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Oaktree Specialty Lending
Oaktree Specialty Lending (OCSL) investor relations material
Oaktree Specialty Lending Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary4 Feb, 2026
Executive summary
Adjusted net investment income for Q1 FY2026 was $36.1M ($0.41/share), with GAAP NII at $36.7M ($0.42/share), both up sequentially, fully covering the $0.40/share dividend declared for the quarter.
Net asset value (NAV) per share decreased to $16.30 from $16.64, mainly due to unrealized depreciation, with Pluralsight as a significant detractor.
New funded investments totaled $314M–$316.6M, with strong new investment activity and $178.5M–$179M in proceeds from prepayments and exits.
Portfolio at fair value was $2.95B, with 86.4%–95.4% in senior secured debt and 9% in subordinated/unsecured debt.
Non-accruals were stable at 3.1% of the debt portfolio at fair value, representing 6.5% at cost.
Financial highlights
Adjusted total investment income was $74.5M–$75.1M, down from the prior quarter, mainly due to lower interest income and OID acceleration, partially offset by higher fee income.
Net leverage ratio increased to 1.07x, with total debt outstanding at $1.6B–$1.62B; weighted average interest rate on debt was 6.1%.
Liquidity stood at $576M, including $81M in cash and $495M undrawn on the credit facility.
Distributions to stockholders totaled $35.2M ($0.40/share), fully covered by NII.
Joint ventures held $511M in investments, generating 12% aggregate ROE, with leverage at 1.7x.
Outlook and guidance
Management remains cautiously optimistic, expecting stable or widening spreads in private credit and improvement in middle-market M&A activity.
Focus on maintaining target leverage, ample liquidity, and portfolio diversification amid evolving market conditions.
Monitoring AI's impact on software and private credit, with expectations of uneven outcomes.
Non-accrual trend and portfolio outlook?
New investment yields and NII support strategy?
Glick JV asset growth vs realized loss drivers?
Assess software LTV threshold for refinance risk
How are underperforming assets being managed?
Explain median portfolio EBITDA increase drivers
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All proposals passed, with no questions raised during the Q&A session.
Next Oaktree Specialty Lending earnings date
Q2 202630 Apr, 2026
Oaktree Specialty Lending
Next Oaktree Specialty Lending earnings date
Q2 202630 Apr, 2026
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Frequently asked questions
Headquartered in Los Angeles, California, Oaktree Specialty Lending Corporation is a business development company 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.
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