# Oaktree Specialty Lending Corporation (OCSL)

> Source: Nexqual · https://nexqual.com/OCSL · data as of 2026-10-23 16:21 UTC · cite as "Nexqual, Oaktree Specialty Lending Corporation (OCSL), nexqual.com/OCSL" · informational, not investment advice.

**Price:** USD 11.38 (-0.61% today) · US market open, as of October 23, 2026 at 16:21 UTC; quotes may be delayed. Prev close 11.45 · day 11.29–11.41 · 52w 10.63–14.31 · market cap $1.00B · NMS

## Key facts
- Valuation: P/E 23.7x (avg 22.7x at the last 3 fiscal year-ends), net debt $1.40B.
- 1 of 80 tracked superinvestors hold OCSL (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $22K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -8.4% vs S&P 500 +14.7%; 5Y -6.9% vs S&P 500 +77.5%.
- Next earnings: 2026-11-17, EPS estimate USD 0.34, revenue estimate $69.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $237M | $29.2M | $117M | $57.9M | $33.9M | $42.2M |
| EPS (diluted) | $4.39 | $0.48 | $1.63 | $0.72 | $0.39 | — |
| Cash + short-term investments | $29.3M | $23.5M | $136M | $64.0M | $79.6M | — |
| Total debt | — | $1.30B | $1.60B | $1.64B | $1.49B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.7x · P/B 0.7x · Earnings yield 4.21% · Dividend yield (paid, TTM) 13.08% · Buyback yield (TTM) 0.45% · Net debt $1.40B · EV $2.40B
P/E at fiscal year-ends: Sep 2025 33.1x, Sep 2024 22.7x, Sep 2023 12.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OCSL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 2.49% | $94.0M | Added +325.0% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $22K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12 | Panossian Armen | See Remarks | 1,700 | $22K | 12.69 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -8.4% | -6.9% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | -8.4% | -1.4% |
| Volatility (annualized) | 22.9% | 20.6% |
| Max drawdown | -19.5% (Oct 2025→Mar 2026) | -34.2% (Jan 2024→Mar 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.55 -1.51% · VCTR (Victory Capital Holdings, Inc. ) USD 107.08 -0.29% · PDI (PIMCO Dynamic Income Fund) USD 14.3 -0.03% · AMG (Affiliated Managers Group, Inc.) USD 389.37 -1.56% · SEIC (SEI Investments Company) USD 103.22 -1.22% · IVZ (Invesco Ltd) USD 28.51 -0.99%

## More
Full page: https://nexqual.com/OCSL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OCSL's own 10-K filed 2025-11-18 (https://www.sec.gov/Archives/edgar/data/1414932/000141493225000022/ocsl-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | KEMPER Corp (KMPR) | "These included debt investments in 124 companies, equity investments in 35 companies and our investments in Senior Loan Fund JV I, LLC, or SLF JV I, a joint venture through which we and Trinity Universal Insurance Compan…" |
| Partner | SLF JV I | "In May 2014, we entered into an LLC agreement with Kemper to form SLF JV I." |

## Company outlook (8-K filed 2026-08-05)

- "The Company has based the forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.34 | -2.0% | $69.8M | 6 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.35 | -4.2% | $70.9M | 6 |
| Current fiscal year (ends 2026-09-30) | $1.50 | $1.50 | +0.2% | $284.4M | 6 |
| Next fiscal year (ends 2027-09-30) | $1.36 | $1.41 | -3.6% | $284.9M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±8.8%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 20.5% | ±8.8% |
| 2027-02-19 | 119 | 29.6% | ±17.3% |
| 2027-05-21 | 210 | 16.8% | ±14.6% |