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OCSL logoOaktree Specialty Lending Corporation(OCSL)Earnings, Financials & Key Ratios

OCSL•NASDAQ•Banking & Credit
$12.16
$1.07B mkt cap·31.2× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryCredit ServicesSub-IndustrySmall Business and Middle-Market Lending
AboutOaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, unsecured and mezzanine loan, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, preferred equity and management buyouts in small and mid-sized companies. It seeks to invest in education services, business services, retail and consumer, healthcare, manufacturing, food and restaurants, construction and engineering, and media and advertising sectors. It invests between $5 million to $75 million principally in the form of one-stop, first lien, and second lien debt investments, which may include an equity co-investment component in companies with enterprise value between $20 million and $150 million and EBITDA between $3 million and $50 million. The fund has a hold size of up to $75 million and may underwrite transactions up to $100 million. It primarily invests in North America. The fund seeks to be a lead investor in its portfolio companies.Show more
  • Net Interest Income$192M-19.6%
  • Total Revenue$300M+60.9%
  • Net Income$34M-41.4%
  • Return on Equity2.3%-40.4%
  • Net Interest Margin6.38%-14.4%
  • Efficiency Ratio36.82%+37166.6%
  • ROA1.09%-39.4%
  • Equity / Assets48.81%+4.9%
  • Book Value per Share17.03-8.0%
  • Tangible BV/Share17.03-8.0%
  • Debt/Equity1.01-7.9%
Technical→

OCSL Key Insights

Oaktree Specialty Lending Corporation (OCSL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong NIM of 6.4%
  • ✓Efficient operations: 36.8% efficiency ratio
  • ✓Well capitalized: 48.8% equity/assets
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.9%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

OCSL Price & Volume

Oaktree Specialty Lending Corporation (OCSL) stock price & volume — 10-year historical chart

Loading chart...

OCSL Growth Metrics

Oaktree Specialty Lending Corporation (OCSL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years13.33%
5 Years30.69%
3 Years51.59%
TTM-

Profit CAGR

10 Years8.22%
5 Years-2.86%
3 Years5.09%
TTM1040.51%

EPS CAGR

10 Years2.66%
5 Years-14.02%
3 Years-6.69%
TTM335.61%

Return on Capital

10 Years2.44%
5 Years4.66%
3 Years3.59%
Last Year4.89%

OCSL Recent Earnings

Oaktree Specialty Lending Corporation (OCSL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 1/12 qtrs (8%)
Q2 2026Latest
May 5, 2026
EPS
$0.39
Est $0.36
+8.3%
Revenue
$70M
Est $74M
-6.2%
Q1 2026
Feb 4, 2026
EPS
$0.41
Est $0.38
+7.9%
Revenue
$74M
Est $75M
-0.4%
Q4 2025
Nov 18, 2025
EPS
$0.40
Est $0.39
+3.6%
Revenue
$84M
Est $77M
+10.1%
Q3 2025
Aug 5, 2025
EPS
$0.37
Est $0.45
-17.8%
Revenue
$62M
Est $77M
-19.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.39vs $0.36+8.3%
$70Mvs $74M-6.2%
Q1 2026Feb 4, 2026
$0.41vs $0.38+7.9%
$74Mvs $75M-0.4%
Q4 2025Nov 18, 2025
$0.40vs $0.39+3.6%
$84Mvs $77M+10.1%
Q3 2025Aug 5, 2025
$0.37vs $0.45-17.8%
$62Mvs $77M-19.2%
Based on last 12 quarters of dataView full earnings history →

OCSL Peer Comparison

Oaktree Specialty Lending Corporation (OCSL) competitors in Small Business and Middle-Market Lending — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ARCC logoARCCAres Capital CorporationDirect Competitor13.89B19.3510.4032.87%41.3%8.11%8.22%1.12
FSCO logoFSCOFS Credit Opportunities Corp.Direct Competitor1.05B5.305.58-17.44%74.15%13.47%6.38%0.32
GBDC logoGBDCGolub Capital BDC, Inc.Direct Competitor3.53B13.409.4442.5%43.19%6.42%1.23
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Direct Competitor221.89M5.484.4936.55%50.62%14.02%1.33
CGBD logoCGBDCarlyle Secured Lending, Inc.Direct Competitor881.4M12.097.65-2.92%53.04%6.2%11.83%1.07
SLRC logoSLRCSLR Investment Corp.Direct Competitor871.24M15.979.3924.76%42.04%7.31%1.15
MAIN logoMAINMain Street Capital CorporationProduct Competitor5.14B57.369.8118.32%70.11%18.28%0.76
HTGC logoHTGCHercules Capital, Inc.Product Competitor3.04B16.578.9626.97%62.1%13.18%1.04

Compare OCSL vs Peers

Oaktree Specialty Lending Corporation (OCSL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARCC

Most directly comparable listed peer for OCSL.

