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OCSL Oaktree Specialty Lending

Filed: 4 Aug 21, 8:00pm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)
 
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
 
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 1-33901
Oaktree Specialty Lending Corporation

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


SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading Symbol(s)Name of Each Exchange
on Which Registered
Common Stock, par value $0.01 per shareOCSL The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  þ     NO  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    YES  ¨   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  ¨
Accelerated filer  þ
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 180,360,662 shares of common stock outstanding as of August 3, 2021.




OAKTREE SPECIALTY LENDING CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021



TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Item 1.Consolidated Financial Statements:
PART II — OTHER INFORMATION


 




 






 




 



PART I — FINANCIAL INFORMATION

Item 1.Consolidated Financial Statements.

Oaktree Specialty Lending Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except per share amounts)
June 30, 2021 (unaudited)September 30, 2020
ASSETS
Investments at fair value:
Control investments (cost June 30, 2021: $283,707; cost September 30, 2020: $245,950)$269,478 $201,385 
Affiliate investments (cost June 30, 2021: $14,788; cost September 30, 2020: $7,551)13,959 6,509 
Non-control/Non-affiliate investments (cost June 30, 2021: $2,021,729; cost September 30, 2020: $1,415,669)2,055,864 1,365,957 
Total investments at fair value (cost June 30, 2021: $2,320,224; cost September 30, 2020: $1,669,170)2,339,301 1,573,851 
Cash and cash equivalents84,689 39,096 
Restricted cash2,840 — 
Interest, dividends and fees receivable15,415 6,935 
Due from portfolio companies1,394 2,725 
Receivables from unsettled transactions2,466 9,123 
Due from broker1,640 — 
Deferred financing costs9,413 5,947 
Deferred offering costs34 67 
Deferred tax asset, net735 847 
Derivative assets at fair value2,449 223 
Other assets2,332 1,898 
Total assets$2,462,708 $1,640,712 
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities$3,925 $1,072 
Base management fee and incentive fee payable31,127 11,212 
Due to affiliate5,011 2,130 
Interest payable5,277 1,626 
Payables from unsettled transactions10,588 478 
Derivative liability at fair value267 — 
Credit facilities payable464,057 414,825 
Unsecured notes payable (net of $6,876 and $3,272 of unamortized financing costs as of June 30, 2021 and September 30, 2020, respectively)640,042 294,490 
Total liabilities1,160,294 725,833 
Commitments and contingencies (Note 14)
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 180,361 and 140,961 shares issued and outstanding as of June 30, 2021 and September 30, 2020, respectively1,804 1,409 
Additional paid-in-capital1,730,083 1,487,774 
Accumulated overdistributed earnings(429,473)(574,304)
Total net assets (equivalent to $7.22 and $6.49 per common share as of June 30, 2021 and September 30, 2020, respectively) (Note 12)1,302,414 914,879 
Total liabilities and net assets$2,462,708 $1,640,712 

See notes to Consolidated Financial Statements.
3


Oaktree Specialty Lending Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended June 30, 2021Three months ended June 30, 2020Nine months ended June 30, 2021Nine months ended June 30, 2020
Interest income:
Control investments$3,405 $2,558 $8,122 $7,502 
Affiliate investments189 127 437 379 
Non-control/Non-affiliate investments48,403 27,406 110,720 80,214 
Interest on cash and cash equivalents21 320 
Total interest income51,999 30,112 119,287 88,415 
PIK interest income:
Non-control/Non-affiliate investments4,597 2,183 11,487 5,290 
Total PIK interest income4,597 2,183 11,487 5,290 
Fee income:
Control investments13 13 46 27 
Affiliate investments15 15 
Non-control/Non-affiliate investments7,805 1,809 13,392 4,906 
Total fee income7,823 1,827 13,453 4,948 
Dividend income:
Control investments1,019 281 1,358 881 
Total dividend income1,019 281 1,358 881 
Total investment income65,438 34,403 145,585 99,534 
Expenses:
Base management fee8,905 5,988 22,520 16,890 
Part I incentive fee6,990 3,556 15,583 9,988 
Part II incentive fee2,837 — 15,986 (5,557)
Professional fees1,059 545 2,943 1,854 
Directors fees147 143 447 428 
Interest expense8,823 6,406 21,486 20,156 
Administrator expense421 373 1,047 1,194 
General and administrative expenses716 622 2,009 1,934 
Total expenses29,898 17,633 82,021 46,887 
Reversal of fees waived (fees waived)(750)— (858)5,200 
Net expenses29,148 17,633 81,163 52,087 
Net investment income before taxes36,290 16,770 64,422 47,447 
(Provision) benefit for taxes on net investment income(358)— (358)— 
Net investment income35,932 16,770 64,064 47,447 
Unrealized appreciation (depreciation):
Control investments3,590 13,790 30,336 (39,605)
Affiliate investments109 (45)213 (1,839)
Non-control/Non-affiliate investments(898)87,225 83,842 (19,018)
Foreign currency forward contracts1,116 (398)2,226 380 
Net unrealized appreciation (depreciation)3,917 100,572 116,617 (60,082)
Realized gains (losses):
Control investments— — — 777 
Non-control/Non-affiliate investments9,350 2,821 26,267 (18,117)
Extinguishment of unsecured notes payable— — — (2,541)
Foreign currency forward contracts(740)— (3,586)(490)
Net realized gains (losses)8,610 2,821 22,681 (20,371)
(Provision) benefit for taxes on realized and unrealized gains (losses)(1,421)68 (2,663)1,613 
Net realized and unrealized gains (losses), net of taxes11,106 103,461 136,635 (78,840)
Net increase (decrease) in net assets resulting from operations$47,038 $120,231 $200,699 $(31,393)
Net investment income per common share — basic and diluted$0.20 $0.12 $0.41 $0.34 
Earnings (loss) per common share — basic and diluted (Note 5)$0.26 $0.85 $1.29 $(0.22)
Weighted average common shares outstanding — basic and diluted180,361 140,961 155,970 140,961 


See notes to Consolidated Financial Statements.
4


Oaktree Specialty Lending Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except per share amounts)
(unaudited)
Three months ended June 30, 2021Three months ended June 30, 2020Nine months ended June 30, 2021Nine months ended June 30, 2020
Operations:
Net investment income$35,932 $16,770 $64,064 $47,447 
Net unrealized appreciation (depreciation)3,917 100,572 116,617 (60,082)
Net realized gains (losses)8,610 2,821 22,681 (20,371)
(Provision) benefit for taxes on realized and unrealized gains (losses)(1,421)68 (2,663)1,613 
Net increase (decrease) in net assets resulting from operations47,038 120,231 200,699 (31,393)
Stockholder transactions:
Distributions to stockholders(23,447)(13,392)(55,868)(40,174)
Net increase (decrease) in net assets from stockholder transactions(23,447)(13,392)(55,868)(40,174)
Capital share transactions:
Issuance of common stock in connection with the Mergers— — 242,704 — 
Issuance of common stock under dividend reinvestment plan520 390 1,559 1,377 
Repurchases of common stock under dividend reinvestment plan(520)(390)(1,559)(1,377)
Net increase (decrease) in net assets from capital share transactions  242,704  
Total increase (decrease) in net assets23,591 106,839 387,535 (71,567)
Net assets at beginning of period1,278,823 752,224 914,879 930,630 
Net assets at end of period$1,302,414 $859,063 $1,302,414 $859,063 
Net asset value per common share$7.22 $6.09 $7.22 $6.09 
Common shares outstanding at end of period180,361 140,961 180,361 140,961 



