Form 8-K
8-K — Oaktree Specialty Lending Corp
Accession: 0001193125-26-204937
Filed: 2026-05-05
Period: 2026-05-05
CIK: 0001414932
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — d80092d8k.htm (Primary)
EX-99.1 (d80092dex991.htm)
EX-99.2 (d80092dex992.htm)
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8-K
8-K (Primary)
Filename: d80092d8k.htm · Sequence: 1
8-K
Oaktree Specialty Lending Corp false 0001414932 0001414932 2026-05-05 2026-05-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
Oaktree Specialty Lending Corporation
(Exact name of registrant as specified in its charter)
Delaware
814-00755
26-1219283
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
333 South Grand Avenue, 28th Floor
Los Angeles, CA
90071
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (213) 830-6300
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.01 per share
OCSL
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 5, 2026, Oaktree Specialty Lending Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
On May 5, 2026, the Company will host a conference call to discuss its financial results for the fiscal quarter ended March 31, 2026. In connection therewith, the Company provided an investor presentation on its website at http://www.oaktreespecialtylending.com. A copy of the investor presentation is attached hereto as Exhibit 99.2.
The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being “furnished” and is not deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor is it deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
99.1
Press release of Oaktree Specialty Lending Corporation dated May 5, 2026
99.2
Oaktree Specialty Lending Corporation Second Quarter 2026 Earnings Presentation
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OAKTREE SPECIALTY LENDING CORPORATION
Date: May 5, 2026
By:
/s/ Christopher McKown
Name: Christopher McKown
Title: Chief Financial Officer and Treasurer
EX-99.1
EX-99.1
Filename: d80092dex991.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2026 Financial Results
LOS ANGELES, CA, May 5, 2026 - Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the
“Company”), a specialty finance company, today announced its financial results for the second fiscal quarter ended March 31, 2026.
Financial Highlights for the Quarter Ended March 31, 2026
•
Total investment income was $70.4 million ($0.80 per share) for the second fiscal quarter of 2026 as
compared to $75.1 million ($0.85 per share) for the first fiscal quarter of 2026. Adjusted total investment income was $69.7 million ($0.79 per share) for the second fiscal quarter of 2026 as compared with $74.5 million ($0.85 per
share) for the first fiscal quarter of 2026. The decrease was primarily driven by lower reference rates and lower non-recurring income.
•
GAAP net investment income was $34.4 million ($0.39 per share) for the second fiscal quarter of 2026
as compared with $36.7 million ($0.42 per share) for the first fiscal quarter of 2026. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower interest expense and lower income-based
(“Part I”) incentive fees (net of fees waived).
•
Adjusted net investment income was $33.7 million ($0.38 per share) for the second
fiscal quarter of 2026 as compared with $36.1 million ($0.41 per share) for the first fiscal quarter of 2026. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower interest expense and
lower income-based (“Part I”) incentive fees (net of fees waived).
•
Net asset value (“NAV”) per share was $15.69 as of March 31, 2026, down as compared with
$16.30 as of December 31, 2025. The decrease from December 31, 2025 was primarily driven by realized and unrealized depreciation on certain debt and equity investments during the quarter.
•
Originated $204.1 million of new investment commitments and received $334.1 million of proceeds
from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2026. The weighted average yield on new debt investments was 9.2%.
•
Total debt outstanding was $1,490.0 million as of March 31, 2026. The total debt to equity ratio
was 1.08x, and the net debt to equity ratio was 1.04x, after adjusting for cash and cash equivalents.
•
Liquidity as of March 31, 2026 was composed of $51.3 million of unrestricted cash and cash
equivalents and $620.0 million of undrawn capacity under the Company’s credit facility (subject to borrowing base and other limitations). Unfunded investment commitments were $276.7 million, or $249.6 million excluding unfunded
commitments to the Company’s joint ventures.
•
Quarterly and supplemental cash distributions were declared of $0.30 per share and $0.04 per share,
respectively, payable in cash on June 30, 2026 to stockholders of record on June 15, 2026.
“During the quarter, we
continued to make progress on reducing non-accrual investments and selectively redeploying capital following investment exits, as we focus on overall portfolio quality,” said Armen Panossian, Chief
Executive Officer and Co-Chief Investment Officer of Oaktree Specialty Lending. “Our results reflect a moderation of investment income, driven by lower base rates and reduced fee activity, alongside some
depreciation across certain investments, largely attributable to market-driven spread widening for software investments. We have maintained leverage at the low to mid-point of our target range, preserving
liquidity to navigate market dislocation and selectively deploy capital into credits that offer attractive risk-adjusted returns. Due to our conservative use of leverage, we adjusted our cash dividend to $0.34 per share for the quarter ending
June 30, 2026.”
Distribution Declaration
The Board of Directors declared quarterly and supplemental cash distributions of $0.30 per share and $0.04 per share, respectively, payable in cash on
June 30, 2026 to stockholders of record on June 15, 2026.
Distributions are paid primarily from distributable (taxable) income. To the extent
taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.
1
Results of Operations
For the three months ended
($ in thousands, except per share data)
March 31,
2026
(unaudited)
December 31,
2025
(unaudited)
March 31,
2025
(unaudited)
GAAP operating results:
Interest income
$
65,253
$
66,923
$
70,523
PIK interest income
3,455
3,848
4,531
Fee income
1,299
2,972
1,742
Dividend income
378
1,353
772
Total investment income
70,385
75,096
77,568
Net expenses
36,019
38,376
38,235
Net investment income before taxes
34,366
36,720
39,333
(Provision) benefit for taxes on net investment income
(4
)
(17
)
(278
)
Net investment income
34,362
36,703
39,055
Net realized and unrealized gains (losses), net of taxes
(53,251
)
(31,095
)
(75,304
)
Net increase (decrease) in net assets resulting from operations
$
(18,889
)
$
5,608
$
(36,249
)
Total investment income per common share
$
0.80
$
0.85
$
0.90
Net investment income per common share
$
0.39
$
0.42
$
0.45
Net realized and unrealized gains (losses), net of taxes per common share
$
(0.60
)
$
(0.35
)
$
(0.88
)
Earnings (loss) per common share — basic and diluted
$
(0.21
)
$
0.06
$
(0.42
)
Non-GAAP Financial Measures1:
Adjusted total investment income
$
69,744
$
74,481
$
77,195
Adjusted net investment income
$
33,721
$
36,088
$
38,682
Adjusted net realized and unrealized gains (losses), net of taxes
$
(52,692
)
$
(30,385
)
$
(75,248
)
Adjusted earnings (loss)
$
(18,971
)
$
5,703
$
(36,566
)
Adjusted total investment income per share
$
0.79
$
0.85
$
0.90
Adjusted net investment income per share
$
0.38
$
0.41
$
0.45
Adjusted net realized and unrealized gains (losses), net of taxes per share
$
(0.60
)
$
(0.34
)
$
(0.88
)
Adjusted earnings (loss) per share
$
(0.22
)
$
0.06
$
(0.43
)
1
See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The
Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP
financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash
income/gain/loss resulting from the merger of Oaktree Strategic Income Corporation (“OCSI”) with and into the Company in March 2021 (the “OCSI Merger”) and the merger of Oaktree Strategic Income II, Inc. (“OSI2”)
with and into the Company in January 2023 (the “OSI2 Merger”) and, in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP
measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
As of
($ in thousands, except per share data and ratios)
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
March 31, 2025
(unaudited)
Select balance sheet and other data:
Cash and cash equivalents
$
51,261
$
80,813
$
97,838
Investment portfolio at fair value
2,766,367
2,949,092
2,892,771
Total debt outstanding (net of unamortized financing costs)
1,481,650
1,610,022
1,448,486
Net assets
1,382,064
1,436,187
1,475,113
Net asset value per share
15.69
16.30
16.75
Total debt to equity ratio
1.08x
1.12x
1.00x
Net debt to equity ratio
1.04x
1.07x
0.93x
Adjusted total investment income for the quarter ended March 31, 2026 was $69.7 million and included
$64.5 million of interest income from portfolio investments, $3.5 million of PIK interest income, $1.3 million of fee income and $0.4 million of dividend income. The $4.7 million quarterly decrease in adjusted total
investment income primarily driven by lower reference rates and lower non-recurring income.
