10-Q 1 ocsl-20231231.htm 10-Q ocsl-20231231
00014149322024Q1FALSESeptember 30P10DP20DP10DP20DP10DP20DP10DP20Dhttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2023#RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTaxhttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2023#RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax0.33330.333300014149322023-10-012023-12-3100014149322024-01-30xbrli:shares0001414932us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-31iso4217:USD0001414932us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001414932us-gaap:InvestmentAffiliatedIssuerMember2023-12-310001414932us-gaap:InvestmentAffiliatedIssuerMember2023-09-300001414932us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001414932us-gaap:InvestmentUnaffiliatedIssuerMember2023-09-3000014149322023-12-3100014149322023-09-30iso4217:USDxbrli:shares0001414932us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-310001414932us-gaap:InvestmentAffiliatedIssuerControlledMember2022-10-012022-12-310001414932us-gaap:InvestmentAffiliatedIssuerMember2023-10-012023-12-310001414932us-gaap:InvestmentAffiliatedIssuerMember2022-10-012022-12-310001414932us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012023-12-310001414932us-gaap:InvestmentUnaffiliatedIssuerMember2022-10-012022-12-3100014149322022-10-012022-12-3100014149322022-09-3000014149322022-12-3100014149322021-09-300001414932C5 Technology Holdings, LLC, Data Processing & Outsourced Services, Common Stock2023-12-310001414932C5 Technology Holdings, LLC, Data Processing & Outsourced Services, Preferred Equity2023-12-310001414932Continental Intermodal Group LP, Oil & Gas Storage & Transportation, Common Stock2023-12-310001414932Dominion Diagnostics, LLC, Health Care Services, First Lien Term Loan 12023-12-31xbrli:pure0001414932Dominion Diagnostics, LLC, Health Care Services, First Lien Term Loan 22023-12-310001414932Dominion Diagnostics, LLC, Health Care Services, First Lien Revolver2023-12-310001414932Dominion Diagnostics, LLC, Health Care Services, Common Stock2023-12-310001414932OCSI Glick JV LLC, Multi-Sector Holdings, Subordinated Debt2023-12-310001414932OCSI Glick JV LLC, Multi-Sector Holdings, Membership Interest2023-12-310001414932Senior Loan Fund JV I, LLC, Multi-Sector Holdings, Subordinated Debt2023-12-310001414932Senior Loan Fund JV I, LLC, Multi-Sector Holdings, Membership Interest2023-12-310001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, First Lien Term Loan 12023-12-310001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, First Lien Term Loan 22023-12-310001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, Common Stock2023-12-310001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, Warrants2023-12-310001414932Assembled Brands Capital LLC, Specialized Finance, Common Stock2023-12-310001414932Assembled Brands Capital LLC, Specialized Finance, Warrants2023-12-310001414932The Avery, Real Estate Operating Companies, First Lien Term Loan 12023-12-310001414932The Avery, Real Estate Operating Companies, First Lien Term Loan 22023-12-310001414932The Avery, Real Estate Operating Companies, Membership Interest2023-12-310001414932Caregiver Services, Inc., Health Care Services, Preferred Equity2023-12-310001414932us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001414932us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001414932107 Fair Street LLC, Real Estate Development, First Lien Term Loan2023-12-310001414932107-109 Beech OAK22 LLC, Real Estate Development, First Lien Revolver2023-12-310001414932112-126 Van Houten Real22 LLC, Real Estate Development, First Lien Term Loan2023-12-310001414932A.T. Holdings II Ltd., Biotechnology, First Lien Term Loan2023-12-310001414932A.T. Holdings II SÀRL, Biotechnology, First Lien Term Loan2023-12-310001414932Accupac, Inc., Personal Care Products, First Lien Term Loan 12023-12-310001414932Accupac, Inc., Personal Care Products, First Lien Term Loan 22023-12-310001414932Accupac, Inc., Personal Care Products, First Lien Revolver2023-12-310001414932Acquia Inc., Application Software, First Lien Term Loan 12023-12-310001414932Acquia Inc., Application Software, First Lien Term Loan 22023-12-310001414932Acquia Inc., Application Software, First Lien Revolver2023-12-310001414932ADB Companies, LLC, Construction & Engineering, First Lien Term Loan 12023-12-310001414932ADB Companies, LLC, Construction & Engineering, First Lien Term Loan 22023-12-310001414932ADB Companies, LLC, Construction & Engineering, First Lien Term Loan 32023-12-310001414932ADC Therapeutics SA, Biotechnology, First Lien Term Loan 12023-12-310001414932ADC Therapeutics SA, Biotechnology, First Lien Term Loan 22023-12-310001414932ADC Therapeutics SA, Biotechnology, Warrants2023-12-310001414932AIP RD Buyer Corp., Distributors, Second Lien Term Loan2023-12-310001414932AIP RD Buyer Corp., Distributors, Common Stock2023-12-310001414932AirStrip Technologies, Inc., Application Software, Warrants2023-12-310001414932All Web Leads, Inc., Advertising, First Lien Term Loan2023-12-310001414932Altice France S.A., Integrated Telecommunication Services, Fixed Rate Bond2023-12-310001414932Alto Pharmacy Holdings, Inc., Health Care Technology, First Lien Term Loan2023-12-310001414932Alto Pharmacy Holdings, Inc., Health Care Technology, Warrants2023-12-310001414932Alvogen Pharma US, Inc., Pharmaceuticals, First Lien Term Loan2023-12-310001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 12023-12-310001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 22023-12-310001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 32023-12-310001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 42023-12-310001414932Alvotech Holdings S.A., Biotechnology, Common Stock 12023-12-310001414932Alvotech Holdings S.A., Biotechnology, Common Stock 22023-12-310001414932American Auto Auction Group, LLC, Diversified Support Services, Second Lien Term Loan2023-12-310001414932American Tire Distributors, Inc., Distributors, First Lien Term Loan2023-12-310001414932Amspec Parent LLC, Diversified Support Services, First Lien Term Loan 12023-12-310001414932Amspec Parent LLC, Diversified Support Services, First Lien Term Loan 22023-12-310001414932Amspec Parent LLC, Diversified Support Services, First Lien Revolver2023-12-310001414932Anastasia Parent, LLC, Personal Care Products, First Lien Term Loan2023-12-310001414932Arches Buyer Inc., Interactive Media & Services, First Lien Term Loan2023-12-310001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 12023-12-31iso4217:EUR0001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 22023-12-310001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 32023-12-31iso4217:GBP0001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 42023-12-310001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 52023-12-310001414932ASP-R-PAC Acquisition Co LLC, Paper & Plastic Packaging Products & Materials, First Lien Term Loan2023-12-310001414932ASP-R-PAC Acquisition Co LLC, Paper & Plastic Packaging Products & Materials, First Lien Revolver2023-12-310001414932Astra Acquisition Corp., Application Software, First Lien Term Loan2023-12-310001414932athenahealth Group Inc., Health Care Technology, Fixed Rate Bond2023-12-310001414932athenahealth Group Inc., Health Care Technology, Preferred Equity2023-12-310001414932ATNX SPV, LLC, Pharmaceuticals, First Lien Term Loan2023-12-310001414932Aurora Lux Finco S.À.R.L., Airport Services, First Lien Term Loan2023-12-310001414932Avalara, Inc., Application Software, First Lien Term Loan2023-12-310001414932Avalara, Inc., Application Software, First Lien Revolver2023-12-310001414932BAART Programs, Inc., Health Care Services, First Lien Term Loan 12023-12-310001414932BAART Programs, Inc., Health Care Services, First Lien Term Loan 22023-12-310001414932BAART Programs, Inc., Health Care Services, Second Lien Term Loan 12023-12-310001414932BAART Programs, Inc., Health Care Services, Second Lien Term Loan 22023-12-310001414932BAART Programs, Inc., Health Care Services, Second Lien Term Loan 32023-12-310001414932Berner Food & Beverage, LLC, Soft Drinks & Non-alcoholic Beverages, First Lien Term Loan2023-12-310001414932Berner Food & Beverage, LLC, Soft Drinks & Non-alcoholic Beverages, First Lien Revolver2023-12-310001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 12023-12-310001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 22023-12-310001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 32023-12-310001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 42023-12-310001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 52023-12-310001414932BioXcel Therapeutics, Inc., Pharmaceuticals, Warrants2023-12-310001414932Blackhawk Network Holdings, Inc., Data Processing & Outsourced Services, Second Lien Term Loan2023-12-310001414932Blumenthal Temecula, LLC, Automotive Retail, First Lien Term Loan2023-12-310001414932Blumenthal Temecula, LLC, Automotive Retail, Preferred Equity 12023-12-310001414932Blumenthal Temecula, LLC, Automotive Retail, Preferred Equity 22023-12-310001414932Blumenthal Temecula, LLC, Automotive Retail, Common Stock2023-12-310001414932CD&R Firefly Bidco Limited, Other Specialty Retail, First Lien Term Loan2023-12-310001414932Clear Channel Outdoor Holdings, Inc., Advertising, Fixed Rate Bond 12023-12-310001414932Clear Channel Outdoor Holdings, Inc., Advertising, Fixed Rate Bond 22023-12-310001414932Condor Merger Sub Inc., Systems Software, Fixed Rate Bond2023-12-310001414932Connect U.S. Finco LLC, Alternative Carriers, Fixed Rate Bond2023-12-310001414932Conviva Inc., Application Software, Preferred Equity2023-12-310001414932Coupa Holdings, LLC, Application Software, First Lien Term Loan 12023-12-310001414932Coupa Holdings, LLC, Application Software, First Lien Term Loan 22023-12-310001414932Coupa Holdings, LLC, Application Software, First Lien Revolver2023-12-310001414932Covetrus, Inc., Health Care Distributors, First Lien Term Loan2023-12-310001414932Coyote Buyer, LLC, Specialty Chemicals, First Lien Term Loan2023-12-310001414932Coyote Buyer, LLC, Specialty Chemicals, First Lien Revolver2023-12-310001414932CPC Acquisition Corp., Specialty Chemicals, Second Lien Term Loan2023-12-310001414932Crewline Buyer, Inc., Systems Software, First Lien Term Loan2023-12-310001414932Crewline Buyer, Inc., Systems Software, First Lien Revolver2023-12-310001414932Dealer Tire Financial, LLC, Distributors, Fixed Rate Bond2023-12-310001414932Delta Leasing SPV II LLC, Specialized Finance, Subordinated Debt Term Loan2023-12-310001414932Delta Leasing SPV II LLC, Specialized Finance, Preferred Equity2023-12-310001414932Delta Leasing SPV II LLC, Specialized Finance, Common Stock2023-12-310001414932Delta Leasing SPV II LLC, Specialized Finance, Warrants2023-12-310001414932Dialyze Holdings, LLC, Health Care Equipment, First Lien Term Loan2023-12-310001414932Dialyze Holdings, LLC, Health Care Equipment, Subordinated Debt Term Loan2023-12-310001414932Dialyze Holdings, LLC, Health Care Equipment, Warrants2023-12-310001414932Digital.AI Software Holdings, Inc., Application Software, First Lien Term Loan2023-12-310001414932Digital.AI Software Holdings, Inc., Application Software, First Lien Revolver2023-12-310001414932DirecTV Financing, LLC, Cable & Satellite, First Lien Term Loan2023-12-310001414932DirecTV Financing, LLC, Cable & Satellite, Fixed Rate Bond2023-12-310001414932DTI Holdco, Inc., Research & Consulting Services, First Lien Term Loan2023-12-310001414932Eagleview Technology Corporation, Application Software, Second Lien Term Loan2023-12-310001414932Enverus Holdings, Inc., Application Software, First Lien Term Loan 12023-12-310001414932Enverus Holdings, Inc., Application Software, First Lien Term Loan 22023-12-310001414932Enverus Holdings, Inc., Application Software, First Lien Revolver2023-12-310001414932EOS Fitness Opco Holdings, LLC, Leisure Facilities, Preferred Equity2023-12-310001414932EOS Fitness Opco Holdings, LLC, Leisure Facilities, Common Stock2023-12-310001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 12023-12-310001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 22023-12-310001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 32023-12-310001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 42023-12-310001414932Evergreen IX Borrower 2023, LLC, Application Software, First Lien Term Loan2023-12-310001414932Evergreen IX Borrower 2023, LLC, Application Software, First Lien Revolver2023-12-310001414932Fairbridge Strategic Capital Funding LLC, Real Estate Operating Companies, First Lien Term Loan2023-12-310001414932Fairbridge Strategic Capital Funding LLC, Real Estate Operating Companies, Warrants2023-12-310001414932Finastra USA, Inc., Application Software, First Lien Term Loan2023-12-310001414932Finastra USA, Inc., Application Software, First Lien Revolver2023-12-310001414932FINThrive Software Intermediate Holdings, Inc., Health Care Technology, First Lien Term Loan2023-12-310001414932FINThrive Software Intermediate Holdings, Inc., Health Care Technology, Second Lien Term Loan2023-12-310001414932Fortress Biotech, Inc., Biotechnology, First Lien Term Loan2023-12-310001414932Fortress Biotech, Inc., Biotechnology, Warrants2023-12-310001414932Frontier Communications Holdings, LLC, Integrated Telecommunication Services, Fixed Rate 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Ltd., Specialized Finance, CLO Notes2023-12-310001414932IAMGOLD Corporation, Gold, Second Lien Term Loan2023-12-310001414932iCIMs, Inc., Application Software, First Lien Term Loan 12023-12-310001414932iCIMs, Inc., Application Software, First Lien Term Loan 22023-12-310001414932iCIMs, Inc., Application Software, First Lien Term Loan 32023-12-310001414932iCIMs, Inc., Application Software, First Lien Revolver2023-12-310001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 12023-12-310001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 22023-12-310001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 32023-12-310001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 42023-12-310001414932Impel Pharmaceuticals Inc., Health Care Technology, Warrants2023-12-310001414932Innocoll Pharmaceuticals Limited, Health Care Technology, Warrants2023-12-310001414932Integral Development Corporation, Diversified Financial Services, Warrants2023-12-310001414932Inventus Power, Inc., Electrical Components & Equipment, First Lien Term Loan2023-12-310001414932Inventus Power, Inc., Electrical Components & Equipment, First Lien Revolver2023-12-310001414932INW Manufacturing, LLC, Personal Care Products, First Lien Term Loan2023-12-310001414932IPC Corp., Application Software, First Lien Term Loan2023-12-310001414932Ivanti Software, Inc., Application Software, Second Lien Term Loan2023-12-310001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Term Loan 12023-12-310001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Term Loan 22023-12-310001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Revolver 12023-12-310001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Revolver 22023-12-310001414932Latam Airlines Group S.A., Passenger Airlines, First Lien Term Loan2023-12-310001414932Lightbox Intermediate, L.P., Real Estate Services, First Lien Term Loan2023-12-310001414932Liquid Environmental Solutions Corporation, Environmental & Facilities Services, Second Lien Term Loan 12023-12-310001414932Liquid Environmental Solutions Corporation, Environmental & Facilities Services, Second Lien Term Loan 22023-12-310001414932Liquid Environmental Solutions Corporation, Environmental & Facilities Services, Common Stock2023-12-310001414932LSL Holdco, LLC, Health Care Distributors, First Lien Term Loan 12023-12-310001414932LSL Holdco, LLC, Health Care Distributors, First Lien Term Loan 22023-12-310001414932LSL Holdco, LLC, Health Care Distributors, First Lien Revolver2023-12-310001414932Marinus Pharmaceuticals, Inc., Pharmaceuticals, First Lien Term Loan 12023-12-310001414932Marinus Pharmaceuticals, Inc., Pharmaceuticals, First Lien Term Loan 22023-12-310001414932Marinus Pharmaceuticals, Inc., Pharmaceuticals, First Lien Term Loan 32023-12-310001414932Mesoblast, Inc., Biotechnology, First Lien Term Loan2023-12-310001414932Mesoblast, Inc., Biotechnology, Warrants 12023-12-310001414932Mesoblast, Inc., Biotechnology, Warrants 22023-12-310001414932MHE Intermediate Holdings, LLC, Diversified Support Services, First Lien Term Loan 12023-12-310001414932MHE Intermediate Holdings, LLC, Diversified Support Services, First Lien Term Loan 22023-12-310001414932MHE Intermediate Holdings, LLC, Diversified Support Services, First Lien Revolver2023-12-310001414932Mindbody, Inc., Internet Services & Infrastructure, First Lien Term Loan 12023-12-310001414932Mindbody, Inc., Internet Services & Infrastructure, First Lien Term Loan 22023-12-310001414932Mindbody, Inc., Internet Services & Infrastructure, First Lien Revolver2023-12-310001414932MND Holdings III Corp, Other Specialty Retail, First Lien Term Loan2023-12-310001414932MND Holdings III Corp, Other Specialty Retail, First Lien Revolver2023-12-310001414932Mosaic Companies, LLC, Home Improvement Retail, First Lien Term Loan2023-12-310001414932MRI Software LLC, Application Software, First Lien Term Loan 12023-12-310001414932MRI Software LLC, Application Software, First Lien Term Loan 22023-12-310001414932MRI Software LLC, Application Software, First Lien Term Loan 32023-12-310001414932MRI Software LLC, Application Software, First Lien Revolver2023-12-310001414932Navisite, LLC, Data Processing & Outsourced Services, Second Lien Term Loan2023-12-310001414932NeuAG, LLC, Fertilizers & Agricultural Chemicals, First Lien Term Loan2023-12-310001414932Next Holdco, LLC, Health Care Technology, First Lien Term Loan 12023-12-310001414932Next Holdco, LLC, Health Care Technology, First Lien Term Loan 22023-12-310001414932Next Holdco, LLC, Health Care Technology, First Lien Revolver2023-12-310001414932NFP Corp., Diversified Financial Services, Fixed Rate Bond2023-12-310001414932NN, Inc., Industrial Machinery & Supplies & Components, First Lien Term Loan2023-12-310001414932NN, Inc., Industrial Machinery & Supplies & Components, Warrants 12023-12-310001414932NN, Inc., Industrial Machinery & Supplies & Components, Warrants 22023-12-310001414932OEConnection LLC, Application Software, Second Lien Term Loan2023-12-310001414932Oranje Holdco, Inc., Systems Software, First Lien Term Loan2023-12-310001414932Oranje Holdco, Inc., Systems Software, First Lien Revolver2023-12-310001414932OTG Management, LLC, Airport Services, First Lien Term Loan 12023-12-310001414932OTG Management, LLC, Airport Services, First Lien Term Loan 22023-12-310001414932OTG Management, LLC, Airport Services, First Lien Term Loan 32023-12-310001414932Park Place Technologies, LLC, Internet Services & Infrastructure, First Lien Term Loan2023-12-310001414932Performance Health Holdings, Inc., Health Care Distributors, First Lien Term Loan2023-12-310001414932PetVet Care Centers, LLC, Health Care Services, First Lien Term Loan 12023-12-310001414932PetVet Care Centers, LLC, Health Care Services, First Lien Term Loan 22023-12-310001414932PetVet Care Centers, LLC, Health Care Services, First Lien Revolver2023-12-310001414932PetVet Care Centers, LLC, Health Care Services, Preferred Equity2023-12-310001414932Picard Parent, Inc., Application Software, Fixed Rate Bond2023-12-310001414932Planview Parent, Inc., Application Software, Second Lien Term Loan2023-12-310001414932Pluralsight, LLC, Application Software, First Lien Term Loan2023-12-310001414932Pluralsight, LLC, Application Software, First Lien Revolver2023-12-310001414932PPW Aero Buyer, Inc., Aerospace & Defense, First Lien Term Loan2023-12-310001414932PPW Aero Buyer, Inc., Aerospace & Defense, First Lien Revolver2023-12-310001414932PRGX Global, Inc., Data Processing & Outsourced Services, First Lien Term Loan2023-12-310001414932PRGX Global, Inc., Data Processing & Outsourced Services, First Lien Revolver2023-12-310001414932PRGX Global, Inc., Data Processing & Outsourced Services, Common Stock2023-12-310001414932Profrac Holdings II, LLC, Industrial Machinery & Supplies & Components, First Lien Floating Rate Bond2023-12-310001414932Quantum Bidco Limited, Food Distributors, First Lien Term Loan2023-12-310001414932QuorumLabs, Inc., Application Software, Preferred Equity2023-12-310001414932Relativity ODA LLC, Application Software, First Lien Term Loan2023-12-310001414932Relativity ODA LLC, Application Software, First Lien Revolver2023-12-310001414932RumbleOn, Inc., Automotive Retail, First Lien Term Loan 12023-12-310001414932RumbleOn, Inc., Automotive Retail, First Lien Term Loan 22023-12-310001414932RumbleOn, Inc., Automotive Retail, Warrants2023-12-310001414932Salus Workers' Compensation, LLC, Diversified Financial Services, First Lien Term Loan2023-12-310001414932Salus Workers' Compensation, LLC, Diversified Financial Services, First Lien Revolver2023-12-310001414932Salus Workers' Compensation, LLC, Diversified Financial Services, Warrants2023-12-310001414932SCIH Salt Holdings Inc., Diversified Chemicals, Fixed Rate Bond2023-12-310001414932Scilex Holding Co, Biotechnology, Common Stock2023-12-310001414932SCP Eye Care Services, LLC, Health Care Services, Second Lien Term Loan 12023-12-310001414932SCP Eye Care Services, LLC, Health Care Services, Second Lien Term Loan 22023-12-310001414932SCP Eye Care Services, LLC, Health Care Services, Common Stock2023-12-310001414932scPharmaceuticals Inc., Pharmaceuticals, First Lien Term Loan 12023-12-310001414932scPharmaceuticals Inc., Pharmaceuticals, First Lien Term Loan 22023-12-310001414932scPharmaceuticals Inc., Pharmaceuticals, First Lien Term Loan 32023-12-310001414932scPharmaceuticals Inc., Pharmaceuticals, Warrants2023-12-310001414932Seres Therapeutics, Inc., Biotechnology, First Lien Term Loan 12023-12-310001414932Seres Therapeutics, Inc., Biotechnology, First Lien Term Loan 22023-12-310001414932Seres Therapeutics, Inc., Biotechnology, First Lien Term Loan 32023-12-310001414932Seres Therapeutics, Inc., Biotechnology, First Lien Term Loan 42023-12-310001414932Seres Therapeutics, Inc., Biotechnology, Warrants2023-12-310001414932ShareThis, Inc., Application Software, Warrants2023-12-310001414932SM Wellness Holdings, Inc., Health Care Services, First Lien Term Loan2023-12-310001414932SM Wellness Holdings, Inc., Health Care Services, Second Lien Term Loan2023-12-310001414932Sorrento Therapeutics, Inc., Biotechnology, Common Stock2023-12-310001414932Spanx, LLC, Apparel Retail, First Lien Term Loan2023-12-310001414932Spanx, LLC, Apparel Retail, First Lien Revolver2023-12-310001414932SPX Flow, Inc., Industrial Machinery & Supplies & Components, Fixed Rate Bond2023-12-310001414932Staples, Inc., Office Services & Supplies, Fixed Rate Bond2023-12-310001414932SumUp Holdings Luxembourg S.À.R.L., Diversified Financial Services, First Lien Term Loan2023-12-310001414932Superior Industries International, Inc., Auto Parts & Equipment, First Lien Term Loan2023-12-310001414932Supreme Fitness Group NY Holdings, LLC, Leisure Facilities, First Lien Term Loan 12023-12-310001414932Supreme Fitness Group NY Holdings, LLC, Leisure Facilities, First Lien Term Loan 22023-12-310001414932Supreme Fitness Group NY Holdings, LLC, Leisure Facilities, First Lien Term Loan 32023-12-310001414932Supreme Fitness Group NY Holdings, LLC, Leisure Facilities, First Lien Revolver2023-12-310001414932SVP-Singer Holdings Inc., Home Furnishings, First Lien Term Loan2023-12-310001414932Tacala, LLC, Restaurants, Second Lien Term Loan2023-12-310001414932Telestream Holdings Corporation, Application Software, First Lien Term Loan2023-12-310001414932Telestream Holdings Corporation, Application Software, First Lien Revolver2023-12-310001414932Ten-X LLC, Interactive Media & Services, First Lien Term Loan2023-12-310001414932THL Zinc Ventures Ltd, Diversified Metals & Mining, First Lien Term Loan2023-12-310001414932Thrasio, LLC, Broadline Retail, First Lien Term Loan2023-12-310001414932Thrasio, LLC, Broadline Retail, Preferred Equity 12023-12-310001414932Thrasio, LLC, Broadline Retail, Preferred Equity 22023-12-310001414932Thrasio, LLC, Broadline Retail, Preferred Equity 32023-12-310001414932Thrasio, LLC, Broadline Retail, Preferred Equity 42023-12-310001414932Touchstone Acquisition, Inc., Health Care Supplies, First Lien Term Loan2023-12-310001414932Trinitas CLO XV DAC, Multi-Sector Holdings, CLO Notes2023-12-310001414932Uniti Group LP, Other Specialized REITs, Fixed Rate Bond 12023-12-310001414932Uniti Group LP, Other Specialized REITs, Fixed Rate Bond 22023-12-310001414932Venture Global LNG, Inc., Oil & Gas Refining & Marketing, Fixed Rate Bond2023-12-310001414932WIN Brands Group LLC, Housewares & Specialties, First Lien Term Loan2023-12-310001414932Win Brands Group LLC, Housewares & Specialties, First Lien Term Loan2023-12-310001414932Win Brands Group LLC, Housewares & Specialties, Warrants2023-12-310001414932Windstream Services II, LLC, Integrated Telecommunication Services, First Lien Term Loan2023-12-310001414932Windstream Services II, LLC, Integrated Telecommunication Services, Common Stock2023-12-310001414932WP CPP Holdings, LLC, Aerospace & Defense, First Lien Term Loan2023-12-310001414932WP CPP Holdings, LLC, Aerospace & Defense, First Lien Revolver2023-12-310001414932Zep Inc., Specialty Chemicals, First Lien Term Loan2023-12-310001414932JP Morgan Prime Money Market Fund, Institutional Shares2023-12-310001414932Other cash accounts2023-12-310001414932EUR Foreign Currency Forward Contract, Maturing February 8, 20242023-12-310001414932EUR Foreign Currency Forward Contract, Maturing November 9, 20232023-12-310001414932GBP Foreign Currency Forward Contract, Maturing February 8, 20242023-12-310001414932GBP Foreign Currency Forward Contract, Maturing November 9, 20232023-12-310001414932us-gaap:ForeignExchangeForwardMember2023-12-310001414932ocsl:InterestRateSwapMaturing2027Member2023-12-310001414932ocsl:InterestRateSwapMaturing2029Member2023-12-310001414932us-gaap:InterestRateSwapMember2023-12-310001414932srt:MinimumMember2023-12-310001414932srt:MaximumMember2023-12-310001414932us-gaap:ShareBasedCompensationAwardTrancheOneMember2023-09-300001414932us-gaap:ShareBasedCompensationAwardTrancheOneMember2022-10-012023-09-300001414932us-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-09-300001414932us-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-10-012023-09-300001414932C5 Technology Holdings, LLC, Data Processing & Outsourced Services, Common Stock2023-09-300001414932C5 Technology Holdings, LLC, Data Processing & Outsourced Services, Preferred Equity2023-09-300001414932Dominion Diagnostics, LLC, Health Care Services, First Lien Term Loan 12023-09-300001414932Dominion Diagnostics, LLC, Health Care Services, First Lien Term Loan 22023-09-300001414932Dominion Diagnostics, LLC, Health Care Services, First Lien Revolver2023-09-300001414932Dominion Diagnostics, LLC, Health Care Services, Common Stock2023-09-300001414932OCSI Glick JV LLC, Multi-Sector Holdings, Subordinated Debt2023-09-300001414932OCSI Glick JV LLC, Multi-Sector Holdings, Membership Interest2023-09-300001414932Senior Loan Fund JV I, LLC, Multi-Sector Holdings, Subordinated Debt2023-09-300001414932Senior Loan Fund JV I, LLC, Multi-Sector Holdings, Membership Interest2023-09-300001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, First Lien Term Loan 12023-09-300001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, First Lien Term Loan 22023-09-300001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, Common Stock2023-09-300001414932SIO2 Medical Products, Inc., Metal, Glass & Plastic Containers, Warrants2023-09-300001414932Assembled Brands Capital LLC, Specialized Finance, First Lien Revolver2023-09-300001414932Assembled Brands Capital LLC, Specialized Finance, Common Stock2023-09-300001414932Assembled Brands Capital LLC, Specialized Finance, Preferred Equity2023-09-300001414932Assembled Brands Capital LLC, Specialized Finance, Warrants2023-09-300001414932Caregiver Services, Inc., Health Care Services, Preferred Equity2023-09-300001414932107-109 Beech OAK22 LLC, Real Estate Development, First Lien Revolver2023-09-300001414932107 Fair Street LLC, Real Estate Development, First Lien Term Loan2023-09-300001414932112-126 Van Houten Real22 LLC, Real Estate Development, First Lien Term Loan2023-09-300001414932A.T. Holdings II Ltd., Biotechnology, First Lien Term Loan2023-09-300001414932A.T. Holdings II SÀRL, Biotechnology, First Lien Term Loan2023-09-300001414932Accupac, Inc., Personal Care Products, First Lien Term Loan 12023-09-300001414932Accupac, Inc., Personal Care Products, First Lien Term Loan 22023-09-300001414932Accupac, Inc., Personal Care Products, First Lien Revolver2023-09-300001414932Acquia Inc., Application Software, First Lien Term Loan 12023-09-300001414932Acquia Inc., Application Software, First Lien Term Loan 22023-09-300001414932Acquia Inc., Application Software, First Lien Revolver2023-09-300001414932ADB Companies, LLC, Construction & Engineering, First Lien Term Loan 12023-09-300001414932ADB Companies, LLC, Construction & Engineering, First Lien Term Loan 22023-09-300001414932ADB Companies, LLC, Construction & Engineering, First Lien Term Loan 32023-09-300001414932ADC Therapeutics SA, Biotechnology, First Lien Term Loan 12023-09-300001414932ADC Therapeutics SA, Biotechnology, First Lien Term Loan 22023-09-300001414932ADC Therapeutics SA, Biotechnology, Warrants2023-09-300001414932AI Sirona (Luxembourg) Acquisition S.a.r.l., Pharmaceuticals, First Lien Term Loan2023-09-300001414932AIP RD Buyer Corp., Distributors, Second Lien Term Loan2023-09-300001414932AIP RD Buyer Corp., Distributors, Common Stock2023-09-300001414932AirStrip Technologies, Inc., Application Software, Warrants2023-09-300001414932All Web Leads, Inc., Advertising, First Lien Term Loan2023-09-300001414932Altice France S.A., Integrated Telecommunication Services, Fixed Rate Bond2023-09-300001414932Alto Pharmacy Holdings, Inc., Health Care Technology, First Lien Term Loan2023-09-300001414932Alto Pharmacy Holdings, Inc., Health Care Technology, Warrants2023-09-300001414932Alvogen Pharma US, Inc., Pharmaceuticals, First Lien Term Loan2023-09-300001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 12023-09-300001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 22023-09-300001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 32023-09-300001414932Alvotech Holdings S.A., Biotechnology, Fixed Rate Bond 42023-09-300001414932Alvotech Holdings S.A., Biotechnology, Common Stock 12023-09-300001414932Alvotech Holdings S.A., Biotechnology, Common Stock 22023-09-300001414932American Auto Auction Group, LLC, Consumer Finance, Second Lien Term Loan2023-09-300001414932American Tire Distributors, Inc., Distributors, First Lien Term Loan2023-09-300001414932Amplify Finco Pty Ltd., Movies & Entertainment, Second Lien Term Loan2023-09-300001414932Anastasia Parent, LLC, Personal Care Products, First Lien Term Loan2023-09-300001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 12023-09-300001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 22023-09-300001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 32023-09-300001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 42023-09-300001414932Ardonagh Midco 3 PLC, Insurance Brokers, First Lien Term Loan 52023-09-300001414932ASP-R-PAC Acquisition Co LLC, Paper & Plastic Packaging Products & Materials, First Lien Term Loan2023-09-300001414932ASP-R-PAC Acquisition Co LLC, Paper & Plastic Packaging Products & Materials, First Lien Revolver2023-09-300001414932Astra Acquisition Corp., Application Software, First Lien Term Loan2023-09-300001414932athenahealth Group Inc., Health Care Technology, Preferred Equity2023-09-300001414932ATNX SPV, LLC, Pharmaceuticals, First Lien Term Loan2023-09-300001414932Aurora Lux Finco S.À.R.L., Airport Services, First Lien Term Loan2023-09-300001414932Avalara, Inc., Application Software, First Lien Term Loan2023-09-300001414932Avalara, Inc., Application Software, First Lien Revolver2023-09-300001414932The Avery, Real Estate Operating Companies, First Lien Term Loan2023-09-300001414932The Avery, Real Estate Operating Companies, Subordinated Debt Term Loan2023-09-300001414932BAART Programs, Inc., Health Care Services, First Lien Term Loan 12023-09-300001414932BAART Programs, Inc., Health Care Services, First Lien Term Loan 22023-09-300001414932BAART Programs, Inc., Health Care Services, Second Lien Term Loan 12023-09-300001414932BAART Programs, Inc., Health Care Services, Second Lien Term Loan 22023-09-300001414932BAART Programs, Inc., Health Care Services, Second Lien Term Loan 32023-09-300001414932Berner Food & Beverage, LLC, Soft Drinks & Non-alcoholic Beverages, First Lien Term Loan2023-09-300001414932Berner Food & Beverage, LLC, Soft Drinks & Non-alcoholic Beverages, First Lien Revolver2023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 12023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 22023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 32023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 42023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 52023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, First Lien Term Loan 62023-09-300001414932BioXcel Therapeutics, Inc., Pharmaceuticals, Warrants2023-09-300001414932Blackhawk Network Holdings, Inc., Data Processing & Outsourced Services, Second Lien Term Loan2023-09-300001414932Blumenthal Temecula, LLC, Automotive Retail, First Lien Term Loan2023-09-300001414932Blumenthal Temecula, LLC, Automotive Retail, Preferred Equity 12023-09-300001414932Blumenthal Temecula, LLC, Automotive Retail, Preferred Equity 22023-09-300001414932Blumenthal Temecula, LLC, Automotive Retail, Common Stock2023-09-300001414932Cadence Aerospace, LLC, Aerospace & Defense, First Lien Term Loan 12023-09-300001414932Cadence Aerospace, LLC, Aerospace & Defense, First Lien Term Loan 22023-09-300001414932Cadence Aerospace, LLC, Aerospace & Defense, First Lien Term Loan 32023-09-300001414932Cadence Aerospace, LLC, Aerospace & Defense, First Lien Term Loan 42023-09-300001414932Clear Channel Outdoor Holdings, Inc., Advertising, Fixed Rate Bond 12023-09-300001414932Clear Channel Outdoor Holdings, Inc., Advertising, Fixed Rate Bond 22023-09-300001414932Condor Merger Sub Inc., Systems Software, Fixed Rate Bond2023-09-300001414932Continental Intermodal Group LP, Oil & Gas Storage & Transportation, First Lien Term Loan2023-09-300001414932Continental Intermodal Group LP, Oil & Gas Storage & Transportation, Warrants2023-09-300001414932Conviva Inc., Application Software, Preferred Equity2023-09-300001414932Coupa Holdings, LLC, Application Software, First Lien Term Loan 12023-09-300001414932Coupa Holdings, LLC, Application Software, First Lien Term Loan 22023-09-300001414932Coupa Holdings, LLC, Application Software, First Lien Revolver2023-09-300001414932Covetrus, Inc., Health Care Distributors, First Lien Term Loan2023-09-300001414932Coyote Buyer, LLC, Specialty Chemicals, First Lien Term Loan2023-09-300001414932Coyote Buyer, LLC, Specialty Chemicals, First Lien Revolver2023-09-300001414932CPC Acquisition Corp., Specialty Chemicals, Second Lien Term Loan2023-09-300001414932Delta Leasing SPV II LLC, Specialized Finance, Subordinated Debt Term Loan2023-09-300001414932Delta Leasing SPV II LLC, Specialized Finance, Preferred Equity2023-09-300001414932Delta Leasing SPV II LLC, Specialized Finance, Common Stock2023-09-300001414932Delta Leasing SPV II LLC, Specialized Finance, Warrants2023-09-300001414932Dialyze Holdings, LLC, Health Care Equipment, First Lien Term Loan2023-09-300001414932Dialyze Holdings, LLC, Health Care Equipment, Subordinated Debt Term Loan2023-09-300001414932Dialyze Holdings, LLC, Health Care Equipment, Warrants2023-09-300001414932Digital.AI Software Holdings, Inc., Application Software, First Lien Term Loan2023-09-300001414932Digital.AI Software Holdings, Inc., Application Software, First Lien Revolver2023-09-300001414932DirecTV Financing, LLC, Cable & Satellite, First Lien Term Loan2023-09-300001414932DTI Holdco, Inc., Research & Consulting Services, First Lien Term Loan2023-09-300001414932Eagleview Technology Corporation, Application Software, Second Lien Term Loan2023-09-300001414932EOS Fitness Opco Holdings, LLC, Leisure Facilities, Preferred Equity2023-09-300001414932EOS Fitness Opco Holdings, LLC, Leisure Facilities, Common Stock2023-09-300001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 12023-09-300001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 22023-09-300001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 32023-09-300001414932Establishment Labs Holdings Inc., Health Care Technology, First Lien Term Loan 42023-09-300001414932Evergreen IX Borrower 2023, LLC, Application Software, First Lien Term Loan2023-09-300001414932Evergreen IX Borrower 2023, LLC, Application Software, First Lien Revolver2023-09-300001414932Fairbridge Strategic Capital Funding LLC, Real Estate Operating Companies, First Lien Term Loan2023-09-300001414932Fairbridge Strategic Capital Funding LLC, Real Estate Operating Companies, Warrants2023-09-300001414932Finastra USA, Inc., Application Software, First Lien Term Loan2023-09-300001414932Finastra USA, Inc., Application Software, First Lien Revolver2023-09-300001414932FINThrive Software Intermediate Holdings, Inc., Health Care Technology, Second Lien Term Loan2023-09-300001414932Fortress Biotech, Inc., Biotechnology, First Lien Term Loan2023-09-300001414932Fortress Biotech, Inc., Biotechnology, Warrants2023-09-300001414932Frontier Communications Holdings, LLC, Integrated Telecommunication Services, Fixed Rate Bond2023-09-300001414932Galileo Parent, Inc., Aerospace & Defense, First Lien Term Loan2023-09-300001414932Galileo Parent, Inc., Aerospace & Defense, First Lien Revolver2023-09-300001414932Gibson Brands, Inc., Leisure Products, First Lien Term Loan2023-09-300001414932GoldenTree Loan Management EUR CLO 2 DAC, Multi-Sector Holdings, CLO Notes2023-09-300001414932Grove Hotel Parcel Owner, LLC, Hotels, Resorts & Cruise Lines, First Lien Term Loan 12023-09-300001414932Grove Hotel Parcel Owner, LLC, Hotels, Resorts & Cruise Lines, First Lien Term Loan 22023-09-300001414932Grove Hotel Parcel Owner, LLC, Hotels, Resorts & Cruise Lines, First Lien Revolver2023-09-300001414932Harbor Purchaser Inc., Education Services, First Lien Term Loan2023-09-300001414932Harrow, Inc., Pharmaceuticals, First Lien Term Loan 12023-09-300001414932Harrow, Inc., Pharmaceuticals, First Lien Term Loan 22023-09-300001414932Harrow, Inc., Pharmaceuticals, First Lien Term Loan 32023-09-300001414932Horizon Aircraft Finance I Ltd., Specialized Finance, CLO Notes2023-09-300001414932IAMGOLD Corporation, Gold, Second Lien Term Loan2023-09-300001414932iCIMs, Inc., Application Software, First Lien Term Loan 12023-09-300001414932iCIMs, Inc., Application Software, First Lien Term Loan 22023-09-300001414932iCIMs, Inc., Application Software, First Lien Term Loan 32023-09-300001414932iCIMs, Inc., Application Software, First Lien Revolver2023-09-300001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 12023-09-300001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 22023-09-300001414932Impel Pharmaceuticals Inc., Health Care Technology, First Lien Term Loan 32023-09-300001414932Impel Pharmaceuticals Inc., Health Care Technology, Warrants2023-09-300001414932Innocoll Pharmaceuticals Limited, Health Care Technology, First Lien Term Loan2023-09-300001414932Innocoll Pharmaceuticals Limited, Health Care Technology, Warrants2023-09-300001414932Integral Development Corporation, Diversified Financial Services, Warrants2023-09-300001414932Inventus Power, Inc., Electrical Components & Equipment, First Lien Term Loan2023-09-300001414932Inventus Power, Inc., Electrical Components & Equipment, First Lien Revolver2023-09-300001414932INW Manufacturing, LLC, Personal Care Products, First Lien Term Loan2023-09-300001414932IPC Corp., Application Software, First Lien Term Loan2023-09-300001414932Ivanti Software, Inc., Application Software, Second Lien Term Loan2023-09-300001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Term Loan 12023-09-300001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Revolver 12023-09-300001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Term Loan 22023-09-300001414932Kings Buyer, LLC, Environmental & Facilities Services, First Lien Revolver 22023-09-300001414932Latam Airlines Group S.A., Passenger Airlines, First Lien Term Loan2023-09-300001414932Lift Brands Holdings, Inc., Leisure Facilities, Common Stock2023-09-300001414932Lightbox Intermediate, L.P., Real Estate Services, First Lien Term Loan2023-09-300001414932Liquid Environmental Solutions Corporation, Environmental & Facilities Services, Second Lien Term Loan 12023-09-300001414932Liquid Environmental Solutions Corporation, Environmental & Facilities Services, Second Lien Term Loan 22023-09-300001414932Liquid Environmental Solutions Corporation, Environmental & Facilities Services, Common Stock2023-09-300001414932LSL Holdco, LLC, Health Care Distributors, First Lien Term Loan 12023-09-300001414932LSL Holdco, LLC, Health Care Distributors, First Lien Term Loan 22023-09-300001414932LSL Holdco, LLC, Health Care Distributors, First Lien Revolver2023-09-300001414932Marinus Pharmaceuticals, Inc., Pharmaceuticals, First Lien Term Loan 12023-09-300001414932Marinus Pharmaceuticals, Inc., Pharmaceuticals, First Lien Term Loan 22023-09-300001414932Marinus Pharmaceuticals, Inc., Pharmaceuticals, First Lien Term Loan 32023-09-300001414932Mesoblast, Inc., Biotechnology, First Lien Term Loan2023-09-300001414932Mesoblast, Inc., Biotechnology, Warrants 12023-09-300001414932Mesoblast, Inc., Biotechnology, Warrants 22023-09-300001414932MHE Intermediate Holdings, LLC, Diversified Support Services, First Lien Term Loan 12023-09-300001414932MHE Intermediate Holdings, LLC, Diversified Support Services, First Lien Term Loan 22023-09-300001414932MHE Intermediate Holdings, LLC, Diversified Support Services, First Lien Revolver2023-09-300001414932Mindbody, Inc., Internet Services & Infrastructure, First Lien Term Loan 12023-09-300001414932Mindbody, Inc., Internet Services & Infrastructure, First Lien Term Loan 22023-09-300001414932Mindbody, Inc., Internet Services & Infrastructure, First Lien Revolver2023-09-300001414932MND Holdings III Corp, Other Specialty Retail, First Lien Term Loan2023-09-300001414932MND Holdings III Corp, Other Specialty Retail, First Lien Revolver2023-09-300001414932Mosaic Companies, LLC, Home Improvement Retail, First Lien Term Loan2023-09-300001414932MRI Software LLC, Application Software, First Lien Term Loan 12023-09-300001414932MRI Software LLC, Application Software, First Lien Term Loan 22023-09-300001414932MRI Software LLC, Application Software, First Lien Revolver2023-09-300001414932Navisite, LLC, Data Processing & Outsourced Services, Second Lien Term Loan2023-09-300001414932NeuAG, LLC, Fertilizers & Agricultural Chemicals, First Lien Term Loan2023-09-300001414932NFP Corp., Diversified Financial Services, Fixed Rate Bond2023-09-300001414932NN, Inc., Industrial Machinery & Supplies & Components, First Lien Term Loan2023-09-300001414932NN, Inc., Industrial Machinery & Supplies & Components, Warrants 12023-09-300001414932NN, Inc., Industrial Machinery & Supplies & Components, Warrants 22023-09-300001414932OEConnection LLC, Application Software, Second Lien Term Loan2023-09-300001414932Oranje Holdco, Inc., Systems Software, First Lien Term Loan2023-09-300001414932Oranje Holdco, Inc., Systems Software, First Lien Revolver2023-09-300001414932OTG Management, LLC, Airport Services, First Lien Term Loan 12023-09-300001414932OTG Management, LLC, Airport Services, First Lien Term Loan 22023-09-300001414932OTG Management, LLC, Airport Services, First Lien Term Loan 32023-09-300001414932P & L Development, LLC, Pharmaceuticals, Fixed Rate Bond2023-09-300001414932Park Place Technologies, LLC, Internet Services & Infrastructure, First Lien Term Loan2023-09-300001414932Performance Health Holdings, Inc., Health Care Distributors, First Lien Term Loan2023-09-300001414932Planview Parent, Inc., Application Software, Second Lien Term Loan2023-09-300001414932Pluralsight, LLC, Application Software, First Lien Term Loan2023-09-300001414932Pluralsight, LLC, Application Software, First Lien Revolver2023-09-300001414932PPW Aero Buyer, Inc., Aerospace & Defense, First Lien Term Loan2023-09-300001414932PPW Aero Buyer, Inc., Aerospace & Defense, First Lien Revolver2023-09-300001414932PRGX Global, Inc., Data Processing & Outsourced Services, First Lien Term Loan2023-09-300001414932PRGX Global, Inc., Data Processing & Outsourced Services, First Lien Revolver2023-09-300001414932PRGX Global, Inc., Data Processing & Outsourced Services, Common Stock2023-09-300001414932Profrac Holdings II, LLC, Industrial Machinery & Supplies & Components, First Lien Term Loan 12023-09-300001414932Profrac Holdings II, LLC, Industrial Machinery & Supplies & Components, First Lien Term Loan 22023-09-300001414932Quantum Bidco Limited, Food Distributors, First Lien Term Loan2023-09-300001414932QuorumLabs, Inc., Application Software, Preferred Equity2023-09-300001414932Relativity ODA LLC, Application Software, First Lien Term Loan2023-09-300001414932Relativity ODA LLC, Application Software, First Lien Revolver2023-09-300001414932RumbleOn, Inc., Automotive Retail, First Lien Term Loan 12023-09-300001414932RumbleOn, Inc., Automotive Retail, First Lien Term Loan 22023-09-300001414932RumbleOn, Inc., Automotive Retail, Warrants2023-09-300001414932Salus Workers' Compensation, LLC, Diversified Financial Services, First Lien Term Loan2023-09-300001414932Salus Workers' Compensation, LLC, Diversified Financial Services, First Lien 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Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberAstra Acquisition Corp., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberAsurion, LLC, First Lien Term Loan 12023-09-300001414932Asurion, LLC, First Lien Term Loan 2ocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberAsurion, LLC, Second Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberathenahealth Group Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberAurora Lux Finco S.À.R.L., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberBAART Programs, Inc., First Lien Term Loan 12023-09-300001414932ocsl:SLFJVIMemberBAART Programs, Inc., First Lien Term Loan 22023-09-300001414932ocsl:SLFJVIMemberC5 Technology Holdings, LLC, Common Stock2023-09-300001414932C5 Technology Holdings, LLC, Preferred Equityocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberCenterline Communications, LLC, First Lien Term Loan 12023-09-300001414932ocsl:SLFJVIMemberCenterline Communications, LLC, First Lien Term Loan 22023-09-300001414932ocsl:SLFJVIMemberCenterline Communications, LLC, First Lien Revolver2023-09-300001414932ocsl:SLFJVIMemberCenterline Communications, LLC, First Lien Term Loan 32023-09-300001414932ocsl:SLFJVIMemberCovetrus, Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberCurium Bidco S.à.r.l., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberDirecTV Financing, LLC, First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberDTI Holdco, Inc., First Lien Term Loan2023-09-300001414932Gibson Brands, Inc., First Lien Term Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberHarbor Purchaser Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberIndivior Finance S.À.R.L., First Lien Term Loan2023-09-300001414932INW Manufacturing, LLC, First Lien Term Loanocsl:SLFJVIMember2023-09-300001414932KDC/ONE Development Corp Inc, First Lien Term Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberLABL, Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberLaserAway Intermediate Holdings II, LLC, First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberLightbox Intermediate, L.P., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberMcAfee Corp., First Lien Term Loan2023-09-300001414932Mindbody, Inc., First Lien Revolverocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberMindbody, Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberMitchell International, Inc., First Lien Term Loan2023-09-300001414932MRI Software LLC, First Lien Revolverocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberMRI Software LLC, First Lien Term Loan 12023-09-300001414932MRI Software LLC, First Lien Term Loan 2ocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberNorthern Star Industries Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberOEConnection LLC, First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberPark Place Technologies, LLC, First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberPlanview Parent, Inc., First Lien Term Loan2023-09-300001414932Planview Parent, Inc., Second Lien Term Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberPluralsight, LLC, First Lien Revolver2023-09-300001414932Pluralsight, LLC, First Lien Term Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberRenaissance Holding Corp., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberSHO Holding I Corporation, First Lien Term Loan 12023-09-300001414932ocsl:SLFJVIMemberSHO Holding I Corporation, First Lien Term Loan 22023-09-300001414932SM Wellness Holdings, Inc., First Lien Term Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberSouthern Veterinary Partners, LLC, First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberSpanx, LLC, First Lien Term Loan2023-09-300001414932SPX Flow, Inc., First Lien Term Loanocsl:SLFJVIMember2023-09-300001414932ocsl:SLFJVIMemberStar Parent, Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberTIBCO Software Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberTouchstone Acquisition, Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberVeritas US Inc., First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberWindstream Services II, LLC, First Lien Term Loan2023-09-300001414932ocsl:SLFJVIMemberWP CPP Holdings, LLC, First Lien Term Loan2023-09-300001414932Total Portfolio Investments, First Lien Term 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Loan Exposure To A Single Borrower2023-12-310001414932ocsl:OCSIGlickJVLLCMemberLargest Loan Exposure To A Single Borrower2023-09-300001414932ocsl:OCSIGlickJVLLCMemberFive Largest Loan Exposures To Borrowers2023-12-310001414932ocsl:OCSIGlickJVLLCMemberFive Largest Loan Exposures To Borrowers2023-09-300001414932Access CIG, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932ADB Companies, LLC, First Lien Term Loan 1ocsl:OCSIGlickJVLLCMember2023-12-310001414932ADB Companies, LLC, First Lien Term Loan 2ocsl:OCSIGlickJVLLCMember2023-12-310001414932Alvogen Pharma US, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932ocsl:OCSIGlickJVLLCMemberAmerican Rock Salt Company LLC, First Lien Term Loan2023-12-310001414932American Tire Distributors, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Amynta Agency Borrower Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932ocsl:OCSIGlickJVLLCMemberAnastasia Parent, LLC, First 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Loan2023-12-310001414932ocsl:OCSIGlickJVLLCMemberCurium Bidco S.à.r.l., First Lien Term Loan2023-12-310001414932DirecTV Financing, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932ocsl:OCSIGlickJVLLCMemberDTI Holdco, Inc., First Lien Term Loan2023-12-310001414932Eagle Parent Corp., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Frontier Communications Holdings, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Gibson Brands, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Harbor Purchaser Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Indivior Finance S.À.R.L., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932INW Manufacturing, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932KDC/ONE Development Corp Inc, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932LaserAway Intermediate Holdings II, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932MRI Software LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932MRI Software LLC, First Lien Revolverocsl:OCSIGlickJVLLCMember2023-12-310001414932OEConnection LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Peraton Corp., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932PetSmart LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Planview Parent, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Planview Parent, Inc., Second Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Pluralsight, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Pluralsight, LLC, First Lien Revolverocsl:OCSIGlickJVLLCMember2023-12-310001414932SCIH Salt Holdings Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932SHO Holding I Corporation, First Lien Term Loan 1ocsl:OCSIGlickJVLLCMember2023-12-310001414932ocsl:OCSIGlickJVLLCMemberSHO Holding I Corporation, First Lien Term Loan 22023-12-310001414932Southern Veterinary Partners, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932Spanx, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932SPX Flow, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932ocsl:OCSIGlickJVLLCMemberStar Parent, Inc., First Lien Term Loan2023-12-310001414932ocsl:OCSIGlickJVLLCMemberTIBCO Software Inc., First Lien Term Loan2023-12-310001414932Touchstone Acquisition, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-12-310001414932ocsl:OCSIGlickJVLLCMemberTrident TPI Holdings, Inc., First Lien Term Loan2023-12-310001414932ocsl:OCSIGlickJVLLCMemberWindstream Services II, LLC, First Lien Term Loan2023-12-310001414932srt:MinimumMemberocsl:OCSIGlickJVLLCMember2023-12-310001414932srt:MaximumMemberocsl:OCSIGlickJVLLCMember2023-12-310001414932Access CIG, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932ADB Companies, LLC, First Lien Term Loan 1ocsl:OCSIGlickJVLLCMember2023-09-300001414932ADB Companies, LLC, First Lien Term Loan 2ocsl:OCSIGlickJVLLCMember2023-09-300001414932Alvogen Pharma US, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932ocsl:OCSIGlickJVLLCMemberAmerican Rock Salt Company LLC, First Lien Term Loan2023-09-300001414932American Tire Distributors, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Amplify Finco Pty Ltd., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Amynta Agency Borrower Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932ocsl:OCSIGlickJVLLCMemberAnastasia Parent, LLC, First Lien Term Loan2023-09-300001414932ASP-R-PAC Acquisition Co LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932ocsl:OCSIGlickJVLLCMemberASP-R-PAC Acquisition Co LLC, First Lien Revolver2023-09-300001414932Astra Acquisition Corp., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Asurion, LLC, First Lien Term Loan 1ocsl:OCSIGlickJVLLCMember2023-09-300001414932Asurion, LLC, First Lien Term Loan 2ocsl:OCSIGlickJVLLCMember2023-09-300001414932Asurion, LLC, Second Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932athenahealth Group Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Aurora Lux Finco S.À.R.L., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932BAART Programs, Inc., First Lien Term Loan 1ocsl:OCSIGlickJVLLCMember2023-09-300001414932BAART Programs, Inc., First Lien Term Loan 2ocsl:OCSIGlickJVLLCMember2023-09-300001414932ocsl:OCSIGlickJVLLCMemberCovetrus, Inc., First Lien Term Loan2023-09-300001414932ocsl:OCSIGlickJVLLCMemberCurium Bidco S.à.r.l., First Lien Term Loan2023-09-300001414932DirecTV Financing, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932ocsl:OCSIGlickJVLLCMemberDTI Holdco, Inc., First Lien Term Loan2023-09-300001414932Gibson Brands, Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Harbor Purchaser Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Indivior Finance S.À.R.L., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932INW Manufacturing, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932KDC/ONE Development Corp Inc, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932LaserAway Intermediate Holdings II, LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932MRI Software LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932MRI Software LLC, First Lien Revolverocsl:OCSIGlickJVLLCMember2023-09-300001414932Northern Star Industries Inc., First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932OEConnection LLC, First Lien Term Loanocsl:OCSIGlickJVLLCMember2023-09-300001414932Planview Parent, Inc., First Lien Term 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Equity2022-12-310001414932Assembled Brands Capital LLC, Specialized Finance, Preferred Equity2022-10-012022-12-310001414932Assembled Brands Capital LLC, Specialized Finance, Preferred Equity2022-09-300001414932Assembled Brands Capital LLC, Specialized Finance, Warrants2022-12-310001414932Assembled Brands Capital LLC, Specialized Finance, Warrants2022-10-012022-12-310001414932Assembled Brands Capital LLC, Specialized Finance, Warrants2022-09-300001414932Caregiver Services, Inc., Health Care Services, Preferred Equity2022-12-310001414932Caregiver Services, Inc., Health Care Services, Preferred Equity2022-10-012022-12-310001414932Caregiver Services, Inc., Health Care Services, Preferred Equity2022-09-300001414932us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001414932us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-10-012022-12-310001414932us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001414932ocsl:InvestmentAffiliatedIssuerControlAndAffiliateMember2022-12-310001414932ocsl:InvestmentAffiliatedIssuerControlAndAffiliateMember2022-10-012022-12-310001414932ocsl:InvestmentAffiliatedIssuerControlAndAffiliateMember2022-09-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)

