Oaktree Specialty Lending Corporation (OCSL): Business Model Canvas

In der dynamischen Landschaft der Spezialkredite entwickelt sich die Oaktree Specialty Lending Corporation (OCSL) zu einem strategischen Kraftpaket, das die Finanzierung mittelständischer Unternehmen durch innovative Kreditlösungen transformiert. Durch den Einsatz ausgefeilter Anlagestrategien und umfassender Finanzexpertise liefert OCSL maßgeschneiderte Kreditvergabeansätze, die kritische Lücken für wachstumsorientierte Unternehmen schließen, die einen flexiblen und ausgefeilten Kapitalzugang suchen. Ihr einzigartiges Geschäftsmodell stellt eine ausgefeilte Schnittstelle aus strategischen Partnerschaften, fortschrittlichem Risikomanagement und maßgeschneiderter finanzieller Unterstützung dar, die sie im Ökosystem der alternativen Kreditinvestitionen auszeichnet.

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Private-Equity-Firmen und Investmentbanken

Seit dem vierten Quartal 2023 unterhält die Oaktree Specialty Lending Corporation strategische Partnerschaften mit mehreren Private-Equity-Unternehmen und Investmentbanken:

Partnertyp	Anzahl der Partnerschaften	Gesamtwert der Partnerschaft
Private-Equity-Firmen	12	875 Millionen Dollar
Investmentbanken	7	453 Millionen US-Dollar

Zusammenarbeit mit mittelständischen Unternehmen

Das Kreditportfolio von OCSL konzentriert sich auf mittelständische Unternehmen in bestimmten Sektoren:

• Technologie: 35 % der Kreditpartnerschaften
• Gesundheitswesen: 22 % der Kreditpartnerschaften
• Software: 18 % der Kreditpartnerschaften
• Industrielle Dienstleistungen: 15 % der Kreditpartnerschaften
• Verbraucherdienstleistungen: 10 % der Kreditpartnerschaften

Beziehungen zu institutionellen Anlegern und Kreditfonds

Anlegerkategorie	Gesamtinvestition	Durchschnittliche Investitionsgröße
Institutionelle Anleger	1,2 Milliarden US-Dollar	45 Millionen Dollar
Kreditfonds	687 Millionen US-Dollar	28 Millionen Dollar

Finanzberatungs- und Rechtsdienstleister

OCSL pflegt professionelle Beziehungen zu spezialisierten Dienstleistern:

• Anwaltskanzleien: 9 Partnerschaften
• Finanzberatungsunternehmen: 6 Partnerschaften
• Compliance Consultants: 4 Partnerschaften

Gesamtwert des Partnerschaftsnetzwerks: 2,415 Milliarden US-Dollar Stand: 31. Dezember 2023.

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Verwaltung spezialisierter Kreditlösungen

Im dritten Quartal 2023 verwaltet die Oaktree Specialty Lending Corporation ein Gesamtinvestitionsportfolio von 1,1 Milliarden US-Dollar, wobei der Schwerpunkt auf mittelständischen Unternehmen liegt.

Portfoliozusammensetzung	Betrag
Gesamtinvestitionsportfolio	1,1 Milliarden US-Dollar
Erstpfandrecht gesicherte Schulden	72.4%
Zweitpfandrecht gesicherte Schulden	15.6%

Durchführung umfassender Kreditrisikobewertungen

OCSL verwendet strenge Methoden zur Kreditrisikobewertung mit den folgenden Schlüsselkennzahlen:

• Nicht periodengerechte Investitionen: 2,5 % des Gesamtportfolios
• Gewichtete durchschnittliche Bonitätsbewertung: B
• Durchschnittliche Investitionsgröße: 15,3 Millionen US-Dollar

Strukturierung und Überwachung komplexer Kreditportfolios

Merkmale des Kreditportfolios	Metriken
Anzahl der Portfoliounternehmen	62
Gewichtete Durchschnittsrendite	11.2%
Gewichtete durchschnittliche Laufzeit	5,7 Jahre

Bereitstellung flexibler Finanzierungsalternativen für mittelständische Unternehmen

OCSL bietet verschiedene Finanzierungslösungen mit folgender Aufteilung an:

• Vorrangig besicherte Kredite: 58 %
• Nachrangige Darlehen: 27 %
• Kapitalbeteiligungen: 15 %

Verwalten von Anlagestrategien in verschiedenen Sektoren

Sektorzuordnung	Prozentsatz
Software & Dienstleistungen	22.3%
Gesundheitswesen	18.5%
Unternehmensdienstleistungen	15.7%
Verbraucherdienste	12.9%
Andere Sektoren	30.6%

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Schlüsselressourcen

Investment-Management-Team

Oaktree Capital Management leitet das Investmentteam mit einem verwalteten Vermögen von 177 Milliarden US-Dollar (Stand: 31. Dezember 2023). Das Team besteht aus 19 Portfoliomanagern mit durchschnittlich 21 Jahren Investmenterfahrung.

