Blue Owl Capital Corp (OBDC) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to Blue Owl Capital Corporation's 3rd quarter 2025 earnings call. As a reminder, this call is being recorded.

各位早安，歡迎參加藍貓頭鷹資本公司2025年第三季財報電話會議。再次提醒，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.

此時，我想把電話交給 BDC 投資人關係主管 Mike Mosticchio。

Thank you operator and welcome to Blue Owl Capital Corporation's third quarter 2025 earnings conference call.

謝謝接線員，歡迎參加藍貓頭鷹資本公司2025年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 30th, 2025. These should be reviewed in connection with the company's 100 filed yesterday with the SEC.

昨天，Blue Owl Capital Corporation 發布了截至 2025 年 9 月 30 日的第三季財報和收益簡報。這些內容應與該公司昨天向美國證券交易委員會提交的 100 份文件一起審查。

Additionally, OBDC and Blue Owl Capital Corporation 2 or OBDC2 issued a joint press release announcing that the companies have entered into a merger agreement pursuant to which OBDC will acquire OBDC 2. The merger is subject to the satisfaction of customary closing additions including OBDC2 shareholder approval.

此外，OBDC 和 Blue Owl Capital Corporation 2 或 OBDC2 聯合發布新聞稿，宣布兩家公司已達成合併協議，根據該協議，OBDC 將收購 OBDC 2。此合併須滿足慣例成交附加條件，包括獲得 OBDC2 股東的批准。

All materials referenced during today's call, including the earnings and merger press releases, earnings and merger presentations, and 10q are available on the news and events section of the company's website at Blue Owl Capital Corporation.com. Joining us on the call today are Craig Packer, Chief Executive Officer, Logan Nicholson, President, and Jonathan Lam, Chief Financial Officer.

今天電話會議中提及的所有資料，包括盈利和併購新聞稿、盈利和併購演示文稿以及10-q表格，均可在公司網站Blue Owl Capital Corporation.com的新聞和活動版塊查閱。今天參加電話會議的有執行長Craig Packer、總裁Logan Nicholson和財務長Jonathan Lam。

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 or uncertainties that are outside of the company's control.

我想提醒各位聽眾，今天電話會議期間發表的言論可能包含前瞻性陳述，這些陳述並非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或不確定性。

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.

由於多種因素的影響，實際結果可能與前瞻性聲明中的結果有重大差異，這些因素包括 OBDC 向美國證券交易委員會提交的文件中所述的因素。

The company assumes no obligation to update any forward-looking statements. We would also like to remind everyone that we refer to non-GAAP measures on the call which are reconciled to GAAP figures in our earnings presentation available on the events and presentations section of our website.

本公司不承擔更新任何前瞻性聲明的義務。我們也要提醒大家，我們在電話會議上提到的非GAAP指標已在我們的獲利簡報中與GAAP資料進行了核對，該簡報可在我們網站的「活動和簡報」部分找到。

Certain information discussed in 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. The company makes no such representations or warranties with respect to this information. With that, I'll turn the call over to Craig.

本次電話會議和公司盈利材料中討論的某些信息，包括與投資組合公司相關的信息，均來自第三方來源，未經獨立核實。本公司對此資訊不作任何陳述或保證。接下來，我將把電話交給克雷格。

Thanks, Mike. Good morning everyone and thank you all for joining us today. In addition to reporting another quarter of solid results for OBDC, we are also pleased to be announcing a merger between OBDC and OBDC2.

謝謝你，麥克。各位早安，感謝大家今天收看我們的節目。除了報告 OBDC 又一個季度的穩健業績外，我們也很高興地宣布 OBDC 和 OBDC2 合併。

A transaction which we believe can create meaningful value for shareholders of both funds.

我們相信，這項交易能夠為兩個基金的股東創造有意義的價值。

First, I would like to review OBDC's results for the quarter, and then I will spend a moment discussing the transaction.

首先，我想回顧一下 OBDC 本季的業績，然後我會花一點時間討論這筆交易。

Our objective has always been to deliver consistent returns to shareholders, and we're pleased to have done that since our founding nearly 10 years ago.

我們的目標始終是為股東帶來持續的回報，我們很高興自公司成立近 10 年以來一直做到了這一點。

This long-term focus continues to guide our strategy and how we manage OBDC and in the 3rd quarter, we delivered solid results that reflect the ongoing strength and resilience of our portfolio.

這種長期關注繼續指導著我們的策略以及我們對 OBDC 的管理方式，在第三季度，我們取得了穩健的業績，反映了我們投資組合的持續實力和韌性。

We generated adjusted NII per share of $0.36, which represents an ROE of 9.5%. These results were roughly in line with our long-term average, though they have come down from peak levels due to the declining base rate and spread environment. While Jonathan will go into more detail shortly, our results in the 3rd quarter reflected a lower level of non-recurring income as compared to our historical average.

我們調整後的每股淨利息收入為 0.36 美元，相當於 9.5% 的淨資產收益率。這些結果與我們的長期平均值大致一致，儘管由於基準利率和利差環境的下降，它們已從峰值水平回落。Jonathan 稍後會詳細介紹，但我們第三季的業績反映出，與歷史平均值相比，非經常性收入水準較低。

As of quarter end, our net asset value per share was $14.89 a modest decline of $0.14 from the prior quarter.

截至季末，我們的每股淨值為 14.89 美元，較上一季略微下降 0.14 美元。

We note that our NA remains consistent with levels from a few years ago and has increased over 4% since inception, underscoring the durability of our strategy and portfolio.

我們注意到，我們的NA與幾年前的水平保持一致，並且自成立以來增長了4%以上，這凸顯了我們策略和投資組合的持久性。

Our portfolio continues to benefit from our disciplined investment approach, which emphasizes larger recession resistant businesses.

我們的投資組合繼續受益於我們嚴謹的投資策略，該策略專注於規模較大、抗衰退能力強的企業。

During the quarter, we marked down a few watchlist positions, but we want to emphasize that these positions have been on our watchlist for several quarters and don't reflect new credit issues in the portfolio.

本季度，我們下調了一些觀察名單上的部位，但我們想強調的是，這些倉位已經在我們的觀察名單上好幾個季度了，並不反映投資組合中出現了新的信貸問題。

Overall, the portfolio's fundamentals remain strong and as Logan will detail later on, we are not observing any broad signs of stress or a material increase in amendment activity.

總體而言，該投資組合的基本面仍然強勁，正如 Logan 稍後將詳細介紹的那樣，我們沒有觀察到任何普遍的壓力跡像或修訂活動的實質增加。

With that, I want to take a moment to address the recent headlines surrounding private credit, which have generated a lot of intention and a confusion for investors.

在此，我想花點時間談談最近有關私募信貸的新聞頭條，這些新聞引起了投資者的極大興趣和困惑。

It's important to clarify where we participate within the broader landscape. Our primary focus is on direct lending, which we believe is one of the most attractive areas of the market.

明確我們在更廣泛的格局中扮演的角色至關重要。我們主要專注於直接貸款業務，我們認為這是市場上最具吸引力的領域之一。

Direct lending, we make primarily senior secured loans directly to companies, typically as the lead lender, which affords us the ability to be in direct dialogue with our borrowers and sponsors to shape transaction terms and credit documentation.

直接貸款方面，我們主要直接向公司提供優先擔保貸款，通常作為牽頭貸款人，這使我們能夠與借款人和發起人直接對話，以製定交易條款和信貸文件。

This direct engagement also gives us access to comprehensive financial reporting and an ongoing dialogue with our portfolio companies.

這種直接參與也使我們能夠獲得全面的財務報告，並與我們的投資組合公司進行持續對話。

The transparency and control this provides allows us to build a complete picture of each credit during underwriting, gives us greater confidence compared to deals in the public fixed income markets.

這種透明度和控制力使我們能夠在承銷過程中全面了解每筆信貸，與公共固定收益市場的交易相比，這讓我們更有信心。

Our portfolio is continuing to perform well and as Logan will describe later, our borrowers are demonstrating solid revenue in EBITDA growth.

我們的投資組合繼續表現良好，正如 Logan 稍後將要描述的那樣，我們的借款人在 EBITDA 成長方面表現出了穩健的收入。

OBDC's healthy credit performance, as evidenced by our below industry average non accrual and loss rates, is a direct result of our disciplined approach and focus on high-quality upper middle market businesses.

OBDC 良好的信貸表現，從我們低於行業平均水平的非應計和損失率可以看出，是我們嚴謹的方法和專注於高品質中高端市場企業的直接結果。

Public market sentiment with respect to BDCs seems to be disconnected from the realities on the ground, and we encourage investors to look beyond the headlines and focus on the fundamentals that drive our strong risk adjusted results over time.

公開市場對商業發展公司 (BDC) 的看法似乎與實際情況脫節，我們鼓勵投資者不要被新聞標題所迷惑，而應關注推動我們長期獲得強勁風險調整後業績的基本面。

Next, I'd like to briefly highlight the transaction we announced yesterday to merge OBDC and OBDC 2 with OBDC as the surviving entity.

接下來，我想簡單介紹一下我們昨天宣布的將 OBDC 和 OBDC 2 合併，並以 OBDC 作為存續實體的交易。

The merger strengthens OBDC's position as the second largest publicly traded BDC, adds nearly $1 billion in net assets, and creates a larger predominantly senior secured portfolio with potential for earnings secretion over time.

此次合併鞏固了 OBDC 作為第二大上市 BDC 的地位，增加了近 10 億美元的淨資產，並創建了一個更大的、以高級擔保為主的投資組合，隨著時間的推移，該投資組合有可能產生收益。

This merger marks an important step in streamlining our BDC platform while enhancing long-term value for shareholders.

此次合併標誌著我們在精簡 BDC 平台、同時提升股東長期價值方面邁出了重要一步。

Now I will turn over to Logan to provide more detail on OBDC's portfolio and the proposed merger.

現在我將把麥克風交給 Logan，讓他詳細介紹 OBDC 的投資組合和擬議的合併事宜。

Thanks Craig. We saw a pickup in deal activity during the third quarter with originations of $1.3 billion and fundings of $1.1 billion. That that outpaced $797 million of repayments and resulted in net leverage of 1.22 times at the end of the quarter.

