Oaktree Specialty Lending Corporation (NASDAQ:OCSL) Q3 2022 Earnings Conference Call August 4, 2022 11:00 AM ET
Company Participants
Michael Mosticchio – Head-Investor Relations
Matt Pendo – President
Armen Panossian – Chief Executive Officer and Chief Investment Officer
Chris McKown – Chief Financial Officer and Treasurer
Matt Stewart – Chief Operating Officer
Conference Call Participants
Kevin Fultz – JMP Securities
Kyle Joseph – Jefferies
Ryan Lynch – KBW
Melissa Wedel – J.P. Morgan
Operator
Welcome, and thank you for joining Oaktree Specialty Lending Corporation Third Fiscal Quarter 2022 Conference Call. Today's conference call is being recorded. At this time all participants are in a listen-only mode, but will be prompted for a question-and-answer session following the prepared remarks.
Now I would like to introduce Michael Mosticchio, Head of Investor Relations, who will host today's conference call. Mr. Mosticchio, you may begin.
Michael Mosticchio
Thank you, operator, and welcome to Oaktree Specialty Lending Corporation's third fiscal quarter conference call. Our earnings release, which we issued this morning, and the accompanying slide presentation can be accessed on the Investors section of our website at oaktreespecialtylending.com. Our speakers today are Armen Panossian, Chief Executive Officer and Chief Investment Officer; Matt Pendo, President; and Chris McKown, Chief Financial Officer and Treasurer. Also joining us on the call today for the question-and-answer session is Matt Stewart, Chief Operating Officer.
Before we begin, I want to remind you that comments on today's call include forward-looking statements reflecting our current views with respect to, among other things, our future operating results and financial performance. Our actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to our SEC filings for a discussion of these factors in further detail. We undertake no duty to update or revise any forward-looking statements.
I'd also like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any Oaktree fund. Investors and others should note that Oaktree Specialty Lending uses the Investors section of its corporate website to announce material information. The company encourages investors, the media and others to review the information that it shares on its website.
With that, I would now like to turn the call over to Matt.
Matt Pendo
Thank you, Mike, and welcome everyone. We appreciate your interest in and support of OCSL. Our fiscal third quarter results reflect our ability to identify and invest in attractive opportunities across public and private markets amid the recent volatility maintained excellent credit quality and drive strong earnings on behalf of our shareholders. Adjusted net investment income per share was $0.17 for the quarter, down slightly from the $0.18 for the prior quarter and on par with our fiscal first quarter demonstrating the strength of our earnings profile. As a result of our ongoing solid portfolio performance and consistent earnings, our board increased our quarterly dividend by 3% to $0.17 per share. This marked our ninth consecutive quarterly dividend increase. Our dividend is now up nearly 80% from its pre-COVID level. We've reported NAV per share of $6.89 down 5% from the prior quarter. However, the decrease was driven by broader equity and fixed income market volatility, leading to widening credit spreads and associated mark-to-market write down.