Oaktree Specialty Lending Corporation (OCSL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de empréstimos especializados, a Oaktree Specialty Lending Corporation (OCSL) surge como uma potência estratégica, transformando o financiamento do mercado intermediário por meio de soluções de crédito inovadoras. Ao alavancar estratégias sofisticadas de investimento e profunda experiência financeira, o OCSL oferece abordagens de empréstimos personalizados que preenchem lacunas críticas para empresas orientadas para o crescimento que buscam acesso de capital flexível e sofisticado. Seu modelo de negócios exclusivo representa uma interseção sofisticada de parcerias estratégicas, gerenciamento avançado de riscos e apoio financeiro adaptado que os distingue no ecossistema alternativo de investimento de crédito.

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com empresas de private equity e bancos de investimento

A partir do quarto trimestre 2023, a Oaktree Specialty Lending Corporation mantém parcerias estratégicas com várias empresas de private equity e bancos de investimento:

Tipo de parceiro	Número de parcerias	Valor total da parceria
Empresas de private equity	12	US $ 875 milhões
Bancos de investimento	7	US $ 453 milhões

Colaboração com empresas de mercado intermediário

O portfólio de empréstimos da OCSL se concentra em empresas de mercado intermediário em setores específicos:

• Tecnologia: 35% das parcerias de empréstimos
• Saúde: 22% das parcerias de empréstimos
• Software: 18% das parcerias de empréstimos
• Serviços industriais: 15% das parcerias de empréstimos
• Serviços de consumo: 10% das parcerias de empréstimos

Relacionamento com investidores institucionais e fundos de crédito

Categoria de investidores	Investimento total	Tamanho médio de investimento
Investidores institucionais	US $ 1,2 bilhão	US $ 45 milhões
Fundos de crédito	US $ 687 milhões	US $ 28 milhões

Fornecedores de Consultoria Financeira e Serviço Jurídico

O OCSL mantém o relacionamento profissional com provedores de serviços especializados:

• Escritórios jurídicos: 9 parcerias
• Empresas de consultoria financeira: 6 parcerias
• Consultores de conformidade: 4 parcerias

Valor da rede total de parcerias: US $ 2,415 bilhões em 31 de dezembro de 2023.

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negócios: Atividades -chave

Originando e gerenciando soluções de empréstimos especializados

A partir do terceiro trimestre de 2023, a Oaktree Specialty Lending Corporation gerencia um portfólio total de investimentos de US $ 1,1 bilhão, com foco em empresas de mercado intermediário.

Composição do portfólio	Quantia
Portfólio total de investimentos	US $ 1,1 bilhão
Primeira dívida garantida por garantia	72.4%
Segunda dívida garantida por garantia	15.6%

Conduzindo avaliações abrangentes de risco de crédito

O OCSL emprega metodologias rigorosas de avaliação de risco de crédito com as seguintes métricas principais:

• Investimentos não acreais: 2,5% do portfólio total
• Classificação média ponderada de crédito: B
• Tamanho médio do investimento: US $ 15,3 milhões

Estruturar e monitorar portfólios complexos de empréstimos

Características da carteira de empréstimos	Métricas
Número de empresas de portfólio	62
Rendimento médio ponderado	11.2%
Maturidade média ponderada	5,7 anos

Fornecendo alternativas de financiamento flexíveis para empresas de mercado médio

O OCSL oferece diversas soluções de financiamento com a seguinte quebra:

• Empréstimos garantidos sênior: 58%
• Empréstimos subordinados: 27%
• Investimentos de ações: 15%

Gerenciando estratégias de investimento em vários setores

Alocação setorial	Percentagem
Software & Serviços	22.3%
Assistência médica	18.5%
Serviços de negócios	15.7%
Serviços de consumo	12.9%
Outros setores	30.6%

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento de investimentos

O Oaktree Capital Management lidera a equipe de investimentos, com US $ 177 bilhões em ativos sob administração em 31 de dezembro de 2023. A equipe compreende 19 gerentes de portfólio com uma média de 21 anos de experiência em investimento.

