UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

 

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2025

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 Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	OCSL	The Nasdaq Stock Market LLC

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

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

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

Large accelerated filer  þ	Accelerated filer  ¨	Non-accelerated filer  ¨	Smaller reporting company  ☐
Emerging growth company  ☐	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

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

The registrant had 88,085,523 shares of common stock outstanding as of April 29, 2025.

OAKTREE SPECIALTY LENDING CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

TABLE OF CONTENTS

		PART I — FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and September 30, 2024	2
		Consolidated Statements of Operations (unaudited) for the three and six months ended March 31, 2025 and 2024	3
		Consolidated Statements of Changes in Net Assets (unaudited) for the three and six months ended March 31, 2025 and 2024	4
		Consolidated Statements of Cash Flows (unaudited) for the six months ended March 31, 2025 and 2024	5
		Consolidated Schedule of Investments (unaudited) as of March 31, 2025	6
		Consolidated Schedule of Investments as of September 30, 2024	18
		Notes to Consolidated Financial Statements (unaudited)	29
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		86
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		106
Item 4.	Controls and Procedures		108
		PART II — OTHER INFORMATION
Item 1.	Legal Proceedings		108
Item 1A.	Risk Factors		108
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		108
Item 3.	Defaults Upon Senior Securities		108
Item 4.	Mine Safety Disclosures		108
Item 5.	Other Information		108
Item 6.	Exhibits		109
Signatures			110

1

PART I

Item 1. Consolidated Financial Statements.

Oaktree Specialty Lending Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

	March 31, 2025 (unaudited)		September 30, 2024
ASSETS
Investments at fair value:
Control investments (cost March 31, 2025: $375,317; cost September 30, 2024: $372,901)	$	230,904	$	289,404
Affiliate investments (cost March 31, 2025: $35,295; cost September 30, 2024: $38,175)	32,475		35,677
Non-control/Non-affiliate investments (cost March 31, 2025: $2,703,644; cost September 30, 2024: $2,733,843)	2,629,392		2,696,198
Total investments at fair value (cost March 31, 2025: $3,114,256; cost September 30, 2024: $3,144,919)	2,892,771		3,021,279
Cash and cash equivalents	97,838		63,966
Restricted cash	10,370		14,577
Interest, dividends and fees receivable	22,768		38,804
Due from portfolio companies	317		12,530
Receivables from unsettled transactions	18,526		17,548
Due from broker	25,190		17,060
Deferred financing costs	10,196		11,677
Deferred offering costs	161		125
Other assets	1,030		775
Total assets	$	3,079,167	$	3,198,341
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	3,451	$	3,492
Base management fee and incentive fee payable	7,332		15,517
Due to affiliate	1,277		4,088
Interest payable	14,087		16,231
Payables from unsettled transactions	110,202		15,666
Derivative liabilities at fair value	19,219		16,843
Credit facilities payable	520,000		710,000
Unsecured notes payable (net of $7,573 and $4,935 of unamortized financing costs as of March 31, 2025 and September 30, 2024, respectively)	928,486		928,693
Total liabilities	1,604,054		1,710,530
Commitments and contingencies (Note 13)
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086 and 82,245 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively	881		822
Additional paid-in-capital	2,367,337		2,264,449
Accumulated overdistributed earnings	(893,105)		(777,460)
Total net assets (equivalent to $16.75 and $18.09 per common share as of March 31, 2025 and September 30, 2024, respectively) (Note 11)	1,475,113		1,487,811
Total liabilities and net assets	$	3,079,167	$	3,198,341

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 March 31, 2025		Three months ended March 31, 2024		Six months ended March 31, 2025		Six months ended March 31, 2024
Interest income:
Control investments	$	4,884	$	5,949	$	10,110	$	11,954
Affiliate investments	159		10		325		334
Non-control/Non-affiliate investments	63,915		77,803		135,724		160,524
Interest on cash and cash equivalents	1,565		1,494		2,786		3,858
Total interest income	70,523		85,256		148,945		176,670
PIK interest income:
Control investments	—		598		830		1,142
Affiliate investments	27		—		55		—
Non-control/Non-affiliate investments	4,504		4,218		9,374		7,523
Total PIK interest income	4,531		4,816		10,259		8,665
Fee income:
Control investments	—		13		—		26
Affiliate investments	—		—		—		5
Non-control/Non-affiliate investments	1,742		2,533		3,421		3,822
Total fee income	1,742		2,546		3,421		3,853
Dividend income:
Control investments	700		1,400		1,400		2,800
Non-control/Non-affiliate investments	72		11		190		26
Total dividend income	772		1,411		1,590		2,826
Total investment income	77,568		94,029		164,215		192,014
Expenses:
Base management fee	7,515		11,604		15,659		23,081
Part I incentive fee	6,733		8,452		14,646		17,480
Professional fees	1,227		1,213		2,294		2,717
Directors fees	160		160		320		320
Interest expense	28,191		31,881		58,753		64,051
Administrator expense	388		326		825		692
General and administrative expenses	937		526		1,863		1,117
Total expenses	45,151		54,162		94,360		109,458
Management fees waived	(183)		(1,500)		(933)		(3,000)
Part I incentive fees waived	(6,733)		—		(13,110)		—
Net expenses	38,235		52,662		80,317		106,458
Net investment income before taxes	39,333		41,367		83,898		85,556
(Provision) benefit for taxes on net investment income	(278)		—		(541)		—
Net investment income	39,055		41,367		83,357		85,556
Unrealized appreciation (depreciation):
Control investments	(37,686)		(6,193)		(60,916)		(4,854)
Affiliate investments	(642)		93		(322)		(832)
Non-control/Non-affiliate investments	(28,975)		(21,396)		(36,173)		(39,011)
Foreign currency forward contracts	(14,720)		2,244		(4,226)		(5,580)
Net unrealized appreciation (depreciation)	(82,023)		(25,252)		(101,637)		(50,277)
Realized gains (losses):
Control investments	13		—		13		786
Affiliate investments	333		—		45		—
Non-control/Non-affiliate investments	(1,547)		(5,433)		(18,603)		(18,773)
Foreign currency forward contracts	7,906		(1,170)		7,940		2,931
Net realized gains (losses)	6,705		(6,603)		(10,605)		(15,056)
(Provision) benefit for taxes on realized and unrealized gains (losses)	14		(175)		(125)		(351)
Net realized and unrealized gains (losses), net of taxes	(75,304)		(32,030)		(112,367)		(65,684)
Net increase (decrease) in net assets resulting from operations	$	(36,249)	$	9,337	$	(29,010)	$	19,872
Net investment income per common share — basic and diluted	$	0.45	$	0.52	$	0.99	$	1.09
Earnings (loss) per common share — basic and diluted (Note 5)	$	(0.42)	$	0.12	$	(0.35)	$	0.25
Weighted average common shares outstanding — basic and diluted	85,916		79,763		84,061		78,797

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 March 31, 2025		Three months ended March 31, 2024		Six months ended March 31, 2025		Six months ended March 31, 2024
Operations:
Net investment income	$	39,055	$	41,367	$	83,357	$	85,556
Net unrealized appreciation (depreciation)	(82,023)		(25,252)		(101,637)		(50,277)
Net realized gains (losses)	6,705		(6,603)		(10,605)		(15,056)
(Provision) benefit for taxes on realized and unrealized gains (losses)	14		(175)		(125)		(351)
Net increase (decrease) in net assets resulting from operations	(36,249)		9,337		(29,010)		19,872
Stockholder transactions:
Distributions to stockholders	(41,400)		(44,715)		(86,635)		(93,612)
Net increase (decrease) in net assets from stockholder transactions	(41,400)		(44,715)		(86,635)		(93,612)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan	4,289		1,853		5,744		3,789
Repurchase of common stock under dividend reinvestment plan	(4,289)		—		(5,744)		—
Issuance of common stock in private placement	100,000		—		100,000		—
Issuance of common stock in connection with the "at the market" offering	2,947		45,973		2,947		78,286
Net increase (decrease) in net assets from capital share transactions	102,947		47,826		102,947		82,075
Total increase (decrease) in net assets	25,298		12,448		(12,698)		8,335
Net assets at beginning of period	1,449,815		1,511,651		1,487,811		1,515,764
Net assets at end of period	$	1,475,113	$	1,524,099	$	1,475,113	$	1,524,099
Net asset value per common share	$	16.75	$	18.72	$	16.75	$	18.72
Common shares outstanding at end of period	88,086		81,396		88,086		81,396

See notes to Consolidated Financial Statements.

