Oaktree Specialty Lending Corporation Announces First Fiscal Quarter 2021 Financial Results and Declares Increased Distribution of $0.12 Per Share
Oaktree Specialty Lending (NASDAQ: OCSL) reported fiscal Q1 2021 results for the quarter ending December 31, 2020, with total investment income of $38.2 million ($0.27 per share), down from $43.6 million ($0.31 per share) in Q4 2020. GAAP net investment income was $10.0 million ($0.07 per share), a decrease from $24.5 million ($0.17 per share) due to lower income and higher fees. However, NAV per share rose 5% to $6.85. The Board declared a cash distribution of $0.12 per share, marking a 9% increase. The company originated $286.3 million in new investments during the quarter.
- NAV per share increased 5% to $6.85 from $6.49.
- Quarterly cash distribution raised by 9% to $0.12 per share, third consecutive increase.
- Originated new investment commitments totaling $286.3 million.
- Total investment income declined to $38.2 million from $43.6 million.
- GAAP net investment income fell to $10.0 million from $24.5 million.
- Higher accrued Part II incentive fees led to increased net expenses of $28.2 million.
LOS ANGELES, CA, Feb. 04, 2021 (GLOBE NEWSWIRE) -- 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 December 31, 2020.
Financial Highlights for the Quarter Ended December 31, 2020
- Total investment income was
$38.2 million ($0.27 per share) for the first fiscal quarter of 2021, as compared with$43.6 million ($0.31 per share) for the fourth fiscal quarter of 2020. The decrease in investment income for the quarter was primarily driven by lower one-time make-whole interest income from investments that were prepaid in the fourth fiscal quarter of 2020. - GAAP net investment income was
$10.0 million ($0.07 per share) for the first fiscal quarter of 2021, as compared with$24.5 million ($0.17 per share) for the fourth fiscal quarter of 2020. The decrease was primarily due to lower investment income and higher accrued Part II incentive fees. - Adjusted net investment income was
$19.6 million ($0.14 per share) for the first fiscal quarter of 2021, as compared with$24.5 million ($0.17 per share) for the fourth fiscal quarter of 2020. The decrease in adjusted net investment income for the quarter was primarily driven by lower investment income. - Net asset value ("NAV") per share was
$6.85 as of December 31, 2020, up5% from$6.49 as of September 30, 2020. The increase was primarily driven by realized gains resulting from the exit of an investment previously on non-accrual status and unrealized gains on debt investments. - Originated
$286.3 million of new investment commitments and received$160.7 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended December 31, 2020. Of these new investment commitments,68.6% were first lien loans and31.4% were second lien loans. The weighted average yield on new debt investments was8.7% . - Total debt outstanding was
$700.0 million as of December 31, 2020. The total debt to equity ratio was 0.73x, and the net debt to equity ratio was 0.70x, after adjusting for cash and cash equivalents. - Liquidity as of December 31, 2020 was composed of
$24.2 million of unrestricted cash and cash equivalents and$400.0 million of undrawn capacity under the credit facility (subject to borrowing base and other limitations). Unfunded investment commitments were$197.6 million , with approximately$149.8 million that can be drawn immediately as the remaining amount is subject to certain milestones that must be met by portfolio companies. - A quarterly cash distribution was declared of
$0.12 per share, an increase of9% from the prior quarter and the third consecutive quarterly distribution increase. The distribution will be paid in cash and is payable on March 31, 2021 to stockholders of record on March 15, 2021.
Armen Panossian, Chief Executive Officer and Chief Investment Officer, said, “OCSL reported another quarter of strong financial results and portfolio performance. NAV grew by more than
Distribution Declaration
The Board of Directors declared a quarterly distribution of
Distributions are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.
