Blue Owl Capital Corp (OBDC) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to Blue Owl Capital Corporation's third quarter 2024 earnings call.

大家早安，歡迎參加 Blue Owl Capital Corporation 的 2024 年第三季財報電話會議。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

At this time, I'd like to turn the call over to Mike Mosticchio, Head of BDC Investor Relations.

現在，我想將電話轉給 BDC 投資者關係主管 Mike Mosticchio。

Please go ahead.

請繼續。

Thank you, operator, and welcome to Blue Owl Capital Corporation's third quarter earnings conference call.

謝謝您，電信商，歡迎參加 Blue Owl Capital Corporation 第三季財報電話會議。

Yesterday, Blue Owl Capital Corporation issued its earnings release and posted an earnings presentation for the third quarter ended September 30, 2024.

昨天，Blue Owl Capital Corporation 發布了財報，並公佈了截至 2024 年 9 月 30 日的第三季財報。

These should be reviewed in conjunction with the company's 10-Q filed yesterday with the SEC.

這些應與公司昨天向 SEC 提交的 10-Q 一起進行審查。

All materials referenced on today's call, including the earnings press release, earnings presentation and 10-Q are available on the Investors section of the Company's website at blueowlcapitalcorporation.com. Joining us on the call today are Craig Packer, Chief Executive Officer; Logan Nicholson, President and Jonathan Lamm, Chief Financial Officer.

今天電話會議引用的所有資料，包括收益新聞稿、收益演示和 10-Q 報告，均可在公司網站 blueowlcapitalcorporation.com 的投資者部分取得。今天加入我們電話會議的還有執行長克雷格·帕克 (Craig Packer)；洛根·尼克森 (Logan Nicholson) 擔任總裁，喬納森·拉姆 (Jonathan Lamm) 擔任財務長。

I'd like to remind listeners that remarks made during today's call may contain forward-looking statements, and are not guarantees of future performance or results and involve a number of risks and uncertainties that are outside of the company's control.

我想提醒聽眾，今天電話會議中的言論可能包含前瞻性陳述，並不是對未來業績或結果的保證，並且涉及許多公司無法控制的風險和不確定性。

Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described in OBDC's filings with the SEC.

由於多種因素（包括 OBDC 向 SEC 提交的文件中所述的因素），實際結果可能與前瞻性聲明中的結果有重大差異。

The company assumes no obligation to update any forward-looking statements.

該公司不承擔更新任何前瞻性陳述的義務。

Certain information discussed on this call and in the company's earnings materials, including information related to portfolio companies, was derived from third-party sources and has not been independently verified.

本次電話會議和公司收益資料中討論的某些資訊（包括與投資組合公司相關的資訊）來自第三方來源，未經獨立核實。

The company makes no such representations or warranties with respect to this information.

本公司對此資訊不作任何此類陳述或保證。

With that, I'll turn the call over to Craig Packer, Chief Executive Officer of OBDC.

接下來，我會將電話轉給 OBDC 執行長 Craig Packer。

Thanks, Mike.

謝謝，麥克。

Good morning, everyone, and thank you all for joining us today.

大家早安，感謝大家今天加入我們。

We delivered strong third quarter results driven by continued portfolio performance and robust investment activity.

在持續的投資組合表現和強勁的投資活動的推動下，我們第三季業績強勁。

We achieved ROE for the quarter of 12.4%, our seventh consecutive quarter of double digit ROE and dividend yield, reflecting our attractive asset base and the resilient credit quality of our portfolio.

我們本季實現了12.4% 的淨資產收益率，這是我們連續第七個季度實現兩位數的淨資產收益率和股息收益率，反映出我們有吸引力的資產基礎和投資組合的彈性信用品質.

As of quarter end, our net asset value per share was $15.28 just off from historical highs.

截至季末，我們的每股淨值為 15.28 美元，略低於歷史高點。

The fundamental performance of the portfolio remains strong and our non-accrual rate remains well below the industry average.

投資組合的基本面表現仍然強勁，我們的非應計利率仍然遠低於行業平均水平。

OBDC continues to over earn the base dividend, enabling us to pay $0.05 per share supplemental dividend, and Jonathan will share more on our financial performance in a moment.

OBDC 繼續超額賺取基本股息，使我們能夠支付每股 0.05 美元的補充股息，喬納森稍後將分享更多有關我們財務業績的資訊。

We are very pleased with our results this quarter, and we think it's important to put them in the context of what we are seeing in the broader markets.

我們對本季的業績非常滿意，我們認為將其與我們在更廣泛的市場中看到的情況結合起來非常重要。

Since we spoke to you last quarter, the interest rate outlook has shifted considerably.

自從我們上個季度與您交談以來，利率前景發生了很大變化。

The market is now recalibrating based on an expectation of additional rate cuts over the remainder of the year as inflation has eased.

由於通膨有所緩解，市場目前正在根據今年剩餘時間內進一步降息的預期進行重新調整。

When rates increased over two years ago, we took decisive action to ensure our shareholders would benefit from expected earnings momentum while maintaining ample cushion on our base dividend.

當兩年多前利率上漲時，我們採取了果斷行動，以確保我們的股東從預期獲利動能中受益，同時保持基本股息充足的緩衝。

We introduced a variable, supplemental dividend framework and modestly increased the base dividend.

我們引入了可變的補充股息框架，並適度增加了基本股息。

Both of these initiatives were designed to deliver predictable cash flow to our shareholders.

這兩項措施旨在為我們的股東提供可預測的現金流。

As floating rate investors, we recognize that the elevated rate environment would not last forever and by implementing a programmatic supplemental dividend that allowed OBDC shareholders to benefit from the higher returns associated with the increased rate environment while providing the predictability of our base dividend.

作為浮動利率投資者，我們認識到高利率環境不會永遠持續下去，因此透過實施計劃性補充股息，使OBDC 股東能夠從與高利率環境相關的更高回報中受益，同時提供我們基本股息的可預測性。

This move has proven beneficial since launching the supplemental dividend structure two years ago.

自兩年前推出補充股息結構以來，這項舉措已被證明是有益的。

OBDC shareholders have received a total of $0.47 of supplemental dividends per share, reflecting our commitment to ensuring our shareholders benefit from our earnings momentum.

OBDC 股東已收到每股 0.47 美元的補充股息，這反映了我們確保股東從我們的獲利動能中受益的承諾。

In the third quarter, OBDC's base dividend coverage was 127%, one of the highest among BDC peers, providing us with ample confidence in our ability to navigate the rate environment ahead.

第三季度，OBDC 的基本股利覆蓋率為 127%，是 BDC 同行中最高的之一，這讓我們對自己應對未來利率環境的能力充滿信心。

To put this in context, given current market rate expectations, we believe our base dividend will be covered throughout 2025.

考慮到目前的市場利率預期，我們相信我們的基本股利將在 2025 年全年支付。

Depending upon how fast rates decrease, we may continue to generate excess income and pay modest additional supplemental dividends.

根據利率下降的速度，我們可能會繼續產生超額收入並支付適度的額外補充股息。

Turning to the market environment.

轉向市場環境。

While M&A activity remains subdued, we continue to find attractive risk-adjusted opportunities to deploy capital and stay at our optimal portfolio leverage for enhanced returns.

儘管併購活動依然低迷，但我們繼續尋找有吸引力的風險調整機會來部署資本並保持最佳投資組合槓桿以提高回報。

Even during times of muted industry deal activity, we leverage our differentiated scale and broad origination platform to maintain strong deal flow and selectivity.

即使在產業交易活動低迷的時期，我們也利用差異化的規模和廣泛的發起平台來維持強勁的交易流和選擇性。

Our growth as a platform has resulted in a large number of incumbent lending positions.

我們作為一個平台的發展帶來了大量的現有貸款部位。

With our 12 -- $128 billion of assets under management and credit.

我們管理和信貸的資產有 12 至 1280 億美元。

We have a deep pool of existing borrowers and sponsor relationships we can draw upon for deal flow even in a period of modest new buyout activity.

