Blue Owl Capital Corp (OBDC) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to Blue Owl Capital Corporation's first quarter 2025 earnings call. As a reminder, this call is being recorded.

大家早安，歡迎參加 Blue Owl Capital Corporation 2025 年第一季財報電話會議。提醒一下，本次通話正在錄音。

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。

Thank you, operator, and welcome to Blue Owl Capital Corporation's first quarter 2025 earnings conference call. Yesterday, Blue Owl Capital Corporation issued its earnings release and posted an earnings presentation for the first quarter ended March 31, 2025, these should be reviewed in connection with the company's 10-Q filed yesterday with the SEC.

謝謝接線員，歡迎參加 Blue Owl Capital Corporation 2025 年第一季財報電話會議。昨天，Blue Owl Capital Corporation 發布了其收益報告，並公佈了截至 2025 年 3 月 31 日的第一季財報，這些報告應與公司昨天向美國證券交易委員會提交的 10-Q 報告一起進行審查。

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.

今天電話會議中引用的所有資料，包括收益新聞稿、收益報告和10-Q報表，均可在公司網站blueowlcapitalcorporation.com的「投資者」板塊查閱。今日參加電話會議的嘉賓包括執行長Craig Packer、總裁Logan Nicholson和財務長Jonathan Lamm。

I'd like to remind listeners that remarks made during today's call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties that are outside of the company's control. 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. The company assumes no obligation to update any forward-looking statements. 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 fed. The company makes no such representations or warranties with respect to this information.

我想提醒聽眾，今天電話會議上的言論可能包含前瞻性陳述，這些陳述並不能保證未來的績效或結果，並且涉及公司無法控制的一系列風險和不確定性。由於多種因素，實際結果可能與前瞻性陳述中的結果有重大差異。包括 OBDC 向美國證券交易委員會提交的文件中所述的內容。該公司不承擔更新任何前瞻性陳述的義務。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，並非獨立提供。該公司不對此資訊作出任何陳述或保證。

With that, I'll turn the call over to Craig.

說完這些，我會把電話轉給克雷格。

Thanks, Mike. Good morning, everyone, and thank you all for joining us today. We delivered solid first quarter results, driven by the ongoing strong performance of our portfolio. As a reminder, we completed the merger between OBDC and OBDE on January 13. So our first quarter results now represent the combined company.

謝謝，麥克。大家早安，感謝大家今天的參加。由於我們投資組合持續強勁的表現，我們第一季取得了穩健的業績。提醒一下，我們在 1 月 13 日完成了 OBDC 和 OBDE 的合併。因此，我們的第一季業績代表了合併後公司的整體業績。

In the first quarter, we generated an ROE of 10.2%, our 11th consecutive double-digit ROE based on $0.39 per share of adjusted NII. As discussed during our last earnings call, the decline from the prior quarter was anticipated. Our results last year significantly benefited from higher interest rates and elevated income from repayment activity. both of which have started to normalize.

第一季度，我們的 ROE 為 10.2%，這是我們連續第 11 次實現兩位數 ROE，基於調整後 NII 每股 0.39 美元。正如我們上次收益電話會議上所討論的那樣，上一季的下滑是可以預料的。我們去年的業績顯著受益於更高的利率和還款活動帶來的收入增加。這兩者都已開始正常化。

Jonathan will go into more detail later on, but in the first quarter, we experienced a lower level of onetime nonrecurring income as compared to the fourth quarter as well as the remaining impact of interest rate cuts from last year. As of quarter end, our net asset value per share was $15.14, down slightly from the prior quarter. That said, the fundamental performance of the portfolio remains strong. Credit quality is solid, and our nonaccrual rate continues to be well below the industry average.

喬納森稍後會詳細介紹，但在第一季度，我們經歷的一次性非經常性收入水平與第四季度相比有所下降，也受到去年降息的剩餘影響。截至季末，我們的每股淨資產值為 15.14 美元，較上一季略有下降。儘管如此，投資組合的基本表現依然強勁。信貸品質穩健，我們的不計息率持續遠低於行業平均。

While we're now operating in a more normalized earnings environment, we remain confident in the credit quality of the portfolio. In light of events over the past month, I thought it would be helpful to share our perspective on the current economic and market environment. with uncertainty around tariff policy, ensuing equity sell-off in April and the possibility of an economic slowdown, we took the opportunity to reevaluate the health of our entire portfolio by re-underwriting our investments through the lens of potential scenarios for the months ahead. Following this review, we are confident that OBDC is well positioned to navigate these uncertain times. As was the case during the COVID pandemic in 2020 and the regional banking crisis in 2023, our portfolio is built for resilience during economic disruptions.

雖然我們現在的獲利環境更加正常，但我們仍然對投資組合的信用品質充滿信心。鑑於過去一個月發生的事件，我認為分享我們對當前經濟和市場環境的看法會有所幫助。由於關稅政策的不確定性、4 月隨之而來的股票拋售以及經濟放緩的可能性，我們藉此機會透過從未來幾個月的潛在情景的角度重新承保我們的投資，重新評估了我們整個投資組合的健康狀況。經過這次審查，我們相信 OBDC 已做好準備，度過這些不確定的時期。正如 2020 年新冠疫情和 2023 年區域銀行業危機期間的情況一樣，我們的投資組合旨在增強經濟動盪時期的韌性。

Our team has been through seismic events before, and we are actively monitoring the portfolio in real time, maintaining positive dialogue with our portfolio companies, sponsors and partners to proactively address any issues that may arise.

我們的團隊以前經歷過地震事件，我們正在積極即時監控投資組合，與我們的投資組合公司、贊助商和合作夥伴保持積極對話，以主動解決可能出現的任何問題。

While the economic outlook remains unclear, we believe we are entering this period from a position of strength. Performance across our portfolio companies remains healthy, which we believe is a result of our weighting towards defensive sectors. This stands in stark contrast to the public fixed income markets, which are more meaningfully skewed towards cyclical industries such as building products, retail, autos, energy and chemicals, sectors in which OBDC generally has not invested.

儘管經濟前景仍不明朗，但我們相信，我們正以強勁的勢頭進入這段時期。我們投資組合公司的表現依然保持健康，我們認為這是我們偏重防禦性產業的結果。這與公共固定收益市場形成了鮮明對比，公共固定收益市場更傾向於建築產品、零售、汽車、能源和化學品等週期性產業，而 OBDC 通常不會投資這些產業。

As noted on our last earnings call, approximately 94% of our portfolio of companies are based in the United States and primarily serve domestic customers, limiting exposure to international trade disruptions. Our top sectors are primarily service oriented, such as health care, business services, financial services or software, which reduces reliance on manufactured goods or commodities and minimizes direct tariff impacts. We estimate that our exposure to companies with significant offshore manufacturing is limited to mid-single digits of the portfolio. Additionally, these businesses generally have diverse product sourcing capabilities and experienced management teams that have successfully navigated previous tariff or supply chain disruptions. This was by design.

正如我們上次財報電話會議所指出的，我們投資組合中約有 94% 的公司位於美國，主要服務於國內客戶，從而限制了受國際貿易中斷影響的風險。我們的重點產業主要為服務業，例如醫療保健、商業服務、金融服務或軟體，這減少了對製成品或商品的依賴，並最大限度地減少了直接關稅影響。我們估計，我們對擁有大量離岸製造業務的公司的持股比例僅限於投資組合中的中等個位數。此外，這些企業通常擁有多樣化的產品採購能力和經驗豐富的管理團隊，他們曾經成功應對先前的關稅或供應鏈中斷。這是設計使然。

Since inception, we've built our portfolio to withstand turbulent economic environments and believe we will be a safe port in the storm. That said, we remain quite cautious about the impact of potential negative economic developments that our portfolio companies might face, including the possibility of broader recessionary pressures. This is why we've taken a proactive approach in response to the recent policy announcements by focusing on what we can control and quickly addressing any challenges that arise.

