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Oaktree Specialty Lending Corporation Announces Third Fiscal Quarter 2023 Financial Results and Declares Distribution of $0.55 Per Share
LOS ANGELES, CA, Aug. 03, 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, Aug. 03, 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 June 30, 2023. Financial Highlights for the Quarter Ended June 30, 20231 Total investment income was $101.9 million ($1.32 per share) for the third fiscal quarter of 2023, as compared with $96.3 million ($1.32 per share) for the second fiscal quarter of 2023. Adjusted total investment income was $101.1 million ($1.31 per share) for the third fiscal quarter of 2023, as compared with $95.7 million ($1.31 per share) for the second fiscal quarter of 2023. The increase on a dollar basis was primarily driven by the first full quarter of interest income earned on the assets acquired in the merger with Oaktree Strategic Income II, Inc. (“OSI2”) (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 $48.4 million ($0.63 per share) for the third fiscal quarter of 2023, as compared with $46.0 million ($0.63 per share) for the second fiscal quarter of 2023. The increase on a dollar basis was primarily driven by higher total investment income and lower operating expenses, which was partially offset by higher interest expense, management fees and Part I incentive fees. Adjusted net investment income was $47.6 million ($0.62 per share) for the third fiscal quarter of 2023, as compared with $45.4 million ($0.62 per share) for the second fiscal quarter of 2023. The increase on a dollar basis was primarily the result of higher adjusted total investment income and lower operating expenses, which was partially offset by higher interest expense, management fees and Part I incentive fees. Net asset value (\"NAV\") per share was $19.58 as of June 30, 2023, down slightly as compared with $19.66 as of March 31, 2023, which was mainly the result of unrealized depreciation on debt investments, partially offset by undistributed net investment income. Originated $251.0 million of new investment commitments and received $261.0 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended June 30, 2023. The weighted average yield on new debt investments was 12.6%. Total debt outstanding was $1,785.0...