我們擁有大量的現有借款人和保薦人關係，即使在新的收購活動不多的時期，我們也可以利用交易流。

Across our platform, we are a lead or co-lead lender on roughly 90% of deals, administrative agent on approximately 65% of our investments and have the ability to commit over $1 billion to any single investment.

在我們的平台上，我們是大約 90% 交易的牽頭或聯合牽頭貸款人，大約 65% 投資的行政代理，並且有能力為任何單項投資承諾超過 10 億美元。

This significant presence typically makes us the first call when a new financing for one of our portfolio companies is in the works, driving significant deal flow.

當我們的投資組合公司之一的新融資正在進行時，這種重要的存在通常會讓我們第一個致電，從而推動大量交易流。

To that end, roughly 2/3 of our originations this quarter were deployed into our 435 existing borrowers in refinancings or add-on acquisitions.

為此，本季大約 2/3 的貸款透過再融資或附加收購部署到了 435 名現有借款人。

We believe this reflects not only the confidence we have in our portfolio companies, but also the trust that private equity sponsors place in us as a preferred financing provider.

我們相信，這不僅反映了我們對投資組合公司的信心，也反映了私募股權發起人對我們作為首選融資提供者的信任。

We also have one of the largest direct lending teams in the industry with over 120 investment professionals coupled with several complementary credit strategies at Blue Owl.

我們還擁有業內最大的直接貸款團隊之一，擁有超過 120 名投資專業人士，以及 Blue Owl 的多種補充信貸策略。

The scale across both Blue Owl Capital and our credit platform is one of our most significant competitive advantages that provides us the ability to generate significant deal flow through our sourcing capabilities.

Blue Owl Capital 和我們的信貸平台的規模是我們最重要的競爭優勢之一，它使我們能夠透過我們的採購能力產生大量交易流。

This has allowed us to remain highly selective even as we deployed over $9.5 billion across the platform this quarter.

這使我們能夠保持高度選擇性，儘管本季度我們在整個平台上部署了超過 95 億美元。

In addition, our growing footprint has made Blue Owl an attractive home for leading asset managers, which has helped drive the recent acquisitions of Atalaya Capital Management, which closed in September, and the announcement of IPI Partners in October, the global investment manager focused exclusively on data centers.

此外，我們不斷成長的足跡使Blue Owl 成為領先資產管理公司的一個有吸引力的家，這有助於推動最近對Atalaya Capital Management 的收購（該收購於9 月完成），以及IPI Partners 於10 月宣布成立，全球投資管理公司專門專注於關於數據中心。

These acquisitions expand our platform into alternative credit, broaden our capabilities and enhance our overall deal flow across the platform, ultimately strengthening our ability to drive originations at the fund level in the coming quarters.

這些收購將我們的平台擴展到替代信貸領域，擴大了我們的能力，並增強了我們整個平台的整體交易流，最終增強了我們在未來幾季推動基金層面發起的能力。

Looking ahead, as we think about our investment approach, we remain focused on direct lending to senior secured investments in the upper middle market.

展望未來，當我們考慮我們的投資方法時，我們仍然專注於向中高端市場的高級擔保投資提供直接貸款。

We are seeing strong results from our portfolio companies and a number of challenged positions within the portfolio was small.

我們看到我們的投資組合公司取得了強勁的業績，並且投資組合中的一些面臨挑戰的職位規模較小。

These achievements reflect the durability of our strategy and our continued focus on credit selection and proactive portfolio management, which remains unwavering even as economic conditions shift.

這些成就反映了我們策略的持久性，以及我們對信貸選擇和主動投資組合管理的持續關注，即使經濟狀況發生變化，這一點也依然堅定不移。

Finally, I want to provide an update on our previously announced merger with OBDE.

最後，我想提供有關我們之前宣布的與 OBDE 合併的最新資訊。

As we've discussed on our last earnings call, we expect this merger will streamline our direct lending platform, enhance our scale with a high-quality diversified portfolio that offers significant investment overlap, improve our trading liquidity profile for current and prospective shareholders, increase our access to lower-cost sources of debt and finally, drive operational efficiencies and cost savings.

正如我們在上次財報電話會議上討論的那樣，我們預計這次合併將簡化我們的直接貸款平台，透過提供大量投資重疊的高品質多元化投資組合擴大我們的規模，改善我們當前和潛在股東的交易流動性狀況，增加我們獲得低成本債務來源，最後提高營運效率並節省成本。

We also anticipate that it will drive NII accretion over both the near and long-term with an opportunity for NAV per share accretion.

我們也預計，這將推動近期和長期的 NII 增加，並有機會增加每股資產淨值。

We achieved an important milestone in the merger process in mid-October when the joint proxy statement of OBDC and OBDE was declared effective by the SEC.

10 月中旬，美國證券交易委員會宣布 OBDC 和 OBDE 的聯合委託書生效，我們在合併過程中實現了一個重要的里程碑。

The proxy solicitation process has begun and will conclude at each of our shareholder meetings scheduled for January 8.

委託書徵集流程已經開始，並將在定於 1 月 8 日舉行的每次股東大會上結束。

Our current expectation is that the transaction will close in January 2025.

我們目前的預期是交易將於 2025 年 1 月完成。

We encourage all shareholders to review the proxy materials and vote your shares accordingly.

我們鼓勵所有股東查看代理資料並相應地投票您的股份。

As a reminder, the OBDC Board of Director, myself included, has unanimously recommended shareholders vote in favor of the proposals on the ballot.

謹此提醒，OBDC 董事會（包括我本人）一致建議股東對投票中的提案投下贊成票。

With that, I'll turn it over to Logan for additional color on portfolio performance.

有了這個，我將把它交給洛根，以獲取有關投資組合績效的更多資訊。

Thanks, Craig.

謝謝，克雷格。

We continue to find attractive opportunities to commit capital in the third quarter, driving strong origination activity and solid earnings despite the persistently low M&A deal flow.

儘管併購交易流量持續較低，但我們在第三季繼續尋找有吸引力的投入資本機會，推動了強勁的發起活動和穩健的收益。

During the quarter, we deployed approximately $1.2 billion in new investment commitments, which was roughly in line with repayments.

本季度，我們部署了約 12 億美元的新投資承諾，與還款大致相符。

As Craig mentioned, our scale and incumbency creates an advantage, resulting in the majority of our originations this quarter coming from existing borrowers.

正如克雷格所提到的，我們的規模和服務創造了優勢，導致本季我們的大部分資金來自現有借款人。

We were able to achieve larger allocations in some of the largest, highest quality new borrowers in the market.

我們能夠為市場上一些規模最大、品質最高的新借款人實現更大的分配。

And for our refinancing flows, we were actually able to grow our share in many deals across the platform.

對於我們的再融資流量，我們實際上能夠增加在整個平台的許多交易中的份額。

I would contrast this to the first quarter where we saw elevated second lien repayments that did not present us with a reinvestment opportunity.

我將此與第一季進行對比，第一季我們看到第二留置權償還額增加，但沒有為我們提供再投資機會。

We added 11 new names into the portfolio and funded Audiotonix, an LBO that Blue Owl committed approximately $1.5 billion to across our platform.

我們在投資組合中添加了 11 個新名字，並資助了 Audiotonix，這是 Blue Owl 在我們平台上投入約 15 億美元的槓桿收購。

Over 96% of this quarter's origination activity consisted of first lien investments as we continue to believe that first lien and unitranche loans provide the most attractive relative value in the market today.

本季超過 96% 的發起活動由第一留置權投資組成，因為我們仍然相信第一留置權和統一貸款提供了當今市場上最具吸引力的相對價值。

As a result, our first lien investments have grown to 76% of the portfolio from 69% in the prior year.

因此，我們的第一批留置權投資已從上一年的 69% 成長到投資組合的 76%。

We believe our long-standing and disciplined approach to investing in upper middle market businesses with significant operating histories in non-cyclical sectors has resulted in an attractive, highly diversified portfolio.

