Oaktree Specialty Lending Corporation
Description
Oaktree Specialty Lending Corporation is a business development company. The fund specializing in investments in middle market, bridge financing, first and second lien debt financing, unsecured and mezzanine loan, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, preferred equity, and management buyouts in small and mid-sized companies. It seeks to invest in education services, business services, retail and consumer, healthcare, manufacturing, food and restaurants, construction and engineering. The firm also seeks investment in media, advertising sectors, software, IT services, pharmaceuticals, biotechnology, real estate management and development, chemicals, machinery, and internet and direct marketing retail sectors. It invests between $5 million to $75 million principally in the form of one-stop, first lien, and second lien debt investments, which may include an equity co-investment component in companies. The firm invest in companies having enterprise value between $20 million and $150 million and EBITDA between $3 million and $50 million. The fund has a hold size of up to $75 million and may underwrite transactions up to $100 million. It primarily invests in North America. The fund seeks to be a lead investor in its portfolio companies.
About
CEO
Mr. Armen Panossian J.D.
Employees
0
Instrument type
Common Stock
Sector
Financial Services
Industry
Asset Management
MIC code
XNGS
Address
333 South Grand Avenue, Los Angeles, CA 90071, United States
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Summary
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 17, 2025 | — | — | — | — |
| Jul 30, 2025 | — | — | — | — |
| Apr 28, 2025 | — | — | — | — |
| Feb 4, 2025 | — | — | — | — |
| Nov 19, 2024 | 0.56 | 0.55 | -0.01 | -1.79% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Current Year
(Sep 2025)
|
Next Year
(Sep 2026)
|
||
|---|---|---|---|---|
| Number of analysts | — | 7 | 7 | 5 |
| Average estimate | — | 0.53 | 2.07 | 1.96 |
| Low estimate | — | 0.49 | 1.95 | 1.84 |
| High estimate | — | 0.58 | 2.25 | 2.11 |
| Last year EPS | — | 0.56 | 2.23 | 2.07 |
[stock_revenue_estimate]
Growth estimates
Current qtr
-4.840%
Next qtr. (Mar 2025)
-4.960%
Current year (Sep 2025)
-7.110%
Next year (Sep 2026)
-5.510%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Fiscal date | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 |
| Total reported revenue | 57.61M | 125.20M | 39.11M | 248.31M | 52.32M |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 9.50M | 11.66M | 9.25M | 9.07M | 7.12M |
| Other operating expenses | -9.69M | -5.53M | -3.00M | -1.61M | 7.74M |
| Operating income | — | — | — | — | — |
| Non operating interest income | |||||
| Income | — | — | — | — | — |
| Expense | — | — | — | — | — |
| Other income expense | — | — | — | — | — |
| Pretax income | 57.80M | 119.07M | 32.86M | 240.84M | 37.45M |
| Tax provision | -108,000 | 1.73M | 3.64M | 3.58M | -1.77M |
| Net income | 57.91M | 117.33M | 29.22M | 237.26M | 39.22M |
| Basic EPS | 0.72 | 1.63 | 0.48 | 4.38 | 0.84 |
| Diluted EPS | 0.72 | 1.63 | 0.48 | 4.38 | 0.84 |
| Basic average shares | 80.42M | 72.12M | 60.73M | 54.04M | 46.99M |
| Diluted average shares | 80.42M | 72.12M | 60.73M | 54.04M | 46.99M |
| EBITDA | — | — | — | — | — |
| Net income from continuing op. | 57.91M | 117.33M | 29.22M | 237.26M | 39.22M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Fiscal date | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 |
