OCSL on Nasdaq

Oaktree Specialty Lending Corp

Oaktree Specialty Lending Corp is a corporation registered in the United States, active since 2007.2 It is headquartered in Los Angeles, United States.2 Its shares trade on Nasdaq under the symbol OCSL.2

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Last updated Oct 21, 2026.

Overview

$33.9MNet income, fiscal 20253

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  • TickerOCSL on Nasdaq2
  • HeadquartersLos Angeles, United States2
  • Incorporated inDE4
  • Business address333 South Grand Avenue, 28Th Floor, Los Angles, Ca 900714
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation2
  • LEI549300J6MGCEU59286202
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 42698412

Oaktree Specialty Lending Corporation, a Delaware corporation, or together with its subsidiaries, where applicable, the Company, which may also be referred to as “we,” “us” or “our”, is a specialty finance company dedicated to providing customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. We were formed in late 2007 and currently operate as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940, as amended, or the Investment Company Act. In addition, we have qualified and elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended, or the Code, for tax purposes. As a RIC, we generally will not have to pay corporate-level U.S. federal income ta…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.3%Return on equity3
1.01×Debt to equity3

Financial statements

Net income673$33.9M in 2025−86% since 2021
0$100.0M$200.0M$300.0M2021: $237.3M$237.3M20212022: $29.2M$29.2M2022−88%2023: $117.3M$117.3M2023+302%2024: $57.9M$57.9M2024−51%2025: $33.9M$33.9M2025−41%

Every line of the income statement as filed: the last 5 fiscal years, latest first.3

Period ending2025-09-302024-12-312024-09-302023-12-312023-09-30
Interest on cash and cash equivalents$5.2M$6.0M$4.1M
Total interest income$288.1M$346.2M$348.8M
PIK interest income$19.4M$20.8M$19.8M
Fee income$5.8M$9.2M$6.5M
Dividend income$3.5M$5.4M$4.2M
Total investment income$316.8M$381.7M$379.3M
Base management fee$30.2M$43.4M$44.9M
Part I incentive fee$27.5M$34.8M$35.8M
Professional fees$4.9M$4.7M$6.2M
Directors fees$640.0K$640.0K$640.0K
Interest expense$115.8M$128.6M$111.6M
Administrator expense$1.9M$1.5M$1.3M
General and administrative expenses$3.6M$2.6M$3.5M
Total expenses$184.6M$216.3M$204.0M
Management fees waived-$933.0K-$5.2M-$5.5M
Part I incentive fees waived-$20.4M-$4.4M$0
Net expenses$163.3M$206.6M$198.5M
Net investment income before taxes$153.5M$175.1M$180.8M
(Provision) benefit for taxes on net investment income-$861.0K$0$0
Excise tax$0$0$0-$100.0K-$78.0K
Net investment income$152.6M$175.1M$180.7M
Foreign currency forward contracts$4.4M-$8.8M$59.0K
Net unrealized appreciation (depreciation)-$101.2M$19.1M-$28.6M
Foreign currency forward contracts-$11.1M$1.1M-$5.8M
Net realized gains (losses)-$17.1M-$136.4M-$33.2M
(Provision) benefit for taxes on realized and unrealized gains (losses)-$394.0K$108.0K-$1.7M
Net realized and unrealized gains (losses), net of taxes-$118.7M-$117.1M-$63.4M
Net increase (decrease) in net assets resulting from operations$33.9M$57.9M$117.3M
Net investment income per common share - basic (in dollars per share)$1.77$2.18$2.51
Net investment income per common share - diluted (in dollars per share)$1.77$2.18$2.51
Earnings (loss) per common share - basic (in dollars per share)$0.39$0.72$1.63
Earnings (loss) per common share - diluted (in dollars per share)$0.39$0.72$1.63
Weighted average common shares outstanding - basic (in shares)86.1M shares80.4M shares72.1M shares
Weighted average common shares outstanding - diluted (in shares)86.1M shares80.4M shares72.1M shares

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Corporate structure

Oaktree Specialty Lending Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Oaktree Specialty Lending Corp

  • Oaktree Specialty Lending Corp Los Angeles, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Oaktree Specialty Lending Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$79.6M3 Sep 30, 2025$64.0M3 Sep 30, 2024+24.5%

Properties, in its own words

We do not own any real estate or other physical properties material to our operations. Our administrative and principal executive offices are located at 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

Item 2 of the 10-K filed Nov 18, 2025.5

Leadership

Who has led Oaktree Specialty Lending Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (30)

Former names

  • Fifth Street Finance Corp.Sep 26, 2013 to Oct 16, 20174
  • Fifth Street Finance CorpOct 16, 2007 to Sep 19, 20134

