What changed in this filing

/stocks — the workspaceLOADING

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2022-11-15 compared with 2021-11-16 · 1179 added, 980 removed, 2565 unchanged (46% of the section changed)

2 unchanged sentences

Valuation Risk

Our investments may not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board of Directors, with the assistance of the Audit Committee and Oaktree.

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 us do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of 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.

3 unchanged sentences

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 LIBOR and prime rates, to the extent our debt investments include floating interest rates.

Our investment income will be affected by changes in various interest rates, including LIBOR, SOFR, SONIA and prime rates, to the extent our debt investments include floating interest rates.

As of September 30, 2022, 86.5% of our debt investment portfolio (at fair value) and 86.3% of our debt investment portfolio (at cost) bore interest at floating rates.

8 unchanged sentences

Total Floating Rate Investments $ 2,049,644 100.0 % $ 2,205,648 100.0 %

Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2021, the following table shows the approximate annualized net increase (decrease) in net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure.

Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2022, 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 (decrease) in net assets resulting from operations

($ in thousands) Basis point increase Increase in Interest Income (Increase) in Interest Expense Net increase in net assets resulting from operations

250 $ 53,484 $ (26,250) $ 27,234

3 unchanged sentences

50 10,622 (5,250) 5,372

The net effect of any decrease in interest rates is limited and would not be of significance due to interest rate floors on investments and borrowings outstanding.

($ in thousands) Basis point decrease (Decrease) in Interest Income Decrease in Interest Expense Net (decrease) in net assets resulting from operations

50 $ (10,611) $ 5,250 $ (5,361)

100 (21,062) 10,500 (10,562)

150 (31,456) 15,750 (15,706)

200 (41,787) 21,000 (20,787)

250 (49,943) 26,250 (23,693)

We regularly measure exposure to interest rate risk.

9 unchanged sentences

30 day 669,273 540,000 674,613 485,000

60 day — — 6,861 —

90 day (a) 928,978 510,000 1,037,019 485,000

6 unchanged sentences

90 day 190,799 — — —

180 day 18,390 — — —

SONIA £ 40,137 — — —

30 day — — £ 21,501 —

180 day — — 18,638 —

Fixed rate $ 341,749 300,000 $ 200,599 300,000

Total $ 2,477,120 $ 1,280,000 $ 1,587,854 $ 714,825

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

Consolidated Financial Statements.

Consolidated Financial Statements and Supplementary Data

Index to Consolidated Financial Statements

Reports of Independent Registered Public Accounting Firm

Reports of Independent Registered Public Accounting Firm (PCAOB ID 42 )

Consolidated Statements of Assets and Liabilities as of September 30, 2022 and 2021

30 unchanged sentences

Description of the Matter As described in Note 3 to the consolidated financial statements, the Company classified $2,169,475 thousand of its investments as Level 3 within the fair value hierarchy (Level 3 investments) as of September 30, 2022.

As described in Note 2 and Note 3 to the consolidated financial statements, the Company’s Board of Directors determined the fair value of the Company’s Level 3 investments by using valuation techniques such as broker quotations, precedent transactions, enterprise value analyses or market yield techniques.

As described in Note 2 and Note 3 to the consolidated financial statements, the Company’s valuation designee, under the oversight of the Board of Directors, determined the fair value of the Company’s Level 3 investments by using valuation techniques such as broker quotations, precedent transactions, enterprise value analyses or market yield techniques.

These techniques require management to make judgments about the significant unobservable inputs including, among others, comparable EBITDA, revenue or asset multiples, market yields and broker quoted prices.

86 unchanged sentences

(in thousands, except per share amounts)

September 30, 2021 Year ended

September 30, 2020 Year ended

September 30,

2022 Year ended

September 30,

2021 Year ended

September 30,

Interest income:

5 unchanged sentences

PIK interest income:

Control investments — — 67

Non-control/Non-affiliate investments 20,526 16,447 7,863

27 unchanged sentences

Non-control/Non-affiliate investments (107,136) 80,531 10,904

Secured borrowings — — (2,719)

Foreign currency forward contracts 4,877 1,689 (267)

4 unchanged sentences

Extinguishment of unsecured notes payable — — (2,541)

Secured borrowings — — 2,625

Foreign currency forward contracts 13,726 (674) (2,613)

24 unchanged sentences

Capital share transactions:

Issuance of common stock in connection with the Mergers 242,704 — —

Issuance of common stock in connection with the OCSI Merger — 242,704 —

Issuance of common stock under dividend reinvestment plan 3,409 2,170 1,878

Repurchases of common stock under dividend reinvestment plan (1,857) (2,170) (1,878)

Issuance of common stock in connection with the "at the market" offering 20,622 — —

Net increase (decrease) in net assets from capital share transactions 22,174 242,704 —

25 unchanged sentences

Proceeds from the sales and repayments of investments 693,745 792,161 579,550

Cash acquired in the Mergers 20,945 — —

Cash acquired in the OCSI Merger — 20,945 —

Changes in operating assets and liabilities:

10 unchanged sentences

Increase (decrease) in director fees payable — (90) —

Increase (decrease) in amounts payable to syndication partners — — (109)

Net cash provided by (used in) operating activities 22,395 (230,521) (152,875)

7 unchanged sentences

Repurchases of common stock under dividend reinvestment plan (1,857) (2,170) (1,878)

Shares issued under the "at the market" offering 20,839 — —

Deferred financing costs paid (334) (8,890) (4,835)

Deferred offering costs paid — (67) —

Offering costs paid (215) — (67)

Net cash provided by (used in) financing activities (26,815) 224,187 176,332

8 unchanged sentences

Deferred financing costs — (162) —

Issuance of shares in connection with the Mergers 242,704 — —

Extinguishment of secured borrowings — — (7,163)

Reconciliation to the Consolidated Statements of Assets and Liabilities September 30, 2021 September 30, 2020 September 30, 2019

Issuance of shares in connection with the OCSI Merger — 242,704 —

Reconciliation to the Consolidated Statements of Assets and Liabilities September 30,

2022 September 30,

2021 September 30,

Cash and cash equivalents $ 23,528 $ 29,334 $ 39,096

17 unchanged sentences

29,555 19,279

First Star Speir Aviation Limited Airlines (10)

First Lien Term Loan, 9.00% cash due 12/15/2025 7,500 — 7,500 (11)(15)

100% equity interest 6,332 698 (11)(12)(15)

OCSI Glick JV LLC Multi-Sector Holdings (14)

19 unchanged sentences

Non-Control/Non-Affiliate Investments (18)

4 Over International, LLC Commercial Printing

First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022 7.00 % $ 10,927 $ 10,524 $ 10,484 (6)(15)

First Lien Revolver, LIBOR+6.00% cash due 6/7/2022 — (24) (93) (6)(15)(19)

10,500 10,391

109 Montgomery Owner LLC Real Estate Operating Companies

First Lien Term Loan, LIBOR+7.00% cash due 2/2/2023 9.80 % $ 389 $ 387 $ 727 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023 — (31) — (6)(15)(19)

Holdings II SÀRL Biotechnology

First Lien Term Loan, 9.50% cash due 12/22/2022 37,158 36,930 36,972 (11)(15)

First Lien Term Loan, 10.50% PIK due 12/22/2022 33,997 33,960 34,891 (11)(15)

33,960 34,891

Access CIG, LLC Diversified Support Services

First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 3.83 % 5,352 5,021 5,332 (6)

Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 10.82 % 20,000 19,927 19,075 (6)

19,927 19,075

Accupac, Inc.

Personal Products

First Lien Term Loan, SOFR+5.50% cash due 1/16/2026 9.12 % 15,976 15,686 15,944 (6)(15)

First Lien Delayed Draw Term Loan, SOFR+5.50% cash due 1/16/2026 — — (6) (6)(15)(19)

First Lien Revolver, SOFR+5.50% cash due 1/16/2026 9.14 % 500 462 495 (6)(15)(19)

16,148 16,433

Oaktree Specialty Lending Corporation

3 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Accupac, Inc.

Personal Products

First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026 7.00 % $ 16,140 $ 15,758 $ 16,140 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026 — (29) — (6)(15)(19)

First Lien Revolver, LIBOR+6.00% cash due 1/17/2026 7.00 % 1,838 1,789 1,838 (6)(15)(19)

17,518 17,978

Application Software

3 unchanged sentences

ADB Companies, LLC Construction & Engineering

First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 7.25 % 15,463 14,817 15,287 (6)(15)

First Lien Term Loan, SOFR+6.25% cash due 12/18/2025 9.80 % 14,685 14,217 14,431 (6)(15)

14,217 14,431

ADC Therapeutics SA Biotechnology

First Lien Term Loan, SOFR+7.50% cash due 8/15/2029 11.20 % 6,589 6,256 6,262 (6)(11)(15)

First Lien Delayed Draw Term Loan, SOFR+7.50% cash due 8/15/2029 — (38) (37) (6)(11)(15)(19)

28,948 Common Stock Warrants (exercise price $8.297) expiration 8/15/2032 174 73 (11)(15)

Aden & Anais Merger Sub, Inc.

5 unchanged sentences

27,752 22,143

AIP RD Buyer Corp.

Second Lien Term Loan, SOFR+7.75% cash due 12/23/2029 10.88 % $ 14,414 14,154 13,910 (6)(15)

14,410 Common Units in RD Holding LP 1,352 1,291 (15)

15,506 15,201

AirStrip Technologies, Inc.

2 unchanged sentences

All Web Leads, Inc.

First Lien Term Loan, LIBOR+6.50% cash due 12/29/2023 7.50 % $ 23,899 21,512 22,992 (6)(15)

First Lien Term Loan, LIBOR+8.50% PIK due 12/29/2023 23,338 22,057 22,141 (6)(15)

22,057 22,141

Altice France S.A.

Integrated Telecommunication Services

Fixed Rate Bond, 5.50% cash due 10/15/2029 4,050 3,518 3,057 (11)

Alvogen Pharma US, Inc.

Pharmaceuticals

First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 6.25 % 13,825 13,329 13,383 (6)

First Lien Term Loan, SOFR+7.50% cash due 6/30/2025 11.20 % 13,134 12,847 13,068 (6)(15)

12,847 13,068

1 unchanged sentence

Biotechnology (13)

Fixed Rate Bond 15% PIK Tranche A due 6/24/2025 20,967 20,576 20,967 (11)(15)

Fixed Rate Bond 15% PIK Tranche B due 6/24/2025 20,512 20,169 20,512 (11)(15)

27,308 Common Shares 6,322 6,322 (15)

Tranche A Fixed Rate Bond 10.00% cash due 6/24/2025 24,043 23,747 23,923 (11)(15)

Tranche B Fixed Rate Bond 10.00% cash due 6/24/2025 23,522 23,264 23,404 (11)(15)

587,930 Common Shares in Alvotech SA 5,308 3,974 (11)

124,780 Seller Earn Out Shares in Alvotech SA 485 212 (11)(15)

52,804 51,513

American Auto Auction Group, LLC Consumer Finance

Second Lien Term Loan, SOFR+8.75% cash due 1/2/2029 12.30 % 14,760 14,492 13,284 (6)(15)

14,492 13,284

American Tire Distributors, Inc.

First Lien Term Loan, LIBOR+6.25% cash due 10/20/2028 9.03 % 9,895 9,772 9,293 (6)

Amplify Finco Pty Ltd.

3 unchanged sentences

26,161 26,645

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2022

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Anastasia Parent, LLC Personal Products

First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 7.42 % $ 2,736 $ 2,260 $ 2,189 (6)

Ankura Consulting Group LLC Research & Consulting Services

4 unchanged sentences

34,600 34,584

APX Group Inc.

Electrical Components & Equipment

Fixed Rate Bond, 5.75% cash due 7/15/2029 2,075 1,733 1,645 (11)

Ardonagh Midco 3 PLC Insurance Brokers

First Lien Term Loan, EURIBOR+7.00% cash due 7/14/2026 8.00 % € 1,964 2,176 1,927 (6)(11)(15)

First Lien Term Loan, UK LIBOR+7.25% cash due 7/14/2026 8.00 % £ 18,636 23,336 25,329 (6)(11)(15)

First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 7/14/2026 $ — — — (6)(11)(15)(19)

First Lien Term Loan, SONIA+7.00% cash due 7/14/2026 9.19 % £ 18,636 23,139 20,826 (6)(11)(15)

First Lien Term Loan, LIBOR+5.75% cash due 7/14/2026 8.81 % $ 10,519 10,357 10,328 (6)(11)(15)

First Lien Delayed Draw Term Loan, SONIA+5.75% cash due 7/14/2026 £ — (44) — (6)(11)(15)(19)

35,628 33,081

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

ASP Unifrax Holdings, Inc.

Trading Companies & Distributors

Fixed Rate Bond, 7.50% cash due 9/30/2029 $ 5,500 5,408 3,641

Fixed Rate Bond, 5.25% cash due 9/30/2028 2,500 2,220 1,926

Associated Asphalt Partners, LLC Construction Materials

First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024 8.06 % 2,501 2,331 1,934 (6)

Astra Acquisition Corp.

Application Software

First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028 8.37 % 5,640 5,482 4,822 (6)

athenahealth Group Inc.

Health Care Technology

18,635 Shares of Series A Preferred Stock in Minerva Holdco, Inc., 10.75% 18,264 16,575 (15)

18,264 16,575

Athenex, Inc.

1 unchanged sentence

First Lien Term Loan, 11.00% cash due 6/19/2026 13,346 12,929 12,812 (11)(15)

First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026 — (274) (150) (11)(15)(19)

First Lien Revenue Interest Financing Term Loan due 5/31/2031 8,309 8,264 8,309 (11)(15)

328,149 Common Stock Warrants (exercise price $0.4955) expiration date 6/19/2027 973 16 (11)(15)

5 unchanged sentences

The Avery Real Estate Operating Companies

First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023 7.55 % 20,287 19,933 20,490 (6)(15)(19)

Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023 12.75 % 4,692 4,614 4,698 (6)(15)(19)

First Lien Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023 10.44 % 15,674 15,605 15,682 (6)(15)

Subordinated Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023 16.17 % 3,789 3,774 3,800 (6)(15)

19,379 19,482

1 unchanged sentence

Health Care Services

First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027 8.12 % 2,546 2,503 2,395 (6)(15)(19)

Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028 11.62 % 7,166 7,059 6,915 (6)(15)

Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028 11.62 % 4,227 4,070 3,839 (6)(15)(19)

13,632 13,149

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2022

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Berner Food & Beverage, LLC Soft Drinks

First Lien Term Loan, LIBOR+5.50% cash due 7/30/2027 8.31 % $ 33,078 $ 32,612 $ 32,053 (6)(15)

First Lien Revolver, LIBOR+6.50% cash due 7/30/2027 7.50 % 619 566 566 (6)(15)(19)

First Lien Revolver, PRIME+4.50% cash due 7/30/2026 10.75 % 1,702 1,660 1,617 (6)(15)(19)

34,272 33,670

BioXcel Therapeutics, Inc.

Pharmaceuticals

First Lien Term Loan, 10.25% cash due 4/19/2027 5,322 5,111 5,114 (11)(15)

First Lien Delayed Draw Term Loan, 10.25% cash due 4/19/2027 — — — (11)(15)(19)

First Lien Revenue Interest Financing Term Loan due 9/30/2032 2,353 2,353 2,353 (11)(15)

First Lien Revenue Interest Financing Delayed Draw Term Loan due 9/30/2032 — — — (11)(15)(19)

21,177 Common Stock Warrants (exercise price $20.04) expiration date 4/19/2029 125 98 (11)(15)

Blackhawk Network Holdings, Inc.

7 unchanged sentences

298,460 Common Units in Unstoppable Automotive AMV, LLC 298 349 (15)

99,486 Common Units in Unstoppable Automotive VMV, LLC 100 99 (15)

Cadence Aerospace, LLC Aerospace & Defense

1 unchanged sentence

13,471 13,143

Chief Power Finance II, LLC Independent Power Producers & Energy Traders

Automotive Retail

Fixed Rate Bond, 5.625% cash due 10/1/2025 6,700 5,825 4,724 (11)

CCO Holdings LLC Cable & Satellite

Fixed Rate Bond, 4.50% cash due 5/1/2032 2,097 1,746 1,603 (11)

CircusTrix Holdings, LLC Leisure Facilities

First Lien Term Loan, LIBOR+5.50% cash due 7/16/2023 8.62 % 10,692 10,004 10,209 (6)(15)

10,004 10,209

CircusTrix Holdings, LLC Leisure Facilities

First Lien Term Loan, LIBOR+5.50% cash 2.50% PIK due 7/16/2023 6.50 % 10,686 9,793 8,816 (6)(15)(19)

CITGO Holding, Inc.

Oil & Gas Refining & Marketing

First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023 8.00 % 11,635 11,517 11,512 (6)

Fixed Rate Bond, 9.25% cash due 8/1/2024 7,857 7,857 7,807

22,189 22,277

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

CITGO Petroleum Corp.

1 unchanged sentence

First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 9.37 % 795 770 797 (6)

13,855 14,269

Clear Channel Outdoor Holdings Inc.

Fixed Rate Bond, 7.50% cash due 6/1/2029 4,311 4,311 3,132 (11)

Fixed Rate Bond, 5.125% cash due 8/15/2027 1,374 1,229 1,163 (11)

Fixed Rate Bond, 7.75% cash due 4/15/2028 676 648 512 (11)

Condor Merger Sub Inc.

Systems Software

Fixed Rate Bond, 7.375% cash due 2/15/2030 8,420 8,243 6,900

Continental Intermodal Group LP Oil & Gas Storage & Transportation

First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025 38,876 36,668 32,628 (6)(15)

First Lien Term Loan, LIBOR+8.50% cash due 1/28/2025 11.62 % 22,537 21,642 20,396 (6)(15)

Common Stock Warrants expiration date 7/28/2025 648 457 (15)

22,290 20,853

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2022

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Convergeone Holdings, Inc.

3 unchanged sentences

517,851 Shares of Series D Preferred Stock 605 894 (15)

CorEvitas, LLC Health Care Services

First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025 6.50 % 10,196 10,071 10,109 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025 6.50 % 1,943 1,894 1,912 (6)(15)(19)

CorEvitas, LLC Health Care Technology

First Lien Term Loan, SOFR+5.75% cash due 12/13/2025 8.88 % 13,712 13,554 13,583 (6)(15)

First Lien Revolver, PRIME+4.75% cash due 12/13/2025 11.00 % 916 898 898 (6)(15)(19)

2 unchanged sentences

15,142 16,821

Personal Products

First Lien Revolver, LIBOR+1.75% cash due 4/5/2023 — (712) (395) (6)(11)(15)(19)

Covetrus, Inc.

Health Care Distributors

First Lien Term Loan, SOFR+5.00% cash due 9/20/2029 7.65 % 10,336 9,716 9,681 (6)

Coyote Buyer, LLC Specialty Chemicals

2 unchanged sentences

17,777 17,817

Curium Bidco S.à.r.l.

Biotechnology

Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028 8.50 % 16,787 16,535 17,070 (6)(11)(15)

16,535 17,070

Delivery Hero FinCo LLC Internet & Direct Marketing Retail

First Lien Term Loan, SOFR+5.75% cash due 8/12/2027 8.49 % 4,988 4,882 4,757 (6)(11)

Delta Leasing SPV II LLC Specialized Finance

Subordinated Delayed Draw Term Loan, 10.00% cash due 8/31/2029 4,183 4,183 4,183 (11)(15)(19)

419 Series C Preferred Units in Delta Financial Holdings LLC 419 419 (11)(15)

2.09 Common Units in Delta Financial Holdings LLC 2 2 (11)(15)

31.37 Common Warrants (exercise price $1.00) — — (11)(15)

Delta Topco, Inc.

13 unchanged sentences

18,970 17,973

DTI Holdco, Inc.

Research & Consulting Services

First Lien Term Loan, SOFR+4.75% cash due 4/26/2029 7.33 % 5,000 4,906 4,760 (6)

Eagleview Technology Corporation Application Software

5 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

EHR Canada, LLC Food Retail

First Lien Term Loan, LIBOR+8.00% cash due 12/31/2021 9.00 % $ 3,750 $ 3,745 $ 3,750 (6)(15)

EOS Fitness Opco Holdings, LLC Leisure Facilities

1 unchanged sentence

12,500 Class B Common Units — — (15)

Firstlight Holdco, Inc.

Alternative Carriers

First Lien Term Loan, LIBOR+3.50% cash due 7/23/2025 3.58 % 7,012 6,578 6,939 (6)

Establishment Labs Holdings Inc.

Health Care Technology

First Lien Term Loan, 3.00% cash 6.00% PIK due 4/21/2027 $ 10,418 10,275 10,231 (11)(15)

First Lien Delayed Draw Term Loan, 3.00% cash 6.00% PIK due 4/21/2027 3 — (11)(15)(19)

10,278 10,231

Fairbridge Strategic Capital Funding LLC Real Estate Operating Companies (20)

First Lien Delayed Draw Term Loan, 9.00% cash due 12/24/2028 27,850 27,850 27,850 (15)(19)

2,500 Warrant Units (exercise price $0.01) expiration date 11/24/2031 — 3 (11)(15)

27,850 27,853

FINThrive Software Intermediate Holdings, Inc.

Health Care Technology

Second Lien Term Loan, LIBOR+6.75% cash due 12/17/2029 9.87 % 25,061 24,685 21,646 (6)

24,685 21,646

Fortress Biotech, Inc.

2 unchanged sentences

331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030 405 66 (11)(15)

11,127 11,416

GI Chill Acquisition LLC Managed Health Care

First Lien Term Loan, LIBOR+3.75% cash due 8/6/2025 3.90 % 12,653 12,442 12,621 (6)(15)

Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 7.63 % 6,250 6,212 6,219 (6)(15)

18,654 18,840

Frontier Communications Holdings, LLC Integrated Telecommunication Services

Fixed Rate Bond, 6.00% cash due 1/15/2030 4,881 4,420 3,845 (11)

GKD Index Partners, LLC Specialized Finance

5 unchanged sentences

First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 7.37 % 5,572 5,435 4,848 (6)

Gulf Operating, LLC Oil & Gas Storage & Transportation

First Lien Revolver, LIBOR+4.00% cash due 12/27/2021 — (704) (75) (6)(15)(19)

Houghton Mifflin Harcourt Publishers Inc.

Grove Hotel Parcel Owner, LLC Hotels, Resorts & Cruise Lines

First Lien Term Loan, SOFR+8.00% cash due 6/21/2027 11.04 % 14,311 14,041 14,060 (6)(15)

First Lien Delayed Draw Term Loan, SOFR+8.00% cash due 6/21/2027 — (54) (50) (6)(15)(19)

First Lien Revolver, SOFR+8.00% cash due 6/21/2027 — (27) (25) (6)(15)(19)

13,960 13,985

Harbor Purchaser Inc.

Education Services

First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 7.25 % 1,007 981 1,009 (6)(11)

First Lien Term Loan, SOFR+5.25% cash due 4/9/2029 8.38 % 9,392 9,080 8,582 (6)

Application Software

First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024 7.50 % 25,635 25,024 25,525 (6)(15)

First Lien Revolver, LIBOR+6.50% cash due 9/12/2024 7.50 % 1,176 1,147 1,171 (6)(15)

First Lien Term Loan, SOFR+6.75% cash due 8/18/2028 9.49 % 19,203 18,874 18,867 (6)(15)

First Lien Delayed Draw Term Loan, SOFR+6.75% cash due 8/18/2028 — — — (6)(15)(19)

First Lien Revolver, SOFR+6.75% cash due 8/18/2028 — (31) (32) (6)(15)(19)

18,843 18,835

4 unchanged sentences

30,563 30,682

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2022

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Impel Neuropharma, Inc.

