Oaktree Specialty Lending Corporation's core business appears structurally broken, as evidenced by net interest income turning negative at -$24.1M in 2026Q3, a level unsustainable for a specialty lender. The company's survival now hinges on volatile, mark-to-m...
Price trend, volume and key moving averages
Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 5, 2026 | $0.37+3.5% vs $0.36 | $69M+0.1% vs $69M |
Q2 2026 May 5, 2026 | $0.38+5.6% vs $0.36 | $70M-6.2% vs $74M |
Q1 2026 Feb 4, 2026 | $0.41+7.9% vs $0.38 | $74M-0.4% vs $75M |
Q4 2025 Nov 18, 2025 | $0.40+3.6% vs $0.39 | $84M+10.1% vs $77M |
We take a look at the action in business development companies through the second week of September and highlight some of the key themes we are watching. BDCs declined amid rising yields, Fed rate hike expectations, and geopolitical tensions. Recent bond issuances by ARCC, CSWC, OCSL, and OTF highlight sector-wide net income headwinds from refinancing at higher rates.
LOS ANGELES--(BUSINESS WIRE)--Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“OCSL” or the “Company”), a specialty finance company, today announced that it has priced an underwritten public offering of $300.0 million aggregate principal amount of 7.000% notes due 2031. The notes will mature on September 16, 2031 and may be redeemed in whole or in part at the Company's option at any time at par plus a “make-whole” premium, if applicable.OCSL expects to use the net proceeds of this offering.
BDCs face a 25% P/NAV discount, largely due to fears of AI-driven SaaS disruption. Current data shows no systemic SaaS defaults or rising credit risk in BDC portfolios. Many of the SaaS giants have been delivering stable and strong results.
Oaktree Specialty Lending Corporation offers a roughly 10% dividend yield supported by improving fundamentals and a significant 17% discount to NAV. I take a deeper look at its Q2 results and assess its current valuation and dividend sustainability. I also explore one big catalyst that this company needs before I believe it justifies being a high-conviction buy.
Benchmark OCSL against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Oaktree Specialty Lending Corporation (OCSL)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.16 | $1.07B | 31.18 | 219.13% | 11.32% | 2.3% | 14.16% | |
| $19.15 | $13.75B | 10.30 | -11.83% | 45.18% | 6.78% | — | |
| $5.27 | $1.07B | 6.93 | -18.64% | — | — | — | |
| $12.45 | $3.24B | 8.77 | 44.68% | 20.51% | 3.82% | — | |
| $4.92 | $199.75M | 4.03 | 55.25% | 45.97% | 10.97% | — | |
| $11.22 | $779.76M | 11.11 | 10.5% | 15.53% | 3.25% | — |
Oaktree Specialty Lending Corporation (OCSL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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Oaktree Specialty Lending Corporation (OCSL) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 5, 2026·SEC
May 5, 2026·SEC
Mar 4, 2026·SEC
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Oaktree Specialty Lending Corporation (OCSL) stock FAQ — growth, dividends, profitability & financials explained
Oaktree Specialty Lending Corporation (OCSL) grew revenue by 219.1% over the past year. This is strong growth.
Yes, Oaktree Specialty Lending Corporation (OCSL) is profitable, generating $42.2M in net income for fiscal year 2025 (11.3% net margin).
Yes, Oaktree Specialty Lending Corporation (OCSL) pays a dividend with a yield of 14.16%. This makes it attractive for income-focused investors.
Oaktree Specialty Lending Corporation (OCSL) has a return on equity (ROE) of 2.3%. This is below average, suggesting room for improvement.
Oaktree Specialty Lending Corporation (OCSL) has a net interest margin (NIM) of 6.4%. This indicates healthy earnings from lending activities.
Oaktree Specialty Lending Corporation (OCSL) has an efficiency ratio of 36.8%. This is excellent, indicating strong cost control.
