Oaktree Specialty Lending (OCSL) is a Business Development Company (BDC) that provides debt financing to mid-sized private companies with enterprise values of $100M–$750M that lack access to public debt markets or traditional bank lending. OCSL targets three types of borrowers: private equity-backed companies undergoing LBOs or recapitalizations, companies with complex or niche capital needs, and companies in stressed situations temporarily cut off from capital. The portfolio totals $2.8B across 143 companies, with 85.9% in senior secured loans and 83% in first lien positions. OCSL earns primarily interest income on its floating-rate loan portfolio, with yield driven by portfolio size, base rates, and origination spreads. OCSL also co-invests in two joint ventures that hold roughly $513M in broadly syndicated loans, generating levered returns. OCSL is externally managed by Oaktree Fund Advisors, a subsidiary of Oaktree Capital Management, which earns a base management fee plus an incentive fee subject to a total return hurdle. OCSL is structured as a RIC, distributing at least 90% of taxable income to shareholders. Near-term priorities include resolving nonaccruals (2.8% of fair value), increasing leverage toward the midpoint of its 0.9–1.25x debt-to-equity target range, and optimizing JV returns. Oaktree argues its platform of 375+ investment professionals and ability to co-invest alongside other Oaktree strategies differentiates OCSL from smaller BDC competitors.