Blue Owl Technology Finance Corp (OTF) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Blue Owl Capital Corporation's Fourth Quarter and Full Year 2025 Earnings Call. (Operator Instructions)

各位早安，歡迎參加藍貓頭鷹資本公司2025年第四季及全年財報電話會議。（操作說明）

At this time, I'd like to turn the call over to Michael Mosticchio, Head of BDC Investor Relations. Mike, please go ahead.

此時，我想把電話交給 BDC 投資人關係主管 Michael Mosticchio。麥克，請繼續。

Thank you, operator, and welcome to Blue Owl Capital Corporation's Fourth Quarter and Full Year 2025 Earnings Conference Call. Yesterday, OBDC issued its earnings release and posted an earnings presentation for the fourth quarter and full year ended December 31, 2025. These should be reviewed in connection with the company's 10-K filed yesterday with the SEC. All materials referenced during today's call, including the press release, presentation and 10-K are available on the News and Events section of the company's website at blueowlcapitalcorporation.com. Joining us on the call today are Craig Packer, Chief Executive Officer; Logan Nicholson, President; and Jonathan Lamm, Chief Financial Officer.

謝謝接線員，歡迎參加藍貓頭鷹資本公司2025年第四季及全年財報電話會議。昨天，OBDC發布了截至2025年12月31日的第四季和全年財報及收益簡報。這些內容應與該公司昨天向美國證券交易委員會提交的 10-K 表格一起進行審查。今天電話會議中提到的所有資料，包括新聞稿、簡報和10-K表格，都可以在公司網站blueowlcapitalcorporation.com的「新聞與活動」版塊找到。今天參加電話會議的有：執行長Craig Packer、總裁Logan Nicholson和財務長Jonathan Lamm。

I'd like to remind listeners that remarks made during today's call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties that are outside of the company's control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described in OBDC's filings with the SEC. The company assumes no obligation to update any forward-looking statements.

我想提醒各位聽眾，今天電話會議期間發表的言論可能包含前瞻性陳述，這些陳述並非對未來業績或結果的保證，並且涉及許多公司無法控制的風險和不確定性。由於多種因素的影響，實際結果可能與前瞻性聲明中的結果有重大差異，這些因素包括 OBDC 向美國證券交易委員會提交的文件中所述的因素。本公司不承擔更新任何前瞻性聲明的義務。

We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the Events and Presentations section of our website. Certain information discussed on this call and in the company's earnings materials, including information related to portfolio companies, was derived from third-party sources and has not been independently verified. The company makes no such representations or warranties with respect to this information.

我們也要提醒大家，我們將在電話會議上提及非GAAP指標，這些指標已在我們的盈利演示文稿中與GAAP數據進行了核對，該演示文稿可在我們網站的「活動和演示」部分找到。本次電話會議和公司盈利材料中討論的某些信息，包括與投資組合公司相關的信息，均來自第三方來源，未經獨立核實。本公司對此資訊不作任何陳述或保證。

With that, I'll turn the call over to Craig.

接下來，我將把電話交給克雷格。

Thanks, Mike. Good morning, everyone, and thank you all for joining us today. There has been a lot of investor attention on software over the past several weeks, particularly around what AI could mean for the sector. We understand the focus. What I want to underscore at the outset is that performance at OTF has been strong, and we expect that to continue.

謝謝你，麥克。各位早安，感謝大家今天收看我們的節目。過去幾週，投資者對軟體產業給予了極大的關注，尤其是人工智慧可能對該產業產生的影響。我們理解你們的關注點。首先我想強調的是，OTF 的表現一直很出色，我們預計這種情況會持續下去。

We are pleased to report another strong quarter for OTF closing out a milestone year marked by our successful public listing on the New York Stock Exchange and continued progress in enhancing our long-term earnings power.

我們很高興地宣布，OTF 又迎來了一個強勁的季度，為具有里程碑意義的一年畫上了圓滿的句號。這一年，我們成功在紐約證券交易所上市，並在增強長期獲利能力方面取得了持續進展。

In June 2025, OTF was listed and established as the largest publicly traded technology focused BDC by total assets. In connection with the listing, we declared five quarterly special dividends of $0.05 per share through September 2026, in addition to our regular $0.35 per share dividend, supported by substantial spillover income generated prior to the listing. This distribution profile underscores our earnings potential as we ramp toward our target leverage, particularly during a period when many credit managers are navigating earnings compression.

2025 年 6 月，OTF 上市，並成為以總資產計算最大的公開交易的科技型 BDC。為配合上市，我們宣布派發五次季度特別股息，每股0.05美元，直至2026年9月，此外還有每股0.35美元的常規股息，這得益於上市前產生的巨額溢出收入。這種分配模式凸顯了我們在逐步實現目標槓桿率時的獲利潛力，尤其是在許多信貸經理正在應對獲利壓縮的時期。

Since listing, we've been working our way through the lockup releases, and as of today, roughly 50% of shares are freely tradable. We use this increased float to opportunistically repurchase $65 million of OTF shares during the fourth quarter at an average price to book value of 0.82. These repurchases were accretive ton per share and reflective of our conviction in the quality of our portfolio.

自上市以來，我們一直在逐步解除禁售期，截至今日，約有 50% 的股票可以自由交易。我們利用增加的流通股，在第四季以平均市淨率為 0.82 的價格回購了價值 6,500 萬美元的 OTF 股票。這些回購增加了每股收益，也反映了我們對投資組合品質的信心。

With that, let me address the recent headlines around software and AI. We saw a broad sell-off in tech and SAs names on concerns that AI could disrupt software business models, and that pressure ultimately impacted BDCs as well. We've always liked software and it has been a significant contributor to our performance.

接下來，我想談談最近有關軟體和人工智慧的新聞熱點。由於擔心人工智慧可能顛覆軟體商業模式，我們看到科技股和軟體架構股遭到廣泛拋售，而這種壓力最終也影響了商業發展公司。我們一直都很喜歡軟體，它也對我們的業績做出了重大貢獻。

We built dedicated technology investing capabilities to match the opportunity, and portfolio performance remains excellent. Our software borrowers are delivering low to mid 10s revenue and EBITDA growth on average, among the strongest across our direct lending strategy.

我們建立了專門的技術投資能力以掌握這一機遇，投資組合表現依然出色。我們的軟體借款人平均實現了 10% 左右的收入和 EBITDA 成長，在我們所有直接貸款策略中屬於最強勁的水平。

Our technology strategy is supported by a dedicated team of over 40 technology investment professionals, part of our broader direct lending team of more than 120 investment professionals. The team is organized across 10 key subsectors, including cybersecurity, healthcare IT and fintech, giving us deep domain coverage and experience navigating ongoing technology shifts.

我們的技術策略由一支由 40 多名技術投資專業人員組成的專門團隊提供支持，該團隊是我們擁有 120 多名投資專業人員的更廣泛的直接貸款團隊的一部分。團隊以 10 個關鍵子行業進行組織，包括網路安全、醫療保健 IT 和金融科技，這使我們擁有深厚的領域覆蓋和豐富的經驗，能夠應對不斷變化的技術。

They have evaluated AI risks and opportunities for many years, but given how quickly the technology is evolving, we proactively revisited our core thesis and reevaluate, reevaluated our portfolio with a forward-looking lens. Our analysis confirms the quality of our assets and gives us confidence that our portfolio remains aligned with where the market is going.

多年來，他們一直在評估人工智慧的風險和機遇，但鑑於該技術發展如此迅速，我們主動重新審視了我們的核心論點，並以前瞻性的視角重新評估了我們的投資組合。我們的分析證實了我們資產的質量，並使我們確信我們的投資組合與市場走向保持一致。

As a reminder, we primarily lend to large scale market leading companies that provide mission critical solutions with durable moats. We emphasize systems of record that are deeply embedded in customers' workflows, carry high switching costs, and operate in environments where errors, downtime, or security breaches cannot be tolerated.

再次提醒，我們主要向擁有持久競爭優勢、提供關鍵任務解決方案的大型市場領導企業提供貸款。我們強調那些深深嵌入客戶工作流程、轉換成本高昂，且在無法容忍錯誤、停機或安全漏洞的環境中運作的記錄系統。

Combined with our defensively constructed portfolio of predominantly first lean senior secured loans to private equity sponsored borrowers with LTVs in the low 30s and significant equity cushions, we have a substantial buffer even in periods when equity valuations are pressured, which helps support downside protection and durable earnings.

