Blue Owl Technology Finance Corp (OTF) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to Blue Owl Technology Finance Corp's first-quarter 2026 earnings call. As a reminder, this call is being recorded. At this time, I'd like to turn the call over to Mike Mosticchio , Head of BDC Investor Relations. Please go ahead.

各位早安，歡迎參加 Blue Owl Technology Finance Corp 2026 年第一季財報電話會議。提醒各位，本次電話會議將被錄音。現在我想把電話交給 BDC 投資人關係主管 Mike Mosticchio。請開始。

Thank you, operator, and welcome to Blue Owl Technology Finance Corp.'s first-quarter 2026 earnings conference call.

謝謝接線員，歡迎各位參加 Blue Owl Technology Finance Corp 2026 年第一季財報電話會議。

Joining us on the call today are Craig Packer, Chief Executive Officer Eric Bissonnette, President and Jonathan Lam, Chief Financial Officer.

今天與會的還有執行長 Craig Packer、總裁 Eric Bissonnette，以及財務長 Jonathan Lam。

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.

提醒各位聽眾，今天電話會議中的發言可能包含前瞻性陳述；此類陳述不保證未來的表現或結果，並涉及多項風險與不確定性，且多數超出公司可控制範圍。

Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described in OTS filings with the SEC. The company assumes no obligation to update any forward-looking statements.

由於多項因素，實際結果可能與前瞻性陳述存在重大差異，包括公司向 SEC 提交之 OTS 文件中所述因素。公司不承擔更新任何前瞻性陳述之義務。

We'd also like to remind everyone that we'll refer to non-GAAP measures on this call, which are reconciled to GAAP figures in our earnings presentation, which is 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.

我們也提醒各位，本次電話會議將提及非 GAAP 指標；其與 GAAP 數字之調節已載於我們的財報簡報，並可於本公司網站的「活動與簡報」(Events and Presentations) 專區取得。本次電話會議及公司財報資料中討論的部分資訊（包括與投資組合公司相關之資訊）係源自第三方資料來源，且未經獨立查證。公司對該等資訊不作任何陳述或保證。

Yesterday, OTF issued its financial results for the first-quarter ended March 31, 2026, reporting adjusted net investment income per share of $0.29 and net asset value per share of $16.49.

昨日，OTF 公布截至 2026 年 3 月 31 日止第一季財務結果，調整後每股淨投資收益為 0.29 美元，每股淨資產價值為 16.49 美元。

During the call today, we'll be referencing materials, including the earnings press release, earnings presentation and 10-Q, which are available on the News and Events section of OTF's website. With that, I'll turn the call over to Craig.

今天的電話會議中，我們將引用相關資料，包括財報新聞稿、財報簡報與 10-Q，皆可於 OTF 網站的「新聞與活動」(News and Events) 專區取得。接下來我把電話交給 Craig。

Thanks, Mike. Good morning, everyone, and thank you all for joining us today. Software has obviously been a major focus for investors. And as a meaningful lender in the space, OTF has been part of that conversation. Before getting into our views on software, I wanted to step back and provide some broader context on OTF.

謝謝你，Mike。各位早安，感謝大家今天加入。軟體顯然一直是投資人關注的重點。作為該領域的重要放款人，OTF 也一直在相關討論之中。在談我們對軟體的看法之前，我想先退一步，提供一些關於 OTF 的更廣泛背景。

Credit performance remains very strong. Non-accruals are among the lowest in the space, and we are one of the only BDCs to have generated net gains since inception. At the same time, the current level of market concern around software has created one of the most attractive investing environments that we've seen in a while, with spread significantly wider and capital a lot less available.

信用表現仍然非常強勁。不良應計（non-accrual）在同業中屬於最低水準之一，而我們也是少數自成立以來持續創造淨收益（net gains）的 BDC 之一。同時，市場目前對軟體的擔憂程度，創造了我們近來所見最具吸引力的投資環境之一：利差顯著擴大、資金供給也明顯減少。

We also think the market's discussion around software has evolved meaningfully over the last quarter. Early on, much of the debate was centered around whether software businesses had a reason to exist in an AI-enabled world.

我們也認為，市場對軟體的討論在過去一季有顯著演進。早期，許多辯論集中在：在 AI 賦能的世界裡，軟體企業是否仍有存在的理由。

Today, we believe that discussion is becoming more balanced and nuanced as the market increasingly distinguishes between businesses with durable moats and those that may be more exposed to change. We think that evolution of the discourse is constructive and importantly that the OTF portfolio is positioned well in the parts of the software market where durability matters most.

如今，我們相信這個討論正變得更為平衡且更具細緻度，因為市場愈來愈能區分具備持久護城河的企業，以及可能更容易受到變化影響的企業。我們認為這種論述的演進是正向的；更重要的是，OTF 的投資組合在軟體市場中「耐久性最重要」的領域具備良好配置。

Eric will speak in more detail in a moment about what we are seeing at a high level. While we remain appropriately cautious on AI, given how transformative the technology is, we are not seeing material signs of stress in the portfolio today.

Eric 稍後會更詳細說明我們在整體層面所觀察到的情況。雖然鑑於 AI 的顛覆性，我們仍保持適度審慎，但目前我們並未在投資組合中看到重大的壓力跡象。

That view is also supported by our underlying credit metrics, including no new non-accruals this quarter and a non-accrual rate of just 10 basis points of the total portfolio at fair value.

這項觀點也受到我們的基礎信用指標支持，包括本季沒有新增不良應計，且以公允價值計算，不良應計僅占整體投資組合的 10 個基點。

As a reminder, we lend to companies that are leaders in their markets and have durable business models. Remain in close dialogue with both sponsors and portfolio companies, and in many cases are seeing borrowers adapt thoughtfully and invest to strengthen their competitive positions as AI continues to develop.

提醒各位，我們放款的對象是其市場領導者且具備可持續商業模式的公司。我們與贊助方（sponsors）及投資組合公司保持密切溝通；在許多案例中，隨著 AI 持續發展，我們看到借款人正以審慎方式調整並投入資源，以強化其競爭地位。

As a lender, even if there is pressure over time on software profitability or terminal values in certain parts of the market, we believe the structures of our investments, with relatively short durations, conservative LTVs and contractual maturities, position us well.

作為放款人，即使市場某些領域的軟體獲利能力或終值（terminal values）隨時間承壓，我們仍相信，我們投資的結構——相對較短的存續期間、保守的 LTV，以及契約到期日——使我們處於有利位置。

With that said, our results in the first-quarter were impacted by the broader volatility across technology and software assets. As spreads widened meaningfully across technology credit names, valuations came under pressure across the space more broadly, including with our own portfolio. Importantly, this was a market-driven pressure rather than a reflection of credit stress. Over 80% of the write-down during the quarter was attributable to mark-to-market movements. And it did not reflect a weakness in the underlying quality of our assets.

話雖如此，我們第一季的結果受到科技與軟體資產整體波動的影響。隨著科技信用名稱的利差顯著擴大，整體估值在同業範圍內普遍承壓，我們的投資組合亦然。重要的是，這是市場驅動的壓力，而非信用壓力的反映。本季超過 80% 的減記（write-down）可歸因於按市價評估（mark-to-market）的變動，並不代表我們資產基本品質的弱化。

Since quarter end, technology broadly syndicated loan prices have rebounded by roughly 70 basis points in April, which we think is an encouraging sign that the conversation is becoming more balanced and constructive.

自季末以來，科技類廣泛聯貸（broadly syndicated loan）價格在 4 月已反彈約 70 個基點；我們認為這是令人鼓舞的訊號，顯示市場對話正變得更平衡且更具建設性。

I would also highlight that our earnings this quarter were impacted by many of the same headwinds affecting the broader BDC sector. Lower base rates and tighter spreads weighed on adjusted net investment income, and the elevated repayments kept leverage more moderate than we would have otherwise expected as we continue to ramp the portfolio.