 
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2023
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 1-33901
Oaktree Specialty Lending Corporation

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
Delaware
(State or jurisdiction of
incorporation or organization)
 
26-1219283
(I.R.S. Employer
Identification No.)
333 South Grand Avenue, 28th Floor
Los Angeles, CA
(Address of principal executive office)
 
90071
(Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
(213) 830-6300


SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading Symbol(s)Name of Each Exchange
on Which Registered
Common Stock, par value $0.01 per shareOCSL The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   þ     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   þ   No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ
Accelerated filer  ¨
Non-accelerated filer  ¨
Smaller reporting company  
Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ¨     No  þ

The registrant had 78,965,350 shares of common stock outstanding as of January 30, 2024.






OAKTREE SPECIALTY LENDING CORPORATION
FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2023



TABLE OF CONTENTS

 




 

 







 




 
1





Item 1. Consolidated Financial Statements.

Oaktree Specialty Lending Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
December 31, 2023 (unaudited)September 30, 2023
ASSETS
Investments at fair value:
Control investments (cost December 31 2023: $363,124; cost September 30, 2023: $345,245)
$316,309 $297,091 
Affiliate investments (cost December 31, 2023: $26,916; cost September 30, 2023: $24,898)
24,442 23,349 
Non-control/Non-affiliate investments (cost December 31, 2023: $2,797,710; cost September 30, 2023: $2,673,976)
2,677,801 2,571,980 
Total investments at fair value (cost December 31, 2023: $3,187,750; cost September 30, 2023: $3,044,119)
3,018,552 2,892,420 
Cash and cash equivalents112,369 136,450 
Restricted cash19,328 9,089 
Interest, dividends and fees receivable43,038 44,570 
Due from portfolio companies7,912 6,317 
Receivables from unsettled transactions23,931 55,441 
Due from broker26,520 54,260 
Deferred financing costs11,827 12,541 
Deferred offering costs131 160 
Derivative assets at fair value 4,910 
Other assets2,587 1,681 
Total assets$3,266,195 $3,217,839 
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities$3,273 $2,950 
Base management fee and incentive fee payable19,004 19,547 
Due to affiliate3,815 4,310 
Interest payable18,980 16,007 
Director fees payable160  
Payables from unsettled transactions57,279 11,006 
Derivative liability at fair value29,316 47,519 
Deferred tax liability 5 
Credit facilities payable710,000 710,000 
Unsecured notes payable (net of $6,534 and $7,076 of unamortized financing costs as of December 31, 2023 and September 30, 2023, respectively)
912,717 890,731 
Total liabilities1,754,544 1,702,075 
Commitments and contingencies (Note 13)
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 78,965 and 77,225 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively
790 772 
Additional paid-in-capital2,200,561 2,166,330 
Accumulated overdistributed earnings(689,700)(651,338)
Total net assets (equivalent to $19.14 and $19.63 per common share as of December 31, 2023 and September 30, 2023, respectively) (Note 11)
1,511,651 1,515,764 
Total liabilities and net assets$3,266,195 $3,217,839 



See notes to Consolidated Financial Statements.
2


Oaktree Specialty Lending Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

Three months ended
December 31, 2023
Three months ended
December 31, 2022
Interest income:
Control investments$6,005 $4,567 
Affiliate investments324 641 
Non-control/Non-affiliate investments82,721 64,298 
Interest on cash and cash equivalents2,364 472 
Total interest income91,414 69,978 
PIK interest income:
Control investments544  
Non-control/Non-affiliate investments3,305 6,130 
Total PIK interest income3,849 6,130 
Fee income:
Control investments13 13 
Affiliate investments5 5 
Non-control/Non-affiliate investments1,289 2,003 
Total fee income1,307 2,021 
Dividend income:
Control investments1,400 1,050 
Non-control/Non-affiliate investments15  
Total dividend income1,415 1,050 
Total investment income97,985 79,179 
Expenses:
Base management fee11,477 9,917 
Part I incentive fee9,028 7,703 
Professional fees1,504 1,500 
Directors fees160 160 
Interest expense32,170 20,719 
Administrator expense366 298 
General and administrative expenses591 746 
Total expenses55,296 41,043 
Fees waived(1,500)(750)
Net expenses53,796 40,293 
Net investment income before taxes44,189 38,886 
Excise tax (78)
Net investment income44,189 38,808 
Unrealized appreciation (depreciation):
Control investments1,339 (3,309)
Affiliate investments(925)3 
Non-control/Non-affiliate investments(17,615)(8,675)
Foreign currency forward contracts(7,824)(11,001)
Net unrealized appreciation (depreciation) (25,025)(22,982)
Realized gains (losses):
Control investments786  
Non-control/Non-affiliate investments(13,340)(7,651)
Foreign currency forward contracts4,101 4,448 
Net realized gains (losses)(8,453)(3,203)
(Provision) benefit for taxes on realized and unrealized gains (losses)(176)549 
Net realized and unrealized gains (losses), net of taxes(33,654)(25,636)
Net increase (decrease) in net assets resulting from operations$10,535 $13,172 
Net investment income per common share — basic and diluted (1)$0.57 $0.63 
Earnings (loss) per common share — basic and diluted (Note 5) (1)$0.14 $0.22 
Weighted average common shares outstanding — basic and diluted (1)77,840 61,142 
__________
(1) As discussed in Note 2, the Company completed a 1-for-3 reverse stock split on January 20, 2023, effective as of the commencement of trading on January 23, 2023. The weighted average common shares outstanding and per share information reflect the reverse stock split on a retroactive basis.

See notes to Consolidated Financial Statements.
3


Oaktree Specialty Lending Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except per share amounts)
(unaudited)



Three months ended
December 31, 2023
Three months ended
December 31, 2022
Operations:
Net investment income$44,189 $38,808 
Net unrealized appreciation (depreciation)(25,025)(22,982)
Net realized gains (losses)(8,453)(3,203)
(Provision) benefit for taxes on realized and unrealized gains (losses)(176)549 
Net increase (decrease) in net assets resulting from operations10,535 13,172 
Stockholder transactions:
Distributions to stockholders(48,897)(58,679)
Net increase (decrease) in net assets from stockholder transactions(48,897)(58,679)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan1,936 1,933 
Issuance of common stock in connection with the "at the market" offering32,313  
Net increase (decrease) in net assets from capital share transactions34,249 1,933 
Total increase (decrease) in net assets(4,113)(43,574)
Net assets at beginning of period1,515,764 1,245,563 
Net assets at end of period$1,511,651 $1,201,989 
Net asset value per common share (1)$19.14 $19.63 
Common shares outstanding at end of period (1)78,965 61,220 

__________
(1) As discussed in Note 2, the Company completed a 1-for-3 reverse stock split on January 20, 2023, effective as of the commencement of trading on January 23, 2023. The weighted average common shares outstanding and per share information reflect the reverse stock split on a retroactive basis.


See notes to Consolidated Financial Statements.
4

Oaktree Specialty Lending Corporation
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)





Three months ended
December 31, 2023
Three months ended
December 31, 2022
Operating activities:
Net increase (decrease) in net assets resulting from operations$10,535 $13,172 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation25,025 22,982 
Net realized (gains) losses8,453 3,203 
PIK interest income(3,849)(6,130)
Accretion of original issue discount on investments(5,342)(5,127)
Accretion of original issue discount on unsecured notes payable326 170 
Amortization of deferred financing costs1,248 828 
Deferred taxes(5)(35)
Purchases of investments (359,866)(261,404)
Proceeds from the sales and repayments of investments217,624 108,831 
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable1,533 (1,842)
(Increase) decrease in due from portfolio companies(1,595)16,314 
(Increase) decrease in receivables from unsettled transactions31,510 (3,966)
(Increase) decrease in due from broker27,740 5,770 
(Increase) decrease in other assets(905)(2,546)
Increase (decrease) in accounts payable, accrued expenses and other liabilities323 (554)
Increase (decrease) in base management fee and incentive fee payable(542)931 
Increase (decrease) in due to affiliate(494)80 
Increase (decrease) in interest payable2,973 5,432 
Increase (decrease) in payables from unsettled transactions46,273 (6,007)
Increase (decrease) in director fees payable160  
Net cash provided by (used in) operating activities1,125 (109,898)
Financing activities:
Distributions paid in cash(46,961)(56,746)
Borrowings under credit facilities20,000 202,000 
Repayments of borrowings under credit facilities(20,000)(42,000)
Shares issued under the "at the market" offering32,398  
Deferred offering costs paid(85) 
Net cash provided by (used in) financing activities(14,648)103,254 
Effect of exchange rate changes on foreign currency(319)(475)
Net increase (decrease) in cash and cash equivalents and restricted cash(13,842)(7,119)
Cash and cash equivalents and restricted cash, beginning of period145,539 26,364 
Cash and cash equivalents and restricted cash, end of period$131,697 $19,245 
Supplemental information:
Cash paid for interest$27,623 $14,289 
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan$1,936 $1,933 
Reconciliation to the Consolidated Statements of Assets and LiabilitiesDecember 31,
2023
September 30,
2023
Cash and cash equivalents$112,369 $136,450 
Restricted cash19,328 9,089 
Total cash and cash equivalents and restricted cash$131,697 $145,539 
See notes to Consolidated Financial Statements.
5

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Control Investments(8)(9)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesCommon Stock829$ $ (15)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesPreferred Equity34,984,46034,984 27,638 (15)
Continental Intermodal Group LPOil & Gas Storage & TransportationCommon Stock22,267,661 16,172 16,173 (15)
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00%10.50%8/28/2025$14,033 14,032 14,033 (6)(15)
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00%10.46%8/28/20251,393 1,393 1,394 (6)(15)(19)
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien RevolverSOFR+5.00%10.50%8/28/20255,574 5,574 5,574 (6)(15)
Dominion Diagnostics, LLCHealth Care ServicesCommon Stock30,03115,222 2,711 (15)
OCSI Glick JV LLCMulti-Sector HoldingsSubordinated DebtSOFR+4.50%9.94%10/20/202858,349 50,621 50,957 (6)(11)(14)(15)(19)
OCSI Glick JV LLCMulti-Sector HoldingsMembership Interest87.5 %  (11)(14)(16)(19)
Senior Loan Fund JV I, LLCMulti-Sector HoldingsSubordinated DebtSOFR+7.00%12.44%12/29/2028112,656 112,656 112,656 (6)(11)(14)(15)(19)
Senior Loan Fund JV I, LLCMulti-Sector HoldingsMembership Interest87.5 %54,791 29,587 (11)(12)(14)(16)(19)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersFirst Lien Term Loan12.00%8/3/202816,355 14,634 16,355 (15)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersFirst Lien Term Loan12.00%8/3/20283,005 2,951 3,005 (15)(19)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersCommon Stock1,184,630 40,094 36,226 (15)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersWarrants66,686   (15)
Total Control Investments (20.9% of net assets)
$363,124 $316,309 
Affiliate Investments(17)
Assembled Brands Capital LLCSpecialized FinanceCommon Stock12,463,242 $1,963 $997 (15)
Assembled Brands Capital LLCSpecialized FinanceWarrants78,045  (15)
The AveryReal Estate Operating CompaniesFirst Lien Term Loan10.00%12/15/20245,065 4,657 4,290 (15)(20)
The AveryReal Estate Operating CompaniesFirst Lien Term Loan10.00%12/15/202420,871 19,217 18,723 (15)(20)
The AveryReal Estate Operating CompaniesMembership Interest6.4 %  (15)
Caregiver Services, Inc.Health Care ServicesPreferred Equity1,080,398 1,079 432 (15)
Total Affiliate Investments (1.6% of net assets)
$26,916 $24,442 
Non-Control/Non-Affiliate Investments(18)
107 Fair Street LLCReal Estate DevelopmentFirst Lien Term Loan12.50%5/31/2024$1,269 $1,251 $1,228 (10)(15)(19)
107-109 Beech OAK22 LLCReal Estate DevelopmentFirst Lien Revolver11.00%2/27/202618,869 18,691 18,443 (15)(19)
112-126 Van Houten Real22 LLCReal Estate DevelopmentFirst Lien Term Loan12.00%5/4/20244,274 4,256 4,210 (10)(15)(19)
A.T. Holdings II Ltd.BiotechnologyFirst Lien Term Loan14.25%9/13/202921,434 21,604 21,273 (11)(15)(21)
A.T. Holdings II SÀRLBiotechnologyFirst Lien Term Loan22.50%2/6/20246,329 6,295 6,219 (11)(15)
Accupac, Inc.Personal Care ProductsFirst Lien Term LoanSOFR+6.00%1/16/2026 (2)(8)(6)(15)(19)
Accupac, Inc.Personal Care ProductsFirst Lien Term LoanSOFR+6.00%11.52%1/16/202620,182 20,107 20,141 (6)(15)
Accupac, Inc.Personal Care ProductsFirst Lien RevolverSOFR+6.00%11.52%1/16/20262,033 2,015 2,027 (6)(15)(19)
Acquia Inc.Application SoftwareFirst Lien Term LoanSOFR+7.00%12.74%10/31/20256,400 6,343 6,406 (6)(15)
Acquia Inc.Application SoftwareFirst Lien Term LoanSOFR+7.00%12.74%10/31/202525,332 25,293 25,357 (6)(15)
Acquia Inc.Application SoftwareFirst Lien RevolverSOFR+7.00%12.72%10/31/20251,333 1,324 1,333 (6)(15)(19)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.11%12/18/20253,373 3,343 3,295 (6)(15)
6

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.14%12/18/2025$944 $931 $922 (6)(15)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.11%12/18/202517,532 17,394 17,130 (6)(15)
ADC Therapeutics SABiotechnologyFirst Lien Term LoanSOFR+7.50%8/15/2029 (38)(38)(6)(11)(15)(19)
ADC Therapeutics SABiotechnologyFirst Lien Term LoanSOFR+7.50%13.00%8/15/20296,589 6,317 6,276 (6)(11)(15)
ADC Therapeutics SABiotechnologyWarrants28,948 174 13 (11)(15)
AIP RD Buyer Corp.DistributorsSecond Lien Term LoanSOFR+7.75%13.21%12/21/202916,032 15,844 15,743 (6)(15)
AIP RD Buyer Corp.DistributorsCommon Stock17,870 1,733 2,494 (15)
AirStrip Technologies, Inc.Application SoftwareWarrants5,715 90  (15)
All Web Leads, Inc.AdvertisingFirst Lien Term LoanSOFR+8.50%12/29/202323,562 22,795 9,797 (6)(15)(20)
Altice France S.A.Integrated Telecommunication ServicesFixed Rate Bond5.50%10/15/20294,050 3,592 3,181 (11)
Alto Pharmacy Holdings, Inc.Health Care TechnologyFirst Lien Term LoanSOFR+11.50%5.00%11.95%10/14/20279,331 8,748 8,585 (6)(15)
Alto Pharmacy Holdings, Inc.Health Care TechnologyWarrants598,283 642 1,562 (15)
Alvogen Pharma US, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%13.00%6/30/202516,825 16,766 15,732 (6)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/202628,964 28,838 28,167 (11)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/202628,178 28,076 27,403 (11)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/20262,159 1,982 2,099 (11)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/20262,100 1,927 2,042 (11)(15)
Alvotech Holdings S.A.BiotechnologyCommon Stock382,275 689 4,389 (11)
Alvotech Holdings S.A.BiotechnologyCommon Stock141,640 566 446 (11)(13)(15)
American Auto Auction Group, LLCDiversified Support ServicesSecond Lien Term LoanSOFR+8.75%14.25%1/2/202917,048 16,469 15,940 (6)(15)
American Tire Distributors, Inc.DistributorsFirst Lien Term LoanSOFR+6.25%11.91%10/20/202814,907 14,189 12,548 (6)
Amspec Parent LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.75%11.10%12/5/203033,558 32,728 32,719 (6)(15)
Amspec Parent LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.75%12/5/2030 (60)(60)(6)(15)(19)
Amspec Parent LLCDiversified Support ServicesFirst Lien RevolverSOFR+5.75%12/5/2029 (112)(113)(6)(15)(19)
Anastasia Parent, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+3.75%9.36%8/11/20253,691 3,059 2,257 (6)
Arches Buyer Inc.Interactive Media & ServicesFirst Lien Term LoanSOFR+5.50%10.86%12/6/202747,810 47,095 47,093 (6)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSONIA+7.25%12.71%7/14/2026£4,949 6,253 6,372 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSOFR+6.00%11.82%7/14/2026$10,519 10,411 10,624 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSONIA+6.00%9.95%7/14/2026£3,649 4,094 4,083 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanE+7.25%11.20%7/14/20263,017 3,319 3,366 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSONIA+7.25%12.71%7/14/2026£23,675 28,395 30,482 (6)(11)(15)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%11.64%12/29/2027$3,268 3,259 3,072 (6)(11)(15)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%12/29/2027 (12)(24)(6)(11)(15)(19)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10.86%10/25/202815,688 13,112 10,230 (6)
athenahealth Group Inc.Health Care TechnologyFixed Rate Bond6.50%2/15/20304,960 4,379 4,506 
athenahealth Group Inc.Health Care TechnologyPreferred Equity21,523 20,789 20,542 (15)
ATNX SPV, LLCPharmaceuticalsFirst Lien Term Loan5/31/203112,583 12,618 12,268 (11)(15)(21)
Aurora Lux Finco S.À.R.L.Airport ServicesFirst Lien Term LoanSOFR+7.00%8.45%4.00%12/24/202629,801 29,483 28,311 (6)(11)(15)
Avalara, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.60%10/19/202850,470 49,718 49,839 (6)(15)
Avalara, Inc.Application SoftwareFirst Lien RevolverSOFR+7.25%10/19/2028 (102)(63)(6)(15)(19)
7

