Oaktree Specialty Lending Corp (OCSL) 2026 Q3 法說會逐字稿

Welcome and thank you for joining Oaktree Specialty Lending Corporation's third fiscal quarter 2026 conference call. Today's conference call has been recorded. (Operator Instructions)

歡迎，並感謝各位參加 Oaktree Specialty Lending Corporation 2026 財政年度第三季法說會。今天的電話會議將被錄音。(接線員指示)

I will now turn the call to Alison Mermey, OCSL's Head of Investor Relations. Please go ahead.

現在我將把電話交給 OCSL 投資人關係主管 Alison Mermey。請開始。

Thank you, operator. Our third-quarter 2026 earnings release, which we issued this morning, along with the accompanying slide presentation, can be accessed on the Investor section of our website, oaktreespecialtylending.com.

謝謝，接線員。我們今天早上發布的 2026 年第三季財報新聞稿，以及隨附的簡報，可於我們網站 oaktreespecialtylending.com 的「投資人」專區查閱。

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 implied or expressed in the forward-looking statement. Please refer to the relevant SEC filing for a discussion of these factors in further detail. Oaktree undertakes no duty to update or revise any forward-looking statement.

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所暗示或表達者有重大差異。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 Investor 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。公司鼓勵投資人、媒體及其他人士查閱公司在網站上分享的資訊。

On today's call, Matt Pendo, President of OCSL, will begin with a progress report on objectives we set out for fiscal 2026 and an overview of our third-quarter results. Armen Panossian, our CEO and Co-Chief Investment Officer, will then provide a market update. Raghav Khanna, our Co-Chief Investment Officer, will 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.

在今天的電話會議中，OCSL 總裁 Matt Pendo 將先就我們為 2026 財政年度設定的目標提供進度報告，並概述第三季業績。接著，我們的執行長暨共同投資長 Armen Panossian 將提供市場最新動態。我們的共同投資長 Raghav Khanna 將說明投資組合活動。最後，我們的財務長暨財務主管 Chris McKown 將在開放提問前回顧財務結果。

I will turn the call over to Matt Pendo, President of OCSL. Matt.

我現在把電話交給 OCSL 總裁 Matt Pendo。Matt。

Thank you, Alison, good morning, everyone. With three quarters of fiscal 2026 complete, we want to assess our progress against two of our primary objectives: first, reducing non-accruals through exits and monetization events; and second, maintaining a flexible balance sheet.

謝謝你，Alison，各位早安。在 2026 財政年度已完成三個季度之際，我們希望檢視在兩項主要目標上的進展：第一，透過退出與變現事件降低非計息資產；第二，維持具彈性的資產負債表。

Starting with the first objective: reducing non-accruals, as of June 30, 2026, non-accruals were approximately 1.8% of the total debt portfolio at fair value, down 80 basis points sequentially and down 140 basis points year over year. In the last two quarters alone, we exited five non-accrual positions, leaving six investments on non-accrual. More than 85% of the decline in non-accrual dollars over the past year is due to proceeds received and investments returning to accrual status.

先談第一項目標：降低非計息資產。截至 2026 年 6 月 30 日，非計息資產約占整體債務投資組合（以公允價值計）1.8%，較前一季下降 80 個基點，較去年同期下降 140 個基點。僅在過去兩個季度，我們就退出了五個非計息部位，目前仍有六項投資處於非計息狀態。過去一年非計息金額下降中，超過 85% 來自已收回的款項以及投資恢復為計息狀態。

The most significant portfolio development this quarter was Thrasio. Through a series of asset sales, Thrasio repaid approximately $25 million, or a little over 80% of our loans, including paying off the entire first out-term loan and about 75% of the second out-term loan. The remaining second out position was returned to accrual status, and we expect it to be repaid in the next few months. Raghav will discuss Thrasio in more detail in his remarks.

本季投資組合最重要的進展是 Thrasio。透過一系列資產出售，Thrasio 償還約 2,500 萬美元，約略超過我們貸款的 80%，其中包括全數清償第一筆 out-term 貸款，以及約 75% 的第二筆 out-term 貸款。剩餘的第二筆 out-term 部位已恢復為計息狀態，我們預期未來幾個月內將被償還。Raghav 將在其發言中更詳細說明 Thrasio。

Turning to the second objective, maintaining a flexible balance sheet. We ended the quarter with net leverage of approximately 1.02 times, compared to 1.04 times at the end of March, and below the midpoint of our 0.9 times to 1.25 times target range. Available liquidity was nearly $700 million at quarter end, up about $30 million from last quarter. We believe this combination of conservative leverage and ample liquidity positions us well to invest into an evolving private credit market. Furthermore, we plan to address the $350 million of unsecured notes that mature in January 2027 over the next several quarters.

接著談第二項目標：維持具彈性的資產負債表。本季末淨槓桿約為 1.02 倍，較 3 月底的 1.04 倍略降，且低於我們 0.9 倍至 1.25 倍目標區間的中點。季末可用流動性接近 7 億美元，較上季增加約 3,000 萬美元。我們認為，保守的槓桿與充裕的流動性相結合，使我們能在持續演變的私募信貸市場中處於有利的投資位置。此外，我們計畫在未來幾個季度內處理將於 2027 年 1 月到期的 3.5 億美元無擔保票據。

Turning to our third fiscal quarter financial highlights, adjusted net investment income was $32.2 million, or approximately $0.37 per share, down slightly from $33.7 million, or $0.38 per share in the prior quarter. This slight decrease primarily reflected our lower use of leverage, the lighter than average quarter of non-recurring income, and the payment of a partial income-based incentive fee, which Chris will walk through in more detail.

接著看 2026 財政年度第三季的財務重點：調整後淨投資收益為 3,220 萬美元，約每股 0.37 美元，較前一季的 3,370 萬美元（每股 0.38 美元）略為下降。這項小幅下滑主要反映我們較低的槓桿使用、非經常性收入低於平均的季度，以及支付部分以收益為基礎的績效激勵費用；Chris 將進一步詳細說明。

For the quarter, our Board declared a total cash dividend of $0.33 per share. The dividend is composed of a base cash dividend of $0.30 per share and a supplemental dividend of $0.03 per share. This is consistent with our policy of paying a supplemental dividend equal to 50% of adjusted net investment income in excess of the base dividend. The dividends are payable in cash on September 30, 2026. The stock goes of record on September 15, 2026.

本季董事會宣告每股合計現金股利 0.33 美元。股利由每股 0.30 美元的基本現金股利與每股 0.03 美元的補充股利組成。這符合我們的政策：補充股利等於超出基本股利之調整後淨投資收益的 50%。股利將於 2026 年 9 月 30 日以現金支付。股票除權息基準日為 2026 年 9 月 15 日。

With that, I'll turn the call over to Armen to discuss the market environment.

接下來，我把電話交給 Armen，請他談談市場環境。

Thank you, Matt. On our last call, I described the volatility in direct lending as more a period of recalibration than a systemic issue. I also walked through specific investor concerns around direct lending, including rising impairments, the use of leverage, liquidity mismatches, software exposure in an AI-driven world, and refinancing risk.

謝謝你，Matt。在上一次電話會議中，我將直接放貸的波動形容為一段重新校準的期間，而非系統性問題。我也說明了投資人對直接放貸的具體疑慮，包括減損上升、槓桿使用、流動性錯配、在 AI 驅動世界中的軟體曝險，以及再融資風險。

On today's call, I want to provide a brief market update, take stock of how these concerns are evolving, and explain how they inform our approach at Oaktree. First, the market backdrop. The June quarter was less volatile than the March quarter. Credit and equity markets stabilized, and the general tone was less bearish, although dispersion continued to be a dominant theme.

在今天的電話會議中，我想提供簡要的市場更新，盤點這些疑慮如何演變，並說明它們如何影響我們在 Oaktree 的做法。首先是市場背景。6 月季度的波動小於 3 月季度。信貸與股票市場趨於穩定，整體氛圍較不悲觀，儘管分化仍是主導主題。

For example, the broadly syndicated loans market showed a bifurcated recovery. Spreads for single B and single B-plus loans retraced most of the widening experience during the March quarter and ended June close to December 2025 levels. New issuance in the broadly syndicated loan market also resumed, and many transactions priced at or through the tight end of initial price talk.

例如，廣泛聯貸（BSL）市場呈現分岔式復甦。單 B 與單 B+ 貸款的利差回吐了 3 月季度大部分的擴大幅度，並在 6 月底回到接近 2025 年 12 月的水準。廣泛聯貸市場的新發行也已恢復，且許多交易的定價落在或優於初始價格指引區間的緊端。

However, the recovery has not been uniform. Spreads on traded B-minus credits remain wider than they were in late 2025, and new issuance among lower-rated borrowers remains limited. The direct lending market was also more subdued. Spreads remained wider than 2025 levels, while direct lending deal value declined to a 2.5-year low.

然而，復甦並不一致。交易中的 B- 信用品質利差仍較 2025 年底更寬，且較低評級借款人的新發行仍然有限。直接放貸市場也較為低迷。利差仍高於 2025 年水準，同時直接放貸交易金額降至 2.5 年低點。

The decline in deal flow largely reflected the slowdown in private equity activity, with quarterly deal value also declining to a multi-year low. Sponsors continue to face a difficult exit environment amid a wide bid-ask spread between sellers and buyers, geopolitical uncertainty, a less predictable macroeconomic outlook, and the possibility of slower growth alongside persistent inflation.

交易量下滑主要反映私募股權活動放緩，季度交易金額也降至多年低點。在賣方與買方之間的出價—要價差距仍大、地緣政治不確定性、宏觀經濟展望較難預測，以及在通膨持續下成長可能放緩的情況下，贊助商仍面臨艱難的退出環境。

In this environment, the balance between private credit borrowers and lenders has improved. Competition has generally been more rational, and underwriting standards have strengthened. On average, loans issued in calendar 2026 offer more attractive terms than transactions completed in 2024 and 2025.

在此環境下，私募信貸借款人與放款人之間的平衡已改善。整體而言，競爭更為理性，且承作審核標準已趨於強化。平均而言，於2026曆年發放的貸款條款較2024年與2025年完成的交易更具吸引力。

During the June quarter, new sponsor-backed first-lien direct loans were pricing in the range of SOFR plus 500 to 550 basis points, consistent with the March quarter and above the 2025 types of SOFR plus 450 to 475. However, competition for new deals, especially in middle-market first-lien direct lending, increased towards the end of June and compressed average spreads closer to 500 basis points.

在6月季度，新承作、由贊助商支持的第一順位擔保直接貸款定價約為SOFR加500至550個基點，與3月季度一致，且高於2025年常見的SOFR加450至475個基點。然而，對新交易的競爭——尤其是在中型市場的第一順位擔保直接放款——於6月底前後升溫，並使平均利差收斂至更接近500個基點。

Now, I'll turn to the specific concerns we highlighted last quarter, beginning with impairment risk. Across the direct lending industry, credit issues have continued to arise. While industry data for non-accruals has been mixed in recent quarters, OCSL's non-accruals are down approximately 280 basis points from its peak in March of 2025.

接下來我將回到我們上季強調的具體疑慮，先從減損風險談起。在整個直接放款產業中，信用問題仍持續出現。儘管近幾季產業的非應計（non-accrual）數據表現不一，OCSL的非應計自2025年3月的高點以來已下降約280個基點。

Our work is not complete, yet our progress reflects an active, hands-on approach to challenged credits. We have successfully pursued monetizations; restructured investments; and when necessary, made difficult decisions to exit positions to avoid tying up capital and to minimize losses.

我們的工作尚未完成，但目前的進展反映出我們對受挑戰信用採取主動、親力親為的處理方式。我們已成功推動變現；重組投資；並在必要時做出艱難決策退出部位，以避免資本被占用並將損失降至最低。

The second concern is the use of leverage. The statutory debt-to-equity limit for BDCs is 2 to 1, and essentially, all BDCs operate under that limit today. Our concern is not the level of leverage at BDCs, which by historical standards and compared to other levered vehicles is relatively modest, but how leverage is used.

第二項疑慮是槓桿的使用。BDC的法定負債對股權上限為2比1，而基本上目前所有BDC都在該上限之下運作。我們擔心的不是BDC的槓桿水準——以歷史標準並與其他使用槓桿的投資工具相比屬相對溫和——而是槓桿如何被使用。

At Oaktree, we view leverage as an output of the investment environment, not as a way to achieve a particular earnings or dividend target. When we find compelling investments with appropriate downside protection, we are prepared to deploy capital and allow leverage to increase.

在Oaktree，我們將槓桿視為投資環境的結果，而非用來達成特定盈餘或股利目標的手段。當我們找到具吸引力且具備適當下行保護的投資時，我們準備好投入資本並允許槓桿上升。

When the opportunity set is less attractive, we are comfortable maintaining greater liquidity and operating at lower leverage. At quarter end, OCSL's net leverage was 1.02 times, positioning us below the midpoint of our target range and preserving capacity to invest as opportunities emerge.

