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Oaktree Specialty Lending (OCSL) Financials

Oaktree Specialty Lending logo
$12.67 +0.09 (+0.72%)
Closing price 09/11/2026 04:00 PM Eastern
Extended Trading
$12.67 0.00 (0.00%)
As of 09/11/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2025
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 237 29 119 58 37
Consolidated Net Income / (Loss)		 241 33 117 58 34
Net Income / (Loss) Continuing Operations		 241 33 181 58 153
Total Pre-Tax Income 		241 33 181 58 154
Total Revenue		 320 97 268 136 201
Net Interest Income / (Expense)		 160 203 268 238 201
Total Interest Income		 174 229 379 346 317
Investment Securities Interest Income		 191 249 379 361 317
Total Interest Expense		 31 47 112 129 116
Long-Term Debt Interest Expense		 31 47 112 129 116
Total Non-Interest Income		 159 -106 0.00 -103 0.00
Total Non-Interest Expense		 79 64 85 78 45
Insurance Policy Acquisition Costs		 39 18 36 30 7.15
Other Operating Expenses		 40 46 49 48 38
Income Tax Expense		 - - 0.00 - 0.86
Other Adjustments to Consolidated Net Income / (Loss)		 - - -63 - -119
Basic Earnings per Share		 $4.39 $0.48 $1.63 $0.72 $0.39
Weighted Average Basic Shares Outstanding		 54.04M 60.73M 72.12M 80.42M 86.08M
Diluted Earnings per Share		 $4.39 $0.48 $1.63 $0.72 $0.39
Weighted Average Diluted Shares Outstanding		 54.04M 60.73M 72.12M 80.42M 86.08M
Weighted Average Basic & Diluted Shares Outstanding		 - - 77.23M 82.25M 88.09M

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 11 9.34 1.12 37 7.84 -36 38 27 5.61 -19 31
Consolidated Net Income / (Loss)		 11 9.51 1.32 36 7.24 -36 39 24 5.64 -19 31
Net Income / (Loss) Continuing Operations		 11 9.51 1.32 36 44 -37 39 143 5.64 -19 31
Total Pre-Tax Income 		11 9.51 1.32 36 45 -37 39 144 5.64 -19 31
Total Revenue		 32 30 19 54 56 18 49 114 17 -8.19 44
Net Interest Income / (Expense)		 63 58 60 58 56 -27 43 131 44 43 43
Total Interest Income		 95 85 86 80 87 1.57 74 162 71 69 67
Investment Securities Interest Income		 93 89 91 89 87 - 73 - 70 68 66
Deposits and Money Market Investments Interest Income		 2.36 1.49 1.16 0.98 - 1.57 1.51 - 0.93 1.05 0.86
Total Interest Expense		 32 32 33 32 31 28 31 26 27 26 24
Long-Term Debt Interest Expense		 32 32 33 32 31 - 31 - 27 26 24
Total Non-Interest Income		 -31 -28 -40 -3.63 0.00 45 5.95 -17 -27 -51 1.26
Other Service Charges		 1.31 2.55 1.46 3.90 - 3.48 0.29 - 2.97 1.30 0.98
Net Realized & Unrealized Capital Gains on Investments		 -26 -34 -44 -4.39 - -36 3.20 - -31 -55 -2.86
Other Non-Interest Income		 -6.41 3.66 2.51 -3.13 - - 2.46 - 1.47 2.70 3.15
Total Non-Interest Expense		 22 21 18 18 11 55 11 -32 12 10 12
Insurance Policy Acquisition Costs		 9.03 8.45 5.13 7.72 1.54 - 0.41 - 1.19 0.00 2.37
Other Operating Expenses		 13 12 13 9.99 9.39 55 10 -38 11 10 10
Basic Earnings per Share		 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44 $0.28 $0.06 ($0.21) $0.35
Weighted Average Basic Shares Outstanding		 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M 86.08M 88.09M 88.09M 88.09M
Diluted Earnings per Share		 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44 $0.28 $0.06 ($0.21) $0.35
Weighted Average Diluted Shares Outstanding		 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M 86.08M 88.09M 88.09M 88.09M
Weighted Average Basic & Diluted Shares Outstanding		 78.97M 81.40M 82.25M 82.25M 82.25M 88.09M 88.09M 88.09M 88.09M 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 2025
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Net Change in Cash & Equivalents		 -7.46 -5.27 119 -67 1.09
Net Cash From Operating Activities		 -231 22 229 19 228
Net Cash From Continuing Operating Activities		 -231 22 229 19 228
Net Income / (Loss) Continuing Operations		 237 29 117 58 34
Consolidated Net Income / (Loss)		 237 29 117 58 34
Depreciation Expense		 -115 136 29 -19 101
Amortization Expense		 -25 -25 -17 -12 -8.19
Non-Cash Adjustments to Reconcile Net Income		 -350 -47 207 -80 84
Changes in Operating Assets and Liabilities, net		 21 -71 -107 72 17
Net Cash From Investing Activities		 0.00 0.00 0.44 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.44 0.00 0.00
Other Investing Activities, net		 - 0.00 0.44 - 0.00
Net Cash From Financing Activities		 224 -27 -110 -87 -229
Net Cash From Continuing Financing Activities		 224 -27 -110 -87 -229
Issuance of Debt		 854 300 869 255 800
Issuance of Common Equity		 0.00 21 1.37 93 103
Repayment of Debt		 -548 -230 -798 -256 -973
Repurchase of Common Equity		 -2.17 -1.86 -2.42 -1.55 -11
Payment of Dividends		 -80 -115 -180 -177 -148
Other Financing Activities, Net		 0.00 -0.22 -0.24 -0.12 -0.04
Effect of Exchange Rate Changes		 -1.13 -0.85 0.83 0.70 2.06
Cash Interest Paid		 24 39 98 122 110

