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SEC Filings

10-Q
OAKTREE SPECIALTY LENDING CORP filed this Form 10-Q on 02/07/2019
Entire Document
 
Oaktree Specialty Lending Corporation
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)



 
 
Three months ended
December 31, 2018
 
Three months ended
December 31, 2017
Operating activities:
 
 
 
 
Net increase (decrease) in net assets resulting from operations
 
$
27,718

 
$
(30,441
)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
 
 
 
 
Net change in unrealized (appreciation) depreciation
 
6,975

 
43,472

Net realized (gains) losses
 
(17,962
)
 
291

PIK interest income, net of PIK interest income collected
 
(832
)
 
(764
)
Accretion of original issue discount on investments
 
(7,518
)
 
(2,997
)
Accretion of original issue discount on unsecured notes payable
 
66

 
66

Amortization of deferred financing costs
 
699

 
1,341

Deferred taxes
 
135

 

Purchases of investments and net revolver activity
 
(162,422
)
 
(200,166
)
Principal payments received on investments (scheduled payments)
 
5,701

 
14,149

Principal payments received on investments (payoffs)
 
98,842

 
196,415

Proceeds from the sale of investments
 
103,783

 
74,296

Changes in operating assets and liabilities:
 
 
 
 
(Increase) decrease in interest, dividends and fees receivable
 
291

 
(2,190
)
(Increase) decrease in due from portfolio companies
 
(765
)
 
302

(Increase) decrease in receivables from unsettled transactions
 
26,760

 
(8,869
)
(Increase) decrease in other assets
 
(74
)
 
(2,746
)
Increase (decrease) in accounts payable, accrued expenses and other liabilities
 
(1,219
)
 
1,073

Increase (decrease) in base management fee and incentive fee payable
 
147

 
(464
)
Increase (decrease) in due to affiliate
 
279

 
(281
)
Increase (decrease) in interest payable
 
2,868

 
3,380

Increase (decrease) in payables from unsettled transactions
 
3,073

 
(25,226
)
Increase (decrease) in director fees payable
 
68

 
(8
)
Increase (decrease) in amounts payable to syndication partners
 
270

 
(1
)
Net cash provided by operating activities
 
86,883

 
60,632

Financing activities:
 
 
 
 
Distributions paid in cash
 
(13,007
)
 
(17,327
)
Borrowings under credit facilities
 

 
35,000

Repayments of borrowings under credit facilities
 
(30,000
)
 
(85,995
)
Repayments of secured borrowings
 
(325
)
 

Repurchases of common stock under dividend reinvestment plan
 
(384
)
 
(294
)
Deferred financing costs paid
 

 
(6,175
)
Net cash used in financing activities
 
(43,716
)
 
(74,791
)
Net increase (decrease) in cash and cash equivalents and restricted cash
 
43,167

 
(14,159
)
Cash and cash equivalents and restricted cash, beginning of period
 
13,489

 
59,913

Cash and cash equivalents and restricted cash, end of period
 
$
56,656

 
$
45,754

Supplemental information:
 
 
 
 
Cash paid for interest
 
$
5,272

 
$
4,797

Non-cash financing activities:
 
 
 
 
Issuance of shares of common stock under dividend reinvestment plan
 
$
384

 
$
294

 
 
 
 
 
Reconciliation to the Consolidated Statements of Assets and Liabilities
 
December 31, 2018
 
September 30, 2018
Cash and cash equivalents
 
$
56,186

 
$
13,380

Restricted cash
 
470

 
109

Total cash and cash equivalents and restricted cash
 
$
56,656

 
$
13,489


See notes to Consolidated Financial Statements.

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