Oaktree Specialty Lending Corp.
OCSL Financial Asset Management
Oaktree Specialty Lending Corp.’s revenue for fiscal 2025 (year ended September 2025) was $316.8 million, down 17.0% from fiscal 2024. In the quarter to June 2026, revenue fell 7.76%, EPS fell 20.5%, free cash flow grew 173.1% and total debt was flat, each against the same quarter a year earlier.
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Oaktree Specialty Lending Corp. (OCSL) Beneish M-score
Oaktree Specialty Lending Corp.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.64 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 0.83 | — | 0.74 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.53 | — | −0.26 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VRTS Virtus Investment Partners, Inc. compare | — |
| BBDC BARINGS BDC, INC. compare | — |
| MSDL Morgan Stanley Direct Lending Fund compare | — |
| GSBD Goldman Sachs BDC, Inc. compare | — |
| RPC Ridgepost Capital, Inc. compare | — |
| FDUS Fidus Investment Corporation compare | — |
| OCSL Oaktree Specialty Lending Corp. | — |
| PSEC Prospect Capital Corporation compare | — |
| KBDC Kayne Anderson BDC, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI