Oaktree Specialty Lending Corp (OCSL) 2025 Q3 法說會逐字稿

Welcome and thank you for joining Oaktree Specialty Lending Corporation's third fiscal quarter 2025 conference call. Today's conference call is being recorded. Before we begin, I want to remind you that comments on today's call include forward-looking statements reflecting current views with respect to, among other things, future operating results and financial performance.

歡迎並感謝您參加 Oaktree Specialty Lending Corporation 2025 財年第三季電話會議。今天的電話會議正在錄音。在我們開始之前，我想提醒您，今天電話會議上的評論包括前瞻性陳述，反映了對未來經營業績和財務業績等方面的當前看法。

Actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to the relevant SEC filings for discussion of these factors in further detail. Oaktree undertakes no duty to update or revise any forward-looking statements.

實際結果可能與前瞻性陳述中暗示或表達的結果有重大差異。有關這些因素的詳細討論，請參閱相關的 SEC 文件。Oaktree 不承擔更新或修改任何前瞻性聲明的義務。

I'd also like to remind you that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in an Oaktree fund. Investors and others should note that OCSL uses the Investors section of its corporate website to announce material information. The company encourages investors, the media, and others to review the information that it shares on its website.

我還想提醒您，本次電話會議中的任何內容均不構成出售 Oaktree 基金權益的要約或購買要約的邀請。投資者和其他人應該注意，OCSL 使用其公司網站的投資者部分來發布重大訊息。該公司鼓勵投資者、媒體和其他人查看其網站上分享的資訊。

I'll now turn the call over to Clark Koury, OCSL's Head of Investor Relations. Please go ahead.

現在我將電話轉給 OCSL 投資人關係主管 Clark Koury。請繼續。

Thank you, operator. Our third-quarter earnings release, which we issued this morning, along with the accompanying slide presentation, can be accessed on the Investors section of our website, oaktreespecialtylending.com. Joining me on the call today are Armen Panossian, CEO and co-CIO; Raghav Khanna, co-CIO; Matt Pendo, President; and Chris McKown, CFO and Treasurer.

謝謝您，接線生。我們今天早上發布的第三季財報以及相應的幻燈片演示可在我們網站 oaktreespecialtylending.com 的「投資者」板塊查看。今天參加電話會議的嘉賓包括執行長兼聯席資訊長 Armen Panossian、聯合首席資訊長 Raghav Khanna、總裁 Matt Pendo 以及首席財務長兼財務主管 Chris McKown。

Now I'll turn over the call to Matt to provide an overview of our performance for the quarter. Matt?

現在我將把電話轉給馬特，讓他概述我們本季的表現。馬特？

Thanks, Clark, and thank you all for joining our call today. This quarter now is up slightly, and we made progress restructuring or exiting certain challenged names within the portfolio and reducing non-accruals, which declined as a percentage of both fair value and cost. Adjusted net investment income declined to $0.37 per share, primarily due to the impact of certain non-recurring and non-cash items related to refinancing activities. We also experienced a lower than usual amount of non-recurring income. Chris will share more details on non-recurring income a bit later in the presentation.

謝謝，克拉克，也謝謝大家今天參加我們的電話會議。本季目前略有上升，我們在重組或退出投資組合中某些有挑戰性的公司以及減少非應計項目方面取得了進展，非應計項目佔公允價值和成本的百分比均有所下降。調整後淨投資收益下降至每股 0.37 美元，主要原因是與再融資活動相關的某些非經常性和非現金項目的影響。我們的非經常性收入也低於正常水準。克里斯稍後將在演講中分享更多有關非經常性收入的細節。

Regarding our dividend, our board approved a base dividend of $0.40 per share for the quarter. Turning to our balance sheet, there were several positive outcomes during the quarter. As mentioned on last quarter's call, we successfully amended and extended the maturity of our senior secured revolving facility, reducing the interest rate from SOFR plus 2% to a range of SOFR plus 1.75% to 1.875%. This enabled us to terminate a higher-cost ABL facility with pricing of SOFR plus 2.35%.

關於我們的股息，董事會批准本季每股 0.40 美元的基本股息。回顧我們的資產負債表，本季有幾個正面的結果。正如上個季度電話會議上提到的，我們成功修改並延長了優先擔保循環信貸額度的期限，將利率從 SOFR 加 2% 降至 SOFR 加 1.75% 至 1.875% 之間。這使我們能夠終止成本更高的 ABL 融資，其定價為 SOFR 加 2.35%。

Taken together, these will reduce our overall interest expense, which will be accretive to earnings going forward. There were some one-time costs as a result of these developments as we wrote up unamortized deferred financing costs that impacted our NII. With a strong balance sheet, ample liquidity, and leverage at its lowest level in three years, we have meaningful dry powder to further diversify the portfolio and position OCSL for sustained growth.

綜合起來，這些將減少我們的整體利息支出，從而增加未來的收益。由於這些發展，我們記入了影響我們 NII 的未攤提遞延融資成本，從而產生了一些一次性成本。憑藉強勁的資產負債表、充足的流動性以及三年來最低的槓桿率，我們擁有充足的資金來進一步實現投資組合多元化，並為 OCSL 的持續成長做好準備。

Now I'll turn the call to Armen to provide an overview of the market environment.

現在我將請阿爾門 (Armen) 概述市場環境。

Thanks, Matt. Uncertainty surrounding the implementation of increased tariffs and their potential impact on inflation, the economy, and monetary policy deterred M&A activity, which remained muted. Consequently, most lending in the marketplace pivoted to refinancing existing debt rather than de novo buyouts. Robust CLO issuance in recent months has created some competition for deal flow, pulling some deals out of the private market and into the broadly syndicated loan market.

謝謝，馬特。圍繞提高關稅的實施及其對通貨膨脹、經濟和貨幣政策的潛在影響的不確定性阻礙了併購活動，使其保持低迷。因此，市場上的大多數貸款都轉向了現有債務的再融資，而不是重新收購。近幾個月來，CLO 發行量強勁，為交易流程帶來了一些競爭，導致一些交易從私人市場轉移到廣泛的銀團貸款市場。

These dynamics, coupled with the continued strength of fundraising for private credit, pushed credit spreads tighter. Liquid credit markets also tightened, but it is important to note that private credit still offers an attractive premium. However, spreads on newly originated loans have reverted to the levels we saw at the start of the calendar year.

這些動態，加上私人信貸融資的持續強勁，導致信貸利差進一步收緊。流動性信貸市場也收緊，但值得注意的是私人信貸仍然提供了有吸引力的溢價。然而，新發放貸款的利差已恢復到年初的水平。

Pricing for large-cap sponsor loans is in the SOFR plus 425- to 475-basis-points range, and spreads are 25 to 50 basis points higher in the core to upper middle market. OCSL has deep expertise in originating and structuring loans for middle market companies, and we are finding more value in this part of the market in the current environment.

大型股發起人貸款的定價在 SOFR 加上 425 至 475 個基點的範圍內，核心至中上市場利差高出 25 至 50 個基點。OCSL 在為中型市場公司發放和建構貸款方面擁有深厚的專業知識，在當前環境下，我們發現這一市場領域具有更大的價值。

Beyond core middle market lending in the US, we are seeing pockets of opportunity in asset-backed financing and life sciences, areas where Oaktree has extensive capabilities. We are observing increased opportunities in Europe, supported by a strengthening economic outlook and favorable valuation metrics. Concurrently, we are seeking to expand our capabilities across the Asia Pacific region and within infrastructure debt.

除了美國核心的中間市場貸款之外，我們還看到了資產支持融資和生命科學領域的機會，而橡樹資本在這些領域擁有廣泛的能力。我們觀察到，在經濟前景增強和估值指標的有利支持下，歐洲的機會增加。同時，我們正在尋求擴大我們在亞太地區和基礎設施債務領域的能力。

Against this backdrop, credit quality has remained stable. And most problems are tied to company-specific issues where management teams have not executed in line with expectations, creating financial pressure on their balance sheets and capital structure. We are also keeping a close eye on areas of potential risk within the portfolio, including the use of PIK income. In this regard, we have maintained a conservative stance and continue to rank near the low end of our peer set in PIK as a percentage of total income at 6.7%.

在此背景下，信貸品質保持穩定。大多數問題都與公司特定問題有關，管理團隊的執行情況不符合預期，對公司的資產負債表和資本結構帶來了財務壓力。我們也密切關注投資組合中的潛在風險領域，包括 PIK 收入的使用。在這方面，我們一直保持保守立場，PIK 佔總收入的比例繼續處於同業低端，為 6.7%。

Even as spreads have tightened, our focus remains on high-quality companies with strong credit profiles. We believe the long-term outlook for direct lending will remain favorable. Yields are compelling on a gross, unlevered basis, including at the top of the capital structure. The absence of mark-to-market volatility and the historically tight band of returns across different market environments make this asset class appealing to investors seeking income and capital preservation.

即使利差已經收窄，我們的重點仍然是信用狀況良好的優質公司。我們相信直接貸款的長期前景依然看好。從整體、無槓桿的角度來看，收益率非常誘人，包括資本結構的頂端。由於不存在以市價計價的波動，且在不同市場環境下回報率一直處於歷史窄幅區間，這一資產類別對尋求收入和資本保值的投資者頗具吸引力。

Now I'll pass the call to Raghav Khanna to give an update on our portfolio.

現在我將電話轉給 Raghav Khanna，讓他介紹一下我們的投資組合的最新情況。

Thanks, Armen. I'll start with investment activity for the quarter. While our overall investment activity was tempered due to the slower market environment, we leaned into opportunities that squarely met our portfolio objectives and disciplined underwriting standards. The weighted average yield of our new debt investments was 9.1%, comparable to 9.5% in the prior quarter, reflecting continued tight spreads in the marketplace.

謝謝，阿門。我將從本季的投資活動開始。雖然我們的整體投資活動因市場環境放緩而受到抑制，但我們傾向於尋找符合我們的投資組合目標和嚴格承保標準的機會。我們的新債投資的加權平均收益率為 9.1%，與上一季的 9.5% 相當，反映出市場利差持續收窄。

All our originations in the quarter were first lien loans consistent with our strategy of investing at the top of the capital structure to provide greater downside protection. We are excited about our current pipeline and continue to see compelling investment opportunities even amid persistent inflation, elevated interest rates, and tariff-related uncertainty. In this environment, we are selectively deploying capital into mature, market-leading businesses with solid fundamentals and consistent cash flows.