自成立以來，我們一直致力於建立能夠抵禦動盪的經濟環境的投資組合，並相信我們將成為風暴中的安全港灣。儘管如此，我們仍然對我們的投資組合公司可能面臨的潛在負面經濟發展的影響保持謹慎，包括更廣泛的經濟衰退壓力的可能性。這就是為什麼我們對最近的政策公告採取積極主動的方式，專注於我們能夠控制的事情並迅速應對出現的任何挑戰。

OBDC's defensive position as a senior secured lender with low loan to values can mitigate risk experienced during uncertain markets, and our view positions us well to weather potential future volatility or a recession. The majority of our portfolio companies are backed by private equity sponsors where skilled operators with significant equity investments in these businesses. This is particularly important during more volatile times as these sponsors have substantial financial resources including ample dry powder to support their investments for extended periods of stress as we saw during COVID.

OBDC 作為一家貸款價值比較低的優先擔保貸款機構，其防禦性地位可以減輕市場不確定時期的風險，而我們的觀點使我們能夠很好地抵禦未來潛在的波動或經濟衰退。我們投資組合中的大多數公司都得到了私募股權發起人的支持，這些發起人是技術嫻熟的營運商，對這些企業進行了大量的股權投資。這一點在動盪時期尤其重要，因為這些發起人擁有大量的財務資源，包括充足的資金來支持他們在長期壓力下的投資，就像我們在 COVID 期間看到的那樣。

Additionally, we are a lead or co-lead lender on roughly 90% of deals and administrative agent on approximately 65% of our investments across our platform, which gives us direct access to real-time information on borrower performance. To date, we have not seen any material signs of stress such as increased revolvder borrowings, request for interest payment modifications or late interest payments. We also benefit from a strong balance sheet and significant liquidity supported by diversified and flexible funding sources to allow us to be resilient and invest across all market environments. In summary, we believe our experienced team defensively constructed portfolio, disciplined underwriting and highly durable funding model have positioned us to protect our shareholders regardless of what lies ahead.

此外，我們在約 90% 的交易中擔任牽頭或聯合牽頭貸款人，並在我們平台上約 65% 的投資中擔任行政代理，這使我們能夠直接獲取有關借款人表現的即時資訊。到目前為止，我們還沒有看到任何重大的壓力跡象，例如循環借款增加、要求修改利息支付或延遲支付利息。我們還受益於強大的資產負債表和充足的流動性，以及多元化和靈活的資金來源的支持，使我們能夠保持彈性並在所有市場環境中進行投資。總而言之，我們相信，無論未來發生什麼，我們經驗豐富的團隊建立的防禦性投資組合、嚴格的承銷和高度持久的融資模式使我們能夠保護我們的股東。

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

接下來，我將把主題交給洛根，讓他進一步闡述投資組合的表現。

Thanks, Craig. As just mentioned, the recent policy shifts subsequent to quarter end only added to the uncertainty about when a pickup in M&A activity will materialize. Accordingly, originations were lighter this quarter. We recorded $1.2 billion of new investment commitments and $800 million of fundings, excluding joint venture and strategic equity activity. Over 90% of first quarter direct loan originations consisted of first lien investments as we continue to believe that first lien and unitranche loans provide the most attractive relative value in the current market. As a result, over the last year, OBDC's first lien investments have grown from 73% to 77% of the portfolio.

謝謝，克雷格。正如剛才所提到的，季度末之後的近期政策變化只會增加併購活動何時回升的不確定性。因此，本季的發起量較少。我們記錄了 12 億美元的新投資承諾和 8 億美元的融資，不包括合資企業和策略股權活動。第一季直接貸款發放超過 90% 為第一留置權投資，因為我們仍然相信第一留置權和單一貸款在當前市場上具有最具吸引力的相對價值。因此，在過去一年中，OBDC 的優先留置權投資佔投資組合的比例從 73% 成長至 77%。

While activity has slowed, we continue to find large high-quality opportunities during the quarter, including PCI Pharma, a $4.5 billion transaction led by Blue Owl to refinance a syndicated loan. Notably, with an average deal size of approximately $2 billion this quarter, we continue to see the market migrate towards larger, more diversified credits. With the addition of first quarter originations, the median EBITDA of our portfolio borrowers grew slightly to $120 million and weighted average EBITDA increased to $215 million. Portfolio company revenues and EBITDA once again increased in the mid- to high single digits year-over-year. We would highlight this is approximately double the US GDP growth rate due to our durable noncyclical sector selection, which should provide our borrowers more cushion in a potential recession.

儘管活動有所放緩，但我們在本季繼續發現大量優質機會，包括 PCI Pharma，這是一項由 Blue Owl 牽頭的 45 億美元交易，用於再融資銀團貸款。值得注意的是，本季平均交易規模約為 20 億美元，我們繼續看到市場轉向更大、更多樣化的信貸方向。隨著第一季貸款發放的增加，我們投資組合借款人的中位數 EBITDA 小幅成長至 1.2 億美元，加權平均 EBITDA 增至 2.15 億美元。投資組合公司的營收和 EBITDA 再次較去年同期實現中高個位數成長。我們要強調的是，由於我們選擇了持久的非週期性產業，因此這一成長率大約是美國 GDP 成長率的兩倍，這應該可以為我們的借款人在潛在的經濟衰退中提供更多的緩衝。

The portfolio also remains highly diversified with an average investment size of approximately 40 basis points. And our top 10 investments represent approximately 22% of the portfolio, down from 24% in the prior quarter. Additionally, as Craig noted, our average LTV is just over 40%, which provides significant support underneath our capital. Now I'd like to touch on some credit metrics in our portfolio. The nonaccrual rate as of quarter end was 0.8% at fair value and 1.4% at cost compared to 0.4% and 1.9% in the prior quarter. The change reflects two additions, including National Dentex labs and the removal of three positions that were fully exited. Stepping back, our nonaccrual rate remains at the lower end of our broader sector averages.

此投資組合維持高度多樣化，平均投資規模約 40 個基點。我們的前十大投資約佔投資組合的 22%，低於上一季的 24%。此外，正如 Craig 所指出的，我們的平均 LTV 略高於 40%，這為我們的資本提供了重要支持。現在我想談談我們投資組合中的一些信用指標。截至季末，非應計率以公允價值計算為 0.8%，以成本計算為 1.4%，而上一季的非應計率分別為 0.4% 和 1.9%。這項變更反映了兩項新增職位，包括 National Dentex 實驗室的增加，以及三個已完全退出的職位的取消。回顧一下，我們的不計提率仍然處於整個行業平均水平的低端。

Next, our internal rating system, which ranges from one to five as an indicator of portfolio health remains steady, and the subset of names on our watch list was also stable quarter-over-quarter. Interest coverage remained steady at 1.8 times based on current spot rates up from trough levels as lower rates have benefited our borrowers, which should provide them a bit more flexibility during this period of uncertainty.

其次，我們的內部評級系統（範圍從一到五）作為投資組合健康狀況的指標保持穩定，並且我們關註名單上的子集也保持了季度環比穩定。根據當前現貨利率，利息覆蓋率從低谷水平保持穩定在 1.8 倍，因為較低的利率使我們的借款人受益，這應該會為他們在這段不確定的時期提供更多的靈活性。

Finally, PIK income declined to 10.7% of total investment income, from 13.2% last quarter. Driven by several investments that we earned to all cash pay as well as the merger with OBDE, which had lower levels of PIK exposure. As we've highlighted in the past, the vast majority of this PIK was underwritten at inception rather than as a result of credit issues, and these investments continue to perform as expected.

最後，PIK 收入佔總投資收入的比例從上一季的 13.2% 下降至 10.7%。受幾項投資的推動，我們實現了全現金支付，以及與 PIK 風險敞口較低的 OBDE 合併。正如我們過去所強調的那樣，這些 PIK 中的絕大部分都是在開始時承保的，而不是由於信用問題，而且這些投資繼續表現符合預期。

In closing, I want to echo the sentiment Craig share. Our first quarter results demonstrate the continued strength of our portfolio. We are closely monitoring our investments for potential tariff impacts, but we remain confident in our defensive positioning and proactive in our approach.