Finanzkapital- und Kreditkompetenz

Finanzkennzahl	Betrag
Gesamtinvestitionsportfolio	1,2 Milliarden US-Dollar
Nettoinventarwert	679,4 Millionen US-Dollar
Gesamtanlageerträge	146,3 Millionen US-Dollar

Prozesse zur Investitionsprüfung

• Proprietäres Kreditanalyse-Framework
• Umfassende Methodik zur Risikobewertung
• Mehrstufiger Investitionsbewertungsprozess

Risikomanagementtechnologien

Fortschrittliche Risikoüberwachungssysteme verfolgen Folgendes:

• Kennzahlen zur Portfoliokonzentration
• Indikatoren für die Kreditqualität
• Echtzeit-Leistungsanalyse

Zusammensetzung des Anlageportfolios

Anlagekategorie	Prozentsatz
Vorrangig besicherte Kredite	68%
Nachrangige Schulden	22%
Beteiligungen	10%

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Wertversprechen

Maßgeschneiderte Kreditlösungen für mittelständische Unternehmen

Im vierten Quartal 2023 verwaltet die Oaktree Specialty Lending Corporation ein Gesamtanlageportfolio von 1,2 Milliarden US-Dollar, wobei der Schwerpunkt auf mittelständischen Unternehmen liegt. Die Portfolioaufteilung ist wie folgt:

Anlagetyp	Gesamtbetrag	Prozentsatz
Erstpfandrecht gesicherte Schulden	678 Millionen US-Dollar	56.5%
Zweitpfandrecht gesicherte Schulden	312 Millionen Dollar	26%
Ungesicherte Schulden	210 Millionen Dollar	17.5%

Zugang zu flexibler und spezialisierter Kreditfinanzierung

OCSL bietet flexible Kreditlösungen mit folgenden Merkmalen:

• Durchschnittliche Kredithöhe: 15,3 Millionen US-Dollar
• Kreditlaufzeit: 3-7 Jahre
• Zinssätze: LIBOR + 6,5 % bis 9,5 %

Expertise in komplexen Kreditstrategien

Die Anlagestrategie des Unternehmens zeugt von spezialisierter Kreditexpertise:

• Branchendiversifizierung über mehr als 15 Sektoren
• 97,2 % der Anlagen wurden als erfolgreich eingestuft
• Notleidende Vermögenswerte: 2,8 %

Potenzial für höhere Renditen im Vergleich zur herkömmlichen Kreditvergabe

Leistungsmetrik	OCSL-Wert	Markt-Benchmark
Dividendenrendite	9.6%	5.2%
Gesamtrendite	12.3%	7.8%

Maßgeschneiderte finanzielle Unterstützung für wachstumsorientierte Unternehmen

OCSL unterstützt wachstumsorientierte Unternehmen mit spezialisierter Finanzierung:

• Investitionen in Technologie- und Softwareunternehmen: 287 Millionen US-Dollar
• Investitionen im Gesundheitssektor: 214 Millionen US-Dollar
• Durchschnittlicher Unternehmensumsatz der Portfoliounternehmen: 75–250 Millionen US-Dollar

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung und Beratungsdienste

Im vierten Quartal 2023 verwaltet die Oaktree Specialty Lending Corporation ein Gesamtanlageportfolio von 1,25 Milliarden US-Dollar mit Schwerpunkt auf Direktkrediten und Spezialfinanzierungen. Das Unternehmen verfolgt einen speziellen Ansatz zur Kundenbindung, der auf mittelständische Unternehmen zugeschnitten ist.

Kundensegment	Durchschnittliche Portfoliogröße	Jährliche Engagement-Rate
Mittelständische Unternehmen	15-50 Millionen Dollar	92.4%
Unternehmenskreditnehmer	25-75 Millionen Dollar	88.6%

Langfristiger Beziehungsmanagement-Ansatz

OCSL erzielt im gesamten Anlageportfolio eine durchschnittliche Kundenbindungsrate von 87,3 % mit einer durchschnittlichen Beziehungsdauer von 4,6 Jahren.

• Durchschnittliche jährliche Kundeninteraktionshäufigkeit: 12–15 strategische Besprechungen
• Maßgeschneiderte Finanzberatungssitzungen
• Vierteljährliche Leistungsüberprüfungsmechanismen

Dedizierte Account-Management-Teams

Das Unternehmen beschäftigt 45 spezialisierte Account-Management-Experten mit einer durchschnittlichen Branchenerfahrung von 12,7 Jahren.

Teamzusammensetzung	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Senior Account Manager	18	15,2 Jahre
Junior Account Manager	27	8,5 Jahre

Transparente Kommunikation und Berichterstattung

OCSL bietet umfassende Finanzberichte mit einer Pünktlichkeitsquote von 99,7 % für seinen gesamten Kundenstamm.

• Monatliche detaillierte Finanzberichte
• Dashboards zur Portfolio-Performance in Echtzeit
• Umfassende Dokumentation der Risikobewertung

Laufende strategische Finanzberatung

Das Unternehmen bietet strategische Finanzberatungsdienste mit einem durchschnittlichen Beratungswert von 125.000 US-Dollar pro Kundenauftrag an.

Beratungstyp	Durchschnittliche Dauer	Jährlicher Beratungswert
Strategische Finanzplanung	3-6 Monate	$125,000
Beratung zum Risikomanagement	2-4 Monate	$85,000

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Die Oaktree Specialty Lending Corporation unterhält ab dem vierten Quartal 2023 ein engagiertes Direktvertriebsteam mit 28 Anlageexperten. Das Team konzentriert sich auf die Kreditvergabe an den Mittelstand mit einem durchschnittlichen Vertragsvolumen von 18,5 Millionen US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Total Investment-Profis	28
Durchschnittliche Dealgröße	18,5 Millionen US-Dollar
Jährliches Direktvergabevolumen	642 Millionen US-Dollar

Online-Investitionsplattformen

OCSL nutzt digitale Plattformen für die Anlegereinbindung und das Portfoliomanagement.

• Anlegerportal mit Portfolioverfolgung in Echtzeit
• Sicherer Online-Zugriff auf Dokumente
• Digitales Berichtssystem mit vierteljährlichen Leistungsaktualisierungen

Finanzberaternetzwerke

Das Unternehmen engagiert sich mit 87 registrierte Finanzberaternetzwerke in den Vereinigten Staaten und repräsentiert potenzielle institutionelle und private Anlegerkanäle.

Kennzahlen des Finanzberaternetzwerks	Statistik 2023
Total Advisor Networks	87
Netzwerkabdeckung	48 Staaten
Potenzielle Anlegerreichweite	3.425 Einzelberater

Institutionelle Investorenkonferenzen

OCSL nimmt jährlich an 12 Konferenzen für institutionelle Anleger teil, die sich an Private Equity, Pensionsfonds und institutionelle Investmentmanager richten.

Digitale Kommunikations- und Berichtssysteme

Das Unternehmen unterhält eine hochentwickelte digitale Kommunikationsinfrastruktur mit den folgenden technologischen Fähigkeiten:

• SEC EDGAR-konformes digitales Ablagesystem
• Verschlüsselte Anlegerkommunikationsplattform
• Vierteljährliche digitale Ergebnispräsentation
• Automatisiertes Investor-Relations-Dashboard

Digitale Kommunikationsmetriken	Leistung 2023
Digitale Investoreninteraktionen	4.672 vierteljährlich
Genauigkeit der Online-Berichte	99.8%
Betriebszeit der digitalen Plattform	99.95%

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Kundensegmente

Mittelständische Unternehmenskreditnehmer

Ab dem vierten Quartal 2023 konzentriert sich die Oaktree Specialty Lending Corporation auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 und 500 Millionen US-Dollar. Die Portfoliozusammensetzung zeigt:

Segmentcharakteristik	Spezifische Daten
Gesamtes Mittelstandskreditportfolio	1,2 Milliarden US-Dollar
Durchschnittliche Kredithöhe	35,6 Millionen US-Dollar
Prozentsatz des Portfolios	78.3%

Private-Equity-Firmen

OCSL bietet spezialisierte Kreditlösungen für Private-Equity-unterstützte Unternehmen:

• Gesamtinvestitionen im Private-Equity-Bereich: 456 Millionen US-Dollar
• Anzahl der Private-Equity-Partnerschaften: 37
• Durchschnittliche Anlagedauer: 3-5 Jahre

Risikokapitalorganisationen

Details zum Risikokapitalfinanzierungssegment:

Metrisch	Wert
Gesamte Risikokapitalinvestitionen	189 Millionen Dollar
Anzahl aktiver Venture-Investitionen	22
Durchschnittliche Investitionsgröße	8,6 Millionen US-Dollar

Unternehmen in der Wachstumsphase

Gezielte Kreditvergabe an wachstumsstarke Unternehmen:

• Gesamtinvestitionsportfolio in der Wachstumsphase: 276 Millionen US-Dollar
• Angesprochene Sektoren: Technologie, Gesundheitswesen, Software
• Typische Umsatzspanne: 20 bis 100 Millionen US-Dollar

Institutionelle Anleger

Merkmale des institutionellen Anlagesegments:

Anlegertyp	Investitionsbetrag
Pensionskassen	342 Millionen Dollar
Stiftungen	214 Millionen Dollar
Versicherungsunternehmen	187 Millionen Dollar

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Ab dem Geschäftsjahr 2023 meldete die Oaktree Specialty Lending Corporation die folgende Verwaltungsgebührenstruktur:

Gebührenkategorie	Betrag	Prozentsatz
Grundverwaltungsgebühr	27,4 Millionen US-Dollar	1,75 % des Gesamtvermögens
Incentive-Managementgebühr	12,6 Millionen US-Dollar	20 % des Nettokapitalertrags

Betriebskosten für das Investmentteam

Zu den Betriebskosten des Investmentteams im Jahr 2023 gehörten:

• Gesamtvergütungsaufwand: 18,3 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 4,2 Millionen US-Dollar
• Berufliche Entwicklung und Schulung: 1,1 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Aufschlüsselung der Technologie- und Infrastrukturkosten für 2023:

Anlagekategorie	Ausgaben
IT-Infrastruktur	3,7 Millionen US-Dollar
Cybersicherheitssysteme	2,1 Millionen US-Dollar
Software und digitale Tools	1,9 Millionen US-Dollar

Compliance- und Regulierungskosten

Compliance-Aufwendungen für das Geschäftsjahr 2023:

• Zulassungsgebühren: 850.000 US-Dollar
• Externe Compliance-Beratung: 1,2 Millionen US-Dollar
• Interne Compliance-Abteilung: 2,5 Millionen US-Dollar

Kosten für Bonitätsprüfung und Portfolioüberwachung

Detaillierte Aufschlüsselung der kreditbezogenen Aufwendungen im Jahr 2023:

Ausgabenkategorie	Betrag
Kreditrisikoanalyse	3,4 Millionen US-Dollar
Portfolioüberwachungssysteme	2,6 Millionen US-Dollar
Externe Bonitätsbewertungsdienste	1,1 Millionen US-Dollar

Oaktree Specialty Lending Corporation (OCSL) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Kreditportfolios

Im dritten Quartal 2023 meldete die Oaktree Specialty Lending Corporation einen Gesamtzinsertrag von 56,4 Millionen US-Dollar. Das Kreditportfolio besteht im Wesentlichen aus:

Darlehenstyp	Gesamtwert	Durchschnittlicher Zinssatz
First Lien Senior Secured Loans	689,2 Millionen US-Dollar	10.5%
Second Lien Senior Secured Loans	212,3 Millionen US-Dollar	12.3%
Nachrangige Darlehen	98,7 Millionen US-Dollar	13.8%

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für das Geschäftsjahr 2023 beliefen sich auf insgesamt 14,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Grundverwaltungsgebührensatz: 1,5 % des Gesamtvermögens
• Gesamtes verwaltetes Vermögen: 1,2 Milliarden US-Dollar
• Jährliche wiederkehrende Verwaltungsgebühren: 18,0 Millionen US-Dollar

Leistungsorientierte Vergütung

Details zur leistungsorientierten Vergütung für 2023:

Metrisch	Betrag
Gesamte Leistungsanreizgebühren	6,7 Millionen US-Dollar
Hurdle-Rate	8 % pro Jahr

Kapitalwertsteigerung von Kreditinvestitionen

Kapitalzuwachskennzahlen für 2023:

• Gesamte nicht realisierte Gewinne: 22,3 Millionen US-Dollar
• Realisierte Gewinne aus Investmentverkäufen: 8,9 Millionen US-Dollar
• Wachstum des Nettoinventarwerts (NAV): 5,6 %

Erträge aus strukturierten Finanztransaktionen

Aufschlüsselung der Einnahmen aus strukturierten Finanzierungstransaktionen:

Transaktionstyp	Gesamtumsatz
Syndizierte Kreditfazilitäten	12,5 Millionen US-Dollar
Gebühren für strukturierte Produkte	4,3 Millionen US-Dollar
Arrangementgebühren	3,2 Millionen US-Dollar

Oaktree Specialty Lending Corporation (OCSL) - Canvas Business Model: Value Propositions

You're looking at what Oaktree Specialty Lending Corporation (OCSL) offers to its clients and shareholders, which is fundamentally about delivering customized credit and generating steady income through a disciplined, risk-aware approach. This is the core of their value proposition.

The first key offering is Customized, One-Stop Credit Solutions for middle-market companies. Oaktree Specialty Lending Corporation, managed by Oaktree Capital Management, provides flexible and innovative financing solutions, sourcing deals directly from borrowers and via public markets. This approach allows them to tailor financing to the specific needs of middle-market companies, which is critical for businesses that might not fit standard bank lending criteria. As of September 30, 2025, the investment portfolio spanned 143 portfolio companies, showing a broad base of middle-market relationships.

Second, the value proposition is heavily anchored in Risk-Controlled Investing. Oaktree Specialty Lending Corporation emphasizes a risk-controlled approach, which you can see clearly in the portfolio structure as of September 30, 2025. They keep the majority of capital in the most senior positions. Specifically, 83.5% of the portfolio at fair value consisted of First Lien debt investments. This conservative positioning is a direct reflection of their focus on capital preservation while aiming for attractive risk-adjusted returns. The total investment portfolio fair value stood at $2.8 billion at that date.

The structure of the portfolio is designed to capture upside in the current rate environment, leading to the third value point: Attractive Current Income Generation for shareholders. The company aims to generate current income and capital appreciation. For the full year ended September 30, 2025, GAAP net investment income reached $152.6 million, or $1.77 per share. The leadership confirmed that for the fourth fiscal quarter of 2025, they fully covered their quarterly dividend with net investment income. The Board declared a quarterly distribution of $0.40 per share, payable on December 31, 2025, to stockholders of record on December 15, 2025. New debt investments funded during the fourth quarter carried a weighted average yield of 9.7%.

Finally, the portfolio alignment supports income generation through Floating-Rate Portfolio Alignment. This is a direct hedge against rising interest rates, ensuring that as base rates move up, Oaktree Specialty Lending Corporation's income potential also rises. As of September 30, 2025, 91% of their debt investments were structured with floating rates, compared to just 9% in fixed-rate debt securities. This aligns the company's assets with the current interest rate environment, which CEO Armen Panossian noted would continue to deliver a premium spread relative to other floating-rate asset classes.

Here's a quick look at the risk mitigation and income structure as of September 30, 2025:

Portfolio Metric	Value	Source/Type
First Lien Debt (% of Portfolio)	83.5%	Risk Control
Floating Rate Debt (% of Debt Investments)	91%	Income Alignment
Total Portfolio Companies	143	Client Base Size
Weighted Average Yield on New Debt Commitments (Q4 2025)	9.7%	Income Generation Potential
Quarterly Distribution per Share (Declared Nov 2025)	$0.40	Shareholder Return

The focus on senior secured debt and floating rates is definitely a clear signal about how Oaktree Specialty Lending Corporation manages near-term market risks for its investors. Finance: draft 13-week cash view by Friday.

Oaktree Specialty Lending Corporation (OCSL) - Canvas Business Model: Customer Relationships

The customer relationship model for Oaktree Specialty Lending Corporation centers on deep, customized engagement with borrowers and transparent communication with its public investor base, all underpinned by the expertise of its external manager.

High-Touch, Consultative Engagement to structure complex, tailored financing.

Oaktree Specialty Lending Corporation provides customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. This consultative approach is necessary because the financing solutions are often complex, involving instruments like first lien loans, second lien loans, unsecured and mezzanine loans, preferred equity, and certain equity co-investments. The focus is on deploying capital across credit and economic cycles to meet specific borrower needs.

Long-Term Partnership Focus with financial sponsors and management teams.

Oaktree Specialty Lending Corporation deploys capital with a focus on long-term results, which is intended to build lasting partnerships with financial sponsors and management teams. The depth of the relationship is supported by the scale of the management platform; Oaktree Capital Management, L.P. had $218 billion in assets under management as of September 30, 2025. The company targets businesses with established track records, stable cash flows, and strong management teams, offering flexible financing.

The portfolio composition reflects a focus on stability and priority claim, which aligns with long-term partnership goals:

Portfolio Metric (as of September 30, 2025)	Value/Amount
Total Investment Portfolio Fair Value	$2.8 billion
Number of Portfolio Companies	143
Senior Secured Loans (% of Investments)	86%
First Lien Positions (% of Investments)	83%
Weighted Average Yield on Debt Investments (Q4 2025)	9.8%
Nonaccrual Assets (% of Fair Value)	2.8%

Investor Relations and Transparency for public shareholders.

Transparency is maintained through regular reporting, including the furnishing of press releases and investor presentations, such as the one provided on November 18, 2025, for the fourth fiscal quarter and full year 2025 results. Alignment between the manager and shareholders is demonstrated through direct investment. For instance, Oaktree Capital I, L.P. purchased $100.0 million of OCSL common stock on February 3, 2025, at a price representing a 10% premium to the closing stock price, which resulted in a nearly 7% increase to Net Asset Value at the time.

The company maintains a consistent return commitment to shareholders:

• Quarterly cash distribution declared of $0.40 per share for the quarter ended September 30, 2025.
• Adjusted total investment income for the full year 2025 was $315.4 million.

Dedicated Investment Professional Support for portfolio companies.

The support structure is derived from the external manager's deep bench. Oaktree Capital Management, L.P. has an extensive global investment platform with more than 1,400 employees, including over 300 investment professionals who possess significant origination, structuring, and underwriting expertise. This large pool of dedicated professionals is available to support the 143 portfolio companies in which Oaktree Specialty Lending Corporation is invested as of September 30, 2025.

Oaktree Specialty Lending Corporation (OCSL) - Canvas Business Model: Channels

You're looking at how Oaktree Specialty Lending Corporation gets its investments deployed and how it secures capital to keep that engine running. It's a mix of direct sourcing, market participation, and public access.

Direct Origination of loans from borrowers and private equity sponsors.

OCSL actively originates new debt investments directly. For the fiscal quarter ended September 30, 2025, Oaktree Specialty Lending Corporation originated $208.2 million of new investment commitments. New funded investment commitments, which include drawdowns from existing commitments, amounted to $220 million for that same quarter. The weighted average yield on these new debt investments was 9.7% as of September 30, 2025. This direct channel is where the core deal flow is sourced and underwritten.

Syndicated Loan Markets for participating in larger transactions.

While direct origination is key, the structure of those originations shows a strong reliance on senior, secured debt, which often overlaps with syndicated markets. For instance, first lien loans represented 88% of new originations during the quarter ending September 30, 2025. Overall, the debt portfolio at fair value as of that date showed 86% as senior secured, with 83% specifically being first lien loans. Furthermore, 91% of the debt portfolio was floating rate.

Joint Venture Structures (e.g., SLF JV I) for investment deployment.

Joint ventures act as a vehicle to deploy capital alongside Oaktree Specialty Lending Corporation. For example, the Company's investment in Senior Loan Fund JV I, LLC (SLF JV I) is a noted component of its portfolio. As of June 30, 2025, the investments in SLF JV I totaled $127.5 million at fair value, and SLF JV I held $358.0 million in assets, including senior secured loans to 52 portfolio companies. The Company's investment in Glick JV totaled $47.1 million at fair value as of June 30, 2025, with Glick JV holding $128.5 million in assets across 42 portfolio companies.

Here's a quick look at the joint venture deployment as of mid-2025:

Joint Venture Structure	Fair Value of OCSL Investment (as of 6/30/2025)	Total Assets in JV (as of 6/30/2025)
SLF JV I	$127.5 million	$358.0 million
Glick JV	$47.1 million	$128.5 million

NASDAQ Stock Exchange (OCSL) for raising equity capital from public investors.

