Q3 2024 Oaktree Specialty Lending Corp Earnings Call

August 1, 2024

Welcome and thank you for joining Oak Tree Specialty Lending Corporation's third fiscal quarter conference call. Today's conference call is being recorded. At this time, all participants are in a listen-only mode, but will be prompted for question and answer session following the prepared remarks.

Operator: quarterly conference call. Today's conference call is being recorded. At this time, all participants are in a listen-only mode but will be prompted for a question-and-answer session following the prepared remarks. Now, I would like to introduce Dane Clevin, Head of Investor Relations, who will host today's conference call. Mr. Clevin, you may begin.

Operator: 4th Conference Call. Today's conference call is being recorded. At this time, all participants are in a listen-only mode, but we'll be prompted for a question and answer session following the prepared remarks.

Dane Kleven: Now I would like to introduce Dane Kleven, head of investor relations, who will host today's conference call.

Dane Clevin: Now, I would like to introduce Dane Clevin, Head of Investor Relations, who will host today's conference call. Mr. Clevin, you may begin.

Dane Kleven: Mr. Kleven, you may begin. Thank you, operator, and welcome to Oaktree Specialty Lending Corporation's third fiscal quarter conference call. Our earnings release, which we issued this morning, and the accompanying slide presentation can be accessed on the investor's section of our website at oaktreesspecialtylending.com.

Dane Clevin: Thank you, Operator, and welcome to Oaktree Specialty Lending Corporation's third fiscal quarter conference call. Our earnings release, which we issued this morning, and the accompanying slide presentation can be accessed in the Investors section of our website at oaktreespecialtylending.com. Joining us on the call today are Armen Panossian, Chief Executive Officer and Chief Investment Officer; Matt Pendo, President; and Chris McKown, Chief Financial Officer and Treasurer.

Dane Clevin: Thank you, operator, and welcome to Oak Tree Specialty Lending Corporation's third fiscal quarter conference call. Our earnings release, which we issued this morning, and the accompanying slide presentation can be accessed on the investor section of our website at oaktreespecialtylending.com.

Dane Kleven: Joining us on the call today are Armen Panossian, Chief Executive Officer and Chief Investment Officer; Matt Pendo, President; and Chris McKown, Chief Financial Officer and Treasurer. Before we begin, I want to remind you that the comments on today's call include forward-looking statements reflecting our current views with respect to our future operating results and financial performance. Our actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to our SEC filing for a discussion of these factors in further detail. We undertake no duty to update or revise any forward-looking statements.

Speaker Change: Joining us on the call today are Armen Panossian, Chief Executive Officer and Chief Investment Officer, Matt Pendo, President, and Chris McKown, Chief Financial Officer and Treasurer.

Dane Clevin: Before we begin, I want to remind you that the comments on today's call include forward-looking statements reflecting our current views with respect to our future operating results and financial performance. Our actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to our SEC filing for a discussion of these factors in further detail. We undertake no duty to update or revise any forward-looking statements.

Speaker Change: Before we begin, I want to remind you that the comments on today's call include forward-looking statements reflecting our current views with respect to our future operating results and financial performance.

Speaker Change: Our actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to our SEC filing for a discussion of these factors in further detail. We undertake no duty to update or revise any forward-looking statements.

Dane Kleven: I'd also like to remind you that nothing on today's call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any Oak Tree Fund. Investors and others should note that Oak Tree Specialty Lending uses the investor's section of its corporate website to announce material information. The company encourages investors, to the media and others, to review the information that it shares on its website.

Dane Clevin: I'd also like to remind you that nothing on today's call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any Oaktree fund. Investors and others should note that Oaktree Specialty Lending uses the investor section of its corporate website to announce material information. The company encourages investors, the media, and others to review the information that it shares on its website. With that said, I'd now like to turn it over to Matt.

Speaker Change: I'd also like to remind you that nothing on today's call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any Oaktree fund.

Speaker Change: Investors and others should note that Oaktree Specialty Lending uses the investor section of its corporate website to announce material information. The company encourages investors, the media, and others to review the information that it shares on its website. With that, I'd now like to turn it over to Matt.

Matt Pendo: With that, I now like to turn it over to Matt. Thanks, Stain, and welcome everyone. Thank you for joining us today and for your interest in and support of OCSL. Our third quarter results were highlighted by continued strong origination activity and increased coupon income from our predominantly first-learn portfolio. However, adjusted NII was 55 cents per share, down slightly from 56 cents for the prior quarter. As we experience challenges at certain portfolio investments, resulting in a decline in NAV and an increase in nonaccruals. In addition, our continued rotation into primarily first-learn loans reduced our weighted average portfolio spread by approximately five basis points in the quarter.

Matt Pendo: Thanks, Dane, and welcome, everyone. Thank you for joining us today and for your interest in and support of OCSL. Our third quarter results were highlighted by continued strong origination activity and increased coupon income from our predominantly first lien portfolio. However, adjusted NII was $0.55 per share, down slightly from $0.56 for the prior quarter, as we experienced challenges at certain portfolio investments, resulting in a decline in NAV and an increase in non-accruals. In addition, our continued rotation into primarily first lien loans reduced our weighted average portfolio spread by approximately five basis points in the quarter.

Matt Pendo: Our first lien investments have increased from just over 76% at June 30, 2023, to approximately 82% today. At the same time, second lien and unsecured debt investments decreased from 14% to below 8% over the same period. Investments in nonaccrual status at quarter end represented 3.7% and 5.7% of the debt portfolio at fair value and cost, respectively. That was up from 2.7% of the debt portfolio at fair value and 4.3% of the portfolio at cost last quarter. We reported NAV per share of $18.19, down from $18.72 per share for the prior quarter. The decline primarily reflected unrealized losses on certain debt and equity investments, including markdowns on the aforementioned non-accrual names.

Matt Pendo: Thanks Dane and welcome everyone. Thank you for joining us today and for your interest in and support of OCSL.

Matt Pendo: We are collaborating with each company to address their unique circumstances by leveraging our extensive experience and proven success in revitalizing underperforming investors. Along with the substantial resources of Oaktree, we aim to achieve the best possible outcomes for our shareholders. As a result of the impact that these non-accruals had on our earnings, Oaktree, our manager, agreed to waive $3.2 million of Part 1 incentive fees for the quarter. This was on top of the $1.5 million of management fees Oaktree has been waiving each quarter since the OSI-2 merger that was closed in January of last year. As a reminder, last quarter, Oaktree also instituted a permanent reduction in our base management.

