Tearsheet

Oaktree Specialty Lending (OCSL)


Market Price (6/17/2026): $11.86 | Market Cap: $1.0 BilSector: Financials | Industry: Asset Management & Custody Banks

Oaktree Specialty Lending (OCSL)


Market Price (6/17/2026): $11.86
Market Cap: $1.0 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 18%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 6.7%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 3691%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 126%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 126%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%

Low stock price volatility
Vol 12M is 22%

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

Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -85%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 137%

Expensive valuation multiples
P/SPrice/Sales ratio is 19x

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 18%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 6.7%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 3691%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 126%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 126%
3 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%
4 Low stock price volatility
Vol 12M is 22%
5 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
6 Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -85%
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 137%
8 Expensive valuation multiples
P/SPrice/Sales ratio is 19x
9 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 6/1/2026

Oaktree Specialty Lending (OCSL) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Mixed Earnings Performance, Declining Net Asset Value (NAV), and Dividend Adjustment.

Oaktree Specialty Lending (OCSL) exhibited mixed financial results and a notable decline in its net asset value during the period. While the company beat Q1 fiscal year 2026 earnings expectations (for the quarter ended December 31, 2025), reporting $0.41 earnings per share against a $0.38 consensus, its revenue of $74.48 million slightly missed estimates. More significantly, Q2 fiscal year 2026 results (for the quarter ended March 31, 2026) showed a substantial miss, with an adjusted EPS of -$0.22, falling short of the $0.37 forecast by 159.46%, and revenue of $70.4 million missing the $73.97 million anticipation. The net asset value per share decreased to $15.69 as of March 31, 2026, from $16.30 at the end of December 2025, primarily due to unrealized depreciation of $39.3 million in its software portfolio, which accounted for $526 million in fair value. This valuation pressure was linked to broader market spread widening and concerns regarding AI disruption in the software sector. Concurrently, OCSL announced a reduction in its quarterly dividend to $0.34 per share (comprising $0.30 regular and $0.04 supplemental) on May 5, 2026, down from the previous $0.40 per share.

2. Challenging Macroeconomic Environment for the BDC Sector.

The broader Business Development Company (BDC) sector faced significant headwinds, contributing to OCSL's stable but constrained stock performance. Fitch Ratings maintained a 'deteriorating' outlook for BDCs in April 2026, citing expectations for continued pressure on net investment income, reduced funding flexibility, and increased liquidity concerns. The private credit market experienced a "panic" in Q1 2026, marked by a 40% year-over-year slump in BDC capital formation and retail sales, the sharpest contraction in the sector's history. This downturn was attributed to the erosion of BDC yield advantages following Federal Reserve rate cuts in late 2025 and a rise in the private credit default rate to 9.2% by the end of 2025. Furthermore, a significant "$21 billion maturity wall" of BDC debt coming due in early 2026 heightened investor caution.

Show more
Updated on 6/1/2026

Oaktree Specialty Lending (OCSL) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Mixed Earnings Performance, Declining Net Asset Value (NAV), and Dividend Adjustment.

Oaktree Specialty Lending (OCSL) exhibited mixed financial results and a notable decline in its net asset value during the period. While the company beat Q1 fiscal year 2026 earnings expectations (for the quarter ended December 31, 2025), reporting $0.41 earnings per share against a $0.38 consensus, its revenue of $74.48 million slightly missed estimates. More significantly, Q2 fiscal year 2026 results (for the quarter ended March 31, 2026) showed a substantial miss, with an adjusted EPS of -$0.22, falling short of the $0.37 forecast by 159.46%, and revenue of $70.4 million missing the $73.97 million anticipation. The net asset value per share decreased to $15.69 as of March 31, 2026, from $16.30 at the end of December 2025, primarily due to unrealized depreciation of $39.3 million in its software portfolio, which accounted for $526 million in fair value. This valuation pressure was linked to broader market spread widening and concerns regarding AI disruption in the software sector. Concurrently, OCSL announced a reduction in its quarterly dividend to $0.34 per share (comprising $0.30 regular and $0.04 supplemental) on May 5, 2026, down from the previous $0.40 per share.

2. Challenging Macroeconomic Environment for the BDC Sector.

The broader Business Development Company (BDC) sector faced significant headwinds, contributing to OCSL's stable but constrained stock performance. Fitch Ratings maintained a 'deteriorating' outlook for BDCs in April 2026, citing expectations for continued pressure on net investment income, reduced funding flexibility, and increased liquidity concerns. The private credit market experienced a "panic" in Q1 2026, marked by a 40% year-over-year slump in BDC capital formation and retail sales, the sharpest contraction in the sector's history. This downturn was attributed to the erosion of BDC yield advantages following Federal Reserve rate cuts in late 2025 and a rise in the private credit default rate to 9.2% by the end of 2025. Furthermore, a significant "$21 billion maturity wall" of BDC debt coming due in early 2026 heightened investor caution.

3. Neutral Analyst Sentiment and Price Target Reductions.

Analyst ratings and price target adjustments indicated a neutral outlook for OCSL, limiting upward momentum. The stock currently holds an average "Hold" rating from analysts, with a consensus price target ranging from approximately $12.17 to $13.48. Notably, JPMorgan Chase & Co. reduced its price objective for OCSL from $13.50 to $10.50 with a "neutral" rating on March 13, 2026. Similarly, Wells Fargo & Company lowered its price target from $13.00 to $12.00 in February 2026, maintaining an "equal weight" rating. These downward revisions and the overall neutral sentiment likely contributed to the stock remaining largely at its current level.

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Stock Movement Drivers

Fundamental Drivers

The 11.6% change in OCSL stock from 2/28/2026 to 6/16/2026 was primarily driven by a 81.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266162026Change
Stock Price ($)10.6311.8611.6%
Change Contribution By: 
Total Revenues ($ Mil)305581.7%
Net Income Margin (%)105.9%89.7%-15.4%
P/E Multiple29.021.0-27.4%
Shares Outstanding (Mil)88880.0%
Cumulative Contribution11.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/16/2026
ReturnCorrelation
OCSL11.6% 
Market (SPY)9.7%34.7%
Sector (XLF)6.2%41.5%

Fundamental Drivers

The -5.5% change in OCSL stock from 11/30/2025 to 6/16/2026 was primarily driven by a -35.5% change in the company's P/E Multiple.
(LTM values as of)113020256162026Change
Stock Price ($)12.5511.86-5.5%
Change Contribution By: 
Total Revenues ($ Mil)2555121.9%
Net Income Margin (%)135.9%89.7%-34.0%
P/E Multiple32.621.0-35.5%
Shares Outstanding (Mil)88880.0%
Cumulative Contribution-5.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/16/2026
ReturnCorrelation
OCSL-5.5% 
Market (SPY)10.4%33.8%
Sector (XLF)2.8%40.8%

Fundamental Drivers

The -5.4% change in OCSL stock from 5/31/2025 to 6/16/2026 was primarily driven by a -3690.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256162026Change
Stock Price ($)12.5411.86-5.4%
Change Contribution By: 
Total Revenues ($ Mil)-255-3690.7%
Net Income Margin (%)-585.1%89.7%-115.3%
P/E Multiple119.421.0-82.4%
Shares Outstanding (Mil)8688-2.5%
Cumulative Contribution-5.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/16/2026
ReturnCorrelation
OCSL-5.4% 
Market (SPY)28.8%35.1%
Sector (XLF)8.3%41.5%

Fundamental Drivers

The -5.9% change in OCSL stock from 5/31/2023 to 6/16/2026 was primarily driven by a -77.0% change in the company's P/E Multiple.
(LTM values as of)53120236162026Change
Stock Price ($)12.6011.86-5.9%
Change Contribution By: 
Total Revenues ($ Mil)2055183.1%
Net Income Margin (%)51.5%89.7%74.2%
P/E Multiple91.621.0-77.0%
Shares Outstanding (Mil)7388-16.9%
Cumulative Contribution-5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/16/2026
ReturnCorrelation
OCSL-5.9% 
Market (SPY)86.6%42.9%
Sector (XLF)79.6%48.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OCSL Return45%4%11%-15%-6%-2%31%
Peers Return35%-11%33%27%-5%-10%71%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
OCSL Win Rate75%50%58%33%50%50% 
Peers Win Rate80%43%72%75%53%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

