Oaktree Specialty Lending Corp (OCSL) 2026 Q2 法說會逐字稿

Welcome, and thank you for joining Oaktree Specialty Lending Corporation's second fiscal quarter 2026 conference call. (Operator Instructions) Today's conference call is being recorded.

歡迎各位，感謝您加入 Oaktree Specialty Lending Corporation 2026 財政年度第二季電話會議。（接線員指示）今天的電話會議將被錄音。

I'll now turn the call over to Alison Mermey, OCSL's Head of Investor Relations.

現在我將把電話交給 OCSL 投資人關係主管 Alison Mermey。

Thank you, operator. Our second-quarter 2026 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.

謝謝，接線員。我們今天早上發布的 2026 年第二季財報新聞稿，以及隨附的簡報投影片，可於我們網站 oaktreespecialtylending.com 的「投資人」專區取得。

Before we begin, I want to remind you that the comments on today's call include forward-looking statements reflecting current views with respect to, among other things, future operating results and financial performance. Actual results could differ materially from those complied or expressed in the forward-looking statements. Please refer to the relevant SEC filings for a discussion of these factors in further detail. Oaktree undertakes no duty to update or revise any forward-looking statements.

在開始之前，我想提醒各位，今天電話會議中的評論包含前瞻性陳述，反映我們目前對於（其中包括）未來營運結果與財務表現的看法。實際結果可能與前瞻性陳述中彙整或表達的內容存在重大差異。請參閱相關的 SEC 申報文件，以取得對這些因素更詳細的討論。Oaktree 不承擔更新或修訂任何前瞻性陳述的義務。

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 information that it shares on its website.

我也想提醒各位，本次電話會議中的任何內容均不構成出售或招攬購買任何 Oaktree 基金權益之要約。投資人及其他人士應注意，OCSL 會使用其公司網站的「投資人」專區發布重大資訊。本公司鼓勵投資人、媒體及其他人士查閱我們在網站上分享的資訊。

Now, I'll turn the call over to Matt Pendo, President of OCSL. Matt?

現在，我將把電話交給 OCSL 總裁 Matt Pendo。Matt？

Thank you, Alison, and good morning, everyone.

謝謝你，Alison，各位早安。

I will begin with an overview of our second-quarter fiscal 2026 results, after which Armen Panossian, our CEO and Co-Chief Investment Officer, will share his perspective on the market environment. Raghav Khanna, our Co-Chief Investment Officer, will then cover portfolio activity. And Chris McKown, our CFO and Treasurer, will close with a review of our financial results before we open the call for questions.

我將先概述我們 2026 財政年度第二季的業績，之後我們的執行長暨共同首席投資長 Armen Panossian 將分享他對市場環境的觀點。接著，我們的共同首席投資長 Raghav Khanna 將說明投資組合活動。最後，我們的財務長兼財務主管 Chris McKown 將回顧財務結果，然後我們將開放提問。

Despite external noise around private credit and BDCs, our team remained focused on reducing non-accruals and positioning our balance sheet for flexibility. As of March 31, 2026, non-accruals were 2.6% of the total debt portfolio measured at fair value, down from 3.1% last quarter and 4.6% one year ago.

儘管市場對私募信貸與 BDC 的外部雜音不斷，我們團隊仍專注於降低不計息資產並使資產負債表更具彈性。截至 2026 年 3 月 31 日，以公允價值衡量，不計息資產占整體債務投資組合的 2.6%，低於上季的 3.1%，也低於一年前的 4.6%。

As an update post-quarter, in April, we sold two legacy non-accrual positions, Dominion Diagnostics and All Web Leads. We expect to make further progress reducing non-accruals and realizing cash proceeds that we can deploy into performing assets over the coming months.

就季後更新而言，我們在 4 月出售了兩項歷史不計息部位：Dominion Diagnostics 與 All Web Leads。我們預期未來幾個月將在降低不計息資產方面取得進一步進展，並實現可投入至正常計息資產的現金回收款。

Managing our balance sheet is a high priority as we position OCSL for a more attractive investment environment. During the quarter, we sold a portion of our liquid credit positions at cost, a strategic decision to build dry powder, maintain leverage below the midpoint of our target range, and rotate out of lower-yielding public credit. We ended the second quarter with available liquidity of $671 million, up $100 million from last quarter, and net leverage of 1.04 times, down from 1.07 times last quarter.

在我們為 OCSL 迎接更具吸引力的投資環境做準備之際，管理資產負債表是高度優先事項。本季我們以成本價出售部分流動性信貸部位，這是一項策略性決策，旨在建立可用資金（dry powder）、將槓桿維持在目標區間中點以下，並自收益率較低的公開市場信貸輪出。第二季結束時，我們可用流動性為 6.71 億美元，較上季增加 1 億美元；淨槓桿為 1.04 倍，低於上季的 1.07 倍。

Turning to financial highlights. Net asset value per share was $15.69 as of March 31, 2026, compared to $16.30 as of December 31, 2025. The decline was driven primarily by unrealized mark-to-market write-downs of software loans during the quarter. The fair value of our performing software loans declined by approximately 310 basis points, largely consistent with movements in broadly syndicated software loans. Importantly, we believe that these markdowns generally are not indications of deteriorating fundamentals in the underlying portfolio companies, but rather reflecting the repricing of risk in the broader market.

