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Oaktree Specialty Lending Corporation Announces First Fiscal Quarter 2022 Financial Results and Declares Increased Distribution of $0.16 Per Share
LOS ANGELES, CA, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the “Company”), a
About this update from Oaktree Specialty Lending Corporation
[{"type":"text","content":"LOS ANGELES, CA, Feb. 03, 2022 (GLOBE NEWSWIRE) -- 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 December 31, 2021. Financial Highlights for the Quarter Ended December 31, 2021 Total investment income was $64.9 million ($0.36 per share) for the first fiscal quarter of 2022, as compared with $63.8 million ($0.35 per share) for the fourth fiscal quarter of 2021. Adjusted total investment income was $62.1 million ($0.34 per share) for the first fiscal quarter of 2022, as compared with $58.2 million ($0.32 per share) for the fourth fiscal quarter of 2021. The increase was primarily driven by higher interest income resulting from a larger investment portfolio. GAAP net investment income was $32.3 million ($0.18 per share) for the first fiscal quarter of 2022, as compared with $33.0 million ($0.18 per share) for the fourth fiscal quarter of 2021. The decrease for the quarter was principally from higher incentive fees and higher interest expense, partially offset by higher fee income.Adjusted net investment income was $31.2 million ($0.17 per share) for the first fiscal quarter of 2022, as compared with $29.1 million ($0.16 per share) for the fourth fiscal quarter of 2021. The increase for the quarter primarily reflected higher adjusted total investment income, which was driven by higher interest income and fee income, partially offset by higher incentive fees and higher interest expense.Net asset value (\"NAV\") per share was $7.34 as of December 31, 2021, up 0.8% from $7.28 as of September 30, 2021. The increase was primarily driven by realized and unrealized gains on certain investments and undistributed net investment income. Originated $299.9 million of new investment commitments and received $235.0 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended December 31, 2021. Of these new investment commitments, 73% were first lien loans, 26% were second lien loans and 1% were equity investments. The weighted average yield on new debt investments was 8.1%.No investments were on non-accrual status as of December 31, 2021.Total debt outstanding was $1,300.0 million as of December 31, 2021. The total debt to equity ratio was 0.98x, and the net debt t...