See notes to Consolidated Financial Statements.
5

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





Nine months ended
June 30, 2021
Nine months ended
June 30, 2020
Operating activities:
Net increase (decrease) in net assets resulting from operations$200,699 $(31,393)
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(116,617)60,082 
Net realized (gains) losses(22,681)20,371 
PIK interest income(11,487)(5,290)
Accretion of original issue discount on investments(18,032)(8,378)
Accretion of original issue discount on unsecured notes payable403 175 
Amortization of deferred financing costs3,030 1,565 
Deferred taxes112 (1,470)
Purchases of investments(714,791)(576,866)
Proceeds from the sales and repayments of investments586,812 388,338 
Cash acquired in the Mergers20,945 — 
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable(3,434)3,267 
(Increase) decrease in due from portfolio companies1,956 (103)
(Increase) decrease in receivables from unsettled transactions8,199 (9,520)
(Increase) decrease in due from broker(1,640)— 
(Increase) decrease in other assets(1,444)328 
Increase (decrease) in accounts payable, accrued expenses and other liabilities476 (686)
Increase (decrease) in base management fee and incentive fee payable17,994 2,822 
Increase (decrease) in due to affiliate1,773 (476)
Increase (decrease) in interest payable1,844 1,929 
Increase (decrease) in payables from unsettled transactions10,110 (52,424)
Increase (decrease) in director fees payable(90)— 
Net cash provided by (used in) operating activities(35,863)(207,729)
Financing activities:
Distributions paid in cash(54,309)(38,797)
Borrowings under credit facilities325,000 286,000 
Repayments of borrowings under credit facilities(515,525)(134,000)
Repayments of unsecured notes— (161,250)
Issuance of unsecured notes349,020 297,459 
Repayments of secured borrowings(9,341)— 
Repurchases of common stock under dividend reinvestment plan(1,559)(1,377)
Deferred financing costs paid(7,844)(4,835)
Deferred offering costs paid— (67)
Net cash provided by (used in) financing activities85,442 243,133 
Effect of exchange rate changes on foreign currency(1,146)(82)
Net increase (decrease) in cash and cash equivalents and restricted cash48,433 35,322 
Cash and cash equivalents and restricted cash, beginning of period39,096 15,406 
Cash and cash equivalents and restricted cash, end of period$87,529 $50,728 
Supplemental information:
Cash paid for interest$15,583 $16,487 
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan$1,560 $1,377 
Deferred financing costs(592)— 
Issuance of shares in connection with the Mergers242,704 — 
Reconciliation to the Consolidated Statements of Assets and LiabilitiesJune 30, 2021September 30, 2020
Cash and cash equivalents$84,689 $39,096 
Restricted cash2,840 — 
Total cash and cash equivalents and restricted cash$87,529 $39,096 

See notes to Consolidated Financial Statements.
6

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Control Investments(8)(9)
C5 Technology Holdings, LLCData Processing & Outsourced Services
829 Common Units$— $— (15)
34,984,460.37 Preferred Units34,984 27,638 (15)
34,984 27,638 
Dominion Diagnostics, LLCHealth Care Services
First Lien Term Loan, LIBOR+5.00% cash due 2/28/20246.00 %$27,451 27,451 27,451 (6)(15)
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024— — — (6)(15)(19)
30,030.8 Common Units in DD Healthcare Services Holdings, LLC18,626 18,065 (12)(15)
46,077 45,516 
First Star Speir Aviation LimitedAirlines(10)
First Lien Term Loan, 9.00% cash due 12/15/20257,500 — 7,500 (11)(15)
100% equity interest6,339 482 (11)(12)(15)
6,339 7,982 
OCSI Glick JV LLCMulti-Sector Holdings(14)
Subordinated Debt, LIBOR+4.50% cash due 10/20/20284.70 %62,296 50,735 55,397  (6)(11)(15)
87.5% equity interest— —  (11)(16)(19)
50,735 55,397 
Senior Loan Fund JV I, LLCMulti-Sector Holdings(14)
Subordinated Debt, LIBOR+7.00% cash due 12/29/20288.00 %96,250 96,250 96,250 (6)(11)(15)(19)
87.5% LLC equity interest49,322 36,695 (11)(12)(16)(19)
145,572 132,945 
 Total Control Investments (20.7% of net assets)$283,707 $269,478 
Affiliate Investments(17)
Assembled Brands Capital LLCSpecialized Finance
First Lien Revolver, LIBOR+6.00% cash due 10/17/20237.00 %$11,924 $11,925 $11,680 (6)(15)(19)
1,609,201 Class A Units764 579 (15)
1,019,168.80 Preferred Units, 6%1,019 1,131 (15)
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029— — (15)
13,708 13,390 
Caregiver Services, Inc.Health Care Services
1,080,399 shares of Series A Preferred Stock, 10%1,080 569 (15)
1,080 569 
 Total Affiliate Investments (1.1% of net assets)$14,788 $13,959 
Non-Control/Non-Affiliate Investments(18)
4 Over International, LLCCommercial Printing
First Lien Term Loan, LIBOR+6.00% cash due 6/7/20227.00 %$10,987 $10,433 $10,240 (6)(15)
First Lien Revolver, PRIME+5.00% cash due 6/7/20228.25 %460 441 348 (6)(15)(19)
10,874 10,588 
109 Montgomery Owner LLCReal Estate Operating Companies
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/20237.50 %4,746 4,550 4,766 (6)(15)(19)
4,550 4,766 
A.T. Holdings II SÀRLBiotechnology
First Lien Term Loan, 9.50% cash due 12/22/202237,158 36,884 36,972 (11)(15)
36,884 36,972 
Access CIG, LLCDiversified Support Services
First Lien Term Loan, LIBOR+3.75% cash due 2/27/20253.84 %5,365 5,010 5,340 (6)
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/20267.84 %15,000 14,921 14,972 (6)
19,931 20,312 
7

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Accupac, Inc.Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/20267.00 %$16,181 $15,775 $16,181 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026— (31)— (6)(15)(19)
First Lien Revolver, LIBOR+6.00% cash due 1/17/20267.00 %2,042 1,991 2,042 (6)(15)
17,735 18,223 
Acquia Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/20258.00 %20,950 20,646 20,929 (6)(15)
First Lien Revolver, LIBOR+7.00% cash due 10/31/20258.00 %179 146 177 (6)(15)(19)
20,792 21,106 
ADB Companies, LLCConstruction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/20257.25 %15,663 14,969 15,422 (6)(15)
14,969 15,422 
Aden & Anais Merger Sub, Inc.Apparel, Accessories & Luxury Goods
51,645 Common Units in Aden & Anais Holdings, Inc.5,165 — (15)
5,165  
AI Ladder (Luxembourg) Subco S.a.r.l.Electrical Components & Equipment
First Lien Term Loan, LIBOR+4.50% cash due 7/9/20254.58 %14,555 14,122 14,568 (6)(11)
14,122 14,568 
AI Sirona (Luxembourg) Acquisition S.a.r.l.Pharmaceuticals
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/20267.25 %24,838 27,708 29,382 (6)(11)(15)
27,708 29,382 
AirStrip Technologies, Inc.Application Software
5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/202590 — (15)
90  
All Web Leads, Inc.Advertising
First Lien Term Loan, LIBOR+6.50% cash due 12/29/20237.50 %$24,157 21,473 22,970 (6)(15)
21,473 22,970 
Alvotech Holdings S.A.Biotechnology(13)
Fixed Rate Bond 15% PIK Tranche A due 6/24/202520,967 20,556 20,967 (11)(15)
Fixed Rate Bond 15% PIK Tranche B due 6/24/202520,512 20,151 20,512 (11)(15)
27,308 Common Shares6,322 6,322 (15)
47,029 47,801 
Amplify Finco Pty Ltd.Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/20265.00 %15,415 13,772 15,145 (6)(11)(15)
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/20278.75 %12,500 12,188 12,125 (6)(11)(15)
25,960 27,270 
Ankura Consulting Group LLCResearch & Consulting Services
Second Lien Term Loan, LIBOR+8.00% cash due 3/19/20298.75 %7,466 7,354 7,578 (6)(15)
7,354 7,578 
Apptio, Inc.Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/20258.25 %34,458 33,341 33,842 (6)(15)
First Lien Revolver, LIBOR+7.25% cash due 1/10/20258.25 %892 846 852 (6)(15)(19)
34,187 34,694 
Ardonagh Midco 3 PLCInsurance Brokers
First Lien Term Loan, EURIBOR+5.4375% cash 2.26875% PIK due 7/14/20266.44 %1,942 2,154 2,294 (6)(11)(15)
First Lien Term Loan, UK LIBOR+5.4375% cash 2.26875% PIK due 7/14/20266.19 %£18,449 23,139 25,486 (6)(11)(15)
Fixed Rate Bond, 11.50% cash due 1/15/2027$1,182 1,171 1,300 (11)
26,464 29,080 
8