Timeline

  1. Sep 16, 20268-K Entered a material agreement53
  2. Sep 11, 20268-K Entered a material agreement54
  3. Aug 5, 20268-K Results of operations55
  4. May 5, 20268-K Results of operations56
  5. Mar 4, 20268-K Shareholder vote57
  6. Feb 4, 20268-K Results of operations58
  7. Nov 18, 20258-K Results of operations59
  8. Nov 14, 20258-K Executive or director change60
  9. Aug 5, 20258-K Results of operations61
  10. May 16, 20258-K Ended a material agreement62
  11. May 5, 20258-K Entered a material agreement63
  12. May 1, 20258-K Results of operations64
  13. Oct 7, 2019New chief executive Armen Panossian becomes CEO11
  14. Oct 3, 2017New chief executive Bernard D. Berman becomes CEO13
  15. Jan 12, 2017New chief executive Patrick J. Dalton becomes CEO12
  16. Feb 12, 2015New chief executive Todd Owens becomes CEO14
  17. Oct 9, 2007Founded Oaktree Specialty Lending Corp is founded2

Calendar

Coming up

  1. Nov 17, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.40 a share, on Nov 18, 2025.65

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results55
  2. May 5, 2026Reported quarterly or annual results56
  3. Feb 4, 2026Reported quarterly or annual results58
  4. Nov 18, 2025Reported quarterly or annual results59
  5. Aug 5, 2025Reported quarterly or annual results61
  6. May 1, 2025Reported quarterly or annual results64
  7. Feb 4, 2025Reported quarterly or annual results66
  8. Nov 19, 2024Reported quarterly or annual results67

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

201 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 51 major events, 41 insider forms, 13 large holders, 76 other. The latest 20:

  1. Sep 16, 20268-K EDGAR
  2. Sep 11, 20268-K EDGAR
  3. Sep 11, 2026424B2 EDGAR
  4. Sep 10, 2026497AD EDGAR
  5. Sep 9, 2026FWP EDGAR
  6. Sep 9, 2026424B2 EDGAR
  7. Aug 13, 20264 EDGAR
  8. Aug 5, 202610-Q EDGAR
  9. Aug 5, 20268-K EDGAR
  10. May 5, 202610-Q EDGAR
  11. May 5, 20268-K EDGAR
  12. Mar 18, 20264 EDGAR
  13. Mar 18, 20264 EDGAR
  14. Mar 4, 20268-K EDGAR
  15. Feb 4, 202610-Q EDGAR
  16. Feb 4, 20268-K EDGAR
  17. Feb 2, 2026DEFA14A EDGAR
  18. Jan 27, 2026CORRESP EDGAR
  19. Jan 23, 2026N-2ASR EDGAR
  20. Jan 16, 2026DEFA14A EDGAR

The 201 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

42 open-market trades by officers, directors and large owners since October 2021: 28 buys and 14 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 12, 2026Panossian ArmenSee RemarksBuy1,700$12.69$21.6KForm 4
Mar 16, 2026CALDWELL PHYLLIS RDirectorBuy2,500$10.77$26.9KForm 4
Mar 16, 2026Gero Deborah AnnDirectorBuy2,000$10.78$21.6KForm 4
Sep 15, 2025CALDWELL PHYLLIS RDirectorBuy3,000$13.19$39.6KForm 4
Jun 30, 2025Gero Deborah AnnDirectorBuy2,500$13.70$34.2KForm 4
May 15, 2025Panossian ArmenSee RemarksBuy8,000$14.13$113.0KForm 4
May 7, 2025CALDWELL PHYLLIS RDirectorBuy2,000$13.33$26.7KForm 4
May 6, 2025Jacobson Craig ADirectorBuy14,910$13.41$199.9KForm 4
Feb 25, 2025CALDWELL PHYLLIS RDirectorBuy2,500$15.83$39.6KForm 4
Feb 24, 2025Pendo MathewPresidentBuy6,260$15.93$99.7KForm 4
Feb 24, 2025Khanna RaghavCo-Chief Investment OfficerBuy6,000$15.95$95.7KForm 4
Sep 20, 2024CALDWELL PHYLLIS RDirectorBuy1,000$16.01$16.0KForm 4
Aug 13, 2024CALDWELL PHYLLIS RDirectorBuy1,334$16.29$21.7KForm 4
Feb 12, 2024CALDWELL PHYLLIS RDirectorBuy2,000$20.07$40.1KForm 4
Mar 23, 2023Stewart MatthewChief Operating OfficerBuy500$18.00$9.0KForm 4
Mar 17, 2023McKown ChristopherSee RemarksBuy1,000$17.79$17.8KForm 4
Mar 17, 2023CALDWELL PHYLLIS RDirectorBuy500$17.72$8.9KForm 4
Mar 16, 2023CALDWELL PHYLLIS RDirectorBuy1,000$18.19$18.2KForm 4
Mar 9, 2023Pak AshleyChief Compliance OfficerBuy1,000$19.41$19.4KForm 4
Feb 9, 2023Pendo MathewPresidentBuy680$19.72$13.4KForm 4

