CIFC's AUM growth slow down to 24% YoY vs 27% YoY led by flat YoY growth in disbursements. Management maintained guidance for 20-25% AUM growth led by 15-20% disbursement growth for longer term. NIM improved by 10bps QoQ led by lower cost of funds. We expect benefit of lower interest rate environment on account of fixed rate VF book. Asset quality deteriorated with GS3 at 3.16% vs 2.81%. NII grew by 26% YoY led by improvement in NIMs YoY; however, PPoP grew by 30% YoY led by increase in other income (up 94% YoY). PAT grew by 21% YoY led by higher provisions (up 52% YoY). We have largely maintained our...