本季我們所發放的所有貸款均為第一留置權貸款，這符合我們投資於資本結構頂端以提供更大下行保護的策略。我們對目前的管道感到興奮，即使在持續的通貨膨脹、高利率和關稅相關的不確定性的情況下，我們仍然看到引人注目的投資機會。在這種環境下，我們有選擇地將資本部署到具有穩固基本面和穩定現金流的成熟、市場領導企業。

We are also maintaining a granular, diversified approach to portfolio construction, avoiding an industry concentration risk, and steering clear of more cyclical businesses. The strength of Oaktree's global platform is a competitive advantage for OCSL. As one of a handful of lenders that has the scale to lead or participate in larger financings, our platform gives us access to high-quality transactions that are often unavailable to smaller lenders.

我們也保持著細緻、多樣化的投資組合建構方法，避免產業集中風險，並避開更具週期性的業務。Oaktree 全球平台的實力是 OCSL 的競爭優勢。作為少數幾家有能力主導或參與更大規模融資的貸款機構之一，我們的平台使我們能夠進行小型貸款機構通常無法進行的高品質交易。

In addition, Oaktree's broad sourcing capabilities span both sponsored and non-sponsored deals, stress and rescue lending, high yield, public credit, and asset-backed transactions. This breadth allows us to evaluate a wide range of attractive opportunities in any market environment and allows us to lean into opportunities with the best risk-adjusted returns.

此外，橡樹資本的廣泛採購能力涵蓋贊助和非贊助交易、壓力和紓困貸款、高收益、公共信貸和資產支持交易。這種廣度使我們能夠評估任何市場環境中的各種有吸引力的機會，並使我們能夠抓住具有最佳風險調整回報的機會。

As of June 30, the median EBITDA of our portfolio companies was approximately $161 million, a $3 million increase from the prior quarter. The weighted average leverage in our portfolio decreased slightly from 5.2 to 5.1 times. And the weighted average interest coverage slightly increased from 2.1 to 2.2.

截至 6 月 30 日，我們投資組合公司的 EBITDA 中位數約為 1.61 億美元，比上一季增加 300 萬美元。我們投資組合的加權平均槓桿率從5.2倍略微下降至5.1倍。加權平均利息覆蓋率由2.1小幅上升至2.2。

Now I'll share the details on two recent investments during the quarter that demonstrate our focus on portfolio diversification and first lien lending. Both were sourced through the broader O3 platform and underscore how we are leveraging the firm's extensive sponsor relationships and broad market access to co-invest in compelling opportunities.

現在，我將分享本季度最近兩項投資的詳細信息，這些投資表明了我們對投資組合多樣化和第一留置權貸款的關注。兩項投資均透過更廣泛的 O3 平台獲得，凸顯了我們如何利用公司廣泛的贊助商關係和廣泛的市場准入來共同投資極具吸引力的機會。

I'll begin with Draken International, a provider of operational training solutions to air forces around the world. The business has close relationships with both the US and UK air forces. This investment expands our exposure in the counter-cyclical aerospace and defense industry, where demand for cost-effective pilot training continues to rise amid persistent global pilot shortages. With long-term government contracts in place, Draken generates recurring revenues by serving a critical market with predictable demand.

我首先從 Draken International 開始，這是一家為全球空軍提供作戰訓練解決方案的供應商。該公司與美國和英國空軍都保持著密切的關係。這項投資擴大了我們在反週期航空航太和國防工業領域的投資，在全球飛行員持續短缺的背景下，該行業對具有成本效益的飛行員培訓的需求持續上升。透過簽訂長期政府合同，Draken 透過服務具有可預測需求的關鍵市場來產生經常性收入。

This investment also aligns with our strategy to partner with institutional sponsors, Blackstone in this instance, to originate senior secured loans for resilient businesses operating in sectors with long-term demand visibility. Oaktree was the sole lender in this new transaction, which Draken used to refinance existing debt. Oaktree committed to $217 million, of which $177 million was funded upfront. The deal was priced at SONIA plus [550], with 2 points of upfront fees. OCSL was allocated [$31.9 million], of which $26 million was funded upfront.

這項投資也符合我們的策略，即與機構贊助商（在本例中為黑石集團）合作，為在具有長期需求可見性的行業中運營的彈性企業發放優先擔保貸款。橡樹資本是此次新交易的唯一貸款方，德肯投資利用該筆交易對現有債務進行再融資。Oaktree 承諾投資 2.17 億美元，其中 1.77 億美元為預付資金。此交易的價格為 SONIA plus [550]，預付費用為 2 點。OCSL 獲得了 3,190 萬美元的撥款，其中 2,600 萬美元為預付資金。

Turning to Lyons Magnus, founded in 1851, Lyons Magnus is a leading food and beverage manufacturer of plant-based beverages and flavored ingredients, serving the food service, healthcare, and dairy industries. Lyons Magnus maintains a top-three market share position across its core product categories, and have longstanding relationships with leading QSRs, food service distributors, and healthcare providers, including the likes of Starbucks, McDonald's, and Sysco, customers that generate stable recurring revenue for the business.

