Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree
Specialty Lending” or the “Company”), a specialty finance company,
today announced its financial results for the fiscal quarter ended
June 30, 2023.
Financial Highlights for the Quarter Ended
June 30, 20231
- Total investment income was $101.9 million
($1.32 per share) for the third fiscal quarter of 2023, as compared
with $96.3 million ($1.32 per share) for the second fiscal quarter
of 2023. Adjusted total investment income was $101.1 million ($1.31
per share) for the third fiscal quarter of 2023, as compared with
$95.7 million ($1.31 per share) for the second fiscal quarter of
2023. The increase on a dollar basis was primarily driven by the
first full quarter of interest income earned on the assets acquired
in the merger with Oaktree Strategic Income II, Inc. (“OSI2”) (the
“OSI2 Merger”) as well as the impact of higher base rates on the
Company’s floating rate debt portfolio.
- GAAP net investment income was $48.4 million
($0.63 per share) for the third fiscal quarter of 2023, as compared
with $46.0 million ($0.63 per share) for the second fiscal quarter
of 2023. The increase on a dollar basis was primarily driven by
higher total investment income and lower operating expenses, which
was partially offset by higher interest expense, management fees
and Part I incentive fees.
- Adjusted net investment income was $47.6
million ($0.62 per share) for the third fiscal quarter of 2023, as
compared with $45.4 million ($0.62 per share) for the second fiscal
quarter of 2023. The increase on a dollar basis was primarily the
result of higher adjusted total investment income and lower
operating expenses, which was partially offset by higher interest
expense, management fees and Part I incentive fees.
- Net asset value ("NAV") per share was $19.58
as of June 30, 2023, down slightly as compared with $19.66 as
of March 31, 2023, which was mainly the result of unrealized
depreciation on debt investments, partially offset by undistributed
net investment income.
- Originated $251.0 million of new investment
commitments and received $261.0 million of proceeds from
prepayments, exits, other paydowns and sales during the quarter
ended June 30, 2023. The weighted average yield on new debt
investments was 12.6%.
- Total debt outstanding was $1,785.0 million as
of June 30, 2023. The total debt to equity ratio was 1.18x,
and the net debt to equity ratio was 1.14x, after adjusting for
cash and cash equivalents.
- Upsized and extended maturity of the syndicated credit
facility during the quarter ended June 30, 2023.
Total commitments were increased from $1.0 billion to $1.2 billion
and the maturity was extended to June 2028. Pricing, advance rates
and other general terms were unchanged on the amended
facility.
- Liquidity as of June 30, 2023 was
comprised of $59.7 million of unrestricted cash and cash
equivalents and $482.5 million of undrawn capacity under the
Company's credit facilities (subject to borrowing base and other
limitations). Unfunded investment commitments were $274.4 million,
or $247.3 million excluding unfunded commitments to the
Company's joint ventures. Of the $247.3 million, approximately
$185.2 million can be drawn immediately with the remaining
amount subject to certain milestones that must be met by portfolio
companies.
- A quarterly cash distribution was declared of
$0.55 per share. The distribution is payable in cash on September
29, 2023 to stockholders of record on September 15, 2023.
_________________1 The Company completed a 1-for-3 reverse stock
split on January 20, 2023, effective as of the commencement of
trading on January 23, 2023. All share amounts and per share
information included in this press release reflect the reverse
stock split on a retroactive basis.
Armen Panossian, Chief Executive Officer and Chief Investment
Officer, said, “OCSL produced solid results in our fiscal third
quarter, supported by strong earnings and robust origination
activity, which drove our annualized return on adjusted net
investment income to 12.6%. We leveraged Oaktree’s platform to
source compelling investments, including several opportunistic
transactions that resulted from the prevailing volatile market
environment. We believe these investments present an appealing
risk-reward and position OCSL to continue to deliver attractive
returns to our shareholders.”
Matt Pendo, President, said, “We made several enhancements to
our capital structure during the quarter, creating flexibility and
extending maturities. We increased the size of our syndicated
credit facility to $1.2 billion and extended its maturity to 2028.
In addition, we consolidated a credit facility acquired from
Oaktree Strategic Income II, Inc. with our existing Citibank
facility and pushed out the maturity to 2027. We appreciate the
support from our banking partners to complete these amendments amid
a challenging market backdrop, which we believe reflects the
confidence they have in Oaktree as a manager. These improvements
further strengthen our funding options and position us well to
capitalize on new investment opportunities.”
Distribution Declaration
The Board of Directors declared a quarterly distribution of
$0.55 per share. The distribution is payable in cash on
September 29, 2023 to stockholders of record on
September 15, 2023.
Distributions are paid primarily from distributable (taxable)
income. To the extent taxable earnings for a fiscal taxable year
fall below the total amount of distributions for that fiscal year,
a portion of those distributions may be deemed a return of capital
to the Company’s stockholders.
