Oaktree Specialty Lending Corporation (OCSL) Balance Sheet
OCSL balance sheet, FY2025
September 30, 2025 · U.S. dollars$3.00B assets = $1.54B liabilities + $1.47B equity
Both columns are drawn to the same scale: what OCSL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OCSL financial health
Descriptive bands, not a rating. Fiscal FY2025.
OCSL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.35BFY2016 | $3.00BFY2025 | +2.7%/yr | |
| Total liabilities | $1.21BFY2016 | $1.54BFY2025 | +2.7%/yr | |
| Shareholders’ equity | $1.14BFY2016 | $1.47BFY2025 | +2.8%/yr | |
| Cash & short-term investments | $117.9MFY2016 | $79.6MFY2025 | −4.3%/yr | |
| Total debt | $1.78BFY2016 | $1.49BFY2025 | −2.0%/yr | |
| Net cash (debt) | −$1.66BFY2016 | −$1.41BFY2025 | +$257.2M | |
| Working capital | −$405.3MFY2016 | $123.1MFY2025 | +$528.4M | |
| Book value per share | $22.64FY2016 | $17.03FY2025 | −3.1%/yr | |
| Debt / equity | 1.56FY2016 | 1.01FY2025 | −0.55 | |
| Shares outstanding | 50.4MFY2016 | 86.1MFY2025 | +6.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OCSL assets
OCSL liabilities and equity
OCSL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OCSL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $79.6M | $64.0M | $136.4M | $23.5M | $29.3M | $39.1M | $15.4M | $13.4M | $53.0M | $117.9M |
| Cash & equivalents | $79.6M | $64.0M | $136.4M | $23.5M | $29.3M | $39.1M | $15.4M | $13.4M | $53.0M | $117.9M |
| Short-term investments | — | — | −$4.9M | $214.2M | — | — | — | $109,000 | $6.9M | $12.4M |
| Receivables | $55.6M | $85.9M | $160.6M | $108.3M | $33.9M | $18.8M | $18.4M | $38.4M | $12.6M | $44.7M |
| Inventory | $0 | $0 | $190.1M | $134.7M | $1 | $0 | $0 | $1 | $1 | $1 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $135.2M | $149.9M | $297.0M | $131.8M | $63.2M | $57.9M | $33.8M | $51.8M | $65.6M | $162.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | −$1.7M | −$714,000 | −$847,000 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $1.7M | $714,000 | $847,000 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.86B | $3.02B | $2.90B | $2.50B | $2.56B | $1.57B | $1.44B | $1.49B | $1.54B | $2.17B |
| Other non-current assets | $11.3M | $27.2M | $23.5M | $13.6M | $14.6M | $8.8M | $8.7M | $8.3M | $8.7M | $24.4M |
| Total assets | $3.00B | $3.20B | $3.22B | $2.65B | $2.64B | $1.64B | $1.48B | $1.55B | $1.62B | $2.35B |
| Liabilities | ||||||||||
| Accounts payable | $12.1M | $16.2M | $16.0M | $7.9M | $4.6M | $1.6M | $3.9M | $3.4M | $5.6M | $6.4M |
| Short-term debt | $96.8M | $404.7M | $115.4M | $59.4M | $30.2M | $709.3M | $473.4M | $255.3M | $675.4M | $1.15B |
| Deferred revenue | — | — | −$96.5M | −$47.8M | −$22.6M | −$706.6M | −$469.5M | −$382.0M | −$419.4M | −$1.15B |
| Total current liabilities | $12.1M | $16.2M | $16.0M | $7.9M | $4.6M | $1.6M | $3.9M | $3.4M | $329.0M | $568.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $158.5M | $396.2M | $419.4M | $633.0M |
| Other long-term liabilities | $1.53B | $1.69B | $1.69B | $1.39B | $1.32B | $724.2M | $314.8M | $293.8M | $0 | $0 |
| Total liabilities | $1.54B | $1.71B | $1.70B | $1.40B | $1.32B | $725.8M | $550.4M | $693.4M | $748.4M | $1.21B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $881,000 | $822,000 | $772,000 | $611,000 | $1.8M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | −$885.1M | −$777.5M | −$651.3M | −$582.8M | −$493.3M | −$574.3M | −$558.6M | −$636.1M | −$19.3M | −$26.5M |
