Oaktree Specialty Lending (OCSL) Operating Expenses (2021 - 2026)
Oaktree Specialty Lending (OCSL) recorded Operating Expenses of $36.61 million in fiscal Q3 2026 (quarter ended Jun 30, 2026), down 12.3% from $41.73 million a year earlier but up 1.6% from the prior quarter.
Oaktree Specialty Lending (OCSL) Operating Expenses (2021 - 2026) Analysis & Trends
On a TTM basis, Oaktree Specialty Lending's Operating Expenses came in at $152.25 million as of Jun 30, 2026, down 11.4% year-over-year; for FY2025 (ended Sep 30, 2025), it was $163.3 million, down 21.0% from FY2024.
- Annual Operating Expenses has a four-year compound annual growth rate of 10.5% (FY2021 to FY2025).
- Across earlier fiscal years, Operating Expenses came in at $206.61 million in FY2024 (+4.1%), $198.51 million in FY2023 (+79.5%), $110.59 million in FY2022 (+1.0%) and $109.48 million in FY2021.
- Quarterly Operating Expenses has ranged from $22.77 million in fiscal Q3 2022 to $54.41 million in fiscal Q4 2023 over the past five years.
- On a year-over-year basis, Operating Expenses has declined for nine consecutive quarters, with an average decline of 14.9% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 134.9% in fiscal Q3 2023, against a decline of 27.4% in fiscal Q2 2025 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at $36.02 million (Q2 2026), $38.38 million (Q1 2026) and $41.25 million (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Oaktree Specialty Lending | 1.05 Bn | 796.60 Mn | - | 36.61 Mn |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 36.61 Mn |
| Mar 31, 2026 | 36.02 Mn |
| Dec 31, 2025 | 38.38 Mn |
| Sep 30, 2025 | 41.25 Mn |
| Jun 30, 2025 | 41.73 Mn |
| Mar 31, 2025 | 38.24 Mn |
| Dec 31, 2024 | 42.08 Mn |
| Sep 30, 2024 | 49.76 Mn |
| Jun 30, 2024 | 50.39 Mn |
| Mar 31, 2024 | 52.66 Mn |
| Dec 31, 2023 | 53.80 Mn |
| Sep 30, 2023 | 54.41 Mn |
| Jun 30, 2023 | 53.49 Mn |
| Mar 31, 2023 | 50.32 Mn |
| Dec 31, 2022 | 40.29 Mn |
| Sep 30, 2022 | 34.29 Mn |
| Jun 30, 2022 | 22.77 Mn |
| Mar 31, 2022 | 24.20 Mn |
| Dec 31, 2021 | 29.34 Mn |
Oaktree Specialty Lending Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=OCSL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "OCSL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=OCSL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();