我也要強調，本季獲利同樣受到影響整體 BDC 產業的多項逆風因素影響。基準利率下滑與利差收斂壓抑了調整後淨投資收益，而較高的提前償還使槓桿水準較我們在持續擴張投資組合的情況下原本預期更為溫和。

As we look ahead, we're confident in the fundamentals that underpin the OTF portfolio. We are long-term investors, and we have constructed the portfolio with that perspective in mind. While there are questions around the impact to software from AI, we believe that over time, the high-quality technology businesses we finance will display resilience, given the stability we've seen today and that we anticipate over time.

展望未來，我們對支撐 OTF 投資組合的基本面充滿信心。我們是長期投資人，並以此觀點建構投資組合。雖然市場對 AI 對軟體的影響仍有疑問，但基於我們目前所見的穩定性，以及我們預期隨時間推移將持續展現的穩健性，我們相信我們所融資的高品質科技企業將具備韌性。

Today, OTF has ample dry powder and the ability to increase leverage toward our target range, and volatile periods like this have historically created attractive opportunities for disciplined capital deployment.

目前，OTF 擁有充足的可用資金（dry powder），並有能力將槓桿提高至我們的目標區間；而像這樣的波動期間，歷來往往能為紀律性資本部署帶來具吸引力的機會。

That said, our underwriting bar will remain high, and we expect to stay selective in the opportunities we pursue. With that, I'll turn it over to Eric.

不過，我們的承作門檻（underwriting bar）仍將維持在高水準，我們也預期在追求機會時會保持選擇性。接下來我把電話交給 Eric。

Thanks, Craig, and good morning, everyone. Our strategy remains centered on lending to innovative, market-leading technology companies. Today, approximately 70% of the portfolio is in software, with a balance in other technology areas such as life sciences, hardware, and other tech-enabled services.

謝謝你，Craig，各位早安。我們的策略仍以向具創新能力、且在市場居領導地位的科技公司放款為核心。目前，投資組合約 70% 配置於軟體，其餘則分布於生命科學、硬體及其他科技賦能服務等科技領域。

We detailed our AI framework on last quarter's earnings call, and a full transcript of that discussion is available on our website. Today, we will focus on the portfolio to provide insight into borrower-level performance as the technology landscape continues to advance.

我們在上一季財報電話會議中詳細說明了 AI 架構（framework），該討論的完整逐字稿可於我們網站取得。今天，我們將聚焦於投資組合，以在科技版圖持續演進之際，提供借款人層級表現的洞見。

We believe our portfolio remains positioned in the most durable segments of the software market, specifically within mission-critical products, embedded workflows, and trusted data. With a weighted average EBITDA of nearly $300 million. These scaled businesses possess the inherent resilience necessary to navigate industry shifts while continuing to invest in their platforms. The portfolio's construction further reinforces this durability, as our holdings remain predominantly senior security.

我們相信，我們的投資組合仍配置於軟體市場中最具耐久性的區塊，特別是關鍵任務（mission-critical）產品、嵌入式工作流程（embedded workflows）以及可信賴資料（trusted data）。加權平均 EBITDA 接近 3 億美元。這些具規模的企業具備在產業變動中所需的內在韌性，並能持續投資其平台。投資組合的建構也進一步強化此一耐久性，因為我們的持倉仍以優先擔保（senior security）為主。

While the market sell-off caused weighted average LTVs to rise modestly to 40% from 34% last quarter, these levels remain conservative and provide a significant equity cushion beneath our debt investments.

雖然市場拋售使加權平均 LTV 從上季的 34% 小幅上升至 40%，但這些水準仍屬保守，並在我們的債務投資之下提供了顯著的股權緩衝（equity cushion）。

We continue to see solid weighted average revenue and EBITDA growth across our software borrowers. And importantly, we have seen minimal signs of material disruption attributable to AI across the broader portfolio.

我們持續看到軟體借款人整體呈現穩健的加權平均營收與 EBITDA 成長。更重要的是，在整體投資組合中，我們僅看到極少數可歸因於 AI 的重大干擾跡象。

Regarding core credit metrics, there were no new non-accruals this quarter, which remained significantly below the industry average at just 10 basis points of the total portfolio at fair value.

就核心信用指標而言，本季沒有新增不良應計；以公允價值計算，不良應計僅占整體投資組合的 10 個基點，仍顯著低於產業平均。

Three to five rated names were steady at 8.5% at fair value as our internal ratings were broadly stable during the quarter. Amendments remained similarly light with no pickup in material amendment activity and portfolio company revolver utilization remained consistent with historical levels at just under 10%.

評等為 3 至 5 的標的以公允價值計算維持在 8.5%，因為我們的內部評等在本季整體大致穩定。修約（amendments）同樣維持偏少，未見重大修約活動增加；投資組合公司循環信貸（revolver）動用率也與歷史水準一致，略低於 10%。

PIC income also remained moderate this quarter at approximately 13% of total investment income. Down about half from prior peak levels, with approximately 7.6% of that coming from PIC interest and 5.4% from PIC dividends. As a reminder, PIC dividend income reflects our dedicated allocation to preferred equity positions, which are designed to generate current income and often come with attractive premium return potential. Over 98% of our PIC was structured at origination, and notably, we have not realized a single loss since inception on any PIC loan that was structured this way at origination. We view structured PIC as a valuable return enhancer that allows high-quality borrowers to prioritize growth reinvestment.

PIC 收入本季也維持在溫和水準，約占總投資收入的 13%。較先前高峰水準約減半，其中約 7.6% 來自 PIC 利息，5.4% 來自 PIC 股利。提醒各位，PIC 股利收入反映我們對優先股權部位的專門配置，該等部位旨在產生當期收入，且通常具備具吸引力的溢價報酬潛力。我們超過 98% 的 PIC 於承作時即已結構化；值得注意的是，自成立以來，對於任何在承作時以此方式結構化的 PIC 貸款，我們尚未實現任何一筆損失。我們認為結構化 PIC 是有價值的報酬增強工具，可讓高品質借款人優先將資金投入成長再投資。

These portfolio indicators are also consistent with our direct market observations. Our 40-person dedicated technology investment team maintains a constant dialogue with portfolio companies, sponsors, and industry experts as they adapt to the changing landscape and deploy additional resources.

這些投資組合指標也與我們對市場的直接觀察一致。我們由 40 人組成的專職科技投資團隊，持續與投資組合公司、贊助方及產業專家保持密切對話，協助其因應不斷變化的環境並投入額外資源。

It is notable that sophisticated software operators continue to invest heavily in AI enablement. A prime example is the strategic partnership announced earlier this month between Thoma Bravo and Google Cloud, which aims to accelerate AI transformations across enterprise software companies. We view this as a significant external signal that AI serves as a catalyst for product enhancement and value creation rather than simply a source of disruption. It was an active quarter for both new investments and repayments.

值得注意的是，成熟的軟體營運商仍持續大力投資於 AI 賦能。最具代表性的例子，是本月稍早 Thoma Bravo 與 Google Cloud 宣布的策略合作夥伴關係，旨在加速企業軟體公司的 AI 轉型。我們將此視為一項重要的外部訊號，顯示 AI 是推動產品強化與價值創造的催化劑，而不僅僅是造成顛覆的來源。本季在新投資與回收款項方面都相當活躍。

We had $1.1 billion of repayments during the quarter, including several meaningful ones, which we think reinforces the strategic value that scaled software assets can continue to command even in the more challenging market environment.

本季我們回收款項達 11 億美元，其中包含數筆具規模的回收；我們認為這進一步印證，即使在更具挑戰的市場環境下，具規模的軟體資產仍能持續展現其策略價值。

For example, in Telerad. Medical imaging software business was an over $400 million investment across the Blue Isle platform, including $163 million in OTF, and was acquired by GE Healthcare for $2.3 billion, resulting in a full repayment of our position at R.

例如，在 Telerad。該醫學影像軟體業務在 Blue Isle 平台上的投資總額超過 4 億美元，其中 OTF 投資 1.63 億美元；該公司以 23 億美元被 GE Healthcare 收購，使我們在 R 的部位獲得全額償還。

Mindbody, a 2019 vintage investment, is a software and payments providers to gyms, salons, and spas. It was a $105 million investment in OTF and an over $200 million investment across the Blue Isle platform. And was fully repaid across our credit facilities and preferred equity in connection with the merger with a global leader in AI-enabled fitness tech.