結合我們以私募股權支持的借款人為主的、貸款價值比在 30% 左右且擁有大量股權緩衝的優先擔保貸款為主的防禦型投資組合，即使在股權估值承壓時期，我們也擁有相當大的緩衝空間，這有助於支持下行保護和可持續的收益。

Our performance continues to validate our approach. In the fourth quarter, OTF delivered a nearly 11% return on adjusted net income. NAV increased 35 basis points in the quarter and is up nearly 16% since inception. Furthermore, OTF continues to maintain low levels of non-accruals and has posted average annual net gains of 23 basis points since inception, underscoring our credit quality.

我們的業績持續驗證了我們方法的有效性。第四季度，OTF 的調整後淨收入回報率接近 11%。本季淨資產價值成長了 35 個基點，自成立以來已上漲近 16%。此外，OTF 繼續保持較低的非應計專案水平，自成立以來平均每年淨收益達到 23 個基點，凸顯了我們的信貸品質。

While periods of rapid technological change will create disruption, they will also create opportunities and dispersion in performance. We believe that our deep domain expertise positions us to identify and capitalize on those opportunities.

雖然科技快速變革時期會帶來混亂，但也會帶來機會和發展上的差異。我們相信，憑藉我們深厚的專業知識，我們能夠辨識並掌握這些機會。

We're very pleased with our results and confident that we are well positioned to navigate ongoing changes in the sector. With that, I'll turn it over to Eric.

我們對所取得的成績非常滿意，並有信心應對該行業不斷變化的情況。接下來，我將把麥克風交給艾瑞克。

Thanks, Craig. Good morning, everyone. Since inception, our investment strategy has been to invest in a broad range of established and high growth technology companies. To date, software companies have presented the most attractive investment opportunities, and as a result, software comprises approximately 70% of our portfolio. The balance of the portfolio is made up of tech enabled services, other technology sectors, life sciences, and a small portion of non-technology investments.

謝謝你，克雷格。各位早安。自成立以來，我們的投資策略一直是投資於廣泛的成熟和高成長型科技公司。迄今為止，軟體公司展現了最具吸引力的投資機會，因此，軟體約占我們投資組合的 70%。投資組合的其餘部分由技術賦能服務、其他技術產業、生命科學以及一小部分非技術投資構成。

We remain enthusiastic proponents of software. Software is an enabling technology that can serve every sector and market and company in the world. It is not a monolith, and neither is AI. Great software businesses provide mission critical solutions that enhance productivity, drive efficiency, and replace analog and error prone ways of conducting business.

我們依然是軟體的熱情擁護者。軟體是一種賦能技術，可以服務世界上的每個產業、市場和公司。它並非鐵板一塊，人工智慧也是。優秀的軟體企業提供關鍵任務解決方案，以提高生產力、提升效率，並取代模擬和容易出錯的業務開展方式。

The software industry has navigated significant shifts before. When the industry moved from on-premises license and maintenance models to cloud subscription-based pricing models, there were winners and losers, but the shift ultimately expanded markets and strengthened the category.

軟體產業先前也經歷過重大變革。當業界從本地許可和維護模式轉向基於雲端訂閱的定價模式時，有贏家也有輸家，但這種轉變最終擴大了市場並加強了該行業。

Like the cloud transition, we expect Gen AI to drive significant long-term value through increased product utility, operating leverage, and expanding enterprise software wallet share. Our underwriting thesis remains focused on sticky mission critical applications where AI serves as an additive layer rather than a replacement.

與雲端運算轉型一樣，我們預計 Gen AI 將透過提高產品實用性、營運槓桿和擴大企業軟體錢包份額，帶來顯著的長期價值。我們的核保理念仍然專注於那些人工智慧作為附加層而不是替代品的、具有黏性的關鍵任務應用。

We believe the most resilient winners will be incumbents who successfully integrate these capabilities to solve complex enterprise grade challenges, thereby increasing switching costs and solidifying their status as essential corporate infrastructure.

我們相信，最具韌性的贏家將是那些成功整合這些能力以解決複雜的企業級挑戰的現有企業，從而提高轉換成本並鞏固其作為重要企業基礎設施的地位。

Given the heightened focus on software, it can be easy to think about it as a single homogeneous sector. That isn't how we underwrite or manage our portfolio. Instead, we think about our software exposure across three core categories applications, systems and infrastructure, and fintech and payments, which together represent roughly 70% of the portfolio. I'll briefly walk through each one of these.

鑑於人們對軟體的高度關注，很容易將其視為一個單一的同質產業。我們並非以這種方式承銷或管理我們的投資組合。相反，我們從三個核心類別（應用程式、系統和基礎設施以及金融科技和支付）來考慮我們的軟體投資，這三個類別加起來約佔投資組合的 70%。我將簡要地逐一介紹這些內容。

First is application software, which represents about 50% of the portfolio and is the operating layer for core business functions including ERPs, CRMs, supply chains, and vertical specific SAs. We believe incumbents in these categories can be insulated because they control the proprietary data and complex workflows that AI needs to be useful in an enterprise context. As true systems of record, these platforms are extremely difficult to replace, and we believe will evolve into systems of action where AI increases product utility, deepens customer reliance, and broadens opportunity to expand within their existing customer base.

首先是應用軟體，約佔產品組合的 50%，是包括 ERP、CRM、供應鏈和垂直產業特定軟體應用在內的核心業務功能的運作層。我們認為，這些類別中的現有企業可以免受影響，因為它們控制著人工智慧在企業環境中發揮作用所需的專有資料和複雜工作流程。作為真正的記錄系統，這些平台極難被取代，我們相信它們將發展成為行動系統，人工智慧將提高產品效用，加深客戶依賴，並擴大在現有客戶群中擴展的機會。

Second is systems and infrastructure software, about 20% of the portfolio, where cybersecurity is the largest component. This is the defense layer that protects enterprise data and networks to keep systems connected and operating reliably. We see this as structurally resilient and a beneficiary of the AI transition as businesses expand technologies, services, and complexity across the organization.

其次是系統和基礎設施軟體，約佔產品組合的 20%，其中網路安全是最大的組成部分。這是保護企業資料和網路的防禦層，旨在保持系統連接並可靠運作。我們認為這具有結構上的韌性，並且是人工智慧轉型的受益者，因為企業在整個組織內擴展了技術、服務和複雜性。

Finally, fintech and payments is approximately 5% of the portfolio. These businesses provide the critical rails for the global movement of capital. The category review is insulated from AI disruption. While AI can improve things like fraud detection and the customer interface, the core need for secure, regulated, and reliable movement of funds remains unchanged and creates significant modes for incumbents.

最後，金融科技和支付領域約佔投資組合的 5%。這些企業為全球資本流動提供了關鍵的軌道。類別審查不受人工智慧顛覆的影響。雖然人工智慧可以改善詐欺偵測和客戶介面等，但安全、規範和可靠的資金流動這一核心需求仍然不變，並為現有企業創造了重要的發展模式。

The categories we prioritize each play a specific functional role that is difficult to bypass even as the technology landscape shifts. The need for auditability, control, and data integrity remains constant. As such, we believe these companies are well positioned to remain as the foundational layer through which new AI-driven activity is governed and executed. While there will certainly be winners and losers as AI reshapes the landscape. We believe the market leaders we finance are using AI to stay on the winning side of that transition.

我們優先考慮的每個類別都發揮特定的功能作用，即使技術格局發生變化，這些作用也很難被取代。對可審計性、控制和資料完整性的需求始終不變。因此，我們認為這些公司完全有能力繼續作為管理和執行新的人工智慧驅動活動的基礎層。在人工智慧重塑格局的過程中，一定會有贏家和輸家。我們相信，我們投資的市場領導者正在利用人工智慧來保持在這一轉型中的領先地位。

We have navigated major technological shifts before, such as the transition to the cloud. However, AI feels fundamentally different because it is a daily presence. We interact with it personally. It's in our pockets and our homes, which creates a unique sense of both its power and its potential risk. But as we move this technology into the enterprise, we must distinguish between personal utility and business critical execution.

我們之前也經歷過重大的技術變革，例如向雲端運算的過渡。然而，人工智慧給人的感覺截然不同，因為它已經融入了我們日常生活。我們親自與它互動。它就在我們的口袋裡，我們的家裡，這讓我們既感受到它的力量，也感受到它的潛在風險。但是，當我們將這項技術引入企業時，我們必須區分個人實用性和業務關鍵執行。

The challenge with AI and current large language models is that while it is world class at communicating, its underlying nature is probabilistic. It is a statistical engine designed to predict the next logical pattern. This is excellent for a personal assistant, but it is a problem for systems that need to be precisely accurate. A payroll calculation or bank transfer is either 100% correct or is a failure. In the corporate world, almost right is completely wrong.