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Associated Asphalt Partners, LLCConstruction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/20246.25 %$2,531 $2,216 $2,391 (6)
2,216 2,391 
Athenex, Inc.Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/202642,145 40,386 41,829 (11)(15)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026— (274)(158)(11)(15)(19)
328,149 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027973 302 (11)(15)
41,085 41,973 
Aurora Lux Finco S.À.R.L.Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/20267.00 %22,713 22,268 21,372 (6)(11)(15)
22,268 21,372 
The AveryReal Estate Operating Companies
First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/20237.55 %21,760 21,293 21,959 (6)(15)(19)
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/202312.75 %4,954 4,851 4,959 (6)(15)(19)
26,144 26,918 
BAART Programs, Inc.Health Care Equipment
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/20289.50 %7,166 7,059 7,130 (6)(15)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/20289.50 %3,583 3,529 3,565 (6)(15)
10,588 10,695 
Blackhawk Network Holdings, Inc.Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/20267.13 %30,625 30,158 30,548 (6)
30,158 30,548 
Blumenthal Temecula, LLCAutomotive Retail
First Lien Term Loan, 9.00% cash due 9/24/20233,979 3,980 3,979 (15)
1,293,324 Preferred Units in Unstoppable Automotive AMV, LLC1,293 1,293 (15)
298,460 Preferred Units in Unstoppable Automotive VMV, LLC298 298 (15)
298,460 Common Units in Unstoppable Automotive AMV, LLC298 298 (15)
99,486 Common Units in Unstoppable Automotive VMV, LLC100 99 (15)
5,969 5,967 
Cadence Aerospace, LLCAerospace & Defense
First Lien Term Loan, LIBOR+3.25% cash 5.25% PIK due 11/14/20234.25 %14,105 12,342 12,954 (6)(15)
12,342 12,954 
Chief Power Finance II, LLCIndependent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/20227.50 %24,181 23,704 23,637 (6)(15)
23,704 23,637 
CircusTrix Holdings, LLCLeisure Facilities
First Lien Term Loan, LIBOR+5.50% cash 2.50% PIK due 7/16/20236.50 %10,571 8,611 7,879 (6)(15)
8,611 7,879 
CITGO Holding, Inc.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/20238.00 %11,664 11,531 11,621 (6)
Fixed Rate Bond, 9.25% cash due 8/1/202410,672 10,672 10,899 
22,203 22,520 
CITGO Petroleum Corp.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/20247.25 %14,258 13,862 14,374 (6)
13,862 14,374 
Clear Channel Outdoor Holdings Inc.Advertising
Fixed Rate Bond, 7.50% cash due 6/1/20297,137 7,137 7,398 (11)
7,137 7,398 
9

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Continental Intermodal Group LPOil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025$37,851 $35,476 $31,795 (6)(15)
Common Stock Warrants expiration date 7/28/2025648 1,917 (15)
36,124 33,712 
Convergeone Holdings, Inc.IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/20265.10 %9,535 9,282 9,451 (6)
9,282 9,451 
Conviva Inc.Application Software
517,851 Shares of Series D Preferred Stock605 894 (15)
605 894 
CorEvitas, LLCHealth Care Services
First Lien Term Loan, LIBOR+5.50% cash due 12/13/20256.50 %10,222 10,089 10,130 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/20256.50 %1,215 1,172 1,182 (6)(15)(19)
First Lien Revolver, PRIME+4.50% cash due 12/13/20257.75 %305 281 289 (6)(15)(19)
1,099 Class A2 Common Units in CorEvitas Holdings, L.P.1,038 1,177 (15)
12,580 12,778 
Coty Inc.Personal Products
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023— (712)(395)(6)(11)(15)(19)
(712)(395)
Coyote Buyer, LLCSpecialty Chemicals
First Lien Term Loan, LIBOR+6.00% cash due 2/6/20267.00 %18,433 17,911 18,249 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025— (13)(13)(6)(15)(19)
17,898 18,236 
Curium Bidco S.à.r.l.Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/20288.50 %16,787 16,535 17,123 (6)(11)(15)
16,535 17,123 
Delta Topco, Inc.Systems Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/20288.00 %6,680 6,647 6,789 (6)
6,647 6,789 
Digital.AI Software Holdings, Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 2/10/20278.00 %10,028 9,633 9,857 (6)(15)
First Lien Revolver, LIBOR+7.00% cash due 2/10/2027— (30)(18)(6)(15)(19)
9,603 9,839 
Eagleview Technology CorporationApplication Software
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/20268.50 %8,974 8,884 8,869 (6)(15)
8,884 8,869 
EHR Canada, LLCFood Retail
First Lien Term Loan, LIBOR+8.00% cash due 12/31/20219.00 %3,750 3,739 3,746 (6)(15)
3,739 3,746 
EOS Fitness Opco Holdings, LLCLeisure Facilities
487.5 Class A Preferred Units, 12%488 274 (15)
12,500 Class B Common Units— — (15)
488 274 
Firstlight Holdco, Inc.Alternative Carriers
First Lien Term Loan, LIBOR+3.50% cash due 7/23/20253.60 %7,030 6,566 6,984 (6)
6,566 6,984 
Fortress Biotech, Inc.Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/202511,359 10,680 11,075 (11)(15)
331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030405 434 (11)(15)
11,085 11,509 
10

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
GI Chill Acquisition LLCManaged Health Care
First Lien Term Loan, LIBOR+4.00% cash due 8/6/20254.15 %$16,721 $16,479 $16,716 (6)(15)
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/20267.65 %6,250 6,210 6,219 (6)(15)
22,689 22,935 
GKD Index Partners, LLCSpecialized Finance
First Lien Term Loan, LIBOR+9.00% cash due 6/29/202310.00 %26,668 26,062 26,188 (6)(15)
First Lien Revolver, LIBOR+9.00% cash due 6/29/202310.00 %1,280 1,247 1,251 (6)(15)(19)
27,309 27,439 
Global Medical ResponseHealth Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/20255.25 %8,652 8,404 8,686 (6)
8,404 8,686 
Gulf Operating, LLCOil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+5.25% cash due 8/25/20236.25 %2,839 2,016 2,418 (6)
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021— (704)(377)(6)(15)(19)
1,312 2,041 
Houghton Mifflin Harcourt Publishers Inc.Education Services
First Lien Term Loan, LIBOR+6.25% cash due 11/22/20247.25 %1,007 979 1,011 (6)(11)
979 1,011 
IBG Borrower LLCApparel, Accessories & Luxury Goods
First Lien Term Loan, LIBOR+7.00% cash due 8/2/20227.19 %6,096 5,902 6,096 (6)(15)
5,902 6,096 
iCIMs, Inc.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/20247.50 %25,635 24,972 25,489 (6)(15)
First Lien Revolver, LIBOR+6.50% cash due 9/12/20247.50 %1,176 1,144 1,170 (6)(15)
26,116 26,659 
Immucor, Inc.Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/20256.75 %8,679 8,431 8,592 (6)(15)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/20259.00 %21,640 20,993 21,424 (6)(15)
29,424 30,016 
Integral Development CorporationOther Diversified Financial Services
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024113 — (15)
113  
Inventus Power, Inc.Electrical Components & Equipment
First Lien Term Loan, LIBOR+5.00% cash due 3/29/20246.00 %18,897 18,724 18,708 (6)(15)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/20249.50 %11,366 11,155 11,139 (6)(15)
29,879 29,847 
INW Manufacturing, LLCPersonal Products
First Lien Term Loan, LIBOR+5.75% cash due 5/7/20276.50 %37,266 36,169 36,520 (6)(15)
36,169 36,520 
Ivanti Software, Inc.Application Software
Second Lien Term Loan, LIBOR+8.50% cash due 12/1/20289.50 %17,346 16,847 17,346 (6)(15)
16,847 17,346 
Jazz Acquisition, Inc.Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/20278.50 %22,870 21,686 22,802 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+7.50% cash due 1/29/2027— — — (6)(15)(19)
21,686 22,802 
11