接著談財務重點。截至 2026 年 3 月 31 日，每股淨資產價值為 15.69 美元，相較於 2025 年 12 月 31 日的 16.30 美元有所下降。下降主要來自本季軟體貸款未實現按市價評價的減記。我們正常計息的軟體貸款公允價值約下滑 310 個基點，與廣泛聯貸市場的軟體貸款走勢大致一致。重要的是，我們認為這些減記通常並不代表底層投資組合公司基本面惡化，而是反映更廣泛市場對風險的重新定價。

Adjusted net investment income from the quarter was $33.7 million, or $0.38 per share, as compared with $36.1 million, or $0.41 per share, in the prior quarter. The decrease reflected lower reference rates, lower non-recurring income, and ending leverage below the midpoint of our target range.

本季調整後淨投資收益為 3,370 萬美元，或每股 0.38 美元；相較之下，上季為 3,610 萬美元，或每股 0.41 美元。下降反映基準利率較低、一次性收入較少，以及期末槓桿低於我們目標區間的中點。

For the quarter, our Board declared a total cash dividend of $0.34 per share. Due to our conservative use of leverage, we have adjusted our base dividend to $0.30 per share while maintaining our supplemental dividend at 50% of excess adjusted net investment income above our base dividend. The dividends are payable on June 30, 2026. The stock closed the record as of June 15, 2026.

本季董事會宣告每股合計現金股利 0.34 美元。由於我們保守使用槓桿，我們已將基本股利調整為每股 0.30 美元，同時維持補充股利為：超出基本股利之超額調整後淨投資收益的 50%。股利將於 2026 年 6 月 30 日支付。股票的除權基準日為 2026 年 6 月 15 日。

With that, I'll turn the call over to Armen to share his perspective on the market environment and what we see ahead.

接下來，我將把電話交給 Armen，請他分享對市場環境的觀點以及我們對未來的看法。

Thank you, Matt.

謝謝你，Matt。

It was an eventful quarter for private credit. We believe the volatility that we are seeing reflects a period of recalibration rather than a systemic issue. Rising impairments, questions surrounding valuations, the use of leverage, liquidity mismatches, software exposure in an AI-driven world, and refinancing risks are all part of the current dialogue surrounding private credit. This may help explain, at least in part, why market sentiment may appear more negative than borrower performance alone would suggest, as the confluence of concerns weigh on investor confidence.

對私募信貸而言，這是一個多事之秋的季度。我們認為目前所見的波動反映的是一段重新校準的期間，而非系統性問題。違約／減損上升、對估值的疑慮、槓桿的使用、流動性錯配、在 AI 驅動的世界中對軟體的曝險，以及再融資風險，都是當前圍繞私募信貸的討論焦點。這也在一定程度上解釋了為何市場情緒看起來可能比僅從借款人表現所能推導的更為負面，因為多重疑慮交織，削弱了投資人信心。

The current debate around private credit risks may conflate a range of distinct factors and lead to overly broad conclusions. It is important to differentiate between the fundamentally sound concept of private credit, namely tailored non-bank lending, from specific challenges affecting certain segments of the market. Direct lending or making private loans to finance mid-sized buyouts isn't inherently flawed. The question for any manager is whether their portfolio assets and liabilities were built to handle a market correction.

目前關於私募信貸風險的辯論，可能將一系列不同因素混為一談，並導致過於籠統的結論。重要的是要區分私募信貸這一基本健全的概念——亦即量身打造的非銀行放款——與影響市場某些區塊的特定挑戰。直接放款或提供私募貸款以資助中型規模的收購交易，本身並非先天有缺陷。對任何管理人而言，關鍵在於其投資組合的資產與負債結構是否足以承受市場修正。

At Oaktree, we have more than three decades of experience investing in sub-investment-grade credit and navigating market cycles. This moment is familiar to us. For example, in 2020, OCSL's positioning was the result of deliberate choices we made well before the COVID-related market dislocation arrived. By late 2019, we had cleaned up the legacy portfolio that was acquired from the prior advisor, reduced leverage, and built liquidity in the fund.

在 Oaktree，我們在次投資級信貸投資方面擁有超過三十年的經驗，並且歷經多個市場循環。這樣的時刻對我們而言並不陌生。舉例來說，2020 年 OCSL 的部位配置，是我們在 COVID 相關市場錯位到來之前很久就做出的審慎選擇所致。到 2019 年底，我們已清理自前任顧問收購而來的歷史投資組合、降低槓桿，並在基金中建立流動性。

When dislocation arrived in March 2020, we had the dry powder and the conviction to go on offense. In 2020, we deployed nearly $1 billion of capital and produced nearly an 11% total economic return in a year when many managers retrenched. Today, OCSL is executing with a similar mindset. We continue to make progress toward turning around underperforming assets, operating below the midpoint of our leverage target, remaining disciplined in deployment, and maintaining strong liquidity. We did not predict the current environment, but we'd be prepared to invest into it.

當 2020 年 3 月市場錯位來臨時，我們擁有可用資金（dry powder）與堅定信念，得以主動出擊。2020 年，我們投入了近 10 億美元資本，並在許多管理人轉趨保守的一年中，創造了接近 11% 的總經濟報酬。如今，OCSL 以相似的心態執行策略。我們持續推進對表現不佳資產的改善，槓桿維持在目標中點以下，部署上保持紀律，並維持強勁流動性。我們並未預測當前環境，但我們已準備好在其中進行投資。

Market volatility increased this quarter, and AI-related concerns and geopolitical unrest resulted in wider spreads across public liquid credit markets. At the same time, elevated net redemptions in non-traded BDCs prompted many managers to reassess their cost of capital and liquidity positions, pushing private credit into a phase of price discovery.

