OCSL - Earnings call transcript Q3 2018 | Oaktree Specialty Lending Corporation

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Operator

Welcome and thank you for joining Oaktree Specialty Lending Corporation’s Third Quarter 2018 Conference Call. Today’s conference call is being recorded. At this time, all participants are in a listen-only mode. [Operator Instructions] Now, I would like to introduce Michael Mosticchio of Investor Relations, who will host today’s conference call. Mr. begin. may you Mosticchio,

Michael Mosticchio

can and conference Oaktree release, call. morning at slide issued operator, section the third our of which Lending quarter this website presentation, accompanying the XXXX Both and accessed welcome you, on Specialty Investors to oaktreespecialtylending.com. Corporation’s we be Thank our earnings

Chief Lending’s Our Chief Treasurer, and Financial Specialty Officer Operating Matt Chief Chief and Pendo. Officer, today speakers Oaktree Investment and Officer Mel Executive are Officer, Lee; Carlisle; Edgar

their prepared to happy will following your We take remarks. questions be

Before views begin, remind things, that to, we and want I you statements other results comments to forward-looking include financial reflecting today performance. our among with will future operating our current respect

from after We Our revise to for purchase Oaktree SEC Company any media constitutes Oaktree this expressed website call. implied today’s Chief I’d Investors filings announce or should corporate and note Officer, statements Accordingly, of also materials. website Investors offer now forward-looking our others call in of undertake an Edgar to update would Lending the to visit offer Lee. discussion our to uses related that, forward-looking actual materially to Executive solicitation With in interest in or the and the Specialty to section information. material to to these nothing of corporate call over no encourages its fund. investors, you our I the obtain others investor like turn or to an results a any that could post duty remind like any factors. sell those statements. differ the Please refer to that

Edgar Lee

We conference OCSL interest participation in today’s and your our third Thank you, Mike, continued welcome and quarter appreciate call. XXXX in your earnings to call. everyone

portfolio. by Oaktree since the while non-core assets, core portfolio the editing primary stabilize Our imperative assets acquisition amount has in of reposition expanding to our and been focus

our downside align of Oaktree’s We the new underlying investment continue that for controlling direct is risks. goal to repositioning of monitor landscape these The ROE opportunities with efforts to shareholders. for closely ultimate philosophy lending improve

made since we began months, repositioning almost just significant portfolio refinancing period portfolio. We October. and assets of progress our our nine billion in have $X and of repayments of managing and last a Over we OCSL stabilizing have NAV

which reduced that by asset same At During in time, only million. of the non-core the of XX or end It we many the $XXX of value non-core million portfolio been third which fair noteworthy many of is exposure we've of assets have at that illiquid individual trends. non-core our positions, and XX% were XX% the across investments, operating spread were demonstrating $XXX challenged. stable especially exited quarter, remained

our exited either previous the their majority assets. our I for proud at ability fair of of value to or investors. our maximize addition, vast In value value and very PAR am above hard team's these these work demonstrating monetizing marks, we investments successfully

added period, Over the nearly of were in XX investments quarter. same amount the we hold million also across $XXX of portfolio. the of investments companies doubled these new we added that core to million new as $XXX third we assets the

in of outcome over with pleased includes our of the As XXth, repositioning portfolio. which I NAV. billion totaled portfolios stabilization of core market our am represented investments June of XX% the and approximately efforts, $X our value

$X.XX quarter quarter the December. share, to third $X.XX consecutive second from increased of at the for end the During per NAV up

remaining of second loans, interest. XX% limited $X.X floating had X% and XX% or value in in had Kemper a portfolio invested the approximately our of was XX% X% invested XXX equity in rates. loans, billion investments interest first fair XXth, unsecured June JV the companies, XX% lien partner the of lien bonds, portfolio As of across the debt in in

comprised third of quarter, indicated previously the at portfolio the was of core XX% investments. the end As almost of

non-core was still X% performing yet and the and XX% non-core Another was underperforming. remaining

our be assets investments as non-core investments continue of in next value expect a are over sale while pace robust half few Of liquid for these of or investors. liquidated also maximizing processes. many We these at the are portfolio, exiting will or we quarters million $XXX refinancing to non-core anticipate over loans active

with the been sales, balance With advisors have respect to and financial are of to exit over implement expect restructurings to management companies approximately we optimized. we working remaining these sheet for believe positions generally We hold a and period performing opportunistically portfolio a values to their are as investments, monetization these events. quarter longer actively investments when these intend well, asset we teams other