我們相信，我們對在非週期性行業具有重要經營歷史的中高端市場企業的長期和嚴格的投資方法已經產生了有吸引力的、高度多元化的投資組合。

Our average investment represents less than 0.5% of the portfolio, minimizing our exposure to any single company.

我們的平均投資佔投資組合的比例不到 0.5%，從而最大限度地減少了我們對任何一家公司的投資。

The median EBITDA of our portfolio of borrowers is $112 million, and weighted average EBITDA is $197 million with an average LTV of 43%.

我們借款人投資組合的 EBITDA 中位數為 1.12 億美元，加權平均 EBITDA 為 1.97 億美元，平均 LTV 為 43%。

We believe this scale can provide strategic benefits and operational stability as many of our borrowers are market leaders within their sectors.

我們相信，這種規模可以帶來戰略利益和營運穩定性，因為我們的許多藉款人都是其行業內的市場領導者。

As Craig mentioned, our borrowers are performing well, having navigated the higher rate environment.

正如克雷格所提到的，我們的借款人在經歷了較高利率的環境後表現良好。

Across the portfolio, our average interest coverage improved to around 1.7 times, up from 1.6 times last quarter.

在整個投資組合中，我們的平均利息保障倍數從上季的 1.6 倍提高至 1.7 倍左右。

This is in line with how we thought about our trough coverage in the prior quarter, and we expect to see the benefits of lower base rates flowing through the portfolio of companies over the next quarter.

這與我們對上一季低谷覆蓋率的看法一致，我們預計下個季度較低的基本利率將為公司投資組合帶來好處。

Based on the declining forward rate curve, we should expect to see continued gradual improvement in interest coverage.

基於不斷下降的遠期利率曲線，我們預期利息覆蓋率將持續逐步改善。

One year from now, we project our average interest coverage ratios will be in the high 1 times to low 2 times assuming these forward rate conditions remain as forecasted and portfolio company performance remains stable.

一年後，假設這些遠期利率狀況保持如預測且投資組合公司業績保持穩定，我們預計我們的平均利息覆蓋率將處於高 1 倍到低 2 倍的水平。

Within our portfolio, the sustained earnings growth of our borrowers continues to be the most significant driver of credit health.

在我們的投資組合中，借款人的持續獲利成長仍然是信貸健康的最重要驅動力。

Overall, our borrowers are growing revenues and EBITDA in the mid-single digits year-over-year.

總體而言，我們的借款人的收入和 EBITDA 年成長為中個位數。

We'd note that earnings growth of our borrowers ticked up modestly quarter-over-quarter as well.

我們注意到，借款人的獲利成長也逐季小幅上升。

Our portfolio companies have the advantages of size, scale and sponsor support, which we believe will continue to serve us well.

我們的投資組合公司具有規模、規模和贊助商支援方面的優勢，我們相信這些優勢將繼續為我們提供良好的服務。

We remain confident in the resilience of our portfolio across varying economic environments and the changing rate landscape.

我們對我們的投資組合在不同的經濟環境和不斷變化的利率格局中的彈性仍然充滿信心。

Our non-accrual rate in our debt portfolio remains low at 70 basis points of fair value, reflecting the removal of one name from non-accrual and no new additions this quarter.

我們的債務投資組合中的非應計利率仍處於較低水平，為公允價值的 70 個基點，這反映出本季度從非應計利率中刪除了一個名稱，並且沒有新的增加。

One of the primary indicators of health of our portfolio is our internal rating system.

我們投資組合健康狀況的主要指標之一是我們的內部評級系統。

In the third quarter, our investments internally rated 3 to 5 actually declined modestly, which is another encouraging sign of the underlying health and stability of our investments.

第三季度，我們的內部評級 3 至 5 的投資實際上略有下降，這是我們投資的基本健康和穩定性的另一個令人鼓舞的跡象。

And finally, the subset of names on our watch list remains steady quarter-over-quarter, and we do not see any material pickup in amendment activity or other signs of stress.

最後，我們觀察名單上的名稱子集季度環比保持穩定，我們沒有看到修正案活動出現任何實質回升或其他壓力跡象。

I also want to spend a moment on our PIK exposure, an area of heightened focus in the market.

我還想花點時間談談我們的 PIK 曝光度，這是市場高度關注的領域。

As we have said before, over 80% of our PIK income was structured as such at initial underwriting, and more than half of our PIK exposure is in the form of first lien investments.

正如我們之前所說，我們超過 80% 的 PIK 收入是在初始承保時建構的，而我們一半以上的 PIK 曝險是以第一留置權投資的形式。

In addition, PIK exposure remains stable year-over-year and quarter-over-quarter in the portfolio.

此外，PIK 投資組合中的同比和環比保持穩定。

In fact, these PIK names represent some of our best investments.

事實上，這些 PIK 名稱代表了我們一些最好的投資。

A recent example in the quarter was our preferred equity investment in Citrix, which was originally underwritten with PIK in 2022 and carried PIK interest at inception of S plus 12% and recently had flipped to cash pay.

本季最近的一個例子是我們對 Citrix 的優先股權投資，該投資最初於 2022 年由 PIK 承銷，並在 S 開始時獲得 PIK 利息加 12%，最近已轉為現金支付。

Due to the company's strong performance, Citrix refinanced the preferred equity with senior debt and we generated an IRR north of 20% and a MoIC of 1.5 times.

由於公司業績強勁，Citrix 透過優先債務對優先股進行了再融資，我們的 IRR 高達 20% 以上，MoIC 為 1.5 倍。

Our portfolio continues to be stable and resilient, giving us confidence in our ability to deliver attractive risk-adjusted returns for our shareholders.

我們的投資組合持續保持穩定和彈性，使我們對為股東提供有吸引力的風險調整回報的能力充滿信心。

And now I'll turn over the call to Jonathan to provide more detail on our third quarter financial results.

現在我將把電話轉給喬納森，以提供有關我們第三季財務業績的更多詳細資訊。

Thank you, Logan.

謝謝你，洛根。

Our financial performance for the third quarter demonstrated the consistency of our earnings despite the changing market environment.

儘管市場環境不斷變化，我們第三季的財務表現證明了我們獲利的穩定性。

We ended the third quarter with total portfolio investments of $13.4 billion, outstanding debt of $7.8 billion and total net assets of $6 billion.

截至第三季末，我們的投資組合投資總額為 134 億美元，未償債務為 78 億美元，淨資產總額為 60 億美元。

Our third quarter NAV per share was $15.28, reflecting the impact of credit-related markdowns on a select few investments.

我們第三季每股資產淨值為 15.28 美元，反映了信貸相關降價對少數投資的影響。

We believe our NAV demonstrates the resilience of our portfolio as it remains near our historical highs.

我們相信，我們的資產淨值顯示了我們投資組合的彈性，因為它仍然接近我們的歷史高點。

Turning to the income statement.

轉向損益表。

We earned net investment income of $0.47 per share, down $0.01 from the prior quarter, driven by maintaining leverage towards the higher end of our target range and stable repayment-related income.

我們的淨投資收益為每股 0.47 美元，較上一季下降 0.01 美元，這得益於我們將槓桿維持在目標範圍的高端以及穩定的還款相關收入。

Similar to prior quarters, we meaningfully over earned our base dividend, resulting in the Board declaring a $0.05 supplemental dividend for the third quarter, which will be paid on December 13 to shareholders of record on November 29.

與前幾季類似，我們明顯超額賺取了基本股息，導致董事會宣布第三季追加 0.05 美元的股息，該股息將於 12 月 13 日支付給 11 月 29 日登記在冊的股東。

The Board also declared a fourth quarter base dividend of $0.37, which will be paid on January 15 to shareholders of record as of December 31.

董事會也宣布第四季基本股利為 0.37 美元，將於 1 月 15 日向截至 12 月 31 日在冊的股東支付。

As Craig mentioned earlier, we believe OBDC is well positioned for a lower rate environment.