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -14 5.80 -30 -29 48 -18 -28 -0.17 1.18 -30 -11
Net Cash From Operating Activities		 1.13 -18 -60 96 144 62 21 1.34 -83 131 58
Net Cash From Continuing Operating Activities		 1.13 -18 -60 96 144 62 21 1.34 -83 131 58
Net Income / (Loss) Continuing Operations		 11 9.34 1.12 37 7.24 -36 38 25 5.61 -19 31
Consolidated Net Income / (Loss)		 11 9.34 1.12 37 7.24 -36 38 25 5.61 -19 31
Depreciation Expense		 25 25 -26 -43 20 82 -19 18 32 39 -48
Amortization Expense		 -3.77 -1.37 -2.14 -4.37 -3.28 -2.91 1.20 -3.20 -2.28 -2.01 -1.66
Non-Cash Adjustments to Reconcile Net Income		 -138 -50 -44 157 162 -122 102 -58 -134 148 73
Changes in Operating Assets and Liabilities, net		 107 -0.58 12 -51 -42 142 -102 19 15 -36 3.27
Net Cash From Financing Activities		 -15 23 30 -125 -95 -82 -52 -0.23 85 -160 -69
Net Cash From Continuing Financing Activities		 -15 23 30 -125 -95 -82 -52 -0.23 85 -160 -69
Issuance of Debt		 20 50 135 50 125 500 80 95 225 60 75
Repayment of Debt		 -20 -30 -76 -130 -175 -644 -95 -60 -105 -185 -114
Repurchase of Common Equity		 0.00 - - -1.55 -1.46 -4.29 -3.75 -1.17 -1.14 -1.14 -1.08
Payment of Dividends		 -47 -43 -43 -44 -44 -37 -33 -34 -34 -34 -29
Effect of Exchange Rate Changes		 -0.32 0.31 -0.24 0.96 -1.15 2.13 2.35 -1.27 -0.13 0.04 0.05
Cash Interest Paid		 28 33 28 34 28 30 28 25 26 26 23

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 2025
Period end date 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Total Assets		 2,646 3,218 3,198 3,003
Cash and Due from Banks		 24 136 64 80
Trading Account Securities		 2.47 4.91 3,021 2,853
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Accrued Investment Income		 36 45 39 32
Customer and Other Receivables		 22 6.32 13 3.19
Deferred Acquisition Cost		 7.38 13 12 9.82
Other Assets		 54 3,004 35 22
Total Liabilities & Shareholders' Equity		 2,646 3,218 3,198 3,003
Total Liabilities		 1,401 1,702 1,711 1,537
Short-Term Debt		 700 710 710 545
Accrued Interest Payable		 7.94 16 16 12
Long-Term Debt		 601 891 929 942
Other Long-Term Liabilities		 92 85 43 31
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,246 1,516 1,488 1,466
Total Preferred & Common Equity		 1,246 1,516 1,488 1,466
Total Common Equity		 1,246 1,516 1,488 1,466
Common Stock		 1,828 2,167 2,265 2,351
Retained Earnings		 -583 -651 -777 -885