Matt Pendo: Our third quarter results were highlighted by continued strong origination activity and increased coupon income from our predominantly first lien portfolio.

Matt Pendo: However, adjusted NII was $0.55 per share, down slightly from $0.56 for the prior quarter, as we experienced challenges at certain portfolio investments, resulting in a decline in NAV and an increase in non-accruals.

Speaker Change: In addition, our continued rotation into primarily first lien loans reduced our weighted average portfolio spread by approximately 5 basis points in the quarter.

Matt Pendo: Our first-learn investments have increased from just over 76 percent at June 30, 2023, to approximately 82 percent today. At the same time, second-learn and unsecured debt investments decreased from 14 percent to below 8 percent over the same period.

Speaker Change: Our first lien investments have increased from just over 76% at June 30, 2023 to approximately 82% today.

Matt Pendo: At the same time, second lien and unsecured debt investments decreased from 14% to below 8% over the same period.

Speaker Change: Investments on non-accrual status at quarter end represented 3.7% and 5.7% of the debt portfolio at fair value and cost, respectively.

Matt Pendo: Investments value and cost respectively. That was up from 2.7 percent of the debt portfolio at fair value and 4.3 percent of the portfolio at cost last quarter. We reported NAV per share of $18.19, down from $18.72 per share for the prior quarter. The decline primarily reflected unrealized losses on certain debt and equity investments, including the markdowns on the aforementioned NAV not-accrual names. We are collaborating with each company to address the by leveraging our extensive experience and proven success in revitalizing underperforming investments. Along with this substantial resources of Oaktree, we aim to achieve the best possible outcomes for our shareholders.

Speaker Change: That was up from 2.7% of the debt portfolio at fair value and 4.3% of the portfolio at cost last quarter.

Speaker Change: We reported NAV per share of $18.19 down from $18.72 per share for the prior quarter.

Speaker Change: The decline primarily reflected unrealized losses on certain debt and equity investments, including the markdowns on the aforementioned non-accrual names.

Matt Pendo: As a result that these non-accruals had in our earnings, Oaktree, our manager, agreed to waive $3.2 million of Part 1 incentives for the quarter. This was on top of the 1.5 million of management fees Oaktree has been waiving each quarter since the OSI-2 merger that was closed in January of last year. As a reminder, last quarter, Oaktree also instituted a permanent reduction in our base management fee. Effective July 1st, the fee was reduced to 1% on gross assets from 1.5%, and will be reflected in our current fourth fiscal quarter financial results. We expect this reduction will increase OCSL's adjusted net investment income annually by approximately $12 million or $0.15 per share.

Speaker Change: As a result that these non-accruals had in our earnings, Oaktree, our manager, agreed to waive 3.2 million dollars of Part 1 incentive fees for the quarter.

Matt Pendo: Effective July 1st, the fee was reduced to 1% on gross assets from 1.5% and will be reflected in our current fourth fiscal quarter financial results. We expect this reduction will increase OCSL's adjusted net investment income annually by approximately $12 million, or $0.15 per share. We believe that these decisions are a testament to Oaktree's strong commitment to aligning our interests with shareholders and to enhancing long-term enterprise value. Now turning to our investment activity, which remains strong during the quarter, with $339 million that would constitute investment commitments, our third consecutive quarter of commitments in excess of $300 million.

Matt Pendo: We believe that these decisions are a testament to Oaktree's strong commitment to aligning our interest with shareholders and to enhancing long-term enterprise value. Now turning to our investment activity, which remains strong during the quarter, with $339 million of investment commitments, our third consecutive quarter of commitments in excess of $300 million. We continue to find attractive opportunities across sponsor, non-sponsor, and discounted publicly traded credit investments, generating net portfolio growth for the quarter, even as we maintain our highly selective approach to investing amid the competitive market environment. Consistent with this investment approach, our new originations were made at attractive yields with lender-friendly deal structures in terms, including lower leverage and loan devalued.

Matt Pendo: We continue to find attractive opportunities across sponsor, non-sponsor, and discounted publicly traded credit investment, generating net portfolio growth for the quarter, even as we maintain our highly selective approach to investing amid the competitive market environment. Consistent with this investment approach, our new originations were made at attractive yields with lender-friendly deal structures and terms, including lower leverage and loan-to-values. The weighted average yield on new originations was 11.1%, consistent with the prior quarter. Paydowns and exits in the quarter generated $186 million in proceeds, down from $323 million in the second quarter.

Speaker Change: Consistent with this investment approach, our new originations were made at attractive yields with lender-friendly deal structures and terms, including lower leverage and loan-to-values. The weighted average yield on new originations was 11.1%, consistent with the prior quarter.

Matt Pendo: The weighted average yield on new originations was 11.1%, consistent with the prior quarter. Paydowns and exits in the quarter generated 186 million of proceeds, down from 323 million in the second quarter. As the broader refinancing market activity has picked up this calendar year, we continue to receive steady levels of paydowns. As we have discussed previously, approximately 30% of our portfolio turned to over in fiscal year 2023, and that trend has continued to the first nine months of our current fiscal year. We believe this demonstrates the strength of the overall portfolio and our underwriting and selection process.

Matt Pendo: As the broader refinancing market activity has picked up this calendar year, we continue to receive steady levels of paydowns. As we have discussed previously, approximately 30% of our portfolio turned over in fiscal year 2023, and that trend has continued through the first nine months of our current fiscal year. We believe this demonstrates the strength of the overall portfolio and our underwriting and selection process. As we see portfolio exits, it is largely because these companies have met their respective financial goals, enabling them to pay down debt, refinance at lower rates, or sell at attractive prices to larger competitors.

Speaker Change: As we have discussed previously, approximately 30% of our portfolio turned over in fiscal year 2023, and that trend has continued through the first nine months of our current fiscal year. We believe this demonstrates the strength of the overall portfolio and our underwriting and selection process.

Matt Pendo: As we see portfolio exits, it is largely because these companies have met their respective financial goals, enabling them to pay down debt, refinance lower rates, or sell at attractive prices to larger competitors. We pursue opportunities and make investment decisions with these outcomes in mind, so we believe that these payoffs and paydowns validate our initial investment decisions. Turning to the right-hand side of our balance sheet, as always, we maintain ample equity to meet funding needs. At quarter end, our net leverage ratio was 1.1 times, up modestly from the prior quarter, primarily reflecting our net portfolio growth.

