Oaktree Specialty Lending Corporation

leverage a little bit higher there. You know, they invest mostly in BSL, so those are, you know, it's relatively more easy to deploy there than in some of the private assets that the sales cycle is a little bit longer. So that's just the other point I'd make.

Sure. And, I mean, to that point on leverage and then deploying within the joint ventures, you know, I mean, obviously, This quarter seems very, very different from even the March quarter. When we look at sort of the repayment levels that you've seen in the portfolio and exits, repayments and exits over the last three quarters, they've been pretty sizable. Should we be expecting any slowing of repayment activity during this period of volatility, or would you expect that to remain pretty elevated?

Melissa, this is Armand. I could take a crack at that. So, a couple things. In terms of liquid credit, in the back half of last year, especially the fourth quarter, as the markets were pretty tight, we actually were just generally a net seller of liquid credit, and so we actually delevered the JVs as a result of that. I think given the volatility in the last four to six weeks in the public markets and our anticipation of further volatility in those markets given what I would expect would be a challenging tariff backdrop for a while, I would expect that we will find some opportunities to deploy into the joint ventures and increase their leverage again. We're looking for good deals that are – or good companies that are trading discounted and we don't think it's there yet. They traded off two, three, maybe three and a half points in late March and into April, and they've recovered maybe half of that point move. And if you look at high-yield bonds, the spreads had widened to 435, 440-ish during that time frame. They're now back to sort of 375. They are pretty volatile, though, quite sort of up and down, but We think that as performance starts to show up in the second calendar quarter this year and into the third, there's probably going to be volatility in the public credit and equity markets that we think we could take advantage of for the JVs. In the case of private credit, we actually have had some exits since the end of the quarter, and so I think those are more idiosyncratic, not really reflective of necessarily a tightening credit story. It was just, you know, situations that resolved. So I think our repayments for the quarter are not going to be immaterial. I think they will be up for the quarter end of June. I think they'll still be, you know, significant enough. But again, but yes, I think your instinct is correct that if the markets are volatile, that generally speaking, repayments, refinancings should slow down, and I would expect to see that over the coming quarters as well.