當可投資機會較不具吸引力時，我們也樂於維持較高流動性並以較低槓桿運作。截至季末，OCSL的淨槓桿為1.02倍，使我們位於目標區間的中點以下，並保留在機會浮現時進行投資的能力。

The next risk, and the source of continued headlines this quarter, is liquidity or asset-liability mismatches in non-traded BDCs. Redemption requests of several large non-traded vehicles remained elevated during the June quarter, in some cases reaching the mid-to-high teens as a percentage of equity.

下一項風險，也是本季持續成為新聞焦點的來源，是非上市（non-traded）BDC的流動性或資產負債錯配。在6月季度，數個大型非上市投資工具的贖回申請仍維持在高位，部分案例以股權百分比計達到十幾個百分點的中高區間。

This highlights the potential mismatch between the liquidity expectations of investors in non-traded BDCs and the less liquid profiles of the underlying private credit assets. We expect it may take several quarters for existing redemption queues to normalize and for net flows in non-traded BDCs to inflect positive.

這凸顯了非上市BDC投資人對流動性的期待，與其底層私募信貸資產較低流動性特性之間可能存在的錯配。我們預期，現有贖回排隊可能需要數個季度才能正常化，且非上市BDC的淨資金流向也可能要到那時才會轉為正向。

As a reminder, OCSL is a permanent capital vehicle and does not face redemption risk. Against this backdrop, we view headwinds to the non-traded BDC market as a net positive for permanent capital public BDCs with dry powder. Net outflows from non-traded BDCs reduce competition for new investments, and it may create opportunities in the form of secondary portfolio purchases and industry consolidation, which we are positioned to evaluate.

提醒一下，OCSL是永久資本工具，不面臨贖回風險。在此背景下，我們認為非上市BDC市場的逆風，對於擁有可動用資金（dry powder）的永久資本型上市BDC而言屬淨正面。非上市BDC的淨流出會降低新投資的競爭，並可能以次級市場投組收購與產業整併的形式創造機會，而我們具備評估這些機會的條件。

The final, and perhaps most debated risk, is software exposure and related refinancing risk. Investors across credit and equity markets have spent considerable time analyzing software and potential AI disruption. As investors dig in, they are beginning to discern between the riskiest businesses and those with more defensible business models.

最後一項、也許爭論最多的風險，是軟體曝險及其相關的再融資風險。信貸與股票市場的投資人已花費大量時間分析軟體以及AI可能帶來的顛覆。隨著投資人深入研究，他們開始分辨出風險最高的企業與那些商業模式更具防禦性的企業。

Software is not a monolithic category, and AI exposure is not evenly distributed. The greatest risk is likely concentrated where business model disruption intersects with high leverage, limited free cash flow, and a near or medium-term refinancing need. Many loans originated in 2020 and 2021 were underwritten when base rates were near zero, valuation multiples were at peak levels, and the implications of AI were not yet apparent.

軟體並非單一同質的類別，AI曝險也並非平均分布。最大風險很可能集中在：商業模式遭顛覆與高槓桿、有限自由現金流，以及短期或中期再融資需求交會之處。許多於2020與2021年承作的貸款，是在基準利率接近零、估值倍數處於高峰、且AI影響尚未明朗時所核貸。

A meaningful portion of that cohort, especially ARR-based loans, will mature in 2027 and 2028. Refinancing those investments will be an important test for the market. The outcomes will be issuer-specific, and active portfolio management will remain essential.

其中相當一部分——尤其是以ARR（年度經常性收入）為基礎的貸款——將於2027與2028年到期。為這些投資進行再融資將是市場的一項重要考驗。結果將取決於各發行人（借款人）個別情況，而主動式投組管理仍將至關重要。

These direct lending issues will take multiple quarters, and in some cases, years to play out. No one can predict precisely how they will materialize. Our focus remains on the factors we can control: disciplined underwriting, portfolio management, and balance sheet flexibility. The current risk environment does not mean that investors should avoid private credit. Rather, it means lenders should be discerning and demand greater downside protection.

這些直接放款議題將需要多個季度，且在某些情況下需要數年才能完全發酵。沒有人能精準預測它們將如何具體呈現。我們的重點仍放在可控因素：嚴謹的承作審核、投組管理，以及資產負債表的彈性。目前的風險環境並不意味著投資人應避開私募信貸。相反地，這意味著放款人應更具辨識力，並要求更強的下行保護。

There are several ways the market could evolve from here. If geopolitical uncertainty diminishes or the macroeconomic outlook improves, sponsors may become more willing to transact. A recovery in M&A and private equity exits could increase demand for financing at a time when the supply of direct lending capital has become more disciplined. That would be a positive outcome for direct lending deal flow and spreads.

市場接下來可能有數種演變路徑。若地緣政治不確定性降低或總體經濟展望改善，贊助商可能更願意進行交易。併購與私募股權退出的復甦，可能在直接放款資本供給更趨自律之際，提高融資需求。這將對直接放款的交易量與利差帶來正面影響。

On the other hand, if transaction activity remains limited while capital continues to flow into private credit, even if at a slower pace, we may see further spread tightening. The outlook for interest rates has also evolved over the year. Persistent inflation has reduced confidence in the pace of future rate cuts and increased the possibility that base rates will remain higher for longer. While higher rates support higher income from floating rate loans, they also increase interest burdens for borrowers. Interest coverage continues to be a metric we monitor closely.

另一方面，若交易活動仍然有限，而資金持續流入私募信貸——即使速度放緩——我們可能會看到利差進一步收斂。利率前景在今年也有所演變。持續的通膨降低了市場對未來降息速度的信心，並提高基準利率在更長時間內維持較高水準的可能性。較高利率雖支撐浮動利率貸款帶來更高收益，但也會增加借款人的利息負擔。利息保障倍數仍是我們密切監控的指標。

This uncertainty is why we are focused on what we can control, especially maintaining a nimble balance sheet. It also brings us back to the importance of the broader Oaktree and Brookfield platform. In an environment where traditional sponsor-backed middle market activity remains subdued, the ability to source beyond US sponsor-backed direct lending becomes increasingly valuable.

這種不確定性正是我們專注於可控事項的原因，尤其是維持靈活的資產負債表。這也讓我們回到更廣泛的Oaktree與Brookfield平台的重要性。在傳統由贊助商支持的美國中型市場活動仍偏低迷的環境下，能夠在美國贊助商支持的直接放款之外進行案源開發，變得愈發有價值。

Across the combined platforms, we are evaluating opportunities in direct lending, asset-backed finance, liquid credit, situational lending, non-US direct lending, and secondary transactions. We can compare relative value across those markets and allocate capital where we believe the risk-adjusted return is compelling.