| Accumulated other comprehensive income | — | — | $1.52B | $1.25B | $0 | $0 | $0 | $858.0M | $867.7M | $1.14B |
| Total shareholders' equity | $1.47B | $1.49B | $1.52B | $1.25B | $1.31B | $914.9M | $930.6M | $858.0M | $867.7M | $1.14B |
| Key figures | ||||||||||
| Total debt | $1.49B | $1.64B | $1.60B | $1.30B | $1.27B | $709.3M | $631.9M | $637.2M | $1.09B | $1.78B |
| Net cash (debt) | −$1.41B | −$1.57B | −$1.46B | −$1.28B | −$1.24B | −$670.2M | −$616.5M | −$623.8M | −$1.04B | −$1.66B |
| Working capital | $123.1M | $133.7M | $281.0M | $123.9M | $58.6M | $56.3M | $29.9M | $48.4M | −$263.4M | −$405.3M |
| Tangible book value | $1.47B | $1.49B | $1.52B | $1.24B | $1.31B | $914.0M | $930.6M | $858.0M | $867.7M | $1.14B |
| Book value per share | $17.03 | $18.50 | $21.02 | $20.51 | $24.29 | $19.47 | $19.81 | $18.26 | $18.40 | $22.64 |
| Shares outstanding | 86.1M | 80.4M | 72.1M | 60.7M | 54.0M | 47.0M | 47.0M | 47.0M | 47.1M | 50.4M |
| Current ratio | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 8.69 | 15.38 | 0.20 | 0.29 |
| Quick ratio | 11.20 | 9.24 | 18.56 | 16.61 | 13.76 | 35.60 | 8.69 | 15.38 | 0.20 | 0.29 |
| Debt / equity | 1.01 | 1.10 | 1.06 | 1.04 | 0.97 | 0.78 | 0.68 | 0.74 | 1.26 | 1.56 |
| Equity / assets | 48.8% | 46.5% | 47.1% | 47.1% | 49.8% | 55.8% | 62.8% | 55.3% | 53.7% | 48.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $39.9M | $51.3M | $80.8M | $79.6M | $79.8M | $97.8M | $112.9M | $64.0M | $96.3M | $125.0M | $112.4M | $136.4M |
| Cash & equivalents | $39.9M | $11.1M | $80.8M | $79.6M | $79.8M | $97.8M | $112.9M | $64.0M | $96.3M | $125.0M | $112.4M | $136.4M |
| Short-term investments | — | $40.1M | $61.3M | — | — | — | −$6.7M | — | −$436,000 | — | — | — |
| Receivables | $23.2M | $22.9M | $23.9M | $55.6M | $50.1M | $66.8M | $103.2M | $85.9M | $77.6M | $99.3M | $101.4M | $160.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $174.7M | $306.1M |
| Other current assets | $44.6M | $36.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $107.7M | $110.5M | $80.8M | $135.2M | $129.9M | $164.6M | $216.2M | $149.9M | $174.0M | $224.3M | $213.8M | $297.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.75B | $2.77B | $2.96B | $2.86B | $2.82B | $2.89B | $2.84B | $3.02B | $3.12B | $3.05B | $3.02B | $2.90B |
| Other non-current assets | $2.9M | $9.7M | $60.2M | $11.3M | $17.0M | $21.8M | $25.7M | $27.2M | $26.1M | $26.2M | $33.9M | $23.5M |
| Total assets | $2.86B | $2.89B | $3.10B | $3.00B | $2.96B | $3.08B | $3.08B | $3.20B | $3.32B | $3.30B | $3.27B | $3.22B |
| Liabilities | ||||||||||||
| Accounts payable | $2.6M | $10.3M | $2.2M | $12.1M | $12.2M | $14.1M | $17.6M | $16.2M | $19.3M | $16.1M | $19.0M | $16.0M |
| Short-term debt | — | $434.0M | $98.4M | $96.8M | — | — | — | — | $418.2M | $416.2M | $115.9M | $115.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$418.2M | −$416.2M | −$93.6M | −$96.5M |
| Total current liabilities | $27.5M | $434.0M | $45.3M | $12.1M | $12.2M | $14.1M | $17.6M | $16.2M | $19.3M | $16.1M | $19.0M | $16.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.44B | $1.08B | $1.62B | $1.53B | $1.48B | $1.59B | $1.62B | $1.69B | $1.81B | $1.76B | $1.74B | $1.69B |