Capital financeiro e conhecimento de crédito

Métrica financeira	Quantia
Portfólio total de investimentos	US $ 1,2 bilhão
Valor líquido do ativo	US $ 679,4 milhões
Renda total de investimento	US $ 146,3 milhões

Processos de triagem de investimento

• Estrutura de análise de crédito proprietária
• Metodologia abrangente de avaliação de risco
• Processo de avaliação de investimentos em vários estágios

Tecnologias de gerenciamento de riscos

Sistemas avançados de monitoramento de risco rastrear:

• Métricas de concentração de portfólio
• Indicadores de qualidade de crédito
• Análise de desempenho em tempo real

Composição do portfólio de investimentos

Categoria de investimento	Percentagem
Empréstimos garantidos sênior	68%
Dívida subordinada	22%
Investimentos em ações	10%

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negócios: proposições de valor

Soluções de empréstimos personalizados para empresas de mercado médio

A partir do quarto trimestre 2023, a Oaktree Specialty Lending Corporation gerencia um portfólio total de investimentos de US $ 1,2 bilhão, com foco em empresas de mercado intermediário. A quebra do portfólio é a seguinte:

Tipo de investimento	Montante total	Percentagem
Primeira dívida garantida por garantia	US $ 678 milhões	56.5%
Segunda dívida garantida por garantia	US $ 312 milhões	26%
Dívida não garantida	US $ 210 milhões	17.5%

Acesso a financiamento de crédito flexível e especializado

O OCSL fornece soluções de crédito flexíveis com as seguintes características:

• Tamanho médio do empréstimo: US $ 15,3 milhões
• Termos de empréstimo: 3-7 anos
• Taxas de juros: LIBOR + 6,5% a 9,5%

Experiência em estratégias de crédito complexas

A estratégia de investimento da empresa demonstra experiência especializada em crédito:

• Diversificação da indústria em mais de 15 setores
• 97,2% dos investimentos classificados
• Ativos não-desempenho: 2,8%

Potencial para retornos mais altos em comparação aos empréstimos tradicionais

Métrica de desempenho	Valor OCSL	Benchmark de mercado
Rendimento de dividendos	9.6%	5.2%
Retorno total	12.3%	7.8%

Apoio financeiro personalizado para empresas orientadas para o crescimento

O OCSL suporta empresas orientadas para o crescimento com financiamento especializado:

• Investimento em empresas de tecnologia e software: US $ 287 milhões
• Investimentos do setor de saúde: US $ 214 milhões
• Receita média da empresa de empresas de portfólio: US $ 75 a US $ 250 milhões

Oaktree Specialty Lending Corporation (OCSL) - Modelo de Negócios: Relacionamentos do Cliente

Serviços personalizados de engajamento e consultoria

A partir do quarto trimestre 2023, a Oaktree Specialty Lending Corporation gerencia um portfólio total de investimentos de US $ 1,25 bilhão, com foco em empréstimos diretos e financiamento especializado. A empresa mantém uma abordagem dedicada ao engajamento do cliente adaptada às empresas do mercado intermediário.

Segmento de cliente	Tamanho médio do portfólio	Taxa de engajamento anual
Empresas de mercado intermediário	US $ 15-50 milhões	92.4%
Mutuários corporativos	US $ 25-75 milhões	88.6%

Abordagem de gerenciamento de relacionamento de longo prazo

O OCSL mantém uma taxa média de retenção de clientes de 87,3%, com uma duração mediana do relacionamento de 4,6 anos em seu portfólio de investimentos.

• Frequência média anual de interação com o cliente: 12-15 reuniões estratégicas
• Sessões de consulta financeira personalizadas
• Mecanismos trimestrais de revisão de desempenho

Equipes de gerenciamento de contas dedicadas

A empresa emprega 45 profissionais de gerenciamento de contas especializados com uma experiência média do setor de 12,7 anos.

