Marc S. Lipschultz
very are and Doug these where capital generate terrific off much, advantageous strong to growth lending in that Great. business his We've I'd the more left but able especially where even strategies about been we're earlier market to up choppy business. in to in environments, direct pick constructive opportunities for Thanks Doug. seeing us comments deploy are lending our direct markets shine. so through like
are scarce served patient in well. a provide As liquidity tech time lending our to lending when us solutions direct and at player well has a in capital, permanent is we with positioned much-needed market-leading capital scaled position
continue number large attractive spreads We to and software finances to and a loan low for firms of values. large lead
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looked first half we the of evaluated at of of investments year. excess XX all of exceeding the $X that for facility we over nearly the year, So size, deals for full with in XX the XXXX in billion, sizes
solutions. financing powder sit with excellent dry for Our various opportunities. continue remains favorable us. This to having characteristics private market an also on for pipeline find is conversations and very supply-demand with as attractive meaningful companies non-sponsored robust sponsors We're looking
For XX% you were the second $X.X on the see earnings up XX% originations quarter, as and year-over-year can billion nearly XX quarter-over-quarter. release, gross over of of Slide
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our portfolio very is So helpful.
ability seen of the have our finance for to portfolio their great far, compression. margin businesses for we along companies we fast So customers, resiliency costs protecting their other in
our a while for X% very to Now negative result, existing on to turning value loans second to continued how widening portfolio March quarter, due perform performance and for fundamentally portfolio appreciated lending the as the the spread were direct XX well. months, our we
take we think me second on Let about and mark-to-market. a comment how
heard You've repeating. this say before, it me but does bear
about this mark-to-market audience, unrealized funds and deeply products, our very particular, very it in matters for to investors and While of to really impactful us our not the care and performance much and shareholders. particular is our we performance the
ultimately what deminimis we in off was markets marks, fees impact saw you way, public traded another quarter, as of there As during by credit management the as result significantly. Said a our direct management during period evidenced the fee on lending to which between in a growth is marks credit investments not do performance simply we noise. on about spreads in from changes dividends the our impact care overall investors. our good and is our call paid get in Unrealized back investments, our that and or of everything
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lending to the During for investors flow. billion across direct second the and continued of this billion the expand million compares of direct distribution second products $XX all quarter, in additional tenders quarter, which an of lending end for closed $XX deminimis we more requested $X to a our we fund. AUM Subsequent broadly, to
on Now real to business. moving estate our
attractive at for believe costs we corporate Investor and about investment lease Day, increase. an environment see as spoke we continue net borrowing we continue in to are As to tailwinds
roughly under transaction stand here near-term of of billion today, we As more $XX of we or billion close letter potential loss. $X.X and pipeline intent contract have than in volume a
pipeline on As [ph] to track in our real closed-end leasebacks to continues $XXX launch The at us potential similar in than expect approximately create recently we the of Fund an VI challenging later estate markets fifth meaningfully continue sale putting volatility equity we of that to cap that very opportunities the opportunities. average rate picked on of have and our of of is capitalizing the this financing We've over broken is XX% today, invested robust, million flow market. fund, year. a the market better prior deal but for up
Trust. and expanding. large third continue in first wirehouse launched to We're the with we will Lease addition, in product In currently our quarter, this one today, an close open-ended with Net latest have product, we expectation the
to generally lease of are attributes, believe this primarily yield, we advantages lease there. other be very structure, We strategy net the to an strategy out a have this with access very strategies counterparties this net currently attractive will and plus and tax approach. favorably able investment-grade in compares excited differentiated about we beneficial Investors targets think which the X%
these, income now, multiple strategy inception, generation, profile net fully and tenant our and risk-adjusted say us XX looking just litigation, heard and net bankrupt a our or of never it what but in rent miss default returns times a our underlying as on real lease, You've across portfolio and have second think we've and average our XX% are credit inflation this single closed-end funds such downside a I portfolios. lease that. XX.X% the investors provides are strong go are we the repeat; X.X% protection for months. for alone, strategies bears gross across had quarter a IRR estate markets Since estate for these last for of realized generated appreciation payment, the of on real These
given about our quite we tell, we are that track the excited record see. opportunities you can large As and strategy
to turn Capital GP So Michael Solutions. discuss let to with me that, it
