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Oaktree Specialty Lending (OCSL) investor relations material
Oaktree Specialty Lending Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Nov, 2025
Executive summary
Achieved GAAP net investment income of $0.41 per share and adjusted net investment income of $0.40 per share in Q4, up from $0.38 and $0.37 per share in the prior quarter, with full coverage of the $0.40 per share dividend.
Net asset value per share declined to $16.64 from $16.76 in the prior quarter, reflecting unrealized depreciation.
Non-accruals reduced to 2.8% of portfolio at fair value, down 20 bps sequentially and 100 bps year-over-year.
Management remains disciplined and selective in capital deployment due to ongoing market uncertainty.
Financial highlights
Adjusted net investment income for Q4 was $35.4 million ($0.40/share), and GAAP net investment income was $35.8 million ($0.41/share).
Adjusted total investment income for Q4 was $76.9 million; total investment income was $77.3 million.
Net realized and unrealized losses, net of taxes, were -$0.13 per share; adjusted net realized and unrealized losses were -$0.12 per share.
Portfolio at fair value totaled $2.85 billion across 143 companies.
Weighted average cost of borrowings was 6.5%, down from 6.6% in Q3.
Outlook and guidance
Lower base rates expected to impact net investment income in the December quarter, but levers such as increasing leverage, optimizing JVs, and reducing non-accruals are available.
Management expects to remain disciplined and selective in capital deployment due to ongoing market uncertainty.
Liquidity and capital resources are considered sufficient to invest in market opportunities as they arise.
No outsized repayments or material changes in deployment or leverage expected for the December quarter.
No repeat of the high-spread Walgreens deal anticipated in the next quarter.
Assess non-accrual trend and portfolio health
New investment yield vs. portfolio size changes
Explain full year NII change drivers
Mitigating future healthcare/pharma nonaccruals?
Outlook for high-spread complex deal flow?
Prioritize NII offset levers for December?
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Next Oaktree Specialty Lending earnings date
Q1 20263 Feb, 2026
Next Oaktree Specialty Lending earnings date
Q1 20263 Feb, 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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