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Mar 31, 2024
Oaktree Q2 2024 Earnings Report
Announced second fiscal quarter 2024 financial results.
Key Takeaways
Oaktree Specialty Lending Corporation reported a GAAP net investment income of $41.4 million ($0.52 per share) for the second fiscal quarter of 2024, as compared with $44.2 million ($0.57 per share) for the first fiscal quarter of 2024. Total investment income was $94.0 million ($1.18 per share) for the second fiscal quarter of 2024, as compared with $98.0 million ($1.26 per share) for the first fiscal quarter of 2024.
Total investment income was $94.0 million ($1.18 per share).
GAAP net investment income was $41.4 million ($0.52 per share).
Originated $395.6 million of new investment commitments.
Declared a quarterly cash distribution of $0.55 per share.
Forward Guidance
Oaktree Specialty Lending announced a permanent reduction in the base management fee, effective as of July 1, 2024, to an annual rate of 1.00% of total gross assets, including any investment made with borrowings, but excluding cash and cash equivalents, net of all other existing waivers of the base management fee.
Positive Outlook
- Reduction in base management fee enhances earnings power.
- Shift in investment composition toward first lien loans.
- Strong portfolio activity in fiscal second quarter.
- Identified and sourced $396 million of new investment commitments.
- Realized $323 million of repayments and sales, including $109 million of junior positions.
Challenges Ahead
- Uncertainties associated with changes in the economy, financial markets and political environment.
- Risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict.
- Future changes in laws or regulations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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