Oaktree Specialty Lending Corp false 0001414932 0001414932 2024-08-01 2024-08-01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2024
Oaktree Specialty Lending Corporation
(Exact name of registrant as specified in its charter)
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| Delaware |
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814-00755 |
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26-1219283 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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| 333 South Grand Avenue, 28th Floor Los Angeles, CA |
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90071 |
| (Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (213) 830-6300
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which
registered |
| Common stock, par value $0.01 per share |
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OCSL |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 1, 2024, Oaktree Specialty Lending Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
On August 1, 2024, the Company will host a conference call to discuss its financial results for the fiscal quarter ended June 30, 2024. In connection therewith, the Company provided an investor presentation on its website at http://www.oaktreespecialtylending.com. A copy of the investor presentation is attached hereto as Exhibit 99.2.
The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being “furnished” and is not deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor is it deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OAKTREE SPECIALTY LENDING CORPORATION |
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| Date: August 1, 2024 |
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By: |
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/s/ Christopher McKown |
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Name: Christopher McKown |
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Title: Chief Financial Officer and Treasurer |
Exhibit 99.1
Oaktree Specialty Lending Corporation Announces Third Fiscal Quarter 2024 Financial Results
and Declares Quarterly Distribution of $0.55 Per Share
LOS
ANGELES, CA, August 1, 2024 - 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, 2024.
Financial Highlights for the Quarter Ended June 30, 2024
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• |
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Total investment income was $95.0 million ($1.16 per share) for the third fiscal quarter of 2024, as compared
with $94.0 million ($1.18 per share) for the second fiscal quarter of 2024. The increase was primarily driven by higher interest income as a result of the growth in the investment portfolio and higher original issue discount (“OID”)
accretion driven by purchase premium acceleration in the prior quarter from the repayment of certain investments acquired in the mergers with Oaktree Strategic Income Corporation (“OCSI”) and Oaktree Strategic Income II, Inc.
(“OSI2”). This was partially offset by the impact of certain investments that were placed on non-accrual status and a decrease in amendment fees. Adjusted total investment income was
$95.6 million ($1.17 per share) for the third fiscal quarter, as compared with $97.3 million ($1.22 per share) for the second fiscal quarter of 2024. The decrease was primarily driven by lower interest income due to the impact of certain
investments that were placed on non-accrual status and lower OID acceleration from investment repayments as well as a decrease in amendment fees. This was partially offset by higher coupon interest income as a
result of the growth in the investment portfolio. |
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• |
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GAAP net investment income was $44.6 million ($0.54 per share) for the third fiscal quarter of
2024, as compared with $41.4 million ($0.52 per share) for the second fiscal quarter of 2024. The increase for the quarter was primarily driven by lower part I incentive fees (net of fees waived) and higher total investment income, partially
offset by higher interest expense. |
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• |
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Adjusted net investment income was $45.2 million ($0.55 per share) for the third fiscal quarter
of 2024, as compared with $44.7 million ($0.56 per share) for the second fiscal quarter of 2024. The increase for the quarter was primarily driven by lower part I incentive fees (net of fees waived), partially offset by lower adjusted total
investment income and higher interest expense. The per share decrease for the quarter was driven by an increase in weighted average shares outstanding. |
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• |
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Net asset value (“NAV”) per share was $18.19 as of June 30, 2024, down as compared with $18.72 as of
March 31, 2024. The decline from March 31, 2024 primarily reflected unrealized losses on certain debt and equity investments. |
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Waived part I incentive fees of $3.2 million in addition to the $1.5 million of management fees waived for
the quarter ended June 30, 2024. |
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Originated $338.7 million of new investment commitments and received $185.5 million of proceeds from
prepayments, exits, other paydowns and sales during the quarter ended June 30, 2024. The weighted average yield on new debt investments was 11.1%. |
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Total debt outstanding was $1,740.0 million as of June 30, 2024. The total debt to equity ratio was 1.16x,
and the net debt to equity ratio was 1.10x, after adjusting for cash and cash equivalents. |
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Liquidity as of June 30, 2024 was composed of $96.3 million of unrestricted cash and cash equivalents and
$827.5 million of undrawn capacity under the Company’s credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $291.4 million, or $264.3 million excluding unfunded commitments to
the Company’s joint ventures. Of the $264.3 million, approximately $219.4 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.
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A quarterly cash distribution was declared of $0.55 per share. The distribution is payable in cash on
September 30, 2024 to stockholders of record on September 16, 2024. |
Armen Panossian, Chief Executive Officer and Chief Investment
Officer, said “Our fiscal third quarter results were supported by continued origination activity, which led to portfolio growth and increased coupon interest income. Our originations in the third quarter were $339 million of new investment
commitments, while also realizing repayments and sales of $186 million.”
1
“We remain focused on shifting our investment composition to first lien loans and on improving our portfolio
quality and performance in this changing market environment. During the quarter, however, we experienced challenges at certain portfolio investments, resulting in a decline in NAV and an increase in
non-accruals,” Panossian added. “We continue to leverage our expertise in navigating turnarounds with the goal of achieving favorable outcomes on these investments and generating value for our
shareholders.”
“In addition to the permanent management fee reduction that went into effect on July 1, 2024, we have announced an incentive fee
waiver as part of our third quarter results, which demonstrates our commitment to shareholders. We remain confident in our strategy and the ability of our portfolio to deliver sustainable and attractive returns.”
Distribution Declaration
The Board of Directors declared a quarterly
distribution of $0.55 per share. The distribution is payable in cash on September 30, 2024 to stockholders of record on September 16, 2024.
Distributions
are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to
the Company’s stockholders.
2
Results of Operations
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For the three months ended |
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| ($ in thousands, except per share data) |
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June 30, 2024
(unaudited) |
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March 31, 2024
(unaudited) |
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June 30, 2023
(unaudited) |
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| GAAP operating results: |
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| Interest income |
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$ |
85,953 |
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$ |
85,256 |
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$ |
95,310 |
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| PIK interest income |
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6,149 |
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4,816 |
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3,967 |
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| Fee income |
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1,460 |
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2,546 |
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1,573 |
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| Dividend income |
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1,404 |
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1,411 |
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1,050 |
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| Total investment income |
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94,966 |
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94,029 |
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101,900 |
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| Net expenses |
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50,391 |
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52,662 |
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53,487 |
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| Net investment income |
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44,575 |
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41,367 |
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48,413 |
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| Net realized and unrealized gains (losses), net of taxes |
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(43,455 |
) |
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(32,030 |
) |
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(11,728 |
) |
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| Net increase (decrease) in net assets resulting from operations |
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$ |
1,120 |
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$ |
9,337 |
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$ |
36,685 |
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| Total investment income per common share |
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$ |
1.16 |
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$ |
1.18 |
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$ |
1.32 |
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| Net investment income per common share |
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$ |
0.54 |
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$ |
0.52 |
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$ |
0.63 |
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| Net realized and unrealized gains (losses), net of taxes per common share |
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$ |
(0.53 |
) |
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$ |
(0.40 |
) |
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$ |
(0.15 |
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| Earnings (loss) per common share — basic and diluted |
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$ |
0.01 |
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$ |
0.12 |
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$ |
0.48 |
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| Non-GAAP Financial Measures1: |
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| Adjusted total investment income |
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$ |
95,573 |
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$ |
97,340 |
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$ |
101,058 |
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| Adjusted net investment income |
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$ |
45,182 |
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$ |
44,678 |
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$ |
47,571 |
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| Adjusted net realized and unrealized gains (losses), net of taxes |
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$ |
(44,055 |
) |
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$ |
(35,344 |
) |
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$ |
(11,116 |
) |
| Adjusted earnings (loss) |
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$ |
1,127 |
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$ |
9,334 |
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$ |
36,455 |
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| Adjusted total investment income per share |
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$ |
1.17 |
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$ |
1.22 |
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$ |
1.31 |
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| Adjusted net investment income per share |
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$ |
0.55 |
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$ |
0.56 |
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$ |
0.62 |
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| Adjusted net realized and unrealized gains (losses), net of taxes per share |
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$ |
(0.54 |
) |
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$ |
(0.44 |
) |
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$ |
(0.14 |
) |
| Adjusted earnings (loss) per share |
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$ |
0.01 |
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$ |
0.12 |
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$ |
0.47 |
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1 See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The
Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP
financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash
income/gain/loss resulting from the merger of OCSI with and into the Company in March 2021 (the “OCSI Merger”) and the merger of OSI2 with and into the Company in January 2023 (the “OSI2 Merger”) and, in the case of adjusted net
investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and
should not be considered in isolation.