人工智慧和當前大型語言模型面臨的挑戰是，雖然它們在溝通方面堪稱世界一流，但其本質是機率性的。它是一款統計引擎，旨在預測下一個合乎邏輯的模式。這對於個人助理來說非常理想，但對於需要精確無誤的系統來說卻是個問題。薪資計算或銀行轉帳要100%正確，要嘛完全錯誤。在企業界，幾乎正確就是完全錯誤。

This is why we believe established software leaders, the incumbents, occupy a much stronger position than the market currently discounts. These companies own the systems of record and the workflow. They have spent decades codifying the intricate rules of how a hospital operates or how a global supply chain moves. They don't just have the data, they have the operational context.

這就是為什麼我們認為，現有軟體領導者（即產業領導者）的地位比市場目前所低估的要強得多。這些公司擁有記錄系統和工作流程。他們花費數十年時間，將醫院運作或全球供應鏈運作的複雜規則編纂成冊。他們不僅擁有數據，還擁有營運背景。

We engage regularly with our nearly 200 portfolio companies and their sponsors, and what we're seeing is that AI isn't theoretical, it's already operational. Many of these businesses are backed by sophisticated private equity sponsors that are investing meaningful resources to embed AI into products and workflows in ways that strengthen their leadership positions.

我們定期與我們近 200 家投資組合公司及其贊助商進行交流，我們發現人工智慧並非理論上的概念，它已經投入實際應用。這些企業大多得到了實力雄厚的私募股權投資機構的支持，這些機構投入了大量資源，將人工智慧融入產品和工作流程中，從而鞏固了自身的領先地位。

In our portfolio, the incumbents are using AI inside proven zero error frameworks, using AI to help with reasoning while relying on their proven deterministic software to execute. Importantly, that framing matters for us as lenders. A lot of the public debate right now is being expressed through equity market volatility. Who wins the growth, who captures the upside, and how valuations reset.

在我們的投資組合中，現有企業正在成熟的零錯誤框架內使用人工智慧，利用人工智慧輔助推理，同時依靠其成熟的確定性軟體來執行。重要的是，這種框架對我們這些貸款人來說很重要。目前很多公眾討論都透過股市波動來表達。誰能贏得成長，誰能獲得上漲收益，以及估值如何重置。

Our returns don't rely on hypergrowth. We underwrite for durability and downside protection first. The portfolio is predominantly senior secured, and we're typically sitting at low 30s LTVs, meaning that over 65% of a company's value would need to be impaired before our investment is impacted. There is inherently a margin of safety in our capital structure.

我們的收益並不依賴高速成長。我們首先考慮的是耐久性和下行風險保護。該投資組合主要為優先擔保債券，我們的貸款價值比通常為 30% 左右，這意味著一家公司超過 65% 的價值需要減值，我們的投資才會受到影響。我們的資本結構本身就具有一定的安全邊際。

And we're not taking long bets. Our loans generally have an average duration of 3 to 5 years, which gives us a defined time horizon for how this evolution plays out. In addition, the portfolio turns over actively, with about 25% of the book repaying each year, which means a large portion of today's portfolio has been underwritten in an AI world.

我們不做長期投資。我們的貸款期限通常為 3 至 5 年，這為我們提供了一個明確的時間範圍，讓我們能夠了解這一演變過程。此外，該投資組合週轉活躍，每年約有 25% 的投資組合進行償還，這意味著當今投資組合的很大一部分是在人工智慧時代承銷的。

Many of these businesses are built on multi-year contractual recurring revenue model models which support stability through periods of change, and we have contractual maturities. Ultimately, we must be repaid. Underpinning all of this is our specialized dedicated technology investing team of over 40 professionals who have been consistent continuously pressure testing our underwriting and portfolio as AI reshapes the landscape.

這些企業大多建立在多年合約經常性收入模式之上，這種模式能夠幫助企業在變革時期保持穩定，並且我們有合約到期日。最終，我們必須得到回報。這一切的背後，是我們由 40 多名專業人士組成的專業技術投資團隊，他們始終如一地對我們的承銷和投資組合進行持續的壓力測試，因為人工智慧正在重塑行業格局。

With that, I'll jump into an overview of investment activity for the quarter. As we previewed on our last call, our pipeline was very strong. In the fourth quarter, we converted that backlog and meaningfully more, deploying 2.3 billion of new investment commitments, including $2 billion of new investment fundings, while repayments remained steady at $881 million.

接下來，我將概述本季的投資活動。正如我們在上次電話會議中預告的那樣，我們的銷售管道非常強勁。第四季度，我們不僅兌現了積壓訂單，而且兌現了更多訂單，投入了 23 億美元的新投資承諾，其中包括 20 億美元的新投資資金，而還款額保持穩定在 8.81 億美元。

This activity drove a meaningful increase in net leverage over the period which will translate into improving returns over time. And while we've been very active, make no mistake, the bar for new investments is higher than it has ever been as we factor in a rapidly evolving AI landscape. There are areas that were once investable several years ago that we are now passing on.

這項活動推動了該時期淨槓桿率的顯著提高，這將隨著時間的推移轉化為收益的改善。雖然我們一直非常活躍，但毫無疑問，考慮到人工智慧領域快速發展，新投資的門檻比以往任何時候都更高。有些領域幾年前還具有投資價值，但現在我們已經放棄了。

Although we do not have full visibility into repayment activity, we have a meaningful backlog of approximately $900 million in transactions that we expect to fund next quarter, positioning us to continue deploying capital toward our portfolio growth targets. These investments remain subject to documentation and approvals, but our pro forma leverage based on these anticipated fundings and visible repayments would bring us to the bottom end of our target leverage range, slightly ahead of expectations at our listing.

儘管我們無法完全了解還款情況，但我們有大約 9 億美元的交易積壓，預計下個季度將完成融資，這使我們能夠繼續將資金投入到我們的投資組合成長目標中。這些投資仍需獲得文件和批准，但根據這些預期資金和可見的還款，我們的預期槓桿率將達到目標槓桿率範圍的下限，略高於上市時的預期。

Looking ahead, we remain encouraged by the quality and momentum of our near-term pipeline, which continues to support disciplined portfolio growth through 2026. Now I'll turn the call over to Jonathan to discuss our financial results in more detail.

展望未來，我們對近期專案儲備的品質和勢頭感到鼓舞，這將繼續支持到 2026 年的穩健投資組合成長。現在我將把電話交給喬納森，讓他更詳細地討論我們的財務表現。

Thank you, Eric. We delivered strong 4th quarter results driven by healthy deployment activity and the ongoing strength of our portfolio. We ended the quarter with total portfolio investments of over $14 billion outstanding debt of $6 billion and total net assets of $8billion. As of quarter end, our net asset value per share was $17.33 up $0.06 from the prior quarter, reflecting several write-ups of common and preferred equity positions, including SpaceX and Revolut.

謝謝你，埃里克。由於健康的部署活動和我們產品組合的持續強勁表現，我們第四季度業績表現強勁。本季末，我們的投資組合總額超過 140 億美元，未償債務為 60 億美元，淨資產總額為 80 億美元。截至季末，我們的每股淨資產價值為 17.33 美元，比上一季增長 0.06 美元，這反映了普通股和優先股頭寸的幾項增值，包括 SpaceX 和 Revolut。

Investments that exemplify our ability to proactively source and back innovative companies. For those newer to the story, we invested $27 million of equity in SpaceX in 2021, which has been written up over seven times as of December 31.

這些投資充分體現了我們主動尋找和支持創新公司的能力。對於不太了解此事的人來說，我們在 2021 年向 SpaceX 投資了 2,700 萬美元的股權，截至 12 月 31 日，此事已被通報超過七次。

Turning to the income statement. OTF reported adjusted net investment income of $0.30 per share in the 4th quarter. This reflected steady interest income from increased deployment offset by one-time expenses and the timing of originations which were weighted toward the end of the period, limiting the impact to earnings. Altogether, adjusted net income was strong at $0.47 per share, equating to a 10.9% adjusted net income ROE for the quarter.

接下來來看損益表。OTF公佈第四季調整後淨投資收益為每股0.30美元。這反映了增加投資帶來的穩定利息收入被一次性支出和貸款發放時間（集中在期末）所抵消，從而限制了對收益的影響。整體而言，調整後淨收入表現強勁，每股收益為 0.47 美元，相當於本季調整後淨收入 ROE 為 10.9%。

Our GAAP results include $0.03 per share of accrued capital gains incentive fees driven by the positive marks on certain equity investments. This incentive fee accrual underscores OTF's strong credit track record with net gains since inception. Earlier this week, our board declared a first quarter regular dividend of $0.35 per share, consistent with our last quarterly distribution, which will be paid on or before April 15, 2026, to shareholders of record as of March 31, 2026.