Health Care Technology

First Lien Revenue Interest Financing Term Loan due 2/15/2031 $ 13,083 $ 13,083 $ 13,083 (15)

First Lien Term Loan, SOFR+8.75% cash due 3/17/2027 12.45 % 12,161 11,944 11,942 (6)(15)

25,027 25,025

Innocoll Pharmaceuticals Limited Health Care Technology

First Lien Term Loan, 11.00% cash due 1/26/2027 6,817 6,553 6,408 (11)(15)

First Lien Delayed Draw Term Loan, 11.00% cash due 1/26/2027 — — — (11)(15)(19)

56,999 Tranche A Warrant Shares (exercise price $4.23) expiration date 1/26/2029 135 609 (11)(15)

Integral Development Corporation Other Diversified Financial Services

2 unchanged sentences

Electrical Components & Equipment

First Lien Term Loan, LIBOR+5.00% cash due 3/29/2024 6.00 % 18,849 18,693 18,708 (6)(15)

First Lien Term Loan, SOFR+5.00% cash due 3/29/2024 8.55 % 18,660 18,567 18,134 (6)(15)

Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024 12.17 % 13,674 13,514 13,154 (6)(15)

32,081 31,288

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

INW Manufacturing, LLC Personal Products

1 unchanged sentence

34,806 31,528

Fertilizers & Agricultural Chemicals

Application Software

First Lien Term Loan, LIBOR+6.50% cash due 10/1/2026 9.44 % 34,357 33,612 32,639 (6)(15)

3 unchanged sentences

Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028 10.33 % 10,247 10,196 7,702 (6)

16,864 17,368

Jazz Acquisition, Inc.

1 unchanged sentence

First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027 10.62 % 36,234 35,170 36,392 (6)(15)

Second Lien Term Loan, LIBOR+8.00% cash due 6/18/2027 11.12 % 528 478 481 (6)

35,648 36,873

Latam Airlines Group S.A.

First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022 16,239 16,085 16,356 (6)(11)(15)(19)

Kings Buyer, LLC Environmental & Facilities Services

First Lien Term Loan, LIBOR+6.50% cash due 10/29/2027 10.17 % 13,623 13,487 13,351 (6)(15)

First Lien Revolver, LIBOR+6.50% cash due 10/29/2027 10.17 % 329 311 292 (6)(15)(19)

13,798 13,643

LaserShip, Inc.

Air Freight & Logistics

Second Lien Term Loan, LIBOR+7.50% cash due 5/7/2029 10.38 % 2,394 2,370 1,867 (6)(15)

Lift Brands Holdings, Inc.

5 unchanged sentences

40,243 39,573

LogMeIn, Inc.

Application Software

Liquid Environmental Solutions Corporation Environmental & Facilities Services

Second Lien Term Loan, LIBOR+8.50% cash due 11/30/2026 11.38 % 4,357 4,285 4,226 (6)(15)

Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 11/30/2026 11.38 % 2,370 2,323 2,265 (6)(15)(19)

450.75 Class A2 Units in LES Group Holdings, L.P.

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2022

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

LSL Holdco, LLC Health Care Distributors

First Lien Term Loan, LIBOR+6.00% cash due 1/31/2028 9.12 % $ 19,236 $ 18,894 $ 18,707 (6)(15)

First Lien Revolver, LIBOR+6.00% cash due 1/31/2028 9.12 % 1,710 1,672 1,651 (6)(15)(19)

20,566 20,358

LTI Holdings, Inc.

1 unchanged sentence

Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 9.87 % 2,140 2,092 1,890 (6)

10,080 10,127

Marinus Pharmaceuticals, Inc.

3 unchanged sentences

16,954 16,644

Mayfield Agency Borrower Inc.

Property & Casualty Insurance

First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 4.58 % 9,949 9,884 9,949 (6)

MedAssets Software Intermediate Holdings, Inc.

Health Care Technology

Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029 8.50 % 14,137 13,877 13,960 (6)(15)

13,877 13,960

Mesoblast, Inc.

Biotechnology

First Lien Term Loan, 8.00% cash 1.75% PIK due 11/19/2026 7,215 6,650 6,440 (11)(15)

First Lien Delayed Draw Term Loan, 8.00% cash 1.75% PIK due 11/19/2026 — 1 — (11)(15)(19)

209,588 Warrant Shares (exercise price $7.26) expiration date 11/19/2028 480 170 (11)(15)

MHE Intermediate Holdings, LLC Diversified Support Services

First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027 6.75 % 16,429 16,111 16,100 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027 6.75 % 106 84 83 (6)(15)(19)

First Lien Revolver, LIBOR+5.75% cash due 7/21/2027 — (27) (28) (6)(15)(19)

First Lien Term Loan, SOFR+6.00% cash due 7/21/2027 9.50 % 18,390 18,088 17,691 (6)(15)

First Lien Revolver, SOFR+6.00% cash due 7/21/2027 — (23) (54) (6)(15)(19)

18,065 17,637

4 unchanged sentences

44,635 44,423

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Ministry Brands, LLC Application Software

First Lien Revolver, LIBOR+5.00% cash due 12/2/2022 $ — $ (9) $ (9) (6)(15)(19)

Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 10.25 % 11,000 10,844 10,906 (6)(15)

10,835 10,897

Mosaic Companies, LLC Home Improvement Retail

10 unchanged sentences

NeuAG, LLC Fertilizers & Agricultural Chemicals

First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 7.00 % 47,031 45,279 45,996 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 — (202) (120) (6)(15)(19)

First Lien Term Loan, LIBOR+10.50% cash due 9/11/2024 14.17 % 50,459 49,301 51,972 (6)(15)

49,301 51,972

Other Diversified Financial Services

Fixed Rate Bond 6.875% cash due 8/15/2028 10,191 9,773 7,966

Industrial Machinery

3 unchanged sentences

First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 7.12 % 3,323 3,162 3,207 (6)

Olaplex, Inc.

Personal Products

First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026 7.25 % 52,122 50,906 51,731 (6)(15)

First Lien Revolver, LIBOR+6.25% cash due 1/8/2025 — (58) (75) (6)(15)(19)

50,848 51,656

OmniSYS Acquisition Corporation Diversified Support Services

100,000 Common Units in OSYS Holdings, LLC 1,000 729 (15)

Onvoy, LLC Integrated Telecommunication Services

First Lien Term Loan, LIBOR+4.50% cash due 2/10/2024 5.50 % 3,601 3,410 3,603 (6)

Second Lien Term Loan, LIBOR+7.00% cash due 9/25/2027 10.05 % 7,519 7,389 7,237 (6)(15)

19,666.67 Class A Units in GTCR Onvoy Holdings, LLC 1,967 2,372 (15)

13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC — — (15)

10,551 10,444

OTG Management, LLC Airport Services

First Lien Term Loan, LIBOR+10.00% cash due 9/1/2025 11.00 % 19,894 19,504 19,496 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+10.00% cash due 9/1/2025 — (37) (38) (6)(15)(19)

19,467 19,458

P & L Development, LLC Pharmaceuticals

Fixed Rate Bond, 7.75% cash due 11/15/2025 7,776 7,832 8,089

Park Place Technologies, LLC Internet Services & Infrastructure

First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 6.00 % 9,950 9,479 9,961 (6)

Oaktree Specialty Lending Corporation

3 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

OTG Management, LLC Airport Services

First Lien Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025 5.08 % $ 21,557 $ 21,267 $ 21,557 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025 — (31) — (6)(15)(19)

21,236 21,557

P & L Development, LLC Pharmaceuticals

Fixed Rate Bond, 7.75% cash due 11/15/2025 7,776 7,820 5,846

Park Place Technologies, LLC Internet Services & Infrastructure

First Lien Term Loan, SOFR+5.00% cash due 11/10/2027 8.13 % 9,850 9,460 9,374 (6)

Performance Health Holdings, Inc.

2 unchanged sentences

17,690 17,537

Pingora MSR Opportunity Fund I-A, LP Thrifts & Mortgage Finance

1.86% limited partnership interest 752 112 (11)(16)(19)

PFNY Holdings, LLC Leisure Facilities

First Lien Term Loan, LIBOR+7.00% cash due 12/31/2026 9.28 % 26,154 25,712 25,893 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/31/2026 9.25 % 2,228 2,186 2,203 (6)(15)(19)

First Lien Revolver, LIBOR+7.00% cash due 12/31/2026 — (21) (13) (6)(15)(19)

27,877 28,083

Planview Parent, Inc.

2 unchanged sentences

28,198 27,482

PLNTF Holdings, LLC Leisure Facilities

First Lien Term Loan, LIBOR+8.00% cash due 3/22/2026 9.00 % 13,729 13,482 13,798 (6)(15)

13,482 13,798

Pluralsight, LLC Application Software

8 unchanged sentences

32,976 33,156

ProFrac Services, LLC Industrial Machinery

First Lien Term Loan, LIBOR+8.50% cash due 9/15/2023 9.75 % 30,910 29,146 30,600 (6)(15)

Profrac Holdings II, LLC Industrial Machinery

First Lien Term Loan, SOFR+8.50% cash due 3/4/2025 10.01 % 23,275 22,722 22,810 (6)(15)

22,722 22,810

2 unchanged sentences

Quantum Bidco Limited Food Distributors

First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028 6.11 % £ 3,501 4,625 4,673 (6)(11)

First Lien Term Loan, SONIA+6.00% cash due 1/29/2028 8.39 % £ 3,501 4,646 3,367 (6)(11)(15)

QuorumLabs, Inc.

1 unchanged sentence

64,887,669 Junior-2 Preferred Stock 375 — (15)

Radiology Partners Inc.

Health Care Distributors

First Lien Term Loan, LIBOR+4.25% cash due 7/9/2025 7.33 % $ 3,400 3,202 2,880 (6)

Fixed Rate Bond, 9.25% cash due 2/1/2028 4,755 4,720 3,109

Relativity ODA LLC Application Software

5 unchanged sentences

Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026 10.12 % 3,542 3,515 3,402 (6)

RevSpring, Inc.

Commercial Printing

First Lien Term Loan, LIBOR+4.25% cash due 10/11/2025 4.38 % 9,725 9,185 9,709 (6)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2022

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

RP Escrow Issuer LLC Health Care Distributors

Fixed Rate Bond, 5.25% cash due 12/15/2025 $ 1,325 $ 1,218 $ 1,097

RumbleOn, Inc.

4 unchanged sentences

47,560 47,021

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Sabert Corporation Metal & Glass Containers

First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 7.63 % 1,691 1,610 1,623 (6)

Scilex Pharmaceuticals Inc.

Pharmaceuticals

Fixed Rate Zero Coupon Bond due 8/15/2026 7,692 6,512 7,169 (15)

ShareThis, Inc.

3 unchanged sentences

Metal & Glass Containers

Subordinated Debt, 11.25% cash due 2/28/2022 15,896 15,161 15,022 (15)

Subordinated Delayed Draw Debt, 11.25% cash due 2/28/2022 — (110) (119) (15)(19)

First Lien Term Loan, 5.50% cash 8.50% PIK due 12/21/2026 46,121 45,413 45,295 (15)

415.34 Common Stock Warrants (exercise price $4,920.75) expiration date 7/31/2028 681 681 (15)

46,094 45,976

Sirva Worldwide, Inc.

Diversified Support Services

First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 5.58 % 1,739 1,554 1,644 (6)

SM Wellness Holdings, Inc.

7 unchanged sentences

50,000 Common Stock Units 197 79 (11)

Star US Bidco LLC Industrial Machinery

Spanx, LLC Apparel Retail

First Lien Term Loan, LIBOR+5.25% cash due 11/20/2028 8.30 % 4,534 4,455 4,427 (6)(15)

First Lien Revolver, LIBOR+5.25% cash due 11/18/2027 8.03 % 866 813 796 (6)(15)(19)

SPX Flow, Inc.

Industrial Machinery

First Lien Term Loan, SOFR+4.50% cash due 4/5/2029 7.63 % 1,500 1,410 1,393 (6)

SumUp Holdings Luxembourg S.À.R.L.

Other Diversified Financial Services

First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/2026 10.00 % € 13,980 15,991 15,908 (6)(11)(15)(19)

First Lien Term Loan, EURIBOR+8.50% cash due 3/10/2026 10.00 % € 16,911 19,414 16,360 (6)(11)(15)

19,414 16,360

1 unchanged sentence

First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026 8.88 % $ 42,618 41,654 41,723 (6)(15)

First Lien Revolver, LIBOR+6.00% cash due 1/13/2022 7.00 % 203 150 169 (6)(15)(19)

41,654 41,723

8 unchanged sentences

12,474 11,469

Tacala, LLC Restaurants

Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 8.25 % 9,448 9,317 9,451 (6)

Oaktree Specialty Lending Corporation

3 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Tacala, LLC Restaurants

Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 10.62 % $ 9,448 $ 9,338 $ 8,692 (6)

Tahoe Bidco B.V.

Application Software

First Lien Term Loan, LIBOR+6.00% cash due 9/29/2028 8.68 % 23,215 22,815 22,843 (6)(11)(15)

First Lien Revolver, LIBOR+6.00% cash due 10/1/2027 — (29) (28) (6)(11)(15)(19)

22,786 22,815

Tecta America Corp.

2 unchanged sentences

Telestream Holdings Corporation Application Software

First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025 9.75 % 18,510 18,017 18,250 (6)(15)

First Lien Revolver, LIBOR+8.75% cash due 10/15/2025 9.75 % 492 464 468 (6)(15)(19)

First Lien Term Loan, SOFR+9.25% cash due 10/15/2025 12.11 % 18,323 17,956 17,865 (6)(15)

First Lien Revolver, SOFR+9.25% cash due 10/15/2025 12.20 % 1,231 1,210 1,187 (6)(15)(19)

19,166 19,052

5 unchanged sentences

Subordinated Debt, 11.50% cash due 5/14/2026 4,984 4,866 4,872 (10)(11)(15)

Thermacell Repellents, Inc.

Leisure Products

First Lien Term Loan, LIBOR+5.75% cash due 12/4/2026 6.75 % 6,636 6,603 6,603 (6)(15)

First Lien Revolver, LIBOR+5.75% cash due 12/4/2026 — (4) (4) (6)(15)(19)

Thrasio, LLC Internet & Direct Marketing Retail

3 unchanged sentences

2,409 2,320 (15)

48,352 Shares of Series D Preferred Stock in Thrasio Holdings, Inc.

23,201 Shares of Series X Preferred Stock in Thrasio Holdings, Inc.

3 unchanged sentences

Application Software

Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028 7.34 % 16,788 16,681 17,002 (6)

16,681 17,002

TigerConnect, Inc.

Application Software

299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 60 525 (15)

Transact Holdings Inc.

Application Software

First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 4.83 % 6,860 6,757 6,809 (6)(15)

Velocity Commercial Capital, LLC Thrifts & Mortgage Finance

First Lien Term Loan, LIBOR+8.00% cash due 2/5/2026 9.00 % 15,909 15,327 15,830 (6)(15)

First Lien Term Loan, SOFR+4.50% cash due 3/20/2029 8.15 % 12,032 10,949 10,827 (6)

10,949 10,827

Veritas US Inc.

Application Software

Touchstone Acquisition, Inc.

Health Care Supplies

First Lien Term Loan, LIBOR+6.00% cash due 12/29/2028 9.12 % 6,016 5,908 5,895 (6)(15)

Vitalyst Holdings, Inc.

IT Consulting & Other Services

675 Series A Preferred Stock Units 675 440 (15)

7,500 Class A Common Stock Units 75 — (15)

Uniti Group LP Specialized REITs

Fixed Rate Bond, 6.50% cash due 2/15/2029 4,500 4,060 3,026 (11)

Fixed Rate Bond, 4.75% cash due 4/15/2028 300 258 238 (11)

Win Brands Group LLC Housewares & Specialties

First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026 10.00 % 1,894 1,875 1,884 (6)(15)

First Lien Term Loan, LIBOR+15.00% cash due 1/22/2026 19.64 % 2,316 2,293 2,264 (6)(15)

3,621 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027 — 192 (15)

19 unchanged sentences

Second Lien Term Loan, LIBOR+7.00% cash due 7/26/2029 10.67 % 5,000 4,925 4,538 (6)(15)

Zayo Group Holdings, Inc.

Alternative Carriers

Fixed Rate Bond, 4.00% cash due 3/1/2027 250 212 201

Specialty Chemicals

First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024 5.00 % 6,495 6,165 6,353 (6)

Second Lien Term Loan, LIBOR+8.25% cash due 8/11/2025 11.92 % 19,578 19,542 16,152 (6)(15)

1 unchanged sentence

Zephyr Bidco Limited Specialized Finance

Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026 7.55 % £ 18,000 23,783 24,210 (6)(11)

Second Lien Term Loan, SONIA+7.50% cash due 7/23/2026 9.72 % £ 18,000 23,804 16,552 (6)(11)(15)

23,804 16,552

5 unchanged sentences

Other cash accounts

21,103 21,103

Total Cash and Cash Equivalents and Restricted Cash (2.1% of net assets) $ 26,364 $ 26,364

18 unchanged sentences

A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.

(6) The interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate ("LIBOR") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option.

(6) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to the London Interbank Offered Rate ("LIBOR") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option.

Certain loans may also be indexed to the secured overnight financing rate ("SOFR") or the sterling overnight index average ("SONIA").

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 LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end.

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.

All LIBOR shown above is in U.S.

dollars unless otherwise noted.

As of September 30, 2021, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.08%, the 60-day LIBOR at 0.11%, the 90-day LIBOR at 0.13%, the 180-day LIBOR at 0.16%, the 360-day LIBOR at 0.24%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.05%, the 180-day UK LIBOR at 0.09%, the 30-day EURIBOR at (0.57)%, the 90-day EURIBOR at (0.56)% and the 180-day EURIBOR at (0.53)%.

As of September 30, 2022, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 3.12%, the 90-day LIBOR at 3.67%, the 180-day LIBOR at 4.17%, the 360-day LIBOR at 4.78%, the PRIME at 6.25%, the 30-day SOFR at 3.03%, the 90-day SOFR at 3.55%, the SONIA at 1.69%, the 30-day EURIBOR at 0.69%, the 90-day EURIBOR at 0.99% and the 180-day EURIBOR at 0.38%.

Most loans include an interest floor, which generally ranges from 0% to 1%.

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.

5 unchanged sentences

See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the year ended September 30, 2022 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.

(10) First Star Speir Aviation 1 Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy.

In accordance with Accounting Standards Update ("ASU") 2013-08, the Company has deemed the holding company to be an investment company under accounting principles generally accepted in the United States ("GAAP") and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company and to recognize dividend income versus a combination of interest income and dividend income.

Accordingly, the debt and equity investments in the wholly-owned holding company are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.

(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.

2 unchanged sentences

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

(13) PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment subsequent to a restructure that occurred during the year ended September 30, 2021.

As a result, the principal amount of the investment does not increase over time for accumulated PIK interest.

As of September 30, 2021, the accumulated PIK interest balance for the A notes and the B notes was $0.9 million and $0.8 million, respectively.

(13) One half of the Seller Earn Out Shares will vest if, at any time through June 16, 2027, the Alvotech SA common share price is at or above a volume weighted average price ("VWAP") of $15.00 per share for any ten trading days within any twenty trading day period, and the other half will vest, if at any time during such period, the 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.

7 unchanged sentences

A negative fair value may result from the unfunded commitment being valued below par.

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

(20) This investment was renamed during the three months ended March 31, 2022.

For periods prior to March 31, 2022, this investment was referenced as Realfi Strategic Capital Funding LLC.

See notes to Consolidated Financial Statements.

17 unchanged sentences

100% equity interest 6,332 698 (11)(12)(15)

OCSI Glick JV LLC Multi-Sector Holdings (14)

Subordinated Debt, LIBOR+4.50% cash due 10/20/2028 4.60 % 61,709 50,705 55,582 (6)(11)(15)(19)

87.5% equity interest — — (11)(16)(19)

50,705 55,582

New IPT, Inc.

Oil & Gas Equipment & Services

First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 6.00 % 2,304 2,304 1,800 (6)(20)

First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 6.00 % 1,009 1,009 788 (6)(19)(20)

50.087 Class A Common Units in New IPT Holdings, LLC — — (20)

Senior Loan Fund JV I, LLC Multi-Sector Holdings (14)

9 unchanged sentences

70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 — — (15)

17,683 17,451

Caregiver Services, Inc.

6 unchanged sentences

First Lien Revolver, LIBOR+6.00% cash due 6/7/2022 — (24) (93) (6)(15)(19)

99 Cents Only Stores LLC General Merchandise Stores

First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/2022 6.00 % 19,431 19,220 17,877 (6)

10,500 10,391

109 Montgomery Owner LLC Real Estate Operating Companies

First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023 7.50 % 3,102 2,984 3,153 (6)(15)(19)

Holdings II SÀRL Biotechnology

First Lien Term Loan, 9.50% cash due 12/22/2022 37,158 36,930 36,972 (11)(15)

First Lien Delayed Draw Term Loan, 12.00% cash due 4/27/2023 1,508 1,508 1,780 (11)(19)(20)

36,930 36,972

Access CIG, LLC Diversified Support Services

First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 3.83 % 5,352 5,021 5,332 (6)

Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 7.83 % 17,000 16,923 17,028 (6)

21,944 22,360

Oaktree Specialty Lending Corporation

3 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Access CIG, LLC Diversified Support Services

Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 7.91 % $ 15,000 $ 14,909 $ 14,250 (6)

14,909 14,250

Accupac, Inc.

8 unchanged sentences

27,084 27,470

ADB Companies, LLC Construction & Engineering

First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 7.25 % 15,463 14,817 15,287 (6)(15)

14,817 15,287

Aden & Anais Merger Sub, Inc.

1 unchanged sentence

51,645 Common Units in Aden & Anais Holdings, Inc.

AdVenture Interactive, Corp.

9,073 shares of common stock 13,611 13,440 (20)

13,611 13,440

AI Ladder (Luxembourg) Subco S.a.r.l.

Electrical Components & Equipment

First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 4.65 % 21,374 20,934 20,465 (6)(11)

20,934 20,465

AI Sirona (Luxembourg) Acquisition S.a.r.l.

2 unchanged sentences

27,720 28,738

Hotels, Resorts & Cruise Lines

First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 8.50 % $ 15,743 15,378 17,081 (6)

15,378 17,081

AirStrip Technologies, Inc.

1 unchanged sentence

5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/2025 90 — (15)

Aldevron, L.L.C.

Biotechnology

All Web Leads, Inc.

First Lien Term Loan, LIBOR+6.50% cash due 12/29/2023 7.50 % $ 23,899 21,512 22,992 (6)(15)

Algeco Scotsman Global Finance Plc Construction & Engineering

Fixed Rate Bond, 8.00% cash due 2/15/2023 13,524 13,277 13,465 (11)

21,512 22,992

Alvogen Pharma US, Inc.

Pharmaceuticals

First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 6.25 % 13,825 13,329 13,383 (6)

13,329 13,383

Alvotech Holdings S.A.

Biotechnology (13)

Fixed Rate Bond 15% PIK Note A due 12/13/2023 14,800 18,849 19,968 (11)(20)

Fixed Rate Bond 15% PIK Note B due 12/13/2023 14,800 18,849 19,196 (11)(20)

Fixed Rate Bond 15% PIK Tranche A due 6/24/2025 20,967 20,576 20,967 (11)(15)

Fixed Rate Bond 15% PIK Tranche B due 6/24/2025 20,512 20,169 20,512 (11)(15)

27,308 Common Shares 6,322 6,322 (15)

47,067 47,801

4 unchanged sentences

26,002 27,048

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2020

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Ancile Solutions, Inc.

Application Software

First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 8.00 % $ 8,181 $ 8,150 $ 8,124 (6)(20)

Ankura Consulting Group LLC Research & Consulting Services

Second Lien Term Loan, LIBOR+8.00% cash due 3/19/2029 8.75 % 7,466 7,354 7,606 (6)(15)

Application Software

5 unchanged sentences

First Lien Term Loan, UK LIBOR+7.25% cash due 7/14/2026 8.00 % £ 18,636 23,336 25,329 (6)(11)(15)

First Lien Delayed Draw Term Loan, UK LIBOR+7.50% cash due 7/14/2026 £ — — — (6)(11)(19)(20)

Fixed Rate Bond, 11.50% cash due 1/15/2027 $ 2,222 2,200 2,255 (11)

First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 7/14/2026 $ — — — (6)(11)(15)(19)

First Lien Delayed Draw Term Loan, SONIA+6.00% cash due 7/14/2026 £ — — — (6)(11)(15)(19)

25,515 27,612

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Associated Asphalt Partners, LLC Construction Materials

First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024 6.25 % $ 2,531 $ 2,245 $ 2,350 (6)

Asurion, LLC Property & Casualty Insurance

Second Lien Term Loan, LIBOR+6.50% cash due 8/4/2025 6.65 % 19,985 19,950 20,058 (6)

19,950 20,058

Athenex, Inc.

