Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2024 Financial Results and Declares Quarterly Distribution of $0.55 Per Share
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
宣佈永久降低管理費
LOS ANGELES, April 30, 2024 (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 March 31, 2024.
洛杉磯,2024年4月30日(GLOBE NEWSWIRE)——專業金融公司奧克特里專業貸款公司(納斯達克股票代碼:OCSL)(“橡樹專業貸款” 或 “公司”)今天公佈了截至2024年3月31日的財季財務業績。
Financial Highlights for the Quarter Ended March 31, 2024
截至2024年3月31日的季度財務摘要
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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. The decrease was primarily driven by purchase premium acceleration from the repayment of certain investments acquired in the mergers with Oaktree Strategic Income Corporation ("OCSI") and Oaktree Strategic Income II, Inc. ("OSI2"). Adjusted total investment income was $97.3 million ($1.22 per share) for the second fiscal quarter, as compared with $98.0 million ($1.26 per share) for the first fiscal quarter of 2024. The decrease was primarily driven by lower interest income from the timing of capital deployment and spread compression primarily resulting from the rotation out of second lien and subordinated investments. This was partially offset by higher fee income and higher original issue discount ("OID") acceleration from investment repayments.
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GAAP net investment income was $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. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower part I incentive fees, professional fees and interest expense.
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Adjusted net investment income was $44.7 million ($0.56 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. The increase for the quarter was primarily driven by lower part I incentive fees, professional fees and interest expense, partially offset by lower adjusted total investment income. The per share decrease for the quarter was driven by an increase in weighted average shares outstanding.
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Net asset value ("NAV") per share was $18.72 as of March 31, 2024, down as compared with $19.14 as of December 31, 2023. The decline from December 31, 2023 primarily reflected realized and unrealized losses on certain debt and equity investments.
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Originated $395.6 million of new investment commitments and received $322.6 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2024. The weighted average yield on new debt investments was 11.1%.
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Total debt outstanding was $1,680.0 million as of March 31, 2024. The total debt to equity ratio was 1.10x, and the net debt to equity ratio was 1.02x, after adjusting for cash and cash equivalents.
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Liquidity as of March 31, 2024 was composed of $125.0 million of unrestricted cash and cash equivalents and $887.5 million of undrawn capacity under the Company's credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $236.2 million, or $209.1 million excluding unfunded commitments to the Company's joint ventures. Of the $209.1 million, approximately $179.0 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.
- A quarterly cash distribution was declared of $0.55 per share. The distribution is payable in cash on June 28, 2024 to stockholders of record on June 14, 2024.
- Waived additional base management fees such that the total amount of waived base management fees (including those previously waived) will be $1.5 million for each of the three months ended March 31, 2024 and June 30, 2024.
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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, including the waiver set forth in the A&R Advisory Agreement.
- 2024年第二財季的總投資收入爲9,400萬美元(每股1.18美元),而2024年第一財季的總投資收入爲9,800萬美元(每股1.26美元)。下降的主要原因是償還了在與橡樹戰略收益公司(“OCSI”)和Oaktree Strategic Income II, Inc.(“OSI2”)合併時收購的某些投資,從而加速了購買溢價。第二財季調整後的總投資收益爲9,730萬美元(每股1.22美元),而2024年第一財季的調整後總投資收益爲9,800萬美元(每股1.26美元)。下降的主要原因是資本部署時機導致的利息收入減少以及利差壓縮,這主要是第二留置權和次級投資的輪換所致。這被更高的費用收入和投資還款帶來的更高的原始發行折扣(“OID”)加速所部分抵消。
- 2024年第二財季的GAAP淨投資收益爲4,140萬美元(每股0.52美元),而2024年第一財季的淨投資收益爲4,420萬美元(每股0.57美元)。本季度的下降主要是由總投資收入減少所致,但第一部分激勵費、專業費用和利息支出的減少部分抵消了這一下降。
- 2024年第二財季調整後的淨投資收益爲4,470萬美元(每股0.56美元),而2024年第一財季的調整後淨投資收益爲4,420萬美元(每股0.57美元)。本季度的增長主要是由第一部分激勵費、專業費用和利息支出的減少所推動的,調整後總投資收益的減少部分抵消了這一增長。本季度每股下降是由加權平均已發行股票的增加所推動的。
- 截至2024年3月31日,每股淨資產價值(“NAV”)爲18.72美元,而截至2023年12月31日爲19.14美元。自2023年12月31日以來的下降主要反映了某些債務和股權投資的已實現和未實現虧損。
- 在截至2024年3月31日的季度中,發放了3.956億美元的新投資承諾,並從預付款、退出、其他付款和銷售中獲得了3.226億美元的收益。新債投資的加權平均收益率爲11.1%。
- 截至2024年3月31日,未償債務總額爲16.8億美元。經現金和現金等價物調整後,總負債權益比率爲1.10倍,淨負債權益比率爲1.02倍。
- 截至2024年3月31日,流動性由1.25億美元的非限制性現金和現金等價物以及公司信貸額度下的8.875億美元未動用容量組成(受借款基礎和其他限制)。無準備金的投資承諾爲2.362億美元,合2.091億美元,其中不包括對公司合資企業的無準備金承諾。在這2.091億美元中,大約1.790億美元可以立即提取,其餘金額取決於投資組合公司必須達到的某些里程碑或其他限制。
- 宣佈季度現金分配爲每股0.55美元。該分配將於2024年6月28日以現金支付給2024年6月14日的登記股東。
- 免除了額外的基礎管理費,因此在截至2024年3月31日和2024年6月30日的三個月中,每個月免除的基本管理費(包括先前免除的費用)總額將爲150萬美元。
- 宣佈自2024年7月1日起永久降低基本管理費,年利率爲總資產的1.00%,包括通過借款進行的任何投資,但不包括現金和現金等價物,扣除所有其他現有的基本管理費豁免,包括A&R諮詢協議中規定的豁免。
Armen Panossian, Chief Executive Officer and Chief Investment Officer, said, "We generated strong portfolio activity in our fiscal second quarter that drove a continued shift in our investment composition toward first lien loans. During the quarter, we identified and sourced $396 million of new investment commitments across private and public markets while also realizing $323 million of repayments and sales, including $109 million of junior positions. We also made progress repositioning several underperforming investments, achieving key milestones aimed at enhancing recoveries."
首席執行官兼首席投資官Armen Panossian表示:“我們在第二財季創造了強勁的投資組合活動,這推動了我們的投資結構持續向第一留置權貸款轉移。在本季度,我們在私人和公開市場確定並獲得了3.96億美元的新投資承諾,同時還實現了3.23億美元的還款和銷售額,包括1.09億美元的初級職位。我們在重新定位幾項表現不佳的投資方面也取得了進展,實現了旨在增強復甦的關鍵里程碑。”
"We also announced a permanent reduction in the base management fee from 1.50% to 1.00% of assets, net of existing base management fee waivers," Mr. Panossian added. "We believe this permanent change to our fee structure demonstrates Oaktree's strong commitment to aligning its interests with shareholders. We have successfully grown OCSL since taking over as its investment advisor and this reduction in fees means that a larger portion of our investment income will flow to our shareholders. Today's announcement significantly enhances our earnings power and reinforces our dedication to maximizing shareholder value over the long term."
帕諾西安補充說:“我們還宣佈,扣除現有的基本管理費減免,將基本管理費從資產的1.50%永久降至1.00%。”“我們認爲,費用結構的這種永久變化表明了Oaktree堅定地致力於使其利益與股東保持一致。自接任OCSL的投資顧問以來,我們已經成功發展了OCSL,而費用的降低意味着我們的投資收入的很大一部分將流向我們的股東。今天的公告極大地增強了我們的盈利能力,並增強了我們對長期股東價值最大化的承諾。”
Distribution Declaration
分發聲明
The Board of Directors declared a quarterly distribution of $0.55 per share. The distribution is payable in cash on June 28, 2024 to stockholders of record on June 14, 2024.
董事會宣佈季度分配爲每股0.55美元。該分配將於2024年6月28日以現金支付給2024年6月14日的登記股東。
Distributions are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company's stockholders.