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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026 6/30/2026
Total Assets		 3,319 3,336 3,266 3,298 3,322 3,084 3,079 2,964 3,098 2,894 2,858
Cash and Due from Banks		 44 60 112 125 96 113 98 80 81 51 40
Trading Account Securities		 0.00 0.05 3,020 3,061 3,136 2,845 2,896 2,809 2,957 2,774 2,741
Loans and Leases, Net of Allowance		 0.00 0.00 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 24 23 23
Customer and Other Receivables		 2.02 2.08 7.91 1.80 0.95 0.41 0.32 0.30 0.30 0.30 0.24
Deferred Acquisition Cost		 7.23 13 12 11 12 11 10 10 9.29 8.60 8.07
Other Assets		 3,228 105 53 63 52 79 45 33 27 37 39
Total Liabilities & Shareholders' Equity		 3,319 3,336 3,266 3,298 3,322 3,084 3,079 2,964 3,098 2,894 2,858
Total Liabilities		 1,803 1,827 1,755 1,774 1,826 1,634 1,604 1,488 1,662 1,512 1,475
Short-Term Debt		 1,115 1,135 710 730 790 660 520 510 665 540 501
Accrued Interest Payable		 15 13 19 16 19 18 14 12 12 10 11
Long-Term Debt		 609 605 913 906 907 918 928 938 945 942 938
Other Long-Term Liabilities		 65 74 85 122 76 39 141 28 36 15 16
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,515 1,509 1,512 1,524 1,496 1,450 1,475 1,476 1,436 1,382 1,383
Total Preferred & Common Equity		 1,515 1,509 1,512 1,524 1,496 1,450 1,475 1,476 1,436 1,382 1,383
Total Common Equity		 1,515 1,509 1,512 1,524 1,496 1,450 1,475 1,476 1,436 1,382 1,383
Common Stock		 2,164 2,164 2,201 2,249 2,265 2,265 2,368 2,368 2,351 2,351 2,351
Retained Earnings		 -649 -655 -690 -725 -769 -815 -893 -892 -915 -969 -968

