Oaktree Specialty Lending Corporation

Managed by Oaktree, the credit firm Howard Marks built on distressed and value investing, Oaktree Specialty Lending brings that discipline to direct lending. It is a business development company, established in 2010, that originates senior secured loans and other financing for mid-sized U.S. companies, typically those with EBITDA between roughly $10 million and $250 million. The portfolio spans software, healthcare, financial services and manufacturing, and the pitch to investors is that Oaktree's underwriting and workout experience should limit losses when credit turns. Like every BDC it must distribute the bulk of its income, so shareholders own it mainly for the dividend. The trade-off is the one common to the whole sector: yields are high because the borrowers are riskier, and a recession would test how well that value-oriented approach holds up.

On MyRWA, OCSL trades tokenized across 1 on-chain venue - see the listings below.