Net expenses for the
quarter ended March 31, 2026 totaled $36.0 million, down $2.4 million from the quarter ended December 31, 2025. The decrease for the quarter was primarily driven by lower Part I incentive fees (net of fees waived) reflecting the
impact of the incentive fee cap and lower interest expense due to declining reference rates.
Adjusted net investment income was $33.7 million ($0.38
per share) for the quarter ended March 31, 2026, which was down from $36.1 million ($0.41 per share) for the quarter ended December 31, 2025. The decrease of $2.4 million primarily reflected $4.7 million of lower adjusted
total investment income, offset by $2.4 million of lower net expenses.
2
Adjusted net realized and unrealized losses, net of taxes, were $52.7 million for the quarter ended
March 31, 2026, primarily reflecting realized and unrealized losses on certain debt and equity investments.
Portfolio and Investment Activity
As of
($ in thousands)
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
March 31, 2025
(unaudited)
Investments at fair value
$
2,766,367
$
2,949,092
$
2,892,771
Number of portfolio companies
163
167
152
Average portfolio company debt size
$
17,544
$
18,068
$
19,700
Asset class:
First lien debt
83.7
%
84.8
%
80.9
%
Second lien debt
1.8
%
1.6
%
3.4
%
Unsecured debt
5.2
%
3.7
%
5.0
%
Equity
3.7
%
4.4
%
4.6
%
JV interests
5.6
%
5.6
%
6.1
%
Non-accrual debt investments:
Non-accrual investments at fair value
$
69,473
$
87,215
$
125,643
Non-accrual investments at cost
167,301
190,458
217,401
Non-accrual investments as a percentage of debt
investments at fair value
2.6
%
3.1
%
4.6
%
Non-accrual investments as a percentage of debt
investments at cost
5.9
%
6.5
%
7.6
%
Number of investments on non-accrual
10
11
10
Interest rate type:
Percentage floating-rate
91.0
%
91.3
%
89.8
%
Percentage fixed-rate
9.0
%
8.7
%
10.2
%
Yields:
Weighted average yield on debt
investments1
9.3
%
9.3
%
10.2
%
Cash component of weighted average yield on debt investments
8.4
%
8.5
%
9.3
%
Weighted average yield on total portfolio
investments2
9.0
%
9.1
%
9.8
%
Investment activity:
New investment commitments
$
204,100
$
316,600
$
407,000
New funded investment activity3
$
198,600
$
313,800
$
405,800
Proceeds from prepayments, exits, other paydowns and sales
$
334,100
$
178,500
$
279,400
Net new investments4
$
(135,500
)
$
135,300
$
126,400
Number of new investment commitments in new portfolio companies
10
28
24
Number of new investment commitments in existing portfolio companies
5
13
8
Number of portfolio company exits
15
4
8
1
Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments,
including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
2
Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and
dividend income, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the
assets acquired in connection with the OCSI Merger and OSI2 Merger.
3
New funded investment activity includes drawdowns on existing revolver and delayed draw term loan commitments.
4
Net new investments consists of new funded investment activity less proceeds from prepayments, exits, other
paydowns and sales.
As of March 31, 2026, the fair value of the investment portfolio was $2.8 billion and was composed of
investments in 163 companies. These included debt investments in 143 companies, equity investments in 36 companies, and the Company’s joint venture investments in Senior Loan Fund JV I, LLC (“SLF JV I”) and OCSI Glick JV LLC
(“Glick JV”). 18 of the equity investments were in companies in which the Company also had a debt investment.
As of March 31, 2026,
96.3% of the Company’s portfolio at fair value consisted of debt investments, including 83.7% of first lien loans, 1.8% of second lien loans and 10.8% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This
compared to 84.8% of first lien loans, 1.6% of second lien loans and 9.0% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of December 31, 2025.
3
As of March 31, 2026, there were ten investments on non-accrual
status, which represented 5.9% and 2.6% of the debt portfolio at cost and fair value, respectively. As of December 31, 2025, there were eleven investments on non-accrual status, which represented 6.5% and
3.1% of the debt portfolio at cost and fair value, respectively.
SLF JV I
The Company’s investments in SLF JV I totaled $112.8 million at fair value as of March 31, 2026, down 6.7% from $120.9 million as of
December 31, 2025. The decrease was primarily driven by SLF JV I’s use of leverage and realized losses in the underlying investment portfolio.
As of March 31, 2026, SLF JV I had $447.5 million in assets, including senior secured loans to 124 portfolio companies. This compared to
$410.0 million in assets, including senior secured loans to 74 portfolio companies, as of December 31, 2025. SLF JV I generated cash interest income of $3.0 million for the Company during the quarter ended March 31, 2026, down
slightly from $3.2 million in the prior quarter. SLF JV I did not generate dividend income for the Company during the quarter ended March 31, 2026, compared to $0.5 million generated during the quarter ended December 31, 2025. As
of March 31, 2026, SLF JV I had $18.5 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit facility, and its debt to equity ratio was 2.0x.
Glick JV
The Company’s investments in Glick JV
totaled $41.5 million at fair value as of March 31, 2026, down 5.4% from $43.9 million as of December 31, 2025. The decrease was primarily driven by Glick JV’s use of leverage and realized losses in the underlying
investment portfolio.
As of March 31, 2026, Glick JV had $142.2 million in assets, including senior secured loans to 121 portfolio companies.
This compared to $191.6 million in assets, including senior secured loans to 115 portfolio companies, as of December 31, 2025. Glick JV generated cash interest income of $1.2 million for the Company during the quarter ended
March 31, 2026 down slightly from $1.3 million in the prior quarter. As of March 31, 2026, Glick JV had $17.5 million of undrawn capacity (subject to borrowing base and other limitations) on its $100 million senior revolving
credit facility, and its debt to equity ratio was 1.7x.
Liquidity and Capital Resources
As of March 31, 2026, the Company had total principal value of debt outstanding of $1,490.0 million, including $540.0 million of outstanding
borrowings under its revolving credit facility and $950.0 million of unsecured notes payable. The funding mix was composed of 36% secured and 64% unsecured borrowings as of March 31, 2026. The Company was in compliance with all financial
covenants under its syndicated credit facility as of March 31, 2026.