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.61%6/11/2027$3,239 $3,208 $3,119 (6)(15)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.61%6/11/20271,258 1,265 1,211 (6)(15)
BAART Programs, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.50%14.15%6/11/20282,091 2,070 1,842 (6)(15)
BAART Programs, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.50%14.11%6/11/20284,361 4,298 3,842 (6)(15)
BAART Programs, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.50%14.11%6/11/20288,920 8,818 7,859 (6)(15)
Berner Food & Beverage, LLCSoft Drinks & Non-alcoholic BeveragesFirst Lien Term LoanSOFR+5.50%11.03%7/30/202740,557 40,352 40,070 (6)(15)
Berner Food & Beverage, LLCSoft Drinks & Non-alcoholic BeveragesFirst Lien RevolverPRIME+4.50%13.00%7/30/20261,836 1,806 1,798 (6)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%4/19/2027   (6)(11)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%12.89%4/19/20272,815 2,815 2,625 (6)(11)(15)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan8.00%2.25%4/19/2027   (11)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan8.00%2.25%4/19/2027   (11)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan8.00%2.25%4/19/20276,785 6,602 6,327 (11)(15)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants32,664 225 46 (11)(15)
Blackhawk Network Holdings, Inc.Data Processing & Outsourced ServicesSecond Lien Term LoanSOFR+7.00%12.46%6/15/202630,625 30,394 30,319 (6)
Blumenthal Temecula, LLCAutomotive RetailFirst Lien Term Loan9.00%2/29/20245,257 5,263 5,205 (15)
Blumenthal Temecula, LLCAutomotive RetailPreferred Equity1,708,618 1,711 1,982 (15)
Blumenthal Temecula, LLCAutomotive RetailPreferred Equity394,297 395 434 (15)
Blumenthal Temecula, LLCAutomotive RetailCommon Stock394,297 424 95 (15)
CD&R Firefly Bidco LimitedOther Specialty RetailFirst Lien Term LoanSONIA+6.00%11.29%6/21/2028£16,185 20,053 20,281 (6)(11)
Clear Channel Outdoor Holdings, Inc.AdvertisingFixed Rate Bond7.50%6/1/2029$2,632 2,632 2,191 (11)
Clear Channel Outdoor Holdings, Inc.AdvertisingFixed Rate Bond7.75%4/15/2028176 170 152 (11)
Condor Merger Sub Inc.Systems SoftwareFixed Rate Bond7.38%2/15/203010,720 10,282 9,804 
Connect U.S. Finco LLCAlternative CarriersFixed Rate Bond6.75%10/1/20261,670 1,625 1,661 (11)
Conviva Inc.Application SoftwarePreferred Equity417,851 605 894 (15)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+7.50%2/27/2030 (15)(11)(6)(15)(19)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+7.50%12.86%2/27/203013,157 12,867 12,883 (6)(15)
Coupa Holdings, LLCApplication SoftwareFirst Lien RevolverSOFR+7.50%2/27/2029 (19)(19)(6)(15)(19)
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%10.35%10/13/202914,713 14,160 14,724 (6)
Coyote Buyer, LLCSpecialty ChemicalsFirst Lien Term LoanSOFR+6.00%11.53%2/6/202617,967 17,666 17,765 (6)(15)
Coyote Buyer, LLCSpecialty ChemicalsFirst Lien RevolverSOFR+6.00%2/6/2025 (13)(15)(6)(15)(19)
CPC Acquisition Corp.Specialty ChemicalsSecond Lien Term LoanSOFR+7.75%12/29/2028727 413 365 (6)(15)(20)
Crewline Buyer, Inc.Systems SoftwareFirst Lien Term LoanSOFR+6.75%12.10%11/8/203020,924 20,412 20,422 (6)(15)
Crewline Buyer, Inc.Systems SoftwareFirst Lien RevolverSOFR+6.75%11/8/2030 (53)(52)(6)(15)(19)
Dealer Tire Financial, LLCDistributorsFixed Rate Bond8.00%2/1/2028440 423 436 
Delta Leasing SPV II LLCSpecialized FinanceSubordinated Debt Term Loan3.00%7.00%8/31/202932,104 32,104 32,104 (11)(15)
Delta Leasing SPV II LLCSpecialized FinancePreferred Equity419 419 419 (11)(15)
Delta Leasing SPV II LLCSpecialized FinanceCommon Stock2 2 2 (11)(15)
Delta Leasing SPV II LLCSpecialized FinanceWarrants31   (11)(15)
Dialyze Holdings, LLCHealth Care EquipmentFirst Lien Term LoanSOFR+9.00%14.50%8/4/202620,757 20,201 20,639 (6)(15)
Dialyze Holdings, LLCHealth Care EquipmentSubordinated Debt Term Loan8.00%9/30/2027667 666 643 (15)
8

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Dialyze Holdings, LLCHealth Care EquipmentWarrants6,397,254 $1,642 $128 (15)
Digital.AI Software Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.00%12.45%2/10/2027$12,355 12,191 12,083 (6)(15)
Digital.AI Software Holdings, Inc.Application SoftwareFirst Lien RevolverSOFR+7.00%12.45%2/10/2027578 561 550 (6)(15)(19)
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%10.65%8/2/20274,514 4,491 4,522 (6)
DirecTV Financing, LLCCable & SatelliteFixed Rate Bond5.88%8/15/20275,090 4,455 4,787 
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%10.13%4/26/20294,938 4,862 4,893 (6)
Eagleview Technology CorporationApplication SoftwareSecond Lien Term LoanSOFR+7.50%13.00%8/14/20268,974 8,884 8,032 (6)(15)
Enverus Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%10.84%12/24/202924,865 24,492 24,492 (6)(15)
Enverus Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+5.50%12/24/2029 (19)(19)(6)(15)(19)
Enverus Holdings, Inc.Application SoftwareFirst Lien RevolverSOFR+5.50%12/24/2029 (28)(28)(6)(15)(19)
EOS Fitness Opco Holdings, LLCLeisure FacilitiesPreferred Equity488 488 1,345 (15)
EOS Fitness Opco Holdings, LLCLeisure FacilitiesCommon Stock12,500   (15)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/20271,799 1,777 1,718 (11)(15)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/2027 1  (11)(15)(19)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/2027 1  (11)(15)(19)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/202711,232 11,129 10,727 (11)(15)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien Term LoanSOFR+6.00%11.35%9/30/203014,736 14,381 14,394 (6)(15)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien RevolverSOFR+6.00%10/1/2029 (39)(37)(6)(15)(19)
Fairbridge Strategic Capital Funding LLCReal Estate Operating CompaniesFirst Lien Term Loan9.00%12/24/202861,500 61,500 61,500 (15)(19)
Fairbridge Strategic Capital Funding LLCReal Estate Operating CompaniesWarrants3,750  4 (11)(12)(15)
Finastra USA, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.71%9/13/202911,742 11,519 11,538 (6)(11)(15)
Finastra USA, Inc.Application SoftwareFirst Lien RevolverSOFR+7.25%12.61%9/13/2029322 299 301 (6)(11)(15)(19)
FINThrive Software Intermediate Holdings, Inc.Health Care TechnologyFirst Lien Term LoanSOFR+4.00%9.47%12/18/20284,324 3,497 3,457 (6)
FINThrive Software Intermediate Holdings, Inc.Health Care TechnologySecond Lien Term LoanSOFR+6.75%12.22%12/17/202931,074 29,191 18,745 (6)
Fortress Biotech, Inc.BiotechnologyFirst Lien Term Loan11.00%8/27/202511,918 11,653 11,173 (11)(15)
Fortress Biotech, Inc.BiotechnologyWarrants417,011 427 354 (11)(15)
Frontier Communications Holdings, LLCIntegrated Telecommunication ServicesFixed Rate Bond6.00%1/15/20304,881 4,482 4,170 (11)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+7.25%12.60%5/3/202923,714 23,082 23,306 (6)(15)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+7.25%12.60%5/3/20291,215 1,117 1,152 (6)(15)(19)
Gibson Brands, Inc.Leisure ProductsFirst Lien Term LoanSOFR+5.00%10.66%8/11/20282,450 2,070 2,197 (6)(15)
GoldenTree Loan Management EUR CLO 2 DACMulti-Sector HoldingsCLO NotesE+2.85%6.84%1/20/20321,000 880 1,033 (6)(11)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%6/21/2027$ (50)(59)(6)(15)(19)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%13.46%6/21/202717,400 17,244 17,112 (6)(15)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien RevolverSOFR+8.00%6/21/2027 (25)(29)(6)(15)(19)
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.71%4/9/20298,538 8,257 8,396 (6)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%1/19/2026 (73)(50)(6)(11)(15)(19)
9

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%12.00%1/19/2026$1,432 $1,403 $1,414 (6)(11)(15)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%12.00%1/19/20267,448 7,313 7,355 (6)(11)(15)
Horizon Aircraft Finance I Ltd.Specialized FinanceCLO Notes4.46%12/15/20389,406 7,727 8,155 (11)
IAMGOLD CorporationGoldSecond Lien Term LoanSOFR+8.25%13.63%5/16/202823,975 23,347 23,519 (6)(11)(15)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.62%8/18/202824,427 24,151 23,531 (6)(15)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.62%8/18/20283,636 3,604 3,537 (6)(15)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%8/18/2028   (6)(15)(19)
iCIMs, Inc.Application SoftwareFirst Lien RevolverSOFR+6.75%12.10%8/18/2028377 336 276 (6)(15)(19)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%3/17/20271,001 983 793 (15)(20)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%3/17/20272,232 2,163 1,768 (6)(15)(20)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%3/17/2027839 785 664 (6)(15)(20)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%3/17/202728,010 26,687 14,817 (6)(15)(20)
Impel Pharmaceuticals Inc.Health Care TechnologyWarrants350,241   
Innocoll Pharmaceuticals LimitedHealth Care TechnologyWarrants112,990 300  (11)(15)
Integral Development CorporationDiversified Financial ServicesWarrants1,078,284 113  (15)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien Term LoanSOFR+7.50%12.97%6/30/202533,331 32,585 32,577 (6)(15)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien RevolverSOFR+7.50%6/30/2025 (85)(86)(6)(15)(19)
INW Manufacturing, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+5.75%11.36%3/25/202743,931 42,440 35,145 (6)(15)
IPC Corp.Application SoftwareFirst Lien Term LoanSOFR+6.50%12.06%10/1/202640,587 39,991 38,963 (6)(15)
Ivanti Software, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.91%12/1/202813,939 12,721 11,314 (6)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%11.99%10/29/202738,015 37,482 37,445 (6)(15)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%11.84%10/29/202716,722 16,593 16,471 (6)(15)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverSOFR+6.50%10/29/2027 (44)(47)(6)(15)(19)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverSOFR+6.50%10/29/2027 (26)(35)(6)(15)(19)
Latam Airlines Group S.A.Passenger AirlinesFirst Lien Term LoanSOFR+9.50%15.08%10/12/202726,356 24,952 27,163 (6)(11)
Lightbox Intermediate, L.P.Real Estate ServicesFirst Lien Term LoanSOFR+5.00%10.61%5/9/202645,125 44,652 43,771 (6)(15)
Liquid Environmental Solutions CorporationEnvironmental & Facilities ServicesSecond Lien Term LoanSOFR+9.50%5.00%9.95%11/30/20263,012 2,968 2,846 (6)(15)
Liquid Environmental Solutions CorporationEnvironmental & Facilities ServicesSecond Lien Term LoanSOFR+9.50%5.00%9.95%11/30/20265,536 5,486 5,232 (6)(15)
Liquid Environmental Solutions CorporationEnvironmental & Facilities ServicesCommon Stock559 563 268 (15)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%11.46%1/31/20282,729 2,597 2,524 (6)(15)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%11.46%1/31/202823,435 23,091 21,677 (6)(15)
LSL Holdco, LLCHealth Care DistributorsFirst Lien RevolverSOFR+6.00%1/31/2028 (39)(199)(6)(15)(19)
Marinus Pharmaceuticals, Inc.PharmaceuticalsFirst Lien Term Loan11.50%5/11/20268,568 8,502 8,139 (11)(15)
Marinus Pharmaceuticals, Inc.PharmaceuticalsFirst Lien Term Loan11.50%5/11/20268,568 8,502 8,139 (11)(15)
Marinus Pharmaceuticals, Inc.PharmaceuticalsFirst Lien Term Loan11.50%5/11/20264,284 4,251 4,070 (11)(15)
Mesoblast, Inc.BiotechnologyFirst Lien Term Loan8.00%1.75%11/19/20269,129 8,644 8,147 (11)(15)
Mesoblast, Inc.BiotechnologyWarrants66,817 23 27 (11)(15)
Mesoblast, Inc.BiotechnologyWarrants259,877 545 65 (11)(15)
10

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.00%11.53%7/21/2027$2,624 $2,581 $2,585 (6)(15)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.00%11.53%7/21/202711,802 11,685 11,625 (6)(15)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien RevolverSOFR+6.00%7/21/2027 (26)(27)(6)(15)(19)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien Term LoanSOFR+7.00%12.53%2/14/202546,687 46,322 46,033 (6)(15)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien Term LoanSOFR+7.00%12.53%2/14/20255,248 5,225 5,175 (6)(15)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien RevolverSOFR+7.00%2/14/2025 (35)(67)(6)(15)(19)
MND Holdings III CorpOther Specialty RetailFirst Lien Term LoanSOFR+7.50%12.89%5/9/202840,538 39,910 40,944 (6)(15)
MND Holdings III CorpOther Specialty RetailFirst Lien RevolverSOFR+7.50%12.86%5/9/20288,308 8,070 8,308 (6)(15)(19)
Mosaic Companies, LLCHome Improvement RetailFirst Lien Term LoanSOFR+6.75%13.60%7/2/202649,266 49,001 48,034 (6)(15)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.95%2/10/202721,272 20,949 21,060 (6)(15)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.95%2/10/202713,937 13,897 13,797 (6)(15)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%2/10/2027   (6)(15)(19)
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/10/2027 (55)(27)(6)(15)(19)
Navisite, LLCData Processing & Outsourced ServicesSecond Lien Term LoanSOFR+8.50%13.93%12/30/202630,339 30,040 30,166 (6)(15)
NeuAG, LLCFertilizers & Agricultural ChemicalsFirst Lien Term LoanSOFR+9.50%14.83%9/11/202464,606 64,689 63,185 (6)(15)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+6.00%11.37%11/12/203019,995 19,695 19,751 (6)(15)
Next Holdco, LLC Health Care TechnologyFirst Lien Term LoanSOFR+6.00%11/12/2030 (38)(38)(6)(15)(19)
Next Holdco, LLC Health Care TechnologyFirst Lien RevolverSOFR+6.00%11/9/2029 (28)(23)(6)(15)(19)
NFP Corp.Diversified Financial ServicesFixed Rate Bond6.88%8/15/202810,191 9,846 10,368 
NN, Inc.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+6.88%12.33%2.00%9/19/202673,547 72,724 70,201 (6)(11)(15)
NN, Inc.Industrial Machinery & Supplies & ComponentsWarrants487,870  1,947 (11)
NN, Inc.Industrial Machinery & Supplies & ComponentsWarrants487,870  1,947 (11)
OEConnection LLCApplication SoftwareSecond Lien Term LoanSOFR+7.00%12.46%9/25/20279,323 9,216 9,183 (6)(15)
Oranje Holdco, Inc.Systems SoftwareFirst Lien Term LoanSOFR+7.75%13.13%2/1/202915,231 14,908 15,003 (6)(15)
Oranje Holdco, Inc.Systems SoftwareFirst Lien RevolverSOFR+7.75%2/1/2029 (40)(29)(6)(15)(19)
OTG Management, LLCAirport ServicesFirst Lien Term LoanSOFR+10.00%9/2/20251,303 1,202 1,074 (6)(15)(20)
OTG Management, LLCAirport ServicesFirst Lien Term LoanSOFR+10.00%9/2/202531,515 26,979 25,959 (6)(15)(20)
OTG Management, LLCAirport ServicesFirst Lien Term LoanSOFR+12.00%2/28/2024233 233 233 (6)(15)(19)(20)
Park Place Technologies, LLCInternet Services & InfrastructureFirst Lien Term LoanSOFR+5.00%10.46%11/10/20279,651 9,500 9,630 (6)
Performance Health Holdings, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.75%11.32%7/12/202722,375 22,201 21,928 (6)(15)
PetVet Care Centers, LLC Health Care ServicesFirst Lien Term LoanSOFR+6.00%11.36%11/15/203052,639 51,606 51,618 (6)(15)
PetVet Care Centers, LLC Health Care ServicesFirst Lien Term LoanSOFR+6.00%11/15/2030 (69)(69)(6)(15)(19)
PetVet Care Centers, LLC Health Care ServicesFirst Lien RevolverSOFR+6.00%11/15/2029 (134)(133)(6)(15)(19)
PetVet Care Centers, LLC Health Care ServicesPreferred Equity4,531,000 4,440 4,444 (15)
Picard Parent, Inc.Application SoftwareFixed Rate Bond6.50%3/31/20292,300 2,122 2,192 
Planview Parent, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.70%12/18/202836,499 35,490 33,397 (6)(15)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+8.00%13.56%4/6/202767,244 66,418 64,689 (6)(15)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+8.00%13.56%4/6/20273,722 3,649 3,540 (6)(15)(19)
11

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+7.00%12.36%2/15/2029$10,868 $10,497 $10,469 (6)(15)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+7.00%12.35%2/15/202998 48 44 (6)(15)(19)
PRGX Global, Inc.Data Processing & Outsourced ServicesFirst Lien Term LoanSOFR+6.50%12.04%3/3/202638,308 37,902 38,308 (6)(15)
PRGX Global, Inc.Data Processing & Outsourced ServicesFirst Lien RevolverSOFR+6.50%3/3/2026 (30) (6)(15)(19)
PRGX Global, Inc.Data Processing & Outsourced ServicesCommon Stock100,000 109 300 (15)
Profrac Holdings II, LLCIndustrial Machinery & Supplies & ComponentsFirst Lien Floating Rate BondSOFR+7.25%12.60%1/23/202928,818 28,530 28,530 (6)(11)(15)
Quantum Bidco LimitedFood DistributorsFirst Lien Term LoanSONIA+5.50%10.96%1/31/2028£6,136 7,677 7,353 (6)(11)(15)
QuorumLabs, Inc.Application SoftwarePreferred Equity64,887,669 375  (15)
Relativity ODA LLCApplication SoftwareFirst Lien Term LoanSOFR+6.50%11.96%5/12/2027$32,329 32,089 31,915 (6)(15)
Relativity ODA LLCApplication SoftwareFirst Lien RevolverSOFR+6.50%5/12/2027 (40)(35)(6)(15)(19)
RumbleOn, Inc.Automotive RetailFirst Lien Term LoanSOFR+8.25%13.86%0.50%8/31/20269,697 9,405 9,115 (6)(11)(15)
RumbleOn, Inc.Automotive RetailFirst Lien Term LoanSOFR+8.25%13.86%0.50%8/31/202632,133 31,203 30,205 (6)(11)(15)
RumbleOn, Inc.Automotive RetailWarrants204,454 1,202 1,073 (11)(15)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien Term LoanSOFR+10.00%15.36%10/7/202625,418 24,707 24,719 (6)(15)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien RevolverSOFR+10.00%10/7/2026 (87)(85)(6)(15)(19)
Salus Workers' Compensation, LLCDiversified Financial ServicesWarrants991,019 327 1,536 (15)
SCIH Salt Holdings Inc.Diversified ChemicalsFixed Rate Bond4.88%5/1/20281,680 1,539 1,573 
Scilex Holding CoBiotechnologyCommon Stock9,307 78 19 (11)
SCP Eye Care Services, LLCHealth Care ServicesSecond Lien Term LoanSOFR+8.75%14.20%10/7/2030990 954 921 (6)(15)(19)
SCP Eye Care Services, LLCHealth Care ServicesSecond Lien Term LoanSOFR+8.75%14.21%10/7/20308,010 7,807 7,778 (6)(15)
SCP Eye Care Services, LLCHealth Care ServicesCommon Stock1,037 1,037 1,024 (15)
scPharmaceuticals Inc.PharmaceuticalsFirst Lien Term LoanSOFR+8.75%10/13/2027   (6)(15)(19)
scPharmaceuticals Inc.PharmaceuticalsFirst Lien Term LoanSOFR+8.75%10/13/2027   (6)(15)(19)
scPharmaceuticals Inc.PharmaceuticalsFirst Lien Term LoanSOFR+8.75%11.75%10/13/20275,212 5,001 5,043 (6)(15)
scPharmaceuticals Inc.PharmaceuticalsWarrants53,700  175 212 (15)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%4/27/2029   (6)(11)(15)(19)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%4/27/2029   (6)(11)(15)(19)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%12.88%4/27/20297,191 6,946 6,880 (6)(11)(15)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%12.88%4/27/20292,697 2,605 2,580 (6)(11)(15)
Seres Therapeutics, Inc.BiotechnologyWarrants58,210 182 44 (11)(15)
ShareThis, Inc.Application SoftwareWarrants345,452 367  (15)
SM Wellness Holdings, Inc.Health Care ServicesFirst Lien Term LoanSOFR+4.75%10.39%4/17/20284,440 3,833 4,307 (6)(15)
SM Wellness Holdings, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.00%13.64%4/16/202912,034 11,280 10,169 (6)(15)
Sorrento Therapeutics, Inc.BiotechnologyCommon Stock66,000 139 8 (11)
Spanx, LLCApparel RetailFirst Lien Term LoanSOFR+5.25%10.71%11/20/20284,477 4,415 4,438 (6)(15)
Spanx, LLCApparel RetailFirst Lien RevolverSOFR+5.00%11/18/2027 (40)(19)(6)(15)(19)
SPX Flow, Inc.Industrial Machinery & Supplies & ComponentsFixed Rate Bond8.75%4/1/20301,590 1,531 1,592 
Staples, Inc.Office Services & SuppliesFixed Rate Bond7.50%4/15/20264,700 4,162 4,377 
SumUp Holdings Luxembourg S.À.R.L.Diversified Financial ServicesFirst Lien Term LoanE+8.25%12.21%3/10/202623,731 26,702 26,149 (6)(11)(15)
Superior Industries International, Inc.Auto Parts & EquipmentFirst Lien Term LoanSOFR+8.00%13.36%12/16/2028$49,395 48,462 48,901 (6)(15)
12

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.66%12/31/2026$2,742 $2,721 $2,608 (6)(15)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanPRIME+6.00%14.50%12/31/20263,298 3,175 3,137 (6)(15)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.66%12/31/202632,022 31,799 30,456 (6)(15)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien RevolverSOFR+7.00%12.66%12/31/20261,552 1,541 1,476 (6)(15)
SVP-Singer Holdings Inc.Home FurnishingsFirst Lien Term LoanSOFR+6.75%7/28/202825,462 23,085 14,131 (6)(15)(20)
Tacala, LLCRestaurantsSecond Lien Term LoanSOFR+8.00%13.47%2/4/202812,843 12,617 12,847 (6)(15)
Telestream Holdings CorporationApplication SoftwareFirst Lien Term LoanSOFR+9.75%15.28%10/15/202523,363 23,174 22,545 (6)(15)
Telestream Holdings CorporationApplication SoftwareFirst Lien RevolverSOFR+9.75%15.21%10/15/20252,119 2,105 2,040 (6)(15)(19)
Ten-X LLCInteractive Media & ServicesFirst Lien Term LoanSOFR+6.00%11.36%5/26/202819,894 19,014 19,211 (6)(15)
THL Zinc Ventures LtdDiversified Metals & MiningFirst Lien Term Loan13.00%5/23/202650,419 49,898 49,869 (11)(15)
Thrasio, LLCBroadline RetailFirst Lien Term LoanSOFR+9.00%12/18/202646,832 45,698 28,099 (6)(15)(20)
Thrasio, LLCBroadline RetailPreferred Equity358,299 2,912  (15)
Thrasio, LLCBroadline RetailPreferred Equity10,616 120  (15)
Thrasio, LLCBroadline RetailPreferred Equity60,862 1,207  (15)
Thrasio, LLCBroadline RetailPreferred Equity32,447 33,353 11,131 (15)
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%11.48%12/29/202811,642 11,618 11,321 (6)(15)
Trinitas CLO XV DACMulti-Sector HoldingsCLO NotesSOFR+7.71%13.12%4/22/20341,000 818 930 (6)(11)
Uniti Group LPOther Specialized REITsFixed Rate Bond4.75%4/15/2028300 266 259 (11)
Uniti Group LPOther Specialized REITsFixed Rate Bond6.50%2/15/20294,500 4,129 3,252 (11)
Venture Global LNG, Inc.Oil & Gas Refining & MarketingFixed Rate Bond9.50%2/1/20296,620 6,620 7,009 
WIN Brands Group LLCHousewares & SpecialtiesFirst Lien Term LoanSOFR+15.00%21.66%1/23/20261,290 1,278 1,203 (6)(15)
Win Brands Group LLCHousewares & SpecialtiesFirst Lien Term LoanSOFR+15.00%21.66%1/23/20261,543 1,530 1,439 (6)(15)
Win Brands Group LLCHousewares & SpecialtiesWarrants4,871 46 42 (15)
Windstream Services II, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+6.25%11.71%9/21/20274,664 4,526 4,425 (6)
Windstream Services II, LLCIntegrated Telecommunication ServicesCommon Stock127,452 2,057 1,485 (15)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.75%12.06%11/29/202929,838 29,105 29,092 (6)(15)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien RevolverSOFR+6.75%11/29/2029 (81)(82)(6)(15)(19)
Zep Inc.Specialty ChemicalsFirst Lien Term LoanSOFR+4.00%9.35%10/2/202819,578 19,556 19,577 (6)(15)
Total Non-Control/Non-Affiliate Investments (177.1% of net assets)
$2,797,710 $2,677,801 
Total Portfolio Investments (199.7% of net assets)
$3,187,750 $3,018,552 
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares$8,722 $8,722 
Other cash accounts122,975 122,975 
Total Cash and Cash Equivalents and Restricted Cash (8.7% of net assets)
$131,697 $131,697 
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (208.4% of net assets)
$3,319,447 $3,150,249 
13

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)









Derivative InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$36,775 34,350 2/8/2024JPMorgan Chase Bank, N.A.$(1,227)
Foreign currency forward contract$47,403 £38,500 2/8/2024JPMorgan Chase Bank, N.A.(1,687)
$(2,914)


Derivative InstrumentCompany ReceivesCompany PaysCounterpartyMaturity DateNotional AmountFair Value
Interest rate swap
Fixed 2.7%
Floating 3-month SOFR +1.658%
Royal Bank of Canada
1/15/2027$350,000$(30,415)
Interest rate swap
Fixed 7.1%
Floating 3-month SOFR +3.1255%
Royal Bank of Canada
2/15/2029$300,0004,013 
$(26,402)
14

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2023
(dollar amounts in thousands)
(unaudited)








(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
(3)Equity ownership may be held in shares or units of companies related to the portfolio companies.
(4)Each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(5)Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
(6)The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to the secured overnight financing rate ("SOFR"), the euro interbank offered rate ("EURIBOR" or "E"), the sterling overnight index average ("SONIA") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate based on each respective credit agreement and the cash interest rate as of period end. As of December 31, 2023, the reference rates for the Company's variable rate loans were the 30-day SOFR at 5.36%, the 90-day SOFR at 5.35%, the 180-day SOFR at 5.18%, the PRIME at 8.50%, the SONIA at 5.19%, the 90-day EURIBOR at 3.96% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
(7)Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
(8)Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
(9)As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the three months ended December 31, 2023 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
(10)This investment represents a participation interest in the underlying securities shown.
(11)Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, qualifying assets represented 74.3% of the Company's total assets and non-qualifying assets represented 25.7% of the Company's total assets.
(12)Income producing through payment of dividends or distributions.
(13)This investment represents Seller Earn Out Shares in Alvotech SA. 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.
(15)As of December 31, 2023, these investments were categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820").
(16)This investment was valued using net asset value as a practical expedient for fair value. Consistent with ASC 820, these investments are excluded from the hierarchical levels.
(17)Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
(18)Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.
(19)Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.
(20)This investment was on non-accrual status as of December 31, 2023.
(21)This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.

See notes to Consolidated Financial Statements.
15

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Control Investments(8)(9)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesCommon Stock829$ $ (15)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesPreferred Equity34,984,46034,984 27,638 (15)
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00%10.54%8/28/2025$14,068 14,068 14,068 (6)(15)
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00%10.42%8/28/20252,090 2,090 2,090 (6)(15)(19)
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien RevolverSOFR+5.00%10.54%8/28/20255,574 5,574 5,574 (6)(15)
Dominion Diagnostics, LLCHealth Care ServicesCommon Stock30,03115,222 2,711 (15)
OCSI Glick JV LLCMulti-Sector HoldingsSubordinated DebtSOFR+4.50%9.76%10/20/202858,349 50,330 50,017 (6)(11)(14)(15)(19)
OCSI Glick JV LLCMulti-Sector HoldingsMembership Interest87.5 %  (11)(14)(16)(19)
Senior Loan Fund JV I, LLCMulti-Sector HoldingsSubordinated DebtSOFR+7.00%12.26%12/29/2028112,656 112,656 112,656 (6)(11)(14)(15)(19)
Senior Loan Fund JV I, LLCMulti-Sector HoldingsMembership Interest87.5 %54,791 28,878 (11)(12)(14)(16)(19)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersFirst Lien Term Loan12.00%8/3/202815,874 14,100 15,874 (15)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersFirst Lien Term Loan12.00%8/3/20281,359 1,337 1,359 (15)(19)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersCommon Stock1,184,630 40,093 36,226 (15)
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersWarrants66,686   (15)
Total Control Investments (19.6% of net assets)
$345,245 $297,091 
Affiliate Investments(17)
Assembled Brands Capital LLCSpecialized FinanceFirst Lien RevolverSOFR+6.75%12.14%1/25/2026$21,852 $21,855 $21,823 (6)(15)(19)
Assembled Brands Capital LLCSpecialized FinanceCommon Stock1,783,332 804 89 (15)
Assembled Brands Capital LLCSpecialized FinancePreferred Equity1,129,453 1,159 1,005 (15)
Assembled Brands Capital LLCSpecialized FinanceWarrants78,045  (15)
Caregiver Services, Inc.Health Care ServicesPreferred Equity1,080,399 1,080 432 (15)
Total Affiliate Investments (1.5% of net assets)
$24,898 $23,349 
Non-Control/Non-Affiliate Investments(18)
107-109 Beech OAK22 LLCReal Estate DevelopmentFirst Lien Revolver11.00%2/27/2026$18,869 $18,687 $18,443 (15)(19)
107 Fair Street LLCReal Estate DevelopmentFirst Lien Term Loan12.50%5/31/20241,269 1,240 1,214 (10)(15)(19)
112-126 Van Houten Real22 LLCReal Estate DevelopmentFirst Lien Term Loan12.00%5/4/20244,070 4,038 4,022 (10)(15)(19)
A.T. Holdings II Ltd.BiotechnologyFirst Lien Term Loan14.25%9/13/202921,434 21,612 21,220 (11)(15)(22)
A.T. Holdings II SÀRLBiotechnologyFirst Lien Term Loan20.00%2/6/20246,021 6,013 5,900 (11)(15)
Accupac, Inc.Personal Care ProductsFirst Lien Term LoanSOFR+6.00%11.55%1/16/202620,234 20,150 20,194 (6)(15)
Accupac, Inc.Personal Care ProductsFirst Lien Term LoanSOFR+6.00%1/16/2026 (2)(8)(6)(15)(19)
Accupac, Inc.Personal Care ProductsFirst Lien RevolverSOFR+6.00%11.55%1/16/20262,033 2,013 2,027 (6)(15)(19)
Acquia Inc.Application SoftwareFirst Lien Term LoanL+7.00%12.34%10/31/20256,400 6,335 6,380 (6)(15)
Acquia Inc.Application SoftwareFirst Lien Term LoanL+7.00%12.34%10/31/202525,332 25,288 25,253 (6)(15)
Acquia Inc.Application SoftwareFirst Lien RevolverSOFR+7.00%12.72%10/31/20251,333 1,322 1,324 (6)(15)(19)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%11.90%12/18/20253,446 3,411 3,383 (6)(15)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.15%12/18/202517,901 17,743 17,575 (6)(15)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.13%12/18/2025963 948 945 (6)(15)
16

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
ADC Therapeutics SABiotechnologyFirst Lien Term LoanSOFR+7.50%13.04%8/15/2029$6,589 $6,305 $6,276 (6)(11)(15)
ADC Therapeutics SABiotechnologyFirst Lien Term LoanSOFR+7.50%8/15/2029 (38)(38)(6)(11)(15)(19)
ADC Therapeutics SABiotechnologyWarrants28,948 174 6 (11)(15)
AI Sirona (Luxembourg) Acquisition S.a.r.l.PharmaceuticalsFirst Lien Term LoanE+5.00%8.86%9/30/20285,500 $6,024 $5,825 (6)(11)
AIP RD Buyer Corp.DistributorsSecond Lien Term LoanSOFR+7.75%13.17%12/21/2029$17,873 17,655 17,687 (6)(15)
AIP RD Buyer Corp.DistributorsCommon Stock17,870 1,733 2,826 (15)
AirStrip Technologies, Inc.Application SoftwareWarrants5,715 90  (15)
All Web Leads, Inc.AdvertisingFirst Lien Term LoanSOFR+8.50%12/29/202323,562 22,795 9,797 (6)(15)(20)
Altice France S.A.Integrated Telecommunication ServicesFixed Rate Bond5.50%10/15/20294,050 3,577 2,918 (11)
Alto Pharmacy Holdings, Inc.Health Care TechnologyFirst Lien Term LoanSOFR+11.50%5.00%11.99%10/14/20279,057 8,434 8,332 (6)(15)
Alto Pharmacy Holdings, Inc.Health Care TechnologyWarrants598,283 642 1,915 (15)
Alvogen Pharma US, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%13.04%6/30/202517,053 16,982 15,929 (6)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/202628,464 28,329 27,687 (11)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/20262,121 1,945 2,063 (11)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/202627,692 27,582 26,936 (11)(15)
Alvotech Holdings S.A.BiotechnologyFixed Rate Bond8.50%3.50%11/16/20262,064 1,891 2,007 (11)(15)
Alvotech Holdings S.A.BiotechnologyCommon Stock471,253 849 4,298 (11)
Alvotech Holdings S.A.BiotechnologyCommon Stock141,640 566 368 (11)(13)(15)
American Auto Auction Group, LLCConsumer FinanceSecond Lien Term LoanSOFR+8.75%14.14%1/2/202917,048 16,440 15,087 (6)(15)
American Tire Distributors, Inc.DistributorsFirst Lien Term LoanSOFR+6.25%11.81%10/20/202819,115 18,278 16,798 (6)
Amplify Finco Pty Ltd.Movies & EntertainmentSecond Lien Term LoanSOFR+8.00%13.54%11/26/202712,500 12,188 11,865 (6)(11)(15)
Anastasia Parent, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+3.75%9.40%8/11/20253,700 3,067 2,669 (6)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanE+7.00%10.95%7/14/20263,017 3,331 3,226 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSOFR+5.75%11.57%7/14/2026$10,519 10,400 10,624 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSONIA+7.00%12.46%7/14/2026£4,949 6,318 6,101 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSONIA+7.00%12.46%7/14/2026£23,675 28,713 29,185 (6)(11)(15)
Ardonagh Midco 3 PLCInsurance BrokersFirst Lien Term LoanSONIA+5.75%9.70%7/14/2026£3,649 4,094 3,914 (6)(11)(15)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%11.63%12/29/2027$3,276 3,267 3,084 (6)(11)(15)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%12/29/2027 (13)(23)(6)(11)(15)(19)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10.90%10/25/20288,490 8,168 6,414 (6)
athenahealth Group Inc.Health Care TechnologyPreferred Equity21,523 20,789 20,074 (15)
ATNX SPV, LLCPharmaceuticalsFirst Lien Term Loan5/31/203112,222 12,260 11,795 (11)(15)(22)
Aurora Lux Finco S.À.R.L.Airport ServicesFirst Lien Term LoanSOFR+6.00%11.49%12/24/202629,509 29,164 28,284 (6)(11)(15)
Avalara, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.64%10/19/202850,470 49,679 49,688 (6)(15)
Avalara, Inc.Application SoftwareFirst Lien RevolverSOFR+7.25%10/19/2028 (108)(78)(6)(15)(19)
The AveryReal Estate Operating CompaniesFirst Lien Term LoanL+7.30%2/17/202319,163 19,163 18,340 (6)(15)(20)
The AveryReal Estate Operating CompaniesSubordinated Debt Term LoanL+12.50%2/17/20234,641 4,641 4,170 (6)(15)(20)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.65%6/11/20273,247 3,216 3,169 (6)(15)
17