我們的 GAAP 業績包括每股 0.03 美元的應計資本利得激勵費用，這是由於某些股權投資的正面收益所致。這項激勵費用的累積凸顯了OTF自成立以來強勁的信貸業績記錄和淨收益。本週早些時候，我們的董事會宣布派發第一季常規股息，每股0.35美元，與我們上一季的派息一致，將於2026年4月15日或之前支付給截至2026年3月31日登記在冊的股東。

In addition to our regular dividend in connection with our listing in June, our board declared 5 special dividends of $0.05 per share, each to be paid quarterly through September 2026. As a reminder, these dividends are being supported by the significant amount of spillover income OTF generated prior to listing, which totalled $0.40 as of quarter end.

除了我們在 6 月上市時派發的常規股息外，我們的董事會還宣布派發 5 股特別股息，每股 0.05 美元，每股股息將按季度支付，直至 2026 年 9 月。提醒大家，這些股息得益於 OTF 在上市前產生的巨額溢出收入，截至季末總計 0.40 美元。

Moving to the balance sheet, we ended the quarter with net leverage at 0.75 times, reflecting the pickup in new deals and steady add-ons. Given that deployments were weighted toward the end of the quarter, our average leverage was 0.66 times, so the full impact of the higher leverage and recent deployments will materialize in future earnings.

從資產負債表來看，本季末淨槓桿率為 0.75 倍，反映出新交易的增加和新增交易的穩定成長。鑑於部署主要集中在季度末，我們的平均槓桿率為 0.66 倍，因此較高的槓桿率和最近的部署的全部影響將在未來的收益中體現出來。

Alongside that, we took several steps to improve our funding flexibility and reduce costs by adding lower cost secured capacity through CLO and SPV activity and exiting higher cost legacy financing. Pro forma for this activity, we expect annual run rate interest savings of approximately $10 million. Additionally, in January, we further diversified our liabilities with a $400 million unsecured bond issuance, demonstrating continued access to the IG unsecured market.

同時，我們採取了多項措施來提高融資靈活性並降低成本，例如透過 CLO 和 SPV 活動增加低成本的擔保融資能力，以及退出成本較高的傳統融資。根據預測，這項活動每年可節省約 1,000 萬美元的利息支出。此外，1 月我們發行了 4 億美元的無擔保債券，進一步分散了負債，顯示我們能夠繼續進入投資等級無擔保市場。

We ended the quarter with nearly $2.3 billion of total cash and capacity on our facilities. This provides more than ample unfunded capacity to support our future growth as we ramp towards our target leverage range of 0.9 times to 1.25 times. Turning to OTF stock float, as Craig mentioned earlier, roughly 50% of shares have been released, and our next lockup release is scheduled for tomorrow, February 20th.

本季末，我們擁有近23億美元的現金總額以及工廠產能。這為我們未來的成長提供了充足的未融資能力，以支持我們逐步實現0.9倍至1.25倍的目標槓桿率範圍。關於OTF股票流通情況，正如Craig之前提到的，大約50%的股票已經釋放，我們下一次禁售期將於明天，即2月20日釋放。

We hope that additional lockup releases will continue to ease technical pressures, generate interest, and diversify our ownership base over time. We've been using this period to thoughtfully deploy the tools available to us, such as our share repurchase program to drive value for our investors.

我們希望隨著更多禁售期的解除，能夠繼續緩解技術壓力，激發興趣，並隨著時間的推移使我們的所有權基礎多元化。我們一直在利用這段時間認真部署我們現有的工具，例如我們的股票回購計劃，以創造投資者的價值。

As Craig mentioned, we repurchased $65 million of shares during the quarter, which added $0.03 per share to app. The board of directors has also authorized a new share repurchase program of up to $300 million which will replace our current $200 million share repurchase plan. Longer-term, we remain confident that our share price will ultimately reflect the strength of our fundamentals.

正如克雷格所提到的，我們在本季回購了價值 6,500 萬美元的股票，這使得每股收益增加了 0.03 美元。董事會還批准了一項新的股票回購計劃，金額高達 3 億美元，這將取代我們目前 2 億美元的股票回購計劃。從長遠來看，我們仍然相信，我們的股價最終會反映出我們基本面的強勁。

And now I'll hand it back to Craig to provide final thoughts for today's call.

現在我把麥克風交還給克雷格，讓他為今天的電話會議做最後的總結。

Thanks, Jonathan. As we wrap up today's call, I want to take a step back and reflect on the current market environment and what it means for OTF. The world is changing quickly with the acceleration of AI. We have always underwritten our investments with technological change in mind, but the pace of that evolution and the uncertainty around where it will go next is higher today.

謝謝你，喬納森。在今天的電話會議即將結束之際，我想回顧一下當前的市場環境及其對OTF的意義。隨著人工智慧的加速發展，世界正在快速變化。我們一直以來在進行投資時都會考慮到技術變革，但如今技術變革的速度更快，未來發展方向也更加不確定。

That's why our investment teams are even more committed to being selective, particularly as it relates to underwriting AI risk and focusing our capital on the platforms we believe will remain durable through the transition. At the same time, periods like this tend to create supply demand imbalances as some lenders pull back, and that volatility can create opportunity. It can lead to better pricing, better structure, and the ability to deploy capital into names we like on attractive terms.

正因如此，我們的投資團隊更加重視甄選，尤其是在承保人工智慧風險方面，並將我們的資本集中投入到我們認為能夠在轉型過程中保持持久性的平台。同時，像這樣的時期往往會造成供需失衡，因為一些貸款機構會收緊貸款，而這種波動可能會創造機會。這可以帶來更好的定價、更好的結構，以及以優惠的條件將資金投入我們喜歡的公司的能力。

And importantly, OTF continues to stand out in the BDC universe for its capacity to invest in new opportunities while seeking to grow ROE. It also provides differentiated access to the innovative growth economy through select positions like SpaceX. We have significant capacity and ample liquidity, which positions us to take advantage of these opportunities as they emerge.

更重要的是，OTF 在 BDC 領域繼續脫穎而出，因為它有能力投資新的機會，同時尋求提高 ROE。它還透過像 SpaceX 這樣的特定職位，為進入創新成長經濟領域提供差異化的機會。我們擁有強大的產能和充足的流動資金，這使我們能夠抓住這些湧現的機會。

In closing, I'd like to remind everyone that OTF's earnings trajectory is positioned differently than many BDC peers. We set our $0.35 base dividend in early 2025 using the forward curve at the time, so it was calibrated for a lower rate environment.

最後，我想提醒大家，OTF 的獲利軌跡與許多 BDC 同行有所不同。我們在 2025 年初使用當時的遠期曲線設定了 0.35 美元的基本股息，因此它是針對較低利率環境進行校準的。

As a result, we are not expecting to have to adjust our base dividend simply because rates have moved lower. Unlike many other BDCs that set their dividends in a very different backdrop, even excluding any special dividends, our $0.35 base dividend alone represents an approximately 11% yield at today's market value.

因此，我們預期不會因為利率下降而需要調整基本股利。與其他許多在截然不同的背景下設定股息的商業發展公司不同，即使不計任何特別股息，我們 0.35 美元的基本股息本身按今天的市場價值計算也代表著約 11% 的收益率。

As we look ahead, we're optimistic that this environment will create more opportunities to deploy capital in a disciplined way, continue to grow our earnings power and deliver compelling results for shareholders. Thank you for your continued support. Operator, please open the line for questions.

展望未來，我們樂觀地認為，這種環境將創造更多機會，讓我們能夠以嚴謹的方式部署資本，繼續提高獲利能力，並為股東帶來令人滿意的回報。感謝您一直以來的支持。接線員，請開通提問線。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始接受提問。（操作說明）

Brian McKenna, Citizens.

Brian McKenna，市民。

Okay, thanks so much. So just looking at the portfolio, clearly under levered today there's meaningful capacity to invest, but given the evolving deployment environment here, how are you making sure you're investing into the right businesses in the current backdrop? And I asked this on the prior call, but are there any subsectors you're looking to lean into from a deployment perspective specifically as it relates to the to the tech sector and then just some of the businesses in and around AI?