最後，我想附和克雷格的觀點。我們第一季的業績證明了我們的投資組合持續強勁。我們正在密切監控我們的投資以防潛在的關稅影響，但我們仍然對我們的防禦性定位充滿信心，並採取積極主動的方法。

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

現在我將把電話轉給喬納森，讓他提供有關我們第一季財務業績的更多詳細資訊。

Thank you, Logan. Before discussing our financial results, I want to review the non-GAAP accounting adjustments we introduced this quarter due to the accounting treatment of our recent merger with OBDE. We did this to help make our close merger financials more comparable to premerger results. Under the asset acquisition method, we recognized an $83 million purchase discount on the assets acquired from OBDE, which resulted in a onetime unrealized gain to OBDC in the first quarter. This purchase discount will be reversed out of the realized gains into total investment income each quarter as the legacy OBDE loans mature or are realized. In the first quarter, this amortization income represented approximately $0.02 per share.

謝謝你，洛根。在討論我們的財務表現之前，我想回顧一下我們本季因最近與 OBDE 合併的會計處理而引入的非 GAAP 會計調整。我們這樣做是為了讓合併後的財務狀況與合併前的結果更具可比性。根據資產收購法，我們確認了從 OBDE 收購的資產的 8,300 萬美元購買折扣，這導致 OBDC 在第一季度獲得了一次性未實現收益。隨著遺留 OBDE 貸款到期或實現，此購買折扣將在每季從已實現收益中轉出，計入總投資收益。第一季度，該攤銷收入約為每股 0.02 美元。

Importantly, we have amended our investment advisory agreement to revise the calculation of incentive fees to ensure that any income or net realized gains arising solely from the merger accounting treatment will have no impact on the incentive fees payable to go out. This noncash amortization will be reflected in our results going forward, and we're happy to discuss this further with you in Q&A or offline to the extent you have any questions.

重要的是，我們修改了投資諮詢協議，修訂了激勵費用的計算，以確保僅由合併會計處理產生的任何收入或淨實現收益不會對應付的激勵費用產生影響。這種非現金攤銷將反映在我們未來的業績中，如果您有任何疑問，我們很樂意在問答或線下與您進一步討論。

Now turning to our results. We built upon the momentum established in 2024 and delivered another quarter of solid financial performance to begin the year. Following completion of the merger with OBDE ended the quarter with total portfolio investments of nearly $18 billion, total net assets of nearly $8 billion and total outstanding debt of approximately $10 billion. Our first quarter NAV per share was $15.14, down $0.12 from the last quarter. The decline was primarily driven by changes in credit spreads and write-downs on a small number of high focused investments.

現在來看看我們的結果。我們以 2024 年建立的勢頭為基礎，在新的一年裡又取得了一個季度的穩健財務表現。與 OBDE 合併完成後，本季末投資組合總投資額接近 180 億美元，淨資產總投資額接近 80 億美元，未償債務總額約 100 億美元。我們第一季的每股資產淨值為 15.14 美元，比上一季下降 0.12 美元。下降的主要原因是信用利差的變化和少數高度集中的投資的減記。

Turning to the income statement. We reported adjusted net investment income of $0.39 per share down $0.08 from the prior quarter, which was in line with our expectations. As discussed on our last earnings call, the decline primarily reflects a meaningful reduction in onetime income including early repayment activity and a dividend we received in the fourth quarter, which together contributed approximately $0.05 to last quarter's NII. In addition, the remaining one-third of the 100 basis points interest rate cuts that were implemented last year flowed through earnings as well as a small amount of spread compression of approximately 10 basis points.

轉向損益表。我們報告的調整後淨投資收益為每股 0.39 美元，較上一季下降 0.08 美元，符合我們的預期。正如我們在上次收益電話會議上所討論的那樣，這一下降主要反映了一次性收入的大幅減少，包括提前還款活動和我們在第四季度收到的股息，這些收入合計為上個季度的 NII 貢獻了約 0.05 美元。此外，去年實施的100個基點的降息舉措中，剩餘三分之一透過收益以及約10個基點的少量利差壓縮實現。

Similar to prior quarters, we over earned our base dividend, resulting in the Board declaring a $0.01 supplemental dividend based on our first quarter results, which will be paid on June 13, to shareholders of record as of May 30.

與前幾季類似，我們的基本股息超過了預期，因此董事會根據第一季業績宣布派發 0.01 美元的補充股息，該股息將於 6 月 13 日支付給截至 5 月 30 日登記在冊的股東。

As a reminder, we implemented a programmatic supplemental dividend framework to allow shareholders to benefit from the higher returns associated with the increased rate environment, which has worked as designed. The Board also declared a second quarter base dividend of $0.37, which will be paid on July 15, to shareholders of record as of June 30. We believe OBDC is well positioned for the evolving rate environment and that the base dividend continues to be supported by our adjusted earnings with 106% dividend coverage.

提醒一下，我們實施了一項計劃性的補充股息框架，以使股東能夠從利率上升的環境帶來的更高回報中受益，該框架已按計劃發揮作用。董事會也宣布第二季基本股利為 0.37 美元，將於 7 月 15 日支付給截至 6 月 30 日登記在冊的股東。我們相信，OBDC 已做好充分準備應對不斷變化的利率環境，基本股利將繼續受到我們調整後收益的支持，股利覆蓋率為 106%。

Further, our spillover income remains healthy at approximately $0.34 and equates to nearly a full quarter's worth of base dividends. We believe having a meaningful undistributed spillover supports our goal of maintaining a steady dividend through volatile and varying market conditions.

此外，我們的溢出收入仍然保持健康，約 0.34 美元，相當於近一個季度的基本股息。我們相信，有意義的未分配外溢效應能夠支持我們在動盪多變的市場條件下維持穩定股利的目標。

Moving to the balance sheet. We are entering the year on a solid foot as our diversified capital structure positions us to expand the current environment. We finished the quarter with net leverage of 1.26 times, up from 1.19 times and just outside of our target range of 0.9 times to 1.25 times, which is partly attributable to the onetime leveraging event of the merger with OBDE. We also had visibility into a couple of large repayments that slipped into April. And as a result, we expect net leverage in Q2 will be within our target range. Since the merger closing in January, we have taken several steps to optimize our capital structure and reduce funding costs at OBDC.

轉到資產負債表。我們多元化的資本結構使我們能夠拓展當前的環境，因此我們正以穩健的步伐邁入新的一年。本季結束時，我們的淨槓桿率為 1.26 倍，高於 1.19 倍，略高於我們的目標範圍 0.9 倍至 1.25 倍，這部分歸因於與 OBDE 合併的一次性槓桿事件。我們也了解到，有幾筆大筆還款已拖延至四月。因此，我們預計第二季的淨槓桿率將在我們的目標範圍內。自一月合併完成以來，我們已採取多項措施優化資本結構並降低 OBDC 的融資成本。

During the first quarter and post quarter end, we reset two CLOs and amended two of our bilateral SPVs, reducing interest expense for each and extending maturities for most of the facilities. In April, we repaid OBDE's $142 million July 2025 notes, which was modestly accretive to net investment income as the notes had a higher interest rate as compared to OBDC's cost of funding.

在第一季和季末，我們重置了兩個 CLO 並修改了兩個雙邊 SPV，從而降低了每個 CLO 的利息支出並延長了大多數 SPV 的期限。4 月份，我們償還了 OBDE 的 1.42 億美元 2025 年 7 月票據，由於這些票據的利率高於 OBDC 的融資成本，因此這筆款項略微增加了淨投資收入。

Lastly, as a reminder, we prefunded the $425 million of unsecured notes that matured in March by opportunistically raising $400 million through a reopening of OBDC's March 2029 for the secured notes last quarter, which priced a swap spread of SOFR plus 192 basis points near secured credit facility pricing levels. These changes represent our continuing efforts to actively improve our liability structure and optimize ROE post merger.

最後，提醒一下，我們透過上個季度重新開放 OBDC 的 2029 年 3 月擔保票據，趁機籌集了 4 億美元，為 3 月份到期的 4.25 億美元無擔保票據預先提供了資金，該票據的定價為 SOFR 加上 192 個基點的擔保損失利差，接近信貸額度定價水平。這些變化體現了我們為積極改善負債結構、優化合併後ROE所做的持續努力。

Turning to liquidity, we ended the quarter with over $3 billion of total cash and capacity on our facilities, which was over 2 times in excess of our unfunded commitments that can be immediately drawn. Importantly, we have no material short-term maturities, and our robust liquidity position provides us with more than ample unfunded capacity to meet any near-term funding needs. Overall, we remain very pleased with our results and believe that our balance sheet is well positioned for a more uncertain environment ahead.