Results of Operations
| For the three months ended | ||||||||||||
| ($ in thousands, except per share data) | December 31, 2020 (unaudited) | September 30, 2020 (unaudited) | December 31, 2019 (unaudited) | |||||||||
| GAAP operating results: | ||||||||||||
| Interest income | $ | 31,633 | $ | 37,153 | $ | 28,405 | ||||||
| PIK interest income | 3,089 | 2,573 | 1,161 | |||||||||
| Fee income | 3,352 | 3,571 | 1,071 | |||||||||
| Dividend income | 130 | 302 | 323 | |||||||||
| Total investment income | 38,204 | 43,599 | 30,960 | |||||||||
| Net expenses | 28,186 | 19,054 | 23,124 | |||||||||
| Net investment income | 10,018 | 24,545 | 7,836 | |||||||||
| Net realized and unrealized gains (losses), net of taxes | 55,526 | 46,072 | 6,007 | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 65,544 | $ | 70,617 | $ | 13,843 | ||||||
| Net investment income per common share | $ | 0.07 | $ | 0.17 | $ | 0.06 | ||||||
| Net realized and unrealized gains (losses), net of taxes per common share | $ | 0.39 | $ | 0.33 | $ | 0.04 | ||||||
| Earnings (loss) per common share — basic and diluted | $ | 0.46 | $ | 0.50 | $ | 0.10 | ||||||
| Non-GAAP Financial Measures1: | ||||||||||||
| Adjusted net investment income | $ | 19,558 | $ | 24,545 | $ | 14,087 | ||||||
| Adjusted net investment income per common share | $ | 0.14 | $ | 0.17 | $ | 0.10 | ||||||
______________________
1 See Non-GAAP Financial Measures — Adjusted Net Investment Income below for a description of this non-GAAP measure and a reconciliation from net investment income to adjusted net investment income, including on a weighted-average per share basis. The Company's management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to capital gains incentive fees. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
| As of | ||||||||
| ($ in thousands, except per share data and ratios) | December 31, 2020 (unaudited) | September 30, 2020 | ||||||
| Select balance sheet and other data: | ||||||||
| Cash and cash equivalents | $ | 24,234 | $ | 39,096 | ||||
| Investment portfolio at fair value | 1,712,324 | 1,573,851 | ||||||
| Total debt outstanding (net of unamortized financing costs) | 694,827 | 709,315 | ||||||
| Net assets | 964,917 | 914,879 | ||||||
| Net asset value per share | 6.85 | 6.49 | ||||||
| Total debt to equity ratio | 0.73 | x | 0.78 | x | ||||
| Net debt to equity ratio | 0.70 | x | 0.74 | x | ||||
Total investment income for the quarter ended December 31, 2020 was
Net expenses for the quarter totaled
Adjusted net investment income was
Net realized and unrealized gains, net of taxes, were
Portfolio and Investment Activity
| As of | ||||||||||||
| ($ in thousands) | December 31, 2020 (unaudited) | September 30, 2020 (unaudited) | December 31, 2019 (unaudited) | |||||||||
| Investments at fair value | $ | 1,712,324 | $ | 1,573,851 | $ | 1,467,627 | ||||||
| Number of portfolio companies | 115 | 113 | 106 | |||||||||
| Average portfolio company debt size | $ | 16,200 | $ | 15,800 | $ | 15,300 | ||||||
| Asset class: | ||||||||||||
| Senior secured debt | 85.7 | % | 84.1 | % | 79.5 | % | ||||||
| Unsecured debt | 3.1 | % | 4.2 | % | 4.8 | % | ||||||
| Equity | 3.8 | % | 4.1 | % | 6.7 | % | ||||||
| SLF JV I | 7.3 | % | 7.5 | % | 8.8 | % | ||||||
| Limited partnership interests | 0.1 | % | 0.2 | % | 0.2 | % | ||||||
| Non-accrual debt investments: | ||||||||||||
| Non-accrual investments at fair value | $ | 470 | $ | 1,571 | $ | 461 | ||||||
| Non-accrual investments as a percentage of debt investments | — | % | 0.1 | % | — | % | ||||||
| Number of investments on non-accrual | 1 | 2 | 3 | |||||||||
| Interest rate type: | ||||||||||||
| Percentage floating-rate | 88.8 | % | 88.3 | % | 90.6 | % | ||||||
| Percentage fixed-rate | 11.2 | % | 11.7 | % | 9.4 | % | ||||||
| Yields: | ||||||||||||
| Weighted average yield on debt investments1 | 8.5 | % | 8.3 | % | 8.6 | % | ||||||
| Cash component of weighted average yield on debt investments | 7.2 | % | 7.0 | % | 7.8 | % | ||||||
| Weighted average yield on total portfolio investments2 | 8.0 | % | 7.8 | % | 7.9 | % | ||||||
| Investment activity: | ||||||||||||
| New investment commitments | $ | 286,300 | $ | 148,500 | $ | 134,200 | ||||||
| New funded investment activity3 | $ | 241,500 | $ | 146,300 | $ | 136,200 | ||||||
| Proceeds from prepayments, exits, other paydowns and sales | $ | 160,700 | $ | 184,200 | $ | 97,000 | ||||||
| Net new investments4 | $ | 80,800 | $ | (37,900 | ) | $ | 39,200 | |||||
| Number of new investment commitments in new portfolio companies | 14 | 8 | 9 | |||||||||
| Number of new investment commitments in existing portfolio companies | 7 | 3 | 4 | |||||||||
| Number of portfolio company exits | 12 | 12 | 7 | |||||||||
______________________
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 SLF JV I.