好的，非常感謝。因此，僅從投資組合來看，目前槓桿率明顯偏低，具有相當大的投資能力，但考慮到當前不斷變化的投資環境，您如何確保在當前背景下投資於正確的企業？我在上一次電話會議上也問過這個問題，從部署的角度來看，您是否希望專注於某些細分領域，特別是與科技業以及人工智慧相關的企業？

Yeah, sure, thanks for the question. So we tried to lay out a pretty comprehensive framework of how we're thinking about, the broader software universe and the prepared remarks, but I appreciate that it was probably somewhat dense, and as I said, we think that the market misunderstands or unappreciates, that our existing companies and the opportunities that we're facing today are more than just simple bundles of code, right? These businesses are, attractive and valuable and are solving complex enterprise grade challenges. That's built upon a tremendous amount of knowledge in solving domain or vertically specific challenges.

好的，謝謝你的提問。因此，我們試圖闡述一個相當全面的框架，說明我們如何思考更廣泛的軟體領域以及我們準備好的發言稿，但我意識到這可能有點晦澀難懂，而且正如我所說，我們認為市場誤解或低估了我們現有的公司以及我們今天面臨的機遇，它們不僅僅是簡單的代碼包，對吧？這些企業很有吸引力，也很有價值，它們正在解決複雜的企業級難題。這是建立在解決特定領域或垂直行業挑戰的大量知識之上的。

These are decades in the making, mastering these types of workflows. They leverage complicated rules and processes, combining that with proprietary data, sprawling integrations, and they also leverage the power of network effects into that specific area of expertise. And the last point is they really underpin zero fault tolerance operations.

掌握這些類型的工作流程需要幾十年的時間。他們利用複雜的規則和流程，結合專有數據、廣泛的集成，並將網路效應的力量運用到該特定專業領域。最後一點是，它們真正支撐了零容錯操作。

So, it's the amalgam, Brian, of all of those things. Things and that can be represented differently in different categories both in applications or payments or security or more specifically in different areas of the application universe, but we believe that you know just because the ability to write code is changing.

所以，布萊恩，它是所有這些因素的融合體。事物在不同類別中可以有不同的表現形式，無論是在應用程式、支付、安全，還是更具體地說，在應用程式領域的不同方面，但我們相信，您之所以知道，僅僅是因為編寫程式碼的能力正在改變。

The market seems to be pricing in a situation where code generation renders everything else irrelevant. That's clearly not the case. All of our companies and the ones we're looking at it have an equal and unabated access to the same models and the power of AI that everybody else does. And if your solution was a thin user interface wrapper over a back end database, you're already in trouble, but that's never been, where we focused.

市場似乎已經預料到，程式碼生成將使其他一切都變得無關緊要。顯然並非如此。我們所有的公司以及我們正在考察的公司，都和其他所有人一樣，平等且不受限制地使用相同的模型和人工智慧功能。如果你的解決方案只是在後端資料庫上封裝了一個簡單的使用者介面，那你已經遇到麻煩了，但這從來都不是我們所關注的重點。

Simple feature differentiation was never the main differentiator, but also, as I alluded to this continued evolution from systems of record to system, systems of action where data is stored, activity is tracked, to where AI can manage workflows independently, all of that. Taken together is why you know we think the portfolio and the opportunity set and where we're going to continue to focus is much stronger than what the market might fear. Of course there'll be disruption, but we think the companies with the real moats will continue to leverage these tools and we build faster and compound their leads.

簡單的特徵差異從來都不是主要差異化因素，而且，正如我所提到的，這種持續的演變是從記錄系統到系統，再到資料儲存、活動追蹤的系統，最終到人​​工智慧可以獨立管理工作流程的系統，等等。綜上所述，我們認為目前的投資組合、投資機會以及我們將繼續關注的領域，都比市場可能擔心的要強得多。當然，這會帶來一些幹擾，但我們認為真正擁有護城河的公司將繼續利用這些工具，從而更快地發展並鞏固其領先優勢。

That's great, thanks Eric. And switching gears a little bit just in terms of the trajectory of ROEs from here, I know this will ebb and flow a little bit from quarter to quarter just as you manage prepayments and leverages further optimized, but is there just an updated timeline around ROEs kind of normalizing ROEs over time and then should we still think about a normalized ROE longer-term of about 10%?

太好了，謝謝你，艾瑞克。接下來，我們稍微轉換一下話題，談談 ROE 的未來走勢。我知道，隨著預付款和槓桿的進一步優化，ROE 會隨著季度的更迭而有所波動，但 ROE 是否有一個更新的時間表，使其隨著時間的推移而趨於正常化？我們是否仍應該考慮長期維持 10% 左右的正常 ROE 水準？

Yes, so Brian, it's, we've made some significant progress in terms of, deployments in the 4th quarter. Some of those deployments, were back ended, therefore average leverage, was a bit lower than where we ended.

是的，布萊恩，我們在第四季的部署方面取得了一些重大進展。其中一些部署是後端部署，因此平均槓桿率比我們最終達到的水平要低一些。

We're still very much on track in terms of delivering, the NIIs, for the dividend that we've basically set, by the end of this year, which is consistent with how we were portraying it when we, back when we listed the company, in the middle of last year, so we're on track. We think that, too will, it should build over the course of the year and so you saw, you saw a little bit of a decline in NII due to some bespoke items this quarter, but that momentum should pick up as we move across the, across 2026 and it, we're not changing the timeline, but some of it may be a little bit more back ended to the second half of 26 in terms of reaching those targets.

就實現我們基本設定的股息目標而言，我們仍然非常有希望在今年年底前實現淨利息收入，這與我們去年年中公司上市時的說法一致，所以我們正按計劃進行。我們認為，這種情況也會在一年內逐漸改善。因此，您看到，由於本季度一些特殊項目，淨利息收入略有下降，但隨著我們進入2026年，這種勢頭應該會加快。我們不會改變時間表，但就實現這些目標而言，其中一些目標可能會推遲到2026年下半年才能實現。

Okay, got it. Thanks, Jonathan.

好的，明白了。謝謝你，喬納森。

Thank you.

謝謝。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking my question. Just one on the refreshed or new share repurchase program, given the leverage capacity there, wondering how active OTF can be there in that area.

嘿，早安。謝謝您回答我的問題。鑑於槓桿能力，對於更新或新的股票回購計劃，我只想問一點，OTF 在該領域能有多活躍。

Thanks. Yeah, so, look, we're, we've upsized and refreshed the repurchase program here from $200 million up to $300 million, we repurchased shares in the quarter. We are still, we're still releasing shares, under lockups so we're approximately 50% released at this point in time. With another 50% really coming, the full, the remainder coming out over the course of, the balance of the first half of the year, and so, liquidity in the stock is definitely picking up, but certainly, prevents us from being as active and, in terms of the repurchase plan, but we plan to continue to use it and that's why you saw us, with the board, refresh it and upsize it.

謝謝。是的，所以，你看，我們已經將回購計畫的規模從 2 億美元增加到 3 億美元，並在本季回購了股票。我們仍在逐步釋放受禁售期限制的股份，目前已釋放約 50%。隨著另外 50% 的資金即將到位，剩餘部分將在今年上半年剩餘時間內全部到位，因此，股票的流動性肯定在增加，但這無疑會妨礙我們積極開展回購計劃，但我們計劃繼續執行該計劃，這就是為什麼你們看到我們與董事會一起對其進行了調整和擴充。

Look, we're not afraid to use it. I think these levels don't make any sense and we couldn't be clearer of our confidence in the portfolio and the value of the assets. So if there's a world where we can sell our assets at par and buy our stock in the 70s, that's a world we're going to have to do that. It's attractive to shareholders.

你看，我們不害怕使用它。我認為這些水準毫無道理，我們對投資組合和資產價值的信心再明確不過了。所以，如果存在這樣一個世界：我們可以以面額出售資產，然後以 70 多美元的價格購買股票，那麼在這個世界裡，我們就必須這樣做。這對股東來說很有吸引力。

So we're not, we've used it, we use it in a big way in both funds in the fourth quarter. We used it more than any other firm and we'll continue to use it.

所以，我們沒有，我們已經大量使用了它，我們在第四季度的兩個基金中都大量使用了它。我們使用它的次數比其他任何公司都多，而且我們還會繼續使用它。

Got you, very helpful there. And just one follow-up, if I may, just in terms of the spreads you're seeing, any drivers, for the quarter over quarter movement and spreads on new investments and, what are your expectations to go forward, in this area? Thanks.