談到流動性，截至本季末，我們的設施總現金和容量超過 30 億美元，是可立即提取的未撥付承諾的 2 倍多。重要的是，我們沒有重大的短期到期債務，我們強勁的流動性狀況為我們提供了充足的未融資能力，可以滿足任何短期融資需求。總體而言，我們對我們的業績仍然非常滿意，並相信我們的資產負債表已為未來更不確定的環境做好了準備。

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

現在我將把發言權交還給 Craig，讓他對今天的電話會議做出最後的思考。

Thanks, Jonathan. The recent volatility across stocks in public fixed income markets has signaled a potential shift in the investment landscape. In periods like this, we believe private credit is poised to capitalize on market volatility, by providing support to borrowers and sponsors facing challenges in accessing financing. While leverage at OBDC is towards the high end of our target range, we remain agile and able to deploy capital strategically as repayments come in, which allows us to be patient and pick our spots as we find opportunities.

謝謝，喬納森。近期公共固定收益市場股票的波動預示著投資格局可能出現轉變。在這樣的時期，我們相信私人信貸可以利用市場波動，為面臨融資挑戰的借款人和發起人提供支援。雖然 OBDC 的槓桿率接近我們目標範圍的高端，但我們仍然保持靈活，並能夠在還款時策略性地部署資本，這使我們能夠耐心地選擇時機並尋找機會。

Last year, we experienced a significant number of refinancings, which impacted the overall spread of our portfolio. However, at this point, we believe most of this refinancing activity has played out which means we have the ability to operate with a high-quality portfolio that benefits from stable spreads. This positions us well to be patient and selective knowing that as public markets continue to experience volatility, the value of the certainty we offer to borrowers only increases.

去年，我們經歷了大量再融資，這影響了我們投資組合的整體分佈。然而，目前，我們認為大部分再融資活動已經結束，這意味著我們有能力營運受益於穩定利差的高品質投資組合。這使我們能夠保持耐心和選擇性，因為我們知道隨著公開市場繼續經歷波動，我們為借款人提供的確定性的價值只會增加。

While it was too early to say how long this environment will last, we're confident in our ability to take advantage of opportunities given our capital resources and long-term investing time horizon to navigate what lies ahead. Looking forward, while macroeconomic uncertainty persists, the market is anticipating a significant reduction in interest rates, which will impact our earnings. That said, we believe our stable earnings profile and compelling risk-adjusted returns will continue to make us an attractive option for investors. Even in a lower rate environment.

雖然現在判斷這種環境將持續多久還為時過早，但我們相信，憑藉我們的資本資源和長期投資時間範圍，我們有能力利用機會來應對未來。展望未來，儘管宏觀經濟不確定性依然存在，但市場預期利率將大幅下降，這將影響我們的獲利。儘管如此，我們相信，我們穩定的獲利狀況和令人信服的風險調整回報將繼續使我們成為投資者的有吸引力的選擇。即使在較低利率環境下。

As we've mentioned throughout today's call, our portfolio is performing well, reflecting the continued strength and resilience of our borrowers. The stability of our portfolio gives us confidence in maintaining our dividend level for the remainder of 2025. To close, we are very pleased with our first quarter results and the seamless execution of the merger. We're confident in our ability to navigate a more challenging environment ahead all while delivering attractive returns to our shareholders.

正如我們在今天的電話會議中提到的那樣，我們的投資組合表現良好，反映了我們的借款人的持續實力和韌性。我們投資組合的穩定性使我們有信心在 2025 年剩餘時間內維持股利水準。最後，我們對第一季的業績和合併的順利執行感到非常滿意。我們有信心，我們有能力應對未來更具挑戰性的環境，同時為股東帶來豐厚的回報。

Thank you for your time today, and we'll now open the line for questions.

感謝您今天抽出時間，我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Everyone. It would be great to get your perspective on how the macro unfolded over the past several months. I know you gave a little bit of color, but for some time now, we've talked about just how tight spreads were as banks were really active and then there's just a lack of new M&A transactions. We finally got some volatility, banks did pull back. So I'm just curious from your seat, how spreads trended from February to March and then from March into April and May.

每個人。我很想了解您對過去幾個月宏觀情勢發展的看法。我知道您給了一些細節，但一段時間以來，我們一直在討論利差有多緊張，因為銀行非常活躍，而且缺乏新的併購交易。我們最終經歷了一些波動，銀行確實撤退了。所以我只是好奇，從您的角度來看，從二月到三月，以及從三月到四月和五月，利差趨勢如何。

And then at the OWL Investor Day back in February, you stated I don't know, I haven't seen it yet when speaking about the forthcoming recovery in M&A. So here we are, there's been no change in the broader M&A backdrop. Do you have any updated thoughts on where we go from here. And then if activity remains muted on the M&A side, does that have any implications on OBDC.

然後在二月的 OWL 投資者日上，您在談到即將到來的併購復甦時表示「我不知道，我還沒有看到」。因此，目前來看，更廣泛的併購背景並沒有改變。對於我們下一步的行動，您有什麼最新的想法嗎？那麼，如果併購方面的活動仍然不活躍，這會對 OBDC 產生任何影響嗎？

Okay. Thanks, Brian. There are a few pieces in there. So I don't get all of them, remind me. My quote I don't know, I haven't seen it yet, I think that's held up well over time. So I think I was probably spot on there. Look, to try to hit some of the themes that you're asking about, just to pull the lens back. Last year, it was a moderate M&A environment with a really strong broadly syndicated loan market and rates spreads tight. And so there's a lot of refinancing last year. There are a lot of public and private market dollars chasing a moderate amount of deal flow, and that resulted in spread compression.

好的。謝謝，布萊恩。裡面有幾件東西。所以我沒有全部得到，請提醒我。我不知道我的引言，我還沒有看到它，但我認為隨著時間的推移它會保持良好。所以我認為我可能猜對了。瞧，試著觸及您所詢問的一些主題，只是將鏡頭拉回來。去年，併購環境溫和，銀團貸款市場強勁，利差較小。因此去年有許多再融資。大量公共和私人市場資金追逐適量的交易流，導致價差壓縮。

The hope this year was that there would be a resumption in M&A. I think there was a lot of optimism with the new administration that would be a regulatory that would result in M&A with private equity firms needing to return capital. So there was a hope that would result in more deal flow, more opportunities to deploy and potentially improve spread environment. What's happened so far this year is given there's just been after the initial, I think, optimism around new administration, there's been a lot of uncertainty created by tariffs in particular and that's had a showing effect on M&A, both private equity, but just in general, the uncertainty around tariffs has created a muted M&A environment. And I think most people expect that to continue for a while.

今年的希望是併購活動能夠恢復。我認為人們對新政府抱持著極大的樂觀態度，新政府將推出一項監管措施，允許私募股權公司進行併購併返還資本。因此，人們希望這將帶來更多的交易流程、更多的部署機會並可能改善利差環境。今年迄今為止發生的情況是，我認為，在新政府最初的樂觀情緒剛剛消退之後，關稅尤其帶來很多不確定性，這對併購（包括私募股權）產生了明顯的影響，但總的來說，關稅的不確定性造成了低迷的併購環境。我認為大多數人都希望這種情況能持續一段時間。

Until there's greater clarity is hard for companies to want to buy and sell and for there to be an active M&A environment. And so I think that will continue to be the case. On the spread front, the public loan market really closed out, it's opened up a little bit now, but the extreme volatility of a month or so ago really impacted the public loan market. So that bid went away. And so spreads, I think, have stabilized. Our hope would have been in an environment with a lot of public market volatility that spreads would widen. Typically, that's what you would see that -- we haven't seen that yet.