Matt Pendo: We pursue opportunities and make investment decisions with these outcomes in mind. Therefore, we believe that these payouts and paydowns validate our initial investment decision. Turning to the right-hand side of our balance sheet, as always, we maintain ample equity to meet funding needs. At quarter end, our net leverage ratio was 1.1 times, up modestly from the prior quarter, primarily reflecting our net portfolio growth. We had $828 million available on our credit facilities and $96 million of cash. Our board approved a quarterly dividend of $0.55 per share, consistent with the prior quarterly distribution. With that said, I would like to turn the call over to Armen.

Matt Pendo: We had 828 million available on our credit facilities, and $96 million of cash.

Matt Pendo: Our board approved the quarterly dividend, a 55 cents per share, consistent with the prior quarterly distribution.

Speaker Change: Our board approved a quarterly dividend of $0.55 per share, consistent with the prior quarterly distribution. With that, I would like to call over to Armen to provide more color on our portfolio activity and the market environment.

Armen Panossian: With that, I would like to send a call over to Armen to buy more color on our portfolio activity and the market environment. Thanks, Matt, and hello to everyone. I will start by providing an overview of our portfolio activity during the quarter and finish with comments on the current market environment. With over $3 billion of fair value, our portfolio remains well diversified across 168 companies at the close of the third quarter. Our focus remains to invest on the top of the capital structure, with 86% of the portfolio invested in senior secured debt and personal positions representing 82% of the portfolio at fair value.

Armen Panossian: Thanks, Matt, and hello to everyone. I will start by providing an overview of our portfolio activity during the quarter and finish with comments on the current market environment. With over $3 billion in fair value, our portfolio remains well diversified across 158 companies at the close of the third quarter. Our focus remains to invest at the top of the capital structure, with 86% of the portfolio invested in senior secured debt and first-link positions representing 82% of the portfolio at fair value. To further mitigate risk, we focus on larger, more diversified businesses.

Armen Panossian: The median portfolio company EBITDA as of the end of the third quarter was approximately $147 million, and the leverage of our portfolio companies was five times, which was roughly in line with the prior quarter and well below the overall middle market leverage level. Despite the elevated interest rate environment, our portfolio companies are performing well. The portfolio's weighted average interest coverage, based on current base rates, was in line with the prior quarter at 1.97. As Matt noted, during our third quarter, we originated $339 million of new investment commitments across 11 new and 9 existing portfolio companies. The diversity of our originations is evident in key examples from the quarter.

Armen Panossian: Further mitigate risk; we focus on larger, more diversified businesses. The median portfolio company EBITDA at the end of the third quarter was approximately $147 million, and leveraging our portfolio companies was five times, which was roughly in line with the prior quarter and well below overall middle market leverage levels. Despite the elevated interest rate environment, our portfolio companies are performing well. Portfolio's weighted average interest coverage based on current base rates was in line with the prior quarter at 1.9 times. As Matt noted, during our third quarter, we originated $339 million of new investment commitments across 11 new and 9 existing portfolio companies.

Speaker Change: Despite the elevated interest rate environment, our portfolio companies are performing well. Portfolios weighted average interest coverage based on current base rates was in line with the prior quarter at 1.9 times.

Armen Panossian: The diversity of our originations is evident in key examples from the quarter.

Armen Panossian: I will start with Sorenson, the world's leading provider of communication tools for individuals that are deaf and hard of hearing. The company combines patent technology with human centric services, connect signed and spoken languages. This was a sponsored deal of which Oak Creek committed $417 million with 2% of original issue discounts and a coupon of SOFA plus 5.75%. OCSL was allocated $54 million of this transaction.

Armen Panossian: I will start with Sorensen, the world's leading provider of communication tools for individuals that are deaf and hard of hearing. The company combines patented technology with human-centric services to connect signed and spoken languages. This was a sponsored deal to which Oaktree committed $417 million with 2% of original issue discounts and a coupon of SOFR plus $5.75. OCSL has allocated $54 million of this transaction. Another example is TDS, a public company that owns an 83% equity interest in U.S. cellulose, and Holyoaks PDF Telecom.

Armen Panossian: This was a sponsored deal of which Oaktree committed $417 million with 2% of original issue discounts and a coupon of SOFR plus 5.75%.

Armen Panossian: Another example is PDS, a public company which owns an 83% equity interest in U.S. cellular and wholly owned PDS Telecoms. U.S. cellular trades on the New York Stock Exchange and has an approximate market capitalization of $4.6 billion and is the fifth largest U.S. Wireless company. PDS Telecom is the seventh largest U.S. incumbent local exchange carrier which offers broadband video and voice in rural areas across 32 states. Oak Creek invested $300 million in a terminal and priced at so far plus 7%. With 3% of original issue discounts and a $75 million delayed draw of terminal. OCSL was allocated $31 million of the total commitments for this deal.

Armen Panossian: U.S. Cellular trades on the New York Stock Exchange and has an approximate market capitalization of $4.6 billion and is the fifth largest U.S. wireless company. EDS Telecom is the seventh largest U.S. incumbent local exchange carrier, which offers broadband video and voice in rural areas across 32 states.

Armen Panossian: U.S. Cellular trades on the New York Stock Exchange and has an approximate market capitalization of $4.6 billion and is the fifth largest U.S. wireless company.

Armen Panossian: EDS Telecom is the seventh-largest U.S. incumbent local exchange carrier which offers broadband video and voice in rural areas across 32 states.

Armen Panossian: Oaktree invested $300 million in a term loan priced at SOFR plus 7%, with 3% of original issue discounts and a $75 million delayed draw of term limits. OCSL was allocated $31 million of the total commitments for this deal. Next, Atavinta is one of the largest global operators in the online classified market, with operations in 10 countries serving approximately 1 billion people.

Armen Panossian: OCSL was allocated 31 million dollars of the total commitments for this deal.

Armen Panossian: Next, Adavinta is one of the largest global operators of online classified marketplaces. With operations in 10 countries serving approximately 1 billion people, Adavinta has 25 category-leading positions, which is mobility, real estate, and jobs. The company generates revenue from classified listing fees and advertising revenues. Oak Creek invested $150 million at a terminal facility for the sponsored deal at Uribor plus 5.75%, with 2% of original issue discounts. OCSL was allocated $28 million of this transaction. Our resignation activity remains strong, and we have a robust pipeline of opportunities, even in this higher interest rate environment.