正如克雷格之前提到的，我們相信 OBDC 已為較低利率環境做好了準備。

OBDC's base dividend is well covered by our earnings with 127% dividend coverage.

OBDC 的基本股利已被我們的收益充分覆蓋，股利覆蓋率為 127%。

Further supporting our distributions is our spillover income.

進一步支持我們的分配的是我們的溢出收入。

We finished the quarter with approximately $0.41 per share of spillover as a result of meaningful overearning of our dividends, which is a strong advantage that provides stability going forward.

由於我們的股息大幅超額獲利，本季末我們每股溢出額約為 0.41 美元，這是一個強大的優勢，可以提供未來的穩定性。

In terms of our asset sensitivity to lower rates, if rates are cut by an additional 50 basis points and assuming no other changes to our portfolio, we would expect NII to decrease $0.02 per share over the next quarter.

就我們的資產對較低利率的敏感度而言，如果利率再降低 50 個基點，並假設我們的投資組合沒有其他變化，我們預計下季 NII 將每股減少 0.02 美元。

Despite these potential headwinds, we feel very comfortable with our base dividend level amid the evolving rate environment, and any reductions in rates will take time to impact our earnings.

儘管存在這些潛在的不利因素，但在不斷變化的利率環境中，我們對我們的基本股息水準感到非常滿意，而且利率的任何降低都需要一段時間才能影響我們的收益。

We encourage investors to refer to the interest rate risk section of our 10-Q for additional information on OBDC's asset sensitivity.

我們鼓勵投資者參閱 10-Q 的利率風險部分，以了解有關 OBDC 資產敏感性的更多資訊。

Moving to the balance sheet.

轉向資產負債表。

We continue to optimize and enhance our liability structure to deliver strong performance to shareholders.

我們不斷優化和增強負債結構，為股東帶來強勁的業績。

We finished the third quarter with net leverage of 1.23 times within our target range of 0.9 times to 1.25 times based on originations that were generally in line with repayments.

第三季結束時，我們的淨槓桿率為 1.23 倍，處於我們 0.9 倍至 1.25 倍的目標範圍內，這是基於與還款基本一致的起源。

During the quarter, we enhanced our liquidity position by increasing our revolver capacity by approximately 30% or $585 million across six lenders, bringing OBDC's total revolving facility to $2.6 billion.

本季度，我們透過將六家貸方的循環貸款能力增加約 30%（即 5.85 億美元）來增強我們的流動性頭寸，使 OBDC 的循環貸款總額達到 26 億美元。

This reflects the strong relationships we have built with our bank partners and represents the importance of the Blue Owl platform.

這反映了我們與銀行合作夥伴建立的牢固關係，也反映了 Blue Owl 平台的重要性。

As of quarter end, total liquidity stood at $2.1 billion, well in excess of our unfunded commitments.

截至季末，流動性總額為 21 億美元，遠遠超出我們對無資金支持的承諾。

Additionally, we believe we can further reduce costs through the synergies and liability optimization, [resulting] from our anticipated merger with OBDE.

此外，我們相信我們可以透過預期與 OBDE 合併的協同效應和責任優化來進一步降低成本。

We remain very pleased with our results and with what we have accomplished with our liability structure.

我們對我們的結果以及我們在負債結構方面所取得的成就仍然非常滿意。

And now I'll hand it back to Craig to provide final thoughts for today's call.

現在我將把它交還給克雷格，以提供今天電話會議的最終想法。

Thanks, Jonathan.

謝謝，喬納森。

Since inception, we have delivered strong ROEs and constructed a resilient portfolio with a very low loss ratio of approximately 20 basis points.

自成立以來，我們實現了強勁的 ROE 並建立了一個具有彈性的投資組合，損失率非常低，約 20 個基點。

We believe this performance reflects our commitment to credit quality and a long-term approach in managing our credit business and OBDC.

我們相信這一業績體現了我們對信貸品質的承諾以及管理信貸業務和 OBDC 的長期方法。

We've built our direct lending platform with this long-term mindset, ensuring our portfolio and dividend framework will perform well across all interest rate and economic environments.

我們本著這種長期思維建立了直接貸款平台，確保我們的投資組合和股息框架在所有利率和經濟環境中都能表現良好。

Looking ahead, we are confident that our strong origination capabilities will allow us to maintain a fully invested high-quality portfolio.

展望未來，我們相信，我們強大的發起能力將使我們能夠維持充分投資的高品質投資組合。

While lower rates will impact OBDC's earnings, they will also reduce interest expense for our portfolio companies, enhancing their performance and potentially leading to increased M&A activity.

雖然較低的利率將影響 OBDC 的收益，但它們也將減少我們投資組合公司的利息支出，提高其業績，並可能導致併購活動增加。

New activity has been light in recent quarters with historically tight spreads driven by strong capital inflows into both public debt and private credit funds.

最近幾季的新活動較少，由於資本大量流入公共債務和私人信貸基金，利差處於歷史低點。

This has put pressure on pipelines across the BDC sector, resulting in new joint ventures between direct lenders and established banks as they seek to expand origination efforts.

這給整個 BDC 行業的管道帶來了壓力，導致直接貸款機構和老牌銀行在尋求擴大發起工作時成立新的合資企業。

At Blue Owl, we have not needed to pursue these strategies.

在 Blue Owl，我們不需要追求這些策略。

As you've heard me say today, our investment in our team, our scale, our sponsor relationships and our long-term investment thesis have carried us through both outsized market activity and more challenged economic cycles.

正如您今天聽到的，我們對團隊的投資、我們的規模、我們的贊助商關係和我們的長期投資理念使我們經歷了大規模的市場活動和更具挑戰性的經濟週期。

We believe the current market trends will not persist indefinitely.

我們相信當前的市場趨勢不會無限期地持續下去。

Eventually, the supply-demand imbalance will improve.

最終，供需失衡狀況將會改善。

Lower rates could result in increased deal activity as companies invest more in growth initiatives, potentially spurring a wave of M&A and improving pricing as deal activity increases.

較低的利率可能會導致交易活動增加，因為公司更多地投資於成長計劃，可能會刺激併購浪潮，並隨著交易活動的增加而提高定價。

In the meantime, while we wait for the market to recalibrate, our portfolio remains healthy, credit quality is strong, and we are confident in our ability to continue to deliver attractive returns to our shareholders.

同時，在我們等待市場重新調整的同時，我們的投資組合保持健康，信貸品質強勁，我們對繼續為股東提供有吸引力的回報的能力充滿信心。

We are pleased to be entering this changing macroeconomic environment from a position of strength.

我們很高興能夠以強勢地位進入這個不斷變化的宏觀經濟環境。

With that, thank you for your time today, and we will now open the line for questions.

感謝您今天抽出時間，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Brian McKenna, Citizens JMP.

Brian McKenna，公民 JMP。

Okay, great.

好的，太好了。

Good morning, everyone.

大家早安。

So just a question to start on yields and spreads for new deals today.

因此，這只是今天新交易的收益率和利差的問題。

The average yield on new commitments totaled sub-10% in the quarter.

本季新承諾的平均收益率總計低於 10%。

I know there's a few different drivers kind of within that, and it's also more challenging to predict in the near-term.

我知道其中有一些不同的驅動因素，而且短期內預測也更具挑戰性。

But where do these go from here?

但這些從這裡到哪裡去呢？

Do you think we're close to the bottom in terms of spreads?

您認為我們的利差已接近底部嗎？

And then what makes you confident that private credit yields will continue to be in excess of public credit markets.

那麼是什麼讓你有信心私人信貸收益率將繼續超過公共信貸市場。

Sure.

當然。

Good morning, Brian.

早安，布萊恩。

Thanks for the question.

謝謝你的提問。

Spreads on new deals, today are as low as 4.75%, some are 5.00%, probably one or two that are 4.50%, but I would say 4.75% is probably the center of gravity for the tight spreads for attractive deals.