在情況更加明朗之前，企業很難願意進行買賣，也很難形成活躍的併購環境。所以我認為這種情況將會持續下去。在利差方面，公共貸款市場確實收盤了，現在已經稍微開放了一點，但一個月前左右的極端波動確實影響了公共貸款市場。所以那個出價就消失了。因此我認為利差已經穩定下來。我們原本希望在公開市場波動較大的環境下利差能夠擴大。通常情況下，這就是你所看到的——我們還沒有看到。

Private credit spreads are stable. I think different market participants might call it 25 basis points wider 50 basis points wider. But I think there's also deals that are getting done and really the same spread they would have gotten done a couple of months ago. So I think it's not going any tighter. Our hope is to have it go wider. We are certainly pushing for that in the instances where we think it's appropriate. But there remains pretty modest deal flow. And so the deals we're seeing are good quality. You saw we had an active quarter. I think we'll continue to have an active year.

私人信貸利差穩定。我認為不同的市場參與者可能會稱之為擴大 25 個基點或擴大 50 個基點。但我認為也有一些交易正在完成，而且實際上與幾個月前達成的交易是一樣的。所以我認為它不會再變得更緊了。我們希望它能夠得到更廣泛的傳播。只要我們認為合適，我們當然會推動這一點。但交易量仍相當溫和。因此我們看到的交易品質很好。您看到我們有一個活躍的季度。我認為我們將繼續度過活躍的一年。

Our portfolio companies, we have a significant number of incumbencies and they are constantly doing that on acquisitions that are smaller but allow us to deploy capital. I think spreads, my hope is, at some point, there'll be a pickup in activity and spreads will go wider a bit, but we're not seeing that just yet. It's a fine environment we're investing. I'd like to see more deal flow, I'd like to see a little bit better economic terms, but the quality is very good and the portfolio companies are holding up very well. So hopefully, that captures, I think, the gist of what you're asking about, but if I missed any of the piece fit, just remind me.

在我們的投資組合公司中，有大量的現任者，他們經常進行規模較小但允許我們部署資本的收購。我認為，我希望在某個時候，價差會有所回升，價差也會有所擴大，但我們目前還沒有看到這種情況。我們投資的環境很好。我希望看到更多的交易流程，我希望看到更好的經濟條件，但品質非常好，投資組合公司表現也很好。所以我希望這能抓住你所問問題的要點，但如果我錯過了任何部分，請提醒我。

Yeah. No, I think you got most of it, if not all of it. So that's super helpful. Appreciate that. There were clearly a few questions in that. So I just have one quick follow-up. Is there any updated time line around the public listing of OTF now that, that merger is complete?

是的。不，我想你已經了解了大部分，即使不是全部。這非常有幫助。非常感謝。其中顯然存在一些問題。因此我只想快速跟進。合併完成後，OTF 的公開上市是否有任何更新的時間表？

There's no -- there's nothing for us to disclose here. As we have with -- we've obviously completed a number of strategic transactions, merger of OBDC and OBDE, merger of our two private tech funds, we take a very front-footed approach with trying to find ways to deliver value for our shareholders, talk to our board regularly about all those activities. And so our tech fund dominating report on it, but the -- our tech fund now combines private tech loans would be one of the largest, most consequential OBDCs that we're a public company. So if we found a window where we think that makes sense that we would explore that as we have some of the other strategic transactions. So we're we actively look at each of our funds regularly to see what makes sense, but nothing more specific to report.

沒有——我們這裡沒有什麼可以揭露的。正如我們所做的那樣——我們顯然已經完成了一系列策略交易，OBDC 和 OBDE 的合併，我們兩家私人科技基金的合併，我們採取非常積極的方式，試圖找到為股東創造價值的方法，並定期與董事會討論所有這些活動。因此，我們的技術基金佔據主導地位，但是 - 我們的技術基金現在結合了私人技術貸款，這將是我們作為上市公司的最大、最重要的 OBDC 之一。因此，如果我們發現一個我們認為有意義的窗口，我們就會探索它，就像我們進行一些其他策略交易一樣。因此，我們會定期積極審查我們的每個基金，看看哪些是有意義的，但沒有更具體的報告。

Mickey Schleien, Ladenburg Thalmann.

米基施萊恩、拉登堡塔爾曼。

Craig?

克雷格？

We're here, Mike, I'm not sure what that was, but.

我們到了，麥克，我不確定那是什麼，但是。

Yeah. Not sure. Sorry. I wanted to ask the spread question as well, but you explained it very thoroughly. So my other question is related to share repurchases. I realize there are windows, which open close for share repurchases. But why not rotate some of the repayments you received into buying shares during the recent periods of volatility, which would seem to be a great use of capital.

是的。沒有把握。對不起。我也想問傳播問題，但你解釋得很透徹。我的另一個問題與股票回購有關。我知道有一些股票回購的窗口可以打開或關閉。但是，為什麼不將收到的部分還款用於在最近的波動期間購買股票？這似乎是一種很好的資本利用方式。

So we have a share repurchase program. We've also instituted an ATM program. We look at both tools really weekly, daily. As you know, there are windows for share repurchases. So -- and they're meaningful windows, which I won't get into precisely here, but they're measured in weeks, not in days. And so if there are environments that line up with our windows to buy shares, that's a conversation that we'll have with our Board meeting. It was not that long ago that we've been above total. So these things move quickly and they have to line up. We see the share repurchase in the past, and we can look at using it again.

因此我們有一個股票回購計劃。我們也制定了 ATM 計劃。我們每週、每天都會檢視這兩種工具。如您所知，股票回購是有窗口的。所以 — — 它們是有意義的窗口，我不會在這裡詳細說明，但它們是以周為單位來衡量的，而不是以天為單位。因此，如果有符合我們購買股票條件的環境，我們將在董事會會議上進行討論。不久之前，我們的總數還未超過這個數字。因此這些事情進展很快，他們必須排隊。我們看到過去的股票回購，我們可以考慮再次使用它。

I mean, I agree with your instinct, which is we think that our stock trading where it is, is not reflective of the fundamentals of the portfolio performance, which continues to be excellent. The yield on our stock today on our base dividend is close to 11%. And we haven't had any credit issues. And our peers that have comparable credit quality or trading book value. We traded $0.90 of book value. So we agree with the sentiment that our stock is attractively priced. Obviously, the capital is very valuable to deploy. So we always weigh that. But it's something that we will continue to look at.

我的意思是，我同意你的直覺，我們認為我們的股票交易情況並不能反映投資組合表現的基本面，而投資組合表現仍然非常出色。我們股票目前的基本股息殖利率接近 11%。而且我們還沒有遇到任何信用問題。我們的同業擁有可比較的信用品質或交易帳面價值。我們交易的帳面價值為 0.90 美元。因此，我們同意我們的股票價格具有吸引力的觀點。顯然，這筆資金的部署非常有價值。所以我們總是會權衡這一點。但我們會繼續關注此事。

So if I understand correctly, that recent period of volatility, where we saw a sharp selloff over a few days, it just -- it didn't coincide with one of the windows being open. Is that correct?

因此，如果我理解正確的話，最近一段時間的波動，我們在幾天內看到了大幅拋售，這只是 - 它與其中一個視窗打開的時間不一致。對嗎？

That is correct.

沒錯。

Casey Alexander, Compass Point.

凱西‧亞歷山大 (Casey Alexander)，指南針點。

Yeah. This is for Jonathan. Jonathan, not being as familiar with the liability structure that you inherited from Blue Owl three. I'm curious if there's anything in Blue Owl three liabilities that you inherited that are going to offer some opportunities to rationalize some of those liabilities at lower cost.

是的。這是給喬納森的。喬納森，我對你從 Blue Owl 三公司繼承的責任結構不太熟悉。我很好奇，您繼承的 Blue Owl 三項負債中是否有任何內容可以提供一些機會，以較低的成本合理化其中一些負債。

Yeah, it's a great question. It's something that we definitely talked about at the time of the merger that we felt that there were going to be opportunities. We've already started to take advantage of some of those on the secured side by repricing certain drop-down facilities that we have in place as well as repricing the CLO. And we've -- subsequent to quarter end, we took out notes that we had issued at OBDC three that were a high coupon as well at the first possible chance to take those notes out. So there's more there to do. And as the call dates and sort of come up, we'll certainly be able to take advantage of that.

