Oaktree Specialty Lending (OCSL)


Market Price (9/20/2026): $12.42 | Market Cap: $1.1 BilSector: Financials | Industry: Asset Management & Custody Banks

Oaktree Specialty Lending (OCSL)


Market Price (9/20/2026): $12.42
Market Cap: $1.1 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 9.7%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 50%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 198%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 198%

Low stock price volatility
Vol 12M is 23%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Trading close to highs
Dist 52W High is -3.9%

Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -82%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 128%

Expensive valuation multiples
P/SPrice/Sales ratio is 20x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.0%, Rev Chg QQuarterly Revenue Change % is -5.1%

Key risks
OCSL key risks include [1] deteriorating portfolio credit quality threatening dividend sustainability and [2] significant portfolio concentration in the software and services sector.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 9.7%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 50%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 198%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 198%
3 Low stock price volatility
Vol 12M is 23%
4 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
5 Trading close to highs
Dist 52W High is -3.9%
6 Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -82%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 128%
8 Expensive valuation multiples
P/SPrice/Sales ratio is 20x
9 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.0%, Rev Chg QQuarterly Revenue Change % is -5.1%
10 Key risks
OCSL key risks include [1] deteriorating portfolio credit quality threatening dividend sustainability and [2] significant portfolio concentration in the software and services sector.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Oaktree Specialty Lending (OCSL) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Improved Credit Quality and Non-Accrual Reduction.

Oaktree Specialty Lending demonstrated a significant improvement in credit quality during its fiscal Q3 2026, which ended on June 30, 2026. Non-accrual investments decreased to 1.8% of the total debt portfolio at fair value, an 80-basis-point sequential drop from 2.6% in the prior fiscal quarter. This improvement, announced on August 5, 2026, included successfully exiting five non-accrual positions and restoring a significant second-out loan to accrual status, which likely reassured investors about the health of the company's investment portfolio.

2. Stable Net Asset Value (NAV) Per Share.

The company maintained a stable Net Asset Value (NAV) per share of $15.70 as of June 30, 2026. This was nearly unchanged from the $15.69 reported in the previous fiscal quarter, indicating a consistent underlying value of Oaktree Specialty Lending's assets despite prevailing market conditions and a slight sequential decline in adjusted net investment income.

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Updated on 9/1/2026

Oaktree Specialty Lending (OCSL) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Improved Credit Quality and Non-Accrual Reduction.

Oaktree Specialty Lending demonstrated a significant improvement in credit quality during its fiscal Q3 2026, which ended on June 30, 2026. Non-accrual investments decreased to 1.8% of the total debt portfolio at fair value, an 80-basis-point sequential drop from 2.6% in the prior fiscal quarter. This improvement, announced on August 5, 2026, included successfully exiting five non-accrual positions and restoring a significant second-out loan to accrual status, which likely reassured investors about the health of the company's investment portfolio.

2. Stable Net Asset Value (NAV) Per Share.

The company maintained a stable Net Asset Value (NAV) per share of $15.70 as of June 30, 2026. This was nearly unchanged from the $15.69 reported in the previous fiscal quarter, indicating a consistent underlying value of Oaktree Specialty Lending's assets despite prevailing market conditions and a slight sequential decline in adjusted net investment income.

3. Better-than-Expected Fiscal Q3 2026 Earnings.

Oaktree Specialty Lending reported adjusted Earnings Per Share (EPS) of $0.37 for its fiscal Q3 2026, surpassing the consensus estimate of $0.36. This positive earnings surprise, announced on August 5, 2026, likely acted as a catalyst for the stock's upward movement, signaling strong operational performance relative to market expectations.

4. Favorable Broader BDC Sector Performance.

The stock's gain was supported by a broader positive trend within the Business Development Company (BDC) sector. In early August 2026, BDCs experienced a strong rally, with the sector averaging nearly 10% returns. This performance was catalyzed by better-than-expected Q2 NAV returns across the industry, highlighting the sector's overall resilience and attracting investor interest.

5. Attractive Dividend Distributions.

Oaktree Specialty Lending continued to offer attractive distributions, declaring a combined regular and supplemental dividend of $0.33 per share for fiscal Q3 2026, payable on September 30, 2026. Despite a slight decrease from the prior quarter's dividend, the ongoing commitment to shareholder returns and a high dividend yield likely maintained the stock's appeal, particularly for income-focused investors.