Mindbody 是一筆 2019 年投資，為健身房、美容沙龍與 SPA 提供軟體與支付服務。OTF 投資 1.05 億美元，並在 Blue Isle 平台上的投資總額超過 2 億美元。其在與全球 AI 賦能健身科技領導者合併之際，我們在信用融資與優先股權上的投資均獲全額償還。

And Relativity, a leading provider of e-discovery document review software, was a $137 million investment in OTF and an over $340 million platform investment, where we were fully repaid through a broadly syndicated loan refinancing ahead of its recently announced plan to go public.

此外，Relativity 作為電子證據開示（e-discovery）文件審閱軟體的領先供應商，OTF 投資 1.37 億美元，平台投資總額超過 3.4 億美元；在其近期宣布上市計畫之前，我們透過一筆廣泛銀團貸款再融資獲得全額償還。

Our equity sleeve provides another avenue for the portfolio to capture differentiated upside, as proven by the partial sale of our SpaceX equity in early March. We sold 50% of our position, generating approximately $133 million of proceeds and a realized gain of $117 million, which reflected roughly a 10-times return on our original investment. We viewed this as an attractive opportunity to partially monetize a strong performer while retaining the remaining 50% of the position. To participate in potential future upside.

我們的股權配置也為投資組合提供另一條捕捉差異化上行空間的途徑，這在 3 月初部分出售我們的 SpaceX 股權中已獲驗證。我們出售了 50% 的持股，取得約 1.33 億美元的處分收入並實現 1.17 億美元的已實現收益，約相當於原始投資的 10 倍回報。我們認為這是部分變現強勢標的的良機，同時保留其餘 50% 的持股，以參與未來可能的上行空間。

We view this as a prime example of how our strategy can selectively capture additional value while keeping the portfolio primarily credit-oriented. On the origination side, we entered the quarter with a strong pipeline, which converted into $1.7 billion of new commitments and funded $1.3 billion. So most of that activity reflected deals worked on in Q4 prior to the most recent widening of spreads.

我們認為這是我們策略如何在維持投資組合以信用為主的同時，有選擇地捕捉額外價值的典型例子。在案源開發方面，我們以強勁的交易管線進入本季，最終轉化為 17 億美元的新承諾額並實際撥款 13 億美元。因此，多數活動反映的是在最近一次利差擴大之前、於第四季已推進的交易。

However, the strength of repayments. Offset a significant portion of originations and resulted in net leverage increasing modestly to 0.85 times at quarter end, just below the low end of our target range.

然而，強勁的回收款項抵銷了相當一部分新增投放，使期末淨槓桿僅小幅上升至 0.85 倍，略低於我們目標區間的下緣。

While software remains a primary focus, our underwriting threshold for new investments has never been higher. As we evaluate opportunities against the rapidly evolving AI landscape, we are increasingly selective. Continuing to pass on legacy models that may have been investable years ago, but now lack the core defensive attributes required to withstand technological disruption, which has always been our core focus.

儘管軟體仍是主要焦點，我們對新投資的承作門檻從未如此之高。面對快速演進的 AI 版圖，我們愈發嚴格篩選，持續放棄那些數年前或許可投、但如今缺乏抵禦科技顛覆所需核心防禦特質的傳統模式——而這一直是我們的核心關注點。

Looking ahead, we anticipate that software deal activity will remain tempered as the market recalibrates to current dynamics. Historically, these periods have yielded attractive entry points for disciplined lenders. With the capacity to increase leverage towards our target range, we are well positioned to capitalize on these opportunities as the market matures.

展望未來，我們預期隨著市場重新校準以反映當前動態，軟體交易活動將維持相對溫和。歷史上，這類時期往往為紀律嚴謹的放款人帶來具吸引力的進場點。憑藉可將槓桿提高至目標區間的能力，我們已做好準備，隨市場成熟把握這些機會。

At the same time, slower software deal flow may create an opportunity to revisit adjacent technology areas that have always been within scope for us, including digital infrastructure and life sciences, where we believe we can generate attractive, less correlated returns over time.

同時，較慢的軟體交易流量也可能帶來機會，讓我們重新檢視一直在我們投資範圍內的相鄰科技領域，包括數位基礎設施與生命科學；我們相信，隨時間推進，這些領域可帶來具吸引力且相關性較低的報酬。

In digital infrastructure, we continue to see opportunities in areas that help power AI enablement, such as GPUs and data center financings. BlueOwl also has a dedicated life sciences credit and royalties platform called LSI Financing with specialized expertise and flexible financing solutions across the capital structure. That team focuses on term loans and royalty-based structures from later-stage companies funding innovation, commercialization, and drug development.

在數位基礎設施方面，我們持續看到有助於推動 AI 賦能的機會，例如 GPU 與資料中心融資。BlueOwl 亦設有專注於生命科學信用與權利金的平台 LSI Financing，具備專業能力，並可在資本結構各層級提供彈性融資解決方案。該團隊聚焦於後期公司之定期貸款與以權利金為基礎的結構，為創新、商業化與藥物開發提供資金。

LSI financing currently includes 11 debt and royalty investments. OTF entered the strategy in November 2024, and this exposure has since delivered a net IRR of over 14% for the fund. Collectively, these strategies represent approximately 3% of the current portfolio, so there is ample room to increase our allocation from here as opportunities emerge.

LSI Financing 目前包含 11 項債務與權利金投資。OTF 於 2024 年 11 月納入該策略，此曝險迄今已為基金帶來超過 14% 的淨 IRR。整體而言，這些策略合計約占目前投資組合的 3%，因此隨著機會浮現，我們仍有充足空間自此提高配置比重。

Overall, we are confident in the quality of the portfolio and how the platform is positioned today. While AI-related uncertainty has clearly shaped market sentiment, the portfolio continues to perform, and we believe OTF is well-equipped to capitalize on opportunities as the market continues to adjust.

整體而言，我們對投資組合的品質以及平台目前的定位充滿信心。儘管與 AI 相關的不確定性顯然影響了市場情緒，投資組合仍持續表現良好；我們相信，隨市場持續調整，OTF 已具備把握機會的良好條件。

Now, I'll turn the call over to Jonathan to discuss our financial results in more detail.

接下來我將把電話會議交給 Jonathan，請他更詳細說明我們的財務結果。

Thank you, Eric. In the first-quarter, OTF reported adjusted net investment income of $0.29 per share. While we continue to make progress in ramping the portfolio. Our results this quarter reflected several headwinds that have been affecting the market, including the full impact of the three rate cuts between September and December, spread compression from 2025 as newer originations came on at tighter spreads, and lighter non-recurring income, which came in at approximately $0.01 below historical averages.

謝謝你，Eric。第一季，OTF 公布每股調整後淨投資收益為 0.29 美元。儘管我們持續推進投資組合的擴張，本季結果反映了數項持續影響市場的逆風因素，包括 9 月至 12 月三次降息的完整影響、隨著 2025 年新承作以較緊利差入帳所帶來的利差收窄，以及較少的一次性收入；一次性收入約較歷史平均低 0.01 美元。

We would also note that our GAAP results also included $0.08 per share of capital gains incentive fee reversals. Driven by mark-to-market impacts on equity investments following the market sell-off. 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 July 15, 2026, to shareholders of record as of June 30, 2026.

我們也要指出，我們的 GAAP 結果亦包含每股 0.08 美元的資本利得激勵費用回轉，係由於市場拋售後股權投資的按市價評價影響所致。本週稍早，我們董事會宣告第一季每股 0.35 美元的例行股利，與上一季配息一致，將於 2026 年 7 月 15 日或之前支付給截至 2026 年 6 月 30 日登記在冊的股東。

We also continue to pay a quarterly special dividend of $0.05 per share. Through September 2026, supported by spillover income generated prior to listing, bringing total distributions for the quarter to $0.40 per share.