是的，這是一個很好的問題。我們在合併時肯定討論過這個問題，我們覺得合併後會有機會。我們已經開始利用一些有擔保的優勢，透過重新定價我們現有的某些下拉設施以及重新定價 CLO。在季度末之後，我們抓住第一個機會，取出了在 OBDC 3 發行的、票面利率較高的票據。所以還有很多事情要做。隨著通話日期的臨近，我們肯定能夠利用這一點。

Robert Dodd, Raymond James.

羅伯特多德、雷蒙德詹姆斯。

You've added the spread in M&A on really clearly in case you got the liability one. So the board going back to kind of your opening remarks, I mean this point in your underwriting case when you're looking at new deals, what are you ranking maybe qualitatively, not quantitatively, necessarily. As the probability of a near-term recession. I mean you always put one into kind of your underwriting case and a lot of your businesses, they're not that economically sensitive because of the services side. But is that kind of near-term view like the second half of '25, has that view changed on the probability of a meaningful or moderate economic slowdown?

如果您獲得了負債，您已經非常清楚地添加了併購中的利差。因此，董事會回到您的開場白，我的意思是，當您在考慮新交易時，您的承銷案例中的這一點，您的排名可能是定性的，而不一定是定量的。由於近期出現經濟衰退的可能性。我的意思是，你總是把其中一種納入你的承保案例中，而且你的許多業務由於服務方面的原因，對經濟的敏感性並不高。但是，這種短期觀點是否像 25 年下半年一樣，對於經濟出現有意義或適度放緩的可能性的看法是否發生了變化？

Sure. So look, I'll try to answer your question, but I'm going to just try to have a broader lens to it. We're -- the economy can be gangbusters, and we're running downside cases. We're -- every deal, every investment we've made in our history has a recession case in it. Every deal in our history has a liquidation case in it. So we're extremely downside focused and is a hallmark of our underwriting process. In addition to that, as you know, for buying businesses, we're investing businesses, excuse me, that are not that simple. That is also a hallmark of our investment process, software assurance brokers, health care, food and beverage, mostly US businesses, mostly stable, mostly annuity-like revenue streams. That's what we like to invest in.

當然。所以，我會盡力回答你的問題，但我會試著從更廣闊的視角來看待它。我們——經濟可能蓬勃發展，而我們卻面臨下行壓力。我們歷史上所做的每筆交易、每一項投資都與經濟衰退有關。我們歷史上的每一筆交易都包含清算案例。因此，我們非常關注下行風險，這是我們承保流程的標誌。除此之外，如你所知，對於購買企業，我們正在投資企業，對不起，這不是那麼簡單。這也是我們投資流程的標誌，軟體保證經紀人、醫療保健、食品和飲料，主要是美國企業，大多是穩定的，大多是類似年金的收入來源。這就是我們喜歡投資的。

I'll also repeat what we said in our prepared remarks, we're not seeing any economic weakness of our portfolio of companies. Now we are not a forward indicator of the US economy because we're selecting into the most stable parts of of US economy. So we wouldn't see it, but we're not. If you're -- if what you're asking me is, are we especially concerned about an economic slowdown in our underwriting process. I think the answer is yes. we are. I mean we follow economic developments as closely as I think most investors would and there have been seismic changes to US trade regulations that many feel are going to potentially impact the economy later this year.

我還要重複我們在準備好的發言中所說的內容，我們沒有看到我們的公司投資組合有任何經濟疲軟。現在我們不是美國經濟的前瞻性指標，因為我們正在選擇美國經濟最穩定的部分。所以我們看不到它，但我們確實沒有看到。如果您—如果您問我的是，我們是否特別擔心核保過程中的經濟放緩。我認為答案是肯定的。我們是。我的意思是，我們像大多數投資者一樣密切關注經濟發展，美國貿易法規發生了重大變化，許多人認為這可能會在今年稍後對經濟產生影響。

And so of course, we're taking a serious look at that and factoring that into our base case rather than a downside case. So I think that's just sort of responsible lending in this kind of environment, and we are a downside in orientation. So we're taking that into account and it's probably our expectation. It's not going to change the kinds of investments we're making because we were already selected out of the type of investments that will be most impacted by that type of a downturn.

因此，我們當然會認真考慮這個問題，並將其納入我們的基本情況，而不是下行情況。所以我認為這只是在這種環境下的一種負責任的貸款，而我們的定位是不利的。所以我們正在考慮到這一點，這可能是我們的期望。這不會改變我們正在進行的投資類型，因為我們已經從最受這種經濟衰退影響的投資類型中挑選出來了。

But it's certainly on the margin makes you that much more cautious about how much leverage you put on a business that even though it's not cyclical, like every business is impacted if there's a recession and even a very stable one. So we are certainly factoring that in, and it's we insisted that introduces a level of caution as we look to deploy additional capital.

但它肯定會讓你對在企業上施加多大的槓桿更加謹慎，即使它不是週期性的，但如果出現經濟衰退，甚至非常穩定的情況，每個企業都會受到影響。因此，我們肯定會考慮到這一點，並且我們堅持認為，在尋求部署額外資本時要採取一定程度的謹慎態度。

Got it. Now one more, if I can. I mean on -- now the business has been combined. The asset base is bigger. You've got a little bit more room out now under your nonqualified bucket or any of these other diversified lending strategies that you follow between Wingspire, et cetera. I mean any incremental -- and I think I asked you about this last quarter, but any incremental thoughts on like now that they're combined bigger balance sheet, how much of that non-pure traditional first lien, I'm not saying it's high risk or anything, right? But those differentiated strategies you want within this vehicle.

知道了。如果可以的話，現在再說一次。我的意思是──現在業務已經合併了。資產基礎較大。現在，您在非合格貸款池或您在 Wingspire 等公司遵循的任何其他多元化貸款策略下有了更多的空間。我的意思是任何增量 - 我想我在上個季度問過你這個問題，但是任何增量想法，比如現在他們合併了更大的資產負債表，有多少非純傳統的第一留置權，我不是說它有高風險或什麼的，對吧？但您希望在這輛車內採用差異化的策略。

As you're alluding to at OBDC, previously, we had fairly meaningful investments in a number of sensitive portfolios of assets on an asset-based lending business. We have a syndicated loan joint venture, our aircraft and railcar equipment finance, give or take, those are measured in the low double digits of the asset pool. OBDE had much less. And so we would certainly look to though up the combined portfolio and essentially get a portion of incremental exposure by just getting the combined asset base to where OBDC was previously. These have been really good investments.

正如您在 OBDC 中提到的那樣，之前我們在資產抵押貸款業務中對許多敏感資產組合進行了相當有意義的投資。我們有一個銀團貸款合資企業，我們的飛機和軌道車輛設備融資，或多或少，都是在資產池的低兩位數中衡量的。OBDE 的數量則少得多。因此，我們肯定會考慮合併後的投資組合，並透過將合併後的資產基礎恢復到 OBDC 以前的水平，從本質上獲得一部分增量風險敞口。這些都是非常好的投資。

Again, there are the underlying pools of assets within each of these investments are diversified pools, diversified pools of loans. Typically, we have a life insurance settlements business with our royalty business or diversified underlying pools that have delivered depending upon the structure of low to middle -- low to mid-teens ROEs. So they're accretive to OBDC. We think they're risk appropriate. And over time, we'd like to continue to grow our exposure to the existing ones.

再次強調，這些投資中的每一項底層資產池都是多元化的池子，多元化的貸款池。通常情況下，我們的人壽保險結算業務與我們的特許權使用費業務或多元化基礎資產池相結合，根據低到中等的 ROE 結構實現盈利。因此它們對 OBDC 具有增值作用。我們認為它們具有適當的風險。隨著時間的推移，我們希望繼續擴大對現有產品的曝光。

And if we could find one or two additional strategies to invest in, we would do that as well. Again, today, it's combined low double digits, we're going to be patient as we grow this, but over the next couple of years, if we could take that number up to 15% versus 12%. I think that would be very valuable for shareholders. And we're working with experienced teams that have good deal flow, chunky opportunities and we'll look to support them and find good investments through that venue.