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 2025
Period end date 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Growth Metrics		 - - - - -
Revenue Growth		 0.00% -69.82% 113.35% -34.06% 47.99%
EBITDA Growth		 0.00% 42.09% -9.57% -79.29% 821.17%
EBIT Growth		 0.00% -86.36% 262.10% -51.43% 170.07%
NOPAT Growth		 0.00% -86.36% 262.10% -51.43% 164.10%
Net Income Growth		 0.00% -86.36% 262.10% -51.43% -41.31%
EPS Growth		 0.00% -86.36% 239.58% -55.83% -45.83%
Operating Cash Flow Growth		 0.00% 109.72% 921.49% -91.66% 1,097.17%
Free Cash Flow Firm Growth		 0.00% 0.00% 82.06% 110.60% 583.12%
Invested Capital Growth		 0.00% 0.00% 22.38% 0.32% -5.56%
Revenue Q/Q Growth		 0.00% 0.00% 135.60% -10.62% 42.61%
EBITDA Q/Q Growth		 0.00% 0.00% 172.48% -59.82% 225.49%
EBIT Q/Q Growth		 0.00% 0.00% 2,444.09% -16.90% 239.17%
NOPAT Q/Q Growth		 0.00% 0.00% 787.50% -16.90% 231.67%
Net Income Q/Q Growth		 0.00% 0.00% 35.51% -16.90% -26.77%
EPS Q/Q Growth		 0.00% 0.00% 68.04% -12.20% -26.42%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 346.65% -88.60% -29.20%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -84.13% 3.54%
Invested Capital Q/Q Growth		 0.00% 0.00% 1,245.54% 0.00% 0.98%
Profitability Metrics		 - - - - -
EBITDA Margin		 31.79% 149.64% 63.42% 19.92% 123.97%
EBIT Margin		 75.31% 34.04% 57.78% 42.56% 77.67%
Profit (Net Income) Margin		 75.31% 34.04% 57.78% 42.56% 16.88%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 22.10%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 98.34%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.56%
Return on Invested Capital (ROIC)		 0.00% 2.58% 4.20% 1.85% 5.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 2.58% 4.20% 1.85% -2.58%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2.70% 4.42% 2.00% -2.72%
Return on Equity (ROE)		 0.00% 5.28% 8.62% 3.85% 2.30%
Cash Return on Invested Capital (CROIC)		 0.00% -197.42% -15.92% 1.53% 10.74%
Operating Return on Assets (OROA)		 0.00% 1.24% 4.06% 1.80% 5.03%
Return on Assets (ROA)		 0.00% 1.24% 4.06% 1.80% 1.09%
Return on Common Equity (ROCE)		 0.00% 5.28% 8.62% 3.85% 2.30%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 2.64% 7.85% 3.88% 2.31%
Net Operating Profit after Tax (NOPAT)		 241 33 119 58 153
NOPAT Margin		 75.31% 34.04% 57.78% 42.56% 75.96%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 7.60%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 24.69% 65.96% 42.22% 57.44% 22.33%
Earnings before Interest and Taxes (EBIT)		 241 33 119 58 156
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 102 144 131 27 249
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.85 0.84 0.78
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.85 0.84 0.78
Price to Revenue (P/Rev)		 0.00 0.00 6.25 9.26 5.72
Price to Earnings (P/E)		 0.00 0.00 10.97 21.71 31.49
Dividend Yield		 10.47% 14.88% 13.11% 14.40% 14.10%
Earnings Yield		 0.00% 0.00% 9.12% 4.61% 3.18%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.88 0.90 0.87
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 13.32 20.75 12.72
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 21.00 104.16 10.26
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 23.05 48.74 16.38
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 23.05 48.74 16.75
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 11.99 147.68 11.20
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 58.95 7.83
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 1.04 1.06 1.10 1.01
Long-Term Debt to Equity		 0.00 0.48 0.59 0.62 0.64
Financial Leverage		 0.00 1.04 1.05 1.08 1.06
Leverage Ratio		 0.00 2.12 2.12 2.14 2.10
Compound Leverage Factor		 0.00 2.12 2.12 2.14 2.06
Debt to Total Capital		 0.00% 51.09% 51.36% 52.41% 50.36%
Short-Term Debt to Total Capital		 0.00% 27.49% 22.78% 22.71% 18.46%
Long-Term Debt to Total Capital		 0.00% 23.60% 28.58% 29.70% 31.90%
Preferred Equity to Total Capital		 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%
Common Equity to Total Capital		 0.00% 48.91% 48.64% 47.59% 49.64%
Debt to EBITDA		 0.00 9.01 12.26 60.59 5.97
Net Debt to EBITDA		 0.00 8.83 11.14 57.69 5.65
Long-Term Debt to EBITDA		 0.00 4.16 6.82 34.34 3.78
Debt to NOPAT		 0.00 39.59 13.45 28.35 9.74
Net Debt to NOPAT		 0.00 38.79 12.23 26.99 9.22
Long-Term Debt to NOPAT		 0.00 18.29 7.49 16.07 6.17
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -2,514 -451 48 326
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -53.56 -4.04 0.37 2.82
Operating Cash Flow to Interest Expense		 -7.55 0.48 2.05 0.15 1.97
Operating Cash Flow Less CapEx to Interest Expense		 -7.55 0.48 2.05 0.15 1.97
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.04 0.07 0.04 0.06
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 2,547 3,116 3,127 2,953
Invested Capital Turnover		 0.00 0.08 0.07 0.04 0.07
Increase / (Decrease) in Invested Capital		 0.00 2,547 570 10 -174
Enterprise Value (EV)		 0.00 0.00 2,742 2,817 2,557
Market Capitalization		 0.00 0.00 1,287 1,257 1,150
Book Value per Share		 $0.00 $20.51 $19.66 $18.09 $16.64
Tangible Book Value per Share		 $0.00 $20.51 $19.66 $18.09 $16.64
Total Capital		 0.00 2,547 3,116 3,127 2,953
Total Debt		 0.00 1,301 1,601 1,639 1,487
Total Long-Term Debt		 0.00 601 891 929 942
Net Debt		 0.00 1,275 1,455 1,560 1,407
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 119
Net Nonoperating Obligations (NNO)		 0.00 1,301 1,601 1,639 1,487
Total Depreciation and Amortization (D&A)		 -139 112 12 -31 93
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.63 $0.72 $0.39
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 72.12M 80.42M 86.08M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.63 $0.72 $0.39
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 72.12M 80.42M 86.08M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $2.51 $2.18 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 77.23M 82.25M 88.09M
Normalized Net Operating Profit after Tax (NOPAT)		 169 23 83 40 153
Normalized NOPAT Margin		 52.72% 23.83% 40.45% 29.79% 75.96%
Pre Tax Income Margin		 75.31% 34.04% 57.78% 42.56% 76.39%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 7.89 0.70 1.07 0.45 1.35
NOPAT to Interest Expense		 7.89 0.70 1.07 0.45 1.32
EBIT Less CapEx to Interest Expense		 7.89 0.70 1.07 0.45 1.35
NOPAT Less CapEx to Interest Expense		 7.89 0.70 1.07 0.45 1.32
Payout Ratios		 - - - - -
Dividend Payout Ratio		 33.15% 350.72% 151.32% 305.92% 436.91%
Augmented Payout Ratio		 34.06% 356.38% 153.35% 308.61% 468.35%