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 6/16/2026 (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

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
Mkt Price11.8618.6223.8011.0910.3651.4615.24
Mkt Cap1.013.45.55.52.94.75.1
Rev LTM551,362485445-459526465
Op Inc LTM-------
FCF LTM70-1,234-6342,6701,255-164-47
FCF 3Y Avg196-1,341-8111,3191,292-297
CFO LTM70-1,234-6342,6701,255-164-47
CFO 3Y Avg196-1,341-8111,3191,292-297

Growth & Margins

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
Rev Chg LTM3,690.7%-10.3%-30.7%-38.7%-176.1%-13.5%-22.1%
Rev Chg 3Y Avg1,348.9%38.6%11.0%-10.6%174.2%19.4%29.0%
Rev Chg Q61.9%-49.0%-75.2%-100.8%-418.7%-47.4%-62.1%
QoQ Delta Rev Chg LTM81.7%-9.6%-20.3%-37.4%-550.0%-11.2%-15.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM125.8%-90.6%-130.8%600.6%--31.2%-31.2%
CFO/Rev 3Y Avg--89.9%-129.5%250.9%--0.7%-45.3%
FCF/Rev LTM125.8%-90.6%-130.8%600.6%--31.2%-31.2%
FCF/Rev 3Y Avg--89.9%-129.5%250.9%--0.7%-45.3%

Valuation

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
Mkt Cap1.013.45.55.52.94.75.1
P/S18.99.811.412.4-8.911.4
P/Op Inc-------
P/EBIT-------
P/E21.011.612.615.4-5.310.912.1
P/CFO15.0-10.8-8.72.12.3-28.5-3.3
Total Yield17.7%18.3%20.3%20.4%8.1%16.5%18.0%
Dividend Yield13.0%9.7%12.4%13.9%27.0%7.4%12.7%
FCF Yield 3Y Avg14.3%-9.6%-12.1%23.5%30.5%0.2%7.2%
D/E1.41.21.51.52.50.51.4
Net D/E1.41.11.41.42.50.51.4

Returns

OCSLARCCBXSLOBDCFSKMAINMedian
NameOaktree .Ares Cap.Blacksto.Blue Owl.FS KKR C.Main Str. 
1M Rtn0.8%1.0%-0.9%-1.1%-5.6%2.5%-0.0%
3M Rtn9.2%3.6%0.5%0.3%1.0%-5.8%0.7%
6M Rtn-1.9%-2.6%-9.1%-8.9%-28.4%-11.7%-9.0%
12M Rtn-1.8%-3.7%-14.3%-13.7%-41.5%-3.7%-8.7%
3Y Rtn-10.9%32.1%26.4%13.5%-17.4%67.1%19.9%
1M Excs Rtn-0.6%-0.4%-2.3%-2.5%-7.0%1.1%-1.4%
3M Excs Rtn-2.6%-8.3%-11.3%-11.6%-10.9%-17.7%-11.1%
6M Excs Rtn-14.1%-13.7%-20.2%-19.4%-39.5%-23.9%-19.8%
12M Excs Rtn-29.3%-30.4%-41.2%-40.0%-67.7%-29.9%-35.2%
3Y Excs Rtn-85.2%-42.2%-48.9%-59.6%-92.3%-11.1%-54.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment198264318143350
Total198264318143350