| Total assets | — | — | — | — | — |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 63.97M | 136.45M | 23.53M | 29.33M | 39.10M |
| Other short term investments | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| Other receivables | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | — | — | — | — | — |
| Restricted cash | — | — | — | — | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | — | — | — | — | — |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | — | — | — | — | — |
| Construction in progress | — | — | — | — | — |
| Leases | — | — | — | — | — |
| Accumulated depreciation | — | — | — | — | — |
| Goodwill | — | — | — | — | — |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | — | — | — | — | — |
| Investments and advances | 3.02B | 2.90B | 2.50B | 2.56B | 1.57B |
| Other non current assets | — | — | — | — | — |
| Total liabilities | — | — | — | — | — |
| Current liabilities | |||||
| Accounts payable | 19.72M | 18.96M | 11.64M | 7.62M | 2.70M |
| Accrued expenses | — | — | — | — | — |
| Short term debt | — | — | — | — | — |
| Deferred revenue | — | — | — | — | — |
| Tax payable | — | — | — | — | — |
| Pensions | — | — | — | — | — |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 1.64B | 1.60B | 1.30B | 1.27B | 709.32M |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | — | — | — | — | — |
| Derivative product liabilities | 16.84M | 47.52M | 41.97M | 2.11M | — |
| Other non current liabilities | — | — | — | — | — |
| Shareholders equity | |||||
| Common stock | 822,000 | 772,000 | 611,000 | 1.80M | 1.41M |
| Retained earnings | -777.46M | -651.34M | -582.77M | -493.34M | -574.30M |
| Other shareholders equity | — | — | — | — | — |
| Total shareholders equity | 1.49B | 1.52B | 1.25B | 1.31B | 914.88M |
| Additional paid in capital | 2.26B | 2.17B | 1.83B | 1.80B | 1.49B |
| Treasury stock | — | — | — | — | — |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||||
| Net Income | 57.91M | 117.33M | 29.22M | 237.26M | 39.22M | 126.16M | 46.76M | -196.97M | -66.56M | 15.40M | 112.53M | 101.82M | 79.40M | 30.21M | 22.42M | 6.19M | 3.26M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.95M |
| Deferred Taxes | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | -32.49M | -35.03M | -46.17M | -40.98M | -19.23M | -20.62M | -7.46M | -12.10M | -12.75M | -37.42M | -71.62M | -58.07M | -44.11M | -31.15M | -16.07M | 6.38M | -7.55M |
| Accounts Receivable | 70.52M | -42.61M | -77.05M | -6.26M | -414,000 | 20.02M | -25.83M | 32.16M | -20.06M | 18.79M | -30.34M | 979,000 | -5.69M | -2.16M | -896,000 | 3.82M | — |
| Accounts Payable | — | — | — | — | — | — | — | — | — | — | — | — | -646,000 | 4.39M | 105,935 | 117,420 | — |
| Other Assets & Liabilities | 906,000 | 14,000 | 619,000 | -1.43M | 437,000 | 673,000 | -2.49M | -36,000 | -7.68M | 17.08M | -18.06M | -2.57M | -1.14M | -580,000 | 753,484 | -43.41M | — |
| Operating Cash Flow | 96.84M | 39.71M | -93.38M | 188.59M | 20.02M | 126.23M | 10.98M | -176.95M | -107.05M | 13.84M | -7.49M | 42.16M | 27.81M | 697,000 | 6.31M | -26.90M | 12.66M |
| Investing Activities | |||||||||||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Purchase of Investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Sale of Investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Investing Cash Flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing Activities | |||||||||||||||||
| Long-Term Debt Issuance | 255.00M | 868.51M | 300.00M | 854.02M | 583.46M | 298.83M | 434.00M | 219.08M | 695.00M | 818.40M | 1.39B | 1.25B | 580.90M | 887.50M | 116.00M | 29.50M | 79.25M |