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Lanai Holdings III, Inc.Health Care Distributors
First Lien Term Loan, PRIME+3.75% cash due 8/29/20227.00 %$12,846 $12,763 $12,823 (6)
12,763 12,823 
Latam Airlines Group S.A.Airlines
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/202215,739 15,506 15,786 (6)(11)(15)(19)
15,506 15,786 
Lift Brands Holdings, Inc.Leisure Facilities
2,000,000 Class A Common Units in Snap Investments, LLC1,399 — (15)
1,399  
Lightbox Intermediate, L.P.Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/20265.15 %41,538 40,494 41,330 (6)(15)
40,494 41,330 
LogMeIn, Inc.Application Software
First Lien Term Loan, LIBOR+4.75% cash due 8/31/20274.83 %3,980 3,719 3,978 (6)
3,719 3,978 
LTI Holdings, Inc.Electronic Components
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/20266.85 %10,140 10,077 10,140 (6)
10,077 10,140 
Maravai Intermediate Holdings, LLCBiotechnology
First Lien Term Loan, LIBOR+3.75% cash due 10/19/20274.75 %2,735 2,566 2,750 (6)
2,566 2,750 
Marinus Pharmaceuticals, Inc.Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/20263,441 3,374 3,372 (11)(15)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026— — — (11)(15)(19)
3,374 3,372 
Mayfield Agency Borrower Inc.Property & Casualty Insurance
First Lien Term Loan, LIBOR+4.50% cash due 2/28/20254.60 %28,602 27,961 28,584 (6)
27,961 28,584 
MedAssets Software Intermediate Holdings, Inc.Health Care Technology
Second Lien Term Loan, LIBOR+7.75% cash due 1/29/20298.50 %14,137 13,868 13,960 (6)(15)
13,868 13,960 
MHE Intermediate Holdings, LLCDiversified Support Services
First Lien Term Loan, LIBOR+5.00% cash due 3/8/20246.00 %16,526 15,357 16,161 (6)(15)
First Lien Revolver, LIBOR+5.00% cash due 3/10/2023— (126)(116)(6)(15)(19)
15,231 16,045 
Mindbody, Inc.Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/20258.00 %38,626 37,270 36,734 (6)(15)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025— (82)(196)(6)(15)(19)
37,188 36,538 
Ministry Brands, LLCApplication Software
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022— (9)(9)(6)(15)(19)
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/202310.25 %11,000 10,821 10,906 (6)(15)
10,812 10,897 
MRI Software LLCApplication Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/20266.50 %25,398 24,835 25,429 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026— (42)(6)(15)(19)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026— (13)(6)(15)(19)
24,780 25,435 
12

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Navisite, LLCData Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/20269.50 %$22,560 $22,146 $22,334 (6)(15)
22,146 22,334 
NeuAG, LLCFertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/20247.00 %46,204 44,303 45,095 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024— (204)(131)(6)(15)(19)
44,099 44,964 
NN, Inc.Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/20267.88 %59,458 58,048 57,972 (6)(11)(15)
58,048 57,972 
OEConnection LLCApplication Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/20264.10 %8,364 7,830 8,364 (6)
7,830 8,364 
Olaplex, Inc.Personal Products
First Lien Term Loan, LIBOR+6.50% cash due 1/8/20267.50 %52,460 51,169 52,460 (6)(15)
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025— (61)(39)(6)(15)(19)
51,108 52,421 
OmniSYS Acquisition CorporationDiversified Support Services
100,000 Common Units in OSYS Holdings, LLC1,000 617 (15)
1,000 617 
Onvoy, LLCIntegrated Telecommunication Services
First Lien Term Loan, LIBOR+4.50% cash due 2/10/20245.50 %3,611 3,398 3,613 (6)
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/202511.50 %12,498 12,498 12,477 (6)(15)
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC1,967 2,060 (15)
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC— — (15)
17,863 18,150 
P & L Development, LLCPharmaceuticals
Fixed Rate Bond, 7.75% cash due 11/15/20259,123 9,123 9,613 
9,123 9,613 
Park Place Technologies, LLCInternet Services & Infrastructure
First Lien Term Loan, LIBOR+5.00% cash due 11/10/20276.00 %9,975 9,484 10,022 (6)
9,484 10,022 
PaySimple, Inc.Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+5.50% cash due 8/23/20255.61 %51,530 50,297 51,272 (6)(15)
50,297 51,272 
Pingora MSR Opportunity Fund I-A, LPThrifts & Mortgage Finance
1.86% limited partnership interest752 114 (11)(16)(19)
752 114 
Planview Parent, Inc.Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/20288.00 %28,627 28,198 28,699 (6)(15)
28,198 28,699 
PLNTF Holdings, LLCLeisure Facilities
First Lien Term Loan, LIBOR+8.00% cash due 3/12/20269.00 %13,764 13,502 13,901 (6)(15)
13,502 13,901 
Pluralsight, LLCApplication Software
First Lien Term Loan, LIBOR+8.00% cash due 4/6/20279.00 %41,502 40,705 40,672 (6)(15)
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027— (68)(71)(6)(15)(19)
40,637 40,601 
13

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
PRGX Global, Inc.Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+6.75% cash due 3/3/20267.75 %$34,204 $33,036 $33,520 (6)(15)
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026— (46)(50)(6)(15)(19)
80,515 Class B Common Units79 81 (15)
33,069 33,551 
ProFrac Services, LLCIndustrial Machinery
First Lien Term Loan, LIBOR+8.50% cash due 9/15/20239.75 %22,193 20,295 21,749 (6)(15)
20,295 21,749 
Project Boost Purchaser, LLCApplication Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/20278.10 %5,250 5,147 5,250 (6)(15)
5,147 5,250 
Pug LLCInternet & Direct Marketing Retail
First Lien Term Loan, LIBOR+8.00% cash due 2/12/20278.75 %21,283 20,223 21,629 (6)
20,223 21,629 
Quantum Bidco LimitedFood Distributors
First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/20286.11 %£3,501 4,618 4,734 (6)(11)
4,618 4,734 
QuorumLabs, Inc.Application Software
64,887,669 Junior-2 Preferred Stock375 — (15)
375  
Refac Optical GroupSpecialty Stores
1,550.9435 Shares of Common Stock in Refac Holdings, Inc.— (15)
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10%305 — (15)
1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10%999 — (15)
1,305  
Relativity ODA LLCApplication Software
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027$22,356 21,814 21,842 (6)(15)
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027— (54)(51)(6)(15)(19)
21,760 21,791 
Renaissance Holding Corp.Diversified Banks
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/20267.10 %3,542 3,515 3,554 (6)
3,515 3,554 
RevSpring, Inc.Commercial Printing
First Lien Term Loan, LIBOR+4.00% cash due 10/11/20254.15 %9,750 9,175 9,735 (6)(15)
9,175 9,735 
RS Ivy Holdco, Inc.Oil & Gas Exploration & Production
First Lien Term Loan, LIBOR+5.50% cash due 12/23/20276.50 %2,488 2,335 2,489 (6)(15)
2,335 2,489 
Sabert CorporationMetal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/20265.50 %1,823 1,710 1,825 (6)
1,710 1,825 
Salient CRGT, Inc.Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash due 2/28/20227.50 %5,326 5,028 5,292 (6)(15)
5,028 5,292 
Scilex Pharmaceuticals Inc.Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/20267,817 6,475 6,988 (15)
6,475 6,988 
ShareThis, Inc.Application Software
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024367 — (15)
367  
14