investments During the of Solutions proceeds exit from final the received we and sale our Ameritox. Traffic quarter, in and Metamorph the

equity reducing our sold during We as progress assets of million significant also $XX quarter. limited we the and partnership interest made these

positions above we Importantly, or taken have managing monetized in underscoring these fair we value marks approach the at their credits. proactive underperforming

transactions which respect value underlying allowed With showing investments, of values. Oaktree, business expertise, are on remaining maximize improvement. processes to which each sale trends investments experience Given fair the deep the to signs their company’s restructuring us these reflect we and given underperforming we of believe recovery of marks led our these many

We values. have to received these number a we assets upside are cautiously lead that for recovery further optimistic of it therefore and bids could and

competitive opportunities. capital there in market. competing a market funds lending lending to the private back a raised This Turning are segment created climate friendly target environment, the current direct tremendous being aggressively is where of equity highly borrower and of is amount direct BDCs to the

flown less structures the space, lending board. compression the As direct more capital have leading covenant become commoditized, has investments across and more spread into attractive to

continue and the defensively Against that sponsor by best the focused over appetite long-term we the both the industries. widespread of long seasoned larger, will in in and remained standards adjusted risk absence We the and risk historical We this for strategy credit by increased spite investing more is or long-term. evaluations of which growing and are we portfolio deterioration. that to believe evaluate owned of positioning returns non-cyclical, in an currently defensive observe the to the continue in segments non-sponsor operate generate cycle, businesses backdrop, to opportunities frothy on committed will structurally market our

taking We selective evaluating and highly potential investment investments to discipline. the and approach patient are maintaining

deliver we over results detail. shareholders. our well OCSL in months the approach to overall to best ago, we evolving financial Although the to posture is to income investments, significant and the in since the to our with yield positioned generate progress way very defensive nine believe is All to new I’m more on muted, I’ll the we’ve returns review conditions now we a made this pleased began believe call more market managing turn Carlisle navigate attractive Mel are near-term. told,

Mel Carlisle

$XX.X I offset or Edgar. a Thank This share. to joint quarter. in of quarter improving both the quarter. was $X.XX per partially Kemper dividend diluted Net venture, we in and quarter-over-quarter and reduce interest during million income quarter. $XX.X joint or non-accrual due income decline basic portfolio. will was and and our you, and mainly partially third despite slightly by This was a good investment per to million financial income $X.XX quarter We to zero to and performance. in had million, placed a dividend related down income from million quarter, issue $X dividend with the a in repayments down discuss was decrease status for are income investment lower quarter. income last fee due decreases This Total an larger due the $XXX,XXX the this details quarter to from was original flat income. was $XX.X for investment not pleased Mainly expense. our shortly. decrease venture share Kemper the due more and in paying a investment interest slightly March primarily The on million interest to Cash discount due was loan $XX.X PIK

average of $XXX,XXX In fees. G&A quarter offset incentive to those driven of conditions of rates. by occurred offset $XX.X higher reflecting the approximately lower addition, the from proceeds and Net the down and These following quarter a quarter in declined by interest million, are the quarter, expense partially fees, average on reinvested last in LIBOR were reset operating creating lower for number $X.X income. March. significant rates million towards end the at beginning drag partially the a modest by higher mainly items the Interest quarter third expenses expenses interest professional borrowing from we

June into non-accrual June the this third by of debt approximately X.X% credit the fair XXth, cost. at investments non-accrual our million a turning wrote default down an was XXth, marking valued investment Now were of quality. additional moved payment investment One at $X $XX At of At currently in status following quarter. value value at to status. XX% we've million to

and downs for quarter. of at our a and Net exited There during value March communication $X gains material We majority underway. recapitalization during net was write other for end investment the plan are borrower realized investments were is fair their as unrealized in no quarter were million mark. sales with investments the XXst held the above $X quarter appreciation the of this million, for

of asset $X.XX per explains compares was the average provided rate key in X.X%. we've March the for XX to quarter-end, quarter value net XXst. mentioned, share Edgar earnings Page at increased consecutive As $X.XX second On to per this at June total million weighted outstanding XXth, led NAV. to at At interest bridge that factors a a presentation, of that the $XXX share debt

credit X.XXx at at March to reflecting slightly In facility amended borrowings credit July, increased ratio our quarter-end. our ING. leverage facility from XX, Our we on X.XXx with higher

million of XX facilities reduced million and quarter-end were As million amount portfolio $XX capacity rate million on companies $XX at our to by outstanding end, undrawn and Unfunded with were part At on related term basis commitments amendment, of strong revolving loans. mainly the have our facility. delayed we $XXX cash or $XXX interest credit cash credit equivalents draw quarter we've points.