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 88,085,523.00 88,085,523.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 88,085,523.00 88,085,523.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.21 0.36
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.19% -31.32% -67.71% -23.01% -40.75% -39.12% 157.03% 111.28% -69.05% -144.41% -10.91%
EBITDA Growth		 1.56% -7.81% -179.61% -139.01% -25.00% 27.44% 178.85% 1,527.21% -41.81% -55.95% -186.24%
EBIT Growth		 -15.15% -55.94% -96.40% -24.48% -28.66% -484.24% 2,825.64% 303.62% -87.50% 49.16% -18.57%
NOPAT Growth		 -15.15% -55.94% -96.40% -24.48% -28.66% -368.97% 2,825.64% 296.48% -87.26% 49.16% -18.57%
Net Income Growth		 -15.15% -55.94% -96.40% -24.48% -28.66% -481.09% 2,825.64% -34.21% -22.03% 48.74% -18.57%
EPS Growth		 -36.36% -58.62% -97.92% -28.13% -35.71% -450.00% 4,300.00% -39.13% -33.33% 50.00% -20.45%
Operating Cash Flow Growth		 101.02% -138.16% -223.07% -60.82% 12,696.09% 451.89% 135.17% -98.60% -157.97% 110.77% 173.07%
Free Cash Flow Firm Growth		 211.06% 102.76% 101.79% 105.03% -1,388.83% 137.22% 435.27% 1,110.01% 99.57% -77.74% -56.61%
Invested Capital Growth		 0.00% -2.45% -1.73% 0.32% 0.00% -7.47% -8.43% -5.56% 0.61% -2.05% -3.49%
Revenue Q/Q Growth		 -53.86% -6.32% -36.62% 181.03% -64.49% -3.76% 167.61% 131.01% -84.77% -147.17% 636.88%
EBITDA Q/Q Growth		 10.36% 4.47% -180.90% 58.18% 312.15% 77.53% -49.95% 657.08% -77.81% -47.61% -197.99%
EBIT Q/Q Growth		 -77.69% -11.19% -86.10% 2,642.21% -78.92% -578.33% 205.82% 278.32% -96.14% -429.23% 269.49%
NOPAT Q/Q Growth		 -77.69% -11.19% -86.10% 2,642.21% -78.92% -434.83% 251.17% 271.62% -96.07% -330.46% 342.13%
Net Income Q/Q Growth		 -77.69% -11.19% -86.10% 2,642.21% -78.92% -574.40% 206.70% -38.33% -76.34% -429.23% 269.49%
EPS Q/Q Growth		 -78.13% -14.29% -91.67% 4,500.00% -80.43% -566.67% 204.76% -36.36% -78.57% -450.00% 266.67%
Operating Cash Flow Q/Q Growth		 -99.54% -1,666.22% -240.17% 259.35% 50.73% -56.93% -66.00% -93.67% -6,351.09% 256.60% -55.95%
Free Cash Flow Firm Q/Q Growth		 191.96% -62.12% -35.18% -88.73% -598.04% 106.97% 46.26% 3.11% -104.08% 461.85% 185.04%
Invested Capital Q/Q Growth		 -100.00% 0.00% 1.06% 0.00% 0.00% -3.44% 0.01% 0.98% 3.17% -5.99% -1.46%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 98.86% 110.25% -140.73% -20.94% 125.12% 230.81% 43.17% 141.48% 206.12% 0.00% -41.79%
EBIT Margin		 33.12% 31.40% 6.89% 67.19% 39.88% -198.19% 78.37% 128.35% 32.51% 0.00% 71.64%
Profit (Net Income) Margin		 33.12% 31.40% 6.89% 67.19% 39.88% -196.57% 78.37% 20.92% 32.51% 0.00% 71.64%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 99.18% 100.00% 16.59% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.23% 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)		 0.00% 1.89% 0.32% 2.92% 3.23% -5.05% 3.61% 8.34% 1.74% 0.00% 3.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 1.89% 0.32% 2.92% 3.23% -5.74% 3.61% 0.66% 1.74% 0.00% 3.25%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2.08% 0.37% 3.15% 3.52% -5.91% 3.82% 0.70% 1.92% 0.00% 3.28%
Return on Equity (ROE)		 0.00% 3.97% 0.70% 6.07% 6.75% -10.96% 7.43% 9.04% 3.66% 0.00% 6.52%
Cash Return on Invested Capital (CROIC)		 0.00% 5.76% 3.90% 1.53% -196.38% 8.05% 10.31% 10.74% 3.16% 6.65% 7.92%
Operating Return on Assets (OROA)		 0.00% 1.82% 0.31% 2.84% 1.59% -6.88% 3.51% 8.32% 1.71% 0.00% 3.20%
Return on Assets (ROA)		 0.00% 1.82% 0.31% 2.84% 1.59% -6.83% 3.51% 1.36% 1.71% 0.00% 3.20%
