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, 2019.
Financial Highlights for the Quarter Ended
December 31, 2019
- Total investment income was $31.0 million
($0.22 per share) for the first fiscal quarter of 2020, down from
$34.5 million ($0.24 per share) for the fourth fiscal quarter of
2019, primarily reflecting lower call protection fees earned on
exits of investments as compared to the prior quarter as well as
lower interest income resulting from decreases in LIBOR.
- GAAP net investment income was $7.8 million
($0.06 per share) for the first fiscal quarter of 2020, down from
$16.3 million ($0.12 per share) for the fourth fiscal quarter of
2019, primarily resulting from lower investment income and higher
net expenses due to an increase in accrued capital gain incentive
fees primarily driven by the impact of the two-year contractual fee
waiver expiration. This was partially offset by lower interest
expense resulting from decreases in LIBOR.
- Adjusted net investment income was $14.1
million ($0.10 per share) for the first fiscal quarter of 2020,
down from $16.7 million ($0.12 per share) for the fourth fiscal
quarter of 2019, primarily reflecting lower investment income,
partially offset by lower interest expense resulting from decreases
in LIBOR.
- Net asset value ("NAV") per share was $6.61 as
of December 31, 2019, up from $6.60 as of September 30,
2019.
- Originated $134.2 million of new investment
commitments and received $97.0 million of proceeds from
prepayments, exits, other paydowns and sales during the quarter
ended December 31, 2019.
- A quarterly distribution was declared of
$0.095 per share, payable on March 31, 2020 to stockholders of
record on March 13, 2020.
- Moody's and Fitch each assigned OCSL investment grade
credit ratings (Moody’s, Baa3 / Stable, and Fitch,
BBB- / Stable)1.
Armen Panossian, Chief Executive Officer and Chief Investment
Officer, said, “OCSL delivered another quarter of strong
performance, highlighted by our eighth consecutive quarter of NAV
growth. We successfully exited three non-core positions and added
$134 million of new investments, the majority of which were
privately placed to businesses that align with our late-cycle
approach to investing. While leverage grew as a result of these
originations, we remain below our target range and have ample dry
powder and liquidity to invest opportunistically. In addition, we
were recently assigned investment grade credit ratings by Fitch and
Moody’s, reflecting the strength and quality of Oaktree’s credit
platform, the progress that we have made in reducing exposure to
non-core investments and our significant borrowing capacity. All
told, we are off to a solid start to the fiscal year and believe we
are well-positioned to deliver continued attractive risk-adjusted
returns to our shareholders.”
Distribution Declaration
The Board of Directors declared a quarterly distribution of
$0.095 per share, payable on March 31, 2019 to stockholders of
record on March 13, 2019.
Distributions are paid primarily from distributable (taxable)
income. To the extent taxable earnings for a fiscal taxable year
fall below the total amount of distributions for that fiscal year,
a portion of those distributions may be deemed a return of capital
to the Company’s stockholders.
______________________ 1 Ratings assigned in Moody’s report as
of January 28, 2020 and Fitch report as of December 3, 2019.