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Stock Movement Drivers

Fundamental Drivers

The 9.6% change in OCSL stock from 5/31/2026 to 9/19/2026 was primarily driven by a 28.8% change in the company's P/E Multiple.
(LTM values as of)53120269192026Change
Stock Price ($)11.3212.419.6%
Change Contribution By: 
Total Revenues ($ Mil)5554-3.3%
Net Income Margin (%)89.7%78.9%-12.0%
P/E Multiple20.125.928.8%
Shares Outstanding (Mil)88880.0%
Cumulative Contribution9.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/19/2026
ReturnCorrelation
OCSL9.6% 
Market (SPY)0.9%28.2%
Sector (XLF)8.3%38.1%

Fundamental Drivers

The 19.9% change in OCSL stock from 2/28/2026 to 9/19/2026 was primarily driven by a 75.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269192026Change
Stock Price ($)10.3512.4119.9%
Change Contribution By: 
Total Revenues ($ Mil)305475.6%
Net Income Margin (%)105.9%78.9%-25.5%
P/E Multiple28.225.9-8.3%
Shares Outstanding (Mil)88880.0%
Cumulative Contribution19.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/19/2026
ReturnCorrelation
OCSL19.9% 
Market (SPY)11.6%31.5%
Sector (XLF)9.2%36.7%

Fundamental Drivers

The 3.1% change in OCSL stock from 8/31/2025 to 9/19/2026 was primarily driven by a 49.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259192026Change
Stock Price ($)12.0412.413.1%
Change Contribution By: 
Total Revenues ($ Mil)365449.7%
Net Income Margin (%)129.3%78.9%-39.0%
P/E Multiple22.925.912.9%
Shares Outstanding (Mil)88880.0%
Cumulative Contribution3.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/19/2026
ReturnCorrelation
OCSL3.1% 
Market (SPY)19.4%32.2%
Sector (XLF)4.7%38.2%

Fundamental Drivers

The -8.3% change in OCSL stock from 8/31/2023 to 9/19/2026 was primarily driven by a -42.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239192026Change
Stock Price ($)13.5312.41-8.3%
Change Contribution By: 
Total Revenues ($ Mil)9354-42.6%
Net Income Margin (%)90.7%78.9%-13.0%
P/E Multiple12.325.9109.9%
Shares Outstanding (Mil)7788-12.5%
Cumulative Contribution-8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/19/2026
ReturnCorrelation
OCSL-8.3% 
Market (SPY)75.6%41.6%
Sector (XLF)69.8%47.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OCSL Return45%4%11%-15%-6%8%45%
Peers Return35%-11%33%27%-5%-1%89%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
OCSL Win Rate75%50%58%33%50%44% 
Peers Win Rate80%43%72%75%53%49% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
OCSL Max Drawdown-5%-18%-14%-23%-18%-15% 
Peers Max Drawdown-9%-26%-10%-10%-23%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, BXSL, OBDC, FSK, MAIN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventOCSLS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-15.1%-24.5%
  % Gain to Breakeven17.8%32.4%
  Time to Breakeven48 days427 days
2020 COVID-19 Crash
  % Loss-55.0%-33.7%
  % Gain to Breakeven122.3%50.9%
  Time to Breakeven140 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.7%-19.2%
  % Gain to Breakeven17.2%23.8%
  Time to Breakeven42 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-28.2%-3.7%
  % Gain to Breakeven39.3%3.9%
  Time to Breakeven25 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.1%-12.2%
  % Gain to Breakeven35.4%13.9%
  Time to Breakeven166 days62 days
2014-2016 Oil Price Collapse
  % Loss-44.4%-6.8%
  % Gain to Breakeven79.9%7.3%
  Time to Breakeven1749 days15 days