As of March 31, 2026, the Company had $51.3 million of unrestricted
cash and cash equivalents and $620.0 million of undrawn capacity on its credit facility (subject to borrowing base and other limitations). As of March 31, 2026, unfunded investment commitments were $276.7 million, or
$249.6 million excluding unfunded commitments to the Company’s joint ventures. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of
unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.
As of March 31, 2026, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements was 5.9%, down
from 6.1% as of December 31, 2025, primarily driven by lower reference rates.
The Company’s total debt to equity ratio was 1.08x and 1.12x as
of March 31, 2026 and December 31, 2025, respectively. The Company’s net debt to equity ratio was 1.04x and 1.07x as of March 31, 2026 and December 31, 2025, respectively.
4
Non-GAAP Financial Measures
On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology
other than in accordance with GAAP (“non-GAAP”). The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate
financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the
Company’s performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to
capital gains incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in
isolation.
•
“Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share”
– represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and
the OSI2 Merger.
•
“Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”
– represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the
OSI2 Merger and (ii) capital gains incentive fees (“Part II incentive fees”).
•
“Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes” and “Adjusted Net
Realized and Unrealized Gains (Losses), Net of Taxes Per Share” – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis
established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
•
“Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” –
represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees1, if
any.
The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the
asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to each of the stockholders of OCSI and OSI2
were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which
established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally,
immediately following the completion of the Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis
established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment
acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair
value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such
equity investments acquired.
The Company’s management uses the non-GAAP financial measures described above
internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The
Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are
useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the
fees payable to Oaktree Fund Advisors, LLC (the “Adviser”) under its investment advisory agreement (as amended and restated from time to time, the “A&R Advisory Agreement”), and specifically as its relates to
“Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”, without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and
Unrealized Gains (Losses), Net of Taxes”, “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to
investors as they exclude the non-cash income and gain/loss resulting from the Mergers and are used by management to evaluate the economic earnings of its
1
Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended
March 31, 2026, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II
incentive fees accrued under GAAP. For the three months ended March 31, 2026, no Part II incentive fees were payable under the A&R Advisory Agreement.
5
investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R
Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).
The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the
periods presented:
For the three months ended
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
March 31, 2025
(unaudited)
($ in thousands, except per share data)
Amount
Per Share
Amount
Per Share
Amount
Per Share
GAAP total investment income
$
70,385
$
0.80
$
75,096
$
0.85
$
77,568
$
0.90
Interest income amortization (accretion) related to merger accounting adjustments
(641
)
(0.01
)
(615
)
(0.01
)
(373
)
—
Adjusted total investment income
$
69,744
$
0.79
$
74,481
$
0.85
$
77,195
$
0.90
The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net
investment income for the periods presented:
For the three months ended
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
March 31, 2025
(unaudited)
($ in thousands, except per share data)
Amount
Per Share
Amount
Per Share
Amount
Per Share
GAAP net investment income
$
34,362
$
0.39
$
36,703
$
0.42
$
39,055
$
0.45
Interest income amortization (accretion) related to merger accounting adjustments
(641
)
(0.01
)
(615
)
(0.01
)
(373
)
—
Part II incentive fee
—
—
—
—
—
—
Adjusted net investment income
$
33,721
$
0.38
$
36,088
$
0.41
$
38,682
$
0.45
The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable
U.S. GAAP measure) to adjusted net realized and unrealized gains (losses), net of taxes for the periods presented:
For the three months ended
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
March 31, 2025
(unaudited)
($ in thousands, except per share data)
Amount
Per Share
Amount
Per Share
Amount
Per Share
GAAP net realized and unrealized gains (losses), net of taxes
$
(53,251
)
$
(0.60
)
$
(31,095
)
$
(0.35
)
$
(75,304
)
$
(0.88
)
Net realized and unrealized gains (losses) related to merger accounting adjustments
559
0.01
710
0.01
56
—
Adjusted net realized and unrealized gains (losses), net of taxes
$
(52,692
)
$
(0.60
)
$
(30,385
)
$
(0.34
)
$
(75,248
)
$
(0.88
)
The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most
comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented:
For the three months ended
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
March 31, 2025
(unaudited)
($ in thousands, except per share data)
Amount
Per Share
Amount
Per Share
Amount
Per Share
Net increase (decrease) in net assets resulting from operations
$
(18,889
)
$
(0.21
)
$
5,608
$
0.06
$
(36,249
)
$
(0.42
)
Interest income amortization (accretion) related to merger accounting adjustments
(641
)
(0.01
)
(615
)
(0.01
)
(373
)
—
Net realized and unrealized gains (losses) related to merger accounting adjustments
559
0.01
710
0.01
56
—
Adjusted earnings (loss)
$
(18,971
)
$
(0.22
)
$
5,703
$
0.06
$
(36,566
)
$
(0.43
)
6
Conference Call Information
Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter ended March 31, 2026 results at 11:00 a.m. Eastern Time / 8:00
a.m. Pacific Time on May 5, 2026. The conference call may be accessed by dialing (800) 715-9871 (U.S. callers) or +1 (646) 307-1963
(non-U.S. callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the
Investors section of Oaktree Specialty Lending’s website, www.oaktreespecialtylending.com. During the conference call, the Company intends to refer to an investor presentation that will be available on the Investors section of its
website.
For those individuals unable to listen to the live broadcast of the conference call, a replay will be available on Oaktree Specialty
Lending’s website, or by dialing (800) 770-2030 (U.S. callers) or +1 (647) 362-9199 (non-U.S. callers), access code
9475431, beginning approximately one hour after the broadcast.
About Oaktree Specialty Lending Corporation
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized
one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing
companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of
1940, as amended, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.
