動的，這導致本季度未實現收益每股平倉 0.12 美元至淨投資收益。信用利差的變化對我們投資組合的估值產生了輕微的積極影響，投資組合公司的特定事件對每股產生了 0.01 美元的積極影響。

Pivoting to our operating results detailed on Slide 12, we generated a record level of total investment income for the quarter of $100.1 million, up 29% compared to $77.8 million in the prior quarter. The increase was driven by a rise in the contractual interest income earnings power of the business as well as other income related to the Biohaven payoff specifically.

以我們在幻燈片 12 中詳述的經營業績為中心，我們本季度的總投資收入達到創紀錄的 1.001 億美元，比上一季度的 7780 萬美元增長 29%。這一增長是由於該業務的合同利息收入盈利能力以及與 Biohaven 收益相關的其他收入的增加。

Walking through the components of income. Interest and dividend income was $85.8 million, up 15% from the prior quarter. Other fees representing prepayment fees and accelerated amortization of upfront fees from unscheduled pay down, were $11 million, up from $429,000 in the prior quarter due to higher portfolio repayment activity. Other income was $3.4 million, up from $2.7 million in the prior quarter.

遍歷收入的組成部分。利息和股息收入為 8580 萬美元，比上一季度增長 15%。由於投資組合還款活動增加，其他費用代表預付費用和計劃外首付款的前期費用加速攤銷，為 1100 萬美元，高於上一季度的 429,000 美元。其他收入為 340 萬美元，高於上一季度的 270 萬美元。

Net expenses, excluding the impact of the noncash reversal related to unwind of capital gains incentive fees were $47.5 million, up from $40.3 million in the prior quarter. This was primarily due to the upward movement in reference rates, which increased our weighted average interest rate on average debt outstanding from 4.3% to 5.6% and higher incentive fees as a result of this quarter's over earning.

扣除與取消資本利得激勵費用相關的非現金逆轉的影響，淨支出為 4,750 萬美元，高於上一季度的 4,030 萬美元。這主要是由於參考利率上行，這將我們的平均未償債務加權平均利率從 4.3% 提高到 5.6%，並且由於本季度的超額收益導致獎勵費用增加。

During 2022, base rates increased by approximately 425 basis points. And the impact on earnings became evident in the back half of the year given the lag in reference rate resets for borrowers. Given the low financial leverage embedded in BDCs, asset sensitivity has a larger impact than liability sensitivity and proved to be a tailwind for our business as we saw increased asset level yields drive return on equity.

2022 年期間，基本利率增加了約 425 個基點。鑑於借款人參考利率重置的滯後，對收益的影響在下半年變得明顯。鑑於 BDC 中嵌入的低財務槓桿，資產敏感性比負債敏感性具有更大的影響，並且證明對我們的業務有利，因為我們看到資產水平收益率的提高推動了股本回報率。

For a year characterized by spread income, the rise in interest rates and wider spreads resulted in the business exceeding the upper end of our beginning year ROE adjusted net investment income target of 11.5% or $1.92 per share for 2022. Net unrealized losses, largely from the impact of spread widening experienced in Q2 on portfolio marks, had a significant impact on our net income for the year, which we expect to unwind as credit spreads tighten or investments are paid off.

在以利差收入為特徵的一年中，利率上升和利差擴大導致業務超過我們年初 ROE 調整後淨投資收入目標的上限 11.5% 或 2022 年每股 1.92 美元。未實現淨虧損主要來自第二季度經歷的利差擴大對投資組合標記的影響，對我們今年的淨收入產生了重大影響，我們預計隨著信貸利差收緊或投資得到償還，淨收入將得到緩解。

Based on our expectations for our net asset level yields, the movement in reference rates, cost of funds and financial leverage, we expect to target a return on equity for 2023 of 13% to 13.2%. Using our year-end book value per share of $6.39, which is adjusted to include the impact of our Q4 supplemental dividend, this corresponds to a range of $2.13 to $2.17 for full year 2023 adjusted net investment income per share.

根據我們對淨資產收益率、參考利率變動、資金成本和財務槓桿的預期，我們預計 2023 年的股本回報率目標為 13% 至 13.2%。使用我們的年終每股賬面價值 6.39 美元（經調整以包括我們第四季度補充股息的影響），這相當於 2023 年全年調整後的每股淨投資收益在 2.13 美元至 2.17 美元之間。

As we said, we expect to overearn our $1.84 per share annualized base dividend in the near term, and we'll continue to distribute overearnings to shareholders through our supplemental dividend framework.

正如我們所說，我們預計在短期內超額賺取每股 1.84 美元的年化基本股息，我們將繼續通過我們的補充股息框架向股東分配超額收益。

With that, I'd like to turn it back to Josh for concluding remarks.

說到這裡，我想把它轉回給 Josh 做總結髮言。

Thank you, Ian. We believe we are transitioning from an era of easy money to a new macro super cycle that we believe will magnify volatility relative to recent history. With such volatility, we'll come to spurge in returns and will elevate the importance of management's capabilities and skills.

謝謝你，伊恩。我們相信我們正在從寬鬆貨幣時代過渡到新的宏觀超級週期，我們認為這將放大相對於近期歷史的波動性。在這種波動的情況下，我們的回報將會激增，並將提升管理層能力和技能的重要性。

The ironies, however, even in low volatility and low rate environment, return in spurging has already existed. Now we can only expect it to increase. Our rates for the foreseeable future will most definitely cause stress for certain borrowers, followed by an uptick in defaults from the historical low levels we've experienced more recently. That being said, we anticipate credit issues to be heavily related to borrowers with weaker underlying business models, and we are confident in the durability of our portfolio companies.

然而，具有諷刺意味的是，即使在低波動性和低利率環境下，飆升的回報也已經存在。現在我們只能期望它會增加。我們在可預見的未來的利率肯定會給某些借款人帶來壓力，隨後違約率會從我們最近經歷的歷史低位上升。話雖如此，我們預計信貸問題與基礎業務模式較弱的借款人密切相關，我們對我們投資組合公司的耐用性充滿信心。

We believe our track record over the past 12 years, since inception, supports our ability to continue to generate industry-leading returns for our shareholders. We have generated an annualized return on equity on net income since our March 2014 IPO of 13.1%. We attribute a large portion of our success that our shareholders have enjoyed to our ability to overearn our cost of capital by avoiding credit losses and appropriately pricing spreads on investments that take into account the cost embedded in operating our business.

