OCSL 10-Q Quarterly Report June 30, 2025

OAKTREE SPECIALTY LENDING CORP

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ocsl-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended June 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _____ to _____

COMMISSION FILE NUMBER: 1-33901

Oaktree Specialty Lending Corporation

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


Delaware (State or jurisdiction of incorporation or organization)						26-1219283 (I.R.S. Employer Identification No.)

333 South Grand Avenue , 28th Floor Los Angeles , CA (Address of principal executive office)						90071 (Zip Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

( 213 ) 830-6300

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange
on Which Registered

Common Stock, par value $0.01 per share

OCSL

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ

Accelerated filer ¨

Non-accelerated filer ¨

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ¨ No þ

The registrant had 88,085,523 shares of common stock outstanding as of August 1, 2025.

OAKTREE SPECIALTY LENDING CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS



		PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and September 30, 2024	2
		Consolidated Statements of Operations (unaudited) for the three and nine months ended June 30, 2025 and 2024	3
		Consolidated Statements of Changes in Net Assets (unaudited) for the three and nine months ended June 30, 2025 and 2024	4
		Consolidated Statements of Cash Flows (unaudited) for the nine months ended June 30, 2025 and 2024	5
		Consolidated Schedule of Investments (unaudited) as of June 30, 2025	6
		Consolidated Schedule of Investments as of September 30, 2024	18
		Notes to Consolidated Financial Statements (unaudited)	29
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		86
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		105
Item 4.	Controls and Procedures		107
		PART II — OTHER INFORMATION
Item 1.	Legal Proceedings		107
Item 1A.	Risk Factors		107
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		107
Item 3.	Defaults Upon Senior Securities		107
Item 4.	Mine Safety Disclosures		107
Item 5.	Other Information		107
Item 6.	Exhibits		108
Signatures			109

PART I

Item 1. Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)


	June 30, 2025 (unaudited)		September 30, 2024
ASSETS
Investments at fair value:
Control investments (cost June 30, 2025: $ 377,134 ; cost September 30, 2024: $ 372,901 )	$	230,697	$	289,404
Affiliate investments (cost June 30, 2025: $ 59,044 ; cost September 30, 2024: $ 38,175 )	55,978		35,677
Non-control/Non-affiliate investments (cost June 30, 2025: $ 2,576,411 ; cost September 30, 2024: $ 2,733,843 )	2,522,702		2,696,198
Total investments at fair value (cost June 30, 2025: $ 3,012,589 ; cost September 30, 2024: $ 3,144,919 )	2,809,377		3,021,279
Cash and cash equivalents	79,799		63,966
Restricted cash	—		14,577
Interest, dividends and fees receivable	23,330		38,804
Due from portfolio companies	297		12,530
Receivables from unsettled transactions	10,969		17,548
Due from broker	15,550		17,060
Deferred financing costs	10,234		11,677
Deferred offering costs	161		125
Derivative assets at fair value	7,910		—
Other assets	6,585		775
Total assets	$	2,964,212	$	3,198,341
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	891	$	3,492
Base management fee and incentive fee payable	7,603		15,517
Due to affiliate	2,381		4,088
Interest payable	12,246		16,231
Payables from unsettled transactions	—		15,666
Derivative liabilities at fair value	16,802		16,843
Deferred tax liability	269		—
Credit facilities payable	510,000		710,000
Unsecured notes payable (net of $ 7,097 and $ 4,935 of unamortized financing costs as of June 30, 2025 and September 30, 2024, respectively)	937,551		928,693
Total liabilities	1,487,743		1,710,530
Commitments and contingencies (Note 13)
Net assets:
Common stock, $ 0.01 par value per share, 250,000 shares authorized; 88,086 and 82,245 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively	881		822
Additional paid-in-capital	2,367,337		2,264,449
Accumulated overdistributed earnings	( 891,749 )		( 777,460 )
Total net assets (equivalent to $ 16.76 and $ 18.09 per common share as of June 30, 2025 and September 30, 2024, respectively) (Note 11)	1,476,469		1,487,811
Total liabilities and net assets	$	2,964,212	$	3,198,341

See notes to Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Interest income:
Control investments	$	5,165	$	5,924	$	15,275	$	17,878
Affiliate investments	277		192		602		526
Non-control/Non-affiliate investments	62,441		78,681		198,165		239,205
Interest on cash and cash equivalents	1,507		1,156		4,293		5,014
Total interest income	69,390		85,953		218,335		262,623
PIK interest income:
Control investments	—		677		830		1,819
Affiliate investments	28		11		83		11
Non-control/Non-affiliate investments	5,042		5,461		14,416		12,984
Total PIK interest income	5,070		6,149		15,329		14,814
Fee income:
Control investments	—		13		—		39
Affiliate investments	—		—		—		5
Non-control/Non-affiliate investments	286		1,447		3,707		5,269
Total fee income	286		1,460		3,707		5,313
Dividend income:
Control investments	525		1,400		1,925		4,200
Non-control/Non-affiliate investments	—		4		190		30
Total dividend income	525		1,404		2,115		4,230
Total investment income	75,271		94,966		239,486		286,980
Expenses:
Base management fee	7,195		11,781		22,854		34,862
Part I incentive fee	5,767		8,341		20,413		25,821
Professional fees	1,388		1,091		3,682		3,808
Directors fees	160		160		480		480
Interest expense	31,061		32,513		89,814		96,564
Administrator expense	525		391		1,350		1,083
General and administrative expenses	997		824		2,860		1,941
Total expenses	47,093		55,101		141,453		164,559
Management fees waived	—		( 1,500 )		( 933 )		( 4,500 )
Part I incentive fees waived	( 5,359 )		( 3,210 )		( 18,469 )		( 3,210 )
Net expenses	41,734		50,391		122,051		156,849
Net investment income before taxes	33,537		44,575		117,435		130,131
(Provision) benefit for taxes on net investment income	( 56 )		—		( 597 )		—
Net investment income	33,481		44,575		116,838		130,131
Unrealized appreciation (depreciation):
Control investments	( 2,024 )		( 17,580 )		( 62,940 )		( 22,434 )
Affiliate investments	( 246 )		( 324 )		( 568 )		( 1,156 )
Non-control/Non-affiliate investments	18,905		42,997		( 17,268 )		3,986
Foreign currency forward contracts	1,937		1,106		( 2,289 )		( 4,474 )
Net unrealized appreciation (depreciation)	18,572		26,199		( 83,065 )		( 24,078 )
Realized gains (losses):
Control investments	—		—		13		786
Affiliate investments	145		—		190		—
Non-control/Non-affiliate investments	1,705		( 69,163 )		( 16,898 )		( 87,936 )
Foreign currency forward contracts	( 15,282 )		( 289 )		( 7,342 )		2,642
Net realized gains (losses)	( 13,432 )		( 69,452 )		( 24,037 )		( 84,508 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	( 269 )		( 202 )		( 394 )		( 553 )
Net realized and unrealized gains (losses), net of taxes	4,871		( 43,455 )		( 107,496 )		( 109,139 )
Net increase (decrease) in net assets resulting from operations	$	38,352	$	1,120	$	9,342	$	20,992
Net investment income per common share — basic and diluted	$	0.38	$	0.54	$	1.37	$	1.63
Earnings (loss) per common share — basic and diluted (Note 5)	$	0.44	$	0.01	$	0.11	$	0.26
Weighted average common shares outstanding — basic and diluted	88,086		81,830		85,402		79,804

See notes to Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(unaudited)


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Operations:
Net investment income	$	33,481	$	44,575	$	116,838	$	130,131
Net unrealized appreciation (depreciation)	18,572		26,199		( 83,065 )		( 24,078 )
Net realized gains (losses)	( 13,432 )		( 69,452 )		( 24,037 )		( 84,508 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	( 269 )		( 202 )		( 394 )		( 553 )
Net increase (decrease) in net assets resulting from operations	38,352		1,120		9,342		20,992
Stockholder transactions:
Distributions to stockholders	( 36,996 )		( 45,180 )		( 123,631 )		( 138,792 )
Net increase (decrease) in net assets from stockholder transactions	( 36,996 )		( 45,180 )		( 123,631 )		( 138,792 )
Capital share transactions:
Issuance of common stock under dividend reinvestment plan	3,751		1,873		9,495		5,662
Repurchase of common stock under dividend reinvestment plan	( 3,751 )		—		( 9,495 )		—
Issuance of common stock in private placement	—		—		100,000		—
Issuance of common stock in connection with the "at the market" offering	—		14,221		2,947		92,507
Net increase (decrease) in net assets from capital share transactions	—		16,094		102,947		98,169
Total increase (decrease) in net assets	1,356		( 27,966 )		( 11,342 )		( 19,631 )
Net assets at beginning of period	1,475,113		1,524,099		1,487,811		1,515,764
Net assets at end of period	$	1,476,469	$	1,496,133	$	1,476,469	$	1,496,133
Net asset value per common share	$	16.76	$	18.19	$	16.76	$	18.19
Common shares outstanding at end of period	88,086		82,245		88,086		82,245

See notes to Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Nine months ended June 30, 2025		Nine months ended June 30, 2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	9,342	$	20,992
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation	83,065		24,078
Net realized (gains) losses	24,037		84,508
PIK interest income	( 15,329 )		( 14,814 )
Accretion of original issue discount on investments	( 13,496 )		( 12,017 )
Accretion of original issue discount on unsecured notes payable	804		978
Amortization of deferred financing costs	7,700		3,762
Deferred taxes	269		( 5 )
Purchases of investments	( 739,370 )		( 1,025,659 )
Proceeds from the sales and repayments of investments	871,828		723,758
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable	15,594		12,518
(Increase) decrease in due from portfolio companies	12,233		5,363
(Increase) decrease in receivables from unsettled transactions	6,579		36,681
(Increase) decrease in due from broker	1,510		23,950
(Increase) decrease in other assets	( 5,810 )		( 918 )
Increase (decrease) in accounts payable, accrued expenses and other liabilities	( 2,646 )		120
Increase (decrease) in base management fee and incentive fee payable	( 7,914 )		( 4,132 )
Increase (decrease) in due to affiliate	( 1,707 )		493
Increase (decrease) in interest payable	( 3,985 )		3,322
Increase (decrease) in payables from unsettled transactions	( 15,666 )		40,589
Net cash provided by (used in) operating activities	227,038		( 76,433 )
Financing activities:
Distributions paid in cash	( 114,136 )		( 133,130 )
Borrowings under credit facilities	405,000		205,000
Repayments of borrowings under credit facilities	( 605,000 )		( 125,000 )
Repayments of unsecured notes	( 300,000 )		—
Issuance of unsecured notes	299,976		—
Shares issued under the "at the market" offering	2,960		92,748
Repurchases of common stock under dividend reinvestment plan	( 9,495 )		—
Shares issued in private placement	100,000		—
Deferred financing costs paid	( 8,377 )		( 1,039 )
Deferred offering costs paid	( 43 )		( 117 )
Net cash provided by (used in) financing activities	( 229,115 )		38,462
Effect of exchange rate changes on foreign currency	3,333		( 254 )
Net increase (decrease) in cash and cash equivalents and restricted cash	1,256		( 38,225 )
Cash and cash equivalents and restricted cash, beginning of period	78,543		145,539
Cash and cash equivalents and restricted cash, end of period	$	79,799	$	107,314
Supplemental information:
Cash paid for interest	$	85,295	$	88,502
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan	$	—	$	5,662
Deferred financing costs	45		1,000
Reconciliation to the Consolidated Statements of Assets and Liabilities	June 30, 2025		September 30, 2024
Cash and cash equivalents	$	79,799	$	63,966
Restricted cash	—		14,577
Total cash and cash equivalents and restricted cash	$	79,799	$	78,543

See notes to Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares		Principal (7)		Cost		Fair Value		Notes
Control Investments																(8)(9)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						829				$	—	$	—	(15)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						34,984,460				34,984		25,889		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Preferred Equity						3,137,476				3,137		3,577		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Common Stock						22,267,661				16,172		10,466		(15)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00 %			8/28/2025			$	6,967	5,303		5,351		(6)(15)(20)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50 %			8/28/2025			12,465		13,182		—		(6)(15)(20)
Dominion Diagnostics, LLC	Health Care Services	Common Stock						30,031				15,222		—		(15)
OCSI Glick JV LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50 %	8.93 %		10/20/2028			58,349		52,733		47,064		(6)(11)(14)(15)(19)
OCSI Glick JV LLC	Multi-Sector Holdings	Membership Interest						87.5	%			—		—		(11)(14)(16)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00 %	11.43 %		12/29/2028			112,656		112,656		112,656		(6)(11)(14)(15)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Membership Interest						87.5	%			54,791		14,881		(11)(12)(14)(16)(19)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			3,645		3,346		1,097		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			19,586		17,103		5,893		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			3,883		3,643		1,168		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			1,750		1,648		527		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			1,702		1,576		512		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			816		762		816		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			800		783		800		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock						1,184,630				40,093		—		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants						66,686				—		—		(15)
Total Control Investments ( 15.6 % of net assets)												$	377,134	$	230,697

Affiliate Investments																(17)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00 %	6.40 %	2.00 %	9/29/2026			$	1,811	$	1,773	$	1,733	(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	5.00 %	7.40 %	2.00 %	3/29/2027			3,693		3,592		3,515		(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan				10.00 %	3/29/2028			3,816		3,027		3,264		(15)(20)
All Web Leads, Inc.	Advertising	First Lien Revolver	SOFR+	4.00 %	8.40 %		3/30/2026			1,440		1,420		1,386		(6)(15)(19)
All Web Leads, Inc.	Advertising	Common Stock						11,499				1,622		1,622		(15)
Assembled Brands Capital LLC	Specialized Finance	Common Stock						12,463,242				1,963		1,496		(15)
Assembled Brands Capital LLC	Specialized Finance	Warrants						78,045				—		—		(15)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00 %	2/16/2028			5,236		4,150		3,391		(15)(20)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00 %	2/16/2028			21,622		17,167		15,241		(15)(20)
The Avery	Real Estate Operating Companies	Membership Interest						6.4 %				—		—		(15)
Telestream 2 LLC	Application Software	First Lien Term Loan	SOFR+	6.25 %	10.54 %		6/7/2028			17,123		17,123		17,123		(6)(15)
Telestream 2 LLC	Application Software	First Lien Revolver	SOFR+	8.25 %			6/7/2028			—		—		—		(6)(15)(19)
Telestream 2 LLC	Application Software	Common Stock						744,491				7,207		7,207		(15)
Total Affiliate Investments ( 3.8 % of net assets)												$	59,044	$	55,978

Non-Control/Non-Affiliate Investments																(18)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00 %		2/27/2026			$	16,173	$	16,006	$	16,098	(15)(19)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25 %	10.56 %		10/8/2030			19,600		19,130		18,946		(6)(11)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond			10.00 %		4/15/2032		$	9,100	$	9,100	$	9,186	(11)
A.T. Holdings II Ltd.	Biotechnology	First Lien Term Loan			5.97 %	8.28 %	9/13/2029		23,083		22,365		22,621		(11)(15)(21)
A.T. Holdings II SÀRL	Biotechnology	First Lien Term Loan				22.50 %	4/30/2024		7,152		5,400		7,116		(11)(15)(20)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75 %	9.05 %		11/1/2029		587		563		587		(6)(15)(19)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75 %	9.05 %		11/1/2029		4,133		4,133		4,133		(6)(15)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Revolver	SOFR+	4.75 %			10/30/2029		—		( 5 )		—		(6)(15)(19)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75 %	7.74 %		9/27/2031		€	4,204	4,838		4,871		(6)(11)(15)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75 %	8.13 %		9/27/2031		16,817		18,435		19,484		(6)(11)(15)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75 %	7.74 %		9/30/2031		12,405		14,246		14,372		(6)(11)(15)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00 %	11.41 %		10/31/2025		$	6,400	6,389		6,400		(6)(15)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00 %	11.41 %		10/30/2026		25,332		25,300		25,332		(6)(15)
Acquia Inc.	Application Software	First Lien Revolver	SOFR+	7.00 %	11.43 %		10/30/2026		2,709		2,703		2,709		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		2,807		2,801		2,708		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		803		800		775		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		14,676		14,649		14,162		(6)(15)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50 %	11.95 %		8/15/2029		6,589		6,389		6,490		(6)(11)(15)
ADC Therapeutics SA	Biotechnology	Common Stock						1,674,030			—		—		(11)
ADC Therapeutics SA	Biotechnology	Warrants						28,948			174		19		(11)(15)
AIP RD Buyer Corp.	Distributors	Common Stock						17,870			1,733		2,837		(15)
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50 %	6.80 %	8.00 %	3/1/2029		2,708		2,706		2,667		(6)(15)
Alvotech Holdings S.A.	Biotechnology	Common Stock						76,023			76		693		(11)
Alvotech Holdings S.A.	Biotechnology	Common Stock						70,820			283		244		(11)(13)(15)
American Money Management Corporation	Multi-Sector Holdings	CLO Notes	SOFR+	5.15 %	9.42 %		1/20/2037		3,500		3,500		3,483		(6)(11)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50 %	9.83 %		12/6/2027		47,212		46,775		47,212		(6)(15)
Ares XLIV CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.13 %	11.39 %		4/15/2034		3,500		3,404		3,523		(6)(11)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00 %	9.32 %		3/6/2032		15,086		14,870		14,612		(6)(15)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00 %			3/6/2032		—		( 18 )		( 79 )		(6)(15)(19)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	PRIME+	4.00 %	11.50 %		3/6/2031		126		86		37		(6)(15)(19)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	10.54 %		12/29/2027		3,218		3,214		3,166		(6)(11)(15)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	10.28 %		12/29/2027		667		662		657		(6)(11)(15)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00 %	10.44 %		12/29/2027		226		218		219		(6)(11)(15)(19)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75 %			2/25/2028		8,836		8,368		4,197		(6)(15)(20)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25 %			10/25/2028		12,537		9,872		—		(6)(15)(20)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	8.68 %		8/19/2028		19,898		19,856		19,715		(6)
athenahealth Group Inc.	Health Care Technology	Preferred Equity						21,523			20,789		30,096		(15)
ATNX SPV, LLC	Pharmaceuticals	First Lien Term Loan					5/31/2031		13,768		13,783		13,631		(11)(15)(21)
Aurelia Netherlands B.V.	Interactive Media & Services	First Lien Term Loan	E+	4.75 %	6.83 %		5/29/2031		€	47,682	53,198		55,832		(6)(11)(15)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00 %	10.40 %		12/24/2026		$	31,348	31,190		30,753		(6)(11)(15)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00 %	9.33 %		12/5/2031		56,067		55,037		55,030		(6)(15)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00 %			12/5/2029		—		( 107 )		( 108 )		(6)(15)(19)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.56 %		6/11/2027		$	3,189	$	3,159	$	2,817	(6)(15)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.56 %		6/11/2027		1,239		1,243		1,094		(6)(15)
BAART Programs, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.50 %			6/11/2028		6,452		6,386		3,678		(6)(15)(20)
BAART Programs, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.50 %			6/11/2028		8,920		8,817		5,084		(6)(15)(20)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	6.50 %	10.78 %		8/15/2029		15,448		15,014		15,040		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	6.50 %	10.93 %		7/30/2027		39,934		39,817		39,283		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	6.50 %	10.93 %		7/30/2027		4,379		4,344		4,307		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	PRIME+	5.50 %	13.00 %		7/30/2026		1,076		1,063		1,034		(6)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00 %	10.00 %	4/19/2027		3,084		3,082		2,698		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00 %	10.00 %	4/19/2027		7,439		7,341		6,509		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00 %	10.00 %	4/19/2027		—		—		—		(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00 %	10.00 %	4/19/2027		—		—		—		(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Common Stock						26,654			—		48		(11)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						2,041			225		2		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						586			—		1		(11)(15)
Blumenthal Temecula, LLC	Automotive Retail	Preferred Equity						1,708,618			1,711		2,409		(15)
Blumenthal Temecula, LLC	Automotive Retail	Preferred Equity						394,297			395		528		(15)
Blumenthal Temecula, LLC	Automotive Retail	Common Stock						394,297			424		63		(12)(15)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.00 %	5.93 %		10/31/2029		€	4,057	3,981		4,589		(6)(11)(15)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.50 %	6.48 %		10/31/2030		16,260		15,939		18,071		(6)(11)(15)
Carlyle Global Market Strategies	Multi-Sector Holdings	CLO Notes	SOFR+	7.50 %	11.77 %		10/21/2037		$	3,575	3,733		3,668		(6)(11)
CBAM 2017-2, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.36 %	11.64 %		7/17/2034		489		460		485		(6)(11)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	6.00 %	7.07 %	3.25 %	4/12/2030		13,079		12,829		13,059		(6)(15)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	5.50 %			4/12/2030		—		( 29 )		( 2 )		(6)(15)(19)
CIELO BIDCO LIMITED	Building Products	First Lien Term Loan	E+	4.75 %			6/30/2032		—		—		—		(6)(11)(15)(19)
CIELO BIDCO LIMITED	Building Products	First Lien Term Loan	SONIA+	4.75 %			6/30/2032		—		—		—		(6)(11)(15)(19)
CIELO BIDCO LIMITED	Building Products	First Lien Term Loan	E+	4.75 %			6/30/2032		—		—		—		(6)(11)(15)(19)
Connect Finco SARL	Alternative Carriers	First Lien Term Loan	SOFR+	4.50 %	8.83 %		9/27/2029		9,948		8,805		9,483		(6)(11)
Conviva Inc.	Application Software	Preferred Equity						417,851			605		894		(15)
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	11.80 %		4/6/2029		6,494		6,372		6,354		(6)(15)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25 %	9.53 %		2/27/2030		13,025		12,808		13,025		(6)(15)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25 %			2/27/2030		—		( 10 )		—		(6)(15)(19)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.25 %			2/27/2029		—		( 14 )		—		(6)(15)(19)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	5.25 %	9.57 %		12/18/2031		47,865		47,091		47,085		(6)(15)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+	5.25 %			12/18/2031		—		( 111 )		( 112 )		(6)(15)(19)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75 %	11.08 %		11/8/2030		20,924		20,524		20,715		(6)(15)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75 %	11.08 %		11/8/2030		1,420		1,388		1,406		(6)(15)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+	6.75 %			11/8/2030		—		( 42 )		( 22 )		(6)(15)(19)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00 %	3.00 %	8/31/2029		$	12,286	$	12,286	$	12,286	(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00 %	7.00 %	8/31/2029		36,149		36,149		36,149		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						419			419		578		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						2			2		3		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						31			—		—		(11)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			8/4/2026		25,623		23,277		5,125		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		735		655		147		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		727		651		145		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		1,166		1,042		233		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		956		855		191		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		331		308		66		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		1,914		1,745		383		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		429		429		86		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		—		—		( 985 )		(6)(15)(19)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %			2/4/2027		411		411		82		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		782		762		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		1,034		—		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		1,027		—		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		1,810		—		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Warrants						6,397,254			1,642		—		(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	6.00 %	10.30 %		8/10/2028		54,031		54,030		53,085		(6)(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	6.00 %	10.30 %		8/10/2028		2,916		2,895		2,865		(6)(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	6.00 %	10.30 %		8/10/2028		1,007		1,007		902		(6)(15)(19)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50 %	9.83 %		2/17/2031		13,953		13,685		13,357		(6)
DirecTV Financing, LLC	Cable & Satellite	Fixed Rate Bond			10.00 %		2/15/2031		14,203		14,203		13,798
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SONIA+	5.50 %	9.71 %		5/19/2032		£	15,711	20,589		21,129		(6)(11)(15)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50 %	9.82 %		5/19/2032		$	4,992	4,894		4,900		(6)(11)(15)
Draken International, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50 %			5/19/2032		—		( 58 )		( 55 )		(6)(11)(15)(19)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00 %	8.33 %		4/26/2029		17,940		17,884		17,759		(6)
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00 %	9.29 %		8/29/2031		11,873		11,664		11,636		(6)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %	9.83 %		12/24/2029		25,323		24,955		25,323		(6)(15)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %			12/24/2029		—		( 8 )		—		(6)(15)(19)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	5.50 %	9.82 %		12/24/2029		137		116		137		(6)(15)(19)
EOS Fitness Opco Holdings, LLC	Leisure Facilities	Preferred Equity						488			488		2,092		(15)
EOS Fitness Opco Holdings, LLC	Leisure Facilities	Common Stock						12,500			—		9,680		(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00 %		4/21/2027		1,834		1,822		1,834		(11)(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00 %		4/21/2027		1,692		1,658		1,726		(11)(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00 %		4/21/2027		—		—		—		(11)(15)(19)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00 %		4/21/2027		11,454		11,397		11,454		(11)(15)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00 %	9.29 %		7/2/2031		19,914		19,829		19,830		(6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00 %	9.29 %		7/2/2031		$	1,951	$	1,936	$	1,930	(6)(15)(19)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00 %			7/2/2031		—		( 9 )		( 8 )		(6)(15)(19)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.05 %		9/30/2030		14,515		14,243		14,515		(6)(15)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.05 %		9/30/2030		3,665		3,633		3,665		(6)(15)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75 %			10/1/2029		—		( 29 )		—		(6)(15)(19)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50 %	9.92 %		10/5/2029		4,335		4,268		4,275		(6)(15)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50 %	9.92 %		10/5/2029		501		445		409		(6)(15)(19)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						1,206			1,206		1,265		(15)
F&M Buyer LLC	Systems Software	First Lien Term Loan	SOFR+	4.75 %	9.05 %		3/18/2032		6,703		6,636		6,636		(6)(15)
F&M Buyer LLC	Systems Software	First Lien Term Loan	SOFR+	4.75 %			3/18/2032		—		( 11 )		( 11 )		(6)(15)(19)
F&M Buyer LLC	Systems Software	First Lien Revolver	SOFR+	4.75 %			3/18/2032		—		( 10 )		( 10 )		(6)(15)(19)
Fairbridge Strategic Capital Funding LLC	Real Estate Operating Companies	First Lien Term Loan			9.00 %		12/24/2028		32,250		32,250		31,605		(15)
Fairbridge Strategic Capital Funding LLC	Real Estate Operating Companies	Warrants						3,750			—		—		(11)(12)(15)
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	7.25 %	11.43 %		9/13/2029		11,595		11,433		11,595		(6)(11)(15)
Finastra USA, Inc.	Application Software	First Lien Revolver	SOFR+	7.25 %	11.57 %		9/13/2029		242		225		242		(6)(11)(15)(19)
Fortress Biotech, Inc.	Biotechnology	Warrants						31,246			427		16		(11)(15)
Fortress Credit BSL Limited	Multi-Sector Holdings	CLO Notes	SOFR+	8.19 %	12.46 %		10/20/2033		1,550		1,558		1,533		(6)(11)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.75 %	10.05 %		5/3/2030		38,351		37,867		38,102		(6)(15)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.75 %	10.05 %		5/3/2029		3,990		3,963		3,951		(6)(15)(19)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00 %	9.31 %		3/10/2031		8,432		8,352		8,352		(6)(15)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00 %			3/10/2031		—		( 25 )		( 25 )		(6)(15)(19)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00 %	12.43 %		6/21/2027		3,524		3,495		3,461		(6)(15)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00 %	12.43 %		6/21/2027		17,136		17,049		16,828		(6)(15)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00 %			6/21/2027		—		( 14 )		( 32 )		(6)(15)(19)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25 %	9.63 %		4/9/2029		8,408		8,186		8,265		(6)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50 %	10.95 %		1/19/2026		3,438		3,421		3,489		(6)(11)(15)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50 %	10.95 %		1/19/2026		1,432		1,424		1,454		(6)(11)(15)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50 %	10.95 %		1/19/2026		7,448		7,411		7,560		(6)(11)(15)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+	8.25 %	12.56 %		5/16/2028		23,975		23,562		24,867		(6)(11)(15)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75 %	10.03 %		1/25/2030		10,446		10,287		10,446		(6)(15)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	5.75 %			1/25/2030		—		( 15 )		—		(6)(15)(19)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75 %	10.03 %		8/18/2028		25,511		25,331		24,794		(6)(15)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25 %	10.53 %		8/18/2028		3,636		3,614		3,587		(6)(15)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75 %	10.03 %		8/18/2028		339		310		275		(6)(15)(19)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00 %	9.33 %		8/25/2028		26,120		25,967		26,068		(6)(15)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00 %			8/25/2028		—		( 54 )		( 14 )		(6)(15)(19)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00 %			8/25/2028		—		( 20 )		( 5 )		(6)(15)(19)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50 %	11.94 %		1/15/2026		32,828		32,784		32,336		(6)(15)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50 %	11.93 %		1/15/2026		632		608		575		(6)(15)(19)
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75 %	10.31 %		3/25/2027		40,219		39,486		36,763		(6)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
IPC Corp.	Application Software	First Lien Term Loan	SOFR+	6.50 %	9.93 %	1.00 %	10/1/2026		$	36,262	$	36,021	$	35,265	(6)(15)
JN Bidco LLC	Health Care Technology	Common Stock									9,179		18,982		(15)
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+	5.00 %	9.33 %		3/20/2033		10,876		10,822		10,915		(6)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25 %	9.65 %		10/29/2027		37,445		37,125		35,838		(6)(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25 %	9.65 %		10/29/2027		16,467		16,417		15,760		(6)(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.25 %	11.75 %		10/29/2027		2,911		2,829		2,554		(6)(15)(19)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	5.00 %	9.27 %		11/25/2031		9,644		9,511		9,503		(6)(15)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	5.00 %			11/25/2031		—		( 16 )		( 17 )		(6)(15)(19)
KKR Financial CLO Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.10 %	11.36 %		4/15/2037		2,000		2,057		2,006		(6)(11)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00 %	9.43 %		10/30/2028		12,876		12,625		11,645		(6)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00 %	9.33 %		2/9/2032		13,869		13,705		13,708		(6)(15)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00 %			2/9/2032		—		( 16 )		( 16 )		(6)(15)(19)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+	5.00 %			2/9/2032		—		( 24 )		( 24 )		(6)(15)(19)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50 %	8.83 %		6/30/2028		23,841		23,792		24,050		(6)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50 %	7.07 %	2.75 %	8/22/2031		26,779		26,319		26,324		(6)(15)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50 %			8/22/2031		—		( 14 )		—		(6)(15)(19)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00 %	9.32 %		8/22/2030		1,240		1,187		1,188		(6)(15)(19)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.50 %	9.74 %		1/13/2030		19,607		19,340		19,332		(6)(15)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+	5.50 %			1/13/2030		—		( 17 )		( 18 )		(6)(15)(19)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50 %	12.88 %		11/30/2026		3,167		3,122		2,993		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50 %	12.88 %		11/30/2026		5,822		5,798		5,502		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50 %	12.88 %		11/30/2026		504		500		477		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Common Stock						559			563		—		(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00 %	10.43 %		1/31/2028		2,687		2,605		2,566		(6)(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00 %	10.43 %		1/31/2028		23,077		22,863		22,038		(6)(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00 %	10.43 %		1/31/2028		2,226		2,202		2,107		(6)(15)(19)
Mesoblast, Inc.	Biotechnology	First Lien Term Loan			9.75 %		11/19/2026		6,511		6,345		6,576		(11)(15)
Mesoblast, Inc.	Biotechnology	Warrants						129,939			545		546		(11)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00 %	10.43 %		7/21/2027		2,584		2,555		2,545		(6)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00 %	10.43 %		7/21/2027		7,224		7,183		7,116		(6)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Revolver	SOFR+	6.00 %	10.43 %		7/21/2027		714		699		688		(6)(15)(19)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00 %	11.29 %		9/30/2027		39,221		39,033		39,221		(6)(15)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00 %	11.29 %		9/30/2027		1,752		1,713		1,752		(6)(15)(19)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Revolver	SOFR+	7.00 %			9/30/2027		—		—		—		(6)(15)(19)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00 %	9.33 %		6/3/2030		6,983		6,868		6,948		(6)(11)(15)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00 %			6/3/2030		—		( 12 )		( 6 )		(6)(11)(15)(19)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00 %	9.33 %		6/3/2030		1,149		1,126		1,143		(6)(11)(15)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+	5.00 %			6/3/2030		—		( 12 )		( 4 )		(6)(11)(15)(19)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.78 %		7/1/2031		23,694		23,286		22,880		(6)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %	9.80 %		2/28/2031		38,038		37,467		38,038		(6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %	9.80 %		2/28/2031		$	824	$	793	$	824	(6)(15)(19)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.50 %			2/28/2030		—		( 56 )		—		(6)(15)(19)
Mosaic Companies, LLC	Home Improvement Retail	First Lien Term Loan	SOFR+	8.25 %			7/2/2026		26,503		24,713		5,314		(6)(15)(20)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.05 %		2/10/2027		40,951		40,727		40,677		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.05 %		2/10/2027		13,721		13,702		13,629		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.05 %		2/10/2027		1,967		1,947		1,951		(6)(15)(19)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75 %	9.05 %		2/10/2027		253		203		222		(6)(15)(19)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75 %	10.05 %		4/17/2031		2,866		2,824		2,826		(6)(11)(15)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75 %	10.03 %		4/17/2031		9,655		9,515		9,520		(6)(11)(15)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.75 %			4/17/2031		—		( 6 )		( 5 )		(6)(11)(15)(19)
Nellson Nutraceutical, LLC	Packaged Foods & Meats	First Lien Revolver	PRIME+	4.75 %	12.25 %		4/17/2031		513		484		485		(6)(11)(15)(19)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25 %	9.55 %		11/12/2030		19,745		19,518		19,698		(6)(15)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25 %	9.55 %		11/9/2030		7,785		7,712		7,766		(6)(15)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25 %			11/12/2030		—		( 29 )		( 12 )		(6)(15)(19)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	5.25 %			11/9/2029		—		( 21 )		( 5 )		(6)(15)(19)
NN, Inc.	Industrial Machinery & Supplies & Components	Warrants						487,870			—		1,020		(11)
NN, Inc.	Industrial Machinery & Supplies & Components	Warrants						239,590			—		501		(11)
Northwoods Capital 25 Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.40 %	11.67 %		7/20/2034		700		683		695		(6)(11)
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+	5.00 %	9.33 %		10/30/2031		11,358		11,255		11,244		(6)(11)(15)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+	5.00 %			10/30/2031		—		( 15 )		( 17 )		(6)(11)(15)(19)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+	5.25 %	7.23 %		10/30/2031		€	4,058	4,369		4,716		(6)(11)(15)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+	5.50 %	9.72 %		10/30/2031		£	1,353	1,744		1,835		(6)(11)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.75 %	12.03 %		2/1/2029		$	15,231	15,003		15,231		(6)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.25 %	11.55 %		2/1/2029		4,047		3,986		4,047		(6)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Revolver	SOFR+	7.75 %			2/1/2029		—		( 28 )		—		(6)(15)(19)
OTG Management, LLC	Airport Services	First Lien Term Loan	SOFR+	8.50 %		12.81 %	2/11/2030		13,394		12,138		13,394		(6)(15)
OTG Management, LLC	Airport Services	Common Stock						2,613,034			22,330		10,008		(15)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	4.75 %	9.05 %		2/13/2032		24,559		24,211		24,191		(6)(15)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+	4.75 %			2/13/2032		—		( 74 )		( 78 )		(6)(15)(19)
Park Blue CLO Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.09 %	11.36 %		10/20/2037		2,750		2,835		2,729		(6)(11)
Paulus Holdings Public Limited Company	Health Care Technology	Preferred Equity						57,324			1,165		1,768		(11)(15)
Paulus Holdings Public Limited Company	Health Care Technology	Warrants						12,592			256		388		(11)(15)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00 %	10.33 %		11/15/2030		51,849		51,053		48,842		(6)(15)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00 %			11/15/2030		—		( 69 )		( 330 )		(6)(15)(19)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00 %			11/15/2029		—		( 100 )		( 398 )		(6)(15)(19)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						4,531			4,440		5,401		(15)
Phoenix Finance, Inc.	Application Software	First Lien Term Loan	SOFR+	9.00 %		13.30 %	8/14/2028		5,149		5,011		4,994		(6)(15)
Phoenix Finance, Inc.	Application Software	Second Lien Term Loan	SOFR+	7.50 %		11.95 %	8/14/2028		9,257		9,243		8,378		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	7.33 %	1.50 %	8/22/2029		5,023		5,023		5,023		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	7.33 %	1.50 %	8/22/2029		8,701		8,701		8,701		(6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50 %		11.83 %	8/22/2029		$	14,151	$	14,151	$	14,151	(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %			8/22/2029		—		—		—		(6)(15)(19)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50 %			8/22/2029		—		—		—		(6)(15)(19)
Pluralsight, LLC	Application Software	Common Stock						4,300,526			14,364		9,977		(15)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50 %	7.56 %		5/16/2031		€	12,868	13,993		15,105		(6)(11)(15)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+	5.50 %	9.72 %		5/16/2031		$	5,846	5,788		5,846		(6)(11)(15)(19)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.00 %			9/17/2031		—		( 49 )		( 51 )		(6)(11)(15)(19)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	6.50 %	10.83 %		2/15/2029		10,704		10,445		10,704		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50 %	9.80 %		2/15/2029		9,285		9,258		9,261		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50 %			2/15/2029		—		( 34 )		( 13 )		(6)(15)(19)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.00 %	9.30 %		2/15/2029		3,944		3,907		3,909		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	PRIME+	5.50 %	13.00 %		2/15/2029		274		238		274		(6)(15)(19)
PRGX Global, Inc.	Data Processing & Outsourced Services	Common Stock						100,000			—		245		(15)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25 %	11.54 %		1/23/2029		24,513		24,268		24,268		(6)(11)(15)
Protein For Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25 %	9.58 %		9/20/2030		20,122		19,798		19,693		(6)(15)
Protein For Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25 %	9.58 %		9/20/2030		572		538		526		(6)(15)(19)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00 %	8.28 %		4/5/2030		9,923		9,739		9,039		(6)
RumbleOn, Inc.	Automotive Retail	First Lien Term Loan	SOFR+	8.25 %	11.79 %	1.00 %	8/31/2026		8,898		8,782		8,364		(6)(11)(15)
RumbleOn, Inc.	Automotive Retail	First Lien Term Loan	SOFR+	8.25 %	11.79 %	1.00 %	8/31/2026		29,484		29,088		27,715		(6)(11)(15)
RumbleOn, Inc.	Automotive Retail	Warrants						204,454			1,202		123		(11)(15)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Term Loan	SOFR+	10.50 %		14.83 %	10/7/2026		22,861		22,579		21,489		(6)(15)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Revolver	SOFR+	10.50 %	14.82 %		10/7/2026		2,233		2,194		2,047		(6)(15)(19)
Salus Workers' Compensation, LLC	Diversified Financial Services	Warrants						991,019			327		—		(15)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33 %	9.86 %		12/31/2029		24,500		24,418		24,500		(6)(11)(15)(22)
Scilex Holding Co	Pharmaceuticals	Common Stock						274			78		2		(11)
scPharmaceuticals Inc.	Pharmaceuticals	Warrants						53,700			175		81		(15)
Seres Therapeutics, Inc.	Biotechnology	Warrants						2,911			182		13		(11)(15)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	6.00 %	10.32 %		5/20/2030		11,248		11,083		11,096		(6)(15)
Sierra Enterprises, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	SOFR+	6.00 %			5/20/2030		—		( 21 )		( 19 )		(6)(15)(19)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75 %	10.08 %		4/19/2029		44,994		44,310		44,148		(6)(15)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75 %			4/19/2029		—		( 82 )		( 102 )		(6)(15)(19)
Sorrento Therapeutics, Inc.	Biotechnology	Common Stock						66,000			139		—		(11)
Spanx, LLC	Apparel Retail	First Lien Term Loan	SOFR+	5.50 %	9.93 %		11/20/2028		17,918		17,794		17,739		(6)(15)
Spanx, LLC	Apparel Retail	First Lien Revolver	SOFR+	5.50 %			11/18/2027		—		( 25 )		( 31 )		(6)(15)(19)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00 %	9.13 %		1/30/2032		41,137		40,556		40,549		(6)(15)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+	5.00 %	7.68 %		1/30/2032		C$	7,448	5,070		5,380		(6)(15)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+	5.25 %	6.02 %		1/30/2032		¥	796,342	5,070		5,434		(6)(15)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00 %			1/30/2032		—		( 131 )		( 133 )		(6)(15)(19)
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75 %	10.03 %		9/4/2029		$	9,888	9,571		9,150		(6)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75 %		9/1/2029		4,835		4,790		4,600