Forward-Looking Statements
Some of the statements
in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of the Company and
distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. In addition, words such as “anticipate,” “believe,”
“expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these
words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with
(i) changes or potential disruptions in the Company’s operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate
environment; (ii) risks associated with possible disruption in the operations of the Company, the operations of its portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics
or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in the Company’s operating areas, particularly with respect to
business development companies or regulated investment companies; and (iv) other considerations that may be disclosed from time to time in the Company’s publicly disseminated documents and filings. The Company has based the
forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that the Company in the
future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Contacts
Investor Relations:
Oaktree Specialty Lending Corporation
Alison Mermey
(213)
830-6946
ocsl-ir@oaktreecapital.com
Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310)
478-2700
mediainquiries@oaktreecapital.com
7
Oaktree Specialty Lending Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
March 31, 2026
(unaudited)
December 31, 2025
(unaudited)
September 30,
2025
ASSETS
Investments at fair value:
Control investments (cost March 31, 2026: $378,041; cost December 31, 2025: $376,790;
cost September 30, 2025: $377,709)
$
210,855
$
217,869
$
227,748
Affiliate investments (cost March 31, 2026: $78,141; cost December 31, 2025: $82,049;
cost September 30, 2025: $58,344)
73,337
77,908
54,999
Non-control/Non-affiliate
investments (cost March 31, 2026: $2,611,720; cost December 31, 2025: $2,750,130; cost September 30, 2025: $2,639,069)
2,482,175
2,653,315
2,565,035
Total investments at fair value (cost March 31, 2026: $3,067,902; cost December 31,
2025: $3,208,969; cost September 30, 2025: $3,075,122)
2,766,367
2,949,092
2,847,782
Cash and cash equivalents
51,261
80,813
79,630
Interest, dividends and fees receivable
22,886
23,850
31,868
Due from portfolio companies
297
297
3,186
Receivables from unsettled transactions
20,515
9,830
4,949
Due from broker
15,550
15,550
15,550
Deferred financing costs
8,558
9,117
9,675
Deferred offering costs
43
176
143
Derivative assets at fair value
7,859
8,173
8,713
Other assets
1,081
1,353
1,495
Total assets
$
2,894,417
$
3,098,251
$
3,002,991
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities
$
1,852
$
2,214
$
1,538
Base management fee and incentive fee payable
7,107
8,732
12,515
Due to affiliate
2,113
1,658
1,569
Interest payable
10,346
11,708
12,067
Payables from unsettled transactions
3,260
23,178
15,011
Derivative liabilities at fair value
5,733
4,264
7,329
Deferred tax liability
292
288
269
Credit facilities payable
540,000
665,000
545,000
Unsecured notes payable (net of $5,490, $6,025 and $6,561 of unamortized financing costs as of
March 31, 2026, December 31, 2025 and September 30, 2025 respectively)
941,650
945,022
941,880
Total liabilities
1,512,353
1,662,064
1,537,178
Commitments and contingencies
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086 shares issued and
outstanding as of March 31, 2026, December 31, 2025 and September 30, 2025, respectively
881
881
881
Additional
paid-in-capital
2,350,075
2,350,075
2,350,075
Accumulated overdistributed earnings
(968,892
)
(914,769
)
(885,143
)
Total net assets (equivalent to $15.69, $16.30 and $16.64 per common share as of
March 31, 2026, December 31, 2025 and September 30, 2025, respectively)
1,382,064
1,436,187
1,465,813
Total liabilities and net assets
$
2,894,417
$
3,098,251
$
3,002,991
8
Oaktree Specialty Lending Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended
March 31, 2026
(unaudited)
Three months ended
December 31, 2025
(unaudited)
Three months ended
March 31, 2025
(unaudited)
Six months ended
March 31, 2026
(unaudited)
Six months ended
March 31, 2025
(unaudited)
Interest income:
Control investments
$
4,794
$
4,898
$
4,884
$
9,692
$
10,110
Affiliate investments
848
540
159
1,388
325
Non-control/Non-affiliate
investments
58,566
60,557
63,915
119,123
135,724
Interest on cash and cash equivalents
1,045
928
1,565
1,973
2,786
Total interest income
65,253
66,923
70,523
132,176
148,945
PIK interest income:
Control investments
—
—
—
—
830
Affiliate investments
281
447
27
728
55
Non-control/Non-affiliate
investments
3,174
3,401
4,504
6,575
9,374
Total PIK interest income
3,455
3,848
4,531
7,303
10,259
Fee income:
Affiliate investments
—
4
—
4
—
Non-control/Non-affiliate
investments
1,299
2,968
1,742
4,267
3,421
Total fee income
1,299
2,972
1,742
4,271
3,421
Dividend income:
Control investments
—
525
700
525
1,400
Non-control/Non-affiliate
investments
23
—
72
23
190
Non-control/Non-affiliate
investments - PIK
355
828
—
1,183
—
Total dividend income
378
1,353
772
1,731
1,590
Total investment income
70,385
75,096
77,568
145,481
164,215
Expenses:
Base management fee
7,107
7,544
7,515
14,651
15,659
Part I incentive fee
—
1,188
6,733
1,188
14,646
Professional fees
1,288
1,414
1,227
2,702
2,294
Directors fees
160
160
160
320
320
Interest expense
25,626
26,659
28,191
52,285
58,753
Administrator expense
663
570
388
1,233
825
General and administrative expenses
1,175
841
937
2,016
1,863
Total expenses
36,019
38,376
45,151
74,395
94,360
Management fees waived
—
—
(183
)
—
(933
)
Part I incentive fees waived
—
—
(6,733
)
—
(13,110
)
Net expenses
36,019
38,376
38,235
74,395
80,317
Net investment income before taxes
34,366
36,720
39,333
71,086
83,898
(Provision) benefit for taxes on net investment income
(4
)
(17
)
(278
)
(21
)
(541
)
Net investment income
34,362
36,703
39,055
71,065
83,357
Unrealized appreciation (depreciation):
Control investments
(8,265
)
(8,960
)
(37,686
)
(17,225
)
(60,916
)
Affiliate investments
(663
)
958
(642
)
295
(322
)
Non-control/Non-affiliate
investments
(32,736
)
(24,534
)
(28,975
)
(57,270
)
(36,173
)
Foreign currency forward contracts
2,326
118
(14,720
)
2,444
(4,226
)
Net unrealized appreciation (depreciation)
(39,338
)
(32,418
)
(82,023
)
(71,756
)
(101,637
)
Realized gains (losses):
Control investments
—
—
13
—
13
Affiliate investments
169
52
333
221
45
Non-control/Non-affiliate
investments
(17,393
)
76
(1,547
)
(17,317
)
(18,603
)
Foreign currency forward contracts
3,614
1,214
7,906
4,828
7,940
Net realized gains (losses)
(13,610
)
1,342
6,705
(12,268
)
(10,605
)
(Provision) benefit for taxes on realized and unrealized gains (losses)
(303
)
(19
)
14
(322
)
(125
)
Net realized and unrealized gains (losses), net of taxes
(53,251
)
(31,095
)
(75,304
)
(84,346
)
(112,367
)
Net increase (decrease) in net assets resulting from operations
$
(18,889
)
$
5,608
$
(36,249
)
$
(13,281
)
$
(29,010
)
Net investment income per common share — basic and diluted
$
0.39
$
0.42
$
0.45
$
0.81
$
0.99
Earnings (loss) per common share — basic and diluted
$
(0.21
)
$
0.06
$
(0.42
)
$
(0.15
)
$
(0.35
)
Weighted average common shares outstanding — basic and diluted
88,086
88,086
85,916
88,086
84,061
9
EX-99.2
EX-99.2
Filename: d80092dex992.htm · Sequence: 3
EX-99.2
Exhibit 99.2 Earnings Presentation NASDAQ: OCSL Second Quarter
2026
Forward Looking Statements & Legal Disclosures Some of the
statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation may include statements as to:
our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, “Oaktree”) to implement Oaktree’s future plans with respect to our business and to achieve our
investment objective; the ability of Oaktree and its affiliates to attract and retain highly talented professionals; our business prospects and the prospects of our portfolio companies; the impact of the investments that we expect to make; the
ability of our portfolio companies to achieve their objectives; our expected financings and investments and additional leverage we may seek to incur in the future; the adequacy of our cash resources and working capital; the timing of cash flows, if