Armen Panossian: Next, Atavinta is one of the largest global operators of online classified marketplaces.

Armen Panossian: At Aventa, it has 25 category leading positions, which are mobility, real estate, and jobs. The company generates revenue from classified listing fees and advertising revenue. Oaktree invested $150 million in a terminal facility for this sponsored deal at Uribor plus 5.75%, with 2% of original issue discounts. OCSL was allocated 28 million euros in this transaction.

Armen Panossian: The company generates revenue from classified listing fees and advertising revenue. Oaktree invested $150 million in a terminal facility for this sponsored deal at Uribor plus 5.75%.

Armen Panossian: Our origination activity remains strong, and we have a robust pipeline of opportunities, even in this higher interest rate environment. Now, let's take a closer look at credit quality. As Matt noted, we experienced an increase in non-accruals during the quarter, driven by the additions of Pluralsight, OVEN, and the mezzanine tranche in Dialog. Additionally, we recorded $42 million in net markdowns during the quarter, primarily driven by Pluralsight and our equity investment in SIO2. I will start with the new additions to the accrual. Pluralsight is a leading provider of technology-skilled development solutions via its cloud-based learning platform, primarily in the financial services and technology verticals.

Armen Panossian: Our origination activity remains strong, and we have a robust pipeline of opportunities, even in this higher interest rate environment.

Armen Panossian: Now let's take a closer look at credit quality. As Matt noted, we experienced an increase in non-accruals during the quarter, driven by the additions of Pluralsight, Oven, and the Mezzanine Tranche in Dialise. Additionally, we recorded $42 million in net markdowns during the quarter, primarily driven by Pluralsight, and our equity investment in SIO2.

Armen Panossian: Now, let's take a closer look at credit quality. As Matt noted, we experienced an increase in non-accruals during the quarter, driven by the additions of Pluralsight, OVEN, and the mezzanine tranche in Dialyze.

Armen Panossian: Additionally, we recorded $42 million in net markdowns during the quarter, primarily driven by Pluralsight and our equity investment in SIO2.

Armen Panossian: I will start with the new additions to the amount of cruels. Pluralsight is a leading provider of technology skilled development solutions via its cloud-based learning platform, primarily in the financial services and technology verticals. A difficult macro environment and increased competition have created challenges for the top line, while the rapid rise in interest rates has pressured the company's liquidity position. In response to these issues, the company appointed a new CEO in April of this year, with the mandate of improving operational and financial performance. Lenders are engaged in an active dialogue with the sponsor and the company regarding the most logical path forward.

Armen Panossian: The difficult macro environment and increased competition have created challenges for the top line, while the rapid rise in interest rates has pressured the company's liquidity position. In response to these issues, the company appointed a new CEO in April, with the mandate of improving operational and financial performance. Lenders are engaged in an active dialogue with the sponsor and the company regarding the most logical path forward. We took a meaningful markdown on our position to better reflect the current situation. Turning to Oban Therapeutics Holdings, which is a private company that invests in therapeutic platforms and athletics.

Armen Panossian: In response to these issues, the company appointed a new CEO in April of this year with the mandate of improving operational and financial performance.

Armen Panossian: Lenders are engaged in an active dialogue with the sponsor and the company regarding the most logical path forward. We took a meaningful markdown on our position to better reflect the current situation.

Armen Panossian: We took a meaningful markdown on our position to better reflect the current situation.

Armen Panossian: Turning to Oven Therapeutic Holdings, which is a private company that invests in therapeutic platforms and assets. This is making the loan in December of 2020. We have received principal repayments throughout our whole period that exceed the original loan amount. The $7.1 million dollar par position that remains represents tick interest, and given the cloud-based package backing the loan, we are comfortable that the remaining amount is fully covered.

Armen Panossian: Turning to Oven Therapeutics Holdings, which is a private company that invests in therapeutic platforms and assets.

Armen Panossian: Since making the loan in December of 2020, we have received principal repayments throughout our hold period that exceed the original loan amount. The $7.1 million par position that remains represents PICC interest, and given the collateral package backing the loan, we are comfortable that the remaining amount is fully covered. Next, Dialyze provides hemodialysis services directly to patients in skilled nursing facilities.

Armen Panossian: Since making the loan in December of 2020, we have received principal repayments throughout our hold period that exceed the original loan amount.

Armen Panossian: Next, dialize. Provide Timo Dialysis Services directly to patients in skilled nursing facilities. Our original investment in Dialize was composed of a first-lane term loan and warrants. In connection with amendment activity and funding incremental amounts on the term loan, we received a relatively small mezzanine loan at zero cash cost. We put this smaller mezzanine loan on daughter cruel as the company's plans to achieve profitability have taken longer than originally forecasted.

Armen Panossian: Next, Dialyze provides hemodialysis services directly to patients in skilled nursing facilities. Original investment in Dialyze was composed of a first lien term loan and warrants.

Armen Panossian: The original investment in Dialyze was composed of a first lien, a term loan, and a warrant. In connection with amendment activity and funding incremental amounts on the term loan, we received a relatively small mezzanine loan at zero cash cost. We put this smaller mezzanine loan on non-accrual, as the company's plans to achieve profitability have taken longer than originally forecast. Turning to SIO2, an investment that we have discussed in past... As a reminder, the company emerged from bankruptcy last year, and we received equity in connection therewith. The company has a new management team in place. However, they recently reduced their forecast for the year.

Armen Panossian: Turning to SIO2, an investment that we have discussed on past calls. As a reminder, the company emerged from bankruptcy last year, and we received equity and connection therewith. The company has a new management team in place. However, they recently reduced their forecast for the year. As a result, we felt the prudent action was to mark down our equity position to better reflect the current economics.

Armen Panossian: Turning to SIO2, an investment that we have discussed on past calls.

Armen Panossian: As a result, we felt the prudent action was to mark down our equity position to better reflect the current economy. In general, the higher interest rates of the last two years have materially increased the interest burden for levered companies. This has heightened the potential for more borrowers to find it challenging to service this more expensive debt.

Armen Panossian: In general, the higher interest rates of the last few years have materially increased the interest burden for leveraged companies. This has heightened the potential for more borrowers to find it challenging to service this more expensive debt. We're closely monitoring all of our portfolio companies. And the overall health of our portfolio with respect to how this interest rate environment is impacting their performance. We are engaged and working with companies to the extent that we need to address their specific situations. We continue to draw upon our long history and prove an expertise in turning around challenged investments.