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00 %	8.30 %		9/27/2030		$	9,950	$	9,649	$	9,865	(6)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.50 %	8.54 %		4/25/2031		€	18,846	20,199		22,122		(6)(11)(15)(19)
SVP-Singer Holdings Inc.	Home Furnishings	Common Stock						418,881			2,463		2,463		(15)
Symphone CLO Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	5.00 %	9.27 %		1/22/2038		$	2,000	2,000		1,974		(6)(11)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75 %	9.08 %		11/22/2031		16,872		16,732		16,703		(6)(15)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75 %			11/22/2031		—		( 27 )		( 21 )		(6)(15)(19)
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+	4.75 %	9.08 %		11/22/2030		144		123		121		(6)(15)(19)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00 %	11.26 %		5/1/2029		24,843		24,272		24,843		(6)(11)(15)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00 %			5/1/2029		—		( 72 )		—		(6)(11)(15)(19)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00 %	10.25 %		5/26/2028		19,525		18,955		17,792		(6)
Thrasio, LLC	Broadline Retail	First Lien Term Loan	SOFR+	10.00 %		14.44 %	6/18/2029		7,052		6,893		6,717		(6)(15)
Thrasio, LLC	Broadline Retail	First Lien Term Loan	SOFR+	10.00 %			6/18/2029		21,640		16,279		14,715		(6)(15)(20)
Thrasio, LLC	Broadline Retail	Common Stock						321,058			—		—		(15)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08 %	11.36 %		1/25/2034		905		854		878		(6)(11)
Trinitas CLO XV DAC	Multi-Sector Holdings	CLO Notes	SOFR+	7.71 %	11.98 %		4/22/2034		1,000		832		972		(6)(11)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %	10.03 %		2/13/2032		31,103		30,621		30,792		(6)(15)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %	10.06 %		2/13/2032		565		559		559		(6)(15)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %			2/13/2032		—		( 20 )		( 27 )		(6)(15)(19)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %			2/13/2032		—		( 18 )		( 9 )		(6)(15)(19)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %			2/13/2032		—		( 41 )		( 54 )		(6)(15)(19)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.75 %			2/13/2031		—		( 47 )		( 32 )		(6)(15)(19)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50 %	9.83 %		9/10/2031		15,694		15,555		15,694		(6)(15)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50 %	9.83 %		9/10/2031		314		314		314		(6)(15)(19)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25 %	9.58 %		9/10/2031		917		900		917		(6)(15)(19)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70 %		5/9/2029		2,512		2,473		2,512		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70 %		5/9/2029		3,198		3,134		3,198		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			9.70 %		5/9/2029		3,426		3,357		3,366		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00 %		5/9/2029		—		—		—		(11)(15)(19)
Werner Finco LP	Building Products	First Lien Term Loan	SOFR+	5.50 %	9.82 %		6/16/2031		12,814		12,623		12,622		(6)(15)
Win Brands Group LLC	Housewares & Specialties	First Lien Term Loan	SOFR+	14.00 %	13.32 %	5.00 %	1/23/2026		2,588		2,583		2,348		(6)(15)
Win Brands Group LLC	Housewares & Specialties	Warrants						4,871			46		—		(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.25 %	11.57 %		11/28/2029		30,983		30,442		30,983		(6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.25 %	11.57 %		11/29/2029		$	1,468	$	1,468	$	1,468	(6)(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	7.25 %			11/28/2029		—		( 60 )		—		(6)(15)(19)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50 %	10.93 %		10/26/2029		6,252		6,206		6,120		(6)
Total Non-Control/Non-Affiliate Investments ( 170.9 % of net assets)											$	2,576,411	$	2,522,702
Total Portfolio Investments ( 190.3 % of net assets)											$	3,012,589	$	2,809,377
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares											$	19,679	$	19,679
Other cash accounts											60,120		60,120
Total Cash and Cash Equivalents and Restricted Cash ( 5.4 % of net assets)											$	79,799	$	79,799
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash ( 195.7 % of net assets)											$	3,092,388	$	2,889,176

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract	$	166,982	€	145,846	9/11/2025	JPMorgan Chase Bank, N.A.	$	( 5,006 )
Foreign currency forward contract	$	5,528	C$	7,586	9/11/2025	JPMorgan Chase Bank, N.A.	( 51 )
Foreign currency forward contract	$	5,565	¥	789,671	9/11/2025	JPMorgan Chase Bank, N.A.	55
Foreign currency forward contract	$	46,221	£	34,538	9/11/2025	JPMorgan Chase Bank, N.A.	( 1,128 )
							$	( 6,130 )

Derivative Instrument

Company Receives

Company Pays

Counterparty

Maturity Date

Notional Amount

Fair Value

Interest rate swap

Fixed 2.7 %

Floating 3-month SOFR + 1.658 %

Royal Bank of Canada

1/15/2027

$ 350,000

( 14,965 )

Interest rate swap

Fixed 7.1 %

Floating 3-month SOFR + 3.1255 %

Royal Bank of Canada

2/15/2029

$ 300,000

4,293

Interest rate swap

Fixed 6.34 %

Floating 3-month SOFR + 2.1920 %

BNP Paribas

2/27/2030

$ 300,000

7,910

( 2,762 )

(1) All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.

(2) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.

(3) Equity ownership may be held in shares or units of companies related to the portfolio companies.

(4) Each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.

(5) Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.

(6) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to the secured overnight financing rate ("SOFR"), the euro interbank offered rate ("EURIBOR" or "E"), the sterling overnight index average ("SONIA") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate based on each respective credit agreement and the cash interest rate as of period end. As of June 30, 2025, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.15%, the PRIME at 7.50%, the SONIA at 4.32%, the Tokyo Overnight Average Rate ("TONA") at 0.75%, the 30-day Canadian Overnight Repo Rate Average ("CORRA") at 2.75%, the 30-day EURIBOR at 1.93%, the 90-day EURIBOR at 1.94% and the 180-day EURIBOR at 2.05%. Most loans include an interest floor, which generally ranges from 0 % to 3.00 %. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(7) Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. "C$" signifies the investment is denominated in Canadian dollar. "¥" signifies the investment is denominated in Japanese Yen. All other investments are denominated in U.S. dollars.

(8) Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(9) As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the nine months ended June 30, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.

(10) This investment represents a participation interest in the underlying securities shown.

(11) Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, qualifying assets represented 73.0 % of the Company's total assets and non-qualifying assets represented 27.0 % of the Company's total assets.

(12) Income producing through payment of dividends or distributions.

(13) This investment represents Seller Earn Out Shares in Alvotech Holdings S.A. The Seller Earn Out Shares will vest if, at any time through June 16, 2027, the Alvotech Holdings S.A. common share price is at or above a volume weighted average price ("VWAP") of $ 20.00 per share for any ten trading days within any twenty trading day period.

(14) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition of the Company's joint ventures.

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

June 30, 2025

(dollar amounts in thousands)

(unaudited)

(15) As of June 30, 2025, these investments were categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820").

(16) This investment was valued using net asset value as a practical expedient for fair value. Consistent with ASC 820, these investments are excluded from the hierarchical levels.

(17) Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.

(18) Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.

(19) Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.

(20) This investment was on non-accrual status as of June 30, 2025.

(21) This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.

(22) This investment represents a credit default swap that functions, in substance, like a credit linked note and represents a credit risk transfer for a pool of reference assets owned by a bank. The Company fully funded margin up front and in return the Company receives periodic interest payments. The Company’s risk of loss is limited to the principal amount disclosed herein. The reference assets are primarily composed of investment grade corporate debt. The Company may be exposed to counterparty risk, which could make it difficult for the Company to collect on obligations, thereby resulting in potentially significant losses. In addition, the Company only has a contractual relationship with the counterparty bank, and not with the reference obligors of the reference assets. Accordingly, the Company generally may have no right to directly enforce compliance by the reference obligors with the terms of the reference assets. The Company will not directly benefit from the reference assets and will not have the benefit of the remedies that would normally be available to a holder of such reference assets. In addition, in the event of the insolvency of the counterparty bank, the Company may be treated as a general creditor of such counterparty bank, and will not have any claim with respect to the reference assets.

See notes to Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares		Principal (7)		Cost		Fair Value		Notes
Control Investments																(8)(9)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						829				$	—	$	—	(15)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						34,984,460				34,984		27,638		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Preferred Equity						3,137,476				3,137		3,357		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Common Stock						22,267,661				16,172		12,247		(15)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.74 %		8/28/2025			$	13,928	13,928		11,360		(6)(15)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00 %			8/28/2025			—		—		( 1,028 )		(6)(15)(19)
Dominion Diagnostics, LLC	Health Care Services	First Lien Revolver	SOFR+	5.00 %	9.75 %		8/28/2025			5,574		5,574		4,546		(6)(15)
Dominion Diagnostics, LLC	Health Care Services	Common Stock						30,031				15,222		—		(15)
OCSI Glick JV LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50 %	9.95 %		10/20/2028			58,349		51,668		48,896		(6)(11)(14)(15)(19)
OCSI Glick JV LLC	Multi-Sector Holdings	Membership Interest						87.5	%			—		—		(11)(14)(16)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00 %	12.45 %		12/29/2028			112,656		112,656		112,656		(6)(11)(14)(15)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Membership Interest						87.5	%			54,791		22,541		(11)(12)(14)(16)(19)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			3,332		3,243		3,332		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			17,907		16,339		17,907		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			3,550		3,500		3,550		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			1,600		1,594		1,600		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00 %	8/3/2028			—		—		—		(15)(19)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock						1,184,630				40,093		20,802		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants						66,686				—		—		(15)
Total Control Investments ( 19.5 % of net assets)												$	372,901	$	289,404

Affiliate Investments																(17)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00 %	6.70 %	2.00 %	9/29/2026			$	1,819	$	1,757	$	1,741	(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	5.00 %	7.70 %	2.00 %	3/29/2027			3,637		3,493		3,463		(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan				10.00 %	3/29/2028			3,541		3,026		3,183		(15)(20)
All Web Leads, Inc.	Advertising	First Lien Revolver	SOFR+	4.00 %	8.70 %		3/30/2026			1,560		1,520		1,506		(6)(15)(19)
All Web Leads, Inc.	Advertising	Common Stock						11,499				1,622		1,622		(15)
Assembled Brands Capital LLC	Specialized Finance	Common Stock						12,463,242				1,963		1,246		(15)
Assembled Brands Capital LLC	Specialized Finance	Warrants						78,045				—		—		(15)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00 %	2/16/2028			5,065		4,657		4,087		(15)(20)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00 %	2/16/2028			20,917		19,262		18,235		(15)(20)
The Avery	Real Estate Operating Companies	Membership Interest						6.4	%			—		—		(15)
Caregiver Services, Inc.	Health Care Services	Preferred Equity						1,080,398				875		594		(15)
Total Affiliate Investments ( 2.4 % of net assets)												$	38,175	$	35,677

Non-Control/Non-Affiliate Investments																(18)
107 Fair Street LLC	Real Estate Development	First Lien Term Loan			13.00 %		11/17/2024			$	1,989	$	1,985	$	1,934	(10)(15)(19)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00 %		2/27/2026			31,231		30,920		31,015		(15)(19)
112-126 Van Houten Real22 LLC	Real Estate Development	First Lien Term Loan			13.00 %		11/4/2024			5,336		5,332		5,288		(10)(15)(19)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
A.T. Holdings II Ltd.	Biotechnology	First Lien Term Loan			14.25 %		9/13/2029		$	21,870	$	21,024	$	21,979	(11)(15)(21)
A.T. Holdings II SÀRL	Biotechnology	First Lien Term Loan				22.50 %	4/30/2024		7,835		7,028		7,796		(11)(15)(20)
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00 %	10.25 %		8/18/2028		1,985		1,975		1,996		(6)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75 %			11/1/2029		—		( 48 )		( 45 )		(6)(15)(19)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Revolver	SOFR+	4.75 %			10/30/2029		—		( 5 )		( 5 )		(6)(15)(19)
Accupac, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	6.00 %			1/16/2026		—		( 2 )		( 59 )		(6)(15)(19)
Accupac, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	6.00 %	10.90 %		1/16/2026		20,024		19,978		19,724		(6)(15)
Accupac, Inc.	Personal Care Products	First Lien Revolver	SOFR+	6.00 %	10.90 %		1/16/2026		2,482		2,471		2,443		(6)(15)(19)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75 %			9/27/2031		—		( 47 )		( 47 )		(6)(11)(15)(19)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75 %	8.91 %		9/27/2031		€	16,817	18,424		18,393		(6)(11)(15)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00 %	12.46 %		10/31/2025		$	6,400	6,366		6,400		(6)(15)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00 %	12.46 %		10/31/2025		25,332		25,309		25,332		(6)(15)
Acquia Inc.	Application Software	First Lien Revolver	SOFR+	7.00 %	12.47 %		10/31/2025		1,084		1,078		1,084		(6)(15)(19)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	11.37 %		12/18/2025		3,079		3,062		2,955		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	12.01 %		12/18/2025		875		868		840		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	11.37 %		12/18/2025		16,053		15,975		15,410		(6)(15)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50 %	12.25 %		8/15/2029		6,589		6,353		6,424		(6)(11)(15)
ADC Therapeutics SA	Biotechnology	Common Stock						1,674,030			—		—		(11)
ADC Therapeutics SA	Biotechnology	Warrants						28,948			174		33		(11)(15)
AIP RD Buyer Corp.	Distributors	Common Stock						17,870			1,733		2,220		(15)
AirStrip Technologies, Inc.	Application Software	Warrants						5,715			90		—		(15)
Alto Pharmacy Holdings, Inc.	Health Care Technology	First Lien Term Loan	SOFR+	11.50 %	8.00 %	8.93 %	10/14/2027		10,134		9,666		9,120		(6)(15)
Alto Pharmacy Holdings, Inc.	Health Care Technology	Warrants						598,283			642		802		(15)
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	12.45 %		6/30/2025		16,143		16,115		14,852		(6)(15)
Alvotech Holdings S.A.	Biotechnology	Common Stock						118,744			206		1,413		(11)
Alvotech Holdings S.A.	Biotechnology	Common Stock						70,820			283		315		(11)(13)(15)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00 %	9.75 %		12/30/2027		2,487		2,469		2,501		(6)
American Auto Auction Group, LLC	Diversified Support Services	Second Lien Term Loan	SOFR+	8.75 %	13.50 %		1/2/2029		17,048		16,556		16,494		(6)(15)
Amspec Parent LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.50 %	10.10 %		12/5/2030		33,390		32,654		33,390		(6)(15)
Amspec Parent LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.50 %			12/5/2030		—		( 60 )		—		(6)(15)(19)
Amspec Parent LLC	Diversified Support Services	First Lien Revolver	SOFR+	5.50 %			12/5/2029		—		( 98 )		—		(6)(15)(19)
Anchorage Capital CLO 20, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.61 %	12.89 %		1/20/2035		750		715		736		(6)(11)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50 %	10.35 %		12/6/2027		47,451		46,877		47,428		(6)(15)
Ares XLIV CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.13 %	12.43 %		4/15/2034		3,500		3,399		3,509		(6)(11)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	10.66 %		12/29/2027		3,243		3,234		3,087		(6)(11)(15)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00 %	11.29 %		12/29/2027		230		220		211		(6)(11)(15)(19)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75 %	11.35 %		2/25/2028		7,907		7,816		6,555		(6)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25 %			10/25/2028		12,537		10,187		3,605		(6)(15)(20)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
athenahealth Group Inc.	Health Care Technology	Preferred Equity						21,523			$	20,789	$	24,326	(15)
ATNX SPV, LLC	Pharmaceuticals	First Lien Term Loan				15.89 %	5/31/2031		$	12,989	13,013		12,892		(11)(15)(21)
Aurelia Netherlands Midco 2 B.V.	Interactive Media & Services	First Lien Term Loan	E+	5.75 %	9.55 %		5/29/2031		€	28,022	29,727		30,698		(6)(11)(15)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	7.00 %	7.70 %	4.00 %	12/24/2026		$	30,724	30,169		29,802		(6)(11)(15)
Avalara, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25 %	10.85 %		10/19/2028		50,470		49,836		50,470		(6)(15)
Avalara, Inc.	Application Software	First Lien Revolver	SOFR+	6.25 %			10/19/2028		—		( 86 )		—		(6)(15)(19)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.87 %		6/11/2027		3,214		3,183		3,025		(6)(15)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.87 %		6/11/2027		1,248		1,254		1,175		(6)(15)
BAART Programs, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.50 %	13.35 %		6/11/2028		6,452		6,386		5,550		(6)(15)
BAART Programs, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.50 %	13.37 %		6/11/2028		8,920		8,817		7,673		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	5.50 %	10.90 %		7/30/2027		40,246		40,085		39,863		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	SOFR+	5.50 %	10.52 %		7/30/2026		2,835		2,813		2,811		(6)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %			4/19/2027		—		—		—		(6)(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	8.00 %	4.10 %	4/19/2027		2,930		2,928		2,600		(6)(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	8.00 %	4.10 %	4/19/2027		7,062		6,921		6,268		(6)(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %			4/19/2027		—		—		—		(6)(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %			4/19/2027		—		—		—		(6)(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						32,664			225		10		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						9,382			—		3		(11)(15)
Blackhawk Network Holdings, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	5.00 %	9.85 %		3/12/2029		19,336		18,991		19,444		(6)
Blumenthal Temecula, LLC	Automotive Retail	Preferred Equity						1,708,618			1,711		2,136		(15)
Blumenthal Temecula, LLC	Automotive Retail	Preferred Equity						394,297			395		477		(15)
Blumenthal Temecula, LLC	Automotive Retail	Common Stock						394,297			424		79		(15)
CBAM 2017-2, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.36 %	12.65 %		7/17/2034		489		458		462		(6)(11)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	5.75 %	10.95 %		6/21/2028		£	14,807	18,480		19,878		(6)(11)
CD&R Firefly Bidco Limited	Other Specialty Retail	First Lien Term Loan	SONIA+	5.50 %	10.45 %		6/21/2028		14,725		18,330		19,782		(6)(11)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	6.50 %	8.10 %	3.50 %	4/12/2030		$	12,830	12,539		12,694		(6)(15)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	6.00 %			4/12/2030		—		( 33 )		( 15 )		(6)(15)(19)
Conviva Inc.	Application Software	Preferred Equity						417,851			605		894		(15)
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	12.10 %		4/6/2029		6,494		6,347		6,348		(6)(15)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.50 %			2/27/2030		—		( 15 )		—		(6)(15)(19)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.50 %	10.75 %		2/27/2030		13,124		12,870		13,124		(6)(15)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.50 %			2/27/2029		—		( 17 )		—		(6)(15)(19)
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00 %	9.60 %		10/13/2029		10,878		10,518		10,341		(6)
Crewline Buyer, Inc.	Systems Software	First Lien Term Loan	SOFR+	6.75 %	11.35 %		11/8/2030		20,924		20,468		20,627		(6)(15)
Crewline Buyer, Inc.	Systems Software	First Lien Revolver	SOFR+	6.75 %			11/8/2030		—		( 48 )		( 31 )		(6)(15)(19)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00 %	3.00 %	8/31/2029		$	8,456	$	8,456	$	8,456	(11)(15)(19)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00 %	7.00 %	8/31/2029		34,316		34,316		34,316		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						419			419		531		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						2			2		2		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						31			—		—		(11)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %		15.75 %	8/4/2026		23,660		23,264		21,175		(6)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %		15.75 %	2/4/2027		655		655		586		(6)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %		15.75 %	4/8/2025		647		647		579		(6)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %		15.75 %	2/4/2027		1,039		1,039		929		(6)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00 %		15.75 %	2/4/2027		852		852		762		(6)(15)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		725		724		375		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		959		—		496		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	4/8/2025		952		—		493		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00 %	9/30/2027		1,679		—		869		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Warrants						6,397,254			1,642		—		(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	6.00 %	10.60 %		8/10/2028		54,454		54,449		54,127		(6)(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	6.00 %	10.60 %		8/10/2028		2,939		2,913		2,921		(6)(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	6.00 %			8/10/2028		—		—		( 36 )		(6)(15)(19)
Eagleview Technology Corporation	Application Software	Second Lien Term Loan	SOFR+	7.50 %	12.25 %		8/14/2026		8,974		8,884		8,121		(6)(15)
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00 %	10.06 %		8/29/2031		11,933		11,697		11,858		(6)(15)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %	10.35 %		12/24/2029		24,741		24,369		24,741		(6)(15)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %			12/24/2029		—		( 16 )		—		(6)(15)(19)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	5.50 %	10.35 %		12/24/2029		121		96		121		(6)(15)(19)
EOS Fitness Opco Holdings, LLC	Leisure Facilities	Preferred Equity						488			488		1,345		(15)
EOS Fitness Opco Holdings, LLC	Leisure Facilities	Common Stock						12,500			—		—		(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00 %		4/21/2027		1,834		1,817		1,834		(11)(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00 %		4/21/2027		—		1		—		(11)(15)(19)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00 %		4/21/2027		—		1		—		(11)(15)(19)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00 %		4/21/2027		11,454		11,374		11,454		(11)(15)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00 %	10.33 %		7/2/2031		20,014		19,914		19,922		(6)(15)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00 %	10.30 %		7/2/2031		1,961		1,944		1,950		(6)(15)(19)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00 %			7/2/2031		—		( 10 )		( 9 )		(6)(15)(19)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.35 %		9/30/2030		14,625		14,312		14,501		(6)(15)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.35 %		9/30/2030		3,692		3,656		3,661		(6)(15)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75 %			10/1/2029		—		( 34 )		( 14 )		(6)(15)(19)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50 %	10.80 %		10/5/2029		4,368		4,289		4,285		(6)(15)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50 %			10/5/2029		—		( 66 )		( 125 )		(6)(15)(19)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						1,206			1,206		1,131		(15)(23)
Fairbridge Strategic Capital Funding LLC	Real Estate Operating Companies	First Lien Term Loan			9.00 %		12/24/2028		48,920		48,920		48,920		(15)
Fairbridge Strategic Capital Funding LLC	Real Estate Operating Companies	Warrants						3,750			—		4		(11)(12)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	7.25 %	12.18 %		9/13/2029		$	11,683	$	11,491	$	11,521	(6)(11)(15)
Finastra USA, Inc.	Application Software	First Lien Revolver	SOFR+	7.25 %	12.18 %		9/13/2029		564		544		547		(6)(11)(15)(19)
Finthrive Software Intermediate Holdings, Inc.	Health Care Technology	First Lien Term Loan	SOFR+	4.00 %	8.96 %		12/18/2028		4,291		3,594		3,862		(6)(15)
Finthrive Software Intermediate Holdings, Inc.	Health Care Technology	Second Lien Term Loan	SOFR+	6.75 %			12/17/2029		31,074		28,328		23,616		(6)(15)(20)
Fortress Biotech, Inc.	Biotechnology	Warrants						27,801			427		13		(11)(15)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	7.25 %	11.85 %		5/3/2029		23,536		22,996		23,536		(6)(15)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	7.25 %	11.85 %		5/3/2029		2,536		2,452		2,536		(6)(15)(19)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00 %	12.95 %		6/21/2027		3,524		3,485		3,454		(6)(15)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00 %	12.95 %		6/21/2027		17,268		17,147		16,923		(6)(15)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00 %			6/21/2027		—		( 20 )		( 35 )		(6)(15)(19)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25 %	10.20 %		4/9/2029		8,473		8,205		8,263		(6)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50 %			1/19/2026		—		( 40 )		52		(6)(11)(15)(19)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50 %	11.25 %		1/19/2026		1,432		1,413		1,454		(6)(11)(15)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50 %	11.25 %		1/19/2026		7,448		7,362		7,560		(6)(11)(15)
HPS Loan Management 10-2016	Multi-Sector Holdings	CLO Notes	SOFR+	6.67 %	11.95 %		4/20/2034		2,250		2,136		2,264		(6)(11)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+	8.25 %	13.37 %		5/16/2028		23,975		23,454		25,054		(6)(11)(15)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	6.50 %	11.35 %		1/25/2030		10,446		10,261		10,372		(6)(15)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	6.50 %			1/25/2030		—		( 18 )		( 7 )		(6)(15)(19)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75 %	10.67 %		8/18/2028		25,491		25,261		24,696		(6)(15)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25 %	11.17 %		8/18/2028		3,636		3,609		3,581		(6)(15)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25 %			8/18/2028		—		—		—		(6)(15)(19)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75 %	10.67 %		8/18/2028		678		643		607		(6)(15)(19)
Innocoll Pharmaceuticals Limited	Health Care Technology	Warrants						112,990			300		—		(11)(15)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00 %	10.08 %		8/25/2028		19,559		19,368		19,363		(6)(15)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00 %			8/28/2028		—		( 25 )		( 26 )		(6)(15)(19)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00 %			8/28/2028		—		( 68 )		( 66 )		(6)(15)(19)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50 %	12.46 %		6/30/2025		33,079		32,876		32,332		(6)(15)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50 %			6/30/2025		—		( 42 )		( 86 )		(6)(15)(19)
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75 %	10.62 %		3/25/2027		42,075		40,978		35,343		(6)
IPC Corp.	Application Software	First Lien Term Loan	SOFR+	6.50 %	11.97 %		10/1/2026		36,029		35,643		35,668		(6)(15)
JN Bidco LLC	Health Care Technology	Common Stock									9,886		9,886		(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.00 %	9.95 %		10/29/2027		37,635		37,211		37,123		(6)(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.00 %	10.68 %		10/29/2027		16,552		16,423		16,327		(6)(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.00 %	12.50 %		10/29/2027		1,259		1,223		1,216		(6)(15)(19)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.00 %	12.00 %		10/29/2027		926		901		894		(6)(15)(19)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00 %	9.95 %		10/29/2028		19,351		18,861		18,953		(6)
Latam Airlines Group S.A.	Passenger Airlines	First Lien Term Loan	SOFR+	9.50 %	14.95 %		10/12/2027		26,156		25,039		26,556		(6)(11)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	5.50 %	10.35 %		6/30/2028		30,856		30,779		30,863		(6)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00 %	10.13 %		8/22/2031		26,358		25,839		25,847		(6)(15)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00 %			8/22/2031		—		( 15 )		( 15 )		(6)(15)(19)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00 %			8/22/2030		$	—	$	( 61 )	$	( 60 )	(6)(15)(19)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.00 %	9.96 %		5/9/2026		55,873		55,220		54,197		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50 %	13.20 %		11/30/2026		3,167		3,123		2,993		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50 %	13.20 %		11/30/2026		5,822		5,785		5,502		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Common Stock						559			563		64		(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00 %	10.95 %		1/31/2028		2,708		2,601		2,539		(6)(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00 %	10.95 %		1/31/2028		23,256		22,977		21,802		(6)(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00 %	10.95 %		1/31/2028		2,014		1,982		1,849		(6)(15)(19)
Marinus Pharmaceuticals, Inc.	Pharmaceuticals	First Lien Term Loan			11.50 %		5/11/2026		8,139		8,096		7,773		(11)(15)
Marinus Pharmaceuticals, Inc.	Pharmaceuticals	First Lien Term Loan			11.50 %		5/11/2026		3,855		3,835		3,682		(11)(15)
Marinus Pharmaceuticals, Inc.	Pharmaceuticals	First Lien Term Loan			11.50 %		5/11/2026		4,070		4,048		3,886		(11)(15)
Mesoblast, Inc.	Biotechnology	First Lien Term Loan			9.75 %		11/19/2026		7,660		7,359		7,373		(11)(15)
Mesoblast, Inc.	Biotechnology	Warrants						33,409			23		154		(11)(15)
Mesoblast, Inc.	Biotechnology	Warrants						129,939			545		416		(11)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00 %	11.40 %		7/21/2027		2,604		2,561		2,568		(6)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00 %	11.40 %		7/21/2027		7,224		7,167		7,125		(6)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Revolver	SOFR+	6.00 %			7/21/2027		—		( 21 )		( 24 )		(6)(15)(19)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00 %	12.40 %		9/30/2025		51,356		51,142		50,806		(6)(15)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00 %	12.40 %		9/30/2025		2,294		2,255		2,269		(6)(15)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Revolver	SOFR+	7.00 %			9/30/2025		—		( 21 )		( 56 )		(6)(15)(19)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00 %	9.85 %		6/3/2030		7,056		6,923		6,932		(6)(11)(15)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00 %			6/3/2030		—		( 12 )		( 11 )		(6)(11)(15)(19)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00 %	9.85 %		6/3/2030		1,176		1,152		1,156		(6)(11)(15)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+	5.00 %			6/3/2030		—		( 13 )		( 12 )		(6)(11)(15)(19)
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	9.10 %		7/1/2031		27,705		27,169		26,588		(6)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %	10.56 %		2/28/2031		38,326		37,751		38,326		(6)(15)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50 %			2/28/2031		—		( 24 )		—		(6)(15)(19)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.50 %			2/28/2030		—		( 65 )		—		(6)(15)(19)
Mosaic Companies, LLC	Home Improvement Retail	First Lien Term Loan	SOFR+	8.25 %	10.58 %	3.25 %	7/2/2026		50,077		49,891		48,775		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.35 %		2/10/2027		33,831		33,438		33,503		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.35 %		2/10/2027		13,829		13,797		13,695		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.35 %		2/10/2027		6,652		6,609		6,588		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75 %	9.35 %		2/10/2027		792		776		760		(6)(15)(19)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75 %			2/10/2027		—		( 69 )		( 44 )		(6)(15)(19)
NeuAG, LLC	Fertilizers & Agricultural Chemicals	First Lien Term Loan	SOFR+	2.25 %	6.85 %		12/1/2024		55,783		54,677		54,668		(6)(15)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.00 %	11.06 %		11/12/2030		19,895		19,597		19,895		(6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	6.00 %			11/12/2030		$	—	$	( 38 )	$	—	(6)(15)(19)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	6.00 %			11/9/2029		—		( 25 )		—		(6)(15)(19)
NN, Inc.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	8.88 %	11.82 %	2.00 %	9/19/2026		56,701		56,248		55,737		(6)(11)(15)
NN, Inc.	Industrial Machinery & Supplies & Components	Warrants						487,870			—		1,898		(11)
NN, Inc.	Industrial Machinery & Supplies & Components	Warrants						239,590			—		932		(11)
Northwoods Capital 25 Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.40 %	12.68 %		7/20/2034		700		682		681		(6)(11)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.50 %	12.75 %		2/1/2029		15,231		14,956		15,231		(6)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.25 %	12.50 %		2/1/2029		4,047		3,974		3,986		(6)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Revolver	SOFR+	7.50 %			2/1/2029		—		( 34 )		—		(6)(15)(19)
OTG Management, LLC	Airport Services	First Lien Term Loan	SOFR+	9.50 %		14.62 %	2/11/2030		12,070		10,611		12,070		(6)(15)
OTG Management, LLC	Airport Services	Common Stock						2,613,034			22,330		13,562		(15)
Performance Health Holdings, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.75 %	11.11 %		7/12/2027		22,375		22,238		22,375		(6)(15)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00 %	10.85 %		11/15/2030		52,244		51,330		50,912		(6)(15)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00 %			11/15/2030		—		( 69 )		( 106 )		(6)(15)(19)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00 %			11/15/2029		—		( 117 )		( 175 )		(6)(15)(19)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						4,531			4,440		5,022		(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.12 %	1.50 %	8/22/2029		4,965		4,965		4,965		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %			8/22/2029		—		—		—		(6)(15)(19)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50 %			8/22/2029		—		—		—		(6)(15)(19)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.12 %	1.50 %	8/22/2029		8,601		8,601		8,601		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50 %		12.62 %	8/22/2029		12,902		12,902		12,902		(6)(15)
Pluralsight, LLC	Application Software	Common Stock						4,300,526			14,364		14,364		(15)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50 %	8.97 %		5/16/2031		€	12,868	13,949		13,994		(6)(11)(15)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50 %			5/16/2031		—		—		—		(6)(11)(15)(19)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	6.50 %	11.35 %		2/15/2029		$	10,786	10,471		10,786		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50 %	10.10 %		2/15/2029		5,088		5,057		5,019		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50 %			2/15/2029		—		( 71 )		( 128 )		(6)(15)(19)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.50 %	11.35 %		2/15/2029		753		710		753		(6)(15)(19)
PRGX Global, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	6.50 %	11.90 %		3/3/2026		26,176		25,994		26,176		(6)(15)
PRGX Global, Inc.	Data Processing & Outsourced Services	First Lien Revolver	SOFR+	6.50 %			3/3/2026		—		( 20 )		—		(6)(15)(19)
PRGX Global, Inc.	Data Processing & Outsourced Services	Common Stock						100,000			109		415		(15)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25 %	11.84 %		1/23/2029		26,642		26,376		26,410		(6)(11)(15)
Protein For Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25 %	10.10 %		9/20/2030		20,274		19,902		19,887		(6)(15)
Protein For Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25 %			9/20/2030		—		( 39 )		( 41 )		(6)(15)(19)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50 %	10.73 %		1/31/2028		£	9,739	12,092		12,769		(6)(11)(15)
Quantum Bidco Limited	Food Distributors	First Lien Term Loan	SONIA+	5.50 %	10.70 %		1/31/2028		2,123		2,547		2,715		(6)(11)(15)(19)
QuorumLabs, Inc.	Application Software	Preferred Equity						64,887,669			375		—		(15)
RumbleOn, Inc.	Automotive Retail	First Lien Term Loan	SOFR+	8.25 %	12.77 %	1.00 %	8/31/2026		$	8,819	8,629		8,334		(6)(11)(15)
RumbleOn, Inc.	Automotive Retail	First Lien Term Loan	SOFR+	8.25 %	12.77 %	1.00 %	8/31/2026		29,223		28,603		27,615		(6)(11)(15)
RumbleOn, Inc.	Automotive Retail	Warrants						204,454			1,202		470		(11)(15)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Term Loan	SOFR+	10.00 %	14.85 %		10/7/2026		22,107		21,656		21,112		(6)(15)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Revolver	SOFR+	10.00 %			10/7/2026		—		( 63 )		( 140 )		(6)(15)(19)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Salus Workers' Compensation, LLC	Diversified Financial Services	Warrants						991,019			$	327	$	89	(15)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33 %	10.18 %		12/31/2029		$	24,500	24,478		24,478		(6)(11)(15)(22)
Scilex Holding Co	Biotechnology	Common Stock						9,307			78		9		(11)
scPharmaceuticals Inc.	Pharmaceuticals	Warrants						53,700			175		121		(15)
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25 %	8.85 %		12/16/2028		14,963		14,925		15,009		(6)
Seres Therapeutics, Inc.	Biotechnology	Warrants						58,210			182		29		(11)(15)
SM Wellness Holdings, Inc.	Health Care Services	First Lien Term Loan	SOFR+	4.50 %	10.01 %		4/17/2028		4,406		3,908		4,318		(6)(15)
SM Wellness Holdings, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.00 %	13.51 %		4/16/2029		12,034		11,367		11,432		(6)(15)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75 %	10.60 %		4/19/2029		47,730		46,862		46,947		(6)(15)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75 %			4/19/2029		—		( 98 )		( 89 )		(6)(15)(19)
Sorrento Therapeutics, Inc.	Biotechnology	Common Stock						66,000			139		—		(11)
Spanx, LLC	Apparel Retail	First Lien Term Loan	SOFR+	5.25 %	10.20 %		11/20/2028		18,058		17,887		18,032		(6)(15)
Spanx, LLC	Apparel Retail	First Lien Revolver	SOFR+	5.00 %			11/18/2027		—		( 32 )		( 15 )		(6)(15)(19)
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75 %	10.69 %		9/4/2029		13,780		13,259		12,555		(6)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75 %		9/1/2029		6,835		6,771		6,641
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.50 %	10.04 %		4/25/2031		€	18,846	20,199		20,785		(6)(11)(15)(19)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00 %	12.58 %		12/31/2026		$	2,721	2,706		2,612		(6)(15)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00 %	12.58 %		12/31/2026		3,273		3,160		3,142		(6)(15)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00 %	12.58 %		12/31/2026		31,778		31,612		30,507		(6)(15)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Revolver	SOFR+	7.00 %			12/31/2026		—		( 8 )		( 62 )		(6)(15)(19)
SVP-Singer Holdings Inc.	Home Furnishings	First Lien Term Loan	SOFR+	8.25 %			7/28/2028		28,146		23,170		8,444		(6)(15)(20)
SVP-Singer Holdings Inc.	Home Furnishings	First Lien Term Loan	SOFR+	9.75 %			9/13/2025		932		932		932		(6)(15)(19)(20)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00 %	12.25 %		5/1/2029		25,031		24,343		24,405		(6)(11)(15)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00 %			5/1/2029		—		( 86 )		( 94 )		(6)(11)(15)(19)
Telestream Holdings Corporation	Application Software	First Lien Term Loan	SOFR+	9.75 %			10/15/2025		26,553		25,237		23,898		(6)(15)(20)
Telestream Holdings Corporation	Application Software	First Lien Revolver	SOFR+	9.75 %			10/15/2025		1,946		1,918		1,727		(6)(15)(19)(20)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00 %	10.74 %		5/26/2028		19,683		18,960		18,837		(6)(15)
THL Zinc Ventures Ltd	Diversified Metals & Mining	First Lien Term Loan			13.00 %		5/23/2026		50,419		50,061		50,419		(11)(15)
Thrasio, LLC	Broadline Retail	First Lien Term Loan	SOFR+	10.00 %		15.54 %	6/18/2029		6,141		5,952		6,018		(6)(15)
Thrasio, LLC	Broadline Retail	First Lien Term Loan	SOFR+	10.00 %			6/18/2029		18,844		16,279		16,536		(6)(15)(20)
Thrasio, LLC	Broadline Retail	Common Stock						321,058	—		—		—		(15)
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00 %	10.95 %		12/29/2028		14,508		14,426		14,218		(6)(15)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08 %	12.36 %		1/25/2034		905		852		856		(6)(11)
Trinitas CLO XV DAC	Multi-Sector Holdings	CLO Notes	SOFR+	7.71 %	12.99 %		4/22/2034		1,000		824		978		(6)(11)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %	10.86 %		2/13/2031		26,457		25,976		26,457		(6)(15)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75 %			2/13/2031		—		( 52 )		—		(6)(15)(19)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.75 %	10.85 %		2/13/2030		29		( 23 )		29		(6)(15)(19)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50 %	10.35 %		9/10/2031		15,773		15,617		15,618		(6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50 %	10.35 %		9/10/2031		$	24	$	24	$	15	(6)(15)(19)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25 %	10.10 %		9/10/2031		975		955		955		(6)(15)(19)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00 %		5/9/2029		2,512		2,466		2,468		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00 %		5/9/2029		3,198		3,134		3,142		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					5/9/2029		—		—		—		(11)(15)(19)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					5/9/2029		—		—		—		(11)(15)(19)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					5/9/2029		4,652		4,652		4,699		(11)(15)(21)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					9/30/2025		—		—		—		(11)(15)(19)(21)
Win Brands Group LLC	Housewares & Specialties	First Lien Term Loan	SOFR+	14.00 %	12.85 %	6.00 %	1/23/2026		2,782		2,760		2,546		(6)(15)
Win Brands Group LLC	Housewares & Specialties	Warrants						4,871			46		—		(15)
Windstream Services II, LLC	Integrated Telecommunication Services	Common Stock						127,452			2,057		1,657		(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.50 %	8.39 %	4.13 %	11/28/2029		30,570		29,933		30,396		(6)(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	7.50 %	8.39 %	4.13 %	11/29/2029		1,449		1,449		1,448		(6)(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	6.75 %			11/28/2029		—		( 70 )		( 19 )		(6)(15)(19)
Zep Inc.	Specialty Chemicals	First Lien Term Loan	SOFR+	4.00 %	8.25 %		10/2/2028		19,431		19,407		19,431		(6)(15)
Total Non-Control/Non-Affiliate Investments ( 181.2 % of net assets)											$	2,733,843	$	2,696,198
Total Portfolio Investments ( 203.1 % of net assets)											$	3,144,919	$	3,021,279
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares											$	34,597	$	34,597
Other cash accounts											43,946		43,946
Total Cash and Cash Equivalents and Restricted Cash ( 5.3 % of net assets)											$	78,543	$	78,543
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash ( 208.3 % of net assets)											$	3,223,462	$	3,099,822