如今，新交易的價差低至 4.75%，有些為 5.00%，可能有一兩個為 4.50%，但我想說 4.75% 可能是有吸引力的交易的窄價差的重心。

We're certainly doing deals that are wider than that.

我們當然正在做比這更廣泛的交易。

My sense is spreads are troughed there.

我的感覺是價差已見底。

Based on just activity in the last three months or so, I think that's about where it's troughed, and you're not seeing things come tighter than that.

僅根據過去三個月左右的活動，我認為這就是它的谷底，而且你不會看到事情變得比這更緊張。

I don't think there's a meaningful risk that it will come tighter than that, still given where SOFR is, that's still, as you noted, still generates a 10-plus percent absolute return, which we think is very attractive.

我不認為有比這更嚴格的有意義的風險，考慮到 SOFR 的情況，正如您所指出的，仍然會產生 10% 以上的絕對回報，我們認為這非常有吸引力。

But I do think we're at a cyclical trough and my hope is in the next year or so if M&A picks up and the public markets cool a bit that spreads will widen to a more normalized level.

但我確實認為我們正處於週期性低谷，我希望在明年左右，如果併購活動回升並且公開市場稍微降溫，利差將擴大到更正常化的水平。

As to your question relative to the public markets, and I think you know this, but maybe some of the listeners don't, public market spreads are significantly tighter than 4.75% over.

至於你關於公開市場的問題，我想你知道這一點，但也許有些聽眾不知道，公開市場利差明顯小於 4.75%。

Public market spreads are 3.00%, 3.25% over.

公開市場利差為3.00%，高於3.25%。

And so the private markets continue to offer 100-plus basis point premiums ignoring the fact that we also get underwriting fees is that are not available to the public market investor.

因此，私募市場繼續提供 100 多個基點的溢價，而忽略了我們還獲得公開市場投資者無法獲得的承銷費用這一事實。

So the private markets continue to generate substantially higher returns, differentiated returns versus the public markets.

因此，私募市場繼續產生高得多的回報，與公開市場相比，回報存在差異。

And I'm hopeful that spread at some point will normalize.

我希望傳播在某個時候能夠正常化。

Okay.

好的。

That's super helpful.

這非常有幫助。

And then just for my follow-up, the Blue Owl platform more broadly continues to expand capabilities, including within alternative credit and then in other highergrowth areas like infrastructure and data centers.

接下來，我要說的是，Blue Owl 平台在更廣泛的範圍內繼續擴展功能，包括替代信貸領域，以及基礎設施和資料中心等其他高成長領域。

There's clearly going to be quite a bit of capital needs within both of these markets.

這兩個市場顯然都會有相當多的資本需求。

So what does this ultimately mean for lending opportunities across all your BDCs, do you think you'll look to lean in here over time?

那麼，這對於所有 BDC 的貸款機會最終意味著什麼？

And then is there any way to frame the yield opportunity here relative to regular way direct lending?

那麼有沒有什麼方法可以相對於常規直接貸款來決定收益率機會呢？

Sure. as folks know Blue Owl has done a small number of strategic acquisitions or mergers in the last year or so as you noted, including a significant expansion into the alternative credit space with our acquisition of Atalaya, our recently announced transaction of a large hyperscale data center business, IPI, our insurance --our expansion into the insurance space, I think these are all really terrific opportunities for our direct lending platform and our BDCs.

當然。如大家所知，正如您所指出的，Blue Owl 在過去一年左右進行了少量策略性收購或合併，包括透過收購 Atalaya（我們最近宣布的大型超大規模資料中心交易），大幅拓展替代信貸領域業務、 IPI、我們的保險——我們向保險領域的擴張，我認為這些對於我們的直接貸款平台和我們的BDC 來說都是非常好的機會。

We are not changing the strategy of our BDCs.

我們不會改變 BDC 的戰略。

We're going to continue to be focused on upper middle market, sponsor-backed lending from recession-resistant sectors as we have since inception.

自成立以來，我們將繼續關注中高端市場、來自抗衰退行業的贊助商支持的貸款。

But we are going to now have just a meaningfully larger ecosystem in both the sponsor and non-sponsor world in really high-quality assets, working with teams that have generated very significant returns to investors in their respective asset classes.

但我們現在將在贊助商和非贊助商世界中擁有一個更大的生態系統，提供真正優質的資產，並與在各自資產類別中為投資者帶來非常可觀回報的團隊合作。

Having that all under one roof and one credit platform and one asset manager platform, it's going to significantly expand our deal flow.

將所有這些都集中在一個屋簷下、一個信貸平台和一個資產管理平台上，這將顯著擴大我們的交易流。

And I think there will be opportunities, select opportunities where we can invest in scale across the Blue Owl platform that will create select opportunities to put high-quality, predictable income generating-assets into our BDCs.

我認為將有機會，我們可以在 Blue Owl 平台上進行規模投資的精選機會，這將創造精選機會，將高品質、可預測的創收資產放入我們的 BDC。

That's the strength we haven't had before and now we're going to have it.

這是我們以前沒有的力量，現在我們將擁有它。

Again, I don't want to give -- I don't want to create a concern about strategy drift.

再說一次，我不想放棄——我不想引起人們對戰略漂移的擔憂。

But I do think that the scale of having $120 billion credit platform now is going to create just new avenues for deal flow.

但我確實認為，現在擁有 1200 億美元信貸平台的規模將為交易流創造新的途徑。

Sponsors that might not have thought we've had a relevant source of capital, we'll now call us for new deals.

贊助商可能沒有想到我們擁有相關的資金來源，我們現在會致電我們尋求新的交易。

Companies that may not have thought of us as a financing source will now be able to call us, founder owned businesses will call us.

那些可能沒有將我們視為融資來源的公司現在可以給我們打電話，創辦人擁有的企業也會打電話給我們。

And those folks don't always necessarily know where their capital needs can best be met on our platform.

這些人並不總是知道在我們的平台上哪裡可以最好地滿足他們的資本需求。

So could just also generate regular way direct lending opportunities as before, but now people are calling us and we can direct it in the right place, not to mention all the additional underwriting resources we'll have under one roof.

因此，也可以像以前一樣產生常規直接貸款機會，但現在人們打電話給我們，我們可以將其引導到正確的地方，更不用說我們將在同一屋簷下擁有所有額外的承保資源。

So I'm quite excited about this opportunity.

所以我對這個機會感到非常興奮。

In terms of the return profile, each of those businesses I mentioned, the insurance business is a little bit different because it's investmentgrade orientation but the investment -- the alternative credit business generates returns really in excess of the direct lending model.

就回報情況而言，我提到的每一項業務，保險業務都有點不同，因為它是投資等級導向，但投資——另類信貸業務產生的回報確實超過了直接貸款模式。

In the data center business, returns have been very attractive and more importantly, the credit quality the counterparts they have in that business are extremely high.

在資料中心業務中，回報非常有吸引力，更重要的是，他們在該業務中的同行的信用品質非常高。

So this is a huge positive to OBDC shareholders to have this all under one roof and no negatives as far as I can see.

因此，這對 OBDC 股東來說是一個巨大的正面因素，因為我認為這一切都集中在一個屋簷下，而且沒有任何負面影響。

Okay.

好的。

I will leave it there.

我會把它留在那裡。

Congrats on another strong quarter.

祝賀又一個強勁的季度。

Thank you.

謝謝。

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針點。

Hi.

你好。

Good morning, Craig.

早安，克雷格。

And thanks for taking my questions.

感謝您回答我的問題。

I kind of lift on the combination of dividend income and fee income this quarter, and that's on me.

我本季的股息收入和費用收入的組合有所提高，這是我的責任。

But I'm kind of wondering where you feel sort of the correct cadence is in sort of the run rate of the second quarter or the run rate of the third quarter, at least for the next couple of quarters until you're able to consummate the merger, then the answer to that question might be different?