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 SLF JV I.
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 December 31, 2020, the fair value of the investment portfolio was
As of December 31, 2020,
As of December 31, 2020, there was one investment on non-accrual status, which represented less than
The Company's investments in SLF JV I totaled
As of December 31, 2020, SLF JV I had
Liquidity and Capital Resources
As of December 31, 2020, the Company had total principal value of debt outstanding of
On October 28, 2020, the Company entered into an incremental commitment and assumption agreement in connection with the Company’s exercise of
As of December 31, 2020, the Company had
As of December 31, 2020, the weighted average interest rate on debt outstanding was
The Company’s total debt to equity ratio was 0.73x and 0.78x as of December 31, 2020 and September 30, 2020, respectively. The Company's net debt to equity ratio was 0.70x and 0.74x as of December 31, 2020 and September 30, 2020, respectively.
Recent Developments
Merger Update
On January 19, 2021, the Company filed an amended registration statement on Form N-14, which included a joint proxy statement of the Company and OCSI and the Company’s prospectus. The registration statement on Form N-14 was declared effective by the SEC on January 21, 2021. On January 21, 2021, the Company filed its final joint proxy statement/prospectus with the SEC, which was mailed on or about January 21, 2021 to the Company’s stockholders of record as of January 19, 2021. The Company’s annual meeting of stockholders and OCSI’s special meeting of stockholders are both scheduled for March 15, 2021 to vote on the matters described in the joint proxy statement/prospectus as required by the Merger Agreement.
The transaction is expected to close soon after the meetings of stockholders in March 2021, subject to stockholder approval and other customary closing conditions.
Non-GAAP Financial Measures
Adjusted Net Investment Income
On a supplemental basis, the Company is disclosing adjusted net investment income and per share adjusted net investment income, each of which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (“non-GAAP”). Adjusted net investment income represents net investment income, excluding capital gains incentive fees ("Part II incentive fee"). The Company's management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to capital gains incentive fees. The Company’s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized capital depreciation on a cumulative basis. Refer to Note 11 – Related Party Transactions in the Company's Quarterly Report on Form 10-Q for further discussion. The Company believes that adjusted net investment income is a useful performance measure because it reflects the net investment income produced on the Company's investments during a period without giving effect to any changes in the value of such investments and any related capital gains incentive fees between periods. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
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 | ||||||||||||||||||||||||
| December 31, 2020 (unaudited) | September 30, 2020 (unaudited) | December 31, 2019 (unaudited) | ||||||||||||||||||||||
| ($ in thousands, except per share data) | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||
| GAAP net investment income | $ | 10,018 | $ | 0.07 | $ | 24,545 | $ | 0.17 | $ | 7,836 | $ | 0.06 | ||||||||||||
| Part II incentive fee (net of waivers) | 9,540 | 0.07 | — | — | 6,251 | 0.04 | ||||||||||||||||||
| Adjusted net investment income | $ | 19,558 | $ | 0.14 | $ | 24,545 | $ | 0.17 | $ | 14,087 | $ | 0.10 | ||||||||||||
Conference Call Information