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Sirva Worldwide, Inc.Diversified Support Services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/20255.60 %$5,911 $5,241 $5,584 (6)
5,241 5,584 
SM Wellness Holdings, Inc.Health Care Services
Second Lien Term Loan, LIBOR+8.00% cash due 4/15/20298.75 %9,109 8,972 9,200 (6)(15)
8,972 9,200 
Sorrento Therapeutics, Inc.Biotechnology
50,000 Common Stock Units197 485 (11)
197 485 
Star US Bidco LLCIndustrial Machinery
First Lien Term Loan, LIBOR+4.25% cash due 3/17/20275.25 %1,197 1,113 1,198 (6)
1,113 1,198 
SumUp Holdings Luxembourg S.À.R.L.Other Diversified Financial Services
First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/202610.00 %12,401 14,121 14,406 (6)(11)(15)(19)
14,121 14,406 
Sunland Asphalt & Construction, LLCConstruction & Engineering
First Lien Term Loan, LIBOR+6.00% cash due 1/13/20267.00 %$43,160 41,813 42,427 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 1/13/20227.00 %5,437 5,337 5,330 (6)(15)(19)
47,150 47,757 
Supermoose Borrower, LLCApplication Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/20253.90 %8,598 7,536 8,060 (6)
7,536 8,060 
Swordfish Merger Sub LLCAuto Parts & Equipment
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/20267.75 %12,500 12,464 12,256 (6)(15)
12,464 12,256 
Tacala, LLCRestaurants
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/20288.25 %9,448 9,312 9,489 (6)
9,312 9,489 
Tecta America Corp.Construction & Engineering
Second Lien Term Loan, LIBOR+8.50% cash due 4/9/20299.25 %5,203 5,125 5,203 (6)(15)
5,125 5,203 
Telestream Holdings CorporationApplication Software
First Lien Term Loan, LIBOR+8.75% cash due 10/15/20259.75 %18,556 18,031 18,278 (6)(15)
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025— (30)(26)(6)(15)(19)
18,001 18,252 
TerSera Therapeutics LLCPharmaceuticals
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/202410.50 %29,663 29,328 29,371 (6)(15)
668,879 Common Units of TerSera Holdings LLC2,192 3,487 (15)
31,520 32,858 
TGNR HoldCo LLCIntegrated Oil & Gas
Subordinated Debt, 11.50% cash due 5/14/20264,984 4,836 4,834 (11)(15)(20)
4,836 4,834 
Thermacell Repellents, Inc.Leisure Products
First Lien Term Loan, LIBOR+6.00% cash due 12/4/20267.00 %6,651 6,618 6,618 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 12/4/20267.00 %396 392 392 (6)(15)(19)
7,010 7,010 
15

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Thrasio, LLCInternet & Direct Marketing Retail
First Lien Term Loan, LIBOR+7.00% cash due 12/18/20268.00 %$22,831 $22,018 $22,603 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/18/20268.00 %4,588 4,354 4,436 (6)(15)(19)
8,434 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc.101 103 (15)
284,650.32 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc.2,409 3,478 (15)
15,468 Shares of Series X Preferred Stock in Thrasio Holdings, Inc.15,252 16,342 (15)(19)
44,134 46,962 
TIBCO Software Inc.Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/20287.36 %16,788 16,680 17,079 (6)
16,680 17,079 
TigerConnect, Inc.Application Software
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/202460 525 (15)
60 525 
Transact Holdings Inc.Application Software
First Lien Term Loan, LIBOR+4.75% cash due 4/30/20264.85 %6,878 6,774 6,843 (6)(15)
6,774 6,843 
Velocity Commercial Capital, LLCThrifts & Mortgage Finance
First Lien Term Loan, LIBOR+8.00% cash due 2/5/20269.00 %16,010 15,391 15,930 (6)(15)
15,391 15,930 
Veritas US Inc.Application Software
First Lien Term Loan, LIBOR+5.00% cash due 9/1/20256.00 %5,955 5,591 6,001 (6)
5,591 6,001 
Verscend Holding Corp.Health Care Technology
Fixed Rate Bond, 9.75% cash due 8/15/20262,756 2,774 2,908 
2,774 2,908 
Vitalyst Holdings, Inc.IT Consulting & Other Services
675 Series A Preferred Stock Units675 440 (15)
7,500 Class A Common Stock Units75 — (15)
750 440 
Win Brands Group LLCHousewares & Specialties
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/202610.00 %1,881 1,863 1,872 (6)(15)
139 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027— — (15)
1,863 1,872 
Windstream Services II, LLCIntegrated Telecommunication Services
First Lien Term Loan, LIBOR+6.25% cash due 9/21/20277.25 %31,679 30,372 31,826 (6)
18,032 Shares of Common Stock in Windstream Holdings II, LLC216 298 (15)
109,420 Warrants in Windstream Holdings II, LLC1,842 1,805 (15)
32,430 33,929 
WP CPP Holdings, LLCAerospace & Defense
First Lien Term Loan, LIBOR+3.75% cash due 4/30/20254.75 %4,380 3,990 4,299 (6)
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/20268.75 %16,000 15,744 15,653 (6)(15)
19,734 19,952 
16

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
WPEngine, Inc.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 3/27/20267.50 %$14,188 $13,908 $13,982 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026— (519)(382)(6)(15)(19)
13,389 13,600 
Zep Inc.Specialty Chemicals
First Lien Term Loan, LIBOR+4.00% cash due 8/12/20245.00 %6,511 6,152 6,438 (6)
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/20259.25 %22,748 22,690 22,248 (6)(15)
28,842 28,686 
Zephyr Bidco LimitedSpecialized Finance
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/20267.55 %£18,000 23,770 24,711 (6)(11)
23,770 24,711 
Total Non-Control/Non-Affiliate Investments (157.9% of net assets)$2,021,729 $2,055,864 
Total Portfolio Investments (179.6% of net assets)$2,320,224 $2,339,301 
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares $72,407 $72,407 
Other cash accounts15,122 15,122 
Total Cash and Cash Equivalents and Restricted Cash (6.7% of net assets)$87,529 $87,529 
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (186.3% of net assets)$2,407,753 $2,426,830 


Derivative InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$53,390 £37,709 8/12/2021JPMorgan Chase Bank, N.A.$1,292 
Foreign currency forward contract$46,457 38,165 8/12/2021JPMorgan Chase Bank, N.A.1,157 
$2,449 


Derivative InstrumentCompany ReceivesCompany PaysCounterpartyMaturity DateNotional AmountFair Value
Interest rate swapFixed 2.7%Floating 3-month LIBOR +1.658%Royal Bank of Canada1/15/2027$350,000$(267)
17

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2021
(dollar amounts in thousands)
(unaudited)


(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
(3)Equity ownership may be held in shares or units of companies related to the portfolio companies.
(4)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.
(5)Each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(6)The interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate ("LIBOR") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of June 30, 2021, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.10%, the 60-day LIBOR at 0.13%, the 90-day LIBOR at 0.15%, the 180-day LIBOR at 0.17%, the 360-day LIBOR at 0.25%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.05%, the 180-day UK LIBOR at 0.04%, the 30-day EURIBOR at (0.58)%, the 90-day EURIBOR at (0.55)% and the 180-day EURIBOR at (0.54)%. Most loans include an interest floor, which generally ranges from 0% to 1%.
(7)Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
(8)Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
(9)As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the nine months ended June 30, 2021 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
(10)First Star Speir Aviation 1 Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy. In accordance with Accounting Standards Update ("ASU") 2013-08, the Company has deemed the holding company to be an investment company under accounting principles generally accepted in the United States ("GAAP") and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding company are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
(11)Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2021, qualifying assets represented 75.2% of the Company's total assets and non-qualifying assets represented 24.8% of the Company's total assets.
(12)Income producing through payment of dividends or distributions.
(13)PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment subsequent to a restructure that occurred during the three months ended June 30, 2021. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of June 30, 2021, the accumulated PIK interest balance for each of the A notes and the B notes was $0.1 million.
(14)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition.
(15)As of June 30, 2021, 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 represents a participation interest in the underlying securities shown.
See notes to Consolidated Financial Statements.
18

