Oaktree Specialty Lending (US:OCSL)2025-05-01 10:35Financial Performance - Adjusted Net Investment Income and GAAP Net Investment Income were both $045 per share, compared to $054 per share in the previous quarter[9] - Net Asset Value per share decreased to $1675, down from $1763 as of December 31, 2024, primarily due to write-downs on certain debt and equity investments[9] - A quarterly cash distribution of $040 per share and a supplemental cash distribution of $002 per share were declared[9] Portfolio Composition and Investment Activity - Total investments at fair value amounted to $29 billion across 152 portfolio companies[9, 11] - New investment commitments totaled $407 million with a weighted average yield of 95% on new debt investments[9, 17] - $406 million was funded in new investments, while $279 million was received from prepayments, exits, other paydowns, and sales[9] - The portfolio is composed of 84% senior secured debt investments, including 81% first lien loans, and 90% of the debt portfolio is floating rate[9] Capital Structure and Liquidity - The company has $98 million in cash and $104 billion of undrawn capacity on credit facilities[9] - The existing revolving credit facility was repriced, extending the maturity by approximately 2 years and reducing pricing by 125 bps[9] - The company refinanced its 2025 notes with $300 million of unsecured notes due in 2030, priced at 634% (SOFR+219%)[9] Strategic Actions - Oaktree purchased $100 million of newly issued shares of OCSL common stock at a price of $1763/share[7] - An incentive fee cap was instituted, resulting in a waiver of $67 million of Part I incentive fees in the second fiscal quarter of 2025[7]