本季市場波動加劇，且與 AI 相關的疑慮及地緣政治動盪導致公開流動性信用市場的利差擴大。同時，非交易型 BDC 的淨贖回維持在高位，促使許多管理人重新評估其資金成本與流動性部位，推動私募信貸進入價格發現階段。

Towards quarter-end, market conditions stabilized and the private credit deal pipeline began to rebuild. We are encouraged that spread on new private credit investments have widened to SOFR plus 500 to 550 basis points, approximately 50 to 100 basis points above the 2025 heights, and supports improved forward returns. We are also seeing modest improvements in documentation and more lender-friendly structures.

接近季末時，市場狀況趨於穩定，私募信貸交易管線開始回溫。我們樂見新私募信貸投資的利差已擴大至 SOFR 加 500 至 550 個基點，約較 2025 年高點高出 50 至 100 個基點，並支持未來報酬改善。我們也看到文件條款小幅改善，以及更偏向貸方的結構。

While markets have rebounded from their lows, we expect continued volatility and increasing dispersion over the coming quarters. Our view is that secondary private transactions, whether through partial or full portfolio sales, will reshape the private credit landscape as certain market participants look to optimize their asset portfolio or satisfy liquidity demands. We believe Oaktree is well positioned to evaluate and potentially capitalize on all opportunities.

儘管市場已自低點反彈，我們預期未來幾季仍將持續波動，且分化程度將加劇。我們認為，次級私募交易（無論是部分或全部投資組合出售）將重塑私募信貸版圖，因部分市場參與者希望優化其資產組合或滿足流動性需求。我們相信 Oaktree 具備良好條件評估並可能把握所有機會。

Our global platform is a meaningful advantage in this environment. We evaluate private credit alongside liquid credit, distressed debt, asset-backed finance, and increasingly, the Brookfield ecosystem. That ability to compare relative value across credit and now equity informs both our risk management and deployment decisions in ways a single strategy manager can't replicate.

在此環境下，我們的全球平台是一項重要優勢。我們將私募信貸與流動性信用、困境債、資產擔保融資，以及日益整合的 Brookfield 生態系一併評估。這種能在信用、乃至如今的股權之間比較相對價值的能力，能以單一策略管理人無法複製的方式，為我們的風險管理與資金部署決策提供指引。

Together, we will have a fully integrated information network across asset classes, industries, geographies, and public and private markets. We are already tracking dozens of emerging opportunities in real time, sharing notes across teams and identifying dislocations. The breadth of our combined relationships with sponsors, companies, and advisors will give us access to deal flow that many lenders do not see and allows us to be selective. Disciplined underwriting, selectivity, and active portfolio management will remain the critical drivers of long-term performance.

我們將共同建立一個跨資產類別、產業、地理區域，以及公開與私募市場的完整整合資訊網路。我們已在即時追蹤數十個新興機會，跨團隊分享觀點並辨識錯位。我們與贊助方、企業與顧問的廣泛綜合關係，將使我們取得許多放款人看不到的交易來源，並讓我們得以更具選擇性。嚴謹的承作審核、選擇性與主動式投資組合管理，仍將是長期績效的關鍵驅動因素。

Now, I will turn the call over to Raghav for a detailed review of our portfolio and investment activity.

接下來，我將把電話會議交給 Raghav，請他詳細回顧我們的投資組合與投資活動。

Thanks, Armen.

謝謝你，Armen。

As Matt and Armen mentioned, investment activity was measured in the second quarter as we kept our focus on controlling risk and maintaining balance sheet flexibility. During the quarter, we sold certain liquid credit positions at cost to build dry powder. We also saw a healthy pace of private portfolio prepayments. Proceeds from prepayments, exits and other paydowns and sales were $334 million, up from $179 million in the previous quarter and $279 million last year.

如 Matt 與 Armen 所提到的，第二季我們的投資活動較為審慎，因我們持續聚焦於控制風險並維持資產負債表的彈性。本季我們以成本價出售部分流動性信用部位以累積可用資金。我們也看到私募投資組合提前償還的節奏良好。來自提前償還、退出以及其他還款與出售的資金回收為 3.34 億美元，高於前一季的 1.79 億美元，也高於去年同期的 2.79 億美元。

A notable prepayment was Mindbody, an ARR software loan. Despite the challenging market backdrop for software, we exited Mindbody at par through a refinancing to a competitor. This leaves us with only one ARR loan in the portfolio, representing 76 basis points of fair value, down from total ARR exposure of 214 basis points last quarter. Our limited exposure to ARR structures is an example of how we deliberately stayed underinvested in an area of private credit where we believed press could emerge.

一筆值得注意的提前償還是 Mindbody，一筆 ARR 軟體貸款。儘管軟體市場環境具挑戰性，我們仍透過再融資給競爭對手，以面值退出 Mindbody。這使得我們投資組合中僅剩一筆 ARR 貸款，按公允價值計為 76 個基點，低於上季 ARR 總曝險 214 個基點。我們對 ARR 結構的有限曝險，體現了我們在私募信貸中某些我們認為可能出現壓力的領域，刻意維持較低投資比重的做法。

New investment commitments in the quarter totaled $204 million, down 36% from the prior quarter. Deal activity slowed due to software sector volatility and escalating geopolitical tensions. As Armen mentioned, our deal pipeline began to rebuild towards the end of March and into early April. We are encouraged that new private credit deals are pricing with wider spreads and structured with better lender protections.

本季新投資承諾總額為 2.04 億美元，較前一季下降 36%。由於軟體產業波動以及地緣政治緊張升級，交易活動放緩。如 Armen 所述，我們的交易管線在 3 月底至 4 月初開始回升。我們樂見新的私募信貸交易以更寬的利差定價，且在結構上提供更佳的貸方保護。

The weighted average yield of new debt investments was 9.2%, 50 basis points higher than the December quarter. An example of a new private deal from the second quarter is Jonah Energy, a highly structured loan to a heavy-asset, low-obsolescence, or HALO, company. The company is a Denver-based independent oil and gas developer with producing assets in six states.

新債務投資的加權平均殖利率為 9.2%，較 12 月季度高出 50 個基點。第二季一個新的私募交易例子是 Jonah Energy，這是一筆高度結構化的貸款，借款人為重資產、低汰舊風險（HALO）公司。該公司為丹佛的獨立油氣開發商，在六個州擁有生產資產。

In January, Jonah signed a purchase agreement to acquire Grit Oil & Gas, an upstream oil and gas operator located in the Eagle Ford Basin in Texas. While the deal was originally contemplated by the asset-backed finance market, Jonah prioritized speed of execution to capitalize on oil price appreciation driven by the conflict in Iran. As a result, the company shifted to direct lending and partnered with Oaktree to leverage our flexibility and ability to move quickly.

1 月，Jonah 簽署購買協議，收購位於德州 Eagle Ford 盆地的上游油氣營運商 Grit Oil & Gas。雖然該交易原先由資產擔保融資市場承作，但 Jonah 為把握伊朗衝突推升油價所帶來的價格上行，優先考量執行速度。因此，公司轉向直接放款，並與 Oaktree 合作，以運用我們的彈性與快速行動能力。

Oaktree Funds participated in approximately $200 million, or one-third, of the first lien term loan to support the acquisition. The first lien term loan was priced at SOFR plus 600 with mandatory amortization, favorable excess cash flow sweeps, and multiple maintenance covenants. This transaction reflects the strength of Oaktree's broader platform, deep advisor relationships, the ability to partner across strategy, and to be opportunistic in a volatile market environment.

Oaktree 基金參與了約 2 億美元，約占第一順位擔保定期貸款的三分之一，以支持該收購。該第一順位擔保定期貸款以 SOFR 加 600 定價，並包含強制攤還、有利的超額現金流掃回條款，以及多項維持性財務契約。本交易反映 Oaktree 更廣泛平台的優勢、深厚的顧問關係、跨策略合作的能力，以及在波動市場環境中把握機會的能力。

Turning to our software exposure. Based on GICS industry group classification, software represents 21% of the portfolio at fair value across 29 issuers. That is down approximately 140 basis points from last quarter, primarily reflecting the exit of Mindbody. Taking a broad and conservative classification for software and technology, we estimate exposure is approximately 26% of the portfolio, including certain investments in healthcare technology, interactive media, and services.

接著談我們的軟體曝險。依據 GICS 產業群分類，軟體按公允價值計占投資組合 21%，涵蓋 29 家發行人。較上季下降約 140 個基點，主要反映退出 Mindbody。若以更廣泛且保守的軟體與科技分類口徑，我們估計曝險約占投資組合 26%，其中包含對醫療科技、互動媒體與服務等部分投資。

As outlined on page 8 of the earnings presentation, we apply a seven-factor business resilience framework, supplemented by operating KPIs and financial metrics. Each investment is scored and categorized into high, medium, and low AI risk buckets.

如盈餘簡報第 8 頁所述，我們採用七項因素的企業韌性框架，並以營運 KPI 與財務指標加以補充。每筆投資都會被評分並歸類至高、中、低 AI 風險等級。

Within a performing debt portfolio, two investments representing 2.9% of fair value are classified as having high AI risk. These companies have a weighted average LTM EBITDA of approximately $96 million, which was generally stable from the prior quarter. LTVs increased to high 50%, up from low 40% last quarter, reflecting multiple compression in public market comparables.

在一個正常履約的債務投資組合中，有兩筆投資（按公允價值計占 2.9%）被歸類為高 AI 風險。這些公司的加權平均 LTM EBITDA 約為 9,600 萬美元，整體較前一季大致持平。LTV 上升至接近 60% 的高 50% 區間，較上季 40% 出頭上升，反映公開市場可比公司估值倍數壓縮。

For issuers in the medium and low AI risk categories, weighted average LTM EBITDA is approximately $385 million. LTVs are around the high-40s to low-50s percentage, which we view as reasonable despite recent multiple compression.