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)


Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract	$	84,291	€	76,394	11/7/2024	JPMorgan Chase Bank, N.A.	$	( 1,102 )
Foreign currency forward contract	$	53,624	£	42,021	11/7/2024	JPMorgan Chase Bank, N.A.	( 2,739 )
							$	( 3,841 )

Derivative Instrument

Company Receives

Company Pays

Counterparty

Maturity Date

Notional Amount

Fair Value

Interest rate swap

Fixed 2.7 %

Floating 3-month SOFR + 1.658 %

Royal Bank of Canada

1/15/2027

$ 350,000

( 20,229 )

Interest rate swap

Fixed 7.1 %

Floating 3-month SOFR + 3.1255 %

Royal Bank of Canada

2/15/2029

$ 300,000

7,227

( 13,002 )

(1) All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.

(2) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.

(3) Equity ownership may be held in shares or units of companies related to the portfolio companies.

(6) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR, EURIBOR, SONIA and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.85%, the 90-day SOFR at 4.59%, the 180-day SOFR at 4.25%, the PRIME at 8.00%, the SONIA at 5.50%, the 90-day EURIBOR at 3.54% and the 180-day EURIBOR at 3.11%. Most loans include an interest floor, which generally ranges from 0 % to 3.00 %. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(7) Principal includes accumulated PIK interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.

(8) Control Investments generally are defined by the Investment Company Act, as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(9) As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the Company's annual report on Form 10-K for the year ended September 30, 2024 for transactions during the year ended September 30, 2024 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.

(10) This investment represents a participation interest in the underlying securities shown.

(11) Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2024, qualifying assets represented 74.4 % of the Company's total assets and non-qualifying assets represented 25.6 % of the Company's total assets.

(12) Income producing through payment of dividends or distributions.

(13) This investment represents Seller Earn Out Shares in Alvotech Holdings S.A. The Seller Earn Out Shares will vest if, at any time through June 16, 2027, the Alvotech Holdings S.A. common share price is at or above a VWAP of $ 20.00 per share for any ten trading days within any twenty trading day period.

(14) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition of the Company's joint ventures.

(15) As of September 30, 2024, these investments were categorized as Level 3 within the fair value hierarchy established by ASC 820.

(16) This investment was valued using net asset value as a practical expedient for fair value. Consistent with ASC 820, these investments are excluded from the hierarchical levels.

(17) Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

(18) Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.

(20) This investment was on non-accrual status as of September 30, 2024.

(23) This investment was renamed during the three months ended June 30, 2024. For the periods prior to June 30, 2024, this investment was referenced as SCP Eye Care Services, LLC.

See notes to Consolidated Financial Statements.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 1. Organization

Oaktree Specialty Lending Corporation (together with its consolidated subsidiaries, the "Company") is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company has qualified and elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes.

The Company's investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first lien loans (which may include “unitranche” loans and “last out” first lien loans, which are loans that are second priority behind “first out” first lien loans), second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. The Company may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions.

The Company is externally managed by Oaktree Fund Advisors, LLC ("Oaktree"), pursuant to an investment advisory agreement between the Company and Oaktree (as amended and restated, the "Investment Advisory Agreement"). Oaktree is an affiliate of Oaktree Capital Management, L.P. ("OCM"), the Company's external investment adviser from October 17, 2017 through May 3, 2020. Oaktree Fund Administration, LLC ("Oaktree Administrator"), a subsidiary of OCM, provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Company and Oaktree Administrator (the "Administration Agreement"). See Note 10. In 2019, Brookfield Corporation (formerly known as Brookfield Asset Management Inc. and collectively with its affiliates, "Brookfield") acquired a majority economic interest in Brookfield Oaktree Holdings, LLC (formerly known as Oaktree Capital Group, LLC). Oaktree and its affiliates operate as an independent business within Brookfield, with their own product offerings and investment, marketing and support teams.

On March 19, 2021, the Company acquired Oaktree Strategic Income Corporation (“OCSI”) pursuant to that certain Agreement and Plan of Merger (the “OCSI Merger Agreement”), dated as of October 28, 2020, by and among OCSI, the Company, Lion Merger Sub, Inc., a wholly-owned subsidiary of the Company, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OCSI Merger Agreement, OCSI was merged with and into the Company in a two-step transaction, with the Company as the surviving company (the "OCSI Merger”).

On January 23, 2023, the Company acquired Oaktree Strategic Income II, Inc. (“OSI2”) pursuant to that certain Agreement and Plan of Merger (the “OSI2 Merger Agreement”), dated as of September 14, 2022, by and among OSI2, the Company, Project Superior Merger Sub, Inc., a wholly-owned subsidiary of the Company, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OSI2 Merger Agreement, OSI2 was merged with and into the Company in a two-step transaction with the Company as the surviving company (the “OSI2 Merger”).

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 2. Significant Accounting Policies

Basis of Presentation:

The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the Consolidated Financial Statements have been made. All intercompany balances and transactions have been eliminated. The Company is an investment company following the accounting and reporting guidance in ASC Topic 946, Financial Services - Investment Companies ("ASC 946").

Use of Estimates:

The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition.

Consolidation:

The accompanying Consolidated Financial Statements include the accounts of Oaktree Specialty Lending Corporation and its consolidated subsidiaries. Each consolidated subsidiary is wholly-owned and, as such, consolidated into the Consolidated Financial Statements. Certain subsidiaries that hold investments are treated as pass through entities for U.S. federal income tax purposes. The assets of certain of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of Oaktree Specialty Lending Corporation or any of its other subsidiaries.

As an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial Statements but rather are included on the Statements of Assets and Liabilities as investments at fair value.

Fair Value Measurements:

Oaktree, as the valuation designee of the Company's Board of Directors pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of the Company's assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.

Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

• Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.

• Level 3 — Unobservable inputs that reflect Oaktree's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. Oaktree's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.

Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

Oaktree seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If Oaktree is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within Oaktree's set threshold, Oaktree seeks to obtain a quote directly from a broker making a market for the asset. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Generally, Oaktree does not adjust any of the prices received from these sources. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, Oaktree performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process.

If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, Oaktree values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, Oaktree analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. Oaktree also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. Oaktree may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and Oaktree considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, Oaktree depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

In accordance with ASC 820-10, certain investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. These investments are generally not redeemable.

Oaktree estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.

Rule 2a-5 under the Investment Company Act permits boards of directors of registered investment companies and Business Development Companies to either (i) choose to determine fair value in good faith or (ii) designate a valuation designee tasked with determining fair value in good faith, subject to the board’s oversight. The Company's Board of Directors has designated Oaktree to serve as its valuation designee.

Oaktree undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments:

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

• The quarterly valuation process begins with each portfolio company or investment being initially valued by Oaktree's valuation team;

• Preliminary valuations are then reviewed and discussed with management of Oaktree;

• Separately, independent valuation firms prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to Oaktree;

• Oaktree compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee;

• The Audit Committee reviews the valuation report with Oaktree, and Oaktree responds and supplements the valuation report to reflect any discussions between Oaktree and the Audit Committee; and

• Oaktree, as valuation designee, determines the fair value of each investment in the Company's portfolio.

The fair value of the Company's investments as of June 30, 2025 and September 30, 2024 was determined by Oaktree, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "credit facilities payable" and "unsecured notes payable," which are reported at amortized cost, all assets and liabilities approximate fair value on the Consolidated Statements of Assets and Liabilities. The carrying value of the line items titled "interest, dividends and fees receivable," "due from portfolio companies," "receivables from unsettled transactions," "due from broker," "accounts payable, accrued expenses and other liabilities," "base management fee and incentive fee payable," "due to affiliate," "interest payable " and "payables from unsettled transactions" approximate fair value due to their short maturities.

Foreign Currency Translation:

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Derivative Instruments:

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and, as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Interest Rate Swaps

The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company designated the interest rate swaps as the hedging instruments in an effective hedge accounting relationship, and therefore the periodic payments are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of each interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreements are included in due from broker on the Company's Consolidated Statements of Assets and Liabilities.

Investment Income:

Interest Income

Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of June 30, 2025, there were ten investments on non-accrual status that in aggregate represented 6.6 % and 3.2 % of total debt investments at cost and fair value, respectively. As of September 30, 2024, there were nine investments on non-accrual status that in aggregate represented 4.9 % and 4.0 % of total debt investments at cost and fair value, respectively.

In connection with its investment in a portfolio company, the Company sometimes receives nominal cost equity that is valued as part of the negotiation process with the portfolio company. When the Company receives nominal cost equity, the Company allocates its cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.

PIK Interest Income

The Company's investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost basis of these investments in the Consolidated Financial Statements including for purposes of computing the capital gains incentive fee payable by the Company to Oaktree. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed to the Company’s stockholders, even though the Company has not yet collected the cash and may never do so.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Fee Income

Oaktree or its affiliates may provide financial advisory services to portfolio companies and, in return, the Company may receive fees for capital structuring services. These fees are generally non-recurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.

Dividend Income

The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

Cash and Cash Equivalents and Restricted Cash:

Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less when acquired. The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts exceeds the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets.

As of September 30, 2024, included in restricted cash was $ 14.6 million that was held at Deutsche Bank Trust Company Americas in connection with the OSI2 Citibank Facility (as defined in Note 6. Borrowings).

Due from Portfolio Companies:

Due from portfolio companies consists of amounts payable to the Company from its portfolio companies, including proceeds from the sale of portfolio companies not yet received or being held in escrow and excluding those amounts attributable to interest, dividends or fees receivable. These amounts are recognized as they become payable to the Company ( e.g. , principal payments on the scheduled amortization payment date).

Receivables/Payables from Unsettled Transactions:

Receivables/payables from unsettled transactions consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.

Deferred Financing Costs:

Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities and debt offerings. Deferred financing costs in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Consolidated Statements of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. For extinguishments of the Company’s unsecured notes payable, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Deferred Offering Costs:

Legal fees and other costs incurred in connection with the Company’s shelf registration statement are capitalized as deferred offering costs in the Consolidated Statements of Assets and Liabilities. To the extent any such costs relate to equity offerings, these costs are charged as a reduction of capital upon utilization. To the extent any such costs relate to debt offerings, these costs are treated as deferred financing costs and are amortized over the term of the respective debt arrangement. Any deferred offering costs that remain at the expiration of the shelf registration statement or when it becomes probable that an offering will not be completed are expensed.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Income Taxes:

The Company has elected to be subject to tax as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each taxable year. As a RIC, the Company is not subject to U.S. federal income tax on the portion of its taxable income and gains distributed currently to stockholders as a dividend. Depending on the level of taxable income earned during a taxable year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next taxable year. The Company would then incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. The Company anticipates timely distribution of its taxable income within the tax rules under Subchapter M of the Code. The Company did no t incur any U.S. federal excise tax for calendar year 2023 and calendar year 2024. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025.

The Company holds certain portfolio investments through taxable subsidiaries. The purpose of the Company's taxable subsidiaries is to permit the Company to hold equity investments in portfolio companies which are "pass through" entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiaries are consolidated for financial reporting purposes, and portfolio investments held by them are included in the Company’s Consolidated Financial Statements as portfolio investments and recorded at fair value. The taxable subsidiaries are not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Company's Consolidated Statements of Operations. The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.

FASB ASC Topic 740, Accounting for Uncertainty in Income Taxes ("ASC 740"), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the Company's Consolidated Financial Statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including an ongoing analysis of tax laws, regulations and interpretations thereof. The Company recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2022, 2023 and 2024. The Company identifies its major tax jurisdictions as U.S. Federal and California, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to materially impact its consolidated financial statements.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 3. Portfolio Investments

As of June 30, 2025, 190.3 % of net assets at fair value, or $ 2.8 billion, was invested in 149 portfolio companies, including (i) $ 127.5 million in subordinated notes and limited liability company ("LLC") equity interests of Senior Loan Fund JV I, LLC ("SLF JV I"), a joint venture through which the Company and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation ("Kemper"), co-invest in senior secured loans of middle-market companies and other corporate debt securities and (ii) $ 47.1 million in subordinated notes and LLC equity interests of OCSI Glick JV LLC ("Glick JV" and, together with SLF JV I, the "JVs"), a joint venture through which the Company and GF Equity Funding 2014 LLC ("GF Equity Funding") co-invest primarily in senior secured loans of middle-market companies. As of June 30, 2025, 5.4 % of net assets at fair value, or $ 79.8 million, was invested in cash and cash equivalents. In comparison, as of September 30, 2024, 203.1 % of net assets at fair value, or $ 3.0 billion, was invested in 144 portfolio investments, including (i) $ 135.2 million in subordinated notes and LLC equity interests of SLF JV I and (ii) $ 48.9 million in subordinated notes and LLC equity interests of Glick JV. As of September 30, 2024, 5.3 % of net assets at fair value, or $ 78.5 million, was invested in cash and cash equivalents (including $ 14.6 million of restricted cash). As of June 30, 2025, 83.4 % of the Company's portfolio at fair value consisted of senior secured debt investments and 10.6 % consisted of subordinated debt investments, including the debt investments in the JVs. As of September 30, 2024, 85.2 % of the Company's portfolio at fair value consisted of senior secured debt investments and 9.0 % consisted of subordinated debt investments, including the debt investments in the JVs.

The Company also held equity investments in certain of its portfolio companies consisting of common stock, preferred stock, warrants or LLC equity interests. These instruments generally do not produce a current return but are held for potential investment appreciation and capital gain.

During the three and nine months ended June 30, 2025, the Company recorded net realized losses of $ 13.4 million and $ 24.0 million, respectively. During the three and nine months ended June 30, 2024, the Company recorded net realized losses of $ 69.5 million and $ 84.5 million, respectively. During the three and nine months ended June 30, 2025, the Company recorded net unrealized appreciation (depreciation) of $ 18.6 million and $( 83.1 ) million, respectively. During the three and nine months ended June 30, 2024, the Company recorded net unrealized appreciation (depreciation) of $ 26.2 million and $( 24.1 ) million, respectively.

The composition of the Company's investments as of June 30, 2025 and September 30, 2024 at cost and fair value was as follows:


	June 30, 2025				September 30, 2024
	Cost		Fair Value		Cost		Fair Value
Investments in debt securities	$	2,583,956	$	2,481,533	$	2,723,134	$	2,684,858
Investments in equity securities	208,453		153,243		202,670		152,328
Debt investments in the JVs	165,389		159,720		164,324		161,552
Equity investments in the JVs	54,791		14,881		54,791		22,541
Total	$	3,012,589	$	2,809,377	$	3,144,919	$	3,021,279

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table presents the composition of the Company's debt investments as of June 30, 2025 and September 30, 2024 at floating rates and fixed rates:


	June 30, 2025				September 30, 2024
	Fair Value		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs	$	2,401,581	90.93	%	$	2,516,316	88.40	%
Fixed rate debt securities	239,672		9.07		330,094		11.60
Total	$	2,641,253	100.00	%	$	2,846,410	100.00	%

The following table presents the financial instruments carried at fair value as of June 30, 2025 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Measured at Net Asset Value (a)		Total
Investments in debt securities (senior secured)	$	—	$	266,566	$	2,076,845	$	—	$	2,343,411
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)	—		40,344		257,498		—		297,842
Investments in equity securities (preferred)	—		—		73,232		—		73,232
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	743		1,521		77,747		14,881		94,892
Total investments at fair value	743		308,431		2,485,322		14,881		2,809,377
Cash equivalents	19,679		—		—		—		19,679
Derivative assets	—		7,910		—		—		7,910
Total assets at fair value	$	20,422	$	316,341	$	2,485,322	$	14,881	$	2,836,966
Derivative liabilities	$	—	$	16,802	$	—	$	—	$	16,802
Total liabilities at fair value	$	—	$	16,802	$	—	$	—	$	16,802

__________

(a) In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Measured at Net Asset Value (a)		Total
Investments in debt securities (senior secured)	$	—	$	254,627	$	2,320,310	$	—	$	2,574,937
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)	—		16,127		255,346		—		271,473
Investments in equity securities (preferred)	—		—		66,320		—		66,320
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	1,422		2,830		81,756		22,541		108,549
Total investments at fair value	1,422		273,584		2,723,732		22,541		3,021,279
Cash equivalents	34,597		—		—		—		34,597
Total assets at fair value	$	36,019	$	273,584	$	2,723,732	$	22,541	$	3,055,876
Derivative liabilities	$	—	$	16,843	$	—	$	—	$	16,843
Total liabilities at fair value	$	—	$	16,843	$	—	$	—	$	16,843

__________

When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides a roll-forward in the changes in fair value from March 31, 2025 to June 30, 2025 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of March 31, 2025	$	2,165,740	$	256,925	$	70,147	$	60,049	$	2,552,861
Purchases	140,532		—		109		24		140,665
Sales and repayments	( 219,233 )		( 64 )		—		( 2,364 )		( 221,661 )
Transfers in (a)	—		—		410		7,207		7,617
Transfers out (a)(b)	( 19,080 )		—		—		( 410 )		( 19,490 )
Capitalized PIK interest income	4,357		713		—		—		5,070
Accretion of OID	3,377		421		—		—		3,798
Net unrealized appreciation (depreciation)	1,892		( 497 )		2,566		13,731		17,692
Net realized gains (losses)	( 740 )		—		—		( 490 )		( 1,230 )
Fair value as of June 30, 2025	$	2,076,845	$	257,498	$	73,232	$	77,747	$	2,485,322
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2025	$	( 183 )	$	( 497 )	$	2,559	$	13,139	$	15,018

__________

(a) There were investment restructurings during the three months ended June 30, 2025 in which (1) $ 7.2 million of Level 3 senior secured debt was exchanged for Level 3 common equity and (2) $ 0.4 million of Level 3 common equity was exchanged for Level 3 preferred equity.