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Control Investments(8)(9)
C5 Technology Holdings, LLCData Processing & Outsourced Services
829 Common Units$— $— (20)
34,984,460.37 Preferred Units34,984 27,638 (20)
34,984 27,638 
Dominion Diagnostics, LLCHealth Care Services
First Lien Term Loan, LIBOR+5.00% cash due 2/28/20246.00 %$27,660 27,660 27,660 (6)(20)
First Lien Revolver, LIBOR+5.00% cash due 2/28/20246.00 %5,260 5,260 5,260 (6)(19)(20)
30,030.8 Common Units in DD Healthcare Services Holdings, LLC18,626 7,667 (20)
51,546 40,587 
First Star Speir Aviation LimitedAirlines(10)
First Lien Term Loan, 9.00% cash due 12/15/202011,510 2,035 11,510 (11)(20)
100% equity interest8,500 1,622 (11)(12)(20)
10,535 13,132 
New IPT, Inc.Oil & Gas Equipment & Services
First Lien Term Loan, LIBOR+5.00% cash due 3/17/20216.00 %2,304 2,304 1,800  (6)(20)
First Lien Revolver, LIBOR+5.00% cash due 3/17/20216.00 %1,009 1,009 788  (6)(19)(20)
50.087 Class A Common Units in New IPT Holdings, LLC— — (20)
3,313 2,588 
Senior Loan Fund JV I, LLCMulti-Sector Holdings(14)
Subordinated Debt, LIBOR+7.00% cash due 12/29/20287.17 %96,250 96,250 96,250 (6)(11)(20)
87.5% LLC equity interest49,322 21,190 (11)(16)(19)
145,572 117,440 
 Total Control Investments (22.0% of net assets)$245,950 $201,385 
 Affiliate Investments(17)
Assembled Brands Capital LLCSpecialized Finance
First Lien Revolver, LIBOR+6.00% cash due 10/17/20237.00 %$4,688 $4,688 $4,194 (6)(19)(20)
1,609,201 Class A Units764 483 (20)
1,019,168.80 Preferred Units, 6%1,019 1,091 (20)
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029— — (20)
6,471 5,768 
Caregiver Services, Inc.Health Care Services
1,080,399 shares of Series A Preferred Stock, 10%1,080 741 (20)
1,080 741 
 Total Affiliate Investments (0.7% of net assets)$7,551 $6,509 
 Non-Control/Non-Affiliate Investments(18)
4 Over International, LLCCommercial Printing
First Lien Term Loan, LIBOR+6.00% cash due 6/7/20227.00 %$5,676 $5,654 $5,264 (6)(20)
First Lien Revolver, LIBOR+6.00% cash due 6/7/20217.00 %2,232 2,214 2,070 (6)(20)
7,868 7,334 
99 Cents Only Stores LLCGeneral Merchandise Stores
First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/20226.00 %19,431 19,220 17,877 (6)
19,220 17,877 
A.T. Holdings II SÀRLBiotechnology
First Lien Term Loan, 12.00% cash due 4/27/202322,619 22,619 26,464 (11)(20)
First Lien Delayed Draw Term Loan, 12.00% cash due 4/27/20231,508 1,508 1,780 (11)(19)(20)
24,127 28,244 
19

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Access CIG, LLCDiversified Support Services
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/20267.91 %$15,000 $14,909 $14,250 (6)
14,909 14,250 
Accupac, Inc.Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/20267.00 %12,487 12,294 12,487 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026— (36)— (6)(19)(20)
First Lien Revolver, LIBOR+6.00% cash due 1/17/20267.00 %1,564 1,540 1,564 (6)(20)
13,798 14,051 
Acquia Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/20258.00 %20,950 20,594 20,499 (6)(20)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025— (39)(48)(6)(19)(20)
20,555 20,451 
Aden & Anais Merger Sub, Inc.Apparel, Accessories & Luxury Goods
51,645 Common Units in Aden & Anais Holdings, Inc.5,165 — (20)
5,165  
AdVenture Interactive, Corp.Advertising
9,073 shares of common stock13,611 13,440 (20)
13,611 13,440 
AI Ladder (Luxembourg) Subco S.a.r.l.Electrical Components & Equipment
First Lien Term Loan, LIBOR+4.50% cash due 7/9/20254.65 %21,374 20,934 20,465 (6)(11)
20,934 20,465 
AI Sirona (Luxembourg) Acquisition S.a.r.l.Pharmaceuticals
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/20267.25 %24,838 27,668 28,435 (6)(11)(20)
27,668 28,435 
Airbnb, Inc.Hotels, Resorts & Cruise Lines
First Lien Term Loan, LIBOR+7.50% cash due 4/17/20258.50 %$15,743 15,378 17,081 (6)
15,378 17,081 
AirStrip Technologies, Inc.Application Software
5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/202590 — (20)
90  
Aldevron, L.L.C.Biotechnology
First Lien Term Loan, LIBOR+4.25% cash due 10/12/20265.25 %7,960 7,880 7,977 (6)
7,880 7,977 
Algeco Scotsman Global Finance PlcConstruction & Engineering
Fixed Rate Bond, 8.00% cash due 2/15/202313,524 13,277 13,465 (11)
13,277 13,465 
Alvotech Holdings S.A.Biotechnology(13)
Fixed Rate Bond 15% PIK Note A due 12/13/202314,800 18,849 19,968 (11)(20)
Fixed Rate Bond 15% PIK Note B due 12/13/202314,800 18,849 19,196 (11)(20)
37,698 39,164 
Amplify Finco Pty Ltd.Movies & Entertainment
First Lien Term Loan, LIBOR+4.00% cash due 11/26/20264.75 %995 909 856 (6)(11)(20)
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/20278.75 %12,500 12,188 9,438 (6)(11)(20)
13,097 10,294 
20

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Ancile Solutions, Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 6/30/20218.00 %$8,181 $8,150 $8,124  (6)(20)
8,150 8,124 
Apptio, Inc.Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/20258.25 %23,764 23,420 23,297 (6)(20)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025— (22)(30)(6)(19)(20)
23,398 23,267 
Ardonagh Midco 3 PLCInsurance Brokers
First Lien Term Loan, EURIBOR+7.50% cash due 7/14/20268.50 %1,440 1,594 1,640 (6)(11)(20)
First Lien Term Loan, UK LIBOR+7.50% cash due 7/14/20268.25 %£11,303 13,752 14,188 (6)(11)(20)
First Lien Delayed Draw Term Loan, UK LIBOR+7.50% cash due 7/14/2026£— — — (6)(11)(19)(20)
Fixed Rate Bond, 11.50% cash due 1/15/2027$2,222 2,200 2,255 (11)
17,546 18,083 
Associated Asphalt Partners, LLCConstruction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/20246.25 %2,554 2,150 2,073 (6)
2,150 2,073 
Asurion, LLCProperty & Casualty Insurance
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/20256.65 %19,985 19,950 20,058 (6)
19,950 20,058 
Athenex, Inc.Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/202628,475 27,252 28,261 (11)(20)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026— (321)(171)(11)(19)(20)
266,052 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027915 785 (11)(20)
27,846 28,875 
Aurora Lux Finco S.À.R.L.Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/20267.00 %22,885 22,376 21,283 (6)(11)(20)
22,376 21,283 
Blackhawk Network Holdings, Inc.Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/20267.19 %26,250 26,049 24,150 (6)
26,049 24,150 
Boxer Parent Company Inc.Systems Software
First Lien Term Loan, LIBOR+4.25% cash due 10/2/20254.40 %13,775 13,666 13,407 (6)
13,666 13,407 
BX Commercial Mortgage Trust 2020-VIVADiversified Real Estate Activities
Class D Variable Notes due 3/9/20443.67 %12,556 10,482 11,451 (6)(11)(20)
Class E Variable Notes due 3/9/20443.67 %6,221 4,806 5,395 (6)(11)(20)
15,288 16,846 
California Pizza Kitchen, Inc.Restaurants
First Lien Term Loan, LIBOR+8.00% cash due 8/23/20223,222 3,081 983 (6)(21)
3,081 983 
Chief Power Finance II, LLCIndependent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/20227.50 %21,850 21,462 20,812 (6)(20)
21,462 20,812 
CITGO Holding, Inc.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/20238.00 %11,753 11,570 11,081 (6)
Fixed Rate Bond, 9.25% cash due 8/1/202410,672 10,672 10,192 
22,242 21,273 
21