Armen Panossian: This has heightened the potential for more borrowers to find it challenging to service this more expensive debt.

Armen Panossian: We're closely monitoring all of our portfolio companies and the overall health of our portfolio with respect to how this interest rate environment is impacting their performance. We are engaged and working with companies to the extent that we need to address their specific situation. We continue to draw upon our long history and proven expertise in turning around challenged investors, and we are well-positioned to manage through this type of market with the goal of maximizing outcomes for our shareholders.

Armen Panossian: We're closely monitoring all of our portfolio companies.

Armen Panossian: We continue to draw upon our long history and proven expertise in turning around challenged investments, and we are well positioned to manage through this type of market with the goal of maximizing outcomes for our shareholders.

Armen Panossian: And we are well positioned to manage through this type of market with the goal of maximizing outcomes for our shareholders.

Armen Panossian: With that in mind, I'll turn to our view on the market environment. During the fiscal third quarter, credit markets continue to rally as investors priced in the end of the interest rate hike cycle given the slowing inflationary pressure. Credit investors are seeking opportunities to put capital to work in anticipation of declining future interest rates. While new issuance favors private credit, the market is experiencing more competition as syndicated loan activity picked up during the first half of 2024. The private credit markets also remain optimistic that M&A activity will increase in the second half of this year.

Armen Panossian: With that in mind, I'll turn to our view on the market environment. During the fiscal third quarter, credit markets continued to rally as investors priced in the end of the interest rate hike cycle, given the slowing inflationary pressure. Credit investors are seeking opportunities to put capital to work in anticipation of declining future interest rates. While new issuance favors private credit, the market is experiencing more competition as syndicated loan activity picked up during the first half of 2024. The private credit markets also remain optimistic that M&A activity will increase in the second half of this year. In general, private market borrowers remain healthy, demonstrating EBITDA growth and favorable coverage ratios.

Armen Panossian: Credit investors are seeking opportunities to put capital to work in anticipation of declining future interest rates.

Armen Panossian: While new issuance favors private credit, the market is experiencing more competition as syndicated loan activity picked up during the first half of 2024.

Armen Panossian: The private credit markets also remain optimistic that M&A activity will increase in the second half of this year.

Armen Panossian: In general, private market borrowers remain healthy, demonstrating EBITDA growth and favorable coverage ratio.

Armen Panossian: In general, private market borrowers remain healthy, demonstrating EBITDA growth and favorable coverage ratios.

Armen Panossian: However, we remain focused on the fundamental risks that many have heard me express before. Higher interest rates for an elongated period could present challenges for companies that carry high levels of debt. Although the pace of inflation has slowed, it remains an issue for companies and consumers alike. We are also diligently monitoring companies that will require refinancing in the near future. If market conditions become more constrained, these companies may find it challenging to obtain essential capital. In the current environment, we believe it has proven to remain cautious.

Armen Panossian: However, we remain focused on the fundamental risks that many have heard me express before. Higher interest rates for an elongated period could present challenges for companies that carry high-level debt. Although the pace of inflation has slowed, it remains an issue for companies and consumers alike. We are also diligently monitoring companies that will require refinancing in the near future. If market conditions become more constrained, these companies may find it challenging to obtain essential capital.

Armen Panossian: However, we remain focused on the fundamental risks that many have heard me express before.

Armen Panossian: Higher interest rates for an elongated period could present challenges for companies that carry high levels of debt.

Armen Panossian: Although the pace of inflation has slowed, it remains an issue for companies and consumers alike.

Armen Panossian: We are also diligently monitoring companies that will require refinancing in the near future.

Armen Panossian: If market conditions become more constrained, these companies may find it challenging to obtain essential capital.

Armen Panossian: In the current environment, we believe it is prudent to remain cautious. With Oaktree's resources, expertise, and experience, we continue to be disciplined in our relative value philosophy. We are thoughtfully evaluating investments across the sponsored and non-sponsored backlog. We are executing our thorough due diligence process and only investing in opportunities that meet our rigorous standards. Now, I will turn the call over to Chris to discuss our financial results in more detail.

Armen Panossian: With Oatree's resources, expertise, and experience, we continue to be disciplined in our relative value philosophy. We are thoughtfully evaluating investments across the sponsored and non-sponsored back markets. We are executing our thorough due diligence process and only investing in opportunities that meet our rigorous standards.

Armen Panossian: In the current environment, we believe it is prudent to remain cautious. With Oak Tree's resources, expertise, and experience, we continue to be disciplined in our relative value philosophy.

Chris: We are thoughtfully evaluating investments across the sponsored and non-sponsored back markets. We are executing our thorough due diligence processes and only investing in opportunities that meet our rigorous standards.

Chris McKown: Now, I will turn the call over to Chris to discuss our financial results in more detail. Thank you, Armin. As Matt noted, we reported an adjusted net investment income of $45.2 million, or 55 cents per share, as compared to $44.7 million, or 56 cents per share, in the second quarter. The slight increase on a dollar basis was primarily driven by lower part 1 incentive fees net of these waived, partially offset by lower adjusted total investment income and higher interest expense. The per share decrease to the quarter was driven by an increase in weighted average shares outstanding.

Chris McKown: As Matt noted, we reported an adjusted net investment income of $45.2 million, or $0.55 per share, as compared to $44.7 million, or $0.56 per share, in the second quarter. The slight increase on a dollar basis was primarily driven by lower Part 1 incentive fees, net of fees waived, partially offset by lower adjusted total investment income and higher interest expense. The per share decrease for the quarter was driven by an increase in weighted average shares outstanding.

Chris McKown: Now, I will turn the call over to Chris to discuss our financial results in more detail.

Armen Panossian: Thank you, Armen.

Chris McKown: As Matt noted, we reported an adjusted net investment income of $45.2 million, or $0.55 per share, as compared to $44.7 million, or $0.56 per share in the second quarter.

Chris McKown: The slight increase on a dollar basis was primarily driven by lower Part 1 incentive fees, net-of-fees waived, partially offset by lower adjusted total investment income and higher interest expense.

Chris McKown: The per share decrease to the quarter was driven by an increase in weighted average shares outstanding.