the update Kemper to turn Matt, to provide over I Before joint an I on want venture. call our

June leverage million, and continued adding to third total million JV across undrawn the yield of optimize million XXth, a ratio average X.Xx $XX the with weighted we of investments XX $XXX credit a At quarter, had JV During capacity. new assets X.X%. companies a facility of of of the $XX with

the expand continue term as under rate We reduced limits. investments concentration credit plus first JV. the restructured debt to from the points. XXX during portfolio. we capacity by LIBOR and advanced amended three and We achieved basis security interest on our extended Kemper add Also facility facility, to and to the basis rates points the years LIBOR we third plus favorable overtime, lien senior XXX to the We expect our quarter,

the restructured We in to from kind also related XX% income B the forward. class pay. interest cash going PIK payment Kemper XX% JV will eliminate This note from

Pendo, will the I call to turn Now, Matt our over COO.

Matt Pendo

This of of equity, from amount includes of over investments out quarter. end rotated have the Since million the majority limited last Mel. our loans. you, including and the partnership third the $XX interest of of successfully generating year, million limited we sale $XX Thank in partnership non-accrual the fiscal non-interest interest

values. to these Importantly, were asset a at premium the sold slight net

in As generating positions. XXth, $XXX had non-interest spread a across LP of we and million four June XX remaining companies investments

continue assets, to given floating structure. of We from primarily consist the portfolio rate monthly third benefit a in fix that liability interest quarter rates rising our rate with

see year. if We more additional expect this benefits, increases are rate to there

highlighted, we our to Mel continue As optimize Kemper JV.

joint grew to During borrowing total assets by points. the million venture the costs of lower and XX quarter, basis $XXX we

grow the will it accretive we joint expect to we be As venture, further ROE.

exposure have June responded $XX to third temporarily by broadly XXth. to market increasing the syndicated during of loans our quarter, as we conditions million, Finally, to

into until our more we and investing a long-term. to the over type in is capital investments this investing appropriate selective liquid strategy. we the to prudent approach are spread environment. a and to income We in paramount in can yielding not in change that deploy an was want We order earn hold Taking current move felt higher loans of proprietary

of As are protection, we’ll approach without structuring the that downside and Oaktree in investment confident leveraging additional assuming originating such, deliver hallmark attractive transactions by Oaktree’s be successful that risk. platform, ensure higher and yields we a

the This and progress Now third unchanged quarter quarter. significant in with portfolio represents we pleased the as our the XX% In a earned turning and release, income are conclusion, from last press made saw OCSL we net approximately investment in dividend, $X.XXX our is to today. in repositioning stabilizing NAV. of the you dividend have we declared

a and our key our against Our are we with look of you the single dividend. ROE to strong you making open and please high up lines And long-term consistent delivering on digit and time goals, progress that your today, for team is Thank all we executing keeping updated forward attention well against our operator, for questions. initiatives progress.

Operator

Chris begin JMP Securities. will now first the We [Operator Instructions] question-and-answer session. Our come question York of from

Chris York

quarter, your update say current exiting this portfolio then pursuing also and the an leverage some thoughts us DSLs Matt a provide did X.XXx, of you included above investments? of me target growth leverage? on progress then could for Edger, Maybe which your non-core expand And give

Edgar Lee

our include X.XXx as facilities existing as ratings. those right consider do factors now, with the feel also Thanks where together to leverage overtime. that, our don't we we cost we're our we on for Chris, weighing different on to capacity leverage the have Kemper credit continue and we position and leverage only we the as but we’ve any and long-term and venture. of evaluate that our now, our the respect ample time, adjust to we're morning. capital Having Right as in and comfortable this have levered board with now joint may have question, we position capacity Right good to well intensions leverage that take impact those with considering number we said and current what at to

Chris York

Alright that Mel, your try maybe weighted X.X yield I We've average thanks got the you to to it find new looking for probably do conversely off, that to for but have yield, on per and looking us? number. number I'm trying See pull the I'm update. for exits. get investments

Mel Carlisle

exits the XX%, on yield The sorry. was X%.