Compare to ARCC, BXSL, OBDC, FSK, MAIN

In The Past

Oaktree Specialty Lending's stock fell -4.8% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 5.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventOCSLS&P 500
2020 COVID-19 Crash
  % Loss-55.0%-33.7%
  % Gain to Breakeven122.3%50.9%
  Time to Breakeven140 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-28.2%-3.7%
  % Gain to Breakeven39.3%3.9%
  Time to Breakeven25 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.1%-12.2%
  % Gain to Breakeven35.4%13.9%
  Time to Breakeven166 days62 days
2014-2016 Oil Price Collapse
  % Loss-44.4%-6.8%
  % Gain to Breakeven79.9%7.3%
  Time to Breakeven1749 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.9%-17.9%
  % Gain to Breakeven34.9%21.8%
  Time to Breakeven361 days123 days
2008-2009 Global Financial Crisis
  % Loss-52.6%-53.4%
  % Gain to Breakeven110.8%114.4%
  Time to Breakeven259 days1085 days

Compare to ARCC, BXSL, OBDC, FSK, MAIN

In The Past

Oaktree Specialty Lending's stock fell -4.8% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 5.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Oaktree Specialty Lending (OCSL)

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Oaktree Specialty Lending Corporation (OCSL) is a Business Development Company (BDC) specializing in providing debt and equity financing to middle-market companies. Essentially, OCSL functions as an alternative lender, offering capital solutions to businesses that require flexible financing for various strategic initiatives.

The company's main products and services revolve around a diverse suite of debt financing options, including first and second lien debt, unsecured and mezzanine loans, and bridge financing. OCSL also occasionally makes preferred equity or equity co-investments. It typically invests between $5 million and $75 million per company to support activities such as expansions, sponsor-led acquisitions, and management buyouts. OCSL targets companies with an enterprise value ranging from $20 million to $150 million and EBITDA between $3 million and $50 million.

OCSL primarily serves small and mid-sized companies located in North America. Its investments span a wide range of sectors, including healthcare, manufacturing, business services, retail, consumer goods, food and restaurants, education services, and media and advertising. OCSL aims to be a lead investor in its portfolio companies, playing an active role in their financial development and growth.

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AI Analysis | Feedback

Here are 1-3 brief analogies to describe Oaktree Specialty Lending (OCSL):

  • Think of it as a specialized Wells Fargo for growing mid-sized businesses, offering customized loans beyond typical bank offerings.
  • It's like a Blackstone or KKR that primarily lends specialized debt to mid-sized companies instead of taking large ownership stakes.

AI Analysis | Feedback

  • First Lien Debt Financing: Senior secured loans that hold the highest priority claim on a company's assets.
  • Second Lien Debt Financing: Junior secured loans that are subordinate to first lien debt but senior to unsecured debt.
  • Bridge Financing: Short-term loans provided to cover immediate capital needs until longer-term financing can be arranged.
  • Mezzanine Debt: Hybrid financing instruments combining characteristics of both debt and equity, typically subordinated.
  • Unsecured Loans: Debt facilities not backed by any specific collateral from the borrower.
  • Preferred Equity: A class of ownership with a preferential claim on a company's assets and earnings over common stock.
  • Equity Co-investments: Minority equity stakes taken alongside debt investments to provide additional upside potential.
  • One-Stop Debt Investments: Comprehensive financing packages that combine various debt tranches, such as senior and junior debt, into a single facility.

AI Analysis | Feedback

Oaktree Specialty Lending (OCSL) is a business development company that provides financing and debt investments to other companies. Therefore, its major customers are the small and mid-sized companies to which it lends or invests. The provided background information does not list the specific names of OCSL's individual customer companies.

Based on the company description, OCSL's customers are characterized by the following attributes:

  • Small and mid-sized companies seeking various forms of financing, including one-stop, first lien, second lien debt, bridge financing, unsecured and mezzanine loans, and sometimes preferred equity or equity co-investments for purposes such as expansions, sponsor-led acquisitions, and management buyouts.
  • Companies with an enterprise value typically between $20 million and $150 million.
  • Companies with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) generally between $3 million and $50 million.
  • Companies operating across a range of sectors, including but not limited to:
    • Education services
    • Business services
    • Retail and consumer
    • Healthcare
    • Manufacturing
    • Food and restaurants
    • Construction and engineering
    • Media and advertising

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Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer

Armen Panossian has served as Chief Executive Officer of Oaktree Specialty Lending Corporation (OCSL) since September 2019 and Co-Chief Investment Officer since November 2024. He previously held the role of Chief Investment Officer from September 2019 to November 2024. Panossian also served as CEO and CIO of Oaktree Strategic Income (OCSI) from 2019 to 2021 and Oaktree Strategic Income II (OSI2) from 2019 to 2023, both of which subsequently merged into OCSL. His extensive background within Oaktree Capital Management, L.P., a global alternative investment manager, includes leadership positions such as Head of Performing Credit and various portfolio manager roles across Global Private Debt and Global Credit. Prior to Oaktree, he worked at Pequot Capital Management, focusing on distressed debt strategy.

