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Oaktree Specialty Lending (OCSL) Financials

Oaktree Specialty Lending logo
$13.96 +0.03 (+0.18%)
As of 01:40 PM Eastern
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Annual Income Statements for Oaktree Specialty Lending

Annual Income Statements for Oaktree Specialty Lending

This table shows Oaktree Specialty Lending's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Income / (Loss) Attributable to Common Shareholders		 237 29 117 58
Consolidated Net Income / (Loss)		 241 33 119 58
Net Income / (Loss) Continuing Operations		 241 33 119 58
Total Pre-Tax Income 		241 33 119 58
Total Revenue		 320 97 206 136
Net Interest Income / (Expense)		 160 203 257 238
Total Interest Income		 174 229 349 346
Investment Securities Interest Income		 191 249 364 361
Deposits and Money Market Investments Interest Income		 0.01 0.45 4.08 5.99
Total Interest Expense		 31 47 112 129
Long-Term Debt Interest Expense		 31 47 112 129
Total Non-Interest Income		 159 -106 -51 -103
Other Service Charges		 14 6.63 6.55 9.21
Net Realized & Unrealized Capital Gains on Investments		 139 -124 -62 -109
Other Non-Interest Income		 6.15 11 4.27 -3.38
Total Non-Interest Expense		 79 64 87 78
Insurance Policy Acquisition Costs		 39 18 36 30
Other Operating Expenses		 40 46 51 48
Nonoperating Income / (Expense), net		 0.00 0.00 0.00 0.00
Basic Earnings per Share		 $4.39 $0.48 $1.63 $0.72
Weighted Average Basic Shares Outstanding		 54.04M 60.73M 72.12M 80.42M
Diluted Earnings per Share		 $4.39 $0.48 $1.63 $0.72
Weighted Average Diluted Shares Outstanding		 54.04M 60.73M 72.12M 80.42M
Basic & Diluted Earnings per Share		 $1.80 $2.45 $2.51 $2.18
Weighted Average Basic & Diluted Shares Outstanding		 - - 77.23M 82.25M

Quarterly Income Statements for Oaktree Specialty Lending

This table shows Oaktree Specialty Lending's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 13 22 37 46 11 9.34 1.12 37 7.24 -36 38
Consolidated Net Income / (Loss)		 13 22 37 48 11 9.51 1.32 36 7.64 -36 39
Net Income / (Loss) Continuing Operations		 13 22 37 48 11 9.51 1.32 36 7.64 -37 39
Total Pre-Tax Income 		13 22 37 48 11 9.51 1.32 36 7.64 -37 39
Total Revenue		 32 44 59 70 32 30 19 54 19 18 49
Net Interest Income / (Expense)		 55 65 68 68 63 58 60 58 54 -27 43
Total Interest Income		 70 89 95 95 95 85 86 80 84 1.57 69
Investment Securities Interest Income		 76 92 98 98 93 89 91 89 83 - 73
Deposits and Money Market Investments Interest Income		 0.47 0.76 0.99 1.86 2.36 1.49 1.16 0.98 1.22 1.57 1.51
Total Interest Expense		 21 28 31 32 32 32 33 32 31 28 31
Long-Term Debt Interest Expense		 21 28 31 32 32 32 33 32 31 - 31
Total Non-Interest Income		 -23 -21 -9.02 2.14 -31 -28 -40 -3.63 -34 45 5.95
Other Service Charges		 2.02 2.38 1.57 0.57 1.31 2.55 1.46 3.90 1.68 3.48 0.29
Net Realized & Unrealized Capital Gains on Investments		 -15 -26 -16 -4.35 -26 -34 -44 -4.39 -47 -36 3.20
Other Non-Interest Income		 -9.95 2.68 5.63 5.92 -6.41 3.66 2.51 -3.13 11 - 2.46
Total Non-Interest Expense		 20 23 23 22 22 21 18 18 12 55 11
Insurance Policy Acquisition Costs		 7.70 9.01 9.59 9.53 9.03 8.45 5.13 7.72 1.54 - 0.41
Other Operating Expenses		 12 14 13 13 13 12 13 9.99 9.98 55 10
Basic Earnings per Share		 $0.22 $0.29 $0.48 $0.64 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44
Weighted Average Basic Shares Outstanding		 61.14M 73.20M 77.08M 72.12M 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M
Diluted Earnings per Share		 $0.22 $0.29 $0.48 $0.64 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44
Weighted Average Diluted Shares Outstanding		 61.14M 73.20M 77.08M 72.12M 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M
Weighted Average Basic & Diluted Shares Outstanding		 77.08M 77.08M 77.08M 77.23M 78.97M 81.40M 82.25M 82.25M 82.25M 88.09M 88.09M