4

Oaktree Specialty Lending Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Six months ended March 31, 2025		Six months ended March 31, 2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	(29,010)	$	19,872
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation	101,637		50,277
Net realized (gains) losses	10,605		15,056
PIK interest income	(10,259)		(8,665)
Accretion of original issue discount on investments	(9,340)		(8,281)
Accretion of original issue discount on unsecured notes payable	604		652
Amortization of deferred financing costs	2,545		2,495
Deferred taxes	—		(5)
Purchases of investments	(600,873)		(733,474)
Proceeds from the sales and repayments of investments	640,297		540,176
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable	15,719		3,625
(Increase) decrease in due from portfolio companies	12,213		4,520
(Increase) decrease in receivables from unsettled transactions	(978)		35,069
(Increase) decrease in due from broker	(8,130)		13,630
(Increase) decrease in other assets	(255)		(815)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(212)		825
Increase (decrease) in base management fee and incentive fee payable	(8,185)		(991)
Increase (decrease) in due to affiliate	(2,811)		(537)
Increase (decrease) in interest payable	(2,144)		62
Increase (decrease) in payables from unsettled transactions	94,536		50,014
Net cash provided by (used in) operating activities	205,959		(16,495)
Financing activities:
Distributions paid in cash	(80,891)		(89,823)
Borrowings under credit facilities	325,000		70,000
Repayments of borrowings under credit facilities	(515,000)		(50,000)
Repayments of unsecured notes	(300,000)		—
Issuance of unsecured notes	299,976		—
Shares issued under the "at the market" offering	2,960		78,455
Repurchases of common stock under dividend reinvestment plan	(5,744)		—
Shares issued in private placement	100,000		—
Deferred financing costs paid	(3,531)		—
Deferred offering costs paid	(43)		(170)
Net cash provided by (used in) financing activities	(177,273)		8,462
Effect of exchange rate changes on foreign currency	979		(14)
Net increase (decrease) in cash and cash equivalents and restricted cash	29,665		(8,047)
Cash and cash equivalents and restricted cash, beginning of period	78,543		145,539
Cash and cash equivalents and restricted cash, end of period	$	108,208	$	137,492
Supplemental information:
Cash paid for interest	$	57,748	$	60,842
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan	$	—	$	3,789
Deferred financing costs	171		—
Reconciliation to the Consolidated Statements of Assets and Liabilities	March 31, 2025		September 30, 2024
Cash and cash equivalents	$	97,838	$	63,966
Restricted cash	10,370		14,577
Total cash and cash equivalents and restricted cash	$	108,208	$	78,543

See notes to Consolidated Financial Statements.

5

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares		Principal (7)		Cost		Fair Value		Notes
Control Investments																(8)(9)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						829				$	—	$	—	(15)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						34,984,460				34,984		25,889		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Preferred Equity						3,137,476				3,137		3,514		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Common Stock						22,267,661				16,172		10,688		(15)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%			8/28/2025			$	6,967	5,303		5,351		(6)(15)(20)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.50%			8/28/2025			12,465		13,182		—		(6)(15)(20)
Dominion Diagnostics, LLC	Health Care Services	Common Stock						30,031				15,222		—		(15)
OCSI Glick JV LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50%	8.94%		10/20/2028			58,349		52,355		47,327		(6)(11)(14)(15)(19)
OCSI Glick JV LLC	Multi-Sector Holdings	Membership Interest						87.5	%			—		—		(11)(14)(16)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00%	11.44%		12/29/2028			112,656		112,656		112,656		(6)(11)(14)(15)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Membership Interest						87.5	%			54,791		15,966		(11)(12)(14)(16)(19)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			3,537		3,346		1,097		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			19,009		16,940		5,893		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			3,768		3,612		1,168		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			1,698		1,643		527		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			1,652		1,572		512		(15)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			317		310		316		(15)(19)(20)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock						1,184,630				40,092		—		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants						66,686				—		—		(15)
Total Control Investments (15.7% of net assets)												$	375,317	$	230,904
Affiliate Investments																(17)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00%	6.40%	2.00%	9/29/2026			$	1,837	$	1,791	$	1,758	(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	5.00%	7.40%	2.00%	3/29/2027			3,674		3,559		3,498		(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan				10.00%	3/29/2028			3,722		3,027		3,183		(15)(20)
All Web Leads, Inc.	Advertising	First Lien Revolver	SOFR+	4.00%	8.40%		3/30/2026			1,440		1,413		1,386		(6)(15)(19)
All Web Leads, Inc.	Advertising	Common Stock						11,499				1,622		1,622		(15)
Assembled Brands Capital LLC	Specialized Finance	Common Stock						12,463,242				1,963		1,371		(15)
Assembled Brands Capital LLC	Specialized Finance	Warrants						78,045				—		—		(15)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00%	2/16/2028			5,249		4,267		3,568		(15)(20)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00%	2/16/2028			21,673		17,653		16,089		(15)(20)
The Avery	Real Estate Operating Companies	Membership Interest						6.4	%			—		—		(15)
Total Affiliate Investments (2.2% of net assets)												$	35,295	$	32,475
Non-Control/Non-Affiliate Investments																(18)
107 Fair Street LLC	Real Estate Development	First Lien Term Loan			13.00%		4/17/2025			$	3,531	$	3,530	$	3,476	(10)(15)(19)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00%		2/27/2026			29,574		29,370		29,359		(15)(19)
112-126 Van Houten Real22 LLC	Real Estate Development	First Lien Term Loan			13.00%		5/19/2025			5,736		5,732		5,672		(10)(15)(19)
1261229 BC LTD	Pharmaceuticals	First Lien Term Loan	SOFR+	6.25%	10.57%		9/25/2030			19,600		19,110		18,890		(6)(11)
1261229 BC LTD	Pharmaceuticals	Fixed Rate Bond			10.00%		4/15/2032			9,100		9,100		9,054		(11)
A.T. Holdings II Ltd.	Biotechnology	First Lien Term Loan			5.97%	8.28%	9/13/2029			22,564		21,804		22,338		(11)(15)(21)

6

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
A.T. Holdings II SÀRL	Biotechnology	First Lien Term Loan				22.50%	4/30/2024		$	6,748	$	5,400	$	6,714	(11)(15)(20)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	9.05%		11/1/2029		275		248		275		(6)(15)(19)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Term Loan	SOFR+	4.75%	9.05%		11/1/2029		3,581		3,581		3,581		(6)(15)
Accession Risk Management Group, Inc.	Insurance Brokers	First Lien Revolver	SOFR+	4.75%			10/30/2029		—		(5)		—		(6)(15)(19)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%			9/27/2031		—		(44)		(42)		(6)(11)(15)(19)
ACESO Holding 4 S.A.R.L.	Health Care Services	First Lien Term Loan	E+	5.75%	8.13%		9/27/2031		€	16,817	18,419		17,830		(6)(11)(15)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00%	11.44%		10/31/2025		$	6,400	6,381		6,400		(6)(15)
Acquia Inc.	Application Software	First Lien Term Loan	SOFR+	7.00%	11.44%		10/30/2026		25,332		25,294		25,332		(6)(15)
Acquia Inc.	Application Software	First Lien Revolver	SOFR+	7.00%	11.45%		10/30/2026		2,709		2,702		2,709		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.25%	11.09%	0.75%	12/18/2025		2,902		2,893		2,757		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.25%	11.09%	0.75%	12/18/2025		853		849		810		(6)(15)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.25%	11.09%	0.75%	12/18/2025		15,169		15,126		14,410		(6)(15)
ADC Therapeutics SA	Biotechnology	First Lien Term Loan	SOFR+	7.50%	11.94%		8/15/2029		6,589		6,377		6,424		(6)(11)(15)
ADC Therapeutics SA	Biotechnology	Common Stock						1,674,030			—		—		(11)
ADC Therapeutics SA	Biotechnology	Warrants						28,948			174		6		(11)(15)
AIP RD Buyer Corp.	Distributors	Common Stock						17,870			1,733		2,247		(15)
AirStrip Technologies, Inc.	Application Software	Warrants						5,715			90		—		(15)
Alto Pharmacy Holdings, Inc.	Health Care Technology	First Lien Term Loan			5.50%	5.50%	10/14/2027		8,705		8,322		8,291		(15)
Alto Pharmacy Holdings, Inc.	Health Care Technology	Preferred Equity						612,562			646		637		(15)
Alto Pharmacy Holdings, Inc.	Health Care Technology	Warrants						598,283			642		461		(15)
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50%	6.80%	8.00%	3/1/2029		2,680		2,678		2,640		(6)(15)
Alvotech Holdings S.A.	Biotechnology	Common Stock						105,116			133		1,016		(11)
Alvotech Holdings S.A.	Biotechnology	Common Stock						70,820			283		152		(11)(13)(15)
American Auto Auction Group, LLC	Diversified Support Services	Second Lien Term Loan	SOFR+	8.75%	13.20%		1/2/2029		17,048		16,613		16,878		(6)(15)
American Money Management Corporation	Multi-Sector Holdings	CLO Notes	SOFR+	5.15%	9.48%		1/20/2037		3,500		3,500		3,472		(6)(11)
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.50%	9.82%		12/6/2027		47,332		46,849		47,332		(6)(15)
Ares XLIV CLO	Multi-Sector Holdings	CLO Notes	SOFR+	7.13%	11.43%		4/15/2034		3,500		3,402		3,495		(6)(11)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	9.30%		3/6/2032		15,124		14,899		14,902		(6)(15)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%			3/6/2032		—		(19)		(37)		(6)(15)(19)
ASP Integrity Acquisition Co LLC	Diversified Support Services	First Lien Revolver	SOFR+	5.00%			3/6/2032		—		(42)		(42)		(6)(15)(19)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.55%		12/29/2027		3,226		3,221		3,136		(6)(11)(15)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.29%		12/29/2027		669		663		650		(6)(11)(15)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	10.44%		12/29/2027		182		174		171		(6)(11)(15)(19)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		8,859		8,389		5,404		(6)(15)(20)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		12,537		9,872		—		(6)(15)(20)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.67%		8/19/2028		19,949		19,906		19,796		(6)
athenahealth Group Inc.	Health Care Technology	Preferred Equity						21,523			20,789		29,276		(15)
ATNX SPV, LLC	Pharmaceuticals	First Lien Term Loan					5/31/2031		13,575		13,592		13,439		(11)(15)(21)
Aurelia Netherlands Midco 2 B.V.	Interactive Media & Services	First Lien Term Loan	E+	5.75%	8.54%		5/29/2031		€	28,022	29,770		30,194		(6)(11)(15)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	7.00%	7.40%	4.00%	12/24/2026		$	31,348	31,164		30,753		(6)(11)(15)

