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Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2020 Financial Results and Declares Distribution of $0.095 Per Share
LOS ANGELES, May 07, 2020 (GLOBE NEWSWIRE) -- Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty
About this update from Oaktree Specialty Lending Corporation
[{"type":"text","content":"LOS ANGELES, May 07, 2020 (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 March 31, 2020.\n Financial Highlights for the Quarter Ended March 31, 2020 Total investment income was $34.2 million ($0.24 per share) for the second fiscal quarter of 2020, up from $31.0 million ($0.22 per share) for the first fiscal quarter of 2020, primarily as a result of higher original issue discount (\"OID\") acceleration and prepayment fees from exits of investments as well as higher structuring fees on new originations as compared to the prior quarter.GAAP net investment income was $22.8 million ($0.16 per share) for the second fiscal quarter of 2020, up from $7.8 million ($0.06 per share) for the first fiscal quarter of 2020, resulting from higher investment income and lower net expenses mainly due to a reversal of previously accrued Part II incentive fees in the quarter as a result of unrealized depreciation on investments. This was partially offset by higher interest expense resulting from higher average borrowings outstanding during the quarter.Adjusted net investment income was $16.2 million ($0.12 per share) for the second fiscal quarter of 2020, up from $14.1 million ($0.10 per share) for the first fiscal quarter of 2020, primarily as a result of higher investment income, partially offset by higher interest expense.Net asset value (\"NAV\") per share was $5.34 as of March 31, 2020, down 19% from $6.61 as of December 31, 2019. The decrease in NAV was primarily due to increased market volatility and wider credit spreads resulting from the COVID-19 pandemic. The decline in the fair value of the investment portfolio was primarily unrealized and concentrated in liquid senior secured loans, which experienced sharp price declines in March.Originated $272.9 million of new investment commitments and received $154.5 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2020. Of these new investment commitments, 76.8% were first lien loans, 7.8% were second lien loans and 15.4% were subordinated debt investments.Total debt outstanding was $704.8 million as of March 31, 2020. The total debt to equity ratio was 0.94x, and the net debt t...