(b) There were $ 11.9 million of transfers out of Level 3 to Level 2 for investments during the three months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides a roll-forward in the changes in fair value from March 31, 2024 to June 30, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of March 31, 2024	$	2,327,422	$	200,115	$	62,602	$	77,286	$	2,667,425
Purchases	193,956		30,480		—		169		224,605
Sales and repayments	( 113,234 )		—		—		—		( 113,234 )
Capitalized PIK interest income	6,287		614		—		—		6,901
Accretion of OID	2,600		349		—		—		2,949
Net unrealized appreciation (depreciation)	7,640		( 1,074 )		38,883		( 12,951 )		32,498
Net realized gains (losses)	( 31,512 )		—		( 37,593 )		—		( 69,105 )
Fair value as of June 30, 2024	$	2,393,159	$	230,484	$	63,892	$	64,504	$	2,752,039
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2024	$	( 36,501 )	$	( 1,074 )	$	1,287	$	( 14,762 )	$	( 51,050 )

The following table provides a roll-forward in the changes in fair value from September 30, 2024 to June 30, 2025 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,320,310	$	255,346	$	66,320	$	81,756	$	2,723,732
Purchases	564,070		3,583		109		24		567,786
Sales and repayments	( 679,251 )		( 229 )		( 587 )		( 2,585 )		( 682,652 )
Transfers in (a)(c)	6,555		—		1,056		9,670		17,281
Transfers out (b)(c)	( 84,709 )		—		—		( 410 )		( 85,119 )
Capitalized PIK interest income	13,258		2,101		—		—		15,359
Accretion of OID	9,911		1,195		—		—		11,106
Net unrealized appreciation (depreciation)	( 57,013 )		( 4,498 )		6,997		( 10,006 )		( 64,520 )
Net realized gains (losses)	( 16,286 )		—		( 663 )		( 702 )		( 17,651 )
Fair value as of June 30, 2025	$	2,076,845	$	257,498	$	73,232	$	77,747	$	2,485,322
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2025	$	( 84,243 )	$	( 4,498 )	$	6,342	$	( 10,509 )	$	( 92,908 )

__________

(a) There were $ 6.6 million of transfers into Level 3 from Level 2 for investments during the nine months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were $ 43.5 million of transfers out of Level 3 to Level 2 for investments during the nine months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(c) There were investment restructurings during the nine months ended June 30, 2025 in which (1) $ 30.9 million of Level 3 senior secured debt was exchanged for Level 2 senior secured debt, (2) $ 0.6 million of Level 3 senior secured debt was exchanged for Level 3 preferred equity, (3) $ 9.7 million of Level 3 senior secured debt was exchanged for Level 3 common equity and (4) $ 0.4 million of Level 3 common equity was exchanged for Level 3 preferred equity.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides a roll-forward in the changes in fair value from September 30, 2023 to June 30, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2023	$	2,292,691	$	189,724	$	86,057	$	51,440	$	2,619,912
Purchases	656,630		47,507		7,578		1,749		713,464
Sales and repayments	( 506,977 )		( 4,932 )		( 205 )		( 860 )		( 512,974 )
Transfers in (a)(b)	23,535		—		—		39,702		63,237
Transfers out (b)	( 38,544 )		( 4,657 )		( 1,159 )		( 283 )		( 44,643 )
Capitalized PIK interest income	17,571		1,685		—		—		19,256
Accretion of OID	8,099		984		—		—		9,083
Net unrealized appreciation (depreciation)	( 10,702 )		127		9,214		( 25,631 )		( 26,992 )
Net realized gains (losses)	( 49,144 )		46		( 37,593 )		( 1,613 )		( 88,304 )
Fair value as of June 30, 2024	$	2,393,159	$	230,484	$	63,892	$	64,504	$	2,752,039
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2024	$	( 54,217 )	$	( 454 )	$	3,276	$	( 28,733 )	$	( 80,128 )

__________

(a) There was a $ 18.9 million transfer into Level 3 from Level 2 for an investment during the nine months ended June 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were investment restructurings during the nine months ended June 30, 2024 in which (1) $ 38.5 million of

Level 3 senior secured debt was exchanged for Level 3 common equity, (2) $ 4.7 million of Level 3 subordinated debt was exchanged for Level 3 senior secured debt, (3) $ 1.2 million of Level 3 preferred equity was exchanged for Level 3 common equity and (4) $ 0.3 million of Level 3 common stock was converted to Level 1 common stock.

Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of June 30, 2025:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

1,988,077

Market Yield

(b)

7.0 %

40.0 %

11.2 %

44,161

Enterprise Value

Revenue Multiple

(c)

0.5 x

5.5 x

2.8 x

31,985

Enterprise Value

EBITDA Multiple

(c)

2.6 x

8.2 x

6.7 x

12,622

Transaction Precedent

Transaction Price

(d)

N/A

Subordinated Debt

97,778

Market Yield

(b)

5.0 %

12.0 %

9.3 %

Debt Investments in the JVs

159,720

Enterprise Value

N/A

(e)

N/A

Preferred & Common Equity

64,170

Enterprise Value

Revenue Multiple

(c)

0.3 x

5.5 x

0.6 x

85,313

Enterprise Value

EBITDA Multiple

(c)

2.6 x

17.4 x

10.7 x

1,496

Enterprise Value

Asset Multiple

(c)

1.4 x

1.6 x

1.5 x

Total

2,485,322

__________

(a) Weighted averages are calculated based on fair value of investments.

(b) Used when market participants would take into account market yield when pricing the investment.

(d) Used when there is an observable transaction or pending event for the investment.

(e) Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2024:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

2,044,221

Market Yield

(b)

5.7 %

31.0 %

12.0 %

52,857

Enterprise Value

Revenue Multiple

(c)

2.0 x

5.5 x

3.7 x

26,927

Enterprise Value

EBITDA Multiple

(c)

4.5 x

7.5 x

5.7 x

33,272

Transaction Precedent

Transaction Price

(d)

N/A

163,033

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated Debt

93,794

Market Yield

(b)

5.0 %

45.0 %

10.1 %

Debt Investments in the JVs

161,552

Enterprise Value

N/A

(f)

N/A

Preferred & Common Equity

80,720

Enterprise Value

Revenue Multiple

(c)

0.3 x

7.2 x

2.0 x

66,106

Enterprise Value

EBITDA Multiple

(c)

2.9 x

15.0 x

10.2 x

1,250

Enterprise Value

Asset Multiple

(c)

1.0 x

1.4 x

Total

2,723,732

__________

(a) Weighted averages are calculated based on fair value of investments.

(b) Used when market participants would take into account market yield when pricing the investment.

(d) Used when there is an observable transaction or pending event for the investment.

(e) Oaktree generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.

(f) Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.

Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Under the EV technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of June 30, 2025 and the level of each financial liability within the fair value hierarchy:


	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	510,000	$	510,000	$	—	$	—	$	510,000
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	333,558		335,713		—		335,713		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	299,613		309,210		—		309,210		—
2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	304,380		300,960		—		300,960		—
Total	$	1,447,551	$	1,455,883	$	—	$	945,883	$	510,000

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2024 and the level of each financial liability within the fair value hierarchy:


	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	430,000	$	430,000	$	—	$	—	$	430,000
OSI2 Citibank Facility payable	280,000		280,000		—		—		280,000
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount)	299,492		298,146		—		298,146		—
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	327,612		327,723		—		327,723		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	301,589		312,264		—		312,264		—
Total	$	1,638,693	$	1,648,133	$	—	$	938,133	$	710,000

The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. Oaktree used market quotes as of the valuation date to estimate the fair value of the Company's 3.500 % notes due 2025 (the "2025 Notes"), 2.700 % notes due 2027 (the "2027 Notes"), 7.100 % notes due 2029 (the "2029 Notes") and 6.340 % notes due 2030 (the "2030 Notes"), which are included in Level 2 of the hierarchy.

Portfolio Composition

Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables:


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Senior secured debt	$	2,445,232	81.17	%	$	2,615,066	83.14	%
Debt investments in the JVs	165,389		5.49	%	164,324		5.23	%
Common equity and warrants	140,320		4.66	%	134,452		4.28	%
Subordinated debt	138,724		4.60	%	108,068		3.44	%
Preferred equity	68,133		2.26	%	68,218		2.17	%
LLC equity interests of the JVs	54,791		1.82	%	54,791		1.74	%
Total	$	3,012,589	100.00	%	$	3,144,919	100.00	%


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured debt	$	2,343,411	83.40	%	158.72	%	$	2,574,937	85.21	%	173.06	%
Debt investments in the JVs	159,720		5.69	%	10.82	%	161,552		5.35	%	10.86	%
Subordinated debt	138,122		4.92	%	9.35	%	109,921		3.64	%	7.39	%
Common equity and warrants	80,011		2.85	%	5.42	%	86,008		2.85	%	5.78	%
Preferred equity	73,232		2.61	%	4.96	%	66,320		2.20	%	4.46	%
LLC equity interests of the JVs	14,881		0.53	%	1.01	%	22,541		0.75	%	1.52	%
Total	$	2,809,377	100.00	%	190.28	%	$	3,021,279	100.00	%	203.07	%

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the composition of the Company's portfolio by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Northeast	$	1,005,796	33.39	%	$	1,033,467	32.86	%
Midwest	498,752		16.56	%	397,640		12.64	%
Southeast	471,215		15.64	%	464,992		14.79	%
International	329,690		10.94	%	343,033		10.91	%
West	310,077		10.29	%	320,407		10.19	%
Southwest	217,930		7.23	%	285,648		9.08	%
South	179,129		5.95	%	241,098		7.67	%
Northwest	—		—	%	58,634		1.86	%
Total	$	3,012,589	100.00	%	$	3,144,919	100.00	%


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	891,015	31.72	%	60.34	%	$	965,469	31.94	%	64.89	%
Midwest	489,418		17.42	%	33.15	%	390,607		12.93	%	26.25	%
Southeast	380,023		13.53	%	25.74	%	419,669		13.89	%	28.21	%
International	344,568		12.26	%	23.34	%	354,662		11.74	%	23.84	%
West	321,504		11.44	%	21.78	%	314,994		10.43	%	21.17	%
Southwest	207,486		7.39	%	14.05	%	279,653		9.26	%	18.80	%
South	175,363		6.24	%	11.88	%	237,634		7.87	%	15.97	%
Northwest	—		—	%	—	%	58,591		1.94	%	3.94	%
Total	$	2,809,377	100.00	%	190.28	%	$	3,021,279	100.00	%	203.07	%

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following tables show the composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of June 30, 2025 and September 30, 2024:


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Application Software	$	526,740	17.46	%	$	532,200	16.85	%
Multi-Sector Holdings (1)	242,096		8.04		228,181		7.26
Health Care Services	152,074		5.05		149,904		4.77
Pharmaceuticals	127,081		4.22		94,639		3.01
Interactive Media & Services	125,134		4.15		95,564		3.04
Aerospace & Defense	122,919		4.08		72,927		2.32
Health Care Equipment	90,669		3.01		28,823		0.92
Specialized Consumer Services	82,422		2.74		25,763		0.82
Health Care Technology	73,446		2.44		105,932		3.37
Diversified Financial Services	69,717		2.31		66,597		2.12
Metal, Glass & Plastic Containers	68,954		2.29		64,769		2.06
Environmental & Facilities Services	66,354		2.20		65,229		2.07
Airport Services	65,658		2.18		63,110		2.01
Life Sciences Tools & Services	56,629		1.88		—		—
Soft Drinks & Non-alcoholic Beverages	56,286		1.87		42,898		1.36
Real Estate Operating Companies	53,567		1.78		72,839		2.32
Systems Software	51,412		1.71		39,316		1.25
Specialized Finance	50,819		1.69		45,156		1.44
Communications Equipment	44,228		1.47		46,764		1.49
Biotechnology	42,325		1.40		43,821		1.39
Diversified Support Services	42,144		1.40		79,799		2.54
Automotive Retail	41,602		1.38		40,964		1.30
Internet Services & Infrastructure	40,746		1.35		53,376		1.70
Personal Care Products	39,486		1.31		63,425		2.02
Data Processing & Outsourced Services	34,984		1.16		80,058		2.55
Electrical Components & Equipment	33,392		1.11		32,834		1.04
Packaged Foods & Meats	33,153		1.10		19,863		0.63
Construction Machinery & Heavy Transportation Equipment	31,054		1.03		25,901		0.82
Insurance Brokers	30,584		1.02		19,222		0.61
Construction & Engineering	29,914		0.99		31,602		1.00
Cable & Satellite	27,888		0.93		—		—
Health Care Distributors	27,670		0.92		60,316		1.92
Research & Consulting Services	27,379		0.91		—		—
Office Services & Supplies	26,986		0.90		38,891		1.24
Home Improvement Retail	24,713		0.82		49,891		1.59
Industrial Machinery & Supplies & Components	24,268		0.81		82,624		2.63
Wireless Telecommunication Services	24,200		0.80		24,257		0.77
Movies & Entertainment	23,792		0.79		30,779		0.98
Gold	23,562		0.78		23,454		0.75
Broadline Retail	23,172		0.77		22,231		0.71
Hotels, Resorts & Cruise Lines	20,530		0.68		20,612		0.66
Diversified Chemicals	19,920		0.66		—		—
Property & Casualty Insurance	19,856		0.66		—		—
Real Estate Services	19,323		0.64		55,220		1.76
Oil & Gas Storage & Transportation	19,309		0.64		19,309		0.61
Education Services	17,925		0.60		8,205		0.26
Apparel Retail	17,769		0.59		17,855		0.57
Health Care Supplies	16,828		0.56		14,426		0.46
Real Estate Development	16,006		0.53		38,237		1.22
Air Freight & Logistics	13,665		0.45		—		—
Building Products	12,623		0.42		—		—
Advertising	11,434		0.38		11,418		0.36
Alternative Carriers	8,805		0.29		—		—
Financial Exchanges & Data	7,970		0.26		8,050		0.26
Paper & Plastic Packaging Products & Materials	4,094		0.14		18,379		0.58
Housewares & Specialties	2,629		0.09		2,806		0.09
Home Furnishings	2,463		0.08		24,102		0.77
Distributors	1,733		0.06		1,733		0.06
Leisure Facilities	488		0.02		37,958		1.21
Fertilizers & Agricultural Chemicals	—		—		54,677		1.74
Diversified Metals & Mining	—		—		50,061		1.59
Other Specialty Retail	—		—		36,810		1.17
Passenger Airlines	—		—		25,039		0.80
Specialty Chemicals	—		—		19,407		0.62
Food Distributors	—		—		14,639		0.47
Integrated Telecommunication Services	—		—		2,057		0.07
	$	3,012,589	100.00	%	$	3,144,919	100.00	%

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	507,714	18.03	%	34.40	%	$	523,007	17.34	%	35.16	%
Multi-Sector Holdings (1)	196,547		7.00		13.31		193,579		6.41		13.01
Interactive Media & Services	126,956		4.52		8.60		96,963		3.21		6.52
Pharmaceuticals	126,717		4.51		8.58		91,804		3.04		6.17
Aerospace & Defense	124,613		4.44		8.44		74,327		2.46		5.00
Health Care Services	116,215		4.14		7.87		127,935		4.23		8.60
Health Care Technology	93,695		3.34		6.35		104,795		3.47		7.04
Specialized Consumer Services	82,434		2.93		5.58		25,772		0.85		1.73
Diversified Financial Services	70,158		2.50		4.75		66,324		2.20		4.46
Health Care Equipment	65,030		2.31		4.40		26,264		0.87		1.77
Environmental & Facilities Services	63,124		2.25		4.28		64,119		2.12		4.31
Life Sciences Tools & Services	56,838		2.02		3.85		—		—		—
Soft Drinks & Non-alcoholic Beverages	55,701		1.98		3.77		42,674		1.41		2.87
Airport Services	54,155		1.93		3.67		55,434		1.83		3.73
Systems Software	51,848		1.85		3.51		39,813		1.32		2.68
Specialized Finance	50,512		1.80		3.42		44,551		1.47		2.99
Real Estate Operating Companies	50,237		1.79		3.40		71,246		2.36		4.79
Biotechnology	44,334		1.58		3.00		45,954		1.52		3.09
Communications Equipment	44,046		1.57		2.98		46,858		1.55		3.15
Diversified Support Services	41,844		1.49		2.83		80,638		2.67		5.42
Internet Services & Infrastructure	40,973		1.46		2.78		53,019		1.75		3.56
Automotive Retail	39,202		1.40		2.66		39,111		1.29		2.63
Personal Care Products	36,763		1.31		2.49		57,451		1.90		3.86
Packaged Foods & Meats	33,045		1.18		2.24		19,846		0.66		1.33
Electrical Components & Equipment	32,911		1.17		2.23		32,246		1.07		2.17
Construction Machinery & Heavy Transportation Equipment	31,229		1.11		2.12		26,486		0.88		1.78
Insurance Brokers	30,769		1.10		2.08		19,221		0.64		1.29
Construction & Engineering	29,281		1.04		1.98		31,063		1.03		2.09
Research & Consulting Services	27,245		0.97		1.85		—		—		—
Cable & Satellite	27,155		0.97		1.84		—		—		—
Health Care Distributors	26,711		0.95		1.81		58,906		1.95		3.96
Data Processing & Outsourced Services	26,134		0.93		1.77		73,673		2.44		4.95
Industrial Machinery & Supplies & Components	25,789		0.92		1.75		84,977		2.81		5.71
Office Services & Supplies	25,395		0.90		1.72		38,149		1.26		2.56
Gold	24,867		0.89		1.68		25,054		0.83		1.68
Wireless Telecommunication Services	24,843		0.88		1.68		24,311		0.80		1.63
Movies & Entertainment	24,050		0.86		1.63		30,863		1.02		2.07
Diversified Chemicals	22,660		0.81		1.53		—		—		—
Broadline Retail	21,432		0.76		1.45		22,554		0.75		1.52
Hotels, Resorts & Cruise Lines	20,257		0.72		1.37		20,342		0.67		1.37
Property & Casualty Insurance	19,715		0.70		1.34		—		—		—
Real Estate Services	19,314		0.69		1.31		54,197		1.79		3.64
Apparel Retail	17,708		0.63		1.20		18,017		0.60		1.21
Education Services	17,304		0.62		1.17		8,263		0.27		0.56
Health Care Supplies	16,803		0.60		1.14		14,218		0.47		0.96
Real Estate Development	16,098		0.57		1.09		38,237		1.27		2.57
Oil & Gas Storage & Transportation	14,043		0.50		0.95		15,604		0.52		1.05
Air Freight & Logistics	13,668		0.49		0.93		—		—		—
Building Products	12,622		0.45		0.85		—		—		—
Leisure Facilities	11,772		0.42		0.80		37,544		1.24		2.52
Advertising	11,520		0.41		0.78		11,515		0.38		0.77
Metal, Glass & Plastic Containers	10,813		0.38		0.73		47,191		1.56		3.17
Alternative Carriers	9,483		0.34		0.64		—		—		—
Financial Exchanges & Data	8,081		0.29		0.55		8,065		0.27		0.54
Home Improvement Retail	5,314		0.19		0.36		48,775		1.61		3.28
Paper & Plastic Packaging Products & Materials	4,042		0.14		0.27		18,307		0.61		1.23
Distributors	2,837		0.10		0.19		2,220		0.07		0.15
Home Furnishings	2,463		0.09		0.17		9,376		0.31		0.63
Housewares & Specialties	2,348		0.08		0.16		2,546		0.08		0.17
Fertilizers & Agricultural Chemicals	—		—		—		54,668		1.81		3.67
Diversified Metals & Mining	—		—		—		50,419		1.67		3.39
Other Specialty Retail	—		—		—		39,660		1.31		2.67
Passenger Airlines	—		—		—		26,556		0.88		1.78
Specialty Chemicals	—		—		—		19,431		0.64		1.31
Food Distributors	—		—		—		15,484		0.51		1.04
Integrated Telecommunication Services	—		—		—		1,657		0.05		0.11
Total	$	2,809,377	100.00	%	190.28	%	$	3,021,279	100.00	%	203.07	%

___________________

(1) This industry includes the Company's investments in the JVs and CLOs.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

As of June 30, 2025 and September 30, 2024, the Company had no single investment that represented greater than 10% of the total investment portfolio at fair value. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, may fluctuate and in any given period can be highly concentrated among several investments.

Senior Loan Fund JV I, LLC

In May 2014, the Company entered into an LLC agreement with Kemper to form SLF JV I. The Company co-invests in senior secured loans of middle-market companies and other corporate debt securities with Kemper through its investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by the Company and one representative selected by Kemper (with approval from a representative of each required). Since the Company does not have a controlling financial interest in SLF JV I, the Company does not consolidate SLF JV I.

SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to the Company and Kemper by SLF JV I. The subordinated notes issued by SLF JV I (the "SLF JV I Notes") are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt. As of June 30, 2025 and September 30, 2024, the Company and Kemper owned, in the aggregate, 87.5 % and 12.5 %, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act.

SLF JV I has a revolving credit facility with Bank of America, N.A. (as amended and/or restated from time to

time, the "SLF JV I Facility"), which permitted up to $ 270.0 million of borrowings (subject to borrowing base and other limitations) as of June 30, 2025. Borrowings under the SLF JV I Facility are secured by all of the assets of SLF JV I Funding II LLC, a special purpose financing subsidiary of SLF JV I. As of June 30, 2025, the revolving period of the SLF JV I Facility was scheduled to expire April 17, 2027 and the maturity date was April 22, 2027. As of June 30, 2025, borrowings under the SLF JV I Facility accrued interest at a rate equal to daily SOFR plus 1.70 % per annum. As of June 30, 2025 and September 30, 2024, $ 197.0 million and $ 200.0 million of borrowings were outstanding under the SLF JV I Facility, respectively.

As of June 30, 2025 and September 30, 2024, SLF JV I had total assets of $ 358.0 million and $ 375.8 million, respectively. SLF JV I's portfolio primarily consisted of senior secured loans to 52 and 48 portfolio companies as of June 30, 2025 and September 30, 2024, respectively. The portfolio companies in SLF JV I are in industries similar to those in which the Company may invest directly. As of June 30, 2025, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $ 127.5 million in aggregate, at fair value. As of September 30, 2024, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $ 135.2 million in aggregate, at fair value.

As of each of June 30, 2025 and September 30, 2024, the Company and Kemper had funded approximately $ 190.5 million to SLF JV I, of which $ 166.7 million was from the Company. As of each of June 30, 2025 and September 30, 2024, the Company had aggregate commitments to fund SLF JV I of $ 13.1 million, of which approximately $ 9.8 million was to fund additional SLF JV I Notes and approximately $ 3.3 million was to fund LLC equity interests in SLF JV I.

Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of June 30, 2025 and September 30, 2024:


	June 30, 2025	September 30, 2024
Senior secured loans (1)	$ 339,147	$ 330,094
Weighted average interest rate on senior secured loans (2)	8.52 %	9.56 %
Number of borrowers in SLF JV I	52	48
Largest exposure to a single borrower (1)	$ 10,416	$ 10,495
Total of five largest loan exposures to borrowers (1)	$ 49,904	$ 49,413

__________

(1) At principal amount.

(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

SLF JV I Portfolio as of June 30, 2025


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00 %	9.33 %		10/31/2031		$	8,206	$	7,891	$	7,928
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.25 %	8.38 %		8/18/2028		10,416		10,346		10,477
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		936		933		903		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		5,551		5,531		5,357		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50 %	6.80 %	8.00 %	3/1/2029		1,397		1,396		1,376		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50 %	8.83 %		5/28/2032		5,188		5,149		5,219
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50 %	8.80 %		2/15/2031		7,901		7,842		6,652
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00 %	10.44 %		12/29/2027		285		281		277		(4)(5)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	10.54 %		12/29/2027		4,061		4,027		3,996		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75 %			2/25/2028		2,527		2,500		1,200		(4)(6)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25 %			10/25/2028		4,037		3,777		—		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	8.43 %		8/19/2028		7,716		7,561		7,620
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	8.68 %		8/19/2028		1,955		1,888		1,937		(4)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00 %	10.40 %		12/24/2026		6,681		6,648		6,554		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.56 %		6/11/2027		1,722		1,711		1,521		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.56 %		6/11/2027		6,193		6,136		5,471		(4)
Bausch + Lomb Corp	Health Care Supplies	First Lien Term Loan	SOFR+	4.25 %	8.57 %		12/18/2030		9,126		9,015		9,154
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25 %			6/17/2030		—		( 5 )		—		(5)
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25 %	7.56 %		6/17/2030		4,500		4,467		4,500
Blackhawk Network Holdings Inc	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	4.00 %	8.33 %		3/12/2029		7,960		7,960		8,013
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00 %	7.33 %		7/30/2031		7,980		7,964		7,940
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,323		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00 %			8/10/2027		2,358		2,319		1,272		(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00 %			8/10/2027		1,994		1,946		1,075		(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00 %			8/10/2027		598		582		322		(5)(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00 %			8/10/2027		13		13		7		(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00 %			8/10/2027		1,964		1,932		1,059		(6)
CFC Group (CFC USA 2025 LLC)	Insurance Brokers	First Lien Term Loan	SOFR+	3.75 %	8.07 %		7/1/2032		5,848		5,790		5,833
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.75 %	8.05 %		3/21/2031		2,488		2,488		2,494

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.50 %	7.80 %		3/29/2029		$	6,026	$	5,698	$	6,039
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00 %	8.33 %		1/30/2031		7,920		7,852		7,981
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25 %	9.79 %		8/2/2029		8,080		7,984		8,032
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00 %	8.33 %		4/26/2029		8,983		8,887		8,893		(4)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25 %	8.55 %		4/2/2029		1,170		1,168		1,162
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00 %	9.29 %		8/29/2031		4,187		4,132		4,103		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	2.50 %	6.79 %		7/1/2031		6,965		6,933		6,977
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25 %	9.63 %		4/9/2029		7,780		7,653		7,648		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50 %	8.80 %		2/15/2029		8,800		8,750		8,834
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.80 %		10/30/2031		4,975		4,987		5,023
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75 %	10.31 %		3/25/2027		8,125		8,053		7,427		(4)
IVCE US LLC,	Health Care Facilities	First Lien Term Loan	SOFR+	3.75 %	8.05 %		12/12/2028		4,975		4,998		5,007
KDC US Holdings, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	4.00 %	8.33 %		8/15/2028		8,890		8,714		8,911
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00 %	9.43 %		10/30/2028		5,251		5,143		4,751		(4)
LSF12 Crown US Commercial Bidco, LLC	Building Products	First Lien Term Loan	SOFR+	4.25 %	8.57 %		12/2/2031		4,962		4,912		4,995
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.25 %	8.58 %		7/29/2029		9,925		9,821		9,936
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75 %	9.03 %		8/25/2031		9,540		9,244		9,260
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00 %	7.32 %		3/1/2029		7,851		7,657		7,640
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25 %	7.58 %		6/17/2031		7,940		7,893		7,943
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75 %	8.18 %		2/1/2028		782		781		692
Performance Health Holdings Inc	Health Care Distributors	First Lien Term Loan	SOFR+	3.75 %	7.95 %		3/19/2032		8,000		7,920		7,800
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75 %	8.18 %		2/11/2028		7,887		7,824		7,823
Pluralsight, LLC	Application Software	Common Stock						514,789			1,719		1,194		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	7.33 %	1.50 %	8/22/2029		1,042		1,042		1,042		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50 %		11.83 %	8/22/2029		1,694		1,694		1,694		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00 %	8.28 %		4/5/2030		10,352		10,238		9,430		(4)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.00 %	7.32 %		1/31/2029		2,948		2,948		2,952
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75 %	8.05 %		12/16/2028		3,980		3,971		3,991
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.25 %	7.58 %		2/12/2031		6,930		6,867		6,957
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	10.94 %		6/30/2029		931		894		898
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	10.94 %		6/30/2029		2,614		2,614		2,473
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00 %	4.44 %	7.00 %	6/30/2029		1,512		1,512		1,346
SHO Holding I Corporation	Footwear	Common Stock						2,746			4,295		2,611
Skopima Consilio Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.75 %	8.08 %		5/12/2028		3,980		3,956		3,933

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75 %	10.03 %		9/4/2029		$	4,228	$	4,092	$	3,912	(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00 %	8.30 %		9/27/2030		7,900		7,782		7,833		(4)
Tecta America Corp	Construction & Engineering	First Lien Term Loan	SOFR+	3.00 %	7.33 %		2/18/2032		5,000		5,012		5,017
TMS International Corp	Diversified Support Services	First Lien Term Loan	SOFR+	3.50 %	7.83 %		3/2/2030		4,990		5,008		5,002
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75 %	8.05 %		9/15/2028		7,444		7,444		7,324
Verde Purchaser, LLC	Trading Companies & Distributors	First Lien Term Loan	SOFR+	4.00 %	8.30 %		11/30/2030		4,987		5,003		5,011
Total Portfolio Investments									$	339,147	$	348,377	$	332,977

_______

(1) Represents the interest rate as of June 30, 2025. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of June 30, 2025, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.32 %, the 90-day SOFR at 4.29 % and the 180-day SOFR at 4.15 %. Most loans include an interest floor, which generally ranges from 0 % to 3 %. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(3) Represents the current determination of fair value as of June 30, 2025 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.

(4) This investment was held by both the Company and SLF JV I as of June 30, 2025.

(5) Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.

(6) This investment was on non-accrual status as of June 30, 2025.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

SLF JV I Portfolio as of September 30, 2024


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00 %	10.25 %		8/18/2028		$	10,495	$	10,404	$	10,553	(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	11.37 %		12/18/2025		1,026		1,019		985		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	11.37 %		12/18/2025		6,072		6,038		5,829		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	12.45 %		6/30/2025		8,329		8,304		7,663		(4)
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50 %	9.10 %		2/15/2031		7,961		7,902		7,781
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	11.52 %		12/29/2027		4,092		4,048		3,896		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00 %	11.29 %		12/29/2027		290		284		266		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75 %	11.35 %		2/25/2028		2,546		2,517		2,111		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25 %			10/25/2028		4,037		3,877		1,161		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00 %	8.95 %		8/19/2028		7,775		7,589		7,660
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	9.20 %		8/19/2028		1,970		1,886		1,944
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25 %	8.10 %		2/15/2029		9,034		8,790		8,992
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	7.00 %	7.70 %	4.00 %	12/24/2026		6,548		6,430		6,351		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.87 %		6/11/2027		1,735		1,724		1,633		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.87 %		6/11/2027		6,242		6,183		5,875		(4)
Bausch + Lomb Corporation	Health Care Supplies	First Lien Term Loan	SOFR+	3.25 %	8.27 %		5/10/2027		9,173		9,017		9,151
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75 %	9.01 %		7/30/2031		8,000		7,983		7,994
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,683		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00 %	11.16 %		8/10/2027		2,348		2,325		1,751
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00 %	12.27 %		8/10/2027		1,976		1,955		1,474
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00 %	11.16 %		8/10/2027		1,955		1,936		1,458
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00 %	11.50 %		8/10/2027		600		594		447		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00 %	12.02 %		8/10/2027		2		2		1
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00 %	8.60 %		3/30/2029		8,153		7,621		8,129
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00 %	9.60 %		10/13/2029		7,765		7,428		7,381		(4)
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00 %	9.25 %		1/30/2031		7,980		7,900		8,039
Curium Bidco S.à.r.l.	Pharmaceuticals	First Lien Term Loan	SOFR+	4.00 %	8.60 %		7/31/2029		8,643		8,559		8,684
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25 %	10.21 %		8/2/2029		6,711		6,635		6,618
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75 %	9.60 %		4/26/2029		9,029		8,913		9,076
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25 %	9.55 %		4/2/2029		1,179		1,177		1,121
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00 %	10.06 %		8/29/2031		4,208		4,149		4,182		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	3.50 %	8.76 %		7/1/2031		7,000		6,965		7,061
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25 %	10.20 %		4/9/2029		7,840		7,687		7,646		(4)

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	5.00 %	10.33 %		2/15/2029		$	5,089	$	5,028	$	5,071
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25 %	10.21 %		6/30/2026		7,256		7,205		7,247
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75 %	10.62 %		3/25/2027		8,500		8,392		7,140		(4)
KDC/ONE Development Corp Inc	Personal Care Products	First Lien Term Loan	SOFR+	4.50 %	9.36 %		8/15/2028		8,890		8,675		8,908
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00 %	9.95 %		10/29/2028		7,896		7,682		7,734		(4)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.00 %	9.96 %		5/9/2026		29		29		28		(4)
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.75 %	9.60 %		7/29/2029		10,000		9,876		9,848
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75 %	9.85 %		8/25/2031		10,000		9,652		9,625
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.25 %	8.45 %		3/1/2029		7,890		7,656		7,872
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25 %	8.10 %		6/17/2031		8,000		7,953		7,892
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75 %	8.70 %		2/1/2028		1,978		1,977		1,909
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75 %	8.70 %		2/11/2028		7,948		7,871		7,893
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50 %		12.62 %	8/22/2029		1,544		1,544		1,544		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.12 %	1.50 %	8/22/2029		1,030		1,030		1,030		(4)
Pluralsight, LLC	Application Software	Common Stock						514,789			1,719		1,719		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.25 %	9.10 %		4/5/2030		8,920		8,793		8,927
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.50 %	8.76 %		3/16/2027		2,963		2,963		2,966
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00 %	8.85 %		2/12/2031		6,983		6,913		6,996
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	11.82 %		6/30/2029		938		893		919
SHO Holding I Corporation	Footwear	First Lien Term Loan		6.50 %	11.82 %		6/30/2029		2,634		2,634		2,529
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00 %	12.32 %		6/30/2029		1,451		1,451		1,306
SHO Holding I Corporation	Footwear	Common Stock						2,746			4,295		3,145
SM Wellness Holdings, Inc.	Health Care Services	First Lien Term Loan	SOFR+	4.50 %	10.01 %		4/17/2028		2,947		2,640		2,888		(4)
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	3.75 %	8.00 %		10/5/2027		8,601		8,563		8,628
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75 %	10.69 %		9/4/2029		5,349		5,147		4,873		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	3.75 %	8.35 %		9/27/2030		7,960		7,841		7,757
SupplyOne, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25 %	9.10 %		4/19/2031		4,478		4,433		4,496
Swissport Stratosphere USA LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	4.25 %	9.57 %		4/4/2031		5,486		5,459		5,512
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00 %	10.95 %		12/29/2028		7,139		7,052		6,996		(4)
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00 %	8.60 %		9/15/2028		7,481		7,481		7,502
Total Portfolio Investments									$	330,094	$	337,882	$	329,496

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

______

(1) Represents the interest rate as of September 30, 2024. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.85 % and the 90-day SOFR at 4.59 %. Most loans include an interest floor, which generally ranges from 0 % to 2 %. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(3) Represents the current determination of fair value as of September 30, 2024 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.

(4) This investment was held by both the Company and SLF JV I as of September 30, 2024.

