Oaktree Specialty Lending Corp (OCSL) 2021 Q1 法說會逐字稿

Good morning, and welcome. Thank you for joining the Oaktree Specialty Lending Corporation's First Fiscal Quarter 2021 Conference Call. Today's conference call is being recorded. (Operator Instructions)

早上好，歡迎光臨。感謝您參加橡樹專業貸款公司 2021 年第一個財季電話會議。今天的電話會議正在錄音。（操作員說明）

Now I would like to introduce Michael Mosticchio of Investor Relations, who will host today's conference. Mr. Mosticchio, you may begin.

現在我想介紹一下投資者關係部門的邁克爾·莫斯蒂奇奧（Michael Mosticchio），他將主持今天的會議。莫斯蒂奇奧先生，您可以開始了。

Thank you, operator, and welcome to Oaktree Specialty Lending Corporation's First Fiscal Quarter Conference Call. Our earnings release, which we issued this morning and the accompanying slide presentation can be accessed on the Investors section of our website at oaktreespecialtylending.com. Our speakers today are Armen Panossian, Chief Executive Officer and Chief Investment Officer; Matt Pendo, President and Chief Operating Officer; and Mel Carlisle, Chief Financial Officer and Treasurer. We will be happy to take your questions following their prepared remarks.

謝謝您，接線員，歡迎參加橡樹專業貸款公司的第一個財季電話會議。我們今天早上發布的收益報告以及隨附的幻燈片簡報可以在我們網站的投資者部分取得：oaktreespecialtylending.com。今天我們的演講者是執行長兼首席投資長 Armen Panossian； Matt Pendo，總裁兼營運長；財務長兼財務主管梅爾·卡萊爾。我們很樂意在他們準備好的發言後回答您的問題。

Before we begin, I want to remind you that comments on today's call include forward-looking statements reflecting our current views with respect to, among other things, the timing or likelihood of the merger closing, the expected synergies and savings associated with the merger, the ability to realize the anticipated benefits of the merger and our future operating results and financial performance. Our actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to our SEC filings for a discussion of these factors in further detail. We undertake no duty to update or revise any forward-looking statements.

在我們開始之前，我想提醒您，今天電話會議的評論包括前瞻性陳述，反映了我們目前對合併完成的時間或可能性、與合併相關的預期協同效應和節省等方面的看法，實現合併預期效益以及我們未來經營成果和財務表現的能力。我們的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。請參閱我們向 SEC 提交的文件，以了解對這些因素的更詳細討論。我們不承擔更新或修改任何前瞻性陳述的責任。

I'd also like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any Oaktree Fund. Investors and others should note that Oaktree Specialty Lending 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要約或徵求購買任何橡樹基金任何權益的要約。投資者和其他人應注意，橡樹專業貸款公司使用其公司網站的投資者部分來公佈重要資訊。該公司鼓勵投資者、媒體和其他人查看其在其網站上分享的資訊。

With that, I would now like to turn the call over to Matt.

有了這個，我現在想把電話轉給馬特。

Thank you, Mike, and welcome, everyone, to our first quarter earnings conference call. We appreciate your interest in and support of OCSL, and we hope everyone listening is well.

謝謝麥克，歡迎大家參加我們的第一季財報電話會議。我們感謝您對 OCSL 的興趣和支持，希望每一位聽眾都一切順利。

We are off to an excellent start to fiscal year 2021. OCSL delivered solid results for the quarter with earnings, origination activity and credit quality all strong.

我們為 2021 財政年度開了一個好的開始。OCSL 本季業績穩健，獲利、發起活動及信用品質均強勁。

We reported NAV per share of $6.85, up 5% from the prior quarter. This increase reflected both gains from the realization of a non-core investment that was previously on non-accrual as well as ongoing price recovery in our liquid debt investments, which has continued since the market sell-off in March. In fact, as a result of our portfolio's strong credit quality and performance since then, our NAV, as of December 31, is 3.6% higher than it was one year ago.

我們公佈的每股資產淨值為 6.85 美元，比上一季成長 5%。這一增長既反映了先前非應計非核心投資的實現收益，也反映了我們的流動性債務投資的價格持續回升，自 3 月市場拋售以來一直持續。事實上，由於我們的投資組合自那時起就具有強勁的信用品質和表現，截至 12 月 31 日，我們的資產淨值比一年前高出 3.6%。

Adjusted net investment income per share for the quarter was $0.14 as compared with $0.17 for the prior quarter. The decrease was primarily due to lower investment income compared to the previous quarter, where we generated exceptionally strong interest income in the form of make-whole interest and OID acceleration from the repayment of our investment in NuStar Logistics. Excluding this amount, which contributed approximately $0.04 to adjusted NII last quarter, earnings would have been up as a result of the portfolio's continued growth and increasing yield.

本季調整後每股淨投資收益為 0.14 美元，上一季為 0.17 美元。下降的主要原因是與上一季相比投資收入較低，我們透過償還對 NuStar Logistics 的投資而以全額利息和 OID 加速的形式產生了異常強勁的利息收入。如果不包括這筆金額（上季調整後的 NII 貢獻了約 0.04 美元），由於投資組合的持續成長和收益率的提高，收益將會增加。

Based on our consistent performance and our expectations for continued strong earnings, our Board increased our quarterly dividend by 9% to $0.12 per share, the third consecutive quarter with a dividend increase. This amount represents a 26% increase from the dividend level one year ago.

基於我們一貫的業績表現和對持續強勁盈利的預期，我們的董事會將季度股息提高了 9%，達到每股 0.12 美元，這是連續第三個季度提高股息。這筆金額比一年前的股息水準增加了 26%。

We had another strong quarter of originations where we originated $286 million of new investment commitments. Of these new commitments, nearly 70% were first lien loans and included $181 million in private transactions, $84 million in the new issue primary market and $22 million in secondary market purchases.

我們又迎來了一個強勁的季度，我們發起了 2.86 億美元的新投資承諾。在這些新承諾中，近 70% 是首次留置權貸款，包括 1.81 億美元的私人交易、8,400 萬美元的新發行一級市場和 2,200 萬美元的二級市場購買。

We received $161 million from paydowns and exits in the quarter, including $23 million from our exit of Edmentum, a non-core position that was previously a non-accrual.

本季度我們從支付和退出中獲得了 1.61 億美元，其中包括從 Edmentum 退出中獲得的 2300 萬美元，這是一個非核心職位，之前是非應計項目。

The weighted average yield on our new debt investments in the quarter was 8.7%, which compares favorably to the average yield of 7.8% on investments, which we fully exited.

本季我們新債投資的加權平均收益率為 8.7%，優於我們完全退出的投資的平均收益率 7.8%。

Leverage declined to 0.70x net of cash from 0.74x at September 30, driven primarily by the timing of new investment fundings. Approximately $100 million of first quarter originations did not settle in December. If they had settled by quarter-end, leverage would have been approximately 0.8x. Most of these investments have been funded in January.

槓桿率從 9 月 30 日的 0.74 倍下降至 0.70 倍（扣除現金），這主要是受新投資資金時機的推動。第一季約 1 億美元的資金在 12 月尚未結算。如果他們在季度末之前結算，槓桿率將約為 0.8 倍。這些投資大部分已在一月到位。

As we actively identify opportunities, we also remain focused on sourcing directly originated private credit opportunities. We have continued to augment our sourcing efforts by making several key hires, and our pipeline of private investments is robust. That noted, we are approaching these new investments cautiously, given the uncertain economic backdrop and recent exuberance from other market participants that has driven pricing and terms to pre-pandemic levels.

在我們積極尋找機會的同時，我們也仍然專注於尋找直接源自於私人信貸的機會。我們透過聘用幾位關鍵人員，繼續加大我們的採購力度，而且我們的私人投資管道也很強勁。值得注意的是，鑑於經濟背景的不確定性以及其他市場參與者最近的熱情推動定價和條款達到疫情前的水平，我們正在謹慎對待這些新投資。

With that in mind, credit quality remains a top priority and a key component of OCSL's foundation. We had no new non-accruals in the quarter, and we have only one portfolio company with a fair value of $500,000 on non-accrual status, which represents 3 basis points of the total portfolio at fair value.