我們相信，自成立以來，我們過去 12 年的業績記錄支持我們繼續為股東創造行業領先回報的能力。自 2014 年 3 月首次公開募股以來，我們的淨收入年化股本回報率為 13.1%。我們將股東所享有的成功的很大一部分歸因於我們通過避免信貸損失和適當定價投資利差來超額賺取資本成本的能力，這些利差考慮了我們業務運營中的內在成本。

We remain constructive on the opportunity set ahead of us. We continue to experience elevated all-in yields on our assets, and we expect credit costs to remain low given our investment selection discipline and the health of our existing portfolio. We began the year with significant liquidity and capacity to drive incremental ROEs, and are optimistic of our opportunities to enhance our capital structure through the course of the year.

我們對擺在我們面前的機會保持建設性。我們的資產總收益率繼續上升，鑑於我們的投資選擇紀律和現有投資組合的健康狀況，我們預計信貸成本將保持在較低水平。年初，我們擁有可觀的流動性和推動 ROE 增長的能力，並且對我們在今年加強資本結構的機會持樂觀態度。

With that, thank you for your time today. Operator, please open the line for questions.

有了這個，謝謝你今天的時間。接線員，請打開問題線路。

(Operator Instructions) Our first question comes from the line of Mark Hughes with Truist.

（操作員說明）我們的第一個問題來自 Mark Hughes 與 Truist 的對話。

My question was, how are you thinking about fees -- fee revenue in 2023? You've given some good guidance on NII. Just curious what you think the fee environment is going to be like?

我的問題是，您如何看待 2023 年的費用——費用收入？你對 NII 給出了一些很好的指導。只是好奇您認為收費環境會是什麼樣子？

Yes, it's a good question, Mark. It's really hard to tell because it's a function of kind of repayment velocity. But to just give you some numbers, in 2000, when we think about fees, if we think about it in basically, I would say, 2 categories or 3 categories, which is accelerated OID, prepayment fees and amendment fees and other income. That's historically been -- I think, in 2022, those fees were, I'm doing the math, about $0.37 per share. In 2021, those fees were, I'm doing the math, about $0.54 -- $0.56 per share.

是的，這是個好問題，馬克。這真的很難說，因為它是一種還款速度的函數。但是給你一些數字，在 2000 年，當我們考慮費用時，如果我們基本上考慮它，我會說，2 類或 3 類，即加速 OID、預付費用和修正費以及其他收入。從歷史上看，我認為，在 2022 年，這些費用，我正在計算，約為每股 0.37 美元。在 2021 年，這些費用，我正在計算，大約是 0.54 美元——每股 0.56 美元。

In 2023, we actually -- in our guidance numbers, they're significantly below those levels, and we anticipate to be significantly below those levels that are embedded in our guidance. So in our guidance numbers, they are about $0.22 per share. So that's heavily weighted towards, again, another year of spread income. If you see velocity in the book, obviously, it's going to be much, much higher, but it's significantly below '22 levels and '21 levels.

到 2023 年，我們實際上——在我們的指導數字中，它們大大低於這些水平，我們預計將大大低於我們指導中嵌入的水平。因此，在我們的指導數字中，它們約為每股 0.22 美元。因此，這再次對另一年的利差收入產生了很大的影響。如果你在書中看到速度，顯然，它會高得多，但它明顯低於 22 年的水平和 21 年的水平。

Yes. No, I appreciate the specifics there. And then when you look at the curve, you talked about keeping the base dividend at the $0.46 informed by your lookout to 2025. How much cushion, just generally speaking, would you -- do you still have over the dividend over those next couple of years?

是的。不，我很欣賞那裡的細節。然後當你看曲線時，你談到將基本股息保持在 0.46 美元，這是你對 2025 年的展望所告知的。一般來說，你會在接下來的幾年中有多少緩衝 - 你是否還有超過股息年？

Yes. Significant -- look, I think we just went through the math on 2023, which 2023 has -- again, is mostly spread income. Our per-share guidance is -- Ian, what is it?

是的。重要的是——看，我認為我們剛剛完成了 2023 年的數學計算，2023 年——再次，主要是分散收入。我們的每股收益指導是——伊恩，它是什麼？

$2.13.

2.13 美元。

$2.13 to $2.17 and base dividend level is...

2.13 美元至 2.17 美元，基本股息水平是……

$1.84.

1.84 美元。

$1.84. So there's really a lot of cushion. In 2024, similarly, again, we don't really model significant level. We think about upside in fee income as kind of being upside to our guidance. So in 2024, those levels of fee income are basically the same.

1.84 美元。所以真的有很多緩衝。同樣，在 2024 年，我們並沒有真正模擬顯著水平。我們認為費用收入的上升是對我們指導的一種上升。所以到2024年，這些手續費收入水平基本持平。

And again, our base dividend is $1.84 and we think we're significantly above that as well. So we knew we're going to (inaudible) through the next couple of years, but we don't want to put ourselves in a position where we would have to cut the dividend. And so we set the dividend where we have a significant cushion in the next couple of years. We were just looking at the curve.

同樣，我們的基本股息為 1.84 美元，我們認為我們也大大高於該水平。所以我們知道我們將在接下來的幾年裡（聽不清），但我們不想讓自己處於不得不削減股息的境地。因此，我們將股息設定在未來幾年我們有重要緩衝的地方。我們只是在看曲線。

Our next question comes from the line of Finian O'Shea with Wells Fargo.

我們的下一個問題來自富國銀行的 Finian O'Shea。

A question on the large club deals. It looks like we have one this quarter with Avalara, not signaling in on that name. But I don't think those are too typical for you to partake in. Can you talk about the threshold for what makes that kind of deal compelling? Is it company quality or terms as to why you so seldom invest in those? And then on the downside, perhaps, can you talk about the structural elements you do give up? How much less control you might have and so forth?