我們也持續支付每季每股 0.05 美元的特別股利，將延續至 2026 年 9 月；該特別股利由上市前所產生的結轉收益（spillover income）支持，使本季總配息達每股 0.40 美元。

At our current rate of deployment and leverage, along with the widening spread environment, we remain confident in the long-term support for our base dividend. However, given the current market backdrop, it may take somewhat longer for earnings to cover the base dividend than we previously expected.

以我們目前的投放速度與槓桿水準，加上利差擴大的環境，我們仍對基本股利的長期支撐充滿信心。然而，鑑於當前市場背景，獲利覆蓋基本股利所需的時間可能會比我們先前預期略長。

Importantly, we continue to have meaningful support from spillover income of $0.50 per share as well as gains from our equity book as we continue to ramp the portfolio.

重要的是，隨著我們持續擴張投資組合，我們仍有每股 0.50 美元的結轉收益提供實質支撐，並且股權投資組合的收益亦可提供支持。

Moving to the balance sheet, NAV per share was $16.49 at quarter end, down from $17.33 in the prior quarter, primarily reflecting the impact of mark-to-market adjustments. Partially offset by realized gains, as well as $0.05 per share of accretion from share repurchases during the quarter.

談到資產負債表，期末每股 NAV 為 16.49 美元，較前一季的 17.33 美元下降，主要反映按市價調整的影響；部分由已實現收益所抵銷，另加上本季股票回購帶來每股 0.05 美元的增厚（accretion）。

We bought back approximately $50 million of stock, bringing total repurchases over the past two quarters to $115 million. These repurchases reflect our conviction and the quality of the portfolio, while still preserving ample capacity to deploy into what we see. As an increasingly more attractive market environment for technology names.

我們回購了約 5,000 萬美元的股票，使過去兩季的回購總額達 1.15 億美元。這些回購反映我們的信念以及投資組合的品質，同時仍保留充足的投放能力，以把握我們所見對科技標的而言愈發具吸引力的市場環境。

Our Board also authorized a new $300 million share repurchase program in February, replacing the prior $200 million authorization, leaving approximately $250 million remaining following our first-quarter activity. We ended the quarter with net leverage at 0.85 times. Reflecting $284 million of net funded investment activity.

我們董事會亦於 2 月核准新的 3 億美元股票回購計畫，以取代先前的 2 億美元核准額；在第一季回購活動後，尚餘約 2.5 億美元可用額度。本季期末淨槓桿為 0.85 倍，反映淨撥款投資活動 2.84 億美元。

While leverage increased modestly during the quarter, it remains just below the low end of our target range of 0.9 to 1.25 times, which we believe leaves us well-positioned to continue growing the portfolio as opportunities become more attractive.

雖然本季槓桿小幅上升，但仍略低於我們 0.9 至 1.25 倍的目標區間下緣；我們認為這使我們在機會更具吸引力時，能夠持續擴大投資組合。

Turning to our capital structure, we continue to be active in further strengthening our balance sheet. In January, we issued a $400 million unsecured bond, which we subsequently swapped to a floating rate coupon. This transaction demonstrated continued access to the investment-grade unsecured market while maintaining alignment with our predominantly floating rate asset phase.

轉向資本結構，我們持續積極進一步強化資產負債表。1 月我們發行 4 億美元無擔保債券，隨後透過交換將其轉為浮動利率票息。此交易展現我們持續可進入投資級無擔保市場，同時維持與我們以浮動利率資產為主的配置相一致。

We ended the quarter with over $2.3 billion of total cash and available capacity across our credit facilities. This provides ample liquidity to meet upcoming obligations. Including our June 2026 note maturity and support continued portfolio growth as we move toward our target leverage range while maintaining balance sheet flexibility. Additionally, at this time, approximately 80% of OTF's stock float has now been released, the second-to-last lock-up release scheduled for May 20 and the final lock-up release on June 12.

本季期末，我們在各項信用融資額度下的總現金與可用額度合計超過 23 億美元。這提供充足流動性以因應即將到期的義務，包括我們 2026 年 6 月到期的票據，並在維持資產負債表彈性的同時，支持我們朝目標槓桿區間邁進並持續擴大投資組合。此外，截至目前，OTF 約 80% 的流通股已解除限制；倒數第二次禁售期解除預定於 5 月 20 日，最後一次禁售期解除於 6 月 12 日。

We believe these additional releases should continue to ease technical pressures. Support trading liquidity and further diversify our shareholder base overtime. And now I'll hand it back to Craig to provide final thoughts for today's call.

我們相信，這些額外的釋出應可持續緩解技術性壓力、支撐交易流動性，並隨時間進一步多元化我們的股東基礎。接下來我把時間交還給 Craig，請他為今天的電話會議做最後總結。

Thanks, Jonathan. As we wrap up today's call, I want to step back and reflect on what we believe this environment means for OTF. Periods like this tend to create more dispersion across technology, and that is especially true when the market is trying to separate durable businesses from those that may be more exposed to change.

謝謝你，Jonathan。當我們接近今天電話會議尾聲時，我想先退一步，回顧一下我們認為這個環境對 OTF 的意義。像這樣的時期往往會在科技領域造成更大的分化，而當市場試圖區分具備持久性的企業與那些可能更容易受到變化影響的企業時，這點尤其明顯。

In our view, this is exactly the type of environment where domain expertise, disciplined underwriting and long-term perspective matter most. Recent volatility in the broadly syndicated loan market, along with slower retail capital inflows into private credit, has made the supply-demand balance for new deals look more favorable than it has been in years.

在我們看來，這正是最需要產業專業、嚴謹的承作（underwriting）紀律與長期視角的環境。近期廣泛聯貸（broadly syndicated loan）市場的波動，加上零售資金流入私募信貸的速度放緩，使得新案的供需平衡看起來比過去幾年更為有利。

We believe that backdrop may create a more differentiated opportunity set for lenders with the experience and underwriting depth to distinguish between businesses that can adapt and strengthen through this cycle and those that may not.

我們相信，這樣的背景可能為具備經驗與深度承作能力的放款人創造更具差異化的機會集合，使其能夠區分哪些企業能在本輪週期中調整並變得更強，哪些則可能無法做到。

Importantly, we do not need a significant rebound in LBL volumes to improve returns from here. Even in a more moderate deal environment, we see meaningful opportunity to enhance portfolio spread through activity within our existing portfolio, including refinancing or re-underwriting names we know well and continue to like.

重要的是，我們不需要 LBL 交易量大幅反彈，就能從現在起改善報酬。即使在較為溫和的交易環境中，我們仍看到透過既有投資組合內的活動來提升投資組合利差的顯著機會，包括為我們非常熟悉且仍然看好的標的進行再融資或重新承作。

That is where we believe OTF has unique positioning in the market. Our portfolio remains concentrated in businesses we believe are durable and mostly have considerable backing from large private equity sponsors. Our balance sheet still has meaningful room to grow and with leverage below our target range, we have the dry powder, team and platform to move thoughtfully as opportunities emerge.

我們認為這正是 OTF 在市場上的獨特定位。我們的投資組合仍集中於我們認為具備韌性的企業，且多數都有大型私募股權贊助商的強力支持。我們的資產負債表仍有可觀的成長空間，且槓桿水準低於目標區間，因此我們具備充足的「乾粉」、團隊與平台，能在機會出現時審慎出手。

Importantly, OTF's path from here is also somewhat different from that of many other BDCs. Because we are still ramping toward our target leverage range, we have a clear opportunity to grow earnings through prudent deployment over time.

同樣重要的是，OTF 從現在起的路徑也與許多其他 BDC 有所不同。由於我們仍在朝目標槓桿區間爬坡，我們有明確機會隨時間透過審慎部署資金來提升獲利。

At the same time, we are not dependent on one narrow part of the market. Although software remains our core focus, we have the flexibility to target adjacent technology areas, such as digital infrastructure and life sciences, where Blue Aisle has dedicated investment teams, where we believe we can generate attractive, less correlated returns over time.

同時，我們並不依賴市場中某一個狹窄的領域。雖然軟體仍是我們的核心焦點，但我們也有彈性鎖定相鄰的科技領域，例如數位基礎建設與生命科學；在這些領域，Blue Aisle 設有專責投資團隊，我們相信可隨時間創造具吸引力、相關性較低的報酬。

Looking ahead, we believe OTF is exceptionally well positioned to expand spread and improve returns by investing in this environment. We will remain cautious and highly selective, but we believe that discipline, combined with the quality of the portfolio and our long-term credit track record should serve shareholders well.