考慮到這一點，信用品質仍然是首要任務，也是 OCSL 基礎的關鍵組成部分。本季我們沒有新的非應計項目，而且我們只有一家公允價值為 50 萬美元的非應計項目投資組合公司，相當於以公允價值計算的總投資組合的 3 個基點。

We continued to make good progress in monetizing non-core holdings during the quarter, exiting two positions. Non-core investments now represent $125 million or only about 8% of the portfolio at fair value.

本季我們在非核心持股貨幣化方面持續取得良好進展，退出了兩個部位。非核心投資目前佔 1.25 億美元，以公允價值計算僅佔投資組合的 8% 左右。

Before I turn it over to Armen, I wanted to update you on the planned merger of OCSL and Oaktree Strategic Income Corporation. As we discussed on our last call, we expect this will create a larger, more scaled BDC with increased trading liquidity, potentially broadening our institutional shareholder base and may improve access to lower cost sources of debt. We also anticipate that it will drive NII accretion over both the near- and long-term.

在將其交給 Armen 之前，我想向您通報 OCSL 和橡樹戰略收益公司計劃合併的最新情況。正如我們在上次電話會議中討論的那樣，我們預計這將創建一個規模更大、規模更大的BDC，增加交易流動性，從而有可能擴大我們的機構股東基礎，並可能改善獲得低成本債務來源的機會。我們也預計，這將在短期和長期內推動國家資訊基礎設施的增加。

We are confident that now is the right time to move forward with this merger. Both portfolios have strong credit quality and our transition out of non-core assets that we've been working on since 2017 is nearly complete.

我們相信，現在是推動此次合併的最佳時機。這兩個投資組合都具有良好的信用質量，我們自 2017 年以來一直致力於非核心資產的轉型已接近完成。

The registration statement has been declared effective. The proxy solicitation process has begun, and the merger is on track to close by the end of the current quarter. With our shareholders and OCSI shareholders scheduled to vote on the transaction on March 15. We encourage all shareholders to review the proxy materials and vote your shares accordingly.

該登記聲明已宣告生效。代理徵集流程已經開始，合併預計在本季末完成。我們的股東和 OCSI 股東定於 3 月 15 日對該交易進行投票。我們鼓勵所有股東查看代理資料並相應地投票您的股份。

Overall, we are very pleased with our quarterly results, and we are confident the scale that OCSL will have post-merger will help drive further benefits for our shareholders.

總的來說，我們對季度業績非常滿意，我們相信 OCSL 合併後的規模將有助於為我們的股東帶來更多利益。

With that, I will now turn the call over to Armen.

現在，我將把電話轉給阿曼。

Thanks, Matt, and good morning, everyone. The rebound in credit and equity markets that we saw in 2020 has continued into 2021, supported by still vulnerable, but improving economic conditions and consumer sentiment, as well as exceptional fiscal and monetary stimulus.

謝謝馬特，大家早安。我們在 2020 年看到的信貸和股票市場的反彈一直持續到 2021 年，這得益於仍然脆弱但正在改善的經濟狀況和消費者信心，以及特殊的財政和貨幣刺激措施。

The rollout of COVID-19 vaccines and commitments by the new administration to accelerate that process provide reasons to believe we are nearing the final stages of this public health crisis, adding to investor confidence.

COVID-19 疫苗的推出以及新政府加速這一進程的承諾讓我們有理由相信我們已接近這場公共衛生危機的最後階段，從而增強了投資者的信心。

All of that noted, valuations feel elevated and might not necessarily reflect current macro conditions or the prevailing outlook for gradual economic growth this year. The ultimate pace of inoculations remains an uncertainty, and projections for GDP growth assume an end to the pandemic in the second half of calendar 2021. While hopeful, we are also cautious about assuming too much about the final outcome at this stage.

綜上所述，估值感覺較高，可能不一定反映當前的宏觀狀況或今年經濟逐步成長的普遍前景。最終的接種速度仍存在不確定性，對 GDP 成長的預測假設疫情將在 2021 年下半年結束。儘管充滿希望，但我們也對現階段的最終結果做出太多假設持謹慎態度。

With that sense of caution in mind, we continue to approach new investments defensively. We think it is important to view market exuberance with a critical eye and to avoid perilous investment opportunities. We remain focused on protecting the downside in our investments and seeking appropriate compensation for risks taken.

帶著這種謹慎的態度，我們繼續以防禦性方式進行新投資。我們認為，以批判的眼光看待市場繁榮並避免危險的投資機會非常重要。我們仍專注於保護投資的下行空間，並為所承擔的風險尋求適當的補償。

Given Oaktree's scale and resources, we are able to invest across multiple markets with diversified businesses. This enables us to focus our portfolio on stable and lower-risk sectors, notably, including those largely unaffected or even positively impacted by COVID. We continue to identify compelling opportunities among life sciences and technology companies that are delivering health care solutions or capitalizing on the increased level of digital commerce.

鑑於橡樹資本的規模和資源，我們能夠在多個市場進行多元化業務的投資。這使我們能夠將投資組合重點放在穩定且風險較低的行業，特別是那些基本上未受新冠疫情影響甚至受到正面影響的行業。我們繼續在生命科學和技術公司中尋找令人信服的機會，這些公司正在提供醫療保健解決方案或利用不斷提高的數位商務水平。

We're also seeing more direct lending opportunities in support of leveraged buyouts of businesses that are proving resilient in the face of the pandemic and ones that are not easily underwritten via traditional cash flow-based methodologies.

我們也看到了更多的直接貸款機會，以支持槓桿收購那些在疫情面前表現出彈性的企業，以及那些不易透過傳統的基於現金流的方法進行承銷的企業。

Finally, as we did last year, we continue to carefully study the rescue lending landscape, an area in which we have found appealing opportunities, including two investments that we made in the first quarter that I will discuss in more detail shortly.

最後，正如我們去年所做的那樣，我們繼續仔細研究救援貸款形勢，在這個領域我們發現了有吸引力的機會，包括我們在第一季進行的兩項投資，我將很快更詳細地討論。

As Matt noted, we are also exiting positions in which we believe there is limited further upside, including some of our lower yielding broadly syndicated loan positions.

正如馬特指出的那樣，我們還退出了我們認為進一步上漲空間有限的頭寸，包括一些收益率較低的銀團貸款頭寸。

Now turning to the overall portfolio performance. At the end of the first quarter, the portfolio was well diversified with $1.7 billion at fair value across 115 companies. 86% of the portfolio was invested in senior secured loans. Our median portfolio company EBITDA at December 31 was approximately $123 million, larger than the typical middle market company, as we continue to favor larger, more diversified businesses.

現在轉向整體投資組合表現。截至第一季末，投資組合十分多元化，115 家公司的公允價值為 17 億美元。86%的投資組合投資於優先擔保貸款。截至 12 月 31 日，我們投資組合公司的 EBITDA 中位數約為 1.23 億美元，高於典型的中型市場公司，因為我們繼續青睞規模更大、更多元化的業務。

As always, we remain in close contact with management teams and private equity sponsors, and generally, our portfolio companies have the necessary liquidity to manage through the current environment. Our strong credit quality reflects this. We have only one investment on non-accrual, as Matt noted, and amendments and interest modifications continue to be very low.

一如既往，我們與管理團隊和私募股權發起人保持密切聯繫，一般來說，我們的投資組合公司擁有必要的流動性來應對當前的環境。我們強大的信用品質反映了這一點。正如馬特指出的那樣，我們只有一項非應計投資，而且修正和利息調整仍然非常低。

Turning now to investment activities. During the quarter, we saw numerous opportunities in companies with attractive risk-reward profiles in defensive sectors, as well as unique opportunities requiring specially structured terms. I'd like to take a moment to discuss in more detail a few compelling investments we made in the quarter.

現在轉向投資活動。在本季度，我們在防禦性產業中看到了具有有吸引力的風險回報特徵的公司的大量機會，以及需要特殊結構條款的獨特機會。我想花點時間更詳細地討論我們在本季進行的一些引人注目的投資。

Navisite is a provider of IT application and cloud services to middle market companies in the U.S., with recurring revenue accounting for 3/4 of its income. The company sought financing in connection with a planned acquisition, and Oaktree was the sole provider of a $75 million second lien term loan, with pricing at LIBOR plus 8.5%. OCSL was allocated $23 million of the loan total.

Navisite 是一家為美國中型市場公司提供 IT 應用程式和雲端服務的供應商，經常性收入佔其收入的 3/4。該公司尋求與計劃中的收購相關的融資，橡樹資本是 7,500 萬美元第二留置權定期貸款的唯一提供者，定價為 LIBOR 加 8.5%。OCSL 獲得了貸款總額中的 2300 萬美元。

Wencor is an independent low-cost aftermarket services and parts provider for the commercial aerospace sector, working with a diverse base of several hundred airline customers. Due to the pandemic and the grounding of over 50% of the global fleet, airline have deferred maintenance to preserve liquidity. Wencor sought a loan to bridge from the current challenging environment to what it expects will be a resurgence in needed repairs as airline travel rebounds post pandemic amid pent-up demand.

Wencor 是一家面向商業航空航太領域的獨立低成本售後服務和零件供應商，與數百家航空公司客戶組成的多元化群體合作。由於疫情大流行以及全球超過 50% 的機隊停飛，航空公司推遲了維護以保持流動性。Wencor 尋求一筆貸款，以緩解當前充滿挑戰的環境，並預計隨著航空旅行在疫情後因被壓抑的需求而反彈，所需的維修將會復甦。

Oaktree was the sole provider of a $50 million first lien incremental term loan with a $30 million first lien delayed draw term loan able to be drawn by the company through September of this year. The term loan was priced at LIBOR plus 7.5%. OCSL was allocated $27 million of the loan.

橡樹資本是唯一提供 5,000 萬美元第一留置權增量定期貸款的提供商，該公司可在今年 9 月之前提取 3,000 萬美元第一留置權延遲提取定期貸款。定期貸款定價為 LIBOR 加 7.5%。OCSL 獲得了 2700 萬美元的貸款。

LATAM Airlines is one of the world's largest airlines, and it is the largest airline in Latin America. The company filed for Chapter 11 bankruptcy protection to restructure its debt and ensure operational continuity as the business adapted to the pandemic. LATAM sought to raise a significant amount of capital as part of its restructuring, and this led to an over $800 million total commitment from Oaktree. OCSL participated alongside our flagship Opportunities funds in this deal, which is attractively structured and priced at LIBOR plus 9.75% on a cash basis, or 11% PIK. OCSL was allocated $16 million of this loan.

拉丁美洲航空是世界上最大的航空公司之一，也是拉丁美洲最大的航空公司。該公司根據《破產法》第 11 章申請破產保護，以重組債務並確保業務連續性，以適應新冠疫情。作為重組的一部分，LATAM 尋求籌集大量資金，橡樹資本承諾總額超過 8 億美元。OCSL 與我們的旗艦機會基金一起參與了本次交易，該交易的結構極具吸引力，定價為倫敦銀行同業拆借利率 (LIBOR) 加 9.75% 的現金利率，或 11% 的 PIK。OCSL 獲得了這筆貸款中的 1600 萬美元。

As Matt noted, our pipeline continues to be robust as we are currently evaluating unique and attractive private investment opportunities across a broad set of industries. Our strong liquidity, along with the resources of Oaktree, put us in an excellent position to pursue these opportunities now and in what we hope is a stable, growth environment as the pandemic subsides.

正如馬特所指出的那樣，我們的管道仍然強勁，因為我們目前正在評估廣泛行業中獨特且有吸引力的私人投資機會。我們強大的流動性以及橡樹資本的資源，使我們處於有利的地位，可以在現在以及我們希望隨著疫情消退而實現穩定增長的環境中抓住這些機會。

Now I will turn the call over to Mel to discuss our financial results in more detail.

現在我將把電話轉給梅爾，更詳細地討論我們的財務表現。

Thank you, Armen. Good morning, everyone. OCSL generated strong financial results in the first quarter. Total investment income was $38.2 million, down from $43.6 million in the previous quarter. The $5.4 million decline was due to lower interest income based on lower make-whole interest and OID acceleration from loan payoffs, as Matt noted earlier.

謝謝你，阿門。大家，早安。OCSL 第一季取得了強勁的財務業績。總投資收入為 3,820 萬美元，低於上一季的 4,360 萬美元。正如 Matt 早些時候指出的，540 萬美元的下降是由於整體利息下降和貸款還款帶來的 OID 加速導致利息收入下降。

Net expenses for the first quarter totaled $28.2 million, up $9.1 million sequentially. The increase was driven by higher accrued Part II incentive fees. This was partially offset by lower Part I incentive fees, mainly due to the decrease in investment income.

第一季淨支出總計 2,820 萬美元，比上一季增加 910 萬美元。這一增長是由於應計第二部分激勵費用增加所致。這被第一部分激勵費用的降低部分抵消，這主要是由於投資收入的減少。

For the quarter, OCSL reported net investment income $10 million and adjusted net investment income of $19.6 million or $0.07 and $0.14 per share, respectively.

本季度，OCSL 報告淨投資收益為 1,000 萬美元，調整後淨投資收益為 1,960 萬美元，即每股收益分別為 0.07 美元和 0.14 美元。

As a reminder, we define adjusted NII as NII excluding capital gains, incentive fees or Part II incentive fees. During the first quarter, OCSL accrued a total of $9.5 million in Part II incentive fees. This amount was mostly due to $48 million in net unrealized gains in the portfolio during the first quarter. It is important to note that while GAAP requires us to take unrealized gains into account when accruing Part II incentive fee expense each quarter, OCSL will only pay Part II incentive fees annually, and to the extent that it has realized gains that exceed realized and unrealized losses at year-end.

提醒一下，我們將調整後的NII定義為不包括資本利得、激勵費或第二部分激勵費的NII。第一季度，OCSL 第 II 部分獎勵費用總計 950 萬美元。這筆金額主要是由於第一季投資組合中 4,800 萬美元的未實現淨收益。值得注意的是，雖然GAAP 要求我們在每季提列第II 部分激勵費用支出時考慮未實現收益，但OCSL 只會每年支付第II 部分激勵費用，並且其已實現收益超過已實現和未實現的收益。年末虧損。

Turning to credit quality, which continues to be very strong. As Matt noted, at quarter-end, we had one investment on non-accrual, representing 3 basis points of the total portfolio at fair value, down from 10 basis points in the prior quarter. The decrease was primarily due to the successful exit of Edmentum, where we realized a full par recovery on our debt investment and recorded a total gain of $23 million. During the quarter, all of our portfolio companies made their scheduled interest payments, and since March, only one company has converted its cash interest payments to PIK.

談到信用質量，信用品質仍然非常強勁。正如馬特指出的那樣，在季度末，我們有一項非應計投資，佔公允價值總投資組合的 3 個基點，低於上一季的 10 個基點。這一下降主要是由於 Edmentum 的成功退出，我們的債務投資實現了全額面值回收，並記錄了 2,300 萬美元的總收益。本季度，我們所有的投資組合公司都按計劃支付了利息，自 3 月以來，只有一家公司將現金利息支付轉換為 PIK。

Moving to the balance sheet. During the quarter, we funded $242 million of investments and received $161 million in payoffs and exits. Our net leverage ratio decreased to 0.70x from 0.74x at September 30, reflecting the increase in NAV. We also had $103 million of unsettled purchases at December 31, most of which have funded in January.

轉向資產負債表。本季度，我們資助了 2.42 億美元的投資，並獲得了 1.61 億美元的回報和退出。我們的淨槓桿率從 9 月 30 日的 0.74 倍降至 0.70 倍，反映了資產淨值的增加。截至 12 月 31 日，我們還有 1.03 億美元的未結算採購，其中大部分已於 1 月融資。

Adjusting for this timing difference, net leverage would have been approximately 0.80x at quarter-end, however, still just below the low end of our leverage target range of 0.85 to 1.0x.

調整此時間差異後，季末的淨槓桿比率約為 0.80 倍，但仍略低於我們槓桿目標範圍 0.85 至 1.0 倍的下限。

As of December 31, total debt outstanding was $700 million and had a weighted average interest rate of 2.7%. Unsecured debt represented 43% of our total debt at quarter-end, and our next scheduled maturity is in 2024 when our credit facility comes up for renewal. At quarter-end, we had total liquidity of approximately $424 million, including $24 million of cash and $400 million of undrawn capacity in our revolving credit facility. Unfunded commitments were $198 million with approximately $150 million of this amount eligible to be drawn immediately, as the remaining amount is subject to certain milestones that must be met by portfolio companies.