All 42 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Oaktree Capital Management LP7,872,199$94.0M2.5%+6,019,743
Private Management Group Inc3,869,484$46.2M1.2%+147,990
Royal Bank Of Canada2,924,437$34.9M0.0%+2,444,777
Bruni J V & Co /co2,474,804$29.5M2.7%−23,070
Morgan Stanley2,401,489$28.7M0.0%−160,315
Ares Management LLC2,204,305$26.3M1.2%+105,000
Van Eck Associates Corp2,195,651$26.2M0.0%+492,070
Generali Asset Management SPA SGR2,080,867$24.8M0.4%−7,114
UBS Group AG2,080,105$24.8M0.0%+710,360
Russell Investments Group, Ltd.1,054,187$12.6M0.0%+333,469
Legal & General Group Plc752,396$9.0M0.0%+67,383
Melia Wealth LLC729,243$8.7M5.0%−511,858
Beach Point Capital Management LP453,524$5.4M2.1%−658,035
Raymond James Financial Inc450,265$5.4M0.0%+26,242
Wells Fargo & Company/mn366,890$4.4M0.0%+135,822
Two Sigma Investments, LP340,283$4.1M0.0%−542,978
Muzinich & Co., Inc.334,737$4.0M1.4%+1,178
BlackRock, Inc.333,996$4.0M0.0%−7,861
Sumitomo Mitsui Trust Group, Inc.310,875$3.7M0.0%No change
Arnhold LLC297,345$3.6M0.2%+15,000
United Advisor Group, LLC293,056$3.5M0.4%+7,413
Castlekeep Investment Advisors LLC289,711$3.5M1.7%−46,875
Palliser Capital (UK) Ltd270,993$3.2M1.7%New
Osaic Holdings, Inc.247,801$3.0M0.0%+12,247
Old Port Advisors247,537$3.0M0.6%+35,249

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Oaktree Specialty Lending Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAROaktree Specialty Lending Corp1
  • CIK0001414932
  • Employer ID (EIN)26-12192835
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsSeptember 301
  • Business address333 South Grand Avenue, 28Th Floor, Los Angles, CA 900711
  • Phone(213) 830-63001
  • Shares outstanding88,085,523 as of Aug 4, 20269
  • Public float$1.2B as of Mar 31, 20255
  • AuditorErnst & Young LLP, Los Angeles, California PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceOct 16, 20071
  • Filings1,181 in all: 4 (281), 8-K (272), 497AD (60), 10-Q (55), CORRESP (52), 3 (45), SC 13D/A (44), 497 (41)1
    All 54 form types

    DEFA14A (29), DEF 14A (25), POS EX (24), 40-17G (19), 10-K (18), 40-33 (17), 425 (15), N-2/A (15), SC 13G/A (15), EFFECT (14), PRE 14A (13), 40-APP/A (12), SC 13G (12), 424B2 (10), 4/A (9), N-2 (9), 40-APP (6), UPLOAD (6), FWP (5), POS 8C (5), PRER14A (5), SC 13D (5), 10-K/A (4), 8-A12B (4), 424B5 (3), 424B3 (2), APP NTC (2), CERTNYS (2), DFAN14A (2), N-14 8C (2), N-14 8C/A (2), N-23C-2 (2), N-2ASR (2), NO ACT (2), PREC14A (2), PRRN14A (2), 25 (1), 25-NSE (1), 40-17G/A (1), 8-K/A (1), APP ORDR (1), CERTNAS (1), N-54A (1), N-6F (1), NT 10-K (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Nov 18, 2025
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Jan 16, 2026
    Latest 8-K (8-K) Sep 16, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareOCSLThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Nov 18, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Oaktree Specialty Lending Corp names in Item 1A of its 10-K filed Nov 18, 2025: 73 risks under these headings, as written.5