8 unchanged sentences

22,232 21,318

The Avery Real Estate Operating Companies

First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023 7.55 % 20,287 19,933 20,490 (6)(15)(19)

Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023 12.75 % 4,692 4,614 4,698 (6)(15)(19)

24,547 25,188

BAART Programs, Inc.

Health Care Services

Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028 9.50 % 7,166 7,059 7,130 (6)(15)

Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028 — (52) (18) (6)(15)(19)

Berner Food & Beverage, LLC Soft Drinks

First Lien Term Loan, LIBOR+6.50% cash due 7/30/2027 7.50 % 33,412 32,844 32,844 (6)(15)

First Lien Revolver, LIBOR+6.50% cash due 7/30/2027 7.50 % 619 566 566 (6)(15)(19)

33,410 33,410

Blackhawk Network Holdings, Inc.

2 unchanged sentences

30,181 30,523

Boxer Parent Company Inc.

Systems Software

First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 4.40 % 13,775 13,666 13,407 (6)

13,666 13,407

BX Commercial Mortgage Trust 2020-VIVA Diversified Real Estate Activities

Class D Variable Notes due 3/9/2044 3.67 % 12,556 10,482 11,451 (6)(11)(20)

Class E Variable Notes due 3/9/2044 3.67 % 6,221 4,806 5,395 (6)(11)(20)

Blumenthal Temecula, LLC Automotive Retail

First Lien Term Loan, 9.00% cash due 9/24/2023 3,979 3,980 3,979 (15)

1,293,324 Preferred Units in Unstoppable Automotive AMV, LLC 1,293 1,293 (15)

298,460 Preferred Units in Unstoppable Automotive VMV, LLC 298 298 (15)

298,460 Common Units in Unstoppable Automotive AMV, LLC 298 298 (15)

99,486 Common Units in Unstoppable Automotive VMV, LLC 100 99 (15)

Cadence Aerospace, LLC Aerospace & Defense

First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023 7.50 % 14,146 12,574 12,992 (6)(15)

12,574 12,992

California Pizza Kitchen, Inc.

First Lien Term Loan, LIBOR+8.00% cash due 8/23/2022 3,222 3,081 983 (6)(21)

Chief Power Finance II, LLC Independent Power Producers & Energy Traders

1 unchanged sentence

23,458 23,552

CircusTrix Holdings, LLC Leisure Facilities

First Lien Term Loan, LIBOR+5.50% cash 2.50% PIK due 7/16/2023 6.50 % 10,686 9,793 8,816 (6)(15)(19)

CITGO Holding, Inc.

11 unchanged sentences

First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 7.25 % $ 14,221 $ 13,855 $ 14,269 (6)

13,855 14,269

Clear Channel Outdoor Holdings Inc.

Fixed Rate Bond, 7.50% cash due 6/1/2029 7,137 7,137 7,431 (11)

Continental Intermodal Group LP Oil & Gas Storage & Transportation

5 unchanged sentences

First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 5.08 % 7,024 6,848 7,003 (6)

14,169 13,465

Application Software

417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 105 395 (20)

Corrona, LLC Health Care Services

517,851 Shares of Series D Preferred Stock 605 894 (15)

CorEvitas, LLC Health Care Services

First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025 6.50 % 10,196 10,071 10,109 (6)(15)

1 unchanged sentence

First Lien Revolver, PRIME+4.50% cash due 12/13/2025 7.75 % 305 283 290 (6)(15)(19)

1,099 Class A2 Common Units in Corrona Group Holdings, L.P.

1,099 Class A2 Common Units in CorEvitas Holdings, L.P.

1,038 1,177 (15)

13,286 13,488

Personal Products

First Lien Revolver, LIBOR+1.75% cash due 4/5/2023 — (712) (395) (6)(11)(15)(19)

Coyote Buyer, LLC Specialty Chemicals

2 unchanged sentences

17,874 18,213

CTOS, LLC Trading Companies & Distributors

Curium Bidco S.à.r.l.

Biotechnology

Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028 8.50 % 16,787 16,535 17,070 (6)(11)(15)

16,535 17,070

Delta Topco, Inc.

Systems Software

Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028 8.00 % 6,680 6,647 6,769 (6)

Dialyze Holdings, LLC Health Care Equipment

First Lien Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026 8.00 % 24,093 22,439 22,467 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026 — (170) (163) (6)(15)(19)

5,403,823 Class A Warrants (exercise price $1.00) expiration date 8/4/2028 1,405 1,459 (15)

23,674 23,763

Digital.AI Software Holdings, Inc.

Application Software

First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027 8.00 % 10,003 9,627 9,783 (6)(15)

First Lien Revolver, LIBOR+7.00% cash due 2/10/2027 8.00 % 180 151 156 (6)(15)(19)

DirecTV Financing, LLC Cable & Satellite

First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 5.75 % 27,000 26,730 27,048 (6)

26,730 27,048

1 unchanged sentence

Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026 8.50 % 8,974 8,884 8,918 (6)(15)

11,880 10,440

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

EHR Canada, LLC Food Retail

3 unchanged sentences

12,500 Class B Common Units — — (15)

ExamSoft Worldwide, Inc.

Application Software

180,707 Class C Units in ExamSoft Investor LLC 181 500 (20)

Firstlight Holdco, Inc.

Alternative Carriers

First Lien Term Loan, LIBOR+3.50% cash due 7/23/2025 3.58 % 7,012 6,578 6,939 (6)

Fortress Biotech, Inc.

2 unchanged sentences

331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030 405 341 (11)(15)

11,127 11,416

GI Chill Acquisition LLC Managed Health Care

2 unchanged sentences

18,654 18,840

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2020

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

GKD Index Partners, LLC Specialized Finance

2 unchanged sentences

27,088 27,183

Global Medical Response Health Care Services

First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 5.25 % 6,256 6,152 6,084 (6)

Guidehouse LLP Research & Consulting Services

Global Medical Response, Inc.

Health Care Services

First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 5.25 % 8,630 8,399 8,674 (6)

Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026 8.15 % 20,000 19,930 19,300 (6)(20)

24,837 24,212

Gulf Operating, LLC Oil & Gas Storage & Transportation

First Lien Term Loan, LIBOR+5.25% cash due 8/25/2023 6.25 % 3,275 1,874 2,324 (6)

First Lien Revolver, LIBOR+4.00% cash due 12/27/2021 — (704) (75) (6)(15)(19)

Houghton Mifflin Harcourt Publishers Inc.

1 unchanged sentence

First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 7.25 % 1,007 981 1,009 (6)(11)

I Drive Safely, LLC Education Services

125,079 Class A Common Units of IDS Investments, LLC 1,000 200 (20)

IBG Borrower LLC Apparel, Accessories & Luxury Goods

First Lien Term Loan, LIBOR+7.00% cash due 8/2/2022 7.25 % 9,056 8,569 7,856 (6)(20)

Application Software

5 unchanged sentences

First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025 6.75 % 8,657 8,425 8,570 (6)(15)

First Lien Revolver, LIBOR+5.75% cash due 7/2/2025 — (10) (11) (6)(19)(20)

Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025 9.00 % 21,834 21,225 21,616 (6)(15)

2 unchanged sentences

1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 113 — (15)

L Squared Capital Partners LLC Multi-Sector Holdings

2.00% limited partnership interest 887 2,192 (11)(16)

Lanai Holdings III, Inc.

Health Care Distributors

Inventus Power, Inc.

Electrical Components & Equipment

First Lien Term Loan, LIBOR+5.00% cash due 3/29/2024 6.00 % 18,849 18,693 18,708 (6)(15)

Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024 9.50 % 13,674 13,434 13,434 (6)(15)

32,127 32,142

Lannett Company, Inc.

Pharmaceuticals

First Lien Term Loan, LIBOR+5.00% cash due 11/25/2020 6.00 % 460 460 456 (6)(11)

Oaktree Specialty Lending Corporation

3 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

INW Manufacturing, LLC Personal Products

First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027 6.50 % $ 37,031 $ 35,988 $ 36,291 (6)(15)

35,988 36,291

Fertilizers & Agricultural Chemicals

First Lien Term Loan, LIBOR+8.25% cash due 8/25/2024 9.25 % 22,506 21,636 21,651 (6)(15)

21,636 21,651

Ivanti Software, Inc.

Application Software

Second Lien Term Loan, LIBOR+8.50% cash due 12/1/2028 9.50 % 17,346 16,864 17,368 (6)(15)

16,864 17,368

Jazz Acquisition, Inc.

Aerospace & Defense

First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027 8.50 % 36,603 35,292 36,531 (6)(15)

35,292 36,531

Latam Airlines Group S.A.

First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022 16,239 16,085 16,356 (6)(11)(15)(19)

16,085 16,356

Lift Brands Holdings, Inc.

7 unchanged sentences

Application Software

Second Lien Term Loan, LIBOR+9.00% cash due 8/31/2028 9.16 % 9,293 8,831 9,247 (6)

First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 4.83 % 3,970 3,720 3,973 (6)

LTI Holdings, Inc.

Electronic Components

First Lien Term Loan, LIBOR+4.75% cash due 7/24/2026 4.90 % 1,794 1,513 1,685 (6)

First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 3.65 % 18,082 15,087 16,884 (6)

Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 6.83 % 10,140 10,080 10,127 (6)

10,080 10,127

Maravai Intermediate Holdings, LLC Biotechnology

First Lien Term Loan, LIBOR+4.25% cash due 8/1/2025 5.25 % 11,760 11,642 11,789 (6)(20)

11,642 11,789

Mauser Packaging Solutions Holding Company Metal & Glass Containers

Fixed Rate Bond, 8.50% cash due 4/15/2024 11,378 11,273 11,833

Marinus Pharmaceuticals, Inc.

Pharmaceuticals

First Lien Term Loan, 11.50% cash due 5/11/2026 3,441 3,377 3,389 (11)(15)

First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026 6,881 6,755 6,778 (11)(15)(19)

10,132 10,167

2 unchanged sentences

First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 4.58 % 9,949 9,884 9,949 (6)

28,045 26,679

McAfee, LLC Systems Software

MedAssets Software Intermediate Holdings, Inc.

Health Care Technology

Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029 8.50 % 14,137 13,877 13,960 (6)(15)

13,877 13,960

MHE Intermediate Holdings, LLC Diversified Support Services

First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027 6.75 % 16,429 16,111 16,100 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027 6.75 % 106 84 83 (6)(15)(19)

First Lien Revolver, LIBOR+5.75% cash due 7/21/2027 — (27) (28) (6)(15)(19)

16,168 16,155

Mindbody, Inc.

3 unchanged sentences

37,438 37,962

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Ministry Brands, LLC Application Software

1 unchanged sentence

Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 10.25 % 11,000 10,844 10,906 (6)(15)

10,835 10,897

Mosaic Companies, LLC Home Improvement Retail

First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026 7.75 % 47,388 46,487 46,488 (6)(15)

46,487 46,488

MRI Software LLC Application Software

3 unchanged sentences

26,777 27,334

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2020

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Navisite, LLC Data Processing & Outsourced Services

Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026 9.50 % 22,560 22,165 22,176 (6)(15)

22,165 22,176

NeuAG, LLC Fertilizers & Agricultural Chemicals

2 unchanged sentences

45,077 45,876

NuStar Logistics, L.P.

Oil & Gas Refining & Marketing

Unsecured Delayed Draw Term Loan, 12.00% cash due 4/19/2023 — — — (19)(20)

Industrial Machinery

First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026 7.88 % 59,309 57,971 58,419 (6)(11)(15)

57,971 58,419

OEConnection LLC Application Software

First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 4.08 % 3,355 3,152 3,351 (6)

Olaplex, Inc.

6 unchanged sentences

Onvoy, LLC Integrated Telecommunication Services

First Lien Term Loan, LIBOR+4.50% cash due 2/10/2024 5.50 % 3,601 3,410 3,603 (6)

Second Lien Term Loan, LIBOR+10.50% cash due 2/10/2025 11.50 % 9,277 9,277 9,277 (6)(15)

2 unchanged sentences

14,654 15,252

OZLM Funding III, Ltd.

Multi-Sector Holdings

Class DR Notes, LIBOR+7.77% cash due 1/22/2029 8.03 % 2,312 1,657 2,119 (6)(11)

PaySimple, Inc.

Data Processing & Outsourced Services

OTG Management, LLC Airport Services

First Lien Term Loan, LIBOR+10.00% cash due 9/1/2025 11.00 % 19,894 19,504 19,496 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+10.00% cash due 9/1/2025 — (37) (38) (6)(15)(19)

19,467 19,458

P & L Development, LLC Pharmaceuticals

Fixed Rate Bond, 7.75% cash due 11/15/2025 7,776 7,832 8,089

Park Place Technologies, LLC Internet Services & Infrastructure

First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 6.00 % 9,950 9,479 9,961 (6)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Performance Health Holdings, Inc.

Health Care Distributors

First Lien Term Loan, LIBOR+6.00% cash due 7/12/2027 7.00 % $ 20,085 $ 19,698 $ 19,683 (6)(15)

19,698 19,683

Pingora MSR Opportunity Fund I-A, LP Thrifts & Mortgage Finance

1.86% limited partnership interest 752 112 (11)(16)(19)

PLATO Learning Inc.

Education Services

Unsecured Senior PIK Note, 8.50% PIK due 12/9/2021 3,099 2,434 — (15)(20)

Unsecured Junior PIK Note, 10.00% PIK due 12/9/2021 15,010 10,227 — (15)(20)

Unsecured Revolver, 5.00% cash due 12/9/2021 2,938 2,631 588 (20)(21)

126,127.80 Class A Common Units of Edmentum 126 — (20)

Planview Parent, Inc.

Application Software

Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 8.00 % 28,627 28,198 28,699 (6)(15)

28,198 28,699

PLNTF Holdings, LLC Leisure Facilities

First Lien Term Loan, LIBOR+8.00% cash due 3/22/2026 9.00 % 13,729 13,482 13,798 (6)(15)

13,482 13,798

Pluralsight, LLC Application Software

First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 9.00 % 48,689 47,788 47,763 (6)(15)

First Lien Revolver, LIBOR+8.00% cash due 4/6/2027 — (65) (67) (6)(15)(19)

47,723 47,696

PRGX Global, Inc.

Data Processing & Outsourced Services

First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026 7.75 % 34,118 33,016 33,547 (6)(15)

First Lien Revolver, LIBOR+6.75% cash due 3/3/2026 — (44) (42) (6)(15)(19)

80,515 Class B Common Units 79 81 (15)

33,051 33,586

ProFrac Services, LLC Industrial Machinery

3 unchanged sentences

Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027 8.08 % 5,250 5,151 5,224 (6)(15)

Quantum Bidco Limited Food Distributors

First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028 6.11 % £ 3,501 4,625 4,673 (6)(11)

QuorumLabs, Inc.

Application Software

64,887,669 Junior-2 Preferred Stock 375 — (15)

Relativity ODA LLC Application Software

First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027 $ 22,856 22,337 22,376 (6)(15)

First Lien Revolver, LIBOR+6.50% cash due 5/12/2027 — (52) (47) (6)(15)(19)

22,285 22,329

Renaissance Holding Corp.

Diversified Banks

Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026 7.08 % 3,542 3,515 3,562 (6)

RevSpring, Inc.

Commercial Printing

First Lien Term Loan, LIBOR+4.25% cash due 10/11/2025 4.38 % 9,725 9,185 9,709 (6)

RumbleOn, Inc.

Automotive Retail

First Lien Term Loan, LIBOR+8.25% cash due 8/31/2026 9.25 % 38,036 35,651 35,640 (6)(11)(15)

First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026 — (1,022) (1,027) (6)(11)(15)(19)

164,660 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023 1,202 1,553 (15)

35,831 36,166

Oaktree Specialty Lending Corporation

3 unchanged sentences

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Pug LLC Internet & Direct Marketing Retail

First Lien Term Loan, LIBOR+8.00% cash due 2/12/2027 8.75 % $ 15,740 $ 14,802 $ 15,307 (6)

14,802 15,307

QuorumLabs, Inc.

Application Software

64,887,669 Junior-2 Preferred Stock 375 — (20)

Refac Optical Group Specialty Stores

1,550.9435 Shares of Common Stock in Refac Holdings, Inc.

550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10% 305 — (20)

1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10% 999 — (20)

Salient CRGT, Inc.

Aerospace & Defense

Sabert Corporation Metal & Glass Containers

First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 5.50 % $ 1,818 $ 1,711 $ 1,825 (6)

2 unchanged sentences

Fixed Rate Zero Coupon Bond due 8/15/2026 7,692 6,512 7,169 (15)

12,069 12,468

ShareThis, Inc.

1 unchanged sentence

345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 367 — (15)

SIO2 Medical Products, Inc.

Metal & Glass Containers

Subordinated Debt, 11.25% cash due 2/28/2022 15,896 15,161 15,022 (15)

Subordinated Delayed Draw Debt, 11.25% cash due 2/28/2022 — (110) (119) (15)(19)

Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028 681 685 (15)

15,732 15,588

Sirva Worldwide, Inc.

Diversified Support Services

First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 5.58 % 1,739 1,554 1,644 (6)

SM Wellness Holdings, Inc.

Health Care Services

Second Lien Term Loan, LIBOR+8.00% cash due 4/16/2029 8.75 % 9,109 8,972 9,177 (6)(15)

SonicWall US Holdings Inc.

Technology Distributors

Second Lien Term Loan, LIBOR+7.50% cash due 5/18/2026 7.63 % 3,195 3,163 3,178 (6)

Sorrento Therapeutics, Inc.

Biotechnology

125,000 Common Stock Warrants (exercise price $3.94) expiration date 11/3/2029 — 1,123 (11)(20)

50,000 Common Stock Units 197 382 (11)

Star US Bidco LLC Industrial Machinery

First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 5.25 % 1,194 1,114 1,199 (6)

SumUp Holdings Luxembourg S.À.R.L.

Other Diversified Financial Services

First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/2026 10.00 % € 13,980 15,991 15,908 (6)(11)(15)(19)

15,991 15,908

Sunland Asphalt & Construction, LLC Construction & Engineering

First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026 7.00 % $ 43,052 41,782 42,450 (6)(15)

First Lien Revolver, LIBOR+6.00% cash due 1/13/2022 7.00 % 203 150 169 (6)(15)(19)

41,932 42,619

Supermoose Borrower, LLC Application Software

First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 3.88 % 8,576 7,581 7,996 (6)

Surgery Center Holdings, Inc.

Health Care Facilities

SVP-Singer Holdings Inc.

Home Furnishings

First Lien Term Loan, LIBOR+6.75% cash due 7/28/2028 7.50 % 20,976 19,537 19,735 (6)(15)

19,537 19,735

Swordfish Merger Sub LLC Auto Parts & Equipment

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Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 8.25 % 9,448 9,317 9,451 (6)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Tecta America Corp.

Construction & Engineering

Second Lien Term Loan, LIBOR+8.50% cash due 4/9/2029 9.25 % $ 5,203 $ 5,125 $ 5,203 (6)(15)

Telestream Holdings Corporation Application Software

First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025 9.75 % 18,510 18,017 18,250 (6)(15)

First Lien Revolver, LIBOR+8.75% cash due 10/15/2025 9.75 % 492 464 468 (6)(15)(19)

18,481 18,718

TerSera Therapeutics LLC Pharmaceuticals

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31,551 32,858

TGNR HoldCo LLC Integrated Oil & Gas

Subordinated Debt, 11.50% cash due 5/14/2026 4,984 4,842 4,884 (11)(15)(20)

Thermacell Repellents, Inc.

Leisure Products

First Lien Term Loan, LIBOR+5.75% cash due 12/4/2026 6.75 % 6,636 6,603 6,603 (6)(15)

First Lien Revolver, LIBOR+5.75% cash due 12/4/2026 — (4) (4) (6)(15)(19)

Thrasio, LLC Internet & Direct Marketing Retail

First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026 8.00 % 37,876 36,736 37,686 (6)(15)

8,434 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc.

284,650.32 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc.

2,410 5,764 (15)

23,201 Shares of Series X Preferred Stock in Thrasio Holdings, Inc.

22,986 24,803 (15)(19)

62,233 68,424

TIBCO Software Inc.

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First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 4.83 % 6,860 6,757 6,809 (6)(15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2020

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Truck Hero, Inc.

Auto Parts & Equipment

Second Lien Term Loan, LIBOR+8.25% cash due 4/21/2025 9.25 % $ 21,500 $ 21,191 $ 20,819 (6)(20)

21,191 20,819

Renal Care, Inc.

Health Care Services

First Lien Term Loan, LIBOR+5.00% cash due 6/26/2026 5.15 % 1,122 934 1,096 (6)

Uniti Group Inc.

Specialized REITs

21,072 Common Units — 133 222 (11)(12)

Verscend Holding Corp.

Health Care Technology

Velocity Commercial Capital, LLC Thrifts & Mortgage Finance

First Lien Term Loan, LIBOR+8.00% cash due 2/5/2026 9.00 % 15,909 15,327 15,830 (6)(15)

Fixed Rate Bond, 9.75% cash due 8/15/2026 7,000 7,020 7,629

15,327 15,830

Vertex Aerospace Services Corp.

Aerospace & Defense

Veritas US Inc.

Application Software

First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 6.00 % 5,940 5,599 5,975 (6)

10,133 10,073

Vitalyst Holdings, Inc.

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7,500 Class A Common Stock Units 75 — (15)

William Morris Endeavor Entertainment, LLC Movies & Entertainment

First Lien Term Loan, LIBOR+8.50% cash due 5/18/2025 9.50 % 33,298 31,594 33,298 (6)(20)

31,594 33,298

Win Brands Group LLC Housewares & Specialties

First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026 10.00 % 1,894 1,875 1,884 (6)(15)

181 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027 — 119 (15)

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2021

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Windstream Services II, LLC Integrated Telecommunication Services

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WP CPP Holdings, LLC Aerospace & Defense

First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025 4.75 % 4,369 4,005 4,264 (6)

Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 8.75 % 16,000 15,758 15,815 (6)(15)

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First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026 7.50 % 40,536 39,778 40,013 (6)(15)

First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026 — (602) (443) (6)(19)(20)

39,778 40,013

xMatters, Inc.

Application Software

600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 709 336 (20)

WWEX Uni Topco Holdings, LLC Air Freight & Logistics

Second Lien Term Loan, LIBOR+7.00% cash due 7/26/2029 7.75 % 5,000 4,925 4,981 (6)

Specialty Chemicals

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Total Non-Control/Non-Affiliate Investments (172.7% of net assets) $ 2,236,759 $ 2,267,575

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2020

(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6) Industry Principal (7) Cost Fair Value Notes

Total Portfolio Investments (194.7% of net assets) $ 2,539,121 $ 2,556,629

Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash

JP Morgan Prime Money Market Fund, Institutional Shares

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Other cash accounts

Total Cash and Cash Equivalents (4.3% of net assets) $ 39,096 $ 39,096

Total Portfolio Investments and Cash and Cash Equivalents (176.3% of net assets) $ 1,708,266 $ 1,612,947

Total Cash and Cash Equivalents and Restricted Cash (2.4% of net assets) $ 31,635 $ 31,635

Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (197.2% of net assets) $ 2,570,756 $ 2,588,264

Derivative Instrument Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Counterparty Cumulative Unrealized Appreciation /(Depreciation)

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Foreign currency forward contract $ 46,663 € 39,736 11/12/2021 JPMorgan Chase Bank, N.A.

Derivative Instrument Company Receives Company Pays Counterparty Maturity Date Notional Amount Fair Value

Interest rate swap Fixed 2.7% Floating 3-month LIBOR +1.658% Royal Bank of Canada

1/15/2027 $350,000 $(2,108)

Oaktree Specialty Lending Corporation

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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.

(5) Each of the Company's investments is pledged as collateral under the Syndicated Facility (as defined in Note 6 to the accompanying notes to the Consolidated Financial Statements).

(5) 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.

(6) The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option.

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dollars unless otherwise noted.

As of September 30, 2020, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.15%, the 60-day LIBOR at 0.19%, the 90-day LIBOR at 0.22%, the 180-day LIBOR at 0.27%, the 360-day LIBOR at 0.37%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.05%, the 180-day UK LIBOR at 0.22%, the 30-day EURIBOR at (0.57)% and the 180-day EURIBOR at (0.36)%.