分配主要由可分配(應納稅)收入支付。如果應納稅財政年度的應納稅收益低於該財年的分配總額,則這些分配的一部分可能被視爲向公司股東提供的資本回報。
Results of Operations
運營結果
For the three months ended | ||||||||||||
($ in thousands, except per share data) | March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | |||||||||
GAAP operating results: | ||||||||||||
Interest income | $ | 85,256 | $ | 91,414 | $ | 88,745 | ||||||
PIK interest income | 4,816 | 3,849 | 4,123 | |||||||||
Fee income | 2,546 | 1,307 | 2,380 | |||||||||
Dividend income | 1,411 | 1,415 | 1,054 | |||||||||
Total investment income | 94,029 | 97,985 | 96,302 | |||||||||
Net expenses | 52,662 | 53,796 | 50,324 | |||||||||
Net investment income | 41,367 | 44,189 | 45,978 | |||||||||
Net realized and unrealized gains (losses), net of taxes | (32,030) | (33,654) | (24,456) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 9,337 | $ | 10,535 | $ | 21,522 | ||||||
Total investment income per common share | $ | 1.18 | $ | 1.26 | $ | 1.32 | ||||||
Net investment income per common share | $ | 0.52 | $ | 0.57 | $ | 0.63 | ||||||
Net realized and unrealized gains (losses), net of taxes per common share | $ | (0.40) | $ | (0.43) | $ | (0.34) | ||||||
Earnings (loss) per common share — basic and diluted | $ | 0.12 | $ | 0.14 | $ | 0.29 | ||||||
Non-GAAP Financial Measures1: | ||||||||||||
Adjusted total investment income | $ | 97,340 | $ | 98,014 | $ | 95,741 | ||||||
Adjusted net investment income | $ | 44,678 | $ | 44,218 | $ | 45,417 | ||||||
Adjusted net realized and unrealized gains (losses), net of taxes | $ | (35,344) | $ | (32,858) | $ | (3,501) | ||||||
Adjusted earnings (loss) | $ | 9,334 | $ | 11,360 | $ | 41,916 | ||||||
Adjusted total investment income per share | $ | 1.22 | $ | 1.26 | $ | 1.31 | ||||||
Adjusted net investment income per share | $ | 0.56 | $ | 0.57 | $ | 0.62 | ||||||
Adjusted net realized and unrealized gains (losses), net of taxes per share | $ | (0.44) | $ | (0.42) | $ | (0.05) | ||||||
Adjusted earnings (loss) per share | $ | 0.12 | $ | 0.15 | $ | 0.57 |
在結束的三個月裏 | ||||||||||||
(千美元,每股數據除外) | 2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | |||||||||
GAAP 經營業績: | ||||||||||||
利息收入 | $ | 85,256 | $ | 91,414 | $ | 88,745 | ||||||
PIK 利息收入 | 4,816 | 3,849 | 4,123 | |||||||||
費用收入 | 2,546 | 1,307 | 2,380 | |||||||||
股息收入 | 1,411 | 1,415 | 1,054 | |||||||||
總投資收入 | 94,029 | 97,985 | 96,302 | |||||||||
淨支出 | 52,662 | 53,796 | 50,324 | |||||||||
淨投資收益 | 41,367 | 44,189 | 45,978 | |||||||||
扣除稅款後的已實現和未實現淨收益(虧損) | (32,030) | (33,654) | (24,456) | |||||||||
運營導致的淨資產淨增加(減少) | $ | 9,337 | $ | 10,535 | $ | 21,522 | ||||||
每股普通股的總投資收益 | $ | 1.18 | $ | 1.26 | $ | 1.32 | ||||||
每股普通股淨投資收益 | $ | 0.52 | $ | 0.57 | $ | 0.63 | ||||||
已實現和未實現的淨收益(虧損),扣除每股普通股稅收後的淨收益(虧損) | $ | (0.40) | $ | (0.43) | $ | (0.34) | ||||||
普通股每股收益(虧損)——基本和攤薄後 | $ | 0.12 | $ | 0.14 | $ | 0.29 | ||||||
非公認會計准則財務指標1: | ||||||||||||
調整後的總投資收益 | $ | 97,340 | $ | 98,014 | $ | 95,741 | ||||||
調整後的淨投資收益 | $ | 44,678 | $ | 44,218 | $ | 45,417 | ||||||
調整後的已實現和未實現淨收益(虧損),扣除稅款 | $ | (35,344) | $ | (32,858) | $ | (3,501) | ||||||
調整後收益(虧損) | $ | 9,334 | $ | 11,360 | $ | 41,916 | ||||||
調整後的每股總投資收益 | $ | 1.22 | $ | 1.26 | $ | 1.31 | ||||||
調整後的每股淨投資收益 | $ | 0.56 | $ | 0.57 | $ | 0.62 | ||||||
調整後的已實現和未實現淨收益(虧損),扣除每股稅款 | $ | (0.44) | $ | (0.42) | $ | (0.05) | ||||||
調整後的每股收益(虧損) | $ | 0.12 | $ | 0.15 | $ | 0.57 |
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1 See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company's performance without giving effect to non-cash income/gain/loss resulting from the merger of OCSI with and into the Company in March 2021 (the "OCSI Merger") and the merger of OSI2 with and into the Company in January 2023 (the "OSI2 Merger") and, in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
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1 參見 非公認會計准則財務指標 下文描述了非公認會計准則指標以及最具可比性的GAAP財務指標與公司非公認會計准則指標(包括每股指標)的對賬。公司管理層在內部使用這些非公認會計准則財務指標來分析和評估財務業績和業績,並認爲這些非公認會計准則財務指標對投資者很有用,可以作爲評估公司持續業績和趨勢以及在不影響2021年3月OCSI與公司合併(“OCSI合併”)和OSI2與公司合併產生的非現金收入/收益/損失的情況下審查公司的業績並於 2023 年 1 月加入公司(“OSI2 合併”),並在調整後的淨投資收益案例,但不影響資本收益激勵費。非公認會計准則指標的列報無意取代根據公認會計原則編制的財務業績,因此不應孤立考慮。
As of | |||||||||
($ in thousands, except per share data and ratios) | March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | ||||||
Select balance sheet and other data: | |||||||||
Cash and cash equivalents | $ | 125,031 | $ | 112,369 | $ | 43,750 | |||
Investment portfolio at fair value | 3,047,445 | 3,018,552 | 3,164,860 | ||||||
Total debt outstanding (net of unamortized financing costs) | 1,635,642 | 1,622,717 | 1,723,840 | ||||||
Net assets | 1,524,099 | 1,511,651 | 1,515,150 | ||||||
Net asset value per share | 18.72 | 19.14 | 19.66 | ||||||
Total debt to equity ratio | 1.10x | 1.10x | 1.16x | ||||||
Net debt to equity ratio | 1.02x | 1.02x | 1.14x |
截至截至 | |||||||||
(以千美元計,每股數據和比率除外) | 2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | ||||||
選擇資產負債表和其他數據: | |||||||||
現金和現金等價物 | $ | 125,031 | $ | 112,369 | $ | 43,750 | |||
按公允價值計算的投資組合 | 3,047,445 | 3,018,552 | 3,164,860 | ||||||
未償債務總額(扣除未攤銷的融資成本) | 1,635,642 | 1,622,717 | 1,723,840 | ||||||
淨資產 | 1,524,099 | 1,511,651 | 1,515,150 | ||||||
每股淨資產價值 | 18.72 | 19.14 | 19.66 | ||||||
總負債權益比率 | 1.10 倍 | 1.10 倍 | 1.16x | ||||||
淨負債與權益比率 | 1.02 倍 | 1.02 倍 | 1.14 倍 |
Adjusted total investment income for the quarter ended March 31, 2024 was $97.3 million and included $88.6 million of interest income from portfolio investments, $4.8 million of payment-in-kind ("PIK") interest income, $2.5 million of fee income and $1.4 million of dividend income. The $0.7 million decline in adjusted total investment income was attributable to $1.9 million of lower interest income, mainly the result of the timing of capital deployment and spread compression primarily resulting from the rotation out of second lien positions. This was partially offset by a $1.2 million increase in fee income mainly driven by prepayment and amendment fees.
截至2024年3月31日的季度調整後的總投資收入爲9,730萬美元,其中包括來自投資組合的8,860萬美元的利息收入、480萬美元的實物支付(“PIK”)利息收入、250萬美元的費用收入和140萬美元的股息收入。調整後的總投資收益下降70萬美元歸因於190萬美元的利息收入減少,這主要是資本部署時機和利差壓縮的結果,這主要是由於第二留置權的輪換所致。這部分被費用收入增加的120萬美元所抵消,這主要是由預付款和修改費推動的。
Net expenses for the quarter ended March 31, 2024 totaled $52.7 million, down $1.1 million from the quarter ended December 31, 2023. The decrease in net expenses was primarily driven by lower part I incentive fees, professional fees and interest expense during the quarter.
截至2024年3月31日的季度淨支出總額爲5,270萬美元,較截至2023年12月31日的季度下降了110萬美元。淨支出的減少主要是由本季度第一部分激勵費、專業費用和利息支出的減少所推動的。
Adjusted net investment income was $44.7 million ($0.56 per share) for the quarter ended March 31, 2024, as compared to $44.2 million ($0.57 per share) for the quarter ended December 31, 2023. The increase for the quarter was primarily driven by $1.1 of lower part I incentive fees, professional fees and interest expense, partially offset by $0.7 million of lower adjusted total investment income. The per share decrease for the quarter was driven by an increase in weighted average shares outstanding.
截至2024年3月31日的季度,調整後的淨投資收益爲4,470萬美元(每股0.56美元),而截至2023年12月31日的季度爲4,420萬美元(每股0.57美元)。本季度的增長主要是由第一部分激勵費、專業費用和利息支出減少1.1美元推動的,部分被調整後總投資收益減少的70萬美元所抵消。本季度每股下降是由加權平均已發行股票的增加所推動的。
Adjusted net realized and unrealized losses, net of taxes, was $35.3 million for the quarter ended March 31, 2024, primarily reflecting realized and unrealized losses on certain debt and equity investments.
截至2024年3月31日的季度,扣除稅款後的調整後已實現和未實現淨虧損爲3530萬美元,主要反映了某些債務和股權投資的已實現和未實現虧損。
Portfolio and Investment Activity
投資組合和投資活動
As of | ||||||||||||
($ in thousands) | March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | |||||||||
Investments at fair value | $ | 3,047,445 | $ | 3,018,552 | $ | 3,164,860 | ||||||
Number of portfolio companies | 151 | 146 | 165 | |||||||||
Average portfolio company debt size | $ | 20,100 | $ | 20,200 | $ | 18,800 | ||||||
Asset class: | ||||||||||||
First lien debt | 80.8% | 77.9% | 75.0% | |||||||||
Second lien debt | 5.4% | 8.4% | 13.0% | |||||||||
Unsecured debt | 2.6% | 2.5% | 1.9% | |||||||||
Equity | 4.8% | 4.8% | 4.1% | |||||||||
JV interests | 6.4% | 6.4% | 6.0% | |||||||||
Non-accrual debt investments: | ||||||||||||
Non-accrual investments at fair value | $ | 69,128 | $ | 120,713 | $ | 73,424 | ||||||
Non-accrual investments at cost | $ | 127,720 | $ | 174,897 | $ | 76,938 | ||||||
Non-accrual investments as a percentage of debt investments at fair value | 2.4% | 4.2% | 2.4% | |||||||||
Non-accrual investments as a percentage of debt investments at cost | 4.3% | 5.9% | 2.5% | |||||||||
Number of investments on non-accrual | 5 | 7 | 2 | |||||||||
Interest rate type: | ||||||||||||
Percentage floating-rate | 85.4% | 84.3% | 87.9% | |||||||||
Percentage fixed-rate | 14.6% | 15.7% | 12.1% | |||||||||
Yields: | ||||||||||||
Weighted average yield on debt investments1 | 12.2% | 12.2% | 11.9% | |||||||||
Cash component of weighted average yield on debt investments | 11.0% | 11.1% | 10.9% | |||||||||
Weighted average yield on total portfolio investments2 | 11.7% | 11.7% | 11.5% | |||||||||
Investment activity: | ||||||||||||
New investment commitments | $ | 395,600 | $ | 370,300 | $ | 123,800 | ||||||
New funded investment activity3 | $ | 377,400 | $ | 367,600 | $ | 103,600 | ||||||
Proceeds from prepayments, exits, other paydowns and sales | $ | 322,600 | $ | 213,500 | $ | 162,100 | ||||||
Net new investments4 | $ | 54,800 | $ | 154,100 | $ | (58,500) | ||||||
Number of new investment commitments in new portfolio companies | 20 | 14 | 6 | |||||||||
Number of new investment commitments in existing portfolio companies | 15 | 10 | 3 | |||||||||
Number of portfolio company exits | 15 | 10 | 5 |
截至截至 | ||||||||||||
(以千美元計) | 2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | |||||||||
公允價值投資 | $ | 3,047,445 | $ | 3,018,552 | $ | 3,164,860 | ||||||
投資組合公司數量 | 151 | 146 | 165 | |||||||||
投資組合公司的平均債務規模 | $ | 20,100 | $ | 20,200 | $ | 18,800 | ||||||
資產類別: | ||||||||||||
第一留置權債務 | 80.8% | 77.9% | 75.0% | |||||||||
第二留置權債務 | 5.4% | 8.4% | 13.0% | |||||||||
無抵押債務 | 2.6% | 2.5% | 1.9% | |||||||||
公平 | 4.8% | 4.8% | 4.1% | |||||||||
合資利益 | 6.4% | 6.4% | 6.0% | |||||||||
非應計債務投資: | ||||||||||||
按公允價值計算的非應計投資 | $ | 69,128 | $ | 120,713 | $ | 73,424 | ||||||
按成本計算的非應計投資 | $ | 127,720 | $ | 174,897 | $ | 76,938 | ||||||
非應計投資佔公允價值債務投資的百分比 | 2.4% | 4.2% | 2.4% | |||||||||
非應計投資佔按成本計算的債務投資的百分比 | 4.3% | 5.9% | 2.5% | |||||||||
非應計投資數量 | 5 | 7 | 2 | |||||||||
利率類型: | ||||||||||||
浮動利率百分比 | 85.4% | 84.3% | 87.9% | |||||||||
固定利率百分比 | 14.6% | 15.7% | 12.1% | |||||||||
產量: | ||||||||||||
債務投資的加權平均收益率1 | 12.2% | 12.2% | 11.9% | |||||||||
債務投資加權平均收益率的現金部分 | 11.0% | 11.1% | 10.9% | |||||||||
總投資組合的加權平均收益率2 | 11.7% | 11.7% | 11.5% | |||||||||
投資活動: | ||||||||||||
新的投資承諾 | $ | 395,600 | $ | 370,300 | $ | 123,800 | ||||||
新的資金投資活動3 | $ | 377,400 | $ | 367,600 | $ | 103,600 | ||||||
來自預付款、退出、其他還款和銷售的收益 | $ | 322,600 | $ | 213,500 | $ | 162,100 | ||||||
淨新投資4 | $ | 54,800 | $ | 154,100 | $ | (58,500) | ||||||
對新投資組合公司的新投資承諾數量 | 20 | 14 | 6 | |||||||||
現有投資組合公司的新投資承諾數量 | 15 | 10 | 3 | |||||||||
投資組合公司的退出次數 | 15 | 10 | 5 |
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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 SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
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 SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
3New 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.
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1 年度申報收益率加上OID或應計投資所得溢價的年度淨攤銷額,包括公司在SLF JV I和Glick合資企業的債務投資回報中所佔的份額,不包括僅根據ASC 805爲與OCSI合併和OSI2合併相關的資產確立的成本基礎(見下文非公認會計准則財務指標)而產生的任何攤銷或利息收入增加。
2 年度申報收益率加上應計投資所得的OID或溢價的年度淨攤銷額和股息收入,包括公司在SLF JV I和Glick合資企業的債務投資回報中所佔的份額,不包括僅根據ASC 805爲與OCSI合併和OSI2合併相關的收購資產確定的成本基礎而產生的任何攤銷或增加的利息收入。
3新的融資投資活動包括提取現有循環資金和延遲提取定期貸款承諾。
4 淨新投資包括新的資金投資活動減去預付款、退出、其他付款和銷售的收益。
As of March 31, 2024, the fair value of the investment portfolio was $3.0 billion and was composed of investments in 151 companies. These included debt investments in 135 companies, equity investments in 42 companies, and the Company's joint venture investments in SLF JV I and OCSI Glick JV LLC ("Glick JV"). 28 of the equity investments were in companies in which the Company also had a debt investment.
截至2024年3月31日,投資組合的公允價值爲30億美元,包括對151家公司的投資。其中包括對135家公司的債務投資,對42家公司的股權投資,以及該公司對SLF JV I和OCSI Glick JV LLC(“Glick JV”)的合資投資。其中28項股權投資是對該公司也有債務投資的公司。
As of March 31, 2024, 94.2% of the Company's portfolio at fair value consisted of debt investments, including 80.8% of first lien loans, 5.4% of second lien loans and 7.9% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 77.9% of first lien loans, 8.4% of second lien loans and 7.9% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of December 31, 2023.
截至2024年3月31日,公司按公允價值計算的投資組合中有94.2%由債務投資組成,包括80.8%的第一留置權貸款,5.4%的第二留置權貸款和7.9%的無抵押債務投資,包括對SLF JV I和Glick合資企業的債務投資。相比之下,截至2023年12月31日,第一留置權貸款的這一比例爲77.9%,第二留置權貸款的8.4%和無抵押債務投資的7.9%,包括對SLF合資企業I和Glick合資企業的債務投資。
As of March 31, 2024, there were five investments on non-accrual status, which represented 4.3% and 2.4% of the debt portfolio at cost and fair value, respectively. This is down from seven investments on non-accrual status in the prior quarter, which represented 5.9% and 4.2% of the debt portfolio at cost and fair value, respectively.
