OCSL - Earnings call transcript Q4 2018 | Oaktree Specialty Lending Corporation

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Operator

Welcome and thank you for joining the Oaktree Specialty Lending Corporation’s Fourth Fiscal Quarter and Full Year 2018 Conference Call. Today’s conference call is being recorded. [Operator Instructions] Now, I would like to introduce Michael Mosticchio of Investor Relations, who will host today’s conference call. Mr. Mosticchio, you may begin.

Michael Mosticchio

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

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

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

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

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

Edgar Lee

call. continued in in quarter our and OCSL, and and Mike fiscal We today's yearend call. to you, participation Thank conference interest earnings your everyone your appreciate fourth welcome

one the significant ago. we we've year OCSL are over just took over proud since the management of We made of progress

are investments efforts most we've cycle OCSL the the companies. non-core by in portfolio more larger, as existing portfolio Our investing reflect of credit, in of actively reduced approach diversified risk our and late investing private to overall the repositioning

portfolio, a XXth, investments September XX, non-core of September XX% As from XXXX, decrease XX% OCSL’s as of of represented only XXXX.

we into rate to last capacity During of entered additional the year, quarter, banking and for amended revolving and and fiscal credit partners. new we July cost other subsequently flexibility allow in with million strides to first $XXX fiscal ING capital. in the the OCSL's our a made In interest also lowering further borrowing facility enhancing our facility reduce XX We great margin.

into finally, also first our benefits related reduced two a from operating processes in first consolidating integrated successfully of the performance efficiencies evident fiscal had OCSL And increases. consecutive efficiencies. improved platform, quarters are OCSL's of the sheet three run management of The and upgraded and efforts realizing Through share, technology investment per facilities substantial savings cost income portfolio the In our we functions. financial In and XX% we delivered in declined have expenses by $X.XX increase our quarter. repositioning disciplined stability information cost Oaktree's the JV. our accounting valuation and credit compliance total, integration and operating systems operational And rate We at the we this to expense net quarter, XX% we fourth from NAV. NAV balance quarter. and and improved have

September at XX% XX% efforts. as we holdings of Core XXth to repositioning to compared the of Turning beginning the of year. continued portfolio portfolio fourth $X the quarter, the fiscal our or totaled fiscal successfully billion,

non remaining Another underperforming. XX% the performing but core was and of the portfolio core was XX% and non

one During investments. we the the million non from of $XX $XX of aviation of fourth core exited quarter, including million positions our monetization

$XX we the of majority million did in from the current the refinancing a loan of interest has broadly its portfolio investment forbearance into and performing agreement lenders. repositioning loans. overall progress multiple payments. maturity. monthly subsequently the solid process remained not rotated involving of lower borrower quarter, in nonaccrual stages totaling because syndicated paid in was on out a yielding the advanced noncore also off We fourth We The our entered reclassify to Despite at one company is

can there assurance be this that process However, will no successful. be

our investments. our non-core we valuation, As steady could continue be our remaining cautiously investment. legacy expect not additional reflected at optimistic are a respect these of value that some in impairments value the With current to pace, anticipate also we any maximizing to exiting further do to investments this shareholders, we for and there upside in remaining while assets,

at quarters. of acquired was a BeyondTrust assets million. up or the October, the value engaged refinancing of fair priced rode for total processes. offering. positions, either XX% monetized, buyer $XX And remaining Approximately expect we Yeti already the noncore several valuations Combined, And to in in are or its equity these sale by active exit over strategic to public premium its them a next example, a liquid positions of For we mark. June XX initial

plan portfolio. forward to in investments one we a given decreased XXXX, Going fiscal these amount category disclose nominal as holdings our noncore have to of the

the of portfolio to will by found XXXX that on found provide and the four be type portfolio are can continue and all and appendix. disclosures in details health presentation, the the our This evaluating important investments earnings five portfolio. We new the pages can of overall of in disclose presentation be

Direct equity remains Now shifting the to highly of especially lending market. attention owned in private segment competitive, the the investment environment.

of still the marketplace and see has weakness no couple been energy-related and might the but cycle widespread historical continue time recent credit funds are there that company and markets strong signs current higher about some interest bond, concerns deterioration. the an borrower the standards, the in syndicated showing said, on commodities. The overall by rates geopolitical the there of high-yield of driven for when That transactions largely of signs equity, to profitability volatility long We global have loan last by is broadly moderating economic impact demand is a in at years. pace oversupply competing of from economy, issues, and

Against We the haven't backdrop, and invested this well or portfolio the of $X.X opportunities. direct new overall this was evaluating XX% companies in approach spread billion lending position into size across was XX, continue XXX portfolio X.X% situation disciplined selective million in of when seen a to at an At we taking the value. value we fair fair portfolio the loans. $XX highly senior volatility but defensively, September closely. resulting are market, a with meaningfully our diversified of the average investment of secured monitoring portfolio

senior which new $XXX the quarter, loans. During originated commitments XX XX% companies XX secured we were of million and across industries, fourth of

portfolio. companies of observed over with focus nearly We reduce overall to industries portfolio. portfolio The from greater the companies lending million. than believe credit the the the year. will underlying portfolio amounts impairment the amounts to since X.Xx larger in we began middle leverage investing managing noncyclical and The increasing stark over of leverage companies or at levels year borrowers of EBITDA $XXX has market lower our have structurally EBITDAs declined the continue has on leverage. to growing And now, over company we help doubled a debt also of risk more have larger, our past median leverage the in defensive to X.Xx, diversified contrast with past in lower We half

able private strong allows for March. us While financing. market infrequent lending This this example borrowers away structured friendly team require Media returns has risk-adjusted or remains evaluating shareholders. Oaktree, credit of the more opportunities to owned segments At unique from in also to our Allan highly market. generating may significant segment where A was been or the competitive, while our equity in the less originated for of we we resources uncover direct efficient non-traditional with transactions the dedicate to structure market loan great the terms, companies of

to As first a you of Media fund well-known Oaktree million provided which acquisition million. of the loan asset OCSL originated a $XXX media to Allan may recall, $XX lien

the our the IRR debt XX% was in a unlevered by the it. markets gross we During short generating over time of loan in public held quarter, issued refinanced

allocated for included and the quarter commitment million of loan companies. Oaktree unique capability acquisition beverage $XX structured companies. a used bottling financing the to largest Both priced operation term transactions attractively fund and of world's provided LIBOR ability these Another plus EHR The the to source at our of one the million. $XX a that Canada in of XXX. provide favorably origination and entire was was to Oaktree of and fourth loan complete private is the underscore OCSL solutions to the value capital

or broader as opportunities and our in ahead including a -cyclical healthcare, of competitive investments more non software. industries dynamics, sciences, market interesting structurally number evaluating currently the growing despite are in we pipeline, such life defensive Looking

returns. believe in have and repositioning quarter in the to and opportunities to our call can forward to financial positions be All are that we like yet patient our attractive with carrying We this to to And progress We the believe made strong generate now and OCSL into pleased results our will in for significant turn more told, detail. portfolio momentum over us fourth opportunistic our foundation built approach over investment risk-adjusted I'd discuss results we the a we have look and past well year. Carlisle the the find to platform XXXX. Mel year-end continue

Mel Carlisle

at was diluted higher Net was quarter. investment June was $XX partially to fourth Total our This investment JV. earnings restructuring due increase quarter fees, level a quarter million, quarter. the the increased $X.XX million of interest investments last fourth last debt mostly higher share million the on from the in $XX.X interest fees, increase acceleration Thank $XX.X one reported basic higher sale an quarter. income and due up to increase million up prepayment The income per OCSL the or from investment expenses to was incentive million to payoffs. due $XX.X share. net due expense was $XX.X for aviation dividend one million, lower income Kemper This up The interest outstanding from to mainly the fees $XX.X of was the or OID expense. of which of by loan was and you, offset strong in during per higher due by Edgar. for of waived the notes were part PIK income quarter and Net offset for $X.XX and the quarter.

share with mentioned debt our the investments non primarily September majority $XX on by provided status non million accrual per value execute for $X.XX $X.XX to earnings page value Net Now $XXX of explains debt fair earlier. investments have the At status the bridge during at placed on gains average XX in per on were XXth. quarter $X XXth, factors the X.X% key at marks. interest increase On asset Edgar of June X% outstanding share. This XXth, increase a turning At a driven of their credit that and to million we third of the the Net above total realized was consecutive rate increased accrual presentation, quarter quarter. June X.X%. compares This led weighted investment were exited as in XX NAV. had sales third value million these September we to as the to fair compared was the quality. to that

slightly managing leverage the June from approach amount of borrowings leverage a increased to environment, depend our also of to we XXth, current reflecting ratio our on growth leverage Our portfolio. the deploy In higher the are on credit at X.XXx taking will market and facility. we X.XXx conservative

credit amended facility As in with ING. we previously our announced, we July

reduced we amount As by points. interest basis part XX amendment, the rate of our strong on

delayed refinance We equivalents we review were $XX repay facility. XXXX loans. on and capacity we with commitments bonds the options our $XX.X credit end facilities undrawn end, Unfunded or at These to credit also are million had $XXX and mostly to term to Cash credit commitments revolving the portfolio at which of our million ability million. $XXX quarter continue related cash have million facility. to were with companies quarter draw

the end. in increase was from X.Xx JV to at Kemper expect invested seven XX adding XXth. June million with portfolio, million senior XX we senior the secured credit down slightly the undrawn debt time leverage Together lien to quarter. at loan These continue in of to to secured senior venture, payoffs quarter. total at conditions. The At last had Turning XXth, ratio of to primarily as reflect the joint over facility This secured our to loans fourth increases September invested $XXX compares loans quarter assets of million assets total joint during venture depending partner, quarter at first needed, end, companies. the early $XX our on capacity JV evaluate market capacity had companies $XXX and investments X.Xx we the

the assets manager. the I generated primarily Before Matt, to discuss to legacy we tax and by inherited which want losses I were assets available realized us from prior to turn call the over

net meaning that realized of as capital XXth, they are had These losses As in can beneficial carryforwards, trust future offset $XXX of to of September they the would capital the recent we gains, used capital be be carryforwards if million. the loss gains offset our the by investment we be can generate capital with taxable existing and loss gains future, losses. tax these realization offset benefit demonstrating beyond this capital by associated tax

Now to over Matt turn call I the will Pendo.

Matt Pendo

for shareholders to We Thank strategic over great our you, returns past made position performance plan OCSL the progress year. Mel. on our to executing improved and

further there long-term equity. be to increase continues we the opportunity While us encouraged are OCSL's date, made to on for to return significant by progress

rotated of million interest accrual loans. successfully over $XX non including we noninterest equity, year, partnership of the out limited investment and During generating

of As average which XX, is The portfolio of which $XXX on affect of to is above X.X%. interest weighted yield. overall yield investment have assets noninterest that current average million well yield generating investments our September continue negatively illustrate are our these weighted portfolios X.X%, remain generating impact

market positions addition, redeploy market due is to of OCSL to continue to loans rising rates quarter given expect loan liquid the conditions rate loans spread over out reduced during continues of with investing as million quarters we floating help loans core such broadly remained on September to syndicated $XX of $XX to during In pace rate liability primarily we from portfolio rotated fixed our temporarily We us the access income XXth, the past syndicated structure. these we depending by of assets in elevated as comprised non of year, and various broadly a repayments. loan earn million repayments. exposure elevated the that interest monthly our to benefit

the instruments. XX% a of portfolio consisted rate As of floating XX, September

We expect to to XXXX. in benefit increase if rates continue

Finally, additional joint our capacity we given of a selective with $XX the venture we approach available partner the growing at investment current to million JV, together market have JV conditions. Kemper taken capital; have highly totaling

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

dividend. the to turning Now

and performance very made saying by As noted I'll we declared based $X.XXX maintaining release, the our distribution on sustainable portfolio. year in our managing a our a of both focused first We remain today. the on in dividend press as of we've consistent we're OCSL. proud conclude level progress that

Looking to expertise for shareholders. to for ahead, and further OCSL. equity questions. we're lines. return interest up and With that, call we delighted to please will open our you continued value continue us Operator, and today's leverage to enhance the in Thank deliver Oaktree's your your on potential resources on take our joining

Operator

Chris And Securities. comes from Instructions] Please of first [Operator our ahead. question York go JMP

ChrisYork

thanks Good for morning and questions. guys, taking my

your previous to First above or that leasing exited So, at Edgar, appears Bermuda you mark. the the investment aircraft Star you during It investment quarter. exited

that I'm First input that Star in Speir? equity to to write-down investment the So, curious the what led was

EdgarLee

is investment movement Speir the a initial right potential First undergoing that of in helped around inform as indications just Part that's process us around mark. we're some now, monetization that Star

ChrisYork

Okay.