Most loans include an interest floor, which generally ranges from 0% to 1%.

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(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 year ended September 30, 2020 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.

See Schedule 12-14 in the Company's annual report on Form 10-K for the year ended September 30, 2021 for transactions during the year ended September 30, 2021 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.

(10) First Star Speir Aviation 1 Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy.

In accordance with ASU 2013-08, the Company has deemed the holding company to be an investment company under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company and to recognize dividend income versus a combination of interest income and dividend income.

In accordance with ASU 2013-08, the Company has deemed the holding company to be an investment company under accounting principles generally accepted in the United States ("GAAP") and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company and to recognize dividend income versus a combination of interest income and dividend income.

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

(13) PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment.

As a result, the principal amount of the investment does not increase over time for accumulated PIK interest.

As of September 30, 2020, the accumulated PIK interest balance for each of the A notes and the B notes was $4.3 million.

The fair value of this investment is inclusive of PIK.

As of September 30, 2021, the accumulated PIK interest balance for the A notes and the B notes was $0.9 million and $0.8 million, respectively.

(14) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition.

(15) This investment was on PIK non-accrual status as of September 30, 2020.

PIK non-accrual status is inclusive of other non-cash income, where applicable.

(15) As of September 30, 2021, these investments were categorized as Level 3 within the fair value hierarchy established by FASB guidance under ASC 820.

(16) This investment was valued using net asset value as a practical expedient for fair value.

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A negative fair value may result from the unfunded commitment being valued below par.

(20) As of September 30, 2020, these investments were categorized as Level 3 within the fair value hierarchy established by ASC 820.

(21) This investment was on cash non-accrual status as of September 30, 2020.

Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.

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

See notes to Consolidated Financial Statements.

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OCG operates as an independent business within Brookfield, with its 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 “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 (“Merger Sub”), and, solely for the limited purposes set forth therein, Oaktree.

Pursuant to the Merger Agreement, Merger Sub was first merged with and into OCSI, with OCSI as the surviving corporation (the “Merger”), and, immediately following the Merger, OCSI was then merged with and into the Company, with the Company as the surviving company (together with the Merger, the “Mergers”).

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of OCSI’s common stock was converted into the right to receive 1.3371 shares of the Company’s common stock (with OCSI’s stockholders receiving cash in lieu of fractional shares of the Company’s common stock).

As a result of the Mergers, the Company issued an aggregate of 39,400,011 shares of its common stock to former OCSI stockholders.

"Merger with OCSI".

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”).

As a result of the OCSI Merger, the Company issued an aggregate of 39,400,011 shares of its common stock to former OCSI stockholders.

Significant Accounting Policies

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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.

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

Fair Value Measurements:

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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 management's best estimate of what market participants would use in pricing the asset or liability at 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.

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.

The Company'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.

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.

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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.

The Company seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors.

If the Company is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Company's set threshold, the Company seeks to obtain a quote directly from a broker making a market for the asset.

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 the 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.

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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.

Generally, the Company does not adjust any of the prices received from these sources.

If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, the Company values such investments using any of three different valuation techniques.

Generally, Oaktree does not adjust any of the prices received from these sources.

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.

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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

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

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.

The Company 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 the Company 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.

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, the Company 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.

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.

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These investments are generally not redeemable.

The Company 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.

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

• The quarterly valuation process begins with each portfolio company or investment being initially valued by Oaktree's valuation team in conjunction with Oaktree's portfolio management team and investment professionals responsible for each portfolio investment;

In December 2020, the SEC adopted new Rule 2a-5 under the Investment Company Act.

Rule 2a-5 permits boards of directors of registered investment companies and Business Development Companies to either (i) choose to continue 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 effective September 8, 2022.

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

• 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 engaged by the Board of Directors 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 and the Audit Committee of the Board of Directors;

• 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 preliminary valuations with Oaktree, and Oaktree responds and supplements the preliminary valuations to reflect any discussions between Oaktree and the Audit Committee;

• The Audit Committee makes a recommendation to the full Board of Directors regarding the fair value of the investments in the Company's portfolio;

• The Board of Directors discusses valuations and determines the fair value of each investment in the Company's portfolio.

The fair value of the Company's investments as of September 30, 2021 and September 30, 2020 was determined in good faith by the Board of Directors.

The Board of Directors has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of the Company's 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, and the Board of Directors may reasonably rely on that assistance.

However, the Board of Directors is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company's valuation policy and a consistently applied valuation process.

• 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;

• 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 September 30, 2022 was determined by Oaktree, as the Company's valuation designee, and the fair value of the Company's investments as of September 30, 2021 was determined in good faith by the Board of Directors.

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.

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With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "deferred tax asset, net," "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

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.

OAKTREE SPECIALTY LENDING CORPORATION

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

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:

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Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in due from broker on the Company's Consolidated Statements of Assets and Liabilities.

Secured Borrowings:

Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860").

Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying Statements of Assets and Liabilities as secured borrowings.

Premiums payable are separately reported as accrued interest.

Investment Income:

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Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 each of September 30, 2022 and September 30, 2021, there were no investments on non-accrual status.

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.

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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.

For the Company's secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the Consolidated Statements of Operations.

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.

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

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

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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 nonrecurring and are recognized by the Company upon the investment closing date.

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 and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.

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The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts may exceed 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, 2022 and September 30, 2021, included in restricted cash was $2.8 million and $2.3 million, respectively, that was held at Wells Fargo Bank, N.A.

in connection with the Citibank Facility (as defined in Note 6.

Pursuant to the terms of the Citibank Facility, the Company was restricted in terms of access to $2.8 million and $2.3 million as of September 30, 2022 and September 30, 2021, respectively, until t he occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the Citibank Facility.

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

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

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, 2021, included in restricted cash was $2.3 million that was held at Wells Fargo Bank, N.A.

in connection with the Citibank Facility (as defined in Note 6.

Pursuant to the terms of the Citibank Facility, the Company was restricted in terms of access to $2.3 million until t he occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the Citibank Facility.

Due from Portfolio Companies:

attributable to interest, dividends or fees receivable.

These amounts are recognized as they become payable to the Company ( e.g.

30 unchanged sentences

federal income tax purposes in order to comply with the RIC tax requirements.

The taxable subsidiaries are consolidated

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 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.

5 unchanged sentences

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.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

6 unchanged sentences

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.

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting if certain criteria are met.

The guidance is effective from March 12, 2020 through December 31, 2022.

As of September 30, 2022, the adoption of this guidance did not have an impact on the Company's Consolidated Financial Statements.

Portfolio Investments

1 unchanged sentence

As of September 30, 2022, 2.1% of net assets at fair value, or $26.4 million, was invested in cash and cash equivalents (including $2.8 million of restricted cash).

In comparison, as of September 30, 2020, 172.0% of net assets at fair value, or $1.6 billion, was invested in 113 portfolio investments, including $117.4 million in subordinated notes and LLC equity interests of SLF JV I.

As of September 30, 2020, 4.3% of net assets at fair value, or $39.1 million, was invested in cash and cash equivalents.

In comparison, as of September 30, 2021, 194.7% of net assets at fair value, or $2.6 billion, was invested in 138 portfolio investments, including (i) $133.9 million in subordinated notes and LLC equity interests of SLF JV I and (ii) $55.6 million in subordinated notes and LLC equity interests of Glick JV.

As of September 30, 2021, 2.4% of net assets at fair value, or $31.6 million, was invested in cash and cash equivalents (including $2.3 million of restricted cash).

As of September 30, 2022, 86.9% of the Company's portfolio at fair value consisted of senior secured debt investments and 8.1% consisted of subordinated debt investments, including the debt investments in the JVs.

As of September 30, 2020, 84.1% of the Company's portfolio at fair value consisted of senior secured debt investments and 10.3% consisted of subordinated debt investments, including the debt investment in SLF JV I.

As of September 30, 2021, 86.7% of the Company's portfolio at fair value consisted of senior secured debt investments and 7.6% 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, limited partnership interests or LLC equity interests.

43 unchanged sentences

Investments in debt securities (senior secured) $ — $ 338,707 $ 1,878,536 $ — $ 2,217,243

Investments in debt securities (subordinated, including the debt investment in SLF JV I) — 35,660 126,152 — 161,812

Investments in debt securities (subordinated, including the debt investments in the JVs) — 18,196 176,317 — 194,513

Investments in equity securities (preferred) — — 63,565 — 63,565

Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I) 222 — 35,080 23,735 59,037

Investments in equity securities (common and warrants, including LLC equity interests of the JVs) 382 — 43,163 37,763 81,308

Total investments at fair value 382 356,903 2,161,581 37,763 2,556,629

2 unchanged sentences

Derivative assets — 1,912 — — 1,912

— 223 — — 223

Total assets at fair value

$ 23,982 $ 358,815 $ 2,161,581 $ 37,763 $ 2,582,141

Derivative liability $ — $ 2,108 $ — $ — $ 2,108

Total liabilities at fair value $ — $ 2,108 $ — $ — $ 2,108

(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.

12 unchanged sentences

Fair value as of September 30, 2021 $ 1,878,536 $ 176,317 $ 63,565 $ 43,163 $ 2,161,581

Purchases (a) 1,237,783 66,537 27,692 5,665 1,337,677

Purchases 490,081 7,960 19,662 2,807 520,510

Sales and repayments (476,813) (22,525) (163) (13,034) (512,535)

Transfers in (b)(c)(d) 18,458 — — 6,759 25,217

Transfers out (b)(d) (6,228) — — — (6,228)

PIK interest income 14,700 — — — 14,700

Transfers in (a)(c) 49,843 — — — 49,843

Transfers out (a)(b) (17,070) — — (5,838) (22,908)

Capitalized PIK interest income 22,855 313 — — 23,168

Accretion of OID 24,422 2,060 — — 26,482

3 unchanged sentences

Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2022 $ (53,013) $ (4,885) $ (3,264) $ (11,751) $ (72,913)

(a) Includes the Level 3 investments acquired in connection with the Mergers during the year ended September 30, 2021.

(b) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the year ended September 30, 2021 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(c) There was a transfer into Level 3 from Level 2 as a result of an investment restructuring in which Level 2 senior secured debt was exchanged for Level 3 senior secured debt and common equity.

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the year ended September 30, 2022 as a result of a change in the number of market quotes available and/or a change in market liquidity.

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

(d) There was one transfer from senior secured debt to common equity and warrants during the year ended September 30, 2021 as a result of an investment restructuring, in which $6.3 million of senior secured debt was exchanged for $6.3 million of common equity.

(b) There was one transfer out of Level 3 in connection with a transaction in which Level 3 common equity was exchanged for Level 1 common equity.

(c) There was one transfer into Level 3 from Level 2 as a result of an investment restructuring in which Level 2 senior secured debt was exchanged for Level 3 senior secured debt.

The following table provides a roll-forward in the changes in fair value from September 30, 2020 to September 30, 2021 for all investments for which the Company determined fair value using unobservable (Level 3) factors:

Senior Secured Debt Subordinated

Debt (including debt investment in SLF JV I) Preferred

Debt (including debt investments in the JVs) Preferred

Equity Common

1 unchanged sentence

Fair value as of September 30, 2020 $ 904,237 $ 126,152 $ 29,959 $ 35,080 $ 1,095,428

Purchases 423,545 50,534 — 1,485 475,564

Purchases (a) 1,237,783 66,537 27,692 5,665 1,337,677

Sales and repayments (352,237) (45,353) (31) (28,629) (426,250)

Transfers in (a)(b) 67,939 5,113 — 19,229 92,281

Transfers out (a)(b) (33,625) (605) — — (34,230)

PIK interest income 7,568 — — — 7,568

Transfers in (b)(c)(d) 18,458 — — 6,759 25,217

Transfers out (b)(d) (6,228) — — — (6,228)

Capitalized PIK interest income 14,700 — — — 14,700

Accretion of OID 19,642 2,069 — — 21,711

3 unchanged sentences

Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2021 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2021 $ 46,340 $ 4,857 $ 5,913 $ 13,763 $ 70,873

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the year ended September 30, 2020 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There was a transfer from senior secured debt to common equity and warrants during the year ended September 30, 2020 as a result of an investment restructuring, in which $46.5 million of senior secured debt was exchanged for new senior secured debt of $27.9 million and common equity of $18.6 million.

There was also a transfer from subordinated debt to common equity and warrants during the year ended September 30, 2020 as a result of an investment restructuring, in which $0.6 million of subordinated debt was exchanged for common equity and warrants.

(a) Includes the Level 3 investments acquired in connection with the OCSI Merger during the year ended September 30, 2021.

(c) There was a transfer into Level 3 from Level 2 as a result of an investment restructuring in which Level 2 senior secured debt was exchanged for Level 3 senior secured debt and common equity.

Significant Unobservable Inputs for Level 3 Investments

4 unchanged sentences

14,333 Enterprise Value EBITDA Multiple (c) 5.0x - 7.0x 6.0x

7,500 Enterprise Value Asset Multiple (c) 0.9x - 1.1x 1.0x

297,125 Broker Quotations Broker Quoted Price (e) N/A - N/A N/A

5 unchanged sentences

3 Enterprise Value Asset Multiple (c) 0.9x - 1.1x 1.0x

6,322 Transactions Precedent Transaction Price (d) N/A - N/A N/A

872 Transaction Precedent Transaction Price (d) N/A - N/A N/A

Total $ 2,169,475

9 unchanged sentences

The Company 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.

Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by Oaktree.

(f) The Company 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.

8 unchanged sentences

24,485 Market Yield Market Yield (b) 12.0% - 14.0% 12.6%

588 Enterprise Value EBITDA Multiple (c) 7.6x - 8.6x 8.1x

SLF JV I Debt Investment

96,250 Enterprise Value N/A (f) N/A - N/A N/A

Debt Investments in the JVs 151,832 Enterprise Value N/A (f) N/A - N/A N/A

Preferred & Common Equity 6,188 Enterprise Value Revenue Multiple (c) 0.9x - 11.2x 2.5x

10 unchanged sentences

Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by Oaktree.

(f) The Company determined the value of its subordinated notes of SLF JV I based on the total assets less the total liabilities senior to the subordinated notes held at SLF JV I 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.

2 unchanged sentences

Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Financial Instruments Disclosed, But Not Carried, At Fair Value

7 unchanged sentences

Total $ 1,301,043 $ 1,277,105 $ — $ 577,105 $ 700,000

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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, 2021 and the level of each financial liability within the fair value hierarchy:

1 unchanged sentence

Syndicated Facility payable $ 495,000 $ 495,000 $ — $ — $ 495,000

Citibank Facility payable

135,000 135,000 — — 135,000

2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount) 295,740 314,541 — 314,541 —

2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) 343,003 351,134 — 351,134 —