Chris McKown: Adjusted total investment income decreased by $1.8 million in the quarter and was adversely impacted by placing certain investments on non-accrual status. Additionally, non-recurring income stemming from OID acceleration, as well as prepayment fees and amendment fees, were down from the prior quarter. These factors were partially offset by higher coupon interest income driven by growth in the investment portfolio. Net expenses for the third quarter totaled $50.4 million, down $2.3 million from the prior quarter. As Matt noted, the decline was primarily driven by $3.2 million lower part 1 incentive fees net of these waived. As a result of the part 1 incentive fees waived by OID during the quarter.

Chris McKown: Adjusted total investment income decreased by $1.8 million in the quarter and was adversely impacted by placing certain investments on non-accrual status. Additionally, non-recurring income stemming from OID acceleration as well as prepayment fees and amendment fees were down from the prior quarter. These factors were partially offset by higher coupon interest income driven by growth in the investment portfolio. Net expenses for the third quarter totaled $50.4 million, down $2.3 million from the prior quarter. As Matt noted, the decline was primarily driven by $3.2 million lower Part 1 incentive fees, net of fees waived, as a result of the Part 1 incentive fees waived by Oaktree during the quarter.

Chris McKown: Adjusted total investment income decreased by 1.8 million dollars in the quarter and was adversely impacted by placing certain investments on non-accrual status. Additionally, non-recurring income stemming from OID acceleration as well as prepayment fees and amendment fees were down from the prior quarter.

Chris McKown: These factors were partially offset by higher coupon interest income driven by growth in the investment portfolio.

Chris McKown: Net expenses for the third quarter totaled $50.4 million, down $2.3 million from the prior quarter.

Chris McKown: As Matt noted, the decline was primarily driven by $3.2 million lower Part I Incentive Fees, net-of-fees waived, as a result of the Part I Incentive Fees waived by OAKTree during the quarter.

Chris McKown: Now moving to our balance sheet, OCSL's net leverage ratio at quarter end was 1.10 times, up from 1.02 times at the end of the March quarter. Newly funded investment activity of $293 million exceeded proceeds from repayments and sales of $186 million, enabling us to grow the portfolio, but the markdowns taken in the quarter tempered that growth. Our net leverage continues to be within our targeted range of 0.9 times to 1.25 times. As of June 30, total debt outstanding was $1.74 billion and had a weighted average interest rate at 7.0 percent, including the effect of our interest rate swap agreements, consistent with the level at the end of the March quarter.

Chris McKown: Now, moving to our balance. OCSL's net leverage ratio at quarter end was 1.10 times, up from 1.02 times at the end of the March quarter. Newly funded investment activity of $293 million exceeded proceeds from repayments and sales of $186 million, enabling us to grow the portfolio, but the markdowns taken in the quarter tempered that growth. However, our net leverage continues to be within our targeted range of 0.9 times to 1.25 times. As of June 30th, total debt outstanding was $1.74 billion and had a weighted average interest rate of 7.0%, including the effect of our interest rate swap agreement, consistent with the level at the end of the March quarter.

Chris McKown: Now, moving to our balance sheet.

Chris McKown: OCSL's net leverage ratio at quarter-end was 1.10 times, up from 1.02 times at the end of the March quarter.

Chris McKown: Newly funded investment activity of $293 million exceeded proceeds from repayments and sales of $186 million, enabling us to grow the portfolio. But the markdowns taken in the quarter tempered that growth.

Chris McKown: Our net leverage continues to be within our targeted range of 0.9 times to 1.25 times.

Chris McKown: As of June 30th, total debt outstanding was $1.74 billion and had a weighted average interest rate of 7.0%, including the effect of our interest rate swap agreements, consistent with the level at the end of the March quarter.

Chris McKown: Under, unsecured debt represented 55% of total debt at quarter end, down slightly from the prior quarter. Our liquidity remains strong at just over $900 million at quarter end, including $96 million of cash and $828 million of undrawn capacity on our credit facilities. Unfunded commitments, excluding unfunded commitments to the joint ventures worth $264 million, with approximately $219 million eligible to be drawn immediately, whereas the remaining amount is subject to certain milestones that must be met by portfolio companies before funds can be drawn.

Chris McKown: Unsecured debt represented 55% of total debt at quarter end, down slightly from the prior quarter. Our liquidity remains strong at just over $900 million at quarter end, including $96 million of cash and $828 million of undrawn capacity on our credit facility. Unfunded commitments, excluding unfunded commitments to joint ventures, were $264 million, with approximately $219 million eligible to be drawn immediately, whereas the remaining amount is subject to certain milestones that must be met by portfolio companies before funds can be drawn.

Chris McKown: Unsecured debt represented 55% of total debt at quarter end, down slightly from the prior quarter.

Chris McKown: Our liquidity remains strong at just over $900 million a quarter end, including $96 million of cash and $828 million of undrawn capacity on our credit facilities.

Chris McKown: Unfunded commitments, excluding unfunded commitments to the joint ventures were $264 million with approximately $219 million eligible to be drawn immediately, whereas the remaining amount is subject to certain milestones that must be met by portfolio companies before funds can be drawn.

Chris McKown: Turning now to our two joint ventures, our JVs continue to deliver strong performance. Together, the JVs currently hold $477 million of investments, primarily in broadly syndicated loans spread across 50 portfolio companies. To the quarter, the JVs again generated attractive annualized ROEs, which combined were approximately 13.2%. This is a testament to the underlying credit quality of the portfolios and their predominantly first-wing composition. Leverage at the JVs was 1.4 times an aggregate at quarter end, up from 1.3 times in the prior quarter, due to a slight increase in unreliable depreciation of the underlying portfolios, partially offset by repayments received from portfolio companies during the quarter.

Chris McKown: Turning now to our two joint ventures, our JVs continue to deliver strong performance. Together, the JVs currently hold $477 million in investments, primarily in broadly syndicated loans spread across 50 portfolio companies. For the quarter, the JVs again generated attractive annualized ROEs, which combined were approximately 13.2%. This is a testament to the underlying credit quality of the portfolios and their predominantly first lien composition. Leverage at the JVs was 1.4 times in aggregate at quarter end, up from 1.3 times in the prior quarter due to a slight increase in unrealized depreciation in the underlying portfolios, partially offset by repayments received from portfolio companies during the quarter.

Chris McKown: For the quarter, the JVs again generated attractive annualized ROEs, which combined were approximately 13.2%. This is a testament to the underlying credit quality of the portfolios and their predominantly first lien composition.