7

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
AVSC Holding Corp.	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.00%	9.32%		12/5/2031		$	56,208	$	55,135	$	55,168	(6)(15)
AVSC Holding Corp.	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	9.32%		12/5/2029		481		369		373		(6)(15)(19)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.56%		6/11/2027		3,197		3,167		2,982		(6)(15)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.56%		6/11/2027		1,242		1,246		1,158		(6)(15)
BAART Programs, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.50%	13.05%		6/11/2028		6,452		6,386		5,406		(6)(15)
BAART Programs, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.50%	13.06%		6/11/2028		8,920		8,817		7,474		(6)(15)
Barracuda Parent, LLC	Systems Software	First Lien Term Loan	SOFR+	6.50%	10.83%		8/15/2029		15,448		14,988		14,985		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	5.50%	9.94%		7/30/2027		40,038		39,906		39,386		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	5.50%	9.94%		7/30/2027		4,390		4,351		4,318		(6)(15)
Berner Food & Beverage, LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Revolver	PRIME+	4.50%	12.00%		7/30/2026		1,076		1,060		1,034		(6)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		3,008		3,006		2,632		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		7,256		7,144		6,349		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		—		—		—		(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	First Lien Term Loan			3.00%	10.00%	4/19/2027		—		—		—		(11)(15)(19)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						2,041			225		2		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						586			—		1		(11)(15)
BioXcel Therapeutics, Inc.	Pharmaceuticals	Warrants						29,318			—		55		(11)
Blumenthal Temecula, LLC	Automotive Retail	Preferred Equity						1,708,618			1,711		2,307		(15)
Blumenthal Temecula, LLC	Automotive Retail	Preferred Equity						394,297			395		501		(15)
Blumenthal Temecula, LLC	Automotive Retail	Common Stock						394,297			424		75		(12)(15)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.00%	6.38%		10/31/2030		€	5,420	5,297		5,555		(6)(11)(15)
BOTA BIDCO GMBH	Diversified Chemicals	First Lien Term Loan	E+	4.50%	6.88%		10/31/2030		16,260		15,892		16,664		(6)(11)(15)
Carlyle Global Market Strategies	Multi-Sector Holdings	CLO Notes	SOFR+	7.50%	11.79%		10/21/2037		$	3,575	3,733		3,586		(6)(11)
CBAM 2017-2, LTD.	Multi-Sector Holdings	CLO Notes	SOFR+	7.36%	11.66%		7/17/2034		489		459		476		(6)(11)
Centralsquare Technologies, LLC	Application Software	First Lien Term Loan	SOFR+	6.25%	7.20%	3.38%	4/12/2030		12,995		12,732		12,976		(6)(15)
Centralsquare Technologies, LLC	Application Software	First Lien Revolver	SOFR+	5.75%			4/12/2030		—		(30)		(2)		(6)(15)(19)
Clear Channel Outdoor Holdings Inc	Advertising	First Lien Term Loan	SOFR+	4.00%	8.44%		8/21/2028		6,284		6,280		6,253		(6)(11)
Connect Finco SARL	Alternative Carriers	First Lien Term Loan	SOFR+	4.50%	8.82%		9/27/2029		9,974		8,762		8,816		(6)(11)
Conviva Inc.	Application Software	Preferred Equity						417,851			605		894		(15)
CoreRx, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	11.80%		4/6/2029		6,494		6,364		6,354		(6)(15)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%	9.54%		2/27/2030		13,058		12,829		13,058		(6)(15)
Coupa Holdings, LLC	Application Software	First Lien Term Loan	SOFR+	5.25%			2/27/2030		—		(10)		—		(6)(15)(19)
Coupa Holdings, LLC	Application Software	First Lien Revolver	SOFR+	5.25%			2/27/2029		—		(15)		—		(6)(15)(19)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	5.25%	9.57%		12/18/2031		47,985		47,179		47,203		(6)(15)
Creek Parent, Inc.	Life Sciences Tools & Services	First Lien Revolver	SOFR+	5.25%			12/18/2031		—		(115)		(112)		(6)(15)(19)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.07%		11/8/2030		20,924		20,505		20,692		(6)(15)
Crewline Buyer, Inc.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.07%		11/8/2030		1,420		1,387		1,404		(6)(15)
Crewline Buyer, Inc.	Application Software	First Lien Revolver	SOFR+	6.75%			11/8/2030		—		(44)		(24)		(6)(15)(19)

8

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			8.00%	3.00%	8/31/2029		$	12,195	$	12,195	$	12,195	(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Subordinated Debt Term Loan			3.00%	7.00%	8/31/2029		35,528		35,528		35,528		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Preferred Equity						419			419		562		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Common Stock						2			2		3		(11)(15)
Delta Leasing SPV II LLC	Specialized Finance	Warrants						31			—		—		(11)(15)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			8/4/2026		24,625		23,277		4,925		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			2/4/2027		708		655		142		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			4/8/2025		700		658		140		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			2/4/2027		1,122		1,041		224		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			2/4/2027		920		855		184		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			2/4/2027		331		308		66		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			2/4/2027		1,799		1,745		360		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	First Lien Term Loan	SOFR+	11.00%			2/4/2027		413		413		83		(6)(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00%	9/30/2027		762		743		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00%	9/30/2027		1,008		—		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00%	4/8/2025		1,001		—		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Subordinated Debt Term Loan				10.00%	9/30/2027		1,765		—		—		(15)(20)
Dialyze Holdings, LLC	Health Care Equipment	Warrants						6,397,254			1,642		—		(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	6.00%	10.30%		8/10/2028		54,172		54,171		53,224		(6)(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	6.00%	10.30%		8/10/2028		2,924		2,901		2,872		(6)(15)
Digital.AI Software Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	6.00%			8/10/2028		—		—		(106)		(6)(15)(19)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.50%	9.82%		2/17/2031		14,399		14,111		13,780		(6)
DirecTV Financing, LLC	Cable & Satellite	Fixed Rate Bond			10.00%		2/15/2031		14,203		14,203		13,650
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.32%		4/26/2029		20,045		19,982		19,910		(6)
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.31%		8/29/2031		11,903		11,685		11,873		(6)(15)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.82%		12/24/2029		25,387		25,018		25,387		(6)(15)
Enverus Holdings, Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%			12/24/2029		—		(9)		—		(6)(15)(19)
Enverus Holdings, Inc.	Application Software	First Lien Revolver	SOFR+	5.50%			12/24/2029		—		(22)		—		(6)(15)(19)
EOS Fitness Opco Holdings, LLC	Leisure Facilities	Preferred Equity						488			488		1,345		(15)
EOS Fitness Opco Holdings, LLC	Leisure Facilities	Common Stock						12,500			—		—		(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		1,834		1,821		1,834		(11)(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		1,692		1,658		1,726		(11)(15)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			10.00%		4/21/2027		—		—		—		(11)(15)(19)
Establishment Labs Holdings Inc.	Health Care Technology	First Lien Term Loan			9.00%		4/21/2027		11,454		11,389		11,454		(11)(15)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.31%		7/2/2031		19,964		19,875		19,964		(6)(15)
Everbridge, Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.31%		7/2/2031		1,956		1,940		1,956		(6)(15)(19)
Everbridge, Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			7/2/2031		—		(9)		—		(6)(15)(19)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		9/30/2030		14,552		14,266		14,552		(6)(15)

