ChrisHepburn/E+ via Getty Images Overview I previously covered Oaktree Specialty Lending (NASDAQ:OCSL) back in March and rated it as a hold due to its price trading at a premium to net asset value and its declining net investment income. However, I wanted to reassess this business development company and provide a more specific time range in regard to its performance. OCSL actually didn't publicly exist until the tail end of 2017 because prior to this the portfolio was managed by Fifth Street. Therefore, I ...

LOS ANGELES, CA, July 01, 2024 (GLOBE NEWSWIRE) -- Oaktree Specialty Lending Corporation (NASDAQ:OCSL) (“Oaktree Specialty Lending” or the “Company”) today announced that it will report its financial results for the third fiscal quarter ended June 30, 2024 before the opening of the Nasdaq Global Select Market on Thursday, August 1, 2024. Management will host a conference call to discuss the results on the same day at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. The conference call may be accessed by di ...

da-kuk In March this year I wrote a follow-up article on my initial thesis on Oaktree Specialty Lending Corporation (NASDAQ:OCSL) arguing that it was the right moment for long-term investors to capitalize on the temporarily depressed share price. After OCSL circulated its fiscal Q2 earnings report, the share price decreased quite significantly due to subpar adjusted NII results that were driven lower by a meaningful uptick in the non-accrual base. My argumentation was that this could be considered a one-off ...

ryasick Oaktree Specialty Lending (NASDAQ:OCSL) suffered weakness in its dividend coverage metrics for the quarter ending March. While the decline in the dividend coverage was not great, the BDC announced that it was lowering its management fee which is set to improve Oaktree Specialty Lending’s dividend coverage. As a result, I don’t expect the BDC to lower its dividend as the estimated impact of the management fee reduction is set to improve Oaktree Specialty Lending's dividend coverage metrics. The compa ...

Adam Gault In this article, we catch up on the latest quarterly results of Oaktree Specialty Lending Corporation (NASDAQ:OCSL). OCSL had another disappointing quarter, though it still eked out a positive total NAV return. Additional writedowns on existing non-accruals and the timing of new investments proved to be key headwinds to both NAV and net income. OCSL is primarily focused on secured loans, with a low allocation to equity securities. Its sector overweights are software and healthcare - a fairly comm ...

财务数据和关键指标变化 - 公司第二财季调整后净投资收益为4,470万美元或每股0.56美元,与上一季度的4,420万美元或每股0.57美元基本持平 [43][44] - 总投资收益略有下降,主要是由于资本部署时间的影响和利差压缩,尤其是二级债券投资减少 [45][46][47] - 净费用下降1,100万美元,主要是由于绩效费、专业费用和利息费用的下降 [49] - 公司宣布每股0.55美元的股息,与过去5个季度保持一致 [12] 各条业务线数据和关键指标变化 - 公司投资组合规模达30亿美元,分散投资于151家公司,86%投资于高级担保贷款,81%为优先担保贷款 [24] - 投资组合公司的中位数EBITDA约1.34亿美元,与上季度基本持平,杠杆水平为5.2倍,低于整体中型市场水平 [24] - 公司在第二季度完成了3.96亿美元的新投资,其中92%为优先担保贷款,平均收益率为11.1% [25][27] 各个市场数据和关键指标变化 - 公司积极参与公开信贷市场,在第二季度购买了1.91亿美元的新发行和二级市场公开债券 [26] - 公司认为信贷市场近6个月出现广泛上涨,利差处于历史紧张水平,主要是由于投资者对经济"软着陆"的乐观预期 [36][37] - 公司对利率下降的幅度和速度持谨慎态度,预计利率将相对较高,可能给高负债企业和未来需要再融资的公司带来挑战 [39] 公司战略和发展方向及行业竞争 - 公司将继续保持谨慎和选择性的投资策略,充分利用橡树的资源和专业优势,在公开和私人信贷市场中选择性投资 [40] - 公司保持充足的流动性和资本实力,以应对短期波动并实现长期出色业绩 [41] - 公司将优先投资于高级担保贷款,并继续增加对大型、多元化企业的投资,以进一步降低风险 [24] 管理层对经营环境和未来前景的评论 - 管理层对经济"软着陆"的预期持谨慎态度,认为下行风险可能大于上行空间,因为市场已经过度乐观地定价 [38][39] - 管理层预计利率将相对较高,可能给高负债企业和未来需要再融资的公司带来挑战 [39] - 管理层将保持谨慎和选择性的投资策略,充分利用橡树的资源和专业优势,在公开和私人信贷市场中选择性投资 [40] 问答环节重要的提问和回答 问题1 **Brian McKenna 提问** 对于公司的股息和管理费降低,考虑到利率变化和信贷质量的潜在变化,公司如何确保未来12-18个月能够完全覆盖股息? 公司每100个基点利率变动的收益敏感度是多少? [62][63] **Matt Pendo 回答** 公司对于未来能够覆盖股息感到很有信心,主要基于管理费降低以及对管道和时间因素的调整。公司没有对具体的利率敏感度做出预测,但会密切关注市场变化。 [63][64][65] 问题2 **Finian O'Shea 提问** 公司本季度的新投资中,一级债占比较高且息差和溢价较低,这是否意味着公司未来的收益预期会下降,而管理费降低只是对此的补偿? [72][73][74] **Armen Panossian 回答** 公司投资组合在过去两年中一级债占比从60%提高到80%,这反映了公司对风险的谨慎态度。公司认为1%的管理费更合适,能为股东提供稳定的股息收益,而不是对未来收益的预测。 [73][74][75] 问题3 **Melissa Wedel 提问** 考虑到当前利率环境,公司是否预计未来提前偿还收入会更加正常化,而不像之前利率下降周期那样较高? [101][102][103][104] **Armen Panossian 和 Matt Pendo 回答** 公司很难对提前偿还收入做出准确预测,因为过去两年公司投资组合有超过50%发生了周转,这在利率上升环境下也出现了较高的提前偿还。未来提前偿还收入会有所增加,但具体情况仍取决于各个投资的个别情况。 [102][103][104]

Oaktree Specialty Lending (OCSL) reported $94.03 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 2.4%. EPS of $0.56 for the same period compares to $0.62 a year ago. The reported revenue represents a surprise of -5.65% over the Zacks Consensus Estimate of $99.66 million. With the consensus EPS estimate being $0.57, the EPS surprise was -1.75%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectation ...

Exhibit 99.1 Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2024 Financial Results and Declares Quarterly Distribution of $0.55 Per Share Announces Permanent Management Fee Reduction LOS ANGELES, CA, April 30, 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 March 31, 2024. Financial Highlights for the Quarter Ended March 31, 2024 • ...

LOS ANGELES, April 30, 2024 (GLOBE NEWSWIRE) -- Oaktree Specialty Lending Corporation (NASDAQ:OCSL) ("OCSL" or the "Company") today announced a permanent reduction in its base management fee. Effective July 1, 2024, the base management fee will be reduced to an annual rate of 1.00% from 1.50% on gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents. The new base management fee will be calculated net of the base management fees that Oaktree Fund Advisers, L ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 1-33901 Oaktree Specialty Lending Corporation (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 26-1219283 (State or jurisdiction of (I.R.S. Employer inc ...