Scale Benchmark

vs JPM

Larger-name benchmark to compare OCSL against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARCC, FSCO, GBDC, TPVG

OCSL Income Statement

Oaktree Specialty Lending Corporation (OCSL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Net Interest Income113.48M88.55M106.74M107.14M160.31M202.51M256.89M238.46M191.63M138.03M
NII Growth %-27.54%-21.97%20.54%0.38%49.62%26.33%26.85%-7.17%-19.64%-156.96%
Net Interest Margin %7.02%5.71%7.21%6.53%6.08%7.65%7.98%7.46%6.38%4.77%
Interest Income163.42M124.28M139.17M133.43M190.83M249.44M368.53M367.08M307.47M221.78M
Interest Expense49.94M35.73M32.43M26.29M30.52M46.93M111.64M128.62M115.84M109.38M
Loan Loss Provision00000000-77.52M-55.9M
Non-Interest Income-297.15M-31.24M20.39M-54.83M88M-163.4M-131.68M-180.85M-7.77M71.62M
Non-Interest Income %222.19%-33.57%12.78%-69.75%31.56%-189.91%-55.6%-97.11%-2.59%24.41%
Total Revenue
-133.74M▲ 0%
93.04M▲ 169.6%
159.55M▲ 71.5%
78.6M▼ 50.7%
278.82M▲ 254.7%
86.04M▼ 69.1%
236.85M▲ 175.3%
186.23M▼ 21.4%
299.7M▲ 60.9%
293.39M▲ 0%
Revenue Growth %-1314.15%169.57%71.48%-50.74%254.72%-69.14%175.27%-21.37%60.93%907.38%
Non-Interest Expense13.29M9.93M-43K14.86M7.46M6.25M6.14M-185K110.35M55.27M
Efficiency Ratio-9.94%10.67%-0.03%18.91%2.68%7.27%2.59%-0.1%36.82%18.84%
Operating Income
-196.97M▲ 0%
47.38M▲ 124.1%
127.17M▲ 168.4%
37.45M▼ 70.5%
240.84M▲ 543.0%
32.86M▼ 86.4%
119.06M▲ 262.3%
57.8M▼ 51.5%
151.02M▲ 161.3%
121.85M▲ 0%
Operating Margin %147.28%50.93%79.7%47.65%86.38%38.19%50.27%31.03%50.39%41.53%
Operating Income Growth %-195.94%124.06%168.38%-70.55%543.03%-86.36%262.34%-51.46%161.29%-
Pretax Income
-196.97M▲ 0%
47.38M▲ 124.1%
127.17M▲ 168.4%
37.45M▼ 70.5%
240.84M▲ 543.0%
32.86M▼ 86.4%
119.06M▲ 262.3%
57.8M▼ 51.5%
35.17M▼ 39.1%
103.53M▲ 0%
Pretax Margin %147.28%50.93%79.7%47.65%86.38%38.19%50.27%31.03%11.74%35.29%
Income Tax0622K1.01M-1.77M3.58M3.64M1.73M-108K1.25M621K
Effective Tax Rate %0%1.31%0.79%-4.73%1.49%11.07%1.46%-0.19%3.57%0.6%
Net Income
-196.97M▲ 0%
46.76M▲ 123.7%
126.16M▲ 169.8%
39.22M▼ 68.9%
237.26M▲ 504.9%
29.22M▼ 87.7%
117.33M▲ 301.5%
57.91M▼ 50.6%
33.92M▼ 41.4%
102.91M▲ 0%
Net Margin %147.28%50.26%79.07%49.9%85.09%33.96%49.54%31.09%11.32%35.07%
Net Income Growth %-195.94%123.74%169.79%-68.91%504.88%-87.68%301.5%-50.65%-41.42%1040.51%
Net Income (Continuing)-196.97M46.76M126.16M39.22M237.26M29.22M117.33M57.91M33.92M102.91M
EPS (Diluted)
-4.18▲ 0%
1.00▲ 123.9%
2.69▲ 169.0%
0.83▼ 69.1%
4.39▲ 428.9%
0.48▼ 89.1%
1.63▲ 239.6%
0.72▼ 55.8%
0.39▼ 45.8%
1.17▲ 0%
EPS Growth %-216.67%123.92%169%-69.14%428.92%-89.07%239.58%-55.83%-45.83%335.61%
EPS (Basic)-4.181.002.690.834.390.481.630.720.39-
Diluted Shares Outstanding47.15M46.99M46.99M46.99M54.04M60.73M72.12M80.42M86.08M88.09M

OCSL Balance Sheet

Oaktree Specialty Lending Corporation (OCSL) balance sheet — assets, liabilities & shareholders' equity