| Total liabilities | $1.48B | $1.51B | $1.66B | $1.54B | $1.49B | $1.60B | $1.63B | $1.71B | $1.83B | $1.77B | $1.75B | $1.70B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $881,000 | $881,000 | $881,000 | $881,000 | $881,000 | $881,000 | $822,000 | $822,000 | $822,000 | $814,000 | $790,000 | $772,000 |
| Retained earnings (deficit) | −$967.9M | −$968.9M | −$914.8M | −$885.1M | −$891.7M | −$893.1M | −$815.5M | −$777.5M | −$769.1M | −$725.1M | −$689.7M | −$651.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | — | — |
| Total shareholders' equity | $1.38B | $1.38B | $1.44B | $1.47B | $1.48B | $1.48B | $1.45B | $1.49B | $1.50B | $1.52B | $1.51B | $1.52B |
| Key figures | ||||||||||||
| Total debt | $1.44B | $1.48B | $1.61B | $1.49B | $1.45B | $1.45B | $1.58B | $1.64B | $1.70B | $1.64B | $1.62B | $1.60B |
| Net cash (debt) | −$1.40B | −$1.43B | −$1.53B | −$1.41B | −$1.37B | −$1.35B | −$1.46B | −$1.57B | −$1.60B | −$1.51B | −$1.51B | −$1.46B |
| Working capital | $80.2M | −$323.5M | $35.5M | $123.1M | $117.7M | $150.6M | $198.6M | $133.7M | $154.6M | $208.3M | $194.8M | $281.0M |
| Tangible book value | $1.38B | $1.38B | $1.44B | $1.47B | $1.48B | $1.48B | $1.45B | $1.49B | $1.50B | $1.52B | $1.51B | $1.52B |
| Book value per share | $15.70 | $15.69 | $16.30 | $16.64 | $16.76 | $17.17 | $17.63 | $18.09 | $18.28 | $19.11 | $19.42 | $19.65 |
| Shares outstanding | 88.1M | 88.1M | 88.1M | 88.1M | 88.1M | 85.9M | 82.2M | 82.2M | 81.8M | 79.8M | 77.8M | 77.1M |
| Current ratio | 3.92 | 0.25 | 1.78 | 11.20 | 10.61 | 11.69 | 12.28 | 9.24 | 9.00 | 13.96 | 11.26 | 18.56 |
| Quick ratio | 2.30 | 0.17 | 2.31 | 11.20 | 10.61 | 11.69 | 12.28 | 9.24 | 9.00 | 13.96 | 11.26 | 18.56 |
| Debt / equity | 1.04 | 1.07 | 1.12 | 1.01 | 0.98 | 0.98 | 1.09 | 1.10 | 1.13 | 1.07 | 1.07 | 1.06 |
| Equity / assets | 48.4% | 47.7% | 46.4% | 48.8% | 49.8% | 47.9% | 47.0% | 46.5% | 45.0% | 46.2% | 46.3% | 47.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 18, 2025); data from EODHD.
OCSL financial position
At the end of fiscal 2025 (September 30, 2025), Oaktree Specialty Lending had total assets of $3.0 billion (down 6.1% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $1.5 billion. It held $79.6 million in cash and short-term investments against $1.5 billion of debt, net debt of $1.4 billion. Its current ratio was 11.20. In the latest quarter (ended June 30, 2026) total assets were $2.9 billion and equity $1.4 billion.
Related: OCSL income statement, OCSL cash flow statement, OCSL key metrics. See the OCSL stock overview for the latest quote and news.
OCSL balance sheet FAQ
What are Oaktree Specialty Lending's total assets?
Oaktree Specialty Lending reported total assets of $3.0 billion at the end of fiscal 2025 (September 30, 2025), compared with $3.2 billion a year earlier.
How much debt does Oaktree Specialty Lending have?
Oaktree Specialty Lending had $1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.01.
How much cash does Oaktree Specialty Lending have?
Oaktree Specialty Lending held $79.6 million in cash and short-term investments at the end of fiscal 2025; with $1.5 billion of debt that is net debt of $1.4 billion.
What is Oaktree Specialty Lending's book value?
Oaktree Specialty Lending's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $17.03 per share.
What is Oaktree Specialty Lending's current ratio?
Oaktree Specialty Lending had current assets of $135.2 million and current liabilities of $12.1 million, a current ratio of 11.20 (it can cover its short-term obligations).