Results of Operations
|
|
For the three months ended |
($ in thousands, except per
share data) |
|
December 31, 2019(unaudited) |
|
September 30, 2019(unaudited) |
|
December 31, 2018 (unaudited) |
GAAP operating results: |
|
|
|
|
|
|
Interest income |
|
$ |
28,405 |
|
|
$ |
30,662 |
|
|
$ |
35,789 |
|
PIK interest income |
|
1,161 |
|
|
1,187 |
|
|
832 |
|
Fee income |
|
1,071 |
|
|
2,550 |
|
|
1,202 |
|
Dividend income |
|
323 |
|
|
114 |
|
|
453 |
|
Total investment income |
|
30,960 |
|
|
34,513 |
|
|
38,276 |
|
Net expenses |
|
23,124 |
|
|
18,238 |
|
|
20,959 |
|
Net investment income |
|
7,836 |
|
|
16,275 |
|
|
17,317 |
|
Net realized and unrealized gains (losses), net of taxes |
|
6,007 |
|
|
(2,304 |
) |
|
10,401 |
|
Net increase (decrease) in net assets resulting from
operations |
|
$ |
13,843 |
|
|
$ |
13,971 |
|
|
$ |
27,718 |
|
Net investment income per common share |
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
Net realized and unrealized gains (losses), net of taxes per common
share |
|
$ |
0.04 |
|
|
$ |
(0.02 |
) |
|
$ |
0.08 |
|
Earnings (loss) per common share — basic and
diluted |
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.20 |
|
Non-GAAP Financial
Measures2: |
|
|
|
|
|
|
Adjusted net investment income |
|
$ |
14,087 |
|
|
$ |
16,713 |
|
|
$ |
17,317 |
|
Adjusted net investment income per common
share |
|
$ |
0.10 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
______________________ 2 See Non-GAAP Financial Measures —
Adjusted Net Investment Income below for a description of this
non-GAAP measure and a reconciliation from net investment income to
adjusted net investment income, including on a weighted-average per
share basis. The Company's management uses this non-GAAP financial
measure internally to analyze and evaluate financial results and
performance and believes that this non-GAAP financial measure is
useful to investors as an additional tool to evaluate ongoing
results and trends for the Company without giving effect to capital
gains incentive fees. The presentation of adjusted net investment
income is not intended to be a substitute for financial results
prepared in accordance with GAAP and should not be considered in
isolation.
|
|
As of |
($ in thousands, except per
share data and ratios) |
|
December 31, 2019 (unaudited) |
|
September 30, 2019 |
Select balance sheet and other data: |
|
|
|
|
Investment portfolio at fair value |
|
$ |
1,467,627 |
|
|
$ |
1,438,042 |
|
Total debt outstanding |
|
536,468 |
|
|
473,367 |
|
Net assets |
|
931,082 |
|
|
930,630 |
|
Net asset value per share |
|
6.61 |
|
|
6.60 |
|
Total leverage |
|
0.58x |
|
|
0.51x |
|
Total investment income for the quarter ended December 31,
2019 was $31.0 million and included $28.4 million of interest
income from portfolio investments, $1.2 million of payment-in-kind
("PIK") interest income, $1.1 million of fee income and $0.3
million of dividend income. Total investment income decreased by
$3.6 million as compared to the quarter ended September 30, 2019,
primarily reflecting lower call protection fees earned on exits of
investments as compared to the prior quarter as well as decreases
in LIBOR that impacted our floating rate investments.
Net expenses for the quarter totaled $23.1 million, up $4.9
million from the quarter ended September 30, 2019. The increase in
net expenses was primarily due to a $5.2 million reversal of
previously accrued fee waivers3. This was partially offset by lower
interest expense resulting from decreases in LIBOR.
Adjusted net investment income was $14.1 million ($0.10 per
share) for the quarter ended December 31, 2019, down from
$16.7 million ($0.12 per share) for the quarter ended September 30,
2019, primarily reflecting lower investment income, partially
offset by lower interest expense resulting from decreases in
LIBOR.
Net realized and unrealized gains, net of taxes, were $6.0
million for the quarter, primarily reflecting realized gains from
the sale of a portion of our investment in Yeti Holdings, Inc. and
unrealized appreciation on certain debt and equity investments.
______________________ 3 To ensure compliance with Section 15(f)
of the Investment Company Act, Oaktree Capital Management, L.P.
("Oaktree") entered into a two-year contractual fee waiver with the
Company, which ended on October 17, 2019, pursuant to which Oaktree
waived any management or incentive fees payable under the
investment advisory agreement that exceeded what would have been
paid to the Company's former investment adviser in the aggregate
under the former investment advisory agreement. At the end of the
two-year period, Oaktree permanently waived $3.9 million. Prior to
the end of the two-year period, amounts potentially subject to
waiver under the two-year contractual fee waiver were accrued
quarterly based on a theoretical “liquidation basis.” As of
September 30, 2019, the Company had accrued cumulative fee waivers
of $9.1 million. During the three months ended December 31, 2019,
the Company reversed $5.2 million of previously accrued fee waivers
since the two-year fee waiver period has ended.