  • Risks Relating to Our Business and Structure
  • Global economic, political and market conditions have (and in the future, could further) adversely affect our business, results of operations and financial condition and those of our portfolio companies.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • Elevated interest rates have the effect of increasing our net investment income, which makes it easier for our Adviser to receive incentive fees.
  • Tariffs may adversely affect us or our portfolio companies.
  • A significant portion of our investment portfolio is and will continue to be recorded at fair value and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments.
  • Our ability to achieve our investment objective depends on our Adviser’s ability to support our investment process; if our Adviser were to lose key personnel or they were to resign, our ability to achieve our investment objective could be significantly harmed.
  • Our business model depends to a significant extent upon strong referral relationships, and the inability of the personnel associated with our Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We may face increasing competition for investment opportunities, which could reduce returns and result in losses.
  • The incentive fee we pay to our Adviser relating to capital gains may be effectively greater than 17.5%.
  • Our ability to enter into transactions with our affiliates is restricted.
  • A failure on our part to maintain our qualification as a Business Development Company would significantly reduce our operating flexibility.
The other 62 risks
  • Regulations governing our operation as a Business Development Company and RIC affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • Developments in the banking sector could materially affect the success of our activities and investments.
  • We are subject to risks associated with international conflicts.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • We are subject to risks associated with respect to sustainability matters.
  • We are subject to risks associated with inflation.
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • The market’s focus on climate change may not have a positive impact on our investments.
  • We may face significant environmental liability in connection with our investments.
  • Economic and trade sanctions and anti-bribery laws could make it more difficult or costly for us to conduct our operations or achieve our business objectives.
  • We may face a breach of our cyber security, which could result in adverse consequences to our operations and exposure of confidential information.
  • We and our portfolio companies will be subject to regulations related to privacy, data protection and information securities, and any failure to comply with these requirements could result in fines, sanctions or other penalties, which could have a material adverse effect on our business and our reputation.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • We may be unable to invest a significant portion of the net proceeds from an offering of our securities on acceptable terms within an attractive timeframe.
  • We may allocate the net proceeds from an offering in ways with which you may not agree.
  • Risks Relating to Conflicts of Interest
  • Our base management fee may induce our Adviser to incur leverage.
  • Our incentive fee may induce our Adviser to make speculative investments.
  • There may be conflicts of interest related to obligations that Oaktree’s senior management and investment team have to Other Oaktree Funds.
  • The Adviser may offer other investors the opportunity to participate in investments side by side with us.
  • Oaktree personnel work on matters related to Other Oaktree Funds.
  • We may realize different investment returns than Other Oaktree Funds.
  • Risks Relating to Our Use of Leverage
  • Because we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us.
  • Substantially all of our assets are subject to security interests under our credit facility and if we default on our obligations under such facility, we may suffer adverse consequences, including foreclosure on our assets.
  • We may enter into reverse repurchase agreements, which are another form of leverage.
  • Risks Related to Distributions
  • Because we intend to distribute at least 90% of our taxable income each taxable year to our stockholders in connection with our election to be treated as a RIC, we will continue to need additional capital to finance our growth.
  • We may not be able to pay you distributions, our distributions may not grow over time and a portion of our distributions may be a return of capital.
  • We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or do not satisfy the Annual Distribution Requirement.
  • We may have difficulty paying our required distributions if we are required to recognize income for U.S. federal income tax purposes before or without receiving cash representing such income.
  • We may in the future choose to pay distributions partly in our own stock, in which case you may be subject to tax in excess of the cash you receive.
  • Risks Relating to Our Investments
  • Our investments in portfolio companies may be risky, and we could lose all or parts of our investments.
  • We may be exposed to higher risks with respect to our investments that include OID or PIK interest.
  • If we acquire the securities and obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than-expected investment values or income potentials and resale restrictions.
  • The lack of liquidity in our investments may adversely affect our business.
  • We may not have the funds or ability to make additional investments in our portfolio companies.
  • Some of our portfolio companies are highly leveraged.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • The disposition of our investments may result in contingent liabilities.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We may be subject to risks associated with our investments in unitranche loans.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event such portfolio companies default on their indebtedness.
  • Our investments may include “covenant-lite” loans, which may give us fewer rights and subject us to greater risk of loss than loans with financial maintenance covenants.
  • Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • We may incur greater risk with respect to investments we acquire through assignments or participations of interests.
  • We generally do not, and do not expect to, control our portfolio companies.
  • Non-performance or defaults by our portfolio companies would harm our operating results.
  • Our portfolio companies may experience financial distress and our investments in such companies may be restructured.
  • We may not realize gains from our equity investments.
  • We are subject to certain risks associated with foreign investments.
  • We may have foreign currency risks related to our investments denominated in currencies other than the U.S. dollar.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • We are a non-diversified investment company within the meaning of the Investment Company Act, and therefore have few restrictions with respect to the proportion of our assets that may be invested in securities of a single industry or issuer.
  • Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • We may invest in transactions on an expedited basis.
  • Risks Relating to Our Common Stock
  • Shares of closed-end investment companies, including Business Development Companies, may trade at a discount to their net asset value.
  • The market price of our common stock may fluctuate significantly.
  • Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
  • Certain provisions of our restated certificate of incorporation and fourth amended and restated bylaws as well as the Delaware General Corporation Law could deter takeover attempts and have an adverse impact on the price of our common stock.
  • Stockholders may incur dilution if we issue securities to subscribe to, convert to or purchase shares of our common stock.
  • Example of Impact of Exercise of Subscription Right to Acquire Common Stock on Net Asset Value Per Share
  • Risks Related to Our Notes
  • The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

Legal proceedings

We are currently not a party to any pending material legal proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

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