Oaktree Specialty Lending Corporation · Q1 2023 earnings

Briefing

Announced financial results for the first fiscal quarter of 2023 and declared increased distribution of $0.55 per share.

Oaktree Specialty Lending Corporation reported adjusted net investment income of $0.61 per share, a 10% increase from the prior quarter, driven by robust origination activity and attractive investments, resulting in an annualized return on equity of just under 12%.

• Total investment income was $79.2 million ($1.30 per share) for the first fiscal quarter of 2023, as compared with $70.1 million ($1.15 per share) for the fourth fiscal quarter of 2022.
• GAAP net investment income was $38.8 million ($0.63 per share) for the first fiscal quarter of 2023, as compared with $35.9 million ($0.59 per share) for the fourth fiscal quarter of 2022.
• Net asset value (“NAV”) per share was $19.63 as of December 31, 2022, as compared with $20.38 as of September 30, 2022.
• Originated $250.3 million of new investment commitments and received $104.4 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended December 31, 2022. The weighted average yield on new debt investments was 13.1%.

Headline financials

Revenue & EPS history

The company expects to continue delivering attractive returns to shareholders.