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Dec 31, 2025
Oaktree Q1 2026 Earnings Report
Oaktree Specialty Lending reported stable investment income and covered its dividend despite lower reference rates.
Key Takeaways
Oaktree Specialty Lending delivered steady first fiscal quarter 2026 results with total investment income of $75.1 million and net investment income of $36.7 million, fully covering its quarterly dividend. Portfolio activity remained strong with significant new investment commitments, while net asset value declined modestly due to unrealized depreciation.
Net investment income of $36.7 million fully covered the quarterly dividend
Total investment income declined slightly due to lower reference rates
Strong new investment commitments of over $316 million during the quarter
NAV per share decreased to $16.30 driven by unrealized depreciation
Revenue by Segment
Forward Guidance
The company did not issue formal quantitative guidance but expressed optimism about portfolio stabilization and future net investment income.
Positive Outlook
- Management expects continued portfolio stabilization
- Strong liquidity position supports future investments
- Ability to adjust levers to offset lower base rates
- High proportion of floating-rate investments
- Continued strong origination environment
Challenges Ahead
- Lower reference rates may pressure interest income
- Unrealized depreciation impacted NAV
- Interest expense remains elevated
- Market volatility could affect portfolio valuations
- Potential credit risk from non-accrual investments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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