展望未來，我們相信 OTF 在此環境下透過投資來擴大利差並改善報酬的定位極佳。我們將維持謹慎且高度選擇性，但我們相信，這份紀律，加上投資組合的品質與我們長期的信貸績效紀錄，將能為股東帶來良好成果。

OTF has generated a strong track record since inception in 2018. With a net realized gain of 29 basis points annually, which we believe speaks to the strength of our underwriting across cycles.

OTF 自 2018 年成立以來已建立強勁的績效紀錄。年化淨已實現收益為 29 個基點，我們認為這反映了我們跨週期承作能力的強度。

Thank you for your continued support. Operator, please open the line for questions.

感謝各位持續的支持。接線員，請開放提問。

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

謝謝。現在開放提問。（接線員指示）

Finian O'Shea, Wells Fargo.

Wells Fargo 的 Finian O'Shea。

Hey, everyone. Good morning. I guess, Craig or Eric, big picture on software, performing well still, but. The theme, more and more decided theme is lenders in private credit and the liquid market want to pare down exposure, have less appetite for it, maybe from a portfolio construction, maybe from a risk perspective, maybe it's temporary, but to the extent that that continues, is that a concern. For future credit quality if new money sort of dries up from the broader credit domain.

各位好，早安。我想問 Craig 或 Eric，從軟體的大方向來看，目前表現仍然不錯，但……越來越明確的主題是，私募信貸與流動市場的放款人都想降低曝險、對該領域的胃納變小；可能是出於投組建構，也可能是風險考量，也可能只是暫時的。但如果這種趨勢持續，是否會讓你們擔心：若更廣泛的信貸領域新資金某種程度上乾涸，未來的信用品質會受影響？

Heathen, I'll start. Eric, you can chime in. Look, to start, I would say that. AI is a significant issue and all lenders are trying to make sense and all equity holders are trying to make sense of the impact in AI and software.

Heathen，我先開始，Eric 你也可以補充。首先我會說，AI 是一個重大議題，所有放款人都在試圖理解 AI 對軟體的影響，所有股權持有人也都在試圖理解。

It's moving quickly. And so I think as time elapses, we're all going to be able to better understand just how significant this is. So this is a moment of kind of peak uncertainty, and time will help that.

它變化很快。因此我認為，隨著時間推移，我們都會更能理解其影響究竟有多大。這是一個某種「不確定性高峰」的時刻，而時間會有所幫助。

I think that your characterization, I think, is fair. I think most lenders that have significant software will be looking to reduce exposure. I think we'll be looking to reduce exposure, but within reasonable bounds. I think we'll still, at OTF, still be a significant player in software, but our bar is going to be very high for new investments, but also very high as we have opportunities to refinance.

我認為你的描述是合理的。我想多數在軟體領域曝險較高的放款人都會希望降低曝險；我們也會希望降低曝險，但會在合理範圍內。我認為在 OTF，我們仍會是軟體領域的重要參與者，但我們對新投資的門檻會非常高；同時，當我們有再融資機會時，門檻也會非常高。

We're going to go through our same process in making investment decisions in new software deals like we do in every other investment and take into account our outlook, our confidence in getting repaid, and we're going to certainly.

我們會用與其他投資相同的流程來評估新的軟體交易，並納入我們的展望、我們對於能否收回本金的信心，而且我們當然會……

Want to make sure that if we are staying invested in software names that we're getting appropriately compensated and spreads have widened materially in the software sector, given that uncertainty. The companies are doing well, even if good, durable software businesses, we believe, will continue to do well in the AI world, and they're working very closely with the sponsors to ensure that.

確保如果我們要持續投資於軟體標的，我們能獲得適當的風險補償；在不確定性之下，軟體產業的利差已明顯擴大。企業目前表現良好；即便在 AI 的世界裡，我們相信優質且具韌性的軟體企業仍會持續表現良好，而且他們正與贊助商非常密切合作，以確保做到這點。

If the companies are performing well. Even in a world where lenders are looking to pull back, I would expect those companies to continue to have access to financing. The financing will be more expensive, but it had tightened in quite considerably in the last 18 months. And so to a certain extent, it's reverting back to more historical levels.

如果企業營運表現良好，即便在放款人想要收縮的情況下，我仍預期這些企業會持續取得融資。融資成本會更高，但在過去 18 個月其實已大幅收緊；因此某種程度上，現在只是回歸到較符合歷史的水準。

Again, it's all about credit performance. It's all about confidence in getting repaid. I feel confident if the company's outlooks are reasonable for lenders and lenders. Feel protected, then there'll be plenty of capital there. It's just maybe more expensive.

再說一次，一切都取決於信貸表現，取決於能否收回本金的信心。我有信心，只要企業展望對放款人而言合理、且放款人覺得自身受到保護，市場上就會有充足的資金；只是可能更昂貴。

The private equity firms, again, if the businesses are performing well, then the private equity firms will equally have capital to support those businesses. So I think the general picture I'm painting is one where it's credits will be refinanceable, even if lenders want to reduce exposure.

私募股權公司也是一樣：如果企業表現良好，私募股權公司同樣會有資本來支持這些企業。因此我想我描繪的整體情境是：即便放款人想降低曝險，這些信貸仍然可以再融資。

Then there'll be other lenders that potentially can increase, companies can pay down debt, they can delever, sponsors can commit more capital. But I think if the companies are doing well, they'll be refinanceable.

此外，可能也會有其他放款人願意增加配置；企業可以償還部分債務、降低槓桿；贊助商也可以投入更多資本。但我認為只要企業表現良好，就能再融資。

I appreciate that. Follow-up more on the portfolio picture today, the marks this quarter. Look pretty broad spread related, but then the sharper or more acute marks look to us at least either say tied to liquid, there's a BSL quote kind of thing or junior like pref equity type exposure, correct me if I'm wrong there.

了解，謝謝。追問一下關於目前投資組合的狀況，本季的估值調整（marks）看起來相當廣泛、主要與利差有關；但較尖銳或更急性的調整，在我們看來至少是與流動市場相關（例如某個 BSL 報價）或是較次順位、像是特別股權（pref equity）類型的曝險有關；如果我理解有誤請糾正。

The question is that a pure loan-to-value thing just taking down enterprise value. Or is there any slowing in performance across that book?

問題是：這純粹是貸款價值比（loan-to-value）因素、也就是企業價值下修所致？還是那本帳上有任何營運表現放緩？

About a third of the marks associated with our markdowns were in that book and really all multiple driven, nothing of materiality from a fundamental perspective. And. The vast majority, again, on the debt side as well, spread-related. So just speaking to the book that you're referring to, that has been an incredible driver of net realized gains for us since inception of close to 30 basis points annualized. And so we're giving back a little bit here just on MARC movement.

大約三分之一與我們下調估值相關的項目是在你提到的那本帳上，而且基本上全都是倍數（multiple）驅動，從基本面角度沒有任何具重大性的因素。另外，債務端也一樣，絕大多數仍是利差相關。因此就你所指的那本帳而言，自成立以來它一直是我們淨已實現收益的重要驅動來源，年化接近 30 個基點；所以這次只是因為估值（mark）變動而回吐了一點。

80% of the move in our debt marks was just spread-driven. And again, I think this is i I think our results in OTF, look, the fund over the arc of time has had one of the best credit performances in the industry, and we've had net NAV growth. But I think it's.

我們債務估值變動中有 80% 只是利差驅動。再說一次，我認為 OTF 的結果——你看，這檔基金長期以來一直擁有業界最佳之一的信貸表現，我們也有淨資產價值（NAV）成長。但我認為，在經歷了一個軟體領域估值被重新定價的季度之後，這是非常合理且可預期的。

Very logical and expected after a quarter that just went through a really re-rating of valuation in the software space. I think any investor would expect that to be reflected in our remarks, and I think you bucketed it properly. The public loans move meaningfully. That's very observable, and that is reflected in the portion of our book that's BSL-related. And the more junior investments, which have performed well.

