The firm's liquidity buffer has experienced significant compression, as evidenced by the current ratio plummeting from 11.26 in 2024Q1 to a concerning 0.17 by 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 |
|---|
| Total Current Assets | 74.15M | 135.18M | 149.91M | 297.04M | 131.84M | 63.24M | 57.88M | 33.77M | 51.77M | 65.58M | 162.64M | 161.87M | 129.66M | 155.48M | 87.09M | 74.95M | 80.68M | 116.28M | 25.35M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 2.78B | 2.87B | 3.05B | 2.92B | 2.51B | 2.57B | 1.58B | 1.45B | 1.5B | 1.55B | 2.18B | 2.42B | 2.54B | 1.92B | 1.3B | 1.13B | 571.24M | 299.61M | 273.79M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.8B | 8.71M | 0 | 4.91M | 6.79M | 1.91M | 223K | 490K | 162K | 0 | 0 | 0 | 0 | 0 | 1.29B | 1.12B | 563.82M | 299.61M | 273.76M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.89B | 3B | 3.2B | 3.22B | 2.65B | 2.64B | 1.64B | 1.48B | 1.55B | 1.62B | 2.34B | 2.59B | 2.67B | 2.07B | 1.39B | 1.21B | 651.93M | 415.89M | 299.15M |
| Asset Turnover | 0.10x | 0.10x | 0.06x | 0.07x | 0.03x | 0.11x | 0.05x | 0.11x | 0.06x | -0.08x | 0.00x | 0.03x | 0.07x | 0.07x | 0.08x | 0.04x | 0.04x | 0.09x | 0.11x |
| Asset Growth % | -22.41% | -6.11% | -0.61% | 21.6% | 0.38% | 60.69% | 10.78% | -4.54% | -4% | -31.03% | -9.37% | -3.09% | 28.75% | 49.2% | 14.82% | 85.56% | 56.76% | 39.02% | - |
| Total Current Liabilities | 433.96M | 12.07M | 16.23M | 16.01M | 7.94M | 4.6M | 1.63M | 2.3M | 3.37M | 3.17M | 3.91M | 4.3M | 5.8M | 2.94M | 5.2M | 140.84M | 1.6M | 5.14M | 38.75K |
| Accounts Payable | 0 | 12.07M | 16.23M | 16.01M | 7.94M | 4.6M | 1.63M | 2.3M | 3.37M | 3.17M | 3.91M | 4.3M | 5.8M | 2.94M | 4.22M | 4.67M | 283K | 4.42M | 38.75K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 433.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.17x | 11.20x | 9.24x | 18.56x | 16.61x | 13.76x | 35.60x | 14.71x | 15.38x | 20.71x | 41.58x | 37.64x | 22.37x | 52.90x | 16.76x | 0.53x | 50.27x | 22.62x | 654.32x |
| Quick Ratio | 0.17x | 11.20x | 9.24x | 18.56x | 16.61x | 13.76x | 35.60x | 14.71x | 15.38x | 20.71x | 41.58x | 37.64x | 22.37x | 52.90x | 16.76x | 0.53x | 50.27x | 22.62x | 654.32x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.08B | 1.53B | 1.69B | 1.69B | 1.39B | 1.32B | 724.21M | 548.11M | 690.06M | 745.22M | 1.2B | 1.23B | 1.18B | 700.52M | 480.24M | 340.25M | 81.15M | 190.38K | 4.77M |
| Long-Term Debt | 1.05B | 1.49B | 1.64B | 1.6B | 1.3B | 1.27B | 709.32M | 473.37M | 637.21M | 675.37M | 1.15B | 1.2B | 1.15B | 646M | 466.25M | 463.02M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.51B | 1.54B | 1.71B | 1.7B | 1.4B | 1.32B | 725.83M | 550.41M | 693.42M | 748.39M | 1.2B | 1.23B | 1.19B | 703.46M | 485.43M | 481.09M | 82.75M | 5.33M | 4.81M |
| Total Debt | 1.48B | 1.49B | 1.64B | 1.6B | 1.3B | 1.27B | 709.32M | 473.37M | 637.21M | 675.37M | 1.15B | 1.2B | 1.15B | 646M | 466.25M | 598.02M | 0 | 0 | 0 |
| Net Debt | 1.43B | 1.41B | 1.57B | 1.46B | 1.28B | 1.24B | 670.22M | 457.96M | 623.83M | 622.35M | 1.03B | 1.06B | 1.07B | 502.71M | 391.86M | 530.38M | -76.77M | -113.21M | -22.91M |
| Debt / Equity | 1.07x | 1.01x | 1.10x | 1.06x | 1.04x | 0.97x | 0.78x | 0.51x | 0.74x | 0.78x | 1.01x | 0.89x | 0.78x | 0.47x | 0.52x | 0.82x | - | - | - |
| Debt / EBITDA | 11.49x | 9.85x | 28.35x | 13.44x | 39.59x | 5.27x | 18.94x | 3.72x | 13.45x | - | - | 77.87x | 10.24x | 6.34x | 5.87x | 19.80x | - | - | - |
| Net Debt / EBITDA | 11.10x | 9.32x | 27.25x | 12.30x | 38.88x | 5.15x | 17.89x | 3.60x | 13.17x | - | - | 68.88x | 9.47x | 4.94x | 4.94x | 17.56x | -3.42x | -18.28x | -1.13x |
| Interest Coverage | 1.18x | 1.30x | 0.45x | 1.07x | 0.70x | 7.89x | 1.42x | 3.92x | 1.33x | -3.94x | -1.22x | 0.27x | 2.19x | 3.04x | 3.42x | 2.00x | 11.62x | 9.72x | 3.55x |
| Total Equity | 1.38B | 1.47B | 1.49B | 1.52B | 1.25B | 1.31B | 914.88M | 930.63M | 858.03M | 867.66M | 1.14B | 1.35B | 1.48B | 1.37B | 903.57M | 728.63M | 569.17M | 410.56M | 294.34M |
| Equity Growth % | -10.04% | -1.48% | -1.84% | 21.69% | -5.12% | 43.5% | -1.69% | 8.46% | -1.11% | -24.04% | -15.58% | -8.48% | 8.01% | 51.5% | 24.01% | 28.02% | 38.63% | 39.49% | - |
| Book Value per Share | 15.69 | 17.03 | 18.50 | 21.02 | 20.51 | 24.29 | 19.47 | 19.81 | 18.26 | 18.40 | 22.64 | 25.22 | 29.61 | 34.78 | 30.90 | 31.81 | 37.58 | 49.96 | 56.76 |
| Total Shareholders' Equity | 1.38B | 1.47B | 1.49B | 1.52B | 1.25B | 1.31B | 914.88M | 930.63M | 858.03M | 867.66M | 1.14B | 1.35B | 1.48B | 1.37B | 903.57M | 728.63M | 569.17M | 410.56M | 294.34M |
| Common Stock | 881K | 881K | 822K | 772K | 611K | 1.8M | 1.41M | 1.41M | 1.41M | 1.41M | 1.43M | 1.51M | 1.53M | 1.39M | 910K | 724K | 546K | 378.79K | 226.14K |
| Retained Earnings | -968.89M | -885.14M | -777.46M | -651.34M | -582.77M | -493.33M | -574.3M | -558.55M | -636.11M | -713.03M | -26.55M | -26.61M | -20.91M | -20.87M | -8.33M | -2.26M | 11.41M | 12.12M | 10.35M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -121.2M | -108.06M | -99.46M | -62.54M | -41.93M | -16.76M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio valuation volatility
According to the latest quarterly data, OCSL's total assets have contracted from $3.3 billion in 2024Q1 to $2.9 billion by 2026Q2, suggesting a period of portfolio consolidation that reflects the ongoing challenges in maintaining asset growth amidst a volatile credit environment and shifting valuation marks.
The downward trend in total assets, coupled with persistent negative retained earnings, indicates that the company is struggling to build long-term book value. Investors should monitor whether this contraction is a strategic pivot toward higher-quality assets or a forced reduction due to credit-related write-downs.
As reported in financial statements, OCSL's debt-to-equity ratio reached 1.07x in 2026Q2, remaining consistently near the 1.0x target threshold, which implies that the firm has limited capacity for further balance sheet expansion without risking a breach of its internal leverage constraints or regulatory requirements.
The reliance on debt to fund the investment portfolio leaves the company sensitive to interest rate fluctuations and potential covenant pressure. The stability of this leverage ratio suggests management is maintaining a disciplined, albeit constrained, approach to capital structure management.
Based on OCSL's reported figures, the current ratio plummeted from 11.26 in 2024Q1 to a concerning 0.17 in 2026Q2, indicating a substantial reduction in short-term liquidity that may limit the firm's ability to meet immediate obligations without relying on external financing or asset liquidations.
This sharp decline in the current ratio warrants further investigation into the maturity profile of the company's liabilities. Such a low ratio suggests that the firm's liquidity position has become increasingly dependent on the timing of cash inflows from its underlying loan portfolio.
As evidenced by the company's balance sheet, retained earnings have remained deeply negative, reaching -$968.9 million in 2026Q2, which highlights the cumulative impact of historical portfolio losses and the ongoing difficulty in generating sufficient net income to offset previous valuation adjustments and dividend distributions.
The persistent deficit in retained earnings suggests that the company's capital base is being eroded by non-operating charges rather than being bolstered by organic growth. This trend may indicate that the dividend policy is not currently supported by sustainable earnings, potentially pressuring future equity value.
Quick answers to the most common questions about buying OCSL stock.
As of 2025, Oaktree Specialty Lending Corporation (OCSL) had total assets of $3.00B including $135.2M in current assets.
Oaktree Specialty Lending Corporation (OCSL) carries total debt of $1.49B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oaktree Specialty Lending Corporation (OCSL) has total shareholders' equity (book value) of $1.47B ($17.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oaktree Specialty Lending Corporation (OCSL) reported a current ratio of 11.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.