關於大型俱樂部交易的問題。看起來我們本季度與 Avalara 有一個，但沒有發出那個名字的信號。但我不認為那些太典型以至於你不能參與。你能談談讓這種交易引人注目的門檻嗎？是公司質量還是條款導致您很少投資這些？然後在不利方面，也許，你能談談你放棄的結構元素嗎？您可能擁有多少控制權等等？

So look, we've talked a lot about this. On the upper middle market, that large cap space has significantly changed given the environment we're in. And so pre -- 12 months ago, obviously, we thought it was competitive and offered little relative value compared to the broadly syndicated market, that's completely changed.

所以看，我們已經談了很多。在中高端市場，考慮到我們所處的環境，大盤空間已經發生了顯著變化。因此，在 12 個月前，很明顯，我們認為它具有競爭力，並且與廣泛的銀團市場相比提供的相對價值很小，那就是完全改變了。

Quite frankly, that upmarket we find that the marginal capital in those fields are able to drive better returns and you can finance larger companies that are at scale. So as I think people know, we've been involved in most of those deals that have been announced including Emerson, which is as yet to close, which we've led; Maxar which is yet to close, which we've led and other ones.

坦率地說，在高端市場，我們發現這些領域的邊際資本能夠帶來更好的回報，你可以為規模更大的公司提供資金。因此，我想人們都知道，我們參與了大部分已宣布的交易，包括我們牽頭的尚未完成的艾默生；尚未關閉的 Maxar，我們已經領導了它和其他公司。

So we find there's a lot of value. The -- and that the marginal capital is able to drive pricing and structural enhancements and so -- and then obviously, given the macro, you're financing those businesses in an environment where you are -- you have a known rate environment and kind of a known growth environment compared to historically.

所以我們發現有很多價值。 - 邊際資本能夠推動定價和結構改進等等 - 然後很明顯，考慮到宏觀，你在你所處的環境中為這些企業融資 - 你有一個已知的利率環境和種類與歷史相比，已知的增長環境。

So we like the value that's being offered in that market. The trade-off is that they're clubs and so you guys figure -- you got to see that you're with like-minded people and if that document works, and we think it does.

所以我們喜歡那個市場提供的價值。權衡是他們是俱樂部，所以你們認為——你們必須看到你們和志趣相投的人在一起，如果該文件有效，我們認為它確實有效。

So Bo, anything to add there?

那麼 Bo，有什麼要補充的嗎？

The only thing I'd add is you had a specific question on what we'd give up. I think given there's a serious devalue of capital, a lot of the terms and document-specific terms have gotten much tighter in these upper middle market deals over the past 6 months, and frankly, are not all that different from what you're seeing in middle market document. So you have a large margin of safety at low LTV, a scaled business that need to be -- that will be a dull market at very attractive adjusted returns in this current environment.

我唯一要補充的是你對我們要放棄的東西有一個具體的問題。我認為，鑑於資本嚴重貶值，在過去 6 個月中，這些中高端市場交易中的許多條款和文件特定條款變得更加嚴格，坦率地說，與您所看到的並沒有什麼不同在中間市場文件中。所以你在低 LTV 下有很大的安全邊際，這是一個需要規模化的業務——在當前環境下，這將是一個沉悶的市場，調整後的回報非常有吸引力。

And our next question comes from the line of Mickey Schleien with Ladenburg.

我們的下一個問題來自 Mickey Schleien 與 Ladenburg 的對話。

Josh, in the fourth quarter, we continue to see middle market loan spreads widen, which is obviously good for your financial performance, assuming the credit quality holds up, but it is stressing borrowers, as you mentioned in your remarks, with interest coverage declining to 2.2.

喬希，在第四季度，我們繼續看到中間市場貸款利差擴大，這顯然對您的財務業績有利，假設信貸質量保持不變，但正如您在評論中提到的那樣，借款人面臨壓力，利息覆蓋率下降到 2.2。

So I'd like to understand, when we think about those trends, what is your outlook on how private lenders will behave this year in terms of spreads and the amount of leverage they're looking for on deals?

所以我想知道，當我們考慮這些趨勢時，您對私人貸方今年在利差和他們在交易中尋求的槓桿數量方面的表現有何看法？

Yes. So Mickey, I think when you look at the LCD first lien LTV, second lien spreads, they actually tightened in Q4 slightly. So -- but year-over-year, they're significantly widened, which we've hit. So I just want to -- I want to frame up. We did not see -- so when you look at unrealized gains and unrealized losses, they were negligible given that you actually had spreads tightened quarter-over-quarter slightly.

是的。所以米奇，我想當你看 LCD 第一留置權 LTV 時，第二留置權利差，他們實際上在第四季度略有收緊。所以 - 但與去年同期相比，它們顯著擴大，我們已經達到了這一點。所以我只想——我想陷害。我們沒有看到——所以當你查看未實現的收益和未實現的損失時，它們可以忽略不計，因為你實際上已經略微收緊了一個季度的利差。

Look, credit quality is top of mind. It's what points -- it's what has historically driven performance or outperformance or underperformance, it's credit losses for the industry. It's been the biggest piece that -- when you think about the unit economics of the sector, return on assets is a point of differentiation.

看，信用質量是最重要的。這就是要點——這是歷史上推動業績或表現出色或表現不佳的因素，它是該行業的信用損失。這是最大的一塊——當你考慮該行業的單位經濟時，資產回報率是一個差異點。

Fees and expenses are basically all pinned near each other. Financial leverage is pinned near each other. Cost of leverage is pinned near each other. So it's really return on assets and credit costs that, ultimately, drive returns to the sector. And that's going to be a function of the portfolio that were built and that are in place now. And we think our portfolio is differentiated and as robust given the nature of those businesses.