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As of |
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| ($ in thousands, except per share data and ratios) |
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June 30, 2024
(unaudited) |
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March 31, 2024
(unaudited) |
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June 30, 2023
(unaudited) |
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| Select balance sheet and other data: |
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| Cash and cash equivalents |
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$ |
96,321 |
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$ |
125,031 |
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$ |
59,704 |
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| Investment portfolio at fair value |
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3,121,703 |
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3,047,445 |
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3,135,619 |
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| Total debt outstanding (net of unamortized financing costs) |
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1,697,164 |
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1,635,642 |
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1,740,066 |
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| Net assets |
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1,496,133 |
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1,524,099 |
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1,509,441 |
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| Net asset value per share |
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18.19 |
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|
18.72 |
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|
19.58 |
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| Total debt to equity ratio |
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1.16 |
x |
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1.10 |
x |
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1.18 |
x |
| Net debt to equity ratio |
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1.10 |
x |
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1.02 |
x |
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1.14 |
x |
Adjusted total investment income for the quarter ended June 30, 2024 was $95.6 million and included $86.6 million of
interest income from portfolio investments, $6.1 million of payment-in-kind (“PIK”) interest income, $1.5 million of fee income and $1.4 million
of dividend income. The $1.8 million decline in adjusted total investment income was attributable to a $0.7 million decrease in interest income, which was attributable to certain investments that were placed on non-accrual status and lower OID acceleration from investment repayments and was partially offset by higher coupon interest income as a result of the growth in the investment portfolio. Also contributing to the
decline was a $1.1 million decrease in fee income which was primarily due to lower amendment fees.
Net expenses for the quarter ended June 30, 2024
totaled $50.4 million, down $2.3 million from the quarter ended March 31, 2024. The decrease for the quarter was primarily driven by $3.3 million lower part I incentive fees (net of fees waived) as a result of the Part I
incentive fees waived by Oaktree during the quarter, partially offset by $0.6 million of higher interest expense from an increase in borrowings and $0.2 million of higher general and administrative expenses.
3
Adjusted net investment income was $45.2 million ($0.55 per share) for the quarter ended June 30, 2024, as
compared to $44.7 million ($0.56 per share) for the quarter ended March 31, 2024. The increase of $0.5 million for the quarter reflected $2.3 million of lower net expenses, partially offset by $1.8 million of lower adjusted
total investment income. The per share decrease for the quarter was driven by an increase in weighted average shares outstanding.
Adjusted net realized and
unrealized losses, net of taxes, was $44.1 million for the quarter ended June 30, 2024, primarily reflecting realized and unrealized losses on certain debt and equity investments.
Portfolio and Investment Activity
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As of |
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| ($ in thousands) |
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June 30, 2024
(unaudited) |
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March 31, 2024
(unaudited) |
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June 30, 2023
(unaudited) |
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| Investments at fair value |
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$ |
3,121,703 |
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$ |
3,047,445 |
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$ |
3,135,619 |
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| Number of portfolio companies |
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158 |
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151 |
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156 |
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| Average portfolio company debt size |
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$ |
19,900 |
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$ |
20,100 |
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$ |
19,800 |
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| Asset class: |
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| First lien debt |
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82.5 |
% |
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80.8 |
% |
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76.5 |
% |
| Second lien debt |
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3.5 |
% |
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5.4 |
% |
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12.0 |
% |
| Unsecured debt |
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3.8 |
% |
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2.6 |
% |
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1.7 |
% |
| Equity |
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4.2 |
% |
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4.8 |
% |
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3.8 |
% |
| JV interests |
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6.0 |
% |
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6.4 |
% |
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6.0 |
% |
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| Non-accrual debt investments: |
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| Non-accrual investments at fair value |
|
$ |
110,599 |
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$ |
69,128 |
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$ |
91,152 |
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| Non-accrual investments at cost |
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172,827 |
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|
127,720 |
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|
111,732 |
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| Non-accrual investments as a percentage of debt investments at fair
value |
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3.7 |
% |
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2.4 |
% |
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3.1 |
% |
| Non-accrual investments as a percentage of debt investments at
cost |
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5.7 |
% |
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4.3 |
% |
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3.6 |
% |
| Number of investments on non-accrual |
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8 |
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5 |
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5 |
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| Interest rate type: |
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| Percentage floating-rate |
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85.3 |
% |
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85.4 |
% |
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86.0 |
% |
| Percentage fixed-rate |
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|
14.7 |
% |
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14.6 |
% |
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|
14.0 |
% |
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| Yields: |
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| Weighted average yield on debt investments1 |
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11.9 |
% |
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|
12.2 |
% |
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|
12.3 |
% |
| Cash component of weighted average yield on debt investments |
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|
10.6 |
% |
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|
11.0 |
% |
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|
11.4 |
% |
| Weighted average yield on total portfolio
investments2 |
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|
11.5 |
% |
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|
11.7 |
% |
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|
11.8 |
% |
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| Investment activity: |
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| New investment commitments |
|
$ |
338,700 |
|
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|
|
$ |
395,600 |
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|
$ |
251,000 |
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| New funded investment activity3 |
|
$ |
293,200 |
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|
$ |
377,400 |
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|
$ |
243,300 |
|
| Proceeds from prepayments, exits, other paydowns and sales |
|
$ |
185,500 |
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|
$ |
322,600 |
|
|
|
|
$ |
261,000 |
|
| Net new investments4 |
|
$ |
107,700 |
|
|
|
|
$ |
54,800 |
|
|
|
|
$ |
(17,700 |
) |
| Number of new investment commitments in new portfolio companies |
|
|
11 |
|
|
|
|
|
20 |
|
|
|
|
|
6 |
|
| Number of new investment commitments in existing portfolio companies |
|
|
9 |
|
|
|
|
|
15 |
|
|
|
|
|
4 |
|
| Number of portfolio company exits |
|
|
3 |
|
|
|
|
|
15 |
|
|
|
|
|
16 |
|
1 Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments, including
the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see
Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
2 Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and dividend income, including the Company’s share of the return on debt investments in
SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
3 New funded investment activity includes drawdowns on existing revolver and delayed draw term loan commitments.
4 Net new investments consists of new funded investment activity less proceeds from prepayments, exits, other
paydowns and sales.
As of June 30, 2024, the fair value of the investment portfolio was $3.1 billion and was composed of investments in 158 companies.
These included debt investments in 141 companies, equity investments in 42 companies, and the Company’s
4
joint venture investments in SLF JV I and OCSI Glick JV LLC (“Glick JV”). 27 of the equity investments were in companies in which the Company also had a debt investment.
As of June 30, 2024, 94.9% of the Company’s portfolio at fair value consisted of debt investments, including 82.5% of first lien loans, 3.5% of second lien
loans and 9.0% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 80.8% of first lien loans, 5.4% of second lien loans and 7.9% of unsecured debt investments, including the debt investments in
SLF JV I and Glick JV, as of March 31, 2024.
As of June 30, 2024, there were eight investments on non-accrual
status, which represented 5.7% and 3.7% of the debt portfolio at cost and fair value, respectively. This is up from five investments on non-accrual status in the prior quarter, which represented 4.3% and 2.4%
of the debt portfolio at cost and fair value, respectively.
SLF JV I
The Company’s investments in SLF JV I totaled $138.5 million at fair value as of June 30, 2024, down 2.7% from $142.3 million as of March 31,
2024. The decrease was primarily driven by SLF JV I’s use of leverage and unrealized depreciation in the underlying investment portfolio.
As of June 30,
2024, SLF JV I had $390.8 million in assets, including senior secured loans to 49 portfolio companies. This compared to $398.7 million in assets, including senior secured loans to 54 portfolio companies, as of March 31, 2024. SLF
JV I generated cash interest income of $3.5 million for the Company during the quarter ended June 30, 2024, consistent with the prior quarter. In addition, SLF JV I generated dividend income of $1.4 million for the Company during the
quarter ended June 30, 2024, consistent with the prior quarter. As of June 30, 2024, SLF JV I had $72.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit
facility, and its debt to equity ratio was 1.3x.