截至12月31日，未償債務總額為7億美元，加權平均利率為2.7%。截至季末，無擔保債務占我們總債務的 43%，我們的下一個預定到期日是 2024 年，屆時我們的信貸安排將進行更新。截至季末，我們的流動資金總額約為 4.24 億美元，其中包括 2,400 萬美元的現金和循環信貸額度中 4 億美元的未提取能力。無資金承諾額為 1.98 億美元，其中約 1.5 億美元有資格立即提取，因為剩餘金額取決於投資組合公司必須達到的某些里程碑。

In the first quarter, we expanded the capacity of our revolving credit facility by $100 million, adding a new lender for $75 million and having an existing lender increase its commitment by $25 million. Our total revolver commitment is currently $800 million.

第一季度，我們將循環信貸額度擴大了 1 億美元，增加了 7,500 萬美元的新貸款人，並將現有貸款人的承諾增加了 2,500 萬美元。目前我們的左輪手槍承諾總額為 8 億美元。

Importantly, both Moody's and Fitch maintained investment-grade ratings on OCSL, with both citing our successful progress to date in exiting non-core investments, the strength and quality of Oaktree and our lower leverage relative to peers.

重要的是，穆迪和惠譽均維持了OCSL 的投資級評級，理由是我們迄今為止在退出非核心投資方面取得的成功進展、橡樹資本的實力和質量以及我們相對於同行較低的槓桿率。

Shifting now to the Kemper joint venture. As of December 31, the JV had $341 million of assets invested in senior secured loans to 56 companies. This compared to $313 million of total assets invested in the same number of companies last quarter. Assets increased quarter-over-quarter, mainly due to the increase in the market value of its investments and net portfolio growth as purchases exceeded sales and repayments. As a result of the underlying portfolio appreciation, OCSL's investments in the JV were written up by $8 million or 7% from the prior quarter. Leverage at the JV was 1.2x at quarter end, down slightly from the September quarter.

現在轉向 Kemper 合資企業。截至 12 月 31 日，該合資公司已將 3.41 億美元的資產投資於向 56 家公司提供的優先擔保貸款。相比之下，上季投資相同數量公司的總資產為 3.13 億美元。資產環比成長，主要是由於投資市值增加以及購買超過銷售和還款導致投資組合淨增長。由於基礎投資組合升值，OCSL 在合資企業的投資比上一季增加了 800 萬美元，即 7%。截至季末，合資公司的槓桿率為 1.2 倍，較 9 月季度略有下降。

Now I will turn the call back to Matt.

現在我將把電話轉回給馬特。

Thank you, Mel. While the environment continues to be uncertain, we nonetheless generated strong operating results for the first quarter. The defensive repositioning that we've carried out since 2017 has largely been completed, and we had a strong quarter of originations. We continue to feel very good about our current holdings. Our overall pipeline of potential transactions remains robust, and we expect to continue to identify compelling investment opportunities throughout fiscal 2021.

謝謝你，梅爾。儘管環境仍然不確定，但我們第一季的經營業績仍然強勁。我們自 2017 年以來進行的防守重新定位已基本完成，並且我們的季度表現強勁。我們對目前持有的股票仍然感覺非常好。我們的整體潛在交易管道仍然強勁，我們預計在 2021 財年繼續尋找引人注目的投資機會。

For the last two quarters, we have generated an improved return on equity compared to prior quarters, which is evidence that our efforts in this area are paying off, and we continue to believe that OCSL is well positioned to deliver a higher return on equity.

在過去的兩個季度中，與前幾季相比，我們的股本回報率有所提高，這證明我們在這一領域的努力正在取得回報，並且我們仍然相信OCSL 處於有利地位，可以實現更高的股本報酬率。

We remain focused on positioning the portfolio for an improved yield by rotating out of lower-yielding investments and into higher-yielding proprietary loans. During the quarter, we exited $35 million of these types of investments, and as of quarter-end, $113 million of senior secured loans priced at or below LIBOR plus 4.5% remained in the portfolio. Our new investments during the quarter came in at an average yield of 8.7%, so there is continued upside to be realized over time.

我們仍然專注於透過從低收益投資轉向高收益自營貸款來調整投資組合以提高收益。本季度，我們退出了 3,500 萬美元的此類投資，截至季度末，投資組合中仍保留著 1.13 億美元的優先擔保貸款，其定價等於或低於 LIBOR 加 4.5%。我們本季的新投資平均收益率為 8.7%，因此隨著時間的推移，還有持續的上升空間。

Another opportunity for us to increase ROE is deploying more leverage at the portfolio level. As Mel mentioned, we are operating below the low end of our long-term target of 0.85 to 1x. So we would expect to continue to enhance returns as we make incremental investments and deploy higher leverage. However, we will only grow the portfolio as we find opportunities that are consistent with our investment approach that we believe offer an attractive risk-reward.

我們提高股本回報率的另一個機會是在投資組合層面部署更多槓桿。正如梅爾所提到的，我們的營運價格低於長期目標 0.85 至 1 倍的下限。因此，隨著我們進行增量投資並部署更高的槓桿率，我們預計將繼續提高回報。然而，只有當我們發現與我們的投資方法一致的機會並相信能提供有吸引力的風險回報時，我們才會擴大投資組合。

Finally, the Kemper JV continues to present an opportunity for us to improve returns. As of year-end, the JV was levered 1.2x and had $50 million of investment capacity. We believe that disciplined growth of the JV will also be accretive to ROE over time.

最後，Kemper 合資企業持續為我們提供提高回報的機會。截至年底，該合資公司的槓桿率為 1.2 倍，投資能力達 5,000 萬美元。我們相信，隨著時間的推移，合資企業的有序發展也將提高股本回報率。

In conclusion, we are very pleased with our strong first quarter results. We're also looking forward to the pending merger with OCSI, as we believe that this combination benefits shareholders of both OCSL and OCSI through scale, portfolio diversity and expected earnings accretion. We are excited about the future for the combined company and remain optimistic that we will continue to identify new attractive risk-adjusted investment opportunities, enabling us to deliver improved returns to our shareholders.

總之，我們對第一季的強勁業績感到非常滿意。我們也期待與 OCSI 即將進行的合併，因為我們相信，這種合併透過規模、投資組合多樣性和預期收益成長使 OCSL 和 OCSI 的股東受益。我們對合併後公司的未來感到興奮，並保持樂觀態度，我們將繼續尋找新的有吸引力的風險調整投資機會，使我們能夠為股東帶來更高的回報。

Thank you for joining us on today's call and for your continued interest in OCSL. With that, we are happy to take your questions. Operator, please open the lines.

感謝您參加今天的電話會議並感謝您對 OCSL 的持續關注。因此，我們很樂意回答您的問題。接線員，請開通線路。

(Operator Instructions) The first question will come from Devin Ryan of JMP Securities.

（操作員說明）第一個問題將由 JMP 證券的 Devin Ryan 提出。

First question here, just given the overlap between OCSL and the OCSI on the investment side and expectations that the merger will be relatively seamless. It would be great if you could give some additional granularity on expectations for the cadence of investment activity in the coming quarters as you repositioned the 2 portfolios? And what I'm trying to get at here is you hear the comments about very strong pipeline and obviously, expectations for investment versus some of the comments around valuation and market exuberance, and just trying to think about kind of the push-pull in all of that?

第一個問題，考慮到 OCSL 和 OCSI 在投資方面的重疊以及對合併相對無縫的預期。如果您在重新定位這兩個投資組合時能夠對未來幾季的投資活動節奏的預期提供一些額外的粒度，那就太好了？我在這裡想要表達的是，你聽到了關於非常強大的管道的評論，顯然，對投資的預期與圍繞估值和市場繁榮的一些評論相比，並且只是試圖思考所有的推拉那個？

Sure. Devin, this is Armen. So in terms of overlap with OCSI and then the cadence of investing after the merger is closed. So in terms of non-overlapping investments that are in OCSI, but not in OCSL, it's about 33% of the OCSI portfolio at this point, of which 25 percentage points are actually public securities that can be traded and about $47-or-so million of par value of private positions that will take a little bit of a longer time to rotate. So it's a pretty manageable rotation after the close of the merger that we can effectuate -- we think that we can effectuate a rotation, but that will, obviously, as you alluded to, will be predicated on our ability to continue to originate attractive loans.

當然。德文，這是阿們。因此，就與 OCSI 的重疊以及合併結束後的投資節奏而言。因此，就 OCSI 而非 OCSL 的非重疊投資而言，目前 OCSI 投資組合的比例約為 33%，其中 25 個百分點實際上是可交易的公共證券，價值約為 47 美元左右百萬面值的私人頭寸，需要更長的時間才能輪換。因此，在合併結束後，我們可以實現相當易於管理的輪換——我們認為我們可以實現輪換，但顯然，正如您所提到的，這將取決於我們繼續發放有吸引力的貸款的能力。

Maybe we could talk a little bit about the markets. I'm sure others will be asking about what we're seeing in the market these days. And I would say, as you know, in private credit, it's not like you could take all of private credit with the same paint brush. There is middle market sponsor finance in support of LBOs. There is some mezzanine within that. There is second lien. And then more typically of what we like doing are the non-sponsored loans. They are harder to predict the timing of. They're more structured. They're harder to find. They take longer to execute. And so that's kind of the other side of what we do here.

也許我們可以談談市場。我相信其他人會問我們這些天在市場上看到了什麼。我想說，正如你所知，在私人信貸中，你不可能用同一把畫筆獲得所有私人信貸。有中間市場贊助商融資支持槓桿收購。其中有一些夾層。還有第二留置權。我們更喜歡做的事情是非贊助貸款。它們的時間更難預測。它們更加結構化。他們更難找到。他們需要更長的時間來執行。這就是我們在這裡所做的事情的另一面。

What I would say is that on the sponsor side, especially the more typical first lien or unitranche loans, that market is back to pre-COVID competitive levels. Whereby, private equity sponsors are coming to market. They're blasting out pitch decks to a variety of middle-market direct lenders. Pricing has taken a little bit of a hit, not as much as one would think, but legal terms are taking a hit in terms of covenant light and other flexibility around covenants and other terms in these credit agreements. So for us, we're finding yet again that we are rejecting a whole lot more of that deal flow, just finding it less interesting than we are committing to it. And so we're turning over a lot of stones with very few investments.

我想說的是，在贊助商方面，尤其是更典型的第一留置權或統一貸款，市場已回到新冠疫情前的競爭水平。由此，私募股權贊助商紛紛湧入市場。他們正在向各種中間市場直接貸款人提供融資方案。定價受到了一點影響，但沒有人們想像的那麼嚴重，但法律條款在契約條款和這些信貸協議中的契約和其他條款的其他靈活性方面受到了衝擊。因此，對我們來說，我們再次發現我們拒絕了更多的交易流程，只是發現它沒有我們承諾的那麼有趣。因此，我們用很少的投資就交出了許多寶石。

With that said, we will continue to do some middle market sponsor finance, especially with those sponsors that have very close relationships of Oaktree that we think have an operational advantage in particular sectors. We have a few things in the pipeline now already with sponsors that meet that description. And so we expect that we will still originate some deals there, but we are not going to be the typical flow first lien or unitranche lender out there, BDC or otherwise, that is willing to kind of cave on legal terms. In fact, we would be more willing to cave on financial terms than on legal terms, just given the background of Oaktree as a downside-focused lender.

話雖如此，我們將繼續為一些中間市場贊助商提供融資，特別是與那些與橡樹資本關係密切的贊助商，我們認為這些贊助商在特定領域具有營運優勢。我們現在已經與符合該描述的贊助商進行了一些合作。因此，我們預計我們仍會在那裡發起一些交易，但我們不會成為典型的流量優先留置權或統一貸款機構，BDC 或其他願意在法律條款上讓步的機構。事實上，考慮到橡樹資本作為一家關注下行風險的貸款機構的背景，我們更願意在財務條款上做出讓步，而不是在法律條款上做出讓步。

On the other side of the house, the more sort of opportunistic non-sponsor side. As Matt and I mentioned, we've been active over the last several quarters in rescue lending or providing liquidity to sectors and companies that are experiencing some level of dislocation due to COVID. We don't expect for that opportunity to fully go away even with the positive reaction that the market has shown over the last several quarters, but it certainly has declined. The pace of our deal flow has declined. We were engaged with a very large issuer over the last couple of quarters on a rescue loan in partnership with our Opportunities funds. And with the exuberance in the markets, they essentially were able to place a bond, several hundred basis points tighter than what we were willing to provide them in the public market. So we recognize that the public markets are taking opportunities from us. But with that said, many industries, many businesses are going to continue to need capital over the next several quarters, and we will engage in highly structured solutions for those companies.

在房子的另一邊，更多的是機會主義的非贊助者。正如馬特和我所提到的，過去幾季我們一直在積極向因新冠疫情而遭受一定程度混亂的行業和公司提供救援貸款或提供流動性。即使市場在過去幾季表現出積極反應，我們也不認為這個機會會完全消失，但它肯定已經下降了。我們的交易流程速度有所下降。在過去的幾個季度中，我們與一家非常大的發行人合作，與我們的機會基金合作提供救援貸款。隨著市場的繁榮，他們基本上能夠發行債券，比我們願意在公開市場上提供的債券緊縮數百個基點。因此，我們認識到公開市場正在從我們這裡奪取機會。但話雖如此，許多行業、許多企業在未來幾季將繼續需要資金，我們將為這些公司提供高度結構化的解決方案。

In that same theme of non-sponsor lending, our activity in the life sciences area continues to be robust. We were very active last year in life sciences. We have a few deals that we're considering right now in the pipeline that are very attractive, consistent with our prior structures and return expectations, and we expect we'll continue to do that.

在非贊助貸款的同一主題下，我們在生命科學領域的活動繼續強勁。去年我們在生命科學領域非常活躍。我們現在正在考慮一些非常有吸引力的交易，這些交易與我們先前的結構和回報預期一致，我們希望我們將繼續這樣做。

So I know that I kind of went around the world a little bit there on the market color, but we feel pretty good that we will be able to transition the OCSI portfolio over a few quarters. It's not going to be over one quarter to an OCSL-type portfolio. Well, within the one or two years that we've contemplated, it will take, just given the strength of our pipeline, especially in the non-sponsor area. And it helps that so much of the non-overlapping positions are publicly traded securities that, frankly, are trading quite well under the current market circumstances.

所以我知道我在市場顏色方面走遍了世界各地，但我們感覺很好，我們將能夠在幾個季度內轉變 OCSI 投資組合。OCSL 類型的投資組合不會超過四分之一。嗯，在我們考慮的一兩年內，考慮到我們管道的實力，特別是在非贊助商領域，這將需要時間。而且，如此多的非重疊頭寸都是公開交易的證券，坦白說，這些證券在當前的市場環境下交易得相當好，這也是有幫助的。

Okay. That's terrific color. And then maybe just a follow-up here. This one might be difficult, but you've had 3 consecutive quarters of increasing the dividend, which is great. I'm not sure if you can maybe just help us think about the outlook for the rest of 2021 and the trajectory. And if you can't give kind of specifics, what should investors be looking for in order to think about kind of the dividend continuing to trend higher from here?

好的。那是很棒的顏色。然後也許只是這裡的後續行動。這可能很困難，但你已經連續三個季度增加股息，這很棒。我不確定您是否可以幫助我們思考 2021 年剩餘時間的前景和發展軌跡。如果您無法提供具體細節，那麼投資者應該尋找什麼才能考慮股息從現在開始繼續走高的趨勢？

Yes. So thanks for raising the question. We really want to not provide forward-looking guidance on things like dividends or earnings. We feel really good about the portfolio, the income it's generating and our pipeline, but to make predictions, anything forward-looking is something that we're just not comfortable doing right now, unfortunately.