談到 Lyons Magnus，Lyons Magnus 成立於 1851 年，是一家領先的植物性飲料和調味成分食品和飲料製造商，服務於食品服務、醫療保健和乳製品行業。Lyons Magnus 在其核心產品類別中保持著前三大市場份額，並與領先的 QSR、食品服務分銷商和醫療保健提供者建立了長期合作關係，其中包括星巴克、麥當勞和 Sysco 等客戶，這些客戶為公司帶來了穩定的經常性收入。

This is a great example of our focus on investing in established businesses with longstanding customer relationships, diversified product offerings, and strong margin profile. Lyons Magnus used the proceeds of the transaction to refinance its existing capital structure. This investment was sourced directly by Oaktree through a longstanding relationship with a sponsor, Paine Schwartz Partners. Oaktree acted as joint lead arranger on the deal, providing $150 million commitment, or 34% of the total transaction. And $133 million was funded upfront. OCSL was allocated $12.7 million, of which $11.2 million was funded upfront.

這是我們專注於投資具有長期客戶關係、多樣化產品供應和強勁利潤率的成熟企業的一個很好的例子。Lyons Magnus 利用此交易的收益來為其現有資本結構進行再融資。這項投資由 Oaktree 透過與贊助商 Paine Schwartz Partners 的長期合作關係直接獲得。橡樹資本擔任該交易的聯合牽頭安排行，提供 1.5 億美元的承諾資金，佔交易總額的 34%。並且預先提供了 1.33 億美元的資金。OCSL 獲得了 1,270 萬美元的撥款，其中 1,120 萬美元為預付資金。

Now turning to our existing portfolio, where we are seeing encouraging signs of progress in addressing non-accruals, during the quarter, one company, BayMark, was added to the non-accrual list; and one company, Telestream Holdings, was removed. BayMark is one of the largest substance abuse and recovery treatment providers in North America. It is experiencing operational issues with its revenue cycle management systems and underperformance in certain business segments, resulting in cash flow and liquidity pressures.

現在轉向我們現有的投資組合，我們看到了解決不提列問題方面令人鼓舞的進展跡象，在本季度，一家公司 BayMark 被添加到不計提名單中；一家公司 Telestream Holdings 被從名單中移除。BayMark 是北美最大的藥物濫用和康復治療提供者之一。該公司的收入週期管理系統存在營運問題，某些業務部門表現不佳，導致現金流量和流動性壓力。

The company is working with turn-around professionals, and we are actively engaged with management to help them achieve the best possible outcome for the company and our loan. These situations take time to resolve, but our team has the experience and the discipline to navigate them effectively and drive favorable resolutions.

該公司正在與扭虧為盈的專業人士合作，我們積極與管理層合作，幫助他們為公司和我們的貸款實現最好的結果。解決這些情況需要時間，但我們的團隊擁有豐富的經驗和紀律，能夠有效地處理這些問題並推動有利的解決方案。

We're pleased to report that Telestream Holdings, a video software platform that provides on-demand digital video tools to broadcasters, media companies, and content creators, was removed from non-accrual status after completing a comprehensive restructuring that helped reduce the company's debt burden and eased liquidity constraints.

我們很高興地報告，Telestream Holdings 是一家為廣播公司、媒體公司和內容創作者提供點播數位視訊工具的視訊軟體平台，在完成全面重組後，該公司已擺脫非應計狀態，這有助於減輕公司的債務負擔並緩解流動性限制。

Additionally, we're beginning to realize meaningful exits and recoveries from previously challenged positions, which were contributing factors to the decline in non-accruals as a percentage of the overall portfolio. One notable example is Mosaic, where we received cash paydowns totaling $25.7 million or just over 50% of our total position during the quarter. We remain focused on working through challenged positions and maximizing recoveries.

此外，我們開始意識到從先前受到挑戰的部位中有意義的退出和復甦，這是導致非應計專案佔整體投資組合比例下降的因素。一個值得注意的例子是 Mosaic，我們在本季收到的現金償還總額為 2,570 萬美元，略高於我們總持股的 50%。我們將繼續致力於解決具有挑戰性的職位並最大限度地恢復。

Moving now to exit and repayment activity during the quarter, investment exits decreased to $249 million, down from $279 million in the prior quarter. One exit worth mentioning is Alto, a digital pharmacy company which was merged into LetsGetChecked to create a comprehensive platform combining pharmacy, diagnostics, and virtual care. The loan for Alto had been marked at [85 and 95] as of December 31, 2024, and March 31, 2025, respectively, and was taken out at par in connection with the merger.

