Oaktree Specialty Lending Corporation (OCSL) — Dividend Yield, NAV & Valuation Analysis
OCSL · NASDAQ
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Overview
Oaktree Specialty Lending Corporation is an externally managed BDC advised by Oaktree Capital Management, specializing in senior secured and mezzanine debt investments in middle-market companies. OCSL employs a disciplined, value-oriented credit approach with an emphasis on downside protection and risk-adjusted returns. The portfolio is heavily weighted toward first lien floating-rate loans to U.S. borrowers.
Key Metrics
| Metric | Value |
|---|---|
| 1-Year Total Return | 9.4% |
| 3-Year Total Return | 23.1% |
| 5-Year Total Return | 35.8% |
| Expense Ratio | 9.2% |
| Leverage Ratio | 1.18x |
| Portfolio Companies | 140 |
| Total Assets | $1.5B |
Discount / Premium to NAV
| Stock Price | $12.3 |
| NAV per Share | $15.1 |
| Premium / (Discount) to NAV | -18.5% |
| Implied per-share NAV gap | $2.8 |
The premium / discount to NAV compares the current stock price to the per-share net asset value of Oaktree Specialty Lending Corporation's investment portfolio. A negative reading (a discount) means the market is pricing OCSL below the value of its underlying assets and is one of the most-watched valuation metrics for any BDC. A positive reading (a premium) means the market is paying a premium over the stated NAV, often reflecting confidence in future dividend coverage and portfolio credit quality. Oaktree Specialty Lending Corporation currently trades at a -18.5% discount to NAV.
Investment Strategy
Oaktree Specialty Lending Corporation focuses on first lien loans, second lien loans, mezzanine debt in the healthcare, technology, industrials, consumer sectors. The company targets lower middle-market companies and maintains a portfolio of 140 investments totaling $1.5B in assets.
Management
CEO: Panos N. Novac | Employees: 55
Suitability
OCSL is suitable for income-focused investors seeking quarterly dividend income with a 9.8% yield. The BDC's focus on first lien loans provides defensive portfolio characteristics. Investors should consider their risk tolerance and investment objectives before investing.