any, from the operations of our portfolio companies; the cost or potential outcome of any litigation to which we may be a party; and the impact of current global economic conditions, including those caused by inflation, an elevated (but decreasing)
interest rate environment and geopolitical events or all of the foregoing. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,”
“estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this presentation involve risks
and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our annual report on Form
10-K for the fiscal year ended September 30, 2025 and our quarterly report on Form 10-Q for the quarter ended March 31, 2026. Other factors that could cause actual results to differ materially include: changes or potential disruptions in our
operations, the economy, financial markets and political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment; risks associated with possible disruption in our
operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents; future changes in laws or regulations (including the
interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies or regulated investment companies; and other considerations disclosed from
time to time in our publicly disseminated documents and filings. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any
such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that
we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Calculation of Assets Under Management References to
total assets under management or AUM represent assets managed by Oaktree, a proportionate amount of the AUM reported by DoubleLine Capital LP ( DoubleLine Capital ), and other minority corporate investments. Oaktree's methodology for calculating AUM
includes (i) the net asset value (NAV) of assets managed directly by Oaktree, (ii) the leverage on which management fees are charged, (iii) undrawn capital that Oaktree is entitled to call from investors in Oaktree funds pursuant to their capital
commitments, (iv) for collateralized loan obligation vehicles ( CLOs ), the aggregate par value of collateral assets and principal cash, (v) for publicly-traded business development companies, gross assets (including assets acquired with leverage),
net of cash, and (vi) Oaktree's pro rata portion (20%) of the AUM reported by DoubleLine Capital and other minority corporate investments. This calculation of AUM is not based on the definitions of AUM that may be set forth in agreements governing
the investment funds, vehicles or accounts managed and is not calculated pursuant to regulatory definitions. Unless otherwise indicated, data provided herein are as of March 31, 2026. Second Quarter 2026 Earnings Presentation NASDAQ: OCSL
Financial Highlights for the Quarter Ended March 31, 2026 • GAAP
net investment income of $0.39 per share and adjusted net investment income of $0.38 per share for the quarter ended March 31, 2026, as compared with $0.42 per share and $0.41 per share, respectively, in the prior quarter 1 • Declared cash
distributions of $0.34 per share Earnings Summary • Distributions will be payable on June 30, 2026, to stockholders of record as of June 15, 2026 • NAV of $15.69 per share, down compared with $16.30 per share for the quarter ended
December 31, 2025 • Investment Activity • $204 million of new investment commitments, with $199 million of new investment fundings • Received $334 million of proceeds from prepayments, exits, other paydowns and sales • 9.2%
weighted average yield on new debt investments Portfolio and Investment • Portfolio Update Activity Update • $2.8 billion at fair value across 163 portfolio companies • 9.3% weighted average yield on debt investments • 85%
senior secured, including 84% first lien loans • 91% of debt portfolio was floating rate • 1.04x net debt to equity ratio, down from 1.07x in the prior quarter • Below the midpoint of our leverage range of 0.90x to 1.25x Liquidity
and Capital Structure Update • Weighted average interest rate on debt outstanding of 5.9% inclusive of interest rate swaps • Liquidity of $671 million which includes $51 million of cash and $620 million of undrawn capacity on our credit
facility 2 1. See appendix for a description of non-GAAP measures.
Portfolio Summary 1 1,2 Senior Secured Emphasis Diverse Portfolio
Industry Composition (As % of total portfolio at fair value; $ in millions) 4% 6% 15% 21% 19% 2% 5% 3% Top 25 average 4% position size of 1.5% 5% 15% 19% 6% 63% 6% 11% 6% 8% 84% Software & Services Top 10 Investments First Lien – $2,315
Second Lien – $49 Health Care Equipment & Services Next 15 Investments Capital Goods Unsecured Debt – $144 Joint Ventures – $154 Pharmaceuticals, Biotechnology & Life Sciences Other Diversified Financials Equity –
$103 Media & Entertainment Commercial & Professional Services Consumer Services Retailing Food & Staples Retailing Other $2.8 Billion in Total 9.3% Weighted Average Median Portfolio EBITDA of 163 Portfolio Companies 3 Investments Yield
on Debt Investments $182 million As of March 31, 2026 Note: Numbers may not sum due to rounding. 1. Excludes multi-sector holdings, which is primarily composed of investments in Senior Loan Fund JV I LLC (the “Kemper JV”) and OCSI Glick
JV LLC (the “Glick JV”), joint ventures that invest primarily in senior secured loans of middle market companies. 2. Based on GICS industry group classification. 3. Excludes investments in negative EBITDA borrowers, life sciences
lending, royalty interest financings, structured products, non-accruals, recurring revenue businesses and other non-EBITDA borrowers. 3
Portfolio Highlights As of ($ in thousands, at fair value) 3/31/2026
12/31/2025 9/30/2025 6/30/2025 3/31/2025 Investments at Fair Value $2,766,367 $2,949,092 $2,847,782 $2,809,377 $2,892,771 Number of Portfolio Companies 163 167 143 149 152 Average Portfolio Company Debt Investment Size $17,544 $18,068 $20,500
$19,400 $19,700 Asset Class: First Lien 83.7% 84.8% 83.5% 81.1% 80.9% Second Lien 1.8% 1.6% 2.4% 2.3% 3.4% Unsecured Debt 5.2% 3.7% 3.2% 4.9% 5.0% Equity 3.7% 4.4% 5.0% 5.5% 4.6% Joint Venture Interests 5.6% 5.6% 6.0% 6.2% 6.1% Interest Rate Type
for Debt Investments: % Floating-Rate 91.0% 91.3% 90.7% 90.9% 89.8% % Fixed-Rate 9.0% 8.7% 9.3% 9.1% 10.2% Yields: 1 Weighted Average Yield on Debt Investments 9.3% 9.3% 9.8% 10.1% 10.2% Cash Component of Weighted Average Yield on Debt Investments
8.4% 8.5% 8.9% 9.1% 9.3% 2 Weighted Average Yield on Total Portfolio Investments 9.0% 9.1% 9.4% 9.6% 9.8% Note: Numbers may not sum due to rounding. 1. Annual stated yield earned plus net annual amortization of OID or premium earned on accruing
investments, including the Company's share of the return on debt investments in the Kemper JV and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets
acquired in connection with the mergers of Oaktree Strategic Income Corporation (the “OCSI Merger”) and Oaktree Strategic Income II, Inc. (the “OSI2 Merger”). See appendix for a description of the non-GAAP financial measures.
2. Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and dividend income, including the Company's share of the return on debt investments in the Kemper JV and Glick JV, and excluding any
amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and the OSI2 4 Merger. See appendix for a description of the non-GAAP financial
measures.
1Q 2026 Investment Activity New Investment Highlights Historical Funded
Originations and Exits ($ in millions) ($ in millions) $400 $334 $314 $300 $249 Total Commitments $220 $199 $204 $177 $179 $200 10 $143 new borrowers Existing Borrowers $100 $32 $0 06/30/2025 09/30/2025 12/31/2025 03/31/2026 1 2 New Funded
Investments Investment Exits 9.2% Private Investment Paydowns weighted average yield on new debt commitments New Borrowers $172 $143mm $138mm Proceeds Fair Value at Prior Quarter End 100% 100.3 97.0 also held by other Average Exit Price Average Mark
at Prior Quarter End Oaktree funds ~30% of private paydowns were in software investments, including one ARR loan As of March 31, 2026 Note: Numbers rounded to the nearest million or percentage point and may not sum as a result. 1. New funded
investments includes drawdowns on existing delayed draw and revolver commitments. 5 2. Investment exits includes proceeds from prepayments, exits, other paydowns and sales.
