Oaktree Specialty Lending Corporation (OCSL) 10-Year Financial Performance & Capital Metrics

OCSL • • Banking & Credit

Financial ServicesCredit ServicesBusiness Development & Commercial LendingBusiness Development Companies

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 -$116M -148.6%
Total Revenue $300M +60.9%
Net Income $34M -41.4%
Return on Equity 2.3% -40.4%
Net Interest Margin -3.86% -151.7%
Efficiency Ratio 36.82% +37166.6%
ROA 1.09% -39.4%
Equity / Assets 48.81% +4.9%
Book Value per Share 17.03 -8.0%
Tangible BV/Share 17.03 -8.0%
Debt/Equity 1.01 -7.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 36.8% efficiency ratio
✓Well capitalized: 48.8% equity/assets
✓Diversified revenue: 100.0% from non-interest income
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.9%
✗Weak NIM of -3.9%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.33%

5Y30.69%

3Y51.59%

TTM-

Profit (Net Income) CAGR

10Y8.22%

5Y-2.86%

3Y5.09%

TTM-41.42%

EPS CAGR

10Y2.66%

5Y-14.02%

3Y-6.69%

TTM-46.39%

ROCE

10Y Avg2.44%

5Y Avg4.66%

3Y Avg3.59%

Latest4.89%

Peer Comparison

Business Development Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OCSLOaktree Specialty Lending Corporation	1.15B	13.00	33.33	60.93%	11.32%	2.31%	19.94%	1.01
CGBDLCarlyle Secured Lending, Inc. 8.20% Notes due 2028	1.86B	25.48	16.13	-11.85%	45.8%	3.02%	4.09%	1.06
SAJSaratoga Investment Corp 8.00%	411.55M	25.49	12.62	35.4%	29.83%	9.33%	48%	1.99
FCRXCrescent Capital BDC, Inc.		25.05	12.59	7.18%	37.32%	5.04%		1.18
SAZSaratoga Investment Corp 8.50%	410.13M	25.40	12.58	35.4%	29.83%	9.33%	48.17%	1.99
SAYSaratoga Investment Corp 8.125%		25.39	12.57	35.4%	29.83%	9.33%		1.99
BBDCBarings BDC, Inc.	975.87M	9.28	8.92	-27.7%	52.74%	6.68%	12.08%	1.22
OBDCBlue Owl Capital Corporation	6.51B	12.73	8.32	-13.67%	54.06%	8.71%	2.46%	1.25

