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OCSL

Oaktree Specialty Lending Corporation

OCSL

Oaktree Specialty Lending Corporation • NASDAQ
$13.80 ▲ 0.51% (+0.07)
Market Cap $1.22 B
52w High $16.53
52w Low $12.44
Dividend Yield 1.84%
P/E 35.38
Volume 301.64K
Outstanding Shares 88.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $84.255M ▲ $20.267M ▲ $24.578M ▼ 29.171% ▼ $0.28 ▼ $50.873M ▲
Q3-2025 $67.449M ▲ $-2.289M ▲ $38.352M ▲ 56.861% ▼ $0.44 ▲ $38.677M ▲
Q2-2025 $-11.998M ▼ $-4.204M ▲ $-36.249M ▼ 302.125% ▲ $-0.42 ▼ $-35.985M ▼
Q1-2025 $33.666M ▼ $-4.537M ▼ $7.239M ▼ 21.502% ▼ $0.088 ▼ $7.641M ▼
Q4-2024 $68.523M $213K $36.913M 53.87% $0.45 $36.252M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $79.63M ▼ $3.003B ▲ $1.537B ▲ $1.466B ▼
Q3-2025 $79.799M ▼ $2.964B ▼ $1.488B ▼ $1.476B ▲
Q2-2025 $97.838M ▼ $3.079B ▼ $1.604B ▼ $1.475B ▲
Q1-2025 $112.913M ▲ $3.084B ▼ $1.634B ▼ $1.45B ▼
Q4-2024 $63.966M $3.198B $1.711B $1.488B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $24.578M ▼ $47.817M ▲ $-46.482M ▼ $-234K ▲ $-169K ▲ $47.817M ▲
Q3-2025 $38.352M ▲ $-71.955M ▼ $93.034M ▲ $-51.842M ▲ $-28.409M ▼ $-71.955M ▼
Q2-2025 $-36.249M ▼ $62.003M ▼ $0 $-82M ▲ $-17.864M ▼ $62.003M ▼
Q1-2025 $7.239M ▼ $143.956M ▲ $0 $-95.273M ▲ $47.529M ▲ $143.956M ▲
Q4-2024 $36.913M $95.509M $0 $-125.235M $-28.771M $95.509M

Five-Year Company Overview

Income Statement

Income Statement OCSL’s income profile is cyclical and somewhat uneven, which is common for a credit-focused lender. Revenue and profit have moved around from year to year as interest rates, credit spreads, and portfolio marks changed. There have been years of very strong profitability and others where earnings were much thinner, reflecting both credit conditions and how individual loans are marked to market. Overall, the business shows an ability to generate solid investment income over time, but with noticeable bumps along the way rather than a smooth upward trend.

Balance Sheet

Balance Sheet The balance sheet shows a fairly steady base of assets funded by a mix of debt and equity. Debt levels have risen over time but are broadly matched by growth in equity, which helps keep leverage from becoming extreme. Cash on hand is relatively low, which is typical for a lender that aims to keep most capital deployed into interest-earning loans. The balance sheet structure looks like a specialized credit vehicle: diversified loans, moderate leverage, and a focus on preserving net asset value while still using some borrowing to enhance returns.

Cash Flow

Cash Flow Cash flow is lumpy, driven more by loan originations, repayments, and market conditions than by steady operating patterns. Some years show strong positive cash generation when repayments and interest inflows dominate, while other years dip as more capital is put to work in new loans. There is essentially no traditional capital expenditure, which fits a financial company with few physical assets. The key takeaway is that cash flows are inherently episodic and tied to the timing of deals rather than a regular, manufacturing-style pattern.

Competitive Edge

Competitive Edge OCSL’s edge comes less from technology and more from its deep credit expertise and its relationship with Oaktree Capital Management. That affiliation gives it access to a wide sourcing network, experienced credit analysts, and a strong brand that can open doors to attractive lending opportunities. The firm focuses on middle-market borrowers and more complex or stressed situations that many lenders avoid, which can offer better economics in exchange for higher underwriting skill. This combination of specialized structuring, deal flow, and Oaktree’s reputation forms a real competitive moat versus smaller or less sophisticated BDCs.

Innovation and R&D

Innovation and R&D Innovation at OCSL is mainly financial, not technological. The company is known for tailoring bespoke capital structures—first- and second-lien loans, mezzanine debt, and preferred equity—to fit borrowers’ specific needs. It also opportunistically buys discounted debt in the public markets when volatility creates attractive entry points, using Oaktree’s broader platform. While there is no emphasis on flashy new tech or apps, there is ongoing refinement of underwriting, portfolio management, and ESG integration. The “R&D” here is about continually improving deal structures, risk controls, and how capital is deployed in changing credit environments.

Summary

OCSL is a specialized lender with earnings that can swing with credit cycles but a balance sheet that reflects disciplined, institutional-style risk management. It is not a growth story in the traditional tech sense; instead, it is a credit platform that aims to turn specialized lending and complex deal structuring into steady income over time. The tie-in with Oaktree is central, providing sourcing advantages, deep credit skills, and brand strength. The key dynamics to watch are credit quality, non-accrual levels, how effectively management redeploys capital, and how well the firm navigates shifts in interest rates and market stress, rather than any major technological disruption.

NEWS

November 18, 2025 · 6:00 AM UTC

Oaktree Specialty Lending Corporation Announces Fourth Fiscal Quarter and Full Year 2025 Financial Results

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October 7, 2025 · 5:00 PM UTC

Oaktree Specialty Lending Corporation Schedules Fourth Fiscal Quarter and Full Year 2025 Earnings Conference Call for November 18, 2025

Read more