Return on Common Equity (ROCE)		 0.00% 3.97% 0.70% 6.07% 6.75% -10.96% 7.43% 9.04% 3.66% 0.00% 6.52%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.89% 4.65% 0.00% 3.77% 0.61% 3.14% 0.00% 2.25% 3.62% 3.10%
Net Operating Profit after Tax (NOPAT)		 11 9.51 1.32 36 7.64 -26 39 144 5.64 -13 31
NOPAT Margin		 33.12% 31.40% 6.89% 67.19% 39.88% -138.74% 78.37% 126.08% 32.51% 0.00% 71.64%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.69% 0.00% 7.67% 0.00% 0.38% 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		 66.88% 68.60% 93.11% 32.81% 60.12% 298.19% 21.63% -28.35% 67.49% 0.00% 28.36%
Earnings before Interest and Taxes (EBIT)		 11 9.51 1.32 36 7.64 -37 39 146 5.64 -19 31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 32 33 -27 -11 24 43 21 161 36 19 -18
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.90 0.93 0.84 0.87 0.86 0.81 0.78 0.78 0.72 0.76
Price to Tangible Book Value (P/TBV)		 0.00 0.90 0.93 0.84 0.87 0.86 0.81 0.78 0.78 0.72 0.76
Price to Revenue (P/Rev)		 6.75 7.11 9.13 9.26 10.25 11.41 8.54 5.72 6.92 7.34 8.08
Price to Earnings (P/E)		 12.12 13.33 20.72 21.71 23.01 140.01 26.01 31.49 32.73 19.27 23.78
Dividend Yield		 12.22% 12.71% 12.91% 14.40% 14.40% 13.80% 14.57% 14.10% 13.27% 14.34% 0.00%
Earnings Yield		 8.25% 7.50% 4.83% 4.61% 4.35% 0.71% 3.84% 3.18% 3.05% 5.19% 4.21%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.91 0.93 0.90 0.89 0.89 0.88 0.87 0.87 0.85 0.87
Enterprise Value to Revenue (EV/Rev)		 0.00 14.91 19.59 20.75 22.09 23.51 18.25 12.72 16.34 17.89 18.82
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 22.33 44.22 104.16 142.16 92.27 33.59 10.26 11.87 12.15 15.32
Enterprise Value to EBIT (EV/EBIT)		 0.00 27.28 42.80 48.74 49.49 300.43 55.87 16.38 22.74 18.03 19.24
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 27.28 42.80 48.74 49.49 300.43 55.87 16.75 23.14 18.30 19.55
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 10.38 17.79 147.68 16.73 10.78 7.97 11.20 2,747.58 34.83 23.09
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 15.55 23.67 58.95 0.00 10.64 8.15 7.83 27.62 12.61 10.77
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.07 1.13 1.10 1.09 0.98 0.98 1.01 1.12 1.07 1.04
Long-Term Debt to Equity		 0.00 0.59 0.61 0.62 0.63 0.63 0.64 0.64 0.66 0.68 0.68
Financial Leverage		 0.00 1.11 1.14 1.08 1.09 1.03 1.06 1.06 1.10 1.03 1.01
Leverage Ratio		 0.00 2.18 2.22 2.14 2.13 2.13 2.11 2.10 2.14 2.09 2.04
Compound Leverage Factor		 0.00 2.18 2.22 2.14 2.13 2.13 2.11 2.06 2.14 2.09 2.04
Debt to Total Capital		 0.00% 51.77% 53.15% 52.41% 52.11% 49.54% 49.51% 50.36% 52.85% 51.74% 50.99%
Short-Term Debt to Total Capital		 0.00% 23.10% 24.74% 22.71% 21.80% 17.79% 17.44% 18.46% 21.83% 18.86% 17.75%
Long-Term Debt to Total Capital		 0.00% 28.66% 28.41% 29.70% 30.31% 31.76% 32.06% 31.90% 31.02% 32.88% 33.23%
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% 48.23% 46.85% 47.59% 47.89% 50.46% 50.49% 49.64% 47.15% 48.26% 49.01%
Debt to EBITDA		 0.00 12.75 25.21 60.59 82.82 51.33 18.91 5.97 7.21 7.42 9.00
Net Debt to EBITDA		 0.00 11.68 23.62 57.69 76.20 47.50 17.87 5.65 6.84 7.17 8.75
Long-Term Debt to EBITDA		 0.00 7.06 13.48 34.34 48.17 32.91 12.25 3.78 4.23 4.72 5.86
Debt to NOPAT		 0.00 15.58 24.40 28.35 28.83 167.15 31.45 9.74 14.05 11.18 11.48
Net Debt to NOPAT		 0.00 14.27 22.86 26.99 26.53 154.66 29.72 9.22 13.35 10.79 11.16