對於屬於中、低 AI 風險類別的發行人，加權平均 LTM EBITDA 約為 3.85 億美元。LTV 約落在 40% 後段至 50% 初段區間；儘管近期倍數壓縮，我們仍認為此水準屬合理。

For many of these companies, we see AI as a potential tailwind, with management teams and sponsors actively exploring ways to leverage the technology to enhance margins and strengthen competitive positioning. Excluding non-accruals, the weighted average mark on our software portfolio was 96 as of March 31, 2026, down approximately 310 basis points from last quarter. These markdowns largely reflect the repricing of risks and corresponding spread widening across liquid credit.

對於其中許多公司，我們將 AI 視為潛在順風因素；管理團隊與贊助方正積極探索運用該技術以提升利潤率並強化競爭定位。排除停止計息（non-accrual）部位後，截至 2026 年 3 月 31 日，我們軟體投資組合的加權平均估值為 96，較上季下降約 310 個基點。這些下調主要反映流動性信用市場對風險重新定價，以及相應的利差擴大。

Our private credit software marks were consistent with levels seen in the broadly syndicated loan market. In most cases, these markdowns do not suggest deterioration in underlying company performance.

我們私募信貸軟體部位的估值水準與廣泛聯貸市場相當。在多數情況下，這些下調並不意味著標的公司基本面表現惡化。

Moving to our non-accruals. At quarter-end, 10 investments were a non-accrual, representing 2.6% of the total debt portfolio at fair value, down 50 basis points from December 2025 and down 200 basis points from March 2025. In March, we restructured Astra after it emerged from Chapter 11 and exited the position shortly after quarter-end, modestly below our mark. The decision was driven by our preference for reallocating our resources and capital toward better risk-adjusted opportunities.

接著談我們的停計息資產。截至季末，共有 10 項投資處於停計息狀態，按公允價值計占整體債務投資組合的 2.6%，較 2025 年 12 月下降 50 個基點，較 2025 年 3 月下降 200 個基點。3 月份，Astra 在完成第 11 章破產重整後我們對其進行了重組，並在季末後不久退出該部位，退出價格略低於我們的估值。此決策主要基於我們偏好將資源與資本重新配置至風險調整後報酬更佳的機會。

We also continue to make progress on Avery, where we have seen an uptick in condo sales and units under escrow. During the quarter, 12 units were sold or placed under contract, compared to a full-year underwriting assumption of six unit sales. Avery's March 31 valuation assumes only a portion of the units under contract close, although we are cautiously optimistic that we will close more units in the future.

我們在 Avery 方面也持續取得進展，已看到公寓銷售以及進入託管（escrow）的單位數量上升。本季共有 12 個單位售出或簽約，相較之下，我們全年承作假設為售出 6 個單位。Avery 於 3 月 31 日的估值假設僅有部分已簽約單位完成交割，儘管如此，我們仍審慎樂觀，認為未來可完成交割的單位數將更多。

After quarter-end, we sold Dominion and All Web Leads, two legacy non-accrual positions acquired from the prior BDC manager. On Dominion, we received $7 million of cash proceeds versus a mark of $5 million as of December 31. For the March quarter, we moved the first out to accrual status, marked the first out to par, and wrote up the second out modestly.

季末後，我們出售了 Dominion 與 All Web Leads，這兩個是自前任 BDC 管理人承接的歷史停計息部位。就 Dominion 而言，我們收到 700 萬美元現金對價，而截至 12 月 31 日的估值為 500 萬美元。就 3 月季度而言，我們將第一順位（first out）調回計息狀態，並將第一順位估值調至票面（par），同時小幅上調第二順位（second out）的估值。

All Web Leads sold to a strategic buyer with an AI-focused value creation angle at a price in line with our March 31 mark. We received approximately 20% of the March 31 mark in cash at close, with the remainder of the consideration coming via a seller note and equity, positioning us to potentially recover more than the March 31 mark over time.

All Web Leads 以與我們 3 月 31 日估值相符的價格出售給一位策略買家，該買家以 AI 為核心的價值創造為切入點。交割時我們以現金形式收到約相當於 3 月 31 日估值的 20%，其餘對價則透過賣方票據（seller note）與股權取得，使我們有機會隨時間推進回收高於 3 月 31 日估值的金額。

As legacy non-accrual investments, Dominion and All Web Leads demonstrate our patient, disciplined, and active approach to portfolio management. We continue to work on realizing proceeds from other non-accruals and equity positions in a way that optimizes outcomes for OCSL shareholders.

作為歷史停計息投資，Dominion 與 All Web Leads 展現了我們在投資組合管理上耐心、紀律且積極的作法。我們將持續推進其他停計息部位與股權部位的處分回收，以能為 OCSL 股東最佳化成果的方式實現收益。

Looking at total portfolio metrics as of March 31, 84% of total portfolio investments at fair value were firstly in senior secured debt, and the weighted average yield on debt investments was 9.3%, stable quarter over quarter. The portfolio remains well diversified, with the average position representing 0.7% of our debt portfolio at fair value and no single position exceeding 2% of fair value.

觀察截至 3 月 31 日的整體投資組合指標，按公允價值計，總投資的 84% 為第一順位的優先擔保債（senior secured debt），債務投資的加權平均收益率為 9.3%，與前一季持平。投資組合仍維持良好分散度，平均單一部位按公允價值計占我們債務投資組合的 0.7%，且沒有任何單一部位的公允價值占比超過 2%。

The median EBITDA for portfolio companies was approximately $182 million, a slight decrease from the prior quarter due to exits on large-cap deals. Portfolio company weighted average leverage and interest coverage ratios were 5.2 times and 2.1 times, respectively, consistent with the last quarter. We remain focused on managing our existing portfolio and resolving challenged credits, while maintaining flexibility to capitalize on new investment opportunities ahead.