(6) This investment was on non-accrual status as of September 30, 2024.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Both the cost and fair value of the Company's SLF JV I Notes were $ 112.7 million as of each of June 30, 2025 and September 30, 2024. The Company earned interest income of $ 3.3 million and $ 9.9 million on the SLF JV I Notes for the three and nine months ended June 30, 2025, respectively. The Company earned interest income of $ 3.5 million and $ 10.7 million on the SLF JV I Notes for the three and nine months ended June 30, 2024, respectively. As of June 30, 2025, the SLF JV I Notes bore interest at a rate of one-month SOFR plus 7.00 % per annum with a SOFR floor of 1.00 % and will mature on December 29, 2028.

The cost and fair value of the LLC equity interests in SLF JV I held by the Company were $ 54.8 million and $ 14.9 million, respectively, as of June 30, 2025, and $ 54.8 million and $ 22.5 million, respectively, as of September 30, 2024. The Company earned $ 0.5 million and $ 1.9 million in dividend income for the three and nine months ended June 30, 2025, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The Company earned $ 1.4 million and $ 4.2 million in dividend income for the three and nine months ended June 30, 2024, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The LLC equity interests of SLF JV I are generally dividend producing to the extent SLF JV I has residual cash to be distributed on a quarterly basis.

Below is certain summarized financial information for SLF JV I as of June 30, 2025 and September 30, 2024 and for the three and nine months ended June 30, 2025 and 2024:


	June 30, 2025		September 30, 2024
Selected Balance Sheet Information:
Investments at fair value (cost June 30, 2025: $ 348,377 ; cost September 30, 2024: $ 337,882 )	$	332,977	$	329,496
Cash and cash equivalents	20,122		36,082
Restricted cash	2,516		6,994
Other assets	2,389		3,260
Total assets	$	358,004	$	375,832

Senior credit facility payable	$	197,000	$	200,000
Secured borrowings	—		11,311
SLF JV I Notes payable at fair value (proceeds June 30, 2025: $ 128,750 ; proceeds September 30, 2024: $ 128,750 )	128,750		128,750
Other liabilities	15,243		10,007
Total liabilities	$	340,993	$	350,068
Members' equity	17,011		25,764
Total liabilities and members' equity	$	358,004	$	375,832


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Selected Statements of Operations Information:
Interest income	$	7,339	$	9,463	$	22,811	$	28,665
Other income	13		—		19		159
Total investment income	7,352		9,463		22,830		28,824
Senior credit facility and secured borrowing interest expense	3,247		4,071		9,930		11,910
SLF JV I Notes interest expense	3,722		4,048		11,341		12,196
Other expenses	234		46		427		246
Total expenses (1)	7,203		8,165		21,698		24,352
Net investment income	149		1,298		1,132		4,472
Net unrealized appreciation (depreciation)	( 85 )		( 319 )		( 7,016 )		1,299
Net realized gains (losses)	( 693 )		( 3,784 )		( 669 )		( 4,343 )
Net income (loss)	$	( 629 )	$	( 2,805 )	$	( 6,553 )	$	1,428

__________

(1) There are no management fees or incentive fees charged at SLF JV I.

SLF JV I has elected to fair value the SLF JV I Notes issued to the Company and Kemper under FASB ASC Topic 825, Financial Instruments - Fair Value Option ("ASC 825"). The SLF JV I Notes are valued based on the total assets less the total liabilities senior to the SLF JV I Notes in an amount not exceeding par under the EV technique.

During the nine months ended June 30, 2025, there were no purchases or sales with SLF JV I. During the nine months ended June 30, 2024, the Company purchased $ 14.0 million of senior secured debt investments from SLF JV I for $ 13.3 million cash consideration, which represented the fair value at the time of purchase.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

OCSI Glick JV LLC

On March 19, 2021, the Company became party to the LLC agreement of Glick JV. The Company co-invests primarily in senior secured loans of middle-market companies with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by GF Equity Funding. The Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, which consists of one representative selected by the Company and one representative selected by GF Equity Funding (with approval from a representative of each required). Since the Company does not have a controlling financial interest in the Glick JV, the Company does not consolidate the Glick JV.

The members provide capital to the Glick JV in exchange for LLC equity interests, and the Company and GF Debt Funding 2014 LLC ("GF Debt Funding"), an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV (the "Glick JV Notes"). As of June 30, 2025 and September 30, 2024, the Company and GF Equity Funding owned 87.5 % and 12.5 %, respectively, of the outstanding LLC equity interests, and the Company and GF Debt Funding owned 87.5 % and 12.5 %, respectively, of the Glick JV Notes. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act.

The Glick JV has a revolving credit facility with Bank of America, N.A. (as amended and/or restated from time to time, the "Glick JV Facility"), which, as of June 30, 2025, had a revolving period end date and maturity date of April 17, 2027 and April 22, 2027, respectively, and permitted borrowings of up to $ 100.0 million (subject to borrowing base and other limitations). Borrowings under the Glick JV Facility are secured by all of the assets of OCSL Glick JV Funding II LLC, a special purpose financing subsidiary of the Glick JV. As of June 30, 2025, borrowings under the Glick JV Facility bore interest at a rate equal to daily SOFR plus 1.70 % per annum. As of June 30, 2025 and September 30, 2024, $ 69.0 million and $ 79.0 million of borrowings were outstanding under the Glick JV Facility, respectively.

As of June 30, 2025 and September 30, 2024, the Glick JV had total assets of $ 128.5 million and $ 145.0 million, respectively. The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 42 and 44 portfolio companies as of June 30, 2025 and September 30, 2024, respectively. The portfolio companies in the Glick JV are in industries similar to those in which the Company may invest directly. The Company's investment in the Glick JV consisted of LLC equity interests and Glick JV Notes of $ 47.1 million and $ 48.9 million in the aggregate at fair value as of June 30, 2025 and September 30, 2024, respectively. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by the Company to fund investments of the Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Glick JV Notes, respectively.

As of each of June 30, 2025 and September 30, 2024, the Glick JV had total capital commitments of $ 100.0 million, $ 87.5 million of which was from the Company and the remaining $ 12.5 million of which was from GF Equity Funding and GF Debt Funding. Approximately $ 84.0 million in aggregate commitments were funded as of each of June 30, 2025 and September 30, 2024, of which $ 73.5 million was from the Company. As of each of June 30, 2025 and September 30, 2024, the Company had commitments to fund Glick JV Notes of $ 78.8 million, of which $ 12.4 million were unfunded. As of each of June 30, 2025 and September 30, 2024, the Company had commitments to fund LLC equity interests in the Glick JV of $ 8.7 million, of which $ 1.6 million were unfunded.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Below is a summary of the Glick JV's portfolio, followed by a listing of the individual loans in the Glick JV's portfolio as of June 30, 2025 and September 30, 2024:


	June 30, 2025	September 30, 2024
Senior secured loans (1)	$ 111,423	$ 125,405
Weighted average current interest rate on senior secured loans (2)	8.83 %	9.65 %
Number of borrowers in the Glick JV	42	44
Largest loan exposure to a single borrower (1)	$ 4,316	$ 5,898
Total of five largest loan exposures to borrowers (1)	$ 20,426	$ 22,152

__________

(1) At principal amount.

(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

Glick JV Portfolio as of June 30, 2025


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.25 %	8.38 %		8/18/2028		$	1,965	$	1,940	$	1,977
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		3,071		3,058		2,964		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50 %	11.06 %	1.00 %	12/18/2025		468		467		451		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50 %	6.80 %	8.00 %	3/1/2029		989		988		974		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50 %	8.83 %		5/28/2032		1,729		1,716		1,740
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50 %	8.80 %		2/15/2031		3,459		3,433		2,912
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00 %	10.44 %		12/29/2027		118		117		115		(4)(5)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	10.54 %		12/29/2027		1,686		1,672		1,659		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75 %			2/25/2028		1,039		1,028		494		(4)(6)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25 %			10/25/2028		1,661		1,577		—		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	8.43 %		8/19/2028		3,125		3,062		3,086
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	8.68 %		8/19/2028		978		944		969		(4)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00 %	10.40 %		12/24/2026		3,854		3,835		3,781		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.56 %		6/11/2027		785		781		694		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.56 %		6/11/2027		3,303		3,272		2,918		(4)
Bausch + Lomb Corp	Health Care Supplies	First Lien Term Loan	SOFR+	4.25 %	8.57 %		12/18/2030		3,699		3,655		3,711
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25 %	7.56 %		6/17/2030		1,656		1,644		1,656
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25 %			6/17/2030		—		( 2 )		—		(5)
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00 %	7.33 %		7/30/2031		2,993		2,985		2,977
CFC Group (CFC USA 2025 LLC)	Insurance Brokers	First Lien Term Loan	SOFR+	3.75 %	8.07 %		7/1/2032		2,152		2,130		2,147
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.75 %	8.05 %		3/21/2031		1,194		1,194		1,197
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.50 %	7.80 %		3/29/2029		1,937		1,836		1,941
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00 %	8.33 %		1/30/2031		2,970		2,944		2,993
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25 %	9.79 %		8/2/2029		2,743		2,719		2,726

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00 %	8.33 %		4/26/2029		$	3,517	$	3,479	$	3,481	(4)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25 %	8.55 %		4/2/2029		389		385		387
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00 %	9.29 %		8/29/2031		1,020		1,006		999		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	2.50 %	6.79 %		7/1/2031		2,985		2,971		2,990
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25 %	9.63 %		4/9/2029		3,890		3,826		3,824		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50 %	8.80 %		2/15/2029		4,316		4,286		4,332
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.80 %		10/30/2031		1,990		1,995		2,009
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75 %	10.31 %		3/25/2027		2,031		2,013		1,857		(4)
KDC US Holdings, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	4.00 %	8.33 %		8/15/2028		3,551		3,473		3,559
Kidde Global Services	Building Products	First Lien Term Loan	SOFR+	4.25 %	8.57 %		12/2/2031		1,213		1,201		1,221
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00 %	9.43 %		10/30/2028		1,987		1,931		1,797		(4)
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.25 %	8.58 %		7/29/2029		3,970		3,928		3,974
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75 %	9.03 %		8/25/2031		3,816		3,698		3,704
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00 %	7.32 %		3/1/2029		1,990		1,988		1,937
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25 %	7.58 %		6/17/2031		3,474		3,454		3,475
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75 %	8.18 %		2/1/2028		390		390		346
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75 %	8.18 %		2/11/2028		2,956		2,927		2,932
Pluralsight, LLC	Application Software	Common Stock						330,904			1,105		768		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	7.33 %	1.50 %	8/22/2029		670		670		670		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50 %		11.83 %	8/22/2029		1,089		1,089		1,089		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00 %	8.28 %		4/5/2030		2,455		2,449		2,237		(4)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.00 %	7.32 %		1/31/2029		1,474		1,474		1,476
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.25 %	7.58 %		2/12/2031		2,970		2,943		2,981
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	10.94 %		6/30/2029		691		664		667
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	10.94 %		6/30/2029		1,942		1,942		1,838
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00 %	4.44 %	7.00 %	6/30/2029		1,124		1,124		1,000
SHO Holding I Corporation	Footwear	Common Stock						2,041			3,194		1,940
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75 %	10.03 %		9/4/2029		1,518		1,469		1,404		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00 %	8.30 %		9/27/2030		3,950		3,891		3,916		(4)
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75 %	8.05 %		9/15/2028		2,481		2,481		2,441
Total Portfolio Investments									$	111,423	$	114,441	$	109,333

__________

(1) Represents the interest rate as of June 30, 2025. All interest rates are payable in cash, unless otherwise noted.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

4.32 %, the 90-day SOFR at 4.29 % and the 180-day SOFR at 4.15 %. Most loans include an interest floor, which generally ranges from 0 % to 3 %. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(4) This investment was held by both the Company and the Glick JV as of June 30, 2025.

(6) This investment was on non-accrual status as of June 30, 2025.

Glick JV Portfolio as of September 30, 2024


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00 %	10.25 %		8/18/2028	$	1,980	$	1,948	$	1,991	(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	11.37 %		12/18/2025	3,359		3,341		3,225		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50 %	11.37 %		12/18/2025	513		510		493		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50 %	12.45 %		6/30/2025	5,897		5,880		5,426		(4)
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50 %	9.10 %		2/15/2031	3,485		3,459		3,406
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00 %	11.52 %		12/29/2027	1,699		1,681		1,617		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00 %	11.29 %		12/29/2027	120		118		110		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75 %	11.35 %		2/25/2028	1,047		1,035		868		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25 %			10/25/2028	1,661		1,619		477		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00 %	8.95 %		8/19/2028	3,149		3,073		3,102
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25 %	9.20 %		8/19/2028	985		943		972
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25 %	8.10 %		2/15/2029	2,942		2,850		2,929
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	7.00 %	7.70 %	4.00 %	12/24/2026	3,778		3,710		3,664		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.87 %		6/11/2027	3,328		3,298		3,133		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00 %	9.87 %		6/11/2027	792		787		745		(4)
Bausch + Lomb Corporation	Health Care Supplies	First Lien Term Loan	SOFR+	3.25 %	8.27 %		5/10/2027	3,718		3,657		3,710
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75 %	9.01 %		7/30/2031	3,000		2,993		2,998
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00 %	8.60 %		3/30/2029	2,621		2,456		2,613
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00 %	9.60 %		10/13/2029	2,570		2,446		2,443		(4)
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00 %	9.25 %		1/30/2031	2,993		2,963		3,015
Curium Bidco S.à.r.l.	Pharmaceuticals	First Lien Term Loan	SOFR+	4.00 %	8.60 %		7/31/2029	2,813		2,792		2,826
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25 %	10.21 %		8/2/2029	2,957		2,932		2,916
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75 %	9.60 %		4/26/2029	3,534		3,488		3,553
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25 %	8.85 %		4/2/2029	392		387		373
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00 %	10.06 %		8/29/2031	1,025		1,011		1,019		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	3.50 %	8.76 %		7/1/2031	3,000		2,985		3,026
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25 %	10.20 %		4/9/2029	3,920		3,843		3,823		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	5.00 %	10.33 %		2/15/2029	3,125		3,088		3,114

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25 %	10.21 %		6/30/2026	$	3,870	$	3,842	$	3,865
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75 %	10.62 %		3/25/2027	2,125		2,098		1,785		(4)
KDC US Holdings, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	4.50 %	9.36 %		8/15/2028	3,551		3,454		3,558
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00 %	9.95 %		10/29/2028	2,987		2,899		2,926		(4)
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.75 %	9.60 %		7/29/2029	4,000		3,950		3,939
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75 %	9.85 %		8/25/2031	4,000		3,861		3,850
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25 %	8.10 %		6/17/2031	3,500		3,480		3,453
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75 %	8.70 %		2/1/2028	990		989		954
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75 %	8.70 %		2/11/2028	2,980		2,944		2,959
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50 %	8.12 %	1.50 %	8/22/2029	662		662		662		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50 %		12.62 %	8/22/2029	993		993		993		(4)
Pluralsight, LLC	Application Software	Common Equity & Warrants								1,105		1,105		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.25 %	9.10 %		4/5/2030	1,985		1,980		1,986
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.50 %	8.76 %		3/16/2027	1,480		1,481		1,483
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00 %	8.85 %		2/12/2031	2,993		2,963		2,998
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	11.82 %		6/30/2029	697		664		683
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50 %	11.82 %		6/30/2029	1,957		1,957		1,879
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00 %	12.32 %		6/30/2029	1,078		1,078		970
SHO Holding I Corporation	Footwear	Common Equity & Warrants								3,194		2,337
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	3.75 %	8.00 %		10/5/2027	3,266		3,250		3,277
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75 %	10.69 %		9/4/2029	1,918		1,846		1,748		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	3.75 %	8.35 %		9/27/2030	3,980		3,920		3,878
SupplyOne, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25 %	9.10 %		4/19/2031	1,493		1,478		1,499
Swissport Stratosphere USA LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	4.25 %	9.57 %		4/4/2031	1,995		1,985		2,004
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00 %	10.95 %		12/29/2028	8		7		7		(4)
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00 %	8.60 %		9/15/2028	2,494		2,494		2,502
Total Portfolio Investments								$	125,405	$	127,867	$	124,887

__________

(1) Represents the interest rate as of September 30, 2024. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 4.85 % and the 90-day SOFR at 4.59 %. Most loans include an interest floor, which generally ranges from 0 % to 2 %. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(4) This investment was held by both the Company and the Glick JV as of September 30, 2024.

(6) This investment was on non-accrual status as of September 30, 2024.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The cost and fair value of the Company's aggregate investment in the Glick JV was $ 52.7 million and $ 47.1 million, respectively, as of June 30, 2025. The cost and fair value of the Company's aggregate investment in the Glick JV was $ 51.7 million and $ 48.9 million, respectively, as of September 30, 2024. For the three and nine months ended June 30, 2025, the Company's investment in the Glick JV Notes earned interest income of $ 1.7 million and $ 5.1 million, respectively. For the three and nine months ended June 30, 2024, the Company's investment in the Glick JV Notes earned interest income of $ 1.8 million and $ 5.4 million, respectively. The Company did not earn dividend income for the three and nine months ended June 30, 2025 and 2024 with respect to its investment in the LLC equity interest of the Glick JV. As of June 30, 2025, the Glick JV Notes bore interest at a rate of one-month SOFR plus 4.50 % per annum and will mature on October 20, 2028.

Below is certain summarized financial information for the Glick JV as of June 30, 2025 and September 30, 2024 and for the three and nine months ended June 30, 2025 and 2024:


	June 30, 2025		September 30, 2024
Selected Balance Sheet Information:
Investments at fair value (cost June 30, 2025: $ 114,441 ; cost September 30, 2024: $ 127,867 )	$	109,333	$	124,887
Cash and cash equivalents	17,294		10,907
Restricted cash	941		1,032
Other assets	970		8,177
Total assets	$	128,538	$	145,003

Senior credit facility payable	$	69,000	$	79,000
Glick JV Notes payable at fair value (proceeds June 30, 2025: $ 66,685 ; proceeds September 30, 2024: $ 66,685 )	53,788		55,886
Secured borrowings	—		5,766
Other liabilities	5,750		4,351
Total liabilities	$	128,538	$	145,003
Members' equity	—		—
Total liabilities and members' equity	$	128,538	$	145,003


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Selected Statements of Operations Information:
Interest income	$	2,603	$	3,605	$	8,566	$	10,926
Fee income	4		4		8		64
Total investment income	2,607		3,609		8,574		10,990
Senior credit facility and secured borrowing interest expense	1,170		1,631		3,754		4,608
Glick JV Notes interest expense	1,506		1,675		4,609		5,048
Other expenses	21		32		108		110
Total expenses (1)	2,697		3,338		8,471		9,766
Net investment income	( 90 )		271		103		1,224
Net unrealized appreciation (depreciation)	360		328		( 30 )		( 321 )
Realized gain (loss)	( 270 )		( 599 )		( 73 )		( 903 )
Net income (loss)	$	—	$	—	$	—	$	—

__________

(1) There are no management fees or incentive fees charged at the Glick JV.

The Glick JV has elected to fair value the Glick JV Notes issued to the Company and GF Debt Funding under ASC 825. The Glick JV Notes are valued based on the total assets less the liabilities senior to the Glick JV Notes in an amount not exceeding par under the EV technique.

During the nine months ended June 30, 2025, there were no purchases or sales with Glick JV. During the nine months ended June 30, 2024, the Company purchased $ 4.9 million of senior secured debt investments from Glick JV for $ 4.9 million cash consideration, which represented the fair value at the time of purchase.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 4. Fee Income

For the three and nine months ended June 30, 2025, the Company recorded total fee income of $ 0.3 million and $ 3.7 million, respectively, of which less than $ 0.1 million and $ 0.2 million, respectively, was recurring in nature. For the three and nine months ended June 30, 2024, the Company recorded total fee income of $ 1.5 million and $ 5.3 million, respectively, of which $ 0.2 million and $ 0.5 million, respectively, was recurring in nature. Recurring fee income primarily consisted of servicing fees.

Note 5. Share Data and Net Assets

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share, pursuant to ASC Topic 260-10, Earnings per Share , for the three and nine months ended June 30, 2025 and 2024:


(Share amounts in thousands)	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	38,352	$	1,120	$	9,342	$	20,992
Weighted average common shares outstanding — basic and diluted	88,086		81,830		85,402		79,804
Earnings (loss) per common share — basic and diluted	$	0.44	$	0.01	$	0.11	$	0.26

Changes in Net Assets

The following table presents the changes in net assets for the three and nine months ended June 30, 2025:


	Common Stock
(Share amounts in thousands)	Shares	Par Value		Additional paid-in-capital		Accumulated Overdistributed Earnings		Total Net Assets
Balance as of September 30, 2024	82,245	$	822	$	2,264,449	$	( 777,460 )	$	1,487,811
Net investment income	—	—		—		44,302		44,302
Net unrealized appreciation (depreciation)	—	—		—		( 19,614 )		( 19,614 )
Net realized gains (losses)	—	—		—		( 17,310 )		( 17,310 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	—	—		—		( 139 )		( 139 )
Distributions to stockholders	—	—		—		( 45,235 )		( 45,235 )
Issuance of common stock under dividend reinvestment plan	95	1		1,454		—		1,455
Repurchase of common stock under dividend reinvestment plan	( 95 )	( 1 )		( 1,454 )		—		( 1,455 )
Balance as of December 31, 2024	82,245	$	822	$	2,264,449	$	( 815,456 )	$	1,449,815
Net investment income	—	—		—		39,055		39,055
Net unrealized appreciation (depreciation)	—	—		—		( 82,023 )		( 82,023 )
Net realized gains (losses)	—	—		—		6,705		6,705
(Provision) benefit for taxes on realized and unrealized gains (losses)	—	—		—		14		14
Distributions to stockholders	—	—		—		( 41,400 )		( 41,400 )
Issuance of common stock under dividend reinvestment plan	276	3		4,286		—		4,289
Repurchase of common stock under dividend reinvestment plan	( 276 )	( 3 )		( 4,286 )		—		( 4,289 )
Issuance of common stock in private placement	5,672	57		99,943		—		100,000
Issuance of common stock in connection with the "at the market" offering	169	2		2,945		—		2,947
Balance as of March 31, 2025	88,086	$	881	$	2,367,337	$	( 893,105 )	$	1,475,113
Net investment income	—	—		—		33,481		33,481
Net unrealized appreciation (depreciation)	—	—		—		18,572		18,572
Net realized gains (losses)	—	—		—		( 13,432 )		( 13,432 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	—	—		—		( 269 )		( 269 )
Distributions to stockholders	—	—		—		( 36,996 )		( 36,996 )
Issuance of common stock under dividend reinvestment plan	269	3		3,748		—		3,751
Repurchase of common stock under dividend reinvestment plan	( 269 )	( 3 )		( 3,748 )		—		( 3,751 )
Balance as of June 30, 2025	88,086	$	881	$	2,367,337	$	( 891,749 )	$	1,476,469

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table presents the changes in net assets for the three and nine months ended June 30, 2024:


	Common Stock
(Share amounts in thousands)	Shares	Par Value		Additional paid-in-capital		Accumulated Overdistributed Earnings		Total Net Assets
Balance as of September 30, 2023	77,225	$	772	$	2,166,330	$	( 651,338 )	$	1,515,764
Net investment income	—	—		—		44,189		44,189
Net unrealized appreciation (depreciation)	—	—		—		( 25,025 )		( 25,025 )
Net realized gains (losses)	—	—		—		( 8,453 )		( 8,453 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	—	—		—		( 176 )		( 176 )
Distributions to stockholders	—	—		—		( 48,897 )		( 48,897 )
Issuance of common stock in connection with the "at the market" offering	1,641	17		32,296		—		32,313
Issuance of common stock under dividend reinvestment plan	99	1		1,935		—		1,936
Balance as of December 31, 2023	78,965	$	790	$	2,200,561	$	( 689,700 )	$	1,511,651
Net investment income	—	—		—		41,367		41,367
Net unrealized appreciation (depreciation)	—	—		—		( 25,252 )		( 25,252 )
Net realized gains (losses)	—	—		—		( 6,603 )		( 6,603 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	—	—		—		( 175 )		( 175 )
Distributions to stockholders	—	—		—		( 44,715 )		( 44,715 )
Issuance of common stock in connection with the "at the market" offering	2,334	23		45,950		—		45,973
Issuance of common stock under dividend reinvestment plan	97	1		1,852		—		1,853
Balance as of March 31, 2024	81,396	$	814	$	2,248,363	$	( 725,078 )	$	1,524,099
Net investment income	—	—		—		44,575		44,575
Net unrealized appreciation (depreciation)	—	—		—		26,199		26,199
Net realized gains (losses)	—	—		—		( 69,452 )		( 69,452 )
(Provision) benefit for taxes on realized and unrealized gains (losses)	—	—		—		( 202 )		( 202 )
Distributions to stockholders	—	—		—		( 45,180 )		( 45,180 )
Issuance of common stock in connection with the "at the market" offering	749	7		14,214		—		14,221
Issuance of common stock under dividend reinvestment plan	100	1		1,872		—		1,873
Balance as of June 30, 2024	82,245	$	822	$	2,264,449	$	( 769,138 )	$	1,496,133

Distributions

Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board of Directors and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board of Directors declares a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. If the Company’s shares are trading at a premium to net asset value, the Company typically issues new shares to implement the DRIP with such shares issued at the greater of the most recently computed net asset value per share of common stock or 95 % of the current market price per share of common stock on the payment date for such distribution. If the Company’s shares are trading at a discount to net asset value, the Company typically purchases shares in the open market in connection with the Company’s obligations under the DRIP.

For income tax purposes, the Company has reported its distributions for the 2024 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2024 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s stockholders.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The following table reflects the distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the nine months ended June 30, 2025 and 2024:


Distribution	Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution			DRIP Shares Issued		DRIP Shares Value (3)
Quarterly	November 7, 2024	December 16, 2024	December 31, 2024	$	0.55	$	43.8	million	94,970	(1)	$	1.5	million
Quarterly	January 27, 2025	March 17, 2025	March 31, 2025	$	0.40	$	31.5	million	234,752	(1)	$	3.7	million
Supplemental	January 27, 2025	March 17, 2025	March 31, 2025	$	0.07	$	5.6	million	41,082	(1)	$	0.6	million
Quarterly	April 28, 2025	June 16, 2025	June 30, 2025	$	0.40	$	31.6	million	256,343	(1)	$	3.6	million
Supplemental	April 28, 2025	June 16, 2025	June 30, 2025	$	0.02	$	1.6	million	12,817	(1)	$	0.2	million
Total for the nine months ended June 30, 2025				$	1.44	$	114.1	million	639,964		$	9.5	million
Distribution	Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution			DRIP Shares Issued		DRIP Shares Value
Quarterly	November 8, 2023	December 15, 2023	December 29, 2023	$	0.55	$	41.7	million	87,472	(2)	$	1.7	million
Special	November 8, 2023	December 15, 2023	December 29, 2023	$	0.07	$	5.3	million	11,133	(2)	$	0.2	million
Quarterly	January 26, 2024	March 15, 2024	March 29, 2024	$	0.55	$	42.8	million	96,850	(2)	$	1.9	million
Quarterly	April 26, 2024	June 14, 2024	June 28, 2024	$	0.55	$	43.3	million	100,029	(2)	$	1.9	million
Total for the nine months ended June 30, 2024				$	1.72	$	133.1	million	295,484		$	5.7	million

__________

(1) Shares were purchased on the open market and distributed.

(2) New shares were issued and distributed.

(3) Totals may not sum due to rounding.

Common Stock Issuances

During the three and nine months ended June 30, 2024, the Company issued 100,029 and 295,484 shares of common stock, respectively, as part of the DRIP.

The Company is party to an equity distribution agreement, dated February 7, 2022, as amended, by and among the Company, Oaktree and Oaktree Administrator and Keefe, Bruyette & Woods, Inc., Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., pursuant to which the Company may offer and sell shares of its common stock from time to time having an aggregate offering price of up to $ 300.0 million under its current shelf registration statement. Sales of the common stock may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.

In connection with the "at the market" offering, the Company issued and sold 168,055 shares of common stock during the nine months ended June 30, 2025 for net proceeds of $ 3.0 million (net of offering costs).


	Number of Shares Issued	Gross Proceeds		Placement Agent Fees		Net Proceeds (1)		Average Sales Price per Share (2)
"At the market" offering	168,055	$	2,987	$	26	$	2,960	$	17.77

(1) Net proceeds excludes offering costs of less than $ 0.1 million.

(2) Represents the gross sales price, including supplemental payments by Oaktree, before deducting placement agent fees and estimated offering expenses.

In connection with the at-the-market offering, an affiliate of Oaktree made additional supplemental payments to the Company in an amount equal to $ 0.3 million during the nine months ended June 30, 2025 to ensure that the sales price per share of common stock was not less than the Company’s current net asset value per share. These amounts are included in gross proceeds in the table above.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

In connection with the "at the market" offering, the Company issued and sold 4,724,506 shares of common stock during the nine months ended June 30, 2024 for net proceeds of $ 92.5 million (net of offering costs).


	Number of Shares Issued	Gross Proceeds		Placement Agent Fees		Net Proceeds (1)		Average Sales Price per Share (2)
"At the market" offering	4,724,506	$	93,685	$	937	$	92,748	$	19.83

(1) Net proceeds excludes offering costs of $ 0.2 million.

(2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.

On January 31, 2025, the Company and Oaktree Capital I, L.P., an affiliate of Oaktree, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of the Company’s common stock on February 3, 2025 for an aggregate purchase price of $ 100.0 million. These shares were sold at $ 17.63 per share, which was the Company’s net asset value per share as of January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act. Oaktree Capital I, L.P. has agreed not to sell the shares acquired in this transaction through February 3, 2026.

Note 6. Borrowings

Syndicated Facility

On November 30, 2017, the Company entered into a senior secured revolving credit facility (as amended and restated, the “ Syndicated Facility ”) pursuant to a Senior Secured Revolving Credit Agreement with the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents. The Syndicated Facility provides that the Company may use the proceeds of the loans and issuances of letters of credit under the Syndicated Facility for general corporate purposes, including acquiring and funding leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other investments. The Syndicated Facility further allows the Company to request letters of credit from ING Capital LLC, as the issuing bank.

As of June 30, 2025, the size of the Syndicated Facility was $ 1.160 billion. In addition, pursuant to an "accordion" feature, the Company may increase the size of the facility to up to the greater of $ 1.50 billion and the Company's net worth, as defined in the facility, under certain circumstances.

As of June 30, 2025, (i) the period during which the Company may make drawings will expire on April 8, 2029 and the maturity date is April 8, 2030 and (ii) the interest rate margin for (a) SOFR loans (which may be 1- or 3-month at the Company’s option) was 1.875 % plus a SOFR adjustment equal to 0.10 % and (b) alternate base rate loans was 0.875 % plus a SOFR adjustment equal to 0.10 %; provided that, if at any time the Borrowing Base (as defined in the Syndicated Facility) is greater than 1.60 times the Combined Debt Amount (as defined in the Syndicated Facility), the interest rate margin with respect to (a) SOFR loans will be 1.75 % plus a SOFR adjustment equal to 0.10 % and (b) alternate base rate loans will be 0.75 % plus a SOFR adjustment equal to 0.10 %.

The Syndicated Facility is secured by substantially all of the Company’s assets (excluding, among other things, investments held in and by certain subsidiaries of the Company (including OSI 2 Senior Lending SPV, LLC, or “OSI 2 SPV”) or investments in certain portfolio companies of the Company) and guaranteed by certain subsidiaries of the Company.

The Syndicated Facility requires the Company to, among other things, (i) make representations and warranties regarding the collateral as well as each of the Company’s portfolio companies’ businesses, (ii) agree to certain indemnification obligations, and (iii) comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including covenants related to: (A) limitations on the incurrence of additional indebtedness and liens, (B) limitations on certain investments, (C) limitations on certain asset transfers and restricted payments, (D) maintaining a certain minimum stockholders’ equity, (E) maintaining a ratio of total assets (less total liabilities) to total indebtedness, of the Company and its subsidiaries (subject to certain exceptions), of not less than 1.50 to 1.00, (F) maintaining a ratio of consolidated EBITDA to consolidated interest expense, of the Company and its subsidiaries (subject to certain exceptions), of not less than 2.25 to 1.00, (G) maintaining a minimum liquidity and net worth, and (H) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. The Syndicated Facility also includes usual and customary default provisions such as the failure to make timely payments under the facility, the occurrence of a change in control, and the failure by the Company to materially perform under the agreements governing the facility, which, if not complied with, could accelerate repayment under the facility. As of June 30, 2025, the Company was in compliance with all financial covenants under the Syndicated Facility. In addition to the asset coverage ratio

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

described above, borrowings under the Syndicated Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that will apply different advance rates to different types of assets in the Company’s portfolio. Each loan or letter of credit originated or assumed under the Syndicated Facility is subject to the satisfaction of certain conditions. In connection with the April 8, 2025 amendment of the Syndicated Facility, the Company accelerated $ 0.7 million of deferred financing costs into interest expense during the three and nine months ended June 30, 2025.

As of June 30, 2025 and September 30, 2024, the Company had $ 510.0 million and $ 430.0 million of borrowings outstanding under the Syndicated Facility, which had a fair value of $ 510.0 million and $ 430.0 million, respectively. The Company's borrowings under the Syndicated Facility bore interest at a weighted average interest rate of 6.533 % and 7.576 % for the nine months ended June 30, 2025 and 2024, respectively. For the three and nine months ended June 30, 2025, the Company recorded interest expense (inclusive of fees) of $ 9.7 million and $ 27.5 million, respectively, related to the Syndicated Facility. For the three and nine months ended June 30, 2024, the Company recorded interest expense (inclusive of fees) of $ 10.2 million and $ 29.3 million, respectively, related to the Syndicated Facility.