明白了，這很有幫助。還有一個後續問題，請容許我問一下，就您目前看到的利差而言，有哪些因素導致季度環比波動以及新投資的利差變化？您對該領域未來的發展有何預期？謝謝。

Yeah, so, look, a lot of the, a lot of the activity that you saw rolled through the financials and the performance in the fourth quarter were deals that were negotiated as I alluded to in Q3 and in Q4, which is, spreads have been persistently tight. You've heard it from us on. This call and other calls, what I think, I don't want to TRY to predict the future too dramatically here, but I think we're going to see, particularly in the software universe a widening of spreads.

是的，所以，你看，你在第四季度的財務數據和業績中看到的很多活動，都是我在第三季度和第四季度提到的那些談判達成的交易，也就是說，價差一直很窄。我們已經告訴你了。這次電話會議和其他一些電話會議，我認為，我不想在這裡過於戲劇性地預測未來，但我認為我們將會看到，尤其是在軟體領域，價差擴大。

I think there's going to be lesser participation, frankly I don't want to speak on behalf of Investment banks or any other firms, but I think it's going to be more challenging to underwrite these assets. It requires very unique and deep, sophisticated sets of investors who do nothing but focus on this all day long. We have that team of 40 people. The opportunities that we're seeing today and in the first quarter are actually extremely attractive. We signed up some very large substantial assets at pretty attractive. Rates and very attractive LTVs and I think we're going to continue to invest in very similar companies as I articulated, but those spreads will probably continue to widen, I hope for some period of time.

坦白說，我認為參與度會降低，我不想代表投資銀行或其他任何公司發言，但我認為承銷這些資產將更具挑戰性。這需要一群非常獨特、經驗豐富、技藝精湛的投資者，他們整天只專注於此。我們有這樣一個40人的團隊。我們目前以及第一季看到的機會確實極具吸引力。我們以相當優惠的價格簽下了一些數額龐大的優質資產。利率和極具吸引力的貸款價值比，我認為我們將繼續投資於我之前闡述過的非常類似的公司，但這些利差可能會繼續擴大，我希望這種情況會持續一段時間。

Got you, very helpful there. Thanks again.

明白了，這很有幫助。再次感謝。

Thank you once again.

再次感謝。

Erin Seganovich, Truist Securities.

艾琳·塞加諾維奇，Truist Securities。

Thanks, I appreciate all the comments and clearly, you're still very, confident in software, with the 900 million backlogs that you've mentioned, is there a big component of software in there and when you're talking to sponsors, as your kind of moving through this, in real time. You know what are you hearing from the sponsors in terms of their continued commitment to investing in the space?

謝謝，我很感激大家的評論。顯然，你仍然對軟體充滿信心。你提到有 9 億的積壓項目，其中軟體是否佔了很大一部分？當你與贊助商交談時，你是如何即時推進這項工作的？你知道贊助商們對於他們繼續投資該領域有哪些承諾嗎？

Yeah, I think it's pretty consistent with what we've looked at historically. There's some, it's probably a pretty comparable mix in terms of overall software mixed between, applications and some security opportunities, in our conversations with, our portfolio companies and sponsors, they're doing exactly the same thing that we're doing. Everyone is, reevaluating everything they own, and looking at how they're going to consider to. Move forward and invest against the lens of exactly what we're seeing today.

是的，我認為這與我們以往的研究結果相當一致。就整體軟體而言，可能存在一些相當相似的組合，包括應用程式和一些安全機會。在我們與投資組合公司和贊助商的交流中，他們正在做我們正在做的事情。每個人都在重新評估自己擁有的一切，並考慮如何處置它們。以我們今天所看到的實際情況為出發點，向前邁進並進行投資。

So, everyone is really, re-underwriting and refocus on, refocusing on what we think are the most important things, right? So, enterprise grade complexity, as I said, data gravity, workflow modes, proprietary assets, network effects, understanding tech debt and pricing durability, fault tolerance, regulatory infrastructure, all these, all of these other factors as we think about, what is the most attractive areas to invest. In the new world of AI and we continue to see in new opportunities, businesses that are compounding their leads and compounding their moats, leveraging these tools that are that are democratic and everyone has access to, and we feel that the incumbency position in which they're in will continue to help them continue to grow and. We are, we're very confident over time, we will, there are areas, as I said earlier, particularly, some areas that were in scope before in applications, maybe parts of managing the development life cycle and pipeline for software developers or passive repositories of information with lightweight user interfaces.

所以，大家都在重新審視、重新聚焦在我們認為最重要的事情，對吧？所以，正如我所說，企業級複雜性、資料引力、工作流程模式、專有資產、網路效應、理解技術債務和定價持久性、容錯性、監管基礎設施，所有這些因素，以及我們在思考哪些領域最具吸引力時所考慮的所有其他因素。在人工智慧的新世界中，我們不斷看到新的機遇，一些企業正在鞏固領先優勢，增強自身競爭優勢，利用這些民主且人人都能使用的工具，我們認為他們目前的市場地位將繼續幫助他們繼續發展壯大。我們非常有信心，隨著時間的推移，我們將實現。正如我之前所說，在某些領域，特別是先前在應用程式中涉及的一些領域，例如管理軟體開發人員的開發生命週期和流程，或具有輕量級使用者介面的被動資訊儲存庫。

There are narrow point solutions that that are not particularly embedded and those are at risk and frankly we haven't really been focused on those before, so. The application aperture might tighten just a little bit and you might see a little less in applications, but I still think there's going to be some tremendous opportunities there, so we're pretty excited about the thesis and you know it's going to take some time to prove out, but I think, we'll be happy and you'll be happy with the results.

有些狹隘的點解決方案並不特別根深蒂固，這些方案有風險，坦白說，我們以前並沒有真正關注過這些方案。應用範圍可能會稍微收窄一些，應用案例可能會減少一些，但我仍然認為那裡會有一些巨大的機會，所以我們對這個理論感到非常興奮，你也知道這需要一些時間來驗證，但我認為，我們會對結果感到滿意，你們也會感到滿意。

Thank you. Appreciate it.

謝謝。謝謝。

Thank you.

謝謝。

Casey Alexander, Compass Point.

凱西·亞歷山大，指南針角。

Yeah, good morning. Thanks for taking my questions. The private equity sector is pretty reactive to what it sees as market sentiment and seeing as how I mean you guys are pretty under levered, is your pipeline shifting?

早安.謝謝您回答我的問題。私募股權產業對市場情緒的反應相當迅速，鑑於你們的槓桿率很低，你們的投資方向是否正在改變？

And our private equity firms shifting their activity away from software at least until there's more certainty, and does that create more challenges for you to get to a more fully levered position?

我們的私募股權公司正在將業務重點從軟體領域轉移出去，至少在情況更加明朗之前是如此。這是否會為你們實現更充分的槓桿投資帶來更多挑戰？

I think that answer might depend on, with whom you're talking about in the private equity universe. I think if you were to talk to some of the larger players, the technology focused investors, they largely share the thesis that we have, and they are out talking and evangelizing about what we see and what they see and where the opportunity sets might lie, and frankly, Particularly in the public markets, there might be some really attractive opportunities that have been created by some, somewhat of a dislocation here. This is kind of similar to what we saw in 2022 where, coming off of the peak, multiples in 2021 in the environment there were a meaningfully large amount of, I think over 20 go private tech transactions at pretty good valuations and really attractive rates of return, from our perspective.

我認為答案可能取決於你在私募股權領域與誰交談。我認為，如果你和一些規模較大的投資者，特別是專注於科技領域的投資者談談，他們大多認同我們的觀點，並且正在積極宣傳我們所看到的和他們所看到的，以及潛在的投資機會。坦白說，尤其是在公開市場，一些市場錯位可能創造了一些非常有吸引力的機會。這與我們 2022 年看到的情況有些類似，當時，在經歷了 2021 年的高峰之後，在當時的環境下，出現了相當多的（我認為超過 20 筆）估值相當不錯、回報率也極具吸引力的科技私有化交易。

That isn't to say that for us or for others that we are exclusively software, as I said in the prepared remarks, but we really like software and we will continue to focus on areas of software that we think are the most defensible over time, but there are other areas of tech, that we have been invested in. There are other areas of business services. There are other areas of life sciences that we continue to focus on, so I think the aperture that we have is appropriately wide and it doesn't particularly give me concern about the overall opportunity set to get to our target.

這並不是說我們或其他人只專注於軟體，正如我在準備好的演講稿中所說，但我們確實很喜歡軟體，並且我們將繼續專注於我們認為在時間上最有競爭力的軟體領域，但我們也投資了其他一些技術領域。還有其他領域的商業服務。我們也會繼續關註生命科學的其他領域，所以我認為我們目前所處的範圍是合適的，這並沒有讓我特別擔心我們實現目標的整體機會。

I might just add, I actually don't think the private equity firms are reactive. I think they take a long view and I think they're extremely well versed in the space and, they're not making investing decisions based on the headlines of the day. They're deep into these companies.