現在來看看本季的退出和償還活動，投資退出金額從上一季的 2.79 億美元下降至 2.49 億美元。值得一提的退出案例之一是數位藥房公司 Alto，該公司與 LetsGetChecked 合併，創建了一個集藥房、診斷和虛擬護理於一體的綜合平台。截至 2024 年 12 月 31 日和 2025 年 3 月 31 日，Alto 的貸款利率分別為 [85 和 95]，並根據合併情況以面值提取。

Looking to the second half of the year, we are very encouraged by the depth and diversity of the opportunities we are seeing across sectors, structures, and sponsors. We are leaning hard into our strengths, our deep industry relationships, broad market access, and due diligence and underwriting expertise to continue building a well-diversified portfolio that can deliver sustained long-term performance.

展望下半年，我們對各個行業、各個結構和贊助商所面臨的機會的深度和多樣性感到非常鼓舞。我們正在充分利用我們的優勢、深厚的行業關係、廣泛的市場准入以及盡職調查和承保專業知識，繼續建立能夠提供持續長期業績的多元化投資組合。

And with that, I will now turn the call over to Chris.

現在，我將把電話轉給克里斯。

Thank you, Raghav. Let's review our financial results. In our third fiscal quarter ending June 30, 2025, we delivered adjusted net investment income of $32.5 million, or $0.37 per share, as compared to $38.7 million, or $0.45 per share, in the prior quarter. The decrease for the quarter was primarily driven by non-recurring and non-cash expenses related to refinancing activities, as well as a decline in non-recurring income, which we generally define as things like pre-payment fees and OID acceleration.

謝謝你，Raghav。讓我們回顧一下我們的財務結果。在截至 2025 年 6 月 30 日的第三財季中，我們的調整後淨投資收入為 3,250 萬美元，即每股 0.37 美元，而上一季為 3,870 萬美元，即每股 0.45 美元。本季的下降主要是由於與再融資活動相關的非經常性和非現金支出，以及非經常性收入的下降，我們通常將其定義為預付費用和 OID 加速等。

To drill into that a bit, our trailing eight-quarter median amount of non-recurring income has been about $3.8 million, or $0.043 per share, based on current shares outstanding. Our June quarter non-recurring income came in around $2.1 million less, or a little over $0.02 less than this median level. Adjusted total investment income in the quarter declined $2.9 million compared to the prior quarter, primarily due to the reasons I just mentioned, as well as a modestly smaller average portfolio, the impact of tightening spreads, and lower dividend income from the Kemper JV.

更深入地講，根據當前流通股數計算，我們過去八個季度的非經常性收入中位數約為 380 萬美元，即每股 0.043 美元。我們 6 月季度的非經常性收入減少了約 210 萬美元，比這一中位數少了 0.02 美元多一點。本季調整後的總投資收入與上一季相比下降了 290 萬美元，這主要是由於我剛才提到的原因，以及平均投資組合規模略小、利差收緊的影響以及 Kemper JV 的股息收入減少。

Net expenses increased $3.5 million from the prior quarter, driven by a $2.9 million increase in interest expense due to $3.9 million of non-recurring and non-cash expense related to the acceleration of certain deferred financing costs in connection with determination of the Citibank SPV facility and the amendment of our revolving credit facility. This was partially offset by lower average borrowings outstanding during the quarter and reduced interest rates for the amended credit facility.

淨支出較上一季增加 350 萬美元，原因是利息支出增加 290 萬美元，而利息支出增加的原因在於，與確定花旗銀行 SPV 融資和修改循環信貸額度有關的某些遞延融資成本加速產生了 390 萬美元的非經常性和非現金支出。這被本季平均未償還借款減少和修訂後的信貸安排利率降低所部分抵銷。

Our weighted average interest rate at June 30 was 6.6% compared to 6.7% at the end of the prior quarter. Our net leverage ratio at quarter end was 0.93 times, flat from last quarter, and total debt outstanding was $1.46 billion. Unsecured debt represented 65% of total debt at quarter end, consistent with last quarter. We have ample dry powder to fund investment commitments with liquidity of approximately $730 million, including $80 million in cash and $650 million of undrawn capacity on our credit facilities.

截至 6 月 30 日，我們的加權平均利率為 6.6%，而上一季末為 6.7%。本季末我們的淨槓桿率為 0.93 倍，與上一季持平，未償還債務總額為 14.6 億美元。本季末，無擔保債務佔總債務的 65%，與上一季一致。我們擁有充足的資金來資助投資承諾，流動資金約為 7.3 億美元，其中包括 8,000 萬美元的現金和 6.5 億美元的未提取信貸額度。

Unfunded commitments, excluding those related to the joint ventures, were $278 million, approximately $264 million of which can be drawn immediately as the remaining amount is subject to portfolio companies meeting certain milestones before the funds can be drawn. The target leverage ratio remains unchanged at 0.9 times to 1.25 times, and we are currently at the low end of that range due to a combination of successful investment exits in recent quarters and our prudent approach to deploying capital.

未撥付的承諾（不包括與合資企業相關的承諾）為 2.78 億美元，其中約 2.64 億美元可立即提取，剩餘金額取決於投資組合公司在提取資金前達到某些里程碑。目標槓桿率保持在0.9倍至1.25倍不變，由於最近幾季成功的投資退出以及我們謹慎的資本配置方式，我們目前處於該範圍的低端。

Turning to our two joint ventures, together, the JVs currently hold $442 million of investment, primarily in broadly syndicated loans spread across 54 portfolio companies. During the third fiscal quarter, the JVs generated ROEs of 10.5% in aggregate. Leverage at the JVs was 1.3 times, unchanged from 1.3 times last quarter. In addition, we received a $525,000 dividend from the Kemper JV.