Chris York

Allan that term new Media some And Yes, that seeking then financing. sense. makes and Deutsche the with aware market I'm Jefferies in

be your this term do you to of expect quarter? refinanced So loan

Edgar Lee

anticipate hasn't the yet. raise, refinanced loan. capital has The that transaction raise that they’re Should contemplated that Allan of with out marketplace been they Media by in seeking we'd the to today closed being

Chris York

my at any with premiums mark fair? doesn't Is associated prepayment quarter-end imply in view that the or then penalties And that.

Edgar Lee

matter, I non-call as our refinances what provisions. of that would of would as as confidentiality would structures non-call to a say, typically typically I period. on loans a all us a we period one the That's who In don't whole premium have general say to proprietary prepayment our due as premium loans year, comment certain pay loans, our us a well. well typically But anyone year standard make have meaningful one a typically

Chris York

you And do term that JV, recovery equity and took about valuing talked performance down then the the income there. as lastly longer potentially on you've But Kemper you spread your little returns? bit the see views a

Mel Carlisle

down. the vehicle and we that the Yes. be We've you overtime during as taken steps was that equity being took covered. million We $XX to JV the expect optimize our over will invested. the Kemper saw vehicle adding why we under quarter. taken optimize But That’s it ramp and

Operator

next Christopher The comes National question of Testa from Securities.

Christopher Testa

that that you and So million underperforming just non-core curious, guys of noted of you have XXX XX million non- accrual. are only

delta two, So, the certain of sector is that inherited healthcare? is more comprised that And just curious, if just companies or to the those out? in difference? problematic like a portfolio between I’m how spread confined it many portfolio

Edgar Lee

more to specific. It confined is on specific not It’s a sector. broad-based company

-- these it’s So company the the specific investments about less specific specific of about much industry there. and issues more

Christopher Testa

on are mom-accrual? And, of that yet Edgar, difference how companies comprised many not

Edgar Lee

now, company one there’s right -- that’s are There on non-accrual.

Christopher Testa

-- million you on-accrual. underperforming XX on have XXX between mean I and then no. million they’re No, so

like between XX So, within non-accrual not that XXX are difference the many status how the but bucket? companies on yet underperforming and

Edgar Lee

It’s one company?

Christopher Testa

That still one.

had you about know, I Street’s book reimbursement other Fifth And lot talked healthcare and guys had a of Okay. issues. risk previously

last wondering, there’s any negative if these the trend the any Just difference been noticeable or of whether in positive quarter? over for

Edgar Lee

number legacy the many that Fifth When some Those a positions have portfolio those I healthcare risks. did a to general we’ve we out in reimbursement of those of already companies exited. a manage challenges Street mixture. as would of matter, already. with We a say did -- it’s portfolio, move were

pretty say in balanced example. experience least them this would healthcare I of at the with have of performance trends one underperforming look recently. at companies for relatively we generally more companies healthcare bucket positive had As

Christopher Testa

in JV non-accruals, looking policy was forward Metamorph buckets have we you Garrison JV the that’s I investment and the there that be And Ameritox at the to added Is not to on So the JV. going sheet on completely, also sheet know and well? have mandates? the balance your put balance a as will that the Film and resolution portfolio? them between and totally more both Kemper in opportunistically co-investment position were different Or expect should in previously

Edgar Lee

will of overtime, but portfolio Kemper portfolio some between I to JV BDC. the JV the look will be would than overtime, there overall overlap expect continue main the to slightly the start that different level and

Operator

[Operator instructions] Our Lynch next KBW. question will of come from Ryan

Ryan Lynch

had look leverage, One about be add debt-to-equity balance or a question transactions if to outside on But balance mentioned kind the you am guys I and on sheet, have that’s range. today, current at debt-to-equity of million you as the debt-to-equity, of assuming leverage, which those sheet, post at so X.XXx on payables read close normal you guys you $XXX X.XXx about your you quarter your if guys your at I targeted several

talk just repayments quarter that’s to Or third expecting about prepayments, you guys kind or where how non-core you you the can some working? offset just DSL So did some big loans sell guys those? early in

Edgar Lee

thanks and the question. for morning Good

one within is we there see did imagine balance we have in been keep have timing around on the mentioned to past. sheet range, some been we So proceeds as leverage would the anticipate in beginning the it’s Again to as we target just that monetization we during quarter. quarter. well occur, continue events will we a here, quarter, of really we the the have third don’t as item had capital we’ve -- and out, throughout capital materially the the that just anticipate quarter and Since deploying target so out range of well, but timing items our going was as in that mind you’d in that coming the cash and moving ranges have occur

imagine that levels. our will in leverage for expect basically So, you historical just purposes that stay your line modeling with can

Ryan Lynch

don’t most and guys know. job a assets had then Okay, in done -- have the quarter And of decrease. lot substantial a to recent you that’s non-core guys of really monetizing you great even good

about non-core process million monetizing, I of guess reducing of early in on I non-core investment. You have $XXX investments. of monetization still the think that would

of assume I it start bottom monetize to period the of non-core think investments? now of I from those $XXX we million we investments. these remaining the of like those some expect hanging get to of down to as Should lower lengthy would maybe easier be fruit reducing a pick of hand investments would to some

Edgar Lee

way. wouldn’t that characterize I it necessarily

assets people challenge think number monetized at I of those a well. as we looked were that have historically assets

don’t it’s characterization are the it’s of a if balance in originally know challenged that But I buckets. fair So, that assume these really out. relatively been the investments we to investments, the identified most spread non-core rather

timing. I’ll an are have we why when later sell go three to sell non-core of that Company the ability the say where is those LP and move quarter. co-invest of now, there and co-investments if occur, that liquid back think can the received There that for we've active further that where think way in that bucket, in around of come monetize look some but these in those companies overtime notice have that hold to include is always forward, haven’t those we it may LP exposure. There that our of three, assets. uncertainty to I investments actively interests over and a monetize LP that the assets we marketplace that quarter As where companies. are also going of the have those that are also investments upside in or of assets selling there in potentially today, our we selling, about specific marketing active are And the over of determination those actively includes investments right half if and borrowers We right shareholders, to balance bucket the a away. we half LP trying to those harvest the investments of and do those those and number those breakdown we've buckets these on think are where to about refinance on interest activities where for can were the non-core loans, restructured bucket, we would we bid dead actively interest, necessarily see to own bucket is the we interest, we they’re investments; last monetized but or reduce there at that investments additional lastly, we have own Company Two, assets, are is equity Or one reasons we as I are additional that do significant are can either that do to we of these advantageous if as made it's investments we about are portfolio portfolio equity little monetized the portion is well portion upside. being look half those firms in a the companies non-core those also the private that a equity we -- as

coming monetize would the that reduced will to expect look the equity borrowers the we see portfolio quarters purely in assets. size So, those over be because

So, quarter. two quarter. our second over first is monetizations in amount our anticipate But came investments the new well type fair should in the coming it again the thirds additional portfolio, of be I be performing timing companies of well of could would and on have the portion quarter. reflect timing half companies of is loans tend the a to half of well necessarily is to, going this we may the in over that not of those the of should of companies there a we monetizations them just portion that liquid just more note thing monetization. mentioned there but that we that over the of the of companies half but were are to past function liquid those lend are of are monetize. was quarter performing XX% managing that One Part to prefer that to

in with for timing take the to we timing up at the we start time. more prudent of investments points you sooner be was throughout little we quarter, advantage prefer than mismatch maybe thought bit to to it even we little more bit less a very marketplace move balanced while we what of disproportionately non-core the forward, end the amount anticipate rather And So monetize pronounced. will impact saw larger so as But robust a and a the be slightly later. more it of

Operator

Fin will Fargo. question Wells from ahead. of come Please go O'Shea next Our

Fin O'Shea

Appreciate of a lot quite you going how the feel there? and and our Think-X, color underneath been at I give go the concentration of us a kind bit their a that given on tenure I'll a understanding name. believe portfolio there I a non-accrual of have portfolio down issue -- might Is under hotel to looking a your outlook chains? and next on was customer kind there the new what's it have we today. believe Can major as manager. just business customers

Edgar Lee

Thank-X is But the and subject morning what confidentiality this with you we to some non-core we say we the information I thanks the question. this portfolio, when first appreciate in is limit of arrangements. Think-X respect the for is as portfolio. hopefully over identify to can There about of what a did Good is, one assets on to took comment underperforming would

has enhance level has are this of with good company job a done guess overall you’re there concentration. elevated customer mix softness marked it had had an was situation. as but and the say. over And how a it therefore would risk Company few way flow the softness, that more that categorized of some Company been and generally particular the its not really on that Hence, I we’ve identified defaults itself last in did. it just previously the experienced I I to some cash significant would reflected characterize say we quarters function trying so The associated we seeing it’s in of that has of, there’s the position of customers, it’s more why significant would softness I disjointedness here. early