9

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		9/30/2030		$	3,674	$	3,641	$	3,674	(6)(15)
Evergreen IX Borrower 2023, LLC	Application Software	First Lien Revolver	SOFR+	4.75%			10/1/2029		—		(30)		—		(6)(15)(19)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.92%		10/5/2029		4,357		4,286		4,296		(6)(15)
Eyesouth Eye Care Holdco LLC	Health Care Services	First Lien Term Loan	SOFR+	5.50%	9.92%		10/5/2029		67		12		(26)		(6)(15)(19)
Eyesouth Eye Care Holdco LLC	Health Care Services	Common Stock						1,206			1,206		1,265		(15)
F&M Buyer LLC	Systems Software	First Lien Term Loan	SOFR+	4.75%	9.05%		3/18/2032		6,703		6,636		6,636		(6)(15)
F&M Buyer LLC	Systems Software	First Lien Term Loan	SOFR+	4.75%			3/18/2032		—		(11)		(11)		(6)(15)(19)
F&M Buyer LLC	Systems Software	First Lien Revolver	SOFR+	4.75%			3/18/2032		—		(10)		(10)		(6)(15)(19)
Fairbridge Strategic Capital Funding LLC	Real Estate Operating Companies	First Lien Term Loan			9.00%		12/24/2028		33,500		33,500		33,165		(15)
Fairbridge Strategic Capital Funding LLC	Real Estate Operating Companies	Warrants						3,750			—		—		(11)(12)(15)
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	7.25%	11.43%		9/13/2029		11,625		11,452		11,625		(6)(11)(15)
Finastra USA, Inc.	Application Software	First Lien Revolver	SOFR+	7.25%	11.43%		9/13/2029		306		288		306		(6)(11)(15)(19)
Fortress Biotech, Inc.	Biotechnology	Warrants						31,246			427		12		(11)(15)
Fortress Credit BSL Limited	Multi-Sector Holdings	CLO Notes	SOFR+	8.19%	12.48%		10/20/2033		1,550		1,558		1,547		(6)(11)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.75%	10.05%		5/3/2030		38,449		37,938		38,449		(6)(15)
Galileo Parent, Inc.	Aerospace & Defense	First Lien Revolver	SOFR+	5.75%	10.05%		5/3/2029		3,296		3,267		3,296		(6)(15)(19)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	9.29%		3/10/2031		8,432		8,349		8,349		(6)(15)
Grand River Aseptic Manufacturing, Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			3/10/2031		—		(26)		(25)		(6)(15)(19)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.42%		6/21/2027		3,524		3,492		3,461		(6)(15)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Term Loan	SOFR+	8.00%	12.42%		6/21/2027		17,180		17,081		16,871		(6)(15)
Grove Hotel Parcel Owner, LLC	Hotels, Resorts & Cruise Lines	First Lien Revolver	SOFR+	8.00%	12.42%		6/21/2027		1,233		1,217		1,202		(6)(15)(19)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.67%		4/9/2029		8,430		8,193		8,346		(6)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.95%		1/19/2026		3,438		3,413		3,489		(6)(11)(15)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.95%		1/19/2026		1,432		1,421		1,454		(6)(11)(15)
Harrow, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	6.50%	10.95%		1/19/2026		7,448		7,395		7,560		(6)(11)(15)
IAMGOLD Corporation	Gold	Second Lien Term Loan	SOFR+	8.25%	12.57%		5/16/2028		23,975		23,526		24,934		(6)(11)(15)
Icefall Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	6.50%	10.79%		1/25/2030		10,446		10,278		10,446		(6)(15)
Icefall Parent, Inc.	Application Software	First Lien Revolver	SOFR+	6.50%			1/25/2030		—		(16)		—		(6)(15)(19)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	5.75%	10.04%		8/18/2028		25,511		25,317		24,794		(6)(15)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%	10.54%		8/18/2028		3,636		3,613		3,587		(6)(15)
iCIMs, Inc.	Application Software	First Lien Term Loan	SOFR+	6.25%			8/18/2028		—		—		—		(6)(15)(19)
iCIMs, Inc.	Application Software	First Lien Revolver	SOFR+	5.75%	10.04%		8/18/2028		248		218		185		(6)(15)(19)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%	9.31%		8/25/2028		20,612		20,446		20,612		(6)(15)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Term Loan	SOFR+	5.00%			8/25/2028		—		(59)		—		(6)(15)(19)
Integrity Marketing Acquisition, LLC	Insurance Brokers	First Lien Revolver	SOFR+	5.00%			8/25/2028		—		(22)		—		(6)(15)(19)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	7.50%	11.94%		1/15/2026		32,912		32,771		32,418		(6)(15)
Inventus Power, Inc.	Electrical Components & Equipment	First Lien Revolver	SOFR+	7.50%			1/15/2026		—		(35)		(57)		(6)(15)(19)
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.31%		3/25/2027		40,838		39,987		37,519		(6)
IPC Corp.	Application Software	First Lien Term Loan	SOFR+	6.50%	9.94%	1.00%	10/1/2026		36,169		35,880		35,265		(6)(15)
JN Bidco LLC	Health Care Technology	Common Stock									9,886		15,818		(15)

10

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Kaseya Inc.	Systems Software	Second Lien Term Loan	SOFR+	5.00%	9.32%		3/21/2033		$	10,876	$	10,822	$	10,897	(6)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.65%		10/29/2027		37,445		37,091		36,321		(6)(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Term Loan	SOFR+	5.25%	9.65%		10/29/2027		16,467		16,412		15,973		(6)(15)
Kings Buyer, LLC	Environmental & Facilities Services	First Lien Revolver	PRIME+	4.25%	11.75%		10/29/2027		2,634		2,548		2,384		(6)(15)(19)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	5.00%	9.43%		11/28/2031		9,644		9,506		9,503		(6)(15)
Kite Midco II Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	5.00%			11/28/2031		—		(17)		(17)		(6)(15)(19)
KKR Financial CLO Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.10%	11.40%		4/15/2037		2,000		2,057		1,979		(6)(11)
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.42%		10/30/2028		19,251		18,823		16,059		(6)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%	9.32%		2/7/2032		13,869		13,699		13,703		(6)(15)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	5.00%			2/7/2032		—		(17)		(16)		(6)(15)(19)
LDS Buyer, LLC	Air Freight & Logistics	First Lien Revolver	SOFR+	5.00%	9.32%		2/7/2032		275		249		250		(6)(15)(19)
Learfield Communications, LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50%	8.82%		6/30/2028		24,794		24,739		24,872		(6)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%	7.08%	2.75%	8/22/2031		26,664		26,184		26,187		(6)(15)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Term Loan	SOFR+	5.50%			8/22/2031		—		(14)		—		(6)(15)(19)
Legends Hospitality Holding Company, LLC	Specialized Consumer Services	First Lien Revolver	SOFR+	5.00%	9.32%		8/22/2030		1,442		1,386		1,386		(6)(15)(19)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.50%	9.79%		1/13/2030		19,656		19,374		19,369		(6)(15)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Revolver	SOFR+	5.50%			1/13/2030		—		(18)		(19)		(6)(15)(19)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50%	12.90%		11/30/2026		3,167		3,122		2,993		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50%	12.90%		11/30/2026		5,822		5,794		5,502		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Second Lien Term Loan	SOFR+	8.50%	12.90%		11/30/2026		504		500		477		(6)(15)
Liquid Environmental Solutions Corporation	Environmental & Facilities Services	Common Stock						559			563		—		(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.42%		1/31/2028		2,694		2,604		2,573		(6)(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Term Loan	SOFR+	6.00%	10.42%		1/31/2028		23,136		22,901		22,095		(6)(15)
LSL Holdco, LLC	Health Care Distributors	First Lien Revolver	SOFR+	6.00%	10.42%		1/31/2028		2,120		2,093		2,001		(6)(15)(19)
Mesoblast, Inc.	Biotechnology	First Lien Term Loan			9.75%		11/19/2026		6,894		6,686		6,894		(11)(15)
Mesoblast, Inc.	Biotechnology	Warrants						129,939			545		708		(11)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	10.44%		7/21/2027		2,590		2,561		2,561		(6)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	6.00%	10.44%		7/21/2027		7,224		7,178		7,141		(6)(15)
MHE Intermediate Holdings, LLC	Diversified Support Services	First Lien Revolver	SOFR+	6.00%	10.44%		7/21/2027		714		697		694		(6)(15)(19)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00%	11.44%		9/30/2025		51,356		51,306		51,356		(6)(15)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00%	11.44%		9/30/2025		2,294		2,259		2,294		(6)(15)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Revolver	SOFR+	7.00%			9/30/2025		—		(6)		—		(6)(15)(19)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.32%		6/3/2030		7,021		6,900		6,986		(6)(11)(15)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%			6/3/2030		—		(12)		(6)		(6)(11)(15)(19)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Term Loan	SOFR+	5.00%	9.32%		6/3/2030		1,164		1,141		1,158		(6)(11)(15)
Minotaur Acquisition, Inc.	Financial Exchanges & Data	First Lien Revolver	SOFR+	5.00%			6/3/2030		—		(12)		(4)		(6)(11)(15)(19)

11

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Modena Buyer LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.79%		7/1/2031		$	26,344	$	25,872	$	25,567	(6)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.82%		2/28/2031		38,134		37,562		38,134		(6)(15)
Monotype Imaging Holdings Inc.	Application Software	First Lien Term Loan	SOFR+	5.50%	9.82%		2/28/2031		742		713		742		(6)(15)(19)
Monotype Imaging Holdings Inc.	Application Software	First Lien Revolver	SOFR+	5.50%			2/28/2030		—		(59)		—		(6)(15)(19)
Mosaic Companies, LLC	Home Improvement Retail	First Lien Term Loan	SOFR+	8.25%			7/2/2026		50,559		49,982		31,600		(6)(15)(20)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/10/2027		41,059		40,801		40,739		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/10/2027		13,757		13,735		13,650		(6)(15)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	4.75%	9.05%		2/10/2027		746		730		727		(6)(15)(19)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	4.75%	9.05%		2/10/2027		253		199		217		(6)(15)(19)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.55%		11/12/2030		19,795		19,557		19,795		(6)(15)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%	9.61%		11/9/2030		7,804		7,728		7,804		(6)(15)
Next Holdco, LLC	Health Care Technology	First Lien Term Loan	SOFR+	5.25%			11/12/2030		—		(31)		—		(6)(15)(19)
Next Holdco, LLC	Health Care Technology	First Lien Revolver	SOFR+	5.25%			11/9/2029		—		(22)		—		(6)(15)(19)
NN, Inc.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	7.88%	11.30%	1.00%	9/19/2026		56,761		56,425		56,193		(6)(11)(15)
NN, Inc.	Industrial Machinery & Supplies & Components	Warrants						487,870			—		1,098		(11)
NN, Inc.	Industrial Machinery & Supplies & Components	Warrants						239,590			—		539		(11)
Northwoods Capital 25 Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.40%	11.69%		7/20/2034		700		683		657		(6)(11)
Optimizely North America Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	9.32%		10/30/2031		11,386		11,279		11,278		(6)(11)(15)
Optimizely North America Inc.	Application Software	First Lien Revolver	SOFR+	5.00%			10/30/2031		—		(16)		(16)		(6)(11)(15)(19)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	E+	5.25%	7.61%		10/30/2031		€	4,068	4,378		4,353		(6)(11)(15)
Optimizely Sweden Holdings AB	Application Software	First Lien Term Loan	SONIA+	5.50%	9.96%		10/30/2031		£	1,356	1,747		1,734		(6)(11)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.75%	12.04%		2/1/2029		$	15,231	14,987		15,231		(6)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Term Loan	SOFR+	7.25%	11.55%		2/1/2029		4,047		3,982		4,047		(6)(15)
Oranje Holdco, Inc.	Systems Software	First Lien Revolver	SOFR+	7.75%			2/1/2029		—		(30)		—		(6)(15)(19)
OTG Management, LLC	Airport Services	First Lien Term Loan	SOFR+	8.50%		12.82%	2/11/2030		12,969		11,646		12,969		(6)(15)
OTG Management, LLC	Airport Services	Common Stock						2,613,034			22,330		10,374		(15)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Term Loan	SOFR+	4.75%	9.07%		2/13/2032		24,559		24,197		24,191		(6)(15)
PAI Financing Merger Sub LLC	Pharmaceuticals	First Lien Revolver	SOFR+	4.75%			2/13/2032		—		(77)		(78)		(6)(15)(19)
Park Blue CLO Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	7.09%	11.38%		10/20/2037		2,750		2,836		2,771		(6)(11)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%	10.32%		11/15/2030		51,981		51,146		49,772		(6)(15)
PetVet Care Centers, LLC	Health Care Services	First Lien Term Loan	SOFR+	6.00%			11/15/2030		—		(69)		(223)		(6)(15)(19)
PetVet Care Centers, LLC	Health Care Services	First Lien Revolver	SOFR+	6.00%			11/15/2029		—		(106)		(292)		(6)(15)(19)
PetVet Care Centers, LLC	Health Care Services	Preferred Equity						4,531			4,440		5,222		(15)
Phoenix Finance, Inc.	Application Software	First Lien Term Loan	SOFR+	9.00%	13.30%		8/14/2028		4,974		4,825		4,825		(6)(15)
Phoenix Finance, Inc.	Application Software	Second Lien Term Loan	SOFR+	7.50%	11.95%		8/14/2028		8,974		8,958		8,121		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.33%	1.50%	8/22/2029		5,003		5,003		5,003		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.33%	1.50%	8/22/2029		8,668		8,668		8,668		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.83%	8/22/2029		13,735		13,735		13,735		(6)(15)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%			8/22/2029		—		—		—		(6)(15)(19)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	4.50%			8/22/2029		—		—		—		(6)(15)(19)
Pluralsight, LLC	Application Software	Common Stock						4,300,526			14,364		10,536		(15)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.50%	8.00%		5/16/2031		€	12,868	13,976		13,657		(6)(11)(15)