OSI2 Citibank Facility

On January 23, 2023, as a result of the consummation of the OSI2 Merger, the Company became party to a revolving credit facility (as amended and/or restated from time to time, the “ OSI2 Citibank Facility ”) with OSI 2 SPV, the Company’s wholly-owned and consolidated subsidiary, as the borrower, the Company, as collateral manager, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent. On May 14, 2025, the Company repaid all outstanding borrowings under the OSI2 Citibank Facility, following which the OSI2 Citibank Facility was terminated. Obligations under the OSI2 Citibank Facility would have otherwise matured on January 26, 2029.

In connection with the termination of the OSI2 Citibank Facility, the Company accelerated $ 3.1 million of deferred financing costs into interest expense during the three and nine months ended June 30, 2025.

As of September 30, 2024, the Company had $ 280.0 million outstanding under the OSI2 Citibank Facility, which had a fair value of $ 280.0 million. The Company’s borrowings under the OSI2 Citibank Facility bore interest at a weighted average interest rate of 6.741 % and 8.029 % for the nine months ended June 30, 2025 and 2024, respectively. For the three and nine months ended June 30, 2025, the Company recorded interest expense (inclusive of fees) of $ 4.5 million and $ 14.4 million, respectively, related to the OSI2 Citibank Facility. For the three and nine months ended June 30, 2024, the Company recorded interest expense (inclusive of fees) of $ 6.1 million and $ 18.1 million, respectively, related to the OSI2 Citibank Facility.

2025 Notes

On February 25, 2020, the Company issued $ 300.0 million in aggregate principal amount of the 2025 Notes for net proceeds of $ 293.8 million after deducting OID of $ 2.5 million, underwriting commissions and discounts of $ 3.0 million and offering costs of $ 0.7 million. The OID on the 2025 Notes was amortized based on the effective interest method over the term of the 2025 Notes.

Interest on the 2025 Notes was paid semi-annually on February 25 and August 25 at a rate of 3.500 % per annum. The 2025 Notes matured on February 25, 2025.

2027 Notes

On May 18, 2021, the Company issued $ 350.0 million in aggregate principal amount of the 2027 Notes for net proceeds of $ 344.8 million after deducting OID of $ 1.0 million, underwriting commissions and discounts of $ 3.5 million and offering costs of $ 0.7 million. The OID on the 2027 Notes is amortized based on the effective interest method over the term of the 2027 Notes.

The 2027 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the sixth supplemental indenture, dated May 18, 2021 (collectively, the "2027 Notes Indenture"), between the Company and the Trustee. The 2027 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes. The 2027 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2027 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2027 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

Interest on the 2027 Notes is paid semi-annually on January 15 and July 15 at a rate of 2.700 % per annum. The 2027 Notes mature on January 15, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company's

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

option prior to maturity at par plus a “make-whole” premium, if applicable. In addition, holders of the 2027 Notes can require the Company to repurchase the 2027 Notes at 100 % of their principal amount upon the occurrence of certain change of control events as described in the 2027 Notes Indenture. The 2027 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the three and nine months ended June 30, 2025, the Company did not repurchase any of the 2027 Notes in the open market.

The 2027 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the Securities and Exchange Commission (the "SEC"), as well as covenants requiring the Company to provide financial information to the holders of the 2027 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to limitations and exceptions that are described in the 2027 Notes Indenture.

In connection with the 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 2.700 % and pays a floating interest rate of the three-month SOFR plus 1.658 % plus a SOFR adjustment of 0.26161 % on a notional amount of $ 350.0 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.

2029 Notes

On August 15, 2023, the Company issued $ 300.0 million in aggregate principal amount of the 2029 Notes for net proceeds of $ 292.9 million after deducting OID of $ 3.5 million, underwriting commissions and discounts of $ 3.0 million and offering costs of $ 0.6 million. The OID on the 2029 Notes is amortized based on the effective interest method over the term of the 2029 Notes.

The 2029 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the seventh supplemental indenture, dated August 15, 2023 (collectively, the "2029 Notes Indenture"), between the Company and the Trustee. The 2029 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes. The 2029 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2029 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2029 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

Interest on the 2029 Notes is paid semi-annually on February 15 and August 15 at a rate of 7.100 % per annum. The 2029 Notes mature on February 15, 2029 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a “make-whole” premium, if applicable. In addition, holders of the 2029 Notes can require the Company to repurchase the 2029 Notes at 100 % of their principal amount upon the occurrence of certain change of control events as described in the 2029 Notes Indenture. The 2029 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the three and nine months ended June 30, 2025, the Company did not repurchase any of the 2029 Notes in the open market.

The 2029 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the SEC), as well as covenants requiring the Company to provide financial information to the holders of the 2029 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 2029 Notes Indenture.

In connection with the 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 7.100 % and pays a floating interest rate of the three-month SOFR plus 3.1255 % on a notional amount of $ 300.0 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

2030 Notes

On February 27, 2025, the Company issued $ 300.0 million in aggregate principal amount of the 2030 Notes for net proceeds of $ 296.3 million after deducting OID of less than $ 0.1 million, underwriting commissions and discounts of $ 3.0 million and offering costs of $ 0.7 million. The OID on the 2030 Notes is amortized based on the effective interest method over the term of the 2030 Notes.

The 2030 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the eighth supplemental indenture, dated February 27, 2025 (collectively, the "2030 Notes Indenture"), between the Company and the Trustee. The 2030 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes. The 2030 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2030 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2030 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

Interest on the 2030 Notes is paid semi-annually on February 27 and August 27 at a rate of 6.340 % per annum. The 2030 Notes mature on February 27, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a “make-whole” premium, if applicable. In addition, holders of the 2030 Notes can require the Company to repurchase the 2030 Notes at 100 % of their principal amount upon the occurrence of certain change of control events as described in the 2030 Notes Indenture. The 2030 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the three and nine months ended June 30, 2025, the Company did not repurchase any of the 2030 Notes in the open market.

The 2030 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the SEC), as well as covenants requiring the Company to provide financial information to the holders of the 2030 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 2030 Notes Indenture.

In connection with the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.340 % and pays a floating interest rate of the three-month SOFR plus 2.192 % on a notional amount of $ 300.0 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

The below table presents the components of the carrying value of the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes as of June 30, 2025 and September 30, 2024:


	As of June 30, 2025						As of September 30, 2024
($ in millions)	2027 Notes		2029 Notes		2030 Notes		2025 Notes		2027 Notes		2029 Notes
Principal	$	350.0	$	300.0	$	300.0	$	300.0	$	350.0	$	300.0
Unamortized financing costs	( 1.2 )		( 2.4 )		( 3.5 )		( 0.3 )		( 1.8 )		( 2.9 )
Unaccreted discount	( 0.3 )		( 2.3 )		—		( 0.2 )		( 0.4 )		( 2.7 )
Interest rate swap fair value adjustment	( 14.9 )		4.3		7.9		—		( 20.2 )		7.2
Net carrying value	$	333.6	$	299.6	$	304.4	$	299.5	$	327.6	$	301.6
Fair Value	$	335.7	$	309.2	$	301.0	$	298.1	$	327.7	$	312.3

The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes for the three and nine months ended June 30, 2025:


	2025 Notes						2027 Notes						2029 Notes						2030 Notes
($ in millions)	Three months ended June 30, 2025			Nine months ended June 30, 2025			Three months ended June 30, 2025			Nine months ended June 30, 2025			Three months ended June 30, 2025			Nine months ended June 30, 2025			Three months ended June 30, 2025			Nine months ended June 30, 2025
Coupon interest	$	—		$	4.2		$	2.4		$	7.1		$	5.3		$	16.0		$	4.8		$	6.6
Amortization of financing costs and discount	—			0.5			0.2			0.7			0.3			0.9			0.2			0.3
Effect of interest rate swap	—			—			3.2			10.1			0.3			1.4			0.2			0.2
Total interest expense	$	—		$	4.7		$	5.8		$	17.9		$	5.9		$	18.3		$	5.2		$	7.1
Coupon interest rate (net of effect of interest rate swaps)	3.500		%	3.500		%	6.280		%	6.458		%	7.450		%	7.650		%	6.515		%	6.514		%

The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes and the 2029 Notes for the three and nine months ended June 30, 2024:


	2025 Notes						2027 Notes						2029 Notes
($ in millions)	Three months ended June 30, 2024			Nine months ended June 30, 2024			Three months ended June 30, 2024			Nine months ended June 30, 2024			Three months ended June 30, 2024			Nine months ended June 30, 2024
Coupon interest	$	2.6		$	7.9		$	2.4		$	7.1		$	5.3		$	16.0
Amortization of financing costs and discount	0.3			0.9			0.2			0.7			0.3			1.0
Effect of interest rate swap	—			—			4.0			12.3			1.1			3.4
Total interest expense	$	2.9		$	8.8		$	6.6		$	20.1		$	6.7		$	20.4
Coupon interest rate (net of effect of interest rate swaps)	3.500		%	3.500		%	7.213		%	7.262		%	8.440		%	8.469		%

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 7. Taxable/Distributable Income and Dividend Distributions

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized; (2) origination and exit fees received in connection with investments in portfolio companies; (3) organizational costs; (4) income or loss recognition on exited investments; and (5) recognition of interest income on certain loans.

As of September 30, 2024, the Company had net capital loss carryforwards of $ 696.0 million to offset net capital gains that will not expire, to the extent available and permitted by U.S. federal income tax law, of which $ 73.0 million are available to offset future short-term capital gains and $ 623.0 million are available to offset future long-term capital gains. A portion of such net capital loss carryforwards represented a realized loss under sections 382 and 383 of the Code, which is carried forward to future years to offset future gains subject to certain limitations.

Listed below is a reconciliation of "net increase (decrease) in net assets resulting from operations" to taxable income for the three and nine months ended June 30, 2025 and 2024.


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Net increase (decrease) in net assets resulting from operations	$	38,352	$	1,120	$	9,342	$	20,992
Net unrealized (appreciation) depreciation	( 18,572 )		( 26,199 )		83,065		24,078
Book/tax difference due to capital losses suspended (utilized)	4,439		70,156		17,030		87,016
Other book/tax differences	831		( 2,349 )		( 3,409 )		( 13,298 )
Taxable/Distributable Income (1)	$	25,050	$	42,728	$	106,028	$	118,788

__________

(1) The Company's taxable income for the three and nine months ended June 30, 2025 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2025. Therefore, the final taxable income may be different than the estimate.

The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.

When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. Based on these and other factors, the Company determined that, as of June 30, 2025, $ 6.2 million of the $ 6.5 million deferred tax assets would not more likely than not be realized in future periods.

For the three months ended June 30, 2025, the Company recognized an expense for income tax related to net investment income of $ 0.1 million, which was composed of current income tax expense. The Company also recognized an expense for income tax related to realized and unrealized gains (losses) of $ 0.3 million, which was composed of deferred income tax. For the three months ended June 30, 2024, the Company recognized a total expense for income tax related to realized and unrealized gains (losses) of $ 0.2 million, which was composed primarily of a current income tax expense.

For the nine months ended June 30, 2025, the Company recognized an expense for income tax related to net investment income of $ 0.6 million, which was composed primarily of current income tax expense. The Company also recognized an expense for income tax related to realized and unrealized gains (losses) of $ 0.4 million, which was composed of $ 0.3 million of

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

deferred income tax and $ 0.1 million of current income tax. For the nine months ended June 30, 2024, the Company recognized a total expense for income tax related to realized and unrealized gains (losses) of $ 0.6 million, which was composed primarily of a current income tax expense.

As of September 30, 2024, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:


Undistributed ordinary income, net	$	2,986
Net realized capital losses	( 642,467 )
Unrealized losses, net	( 137,979 )
Accumulated overdistributed earnings	$	( 777,460 )

The aggregate cost of investments for U.S. federal income tax purposes was $ 3,153.0 million as of September 30, 2024. As of September 30, 2024, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $ 674.5 million. As of September 30, 2024, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $ 812.5 million. Net unrealized depreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $ 138.0 million.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 8. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation

Realized Gains or Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption and the cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with the Company's determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.

During the three months ended June 30, 2025, the Company recorded an aggregate net realized loss of $ 13.4 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
Foreign currency forward contracts	$	( 15.3 )
Telestream 2 LLC	( 2.4 )
Aurelia Netherlands Midco (1)	1.3
Other, net	3.0
Total, net	$	( 13.4 )

__________

(1) This investment was denominated in foreign currency and the realized gain (loss) shown in this table includes gains (losses) due to foreign currency translation, which was offset by gains (losses) on foreign currency forward contracts.

During the three months ended June 30, 2024, the Company recorded an aggregate net realized loss of $ 69.5 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
Thrasio, LLC	$	( 68.5 )
Other, net	( 1.0 )
Total, net	$	( 69.5 )

During the nine months ended June 30, 2025, the Company recorded an aggregate net realized loss of $ 24.0 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
SVP-Singer Holdings Inc.	$	( 16.6 )
Foreign currency forward contracts	( 7.3 )
FinThrive Software Intermediate Holdings Inc	( 4.4 )
Telestream 2 LLC	( 2.4 )
Aurelia Netherlands Midco (1)	1.3
Other, net	5.4
Total, net	$	( 24.0 )

__________

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

During the nine months ended June 30, 2024, the Company recorded an aggregate net realized loss of $ 84.5 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
Thrasio, LLC	$	( 68.5 )
All Web Leads Inc	( 13.4 )
Continental Intermodal Group LP	( 6.8 )
P&L Development LLC	( 1.9 )
American Tire Distributors Inc.	( 1.8 )
Zephyr Bidco Limited (1)	( 1.7 )
Lift Brands Holdings, Inc.	( 1.4 )
Alvotech	4.8
Ardonagh Midco 3 PLC (1)	4.6
Foreign currency forward contracts	2.6
Other, net	( 1.0 )
Total, net	$	( 84.5 )

__________

Net Unrealized Appreciation or Depreciation

Net unrealized appreciation or depreciation reflects the net change in the valuation of the portfolio pursuant to the Company's valuation guidelines and the reclassification of any prior period unrealized appreciation or depreciation.

During the three months ended June 30, 2025 and 2024, the Company recorded net unrealized appreciation of $ 18.6 million and $ 26.2 million, respectively. For the three months ended June 30, 2025, this consisted of $ 14.2 million of net unrealized appreciation on equity investments, $ 1.9 million of net unrealized appreciation of foreign currency forward contracts, $ 1.5 million of net unrealized appreciation on debt investments and $ 0.9 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses). For the three months ended June 30, 2024, this consisted of $ 83.6 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $ 1.1 million of net unrealized appreciation of foreign currency forward contracts, partially offset by $ 38.6 million of net unrealized depreciation on debt investments and $ 19.9 million of net unrealized depreciation on equity investments.

During the nine months ended June 30, 2025 and 2024, the Company recorded net unrealized depreciation of $ 83.1 million and $ 24.1 million, respectively. For the nine months ended June 30, 2025, this consisted of $ 88.6 million of net unrealized depreciation on debt investments, $ 13.8 million of net unrealized depreciation on equity investments and $ 2.3 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $ 21.6 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses). For the nine months ended June 30, 2024, this consisted of $ 49.6 million of net unrealized depreciation on debt investments, $ 30.5 million of net unrealized depreciation on equity investments and $ 4.5 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $ 60.5 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses).

Note 9. Concentration of Credit Risks

The Company deposits its cash with financial institutions and at times such balances are in excess of the FDIC insurance limit. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring their financial stability.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 10. Related Party Transactions

As of June 30, 2025 and September 30, 2024, the Company had a liability on its Consolidated Statements of Assets and Liabilities in the amount of $ 7.6 million and $ 15.5 million, respectively, reflecting the unpaid portion of the base management fees and incentive fees payable to Oaktree.

Investment Advisory Agreement

The Company is party to the Investment Advisory Agreement. Under the Investment Advisory Agreement, the Company pays Oaktree a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee payable to Oaktree and any incentive fees earned by Oaktree is ultimately borne by common stockholders of the Company.

The investment advisory agreement with Oaktree was amended and restated on March 19, 2021 in connection with the closing of the OCSI Merger, on January 23, 2023 in connection with the closing of OSI2 Merger and on November 14, 2024 to reflect a reduced base management fee. The term “Investment Advisory Agreement” refers collectively to the agreements with Oaktree.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by the Board of Directors of the Company or by the affirmative vote of the holders of a majority of the Company’s outstanding voting securities, including, in either case, approval by a majority of the directors of the Company who are not interested persons. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The Investment Advisory Agreement may also be terminated, without penalty, upon the vote of a majority of the outstanding voting securities of the Company.

Base Management Fee

Effective as of July 1, 2024, the base management fee is calculated at an annual rate of 1.00 % of total gross assets, including any investment made with borrowings, but excluding cash and cash equivalents; provided, however, that for the period from July 1, 2024 to January 23, 2025, the base management fee shall be calculated at such an annual rate as to cause (1) the base management fee less (2) previously agreed waivers of $ 750,000 of base management fees per quarter (with such amount appropriately prorated for any partial quarter) to equal 1.00 % of the Company’s gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents. The base management fee is payable quarterly in arrears and the fee for any partial month or quarter is appropriately prorated. From May 3, 2019 through June 30, 2024, the base management fee was 1.50 % of total gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents, provided that the base management fee on gross assets that exceeded the product of (A) 200 % and (B) the Company’s net asset value was 1.00 %. The 200 % was calculated in accordance with the Investment Company Act. In connection with the OCSI Merger, Oaktree waived an aggregate of $ 6 million of base management fees otherwise payable to Oaktree in the two years following the closing of the OCSI Merger on March 19, 2021 at a rate of $ 750,000 per quarter (with such amount appropriately prorated for any partial quarter). In connection with the OSI2 Merger, Oaktree waived an aggregate of $ 9.0 million of base management fees payable to Oaktree as follows: $ 6.0 million at a rate of $ 1.5 million per quarter (with such amount appropriately prorated for any partial quarter) in the first year following closing of the OSI2 Merger on January 23, 2023 and $ 3.0 million at a rate of $ 750,000 per quarter (with such amount appropriately prorated for any partial quarter) in the second year following closing of the OSI2 Merger. Oaktree also waived additional base management fees such that the total amount of waived base management fees (including those waived in connection with the OSI2 Merger described above) was $ 1.5 million for each of the three months ended March 31, 2024 and June 30, 2024.

For the three and nine months ended June 30, 2025, the base management fee incurred under the Investment Advisory Agreement was $ 7.2 million and $ 21.9 million (net of waiver), respectively. For the three and nine months ended June 30, 2024, the base management fee incurred under the Investment Advisory Agreement was $ 10.3 million (net of waiver) and $ 30.4 million (net of waiver), respectively.

Incentive Fee

The incentive fee consists of two parts. Under the Investment Advisory Agreement, the first part of the incentive fee (the “incentive fee on income” or "Part I incentive fee") is calculated and payable quarterly in arrears based upon the “pre-incentive fee net investment income” of the Company for the immediately preceding quarter. The payment of the incentive fee on income

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

is subject to payment of a preferred return to investors each quarter (i.e., a “hurdle rate”), expressed as a rate of return on the value of the Company’s net assets at the end of the most recently completed quarter, of 1.50 %, subject to a “catch up” feature.

For this purpose, “pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, other than fees for providing managerial assistance) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID debt, instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income.

Under the Investment Advisory Agreement, the calculation of the incentive fee on income for each quarter is as follows:

• No incentive fee is payable to Oaktree in any quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.50 % (the “preferred return”) on net assets;

• 100 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the preferred return but is less than or equal to 1.8182 % in any fiscal quarter is payable to Oaktree. This portion of the incentive fee on income is referred to as the “catch-up” provision, and it is intended to provide Oaktree with an incentive fee of 17.5 % on all of the Company’s pre-incentive fee net investment income when the Company’s pre-incentive fee net investment income exceeds 1.8182 % on net assets in any fiscal quarter; and

• For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.8182 % on net assets, the incentive fee on income is equal to 17.5 % of the amount of the Company’s pre-incentive fee net investment income, as the preferred return and catch-up will have been achieved.

Effective as of October 1, 2024, Oaktree has waived the incentive fee on income in such an amount, if any, as necessary such that the incentive fee on income does not exceed (a) 17.5 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters (or portion thereof) less (b) the aggregate incentive fees on income that were paid to Oaktree (including the effect of waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For the avoidance of doubt, in no quarter shall the incentive fee on income be less than zero.

“Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income, since October 1, 2024, in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, since October 1, 2024, in respect of the Trailing Twelve Quarters.

“Trailing Twelve Quarters” means the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commenced October 1, 2024, as the case may be (or the appropriate portion thereof in the case of any of the first eleven calendar quarters commencing on or after October 1, 2024). The Trailing Twelve Quarters will be a total of less than 12 full fiscal quarters for all periods ending prior to September 30, 2027.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

For the three and nine months ended June 30, 2025, Oaktree waived $ 5.4 million and $ 18.5 million of Part I incentive fees pursuant to this waiver agreement.

For the three and nine months ended June 30, 2025, the Part I incentive fee incurred under the Investment Advisory Agreement was $ 0.4 million (net of waiver) and $ 1.9 million (net of waiver), respectively. For the three and nine months ended June 30, 2024, the Part I incentive fee incurred under the Investment Advisory Agreement was $ 5.1 million and $ 22.6 million, respectively.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Under the Investment Advisory Agreement, the second part of the incentive fee (the "capital gains incentive fee") is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date) commencing with the fiscal year ended September 30, 2019 and equals 17.5 % of the Company’s realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each subsequent fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees under the Investment Advisory Agreement. Any realized capital gains, realized capital losses, unrealized capital appreciation and unrealized capital depreciation with respect to the Company’s portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the calculations of the second part of the incentive fee. In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee, (2) include any such amounts associated with the investments acquired in the OCSI Merger for the period from October 1, 2018 to the date of closing of the OCSI Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee and (3) include any such amounts associated with the investments acquired in the OSI2 Merger for the period from August 6, 2018 to the date of closing of the OSI2 Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee. As of June 30, 2025, the Company paid $ 9.6 million of capital gains incentive fees cumulatively under the Investment Advisory Agreement (net of waivers). For the three and nine months ended June 30, 2025 and 2024, the Company did not incur any capital gains incentive fees.

GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized on a theoretical "liquidation basis." A fee so calculated and accrued would not be payable under applicable law and may never be paid based upon the computation of capital gains incentive fees in subsequent periods. Amounts ultimately paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation. Any realized capital gains and losses and cumulative unrealized capital appreciation and depreciation with respect to the Company’s portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the GAAP accrual. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 17.5 % of such cumulative amount, less the aggregate amount of actual capital gains incentive fees payable or capital gains incentive fees accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future or any accrued capital gains incentive fee will become payable under the Investment Advisory Agreement. For the three and nine months ended June 30, 2025 and 2024, there were no accrued capital gains incentive fees. As of June 30, 2025, the total accrued capital gains incentive fee liability was zero .

Indemnification

The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations, Oaktree and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Oaktree's services under the Investment Advisory Agreement or otherwise as investment adviser.

Administrative Services

The Company is party to the Administration Agreement with Oaktree Administrator. Pursuant to the Administration Agreement, Oaktree Administrator provides administrative services to the Company necessary for the operations of the Company, which include providing office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as Oaktree Administrator, subject to review by the Company’s Board of Directors, shall from time to time deem to be necessary or useful to perform its obligations under the Administration Agreement. Oaktree Administrator may, on behalf of the Company, conduct relations and negotiate agreements with custodians, trustees,

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

depositories, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Oaktree Administrator makes reports to the Company’s Board of Directors of its performance of obligations under the Administration Agreement and furnishes advice and recommendations with respect to such other aspects of the Company’s business and affairs, in each case, as it shall determine to be desirable or as reasonably required by the Company’s Board of Directors; provided that Oaktree Administrator shall not provide any investment advice or recommendation.

Oaktree Administrator also provides portfolio collection functions for interest income, fees and warrants and is responsible for the financial and other records that the Company is required to maintain and prepares, prints and disseminates reports to the Company’s stockholders and all other materials filed with the SEC. In addition, Oaktree Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Oaktree Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies.

For providing these services, facilities and personnel, the Company reimburses Oaktree Administrator the allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the rent of the Company’s principal executive offices (which are located in a building owned by a Brookfield affiliate) at market rates and the Company’s allocable portion of the costs of compensation and related expenses of its Chief Financial Officer, Chief Compliance Officer, their staffs and other non-investment professionals at Oaktree that perform duties for the Company. Such reimbursement is at cost, with no profit to, or markup by, Oaktree Administrator. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The Administration Agreement may also be terminated, without penalty, upon the vote of a majority of the Company’s outstanding voting securities.

For the three months ended June 30, 2025 and 2024, the Company accrued administrative expenses of $ 0.7 million and $ 0.5 million, respectively, including $ 0.1 million and $ 0.1 million of general and administrative expenses, respectively. For the nine months ended June 30, 2025 and 2024, the Company accrued administrative expenses of $ 1.7 million and $ 1.3 million, respectively, including $ 0.3 million and $ 0.3 million of general and administrative expenses, respectively.

As of June 30, 2025 and September 30, 2024, $ 2.4 million and $ 4.1 million, respectively, was included in “Due to affiliate” in the Consolidated Statements of Assets and Liabilities, reflecting the unpaid portion of administrative expenses and other reimbursable expenses payable to Oaktree Administrator.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 11. Financial Highlights


(Share amounts in thousands)	Three months ended June 30, 2025	Three months ended June 30, 2024	Nine months ended June 30, 2025	Nine months ended June 30, 2024
Net asset value per share at beginning of period	$ 16.75	$ 18.72	$ 18.09	$ 19.63
Net investment income (1)	0.38	0.54	1.37	1.63
Net unrealized appreciation (depreciation) (1)(7)	0.20	0.33	( 0.98 )	( 0.28 )
Net realized gains (losses) (1)	( 0.15 )	( 0.85 )	( 0.28 )	( 1.06 )
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)	—	—	—	( 0.01 )
Distributions of net investment income to stockholders	( 0.42 )	( 0.55 )	( 1.44 )	( 1.72 )
Net asset value per share at end of period	$ 16.76	$ 18.19	$ 16.76	$ 18.19
Per share market value at beginning of period	$ 15.36	$ 19.66	$ 16.31	$ 20.12
Per share market value at end of period	$ 13.66	$ 18.81	$ 13.66	$ 18.81
Total return (2)	( 8.39 )%	( 1.51 )%	( 7.93 )%	2.13 %
Common shares outstanding at beginning of period	88,086	81,396	82,245	77,225
Common shares outstanding at end of period	88,086	82,245	88,086	82,245
Net assets at beginning of period	$ 1,475,113	$ 1,524,099	$ 1,487,811	$ 1,515,764
Net assets at end of period	$ 1,476,469	$ 1,496,133	$ 1,476,469	$ 1,496,133
Average net assets (3)	$ 1,488,823	$ 1,524,503	$ 1,487,303	$ 1,524,180
Ratio of net investment income to average net assets (3)(6)	9.02 %	11.76 %	10.50 %	11.40 %
Ratio of total expenses to average net assets (3)(6)	12.69 %	14.54 %	12.72 %	14.42 %
Ratio of net expenses to average net assets (3)(6)	11.24 %	13.29 %	10.97 %	13.75 %
Ratio of portfolio turnover to average investments at fair value	4.86 %	5.95 %	25.59 %	23.97 %
Weighted average outstanding debt (4)	$ 1,477,143	$ 1,711,978	$ 1,595,421	$ 1,680,876
Average debt per share (1)	$ 16.77	$ 20.92	$ 18.68	$ 21.06
Asset coverage ratio at end of period (5)	199.86 %	183.36 %	199.86 %	183.36 %

__________


(1)			Calculated based upon weighted average shares outstanding for the period.
(2)			Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3)			Calculated based upon the weighted average net assets for the period.
(4)			Calculated based upon the weighted average of principal debt outstanding for the period.
(5)			Based on outstanding senior securities of $ 1,466.1 million and $ 1,743.4 million as of June 30, 2025 and 2024, respectively.
(6)			Interim periods are annualized.
(7)			The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 12. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement (the "ISDA Master Agreement") with its derivative counterparty, JPMorgan Chase Bank, N.A. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. As of June 30, 2025, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparty with respect to the Company's forward currency contracts.

Certain information related to the Company’s foreign currency forward contracts is presented below as of June 30, 2025.


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	166,982	€	145,846	9/11/2025	$	—	$	5,006	Derivative liability
Foreign currency forward contract	$	5,528	C$	7,586	9/11/2025	—		51		Derivative liability
Foreign currency forward contract	$	5,565	¥	789,671	9/11/2025	55		—		Derivative liability
Foreign currency forward contract	$	46,221	£	34,538	9/11/2025	—		1,128		Derivative liability
						$	55	$	6,185

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2024.


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	84,291	€	76,394	11/7/2024	$	—	$	1,102	Derivative liability
Foreign currency forward contract	$	53,624	£	42,021	11/7/2024	—		2,739		Derivative liability
						$	—	$	3,841

In connection with the issuance of the 2027 Notes, 2029 Notes and the 2030 Notes, the Company entered into interest rate swap agreements with the Royal Bank of Canada and BNP Paribas pursuant to ISDA Master Agreements. As of June 30, 2025 and September 30, 2024, the Company paid $ 15.6 million and $ 17.1 million, respectively, to cover collateral obligations under the terms of the interest swap agreements, which is included in due from broker on the Consolidated Statement of Assets and Liabilities.

Certain information related to the Company’s interest rate swaps is presented below as of June 30, 2025.


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	350,000	1/15/2027	$	—	$	14,965	Derivative liability
Interest rate swap	300,000		2/15/2029	4,293		—		Derivative liability
Interest rate swap	300,000		2/27/2030	7,910		—		Derivative asset
				$	12,203	$	14,965

Certain information related to the Company’s interest rate swap is presented below as of September 30, 2024.


Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Interest rate swap	$	350,000	1/15/2027	$	—	$	20,229	Derivative liability
Interest rate swap	300,000		2/15/2029	7,227		—		Derivative liability
				$	7,227	$	20,229

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 13. Commitments and Contingencies

Off-Balance Sheet Arrangements

The Company may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As of June 30, 2025, the Company's off-balance sheet arrangements consisted of $ 305.3 million of unfunded commitments, which was composed of $ 278.2 million to provide debt and equity financing to certain of its portfolio companies and $ 27.1 million to provide financing to the JVs. Of the $ 278.2 million, approximately $ 264.4 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, the Company's off-balance sheet arrangements consisted of $ 311.4 million of unfunded commitments, which was comprised of $ 284.3 million to provide debt and equity financing to certain of its portfolio companies and $ 27.1 million to provide financing to the JVs. Of the $ 284.3 million, approximately $ 247.6 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio companies' satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.

A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components and subordinated notes and LLC equity interests in the JVs) as of June 30, 2025 and September 30, 2024 is shown in the table below:


	June 30, 2025		September 30, 2024
CIELO BIDCO LIMITED	$	18,505	$	—
OCSI Glick JV LLC	13,998		13,998
PetVet Care Centers, LLC	13,732		13,732
107-109 Beech OAK22 LLC	13,567		11,911
Senior Loan Fund JV I, LLC	13,125		13,125
Truck-Lite Co., LLC	12,417		5,721
Integrity Marketing Acquisition, LLC	9,629		16,436
Spruce Bidco I Inc.	9,271		—
Pluralsight, LLC	8,688		8,688
Poseidon Midco AB	8,144		8,181
BioXcel Therapeutics, Inc.	7,506		9,383
Monotype Imaging Holdings Inc.	7,176		8,005
Next Holdco, LLC	7,051		7,051
Creek Parent, Inc.	6,863		—
PPW Aero Buyer, Inc.	6,399		10,235
Accession Risk Management Group, Inc.	6,275		11,019
Telephone and Data Systems, Inc.	6,273		6,273
Eyesouth Eye Care Holdco LLC	6,084		6,585
Draken International, LLC	5,873		—
AVSC Holding Corp.	5,539		—
Sorenson Communications, LLC	5,409		5,409
Kings Buyer, LLC	5,405		3,277
ASP Integrity Acquisition Co LLC	5,231		—
PAI Financing Merger Sub LLC	5,210		—
SumUp Holdings Luxembourg	5,101		5,101
Everbridge, Inc.	5,043		5,043
Digital.AI Software Holdings, Inc.	5,038		6,045
MRI Software LLC	4,752		6,972
TBRS, Inc.	4,732		—
LDS Buyer, LLC	4,654		—
Verona Pharma, Inc.	4,568		14,846
Mindbody, Inc.	4,026		5,238
WP CPP Holdings, LLC	3,272		3,272
F&M Buyer LLC	3,212		—

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)


	June 30, 2025		September 30, 2024
Inventus Power, Inc.	$	3,160	$	3,792
Spanx, LLC	3,092		3,092
Legends Hospitality Holding Company, LLC	2,940		4,651
Berner Food & Beverage, LLC	2,766		1,007
Grand River Aseptic Manufacturing, Inc.	2,594		—
Kite Midco II Inc.	2,374		—
Enverus Holdings, Inc.	2,227		3,014
Crewline Buyer, Inc.	2,180		2,180
Coupa Holdings, LLC	2,075		2,075
Nellson Nutraceutical, LLC	1,999		—
Oranje Holdco, Inc.	1,904		1,904
Minotaur Acquisition, Inc.	1,882		1,882
iCIMs, Inc.	1,839		5,802
Grove Hotel Parcel Owner, LLC	1,762		1,762
USIC Holdings, Inc.	1,705		1,938
Optimizely North America Inc.	1,694		—
Establishment Labs Holdings Inc.	1,692		3,384
Evergreen IX Borrower 2023, LLC	1,626		1,626
Protein For Pets Opco, LLC	1,545		2,117
Galileo Parent, Inc.	1,524		1,163
Sierra Enterprises, LLC	1,424		—
Centralsquare Technologies, LLC	1,404		1,436
Lightbox Intermediate, L.P.	1,268		—
Dialyze Holdings, LLC	1,232		—
MHE Intermediate Holdings, LLC	1,071		1,786
Icefall Parent, Inc.	995		995
Finastra USA, Inc.	976		654
Salus Workers' Compensation, LLC	869		3,102
Telestream 2 LLC	745		—
LSL Holdco, LLC	424		636
All Web Leads, Inc.	360		240
ASP-R-PAC Acquisition Co LLC	170		166
Amspec Parent LLC	—		9,372
Quantum Bidco Limited	—		6,311
Dominion Diagnostics, LLC	—		5,574
Avalara, Inc.	—		5,047
ACESO Holding 4 S.A.R.L.	—		4,700
Accupac, Inc.	—		4,051
Delta Leasing SPV II LLC	—		3,581
107 Fair Street LLC	—		3,507
Harrow, Inc.	—		3,438
PRGX Global, Inc.	—		3,127
Acquia Inc.	—		1,625
SIO2 Medical Products, Inc.	—		1,584
Supreme Fitness Group NY Holdings, LLC	—		1,552
112-126 Van Houten Real22 LLC	—		1,077
SVP-Singer Holdings Inc.	—		621
Telestream Holdings Corporation	—		244
Total	$	305,286	$	311,361

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

(unaudited)

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the Consolidated Financial Statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the Consolidated Financial Statements as of and for the three and nine months ended June 30, 2025, except as discussed below.