Fin O'Shea

equity of all helps. assuming like exit you That on color the able management. a sold LP us you an those And marks on stakes Can then that give found were able to -- the or of of exits lot agent previous course it to buyers private originated some to Sure. you quarter at, manage were secondary this looks you them on under sorts?

Matt Pendo

It’s our sold Matt. the right them We much, question. marks. pretty for Thanks at

very, a equities, market these very it’s So, robust positions. there out these for

either Primarily So, some said, execution pleased Edgar kept. some we other because co- and see if the kept them them said, we and with some we’re of holding we so non-core we even do. there like value investments really the stakes these selling Edgar what investments that’s we’ll in them of and And there. though more

quarters. over that see to expect the So few next

Fin O'Shea

Thanks Okay. That’s all for me. very much.

Matt Pendo

think And I do kind performing. as relates to of non-core the

I we, that portfolio. those posted we think our detail there’s on on think deck X, helpful and if good look at Just I in people you information how find some X more Page terms of we to provided

Operator

Barclays. will Ma question from Terry of next come The

Terry Ma

remain like the going willing sounds accept forward want remarks your to from and that lower you’re expense prepared the you it just So is yield.

going take more So on just you what to more forward? is norm broadly this talk and the return just maybe you needs about constructive for to be low can new change Or risk? environment, environment

Edgar Lee

say wouldn’t norm. long-term environment return is the lower I new that

the the I and ebb flow the spreads look if of and at think and history you markets, contract. widen credit

will the Do credit that there today. is which very spread the marketplace just spreads, environment I just market reflected But capital for of is I years, that direct market middle the some think also strong flow the reflection we’ve at in point forecaster we’ll of the market correct firms competitiveness led for see suggest last overall at We’ve contracting a spread credit increasing some not suggests amount some loans. the in middle tremendous some future. and -- the into of seen a market that’s is less a of will new lending that level in of in assets, and It to among rebalancing lending compression. space economic but correct? couple history that’s I also had in direct in led point am environment, and aggressiveness activity, to a over the think risk economic time. that

non-sponsor of significant we For there is to the us, market go right not to marketplace, companies platform, that the That backed and portion we don’t we’re given that doesn’t look that it that breadth also make avoiding sure a marketplace, taking means area opportunities. as at a management of are up portfolio equity increased but just private is amount X% source what in participate approximately look doing the opportunities at this private equity of of activity we about we less today, and BDC, portions the exercising able in of initially the of amount XX%, now to plus and the or over. some the really the overall are only finding that’s mean interesting to able we’re sponsor-backed/owned in efficiency it we’re non-sponsor the our in of part portion took marketplace, we have pretty when there to since over we’re because spending that the discipline of just significant we’re of

Operator

Chris JMP have Next, from a we York of question Securities.

Chris York

follow-up. just guys one Hey

bulk event, look that non-accruals line Is non-core there value has think you case the by recovery investment or investments. say, a even So, let’s at occurred? couple line as events in I one best

Edgar Lee

portion on individual that the underperforming in not practice general portfolio. especially in the generally would say I commenting non-core the the investments. statement, We’re of -- But of

We value business fair conditions and and I -- past conditions well currently to some think portfolio the we just possibility have there the commented the given downside is specific significant the and carried marked at in in market $X.XX generating of an business also there environment of there. this lead an of portion average that upside positions is are where those think today. market change could some

Operator

no Mosticchio. We Mr. questions further have

Michael Mosticchio

fiscal for us for days will you broadcast. callers, available or of call. XXXX for joining with section dialing XX on in XXX-XXX-XXXX one beginning OCSLs XXX-XXX-XX, non-U.S. this third A Investor earnings be replay access quarter Thank hour our callers, this for conference approximately call or after replay again for website code by X-XXX-XXX-XXXX a U.S. the

Operator

Thank you attending concluded. for now is conference The presentation. today’s

disconnect. You may now

Oaktree Specialty Lending (OCSL) 8 Aug 182018 Q3 Earnings call transcript