Total $ 1,268,743 $ 1,295,675 $ — $ 665,675 $ 630,000

8 unchanged sentences

Preferred equity 85,300 3.26 % 65,939 2.60 %

Common equity and warrants 54,682 2.15 % 61,561 3.69 %

LLC equity interests of the JVs 49,322 1.94 % 49,322 2.95 %

Subordinated debt 67,147 2.57 % 42,316 1.67 %

LLC equity interests of the JVs 49,322 1.88 % 49,322 1.94 %

Common equity and warrants 42,296 1.62 % 54,682 2.15 %

Total $ 2,617,754 100.00 % $ 2,539,121 100.00 %

4 unchanged sentences

Preferred equity 79,523 3.19 % 6.38 % 63,565 2.49 % 4.84 %

Common equity and warrants 43,657 1.71 % 3.33 % 37,847 2.40 % 4.14 %

Subordinated debt 56,920 2.28 % 4.57 % 42,681 1.67 % 3.25 %

Common equity and warrants 24,011 0.96 % 1.93 % 43,657 1.71 % 3.33 %

LLC equity interests of the JVs 20,715 0.83 % 1.66 % 37,651 1.47 % 2.87 %

38 unchanged sentences

Biotechnology 109,960 4.20 111,856 4.41

Personal Products 103,642 4.08 50,091 3.00

Health Care Technology 100,084 3.82 13,877 0.55

Industrial Machinery 81,787 3.12 88,231 3.47

Health Care Services 84,750 3.34 71,139 4.26

Specialized Finance 80,864 3.09 68,554 2.70

Aerospace & Defense 67,629 2.66 27,964 1.68

Fertilizers & Agricultural Chemicals 66,713 2.63 33,743 2.02

Internet & Direct Marketing Retail 67,926 2.59 62,233 2.45

Aerospace & Defense 61,963 2.37 67,629 2.66

Construction & Engineering 60,996 2.33 61,874 2.44

Integrated Telecommunication Services 47,059 1.85 44,583 2.67

Automotive Retail 59,254 2.26 41,800 1.65

Health Care Services 58,674 2.24 84,750 3.34

Health Care Distributors 57,112 2.18 19,698 0.78

Internet Services & Infrastructure 54,095 2.07 46,917 1.85

Specialty Chemicals 46,731 1.84 44,786 2.68

Personal Products 53,214 2.03 103,642 4.08

Fertilizers & Agricultural Chemicals 49,301 1.88 66,713 2.63

Metal & Glass Containers 47,704 1.82 17,443 0.69

Real Estate Operating Companies 47,585 1.82 27,531 1.08

Home Improvement Retail 45,802 1.75 46,487 1.83

Automotive Retail 41,800 1.65 — —

Airport Services 43,322 1.65 41,699 1.64

Diversified Support Services 40,666 1.60 18,797 1.13

Real Estate Services 40,243 1.54 40,445 1.59

Oil & Gas Storage & Transportation 36,612 1.44 26,615 1.59

Oil & Gas Refining & Marketing 36,044 1.42 31,132 1.87

Leisure Facilities 39,768 1.52 25,162 0.99

Diversified Support Services 37,992 1.45 40,666 1.60

Specialty Chemicals 37,319 1.43 46,731 1.84

Health Care Supplies 36,471 1.39 29,650 1.17

Insurance Brokers 35,628 1.36 25,515 1.00

Integrated Telecommunication Services 34,628 1.32 47,059 1.85

Soft Drinks 34,272 1.31 33,410 1.32

Electrical Components & Equipment 33,814 1.29 32,127 1.27

Health Care Supplies 29,650 1.17 21,660 1.30

Other Diversified Financial Services 29,300 1.12 16,104 0.63

Advertising 28,245 1.08 28,649 1.13

Real Estate Operating Companies 27,531 1.08 — —

Cable & Satellite 26,730 1.05 — —

Movies & Entertainment 26,161 1.00 26,002 1.02

Insurance Brokers 25,515 1.00 17,546 1.05

Leisure Facilities 25,162 0.99 1,887 0.11

Distributors 25,278 0.97 — —

Health Care Equipment 24,353 0.93 23,674 0.93

Independent Power Producers & Energy Traders 23,458 0.92 21,462 1.29

Airlines 22,417 0.88 10,535 0.63

Health Care Distributors 19,698 0.78 12,810 0.77

Commercial Printing 19,685 0.78 7,868 0.47

Oil & Gas Storage & Transportation 22,290 0.85 36,612 1.44

Environmental & Facilities Services 20,857 0.80 — —

Cable & Satellite 20,716 0.79 26,730 1.05

Home Furnishings 19,550 0.75 19,537 0.77

Managed Health Care 18,654 0.73 27,479 1.65

Metal & Glass Containers 17,443 0.69 11,273 0.68

Other Diversified Financial Services 16,104 0.63 113 0.01

Thrifts & Mortgage Finance 16,079 0.63 938 0.06

Health Care Technology 13,877 0.55 21,499 1.29

Systems Software 14,890 0.57 6,647 0.26

Consumer Finance 14,492 0.55 — —

Hotels, Resorts & Cruise Lines 13,960 0.53 — —

Auto Parts & Equipment 12,474 0.48 12,466 0.49

Electronic Components 10,080 0.40 25,600 1.53

Property & Casualty Insurance 9,884 0.39 47,995 2.88

Restaurants 9,317 0.37 10,248 0.61

IT Consulting & Other Services 11,697 0.45 7,598 0.30

Restaurants 9,338 0.36 9,317 0.37

Research & Consulting Services 9,187 0.35 7,354 0.29

Systems Software 6,647 0.26 20,694 1.24

Leisure Products 6,599 0.26 — —

Alternative Carriers 6,578 0.26 — —

Apparel, Accessories & Luxury Goods 5,165 0.20 13,734 0.82

Education Services 9,080 0.35 981 0.04

Oil & Gas Refining & Marketing 8,627 0.33 36,044 1.42

Trading Companies & Distributors 7,628 0.29 — —

Air Freight & Logistics 7,295 0.28 4,925 0.19

Apparel Retail 5,268 0.20 — —

Apparel, Accessories & Luxury Goods 5,165 0.20 5,165 0.20

Integrated Oil & Gas 4,866 0.19 4,842 0.19

Food Distributors 4,646 0.18 4,625 0.18

Food Retail 3,745 0.15 6,851 0.41

Specialized REITs 4,318 0.16 — —

Diversified Banks 3,515 0.13 3,515 0.14

2 unchanged sentences

Housewares & Specialties 2,293 0.09 1,875 0.07

Education Services 981 0.04 22,926 1.37

General Merchandise Stores — — 19,220 1.15

Hotels, Resorts & Cruise Lines — — 15,378 0.92

Diversified Real Estate Activities — — 15,288 0.92

Trading Companies & Distributors — — 10,228 0.61

Oil & Gas Equipment & Services — — 3,313 0.20

Health Care Facilities — — 3,133 0.19

Specialty Stores — — 1,305 0.08

Specialized REITs — — 133 0.01

Total $ 2,539,121 100.00 % $ 1,669,170 100.00 %

Electronic Components 2,092 0.08 10,080 0.40

Alternative Carriers 212 0.01 6,578 0.26

Independent Power Producers & Energy Traders — — 23,458 0.92

Airlines — — 22,417 0.88

Commercial Printing — — 19,685 0.78

Managed Health Care — — 18,654 0.73

Thrifts & Mortgage Finance — — 16,079 0.63

Property & Casualty Insurance — — 9,884 0.39

Leisure Products — — 6,599 0.26

Food Retail — — 3,745 0.15

$ 2,617,754 100.00 % $ 2,539,121 100.00 %

OAKTREE SPECIALTY LENDING CORPORATION

8 unchanged sentences

Biotechnology 108,465 4.35 8.71 113,641 4.44 8.66

Personal Products 105,530 4.13 8.04 51,024 3.24 5.58

Health Care Technology 97,315 3.90 7.81 13,960 0.55 1.06

Industrial Machinery 81,008 3.25 6.50 90,218 3.53 6.87

Health Care Services 84,735 3.31 6.45 59,925 3.81 6.55

Aerospace & Defense 69,602 2.72 5.30 24,521 1.56 2.68

Specialized Finance 73,087 2.93 5.87 68,844 2.69 5.24

Internet & Direct Marketing Retail 70,419 2.82 5.65 68,424 2.68 5.21

Fertilizers & Agricultural Chemicals 67,527 2.64 5.14 33,719 2.14 3.69

Aerospace & Defense 61,881 2.48 4.97 69,602 2.72 5.30

Construction & Engineering 61,188 2.45 4.91 63,109 2.47 4.81

Integrated Telecommunication Services 49,607 1.94 3.78 41,091 2.61 4.49

Automotive Retail 57,629 2.31 4.63 42,133 1.65 3.21

Health Care Distributors 54,662 2.19 4.39 19,683 0.77 1.50

Internet Services & Infrastructure 53,797 2.16 4.32 47,923 1.87 3.65

Specialty Chemicals 46,559 1.82 3.55 39,008 2.48 4.26

Fertilizers & Agricultural Chemicals 51,972 2.08 4.17 67,527 2.64 5.14

Personal Products 50,150 2.01 4.03 105,530 4.13 8.04

Real Estate Operating Companies 48,062 1.93 3.86 28,341 1.11 2.16

Metal & Glass Containers 47,599 1.91 3.82 17,413 0.68 1.33

Health Care Services 45,943 1.84 3.69 84,735 3.31 6.45

Home Improvement Retail 45,421 1.82 3.65 46,488 1.82 3.54

Automotive Retail 42,133 1.65 3.21 — — —

Airport Services 42,883 1.72 3.44 40,776 1.59 3.11

Real Estate Services 39,573 1.59 3.18 41,225 1.61 3.14

Leisure Facilities 39,258 1.57 3.15 22,888 0.90 1.74

Diversified Support Services 36,712 1.47 2.95 40,888 1.60 3.11

Airport Services 40,776 1.59 3.11 21,283 1.35 2.33

Oil & Gas Refining & Marketing 36,546 1.43 2.78 29,826 1.90 3.26

Oil & Gas Storage & Transportation 34,462 1.35 2.63 25,749 1.64 2.81

Health Care Supplies 36,577 1.47 2.94 30,186 1.18 2.30

Specialty Chemicals 33,969 1.36 2.73 46,559 1.82 3.55

Soft Drinks 33,670 1.35 2.70 33,410 1.31 2.54

Insurance Brokers 33,081 1.33 2.66 27,612 1.08 2.10

Electrical Components & Equipment 32,933 1.32 2.64 32,142 1.26 2.45

Integrated Telecommunication Services 32,201 1.29 2.59 49,607 1.94 3.78

Advertising 26,948 1.08 2.16 30,423 1.19 2.32

Health Care Supplies 30,186 1.18 2.30 21,634 1.37 2.36

Real Estate Operating Companies 28,341 1.11 2.16 — — —

Insurance Brokers 27,612 1.08 2.10 18,083 1.15 1.98

Cable & Satellite 27,048 1.06 2.06 — — —

Movies & Entertainment 26,645 1.07 2.14 27,048 1.06 2.06

Airlines 24,554 0.96 1.87 13,132 0.83 1.44

Distributors 24,494 0.98 1.97 — — —

Other Diversified Financial Services 24,326 0.98 1.95 15,908 0.62 1.21

Health Care Equipment 24,161 0.97 1.94 23,763 0.93 1.81

Independent Power Producers & Energy Traders 23,552 0.92 1.79 20,812 1.32 2.27

Leisure Facilities 22,888 0.90 1.74 — — —

Commercial Printing 20,100 0.79 1.53 7,334 0.47 0.80

Oil & Gas Storage & Transportation 20,853 0.84 1.67 34,462 1.35 2.63

Environmental & Facilities Services 20,585 0.83 1.65 — — —

Cable & Satellite 19,576 0.78 1.57 27,048 1.06 2.06

Home Furnishings 18,188 0.73 1.46 19,735 0.77 1.50

Health Care Distributors 19,683 0.77 1.50 12,260 0.78 1.34

Managed Health Care 18,840 0.74 1.44 26,681 1.70 2.92

Metal & Glass Containers 17,413 0.68 1.33 11,833 0.75 1.29

Thrifts & Mortgage Finance 15,942 0.62 1.21 353 0.02 0.04

Other Diversified Financial Services 15,908 0.62 1.21 — — —

Health Care Technology 13,960 0.55 1.06 22,058 1.40 2.41

Hotels, Resorts & Cruise Lines 13,985 0.56 1.12 — — —

Consumer Finance 13,284 0.53 1.07 — — —

Systems Software 12,834 0.51 1.03 6,769 0.26 0.52

Auto Parts & Equipment 11,469 0.46 0.92 12,365 0.48 0.94

Electronic Components 10,127 0.40 0.77 26,552 1.69 2.90

Property & Casualty Insurance 9,949 0.39 0.76 46,737 2.97 5.11

Restaurants 8,692 0.35 0.70 9,451 0.37 0.72

Research & Consulting Services 7,606 0.30 0.58 24,212 1.54 2.65

Oil & Gas Refining & Marketing 8,604 0.34 0.69 36,546 1.43 2.78

IT Consulting & Other Services 8,596 0.34 0.69 7,443 0.29 0.57

Alternative Carriers 6,939 0.27 0.53 — — —

Systems Software 6,769 0.26 0.52 20,481 1.30 2.24

Leisure Products 6,599 0.26 0.50 49 — 0.01

Education Services 8,582 0.34 0.69 1,009 0.04 0.08

Research & Consulting Services 8,573 0.34 0.69 7,606 0.30 0.58

Air Freight & Logistics 6,405 0.26 0.51 4,981 0.19 0.38

Trading Companies & Distributors 5,567 0.22 0.45 — — —

Apparel Retail 5,223 0.21 0.42 — — —

Integrated Oil & Gas 4,872 0.20 0.39 4,884 0.19 0.37

Food Distributors 4,673 0.18 0.36 — — —

Food Retail 3,750 0.15 0.29 6,998 0.44 0.76

Diversified Banks 3,402 0.14 0.27 3,562 0.14 0.27

Food Distributors 3,367 0.13 0.27 4,673 0.18 0.36

Specialized REITs 3,264 0.13 0.26 — — —

Technology Distributors 2,997 0.12 0.24 3,178 0.12 0.24

Construction Materials 2,350 0.09 0.18 2,073 0.13 0.23

Housewares & Specialties 2,456 0.10 0.20 2,003 0.08 0.15

Education Services 1,009 0.04 0.08 7,088 0.45 0.77

Apparel, Accessories & Luxury Goods — — — 7,856 0.50 0.86

General Merchandise Stores — — — 17,877 1.14 1.95

Hotels, Resorts & Cruise Lines — — — 17,081 1.09 1.87

Diversified Real Estate Activities — — — 16,846 1.07 1.84

Trading Companies & Distributors — — — 10,069 0.64 1.10

Health Care Facilities — — — 3,640 0.23 0.40

Oil & Gas Equipment & Services — — — 2,588 0.16 0.28

Specialized REITs — — — 222 0.01 0.02

Construction Materials 1,934 0.08 0.16 2,350 0.09 0.18

Electronic Components 1,890 0.08 0.15 10,127 0.40 0.77

Alternative Carriers 201 0.01 0.02 6,939 0.27 0.53

Airlines — — — 24,554 0.96 1.87

Independent Power Producers & Energy Traders — — — 23,552 0.92 1.79

Commercial Printing — — — 20,100 0.79 1.53

Managed Health Care — — — 18,840 0.74 1.44

Thrifts & Mortgage Finance — — — 15,942 0.62 1.21

Property & Casualty Insurance — — — 9,949 0.39 0.76

Leisure Products — — — 6,599 0.26 0.50

Food Retail — — — 3,750 0.15 0.29

Total $ 2,494,111 100.00 % 200.24 % $ 2,556,629 100.00 % 194.74 %

16 unchanged sentences

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 senior revolving credit facility with Deutsche Bank AG, New York Branch (as amended, the "SLF JV I Deutsche Bank Facility"), which permitted up to $260.0 million and $250.0 million of borrowings (subject to borrowing base and other limitations) as of September 30, 2021 and September 30, 2020, respectively.

SLF JV I has a senior revolving credit facility with Deutsche Bank AG, New York Branch (as amended, the "SLF JV I Deutsche Bank Facility"), which permitted up to $260.0 million of borrowings (subject to borrowing base and other limitations) as of each of September 30, 2022 and September 30, 2021.

Borrowings under the SLF JV I Deutsche Bank Facility are secured by all of the assets of SLF JV I Funding LLC, a special purpose financing subsidiary of SLF JV I.

As of September 30, 2021, the reinvestment period of the SLF JV I Deutsche Bank Facility was scheduled to expire May 3, 2023 and the maturity date for the SLF JV I Deutsche Bank Facility was May 3, 2028.

As of September 30, 2021, borrowings under the SLF JV I Deutsche Bank Facility accrued interest at a rate equal to 3-month LIBOR plus 2.00% per annum during the reinvestment period, 3-month LIBOR plus 2.15% per annum for the first year after the reinvestment period, 3-month LIBOR plus 2.25% for the following year and plus 2.50% thereafter, in each case with a 0.125% LIBOR floor.

Under the SLF JV I Deutsche Bank Facility, $215.6 million and $167.9 million of borrowings were outstanding as of September 30, 2021 and September 30, 2020, respectively.

As of September 30, 2022, the reinvestment period of the SLF JV I Deutsche Bank Facility was scheduled to expire May 3, 2023 and the maturity date was May 3, 2028.

As of September 30, 2022, borrowings under the SLF JV I Deutsche Bank Facility accrued interest at a rate equal to 3-month LIBOR plus 2.00% per annum during the reinvestment period, 3-month LIBOR plus 2.15% per annum for the first year after the reinvestment period, 3-month LIBOR plus 2.25% for the following year and 3-month LIBOR plus 2.50% thereafter, in each case with a 0.125% LIBOR floor.

$230.0 million and $215.6 million of borrowings were outstanding under the SLF JV I Deutsche Bank Facility as of September 30, 2022 and September 30, 2021, respectively.

As of September 30, 2022 and September 30, 2021, SLF JV I had total assets of $385.2 million and $379.2 million, respectively.

SLF JV I's portfolio primarily consisted of senior secured loans to 55 portfolio companies as of September 30, 2021 and September 30, 2020.

SLF JV I's portfolio primarily consisted of senior secured loans to 60 and 55 portfolio companies as of September 30, 2022 and September 30, 2021, respectively.

The portfolio companies in SLF JV I are in industries similar to those in which the Company may invest directly.

2 unchanged sentences

As of each of September 30, 2022 and September 30, 2021, the Company and Kemper had funded approximately $165.5 million to SLF JV I, of which $144.8 million was from the Company.

As of September 30, 2021, the Company had aggregate commitments to fund SLF JV I of $35.0 million, of which approximately $26.2 million was to fund additional SLF JV I Notes and approximately $8.8 million was to fund LLC equity interests in SLF JV I.

As of September 30, 2020, the Company had commitments to fund LLC equity interests in SLF JV I of $17.5 million, of which $1.3 million was unfunded.

As of each of September 30, 2022 and September 30, 2021, the Company had aggregate commitments to fund SLF JV I of $35.0 million, of which approximately $26.2 million was to fund additional SLF JV I Notes and approximately $8.8 million was to fund LLC equity interests in SLF JV I.

OAKTREE SPECIALTY LENDING CORPORATION

16 unchanged sentences

Access CIG, LLC First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 6.82 % Diversified Support Services $ 10,093 $ 10,028 $ 9,692

ADB Companies, LLC First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 7.25 % Construction & Engineering 7,732 7,566 7,644 (4)

ADB Companies, LLC First Lien Term Loan, SOFR+6.25% cash due 12/18/2025 9.80 % Construction & Engineering 8,518 8,389 8,371 (4)

Altice France S.A.

1 unchanged sentence

Alvogen Pharma US, Inc.

First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 6.25 % Pharmaceuticals 9,755 9,580 9,443 (4)

First Lien Term Loan, SOFR+7.50% cash due 6/30/2025 11.20 % Pharmaceuticals 9,267 9,166 9,221 (4)

American Tire Distributors, Inc.

First Lien Term Loan, LIBOR+6.25% cash due 10/20/2028 9.03 % Distributors 4,873 4,812 4,576 (4)

Amplify Finco Pty Ltd.

5 unchanged sentences

4,769 4,731 4,665

ASP-R-PAC Acquisition Co LLC First Lien Term Loan, LIBOR+6.00% cash due 12/29/2027 9.67 % Paper Packaging 4,176 4,103 4,080

ASP-R-PAC Acquisition Co LLC First Lien Revolver, LIBOR+6.00% cash due 12/29/2027 Paper Packaging — (9) (11) (5)

Total ASP-R-PAC Acquisition Co LLC 4,176 4,094 4,069

Astra Acquisition Corp.

First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028 8.37 % Application Software 5,052 4,858 4,319 (4)

Asurion, LLC First Lien Term Loan, SOFR+4.00% cash due 8/19/2028 7.70 % Property & Casualty Insurance 5,000 4,753 4,276

Asurion, LLC Second Lien Term Loan, LIBOR+5.25% cash due 1/20/2029 8.37 % Property & Casualty Insurance 4,346 3,981 3,347

Total Asurion, LLC 9,346 8,734 7,623

Aurora Lux Finco S.À.R.L.

8 unchanged sentences

First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 6.03 % Data Processing & Outsourced Services 9,575 9,566 8,977

Boxer Parent Company Inc.

First Lien Term Loan, LIBOR+3.75% cash due 10/2/2025 3.88 % Systems Software 6,643 6,570 6,615

Brazos Delaware II, LLC First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 4.08 % Oil & Gas Equipment & Services 7,253 7,234 7,158

BYJU's Alpha, Inc.

First Lien Term Loan, LIBOR+6.00% cash due 11/24/2026 8.98 % Application Software 7,444 7,347 5,455

C5 Technology Holdings, LLC 171 Common Units Data Processing & Outsourced Services — — (4)

1 unchanged sentence

Total C5 Technology Holdings, LLC 7,194 5,683

Centerline Communications, LLC First Lien Term Loan, LIBOR+5.50% cash due 8/10/2027 6.50 % Wireless Telecommunication Services 2,000 1,961 1,960

Centerline Communications, LLC First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/10/2023 6.50 % Wireless Telecommunication Services 1,920 1,890 1,889 (5)

Centerline Communications, LLC First Lien Revolver, LIBOR+5.50% cash due 8/10/2027 Wireless Telecommunication Services — (12) (12) (5)

Centerline Communications, LLC First Lien Term Loan, SOFR+5.50% cash due 8/10/2027 9.12 % Wireless Telecommunication Services 4,358 4,286 4,280

Centerline Communications, LLC First Lien Delayed Draw Term Loan, SOFR+5.50% cash due 8/10/2027 9.12 % Wireless Telecommunication Services 449 432 413 (5)

Centerline Communications, LLC First Lien Revolver, SOFR+5.50% cash due 8/10/2027 Wireless Telecommunication Services — (10) (11) (5)

Total Centerline Communications, LLC 4,807 4,708 4,682

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

CITGO Petroleum Corp.

1 unchanged sentence

City Football Group Limited First Lien Term Loan, LIBOR+3.50% cash due 7/21/2028 6.48 % Movies & Entertainment 6,451 6,419 6,166

Finco LLC First Lien Term Loan, LIBOR+3.50% cash due 12/11/2026 4.50 % Alternative Carriers 7,362 7,204 7,376

Convergeone Holdings, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 8.12 % IT Consulting & Other Services 7,373 7,206 5,320 (4)

Covetrus, Inc.

First Lien Term Loan, SOFR+5.00% cash due 9/20/2029 7.65 % Health Care Distributors 5,375 5,053 5,035 (4)

Curium Bidco S.à.r.l.

First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 7.67 % Biotechnology 5,820 5,776 5,587

Dcert Buyer, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 4.08 % Internet Services & Infrastructure 5,885 5,870 5,893

Dealer Tire, LLC First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 7.37 % Distributors 2,992 2,935 2,924

Delivery Hero FinCo LLC First Lien Term Loan, SOFR+5.75% cash due 8/12/2027 8.49 % Internet & Direct Marketing Retail 6,035 5,876 5,756 (4)

DirecTV Financing, LLC First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 8.12 % Cable & Satellite 6,436 6,332 6,012 (4)

Enviva Holdings, LP First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 6.50 % Forest Products 5,878 5,819 5,893

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

Domtar Corporation First Lien Term Loan, LIBOR+5.50% cash due 11/30/2028 8.26 % Paper Products 4,100 4,065 3,921

DTI Holdco, Inc.

First Lien Term Loan, SOFR+4.75% cash due 4/26/2029 7.33 % Research & Consulting Services 8,000 7,849 7,616 (4)

Eagle Parent Corp.

First Lien Term Loan, SOFR+4.25% cash due 4/1/2029 7.80 % Industrial Machinery 4,478 4,373 4,367

eResearch Technology, Inc.

First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 7.62 % Application Software 7,331 7,258 6,859

GI Chill Acquisition LLC First Lien Term Loan, LIBOR+3.75% cash due 8/6/2025 3.90 % Managed Health Care 3,721 3,737 3,712 (4)

GI Chill Acquisition LLC Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 7.63 % Managed Health Care 3,750 3,674 3,731 (4)

Total GI Chill Acquisition LLC 7,471 7,411 7,443

Gibson Brands, Inc.

6 unchanged sentences

4,171 4,144 3,634

Grab Holdings Inc.

First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026 5.50 % Interactive Media & Services 2,985 2,907 3,025

Harbor Purchaser Inc.

First Lien Term Loan, SOFR+5.25% cash due 4/9/2029 8.38 % Education Services 8,000 7,774 7,310 (4)

Indivior Finance S.À.R.L.

First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026 6.00 % Pharmaceuticals 7,481 7,336 7,456

Intelsat Jackson Holdings S.A.

First Lien Term Loan, PRIME+4.75% cash due 11/27/2023 8.00 % Alternative Carriers 3,568 3,550 3,622

Intelsat Jackson Holdings S.A.

First Lien Term Loan, LIBOR+4.75% cash due 7/13/2022 5.75 % Alternative Carriers 5,000 4,935 5,044

Intelsat Jackson Holdings S.A.

First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 7/13/2022 Alternative Carriers — (13) 9 (5)

Total Intelsat Jackson Holdings S.A.

8,568 8,472 8,675

First Lien Term Loan, SOFR+5.25% cash due 6/30/2026 8.80 % Pharmaceuticals 7,406 7,293 7,286

INW Manufacturing, LLC First Lien Term Loan, LIBOR+5.75% cash due 3/25/2027 9.42 % Personal Products 9,500 9,282 8,408 (4)

Iris Holding, Inc.

First Lien Term Loan, SOFR+4.75% cash due 6/28/2028 7.89 % Metal & Glass Containers 5,000 4,624 4,610

LaserAway Intermediate Holdings II, LLC First Lien Term Loan, LIBOR+5.75% cash due 10/14/2027 8.23 % Health Care Services 7,444 7,318 7,323

Lightbox Intermediate, L.P.

4 unchanged sentences

First Lien Term Loan, LIBOR+3.25% cash due 9/6/2025 6.37 % Electronic Components 7,366 7,282 6,835

Maravai Intermediate Holdings, LLC First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027 4.75 % Biotechnology 6,819 6,751 6,846

Mindbody, Inc.

5 unchanged sentences

MRI Software LLC First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 9.17 % Application Software 6,139 6,104 5,966 (4)

MRI Software LLC First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 Application Software — (6) (1) (4)(5)

MRI Software LLC First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 Application Software — (3) (10) (4)(5)

3 unchanged sentences

OEConnection LLC First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 7.12 % Application Software 7,777 7,741 7,505 (4)

Olaplex, Inc.

First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026 7.25 % Personal Products 6,273 6,189 6,226 (4)

Olaplex, Inc.

First Lien Revolver, LIBOR+6.25% cash due 1/8/2025 Personal Products — (7) (8) (4)(5)

Total Olaplex, Inc.

6,273 6,182 6,218

Park Place Technologies, LLC First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 6.00 % Internet Services & Infrastructure 4,975 4,801 4,981 (4)

Planview Parent, Inc.

Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 8.00 % Application Software 4,503 4,435 4,514 (4)

Park Place Technologies, LLC First Lien Term Loan, SOFR+5.00% cash due 11/10/2027 8.13 % Internet Services & Infrastructure 4,925 4,781 4,687 (4)

Peloton Interactive, Inc.

First Lien Term Loan, SOFR+6.50% cash due 5/25/2027 8.35 % Leisure Products 5,486 5,251 5,371

OAKTREE SPECIALTY LENDING CORPORATION

2 unchanged sentences

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

Planview Parent, Inc.

Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 10.92 % Application Software $ 4,503 $ 4,435 $ 4,323 (4)

Pluralsight, LLC First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 10.68 % Application Software 6,796 6,694 6,582 (4)

1 unchanged sentence

Total Pluralsight, LLC 6,796 6,688 6,569

RevSpring, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 10/11/2025 7.67 % Commercial Printing 9,625 9,607 9,304

Sabert Corporation First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 7.63 % Metal & Glass Containers 2,536 2,511 2,435 (4)

2 unchanged sentences

Total SHO Holding I Corporation 8,339 8,332 7,297

Sirva Worldwide, Inc.

First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 5.58 % Diversified Support Services 1,087 1,071 1,027 (4)

Sorenson Communications, LLC First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026 9.17 % Communications Equipment 2,553 2,528 2,454

Star US Bidco LLC First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 5.25 % Industrial Machinery 8,255 8,075 8,289 (4)

Spanx, LLC First Lien Term Loan, LIBOR+5.25% cash due 11/20/2028 8.30 % Apparel Retail 8,933 8,776 8,721 (4)

SPX Flow, Inc.

First Lien Term Loan, SOFR+4.50% cash due 4/5/2029 7.63 % Industrial Machinery 7,500 7,184 6,966 (4)

Supermoose Borrower, LLC First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 7.42 % Application Software 7,743 7,479 6,827 (4)

1 unchanged sentence

First Lien Term Loan, LIBOR+3.75% cash due 8/31/2026 6.51 % Health Care Facilities 3,377 3,365 3,213

Trench Plate Rental, Co.

First Lien Term Loan, LIBOR+4.75% cash due 12/3/2026 5.75 % Construction Materials 3,942 3,882 3,881

Trench Plate Rental, Co.

First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 12/3/2026 Construction Materials — (11) (12) (5)

Trench Plate Rental, Co.

First Lien Revolver, LIBOR+4.75% cash due 12/3/2026 5.75 % Construction Materials 24 15 15 (5)

Total Trench Plate Rental, Co.

3,966 3,886 3,884

TIBCO Software Inc.

First Lien Term Loan, SOFR+4.50% cash due 3/20/2029 8.15 % Application Software 6,256 5,693 5,629 (4)

Touchstone Acquisition, Inc.

First Lien Term Loan, LIBOR+6.00% cash due 12/29/2028 9.12 % Health Care Supplies 7,285 7,155 7,140 (4)

Veritas US Inc.

First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 8.67 % Application Software 6,365 6,290 5,087

Verscend Holding Corp.

First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025 4.08 % Health Care Technology 4,080 4,052 4,091

Waystar Technologies, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 4.08 % Health Care Technology 5,910 5,880 5,921

Windstream Services II, LLC First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 9.37 % Integrated Telecommunication Services 7,818 7,596 7,115 (4)

WP CPP Holdings, LLC Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 10.56 % Aerospace & Defense 6,000 5,972 5,070 (4)

WP CPP Holdings, LLC First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025 6.56 % Aerospace & Defense 1,985 1,910 1,783 (4)

Total WP CPP Holdings, LLC 7,985 7,882 6,853

Zayo Group Holdings, Inc.

First Lien Term Loan, LIBOR+3.00% cash due 3/9/2027 6.12 % Alternative Carriers 2,155 2,000 1,812

Total Portfolio Investments $ 383,194 $ 382,673 $ 359,625

1 unchanged sentence

All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option.

(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option.

Certain loans may also be indexed to SOFR.

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 LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end.

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.

All the LIBOR shown above is in U.S.

As of September 30, 2021, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 0.08%, the 60-day LIBOR at 0.11%, the 90-day LIBOR at 0.13%, the 180-day LIBOR at 0.16%, the 360-day LIBOR at 0.24% and the PRIME at 3.25%.

As of September 30, 2022, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 3.12%, the 90-day LIBOR at 3.67%, the 30-day SOFR at 3.03%, the 90-day SOFR at 3.55% and the 180-day SOFR at 3.98%.

Most loans include an interest floor, which generally ranges from 0% to 1%.

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, 2022 utilizing a similar technique as the Company in accordance with ASC 820.

However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.

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, 2022.

8 unchanged sentences

Access CIG, LLC First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 3.83 % Diversified Support Services $ 9,111 $ 9,084 $ 9,078 (4)

AdVenture Interactive, Corp.

927 shares of common stock Advertising 1,390 1,373 (4)

AI Ladder (Luxembourg) Subco S.a.r.l.

First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 4.65 % Electrical Components & Equipment 6,038 5,914 5,781 (4)

First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 8.50 % Hotels, Resorts & Cruise Lines 3,051 2,981 3,311 (4)

ADB Companies, LLC First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 7.25 % Construction & Engineering 7,732 7,566 7,644 (4)

Altice France S.A.

9 unchanged sentences

4,769 4,715 4,692

Asurion, LLC Second Lien Term Loan, LIBOR+5.25% cash due 1/20/2029 5.33 % Property & Casualty Insurance 6,000 5,940 5,980

Aurora Lux Finco S.À.R.L.

First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 7.00 % Airport Services 6,403 6,283 6,025 (4)

BAART Programs, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027 6.00 % Health Care Services 5,985 5,925 5,970

BAART Programs, Inc.

First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027 6.00 % Health Care Services 450 436 446 (5)

Total BAART Programs, Inc.

6,435 6,361 6,416

Blackhawk Network Holdings, Inc.