Oaktree Specialty Lending will host a conference call to discuss its first fiscal quarter 2021 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on February 4, 2021. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers), participant password “Oaktree Specialty Lending.” Alternatively, a live webcast of the conference call can be accessed on 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 10151069, 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 or the two-step merger of Oaktree Strategic Income Corporation ("OCSI") with and into the Company (the “Mergers”). The forward-looking statements may include statements as to: future operating results of OCSI and the Company and distribution projections; business prospects of OCSI and the Company and the prospects of their portfolio companies; and the impact of the investments that OCSI and the Company expect 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) the timing or likelihood of the Mergers closing; (ii) the expected synergies and savings associated with the Mergers; (iii) the ability to realize the anticipated benefits of the Mergers, including the expected elimination of certain expenses and costs due to the Mergers; (iv) the percentage of OCSI and the Company’s stockholders voting in favor of the proposals submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the Mergers may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the risk that stockholder litigation in connection with the Mergers may result in significant costs of defense and liability; (ix) changes in the economy, financial markets and political environment, (x) risks associated with possible disruption in the operations of OCSI and the Company or the economy generally due to terrorism, natural disasters or the COVID-19 pandemic; (xi) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (xii) conditions in OCSI’s and the Company’s operating areas, particularly with respect to business development companies or regulated investment companies; (xiii) general considerations associated with the COVID-19 pandemic; and (xiv) other considerations that may be disclosed from time to time in OCSI’s and 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
Michael Mosticchio
(212) 284-1900
ocsl-ir@oaktreecapital.com
Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310) 478-2700
mediainquiries@oaktreecapital.com
Oaktree Specialty Lending Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
| December 31, 2020 (unaudited) | September 30, 2020 | |||||||
| ASSETS | ||||||||
| Investments at fair value: | ||||||||
| Control investments (cost December 31, 2020: | $ | 207,760 | $ | 201,385 | ||||
| Affiliate investments (cost December 31, 2020: | 8,971 | 6,509 | ||||||
| Non-control/Non-affiliate investments (cost December 31, 2020: | 1,495,593 | 1,365,957 | ||||||
| Total investments at fair value (cost December 31, 2020: | 1,712,324 | 1,573,851 | ||||||
| Cash and cash equivalents | 24,234 | 39,096 | ||||||
| Interest, dividends and fees receivable | 8,999 | 6,935 | ||||||
| Due from portfolio companies | 2,093 | 2,725 | ||||||
| Receivables from unsettled transactions | 11,054 | 9,123 | ||||||
| Deferred financing costs | 5,840 | 5,947 | ||||||
| Deferred offering costs | 67 | 67 | ||||||
| Deferred tax asset, net | 1,122 | 847 | ||||||
| Derivative assets at fair value | — | 223 | ||||||
| Other assets | 28,170 | 1,898 | ||||||
| Total assets | $ | 1,793,903 | $ | 1,640,712 | ||||
| LIABILITIES AND NET ASSETS | ||||||||
| Liabilities: | ||||||||
| Accounts payable, accrued expenses and other liabilities | $ | 2,442 | $ | 1,072 | ||||
| Base management fee and incentive fee payable | 20,230 | 11,212 | ||||||
| Due to affiliate | 2,355 | 2,130 | ||||||
| Interest payable | 4,192 | 1,626 | ||||||
| Payables from unsettled transactions | 102,737 | 478 | ||||||
| Derivative liability at fair value | 2,203 | — | ||||||
| Credit facility payable | 400,025 | 414,825 | ||||||
| Unsecured notes payable (net of | 294,802 | 294,490 | ||||||
| Total liabilities | 828,986 | 725,833 | ||||||
| Commitments and contingencies | ||||||||
| Net assets: | ||||||||