The public listing on NASDAQ is a primary channel for raising equity capital to support asset growth. In the first fiscal quarter of 2025, Oaktree Capital I, L.P. purchased $100 million of OCSL common stock. This purchase occurred on February 3, 2025, at a price of $17.63 per share, which was a 10% premium to the closing stock price on January 31, 2025. This transaction resulted in a nearly 7% increase to the Company's net assets at the time.

The total shares of common stock outstanding as of August 1, 2025, was 88,085,523.

The market capitalization as of Q3 CY2025 reporting was $1.17 billion.

The channels used for capital deployment and equity sourcing are detailed below:

• - Direct loan origination commitments for Q4 FY2025: $208.2 million.
• - New investment fundings for Q4 FY2025: $220 million.
• - Weighted average yield on new debt investments (Q4 FY2025): 9.7%.
• - Equity capital raised via private placement on NASDAQ in Feb 2025: $100 million.
• - Net debt to equity ratio as of September 30, 2025: 0.97x.

Oaktree Specialty Lending Corporation (OCSL) - Canvas Business Model: Customer Segments

You're looking at Oaktree Specialty Lending Corporation (OCSL) as a financing partner. OCSL's primary customer segment on the borrowing side is the US Middle-Market Companies seeking flexible financing outside of public markets. These are businesses that OCSL targets with tailored credit solutions, often involving established track records and stable cash flows, operating outside the traditional bank lending sphere. The scale of this segment engagement is substantial; as of September 30, 2025, OCSL had investments spread across 143 different portfolio companies.

A significant portion of these middle-market borrowers are Private Equity-Backed Businesses needing capital for acquisitions or growth. This aligns with the broader private credit market where BDCs step in to support leveraged buyouts and expansion plans. OCSL's strategy emphasizes capital preservation while deploying capital, evidenced by the conservative structure of its lending. For instance, the portfolio remained heavily weighted toward senior secured loans, which comprised 86% of investments as of the end of the third quarter of fiscal year 2025, with 83% of those being first lien positions.

The companies OCSL serves span various industries, reflecting a strategy to diversify risk away from any single cyclical area. OCSL targets Companies in diverse sectors like software, healthcare, and specialized finance. While the manager remains disciplined, the portfolio composition as of a recent period showed specific concentrations:

• - Software & Services: 22.1% of the entire portfolio.
• - Health Care Equipment: 10.9% of assets.
• - Capital Goods: 9.3% of assets.

On the other side of the ledger, Oaktree Specialty Lending Corporation serves its own set of customers: its shareholders. These are the Institutional and Retail Investors seeking high-yield, dividend-paying BDC exposure. As a publicly traded Business Development Company, OCSL is structured to pass through income to its investors. The attraction here is the income stream; for example, the company maintained its quarterly cash distribution at $0.40 per share, payable on December 31, 2025. This focus on income generation is a core appeal to this investor segment. Furthermore, Oaktree Capital Management, L.P., the external manager, is an active participant, having purchased $100 million of newly issued OCSL common stock in February 2025.

Here's a quick look at how the debt structure-a key feature for the lending customer segment-was allocated as of a recent report:

Debt Structure Type	Percentage of Portfolio
First Lien Senior Secured Debt	80.9%
Second Lien Debt	3.4%
Unsecured Debt	5%
Equity Investments	4.6%

The company's total portfolio at fair value was reported around $2.8 billion as of September 30, 2025, spread across those 143 companies. This represents the total pool of capital deployed to serve the middle-market borrower segment. Finance: draft 13-week cash view by Friday.

Oaktree Specialty Lending Corporation (OCSL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Oaktree Specialty Lending Corporation's operations, which are heavily influenced by its debt structure and its relationship with its external manager. The cost structure is primarily driven by the cost of funding the investment portfolio and the fees paid for asset management services.

The Management Fees paid to Oaktree Fund Advisors, LLC. are a key component, representing the base cost for investment advisory services. While a specific Q4 2025 management fee dollar amount isn't explicitly itemized in the same detail as other expenses, the overall expense structure reflects this ongoing relationship.

Interest Expense on borrowings is a significant variable cost. Oaktree Specialty Lending Corporation reported a weighted average cost of borrowings of 6.5% at September 30, 2025. This rate reflects a decrease from 6.6% in the third quarter, aided by refinancings completed earlier in the year and lower base rates. The total debt outstanding supporting the investment portfolio stood at $1,495.0 million as of that same date.

The structure of incentive compensation is directly tied to performance hurdles. For the fourth quarter of fiscal 2025, Oaktree Specialty Lending Corporation waived approximately $1.9 million in incentive fees because the total return hurdle was not met for that period. This mechanism helps align the interests of the investment manager with those of the shareholders.

General and Administrative (G&A) Operating Expenses fall under the broader category of net expenses. For the full year ended September 30, 2025, net expenses totaled $163.3 million, which was a decrease of $43.3 million from the prior year. This year-over-year reduction was driven by lower Part I incentive fees (net of waivers) and lower interest expense.

Here's a quick look at the key financial metrics underpinning these costs as of the end of the fiscal fourth quarter:

Metric	Value as of September 30, 2025
Weighted Average Cost of Borrowings	6.5%
Total Debt Outstanding	$1,495.0 million
Net Debt-to-Equity Ratio (Adjusted)	0.97x
Incentive Fees Waived (Q4 2025)	$1.9 million
Net Expenses (Full Year Ended 9/30/2025)	$163.3 million
Adjusted Net Investment Income (Q4 2025)	$35.4 million

You can see the sequential improvement in adjusted net investment income for the quarter was $35.4 million, up from $32.5 million in the third quarter, partly due to lower interest expense and the fee waivers. The company's leverage ratio remains at the low end of its target range of 0.90x to 1.25x.

The cost structure is managed through several levers, including:

• Reducing interest expense via refinancing activities and lower base rates.
• Utilizing incentive fee waivers when performance hurdles are not met.
• Maintaining a disciplined pace of capital deployment to keep leverage conservative.

Finance: draft 13-week cash view by Friday.

Oaktree Specialty Lending Corporation (OCSL) - Canvas Business Model: Revenue Streams

You're looking at how Oaktree Specialty Lending Corporation actually brings in the money to cover those distributions, which is key for any specialty finance outfit. The revenue streams are pretty straightforward, focusing heavily on the interest generated from the debt it holds in middle-market companies.

The core of the revenue comes from the debt portfolio, but you can't ignore the other bits that make up the total investment income. For the fiscal quarter ended June 30, 2025, the company reported its adjusted total investment income hit $74.3 million. That number is the sum of the main components we need to break down.

• - Interest Income from portfolio debt investments, totaling $68.4 million in Q3 2025.
• - Payment-in-Kind (PIK) Interest Income, which was $5.1 million in Q3 2025.
• - Fee Income from loan originations, prepayments, and OID acceleration.
• - Dividend Income from joint venture investments.

To give you a clearer picture of how these streams stack up, especially when comparing the quarter you asked about (Q3 2025, ended June 30, 2025) to the following quarter (Q4 2025, ended September 30, 2025), here's the breakdown of the adjusted total investment income components. It shows how much the fee and dividend income can fluctuate quarter-to-quarter.

Revenue Component	Q3 2025 (Ended 6/30/2025)	Q4 2025 (Ended 9/30/2025)
Interest Income from Portfolio Debt Investments	$68.4 million	$69.3 million
Payment-in-Kind (PIK) Interest Income	$5.1 million	$4.1 million
Fee Income (Originations, Prepayments, OID)	$0.3 million	$2.1 million
Dividend Income (Joint Ventures)	$0.5 million	$1.4 million
Total Adjusted Investment Income	$74.3 million	$76.9 million

That interest income is the bread and butter, making up the vast majority of the revenue base. The PIK interest, which is interest that accrues and is added to the principal balance rather than paid in cash currently, was $5.1 million in Q3 2025. You can see that the fee income component, which includes things like prepayment fees, saw a big jump in the next quarter, going from just $0.3 million in Q3 2025 to $2.1 million in Q4 2025. Honestly, that kind of variability in fees is something you always watch for in this business.

Dividend income from joint ventures, like the investment in Senior Loan Fund JV I, LLC (SLF JV I), is also a piece of the puzzle. It contributed $0.5 million in Q3 2025, then increased to $1.4 million in Q4 2025. The management noted that the year-over-year revenue decline for Q3 2025 was partly due to reduced non-recurring fee income and a drop in that joint venture dividend income compared to the prior year's third quarter.

The company's focus is on generating income from its debt investments, which are heavily weighted toward first lien senior loans, representing 81.1% of the portfolio at fair value as of Q3 FY2025. The weighted average yield on new debt investments for the quarter ending March 31, 2025, was 9.5%, showing the earning power of the assets feeding these revenue streams.

Finance: draft Q4 2025 revenue stream variance analysis by next Tuesday.