Results of Operations
|
|
For the three months ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
($ in thousands, except per
share data) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
GAAP operating results: |
|
|
|
|
|
|
Interest income |
|
$ |
95,310 |
|
|
$ |
88,745 |
|
|
$ |
54,728 |
|
PIK interest income |
|
|
3,967 |
|
|
|
4,123 |
|
|
|
5,178 |
|
Fee income |
|
|
1,573 |
|
|
|
2,380 |
|
|
|
2,275 |
|
Dividend income |
|
|
1,050 |
|
|
|
1,054 |
|
|
|
956 |
|
Total investment income |
|
|
101,900 |
|
|
|
96,302 |
|
|
|
63,137 |
|
Net expenses |
|
|
53,487 |
|
|
|
50,324 |
|
|
|
22,767 |
|
Net investment income |
|
|
48,413 |
|
|
|
45,978 |
|
|
|
40,370 |
|
Net realized and unrealized gains (losses), net of taxes |
|
|
(11,728 |
) |
|
|
(24,456 |
) |
|
|
(78,204 |
) |
Net increase (decrease) in net assets resulting from
operations |
|
$ |
36,685 |
|
|
$ |
21,522 |
|
|
$ |
(37,834 |
) |
Total investment income per common share |
|
$ |
1.32 |
|
|
$ |
1.32 |
|
|
$ |
1.03 |
|
Net investment income per common share |
|
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
0.66 |
|
Net realized and unrealized gains (losses), net of taxes
per common share |
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.28 |
) |
Earnings (loss) per common share — basic and
diluted |
|
$ |
0.48 |
|
|
$ |
0.29 |
|
|
$ |
(0.62 |
) |
Non-GAAP Financial
Measures1: |
|
|
|
|
|
|
Adjusted total investment income |
|
$ |
101,058 |
|
|
$ |
95,741 |
|
|
$ |
60,949 |
|
Adjusted net investment income |
|
$ |
47,571 |
|
|
$ |
45,417 |
|
|
$ |
31,386 |
|
Adjusted net realized and unrealized gains (losses), net of
taxes |
|
$ |
(11,116 |
) |
|
$ |
(3,501 |
) |
|
$ |
(76,016 |
) |
Adjusted earnings (loss) |
|
$ |
36,455 |
|
|
$ |
41,916 |
|
|
$ |
(37,834 |
) |
Adjusted total investment income per share |
|
$ |
1.31 |
|
|
$ |
1.31 |
|
|
$ |
1.00 |
|
Adjusted net investment income per share |
|
$ |
0.62 |
|
|
$ |
0.62 |
|
|
$ |
0.51 |
|
Adjusted net realized and unrealized gains (losses), net of
taxes per share |
|
$ |
(0.14 |
) |
|
$ |
(0.05 |
) |
|
$ |
(1.24 |
) |
Adjusted earnings (loss) per share |
|
$ |
0.47 |
|
|
$ |
0.57 |
|
|
$ |
(0.62 |
) |
______________________1 See Non-GAAP Financial Measures below
for a description of the non-GAAP measures and the reconciliations
from the most comparable GAAP financial measures to the Company's
non-GAAP measures, including on a per share basis. The Company's
management uses these non-GAAP financial measures internally to
analyze and evaluate financial results and performance and believes
that these non-GAAP financial measures are useful to investors as
an additional tool to evaluate ongoing results and trends for the
Company and to review the Company’s performance without giving
effect to non-cash income/gain/loss resulting from the merger of
Oaktree Strategic Income Corporation with and into the Company in
March 2021 (the "OCSI Merger") and the OSI2 Merger and, in the case
of adjusted net investment income, without giving effect to capital
gains incentive fees. The presentation of non-GAAP measures is not
intended to be a substitute for financial results prepared in
accordance with GAAP and should not be considered in isolation.
|
|
As of |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
($ in thousands, except per
share data and ratios) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Select balance sheet and other data: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
59,704 |
|
|
$ |
43,750 |
|
|
$ |
34,306 |
|
Investment portfolio at fair value |
|
|
3,135,619 |
|
|
|
3,164,860 |
|
|
|
2,565,389 |
|
Total debt outstanding (net of unamortized financing costs) |
|
|
1,740,066 |
|
|
|
1,723,840 |
|
|
|
1,356,606 |
|
Net assets |
|
|
1,509,441 |
|
|
|
1,515,150 |
|
|
|
1,263,529 |
|
Net asset value per share |
|
|
19.58 |
|
|
|
19.66 |
|
|
|
20.67 |
|
Total debt to equity ratio |
|
1.18x |
|
1.16x |
|
1.10x |
Net debt to equity ratio |
|
1.14x |
|
1.14x |
|
1.08x |
|
|
|
|
|
|
|
Adjusted total investment income for the quarter ended
June 30, 2023 was $101.1 million and included $94.4 million of
interest income from portfolio investments, $4.0 million of
payment-in-kind ("PIK") interest income, $1.6 million of fee income
and $1.1 million of dividend income. The $5.3 million increase was
primarily driven by the first full quarter of interest income
earned on the assets acquired in the OSI2 merger as well as the
impact of higher base rates on the Company’s floating rate debt
portfolio.
Net expenses for the quarter ended June 30, 2023 totaled
$53.5 million, up $3.2 million from the quarter ended March 31,
2023. The increase in net expenses was primarily driven by $3.0
million of higher interest expense due to the impact of rising
interest rates on the Company’s floating rate liabilities and an
increase in average borrowings outstanding. Further contributing to
the increase were a $0.8 million increase in base management fees
resulting from the first full quarter of the assets acquired in the
OSI2 Merger and $0.6 million of higher part I incentive fees as a
result of higher adjusted net investment income during the quarter.
These were partially offset by a $1.2 million reduction in
professional fees and general and administrative expenses during
the quarter.
Adjusted net investment income was $47.6 million ($0.62 per
share) for the quarter ended June 30, 2023, up from $45.4
million ($0.62 per share) for the quarter ended March 31, 2023. The
increase of $2.2 million primarily reflected $5.3 million of higher
adjusted total investment income and was partially offset by $3.2
million of higher net expenses.
Adjusted net realized and unrealized losses, net of taxes, were
$11.1 million for the quarter ended June 30, 2023, primarily
reflecting unrealized depreciation on certain debt investments.