Composição da equipe	Número de profissionais	Experiência média
Gerentes de contas seniores	18	15,2 anos
Gerentes de contas juniores	27	8,5 anos

Comunicação transparente e relatórios

O OCSL fornece relatórios financeiros abrangentes com uma taxa de entrega de 99,7% em tempo de entrega em sua base de clientes.

• Relatórios financeiros detalhados mensais
• Painéis de desempenho de portfólio em tempo real
• Documentação abrangente de avaliação de risco

Consulta Financeira Estratégica em andamento

A empresa oferece serviços estratégicos de consulta financeira com um valor médio de consulta de US $ 125.000 por envolvimento do cliente.

Tipo de consulta	Duração média	Valor anual de consulta
Planejamento financeiro estratégico	3-6 meses	$125,000
Advogado de gerenciamento de riscos	2-4 meses	$85,000

Oaktree Specialty Lending Corporation (OCSL) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Oaktree Specialty Lending Corporation mantém uma equipe de vendas diretas dedicadas com 28 profissionais de investimento a partir do quarto trimestre 2023. A equipe se concentra em empréstimos de mercado intermediário com um tamanho médio de negócios de US $ 18,5 milhões.

Métrica da equipe de vendas	2023 dados
Total de profissionais de investimento	28
Tamanho médio de negócios	US $ 18,5 milhões
Volume anual de originação direta	US $ 642 milhões

Plataformas de investimento on -line

A OCSL utiliza plataformas digitais para envolvimento dos investidores e gerenciamento de portfólio.

• Portal de investidores com rastreamento de portfólio em tempo real
• Acesso ao documento online seguro
• Sistema de relatórios digitais com atualizações trimestrais de desempenho

Redes de consultores financeiros

A corporação se envolve com 87 redes de consultores financeiros registrados Nos Estados Unidos, representando possíveis canais de investidores institucionais e de varejo.

Métricas de Rede de Advisor Financeiro	2023 Estatísticas
Total Advisor Networks	87
Cobertura de rede	48 estados
Alcance potencial do investidor	3.425 consultores individuais

Conferências de investidores institucionais

O OCSL participa de 12 conferências institucionais de investidores anualmente, direcionando o patrimônio líquido, fundos de pensão e gerentes de investimentos institucionais.

Sistemas de comunicação e relatórios digitais

A corporação mantém uma sofisticada infraestrutura de comunicação digital com os seguintes recursos tecnológicos:

• Sistema de arquivamento digital compatível com Sec Edgar
• Plataforma de comunicação de investidores criptografada
• Apresentação trimestral de ganhos digitais
• Painel de Relações com Investidores Automatizados

Métricas de comunicação digital	2023 desempenho
Interações com investidores digitais	4.672 trimestralmente
Precisão de relatórios on -line	99.8%
Tempo de atividade da plataforma digital	99.95%

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

Mutuários corporativos do mercado intermediário

A partir do quarto trimestre de 2023, a Oaktree Specialty Lending Corporation se concentra em empresas de mercado intermediário com receita anual entre US $ 50 milhões e US $ 500 milhões. A composição do portfólio mostra:

Característica do segmento	Dados específicos
Carteira total de empréstimos de mercado médio	US $ 1,2 bilhão
Tamanho médio do empréstimo	US $ 35,6 milhões
Porcentagem de portfólio	78.3%

Empresas de private equity

O OCSL fornece soluções de empréstimos especializadas para empresas apoiadas por private equity:

• Investimentos totais relacionados a private equity: US $ 456 milhões
• Número de parcerias de private equity: 37
• Duração média do investimento: 3-5 anos

Organizações de capital de risco

Detalhes do segmento de empréstimos de capital de risco:

Métrica	Valor
Total Venture Capital Investments	US $ 189 milhões
Número de investimentos em risco ativo	22
Tamanho médio de investimento	US $ 8,6 milhões

Negócios em estágio de crescimento

Empréstimos focados para empresas de crescimento de alto potencial:

• Portfólio de investimento total em estágio de crescimento: US $ 276 milhões
• Setores direcionados: tecnologia, saúde, software
• Faixa de receita típica: US $ 20 milhões - US $ 100 milhões

Investidores institucionais

Características do segmento de investimento institucional:

Tipo de investidor	Valor do investimento
Fundos de pensão	US $ 342 milhões
Doações	US $ 214 milhões
Companhias de seguros	US $ 187 milhões

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negócios: estrutura de custos

Taxas de gestão e consultoria

No ano fiscal de 2023, a Oaktree Specialty Lending Corporation relatou a seguinte estrutura de taxas de gerenciamento:

Categoria de taxa	Quantia	Percentagem
Taxa de gerenciamento base	US $ 27,4 milhões	1,75% do total de ativos
Taxa de gerenciamento de incentivos	US $ 12,6 milhões	20% da receita de investimento líquido

Despesas operacionais para a equipe de investimento

Despesas operacionais para a equipe de investimento em 2023 incluíram:

• Despesas totais de compensação: US $ 18,3 milhões
• Benefícios dos funcionários: US $ 4,2 milhões
• Desenvolvimento e Treinamento Profissional: US $ 1,1 milhão

Investimentos de tecnologia e infraestrutura

A quebra de custo de tecnologia e infraestrutura para 2023:

Categoria de investimento	Gasto
Infraestrutura de TI	US $ 3,7 milhões
Sistemas de segurança cibernética	US $ 2,1 milhões
Software e ferramentas digitais	US $ 1,9 milhão

Conformidade e custos regulatórios

Despesas de conformidade para o ano fiscal de 2023:

• Taxas de arquivamento regulatório: US $ 850.000
• Consultoria de conformidade externa: US $ 1,2 milhão
• Departamento de conformidade interna: US $ 2,5 milhões

Avaliação de crédito e despesas de monitoramento de portfólio

Redução detalhada das despesas relacionadas ao crédito em 2023:

Categoria de despesa	Quantia
Análise de risco de crédito	US $ 3,4 milhões
Sistemas de monitoramento de portfólio	US $ 2,6 milhões
Serviços de classificação de crédito externo	US $ 1,1 milhão

Oaktree Specialty Lending Corporation (OCSL) - Modelo de negócios: fluxos de receita

Receita de juros de carteiras de empréstimos

A partir do terceiro trimestre de 2023, a Oaktree Specialty Lending Corporation registrou receita total de juros de US $ 56,4 milhões. A carteira de empréstimos consiste principalmente em:

Tipo de empréstimo	Valor total	Taxa de juros média
Primeira garantia empréstimos garantidos sênior	US $ 689,2 milhões	10.5%
Segunda garantia empréstimos garantidos sênior	US $ 212,3 milhões	12.3%
Empréstimos subordinados	US $ 98,7 milhões	13.8%

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para o ano fiscal de 2023 totalizaram US $ 14,2 milhões, estruturadas da seguinte forma:

• Taxa de gerenciamento base: 1,5% do total de ativos
• Total de ativos gerenciados: US $ 1,2 bilhão
• Taxas anuais de gerenciamento recorrente: US $ 18,0 milhões

Remuneração baseada em desempenho

Detalhes de compensação baseados em desempenho para 2023:

Métrica	Quantia
Taxas totais de incentivo de desempenho	US $ 6,7 milhões
Taxa de obstáculos	8% ao ano

Apreciação de capital dos investimentos em crédito

Métricas de apreciação de capital para 2023:

• Gains totais não realizados: US $ 22,3 milhões
• Ganhos realizados com vendas de investimentos: US $ 8,9 milhões
• Valor do ativo líquido (NAV) Crescimento: 5,6%

Receita de transação financeira estruturada

Recebidas estruturadas de transações financeiras:

Tipo de transação	Receita total
Linhas de crédito sindicadas	US $ 12,5 milhões
Taxas de produto estruturado	US $ 4,3 milhões
Taxas de arranjo	US $ 3,2 milhões

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.