在合併後的平台上，我們正在評估直接放款、資產擔保融資、流動性信貸、情境式放款、非美國直接放款，以及次級市場交易等機會。我們可以在這些市場之間比較相對價值，並將資本配置到我們認為風險調整後報酬具吸引力之處。

With that, I'll turn the call over to Raghav for a review of our portfolio and investment activity.

接下來，我把電話會議交給Raghav，請他回顧我們的投組與投資活動。

Thanks, Armen. I'll start with our progress on non-accruals, then discuss new originations in our pipeline before closing with portfolio metrics. Beginning with Thrasio, which as Matt mentioned, was the most significant portfolio development of the quarter. Thrasio is an Amazon aggregator that has been on non-accrual since December 2023 due to an overly aggressive growth strategy after COVID.

謝謝你，Armen。我將先談我們在非應計方面的進展，接著討論我們管線中的新承作，最後以投組指標作結。先從Thrasio開始，如Matt所提到的，這是本季最重要的投組進展。Thrasio是一家Amazon聚合商，因COVID之後採取過於激進的成長策略，自2023年12月起即處於非應計狀態。

Over the last two years, the company reduced its cost infrastructure and streamlined its operations to focus on its strongest brands. During the June quarter, Thrasio sold several of its largest brands, including stain remover, Hate Stains, to Church & Dwight for a $325 million gross purchase price. Proceeds from these asset sales were used to repay 100% of the first out term loan and the majority of the second out.

在過去兩年中，該公司降低其成本架構並精簡營運，以聚焦於其最強勢的品牌。在6月季度，Thrasio出售了數個最大品牌，包括去漬劑品牌Hate Stains，以3.25億美元的總收購價出售給Church & Dwight。這些資產出售所得用於償還第一順位分層定期貸款（first out term loan）的100%，以及第二順位分層的大部分。

We marked the remaining second out position up from 80 in the prior quarter to 99, returned it to accrual status, and expect the remaining second out loan to be fully repaid over the next few months from additional asset sale proceeds. We believe Thrasio illustrates the value of our workout expertise and cooperative efforts with other creditor owners to reposition a company through a restructuring and maximize recoveries in a relatively short timeframe.

我們將剩餘的第二順位（second out）部位估值由上一季的80上調至99，並將其恢復為計息狀態（accrual status）；我們預期該剩餘第二順位貸款將在未來幾個月內，透過額外資產出售所得款項全數償還。我們認為 Thrasio 展現了我們在困境處理（workout）方面的專業價值，以及與其他債權人所有者協同合作，透過重整使公司重新定位，並在相對短的時間內將回收率最大化。

Throughout the workout process, we were actively engaged with the company and other stakeholders to realize a return of our capital. The result was a conversion of a non-accrual position into cash proceeds and the remaining piece into an income-producing loan that should be paid off in the near term.

在整個困境處理過程中，我們積極與公司及其他利害關係人互動，以實現資本回收。結果是將一筆非計息部位轉換為現金回收款，並將剩餘部分轉為可產生收益的貸款，且應可在近期償清。

Next, Avery, our investment in a condominium project that we have discussed on prior calls, also continues to perform ahead of our underwriting expectations. Through June 30, 12 units closed year to date, compared with our full-year 2026 budget of six units.

接著，Avery——我們投資的一個公寓（condominium）開發案，先前在電話會議中也曾討論——同樣持續優於我們承作（underwriting）時的預期表現。截至6月30日，本年度迄今已完成交割12個單位，相較之下，我們2026年全年預算為6個單位。

Since quarter end, additional units have been sold and others are under contract. Our June 30 blended mark of 79, up from 65 at March 31, reflects only the units closed through the end of the quarter. At quarter end, six investments were on non-accrual, representing approximately 1.8% of the total debt portfolio at fair value, down from 2.6% last quarter and 3.2% one year ago. Importantly, 97% of the sequential decline in non-accruals was a result of proceeds received to pay down debt.

自季末以來，已有更多單位售出，另有一些正在簽約中。我們6月30日的加權平均估值（blended mark）為79，高於3月31日的65，但僅反映截至季末已完成交割的單位。截至季末，有6項投資處於非計息狀態，按公允價值計約占整體債務投資組合的1.8%，低於上一季的2.6%，亦低於一年前的3.2%。重要的是，非計息部位的連續下降中，有97%是由於收到款項用以償還債務所致。

Turning to investment activity and the pipeline, new investment commitments totaled $206 million in the quarter, stable compared to $204 million in the prior quarter. Proceeds from prepayments, exits, other paydowns, and sales were $263 million, down from $334 million last quarter.

談到投資活動與案源管線，本季新增投資承諾合計2.06億美元，與上一季的2.04億美元大致持平。來自提前償還、退出、其他償還及出售的回收款為2.63億美元，低於上一季的3.34億美元。

The weighted average yield on new debt investments was 10.0%, up from 9.2% in the prior quarter, reflecting higher spreads on new private originations. Oaktree's capabilities around sourcing, underwriting, and structuring bespoke deals helps us achieve a healthy yield on new originations.

新承作債務投資的加權平均收益率為10.0%，高於上一季的9.2%，反映新私募承作案的利差較高。Oaktree 在案源取得、承作審核與量身結構設計（structuring bespoke deals）方面的能力，協助我們在新承作案上取得健康的收益率。

As Armen mentioned, the investment opportunities we are reviewing today are generally more attractive than what we saw over the past two years. Transactions under review often feature more lender-friendly terms, including stronger documentation and structural protections, lower leverage, and lower loan-to-value. The median spread on opportunities in our pipeline has ranged from SOFR plus 550 to 575 basis points above broader market averages, which we believe reflects our differentiated sourcing capabilities.

如 Armen 所提到，我們目前正在評估的投資機會，整體而言比過去兩年所見更具吸引力。審查中的交易往往具備更偏向放款人的條款，包括更強的文件條款與結構性保護、更低的槓桿，以及更低的貸款價值比（loan-to-value）。我們管線中機會的利差中位數介於 SOFR 加 550 至 575 個基點，較整體市場平均高出一段，我們認為這反映了我們差異化的案源取得能力。

While activity in middle market direct lending remains measured, our opportunity set is supplemented by transactions sourced across the broader Oaktree and Brookfield private credit ecosystem. One new origination that demonstrates our unique capabilities is Zayo Group, a fiber infrastructure company.