6 unchanged sentences

Total C5 Technology Holdings, LLC 7,194 5,683

Carrols Restaurant Group, Inc.

First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 7.25 % Restaurants 3,990 3,792 3,960

Centerline Communications, LLC First Lien Term Loan, LIBOR+5.50% cash due 8/10/2027 6.50 % Wireless Telecommunication Services 2,000 1,961 1,960

Centerline Communications, LLC First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/10/2023 6.50 % Wireless Telecommunication Services 1,920 1,890 1,889 (5)

Centerline Communications, LLC First Lien Revolver, LIBOR+5.50% cash due 8/10/2027 Wireless Telecommunication Services — (12) (12) (5)

Total Centerline Communications, LLC 3,920 3,839 3,837

CITGO Petroleum Corp.

First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 7.25 % Oil & Gas Refining & Marketing 7,111 7,040 7,134 (4)

Clear Channel Outdoor Holdings, Inc.

First Lien Term Loan, LIBOR+3.50% cash due 8/21/2026 3.76 % Advertising 331 290 302

City Football Group Limited First Lien Term Loan, LIBOR+3.50% cash due 7/21/2028 4.00 % Movies & Entertainment 6,500 6,468 6,492

Finco LLC First Lien Term Loan, LIBOR+3.50% cash due 12/11/2026 4.50 % Alternative Carriers 7,362 7,204 7,376

Convergeone Holdings, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 5.08 % IT Consulting & Other Services 7,449 7,229 7,427 (4)

Curium Bidco S.à.r.l.

2 unchanged sentences

First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 4.08 % Internet Services & Infrastructure 5,885 5,870 5,893

Dealer Tire, LLC First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 4.40 % Distributors 943 902 924

eResearch Technology, Inc.

First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 5.50 % Application Software 7,481 7,406 7,461

Frontier Communications Corporation First Lien Term Loan, PRIME+2.75% cash due 6/15/2024 6.00 % Integrated Telecommunication Services 3,939 3,901 3,887

Gigamon, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 5.25 % Systems Software 7,781 7,734 7,684

Global Medical Response, Inc.

First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 5.75 % Health Care Services 2,231 2,187 2,185

Guidehouse LLP Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026 8.15 % Research & Consulting Services 6,000 5,979 5,790 (4)

DirecTV Financing, LLC First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 5.75 % Cable & Satellite 6,000 5,940 6,011 (4)

Enviva Holdings, LP First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 6.50 % Forest Products 5,878 5,819 5,893

OAKTREE SPECIALTY LENDING CORPORATION

2 unchanged sentences

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

Helios Software Holdings, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025 4.52 % Systems Software $ 3,970 $ 3,930 $ 3,923

eResearch Technology, Inc.

First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 5.50 % Application Software $ 7,406 $ 7,332 $ 7,451

GI Chill Acquisition LLC First Lien Term Loan, LIBOR+3.75% cash due 8/6/2025 3.90 % Managed Health Care 3,721 3,737 3,712 (4)

GI Chill Acquisition LLC Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 7.63 % Managed Health Care 3,750 3,674 3,731 (4)

Total GI Chill Acquisition LLC 7,471 7,411 7,443

Gibson Brands, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028 5.75 % Leisure Products 7,500 7,425 7,463

Global Medical Response, Inc.

First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 5.75 % Health Care Services 2,214 2,178 2,226

Global Medical Response, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 5.25 % Health Care Services 1,995 1,995 2,004 (4)

Total Global Medical Response, Inc.

4,209 4,173 4,230

Grab Holdings Inc.

First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026 5.50 % Interactive Media & Services 2,985 2,907 3,025

Indivior Finance S.À.R.L.

First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026 6.00 % Pharmaceuticals 7,481 7,336 7,456

Intelsat Jackson Holdings S.A.

1 unchanged sentence

Intelsat Jackson Holdings S.A.

First Lien Term Loan, LIBOR+4.75% cash due 7/13/2022 5.75 % Alternative Carriers 5,000 4,935 5,044

Intelsat Jackson Holdings S.A.

First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 7/13/2022 Alternative Carriers — (13) 9 (5)

1 unchanged sentence

8,568 8,472 8,675

KIK Custom Products Inc.

First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 5.00 % Household Products 5,322 5,308 5,302

INW Manufacturing, LLC First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027 6.50 % Personal Products 9,875 9,597 9,678 (4)

Lightbox Intermediate, L.P.

First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 5.13 % Real Estate Services 7,443 7,377 7,405 (4)

LogMeIn, Inc.

First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 4.83 % Application Software 7,940 7,812 7,946 (4)

LTI Holdings, Inc.

First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 3.58 % Electronic Components 7,442 7,329 7,354

Maravai Intermediate Holdings, LLC First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027 4.75 % Biotechnology 6,819 6,751 6,846

Mindbody, Inc.

8 unchanged sentences

Total MRI Software LLC 3,877 3,834 3,874

Navicure, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 4.15 % Health Care Technology 5,970 5,940 5,849

New IPT, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 6.00 % Oil & Gas Equipment & Services 1,006 1,006 786 (4)

New IPT, Inc.

21.876 Class A Common Units in New IPT Holdings, LLC Oil & Gas Equipment & Services — — (4)

Total New IPT, Inc.

1,006 1,006 786

Northern Star Industries Inc.

First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 5.50 % Electrical Components & Equipment 6,755 6,738 6,738

Northwest Fiber, LLC First Lien Term Loan, LIBOR+5.50% cash due 4/30/2027 5.66 % Integrated Telecommunication Services 2,400 2,314 2,403

Novetta Solutions, LLC First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 6.00 % Application Software 5,931 5,909 5,827

OEConnection LLC First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 4.08 % Application Software 7,852 7,816 7,842 (4)

OEConnection LLC First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 Application Software — (2) (5) (5)

Total OEConnection LLC 7,455 7,416 7,366

Olaplex, Inc.

4 unchanged sentences

6,273 6,182 6,218

PetVet Care Centers, LLC First Lien Term Loan, LIBOR+4.25% cash due 2/14/2025 5.25 % Specialized Consumer Services 2,743 2,736 2,747

PG&E Corporation First Lien Term Loan, LIBOR+4.50% cash due 6/23/2025 5.50 % Electric Utilities 5,985 5,899 5,875

Recorded Books, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 8/31/2025 4.75 % Publishing 6,000 5,940 5,940

Sabert Corporation First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 5.50 % Metal & Glass Containers 2,828 2,800 2,791

Salient CRGT, Inc.

First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 7.50 % Aerospace & Defense 2,111 2,099 1,963 (4)

SHO Holding I Corporation First Lien Term Loan, LIBOR+3.00% cash PIK 2.25% due 4/27/2024 4.00 % Footwear 8,396 8,380 5,898

Signify Health, LLC First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 5.50 % Health Care Services 9,750 9,690 9,409

Sirva Worldwide, Inc.

First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 5.65 % Diversified Support Services 4,781 4,709 3,992

Park Place Technologies, LLC First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 6.00 % Internet Services & Infrastructure 4,975 4,801 4,981 (4)

Planview Parent, Inc.

Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 8.00 % Application Software 4,503 4,435 4,514 (4)

OAKTREE SPECIALTY LENDING CORPORATION

2 unchanged sentences

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

Pluralsight, LLC First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 9.00 % Application Software $ 6,796 $ 6,669 $ 6,667 (4)

Pluralsight, LLC First Lien Revolver, LIBOR+8.00% cash due 4/6/2027 Application Software — (8) (8) (4)(5)

Total Pluralsight, LLC 6,796 6,661 6,659

Sabert Corporation First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 5.50 % Metal & Glass Containers 2,728 2,700 2,738 (4)

SHO Holding I Corporation First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 6.25 % Footwear 8,288 8,277 7,874

SHO Holding I Corporation First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 6.23 % Footwear 138 138 131

Total SHO Holding I Corporation 8,426 8,415 8,005

Sirva Worldwide, Inc.

First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 5.58 % Diversified Support Services 1,087 1,071 1,027 (4)

Sorenson Communications, LLC First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026 6.25 % Communications Equipment 2,854 2,825 2,877

Star US Bidco LLC First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 5.25 % Industrial Machinery 8,255 8,075 8,289 (4)

Sunshine Luxembourg VII SARL First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026 5.25 % Personal Products 7,940 7,900 7,911

Supermoose Borrower, LLC First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 3.88 % Application Software 7,823 7,465 7,294 (4)

1 unchanged sentence

First Lien Term Loan, LIBOR+3.75% cash due 8/31/2026 4.50 % Health Care Facilities 4,911 4,895 4,925

Uber Technologies, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 5.00 % Application Software 2,997 2,959 2,980

UFC Holdings, LLC First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 4.25 % Movies & Entertainment 2,856 2,816 2,814

Trench Plate Rental, Co.

First Lien Term Loan, LIBOR+4.75% cash due 12/3/2026 5.75 % Construction Materials 3,942 3,882 3,881

Trench Plate Rental, Co.

First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 12/3/2026 Construction Materials — (11) (12) (5)

Trench Plate Rental, Co.

First Lien Revolver, LIBOR+4.75% cash due 12/3/2026 5.75 % Construction Materials 24 15 15 (5)

Total Trench Plate Rental, Co.

3,966 3,886 3,884

Veritas US Inc.

2 unchanged sentences

First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025 4.08 % Health Care Technology 4,080 4,052 4,091

VM Consolidated, Inc.

First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025 3.40 % Data Processing & Outsourced Services 10,487 10,495 10,291

Waystar Technologies, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 4.08 % Health Care Technology 5,910 5,880 5,921

Windstream Services II, LLC First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 7.25 % Integrated Telecommunication Services 7,899 7,629 7,948 (4)

7 unchanged sentences

All the LIBOR shown above is in U.S.

As of September 30, 2020, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 0.15%, the 60-day LIBOR at 0.19%, the 90-day LIBOR at 0.22%, the 180-day LIBOR at 0.27% and the PRIME at 3.25%.

Most loans include an interest floor, which generally ranges from 0% to 1%.

(3) Represents the current determination of fair value as of September 30, 2021 utilizing a similar technique as the Company in accordance with ASC 820.

However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.

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, 2021.

2 unchanged sentences

A negative fair value may result from the unfunded commitment being valued below par.

(6) This investment was on cash non-accrual status as of September 30, 2020.

Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Both the cost and fair value of the Company's SLF JV I Notes were $96.3 million as of each of September 30, 2022 and September 30, 2021.

2 unchanged sentences

The cost and fair value of the LLC equity interests in SLF JV I held by the Company were $49.3 million and $20.7 million, respectively, as of September 30, 2022, and $49.3 million and $37.7 million, respectively, as of September 30, 2021.

The Company earned $0.9 million in dividend income for the year ended September 30, 2021 with respect to its investment in the LLC equity interests of SLF JV I.

The Company did not earn dividend income for the years ended September 30, 2020 and 2019 with respect to its investment in the LLC equity interests of SLF JV I.

The Company earned $2.9 million and $0.9 million in dividend income for the years ended September 30, 2022 and September 30, 2021, respectively, with respect to its investment in the LLC equity interests of SLF JV I.

The Company did not earn dividend income for the year ended September 30, 2020 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.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Below is certain summarized financial information for SLF JV I as of September 30, 2022 and September 30, 2021 and for the years ended September 30, 2022, 2021 and 2020:

25 unchanged sentences

Total expenses (1) 17,112 14,410 16,881

Net investment income 7,100 6,173 3,265

Net unrealized appreciation (depreciation) (23,661) 13,270 (9,704)

6 unchanged sentences

A gain of $0.5 million was recognized by the Company on these transactions.

During the year ended September 30, 2021, the Company sold $48.0 million of senior secured debt investments to SLF JV I for $47.2 million cash consideration, which represented the fair value at the time of sale.

A gain of $2.5 million was recognized by the Company on these transactions.

During the year ended September 30, 2020, the Company did not sell any debt investments to SLF JV I.

During the year ended September 30, 2019, the Company sold $8.4 million of senior secured debt investments to SLF JV I at fair value in exchange for $8.3 million cash consideration.

A loss of $0.1 million was recognized by the Company on these transactions.

OAKTREE SPECIALTY LENDING CORPORATION

2 unchanged sentences

OCSI Glick JV LLC

On March 19, 2021, as a result of the consummation of the Mergers, the Company became party to the LLC agreement of Glick JV.

The Glick JV invests primarily in senior secured loans of middle-market companies.

The Company co-invests in these securities with GF Equity Funding through the Glick JV.

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.

2 unchanged sentences

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 September 30, 2021, 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.

As of September 30, 2022 and September 30, 2021, 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 senior revolving credit facility with Deutsche Bank AG, New York Branch (the "Glick JV Deutsche Bank Facility"), which, as of September 30, 2022, had a reinvestment period end date and maturity date of May 3, 2023 and May 3, 2028, respectively, and permitted borrowings of up to $90.0 million (subject to borrowing base and other limitations).

Borrowings under the Glick JV Deutsche Bank Facility are secured by all of the assets of the Glick JV and all of the equity interests in the Glick JV and, as of September 30, 2021, bore interest at a rate equal to 3-month LIBOR plus 2.25% per annum during the reinvestment period, 3-month LIBOR plus 2.40% for the first year after the end of the reinvestment period, 3-month LIBOR plus 2.50% for the following year and 2.75% thereafter, in each case with a 0.125% LIBOR floor.

Under the Glick JV Deutsche Bank Facility, $71.9 million of borrowings were outstanding as of September 30, 2021.

As of September 30, 2021, the Glick JV had total assets of $141.0 million.

The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 37 portfolio companies as of September 30, 2021.

Borrowings under the Glick JV Deutsche Bank Facility are secured by all of the assets of the Glick JV and all of the equity interests in the Glick JV and, as of September 30, 2022, bore interest at a rate equal to 3-month LIBOR plus 2.25% per annum during the reinvestment period, 3-month LIBOR plus 2.40% for the first year after the end of the reinvestment period, 3-month LIBOR plus 2.50% for the following year and 3-month LIBOR plus 2.75% thereafter, in each case with a 0.125% LIBOR floor.

$82.1 million and $71.9 million of borrowings were outstanding under the Glick JV Deutsche Bank Facility as of September 30, 2022 and September 30, 2021, respectively.

As of September 30, 2022 and September 30, 2021, the Glick JV had total assets of $146.8 million and $141.0 million, respectively.

The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 43 and 37 portfolio companies as of September 30, 2022 and September 30, 2021, 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 $55.6 million in the aggregate at fair value as of September 30, 2021.

The Company's investment in the Glick JV consisted of LLC equity interests and Glick JV Notes of $50.3 million and $55.6 million in the aggregate at fair value as of September 30, 2022 and September 30, 2021, 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 September 30, 2021, 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 September 30, 2021, of which $73.5 million was from the Company.

As of September 30, 2021, the Company had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million were unfunded as of such date.

As of September 30, 2021, the Company had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million were unfunded.

As of each of September 30, 2022 and September 30, 2021, 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 September 30, 2022 and September 30, 2021, of which $73.5 million was from the Company.

As of each of September 30, 2022 and September 30, 2021, the Company had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million were unfunded.

As of each of September 30, 2022 and September 30, 2021, 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

1 unchanged sentence

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

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 September 30, 2021:

September 30, 2021

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 September 30, 2022 and September 30, 2021:

September 30, 2022 September 30, 2021

Senior secured loans (1) $143,225 $126,512

7 unchanged sentences

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

ADB Companies, LLC First Lien Term Loan, SOFR+6.25% cash due 12/18/2025 9.80% Construction & Engineering $ 4,647 $ 4,579 $ 4,567 (4)

Alvogen Pharma Inc First Lien Term Loan, SOFR+7.50% cash due 6/30/2025 11.20% Pharmaceuticals 6,562 6,489 6,529 (4)

American Tire Distributors, Inc.

First Lien Term Loan, LIBOR+6.25% cash due 10/20/2028 9.03% Distributors 2,889 2,853 2,714 (4)

Amplify Finco Pty Ltd.

First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 7.92% Movies & Entertainment 2,925 2,896 2,823 (4)

Anastasia Parent, LLC First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 7.42% Personal Products 917 712 734 (4)

ASP-R-PAC Acquisition Co LLC First Lien Term Loan, LIBOR+6.00% cash due 12/29/2027 9.67% Paper Packaging 1,734 1,704 1,694

ASP-R-PAC Acquisition Co LLC First Lien Revolver, LIBOR+6.00% cash due 12/29/2027 Paper Packaging — (4) (5) (5)

Total ASP-R-PAC Acquisition Co LLC 1,734 1,700 1,689

Astra Acquisition Corp.

First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028 8.37% Application Software 2,078 2,033 1,777 (4)

Asurion, LLC First Lien Term Loan, SOFR+4.00% cash due 8/19/2028 7.70% Property & Casualty Insurance 2,000 1,901 1,711

Asurion, LLC Second Lien Term Loan, LIBOR+5.25% cash due 1/20/2029 8.37% Property & Casualty Insurance 2,423 2,212 1,866

Total Asurion, LLC 4,423 4,113 3,577

Aurora Lux Finco S.À.R.L.

First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 8.78% Airport Services 3,656 3,601 3,476 (4)

BAART Programs, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027 8.12% Health Care Services 3,398 3,366 3,279

BAART Programs, Inc.

First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027 8.12% Health Care Services 808 800 760 (4)(5)

Total BAART Programs, Inc.

4,206 4,166 4,039

BYJU's Alpha, Inc.

First Lien Term Loan, LIBOR+6.00% cash due 11/24/2026 8.98% Application Software 3,970 3,919 2,909

CITGO Petroleum Corp.

First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 9.37% Oil & Gas Refining & Marketing 3,519 3,484 3,529 (4)

City Football Group Limited First Lien Term Loan, LIBOR+3.50% cash due 7/21/2028 6.48% Movies & Entertainment 2,481 2,469 2,372

Covetrus, Inc.

First Lien Term Loan, SOFR+5.00% cash due 9/20/2029 7.65% Health Care Distributors 2,280 2,143 2,136 (4)

Curium Bidco S.à.r.l.

First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 7.67% Biotechnology 2,870 2,849 2,756

DirecTV Financing, LLC First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 8.12% Cable & Satellite 2,730 2,703 2,549 (4)

Domtar Corporation First Lien Term Loan, LIBOR+5.50% cash due 11/30/2028 8.26% Paper Products 2,503 2,478 2,394

DTI Holdco, Inc.

First Lien Term Loan, SOFR+4.75% cash due 4/26/2029 7.33% Research & Consulting Services 3,000 2,943 2,856 (4)

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

Eagle Parent Corp.

First Lien Term Loan, SOFR+4.25% cash due 4/1/2029 7.80% Industrial Machinery $ 2,488 $ 2,429 $ 2,426

eResearch Technology, Inc.

First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 7.62% Application Software 2,444 2,419 2,286

Gibson Brands, Inc.

First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028 7.94% Leisure Products 3,970 3,930 3,216

Harbor Purchaser Inc.

First Lien Term Loan, SOFR+5.25% cash due 4/9/2029 8.38% Education Services 4,000 3,887 3,655 (4)

Indivior Finance S.À.R.L.

First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026 8.80% Pharmaceuticals 3,950 3,890 3,886

INW Manufacturing, LLC First Lien Term Loan, LIBOR+5.75% cash due 3/25/2027 9.42% Personal Products 2,375 2,320 2,102 (4)

Iris Holding, Inc.

First Lien Term Loan, SOFR+4.75% cash due 6/28/2028 7.89% Metal & Glass Containers 2,000 1,846 1,844

LaserAway Intermediate Holdings II, LLC First Lien Term Loan, LIBOR+5.75% cash due 10/14/2027 8.23% Health Care Services 3,970 3,903 3,905

LTI Holdings, Inc.

First Lien Term Loan, LIBOR+3.25% cash due 9/6/2025 6.37% Electronic Components 1,358 1,192 1,260

MRI Software LLC First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 9.17% Application Software 1,647 1,632 1,600 (4)

MRI Software LLC First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 Application Software — (1) (4) (4)(5)

Total MRI Software LLC 1,647 1,631 1,596

Northern Star Industries Inc.

First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025 7.87% Electrical Components & Equipment 5,252 5,243 5,095

OEConnection LLC First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 7.12% Application Software 3,888 3,871 3,752 (4)

Planview Parent, Inc.

Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 10.92% Application Software 2,842 2,799 2,728 (4)

Pluralsight, LLC First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 10.68% Application Software 4,465 4,398 4,325 (4)

Pluralsight, LLC First Lien Revolver, LIBOR+8.00% cash due 4/6/2027 Application Software — (5) (10) (4)(5)

Total Pluralsight, LLC 4,465 4,393 4,315

Sabert Corporation First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 7.63% Metal & Glass Containers 1,691 1,674 1,623 (4)

SHO Holding I Corporation First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 8.06% Footwear 6,094 6,082 5,332

SHO Holding I Corporation First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 8.04% Footwear 102 102 90

Total SHO Holding I Corporation 6,196 6,184 5,422

Spanx, LLC First Lien Term Loan, LIBOR+5.25% cash due 11/20/2028 8.30% Apparel Retail 4,962 4,876 4,845 (4)

SPX Flow, Inc.

First Lien Term Loan, SOFR+4.50% cash due 4/5/2029 7.63% Industrial Machinery 6,000 5,734 5,572 (4)

Supermoose Borrower, LLC First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 7.42% Application Software 2,820 2,712 2,487 (4)

Surgery Center Holdings, Inc.

First Lien Term Loan, LIBOR+3.75% cash due 8/31/2026 6.51% Health Care Facilities 3,377 3,365 3,213

TIBCO Software Inc.

First Lien Term Loan, SOFR+4.50% cash due 3/20/2029 8.15% Application Software 2,654 2,415 2,388 (4)

Touchstone Acquisition, Inc.

First Lien Term Loan, LIBOR+6.00% cash due 12/29/2028 9.12% Health Care Supplies 3,024 2,970 2,963 (4)

Tribe Buyer LLC First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 7.62% Human Resource & Employment Services 1,583 1,582 1,266

Windstream Services II, LLC First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 9.37% Integrated Telecommunication Services 4,886 4,747 4,447 (4)

WP CPP Holdings, LLC First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025 6.56% Aerospace & Defense 993 955 892 (4)

WP CPP Holdings, LLC Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 10.56% Aerospace & Defense 3,000 2,986 2,534 (4)

Total WP CPP Holdings, LLC 3,993 3,941 3,426

Total Portfolio Investments

$ 143,225 $ 140,083 $ 133,144

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(1) Represents the interest rate as of September 30, 2022.

All interest rates are payable in cash, unless otherwise noted.

Certain loans may also be indexed to SOFR.

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.

All LIBOR shown above is in U.S.

As of September 30, 2022, the reference rates for the Glick JV's variable rate loans were the 30-day LIBOR at 3.12%, the 90-day LIBOR at 3.67%, the 30-day SOFR at 3.03% and the 90-day SOFR at 3.55%.

Most loans include an interest floor, which generally ranges from 0% to 1%.

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, 2022 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 the Glick JV as of September 30, 2022.

(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.

Glick JV Portfolio as of September 30, 2021

Portfolio Company Investment Type Cash Interest Rate (1)(2) Industry Principal Cost Fair Value (3) Notes

ADB Companies, LLC First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 7.25% Construction & Engineering $ 3,866 $ 3,783 $ 3,822 (4)

88 unchanged sentences

(3) Represents the current determination of fair value as of September 30, 2021 utilizing a similar technique as the Company in accordance with ASC 820.

However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.

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 the Glick JV as of September 30, 2021.

2 unchanged sentences

A negative fair value may result from the unfunded commitment being valued below par.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The cost and fair value of the Company's aggregate investment in the Glick JV was $50.2 million and $50.3 million, respectively, as of September 30, 2022.

For the period from March 19, 2021 to September 30, 2021, the Company's investment in the Glick JV Notes earned interest income of $2.4 million.

The Company did not earn any dividend income for the period from March 19, 2021 to September 30, 2021 with respect to its investment in the LLC equity interests of the Glick JV.

The LLC equity interests of the Glick JV are income producing to the extent there is residual cash to be distributed on a quarterly basis.

The cost and fair value of the Company's aggregate investment in the Glick JV was $50.7 million and $55.6 million, respectively, as of September 30, 2021.

For the year ended September 30, 2022 and for the period from March 19, 2021 to September 30, 2021, the Company's investment in the Glick JV Notes earned interest income of $4.7 million and $2.4 million, respectively.