Portfolio and Investment Activity
|
|
As of |
($ in thousands) |
|
December 31, 2019 (unaudited) |
|
September 30, 2019 (unaudited) |
|
December 31, 2018 (unaudited) |
Investments at fair value |
|
$ |
1,467,627 |
|
|
$ |
1,438,042 |
|
|
$ |
1,464,885 |
|
Number of portfolio companies |
|
106 |
|
|
104 |
|
|
110 |
|
Average portfolio company debt size |
|
$ |
15,300 |
|
|
$ |
15,300 |
|
|
$ |
15,000 |
|
|
|
|
|
|
|
|
Asset class: |
|
|
|
|
|
|
Senior secured debt |
|
79.5 |
% |
|
78.6 |
% |
|
80.0 |
% |
Unsecured debt |
|
4.8 |
% |
|
5.7 |
% |
|
7.8 |
% |
Equity |
|
6.7 |
% |
|
6.7 |
% |
|
3.3 |
% |
SLF JV I |
|
8.8 |
% |
|
8.8 |
% |
|
8.4 |
% |
Limited partnership interests |
|
0.2 |
% |
|
0.2 |
% |
|
0.5 |
% |
|
|
|
|
|
|
|
Non-accrual debt investments: |
|
|
|
|
|
|
Non-accrual investments at fair value |
|
$ |
461 |
|
|
$ |
2,706 |
|
|
$ |
132,355 |
|
Non-accrual investments as a percentage of debt investments |
|
— |
% |
|
0.2 |
% |
|
9.6 |
% |
Number of investments on non-accrual |
|
3 |
|
|
3 |
|
|
7 |
|
|
|
|
|
|
|
|
Interest rate type: |
|
|
|
|
|
|
Percentage floating-rate |
|
90.6 |
% |
|
89.8 |
% |
|
86.6 |
% |
Percentage fixed-rate |
|
9.4 |
% |
|
10.2 |
% |
|
13.4 |
% |
|
|
|
|
|
|
|
Yields: |
|
|
|
|
|
|
Weighted average yield on debt investments (1) |
|
8.6 |
% |
|
8.9 |
% |
|
8.7 |
% |
Cash component of weighted average yield on debt investments |
|
7.8 |
% |
|
8.1 |
% |
|
8.0 |
% |
Weighted average yield on total portfolio investments (2) |
|
7.9 |
% |
|
8.2 |
% |
|
8.1 |
% |
|
|
|
|
|
|
|
Investment activity: |
|
|
|
|
|
|
New investment commitments |
|
$ |
134,200 |
|
|
$ |
138,400 |
|
|
$ |
231,100 |
|
New funded investment activity (3) |
|
$ |
136,200 |
|
|
$ |
128,500 |
|
|
$ |
162,400 |
|
Proceeds from prepayments, exits, other paydowns and sales |
|
$ |
97,000 |
|
|
$ |
139,000 |
|
|
$ |
208,300 |
|
Net new investments (4) |
|
$ |
39,200 |
|
|
$ |
(10,500 |
) |
|
$ |
(45,900 |
) |
Number of new investment commitments in new portfolio
companies |
|
9 |
|
|
5 |
|
|
14 |
|
Number of new investment commitments in existing portfolio
companies |
|
4 |
|
|
4 |
|
|
3 |
|
Number of portfolio company exits |
|
7 |
|
|
7 |
|
|
14 |
|
_________
(1 |
) |
Annual stated yield earned plus
net annual amortization of original issue discount or premium
earned on accruing investments, including the Company's share of
the return on debt investments in the SLF JV I. |
(2 |
) |
Annual stated yield earned plus
net annual amortization of original issue discount or premium
earned on accruing investments and dividend income, including the
Company's share of the return on debt investments in the SLF JV
I. |
(3 |
) |
New funded investment activity
includes drawdowns on existing revolver commitments. |
(4 |
) |
Net new investments consists of
new funded investment activity less proceeds from prepayments,
exits, other paydowns and sales. |
As of December 31, 2019, the fair value of the investment
portfolio was $1.5 billion and was comprised of investments in 106
companies. These included debt investments in 81 companies, equity
investments in 33 companies, including our limited partnership
interests in two private equity funds, and our investment in Senior
Loan Fund JV I, LLC (“SLF JV I”).Nine of the equity investments
were in companies in which the Company also had a debt
investment.
