Oaktree Specialty Lending Corp

Listed Company

OCSLCIK 0001414932NasdaqLarge AcceleratedDelawareFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$33.92M

Total Assets

$3.00B

Equity

$1.47B

Shares Out

88.09M

Op. Cash Flow

$228.37M

Business

Oaktree Specialty Lending Corporation is a closed-end, externally managed Business Development Company that provides customized credit solutions to companies with limited access to public or syndicated capital. It offers first- and second-lien, unitranche and last-out loans, mezzanine and unsecured loans, high-yield bonds, preferred equity, equity co-investments and structured investments. The company is managed by Oaktree Fund Advisors with administrative services from Oaktree Administrator and invests through joint ventures such as SLF JV I and Glick JV. It targets U.S. middle-market companies and deploys capital across private lending and public-market opportunities via direct lending and co-investments.

Summary from filing dated 2025-11-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2023 2023-09-30
Interest on cash and cash equivalents	5	—	6	—	4
Total interest income	288	—	346	—	349
PIK interest income	19	—	21	—	20
Fee income	6	—	9	—	7
Dividend income	3	—	5	—	4
Total investment income	317	—	382	—	379
Base management fee	30	—	43	—	45
Part I incentive fee	28	—	35	—	36
Professional fees	5	—	5	—	6
Directors fees	640,000	—	640,000	—	640,000
Interest expense	116	—	129	—	112
Administrator expense	2	—	2	—	1
General and administrative expenses	4	—	3	—	4
Total expenses	185	—	216	—	204
Management fees waived	−933,000	—	−5	—	−6
Part I incentive fees waived	−20	—	−4	—	0
Net expenses	163	—	207	—	199
Net investment income before taxes	154	—	175	—	181
(Provision) benefit for taxes on net investment income	−861,000	—	0	—	0
Excise tax	0	0	0	−100,000	−78,000
Net investment income	153	—	175	—	181
Foreign currency forward contracts	4	—	−9	—	59,000
Net unrealized appreciation (depreciation)	−101	—	19	—	−29
Foreign currency forward contracts	−11	—	1	—	−6
Net realized gains (losses)	−17	—	−136	—	−33
(Provision) benefit for taxes on realized and unrealized gains (losses)	−394,000	—	108,000	—	−2
Net realized and unrealized gains (losses), net of taxes	−119	—	−117	—	−63
Net increase (decrease) in net assets resulting from operations	34	—	58	—	117
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	—	80	—	72
Weighted average common shares outstanding - diluted (in shares)	86	—	80	—	72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Investments at fair value	2,800	3,000	2,900	2,500	—
Cash and cash equivalents	80	64	136	24	29
Restricted cash	0	15	9	3	2
Interest, dividends and fees receivable	32	39	45	36	—
Due from portfolio companies	3	13	6	22	—
Receivables from unsettled transactions	5	18	55	5	—
Due from broker	16	17	54	46	—
Deferred financing costs	10	12	13	7	—
Deferred offering costs	143,000	125,000	160,000	32,000	—
Gross Amount of Recognized Assets	9	0	5	7	—
Other assets	1	775,000	2	2	—
Total assets	3,003	3,198	3,218	2,646	—
Accounts payable, accrued expenses and other liabilities	2	3	3	4	—
Base management fee and incentive fee payable	13	16	—	—	—
Due to affiliate	2	4	4	3	—
Interest payable	12	16	16	8	—
Payables from unsettled transactions	15	16	11	27	—
Derivative liabilities at fair value	7	17	48	42	—
Deferred tax liability	269,000	0	5,000	0	—
Credit facilities payable	545	710	710	700	—
Unsecured notes payable (net of $6,561 and $4,935 of unamortized financing costs as of September 30, 2025 and September 30, 2024, respectively)	942	929	891	601	—
Total liabilities	1,537	1,711	1,702	1,401	—
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086 and 82,245 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively	881,000	822,000	772,000	611,000	—
Additional paid-in-capital	2,350	2,264	2,166	1,828	—
Accumulated overdistributed earnings	−885	−777	−651	−583	—
Total net assets (equivalent to $16.64 and $18.09 per common share as of September 30, 2025 and September 30, 2024, respectively) (Note 11)	1,466	1,488	1,516	1,246	1,313
Total liabilities and net assets	3,003	3,198	3,218	2,646	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Accretion of original issue discount on investments	−18	−18	−22	−29	−29
Accretion of original issue discount on unsecured notes payable	1	1	783,000	679,000	572,000
Amortization of deferred financing costs	9	5	5	4	4
Deferred taxes	300,000	−5,000	2	−1	100,000
Purchases of investments	−959	−1,281	−742	−702	−1,120
Proceeds from the sales and repayments of investments	1,045	1,086	912	694	792
Cash received in the OSI2 Merger	0	0	22	0	21
(Increase) decrease in interest, dividends and fees receivable	7	2	578,000	−16	−8
(Increase) decrease in due from portfolio companies	9	−6	16	−21	1
(Increase) decrease in receivables from unsettled transactions	13	38	−51	3	3
(Increase) decrease in due from broker	2	37	−9	−44	−2
(Increase) decrease in other assets	−720,000	906,000	14,000	619,000	−1
Increase (decrease) in accounts payable, accrued expenses and other liabilities	−2	−458,000	−53	677,000	−426,000
Increase (decrease) in base management fee and incentive fee payable	−3	−4	−489,000	−17	20
Increase (decrease) in due to affiliate	−3	−222,000	408,000	−1	1
Increase (decrease) in interest payable	−4	224,000	4	3	1
Increase (decrease) in payables from unsettled transactions	−655,000	5	−16	19	8
Increase (decrease) in director fees payable	0	0	−9,000	0	−90,000
Net cash provided by (used in) operating activities	228	19	229	22	−231
Distributions paid in cash	−148	−177	−180	−115	−80
Borrowings under credit facilities	500	255	572	300	505
Repayments of borrowings under credit facilities	−665	−255	−787	−230	−530
Repayments of unsecured notes	−300	0	0	—	—
Issuance of unsecured notes	300	0	297	0	349
Shares issued under the "at the market" offering	3	93	1	21	0
Repurchases of common stock under dividend reinvestment plan	−11	−2	−2	−2	−2
Shares issued in private placement	100	0	0	—	—
Deferred financing costs paid	−8	−1	−11	−334,000	−9
Deferred offering costs paid	−43,000	−117,000	−235,000	−215,000	0
Net cash provided by (used in) financing activities	−229	−87	−110	−27	224
Effect of exchange rate changes on foreign currency	2	701,000	827,000	−851,000	−1
Net increase (decrease) in cash and cash equivalents and restricted cash	1	−67	119	−5	−7
Cash paid for interest	110	122	98	39	24
Issuance of shares of common stock under dividend reinvestment plan	0	6	3	3	2
Deferred financing costs	0	1	442,000	0	—
Deferred offering costs	0	0	12,000	—	—
Issuance of shares in connection with the OSI2 Merger	0	0	334	0	—

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