The Company did not earn dividend income for the year ended September 30, 2022 and for the period from March 19, 2021 to September 30, 2021 with respect to its investment in the LLC equity interest of the Glick JV.

As of September 30, 2022, the Glick JV Notes bore interest at a rate of one-month LIBOR plus 4.50% per annum and will mature on October 20, 2028.

Below is certain summarized financial information for the Glick JV as of September 30, 2021 and for the period from March 19, 2021 to September 30, 2021:

September 30, 2021

Below is certain summarized financial information for the Glick JV as of September 30, 2022 and September 30, 2021 and for the year ended September 30, 2022 and for the period from March 19, 2021 to September 30, 2021:

September 30, 2022 September 30, 2021

Selected Balance Sheet Information:

Investments at fair value (cost September 30, 2022:

September 30, 2021:

$124,112) $ 133,144 $ 124,108

5 unchanged sentences

Glick JV Notes payable at fair value (proceeds September 30, 2022:

September 30, 2021:

$70,525) 57,463 63,522

3 unchanged sentences

Total liabilities and members' equity $ 146,808 $ 141,000

For the period from March 19, 2021 to September 30, 2021

For the year ended September 30, 2022 For the period from March 19, 2021 to September 30, 2021

Selected Statements of Operations Information:

6 unchanged sentences

Total expenses (1) 6,491 3,032

Net investment income 3,361 1,678

Net unrealized appreciation (depreciation) (3,216) (1,710)

4 unchanged sentences

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 period from March 19, 2021 to September 30, 2021, the Company did not sell any debt investments to the Glick JV.

During the year ended September 30, 2022 and the period from March 19, 2021 to September 30, 2021, the Company did not sell any debt investments to the Glick JV.

For the years ended September 30, 2022, 2021 and 2020, the Company recorded total fee income of $6.6 million, $14.1 million and $8.5 million, respectively, of which $0.9 million, $0.6 million and $0.7 million, respectively, was recurring in nature.

18 unchanged sentences

The following table presents the changes in net assets for the years ended September 30, 2022, 2021 and 2020:

Shares Par Value Additional paid-in-capital Accumulated Overdistributed Earnings Total Net Assets

(Share amounts in thousands) Shares Par Value Additional paid-in-capital Accumulated Overdistributed Earnings Total Net Assets

Balance at September 30, 2019 140,961 $ 1,409 $ 1,487,774 $ (558,553) $ 930,630

4 unchanged sentences

Distributions to stockholders — — — (54,975) (54,975)

Reclassification of additional paid-in capital — — (4,965) 4,965 —

Issuance of common stock under dividend reinvestment plan 435 4 1,874 — 1,878

6 unchanged sentences

Distributions to stockholders — — — (82,020) (82,020)

Reclassification of additional paid-in capital — — 74,271 (74,271) —

Issuance of common stock in connection with the OCSI Merger 39,400 395 242,309 — 242,704

Issuance of common stock under dividend reinvestment plan 338 3 2,167 — 2,170

Repurchases of common stock under dividend reinvestment plan (338) (3) (2,167) — (2,170)

Balance at September 30, 2020 140,961 $ 1,409 $ 1,487,774 $ (574,304) $ 914,879

Balance as of September 30, 2021 180,361 $ 1,804 $ 1,804,354 $ (493,335) $ 1,312,823

Net investment income — — — 148,621 148,621

3 unchanged sentences

Distributions to stockholders — — — (118,657) (118,657)

Reclassification of additional paid-in capital — — 74,271 (74,271) —

Issuance of common stock in connection with the Mergers 39,400 395 242,309 — 242,704

Issuance of common stock in connection with the "at the market" offering 2,801 28 20,594 — 20,622

Issuance of common stock under dividend reinvestment plan 497 5 3,404 — 3,409

Repurchases of common stock under dividend reinvestment plan (285) (3) (1,854) — (1,857)

Balance at September 30, 2021 180,361 $ 1,804 $ 1,804,354 $ (493,335) $ 1,312,823

Balance as of September 30, 2022 183,374 $ 1,834 $ 1,826,498 $ (582,769) $ 1,245,563

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Distributions

2 unchanged sentences

Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

2 unchanged sentences

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.

federal income tax purposes, the Company estimates its distributions for the 2021 calendar year will be composed primarily of ordinary income.

The character of such distributions will be appropriately reported to the Internal Revenue Service and stockholders for the 2020 calendar year.

For income tax purposes, the Company estimated its distributions for the 2022 calendar year will be composed primarily of ordinary income.

The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2021 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.

6 unchanged sentences

Issued DRIP Shares

November 13, 2020 December 15, 2020 December 31, 2020 $ 0.11 $ 15.0 million 93,964 $ 0.5 million

October 13, 2021 December 15, 2021 December 31, 2021 $ 0.155 $ 27.2 million 107,971 (1) $ 0.8 million

January 28, 2022 March 15, 2022 March 31, 2022 0.16 28.5 million 104,411 (1) 0.8 million

16 unchanged sentences

November 12, 2019 December 13, 2019 December 31, 2019 $ 0.095 $ 12.9 million 87,747 (2) $ 0.5 million

February 1, 2019 March 15, 2019 March 29, 2019 0.095 13.1 million 59,603 0.3 million

May 3, 2019 June 14, 2019 June 28, 2019 0.095 13.1 million 61,093 0.3 million

August 2, 2019 September 13, 2019 September 30, 2019 0.095 13.1 million 61,205 0.3 million

January 31, 2020 March 13, 2020 March 31, 2020 0.095 12.9 million 157,523 (2) 0.5 million

April 30, 2020 June 15, 2020 June 30, 2020 0.095 13.0 million 87,351 (2) 0.4 million

July 31, 2020 September 15, 2020 September 30, 2020 0.105 14.3 million 102,404 (2) 0.5 million

Total for the year ended September 30, 2020 $ 0.390 $ 53.1 million 435,025 $ 1.9 million

(1) New shares were issued and distributed.

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

(2) Rounded balance may not sum to the total.

(3) Total may not sum due to rounding.

Common Stock Issuances

On March 19, 2021, in connection with the Mergers, the Company issued an aggregate of 39,400,011 shares of common stock to former OCSI stockholders.

There were no other common stock issuances during the years ended September 30, 2021, 2020 and 2019.

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

During the year ended September 30, 2022, the Company issued an aggregate of 212,382 shares of common stock as part of the DRIP.

On February 7, 2022, the Company entered into an equity distribution agreement by and among the Company, Oaktree, Oaktree Administrator and Keefe, Bruyette & Woods, Inc., JMP Securities LLC, Raymond James & Associates, Inc.

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc.

and MUFG Union Bank, N.A.

as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A.

SMBC Nikko Securities America, Inc., as placement agents, in connection with the issuance and sale by the Company of shares of common stock, having an aggregate offering price of up to $125.0 million.

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 the following shares of common stock during the year ended September 30, 2022:

Number of Shares Issued Gross Proceeds Placement Agent Fees Net Proceeds (1) Average Sales Price per Share (2)

"At the market" offering 2,801,206 $ 21,049 $ 210 $ 20,839 $ 7.51

(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 March 19, 2021, in connection with the OCSI Merger, the Company issued an aggregate of 39,400,011 shares of common stock to former OCSI stockholders.

There were no other common stock issuances during the year ended September 30, 2021.

Syndicated Facility

and MUFG Union Bank, N.A., as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A.

and Bank of America, N.A., as syndication agents.

1 unchanged sentence

The Syndicated Facility further allows the Company to request letters of credit from ING Capital LLC, as the issuing bank.

On October 28, 2020, the Company entered into an incremental commitment and assumption agreement in connection with the Company’s exercise of $75 million of the accordion feature under the Syndicated Facility.

On December 28, 2020, the Company entered into an incremental commitment agreement pursuant to which a lender under the Syndicated Facility increased its commitment amount under the Syndicated Facility by $25 million.

On May 4, 2021, the Company amended the Syndicated Credit Facility to, among other things, increase the size of the facility by $150 million (and increase the “accordion” feature to permit the Company, under certain circumstances, to increase the size of the facility to up to the greater of $1.25 billion and the Company’s net worth, as defined in the facility).

As a result of such agreements, as of September 30, 2021, the size of the Syndicated Facility was $950 million.

On December 10, 2021, the Company entered into an incremental commitment and assumption agreement pursuant to which a new lender provided additional commitments of $50 million under the Syndicated Facility.

As of September 30, 2022, the size of the Syndicated Facility was $1.0 billion.

In addition, pursuant to an "accordion" feature, the Company may increase the size of the facility to up to the greater of $1.25 billion and the Company's net worth, as defined in the facility, under certain circumstances.

As of September 30, 2022, (i) the period during which the Company may make drawings will expire on May 4, 2025 and the maturity date is May 4, 2026 and (ii) the interest rate margin for (a) LIBOR loans (which may be 1-, 2-, 3- or 6-month, at the Company’s option) was 2.00% and (b) alternate base rate loans was 1.00%.

3 unchanged sentences

(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.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

6 unchanged sentences

Citibank Facility

On March 19, 2021, as a result of the consummation of the Mergers, the Company became party to a revolving credit facility (as amended and/or restated from time to time, the “Citibank Facility”) with OCSL Senior Funding II LLC (formerly OCSI Senior Funding II LLC), the Company’s wholly-owned, special purpose financing subsidiary, as the borrower, the Company, as collateral manager and seller, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent and custodian.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

On March 19, 2021, the Company became party to a revolving credit facility (as amended and/or restated from time to time, the “Citibank Facility”) with OCSL Senior Funding II LLC (formerly OCSI Senior Funding II LLC), the Company’s wholly-owned, special purpose financing subsidiary, as the borrower, the Company, as collateral manager and seller, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent and custodian.

On November 18, 2021, the Company entered into an amendment to the Citibank Facility that, among other things, increased the size of the facility by $50 million and extended the reinvestment period and final maturity date.

As of September 30, 2022, the Company was able to borrow up to $200 million under the Citibank Facility (subject to borrowing base and other limitations).

As of September 30, 2021, the reinvestment period under the Citibank Facility was scheduled to expire on July 18, 2023 and the maturity date for the Citibank Facility was July 18, 2024.

As of September 30, 2022, the reinvestment period under the Citibank Facility was scheduled to expire on November 18, 2023 and the maturity date for the Citibank Facility was November 18, 2024.

As of September 30, 2022, borrowings under the Citibank Facility are subject to certain customary advance rates and accrue interest at a rate equal to LIBOR plus between 1.25% and 2.20% per annum on broadly syndicated loans, subject to observable market depth and pricing, and LIBOR plus 2.25% per annum on all other eligible loans during the reinvestment period.

4 unchanged sentences

Each loan origination under the Citibank Facility is subject to the satisfaction of certain conditions.

As of September 30, 2021, the Company had $135.0 million outstanding under the Citibank Facility, which had a fair value of $135.0 million.

The Company's borrowings under the Citibank Facility bore interest at a weighted average interest rate of 2.086% for the period from March 19, 2021 to September 30, 2021.

For the period from March 19, 2021 to September 30, 2021, the Company recorded interest expense (inclusive of fees) of $1.9 million related to the Citibank Facility.

Deutsche Bank Facility

On March 19, 2021, as a result of the consummation of the Mergers, the Company became party to a loan financing and servicing agreement (as amended, the “Deutsche Bank Facility”) with OCSI Senior Funding Ltd., the Company’s wholly-owned, special purpose financing subsidiary, as borrower, the Company, as equityholder and as servicer, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian.

On May 4, 2021, the Company repaid all outstanding borrowings under the Deutsche Bank Facility using borrowings under the Syndicated Credit Facility, following which the Deutsche Bank Facility was terminated.

For the period from March 19, 2021 to May 4, 2021, the Company’s borrowings under the Deutsche Bank Facility bore interest at a weighted average interest rate of 2.900%.

For the period from March 19, 2021 to September 30, 2021, the Company recorded interest expense (inclusive of fees) of $0.3 million related to the Deutsche Bank Facility.

As of September 30, 2022 and September 30, 2021, the Company had $160.0 million and $135.0 million outstanding under the Citibank Facility, respectively, which had a fair value of $160.0 million and $135.0 million, respectively.

The Company's borrowings under the Citibank Facility bore interest at a weighted average interest rate of 3.179% and 2.086% for the year ended September 30, 2022 and the period from March 19, 2021 to September 30, 2021, respectively.

For the year ended September 30, 2022 and the period from March 19, 2021 to September 30, 2021, the Company recorded interest expense (inclusive of fees) of $5.8 million and $1.9 million, respectively, related to the Citibank Facility.

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.

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The 2025 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 2025 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 2025 Notes is paid semi-annually on February 25 and August 25 at a rate of 3.500% per annum.

4 unchanged sentences

The 2025 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 U.S.

Securities and Exchange Commission ("SEC")), as well as covenants requiring the Company to provide financial information to

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

the holders of the 2025 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").

Securities and Exchange Commission ("SEC")), as well as covenants requiring the Company to provide financial information to the holders of the 2025 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 2025 Notes Indenture.

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The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.

See Note 13 for more information regarding the interest rate swaps.

The below table presents the components of the carrying value of the 2025 Notes and the 2027 Notes as of September 30, 2021:

As of September 30, 2021

($ in millions) 2025 Notes 2027 Notes

Principal $ 300.0 $ 350.0

Unamortized financing costs (2.6) (4.0)

Unaccreted discount (1.7) (0.9)

Interest rate swap fair value adjustment — (2.1)

Net carrying value $ 295.7 $ 343.0

Fair Value $ 314.5 $ 351.1

See Note 12 for more information regarding the interest rate swap.

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

The below table presents the components of the carrying value of the 2025 Notes as of September 30, 2020:

As of September 30, 2020

($ in millions) 2025 Notes

The below table presents the components of the carrying value of the 2025 Notes and the 2027 Notes as of September 30, 2022 and September 30, 2021:

As of September 30, 2022 As of September 30, 2021

($ in millions) 2025 Notes 2027 Notes 2025 Notes 2027 Notes

Principal $ 300.0 $ 350.0 $ 300.0 $ 350.0

1 unchanged sentence

Unaccreted discount (1.2) (0.7) (1.7) (0.9)

Interest rate swap fair value adjustment — (42.0) — (2.1)

Net carrying value $ 297.0 $ 304.1 $ 295.7 $ 343.0

7 unchanged sentences

Coupon interest rate (net of effect of interest rate swap for 2027 Notes) 3.500 % 2.585 %

The below table presents the components of interest and other debt expenses related to the 2025 Notes and the 2027 Notes for the year ended September 30, 2021:

($ in millions) 2025 Notes 2027 Notes

Coupon interest $ 10.5 $ 3.5

Amortization of financing costs and discount 1.3 0.3

Effect of interest rate swap — (1.1)

Total interest expense $ 11.8 $ 2.7

Coupon interest rate (net of effect of interest rate swap for 2027 Notes) 3.500 % 1.813 %

The below table presents the components of interest and other debt expenses related to the 2025 Notes for the year ended September 30, 2020:

4 unchanged sentences

Coupon interest rate 3.500 %

On October 18, 2012, the Company issued $75.0 million in aggregate principal amount of the 5.875% notes due 2024 (the "2024 Notes") for net proceeds of $72.5 million after deducting underwriting commissions of $2.2 million and offering costs of $0.3 million.

The 2024 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the first supplemental indenture, dated October 18, 2012, between the Company and the Trustee.

Interest on the 2024 Notes was paid quarterly in arrears on January 30, April 30, July 30 and October 30 at a rate of 5.875% per annum.

On March 2, 2020, the Company redeemed 100%, or $75.0 million aggregate principal amount, of the issued and outstanding 2024 Notes, following which they were delisted from the New York Stock Exchange.

The redemption price per 2024 Note was $25 plus accrued and unpaid interest.

The Company recognized a loss of $1.0 million in connection with the redemption of the 2024 Notes during the year ended September 30, 2020.

For the years ended September 30, 2020 and 2019, the Company recorded interest expense of $1.9 million and $4.6 million (inclusive of fees), respectively, related to the 2024 Notes.

As of September 30, 2021 and September 30, 2020, there were no 2024 Notes outstanding.

In April and May 2013, the Company issued $86.3 million in aggregate principal amount of the 6.125% notes due 2028 (the "2028 Notes") for net proceeds of $83.4 million after deducting underwriting commissions of $2.6 million and offering costs of $0.3 million.

The 2028 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the second supplemental indenture, dated April 4, 2013, between the Company and the Trustee.

Interest on the 2028 Notes was paid quarterly in arrears on January 30, April 30, July 30 and October 30 at a rate of 6.125% per annum.

On March 13, 2020, the Company redeemed 100%, or $86.3 million aggregate principal amount, of the issued and outstanding 2028 Notes, following which they were delisted from the Nasdaq Global Select Market.

The redemption price per 2028 Note was $25 plus accrued and unpaid interest.

The Company recognized a loss of $1.5 million in connection with the redemption of the 2028 Notes during the year ended September 30, 2020.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

For the year ended September 30, 2020 and 2019, the Company recorded interest expense of $2.5 million and $5.5 million (inclusive of fees), respectively, related to the 2028 Notes.

As of September 30, 2021 and September 30, 2020, there were no 2028 Notes outstanding.

Secured Borrowings

As of September 30, 2021 and September 30, 2020, the Company did not have any secured borrowings outstanding.

On March 19, 2021, as a result of the consummation of the Mergers, the Company became party to a secured borrowing arrangement under which certain securities were sold and simultaneously repurchased at a premium.

The amounts due under the secured borrowing arrangement were settled prior to September 30, 2021.

For the period from March 19, 2021 to September 30, 2021, the Company recorded less than $0.1 million of interest expense in connection with secured borrowings.

The Company's secured borrowings bore interest at a weighted average rate of 3.123% for the period from March 19, 2021 to September 30, 2021.

During the year ended September 30, 2019, $7.2 million of secured borrowings were extinguished in exchange for $7.2 million of preferred stock in C5 Technology Holdings, LLC, which was restructured during the year.

For the year ended September 30, 2019, the Company recorded interest expense of $0.1 million related to the secured borrowings.

For the year ended September 30, 2019, the Company recorded unrealized depreciation on secured borrowings of $2.7 million.

For the year ended September 30, 2019, the Company recorded a realized gain of $2.6 million as a result of the extinguishment of secured borrowings in connection with the C5 Technology Holdings, LLC restructuring.

Principal Payments

7 unchanged sentences

Total $ 1,350,000 $ — $ — $ 460,000 $ 540,000 $ 350,000

Interest Income

As of September 30, 2021, there were no investments on non-accrual status .

As of September 30, 2020, there were two investments on which the Company had stopped accruing cash and/or PIK interest or OID income.

The percentages of the Company's debt investments at cost and fair value by accrual status as of September 30, 2020 were as follows:

September 30, 2020

Cost % of Debt

Portfolio Fair Value % of Debt

Accrual $ 1,500,364 98.79 % $ 1,483,284 99.89 %

PIK non-accrual (1) 12,661 0.83 — —

Cash non-accrual (2) 5,712 0.38 1,571 0.11

Total $ 1,518,737 100.00 % $ 1,484,855 100.00 %

___________________

(1) PIK non-accrual status is inclusive of other non-cash income, where applicable.

(2) Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Taxable/Distributable Income and Dividend Distributions

5 unchanged sentences

and (5) recognition of interest income on certain loans.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

As of September 30, 2022, the Company had net capital loss carryforwards of $523.7 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 $64.5 million are available to offset future short-term capital gains and $459.2 million are available to offset future long-term capital gains.

A portion of such net capital loss carryfowards represented a realized loss under IRC 382-383, which is carried forward to future years to offset future gains subject to certain limitations.

A portion of such net capital loss carryfowards 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 years ended September 30, 2022, 2021 and 2020.

11 unchanged sentences

Taxable/Distributable Income (1) $ 142,388 $ 92,892 $ 54,362

(1) The Company's taxable income for the year ended September 30, 2021 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ended September 30, 2021.

(1) The Company's taxable income for the year ended September 30, 2022 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2022.

Therefore, the final taxable income may be different than the estimate.

11 unchanged sentences

As of September 30, 2022, the Company recorded a net deferred tax asset of $1.7 million on the Consolidated Statements of Assets and Liabilities.

For the year ended September 30, 2021, the Company recognized a total provision for income tax related to realized and unrealized gains of $0.8 million, which was composed of (i) a current income tax expense of approximately $0.7 million, and (ii) a deferred income tax expense of approximately $0.1 million, which resulted from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries.

For the year ended September 30, 2022, the Company recognized a provision for income tax related to net investment income of $3.3 million, which was all current income tax expense.

For the year ended September 30, 2020, the Company recognized a total provision for income tax benefit of $1.8 million, which was comprised of (i) a current income tax benefit of approximately $0.2 million, and (ii) a deferred income tax benefit of approximately $1.6 million, which resulted from unrealized depreciation on investments held by the Company’s wholly-owned taxable subsidiaries.

For the year ended September 30, 2019, the Company recognized a total provision for income taxes of $1.0 million, which was comprised of (i) current income tax expense of approximately $0.7 million, primarily as a result of realized gains on investments held by the Company's wholly-owned taxable subsidiaries, net of return to provision adjustments, and (ii) deferred income tax expense of approximately $0.3 million, which resulted from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries.

For the year ended September 30, 2022, the Company also recognized a total provision for income tax related to realized and unrealized gains (losses) of $0.3 million, which was composed of (i) a current income tax expense of approximately $1.3 million, and (ii) a deferred income tax benefit of approximately $1.0 million, which resulted from unrealized depreciation of investments held by the Company's wholly-owned taxable subsidiaries.

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

For the year ended September 30, 2021, the Company reclassified $74.3 million, respectively, of accumulated overdistributed earnings to additional paid-in-capital on the Consolidated Statement of Assets and Liabilities related to the merger with OCSI.

These reclassification entries did not impact total net assets.

For the year ended September 30, 2021, the Company recognized a provision for income tax related to net investment income of $2.8 million, which was all current income tax expense.

As of September 30, 2022, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:

4 unchanged sentences

The aggregate cost of investments for U.S.

federal income tax purposes was $2.6 billion as of September 30, 2021.

federal income tax purposes was $2,654.3 million as of September 30, 2022.

As of September 30, 2022, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S.

8 unchanged sentences

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 year ended September 30, 2022, the Company recorded an aggregate net realized gain of $17.2 million, which consisted of the following:

($ in millions)

Portfolio Company Net Realized Gain (Loss)

Foreign currency forward contracts $ 13.7

OmniSYS Acquisition Corporation 2.2

First Star Speir Aviation Limited 1.9

TigerConnect Inc.

WP CPP Holdings, LLC (1.7)

Other, net (0.7)

OAKTREE SPECIALTY LENDING CORPORATION

24 unchanged sentences

HealthEdge Software, Inc.

During the year ended September 30, 2019, the Company recorded an aggregate net realized gain of $20.8 million, which consisted of the following:

($ in millions)

Portfolio Company Net Realized Gain (Loss)

Maverick Healthcare Group, LLC

BeyondTrust Holdings LLC

Comprehensive Pharmacy Services LLC

Refac Optical Group

YETI Holdings, Inc.

InMotion Entertainment Group, LLC

Advanced Pain Management

Thing5, LLC (net of secured borrowings)

Weatherford International

Other, net 0.9

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.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

During the years ended September 30, 2022, 2021 and 2020, the Company recorded net unrealized appreciation (depreciation) of $(136.2) million, $114.5 million and $(20.6) million, respectively.

For the year ended September 30, 2022, this consisted of $94.1 million of net unrealized depreciation on debt investments, $35.4 million of net unrealized depreciation on equity investments and $11.7 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains), partially offset by $4.9 million of net unrealized appreciation of foreign currency forward contracts.

For the year ended September 30, 2021, this consisted of $70.0 million of net unrealized appreciation on debt investments, $36.3 million of net unrealized appreciation on equity investments, $6.6 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $1.7 million of net unrealized appreciation of foreign currency forward contracts.

For the year ended September 30, 2020, this consisted of $35.3 million of net unrealized depreciation on equity investments, $12.0 million of net unrealized depreciation on debt investments and $0.3 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $26.9 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses).