謝謝克雷格。第三季交易活動回升，新增貸款金額達 13 億美元，融資額達 11 億美元。這一數字超過了 7.97 億美元的還款額，導致本季末淨槓桿率為 1.22 倍。

In addition to a higher number of New Deal originations this quarter, approximately 40% of the originations were add-ons, consistent with the past three quarters. This sustained level of add-on activity underscores the benefits of being an incumbent lender, as it allows us to support the continued growth of our borrowers. As we've increased in scale, we've been able to commit capital in greater size to larger borrowers while maintaining a highly diversified portfolio.

除了本季新政貸款發放數量較多外，約 40% 的貸款發放為附加貸款，與過去三個季度的情況一致。這種持續的追加貸款活動凸顯了作為現有貸款機構的優勢，因為它使我們能夠支持借款人的持續成長。隨著規模的擴大，我們能夠向更大的借款人投入更多資金，同時保持高度多元化的投資組合。

For example, our average hold size across our platform on new direct lending deals has grown from $200 million in 2021 to roughly $350 million this year, while the total deal size doubled to nearly $1.5 billion over the same period.

例如，我們平台上新直接貸款交易的平均持有規模已從 2021 年的 2 億美元增長到今年的約 3.5 億美元，而同期交易總額翻了一番，達到近 15 億美元。

This enhanced capacity allows us to participate in some of the largest and most attractive transactions in the market and shows the secular trend of larger borrowers preferring direct solutions.

這種增強的能力使我們能夠參與市場上一些規模最大、最具吸引力的交易，也顯示了大型借款人更傾向於直接解決方案的長期趨勢。

Next, I'd like to reiterate that the fundamental performance of our portfolio remains strong.

其次，我想重申，我們投資組合的基本面表現依然強勁。

We believe our borrowers are among the highest quality we've seen since inception.

我們相信，我們的借款人是我們自成立以來見過的素質最高的借款人之一。

This is supported by the scale and diversity of our $17 billion portfolio, the increasing size of the companies we lend to, and our continued focus on senior secured investments, which represent 89% of the portfolio near record levels, excluding our specialty finance and JV investments.

這得益於我們 170 億美元的投資組合的規模和多樣性、我們所貸款公司規模的不斷擴大，以及我們對高級擔保投資的持續關注（高級擔保投資佔投資組合的 89%，接近歷史最高水平，不包括我們的專業融資和合資投資）。

Our credit metrics continue to reflect strength. The cumulative fare value of our 3 to 5s rated names is approximately 8%, which declined nearly 2% since year end 2024.

我們的信貸指標持續保持強勁勢頭。我們評級為 3 到 5 星的股票累計票價價值約為 8%，自 2024 年底以來下降了近 2%。

Our non-accrual rate remains at the low end of the range across the BDC sector and in line with our historical average at 1.3% at fair value this quarter, which is modestly up primarily due to the addition of beauty Industry Group, which had been on our watch list for over two years.

我們的非應計率仍處於 BDC 行業的較低水平，與本季度以公允價值計算的歷史平均水平 1.3% 基本一致，略有上升，主要是因為納入了美容行業集團，該集團已在我們的觀察名單上超過兩年。

Credit-related amendment activity is stable with no signs of increased pace or intensity of amendments over the last two years. We also monitor portfolio company revolver drawing activity closely as it's an indicator of stress, and our average revolver draws are below 20%, a conservative level that has actually been decreasing throughout the year.

與信貸相關的修訂活動保持穩定，過去兩年沒有出現修訂速度或強度增加的跡象。我們也密切關注投資組合公司的循環信貸提取情況，因為這是衡量壓力的一個指標，而我們的平均循環信貸提取率低於 20%，這是一個保守的水平，而且實際上這一水平在今年一直在下降。

Further on the theme of larger, more resilient borrowers in the market, the average revenue in EBITA of portfolio companies has grown to over $1 billion and $229 million respectively, nearly double the level of 4 years ago. We continue to focus on upper middle market borrowers that are skilled players with access to more resources to manage various headwinds.

進一步來說，市場上的借款人規模更大、韌性更強，投資組合公司的平均 EBITA 收入分別成長至超過 10 億美元和 2.29 億美元，幾乎是 4 年前的兩倍。我們繼續專注於中高端市場借款人，他們是技術嫻熟的參與者，擁有更多資源來應對各種不利因素。

These companies have market leading positions with diversified revenue streams, strong recurring cash flow profiles, healthy liquidity, and generally operate in non-cyclical defensive sectors of the economy that are expanding, including healthcare, technology, business services, and insurance brokerage. As a reminder, we intentionally avoid more cyclical sectors such as energy, chemicals, and retail, which are featured more prominently in the public markets and tend to be more volatile.

這些公司擁有市場領先地位，收入來源多元化，現金流強勁，流動性良好，並且通常在經濟中正在擴張的非週期性防禦性行業中運營，包括醫療保健、技術、商業服務和保險經紀。需要提醒的是，我們有意避開能源、化學和零售等週期性較強的產業，這些產業在公開市場中佔據更重要的地位，而且往往波動性更大。

These larger businesses have continued to perform well with year over year revenue and EBITDA growth again in the mid to high single-digits and average LTVs of 42%.

這些規模較大的企業持續保持良好的業績，年收入和 EBITDA 再次實現中高個位數成長，平均 LTV 為 42%。

Our interest coverage ratio increased to approximately 2 times based on current spot rates, up from 1.7 times one year ago, reflecting ongoing portfolio company EBITD growth, as well as base rate reductions, and we expect that will continue to improve as base rates decline further.

根據目前的即期利率，我們的利息保障倍數已增至約 2 倍，高於一年前的 1.7 倍，這反映了投資組合公司 EBITD 的持續增長以及基準利率的下調，我們預計隨著基準利率的進一步下降，這一比例將繼續改善。

Also, I wanted to highlight that PIC income at 9.5% of total investment income is down from 13.5% a year ago, primarily driven by refinancings of several PIC investments.

另外，我想強調的是，PIC 收入佔總投資收入的 9.5%，低於一年前的 13.5%，這主要是由於幾項 PIC 投資進行了再融資。

As we've highlighted in previous earnings calls, the vast majority of our PI names were underwritten at inception, and we have not had any non-accrual, bankruptcy, or principal loss on any of these structured PIC loans since inception.

正如我們在先前的財報電話會議中所強調的那樣，我們絕大多數的PI貸款都是在發行之初就進行了承銷，而且自發行以來，這些結構化PIC貸款中沒有任何出現過非應計、破產或本金損失的情況。

In summary, Q3 credit performance metrics, including below market loss rates, steady amendment activity, and strong borrower fundamentals underscore the quality of our portfolio, and we believe our credit business remains well positioned.

總而言之，第三季信貸業績指標，包括低於市場水平的損失率、穩定的修改活動以及強勁的借款人基本面，都凸顯了我們投資組合的質量，我們相信我們的信貸業務仍然處於良好地位。

Turning back to the proposed merger between OBDC and OBDC-2, OBDC2 was launched in 2017 to give individual investors access to the same strategy and platform we originally offered institutions through OBDC.

回到 OBDC 和 OBDC-2 之間的擬議合併，OBDC2 於 2017 年推出，旨在讓個人投資者能夠使用我們最初透過 OBDC 向機構提供的相同策略和平台。

Both portfolios are highly aligned and comparable exposures to senior secured loans, and nearly all of OBDC2's investments, about 98%, overlap with OBDC.

這兩個投資組合與優先擔保貸款高度一致且具有可比性，OBDC2 的幾乎所有投資（約 98%）都與 OBDC 重疊。

These portfolios are managed by the same investment team and reflect a consistent investment composition and credit quality.

這些投資組合由同一投資團隊管理，並體現了一致的投資組成和信用品質。

As Craig mentioned, this transaction adds scale to OBDC's portfolio, bringing in $1.7 billion of investments, which will increase the portfolio to $18.9 billion across 239 companies.

正如克雷格所提到的，這筆交易擴大了 OBDC 的投資組合規模，帶來了 17 億美元的投資，這將使投資組合增加到 189 億美元，涵蓋 239 家公司。

With the addition of complementary portfolios from OBDE last year and now OBDC 2, the overall portfolio will have grown by 40%, affording us more scale and diversity.

去年新增了 OBDE 的互補投資組合，現在又新增了 OBDC 2，整體投資組合成長了 40%，使我們擁有了更大的規模和多樣性。

The merger strengthens our balance sheet given OBDC2's lower leverage at 0.78 times, and we expect the transaction to be accretive to NII over time. We anticipate approximately $5 million of cost savings in the 1st year, largely from eliminating duplicative expenses. Over time, there is potential for lower cost sources of capital and greater flexibility to pursue new investment opportunities.

鑑於 OBDC2 的槓桿率較低（0.78 倍），此次合併增強了我們的資產負債表，我們預計該交易將隨著時間的推移增加淨利息收入。我們預計第一年可節省約 500 萬美元的成本，主要來自於消除重複性支出。隨著時間的推移，可能會出現成本較低的資金來源，並有更大的彈性去尋求新的投資機會。

Finally, while this merger would provide liquidity for OBDC2 shareholders, it is worth noting that these shareholders have had access to liquidity through a quarterly repurchase program which met 100% of shares tendered for nearly 7 years.

最後，雖然此次合併將為 OBDC2 股東提供流動性，但值得注意的是，這些股東已經透過季度回購計畫獲得了流動性，該計畫在近 7 年的時間裡滿足了 100% 的股份回購要求。

We believe this transaction positions the combined company well to continue to deliver attractive risk adjusted returns as a market leader in the space.

我們相信，此交易將使合併後的公司能夠繼續保持市場領先地位，並帶來具有吸引力的風險調整後收益。

And now I'll turn over the call to Jonathan to provide more detail on our 3rd quarter financial results and the mechanics of the proposed merger.

現在我將把電話交給喬納森，讓他詳細介紹我們第三季的財務表現以及擬議合併的具體細節。

Thank you, Logan. To summarize OBDC's quarterly performance, we ended the quarter with total portfolio investments of over $17 billion total net assets of nearly $8 billion and total outstanding debt of approximately $9.5 billion.