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.65%6/11/2027$1,261 $1,269 $1,231 (6)(15)
BAART Programs, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.50%14.15%6/11/20288,920 8,819 8,492 (6)(15)
BAART Programs, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.50%14.15%6/11/20282,091 2,068 1,991 (6)(15)
BAART Programs, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.50%14.15%6/11/20284,361 4,297 4,152 (6)(15)
Berner Food & Beverage, LLCSoft Drinks & Non-alcoholic BeveragesFirst Lien Term LoanSOFR+5.50%11.02%7/30/202740,660 40,440 40,213 (6)(15)
Berner Food & Beverage, LLCSoft Drinks & Non-alcoholic BeveragesFirst Lien RevolverPRIME+4.50%13.00%7/30/20262,221 2,188 2,178 (6)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan8.00%2.25%4/19/20276,757 6,560 6,225 (11)(15)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan9/30/20323,316 3,335 3,169 (11)(15)(19)(22)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan8.00%2.25%4/19/2027   (11)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan8.00%2.25%4/19/2027   (11)(15)(19)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan9/30/2032   (11)(15)(19)(22)
BioXcel Therapeutics, Inc.PharmaceuticalsFirst Lien Term Loan9/30/2032   (11)(15)(19)(22)
BioXcel Therapeutics, Inc.PharmaceuticalsWarrants26,131 225 3 (11)(15)
Blackhawk Network Holdings, Inc.Data Processing & Outsourced ServicesSecond Lien Term LoanSOFR+7.00%12.43%6/15/202630,625 30,370 29,989 (6)
Blumenthal Temecula, LLCAutomotive RetailFirst Lien Term Loan9.00%10/9/20235,257 5,258 5,251 (15)
Blumenthal Temecula, LLCAutomotive RetailPreferred Equity1,708,618 1,711 1,999 (15)
Blumenthal Temecula, LLCAutomotive RetailPreferred Equity394,297 395 442 (15)
Blumenthal Temecula, LLCAutomotive RetailCommon Stock394,297 424 158 (15)
Cadence Aerospace, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.50%12.07%11/14/202437 37 37 (6)(15)
Cadence Aerospace, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.50%12.07%11/14/20243,031 2,899 3,031 (6)(15)
Cadence Aerospace, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.50%12.07%11/14/20241,557 1,489 1,557 (6)(15)
Cadence Aerospace, LLCAerospace & DefenseFirst Lien Term LoanSOFR+6.50%12.07%11/14/20241,024 994 1,024 (6)(15)
Clear Channel Outdoor Holdings, Inc.AdvertisingFixed Rate Bond7.50%6/1/20292,632 2,632 2,017 (11)
Clear Channel Outdoor Holdings, Inc.AdvertisingFixed Rate Bond7.75%4/15/2028176 170 141 (11)
Condor Merger Sub Inc.Systems SoftwareFixed Rate Bond7.38%2/15/20308,420 8,261 7,059 
Continental Intermodal Group LPOil & Gas Storage & TransportationFirst Lien Term LoanSOFR+8.50%1/28/202522,084 21,336 16,040 (6)(15)(20)
Continental Intermodal Group LPOil & Gas Storage & TransportationWarrants706  (15)
Conviva Inc.Application SoftwarePreferred Equity417,851 605 894 (15)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+7.50%12.82%2/27/203013,157 12,855 12,858 (6)(15)
Coupa Holdings, LLCApplication SoftwareFirst Lien Term LoanSOFR+7.50%2/27/2030 (15)(13)(6)(15)(19)
Coupa Holdings, LLCApplication SoftwareFirst Lien RevolverSOFR+7.50%2/27/2029 (20)(20)(6)(15)(19)
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%10.39%10/13/202914,750 14,173 14,616 (6)
Coyote Buyer, LLCSpecialty ChemicalsFirst Lien Term LoanSOFR+6.00%11.52%2/6/202618,013 17,690 17,812 (6)(15)
Coyote Buyer, LLCSpecialty ChemicalsFirst Lien RevolverSOFR+6.00%11.47%2/6/2025933 920 918 (6)(15)(19)
CPC Acquisition Corp.Specialty ChemicalsSecond Lien Term LoanSOFR+7.75%12/29/2028727 462 396 (6)(15)(20)
Delta Leasing SPV II LLCSpecialized FinanceSubordinated Debt Term Loan3.00%7.00%8/31/202917,465 17,465 17,465 (11)(15)(19)
Delta Leasing SPV II LLCSpecialized FinancePreferred Equity419 419 419 (11)(15)
Delta Leasing SPV II LLCSpecialized FinanceCommon Stock2 2 2 (11)(15)
Delta Leasing SPV II LLCSpecialized FinanceWarrants31   (11)(15)
Dialyze Holdings, LLCHealth Care EquipmentFirst Lien Term LoanSOFR+9.00%14.54%8/4/202620,757 20,146 20,653 (6)(15)
18

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Dialyze Holdings, LLCHealth Care EquipmentSubordinated Debt Term Loan8.00%9/30/2027$654 $653 $631 (15)
Dialyze Holdings, LLCHealth Care EquipmentWarrants6,397,254 1,642 1,152 (15)
Digital.AI Software Holdings, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.00%12.49%2/10/202712,386 12,208 12,101 (6)(15)
Digital.AI Software Holdings, Inc.Application SoftwareFirst Lien RevolverSOFR+7.00%12.49%2/10/2027284 265 252 (6)(15)(19)
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%10.43%8/2/20274,641 4,619 4,546 (6)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%10.12%4/26/20294,950 4,871 4,831 (6)
Eagleview Technology CorporationApplication SoftwareSecond Lien Term LoanSOFR+7.50%13.04%8/14/20268,974 8,884 7,987 (6)(15)
EOS Fitness Opco Holdings, LLCLeisure FacilitiesPreferred Equity488 488 1,345 (15)
EOS Fitness Opco Holdings, LLCLeisure FacilitiesCommon Stock12,500   (15)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/202711,065 10,953 10,677 (11)(15)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/20271,772 1,748 1,710 (11)(15)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/2027 1  (11)(15)(19)
Establishment Labs Holdings Inc.Health Care TechnologyFirst Lien Term Loan3.00%6.00%4/21/2027 1  (11)(15)(19)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien Term LoanSOFR+6.00%11.32%9/29/203014,736 14,368 14,368 (6)(15)
Evergreen IX Borrower 2023, LLCApplication SoftwareFirst Lien RevolverSOFR+6.00%9/29/2029 (41)(41)(6)(15)(19)
Fairbridge Strategic Capital Funding LLCReal Estate Operating CompaniesFirst Lien Term Loan9.00%12/24/202859,950 59,950 59,950 (15)(19)
Fairbridge Strategic Capital Funding LLCReal Estate Operating CompaniesWarrants3,750  3 (11)(15)
Finastra USA, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.55%9/13/202911,742 11,509 11,511 (6)(11)(15)
Finastra USA, Inc.Application SoftwareFirst Lien RevolverSOFR+7.25%12.55%9/13/2029258 234 234 (6)(11)(15)(19)
FINThrive Software Intermediate Holdings, Inc.Health Care TechnologySecond Lien Term LoanSOFR+6.75%12.18%12/17/202931,074 29,127 19,917 (6)
Fortress Biotech, Inc.BiotechnologyFirst Lien Term Loan11.00%8/27/202511,918 11,612 11,144 (11)(15)
Fortress Biotech, Inc.BiotechnologyWarrants417,011 427 42 (11)(15)
Frontier Communications Holdings, LLCIntegrated Telecommunication ServicesFixed Rate Bond6.00%1/15/20304,881 4,469 3,577 (11)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+7.25%12.64%5/3/202923,774 23,110 23,110 (6)(15)
Galileo Parent, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+7.25%12.64%5/3/20291,638 1,535 1,535 (6)(15)(19)
Gibson Brands, Inc.Leisure ProductsFirst Lien Term LoanSOFR+5.00%10.57%8/11/20282,456 2,055 2,063 (6)(15)
GoldenTree Loan Management EUR CLO 2 DACMulti-Sector HoldingsCLO NotesE+2.85%6.56%1/20/20321,000 876 963 (6)(11)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%13.42%6/21/2027$17,444 17,276 17,096 (6)(15)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien Term LoanSOFR+8.00%6/21/2027 (54)(70)(6)(15)(19)
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise LinesFirst Lien RevolverSOFR+8.00%6/21/2027 (27)(35)(6)(15)(19)
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.67%4/9/202914,347 13,871 13,618 (6)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%11.89%1/19/20267,448 7,296 7,301 (6)(11)(15)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%1/19/2026 (82)(79)(6)(11)(15)(19)
Harrow, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+6.50%12.04%1/19/20261,432 1,399 1,404 (6)(11)(15)
Horizon Aircraft Finance I Ltd.Specialized FinanceCLO Notes4.46%12/15/20386,808 5,490 5,873 (11)
IAMGOLD CorporationGoldSecond Lien Term LoanSOFR+8.25%13.62%5/16/202823,975 23,310 23,328 (6)(11)(15)
19

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.63%8/18/2028$24,427 $24,135 $23,548 (6)(15)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%12.63%8/18/20283,636 3,602 3,574 (6)(15)
iCIMs, Inc.Application SoftwareFirst Lien Term LoanSOFR+7.25%8/18/2028   (6)(15)(19)
iCIMs, Inc.Application SoftwareFirst Lien RevolverSOFR+6.75%12.14%8/18/2028377 334 296 (6)(15)(19)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%16.06%3/17/202726,613 26,492 24,484 (6)(15)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%16.05%3/17/2027787 771 787 (6)(15)
Impel Pharmaceuticals Inc.Health Care TechnologyFirst Lien Term LoanSOFR+10.75%16.06%3/17/2027688 688 688 (6)(15)(19)
Impel Pharmaceuticals Inc.Health Care TechnologyWarrants350,241  147 
Innocoll Pharmaceuticals LimitedHealth Care TechnologyFirst Lien Term LoanSOFR+5.75%11.14%2.75%1/26/20277,179 6,969 6,568 (6)(11)(15)
Innocoll Pharmaceuticals LimitedHealth Care TechnologyWarrants112,990 300 105 (11)(15)
Integral Development CorporationDiversified Financial ServicesWarrants1,078,284 113  (15)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien Term LoanSOFR+7.50%12.93%6/30/202533,414 32,539 32,659 (6)(15)
Inventus Power, Inc.Electrical Components & EquipmentFirst Lien RevolverSOFR+7.50%6/30/2025 (99)(86)(6)(15)(19)
INW Manufacturing, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+5.75%11.40%3/25/202744,550 42,918 35,046 (6)(15)
IPC Corp.Application SoftwareFirst Lien Term LoanSOFR+6.50%11.92%10/1/202640,587 39,935 38,963 (6)(15)
Ivanti Software, Inc.Application SoftwareSecond Lien Term LoanL+7.25%12.78%12/1/202813,939 12,661 10,094 (6)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%11.84%10/29/202716,752 16,623 16,500 (6)(15)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverSOFR+6.50%11.84%10/29/2027272 246 238 (6)(15)(19)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien Term LoanSOFR+6.50%11.80%10/29/202738,015 37,447 37,445 (6)(15)
Kings Buyer, LLCEnvironmental & Facilities ServicesFirst Lien RevolverSOFR+6.50%10/29/2027 (47)(47)(6)(15)(19)
Latam Airlines Group S.A.Passenger AirlinesFirst Lien Term LoanSOFR+9.50%14.95%10/12/202726,422 24,920 27,512 (6)(11)
Lift Brands Holdings, Inc.Leisure FacilitiesCommon Stock2,000,000 1,399  (15)
Lightbox Intermediate, L.P.Real Estate ServicesFirst Lien Term LoanSOFR+5.00%10.65%5/9/202645,243 44,717 43,886 (6)(15)
Liquid Environmental Solutions CorporationEnvironmental & Facilities ServicesSecond Lien Term LoanSOFR+8.50%13.99%11/30/20265,403 5,348 5,160 (6)(15)
Liquid Environmental Solutions CorporationEnvironmental & Facilities ServicesSecond Lien Term LoanSOFR+8.50%13.99%11/30/20262,939 2,884 2,745 (6)(15)(19)
Liquid Environmental Solutions CorporationEnvironmental & Facilities ServicesCommon Stock559 563 372 (15)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%11.42%1/31/20282,736 2,595 2,558 (6)(15)
LSL Holdco, LLCHealth Care DistributorsFirst Lien Term LoanSOFR+6.00%11.42%1/31/202823,494 23,128 21,967 (6)(15)
LSL Holdco, LLCHealth Care DistributorsFirst Lien RevolverSOFR+6.00%1/31/2028 (41)(172)(6)(15)(19)
Marinus Pharmaceuticals, Inc.PharmaceuticalsFirst Lien Term Loan11.50%5/11/20268,568 8,495 8,132 (11)(15)
Marinus Pharmaceuticals, Inc.PharmaceuticalsFirst Lien Term Loan11.50%5/11/20264,284 4,247 4,066 (11)(15)
Marinus Pharmaceuticals, Inc.PharmaceuticalsFirst Lien Term Loan11.50%5/11/20268,568 8,495 8,132 (11)(15)
Mesoblast, Inc.BiotechnologyFirst Lien Term Loan8.00%1.75%11/19/20269,106 8,580 8,013 (11)(15)
Mesoblast, Inc.BiotechnologyWarrants259,877 545 78 (11)(15)
Mesoblast, Inc.BiotechnologyWarrants66,817 23 33 (11)(15)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.00%11.52%7/21/202720,125 19,912 19,823 (6)(15)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+6.00%11.52%7/21/20272,631 2,587 2,591 (6)(15)
MHE Intermediate Holdings, LLCDiversified Support ServicesFirst Lien RevolverSOFR+6.00%11.42%7/21/2027964 936 938 (6)(15)(19)
20

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
Mindbody, Inc.Internet Services & InfrastructureFirst Lien Term LoanSOFR+7.00%12.52%2/14/2025$5,248 $5,220 $5,164 (6)(15)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien Term LoanSOFR+7.00%12.52%2/14/202546,687 46,239 45,940 (6)(15)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien RevolverSOFR+7.00%2/14/2025 (43)(76)(6)(15)(19)
MND Holdings III CorpOther Specialty RetailFirst Lien Term LoanSOFR+7.50%12.89%5/9/202840,538 39,873 39,833 (6)(15)
MND Holdings III CorpOther Specialty RetailFirst Lien RevolverSOFR+7.50%12.83%5/9/20281,466 1,215 1,282 (6)(15)(19)
Mosaic Companies, LLCHome Improvement RetailFirst Lien Term LoanL+6.75%12.51%7/2/202654,559 54,236 53,168 (6)(15)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.99%2/10/202613,973 13,936 13,685 (6)(15)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.99%2/10/202621,328 21,021 20,888 (6)(15)
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/10/2026 (28)(47)(6)(15)(19)
Navisite, LLCData Processing & Outsourced ServicesSecond Lien Term LoanSOFR+8.50%13.99%12/30/202630,339 30,021 29,007 (6)(15)
NeuAG, LLCFertilizers & Agricultural ChemicalsFirst Lien Term LoanSOFR+9.50%14.89%9/11/202464,606 64,720 63,185 (6)(15)
NFP Corp.Diversified Financial ServicesFixed Rate Bond6.88%8/15/202810,191 9,831 8,743 
NN, Inc.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+6.88%12.29%2.00%9/19/202673,362 72,459 69,694 (6)(11)(15)
NN, Inc.Industrial Machinery & Supplies & ComponentsWarrants487,870  903 (11)
NN, Inc.Industrial Machinery & Supplies & ComponentsWarrants487,870  903 (11)
OEConnection LLCApplication SoftwareSecond Lien Term LoanSOFR+7.00%12.49%9/25/20279,323 9,210 9,183 (6)(15)
Oranje Holdco, Inc.Systems SoftwareFirst Lien Term LoanSOFR+7.75%13.12%2/1/202915,231 14,892 14,945 (6)(15)
Oranje Holdco, Inc.Systems SoftwareFirst Lien RevolverSOFR+7.75%2/1/2029 (42)(36)(6)(15)(19)
OTG Management, LLCAirport ServicesFirst Lien Term LoanSOFR+10.00%15.67%9/2/202525,712 25,615 25,069 (6)(15)
OTG Management, LLCAirport ServicesFirst Lien Term LoanSOFR+10.00%9/2/2025 (11)(69)(6)(15)(19)
OTG Management, LLCAirport ServicesFirst Lien Term LoanSOFR+10.00%15.64%9/2/20251,210 1,193 1,169 (6)(15)(19)
P & L Development, LLCPharmaceuticalsFixed Rate Bond7.75%11/15/20254,519 4,550 3,305 
Park Place Technologies, LLCInternet Services & InfrastructureFirst Lien Term LoanSOFR+5.00%10.42%11/10/20279,676 9,518 9,551 (6)
Performance Health Holdings, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+6.00%11.57%7/12/202722,375 22,189 21,896 (6)(15)
Planview Parent, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.74%12/18/202836,499 35,458 33,214 (6)(15)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+8.00%13.45%4/6/202767,244 66,353 64,406 (6)(15)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+8.00%13.45%4/6/20273,003 2,926 2,801 (6)(15)(19)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien Term LoanSOFR+7.00%12.32%2/15/202910,895 10,505 10,495 (6)(15)
PPW Aero Buyer, Inc.Aerospace & DefenseFirst Lien RevolverSOFR+7.00%2/15/2029 (53)(54)(6)(15)(19)
PRGX Global, Inc.Data Processing & Outsourced ServicesFirst Lien Term LoanSOFR+6.50%12.01%3/3/202638,414 37,960 38,380 (6)(15)
PRGX Global, Inc.Data Processing & Outsourced ServicesFirst Lien RevolverSOFR+6.50%3/3/2026 (34)(3)(6)(15)(19)
PRGX Global, Inc.Data Processing & Outsourced ServicesCommon Stock100,000 109 248 (15)
Profrac Holdings II, LLCIndustrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+7.25%12.78%3/4/202524,503 24,255 24,081 (6)(15)
Profrac Holdings II, LLCIndustrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+7.25%12.78%3/4/20252,819 2,797 2,771 (6)(15)
Quantum Bidco LimitedFood DistributorsFirst Lien Term LoanSONIA+5.75%11.21%1/31/2028£4,626 5,897 5,166 (6)(11)(15)
QuorumLabs, Inc.Application SoftwarePreferred Equity64,887,669 375  (15)
Relativity ODA LLCApplication SoftwareFirst Lien Term LoanSOFR+6.50%11.92%5/12/2027$32,329 32,070 31,779 (6)(15)
Relativity ODA LLCApplication SoftwareFirst Lien RevolverSOFR+6.50%5/12/2027 (43)(47)(6)(15)(19)
21

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
RumbleOn, Inc.Automotive RetailFirst Lien Term LoanSOFR+8.25%13.90%0.50%8/31/2026$36,707 $35,548 $34,505 (6)(11)(15)
RumbleOn, Inc.Automotive RetailFirst Lien Term LoanSOFR+8.25%13.90%0.50%8/31/202613,504 13,058 12,694 (6)(11)(15)
RumbleOn, Inc.Automotive RetailWarrants204,454 1,202 756 (11)(15)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien Term LoanSOFR+10.00%15.24%10/7/202625,558 24,777 24,791 (6)(15)
Salus Workers' Compensation, LLCDiversified Financial ServicesFirst Lien RevolverSOFR+10.00%10/7/2026 (95)(93)(6)(15)(19)
Salus Workers' Compensation, LLCDiversified Financial ServicesWarrants991,019 327 1,625 (15)
Scilex Holding CoBiotechnologyCommon Stock9,307 78 13 (11)
SCP Eye Care Services, LLCHealth Care ServicesSecond Lien Term LoanSOFR+8.75%14.18%10/7/20308,010 7,799 7,778 (6)(15)
SCP Eye Care Services, LLCHealth Care ServicesSecond Lien Term LoanSOFR+8.75%10/7/2030 (35)(68)(6)(15)(19)
SCP Eye Care Services, LLCHealth Care ServicesCommon Stock1,037 1,037 951 (15)
scPharmaceuticals Inc.PharmaceuticalsFirst Lien Term LoanSOFR+8.75%11.75%10/13/20275,212 4,987 4,990 (6)(15)
scPharmaceuticals Inc.PharmaceuticalsFirst Lien Term LoanSOFR+8.75%10/13/2027   (6)(15)(19)
scPharmaceuticals Inc.PharmaceuticalsFirst Lien Term LoanSOFR+8.75%10/13/2027   (6)(15)(19)
scPharmaceuticals Inc.PharmaceuticalsWarrants53,700 175 258 (15)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%12.88%4/27/20297,191 6,934 6,937 (6)(11)(15)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%12.88%4/27/20292,697 2,601 2,602 (6)(11)(15)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%4/27/2029   (6)(11)(15)(19)
Seres Therapeutics, Inc.BiotechnologyFirst Lien Term LoanSOFR+7.88%4/27/2029   (6)(11)(15)(19)
Seres Therapeutics, Inc.BiotechnologyWarrants58,210 182 87 (11)(15)
ShareThis, Inc.Application SoftwareWarrants345,452 367  (15)
SM Wellness Holdings, Inc.Health Care ServicesFirst Lien Term LoanSOFR+4.75%10.38%4/17/20284,452 3,806 4,184 (6)(15)
SM Wellness Holdings, Inc.Health Care ServicesSecond Lien Term LoanSOFR+8.00%13.63%4/16/202912,034 11,250 9,928 (6)(15)
SonicWall US Holdings Inc.Technology DistributorsSecond Lien Term LoanSOFR+7.50%13.04%5/18/2026821 813 776 (6)(15)
Sorrento Therapeutics, Inc.BiotechnologyCommon Stock66,000 139 6 (11)
Spanx, LLCApparel RetailFirst Lien Term LoanSOFR+5.25%10.67%11/20/20284,488 4,423 4,425 (6)(15)
Spanx, LLCApparel RetailFirst Lien RevolverSOFR+5.00%10.42%11/18/2027618 576 577 (6)(15)(19)
SumUp Holdings Luxembourg S.À.R.L.Diversified Financial ServicesFirst Lien Term LoanE+8.50%12.32%3/10/202623,731 26,772 24,937 (6)(11)(15)
Superior Industries International, Inc.Auto Parts & EquipmentFirst Lien Term LoanSOFR+8.00%13.32%12/16/2028$49,520 48,536 49,148 (6)(15)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.51%12/31/202632,104 31,861 30,579 (6)(15)(21)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.51%12/31/20262,749 2,726 2,618 (6)(15)(21)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien Term LoanSOFR+7.00%12.51%12/31/20261,099 1,062 943 (6)(15)(19)(21)
Supreme Fitness Group NY Holdings, LLCLeisure FacilitiesFirst Lien RevolverSOFR+7.00%12.44%12/31/20261,552 1,540 1,478 (6)(15)(21)
SVP-Singer Holdings Inc.Home FurnishingsFirst Lien Term LoanSOFR+6.75%12.40%7/28/202825,527 23,859 19,954 (6)(15)
Tacala, LLCRestaurantsSecond Lien Term LoanSOFR+8.00%13.43%2/4/202812,843 12,603 12,464 (6)
Tahoe Bidco B.V.Application SoftwareFirst Lien Term LoanSOFR+6.00%11.42%9/29/202828,826 28,595 28,537 (6)(11)(15)
Tahoe Bidco B.V.Application SoftwareFirst Lien RevolverSOFR+6.00%10/1/2027 (29)(22)(6)(11)(15)(19)
Telestream Holdings CorporationApplication SoftwareFirst Lien Term LoanSOFR+9.75%15.26%10/15/202523,423 23,207 22,814 (6)(15)
Telestream Holdings CorporationApplication SoftwareFirst Lien RevolverSOFR+9.75%15.17%10/15/20251,861 1,845 1,802 (6)(15)(19)
Ten-X LLCInteractive Media & ServicesFirst Lien Term LoanSOFR+6.00%11.32%5/26/202819,947 19,013 19,199 (6)(15)
TGNR HoldCo LLCIntegrated Oil & GasSubordinated Debt11.50%5/14/20264,984 4,894 4,785 (10)(11)(15)
22

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

Portfolio CompanyIndustryType of Investment (1)(2)(3)(4)IndexSpreadCash Interest Rate (5)(6)PIKMaturity DateSharesPrincipal (7)CostFair ValueNotes
THL Zinc Ventures LtdDiversified Metals & MiningFirst Lien Term Loan13.00%5/23/2026$50,419 $49,842 $49,869 (11)(15)
Thrasio, LLCBroadline RetailFirst Lien Term LoanSOFR+7.00%12.65%12/18/202646,832 45,698 37,231 (6)(15)
Thrasio, LLCBroadline RetailPreferred Equity10,616 120  (15)
Thrasio, LLCBroadline RetailPreferred Equity358,299 2,912  (15)
Thrasio, LLCBroadline RetailPreferred Equity60,862 1,207 108 (15)
Thrasio, LLCBroadline RetailPreferred Equity32,447 33,353 31,701 (15)
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%11.42%12/29/202811,671 11,646 11,363 (6)(15)
Trinitas CLO XV DACMulti-Sector HoldingsCLO NotesSOFR+7.71%13.06%4/22/20341,000 816 917 (6)(11)
Uniti Group LPOther Specialized REITsFixed Rate Bond6.50%2/15/20294,500 4,115 2,953 (11)
Uniti Group LPOther Specialized REITsFixed Rate Bond4.75%4/15/2028300 264 245 (11)
Virgin Pulse, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.68%4/6/20291,140 927 1,139 (6)(15)
Win Brands Group LLCHousewares & SpecialtiesFirst Lien Term LoanL+15.00%21.68%1/23/20261,565 1,551 1,464 (6)(15)
Win Brands Group LLCHousewares & SpecialtiesFirst Lien Term LoanL+15.00%21.68%1/23/20261,323 1,311 1,237 (6)(15)
Win Brands Group LLCHousewares & SpecialtiesWarrants4,871 46 107 (15)
Windstream Services II, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+6.25%11.67%9/21/20278,983 8,698 8,678 (6)
Windstream Services II, LLCIntegrated Telecommunication ServicesCommon Stock127,452 2,057 1,319 (15)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+3.75%9.27%4/30/202511,792 11,281 11,127 (6)
WWEX Uni Topco Holdings, LLCAir Freight & LogisticsSecond Lien Term LoanSOFR+7.00%12.65%7/26/20295,000 4,925 4,263 (6)(15)
Zephyr Bidco LimitedSpecialized FinanceSecond Lien Term LoanSONIA+7.50%12.72%7/23/2026£20,000 25,841 22,914 (6)(11)(15)
Zep Inc.Specialty ChemicalsFirst Lien Term LoanSOFR+4.00%9.32%9/30/2028$19,578 19,568 19,489 (6)(15)
Total Non-Control/Non-Affiliate Investments (169.7% of net assets)
$2,673,976 $2,571,980 
Total Portfolio Investments (190.8% of net assets)
$3,044,119 $2,892,420 
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares$83,262 $83,262 
Other cash accounts62,277 62,277 
Total Cash and Cash Equivalents and Restricted Cash (9.6% of net assets)
$145,539 $145,539 
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (200.4% of net assets)
$3,189,658 $3,037,959 


Derivative InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$42,182 38,026 11/9/2023JPMorgan Chase Bank, N.A.$1,857 
Foreign currency forward contract$72,098 £56,556 11/9/2023JPMorgan Chase Bank, N.A.3,053 
$4,910 


Derivative InstrumentCompany ReceivesCompany PaysCounterpartyMaturity DateNotional AmountFair Value
Interest rate swap
Fixed 2.7%
Floating 3-month SOFR +1.658%
Royal Bank of Canada
1/15/2027$350,000$(40,519)
Interest rate swap
Fixed 7.1%
Floating 3-month SOFR +3.1255%
Royal Bank of Canada
2/15/2029$300,000(7,000)
$(47,519)
23

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2023
(dollar amounts in thousands)

(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
(3)Equity ownership may be held in shares or units of companies related to the portfolio companies.
(4)Each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(5)Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
(6)The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR, the London Interbank Offered Rate ("LIBOR" or "L"), SONIA and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR and SOFR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2023, the reference rates for the Company's variable rate loans were the 30-day SOFR at 5.32%, the 90-day SOFR at 5.39%, the 180-day SOFR at 5.47%, the 30-day LIBOR at 5.43%, the 90-day LIBOR at 5.65%, the 180-day LIBOR at 5.90%, the PRIME at 8.50%, the SONIA at 5.19%, the 30-day EURIBOR at 3.42%, the 90-day EURIBOR at 3.82% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
(7)Principal includes accumulated PIK interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
(8)Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
(9)As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the year ended September 30, 2023 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
(10)This investment represents a participation interest in the underlying securities shown.
(11)Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 74.3% of the Company's total assets and non-qualifying assets represented 25.7% of the Company's total assets.
(12)Income producing through payment of dividends or distributions.
(13)This investment represents Seller Earn Out Shares in Alvotech SA. 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 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.
(15)As of September 30, 2023, these investments were categorized as Level 3 within the fair value hierarchy established by ASC 820.
(16)This investment was valued using net asset value as a practical expedient for fair value. Consistent with ASC 820, these investments are excluded from the hierarchical levels.
(17)Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
(18)Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.
(19)Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.
(20)This investment was on non-accrual status as of September 30, 2023.
(21)This investment was renamed during the three months ended March 31, 2023. For periods prior to March 31, 2023, this investment was referenced as PFNY Holdings, LLC.
(22)This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.
See notes to Consolidated Financial Statements.

24

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 1. Organization
Oaktree Specialty Lending Corporation (together with its consolidated subsidiaries, the "Company") is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company has qualified and elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes.
The Company's investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. The Company may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions.
The Company is externally managed by Oaktree Fund Advisors, LLC ("Oaktree"), pursuant to an investment advisory agreement between the Company and Oaktree (as amended and restated, the "Investment Advisory Agreement"). Oaktree is an affiliate of Oaktree Capital Management, L.P. ("OCM"), the Company's external investment adviser from October 17, 2017 through May 3, 2020. Oaktree Fund Administration, LLC ("Oaktree Administrator"), a subsidiary of OCM, provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Company and Oaktree Administrator (the "Administration Agreement"). See Note 10. In 2019, Brookfield Corporation (f/k/a Brookfield Asset Management Inc.) ("Brookfield") acquired a majority economic interest in Oaktree Capital Group, LLC. Oaktree and its affiliates operate as an independent business within Brookfield, with their own product offerings and investment, marketing and support teams.
On March 19, 2021, the Company acquired Oaktree Strategic Income Corporation (“OCSI”), pursuant to that certain Agreement and Plan of Merger (the “OCSI Merger Agreement”), dated as of October 28, 2020, by and among OCSI, the Company, Lion Merger Sub, Inc., a wholly-owned subsidiary of the Company, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OCSI Merger Agreement, OCSI was merged with and into the Company in a two-step transaction, with the Company as the surviving company (the "OCSI Merger”).
On January 23, 2023, the Company acquired Oaktree Strategic Income II, Inc. (“OSI2”) pursuant to that certain Agreement and Plan of Merger (the “OSI2 Merger Agreement”), dated as of September 14, 2022, by and among OSI2, the Company, Project Superior Merger Sub, Inc., a wholly-owned subsidiary of the Company, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OSI2 Merger Agreement, OSI2 was merged with and into the Company in a two-step transaction with the Company as the surviving company (the “OSI2 Merger”).
25

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 2. Significant Accounting Policies
Basis of Presentation:
The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the Consolidated Financial Statements have been made. All intercompany balances and transactions have been eliminated. The Company is an investment company following the accounting and reporting guidance in ASC Topic 946, Financial Services - Investment Companies ("ASC 946").
Certain prior period amounts have been reclassified to conform to the current period presentation. All per share amounts and common shares outstanding as of and for the three months ended December 31, 2022 have been retroactively adjusted to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.
Use of Estimates:
The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition.
Consolidation:
The accompanying Consolidated Financial Statements include the accounts of Oaktree Specialty Lending Corporation and its consolidated subsidiaries. Each consolidated subsidiary is wholly-owned and, as such, consolidated into the Consolidated Financial Statements. Certain subsidiaries that hold investments are treated as pass through entities for U.S. federal income tax purposes. The assets of certain of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of Oaktree Specialty Lending Corporation or any of its other subsidiaries.
As an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial Statements but rather are included on the Statements of Assets and Liabilities as investments at fair value.

Fair Value Measurements:
Oaktree, as the valuation designee of the Company's Board of Directors pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.
Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
 
Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs that reflect Oaktree's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. Oaktree's assessment of the significance of a
26

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.
Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.
Oaktree seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If Oaktree is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within Oaktree's set threshold, Oaktree seeks to obtain a quote directly from a broker making a market for the asset. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, Oaktree performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. 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. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, Oaktree analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. Oaktree also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. Oaktree may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and Oaktree considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, Oaktree depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.
In accordance with ASC 820-10, certain investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. These investments are generally not redeemable.
Oaktree estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.
Rule 2a-5 under the Investment Company Act permits boards of directors of registered investment companies and Business Development Companies to either (i) choose to determine fair value in good faith or (ii) designate a valuation designee tasked with determining fair value in good faith, subject to the board’s oversight. The Company's Board of Directors has designated Oaktree to serve as its valuation designee effective September 8, 2022.
27

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




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 prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to Oaktree;
Oaktree compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee;
The Audit Committee reviews the valuation report with Oaktree, and Oaktree responds and supplements the valuation report to reflect any discussions between Oaktree and the Audit Committee; and
Oaktree, as valuation designee, determines the fair value of each investment in the Company's portfolio.
The fair value of the Company's investments as of December 31, 2023 and September 30, 2023 was determined by Oaktree, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "deferred tax liability," "credit facilities payable" and "unsecured notes payable," which are reported at amortized cost, all assets and liabilities approximate fair value on the Consolidated Statements of Assets and Liabilities. The carrying value of the line items titled "interest, dividends and fees receivable," "due from portfolio companies," "receivables from unsettled transactions," "due from broker," "accounts payable, accrued expenses and other liabilities," "base management fee and incentive fee payable," "due to affiliate," "interest payable," "director fees payable" and "payables from unsettled transactions" approximate fair value due to their short maturities.
Foreign Currency Translation:
The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Derivative Instruments:
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency
28

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




forward contracts and, as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
Interest Rate Swaps
The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company designated the interest rate swaps as the hedging instruments in an effective hedge accounting relationship, and therefore the periodic payments are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of each interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreements are included in due from broker on the Company's Consolidated Statements of Assets and Liabilities.
Investment Income:
Interest Income
Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of December 31, 2023, there were seven investments on non-accrual status that in aggregate represented 5.9% and 4.2% of total debt investments at cost and fair value, respectively. As of September 30, 2023, there were four investments on non-accrual status that in aggregate represented 2.4% and 1.8% of total debt investments at cost and fair value, respectively.
In connection with its investment in a portfolio company, the Company sometimes receives nominal cost equity that is valued as part of the negotiation process with the portfolio company. When the Company receives nominal cost equity, the Company allocates its cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.
PIK Interest Income
The Company's investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost basis of these investments in the Consolidated Financial Statements including for purposes of computing the capital gains incentive fee payable by the Company to Oaktree. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed to the Company’s stockholders, even though the Company has not yet collected the cash and may never do so.
29

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Fee Income
Oaktree or its affiliates may provide financial advisory services to portfolio companies and, in return, the Company may receive fees for capital structuring services. These fees are generally non-recurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.
Dividend Income
The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less when acquired. The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts exceeds the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets.
As of December 31, 2023, included in restricted cash was $19.3 million that was held at Deutsche Bank Trust Company Americas in connection with the OSI2 Citibank Facility (as defined in Note 6. Borrowings). Pursuant to the terms of the OSI2 Citibank Facility, the Company was restricted in terms of access to the $19.3 million until the 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 OSI2 Citibank Facility. As of September 30, 2023, included in restricted cash was $9.1 million that was held at Deutsche Bank Trust Company Americas in connection with the OSI2 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 attributable to interest, dividends or fees receivable. These amounts are recognized as they become payable to the Company (e.g., principal payments on the scheduled amortization payment date).
Receivables/Payables from Unsettled Transactions:
Receivables/payables from unsettled transactions consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.
Deferred Financing Costs:
Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities and debt offerings. Deferred financing costs in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Consolidated Statements of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. For extinguishments of the Company’s unsecured notes payable, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Deferred Offering Costs:
Legal fees and other costs incurred in connection with the Company’s shelf registration statement are capitalized as deferred offering costs in the Consolidated Statements of Assets and Liabilities. To the extent any such costs relate to equity offerings, these costs are charged as a reduction of capital upon utilization. To the extent any such costs relate to debt offerings, these costs are treated as deferred financing costs and are amortized over the term of the respective debt arrangement. Any
30

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




deferred offering costs that remain at the expiration of the shelf registration statement or when it becomes probable that an offering will not be completed are expensed.
Income Taxes:
The Company has elected to be subject to tax as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each taxable year. As a RIC, the Company is not subject to U.S. federal income tax on the portion of its taxable income and gains distributed currently to stockholders as a dividend. Depending on the level of taxable income earned during a taxable year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next taxable year. The Company would then incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. The Company anticipates timely distribution of its taxable income within the tax rules under Subchapter M of the Code. For calendar year 2022, the Company incurred $0.1 million of excise tax. The Company did not incur any U.S. federal excise tax for calendar year 2023.
The Company holds certain portfolio investments through taxable subsidiaries. The purpose of the Company's taxable subsidiaries is to permit the Company to hold equity investments in portfolio companies which are "pass through" entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiaries are consolidated for financial reporting purposes, and portfolio investments held by them are included in the Company’s Consolidated Financial Statements as portfolio investments and recorded at fair value. The taxable subsidiaries are not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Company's Consolidated Statements of Operations. The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.
FASB ASC Topic 740, Accounting for Uncertainty in Income Taxes ("ASC 740"), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the Company's Consolidated Financial Statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including an ongoing analysis of tax laws, regulations and interpretations thereof. The Company recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2020, 2021 and 2022. The Company identifies its major tax jurisdictions as U.S. Federal and California, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
31

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 3. Portfolio Investments
As of December 31, 2023, 199.7% of net assets at fair value, or $3.0 billion, was invested in 146 portfolio companies, including (i) $142.2 million in subordinated notes and limited liability company ("LLC") equity interests of Senior Loan Fund JV I, LLC ("SLF JV I"), a joint venture through which the Company and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation ("Kemper"), co-invest in senior secured loans of middle-market companies and other corporate debt securities and (ii) $51.0 million in subordinated notes and LLC equity interests of OCSI Glick JV LLC ("Glick JV" and, together with SLF JV I, the "JVs"), a joint venture through which the Company and GF Equity Funding 2014 LLC ("GF Equity Funding") co-invest primarily in senior secured loans of middle-market companies. As of December 31, 2023, 8.7% of net assets at fair value, or $131.7 million, was invested in cash and cash equivalents (including $19.3 million of restricted cash). In comparison, as of September 30, 2023, 190.8% of net assets at fair value, or $2.9 billion, was invested in 143 portfolio investments, including (i) $141.5 million in subordinated notes and LLC equity interests of SLF JV I and (ii) $50.0 million in subordinated notes and LLC equity interests of Glick JV. As of September 30, 2023, 9.6% of net assets at fair value, or $145.5 million, was invested in cash and cash equivalents (including $9.1 million of restricted cash). As of December 31, 2023, 86.3% of the Company's portfolio at fair value consisted of senior secured debt investments and 7.9% consisted of subordinated debt investments, including the debt investments in the JVs. As of September 30, 2023, 86.5% of the Company's portfolio at fair value consisted of senior secured debt investments and 7.5% consisted of subordinated debt investments, including the debt investments in the JVs.
The Company also held equity investments in certain of its portfolio companies consisting of common stock, preferred stock, warrants or LLC equity interests. These instruments generally do not produce a current return but are held for potential investment appreciation and capital gain.
During the three months ended December 31, 2023 and 2022, the Company recorded net realized losses of $8.5 million and $3.2 million, respectively. During the three months ended December 31, 2023 and 2022, the Company recorded net unrealized depreciation of $25.0 million and $23.0 million, respectively.
The composition of the Company's investments as of December 31, 2023 and September 30, 2023 at cost and fair value was as follows:
 December 31, 2023September 30, 2023
 CostFair ValueCostFair Value
Investments in debt securities$2,779,477 $2,680,454 $2,654,484 $2,557,102 
Investments in equity securities190,205 144,898 171,858 143,767 
Debt investments in the JVs163,277 163,613 162,986 162,673 
Equity investments in the JVs54,791 29,587 54,791 28,878 
Total$3,187,750 $3,018,552 $3,044,119 $2,892,420 
32

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 composition of the Company's debt investments as of December 31, 2023 and September 30, 2023 at fixed rates and floating rates:
 December 31, 2023September 30, 2023
 Fair Value% of Debt
Portfolio
Fair Value% of Debt
Portfolio
Floating rate debt securities, including the debt investments in the JVs$2,397,664 84.30 %$2,345,205 86.23 %
Fixed rate debt securities446,403 15.70 374,570 13.77 
Total$2,844,067 100.00 %$2,719,775 100.00 %

The following table presents the financial instruments carried at fair value as of December 31, 2023 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
Level 1Level 2Level 3Measured at Net Asset Value (a)Total
Investments in debt securities (senior secured)$ $212,113 $2,393,175 $ $2,605,288 
Investments in debt securities (subordinated, including the debt investments in the JVs and CLO Notes) 42,419 196,360  238,779 
Investments in equity securities (preferred)  69,261  69,261 
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)4,416 3,894 67,327 29,587 105,224 
Total investments at fair value4,416 258,426 2,726,123 29,587 3,018,552 
Cash equivalents
8,722    8,722 
Total assets at fair value
$13,138 $258,426 $2,726,123 $29,587 $3,027,274 
Derivative liability$ $29,316 $ $ $29,316 
Total liabilities at fair value$ $29,316 $ $ $29,316 
__________ 
(a)In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
33

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 financial instruments carried at fair value as of September 30, 2023 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
Level 1Level 2Level 3Measured at Net Asset Value (a)Total
Investments in debt securities (senior secured)$ $208,694 $2,292,691 $ $2,501,385 
Investments in debt securities (subordinated, including the debt investments in the JVs and CLO Notes) 28,666 189,724  218,390 
Investments in equity securities (preferred)  86,057  86,057 
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)4,317 1,953 51,440 28,878 86,588 
Total investments at fair value4,317 239,313 2,619,912 28,878 2,892,420 
Cash equivalents
83,262    83,262 
Derivative assets 4,910   4,910 
Total assets at fair value
$87,579 $244,223 $2,619,912 $28,878 $2,980,592 
Derivative liability$ $47,519 $ $ $47,519 
Total liabilities at fair value$ $47,519 $ $ $47,519 
__________ 
(a)In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.
The following table provides a roll-forward in the changes in fair value from September 30, 2023 to December 31, 2023 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:
Investments
Senior Secured DebtSubordinated
Debt (including debt investments in the JVs and CLO Notes)
Preferred
Equity
Common
Equity and Warrants
Total
Fair value as of September 30, 2023$2,292,691 $189,724 $86,057 $51,440 $2,619,912 
Purchases 281,278 14,639 4,440  300,357 
Sales and repayments(172,647)(4,932) (786)(178,365)
Transfers in (a)(b)17,121   17,330 34,451 
Transfers out (b)(16,172)(4,657)(1,159) (21,988)
Capitalized PIK interest income3,835 13   3,848 
Accretion of OID4,005 298   4,303 
Net unrealized appreciation (depreciation)(7,904)1,229 (20,077)662 (26,090)
Net realized gains (losses)(9,032)46  (1,319)(10,305)
Fair value as of December 31, 2023$2,393,175 $196,360 $69,261 $67,327 $2,726,123 
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of December 31, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2023$(18,446)$648 $(20,231)$(1,444)$(39,473)
__________
34

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




(a) There was a $12.4 million transfer into Level 3 from Level 2 for an investment during the three months ended December 31, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity.
(b) There were investment restructurings during the three months ended December 31, 2023 in which (1) $16.2 million of
Level 3 senior secured debt was exchanged for Level 3 common equity, (2) $4.7 million of Level 3 subordinated debt was exchanged for Level 3 senior secured debt and (3) $1.2 million of Level 3 preferred equity was exchanged for Level 3 common equity.

The following table provides a roll-forward in the changes in fair value from September 30, 2022 to December 31, 2022 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:
Investments
Senior Secured DebtSubordinated
Debt (including debt investments in the JVs and CLO Notes)
Preferred
Equity
Common
Equity and Warrants
Total
Fair value as of September 30, 2022$1,910,606 $159,388 $79,523 $19,958 $2,169,475 
Purchases 177,599 21,104 2,579 2,181 203,463 
Sales and repayments(55,885)(699) (48)(56,632)
Transfers in (a)19,075    19,075 
Capitalized PIK interest income5,763 6   5,769 
Accretion of OID4,114 398   4,512 
Net unrealized appreciation (depreciation)(12,271)(566)(1,477)4,505 (9,809)
Net realized gains (losses)(1,159)  46 (1,113)
Fair value as of December 31, 2022$2,047,842 $179,631 $80,625 $26,642 $2,334,740 
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of December 31, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2022$(12,398)$(566)$(1,477)$4,505 $(9,936)
__________
(a) There was a transfer into Level 3 from Level 2 for an investment during the three months ended December 31, 2022 as a result of a change in the number of market quotes available and/or a change in market liquidity.

Significant Unobservable Inputs for Level 3 Investments
The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of December 31, 2023:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior Secured Debt
$1,966,262 Market YieldMarket Yield (b)9.0%-40.0%14.3%
18,042 Enterprise ValueRevenue Multiple(c)0.2x-0.4x0.3x
77,424 Enterprise ValueEBITDA Multiple(c)2.3x-9.8x6.0x
132,614 Transaction Precedent Transaction Price(d)N/A-N/AN/A
198,833 Broker quotationsBroker Quoted Price(e)N/A-N/AN/A
Subordinated Debt
32,747 Market YieldMarket Yield (b)10.0%-23.0%10.3%
Debt Investments in the JVs163,613 Enterprise ValueN/A(f)N/A-N/AN/A
Preferred & Common Equity42,156 Enterprise ValueRevenue Multiple(c)0.4x-3.2x0.6x
88,566 Enterprise ValueEBITDA Multiple(c)1.7x-15.1x6.3x
1,001 Enterprise ValueAsset Multiple(c)1.0x-1.5x1.4x
4,865 Transaction Precedent Transaction Price(d)N/A-N/AN/A
Total$2,726,123 
__________ 
(a)Weighted averages are calculated based on fair value of investments.
(b)Used when market participants would take into account market yield when pricing the investment.
(c)Used when market participants would use such multiples when pricing the investment.
(d)Used when there is an observable transaction or pending event for the investment.
35

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




(e)Oaktree generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.
(f)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.
The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2023:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior Secured Debt
$1,904,140 Market YieldMarket Yield (b)9.0%-32.0%14.7%
64,802 Enterprise ValueEBITDA Multiple(c)3.0x-6.0x4.6x
33,816 Transaction Precedent Transaction Price(d)N/A-N/AN/A
289,933 Broker quotationsBroker Quoted Price(e)N/A-N/AN/A
Subordinated Debt
22,881 Market YieldMarket Yield (b)10.0%-22.0%11.2%
4,170 Broker QuotationsBroker Quoted Price(e)N/A-N/AN/A
Debt Investments in the JVs162,673 Enterprise ValueN/A(f)N/A-N/AN/A
Preferred & Common Equity32,318 Enterprise ValueRevenue Multiple(c)0.4x-3.2x0.5x
103,661 Enterprise ValueEBITDA Multiple(c)1.7x-15.1x8.8x
1,097 Enterprise ValueAsset Multiple(c)1.0x-1.4x1.4x
421 Transaction Precedent Transaction Price(d)N/A-N/AN/A
Total$2,619,912 
__________ 
(a)Weighted averages are calculated based on fair value of investments.
(b)Used when market participants would take into account market yield when pricing the investment.
(c)Used when market participants would use such multiples when pricing the investment.
(d)Used when there is an observable transaction or pending event for the investment.
(e)Oaktree generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.
(f)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.
Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.
Under the EV technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.
 
Financial Instruments Disclosed, But Not Carried, At Fair Value
The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of December 31, 2023 and the level of each financial liability within the fair value hierarchy:
 
Carrying
Value
Fair ValueLevel 1Level 2Level 3
Syndicated Facility payable$430,000 $430,000 $ $ $430,000 
OSI2 Citibank Facility payable280,000 280,000   280,000 
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount)298,554 291,204  291,204  
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)316,745 315,147  315,147  
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)297,418 310,425  310,425  
Total$1,622,717 $1,626,776 $ $916,776 $710,000 
36

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, 2023 and the level of each financial liability within the fair value hierarchy:
Carrying
Value
Fair ValueLevel 1Level 2Level 3
Syndicated Facility payable$430,000 $430,000 $ $ $430,000 
OSI2 Citibank Facility payable280,000 280,000   280,000 
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount)298,241 286,437  286,437  
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)306,412 301,784  301,784  
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)286,078 289,980  289,980  
Total$1,600,731 $1,588,201 $ $878,201 $710,000 
 
The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. Oaktree used market quotes as of the valuation date to estimate the fair value of the Company's 3.500% notes due 2025 (the "2025 Notes"), 2.700% notes due 2027 (the "2027 Notes") and 7.100% notes due 2029 (the "2029 Notes"), which are included in Level 2 of the hierarchy.

Portfolio Composition
Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables:
 December 31, 2023September 30, 2023
Cost: % of Total Investments% of Total Investments
Senior secured debt$2,703,890 84.82 %$2,594,640 85.24 %
Debt investments in the JVs163,277 5.12 %162,986 5.35 %
Preferred equity102,877 3.23 %99,597 3.27 %
Common equity and warrants87,328 2.74 %72,261 2.37 %
Subordinated debt75,587 2.37 %59,844 1.97 %
LLC equity interests of the JVs54,791 1.72 %54,791 1.80 %
Total$3,187,750 100.00 %$3,044,119 100.00 %

 December 31, 2023September 30, 2023
Fair Value: % of Total Investments% of Net Assets% of Total Investments% of Net Assets
Senior secured debt$2,605,288 86.31 %172.36 %$2,501,385 86.47 %165.01 %
Debt investments in the JVs163,613 5.42 %10.82 %162,673 5.62 %10.73 %
Common equity and warrants75,637 2.51 %5.00 %57,710 2.00 %3.81 %
Subordinated debt75,166 2.49 %4.97 %55,717 1.93 %3.68 %
Preferred equity69,261 2.29 %4.58 %86,057 2.98 %5.68 %
LLC equity interests of the JVs29,587 0.98 %1.96 %28,878 1.00 %1.91 %
Total$3,018,552 100.00 %199.69 %$2,892,420 100.00 %190.82 %

37

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the composition of the Company's portfolio by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:
 December 31, 2023September 30, 2023
Cost: % of Total Investments % of Total Investments
Northeast$1,054,445 33.08 %$1,012,955 33.27 %
West417,364 13.09 %393,390 12.92 %
Southeast412,397 12.94 %375,247 12.33 %
International370,987 11.64 %418,595 13.75 %
Midwest365,262 11.46 %360,506 11.84 %
South222,299 6.97 %202,374 6.65 %
Southwest216,429 6.79 %153,318 5.04 %
Northwest128,567 4.03 %127,734 4.20 %
Total$3,187,750 100.00 %$3,044,119 100.00 %

 December 31, 2023September 30, 2023
Fair Value: % of Total Investments% of Net Assets % of Total Investments% of Net Assets
Northeast$964,560 31.95 %63.80 %$945,422 32.69 %62.37 %
West398,128 13.19 %26.34 %384,055 13.28 %25.34 %
Southeast385,269 12.76 %25.49 %354,444 12.25 %23.38 %
International374,156 12.40 %24.75 %414,079 14.32 %27.32 %
Midwest357,502 11.84 %23.65 %350,620 12.12 %23.13 %
South216,121 7.16 %14.30 %188,541 6.52 %12.44 %
Southwest196,779 6.52 %13.02 %130,455 4.51 %8.61 %
Northwest126,037 4.18 %8.34 %124,804 4.31 %8.23 %
Total$3,018,552 100.00 %199.69 %$2,892,420 100.00 %190.82 %
38

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




The following tables show the composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Cost: % of Total Investments % of Total Investments
Application Software$472,016 14.82 %$468,483 15.39 %
Multi-Sector Holdings (1)219,766 6.89 219,469 7.21 
Health Care Services137,713 4.32 81,560 2.68 
Data Processing & Outsourced Services133,399 4.18 133,410 4.38 
Health Care Technology130,701 4.10 106,915 3.51 
Biotechnology127,672 4.01 126,349 4.15 
Industrial Machinery & Supplies & Components102,785 3.22 99,511 3.27 
Real Estate Operating Companies85,374 2.68 83,754 2.75 
Broadline Retail83,290 2.61 83,290 2.74 
Pharmaceuticals74,100 2.32 84,948 2.79 
Other Specialty Retail68,033 2.13 41,088 1.35 
Personal Care Products67,619 2.12 68,146 2.24 
Interactive Media & Services66,109 2.07 19,013 0.62 
Fertilizers & Agricultural Chemicals64,689 2.03 64,720 2.13 
Aerospace & Defense63,768 2.00 51,797 1.70 
Diversified Support Services63,265 1.98 23,435 0.77 
Environmental & Facilities Services63,022 1.98 63,064 2.07 
Health Care Distributors62,010 1.95 62,044 2.04 
Diversified Financial Services61,608 1.93 61,725 2.03 
Internet Services & Infrastructure61,012 1.91 60,934 2.00 
Airport Services57,897 1.82 55,961 1.84 
Metal, Glass & Plastic Containers57,679 1.81 55,530 1.82 
Insurance Brokers52,472 1.65 52,856 1.74 
Diversified Metals & Mining49,898 1.57 49,842 1.64 
Automotive Retail49,603 1.56 57,596 1.89 
Home Improvement Retail49,001 1.54 54,236 1.78 
Auto Parts & Equipment48,462 1.52 48,536 1.59 
Systems Software45,509 1.43 23,111 0.76 
Real Estate Services44,652 1.40 44,717 1.47 
Specialized Finance42,215 1.32 73,035 2.40 
Soft Drinks & Non-alcoholic Beverages42,158 1.32 42,628 1.40 
Leisure Facilities39,724 1.25 39,076 1.28 
Specialty Chemicals37,622 1.18 38,640 1.27 
Electrical Components & Equipment32,500 1.02 32,440 1.07 
Distributors32,189 1.01 37,666 1.24 
Advertising25,597 0.80 25,597 0.84 
Passenger Airlines24,952 0.78 24,920 0.82 
Real Estate Development24,198 0.76 23,965 0.79 
Gold23,347 0.73 23,310 0.77 
Home Furnishings23,085 0.72 23,859 0.78 
Health Care Equipment22,509 0.71 22,441 0.74 
Construction & Engineering21,668 0.68 22,102 0.73 
Hotels, Resorts & Cruise Lines17,169 0.54 17,195 0.56 
Oil & Gas Storage & Transportation16,172 0.51 22,042 0.72 
Integrated Telecommunication Services14,657 0.46 18,801 0.62 
Restaurants12,617 0.40 12,603 0.41 
Health Care Supplies11,618 0.36 11,646 0.38 
Cable & Satellite8,946 0.28 4,619 0.15 
Education Services8,257 0.26 13,871 0.46 
Food Distributors7,677 0.24 5,897 0.19 
Oil & Gas Refining & Marketing6,620 0.21   
Research & Consulting Services4,862 0.15 4,871 0.16 
Other Specialized REITs4,395 0.14 4,379 0.14 
Apparel Retail4,375 0.14 4,999 0.16 
Office Services & Supplies4,162 0.13   
Paper & Plastic Packaging Products & Materials3,247 0.10 3,254 0.11 
Housewares & Specialties2,854 0.09 2,908 0.10 
Leisure Products2,070 0.06 2,055 0.07 
Alternative Carriers1,625 0.05   
Diversified Chemicals1,539 0.05   
Consumer Finance  16,440 0.54 
Movies & Entertainment  12,188 0.40 
Air Freight & Logistics  4,925 0.16 
Integrated Oil & Gas  4,894 0.16 
Technology Distributors  813 0.03 
$3,187,750 100.00 %$3,044,119 100.00 %
39

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




December 31, 2023September 30, 2023
Fair Value: % of Total Investments% of Net Assets % of Total Investments% of Net Assets
Application Software$460,072 15.23 %30.41 %$455,719 15.73 %30.03 %
Multi-Sector Holdings (1)195,163 6.47 12.91 193,431 6.69 12.76 
Biotechnology127,586 4.23 8.44 125,678 4.35 8.29 
Data Processing & Outsourced Services126,731 4.20 8.38 125,259 4.33 8.26 
Health Care Services122,076 4.04 8.08 66,683 2.31 4.40 
Health Care Technology107,574 3.56 7.12 95,404 3.30 6.29 
Industrial Machinery & Supplies & Components104,217 3.45 6.89 98,352 3.40 6.49 
Real Estate Operating Companies84,517 2.80 5.59 82,463 2.85 5.44 
Pharmaceuticals71,320 2.36 4.72 80,455 2.78 5.31 
Other Specialty Retail69,533 2.30 4.60 41,115 1.42 2.71 
Interactive Media & Services66,304 2.20 4.39 19,199 0.66 1.27 
Aerospace & Defense63,981 2.12 4.23 51,862 1.79 3.42 
Fertilizers & Agricultural Chemicals63,185 2.09 4.18 63,185 2.18 4.17 
Diversified Financial Services62,687 2.08 4.15 60,003 2.07 3.96 
Diversified Support Services62,669 2.08 4.15 23,352 0.81 1.54 
Environmental & Facilities Services62,180 2.06 4.11 62,413 2.16 4.12 
Internet Services & Infrastructure60,771 2.01 4.02 60,579 2.09 4.00 
Health Care Distributors60,654 2.01 4.01 60,865 2.10 4.02 
Personal Care Products59,562 1.97 3.94 59,928 2.07 3.95 
Metal, Glass & Plastic Containers55,586 1.84 3.68 53,459 1.85 3.53 
Airport Services55,577 1.84 3.68 54,453 1.88 3.59 
Insurance Brokers54,927 1.82 3.63 53,050 1.83 3.50 
Diversified Metals & Mining49,869 1.65 3.30 49,869 1.72 3.29 
Auto Parts & Equipment48,901 1.62 3.23 49,148 1.70 3.24 
Automotive Retail48,109 1.59 3.18 55,805 1.93 3.68 
Home Improvement Retail48,034 1.59 3.18 53,168 1.84 3.51 
Systems Software45,148 1.50 2.99 21,968 0.76 1.45 
Real Estate Services43,771 1.45 2.90 43,886 1.52 2.90 
Soft Drinks & Non-alcoholic Beverages41,868 1.39 2.77 42,391 1.47 2.80 
Specialized Finance41,677 1.38 2.76 69,590 2.41 4.59 
Broadline Retail39,230 1.30 2.60 69,040 2.39 4.55 
Leisure Facilities39,022 1.29 2.58 36,963 1.28 2.44 
Specialty Chemicals37,692 1.25 2.49 38,615 1.34 2.55 
Electrical Components & Equipment32,491 1.08 2.15 32,573 1.13 2.15 
Distributors31,221 1.03 2.07 37,311 1.29 2.46 
Passenger Airlines27,163 0.90 1.80 27,512 0.95 1.82 
Real Estate Development23,881 0.79 1.58 23,679 0.82 1.56 
Gold23,519 0.78 1.56 23,328 0.81 1.54 
Health Care Equipment21,410 0.71 1.42 22,436 0.78 1.48 
Construction & Engineering21,347 0.71 1.41 21,903 0.76 1.45 
Hotels, Resorts & Cruise Lines17,024 0.56 1.13 16,991 0.59 1.12 
Oil & Gas Storage & Transportation16,173 0.54 1.07 16,040 0.55 1.06 
Home Furnishings14,131 0.47 0.93 19,954 0.69 1.32 
Integrated Telecommunication Services13,261 0.44 0.88 16,492 0.57 1.09 
Restaurants12,847 0.43 0.85 12,464 0.43 0.82 
Advertising12,140 0.40 0.80 11,955 0.41 0.79 
Health Care Supplies11,321 0.38 0.75 11,363 0.39 0.75 
Cable & Satellite9,309 0.31 0.62 4,546 0.16 0.30 
Education Services8,396 0.28 0.56 13,618 0.47 0.90 
Food Distributors7,353 0.24 0.49 5,166 0.18 0.34 
Oil & Gas Refining & Marketing7,009 0.23 0.46    
Research & Consulting Services4,893 0.16 0.32 4,831 0.17 0.32 
Apparel Retail4,419 0.15 0.29 5,002 0.17 0.33 
Office Services & Supplies4,377 0.15 0.29    
Other Specialized REITs3,511 0.12 0.23 3,198 0.11 0.21 
Paper & Plastic Packaging Products & Materials3,048 0.10 0.20 3,061 0.11 0.20 
Housewares & Specialties2,684 0.09 0.18 2,808 0.10 0.19 
Leisure Products2,197 0.07 0.15 2,063 0.07 0.14 
Alternative Carriers1,661 0.06 0.11    
Diversified Chemicals1,573 0.05 0.10    
Consumer Finance   15,087 0.52 1.00 
Movies & Entertainment   11,865 0.41 0.78 
Integrated Oil & Gas   4,785 0.17 0.32 
Air Freight & Logistics   4,263 0.15 0.28 
Technology Distributors   776 0.03 0.05 
Total$3,018,552 100.00 %199.69 %$2,892,420 100.00 %190.82 %
___________________
(1)This industry includes the Company's investments in the JVs.
As of December 31, 2023 and September 30, 2023, the Company had no single investment that represented greater than 10% of the total investment portfolio at fair value. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, may fluctuate and in any given period can be highly concentrated among several investments.
40

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





Senior Loan Fund JV I, LLC
In May 2014, the Company entered into an LLC agreement with Kemper to form SLF JV I. The Company co-invests in senior secured loans of middle-market companies and other corporate debt securities with Kemper through its investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by the Company and one representative selected by Kemper (with approval from a representative of each required). Since the Company does not have a controlling financial interest in SLF JV I, the Company does not consolidate SLF JV I.
SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to the Company and Kemper by SLF JV I. The subordinated notes issued by SLF JV I (the "SLF JV I Notes") are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt. As of December 31, 2023 and September 30, 2023, the Company and Kemper owned, in the aggregate, 87.5% and 12.5%, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act.
SLF JV I has a revolving credit facility with Bank of America, N.A. (the "SLF JV I Facility"), which permitted up to $270.0 million of borrowings (subject to borrowing base and other limitations) as of December 31, 2023. Borrowings under the SLF JV I Facility are secured by all of the assets of SLF JV I Funding II LLC, a special purpose financing subsidiary of SLF JV I. As of December 31, 2023, the revolving period of the SLF JV I Facility was scheduled to expire August 12, 2026 and the maturity date was August 17, 2026. As of December 31, 2023, borrowings under the SLF JV I Facility accrued interest at a rate equal to daily SOFR plus 2.00% per annum. $149.0 million of borrowings were outstanding under the SLF JV I Facility as of each of December 31, 2023 and September 30, 2023.
As of December 31, 2023 and September 30, 2023, SLF JV I had total assets of $372.8 million and $376.1 million, respectively. SLF JV I's portfolio primarily consisted of senior secured loans to 52 and 48 portfolio companies as of December 31, 2023 and September 30, 2023, respectively. The portfolio companies in SLF JV I are in industries similar to those in which the Company may invest directly. As of December 31, 2023, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $142.2 million in aggregate, at fair value. As of September 30, 2023, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $141.5 million in aggregate, at fair value.
As of each of December 31, 2023 and September 30, 2023, the Company and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from the Company. As of each of December 31, 2023 and September 30, 2023, the Company had aggregate commitments to fund SLF JV I of $13.1 million, of which approximately $9.8 million was to fund additional SLF JV I Notes and approximately $3.3 million was to fund LLC equity interests in SLF JV I.
Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Senior secured loans (1)$334,754$332,637
Weighted average interest rate on senior secured loans (2)10.57%10.62%
Number of borrowers in SLF JV I5248
Largest exposure to a single borrower (1)$11,220$11,286
Total of five largest loan exposures to borrowers (1)$51,354$54,051
__________
(1) At principal amount.
(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

41

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




SLF JV I Portfolio as of December 31, 2023
Portfolio CompanyIndustryType of InvestmentIndexSpreadCash Interest Rate (1)(2)PIKMaturity DateSharesPrincipalCostFair Value (3)Notes
Access CIG, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%12.11%8/18/2028$8,575 $8,486 $8,600 
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.11%12/18/20251,124 1,112 1,098 (4)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.11%12/18/20256,631 6,571 6,479 (4)
Altice France S.A.Integrated Telecommunication ServicesFirst Lien Term LoanL+4.00%9.64%8/14/20261,786 1,722 1,670 
Alvogen Pharma US, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%13.00%6/30/20258,681 8,629 8,117 (4)
American Rock Salt Company LLCDiversified Metals & MiningFirst Lien Term LoanSOFR+4.00%9.47%6/9/20281,596 1,488 1,513 
American Rock Salt Company LLCDiversified Metals & MiningFirst Lien Term LoanSOFR+4.00%9.47%6/9/20284,944 4,734 4,688 
American Tire Distributors, Inc.DistributorsFirst Lien Term LoanSOFR+6.25%11.91%10/20/20284,811 4,751 4,050 (4)
Anastasia Parent, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+3.75%9.36%8/11/20251,519 1,187 929 (4)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%12/29/2027 (7)(30)(4)(5)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%11.64%12/29/20274,124 4,069 3,876 (4)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10.86%10/25/20285,052 4,895 3,294 (4)
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%9.46%8/19/20285,920 5,734 5,904 
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%9.46%8/19/2028613 589 612 
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.25%9.71%8/19/20281,985 1,884 1,981 
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%8.61%2/15/20292,394 2,364 2,387 
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%8.61%2/15/20294,309 4,081 4,296 
Aurora Lux Finco S.À.R.L.Airport ServicesFirst Lien Term LoanSOFR+7.00%8.45%4.00%12/24/20266,351 6,284 6,033 (4)
Bausch + Lomb CorpHealth Care SuppliesFirst Lien Term LoanSOFR+3.25%8.71%5/10/20273,990 3,884 3,957 
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.61%6/11/20271,749 1,737 1,684 (4)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.61%6/11/20276,290 6,231 6,057 (4)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesCommon Stock171   (4)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesPreferred Equity7,193,540 7,194 5,683 (4)
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien Term LoanSOFR+6.00%11.53%8/10/20272,348 2,318 2,125 
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien Term LoanSOFR+6.00%11.53%8/10/20271,978 1,951 1,790 
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien RevolverSOFR+6.00%11.54%8/10/2027600 593 543 
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien Term LoanSOFR+6.00%11.53%8/10/20271,955 1,932 1,769 
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%10.35%10/13/20296,327 5,985 6,332 (4)
Curium Bidco S.à.r.l.PharmaceuticalsFirst Lien Term LoanSOFR+4.50%9.85%7/31/20298,708 8,621 8,714 
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%10.65%8/2/20277,196 7,110 7,209 (4)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%10.13%4/26/20298,698 8,563 8,619 (4)
Eagle Parent Corp.Diversified Support ServicesFirst Lien Term LoanSOFR+4.25%9.60%4/2/20292,992 2,948 2,971 
Frontier Communications Holdings, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+3.75%9.22%10/8/20272,992 2,955 2,981 
Gibson Brands, Inc.Leisure ProductsFirst Lien Term LoanSOFR+5.00%10.66%8/11/20287,350 7,277 6,590 (4)
42

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Portfolio CompanyIndustryType of InvestmentIndexSpreadCash Interest Rate (1)(2)PIKMaturity DateSharesPrincipalCostFair Value (3)Notes
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.71%4/9/2029$7,900 $7,720 $7,769 (4)
Indivior Finance S.À.R.L.PharmaceuticalsFirst Lien Term LoanSOFR+5.25%10.86%6/30/20267,313 7,238 7,313 
INW Manufacturing, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+5.75%11.36%3/25/20278,875 8,728 7,100 (4)
KDC/ONE Development Corp IncPersonal Care ProductsFirst Lien Term LoanSOFR+5.00%10.36%8/15/20287,910 7,658 7,857 
LABL, Inc.Office Services & SuppliesFirst Lien Term LoanSOFR+5.00%10.46%10/29/20283,952 3,813 3,801 
LaserAway Intermediate Holdings II, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.75%11.41%10/14/20277,350 7,257 7,267 
Lightbox Intermediate, L.P.Real Estate ServicesFirst Lien Term LoanSOFR+5.00%10.61%5/9/202611,220 11,091 10,883 (4)
McAfee Corp.Systems SoftwareFirst Lien Term LoanSOFR+3.75%9.19%3/1/20295,925 5,653 5,916 
Mindbody, Inc.Internet Services & InfrastructureFirst Lien RevolverSOFR+7.00%2/14/2025 (2)(7)(4)(5)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien Term LoanSOFR+7.00%12.53%2/14/20254,669 4,652 4,603 (4)
Mitchell International, Inc.Application SoftwareFirst Lien Term LoanSOFR+3.75%9.40%10/15/20282,977 2,845 2,980 
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/10/2027 (3)(2)(4)(5)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.95%2/10/20278,297 8,143 8,215 (4)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.95%2/10/20272,205 2,205 2,183 (4)
OEConnection LLCApplication SoftwareFirst Lien Term LoanSOFR+4.00%9.46%9/25/202610,958 10,810 10,954 
Park Place Technologies, LLCInternet Services & InfrastructureFirst Lien Term LoanSOFR+5.00%10.46%11/10/20279,799 9,488 9,778 (4)
Peraton Corp.Aerospace & DefenseFirst Lien Term LoanSOFR+3.75%9.21%2/1/20281,995 1,994 2,002 
PetSmart LLCOther Specialty RetailFirst Lien Term LoanSOFR+3.75%9.21%2/11/20284,000 3,930 3,962 
Planview Parent, Inc.Application SoftwareFirst Lien Term LoanSOFR+4.00%9.61%12/17/20272,410 2,299 2,395 
Planview Parent, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.70%12/18/20284,503 4,435 4,120 (4)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+8.00%13.56%4/6/2027394 379 375 (4)(5)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+8.00%13.56%4/6/20278,116 7,869 7,807 (4)
Renaissance Holding Corp.Education ServicesFirst Lien Term LoanSOFR+4.75%10.11%4/5/20304,988 4,853 5,012 
SCIH Salt Holdings Inc.Diversified ChemicalsFirst Lien Term LoanSOFR+4.00%9.47%3/16/20272,991 2,991 2,999 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.23%10.61%4/27/2024158 158 107 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.25%10.63%4/27/20248,091 8,090 5,482 
SM Wellness Holdings, Inc.Health Care ServicesFirst Lien Term LoanSOFR+4.75%10.39%4/17/20282,970 2,595 2,881 (4)
Southern Veterinary Partners, LLCHealth Care FacilitiesFirst Lien Term LoanSOFR+4.00%9.47%10/5/20277,661 7,622 7,646 
Spanx, LLCApparel RetailFirst Lien Term LoanSOFR+5.25%10.71%11/20/20288,820 8,697 8,743 (4)
SPX Flow, Inc.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+4.50%9.96%4/5/20298,8018,4598,842
Star Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+4.00%9.35%9/27/20308,0007,8807,926
TIBCO Software Inc.Application SoftwareFirst Lien Term LoanSOFR+4.50%9.95%3/30/20298,1947,5708,025
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%11.48%12/29/20287,1947,0916,996(4)
Trident TPI Holdings, Inc.Metal, Glass & Plastic ContainersFirst Lien Term LoanSOFR+4.00%9.61%9/15/20282,9922,9442,987
Veritas US Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%10.47%9/1/20256,2896,2475,248
Windstream Services II, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+6.25%11.71%9/21/20273,2493,1803,083(4)
Total Portfolio Investments$334,754 $334,451 $325,769 


43

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 December 31, 2023. All interest rates are payable in cash, unless otherwise noted.
(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR and/or LIBOR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. All the LIBOR shown above is in U.S. dollars. As of December 31, 2023, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 5.36%, the 90-day SOFR at 5.35% and the 90-day LIBOR at 5.64%. 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 December 31, 2023 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.
(4) This investment was held by both the Company and SLF JV I as of December 31, 2023.
(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.
44

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




SLF JV I Portfolio as of September 30, 2023

Portfolio CompanyIndustryType of InvestmentIndexSpreadCash Interest Rate (1)(2)PIKMaturity DateSharesPrincipalCostFair Value (3)Notes
Access CIG, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%10.32%8/18/2028$8,596 $8,503 $8,499 
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%11.90%12/18/20251,149 1,135 1,128 (4)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.15%12/18/20256,771 6,701 6,648 (4)
Altice France S.A.Integrated Telecommunication ServicesFirst Lien Term LoanL+4.00%9.63%8/14/20262,969 2,853 2,810 
Alvogen Pharma US, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%13.04%6/30/20258,798 8,737 8,218 (4)
American Rock Salt Company LLCDiversified Metals & MiningFirst Lien Term LoanSOFR+4.00%9.43%6/9/20284,957 4,734 4,614 
American Tire Distributors, Inc.DistributorsFirst Lien Term LoanSOFR+6.25%11.81%10/20/20284,824 4,763 4,239 (4)
Amplify Finco Pty Ltd.Movies & EntertainmentFirst Lien Term LoanSOFR+4.15%9.54%11/26/20267,720 7,643 7,720 
Anastasia Parent, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+3.75%9.40%8/11/20251,523 1,191 1,099 (4)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%12/29/2027 (7)(29)(4)(5)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%11.63%12/29/20274,134 4,076 3,892 (4)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10.90%10/25/20285,052 4,888 3,817 (4)
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%9.42%8/19/20284,950 4,747 4,809 
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.25%9.67%8/19/20281,990 1,884 1,937 
Asurion, LLCProperty & Casualty InsuranceSecond Lien Term LoanSOFR+5.25%10.68%1/20/20294,346 4,036 3,871 
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%8.57%2/15/20294,320 4,080 4,251 
Aurora Lux Finco S.À.R.L.Airport ServicesFirst Lien Term LoanSOFR+6.00%11.49%12/24/20266,289 6,216 6,028 (4)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.65%6/11/20271,753 1,742 1,711 (4)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.65%6/11/20276,306 6,247 6,155 (4)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesCommon Stock171   (4)
C5 Technology Holdings, LLCData Processing & Outsourced ServicesPreferred Equity7,193,540 7,194 5,683 (4)
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien Term LoanSOFR+6.00%11.55%8/10/20272,354 2,322 2,281 
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien Term LoanSOFR+6.00%11.55%8/10/20271,983 1,954 1,921 
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien RevolverSOFR+6.00%11.57%8/10/2027600 592 581 
Centerline Communications, LLCWireless Telecommunication ServicesFirst Lien Term LoanSOFR+6.00%11.55%8/10/20271,960 1,935 1,899 
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%10.39%10/13/20296,343 5,983 6,285 (4)
Curium Bidco S.à.r.l.BiotechnologyFirst Lien Term LoanSOFR+4.50%9.89%7/31/20298,730 8,642 8,730 
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%10.43%8/2/20275,799 5,715 5,681 (4)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%10.12%4/26/20297,920 7,792 7,729 (4)
Gibson Brands, Inc.Leisure ProductsFirst Lien Term LoanSOFR+5.00%10.57%8/11/20287,369 7,295 6,190 (4)
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.67%4/9/20297,920 7,731 7,517 (4)
Indivior Finance S.À.R.L.PharmaceuticalsFirst Lien Term LoanSOFR+5.25%10.90%6/30/20267,331 7,249 7,340 
INW Manufacturing, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+5.75%11.40%3/25/20279,000 8,839 7,080 (4)
45

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




KDC/ONE Development Corp IncPersonal Care ProductsFirst Lien Term LoanSOFR+5.00%10.32%8/15/202810,000 9,666 9,665 
LABL, Inc.Office Services & SuppliesFirst Lien Term LoanSOFR+5.00%10.42%10/29/2028$3,962 $3,815 $3,955 
LaserAway Intermediate Holdings II, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.75%11.32%10/14/20277,369 7,269 7,267 
Lightbox Intermediate, L.P.Real Estate ServicesFirst Lien Term LoanSOFR+5.00%10.65%5/9/202611,249 11,106 10,912 (4)
McAfee Corp.Systems SoftwareFirst Lien Term LoanSOFR+3.75%9.18%3/1/20295,940 5,654 5,812 
Mindbody, Inc.Internet Services & InfrastructureFirst Lien RevolverSOFR+7.00%2/14/2025 (2)(8)(4)(5)
Mindbody, Inc.Internet Services & InfrastructureFirst Lien Term LoanSOFR+7.00%12.52%2/14/20254,669 4,648 4,594 (4)
Mitchell International, Inc.Application SoftwareFirst Lien Term LoanSOFR+3.75%9.18%10/15/20282,985 2,845 2,941 
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/10/2026 (3)(7)(4)(5)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.99%2/10/20268,319 8,164 8,147 (4)
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.99%2/10/20262,211 2,210 2,165 (4)
Northern Star Industries Inc.Electrical Components & EquipmentFirst Lien Term LoanSOFR+4.76%10.15%3/31/20256,615 6,608 6,565 
OEConnection LLCApplication SoftwareFirst Lien Term LoanSOFR+4.00%9.43%9/25/202610,987 10,827 10,971 
Park Place Technologies, LLCInternet Services & InfrastructureFirst Lien Term LoanSOFR+5.00%10.42%11/10/20279,825 9,492 9,698 (4)
Planview Parent, Inc.Application SoftwareFirst Lien Term LoanSOFR+4.00%9.65%12/17/20272,416 2,298 2,390 
Planview Parent, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.74%12/18/20284,503 4,435 4,098 (4)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+8.00%13.45%4/6/2027318 301 297 (4)(5)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+8.00%13.45%4/6/20278,116 7,850 7,773 (4)
Renaissance Holding Corp.Education ServicesFirst Lien Term LoanSOFR+4.75%9.99%4/5/20305,000 4,860 4,969 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.23%10.86%4/27/2024138 138 94 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.25%10.88%4/27/20248,113 8,111 5,531 
SM Wellness Holdings, Inc.Health Care ServicesFirst Lien Term LoanSOFR+4.75%10.38%4/17/20282,977 2,580 2,799 (4)
Southern Veterinary Partners, LLCHealth Care FacilitiesFirst Lien Term LoanSOFR+4.00%9.43%10/5/20277,680 7,642 7,643 
Spanx, LLCApparel RetailFirst Lien Term LoanSOFR+5.25%10.67%11/20/20288,843 8,713 8,717 (4)
SPX Flow, Inc.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+4.50%9.92%4/5/20298,801 8,442 8,794 
Star Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+4.00%9.33%9/19/20308,000 7,880 7,834 
TIBCO Software Inc.Application SoftwareFirst Lien Term LoanSOFR+4.50%9.99%3/30/20298,215 7,559 7,913 
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%11.42%12/29/20287,212 7,103 7,022 (4)
Veritas US Inc.Application SoftwareFirst Lien Term LoanSOFR+5.00%10.43%9/1/20256,305 6,257 5,500 
Windstream Services II, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+6.25%11.67%9/21/20276,148 6,008 5,939 (4)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+3.75%9.27%4/30/20251,965 1,920 1,855 (4)
Total Portfolio Investments$332,637 $331,808 $322,179 
_________
(1) Represents the interest rate as of September 30, 2023. All interest rates are payable in cash, unless otherwise noted.
(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR and/or LIBOR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2023, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 5.32%, the 90-day SOFR at 5.39% and the 30-day LIBOR at 5.43%. 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, 2023 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.
(4) This investment was held by both the Company and SLF JV I as of September 30, 2023.
46

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




(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.