| Common stock, | 1,409 | 1,409 | ||||||
| Additional paid-in-capital | 1,487,774 | 1,487,774 | ||||||
| Accumulated overdistributed earnings | (524,266 | ) | (574,304 | ) | ||||
| Total net assets (equivalent to | 964,917 | 914,879 | ||||||
| Total liabilities and net assets | $ | 1,793,903 | $ | 1,640,712 | ||||
Oaktree Specialty Lending Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| Three months ended December 31, 2020 | Three months ended September 30, 2020 | Three months ended December 31, 2019 | ||||||||||
| Interest income: | ||||||||||||
| Control investments | $ | 2,343 | $ | 2,330 | $ | 2,551 | ||||||
| Affiliate investments | 105 | 88 | 114 | |||||||||
| Non-control/Non-affiliate investments | 29,184 | 34,733 | 25,659 | |||||||||
| Interest on cash and cash equivalents | 1 | 2 | 81 | |||||||||
| Total interest income | 31,633 | 37,153 | 28,405 | |||||||||
| PIK interest income: | ||||||||||||
| Non-control/Non-affiliate investments | 3,089 | 2,573 | 1,161 | |||||||||
| Total PIK interest income | 3,089 | 2,573 | 1,161 | |||||||||
| Fee income: | ||||||||||||
| Control investments | 15 | 15 | 6 | |||||||||
| Affiliate investments | 5 | 5 | 5 | |||||||||
| Non-control/Non-affiliate investments | 3,332 | 3,551 | 1,060 | |||||||||
| Total fee income | 3,352 | 3,571 | 1,071 | |||||||||
| Dividend income: | ||||||||||||
| Control investments | 130 | 299 | 323 | |||||||||
| Non-control/Non-affiliate investments | — | 3 | — | |||||||||
| Total dividend income | 130 | 302 | 323 | |||||||||
| Total investment income | 38,204 | 43,599 | 30,960 | |||||||||
| Expenses: | ||||||||||||
| Base management fee | 6,541 | 6,005 | 5,607 | |||||||||
| Part I incentive fee | 4,149 | 5,206 | 2,988 | |||||||||
| Part II incentive fee | 9,540 | — | 1,051 | |||||||||
| Professional fees | 867 | 678 | 640 | |||||||||
| Directors fees | 143 | 142 | 143 | |||||||||
| Interest expense | 6,095 | 6,133 | 6,535 | |||||||||
| Administrator expense | 333 | 330 | 428 | |||||||||
| General and administrative expenses | 518 | 560 | 532 | |||||||||
| Total expenses | 28,186 | 19,054 | 17,924 | |||||||||
| Reversal of fees waived | — | — | 5,200 | |||||||||
| Net expenses | 28,186 | 19,054 | 23,124 | |||||||||
| Net investment income | 10,018 | 24,545 | 7,836 | |||||||||
| Unrealized appreciation (depreciation): | ||||||||||||
| Control investments | 8,335 | 10,117 | 1,997 | |||||||||
| Affiliate investments | (290 | ) | 76 | (64 | ) | |||||||
| Non-control/Non-affiliate investments | 41,937 | 29,922 | 2,408 | |||||||||
| Foreign currency forward contracts | (2,426 | ) | (647 | ) | (1,462 | ) | ||||||
| Net unrealized appreciation (depreciation) | 47,556 | 39,468 | 2,879 | |||||||||
| Realized gains (losses): | ||||||||||||
| Control investments | — | (4,932 | ) | — | ||||||||
| Non-control/Non-affiliate investments | 8,738 | 13,502 | 3,839 | |||||||||
| Foreign currency forward contracts | (523 | ) | (2,123 | ) | (551 | ) | ||||||
| Net realized gains (losses) | 8,215 | 6,447 | 3,288 | |||||||||
| Provision for income tax (expense) benefit | (245 | ) | 157 | (160 | ) | |||||||
| Net realized and unrealized gains (losses), net of taxes | 55,526 | 46,072 | 6,007 | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 65,544 | $ | 70,617 | $ | 13,843 | ||||||
| Net investment income per common share — basic and diluted | $ | 0.07 | $ | 0.17 | $ | 0.06 | ||||||
| Earnings (loss) per common share — basic and diluted | $ | 0.46 | $ | 0.50 | $ | 0.10 | ||||||
| Weighted average common shares outstanding — basic and diluted | 140,961 | 140,961 | 140,961 | |||||||||
FAQ
What were Oaktree Specialty Lending's earnings for Q1 2021?
How did the NAV per share change for OCSL as of December 31, 2020?
What is the cash distribution declared by Oaktree Specialty Lending?
What factors contributed to the decrease in investment income for OCSL?
How much new investment commitments did OCSL originate in Q1 2021?