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
CITGO Petroleum Corp.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+5.00% cash due 3/28/20246.00 %$8,979 $8,890 $8,553 (6)
8,890 8,553 
Continental Intermodal Group LPOil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/202524,741 24,741 21,753 (6)(20)
Common Stock Warrants expiration date 7/28/2025— 1,672 (20)
24,741 23,425 
Convergeone Holdings, Inc.IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/20265.15 %14,621 14,169 13,465 (6)
14,169 13,465 
Conviva Inc.Application Software
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021105 395 (20)
105 395 
Corrona, LLCHealth Care Services
First Lien Term Loan, LIBOR+5.50% cash due 12/13/20256.50 %10,300 10,144 10,152 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025— (32)(52)(6)(19)(20)
First Lien Revolver, PRIME+4.50% cash due 12/13/20257.75 %305 277 279 (6)(19)(20)
1,099 Class A2 Common Units in Corrona Group Holdings, L.P.1,038 1,038 (20)
11,427 11,417 
Coyote Buyer, LLCSpecialty Chemicals
First Lien Term Loan, LIBOR+6.00% cash due 2/6/20267.00 %13,123 12,992 12,992 (6)(20)
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025— (9)(9)(6)(19)(20)
12,983 12,983 
CTOS, LLCTrading Companies & Distributors
First Lien Term Loan, LIBOR+4.25% cash due 4/18/20254.40 %10,139 10,228 10,069 (6)
10,228 10,069 
Eagleview Technology CorporationApplication Software
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/20268.50 %12,000 11,880 10,440 (6)(20)
11,880 10,440 
EHR Canada, LLCFood Retail
First Lien Term Loan, LIBOR+8.00% cash due 12/4/20209.00 %6,861 6,851 6,998 (6)(20)
6,851 6,998 
EOS Fitness Opco Holdings, LLCLeisure Facilities
487.5 Class A Preferred Units, 12%488 49 (20)
12,500 Class B Common Units— — (20)
488 49 
ExamSoft Worldwide, Inc.Application Software
180,707 Class C Units in ExamSoft Investor LLC181 500 (20)
181 500 
Fortress Biotech, Inc.Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/20258,346 7,842 7,908 (11)(20)
243,348 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030258 419 (11)(20)
8,100 8,327 
GI Chill Acquisition LLCManaged Health Care
First Lien Term Loan, LIBOR+4.00% cash due 8/6/20254.22 %17,640 17,552 17,331 (6)(20)
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/20267.72 %10,000 9,927 9,350 (6)(20)
27,479 26,681 
22

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
GKD Index Partners, LLCSpecialized Finance
First Lien Term Loan, LIBOR+7.00% cash due 6/29/20238.00 %$20,933 $20,818 $20,577 (6)(20)
First Lien Revolver, LIBOR+7.00% cash due 6/29/20238.00 %924 915 904 (6)(19)(20)
21,733 21,481 
Global Medical ResponseHealth Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/20255.25 %6,256 6,152 6,084 (6)
6,152 6,084 
Guidehouse LLPResearch & Consulting Services
First Lien Term Loan, LIBOR+4.50% cash due 5/1/20254.65 %4,949 4,907 4,912 (6)
Second Lien Term Loan, LIBOR+8.00% cash due 5/1/20268.15 %20,000 19,930 19,300 (6)(20)
24,837 24,212 
Gulf Operating, LLCOil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+5.25% cash due 8/25/20236.25 %3,275 1,874 2,324 (6)
1,874 2,324 
Houghton Mifflin Harcourt Publishers Inc.Education Services
First Lien Term Loan, LIBOR+6.25% cash due 11/22/20247.25 %6,738 6,508 6,300 (6)(11)
6,508 6,300 
I Drive Safely, LLCEducation Services
125,079 Class A Common Units of IDS Investments, LLC1,000 200 (20)
1,000 200 
IBG Borrower LLCApparel, Accessories & Luxury Goods
First Lien Term Loan, LIBOR+7.00% cash due 8/2/20227.25 %9,056 8,569 7,856 (6)(20)
8,569 7,856 
iCIMs, Inc.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/20247.50 %16,718 16,493 16,584 (6)(20)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024— (15)(7)(6)(19)(20)
16,478 16,577 
Immucor, Inc.Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/20256.75 %6,477 6,354 6,347 (6)(20)
First Lien Revolver, LIBOR+5.75% cash due 7/2/2025— (10)(11)(6)(19)(20)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/20259.00 %15,611 15,316 15,298 (6)(20)
21,660 21,634 
Integral Development CorporationOther Diversified Financial Services
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024113 — (20)
113  
L Squared Capital Partners LLCMulti-Sector Holdings
2.00% limited partnership interest887 2,192 (11)(16)
887 2,192 
Lanai Holdings III, Inc.Health Care Distributors
First Lien Term Loan, LIBOR+4.75% cash due 8/29/20225.75 %12,948 12,810 12,260 (6)
12,810 12,260 
Lannett Company, Inc.Pharmaceuticals
First Lien Term Loan, LIBOR+5.00% cash due 11/25/20206.00 %460 460 456 (6)(11)
460 456 
23

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Lift Brands Holdings, Inc.Leisure Facilities
2,000,000 Class A Common Units in Snap Investments, LLC$1,399 $— (20)
1,399  
Lightbox Intermediate, L.P.Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/20265.15 %$39,500 39,023 37,723 (6)(20)
39,023 37,723 
LogMeIn, Inc.Application Software
Second Lien Term Loan, LIBOR+9.00% cash due 8/31/20289.16 %9,293 8,831 9,247 (6)
8,831 9,247 
LTI Holdings, Inc.Electronic Components
First Lien Term Loan, LIBOR+4.75% cash due 7/24/20264.90 %1,794 1,513 1,685 (6)
First Lien Term Loan, LIBOR+3.50% cash due 9/6/20253.65 %18,082 15,087 16,884 (6)
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/20266.90 %9,000 9,000 7,983 (6)
25,600 26,552 
Maravai Intermediate Holdings, LLCBiotechnology
First Lien Term Loan, LIBOR+4.25% cash due 8/1/20255.25 %11,760 11,642 11,789 (6)(20)
11,642 11,789 
Mauser Packaging Solutions Holding CompanyMetal & Glass Containers
Fixed Rate Bond, 8.50% cash due 4/15/202411,378 11,273 11,833 
11,273 11,833 
Mayfield Agency Borrower Inc.Property & Casualty Insurance
First Lien Term Loan, LIBOR+4.50% cash due 2/28/20254.65 %28,823 28,045 26,679 (6)
28,045 26,679 
McAfee, LLCSystems Software
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/20259.50 %7,000 7,028 7,074 (6)
7,028 7,074 
MHE Intermediate Holdings, LLCDiversified Support Services
First Lien Term Loan, LIBOR+5.00% cash due 3/8/20246.00 %2,910 2,888 2,832 (6)(20)
2,888 2,832 
Mindbody, Inc.Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/20258.00 %29,097 28,675 26,828 (6)(20)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025— (44)(241)(6)(19)(20)
28,631 26,587 
Ministry Brands, LLCApplication Software
First Lien Revolver, LIBOR+5.00% cash due 12/2/20226.00 %575 566 566 (6)(19)(20)
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/202310.25 %9,000 8,934 8,923 (6)(20)
9,500 9,489 
MRI Software LLCApplication Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/20266.50 %14,369 14,242 14,022 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026— (59)(144)(6)(19)(20)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026— (13)(31)(6)(19)(20)
14,170 13,847 
24