是的。感謝您提出問題。我們真的不想提供有關股息或收益等前瞻性指引。我們對投資組合、它產生的收入和我們的管道感到非常滿意，但不幸的是，為了做出預測，任何前瞻性的事情我們現在都不願意做。

Yes, I think -- it's Matt. The other thing, Devin, just that we're thoughtful, and we have -- as you pointed out, we raised the dividend in the last three quarters. We've also had -- in the September quarter, we had a large kind of one time item through the NuStar payment, which flowed through investment income. This past quarter, we had [Edmentum] (corrected by company after the call) that, again, also flowed through investment income. So we want to be mindful of those one time items. If you take those out and just look at our investment performance going back to a year ago, $0.10 a year ago was $0.122 in the September quarter and $0.124 in this quarter. So looking at that underlying quarter end kind of recurring portfolio and income -- if you were to look at one thing, that's kind of what we're very focused on as the Board thinks about the dividend.

是的，我想──是馬特。另一件事，德文，我們考慮得很周到，正如您所指出的，我們在過去三個季度提高了股息。在九月季度，我們還透過 NuStar 付款獲得了大量一次性項目，該項目透過投資收入流動。上個季度，我們的[Edmentum]（電話會議後由公司更正）也同樣透過投資收入流動。所以我們要留意那些一次性的項目。如果你把這些拿出來，看看我們一年前的投資業績，一年前的 0.10 美元在 9 月份季度是 0.122 美元，在本季度是 0.124 美元。因此，看看季度末的基本經常性投資組合和收入——如果你要看一件事，那就是我們在董事會考慮股息時非常關注的事情。

The next question comes from Kyle Joseph of Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的凱爾約瑟夫 (Kyle Joseph)。

Congratulations on another strong quarter. I'll start on your net interest margin, if you don't mind, just give us a sense for -- on the yield side of things, obviously, it sounds like spreads have tightened, but there is still some ongoing portfolio rotation opportunities. So give us a sense for how you're seeing the portfolio yield trending? Obviously, it's been trending in the right direction. And then on the cost of fund side, are we kind of at the bottom here? Are there any opportunities to reduce that? And give us a sense for both of those, and we can figure out the margins.

祝賀又一個強勁的季度。我將從你的淨利差開始，如果你不介意的話，請讓我們了解一下——在收益率方面，顯然，聽起來利差已經收緊，但仍然存在一些持續的投資組合輪換機會。那麼請告訴我們您如何看待投資組合報酬率趨勢？顯然，它一直在朝著正確的方向發展。那麼在基金成本方面，我們是否處於底層？有機會減少這種情況嗎？讓我們對這兩者有個了解，我們就可以計算出利潤。

Matt, go ahead.

馬特，繼續吧。

I'll go first. I think on the liability side, we've got, obviously, the unsecured notes, you know the cost on that, and then we have the revolver. We've increased -- we've got some really strong support from our banking group and decreased the size of that over the last two quarters, and obviously have a lot of capacity there. So kind of the next dollar that we need to borrow, we would borrow from the revolver, which is LIBOR plus 200. So I think that's pretty solid.

我先走了。我認為在責任方面，我們顯然有無擔保票據，你知道其成本，然後我們有左輪手槍。我們已經增加了——我們得到了銀行集團的一些非常強大的支持，並在過去兩個季度縮小了規模，顯然那裡有很多容量。因此，我們需要藉的下一美元，我們將從左輪手槍借，即 LIBOR 加 200。所以我認為這是相當可靠的。

On the asset side, last quarter, the yield was 8.7%. You saw the yield on the assets rolled out was obviously lower than that. So we don't -- Armen's point, I don't want to kind of predict what the asset yield is going to be each quarter and what's going to roll off. But if you look at what we did last quarter and you look at the other -- besides drawing the revolver, the other place we go to fund assets would be to sell our low-yielding assets and just pick up the spread on the assets. So if something comes off at LIBOR plus 500, 400 and goes on at LIBOR plus 700, 600, there is that spread. It's just hard to predict kind of each quarter what's going to be refinanced. We've seen more in the end of last quarter and so far this quarter, there's been more refinancing activity as the market has been robust. So it's just hard to predict that because a quarter ago, we weren't seeing that and that will ebb and flow. But I think that gives you a sense kind of what we're trying to do on the asset side in terms of new originations on the asset side in terms of selling the lower-yielding assets and then on the liability side.

資產方面，上季報酬率為8.7%。你看到推出的資產收益率明顯低於這個水準。所以我們不——阿門的觀點是，我不想預測每季的資產收益率是多少以及會下降多少。但如果你看看我們上個季度所做的事情，再看看其他方面——除了動用左輪手槍之外，我們為資產提供資金的另一個地方就是出售我們的低收益資產，然後收取資產的利差。因此，如果 LIBOR 加 500、400 的情況發生，而 LIBOR 加 700、600 的情況繼續發生，就會出現這種利差。很難預測每季將有哪些再融資。我們在上個季度末看到了更多的情況，而本季度到目前為止，由於市場強勁，再融資活動也有所增加。所以很難預測這一點，因為一個季度前，我們還沒有看到這一點，而且這種情況將會出現潮起潮落。但我認為這讓您了解我們在資產方面正在嘗試做的事情，即在資產方面的新起源，即出售較低收益的資產，然後在負債方面。

Yes. If you look at our origination in the last couple of quarters, I think that's consistent with where we would like to continue to originate. So it's not like we are looking to go tighter than that, and we're certainly not looking to take equity-like risk on anything we originate. So the origination you're seeing from us is kind of where our intention is going forward. And we do have -- if you just look at our positions, I mean we do have a significant enough portfolio in OCSL that has a coupon of the LIBOR plus 450 or lower, that can be rotated. Now it's predicated on the pace of our repayments, as well as on positions that we would ordinarily have liked to have kept, but just given with market strength, those are being, to some extent, taken from us. But we certainly have a targeted portfolio that we would like to exit and rotate into higher-yielding instruments, consistent with our last few quarters of origination.

是的。如果你看看我們過去幾季的起源，我認為這與我們希望繼續起源的地方是一致的。因此，我們並不希望採取比這更嚴格的措施，而且我們當然也不希望對我們發起的任何東西承擔類似股票的風險。所以你從我們身上看到的起源就是我們前進的意圖。我們確實有——如果你看看我們的頭寸，我的意思是我們確實在 OCSL 中有足夠重要的投資組合，其票息為 LIBOR 加 450 或更低，可以輪換。現在，它取決於我們的還款速度，以及我們通常希望保留的頭寸，但由於市場強勁，這些頭寸在某種程度上被從我們手中奪走。但我們當然有一個目標投資組合，我們希望退出並轉向更高收益的工具，這與我們過去幾季的起源一致。

Got it. Very helpful. And then I'd like to ask one on credit. Obviously, it's been very solid and way better than we would have initially expected last spring, but can you give us a sense for kind of amendment activity trends you're seeing? I know you mentioned that only one investment has moved to pick. And then just give us a sense for revenue and EBITDA growth or performance in the fourth quarter, and how that compared to the third quarter for the portfolio broadly?

知道了。很有幫助。然後我想賒帳詢問一位。顯然，它非常可靠，比我們去年春天最初預期的要好得多，但您能否讓我們了解您所看到的修訂活動趨勢？我知道您提到只有一項投資已進入選擇階段。然後讓我們了解第四季度的營收和 EBITDA 成長或業績，以及與第三季的投資組合相比如何？

Sure. This is Armen. So yes, on the amendment side, it's been very quiet. We continue to only have one name on non-accrual and one name that is subject to an amendment or a PIK. We have not been contacted and are not engaged with any other kind of material issues in the portfolio around poor performance. So we feel real good about that. I don't expect for us to have a meaningful uptick in defaults based on the information at hand today.

當然。這是阿爾門。所以，是的，在修正案方面，一直都非常安靜。我們仍然只有一個非應計名稱和一個需要修改或 PIK 的名稱。我們尚未與我們聯繫，也沒有參與解決投資組合中與績效不佳相關的任何其他重大問題。所以我們對此感覺非常好。根據今天掌握的信息，我預計我們的違約率不會大幅上升。

In terms of performance of the underlying companies, it's hard to generalize, but I would say that those industries that are most sensitive to COVID, and I we do have some exposure there. We have some entertainment-related businesses that are focused on live events. We have some leisure-oriented positions. I mean these are not very large positions in the portfolio, but we do have some. Those two areas as well as some of the airline-oriented, aerospace and defense-oriented businesses that we have, are the most impacted from a top line perspective. Obviously, businesses with exposure to live events are at very little to no revenue, and they're in cost-cutting mode, cash flow preservation mode. In the instances where we have exposure there, the companies are sitting on a lot of cash and have very strong sponsor protection. And in several of those situations -- not that there are so many situations, but in most of them, they're recent buyouts by sponsors. And when we did reach out to those sponsors over the course of the last 12 months, the response was, "We'll let you know if we need incremental liquidity. We don't think we will. We think we can manage the cash. And by the way, there is no way we're letting this go. So don't think that you have a distressed opportunity on your hand." So it's been very positive.

就基礎公司的表現而言，很難一概而論，但我想說的是那些對新冠病毒最敏感的行業，我們確實在那裡有一些接觸。我們有一些專注於現場活動的娛樂相關業務。我們有一些以休閒為導向的職位。我的意思是，這些頭寸在投資組合中並不是很大，但我們確實有一些。從營收角度來看，這兩個領域以及我們擁有的一些面向航空、航空航太和國防的業務受到最大的影響。顯然，參與現場活動的企業收入很少甚至沒有，而且他們處於削減成本、保留現金流的模式。在我們在那裡進行投資的情況下，這些公司坐擁大量現金，並且擁有非常強大的贊助商保護。在其中一些情況下——並不是說有那麼多情況，但在大多數情況下，它們是最近被贊助商買斷的。當我們在過去 12 個月內聯繫這些贊助商時，得到的答覆是：「如果我們需要增加流動性，我們會讓您知道。我們認為我們不會。我們認為我們可以管理現金。順便說一句，我們不可能放過這件事。所以不要認為你手上有一個苦惱的機會。」所以這是非常積極的。

Now those businesses the most directly impacted, their revenues could be down as much as 70% or 80% year-over-year. More typical is down 30% or 40% year-over-year. And these are very deeply impacted sectors. But away from the most COVID-sensitive names, the revenues, especially in the last couple of quarters, have been flat to slightly up year-over-year. And in some cases, there are businesses that we've invested in that have benefited from COVID, including fast food restaurants, including the life sciences businesses that have been nice surprises to the upside. The technology-oriented businesses that provide cloud computing-related services are doing quite well as one might imagine. We've been involved with a few recent tech LBOs in the last couple of quarters that provide services for remote computing, they've been doing really well. So again, it's kind of all over the place. And thankfully, we just don't have very much exposure that is deeply exposed to COVID. And where we do have that exposure, the companies either have the ability to cut costs essentially to the bone or they have a very strong sponsor standing behind them and willing to put in money, if and when it's needed.

現在，這些企業受到的影響最直接，其收入可能比去年同期下降 70% 或 80%。更典型的是年減 30% 或 40%。這些都是受影響非常嚴重的行業。但除了對新冠病毒最敏感的名字之外，收入，特別是在過去幾個季度，與去年同期相比一直持平或略有增長。在某些情況下，我們投資的一些企業從新冠疫情中受益，包括快餐店，包括生命科學企業，它們的上漲令人驚訝。提供雲端運算相關服務的技術型企業的表現正如人們想像的那樣好。在過去的幾個季度中，我們參與了一些最近的科技槓桿收購，為遠端運算提供服務，他們做得非常好。再說一次，它無所不在。值得慶幸的是，我們並沒有太多接觸新冠病毒的機會。在我們確實擁有這種風險的地方，這些公司要么有能力從根本上削減成本，要么有一個非常強大的讚助商在背後支持，並願意在需要時投入資金。

Next question comes from Finian O'Shea of Wells Fargo Securities.

下一個問題來自富國銀行證券公司的 Finian O'Shea。

Just a first question on OCSI. For those of us who are a little less familiar, you put the Glick JV onto non-accrual due to COVID volatility. That's obviously a big investment that weighs a bit on portfolio yields. Are you able to update us on how you think about that on being non-accrual that is?

這是關於 OCSI 的第一個問題。對於我們這些不太熟悉的人來說，由於新冠疫情的波動，您將 Glick JV 設為非應計利潤。這顯然是一項大投資，會對投資組合收益率產生一定影響。您能否向我們介紹一下您對非權責發生製的看法？

Sure. We kept it on non-accrual for last quarter as well. And as you noted, it is related to COVID-related volatility or sensitivity. The assets in the Glick JV have appreciated and are valued fairly considerably over the last few quarters. And so we will consider bringing back that position off of non-accrual every quarter. We will always consider that. We didn't feel comfortable doing it this quarter. And we will reevaluate next quarter. I don't want to provide forward-looking guidance, but we're happy about the performance of the underlying assets, both in terms of lack of default experience, but also in terms of market price appreciation.

當然。上個季度我們也將其保留為非應計費用。正如您所指出的，這與新冠​​病毒相關的波動性或敏感性有關。過去幾個季度，Glick 合資企業的資產已經升值，估值相當可觀。因此，我們將考慮每季從非應計利潤中恢復該頭寸。我們將永遠考慮這一點。本季我們這樣做感覺不太舒服。我們將在下個季度重新評估。我不想提供前瞻性指導，但我們對標的資產的表現感到滿意，無論是在缺乏違約經驗方面，還是在市場價格升值方面。

I'll also add, Fin, that although we are not accruing interest on the JV, it is generating positive net investment income, and we're using that to pay down the subordinated notes and grow NAV there. So that is the benefit to shareholders.

Fin，我還要補充一點，雖然我們沒有在合資企業中產生利息，但它正在產生正的淨投資收入，我們用它來償還次級票據並增加資產淨值。這就是股東的利益。

The note that we have on the Glick JV is actually marked higher today as of 12/31 than versus 12/31/2019. So just to give you a sense of our perception or our feeling around that position.

截至 12 月 31 日，我們對 Glick 合資公司的註釋實際上比 2019 年 12 月 31 日更高。只是為了讓您了解我們對該職位的看法或感受。

Okay. And then one of your legacy names in OCSL, Dominion Diagnostics, that has been pulling on the revolver it looks like a little more this quarter. Are you able to give us any color on what's behind that?

好的。然後，您在 OCSL 的傳統名稱之一 Dominion Diagnostics 一直在拉動左輪手槍，本季看起來會增加。您能給我們透露一下背後的原因嗎？

Sure. So Dominion actually is a beneficiary of the pandemic. They are pretty actively involved with COVID testing. The company is actually performing, as a result of that, better than what we'd have expected. It's core business is certainly still suffering, but it's doing better than what we would have thought. I would need to get back to you on the details, around the revolver draw in particular, but I know that the business has needed to staff up as well as buy working capital in support of this COVID testing business.

當然。所以Dominion其實是大流行的受益者。他們非常積極地參與新冠病毒檢測。因此，該公司的表現實際上比我們預期的要好。它的核心業務肯定仍然受到影響，但它的表現比我們想像的要好。我需要向您回复詳細信息，特別是左輪手槍抽籤的細節，但我知道該企業需要配備人員併購買營運資金來支持這項新冠病毒檢測業務。

Okay. And just a small final question. Obviously, a very good quarter for you guys on NOI and NAV. Just on Edmentum being exited, I assume there was some topline income that you received that's been on non-accrual for a while. Was that -- is that correct, for one? And was that a material impact to your topline, the Edmentum income that you may have realized this quarter?

好的。最後還有一個小問題。顯然，對於你們的 NOI 和 NAV 來說，這是一個非常好的季度。就在 Edmentum 退出時，我假設您收到了一些非應計收入一段時間了。這是——這是正確的嗎？這對您的營收（您本季可能實現的 Edmentum 收入）是否有重大影響？

I'll ask Mel or Matt to answer that question. I'm not sure.

我會請梅爾或馬特回答這個問題。我不知道。

Sure. In terms of Edmentum, the majority of income generated there was below the line as realized gain. As I mentioned in my prepared remarks, it was about $23 million.

當然。就 Edmentum 而言，那裡產生的大部分收入都低於已實現收益。正如我在準備好的演講中提到的，金額約為 2300 萬美元。

There wasn't a lot in investment income.

投資收益並不多。

Yes. It's immaterial. It's not like we can go back and recognize interest income during the time it was a non-accrual. So we did recognize a small amount in the current quarter, but the majority was realized gain.