So, to potentially that be months? maybe over is reasonable expect could it the exited next that XX

EdgarLee

That is potentially possible.

ChrisYork

of you Yeti? Okay, a shares was in selling a obviously lockup then the sizable book Are period for Yeti to subject value. guys and movement

MattPendo

are. We are. It's we Matt, yes,

ChrisYork

days? Is that XXX

MattPendo

XXX days, yes.

ChrisYork

mature diversifying sources March level to that interest and revolver what Okay maybe longer-term? is Mel, then and notes is of pay your your in then your unsecured your to use funding plan off, in XXXX, of your

MelCarlisle

Great Chris. question,

we continue In evaluate terms our notes, of options. to the XXXX

we credit our facility. notes those the in out do to have our ability prepared stated with take remarks, we As

the that all evaluating terms been as sources, far of fixed-rate capital beneficial rising that time. has we're given environment our now have rates. future interest diversifying funding the As The place this in structure we in in

we'll make terms So, our in as posted keep decisions we you sources. of funding

ChrisYork

time positive think equity All written helpful, income down. for Do was there equity recovery the in that's at first investment quarters there? understood, the and the was three JV, a is And net value then potential yet you thanks.

MelCarlisle

the writedown that NII equity took in the a ramp fully and vehicle will that function is valuation more are JV, Kemper invested, In terms become steps accretive. that think we we the quarters a as our process, our the seeing over of terms last couple of positive liabilities, of and The in given we there. we be

ChrisYork

then you and quarter? last much make-whole from Okay one. and/or the prepayment How Allan Media did in fees receive

MelCarlisle

received. was of prepayment million of terms fees that $X.X In Allan Media,

ChrisYork

Great, and guys. and investment IRR. congrats me. for the that That's XX% on it Thanks

Operator

go Lynch Our question of Ryan ahead. from KBW. Please next comes

RyanLynch

good guys. Hey, morning,

$XXX noncore significant really that and million took reducing over to You I investments do to a today. about $XXX of time that know guys amount have of early from made progress on. that, significant lot resources just especially million of

can of resources these you there a deals? much of this have versus how noncore and time lot for out mean over team's So, kind when the the where working the rotating guys sourcing today? of kind we frame spent there sort just were originating you BDC? of portfolio and then and resources Are the maybe be at And on really of additional took on process you are of of beginning does new investments what kind to this focusing

EdgarLee

Edgar today. the joining Thanks and question for thanks for Ryan, here. it's us

And been have first reflective we significant left. investments focus noncore on the amount took are think investment comments was has noncore with that over have of on noncore of dealing assume number given these of we these size the in focusing effort XXX the that the reduced over Oaktree, reduction that's them of I when helping number on a monetizing investments that, should Oaktree, there investments and who your these investments, are quickly. at the placed BDCs, effort BDCs, stabilizing of correct, we managing a investments professionals

with a more still declined the liquid think a got sitting point, equity finding a an focus highlighted portfolio. noncore assets. investments assets today, new of that or this aviation I I a we’ve number securities those to them those on our number small are are portion perform. four with our page on other the of resources They investments and And and think in at much be in underperforming commensurate on on noncore because those has good may time focused optimize assets, I we've only investment that presentation, continuing existing of and that. as investments sitting investments handle continuing showed to are

RyanLynch

Okay, competitive I your that's the of and helpful. have been on XXX I then, the of move mentioned broadly access if are but loan million I deals, And average and EBITDA clearly defensive of approach at can to XXX-plus feel companies market, think guys kind deals in EBITDA syndicated look some that we slide know portfolio, larger with kind weighted focusing those the as a to some like you you of plus companies pretty those today. also companies, are the these market million EBITDA and would

a So, competitive pretty large have sort like and market? in on BSL it why targeting guys little guys which they be market that you feels color given you could of can against what market the provide you think just and background you bump that are advantage maybe up can

EdgarLee

they're agreement, of market, for and don't of of that transaction the number tap financing as the cleaner, for some while market to part tried example tend can't loan companies support, so oftentimes the faster credit and unique private utilizing because and non-sponsored accessible a marketplace they has I uniqueness oftentimes terms size, not the we the for these over credit CLO larger to market access think in fit that the frequently. who is in terms lending buyers they of market the are market, a where BSL two, therefore BSL private million syndicated standard one; their acquisition borrowers Where familiar don't have equity EBITDA, of firms a fit of on And box. financings BSL to private broadly a quite focus if may have that in needs we've been that equity aspects financing. strong standard of for of have $XXX execute of of a seek them borrowers way type oftentimes as therefore, market

RyanLynch

two then up shares looks investment And to wanted you like more Okay, sure on I make the that's follow correctly. understanding stock. just million to helpful. common your it I guys I'm of one that mean Yeti have

marked a a investment day it that it million X/XX value, calendar have million with about day, have represent price gain guys of $XX like looks fluctuate today's I value $XX the a looks which would current You course fair fair thinking fourth that in of million like Am correctly? $XX which can quarter. should as on about that to

EdgarLee

No.

-- your a right. share so think done, there split, split I was

So, adjust post know pre shares the what right now X.XXXX to shares you using, got are we've don't split. you shares. split share the got but for the and split I

RyanLynch

Okay.

So common needs get the million shares your be to-- X/XX to divided basically to in two at XX-Q by X.X

EdgarLee

Yes.

RyanLynch

I that Okay, sense, time. that then all today. I'll make out that's adjust Appreciate that okay, had the

Operator

Please go question comes with Fargo Securities. from next O'Shea Our Wells ahead. Finian

FinianO'Shea

Hi, taking guys. my Thanks for question.

underneath senior lien what expand on If was the to these coming plus bonds the quarters. within break names on XX% for a larger kind second million the is is break in it could little you lot asking basically this couple bonds, but provide consistent or a between last be there of pretty non high-yield some see too. we bit a and $XXX --is Just interesting color? that Is market could Ryan What's companies there? sponsored

EdgarLee

I on distributed, bit think we follow little that. you why don't it's with color reasonably evenly a but up more

FinianO'Shea

do would Okay senior market is? for syndicated a the be sponsor, just that size in a just below of being just would at a senior delineate lot that what to say non market your even large example versus so trying to debt loan that's peers

EdgarLee

don't-- not be In sorry I'm your question. sure below-- understand would terms I of EBITDA, I they

FinianO'Shea

lot Kind describe your type X%, are you of applies bracketing of that Yes, of non of seeing larger if a bespoke kind BDC often different well? the sort senior to companies that doing smaller just XX% senior debt as situations. stuff channels of debt sponsor kind market the you're X%, naturally for

EdgarLee

coming senior still companies that transactions. It to we lien where I debt even see in our well. think And providing does. the first plus type are quarter's right doing you'll as That now where enterprise applies to of We're financing you'll see billion them.

FinianO'Shea

helps. thanks, Okay, that

rotated think Yeti more large stabilizes talked of, improvement consecutive this, much was of of of to given had versus I or you've about I fundamentals? sort that valuation you've if outside so the three non-core summarize improvement. you terms rebounding the performance driver of assuming how of in to the date. quarter, Just I'm the of sort book we this equity think of it couple of was of but were legacy improvement one names But EBITDA quarters much kind that was kind NAV a

EdgarLee

cases a robust pausing M&A model, of or say to would had fundamentals certain allowing and improvement whether I some of it's led change been of, in it's sort. fundamentals. second or a with would have think management, improvements the operational just reflection processes in changes of say aspects it's those also strategy I whether business the or those that those markets all for of think something But and to majority of business about company valuations. just companies in in in in the improving We've the vast combination some benefit been multiples it's I of a situations, Well, just IPOs some have the improving for investments. public of company whether

FinianO'Shea

any any and Do if have one policy? apologies updated helps I that more missed guidance I on just may. updated you and if your dividend it, Okay

EdgarLee

our No. comes portfolio. performance of I dividend, the portfolio, mean I the stable the is continue what a the discussed looking we of that and remarks to prepared in income think focus we out at on

look we of how that's every so but kind our board, managing at it right quarter And it with now. we're

Operator

ahead. question Christopher comes National next Please Testa of go Corporation. from Securities Our

ChristopherTesta

Hi, taking my you questions. guys. good Thank morning, for

And wondering expecting paying Refac. this? missed been color that I you you're you recently Just I have principal give on payment to know but refinance. Could on the they more had coupons. now mentioned some

this be So, quarter And on looking the are within by two? you that to by to extent be a, is or firm? placed something refinancing you're that accrual another next back will they the status or refinanced, b, done

