Interpreting percent variance explained in Random Forest output

I've run a Random Forest in R using randomForest package.

The fitted forest I've called: fit.rf.

All I want to know is: When I type fit.rf the output shows '% var explained' Is the % Var explained the out-of-bag variance explained?

Yes %explained variance is a measure of how well out-of-bag predictions explain the target variance of the training set. Unexplained variance would be to due true random behaviour or lack of fit.

%explained variance is retrieved by randomForest:::print.randomForest as last element in rf.fit\$rsq and multiplied with 100.

Documentation on rsq: rsq (regression only) “pseudo R-squared”: 1 - mse / Var(y). Where mse is mean square error of OOB-predictions versus targets, and var(y) is variance of targets.