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Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2023 Financial Results and Declares Distribution of $0.55 Per Share
LOS ANGELES, May 04, 2023 (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 04, 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 March 31, 2023. Financial Highlights for the Quarter Ended March 31, 20231 Total investment income was $96.3 million ($1.32 per share) for the second fiscal quarter of 2023, as compared with $79.2 million ($1.30 per share) for the first fiscal quarter of 2023. Adjusted total investment income was $95.7 million ($1.31 per share) for the second fiscal quarter of 2023, as compared with $77.4 million ($1.27 per share) for the first fiscal quarter of 2023. The increase was primarily driven by the growth in assets that resulted from the completion of the merger with Oaktree Strategic Income II, Inc. (“OSI2”) during the quarter (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 $46.0 million ($0.63 per share) for the second fiscal quarter of 2023, as compared with $38.8 million ($0.63 per share) for the first fiscal quarter of 2023. The increase was primarily driven by higher total investment income and was partially offset by higher interest expense, Part I incentive fees and operating expenses.Adjusted net investment income was $45.4 million ($0.62 per share) for the second fiscal quarter of 2023, as compared with $37.1 million ($0.61 per share) for the first fiscal quarter of 2023. The increase primarily reflected higher adjusted total investment income and was partially offset by higher interest expense, Part I incentive fees and operating expenses.Net asset value (\"NAV\") per share was $19.66 as of March 31, 2023, up slightly as compared with $19.63 as of December 31, 2022.Originated $123.8 million of new investment commitments2 and received $162.1 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2023. The weighted average yield on new debt investments was 11.9%.Total debt outstanding was $1,765.0 million as of March 31, 2023. The total debt to equity ratio was 1.16x, and the net debt to equity ratio was 1.14x, after adjusting for cash and cash equivalents.Liquidity as of March 31, 2023 was composed of $43.8 million of unrestricted cash and cash equ...