Christopher McKown, Chief Financial Officer and Treasurer

Christopher McKown is the Chief Financial Officer and Treasurer of Oaktree Specialty Lending Corporation. He also holds the position of Managing Director at Oaktree, where he is responsible for fund accounting and reporting within Oaktree’s Strategic Credit strategy. Before joining Oaktree in 2011, McKown was a senior manager in the audit practice at KPMG LLP, specializing in clients within the investment management and broker-dealer sectors.

Mathew Pendo, President

Mathew Pendo serves as the President of Oaktree Specialty Lending Corporation and as a Managing Director, Head of Corporate Development and Capital Solutions for Oaktree. He joined Oaktree in 2015. Pendo's previous experience includes serving as the chief investment officer of the Troubled Asset Relief Program (TARP) for the U.S. Department of the Treasury, where he received the Distinguished Service Award in 2013. He spent 18 years at Merrill Lynch, starting in investment banking and rising to managing director of the technology industry group. Subsequently, he was a managing director at Barclays Capital, serving as co-head of U.S. Investment Banking and later co-head of the Global Industrials group. He has also served as a former board member of Ally Financial and SuperValu Inc.

Brett McKeone, Chief Operating Officer

Brett McKeone is the Chief Operating Officer of Oaktree Specialty Lending Corporation and a managing director within Oaktree's Global Private Debt strategy. Before joining Oaktree in 2007, he worked as a senior consultant in the Strategy and Operations practice of Deloitte Consulting LLP. His earlier career included serving as an analyst with Exxon Mobil Corporation.

Raghav Khanna, Co-Chief Investment Officer

Raghav Khanna is a Co-Chief Investment Officer of Oaktree Specialty Lending Corporation and a managing director within Oaktree's Global Private Debt strategy. Prior to his role at Oaktree, Khanna was an investment professional at the Carlyle Group, where he concentrated on buyout opportunities within the financial services sector, indicating experience with private equity-backed ventures. He also served as an analyst at Goldman Sachs.

AI Analysis | Feedback

The key risks to Oaktree Specialty Lending (OCSL) are primarily associated with the nature of its business as a business development company (BDC) specializing in debt financing for middle-market companies. These risks include:

  1. Portfolio Company Credit Risk and Non-Accruals: OCSL invests in loans to small and mid-sized companies, which often carry a higher risk of default compared to investment-grade debt. These portfolio companies may be highly leveraged and more susceptible to economic downturns, potentially leading to lower valuations or defaults on their loans. OCSL has faced "severe portfolio performance issues," with concerns about its non-accrual ratio (loans not generating income), which directly impacts its profitability and dividend sustainability.
  2. Interest Rate Risk: As a BDC, OCSL borrows money to make investments. Its net investment income is significantly influenced by the spread between its borrowing costs and the interest rates it earns on its investments. While a substantial portion of OCSL's loan portfolio (approximately 90% or more) consists of floating-rate loans, which benefit from rising interest rates, a decline in interest rates could reduce interest income. Conversely, increases in borrowing costs due to rising rates can also negatively impact net investment income. Anticipated federal fund rate cuts in 2026 are considered a direct headwind to OCSL's yield.
  3. Economic Downturns and Market Volatility: OCSL's performance is inherently tied to the broader economic environment. During periods of economic uncertainty or downturns, the middle-market companies in which OCSL invests may experience financial distress, leading to reduced revenue, increased defaults, and lower valuations of OCSL's investments. Market volatility can also result in unrealized depreciation in the value of OCSL's investment portfolio.

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Oaktree Specialty Lending Corporation (OCSL) primarily operates within the private credit and middle market lending sectors in North America.

