OCSLMEDIUM SIGNALFINANCIAL10-K

OCSL experienced a meaningful decline in net income while maintaining portfolio turnover activity and building cash reserves.

The business development company saw net income decline substantially year-over-year, indicating either reduced portfolio performance or increased operating costs. However, the company strengthened its liquidity position with higher cash balances and reduced total liabilities, suggesting improved financial flexibility for future investment opportunities.

Comparing 2025-11-18 vs 2024-11-19View on EDGAR →
FINANCIAL ANALYSIS

OCSL's financial position showed mixed signals with net income declining meaningfully from $57.9M to $33.9M, reflecting weaker portfolio performance or higher expenses. The company improved its balance sheet strength by increasing cash reserves to $79.6M and reducing total liabilities by approximately $200M to $1.5B. This combination suggests OCSL is building liquidity and reducing leverage while experiencing temporary earnings headwinds, positioning itself for future investment cycles.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-41.4%
$57.9M→$33.9M

Net income declined 41.4% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
+24.5%
$64.0M→$79.6M

Cash grew 24.5% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
-10.1%
$1.7B→$1.5B

Liabilities reduced 10.1% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2025-11-18
PRIOR — 2024-11-19
ADDED
Holdings II Ltd., Biotechnology, First Lien Term Loan 2025-09-30 0001414932 A.T.
, First Lien Term Loan 1 2024-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Astra Acquisition Corp., First Lien Term Loan 2 2024-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Asurion, LLC , First Lien Term Loan 1 2024-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Asurion, LLC ,First Lien Term Loan 2 2024-09-30 0001414932 ocsl:OCSIGlickJVLLCMember athenahealth Group Inc., First Lien Term Loan 2024-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Aurora Lux Finco S.
2024-09-30 0001414932 107-109 Beech OAK22 LLC 2025-09-30 0001414932 107-109 Beech OAK22 LLC 2024-09-30 0001414932 Senior Loan Fund JV I, LLC 2025-09-30 0001414932 Senior Loan Fund JV I, LLC 2024-09-30 0001414932 EMPIRE BIDCO AB 2025-09-30 0001414932 EMPIRE BIDCO AB 2024-09-30 0001414932 Truck-Lite Co., LLC 2025-09-30 0001414932 Truck-Lite Co., LLC 2024-09-30 0001414932 Spruce Bidco I Inc.
2024-09-30 0001414932 Integrity Marketing Acquisition, LLC 2025-09-30 0001414932 Integrity Marketing Acquisition, LLC 2024-09-30 0001414932 Pluralsight, LLC 2025-09-30 0001414932 Pluralsight, LLC 2024-09-30 0001414932 Poseidon Midco AB 2025-09-30 0001414932 Poseidon Midco AB 2024-09-30 0001414932 BioXcel Therapeutics, Inc.
2024-09-30 0001414932 Next Holdco, LLC 2025-09-30 0001414932 Next Holdco, LLC 2024-09-30 0001414932 Creek Parent, Inc.
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REMOVED
Holdings II Ltd., Biotechnology, First Lien Term Loan 2023-09-30 0001414932 A.T.
.r.l., First Lien Term Loan 2023-09-30 0001414932 ocsl:SLFJVIMember DirecTV Financing, LLC, First Lien Term Loan 2023-09-30 0001414932 ocsl:SLFJVIMember DTI Holdco, Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:SLFJVIMember Gibson Brands, Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:SLFJVIMember Harbor Purchaser Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:SLFJVIMember Indivior Finance S.
.R.L., First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember BAART Programs, Inc., First Lien Term Loan 1 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember BAART Programs, Inc., First Lien Term Loan 2 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Covetrus, Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Curium Bidco S.
.r.l., First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember DirecTV Financing, LLC, First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember DTI Holdco, Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Gibson Brands, Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Harbor Purchaser Inc., First Lien Term Loan 2023-09-30 0001414932 ocsl:OCSIGlickJVLLCMember Indivior Finance S.
2023-09-30 0001414932 OCSI Glick JV LLC 2024-09-30 0001414932 OCSI Glick JV LLC 2023-09-30 0001414932 PetVet Care Centers, LLC 2024-09-30 0001414932 PetVet Care Centers, LLC 2023-09-30 0001414932 Senior Loan Fund JV I, LLC 2024-09-30 0001414932 Senior Loan Fund JV I, LLC 2023-09-30 0001414932 107-109 Beech OAK22 LLC 2024-09-30 0001414932 107-109 Beech OAK22 LLC 2023-09-30 0001414932 Accession Risk Management Group, Inc.
+7 more — sign up free →
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