Line itemSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Cash & Short Term Investments53.02M13.38M15.41M39.1M29.33M23.53M136.45M63.97M79.63M291.5M
Cash & Due from Banks53.02M13.38M15.41M39.1M29.33M23.53M136.45M63.97M79.63M51.26M
Short Term Investments0000000000
Total Investments0162K490K223K1.91M6.79M4.91M08.71M2.77B
Investments Growth %--202.47%-54.49%757.4%255.07%-27.68%-100%-1737.09%
Long-Term Investments0162K490K223K1.91M6.79M4.91M08.71M24.8M
Accounts Receivables12.56M38.39M18.37M18.78M33.91M108.31M160.59M85.94M55.55M0
Goodwill & Intangibles0000000000
Goodwill0000000000
Intangible Assets0000000000
PP&E (Net)0000000000
Other Assets1.55B1.5B1.45B1.58B2.57B2.51B2.92B3.05B2.86B0
Total Current Assets65.58M51.77M33.77M57.88M63.24M131.84M297.04M149.91M135.18M74.15M
Total Non-Current Assets1.55B1.5B1.45B1.58B2.57B2.51B2.92B3.05B2.87B0
Total Assets
1.62B▲ 0%
1.55B▼ 4.0%
1.48B▼ 4.5%
1.64B▲ 10.8%
2.64B▲ 60.7%
2.65B▲ 0.4%
3.22B▲ 21.6%
3.2B▼ 0.6%
3B▼ 6.1%
2.89B▲ 0%
Asset Growth %-31.03%-4%-4.54%10.78%60.69%0.38%21.6%-0.61%-6.11%-22.41%
Return on Assets (ROA)-9.95%2.95%8.32%2.51%11.09%1.11%4%1.8%1.09%3.44%
Accounts Payable3.17M3.37M2.3M1.63M4.6M7.94M16.01M16.23M12.07M0
Total Debt675.37M637.21M473.37M709.32M1.27B1.3B1.6B1.64B1.49B0
Net Debt622.35M623.83M457.96M670.22M1.24B1.28B1.46B1.57B1.41B-51.26M
Long-Term Debt675.37M637.21M473.37M709.32M1.27B1.3B1.6B1.64B1.49B0
Short-Term Debt0000000000
Other Liabilities69.86M52.84M74.75M14.89M50.22M91.77M85.34M55.61M38.23M0
Total Current Liabilities3.17M3.37M2.3M1.63M4.6M7.94M16.01M16.23M12.07M0
Total Non-Current Liabilities745.22M690.06M548.11M724.21M1.32B1.39B1.69B1.69B1.53B292K
Total Liabilities748.39M693.42M550.41M725.83M1.32B1.4B1.7B1.71B1.54B1.51B
Total Equity
867.66M▲ 0%
858.03M▼ 1.1%
930.63M▲ 8.5%
914.88M▼ 1.7%
1.31B▲ 43.5%
1.25B▼ 5.1%
1.52B▲ 21.7%
1.49B▼ 1.8%
1.47B▼ 1.5%
1.38B▲ 0%
Equity Growth %-24.04%-1.11%8.46%-1.69%43.5%-5.12%21.69%-1.84%-1.48%-10.04%
Equity / Assets (Capital Ratio)53.69%55.31%62.84%55.76%49.8%47.07%47.11%46.52%48.81%47.75%
Return on Equity (ROE)-19.6%5.42%14.11%4.25%21.3%2.28%8.5%3.86%2.3%7.15%
Book Value per Share18.4018.2619.8119.4724.2920.5121.0218.5017.0315.69
Tangible BV per Share18.4018.2619.8119.4724.2920.5121.0218.5017.0315.69
Common Stock1.41M1.41M1.41M1.41M1.8M611K772K822K881K881K
Additional Paid-in Capital1.58B1.49B1.49B1.49B1.8B1.83B2.17B2.26B2.35B0
Retained Earnings-713.03M-636.11M-558.55M-574.3M-493.33M-582.77M-651.34M-777.46M-885.14M0
Accumulated OCI0000000000
Treasury Stock0000000000
Preferred Stock0000000000

OCSL Cash Flow Statement

Oaktree Specialty Lending Corporation (OCSL) cash flow — operating, investing & free cash flow history