The estimated size of these addressable markets is as follows:

  • The global private credit market is estimated to be between $1.5 trillion and $2.1 trillion. Approximately three-quarters of this market is within the United States.
  • The U.S. private credit market was approaching $1.3 trillion as of October 2025, having expanded from $500 billion to this figure over the preceding five years, with expectations for continued growth in 2026.
  • Morgan Stanley estimates the U.S. private credit market at $3 trillion at the beginning of 2025, with projections to reach approximately $5 trillion by 2029.
  • Direct lending, a significant component of OCSL's services, is the largest sector within private credit, representing about 46% of the asset class.
  • The size of direct lending to U.S. middle-market companies was estimated at $1.0 trillion as of March 31, 2022.
  • According to an analysis by McKinsey & Company, the total addressable market for private credit in the U.S. could exceed $30 trillion.
  • The U.S. middle market, which OCSL targets, comprises approximately 300,000 midsize businesses that generate $13 trillion in annual revenue.

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Drivers of Future Revenue Growth for Oaktree Specialty Lending (OCSL)

Oaktree Specialty Lending (OCSL) is poised for future revenue growth over the next 2-3 years, driven by its strategic capital deployment, focus on portfolio quality, and anticipated market dynamics. The key drivers include:

  1. Continued Deployment of Capital into New Investments: OCSL consistently deploys its substantial liquidity into new investment commitments, which directly contributes to its total investment income. For instance, in the first fiscal quarter of 2026, the company originated $316.6 million in new investment commitments and funded $314 million, with a weighted average yield on new debt investments of 8.7%. OCSL reported having approximately $576 million in available liquidity as of December 31, 2025, providing ample capacity for future investment activity.
  2. Reduction and Reinvestment of Non-Accrual Loans: A significant focus for OCSL is the proactive management and reduction of non-accrual loans, which are investments not currently generating interest income. By converting these non-earning assets into income-producing investments, the company enhances its overall interest income. At the end of fiscal year 2025, non-accrual loans represented 2.8% of the portfolio at fair value, a reduction of 100 basis points from the prior year, highlighting successful efforts in this area.
  3. Leveraging Strategic Joint Ventures: Oaktree Specialty Lending's strategic joint ventures (JVs) are identified as key income-enhancing vehicles. For example, the Kemper JV and Glick JV generated strong annualized returns of 12.4% and 12.5%, respectively, as of the fourth quarter of 2025. Continued optimization and potential expansion of these JVs are expected to contribute positively to the company's revenue.
  4. Anticipated Increase in Middle-Market Mergers and Acquisitions (M&A) Activity: Management anticipates an uptick in middle-market M&A, which is expected to generate new deal flow and investment opportunities for OCSL. As a business development company specializing in providing financing solutions to middle-market companies, increased M&A activity directly translates into a larger pipeline for new loans and investments, fueling revenue growth.
  5. Strategic Sector Allocation and Focus on Senior Secured Loans: OCSL's investment strategy prioritizes sectors with resilient business models, such as software and healthcare, and emphasizes first-lien secured loans. This disciplined approach, reflected in the increase of first-lien investments to 82% of the portfolio in fiscal 2024 and 83% in Q4 2025, is designed to limit downside risk and ensure stable investment income. By focusing on higher-quality, income-generating assets, OCSL aims to maintain and grow its revenue base.

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Share Issuance

  • In February 2025, Oaktree Capital I, L.P. purchased $100 million of newly issued common stock from OCSL at net asset value, which increased net assets by approximately 7%.
  • The company has issued shares under 'at the market' offerings through equity distribution agreements.
  • Strategic consolidations, including the 2021 merger with Oaktree Strategic Income Corporation and a 2022 agreement for Oaktree Strategic Income II, Inc., contributed to scaling the company and diversifying its portfolio.

Inbound Investments

  • Oaktree Capital I, L.P. made a significant inbound investment of $100 million by purchasing newly issued OCSL common stock in February 2025.

Outbound Investments

  • As of September 30, 2025, OCSL's investment portfolio was valued at approximately $2.8 billion at fair value, diversified across 143 portfolio companies.
  • The portfolio is predominantly composed of senior secured debt, representing 86% of investments as of September 30, 2025, reflecting a strategic shift towards higher-quality debt in recent years.
  • The company utilizes joint ventures, such as Senior Loan Fund JV I, LLC and OCSI Glick JV LLC, to facilitate larger deals and diversify its portfolio, with these JVs holding $513 million in investments and generating a 12.4% aggregate return on equity in Q4 2025.

Capital Expenditures

  • Capital expenditures for Oaktree Specialty Lending have consistently been reported as $0.00 for several years, including up to Q1 2026.

Peer Outperformance in Asset Management & Custody Banks

OCSL has trailed 57% of its 83 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that OCSL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
75%
of 104 industry peers · 4.6% return
3Y
28%
of 95 industry peers · -11.6% return
5Y
43%
of 83 industry peers · 5.8% return
No Asset Management & Custody Banks peer with a comparable growth profile has beaten OCSL by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is OCSL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 24.2%69.4%131.5% SPNT 168% · RGA 148% · RNR 137%
Investment Banking & Brokerage 13 -1.7%101.3%116.9% IBKR 524% · SNEX 253% · HOOD 194%
Diversified Banks 12 27.5%126.2%116.7% CM 161% · JPM 159% · RY 148%
Life & Health Insurance 20 8.6%55.4%105.0% JXN 545% · UNM 364% · FG 207%
Multi-Sector Holdings 4 6.8%48.5%85.7% JONE 361% · BRK-B 86% · VOYA 85%
Regional Banks 265 23.9%90.9%67.3% ESQ 387% · GCBC 342% · VBNK 335%
Property & Casualty Insurance 42 9.6%65.9%66.8% ASIC 2760900% · HRTG 460% · UVE 321%
Multi-line Insurance 9 8.8%72.1%63.7% GNW 197% · L 110% · SLF 103%
Financial Exchanges & Data 15 -0.1%13.1%32.9% VIRT 183% · CBOE 139% · CME 81%
Diversified Financial Services 4 -7.3%16.8%32.0% FRHC 173% · EQH 118% · TMS -54%
Consumer Finance 30 1.7%85.7%29.3% ENVA 458% · EZPW 338% · FCFS 169%
Insurance Brokers 16 -15.1%-6.9%20.9% LIFE 252% · ARX 87% · AJG 73%
Asset Management & Custody Banks ← 84 -11.7%15.2%12.8% WT 338% · SII 278% · VCTR 273%
Commercial & Residential Mortgage Finance 14 -50.2%26.4%12.3% FNMA 473% · FMCC 441% · ACT 206%
Specialized Finance 3 14.0%37.3%-3.4% EFC 27% · CACC -3% · HASI -15%
Mortgage REITs 33 -13.0%4.7%-15.7% NREF 53% · RITM 42% · DX 34%
Transaction & Payment Processing Services 15 -1.0%-8.4%-44.2% V 74% · MA 71% · CPAY 56%
Diversified Capital Markets 20 -36.3%17.2%-56.0% OPY 197% · LPLA 135% · GOLD 94%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
Mkt Price12.4119.4024.8411.1711.2956.1915.90
Mkt Cap1.113.95.85.53.25.25.4
Rev LTM541,174341375-307559358
Op Inc LTM-------
FCF LTM106-6801482,2071,923-150127
FCF 3Y Avg199-1,213-7981,3361,29728113
CFO LTM106-6801482,2071,923-150127
CFO 3Y Avg199-1,213-7981,3361,29728113

Growth & Margins

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
Rev Chg LTM49.7%-24.5%-48.4%-49.6%-201.0%-10.3%-36.4%
Rev Chg 3Y Avg-8.0%16.6%-3.3%-23.2%-46.3%10.1%-5.7%
Rev Chg Q-5.1%-46.2%-84.3%-43.9%82.6%22.8%-24.5%
QoQ Delta Rev Chg LTM-3.3%-13.8%-29.6%-15.7%33.1%6.3%-8.6%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM198.3%-57.9%43.3%588.7%--26.8%43.3%
CFO/Rev 3Y Avg446.2%-77.1%-106.9%277.0%-3.0%3.0%
FCF/Rev LTM198.3%-57.9%43.3%588.7%--26.8%43.3%
FCF/Rev 3Y Avg446.2%-77.1%-106.9%277.0%-3.0%3.0%