EdgarLee

Good thanks morning, Chris. It's question. for Edgar here the and

Refac, remained of It extend In at That September. loan to you terms on of instead entered always We a has elected amortization maturity end so. paying has payments clarify the company said interest the current. with not did and mature of The to our something company. forbearance just the that, always been into time. arrangement

that process outcome the remains We have refinancing supportive with would in ongoing/ in the months almost several this would daily any include, process, the still of constant as remained but the well dialogue not but and as is point have refinancing we It of The company that equity refinancing at Oaktree refinancing. over dialogue not about owners, a been process, on process right company process. the the past include extending refinancing optimistic is stages capital to engaged company. advanced now private the We're in

ChristopherTesta

have held that by you now potential on by it, I'm what there? outlook differential that's much some your your than just company do wondering Edmentum And just others Edgar Got causing of peers. peers is far lower think and and marks okay, PLATO. and color is and you. any helpful, guys thank what's This resolution your several on you the

EdgarLee

individuals. I about is has that this by quite name think extensively been a written

company the a know, you company. private As is

it I'd is there's a a I valuations, science. you well, with you tell valuation There to So And a is respect the the company. subjectivity to certain performance what on limit Edmentum, that know, into process. comment level of of a as love can to wrapped gets

a think encouraged achieve of we're there. to We work ahead perspective Again, our from what by think new I CEO the been while remain amount trying we decent company of has it. the has wood are encouraged chop view right. constructive There And is to I a hope we that's there's others view. but it helped who inform and investment, the more on there. our still take think they're

are an out We the robust the company to And results to we are perform fashion. start hopeful that company of in even this well. for play future rooting more

ChristopherTesta

new the when put CEO me remind you there? could And in

EdgarLee

Sorry?

ChristopherTesta

in Could new you CEO of Edmentum? put when me was the remind place

EdgarLee

was in XXXX. This

ChristopherTesta

current it. to different Okay, brand looking guys largely have market any new potentially run securitization and think XXXX something Is And time than notes and the I or many have the revolver and soon. given the given portfolio that another at that it potential to you flexibility name shouldn't a evaluating origination senior pursue options secured you're you replace gives upsizing just you that got more off obviously revolver? in

MattPendo

is Matt. So it

everything. evaluating we're So

options. securitization, secured, all unsecured So the revolver

group things parts in great do of a of other we have the We Oaktree. in BDC both banks revolver and and in the other

everything's in the the of on optimizing So capital being considered -- structure. just terms

ChristopherTesta

more Got one that's from me markets market expect helpful. And for potentially should the deals just liquid favorable last work. math and loan end the loan into of November. kind October outflows at Is we're and of significant something Kemper the guys get and we hung obviously ROE evaluating? to to be that in you're maybe into it, able put loans some are leverage that with you And make

EdgarLee

That menu us. for opportunities of is on the definitely something

Operator

comes question JP of Our go Shane Morgan. from Please next Rick ahead.

CharlesArestia

cycle? for just This talk been at going presumably questions my but forward guys. stage Charlie for on you late increasing covered good about a Hi, Arestia can little credit bit the have your is of appetite morning this of Rick. leverage Most

MattPendo

that action actually of other that's asset we're to So agencies to with BTC, something action rating investment monitoring, to no we from something It's obviously lots to board. banks shareholders our monitor OCSL. environment. taken by other continue there's took our the different the discuss constituencies that been BDCs. in just and We There's

board it So those mix And looking into at kind keep the of going and we it. every every things we'll at all are meeting. month look

Operator

Mosticchio. Michael We Mr. further no questions, have

Michael Mosticchio

joining this for us available section for hour earnings on X-XXX-XXX-XXXX by the callers. in conference for conference our beginning of quarter call US broadcast. XX XXXX for Thank one call. code after fourth investor be this dialing approximately US A will you replay With for XXX-XXX-XXXX or days XXXXXXXX callers non access replay website OCSL's again fiscal or

Operator

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

now You may disconnect.

Michael Mosticchio	Investor Relations
Edgar Lee	Chief Executive Officer and Chief Investment Officer
Mel Carlisle	Chief Financial Officer and Treasurer
Matt Pendo	Chief Operating Officer
Chris York	JMP Securities
Ryan Lynch	KBW
Finian O'Shea	Wells Fargo Securities
Christopher Testa	National Securities Corporation
Charles Arestia	JP Morgan Chase & Co

Oaktree Specialty Lending (OCSL) 29 Nov 182018 Q4 Earnings call transcript