Glick JV
The
Company’s investments in Glick JV totaled $49.9 million at fair value as of June 30, 2024, down 2.8% from $51.3 million as of March 31, 2024. The decrease was primarily driven by SLF JV I’s use of leverage and
unrealized depreciation in the underlying investment portfolio.
As of June 30, 2024, Glick JV had $150.2 million in assets, including senior secured
loans to 45 portfolio companies. This compared to $154.7 million in assets, including senior secured loans to 49 portfolio companies, as of March 31, 2024. Glick JV generated cash interest income of $1.5 million during the
quarter ended June 30, 2024, consistent with the prior quarter. As of June 30, 2024, Glick JV had $22.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $100 million senior revolving credit
facility, and its debt to equity ratio was 1.5x.
Liquidity and Capital Resources
As of June 30, 2024, the Company had total principal value of debt outstanding of $1,740.0 million, including $790.0 million of outstanding borrowings
under its revolving credit facilities, $300.0 million of the 3.500% Notes due 2025, $350.0 million of the 2.700% Notes due 2027 and $300.0 million of the 7.100% Notes due 2029. The funding mix was composed of 45% secured and 55%
unsecured borrowings as of June 30, 2024. The Company was in compliance with all financial covenants under its credit facilities as of June 30, 2024.
As
of June 30, 2024, the Company had $96.3 million of unrestricted cash and cash equivalents and $827.5 million of undrawn capacity on its credit facilities (subject to borrowing base and other limitations). As of June 30, 2024,
unfunded investment commitments were $291.4 million, or $264.3 million excluding unfunded commitments to the Company’s joint ventures. Of the $264.3 million, approximately $219.4 million could be drawn immediately with the
remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets
and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.
As of June 30, 2024, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements, was 7.0%, unchanged from
March 31, 2024.
The Company’s total debt to equity ratio was 1.16x and 1.10x as of each of June 30, 2024 and March 31, 2024, respectively. The
Company’s net debt to equity ratio was 1.10x and 1.02x as of each of June 30, 2024 and March 31, 2024, respectively.
5
Non-GAAP Financial Measures
On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than
in accordance with GAAP (“non-GAAP”). The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results
and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s
performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to capital gains
incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
| |
• |
|
“Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share” –
represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
|
| |
• |
|
“Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” –
represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2
Merger and (ii) capital gains incentive fees (“Part II incentive fees”). |
| |
• |
|
“Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes” and “Adjusted Net Realized and
Unrealized Gains (Losses), Net of Taxes Per Share” – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC
805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger. |
| |
• |
|
“Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” – represents the sum of
(i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees1, if any.
|
The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition
method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to each of the stockholders of OCSI and OSI2 were allocated to the
individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for
the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally, immediately following the completion of the
Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments
acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition.
The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and
disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.
The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial
results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted
Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate
ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the fees payable to Oaktree Fund Advisors, LLC (the
“Adviser”) under its second amended and restated advisory agreement (the “A&R Advisory Agreement”), and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per
Share”, without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”, “Adjusted Net Realized and Unrealized Gains
(Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income and gain/loss
resulting from the Mergers and are used by management to evaluate the economic earnings of its investment portfolio. Moreover,
1 Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended
June 30, 2024, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II
incentive fees accrued under GAAP. For the three months ended June 30, 2024, no amounts were payable under the A&R Advisory Agreement.
6
these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R Advisory Agreement (i.e., excluding
amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).
The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods
presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months ended |
|
| |
|
June 30, 2024
(unaudited) |
|
|
March 31, 2024
(unaudited) |
|
|
June 30, 2023
(unaudited) |
| ($ in thousands, except per share data) |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
Per Share |
| GAAP total investment income |
|
$ |
94,966 |
|
|
$ |
1.16 |
|
|
$ |
94,029 |
|
|
$ |
1.18 |
|
|
$ |
101,900 |
|
|
$ |
1.32 |
|
| Interest income amortization (accretion) related to merger accounting adjustments |
|
|
607 |
|
|
|
0.01 |
|
|
|
3,311 |
|
|
|
0.04 |
|
|
|
(842 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted total investment income |
|
$ |
95,573 |
|
|
$ |
1.17 |
|
|
$ |
97,340 |
|
|
$ |
1.22 |
|
|
$ |
101,058 |
|
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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: |
|
| |
|
For the three months ended |
|
| |
|
June 30, 2024
(unaudited) |
|
|
March 31, 2024
(unaudited) |
|
|
June 30, 2023
(unaudited) |
| ($ in thousands, except per share data) |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
Per Share |
| GAAP net investment income |
|
$ |
44,575 |
|
|
$ |
0.54 |
|
|
$ |
41,367 |
|
|
$ |
0.52 |
|
|
$ |
48,413 |
|
|
$ |
0.63 |
|
| Interest income amortization (accretion) related to merger accounting adjustments |
|
|
607 |
|
|
|
0.01 |
|
|
|
3,311 |
|
|
|
0.04 |
|
|
|
(842 |
) |
|
|
(0.01 |
) |
| Part II incentive fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net investment income |
|
$ |
45,182 |
|
|
$ |
0.55 |
|
|
$ |
44,678 |
|
|
$ |
0.56 |
|
|
$ |
47,571 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized
gains (losses), net of taxes for the periods presented: |
|
| |
|
For the three months ended |
|
| |
|
June 30, 2024
(unaudited) |
|
|
March 31, 2024
(unaudited) |
|
|
June 30, 2023
(unaudited) |
| ($ in thousands, except per share data) |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
Per Share |
| GAAP net realized and unrealized gains (losses), net of taxes |
|
$ |
(43,455) |
|
|
$ |
(0.53) |
|
|
$ |
(32,030) |
|
|
$ |
(0.40) |
|
|
$ |
(11,728) |
|
|
$ |
(0.15) |
|
| Net realized and unrealized gains (losses) related to merger accounting adjustments |
|
|
(600) |
|
|
|
(0.01) |
|
|
|
(3,314) |
|
|
|
(0.04) |
|
|
|
612 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net realized and unrealized gains (losses), net of taxes |
|
$ |
(44,055) |
|
|
$ |
(0.54) |
|
|
$ |
(35,344) |
|
|
$ |
(0.44) |
|
|
$ |
(11,116) |
|
|
$ |
(0.14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented: |
|
|
|
| |
|
For the three months ended |
|
| |
|
June 30, 2024
(unaudited) |
|
|
March 31, 2024
(unaudited) |
|
|
June 30, 2023
(unaudited) |
| ($ in thousands, except per share data) |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
Per Share |
| Net increase (decrease) in net assets resulting from operations |
|
$ |
1,120 |
|
|
$ |
0.01 |
|
|
$ |
9,337 |
|
|
$ |
0.12 |
|
|
$ |
36,685 |
|
|
$ |
0.48 |
|
| Interest income amortization (accretion) related to merger accounting adjustments |
|
|
607 |
|
|
|
0.01 |
|
|
|
3,311 |
|
|
|
0.04 |
|
|
|
(842) |
|
|
|
(0.01) |
|
| Net realized and unrealized gains (losses) related to merger accounting adjustments |
|
|
(600) |
|
|
|
(0.01) |
|
|
|
(3,314) |
|
|
|
(0.04) |
|
|
|
612 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted earnings (loss) |
|
$ |
1,127 |
|
|
$ |
0.01 |
|
|
$ |
9,334 |
|
|
$ |
0.12 |
|
|
$ |
36,455 |
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
Conference Call Information
Oaktree Specialty Lending will host a conference call to discuss its third fiscal quarter 2024 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on
August 1, 2024. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S.
callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of Oaktree Specialty
Lending’s website, www.oaktreespecialtylending.com. During the conference call, the Company intends to refer to an investor
presentation that will be available on the Investors section of its 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 8388100, 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’s investment objective is 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, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of 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, future performance or
financial condition. The forward-looking statements may include statements as to: future operating results of the Company and distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of
the investments that the Company expects 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. Certain factors could cause
actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) changes in the economy, financial markets and political environment, including the impacts of inflation and elevated
interest rates; (ii) risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflicts in Ukraine and Israel), natural
disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in the Company’s operating areas,
particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in the Company’s publicly disseminated documents and filings. The Company
has based the forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company undertakes 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 it may make directly to you or through reports that the
Company in the future may file with the Securities and Exchange Commission, 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 Corporation
Dane Kleven
(213) 356-3260
ocsl-ir@oaktreecapital.com
Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310) 478-2700
mediainquiries@oaktreecapital.com
8
Oaktree Specialty Lending Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2024
(unaudited) |
|
March 31, 2024
(unaudited) |
|
September 30,
2023 |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments (cost June 30, 2024: $369,660; cost March 31, 2024: $366,987; cost September 30, 2023: $345,245) |
|
$ |
299,072 |
|
|
$ |
313,979 |
|
|
$ |
297,091 |
|
| Affiliate investments (cost June 30, 2024: $38,101; cost March 31, 2024: $38,016; cost September 30, 2023: $24,898) |
|
|
35,396 |
|
|
|
35,635 |
|
|
|
23,349 |
|
| Non-control/Non-affiliate investments (cost June 30, 2024: $2,885,171; cost March 31, 2024: $2,838,769; cost September 30, 2023:
$2,673,976) |
|
|
2,787,235 |
|
|
|
2,697,831 |
|
|
|
2,571,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total investments at fair value (cost June 30, 2024: $3,292,932; March 31, 2024: $3,243,772; cost September 30, 2023: $3,044,119) |
|
|
3,121,703 |
|
|
|
3,047,445 |
|
|
|
2,892,420 |
|
| Cash and cash equivalents |
|
|
96,321 |
|
|
|
125,031 |
|
|
|
136,450 |
|
| Restricted cash |
|
|
10,993 |
|
|
|
12,461 |
|
|
|
9,089 |
|
| Interest, dividends and fees receivable |
|
|
27,609 |
|
|
|
36,504 |
|
|
|
44,570 |
|
| Due from portfolio companies |
|
|
954 |
|
|
|
1,797 |
|
|
|
6,317 |
|
| Receivables from unsettled transactions |
|
|
18,760 |
|
|
|
20,372 |
|
|
|
55,441 |
|
| Due from broker |
|
|
30,310 |
|
|
|
40,630 |
|
|
|
54,260 |
|
| Deferred financing costs |
|
|
12,418 |
|
|
|
11,113 |
|
|
|
12,541 |
|
| Deferred offering costs |
|
|
78 |
|
|
|
90 |
|
|
|
160 |
|
| Derivative assets at fair value |
|
|
436 |
|
|
|
— |
|
|
|
4,910 |
|
| Other assets |
|
|
2,599 |
|
|
|
2,496 |
|
|
|
1,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
3,322,181 |
|
|
$ |
3,297,939 |
|
|
$ |
3,217,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable, accrued expenses and other liabilities |
|
$ |
4,070 |
|
|
$ |
3,775 |
|
|
$ |
2,950 |
|
| Base management fee and incentive fee payable |
|
|
15,415 |
|
|
|
18,556 |
|
|
|
19,547 |
|
| Due to affiliate |
|
|
4,803 |
|
|
|
3,773 |
|
|
|
4,310 |
|
| Interest payable |
|
|
19,329 |
|
|
|
16,069 |
|
|
|
16,007 |
|
| Payables from unsettled transactions |
|
|
51,595 |
|
|
|
61,020 |
|
|
|
11,006 |
|
| Derivative liabilities at fair value |
|
|
33,672 |
|
|
|
35,005 |
|
|
|
47,519 |
|
| Deferred tax liability |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
| Credit facilities payable |
|
|
790,000 |
|
|
|
730,000 |
|
|
|
710,000 |
|
| Unsecured notes payable (net of $5,468, $6,001 and $7,076 of unamortized financing costs as of
June 30, 2024, March 31, 2024 and September 30, 2023, respectively) |
|
|
907,164 |
|
|
|
905,642 |
|
|
|
890,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,826,048 |
|
|
|
1,773,840 |
|
|
|
1,702,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, $0.01 par value per share, 250,000 shares authorized; 82,245, 81,396 and 77,225 shares
issued and outstanding as of June 30, 2024, March 31, 2024 and September 30, 2023, respectively |
|
|
822 |
|
|
|
814 |
|
|
|
772 |
|
| Additional
paid-in-capital |
|
|
2,264,449 |
|
|
|
2,248,363 |
|
|
|
2,166,330 |
|
| Accumulated overdistributed earnings |
|
|
(769,138 |
) |
|
|
(725,078 |
) |
|
|
(651,338 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net assets (equivalent to $18.19, $18.72 and $19.63 per common share as of June 30,
2024, March 31, 2024 and September 30, 2023, respectively) |
|
|
1,496,133 |
|
|
|
1,524,099 |
|
|
|
1,515,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and net assets |
|
$ |
3,322,181 |
|
|
$ |
3,297,939 |
|
|
$ |
3,217,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
Oaktree Specialty Lending Corporation
Consolidated Statements of Operations
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended
June 30, 2024
(unaudited) |
|
Three months ended
March 31, 2024
(unaudited) |
|
Three months ended
June 30, 2023
(unaudited) |
|
Nine months ended
June 30, 2024
(unaudited) |
|
Nine months ended
June 30, 2023
(unaudited) |
| Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments |
|
$ |
5,924 |
|
|
$ |
5,949 |
|
|
$ |
5,568 |
|
|
$ |
17,878 |
|
|
$ |
15,326 |
|
| Affiliate investments |
|
|
192 |
|
|
|
10 |
|
|
|
681 |
|
|
|
526 |
|
|
|
1,970 |
|
| Non-control/Non-affiliate investments |
|
|
78,681 |
|
|
|
77,803 |
|
|
|
88,069 |
|
|
|
239,205 |
|
|
|
234,516 |
|
| Interest on cash and cash equivalents |
|
|
1,156 |
|
|
|
1,494 |
|
|
|
992 |
|
|
|
5,014 |
|
|
|
2,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest income |
|
|
85,953 |
|
|
|
85,256 |
|
|
|
95,310 |
|
|
|
262,623 |
|
|
|
254,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PIK interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments |
|
|
677 |
|
|
|
598 |
|
|
|
— |
|
|
|
1,819 |
|
|
|
— |
|
| Affiliate investments |
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
| Non-control/Non-affiliate investments |
|
|
5,461 |
|
|
|
4,218 |
|
|
|
3,967 |
|
|
|
12,984 |
|
|
|
14,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total PIK interest income |
|
|
6,149 |
|
|
|
4,816 |
|
|
|
3,967 |
|
|
|
14,814 |
|
|
|
14,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fee income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments |
|
|
13 |
|
|
|
13 |
|
|
|
13 |
|
|
|
39 |
|
|
|
38 |
|
| Affiliate investments |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
5 |
|
|
|
15 |
|
| Non-control/Non-affiliate investments |
|
|
1,447 |
|
|
|
2,533 |
|
|
|
1,555 |
|
|
|
5,269 |
|
|
|
5,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total fee income |
|
|
1,460 |
|
|
|
2,546 |
|
|
|
1,573 |
|
|
|
5,313 |
|
|
|
5,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments |
|
|
1,400 |
|
|
|
1,400 |
|
|
|
1,050 |
|
|
|
4,200 |
|
|
|
3,150 |
|
| Non-control/Non-affiliate investments |
|
|
4 |
|
|
|
11 |
|
|
|
— |
|
|
|
30 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total dividend income |
|
|
1,404 |
|
|
|
1,411 |
|
|
|
1,050 |
|
|
|
4,230 |
|
|
|
3,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total investment income |
|
|
94,966 |
|
|
|
94,029 |
|
|
|
101,900 |
|
|
|
286,980 |
|
|
|
277,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Base management fee |
|
|
11,781 |
|
|
|
11,604 |
|
|
|
11,983 |
|
|
|
34,862 |
|
|
|
33,383 |
|
| Part I incentive fee |
|
|
8,341 |
|
|
|
8,452 |
|
|
|
9,590 |
|
|
|
25,821 |
|
|
|
26,300 |
|
| Professional fees |
|
|
1,091 |
|
|
|
1,213 |
|
|
|
1,387 |
|
|
|
3,808 |
|
|
|
4,962 |
|
| Directors fees |
|
|
160 |
|
|
|
160 |
|
|
|
160 |
|
|
|
480 |
|
|
|
480 |
|
| Interest expense |
|
|
32,513 |
|
|
|
31,881 |
|
|
|
30,793 |
|
|
|
96,564 |
|
|
|
79,316 |
|
| Administrator expense |
|
|
391 |
|
|
|
326 |
|
|
|
322 |
|
|
|
1,083 |
|
|
|
935 |
|