Valuation

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
Mkt Cap1.113.95.85.53.25.25.4
P/S20.411.916.914.8-9.414.8
P/Op Inc-------
P/EBIT-------
P/E25.914.519.719.2-8.411.616.8
P/CFO10.3-20.539.02.51.6-35.02.1
Total Yield15.9%16.4%16.9%18.9%11.0%15.3%16.1%
Dividend Yield12.0%9.5%11.8%13.7%22.8%6.7%11.9%
FCF Yield 3Y Avg15.9%-8.8%-12.3%22.2%33.4%0.3%8.1%
D/E1.31.11.31.42.00.51.3
Net D/E1.31.11.31.42.00.51.3

Returns

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
1M Rtn-2.8%0.5%0.7%-0.8%-1.6%-3.3%-1.2%
3M Rtn9.9%10.3%8.6%5.9%14.1%12.5%10.1%
6M Rtn18.4%13.5%11.5%6.9%22.3%5.8%12.5%
12M Rtn4.6%-0.6%1.3%-9.9%-15.6%-8.3%-4.4%
3Y Rtn-11.6%33.2%21.3%13.3%-10.5%74.4%17.3%
1M Excs Rtn-1.9%1.2%1.9%-0.5%-2.1%-2.2%-1.2%
3M Excs Rtn7.9%8.3%6.6%3.9%12.1%10.5%8.1%
6M Excs Rtn0.7%-3.7%-6.8%-11.7%4.2%-10.8%-5.3%
12M Excs Rtn-11.4%-14.3%-14.0%-24.0%-32.4%-23.8%-19.0%
3Y Excs Rtn-81.8%-37.8%-48.4%-55.8%-81.1%4.4%-52.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment198264318143350
Total198264318143350


Price Behavior

Price Behavior
Market Price$12.41 
Market Cap ($ Bil)1.1 
First Trading Date06/12/2008 
Distance from 52W High-3.9% 
   50 Days200 Days
DMA Price$12.24$11.57
DMA Trendindeterminateup
Distance from DMA1.4%7.3%
 3M1YR
Volatility23.1%23.5%
Downside Capture26.3570.81
Upside Capture73.6763.85
Correlation (SPY)22.8%33.0%
OCSL Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.630.430.460.550.570.57
Up Beta1.60-0.05-0.050.100.430.52
Down Beta0.401.290.820.630.650.74
Up Capture108%69%79%83%47%17%
Bmk +ve Days10213268138427
Stock +ve Days12203466122388
Down Capture-181%3%21%57%70%81%
Bmk -ve Days11213259113324
Stock -ve Days9212957121344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OCSL
OCSL4.5%23.4%0.12-
Sector ETF (XLF)4.5%14.6%0.0839.3%
Equity (SPY)16.9%12.9%0.9433.0%
Gold (GLD)19.1%29.3%0.602.6%
Commodities (DBC)46.3%20.6%1.73-15.4%
Real Estate (VNQ)4.9%13.6%0.1030.4%
Bitcoin (BTCUSD)-30.6%44.3%-0.7023.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OCSL
OCSL0.8%20.3%-0.04-
Sector ETF (XLF)10.1%18.4%0.4150.8%
Equity (SPY)12.9%17.2%0.5747.4%
Gold (GLD)19.1%18.8%0.836.3%
Commodities (DBC)11.2%19.5%0.459.9%
Real Estate (VNQ)1.1%18.8%-0.0542.6%
Bitcoin (BTCUSD)12.5%52.5%0.4223.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OCSL
OCSL6.2%26.9%0.25-
Sector ETF (XLF)12.9%22.1%0.5346.3%
Equity (SPY)15.1%18.0%0.7244.6%
Gold (GLD)12.1%16.4%0.615.0%
Commodities (DBC)8.3%18.1%0.3716.0%
Real Estate (VNQ)4.4%20.7%0.1844.7%
Bitcoin (BTCUSD)62.6%66.2%1.0213.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity3.0 Mil
Short Interest: % Change Since 8152026-1.8%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest5.8 days
Basic Shares Quantity88.1 Mil
Short % of Basic Shares3.4%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-0.6%5.6%8.6%
5/5/2026-5.7%-6.2%-8.5%
2/4/20263.3%1.5%-5.6%
11/18/20250.0%2.1%-0.8%
8/5/2025-1.7%-0.4%2.7%
5/1/2025-7.8%-7.4%1.6%
2/4/2025-2.8%-3.0%0.4%
11/19/2024-3.3%-0.8%-3.2%
...
SUMMARY STATS   
# Positive9912
# Negative151512
Median Positive1.2%2.7%3.1%
Median Negative-2.6%-3.0%-3.9%
Max Positive5.1%8.0%8.7%
Max Negative-7.8%-11.1%-8.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-0.6%5.6%8.6%
5/5/2026-5.7%-6.2%-8.5%
2/4/20263.3%1.5%-5.6%
11/18/20250.0%2.1%-0.8%
8/5/2025-1.7%-0.4%2.7%
5/1/2025-7.8%-7.4%1.6%
2/4/2025-2.8%-3.0%0.4%
11/19/2024-3.3%-0.8%-3.2%
8/1/2024-4.0%-11.1%-5.7%
4/30/2024-3.6%-3.4%-2.1%
2/1/2024-7.8%-7.5%-7.1%
11/14/20230.1%0.2%3.8%
8/3/2023-2.2%-2.1%-2.0%
5/4/2023-2.6%0.6%1.3%
2/7/20231.2%-0.7%-0.8%
11/15/20225.1%8.0%7.5%
8/4/2022-1.7%-0.3%-4.6%
5/5/2022-2.2%-5.0%-5.4%
2/3/2022-0.1%-0.8%-2.4%
11/16/20210.1%-0.9%0.7%
8/5/20213.5%5.5%6.6%
5/6/20210.1%-4.6%1.0%
2/4/2021-1.5%2.7%3.5%
11/19/20202.3%7.5%8.7%
SUMMARY STATS   
# Positive9912
# Negative151512
Median Positive1.2%2.7%3.1%
Median Negative-2.6%-3.0%-3.9%
Max Positive5.1%8.0%8.7%
Max Negative-7.8%-11.1%-8.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/05/202610-Q
12/31/202502/04/202610-Q
09/30/202511/18/202510-K
06/30/202508/05/202510-Q
03/31/202505/01/202510-Q
12/31/202402/04/202510-Q
09/30/202411/19/202410-K
06/30/202408/01/202410-Q
03/31/202404/30/202410-Q
12/31/202302/01/202410-Q
09/30/202311/14/202310-K
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/07/202310-Q
09/30/202211/15/202210-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/05/202610-Q
12/31/202502/04/202610-Q
09/30/202511/18/202510-K
06/30/202508/05/202510-Q
03/31/202505/01/202510-Q
12/31/202402/04/202510-Q
09/30/202411/19/202410-K
06/30/202408/01/202410-Q
03/31/202404/30/202410-Q
12/31/202302/01/202410-Q
09/30/202311/14/202310-K
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/07/202310-Q
09/30/202211/15/202210-K
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/03/202210-Q
09/30/202111/16/202110-K
06/30/202108/05/202110-Q
03/31/202105/06/202110-Q
12/31/202002/04/202110-Q
09/30/202011/19/202010-K
06/30/202008/10/202010-Q
03/31/202005/07/202010-Q
12/31/201902/06/202010-Q
09/30/201911/20/201910-K

Insider Activity

Updated 8/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Panossian, ArmenSee RemarksDirectBuy813202612.691,70021,581285,487Form
2Caldwell, Phyllis R DirectBuy318202610.772,50026,925253,095Form
3Gero, Deborah Ann DirectBuy318202610.782,00021,558263,124Form
4Caldwell, Phyllis R DirectBuy916202513.193,00039,576277,035Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Panossian, ArmenSee RemarksDirectBuy813202612.691,70021,581285,487Form
2Caldwell, Phyllis R DirectBuy318202610.772,50026,925253,095Form
3Gero, Deborah Ann DirectBuy318202610.782,00021,558263,124Form
4Caldwell, Phyllis R DirectBuy916202513.193,00039,576277,035Form

Investor Activity (13F)

Updated Sep 20, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Beach Point Capital Management LP$12.6 Mil5.0%8New13F
Bruni J V & Co /Co$28.2 Mil2.9%31Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Beach Point Capital Management LP$12.6 Mil5.0%8New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Bruni J V & Co /Co$28.2 Mil2.9%31Hold13F
Beach Point Capital Management LP$12.6 Mil5.0%8New13F
Core Cache Last Updated: 9/19/2026