Long-Term Debt to NOPAT		 0.00 8.63 13.04 16.07 16.77 107.14 20.37 6.17 8.25 7.10 7.48
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)		 234 89 58 26 -3,020 211 308 318 -13 47 134
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		 7.28 2.78 1.77 0.82 -98.81 7.47 9.91 12.20 -0.49 1.83 5.54
Operating Cash Flow to Interest Expense		 0.04 -0.55 -1.84 2.98 4.71 2.20 0.68 0.05 -3.13 5.10 2.38
Operating Cash Flow Less CapEx to Interest Expense		 0.04 -0.55 -1.84 2.98 4.71 2.20 0.68 0.05 -3.13 5.10 2.38
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.06 0.05 0.04 0.04 0.03 0.04 0.06 0.05 0.05 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		 0.00 3,160 3,193 3,127 3,028 2,924 2,924 2,953 3,046 2,864 2,822
Invested Capital Turnover		 0.00 0.06 0.05 0.04 0.08 0.04 0.05 0.07 0.05 0.05 0.05
Increase / (Decrease) in Invested Capital		 -224 -79 -56 10 3,028 -236 -269 -174 19 -60 -102
Enterprise Value (EV)		 0.00 2,865 2,977 2,817 2,708 2,604 2,571 2,557 2,651 2,426 2,451
Market Capitalization		 1,391 1,367 1,387 1,257 1,257 1,263 1,203 1,150 1,122 995 1,052
Book Value per Share		 $0.00 $19.30 $18.38 $18.09 $17.63 $17.94 $16.76 $16.64 $16.30 $15.69 $15.70
Tangible Book Value per Share		 $0.00 $19.30 $18.38 $18.09 $17.63 $17.94 $16.76 $16.64 $16.30 $15.69 $15.70
Total Capital		 0.00 3,160 3,193 3,127 3,028 2,924 2,924 2,953 3,046 2,864 2,822
Total Debt		 0.00 1,636 1,697 1,639 1,578 1,448 1,448 1,487 1,610 1,482 1,439
Total Long-Term Debt		 0.00 906 907 929 918 928 938 942 945 942 938
Net Debt		 0.00 1,498 1,590 1,560 1,452 1,340 1,368 1,407 1,529 1,430 1,399
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 11 0.00 120 0.00 5.57 0.00
Net Nonoperating Obligations (NNO)		 0.00 1,636 1,697 1,639 1,578 1,448 1,448 1,487 1,610 1,482 1,439
Total Depreciation and Amortization (D&A)		 21 24 -28 -48 16 79 -17 15 30 37 -50
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44 $0.28 $0.06 ($0.21) $0.35
Adjusted Weighted Average Basic Shares Outstanding		 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M 86.08M 88.09M 88.09M 88.09M
Adjusted Diluted Earnings per Share		 $0.14 $0.12 $0.01 $0.46 $0.09 ($0.42) $0.44 $0.28 $0.06 ($0.21) $0.35
Adjusted Weighted Average Diluted Shares Outstanding		 77.84M 79.76M 81.83M 80.42M 82.25M 85.92M 88.09M 86.08M 88.09M 88.09M 88.09M
Adjusted Basic & Diluted Earnings per Share		 $0.57 $0.52 $0.54 $0.46 $0.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 78.97M 162.79M 82.25M 82.25M 82.25M 88.09M 88.09M 88.09M 88.09M 88.09M 88.09M
Normalized Net Operating Profit after Tax (NOPAT)		 7.50 6.66 0.93 25 5.35 -26 27 101 3.95 -13 22
Normalized NOPAT Margin		 23.19% 21.98% 4.82% 47.03% 27.91% -138.74% 54.86% 88.25% 22.76% 0.00% 50.15%
Pre Tax Income Margin		 33.12% 31.40% 6.89% 67.19% 39.88% -198.19% 78.37% 126.08% 32.51% 0.00% 71.64%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.33 0.30 0.04 1.13 0.25 -1.30 1.25 5.62 0.21 -0.73 1.30
NOPAT to Interest Expense		 0.33 0.30 0.04 1.13 0.25 -0.91 1.25 5.52 0.21 -0.51 1.30
EBIT Less CapEx to Interest Expense		 0.33 0.30 0.04 1.13 0.25 -1.30 1.25 5.62 0.21 -0.73 1.30
NOPAT Less CapEx to Interest Expense		 0.33 0.30 0.04 1.13 0.25 -0.91 1.25 5.52 0.21 -0.51 1.30
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 145.43% 163.83% 250.26% 305.92% 317.27% 1,872.43% 340.71% 436.91% 428.51% 271.04% 306.29%
Augmented Payout Ratio		 145.43% 164.90% 250.26% 308.61% 322.76% 1,953.79% 364.56% 468.35% 460.52% 285.44% 316.87%