我還要補充一點，我其實不認為私募股權公司是被動的。我認為他們目光長遠，對這個領域非常了解，而且他們的投資決策並非基於當日新聞頭條。他們對這些公司投入巨大。

And I think that they, I would expect that they will be able to discern businesses that are going to do well and they're going to view this as an opportunity to buy them cheap. We've seen this for 30 years. This is the history of private equity. I would also say that without in any way minimizing the disruption of AI. We think it's Helps us as a direct lender to see the public loan markets get dislocated. That helps us. That's a competing source of capital.

我認為他們能夠分辨出哪些企業將會發展良好，並且會將此視為低價收購這些企業的機會。我們已經目睹這種情況30年了。這就是私募股權的歷史。我還要說，這絕不是要淡化人工智慧帶來的顛覆性影響。我們認為，作為直接貸款機構，看到公共貸款市場出現混亂對我們有利。這對我們有幫助。這是另一個競爭性的資金來源。

So those investors don't have the ability to do deep dive, due diligence. They don't have 40-person investment teams that get to know their companies and get detailed financial information. They're just trading on headlines. And so that's an opportunity for us. So, I'm completely confident. That we're going to be able to get OTF to its target leverage. We're not hell bent on all that being in software, but if they're great software investments, we'll do them. But the fund has a broad mandate, as Eric said, and in this environment I expect others to pull back their lending capacity, and I think we're going to benefit from that for the select deals that we do.

因此，這些投資者沒有能力進行深入的盡職調查。他們沒有40人的投資團隊去了解他們投資的公司並獲得詳細的財務資訊。他們只是利用新聞標題牟利。所以這對我們來說是一個機會。所以，我完全有信心。我們將能夠使OTF達到其目標槓桿率。我們不一定要把所有這些都投入到軟體領域，但如果它們是很好的軟體投資，我們就會去做。但正如艾瑞克所說，該基金擁有廣泛的投資授權，在這種環境下，我預計其他機構會縮減貸款能力，我認為我們將從中受益，尤其是在我們進行的特定交易方面。

All right, thank you.

好的，謝謝。

Thank you.

謝謝。

Sean Paul Adams, B. Riley Securities

Sean Paul Adams，B. Riley Securities

Hey guys, good morning. You guys talked a little bit about selling off some assets at par, especially given the fact that you guys are kind of trading at a 30% discount to NAV, but later in the call you additionally touched on the fact that there's additional opportunities, especially in the open market for, new investments, especially in a couple of other sectors. Can you provide a little bit more color on just that bifurcation that you're going to be looking at in terms of either repurchasing the stocks or reinvesting into other sectors, it just seems like that there's kind of a competing, viewpoint right there.

嘿，各位，早安。你們談到了一些以面額出售部分資產的事宜，特別是考慮到你們目前的交易價格比淨資產值低了大約 30%。但在電話會議的後半段，你們又提到了其他機會，尤其是在公開市場上進行新的投資，特別是在其他幾個行業。您能否更詳細地解釋一下您將要研究的這種分歧，即是回購股票還是再投資於其他行業？看起來這裡似乎存在著一種相互競爭的觀點。

Sure, I appreciate the question. It's a, it's a good one. Look, this is it, this is what we do and this is how we've been doing it for 10 years. We're always evaluating, the incremental investment opportunity versus, potentially buying our stock. We're in an environment where both OBDC OTF stock prices are severely depressed on a net asset value. It's not specific to Blue. It's the case of most of the industry. And so, we will compare the incremental dollar that we could deploy and get returns from buying our stock in the 70s or 80s versus making additional loans.

當然，感謝你的提問。這是，這是個好主意。瞧，就是這樣，這就是我們所做的，而且我們10年來一直都是這樣做的。我們一直在評估，增量投資機會與潛在購買我們股票的可能性之間的關係。目前，OBDC OTF 股票價格的淨資產值嚴重偏低。這並非藍色特有的。這種情況在業界普遍存在。因此，我們將比較在 70 年代或 80 年代購買股票和進行額外貸款所能投入的額外資金以及由此獲得的收益。

There's a lot of value to having permanent capital. We don't take that lightly. But by the same token, buying stock can be very creative to shareholders. It's obviously limits to how much stock we can buy. We're mindful of our leverage, our liquidity. Our main business is lending. That's the investors are investing in this fund, so we'll make loans, but we'll do both. I think the 4th quarter speaks for itself in terms of not just talking about buying stock. We bought stock, so I think it's very instructive. And I think we'll be very open minded and front footed about buying stock as well. It just depends on the relative returns, of those two parameters, just as a reminder, I think maybe this is obvious, but I'll say it, we have to follow.

擁有永久資本非常有價值。我們對此高度重視。但同樣地，對股東而言，購買股票也可以是非常有創意的做法。很明顯，我們能買的股票數量是有限的。我們非常關注我們的槓桿率和流動性。我們的主要業務是貸款。投資者正在投資這個基金，所以我們會發放貸款，但兩種方式我們都會做。我認為第四季的數據本身就說明了一切，而不僅僅是談論買股票。我們買了股票，所以我認為這很有啟發性。而且我認為我們在購買股票方面也會非常開放和積極。這完全取決於這兩個參數的相對收益，提醒一下，我想這可能很明顯，但我還是要說，我們必須遵守。

Various regulatory restrictions when you're buying back stock or windows where we can buy or not buy depending upon where we are in the quarter. So, and that's no different than any other company out there. So we don't have unfettered ability to buy stock every day. There's volume restrictions and the like, but within those bounds, we're an active buyer in the 4th quarter and we'll continue to evaluate that. OTF is in an extremely strong position because it's under levered, so we can do both, so we will do both.

回購股票時會受到各種監管限制，或根據季度所處階段，我們會有購買或不購買股票的窗口期。所以，這和其他公司都沒有什麼不同。所以我們不能每天都隨意買股票。雖然存在銷售限制等因素，但在這些限制範圍內，我們在第四季度仍是積極的買家，我們將繼續對此進行評估。OTF 目前處境非常有利，因為它的槓桿率很低，所以我們可以同時做這兩件事，因此我們會同時做這兩件事。

Appreciate it. Thank you.

謝謝。謝謝。

Thank you once again.

再次感謝。

Brian McKenna, Citizens.

Brian McKenna，市民。

Great, thanks for the follow-up. Sorry if I missed this, but if you were to mark to market your portfolio, for current public market evaluations and multiples, what does the average LTV of the portfolio look like? And then just an unrelated question on your SpaceX investment, what valuation was this position marked at the end of the year?

太好了，謝謝你的後續跟進。如果我錯過了什麼，請見諒。但是，如果您要按照目前的公開市場估值和倍數對您的投資組合進行市值計價，那麼該投資組合的平均貸款價值比 (LTV) 是多少？還有一個與此無關的問題，關於您在 SpaceX 的投資，年底時該部位的估值是多少？

Sure, so I'll answer the second first. So when we see observed marks in this case it was a tender offer, in the period we typically take, a discount to the tender, so it's roughly 10% of the tender offer which was $800 billion so I believe it's marked at around $720 billion or so today, that obviously does not contemplate the merger of SpaceX and XAI which was consummated in Q1 at a $1.25 trillion dollar value. I keep stumbling over that word because it's such a staggeringly large number, so we would obviously expect to see, some meaningful, expect to see a meaningful uptake in that position, in Q1 as well, look, we're going through, we're obviously going through always and looking at what's going on in the public markets and evaluating what we think the prevailing values are there and how accurate they are for what actually occurs in private transactions.

好的，那我先回答第二個問題。因此，當我們看到此案例中的觀察估值時，這是一次要約收購，在我們通常採用的時間段內，要約收購價格會有折扣，所以大約是要約收購價格的 10%，要約收購價格為 8000 億美元，所以我認為它今天的估值在 7200 億美元左右，這顯然沒有考慮到 SpaceX 和 X 百萬美元，已完成價值 15 億美元的價值 25 億美元，我總是對這個詞感到困惑，因為它是一個極其龐大的數字，所以我們顯然會預期在第一季度看到一些有意義的增長，我們也會預期在第一季度看到該職位出現有意義的增長。你看，我們一直在關注公開市場的情況，評估我們認為的現行價值，以及這些價值對於私人交易中實際發生的價值的準確性。

I think the first point that I would make is looking at private equity deals that we that we're doing now and what we're seeing in Q1, there's a meaningful disconnect between prevailing control values. In private markets versus what we're observing in public markets, that said, we don't ignore those marks, but if you take our portfolio and just say you're 30% LTV across the entire portfolio, if you had a 50% adjustment to enterprise value, obviously the LTVs would go up by 16% or 17%. So would I be, I don't love going up to 46% to 47%, 48% LTV, but that's obviously still a tremendous margin of safety. From our perspective, so we have a lot of ability to absorb any amount of degradation and terminal multiples for our software companies given where we attach.

