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Oaktree Specialty Lending Corporation Announces First Fiscal Quarter 2023 Financial Results and Declares Increased Distribution of $0.55 Per Share
LOS ANGELES, CA, Feb. 07, 2023 (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. 07, 2023 (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, 2022. Financial Highlights for the Quarter Ended December 31, 20221 Total investment income was $79.2 million ($1.30 per share) for the first fiscal quarter of 2023, as compared with $70.1 million ($1.15 per share) for the fourth fiscal quarter of 2022. Adjusted total investment income was $77.4 million ($1.27 per share) for the first fiscal quarter of 2023, as compared with $68.0 million ($1.11 per share) for the fourth fiscal quarter of 2022. The increase was primarily driven by higher interest income from the impact of rising base rates, wider spreads on new originations and a larger investment portfolio.GAAP net investment income was $38.8 million ($0.63 per share) for the first fiscal quarter of 2023, as compared with $35.9 million ($0.59 per share) for the fourth fiscal quarter of 2022. The increase was primarily driven by higher total investment income, partially offset by higher interest expense.Adjusted net investment income was $37.1 million ($0.61 per share) for the first fiscal quarter of 2023, as compared with $33.7 million ($0.55 per share) for the fourth fiscal quarter of 2022. The increase primarily reflected higher adjusted total investment income, partially offset by higher interest expense.Net asset value (\"NAV\") per share was $19.63 as of December 31, 2022, as compared with $20.38 as of September 30, 2022. The decrease was primarily the result of the $0.42 per share special distribution paid by the Company during the quarter and unrealized depreciation related to credit spread widening on debt investments.Originated $250.3 million of new investment commitments and received $104.4 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended December 31, 2022. The weighted average yield on new debt investments was 13.1%.No investments were on non-accrual status as of December 31, 2022.Total debt outstanding was $1,510.0 million as of December 31, 2022. The total debt to equity ratio was 1.26x, and the net debt to equity ratio was 1.24x, after adjusting for cash and cash equivalents.Liquidity as of December 31, 2022 was ...