Recent Investment Activity As of ($ in thousands) 3/31/2026 12/31/2025
9/30/2025 6/30/2025 3/31/2025 Investments in Oaktree Specialty Lending Corporation New Investment Commitments $204,100 $316,600 $208,200 $147,200 $407,000 Funded $166,200 $287,200 $176,600 $108,100 $367,900 Unfunded $37,900 $29,400 $31,600 $39,100
$39,100 Fundings of Previously Unfunded Commitments $32,400 $26,600 $43,800 $35,200 $37,900 Sales and Repayments ($334,100) ($178,500) ($177,000) ($249,400) ($279,400) 1 Net Funded Investment Activity ($135,500) $135,300 $43,400 ($106,100) $126,400
New Investment Commitments in New Portfolio Companies 10 28 9 5 24 New Investment Commitments in Existing Portfolio Companies 5 13 10 6 8 Portfolio Company Exits 15 4 15 8 8 Weighted Average Yield at Cost on New Debt Investment 9.2% 8.7% 9.7% 9.1%
9.5% Commitments 6 1. Net funded investment activity includes drawdowns on existing revolver commitments. I n v e s t o r P r e s e n ta
Recent Investment Activity New Investment Commitment Detail ($ in
millions) Security Type Market Investment Unsecured Private Primary Secondary Avg. Secondary Fiscal Quarter Number of Deals First LienSecond Lien Commitments & Other Placement (Public) (Public) Purchase Price 1Q2022 $300 21 $220 $77 $2 $227 $73
-- N/A 2Q2022 $228 25 $163 $17 $48 $162 $26 $40 96% 3Q2022 $132 28 $100 $6 $25 $63 $5 $63 91% 4Q2022 $97 11 $65 -- $32 $71 $22 $4 92% 1Q2023 $250 25 $214 $10 $26 $188 $49 $14 82% 2Q2023 $124 9 $124 -- -- $118 $5 $1 81% 3Q2023 $251 10 $227 $24 $0.2
$224 $20 $7 85% 4Q2023 $87 6 $87 -- -- $76 $12 -- N/A 1Q2024 $370 24 $354 -- $16 $302 -- $68 90% 2Q2024 $396 35 $364 -- $32 $205 $99 $92 98% 3Q2024 $339 20 $302 $3 $34 $256 $58 $24 97% 4Q2024 $259 19 $252 $5 $2 $227 $32 -- N/A 1Q2025 $198 13 $198 --
-- $198 -- -- N/A 2Q2025 $407 32 $357 $11 $39 $230 $60 $117 98% 3Q2025 $147 11 $147 -- -- $147 -- -- N/A 4Q2025 $208 19 $182 $22 $4 $136 $9 $63 95% 1Q2026 $317 41 $290 -- $27 $191 $17 $109 93% 2Q2026 $204 15 $116 $35 $53 $149 $39 $17 98% 7 Note:
Numbers may not sum due to rounding. Excludes any positions originated, purchased and sold within the same quarter and the assets acquired in the OSI2 Merger.
Our Approach to Software Investing 1 Software Performance in OCSL
Software Valuation Methodology • Our private software loan portfolio is valued using a spread-based $526mm 96% approach. Fair Value of Software Portfolio First Lien • Spread widening in the broad market was driven primarily by the BSL
software sell-off tied to AI fears. • The mark downs we took in most software names reflect market 0.76% $41mm dynamic as opposed to deterioration in fundamental performance. ARR loan at Fair Value Of ARR loan repaid during the quarter •
Most marks reflect the low end of the independent valuation firms’ ranges. 0.9% 3 • Excluding non-accruals, the weighted average mark on our software Software PIK as a % of Total Portfolio Companies Electing PIK portfolio was 96, down
approximately 310 basis points from last Investment Income quarter. 1,2 AI-Related Risk Assessment Software Portfolio Metrics Portfolio Metrics LTM • Our framework to assess AI-risk uses a seven-factor resilience screen and overlays financial
metrics and operating KPIs. Median EBITDA $181 million • Taking a broader view of software and technology, we estimate Approximate Median EBITDA Growth Since ~20% exposure is approximately 26% of the portfolio. Deal Inception • Factors
scored are market position, mission criticality, switching costs, Approximate Median EBITDA Margin ~40% customer return on investment, network effect, management readiness Weighted Average LTV 51% and market backdrop. Weighted Average Interest
Coverage 1.8x • Each issuer is assigned a numeric score and categorized into low, medium, and high risk. • Our performing high-risk loans category includes two issuers that represent 2.9% of total investments at fair value. As of March
31, 2026. 1. Based on GICS industry group classification. Excludes equity holdings. 2. Based on most recently available financials. Excludes investments in negative EBITDA borrowers, non-accruals, recurring revenue businesses and restructured
positions. 8 I n v e s t o r P r e s e n a t
Financial Highlights Operating Results 3/31/2026 12/31/2025 9/30/2025
6/30/2025 3/31/2025 GAAP Net Investment Income per Share $0.39 $0.42 $0.41 $0.38 $0.45 1 Adjusted Net Investment Income per Share $0.38 $0.41 $0.40 $0.37 $0.45 Net Realized and Unrealized Gains (Losses), Net of Taxes per Share ($0.60) ($0.35)
($0.13) $0.06 ($0.88) 1 Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes per Share ($0.60) ($0.34) ($0.12) $0.07 ($0.88) Earnings (Loss) per Share ($0.21) $0.06 $0.28 $0.44 ($0.42) 1 Adjusted Earnings (Loss) per Share ($0.22) $0.06
$0.28 $0.43 ($0.43) Quarterly Distributions per Share $0.30 $0.40 $0.40 $0.40 $0.40 Quarterly Supplemental Distributions per Share $0.04 -- -- -- $0.02 Total Quarterly Distributions per Share $0.34 $0.40 $0.40 $0.40 $0.42 NAV per Share $15.69 $16.30
$16.64 $16.76 $16.75 Weighted Average Shares Outstanding 88,086 88,086 88,086 88,086 85,916 Balance Sheet Investment Portfolio (at Fair Value) $2,766,367 $2,949,092 $2,847,782 $2,809,377 $2,892,771 Cash and Cash Equivalents $51,261 $80,813 $79,630
$79,799 $97,838 Total Assets $2,894,417 $3,098,251 $3,002,991 $2,964,212 $3,079,167 2 Total Debt Outstanding $1,481,650 $1,610,022 $1,486,880 $1,447,551 $1,448,486 Net Assets $1,382,064 $1,436,187 $1,465,813 $1,476,469 $1,475,113 Total Debt to