As of December 31, 2019, 90.9% of the Company's portfolio
as of December 31, 2019 consisted of debt investments,
including 56.7% of first liens, 22.8% of second liens and 11.4% of
unsecured debt investments, including the debt investments in SLF
JV I at fair value.
As of December 31, 2019, there were three investments on
which the Company had stopped accruing cash and/or PIK interest or
OID income that, in aggregate, represented 4.3% of the Company's
debt portfolio at cost and 0.03% at fair value.
As of December 31, 2019, SLF JV I had $351.7 million in
assets, including senior secured loans to 51 portfolio
companies. The joint venture generated income of $2.2 million
for the Company during the quarter ended December 31, 2019. As
of December 31, 2019, SLF JV I had $60.3 million of undrawn
capacity on its senior revolving credit facility.
Over time, the Company intends to rotate out of the remaining
investments it has identified as non-core investments, which were
approximately $174.0 million at fair value as of December 31,
2019. It will also seek to redeploy non-income generating
investments comprised of equity investments, limited partnership
interests and loans currently on non-accrual status into
proprietary investments with higher yields. Certain additional
information on such categorization and the portfolio composition is
included in investor presentations that the Company files with the
Securities and Exchange Commission ("SEC").
Liquidity and Capital Resources
As of December 31, 2019, the Company had $21.5 million of
cash and cash equivalents, total principal value of debt
outstanding of $539.1 million and $322.2 million of undrawn
capacity on its credit facility, subject to borrowing base and
other limitations. The weighted average interest rate on debt
outstanding was 4.5% and 4.8% as of December 31, 2019 and
September 30, 2019, respectively.
The Company’s total leverage ratio was 0.58x and 0.51x as of
December 31, 2019 and September 30, 2019, respectively.
Non-GAAP Financial Measures
Adjusted Net Investment Income
On a supplemental basis, the Company is disclosing adjusted net
investment income and per share adjusted net investment income,
each of which is a financial measure that is calculated and
presented on a basis of methodology other than in accordance with
U.S. GAAP (“non-GAAP”). Adjusted net investment income represents
net investment income, excluding capital gains incentive fees
("Part II incentive fee"). The Company's management uses this
non-GAAP financial measure internally to analyze and evaluate
financial results and performance and believes that this non-GAAP
financial measure is useful to investors as an additional tool to
evaluate ongoing results and trends for the Company without giving
effect to capital gains incentive fees. The Company’s investment
advisory agreement provides that a capital gains-based incentive
fee is determined and paid annually with respect to realized
capital gains (but not unrealized capital appreciation) to the
extent such realized capital gains exceed realized capital losses
and unrealized capital depreciation on a cumulative basis. Refer to
Note 11 – Related Party Transactions in our Quarterly Report on
Form 10-Q for further discussion. The Company believes that
adjusted net investment income is a useful performance measure
because it reflects the net investment income produced on the
Company's investments during a period without giving effect to any
changes in the value of such investments and any related capital
gains incentive fees between periods. The presentation of adjusted
net investment income is not intended to be a substitute for
financial results prepared in accordance with GAAP and should not
be considered in isolation.