如果我們能夠找到一兩種額外的投資策略，我們也會這樣做。再說一次，今天，它的綜合成長率是低兩位數，我們會耐心等待它的成長，但在接下來的幾年裡，如果我們能將這個數字從 12% 提高到 15%。我認為這對股東來說非常有價值。我們正在與經驗豐富的團隊合作，他們擁有良好的交易流程和大量機會，我們將尋求支持他們並透過該管道找到好的投資。

Casey Alexander, Compass Point.

凱西‧亞歷山大 (Casey Alexander)，指南針點。

Yeah. I just wanted to follow up real quick. I just want to make sure that the variable dividend structure is going to be toggling off of adjusted earnings and not the GAAP number.

是的。我只是想快速跟進一下。我只是想確保可變股息結構將根據調整後的收益而不是 GAAP 數字來決定。

Casey, that is correct. It's off of adjusted.

凱西，沒錯。尚未調整。

Sean-Paul Adams, B. Riley Securities.

肖恩·保羅·亞當斯 (Sean-Paul Adams)，B. Riley 證券。

I think you already touched on part of this question earlier in the call. But now that the OBDE merger has closed, what kind of specific operational efficiencies besides just the refi are you guys tracking? I believe earlier in the quarter, you had mentioned expecting maybe 50 bps to 75 bps of ROE uplift from portfolio optimization. How far along are you in realizing those gains? And would we see the full benefit to OBDC?

我認為您在通話中早些時候已經談到了這個問題的一部分。但現在 OBDE 合併已經完成，除了再融資之外，你們還在追蹤哪些具體的營運效率？我相信在本季早些時候，您曾提到，預計投資組合優化將帶來 ROE 50 基點至 75 基點的提升。您在實現這些收益方面取得了多大進展？我們是否能夠看到 OBDC 的全部優勢？

Sure. Maybe I'll start and pass to Jonathan because there's two fronts that we highlighted at the time of the merger. First was call it, market dependent and investment-related ROE optimization efforts. Some of those are exactly what Craig was just talking about is continuing to deploy to accretive (inaudible) strategic equity opportunities, like our platforms, Wingspire as one example. And OBDE was underweight some of those opportunities. And so getting that back up as part of the combined portfolio would be top of that list, and that certainly takes time to deploy into the assets at that level, but it's something that we're already working on.

當然。也許我會開始並交給喬納森，因為在合併時我們強調了兩個方面。首先是所謂的依賴市場和投資相關的 ROE 優化工作。其中一些正是 Craig 剛才談到的，即繼續部署增值（聽不清楚）策略性股權機會，例如我們的平台 Wingspire 就是一個例子。而 OBDE 對其中一些機會的重視程度不足。因此，將其重新納入組合投資組合是首要任務，而且這肯定需要時間才能部署到該層級的資產中，但這是我們已經在努力的事情。

Additionally, there are others where OBDE was a slightly different portfolio mix and part of that's market opportunity set dependent. Today, we see the best relative value, as mentioned during the call in first liens unitran but we are open if the return opportunity and the relative value opportunity improves, to looking at second lien or junior capital where OBDE was also underweight. So some more market-dependent. JVs is more time dependent, and we're working on those now. And then there are our cost structure side, which I'll let Jonathan touch on.

此外，在其他情況下，OBDE 的投資組合組合略有不同，部分取決於市場機會集。今天，我們看到了最佳的相對價值，正如在第一留置權 unitran 的電話會議中提到的那樣，但如果回報機會和相對價值機會有所改善，我們願意考慮第二留置權或次級資本，而 OBDE 的持股比例也較低。因此更加依賴市場。合資企業更依賴時間，我們現在正在努力實現這一點。然後是我們的成本結構方面，我會讓喬納森談談。

Yeah. So look, on the operating expenses, you get to see those sort of pull through rather quickly. And so in Q1, we were able to already see approximately 10 basis points of what I'll call synergies on a relative basis to where OpEx was across a number of categories in 2024.

是的。因此，就營運費用而言，您可以很快看到這些費用的回升。因此，在第一季度，我們已經能夠看到相對而言約 10 個基點的協同效應，相對於 2024 年多個類別的營運支出而言。

Finian O'Shea, Wells Fargo.

富國銀行的菲尼安‧奧謝 (Finian O’Shea)。

So I might be piggybacking on Robert's question here, but I want to go back to spread as well. Appreciating the contemporary puts and takes. Longer term, you and your large market peers have these burgeoning wealth products and you're going more and more upmarket in deployment. So do you think there's more of a firmly secular trend downward on spread? And if so, will the public BDC continue to stay on that bus or pivot more meaningfully toward higher spread. I think you mentioned ABF or just other sort of old school private credit strategies?

所以我可能在這裡搭了羅伯特的問題，但我也想回去傳播。欣賞當代人的付出與收穫。從長遠來看，您和您的大型市場同行擁有這些蓬勃發展的財富產品，並且您們的部署將越來越高端。那麼，您是否認為利差呈現更為長期的下降趨勢？如果是這樣，公共 BDC 會繼續保持這種狀態還是會更有意義地轉向更高的傳播率。我想您提到了 ABF 或其他類型的老式私人信貸策略？

Sure. Let me try to take a stab at that. Look, just for just a level set, the spread in our portfolio today is -- at the end of this quarter, it was [$590]. I think it's an excellent spread even with base rates where they are, that's an absolute all-in return of north of 10% for portfolio, primarily first lien assets to good companies. So spreads have come in.

當然。讓我嘗試一下。看看，就水平而言，我們今天的投資組合利差是——在本季度末，它是[590美元]。我認為，即使以目前的基準利率來看，這也是一個極好的利差，對於投資組合來說，這絕對是一個超過 10% 的全額回報，主要是對優秀公司的優先留置權資產。因此，利差就出現了。

I don't think it's a secular shift. I think it's a cyclical shift the strength in the broadly syndicated loan market, which is a market that we do compete with drove spreads down last year in an environment with light M&A give us a window where either there's more M&A or a closed public loan market, and I think spreads will widen. So I view it as just a typical cycle, not a secular shift. You're right that there's been a growth in the nontraded BDCs in the Wolf channel. That's a channel that we participate in.

我不認為這是一個長期的轉變。我認為這是一個週期性的轉變，廣泛銀團貸款市場的實力，即我們確實在競爭的市場，去年在併購較少的環境下推動利差下降，這給我們提供了一個窗口，要么有更多的併購，要么是封閉的公共貸款市場，我認為利差將會擴大。所以我認為這只是一個典型的週期，而不是長期的轉變。您說得對，Wolf 頻道中非交易 BDC 的數量確實有所增長。這是我們參與的一個管道。

But at the same time, the addressable market for those deals have expanded in pace. The growth in that channel, what's allowing us to finance deals that are $3 billion, $4 billion or $5 billion of a clip. And so the market is growing as the capital is growing to support that market and the private equity firms are choosing to use direct lending solutions to finance bigger deals in a way they never have before because they like the solution. And we get a premium to the public markets.

但同時，這些交易的潛在市場也在快速擴大。該管道的成長使我們能夠快速融資 30 億美元、40 億美元或 50 億美元的交易。因此，隨著支持該市場的資本不斷增長，市場也在成長，私募股權公司選擇使用直接貸款解決方案以前所未有的方式為更大的交易融資，因為他們喜歡這種解決方案。我們在公開市場上獲得了溢價。

So that all feels good to me. I also think that the larger deals are just really good credits. And I think that this is an area that observers don't fully give us credit for when we're financing deals that are $3 billion or $4 billion, $5 billion. These are $8 billion, $10 billion companies with $4 billion equity check from private equity firms. The industry is just much higher quality than it was 10 years ago when I think is one of the reasons why I expect it will continue to perform from a credit standpoint.