47

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 $112.7 million as of each of December 31, 2023 and September 30, 2023. The Company earned interest income of $3.6 million and $2.6 million on the SLF JV I Notes for the three months ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the SLF JV I Notes bore interest at a rate of one-month SOFR plus 7.00% per annum with a SOFR floor of 1.00% and will mature on December 29, 2028.
The cost and fair value of the LLC equity interests in SLF JV I held by the Company were $54.8 million and $29.6 million, respectively, as of December 31, 2023, and $54.8 million and $28.9 million, respectively, as of September 30, 2023. The Company earned $1.4 million and $1.1 million in dividend income for the three months ended December 31, 2023 and 2022, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The LLC equity interests of SLF JV I are generally dividend producing to the extent SLF JV I has residual cash to be distributed on a quarterly basis.
Below is certain summarized financial information for SLF JV I as of December 31, 2023 and September 30, 2023 and for the three months ended December 31, 2023 and 2022:
December 31, 2023September 30, 2023
Selected Balance Sheet Information:
Investments at fair value (cost December 31, 2023: $334,451; cost September 30, 2023: $331,808)
$325,769 $322,179 
Cash and cash equivalents35,218 31,950 
Restricted cash363 2,987 
Other assets11,408 18,988 
Total assets$372,758 $376,104 
Senior credit facility payable$149,000 $149,000 
Secured borrowings30,760 38,845 
SLF JV I Notes payable at fair value (proceeds December 31, 2023: $128,750; proceeds September 30, 2023: $128,750)
128,750 128,750 
Other liabilities30,648 26,630 
Total liabilities$339,158 $343,225 
Members' equity 33,600 32,879 
Total liabilities and members' equity$372,758 $376,104 
Three months ended December 31, 2023Three months ended December 31, 2022
Selected Statements of Operations Information:
Interest income$9,708 $8,781 
Other income57  
Total investment income9,765 8,781 
Senior credit facility and secured borrowing interest expense3,906 3,709 
SLF JV I Notes interest expense4,093 2,982 
Other expenses71 69 
Total expenses (1)8,070 6,760 
Net investment income 1,695 2,021 
Net unrealized appreciation (depreciation)947 (2,207)
Net realized gains (losses)(322)(992)
Net income (loss)$2,320 $(1,178)
 __________
(1) There are no management fees or incentive fees charged at SLF JV I.

SLF JV I has elected to fair value the SLF JV I Notes issued to the Company and Kemper under FASB ASC Topic 825, Financial Instruments - Fair Value Option ("ASC 825"). The SLF JV I Notes are valued based on the total assets less the total liabilities senior to the SLF JV I Notes in an amount not exceeding par under the EV technique.
During the three months ended December 31, 2023, the Company did not sell any senior secured debt investments to SLF JV I. During the three months ended December 31, 2022, the Company sold $13.5 million of senior secured debt investments to SLF JV I for $12.9 million cash consideration, which represented the fair value at the time of sale. A loss of $0.1 million was recognized by the Company on these transactions.
48

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





OCSI Glick JV LLC
On March 19, 2021, the Company became party to the LLC agreement of Glick JV. The Company co-invests primarily in senior secured loans of middle-market companies with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by GF Equity Funding. The Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, which consists of one representative selected by the Company and one representative selected by GF Equity Funding (with approval from a representative of each required). Since the Company does not have a controlling financial interest in the Glick JV, the Company does not consolidate the Glick JV.
The members provide capital to the Glick JV in exchange for LLC equity interests, and the Company and GF Debt Funding 2014 LLC ("GF Debt Funding"), an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV (the "Glick JV Notes"). As of December 31, 2023 and September 30, 2023, the Company and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and the Company and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Glick JV Notes. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act.
The Glick JV has a revolving credit facility with Bank of America, N.A. (the "Glick JV Facility"), which, as of December 31, 2023, had a revolving period end date and maturity date of August 12, 2026 and August 17, 2026, respectively, and permitted borrowings of up to $80.0 million (subject to borrowing base and other limitations). Borrowings under the Glick JV Facility are secured by all of the assets of OCSL Glick JV Funding II LLC, a special purpose financing subsidiary of the Glick JV. As of December 31, 2023, borrowings under the Glick JV Facility bore interest at a rate equal to daily SOFR plus 2.00% per annum. $53.0 million of borrowings were outstanding under the Glick JV Deutsche Bank Facility as of each of December 31, 2023 and September 30, 2023.
As of December 31, 2023 and September 30, 2023, the Glick JV had total assets of $139.2 million and $141.2 million, respectively. The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 42 and 38 portfolio companies as of December 31, 2023 and September 30, 2023, 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 $51.0 million and $50.0 million in the aggregate at fair value as of December 31, 2023 and September 30, 2023, respectively. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by the Company to fund investments of the Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Glick JV Notes, respectively.
As of each of December 31, 2023 and September 30, 2023, 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 December 31, 2023 and September 30, 2023, of which $73.5 million was from the Company. As of each of December 31, 2023 and September 30, 2023, the Company had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million were unfunded. As of each of December 31, 2023 and September 30, 2023, the Company had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million were unfunded.

49

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(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 December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Senior secured loans (1)$130,946$130,589
Weighted average current interest rate on senior secured loans (2)10.58%10.77%
Number of borrowers in the Glick JV4238
Largest loan exposure to a single borrower (1)$6,147$6,230
Total of five largest loan exposures to borrowers (1)$27,867$28,396
__________
(1) At principal amount.
(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

Glick JV Portfolio as of December 31, 2023

Portfolio Company IndustryInvestment TypeIndexSpread Cash Interest Rate (1)(2)PIKMaturity DatePrincipalCostFair Value (3)Notes
Access CIG, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%10.39%8/18/2028$1,995 $1,957 $2,001 
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.11%12/18/2025562 557 549 (4)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.11%12/18/20253,669 3,637 3,585 (4)
Alvogen Pharma US, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%13.00%6/30/20256,147 6,110 5,747 (4)
American Rock Salt Company LLCDiversified Metals & MiningFirst Lien Term LoanSOFR+4.00%9.47%6/9/20283,270 3,111 3,100 
American Tire Distributors, Inc.DistributorsFirst Lien Term LoanSOFR+6.25%11.91%10/20/20282,853 2,818 2,402 (4)
Amynta Agency Borrower Inc.Property & Casualty InsuranceFirst Lien Term LoanSOFR+5.00%10.45%2/28/20282,993 2,917 3,000 
Anastasia Parent, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+3.75%9.36%8/11/2025905 703 554 (4)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%11.64%12/29/20271,712 1,689 1,609 (4)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%12/29/2027 (3)(12)(4)(5)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10.86%10/25/20282,078 2,040 1,355 (4)
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.25%9.71%8/19/2028993 942 990 
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%9.46%8/19/20282,773 2,687 2,765 
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%8.61%2/15/20292,965 2,856 2,956 
Aurora Lux Finco S.À.R.L.Airport ServicesFirst Lien Term LoanSOFR+7.00%8.45%4.00%12/24/20263,664 3,625 3,481 (4)
Bausch + Lomb CorpHealth Care SuppliesFirst Lien Term LoanSOFR+3.25%8.71%5/10/20271,995 1,942 1,979 
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.61%6/11/20273,355 3,323 3,230 (4)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.61%6/11/2027798 793 768 (4)
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%10.35%10/13/20292,759 2,607 2,762 (4)
Curium Bidco S.à.r.l.PharmaceuticalsFirst Lien Term LoanSOFR+4.50%9.85%7/31/20292,834 2,813 2,836 
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%10.65%8/2/20273,171 3,144 3,176 (4)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%10.13%4/26/20293,361 3,309 3,331 (4)
50

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Portfolio Company IndustryInvestment TypeIndexSpread Cash Interest Rate (1)(2)PIKMaturity DatePrincipalCostFair Value (3)Notes
Eagle Parent Corp.Diversified Support ServicesFirst Lien Term LoanSOFR+4.25%9.60%4/2/2029$1,496 $1,474 $1,486 
Frontier Communications Holdings, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+3.75%9.22%10/8/20271,496 1,477 1,491 
Gibson Brands, Inc.Leisure ProductsFirst Lien Term LoanSOFR+5.00%10.66%8/11/20283,920 3,881 3,515 (4)
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.71%4/9/20293,950 3,860 3,884 (4)
Indivior Finance S.À.R.L.PharmaceuticalsFirst Lien Term LoanSOFR+5.25%10.86%6/30/20263,900 3,860 3,900 
INW Manufacturing, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+5.75%11.36%3/25/20272,219 2,182 1,775 (4)
KDC/ONE Development Corp IncPersonal Care ProductsFirst Lien Term LoanSOFR+5.00%10.36%8/15/20283,560 3,447 3,536 
LaserAway Intermediate Holdings II, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.75%11.41%10/14/20273,920 3,870 3,876 
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.95%2/10/20271,625 1,612 1,609 (4)
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/10/2027 (1)(1)(4)(5)
OEConnection LLCApplication SoftwareFirst Lien Term LoanSOFR+4.00%9.46%9/25/20263,839 3,821 3,837 
Peraton Corp.Aerospace & DefenseFirst Lien Term LoanSOFR+3.75%9.21%2/1/2028997 997 1,001 
PetSmart LLCOther Specialty RetailFirst Lien Term LoanSOFR+3.75%9.21%2/11/20282,000 1,965 1,981 
Planview Parent, Inc.Application SoftwareFirst Lien Term LoanSOFR+4.00%9.61%12/17/2027681 650 677 
Planview Parent, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.70%12/18/20282,842 2,799 2,600 (4)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+8.00%13.56%4/6/20275,182 5,040 4,985 (4)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+8.00%13.56%4/6/2027281 271 266 (4)(5)
SCIH Salt Holdings Inc.Diversified ChemicalsFirst Lien Term LoanSOFR+4.00%9.47%3/16/20271,495 1,495 1,500 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.25%10.63%4/27/20246,012 6,010 4,073 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.23%10.61%4/27/2024117 117 79 
Southern Veterinary Partners, LLCHealth Care FacilitiesFirst Lien Term LoanSOFR+4.00%9.47%10/5/20273,283 3,267 3,277 
Spanx, LLCApparel RetailFirst Lien Term LoanSOFR+5.25%10.71%11/20/20284,900 4,832 4,857 (4)
SPX Flow, Inc.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+4.50%9.96%4/5/20295,228 5,041 5,252 
Star Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+4.00%9.35%9/27/20304,000 3,940 3,963 
TIBCO Software Inc.Application SoftwareFirst Lien Term LoanSOFR+4.50%9.95%3/30/20292,634 2,442 2,580 
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%11.48%12/29/20282,986 2,943 2,904 (4)
Trident TPI Holdings, Inc.Metal, Glass & Plastic ContainersFirst Lien Term LoanSOFR+4.00%9.61%9/15/20281,496 1,472 1,494 
Windstream Services II, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+6.25%11.71%9/21/20272,035 1,992 1,931 (4)
Total Portfolio Investments$130,946 $128,333 $124,492 
__________
(1) Represents the interest rate as of December 31, 2023. All interest rates are payable in cash, unless otherwise noted.
(2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of December 31, 2023, the reference rates for the Glick JV's variable rate loans were the 30-day
51

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




SOFR at 5.36% and the 90-day SOFR at 5.35%. 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 December 31, 2023 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 December 31, 2023.
(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, 2023
Portfolio Company IndustryInvestment TypeIndexSpread Cash Interest Rate (1)(2)PIKMaturity DatePrincipalCostFair Value (3)Notes
Access CIG, LLCDiversified Support ServicesFirst Lien Term LoanSOFR+5.00%10.32%8/18/2028$2,000 $1,960 $1,978 
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%11.90%12/18/2025574 568 564 (4)
ADB Companies, LLCConstruction & EngineeringFirst Lien Term LoanSOFR+6.50%12.15%12/18/20253,746 3,709 3,678 (4)
Alvogen Pharma US, Inc.PharmaceuticalsFirst Lien Term LoanSOFR+7.50%13.04%6/30/20256,230 6,185 5,819 (4)
American Rock Salt Company LLCDiversified Metals & MiningFirst Lien Term LoanSOFR+4.00%9.43%6/9/20282,478 2,367 2,307 
American Tire Distributors, Inc.DistributorsFirst Lien Term LoanSOFR+6.25%11.81%10/20/20282,860 2,825 2,514 (4)
Amplify Finco Pty Ltd.Movies & EntertainmentFirst Lien Term LoanSOFR+4.15%9.54%11/26/20262,895 2,866 2,895 
Amynta Agency Borrower Inc.Property & Casualty InsuranceFirst Lien Term LoanSOFR+5.00%10.42%2/28/20282,993 2,913 2,997 
Anastasia Parent, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+3.75%9.40%8/11/2025907 705 654 (4)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien Term LoanSOFR+6.00%11.63%12/29/20271,716 1,692 1,616 (4)
ASP-R-PAC Acquisition Co LLCPaper & Plastic Packaging Products & MaterialsFirst Lien RevolverSOFR+6.00%12/29/2027 (3)(12)(4)(5)
Astra Acquisition Corp.Application SoftwareFirst Lien Term LoanSOFR+5.25%10.90%10/25/20282,078 2,039 1,570 (4)
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.00%9.42%8/19/20281,980 1,899 1,924 
Asurion, LLCProperty & Casualty InsuranceFirst Lien Term LoanSOFR+4.25%9.67%8/19/2028995 942 968 
Asurion, LLCProperty & Casualty InsuranceSecond Lien Term LoanSOFR+5.25%10.68%1/20/20292,423 2,244 2,158 
athenahealth Group Inc.Health Care TechnologyFirst Lien Term LoanSOFR+3.25%8.57%2/15/20291,772 1,674 1,744 
Aurora Lux Finco S.À.R.L.Airport ServicesFirst Lien Term LoanSOFR+6.00%11.49%12/24/20263,628 3,586 3,478 (4)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.65%6/11/20273,363 3,332 3,282 (4)
BAART Programs, Inc.Health Care ServicesFirst Lien Term LoanSOFR+5.00%10.65%6/11/2027800 795 780 (4)
Covetrus, Inc.Health Care DistributorsFirst Lien Term LoanSOFR+5.00%10.39%10/13/20292,766 2,607 2,741 (4)
Curium Bidco S.à.r.l.BiotechnologyFirst Lien Term LoanSOFR+4.50%9.89%7/31/20292,841 2,820 2,841 
DirecTV Financing, LLCCable & SatelliteFirst Lien Term LoanSOFR+5.00%10.43%8/2/20272,460 2,435 2,410 (4)
DTI Holdco, Inc.Research & Consulting ServicesFirst Lien Term LoanSOFR+4.75%10.12%4/26/20292,970 2,922 2,899 (4)
Gibson Brands, Inc.Leisure ProductsFirst Lien Term LoanSOFR+5.00%10.57%8/11/20283,930 3,891 3,301 (4)
52

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Portfolio Company IndustryInvestment TypeIndexSpread Cash Interest Rate (1)(2)PIKMaturity DatePrincipalCostFair Value (3)Notes
Harbor Purchaser Inc.Education ServicesFirst Lien Term LoanSOFR+5.25%10.67%4/9/2029$3,960 $3,865 $3,759 (4)
Indivior Finance S.À.R.L.PharmaceuticalsFirst Lien Term LoanSOFR+5.25%10.90%6/30/20263,910 3,866 3,915 
INW Manufacturing, LLCPersonal Care ProductsFirst Lien Term LoanSOFR+5.75%11.40%3/25/20272,250 2,210 1,770 (4)
KDC/ONE Development Corp IncPersonal Care ProductsFirst Lien Term LoanSOFR+5.00%10.32%8/15/20284,500 4,350 4,349 
LaserAway Intermediate Holdings II, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.75%11.32%10/14/20273,930 3,877 3,876 
MRI Software LLCApplication SoftwareFirst Lien Term LoanSOFR+5.50%10.99%2/10/20261,630 1,616 1,596 (4)
MRI Software LLCApplication SoftwareFirst Lien RevolverSOFR+5.50%2/10/2026 (1)(3)(4)(5)
Northern Star Industries Inc.Electrical Components & EquipmentFirst Lien Term LoanSOFR+4.76%10.15%3/31/20255,198 5,192 5,159 
OEConnection LLCApplication SoftwareFirst Lien Term LoanSOFR+4.00%9.43%9/25/20263,849 3,830 3,843 
Planview Parent, Inc.Application SoftwareFirst Lien Term LoanSOFR+4.00%9.65%12/17/2027683 650 676 
Planview Parent, Inc.Application SoftwareSecond Lien Term LoanSOFR+7.25%12.74%12/18/20282,842 2,799 2,586 (4)
Pluralsight, LLCApplication SoftwareFirst Lien Term LoanSOFR+8.00%13.45%4/6/20275,182 5,029 4,964 (4)
Pluralsight, LLCApplication SoftwareFirst Lien RevolverSOFR+8.00%13.45%4/6/2027226 216 211 (4)(5)
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.25%10.88%4/27/20246,029 6,025 4,110 
SHO Holding I CorporationFootwearFirst Lien Term LoanSOFR+5.23%10.86%4/27/2024103 102 70 
Southern Veterinary Partners, LLCHealth Care FacilitiesFirst Lien Term LoanSOFR+4.00%9.43%10/5/20273,292 3,275 3,276 
Spanx, LLCApparel RetailFirst Lien Term LoanSOFR+5.25%10.67%11/20/20284,913 4,840 4,843 (4)
SPX Flow, Inc.Industrial Machinery & Supplies & ComponentsFirst Lien Term LoanSOFR+4.50%9.92%4/5/20295,227 5,032 5,224 
Star Parent, Inc.Life Sciences Tools & ServicesFirst Lien Term LoanSOFR+4.00%9.33%9/27/20304,000 3,939 3,916 
TIBCO Software Inc.Application SoftwareFirst Lien Term LoanSOFR+4.50%9.99%3/30/20292,641 2,439 2,544 
Touchstone Acquisition, Inc.Health Care SuppliesFirst Lien Term LoanSOFR+6.00%11.42%12/29/20282,993 2,948 2,914 (4)
Windstream Services II, LLCIntegrated Telecommunication ServicesFirst Lien Term LoanSOFR+6.25%11.67%9/21/20273,843 3,756 3,712 (4)
WP CPP Holdings, LLCAerospace & DefenseFirst Lien Term LoanSOFR+3.75%9.27%4/30/2025983 960 927 (4)
Total Portfolio Investments
$130,589 $127,788 $123,343 
__________
(1) Represents the interest rate as of September 30, 2023. All interest rates are payable in cash, unless otherwise noted.
(2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2023, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 5.32% and the 90-day SOFR at 5.39%. 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, 2023 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, 2023.
(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.

The cost and fair value of the Company's aggregate investment in the Glick JV was $50.6 million and $51.0 million, respectively, as of December 31, 2023. The cost and fair value of the Company's aggregate investment in the Glick JV was $50.3 million and $50.0 million, respectively, as of September 30, 2023. For the three months ended December 31, 2023 and
53

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




2022, the Company's investment in the Glick JV Notes earned interest income of $1.8 million and $1.6 million, respectively. The Company did not earn dividend income for the three months ended December 31, 2023 and 2022 with respect to its investment in the LLC equity interest of the Glick JV. As of December 31, 2023, the Glick JV Notes bore interest at a rate of one-month SOFR plus 4.50% per annum and will mature on October 20, 2028.
Below is certain summarized financial information for the Glick JV as of December 31, 2023 and September 30, 2023 and for the three months ended December 31, 2023 and 2022:
December 31, 2023September 30, 2023
Selected Balance Sheet Information:
Investments at fair value (cost December 31, 2023: $128,333; cost September 30, 2023: $127,788)
$124,492 $123,343 
Cash and cash equivalents8,953 12,119 
Restricted cash194 184 
Other assets5,537 5,521 
Total assets$139,176 $141,167 
Senior credit facility payable$53,000 $53,000 
Glick JV Notes payable at fair value (proceeds December 31, 2023: $66,685; proceeds September 30, 2023: $66,685)
58,259 57,201 
Secured borrowings12,965 18,106 
Other liabilities14,952 12,860 
Total liabilities$139,176 $141,167 
Members' equity   
Total liabilities and members' equity$139,176 $141,167 
Three months ended December 31, 2023Three months ended December 31, 2022
Selected Statements of Operations Information:
Interest income$3,798 $3,403 
Fee income25  
Total investment income3,823 3,403 
Senior credit facility and secured borrowing interest expense1,452 1,285 
Glick JV Notes interest expense1,694 1,324 
Other expenses37 53 
Total expenses (1)3,183 2,662 
Net investment income 640 741 
Net unrealized appreciation (depreciation)(453)(651)
Realized gain (loss)(187)(90)
Net income (loss)$ $ 
__________
(1) There are no management fees or incentive fees charged at the Glick JV.
The Glick JV has elected to fair value the Glick JV Notes issued to the Company and GF Debt Funding under ASC 825. The Glick JV Notes are valued based on the total assets less the liabilities senior to the Glick JV Notes in an amount not exceeding par under the EV technique.


54

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





Note 4. Fee Income
For the three months ended December 31, 2023 and 2022, the Company recorded total fee income of $1.3 million and $2.0 million, respectively, of which $0.2 million and $0.2 million, respectively, was recurring in nature. Recurring fee income primarily consisted of servicing fees.

Note 5. Share Data and Net Assets
The share and per share information for the three months ended December 31, 2022 disclosed in Note 5 have been retroactively adjusted to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share, pursuant to ASC Topic 260-10, Earnings per Share, for the three months ended December 31, 2023 and 2022:
(Share amounts in thousands)Three months ended
December 31, 2023
Three months ended
December 31, 2022
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations$10,535 $13,172 
Weighted average common shares outstanding — basic and diluted77,840 61,142 
Earnings (loss) per common share — basic and diluted$0.14 $0.22 

Changes in Net Assets

The following table presents the changes in net assets for the three months ended December 31, 2023:
Common Stock
(Share amounts in thousands)SharesPar ValueAdditional paid-in-capitalAccumulated Overdistributed EarningsTotal Net Assets
Balance as of September 30, 202377,225 $772 $2,166,330 $(651,338)$1,515,764 
Net investment income— 44,18944,189
Net unrealized appreciation (depreciation)(25,025)(25,025)
Net realized gains (losses)(8,453)(8,453)
(Provision) benefit for taxes on realized and unrealized gains (losses)(176)(176)
Distributions to stockholders(48,897)(48,897)
Issuance of common stock in connection with the "at the market" offering1,6411732,29632,313
Issuance of common stock under dividend reinvestment plan9911,9351,936
Balance as of December 31, 202378,965 $790 $2,200,561 $(689,700)$1,511,651 
The following table presents the changes in net assets for the three months ended December 31, 2022:
Common Stock
(Share amounts in thousands)SharesPar ValueAdditional paid-in-capitalAccumulated Overdistributed EarningsTotal Net Assets
Balance as of September 30, 202261,125 $611 $1,827,721 $(582,769)$1,245,563 
Net investment income— 38,80838,808
Net unrealized appreciation (depreciation)(22,982)(22,982)
Net realized gains (losses)(3,203)(3,203)
(Provision) benefit for taxes on realized and unrealized gains (losses)549549
Distributions to stockholders(58,679)(58,679)
Issuance of common stock under dividend reinvestment plan9511,9321,933
Balance as of December 31, 202261,220 $612 $1,829,653 $(628,276)$1,201,989 
55

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





Distributions
Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board of Directors and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment.
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board of Directors declares a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. If the Company’s shares are trading at a premium to net asset value, the Company typically issues new shares to implement the DRIP with such shares issued at the greater of the most recently computed net asset value per share of common stock or 95% of the current market price per share of common stock on the payment date for such distribution. If the Company’s shares are trading at a discount to net asset value, the Company typically purchases shares in the open market in connection with the Company’s obligations under the DRIP.

For income tax purposes, the Company has reported its distributions for the 2023 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2023 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s stockholders.
The following table reflects the distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the three months ended December 31, 2023 and 2022:
DistributionDate DeclaredRecord DatePayment DateAmount
per Share
Cash
Distribution
DRIP Shares
Issued
DRIP Shares
Value
QuarterlyNovember 8, 2023December 15, 2023December 29, 2023$0.55 $41.7 million87,472 (1)$1.7 million
SpecialNovember 8, 2023December 15, 2023December 29, 2023$0.07 $5.3 million11,133 (1)$0.2 million
Total for the three months ended December 31, 2023$0.62 $47.0 million98,605 $1.9 million
DistributionDate DeclaredRecord DatePayment DateAmount
per Share
Cash
Distribution
DRIP Shares
Issued
DRIP Shares
Value
QuarterlyNovember 10, 2022December 15, 2022December 30, 2022$0.54 $32.0 million53,369 (1)$1.1 million
SpecialNovember 10, 2022December 15, 2022December 30, 2022$0.42 $24.8 million41,510 (1)$0.8 million
Total for the three months ended December 31, 2022$0.96 $56.8 million94,879 $1.9 million
 __________
(1) New shares were issued and distributed.

Common Stock Issuances
During the three months ended December 31, 2023 and 2022, the Company issued 98,605 and 94,879 shares, respectively, 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. and 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. The equity distribution agreement was amended on February 8, 2023 to allow for the sale of shares of the Company’s common stock having an aggregate offering price of up to $125 million under the Company’s current registration statement and on August 8, 2023 to add Jefferies LLC as an additional placement agent and to remove SMBC Nikko Securities America, Inc. as a placement agent. 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.
56

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




In connection with the "at the market" offering, the Company issued and sold 1,641,416 shares of common stock during the three months ended December 31, 2023 for net proceeds of $32.3 million (net of offering costs).
Number of Shares IssuedGross ProceedsPlacement Agent FeesNet Proceeds (1)Average Sales Price per Share (2)
"At the market" offering1,641,416 $32,725 $327 $32,398 $19.94 
(1) Net proceeds excludes offering costs of $0.1 million.
(2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.
In connection with the "at the market" offering, the Company did not issue or sell any shares of common stock during the three months ended December 31, 2022.

Note 6. Borrowings
Syndicated Facility

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

As of December 31, 2023, the size of the Syndicated Facility was $1.218 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 December 31, 2023, (i) the period during which the Company may make drawings with respect to $1.035 billion of commitments will expire on June 23, 2027 and the maturity date is June 23, 2028, (ii) the period during which the Company may make drawings with respect to the remaining commitments will expire on May 4, 2025 and the maturity date is May 4, 2026 and (iii) the interest rate margin for (a) SOFR loans (which may be 1- or 3-month, at the Company’s option) was 2.00% plus a SOFR adjustment which ranges between 0.11448% and 0.26161% and (b) alternate base rate loans was 1.00%.

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

The Syndicated Facility requires the Company to, among other things, (i) make representations and warranties regarding the collateral as well as each of the Company’s portfolio companies’ businesses, (ii) agree to certain indemnification obligations, and (iii) comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including covenants related to: (A) limitations on the incurrence of additional indebtedness and liens, (B) limitations on certain investments, (C) limitations on certain asset transfers and restricted payments, (D) maintaining a certain minimum stockholders’ equity, (E) maintaining a ratio of total assets (less total liabilities) to total indebtedness, of the Company and its subsidiaries (subject to certain exceptions), of not less than 1.50 to 1.00, (F) maintaining a ratio of consolidated EBITDA to consolidated interest expense, of the Company and its subsidiaries (subject to certain exceptions), of not less than 2.25 to 1.00, (G) maintaining a minimum liquidity and net worth, and (H) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. The Syndicated Facility also includes usual and customary default provisions such as the failure to make timely payments under the facility, the occurrence of a change in control, and the failure by the Company to materially perform under the agreements governing the facility, which, if not complied with, could accelerate repayment under the facility. As of December 31, 2023, the Company was in compliance with all financial covenants under the Syndicated Facility. In addition to the asset coverage ratio described above, borrowings under the Syndicated Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that will apply different advance rates to different types of assets in the Company’s portfolio. Each loan or letter of credit originated or assumed under the Syndicated Facility is subject to the satisfaction of certain conditions.

57

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




As of each of December 31, 2023 and September 30, 2023, the Company had $430.0 million of borrowings outstanding under the Syndicated Facility, which had a fair value of $430.0 million. The Company's borrowings under the Syndicated Facility bore interest at a weighted average interest rate of 7.621% and 5.849% for the three months ended December 31, 2023 and 2022, respectively. For the three months ended December 31, 2023 and 2022, the Company recorded interest expense (inclusive of fees) of $9.6 million and $10.0 million, respectively, related to the Syndicated Facility.
Citibank Facility
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, 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 May 25, 2023, in connection with an amendment to the OSI2 Citibank Facility, the Citibank Facility was terminated.
As of December 31, 2023 and September 30, 2023, the Company did not have any borrowings outstanding under the Citibank Facility. The Company's borrowings under the Citibank Facility bore interest at a weighted average interest rate of 6.508% for the three months ended December 31, 2022. For the three months ended December 31, 2022, the Company recorded interest expense (inclusive of fees) of $2.7 million related to the Citibank Facility.
OSI2 Citibank Facility
On January 23, 2023, as a result of the consummation of the OSI2 Merger, the Company became party to a revolving credit facility (as amended and/or restated from time to time, the “OSI2 Citibank Facility”) with OSI 2 SPV, the Company’s wholly-owned and consolidated subsidiary, as the borrower, the Company, as collateral manager, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent.
As of December 31, 2023, the Company was able to borrow up to $400 million under the OSI2 Citibank Facility (subject to borrowing base and other limitations). As of December 31, 2023, the OSI2 Citibank Facility had a reinvestment period through May 25, 2025, during which advances may be made, and matures on January 26, 2027. Following the reinvestment period, OSI 2 SPV will be required to make certain mandatory amortization payments. Borrowings under the OSI2 Citibank Facility bear interest payable quarterly at a rate per year equal to (a) in the case of a lender that is identified as a conduit lender, the lesser of (i) the applicable commercial paper rate for such conduit lender and (ii) SOFR plus 2.00% per annum on broadly syndicated loans and 2.75% on all other eligible loans and (b) for all other lenders, SOFR plus 2.00% per annum on broadly syndicated loans and 2.75% per annum on all other eligible loans, in all cases subject to a minimum overall rate of SOFR plus 2.50% per annum. After the reinvestment period, the applicable spread is 4.00% per year. There is also a non-usage fee of 0.50% per year on the unused portion of the OSI2 Citibank Facility, payable quarterly; provided that if the unused portion of the OSI2 Citibank Facility is greater than 30% of the commitments under the OSI2 Citibank Facility, the non-usage fee will be based on an unused portion of 30% of the commitments under the OSI2 Citibank Facility. The OSI2 Citibank Facility is secured by a first priority security interest in substantially all of OSI 2 SPV’s assets. As part of the OSI2 Citibank Facility, OSI 2 SPV is subject to certain limitations as to how borrowed funds may be used and the types of loans that are eligible to be acquired by OSI 2 SPV including restrictions on sector concentrations, loan size, tenor and minimum investment ratings (or estimated ratings). The OSI2 Citibank Facility also contains certain requirements relating to interest coverage, collateral quality and portfolio performance, certain violations of which could result in the acceleration of the amounts due under the OSI2 Citibank Facility.
As of each of December 31, 2023 and September 30, 2023, the Company had $280.0 million outstanding under the OSI2 Citibank Facility, which had a fair value of $280.0 million. The Company’s borrowings under the OSI2 Citibank Facility bore interest at a weighted average interest rate of 8.204% for the three months ended December 31, 2023. For the three months ended December 31, 2023, the Company recorded interest expense (inclusive of fees) of $6.1 million related to the OSI2 Citibank Facility.
2025 Notes
On February 25, 2020, the Company issued $300.0 million in aggregate principal amount of the 2025 Notes for net proceeds of $293.8 million after deducting OID of $2.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.7 million. The OID on the 2025 Notes is amortized based on the effective interest method over the term of the 2025 Notes.
The 2025 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the fifth supplemental indenture, dated February 25, 2020 (collectively, the "2025 Notes Indenture"), between the Company and Deutsche Bank Trust Company Americas (the "Trustee"). The 2025 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the
58

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




2025 Notes. The 2025 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. 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.
Interest on the 2025 Notes is paid semi-annually on February 25 and August 25 at a rate of 3.500% per annum. The 2025 Notes mature on February 25, 2025 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a “make-whole” premium, if applicable. In addition, holders of the 2025 Notes can require the Company to repurchase the 2025 Notes at 100% of their principal amount upon the occurrence of certain change of control events as described in the 2025 Notes Indenture. The 2025 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the three months ended December 31, 2023, the Company did not repurchase any of the 2025 Notes in the open market.
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 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.
2027 Notes
On May 18, 2021, the Company issued $350.0 million in aggregate principal amount of the 2027 Notes for net proceeds of $344.8 million after deducting OID of $1.0 million, underwriting commissions and discounts of $3.5 million and offering costs of $0.7 million. The OID on the 2027 Notes is amortized based on the effective interest method over the term of the 2027 Notes.
The 2027 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the sixth supplemental indenture, dated May 18, 2021 (collectively, the "2027 Notes Indenture"), between the Company and the Trustee. The 2027 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes. The 2027 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2027 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2027 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
Interest on the 2027 Notes is paid semi-annually on January 15 and July 15, at a rate of 2.700% per annum. The 2027 Notes mature on January 15, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a “make-whole” premium, if applicable. In addition, holders of the 2027 Notes can require the Company to repurchase the 2027 Notes at 100% of their principal amount upon the occurrence of certain change of control events as described in the 2027 Notes Indenture. The 2027 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the three months ended December 31, 2023, the Company did not repurchase any of the 2027 Notes in the open market.
The 2027 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the SEC), as well as covenants requiring the Company to provide financial information to the holders of the 2027 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 2027 Notes Indenture.
In connection with the 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 2.700% and pays a floating interest rate of the three-month SOFR plus 1.658% plus a SOFR adjustment of 0.26161% on a notional amount of $350 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.
59

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




2029 Notes
On August 15, 2023, the Company issued $300.0 million in aggregate principal amount of the 2029 Notes for net proceeds of $292.9 million after deducting OID of $3.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.6 million. The OID on the 2029 Notes is amortized based on the effective interest method over the term of the 2029 Notes.
The 2029 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the seventh supplemental indenture, dated August 15, 2023 (collectively, the "2029 Notes Indenture"), between the Company and the Trustee. The 2029 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes. The 2029 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2029 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2029 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
Interest on the 2029 Notes is paid semi-annually on February 15 and August 15, beginning February 15, 2024, at a rate of 7.100% per annum. The 2029 Notes mature on February 15, 2029 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a “make-whole” premium, if applicable. In addition, holders of the 2029 Notes can require the Company to repurchase the 2029 Notes at 100% of their principal amount upon the occurrence of certain change of control events as described in the 2029 Notes Indenture. The 2029 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the three months ended December 31, 2023, the Company did not repurchase any of the 2029 Notes in the open market.
The 2029 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the SEC), as well as covenants requiring the Company to provide financial information to the holders of the 2029 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 2029 Notes Indenture.
In connection with the 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 7.100% and pays a floating interest rate of the three-month SOFR plus 3.1255% on a notional amount of $300 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.