The following table provides a reconciliation of net investment
income (the most comparable U.S. GAAP measure) to adjusted net
investment income for the periods presented (dollars in thousands,
except per share amounts; unaudited):
|
|
For the three months ended |
|
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
($ in thousands, except per
share data) |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
GAAP net investment income |
|
$ |
7,836 |
|
|
$ |
0.06 |
|
|
$ |
16,275 |
|
|
$ |
0.12 |
|
|
$ |
17,317 |
|
|
$ |
0.12 |
|
Part II incentive fee (net of waivers) |
|
6,251 |
|
|
0.04 |
|
|
438 |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted net investment income |
|
$ |
14,087 |
|
|
$ |
0.10 |
|
|
$ |
16,713 |
|
|
$ |
0.12 |
|
|
$ |
17,317 |
|
|
$ |
0.12 |
|
Conference Call Information
Oaktree Specialty Lending will host a conference call to discuss
its first fiscal quarter 2020 results at 11:00 a.m. Eastern Time /
8:00 a.m. Pacific Time on February 6, 2019. The conference call may
be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412)
317-5238 (non-U.S. callers), participant password “Oaktree
Specialty Lending.” During the earnings conference call, Oaktree
Specialty Lending intends to refer to an investor presentation that
will be available on the Investors section of the Oaktree Specialty
Lending website, www.oaktreespecialtylending.com. Alternatively, a
live webcast of the conference call can be accessed on Oaktree
Specialty Lending’s website.
For those individuals unable to listen to the live broadcast of
the conference call, a replay will be available on Oaktree
Specialty Lending’s website, or by dialing (877) 344-7529 (U.S.
callers) or +1 (412) 317-0088 (non-U.S. callers), access code
10138082, beginning approximately one hour after the broadcast.
About Oaktree Specialty Lending Corporation
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a
specialty finance company dedicated to providing customized
one-stop credit solutions to companies with limited access to
public or syndicated capital markets. The Company seeks to generate
current income and capital appreciation by providing companies with
flexible and innovative financing solutions including first and
second lien loans, unsecured and mezzanine loans, and preferred
equity. The Company is regulated as a business development company
under the Investment Company Act of 1940, as amended. Oaktree
Specialty Lending is managed by Oaktree Capital Management, L.P.
For additional information, please visit Oaktree Specialty
Lending's website at www.oaktreespecialtylending.com.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements because they relate to future events or
our future performance or financial condition. The forward-looking
statements may include statements as to: our future operating
results and distribution projections; our business prospects and
the prospects of our portfolio companies; and the impact of the
investments that we expect to make. In addition, words such as
“anticipate,” “believe,” “expect,” “seek,” “plan,” “should,”
“estimate,” “project” and “intend” indicate forward-looking
statements, although not all forward-looking statements include
these words. The forward-looking statements contained in this press
release involve risks and uncertainties. Our actual results could
differ materially from those implied or expressed in the
forward-looking statements for any reason, including the factors
set forth in “Risk Factors” and elsewhere in our annual report on
Form 10-K and our quarterly reports on Form 10-Q. Other factors
that could cause actual results to differ materially include:
changes in the economy, financial markets and political
environment; risks associated with possible disruption in our
operations or the economy generally due to terrorism or natural
disasters; future changes in laws or regulations (including the
interpretation of these laws and regulations by regulatory
authorities) and conditions in our operating areas, particularly
with respect to business development companies or regulated
investment companies; and other considerations that may be
disclosed from time to time in our publicly disseminated documents
and filings.
We have based the forward-looking statements included in this
presentation on information available to us on the date of this
presentation, and we assume no obligation to update any such
forward-looking statements. Although we undertake no obligation to
revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise, you are
advised to consult any additional disclosures that we may make
directly to you or through reports that we in the future may file
with the SEC, including annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K.
