Oaktree Specialty Lending
Provides flexible, customized credit solutions through an externally managed BDC structure.
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Profile
Provides customized credit to companies with limited access to public or syndicated capital markets. An externally managed BDC, it uses first- and second-lien loans, mezzanine lending, bonds, preferred equity and select co-investments to pursue income and capital appreciation.
Companies with limited access to public or syndicated capital markets receive customized, one-stop credit solutions. Flexible financing takes the form of first- and second-lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. Credit provision—not a conventional operating product catalog—is the core business.
Organized as an externally managed business development company, it seeks current income and capital appreciation from customized credit. Oaktree Fund Advisors supplies the investment-advisory function, linking the company to Oaktree's credit platform and value-oriented investment approach. Its BDC structure remains shaped by the external-adviser relationship.
Company facts
Categories
Key statistics
Year to date +2.2% · Average volume (30d) 552.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 6, 2026 | Oppenheimer | Target | $18 | $13 | ||
| Feb 5, 2026 | Wells Fargo | Reiterate | Equal Weight | $17 | $12 | |
| Nov 20, 2024 | JP Morgan | Downgrade | Overweight | Neutral | ||
| Nov 19, 2024 | JMP Securities | Downgrade | Market Outperform | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q3 FY26 | $0.36 | $0.37 | +3.5% | $69.4M | $69.4M | +0.1% | −0.58% |
| May 5, 2026Q2 FY26 | $0.36 | $0.38 | +5.6% | $74.4M | $69.7M | −6.2% | +2.88% |
| Feb 4, 2026Q1 FY26 | $0.38 | $0.41 | +7.9% | $74.7M | $74.5M | −0.4% | −3.27% |
| Nov 18, 2025Q4 FY25 | $0.39 | $0.40 | +3.6% | $76.5M | $84.3M | +10.1% | −0.08% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | −$12.0M | $67.4M | $84.3M | $76.4M | $56.8M | $61.6M | |
| Gross profit | −$40.2M | $36.4M | $71.1M | $67.1M | $49.0M | $37.5M | |
| Operating income | −$36.0M | $38.7M | $50.9M | $32.3M | $7.0M | $32.8M | |
| Net income | −$36.2M | $38.4M | $24.6M | $5.6M | −$18.9M | $30.9M | |
| Diluted EPS | −$0.42 | $0.44 | $0.28 | $0.06 | −$0.21 | $0.35 | |
| Gross margin | — | 53.9% | 84.4% | 87.8% | 86.3% | 60.8% | |
| Operating margin | — | 57.3% | 60.4% | 42.3% | 12.4% | 53.3% |
Fiscal years (4-quarter sums)FY21 $278.8M · FY22 $86.0M · FY23 $236.8M · FY24 $186.2M · FY25 $173.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $39.9M · Total debt $1.44B · Total assets $2.86B · Shareholders' equity $1.38B
Dividends
Last cut to $0.40 from $0.55 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.34 | special dividend |
| Mar 16, 2026 | Mar 16 | Mar 31 | $0.40 | |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.40 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.40 | cut from $0.55 |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.42 | special dividend |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.47 | special dividend |
| Dec 16, 2024 | Dec 16 | Dec 31 | $0.55 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.55 |
Ownership
Shares outstanding 88.09M · Float 87.69M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Oaktree Capital Management LP | 7.87M | 8.94% | 13F | Aug 14, 2026 |
| Private Management Group Inc | 3.87M | 4.39% | 13F | Jul 31, 2026 |
| Royal Bank of Canada | 2.92M | 3.32% | 13F | Aug 14, 2026 |
| Bruni J V & Co /CO | 2.47M | 2.81% | 13F | Aug 10, 2026 |
| Morgan Stanley | 2.40M | 2.73% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Armen Panossian | officer: See Remarks | +1,700 | $12.69 |
| Mar 16, 2026 | Deborah Ann Gero | director | +2,000 | $10.78 |
| Mar 16, 2026 | Phyllis R. Caldwell | director | +2,500 | $10.77 |
| Sep 15, 2025 | Phyllis R. Caldwell | director | +3,000 | $13.19 |
Peers
- Ares Capital
Large direct lender to U.S. private middle-market companies
- Blue Owl Capital
Direct lender to U.S. middle-market companies
- Blackstone Secured Lending Fund
First-lien lender to private U.S. companies
- FS KKR Capital
Customized-credit provider to private U.S. middle-market companies
- Golub Capital BDC
First-lien lender to sponsor-backed middle-market companies
- Carlyle Secured Lending
Flexible-financing provider to U.S. middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Oaktree Specialty Lending | $13.02 | +0.12% | $1.15B | 26.9 | 9.6 | 4.1 | +12.3% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Carlyle Secured Lending | $11.78 | −0.17% | $818.7M | 23.1 | 8.5 | 3.4 | −3.7% |
| Median | 20.2 | 9.2 | 4.4 | +3.9% |