Portfolio and Investment Activity
|
|
As of |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
($ in thousands) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Investments at fair value |
|
$ |
3,135,619 |
|
|
$ |
3,164,860 |
|
|
$ |
2,565,389 |
|
Number of portfolio companies |
|
|
156 |
|
|
|
165 |
|
|
|
151 |
|
Average portfolio company debt size |
|
$ |
19,800 |
|
|
$ |
18,800 |
|
|
$ |
16,700 |
|
|
|
|
|
|
|
|
Asset class: |
|
|
|
|
|
|
Senior secured debt |
|
|
88.5 |
% |
|
|
88.0 |
% |
|
|
86.6 |
% |
Unsecured debt |
|
|
1.7 |
% |
|
|
1.9 |
% |
|
|
2.5 |
% |
Equity |
|
|
3.8 |
% |
|
|
4.1 |
% |
|
|
4.3 |
% |
JV interests |
|
|
6.0 |
% |
|
|
6.0 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
|
Non-accrual debt investments: |
|
|
|
|
|
|
Non-accrual investments at fair value |
|
$ |
91,152 |
|
|
$ |
73,424 |
|
|
$ |
— |
|
Non-accrual investments as a percentage of debt investments at fair
value |
|
|
3.1 |
% |
|
|
2.4 |
% |
|
|
— |
% |
Non-accrual investments as a percentage of debt investments at
cost |
|
|
3.6 |
% |
|
|
2.5 |
% |
|
|
— |
% |
Number of investments on non-accrual |
|
|
5 |
|
|
|
2 |
|
|
|
— |
|
|
|
|
|
|
|
|
Interest rate type: |
|
|
|
|
|
|
Percentage floating-rate |
|
|
86.0 |
% |
|
|
87.9 |
% |
|
|
87.8 |
% |
Percentage fixed-rate |
|
|
14.0 |
% |
|
|
12.1 |
% |
|
|
12.2 |
% |
|
|
|
|
|
|
|
Yields: |
|
|
|
|
|
|
Weighted average yield on debt investments1 |
|
|
12.3 |
% |
|
|
11.9 |
% |
|
|
9.3 |
% |
Cash component of weighted average yield on debt investments |
|
|
11.4 |
% |
|
|
10.9 |
% |
|
|
8.2 |
% |
Weighted average yield on total portfolio investments2 |
|
|
11.8 |
% |
|
|
11.5 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
Investment activity: |
|
|
|
|
|
|
New investment commitments |
|
$ |
251,000 |
|
|
$ |
123,800 |
|
|
$ |
131,900 |
|
New funded investment activity3 |
|
$ |
243,300 |
|
|
$ |
103,600 |
|
|
$ |
130,000 |
|
Proceeds from prepayments, exits, other paydowns and sales |
|
$ |
261,000 |
|
|
$ |
162,100 |
|
|
$ |
129,900 |
|
Net new investments4 |
|
$ |
(17,700 |
) |
|
$ |
(58,500 |
) |
|
$ |
100 |
|
Number of new investment commitments in new portfolio
companies |
|
|
6 |
|
|
|
6 |
|
|
|
12 |
|
Number of new investment commitments in existing portfolio
companies |
|
|
4 |
|
|
|
3 |
|
|
|
16 |
|
Number of portfolio company exits |
|
|
16 |
|
|
|
5 |
|
|
|
7 |
|
______________________1 Annual stated yield earned plus net
annual amortization of OID or premium earned on accruing
investments, including the Company's share of the return on debt
investments in SLF JV I and Glick JV, and excluding any
amortization or accretion of interest income resulting solely from
the cost basis established by ASC 805 (see Non-GAAP Financial
Measures below) for the assets acquired in connection with the OCSI
Merger and OSI2 Merger.2 Annual stated yield earned plus net annual
amortization of OID or premium earned on accruing investments and
dividend income, including the Company's share of the return on
debt investments in SLF JV I and Glick JV, and excluding any
amortization or accretion of interest income resulting solely from
the cost basis established by ASC 805 for the assets acquired in
connection with the OCSI Merger and OSI2 Merger.3 New funded
investment activity includes drawdowns on existing revolver and
delayed draw term loan commitments and excludes the assets acquired
in the OSI2 Merger during the three months ended March 31, 2023.4
Net new investments consists of new funded investment activity less
proceeds from prepayments, exits, other paydowns and sales.
As of June 30, 2023, the fair value of the investment
portfolio was $3.1 billion and was composed of investments in 156
companies. These included debt investments in 143 companies, equity
investments in 43 companies, and the Company's joint venture
investments in SLF JV I LLC ("SLF JV I") and OCSI Glick JV LLC
("Glick JV"). 32 of the equity investments were in companies in
which the Company also had a debt investment.
As of June 30, 2023, 95.3% of the Company's portfolio at
fair value consisted of debt investments, including 76.5% of first
lien loans, 12.0% of second lien loans and 6.8% of unsecured debt
investments, including the debt investments in SLF JV I and Glick
JV. This compared to 75.0% of first lien loans, 13.0% of second
lien loans and 7.0% of unsecured debt investments, including the
debt investments in SLF JV I and Glick JV, as of March 31,
2023.
As of June 30, 2023, there were five investments on
non-accrual status, which represented 3.6% and 3.1% of the debt
portfolio at cost and fair value, respectively. Three additional
investments were placed on non-accrual during the quarter, which
represented 1.0% and 0.8% of the debt portfolio at cost and fair
value.
SLF JV I
The Company's investments in SLF JV I totaled $140.6 million at
fair value as of June 30, 2023, up 1% from $139.5 million as
of March 31, 2023. The increase was primarily driven by SLF JV I’s
use of leverage and unrealized appreciation in the underlying
investment portfolio and undistributed net investment income.
As of June 30, 2023, SLF JV I had $370.2 million in assets,
including senior secured loans to 52 portfolio companies. This
compared to $392.9 million in assets, including senior secured
loans to 56 portfolio companies, as of March 31, 2023. As of
June 30, 2023, there were no investments held by SLF JV I on
non-accrual status. SLF JV I generated cash interest income of $3.4
million for the Company during the quarter ended June 30,
2023, up from $3.2 million in the prior quarter. In addition, SLF
JV I generated dividend income of $1.1 million for the Company
during the quarter ended June 30, 2023, flat as compared to
the prior quarter. As of June 30, 2023, SLF JV I had $60.0
million of undrawn capacity (subject to borrowing base and other
limitations) on its $260 million senior revolving credit facility,
and its debt to equity ratio was 1.2x.
Glick JV
The Company's investments in Glick JV totaled $49.6 million
at fair value as of June 30, 2023, down 1% from $50.0 million
as of March 31, 2023. The decrease was primarily driven by
investment losses.
As of June 30, 2023, Glick JV had $126.8 million in
assets, including senior secured loans to 37 portfolio companies.
This compared to $131.0 million in assets, including senior secured
loans to 39 portfolio companies, as of March 31, 2023. As of
June 30, 2023, there were no investments held by Glick JV on
non-accrual status. Glick JV generated cash interest income of $1.4
million during the quarter ended June 30, 2023, up as compared
to $1.2 million in the prior quarter. As of June 30, 2023,
Glick JV had $23.9 million of undrawn capacity (subject to
borrowing base and other limitations) on its $90 million senior
revolving credit facility, and its debt to equity ratio was
1.2x.
Liquidity and Capital Resources
As of June 30, 2023, the Company had total principal value
of debt outstanding of $1,785.0 million, including $1,135.0 million
of outstanding borrowings under its revolving credit facilities,
$300.0 million of the 3.500% Notes due 2025 and $350.0 million of
the 2.700% Notes due 2027. The funding mix was composed of 64%
secured and 36% unsecured borrowings as of June 30, 2023. The
Company was in compliance with all financial covenants under its
credit facilities as of June 30, 2023.
As of June 30, 2023, the Company had $59.7 million of
unrestricted cash and cash equivalents and $482.5 million of
undrawn capacity on its credit facilities (subject to borrowing
base and other limitations). As of June 30, 2023, unfunded
investment commitments were $274.4 million, or $247.3 million
excluding unfunded commitments to the Company's joint ventures. Of
the $247.3 million, approximately $185.2 million could be drawn
immediately with the remaining amount subject to certain milestones
that must be met by portfolio companies. The Company has analyzed
cash and cash equivalents, availability under its credit
facilities, the ability to rotate out of certain assets and amounts
of unfunded commitments that could be drawn and believes its
liquidity and capital resources are sufficient to take advantage of
market opportunities in the current economic climate.
As of June 30, 2023, the weighted average interest rate on
debt outstanding, including the effect of the interest rate swap
agreement, was 6.6%, up from 6.2% as of March 31, 2023, primarily
driven by the impact of higher interest rates on the Company’s
floating rate liabilities.
The Company’s total debt to equity ratio was 1.18x and 1.16x as
of June 30, 2023 and March 31, 2023, respectively. The
Company's net debt to equity ratio was 1.14x and 1.14x as of
June 30, 2023 and March 31, 2023, respectively.
Syndicated Facility Amendment
On June 23, 2023, the Company entered into an amendment to its
amended and restated senior secured credit facility to, among other
things, (i) increase the size of the Syndicated Facility from $1.0
billion to $1.218 billion (with no changes to the “accordion”
feature the permits the Company, under certain circumstances, to
increase the size of the Syndicated Facility to up to the greater
of $1.25 billion and its net worth); (ii) extend the reinvestment
period for $1.035 billion of commitments from May 4, 2025 to June
23, 2027; and (iii) extend the final maturity date for $1.035
billion of commitments from May 4, 2026 to June 23, 2028.
OSI2 Citibank Facility
On May 25, 2023, the Company entered into an amendment to the
revolving credit facility which (i) increased the size of the OSI2
Citibank Facility from $250 million to $400 million; (ii) extended
the reinvestment period from May 26, 2023 to May 25, 2025; (iii)
extended the final maturity date from January 26, 2025 to January
26, 2027; (iv) modified the interest rate such that borrowings
during the reinvestment period are subject to a rate equal to (A)
in the case of a lender that is identified as a conduit lender, the
lesser of (I) the applicable commercial paper rate for such conduit
lender and (II) the Secured Overnight Financing Rate (“SOFR”) plus
2.00% per annum on broadly syndicated loans and 2.75% per annum on
all other eligible loans and (b) for all other lenders, SOFR plus
2.00% per annum on broadly syndicated loans and 2.75% per annum on
all other eligible loans, in all cases subject to a minimum overall
rate of SOFR plus 2.50% per annum; and (v) modified the interest
rate such that borrowings after the reinvestment period are subject
to an applicable spread of 4.00% per annum.
Non-GAAP Financial Measures
On a supplemental basis, the Company is disclosing certain
adjusted financial measures, each of which is calculated and
presented on a basis of methodology other than in accordance with
GAAP (“non-GAAP”). The Company's management uses these non-GAAP
financial measures internally to analyze and evaluate financial
results and performance and believes that these non-GAAP financial
measures are useful to investors as an additional tool to evaluate
ongoing results and trends for the Company and to review the
Company’s performance without giving effect to non-cash
income/gain/loss resulting from the OCSI Merger and the OSI2 Merger
and in the case of adjusted net investment income, without giving
effect to capital gains incentive fees. The presentation of the
below non-GAAP measures is not intended to be a substitute for
financial results prepared in accordance with GAAP and should not
be considered in isolation.
- "Adjusted Total Investment Income" and "Adjusted Total
Investment Income Per Share" – represents total investment
income excluding any amortization or accretion of interest income
resulting solely from the cost basis established by ASC 805 (see
below) for the assets acquired in connection with the OCSI Merger
and the OSI2 Merger.
- “Adjusted Net Investment Income” and “Adjusted Net
Investment Income Per Share” – represents net investment
income, excluding (i) any amortization or accretion of interest
income resulting solely from the cost basis established by ASC 805
(see below) for the assets acquired in connection with the OCSI
Merger and the OSI2 Merger and (ii) capital gains incentive fees
("Part II incentive fees").
- “Adjusted Net Realized and Unrealized Gains (Losses),
Net of Taxes” and “Adjusted Net Realized and Unrealized Gains
(Losses), Net of Taxes Per Share” – represents net
realized and unrealized gains (losses) net of taxes excluding any
net realized and unrealized gains (losses) resulting solely from
the cost basis established by ASC 805 (see below) for the assets
acquired in connection with the OCSI Merger and the OSI2
Merger.
- “Adjusted Earnings (Loss)” and “Adjusted Earnings
(Loss) Per Share” – represents the sum of (i) Adjusted Net
Investment Income and (ii) Adjusted Net Realized and Unrealized
Gains (Losses), Net of Taxes and includes the impact of Part II
incentive fees1, if any.
The OCSI Merger and the OSI2 Merger (the "Mergers") were
accounted for as asset acquisitions in accordance with the asset
acquisition method of accounting as detailed in ASC 805-50,
Business Combinations—Related Issues ("ASC 805"). The consideration
paid to each of the stockholders of Oaktree Strategic Income
Corporation ("OCSI") and OSI2 were allocated to the individual
assets acquired and liabilities assumed based on the relative fair
values of the net identifiable assets acquired other than
"non-qualifying" assets, which established a new cost basis for the
acquired investments under ASC 805 that, in aggregate, was
different than the historical cost basis of the acquired
investments prior to the OCSI Merger or the OSI2 Merger, as
applicable. Additionally, immediately following the completion of
the Mergers, the acquired investments were marked to their
respective fair values under ASC 820, Fair Value Measurements,
which resulted in unrealized appreciation/depreciation. The new
cost basis established by ASC 805 on debt investments acquired will
accrete/amortize over the life of each respective debt investment
through interest income, with a corresponding adjustment recorded
to unrealized appreciation/depreciation on such investment acquired
through its ultimate disposition. The new cost basis established by
ASC 805 on equity investments acquired will not accrete/amortize
over the life of such investments through interest income and,
assuming no subsequent change to the fair value of the equity
investments acquired and disposition of such equity investments at
fair value, the Company will recognize a realized gain/loss with a
corresponding reversal of the unrealized appreciation/depreciation
on disposition of such equity investments acquired.
The Company’s management uses the non-GAAP financial measures
described above internally to analyze and evaluate financial
results and performance and to compare its financial results with
those of other business development companies that have not
adjusted the cost basis of certain investments pursuant to ASC 805.
The Company’s management believes "Adjusted Total Investment
Income", "Adjusted Total Investment Income Per Share", "Adjusted
Net Investment Income" and "Adjusted Net Investment Income Per
Share" are useful to investors as an additional tool to evaluate
ongoing results and trends for the Company without giving effect to
the income resulting from the new cost basis of the investments
acquired in the Mergers because these amounts do not impact the
fees payable to Oaktree Fund Advisors, LLC (the "Adviser") under
its second amended and restated advisory agreement (the "A&R
Advisory Agreement"), and specifically as its relates to "Adjusted
Net Investment Income" and "Adjusted Net Investment Income Per
Share", without giving effect to Part II incentive fees. In
addition, the Company’s management believes that “Adjusted Net
Realized and Unrealized Gains (Losses), Net of Taxes”, “Adjusted
Net Realized and Unrealized Gains (Losses), Net of Taxes Per
Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss)
Per Share” are useful to investors as they exclude the non-cash
income and gain/loss resulting from the Mergers and are used by
management to evaluate the economic earnings of its investment
portfolio. Moreover, these metrics more closely align the Company's
key financial measures with the calculation of incentive fees
payable to the Adviser under with the A&R Advisory Agreement
(i.e., excluding amounts resulting solely from the lower cost basis
of the acquired investments established by ASC 805 that would have
been to the benefit of the Adviser absent such exclusion).
______________________1 Adjusted earnings (loss) includes
accrued Part II incentive fees. As of and for the three months
ended June 30, 2023, there was no accrued Part II incentive fee
liability. Part II incentive fees are contractually calculated and
paid at the end of the fiscal year in accordance with the A&R
Advisory Agreement, which differs from Part II incentive fees
accrued under GAAP. For the three months ended June 30, 2023, no
amounts were payable under the A&R Advisory Agreement.
The following table provides a reconciliation of total
investment income (the most comparable U.S. GAAP measure) to
adjusted total investment income for the periods presented:
|
|
For the three months ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
($ in thousands, except per
share data) |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
GAAP total investment income |
|
$ |
101,900 |
|
|
$ |
1.32 |
|
|
$ |
96,302 |
|
|
$ |
1.32 |
|
|
$ |
63,137 |
|
|
$ |
1.03 |
|
Less: Interest income accretion related to merger accounting
adjustments |
|
|
(842 |
) |
|
|
(0.01 |
) |
|
|
(561 |
) |
|
|
(0.01 |
) |
|
|
(2,188 |
) |
|
|
(0.04 |
) |
Adjusted total investment income |
|
$ |
101,058 |
|
|
$ |
1.31 |
|
|
$ |
95,741 |
|
|
$ |
1.31 |
|
|
$ |
60,949 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides a reconciliation of net investment
income (the most comparable U.S. GAAP measure) to adjusted net
investment income for the periods presented:
|
|
For the three months ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
($ in thousands, except per
share data) |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
GAAP net investment income |
|
$ |
48,413 |
|
|
$ |
0.63 |
|
|
$ |
45,978 |
|
|
$ |
0.63 |
|
|
$ |
40,370 |
|
|
$ |
0.66 |
|
Less: Interest income accretion related to merger accounting
adjustments |
|
|
(842 |
) |
|
|
(0.01 |
) |
|
|
(561 |
) |
|
|
(0.01 |
) |
|
|
(2,188 |
) |
|
|
(0.04 |
) |
Add: Part II incentive fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,796 |
) |
|
|
(0.11 |
) |
Adjusted net investment income |
|
$ |
47,571 |
|
|
$ |
0.62 |
|
|
$ |
45,417 |
|
|
$ |
0.62 |
|
|
$ |
31,386 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides a reconciliation of net realized
and unrealized gains (losses), net of taxes (the most comparable
U.S. GAAP measure) to adjusted net realized and unrealized gains
(losses), net of taxes for the periods presented:
|
|
For the three months ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
($ in thousands, except per
share data) |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
GAAP net realized and unrealized gains (losses), net of taxes |
|
$ |
(11,728 |
) |
|
$ |
(0.15 |
) |
|
$ |
(24,456 |
) |
|
$ |
(0.33 |
) |
|
$ |
(78,204 |
) |
|
$ |
(1.28 |
) |
Less: Net realized and unrealized losses (gains) related to merger
accounting adjustments |
|
|
612 |
|
|
|
0.01 |
|
|
|
20,955 |
|
|
|
0.29 |
|
|
|
2,188 |
|
|
|
0.04 |
|
Adjusted net realized and unrealized gains (losses), net of
taxes |
|
$ |
(11,116 |
) |
|
$ |
(0.14 |
) |
|
$ |
(3,501 |
) |
|
$ |
(0.05 |
) |
|
$ |
(76,016 |
) |
|
$ |
(1.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides a reconciliation of net increase
(decrease) in net assets resulting from operations (the most
comparable U.S. GAAP measure) to adjusted earnings (loss) for the
periods presented:
|
|
For the three months ended |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
($ in thousands, except per
share data) |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
Net increase (decrease) in net assets resulting from
operations |
|
$ |
36,685 |
|
|
$ |
0.48 |
|
|
$ |
21,522 |
|
|
$ |
0.29 |
|
|
$ |
(37,834 |
) |
|
$ |
(0.62 |
) |
Less: Interest income accretion related to merger accounting
adjustments |
|
|
(842 |
) |
|
|
(0.01 |
) |
|
|
(561 |
) |
|
|
(0.01 |
) |
|
|
(2,188 |
) |
|
|
(0.04 |
) |
Less: Net realized and unrealized losses (gains) related to merger
accounting adjustments |
|
|
612 |
|
|
|
0.01 |
|
|
|
20,955 |
|
|
|
0.29 |
|
|
|
2,188 |
|
|
|
0.04 |
|
Adjusted earnings (loss) |
|
$ |
36,455 |
|
|
$ |
0.47 |
|
|
$ |
41,916 |
|
|
$ |
0.57 |
|
|
$ |
(37,834 |
) |
|
$ |
(0.62 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call Information
Oaktree Specialty Lending will host a conference call to discuss
its third fiscal quarter 2023 results at 11:00 a.m. Eastern Time /
8:00 a.m. Pacific Time on August 3, 2023. The conference call may
be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412)
317-5238 (non-U.S. callers). All callers will need to reference
“Oaktree Specialty Lending” once connected with the operator.
Alternatively, a live webcast of the conference call can be
accessed through the Investors section of Oaktree Specialty
Lending’s website, www.oaktreespecialtylending.com. During the
conference call, the Company intends to refer to an investor
presentation that will be available on the Investors section of its
website.
For those individuals unable to listen to the live broadcast of
the conference call, a replay will be available on Oaktree
Specialty Lending’s website, or by dialing (877) 344-7529 (U.S.
callers) or +1 (412) 317-0088 (non-U.S. callers), access code
1958224, beginning approximately one hour after the broadcast.
About Oaktree Specialty Lending Corporation
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a
specialty finance company dedicated to providing customized
one-stop credit solutions to companies with limited access to
public or syndicated capital markets. The Company's investment
objective is to generate current income and capital appreciation by
providing companies with flexible and innovative financing
solutions including first and second lien loans, unsecured and
mezzanine loans, and preferred equity. The Company is regulated as
a business development company under the Investment Company Act of
1940, as amended, and is externally managed by Oaktree Fund
Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For
additional information, please visit Oaktree Specialty Lending's
website at www.oaktreespecialtylending.com.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements because they relate to future events,
future performance or financial condition. The forward-looking
statements may include statements as to: future operating results
of the Company and distribution projections; business prospects of
the Company and the prospects of its portfolio companies; and the
impact of the investments that the Company expects to make. In
addition, words such as “anticipate,” “believe,” “expect,” “seek,”
“plan,” “should,” “estimate,” “project” and “intend” indicate
forward-looking statements, although not all forward-looking
statements include these words. The forward-looking statements
contained in this press release involve risks and uncertainties.
Certain factors could cause actual results and conditions to differ
materially from those projected, including the uncertainties
associated with (i) changes in the economy, financial markets and
political environment, including the impacts of inflation and
rising interest rates; (ii) risks associated with possible
disruption in the operations of the Company or the economy
generally due to terrorism, war or other geopolitical conflict
(including the current conflict between Russia and Ukraine),
natural disasters or pandemics; (iii) future changes in laws or
regulations (including the interpretation of these laws and
regulations by regulatory authorities); (iv) conditions in the
Company’s operating areas, particularly with respect to business
development companies or regulated investment companies; and (v)
other considerations that may be disclosed from time to time in the
Company’s publicly disseminated documents and filings. The Company
has based the forward-looking statements included in this press
release on information available to it on the date of this press
release, and the Company assumes no obligation to update any such
forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise, you are
advised to consult any additional disclosures that it may make
directly to you or through reports that the Company in the future
may file with the Securities and Exchange Commission, including
annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K.
Contacts
Investor Relations:Oaktree Specialty Lending CorporationMichael
Mosticchio (212) 284-1900ocsl-ir@oaktreecapital.com
Media Relations:Financial Profiles, Inc.Moira Conlon (310)
478-2700mediainquiries@oaktreecapital.com
Oaktree Specialty Lending Corporation |
Consolidated Statements of Assets and
Liabilities |
(in thousands, except per share amounts) |
|
|
June 30, 2023 |
|
March 31, 2023 |
|
September 30, |
|
(unaudited) |
|
(unaudited) |
|
2022 |
ASSETS |
|
|
|
|
|
Investments at fair
value: |
|
|
|
|
|
Control investments (cost June 30, 2023: $285,236; cost March 31,
2023: $283,629; cost September 30, 2022: $260,305) |
$ |
238,196 |
|
|
$ |
235,855 |
|
|
$ |
214,165 |
|
Affiliate investments (cost
June 30, 2023: $25,370; cost March 31, 2023: $25,924; cost
September 30, 2022: $27,353) |
|
23,911 |
|
|
|
24,316 |
|
|
|
26,196 |
|
Non-control/Non-affiliate
investments (cost June 30, 2023: $2,985,679; cost March 31, 2023:
$3,010,825; cost September 30, 2022: $2,330,096) |
|
2,873,512 |
|
|
|
2,904,689 |
|
|
|
2,253,750 |
|
Total investments at
fair value (cost June 30, 2023:
$3,296,285; cost March 31, 2023:
$3,320,378; cost September 30, 2022: $2,617,754) |
|
3,135,619 |
|
|
|
3,164,860 |
|
|
|
2,494,111 |
|
Cash and cash equivalents |
|
59,704 |
|
|
|
43,750 |
|
|
|
23,528 |
|
Restricted cash |
|
12,956 |
|
|
|
9,263 |
|
|
|
2,836 |
|
Interest, dividends and fees
receivable |
|
29,457 |
|
|
|
28,508 |
|
|
|
35,598 |
|
Due from portfolio
companies |
|
2,080 |
|
|
|
2,022 |
|
|
|
22,495 |
|
Receivables from unsettled
transactions |
|
39,261 |
|
|
|
14,439 |
|
|
|
4,692 |
|
Due from broker |
|
39,990 |
|
|
|
45,690 |
|
|
|
45,530 |
|
Deferred financing costs |
|
13,284 |
|
|
|
7,045 |
|
|
|
7,350 |
|
Deferred offering costs |
|
186 |
|
|
|
186 |
|
|
|
32 |
|
Deferred tax asset, net |
|
2,695 |
|
|
|
1,770 |
|
|
|
1,687 |
|
Derivative assets at fair
value |
|
49 |
|
|
|
— |
|
|
|
6,789 |
|
Other assets |
|
693 |
|
|
|
974 |
|
|
|
1,665 |
|
Total
assets |
$ |
3,335,974 |
|
|
$ |
3,318,507 |
|
|
$ |
2,646,313 |
|
|
|
|
|
|
|
LIABILITIES AND NET ASSETS |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities |
$ |
3,412 |
|
|
$ |
3,424 |
|
|
$ |
3,701 |
|
Base management fee and incentive fee payable |
|
20,072 |
|
|
|
19,390 |
|
|
|
15,940 |
|
Due to affiliate |
|
7,724 |
|
|
|
4,012 |
|
|
|
3,180 |
|
Interest payable |
|
12,907 |
|
|
|
14,851 |
|
|
|
7,936 |
|
Payables from unsettled transactions |
|
2,785 |
|
|
|
— |
|
|
|
26,981 |
|
Derivative liability at fair value |
|
39,567 |
|
|
|
37,840 |
|
|
|
41,969 |
|
Credit facilities payable |
|
1,135,000 |
|
|
|
1,115,000 |
|
|
|
700,000 |
|
Unsecured notes payable (net of $3,909, $4,279 and $5,020 of
unamortized financing costs as of June 30, 2023, March 31, 2023 and
September 30, 2022, respectively) |
|
605,066 |
|
|
|
608,840 |
|
|
|
601,043 |
|
Total
liabilities |
|
1,826,533 |
|
|
|
1,803,357 |
|
|
|
1,400,750 |
|
Commitments and
contingencies |
|
|
|
|
|
Net
assets: |
|
|
|
|
|
Common stock, $0.01 par value per share, 250,000 shares
authorized; 77,080, 77,080 and 61,125 shares issued and outstanding
as of June 30, 2023, March 31, 2023 and September 30, 2022,
respectively |
|
771 |
|
|
|
771 |
|
|
|
611 |
|
Additional paid-in-capital |
|
2,163,528 |
|
|
|
2,163,528 |
|
|
|
1,827,721 |
|
Accumulated overdistributed earnings |
|
(654,858 |
) |
|
|
(649,149 |
) |
|
|
(582,769 |
) |
Total net assets
(equivalent to $19.58, $19.66 and $20.38 per common share as of
June 30, 2023, March 31, 2023 and September 30, 2022,
respectively) |
|
1,509,441 |
|
|
|
1,515,150 |
|
|
|
1,245,563 |
|
Total liabilities and
net assets |
$ |
3,335,974 |
|
|
$ |
3,318,507 |
|
|
$ |
2,646,313 |
|
Oaktree Specialty Lending Corporation |
Consolidated Statements of Operations |
(in thousands, except per share amounts) |
|
|
Three months ended June 30, 2023 (unaudited) |
|
Three months ended March 31, 2023 (unaudited) |
|
Three months ended June 30, 2022 (unaudited) |
|
Nine months ended June 30, 2023 (unaudited) |
|
Nine months ended June 30, 2022 (unaudited) |
Interest
income: |
|
|
|
|
|
|
|
|
|
Control investments |
$ |
5,568 |
|
|
$ |
5,191 |
|
|
$ |
3,400 |
|
|
$ |
15,326 |
|
|
$ |
10,214 |
|
Affiliate investments |
|
681 |
|
|
|
648 |
|
|
|
470 |
|
|
|
1,970 |
|
|
|
1,170 |
|
Non-control/Non-affiliate investments |
|
88,069 |
|
|
|
82,149 |
|
|
|
50,707 |
|
|
|
234,516 |
|
|
|
155,656 |
|
Interest on cash and cash equivalents |
|
992 |
|
|
|
757 |
|
|
|
151 |
|
|
|
2,221 |
|
|
|
157 |
|
Total interest income |
|
95,310 |
|
|
|
88,745 |
|
|
|
54,728 |
|
|
|
254,033 |
|
|
|
167,197 |
|
PIK interest