| General and administrative expenses |
|
|
824 |
|
|
|
526 |
|
|
|
752 |
|
|
|
1,941 |
|
|
|
2,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total expenses |
|
|
55,101 |
|
|
|
54,162 |
|
|
|
54,987 |
|
|
|
164,559 |
|
|
|
148,129 |
|
| Management fees waived |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(4,500 |
) |
|
|
(4,025 |
) |
| Part I incentive fees waived |
|
|
(3,210 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,210 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net expenses |
|
|
50,391 |
|
|
|
52,662 |
|
|
|
53,487 |
|
|
|
156,849 |
|
|
|
144,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income before taxes |
|
|
44,575 |
|
|
|
41,367 |
|
|
|
48,413 |
|
|
|
130,131 |
|
|
|
133,277 |
|
| Excise tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(78 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
44,575 |
|
|
|
41,367 |
|
|
|
48,413 |
|
|
|
130,131 |
|
|
|
133,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments |
|
|
(17,580 |
) |
|
|
(6,193 |
) |
|
|
734 |
|
|
|
(22,434 |
) |
|
|
(900 |
) |
| Affiliate investments |
|
|
(324 |
) |
|
|
93 |
|
|
|
149 |
|
|
|
(1,156 |
) |
|
|
(302 |
) |
| Non-control/Non-affiliate investments |
|
|
42,997 |
|
|
|
(21,396 |
) |
|
|
(6,497 |
) |
|
|
3,986 |
|
|
|
(36,296 |
) |
| Foreign currency forward contracts |
|
|
1,106 |
|
|
|
2,244 |
|
|
|
4,575 |
|
|
|
(4,474 |
) |
|
|
(4,802 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized appreciation (depreciation) |
|
|
26,199 |
|
|
|
(25,252 |
) |
|
|
(1,039 |
) |
|
|
(24,078 |
) |
|
|
(42,300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Control investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
786 |
|
|
|
— |
|
| Non-control/Non-affiliate investments |
|
|
(69,163 |
) |
|
|
(5,433 |
) |
|
|
(4,294 |
) |
|
|
(87,936 |
) |
|
|
(14,404 |
) |
| Foreign currency forward contracts |
|
|
(289 |
) |
|
|
(1,170 |
) |
|
|
(6,309 |
) |
|
|
2,642 |
|
|
|
(5,513 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gains (losses) |
|
|
(69,452 |
) |
|
|
(6,603 |
) |
|
|
(10,603 |
) |
|
|
(84,508 |
) |
|
|
(19,917 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Provision) benefit for taxes on realized and unrealized gains (losses) |
|
|
(202 |
) |
|
|
(175 |
) |
|
|
(86 |
) |
|
|
(553 |
) |
|
|
397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized and unrealized gains (losses), net of taxes |
|
|
(43,455 |
) |
|
|
(32,030 |
) |
|
|
(11,728 |
) |
|
|
(109,139 |
) |
|
|
(61,820 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in net assets resulting from operations |
|
$ |
1,120 |
|
|
$ |
9,337 |
|
|
$ |
36,685 |
|
|
$ |
20,992 |
|
|
$ |
71,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income per common share — basic and diluted |
|
$ |
0.54 |
|
|
$ |
0.52 |
|
|
$ |
0.63 |
|
|
$ |
1.63 |
|
|
$ |
1.89 |
|
| Earnings (loss) per common share — basic and diluted |
|
$ |
0.01 |
|
|
$ |
0.12 |
|
|
$ |
0.48 |
|
|
$ |
0.26 |
|
|
$ |
1.01 |
|
| Weighted average common shares outstanding — basic and diluted |
|
|
81,830 |
|
|
|
79,763 |
|
|
|
77,080 |
|
|
|
79,804 |
|
|
|
70,431 |
|
10
Exhibit 99.2 Earnings Presentation NASDAQ: OCSL Third Quarter
2024
Forward Looking Statements & Legal Disclosures Some of the
statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation may include statements as to:
our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, “Oaktree”) to implement Oaktree’s future plans with respect to our business; the ability of Oaktree
and its affiliates to attract and retain highly talented professionals; our business prospects and the prospects of our portfolio companies; the impact of the investments that we expect to make; the ability of our portfolio companies to achieve
their objectives; our expected financings and investments and additional leverage we may seek to incur in the future; the adequacy of our cash resources and working capital; the timing of cash flows, if any, from the operations of our portfolio
companies; the cost or potential outcome of any litigation to which we may be a party; and the impact of current economic conditions, including those caused by inflation, a rising interest rate environment and geopolitical events on all of the
foregoing. 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 presentation 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 for the fiscal year ended September 30, 2023 and our quarterly
report on Form 10-Q for the quarter ended June 30, 2024. Other factors that could cause actual results to differ materially include: changes in the economy, financial markets and political environment, including the impacts of inflation and elevated
interest rates; risks associated with possible disruption in our operations or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents; future changes in laws or regulations
(including the interpretation of these laws and regulations by regulatory authorities); conditions in our operating areas, particularly with respect to business development companies or regulated investment companies; and other considerations
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. Calculation of Assets Under
Management References to total assets under management or AUM represent assets managed by Oaktree and a proportionate amount of the AUM reported by DoubleLine Capital LP ( DoubleLine Capital ), in which Oaktree owns a 20% minority interest.
Oaktree's methodology for calculating AUM includes (i) the net asset value (“NAV”) of assets managed directly by Oaktree, (ii) the leverage on which management fees are charged, (iii) undrawn capital that Oaktree is entitled to call from
investors in Oaktree funds pursuant to their capital commitments, (iv) for collateralized loan obligation vehicles ( CLOs ), the aggregate par value of collateral assets and principal cash, (v) for publicly-traded business development companies,
gross assets (including assets acquired with leverage), net of cash, and (vi) Oaktree's pro rata portion (20%) of the AUM reported by DoubleLine Capital. This calculation of AUM is not based on the definitions of AUM that may be set forth in
agreements governing the investment funds, vehicles or accounts managed and is not calculated pursuant to regulatory definitions. Unless otherwise indicated, data provided herein are dated as of June 30, 2024. Earnings Presentation Third Quarter
2024 NASDAQ: OCSL
Highlights for the Quarter Ended June 30, 2024 • $0.55 per share,
as compared with $0.56 per share for the quarter ended March 31, 2024 Adjusted Net 1 Investment Income • GAAP net investment income was $0.54 per share, as compared with $0.52 in the quarter ended March 31, 2024 • $18.19 per share, as
compared with $18.72 per share as of March 31, 2024 Net Asset Value Per Share • The decrease was primarily due to unrealized losses on certain debt and equity investments • Declared a cash distribution of $0.55 per share for the sixth
quarter in a row Dividends • Distribution will be payable on September 30, 2024 to stockholders of record as of September 16, 2024 • $339 million of new investment commitments • 11.1% weighted average yield on new debt investments
Investment Activity • $293 million of new investment fundings • Received $186 million of proceeds from prepayments, exits, other paydowns and sales • $3.1 billion at fair value across 158 portfolio companies • 11.9% weighted
average yield on debt investments, down from 12.2% in the prior quarter Investment Portfolio • 86% senior secured, including 82% first lien loans • 85% of debt portfolio was floating rate • 1.10x net debt to equity ratio Capital
Structure & Liquidity • $96 million of cash and $828 million of undrawn capacity on credit facilities • Permanently reduced base management fee to 1.00% of gross assets, net of all other existing base management fee waivers, from
1.50% Permanent Base of gross assets, effective July 1, 2024 Management Fee • The new base management fee is expected to increase net investment income per share by $0.15 annually, or $0.03 to $0.04 per share a Reduction quarter • Waived
additional base management fees such that the total amount of waived base management fees (including those previously waived) Fee Waiver was $1.5 million for each of the quarters ended March 31, 2024 and June 30, 2024 • Waived Part I Incentive
fees for quarter, totaling $3.2 million 1. See appendix for a description of this non-GAAP measure. 2. Return on net investment income calculated as the net investment income per share increase from the base management fee change annualized divided
by the net asset value per share of the most recent completed 2 quarter.