談到我們的兩家合資企業，目前合資企業共持有 4.42 億美元的投資，主要用於分佈在 54 家投資組合公司的廣泛銀團貸款。在第三財季，合資企業的總淨資產收益率為 10.5%。合資企業的槓桿率為 1.3 倍，與上一季的 1.3 倍持平。此外，我們還從 Kemper JV 獲得了 525,000 美元的股息。

With that, I'll turn the call back to the operator to open the call for questions.

說完這些，我將把電話轉回給接線生，以便開始提問。

(Operator Instructions) Finian O'Shea, Wells Fargo.

（操作員指示） 富國銀行的 Finian O'Shea。

Hey, everyone. Good morning. First question on spreads this quarter, I think you were mid to upper fives, which is tracking better than most peers, obviously a very good thing. But the other side of the coin is we ask sort of how you were able to generate that, maybe if it was non-sponsor, higher leverage, or any color you could give us there. Thanks.

嘿，大家好。早安.關於本季利差的第一個問題，我認為你們的利差處於中上五名之間，這比大多數同行都要好，顯然是一件非常好的事情。但另一方面，我們會問您是如何實現這一目標的，也許是非贊助商、更高的槓桿率，或者您能給我們的任何資訊。謝謝。

Fin, it's Raghav. Thanks for the question. So you're right. Both for the quarter and for the year, we have been able to achieve, on first liens, spreads which are, call it, mid-500s including OID. There's a few factors that have played into it. So one is that does include the lower spread deals that you are seeing in the market currently. So we do have some deals that we've done this year which are that [$450 million to $475 million] range, and then OID will take you to just around [$500 million].

Fin，我是 Raghav。謝謝你的提問。所以你是對的。無論是本季或全年，我們都能夠實現包括 OID 在內的 500 多點的利差。有幾個因素導致了這一現象。因此，其中之一確實包括您目前在市場上看到的較低價差交易。因此，我們今年確實完成了一些交易，這些交易的金額在 [4.5 億美元到 4.75 億美元] 之間，OID 會帶你達到[5億美元]。

But we also have some higher-yielding deals. There's been a couple of lifetime deals which have been higher yielding. That's helped some of the non-US deals we've done, such as the Draken deal, which we mentioned, which was SONIA plus 550 with 2 points of OID. That's helping as well. European spreads are slightly wider than what we're seeing in the US and then the third thing I would say is there is a premium for refinancing deals versus brand-new, renewable LBOs. It's not huge, but it could be 50 to 75 basis points. And on the margin, that's helpful as well.

但我們也有一些收益更高的交易。有幾筆終身交易的收益更高。這對我們完成的一些非美國交易有所幫助，例如我們提到的 Draken 交易，即 SONIA 加 550 加上 2 個 OID 點。這也有幫助。歐洲的利差比美國略大，我想說的第三件事是，再融資交易相對於全新的、可續約的槓桿收購有溢價。雖然幅度不大，但可能會達到 50 到 75 個基點。從邊緣上來說，這也是有幫助的。

Okay, it's helpful, thanks. And then just sort of back of the napkin here with the moving parts that you helpfully outlined on earnings, the one-time, the facility fee, and so forth. Those seem to roughly offset, if that, the impact of the look-back, and you're still below the dividend. So I guess, should we assume the main obvious lever to drive earnings, that would be levering up? And then can you give color on how the discussions with rating agencies are in that regard given recent loss rates? Would they be comfortable with you going up to a 1.25 or so if that is the plan? Thanks.

好的，很有幫助，謝謝。然後，餐巾紙背面列出了您列出的各項活動，包括收益、一次性費用、設施費等等。如果這樣的話，這些似乎大致抵消了回顧的影響，而你仍然低於股息。所以我想，我們是否應該假設推動獲利的主要明顯槓桿就是提高槓桿？那麼，考慮到最近的損失率，您能否說明一下與評級機構在這方面的討論情況？如果這是計劃，他們會同意你將價格提高到 1.25 左右嗎？謝謝。

Thanks, and it's Matt. So the plan isn't to go to 1.25, just to kind of hit that number. but the plan is to be at the midpoint of our range. Our range is 0.9 to 1.25. Right now, we're at 0.93, which I think is the lowest we've been for quite a while. We have active dialogue with the rating agencies. They're aware of our plans. But one of our plans, to your point, is to take leverage up to create more earnings to support the dividend. So that's one. We feel comfortable with where we are with our agencies in doing that. Again, take it up to the midpoint of our range, not the top end of our range.