60

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(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, the 2027 Notes and the 2029 Notes as of December 31, 2023 and September 30, 2023:
 As of December 31, 2023As of September 30, 2023
($ in millions)2025 Notes2027 Notes2029 Notes2025 Notes2027 Notes2029 Notes
Principal$300.0 $350.0 $300.0 $300.0 $350.0 $300.0 
  Unamortized financing costs(0.9)(2.3)(3.4)(1.1)(2.5)(3.5)
  Unaccreted discount(0.6)(0.5)(3.2)(0.7)(0.6)(3.4)
  Interest rate swap fair value adjustment (30.4)4.0  (40.5)(7.0)
Net carrying value$298.5 $316.8 $297.4 $298.2 $306.4 $286.1 
Fair Value$291.2 $315.1 $310.4 $286.4 $301.8 $290.0 
The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes and the 2029 Notes for the three months ended December 31, 2023:
($ in millions)2025 Notes2027 Notes2029 Notes
Coupon interest$2.6 $2.4 $5.3 
Amortization of financing costs and discount0.3 0.2 0.3 
Effect of interest rate swap  4.2 1.2 
 Total interest expense$2.9 $6.8 $6.8 
Coupon interest rate (net of effect of interest rate swaps)3.500 %7.455 %8.679 %
The below table presents the components of interest and other debt expenses related to the 2025 Notes and the 2027 Notes for the three months ended December 31, 2022:
($ in millions)2025 Notes2027 Notes
Coupon interest$2.6 $2.4 
Amortization of financing costs and discount0.3 0.2 
Effect of interest rate swap 2.5 
Total interest expense$2.9 $5.1 
Coupon interest rate (net of effect of interest rate swap for 2027 Notes)3.500 %5.586 %

 Note 7. Taxable/Distributable Income and Dividend Distributions
Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized; (2) origination and exit fees received in connection with investments in portfolio companies; (3) organizational costs; (4) income or loss recognition on exited investments; and (5) recognition of interest income on certain loans.
As of September 30, 2023, the Company had net capital loss carryforwards of $558.3 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 $70.3 million are available to offset future short-term capital gains and $488.0 million are available to offset future long-term capital gains. A portion of such net capital loss carryforwards represented a realized loss under sections 382 and 383 of the Code, which is carried forward to future years to offset future gains subject to certain limitations.
61

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Listed below is a reconciliation of "net increase (decrease) in net assets resulting from operations" to taxable income for the three months ended December 31, 2023 and 2022.
Three months ended
December 31, 2023
Three months ended
December 31, 2022
Net increase (decrease) in net assets resulting from operations$10,535 $13,172 
Net unrealized (appreciation) depreciation25,025 22,982 
Book/tax difference due to capital losses suspended (utilized)6,540 8,013 
Other book/tax differences(7,178)(12,910)
Taxable/Distributable Income (1)$34,922 $31,257 
 __________
(1) The Company's taxable income for the three months ended December 31, 2023 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2024. Therefore, the final taxable income may be different than the estimate.
The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.
When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. Based on these and other factors, the Company determined that, as of December 31, 2023, $8.2 million of the $8.2 million deferred tax assets would not more likely than not be realized in future periods.
For the three months ended December 31, 2023, the Company recognized a total expense for income tax related to realized and unrealized gains (losses) of $0.2 million, which was composed primarily of a current income tax expense. For the three months ended December 31, 2022, the Company recognized a total benefit for income tax related to realized and unrealized losses of $0.5 million, which was primarily all current income tax benefit.
As of September 30, 2023, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:
Undistributed ordinary income, net$33,525 
Net realized capital losses(509,832)
Unrealized losses, net(175,031)
Accumulated overdistributed earnings$(651,338)
The aggregate cost of investments for U.S. federal income tax purposes was $3,070.0 million as of September 30, 2023. As of September 30, 2023, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $529.5 million. As of September 30, 2023, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $704.5 million. Net unrealized depreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $175.0 million.

62

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 8. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation
Realized Gains or Losses
Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption and the cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with the Company's determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.
During the three months ended December 31, 2023, the Company recorded an aggregate net realized loss of $8.5 million, which consisted of the following:
($ in millions)
Portfolio CompanyNet Realized Gain (Loss)
Continental Intermodal Group LP$(6.8)
P&L Development LLC(1.9)
Zephyr Bidco Limited (1)
(1.7)
Lift Brands Holdings, Inc.(1.4)
Foreign currency forward contracts4.1 
Other, net (0.8)
Total, net
$(8.5)
__________
(1)This investment was denominated in British Pounds and the realized loss shown in this table includes losses due to foreign currency translation, which was offset by gains on foreign currency forward contracts.
During the three months ended December 31, 2022, the Company recorded an aggregate net realized loss of $3.2 million, which consisted of the following:
($ in millions)
Portfolio CompanyNet Realized Gain (Loss)
Foreign currency forward contracts$4.4 
Carvana Co. (2.8)
ASP Unifrax Holdings Inc.(2.1)
Global Medical Response Inc.(1.0)
Other, net (1.7)
Total, net
$(3.2)

Net Unrealized Appreciation or Depreciation
Net unrealized appreciation or depreciation reflects the net change in the valuation of the portfolio pursuant to the Company's valuation guidelines and the reclassification of any prior period unrealized appreciation or depreciation.
During the three months ended December 31, 2023 and 2022, the Company recorded net unrealized depreciation of $25.0 million and $23.0 million, respectively. For the three months ended December 31, 2023, this consisted of $18.8 million of net unrealized depreciation on equity investments, $13.7 million of net unrealized depreciation on debt investments and $7.8 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $15.3 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses). For the three months ended December 31, 2022, this consisted of $18.7 million of net unrealized depreciation on debt investments and $11.0 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $3.9 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $2.8 million of net unrealized appreciation on equity investments.
63

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 9. Concentration of Credit Risks
The Company deposits its cash with financial institutions and at times such balances are in excess of the FDIC insurance limit. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring their financial stability.
64

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 10. Related Party Transactions

As of December 31, 2023 and September 30, 2023, the Company had a liability on its Consolidated Statements of Assets and Liabilities in the amount of $19.0 million and $19.5 million, respectively, reflecting the unpaid portion of the base management fees and incentive fees payable to Oaktree.
Investment Advisory Agreement
The Company is party to the Investment Advisory Agreement. Under the Investment Advisory Agreement, the Company pays Oaktree a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee payable to Oaktree and any incentive fees earned by Oaktree is ultimately borne by common stockholders of the Company.
The investment advisory agreement with Oaktree was amended and restated on March 19, 2021 in connection with the closing of the OCSI Merger and on January 23, 2023 in connection with the closing of OSI2 Merger. The term “Investment Advisory Agreement” refers collectively to the agreements with Oaktree.
Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by the Board of Directors of the Company or by the affirmative vote of the holders of a majority of the Company’s outstanding voting securities, including, in either case, approval by a majority of the directors of the Company who are not interested persons. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The Investment Advisory Agreement may also be terminated, without penalty, upon the vote of a majority of the outstanding voting securities of the Company.
Base Management Fee

Under the Investment Advisory Agreement, the base management fee is calculated at an annual rate of 1.50% of total gross assets, including any investment made with borrowings, but excluding cash and cash equivalents. The base management fee is payable quarterly in arrears and the fee for any partial month or quarter is appropriately prorated. 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 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, Oaktree waived an aggregate of $6 million of base management fees otherwise payable to Oaktree in the two years following the closing of the OCSI Merger on March 19, 2021 at a rate of $750,000 per quarter (with such amount appropriately prorated for any partial quarter). In connection with the OSI2 Merger, Oaktree waived an aggregate of $9.0 million of base management fees payable to Oaktree as follows: $6.0 million at a rate of $1.5 million per quarter (with such amount appropriately prorated for any partial quarter) in the first year following closing of the OSI2 Merger on January 23, 2023 and $3.0 million at a rate of $750,000 per quarter (with such amount appropriately prorated for any partial quarter) in the second year following closing of the OSI2 Merger.
For the three months ended December 31, 2023 and 2022, the base management fee incurred under the Investment Advisory Agreement was $10.0 million (net of waiver) and $9.2 million (net of waiver), respectively.
Incentive Fee
The incentive fee consists of two parts. Under the Investment Advisory Agreement, the first part of the incentive fee (the “incentive fee on income” or "Part I incentive fee") is calculated and payable quarterly in arrears based upon the “pre-incentive fee net investment income” of the Company for the immediately preceding quarter. The payment of the incentive fee on income is subject to payment of a preferred return to investors each quarter (i.e., a “hurdle rate”), expressed as a rate of return on the value of the Company’s net assets at the end of the most recently completed quarter, of 1.50%, subject to a “catch up” feature.
For this purpose, “pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, other than fees for providing managerial assistance) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred
65

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




interest feature (such as OID debt, instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income.

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

No incentive fee is payable to Oaktree in any quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.50% (the “preferred return”) on net assets;
100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the preferred return but is less than or equal to 1.8182% in any fiscal quarter is payable to Oaktree. This portion of the incentive fee on income is referred to as the “catch-up” provision, and it is intended to provide Oaktree with an incentive fee of 17.5% on all of the Company’s pre-incentive fee net investment income when the Company’s pre-incentive fee net investment income exceeds 1.8182% on net assets in any fiscal quarter; and
For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.8182% on net assets, the incentive fee on income is equal to 17.5% of the amount of the Company’s pre-incentive fee net investment income, as the preferred return and catch-up will have been achieved.

There is no accumulation of amounts on the hurdle rate from quarter to quarter and accordingly there is no clawback of amounts previously paid if subsequent quarters are below the quarterly hurdle.

For the three months ended December 31, 2023 and 2022, the first part of the incentive fee (incentive fee on income) incurred under the Investment Advisory Agreement was $9.0 million and $7.7 million, respectively.
Under the Investment Advisory Agreement, the second part of the incentive fee (the "capital gains incentive fee") is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date) commencing with the fiscal year ended September 30, 2019 and equals 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each subsequent fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees under the Investment Advisory Agreement. Any realized capital gains, realized capital losses, unrealized capital appreciation and unrealized capital depreciation with respect to the Company’s portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the calculations of the second part of the incentive fee. In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee, (2) include any such amounts associated with the investments acquired in the OCSI Merger for the period from October 1, 2018 to the date of closing of the OCSI Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee and (3) include any such amounts associated with the investments acquired in the OSI2 Merger for the period from August 6, 2018 to the date of closing of the OSI2 Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee. As of December 31, 2023, the Company paid $9.6 million of capital gains incentive fees cumulatively under the Investment Advisory Agreement (net of waivers). Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the Investment Advisory Agreement, which, as described above, differs from Part II incentive fees accrued under GAAP. Hypothetically, if Part II incentive fees were calculated as of December 31, 2023 under the Investment Advisory Agreement, no Part II incentive fees would be payable.

GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized on a theoretical "liquidation basis." A fee so calculated and accrued would not be payable under applicable law and may never be paid based upon the computation of capital gains incentive fees in subsequent periods. Amounts ultimately paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation. Any realized capital gains and losses and cumulative unrealized capital appreciation and
66

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




depreciation with respect to the Company’s portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the GAAP accrual. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 17.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees payable or capital gains incentive fees accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future or any accrued capital gains incentive fee will become payable under the Investment Advisory Agreement. For the three months ended December 31, 2023 and 2022, there were no accrued capital gains incentive fees. As of December 31, 2023, the total accrued capital gains incentive fee liability was zero.
Indemnification

The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations, Oaktree and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Oaktree's services under the Investment Advisory Agreement or otherwise as investment adviser.
Administrative Services
The Company is party to the Administration Agreement with Oaktree Administrator. Pursuant to the Administration Agreement, Oaktree Administrator provides administrative services to the Company necessary for the operations of the Company, which include providing office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as Oaktree Administrator, subject to review by the Company’s Board of Directors, shall from time to time deem to be necessary or useful to perform its obligations under the Administration Agreement. Oaktree Administrator may, on behalf of the Company, conduct relations and negotiate agreements with custodians, trustees, depositories, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Oaktree Administrator makes reports to the Company’s Board of Directors of its performance of obligations under the Administration Agreement and furnishes advice and recommendations with respect to such other aspects of the Company’s business and affairs, in each case, as it shall determine to be desirable or as reasonably required by the Company’s Board of Directors; provided that Oaktree Administrator shall not provide any investment advice or recommendation.
Oaktree Administrator also provides portfolio collection functions for interest income, fees and warrants and is responsible for the financial and other records that the Company is required to maintain and prepares, prints and disseminates reports to the Company’s stockholders and all other materials filed with the SEC. In addition, Oaktree Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Oaktree Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies.
For providing these services, facilities and personnel, the Company reimburses Oaktree Administrator the allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the rent of the Company’s principal executive offices (which are located in a building owned by a Brookfield affiliate) at market rates and the Company’s allocable portion of the costs of compensation and related expenses of its Chief Financial Officer, Chief Compliance Officer, their staffs and other non-investment professionals at Oaktree that perform duties for the Company. Such reimbursement is at cost, with no profit to, or markup by, Oaktree Administrator. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The Administration Agreement may also be terminated, without penalty, upon the vote of a majority of the Company’s outstanding voting securities.
For the three months ended December 31, 2023 and 2022, the Company accrued administrative expenses of $0.4 million and $0.4 million, respectively, including $0.1 million and $0.1 million of general and administrative expenses, respectively.
67

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




As of December 31, 2023 and September 30, 2023, $3.8 million and $4.3 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.
68

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 11. Financial Highlights
(Share amounts in thousands)Three months ended
December 31, 2023
Three months ended
December 31, 2022 (6)
Net asset value per share at beginning of period$19.63$20.38
Net investment income (1)0.570.63
Net unrealized appreciation (depreciation) (1)(0.33)(0.38)
Net realized gains (losses) (1)(0.11)(0.05)
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)0.01
Distributions of net investment income to stockholders(0.62)(0.96)
Net asset value per share at end of period$19.14$19.63
Per share market value at beginning of period $20.12$18.00
Per share market value at end of period $20.42$20.61
Total return (2)4.70%19.90%
Common shares outstanding at beginning of period77,22561,125
Common shares outstanding at end of period78,96561,220
Net assets at beginning of period$1,515,764$1,245,563
Net assets at end of period$1,511,651$1,201,989
Average net assets (3)$1,524,243$1,241,806
Ratio of net investment income to average net assets (7)11.50%12.40%
Ratio of total expenses to average net assets (7)14.39%13.11%
Ratio of net expenses to average net assets (7)14.00%12.87%
Ratio of portfolio turnover to average investments at fair value7.36%4.24%
Weighted average outstanding debt (4)$1,660,435$1,441,326
Average debt per share (1)$21.33$23.57
Asset coverage ratio at end of period (5)188.66%176.31%
 __________
(1)Calculated based upon weighted average shares outstanding for the period.
(2)Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3)Calculated based upon the weighted average net assets for the period.
(4)Calculated based upon the weighted average of principal debt outstanding for the period.
(5)
Based on outstanding senior securities of $1,662.9 million and $1,514.4 million as of December 31, 2023 and 2022, respectively.
(6)
The share and per share information disclosed in this table has been retroactively adjusted to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.
(7)Interim periods are annualized.


69

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





Note 12. Derivative Instruments
The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement (the "ISDA Master Agreement") with its derivative counterparty, JPMorgan Chase Bank, N.A. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. As of December 31, 2023, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparty with respect to the Company's forward currency contracts.
Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2023.
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Net Amounts
Foreign currency forward contract$36,775 34,350 2/8/2024$ $1,227 Derivative liability
Foreign currency forward contract$47,403 £38,500 2/8/2024 1,687 Derivative liability
$ $2,914 
Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2023.
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Net Amounts
Foreign currency forward contract$42,182 38,026 11/9/2023$1,857 $ Derivative asset
Foreign currency forward contract$72,098 £56,556 11/9/20233,053  Derivative asset
$4,910 $ 
In connection with the issuance of the 2027 Notes and 2029 Notes, the Company entered into interest rate swap agreements with the Royal Bank of Canada pursuant to ISDA Master Agreements. As of December 31, 2023, the Company paid $26.5 million to the Royal Bank of Canada to cover collateral obligations under the terms of the interest swap agreements, which is included in due from broker on the Consolidated Statement of Assets and Liabilities.
Certain information related to the Company’s interest rate swaps is presented below as of December 31, 2023.
DescriptionNotional Amount Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Net Amounts
Interest rate swap$350,000 1/15/2027$ $30,415 Derivative liability
Interest rate swap300,000 2/15/20294,013  Derivative liability
$4,013 $30,415 
Certain information related to the Company’s interest rate swap is presented below as of September 30, 2023.
DescriptionNotional Amount Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Net Amounts
Interest rate swap$350,000 1/15/2027$ $40,519 Derivative liability
Interest rate swap300,000 2/15/2029 7,000 Derivative liability
$ $47,519 

70

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




Note 13. Commitments and Contingencies
Off-Balance Sheet Arrangements
The Company may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As of December 31, 2023, the Company's only off-balance sheet arrangements consisted of $226.6 million of unfunded commitments, which was comprised of $199.5 million to provide debt and equity financing to certain of its portfolio companies and $27.1 million to provide financing to the JVs. Of the $199.5 million, approximately $165.9 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2023, the Company's only off-balance sheet arrangements consisted of $232.7 million of unfunded commitments, which was comprised of $205.6 million to provide debt and equity financing to certain of its portfolio companies and $27.1 million to provide financing to the JVs. Of the $205.6 million, approximately $154.2 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio companies' satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.
A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components and subordinated notes and LLC equity interests in the JVs) as of December 31, 2023 and September 30, 2023 is shown in the table below:
71

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)




December 31, 2023September 30, 2023
107-109 Beech OAK22 LLC$26,969 $26,969 
OCSI Glick JV LLC13,998 13,998 
PetVet Care Centers, LLC 13,732  
Senior Loan Fund JV I, LLC13,125 13,125 
Fairbridge Strategic Capital Funding LLC9,465 13,090 
BioXcel Therapeutics, Inc.9,383 14,547 
Amspec Parent LLC9,372  
Seres Therapeutics, Inc.8,090 8,090 
MRI Software LLC7,260 2,261 
Next Holdco, LLC 7,051  
iCIMs, Inc.6,924 7,466 
Kings Buyer, LLC5,462 5,189 
Grove Hotel Parcel Owner, LLC5,286 5,286 
scPharmaceuticals Inc.5,212 5,212 
Avalara, Inc.5,047 5,047 
Mindbody, Inc.4,762 4,762 
Accupac, Inc.4,500 4,500 
107 Fair Street LLC4,227 4,227 
Harrow, Inc.4,011 4,011 
Inventus Power, Inc.3,792 3,792 
Dominion Diagnostics, LLC3,484 3,484 
Establishment Labs Holdings Inc.3,384 3,384 
WP CPP Holdings, LLC3,272  
Enverus Holdings, Inc.3,135  
PRGX Global, Inc.3,127 3,127 
Salus Workers' Compensation, LLC3,102 3,102 
Spanx, LLC3,092 2,473 
ADC Therapeutics SA3,020 3,020 
Relativity ODA LLC2,762 2,762 
LSL Holdco, LLC2,650 2,650 
Galileo Parent, Inc.2,484 2,061 
MND Holdings III Corp2,280 9,122 
Crewline Buyer, Inc.2,180  
112-126 Van Houten Real22 LLC2,139 2,343 
Coupa Holdings, LLC2,075 2,075 
Berner Food & Beverage, LLC2,005 1,622 
Oranje Holdco, Inc.1,904 1,904 
MHE Intermediate Holdings, LLC1,786 821 
Evergreen IX Borrower 2023, LLC1,626 1,626 
Acquia Inc.1,376 1,376 
PPW Aero Buyer, Inc.1,368 1,466 
SCP Eye Care Services, LLC1,366 2,356 
Coyote Buyer, LLC1,333 400 
Pluralsight, LLC1,068 1,787 
Finastra USA, Inc.896 960 
Digital.AI Software Holdings, Inc.782 1,078 
OTG Management, LLC467 3,190 
ASP-R-PAC Acquisition Co LLC396 396 
SIO2 Medical Products, Inc.238 1,821 
Telestream Holdings Corporation148 407 
Delta Leasing SPV II LLC 14,639 
Assembled Brands Capital LLC 7,514 
Impel Pharmaceuticals Inc. 2,458 
Supreme Fitness Group NY Holdings, LLC 2,199 
Tahoe Bidco B.V. 2,162 
Liquid Environmental Solutions Corporation 1,383 
Total$226,613 $232,740 
72

OAKTREE SPECIALTY LENDING CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts, percentages and as otherwise indicated)





Note 14. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the Consolidated Financial Statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the Consolidated Financial Statements as of and for the three months ended December 31, 2023, except as discussed below.
Distribution Declaration
On January 26, 2024, the Company’s Board of Directors declared a quarterly distribution of $0.55 per share, payable in cash on March 29, 2024 to stockholders of record on March 15, 2024.




73


Schedule 12-14
Oaktree Specialty Lending Corporation
Schedule of Investments in and Advances to Affiliates
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Three months ended December 31, 2023


Portfolio Company (1)IndustryInvestment TypeIndexSpreadCashPIK RateMaturity DateSharesPrincipalNet Realized Gain (Loss)Amount of Interest, Fees or Dividends Credited in Income (2)Fair Value at October 1, 2023Gross Additions (3)Gross Reductions (4)Fair Value at December 31, 2023% of Total Net Assets
Control Investments
C5 Technology Holdings, LLCData Processing & Outsourced ServicesCommon Stock829 $ $ $ $ $ $  %
C5 Technology Holdings, LLCData Processing & Outsourced ServicesPreferred Equity34,984,460   27,638   27,638 1.8 %
Continental Intermodal Group LPOil & Gas Storage & TransportationCommon Stock22,267,661    16,173  16,173 1.1 %
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00 %10.50 %8/28/2025$14,033  391 14,068  (35)14,033 0.9 %
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanSOFR+5.00 %10.46 %8/28/20251,393  58 2,090  (696)1,394 0.1 %
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien RevolverSOFR+5.00 %10.50 %8/28/20255,574  150 5,574   5,574 0.4 %
Dominion Diagnostics, LLCHealth Care ServicesCommon Stock30,031   2,711   2,711 0.2 %
First Star Speir Aviation LimitedAirlinesEquity Interest786       %
OCSI Glick JV LLC (5)Multi-Sector HoldingsSubordinated DebtSOFR+4.50 %9.94 %10/20/202858,349  1,773 50,017 940  50,957 3.4 %
OCSI Glick JV LLC (5)Multi-Sector HoldingsMembership Interest87.50 %       %
Senior Loan Fund JV I, LLC (6)Multi-Sector HoldingsSubordinated DebtSOFR+7.00 %12.44 %12/29/2028112,656  3,581 112,656   112,656 7.5 %
Senior Loan Fund JV I, LLC (6)Multi-Sector HoldingsMembership Interest87.50 % 1,400 28,878 709  29,587 2.0 %
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersFirst Lien Term Loan12.00 %8/3/202816,355  540 15,874 534 (53)16,355 1.1 %
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersFirst Lien Term Loan12.00 %8/3/20283,005  69 1,359 1,646  3,005 0.2 %
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersCommon Stock1,184,630   36,226   36,226 2.4 %
SIO2 Medical Products, Inc.Metal, Glass & Plastic ContainersWarrants66,686        %
Total Control Investments$211,365 $786 $7,962 $297,091 $20,002 $(784)$316,309 20.9 %
Affiliate Investments
Assembled Brands Capital LLCSpecialized FinanceFirst Lien Revolver 329 21,823 33 (21,856)  %
Assembled Brands Capital LLCSpecialized FinanceCommon Stock12,463,242   89 1,159 (251)997 0.1 %
Assembled Brands Capital LLCSpecialized FinancePreferred Equity  1,005 154 (1,159)  %
Assembled Brands Capital LLCSpecialized FinanceWarrants78,045        %
The AveryReal Estate Operating CompaniesFirst Lien Term Loan10.00 %12/15/20245,065    4,657 (367)4,290 0.3 %
The AveryReal Estate Operating CompaniesFirst Lien Term Loan10.00 %12/15/202420,871    19,217 (494)18,723 1.2 %
The AveryReal Estate Operating CompaniesMembership Interest6.40 %        %
Caregiver Services, Inc.Health Care ServicesPreferred Equity1,080,398   432   432  %
Total Affiliate Investments$25,936 $ $329 $23,349 $25,220 $(24,127)$24,442 1.6 %
Total Control & Affiliate Investments$237,301 $786 $8,291 $320,440 $45,222 $(24,911)$340,751 22.5 %

This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.
______________________
(1)The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.
(2)Represents the total amount of interest (net of non-accrual amounts), fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.
74


(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).
(6)Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).
75


Schedule 12-14
Oaktree Specialty Lending Corporation
Schedule of Investments in and Advances to Affiliates
(in thousands, except share and per share amounts, percentages and as otherwise indicated)
Three months ended December 31, 2022

Portfolio Company (1)IndustryInvestment TypeIndexSpreadCashPIK RateMaturity DateSharesPrincipalNet Realized Gain (Loss)Amount of Interest, Fees or Dividends Credited in Income (2)Fair Value at October 1, 2022Gross Additions (3)Gross Reductions (4)Fair Value at December 31, 2022% of Total Net Assets
Control Investments
C5 Technology Holdings, LLCData Processing & Outsourced ServicesCommon Stock829 $ $ $ $ $ $ $  %
C5 Technology Holdings, LLCData Processing & Outsourced ServicesPreferred Equity34,984,460    27,638   27,638 2.3 %
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien Term LoanLIBOR+5.00 %9.73 %2/28/202414,297  331 14,333  (36)14,297 1.2 %
Dominion Diagnostics, LLCHealth Care ServicesFirst Lien RevolverLIBOR+5.00 %2/28/2024  14      %
Dominion Diagnostics, LLCHealth Care ServicesCommon Stock30,031    4,946  (719)4,227 0.4 %
OCSI Glick JV LLC (5)Multi-Sector HoldingsSubordinated DebtLIBOR+4.50 %7.67 %10/20/202859,049  1,624 50,283 380 (1,127)49,536 4.1 %
OCSI Glick JV LLC (5)Multi-Sector HoldingsMembership Interest87.50 %        %
Senior Loan Fund JV I, LLC (6)Multi-Sector HoldingsSubordinated DebtLIBOR+7.00 %10.17 %12/29/2028112,656  2,611 96,250 16,406  112,656 9.4 %
Senior Loan Fund JV I, LLC (6)Multi-Sector HoldingsMembership Interest87.50 %  1,050 20,715 5,469 (2,076)24,108 2.0 %
Total Control Investments$186,002 $ $5,630 $214,165 $22,255 $(3,958)$232,462 19.3 %
Affiliate Investments
Assembled Brands Capital LLCSpecialized FinanceFirst Lien RevolverLIBOR+6.75 %11.48 %10/17/202321,464  646 24,225 55 (3,028)21,252 1.8 %
Assembled Brands Capital LLCSpecialized FinanceCommon Stock1,609,201 —   370  (16)354  %
Assembled Brands Capital LLCSpecialized FinancePreferred Equity1,019,169 —   1,223 20  1,243 0.1 %
Assembled Brands Capital LLCSpecialized FinanceWarrants70,425 —        %
Caregiver Services, Inc.Health Care ServicesPreferred Equity1,080,399 —   378  (54)324  %
Total Affiliate Investments$21,464 $ $646 $26,196 $75 $(3,098)$23,173 1.9 %
Total Control & Affiliate Investments$207,466 $ $6,276 $240,361 $22,330 $(7,056)$255,635 21.2 %

This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.
______________________
(1)The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments, included in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2022.
(2)Represents the total amount of interest (net of non-accrual amounts), fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).
(6)Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).


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Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in connection with our Consolidated Financial Statements and the notes thereto included elsewhere in this quarterly report on Form 10-Q.
Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

our future operating results and distribution projections;
the ability of Oaktree Fund Advisors, LLC, or Oaktree, to implement Oaktree's future plans with respect to our business and to achieve our investment objective;
the ability of Oaktree and its affiliates to attract and retain highly talented professionals;
our business prospects and the prospects of our portfolio companies;
the impact of the investments that we expect to make;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments and additional leverage we may seek to incur in the future;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
the cost or potential outcome of any litigation to which we may be a party, and
the impact of current global economic conditions, including those caused by inflation, a rising interest rate environment and geopolitical events or all of the foregoing.
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended September 30, 2023 and elsewhere in this quarterly report on Form 10-Q.
Other factors that could cause actual results to differ materially include:
changes or potential disruptions in our operations, the economy, financial markets or political environment, including those caused by inflation and a rising interest rate environment;
risks associated with a possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to Business Development Companies or regulated investment companies, or RICs; and
other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
All dollar amounts in tables are in thousands, except share and per share amounts and as otherwise indicated.
Business Overview
We are a specialty finance company dedicated to providing customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940, as amended, or the Investment Company Act. In addition, we have qualified and elected to be treated as a RIC under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes.
We are externally managed by Oaktree pursuant to an investment advisory agreement, as amended from time to time, or the Investment Advisory Agreement. Oaktree Fund Administration, LLC, or Oaktree Administrator, an affiliate of Oaktree,
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provides certain administrative and other services necessary for us to operate pursuant to an administration agreement, as amended from time to time, or the Administration Agreement.
Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. Our portfolio may also include certain structured finance and other non-traditional structures. We invest in companies that typically possess resilient business models with strong underlying fundamentals. We intend to deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams, and we may seek to opportunistically take advantage of dislocations in the financial markets and other situations that may benefit from Oaktree’s credit and structuring expertise. Sponsors may include financial sponsors, such as an institutional investor or a private equity firm, or a strategic entity seeking to invest in a portfolio company. Oaktree is generally focused on middle-market companies, which we define as companies with enterprise values of between $100 million and $750 million. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “high yield” and “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
In the current market environment, Oaktree intends to focus on the following area, in which Oaktree believes there is less competition and thus potential for greater returns, for our new investment opportunities: (1) situational lending, which we define to include directly originated loans to non-sponsor companies that are hard to understand and value using traditional underwriting techniques, (2) select sponsor lending, which we define to include financing to support leveraged buyouts of companies with specialized sponsors that have expertise in certain industries, (3) stressed sector and rescue lending, which we define to include opportunistic private loans in industries experiencing stress or limited access to capital and (4) public credit, where we seek discounted, high quality public debt investments particularly in times of market dislocation.

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

Global financial markets have experienced an increase in volatility as concerns about the impact of higher inflation, elevated interest rates, a potential slowdown in economic activity and the current conflicts in the Middle East have weighed on market participants. These factors have created disruptions in supply chains and economic activity and have had a particularly adverse impact on certain companies in the energy, raw materials and transportation sectors, among others. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures and equity purchase price multiples.

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

Against this backdrop, we believe attractive risk-adjusted returns can be achieved by making loans to middle market companies that typically possess resilient business models with strong underlying fundamentals. Given the breadth of the investment platform and decades of credit investing experience of Oaktree and its affiliates, we believe that we have the resources and experience to source, diligence and structure investments in these companies and are well placed to generate attractive returns for investors.

Critical Accounting Estimates
Fair Value Measurements
Oaktree, as the valuation designee of our Board of Directors pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.
Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
 
Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs that reflect Oaktree’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. Oaktree's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.
Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of our investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.
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 our
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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. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, Oaktree performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. 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. The second valuation technique is an analysis of the enterprise value, or EV, of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that we are deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, Oaktree analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. Oaktree also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company’s assets and (vii) offers from third parties to buy the portfolio company. Oaktree may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. Under the EV technique, the significant unobservable input used in the fair value measurement of our investments in debt or equity securities is the EBITDA, revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and we consider the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, Oaktree depends on primary market data, including newly funded transactions and industry-specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. Under the market yield technique, the significant unobservable input used in the fair value measurement of our investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.
In accordance with ASC 820-10, certain investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. These investments are generally not redeemable.
Oaktree estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk-free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.
The fair value of our investments as of December 31, 2023 and September 30, 2023 was determined by Oaktree, as our valuation designee. We have and will continue to engage independent valuation firms to provide assistance each quarter regarding the determination of the fair value of a portion of our portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. As of December 31, 2023, 93.5% of our portfolio at fair value was valued either based on market quotations, the transactions precedent approach or corroborated by independent valuation firms.
Certain factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly-traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, Oaktree's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to these uncertainties, Oaktree's fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments.
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As of December 31, 2023, we held $3,018.6 million of investments at fair value, up from $2,892.4 million held at September 30, 2023, primarily driven by purchases of investments during the three months ended December 31, 2023. As of December 31, 2023 and September 30, 2023, approximately 92.4% and 89.9%, respectively, of our total assets represented investments at fair value.
Revenue Recognition
We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. We may also generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Some of our investments provide for deferred interest payments or payment-in-kind, or PIK, interest income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.
Interest Income
Interest income, adjusted for accretion of original issue discount, or OID, is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of December 31, 2023, there were seven investments on non-accrual status that in the aggregate represented 5.9% and 4.2% of total debt investments at cost and fair value, respectively. As of September 30, 2023, there were there four investments on non-accrual status that in aggregate represented 2.4% and 1.8% of total debt investments at cost and fair value, respectively.
In connection with our investment in a portfolio company, we sometimes receive nominal cost equity that is valued as part of the negotiation process with the portfolio company. When we receive nominal cost equity, we allocate our cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.
PIK Interest Income
Our investments in debt securities may contain PIK interest provisions. PIK interest, which typically represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We generally cease accruing PIK interest if there is insufficient value to support the accrual or if we do not expect the portfolio company to be able to pay all principal and interest due. Our decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; our assessment of the portfolio company's business development success; information obtained by us in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. Our determination to cease accruing PIK interest is generally made well before our full write-down of a loan or debt security. In addition, if it is subsequently determined that we will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on our debt investments increases the recorded cost bases of these investments in our Consolidated Financial Statements including for purposes of computing the capital gains incentive fee payable by us to Oaktree. To maintain our status as a RIC, certain income from PIK interest may be required to be distributed to our stockholders, even though we have not yet collected the cash and may never do so.
Portfolio Composition
Our investments principally consist of loans, common and preferred equity and warrants in privately-held companies, Senior Loan Fund JV I, LLC, or SLF JV I, a joint venture through which we and Trinity Universal Insurance Company, a
subsidiary of Kemper Corporation, or Kemper, co-invest in senior secured loans of middle-market companies and other corporate debt securities, and OCSI Glick JV LLC, or the Glick JV, a joint venture through which we and GF Equity Funding 2014 LLC, or GF Equity Funding, co- invest primarily in senior secured loans of middle-market companies. We refer to SLF JV I and the Glick JV collectively as the JVs. Our loans are typically secured by a first, second or subordinated lien on the assets of the portfolio company and generally have terms of up to ten years (but an expected average life of between three and four years).
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During the three months ended December 31, 2023, we originated $370.3 million of investment commitments in 14 new and 10 existing portfolio companies and funded $367.6 million of investments.
During the three months ended December 31, 2023, we received $213.5 million of proceeds from prepayments, exits, other paydowns and sales and exited 10 portfolio companies.
A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments is shown in the following tables: 
December 31, 2023September 30, 2023
Cost:
Senior secured debt84.82 %85.24 %
Debt investments in the JVs5.12 5.35 
Preferred equity3.23 3.27 
Common equity and warrants2.74 2.37 
Subordinated debt2.37 1.97 
LLC equity interests of the JVs1.72 1.80 
Total100.00 %100.00 %
 
December 31, 2023September 30, 2023
Fair value:
Senior secured debt86.31 %86.47 %
Debt investments in the JVs5.42 5.62 
Common equity and warrants2.51 2.00 
Subordinated debt2.49 1.93 
Preferred equity2.29 2.98 
LLC equity interests of the JVs0.98 1.00 
Total100.00 %100.00 %



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The industry composition of our portfolio at cost and fair value as a percentage of total investments was as follows:
December 31, 2023September 30, 2023
Cost:
Application Software14.82 %15.39 %
Multi-Sector Holdings (1)6.89 7.21 
Health Care Services4.32 2.68 
Data Processing & Outsourced Services4.18 4.38 
Health Care Technology4.10 3.51 
Biotechnology4.01 4.15 
Industrial Machinery & Supplies & Components3.22 3.27 
Real Estate Operating Companies2.68 2.75 
Broadline Retail2.61 2.74 
Pharmaceuticals2.32 2.79 
Other Specialty Retail2.13 1.35 
Personal Care Products2.12 2.24 
Interactive Media & Services2.07 0.62 
Fertilizers & Agricultural Chemicals2.03 2.13 
Aerospace & Defense2.00 1.70 
Diversified Support Services1.98 0.77 
Environmental & Facilities Services1.98 2.07 
Health Care Distributors1.95 2.04 
Diversified Financial Services1.93 2.03 
Internet Services & Infrastructure1.91 2.00 
Airport Services1.82 1.84 
Metal, Glass & Plastic Containers1.81 1.82 
Insurance Brokers1.65 1.74 
Diversified Metals & Mining1.57 1.64 
Automotive Retail1.56 1.89 
Home Improvement Retail1.54 1.78 
Auto Parts & Equipment1.52 1.59 
Systems Software1.43 0.76 
Real Estate Services1.40 1.47 
Specialized Finance1.32 2.40 
Soft Drinks & Non-alcoholic Beverages1.32 1.40 
Leisure Facilities1.25 1.28 
Specialty Chemicals1.18 1.27 
Electrical Components & Equipment1.02 1.07 
Distributors1.01 1.24 
Advertising0.80 0.84 
Passenger Airlines0.78 0.82 
Real Estate Development0.76 0.79 
Gold0.73 0.77 
Home Furnishings0.72 0.78 
Health Care Equipment0.71 0.74 
Construction & Engineering0.68 0.73 
Hotels, Resorts & Cruise Lines0.54 0.56 
Oil & Gas Storage & Transportation0.51 0.72 
Integrated Telecommunication Services0.46 0.62 
Restaurants0.40 0.41 
Health Care Supplies0.36 0.38 
Cable & Satellite0.28 0.15 
Education Services0.26 0.46 
Food Distributors0.24 0.19 
Oil & Gas Refining & Marketing0.21 — 
Research & Consulting Services0.15 0.16 
Other Specialized REITs0.14 0.14 
Apparel Retail0.14 0.16 
Office Services & Supplies0.13 — 
Paper & Plastic Packaging Products & Materials0.10 0.11 
Housewares & Specialties0.09 0.10 
Leisure Products0.06 0.07 
Alternative Carriers0.05 — 
Diversified Chemicals0.05 — 
Consumer Finance— 0.54 
Movies & Entertainment— 0.40 
Air Freight & Logistics— 0.16 
Integrated Oil & Gas— 0.16 
Technology Distributors— 0.03 
Total100.00 %100.00 %
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December 31, 2023September 30, 2023
Fair value:
Application Software15.23 %15.73 %
Multi-Sector Holdings (1)6.47 6.69 
Biotechnology4.23 4.35 
Data Processing & Outsourced Services4.20 4.33 
Health Care Services4.04 2.31 
Health Care Technology3.56 3.30 
Industrial Machinery & Supplies & Components3.45 3.40 
Real Estate Operating Companies2.80 2.85 
Pharmaceuticals2.36 2.78 
Other Specialty Retail2.30 1.42 
Interactive Media & Services2.20 0.66 
Aerospace & Defense2.12 1.79 
Fertilizers & Agricultural Chemicals2.09 2.18 
Diversified Financial Services2.08 2.07 
Diversified Support Services2.08 0.81 
Environmental & Facilities Services2.06 2.16 
Internet Services & Infrastructure2.01 2.09 
Health Care Distributors2.01 2.10 
Personal Care Products1.97 2.07 
Metal, Glass & Plastic Containers1.84 1.85 
Airport Services1.84 1.88 
Insurance Brokers1.82 1.83 
Diversified Metals & Mining1.65 1.72 
Auto Parts & Equipment1.62 1.70 
Automotive Retail1.59 1.93 
Home Improvement Retail1.59 1.84 
Systems Software1.50 0.76 
Real Estate Services1.45 1.52 
Soft Drinks & Non-alcoholic Beverages1.39 1.47 
Specialized Finance1.38 2.41 
Broadline Retail1.30 2.39 
Leisure Facilities1.29 1.28 
Specialty Chemicals1.25 1.34 
Electrical Components & Equipment1.08 1.13 
Distributors1.03 1.29 
Passenger Airlines0.90 0.95 
Real Estate Development0.79 0.82 
Gold0.78 0.81 
Health Care Equipment0.71 0.78 
Construction & Engineering0.71 0.76 
Hotels, Resorts & Cruise Lines0.56 0.59 
Oil & Gas Storage & Transportation0.54 0.55 
Home Furnishings0.47 0.69 
Integrated Telecommunication Services0.44 0.57 
Restaurants0.43 0.43 
Advertising0.40 0.41 
Health Care Supplies0.38 0.39 
Cable & Satellite0.31 0.16 
Education Services0.28 0.47 
Food Distributors0.24 0.18 
Oil & Gas Refining & Marketing0.23 — 
Research & Consulting Services0.16 0.17 
Apparel Retail0.15 0.17 
Office Services & Supplies0.15 — 
Other Specialized REITs0.12 0.11 
Paper & Plastic Packaging Products & Materials0.10 0.11 
Housewares & Specialties0.09 0.10 
Leisure Products0.07 0.07 
Alternative Carriers0.06 — 
Diversified Chemicals0.05 — 
Consumer Finance— 0.52 
Movies & Entertainment— 0.41 
Integrated Oil & Gas— 0.17 
Air Freight & Logistics— 0.15 
Technology Distributors— 0.03 
Total100.00 %100.00 %
___________________
(1)This industry includes our investments in the JVs.