Price Behavior

Price Behavior
Market Price$11.86 
Market Cap ($ Bil)1.0 
First Trading Date06/12/2008 
Distance from 52W High-8.5% 
   50 Days200 Days
DMA Price$11.86$11.82
DMA Trendindeterminateup
Distance from DMA0.0%0.4%
 3M1YR
Volatility27.0%21.7%
Downside Capture80.1383.15
Upside Capture78.7758.43
Correlation (SPY)33.8%34.8%
OCSL Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.350.710.550.600.600.57
Up Beta0.430.480.120.420.450.52
Down Beta-0.84-0.080.590.740.630.74
Up Capture-10%64%74%39%38%15%
Bmk +ve Days13283667141432
Stock +ve Days10233255123390
Down Capture162%158%70%84%87%81%
Bmk -ve Days7132757109318
Stock -ve Days9172864117339

[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
OCSL-3.6%21.7%-0.25-
Sector ETF (XLF)10.5%14.6%0.4740.7%
Equity (SPY)27.2%12.4%1.6634.6%
Gold (GLD)25.8%27.4%0.820.3%
Commodities (DBC)23.3%18.9%0.98-7.2%
Real Estate (VNQ)13.6%13.5%0.6928.6%
Bitcoin (BTCUSD)-37.7%42.4%-1.0027.6%

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
OCSL1.2%19.9%-0.02-
Sector ETF (XLF)9.5%18.6%0.3852.3%
Equity (SPY)13.8%17.1%0.6348.8%
Gold (GLD)17.6%18.2%0.786.0%
Commodities (DBC)7.8%19.4%0.3013.6%
Real Estate (VNQ)2.5%18.8%0.0443.3%
Bitcoin (BTCUSD)12.1%54.2%0.4223.7%

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
OCSL8.2%26.8%0.32-
Sector ETF (XLF)13.1%22.2%0.5446.4%
Equity (SPY)15.4%18.0%0.7344.7%
Gold (GLD)12.8%16.1%0.664.5%
Commodities (DBC)6.2%18.0%0.2717.4%
Real Estate (VNQ)5.6%20.7%0.2344.5%
Bitcoin (BTCUSD)60.7%66.8%1.0013.4%

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

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity3.4 Mil
Short Interest: % Change Since 51520266.9%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest5.3 days
Basic Shares Quantity88.1 Mil
Short % of Basic Shares3.9%

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-5.7%-6.2%-8.4%
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%
...
SUMMARY STATS   
# Positive10912
# Negative141512
Median Positive1.8%2.7%2.9%
Median Negative-2.7%-3.0%-3.9%
Max Positive7.3%8.0%8.7%
Max Negative-7.8%-11.1%-8.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-5.7%-6.2%-8.4%
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%
8/10/20207.3%4.8%3.1%
SUMMARY STATS   
# Positive10912
# Negative141512
Median Positive1.8%2.7%2.9%
Median Negative-2.7%-3.0%-3.9%
Max Positive7.3%8.0%8.7%
Max Negative-7.8%-11.1%-8.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
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
Collapse to Preview
Report DateFiling DateFiling
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
06/30/201908/07/201910-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q2 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Dividends 0.34 -15.0%-6.0%LoweredGuidance: 0.4 for Q2 2026

Prior: Q1 2026 Earnings Reported 2/4/2026

null

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Caldwell, Phyllis R DirectBuy318202610.772,50026,925253,095Form
2Gero, Deborah Ann DirectBuy318202610.782,00021,558263,124Form
3Caldwell, Phyllis R DirectBuy916202513.193,00039,576277,035Form
4Gero, Deborah Ann DirectBuy701202513.702,50034,250307,031Form
5Panossian, ArmenSee RemarksDirectBuy519202514.138,000113,040293,749Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Caldwell, Phyllis R DirectBuy318202610.772,50026,925253,095Form
2Gero, Deborah Ann DirectBuy318202610.782,00021,558263,124Form
3Caldwell, Phyllis R DirectBuy916202513.193,00039,576277,035Form
4Gero, Deborah Ann DirectBuy701202513.702,50034,250307,031Form
5Panossian, ArmenSee RemarksDirectBuy519202514.138,000113,040293,749Form
6Caldwell, Phyllis R DirectBuy508202513.322,00026,650239,850Form
7Jacobson, Craig A DirectBuy507202513.4114,910199,919960,940Form
Core Cache Last Updated: 6/16/2026