費用和支出基本上都固定在彼此附近。財務槓桿彼此相鄰。槓桿成本彼此固定。因此，最終推動該行業回報的實際上是資產回報率和信貸成本。這將成為已經建立和現在已經到位的投資組合的一個功能。我們認為，鑑於這些業務的性質，我們的投資組合是與眾不同的，而且同樣穩健。

But it is -- in this economic environment where you have slowing growth and higher rates, you are most definitely going to have tails in credit. We are yet to see those in our portfolio, but they are most definitely emerging in the broadly syndicated market. So it's all about credit. I hope I answered your question.

但它是 - 在這種增長放緩和利率上升的經濟環境中，你肯定會出現信貸尾巴。我們尚未在我們的投資組合中看到這些，但它們肯定會出現在廣泛的銀團市場中。所以這一切都與信用有關。我希望我回答了你的問題。

And our next question comes from the line of Kevin Fultz with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Kevin Fultz。

As Bo mentioned in his prepared remarks, volatility in the public markets and the pullback from banks has created an increased opportunity for direct lenders to finance larger deals. I'm just curious what your appetite is to act as a syndication provider to potentially generate additional fee income?

正如薄在他準備好的發言中提到的那樣，公開市場的波動和銀行的撤退為直接貸款人創造了更多的機會來為更大規模的交易提供資金。我只是想知道您作為聯合組織提供者的胃口是什麼，以潛在地產生額外的費用收入？

Yes. Look, when there's an opportunity, surely, we'll take advantage of that. So we'll surely take advantage of that. That's historically been a relatively low level of attribution of our income. I think over the years it's been somewhere between, at the high end, if you look back $0.05 since 2013 in the low end 0, and this year $0.01. So I mean, there surely will be an opportunity. I wouldn't lean in as a massive driver of outperformance of earnings.

是的。看，當有機會時，我們當然會利用它。所以我們一定會利用這一點。從歷史上看，我們的收入歸因水平相對較低。我認為多年來它一直介於高端，如果你回顧自 2013 年以來的低端 0 0.05 美元和今年 0.01 美元。所以我的意思是，肯定會有機會。我不會傾向於作為收益表現出色的巨大推動力。

Okay. That's fair. And then last one, you utilized the revolver and repaid in 2023 notes. I'm just thinking about the right side of the balance sheet and your funding mix. Do you see additional opportunity to further optimize or diversify your funding profile in this environment? And I guess, if so, what structure is the most appealing?

好的。這還算公平。最後一個，你用了左輪手槍並用 2023 年的鈔票償還了。我只是在考慮資產負債表的右側和您的資金組合。在這種環境下，您是否看到進一步優化或多樣化您的資金狀況的更多機會？我想，如果是這樣，哪種結構最吸引人？

Yes. So credit -- let me take a step back. And I think we've done a really good job of this, which is, we've always built into the economics of our business, holding more liquidity than the rest of the space. And when you look at revolver size compared to assets or as a metric or availability compared to unfunded commitments, we've always created flexibility, so we were never a forced issuer.

是的。所以信用 - 讓我退後一步。而且我認為我們在這方面做得非常好，也就是說，我們始終融入我們業務的經濟性，比其他領域擁有更多的流動性。當您將左輪手槍規模與資產進行比較，或者將其作為衡量標准或可用性與未提供資金的承諾進行比較時，我們總是創造靈活性，因此我們從來都不是被迫發行人。

And so when you look at our business model this year, we have a lot of flexibility about when we issue or if we issue in the unsecured market, which quite frankly, we think is the most attractive way to access markets, additional capital outside the revolver and -- but we have the flexibility to do so given how much liquidity that we hold.

因此，當你看看我們今年的商業模式時，我們在發行或是否在無擔保市場發行方面有很大的靈活性，坦率地說，我們認為這是進入市場、獲得額外資本的最有吸引力的方式左輪手槍和 - 但鑑於我們持有多少流動性，我們可以靈活地這樣做。

And then we burden the unit economics for and our shareholders have paid for. What's really amazing when you take a step back is that we generated outsized return in equity compared to the space. We're holding more liquidity and paying for that liquidity option than everybody else in this space. And I think that gives us a lot of flexibility. It gives us flexibility not to be a forced issuer. It gives us the flexibility in COVID to actually have liquidity to be able to invest in the market, which created outsized return in equities for the following 2 years.

然後我們為單位經濟負擔，我們的股東為此付出了代價。當你退後一步時，真正令人驚奇的是，與空間相比，我們產生了超額的股本回報。在這個領域，我們持有比其他任何人都多的流動性並為流動性選擇支付費用。我認為這給了我們很大的靈活性。它給了我們靈活性，使我們不必成為被迫發行人。它為我們提供了 COVID 的靈活性，使我們實際上擁有流動性，能夠投資於市場，這在接下來的 2 年裡創造了超額的股票回報。

And so we will most definitely be opportunistic. But how we've built our balance sheet just -- we've created a whole bunch of flexibility that we think benefits our shareholders. Ian, anything to add there?

因此，我們絕對會投機取巧。但是我們如何建立我們的資產負債表——我們創造了一大堆我們認為對我們的股東有利的靈活性。伊恩，有什麼要補充的嗎？

I think the flexibility and being willing to pay for that flexibility just really proved its worth. I guess it's now 3 years ago, and we like that model. And we're comfortable with what that cost burdens us with, given the flexibility it affords us.

我認為靈活性和願意為這種靈活性付出代價確實證明了它的價值。我想現在是 3 年前的事了，我們喜歡那個模型。考慮到它為我們提供的靈活性，我們對這些成本給我們帶來的負擔感到滿意。

Okay. That all makes sense. Congratulations on your next quarter.

好的。這一切都說得通。祝賀你的下一個季度。

And our next question comes from the line of Ken Lee with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Ken Lee。

Just wonder if you could talk a little bit more about the asset-backed lending opportunities that you see over the near term. And whether you could either be taken more offensive or defensive stance around such opportunities given the macro backdrop?

只是想知道您是否可以多談談您在短期內看到的資產支持貸款機會。鑑於宏觀背景，您是否可以圍繞此類機會採取更多的進攻或防禦立場？

Yes. We like that space a lot, the asset-based lending space. If you look at retail specifically, we thought in COVID, there was going to be a significant opportunity. That opportunity went away very, very quickly. We did a couple of deals in COVID.