截至2024年3月31日,有五項投資處於非應計狀態,按成本和公允價值分別佔債務投資組合的4.3%和2.4%。這比上一季度的七項非應計投資有所下降,按成本和公允價值計算,後者分別佔債務投資組合的5.9%和4.2%。
SLF JV I
SLF JV I
The Company's investments in SLF JV I totaled $142.3 million at fair value as of March 31, 2024, up slightly as compared to $142.2 million as of December 31, 2023.
截至2024年3月31日,該公司對SLF I合資企業的投資總額爲1.423億美元,與截至2023年12月31日的1.422億美元相比略有增長。
As of March 31, 2024, SLF JV I had $398.7 million in assets, including senior secured loans to 54 portfolio companies. This compared to $372.8 million in assets, including senior secured loans to 52 portfolio companies, as of December 31, 2023. SLF JV I generated cash interest income of $3.5 million for the Company during the quarter ended March 31, 2024, down slightly as compared to $3.6 million in the prior quarter. In addition, SLF JV I generated dividend income of $1.4 million for the Company during the quarter ended March 31, 2024, consistent with the prior quarter. As of March 31, 2024, SLF JV I had $80.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit facility, and its debt to equity ratio was 1.3x.
截至2024年3月31日,SLF JV I擁有3.987億美元的資產,包括向54家投資組合公司提供的優先擔保貸款。相比之下,截至2023年12月31日,資產爲3.728億美元,包括向52家投資組合公司提供的優先擔保貸款。在截至2024年3月31日的季度中,SLF JV I爲公司創造了350萬美元的現金利息收入,與上一季度的360萬美元相比略有下降。此外,SLF JV I在截至2024年3月31日的季度中爲公司創造了140萬美元的股息收入,與上一季度持平。截至2024年3月31日,SLF JV I的2.7億美元優先循環信貸額度有8000萬美元的未動用容量(受借款基礎和其他限制),其負債權益比率爲1.3倍。
Glick JV
Glick JV
The Company's investments in Glick JV totaled $51.3 million at fair value as of March 31, 2024, up 0.6% from $51.0 million as of December 31, 2023. The increase was primarily driven by Glick JV I's use of leverage and unrealized appreciation in the underlying investment portfolio.
截至2024年3月31日,該公司對格利克合資企業的投資總額爲5,130萬美元,較截至2023年12月31日的5,100萬美元增長0.6%。增長主要是由Glick JV I使用槓桿和標的投資組合中未實現的升值推動的。
As of March 31, 2024, Glick JV had $154.7 million in assets, including senior secured loans to 49 portfolio companies. This compared to $139.2 million in assets, including senior secured loans to 42 portfolio companies, as of December 31, 2023. Glick JV generated cash interest income of $1.5 million during the quarter ended March 31, 2024, consistent with the prior quarter. As of March 31, 2024, Glick JV had $6.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $80 million senior revolving credit facility, and its debt to equity ratio was 1.4x.
截至2024年3月31日,格利克合資企業擁有1.547億美元的資產,包括向49家投資組合公司提供的優先擔保貸款。相比之下,截至2023年12月31日,資產爲1.392億美元,包括向42家投資組合公司提供的優先擔保貸款。在截至2024年3月31日的季度中,Glick合資企業創造了150萬美元的現金利息收入,與上一季度持平。截至2024年3月31日,Glick合資企業的8000萬美元優先循環信貸額度有600萬美元的未動用容量(受借款基礎和其他限制),其負債權益比率爲1.4倍。
Liquidity and Capital Resources
流動性和資本資源
As of March 31, 2024, the Company had total principal value of debt outstanding of $1,680.0 million, including $730.0 million of outstanding borrowings under its revolving credit facilities, $300.0 million of the 3.500% Notes due 2025, $350.0 million of the 2.700% Notes due 2027 and $300.0 million of the 7.100% Notes due 2029. The funding mix was composed of 43% secured and 57% unsecured borrowings as of March 31, 2024. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2024.
截至2024年3月31日,該公司的未償債務本金總額爲16.8億美元,其中包括循環信貸額度下的7.30億美元未償借款、2025年到期的3.500%票據中的3億美元、2027年到期的2.700%票據中的3.50億美元以及2029年到期的7.100%票據中的3億美元。截至2024年3月31日,融資組合由43%的有擔保借款和57%的無抵押借款組成。截至2024年3月31日,公司遵守了其信貸額度下的所有財務契約。
As of March 31, 2024, the Company had $125.0 million of unrestricted cash and cash equivalents and $887.5 million of undrawn capacity on its credit facilities (subject to borrowing base and other limitations). As of March 31, 2024, unfunded investment commitments were $236.2 million, or $209.1 million excluding unfunded commitments to the Company's joint ventures. Of the $209.1 million, approximately $179.0 million could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.
截至2024年3月31日,該公司的信貸額度有1.25億美元的非限制性現金和現金等價物以及8.875億美元的未動用容量(受借款基礎和其他限制的限制)。截至2024年3月31日,無準備金的投資承諾爲2.362億美元,合2.091億美元,其中不包括對公司合資企業的無準備金承諾。在這2.091億美元中,大約1.790億美元可以立即提取,其餘金額取決於投資組合公司必須達到的某些里程碑或其他限制。該公司分析了現金和現金等價物、信貸額度下的可用性、輪流出某些資產的能力以及可以提取的無準備金承付款額,並認爲其流動性和資本資源足以在市場機會出現時對其進行投資。
As of March 31, 2024, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements, was 7.0%, unchanged from the prior quarter.
截至2024年3月31日,未償債務的加權平均利率,包括利率互換協議的影響,爲7.0%,與上一季度持平。
The Company's total debt to equity ratio was 1.10x as of each of March 31, 2024 and December 31, 2023. The Company's net debt to equity ratio was 1.02x as of each of March 31, 2024 and December 31, 2023, respectively.
截至2024年3月31日和2023年12月31日,該公司的總負債權益比率均爲1.10倍。截至2024年3月31日和2023年12月31日,該公司的淨負債權益比率分別爲1.02倍。
Non-GAAP Financial Measures
非公認會計准則財務指標
On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP ("non-GAAP"). The Company's management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company's performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
作爲補充,公司將披露某些調整後的財務指標,每項指標均根據公認會計原則(“非公認會計准則”)以外的方法計算和列報。公司管理層在內部使用這些非公認會計准則財務指標來分析和評估財務業績和業績,並認爲這些非公認會計准則財務指標對投資者很有用,可以作爲評估公司持續業績和趨勢以及在不影響OCSI合併和OSI2合併產生的非現金收入/收益/損失的情況下,在不影響資本收益激勵費的情況下審查公司的業績。以下非公認會計准則指標的列報無意取代根據公認會計原則編制的財務業績,因此不應孤立考慮。
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"Adjusted Total Investment Income" and "Adjusted Total Investment Income Per Share" – represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
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"Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share" – represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger and (ii) capital gains incentive fees ("Part II incentive fees").
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"Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes" and "Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share" – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
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"Adjusted Earnings (Loss)" and "Adjusted Earnings (Loss) Per Share" – represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees1, if any.
- “調整後的總投資收益” 和 “調整後的每股總投資收益” ——代表總投資收益,不包括僅根據ASC 805爲與OCSI合併和OSI2合併相關的收購資產確立的成本基礎(見下文)而產生的任何攤銷或增加的利息收入。
- “調整後的淨投資收益” 和 “調整後的每股淨投資收益” ——代表淨投資收益,不包括(i)僅根據ASC 805爲與OCSI合併和OSI2合併相關的資產確定的成本基礎(見下文)而產生的任何利息收入攤銷或增加,以及(ii)資本收益激勵費(“第二部分激勵費”)。
- “調整後的已實現和未實現淨收益(虧損),扣除稅款” 和 “調整後的已實現和未實現淨收益(虧損),扣除每股稅款” ——表示扣除稅後的已實現和未實現淨收益(虧損),不包括僅根據ASC 805爲與OCSI合併和OSI2合併相關的收購資產確立的成本基礎(見下文)產生的任何已實現和未實現淨收益(虧損)。
- “調整後收益(虧損)” 和 “調整後每股收益(虧損)” ——代表(i)調整後淨投資收益和(ii)扣除稅款後的調整後已實現和未實現淨收益(虧損)的總和,包括第二部分激勵費的影響1,如果有的話。
The OCSI Merger and the OSI2 Merger (the "Mergers") were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ("ASC 805"). The consideration paid to each of the stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than "non-qualifying" assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally, immediately following the completion of the Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.
根據ASC 805-50中詳述的資產收購會計方法,OCSI合併和OSI2合併(“合併”)被視爲資產收購, 業務合併相關問題 (“ASC 805”)。支付給OCSI和OSI2每位股東的對價是根據收購的淨可識別資產的相對公允價值分配給收購的個人資產和承擔的負債,這爲根據ASC 805收購的投資建立了新的成本基礎,總體而言,與OCSI合併或OSI2合併之前收購投資的歷史成本基礎不同(視情況而定)。此外,在合併完成後,收購的投資立即按ASC 820的公允價值計值, 公允價值測量,這導致了未實現的升值/貶值。ASC 805爲收購的債務投資建立的新成本基礎將在每項債務投資的整個生命週期內通過利息收入累積/攤銷,並對通過最終處置獲得的此類投資的未實現增值/折舊進行相應的調整。ASC 805就收購的股票投資確立的新成本基礎不會通過利息收入在該類投資的整個生命週期內累積/攤銷,假設收購的股權投資的公允價值和按公允價值處置此類股權投資的公允價值沒有變化,公司將確認已實現收益/虧損,並相應逆轉處置此類股票投資的未實現增值/折舊。
The Company's management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company's management believes "Adjusted Total Investment Income", "Adjusted Total Investment Income Per Share", "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share" are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the fees payable to Oaktree Fund Advisors, LLC (the "Adviser") under its second amended and restated advisory agreement (the "A&R Advisory Agreement"), and specifically as its relates to "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share", without giving effect to Part II incentive fees. In addition, the Company's management believes that "Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes", "Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share", "Adjusted Earnings (Loss)" and "Adjusted Earnings (Loss) Per Share" are useful to investors as they exclude the non-cash income and gain/loss resulting from the Mergers and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company's key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).
公司管理層內部使用上述非公認會計准則財務指標來分析和評估財務業績和業績,並將其財務業績與未根據ASC 805調整某些投資成本基礎的其他業務發展公司的財務業績進行比較。公司管理層認爲,“調整後的總投資收益”、“調整後的每股總投資收益”、“調整後的淨投資收益” 和 “調整後的每股淨投資收益” 是評估公司持續業績和趨勢的又一工具,而不會影響合併中收購的投資的新成本基礎所產生的收入,因爲這些金額不會影響應向Oaktree Fund Advisors, LLC(“顧問”)支付的費用其第二份經修訂和重述的諮詢協議(“A&R諮詢協議”),特別是與 “調整後的淨投資收益” 和 “調整後的每股淨投資收益” 相關的協議,但不影響第二部分的激勵費。此外,公司管理層認爲,“調整後的淨已實現和未實現收益(虧損),扣除稅款”,“調整後的已實現和未實現淨收益(虧損),每股稅後”,“調整後每股收益(虧損)” 和 “調整後每股收益(虧損)” 對投資者有用,因爲它們不包括合併產生的非現金收入和損益,並被管理層用來評估其投資組合的經濟收益。此外,這些指標使公司的關鍵財務指標與根據A&R諮詢協議計算應付給顧問的激勵費更加接近(即,不包括完全由ASC 805制定的收購投資的較低成本基礎產生的金額,如果不排除這種情況,這些金額本來會有利於顧問)。
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1Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended March 31, 2024, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II incentive fees accrued under GAAP. For the three months ended March 31, 2024, no amounts were payable under the A&R Advisory Agreement.
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1調整後的收益(虧損)包括應計的第二部分激勵費。截至2024年3月31日的三個月,沒有應計的第二部分激勵費負債。第二部分激勵費是根據合同計算並在財政年度末根據A&R諮詢協議支付的,該協議不同於根據GAAP應計的第二部分激勵費。在截至2024年3月31日的三個月中,根據A&R諮詢協議,無需支付任何款項。
The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:
下表提供了本報告所述期間總投資收益(最具可比性的美國公認會計原則衡量標準)與調整後總投資收入的對賬情況:
For the three months ended | ||||||||||||||||||||
March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | ||||||||||||||||||
($ in thousands, except per share data) | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||
GAAP total investment income | $ | 94,029 | $ | 1.18 | $ | 97,985 | $ | 1.26 | $ | 96,302 | $ | 1.32 | ||||||||
Interest income amortization (accretion) related to merger accounting adjustments | 3,311 | 0.04 | 29 | — | (561) | (0.01) | ||||||||||||||
Adjusted total investment income | $ | 97,340 | $ | 1.22 | $ | 98,014 | $ | 1.26 | $ | 95,741 | $ | 1.31 |
在結束的三個月裏 | ||||||||||||||||||||
2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | ||||||||||||||||||
(千美元,每股數據除外) | 金額 | 每股 | 金額 | 每股 | 金額 | 每股 | ||||||||||||||
GAAP 總投資收益 | $ | 94,029 | $ | 1.18 | $ | 97,985 | $ | 1.26 | $ | 96,302 | $ | 1.32 | ||||||||
與合併會計調整相關的利息收入攤銷(增加) | 3,311 | 0.04 | 29 | — | (561) | (0.01) | ||||||||||||||
調整後的總投資收益 | $ | 97,340 | $ | 1.22 | $ | 98,014 | $ | 1.26 | $ | 95,741 | $ | 1.31 |
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:
下表提供了所述期間淨投資收益(最具可比性的美國公認會計原則指標)與調整後淨投資收入的對賬情況:
For the three months ended | ||||||||||||||||||||
March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | ||||||||||||||||||
($ in thousands, except per share data) | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||
GAAP net investment income | $ | 41,367 | $ | 0.52 | $ | 44,189 | $ | 0.57 | $ | 45,978 | $ | 0.63 | ||||||||
Interest income amortization (accretion) related to merger accounting adjustments | 3,311 | 0.04 | 29 | — | (561) | (0.01) | ||||||||||||||
Part II incentive fee | — | — | — | — | — | — | ||||||||||||||
Adjusted net investment income | $ | 44,678 | $ | 0.56 | $ | 44,218 | $ | 0.57 | $ | 45,417 | $ | 0.62 |
在結束的三個月裏 | ||||||||||||||||||||
2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | ||||||||||||||||||
(千美元,每股數據除外) | 金額 | 每股 | 金額 | 每股 | 金額 | 每股 | ||||||||||||||
GAAP 淨投資收益 | $ | 41,367 | $ | 0.52 | $ | 44,189 | $ | 0.57 | $ | 45,978 | $ | 0.63 | ||||||||
與合併會計調整相關的利息收入攤銷(增加) | 3,311 | 0.04 | 29 | — | (561) | (0.01) | ||||||||||||||
第二部分激勵費 | — | — | — | — | — | — | ||||||||||||||
調整後的淨投資收益 | $ | 44,678 | $ | 0.56 | $ | 44,218 | $ | 0.57 | $ | 45,417 | $ | 0.62 |
The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses), net of taxes for the periods presented:
下表提供了所列期間扣除稅款後的淨已實現和未實現收益(虧損)(最具可比性的美國公認會計原則衡量標準)與調整後的淨已實現和未實現收益(虧損)的對賬:
For the three months ended | ||||||||||||||||||||||||
March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | ||||||||||||||||||||||
($ in thousands, except per share data) | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||
GAAP net realized and unrealized gains (losses), net of taxes | $ | (32,030) | $ | (0.40) | $ | (33,654) | $ | (0.43) | $ | (24,456) | $ | (0.33) | ||||||||||||
Net realized and unrealized losses (gains) related to merger accounting adjustments | (3,314) | (0.04) | 796 | 0.01 | 20,955 | 0.29 | ||||||||||||||||||
Adjusted net realized and unrealized gains (losses), net of taxes | $ | (35,344) | $ | (0.44) | $ | (32,858) | $ | (0.42) | $ | (3,501) | $ | (0.05) |
在結束的三個月裏 | ||||||||||||||||||||||||
2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | ||||||||||||||||||||||
(千美元,每股數據除外) | 金額 | 每股 | 金額 | 每股 | 金額 | 每股 | ||||||||||||||||||
GAAP 已實現和未實現的淨收益(虧損),扣除稅款 | $ | (32,030) | $ | (0.40) | $ | (33,654) | $ | (0.43) | $ | (24,456) | $ | (0.33) | ||||||||||||
與合併會計調整相關的已實現和未實現淨虧損(收益) | (3,314) | (0.04) | 796 | 0.01 | 20,955 | 0.29 | ||||||||||||||||||
調整後的已實現和未實現淨收益(虧損),扣除稅款 | $ | (35,344) | $ | (0.44) | $ | (32,858) | $ | (0.42) | $ | (3,501) | $ | (0.05) |
The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented:
下表提供了本期運營產生的淨資產淨增加(減少)(最具可比性的美國公認會計准則指標)與調整後收益(虧損)的對賬情況:
For the three months ended | ||||||||||||||||||||||
March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | March 31, 2023 (unaudited) | ||||||||||||||||||||
($ in thousands, except per share data) | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 9,337 | $ | 0.12 | $ | 10,535 | $ | 0.14 | $ | 21,522 | $ | 0.29 | ||||||||||
Interest income amortization (accretion) related to merger accounting adjustments | 3,311 | 0.04 | 29 | — | (561) | (0.01) | ||||||||||||||||
Net realized and unrealized losses (gains) related to merger accounting adjustments | (3,314) | (0.04) | 796 | 0.01 | 20,955 | 0.29 | ||||||||||||||||
Adjusted earnings (loss) | $ | 9,334 | $ | 0.12 | $ | 11,360 | $ | 0.15 | $ | 41,916 | $ | 0.57 |
在結束的三個月裏 | ||||||||||||||||||||||
2024年3月31日 (未經審計) | 2023年12月31日 (未經審計) | 2023年3月31日 (未經審計) | ||||||||||||||||||||
(千美元,每股數據除外) | 金額 | 每股 | 金額 | 每股 | 金額 | 每股 | ||||||||||||||||
運營導致的淨資產淨增加(減少) | $ | 9,337 | $ | 0.12 | $ | 10,535 | $ | 0.14 | $ | 21,522 | $ | 0.29 | ||||||||||
與合併會計調整相關的利息收入攤銷(增加) | 3,311 | 0.04 | 29 | — | (561) | (0.01) | ||||||||||||||||
與合併會計調整相關的已實現和未實現淨虧損(收益) | (3,314) | (0.04) | 796 | 0.01 | 20,955 | 0.29 | ||||||||||||||||
調整後收益(虧損) | $ | 9,334 | $ | 0.12 | $ | 11,360 | $ | 0.15 | $ | 41,916 | $ | 0.57 |
Conference Call Information
電話會議信息
Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter 2024 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on April 30, 2024. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers). All callers will need to reference "Oaktree Specialty Lending" once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of 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.
Oaktree Specialty Lending將於美國東部時間2024年4月30日上午11點/太平洋時間上午8點舉行電話會議,討論其2024財年的第二財季業績。可以通過撥打 (877) 507-3275(美國來電者)或 +1 (412) 317-5238(非美國來電者)來接聽電話會議。與運營商建立聯繫後,所有來電者都需要提及 “Oaktree專業貸款”。或者,可以通過Oaktree Specialty Lending網站的 “投資者” 部分觀看電話會議的網絡直播, www.oaktreespecialtylending.com。在電話會議期間,公司打算參考一份投資者演示文稿,該演示文稿將在其網站的 “投資者” 部分公佈。
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 2416934, beginning approximately one hour after the broadcast.
對於那些無法收聽電話會議直播的人,可以在Oaktree Specialty Lending的網站上重播,或者撥打(877)344-7529(美國來電者)或+1(412)317-0088(非美國來電者),接入碼2416934進行重播,接入碼爲2416934,在廣播結束大約一小時後開始。
About Oaktree Specialty Lending Corporation
關於 Oaktree 專業貸款公司
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.
Oaktree Specialty Lending Corporation(納斯達克股票代碼:OCSL)是一家專業金融公司,致力於爲進入公共或銀團資本市場的機會有限的公司提供定製的一站式信貸解決方案。該公司的投資目標是通過爲公司提供靈活和創新的融資解決方案,包括第一和第二留置權貸款、無抵押和夾層貸款以及優先股權,來創造當期收入和資本增值。根據經修訂的1940年《投資公司法》,該公司受業務發展公司的監管,由Oaktree Capital Management, LLP的子公司Oaktree Fund Advisors, LLC進行外部管理。欲了解更多信息,請訪問Oaktree Specialty Lending的網站 www.oaktreespecialtylending.com。
Forward-Looking Statements
前瞻性陳述
Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of the Company and distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of the investments that the Company expects 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) changes in the economy, financial markets and political environment, including the impacts of inflation and elevated interest rates; (ii) risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflicts in Ukraine and Israel), natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in the Company's operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in 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.
本新聞稿中的一些陳述構成前瞻性陳述,因爲它們與未來事件、未來表現或財務狀況有關。前瞻性陳述可能包括以下方面的陳述:公司的未來經營業績和分銷預測;公司的業務前景及其投資組合公司的前景;以及公司預計進行的投資的影響。此外,諸如 “預測”、“相信”、“期望”、“尋求”、“計劃”、“應該”、“估計”、“項目” 和 “打算” 之類的詞語表示前瞻性陳述,儘管並非所有前瞻性陳述都包含這些詞語。本新聞稿中包含的前瞻性陳述涉及風險和不確定性。某些因素可能導致實際業績和狀況與預期存在重大差異,包括與 (i) 經濟、金融市場和政治環境變化相關的不確定性,包括通貨膨脹和利率上升的影響;(ii) 與恐怖主義、戰爭或其他地緣政治衝突(包括烏克蘭和以色列當前的衝突)、自然災害、流行病或網絡安全事件可能導致的公司或經濟運營中斷相關的風險;(iii) 未來法律或法規的變化(包括監管機構對這些法律和法規的解釋);(iv)公司運營領域的狀況,特別是業務發展公司或受監管的投資公司的狀況;以及(v)可能在公司公開傳播的文件和文件中不時披露的其他注意事項。本新聞稿中包含的前瞻性陳述以本新聞稿發佈之日獲得的信息爲基礎,公司沒有義務更新任何此類前瞻性陳述。公司沒有義務修改或更新任何前瞻性陳述,無論是由於新信息、未來事件還是其他原因,建議您查閱其可能直接向您提供的任何其他披露,或通過公司未來可能向美國證券交易委員會提交的報告,包括10-K表的年度報告、10-Q表的季度報告和8-K表的最新報告。
Contacts
聯繫人
Investor Relations:
Oaktree Specialty Lending Corporation
Michael Mosticchio
(212) 284-1900
ocsl-ir@oaktreecapital.com
投資者關係:
橡樹專業貸款公司
邁克爾·莫斯蒂基奧
(212) 284-1900
ocsl-ir@oaktreecapital.com
Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310) 478-2700
mediainquiries@oaktreecapital.com
媒體關係:
財務概況有限公司
莫伊拉·康隆
(310) 478-2700
mediainquiries@oaktreecapital.com
Oaktree Specialty Lending Corporation | |||||||||||
Consolidated Statements of Assets and Liabilities | |||||||||||
(in thousands, except per share amounts) | |||||||||||
March 31, 2024 (unaudited) | December 31, 2023 (unaudited) | September 30, 2023 | |||||||||
ASSETS | |||||||||||
Investments at fair value: | |||||||||||
Control investments (cost March 31, 2024: $366,987; cost December 31, 2023: $363,124; cost September 30, 2023: $345,245) | $ | 313,979 | $ | 316,309 | $ | 297,091 | |||||
Affiliate investments (cost March 31, 2024: $38,016; cost December 31, 2023: $26,916; cost September 30, 2023: $24,898) | 35,635 | 24,442 | 23,349 | ||||||||
Non-control/Non-affiliate investments (cost March 31, 2024: $2,838,769; cost December 31, 2023: $2,797,710; cost September 30, 2023: $2,673,976) | 2,697,831 | 2,677,801 | 2,571,980 | ||||||||
Total investments at fair value (cost March 31, 2024:$3,243,772; December 31, 2023: $3,187,750; cost September 30, 2023: $3,044,119) | 3,047,445 | 3,018,552 | 2,892,420 | ||||||||
Cash and cash equivalents | 125,031 | 112,369 | 136,450 | ||||||||
Restricted cash | 12,461 | 19,328 | 9,089 | ||||||||
Interest, dividends and fees receivable | 36,504 | 43,038 | 44,570 | ||||||||
Due from portfolio companies | 1,797 | 7,912 | 6,317 | ||||||||
Receivables from unsettled transactions | 20,372 | 23,931 | 55,441 | ||||||||
Due from broker | 40,630 | 26,520 | 54,260 | ||||||||
Deferred financing costs | 11,113 | 11,827 | 12,541 | ||||||||
Deferred offering costs | 90 | 131 | 160 | ||||||||
Derivative assets at fair value | — | — | 4,910 | ||||||||
Other assets | 2,496 | 2,587 | 1,681 | ||||||||
Total assets | $ | 3,297,939 | $ | 3,266,195 | $ | 3,217,839 | |||||
LIABILITIES AND NET ASSETS | |||||||||||
Liabilities: | |||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 3,775 | $ | 3,273 | $ | 2,950 | |||||
Base management fee and incentive fee payable | 18,556 | 19,004 | 19,547 | ||||||||
Due to affiliate | 3,773 | 3,815 | 4,310 | ||||||||
Interest payable | 16,069 | 18,980 | 16,007 | ||||||||
Director fees payable | — | 160 | — | ||||||||
Payables from unsettled transactions | 61,020 | 57,279 | 11,006 | ||||||||
Derivative liability at fair value | 35,005 | 29,316 | 47,519 | ||||||||
Deferred tax liability | — | — | 5 | ||||||||
Credit facilities payable | 730,000 | 710,000 | 710,000 | ||||||||
Unsecured notes payable (net of $6,001, $6,534 and $7,076 of unamortized financing costs as of March 31, 2024, December 31, 2023 and September 30, 2023, respectively) | 905,642 | 912,717 | 890,731 | ||||||||
Total liabilities | 1,773,840 | 1,754,544 | 1,702,075 | ||||||||
Commitments and contingencies | |||||||||||
Net assets: | |||||||||||
Common stock, $0.01 par value per share, 250,000 shares authorized; 81,396, 78,965 and 77,225 shares issued and outstanding as of March 31, 2024, December 31, 2023 and September 30, 2023, respectively | 814 | 790 | 772 | ||||||||
Additional paid-in-capital | 2,248,363 | 2,200,561 | 2,166,330 | ||||||||
Accumulated overdistributed earnings | (725,078) | (689,700) | (651,338) | ||||||||
Total net assets (equivalent to$18.72, $19.14 and $19.63 per common share as of March 31, 2024, December 31, 2023 and September 30, 2023, respectively) | 1,524,099 | 1,511,651 | 1,515,764 | ||||||||
Total liabilities and net assets | $ | 3,297,939 | $ | 3,266,195 | $ | 3,217,839 |
橡樹專業貸款公司 | |||||||||||
合併資產負債表 | |||||||||||
(以千計,每股金額除外) | |||||||||||
2024年3月31日 (未經審計) | 2023 年 12 月 31 日(未經審計) | 2023年9月30日 | |||||||||
資產 | |||||||||||
公允價值投資: | |||||||||||
控制投資(2024 年 3 月 31 日成本:366,987 美元;2023 年 12 月 31 日成本:363,124 美元;2023 年 9 月 30 日成本:345,245 美元) | $ | 313,979 | $ | 316,309 | $ | 297,091 | |||||
聯盟投資(2024 年 3 月 31 日成本:38,016 美元;2023 年 12 月 31 日成本:26,916 美元;2023 年 9 月 30 日成本:24,898 美元) | 35,635 | 24,442 | 23,349 | ||||||||
非控股/非關聯投資(2024 年 3 月 31 日成本:2,838,769 美元;2023 年 12 月 31 日成本:2,797,710 美元;2023 年 9 月 30 日成本:2,673,976 美元) | 2,697,831 | 2,677,801 | 2,571,980 | ||||||||
按公允價值計算的總投資(2024 年 3 月 31 日成本:3,243,772 美元;2023 年 12 月 31 日:3,187,750 美元;2023 年 9 月 30 日成本:3,044,119 美元) | 3,047,445 | 3,018,552 | 2,892,420 | ||||||||
現金和現金等價物 | 125,031 | 112,369 | 136,450 | ||||||||
受限制的現金 | 12,461 | 19,328 | 9,089 | ||||||||
應收利息、股息和費用 | 36,504 | 43,038 | 44,570 | ||||||||
來自投資組合公司的款項 | 1,797 | 7,912 | 6,317 | ||||||||
來自未結算交易的應收賬款 | 20,372 | 23,931 | 55,441 | ||||||||
經紀人欠款 | 40,630 | 26,520 | 54,260 | ||||||||
遞延融資成本 | 11,113 | 11,827 | 12,541 | ||||||||
延期發行成本 | 90 | 131 | 160 | ||||||||
按公允價值計算的衍生資產 | — | — | 4,910 | ||||||||
其他資產 | 2,496 | 2,587 | 1,681 | ||||||||
總資產 | $ | 3,297,939 | $ | 3,266,195 | $ | 3,217,839 | |||||
負債和淨資產 | |||||||||||
負債: | |||||||||||
應付賬款、應計費用和其他負債 | $ | 3,775 | $ | 3,273 | $ | 2,950 | |||||
應付基本管理費和激勵費 | 18,556 | 19,004 | 19,547 | ||||||||
應付加盟費用 | 3,773 | 3,815 | 4,310 | ||||||||
應付利息 | 16,069 | 18,980 | 16,007 | ||||||||
應付袍金 | — | 160 | — | ||||||||
未結算交易的應付賬款 | 61,020 | 57,279 | 11,006 | ||||||||
按公允價值計算的衍生負債 | 35,005 | 29,316 | 47,519 | ||||||||
遞延所得稅負債 | — | — | 5 | ||||||||
應付信貸額度 | 730,000 | 710,000 | 710,000 | ||||||||
應付無抵押票據(分別扣除截至2024年3月31日、2023年12月31日和2023年9月30日的6,001美元、6,534美元和7,076美元的未攤銷融資成本) | 905,642 | 912,717 | 890,731 | ||||||||
負債總額 | 1,773,840 | 1,754,544 | 1,702,075 | ||||||||
承付款和意外開支 | |||||||||||
淨資產: | |||||||||||
普通股,每股面值0.01美元,授權25萬股;截至2024年3月31日、2023年12月31日和2023年9月30日,已發行和流通的股票分別爲81,396股、78,965股和77,225股 | 814 | 790 | 772 | ||||||||
額外的實收資本 | 2,248,363 | 2,200,561 | 2,166,330 | ||||||||
累計超額分配收益 | (725,078) | (689,700) | (651,338) | ||||||||
淨資產總額(截至2024年3月31日、2023年12月31日和2023年9月30日,分別相當於每股普通股18.72美元、19.14美元和19.63美元) | 1,524,099 | 1,511,651 | 1,515,764 | ||||||||
負債總額和淨資產 | $ | 3,297,939 | $ | 3,266,195 | $ | 3,217,839 |
Oaktree Specialty Lending Corporation | |||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
Three months ended March 31, 2024 (unaudited) |
Three months ended December 31, 2023 (unaudited) | Three months ended March 31, 2023 (unaudited) |
Six months ended March 31, 2024 (unaudited) |
Six months ended March 31, 2023 (unaudited) | |||||||||||||||
Interest income: | |||||||||||||||||||
Control investments | $ | 5,949 | $ | 6,005 | $ | 5,191 | $ | 11,954 | $ | 9,758 | |||||||||
Affiliate investments | 10 | 324 | 648 | 334 | 1,289 | ||||||||||||||
Non-control/Non-affiliate investments | 77,803 | 82,721 | 82,149 | 160,524 | 146,447 | ||||||||||||||
Interest on cash and cash equivalents | 1,494 | 2,364 | 757 | 3,858 | 1,229 | ||||||||||||||
Total interest income | 85,256 | 91,414 | 88,745 | 176,670 | 158,723 | ||||||||||||||
PIK interest income: | |||||||||||||||||||
Control investments | 598 | 544 | — | 1,142 | — | ||||||||||||||
Non-control/Non-affiliate investments | 4,218 | 3,305 | 4,123 | 7,523 | 10,253 | ||||||||||||||
Total PIK interest income | 4,816 | 3,849 | 4,123 | 8,665 | 10,253 | ||||||||||||||
Fee income: | |||||||||||||||||||
Control investments | 13 | 13 | 12 | 26 | 25 | ||||||||||||||
Affiliate investments | — | 5 | 5 | 5 | 10 | ||||||||||||||
Non-control/Non-affiliate investments | 2,533 | 1,289 | 2,363 | 3,822 | 4,366 | ||||||||||||||
Total fee income | 2,546 | 1,307 | 2,380 | 3,853 | 4,401 | ||||||||||||||
Dividend income: | |||||||||||||||||||
Control investments | 1,400 | 1,400 | 1,050 | 2,800 | 2,100 | ||||||||||||||
Non-control/Non-affiliate investments | 11 | 15 | 4 | 26 | 4 | ||||||||||||||
Total dividend income | 1,411 | 1,415 | 1,054 | 2,826 | 2,104 | ||||||||||||||
Total investment income | 94,029 | 97,985 | 96,302 | 192,014 | 175,481 | ||||||||||||||
Expenses: | |||||||||||||||||||
Base management fee | 11,604 | 11,477 | 11,483 | 23,081 | 21,400 | ||||||||||||||
Part I incentive fee | 8,452 | 9,028 | 9,007 | 17,480 | 16,710 | ||||||||||||||
Professional fees | 1,213 | 1,504 | 2,075 | 2,717 | 3,575 | ||||||||||||||
Directors fees | 160 | 160 | 160 | 320 | 320 | ||||||||||||||
Interest expense | 31,881 | 32,170 | 27,804 | 64,051 | 48,523 | ||||||||||||||
Administrator expense | 326 | 366 | 315 | 692 | 613 | ||||||||||||||
General and administrative expenses | 526 | 591 | 1,255 | 1,117 | 2,001 | ||||||||||||||
Total expenses | 54,162 | 55,296 | 52,099 | 109,458 | 93,142 | ||||||||||||||
Fees waived | (1,500) | (1,500) | (1,775) | (3,000) | (2,525) | ||||||||||||||
Net expenses | 52,662 | 53,796 | 50,324 | 106,458 | 90,617 | ||||||||||||||
Net investment income before taxes | 41,367 | 44,189 | 45,978 | 85,556 | 84,864 | ||||||||||||||
Excise tax | — | — | — | — | (78) | ||||||||||||||
Net investment income | 41,367 | 44,189 | 45,978 | 85,556 | 84,786 | ||||||||||||||
Unrealized appreciation (depreciation): | |||||||||||||||||||
Control investments | (6,193) | 1,339 | 1,675 | (4,854) | (1,634) | ||||||||||||||
Affiliate investments | 93 | (925) | (454) | (832) | (451) | ||||||||||||||
Non-control/Non-affiliate investments | (21,396) | (17,615) | (21,124) | (39,011) | (29,799) | ||||||||||||||
Foreign currency forward contracts | 2,244 | (7,824) | 1,624 | (5,580) | (9,377) | ||||||||||||||
Net unrealized appreciation (depreciation) | (25,252) | (25,025) | (18,279) | (50,277) | (41,261) | ||||||||||||||
Realized gains (losses): | |||||||||||||||||||
Control investments | — | 786 | — | 786 | — | ||||||||||||||
Non-control/Non-affiliate investments | (5,433) | (13,340) | (2,459) | (18,773) | (10,110) | ||||||||||||||
Foreign currency forward contracts | (1,170) | 4,101 | (3,652) | 2,931 | 796 | ||||||||||||||
Net realized gains (losses) | (6,603) | (8,453) | (6,111) | (15,056) | (9,314) | ||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | (175) | (176) | (66) | (351) | 483 | ||||||||||||||
Net realized and unrealized gains (losses), net of taxes | (32,030) | (33,654) | (24,456) | (65,684) | (50,092) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 9,337 | $ | 10,535 | $ | 21,522 | $ | 19,872 | $ | 34,694 | |||||||||
Net investment income per common share — basic and diluted | $ | 0.52 | $ | 0.57 | $ | 0.63 | $ | 1.09 | $ | 1.26 | |||||||||
Earnings (loss) per common share — basic and diluted | $ | 0.12 | $ | 0.14 | $ | 0.29 | $ | 0.25 | $ | 0.52 | |||||||||
Weighted average common shares outstanding — basic and diluted | 79,763 | 77,840 | 73,203 | 78,797 | 67,106 |
橡樹專業貸款公司 | |||||||||||||||||||
合併運營報表 | |||||||||||||||||||
(以千計,每股金額除外) | |||||||||||||||||||
三個月已結束 2024年3月31日 (未經審計) | 三個月已結束 2023年12月31日 (未經審計) | 三個月已結束 2023年3月31日 (未經審計) | 六個月已結束 2024年3月31日 (未經審計) | 六個月已結束 2023年3月31日 (未經審計) | |||||||||||||||
利息收入: | |||||||||||||||||||
控制投資 | $ | 5,949 | $ | 6,005 | $ | 5,191 | $ | 11,954 | $ | 9,758 | |||||||||
加盟投資 | 10 | 324 | 648 | 334 | 1,289 | ||||||||||||||
非控股/非關聯投資 | 77,803 | 82,721 | 82,149 | 160,524 | 146,447 | ||||||||||||||
現金和現金等價物的利息 | 1,494 | 2,364 | 757 | 3,858 | 1,229 | ||||||||||||||
利息收入總額 | 85,256 | 91,414 | 88,745 | 176,670 | 158,723 | ||||||||||||||
PIK 利息收入: | |||||||||||||||||||
控制投資 | 598 | 544 | — | 1,142 | — | ||||||||||||||
非控股/非關聯投資 | 4,218 | 3,305 | 4,123 | 7,523 | 10,253 | ||||||||||||||
PIK 利息收入總額 | 4,816 | 3,849 | 4,123 | 8,665 | 10,253 | ||||||||||||||
費用收入: | |||||||||||||||||||
控制投資 | 13 | 13 | 12 | 26 | 25 | ||||||||||||||
加盟投資 | — | 5 | 5 | 5 | 10 | ||||||||||||||
非控股/非關聯投資 | 2,533 | 1,289 | 2,363 | 3,822 | 4,366 | ||||||||||||||
費用收入總額 | 2,546 | 1,307 | 2,380 | 3,853 | 4,401 | ||||||||||||||
股息收入: | |||||||||||||||||||
控制投資 | 1,400 | 1,400 | 1,050 | 2,800 | 2,100 | ||||||||||||||
非控股/非關聯投資 | 11 | 15 | 4 | 26 | 4 | ||||||||||||||
股息收入總額 | 1,411 | 1,415 | 1,054 | 2,826 | 2,104 | ||||||||||||||
總投資收入 | 94,029 | 97,985 | 96,302 | 192,014 | 175,481 | ||||||||||||||
費用: | |||||||||||||||||||
基礎管理費 | 11,604 | 11,477 | 11,483 | 23,081 | 21,400 | ||||||||||||||
第一部分激勵費 | 8,452 | 9,028 | 9,007 | 17,480 | 16,710 | ||||||||||||||
專業費用 | 1,213 | 1,504 | 2,075 | 2,717 | 3,575 | ||||||||||||||
袍金 | 160 | 160 | 160 | 320 | 320 | ||||||||||||||
利息支出 | 31,881 | 32,170 | 27,804 | 64,051 | 48,523 | ||||||||||||||
管理員費用 | 326 | 366 | 315 | 692 | 613 | ||||||||||||||
一般和管理費用 | 526 | 591 | 1,255 | 1,117 | 2,001 | ||||||||||||||
支出總額 | 54,162 | 55,296 | 52,099 | 109,458 | 93,142 | ||||||||||||||
免收費用 | (1,500) | (1,500) | (1,775) | (3,000) | (2,525) | ||||||||||||||
淨支出 | 52,662 | 53,796 | 50,324 | 106,458 | 90,617 | ||||||||||||||
稅前淨投資收益 | 41,367 | 44,189 | 45,978 | 85,556 | 84,864 | ||||||||||||||
消費稅 | — | — | — | — | (78) | ||||||||||||||
淨投資收益 | 41,367 | 44,189 | 45,978 | 85,556 | 84,786 | ||||||||||||||
未實現的升值(貶值): | |||||||||||||||||||
控制投資 | (6,193) | 1,339 | 1,675 | (4,854) | (1,634) | ||||||||||||||
加盟投資 | 93 | (925) | (454) | (832) | (451) | ||||||||||||||
非控股/非關聯投資 | (21,396) | (17,615) | (21,124) | (39,011) | (29,799) | ||||||||||||||
外幣遠期合約 | 2,244 | (7,824) | 1,624 | (5,580) | (9,377) | ||||||||||||||
未實現淨增值(折舊) | (25,252) | (25,025) | (18,279) | (50,277) | (41,261) | ||||||||||||||
已實現收益(虧損): | |||||||||||||||||||
控制投資 | — | 786 | — | 786 | — | ||||||||||||||
非控股/非關聯投資 | (5,433) | (13,340) | (2,459) | (18,773) | (10,110) | ||||||||||||||
外幣遠期合約 | (1,170) | 4,101 | (3,652) | 2,931 | 796 | ||||||||||||||
已實現淨收益(虧損) | (6,603) | (8,453) | (6,111) | (15,056) | (9,314) | ||||||||||||||
已實現和未實現收益(虧損)的稅收(撥備)收益 | (175) | (176) | (66) | (351) | 483 | ||||||||||||||
扣除稅款後的已實現和未實現淨收益(虧損) | (32,030) | (33,654) | (24,456) | (65,684) | (50,092) | ||||||||||||||
運營導致的淨資產淨增加(減少) | $ | 9,337 | $ | 10,535 | $ | 21,522 | $ | 19,872 | $ | 34,694 | |||||||||
普通股每股淨投資收益——基本和攤薄後 | $ | 0.52 | $ | 0.57 | $ | 0.63 | $ | 1.09 | $ | 1.26 | |||||||||
普通股每股收益(虧損)——基本和攤薄後 | $ | 0.12 | $ | 0.14 | $ | 0.29 | $ | 0.25 | $ | 0.52 | |||||||||
已發行普通股的加權平均值——基本和攤薄後 | 79,763 | 77,840 | 73,203 | 78,797 | 67,106 |
Source: Oaktree Specialty Lending Corporation
資料來源:橡樹專業貸款公司
譯文內容由第三人軟體翻譯。