| Long-Term Debt Payments | -255.00M | -787.00M | -230.00M | -538.92M | -347.25M | -456.48M | -471.37M | -698.12M | -735.56M | -771.34M | -889.84M | -1.08B | -575.61M | -495.55M | -43.00M | -29.50M | -79.25M |
| Other Financing Charges | — | — | — | — | — | — | — | 287,000 | — | — | — | — | — | — | — | -1.00M | 62.19M |
| Financing Cash Flow | -85.62M | -99.58M | -26.27M | 233.08M | 181.23M | -211.22M | -93.76M | -556.70M | -184.81M | -93.62M | 493.08M | 538.83M | 125.35M | 700.07M | 210.31M | 109.98M | 53.31M |
| Other Cash Details | |||||||||||||||||
| End Cash Position | 78.54M | 145.54M | 26.36M | 31.64M | 39.10M | 15.41M | 13.49M | 59.91M | 117.92M | 138.38M | 86.73M | 143.29M | 72.76M | 67.64M | 76.77M | 113.21M | 22.91M |
| Income Tax Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Interest Paid | — | — | — | — | — | — | — | — | — | — | — | — | 20.78M | 7.55M | 848,257 | 425,651 | — |
| Free Cash Flow | 19.08M | 228.76M | 22.40M | -230.52M | -152.88M | 215.82M | 53.51M | 486.90M | 164.76M | 146.19M | -546.34M | -461.66M | -91.56M | -517.92M | -239.16M | -19.68M | -179.38M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| VanEck ETF Trust -VanEck BDC Income ETF | Nov 30, 2024 | 1,993,470 | 31.46M | 2.42% |
| Listed Funds Tr-TrueShares Active Yield ETF | Sep 30, 2024 | 288,077 | 4.55M | 0.35% |
| John Hancock Financial Opportunities Fund | Nov 30, 2024 | 259,793 | 4.10M | 0.32% |
| RiverNorth/DoubleLine Strategic Income Fund | Sep 30, 2024 | 245,862 | 3.88M | 0.30% |
| Gabelli Dividend & Income Trust Fund | Sep 30, 2024 | 178,302 | 2.81M | 0.22% |
| RiverNorth Opportunities Fd | Sep 30, 2024 | 136,129 | 2.15M | 0.17% |
| GraniteShares ETF Tr-GraniteShares HIPS U.S. High Income ETF | Sep 30, 2024 | 112,187 | 1.77M | 0.14% |
| First Trust Gallatin Specialty Finance & Financial Opportunities Fund | Nov 30, 2024 | 90,000 | 1.42M | 0.11% |
| ETFis Ser Tr I-Virtus Private Credit Strategy ETF | Oct 31, 2024 | 62,694 | 989,311 | 0.08% |
| Mercer U.S. Small/Mid Cap Equity Fd | Sep 30, 2024 | 57,200 | 902,615 | 0.07% |
Article
Oaktree Specialty Lending: Dividend Cut As Expected, But Is This Enough?
In a November 2024 article, I made a case that we will see Oaktree Specialty Lending cutting its dividend quite soon. This has now happened. The base dividend has dropped by ~27%. The base dividend coverage stands now at 136%, which implies a significant margin of safety for the FWD 10.3% yield.
Feb 5, 2025
Article
Oaktree Specialty Lending Corporation (OCSL) Q1 2025 Earnings Call Transcript
Oaktree Specialty Lending Corporation (NASDAQ:OCSL ) Q1 2025 Earnings Conference Call February 4, 2025 11:00 AM ET Company Participants Dane Kleven – Head-Investor Relations Armen Panossian – Chief Executive Officer and Co-Chief Investment Officer Raghav Khanna – Co-Chief Investment Officer Matt Pendo – President Chris McKown – Chief Financial Officer and Treasurer Conference Call Participants Finian O'Shea – Wells Fargo Securities Matthew Hurwit – Jefferies Melissa Wedel – JPMorgan Operator Welcome and thank you for joining Oaktree Specialty Lending Corporation's First Fiscal Quarter Conference Call. Today's conference call is being recorded.
Feb 4, 2025
Article
Oaktree Specialty Lending (OCSL) Q1 Earnings Match Estimates
Oaktree Specialty Lending (OCSL) came out with quarterly earnings of $0.54 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.57 per share a year ago.
Feb 4, 2025