Annual Cash Flow Statements for Oaktree Specialty Lending

This table details how cash moves in and out of Oaktree Specialty Lending's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Change in Cash & Equivalents		 -7.46 -5.27 119 -67
Net Cash From Operating Activities		 -231 22 229 19
Net Cash From Continuing Operating Activities		 -231 22 229 19
Net Income / (Loss) Continuing Operations		 237 29 117 58
Consolidated Net Income / (Loss)		 237 29 117 58
Depreciation Expense		 -115 136 29 -19
Amortization Expense		 -25 -25 -17 -12
Non-Cash Adjustments to Reconcile Net Income		 -350 -47 207 -80
Changes in Operating Assets and Liabilities, net		 21 -71 -107 72
Net Cash From Investing Activities		 0.00 0.00 0.44 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.44 0.00
Net Cash From Financing Activities		 224 -27 -110 -87
Net Cash From Continuing Financing Activities		 224 -27 -110 -87
Issuance of Debt		 854 300 869 255
Issuance of Common Equity		 0.00 21 1.37 93
Repayment of Debt		 -548 -230 -798 -256
Repurchase of Common Equity		 -2.17 -1.86 -2.42 -1.55
Payment of Dividends		 -80 -115 -180 -177
Other Financing Activities, Net		 0.00 -0.22 -0.24 -0.12
Effect of Exchange Rate Changes		 -1.13 -0.85 0.83 0.70
Cash Interest Paid		 24 39 98 122

Quarterly Cash Flow Statements for Oaktree Specialty Lending

This table details how cash moves in and out of Oaktree Specialty Lending's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -7.12 34 20 73 -14 5.80 -30 -29 48 -18 -28
Net Cash From Operating Activities		 -110 46 49 244 1.13 -18 -60 96 144 62 21
Net Cash From Continuing Operating Activities		 -110 46 49 244 1.13 -18 -60 96 144 62 21
Net Income / (Loss) Continuing Operations		 13 22 37 46 11 9.34 1.12 37 7.24 -36 38
Consolidated Net Income / (Loss)		 13 22 37 46 11 9.34 1.12 37 7.24 -36 38
Depreciation Expense		 23 18 1.04 -14 25 25 -26 -43 20 82 -19
Amortization Expense		 -4.13 -3.64 -3.87 -5.29 -3.77 -1.37 -2.14 -4.37 -3.28 -2.91 1.20
Non-Cash Adjustments to Reconcile Net Income		 -155 77 28 257 -138 -50 -44 157 162 -122 102
Changes in Operating Assets and Liabilities, net		 13 -67 -14 -40 107 -0.58 12 -51 -42 142 -102
Net Cash From Financing Activities		 103 -12 -30 -171 -15 23 30 -125 -95 -82 -52
Net Cash From Continuing Financing Activities		 103 -12 -30 -171 -15 23 30 -125 -95 -82 -52
Issuance of Debt		 202 90 280 297 20 50 135 50 125 500 80
Repayment of Debt		 -42 -60 -267 -428 -20 -30 -76 -130 -175 -644 -95
Repurchase of Common Equity		 - - -1.12 - 0.00 - - -1.55 -1.46 -4.29 -3.75
Payment of Dividends		 -57 -41 -41 -41 -47 -43 -43 -44 -44 -37 -33
Effect of Exchange Rate Changes		 -0.48 0.03 0.79 0.48 -0.32 0.31 -0.24 0.96 -1.15 2.13 2.35
Cash Interest Paid		 14 25 31 28 28 33 28 34 28 30 28

