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SEC Filings

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


Portfolio Composition
Our investments principally consist of loans, purchased equity investments and equity grants in privately-held companies and Senior Loan Fund JV I, LLC, or SLF JV I. Our loans are typically secured by a first, second or subordinated lien on the assets of the portfolio company and generally have terms of up to ten years (but an expected average life of between three and four years). We believe the environment for direct lending remains active, and, as a result, a number of our portfolio companies were able to refinance and repay their loans during the three months ended December 31, 2018.
During the three months ended December 31, 2018, we originated $231.1 million of investment commitments in 14 new and three existing portfolio companies and funded $162.4 million of investments.
During the three months ended December 31, 2018, we received $208.3 million of proceeds from prepayments, exits, other paydowns and sales and exited 14 portfolio companies.
A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments is shown in the following tables:
 
 
 
December 31, 2018
 
September 30, 2018
Cost:
 
 
 
 
Senior secured debt
 
77.65
%
 
74.69
%
Subordinated debt
 
9.02

 
11.85

Debt investments in SLF JV I
 
6.06

 
8.05

LLC equity interests of SLF JV I
 
3.11

 
1.01

Purchased equity
 
3.39

 
3.70

Equity grants
 
0.37

 
0.25

Limited partnership interests
 
0.40

 
0.45

Total
 
100.00
%
 
100.00
%
 
 
 
December 31, 2018
 
September 30, 2018
Fair value:
 
 
 
 
Senior secured debt
 
80.01
%
 
75.40
%
Subordinated debt
 
7.81

 
10.97

Debt investments in SLF JV I
 
6.57

 
8.67

LLC equity interests of SLF JV I
 
1.77

 

Purchased equity
 
2.77

 
3.99

Equity grants
 
0.54

 
0.44

Limited partnership interests
 
0.53

 
0.53

Total
 
100.00
%
 
100.00
%


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