所以這一切對我來說感覺很好。我也認為，較大的交易確實能帶來良好的信用。我認為，當我們為 30 億美元、40 億美元或 50 億美元的交易提供融資時，觀察家並沒有充分肯定我們的這一領域。這些公司價值 80 億到 100 億美元，並從私募股權公司獲得了 40 億美元的股權支票。我認為，這個行業的品質比十年前高得多，這也是我預計它將繼續從信貸角度表現出色的原因之一。

In terms of our strategy for OBDC, our strategy is going to remain the same. We have been, from the beginning, focused on credit quality versus all else, and we continue to think that the quality of the upper middle market company is attractive, and that's where we seek to play. And I would also offer that I think that spreads in smaller deals are the same as the upper middle market. And I know there will be others out there that will argue otherwise, but that's not what we're seeing. We look at everything that's out there.

就我們對 OBDC 的策略而言，我們的策略將保持不變。從一開始，我們就把重點放在信用品質上，我們仍然認為中上市場公司的品質具有吸引力，這也是我們尋求發揮作用的地方。我還想說，我認為小額交易的利差與中上層市場相同。我知道其他人會持不同意見，但我們所看到的情況並非如此。我們觀察外面的一切事物。

We think it's pretty comparable. So we think we're getting better quality for comparable spreads. I also think that our portfolio of high-quality upper middle market loans that's diversified, that's yielding 11% holds up really well in this environment. I don't think we have to change our strategy. I think our strategy is delivering great returns for investors.

我們認為這是相當具有可比性的。因此，我們認為，在可比價差方面，我們獲得了更好的品質。我還認為，我們的多元化優質中上層市場貸款組合（收益率達 11%）在當前環境下表現非常良好。我認為我們不必改變我們的策略。我認為我們的策略正在為投資者帶來豐厚的回報。

And so I think that's all working. We, as you know, and as many know, at Blue Owl, we have expanded our credit platform. We have gotten into alternative credit or asset-based lending that -- which some will lease that term, that's it. That's a capability that we didn't have in scale before. that may produce opportunities for us to occasionally put some of those assets into the BDC that we think that they're a copper credit quality can deliver kind of the consistent income that we're known for. but that's really on the margin. We're not looking to change our strategy. And I think that this will continue to be attractive risk-adjusted return for investors.

所以我認為這一切都是有效的。正如您和許多人所知，在 Blue Owl，我們已經擴展了我們的信用平台。我們已經進入替代信貸或資產抵押貸款領域——有些人會租賃這個術語，就是這樣。這是我們以前不具備的規模化能力。這可能為我們創造機會，偶爾將其中一些資產投入 BDC，我們認為這些資產具有銅信用質量，可以帶來我們所熟知的穩定收入。但這確實只是邊緣上的。我們不想改變我們的戰略。我認為這將繼續為投資者帶來有吸引力的風險調整回報。

Very good things. And just a follow-up, John. You mentioned spillover support in the evolving base rate environment. Does that mean you'll say if base rates go more firmly against us here that you'll run that down and earn below the dividend until that's through? Or what were your you'll -- what will your posture be, I guess, when -- if and when SOFR pushes earnings below the dividend?

非常好的東西。這只是後續問題，約翰。您提到了不斷變化的基準利率環境中的溢出支援。這是否意味著，如果基準利率對我們更加不利，那麼在利率結束之前，您的收益將低於股息？或者，如果 SOFR 將收益推低至股息以下，您的立場是什麼？

Yeah. I mean, look, we view spillover income as good for helping to sustain the dividend during periods of volatility. Those -- that was what I had indicated on in my prepared remarks, we're not -- I'm not sustain a dividend that's not unable for the long term. So in a much, much lower rate environment, we're having a different conversation.

是的。我的意思是，我們認為溢出收入有助於在波動時期維持股息。那些 — — 這是我在準備好的演講稿中指出的，我們無法 — — 我無法維持長期的股利。因此，在利率低得多的環境下，我們的對話有所不同。

Maxwell Fritscher, Truist Securities.

Truist Securities 的 Maxwell Fritscher。

One for Mark Hughes. Can you provide any color on what you're seeing in the pipeline in terms of mix of new versus incumbent borrowers and then maybe even types of deals you're seeing, terms, covenants, anything in particular to call out?

一個給馬克·休斯。您能否提供一些細節，說明您所看到的新借款人和現有借款人的組合情況，甚至您所看到的交易類型、條款、契約，有什麼特別需要注意的嗎？

Sure. It's been remarkably consistent with prior quarters. And so to Craig's point, we didn't necessarily see the tick up in M&A in the late fourth or early first quarter. And so it's been a consistent first quarter. More than half of our deal flow in the first quarter came from existing borrowers, add-ons and refinancings. And the majority of the cases when there was a refinancing, we were able to do additional size. And so incumbencies have been a majority source of our deal flow.

當然。這與前幾季的情況非常一致。因此，正如克雷格所說，我們不一定能在第四季末或第一季初看到併購活動的成長。因此第一季的表現一直很穩定。第一季度，我們的交易流有一半以上來自現有借款人、附加借款人和再融資。大多數情況下，當進行再融資時，我們能夠擴大規模。因此，現任者一直是我們交易流的主要來源。

Looking forward, our pipeline for the second quarter is trending in the same direction. Quite a bit of existing borrower transactions more than half and sporadic M&A. There's been quite a few attractive deals already announced, one deal north of $4 billion that was publicly announced just a few weeks ago. And there are a few more that we're looking at in the pipeline that are quite attractive and sizable. So no change to the landscape relative to Q1 from a pipeline perspective and still fairly attractive and up in scale.

展望未來，我們第二季的管道趨勢是相同的。相當一部分現有借款人的交易超過一半且有零星的併購行為。目前已經宣布了不少有吸引力的交易，其中一項價值超過 40 億美元的交易是在幾週前公開宣布的。我們正在考慮的還有一些項目也相當有吸引力，而且規模也很大。因此，從管道角度來看，與第一季相比，情況沒有變化，並且仍然相當有吸引力且規模較大。

Understood. And then you'd mentioned the decrease in PIK from borrowers transitioning to cash pay. Do you have any visibility in the near, maybe medium term for other borrowers to do the same?

明白了。然後您提到了借款人轉向現金支付導致 PIK 減少。您是否預見到在近期或中期內其他借款人也會採取同樣的措施？

Sure. Exactly right. So in the first quarter, we had five names that went from partial PIK to fully cash pay. And so we do have visibility to others likely going off their PIK options. Again, some of these windows, it is at the borrower's option.

當然。完全正確。因此，在第一季度，我們有 5 家公司從部分 PIK 轉為全額現金支付。因此，我們確實可以看到其他人可能會放棄他們的 PIK 選項。再次強調，其中一些窗口是藉款人自行選擇的。

And so sometimes it's voluntary and sometimes it's time-based. But we do have visibility, and we expect our PIK to be consistent. We, at this point, have had a number of quarters in a row back to the full year 2024, where we've been range-bound on PIK we've had now a couple of quarters of decline. So we would expect our PIK to be consistent based on our visibility so far. And also last year, we had the benefit of a number of refinancing.

所以有時它是自願的，有時是基於時間的。但我們確實具有可見性，並且我們期望我們的 PIK 保持一致。目前，我們已經連續幾個季度回到 2024 年全年，在此期間，PIK 一直處於區間波動狀態，現在已經有幾個季度出現下滑。因此，根據我們目前的可見性，我們預計我們的 PIK 將會保持一致。去年我們也獲得了一些再融資的收益。

So opportunistic refinancings of junior capital into delevered capital structures into first liens or simply take out with cash flow. And to the extent that the markets are open and active in terms of refinancings, we will continue to see that. Thank you.

因此，機會主義地將次級資本再融資為去槓桿資本結構，再融資為第一留置權，或簡單地用現金流取出。只要市場在再融資方面保持開放和活躍，我們就會繼續看到這種情況。謝謝。

At this time, I will turn the floor back to management for further remarks.

現在，我將把發言權交還給管理階層，請他們進一步發表意見。

Right. Thanks, everyone, for joining. We're always available. If you have any follow-up questions, just reach out. We feel really good about the quarter and I appreciate everyone joining the call. Have a great day.

正確的。謝謝大家的參與。我們隨時為您服務。如果您有任何後續問題，請與我們聯絡。我們對本季感到非常滿意，並感謝大家參加電話會議。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。