儘管中型市場直接放款的活動仍相對審慎，我們的機會集合亦由更廣泛的 Oaktree 與 Brookfield 私募信貸生態系所取得的交易加以補充。一筆展現我們獨特能力的新承作案是 Zayo Group，一家光纖基礎設施公司。

Commercial fiber infrastructure products provide high-speed data broadband connectivity between business locations, data centers, cloud provider networks, and the global internet. In May, OCSL, alongside other Oaktree funds, funded approximately 60% of a private junior warehouse securitization facility to support the financing for Zayo's acquisition of Crown Castle's fiber infrastructure network.

商用光纖基礎設施產品可在企業據點、資料中心、雲端服務商網路與全球網際網路之間，提供高速寬頻資料連線。5月，OCSL 與其他 Oaktree 基金共同出資，為一項私募次順位倉儲型證券化融資（private junior warehouse securitization facility）提供約60%的資金，以支持 Zayo 收購 Crown Castle 光纖基礎設施網路的融資需求。

This facility is priced at SOFR plus 675 basis points, with junior liens supported by Crown Castle's fiber network assets and carries a corporate guarantee from a parent entity that provides support to our facility ahead of the sponsor equity and features other lender-friendly terms uncommon in traditional public ABS deals.

該融資工具定價為 SOFR 加 675 個基點；其次順位擔保權（junior liens）以 Crown Castle 的光纖網路資產作為支持，並由母公司實體提供公司保證（corporate guarantee），使我們的融資在贊助方股權之前獲得支持，且包含其他在傳統公開 ABS 交易中不常見、較偏向放款人的條款。

This was not our first involvement with Zayo. Prior to this transaction, OCSL purchased Zayo's first-lien, first-out post LME broadly syndicated term loan at a discount to par. That loan has since been partially repaid with proceeds from ABS issuance, and the remaining position has appreciated to approximately par.

這並非我們首次參與 Zayo。在此交易之前，OCSL 以低於面值（par）的價格買入 Zayo 在 LME 之後的第一順位、第一出款（first-lien, first-out）廣泛聯貸定期貸款。該貸款其後已以 ABS 發行所得部分償還，而剩餘部位已升值至約等同面值。

We believe our investments in Zayo highlight several of Oaktree's strengths: consideration of relative value across a company's capital structure, identifying mispriced public credit, structuring complex private transactions supported by strong documentation, and collaborating across Oaktree's investment teams to source differentiated opportunities beyond just traditional sponsor-backed direct lending.

我們認為對 Zayo 的投資凸顯了 Oaktree 的多項優勢：在公司資本結構中評估相對價值、辨識被錯價的公開信貸、在強健文件條款支持下架構複雜的私募交易，以及跨 Oaktree 投資團隊協作，取得超越傳統由贊助方支持之直接放款的差異化機會。

Looking at total portfolio metrics as of June 30, 82% of the portfolio at fair value was first lien senior secured debt, and the weighted average yield on debt investments was 9.3%. The portfolio remains well-diversified, with the average debt position representing approximately 65 basis points of the total portfolio at fair value, and no single position exceeding 2.1% of fair value.

截至6月30日的整體投資組合指標顯示，按公允價值計，82%的投資組合為第一順位優先擔保債務（first lien senior secured debt），債務投資的加權平均收益率為9.3%。投資組合仍維持良好分散；平均單一債務部位約占按公允價值計之整體投資組合的65個基點，且沒有任何單一部位超過公允價值的2.1%。

The median EBITDA of our portfolio companies was approximately $189 million, up about 4% sequentially. Portfolio company weighted average leverage was 5.1 times, slightly better than 5.2 times last quarter, and interest coverage improved to 2.4 times from 2.1 times.

我們投資組合公司的 EBITDA 中位數約為1.89億美元，較上一季約成長4%。投資組合公司加權平均槓桿倍數為5.1倍，較上一季的5.2倍略有改善；利息保障倍數由2.1倍提升至2.4倍。

And now, turning to an update on software exposure. Based on GICS industry group classification, software represents 20% of the portfolio at fair value, down slightly from the prior quarter. Our high AI risk software exposure remains unchanged at approximately 3% of the performing debt portfolio at fair value.

接下來更新軟體產業曝險。依 GICS 產業群分類，軟體約占按公允價值計之投資組合的20%，較上一季略降。我們高 AI 風險的軟體曝險維持不變，約占按公允價值計之正常計息債務投資組合的3%。

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

接下來我把電話會議交給 Chris，請他回顧我們的財務結果。

Thank you, Raghav. In our third fiscal quarter ended June 30, 2026, adjusted total investment income was $69.2 million, down slightly compared to $69.7 million in the prior quarter. The modest change primarily reflected a smaller average portfolio balance from operating with lower leverage and a decrease in non-recurring income, partially offset by placing the Thrasio second out loan back onto accrual status.

謝謝你，Raghav。在截至2026年6月30日的2026會計年度第三季，我們的調整後總投資收益為6,920萬美元，較上一季的6,970萬美元略為下降。這項小幅變動主要反映在較低槓桿下運作使平均投資組合餘額較小，以及一次性（非經常性）收入下降；部分被將 Thrasio 第二順位貸款恢復計息所抵銷。

The average non-recurring income for the trailing eight quarters has been about $3.8 million, while this quarter came in slightly below $2 million. This was not unexpected. Although non-recurring income is inherently episodic, it can skew directionally lower during and after a period of intense market volatility.

過去連續八季的一次性收入平均約為380萬美元，而本季略低於200萬美元。這並不令人意外。雖然一次性收入本質上具有間歇性，但在市場劇烈波動期間及其後，可能會使其趨勢性地偏低。

We delivered adjusted net investment income of $32.2 million, or approximately $0.37 per share, compared to $33.7 million or $0.38 per share in the prior quarter. The slight quarter-over-quarter decline was driven by lower total investment income and higher income-based for Part I incentive fees, partially offset by lower interest expense.

我們的調整後淨投資收益為3,220萬美元，約每股0.37美元；相較上一季為3,370萬美元，約每股0.38美元。本季較上一季小幅下降，主要由總投資收益較低及第一部分（Part I）與收益掛鉤的激勵費用較高所致，部分被利息費用較低所抵銷。

Let's spend a moment on the incentive fee. Last quarter, we paid no Part I incentive fee as a result of our total return hurdle. This quarter, we paid $2.4 million or approximately $0.03 per share. For context, a full incentive fee would have been approximately $6 million, or about $0.07 per share. In other words, the incentive fee this quarter was roughly half of what it would have otherwise have been, reflecting our progress in reducing non-accruals, but partially offset by the continuing overhang from prior quarters' losses under the total return hurdle. We believe this mechanism is working as designed, aligning the fees Oaktree earns with the total returns shareholders receive.