Equity Ratio 1.08x 1.12x 1.02x 0.99x 1.00x Net Debt to Equity Ratio 1.04x 1.07x 0.97x 0.93x 0.93x 3 Weighted Average Interest Rate on Debt Outstanding 5.9% 6.1% 6.5% 6.6% 6.7% 1. See appendix for a description of the non-GAAP measures. 2. Net of
unamortized financing costs. 9 I n 3. Includes effect of the interest rate swap agreements the Company entered into in connection with the issuance of our unsecured notes. v e s t o r P r e s e n a t
Net Asset Value Per Share Bridge $18.00 Adjusted Net Realized and
Unrealized Adjusted NII $17.50 Gains (Losses), Net of Taxes $0.38 ($0.60) $17.00 ($0.01) $16.50 $0.39 ($0.60) ($0.01) $0.01 $16.00 ($0.40) $15.50 $16.30 $15.69 $15.00 $14.50 12/31/25 NAV GAAP Net Interest Income Net Unrealized Net Realized Net
Realized & Quarterly 3/31/26 NAV 1 Investment Accretion Appreciation / Gain / (Loss) Unrealized Loss Distribution Paid 1 Income Related to (Depreciation) Related to Merger Merger Accounting Accounting Adjustments Adjustments Note: Numbers may
not sum due to rounding. Net asset value per share amounts are based on the shares outstanding at each respective quarter end. Net investment income per share, net unrealized appreciation / (depreciation), and net realized gain / (loss) are based on
the weighted average number of shares outstanding for the period. See appendix for a description of the non-GAAP measures. 10 1. Excludes reclassifications of net unrealized appreciation / (depreciation) to net realized gains / (losses) as a result
of investments exited during the quarter. I n v e s t o r P r e s e n a t
Capital Structure Overview Funding Sources Facility 3/31/26 0.90x to
1.25x ($ in millions) Size Outstanding Interest Rate Maturity Target Leverage Ratio Secured Debt Corporate Revolver $1,160 $540 SOFR + 1.875% Apr-30 Secured Debt Subtotal $1,160 $540 Investment Unsecured Debt 1 2027 Notes $350 $350 Jan-27 2.70%
(SOFR + 1.66%) Grade Rated 1 2029 Notes $300 $300 Feb-29 7.10% (SOFR + 3.13%) By Moody’s And Fitch 1 2030 Notes $300 $300 Feb-30 6.34% (SOFR + 2.19%) Unsecured Debt Subtotal $950 $950 Total Debt $2,110 $1,490 64% Unsecured Borrowings
Maturities ($ in millions) $1,500 Unsecured Debt $620 Credit Facility Drawn $671mm $1,000 Credit Facility Undrawn 2 Available Liquidity $540 $500 $350 $300 $300 $0 2026 2027 2028 2029 2030 Diverse and flexible sources of debt capital with ample
liquidity As of March 31, 2026 Note: Numbers may not sum due to rounding. 1. The Company entered into an interest rate swap agreement under which the Company receives a fixed interest rate and pays a floating rate based on three-month SOFR plus a
spread. 2. Liquidity was composed of $51 million of unrestricted cash and cash equivalents and $620 million of undrawn capacity under the credit facility (subject to borrowing base and other limitations). 11
Funding and Liquidity Metrics Leverage Utilization Liquidity Overview
($ in millions) ($ in millions) 6/30/25 9/30/25 12/31/25 3/31/26 Credit Facilities Committed $1,160 $1,160 $1,160 $1,160 $3,000 Credit Facilities Drawn -$510 -$545 -$665 -$540 $2,500 Cash and Equivalents $80 $80 $81 $51 $2,110 $2,110 $2,110 $2,110
$2,000 Total Liquidity $730 $695 $576 $671 $495 $615 $620 $650 1 -$278 -$259 -$247 -$250 Unfunded Commitments $1,500 Unavailable Unfunded $14 $12 $0 $0 2 Commitments $1,000 Adjusted Liquidity $466 $448 $329 $421 $1,615 $1,495 $1,490 $1,460 $500 $0
6/30/2025 9/30/2025 12/31/2025 3/31/2026 3 Ample liquidity to support funding needs Total Debt Outstanding Undrawn Capacity ($ in millions) 6/30/25 9/30/25 12/31/25 3/31/26 Cash and Equivalents $80 $80 $81 $51 Net Assets $1,476 $1,466 $1,436 $1,382
Total Leverage 0.99x 1.02x 1.12x 1.08x Net Leverage 0.93x 0.97x 1.07x 1.04x Note: Numbers may not sum due to rounding, 1. Excludes unfunded commitments to the Kemper JV and Glick JV. 2. Includes unfunded commitments ineligible to be drawn due to
certain limitations in credit agreements. 3. As of March 31, 2026, we have analyzed cash and cash equivalents, availability under our credit facility, the ability to rotate out of certain assets and amounts of unfunded commitments that could be
drawn and 12 believe our liquidity and capital resources are sufficient to invest in market opportunities as they arise.
Strategic Joint Ventures are Accretive to Earnings OCSL’s JVs are
income-enhancing vehicles that primarily invest in senior secured loans of middle market companies and other corporate debt securities Key Attributes: • Equity ownership: 87.5% OCSL and 12.5% joint venture partner • Shared voting
control: 50% OCSL and 50% joint venture partner Kemper JV Characteristics Glick JV Characteristics (At fair value) (At fair value) $113mm 4.1% $42mm 1.5% OCSL’s Investments % of OCSL’s OCSL’s Investments % of OCSL’s in the
Kemper JV Portfolio in the Glick JV Portfolio $3.1mm 10.3% $1.2mm 10.7% Net Investment Return on OCSL’s Net Investment Return on OCSL’s 1 2 3 2 Income Investment (Annualized) Income Investment (Annualized) Combined Portfolio Summary
Portfolio Company Wtd. Avg. Debt Portfolio Investment Portfolio First Lien Leverage Ratio Count Yield $521mm 98% 130 7.3% 1.9x As of March 31, 2026 1. Represents OCSL’s 87.5% share of the Kemper JV’s net investment income (excluding
subordinated note interest expense) earned during the quarter ended March 31, 2026. 2. Calculated as OCSL’s share of each respective joint venture’s net investment income annualized, divided by the fair value of OCSL’s investments
in each joint venture as of December 31, 2025. 13 3. Represents OCSL’s 87.5% share of the Glick JV’s net investment income (excluding subordinated note interest expense) earned during the quarter ended March 31, 2026.
