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SEC Filings

10-Q
OAKTREE SPECIALTY LENDING CORP filed this Form 10-Q on 02/07/2019
Entire Document
 

Portfolio Company/Type of Investment
 
 Cash Interest Rate
 
Industry
 
Principal
 
Net Realized Gain (Loss)
 
Amount of
Interest,
Fees or
Dividends
Credited in
Income (1)
 
Fair Value
at October 1,
2017
 
Gross
Additions (2)
 
Gross
Reductions (3)
 
Fair Value
at December 31, 2017
 
% of Total Net Assets
 New IPT, Inc.
 
 
 
 Oil & gas equipment services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021
 
6.69
%
 
 
 
$
4,107

 
$

 
$
67

 
$
4,107

 
$

 
$

 
$
4,107

 
0.5
%
 Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
 
6.79
%
 
 
 
2,504

 

 
41

 
2,504

 

 

 
2,504

 
0.3
%
 First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
 
6.69
%
 
 
 
1,009

 

 
18

 
1,009

 

 

 
1,009

 
0.1
%
 50.087 Class A Common Units in New IPT Holdings, LLC
 
 
 
 
 

 

 

 
736

 
227

 

 
963

 
0.1
%
 AdVenture Interactive, Corp.
 
 
 
 Advertising
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 9,073 shares of common stock
 
 
 
 
 

 

 

 
13,818

 

 
(7,397
)
 
6,421

 
0.8
%
 Keypath Education, Inc.
 
 
 
 Advertising
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022
 
8.69
%
 
 
 
19,960

 

 
435

 
19,960

 

 

 
19,960

 
2.4
%
 First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022
 
8.69
%
 
 
 

 

 
4

 

 

 

 

 
%
 9,073 Class A Units in FS AVI Holdco, LLC
 
 
 
 
 

 

 

 
7,918

 
66

 

 
7,984

 
1.0
%
Total Control Investments
 
 
 
 
 
$
306,806

 
$

 
$
5,554

 
$
305,271

 
$
10,155

 
$
(17,892
)
 
$
297,534

 
36.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Caregiver Services, Inc.
 
 
 
 Healthcare services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
 
 
 
 
 
$
9,752

 
$

 
$
265

 
$
9,665

 
$
43

 
$

 
$
9,708

 
1.2
%
 1,080,399 shares of Series A Preferred Stock, 10%
 
 
 
 
 

 

 

 
2,534

 

 
(373
)
 
2,161

 
0.3
%
AmBath/ReBath Holdings, Inc.
 
 
 
 Home improvement retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
 
 
 
 
 
22,552

 

 
864

 
22,957

 
169

 
(574
)
 
22,552

 
2.8
%
 4,668,788 shares of Preferred Stock
 
 
 
 
 

 

 

 
1,827

 
221

 

 
2,048

 
0.2
%
Total Affiliate Investments
 
 
 
 
 
$
32,304

 
$

 
$
1,129

 
$
36,983

 
$
433

 
$
(947
)
 
$
36,469

 
4.4
%
Total Control & Affiliate Investments
 
 
 
 
 
$
339,110

 
$

 
$
6,683

 
$
342,254

 
$
10,588

 
$
(18,839
)
 
$
334,003

 
40.8
%

This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.
______________________
(1)
Represents the total amount of interest, fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.
(2)
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
(3)
Gross reductions include decreases in the cost basis of investment resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(4)
Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).
(5)
First Star Bermuda Aviation Limited and First Star Speir Aviation Limited are wholly-owned holding companies formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding companies to be investment companies under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding companies and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding companies are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
(6)
This investment was on cash non-accrual status as of December 31, 2017 and September 30, 2017.



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