但我有點想知道你認為第二季度的運行率或第三季度的運行率中正確的節奏在哪裡，至少在接下來的幾個季度，直到你能夠完成合併了，那麼這個問題的答案可能會有所不同嗎？

Sure.

當然。

I'll start and Jonathan will say, well, Casey, we would never say that you whiff.

我會開始，喬納森會說，好吧，凱西，我們永遠不會說你有氣無力。

You might have hit one off of that and so the stance.

你可能已經擊中了這一點以及立場。

But I wouldn't call it a whiff.

但我不會稱之為「氣味」。

But we do recognize that your numbers might have been a bit different than ours.

但我們確實認識到您的數字可能與我們的略有不同。

Jon, if you can add some additional color.

喬恩，如果你可以添加一些額外的顏色。

I think there were a couple of components maybe in your model that might have been a bit off and other investors may have the same questions.

我認為您的模型中可能有幾個組件可能有點偏差，其他投資者可能也有相同的問題。

One is that we do have a really a significant amount of dividend income from some of our investments, either in businesses like Wingspire or senior loan fund as well as investments in some preferred stocks and the like.

一是我們確實從我們的一些投資中獲得了大量的股息收入，無論是在 Wingspire 或高級貸款基金等企業中，還是在一些優先股等投資中。

In the second quarter, approximately that generated about $51 million of income.

第二季度，大約產生了約 5,100 萬美元的收入。

On this quarter, it was down a few million dollars.

本季度，減少了數百萬美元。

There's nothing particular there.

那裡沒有什麼特別的。

Most -- really, all of these, I think, or most of them -- most of it, it's not contractually defined income, it's based on the underlying performance of the individual hold assets or it might be a variable dividend that a particular company declares.

我認為，實際上，所有這些，或者其中的大多數，其中大部分不是合約定義的收入，而是基於個人持有資產的基本績效，或者可能是特定公司的可變股息聲明。

And so it will -- it can move around quarter-to-quarter based on what's going on in those underlying assets, a few million dollars positive or negative.

所以它會——它可以根據這些基礎資產的情況逐季度變化，正數或負數百萬美元。

Historically, the first half of this year is about $50 million; this quarter is $47 million.

從歷史數據來看，今年上半年約5,000萬美元；本季為 4700 萬美元。

Next quarter, we'll just have to see, it could be up a bit.

下個季度，我們只能看看，它可能會上漲一點。

The other piece, I think, in your numbers, was some fee income really primarily related to repayments.

我認為，在你們的數字中，另一部分是一些主要與還款相關的費用收入。

As folks know, second quarter, we had significant really exceptional repayments, given the low rate environment, there is a lot of refinancings on.

眾所周知，第二季度，考慮到低利率環境，我們有大量非常特殊的還款，有大量的再融資。

And so this quarter, we had some nice income generated by repayments but it wasn't this off of that accelerated number in the second quarter.

因此，本季度，我們透過還款獲得了一些不錯的收入，但與第二季的加速數字相比並沒有這樣。

And so looking ahead to the fourth quarter, the fee income -- excuse me, the dividend income, probably be in the zip code, hope a bit higher.

因此，展望第四季度，費用收入——對不起，股息收入，可能在郵政編碼中，希望更高一點。

The prepayment income, we'll just have to see how the quarter ends.

預付款收入，我們只需要看看本季如何結束。

It could be in the same zip code, maybe a bit higher, a bit lower.

它可能位於相同的郵遞區號中，可能更高一點，也可能更低一點。

So I don't know, Jonathan, if

所以我不知道，喬納森，是否

--

--

I think you hit on everything right there, Casey, that helps you.

我想你已經抓住了一切，凱西，這對你有幫助。

I think you had really effectively projected an up number relative to the prior quarter.

我認為您確實有效地預測了相對於上一季的數字。

So I think hopefully that straightens it out.

所以我認為希望這能解決問題。

All right.

好的。

Well, listen, thank you for taking my question.

好吧，聽著，謝謝你回答我的問題。

I appreciate the clarity and the only people who don't whiff are people who don't swing.

我欣賞這種清晰性，唯一不發脾氣的人就是那些不搖擺不定的人。

So I'll still take it as a whiff.

所以我還是將其視為一味。

Thank you.

謝謝。

All right.

好的。

Mickey Schleien, Ladenburg Thalmann.

米基‧施萊恩，拉登堡‧塔爾曼。

Yes.

是的。

Good morning, everyone.

大家早安。

Craig, I just wanted to touch on the non-sponsored market.

克雷格，我只是想談談非贊助市場。

Everybody is talking about how spreads are so tight in the sponsored market, et cetera.

每個人都在談論贊助市場的點差如此之小等等。

But you do have a non-sponsored segment.

但你確實有一個非贊助部分。

I was wondering if you could just review how large that is within your organization, what proportion of your portfolio is non-sponsored?

我想知道您是否可以回顧一下您的組織內有多大，您的投資組合中有多少比例是非贊助的？

And how do the economics compare there?

那裡的經濟狀況如何比較？

Sure.

當然。

We've done non-sponsored deals since inception.

自成立以來，我們一直在進行非贊助交易。

That's part of our business plan, associates one of our single largest investments.

這是我們商業計劃的一部分，我們最大的單一投資之一。

It's not a sponsored-owned company.

它不是一家贊助公司。

And so we do that regularly, although we generally strongly prefer sponsored-backed companies for the reasons that are obvious, they bring significant capital, governance, resources and they can -- particularly if the business is struggling, they can add all those features that's typically not the case in the non-sponsored deal.

因此，我們定期這樣做，儘管我們通常強烈喜歡贊助支持的公司，原因很明顯，他們帶來了大量的資本、治理、資源，而且他們可以——特別是如果企業陷入困境，他們可以添加所有這些功能非贊助交易中通常不會出現這種情況。

We're going to continue to prefer sponsor but we will do non-sponsor selectively or really attractive companies where we get to know the ownership group and the management team extremely well.

我們將繼續選擇贊助商，但我們將選擇性地非贊助商或真正有吸引力的公司，在這些公司中，我們對所有權集團和管理團隊非常了解。

It probably goes without saying, but all BDCs are focused on sponsor business because the velocity of capital and the investment opportunity in the sponsored world is much higher than the non-sponsored world.

這可能是不言而喻的，但所有 BDC 都專注於贊助業務，因為贊助領域的資本週轉率和投資機會遠高於非贊助領域。

Sponsors have significant pools of capital and spend everyday thinking about ways to deploy that capital, generating lending opportunities for us.

贊助商擁有大量資金，每天都在思考如何部署這些資金，為我們創造貸款機會。

Non-sponsored companies can go years without generating any activity.

非贊助公司可能會持續數年不產生任何活動。

So it's much more idiosyncratic, it's very difficult to invest capital and scale in the nonsponsored space.

所以它更特殊，在非贊助領域投資資本和規模是非常困難的。

So we seek those opportunities.

所以我們尋求這些機會。

We make investments, but I think our bar for non-sponsor is just higher given both the lack of some of the sponsor oversight.

我們進行投資，但我認為，由於缺乏一些贊助商的監督，我們對非贊助商的門檻更高。

And I think that's true today, and it was true as we started the business.

我認為這在今天是正確的，在我們剛開始創業時也是如此。

In terms of the terms that you can get for non-sponsor, it varies based on the credit opportunity.

就非贊助商可以獲得的條款而言，它根據信用機會而有所不同。

I don't think it's currently meaningfully wider.

我認為目前範圍還沒有擴大。

I think that on the margin, the sponsors are clearly have a deep expertise and work with law firms that have deep expertise in negotiating.

我認為，從某種程度上來說，贊助商顯然擁有深厚的專業知識，並且與在談判方面擁有深厚專業知識的律師事務所合作。

And so they'll push maybe in a way that a non-sponsor might not always have the same goals.

因此，他們可能會以一種非贊助商可能並不總是具有相同目標的方式推動。

A non-sponsored company cares an awful lot about who their lender is because it's typically a founder-owned business and that relationship is critical for a number of reasons.