Contacts
Investor Relations:Oaktree Specialty Lending CorporationMichael
Mosticchio(212) 284-1900ocsl-ir@oaktreecapital.com
Media Relations:Financial Profiles, Inc.Moira Conlon(310)
478-2700mediainquiries@oaktreecapital.com
Oaktree Specialty Lending
CorporationConsolidated Statements of Assets and
Liabilities(in thousands, except per share
amounts)
|
December 31, 2019 (unaudited) |
|
September 30, 2019 |
ASSETS |
|
|
|
Investments at fair
value: |
|
|
|
Control investments (cost December 31, 2019: $205,608; cost
September 30, 2019: $224,255) |
$ |
192,528 |
|
|
$ |
209,178 |
|
Affiliate investments (cost
December 31, 2019: $8,449; cost September 30, 2019: $8,449) |
9,106 |
|
|
9,170 |
|
Non-control/Non-affiliate
investments (cost December 31, 2019: $1,324,201; cost September 30,
2019: $1,280,310) |
1,265,993 |
|
|
1,219,694 |
|
Total investments at fair
value (cost December 31, 2019: $1,538,258; cost September 30, 2019:
$1,513,014) |
1,467,627 |
|
|
1,438,042 |
|
Cash and cash equivalents |
21,527 |
|
|
15,406 |
|
Interest, dividends and fees
receivable |
10,356 |
|
|
11,167 |
|
Due from portfolio companies |
2,931 |
|
|
2,616 |
|
Receivables from unsettled
transactions |
5,458 |
|
|
4,586 |
|
Deferred financing costs |
6,034 |
|
|
6,396 |
|
Deferred offering costs |
65 |
|
|
— |
|
Derivative assets at fair
value |
— |
|
|
490 |
|
Other assets |
2,602 |
|
|
2,335 |
|
Total
assets |
$ |
1,516,600 |
|
|
$ |
1,481,038 |
|
|
|
|
|
LIABILITIES AND NET ASSETS |
|
|
|
Liabilities: |
|
|
|
Accounts payable, accrued expenses and other liabilities |
$ |
1,540 |
|
|
$ |
1,589 |
|
Base management fee and incentive fee payable |
15,971 |
|
|
10,167 |
|
Due to affiliate |
2,548 |
|
|
2,689 |
|
Interest payable |
2,402 |
|
|
2,296 |
|
Payable to syndication partners |
1 |
|
|
— |
|
Payables from unsettled transactions |
24,687 |
|
|
59,596 |
|
Derivative liability at fair value |
972 |
|
|
— |
|
Deferred tax liability |
929 |
|
|
704 |
|
Credit facility payable |
377,825 |
|
|
314,825 |
|
Unsecured notes payable (net of $2,607 and $2,708 of unamortized
financing costs as of December 31, 2019 and September 30, 2019,
respectively) |
158,643 |
|
|
158,542 |
|
Total
liabilities |
585,518 |
|
|
550,408 |
|
Commitments and
contingencies |
|
|
|
Net assets: |
|
|
|
Common stock, $0.01 par value per share, 250,000 shares
authorized; 140,961 shares issued and outstanding as of December
31, 2019 and September 30, 2019 |
1,409 |
|
|
1,409 |
|
Additional paid-in-capital |
1,487,774 |
|
|
1,487,774 |
|
Accumulated overdistributed earnings |
(558,101 |
) |
|
(558,553 |
) |
Total net assets
(equivalent to $6.61 and $6.60 per common share as of December 31,
2019 and September 30, 2019, respectively) |
931,082 |
|
|
930,630 |
|
Total liabilities and net
assets |
$ |
1,516,600 |
|
|
$ |
1,481,038 |
|
|
Oaktree Specialty Lending
CorporationConsolidated Statements of
Operations(in thousands, except per share
amounts)
|
Three months ended December 31, 2019
(unaudited) |
|
Three months ended September 30, 2019
(unaudited) |
|
Three months ended December 31, 2018
(unaudited) |
Interest
income: |