For the year ended September 30, 2019, this consisted of $57.0 million of net unrealized appreciation related to exited investments (a portion of which results in a reclassification to realized losses), $10.6 million of net unrealized appreciation on equity investments and $0.3 million net unrealized appreciation of foreign currency forward contracts, partially offset by $26.8 million of net unrealized depreciation on debt investments and $2.7 million of net unrealized depreciation of secured borrowings (which results in a reclassification to realized gains).

For the year ended September 30, 2021, there were $22.8 million of net realized and unrealized gains (losses) that resulted solely from accounting adjustments related to the Mergers.

For the year ended September 30, 2021, there were $22.8 million of net realized and unrealized gains (losses) that resulted solely from accounting adjustments related to the OCSI Merger.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Concentration of Credit Risks

11 unchanged sentences

Immediately following such novation, the Company and Oaktree entered into a new investment advisory agreement with the same terms, including fee structure, as the investment advisory agreement with OCM.

The investment advisory agreement with Oaktree was subsequently amended and restated on March 19, 2021 in connection with the closing of the Mergers.

The investment advisory agreement with Oaktree was subsequently amended and restated on March 19, 2021 in connection with the closing of the OCSI Merger.

The term “Investment Advisory Agreement” refers collectively to the agreements with Oaktree and, prior to its novation, with OCM.

7 unchanged sentences

Effective May 3, 2019, the base management fee on the Company’s gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents, that exceed the product of (A) 200% and (B) the Company’s net asset value will be 1.00%.

For the avoidance of doubt, the 200% will be calculated in accordance with the Investment Company Act and will give effect to

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

exemptive relief the Company received from the SEC with respect to debentures issued by a small business investment company subsidiary.

In connection with the Mergers, the Company and Oaktree entered into an amended and restated investment advisory agreement, which among other items, waived an aggregate of $6 million of base management fees otherwise payable to Oaktree in the two years following the closing of the Mergers on March 19, 2021 at a rate of $750,000 per quarter (with such amount appropriately prorated for any partial quarter).

For the years ended September 30, 2021, 2020 and 2019, the base management fee incurred under the Investment Advisory Agreement was $30.7 million (net of waiver), $22.9 million and $22.2 million, respectively.

For the avoidance of doubt, the 200% will be calculated in accordance with the Investment Company Act and will give effect to exemptive relief the Company received from the SEC with respect to debentures issued by a small business investment company subsidiary.

In connection with the OCSI Merger, the Company and Oaktree entered into an amended and restated investment advisory agreement, which among other items, 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).

For the years ended September 30, 2022, 2021 and 2020, the base management fee incurred under the Investment Advisory Agreement was $36.6 million (net of waiver), $30.7 million (net of waiver) and $22.9 million, respectively.

Incentive Fee

1 unchanged sentence

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 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.

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)

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).

1 unchanged sentence

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 Mergers, 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.

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, 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:

7 unchanged sentences

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

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, 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 and (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.

As of September 30, 2022, the Company paid $9.6 million of capital gains incentive fees cumulatively under the Investment Advisory Agreement (net of waivers).

For the year ended September 30, 2022, the Company did not incur any capital gains incentive fees under the Investment Advisory Agreement.

For the year ended September 30, 2021, the Company incurred $8.8 million of capital gains incentive fees under the Investment Advisory Agreement.

For the year ended September 30, 2020, the Company did not incur any capital gains incentive fees under the Investment Advisory Agreement.

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

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

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 Mergers, 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 and (2) include any such amounts associated with the investments acquired in the Mergers for the period from October 1, 2018 to the date of closing of the Mergers, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee.

For the year ended September 30, 2021, the Company incurred $8.8 million of capital gains incentive fees under the Investment Advisory Agreement.

For the year ended September 30, 2020, the Company did not incur any capital gains incentive fees under the Investment Advisory Agreement.

For the year ended September 30, 2019, the Company incurred $4.6 million of capital gains incentive fees under the Investment Advisory Agreement (prior to waivers).

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.

5 unchanged sentences

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 year ended September 30, 2022, $8.8 million of accrued capital gains incentive fees were reversed.

For the year ended September 30, 2021, $17.6 million of accrued capital gains incentive fees were expensed.

For the year ended September 30, 2020, the Company reversed $5.6 million of previously accrued capital gains incentive fees.

For the year ended September 30, 2019, $10.2 million of accrued capital gains incentive fees were expensed (prior to waivers).

As of September 30, 2021, the total accrued capital gains incentive fee liability was $17.6 million.

As of September 30, 2022, the total accrued capital gains incentive fee liability was zero.

To ensure compliance with Section 15(f) of the Investment Company Act, OCM entered into a two-year contractual fee waiver with the Company, which ended on October 17, 2019, pursuant to which OCM waived any management or incentive fees payable under the Investment Advisory Agreement that exceeded what would have been paid to Fifth Street Management LLC (the "Former Adviser") in the aggregate under the investment advisory agreement by and between the Company and the Former Advisor.

The contractual amount of fees permanently waived at the end of the two-year period was $3.9 million.

Prior to the end of the two-year period, amounts potentially subject to waiver under the two-year contractual fee waiver were accrued quarterly based on a theoretical “liquidation basis.” As of September 30, 2019, the Company had accrued cumulative fee waivers of $9.1 million.

During the year ended September 30, 2020, the Company reversed $5.2 million of previously accrued fee waivers since the two-year fee waiver period ended.

The following table provides a roll-forward of the accrued waiver balance and illustrates the impact of the end of the two-year contractual fee waiver period:

($ in millions)

Accrued fee waivers as of September 30, 2019 (1) $ 9.1

Reversal of previously accrued fee waivers (2) (5.2)

Contractual fees waived under the Investment Advisory Agreement (3) (3.9)

Accrued fee waivers as of September 30, 2020 $ —

(1) Calculated in accordance with GAAP as of September 30, 2019 and is based on a hypothetical liquidation basis.

(2) Reflects the reversal of fee waivers that were previously accrued based on a hypothetical liquidation basis when the two-year contractual fee waiver was in effect.

This reversal was recognized in connection with the expiration of the two-year contractual fee waiver, which ended on October 17, 2019, and is reflected in reversal of fees waived in the Consolidated Statement of Operations for the year ended September 30, 2020.

(3) Reflects the amount of fees permanently waived pursuant to the two-year contractual fee waiver.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The following table shows the capital gains incentive fee payable under the Investment Advisory Agreement (net of waivers) for the years ended September 30, 2021, 2020 and 2019:

($ in millions) September 30, 2019 (1) September 30, 2020 September 30, 2021

Capital gains incentive fee payable under the Investment Advisory Agreement (prior to waivers) $ 4.6 $ — $ 8.8

Contractual fees waived (3.9) — —

Capital gains incentive fee payable under the Investment Advisory Agreement (net of waivers) $ 0.8 $ — $ 8.8

(1) Amounts may not sum due to rounding.

Prior to the end of the two-year period, amounts potentially subject to waiver under the two-year contractual fee waiver were accrued quarterly based on a theoretical “liquidation basis.” During the year ended September 30, 2020, the Company reversed $5.2 million of previously accrued fee waivers since the two-year fee waiver period ended.

Indemnification

9 unchanged sentences

Oaktree Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

3 unchanged sentences

For the years ended September 30, 2022, 2021 and 2020, the Company accrued administrative expenses of $1.5 million, $1.7 million and $1.8 million, respectively, including $0.3 million, $0.2 million and $0.3 million of general and administrative expenses, respectively.

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

As of September 30, 2022 and September 30, 2021, $3.2 million and $4.4 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.

40 unchanged sentences

(2) Calculated based upon weighted average shares outstanding for the period.

(3) For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the Mergers.

(3) 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.

1 unchanged sentence

(4) Calculated based upon the weighted average net assets for the period.

(5) For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.

(6) Calculated based upon the weighted average of principal debt outstanding for the period.

19 unchanged sentences

Citibank Facility

Fiscal 2021 $ 135,000 2,017

Wells Fargo Facility

Fiscal 2021 $ 135,000 2,017 — N/A

Fiscal 2022 160,000 1,886 — N/A

Sumitomo Facility

Wells Fargo Facility

Fiscal 2013 $ 20,000 3,949 — N/A

Sumitomo Facility

Fiscal 2013 $ — 3,949 — N/A

7 unchanged sentences

Fiscal 2015 115,000 2,389 — N/A

Secured Borrowings

7 unchanged sentences

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

Class and Year(1) Total Amount Outstanding Exclusive of Treasury Securities (in thousands)(2) Asset Coverage Per Unit(3) Involuntary Liquidating Preference Per Unit(4) Average Market Value Per Unit(5)

Class and Year(1) Total Amount Outstanding Exclusive of Treasury Securities (2) Asset Coverage Per Unit(3) Involuntary Liquidating Preference Per Unit(4) Average Market Value Per Unit(5)

Fiscal 2014 $ 250,000 2,595 — N/A

13 unchanged sentences

Fiscal 2022 300,000 1,886 — N/A

Fiscal 2021 $ 350,000 2,017 — N/A

Fiscal 2022 350,000 1,886 — N/A

Fiscal 2013 $ 86,250 3,949 — 957.21

36 unchanged sentences

As of September 30, 2022, 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.

During the year ended September 30, 2021, in connection with the issuance of the 2027 Notes, the Company entered into an interest rate swap agreement with the Royal Bank of Canada pursuant to an ISDA Master Agreement.

In connection with the issuance of the 2027 Notes, the Company entered into an interest rate swap agreement with the Royal Bank of Canada pursuant to an ISDA Master Agreement.

As of September 30, 2022, the Company paid $45.5 million to the Royal Bank of Canada to cover collateral obligations under the terms of the interest swap agreement, which is included in due from broker on the Consolidated Statement of Assets and Liabilities.

10 unchanged sentences

Interest rate swap $ 350,000 1/15/2027 $ — $ 41,969 Derivative liability

There was no interest rate swap as of September 30, 2020.

Certain information related to the Company’s interest rate swap is presented below as of September 30, 2021.

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 $ — $ 2,108 Derivative liability

Commitments and Contingencies

Merger Litigation

On December 18, 2020, putative stockholder Oklahoma Firefighters Pension and Retirement System filed a complaint on behalf of itself and all other similarly situated holders of the Company’s common stock and derivatively on behalf of the Company as nominal defendant in the Delaware Court of Chancery, captioned Oklahoma Firefighters Pension and Retirement System v.

Frank, et al., No.

2020-1075-VCM (Del.

This lawsuit is referred to herein as the “Merger Litigation”.

The Merger Litigation alleges a direct breach of fiduciary duty claim against the Board of Directors in connection with the solicitation of the approval by the Company’s stockholders of the issuance of shares of the Company’s common stock to be issued pursuant to the Merger Agreement and a derivative breach of fiduciary duty claim against the Board of Directors in connection with its negotiation and approval of the Mergers.

The Merger Litigation alleges, among other things, that the members of the Board of Directors had certain conflicts of interest in the negotiation and approval of the Mergers and that the

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 September 30, 2022, the Company's only off-balance sheet arrangements

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

initial filing of the joint proxy statement/prospectus relating to the Mergers omitted certain information that the plaintiff claims is material.

The Merger Litigation, among other things, requested that the court enjoin the vote of the Company’s stockholders with respect to the approval of the issuance of shares of the Company’s common stock to be issued pursuant to the Merger Agreement and award attorneys’ fees and damages in an unspecified amount.

On February 16, 2021, the plaintiff withdrew the request that the court enjoin the vote of the Company’s stockholders.

On April 26, 2021, putative stockholder Oklahoma Firefighters Pension and Retirement System filed a proposed order voluntarily dismissing its claims surrounding the Mergers, with prejudice as to the plaintiff and without prejudice as to any other stockholder of the Company.

The court entered the order of dismissal on May 10, 2021.

The Court retained jurisdiction solely for the purpose of adjudicating the anticipated application of plaintiff’s counsel for an award of attorneys’ fees and reimbursement of expenses in connection with the supplemental disclosures included in the amended joint proxy statement/prospectus.

The Company subsequently agreed to pay $0.4 million to plaintiff’s counsel for attorneys’ fees and expenses in full satisfaction of the claim for attorneys’ fees and expenses in the action.

For the year ended September 30, 2021, the Company recognized a $0.4 million loss in connection with the litigation matter described above.

In connection with the lawsuit, the Company incurred professional fees of $0.8 million during the year ended September 30, 2021.

Additionally, the Company determined that it is probable that it will receive $0.7 million of insurance recoveries in connection with such loss and professional fees incurred and has recognized such amount for the year ended September 30, 2021.

The Company received such insurance recoveries subsequent to September 30, 2021.

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.

consisted of $224.2 million of unfunded commitments, which was comprised of $175.2 million to provide debt and equity financing to certain of its portfolio companies and $49.0 million to provide financing to the JVs.

As of September 30, 2021, the Company's only off-balance sheet arrangements consisted of $264.9 million of unfunded commitments, which was comprised of $212.4 million to provide debt and equity financing to certain of its portfolio companies, $49.0 million to provide financing to the JVs and $3.5 million related to unfunded limited partnership interests.

As of September 30, 2020, the Company's only off-balance sheet arrangements consisted of $157.5 million of unfunded commitments, which was comprised of $152.7 million to provide debt financing to certain of its portfolio companies, $1.3 million to provide equity financing to SLF JV I and $3.5 million related to unfunded limited partnership interests.

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 Company's Consolidated Statements of Assets and Liabilities.

A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components, subordinated notes and LLC equity interests in the JVs, preferred stock and limited partnership interests) as of September 30, 2022 and September 30, 2021 is shown in the table below:

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components, subordinated notes and LLC equity interests in the JVs, preferred stock and limited partnership interests) as of September 30, 2021 and September 30, 2020 is shown in the table below:

September 30, 2022 September 30, 2021

Senior Loan Fund JV I, LLC $ 35,000 $ 35,000

Assembled Brands Capital LLC 24,868 36,079

Athenex, Inc.

21,072 22,780

Delta Leasing SPV II LLC 27,187 —

Fairbridge Strategic Capital Funding LLC 22,150 —

OCSI Glick JV LLC 13,998 13,998

BioXcel Therapeutics, Inc.

Dominion Diagnostics, LLC 11,148 11,148

BAART Programs, Inc.

Marinus Pharmaceuticals, Inc.

MRI Software LLC 5,196 2,699

Establishment Labs Holdings Inc.

RumbleOn, Inc.

Accupac, Inc.

Ardonagh Midco 3 PLC 4,372 14,892

OCSI Glick JV LLC 13,998 —

Dominion Diagnostics, LLC 11,148 5,887

Grove Hotel Parcel Owner, LLC 4,293 —

Innocoll Pharmaceuticals Limited 4,195 —

Mindbody, Inc.

OTG Management, LLC 3,789 3,789

Mesoblast, Inc.

Pluralsight, LLC 3,532 3,532

Dialyze Holdings, LLC 3,431 3,431

ADC Therapeutics SA 3,020 —

Thrasio, LLC 2,578 2,578

PRGX Global, Inc.

Spanx, LLC 2,226 —

Relativity ODA LLC 2,218 2,218

Assembled Brands Capital LLC 2,008 24,868

Tahoe Bidco B.V.

Kings Buyer, LLC 1,537 —

PFNY Holdings, LLC 1,527 —

MHE Intermediate Holdings, LLC 1,429 3,466

Berner Food & Beverage, LLC 1,392 2,475

Coyote Buyer, LLC 1,333 1,333

Liquid Environmental Solutions Corporation 1,115 —

CorEvitas, LLC 915 3,235

Digital.AI Software Holdings, Inc.

Telestream Holdings Corporation 528 1,266

109 Montgomery Owner LLC 477 937

LSL Holdco, LLC 427 —

GKD Index Partners, LLC 320 320

Athenex, Inc.

Gulf Operating, LLC — 10,064

3 unchanged sentences

Olaplex, Inc.

Mindbody, Inc.

OTG Management, LLC 3,789 —

BAART Programs, Inc.

Pluralsight, LLC 3,532 —

Pingora MSR Opportunity Fund I-A, LP — 3,500

MHE Intermediate Holdings, LLC 3,466 —

Dialyze Holdings, LLC 3,431 —

SIO2 Medical Products, Inc.

SumUp Holdings Luxembourg S.À.R.L.

Accupac, Inc.

CorEvitas, LLC 3,235 5,189

MRI Software LLC 2,699 7,239

Thrasio, LLC 2,578 —

PRGX Global, Inc.

Berner Food & Beverage, LLC 2,475 —

4 Over International, LLC — 2,300

Relativity ODA LLC 2,218 —

The Avery — 1,850

Coyote Buyer, LLC 1,333 942

Telestream Holdings Corporation 1,266 —

Ministry Brands, LLC — 1,100

109 Montgomery Owner LLC 937 —

Digital.AI Software Holdings, Inc.

Thermacell Repellents, Inc.

GKD Index Partners, LLC 320 231

CircusTrix Holdings, LLC — 37

WPEngine, Inc.

NuStar Logistics, L.P.

Holdings II SÀRL — 7,541

New IPT, Inc.

Immucor, Inc.

$ 264,904 $ 157,530

Total $ 224,239 $ 264,904

OAKTREE SPECIALTY LENDING CORPORATION

1 unchanged sentence

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

Merger with OCSI

On March 19, 2021, the Company completed its previously announced acquisition of OCSI.

The Company was the accounting survivor of the Mergers.

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of OCSI common stock was converted into the right to receive 1.3371 shares of common stock of the Company (with OCSI stockholders receiving cash in lieu of fractional shares of the Company’s common stock).

As a result of the Merger, the Company issued an aggregate of 39,400,011 shares of its common stock to former OCSI stockholders.

The Mergers were accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ("ASC 805").

The Company determined the fair value of the shares of the Company's common stock that were issued to former OCSI stockholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Mergers under ASC 805.

The consideration paid to OCSI stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”).

The consideration paid was allocated to the individual assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example, cash) and did not give rise to goodwill.

As a result, the purchase discount was allocated to the cost basis of the OCSI investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Mergers.

Immediately following the Mergers, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in $34.1 million of unrealized appreciation in the Consolidated Statement of Operations as a result of the Mergers.

The purchase discount allocated to the debt investments acquired will accrete over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation on such investment acquired through its ultimate disposition.

The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

The Mergers were considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired OCSI investments for U.S.

federal tax purposes.

The following table summarizes the allocation of the consideration paid to the assets acquired and liabilities assumed as a result of the Mergers:

Common stock issued by the Company $ 242,704

Transaction costs 1,593

Consideration paid $ 244,297

Investments $ 470,155

Cash and cash equivalents 20,945

Other assets 8,995

Total assets acquired 500,095

Other liabilities 6,700

Total liabilities assumed 255,798

Net assets acquired $ 244,297

Merger with OSI 2

Merger Agreement

On September 14, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Oaktree Strategic Income II, Inc., a Delaware corporation (“OSI2”), Project Superior Merger Sub, Inc., a Delaware corporation and the Company’s wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, Oaktree.

The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into OSI2, with OSI2 continuing as the surviving company and as the Company’s wholly-owned subsidiary (the “Merger”), and, immediately thereafter, OSI2 will merge with and into the Company, with the Company continuing as the surviving company (together with the Merger, the “Mergers”).

Both the Company’s Board of Directors and the Board of Directors of OSI2, in each case, on the recommendation of a special committee comprised solely of certain independent directors of the Company or OSI2, as applicable, have approved the Merger Agreement and the transactions contemplated thereby.

At the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.001 per share, of OSI2 (the “OSI2 Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries (the “Cancelled Shares”)) will be converted into the right to receive a number of shares of the Company’s common stock equal to the Exchange Ratio (as defined below), plus any cash (without interest) in lieu of fractional shares.

As of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the “Determination Date”), each of the Company and OSI2 will deliver to the other a calculation of its net asset value as of such date (such calculation with respect to OSI2, the “Closing OSI2 Net Asset Value” and such calculation with respect to the Company, the “Closing OCSL Net Asset Value”), in each case using a pre-agreed set of assumptions, methodologies and adjustments.

Based on such calculations, the parties will calculate the “OSI2 Per Share NAV”, which will be equal to (i) the Closing OSI2 Net Asset Value divided by (ii) the number of shares of OSI2 Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares), and the “OCSL Per Share NAV”, which will be equal to (A) the Closing OCSL Net Asset Value divided by (B) the number of shares of the Company’s common stock issued and outstanding as of the Determination Date.

The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the OSI2 Per Share NAV divided by (ii) the OCSL Per Share NAV.

The Company and OSI2 will update and redeliver the Closing OCSL Net Asset Value or the Closing OSI2 Net Asset Value, respectively, in the event of a material change to such calculation between the Determination Date and the closing of the Mergers and if needed to ensure that the calculation is determined within 48 hours (excluding Sundays and holidays) prior to the Effective Time.

The Merger Agreement contains customary representations and warranties by each of the Company, OSI2 and Oaktree.

The Merger Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of the Company’s and OSI2’s businesses during the period prior to the closing of the Mergers.

Consummation of the Mergers, which is currently anticipated to occur during the second fiscal quarter of 2023, is subject to certain closing conditions, including requisite approvals of the Company’s and OSI2’s stockholders and certain other closing conditions.

The Merger Agreement also contains certain termination rights in favor of the Company and OSI2, including if the Mergers are not completed on or before June 30, 2023 or if the requisite approvals of the Company’s or OSI2’s stockholders are not obtained.

The Merger Agreement provides that, upon the termination of the Merger Agreement under certain circumstances, a third party acquiring OSI2 may be required to pay the Company a termination fee of approximately $9.8 million.

The Merger Agreement provides that, upon the termination of the Merger Agreement under certain circumstances, a third party acquiring the Company may be required to pay OSI2 a termination fee of approximately $37.9 million.

Management Fee Waiver

In connection with entry into the Merger Agreement, Oaktree has agreed to waive $9.0 million of base management fees payable to it under the Investment Advisory Agreement 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 Mergers 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 Mergers.

OAKTREE SPECIALTY LENDING CORPORATION

5 unchanged sentences

Distribution Declaration

On October 13, 2021, the Company’s Board of Directors declared a quarterly distribution of $0.155 per share, payable in cash on December 31, 2021 to stockholders of record on December 15, 2021.

On November 10, 2022, the Company’s Board of Directors declared a quarterly distribution of $0.18 per share, payable in cash on December 30, 2022 to stockholders of record on December 15, 2022.

On November 10, 2022, the Company’s Board of Directors also declared a special distribution of $0.14 per share payable on December 30, 2022 to stockholders of record on December 15, 2022.

Schedule 12-14

8 unchanged sentences

Reductions (4) Fair Value

as of June 30, 2021 % of Total Net Assets

as of September 30, 2022 % of Total Net Assets

Control Investments

9 unchanged sentences

100% equity interest (5,632) 158 698 — (698) — — %

New IPT, Inc.

Oil & Gas Equipment & Services

First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 — — 42 1,800 504 (2,304) — — %

First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 — — 17 788 221 (1,009) — — %

50.087 Class A Common Units in New IPT Holdings, LLC — — — — — — — %

OCSI Glick JV LLC (6) Multi-Sector Holdings

38 unchanged sentences

Income (2) Fair Value

at October 1,

as of October 1,

Additions (3) Gross

Reductions (4) Fair Value

at September 30, 2020 % of Total Net Assets

as of September 30, 2021 % of Total Net Assets

Control Investments

14 unchanged sentences

50.087 Class A Common Units in New IPT Holdings, LLC — — — — — — — %

OCSI Glick JV LLC (6) Multi-Sector Holdings

Subordinated Debt, LIBOR+4.50% cash due 10/20/2028 4.60 % 61,709 — 2,401 — 56,693 (1,111) 55,582 4.2 %

87.5% equity interest — — — — — — — %

Senior Loan Fund JV I, LLC (7) Multi-Sector Holdings

1 unchanged sentence

87.5% LLC equity interest — 903 21,190 16,461 — 37,651 2.9 %

Thruline Marketing, Inc.

First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 — — 257 18,146 — (18,146) — — %

First Lien Revolver, LIBOR+7.75% cash due 4/3/2022 — — 1 — — — — — %

9,073 Class A Units in FS AVI Holdco, LLC (4,932) — 6,438 4,210 (10,648) — — %

Total Control Investments $ 192,840 $ — $ 16,310 $ 201,385 $ 87,960 $ (18,580) $ 270,765 20.6 %

21 unchanged sentences

(6) 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).

(7) Together with Kemper, the Company co-invests through SLF JV I.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk