Oaktree Specialty Lending reports adjusted Q1 NII 57c, consensus 61c

Reports Q1 total investment income $97.98M, consensus $100.47M. NAV per share was $19.14 as of December 31, 2023, down as compared with $19.63 as of September 30, 2023. CEO Armen Panossian said, “Our Q1results were highlighted by strong origination activity and adjusted net investment income that supports our cash distribution. We leveraged the breadth of the Oaktree platform to invest $370M across sponsor, non-sponsor and discounted publicly traded credit investments, generating net portfolio growth with a diverse set of attractive opportunities. During the quarter, however, we experienced idiosyncratic performance challenges at four portfolio investments, resulting in a decline in NAV and an increase in non-accruals. We are drawing upon Oaktree’s deep resources and expertise in navigating turnarounds, and we believe we are well-positioned to manage these specific situations and maintain strong overall credit quality.”