|
|
|
|
|
Control investments |
$ |
2,551 |
|
|
$ |
2,836 |
|
|
$ |
3,339 |
|
Affiliate investments |
114 |
|
|
101 |
|
|
13 |
|
Non-control/Non-affiliate investments |
25,659 |
|
|
27,640 |
|
|
32,167 |
|
Interest on cash and cash equivalents |
81 |
|
|
85 |
|
|
270 |
|
Total interest income |
28,405 |
|
|
30,662 |
|
|
35,789 |
|
PIK interest
income: |
|
|
|
|
|
Control investments |
— |
|
|
— |
|
|
67 |
|
Non-control/Non-affiliate investments |
1,161 |
|
|
1,187 |
|
|
765 |
|
Total PIK interest income |
1,161 |
|
|
1,187 |
|
|
832 |
|
Fee income: |
|
|
|
|
|
Control investments |
6 |
|
|
6 |
|
|
6 |
|
Affiliate investments |
5 |
|
|
5 |
|
|
4 |
|
Non-control/Non-affiliate investments |
1,060 |
|
|
2,539 |
|
|
1,192 |
|
Total fee income |
1,071 |
|
|
2,550 |
|
|
1,202 |
|
Dividend
income: |
|
|
|
|
|
Control investments |
323 |
|
|
114 |
|
|
453 |
|
Total dividend income |
323 |
|
|
114 |
|
|
453 |
|
Total investment
income |
30,960 |
|
|
34,513 |
|
|
38,276 |
|
Expenses: |
|
|
|
|
|
Base management fee |
5,607 |
|
|
5,496 |
|
|
5,568 |
|
Part I incentive fee |
2,988 |
|
|
3,545 |
|
|
3,728 |
|
Part II incentive fee |
1,051 |
|
|
(403 |
) |
|
1,820 |
|
Professional fees |
640 |
|
|
720 |
|
|
966 |
|
Directors fees |
143 |
|
|
142 |
|
|
143 |
|
Interest expense |
6,535 |
|
|
6,960 |
|
|
8,904 |
|
Administrator expense |
428 |
|
|
388 |
|
|
763 |
|
General and administrative expenses |
532 |
|
|
549 |
|
|
631 |
|
Total
expenses |
17,924 |
|
|
17,397 |
|
|
22,523 |
|
Reversal of fees waived / (fees waived) |
5,200 |
|
|
841 |
|
|
(1,564 |
) |
Net expenses |
23,124 |
|
|
18,238 |
|
|
20,959 |
|
Net investment
income |
7,836 |
|
|
16,275 |
|
|
17,317 |
|
Unrealized appreciation
(depreciation): |
|
|
|
|
|
Control investments |
1,997 |
|
|
52 |
|
|
(5,820 |
) |
Affiliate investments |
(64 |
) |
|
(179 |
) |
|
— |
|
Non-control/Non-affiliate investments |
2,408 |
|
|
2,621 |
|
|
(784 |
) |
Secured borrowings |
— |
|
|
(2,624 |
) |
|
(19 |
) |
Foreign currency forward contracts |
(1,462 |
) |
|
695 |
|
|
(352 |
) |
Net unrealized appreciation (depreciation) |
2,879 |
|
|
565 |
|
|
(6,975 |
) |
Realized gains
(losses): |
|
|
|
|
|
Non-control/Non-affiliate investments |
3,839 |
|
|
(6,248 |
) |
|
16,761 |
|
Secured borrowings |
— |
|
|
2,625 |
|
|
— |
|
Foreign currency forward contracts |
(551 |
) |
|
1,097 |
|
|
1,201 |
|
Net realized gains (losses) |
3,288 |
|
|
(2,526 |
) |
|
17,962 |
|
Provision for income tax
(expense) benefit |
(160 |
) |
|
(343 |
) |
|
(586 |
) |
Net realized and
unrealized gains (losses), net of taxes |
6,007 |
|
|
(2,304 |
) |
|
10,401 |
|
Net increase (decrease)
in net assets resulting from operations |
$ |
13,843 |
|
|
$ |
13,971 |
|
|
$ |
27,718 |
|
Net investment income per
common share — basic and diluted |
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
Earnings (loss) per
common share — basic and diluted |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.20 |
|
Weighted average common
shares outstanding — basic and diluted |
140,961 |
|
|
140,961 |
|
|
140,961 |
|
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