我們花點時間談談激勵費用。上一季，由於我們的總報酬門檻（total return hurdle），我們未支付任何第一部分（Part I）激勵費用。本季我們支付240萬美元，約每股0.03美元。作為參考，若支付全額激勵費用，約為600萬美元，約每股0.07美元。換言之，本季激勵費用約為原本可能支付金額的一半，反映我們在降低非計息部位方面的進展，但仍部分受到先前季度在總報酬門檻下之虧損所形成的持續壓力影響。我們認為此機制如設計般運作，使 Oaktree 所獲得的費用與股東所獲得的總報酬一致。

NAV per share was $15.70 as of June 30, 2026, stable compared to $15.69 as of March 31, 2026. PIC income represented approximately 7.8% of adjusted total investment income during the quarter, compared to 5.5% last quarter. Increased PIC was largely driven by two names that were underwritten with PIC optionality to support the issuer's growth and strategic initiatives.

截至2026年6月30日，每股淨資產價值（NAV）為15.70美元，較截至2026年3月31日的15.69美元維持穩定。本季PIC收入約占調整後總投資收入的7.8%，相較於上季的5.5%。PIC增加主要由兩個標的所帶動，這兩筆在承作時即納入PIC選擇權，以支持發行人的成長與策略性計畫。

Importantly, the EBITDA leverage and interest coverage of our portfolio companies electing to PIC are roughly in line with the metrics for our overall portfolio. And consistent with last quarter, approximately two-thirds of our PIC income relates to investments that were structured with the option to PIC at origination.

重要的是，選擇採用PIC的投資組合公司，其EBITDA槓桿與利息保障倍數大致與我們整體投資組合的指標一致。且與上季一致，我們約三分之二的PIC收入來自於在起始承作時即設計為可選擇PIC的投資。

Our net leverage ratio at quarter end was approximately 1.02 times, down slightly from 1.04 times last quarter, and total debt outstanding was $1.45 billion. Our long-term target leverage range of 0.9 times to 1.25 times remains unchanged. As of June 30, the weighted average interest rate on debt outstanding was 5.9%, unchanged from the prior quarter. Unsecured debt represented 65% of total debt at quarter end.

季末我們的淨槓桿比率約為1.02倍，較上季的1.04倍略降，未償總債務為14.5億美元。我們長期目標槓桿區間0.9倍至1.25倍維持不變。截至6月30日，未償債務的加權平均利率為5.9%，與前一季持平。季末無擔保債務占總債務的65%。

We have a healthy level of dry powder with liquidity of approximately $699 million, including $40 million of cash and $659 million of undrawn capacity under our credit facilities. Unfunded commitments, excluding those related to the joint ventures, were approximately $208 million.

我們擁有充足的可動用資金（dry powder），流動性約為6.99億美元，其中包括4,000萬美元現金及在我們信貸額度項下尚未動用的6.59億美元額度。未撥付承諾（不含與合資企業相關者）約為2.08億美元。

Turning to our joint ventures, together, the JVs held approximately $524 million of investments across 135 portfolio companies and generated aggregate returns on equity of approximately 11.3% during the quarter. Leverage at the JVs was 2.1 times, compared to 1.9 times last quarter. During the quarter, we converted approximately 25% of the Kemper JV's subordinated note into equity. This did not have a material impact on the total earnings recognized from the JV, but the income came in the form of a combination of interest income and dividend income instead of exclusively interest income.

談到我們的合資企業（JV），合計持有約5.24億美元投資，涵蓋135家投資組合公司，並於本季產生約11.3%的合計股東權益報酬率。合資企業的槓桿為2.1倍，較上季的1.9倍上升。本季我們將Kemper JV之次順位票據約25%轉換為股權。此舉對自JV認列的總收益並無重大影響，但收入型態由原本僅有利息收入，改為利息收入與股利收入的組合。

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行問答。

(Operator Instructions) Rick Shane, JPMorgan.

(接線員指示) Rick Shane，摩根大通。

Hey, guys. Thanks for taking my questions. Look, I think you've highlighted the benefits of a more constrained supply of capital and competition. At the same time, arguably, there are macro headwinds facing portfolio companies, whether it's elevated energy prices, higher labor costs, higher interest rates. When you think about the risks associated with the macro factors and you talk about the opportunity for better structure related to more muted competition, do you think -- where do you sort of put yourself in the cycle of returns? Do you sort of net it that gives you mid-cycle returns? Are you at a point now where you actually think you can extract higher above cycle returns, realizing that returns aren't static across a 10-year period?

嗨，各位。謝謝讓我提問。我想你們已經強調了資本供給更受限、競爭降低所帶來的好處。同時，可以說投資組合公司也面臨總體面的逆風，不論是偏高的能源價格、更高的勞動成本、更高的利率。當你們思考與這些總體因素相關的風險，並談到因競爭較為溫和而有機會取得更好的交易結構時，你們認為——你們會把自己放在報酬循環的哪個位置？你們會把它綜合後視為中周期報酬嗎？還是你們認為現在其實可以取得高於周期的報酬，畢竟報酬在10年期間並非固定不變？

Thanks, Rick. It's Armen. Look, I don't think we're at mid-cycle returns. I think we are seeing some spread widening caused by the outflows from the semi-liquid or semi-traded, or, sorry, untraded BDCs. Just given the maturity profile of the 2021, 2022 LBOs that were done that still have maturities coming in 2027 through 2029, we think that there's still going to be greater volatility ahead of us, greater opportunity to deploy with wider spread, better return, tighter terms. So we are, I would say at this point, kind of conserving our capital, maintaining ourselves in a more defensive and risk-averse posture. We really want to be able to lean into the market on the back of what we think will be more volatility.

謝謝，Rick。我是Armen。我不認為我們處於中周期報酬。我們看到一些利差擴大，原因在於半流動或半交易——抱歉，是非交易型BDC的資金流出。再加上2021、2022年完成的槓桿收購（LBO）其到期結構仍將在2027年至2029年陸續到期，我們認為未來仍會有更大的波動，也會有以更寬利差、更佳報酬、更嚴格條款進行部署的更大機會。因此我會說，目前我們有點在保留資本，維持較防禦、較風險趨避的姿態。我們希望能在我們認為波動將加大的背景下，更積極地切入市場。

So it's not -- I wouldn't characterize it as mid-cycle. I would say we're sort of 75, maybe 50 to 75 basis points wide of where we were six months ago. I just don't think that that's fully baking in the inflation that we would expect in a continued conflict with Iran. I don't think that's reflective of the full extent of disruption in software driven by AI. And there's a whole host of other kind of macro indicators that are beneath the surface but are indicating some weakness.