謝謝你，洛根。總結 OBDC 的季度業績，本季末，我們的投資組合總額超過 170 億美元，淨資產總額接近 80 億美元，未償債務總額約為 95 億美元。

Our second quarter NAV per share was $14.89 down from $15.03 last quarter following writedowns of existing watchlist positions.

由於對現有觀察名單中的持股進行減值，我們第二季的每股淨資產為 14.89 美元，低於上一季的 15.03 美元。

Starting with the income statement, as Craig mentioned, we earned adjusted net investment income of $0.36 per share, down from $0.40 as compared to the prior quarter, driven primarily by lower non-recurring income, which was $0.02, well below the $0.05 we generated in the second quarter, and our historical run rate average of approximately $0.03.

從損益表來看，正如克雷格所提到的，我們調整後的淨投資收益為每股 0.36 美元，低於上一季的 0.40 美元，主要原因是非經常性收入減少，為 0.02 美元，遠低於我們第二季度產生的 0.05 美元，也低於我們歷史平均水平的約 0.03 美元。

The board also declared 1/4 quarter base dividend of $0.37, which will be paid on January 15th, 2026 to shareholders of record as of December 31, 2025.

董事會也宣布派發每股 0.37 美元的季度基本股息，將於 2026 年 1 月 15 日支付給截至 2025 年 12 月 31 日登記在冊的股東。

In prior quarters, we over earned our base dividend, allowing the board to declare supplemental distributions. This quarter, given the lower rate environment over the past year, we did not generate excess earnings to distribute under our dividend policy.

在前幾季度，我們獲得的收益超過了基本股息，因此董事會宣布派發額外股息。本季度，鑑於過去一年利率環境較低，我們沒有產生可按股息政策分配的超額收益。

Craig will provide additional color on our dividend outlook later in the call.

Craig將在稍後的電話會議中對我們的股息前景作更詳細的說明。

As we have previously reported, Our spillover income remains healthy at approximately $0.31 per share and supported our base dividend this quarter.

正如我們之前報導的那樣，我們的溢出收入仍然保持在每股約 0.31 美元的健康水平，並支撐了本季的基本股息。

Moving to the balance sheet, we finished the quarter with net leverage of 1.22 times, up modestly from 1.17 times and within our target range of 0.9 to 1.25 times, as we had net fundings of $273 million.

從資產負債表來看，本季末我們的淨槓桿比率為 1.22 倍，較上季的 1.17 倍略有上升，但仍在 0.9 至 1.25 倍的目標範圍內，因為我們的淨融資額為 2.73 億美元。

In terms of liquidity, we remain well capitalized with significant capacity to invest as new opportunities come in.

就流動性而言，我們資金充足，擁有強大的投資能力，可以抓住新的投資機會。

We ended the quarter with over $3 billion in total cash and capacity on our facilities, which was well in excess of our unfunded commitments.

本季末，我們擁有超過 30 億美元的現金和設施產能，遠遠超過了我們未籌集資金的承諾。

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.

我們沒有重大的短期到期債務，我們穩健的流動性狀況為我們提供了充足的未融資能力，可以滿足任何近期融資需求。

Overall, we remain very pleased with our results and believe that our balance sheet is well positioned for the environment ahead.

總體而言，我們對業績非常滿意，並相信我們的資產負債表已為未來的環境做好了充分準備。

Lastly, I'd like to spend a minute describing the proposed merger consideration.

最後，我想花一分鐘時間介紹一下擬議的合併考慮因素。

The transaction is structured as a stock for stock merger with each OBDC2 shareholder receiving a certain number of OBDC shares to be determined just prior to closing.

該交易採用換股合併的方式，每位 OBDC2 股東將獲得一定數量的 OBDC 股份，具體數量將在交易完成前確定。

The exchange ratio will be determined by a formula which will be struck on a NAV for NAV basis if OBDC is trading at or below NA per share or a premium that will benefit OBDC shareholders if OBDC is trading above NA per share.

換股比例將根據公式確定，如果 OBDC 的每股交易價格等於或低於 NA，則以淨資產值對淨資產值計算；如果 OBDC 的每股交易價格高於 NA，則按溢價計算，以使 OBDC 股東受益。

As a sign of support from Blue Owl, OBDC and OBDC 2 will be reimbursed for 50% of the fees and expenses associated with the proposed merger up to $3 million in total, which will be paid for by OBC's advisor if the proposed merger is consummated.

作為 Blue Owl 的支持，OBDC 和 OBDC 2 將獲得與擬議合併相關的費用和支出的 50% 的補償，總額最高可達 300 萬美元，如果擬議合併完成，這筆費用將由 OBC 的顧問支付。

OBDC's board of directors has also authorized a new share repurchase program of up to $200 million in open market purchases from time to time to account for the increased size of the combined company.

OBDC 董事會還批准了一項新的股票回購計劃，將不時透過公開市場回購高達 2 億美元的股票，以應對合併後公司規模的擴大。

This will replace our current $150 million share repurchase plan.

這將取代我們目前1.5億美元的股票回購計畫。

Finally, we are expecting to close the transaction in the first quarter of 2026, subject to customary closing conditions. Now I will turn it over to Craig for some closing remarks.

最後，我們預計將於 2026 年第一季完成交易，但需滿足慣例成交條件。現在我將把發言權交給克雷格，請他作總結發言。

Thanks, Jonathan. To close, I want to talk about our earnings outlook in the current environment and the quality of our portfolio.

謝謝你，喬納森。最後，我想談談當前環境下的獲利前景以及我們投資組合的品質。

As expected, rising rates over the past few years increased our earnings given the floating rate nature of our portfolio. We have passed those gains through to our shareholders via regular and supplemental dividends.

正如預期的那樣，由於我們投資組合的浮動利率性質，過去幾年利率的上升提高了我們的收益。我們已透過定期和額外分紅將這些收益回饋給了股東。

As a reminder, we implemented the supplemental dividend policy in part because we expected that elevated base rates would likely eventually subside, and this mechanism would provide for a naturally adjusting tool to allow for these rate movements to flow through to dividends. Naturally, if base rates decline further, as the market currently expects, our earnings and dividends will adjust as well.

再次提醒大家，我們實施補充股利政策的部分原因是，我們預期較高的基準利率最終可能會回落，而這個機制將提供一個自然調整工具，使這些利率變動能夠傳導至股利。當然，如果基準利率像市場目前預期的那樣進一步下降，我們的收益和股利也會隨之調整。

That said, we think it's important for investors to separate out the impact of potentially lower rates on the portfolio from the risk of significant credit concerns.

也就是說，我們認為投資人應該將利率可能走低對投資組合的影響與重大信貸問題的風險區分開來。

While rates may decline, we continue to feel confident in the strength of our portfolio, supported by solid fundamentals, disciplined underwriting, and a defensively constructed asset mix. Our loss rates remain well below market averages, a reflection of our consistent focus on downside protection and credit selectivity.

儘管利率可能會下降，但我們仍然對我們的投資組合的實力充滿信心，這得益於穩健的基本面、嚴謹的承銷和防禦型的資產組合。我們的損失率遠低於市場平均水平，這反映了我們始終專注於下行風險保護和信貸選擇。

Even in a lower rate environment, we believe OBDC will continue to have strong credit performance that will provide investors with a steady stream of dividends that will be attractive relative to other investment opportunities.

即使在較低的利率環境下，我們相信 OBDC 仍將保持強勁的信貸表現，為投資者提供穩定的股息流，相對於其他投資機會而言，這將具有吸引力。

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

感謝您今天抽出時間，現在我們將開放提問環節。

Thank you. (Operator Instructions) Brian McKenna, Citizens.

謝謝。（操作說明）布萊恩·麥肯納，市民。

Thanks. Good morning, everyone. So starting on the OBDC2 merger, non-accruals in this portfolio are 60 basis points above OBDC. So what's driving this and then what part of that portfolio has underperformed relative to OBDC and then leverage is clearly lower, but what kind of ROEs has OBDC2 generated since inception? And then is there a way just to think about the incremental ROE, post the merger?

謝謝。各位早安。因此，從 OBDC2 合併開始，該投資組合中的非應計項目比 OBDC 高出 60 個基點。那麼是什麼因素導致了這種情況呢？該投資組合的哪一部分相對於 OBDC 表現不佳？槓桿率顯然較低，但 OBDC2 自成立以來產生了什麼樣的 ROE？那麼，有沒有辦法只考慮合併後的增量淨資產收益率（ROE）呢？

I'll start. Hey, Brian, it's Craig. I'll start and then Jonathan can chime in. Well, for those that aren't familiar, OBDC 2, was raised, about a year after we initiated OBDC. The portfolios have almost complete overlap, almost 100%. It's the same names invested in the same period of time with the same economics with the same strategy and the same team.

我先來。嘿，布萊恩，我是克雷格。我先開始，然後喬納森可以插話。對於那些不太了解的人來說，OBDC 2 是在我們啟動 OBDC 大約一年後提出的。這些投資組合幾乎完全重疊，接近 100%。是同樣的投資者，同樣的投資時間，同樣的經濟效益，同樣的策略，同樣的團隊。

The, OBDC2 will comprise about 10% of OBDC.

其中，OBDC2 將佔 OBDC 的約 10%。

So the impact of merging it in is really quite modest, given the overlap in names. The higher non accrual rates are a function of, the names on non accrual being a little bit bigger at OBDC2 because OBDC2 is, still operating under a lower leverage constraint, than OBDC. It has the old leverage rules, so it's capped at one turn of leverage. We've been running at 0.75 times of leverage. And so we've had the non accruals are just a little bit bigger part of that portfolio, but it's the same names that OBDC already has exposure to. When you add them in, it has a an immaterial impact on overall credit statistics at OBDC, so their names are already in slightly higher immaterial impact.

考慮到名稱重疊，合併的影響實際上相當有限。非應計比率較高是因為 OBDC2 的非應計名稱略大，因為 OBDC2 的槓桿約束仍然低於 OBDC。它沿用舊的槓桿規則，所以槓桿次數上限為一輪。我們一直保持著0.75倍的槓桿率。因此，非應計項目在該投資組合中所佔比例略大一些，但這些項目與 OBDC 已經持有的項目相同。將它們加入進來，對 OBDC 的整體信貸統計數據幾乎沒有影響，因此它們的名字本身就具有略微較高的微不足道的影響。

Jonathan, maybe you want to you want to hit the ROE question.