Distribution Declaration

On July 28, 2025, the Company’s Board of Directors declared a quarterly distribution of $ 0.40 per share, payable in cash on September 30, 2025 to stockholders of record on September 15, 2025.

Oaktree Specialty Lending Corporation Schedule 12-14

Schedule of Investments in and Advances to Affiliates

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

Nine months ended June 30, 2025

(unaudited)


Portfolio Company (1)	Industry	Investment Type	Index	Spread		Cash		PIK Rate		Maturity Date	Shares		Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2024		Gross Additions (3)		Gross Reductions (4)		Fair Value at June 30, 2025		% of Total Net Assets
Control Investments
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock									829				$	—	$	—	$	—	$	—	$	—	$	—	—	%
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity									34,984,460				—		—		27,638		—		( 1,749 )		25,889		1.8	%
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Preferred Equity									3,137,476				—		—		3,357		220		—		3,577		0.2	%
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Common Stock									22,267,661				—		—		12,247		—		( 1,781 )		10,466		0.7	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%					8/28/2025			$	—	1		—		11,360		2,570		( 13,930 )		—		—	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%					8/28/2025			—		12		—		( 1,028 )		1,028		—		—		—	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Revolver	SOFR+	5.00	%					8/28/2025			—		—		—		4,546		1,028		( 5,574 )		—		—	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%					8/28/2025			6,967		—		—		—		5,351		—		5,351		0.4	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50	%					8/28/2025			12,465		—		—		—		13,182		( 13,182 )		—		—	%
Dominion Diagnostics, LLC	Health Care Services	Common Stock									30,031				—		—		—		—		—		—		—	%
OCSI Glick JV LLC (5)	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50	%	8.93	%			10/20/2028			58,349		—		5,098		48,896		1,065		( 2,897 )		47,064		3.2	%
OCSI Glick JV LLC (5)	Multi-Sector Holdings	Membership Interest									87.50	%			—		—		—		—		—		—		—	%
Senior Loan Fund JV I, LLC (6)	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00	%	11.43	%			12/29/2028			112,656		—		9,922		112,656		—		—		112,656		7.6	%
Senior Loan Fund JV I, LLC (6)	Multi-Sector Holdings	Membership Interest									87.50	%			—		1,925		22,541		—		( 7,660 )		14,881		1.0	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			3,645		—		103		3,332		139		( 2,374 )		1,097		0.1	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			19,586		—		759		17,907		764		( 12,778 )		5,893		0.4	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			3,883		—		144		3,550		144		( 2,526 )		1,168		0.1	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			1,750		—		54		1,600		54		( 1,127 )		527		—	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			1,702		—		25		—		1,608		( 1,096 )		512		—	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			816		—		—		—		847		( 31 )		816		0.1	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			800		—		—		—		801		( 1 )		800		0.1	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock									1,184,630				—		—		20,802		—		( 20,802 )		—		—	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants									66,686				—		—		—		—		—		—		—	%
Total Control Investments													$	222,619	$	13	$	18,030	$	289,404	$	28,801	$	( 87,508 )	$	230,697	15.6	%

Affiliate Investments
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00	%	6.40	%	2.00	%	9/29/2026			1,811		1		141		1,741		50		( 58 )		1,733		0.1	%
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	5.00	%	7.40	%	2.00	%	3/29/2027			3,693		—		307		3,463		99		( 47 )		3,515		0.2	%
All Web Leads, Inc.	Advertising	First Lien Term Loan						10.00	%	3/29/2028			3,816		—		—		3,183		81		—		3,264		0.2	%
All Web Leads, Inc.	Advertising	First Lien Revolver	SOFR+	4.00	%	8.40	%			3/30/2026			1,440		—		117		1,506		20		( 140 )		1,386		0.1	%
All Web Leads, Inc.	Advertising	Common Stock									11,499		—		—		—		1,622		—		—		1,622		0.1	%
Assembled Brands Capital LLC	Specialized Finance	Common Stock									12,463,242				—		—		1,246		250		—		1,496		0.1	%
Assembled Brands Capital LLC	Specialized Finance	Warrants									78,045				—		—		—		—		—		—		—	%


Portfolio Company (1)	Industry	Investment Type	Index	Spread		Cash		PIK Rate		Maturity Date	Shares		Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2024		Gross Additions (3)		Gross Reductions (4)		Fair Value at June 30, 2025		% of Total Net Assets
The Avery	Real Estate Operating Companies	First Lien Term Loan						10.00	%	2/16/2028			$	5,236	$	28	$	—	$	4,087	$	—	$	( 696 )	$	3,391	0.2	%
The Avery	Real Estate Operating Companies	First Lien Term Loan						10.00	%	2/16/2028			21,622		449		—		18,235		—		( 2,994 )		15,241		1.0	%
The Avery	Real Estate Operating Companies	Membership Interest									6.40	%	—		—		—		—		—		—		—		—	%
Caregiver Services, Inc.	Health Care Services	Preferred Equity									1,080,398				( 288 )		—		594		281		( 875 )		—		—	%
Telestream 2 LLC	Application Software	First Lien Term Loan	SOFR+	6.25	%	10.54	%			6/7/2028			17,123		—		120		—		17,123		—		17,123		1.2	%
Telestream 2 LLC	Application Software	First Lien Revolver	SOFR+	8.25	%					6/7/2028			—		—		—		—		—		—		—		—	%
Telestream 2 LLC	Application Software	Common Stock									744,491				—		—		—		7,207		—		7,207		0.5	%
Total Affiliate Investments													$	54,741	$	190	$	685	$	35,677	$	25,111	$	( 4,810 )	$	55,978	3.8	%
Total Control & Affiliate Investments													$	277,360	$	203	$	18,715	$	325,081	$	53,912	$	( 92,318 )	$	286,675	19.4	%

This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.

______________________

(1) The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.

(2) Represents the total amount of interest (net of non-accrual amounts), fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.

(3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.

(4) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

(5) Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).

(6) Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).

Schedule 12-14

Oaktree Specialty Lending Corporation

Schedule of Investments in and Advances to Affiliates

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

Nine months ended June 30, 2024

(unaudited)


Portfolio Company (1)	Industry	Investment Type	Index	Spread		Cash		PIK Rate		Maturity Date	Shares		Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2023		Gross Additions (3)		Gross Reductions (4)		Fair Value at June 30, 2024		% of Total Net Assets
Control Investments
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock									829				$	—	$	—	$	—	$	—	$	—	$	—	—	%
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity									34,984,460				—		—		27,638		—		—		27,638		1.8	%
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Preferred Equity									3,137,476				—		—		—		3,263		—		3,263		0.2	%
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Common Stock									22,267,661				—		—		—		16,172		( 1,698 )		14,474		1.0	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%	10.48	%			8/28/2025			$	13,963	—		1,159		14,068		—		( 987 )		13,081		0.9	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%	10.48	%			8/28/2025			—		—		69		2,090		—		( 2,090 )		—		—	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Revolver	SOFR+	5.00	%	10.48	%			8/28/2025			5,574		—		445		5,574		—		( 352 )		5,222		0.3	%
Dominion Diagnostics, LLC	Health Care Services	Common Stock									30,031				—		—		2,711		—		( 2,711 )		—		—	%
First Star Speir Aviation Limited	Airlines	Equity Interest									100.00	%			786		—		—		—		—		—		—	%
OCSI Glick JV LLC (5)	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50	%	9.94	%			10/20/2028			58,349		—		5,395		50,017		978		( 1,109 )		49,886		3.3	%
OCSI Glick JV LLC (5)	Multi-Sector Holdings	Membership Interest									87.50	%			—		—		—		—		—		—		—	%
Senior Loan Fund JV I, LLC (6)	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00	%	12.44	%			12/29/2028			112,656		—		10,672		112,656		—		—		112,656		7.5	%
Senior Loan Fund JV I, LLC (6)	Multi-Sector Holdings	Membership Interest									87.50	%			—		4,200		28,878		—		( 3,061 )		25,817		1.7	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			2,682		—		71		—		2,682		—		2,682		0.2	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			17,363		—		1,650		15,874		1,643		( 154 )		17,363		1.2	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			3,442		—		275		1,359		2,083		—		3,442		0.2	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock									1,184,630				—		—		36,226		—		( 12,678 )		23,548		1.6	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants									66,686				—		—		—		—		—		—		—	%
Total Control Investments													$	214,029	$	786	$	23,936	$	297,091	$	26,821	$	( 24,840 )	$	299,072	20.0	%

Affiliate Investments
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00	%	7.34	%	2.00	%	9/29/2026			1,809		—		52		—		1,731		—		1,731		0.1	%
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	5.00	%	8.34	%	2.00	%	3/29/2027			3,602		—		116		—		3,429		—		3,429		0.2	%
All Web Leads, Inc.	Advertising	First Lien Term Loan						10.00	%	3/29/2028			3,451		—		—		—		3,102		—		3,102		0.2	%
All Web Leads, Inc.	Advertising	First Lien Revolver	SOFR+	4.00	%	9.34	%			3/30/2026			1,560		—		45		—		1,506		—		1,506		0.1	%
All Web Leads, Inc.	Advertising	Common Stock									11,499		—		—		—		—		1,622		—		1,622		0.1	%
Assembled Brands Capital LLC	Specialized Finance	First Lien Revolver													—		329		21,823		33		( 21,856 )		—		—	%
Assembled Brands Capital LLC	Specialized Finance	Common Stock									12,463,242				—		—		89		1,159		( 2 )		1,246		0.1	%
Assembled Brands Capital LLC	Specialized Finance	Preferred Equity													—		—		1,005		153		( 1,158 )		—		—	%
Assembled Brands Capital LLC	Specialized Finance	Warrants									78,045				—		—		—		—		—		—		—	%
The Avery	Real Estate Operating Companies	First Lien Term Loan						10.00	%	2/16/2028			5,065		—		—		—		4,657		( 545 )		4,112		0.3	%
The Avery	Real Estate Operating Companies	First Lien Term Loan						10.00	%	2/16/2028			20,917		—		—		—		19,262		( 841 )		18,421		1.2	%
The Avery	Real Estate Operating Companies	Membership Interest									6.40	%	—		—		—		—		—		—		—		—	%
Caregiver Services, Inc.	Health Care Services	Preferred Equity									1,080,398				—		—		432		—		( 205 )		227		—	%
Total Affiliate Investments													$	36,404	$	—	$	542	$	23,349	$	36,654	$	( 24,607 )	$	35,396	2.4	%
Total Control & Affiliate Investments													$	250,433	$	786	$	24,478	$	320,440	$	63,475	$	( 49,447 )	$	334,468	22.4	%

______________________

(1) The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in connection with our Consolidated Financial Statements and the notes thereto included elsewhere in this quarterly report on Form 10-Q.

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

• our future operating results and distribution projections;

• the ability of Oaktree Fund Advisors, LLC, or Oaktree, to implement Oaktree's future plans with respect to our business and to achieve our investment objective;

• the ability of Oaktree and its affiliates to attract and retain highly talented professionals;

• our business prospects and the prospects of our portfolio companies;

• the impact of the investments that we expect to make;

• the ability of our portfolio companies to achieve their objectives;

• our expected financings and investments and additional leverage we may seek to incur in the future;

• the adequacy of our cash resources and working capital;

• the timing of cash flows, if any, from the operations of our portfolio companies;

• the cost or potential outcome of any litigation to which we may be a party, and

• the impact of current global economic conditions, including those caused by inflation, an elevated (but decreasing) interest rate environment and geopolitical events or all of the foregoing.

In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2024 and elsewhere in this quarterly report on Form 10-Q.

Other factors that could cause actual results to differ materially include:

• changes or potential disruptions in our operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment;

• risks associated with a possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

• future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to Business Development Companies or regulated investment companies, or RICs; and

• other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission, or SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

All dollar amounts in tables are in thousands, except share and per share amounts and as otherwise indicated.

Business Overview

We are a specialty finance company dedicated to providing customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940, as amended, or the Investment Company Act. In addition, we have qualified and elected to be treated as a RIC under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes.

We are externally managed by Oaktree pursuant to an investment advisory agreement, as amended from time to time, the Investment Advisory Agreement. Oaktree Fund Administration, LLC, or Oaktree Administrator, an affiliate of Oaktree,

provides certain administrative and other services necessary for us to operate pursuant to an administration agreement, as amended from time to time, or the Administration Agreement.

Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first lien loans (which may include “unitranche” loans and “last out” first lien loans, which are loans that are second priority behind “first out” first lien loans), second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. Our portfolio may also include certain structured finance and other non-traditional structures. We invest in companies that typically possess resilient business models with strong underlying fundamentals. We intend to deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams, and we may seek to opportunistically take advantage of dislocations in the financial markets and other situations that may benefit from Oaktree’s credit and structuring expertise. Sponsors may include financial sponsors, such as an institutional investor or a private equity firm, or a strategic entity seeking to invest in a portfolio company. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “high yield” and “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

In the current market environment, Oaktree intends to focus on the following areas, in which Oaktree believes there is less competition and thus potential for greater returns, for our new investment opportunities: (1) situational lending, which we define to include directly originated loans to non-sponsor companies that are hard to understand and value using traditional underwriting techniques, (2) select sponsor lending, which we define to include financing to support leveraged buyouts of companies with specialized sponsors that have expertise in certain industries, (3) stressed sector and rescue lending, which we define to include opportunistic private loans in industries experiencing stress or limited access to capital and (4) public credit, where we seek discounted, high quality public debt investments particularly in times of market dislocation.

Business Environment and Developments

Global financial markets have experienced an increase in volatility over the last few years amid higher inflation, elevated interest rates, tariffs and concern over a potential slowdown in economic activity. As inflation pressures have eased in recent months, the Federal Reserve has relaxed its monetary policies and cut the federal funds rate to support the broader economy. However, various macroeconomic headwinds remain, including ongoing conflict in the Middle East, signs of an economic slowdown outside the United States and threats of tariffs and a trade war. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures and equity purchase price multiples.

We are unable to predict the full effects of these macroeconomic events or how they might evolve. We continue to closely monitor the impact these events have on our business, industry and portfolio companies and will provide constructive solutions where necessary.

Against this backdrop, we believe attractive risk-adjusted returns can be achieved by making loans to companies in the middle market. Given the breadth of the investment platform and decades of credit investing experience of Oaktree and its affiliates, we believe that we have the resources and experience to source, diligence and structure investments in these companies.

Critical Accounting Estimates

Fair Value Measurements

Oaktree, as the valuation designee of our Board of Directors pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

• Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

• Level 3 — Unobservable inputs that reflect Oaktree’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of our investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Generally, Oaktree does not adjust any of the prices received from these sources. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, Oaktree performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process.

If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, Oaktree values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value, or EV, of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that we are deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, Oaktree analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. Oaktree also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company’s assets and (vii) offers from third parties to buy the portfolio company. Oaktree may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. Under the EV technique, the significant unobservable input used in the fair value measurement of our investments in debt or equity securities is the EBITDA, revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and we consider the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, Oaktree depends on primary market data, including newly funded transactions and industry-specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. Under the market yield technique, the significant unobservable input used in the fair value measurement of our investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Oaktree estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk-free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.

The fair value of our investments as of June 30, 2025 and September 30, 2024 was determined by Oaktree, as our valuation designee. We have and will continue to engage independent valuation firms to provide assistance each quarter regarding the determination of the fair value of a portion of our portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. As of June 30, 2025, 97.5% of our portfolio at fair value was valued either based on market quotations, the transactions precedent approach or corroborated by independent valuation firms.

Certain factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly-traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, Oaktree's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to these uncertainties, Oaktree's fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments.

As of June 30, 2025, we held $2,809.4 million of investments at fair value, down from $3,021.3 million held at September 30, 2024, primarily driven by investment repayments and net realized and unrealized losses on the investment

portfolio during the nine months ended June 30, 2025. As of June 30, 2025 and September 30, 2024, approximately 94.8% and 94.5%, respectively, of our total assets represented investments at fair value.

Revenue Recognition

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. We may also generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Some of our investments provide for deferred interest payments or PIK interest income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

Interest Income

Interest income, adjusted for accretion of original issue discount, or OID, is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of June 30, 2025, there were ten investments on non-accrual status that in the aggregate represented 6.6% and 3.2% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there were nine investments on non-accrual status that in aggregate represented 4.9% and 4.0% of total debt investments at cost and fair value, respectively.

In connection with our investment in a portfolio company, we sometimes receive nominal cost equity that is valued as part of the negotiation process with the portfolio company. When we receive nominal cost equity, we allocate our cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.

PIK Interest Income

Our investments in debt securities may contain payment-in-kind, or PIK, interest provisions. PIK interest, which typically represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We generally cease accruing PIK interest if there is insufficient value to support the accrual or if we do not expect the portfolio company to be able to pay all principal and interest due. Our decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; our assessment of the portfolio company's business development success; information obtained by us in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. Our determination to cease accruing PIK interest is generally made well before our full write-down of a loan or debt security. In addition, if it is subsequently determined that we will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on our debt investments increases the recorded cost bases of these investments in our Consolidated Financial Statements including for purposes of computing the capital gains incentive fee payable by us to Oaktree. To maintain our status as a RIC, certain income from PIK interest may be required to be distributed to our stockholders, even though we have not yet collected the cash and may never do so.

Portfolio Composition

Our investments principally consist of loans, common and preferred equity and warrants in privately-held companies, Senior Loan Fund JV I, LLC, or SLF JV I, a joint venture through which we and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation, or Kemper, co-invest in senior secured loans of middle-market companies and other corporate debt securities, and OCSI Glick JV LLC, or the Glick JV, a joint venture through which we and GF Equity Funding 2014 LLC, or GF Equity Funding, co-invest primarily in senior secured loans of middle-market companies. We refer to SLF JV I and the Glick JV collectively as the JVs. Our loans are typically secured by a first, second or subordinated lien on the assets of the portfolio company and generally have terms of up to ten years (but an expected average life of between three and four years).

During the nine months ended June 30, 2025, we originated $752.3 million of investment commitments in 34 new and 22 existing portfolio companies and funded $750.4 million of investments.

During the nine months ended June 30, 2025, we received $881.2 million of proceeds from prepayments, exits, other paydowns and sales and exited 29 portfolio companies.

A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments is shown in the following tables:


	June 30, 2025		September 30, 2024
Cost:
Senior secured debt	81.17	%	83.14	%
Debt investments in the JVs	5.49		5.23
Common equity and warrants	4.66		4.28
Subordinated debt	4.60		3.44
Preferred equity	2.26		2.17
LLC equity interests of the JVs	1.82		1.74
Total	100.00	%	100.00	%


	June 30, 2025		September 30, 2024
Fair value:
Senior secured debt	83.40	%	85.21	%
Debt investments in the JVs	5.69		5.35
Subordinated debt	4.92		3.64
Common equity and warrants	2.85		2.85
Preferred equity	2.61		2.20
LLC equity interests of the JVs	0.53		0.75
Total	100.00	%	100.00	%

The industry composition of our portfolio at cost and fair value as a percentage of total investments was as follows:


	June 30, 2025		September 30, 2024
Cost:
Application Software	17.46	%	16.85	%
Multi-Sector Holdings (1)	8.04		7.26
Health Care Services	5.05		4.77
Pharmaceuticals	4.22		3.01
Interactive Media & Services	4.15		3.04
Aerospace & Defense	4.08		2.32
Health Care Equipment	3.01		0.92
Specialized Consumer Services	2.74		0.82
Health Care Technology	2.44		3.37
Diversified Financial Services	2.31		2.12
Metal, Glass & Plastic Containers	2.29		2.06
Environmental & Facilities Services	2.20		2.07
Airport Services	2.18		2.01
Life Sciences Tools & Services	1.88		—
Soft Drinks & Non-alcoholic Beverages	1.87		1.36
Real Estate Operating Companies	1.78		2.32
Systems Software	1.71		1.25
Specialized Finance	1.69		1.44
Communications Equipment	1.47		1.49
Biotechnology	1.40		1.39
Diversified Support Services	1.40		2.54
Automotive Retail	1.38		1.30
Internet Services & Infrastructure	1.35		1.70
Personal Care Products	1.31		2.02
Data Processing & Outsourced Services	1.16		2.55
Electrical Components & Equipment	1.11		1.04
Packaged Foods & Meats	1.10		0.63
Construction Machinery & Heavy Transportation Equipment	1.03		0.82
Insurance Brokers	1.02		0.61
Construction & Engineering	0.99		1.00
Cable & Satellite	0.93		—
Health Care Distributors	0.92		1.92
Research & Consulting Services	0.91		—
Office Services & Supplies	0.90		1.24
Home Improvement Retail	0.82		1.59
Industrial Machinery & Supplies & Components	0.81		2.63
Wireless Telecommunication Services	0.80		0.77
Movies & Entertainment	0.79		0.98
Gold	0.78		0.75
Broadline Retail	0.77		0.71
Hotels, Resorts & Cruise Lines	0.68		0.66
Diversified Chemicals	0.66		—
Property & Casualty Insurance	0.66		—
Real Estate Services	0.64		1.76
Oil & Gas Storage & Transportation	0.64		0.61
Education Services	0.60		0.26
Apparel Retail	0.59		0.57
Health Care Supplies	0.56		0.46
Real Estate Development	0.53		1.22
Air Freight & Logistics	0.45		—
Building Products	0.42		—
Advertising	0.38		0.36
Alternative Carriers	0.29		—
Financial Exchanges & Data	0.26		0.26
Paper & Plastic Packaging Products & Materials	0.14		0.58
Housewares & Specialties	0.09		0.09
Home Furnishings	0.08		0.77
Distributors	0.06		0.06
Leisure Facilities	0.02		1.21
Fertilizers & Agricultural Chemicals	—		1.74
Diversified Metals & Mining	—		1.59
Other Specialty Retail	—		1.17
Passenger Airlines	—		0.80
Specialty Chemicals	—		0.62
Food Distributors	—		0.47
Integrated Telecommunication Services	—		0.07
Total	100.00	%	100.00	%


	June 30, 2025		September 30, 2024
Fair value:
Application Software	18.03	%	17.34	%
Multi-Sector Holdings (1)	7.00		6.41
Interactive Media & Services	4.52		3.21
Pharmaceuticals	4.51		3.04
Aerospace & Defense	4.44		2.46
Health Care Services	4.14		4.23
Health Care Technology	3.34		3.47
Specialized Consumer Services	2.93		0.85
Diversified Financial Services	2.50		2.20
Health Care Equipment	2.31		0.87
Environmental & Facilities Services	2.25		2.12
Life Sciences Tools & Services	2.02		0.00
Soft Drinks & Non-alcoholic Beverages	1.98		1.41
Airport Services	1.93		1.83
Systems Software	1.85		1.32
Specialized Finance	1.80		1.47
Real Estate Operating Companies	1.79		2.36
Biotechnology	1.58		1.52
Communications Equipment	1.57		1.55
Diversified Support Services	1.49		2.67
Internet Services & Infrastructure	1.46		1.75
Automotive Retail	1.40		1.29
Personal Care Products	1.31		1.90
Packaged Foods & Meats	1.18		0.66
Electrical Components & Equipment	1.17		1.07
Construction Machinery & Heavy Transportation Equipment	1.11		0.88
Insurance Brokers	1.10		0.64
Construction & Engineering	1.04		1.03
Research & Consulting Services	0.97		—
Cable & Satellite	0.97		—
Health Care Distributors	0.95		1.95
Data Processing & Outsourced Services	0.93		2.44
Industrial Machinery & Supplies & Components	0.92		2.81
Office Services & Supplies	0.90		1.26
Gold	0.89		0.83
Wireless Telecommunication Services	0.88		0.80
Movies & Entertainment	0.86		1.02
Diversified Chemicals	0.81		—
Broadline Retail	0.76		0.75
Hotels, Resorts & Cruise Lines	0.72		0.67
Property & Casualty Insurance	0.70		—
Real Estate Services	0.69		1.79
Apparel Retail	0.63		0.60
Education Services	0.62		0.27
Health Care Supplies	0.60		0.47
Real Estate Development	0.57		1.27
Oil & Gas Storage & Transportation	0.50		0.52
Air Freight & Logistics	0.49		—
Building Products	0.45		—
Leisure Facilities	0.42		1.24
Advertising	0.41		0.38
Metal, Glass & Plastic Containers	0.38		1.56
Alternative Carriers	0.34		—
Financial Exchanges & Data	0.29		0.27
Home Improvement Retail	0.19		1.61
Paper & Plastic Packaging Products & Materials	0.14		0.61
Distributors	0.10		0.07
Home Furnishings	0.09		0.31
Housewares & Specialties	0.08		0.08
Fertilizers & Agricultural Chemicals	—		1.81
Diversified Metals & Mining	—		1.67
Other Specialty Retail	—		1.31
Passenger Airlines	—		0.88
Specialty Chemicals	—		0.64
Food Distributors	—		0.51
Integrated Telecommunication Services	—		0.05
Total	100.00	%	100.00	%

___________________

(1) This industry includes our investments in the JVs and CLOs.

The Joint Ventures

Senior Loan Fund JV I, LLC

In May 2014, we entered into a limited liability company, or LLC, agreement with Kemper to form SLF JV I. We co-invest in senior secured loans of middle-market companies and other corporate debt securities with Kemper through our investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by us and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by us and one representative selected by Kemper (with approval from a representative of each required). Since we do not have a controlling financial interest in SLF JV I, we do not consolidate SLF JV I. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to us and Kemper by SLF JV I. The subordinated notes issued by SLF JV I are referred to as the SLF JV I Notes. The SLF JV I Notes are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt.

As of June 30, 2025 and September 30, 2024, we and Kemper owned, in the aggregate, 87.5% and 12.5%, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes. As of each of June 30, 2025 and September 30, 2024, we and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from us. As of each of June 30, 2025 and September 30, 2024, we had aggregate commitments to fund SLF JV I of $13.1 million, of which approximately $9.8 million was to fund additional SLF JV I Notes and approximately $3.3 million was to fund LLC equity interests in SLF JV I.

Both the cost and fair value of our SLF JV I Notes were $112.7 million as of each of June 30, 2025 and September 30, 2024. We earned interest income of $3.3 million and $9.9 million on the SLF JV I Notes for the three and nine months ended June 30, 2025, respectively. The Company earned interest income of $3.5 million and $10.7 million on the SLF JV I Notes for the three and nine months ended June 30, 2024, respectively. As of June 30, 2025, the SLF JV I Notes bore interest at a rate of one-month SOFR plus 7.00% per annum with a SOFR floor of 1.00% and will mature on December 29, 2028.

The cost and fair value of the LLC equity interests in SLF JV I held by us was $54.8 million and $14.9 million, respectively, as of June 30, 2025, and $54.8 million and $22.5 million, respectively, as of September 30, 2024. We earned $0.5 million and $1.9 million in dividend income for the three and nine months ended June 30, 2025, respectively, with respect to our investment in the LLC equity interests of SLF JV I. We earned $1.4 million and $4.2 million in dividend income for the three and nine months ended June 30, 2024, respectively, with respect to its investment in the LLC equity interests of SLF JV I.

Below is a summary of SLF JV I's portfolio as of June 30, 2025 and September 30, 2024:


	June 30, 2025	September 30, 2024
Senior secured loans (1)	$339,147	$330,094
Weighted average interest rate on senior secured loans (2)	8.52%	9.56%
Number of borrowers in SLF JV I	52	48
Largest exposure to a single borrower (1)	$10,416	$10,495
Total of five largest loan exposures to borrowers (1)	$49,904	$49,413

__________________

(1) At principal amount.

(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

See " Note 3. Portfolio Investments" in the notes to the accompanying financial statements for more information on SLF JV I and its portfolio.

OCSI Glick JV LLC

On March 19, 2021, we became party to the LLC agreement of the Glick JV. The Glick JV invests primarily in senior secured loans of middle-market companies. We co-invest in these securities with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by us and two of whom are selected by GF Equity Funding. All portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, consisting of one representative selected by us and one representative selected by GF Equity Funding (with approval from a representative of each required). Since we do not have a controlling financial interest in the Glick JV, we do not consolidate the Glick JV. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. The Glick JV is capitalized as transactions are completed. The members provide capital to the Glick

JV in exchange for LLC equity interests, and we and GF Debt Funding 2014 LLC, or GF Debt Funding, an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV, or the Glick JV Notes. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by us to fund investments of the Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Glick JV Notes, respectively.

As of June 30, 2025 and September 30, 2024, we and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and we and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Glick JV Notes. Approximately $84.0 million in aggregate commitments was funded as of each of June 30, 2025 and September 30, 2024, of which $73.5 million was from us. As of each of June 30, 2025 and September 30, 2024, we had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million was unfunded. As of each of June 30, 2025 and September 30, 2024, we had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million was unfunded.

The cost and fair value of our aggregate investment in the Glick JV was $52.7 million and $47.1 million, respectively, as of June 30, 2025 . The cost and fair value of our aggregate investment in the Glick JV was $51.7 million and $48.9 million, respectively, as of September 30, 2024 . For the three and nine months ended June 30, 2025, our investment in the Glick JV Notes earned interest income of $1.7 million and $5.1 million, respectively. For the three and nine months ended June 30, 2024, our investment in the Glick JV Notes earned interest income of $1.8 million and $5.4 million, respectively. We did not earn any dividend income for the three and nine months ended June 30, 2025 and 2024 with respect to our investment in the LLC equity interests of the Glick JV.

Below is a summary of the Glick JV's portfolio as of June 30, 2025 and September 30, 2024:


	June 30, 2025	September 30, 2024
Senior secured loans (1)	$111,423	$125,405
Weighted average current interest rate on senior secured loans (2)	8.83%	9.65%
Number of borrowers in the Glick JV	42	44
Largest loan exposure to a single borrower (1)	$4,316	$5,898
Total of five largest loan exposures to borrowers (1)	$20,426	$22,152

__________

(1) At principal amount.

(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

See " Note 3. Portfolio Investments" in the notes to the accompanying financial statements for more information on the Glick JV and its portfolio.

Discussion and Analysis of Results and Operations

Results of Operations

Net increase (decrease) in net assets resulting from operations includes net investment income, net realized gains (losses) and net unrealized appreciation (depreciation). Net investment income is the difference between our income from interest, dividends and fees and net expenses. Net realized gains (losses) is the difference between the proceeds received from dispositions of investment related assets and liabilities and their stated costs. Net unrealized appreciation (depreciation) is the net change in the fair value of our investment related assets and liabilities carried at fair value during the reporting period, including the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

Comparison of Three and Nine Months ended June 30, 2025 and June 30, 2024

Total Investment Income

Total investment income includes interest on our investments, fee income and dividend income.

Total investment income for the three months ended June 30, 2025 and 2024 was $75.3 million and $95.0 million, respectively. For the three months ended June 30, 2025, this amount consisted of $74.5 million of interest income from portfolio investments (which included $5.1 million of PIK interest), $0.3 million of fee income and $0.5 million of dividend income. For the three months ended June 30, 2024, this amount consisted of $92.1 million of interest income from portfolio investments (which included $6.1 million of PIK interest), $1.5 million of fee income and $1.4 million of dividend income. The decrease of $19.7 million, or 20.7%, in our total investment income for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, was due primarily to a $17.6 million decrease in interest income, which resulted from decreases in reference rates, the impact of certain investments that were placed on non-accrual status and a smaller investment portfolio, $1.2 million of lower fee income driven by lower prepayment and amendment fees and a $0.9 million decrease in dividend income primarily driven by our investment in SLF JV I.

