Oaktree Specialty Lending Corporation

Welcome and thank you for joining Oaktree Specialty Lending Corporation's third fiscal quarter 2025 conference call. Today's conference call is being recorded. Before we begin, I want to remind you that comments on today's call include forward-looking statements reflecting current views with respect to, among other things, future operating results and financial performance. Actual results could differ materially from those implied or expressed in the forward-looking statements, please refer to the relevant SEC filings for discussion of these factors in further detail. Oaktree undertakes no duty to update or revise any forward-looking statements. I'd also like to remind you that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in an Oaktree fund. Investors and others should note that OCSL uses the Investors 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. I'll now turn the call over to Clark Corey, OCSL's Head of Investor Relations. Please go ahead.

Thank you, Operator. Our third quarter earnings release which we issued this morning, along with the accompanying slide presentation, can be accessed on the investor section of our website, oaktreespecialtylending.com. Joining me on the call today are Armin Pinocian, CEO and co-CIO, Raghav Khanna, co-CIO, Matt Pendo, President, and Chris McCown, CFO and Treasurer. Now I'll turn over the call to Matt to provide an overview of our performance for the quarter. Matt.

Thanks, Clark, and thank you all for joining our call today. This quarter now is up slightly, and we made progress restructuring or exiting certain challenge names within the portfolio and reducing non-accruals, which declined as a percentage of both fair value and cost. Adjusted net investment income declined to 37 cents per share, primarily due to the impact of certain non-recurring and non-cash items related to refinancing activities. We also experienced a lower than usual amount of non-recurring income. Chris will share more details on non-recurring income a bit later in the presentation. Regarding our dividend, our board approved a base dividend of 40 cents per share for the quarter. Turning to our balance sheet, there were several positive outcomes during the quarter. As mentioned on last quarter's call, we successfully amended and extended the maturity of our senior secured revolving facility, reducing the interest rate from SOPR plus 2% to a range of SOPR plus 1.75% to 1.875%. This enabled us to terminate a higher cost ABL facility with pricing of SOPR plus 2.35%. Taken together, these will reduce our overall interest expense which will be accretive to earnings going forward. There were some one-time costs as a result of these developments as we wrote up unamortized deferred financing costs that impacted our NII. With a strong balance sheet, ample liquidity, and leverage at its lowest level in three years, we have meaningful dry powder to further diversify the portfolio and position OCSL for sustained growth. Now I'll turn the call to Armin to provide an overview of the market environment.