12

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	SOFR+	5.50%	9.80%		5/16/2031		$	5,332	$	5,278	$	5,193	(6)(11)(15)(19)
Poseidon Midco AB	Pharmaceuticals	First Lien Term Loan	E+	5.00%			9/17/2031		—		(49)		(49)		(6)(11)(15)(19)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	6.50%	10.81%		2/15/2029		10,731		10,454		10,731		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%	9.80%		2/15/2029		9,308		9,280		9,215		(6)(15)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	5.50%			2/15/2029		—		(36)		(53)		(6)(15)(19)
PPW Aero Buyer, Inc.	Aerospace & Defense	First Lien Revolver	PRIME+	5.50%	13.00%		2/15/2029		975		937		975		(6)(15)(19)
PRGX Global, Inc.	Data Processing & Outsourced Services	Common Stock						100,000			—		245		(15)
Profrac Holdings II, LLC	Industrial Machinery & Supplies & Components	First Lien Floating Rate Bond	SOFR+	7.25%	11.54%		1/23/2029		25,311		25,058		25,311		(6)(11)(15)
Protein For Pets Opco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.25%	9.57%		9/20/2030		20,173		19,833		19,813		(6)(15)
Protein For Pets Opco, LLC	Packaged Foods & Meats	First Lien Revolver	SOFR+	5.25%			9/20/2030		—		(36)		(38)		(6)(15)(19)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.32%		4/5/2030		9,948		9,758		9,781		(6)
RumbleOn, Inc.	Automotive Retail	First Lien Term Loan	SOFR+	8.25%	11.80%	1.00%	8/31/2026		8,883		8,743		8,350		(6)(11)(15)
RumbleOn, Inc.	Automotive Retail	First Lien Term Loan	SOFR+	8.25%	11.80%	1.00%	8/31/2026		29,436		28,965		27,670		(6)(11)(15)
RumbleOn, Inc.	Automotive Retail	Warrants						204,454			1,202		194		(11)(15)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Term Loan	SOFR+	10.50%	14.81%		10/7/2026		22,037		21,699		20,935		(6)(15)
Salus Workers' Compensation, LLC	Diversified Financial Services	First Lien Revolver	SOFR+	10.50%	14.83%		10/7/2026		2,233		2,186		2,078		(6)(15)(19)
Salus Workers' Compensation, LLC	Diversified Financial Services	Warrants						991,019			327		—		(15)
Saratoga	Diversified Financial Services	Credit Linked Note	SOFR+	5.33%	9.86%		12/31/2029		24,500		24,438		24,500		(6)(11)(15)(22)
Scilex Holding Co	Biotechnology	Common Stock						9,307			78		2		(11)
scPharmaceuticals Inc.	Pharmaceuticals	Warrants						53,700			175		46		(15)
Seres Therapeutics, Inc.	Biotechnology	Warrants						58,210			182		20		(11)(15)
SM Wellness Holdings, Inc.	Health Care Services	Second Lien Term Loan	SOFR+	8.00%	12.55%		4/16/2029		12,034		11,425		11,914		(6)(15)
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	SOFR+	5.75%	10.07%		4/19/2029		45,906		45,162		45,158		(6)(15)
Sorenson Communications, LLC	Communications Equipment	First Lien Revolver	SOFR+	5.75%			4/19/2029		—		(88)		(88)		(6)(15)(19)
Sorrento Therapeutics, Inc.	Biotechnology	Common Stock						66,000			139		—		(11)
Spanx, LLC	Apparel Retail	First Lien Term Loan	SOFR+	5.25%	9.67%		11/20/2028		17,965		17,830		17,830		(6)(15)
Spanx, LLC	Apparel Retail	First Lien Revolver	SOFR+	5.00%			11/18/2027		—		(27)		(23)		(6)(15)(19)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	SOFR+	5.00%	9.32%		1/30/2032		41,137		40,534		40,549		(6)(15)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	CORRA+	5.00%	7.72%		1/30/2032		C$	7,429	5,054		5,088		(6)(15)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Term Loan	TONA+	5.25%	6.06%		2/2/2032		¥	796,342	5,067		5,249		(6)(15)
Spruce Bidco I Inc.	Health Care Equipment	First Lien Revolver	SOFR+	5.00%			1/30/2032		—		(136)		(133)		(6)(15)(19)
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.04%		9/4/2029		$	9,913	9,576		8,833		(6)
Staples, Inc.	Office Services & Supplies	Fixed Rate Bond			10.75%		9/1/2029		4,835		4,790		4,374
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.30%		9/27/2030		9,975		9,661		9,551		(6)
SumUp Holdings Luxembourg	Diversified Financial Services	First Lien Term Loan	E+	6.50%	9.03%		4/25/2031		€	18,846	20,199		20,136		(6)(11)(15)(19)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00%	11.57%		12/31/2026		$	2,707	2,695		2,633		(6)(15)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00%	11.57%		12/31/2026		3,257		3,149		3,167		(6)(15)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Term Loan	SOFR+	7.00%	11.57%		12/31/2026		31,615		31,486		30,745		(6)(15)
Supreme Fitness Group NY Holdings, LLC	Leisure Facilities	First Lien Revolver	SOFR+	7.00%			12/31/2026		—		(6)		(43)		(6)(15)(19)
SVP-Singer Holdings Inc.	Home Furnishings	Common Stock						418,881			2,463		2,463		(15)

13

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)		Cost		Fair Value		Notes
Symphone CLO Ltd	Multi-Sector Holdings	CLO Notes	SOFR+	5.00%	9.33%		1/22/2038		$	2,000	$	2,000	$	1,974	(6)(11)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%	9.08%		11/22/2031		15,285		15,140		15,143		(6)(15)
TBRS, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	4.75%			11/22/2031		—		(20)		(19)		(6)(15)(19)
TBRS, Inc.	Health Care Supplies	First Lien Revolver	SOFR+	4.75%	9.08%		11/22/2030		139		117		118		(6)(15)(19)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00%	11.29%		5/1/2029		24,906		24,296		24,719		(6)(11)(15)
Telephone and Data Systems, Inc.	Wireless Telecommunication Services	Subordinated Debt Term Loan	SOFR+	7.00%			5/1/2029		—		(77)		—		(6)(11)(15)(19)
Telestream Holdings Corporation	Application Software	First Lien Term Loan	SOFR+	9.75%			10/15/2025		28,462		25,181		22,678		(6)(15)(20)
Telestream Holdings Corporation	Application Software	First Lien Revolver	SOFR+	9.75%			10/15/2025		1,973		1,748		1,572		(6)(15)(20)
Ten-X LLC	Interactive Media & Services	First Lien Term Loan	SOFR+	6.00%	10.25%		5/26/2028		19,578		18,957		17,987		(6)
Thrasio, LLC	Broadline Retail	First Lien Term Loan	SOFR+	10.00%		14.55%	6/18/2029		6,636		6,467		6,321		(6)(15)
Thrasio, LLC	Broadline Retail	First Lien Term Loan	SOFR+	10.00%			6/18/2029		20,363		16,279		13,847		(6)(15)(20)
Thrasio, LLC	Broadline Retail	Common Stock						321,058			—		—		(15)
Trinitas CLO VI Ltd.	Multi-Sector Holdings	CLO Notes	SOFR+	7.08%	11.38%		1/25/2034		905		853		821		(6)(11)
Trinitas CLO XV DAC	Multi-Sector Holdings	CLO Notes	SOFR+	7.71%	12.00%		4/22/2034		1,000		829		930		(6)(11)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%	10.07%		2/13/2031		26,324		25,883		26,324		(6)(15)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Term Loan	SOFR+	5.75%	10.07%		2/13/2031		1,835		1,787		1,835		(6)(15)(19)
Truck-Lite Co., LLC	Construction Machinery & Heavy Transportation Equipment	First Lien Revolver	SOFR+	5.75%	10.05%		2/13/2030		192		145		192		(6)(15)(19)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.81%		9/10/2031		15,734		15,589		15,734		(6)(15)
USIC Holdings, Inc.	Diversified Support Services	First Lien Term Loan	SOFR+	5.50%	9.81%		9/10/2031		205		205		205		(6)(15)(19)
USIC Holdings, Inc.	Diversified Support Services	First Lien Revolver	SOFR+	5.25%	9.56%		9/10/2031		1,090		1,071		1,090		(6)(15)(19)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		2,512		2,471		2,506		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		3,198		3,134		3,190		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		3,426		3,357		3,357		(11)(15)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan			11.00%		5/9/2029		—		—		—		(11)(15)(19)
Verona Pharma, Inc.	Pharmaceuticals	First Lien Term Loan					9/30/2025		—		—		—		(11)(15)(19)(21)
Win Brands Group LLC	Housewares & Specialties	First Lien Term Loan	SOFR+	14.00%	13.32%	5.00%	1/23/2026		2,810		2,804		2,550		(6)(15)
Win Brands Group LLC	Housewares & Specialties	Warrants						4,871			46		—		(15)
Windstream Services II, LLC	Integrated Telecommunication Services	Common Stock						127,452			2,057		1,740		(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	6.75%	6.94%	4.13%	11/28/2029		31,057		30,484		31,057		(6)(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	6.75%	6.94%	4.13%	11/29/2029		1,472		1,472		1,472		(6)(15)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Revolver	SOFR+	6.75%			11/28/2029		—		(64)		—		(6)(15)(19)
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan			9.50%		10/26/2029		9,111		9,111		9,358
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50%	10.95%		10/26/2029		6,268		6,275		6,233		(6)
Total Non-Control/Non-Affiliate Investments (178.3% of net assets)											$	2,703,644	$	2,629,392
Total Portfolio Investments (196.1% of net assets)											$	3,114,256	$	2,892,771

14

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares	Principal (7)	Cost		Fair Value		Notes
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares										$	60,626	$	60,626
Other cash accounts										47,582		47,582
Total Cash and Cash Equivalents and Restricted Cash (7.3% of net assets)										$	108,208	$	108,208
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (203.4% of net assets)										$	3,222,464	$	3,000,979

15

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

Derivative Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract	$	116,789	€	112,945	5/8/2025	JPMorgan Chase Bank, N.A.	$	(5,452)
Foreign currency forward contract	$	5,142	C$	7,433	5/8/2025	JPMorgan Chase Bank, N.A.	(32)
Foreign currency forward contract	$	5,142	¥	789,671	5/8/2025	JPMorgan Chase Bank, N.A.	(160)
Foreign currency forward contract	$	20,354	£	17,649	5/8/2025	JPMorgan Chase Bank, N.A.	(2,424)
							$	(8,068)

Derivative Instrument	Company Receives	Company Pays	Counterparty	Maturity Date	Notional Amount	Fair Value
Interest rate swap	Fixed 2.7%	Floating 3-month SOFR +1.658%	Royal Bank of Canada	1/15/2027	$350,000	$	(18,077)
Interest rate swap	Fixed 7.1%	Floating 3-month SOFR +3.1255%	Royal Bank of Canada	2/15/2029	$300,000	2,110
Interest rate swap	Fixed 6.34%	Floating 3-month SOFR +2.1920%	BNP Paribas	2/27/2030	$300,000	4,816
						$	(11,151)

(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 March 31, 2025, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.19%, the PRIME at 7.50%, the SONIA at 4.58%, the Tokyo Overnight Average Rate ("TONA") at 0.82%, the 30-day Canadian Overnight Repo Rate Average ("CORRA") at 2.77%, the 30-day EURIBOR at 2.36%, the 90-day EURIBOR at 2.34% and the 180-day EURIBOR at 2.34%. Most loans include an interest floor, which generally ranges from 0% to 3.00%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

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

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

(9)As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the six months ended March 31, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.

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

(11)Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2025, qualifying assets represented 75.0% of the Company's total assets and non-qualifying assets represented 25.0% of the Company's total assets.

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

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

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

16

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

March 31, 2025

(dollar amounts in thousands)

(unaudited)

(15)As of March 31, 2025, these investments were categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820").

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

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

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

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

(20)This investment was on non-accrual status as of March 31, 2025.

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

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

See notes to Consolidated Financial Statements.

17

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

Portfolio Company	Industry	Type of Investment (1)(2)(3)(4)	Index	Spread	Cash Interest Rate (5)	PIK	Maturity Date	Shares		Principal (7)		Cost		Fair Value		Notes
Control Investments																(8)(9)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						829				$	—	$	—	(15)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						34,984,460				34,984		27,638		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Preferred Equity						3,137,476				3,137		3,357		(15)
Continental Intermodal Group LP	Oil & Gas Storage & Transportation	Common Stock						22,267,661				16,172		12,247		(15)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.74%		8/28/2025			$	13,928	13,928		11,360		(6)(15)
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00%			8/28/2025			—		—		(1,028)		(6)(15)(19)
Dominion Diagnostics, LLC	Health Care Services	First Lien Revolver	SOFR+	5.00%	9.75%		8/28/2025			5,574		5,574		4,546		(6)(15)
Dominion Diagnostics, LLC	Health Care Services	Common Stock						30,031				15,222		—		(15)
OCSI Glick JV LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50%	9.95%		10/20/2028			58,349		51,668		48,896		(6)(11)(14)(15)(19)
OCSI Glick JV LLC	Multi-Sector Holdings	Membership Interest						87.5	%			—		—		(11)(14)(16)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00%	12.45%		12/29/2028			112,656		112,656		112,656		(6)(11)(14)(15)(19)
Senior Loan Fund JV I, LLC	Multi-Sector Holdings	Membership Interest						87.5	%			54,791		22,541		(11)(12)(14)(16)(19)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			3,332		3,243		3,332		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			17,907		16,339		17,907		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			3,550		3,500		3,550		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			1,600		1,594		1,600		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan				12.00%	8/3/2028			—		—		—		(15)(19)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock						1,184,630				40,093		20,802		(15)
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants						66,686				—		—		(15)
Total Control Investments (19.5% of net assets)												$	372,901	$	289,404
Affiliate Investments																(17)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	4.00%	6.70%	2.00%	9/29/2026			$	1,819	$	1,757	$	1,741	(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan	SOFR+	5.00%	7.70%	2.00%	3/29/2027			3,637		3,493		3,463		(6)(15)
All Web Leads, Inc.	Advertising	First Lien Term Loan				10.00%	3/29/2028			3,541		3,026		3,183		(15)(20)
All Web Leads, Inc.	Advertising	First Lien Revolver	SOFR+	4.00%	8.70%		3/30/2026			1,560		1,520		1,506		(6)(15)(19)
All Web Leads, Inc.	Advertising	Common Stock						11,499				1,622		1,622		(15)
Assembled Brands Capital LLC	Specialized Finance	Common Stock						12,463,242				1,963		1,246		(15)
Assembled Brands Capital LLC	Specialized Finance	Warrants						78,045				—		—		(15)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00%	2/16/2028			5,065		4,657		4,087		(15)(20)
The Avery	Real Estate Operating Companies	First Lien Term Loan				10.00%	2/16/2028			20,917		19,262		18,235		(15)(20)
The Avery	Real Estate Operating Companies	Membership Interest						6.4	%			—		—		(15)
Caregiver Services, Inc.	Health Care Services	Preferred Equity						1,080,398				875		594		(15)
Total Affiliate Investments (2.4% of net assets)												$	38,175	$	35,677
Non-Control/Non-Affiliate Investments																(18)
107 Fair Street LLC	Real Estate Development	First Lien Term Loan			13.00%		11/17/2024			$	1,989	$	1,985	$	1,934	(10)(15)(19)
107-109 Beech OAK22 LLC	Real Estate Development	First Lien Revolver			11.00%		2/27/2026			31,231		30,920		31,015		(15)(19)
112-126 Van Houten Real22 LLC	Real Estate Development	First Lien Term Loan			13.00%		11/4/2024			5,336		5,332		5,288		(10)(15)(19)

18

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

19

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

20

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

21

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

22

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

23

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

24

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

25

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

26

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

Derivative Instrument	Company Receives	Company Pays	Counterparty	Maturity Date	Notional Amount	Fair Value
Interest rate swap	Fixed 2.7%	Floating 3-month SOFR +1.658%	Royal Bank of Canada	1/15/2027	$350,000	$	(20,229)
Interest rate swap	Fixed 7.1%	Floating 3-month SOFR +3.1255%	Royal Bank of Canada	2/15/2029	$300,000	7,227
						$	(13,002)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

27

Oaktree Specialty Lending Corporation

Consolidated Schedule of Investments

September 30, 2024

(dollar amounts in thousands)

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

(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, 2024.

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

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

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

28

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 lien loans (which may include “unitranche” loans and “last out” first lien loans, which are loans that are second priority behind “first out” first lien loans), second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. The Company may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions.

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

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

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

29

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").

Use of Estimates:

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

Consolidation:

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

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

Fair Value Measurements:

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

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

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

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

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

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

30

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

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

31

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

•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 March 31, 2025 and September 30, 2024 was determined by Oaktree, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter.

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

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

Foreign Currency Translation:

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

Derivative Instruments:

Foreign Currency Forward Contracts

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

32

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025, there were ten investments on non-accrual status that in aggregate represented 7.6% and 4.6% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there were nine investments on non-accrual status that in aggregate represented 4.9% and 4.0% of total debt investments at cost and fair value, respectively.