Total investment income for the nine months ended June 30, 2025 and 2024 was $239.5 million and $287.0 million, respectively. For the nine months ended June 30, 2025, this amount consisted of $233.7 million of interest income from portfolio investments (which included $15.3 million of PIK interest), $3.7 million of fee income and $2.1 million of dividend income. For the nine months ended June 30, 2024, this amount consisted of $277.4 million of interest income from portfolio investments (which included $14.8 million of PIK interest), $5.3 million of fee income and $4.2 million of dividend income. The decrease of $47.5 million, or 16.5%, in our total investment income for the nine months ended June 30, 2025, as compared to the nine months ended June 30, 2024, was due primarily to a $43.8 million decrease in interest income, which resulted from decreases in reference rates, the impact of certain investments that were placed on non-accrual status and a smaller investment portfolio, a $2.1 million decrease in dividend income primarily driven by our investment in SLF JV I and $1.6 million of lower fee income driven by lower prepayment and amendment fees.

Net expenses (i.e., expenses net of fee waivers) for the three months ended June 30, 2025 and 2024 were $41.7 million and $50.4 million, respectively. Net expenses decreased for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, by $8.7 million, or 17.2%. The decrease in net expenses was primarily driven by a $4.7 million reduction in Part I incentive fees (net of waivers) due to the implementation of a total return hurdle, $3.1 million of lower management fees (net of waivers) and $1.5 million of lower interest expense due to decrease in reference rates and a lower average borrowings outstanding, partially offset by $0.3 million increase in professional fees.

Net expenses (i.e., expenses net of fee waivers) for the nine months ended June 30, 2025 and 2024 were $122.1 million and $156.8 million, respectively. Net expenses decreased for the nine months ended June 30, 2025, as compared to the nine months ended June 30, 2024, by $34.8 million, or 22.2%. The decrease in net expenses was primarily driven by a $20.7 million reduction in Part I incentive fees (net of waivers) due to the implementation of a total return hurdle, $8.4 million of lower management fees (net of waivers) and $6.8 million of lower interest expense due to decrease in reference rates and a lower average borrowings outstanding, partially offset by $0.9 million increase in general and administrative expenses and $0.3 million increase in administrator expense.

Net Investment Income

Net investment income for the three months ended June 30, 2025 decreased by $11.1 million compared to the three months ended June 30, 2024, as a result of the $19.7 million decrease in total investment income, partially offset by a $8.7 million decrease in net expenses.

Net investment income for the nine months ended June 30, 2025 decreased by $13.3 million compared to the nine months ended June 30, 2024, as a result of the $47.5 million decrease in total investment income and a $0.6 million increase in the provision for taxes on net investment income, partially offset by a $34.8 million decrease in net expenses.

Realized Gain (Loss)

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of investments and foreign currency and the cost basis without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with our determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.

During the three months ended June 30, 2025 and 2024, we recorded aggregate net realized losses of $13.4 million and $69.5 million, respectively, in connection with the exits and restructurings of various investments and foreign currency forward contracts. During the nine months ended June 30, 2025 and 2024, we recorded aggregate net realized losses of $24.0 million and $84.5 million, respectively, in connection with the exits and restructurings of various investments and foreign currency forward contracts. See “ Note 8. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation ” in the notes to the accompanying Consolidated Financial Statements for more details regarding investment realization events for the three and nine months ended June 30, 2025 and 2024.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation or depreciation is the net change in the fair value of our investments and foreign currency during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

During the three months ended June 30, 2025 and 2024, we recorded net unrealized appreciation of $18.6 million and $26.2 million, respectively. For the three months ended June 30, 2025, this consisted of $14.2 million of net unrealized appreciation on equity investments, $1.9 million of net unrealized appreciation of foreign currency forward contracts, $1.5 million of net unrealized appreciation on debt investments and $0.9 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses). For the three months ended June 30, 2024, this consisted of $83.6 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $1.1 million of net unrealized appreciation of foreign currency forward contracts, partially offset by $38.6 million of net unrealized depreciation on debt investments and $19.9 million of net unrealized depreciation on equity investments.

During the nine months ended June 30, 2025 and 2024, we recorded net unrealized depreciation of $83.1 million and $24.1 million, respectively. For the nine months ended June 30, 2025, this consisted of $88.6 million of net unrealized depreciation on debt investments, $13.8 million of net unrealized depreciation on equity investments and $2.3 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $21.6 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses). For the nine months ended June 30, 2024, this consisted of $49.6 million of net unrealized depreciation on debt investments, $30.5 million of net unrealized depreciation on equity investments and $4.5 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $60.5 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses).

Financial Condition, Liquidity and Capital Resources

We have a number of alternatives available to fund our investment portfolio and our operations, including raising equity, increasing or refinancing debt and funding from operational cash flow. We generally expect to fund the growth of our investment portfolio through additional debt and equity capital, which may include securitizing a portion of our investments. We cannot assure you, however, that our efforts to grow our portfolio will be successful. For example, 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. We intend to continue to generate cash primarily from cash flows from operations, including interest earned, and future borrowings or equity offerings. We intend to fund our future distribution obligations through operating cash flow or with funds obtained through future equity and debt offerings or credit facilities, as we deem appropriate.

Our primary uses of cash are for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including our expenses, the management and incentive fees and any indemnification obligations), (3) debt service of borrowings and (4) cash distributions to stockholders. We may also from time to time repurchase or redeem some or all of our outstanding notes. At a special meeting of our stockholders held on June 28, 2019, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us effective as of June 29, 2019. As a result of the reduced asset coverage requirement, we can incur $2 of debt for each $1 of equity as compared to $1 of debt for each $1 of equity. As of June 30, 2025, we had $1,466.1 million in senior securities and our asset coverage ratio was 199.86%. As of June 30, 2025, our target debt to equity

ratio was 0.90x to 1.25x (i.e., one dollar of equity for each $0.90 to $1.25 of debt outstanding) and our net debt to equity ratio was 0.93x.

For the nine months ended June 30, 2025, we experienced a net increase in cash and cash equivalents (including restricted cash) of $1.3 million. During that period, net cash provided by operating activities was $227.0 million, primarily from $871.8 million of principal payments and sale proceeds received and the cash activities related to $116.8 million of net investment income, partially offset by funding $739.4 million of investments and $9.1 million of net decreases in payables from unsettled transactions. During the same period, net cash used in financing activities was $229.1 million, primarily consisting of $114.1 million of cash distributions paid to our stockholders, $200.0 million of net repayments under our credit facilities, partially offset by $103.0 million of proceeds from issuance of shares.

For the nine months ended June 30, 2024, we experienced a net decrease in cash and cash equivalents (including restricted cash) of $38.2 million. During that period, net cash used in operating activities was $76.4 million, primarily from funding $1,025.7 million of investments, partially offset by $723.8 million of principal payments and sale proceeds received, the cash activities related to $130.1 million of net investment income, $77.3 million of net decreases in receivables and net increases in payables from unsettled transactions and a $24.0 million decrease in due from broker. During the same period, net cash provided by financing activities was $38.5 million, primarily consisting of $92.7 million of proceeds from the issuance of shares under the "at the market" offering and $80.0 million net borrowings under credit facilities, partially offset by $133.1 million of cash distributions paid to our stockholders.

As of June 30, 2025, we had $79.8 million in cash and cash equivalents, portfolio investments (at fair value) of $2.8 billion, $23.3 million of interest, dividends and fees receivable, $0.3 million of due from portfolio companies, $650.0 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $11.0 million of net receivables from unsettled transactions, $510.0 million of borrowings outstanding under our credit facilities and $937.6 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

As of September 30, 2024, we had $78.5 million in cash and cash equivalents (including $14.6 million of restricted cash), portfolio investments (at fair value) of $3.0 billion, $38.8 million of interest, dividends and fees receivable, $12.5 million of due from portfolio companies, $907.5 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $1.9 million of net receivables from unsettled transactions, $710.0 million of borrowings outstanding under our credit facilities and $928.7 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2025, our only off-balance sheet arrangements consisted of $305.3 million of unfunded commitments, which was composed of $278.2 million to provide debt and equity financing to certain of our portfolio companies and $27.1 million to provide financing to the JVs. Of the $278.2 million, approximately $264.4 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, our only off-balance sheet arrangements consisted of $311.4 million of unfunded commitments, which was comprised of $284.3 million to provide debt and equity financing to certain of our portfolio companies and $27.1 million to provide financing to the JVs. Of the $284.3 million, approximately $247.6 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.

As of June 30, 2025, we have analyzed cash and cash equivalents, availability under our credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believe our liquidity and capital resources are sufficient to invest in market opportunities as they arise.

Contractual Obligations

The following table reflects information pertaining to our principal debt outstanding under the Syndicated Facility, the OSI2 Citibank Facility, the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes (each as defined below):


	Debt Outstanding as of September 30, 2024		Debt Outstanding as of June 30, 2025		Weighted average debt outstanding for the nine months ended June 30, 2025		Maximum debt outstanding for the nine months ended June 30, 2025
Syndicated Facility	$	430,000	$	510,000	$	463,956	$	630,000
OSI2 Citibank Facility	280,000		—		183,663		305,000
2025 Notes	300,000		—		161,538		300,000
2027 Notes	350,000		350,000		350,000		350,000
2029 Notes	300,000		300,000		300,000		300,000
2030 Notes	—		300,000		136,264		300,000
Total debt	$	1,660,000	$	1,460,000	$	1,595,421

The following table reflects our contractual obligations arising from the Syndicated Facility, the 2027 Notes, the 2029 Notes and the 2030 Notes:


	Payments due by period as of June 30, 2025
Contractual Obligations	Total		Less than 1 year		1-3 years		3-5 years
Syndicated Facility	$	510,000	$	—	$	—	$	510,000
Interest due on Syndicated Facility	153,099		32,060		64,120		56,919
2027 Notes	350,000		—		350,000		—
Interest due on 2027 Notes (a)	35,217		22,791		12,426		—
2029 Notes	300,000		—		—		300,000
Interest due on 2029 Notes (a)	81,215		22,355		44,711		14,149
2030 Notes	300,000		—		—		300,000
Interest due on 2030 Notes (a)	91,288		19,565		39,131		32,592
Total	$	1,820,819	$	96,771	$	510,388	$	1,213,660

__________

(a) The interest due on the 2027 Notes, the 2029 Notes and the 2030 Notes was calculated net of the interest rate swaps.

Equity Issuances

During the three and nine months ended June 30, 2024, we issued 100,029 and 295,484 shares of common stock, respectively, as part of the DRIP.

We are party to an equity distribution agreement, dated February 7, 2022, as amended, by and among us, Oaktree and Oaktree Administrator and Keefe, Bruyette & Woods, Inc., Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., pursuant to which we may offer and sell shares of our common stock from time to time having an aggregate offering price of up to $300.0 million under our current shelf registration statement. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.

In connection with the "at the market" offering, we issued and sold 168,055 shares of common stock during the nine months ended June 30, 2025 for net proceeds of $3.0 million (net of offering costs).


	Number of Shares Issued	Gross Proceeds		Placement Agent Fees		Net Proceeds (1)		Average Sales Price per Share (2)
"At the market" offering	168,055	$	2,987	$	26	$	2,960	$	17.77

(1) Net proceeds excludes offering costs of less than $0.1 million.

(2) Represents the gross sales price, including supplemental payments by Oaktree, before deducting placement agent fees and estimated offering expenses.

In connection with the at-the-market offering, an affiliate of Oaktree made supplemental payments to us in an amount equal to $0.3 million during the nine months ended June 30, 2025 to ensure that the sales price per share of common stock was not less than our current net asset value per share. These amounts are included in gross proceeds in the table above.

In connection with the "at the market" offering, we issued and sold 4,724,506 shares of common stock during the nine months ended June 30, 2024 for net proceeds of $92.5 million (net of offering costs).


	Number of Shares Issued	Gross Proceeds		Placement Agent Fees		Net Proceeds (1)		Average Sales Price per Share (2)
"At the market" offering	4,724,506	$	93,685	$	937	$	92,748	$	19.83

(1) Net proceeds excludes offering costs of $0.2 million.

(2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.

On January 31, 2025, we and Oaktree Capital I, L.P., an affiliate of Oaktree, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of our common stock on February 3, 2025 for an aggregate purchase price of $100.0 million. These shares were sold at $17.63 per share, which was our net asset value per share January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act. Oaktree Capital I, L.P. has agreed not to sell the shares acquired in this transaction through February 3, 2026.

Distributions

The following table reflects the distributions per share that we have paid, including shares issued under our DRIP, on our common stock since October 1, 2022. The distributions per share and shares issued under our DRIP information disclosed in this table for dates prior to January 23, 2023 have been retroactively adjusted to reflect our 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.


Distribution	Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution		DRIP Shares Issued		DRIP Shares Value
Quarterly	November 10, 2022	December 15, 2022	December 30, 2022	$	0.54	$ 32.0 million		53,369	(2)	$ 1.1 million
Special	November 10, 2022	December 15, 2022	December 30, 2022	0.42		24.8 million		41,510	(2)	0.8 million
Quarterly	January 27, 2023	March 15, 2023	March 31, 2023	0.55		41.1 million		68,412	(1)	1.3 million
Quarterly	April 28, 2023	June 15, 2023	June 30, 2023	0.55		41.3 million		57,279	(1)	1.1 million
Quarterly	July 28, 2023	September 15, 2023	September 29, 2023	0.55		40.9	million	76,766	(2)	1.5 million
Quarterly	November 8, 2023	December 15, 2023	December 29, 2023	0.55		41.7	million	87,472	(2)	1.7	million
Special	November 8, 2023	December 15, 2023	December 29, 2023	0.07		5.3	million	11,133	(2)	0.2	million
Quarterly	January 26, 2024	March 15, 2024	March 29, 2024	0.55		42.8	million	96,850	(2)	1.9	million
Quarterly	April 26, 2024	June 14, 2024	June 28, 2024	0.55		43.3	million	100,029	(2)	1.9	million
Quarterly	July 26, 2024	September 16, 2024	September 30, 2024	0.55		43.7	million	94,873	(1)	1.6	million
Quarterly	November 7, 2024	December 16, 2024	December 31, 2024	0.55		43.8	million	94,970	(1)	1.5	million
Quarterly	January 27, 2025	March 17, 2025	March 31, 2025	0.40		31.5	million	234,752	(1)	3.7	million
Supplemental	January 27, 2025	March 17, 2025	March 31, 2025	0.07		5.6	million	41,082	(1)	0.6	million
Quarterly	April 28, 2025	June 16, 2025	June 30, 2025	0.40		31.6	million	256,343	(1)	3.6	million
Supplemental	April 28, 2025	June 16, 2025	June 30, 2025	0.02		1.6	million	12,817	(1)	0.2	million

______________

(1) Shares were purchased on the open market and distributed.

(2) New shares were issued and distributed.

Indebtedness

See “ Note 6. Borrowings ” in the Consolidated Financial Statements for more details regarding our indebtedness.

Syndicated Facility

As of June 30, 2025, (i) the size of the our senior secured revolving credit facility, or, as amended and/or restated from time to time, the Syndicated Facility, pursuant to a senior secured revolving credit agreement, with the lenders, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents, was $1.160 billion (with an “accordion” feature that permits us, under certain circumstances, to increase the size of the facility to up to the greater of $1.50 billion and our net worth (as defined in the Syndicated Facility) on the date of

100

such increase), (ii) the period during which we may make drawings will expire on April 8, 2029 and the maturity date was April 8, 2030 and (iii) the interest rate margin for (a) SOFR loans (which may be 1- or 3-month at our option) was 1.875% plus a SOFR adjustment equal to 0.10% and (b) alternate base rate loans was 0.875% plus a SOFR adjustment equal to 0.10%; provided that, if at any time the Borrowing Base (as defined in the Syndicated Facility) is greater than 1.60 times the Combined Debt Amount (as defined in the Syndicated Facility), the interest rate margin with respect to (a) SOFR loans will be 1.75% plus a SOFR adjustment equal to 0.10% and (b) alternate base rate loans will be 0.75% plus a SOFR adjustment equal to 0.10%.

Each loan or letter of credit originated or assumed under the Syndicated Facility is subject to the satisfaction of certain conditions. Borrowings under the Syndicated Facility are subject to the facility’s various covenants and the leverage restrictions contained in the Investment Company Act. We cannot assure you that we will be able to borrow funds under the Syndicated Facility at any particular time or at all.

The following table describes significant financial covenants, as of June 30, 2025, with which we must comply under the Syndicated Facility on a quarterly basis:

Financial Covenant

Description

Target Value

March 31, 2025 Reported Value (1)

Minimum shareholders' equity

Net assets shall not be less than the sum of (x) $600 million, plus (y) 50% of the aggregate net proceeds of all sales of equity interests after May 6, 2020

$819 million

$1,475 million

Asset coverage ratio

Asset coverage ratio shall not be less than the greater of 1.50:1 and the statutory test applicable to us

1.50:1

1.98:1

Minimum net worth

Net worth shall not be less than $550 million

$550 million

$941 million

___________

(1) As contractually required, we report financial covenants based on the last filed quarterly or annual report, in this case our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We were in compliance with all financial covenants under the Syndicated Facility based on the financial information contained in this Quarterly Report on Form 10-Q.

As of June 30, 2025 and September 30, 2024, we had $510.0 million and $430.0 million of borrowings outstanding under the Syndicated Facility, which had a fair value of $510.0 million and $430.0 million, respectively. Our borrowings under the Syndicated Facility bore interest at a weighted average interest rate of 6.533% and 7.576% for the nine months ended June 30, 2025 and 2024, respectively. For the three and nine months ended June 30, 2025, we recorded interest expense (inclusive of fees) of $9.7 million and $27.5 million, respectively, related to the Syndicated Facility. For the three and nine months ended June 30, 2024, we recorded interest expense (inclusive of fees) of $10.2 million and $29.3 million, respectively, related to the Syndicated Facility.

OSI2 Citibank Facility

On January 23, 2023, we became party to a revolving credit facility, or, as amended and/or restated from time to time, the OSI2 Citibank Facility, with OSI 2 Senior Lending SPV, LLC, our wholly-owned and consolidated subsidiary, as the borrower, us, as collateral manager, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent. On May 14, 2025, we repaid all outstanding borrowings under the OSI2 Citibank Facility, following which the OSI2 Citibank Facility was terminated. Obligations under the OSI2 Citibank Facility would have otherwise matured on January 26, 2029.

In connection with the termination of the OSI2 Citibank Facility, we accelerated $3.1 million of deferred financing costs into interest expense during the three and nine months ended June 30, 2025.

As of September 30, 2024, we had $280.0 million outstanding under the OSI2 Citibank Facility, which had a fair value of $280.0 million. Our borrowings under the OSI2 Citibank Facility bore interest at a weighted average interest rate of 6.741% and 8.029% for the nine months ended June 30, 2025 and 2024, respectively. For the three and nine months ended June 30, 2025, we recorded interest expense (inclusive of fees) of $4.5 million and $14.4 million, respectively, related to the OSI2 Citibank Facility. For the three and nine months ended June 30, 2024, we recorded interest expense (inclusive of fees) of $6.1 million and $18.1 million, respectively, related to the OSI2 Citibank Facility.

2025 Notes

On February 25, 2020, we issued $300.0 million in aggregate principal amount of the 2025 Notes for net proceeds of $293.8 million after deducting OID of $2.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.7 million. The OID on the 2025 Notes was amortized based on the effective interest method over the term of the notes. The 2025 Notes matured on February 25, 2025.

101

2027 Notes

On May 18, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes for net proceeds of $344.8 million after deducting OID of $1.0 million, underwriting commissions and discounts of $3.5 million and offering costs of $0.7 million. The OID on the 2027 Notes is amortized based on the effective interest method over the term of the notes.

In connection with the 2027 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 2.700% and pay a floating interest rate of the three-month SOFR plus 1.658% plus a SOFR adjustment of 0.26161% on a notional amount of $350.0 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.

2029 Notes

On August 15, 2023, we issued $300.0 million in aggregate principal amount of the 2029 Notes for net proceeds of $292.9 million after deducting OID of $3.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.6 million. The OID on the 2029 Notes is amortized based on the effective interest method over the term of the notes.

In connection with the 2029 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 7.100% and pay a floating interest rate of the three-month SOFR plus 3.1255% on a notional amount of $300.0 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.

2030 Notes

On February 27, 2025, we issued $300.0 million in aggregate principal amount of the 2030 Notes for net proceeds of $296.3 million after deducting OID of less than $0.1 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.7 million. The OID on the 2030 Notes is amortized based on the effective interest method over the term of the notes.

In connection with the 2030 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 6.340% and pay a floating interest rate of the three-month SOFR plus 2.192% on a notional amount of $300.0 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.

The below table presents the components of the carrying value of the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes as of June 30, 2025 and September 30, 2024:


	As of June 30, 2025						As of September 30, 2024
($ in millions)	2027 Notes		2029 Notes		2030 Notes		2025 Notes		2027 Notes		2029 Notes
Principal	$	350.0	$	300.0	$	300.0	$	300.0	$	350.0	$	300.0
Unamortized financing costs	(1.2)		(2.4)		(3.5)		(0.3)		(1.8)		(2.9)
Unaccreted discount	(0.3)		(2.3)		—		(0.2)		(0.4)		(2.7)
Interest rate swap fair value adjustment	(14.9)		4.3		7.9		—		(20.2)		7.2
Net carrying value	$	333.6	$	299.6	$	304.4	$	299.5	$	327.6	$	301.6
Fair Value	$	335.7	$	309.2	$	301.0	$	298.1	$	327.7	$	312.3

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	2025 Notes						2027 Notes						2029 Notes						2030 Notes
($ in millions)	Three months ended June 30, 2025			Nine months ended June 30, 2025			Three months ended June 30, 2025			Nine months ended June 30, 2025			Three months ended March 31, 2025			Nine months ended June 30, 2025			Three months ended March 31, 2025			Nine months ended June 30, 2025
Coupon interest	$	—		$	4.2		$	2.4		$	7.1		$	5.3		$	16.0		$	4.8		$	6.6
Amortization of financing costs and discount	—			0.5			0.2			0.7			0.3			0.9			0.2			0.3
Effect of interest rate swap	—			—			3.2			10.1			0.3			1.4			0.2			0.2
Total interest expense	$	—		$	4.7		$	5.8		$	17.9		$	5.9		$	18.3		$	5.2		$	7.1
Coupon interest rate (net of effect of interest rate swaps)	3.500		%	3.500		%	6.280		%	6.458		%	7.450		%	7.650		%	6.515		%	6.514		%

The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes and the 2029 Notes for the three and nine months ended June 30, 2024:


($ in millions)	2025 Notes						2027 Notes						2029 Notes
	Three months ended June 30, 2024			Nine months ended June 30, 2024			Three months ended June 30, 2024			Nine months ended June 30, 2024			Three months ended June 30, 2024			Nine months ended June 30, 2024
Coupon interest	$	2.6		$	7.9		$	2.4		$	7.1		$	5.3		$	16.0
Amortization of financing costs and discount	0.3			0.9			0.2			0.7			0.3			1.0
Effect of interest rate swap	—			—			4.0			12.3			1.1			3.4
Total interest expense	$	2.9		$	8.8		$	6.6		$	20.1		$	6.7		$	20.4
Coupon interest rate (net of effect of interest rate swaps)	3.500		%	3.500		%	7.213		%	7.262		%	8.440		%	8.469		%

Regulated Investment Company Status and Distributions

We have qualified and elected to be treated as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As long as we continue to qualify as a RIC, we will not be subject to tax on our investment company taxable income (determined without regard to any deduction for dividends paid) or realized net capital gains, to the extent that such taxable income or gains is distributed, or deemed to be distributed as dividends, to stockholders on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation. Distributions declared and paid by us in a taxable year may differ from taxable income for that taxable year as such distributions may include the distribution of taxable income derived from the current taxable year or the distribution of taxable income derived from the prior taxable year carried forward into and distributed in the current taxable year. Distributions also may include returns of capital.

To maintain RIC tax treatment, we must, among other things, distribute (or be deemed to distribute) dividends, with respect to each taxable year, of an amount at least equal to 90% of our investment company taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any), determined without regard to any deduction for dividends paid. As a RIC, we are also subject to a federal excise tax, based on distribution requirements of our taxable income on a calendar year basis. We anticipate timely distribution of our taxable income in accordance with tax rules. We did not incur a U.S. federal excise tax for calendar year 2023 or 2024. We do not expect to incur a U.S. federal excise tax for calendar year 2025.

We intend to distribute at least 90% of our annual taxable income (which includes our taxable interest and fee income) to our stockholders. The covenants contained in our credit facilities may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement associated with our ability to be subject to tax as

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a RIC. In addition, we may retain for investment some or all of our net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal and taxable year fall below the total amount of our dividend distributions for that fiscal and taxable year, a portion of those distributions may be deemed a return of capital to our stockholders.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a Business Development Company under the Investment Company Act and due to provisions in our credit facilities and debt instruments. If we do not distribute a certain percentage of our taxable income annually, we will suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

A RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to certain limitations regarding the aggregate amount of cash to be distributed to all stockholders. If these and certain other requirements are met, for U.S federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.

We may generate qualified net interest income or qualified net short-term capital gains that may be exempt from U.S. withholding tax when distributed to foreign stockholders. A RIC is permitted to designate distributions of qualified net interest income and qualified short-term capital gains as exempt from U.S. withholding tax when paid to non-U.S. shareholders with proper documentation. The following table, which may be subject to change as we finalize our annual tax filings, lists the percentage of qualified net interest income and qualified short-term capital gains for the year ended September 30, 2024.


Year Ended	Qualified Net Interest Income		Qualified Short-Term Capital Gains
September 30, 2024	85.7	%	—

We have adopted a DRIP that provides for the reinvestment of any distributions that we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board of Directors declares a cash distribution, then our stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving a cash distribution. If our shares are trading at a premium to net asset value, we typically issue new shares to implement the DRIP, with such shares issued at the greater of the most recently computed net asset value per share of our common stock or 95% of the current market value per share of our common stock on the payment date for such distribution. If our shares are trading at a discount to net asset value, we typically purchase shares in the open market in connection with our obligations under the DRIP.

Related Party Transactions

We have entered into the Investment Advisory Agreement with Oaktree and the Administration Agreement with Oaktree Administrator, an affiliate of Oaktree. Mr. John B. Frank, an interested member of our Board of Directors, has an indirect pecuniary interest in Oaktree. Oaktree is a registered investment adviser under the Investment Advisers Act of 1940, as amended, that is partially and indirectly owned by Brookfield Oaktree Holdings, LLC. See “ Note 10. Related Party Transactions – Investment Advisory Agreement ” and “ – Administrative Services ” in the notes to the accompanying Consolidated Financial Statements.

Recent Developments

Distribution Declaration

On July 28, 2025, our Board of Directors declared a quarterly distribution of $0.40 per share, payable in cash on September 30, 2025 to stockholders of record on September 15, 2025.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.

Valuation Risk

Our investments may not have a readily available market price, and we value these investments at fair value as determined by Oaktree, as our valuation designee. There is no single standard for determining fair value in good faith and valuation methodologies involve a significant degree of management judgment. In addition, our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments. Accordingly, valuations by Oaktree do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments. Estimated fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the financial statements.

Interest Rate Risk

We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle fund investments. Our risk management procedures are designed to identify and analyze our risk, to set appropriate policies and to continually monitor these risks. Our investment income will be affected by changes in various interest rates, including SOFR, EURIBOR, SONIA and prime rates, to the extent our debt investments include floating interest rates.

As of June 30, 2025, 90.9% of our debt investment portfolio (at fair value) and 90.5% of our debt investment portfolio (at cost) bore interest at floating rates. As of September 30, 2024, 88.4% of our debt investment portfolio (at fair value) and 88.7% of our debt investment portfolio (at cost) bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of June 30, 2025 and September 30, 2024, was as follows:


	June 30, 2025				September 30, 2024
($ in thousands)	Fair Value		% of Floating Rate Portfolio		Fair Value		% of Floating Rate Portfolio
0%	$	393,351	16.4	%	$	388,959	15.5	%
>0% and <1%	851,760		35.5	%	682,572		27.1	%
1%	1,040,641		43.3	%	1,230,504		48.9	%
>1%	115,829		4.8	%	214,281		8.5	%
Total Floating Rate Investments	$	2,401,581	100.0	%	$	2,516,316	100.0	%

Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2025, the following table shows the approximate annualized net increase (decrease) in net assets resulting from operations (excluding the impact of any potential incentive fees) of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure. However, there can be no assurances our portfolio companies will be able to meet their contractual obligations at any or all levels on increases in interest rates.


($ in thousands) Basis point increase	Increase in Interest Income		(Increase) in Interest Expense		Net increase in net assets resulting from operations
250	$	60,355	$	(36,500)	$	23,855
200	48,284		(29,200)		19,084
150	36,213		(21,900)		14,313
100	24,142		(14,600)		9,542
50	12,071		(7,300)		4,771

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($ in thousands) Basis point decrease	(Decrease) in Interest Income		Decrease in Interest Expense		Net (decrease) in net assets resulting from operations
50	$	(12,031)	$	7,300	$	(4,731)
100	(23,956)		14,600		(9,356)
150	(35,727)		21,900		(13,827)
200	(47,290)		29,200		(18,090)
250	(58,307)		36,500		(21,807)

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. The following table shows a comparison of the interest rate base for our interest-bearing cash and outstanding investments, at principal, and our outstanding borrowings as of June 30, 2025 and September 30, 2024:


	June 30, 2025				September 30, 2024
($ in thousands)	Interest Bearing Cash and Investments		Borrowings		Interest Bearing Cash and Investments		Borrowings
Money market rate	$	19,679	$	—	$	34,597	$	—
Prime rate	4,900		—		2,938		—
EURIBOR
30 day	€	24,375	—		—		—
90 day	83,137		—		€	59,736	—
180 day	29,685		—		16,817		—
SOFR
30 day	$	839,515	510,000		$	868,595	430,000
90 day (a)	1,422,247		950,000		1,569,212		930,000
180 day	87,747		—		42,058		—
SONIA	£	17,064	—		£	41,394	—
CORRA
30 day	$	7,448	—		—		—
TONA	¥	796,342	—		—		—
Fixed rate	$	277,658	—		$	337,797	300,000

__________

(a) Borrowings include the 2027 Notes, 2029 Notes and 2030 Notes, which pay interest at a floating rate under the terms of the interest rate swap.

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Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Based on the evaluation of our disclosure controls and procedures as of June 30, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, in timely identifying, recording, processing, summarizing and reporting any material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act.

There were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1. Legal Proceedings

We are currently not a party to any pending material legal proceedings.

Item 1A. Risk Factors

In addition to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2024, we are subject to the following risk:

Tariffs may adversely affect us or our portfolio companies.

Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended June 30, 2025, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

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Item 6. Exhibits


3.1						Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008).

3.2						Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).

3.3						Certificate of Correction to the Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(3) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).

3.4						Certificate of Amendment to Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Quarterly Report on Form 10-Q (File No. 001-33901) filed on May 5, 2010).

3.5						Certificate of Amendment to Registrant’s Certificate of Incorporation (Incorporated by reference to Exhibit (a)(5) filed with the Registrant’s Registration Statement on Form N-2 (File No. 333-180267) filed on April 2, 2013).

3.6						Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of October 17, 2017 (Filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).

3.7						Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of January 20, 2023 (Incorporated by reference to Exhibit 3.7 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on January 20, 2023).

3.8						Fourth Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-K (File No. 814-00755) filed on January 29, 2018).

4.1						Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008).

10.1						Amendment No. 7 and Limited Waiver to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 8, 2025, by and among the Registrant, as borrower, the lenders party thereto and ING Capital LLC, as administrative agent (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on April 11, 2025).

31.1*						Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.2*						Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32.1*						Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

32.2*						Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

99.1*						Custody Agreement with the Bank of New York Mellon.

101.INS*						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*						Inline XBRL Taxonomy Extension Schema Document.

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104*						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


*			Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



OAKTREE SPECIALTY LENDING CORPORATION

By:						/s/ Armen Panossian
						Armen Panossian
						Chief Executive Officer

By:						/s/ Christopher McKown
						Christopher McKown
						Chief Financial Officer and Treasurer

Date: August 4, 2025

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TABLE OF CONTENTS

Part I Incentive Fees Waived Note 1. Organization Note 2. Significant Accounting Policies Note 3. Portfolio Investments Note 4. Fee Income Note 5. Share Data and Net Assets Note 6. Borrowings Note 7. Taxable/distributable Income and Dividend Distributions Note 8. Realized Gains Or Losses and Net Unrealized Appreciation Or Depreciation Note 9. Concentration Of Credit Risks Note 10. Related Party Transactions Note 11. Financial Highlights Note 12. Derivative Instruments Note 13. Commitments and Contingencies Note 14. Subsequent Events Item 2. Management's Discussion and Analysis Of Financial Condition and Results Of Operations Note 3. Portfolio Investments"Note 10. Related Party Transactions Investment Advisory Agreement Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

OCSL 10-Q Quarter ended June 30, 2025

Exhibits