Annual Balance Sheets for Oaktree Specialty Lending

This table presents Oaktree Specialty Lending's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 9/30/2022 9/30/2023 9/30/2024
Total Assets		 2,646 3,218 3,198
Cash and Due from Banks		 24 136 64
Restricted Cash		 2.84 9.09 15
Trading Account Securities		 2.47 4.91 3,033
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Accrued Investment Income		 36 45 39
Customer and Other Receivables		 22 6.32 13
Deferred Acquisition Cost		 7.38 13 12
Other Assets		 54 3,004 35
Total Liabilities & Shareholders' Equity		 2,646 3,218 3,198
Total Liabilities		 1,401 1,702 1,711
Short-Term Debt		 700 710 710
Accrued Interest Payable		 7.94 16 16
Long-Term Debt		 601 891 929
Other Long-Term Liabilities		 92 85 40
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,246 1,516 1,488
Total Preferred & Common Equity		 1,246 1,516 1,488
Total Common Equity		 1,246 1,516 1,488
Common Stock		 1,828 2,167 2,265
Retained Earnings		 -583 -651 -777

Quarterly Balance Sheets for Oaktree Specialty Lending

This table presents Oaktree Specialty Lending's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 350 3,319 3,336 3,266 3,298 3,322 3,084 3,079 2,964
Cash and Due from Banks		 - 44 60 112 125 96 113 98 80
Restricted Cash		 - 9.26 13 19 12 11 13 10 0.00
Trading Account Securities		 - 0.00 0.05 3,020 3,061 3,136 2,845 2,896 2,809
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued Investment Income		 - 29 29 43 37 28 25 23 23
Customer and Other Receivables		 - 2.02 2.08 7.91 1.80 0.95 0.41 0.32 0.30
Deferred Acquisition Cost		 - 7.23 13 12 11 12 11 10 10
Other Assets		 350 3,228 105 53 63 52 79 45 33
Total Liabilities & Shareholders' Equity		 171 3,319 3,336 3,266 3,298 3,322 3,084 3,079 2,964
Total Liabilities		 171 1,803 1,827 1,755 1,774 1,826 1,634 1,604 1,488
Short-Term Debt		 44 1,115 1,135 710 730 790 660 520 510
Accrued Interest Payable		 - 15 13 19 16 19 18 14 12
Long-Term Debt		 - 609 605 913 906 907 918 928 938
Other Long-Term Liabilities		 126 65 74 85 122 76 39 141 28
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.00 1,515 1,509 1,512 1,524 1,496 1,450 1,475 1,476
Total Preferred & Common Equity		 0.00 1,515 1,509 1,512 1,524 1,496 1,450 1,475 1,476
Total Common Equity		 0.00 1,515 1,509 1,512 1,524 1,496 1,450 1,475 1,476
Common Stock		 - 2,164 2,164 2,201 2,249 2,265 2,265 2,368 2,368
Retained Earnings		 - -649 -655 -690 -725 -769 -815 -893 -892

Annual Metrics And Ratios for Oaktree Specialty Lending

This table displays calculated financial ratios and metrics derived from Oaktree Specialty Lending's official financial filings.