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

PIK Interest Income

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

33

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 March 31, 2025, included in restricted cash was $10.4 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 $10.4 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, 2024, included in restricted cash was $14.6 million that was held at Deutsche Bank Trust Company Americas in connection with the OSI2 Citibank Facility.

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

34

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. The Company did not incur any U.S. federal excise tax for calendar year 2023 and calendar year 2024. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025.

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

FASB ASC Topic 740, Accounting for Uncertainty in Income Taxes ("ASC 740"), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the Company's Consolidated Financial Statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including an ongoing analysis of tax laws, regulations and interpretations thereof. The Company recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2021, 2022 and 2023. 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.

Recently Adopted Accounting Pronouncements

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

35

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 March 31, 2025, 196.1% of net assets at fair value, or $2.9 billion, was invested in 152 portfolio companies, including (i) $128.6 million in subordinated notes and limited liability company ("LLC") equity interests of Senior Loan Fund JV I, LLC ("SLF JV I"), a joint venture through which the Company and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation ("Kemper"), co-invest in senior secured loans of middle-market companies and other corporate debt securities and (ii) $47.3 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 March 31, 2025, 7.3% of net assets at fair value, or $108.2 million, was invested in cash and cash equivalents (including $10.4 million of restricted cash). In comparison, as of September 30, 2024, 203.1% of net assets at fair value, or $3.0 billion, was invested in 144 portfolio investments, including (i) $135.2 million in subordinated notes and LLC equity interests of SLF JV I and (ii) $48.9 million in subordinated notes and LLC equity interests of Glick JV. As of September 30, 2024, 5.3% of net assets at fair value, or $78.5 million, was invested in cash and cash equivalents (including $14.6 million of restricted cash). As of March 31, 2025, 84.3% of the Company's portfolio at fair value consisted of senior secured debt investments and 10.6% consisted of subordinated debt investments, including the debt investments in the JVs. As of September 30, 2024, 85.2% of the Company's portfolio at fair value consisted of senior secured debt investments and 9.0% consisted of subordinated debt investments, including the debt investments in the JVs.

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

During the three and six months ended March 31, 2025, the Company recorded net realized gains (losses) of $6.7 million and $(10.6) million, respectively. During the three and six months ended March 31, 2024, the Company recorded net realized losses of $6.6 million and $15.1 million, respectively. During the three and six months ended March 31, 2025, the Company recorded net unrealized depreciation of $82.0 million and $101.6 million, respectively. During the three and six months ended March 31, 2024, the Company recorded net unrealized depreciation of $25.3 million and $50.3 million, respectively.

The composition of the Company's investments as of March 31, 2025 and September 30, 2024 at cost and fair value was as follows:

	March 31, 2025				September 30, 2024
	Cost		Fair Value		Cost		Fair Value
Investments in debt securities	$	2,690,431	$	2,583,916	$	2,723,134	$	2,684,858
Investments in equity securities	204,023		132,906		202,670		152,328
Debt investments in the JVs	165,011		159,983		164,324		161,552
Equity investments in the JVs	54,791		15,966		54,791		22,541
Total	$	3,114,256	$	2,892,771	$	3,144,919	$	3,021,279

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 composition of the Company's debt investments as of March 31, 2025 and September 30, 2024 at floating rates and fixed rates:

	March 31, 2025				September 30, 2024
	Fair Value		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs	$	2,464,991	89.84	%	$	2,516,316	88.40	%
Fixed rate debt securities	278,908		10.16		330,094		11.60
Total	$	2,743,899	100.00	%	$	2,846,410	100.00	%

The following table presents the financial instruments carried at fair value as of March 31, 2025 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

	Level 1		Level 2		Level 3		Measured at Net Asset Value (a)		Total
Investments in debt securities (senior secured)	$	—	$	272,448	$	2,165,740	$	—	$	2,438,188
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)	—		48,786		256,925		—		305,711
Investments in equity securities (preferred)	—		—		70,147		—		70,147
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	1,018		1,692		60,049		15,966		78,725
Total investments at fair value	1,018		322,926		2,552,861		15,966		2,892,771
Cash equivalents	60,626		—		—		—		60,626
Total assets at fair value	$	61,644	$	322,926	$	2,552,861	$	15,966	$	2,953,397
Derivative liabilities	$	—	$	19,219	$	—	$	—	$	19,219
Total liabilities at fair value	$	—	$	19,219	$	—	$	—	$	19,219

__________ 

(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.

37

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, 2024 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

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

__________ 

(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.

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 table provides a roll-forward in the changes in fair value from December 31, 2024 to March 31, 2025 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:

	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of December 31, 2024	$	2,242,164	$	258,499	$	66,361	$	65,737	$	2,632,761
Purchases	225,748		—		—		—		225,748
Sales and repayments	(239,027)		(102)		—		—		(239,129)
Transfers out (a)	(17,668)		—		—		—		(17,668)
Capitalized PIK interest income	3,830		702		—		—		4,532
Accretion of OID	3,760		410		—		—		4,170
Net unrealized appreciation (depreciation)	(53,595)		(2,584)		4,161		(5,388)		(57,406)
Net realized gains (losses)	528		—		(375)		(300)		(147)
Fair value as of March 31, 2025	$	2,165,740	$	256,925	$	70,147	$	60,049	$	2,552,861
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2025	$	(55,129)	$	(2,584)	$	3,785	$	(5,687)	$	(59,615)

__________

(a) There was a $17.7 million transfer out of Level 3 to Level 2 for an investment during the three months ended March 31, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

The following table provides a roll-forward in the changes in fair value from December 31, 2023 to March 31, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:

	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of December 31, 2023	$	2,393,175	$	196,360	$	69,261	$	67,327	$	2,726,123
Purchases	177,005		2,388		3,138		1,580		184,111
Sales and repayments	(221,585)		—		(205)		(74)		(221,864)
Transfers in (a)(b)	10,230		—		—		22,372		32,602
Transfers out (b)(c)	(22,372)		—		—		(283)		(22,655)
Capitalized PIK interest income	7,450		1,058		—		—		8,508
Accretion of OID	1,450		337		—		—		1,787
Net unrealized appreciation (depreciation)	(9,331)		(28)		(9,592)		(13,342)		(32,293)
Net realized gains (losses)	(8,600)		—		—		(294)		(8,894)
Fair value as of March 31, 2024	$	2,327,422	$	200,115	$	62,602	$	77,286	$	2,667,425
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024	$	(19,394)	$	(28)	$	(9,592)	$	(13,710)	$	(42,724)

__________

(a) There was a $10.2 million transfer into Level 3 from Level 2 for an investment during the three months ended March 31, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There was an investment restructuring during the three months ended March 31, 2024 in which $22.4 million of Level 3 senior secured debt was exchanged for Level 3 common equity.

(c) There was a transfer out of Level 3 for an equity investment during the three months ended March 31, 2024 in which $0.3 million of Level 3 common stock was converted to Level 1 common stock.

39

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 provides a roll-forward in the changes in fair value from September 30, 2024 to March 31, 2025 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:

	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,320,310	$	255,346	$	66,320	$	81,756	$	2,723,732
Purchases	423,529		3,583		—		—		427,112
Sales and repayments	(460,101)		(165)		(587)		(221)		(461,074)
Transfers in (a)(c)	6,555		—		646		2,463		9,664
Transfers out (b)(c)	(64,466)		—		—		—		(64,466)
Capitalized PIK interest income	9,190		1,388		—		—		10,578
Accretion of OID	6,563		774		—		—		7,337
Net unrealized appreciation (depreciation)	(60,046)		(4,001)		4,431		(23,737)		(83,353)
Net realized gains (losses)	(15,794)		—		(663)		(212)		(16,669)
Fair value as of March 31, 2025	$	2,165,740	$	256,925	$	70,147	$	60,049	$	2,552,861
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2025	$	(79,762)	$	(4,001)	$	3,774	$	(23,906)	$	(103,895)

__________

(a) There were $6.6 million of transfers into Level 3 from Level 2 for investments during the six months ended March 31, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were $30.5 million of transfers out of Level 3 to Level 2 for investments during the six months ended March 31, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(c) There were investment restructurings during the six months ended March 31, 2025 in which (1) $30.9 million of Level 3 senior secured debt was exchanged for Level 2 senior secured debt, (2) $0.6 million of Level 3 senior secured debt was exchanged for Level 3 preferred equity and (3) $2.5 million of Level 3 senior secured debt was exchanged for Level 3 common equity.