謝謝，我是馬特。因此，我們的計劃不是達到 1.25，而只是達到這個數字。但計劃是處於我們範圍的中間點。我們的收益率範圍是0.9到1.25。目前是0.93，我認為這是相當長一段時間以來的最低值。我們與評級機構進行了積極的對話。他們知道我們的計劃。但正如您所說，我們的計劃之一是利用槓桿來創造更多收益以支持股息。這就是其中之一。我們對我們的代理商所做的工作感到滿意。再次，將其提升到我們範圍的中點，而不是範圍的頂端。

I think, as Raghav mentioned, our pipeline is pretty diverse and pretty robust, so we feel good about the ability to deploy. We also -- just kind of given where we are in the quarter, we have some visibility into repayment activity for the September quarter. We also -- another lever is the JVs. The JVs now are really focused on broadly syndicated loans, so taking some leverage up slightly there. Our target there is 1.5 times. We're at like 1.3 right now. So that's another lever.

我認為，正如 Raghav 所提到的，我們的管道非常多樣化且非常強大，因此我們對部署能力感到滿意。我們也 - 考慮到我們在本季的位置，我們對 9 月季度的還款活動有一定的了解。我們還有另一個槓桿——合資企業。合資企業目前真正專注於廣泛的銀團貸款，因此在那裡略微提高了一些槓桿率。我們的目標是1.5倍。我們現在處於 1.3 左右。這是另一個槓桿。

And then it's to take cash from the equity and the non-accruals and put those into interest-earning assets. So we talked about the score about Alto and Mosaic, which are two examples. Another example, in July, we got the cash for EOS Fitness, and there was a nice gain there, so we can redeploy that. So that's kind of the strategy. We're comfortable with the rating agencies in executing that. It won't necessarily happen in one quarter, but that's the plan. And again, given the pipeline, visibility on repayments, some of the legacy non-earning assets, put that all together, that's kind of how we think about things.

然後從股權和非應計項目中提取現金並將其投入生息資產。因此，我們討論了有關 Alto 和 Mosaic 的樂譜，這是兩個例子。另一個例子是，7 月份，我們獲得了 EOS Fitness 的現金，並且獲得了不錯的收益，因此我們可以重新部署它。這就是一種策略。我們對評級機構的執行感到滿意。這不一定會在一季度內發生，但這就是計劃。再一次，考慮到通路、還款的可見性、一些遺留的非營利資產，把所有這些放在一起，這就是我們對事物的看法。

Thanks so much.

非常感謝。

(Operator Instructions) Melissa Wedel, JPMorgan.

（操作員指示）摩根大通的梅麗莎·韋德爾。

Good morning. Appreciate you taking my questions today. I wanted to start with some of the one-time items. You've touched on them both in the press release and also on this call. When we back those out from the quarter, it kind of gets to earnings power a bit above the base dividend, but not by a ton. I just wanted to revisit the level at which you reset the base dividend at $0.40 a share and just wanted to gauge your confidence in that level especially with the forward curve sort of implying 100 bps of rate cuts in the next year or so.

早安.感謝您今天回答我的問題。我想從一些一次性物品開始。您在新聞稿和這次電話會議中都提到了他們。當我們從本季中剔除這些因素時，它的獲利能力會略高於基本股息，但不會高出太多。我只是想重新審視您將基本股息重新設定為每股 0.40 美元的水平，並想衡量您對該水平的信心，尤其是考慮到遠期曲線暗示未來一年左右利率將下調 100 個基點。

Melissa, it's Matt. Thanks for the question. So I think -- I don't want to project out the dividend, the dividend subject to the Board. So I don't want to do that. I think, the color a little bit, kind of last question (technical difficulty) the one-time items that we outlined in terms of the (technical difficulty)

梅麗莎，我是馬特。謝謝你的提問。所以我認為——我不想預測股息，股息受董事會支配。所以我不想這麼做。我認為，顏色有點，最後一個問題（技術難度）我們概述的一次性項目（技術難度）

Matt, I'm sorry. You cut out a bit. It's hard to hear you.

馬特，對不起。你剪掉了一點。很難聽清楚你的聲音。

(technical difficulty) being more normalized. And then if you add on top of that (technical difficulty)

（技術難度）更加規範化。然後如果你再添加（技術難度）

Pardon me, ladies and gentlemen. It appears we have lost connection to our speaker line. Please stand by while we reconnect. Thank you for your patience.

女士們、先生們，請原諒我。看來我們與揚聲器線路的連接已經遺失。請稍候，我們將重新連線。感謝您的耐心。

Melissa, can you hear us?

梅麗莎，你聽得到我們說話嗎？

I can hear you.

我聽到你的聲音。

Okay, okay. Sorry, we had some technical difficulties, so I'm going to -- did I answer -- we're unclear when we cut out. Did I answer any part of your question?

好的，好的。抱歉，我們遇到了一些技術問題，所以我要——我回答了嗎——我們不清楚什麼時候該停止。我回答你的問題了嗎？

You cut out pretty early, actually. Sorry if you can recap it.

事實上，你退出得相當早。如果您能重述一下，我很抱歉。

Sure, sure. I don't want to get into the habit of projecting the dividend. The dividend is up to the Board, and they approve it every quarter. I want to just focus on where we work for this quarter and the $0.40, which is our base dividend. If you look at the add-backs that Chris covered earlier, so you kind of adjust for that. If you walk through kind of what I just did with Fin regarding deployments and our pipeline there, our visibility into the prepayment activity for the quarter, some of the progress we've made of turning non-interest-earning assets into interest-earning assets.