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	156.6M	113.48M	88.55M	106.74M	107.14M	160.31M	202.51M	256.89M	238.46M	-115.84M
NII Growth %	-0.09%	-0.28%	-0.22%	0.21%	0%	0.5%	0.26%	0.27%	-0.07%	-1.49%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	211.22M	163.42M	124.28M	139.17M	133.43M	190.83M	249.44M	368.53M	367.08M	0
Interest Expense	54.62M	49.94M	35.73M	32.43M	26.29M	30.52M	46.93M	111.64M	128.62M	115.84M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	-77.52M
Non-Interest Income+	-200.21M	-297.15M	-31.24M	20.39M	-54.83M	88M	-163.4M	-131.68M	-180.85M	299.7M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	11.02M	-133.74M	93.04M	159.55M	78.6M	278.82M	86.04M	236.85M	186.23M	299.7M
Revenue Growth %	-0.87%	-13.14%	1.7%	0.71%	-0.51%	2.55%	-0.69%	1.75%	-0.21%	0.61%
Non-Interest Expense	22.95M	13.29M	9.93M	-43K	14.86M	7.46M	6.25M	6.14M	-185K	110.35M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	-66.56M	-196.97M	47.38M	127.17M	37.45M	240.84M	32.86M	119.06M	57.8M	151.02M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-5.32%	-1.96%	1.24%	1.68%	-0.71%	5.43%	-0.86%	2.62%	-0.51%	1.61%
Pretax Income+	-66.56M	-196.97M	47.38M	127.17M	37.45M	240.84M	32.86M	119.06M	57.8M	35.17M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	622K	1.01M	-1.77M	3.58M	3.64M	1.73M	-108K	1.25M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-66.56M	-196.97M	46.76M	126.16M	39.22M	237.26M	29.22M	117.33M	57.91M	33.92M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-5.32%	-1.96%	1.24%	1.7%	-0.69%	5.05%	-0.88%	3.02%	-0.51%	-0.41%
Net Income (Continuing)	-66.56M	-196.97M	46.76M	126.16M	39.22M	237.26M	29.22M	117.33M	57.91M	33.92M
EPS (Diluted)+	-1.32	-4.18	1.00	2.69	0.83	4.39	0.48	1.63	0.72	0.39
EPS Growth %	-5.4%	-2.17%	1.24%	1.69%	-0.69%	4.29%	-0.89%	2.4%	-0.56%	-0.46%
EPS (Basic)	-1.35	-4.18	1.00	2.69	0.83	4.39	0.48	1.63	0.72	0.39
Diluted Shares Outstanding	50.45M	47.15M	46.99M	46.99M	46.99M	54.04M	60.73M	72.12M	80.42M	86.08M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	117.92M	53.02M	13.38M	15.41M	39.1M	29.33M	23.53M	136.45M	63.97M	79.63M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	0	0	162K	490K	223K	1.91M	6.79M	4.91M	0	8.71M
Investments Growth %	-	-	-	2.02%	-0.54%	7.57%	2.55%	-0.28%	-1%	-
Long-Term Investments	0	0	162K	490K	223K	1.91M	6.79M	4.91M	0	8.71M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	2.18B	1.55B	1.5B	1.45B	1.58B	2.57B	2.51B	2.92B	3.05B	2.86B
Total Current Assets	162.64M	65.58M	51.77M	33.77M	57.88M	63.24M	131.84M	297.04M	149.91M	135.18M
Total Non-Current Assets	2.18B	1.55B	1.5B	1.45B	1.58B	2.57B	2.51B	2.92B	3.05B	2.87B
Total Assets+	2.34B	1.62B	1.55B	1.48B	1.64B	2.64B	2.65B	3.22B	3.2B	3B
Asset Growth %	-0.09%	-0.31%	-0.04%	-0.05%	0.11%	0.61%	0%	0.22%	-0.01%	-0.06%
Return on Assets (ROA)	-0.03%	-0.1%	0.03%	0.08%	0.03%	0.11%	0.01%	0.04%	0.02%	0.01%
Accounts Payable	3.91M	3.17M	3.37M	2.3M	1.63M	4.6M	7.94M	16.01M	16.23M	12.07M
Total Debt+	1.15B	675.37M	637.21M	473.37M	709.32M	1.27B	1.3B	1.6B	1.64B	1.49B
Net Debt	1.03B	622.35M	623.83M	457.96M	670.22M	1.24B	1.28B	1.46B	1.57B	1.41B
Long-Term Debt	1.15B	675.37M	637.21M	473.37M	709.32M	1.27B	1.3B	1.6B	1.64B	1.49B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	47.75M	69.86M	52.84M	74.75M	14.89M	50.22M	91.77M	85.34M	55.61M	38.23M
Total Current Liabilities	3.91M	3.17M	3.37M	2.3M	1.63M	4.6M	7.94M	16.01M	16.23M	12.07M
Total Non-Current Liabilities	1.2B	745.22M	690.06M	548.11M	724.21M	1.32B	1.39B	1.69B	1.69B	1.53B
Total Liabilities	1.2B	748.39M	693.42M	550.41M	725.83M	1.32B	1.4B	1.7B	1.71B	1.54B
Total Equity+	1.14B	867.66M	858.03M	930.63M	914.88M	1.31B	1.25B	1.52B	1.49B	1.47B