The following table provides a roll-forward in the changes in fair value from September 30, 2023 to March 31, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:

	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs)		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	463,419		17,027		7,578		1,580		489,604
Sales and repayments	(394,467)		(4,932)		(205)		(860)		(400,464)
Transfers in (a)(b)	23,535		—		—		39,702		63,237
Transfers out (b)	(38,544)		(4,657)		(1,159)		(283)		(44,643)
Capitalized PIK interest income	11,285		1,071		—		—		12,356
Accretion of OID	5,498		635		—		—		6,133
Net unrealized appreciation (depreciation)	(18,363)		1,201		(29,669)		(12,680)		(59,511)
Net realized gains (losses)	(17,632)		46		—		(1,613)		(19,199)
Fair value as of March 31, 2024	$	2,327,422	$	200,115	$	62,602	$	77,286	$	2,667,425
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2024	$	(43,469)	$	620	$	(29,821)	$	(14,345)	$	(87,015)

__________

(a) There was a $18.9 million transfer into Level 3 from Level 2 for an investment during the six months ended March 31, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were investment restructurings during the six months ended March 31, 2024 in which (1) $38.5 million of

40

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of March 31, 2025:

Asset	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average (a)
Senior Secured Debt	$	1,971,608	Market Yield	Market Yield	(b)	8.0%	-	38.0%	11.5%
	43,043		Enterprise Value	Revenue Multiple	(c)	0.9x	-	5.3x	2.6x
	66,605		Enterprise Value	EBITDA Multiple	(c)	3.7x	-	8.0x	6.2x
	21,600		Transaction Precedent	Transaction Price	(d)	N/A	-	N/A	N/A
	62,884		Broker Quotations	Broker Quoted Price	(e)	N/A	-	N/A	N/A
Subordinated Debt	96,942		Market Yield	Market Yield	(b)	5.0%	-	11.0%	9.1%
Debt Investments in the JVs	159,983		Enterprise Value	N/A	(f)	N/A	-	N/A	N/A
Preferred & Common Equity	59,719		Enterprise Value	Revenue Multiple	(c)	0.3x	-	5.3x	0.6x
	69,106		Enterprise Value	EBITDA Multiple	(c)	3.0x	-	14.5x	9.8x
	1,371		Enterprise Value	Asset Multiple	(c)	1.4x	-	1.6x	1.5x
Total	$	2,552,861

__________ 

(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.

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

Asset	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average (a)
Senior Secured Debt	$	2,044,221	Market Yield	Market Yield	(b)	5.7%	-	31.0%	12.0%
	52,857		Enterprise Value	Revenue Multiple	(c)	2.0x	-	5.5x	3.7x
	26,927		Enterprise Value	EBITDA Multiple	(c)	4.5x	-	7.5x	5.7x
	33,272		Transaction Precedent	Transaction Price	(d)	N/A	-	N/A	N/A
	163,033		Broker Quotations	Broker Quoted Price	(e)	N/A	-	N/A	N/A
Subordinated Debt	93,794		Market Yield	Market Yield	(b)	5.0%	-	45.0%	10.1%
Debt Investments in the JVs	161,552		Enterprise Value	N/A	(f)	N/A	-	N/A	N/A
Preferred & Common Equity	80,720		Enterprise Value	Revenue Multiple	(c)	0.3x	-	7.2x	2.0x
	66,106		Enterprise Value	EBITDA Multiple	(c)	2.9x	-	15.0x	10.2x
	1,250		Enterprise Value	Asset Multiple	(c)	1.0x	-	1.4x	1.4x
Total	$	2,723,732

__________ 

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

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

(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

41

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 March 31, 2025 and the level of each financial liability within the fair value hierarchy:

	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	430,000	$	430,000	$	—	$	—	$	430,000
OSI2 Citibank Facility payable	90,000		90,000		—		—		90,000
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	330,219		332,574		—		332,574		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	297,110		309,039		—		309,039		—
2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	301,157		299,253		—		299,253		—
Total	$	1,448,486	$	1,460,866	$	—	$	940,866	$	520,000

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

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

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

42

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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:

	March 31, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Senior secured debt	$	2,543,305	81.67	%	$	2,615,066	83.14	%
Debt investments in the JVs	165,011		5.30	%	164,324		5.23	%
Subordinated debt	147,126		4.72	%	108,068		3.44	%
Common equity and warrants	136,409		4.38	%	134,452		4.28	%
Preferred equity	67,614		2.17	%	68,218		2.17	%
LLC equity interests of the JVs	54,791		1.76	%	54,791		1.74	%
Total	$	3,114,256	100.00	%	$	3,144,919	100.00	%

	March 31, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured debt	$	2,438,188	84.29	%	165.29	%	$	2,574,937	85.21	%	173.06	%
Debt investments in the JVs	159,983		5.53	%	10.85	%	161,552		5.35	%	10.86	%
Subordinated debt	145,728		5.04	%	9.88	%	109,921		3.64	%	7.39	%
Preferred equity	70,147		2.42	%	4.76	%	66,320		2.20	%	4.46	%
Common equity and warrants	62,759		2.17	%	4.25	%	86,008		2.85	%	5.78	%
LLC equity interests of the JVs	15,966		0.55	%	1.08	%	22,541		0.75	%	1.52	%
Total	$	2,892,771	100.00	%	196.11	%	$	3,021,279	100.00	%	203.07	%

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:

	March 31, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Northeast	$	1,064,054	34.16	%	$	1,033,467	32.86	%
Midwest	505,115		16.22	%	397,640		12.64	%
Southeast	470,111		15.10	%	464,992		14.79	%
West	319,204		10.25	%	320,407		10.19	%
International	287,638		9.24	%	343,033		10.91	%
Southwest	281,294		9.03	%	285,648		9.08	%
South	186,840		6.00	%	241,098		7.67	%
Northwest	—		—	%	58,634		1.86	%
Total	$	3,114,256	100.00	%	$	3,144,919	100.00	%

43

OAKTREE SPECIALTY LENDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	March 31, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	952,435	32.92	%	64.58	%	$	965,469	31.94	%	64.89	%
Midwest	494,223		17.08	%	33.50	%	390,607		12.93	%	26.25	%
Southeast	380,048		13.14	%	25.76	%	419,669		13.89	%	28.21	%
West	318,170		11.00	%	21.57	%	314,994		10.43	%	21.17	%
International	292,123		10.10	%	19.80	%	354,662		11.74	%	23.84	%
Southwest	272,421		9.42	%	18.47	%	279,653		9.26	%	18.80	%
South	183,351		6.34	%	12.43	%	237,634		7.87	%	15.97	%
Northwest	—		—	%	—	%	58,591		1.94	%	3.94	%
Total	$	2,892,771	100.00	%	196.11	%	$	3,021,279	100.00	%	203.07	%

44

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 March 31, 2025 and September 30, 2024:

	March 31, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Application Software	$	528,882	16.94	%	$	532,200	16.85	%
Multi-Sector Holdings (1)	241,712		7.76		228,181		7.26
Health Care Services	144,038		4.63		149,904		4.77
Pharmaceuticals	125,910		4.04		94,639		3.01
Interactive Media & Services	110,962		3.56		95,564		3.04
Aerospace & Defense	93,732		3.01		72,927		2.32
Health Care Equipment	90,179		2.90		28,823		0.92
Specialized Consumer Services	83,060		2.67		25,763		0.82
Health Care Technology	82,385		2.65		105,932		3.37
Industrial Machinery & Supplies & Components	81,483		2.62		82,624		2.63
Diversified Financial Services	68,849		2.21		66,597		2.12
Metal, Glass & Plastic Containers	67,515		2.17		64,769		2.06
Environmental & Facilities Services	66,030		2.12		65,229		2.07
Airport Services	65,140		2.09		63,110		2.01
Diversified Support Services	58,752		1.89		79,799		2.54
Life Sciences Tools & Services	56,725		1.82		—		—
Real Estate Operating Companies	55,420		1.78		72,839		2.32
Internet Services & Infrastructure	53,559		1.72		53,376		1.70
Systems Software	51,364		1.65		39,316		1.25
Specialized Finance	50,107		1.61		45,156		1.44
Home Improvement Retail	49,982		1.60		49,891		1.59
Soft Drinks & Non-alcoholic Beverages	45,317		1.46		42,898		1.36
Communications Equipment	45,074		1.45		46,764		1.49
Biotechnology	42,228		1.36		43,821		1.39
Automotive Retail	41,440		1.33		40,964		1.30
Personal Care Products	39,987		1.28		63,425		2.02
Real Estate Development	38,632		1.24		38,237		1.22
Leisure Facilities	37,812		1.21		37,958		1.21
Data Processing & Outsourced Services	34,984		1.12		80,058		2.55
Office Services & Supplies	33,189		1.07		38,891		1.24
Electrical Components & Equipment	32,736		1.05		32,834		1.04
Construction & Engineering	30,553		0.98		31,602		1.00
Research & Consulting Services	29,471		0.95		—		—
Cable & Satellite	28,314		0.91		—		—
Construction Machinery & Heavy Transportation Equipment	27,815		0.89		25,901		0.82
Health Care Distributors	27,598		0.89		60,316		1.92
Movies & Entertainment	24,739		0.79		30,779		0.98
Wireless Telecommunication Services	24,219		0.78		24,257		0.77
Insurance Brokers	24,189		0.78		19,222		0.61
Gold	23,526		0.76		23,454		0.75
Broadline Retail	22,746		0.73		22,231		0.71
Hotels, Resorts & Cruise Lines	21,790		0.70		20,612		0.66
Diversified Chemicals	21,189		0.68		—		—
Property & Casualty Insurance	19,906		0.64		—		—
Packaged Foods & Meats	19,797		0.64		19,863		0.63
Real Estate Services	19,356		0.62		55,220		1.76
Oil & Gas Storage & Transportation	19,309		0.62		19,309		0.61
Education Services	17,951		0.58		8,205		0.26
Apparel Retail	17,803		0.57		17,855		0.57
Advertising	17,692		0.57		11,418		0.36
Health Care Supplies	15,237		0.49		14,426		0.46
Air Freight & Logistics	13,931		0.45		—		—
Alternative Carriers	8,762		0.28		—		—
Financial Exchanges & Data	8,017		0.26		8,050		0.26
Paper & Plastic Packaging Products & Materials	4,058		0.13		18,379		0.58
Housewares & Specialties	2,850		0.09		2,806		0.09
Home Furnishings	2,463		0.08		24,102		0.77
Integrated Telecommunication Services	2,057		0.07		2,057		0.07
Distributors	1,733		0.06		1,733		0.06
Fertilizers & Agricultural Chemicals	—		—		54,677		1.74
Diversified Metals & Mining	—		—		50,061		1.59
Other Specialty Retail	—		—		36,810