是的。這無關緊要。我們不可能在非應計利息收入期間回過頭來確認利息收入。因此，我們在本季度確實確認了一小部分，但大部分是已實現的收益。

The next question comes from Melissa Wedel of JPMorgan.

下一個問題來自摩根大通的梅麗莎·韋德爾。

Wanted to touch base quickly on some of the new deployments this quarter and comparing that to sort of the levels and yields from last quarter. I want to make sure I'm thinking about this right, but your slide deck was showing about $240 million deployed this quarter at an average yield of 8.7% versus $146 million last quarter at 10.6%. So can you provide some context around that? And if there is anything sort of missing from that number that we should be factoring in?

希望快速了解本季的一些新部署，並​​將其與上季度的水平和收益進行比較。我想確保我的想法是正確的，但您的投影片顯示本季部署了約 2.4 億美元，平均收益率為 8.7%，而上季為 1.46 億美元，平均收益率為 10.6%。那麼您能否提供一些相關背景資訊？如果這個數字中缺少任何我們應該考慮的因素？

Yes. Thanks for the question. So the quarter ended September 30, obviously began July 1. And during those summer months, the activity around rescue loans, in particular, was higher than what it was in the following quarter, for the quarter ended 12/31, and frankly, what we're seeing today in the market. So our yields on our new investments, new originations were highly correlated with that rescue lending opportunity. As that opportunity has subsided, we are dealing with issuers that are far less desperate and have potentially other options as those opportunistic lenders and middle-market direct lenders that were fairly frozen in the second calendar quarter, they started coming back towards the mid to late part of the calendar third quarter, the quarter ended September 30. So the rescue lending -- it's really the rescue lending part of the business that was driving those double-digit-type yields, and that has declined so has our average yield to earn new originations.

是的。謝謝你的提問。因此，該季度截至9 月30 日，顯然是從7 月1 日開始。在夏季的幾個月裡，圍繞救援貸款的活動尤其高於下一個季度（截至12 月31 日的季度），坦率地說，我們今天在市場上看到的。因此，我們的新投資、新專案的收益率與救援貸款機會高度相關。隨著這一機會的消退，我們正在與那些遠沒有那麼絕望的發行人打交道，並且可能有其他選擇，因為那些在第二季度相當凍結的機會主義貸款人和中間市場直接貸款人，他們開始在中後期回歸日曆第三季的一部分，該季度截至 9 月 30 日。因此，救援貸款——實際上是業務中的救援貸款部分推動了兩位數的收益率，而這部分收益率已經下降，我們賺取新資金的平均收益率也下降了。

And we also just -- there is one position that we originated in the month of August, it might have gotten funded early September, that was a 14% loan to a single borrower and it was a decent size. It's the NewAg transaction. It probably skewed that quarter a little bit because of that one transaction, and we continue to look for those types of deals. That is not a rescue loan, actually. That is just a highly structured and a pretty interesting one. We will always look for these non-sponsored transactions, but this is just evidence that, that part of our business can be quite lumpy. We might have a quarter where we do very little in the non-sponsor area that we might have a quarter like the quarter ended September 30, where we have a NewAg or a NuStar or something like that, that really one or two deals might massively skew the average.

我們還只是——我們在 8 月發起了一個頭寸，它可能在 9 月初就得到了資助，那就是向單一借款人提供 14% 的貸款，而且規模還不錯。這是 NewAg 交易。由於那筆交易，該季度的情況可能略有偏差，我們將繼續尋找此類交易。實際上，這不是救援貸款。這是一個高度結構化且非常有趣的結構。我們將始終尋找這些非贊助交易，但這只是證據表明，我們的這部分業務可能相當不穩定。我們可能有一個季度在非贊助商領域做得很少，我們可能有一個季度，例如截至 9 月 30 日的季度，我們有 NewAg 或 NuStar 或類似的東西，實際上一兩筆交易可能會大規模使平均值發生偏差。

Okay. Understood. That's really helpful. I guess as a follow-up on that, do you see -- have much visibility into sort of a repayment pipeline? Anything big you're expecting?

好的。明白了。這真的很有幫助。我想作為後續行動，您是否看到 - 對還款管道有很多了解？你期待什麼大事嗎？

Yes. I can't put numbers on it, but if you follow the broadly syndicated loan market, that is a pretty good indication for what we expect to see in the middle market landscape as well, potentially on a lagged basis. In the broadly syndicated loan market, the best 90% of that market. So if you exclude the bottom 10% because of default risk or they're just trading low for idiosyncratic reasons. That best 90% is trading pretty close to par or even above par at this point. And it's resulted in the month of January and a significant repricing wave in the broadly syndicated loan market. And in fact, we have seen a couple of second lien positions that we recently clubbed up and took on in 2020 get repaid through the upsizing of a broadly syndicated first lien. And so the upsize of the first lien and take out the entirety of the second lien to reduce their cost of debt. It's hard for me to predict the volume of that impact on a go-forward basis, but the market color that I would give you today is that especially in the month of January, it become quite active. And it's not surprising given the fact that there's been so many inflows -- retail inflows into broadly syndicated loan funds as well as CLO creation that has driven those prices higher.

是的。我無法給出具體數字，但如果你關注廣泛的銀團貸款市場，這對於我們預期在中間市場格局中看到的情況來說是一個很好的指示，可能是滯後的。在廣泛的銀團貸款市場中，該市場中最好的 90% 都是如此。因此，如果您因為違約風險而排除了底部 10% 的人，或者他們只是因為特殊原因而交易價格較低。此時，最好的 90% 的交易價格非常接近標準值，甚至高於標準值。這導致一月份銀團貸款市場出現了重大的重新定價浪潮。事實上，我們最近聯合起來並在 2020 年承擔的幾個第二留置權職位通過擴大廣泛聯合的第一留置權的規模得到了償還。因此，擴大第一留置權並取消全部第二留置權，以降低債務成本。我很難預測這種影響的未來程度，但我今天要給大家的市場色彩是，尤其是在一月份，它變得相當活躍。考慮到資金流入如此之多——散戶資金流入廣泛的銀團貸款基金以及抵押貸款抵押債券的創建，推動了價格上漲，這一點並不奇怪。

And one last data point for you, on the broadly syndicated loan market, the index was up about 135 basis points in the month of January alone. So that's a very, very big month, and it's driven by the technicals there. I expect that given that technical and given such a strong fundraising year in 2020, but also in the last few quarters, just middle-market direct lending funds have been very actively fundraising, I would suspect that there would be an increase in repayment activity in the more flow oriented LBO-backed part of the market. That's just a part of the market that's very heavily trafficked, and the call protection is not material. It's typically only about a year and then some elevated call premium. So I would expect some repayment activity to pick up even in the middle market over the next couple of quarters, if these current market technicals persist.

最後一個數據是，在廣泛的銀團貸款市場上，該指數僅在 1 月就上漲了約 135 個基點。所以這是一個非常非常重要的月份，它是由那裡的技術驅動的。我預計，考慮到技術面和 2020 年如此強勁的籌款年，而且在過去的幾個季度中，中間市場直貸基金一直非常積極地籌款，我懷疑 2020 年的還款活動將會增加。市場中更多以流量為導向的槓桿收購支援部分。這只是業務量非常大的市場的一部分，並且呼叫保護並不重要。通常只有一年左右，然後看漲期權溢價會有所提高。因此，如果目前的市場技術面持續存在，我預計未來幾季即使在中間市場，一些還款活動也會增加。

(Operator Instructions) We have no further questions. Mr. Mosticchio?

（操作員說明）我們沒有其他問題了。莫斯蒂奇奧先生？

Great. Thanks, Andrea, and thank you all for joining us on today's earnings conference call. A replay of this call will be available for 30 days on OCSL's website in the Investors section or by dialing (877) 344-7529 for U.S. callers or 1 (412) 317-0088 for non-U. S. callers with replay access code 10151069, beginning approximately one hour after this broadcast.

偉大的。謝謝安德里亞，也謝謝大家參加今天的財報電話會議。本次電話會議的重播將在 OCSL 網站的投資者部分提供 30 天內的重播，或透過撥打 (877) 344-7529（美國電話）或 1 (412) 317-0088（非美國電話）重播。美國呼叫者的重播存取代碼為 10151069，在本次廣播後約一小時開始。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。