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Oaktree Specialty Lending (OCSL)
NASDAQ:OCSL
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.37Last Year’s EPS
0.45Same Quarter Last Year
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a constructive operational and capital-deployment story: NII modestly increased, the dividend remained covered, originations accelerated meaningfully (up 42% sequentially) and liquidity remained ample. Portfolio positioning (high first-lien concentration, 9%+ yields on new investments) and reductions in nonaccruals year-over-year were clear positives. Offsetting items included a modest NAV decline (~2%), markdowns concentrated in a few names (notably Pluralsight), and a small decrease in adjusted total investment income (~3%) driven by lower reference rates. Overall the positives around disciplined deployment, strong liquidity, first-lien focus, and active credit management outweighed the isolated marks and modest income pressures.Company Guidance
Adjusted Net Investment Income and Dividend Coverage
Adjusted net investment income (NII) of $36.1M or $0.41 per share, up modestly from $35.4M / $0.40 in the prior quarter (approx +2%). The company fully covered its quarterly cash dividend and the board declared a $0.40 per share dividend.
Strong Deployment and Increased Originations
New funded investments (including drawdowns) totaled $314M, up from $220M in the prior quarter (a 42% sequential increase). Net new investments were $135M after $179M of paydowns and exits. Portfolio size grew by about $100M to $2.95B.
Attractive Yields and Spread on New Investments
Average all-in spread and yield of new private investments were ~525 basis points and 9%, respectively. The all-in weighted average spread on new originations during the quarter was ~500 basis points. Weighted average yield on debt investments across the portfolio was 9.3%.
Strong Liquidity and Financial Flexibility
Available liquidity of over $576M (including $81M cash and $495M undrawn capacity on credit facility). Unfunded commitments (ex-JVs) of $247M provide additional deployment capacity.
High Quality, Senior-Secured Portfolio Positioning
As of quarter-end, 85% of the portfolio was first lien senior secured debt; first lien loans represented 92% of new originations. The average position is <1% of the portfolio and no position >2%, supporting diversification and risk concentration controls.
Decline in Nonaccruals Year-over-Year and Active Workout Progress
Nonaccruals were 3.1% of the total debt portfolio (fair value) and were down nearly 85 basis points year-over-year. Management restructured several positions (e.g., Avery) and moved parts back to accrual where appropriate.
Prudent Liability and Expense Management
Weighted average interest rate on debt outstanding decreased to 6.1% from 6.5% sequentially (40 bps decline). Net expenses declined modestly, including a ~$4M reduction in Part One incentive fees, supporting NII despite lower reference rates.
Software Portfolio Discipline and Repayments
Software represented ~23% of investments at fair value across 28 issuers; 94% are first-lien term loans and only ~2% are ARR-based. Approximately 18% of software positions repaid over the past 12 months, supporting underwriting quality.
Joint Venture Performance
The two JVs hold $111M of investments (primarily broadly syndicated loans across 135 companies) and generated aggregate ROEs of 12% during the quarter with JV leverage at 1.7x.
OCSL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
OCSL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | $12.14 | $12.54 | +3.29% |
Nov 18, 2025 | $12.94 | $12.94 | 0.00% |
Aug 05, 2025 | $12.73 | $12.52 | -1.65% |
May 01, 2025 | $13.17 | $12.14 | -7.82% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Oaktree Specialty Lending (OCSL) report earnings?
Oaktree Specialty Lending (OCSL) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is Oaktree Specialty Lending (OCSL) earnings time?
Oaktree Specialty Lending (OCSL) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is OCSL EPS forecast?
OCSL EPS forecast for the fiscal quarter 2026 (Q2) is 0.37.