Line itemSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Cash from Operations486.9M53.51M215.82M-152.88M-230.52M22.39M228.76M19.08M142.4M142.4M
Operating CF Growth %195.52%-89.01%303.34%-170.83%-50.79%109.72%921.49%-91.66%646.47%-241.15%
Net Income-196.97M46.76M126.16M39.22M237.26M29.22M117.33M57.91M33.92M102.91M
Depreciation & Amortization000000000-39.34M
Deferred Taxes0000000000
Other Non-Cash Items630.38M52.3M48.42M-132.3M-488.98M64.58M218.83M-110.43M90.98M73.11M
Working Capital Changes53.49M-45.56M41.24M-59.8M21.2M-71.41M-107.4M71.6M17.49M-71.33M
Cash from Investing0000000085.98M-78.4M
Purchase of Investments-736.95M-1.06B-477.97M-727.16M-1.12B-702.06M-742.14M-1.28B-958.74M-664.62M
Sale/Maturity of Investments92.72M303.86M606.27M579.55M792.16M693.75M911.98M1.09B1.04B586.21M
Net Investment Activity-644.23M-755.74M128.3M-147.61M-328.01M-8.32M169.83M-195.2M85.98M-78.4M
Acquisitions0000000000
Other Investing644.23M755.74M-128.3M147.61M328.01M8.32M-169.83M195.2M00
Cash from Financing-557.35M-99.93M-214.11M176.33M224.19M-26.82M-110.41M-86.77M-229.35M32.69M
Dividends Paid-62.52M-54.97M-52.22M-53.1M-79.85M-115.25M-180.05M-176.81M-148.2M-101.4M
Share Repurchases-15.42M-1.41M-1.34M-1.88M-2.17M-1.86M-2.42M-1.55M-10.67M-7.2M
Stock Issued0000020.84M1.37M92.75M102.96M1.14M
Net Stock Activity-15.42M-1.41M-1.34M-1.88M-2.17M18.98M-1.05M91.2M92.29M-6.06M
Debt Issuance (Net)-1000K-1000K-1000K1000K1000K1000K1000K-1000K-1000K1000K
Other Financing-357K-6.17M-2.88M-4.9M-8.89M-549K-10.83M-117K00
Net Change in Cash
-70.45M▲ 0%
-46.42M▲ 34.1%
1.92M▲ 104.1%
23.69M▲ 1135.8%
-7.46M▼ 131.5%
-5.27M▲ 29.4%
119.17M▲ 2361.0%
-67M▼ 156.2%
1.09M▲ 101.6%
-88.73M▲ 0%
Exchange Rate Effect00200K233K-1.13M-851K827K701K2.06M-60.38M
Cash at Beginning130.36M59.91M13.49M15.41M39.1M31.64M26.36M145.54M78.54M1.44B
Cash at End59.91M13.49M15.41M39.1M31.64M26.36M145.54M78.54M79.63M0
Interest Paid0000000000
Income Taxes Paid0000000000
Free Cash Flow
486.9M▲ 0%
53.51M▼ 89.0%
215.82M▲ 303.3%
-152.88M▼ 170.8%
-230.52M▼ 50.8%
22.39M▲ 109.7%
228.76M▲ 921.5%
19.08M▼ 91.7%
142.4M▲ 646.5%
17.36M▲ 0%
FCF Growth %195.52%-89.01%303.34%-170.83%-50.79%109.72%921.49%-91.66%646.47%-92.81%

OCSL Banking Ratios

Oaktree Specialty Lending Corporation (OCSL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)-19.6%5.42%14.11%4.25%21.3%2.28%8.5%3.86%2.3%7.15%
Return on Assets (ROA)-9.95%2.95%8.32%2.51%11.09%1.11%4%1.8%1.09%3.44%
Net Interest Margin7.02%5.71%7.21%6.53%6.08%7.65%7.98%7.46%6.38%4.77%
Efficiency Ratio-9.94%10.67%-0.03%18.91%2.68%7.27%2.59%-0.1%36.82%18.84%
Equity / Assets53.69%55.31%62.84%55.76%49.8%47.07%47.11%46.52%48.81%47.75%
Book Value / Share18.418.2619.8119.4724.2920.5121.0218.517.0315.69
NII Growth-27.54%-21.97%20.54%0.38%49.62%26.33%26.85%-7.17%-19.64%-36.58%
Dividend Payout-117.56%41.39%135.37%33.66%394.37%153.45%305.35%436.91%98.54%

OCSL SEC Filings & Documents

Oaktree Specialty Lending Corporation (OCSL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Mar 4, 2026·SEC

Material company update

Feb 4, 2026·SEC

10-K Annual Reports

3
FY 2025

Nov 18, 2025·SEC

FY 2024

Nov 19, 2024·SEC

FY 2023

Nov 14, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2026

Feb 4, 2026·SEC

FY 2025

Aug 5, 2025·SEC

OCSL Frequently Asked Questions

Oaktree Specialty Lending Corporation (OCSL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Oaktree Specialty Lending Corporation (OCSL) grew revenue by 60.9% over the past year. This is strong growth.

Yes, Oaktree Specialty Lending Corporation (OCSL) is profitable, generating $102.9M in net income for fiscal year 2025 (11.3% net margin).

Dividend & Returns

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.

Industry Metrics

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.

Explore More OCSL

Oaktree Specialty Lending Corporation (OCSL) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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