喬納森，或許你想談談ROE（權益回報率）的問題。

So on the ROEs, obviously just given we've been running OBDC leverage toward the middle over time, middle to the upper end of our target leverage ratio, whereas OBDC2 has been running. As Craig alluded to.

因此，就 ROE 而言，顯然，鑑於我們一直在使 OBDC 槓桿率保持在目標槓桿率的中間偏上水平，而 OBDC2 則一直在運行。正如克雷格所暗示的那樣。

6, call it to 0.75, historically the ROEs just based on the returns associated with that leverage have been lower, but as the companies come together, Brian, we think that there's about 15 to 20 basis points of ROE accretion that we can create across the portfolio and that's really driven by OE synergies that we can that we can see some liability management associated with some of the financings in particular in OBDC2 that we can refinance into.

6，假設為 0.75，從歷史上看，僅基於與該槓桿相關的回報的 ROE 就較低，但隨著公司合併，Brian，我們認為我們可以在整個投資組合中創造大約 15 到 20 個基點的 ROE 增長，這實際上是由 OE 協同效應驅動的，我們可以看到一些與某些融資相關的融資管理，尤其是在我們進行融資相關的融資。

Single facilities and and and OBDC2 just, has a little bit of a higher weighted average asset yield.

單一設施和 OBDC2 的加權平均資產收益率略高一些。

Okay, great, that's helpful. And then, just as it relates to the stock, it's not trading at 82% give or take a book value, a few years ago you did an investor day, you laid out some steps, you were going to take to improve the evaluation, as we sit here today, we're clearly in a different part of the cycle, but I mean, what are you doing as a management team to improve the evaluation? You refresh and upsize the buyback to $200 million should we expect you to be a little bit more active there and then. Should we expect to see maybe some insider buying and even some purchases from OWL.

好的，太好了，這很有幫助。然後，就股票而言，它的交易價格並沒有達到帳面價值的 82% 左右。幾年前，你們舉辦了一次投資者日活動，闡述了一些你們將要採取的措施來改善估值。而現在，我們顯然處於週期的不同階段。我的意思是，作為管理團隊，你們正在採取哪些措施來改善估值？如果我們希望您屆時更加積極主動，則我們將回購規模擴大至 2 億美元。我們是否應該預期會看到一些內部人士買入，甚至會看到OWL的一些買入行為？

So, We laid out some goals of Investor Day that I think were very effective and in fact the stock within a year or so actually got to book value, so we were very pleased with that at the time. One of the goals, just to say it at the time was also to simplify. Our BDC portfolio, which at the time was 7 names and we had a stated goal of getting it down to 4 names and with the merger we're announcing today, if that, if that's approved and closes, we'll accomplished that goal. We, we're quite mindful where the stock is, and, it's something we take quite seriously and discuss, as a management team and with our board. I think, I just, running some math. The stock is yielding.

因此，我們制定了一些投資者日的目標，我認為這些目標非常有效，事實上，股票價格在一年左右的時間內就達到了帳面價值，所以當時我們對此非常滿意。當時的目標之一，坦白說，就是簡化。我們當時的 BDC 投資組合中有 7 家公司，我們的目標是將其減少到 4 家。如果今天宣布的合併獲得批准並完成，我們將實現這一目標。我們非常關注股票的走勢，作為管理團隊和董事會，我們非常重視並討論這個問題。我想，我只是在做一些數學運算。這隻股票報酬率很高。

More than 11%, so, it's hard for us to reconcile that with the performance, which has been very consistent. We think that what's happening with the company and high-quality BVCs is simply a rate cycle that we're going through and as you acknowledge, we're in a different part of the rate cycle now, but credit performance in the portfolio remains, very strong even. The impact of the one non-accrual, I won't TRY to go point by point through all the tools, but I just would say all the tools are on the table, buy back. I think part of what we did in the earnings day was just provide a lot of transparency around the quality of the portfolio.

超過 11%，因此，我們很難將此與一直非常穩定的業績聯繫起來。我們認為公司和高品質 BVC 目前的情況只是我們正在經歷的利率週期，正如您所承認的，我們現在處於利率週期的不同階段，但投資組合的信貸表現依然非常強勁。對於這項非應計專案的影響，我不會逐條分析所有工具，但我只想說所有工具都擺在桌面上，包括回購。我認為我們在財報發布日所做的部分工作就是提高投資組合品質的透明度。

I think with a lot of the headlines now. Investors are oftentimes taking just a knee jerk reaction to a headline and so I think part of our job is to make sure that people hear our confidence in the portfolio and that and and that remains the case today. But whether it be buybacks, I think certainly with the merger, that's something that we'll be attuned to. We have the buyback that's out there, insiders, we don't direct insiders to buy the stock, but. But obviously a lot of employees find it attractive from time to time. We did do a special program around at the time you mentioned for employees, we'll certainly look at that tool as well, so it's all available and we've been very focused and have been very focused on creating value for shareholders and getting the stock back to where we think it should be and candidly where the analyst community, has it projected out as well.

我覺得現在很多新聞標題都這樣。投資人常常會對新聞標題做出本能反應，所以我認為我們工作的一部分是確保人們聽到我們對投資組合的信心，而這一點至今仍然如此。但無論是股票回購，還是其他方面，我認為在合併過程中，我們肯定會密切關注此事。我們有股票回購計劃，內部人士也可以參與，我們不會直接指示內部人士購買股票，但是。但顯然，很多員工時不時會覺得它很有吸引力。當時我們確實針對您提到的情況開展了一個特別的員工培訓項目，我們肯定也會研究一下這個工具，所以所有資源都可用，我們一直非常專注於為股東創造價值，讓股價回到我們認為應該在的水平，坦白說，也回到了分析師們預測的水平。

Great, I'll leave it there. Thanks so much, Greg.

好的，我就說到這裡。非常感謝，格雷格。

Thanks, Brian.

謝謝你，布萊恩。

Arren Cyganovich, Truist.

Arren Cyganovich，Truist。

Thanks.

謝謝。

With respect to what you were discussing in your prepared remarks about base rates declining further as the market expects and earnings and, dividends having to be adjusted.

關於您在準備好的演講稿中討論的基準利率將進一步下降，因為市場預期如此，盈利和股息也必須進行調整。

I guess is there a certain level, that you would have to be below the the current NII or is it just, once you kind of see the future there, you'll you'll make that adjustment, and then I guess lastly, what are your expectations for, rate cuts over the next, 4 or 5 quarters.

我想，是否存在一個特定的水平，必須低於目前的淨利息收入（NII）？或者，一旦您對未來有所了解，就會進行調整？最後，您對未來 4 或 5 個季度的降息有何預期？

So, on the, on our expectation, look, we don't consider ourselves, macro, macroeconomists for the macro view. We tend to look at the forward curve as the best sense of market sentiment, the market sentiment, and we focus on so far, and that by the end of next year, that's expected to get to be about 3%. So I think that's That's our expectation, but that we're really just mimicking the market and, we'll have to see there. The, in terms of dividend policy is robust. We look at it every quarter, we discuss it with the board every quarter, that's not new to this environment. We had those same discussions as rates were going up, and throughout all every, throughout this period of time, and obviously we're in a different rate environment.

所以，就我們的預期而言，你看，我們不認為自己是宏觀經濟學家，而是從宏觀角度看問題。我們傾向於將遠期曲線視為衡量市場情緒的最佳指標，我們關注的是目前的市場情緒，預計到明年年底，這一數字將達到 3% 左右。所以我認為這就是我們的預期，但我們實際上只是在模仿市場，至於結果如何，我們拭目以待。從股利政策角度來看，該公司穩健可靠。我們每季都會審視這個問題，每季都會與董事會討論這個問題，這在這種環境下並不新鮮。利率上漲時我們也進行過同樣的討論，在整個這段時間裡，我們一直在討論這個問題，顯然我們現在處於不同的利率環境下。

We.

我們。

We want to have a base dividend that that is sustainable with a rate environment that we, if we expect the rate environment to stay in a stable place, but rates could move up and down. And so, you're constantly evaluating this. We put the supplemental dividend in place when rates went up because we thought that might not be sustainable and the supplemental, I think worked extremely well. We, we're going to strive to find the right balance. Between being very thoughtful on rate moves, excuse me, dividend moves, we, the portfolio is performing well, this quarter our NII was a was a penny, our dividend was a penny above at our NII. We have significant spillover. We've said we're comfortable through the end of the year. We remain comfortable through the end of the year, but as we look to 2026, given how much rates have come down are expected to come down. It's logical for investors to think that we'll evaluate reducing the dividend appropriate with the earnings power in a lower rate environment. So we'll look at it. We have, a strong performing portfolio, and, our dividend levels for investors who are newer to the stock were lower in a lower rate environment. If you went back to when rates were at 3%, our dividend was about $0.33. So it's, there are good, data points that investors can look to to TRY to calibrate where dividends will go.

我們希望在利率環境保持穩定的情況下，維持一個可持續的基本股息，但利率可能會上下波動。所以，你要不斷地評估這一點。當利率上升時，我們設立了補充股息，因為我們認為利率上升可能不可持續，而我認為補充股息的效果非常好。我們將努力找到合適的平衡點。在對利率變動（抱歉，是股息變動）進行非常周全的考慮之後，我們的投資組合表現良好，本季度我們的淨利息收入為 1 便士，股息比淨利息收入高出 1 便士。我們有大量溢出效應。我們說過，我們對年底前的狀況感到滿意。我們對年底前的情況仍然感到樂觀，但展望 2026 年，鑑於利率已經下降了這麼多，利率預計還會繼續下降。投資人有理由認為，在利率較低的環境下，我們會根據獲利能力酌情評估是否降低股利。所以我們會研究一下。我們擁有表現強勁的投資組合，在利率較低的環境下，對於新投資者而言，我們的股息水準也較低。如果回顧利率為 3% 的時期，我們的股息約為 0.33 美元。因此，投資人可以參考一些有價值的數據點，來嘗試預測股利的走勢。

We enjoy the benefit of higher rates, but this, we think this company is designed to generate a premium return in all rate environments. It's not designed to generate a high level of return when rates are low, because of the quality of what we're investing in and the market we invest in, the rate, the investment opportunities, fluctuate. The absolute return fluctuates. Based on where rates are, so I think you can look at where rates were at a 3% environment at $0.33 and get a sense of the order of magnitude of what we might consider. We're not doing that now.

我們享受高利率的好處，但我們認為這家公司旨在所有利率環境下都能產生豐厚的回報。由於我們投資的標的物的品質、我們投資的市場、利率和投資機會都會波動，因此，當利率較低時，該策略並非旨在產生高回報。絕對收益率會波動。根據目前的利率水平，我認為你可以看看在 3% 的利率環境下，0.33 美元的價格是多少，從而了解我們可能考慮的大致規模。我們現在不做這件事。

We're not going to do that, for the fourth quarter, and we'll have discussions with our board as, 2026 gets underway based on rate expectations at the time.

第四季我們不會這樣做，我們將根據屆時的利率預期，在 2026 年伊始與董事會進行討論。

To consider what we do with the dividend, but we have a quarter, a quarter's worth of spillover income, and so that gives us a little bit of cushion, but we're not stubborn about it either, we think that the base dividend level should reflect the earnings power of the portfolio in the expected rate environment for a reasonable period of time. So hopefully that gives you a little bit of a context of how we think about it.

我們正在考慮如何處理股息，但我們有一個季度的溢出收入，這給我們提供了一些緩衝，但我們對此也並不固執，我們認為基本股息水平應該反映投資組合在預期利率環境下的合理時間段內的盈利能力。希望這能讓你對我們思考這個問題的方式有所了解。

Yeah.

是的。

That's helpful.

那很有幫助。

Thank you.

謝謝。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi guys, moving on to like the outlook for originations activity, etc. I mean, I think you've well covered the dividend discussion at this point. I mean, you are at basically towards the high end of your target leverage. Obviously when OBDC comes in, then that would adjust, but I mean, is there any opportunity to, or do you expect there to be an opportunity to rate any assets or anything like that in terms of. To be if M&A activity does continue to ramp that we're hearing about, you're a little, not tapped out, but I mean you're towards the, that you might not be able to participate that in that as fully given where the leverage is unless you can obviously repayments happen too. I mean, what are your thoughts on.

大家好，接下來我們來談談貸款發放活動的展望等等。我的意思是，我覺得你們已經很好地討論了股息問題。我的意思是，你基本上已經接近目標槓桿率的上限了。顯然，當 OBDC 介入時，情況就會有所調整，但我的意思是，是否有任何機會，或者您是否預期會有機會對任何資產或類似的東西進行評級？如果併購活動真的像我們聽到的那樣繼續加速發展，你雖然還沒完全耗盡所有資源，但我的意思是，你可能無法充分參與其中，因為槓桿率很高，除非你能按時償還債務。我的意思是，你對此有什麼看法？

What the opportunities are if there is a realm and a cycle, given where your.

如果存在一個領域和一個週期，考慮到你的位置，那麼機會是什麼？

Leverage is to start with.

首先要利用槓桿。

So, I'll make a couple of comments and Logan, maybe you can comment on what activity level we're seeing right now. You're right, we're, we are at sort of the higher end of the range that we, we've had. Look, we have a very prolific ability to originate assets at Blue. It's one of our great strengths as a platform, even in moderate M&A environments. We, this past quarter as a platform originated $10 billion worth of.

那麼，我先說幾點，Logan，也許你可以說說我們目前看到的活躍程度。你說得對，我們現在處於我們所達到的水平的較高位置。你看，Blue 擁有非常強大的資產開發能力。即使在併購環境一般的情況下，這也是我們平台的一大優點。我們平台上個季度促成了價值 100 億美元的交易。

Deals what we've been doing at OBDC is really trying to match originations to repayments to stay at sort of the mid to higher end of our range to generate good returns. It's not easy to do that perfectly because deal closings and repayments aren't perfectly precise. So we're at the higher end. The merger will take leverage down a little bit by itself and so that will create some cushion. And, guys, what is it, 1.15 or something pro forma. So 1.15 pro forma. So that alone will get us, down a little bit and we can modulate this, pretty easily in any given quarter. Because we're constantly getting repayments, and so I think that we can, participate in an attractive deal flow cycle, if we see an unusually attractive cycle, just by, allowing some repayments to come in and deploying to get back to a 1.2, 1.25, we, Logan, maybe just comment on what the deal environment's been. Yeah.

OBDC 一直在努力使貸款發放量與還款量相匹配，以保持在我們貸款額度的中高端水平，從而產生良好的回報。要做到這一點並不容易，因為交易完成和還款並不完全精確。所以我們屬於高端等級。合併本身就會稍微降低槓桿率，進而產生一些緩衝空間。各位，這到底是多少？ 1.15 還是什麼形式上的數字？所以，以形式計算為 1.15。所以光這一點就能讓我們稍微下降一些，而且我們可以在任何一個季度內比較容易地進行調整。因為我們不斷收到還款，所以我認為，如果我們看到一個特別有吸引力的交易週期，我們可以透過允許一些還款流入並進行部署，使比率回到 1.2、1.25，參與到這個有吸引力的交易週期中來。我們，Logan，也許可以對當前的交易環境發表一些評論。是的。

Sure.

當然。

In the fall we've seen a a meaningful pickup in our activity levels. We've seen in the last couple of months.

自秋季以來，我們的活動水平出現了顯著回升。過去幾個月我們已經看到了這一點。

Particularly in September, a pick up of our activity in pipeline by about 1/3 from prior quarter levels, and the mix is significantly weighted now towards sell side M&A opportunities, which usually and typically result in greater upfront fees.

尤其是在 9 月份，我們的專案儲備活動比上一季增加了約 1/3，目前專案組合明顯偏向賣方併購機會，這通常會帶來更高的前期費用。

When doing a brand new deal, and there's more new capital obviously in those new deals as well in the in the supply, versus what you've seen over the last two years is, dollar for dollar refinancings of deals that come with very little upfront fees. So, the mix is better, and the pipeline is higher, we're we're trying to be cautiously optimistic, given we need to get the signings of those deals, but we would note that the teams are very busy and the outlook, we're quite optimistic. I'd also point out something that we pointed out last quarter, and after the OBDE merger that also rings true after OBDC2, we continue to have less pro forma JV and strategic equity investments as we would have had prior to the merger. And so it gives us an opportunity to deploy into those accretive and non-correlated opportunities, and if you look at this quarter as an example, the differences are modest, but that dividend income offset some of the base rate decline and was stable and non-correlated to the rest of the portfolio. It was really more one-time income related items. That had the impact this quarter versus last quarter. So I think those JVs and strategic investments will be a place post the OBDC2 merger where we're able to to take advantage of it.

進行全新交易時，顯然會有更多新資本投入到新交易中，供應也會增加，而過去兩年我們看到的卻是，以美元對美元進行再融資，且前期費用極低。所以，球員組合更好了，儲備也更充足了，鑑於我們需要完成這些簽約，我們正努力保持謹慎樂觀的態度，但我們注意到各支球隊都非常忙碌，前景相當樂觀。我還要指出一點，這一點我們在上個季度就指出過，而且在 OBDE 合併之後，在 OBDC2 合併之後也同樣適用，那就是我們目前的合資企業和戰略股權投資比合併前要少。因此，這給了我們機會去投資那些增值且不相關的機會。以本季度為例，雖然差異不大，但股息收入抵消了部分基準利率下降的影響，並且穩定且與投資組合的其他部分不相關。其實主要是一些一次性收入相關的項目。這造成了本季與上季相比的影響。所以我認為，在 OBDC2 合併之後，這些合資企業和策略投資將成為我們能夠從中獲益的領域。

Thank you for that. And that does the follow on is exactly that. I mean, you created a new, vehicle, across strategies opportunities or or whatever it's called, I think this quarter, to take advantage. I mean, it's obviously very small, right now. I think it's like $5 million dollar position. I mean, how.

謝謝。接下來的事情就是這樣。我的意思是，你創造了一個新的工具，可以跨越各種戰略機遇，或者不管它叫什麼，我認為在本季度，可以充分利用它。我的意思是，它現在顯然規模很小。我認為這是一個價值500萬美元的職位。我的意思是，怎麼可能？

How big could that vehicle be, as a piece of the portfolio and what kind of return on capital do you expect from those versus the on from that type of opportunity versus the on balance sheet direct lending?

作為投資組合的一部分，該投資工具的規模可能有多大？與資產負債表上的直接貸款相比，您預期該投資工具的資本報酬率是多少？

Sure.

當然。

So, I think it's a great example of the benefits of the platform. Last quarter we talked about the equipment leasing, JV we set up with Costers, and this quarter we set up another entity, really for asset-based and alternative credit across the platform. It's meant to be a diversified box of secured investments across a diversified pool of call it conviction calls or best in class opportunities from the Blue Owl platform. We're going to go slowly. And keep it quite diversified, but I would expect that there will be some meaningful opportunities there, just like every other one of our strategic equity and JV investments, it's going to be a small individual part of the portfolio, it could be a 1% or 2% over a number of years, so I wouldn't expect it to move the needle a lot in the next quarter or two, but over the next few years, we would look to grow it, and returns wise, just like all of the other. GVs we've set up, we're targeting, a low double-digit type of return profile that should hopefully be with an asset-backed, asset base at non-correlated to the corporate credit, in the other direct lending names.

所以，我認為這很好地體現了該平台的優勢。上個季度我們談到了設備租賃，以及我們與 Costers 成立的合資企業，而本季度我們成立了另一個實體，實際上是為整個平台提供基於資產的另類信貸。它旨在提供來自 Blue Owl 平台的多元化、有保障的投資組合，涵蓋各種值得信賴的投資標的或一流的投資機會。我們會慢慢來。我們會保持投資組合的多元化，但我預計其中會有一些有意義的機會，就像我們其他的策略性股權和合資投資一樣，它只是投資組合中很小的一部分，可能在幾年內只佔 1% 或 2%，所以我預計它在未來一兩個季度內不會產生太大影響，但在未來幾年，我們會尋求發展壯大它，並像其他所有投資一樣，追求更高的回報。我們設立的 GV 的目標是實現兩位數的低迴報率，希望能夠以資產為支撐，資產基礎與企業信貸不相關，就像其他直接貸款機構一樣。

So similar return profiles, and we're going to move slowly and deliberately in the deployment of that new entity.