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The Joint Ventures

Senior Loan Fund JV I, LLC

In May 2014, we entered into a limited liability company, or LLC, agreement with Kemper to form SLF JV I. We co-invest in senior secured loans of middle-market companies and other corporate debt securities with Kemper through our investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by us and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by us and one representative selected by Kemper (with approval from a representative of each required). Since we do not have a controlling financial interest in SLF JV I, we do not consolidate SLF JV I. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to us and Kemper by SLF JV I. The subordinated notes issued by SLF JV I are referred to as the SLF JV I Notes. The SLF JV I Notes are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt.
As of December 31, 2023 and September 30, 2023, we and Kemper owned, in the aggregate, 87.5% and 12.5%, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes. As of each of December 31, 2023 and September 30, 2023, we and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from us. As of each of December 31, 2023 and September 30, 2023, we had aggregate commitments to fund SLF JV I of $13.1 million, of which approximately $9.8 million was to fund additional SLF JV I Notes and approximately $3.3 million was to fund LLC equity interests in SLF JV I.
Both the cost and fair value of our SLF JV I Notes were $112.7 million as of each of December 31, 2023 and September 30, 2023. We earned interest income of $3.6 million and $2.6 million on the SLF JV I Notes for the three months ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the SLF JV I Notes bore interest at a rate of one-month SOFR plus 7.00% per annum with a SOFR floor of 1.00% and will mature on December 29, 2028.
The cost and fair value of the LLC equity interests in SLF JV I held by us was $54.8 million and $29.6 million, respectively, as of December 31, 2023, and $54.8 million and $28.9 million, respectively, as of September 30, 2023. We earned $1.4 million and $1.1 million in dividend income for the three months ended December 31, 2023 and 2022, respectively, with respect to our investment in the LLC equity interests of SLF JV I.
Below is a summary of SLF JV I's portfolio as of December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Senior secured loans (1)$334,451$332,637
Weighted average interest rate on senior secured loans (2)10.57%10.62%
Number of borrowers in SLF JV I5248
Largest exposure to a single borrower (1)$11,220$11,286
Total of five largest loan exposures to borrowers (1)$51,354$54,051
__________________
(1) At principal amount.
(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

See "Note 3. Portfolio Investments" in the notes to the accompanying financial statements for more information on SLF JV I and its portfolio.
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OCSI Glick JV LLC
On March 19, 2021, we became party to the LLC agreement of the Glick JV. The Glick JV invests primarily in senior secured loans of middle-market companies. We co-invest in these securities with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by us and two of whom are selected by GF Equity Funding. All portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, consisting of one representative selected by us and one representative selected by GF Equity Funding (with approval from a representative of each required). Since we do not have a controlling financial interest in the Glick JV, we do not consolidate the Glick JV. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. The Glick JV is capitalized as transactions are completed. The members provide capital to the Glick JV in exchange for LLC equity interests, and we and GF Debt Funding, an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV, or the Glick JV Notes. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by us to fund investments of the Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Glick JV Notes, respectively.
As of December 31, 2023 and September 30, 2023, we and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and we and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Glick JV Notes. Approximately $84.0 million in aggregate commitments was funded as of each of December 31, 2023 and September 30, 2023, of which $73.5 million was from us. As of each of December 31, 2023 and September 30, 2023, we had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million was unfunded. As of each of December 31, 2023 and September 30, 2023, we had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million was unfunded.

The cost and fair value of our aggregate investment in the Glick JV was $50.6 million and $51.0 million, respectively, as of December 31, 2023. The cost and fair value of our aggregate investment in the Glick JV was $50.3 million and $50.0 million, respectively, as of September 30, 2023. For the three months ended December 31, 2023 and 2022, our investment in the Glick JV Notes earned interest income of $1.8 million and $1.6 million, respectively. We did not earn any dividend income for the three months ended December 31, 2023 and 2022 with respect to our investment in the LLC equity interests of the Glick JV.
Below is a summary of the Glick JV's portfolio as of December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Senior secured loans (1)$130,946$130,589
Weighted average current interest rate on senior secured loans (2)10.58%10.77%
Number of borrowers in the Glick JV4238
Largest loan exposure to a single borrower (1)$6,147$6,230
Total of five largest loan exposures to borrowers (1)$27,867$28,396
__________
(1) At principal amount.
(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.
See "Note 3. Portfolio Investments" in the notes to the accompanying financial statements for more information on the Glick JV and its portfolio.
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Discussion and Analysis of Results and Operations
Results of Operations
Net increase (decrease) in net assets resulting from operations includes net investment income, net realized gains (losses) and net unrealized appreciation (depreciation). Net investment income is the difference between our income from interest, dividends and fees and net expenses. Net realized gains (losses) is the difference between the proceeds received from dispositions of investment related assets and liabilities and their stated costs. Net unrealized appreciation (depreciation) is the net change in the fair value of our investment related assets and liabilities carried at fair value during the reporting period, including the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
Comparison of Three Months ended December 31, 2023 and December 31, 2022
Total Investment Income
Total investment income includes interest on our investments, fee income and dividend income.
Total investment income for the three months ended December 31, 2023 and 2022 was $98.0 million and $79.2 million, respectively. For the three months ended December 31, 2023, this amount consisted of $95.3 million of interest income from portfolio investments (which included $3.8 million of PIK interest), $1.3 million of fee income and $1.4 million of dividend income. For the three months ended December 31, 2022, this amount consisted of $76.1 million of interest income from portfolio investments (which included $6.1 million of PIK interest), $2.0 million of fee income and $1.1 million of dividend income. The increase of $18.8 million, or 23.8%, in our total investment income for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, was due primarily to a $19.2 million increase in interest income, which was primarily driven by the impact of higher base rates on our floating rate debt portfolio and a larger investment portfolio primarily from the assets acquired in the OSI2 Merger. This was partially offset by a $0.7 million decrease in fee income due to lower amendment fees.
Expenses
Net expenses (expenses net of fee waivers) for the three months ended December 31, 2023 and 2022 were $53.8 million and $40.3 million, respectively. Net expenses increased for the three months ended December 31, 2023, as compared to the three months ended December 31, 2022, by $13.5 million, or 33.5%. The increase in net expenses was primarily driven by $11.5 million of higher interest expense due to the impact of rising interest rates on our floating rate liabilities and an increase in average borrowings outstanding. Further contributing to the increase were $1.3 million of increased part I incentive fees as a result of higher adjusted net investment income and $0.8 million of higher management fees (net of waivers) as a result of a larger investment portfolio.
Net Investment Income
Net investment income for the three months ended December 31, 2023 increased by $5.4 million compared to the three months ended December 31, 2022, primarily as a result of the $18.8 million increase in total investment income and the $13.5 million increase in net expenses.
Realized Gain (Loss)
Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of investments and foreign currency and the cost basis without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with our determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.
During the three months ended December 31, 2023 and 2022, we recorded aggregate net realized losses of $8.5 million and $3.2 million, respectively, in connection with the exits and restructurings of various investments and foreign currency forward contracts. See “Note 8. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation” in the notes to the accompanying Consolidated Financial Statements for more details regarding investment realization events for the three months ended December 31, 2023 and 2022.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation or depreciation is the net change in the fair value of our investments and foreign currency during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.
During the three months ended December 31, 2023 and 2022, we recorded net unrealized depreciation of $25.0 million and $23.0 million, respectively. For the three months ended December 31, 2023, this consisted of $18.8 million of net unrealized depreciation on equity investments, $13.7 million of net unrealized depreciation on debt investments and $7.8 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $15.3 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses). For the three months ended December 31, 2022, this consisted of $18.7 million of net unrealized depreciation on debt investments and $11.0 million of net unrealized depreciation of foreign currency forward contracts, partially offset by $3.9 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $2.8 million of net unrealized appreciation on equity investments.
Financial Condition, Liquidity and Capital Resources
We have a number of alternatives available to fund our investment portfolio and our operations, including raising equity, increasing or refinancing debt and funding from operational cash flow. We generally expect to fund the growth of our investment portfolio through additional debt and equity capital, which may include securitizing a portion of our investments. We cannot assure you, however, that our efforts to grow our portfolio will be successful. For example, our common stock has traded at prices below net asset value, and we may not be able to raise additional equity at prices below the then-current net asset value per share. We intend to continue to generate cash primarily from cash flows from operations, including interest earned, and future borrowings or equity offerings. We intend to fund our future distribution obligations through operating cash flow or with funds obtained through future equity and debt offerings or credit facilities, as we deem appropriate.

Our primary uses of cash are for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including our expenses, the management and incentive fees and any indemnification obligations), (3) debt service of borrowings and (4) cash distributions to stockholders. We may also from time to time repurchase or redeem some or all of our outstanding notes. At a special meeting of our stockholders held on June 28, 2019, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us effective as of June 29, 2019. As a result of the reduced asset coverage requirement, we can incur $2 of debt for each $1 of equity as compared to $1 of debt for each $1 of equity. As of December 31, 2023, we had $1,662.9 million in senior securities and our asset coverage ratio was 188.66%. As of December 31, 2023, our target debt to equity ratio was 0.90x to 1.25x (i.e., one dollar of equity for each $0.90 to $1.25 of debt outstanding) and our net debt to equity ratio was 1.02x.
For the three months ended December 31, 2023, we experienced a net decrease in cash and cash equivalents (including restricted cash) of $13.8 million. During that period, net cash provided by operating activities was $1.1 million, primarily from $217.6 million of principal payments and sale proceeds received, the cash activities related to $44.2 million of net investment income, $77.8 million of net decreases in receivables and net increases in payables from unsettled transactions and a $27.7 million decrease in due from broker, partially offset by funding $359.9 million of investments. During the same period, net cash used by financing activities was $14.6 million, primarily consisting of $47.0 million of cash distributions paid to our stockholders, partially offset by $32.4 million of proceeds from the issuance of shares under the "at the market" offering.
For the three months ended December 31, 2022, we experienced a net decrease in cash and cash equivalents (including restricted cash) of $7.1 million. During that period, net cash used in operating activities was $109.9 million, primarily from funding $261.4 million of investments and $10.0 million of net decrease in payables from unsettled transactions, partially offset by $108.8 million of principal payments and sale proceeds received, the cash activities related to $38.8 million of net investment income and a $16.3 million increase in due from portfolio companies. During the same period, net cash provided by financing activities was $103.3 million, primarily consisting of $160.0 million of net borrowings under the credit facilities, partially offset by $56.7 million of cash distributions paid to our stockholders.
As of December 31, 2023, we had $131.7 million in cash and cash equivalents (including $19.3 million of restricted cash), portfolio investments (at fair value) of $3.0 billion, $43.0 million of interest, dividends and fees receivable, $7.9 million of due from portfolio companies, $907.5 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $33.3 million of net payables from unsettled transactions, $710.0 million of borrowings outstanding under our credit facilities and $912.7 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).
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As of September 30, 2023, we had $145.5 million in cash and cash equivalents (including $9.1 million of restricted cash), portfolio investments (at fair value) of $2.9 billion, $44.6 million of interest, dividends and fees receivable, $6.3 million of due from portfolio companies, $907.5 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $44.4 million of net receivables from unsettled transactions, $710.0 million of borrowings outstanding under our credit facilities and $890.7 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of December 31, 2023, our only off-balance sheet arrangements consisted of $226.6 million of unfunded commitments, which was comprised of $199.5 million to provide debt and equity financing to certain of our portfolio companies and $27.1 million to provide financing to the JVs. Of the $199.5 million, approximately $165.9 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2023, our only off-balance sheet arrangements consisted of $232.7 million of unfunded commitments, which was comprised of $205.6 million to provide debt and equity financing to certain of our portfolio companies and $27.1 million to provide financing to the JVs. Of the $205.6 million, approximately $154.2 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.
As of December 31, 2023, we have analyzed cash and cash equivalents, availability under our credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believe our liquidity and capital resources are sufficient to invest in market opportunities as they arise.
Contractual Obligations
The following table reflects information pertaining to our principal debt outstanding under the Syndicated Facility, the OSI2 Citibank Facility, the 2025 Notes, the 2027 Notes and the 2029 Notes (each as defined below):
Debt Outstanding
as of September 30, 2023
Debt Outstanding
as of December 31, 2023
Weighted average debt
outstanding for the
three months ended
December 31, 2023
Maximum debt
outstanding for the three months ended
December 31, 2023
Syndicated Facility$430,000 $430,000 $430,435 $450,000 
OSI2 Citibank Facility280,000 280,000 280,000 280,000 
2025 Notes300,000 300,000 300,000 300,000 
2027 Notes350,000 350,000 350,000 350,000 
2029 Notes300,000 300,000 300,000 300,000 
Total debt$1,660,000 $1,660,000 $1,660,435 
 
The following table reflects our contractual obligations arising from the Syndicated Facility, the OSI2 Citibank Facility, the 2025 Notes, the 2027 Notes and the 2029 Notes:
 
 Payments due by period as of December 31, 2023
Contractual ObligationsTotalLess than 1 year1-3 years3-5 yearsMore than 5 years
Syndicated Facility$430,000 $— $— $430,000 $— 
Interest due on Syndicated Facility144,019 32,131 64,262 47,626 — 
OSI2 Citibank Facility280,000 — — 280,000 — 
Interest due on OSI2 Citibank Facility 67,965 22,110 44,220 1,635 — 
2025 Notes300,000 — 300,000 — — 
Interest due on 2025 Notes12,140 10,500 1,640 — — 
2027 Notes350,000 — — 350,000 — 
Interest due on 2027 Notes (a)77,914 25,597 51,194 1,123 — 
2029 Notes300,000 — — — 300,000 
Interest due on 2029 Notes (a)130,934 25,516 51,031 51,031 3,356 
Total$2,092,972 $115,854 $512,347 $1,161,415 $303,356 
__________ 
(a) The interest due on the 2027 Notes and the 2029 Notes was calculated net of the interest rate swaps.
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Equity Issuances
During the three months ended December 31, 2023, we issued an aggregate of 98,605 shares of common stock as part of the DRIP.
On February 7, 2022, we entered into an equity distribution agreement by and among us, Oaktree, Oaktree Administrator and Keefe, Bruyette & Woods, Inc., JMP Securities LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., as placement agents, in connection with the issuance and sale by us of shares of common stock, having an aggregate offering price of up to $125.0 million. The equity distribution agreement was amended on February 8, 2023 to allow for the sale of shares of our common stock having an aggregate offering price of up to $125 million under our current registration statement and on August 8, 2023 to add Jefferies LLC as an additional placement agent and to remove SMBC Nikko Securities America, Inc. as a placement agent. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.
In connection with the "at the market" offering, we issued and sold 1,641,416 shares of common stock during the year ended December 31, 2023 for net proceeds of $32.3 million (net of offering costs).
Number of Shares IssuedGross ProceedsPlacement Agent FeesNet Proceeds (1)Average Sales Price per Share (2)
"At the market" offering1,641,416 $32,725 $327 $32,398 $19.94 
(1) Net proceeds excludes offering costs of $0.1 million.
(2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.
In connection with the "at the market" offering, we did not issue or sell any shares of common stock during the three months ended December 31, 2022.
Distributions
The following table reflects the distributions per share that we have paid, including shares issued under our DRIP, on our common stock since October 1, 2021. The distributions per share and shares issued under our DRIP information disclosed in this table for dates prior to January 23, 2023 have been retroactively adjusted to reflect our 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.
DistributionDate DeclaredRecord DatePayment DateAmount
per Share
Cash
Distribution
DRIP Shares
Issued (1)
DRIP Shares
Value
QuarterlyOctober 13, 2021December 15, 2021December 31, 2021$0.465 $ 27.2 million35,990 $ 0.8 million
QuarterlyJanuary 28, 2022March 15, 2022March 31, 20220.48 28.5 million34,804 0.8 million
QuarterlyApril 29, 2022June 15, 2022June 30, 20220.495 29.4 million43,676 0.9 million
QuarterlyJuly 29, 2022September 15, 2022September 30, 20220.51 30.2 million51,181 1.0 million
QuarterlyNovember 10, 2022December 15, 2022December 30, 20220.54 32.0 million53,369 1.1 million
SpecialNovember 10, 2022December 15, 2022December 30, 20220.42 24.8 million41,510 0.8 million
QuarterlyJanuary 27, 2023March 15, 2023March 31, 20230.55 41.1 million68,412 1.3 million
QuarterlyApril 28, 2023June 15, 2023June 30, 20230.55 41.3 million57,279 1.1 million
QuarterlyJuly 28, 2023September 15, 2023September 29, 20230.55 40.9 million76,766 1.5 million
QuarterlyNovember 8, 2023December 15, 2023December 29, 20230.55 41.7 million87,472 1.7 million
SpecialNovember 8, 2023December 15, 2023December 29, 20230.07 5.3 million11,133 0.2 million
 ______________
(1) Shares were purchased on the open market and distributed other than with respect to the distributions paid on December 31, 2021, March 31, 2022, December 30, 2022, September 30, 2023 and December 31, 2023. New shares were issued with respect to distributions paid on December 31, 2021, March 31, 2022, December 30, 2022, September 30, 2023 and December 31, 2023.

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

As of December 31, 2023, (i) the size of the our senior secured revolving credit facility, or, as amended and/or restated from time to time, the Syndicated Facility, pursuant to a senior secured revolving credit agreement, with the lenders, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and 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, was $1.218 billion (with an “accordion” feature that permits us, under certain circumstances, to increase the size of the facility to up to the greater of $1.25 billion and our net worth (as defined in the Syndicated Facility) on the date of such increase), (ii) the period during which we may make drawings on $1.035 billion of commitments will expire on June 23, 2027 and the maturity date was June 23, 2028, (iii) the period during which we may make drawings with respect to the remaining commitments will expire on May 4, 2025 and the maturity date is May 4, 2026 and (iv) the interest rate margin for (a) SOFR loans (which may be 1- or 3-month, at our option) was 2.00% plus a SOFR adjustment which ranges between 0.11448% and 0.26161% and (b) alternate base rate loans was 1.00%.

Each loan or letter of credit originated or assumed under the Syndicated Facility is subject to the satisfaction of certain conditions. Borrowings under the Syndicated Facility are subject to the facility’s various covenants and the leverage restrictions contained in the Investment Company Act. We cannot assure you that we will be able to borrow funds under the Syndicated Facility at any particular time or at all.
The following table describes significant financial covenants, as of December 31, 2023, with which we must comply under the Syndicated Facility on a quarterly basis:
Financial CovenantDescriptionTarget ValueSeptember 30, 2023 Reported Value (1)
Minimum shareholders' equityNet assets shall not be less than the sum of (x) $600 million, plus (y) 50% of the aggregate net proceeds of all sales of equity interests after May 6, 2020$770 million $1,516 million
Asset coverage ratioAsset coverage ratio shall not be less than the greater of 1.50:1 and the statutory test applicable to us1.50:11.88:1
Interest coverage ratioInterest coverage ratio shall not be less than 2.25:12.25:12.52:1
Minimum net worthNet worth shall not be less than $550 million$550 million$1,105 million
 ___________ 
(1) As contractually required, we report financial covenants based on the last filed quarterly or annual report, in this case our Annual Report on Form 10-K for the year ended September 30, 2023. We were in compliance with all financial covenants under the Syndicated Facility based on the financial information contained in this Quarterly Report on Form 10-Q.
As of each of December 31, 2023 and September 30, 2023, we had $430.0 million of borrowings outstanding under the Syndicated Facility, which had a fair value of $430.0 million. Our borrowings under the Syndicated Facility bore interest at a weighted average interest rate of 7.621% and 5.849% for the three months ended December 31, 2023 and 2022, respectively. For the three months ended December 31, 2023 and 2022, we recorded interest expense (inclusive of fees) of $9.6 million and $10.0 million, respectively, related to the Syndicated Facility.
Citibank Facility
On March 19, 2021, we became party to a revolving credit facility, or, as amended and/or restated from time to time, the Citibank Facility, with OCSL Senior Funding II LLC, our wholly-owned, special purpose financing subsidiary, as the borrower, us, 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 May 25, 2023, in connection with an amendment to the OSI2 Citibank Facility, the Citibank Facility was terminated.
Our borrowings under the Citibank Facility bore interest at a weighted average interest rate of 6.508% for the three months ended December 31, 2022. For the three months ended December 31, 2022, we recorded interest expense (inclusive of fees) of $2.7 million related to the Citibank Facility.

OSI2 Citibank Facility
On January 23, 2023, as a result of the consummation of the OSI2 Merger, we became party to a revolving credit facility, or, as amended and/or restated from time to time, the OSI2 Citibank Facility., with OSI 2 Senior Lending SPV, LLC, or OSI 2 SPV, our wholly-owned and consolidated subsidiary, as the borrower, us, as collateral manager, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent.
As of December 31, 2023, we were able to borrow up to $400 million under the OSI2 Citibank Facility (subject to borrowing base and other limitations). As of December 31, 2023, the OSI2 Citibank Facility had a reinvestment period through May 25, 2025, during which advances may be made, and matures on January 26, 2027. Following the reinvestment period, OSI
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2 SPV will be required to make certain mandatory amortization payments. Borrowings under the OSI2 Citibank Facility bear interest payable quarterly at a rate per year equal to (a) in the case of a lender that is identified as a conduit lender, the lesser of (i) the applicable commercial paper rate for such conduit lender and (ii) SOFR plus 2.00% per annum on broadly syndicated loans and 2.75% per annum on all other eligible loans and (b) for all other lenders under the OSI2 Citibank Facility, SOFR plus 2.00% per annum on broadly syndicated loans and 2.75% per annum on all other eligible loans, subject in all cases to a minimum overall rate of SOFR plus 2.50% per annum. After the reinvestment period, the applicable spread is 4.00% per year. There is also a non-usage fee of 0.50% per year on the unused portion of the OSI2 Citibank Facility, payable quarterly; provided that if the unused portion of the OSI2 Citibank Facility is greater than 30% of the commitments under the OSI2 Citibank Facility, the non-usage fee will be based on an unused portion of 30% of the commitments under the OSI2 Citibank Facility. The OSI2 Citibank Facility is secured by a first priority security interest in substantially all of OSI 2 SPV’s assets. As part of the OSI2 Citibank Facility, OSI 2 SPV is subject to certain limitations as to how borrowed funds may be used and the types of loans that are eligible to be acquired by OSI 2 SPV including restrictions on sector concentrations, loan size, tenor and minimum investment ratings (or estimated ratings). The OSI2 Citibank Facility also contains certain requirements relating to interest coverage, collateral quality and portfolio performance, certain violations of which could result in the acceleration of the amounts due under the OSI2 Citibank Facility.
As of each of December 31, 2023 and September 30, 2023, we had $280.0 million outstanding under the OSI2 Citibank Facility, which had a fair value of $280.0 million. Our borrowings under the OSI2 Citibank Facility bore interest at a weighted average interest rate of 8.204% for the three months ended December 31, 2023. For the three months ended December 31, 2023, we recorded interest expense (inclusive of fees) of $6.1 million related to the OSI2 Citibank Facility.
2025 Notes
On February 25, 2020, we issued $300.0 million in aggregate principal amount of the 2025 Notes for net proceeds of $293.8 million after deducting OID of $2.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.7 million. The OID on the 2025 Notes is amortized based on the effective interest method over the term of the notes.
2027 Notes
On May 18, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes for net proceeds of $344.8 million after deducting OID of $1.0 million, underwriting commissions and discounts of $3.5 million and offering costs of $0.7 million. The OID on the 2027 Notes is amortized based on the effective interest method over the term of the notes.
In connection with the 2027 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 2.700% and pay a floating interest rate of the three-month SOFR plus 1.658% plus a SOFR adjustment of 0.26161% on a notional amount of $350 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.
2029 Notes
On August 15, 2023, we issued $300.0 million in aggregate principal amount of the 2029 Notes for net proceeds of $292.9 million after deducting OID of $3.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.6 million. The OID on the 2029 Notes is amortized based on the effective interest method over the term of the notes.
In connection with the 2029 Notes, we entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 7.100% and pays a floating interest rate of the three-month SOFR plus 3.1255% on a notional amount of $300 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.
The below table presents the components of the carrying value of the 2025 Notes, the 2027 Notes and the 2029 Notes as of December 31, 2023 and September 30, 2023:
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 As of December 31, 2023As of September 30, 2023
($ in millions)2025 Notes2027 Notes2029 Notes2025 Notes2027 Notes2029 Notes
Principal$300.0 $350.0 $300.0 $300.0 $350.0 $300.0 
  Unamortized financing costs(0.9)(2.3)(3.4)(1.1)(2.5)(3.5)
  Unaccreted discount(0.6)(0.5)(3.2)(0.7)(0.6)(3.4)
  Interest rate swap fair value adjustment— (30.4)4.0 — (40.5)(7.0)
Net carrying value$298.5 $316.8 $297.4 $298.2 $306.4 $286.1 
Fair Value$291.2 $315.1 $310.4 $286.4 $301.8 $290.0 
The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes, and the 2029 Notes for the three months ended December 31, 2023:
($ in millions)2025 Notes2027 Notes2029 Notes
Coupon interest$2.6 $2.4 $5.3 
Amortization of financing costs and discount0.3 0.2 0.3 
Effect of interest rate swap — 4.2 1.2 
 Total interest expense$2.9 $6.8 $6.8 
Coupon interest rate (net of effect of interest rate swaps)3.500 %7.455 %8.679 %
The below table presents the components of interest and other debt expenses related to the 2025 Notes and the 2027 Notes for the three months ended December 31, 2022:
($ in millions)2025 Notes2027 Notes
Coupon interest$2.6 $2.4 
Amortization of financing costs and discount0.3 0.2 
Effect of interest rate swap — 2.5 
 Total interest expense$2.9 $5.1 
Coupon interest rate (net of effect of interest rate swap for 2027 Notes)3.500 %5.586 %

Regulated Investment Company Status and Distributions

We have qualified and elected to be treated as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As long as we continue to qualify as a RIC, we will not be subject to tax on our investment company taxable income (determined without regard to any deduction for dividends paid) or realized net capital gains, to the extent that such taxable income or gains is distributed, or deemed to be distributed as dividends, to stockholders on a timely basis.
Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation. Distributions declared and paid by us in a taxable year may differ from taxable income for that taxable year as such distributions may include the distribution of taxable income derived from the current taxable year or the distribution of taxable income derived from the prior taxable year carried forward into and distributed in the current taxable year. Distributions also may include returns of capital.
To maintain RIC tax treatment, we must, among other things, distribute (or be deemed to distribute) dividends, with respect to each taxable year, of an amount at least equal to 90% of our investment company taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any), determined without regard to any deduction for dividends paid. As a RIC, we are also subject to a federal excise tax, based on distribution requirements of our taxable income on a calendar year basis. We anticipate timely distribution of our taxable income in accordance with tax rules. We did not incur a U.S. federal excise tax for calendar year 2021. For the calendar year 2022, we incurred $0.1 million of excise tax. We do not expect to incur a U.S. federal excise tax for calendar year 2023.
We intend to distribute at least 90% of our annual taxable income (which includes our taxable interest and fee income) to our stockholders. The covenants contained in our credit facilities may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement associated with our ability to be subject to tax as a RIC. In addition, we may retain for investment some or all of our net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do
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this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal and taxable year fall below the total amount of our dividend distributions for that fiscal and taxable year, a portion of those distributions may be deemed a return of capital to our stockholders.
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a Business Development Company under the Investment Company Act and due to provisions in our credit facilities and debt instruments. If we do not distribute a certain percentage of our taxable income annually, we will suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.
A RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to certain limitations regarding the aggregate amount of cash to be distributed to all stockholders. If these and certain other requirements are met, for U.S federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.
We may generate qualified net interest income or qualified net short-term capital gains that may be exempt from U.S. withholding tax when distributed to foreign stockholders. A RIC is permitted to designate distributions of qualified net interest income and qualified short-term capital gains as exempt from U.S. withholding tax when paid to non-U.S. shareholders with proper documentation. The following table, which may be subject to change as we finalize our annual tax filings, lists the percentage of qualified net interest income and qualified short-term capital gains for the year ended September 30, 2023.
Year EndedQualified Net Interest IncomeQualified Short-Term Capital Gains
September 30, 202389.4 %— 
We have adopted a DRIP that provides for the reinvestment of any distributions that we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board of Directors declares a cash distribution, then our stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving a cash distribution. If our shares are trading at a premium to net asset value, we typically issue new shares to implement the DRIP, with such shares issued at the greater of the most recently computed net asset value per share of our common stock or 95% of the current market value per share of our common stock on the payment date for such distribution. If our shares are trading at a discount to net asset value, we typically purchase shares in the open market in connection with our obligations under the DRIP.
Related Party Transactions
We have entered into the Investment Advisory Agreement with Oaktree and the Administration Agreement with Oaktree Administrator, an affiliate of Oaktree. Mr. John B. Frank, an interested member of our Board of Directors, has an indirect pecuniary interest in Oaktree. Oaktree is a registered investment adviser under the Investment Advisers Act of 1940, as amended, that is partially and indirectly owned by Oaktree Capital Group, LLC. See “Note 10. Related Party Transactions – Investment Advisory Agreement” and “– Administrative Services” in the notes to the accompanying Consolidated Financial Statements.
Recent Developments
Distribution Declaration
On January 26, 2024, our Board of Directors declared a quarterly distribution of $0.55 per share, payable in cash on March 29, 2024 to stockholders of record on March 15, 2024.




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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.
Valuation Risk
Our investments may not have a readily available market price, and we value these investments at fair value as determined by Oaktree, as our valuation designee. There is no single standard for determining fair value in good faith and valuation methodologies involve a significant degree of management judgment. In addition, our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments. Accordingly, valuations by Oaktree do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments. Estimated fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the financial statements.
Interest Rate Risk
We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle fund investments. Our risk management procedures are designed to identify and analyze our risk, to set appropriate policies and to continually monitor these risks. Our investment income will be affected by changes in various interest rates, including SOFR, LIBOR, SONIA and prime rates, to the extent our debt investments include floating interest rates.
As of December 31, 2023, 84.3% of our debt investment portfolio (at fair value) and 84.8% of our debt investment portfolio (at cost) bore interest at floating rates. As of September 30, 2023, 86.2% of our debt investment portfolio (at fair value) and 86.4% of our debt investment portfolio (at cost) bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of December 31, 2023 and September 30, 2023, was as follows: 
 December 31, 2023September 30, 2023
($ in thousands)Fair Value% of Floating Rate PortfolioFair Value% of Floating Rate Portfolio
0%$267,929 11.2 %$169,693 7.2 %
>0% and <1%543,821 22.7 %522,027 22.3 %
1%1,325,797 55.3 %1,405,134 59.9 %
>1%260,117 10.8 %248,351 10.6 %
Total Floating Rate Investments$2,397,664 100.0 %$2,345,205 100.0 %

Based on our Consolidated Statement of Assets and Liabilities as of December 31, 2023, 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 increaseIncrease in Interest Income(Increase) in Interest ExpenseNet increase in net assets resulting from operations
250$63,148 $(34,000)$29,148 
20050,458 (27,200)23,258 
15037,767 (20,400)17,367 
10025,077 (13,600)11,477 
5012,538 (6,800)5,738 


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($ in thousands) Basis point decrease(Decrease) in Interest IncomeDecrease in Interest ExpenseNet (decrease) in net assets resulting from operations
50$(12,538)$6,800 $(5,738)
100(25,077)13,600 (11,477)
150(37,615)20,400 (17,215)
200(50,154)27,200 (22,954)
250(62,683)34,000 (28,683)

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. The following table shows a comparison of the interest rate base for our interest-bearing cash and outstanding investments, at principal, and our outstanding borrowings as of December 31, 2023 and September 30, 2023: 
 December 31, 2023September 30, 2023
($ in thousands)Interest Bearing
Cash and
Investments
BorrowingsInterest Bearing
Cash and
Investments
Borrowings
Money market rate$8,722 $— $83,262 $— 
Prime rate33,664 — 2,221 — 
LIBOR
30 day— — 26,692 — 
90 day — — 45,671 — 
180 day— — 54,559 — 
EURIBOR
30 day— — 5,500 — 
90 day24,731 — 24,731 — 
180 day6,666 — 6,666 — 
SOFR
30 day$805,045 430,000 $682,693 430,000 
90 day (a)1,584,126 930,000 1,533,240 930,000 
180 day32,894 — 32,894 — 
SONIA£50,945 — £53,250 — 
Fixed rate$463,577 300,000 $392,019 300,000 
__________ 
(a)Borrowings include the 2027 Notes and 2029 Notes, which pay interest at a floating rate under the terms of the interest rate swap.
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Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2023. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Based on the evaluation of our disclosure controls and procedures as of December 31, 2023, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, in timely identifying, recording, processing, summarizing and reporting any material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act.

There were no changes in our internal control over financial reporting that occurred during the three months ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1.     Legal Proceedings
We are currently not a party to any pending material legal proceedings.

Item 1A. Risk Factors
There have been no material changes during the three months ended December 31, 2023 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2023.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
None.

Item 3. Defaults Upon Senior Securities
None.
Item 4.     Mine Safety Disclosures
Not applicable.

Item 5. Other Information
During the three months ended December 31, 2023, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

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Item 6. Exhibits
 
  Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008).
  Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).
  Certificate of Correction to the Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(3) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).
  Certificate of Amendment to Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Quarterly Report on Form 10-Q (File No. 001-33901) filed on May 5, 2010).
  Certificate of Amendment to Registrant’s Certificate of Incorporation (Incorporated by reference to Exhibit (a)(5) filed with the Registrant’s Registration Statement on Form N-2 (File No. 333-180267) filed on April 2, 2013).
Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of October 17, 2017 (Filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of January 20, 2023 (Incorporated by reference to Exhibit 3.7 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on January 20, 2023).
Fourth Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-K (File No. 814-00755) filed on January 29, 2018).
  
Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008).


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  Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
  Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
  Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
  Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*Filed herewith.






SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
OAKTREE SPECIALTY LENDING CORPORATION
By: /s/   Armen Panossian
 Armen Panossian
 Chief Executive Officer
By: /s/   Christopher McKown
 Christopher McKown
 Chief Financial Officer and Treasurer
Date: January 31, 2024




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