Metric 2021 2022 2023 2024
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Growth Metrics		 - - - -
Revenue Growth		 0.00% -69.82% 113.35% -34.06%
EBITDA Growth		 0.00% 42.09% -9.57% -79.29%
EBIT Growth		 0.00% -86.36% 262.10% -51.43%
NOPAT Growth		 0.00% -86.36% 262.10% -51.43%
Net Income Growth		 0.00% -86.36% 262.10% -51.43%
EPS Growth		 0.00% -86.36% 239.58% -55.83%
Operating Cash Flow Growth		 0.00% 109.72% 921.49% -91.66%
Free Cash Flow Firm Growth		 0.00% 0.00% 82.06% 110.60%
Invested Capital Growth		 0.00% 0.00% 22.38% 0.32%
Revenue Q/Q Growth		 0.00% 0.00% 135.60% -10.62%
EBITDA Q/Q Growth		 0.00% 0.00% 172.48% -59.82%
EBIT Q/Q Growth		 0.00% 0.00% 2,444.09% -16.90%
NOPAT Q/Q Growth		 0.00% 0.00% 787.50% -16.90%
Net Income Q/Q Growth		 0.00% 0.00% 35.51% -16.90%
EPS Q/Q Growth		 0.00% 0.00% 68.04% -12.20%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 346.65% -88.60%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -84.13%
Invested Capital Q/Q Growth		 0.00% 0.00% 1,245.54% 0.00%
Profitability Metrics		 - - - -
EBITDA Margin		 31.79% 149.64% 63.42% 19.92%
EBIT Margin		 75.31% 34.04% 57.78% 42.56%
Profit (Net Income) Margin		 75.31% 34.04% 57.78% 42.56%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 2.58% 4.20% 1.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 2.58% 4.20% 1.85%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2.70% 4.42% 2.00%
Return on Equity (ROE)		 0.00% 5.28% 8.62% 3.85%
Cash Return on Invested Capital (CROIC)		 0.00% -197.42% -15.92% 1.53%
Operating Return on Assets (OROA)		 0.00% 1.24% 4.06% 1.80%
Return on Assets (ROA)		 0.00% 1.24% 4.06% 1.80%
Return on Common Equity (ROCE)		 0.00% 5.28% 8.62% 3.85%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 2.64% 7.85% 3.88%
Net Operating Profit after Tax (NOPAT)		 241 33 119 58
NOPAT Margin		 75.31% 34.04% 57.78% 42.56%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 24.69% 65.96% 42.22% 57.44%
Earnings before Interest and Taxes (EBIT)		 241 33 119 58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 102 144 131 27
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.85 0.84
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.85 0.84
Price to Revenue (P/Rev)		 0.00 0.00 6.25 9.26
Price to Earnings (P/E)		 0.00 0.00 10.97 21.71
Dividend Yield		 10.47% 14.88% 13.11% 14.40%
Earnings Yield		 0.00% 0.00% 9.12% 4.61%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.88 0.90
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 13.32 20.75
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 21.00 104.16
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 23.05 48.74
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 23.05 48.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 11.99 147.68
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 58.95
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 1.04 1.06 1.10
Long-Term Debt to Equity		 0.00 0.48 0.59 0.62
Financial Leverage		 0.00 1.04 1.05 1.08
Leverage Ratio		 0.00 2.12 2.12 2.14
Compound Leverage Factor		 0.00 2.12 2.12 2.14
Debt to Total Capital		 0.00% 51.09% 51.36% 52.41%
Short-Term Debt to Total Capital		 0.00% 27.49% 22.78% 22.71%
Long-Term Debt to Total Capital		 0.00% 23.60% 28.58% 29.70%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 48.91% 48.64% 47.59%
Debt to EBITDA		 0.00 9.01 12.26 60.59
Net Debt to EBITDA		 0.00 8.83 11.14 57.69
Long-Term Debt to EBITDA		 0.00 4.16 6.82 34.34
Debt to NOPAT		 0.00 39.59 13.45 28.35
Net Debt to NOPAT		 0.00 38.79 12.23 26.99
Long-Term Debt to NOPAT		 0.00 18.29 7.49 16.07
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -2,514 -451 48
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -53.56 -4.04 0.37
Operating Cash Flow to Interest Expense		 -7.55 0.48 2.05 0.15
Operating Cash Flow Less CapEx to Interest Expense		 -7.55 0.48 2.05 0.15
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.04 0.07 0.04
Fixed Asset Turnover		 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 2,547 3,116 3,127
Invested Capital Turnover		 0.00 0.08 0.07 0.04
Increase / (Decrease) in Invested Capital		 0.00 2,547 570 10
Enterprise Value (EV)		 0.00 0.00 2,742 2,817
Market Capitalization		 0.00 0.00 1,287 1,257
Book Value per Share		 $0.00 $20.51 $19.66 $18.09
Tangible Book Value per Share		 $0.00 $20.51 $19.66 $18.09
Total Capital		 0.00 2,547 3,116 3,127
Total Debt		 0.00 1,301 1,601 1,639
Total Long-Term Debt		 0.00 601 891 929
Net Debt		 0.00 1,275 1,455 1,560
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 1,301 1,601 1,639
Total Depreciation and Amortization (D&A)		 -139 112 12 -31
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.63 $0.72
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 72.12M 80.42M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.63 $0.72
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 72.12M 80.42M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $2.51 $2.18
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 77.23M 82.25M
Normalized Net Operating Profit after Tax (NOPAT)		 169 23 83 40
Normalized NOPAT Margin		 52.72% 23.83% 40.45% 29.79%
Pre Tax Income Margin		 75.31% 34.04% 57.78% 42.56%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 7.89 0.70 1.07 0.45
NOPAT to Interest Expense		 7.89 0.70 1.07 0.45
EBIT Less CapEx to Interest Expense		 7.89 0.70 1.07 0.45
NOPAT Less CapEx to Interest Expense		 7.89 0.70 1.07 0.45
Payout Ratios		 - - - -
Dividend Payout Ratio		 33.15% 350.72% 151.32% 305.92%
Augmented Payout Ratio		 34.06% 356.38% 153.35% 308.61%