投資組合公司 EBITDA 的中位數約為 1.82 億美元，因退出部分大型交易而較前一季略降。投資組合公司加權平均槓桿倍數與利息保障倍數分別為 5.2 倍與 2.1 倍，與上一季一致。我們仍專注於管理既有投資組合並處理具挑戰性的授信，同時保有彈性，以把握未來新的投資機會。

And with that, I'll turn the call over to Chris to review our financial results.

接下來，我把電話交給 Chris，請他回顧我們的財務結果。

Thank you, Raghav.

謝謝你，Raghav。

In our second fiscal quarter ended March 31, 2026, adjusted total investment income was $69.7 million, a decrease compared to $74.5 million in the prior quarter. The decrease was primarily due to lower reference rates and lower non-recurring income attributable to lower prepayment and exit fees.

在截至 2026 年 3 月 31 日的第二個會計季度，調整後總投資收益為 6,970 萬美元，較前一季的 7,450 萬美元下降。下降主要由於參考利率走低，以及因提前償還與退出費用減少而導致的一次性（非經常性）收入降低。

Net expenses decreased by 6% compared to the prior quarter, primarily reflecting a reduction in Part I incentive fees as a result of our total return hurdle.

淨費用較前一季下降 6%，主要反映因我們的總報酬門檻（total return hurdle）而使第一部分（Part I）績效激勵費用下降。

We delivered adjusted net investment income of $33.7 million or $0.38 per share, compared to $36.1 million or $0.41 per share in the prior quarter. These results reflected lower total investment income, partially offset by lower interest expense and lower Part I incentive fees.

我們實現調整後淨投資收益 3,370 萬美元，或每股 0.38 美元；相較前一季為 3,610 萬美元，或每股 0.41 美元。上述結果反映總投資收益下降，但部分被利息費用降低以及第一部分（Part I）績效激勵費用降低所抵銷。

NAV per share was $15.69, down from $16.30 last quarter. The drivers with NAV were about evenly split between write-downs and certain non-accruals, mark-to-market volatility in quoted names, and spread widening on private credit marks.

每股淨資產價值（NAV）為 15.69 美元，低於上一季的 16.30 美元。NAV 變動的因素大致平均分布於：部分停計息部位的減記、具報價標的的市價波動，以及私募信貸估值利差擴大所致。

OCSL continues to be prudent around the use of payment in-kind income, with PIK representing approximately 5.5% of adjusted total investment income during the quarter. This is down from 6.3% last quarter due to the sale of Athenahealth PIK preferred at our mark. Approximately two-thirds of our PIK income relates to investments that were structured with the option to PIK at origination.

OCSL 在以實物支付（PIK）收入的使用上仍保持審慎，本季 PIK 約占調整後總投資收益的 5.5%。此比例低於上一季的 6.3%，主要因我們以估值出售 Athenahealth 的 PIK 優先股。約三分之二的 PIK 收入來自於在起始承作時即設計為可選擇 PIK 的投資。

Our net leverage ratio at quarter-end was 1.04 times, down from 1.07 times last quarter, and total debt outstanding was $1.5 billion. The decreased leverage mirrors portfolio rotation and asset sales during the period. Our long-term target leverage ratio of 0.9 times to 1.25 times remains unchanged, although our plan is to run leverage towards the mid to low end of that range.

季末淨槓桿比率為 1.04 倍，低於上一季的 1.07 倍，期末未償債務總額為 15 億美元。槓桿下降反映本期間投資組合輪動與資產出售。我們長期目標槓桿比率 0.9 倍至 1.25 倍維持不變，但我們的規劃是將槓桿運行在該區間的中低端。

As of March 31, the weighted average interest rate on debt outstanding was 5.9%, down from 6.1% in the prior quarter, primarily driven by lower reference rates. Unsecured debt represented 64% of total debt at quarter-end, up from the prior quarter.

截至 3 月 31 日，未償債務的加權平均利率為 5.9%，低於前一季的 6.1%，主要由參考利率下降所致。季末無擔保債務占總債務的 64%，較前一季上升。

We have ample dry powder to take advantage of market opportunities with liquidity of approximately $671 million, including $51 million of cash on hand and $620 million of fund-drawn capacity under our credit facility, up from $576 million of total liquidity at the end of December. Unfunded commitments, including those related to the joint ventures, were approximately $250 million.

我們擁有充足的可用資金（dry powder）以把握市場機會，流動性約為 6.71 億美元，其中包括 5,100 萬美元手頭現金，以及在我們的信貸融資額度下可動用的 6.20 億美元資金提取能力（fund-drawn capacity），高於 12 月底的總流動性 5.76 億美元。未動用承諾額度（unfunded commitments）（含與合資企業相關者）約為 2.50 億美元。

Turning to our joint ventures. Together, the JVs held approximately $521 million of investments across 130 portfolio companies and generated aggregate returns on equity of approximately 10% during the quarter. Leverage at the JVs was 1.9 times, up modestly from last quarter.

接著談我們的合資企業。合計而言，這些 JV 持有約 5.21 億美元的投資，涵蓋 130 家投資組合公司，本季合計股東權益報酬率（ROE）約為 10%。JV 的槓桿為 1.9 倍，較上一季小幅上升。

With that, I'll turn the call back to the operator for Q&A.

接下來，我把電話交回給接線員，進入問答環節。

(Operator Instructions) Rick Shane, JPMorgan.

（接線員指示）Rick Shane，摩根大通。

Hey, guys. Thanks for taking my question this morning.

嗨，各位。謝謝今天早上讓我提問。

When we sort of calculate the implied return to the dividend of about 8.6% of book, that equates to about 5% spread to three-month base rates. As we think about your business model over the long term, where would you put that return base rate plus 5% in sort of your cycle? Is that a trough in the cycle? Is that a realistic long-term objective? Help us understand sort of what the return profile as a function of base rate should be.

當我們計算股利對應的隱含報酬率約為帳面價值的 8.6% 時，這相當於相對三個月基準利率約 5% 的利差。從長期來看、就你們的商業模式而言，你們會如何看待這個「基準利率加 5%」在景氣循環中的位置？這是循環的谷底嗎？還是可作為現實的長期目標？請協助我們理解：報酬輪廓如何隨基準利率變動。

Hey, it's Raghav. I can start, and then Chris and Brett can chime in.

嗨，我是 Raghav。我可以先開始，然後 Chris 和 Brett 也可以補充。

So as I'm sure you know, there's really two levers that we're playing with. The first is what is the unlevered asset yield. Again, probably no surprise, given the enormous amounts of capital that's been raised in direct lending in perpetual BDC vehicles in particular, I would say that market direct lending spreads probably troughed out in December in the mid- to maybe high-400s.

所以如你所知，我們其實是在操作兩個槓桿。第一個是未加槓桿的資產收益率是多少。再說一次，考量到直接放貸（尤其是永續型 BDC 載體）募集了龐大的資金，這大概也不令人意外；我會說市場上的直接放貸利差大概在 12 月觸底，落在約中 400 多個基點、可能到高 400 多個基點。

Since then, we have seen, I wouldn't call it, a dramatic yet repricing, but certainly a significant enough repricing of risk where regular way direct lending deals, so probably the lowest returning deals that we see in our pipeline. These are forcing deals to private equity sponsors, are in the low to mid-500s, so certainly have improved by 50 to 75 basis points.

自那之後，我不會稱之為劇烈的重新定價，但確實看到風險有足夠顯著的重新定價：一般常規的直接放貸交易——也就是我們在管線中看到回報最低的那類交易——這些是由私募股權贊助商主導的強制性交易，利差落在低到中 500 多個基點，因此確實改善了 50 到 75 個基點。

I would say more on a forward basis, if you look at the SOFR curve, thanks to the war in the Middle East and the ensuing inflation expectations going up, the SOFR curve is probably 50 to 60 basis points higher than what it troughed out pre the Middle East situation. So that's number two.

我會說更偏向前瞻來看，如果你看 SOFR 曲線，受中東戰事以及隨之而來的通膨預期上升影響，SOFR 曲線大概比中東情勢發生前的低點高出 50 到 60 個基點。這是第二點。

Away from sponsored deals, I would say we do a mix of obviously both sponsored and non-sponsored deals. We do corporate lending as well as asset-backed deals, US, Europe. On a blended basis, I would say that when you mix it all together, low-500s for sponsored deals, low-600 to 700 in some of the more interesting areas of lending that we're seeing, which are less commoditized. Our pipeline is in the hig-500s on a spread basis and just under 600, call it, including OID.

離開贊助商交易來看，我會說我們當然同時做贊助商與非贊助商交易的組合。我們也做企業放貸以及資產擔保交易，美國、歐洲都有。以綜合口徑來看，把這些都混在一起，贊助商交易大概在低 500 多個基點；而在一些我們看到更有意思、較不商品化的放貸領域，利差可到低 600 到 700 個基點。我們的管線以利差計在高 500 多個基點；若包含 OID，約略不到 600 個基點。

So you put it all together, on a forward basis, obviously, the portfolio and the ground will churn over time. But on a forward basis, I would say that spreads on new deals are far more attractive -- at least 100 basis points more attractive than there were even three months ago. Second, the SOFR curve is certainly helping on the asset side.

所以把這些加總起來，從前瞻角度看，投資組合會隨時間周轉更新。但就前瞻而言，我會說新交易的利差要吸引得多——至少比三個月前吸引 100 個基點以上。第二，SOFR 曲線在資產端確實也有幫助。

And then the third piece is leverage. We took the decision to sell a number of names out of a public book. That has a near-term cost, obviously, as you can imagine, which is you have less income-producing assets, your ROE declines as a result. That's a cost. The benefit is that, as we're seeing our private pipeline reprice higher, we actually have a lot of liquidity to invest in that pipeline. So for us, the opportunity is not theoretical.

第三個部分是槓桿。我們做了決定，從一個公開投資組合中賣出若干標的。這在短期內當然有成本，如你所想像，因為你會有較少能產生收益的資產，因此 ROE 會因此下降。這是成本。好處是，隨著我們看到私募管線的重新定價走高，我們其實有大量流動性可以投入該管線。所以對我們而言，這個機會不是理論上的。

And so over time, I do suspect that we will maybe gradually increase leverage if this pipeline opportunity continues and hopefully expand. So both on the unlevered asset yield side, I think that is getting better. And then second, to finance that pipeline, I do expect leverage will go up slowly, and both of those should help ROE.

因此隨著時間推移，如果這個管線機會持續、並希望能擴大，我確實懷疑我們可能會逐步提高槓桿。所以無論是在未加槓桿資產收益率這一端，我認為都在改善。第二，為了融資這個管線，我確實預期槓桿會緩步上升，而這兩者都應該有助於 ROE。

Got it. And then one quick follow-up. There's been a lot of conversation about the markets improving since December, and the empirical thing that we all want to run through our model is the widening of spreads.

了解。再快速追問一下。自 12 月以來，市場改善有很多討論，而我們都想在模型裡驗證的實證因素就是利差擴大。

But what's interesting is every time a company makes that comment, they follow it with better protections, better covenants. Obviously, that's not something that we can plug into a model, but it's also something I'm not necessarily sure we fully understand. Can you just give us a couple of examples of how deal protections are improving so we can think about that?

但有趣的是，每次公司做出那樣的評論，後面都會接著說保護條款更好、契約條款（covenants）更好。顯然這不是我們能直接放進模型的東西，但也有些是我不確定我們是否完全理解。你能否給我們幾個例子，說明交易保護如何在改善，好讓我們能更好地思考？

Yeah. I mean, the big picture technical in the market is if you look at just the unlisted and perpetual BDC space, that part of the asset class, really they became the marginal dollar of that was setting price and risk. That space raised $110 billion in 2025, and I'm not sure what the numbers are going to be, but they're more likely to be negative this year with net outflows than positive.

可以。我的意思是，市場的大方向技術面是：如果你只看未上市與永續型 BDC 的領域，那一塊資產類別其實成了邊際資金（marginal dollar），在設定價格與風險。那個領域在 2025 年募集了 1,100 億美元；我不確定今年數字會是多少，但更可能因為淨流出而是負的，而不是正的。

So that's a pretty -- it's not a huge part of the market, like BDCs together, public and private are about 25% of the private credit market, not huge. But from a stock perspective, they're not huge. From a flow perspective, they were very large. And we suspect that that's one change that is driving both pricing improvements in new deals, but also the non-economic terms you talked about.

所以這相當——它不是市場中很大的一部分；例如把 BDC（公募與私募）加總起來約占私募信貸市場的 25%，不算很大。從存量角度看，它們不大；但從資金流量角度看，它們曾經非常大。我們懷疑這是推動新交易定價改善、以及你提到的那些非經濟條款改善的其中一個變化。

So what are those improvements we're seeing? So one is, PIK requests on new deals have declined to -- I don't want to say zero, but let's say close to zero. So that's just going -- it's going away.

那我們看到哪些改善？第一，新交易中的 PIK 要求已下降到——我不想說是零，但可以說接近零。也就是說，這正在——正在消失。

Second is, again, you're right, hard to see, but I'm sure you're familiar with the concept of adjusted EBITDA, which I would say in the global days leading up to 4Q 2025, adjusted EBITDA was getting more and more unrealistic versus what we call cash EBITDA and the true cash earnings profile of the borrowers. That is getting better now, again. So that's two.

第二，同樣你說得對，這很難量化，但我相信你熟悉「調整後 EBITDA」的概念。我會說在全球範圍內、直到 2025 年第四季之前，調整後 EBITDA 相對於我們所稱的現金 EBITDA、以及借款人真實的現金獲利輪廓，變得越來越不切實際。現在這點又在改善了。這是第二點。

Three is LME protection, which is -- there's always been like a push and pull between borrowers and lenders. I would say, certainly borrowers had probably more leverage in 2025 than lenders did. Those are also getting better.

第三是 LME 保護（protection）。借款人與放款人之間一直都有拉鋸。我會說，2025 年借款人的談判籌碼可能確實比放款人更大。這些保護條款也在改善。

And then the fourth thing I would say is -- I would say the maintenance covenant is coming back, especially for larger deals in any kind of a meaningful way. But the direction of travel is the right direction, which is even in some large-cap deals that we have in our pipeline, which we describe as over $100 million of EBITDA, we are starting to see the maintenance covenant come back. So all of those are like marginal improvements, but they're all going the right direction.

第四，我會說維持性財務契約（maintenance covenant）正在回來，尤其是在較大型的交易上，開始以任何有意義的方式回歸。不過整體趨勢是正確的方向：即便在我們管線中一些大型股交易——我們定義為 EBITDA 超過 1 億美元——我們也開始看到維持性財務契約回來。所以這些都是邊際改善，但都朝著正確方向前進。

Got it. I appreciate the answers to both questions. Very helpful. Thank you, guys.

了解。感謝你對兩個問題的回答，非常有幫助。謝謝各位。

(Operator Instructions) And there are no further questions at this time. I will now turn the call back over to Alison Mermey for closing remarks.

（接線員指示）目前沒有其他問題。我現在把電話交回給 Alison Mermey 做結語。

Thank you all for joining us on today's call. Please feel free to reach out to me and the team with any questions you may have. Have a great day.

感謝各位參加今天的電話會議。如有任何問題，歡迎隨時與我和團隊聯繫。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's call. You may now disconnect.

各位女士先生，今天的電話會議到此結束。您現在可以掛線。