income: |
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
3,967 |
|
|
|
4,123 |
|
|
|
5,178 |
|
|
|
14,220 |
|
|
|
14,515 |
|
Total PIK interest income |
|
3,967 |
|
|
|
4,123 |
|
|
|
5,178 |
|
|
|
14,220 |
|
|
|
14,515 |
|
Fee
income: |
|
|
|
|
|
|
|
|
|
Control investments |
|
13 |
|
|
|
12 |
|
|
|
12 |
|
|
|
38 |
|
|
|
38 |
|
Affiliate investments |
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
15 |
|
|
|
15 |
|
Non-control/Non-affiliate investments |
|
1,555 |
|
|
|
2,363 |
|
|
|
2,258 |
|
|
|
5,921 |
|
|
|
5,039 |
|
Total fee income |
|
1,573 |
|
|
|
2,380 |
|
|
|
2,275 |
|
|
|
5,974 |
|
|
|
5,092 |
|
Dividend
income: |
|
|
|
|
|
|
|
|
|
Control investments |
|
1,050 |
|
|
|
1,050 |
|
|
|
875 |
|
|
|
3,150 |
|
|
|
5,491 |
|
Non-control/Non-affiliate investments |
|
— |
|
|
|
4 |
|
|
|
81 |
|
|
|
4 |
|
|
|
81 |
|
Total dividend income |
|
1,050 |
|
|
|
1,054 |
|
|
|
956 |
|
|
|
3,154 |
|
|
|
5,572 |
|
Total investment
income |
|
101,900 |
|
|
|
96,302 |
|
|
|
63,137 |
|
|
|
277,381 |
|
|
|
192,376 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Base management fee |
|
11,983 |
|
|
|
11,483 |
|
|
|
9,819 |
|
|
|
33,383 |
|
|
|
29,853 |
|
Part I incentive fee |
|
9,590 |
|
|
|
9,007 |
|
|
|
6,497 |
|
|
|
26,300 |
|
|
|
19,658 |
|
Part II incentive fee |
|
— |
|
|
|
— |
|
|
|
(6,796 |
) |
|
|
— |
|
|
|
(8,791 |
) |
Professional fees |
|
1,387 |
|
|
|
2,075 |
|
|
|
885 |
|
|
|
4,962 |
|
|
|
3,029 |
|
Directors fees |
|
160 |
|
|
|
160 |
|
|
|
160 |
|
|
|
480 |
|
|
|
443 |
|
Interest expense |
|
30,793 |
|
|
|
27,804 |
|
|
|
11,870 |
|
|
|
79,316 |
|
|
|
31,178 |
|
Administrator expense |
|
322 |
|
|
|
315 |
|
|
|
271 |
|
|
|
935 |
|
|
|
968 |
|
General and administrative expenses |
|
752 |
|
|
|
1,255 |
|
|
|
811 |
|
|
|
2,753 |
|
|
|
2,217 |
|
Total
expenses |
|
54,987 |
|
|
|
52,099 |
|
|
|
23,517 |
|
|
|
148,129 |
|
|
|
78,555 |
|
Fees waived |
|
(1,500 |
) |
|
|
(1,775 |
) |
|
|
(750 |
) |
|
|
(4,025 |
) |
|
|
(2,250 |
) |
Net expenses |
|
53,487 |
|
|
|
50,324 |
|
|
|
22,767 |
|
|
|
144,104 |
|
|
|
76,305 |
|
Net investment income
before taxes |
|
48,413 |
|
|
|
45,978 |
|
|
|
40,370 |
|
|
|
133,277 |
|
|
|
116,071 |
|
(Provision) benefit for taxes on net investment income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,308 |
) |
Excise tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(78 |
) |
|
|
— |
|
Net investment
income |
|
48,413 |
|
|
|
45,978 |
|
|
|
40,370 |
|
|
|
133,199 |
|
|
|
112,763 |
|
Unrealized
appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
Control investments |
|
734 |
|
|
|
1,675 |
|
|
|
(16,991 |
) |
|
|
(900 |
) |
|
|
(26,552 |
) |
Affiliate investments |
|
149 |
|
|
|
(454 |
) |
|
|
(328 |
) |
|
|
(302 |
) |
|
|
(716 |
) |
Non-control/Non-affiliate investments |
|
(6,497 |
) |
|
|
(21,124 |
) |
|
|
(67,806 |
) |
|
|
(36,296 |
) |
|
|
(90,333 |
) |
Foreign currency forward contracts |
|
4,575 |
|
|
|
1,624 |
|
|
|
(1,630 |
) |
|
|
(4,802 |
) |
|
|
(778 |
) |
Net unrealized appreciation (depreciation) |
|
(1,039 |
) |
|
|
(18,279 |
) |
|
|
(86,755 |
) |
|
|
(42,300 |
) |
|
|
(118,379 |
) |
Realized gains
(losses): |
|
|
|
|
|
|
|
|
|
Control investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,868 |
|
Non-control/Non-affiliate investments |
|
(4,294 |
) |
|
|
(2,459 |
) |
|
|
416 |
|
|
|
(14,404 |
) |
|
|
5,888 |
|
Foreign currency forward contracts |
|
(6,309 |
) |
|
|
(3,652 |
) |
|
|
8,796 |
|
|
|
(5,513 |
) |
|
|
12,179 |
|
Net realized gains (losses) |
|
(10,603 |
) |
|
|
(6,111 |
) |
|
|
9,212 |
|
|
|
(19,917 |
) |
|
|
19,935 |
|
(Provision) benefit
for taxes on realized and unrealized gains (losses) |
|
(86 |
) |
|
|
(66 |
) |
|
|
(661 |
) |
|
|
397 |
|
|
|
1,696 |
|
Net realized and
unrealized gains (losses), net of taxes |
|
(11,728 |
) |
|
|
(24,456 |
) |
|
|
(78,204 |
) |
|
|
(61,820 |
) |
|
|
(96,748 |
) |
Net increase
(decrease) in net assets resulting from operations |
$ |
36,685 |
|
|
$ |
21,522 |
|
|
$ |
(37,834 |
) |
|
$ |
71,379 |
|
|
$ |
16,015 |
|
Net investment income
per common share — basic and diluted |
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
0.66 |
|
|
$ |
1.89 |
|
|
$ |
1.86 |
|
Earnings (loss) per
common share — basic and diluted |
$ |
0.48 |
|
|
$ |
0.29 |
|
|
$ |
(0.62 |
) |
|
$ |
1.01 |
|
|
$ |
0.26 |
|
Weighted average common
shares outstanding — basic and diluted |
|
77,080 |
|
|
|
73,203 |
|
|
|
61,123 |
|
|
|
70,431 |
|
|
|
60,593 |
|
Oaktree Specialty Lending (NASDAQ:OCSL)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Oaktree Specialty Lending (NASDAQ:OCSL)
Gráfica de Acción Histórica
De May 2023 a May 2024