Financials Breakdown Chart

Key Financial Trends

Oaktree Specialty Lending’s latest results show a meaningful rebound from the second-quarter loss, but underlying earnings remain below year-ago levels. In Q3 2026, total revenue was $44.0 million, down from $49.4 million in Q3 2025. Net income attributable to common shareholders fell to $30.9 million, or $0.35 per share, compared with $38.4 million, or $0.44 per share, a year earlier.

The quarter benefited from a sharp reduction in investment losses. OCSL recorded a $2.9 million net realized and unrealized investment loss in Q3, compared with a $55.3 million loss in Q2. As a result, the company returned to profitability after reporting a $18.9 million loss attributable to common shareholders in Q2 2026.

Net interest income remains the company’s primary earnings source, although it has gradually declined. Net interest income was $42.7 million in Q3 2026, compared with $43.4 million in Q3 2025 and $44.1 million in Q1 2026. Interest income fell year over year, but lower interest expense partially offset the decline.

The balance sheet also indicates continued deleveraging. Total assets declined to $2.86 billion from $2.96 billion a year earlier, while total debt decreased to approximately $1.44 billion from $1.45 billion. However, cash fell to $39.9 million from $79.8 million, and retained earnings remained substantially negative at approximately $967.9 million.

  • Quarterly profitability recovered: Common shareholders received $30.9 million of net income in Q3 2026 after an $18.9 million loss in Q2.
  • Investment losses moderated significantly: Net realized and unrealized investment losses narrowed to $2.9 million in Q3 from $55.3 million in Q2, supporting the return to positive earnings.
  • Operating cash flow was positive: Q3 operating cash flow was $57.6 million, providing a source of funding for dividends and debt reduction.
  • Debt declined over the year: Total short- and long-term debt fell from roughly $1.45 billion in Q3 2025 to $1.44 billion in Q3 2026, while total liabilities also decreased.
  • Interest expense improved: Total interest expense declined to $24.1 million in Q3 2026 from $31.1 million in the year-ago quarter, helping preserve net interest income despite lower interest revenue.
  • Cash flow remains volatile: Operating cash flow ranged from negative $83.5 million in Q1 2026 to positive $130.7 million in Q2 and $57.6 million in Q3, with large non-cash adjustments and working-capital changes driving the swings.
  • The investment portfolio is shrinking: Trading account securities declined to $2.75 billion in Q3 2026 from $2.81 billion in Q3 2025 and $2.96 billion in Q1 2026, which may reduce risk but also limits future income growth.
  • Core earnings are below year-ago levels: Net income attributable to common shareholders fell about 19% year over year, while diluted EPS declined from $0.44 to $0.35.
  • Net interest income continues to trend lower: Q3 net interest income was below both the year-ago quarter and Q1 2026, reflecting lower interest income from the investment portfolio.
  • Dividend coverage bears watching: OCSL paid $28.9 million in dividends during Q3 against $30.9 million of net income attributable to common shareholders. The payout was covered in the quarter, but the Q2 loss and volatile cash flow demonstrate limited margin for weaker investment performance.
09/12/26 06:34 AM ETAI Generated. May Contain Errors.

Oaktree Specialty Lending Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Oaktree Specialty Lending's financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Oaktree Specialty Lending's net income appears to be on a downward trend, with a most recent value of $33.92 million in 2025, falling from $240.84 million in 2021. The previous period was $57.80 million in 2024. View Oaktree Specialty Lending's forecast to see where analysts expect Oaktree Specialty Lending to go next.

Over the last 4 years, Oaktree Specialty Lending's total revenue changed from $319.81 million in 2021 to $200.96 million in 2025, a change of -37.2%.

Oaktree Specialty Lending's total liabilities were at $1.54 billion at the end of 2025, a 10.1% decrease from 2024, and a 9.7% increase since 2022.

In the past 3 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 $79.63 million as of their latest financial filing in 2025.

Over the last 4 years, Oaktree Specialty Lending's book value per share changed from 0.00 in 2021 to 16.64 in 2025, a change of 1,664.1%.


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Financial statements for NASDAQ:OCSL last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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