因此，回報情況類似，我們將緩慢而謹慎地部署這個新實體。

Got it.

知道了。

Thank you.

謝謝。

Thanks, Robert.

謝謝你，羅伯特。

Finian O'Shea, Wells Fargo.

Finian O'Shea，富國銀行。

Hey everyone, good morning.

大家好，早安。

Logan, sticking with you, I found one of your opening comments interesting on the average or hold sizes and and facility sizes, approaching $1.5 billion, correct me if I'm wrong there, I think you were talking about the.

洛根，我一直關注你，我發現你開篇關於平均持有規模和設施規模的評論很有意思，接近 15 億美元，如果我錯了請糾正我，我想你指的是。

Rt size total of an average name you know is that indicative of more.

Rt 大小總和是你所知道的平均名字所代表的更多意義。

Refi repricing risk is the the leverage finance market continues to hold up strong.

再融資重新定價風險在於槓桿融資市場仍保持強勁勢頭。

And you know how much I suppose higher do you think that will go over time or do you think it's more do you think you'll be more so you know broadening as opposed to growing in in size of companies? Thanks.

你知道，你認為隨著時間的推移，這個數字會成長多少？或者你認為公司規模會更多是擴大而不是成長？謝謝。

Yeah, no, thanks for the question, Finn. It is related to tranche size, not our specific blue owl hold size, and it's been increasing meaningfully. If you look at the first quarter, we noted a comment that in one of the quarters this year, the average deal size exceeded $2 billion total tranche size. So we're seeing sizable businesses, some of them even north of $10 billion enterprise value, choosing direct, and I think If the average deal size were even half of that, we would have the same dynamic of competition with syndicated markets or public markets. So I don't think that that's new, and I think a point of validation that we continue to monitor are the new M&A and new borrower choices. And there are third parties like S&P, for example, that put out market share statistics.

不，謝謝你的提問，芬恩。它與批次大小有關，而不是與我們特定的藍貓頭鷹魚苗數量有關，而且它一直在顯著增加。如果看一下第一季度，我們注意到有評論說，今年某個季度的平均交易規模超過了 20 億美元的總交易額。因此，我們看到一些規模龐大的企業，其中一些企業價值甚至超過 100 億美元，選擇直接融資。我認為，即使平均交易規模只有現在的一半，我們也會看到與聯合融資市場或公開市場相同的競爭態勢。所以我認為這並不是什麼新鮮事，我認為我們需要持續關注的一個驗證點是新的併購和新的借款人選擇。此外，還有像標準普爾這樣的第三方機構，它們會發布市場份額統計數據。

Quarterly and despite the public markets being wide open.

每季一次，儘管公開市場完全開放。

North of 3 quarters of all of those new M&A deals and LBO deals are still choosing direct, so we don't see, even in this low spread public market environment, we don't see material share loss. In fact, we see it the other direction, and I think the experience our borrowers are having is a good one with direct lending, and I think you're seeing that adoption continuing, so.

超過四分之三的新併購交易和槓桿收購交易仍然選擇直接交易，因此即使在當前低價差的公開市場環境下，我們也沒有看到實質的市佔率損失。事實上，我們看到的情況恰恰相反，我認為我們的借款人在直接貸款方面獲得了良好的體驗，而且我認為你會看到這種趨勢仍在繼續。

The number of companies in the private markets, the scale of those companies, how long they can stay private for longer, is a secular shift, and I think the secular shift to direct is something we're experiencing every single quarter. So I think we have a reasonably long runway for that to continue, and we're not concerned that the dynamic right now is any different with the public markets.

私募市場中的公司數量、這些公司的規模、以及它們能夠保持私有狀態的時間長短，都是長期趨勢，我認為這種直接投資的長期趨勢是我們每個季度都在經歷的。所以我認為這種情況還有相當長的時間可以持續下去，我們並不擔心目前公開市場的動態會有任何不同。

That's all for me, thanks so much.

我的情況就這些了，非常感謝。

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針角。

Yeah, good morning and thank you for taking my questions. I, I'm kind of curious, in relation to the $200 million share repurchase program, and I noticed that the merger doesn't have any lockups or gates for the OBDC2 shareholders. So is it kind of your plan or your strategy to hold that for after the merger and use that to absorb any potential selling pressure that might come from the merger?

是的，早上好，謝謝您回答我的問題。我有點好奇，關於2億美元的股票回購計劃，我注意到合併對OBDC2股東沒有任何鎖定期或限制。所以，你的計劃或策略是把這些股票留到合併之後持有，並利用這些股票來吸收合併可能帶來的任何潛在的拋售壓力嗎？

I don't think that we've made that determination. I think that we think about the buyback, is something that can be used anytime and obviously, current share price environment is one that you have to be looking hard at it. I, just because you're raising it, and again, investors may not be familiar with OBDC2, Throughout its entire life for for 7 years has had quarterly tender offers, and we have fulfilled every penny of every tender offer for every quarter for 7 years. So unlike other BDC mergers in the space where a merger with a public BDC would be the first opportunity for investors to get liquidity, these investors have not only had access, but they've all, anybody who's wanted out has gotten out unscheduled. So I think there's a lot of fact pattern to suggest that investors in OBDC2. Wouldn't necessarily be sellers because if they wanted to sell they could have just sold in the last tender off we did so so I don't, so therefore we're not thinking about our buyback as as as necessarily needed for the closing of that merger because that fact pattern wouldn't suggest that the merger would create more sellers. So we just view it as a tool to be used in in any environment and certainly again the stock price is at, is at a level that that we that we'll we'll look at it.

我認為我們還沒有做出這樣的判斷。我認為，我們考慮的股票回購，可以隨時進行，顯然，目前的股價環境是我們必須認真考慮的。我，只是因為你提到了這一點，而且投資者可能不熟悉 OBDC2，在其 7 年的整個生命週期中，我們每季度都進行了要約收購，並且在過去 7 年中，我們每個季度都履行了每一分錢的要約收購款項。因此，與其他 BDC 合併不同，在其他 BDC 合併中，與上市 BDC 合併是投資者獲得流動性的第一個機會，而這些投資者不僅獲得了流動性，而且所有想要退出的人都提前退出了。所以我認為有很多事實模式表明，OBDC2 的投資者。未必是賣家，因為如果他們想賣，他們完全可以在上次的要約收購中賣掉，所以我們沒有這樣做，因此我們並不認為回購是完成合併的必要條件，因為事實情況表明合併不會產生更多賣家。所以我們就把它看作是可以在任何環境下使用的工具，當然，目前的股價水平，我們會關注的。

All right, thank you for taking my question.

好的，謝謝您回答我的問題。

Thanks, Cassy.

謝謝你，卡西。

Mickey Schleien, Clear Street.

米奇‧施萊恩，《清晰的街道》。

Yes, good morning, everyone, and, Craig, thanks, and Logan, thank you for all the discussion of the market backdrop, but I wanted to follow-up on that issue, by, noting that, we've heard generally that activities picked up in the 3rd quarter, which is obviously a good thing, and that could help balance the direct, lending loan market.

是的，大家早安。克雷格，謝謝你；洛根，謝謝你們對市場背景的討論。我想就此問題補充一點，我們普遍聽說第三季市場活動有所回升，這顯然是一件好事，這可能有助於平衡直接貸款市場。

And with that in mind, I'm curious what your sense is of the market's current balance or disequilibrium and your outlook for spreads, particularly going into next year.

有鑑於此，我很好奇您如何看待當前市場的平衡或失衡狀況，以及您對價差的展望，特別是對明年的展望。

Sure, I'll start with Logan, you're welcome to chime in. Okay, I'm glad you're asking the question because I think when you look at earnings, certainly our earnings and maybe other BDCs, there are a few different pieces that are at play here, and I think it's worth spending a second on this.

當然，我先從洛根開始，歡迎你也加入討論。好的，很高興你問了這個問題，因為我認為，當你查看收益時，當然包括我們的收益以及其他 BDC 的收益，你會發現其中有幾個不同的因素在起作用，我認為值得花點時間來探討一下。

We're really confident in the quality of our portfolio. Our portfolio continues to perform well. We did have the one nonna cool, but overall, we expect credit performance to continue to perform well.

我們對投資組合的品質非常有信心。我們的投資組合持續表現良好。我們確實有一位很棒的奶奶，但總體而言，我們預計信貸表現將繼續保持良好。

What's happened is there's been a meaningful move on rates over the last year, 100 basis points move on rate, and that's been the primary driver of earnings.

過去一年利率出現了顯著變化，變動幅度達 100 個基點，而這正是獲利的主要驅動因素。

That shouldn't be a surprise given the floating rate nature of the assets, but it certainly will produce headlines that earnings are down in a given quarter or down over a year. It's just a function of rates, but to your point, there's another piece which is spread. Spreads have tightened in the direct lending market directionally. If you look at our OBDC, a year ago, we published this spreads in the portfolio were 50 basis points wider than they are today. So you have two things going on a 100 basis point drop in rates and a 50 basis point drop in in in tight in spreads.

考慮到這些資產的浮動利率性質，這不足為奇，但肯定會引發新聞頭條，稱某個季度或一年內的收益下降。這只是利率的一個函數，但正如你所說，還有利差這一因素。直接貸款市場的利差總體上已經收窄。如果你看一下我們的 OBDC，一年前我們發布的數據顯示，當時投資組合中的利差比現在大了 50 個基點。所以現在有兩個因素同時起作用：利率下降 100 個基點，利差收窄下降 50 個基點。

Two different cycles.

兩種不同的循環。

The spread cycle, which is what you're asking about, I think is a function of two things. One, we do compete with the syndicated market. Syndicated spreads are at all-time tights. We're seeing single B credits getting priced at $275 to $300 over, and each student of the of the public loan markets would say that's exceptionally tight. In my experience in the leveraged finance space in all these years, that market tends to be cyclical. At some point, you should expect the public loan market spreads to widen out, and that could be material.