是的。我們非常喜歡這個空間，即基於資產的借貸空間。如果你具體看零售，我們認為在 COVID 中，將會有一個重要的機會。那個機會很快就消失了。我們在 COVID 上做了幾筆交易。

And then post-COVID, given kind of what happened on the macro level, the consumer is very strong. Consumers only could spend money by buying goods versus services or experiences. In the retail space, that segment -- those companies have better earnings and better balance sheets than they ever had.

然後是 COVID 之後，考慮到宏觀層面發生的事情，消費者非常強大。消費者只能通過購買商品而不是服務或體驗來花錢。在零售領域，那個部分——那些公司的收益和資產負債表比以往任何時候都好。

That is changing. The consumer is starting to weaken. And the retailers who have goods and services -- I mean, who have goods, who sell goods and have inventory, they have less market share of the consumer's wallet. And so we expect that sector to continue weakening, which will provide an opportunity for us to provide capital into that space.

那正在改變。消費者開始疲軟。擁有商品和服務的零售商——我的意思是，擁有商品、銷售商品和庫存的零售商，他們在消費者錢包中的市場份額較小。因此，我們預計該行業將繼續走弱，這將為我們提供一個向該領域提供資金的機會。

And so we like that. It's asset management intensive. It's -- which -- you have to have a core competency in doing it, which we think we do. But we think that opportunities will grow and we'll continue to allocate capital to it where we find good risk-adjusted returns.

所以我們喜歡這樣。這是資產管理密集型的。這是 - 這 - 你必須具備這樣做的核心能力，我們認為我們這樣做。但我們認為機會將會增加，我們會繼續向它分配資金，我們會發現良好的風險調整後回報。

Got you. Very helpful there. And then just one follow-up, if I may. Within the portfolio, nonaccrual rates are still de minimis. I wonder if you could talk a little bit more about what you're seeing in terms of amendment activity in the portfolio?

明白了在那裡很有幫助。如果可以的話，然後再跟進一次。在投資組合中，非應計利率仍處於最低水平。我想知道您是否可以多談談您在投資組合的修正活動方面看到的情況？

Yes. I would say, it's picked up slightly, but still really, really benign compared to COVID. So no really significant material amendments. We are seeing amendments related to software transition, which we think is most definitely positive from LIBOR. All the new loans or LIBOR are software based. But I would say, from a credit perspective, it's picked up a little bit, but nothing material to speak of.

是的。我會說，它略有回升，但與 COVID 相比仍然非常、非常良性。所以沒有真正重大的實質性修改。我們看到與軟件過渡相關的修正，我們認為 LIBOR 絕對是積極的。所有新貸款或 LIBOR 都是基於軟件的。但我會說，從信用的角度來看，它有所回升，但沒什麼可說的。

Our next question comes from the line of Erik Zwick with Hovde Group.

我們的下一個問題來自 Hovde Group 的 Erik Zwick。

Just a question on the pipeline. It sounds like you've got pretty good visibility for at least the next 6 months. Curious if you could provide a little color into the industry mix in the pipeline today? And if it's fairly consistent with the current portfolio, if there's any industries or sectors that you are targeting or staying away from today?

只是關於管道的問題。聽起來至少在接下來的 6 個月內您的知名度相當不錯。想知道您是否可以為今天正在籌備中的行業組合提供一點色彩？如果它與當前的投資組合相當一致，是否有您今天瞄准或遠離的任何行業或部門？

Yes. Look, so I would say, it's consistent with some outliers. Emerson is an industrials business, which is a little bit of an outlier for us. So we like that business a lot. We think Blackstone did a great job in buying that business. I think it's really, really interesting, which we led.

是的。看，所以我會說，它與一些異常值一致。艾默生是一家工業企業，這對我們來說有點異類。所以我們非常喜歡這個行業。我們認為 Blackstone 在收購該業務方面做得很好。我認為我們領導的這真的非常有趣。

And we think it's kind of mid-cycle earnings in the capital structure growth for this time. Maxar also a public to private -- I think private is, again, slightly in different businesses as a satellite business. We like that business model. We like the visibility of revenues. We like to sponsor a lot.

我們認為這是這次資本結構增長的中期收益。 Maxar 也是一個公共到私人的公司——我認為私人公司又一次在不同的業務中與衛星業務略有不同。我們喜歡這種商業模式。我們喜歡收入的可見性。我們非常喜歡贊助。

And then will always mix in kind of our small energy stuff. But other than that, we're mostly focused on business services and software, but we have pretty good visibility in the pipeline for the next 6 months, as you mentioned.

然後總是會混合我們的小能量物質。但除此之外，我們主要專注於商業服務和軟件，但正如你提到的，我們在未來 6 個月的管道中有很好的可見性。

I appreciate that detail there. And just one more quick one from me. I'm just curious where our floors are today for new commitments? Were you able to put those in?

我很欣賞那裡的細節。還有一個來自我的快速。我只是好奇我們今天的地板在哪裡可以進行新的承諾？你能把那些放進去嗎？

They are most definitely -- unfortunately, I don't think we've been able to push them up. They're most definitely in the 75 basis points to 100 basis points. I think 80 basis points -- 75 to 100. I wish we most definitely will be able to push them up, but the market is not there yet.

它們絕對是 - 不幸的是，我認為我們無法將它們推高。他們肯定在 75 個基點到 100 個基點之間。我認為是 80 個基點——75 到 100。我希望我們絕對能夠將它們推高，但市場還沒有到位。

And our next question comes from the line of Melissa Wedel with JPMorgan.

我們的下一個問題來自摩根大通的 Melissa Wedel。

A lot of my questions have been asked already. But I thought it would be interesting to touch on just sort of the activity levels in 4Q. Certainly, we were surprised by net exits during the quarter. So given that you're expecting a few larger exits already that you had talked about during the third quarter call, I'm curious if there was some deal slippage into the first quarter? Or if that sort of commentary on how you're seeing the opportunities right now?