Chris McKown: Leverage at the JVs was 1.4 times in aggregate at quarter end, up from 1.3 times in the prior quarter due to a slight increase in unrealized depreciation in the underlying portfolios, partially offset by repayments received from portfolio companies during the quarter.

Chris McKown: In summary, despite the credit events that we experienced in the quarter, we continue to believe that our strong balance sheet and attractive investment opportunities position us well for the remainder of fiscal year 2024. With that, we appreciate your participation on the call today and for your interest in OCSL. We are happy to take your questions. Operator, please open the line. We will now begin the question and

Chris McKown: With that, we appreciate your participation on the call today, and for your interest in OCSL. We are happy to take your questions.

Operator: Operator, please open the lines.

Operator: We will now begin the question and answer session. To ask a question, please press star 1 on your touch-tone phone. If you're using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw it, please press star 2. We will pause momentarily to assemble our roster.

Operator: We will now begin the question and answer session. To ask a question, please press star one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been answered and you would like to withdraw it, please press star, then two. We will pause momentarily to assemble our route. Our first question comes from Finian O'Shea from Wells Fargo. Please go ahead.

Phineon O'Shea: Our first question comes from Phineon O'Shea from Wells Fargo. Please go ahead. Hey everyone, good morning.

Finian O'shea: Hey everyone, good morning. First question, and apologies if I missed this somewhere, but the Part 1 fee waiver this quarter, is that... truly, one time, or might it relate to something like returns or the dividend for some period of time going forward?

Phineon O'Shea: First question in apologies if I missed this somewhere, but the part 1 fee waiver this quarter is that truly one time or might it relate to something like returns or the dividend and for some period of time going forward.

Matt Pendo: Hey Phineon, thanks for the question. The part 1 fee waiver is truly one time. We have done a few waivers in the past relating to transactions. You may recall the OSI entity mergers, but we viewed that it was appropriate to take a one-time waiver this quarter. It is not ongoing.

Armen Panossian: Hey Finn, it's Armen. Thanks for the question. No, the Part 1 fee waiver is truly one-time. We have done fee waivers in the past relating to transactions. You may recall the OSI entity mergers, but we decided that it was appropriate to take a one-time waiver this quarter. It is not ongoing.

Armen Panossian: Okay, thanks. And then Armen, as well, I wanted to ask about Oaktree at the platform level. Now that you're at the helm and presumably some changes are going on, can you talk about your vision for Oaktree and perhaps whether you seek to turn it into more of a volume shop? I know you mentioned that you maintain the relative value philosophy, but will things sort of drift that way, and would you attribute any platform changes to the recent credit experience? Thanks. Thanks, yeah, so look at this.

Phineon O'Shea: Okay, thanks.

Phineon O'Shea: And then Armin as well. I wanted to ask about the oak tree at the platform level.

Armen Panossian: Okay, thanks. And then, Armen as well, wanted to ask about the...

Armen Panossian: Now that you're at the helm and presumably some changes are going on, can you talk about your vision for Oak Tree and perhaps if you seek to turn it into more of a volume shop. I know you mentioned that you maintain the relative value philosophy, but we'll think sort of drift that way. And would you attribute any platform changes to the recent credit experience? Thank you. Thanks, and yet, so look, Oaktree, when it was founded in 1995, at its core, is a credit shop, specifically a below investment grade and unrated debt investment firm, both on a performing and non-performing basis.

Armen Panossian: Thanks, yeah. So look, Oaktree, when it was founded in 1995, at its core, is a credit shop, specifically a below investment grade and unrated debt investment firm, both on a performing and non-performing basis. That is the roots of the firm. We're going to continue managing the business with those, with that legacy in mind, and we're not going to sort of do anything that's unnatural from a growth perspective. We are, in terms of the manager's job title, a private company.

Armen Panossian: debt investment firm, both on a performing and non-performing basis. That is the roots of the firm. We're gonna continue managing the business with that legacy in mind, and we're not gonna sort of do anything that's unnatural from a growth perspective.

Armen Panossian: That is the roots of the firm.

Armen Panossian: We're going to continue managing the business with that legacy in mind, and we're not going to sort of do anything that's unnatural from a growth perspective. In terms of the manager, a private company, we are owned, a majority owned by Brookfield Asset Management, but we are really focused on credit, and especially below investment grade and unrated credit, and not looking to do anything unnatural from a growth perspective. I think the performance in the recent quarters has really nothing to do with any sort of platform shifts. These are unfortunate idiosyncratic situations in a small handful of credits, but unfortunately, we're large enough positions to have hurt our NAV in the last couple of quarters.

Armen Panossian: We are owned, a majority owned, by Brookfield Asset Management, but we are really focused on credit, and especially below investment grade and unrated credit, and not looking to do anything unnatural from a growth perspective. I think the performance in the recent quarters has really nothing to do with any sort of platform shifts. These are unfortunate idiosyncratic situations in a small handful of credits, but unfortunately, we're in large enough positions to have hurt our NAV in the last couple quarters.

Armen Panossian: I think, thematically, it was businesses, you know, we could kind of bucket them in different ways, but I think if we were to look at sort of the biggest theme, it would be businesses that did actually really well during COVID and coming out of COVID had some stumbles, and I think at the time, were considered very strong investments and had very high valuations from the ownership of those businesses, but again, since then, there's been some stumbles. That's kind of the explanation. It's certainly an unfortunate situation for us, as well as the equity owners of those businesses, but it really has nothing to do with Oak Tree as a platform and any decisions we may or may not have made.

Armen Panossian: I think thematically, it was businesses; we could kind of bucket them in different ways, but I think if we were to look at sort of the biggest theme, it would be businesses that did really well during COVID and coming out of COVID had some stumbles, and I think at the time were considered very strong investments and had very high valuations from the ownership of those businesses. But again, since then, there's been some stumbles, and that's kind of the explanation.

Armen Panossian: I think thematically, it was businesses, you know, we could kind of bucket them in different ways, but I think if we were to look at sort of the biggest theme, it would be businesses that did actually really well during COVID and coming out of COVID had some stumbles.

Armen Panossian: and I think at the time were considered very strong investments and had very high valuations from the ownership of those businesses but again since then there's been some stumbles.

Armen Panossian: It's certainly an unfortunate situation for us as well as the equity owners of those businesses, but it really has nothing to do with Oaktree as a platform and any decisions we may or may not have made.

