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Oaktree Specialty Lending Corporation Announces Third Fiscal Quarter 2020 Financial Results and Declares Increased Distribution of $0.105 Per Share
LOS ANGELES, Aug. 10, 2020 (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, Aug. 10, 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 June 30, 2020. \n Financial Highlights for the Quarter Ended June 30, 2020 Total investment income was $34.4 million ($0.24 per share) for the third fiscal quarter of 2020, up from $34.2 million ($0.24 per share) for the second fiscal quarter of 2020, primarily driven by a larger average investment portfolio and higher yields on new originations, partially offset by lower LIBOR and lower original issuance discount (\"OID\") income. GAAP net investment income was $16.8 million ($0.12 per share) for the third fiscal quarter of 2020, down from $22.8 million ($0.16 per share) for the second fiscal quarter of 2020, primarily due to a reversal of previously accrued Part II incentive fees. Adjusted net investment income was $16.8 million ($0.12 per share) for the third fiscal quarter of 2020, up from $16.2 million ($0.12 per share) for the second fiscal quarter of 2020, primarily driven by interest expense savings from the recent unsecured bond issuance and lower LIBOR, as well as higher investment income and lower professional fees and general and administrative expenses. This was partially offset by higher base management fees resulting from a larger investment portfolio. Net asset value (\"NAV\") per share was $6.09 as of June 30, 2020, up 14% from $5.34 as of March 31, 2020. The increase in NAV was primarily attributable to unrealized gains resulting from price increases on liquid debt investments and the impact of tighter credit spreads on private debt investment valuations following the improvement in broader credit market conditions. Also contributing to the NAV increase were unrealized gains on recent opportunistic investments made in the June quarter. Originated $260.5 million of new investment commitments and received $127.8 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended June 30, 2020. Of these new investment commitments, 67.8% were first lien loans, 3.2% were second lien loans and 29.0% were subordinated debt investments. The weighted average yield on new investments was 10.5%. Total debt outstanding was $766.8 million as of June 30, 2020...