Equity Growth %	-0.16%	-0.24%	-0.01%	0.08%	-0.02%	0.43%	-0.05%	0.22%	-0.02%	-0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-0.05%	-0.2%	0.05%	0.14%	0.04%	0.21%	0.02%	0.08%	0.04%	0.02%
Book Value per Share	22.64	18.40	18.26	19.81	19.47	24.29	20.51	21.02	18.50	17.03
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	1.43M	1.41M	1.41M	1.41M	1.41M	1.8M	611K	772K	822K	881K
Additional Paid-in Capital	1.59B	1.58B	1.49B	1.49B	1.49B	1.8B	1.83B	2.17B	2.26B	2.35B
Retained Earnings	-26.55M	-713.03M	-636.11M	-558.55M	-574.3M	-493.33M	-582.77M	-651.34M	-777.46M	-885.14M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	164.76M	486.9M	53.51M	215.82M	-152.88M	-230.52M	22.39M	228.76M	19.08M	142.4M
Operating CF Growth %	0.13%	1.96%	-0.89%	3.03%	-1.71%	-0.51%	1.1%	9.21%	-0.92%	6.46%
Net Income	-66.56M	-196.97M	46.76M	126.16M	39.22M	237.26M	29.22M	117.33M	57.91M	154.36M
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	101.23M
Deferred Taxes	0	0	0	0	0	0	0	0	0	269K
Other Non-Cash Items	241.16M	630.38M	52.3M	48.42M	-132.3M	-488.98M	64.58M	218.83M	-110.43M	-130.96M
Working Capital Changes	-9.85M	53.49M	-45.56M	41.24M	-59.8M	21.2M	-71.41M	-107.4M	71.6M	17.49M
Cash from Investing+	0	0	0	0	0	0	0	0	0	85.98M
Purchase of Investments	-820.78M	-736.95M	-1.06B	-477.97M	-727.16M	-1.12B	-702.06M	-742.14M	-1.28B	-958.74M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	578.87M	644.23M	755.74M	-128.3M	147.61M	328.01M	8.32M	-169.83M	195.2M	0
Cash from Financing+	-185.21M	-557.35M	-99.93M	-214.11M	176.33M	224.19M	-26.82M	-110.41M	-86.77M	-229.35M
Dividends Paid	-100.26M	-62.52M	-54.97M	-52.22M	-53.1M	-79.85M	-115.25M	-180.05M	-176.81M	-7.05M
Share Repurchases	-43.99M	-15.42M	-1.41M	-1.34M	-1.88M	-2.17M	-1.86M	-2.42M	-1.55M	-10.67M
Stock Issued	0	0	0	0	0	0	20.84M	1.37M	92.75M	102.96M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Other Financing	-403K	-357K	-6.17M	-2.88M	-4.9M	-8.89M	-549K	-10.83M	-117K	-141.14M
Net Change in Cash+	-20.45M	-70.45M	-46.42M	1.92M	23.69M	-7.46M	-5.27M	119.17M	-67M	1.09M
Exchange Rate Effect	0	0	0	200K	233K	-1000K	-851K	827K	701K	1000K
Cash at Beginning	138.38M	130.36M	59.91M	13.49M	15.41M	39.1M	31.64M	26.36M	145.54M	78.54M
Cash at End	117.92M	59.91M	13.49M	15.41M	39.1M	31.64M	26.36M	145.54M	78.54M	79.63M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	164.76M	486.9M	53.51M	215.82M	-152.88M	-230.52M	22.39M	228.76M	19.08M	228.37M
FCF Growth %	0.13%	1.96%	-0.89%	3.03%	-1.71%	-0.51%	1.1%	9.21%	-0.92%	10.97%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-5.33%	-19.6%	5.42%	14.11%	4.25%	21.3%	2.28%	8.5%	3.86%	2.3%
Return on Assets (ROA)	-2.7%	-9.95%	2.95%	8.32%	2.51%	11.09%	1.11%	4%	1.8%	1.09%
Net Interest Margin	6.68%	7.02%	5.71%	7.21%	6.53%	6.08%	7.65%	7.98%	7.46%	-3.86%
Efficiency Ratio	208.35%	-9.94%	10.67%	-0.03%	18.91%	2.68%	7.27%	2.59%	-0.1%	36.82%
Equity / Assets	48.75%	53.69%	55.31%	62.84%	55.76%	49.8%	47.07%	47.11%	46.52%	48.81%
Book Value / Share	22.64	18.4	18.26	19.81	19.47	24.29	20.51	21.02	18.5	17.03
NII Growth	-9.3%	-27.54%	-21.97%	20.54%	0.38%	49.62%	26.33%	26.85%	-7.17%	-148.58%
Dividend Payout	-	-	117.56%	41.39%	135.37%	33.66%	394.37%	153.45%	305.35%	-

Frequently Asked Questions

Valuation & Price

Oaktree Specialty Lending Corporation (OCSL) has a price-to-earnings (P/E) ratio of 33.3x. This suggests investors expect higher future growth.

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 $33.9M 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 0.63%. 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 -3.9%. NIM has been under pressure due to interest rate environment.

Oaktree Specialty Lending Corporation (OCSL) has an efficiency ratio of 36.8%. This is excellent, indicating strong cost control.

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