Permanent Base Management Fee Reduction Management Fee Reduction •
Permanently reducing the base management fee, effective as of July 1, 2024, to an annual rate of 1.00% of total gross assets, net of all other existing waivers of the base management fee • Waived additional base management fees such that the
total amount of waived base management fees (including those previously waived) was $1.5 million for each of the quarters ended March 31, 2024 and June 30, 2024 h Strong Shareholder Alignment Current Fee New Fee • Demonstrates strong support
from our investment Structure Structure adviser, Oaktree • Larger share of OCSL’s investment income will flow 2 Base directly to shareholders 1.50% 1.00% Management Fee Permanent Increase in Earnings Power • The new base management
fee is expected to increase net Incentive Fee on investment income per share by $0.15 annually, or $0.03 to $0.04 per share a quarter Income and Capital 17.50% 17.50% Gains Lower Fees • Lower base management fee vs. top-20 listed BDCs by 1
market cap Incentive Fee 6.00% 6.00% Hurdle Rate 1. Top-20 listed BDCs by market capitalization as of July 26, 2024: ARCC, BBDC, BCSF, BXSL, CGBD, CSWC, FSK, GBDC, GSBD, HTGC, MAIN, MFIC, MSDL, NCDL, NMFC, OBDC, OBDE, OCSL, PSEC, and TSLX. 2. Net of
existing base management fee waivers. 3
Portfolio Summary Portfolio Characteristics Portfolio Composition (At
fair value) (As % of total portfolio at fair value; $ in millions) 4% 6% 4% First Lien – $2,575 3% Second Lien – $109 $3.1bn 158 Unsecured Debt – $117 Total Investments Portfolio Companies Equity – $132 Joint Ventures –
$188 82% 2,3 Top 10 Industries % FV 11.9% $147mm Application Software 16.4% Weighted Average Yield on Median Debt Portfolio 1 Biotechnology 4.1% Debt Investments Company EBITDA Health Care Services 3.6% Health Care Technology 3.3% Interactive Media
& Services 3.1% Industrial Machinery & Supplies & Components 3.0% 86% 85% Data Processing & Outsourced Services 2.9% Senior Secured Floating Rate Pharmaceuticals 2.7% Debt Investments Real Estate Operating Companies 2.5% Diversified
Financial Services 2.2% Total Top 10 43.8% As of June 30, 2024 Note: Numbers may not sum due to rounding. 1. Excludes investments in negative EBITDA borrowers, life sciences lending, royalty interest financings, structured products, non-accruals,
recurring revenue businesses and other non-EBITDA borrowers. 2. Based on GICS sub-industry classification. 3. Excludes multi-sector holdings, which is primarily composed of investments in Senior Loan Fund JV I LLC (the “Kemper JV”) and
OCSI Glick JV LLC (the “Glick JV”), joint ventures that invest primarily in senior 4 secured loans of middle market companies.
Spotlight on OCSL’s Software Exposure Software Exposure End Market
Diversity (As % of total portfolio at fair value) Application Software Systems Software 15.2% Alternative Carriers 23.9% Diversified Real Estate Activities 4.4% IT Consulting & Other Services 5.0% Software Software: Internet Services &
Infrastructure 5.7% Rest of Portfolio 18.0% 11.4% Specialized Consumer Services 5.8% Human Resource & Employment Services 6.3% 9.0% 6.3% 7.0% Oil & Gas Exploration & Production 1 Other Oaktree’s Approach to Software Investing
Software Portfolio Summary Characteristics • Target large, diversified businesses with entrenched customer bases • Companies provide mission critical software solutions that lead to Fair Value ($ in millions) $563 high customer retention
rates Number of Portfolio Companies 26 • Focus on constructing a balanced application software portfolio that is composed of businesses that serve different end markets First Lien (% of software portfolio) 96.6% • Backed by large,
well-established private equity firms who have 2 Average Portfolio Company Revenues ($ millions) $650 strong reputations and deep sector expertise 3 Average LTV 41% As of June 30, 2024 1. Includes Broadcasting, Aerospace & Defense, Education
Services, Diversified Support Services, Diversified Financial Services, Property & Casualty Insurance, and Interactive Media & Services 2. Revenues based on the most recent portfolio company financial statements for the trailing twelve-month
reported period. 5 3. Average loan-to-value (“LTV”) represents the net ratio of loan-to-value for each software portfolio company, weighted based on the fair value of total software investments.
Investment Activity New Investment Highlights Historical Funded
Originations and Exits ($ in millions) ($ in millions) $377 $368 $364 $400 Total New $323 $293 Commitments 11 $300 $339 $214 new borrowers $186 $200 $117 Existing Borrowers $100 $75 $0 9/30/23 12/31/23 3/31/24 6/30/24 9 1 2 New Funded Investments
Investment Exits existing borrowers Seniority Breakdown (As % of new investment commitments; $ in millions) 11.1% New Borrowers $264 weighted average yield on new 0% 1% debt commitments First Lien - $270mm Subordinated Debt - $65mm 19% 100% Second
Lien - $3mm 80% Equity - $1mm also held by other Oaktree funds As of June 30, 2024 Note: Numbers rounded to the nearest million or percentage point and may not sum as a result. 1. New funded investments includes drawdowns on existing delayed draw
and revolver commitments. 6 2. Investment exits includes proceeds from prepayments, exits, other paydowns and sales.
Investment Activity (continued) New Investment Commitment Detail ($ in
millions) Security Type Market Investment Number of Unsecured Private Primary Secondary Avg. Secondary Fiscal Quarter First Lien Second Lien Commitments Deals & Other Placement (Public) (Public) Purchase Price 4Q2021 $385 20 $350 $13 $23 $304
$79 $2 100% 1Q2022 $300 21 $220 $77 $2 $227 $73 -- N/A 2Q2022 $228 25 $163 $17 $48 $162 $26 $40 96% 3Q2022 $132 28 $100 $6 $25 $63 $5 $63 91% 4Q2022 $97 11 $65 -- $32 $71 $22 $4 92% 1Q2023 $250 25 $214 $10 $26 $188 $49 $14 82% 2Q2023 $124 9 $124 --
-- $118 $5 $1 81% 3Q2023 $251 10 $227 $24 $0.2 $224 $20 $7 85% 4Q2023 $87 6 $87 -- -- $76 $12 -- N/A 1Q2024 $370 24 $354 -- $16 $302 -- $68 90% 2Q2024 $396 35 $364 -- $32 $205 $99 $92 98% 3Q2024 $339 20 $270 $3 $65 $256 $58 $24 97% 7 Note: Numbers
may not sum due to rounding. Excludes any positions originated, purchased and sold within the same quarter and the assets acquired in the Oaktree Strategic Income II, Inc. (the “OSI2 Merger”).
Financial Highlights As of ($ and number of shares in thousands, except
per share amounts) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 GAAP Net Investment Income per Share $0.54 $0.52 $0.57 $0.62 $0.63 1 Adjusted Net Investment Income per Share $0.55 $0.56 $0.57 $0.62 $0.62 Net Realized and Unrealized Gains
(Losses), Net of Taxes per Share -$0.53 -$0.40 -$0.43 -$0.02 -$0.15 1 Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes per Share -$0.54 -$0.44 -$0.42 -$0.02 -$0.14 Earnings (Loss) per Share $0.01 $0.12 $0.14 $0.60 $0.48 1 Adjusted
Earnings (Loss) per Share $0.01 $0.12 $0.15 $0.60 $0.47 Quarterly Distributions per Share $0.55 $0.55 $0.55 $0.55 $0.55 Special Distributions per Share -- -- $0.07 -- -- NAV per Share $18.19 $18.72 $19.14 $19.63 $19.58 Weighted Average Shares
Outstanding 81,830 79,763 77,840 77,130 77,080 Shares Outstanding, End of Period 82,245 81,396 78,965 77,225 77,080 Investment Portfolio (at Fair Value) $3,121,703 $3,047,445 $3,018,552 $2,892,420 $3,135,619 Cash and Cash Equivalents $96,321
$125,031 $112,369 $136,450 $59,704 Total Assets $3,322,181 $3,297,939 $3,266,195 $3,217,839 $3,335,974 2 Total Debt Outstanding $1,679,164 $1,635,642 $1,622,717 $1,600,731 $1,740,066 Net Assets $1,496,133 $1,524,099 $1,511,651 $1,515,764 $1,509,441
Total Debt to Equity Ratio 1.16x 1.10x 1.10x 1.10x 1.18x Net Debt to Equity Ratio 1.10x 1.02x 1.02x 1.01x 1.14x 3 Weighted Average Interest Rate on Debt Outstanding 7.0% 7.0% 7.0% 7.0% 6.6% 1. See appendix for a description of the non-GAAP measures
as necessary. 2. Net of unamortized financing costs. 8 I 3. Includes effect of the interest rate swap agreements the Company entered into in connection with the issuance of the 2027 Notes and the 2029 Notes. n v e s t o r P r e s e n a t
Portfolio Highlights As of ($ in thousands, at fair value) 6/30/2024
3/31/2024 12/31/2023 9/30/2023 6/30/2023 Investments at Fair Value $3,121,703 $3,047,445 $3,018,552 $2,892,420 $3,135,619 Number of Portfolio Companies 158 151 146 143 156 Average Debt Investment Size $19,900 $20,100 $20,200 $19,800 $19,800 Asset
Class: First Lien 82.5% 80.8% 77.9% 76.4% 76.5% Second Lien 3.5% 5.4% 8.4% 10.1% 12.0% Unsecured Debt 3.8% 2.6% 2.5% 1.9% 1.7% Equity 4.2% 4.8% 4.8% 5.0% 3.8% Joint Venture Interests 6.0% 6.4% 6.4% 6.6% 6.0% Interest Rate Type for Debt Investments:
% Floating-Rate 85.3% 85.4% 84.3% 86.2% 86.0% % Fixed-Rate 14.7% 14.6% 15.7% 13.8% 14.0% Yields: 1 Weighted Average Yield on Debt Investments 11.9% 12.2% 12.2% 12.7% 12.3% Cash Component of Weighted Average Yield on Debt Investments 10.6% 11.0%
11.1% 11.2% 11.4% 2 Weighted Average Yield on Total Portfolio Investments 11.5% 11.7% 11.7% 12.0% 11.8% Note: Numbers may not sum due to rounding. 1. Annual stated yield earned plus net annual amortization of OID or premium earned on accruing
investments, including the Company's share of the return on debt investments in the Kemper JV and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets
acquired in connection with the merger of Oaktree Strategic Income Corporation (the “OCSI Merger”) and the OSI2 Merger. See appendix for a description of the non-GAAP financial measures. 2. Annual stated yield earned plus net annual
amortization of OID or premium earned on accruing investments and dividend income, including the Company's share of the return on debt investments in the Kemper JV and Glick JV, and excluding any amortization or accretion of interest income
resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and the OSI2 9 Merger. See appendix for a description of the non-GAAP financial measures.
Investment Activity As of ($ in thousands) 6/30/2024 3/31/2024
12/31/2023 9/30/2023 6/30/2023 New Investment Commitments $338,700 $395,600 $370,300 $87,500 $251,000 1 New Funded Investment Activity $293,200 $377,400 $367,600 $117,100 $243,300 Proceeds from Prepayments, Exits, Other Paydowns and Sales $185,500
$322,600 $213,500 $364,400 $261,000 2 Net New Investments $107,700 $54,800 $154,100 -$247,300 -$17,700 New Investment Commitments in New Portfolio Companies 11 20 14 3 6 New Investment Commitments in Existing Portfolio Companies 9 15 10 3 4
Portfolio Company Exits 3 15 10 16 16 Weighted Average Yield at Cost on New Debt Investment 11.1% 11.1% 11.6% 12.0% 12.6% Commitments 1. New funded investment activity includes drawdowns on existing revolver commitments. 10 2. Net new investments
consists of new funded investment activity less proceeds from prepayments, exits, other paydowns and sales. I n v e s t o r P r e s e n a t
Net Asset Value Per Share Bridge Adjusted Net Realized and Unrealized
$21.00 Adjusted NII Gains (Losses), Net of Taxes $0.55 -$0.54 $20.00 $0.01 $19.00 -$0.51 $0.54 -$0.02 -$0.01 -$0.55 $18.00 $17.00 $18.72 $18.19 $16.00 $15.00 $14.00 3/31/24 NAV GAAP Net Interest Income Net Unrealized Net Realized Net Realized &
Quarterly 6/30/24 NAV 1 Investment Accretion Appreciation / Gain / (Loss) Unrealized Loss Distribution 1 Income Related to (Depreciation) Related to Merger Merger Accounting Accounting Adjustments Adjustments Note: Numbers may not sum due to
rounding. Net asset value per share amounts are based on the shares outstanding at each respective quarter end. Net investment income per share, net unrealized appreciation / (depreciation), and net realized gain / (loss) are based on the weighted
average number of shares outstanding for the period. Numbers may not sum due to rounding. See appendix for a description of the non-GAAP measures. 11 1. Excludes reclassifications of net unrealized appreciation / (depreciation) to net realized gains
/ (losses) as a result of investments exited during the quarter. I n v e s t o r P r e s e n a t
Capital Structure Overview Funding Sources Facility 6/30/24 0.90x to
1.25x ($ in millions) Size Outstanding Interest Rate Maturity Target Leverage Ratio Secured Credit Facilities Syndicated Facility $1,218 $505 SOFR + 2.00% Jun-28 Citibank Facility $400 $285 SOFR + 2.35% Jan-29 Secured Debt Subtotal $1,618 $790
Investment Unsecured Debt 2025 Notes $300 $300 3.50% Feb-25 Grade Rated 1 2027 Notes $350 $350 Jan-27 2.70% (SOFR + 1.658%) By Moody’s And Fitch 1 2029 Notes $300 $300 Feb-29 7.10% (SOFR + 3.126%) Unsecured Debt Subtotal $950 $950 Total Debt
$2,568 $1,740 55% Unsecured Borrowings Maturities ($ in millions) $1,500 Unsecured Debt Credit Facilities Drawn $0.9bn $1,000 Credit Facilities Undrawn 2 $713 Available Liquidity $115 $500 $285 $505 $350 $300 $300 $0 2025 2026 2027 2028 2029 Diverse
and flexible sources of debt capital with ample liquidity As of June 30, 2024 Note: Numbers may not sum due to rounding. 1. The Company entered into an interest rate swap agreement under which the Company receives a fixed interest rate and pays a
floating rate based on three-month SOFR plus a spread. 2. Liquidity was composed of $96 million of unrestricted cash and cash equivalents and $828 million of undrawn capacity under the credit facilities (subject to borrowing base and other
limitations). 12
Funding and Liquidity Metrics Leverage Utilization Liquidity Overview
($ in millions) ($ in millions) 9/30/23 12/31/23 3/31/24 6/30/24 $3,000 Credit Facilities Committed $1,618 $1,618 $1,618 $1,618 $2,568 $2,568 $2,568 $2,568 Credit Facilities Drawn -$710 -$710 -$730 -$790 $2,500 Cash and Equivalents $136 $112 $125
$96 $828 $888 $908 $908 $2,000 Total Liquidity $1,044 $1,020 $1,013 $924 1 -$206 -$200 -$209 -$264 Unfunded Commitments $1,500 Unavailable Unfunded $51 $34 $30 $45 2 Commitments $1,000 $1,740 $1,680 $1,660 $1,660 Adjusted Liquidity $889 $854 $834
$705 $500 $0 9/30/23 12/31/23 3/31/24 6/30/24 3 Ample liquidity to support funding needs Total Debt Outstanding Undrawn Capacity ($ in millions) 9/30/23 12/31/23 3/31/24 6/30/24 Cash and Equivalents $136 $112 $125 $96 Net Assets $1,516 $1,512 $1,524
$1,496 Total Leverage 1.10x 1.10x 1.10x 1.16x Net Leverage 1.01x 1.02x 1.02x 1.10x 1. Excludes unfunded commitments to the Kemper JV and Glick JV. 2. Includes unfunded commitments ineligible to be drawn due to certain limitations in credit
agreements. 3. As of June 30, 2024, we have analyzed cash and cash equivalents, availability under our credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and 13 believe our
liquidity and capital resources are sufficient to invest in market opportunities as they arise.