所以——我不會把它形容為中周期。我會說，相較於六個月前，我們大概寬了75個基點，可能是50到75個基點。我只是認為，這還沒有完全反映我們在與伊朗持續衝突下所預期的通膨。我也不認為這反映了AI驅動下軟體領域受擾動的全部程度。此外，還有一整套其他較不顯眼的總體指標，但都在顯示一些疲弱跡象。

The overall economic picture, if you just kind of step out -- step back to the 50,000-foot level, on average, things look okay. It looks like the economy is handling things okay. But beneath the surface, there's cause for concern and I don't think we're seeing the maximum opportunity set at this time.

如果你把整體經濟圖像拉遠——退一步從更宏觀的角度來看，平均而言，情況看起來還可以。看起來經濟正在妥善應對。但在表面之下，仍有令人擔憂之處，我不認為我們此刻看到的是最大化的機會集合。

Got it. Yeah, look, I really appreciate the thoughtfulness of that answer. I think we're sort of wrestling with the same things as we look at the world across a pretty wide coverage universe. Things seem to be holding up pretty well, but at the same time, you see these sort of little spots on the mosaic that make you wonder a little bit. So I appreciate the answer and it's consistent, I think, with how we see the world, too. Thank you.

了解。是的，我很感謝你這個回答的周延思考。我們在觀察一個涵蓋面很廣的追蹤範圍時，也在糾結類似的問題。整體看起來撐得不錯，但同時你也會在拼圖上看到一些小點，讓你有點疑慮。所以我很感謝你的回答，我想這也與我們看世界的方式一致。謝謝。

Thanks, Rick.

謝謝，Rick。

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

(接線員指示) Finian O'Shea，富國銀行證券。

Hey, good morning. So, Armen, just picking up on that dialogue with Rick -- and some of your opening remarks seemed a little more constructive on the spread widening, although those have come in a little bit. I think you were constructive on that. And you have ample leverage, so seeing your overall posture in terms of leaning in. And then maybe how attractive you view sponsor versus other more sits or liquid type exposures that tend to come in the book here and there.

嗨，早安。Armen，接續你和Rick的對話——你在開場的一些談話似乎對利差擴大更偏正面一些，雖然利差最近又收斂了一點。我想你對此是偏建設性的。而且你們有充足的槓桿空間，所以想了解你們整體在「更積極切入」方面的姿態。另外，也想請你談談你們如何看待贊助商（sponsor）交易相較於其他較零散或較具流動性的曝險類型——這些有時也會出現在你們的投資組合中。

Yeah. Thanks, Fin. Look, I would say that the market is better today than what it was six months ago in terms of deployment. The volatility in fund flows has created that opportunity. The pace of deal flow is slower. It's just there's not as much deal volume, whether it's for non-sponsored or for sponsor-backed transactions. It just seems that with the base rate picture remaining elevated, spreads widening a little bit, uncertainty in the broader economy, the war with Iran, there's reasons why just the deal volume is a little slower.

是的。謝謝，Fin。我會說，就部署而言，今天的市場比六個月前更好。資金流向的波動創造了那樣的機會。交易流量的速度較慢。就是交易量沒有那麼多，不論是非贊助商或贊助商支持的交易。看起來在基準利率水準仍偏高、利差略為擴大、整體經濟不確定性、與伊朗的戰爭等因素下，交易量偏慢是有原因的。

If deal volume was at a normal pace, I think we would see even more spread widening than we have seen. So, look, it's better than six months ago. Is it as good as it could be, or we would expect it to become? No. In terms of comparing public versus private credit and maybe a couple of other asset classes, everything has tightened other than sponsor first lien lending and some other forms of private credit, which I'll touch on.

如果交易量處於正常節奏，我認為我們會看到比目前更明顯的利差擴大。所以，整體而言，確實比六個月前更好。但是否已經好到它可能達到、或我們預期它會變得那麼好？還沒有。至於比較公開市場與私募信貸，或許再加上其他幾個資產類別，除了贊助商第一順位擔保放款以及其他一些私募信貸形式（我等一下會提到）之外，其他大多都已收斂。

If you look at the high quality part of the broadly syndicated loan market or the high yield market, and you looked at the double-Bs and single-B plus types of credits, they're at their all-time tights in high yield bonds, and they're near their tights even in broadly syndicated loans. It's really in triple Cs or stressed near defaulted securities where you really have no bid in the market for those public securities.

如果你看廣泛聯貸市場或高收益市場中較高品質的部分，並觀察BB級與B+級等類型的信用，它們在高收益債券中的利差已收窄至歷史最緊水準，在廣泛聯貸中也接近最緊水準。真正沒有買盤的是CCC級或承壓、接近違約的證券，對於那些公開市場證券，市場上幾乎沒有出價。

So achieving the average spread in the broadly syndicated loan index or the high yield index is not very easy to do because it's sort of a bifurcated market. The high quality is trading super tight. The low quality is trading super wide, and there's very little in between.

因此，要在廣泛聯貸指數或高收益指數中做到平均利差並不容易，因為市場某種程度上是分化的。高品質的交易利差非常緊。低品質的交易利差非常寬，而中間地帶非常少。

And so with that tightening -- on a like-for-like basis where you look at high quality credit and private credit, high-quality credit and public credit, the public credit side, I would say, has tightened over the last 12 to 24 months. On the private side, it was tight until about six months ago, and it's widened. So on a relative value basis, in terms of just purely return per unit of risk, I would say private credit looks better today relative to public credit than it did.

因此在這樣的收緊之下——以同質比較的基礎來看，當你比較高品質信用與私募信貸、高品質信用與公募信貸時，我會說公募信貸這一端在過去12到24個月已經收緊。私募這一端直到大約六個月前都很緊，之後已經走寬。所以從相對價值的角度、就每單位風險的純回報而言，我會說相較於公募信貸，私募信貸今天看起來比以前更有吸引力。

Stepping away from that for a moment, I think where there is a meaningful opportunity that is unmet by capital is in the asset-backed finance space. So providing capital to specialty lenders that are developing portfolios, diversified portfolios, of contractual cash flow streams, it's a pretty bespoke market. There is not a standard under which lenders and borrowers interact or transact, and that inefficiency creates pretty nice opportunities.

