OCSL
Oaktree Specialty Lending Corporation12.90
+0.02+0.16%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
Q&A unpacks software AI risks
Q&A delved into portfolio stress metrics beyond nonaccruals—restructured equities and below-par marks, mostly public tech loans facing thin CLO-driven selling, not broad pressure. Software drew heavy focus: no near-term EBITDA weakness from AI, but refinance risks mount if LTVs top 55-60%, with covenants rare in OCSL's holdings. Median EBITDA jumped on large new originations' mix shift. Pluralsight led unrealized depreciation. No software cracks yet. Management stays selective, triaging via AI scorecards. Investors watch LTV creep and sponsor backing amid dispersion.
Key Stats
Market Cap
1.14BP/E (TTM)
33.08Basic EPS (TTM)
0.39Dividend Yield
0.14%Recent Filings
8-K
Board elected, auditors ratified
Oaktree Specialty Lending stockholders elected John B. Frank and Bruce Zimmerman to its board at the March 3, 2026 annual meeting, with strong support amid 23 million broker non-votes. They ratified Ernst & Young as auditors for fiscal 2026. Special meeting adjourned short of quorum. No NAV authorization vote taken.
8-K
OCSL Q1 NII covers dividend
Oaktree Specialty Lending reported Q1 fiscal 2026 results on February 4, 2026, with adjusted net investment income up to $36.1 million ($0.41/share) from $35.4 million prior quarter, fully covering its $0.40/share dividend. Portfolio grew to $2.9 billion across 167 companies after $317 million new commitments at 8.7% yield, offset by $179 million exits; NAV dipped to $16.30 on unrealized losses. Leverage rose to 1.07x net debt-to-equity. Non-accruals ticked up slightly.
10-Q
Q1 FY2026 results
OCSL's Q1 FY2026 investment income fell 13% y/y to $75.1M as interest income dropped from lower reference rates, while net expenses declined 9% to $38.4M on cheaper debt. NII landed at $36.7M ($0.42/share), down from $44.3M ($0.54/share) y/y. Realized gains swung to $1.3M from -$17.3M y/y, but $32.4M unrealized losses dragged total ops to $5.6M ($0.06/share, reconciles to 88.1M diluted shares). Investments hit $2.95B (205% of $1.44B NAV), with Syndicated Facility at $665M and $945M notes; $81M cash funds $274M commitments. Nonaccruals ticked to 3.1% of debt FV. Portfolio concentration risk persists.
8-K
OCSL Q4 NII covers dividend
Oaktree Specialty Lending reported Q4 FY2025 GAAP NII of $0.41/share, up from $0.38/share prior quarter, fully covering its $0.40/share dividend declared payable December 31. NAV dipped to $16.64/share on unrealized losses, while portfolio grew to $2.8B across 143 companies with 9.8% debt yield. Non-accruals held steady at 3.0% of debt fair value. Leverage stays tame.
10-K
FY2025 results
Oaktree Specialty Lending closed FY2025 ended September 30, 2025 with $2.8B portfolio at fair value, down from $3.0B last year as unrealized depreciation hit $101M while net investment income fell to $153M from $175M. Portfolio yield held at 9.4% with 85.9% in senior secured loans across 143 companies; debt portfolio shrank amid $1.0B repayments outpacing $959M purchases. Q4 momentum softened with net ops at $34M versus $58M prior year, but core NII stayed resilient at $1.77/share amid $316M total income. Net debt/equity ticked to 0.97x with $1.5B total debt; $229M financing outflows reflected $300M note repayments offset by $100M equity raise. No annual guidance disclosed. Non-accruals edged to 3.0% of debt fair value, up from 4.0%.
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