Quarterly Metrics And Ratios for Oaktree Specialty Lending

This table displays calculated financial ratios and metrics derived from Oaktree Specialty Lending's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -50.30% 53.40% 15.99% 244.69% 0.19% -31.32% -67.71% -23.01% -40.75% -39.12% 157.03%
EBITDA Growth		 -26.47% 8.76% -72.19% 153.93% 1.56% -7.81% -179.61% -139.01% -25.00% 27.44% 178.85%
EBIT Growth		 -71.44% 49.27% -9.21% 172.40% -15.15% -55.94% -96.40% -24.48% -28.66% -484.24% 2,825.64%
NOPAT Growth		 -64.55% 49.27% -8.92% 219.11% -15.15% -55.94% -96.40% -24.48% -28.66% -368.97% 2,825.64%
Net Income Growth		 -67.97% 49.27% 197.19% 185.34% -15.15% -55.94% -96.40% -24.48% -28.66% -481.09% 2,825.64%
EPS Growth		 -67.97% 20.83% 177.42% 966.67% -36.36% -58.62% -97.92% -28.13% -35.71% -450.00% 4,300.00%
Operating Cash Flow Growth		 -574.00% 150.90% 105.49% 268.07% 101.02% -138.16% -223.07% -60.82% 12,696.09% 451.89% 135.17%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 211.06% 102.76% 101.79% 105.03% -1,388.83% 137.22% 435.27%
Invested Capital Growth		 0.00% 0.00% 0.00% 22.38% 0.00% -2.45% -1.73% 0.32% 0.00% -7.47% -8.43%
Revenue Q/Q Growth		 166.63% 0.00% 34.82% 17.86% -53.86% -6.32% -36.62% 181.03% -64.49% -3.76% 167.61%
EBITDA Q/Q Growth		 158.60% 15.10% -6.32% -14.66% 10.36% 4.47% -180.90% 58.18% 312.15% 77.53% -49.95%
EBIT Q/Q Growth		 119.04% 71.02% 70.33% 30.55% -77.69% -11.19% -86.10% 2,642.21% -78.92% -578.33% 205.82%
NOPAT Q/Q Growth		 131.32% 71.02% 70.33% 30.55% -77.69% -11.19% -86.10% 2,642.21% -78.92% -434.83% 251.17%
Net Income Q/Q Growth		 -24.97% 0.00% 70.33% 30.55% -77.69% -11.19% -86.10% 2,642.21% -78.92% -574.40% 206.70%
EPS Q/Q Growth		 -24.97% 0.00% 65.52% 33.33% -78.13% -14.29% -91.67% 4,500.00% -80.43% -566.67% 204.76%
Operating Cash Flow Q/Q Growth		 -265.93% 142.02% 5.46% 400.54% -99.54% -1,666.22% -240.17% 259.35% 50.73% -56.93% -66.00%
Free Cash Flow Firm Q/Q Growth		 0.00% -1,424.95% 0.15% -167.85% 191.96% -62.12% -35.18% -88.73% -598.04% 106.97% 46.26%
Invested Capital Q/Q Growth		 -91.22% 1,348.52% 0.32% 1,245.54% -100.00% 0.00% 1.06% 0.00% 0.00% -3.44% 0.01%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 97.52% 82.13% 57.08% 41.33% 98.86% 110.25% -140.73% -20.94% 125.12% 230.81% 43.17%
EBIT Margin		 39.11% 48.94% 61.84% 68.49% 33.12% 31.40% 6.89% 67.19% 39.88% -198.19% 78.37%
Profit (Net Income) Margin		 39.11% 48.94% 61.84% 68.49% 33.12% 31.40% 6.89% 67.19% 39.88% -196.57% 78.37%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.18% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 22.34% 0.00% 3.33% 4.98% 0.00% 1.89% 0.32% 2.92% 3.23% -5.05% 3.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 22.34% 0.00% 3.33% 4.98% 0.00% 1.89% 0.32% 2.92% 3.23% -5.74% 3.61%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 3.83% 5.23% 0.00% 2.08% 0.37% 3.15% 3.52% -5.91% 3.82%
Return on Equity (ROE)		 0.00% 0.00% 7.16% 10.22% 0.00% 3.97% 0.70% 6.07% 6.75% -10.96% 7.43%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -15.92% 0.00% 5.76% 3.90% 1.53% -196.38% 8.05% 10.31%
Operating Return on Assets (OROA)		 7.14% 0.00% 1.62% 4.81% 0.00% 1.82% 0.31% 2.84% 1.59% -6.88% 3.51%
Return on Assets (ROA)		 7.14% 0.00% 1.62% 4.81% 0.00% 1.82% 0.31% 2.84% 1.59% -6.83% 3.51%