我想任何投資人都會預期這會反映在我們的估值調整上，而我認為你分類得很正確。公開市場貸款價格出現明顯變動，這非常可觀察，也反映在我們與 BSL 相關的那部分投資組合中。而較次順位的投資先前表現良好。

We do go through a valuation process and those were also marked appropriately down. So I think the book behaved the way I think investors should expect given the environment that we just went through, but we're coming from such a strong position of strength and gave back a little bit this quarter.

我們確實會進行估值流程，而那些也被適當地下調。因此我認為，在我們剛經歷的環境下，這本帳的表現符合投資人應有的預期；只是我們原本處於非常強勢的基礎上，本季回吐了一點。

Brian McKenna, Citizens.

Citizens 的 Brian McKenna。

Great, thanks. So it does feel like the tide might be shifting a bit here in the public software market. IGV is up 20% from the lows. And then if you look at some of the other names and sub-sectors within that, they're up quite a bit above that. So Eric, I'm curious your thoughts here. It does seem like maybe the public markets in this area over-corrected, we're getting some of that back.

很好，謝謝。公眾軟體市場的風向似乎正在出現一些轉變。IGV 從低點反彈了 20%。如果再看其中一些其他公司與子產業，它們的漲幅甚至更高。所以 Eric，我想聽聽你的看法。看起來公眾市場在這個領域可能先前過度修正，現在正在收回一部分。

And then we'll see if a few weeks make a new trend, but if this recovery in public software evaluations continue, does that start to drive a recovery in transaction activity? And then I'm also curious, the sponsors you're talking to and those counterparts, are any of them starting to look at some take-private opportunities?

接著我們會看看接下來幾週是否會形成新的趨勢；但如果公眾市場對軟體公司的估值回升持續下去，是否會開始帶動交易活動的復甦？另外我也好奇，你們正在接觸的贊助方以及那些交易對手，是否有人開始在看一些私有化（take-private）的機會？

Yes, look, we've seen a market change in sentiment as reflected in public stocks. We're going through public earnings right now.

是的，你看，我們已經看到市場情緒出現變化，這反映在公開市場股票上。我們現在正處於公開市場財報季。

I won't mention specific names, but broadly speaking, the prints that we've seen have been very strong. So we're seeing very publicly-focused companies perform extremely well, which is consistent with what we're seeing across our portfolios. The conversations we have with sponsors, I think they do see. Opportunities in a very similar fashion to what you saw in 2022, where you had a very large number of go-private transactions coming off of the peak Xerp-related multiples in 2020 and '21.

我不會提具體公司名稱，但整體而言，我們看到的財報表現非常強勁。因此我們看到一些更偏向公開市場的公司表現極佳，這也與我們在投資組合中看到的情況一致。我們與贊助方的對話，我認為他們確實看到了機會，其方式很像你在 2022 年看到的情況：在 2020 與 2021 年 Xerp 相關倍數見頂之後，出現了大量的私有化交易。

So we think there's going to be a meaningful pickup in activity. It's a bit muted right now. I think there's a bit of a pause in the market. We're seeing sentiment shift to our points in the comments. The nuance around the conversation has changed dramatically in the past two months.

所以我們認為活動量會有顯著回升。現在仍稍微偏弱。我覺得市場有點暫停。我們看到情緒正如我們評論中提到的那樣在轉變。過去兩個月，對話中的細微差別已經大幅改變。

We've been having hundreds or thousands of conversations with investors around our views, obviously, or any of other investors in the marketplace having the same conversations. I think there's some breadcrumbs, we mentioned one with the TV, Google announcement, you saw another one with Intropics. So there's a lot of narrative shift around the reality of a combination or a partnership.

我們已經與投資人就我們的觀點進行了數百甚至上千次的交流；當然，市場上的其他投資人也在進行類似的對話。我認為已經出現一些線索：我們提到一個是 TV、Google 的公告，你也在 Intropics 那裡看到另一個。所以，圍繞「合併或合作」的現實可能性，市場敘事正在發生很大轉變。

And the application tier, which I think will give a bit of more balance to that conversation that I think will unlock some deal activity going forward in the latter.

以及應用層（application tier），我認為這會讓那個對話更趨平衡，並在後續解鎖一些交易活動。

Half of the year. And then just following up on the last question and the comments there, I mean, I think all the focus has been on the downside and the defensive nature and kind of where we go, but it doesn't feel like the conversation has shifted to maybe some of the upside scenarios or the positive and tailwinds from. A lot of these businesses layering on AI. So from your seat, I mean, when does that conversation start to shift, if at all, but is that a couple of quarters? I'm just curious about your thoughts on that as well.

下半年。再延續上一個問題與相關評論，我的意思是，我覺得大家的焦點一直放在下行風險、防禦性，以及我們會走向哪裡；但感覺對話還沒有轉向一些上行情境，或是許多企業疊加 AI 所帶來的正面因素與順風。從你們的角度看，這個對話何時會開始轉變（如果會的話）？會是再過幾個季度嗎？也想聽聽你對此的看法。

Look, I think it's going to take a few quarters. One of the great strengths of the software revenue model is that many of these companies have multi-year contracts that are committed in advance. And what we're going through right now is as these businesses.

你看，我認為需要幾個季度。軟體營收模式的一大優勢是，許多公司都有提前承諾的多年期合約。而我們現在正在經歷的是，當這些企業……

Embed AI into their solutions, it's going to take some time to roll through the financial statements to come out in the form of new KPIs. But what we are seeing is a pretty strong increase both in R&D and now revenue start to roll through the system as these identified solutions start to take hold. So I think it's going to take a few quarters, I think people are going to have to see a couple of prints from pretty large companies. Up and continue to perform. But that sentiment, I believe, will change.

把 AI 嵌入到他們的解決方案中，這需要一些時間才能在財務報表中反映出來，並以新的 KPI 形式呈現。但我們看到的是，研發支出顯著增加，而且現在營收也開始在系統中逐步體現，因為這些已識別的解決方案開始落地。因此我認為需要幾個季度；我認為大家需要看到幾家相當大型公司的幾次財報表現，持續向上並維持良好表現。但我相信那個情緒會改變。

Look, obviously, things move quickly. Eight weeks ago, I'm not sure I would have told you that. I think we feel meaningfully better in terms of narrative and sentiment, but I do feel better today. And I think that's going to just continue to improve over time as we see the stability and durability of these assets and the continued growth.

你看，當然，事情變化很快。八週前，我不確定我會這樣告訴你。我們在敘事與情緒方面感覺明顯更好，但我今天確實更有信心。我認為隨著我們看到這些資產的穩定性與韌性，以及持續成長，情況只會隨時間繼續改善。

All right. I'll leave it there. Thanks so much.

好的，我就先到這裡。非常感謝。

(Operator instructions)

（接線員指示）

Kenneth Lee, RBC Capital Markets.

RBC Capital Markets 的 Kenneth Lee。

Hey, good afternoon, and thanks for taking my question. Just in terms of potentially looking at other opportunities outside of software, you mentioned digital infrastructure, life sciences.

嗨，下午好，謝謝讓我提問。就可能在軟體以外尋找其他機會而言，你提到數位基礎設施、生命科學。

Maybe just talk a little bit more about what sorts of deals you're seeing in those kind of pipelines and whether there's enough, wide enough funnel for you to make enough investments to continue to ramp up the portfolio roughly within the same original time frame. Thanks.

能否再多談一點，你們在這些管線中看到哪些類型的交易？以及是否有足夠、夠寬的案源漏斗，讓你們能投入足夠的投資，並大致在原先的時間框架內持續把投資組合規模拉升？謝謝。

Sure, I'll start. The answer is yes, I think that there is enough. Look, I don't want to overstate this. Software is the biggest part of the book and will be for the foreseeable future because it's performed extremely well and we expect it to perform extremely well. But as I touched on a few minutes ago, I think we will look to.

當然，我先回答。答案是肯定的，我認為案源是足夠的。你看，我不想誇大其詞。軟體仍是投資組合中最大的一部分，而且在可預見的未來也會如此，因為它表現非常好，我們也預期它會持續表現非常好。但正如我幾分鐘前提到的，我們會尋求……

Reduce the software exposure and really focus on the best names that we have the most confidence in. And these are two examples of sectors that we've already been active in. We have teams that have dedicated capabilities, and they're quite meaningful. So we talked about life sciences, which has been an area we've been active. These are commercially.

降低軟體曝險，並真正聚焦在我們最有信心的最佳標的上。而這裡提到的兩個領域，就是我們已經在其中積極布局的例子。我們有具備專門能力的團隊，而且規模相當可觀。我們談到生命科學，這一直是我們活躍的領域。這些是商業上……

Successful in the market drug royalties or loans to companies that have those drugs with very predictable revenue streams that we that that take the technical knowledge of the underlying drugs and market demand. To invest in, and we have a team that has that expertise, and we've been investing in it, and we're seeing terrific opportunities that very much fit the remit of the technology fund, but are obviously nothing to do with software itself.

在市場上已成功的藥品權利金（royalties），或是對擁有這些藥品的公司提供貸款，具有非常可預測的收入流；我們會運用對底層藥物與市場需求的技術理解來進行投資。我們有具備該專業的團隊，也一直在投資其中，並看到非常好的機會，這些機會非常符合科技基金的投資範疇，但顯然與軟體本身無關。

So that's an area I think is scalable and where the deals are sizable, very different. There's not typically a private equity firm involved. These are public or private companies. And it's an area that we'd like to scale up. And if you want to touch, Eric, on digital infrastructure?

所以我認為這是一個可擴張的領域，而且交易規模可觀、型態也很不同。通常不會有私募股權公司參與；這些是上市或非上市公司。我們希望把這塊做大。Eric，你要不要補充一下數位基礎設施？

Yeah, on the digital infrastructure side, we've done a few transactions on the GPU financing space, which I think is a misunderstood part of the market. We're not really financing GPUs to any residual value. They tend to be JVs or SPVs with IG counterparty credit risk, amortizing structures, premium rates of return, so very tightly documented oftentimes with the corporate guarantee as well. So really interesting assets you see in a few of those start to leak into the public markets recently.

好的，數位基礎設施方面，我們在 GPU 融資領域做了幾筆交易，我認為這是市場上常被誤解的一塊。我們並不是以任何殘值（residual value）為前提去融資 GPU。這些通常是與投資級（IG）對手方信用風險的 JV 或 SPV，採用攤還式結構、較高的報酬率溢價，文件條款非常嚴謹，且往往也有公司保證。因此是非常有意思的資產；你最近也看到其中一些開始出現在公開市場。

So I think there's broader acceptance of the structures that we've been. Really pioneering over the past year. We have quite a few of those in the hopper right now. Clearly, from our seat, the demand for compute continues to be exceptionally high, well in excess of the supply of it. So there will be some interesting opportunities there that we're working on right now. And then on the data center side, there are often things that we see through the broader BlueOwl platform.

所以我認為市場對我們在過去一年真正開創的這些結構，有更廣泛的接受度。我們目前有不少案子正在推進中。很明顯，從我們的角度看，算力需求仍然異常強勁，遠遠超過供給。因此我們正在處理一些很有意思的機會。另外在資料中心方面，我們也常透過更廣泛的 BlueOwl 平台看到相關機會。

We have our IPI data center business is actively involved in the. Development of these builds with hyperscaler offtakes. So there's going to be some activity, hopefully, that we can review and analyze over the course of this year. And I think we'll increase the percentage of this, but there's some natural limiters. Oftentimes, these fit into the non-qualified bucket. So I don't think it's going to be disproportionately high, but I think really attractive on a go-forward basis.

我們的 IPI 資料中心業務正積極參與這些建置案的開發，並搭配超大規模業者（hyperscaler）的承購（offtake）。因此希望今年內會有一些活動，讓我們能在過程中進行檢視與分析。我認為我們會提高這部分的占比，但也有一些自然限制因素：這些往往會落在非合格（non-qualified）類別裡。所以我不認為占比會高得不成比例，但我認為從長遠來看非常有吸引力。

Gotcha, very helpful there, very helpful color there. And one follow-up, if I may, you touched upon this briefly in the prepared remarks around the dividend. I wonder if you can share some additional thoughts around dividend coverage.

了解，這些資訊很有幫助、也很有參考價值。再追問一個，如果可以的話：你在事先準備的講稿中簡單提到股利。我想請你分享更多關於股利覆蓋（dividend coverage）的想法。

Is this something that the Board is going to continually evaluate just based on deal activity and ramping progress of the portfolio, just given that it sounds like that the timeframes could be a little bit longer in terms of when you get your targeted leverage ranges there?

董事會是否會持續評估這件事，主要依據交易活動與投資組合的擴張進度？尤其聽起來，在達到你們目標槓桿區間的時間點上，可能會稍微拉長一些？

I mean, look, we're always constantly thinking through the dividends for all of our companies, and the Board is definitely always focused on it. We know the drivers here, similar to drivers in our other businesses. It's deployment, leverage, it's spread. Here, it's also a little bit of the churn associated with the structured capital book.

我的意思是，你看，我們一直都在持續思考所有公司股利的安排，董事會也確實一直很關注。我們知道這裡的驅動因素，與我們其他業務的驅動因素類似：投放（deployment）、槓桿（leverage）、利差（spread）。在這裡，還有一部分是與結構性資本投資組合相關的周轉（churn）。

All of those things have obviously been or at least the churn and deployment have certainly been impacted by. The market events and just the market perceptions over the course of this year. And so all we're indicating here is that it will take longer for those things to play out. In terms of the dividend and getting there, we haven't changed our view as to the ultimate outcome in terms of getting there. It's really just much more of a timing thing. And we've got.

所有這些因素——至少周轉與投放——在今年以來都明顯受到市場事件以及市場觀感的影響。因此我們在這裡所表達的只是：這些因素需要更長時間才能發酵。就股利以及達成目標而言，我們對最終結果的看法並沒有改變；主要只是時間點的問題。而我們也已經……

Post this quarter, where we are still paying out roughly $0.11 more than what we earned, we've still got $0.50 of spillover income. And so there's plenty of runway for us in the context of a short-term just slippage with respect to reaching the dividend.

本季之後，在我們仍然支付的股利約比我們賺到的多出 0.11 美元的情況下，我們仍有 0.50 美元的溢出收入。因此，就短期內在達成股利水準方面出現些許滑落而言，我們仍有相當充足的緩衝空間。

Yes, I think the only thing I would add to that is, as we go through. Any amendments or any potential extensions of existing positions. Obviously, we're going to do comprehensive and thoughtful re-underwritings of everything, but given our view of what we've done with respect to our AI reviews and our AI internal evaluations, we think there's a lot of companies that we've financed over the past few years that are exceptionally well-positioned to grow and compound in the AI future that we did at tight spreads. So as those come up for.

是的，我想我唯一要補充的是，隨著我們往前推進，任何修訂或任何既有部位可能的展期，顯然我們都會對所有項目進行全面且審慎的重新承作審查；但基於我們對 AI 審查以及 AI 內部評估所做工作的看法，我們認為過去幾年我們所融資的許多公司，在 AI 的未來中都具備極佳的成長與複利累積條件，而且我們當時是在利差很緊的情況下做的。所以當這些到期需要……

Renewal, we'll re-underwrite them, but most likely you'll see pretty meaningful mark-to-market adjustments on some of our better-performing assets. So I think that's a third leg of the stool that I would add there.

續約時，我們會重新承作審查，但很可能你會在我們一些表現較佳的資產上看到相當顯著的按市價（mark-to-market）調整。所以我想這是我會補上的第三個支柱。

Gotcha. Very helpful there. Thanks again.

了解。這很有幫助。再次感謝。

Aaron Seganovich, Truist Securities.

Aaron Seganovich，Truist Securities。

Yes, I was just wondering if you could talk about how the overall platform is dealing with the high level of redemption requests and the evergreen funds that are obviously not directly associated with OTF and whether or not that's impacting your ability to maybe put as much capital to work as you need or if there's enough institutional flow. Coming in that can help essentially offset that.