非贊助公司非常關心他們的貸款人是誰，因為它通常是創始人擁有的企業，並且出於多種原因，這種關係至關重要。

And so there will be other goals that may not be the last basis point for the last credit protection.

因此，還會有其他目標，這些目標可能不是最後信用保護的最後基點。

But I don't think you're going to -- I don't think you're going to see a dramatically wider spread for non-sponsor opportunities.

但我不認為你會看到非贊助機會的範圍大幅擴大。

It's not a really different market.

這並不是一個真正不同的市場。

And so I think we'll continue to focus on sponsor.

所以我認為我們將繼續關注贊助商。

Okay.

好的。

I think I understand.

我想我明白了。

Thanks for that explanation.

謝謝你的解釋。

My follow-up question relates to Page 16 of the presentation.

我的後續問題與簡報的第 16 頁有關。

Just trying to triangulate some math in the middle of that -- the sort of the two middle rows where we look at the weighted average interest rate on the new commitments and the weighted average spread.

只是試圖對中間的一些數學進行三角測量——中間兩行，我們在其中查看新承諾的加權平均利率和加權平均利差。

The weighted average interest rate on new commitments dropped by 1.2%.

新承諾加權平均利率下降1.2%。

Spreads dropped 30 basis points and SOFR dropped 50 basis points.

利差下降 30 個基點，SOFR 下降 50 個基點。

So I'm trying to understand the math there.

所以我試著去理解那裡的數學。

And it may have something to do with my last question, which is, I think if I'm reading it correctly, your allocation to unitranche has declined pretty dramatically in the last few quarters.

這可能與我的最後一個問題有關，即，我認為如果我沒理解錯的話，您對單一貸款的分配在過去幾個季度中大幅下降。

And maybe that's the answer to the question, but I want to understand if there was something else going on there.

也許這就是問題的答案，但我想了解是否還有其他事情發生。

We're happy to follow-up offline and get really detailed.

我們很樂意在線下跟進並獲得非常詳細的資訊。

Obviously, this is just focused on new commitments.

顯然，這只是關注新的承諾。

So it's a relatively small part of the portfolio, (inaudible) [10%] of the portfolio.

因此，它只是投資組合中相對較小的一部分，（聽不清楚）[10%]。

As we've been talking about, spreads have come down over the last couple of quarters.

正如我們一直在談論的，過去幾個季度利差有所下降。

And so you can see that, I just said that a minute ago, question was where new deals coming on a spread basis.

所以你可以看到，我剛才說過，問題是新交易會在價差的基礎上出現。

And this 5.1% is not far off from what I said a minute ago, 4.75%.

而這個5.1%與我剛才所說的4.75%相差不遠。

So that's just market where the market migrated to in the third quarter and the lower base rate or lower weighted average interest on new investment commitments is obviously a combination of the lower spread and lower base rates.

因此，這正是市場在第三季轉向的市場，較低的基本利率或較低的新投資承諾加權平均利率顯然是較低利差和較低基本利率的組合。

To your question on unitranche, no change there.

對於你關於統一經營的問題，沒有任何改變。

We continue to focus on unitranche, spreads on unitranche are lower than they were.

我們繼續關注單一貸款，單一貸款的利差比以前要低。

And so as you know, the term unitranche, it's a bit of a term of art, meant to describe a first-lien term loan through a leverage level higher than its typical first lien term loan.

如您所知，「unitranche」一詞有點專業術語，旨在透過高於其典型第一留置權定期貸款的槓桿水平來描述第一留置權定期貸款。

And so that's where we continue to play and that's where the -- I think most BDCs continue to play.

所以這就是我們繼續發揮作用的地方，這就是——我認為大多數 BDC 繼續發揮作用的地方。

The spreads on that product are just come in a bit.

這產品的點差只是一點點。

That's certainly where our focus continues to be.

這當然是我們關注的焦點。

And we will also -- we evaluate -- there is some reporting we put in our filings of exactly how much unitranche we have.

我們也將——我們評估——我們在文件中提交了一些報告，說明我們到底擁有多少單一批次。

We go through a pretty robust process every quarter to look at every loan and determine whether it's still a unitranche as they improve in credit quality.

我們每季都會透過一個相當嚴格的流程來檢查每筆貸款，並確定隨著信貸品質的提高，它是否仍然是單一貸款。

They often graduate to be a firstlien term loan.

他們通常會成為第一留置權定期貸款。

And so quarter-to-quarter, if you look at that disclosure, that will be not only a function of new deals, but also just how we're freshening of the analysis quarter-to-quarter.

因此，如果您查看披露的季度數據，您會發現這不僅是新交易的函數，而且還取決於我們如何逐季度更新分析。

So again, back to your question, it will happen in the quarter, new deals coming in, modestly lower spread, base rates coming down, generates lower weighted average rate on new investment commitments of about 10%.

再次回到你的問題，這將在本季度發生，新交易即將到來，利差適度降低，基本利率下降，新投資承諾的加權平均利率將降低約 10%。

All right and thanks for that.

好的，謝謝。

Craig, appreciate your time.

克雷格，感謝您的寶貴時間。

All right.

好的。

Thank you.

謝謝。

[Maxwell Fritscher], Truist Securities.

[Maxwell Fritscher]，Truist 證券。

Hi.

你好。

Good morning.

早安.

I'm on for Mark Hughes.

我代表馬克·休斯。

The average commitment in new portfolio companies was lower than it's been the past several quarters as well as the maturity on those.

新投資組合公司的平均承諾以及成熟度均低於過去幾季。

Any purposeful or strategic shift there or just the specific investments made?

是否有任何有目的的或策略性的轉變，或只是進行了具體的投資？

Sure.

當然。

Thanks for the question.

謝謝你的提問。

It's Logan.

這是洛根。

Specific to this quarter, it was mostly relative to us being at our target leverage.

具體到本季度，這主要與我們達到目標槓桿率有關。

And so our available capital to invest is simply lower.

因此我們可用於投資的資本就更少了。

And so our average investment size was lower accordingly, where in the prior quarter, given what had happened in the first quarter with the second lien repayments that we mentioned, we have more available capital to reinvest and so our bite size was a little bit bigger.

因此，我們的平均投資規模相應較低，在上一季度，考慮到我們提到的第一季第二次留置權償還情況，我們有更多的可用資本進行再投資，因此我們的投資規模稍大一些。

Okay.

好的。

Thank you.

謝謝。

And it looks like OBDE has less of a priority on common equity investments than OBDC.

而 OBDE 對普通股投資的優先權似乎不如 OBDC。

Now I was just wondering how that -- how the combined company will prioritize these common equity investments?

現在我只是想知道合併後的公司將如何優先考慮這些普通股投資？

It's primarily a function of the strategic equity investments that we have, like investments in our senior loan fund as well as in Wingspire that don't exist in OBDE.

它主要是我們擁有的策略股權投資的功能，例如對我們的高級貸款基金以及 OBDE 中不存在的 Wingspire 的投資。

So as a combined company, obviously, both companies will have -- obviously, all shareholders will have access to that, but you'll see an immediate decline, but it gives you the room to grow those strategic investments over time.

因此，作為一家合併後的公司，顯然，兩家公司都將擁有——顯然，所有股東都將有權獲得這一權利，但你會看到立即下降，但它為你提供了隨著時間的推移增加這些戰略投資的空間。

Okay.

好的。

Thank you.

謝謝。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Hi, guys.

嗨，大家好。

I also slightly whiffed.

我也微微嘆了口氣。

But I haven't stuck out yet.

但我還沒有堅持下來。

So I'm in the same now with Casey there.

所以我現在和凱西的處境一樣。

On the interest coverage, obviously, so up to 1.7%, it was 1.6% last quarter.

顯然，利息覆蓋率高達 1.7%，上季為 1.6%。

But the -- I think the bigger part is -- in the beginning of the year, there were 17% of the portfolio excluded from that calculation.

但我認為更重要的是，今年年初，有 17% 的投資組合被排除在該計算之外。

That's now down to 10%.

現在已降至 10%。

So it's almost been cut in half.

所以幾乎被砍掉了一半。

So the share of the portfolio EBITDA is maybe not applicable, is much lower today than it was at the beginning of the year.

因此，投資組合 EBITDA 的份額可能不適用，今天比年初低得多。

So can you give us any color on -- was that a deliberate rotation?

那麼你能給我們一些解釋嗎——這是故意的輪換嗎？

Was that performance at the companies?

這是公司的表現嗎？

Or should we expect that to shift further and focus more on cash flow, EBITDA is relevant businesses rather than where the portfolio is maybe positioned a year ago?

或者我們應該期望進一步轉變並更多地關注現金流，EBITDA 是相關業務，而不是一年前投資組合的定位？

Thanks.

謝謝。

Okay.

好的。

I don't think there's too much to draw, but I do think it's a positive to draw.

我不認為有太多可畫的東西，但我確實認為畫畫是有正面意義的。

I mean we -- when there's -- there are companies getting excluded from the calculation, it's typically because we might have invested in the company a point in its life cycle where it's investing in this business and the cash flow is depressed.

我的意思是，當有的時候，有一些公司被排除在計算之外，這通常是因為我們可能在該公司生命週期的某個階段進行了投資，此時該公司正在投資這項業務，但現金流量卻受到抑制。

And so it would skew the calculation.

因此它會扭曲計算。

We see this particularly in the software space or there's some other structural reason why from our underwriting standpoint, we don't think it's comparable and would skew the analysis.

我們特別在軟體領域看到了這一點，或者還有其他一些結構性原因，從我們承保的角度來看，我們認為它不具有可比性，並且會扭曲分析。

But our investment approach is pretty clear and simple.

但我們的投資方法非常清晰和簡單。

We do that in the expectation that those companies will eventually normalize and get to a very normal range of interest coverage.

我們這樣做是期望這些公司最終能夠正常化並達到非常正常的利息覆蓋範圍。

And so I think you're just highlighting model works, it's is working.

所以我認為你只是強調了模型作品，它正在發揮作用。

We invested in companies, they improve their credit quality over time, and they became included in the calculation because their statistics are now not going to skew the results.

我們投資了公司，隨著時間的推移，他們的信用品質不斷提高，並且他們被納入計算中，因為他們的統計數據現在不會扭曲結果。

We're going to continue to make those kinds of investments out.

我們將繼續進行此類投資。

So I don't want to signal it's going to continue to get better because we're going to continue to do deals that that where we can get an attractive risk adjusted return, but they may have artificially skewed reported results for a few quarters.

因此，我不想暗示情況會繼續好轉，因為我們將繼續進行交易，我們可以獲得有吸引力的風險調整回報，但他們可能人為地扭曲了幾個季度的報告結果。

I think that's something we do well, it's worked well.

我認為這是我們做得很好的事情，而且效果很好。

We continue to do it.

我們繼續這樣做。

Right now, we're probably at a bit of low point, and it's also probably reflecting the portfolio skewing a little bit more to refinancing and repricings and not enough new deals.

目前，我們可能正處於一個低點，這也可能反映出投資組合更偏向再融資和重新定價，新交易不足。

When we get in an environment with new deals, some of those may have those same non-comparable measures and the statistic might go up a bit.

當我們進入新交易的環境時，其中一些交易可能具有相同的不可比性指標，統計數據可能會略有上升。

Got it.

知道了。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Finian O'Shea, Wells Fargo.

菲尼安‧奧謝，富國銀行。

Hey, everyone.

嘿，大家。

Good morning.

早安.

Craig, I think if you guys can talk about the post-quarter rehash in the SLF, if that will sort of change and strategy or composition or anything else to think about?

克雷格，我想你們能否談談 SLF 的季度後重演，這是否會帶來某種變化、策略或組成或其他需要考慮的事情？

Hey, Fin, it's Jonathan.

嘿，芬，我是喬納森。

No real change in the strategy at all.

戰略根本沒有真正的改變。

What we're doing is really effectively taking our historical JV, which had long ago been a direct first lien portfolio that's evolved to mix of some directs and then also some broadly syndicated loans as well, and we're effectively creating -- we've created a multi BDC joint venture where effectively we can allocate out of all of our different BDCs in a much more efficient manner, with much more efficient financing from an advance rate and from an interest cost perspective.

我們正在做的是真正有效地利用我們歷史上的合資企業，該合資企業很久以前就是直接第一留置權投資組合，現已發展為一些直接貸款和一些廣泛的銀團貸款的混合，我們正在有效地創造—我們」我們創建了一個多 BDC 合資企業，我們可以以更有效的方式有效地分配所有不同的 BDC，從預付款率和利息成本的角度來看，融資效率更高。

And so what's happening over here is we're effectively moving the assets from the original JV into that multi-BDC JV.

因此，我們正在有效地將資產從原始合資企業轉移到多 BDC 合資企業。

And there should be very, very little friction in terms of really any friction in terms of the returns to OBDC as they're effectively taking back a pro rata portion of that multi-BDC JV with the transfer of those assets over.

就 OBDC 的回報而言，實際上應該存在非常非常小的摩擦，因為隨著這些資產的轉移，他們實際上按比例收回了多 BDC 合資企業的一部分。

Okay.

好的。

It's helpful.

這很有幫助。

Thank you.

謝謝。

And I guess a follow-up.

我想會有後續行動。

Have you on unsecured mix, I know things change and everyone is opportunistic, but I guess, let's say, today, as we look through the merger and the 2025 maturities, how should we think about the unsecured composition if that will go up or down in a substantial way?

你是否採用無擔保組合，我知道情況發生了變化，每個人都是機會主義的，但我想，讓我們說，今天，當我們研究合併和2025 年到期日時，我們應該如何考慮無擔保組合，如果它會上升或下降在很大程度上？

Well, there are a few variables that go into that.

嗯，這涉及到一些變數。

We've got the merger closing.

我們已經完成合併了。

So right now, we're about 55% on a funded basis in unsecured, it'll come down a little bit as we bring the two companies to about 50%.

所以現在，我們大約有 55% 的資金處於無擔保狀態，當我們將兩家公司的比例提高到大約 50% 時，這一比例會略有下降。

We've got around $1 billion that's coming due next year.

我們還有大約 10 億美元明年到期。

And so what you should expect from us is that we'll definitively refinance.

因此，您應該對我們的期望是，我們一定會提供再融資。

We don't want to bring that unsecured percentage down too much.

我們不想將無擔保比例降低太多。

That being said, we definitely see the secured financing market is extremely attractive from a pricing perspective as we see the unsecured markets as well, but there is a gap there.

話雖這麼說，從定價角度來看，我們確實看到擔保融資市場極具吸引力，因為我們也看到無擔保市場，但那裡存在差距。

So I don't think you should see too much of a material movement in terms of the percentages, but we definitely have the opportunity on the secured side to reprice some of our higher-cost CLOs and other finance secured financing structures to lower cost over time.

因此，我認為您不應該看到百分比方面出現太大的實質變動，但我們絕對有機會在擔保方面對一些成本較高的 CLO 和其他融資擔保融資結構重新定價，以降低成本時間。

Thanks so much.

非常感謝。

With no further questions in the queue.

隊列中不再有任何問題。

I would like to hand the conference back over to management for closing remarks.

我想將會議交還給管理階層進行閉幕致詞。

Okay.

好的。

Well, look, thanks, everyone, for joining.

好吧，看，謝謝大家的加入。

We're really pleased with the quarter.

我們對這個季度非常滿意。

As always, we're here to answer any of your questions.

一如既往，我們隨時回答您的任何問題。

So please reach out separately if there's any follow-ups.

因此，如果有任何後續行動，請單獨聯繫。

And I hope everybody has a great day.

我希望每個人都有美好的一天。

Thank you.

謝謝。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。