Appendix
Quarterly Statement of Operations For the three months ended ($ in
thousands) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Investment income Interest income $65,253 $66,923 $69,716 $69,390 $70,523 PIK interest income $3,455 $3,848 $4,094 $5,070 $4,531 Fee income $1,299 $2,972 $2,122 $286 $1,742 Dividend
income $378 $1,353 $1,383 $525 $772 GAAP total investment income $70,385 $75,096 $77,315 $75,271 $77,568 Interest income amortization related to merger accounting ($641) ($615) ($449) ($974) ($373) adjustments Adjusted total investment income
$69,744 $74,481 $76,866 $74,297 $77,195 Expenses Base management fee $7,107 $7,544 $7,309 $7,195 $7,795 Part I incentive fee -- $1,188 $7,103 $5,767 $6,733 Part II incentive fee -- -- -- -- -- Interest expense $25,626 $26,659 $26,031 $31,061 $28,191
1 Other operating expenses $3,286 $2,985 $2,703 $3,070 $2,616 Total expenses $36,019 $38,376 $43,146 $47,093 $45,335 Management fees waived -- -- -- -- ($367) Part I incentive fees waived -- -- ($1,897) ($5,359) ($6,733) Net expenses $36,019 $38,376
$41,249 $41,734 $38,235 (Provision) benefit for taxes on net investment income ($4) ($17) ($264) ($56) ($278) GAAP net investment income $34,362 $36,703 $35,802 $33,481 $39,055 Less: Interest income accretion related to merger accounting ($641)
($615) ($449) ($974) ($373) adjustments Add: Part II incentive fee -- -- -- -- -- Adjusted net investment income $33,721 $36,088 $35,353 $32,507 $38,682 Note: See appendix for a description of the non-GAAP measures. 15 1. Includes professional fees,
directors fees, administrator expense and general and administrative expenses. I n v e s t o r P r e s e n a t
Quarterly Statement of Operations (continued) For the three months
ended (in thousands, except per share amounts) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net realized and unrealized gains (losses) Net unrealized appreciation (depreciation) ($39,339) ($32,418) ($18,164) $18,572 ($82,023) Net realized
gains (losses) ($13,610) $1,342 $6,940 ($13,432) $6,705 (Provision) benefit for taxes on realized and unrealized gains (losses) ($303) ($19) - ($269) $14 GAAP net realized and unrealized gains (losses), net of taxes ($53,251) ($31,095) ($11,224)
$4,871 ($75,304) Net realized and unrealized losses (gains) related to merger accounting $559 $710 $375 $859 ($56) adjustments Adjusted net realized and unrealized gains (losses), net of taxes ($52,692) ($30,385) ($10,849) $5,730 ($75,248) GAAP net
increase (decrease) in net assets resulting from operations ($18,889) $5,608 $24,578 $38,352 ($36,249) Interest income amortization (accretion) related to merger accounting adjustments ($641) ($615) ($449) ($974) $373 Net realized and unrealized
losses (gains) related to merger accounting $559 $710 $375 $859 ($56) adjustments Adjusted earnings (loss) ($18,971) $5,703 $24,504 $38,237 ($36,566) Per share data: GAAP total investment income $0.80 $0.85 $0.88 $0.85 $0.90 Adjusted total
investment income $0.79 $0.85 $0.87 $0.84 $0.90 GAAP net investment income $0.39 $0.42 $0.41 $0.38 $0.45 Adjusted net investment income $0.38 $0.41 $0.40 $0.37 $0.45 GAAP net realized and unrealized gains (losses), net of taxes ($0.60) ($0.35)
($0.13) $0.06 ($0.88) Adjusted net realized and unrealized gains (losses), net of taxes ($0.60) ($0.34) ($0.12) $0.07 ($0.88) GAAP net increase/decrease in net assets resulting from operations ($0.21) $0.06 $0.28 $0.44 ($0.42) Adjusted earnings
(loss) ($0.22) $0.06 $0.28 $0.43 ($0.43) Weighted average common shares outstanding 88,086 88,086 88,086 88,086 85,916 Shares outstanding, end of period 88,086 88,086 88,086 88,086 88,086 16 I n v e s t o r P r e s e n a t
Strategic Actions In Support of OCSL • On February 3, 2025,
Oaktree purchased $100 million of newly issued shares of OCSL common stock at a price of $17.63/share equal to net asset value per share on January 31, 2025 • This transaction represented a 10% premium to the closing stock price on January 31,
2025, and resulted in a nearly Equity Raise 7% increase in net assets at the time of share issuance • The equity raise (coupled with additional leverage) increased dry powder for deployment, enabling growth and further diversification of the
portfolio • In the first fiscal quarter of 2025, Oaktree implemented an incentive fee cap (i.e., a total return hurdle). Since the implementation of the incentive fee cap, OCSL has retained $30.6 million in Part I incentive fees that would
have otherwise been paid to Oaktree. Incentive Fee • This arrangement includes a lookback provision that commences October 1, 2024, building to a rolling 12 quarter Cap lookback by the Company's 2027 fiscal year-end • The incentive fee
cap formalized our process and provided clarity Oaktree remains committed to the long-term growth and success of OCSL 17
Non-GAAP Disclosures The OCSI Merger and the OSI2 Merger (the
“Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ( ASC 805 ). The consideration paid to each of the
stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than non-qualifying assets, which established a new cost basis for
the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or OSI2 Merger, as applicable. Additionally, immediately following the completion of the
Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation / depreciation. The new cost basis established by ASC 805 on debt investments acquired
will accrete / amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation / depreciation on such investment acquired through its ultimate disposition. The
new cost basis established by ASC 805 on equity investments acquired will not accrete / amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and
disposition of such equity investments at fair value, the Company will recognize a realized gain / loss with a corresponding reversal of the unrealized appreciation / depreciation on disposition of such equity investments acquired. The
Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have
not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes Adjusted Total Investment Income , Adjusted Total Investment Income Per Share , Adjusted Net Investment Income and Adjusted Net
Investment Income Per Share are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the accretion income resulting from the new cost basis of the investments acquired in the
Mergers because these amounts do not impact the fees payable to Oaktree under its fourth amended and restated investment advisory agreement (the “A&R Advisory Agreement”), and specifically as its relates to Adjusted Net Investment
Income and Adjusted Net Investment Income Per Share , without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”,
“Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income/gain
resulting from the Mergers and used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics align the Company's key financial measures with the calculation of incentive fees payable to Oaktree under with
the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of Oaktree absent such exclusion). 18 I n v e s t o r P r e s e
n a t
oaktreespecialtylending.com
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Document and Entity Information
May 05, 2026
Cover [Abstract]
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Entity Central Index Key
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Document Type
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Document Period End Date
May 05, 2026
Entity Incorporation State Country Code
DE
Entity File Number
814-00755
Entity Tax Identification Number
26-1219283
Entity Address, Address Line One
333 South Grand Avenue
Entity Address, Address Line Two
28th Floor
Entity Address, City or Town
Los Angeles
Entity Address, State or Province
CA
Entity Address, Postal Zip Code
90071
City Area Code
(213)
Local Phone Number
830-6300
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Trading Symbol
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Security Exchange Name
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- Definition
Address Line 2 such as Street or Suite number
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No definition available.
+ Details
Name:
dei_EntityAddressAddressLine2
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Data Type:
xbrli:normalizedStringItemType
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- Definition
Name of the City or Town
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No definition available.
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Name:
dei_EntityAddressCityOrTown
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Data Type:
xbrli:normalizedStringItemType
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duration
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- Definition
Code for the postal or zip code
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No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
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Data Type:
xbrli:normalizedStringItemType
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- Definition
Name of the state or province.
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No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
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Data Type:
dei:stateOrProvinceItemType
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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Balance Type:
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Period Type:
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X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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Name:
dei_EntityEmergingGrowthCompany
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Data Type:
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X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
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Data Type:
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Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
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Data Type:
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Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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Name:
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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Data Type:
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Period Type:
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X
- Definition
Local phone number for entity.
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No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
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Data Type:
xbrli:normalizedStringItemType
Balance Type:
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Period Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Title of a 12(b) registered security.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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Name:
dei_SecurityExchangeName
Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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Name:
dei_SolicitingMaterial
Namespace Prefix:
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Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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X
- Definition
Trading symbol of an instrument as listed on an exchange.
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No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
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Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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Name:
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