我的很多問題已經被問過了。但我認為僅討論第四季度的活動水平會很有趣。當然，我們對本季度的淨退出感到驚訝。因此，鑑於您已經在第三季度電話會議上談到了一些更大的退出，我很好奇第一季度是否有一些交易下滑？或者是否有關於您現在如何看待機會的評論？

Look, I didn't totally get the question. I think just to put most of our exits in Q4, we knew in Q3, and we tried to help people on our Q3 earnings call, which was front line...

看，我沒有完全明白這個問題。我想只是把我們的大部分退出放在第四季度，我們在第三季度就知道了，我們試圖幫助人們參加我們第三季度的收益電話會議，這是前線......

In Biohaven.

在生物港。

In Biohaven. And I think there was a couple more, but those were the big drivers of the Q4 exit.

在生物港。而且我認為還有更多，但那些是第四季度退出的主要驅動力。

And Melissa, certainly (technical difficulty) prepayment fees and amortization of upfront fees.

和 Melissa，當然是（技術難度）預付費用和預付費用的攤銷。

Yes. Apologies if -- my question wasn't clear. I guess what I was looking to explore a little bit more was the level of capital deployment during the quarter, especially since you knew about some of the larger exits.

是的。抱歉，如果我的問題不清楚。我想我想進一步探索的是本季度的資本配置水平，特別是因為你知道一些較大的退出。

So the fact that it was a slower fourth quarter for you guys compared to previous years, is that a function of deal slippage into the first quarter? Or is that really commentary on the opportunity side?

因此，與往年相比，你們第四季度的表現較慢，這是交易推遲到第一季度的結果嗎？或者這真的是對機會方面的評論？

I got it. It's actually -- when you look at our activity levels in Q4, I would say, they were significantly up. So the commitments we made in Q4 are way over historical levels. They happen to be related to mostly, I think, privates that have time periods on that will close in the first half of 2023. So the opportunity set was as strong as it's ever been. It just happens to be that they were shaded the large cap in privates, which have low regulatory process for that inventory to be turned into funding -- that commitment to be turned into funding.

我得到了它。實際上 - 當您查看我們在第四季度的活動水平時，我會說，它們顯著上升。因此，我們在第四季度做出的承諾遠遠超過了歷史水平。我認為，它們恰好與大多數有時間期限的私人公司有關，這些私人公司將在 2023 年上半年關閉。因此，機會集和以往一樣強大。恰好他們被私人公司的大盤股遮蔽了，這些公司對將庫存轉化為資金的監管程序很低——將承諾轉化為資金。

Our next question comes from the line of Ryan Lynch with KBW.

我們的下一個問題來自 Ryan Lynch 與 KBW 的對話。

I just have one question. You talked about on one hand kind of big picture, you're cautious given the dynamics of inflation and the shift in monetary policy and how that impacts growth. And on the other hand, you talked about your portfolio being mostly in software business with high variable cost structures and pricing power.

我只有一個問題。你一方面談到了大局，考慮到通貨膨脹的動態和貨幣政策的轉變及其對增長的影響，你持謹慎態度。另一方面，你談到你的投資組合主要是在具有高可變成本結構和定價能力的軟件業務中。

So I'm just curious, as you study your portfolio and monitor it closely in this kind of current changing dynamic environment, what are some of the key metrics or trends that you guys are monitoring? And is there anything that you guys are seeing thus far that is sort of a concerning trend?

所以我很好奇，當你研究你的投資組合併在這種當前不斷變化的動態環境中密切監控它時，你們正在監控的一些關鍵指標或趨勢是什麼？到目前為止，你們有沒有看到某種令人擔憂的趨勢？

No. So I think revenue growth was like 7% for the quarter. We obviously look at revenue growth on an annualized basis. So revenue growth has most definitely slowed, although still positive. We look at things such as growth margins, churn, customer acquisition costs.

不，所以我認為本季度的收入增長率約為 7%。顯然，我們會按年率看待收入增長。因此，收入增長肯定已經放緩，儘管仍然是積極的。我們關注諸如增長率、客戶流失、客戶獲取成本等因素。

I would say, on the churn side, flat quarter-over-quarter. We grew in the customer acquisition cost by a little bit. But the portfolio, I think, is in pretty good shape. And by the way, people talk about things in averages. It's kind of a wrong way to think about it because you're kind of stuck with the tails. And so I think when you look at our portfolio and look at the tails, we feel pretty good that there's no significant tails. But Bo, do you have anything to add on that?

我會說，在流失方面，季度環比持平。我們的客戶獲取成本略有增加。但我認為，投資組合的狀況非常好。順便說一句，人們談論事物的平均值。這是一種錯誤的思考方式，因為你有點被尾巴困住了。因此，我認為當您查看我們的投資組合併查看尾部時，我們感覺很好，沒有明顯的尾部。但是博，你有什麼要補充的嗎？

The only thing I would add is, we also look at bookings. This is an indicative for future revenue growth. We saw a real demand obstruction in Q3 and we're closely monitoring Q4 across our portfolio, especially across the business services side.

我唯一要補充的是，我們也看預訂。這預示著未來的收入增長。我們在第三季度看到了真正的需求障礙，我們正在密切關注我們產品組合的第四季度，尤其是在商業服務方面。

Early returns on the bookings across the portfolio has been actually relatively strong in Q4. Now there's a question if that was just a lot of pull-through demand that people are trying to get their budgets spent this year, but that was -- the early indications are pretty positive on the bookings side across the portfolio in Q4.

整個投資組合的早期預訂回報實際上在第四季度相對強勁。現在有一個問題，這是否只是人們今年試圖花費預算的大量拉動需求，但這是 - 早期跡象表明，第四季度整個投資組合的預訂方面非常積極。

Okay. That's good to hear. The other -- just on that point, have you seen -- I guess, has your software companies have they started to -- I guess if the fundamentals are fine, maybe this is not a concern. But have they started to reduce those fixed charges in their business? So we've obviously seen a lot of layoffs happening in the public software companies, which obviously shows the strength in the business. Has your portfolio company started to make those shifts yet? Or is the business performing well enough that, that's not really been an impact?

好的。聽起來還不錯。另一個 - 就這一點而言，你看到了嗎 - 我想，你的軟件公司已經開始 - 我想如果基本面很好，也許這不是問題。但他們是否開始減少業務中的這些固定費用？因此，我們顯然已經看到上市軟件公司發生了大量裁員，這顯然表明了該行業的實力。您的投資組合公司開始做出這些轉變了嗎？或者業務表現是否足夠好，這並沒有真正產生影響？

Yes. I think in the tails, we have some that are starting to look at their costs, we like that and encourage that. Look, I think if you think about the environment we're in, post-COVID, up until last year in a zero rate environment, everything kind of economically hurdled.

是的。我認為在尾巴上，我們有一些開始關注他們的成本，我們喜歡並鼓勵這樣做。看，我想如果你想想我們所處的環境，在 COVID 之後，直到去年在零利率環境中，一切都在經濟上遇到障礙。

And so you can make the math work for anything. And so there was a lot of dollar spent and investments made that should have probably not been made across both public and private markets, both on the investment side and inside companies. And so I think on the margin, you're seeing a little bit of people looking at their cost structure, obviously, not the levels that you see in big tech, but most definitely -- and that's a sign of good management team.

因此，您可以使數學適用於任何事物。因此，無論是在投資方面還是在公司內部，都有大量的美元支出和投資可能不應該在公共和私人市場上進行。所以我認為在邊緣，你看到一些人在看他們的成本結構，顯然，不是你在大型科技公司看到的水平，但最肯定的是——這是優秀管理團隊的標誌。

So trying to get more efficient, we would expect that. The great thing about the business is they have a very variable business model, yes.

因此，為了提高效率，我們希望如此。這家公司的偉大之處在於他們擁有非常多變的商業模式，是的。

Ryan, just on one topic, which I think you did hit on a little bit, which is, I think we talked about (inaudible), but I think the space gets -- I think people get it wrong which is, software businesses might have higher financial leverage, but they have less fixed charges given no CapEx spend.

Ryan，就一個話題，我認為你確實談到了一點，也就是說，我認為我們談到了（聽不清），但我認為空間變得 - 我認為人們弄錯了，軟件業務可能具有更高的財務槓桿，但由於沒有資本支出，它們的固定費用較少。

And so you kind of have to look at leverage in an EBIT basis or an EBITDA minus CapEx basis or operating cash flow minus CapEx. And when you look at that metric, I think those businesses have -- are on a leverage basis or in line or less than like the industrial space or specialty chemical successor. So I think you have to burden cash flow by all fixed charges, just not fixed charges related to financial leverage.

因此，您必須以 EBIT 為基礎或 EBITDA 減去 CapEx 基礎或運營現金流減去 CapEx 來考慮槓桿。當你看這個指標時，我認為這些企業有 - 在槓桿基礎上或符合或低於工業空間或特種化學品的繼任者。所以我認為你必須通過所有固定費用來負擔現金流，而不是與財務槓桿相關的固定費用。

And our next question comes from the line of Robert Dodd with Raymond James.

我們的下一個問題來自 Robert Dodd 和 Raymond James 的對話。

I've got 2 questions, if I can. The first one is on -- it goes back to the guidance and kind of follow up to Mark Hughes and your answer to that. I mean, so the guidance embeds $0.22. I mean, if I look back, the lowest 4-quarter period you guys have ever had was 35 which still 50% higher than in '22.

如果可以的話，我有兩個問題。第一個是 - 它可以追溯到馬克休斯的指導和跟進以及你對此的回答。我的意思是，指導中嵌入了 0.22 美元。我的意思是，如果我回顧過去，你們有史以來最低的 4 個季度是 35，這仍然比 22 年高出 50%。

And you've only had 3 quarters in your history of less than 5, right? So is it that you're being extremely conservative? Or is your view that there's a high risk that 2020 -- the market in 2023 is even more disrupted than it was in '22, in which case, very low activity levels would make sense. So is it a market view that's informing that? Or is it just being very conservative?

在您的歷史記錄中，只有 3 個季度少於 5 個季度，對嗎？那你是不是太保守了？或者你認為 2020 年的風險很高——2023 年的市場比 22 年更加混亂，在這種情況下，非常低的活動水平是有道理的。那麼這是一種市場觀點嗎？或者它只是非常保守？

Yes, it's a good question. I think you've asked this question last year too -- a similar question maybe last year. Look, we don't model activity. We don't really model activity level. We've never historically -- we've updated guidance throughout the year based on activity level, but we've never modeled at the beginning of the year.

是的，這是個好問題。我想你去年也問過這個問題——也許去年有一個類似的問題。看，我們不模擬活動。我們並沒有真正模擬活動水平。從歷史上看，我們從未根據活動水平更新全年的指導，但我們從未在年初建模。

It's just too hard, based on credit spreads -- effectively based on credit spreads or some idiosyncratic things that happen in our portfolio. And if those are known, we will definitely model them. But given that none of those are known and we don't model directional credit spreads that drive portfolio churn, we've just never historically modeled it.

這太難了，基於信用利差——實際上是基於信用利差或我們投資組合中發生的一些特殊情況。如果這些是已知的，我們一定會為它們建模。但鑑於這些都不是已知的，而且我們沒有對驅動投資組合流失的定向信用利差進行建模，所以我們從來沒有對它進行過建模。

And so -- and it's not modeled really this year as well. I think when you look at activity levels such as OID and prepayment fees, I think the assumption is we use kind of 2- to 3-year portfolio turnover on an individual basis which drives some level of those fees and having market spread environment average of portfolio life will be much lower or activity level will be much higher, and so we just don't model it. So I don't think it's a market view. I think it's just how we build our models that we -- that's the upside in the model because it's very difficult to model.

所以 - 今年也沒有真正建模。我認為當你查看 OID 和預付費用等活動水平時，我認為假設我們使用 2 到 3 年的投資組合周轉率，這推動了這些費用的一定水平，並且市場價差環境平均為投資組合壽命會低得多，或者活動水平會高得多，因此我們只是不對其進行建模。所以我認為這不是市場觀點。我認為這就是我們構建模型的方式——這是模型的優勢，因為它很難建模。

I appreciate that. I really appreciate that comment. It's not really a market view, it's a more (inaudible). Second one, if I can.

我很感激。我真的很感激這個評論。這不是真正的市場觀點，而是更多（聽不清）。第二個，如果可以的話。

If you ask me to like give you my best, I would say, that we're -- that there are -- the market will be bifurcated which will be good companies will have access to capital in '23 and '24, which will probably drive some activity level. And people will have to deal with the tails. But credit spreads are starting to come in a little bit. You've seen it in Q4. I think you've seen it year-to-date. And so that is a leading indicator of activity levels, probably 8 -- or portfolio turnover increase in our book.

如果你要我盡力而為，我會說，我們 - 有 - 市場將分叉，這將是好的公司將在 23 和 24 年獲得資本，這將可能會推動一些活動水平。人們將不得不處理尾巴。但信用利差開始小幅收窄。你已經在第四季度看到了它。我想你今年已經看到了。因此，這是活動水平的領先指標，可能是 8——或者我們書中的投資組合周轉率增加。

Understood. And you don't have a lot of tails in your portfolio, so -- that's active. On the other question, after the repayment of the unsecured in January, you had about 40% unsecured of your capital stack which is acceptable, like towards the lower end of what you've historically run and it's towards the lower end of what the rating agencies want, et cetera. It's not going to go down again until November 2024, right? But what's your feel on where you'd really like that to be, understand that right now it's a pretty expensive environment for unsecured, but are you comfortable at 40% financially?

明白了。而且你的投資組合中沒有很多尾巴，所以 - 這是活躍的。關於另一個問題，在 1 月份償還無抵押貸款後，你的資本堆棧中有大約 40% 是無抵押的，這是可以接受的，比如接近你歷史運行的低端，也接近評級的低端機構想要等等。到 2024 年 11 月它才會再次下降，對嗎？但是你對你真正喜歡的地方有什麼看法，明白現在對於無擔保的環境來說這是一個相當昂貴的環境，但是你在經濟上對 40% 感到滿意嗎？

Well, I think we are. I think we built our balance sheet, we built our -- it's a function of how much revolver capacity one has. And we have a ton of revolver capacity and liquidity. And so we've paid for that. And it's been burdened our economics. It's been on our economics since and we pay commitment fees on that on the unused portion, we paid upfront fees on that. And so we've burdened our economics. And we like paying for the insurance that allow us to (inaudible) for the unsecured market is not as attractive although spreads have started coming in significantly in the last 2 to 3 months.

好吧，我想我們是。我認為我們建立了我們的資產負債表，我們建立了我們的——它是一個人擁有多少左輪手槍能力的函數。我們擁有大量的左輪手槍容量和流動性。所以我們為此付出了代價。這給我們的經濟帶來了負擔。從那以後，這一直是我們的經濟問題，我們為未使用的部分支付了承諾費，我們為此支付了預付費用。因此，我們給經濟帶來了負擔。我們喜歡為允許我們（聽不清）無擔保市場的保險付費，儘管在過去 2 到 3 個月中利差開始顯著增加，但它並不那麼有吸引力。

And so we'll be opportunistic. We're most definitely at the low end. If this portfolio grows, they'll treat a little bit lower because the mix will be -- the marginal portfolio of growth will be funded on the revolver on the secured side. So I want to say, it will be flat from here on out because that (inaudible) portfolio growth. The portfolio growth on a marginal basis would be funded with the revolver.

所以我們會投機取巧。我們絕對處於低端。如果這個投資組合增長，他們會稍微降低一點，因為組合將是——邊際增長投資組合將由有擔保的左輪手槍提供資金。所以我想說，從現在開始它會持平，因為（聽不清）投資組合增長。邊際基礎上的投資組合增長將由左輪手槍提供資金。

But we most definitely will be back in that market. We like that market. I think we're 1 of 2 people in space who have at least a BBB flat rating. I think it's (inaudible). And so we were 1 of the 2 higher rated people in this space. And so we like that market. We have access to that market, and we'll most definitely be opportunistic. But we've paid for an insurance and since we paid for it, we're going to use it, and we priced that into our economics for our shareholders. So I hope that answers your question. Ian, I don't know if you have anything to add?

但我們絕對會回到那個市場。我們喜歡那個市場。我認為我們是太空中至少擁有 BBB 平級評級的 2 人中的 1 人。我認為是（聽不清）。因此，我們是該領域評分較高的 2 人中的 1 人。所以我們喜歡那個市場。我們可以進入那個市場，而且我們絕對會投機取巧。但我們已經支付了保險費用，既然我們支付了保險費用，我們就會使用它，我們將其計入我們股東的經濟中。所以我希望這能回答你的問題。伊恩，我不知道你有什麼要補充的嗎？

I think it does answer the question. Just maybe more directly, Robert, we're pretty comfortable just given the options that we have available to us.

我認為它確實回答了這個問題。羅伯特，也許更直接一點，考慮到我們可以使用的選項，我們感到非常自在。

Thank you. And I am showing no further questions, and I'd like to turn the conference back over to Josh for any further remarks.

謝謝。我不會再提出任何問題，我想將會議轉回給 Josh，以徵求他的進一步意見。

Great. So thank you so much for the interactive call. We appreciate people getting on the new format of the call vis-à-vis the web or the change of lack of that one. But we really appreciate it. And we look forward to chatting with people in the spring, and I hope everybody has a nice end of the winter and the beginning of the spring, we'll be back for our Q1 earnings call soon. Thanks so much.

偉大的。非常感謝您的互動電話。我們感謝人們接受與網絡相對應的新通話格式，或者改變缺少網絡的方式。但我們真的很感激。我們期待在春天與人們聊天，我希望每個人都能愉快地度過冬天和春天的開始，我們很快就會回來參加第一季度的財報電話會議。非常感謝。

Thanks, everyone.

感謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，祝你有美好的一天。