Oaktree Specialty Lending Corporation (NASDAQ:OCSL) Q4 2024 Results Conference Call November 19, 2024 11:00 AM ET

Company Participants

Dane Kleven - Head of Investor Relations
Matt Pendo - President
Armen Panossian - Chief Executive Officer & Chief Investment Officer
Chris McKown - Chief Financial Officer & Treasurer

Conference Call Participants

Paul Johnson - KBW
Melissa Wedel - JPMorgan

Operator

Welcome, and thank you for joining Oaktree Specialty Lending Corporation's Fourth Fiscal Quarter Conference Call. Today's conference call is being recorded. [Operator Instructions] At this time, all participants are in a listen-only mode. But we will be prompted for a question-and-answer session following the prepared remarks.

Before I pass the call over to the Oaktree team, I want to remind you that comments on today's call may include forward-looking statements reflecting Oaktree's current views with respect to future operating results and financial performance. Actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to OCSL's SEC filings for a discussion of these factors in further detail. Oaktree undertakes 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.

Now I would like to introduce Dane Kleven, Head of Investor Relations, who will host today's conference call. Mr. Kevin, you may begin.

Dane Kleven

Thank you, operator, and thank you all for listening in. We very much appreciate your support of Oaktree Specialty Lending Corporation. I'd like to welcome you to our earnings call for the fourth fiscal quarter of 2024. 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. We encourage investors, the media and others to review the information that is shared on our website.

Joining us on the call today are Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer; Matt Pendo, President; and Chris McKown, Chief Financial Officer and Treasurer.

With that, I would now like to turn the call over to Matt to discuss our results.

Matt Pendo

Thanks, Dane, and welcome, everyone. Our adjusted NII for the fiscal fourth quarter ended September 30, 2024, was $45 million or $0.55 per share, which was consistent with our third quarter results. NII for the quarter reflected our healthy origination and repayment activity, combined with the decrease in net expenses driven by our lower management fees that went into effect on July 1st and interest expense. This was partially offset by a modest decline in adjusted total investment income as certain investments were moved to nonaccrual status.