當然，當然。我不想養成預測股利的習慣。股息由董事會決定，他們每季都會批准。我只想關注我們本季的工作情況以及 0.40 美元，這是我們的基本股息。如果您看一下克里斯之前介紹的附加內容，那麼您就可以對此進行調整。如果您了解我剛才與 Fin 就部署和管道所做的工作，我們對本季預付款活動的了解，以及我們在將非生息資產轉變為生息資產方面取得的一些進展。

So you add all that together, that kind of got us comfortable with the base dividend of $0.40. As you look forward, and there's obviously things outside of our control, such as base rates and spreads, where obviously, we'll tackle those quarter by quarter as they present themselves. But that's a little bit how we were kind of thinking about the $0.40 for this quarter.

所以，把所有這些加在一起，我們對0.40美元的基本股息還是比較滿意的。展望未來，顯然有些因素是我們無法控制的，例如基準利率和利差，我們當然會根據具體情況逐季度調整。但這有點像我們對本季 0.40 美元的想法。

Okay, I appreciate that. You mentioned seeing some attractive opportunities, particularly in asset-backed and also maybe infrastructure and even outside the US. I was hoping you could give a little bit more color on what particular flavor of asset-backed opportunities you're looking at in infrastructure. Is there a certain kind of collateral that you're looking more carefully at, and then others that you wouldn't consider? Anything you can share would be helpful, thanks.

好的，我很感激。您提到看到了一些有吸引力的機會，特別是在資產支援領域，也許還有基礎設施領域，甚至在美國以外。我希望您能更詳細地介紹一下您在基礎設施領域所關注的資產支援機會的具體類型。是否存在某種類型的抵押品您會仔細考慮，而其他類型的抵押品您則不會考慮？您分享的任何內容都會很有幫助，謝謝。

Yes, so Melissa, it's Raghav. It's actually a very diversified pipeline of asset-backed deals we're looking at. It ranges really from everything, from the rental car leases to small loans that are used to -- by homeowners to finance HVAC systems. So there's really no one particular thread. The only kind of overarching thread here really is that the assets, unlike in the corporate loans that we make, the assets in these asset-backed deals are a pool of contractual assets, such as loans or leases.

是的，梅麗莎，我是拉加夫。事實上，我們正在考慮的是一個非常多樣化的資產支援交易管道。它的範圍實際上無所不包，從租車租賃到房主用來資助暖通空調系統的小額貸款。因此實際上沒有一個特定的線索。這裡唯一的總體想法是，與我們提供的公司貸款不同，這些資產支持交易中的資產是一組合約資產，例如貸款或租賃。

The other area that we have spent time on, but this is a market that has tightened, is the SRT market. That is an area we have been spending some time on. But most of the SRT trades are either at levels which are inside 350 spread, so not particularly interesting, or are higher up on the risk spectrum and not interesting from a risk perspective. But away from SRTs, we're still finding a pretty decent portfolio, a pipeline of assets in asset-backed deals.

我們花時間的另一個領域是 SRT 市場，但這個市場已經收緊。這是我們已花費一些時間研究的領域。但大多數 SRT 交易要么處於 350 價差以內的水平，因此不是特別有趣，要么處於風險範圍較高且從風險角度來看並不有趣。但除了 SRT 之外，我們仍然可以找到相當不錯的投資組合，即資產支持交易中的資產管道。

And Melissa, this is Armen. The only other thing I would add is what we're not doing much or any of in asset-backed is really consumer unsecured debt. That's not something that we feel like we have an edge on, but where there is a corporate underlying borrower, assets that are used in a corporate context, for example, equipment receivables or even in industries that we know very well, like telecom and fiber optics, there are asset-backed deals that we are seeing across Oaktree's platform and evaluating them for the BDC. Obviously, not all of them will fit. But generally, it's in categories and industries that we know well, and it's just asset-backed with a different wrapper, different structure for deployment into that same industry.

梅麗莎，這是阿曼。我唯一想補充的是，我們在資產支持方面做得併不多，實際上，它涉及的是消費者無擔保債務。我們覺得自己在這方面並不佔優勢，但如果有企業基礎借款人，有在企業背景下使用的資產，例如設備應收帳款，甚至在我們非常了解的行業，如電信和光纖，我們就會在 Oaktree 的平台上看到資產支持交易，並為 BDC 進行評估。顯然，並不是所有的情況都適合。但一般來說，它屬於我們熟悉的類別和行業，只是採用不同的包裝、不同的結構以資產支持，部署到同一行業。

Thank you.

謝謝。

To conclude our question-and-answer session, I would like to turn the conference back over to Clark Koury for any closing remarks.

為了結束我們的問答環節，我想將會議交還給克拉克·庫裡 (Clark Koury) 做結束語。

Thank you for everybody for joining the call today. Please feel free to reach out directly to us to the extent you have any questions. We appreciate all of your support. Have a great day.

感謝大家今天參加電話會議。如果您有任何疑問，請隨時直接與我們聯繫。我們感謝您的所有支持。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。