我認為你所問的價差週期是由兩件事決定的。第一，我們的確與聯合保險市場有競爭關係。聯合博彩公司提供的賠率處於歷史最低水準。我們看到，單一 B 級學分的定價比標準高出 275 到 300 美元，每個公共貸款市場的學生都會說，這非常緊張。根據我多年來在槓桿融資領域的經驗，該市場往往具有週期性。在某個時候，你應該預料到公共貸款市場的利差會擴大，而且這可能會產生重大影響。

The other activity that's going on is the M&A cycle remains modest. We're seeing signs of pickup. The private equity firms are. Are are eager to resume M&A activity and we're starting to see signs that that's happening. I don't want to predict this is the the beginning of a new cycle, but we're seeing signs in the last month or two that are encouraging, and I know other managers have observed that as well. So if you get an environment where M&A continues to pick up and you get some. I won't even say dislocation, just normalization of the public loan market.

另一個正在進行的動態是，併購週期依然較為溫和。我們看到了一些復甦的跡象。這些私募股權公司是。我們渴望恢復併購活動，我們已經開始看到這種情況正在發生的跡象。我不想預測這是新周期的開始，但在過去一兩個月裡我們看到了一些令人鼓舞的跡象，我知道其他經理也觀察到了這一點。所以，如果併購活動持續活躍，你就能獲得一些好處。我甚至不會用「混亂」這個詞，只是公共貸款市場的正常化而已。

Then spreads in the direct lending market will follow suit and spreads will widen out. So I think there's just going to, at some point be a normal spread widening cycle in the direct lending market.

然後，直接貸款市場的利差也會隨之擴大。所以我認為，直接貸款市場遲早會出現正常的利差擴大週期。

As to when that happens, I, my prediction skills haven't been good. I would have thought it would happen, this year, and it hasn't. But at some point it will, and when it does, that will offset some of the rate tightening that we've experienced and generate better returns. So, again, I don't say I expect to happen next year because I think that it would be it's just impossible to predict, but if folks observing the loan market and observing the M&A cycle, I think it's pretty reasonable to think over the next 12 to 18 months that that one or both of those things will happen and we will benefit from it.

至於何時發生，我的預測能力一直不太好。我以為今年會發生，但並沒有。但這種情況遲早會發生，到那時，它將抵消我們所經歷的部分利率緊縮，並產生更好的回報。所以，我再次強調，我並不認為明年就會發生，因為我認為這是無法預測的，但是，如果人們關注貸款市場和併購週期，我認為在未來 12 到 18 個月內，這兩件事中的一件或兩件都會發生，而我們將從中受益，這種想法是相當合理的。

Let me just add on one additional 0.1 additional point to add on is Craig's mention of where syndicated markets spreads are today. We've seen spread deployment stability over the last few quarters in private markets, and if you look at the average spread on our new deployments, excluding a couple of one-off second liens or refinancings.

我還要補充一點，克雷格提到了目前聯合市價差的情況。在過去幾個季度裡，我們看到私募市場的利差部署保持穩定，如果你看一下我們新部署的平均利差，不包括少數一次性的第二留置權或再融資。

We've been deploying right around that 500 over spread level basically for the last year, plus or minus, and so our deployments have been consistent while public markets continue to tighten, so the relative spread environment still feels, reasonably good.

過去一年，我們的部署規模基本上一直維持在 500 點的價差水平附近，上下浮動，因此，儘管公開市場持續收緊，但我們的部署規模一直保持穩定，所以相對價差環境仍然感覺相當不錯。

Appreciate that, that's really helpful and sort of in line with my thesis. Moving on, there were several portfolio companies which contributed to this quarter's unrealized portfolio depreciation, but ConAir and, beauty Industry Group were most of it on a net basis. Could you just help us understand what the issues are there, and do you see those sort of factors affecting other portfolio companies?

非常感謝，這真的很有幫助，也與我的論文主題不謀而合。接下來，有幾家投資組合公司導致了本季未實現的投資組合貶值，但從淨額來看，ConAir 和美容行業集團佔了大部分。您能否幫我們了解一下有哪些問題，以及您認為這些因素是否會影響其他投資組合公司？

Sure.

當然。

So, absolutely, thanks, and I think there's two different issues on the two names on Conair to address the first one.

所以，當然，謝謝。我認為關於康乃爾 (Conair) 的兩個名稱有兩個不同的問題，我們先來解決第一個問題。

It's a second lane position predominantly behind a syndicated market 1st lane. That 1st lane has been downgraded to CCC ratings.

這是第二條車道，主要位於聯合市場第一條車道之後。第一車道的等級已降至 CCC 級。

And so it has a technical pressure to it, and the marks reflect a relative value to the trading price of the first lane. So there's an element of both technical and fundamental. It also has tariff related weakness and tariff related issues, affecting the business. They import the vast majority of their goods from China and are working through redeveloping their supply chains to work around or to fix that issue.

因此，它具有一定的技術壓力，其標記反映了相對於第一道交易價格的相對價值。所以這其中既有技術因素，也有基本因素。它還存在與關稅相關的弱點和問題，影響業務發展。他們的大部分商品都從中國進口，目前正在努力重新開發供應鏈，以解決或克服這個問題。

And so it's going to take time with Conair. It's a name where on the Conair side they have well over a year's worth of liquidity, and so there's no imminent event or imminent catalyst that we can see. The company is on solid footing. And should have a long period of time to TRY to work through the tariff-related issues. So, it's a, it's a tariff related name on our list, but it's one that's depressed in trading price by public market name and public market rating rating dynamic. On the beauty industry side, there are some similarities in the fact that tariffs have impacted. The fundamentals beauty industry is a name that we've had in our portfolio for over 5 years through 2 ownership periods.

所以與康乃爾的合作還需要時間。康乃爾公司這邊的流動資金充足，足以維持一年多，所以我們看不到任何即將發生的事件或催化劑。公司根基穩固。應該有較長的時間來嘗試解決關稅相關問題。所以，它是我們名單上的一個與關稅相關的名稱，但它的交易價格受到公開市場名稱和公開市場評級動態的影響而受到抑制。在美容產業方面，關稅的影響也存在一些相似之處。基礎美容產業是我們投資組合中已有超過 5 年歷史的公司，經歷了 2 個所有權期間。

It's been on our watch list for 2 years, and there have been a number of issues. Tariffs is just the latest. Importantly, they had some competition related issues a number of years ago, and then an operational issue. And most recently, tariffs, given they import most of their beauty related products from China as well.

它已經在我們的觀察名單上兩年了，期間出現了一些問題。關稅只是最新出現的問題。重要的是，他們幾年前曾遇到一些與競爭相關的問題，後來又遇到了營運問題。最近，由於他們的美容相關產品大多也從中國進口，關稅問題也隨之而來。

The sponsor there over time has put in capital, and at this period of time we're unsure that they'll put in additional capital to support the business, so we had further markdowns that we took, but that One doesn't have the same trading dynamics and is a much tighter liquidity situation than Conair and so it's, it was marked down accordingly this quarter. Hopefully that provides some.

隨著時間的推移，贊助商已經投入了資金，但目前我們不確定他們是否會追加資金來支持業務，所以我們進行了進一步的減值，但One的交易動態與Conair不同，流動性狀況也更加緊張，因此，本季度也相應地進行了減值。希望這能有所幫助。

I would just add. We have said in, when tariffs kicked in that, there were a few names that we thought, were names and so although disappointing, it's not surprising to us, but I want to reassure investors this is not indicative of a long list of other names that that you know could migrate.

我還要補充一點。我們之前說過，當關稅生效時，有一些公司的名字我們認為可能會被列入名單，所以雖然令人失望，但對我們來說並不令人意外。但我希望向投資者保證，這並不意味著還有很多其他公司可能會被轉移。

Why don't we move to the next question?

我們為什麼不進入下一個問題？

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking my question. Just went on the merger here. I wonder if you could talk a little bit more about expected time frames for achieving the expected ROE accretion that you mentioned. Thanks.

嘿，早安。謝謝您回答我的問題。剛剛完成了這裡的合併。我想請您再詳細談談您提到的實現預期 ROE 成長所需的時間框架。謝謝。

Sure, I mean.

當然，我的意思是。

Timing timing wise, similar timing in terms of our expectation to close the merger, which should be at some point hopefully in the 1st quarter, maybe later in the 1st quarter, the OpEx synergies, tend to come in, relatively quickly, just given, they're mostly related to. Duplicative expenses and things along those lines, the capital structure related synergies.

從時間安排上看，我們預計完成合併的時間也差不多，希望在第一季的某個時候，也許會在第一季晚些時候完成。營運支出綜效往往會很快顯現，因為它們大多與此相關。重複支出及類似事項，與資本結構相關的綜效。

Do sometimes take a little bit longer, but we expect most of we we expect we can achieve most of those in 2026, and, the effect of just leveraging out the portfolio just given the relative small size of OBDC2 to to OBDC also is a is a relatively near term event so we don't think that it's going to take very long.

有時會花費更長的時間，但我們預計大部分目標可以在 2026 年實現，而且，考慮到 OBDC2 相對於 OBDC 的規模較小，僅僅透過槓桿擴大投資組合的影響也是一個相對較近期的事件，因此我們認為不會花費太長時間。

Got you, very helpful there. And then just follow-up if I may, another one on the new share repurchase program. How would you evaluate potential share repurchases in the context of OBDC's leverage and as well, how would you approach bouncing between repurchases and a potential pickup in investment opportunities over the near time there? Thanks.

明白了，這很有幫助。如果可以的話，我想再補充一點關於新的股票回購計畫的問題。鑑於 OBDC 的槓桿率，您會如何評估潛在的股票回購？此外，您會如何在近期內權衡股票回購和潛在的投資機會之間做出選擇？謝謝。

I look, I think that, I. Think. You're. Doing a good job. Of identifying all the variables. I, we're going to balance all of those variables. I think that, Look, our capital is permanent and very valuable, and so we are always trying to preserve that capital for new investment opportunities, but certainly in a world where the stock is where it is, and where we've already talked about how spreads are tight and rates are lower, then it's going to make the attractiveness of buying shares that much better, so. And leverage obviously plays in. I've already commented on leverage. Leverage can, we can manage leverage just as we get repayments which we continue to get. So, I don't, I can't, it's not scientific and we, I think this is well understood. We also, operate with various windows based on our public disclosure periods of time. So in any given quarter, our.