Return on Common Equity (ROCE)		 0.00% 0.00% 7.16% 10.22% 0.00% 3.97% 0.70% 6.07% 6.75% -10.96% 7.43%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 5.82% 0.00% 0.00% 6.89% 4.65% 0.00% 3.77% 0.61% 3.14%
Net Operating Profit after Tax (NOPAT)		 13 22 37 48 11 9.51 1.32 36 7.64 -26 39
NOPAT Margin		 39.11% 48.94% 61.84% 68.49% 33.12% 31.40% 6.89% 67.19% 39.88% -138.74% 78.37%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.69% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 60.89% 51.06% 38.16% 31.51% 66.88% 68.60% 93.11% 32.81% 60.12% 298.19% 21.63%
Earnings before Interest and Taxes (EBIT)		 13 22 37 48 11 9.51 1.32 36 7.64 -37 39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 36 34 29 32 33 -27 -11 24 43 21
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.75 0.80 0.85 0.00 0.90 0.93 0.84 0.87 0.86 0.81
Price to Tangible Book Value (P/TBV)		 0.00 0.75 0.80 0.85 0.00 0.90 0.93 0.84 0.87 0.86 0.81
Price to Revenue (P/Rev)		 0.00 0.00 13.84 6.25 6.75 7.11 9.13 9.26 10.25 11.41 8.54
Price to Earnings (P/E)		 0.00 0.00 16.14 10.97 12.12 13.33 20.72 21.71 23.01 140.01 26.01
Dividend Yield		 12.89% 14.21% 13.70% 13.11% 12.22% 12.71% 12.91% 14.40% 14.40% 13.80% 14.57%
Earnings Yield		 0.00% 0.00% 6.20% 9.12% 8.25% 7.50% 4.83% 4.61% 4.35% 0.71% 3.84%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.87 0.89 0.88 0.00 0.91 0.93 0.90 0.89 0.89 0.88
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 32.92 13.32 0.00 14.91 19.59 20.75 22.09 23.51 18.25
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 22.00 60.03 21.00 0.00 22.33 44.22 104.16 142.16 92.27 33.59
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 615.18 23.05 0.00 27.28 42.80 48.74 49.49 300.43 55.87
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 214.60 23.05 0.00 27.28 42.80 48.74 49.49 300.43 55.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 107.09 56.18 11.99 0.00 10.38 17.79 147.68 16.73 10.78 7.97
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 15.55 23.67 58.95 0.00 10.64 8.15
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.14 1.15 1.06 0.00 1.07 1.13 1.10 1.09 0.98 0.98
Long-Term Debt to Equity		 0.00 0.40 0.40 0.59 0.00 0.59 0.61 0.62 0.63 0.63 0.64
Financial Leverage		 0.00 1.14 1.15 1.05 0.00 1.11 1.14 1.08 1.09 1.03 1.06
Leverage Ratio		 0.00 2.19 2.21 2.12 0.00 2.18 2.22 2.14 2.13 2.13 2.11
Compound Leverage Factor		 0.00 2.19 2.21 2.12 0.00 2.18 2.22 2.14 2.13 2.13 2.11
Debt to Total Capital		 100.00% 53.22% 53.55% 51.36% 0.00% 51.77% 53.15% 52.41% 52.11% 49.54% 49.51%
Short-Term Debt to Total Capital		 100.00% 34.42% 34.93% 22.78% 0.00% 23.10% 24.74% 22.71% 21.80% 17.79% 17.44%
Long-Term Debt to Total Capital		 0.00% 18.80% 18.62% 28.58% 0.00% 28.66% 28.41% 29.70% 30.31% 31.76% 32.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 46.78% 46.45% 48.64% 0.00% 48.23% 46.85% 47.59% 47.89% 50.46% 50.49%
Debt to EBITDA		 0.33 13.51 36.30 12.26 0.00 12.75 25.21 60.59 82.82 51.33 18.91
Net Debt to EBITDA		 0.33 13.09 34.79 11.14 0.00 11.68 23.62 57.69 76.20 47.50 17.87
Long-Term Debt to EBITDA		 0.00 4.77 12.62 6.82 0.00 7.06 13.48 34.34 48.17 32.91 12.25
Debt to NOPAT		 4.48 0.00 129.79 13.45 0.00 15.58 24.40 28.35 28.83 167.15 31.45
Net Debt to NOPAT		 4.48 0.00 124.37 12.23 0.00 14.27 22.86 26.99 26.53 154.66 29.72
Long-Term Debt to NOPAT		 0.00 0.00 45.13 7.49 0.00 8.63 13.04 16.07 16.77 107.14 20.37
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -211 -3,217 -3,213 -522 234 89 58 26 -3,020 211 308
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -10.18 -115.72 -104.33 -16.14 7.28 2.78 1.77 0.82 -98.81 7.47 9.91
Operating Cash Flow to Interest Expense		 -5.30 1.66 1.58 7.54 0.04 -0.55 -1.84 2.98 4.71 2.20 0.68
Operating Cash Flow Less CapEx to Interest Expense		 -5.30 1.66 1.58 7.54 0.04 -0.55 -1.84 2.98 4.71 2.20 0.68
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.18 0.00 0.03 0.07 0.00 0.06 0.05 0.04 0.04 0.03 0.04
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 224 3,239 3,250 3,116 0.00 3,160 3,193 3,127 3,028 2,924 2,924
Invested Capital Turnover		 0.57 0.00 0.05 0.07 0.00 0.06 0.05 0.04 0.08 0.04 0.05
Increase / (Decrease) in Invested Capital		 224 3,239 3,250 570 -224 -79 -56 10 3,028 -236 -269
Enterprise Value (EV)		 0.00 2,807 2,877 2,742 0.00 2,865 2,977 2,817 2,708 2,604 2,571
Market Capitalization		 0.00 1,137 1,210 1,287 1,391 1,367 1,387 1,257 1,257 1,263 1,203
Book Value per Share		 $0.00 $19.66 $19.58 $19.66 $0.00 $19.30 $18.38 $18.09 $17.63 $17.94 $16.76
Tangible Book Value per Share		 $0.00 $19.66 $19.58 $19.66 $0.00 $19.30 $18.38 $18.09 $17.63 $17.94 $16.76
Total Capital		 44 3,239 3,250 3,116 0.00 3,160 3,193 3,127 3,028 2,924 2,924
Total Debt		 44 1,724 1,740 1,601 0.00 1,636 1,697 1,639 1,578 1,448 1,448
Total Long-Term Debt		 0.00 609 605 891 0.00 906 907 929 918 928 938
Net Debt		 44 1,671 1,667 1,455 0.00 1,498 1,590 1,560 1,452 1,340 1,368
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11 0.00
Net Nonoperating Obligations (NNO)		 224 1,724 1,740 1,601 0.00 1,636 1,697 1,639 1,578 1,448 1,448
Total Depreciation and Amortization (D&A)		 19 15 -2.83 -19 21 24 -28 -48 16 79 -17
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.22 $0.29 $0.48 $0.64 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44
Adjusted Weighted Average Basic Shares Outstanding		 61.14M 73.20M 77.08M 72.12M 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M
Adjusted Diluted Earnings per Share		 $0.22 $0.29 $0.48 $0.64 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44
Adjusted Weighted Average Diluted Shares Outstanding		 61.14M 73.20M 77.08M 72.12M 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.63 $0.63 $0.64 $0.57 $0.52 $0.54 $0.46 $0.54 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 77.08M 77.08M 77.08M 77.23M 78.97M 162.79M 82.25M 82.25M 82.25M 88.09M 88.09M
Normalized Net Operating Profit after Tax (NOPAT)		 8.84 15 26 34 7.50 6.66 0.93 25 5.35 -26 27
Normalized NOPAT Margin		 27.38% 34.26% 43.29% 47.95% 23.19% 21.98% 4.82% 47.03% 27.91% -138.74% 54.86%
Pre Tax Income Margin		 39.11% 48.94% 61.84% 68.49% 33.12% 31.40% 6.89% 67.19% 39.88% -198.19% 78.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.61 0.78 1.19 1.49 0.33 0.30 0.04 1.13 0.25 -1.30 1.25
NOPAT to Interest Expense		 0.61 0.78 1.19 1.49 0.33 0.30 0.04 1.13 0.25 -0.91 1.25
EBIT Less CapEx to Interest Expense		 0.61 0.78 1.19 1.49 0.33 0.30 0.04 1.13 0.25 -1.30 1.25
NOPAT Less CapEx to Interest Expense		 0.61 0.78 1.19 1.49 0.33 0.30 0.04 1.13 0.25 -0.91 1.25
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 2,383.93% 0.00% 192.82% 151.32% 145.43% 163.83% 250.26% 305.92% 317.27% 1,872.43% 340.71%
Augmented Payout Ratio		 2,383.93% 0.00% 196.69% 153.35% 145.43% 164.90% 250.26% 308.61% 322.76% 1,953.79% 364.56%

Key Financial Trends

Oaktree Specialty Lending Corp (NASDAQ: OCSL) has demonstrated a notable recovery and strengthening in its financial performance over the past four years, including the most recent quarter Q3 2025. Investors should consider the following key financial trends and data points from the company's quarterly financial statements:

  • The company returned to profitability in 2025 after experiencing losses in earlier quarters of 2025 and 2024. Specifically, consolidated net income rose to $38.35 million in Q3 2025 from a net loss of $36.25 million in Q2 2025, indicating a significant turnaround.
  • Net interest income improved sharply with $69.39 million of total interest income against $31.06 million in interest expense for a net interest income of $43.4 million in Q3 2025, compared to negative net interest income in Q2 2025.
  • Operating cash flow remained positive in Q3 2025 with $21.08 million in net cash from continuing operations, supporting the company's operational sustainability despite previous volatility.
  • Total assets have remained stable, with $2.96 billion in Q3 2025, supported mainly by trading account securities valued at approximately $2.81 billion, demonstrating strong investment asset levels.
  • Common equity remains robust at approximately $1.48 billion in Q3 2025, giving the company a solid equity base.
  • The company’s total liabilities were $1.49 billion in Q3 2025, comprised of significant long-term debt ($938 million) and short-term debt ($510 million), signaling continuing leverage but manageable within equity levels.
  • Dividends paid in Q3 2025 totaled approximately $33.25 million, emphasizing commitment to shareholder returns but requiring sufficient earnings and cash flow to sustain.
  • Depreciation expense was sizeable, at about $18.6 million in Q3 2025, which negatively impacts net income but is a non-cash charge.
  • Repayment of debt exceeded new issuances in Q3 2025, with $94.85 million in repayments against $80 million in new debt, potentially reducing liquidity.
  • The company faced significant fluctuations in non-interest income, with realized and unrealized capital losses impacting quarterly results intermittently, which adds volatility to earnings.

Summary: OCSL is showing signs of financial recovery with improved profitability and positive operating cash flows in the latest quarter. The company maintains a strong asset base and equity position but continues to manage significant debt and occasional earnings volatility related to investment gains and losses. Shareholders should monitor the company's ability to sustain earnings growth and manage debt levels going forward.

08/29/25 01:40 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Oaktree Specialty Lending's Financials

When does Oaktree Specialty Lending's fiscal year end?

According to the most recent income statement we have on file, Oaktree Specialty Lending's financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Oaktree Specialty Lending's net income changed over the last 3 years?

Oaktree Specialty Lending's net income appears to be on a downward trend, with a most recent value of $57.80 million in 2024, falling from $240.84 million in 2021. The previous period was $118.99 million in 2023. View Oaktree Specialty Lending's forecast to see where analysts expect Oaktree Specialty Lending to go next.

How has Oaktree Specialty Lending's revenue changed over the last 3 years?

Over the last 3 years, Oaktree Specialty Lending's total revenue changed from $319.81 million in 2021 to $135.79 million in 2024, a change of -57.5%.

How much debt does Oaktree Specialty Lending have?

Oaktree Specialty Lending's total liabilities were at $1.71 billion at the end of 2024, a 0.5% increase from 2023, and a 22.1% increase since 2022.

How much cash does Oaktree Specialty Lending have?

In the past 2 years, Oaktree Specialty Lending's cash and equivalents has ranged from $23.53 million in 2022 to $136.45 million in 2023, and is currently $63.97 million as of their latest financial filing in 2024.

How has Oaktree Specialty Lending's book value per share changed over the last 3 years?

Over the last 3 years, Oaktree Specialty Lending's book value per share changed from 0.00 in 2021 to 18.09 in 2024, a change of 1,809.0%.


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This page (NASDAQ:OCSL) was last updated on 8/29/2025 by MarketBeat.com Staff
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