Content analysis
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H.S. senior Avg
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New words:
Academy, actuarial, Actuary, Advertising, advisor, AIG, Allison, American, Amherst, array, Art, Ashley, attached, Attachment, Aurora, Award, bachelor, backdrop, Baltimore, Bar, Beta, billed, biographical, bono, boutique, Brentwood, built, Cancelled, Celine, chain, Chair, Chairman, Chapman, charter, CHF, Christopher, CLO, Club, Columbia, composed, Conseco, contemplated, corroborated, Council, Cousteau, cum, Dame, Deborah, decimal, defense, Department, depressing, Deputy, designee, detract, Distinguished, division, Drug, education, Ernst, escalating, escrow, EUR, Eurozone, EV, exhibit, expert, EY, family, February, fellow, Fellowship, Film, forma, foundation, Game, GBP, Gero, GM, handled, Harvard, honorary, honored, ID, imputed, incompatible, incumbent, instability, integrated, integration, invasion, IPT, Isenberg, Japan, JPY, Kappa, Keck, Keller, Keypath, KPMG, laude, Length, LLP, Loyola, Lynch, Marymount, MBA, McKown, medical, merge, merged, Merrill, Mosko, Museum, Mutual, mutually, nasdaq, NBC, Newport, Notre, Oakmont, obligor, orderly, OSCF, Overseen, Pacific, Pak, Paley, Pequot, Phi, Philadelphia, philanthropic, pioneering, Police, practice, predecessor, Princeton, proceed, promoting, promptly, purport, pursuit, quotient, ratify, raw, redeliver, requisite, resolicit, resoliciting, Roadshow, rounded, Russian, SA, Sandler, scenario, School, scientific, scope, Seattle, Secretary, shortfall, Society, Sony, Southern, Specialist, spent, Spot, Stanford, Station, statute, statutory, Stephen, successor, suggested, SuperValue, surviving, Switzerland, TARP, tasked, Television, text, Theater, timeline, transparency, Treasurer, TriStar, twenty, UCLA, Ukraine, undergraduate, undermining, unilaterally, unpredictable, USD, vast, vest, Village, vision, VWAP, week, weighed, Western, widening, Young
Removed:
accounted, applicability, authoritative, book, Brexit, commencement, Conversely, elapsed, enhancing, EU, expensed, faced, fulfill, generation, hierarchal, infrequent, leave, organize, preserving, reallocation, recalibrated, referendum, repo, SOX, stopped, straight, supplied, terminal, utilized, wage, whichever
Financial report summary
?Risks
- Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
- When we do have an ability to significantly influence a company or an investment, it will expose us to additional risks of liability and may subject us to indemnification obligations.
- We invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that we believe the investments are worth.
- We may face risks in connection with frequent trading and high portfolio turnover.
- Debt instruments and loans acquired by us may become non-performing following their acquisition.
- There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
- If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event such portfolio companies default on their indebtedness.
- If we acquire the securities and obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than-expected investment values or income potentials and resale restrictions.
- Leveraged companies may enter into bankruptcy proceedings at higher rates than companies that are not leveraged and we may invest in debt securities of these companies.
- We are subject to certain risks associated with foreign investments.
- Our obligations in connection with investments in bank loans and participations are subject to unique risks.
- We will face risks in effective operating improvements.
- Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.
- We may have foreign currency risks related to our investments denominated in currencies other than the U.S. Dollar.
- We may expose ourselves to risks if we engage in hedging transactions.
- We may be exposed to credit risk on parties with whom we trade and will also bear the risk of settlement default.
- We may enter into reverse repurchase agreements, which are another form of leverage.
- The disposition of our investments may result in contingent liabilities.
- We invest directly in senior secured loans, including at initial issuance, which would typically have limited mandatory amortization and interim repayment requirements.
- Our investments include “covenant-lite” loans, which may give us fewer rights and subject us to greater risk of loss than loans with financial maintenance covenants.
- Our investment activities subject us to the risks of becoming involved in litigation by third parties.
- We may invest through joint ventures, partnerships or other special purpose vehicles and investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.
- Our Adviser has broad discretion in selecting our investments and investment techniques.
- Our portfolio companies may prepay loans, which may have the effect of reducing our investment income if the returned capital cannot be invested in transactions with equal or greater expected yields.
- The lack of liquidity in our investments may adversely affect our business.
- We may be subject to risks in connection with our origination activities.
- We face risks associated with the deployment of our capital.
- Our board of directors may change our investment objective, operating policies and strategies without prior notice and without stockholder approval.
- We are an “emerging growth company,” and we do not know if such status will make our shares less attractive to investors.
- Certain provisions of our amended and restated certificate of incorporation (the "Certificate of Incorporation") and our amended and restated bylaws (the "Bylaws", and together with the Certificate of Incorporation, the "Governing Documents") and the Delaware General Corporation Law (“DGCL”), as well as other aspects of our structure, could deter takeover attempts and have an adverse impact on the price of the Common Stock following a Qualified Listing, if any.
- We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where it may be required in the future.
- We may not replicate the historical success of Oaktree.
- We will be subject to corporate-level U.S. federal income tax on all of our income if we are unable to qualify as a RIC under Subchapter M of the Code, which would have a material adverse effect on our financial performance.
- Our Incentive Fee may induce our Adviser to pursue speculative investments.
- Our Management Fee may induce our Adviser to incur leverage.
- Our Adviser or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
- The shares of Common Stock are generally an illiquid investment.
- There is a risk that our stockholders may not receive distributions or that our distributions may not grow over time.
- A stockholder’s interest in us will be diluted if we issue additional shares of Common Stock, which could reduce the overall value of an investment in us.
- Because the market price of OCSL Common Stock will fluctuate, our stockholders cannot be sure of the market value of the consideration they will receive in connection with the Mergers until the closing date of the Mergers.
- General economic and market conditions, including those caused by inflation and a rising interest rate environment, could materially affect the success of our activities and investments.
- Economic recessions or downturns may have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our portfolio companies to repay debt or pay interest.
- Global economic, political and market conditions, including downgrades of the U.S. credit rating and Russia's invasion of Ukraine, may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.
Management Discussion
- The principal measure of our financial performance is the net increase (decrease) in net assets resulting from operations, which includes net investment income, net realized gains (losses) and net unrealized appreciation (depreciation). Net investment income is the difference between our income from interest income and fee income and total expenses. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their stated costs. Net unrealized appreciation (depreciation) is the net change in the fair value of our investment portfolio during the reporting period, including the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and losses and net change in unrealized appreciation and depreciation.