先暫時跳開這點，我認為有一個資本尚未滿足、且具實質機會的領域是在資產擔保融資（asset-backed finance）空間。也就是向專業放款機構提供資本，讓其建立由合約性現金流組成的投資組合、且是分散化的投資組合；這是一個相當客製化的市場。放款人與借款人之間互動或交易並沒有一套標準，而這種低效率創造了相當不錯的機會。

So when possible, as a firm, we are leaning into that area. It is not a great fit for BDCs as it is not a qualified asset, so we have to be mindful of how much of it that we do. But when we do see that flow, it helps inform our relative value perspective on sponsor lending, non-sponsor lending, public credit, and then more specialty areas of lending. So it rounds out the picture and we'll selectively invest in those areas in the BDC when possible.

因此在可行時，作為一家機構，我們會更積極投入該領域。這對BDC來說並不是很合適，因為它不是合格資產，所以我們必須留意我們做的量。但當我們看到這些案源時，它有助於我們形成對贊助商放款、非贊助商放款、公募信貸，以及更專業放款領域的相對價值觀點。因此它讓整體圖像更完整，並且在可行時我們會在BDC中選擇性投資這些領域。

Great. That's helpful and sort of a tie in there -- also in the remarks, you flagged consolidation in the industry. Does that -- is that driven by -- are you seeing more of it, or are you more front-footed, or maybe expected to come on the go forward, or anything we could -- anything to help us learn of your thinking there?

很好。這很有幫助，也算是呼應——另外在發言中，你提到了產業整併。那是——是由什麼驅動的——你們是看到更多整併，還是你們更積極主動，或是預期未來會發生，或有任何我們可以——任何能幫助我們了解你們在這方面思考的內容嗎？

Yeah, I might make a quick comment and throw it over to Matt Pendo. He might have a more refined view on this. But, look, there is some consolidation happening. There are portfolios of loans for sale as well. I wouldn't say that we, as a firm, are looking to do anything that is material in that space. We're always looking for opportunities to expand our reach and our sourcing capabilities. And sometimes that means partnering with or potentially even buying a platform that could help on that front.

是的，我可能先簡短評論一下，然後把問題交給Matt Pendo。他可能對此有更精煉的看法。不過，你看，確實有一些整併正在發生。也有一些貸款投資組合正在出售。我不會說我們公司正在尋求在那個領域做任何重大的動作。我們一直在尋找擴大觸及範圍與案源能力的機會。而有時這意味著與某個平台合作，甚至可能收購一個平台，以在這方面提供幫助。

But that isn't something that is super critical. It is not something that we're actively working on now, but we're certainly open-minded and a participant in the markets. But you shouldn't expect for us to be a meaningful participant in M&A, at least based on the information at hand at this time.

但那並不是非常關鍵的事情。這不是我們目前正在積極推進的事項，但我們當然保持開放態度，並且是市場的參與者。但你不應該預期我們會成為併購（M&A）的重要參與者，至少就目前掌握的資訊而言是如此。

Matt, do you have anything to add to that?

Matt，你有什麼要補充的嗎？

I think that's a good summary. As Armen said, we'll continue to look at things and be smart and aware of things. But there's nothing really close now and it's not a critical priority for us.

我認為這是個很好的總結。如Armen所說，我們會持續觀察、保持聰明並留意相關動態。但目前沒有任何非常接近的案子，而且這也不是我們的關鍵優先事項。

Great. All from me. Thanks, everybody.

很好。我這邊就這些。謝謝大家。

Thanks, Fin.

謝謝，Fin。

Peter Troisi, Barclays.

Barclays的Peter Troisi。

Hi. Good morning. Thanks for taking the question. Good to see the non-accruals decline in the quarter. But as was noted in the prepared remarks, that did come with some hard decisions in the portfolio, and that flowed through the P&L. There was about $50 million of realized losses this quarter. So I guess the question is, how do you think the rating agencies will view the trade-off of lower non-accruals versus higher realized credit losses?

嗨。早安。謝謝讓我提問。很高興看到本季不計息資產（non-accruals）下降。但如事先準備的發言所提到，這也伴隨著投資組合中一些艱難的決策，並反映到損益表上。本季約有5,000萬美元的已實現損失。所以我想問的是，你們認為評等機構會如何看待「較低的不計息資產」與「較高的已實現信用損失」之間的取捨？

Yeah, appreciate the question. This is Chris. I will take a first go at that and maybe pass it over to Matt as well for some additional comments. But yeah, I think the realized losses, well, we never like to take realized losses. Those were in names that had been marked down several years ago, in some cases. In the case of the Dominion, which was the largest realized loss, that was an asset that came over in connection with the BDC acquisition back in 2017. So I think while again, we do not like to see the realized losses, I think we do appreciate, and I think rating agencies appreciate that our NAV was flat quarter to quarter and really just seeing the crystallization of some of those losses that have been longstanding.

是的，謝謝你的問題。我是Chris。我先回答一下，之後也可能請Matt補充一些意見。不過，是的，我認為已實現損失——我們當然不喜歡認列已實現損失。那些損失來自於一些在數年前、某些情況下已經被下調估值的標的。以Dominion為例，它是最大的一筆已實現損失，那是一項在2017年我們進行BDC收購時一併承接過來的資產。所以我想，雖然我們同樣不樂見已實現損失，但我們確實也重視——我認為評等機構也會重視——我們的每股淨值（NAV）本季與上季持平，這其實只是把一些長期存在的損失加以落實（crystallization）。

I do not know, Matt, anything to add there?

我不知道，Matt，你有什麼要補充的嗎？

Yeah, Peter, good question. I think as Chris said, it's really just kind of the geography. So I don't think that's really -- I do not want to speak for the rating agencies, but not troubling to them. The things that we have been focused on with them is non-accruals, so reducing the non-accruals, which you've seen good progress there; stabilization of NAV, certainly saw that this quarter; and then our leverage, and we have continued to run leverage around one time, so very modern, prudent at the lower end of our target range. So those are the -- kind of the three things we have been focused on with the rating agencies.

是的，Peter，這是個好問題。我認為如Chris所說，這其實只是某種程度上的「位置/時點」問題。所以我不認為那真的——我不想替評等機構發言，但這不會讓他們感到困擾。我們與他們溝通時一直聚焦的重點是不計息資產，因此降低不計息資產——你也看到這方面有不錯的進展；每股淨值（NAV）的穩定性，本季確實看到了；以及我們的槓桿水準，我們持續把槓桿維持在約1倍左右，因此非常符合當前環境、也相當審慎，位於我們目標區間的較低端。所以這些就是——大致上我們與評等機構聚焦的三件事。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back to Alison for closing remarks.

目前沒有其他問題。我現在把電話會議交回給Alison做結語。

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

謝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。祝大家有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。