Armen Panossian: And that's kind of the explanation. It's certainly an unfortunate situation for us, as well as the equity owners of those businesses.

Phineon O'Shea: Thank you.

Melissa Widow: Our next question comes from Melissa Widow of J.P. Morgan. Please, go ahead. Thanks for taking my questions. I was trying to square the circle a little bit. You're comments about remaining, I think cautious in this environment, but then also just sort of looking at the level of net deployment. I'm wondering if that was sort of just, it was pretty elevated this quarter.

Melissa Wedel: Our next question comes from Melissa Wedel of J.P. Morgan. Please go ahead.

Melissa Wedel: Our next question comes from Melissa Waddell of J.P. Morgan. Please go ahead.

Armen Panossian: Thanks for taking my questions. I was trying to square the circle a little bit with your comments about remaining, I think, cautious in this environment but then also just sort of looking at the level of net deployment. I'm wondering if that was sort of just, it was pretty elevated this quarter. I'm wondering if that's a function of sort of timing in the way things came together, or if you would expect activity levels and repayment levels to remain higher pick-ups.

Armen Panossian: Thanks for taking my questions. I was trying to square the circle a little bit. Your comments about remaining, I think, cautious in this environment, but then also just sort of looking at the level of net deployment. I'm wondering if that was sort of just, yeah, it was pretty elevated this quarter. I'm wondering if that's a function of...

Melissa Widow: I wonder if that's a function of sort of timing in the way things came together, or if you would expect activity levels and repayment levels to remain higher picked up. Thanks, Melissa. I think there was a little bit of a timing. We saw a slowdown last year, last calendar year, as the base rates were higher, so we're spread. I think there was some M&A activity that was pent up in the pipeline, and as that M&A activity has picked up this year, we have seen some elevated, you know, originations. The spreads are tighter this year than they were last year, and I would say fairly meaningfully so. We are cautious about new LBOs, as well as existing ones, given the elevated base rate environment.

Armen Panossian: [inaudible]

Melissa Wedel: Thanks, Melissa. You know, I think there was a little bit of timing. I mean, we saw a slowdown last year, last calendar year, as base rates were higher, and so were spreads. I think there was some M&A activity that was pent up in the pipeline. And as that M&A activity has picked up this year, we have seen some elevated, you know, originations. The spreads are tighter this year than they were last year, and I would say fairly meaningfully so.

Melissa Wedel: remain high or pick up.

Melissa Wedel: Thanks, Melissa, you know, I think there was a little bit of a timing. I mean, we.

Melissa Wedel: And as that M&A activity has picked up this year, we have seen some elevated originations.

Melissa Wedel: The spreads are tighter this year than they were last year, and I would say fairly meaningfully so.

Melissa Wedel: And we are cautious about new LBOs, as well as existing ones, given the elevated base rate environment. So we are being cautious. We are very mindful of valuation multiples, leverage multiples, and loan-to-values. And you can see it in our origination; most of what we did was first lien. And the overall portfolio, given some of the repayments we've received in junior debt, has really meaningfully migrated, as Matt mentioned in his comments, to a substantially first lien portfolio.

Armen Panossian: So, we are being cautious. We are very mindful of valuation multiples, leverage multiples, loaned values, and you could see it in our origination. Most of what we did was, you know, first lean, and the overall portfolio, given some of the repayments we've received in junior debt, has really meaningfully migrated, as Matt mentioned in his comment, to a substantially first lean portfolio.

Melissa Wedel: and you can see it in our origination, most of what we did.

Melissa Wedel: But, you know, we are definitely seeing an uptick in deal volume, refinancing taking us out of positions, as well as new LBOs, and new M&A, giving us the opportunity to invest selectively with the sponsors with whom we've done a lot of repeat business.

Melissa Widow: But, you know, we are definitely seeing an uptick in deal volume refinancing, taking us out of positions, as well as new LBOs, new M&A, giving us the opportunity to invest selectively with the sponsors that we've done a lot of repeat. Okay, and then as a follow-up tip-in question, definitely ticker point that this was a one-time sea waiver in the June quarter. I'm also wondering if you can remind us how much undistributed NII there is for sure. Thanks very much.

Melissa Wedel: But, you know, we are definitely seeing an uptick in deal volume. Refinancing is taking us out of positions.

Melissa Wedel: as well as new LBOs, new M&A, giving us the opportunity to invest selectively with the sponsors that we've done a lot of repeat business with.

Chris McKown: And then as a follow-up to Finn's question, I definitely took your point that this was a one-time fee waiver in the June quarter. I'm also wondering if you could remind us how much undistributed NII there is per share. Thanks very much.

Chris McKown: Hey Melissa, thanks for the question. This is Chris. In terms of undistributed NII, you know, our adjusted NII came in at $0.55 per share, so, you know, right in line with that dividend payout.

Chris McKown: In terms of undistributed NII, our adjusted NII came in at $0.55 per share, so write in line with that dividend payout.

Operator: This concludes the question in the intercession.

Dane Clevin: This concludes our question and answer session. I'd like to hand things back over to Mr. Clevin for any final remarks.

Dane Kleven: I would like to hand things back over to Mr. Kleven for any final remarks. Thanks, Alan, and thank you all for joining us on today's earnings conference call. A replay of the call will be available for 30 days on OCSL's website in the investor section, or by dialing 877-344-7529 for U.S. callers, and plus 1-412-317-0088 for non-U.S. callers. With the replay access code 241-6934, beginning approximately one hour after this broadcast. Thank you all.

Dane Clevin: Thanks, Alan. And thank you all for joining us on today's earnings conference call. A replay of this call will be available for 30 days on OCSL's website in the investor section or by dialing 877-344-7529 for U.S. callers and plus 1-412-317-0088 for non-U.S. callers with the replay access code 2416934 beginning approximately one hour after this broadcast.

Dane Clevin: Thanks Alan, and thank you all for joining us on today's earnings conference call. A replay of this call will be available for 30 days on OCSL's website in the investor section.

Dane Clevin: and Plus One 412-317-0088 for non-U.S. callers with the replay access code 241-6934 beginning approximately one hour after this broadcast. Thank you all.

Operator: The conference is now concluded. Thank you for attending today's presentation.

Operator: The conference has now concluded.

Operator: You may now disconnect.

Q3 2024 Oaktree Specialty Lending Corp Earnings Call

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