我看了看，我想了想，我。想。你是。做得很好。識別所有變數。我們會平衡所有這些變數。我認為，我們的資本是永久性的，而且非常寶貴，所以我們一直在努力保留這些資本以抓住新的投資機會。但是，在股票價格處於目前這種水平，而且我們已經討論過利差收窄、利率較低的情況下，購買股票的吸引力無疑會大大增加。槓桿作用顯然也發揮了作用。我已經評論過槓桿作用了。我們可以管理槓桿，就像我們不斷收到還款一樣。所以，我不，我不能，這不科學，而且我認為這一點大家都很清楚。我們也根據資訊公開的時間段，採用不同的視窗期進行操作。所以在任何一個季度，我們的。

Our legal judgment is there's periods of time in a quarter where we can buy shares and we can't based on when we're going to report results and the like and when we get information from our portfolio companies so we're not open, there's meaningful ports of a quarter where essentially we're not able to buy shares so. Periods of time where we can buy, we will look at.

根據我們的法律判斷，一個季度中有些時期我們可以買入股票，有些時期則不能，這取決於我們何時公佈業績以及何時從我們的投資組合公司獲得資訊。因此，我們並非公開透明，一個季度中存在一些重要的時期，我們基本上無法買入股票。我們會關注可以購買的時段。

Where the. Share. Price. Is. We will look at other where other investment. Opportunities are. We will look at the leverage and we will make appropriate judgments as we as we have in the past. I wish I could give you a more precise analytical answer, but I think it is a function of all those things.

在哪裡？分享。價格。我們會考慮其他投資機會。機會就在這裡。我們會分析槓桿效應，並像過去一樣做出適當的判斷。我希望能夠給你一個更精確的分析性答案，但我認為這取決於所有這些因素。

Got you, very helpful there. Thanks again.

明白了，這很有幫助。再次感謝。

Thank you.

謝謝。

Thank you. Our next questions come from the line of Sean-Paul Adams with B. Riley Securities. Please proceed with your questions.

謝謝。接下來的問題來自 B. Riley Securities 的 Sean-Paul Adams。請繼續提問。

Hey guys, good morning. Given the impact of the uptick in the scale on earnings. Are there any potential evaluations for changes on the management fee cost structure on a go-forward basis?

嘿，各位，早安。考慮到規模擴大對收益的影響。未來管理費成本結構是否有任何可能的變化評估？

I'm not sure I totally understand the question, but no, we're not looking at the management fee structure if that's your question. We've had the same structure for almost 10 years and OBDC2 had the same fee structure, so and our tech fund has the same, this is the fee structure.

我不太確定我是否完全理解了您的問題，但是，如果您的問題是管理費結構，那麼答案是：不，我們不考慮管理費結構。近 10 年來，我們的結構一直保持不變，OBDC2 的收費結構也保持不變，因此，我們的科技基金的收費結構也保持不變。

Thank you. I appreciate it.

謝謝。謝謝。

Thank you.

謝謝。

Christopher Nolan, Ladenburgh Thalman.

克里斯多福諾蘭，拉登伯格塔爾曼。

Hi, just follow-up on that previous question on the management fee structure. Given your comments in terms of, narrower spreads, lower rates, you're in a different environment and any consideration to improving, expenses relative to revenues to improve the total return of OBDC.

您好，我只是想跟進一下之前關於管理費結構的問題。鑑於您提到的利差縮小、利率降低，您目前所處的環境有所不同，並且您考慮過改善支出與收入之間的關係，以提高 OBDC 的總回報。

I appreciate why you're asking the question. I just would urge you to look over the life of the fund. It's had the same fee structure, had that same fee structure when rates were at zero for multiple years. We have the same fee structure. The fee structure has been set, it's very visible, we're consistent with it. It's not something that we're evaluating. It's, I think it's designed. In, a thoughtful way consistent with other industry peers and commensurate with the the quality and the, and the resources that that we apply to it. I don't think the intention of the fee structure is to move around based on where rates are in any 36 month, 9 month period and, in either direction. So I don't think that's an expectation that people should have.

我明白你為什麼要問這個問題。我只是想建議您仔細查看該基金的存續期。它一直沿用同樣的收費結構，即使在利率為零的多年裡，收費結構也保持不變。我們的收費結構相同。收費標準已經制定，非常透明，我們始終堅持執行。我們目前沒有對此進行評估。我認為這是設計出來的。以一種深思熟慮的方式，與業內其他同行保持一致，並與我們投入其中的品質、資源和精力相匹配。我認為收費結構的意圖並非是根據任何 36 個月、9 個月期間的費率情況進行調整，無論是向上調整還是向下調整。所以我認為人們不應該抱持這樣的期望。

Okay, the only reason I ask is your investment yields on debt is roughly 10.5%. And your stock is yielding dividend yield roughly 12.

好的，我這麼問的唯一原因是，你們的債務投資報酬率大約是 10.5%。你的股票股息殖利率約為 12%。

Percent or so, a little less, and I'm just the total returns, part of the reason possibly when the stocks trading below book is, total returns, and I'm just trying to look at the, you mentioned earlier that all levers are available and just following up on that.

大約百分之幾，略少一些，我只是總回報，部分原因可能是股票交易低於賬面價值，總回報，我只是想看看，你之前提到所有槓桿都可用，我只是在跟進這一點。

I have lots of opinions about why our stocks trading where I was trading, but I'd say there are peer stocks that. That are are comparable quality that that have have much lower yields and so I don't think it's, I.

我有很多關於我們股票交易價格為何在我交易的那個位置的看法，但我認為有些同類股票也是如此。它們的品質相當，但產量卻低得多，所以我認為不是這樣。

I don't, I hear your question.

我不知道，我聽到你的問題了。

We're hoping that this is a short-term technical situation. Investors have been very jumpy, about some of the headlines in private credit generally. And so in the short-term, investors seem to be reacting to a headline or two that's happening in the marketplace. I think you're, I appreciate you pointing out that our stock is yielding 12% for a really high-quality performing portfolio. And so our hope is that investors will find that attractive and will certainly buyback is a factor. Look, there have been periods of time, where the stock has been dislocated again over the last 10 years. We haven't changed the fee structure. I just, I don't think that's something that is really a meaningful consideration. I want to keep saying it, but I think everyone, everything else is, and I'm hoping that investors will see the quality of the portfolio and the opportunity to earn earn that type of yield. And, by the way, even if dividends go down a little bit, you're still going to talk about a 10 to 11% yield that hopefully folks will find that attractive and the stock will get moving in a more constructive direction.

我們希望這只是一個短期的技術問題。投資者對私募信貸領域的一些新聞報導感到非常緊張。因此，短期內，投資人似乎會對市場上的一兩則新聞做出反應。感謝您指出我們的股票收益率為 12%，這是一個表現非常優質的投資組合。因此，我們希望投資人會覺得這很有吸引力，回購肯定是個重要因素。你看，過去 10 年裡，股市也曾出現過幾次下跌或下跌的情況。我們沒有改變收費結構。我只是覺得，這不是一個值得認真思考的問題。我想繼續強調這一點，但我認為每個人、每件事都是如此，我希望投資者能夠看到投資組合的品質以及獲得這種收益的機會。順便說一句，即使股息略有下降，收益率仍然能達到 10% 到 11%，希望人們會覺得這很有吸引力，股價也會朝著更正面的方向發展。

Great, thank you. I appreciate the considered answer.

太好了，謝謝。感謝您深思熟慮的回答。

Brian McKenna, Citizens.

Brian McKenna，市民。

Great, thanks. So just a quick follow-up on repayment activity. You're clearly a little bit lighter in the quarter. And they can bounce around from quarter to quarter, but any visibility into four key repayments, I'm just trying to think through is that $0.02 per share of non-recurring income a good starting point for the 4th quarter?

太好了，謝謝。那麼，就還款情況做個簡要跟進。你這季明顯輕了一些。它們可能會逐季度波動，但對於四項關鍵還款，我只是想弄清楚，每股 0.02 美元的非經常性收入對於第四季度來說是否是一個好的起點？

I think so far it's consistent with the prior quarter, no change.

我認為目前的情況與上一季一致，沒有改變。

Got it. Thank.

知道了。感謝。

You. $0.02 seem about right?

你覺得 0.02 美元差不多合適嗎？

Right. Correct.

正確的。正確的。

Mickey Schlein, Clear Street.

米奇·施萊因，克利爾街。

Apologies, the phone cut out. A couple of questions. In terms of the merger closing, are you assuming the government is going to reopen quickly and get the SEC fully up and running, in your assessment?

抱歉，電話斷線了。幾個問題。就合併完成而言，您認為政府會迅速重新開放，並使美國證券交易委員會全面恢復運作嗎？

That would be part of the assessment that they would be able to. Review that, and, but ultimately we think that the projection that we've got in place, accounts for that.

這將是他們能夠進行的評估的一部分。回顧一下，但最終我們認為我們現有的預測已經考慮到了這一點。

Okay, and I don't want to beat a dead horse here, but I just want to confirm, there were no repurchases made under the 2024 stock repurchase program, is that correct?

好的，我不想再贅述，但我只想確認一下，2024 年股票回購計畫下沒有進行任何回購，對嗎？

That's correct.

沒錯。

Okay, that's it. Thank you.

好了，就這些。謝謝。

Thank you. We have reached the end of our question-and-answer session. I would now like to hand the call back over to management for closing remarks.

謝謝。我們的問答環節到此結束。現在我想把電話交還給管理階層，請他們做總結發言。

Okay, look, we appreciate the engagement. We're available if folks have questions, please reach out. Thanks for your time and we will speak with everyone soon.

好的，我們感謝你們的參與。如果大家有任何疑問，請隨時與我們聯絡。感謝您抽出時間，我們會盡快與大家聯繫。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。祝您今天餘下的時間愉快。