Strategic Joint Ventures are Accretive to Earnings OCSL’s JVs are
income-enhancing vehicles that primarily invest in senior secured loans of middle market companies and other corporate debt securities Key Attributes: • Equity ownership: 87.5% OCSL and 12.5% joint venture partner • Shared voting
control: 50% OCSL and 50% joint venture partner Kemper JV Characteristics Glick JV Characteristics (At fair value) (At fair value) $138mm 4.4% $49mm 1.6% OCSL’s Investments % of OCSL’s OCSL’s Investments % of OCSL’s in the
Kemper JV Portfolio in the Glick JV Portfolio $4.7mm 13.1% $1.7mm 13.3% Net Investment Return on OCSL’s Net Investment Return on OCSL’s 1 2 3 2 Income Investment (Annualized) Income Investment (Annualized) Combined Portfolio Summary
Portfolio Company Wtd. Avg. Debt Portfolio Investment Portfolio First Lien Leverage Ratio Count Yield $477mm 99% 50 10.1% 1.4x As of June 30, 2024 1. Represents OCSL’s 87.5% share of the Kemper JV’s net investment income (excluding
subordinated note interest expense) earned during the quarter ended June 30, 2024. 2. Calculated as OCSL’s share of each respective joint venture’s net investment income annualized, divided by the fair value of OCSL’s investments
in each joint venture as of June 30, 2024. 14 3. Represents OCSL’s 87.5% share of the Glick JV’s net investment income (excluding subordinated note interest expense) earned during the quarter ended June 30, 2024.
Appendix
Quarterly Statement of Operations For the three months ended ($ in
thousands) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Investment income Interest income $85,953 $85,256 $91,414 $94,732 $95,310 PIK interest income $6,149 $4,816 $3,849 $5,544 $3,967 Fee income $1,460 $2,546 $1,307 $572 $1,573 Dividend
income $1,404 $1,411 $1,415 $1,057 $1,050 GAAP total investment income $94,966 $94,029 $97,985 $101,905 $101,900 Interest income amortization related to merger accounting $607 $3,311 $29 $252 -$842 adjustments Adjusted total investment income
$95,573 $97,340 $98,014 $102,157 $101,058 Expenses Base management fee $11,781 $11,604 $11,477 $11,516 $11,983 Part I incentive fee $8,341 $8,452 $9,028 $9,531 $9,590 Part II incentive fee -- -- -- -- -- Interest expense $32,513 $31,881 $32,170
$32,326 $30,793 1 Other operating expenses $2,466 $2,225 $2,621 $2,534 $2,621 Total expenses $55,101 $54,162 $55,296 $55,907 $54,987 Fees waived -$1,500 -$1,500 -$1,500 -$1,500 -$1,500 Part incentive fees waived -$3,210 -- -- -- -- Net expenses
$50,391 $52,662 $53,796 $54,407 $53,487 GAAP net investment income $44,575 $41,367 $44,189 $47,498 $48,413 Less: Interest income accretion related to merger accounting $607 $3,311 $29 $252 -$842 adjustments Add: Part II incentive fee -- -- -- -- --
Adjusted net investment income $45,182 $44,678 $44,218 $47,750 $47,571 Note: See appendix for a description of the non-GAAP measures. 16 1. Includes professional fees, directors fees, administrator expense and general and administrative expenses. I
n v e s t o r P r e s e n ta
Quarterly Statement of Operations (continued) For the three months
ended ($ in thousands, except per share amounts) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 Net realized and unrealized gains (losses) Net unrealized appreciation (depreciation) $26,199 -$25,252 -$25,025 $13,745 -$1,039 Net realized gains
(losses) -$69,452 -$6,603 -$8,453 -$13,238 -$10,603 (Provision) benefit for taxes on realized and unrealized gains (losses) -$202 -$175 -$176 -$2,053 -$86 GAAP net realized and unrealized gains (losses), net of taxes -$43,455 -$32,030 -$33,654
-$1,546 -$11,728 Net realized and unrealized losses (gains) related to merger accounting -$600 -$3,314 $796 -$122 $612 adjustments Adjusted net realized and unrealized gains (losses), net of taxes -$44,055 -$35,344 -$32,858 -$1,668 -$11,116 GAAP net
increase (decrease) in net assets resulting from operations $1,120 $9,337 $10,535 $45,952 $36,685 Interest income amortization (accretion) related to merger accounting adjustments $607 $3,311 $29 $252 -$842 Net realized and unrealized losses (gains)
related to merger accounting -$600 -$3,314 $796 -$122 $612 adjustments Adjusted earnings (loss) $1,127 $9,334 $11,360 $46,082 $36,455 Per share data: GAAP total investment income $1.16 $1.18 $1.26 $1.32 $1.32 Adjusted total investment income $1.17
$1.22 $1.26 $1.32 $1.31 GAAP net investment income $0.54 $0.52 $0.57 $0.62 $0.63 Adjusted net investment income $0.55 $0.56 $0.57 $0.62 $0.62 GAAP net realized and unrealized gains (losses), net of taxes -$0.53 -$0.40 -$0.43 -$0.02 -$0.15 Adjusted
net realized and unrealized gains (losses), net of taxes -$0.54 -$0.44 -$0.42 -$0.02 -$0.14 GAAP net increase/decrease in net assets resulting from operations $0.01 $0.12 $0.14 $0.60 $0.48 Adjusted earnings (loss) $0.01 $0.12 $0.15 $0.60 $0.47
Weighted average common shares outstanding 81,830 79,763 77,840 77,130 77,080 Shares outstanding, end of period 82,245 81,396 78,965 77,225 77,080 17 Note: See appendix for a description of the non-GAAP measures. Per share amounts have been adjusted
for the one-for-three reverse stock split which took effect before market open on January 23, 2023. I n v e s t o r P r e s e n a t
Non-GAAP Disclosures The OCSI Merger and the OSI2 Merger (the
“Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ( ASC 805 ). The consideration paid to each of the
stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than non-qualifying assets, which established a new cost basis for
the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or OSI2 Merger, as applicable. Additionally, immediately following the completion of the
Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation / depreciation. The new cost basis established by ASC 805 on debt investments acquired
will accrete / amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation / depreciation on such investment acquired through its ultimate disposition. The
new cost basis established by ASC 805 on equity investments acquired will not accrete / amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and
disposition of such equity investments at fair value, the Company will recognize a realized gain / loss with a corresponding reversal of the unrealized appreciation / depreciation on disposition of such equity investments acquired. The
Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have
not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes Adjusted Total Investment Income , Adjusted Total Investment Income Per Share , Adjusted Net Investment Income and Adjusted Net
Investment Income Per Share are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the accretion income resulting from the new cost basis of the investments acquired in the
Mergers because these amounts do not impact the fees payable to Oaktree under its second amended and restated investment advisory agreement (the “A&R Advisory Agreement”), and specifically as its relates to Adjusted Net Investment
Income and Adjusted Net Investment Income Per Share , without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”,
“Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income/gain
resulting from the Mergers and used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics align the Company's key financial measures with the calculation of incentive fees payable to Oaktree under with
the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of Oaktree absent such exclusion). 18 I n v e s t o r P r e s e
n a t
oaktreespecialtylending.com
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Oaktree Specialty Lending (NASDAQ:OCSL)
過去 株価チャート
から 7 2024 まで 8 2024
Oaktree Specialty Lending (NASDAQ:OCSL)
過去 株価チャート
から 8 2023 まで 8 2024