是的，我只是想請你談談整體平台如何應對高水準的贖回申請，以及那些顯然不直接與 OTF 相關的常青基金（evergreen funds）；以及這是否影響你們把足夠多的資本投入運作的能力，或者是否有足夠的機構資金流入，可以在本質上抵消這些影響。

It hasn't had any impact on our ability to deploy capital. Obviously, the funds, individual funds have capital. We've talked about that at OTF. We'd like to find attractive investment opportunities, OBDC. We talked earlier today. We just reduced leverage. We have non-BDC capital, institutional capital, and so no impact on our ability to deploy.

這完全沒有影響我們部署資本的能力。顯然，各個基金本身都有資本。我們在 OTF 也談過這點。我們希望找到具吸引力的投資機會。OBDC 我們今天稍早也談到，我們剛降低了槓桿。我們有非 BDC 資本、機構資本，因此對我們的部署能力沒有影響。

The non-traded funds that have outflows have ample liquidity to cover those outflows, so there's no ripple effect there. It's only part of our business, and it's very predictable. We know exactly what the outflows are when we do the math around. The tender limits. So, look, we're one of the largest players in direct lending. We have deep relationships with the sponsors. We have as much available capital, I think, as any direct lender out there. And we are excited about this environment to deploy it for good deals with good sponsors and good companies at attractive returns, just like we have for the last 10 years.

出現資金流出的非交易型基金（non-traded funds）有充足的流動性來因應這些流出，因此不會產生連鎖效應。這只是我們業務的一部分，而且非常可預測。我們在針對要約收購（tender）上限做計算時，能精確知道流出會是多少。所以你看，我們是直接放貸領域最大的參與者之一，與贊助方（sponsors）有深厚關係。我認為我們可動用的資本不亞於任何一家直接放貸機構。我們也對在這樣的環境中部署資本感到興奮，去做與優質贊助方、優質公司合作、並帶來具吸引力報酬的好交易，就像過去 10 年我們一直在做的那樣。

Good to hear. Thanks, Craig.

很高興聽到。謝謝你，Craig。

Thank you.

謝謝。

Sean Paul Adams, B. Riley Securities.

Sean Paul Adams，B. Riley Securities。

Hey, guys. Good morning. On the equity co-investment part of the portfolio, it looks like there was a large shift on the marks for some of those equity positions, and that kind of drove some of the mark-to-market changes on the portfolio and the reflection.

嗨，各位。早安。就投資組合中的股權共同投資（equity co-investment）部分來看，似乎有些股權部位的估值（marks）出現了很大的變動，而這也在某種程度上推動了投資組合按市價（mark-to-market）變動以及相關反映。

When do do do you guys have any kind of line of sight on any near-term liquidity events at these names and at what point would you guys point to this just being a mark-to-market driven event versus just a realized loss scenario?

你們是否對這些標的在短期內可能出現的流動性事件有任何可見度？以及在什麼情況下，你們會認為這只是按市價變動所驅動的事件，而不是實現損失（realized loss）的情境？

Yeah, the vast majority of the changes. In the equity book were mark-to-market. Obviously, you saw the IGV traded off pretty dramatically throughout the course of the quarter and that rolled through our marks directly for many of our equity positions. Most of those equity positions are senior preferred, so even if they're trading below par, there's a very real possibility for us to get our pay back and see. Some recoupment there, no matter where they exit. In terms of the forward, obviously, we talked a bit about SpaceX and monetizing some of that position. There are another three to four behind that that we think are extremely attractive. One that I would emphasize is Revolut. It's about a $75 million cost basis investment. Challenger Bank based in the UK. We had marked that up.

是的，絕大多數的變動在股權部位上都是按市價（mark-to-market）。顯然，你看到 IGV 在本季期間大幅下跌，而這直接反映到我們許多股權部位的估值上。我們多數股權部位是高順位優先股（senior preferred），因此即使交易價格低於面值（par），我們仍很有可能收回本金，並在退出時看到一定程度的回收，不論它們以何種價格退出。就未來而言，顯然我們談到了一些 SpaceX 的情況，以及將其中部分部位變現。在那之後還有另外三到四個我們認為非常有吸引力的標的。我想特別強調的一個是 Revolut。這是一筆成本基礎約 7,500 萬美元的投資，是一家以英國為基地的挑戰者銀行（Challenger Bank）。我們先前幾季已將其估值上調。

Over the prior few quarters, being that they have been rumors announced in the press around another tender offer, potential IPO coming in 2027, technically 2028. But we think there's going to be some pretty big exits. We have other investments in Stripe and some other really attractive assets that we could monetize. So we feel like we're in a good position to continue to generate some of those upside returns.

在過去幾季之所以上調，是因為媒體上有傳聞並報導另一輪要約收購（tender offer），以及可能在 2027 年 IPO，技術上可能是 2028 年。但我們認為會有一些相當大的退出。我們在 Stripe 以及其他一些非常有吸引力的資產上也有投資，這些都可能變現。因此我們覺得自己處於良好位置，能持續創造部分上行報酬。

At this time, I'd like to turn the floor back over to management for any additional or closing comments.

此時，我想把時間交還給管理層，請他們做任何補充或結語。

I thought I would just end with an observation. Obviously, OTF has a lot of software exposure and the stock, I think, has been impacted by that. So I thought I would just wrap with a couple of statistics. The average spread, the average debt spread in OTF is about $530 million over. The average loan is marked at $97. Cents on the dollar. The non-accruals in the fund are 10 basis points.

我想我就以一個觀察作結。顯然，OTF 有相當多的軟體曝險，我認為股價也受到這點影響。所以我想用幾個統計數字做個總結。OTF 的平均利差、平均債務利差約為 530 個基點（bps）。平均貸款估值為每 1 美元面值 0.97 美元。基金中的不計息（non-accrual）為 10 個基點。

The stock currently yields about 12.7% at today's prices. It's probably higher than that given today's trading activity. That was as of this morning. The stock trades at 67% of NAV before today's levels. The stock traded closer to 80% of NAV at the beginning of the year.

以今天的價格來看，該股票目前殖利率約 12.7%。考量今天的交易活動，可能還更高。這是截至今天早上。該股票在今天的水準之前，交易價格約為淨值（NAV）的 67%。該股票在年初時的交易價格更接近淨值的 80%。

If the stock got back to 80% of NAV over the next one to two years, and you factor in that recovery and the dividend levels, that would be a total return of 19% to 25% over a one to two-year period. There's obviously a lot of assumptions embedded in that. You can make your own assumptions about timeframe, what might happen to NAV, dividends, all those things.

如果該股票在未來一到兩年回到淨值的 80%，再把這段回升以及股利水準納入考量，總報酬在一到兩年的期間內將可達 19% 到 25%。這當然包含許多假設。你可以自行對時間、淨值可能的變化、股利等各項因素做出假設。

But I think it's a very -- I want to put a spotlight on. Just where it's trading, what the yield is, and juxtapose that with the quality of portfolio, which continues to be extremely strong. We've been talking on this call about recovery in the equity markets and the stock of the equity of software businesses.

但我認為這非常——我想特別聚焦在：它目前的交易水準、殖利率，並把這與投資組合的品質做對照；投資組合品質仍然非常強勁。我們在這通電話中一直在談股權市場的復甦，以及軟體企業股權的股價表現。

And here's another area of the markets that if the market is starting to have a more balanced view on software, that can offer equity-like returns. So just pass that along for consideration. We're available. If folks have questions about the fund, we'd be pleased to take them. Just reach out, and we're available. With that, thank you. Thanks, and have a great day.

而這裡還有市場中的另一個領域：如果市場開始對軟體有更均衡的看法，它可以提供類似股權的報酬。所以提供大家參考。我們隨時都在。如果各位對基金有問題，我們很樂意回覆。請直接聯繫，我們都在。那麼，謝謝大家。謝謝，祝各位有美好的一天。

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.

各位女士先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，並祝您今天剩餘時間愉快。