Corporación de Préstamos Especiales Oaktree (OCSL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los préstamos especializados, Oaktree Specialty Lending Corporation (OCSL) surge como una potencia estratégica, transformando el financiamiento del mercado medio a través de soluciones de crédito innovadoras. Al aprovechar estrategias de inversión sofisticadas y una profunda experiencia financiera, OCSL ofrece enfoques de préstamos personalizados que unen brechas críticas para empresas orientadas al crecimiento que buscan acceso de capital flexible y sofisticado. Su modelo de negocio único representa una intersección sofisticada de asociaciones estratégicas, gestión avanzada de riesgos y apoyo financiero personalizado que los distingue en el ecosistema alternativo de inversión crediticia.

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con empresas de capital privado y bancos de inversión

A partir del cuarto trimestre de 2023, Oaktree Specialty Lending Corporation mantiene asociaciones estratégicas con múltiples empresas de capital privado y bancos de inversión:

Tipo de socio	Número de asociaciones	Valor de asociación total
Empresas de capital privado	12	$ 875 millones
Bancos de inversión	7	$ 453 millones

Colaboración con compañías de mercado medio

La cartera de préstamos de OCSL se centra en compañías de mercado medio en sectores específicos:

• Tecnología: 35% de las asociaciones de préstamos
• Atención médica: 22% de las asociaciones de préstamos
• Software: 18% de las asociaciones de préstamos
• Servicios industriales: 15% de las asociaciones de préstamos
• Servicios al consumidor: 10% de las asociaciones de préstamos

Relaciones con inversores institucionales y fondos de crédito

Categoría de inversionista	Inversión total	Tamaño de inversión promedio
Inversores institucionales	$ 1.2 mil millones	$ 45 millones
Fondos de crédito	$ 687 millones	$ 28 millones

Proveedores de asesoramiento financiero y servicios legales

OCSL mantiene relaciones profesionales con proveedores de servicios especializados:

• Firmas legales: 9 asociaciones
• Firma de asesoramiento financiero: 6 asociaciones
• Consultores de cumplimiento: 4 asociaciones

Valor de red de asociación total: $ 2.415 mil millones Al 31 de diciembre de 2023.

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocio: actividades clave

Origen y gestión de soluciones de préstamos especializados

A partir del tercer trimestre de 2023, Oaktree Specialty Lending Corporation administra una cartera de inversiones total de $ 1.1 mil millones, con un enfoque en las empresas del mercado medio.

Composición de cartera	Cantidad
Cartera de inversiones totales	$ 1.1 mil millones
Primer gravamen de deuda asegurada	72.4%
Segundo gravamen de deuda asegurada	15.6%

Realización de evaluaciones integrales de riesgo de crédito

OCSL emplea rigurosas metodologías de evaluación de riesgo de crédito con las siguientes métricas clave:

• Inversiones no acritivas: 2.5% de la cartera total
• Calificación crediticia promedio ponderada: B
• Tamaño promedio de la inversión: $ 15.3 millones

Estructuración y monitoreo de carteras de préstamos complejos

Características de la cartera de préstamos	Métrica
Número de compañías de cartera	62
Rendimiento promedio ponderado	11.2%
Madurez promedio ponderada	5.7 años

Proporcionar alternativas de financiamiento flexibles para las empresas de mercado medio

OCSL ofrece diversas soluciones financieras con el siguiente desglose:

• Préstamos seguros para personas mayores: 58%
• Préstamos subordinados: 27%
• Inversiones de capital: 15%

Gestión de estrategias de inversión en varios sectores

Asignación del sector	Porcentaje
Software & Servicios	22.3%
Cuidado de la salud	18.5%
Servicios comerciales	15.7%
Servicios de consumo	12.9%
Otros sectores	30.6%

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocio: recursos clave

Equipo de gestión de inversiones

Oaktree Capital Management lidera al equipo de inversión con $ 177 mil millones en activos bajo administración al 31 de diciembre de 2023. El equipo comprende 19 gerentes de cartera con un promedio de 21 años de experiencia en inversión.

Capital financiero y experiencia en crédito

Métrica financiera	Cantidad
Cartera de inversiones totales	$ 1.2 mil millones
Valor de activo neto	$ 679.4 millones
Ingresos de inversión totales	$ 146.3 millones

Procesos de detección de inversiones

• Marco de análisis de crédito patentado
• Metodología integral de evaluación de riesgos
• Proceso de evaluación de inversión en varias etapas

Tecnologías de gestión de riesgos

Sistemas de monitoreo de riesgos avanzados Track:

• Métricas de concentración de cartera
• Indicadores de calidad de crédito
• Análisis de rendimiento en tiempo real

Composición de la cartera de inversiones

Categoría de inversión	Porcentaje
Préstamos para personas mayores aseguradas	68%
Deuda subordinada	22%
Inversiones de renta variable	10%

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocio: propuestas de valor

Soluciones de préstamos personalizadas para compañías de mercado medio

A partir del cuarto trimestre de 2023, Oaktree Specialty Lending Corporation administra una cartera de inversiones total de $ 1.2 mil millones, con un enfoque en las empresas del mercado medio. El desglose de la cartera es el siguiente:

Tipo de inversión	Cantidad total	Porcentaje
Primer gravamen de deuda asegurada	$ 678 millones	56.5%
Segundo gravamen de deuda asegurada	$ 312 millones	26%
Deuda no garantizada	$ 210 millones	17.5%

Acceso a financiamiento de crédito flexible y especializado

OCSL proporciona soluciones de crédito flexibles con las siguientes características:

• Tamaño promedio del préstamo: $ 15.3 millones
• Condiciones de préstamo: 3-7 años
• Tasas de interés: LIBOR + 6.5% a 9.5%

Experiencia en estrategias de crédito complejas

La estrategia de inversión de la compañía demuestra experiencia especializada en crédito:

• Diversificación de la industria en más de 15 sectores
• 97.2% de las inversiones calificadas de rendimiento
• Activos sin rendimiento: 2.8%

Potencial para mayores rendimientos en comparación con los préstamos tradicionales

Métrico de rendimiento	Valor OCSL	Punto de referencia del mercado
Rendimiento de dividendos	9.6%	5.2%
Retorno total	12.3%	7.8%

Apoyo financiero personalizado para empresas orientadas al crecimiento

OCSL apoya a las empresas orientadas al crecimiento con financiamiento especializado:

• Inversión en compañías de tecnología y software: $ 287 millones
• Inversiones del sector de la salud: $ 214 millones
• Ingresos promedio de la compañía de las compañías de cartera: $ 75- $ 250 millones

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocios: relaciones con los clientes

Servicios personalizados de participación y asesoramiento del cliente

A partir del cuarto trimestre de 2023, Oaktree Specialty Lending Corporation administra una cartera de inversiones total de $ 1.25 mil millones con un enfoque en préstamos directos y finanzas especializadas. La compañía mantiene un enfoque dedicado de participación del cliente adaptado a las empresas del mercado medio.

Segmento de clientes	Tamaño promedio de la cartera	Tasa de compromiso anual
Compañías del mercado medio	$ 15-50 millones	92.4%
Prestatarios corporativos	$ 25-75 millones	88.6%

Enfoque de gestión de relaciones a largo plazo

OCSL mantiene una tasa promedio de retención de clientes del 87.3% con una duración media de la relación de 4.6 años en su cartera de inversiones.

• Frecuencia promedio de interacción del cliente anual: 12-15 reuniones estratégicas
• Sesiones de consulta financiera personalizadas
• Mecanismos de revisión del rendimiento trimestral

Equipos de gestión de cuentas dedicados

La compañía emplea a 45 profesionales especializados de gestión de cuentas con una experiencia promedio de la industria de 12.7 años.

Composición del equipo	Número de profesionales	Experiencia promedio
Gerentes de cuentas senior	18	15.2 años
Gerentes de cuentas junior	27	8.5 años

Comunicación e informes transparentes

OCSL proporciona información financiera integral con una tasa de entrega a tiempo de 99.7% en su base de clientes.

• Informes financieros detallados mensuales
• Paneles de rendimiento de la cartera en tiempo real
• Documentación integral de evaluación de riesgos

Consulta financiera estratégica continua

La compañía ofrece servicios estratégicos de consulta financiera con un valor de consulta promedio de $ 125,000 por participación del cliente.

Tipo de consulta	Duración promedio	Valor de consulta anual
Planificación financiera estratégica	3-6 meses	$125,000
Aviso de gestión de riesgos	2-4 meses	$85,000

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

Oaktree Specialty Lending Corporation mantiene un equipo de ventas directo dedicado con 28 profesionales de la inversión a partir del cuarto trimestre de 2023. El equipo se centra en los préstamos del mercado medio con un tamaño de acuerdo promedio de $ 18.5 millones.

Métrica del equipo de ventas	2023 datos
Profesionales de inversión totales	28
Tamaño de trato promedio	$ 18.5 millones
Volumen de origen directo anual	$ 642 millones

Plataformas de inversión en línea

OCSL utiliza plataformas digitales para la participación de los inversores y la gestión de la cartera.

• Portal de inversores con seguimiento de cartera en tiempo real
• Acceso seguro de documentos en línea
• Sistema de informes digitales con actualizaciones trimestrales de rendimiento

Redes de asesores financieros

La corporación se involucra con 87 redes de asesores financieros registrados En todo Estados Unidos, representando posibles canales de inversores institucionales y minoristas.

Métricas de la red de asesores financieros	2023 estadísticas
Redes de asesores totales	87
Cobertura de red	48 estados
Alcance potencial para inversores	3.425 asesores individuales

Conferencias de inversores institucionales

OCSL participa en 12 conferencias de inversores institucionales anualmente, dirigidos a capital privado, fondos de pensiones y administradores de inversiones institucionales.

Sistemas de comunicación digital e informes

La corporación mantiene una sofisticada infraestructura de comunicación digital con las siguientes capacidades tecnológicas:

• Sistema de archivo digital que cumple con el Sec Edgar
• Plataforma de comunicación de inversores cifrado
• Presentación trimestral de ganancias digitales
• Panel de relaciones de inversores automatizados

Métricas de comunicación digital	2023 rendimiento
Interacciones de inversores digitales	4.672 trimestralmente
Precisión de informes en línea	99.8%
Tiempo de actividad de la plataforma digital	99.95%

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocios: segmentos de clientes

Prestatarios corporativos del mercado medio

A partir del cuarto trimestre de 2023, Oaktree Specialty Lending Corporation se centra en compañías de mercado medio con ingresos anuales entre $ 50 millones y $ 500 millones. La composición de la cartera muestra:

Característica de segmento	Datos específicos
Cartera total de préstamos de mercado medio	$ 1.2 mil millones
Tamaño promedio del préstamo	$ 35.6 millones
Porcentaje de cartera	78.3%

Empresas de capital privado

OCSL ofrece soluciones de préstamos especializadas a empresas respaldadas por capital privado:

• Inversiones totales relacionadas con el capital privado: $ 456 millones
• Número de asociaciones de capital privado: 37
• Duración promedio de la inversión: 3-5 años

Organizaciones de capital de riesgo

Detalles del segmento de préstamos de capital de riesgo:

Métrico	Valor
Inversiones totales de capital de riesgo	$ 189 millones
Número de inversiones de riesgo activo	22
Tamaño de inversión promedio	$ 8.6 millones

Negocios en etapa de crecimiento

Préstamos enfocados para empresas de crecimiento de alto potencial:

• Cartera total de inversión en etapa de crecimiento: $ 276 millones
• Sectores dirigidos: tecnología, atención médica, software
• Rango de ingresos típico: $ 20 millones - $ 100 millones

Inversores institucionales

Características del segmento de inversión institucional:

Tipo de inversor	Monto de la inversión
Fondos de pensiones	$ 342 millones
Dotación	$ 214 millones
Compañías de seguros	$ 187 millones

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del año fiscal 2023, Oaktree Specialty Lending Corporation informó la siguiente estructura de tarifas de gestión:

Categoría de tarifa	Cantidad	Porcentaje
Tarifa de gestión base	$ 27.4 millones	1.75% de los activos totales
Tarifa de gestión de incentivos	$ 12.6 millones	20% de los ingresos por inversiones netos

Gastos operativos para el equipo de inversión

Los gastos operativos para el equipo de inversión en 2023 incluyeron:

• Gastos de compensación total: $ 18.3 millones
• Beneficios para empleados: $ 4.2 millones
• Desarrollo y capacitación profesional: $ 1.1 millones

Inversiones de tecnología e infraestructura

Desglose de costos de tecnología e infraestructura para 2023:

Categoría de inversión	Gasto
Infraestructura	$ 3.7 millones
Sistemas de ciberseguridad	$ 2.1 millones
Software y herramientas digitales	$ 1.9 millones

Cumplimiento y costos regulatorios

Gastos de cumplimiento para el año fiscal 2023:

• Tarifas de presentación regulatoria: $ 850,000
• Consultoría de cumplimiento externo: $ 1.2 millones
• Departamento de cumplimiento interno: $ 2.5 millones

Evaluación de crédito y gastos de monitoreo de cartera

Desglose detallado de los gastos relacionados con el crédito en 2023:

Categoría de gastos	Cantidad
Análisis de riesgos de crédito	$ 3.4 millones
Sistemas de monitoreo de cartera	$ 2.6 millones
Servicios de calificación crediticia externa	$ 1.1 millones

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

A partir del tercer trimestre de 2023, Oaktree Specialty Lending Corporation reportó ingresos por intereses totales de $ 56.4 millones. La cartera de préstamos consiste principalmente en:

Tipo de préstamo	Valor total	Tasa de interés promedio
Primer gravamen préstamos asegurados	$ 689.2 millones	10.5%
Segundo gravamen de préstamos asegurados	$ 212.3 millones	12.3%
Préstamos subordinados	$ 98.7 millones	13.8%

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para el año fiscal 2023 totalizaron $ 14.2 millones, estructurados de la siguiente manera:

• Tasa de tarifas de gestión de la base: 1.5% de los activos totales
• Activos totales administrados: $ 1.2 mil millones
• Tarifas de gestión recurrentes anuales: $ 18.0 millones

Compensación basada en el rendimiento

Detalles de compensación basados ​​en el rendimiento para 2023:

Métrico	Cantidad
Tarifas de incentivos de rendimiento total	$ 6.7 millones
Tasa de obstáculo	8% por año

Apreciación de capital de las inversiones crediticias

Métricas de apreciación de capital para 2023:

• Ganancias totales no realizadas: $ 22.3 millones
• Ganancias realizadas de las ventas de inversión: $ 8.9 millones
• Crecimiento del valor del activo neto (NAV): 5.6%

Ingresos de transacciones de finanzas estructuradas

Desglose de ingresos de transacciones de finanzas estructuradas:

Tipo de transacción	Ingresos totales
Facilidades de crédito sindicadas	$ 12.5 millones
Tarifas de productos estructuradas	$ 4.3 millones
Tarifas de arreglo	$ 3.2 millones

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.