我認為首先要指出的是，看看我們現在正在進行的私募股權交易以及我們在第一季看到的情況，就會發現當前控制權價值之間存在著明顯的脫節。也就是說，在私募市場和我們在公開市場觀察到的情況相比，我們不會忽視這些指標，但如果你以我們的投資組合為例，假設整個投資組合的貸款價值比為 30%，如果企業價值調整 50%，那麼貸款價值比顯然會上升 16% 或 17%。我也是，我並不喜歡貸款價值比升至 46% 到 47%、48%，但這顯然仍然是一個巨大的安全邊際。從我們的角度來看，鑑於我們的連接位置，我們有能力為我們的軟體公司承受任何程度的劣化和終端倍數。

That's helpful, thank you.

這很有幫助，謝謝。

Thank you.

謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Good afternoon. Thanks for taking my questions. I'm just curious, in the decade or so, or near decade that you guys have been investing in the space, software space, and direct lending broadly, but how many software defaults has, the Blue Owl platform worked through, in the total aggregate of investments that you've made in that space.

午安.謝謝您回答我的問題。我只是好奇，在你們投資軟體領域和直接貸款領域近十年的時間裡，Blue Owl 平台在你們在該領域的投資總額中，處理了多少起軟體違約事件。

I mean, the answer to that is one, and that one company, was, is a public, a publicly, visible name that we worked through and we eventually took over that company. We still own that company, it's still on the SOI and we we're still trying to see, where we can take that business, but that's across, I don't have the precise number of the total investments in software since inception, but it's 300+ names. Obviously, so a tremendous number. The number of defaults is almost non-existent, and really troubled situations are very small, and I think that's a function of two things. Number one, it's a function of the strength of the overall business model, but also our asset selection.

我的意思是，答案只有一個，那家公司是一家上市公司，一家公眾人物，我們透過它最終收購了這家公司。我們仍然擁有那家公司，它仍然在SOI上，我們仍在努力看看我們可以把這項業務發展到什麼程度，但總的來說，我沒有自成立以來在軟體領域投資的確切總數，但有300多個名字。顯然，數量非常龐大。違約數量幾乎不存在，真正棘手的情況也很少，我認為這取決於兩件事。首先，這取決於整體商業模式的實力，但也取決於我們的資產選擇。

And I mean after 10 years, at some point it's a pretty real and observable track record over a long enough period of time.

我的意思是，10 年後，在某種程度上，這已經是一個相當真實且可觀察的、經過足夠長時間的業績記錄了。

Very helpful, and then on, I'm just curious maybe you know your observations of the ARR structures within the portfolio. I honestly can't remember if you've disclosed how much of the portfolio is, ARR, but any sort of observations and trends there in terms of conversions or payoffs, this quarter and, maybe your thoughts on the performance there.

非常有幫助。另外，我只是好奇您是否了解您對投資組合中 ARR 結構的觀察。說實話，我不記得您是否透露過投資組合中 ARR 的佔比，但能否就本季度的轉換率或收益情況提供一些觀察和趨勢，以及您對該季度業績的看法？

Yeah, the percentage, has been coming down pretty dramatically, over the past few years, it's probably sitting today somewhere in the low, the low 10s, so, and that drop off has been a function of most of the class of 2022. In some of 2023, converting early or being refinanced, into alternative markets, so they, they've met their growth goals, they've generated a meaningful lot of EBITDA, and we've either converted them into regular way cash flow transactions or they've been executed, in alternative, environments, so.

是的，這個比例在過去幾年急劇下降，現在可能在 10% 左右，而這種下降主要是由於 2022 屆畢業生的入學率下降造成的。2023 年的一些公司提前轉換或進行再融資，進入替代市場，因此它們已經實現了增長目標，產生了大量的 EBITDA，我們要么將它們轉換為常規的現金流交易，要么在替代環境中執行了這些交易。

We think that there's still really good businesses that that could be underwritten on that basis. I think obviously the bar for that type of underwriting is, has always been exceptionally high, and I think it will continue to be exceptionally high, particularly in a world where we're evaluating potential evolutions of revenue models. So it's a pretty low percentage. It's the absolute lowest percentage it's been frankly since inception right now, and we'll continue to monitor that going forward.

我們認為，仍然有一些非常優秀的企業可以以此為基礎獲得擔保。我認為，很顯然，這類核保的標準一直都非常高，而且我認為它還會繼續非常高，尤其是在我們正在評估收入模式潛在演變的當下。所以這個比例相當低。坦白說，這是自該指標設立以來絕對的最低百分比，我們將繼續密切關注這一趨勢。

Thanks Eric. Once again, also very helpful, and the last question I had, just bigger picture and like to get your thoughts maybe just broadly for software, even kind of free, AI disruption fears, what are your thoughts in terms of the economics or the unit economics for, a typical SAs deal? Have you seen any sort of softening there in terms of. The KPIs that you look at for the industry or do they remain as strong as ever and I asked just because we've heard from a few of your competitors that that may be the case but just like to get your opinion on that. Thank you.

謝謝你，埃里克。再次感謝您的幫助，我最後一個問題，只是想從更宏觀的角度來看待這個問題，想聽聽您對軟體（甚至是免費的軟體）的看法，以及您對人工智慧顛覆性影響的擔憂。您認為典型的軟體評估交易在經濟效益或單位經濟效益方面如何？你有沒有看到那方面有任何軟化的跡象？您關注的產業關鍵績效指標 (KPI) 是否仍像以往一樣強勁？我這樣問是因為我們從您的一些競爭對手那裡聽說情況可能如此，所以想聽聽您的看法。謝謝。

Well, it depends on what unit economics you're referring to. If you look at the, just the overall ASPs that we're seeing in our portfolios for new bookings, they continue to be very strong. I think what you've seen both in public companies as well as private companies, which, I think you're alluding to has been a degradation in. And new net new retention statistics, which means the companies are just growing at an absolutely slower pace than they were 4 or 5 years ago, which is true and if you look at the efficiency scores across.

這取決於你指的是哪一種單位經濟效益。如果你看一下我們產品組合中新預訂的整體平均售價，你會發現它們仍然非常強勁。我認為你在上市公司和私人公司中都看到了一種退化現象，我想你指的是這種退化。新的淨新增留存率統計數據表明，這些公司的成長速度絕對比 4 或 5 年前慢得多，這是事實，如果你看一下各項效率得分就會發現這一點。

Many of these companies, they, they're okay, in the 0.5, 0.6 times range, but, across our portfolio, we've seen NRR come down from call it 115 to 108, which certainly is a slowdown in the absolute growth rate of those businesses, and that absolutely will have an impact on the terminal value of that asset, but we certainly haven't seen broadly speaking, and I'm not going to go into the, 25 different components of KPIs and unit economics and quality of revenue.

這些公司很多都還不錯，在0.5到0.6倍的範圍內，但是，在我們整個投資組合中，我們看到淨收入比率從115下降到108，這無疑表明這些企業的絕對增長率有所放緩，而且這肯定會對該資產的最終價值產生影響，但是總的來說，我們還沒有看到，而且我不會深入探討KPI、單位經濟和收入質量組成的部分。

That we talk about, a deterioration that would suggest there's some major issues. So you know I've read similar things that you have, and I think that's you know if you point to one specific statistic, I think you might be somewhat misled by what's going on in the aggregate.

我們所說的這種惡化，顯示存在一些重大問題。所以你知道，我也讀過和你類似的文章，我認為，如果你只指出一個具體的統計數據，你可能會被整體情況所誤導。

Thank you. That brings us to the end of the question-and-answer session. I will now turn the floor back over to management for closing comments.

謝謝。問答環節到此結束。現在我將把發言權交還給管理階層，請他們做總結陳詞。

Okay, thanks all for joining us. If you have any follow-up questions, we're here and we welcome engaging, with you on either OTF or OBDC. Have a great afternoon.

好的，感謝各位的參與。如果您有任何後續問題，我們隨時歡迎您透過 OTF 或 OBDC 與我們交流。祝您下午愉快。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。