OCSL

OCSL is an Oaktree-managed BDC, so the headline 29.3x P/E on $0.39 diluted EPS is the wrong lens — BDCs are valued on NAV and dividend coverage, not GAAP earnings (which include unrealized mark-to-market on a $2.8B private-credit book). The right read: stockholders' equity of $1.47B on 88.1M shares implies NAV near $16.69, so $11.41 is roughly 0.78x book — a meaningful discount that already prices in credit stress, and one management explicitly flagged in MD&A ('our common stock has traded at prices below net asset value, and we may not be able to raise additional equity at prices below the then-current net asset value per share'). That discount is the floor under the thesis.

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