Oaktree Specialty Lending
OCSL on Nasdaq. Oaktree Specialty Lending lends money to mid-sized companies and collects interest from them. Market value $1.0bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to September 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$11.70 a share, 10% above its 1-year low
Over the past year the price has ranged from $10.63 to $14.31.
Dividend: 12.7% a year
Paid every year for 3 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | n/a | n/a | n/a |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | 1.06 | 1.10 | 1.01 |
| Shares outstanding | |||
| Shares outstanding | 0.08bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt1.01× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 7% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $31 million, down 19% on a year ago.
- About the same number of shares as a year ago.
- Debt is $1.4 billion more than cash, about the same as a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $37m |
| December 2024 | $7m |
| March 2025 | -$36m |
| June 2025 | $38m |
| September 2025 | $25m |
| December 2025 | $6m |
| March 2026 | -$19m |
| June 2026 | $31m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 November 2025
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 164 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Oaktree Capital ManagementHoward Marks | $94m | 2.5% | Added |
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% |
Largest holders overall
- Oaktree Capital Management$94mAdded
- Private Management Group$46mAdded
- Royal Bank of Canada$35mAdded
- Bruni J V$30m
- Morgan Stanley$29mCut
- Ares Management$26mAdded
- VAN ECK Associates$26mAdded
- Generali Asset Management SPA SGR$25m
- UBS Group AG$25mAdded
- Claret Asset Management$20m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Oaktree Capital Holdings, LLCPassive investorat least 8.6%(filed with 3 related holders)Since 3 February 2025
What they said
The Reporting Persons continuously evaluate the businesses and prospects of the Issuer and its subsidiaries, alternative investment opportunities and all other factors deemed relevant in determining whether securities of the Issuer or its subsidiaries will be acquired by the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Oaktree Capital Holdings, LLC Passive investor | at least 8.6% (filed with 3 related holders) | 3 February 2025 | What they saidThe Reporting Persons continuously evaluate the businesses and prospects of the Issuer and its subsidiaries, alternative investment opportunities and all other factors deemed relevant in determining whether securities of the Issuer or its subsidiaries will be acquired by the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $70,066 of shares on the open market.
- Panossian ArmenSee RemarksBought
- Date
- 12 August 2026
- Shares
- 1,700
- Price
- $12.69
- Value
- $21,581
- CALDWELL PHYLLIS RDirectorBought
- Date
- 16 March 2026
- Shares
- 2,500
- Price
- $10.77
- Value
- $26,925
- Gero Deborah AnnDirectorBought
- Date
- 16 March 2026
- Shares
- 2,000
- Price
- $10.78
- Value
- $21,560
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 August 2026 | Panossian Armen See Remarks | Bought | 1,700 | $12.69 | $21,581 |
| 16 March 2026 | CALDWELL PHYLLIS R Director | Bought | 2,500 | $10.77 | $26,925 |
| 16 March 2026 | Gero Deborah Ann Director | Bought | 2,000 | $10.78 | $21,560 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Nov 2025, plus the 10-Q filed 5 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.