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
NeuAG, LLCFertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/20247.00 %$35,306 $33,918 $33,894 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024— (175)(175)(6)(19)(20)
33,743 33,719 
NuStar Logistics, L.P.Oil & Gas Refining & Marketing
Unsecured Delayed Draw Term Loan, 12.00% cash due 4/19/2023— — — (19)(20)
  
Olaplex, Inc.Personal Products
First Lien Term Loan, LIBOR+6.50% cash due 1/8/20267.50 %35,056 34,441 35,056 (6)(20)
First Lien Revolver, LIBOR+6.50% cash due 1/8/20257.50 %1,917 1,852 1,917 (6)(19)(20)
36,293 36,973 
OmniSYS Acquisition CorporationDiversified Support Services
100,000 Common Units in OSYS Holdings, LLC1,000 607 (20)
1,000 607 
Onvoy, LLCIntegrated Telecommunication Services
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/202511.50 %16,750 16,750 15,142 (6)(20)
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC1,967 268 (20)
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC— — (20)
18,717 15,410 
OZLM Funding III, Ltd.Multi-Sector Holdings
Class DR Notes, LIBOR+7.77% cash due 1/22/20298.03 %2,312 1,657 2,119 (6)(11)
1,657 2,119 
PaySimple, Inc.Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+5.50% cash due 8/23/20255.65 %49,535 48,711 47,801 (6)(20)
48,711 47,801 
Pingora MSR Opportunity Fund I-A, LPThrifts & Mortgage Finance
1.86% limited partnership interest938 353 (11)(16)(19)
938 353 
PLATO Learning Inc.Education Services
Unsecured Senior PIK Note, 8.50% PIK due 12/9/20213,099 2,434 — (15)(20)
Unsecured Junior PIK Note, 10.00% PIK due 12/9/202115,010 10,227 — (15)(20)
Unsecured Revolver, 5.00% cash due 12/9/20212,938 2,631 588 (20)(21)
126,127.80 Class A Common Units of Edmentum126 — (20)
15,418 588 
ProFrac Services, LLCIndustrial Machinery
First Lien Term Loan, LIBOR+7.50% cash due 9/15/20238.75 %15,170 15,081 11,643 (6)(20)
15,081 11,643 
Project Boost Purchaser, LLCApplication Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/20278.15 %3,750 3,750 3,375 (6)(20)
3,750 3,375 
25

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Pug LLCInternet & Direct Marketing Retail
First Lien Term Loan, LIBOR+8.00% cash due 2/12/20278.75 %$15,740 $14,802 $15,307 (6)
14,802 15,307 
QuorumLabs, Inc.Application Software
64,887,669 Junior-2 Preferred Stock375 — (20)
375  
Refac Optical GroupSpecialty Stores
1,550.9435 Shares of Common Stock in Refac Holdings, Inc.— (20)
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10%305 — (20)
1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10%999 — (20)
1,305  
Salient CRGT, Inc.Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash due 2/28/20227.50 %2,955 2,938 2,748 (6)(20)
2,938 2,748 
Scilex Pharmaceuticals Inc.Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/202615,585 12,069 12,468 (20)
12,069 12,468 
ShareThis, Inc.Application Software
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024367 — (20)
367  
Sorrento Therapeutics, Inc.Biotechnology
125,000 Common Stock Warrants (exercise price $3.94) expiration date 11/3/2029— 1,123 (11)(20)
 1,123 
Supermoose Borrower, LLCApplication Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/20253.90 %10,196 8,925 9,193 (6)
8,925 9,193 
Surgery Center Holdings, Inc.Health Care Facilities
First Lien Term Loan, LIBOR+3.25% cash due 9/3/20244.25 %3,850 3,133 3,640 (6)(11)
3,133 3,640 
Swordfish Merger Sub LLCAuto Parts & Equipment
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/20267.75 %12,500 12,458 10,563 (6)(20)
12,458 10,563 
Tacala, LLCRestaurants
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/20287.65 %7,276 7,167 6,903 (6)
7,167 6,903 
TerSera Therapeutics LLCPharmaceuticals
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/202410.50 %29,663 29,236 29,371 (6)(20)
668,879 Common Units of TerSera Holdings LLC2,192 3,487 (20)
31,428 32,858 
TIBCO Software Inc.Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/20287.40 %15,000 14,925 14,766 (6)
14,925 14,766 
TigerConnect, Inc.Application Software
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/202460 525 (20)
60 525 
Transact Holdings Inc.Application Software
First Lien Term Loan, LIBOR+4.75% cash due 4/30/20264.90 %6,930 6,826 6,553 (6)(20)
6,826 6,553 
26

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Truck Hero, Inc.Auto Parts & Equipment
Second Lien Term Loan, LIBOR+8.25% cash due 4/21/20259.25 %$21,500 $21,191 $20,819 (6)(20)
21,191 20,819 
U.S. Renal Care, Inc.Health Care Services
First Lien Term Loan, LIBOR+5.00% cash due 6/26/20265.15 %1,122 934 1,096 (6)
934 1,096 
Uniti Group Inc.Specialized REITs
21,072 Common Units— 133 222 (11)(12)
133 222 
Verscend Holding Corp.Health Care Technology
First Lien Term Loan, LIBOR+4.50% cash due 8/27/20254.65 %14,525 14,479 14,429 (6)
Fixed Rate Bond, 9.75% cash due 8/15/20267,000 7,020 7,629 
21,499 22,058 
Vertex Aerospace Services Corp.Aerospace & Defense
First Lien Term Loan, LIBOR+4.50% cash due 6/29/20254.65 %10,168 10,133 10,073 (6)
10,133 10,073 
Vitalyst Holdings, Inc.IT Consulting & Other Services
675 Series A Preferred Stock Units675 440 (20)
7,500 Class A Common Stock Units75 — (20)
750 440 
William Morris Endeavor Entertainment, LLCMovies & Entertainment
First Lien Term Loan, LIBOR+8.50% cash due 5/18/20259.50 %33,298 31,594 33,298 (6)(20)
31,594 33,298 
Windstream Services II, LLCIntegrated Telecommunication Services
First Lien Term Loan, LIBOR+6.25% cash due 9/21/20277.25 %25,935 24,900 25,168 (6)
6,129 Shares of Common Stock in Windstream Holdings II, LLC53 69 (20)
37,215 Warrants in Windstream Holdings II, LLC913 444 (20)
25,866 25,681 
WP CPP Holdings, LLCAerospace & Defense
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/20268.75 %15,000 14,893 11,700 (6)(20)
14,893 11,700 
WPEngine, Inc.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 3/27/20267.50 %14,188 13,863 13,949 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026— (602)(443)(6)(19)(20)
13,261 13,506 
xMatters, Inc.Application Software
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025709 336 (20)
709 336 
Zep Inc.Specialty Chemicals
First Lien Term Loan, LIBOR+4.00% cash due 8/12/20245.00 %1,955 1,895 1,845 (6)
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/20259.25 %30,000 29,908 24,180 (6)(20)
31,803 26,025 
Zephyr Bidco LimitedSpecialized Finance
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/20267.55 %£18,000 23,705 21,176 (6)(11)
23,705 21,176 
Total Non-Control/Non-Affiliate Investments (149.3% of net assets)$1,415,669 $1,365,957 
27

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Total Portfolio Investments (172.0% of net assets)$1,669,170 $1,573,851 
Cash and Cash Equivalents
JP Morgan Prime Money Market Fund, Institutional Shares $35,248 $35,248 
Other cash accounts3,848 3,848 
Total Cash and Cash Equivalents (4.3% of net assets)$39,096 $39,096 
Total Portfolio Investments and Cash and Cash Equivalents (176.3% of net assets)$1,708,266 $1,612,947 
Derivative InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$35,577 £27,494 11/12/2020JPMorgan Chase Bank, N.A.$25 
Foreign currency forward contract$30,260 25,614 11/12/2020JPMorgan Chase Bank, N.A.198 
$223 
28

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
September 30, 2020
(dollar amounts in thousands)

(1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
(2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
(3)Equity ownership may be held in shares or units of companies related to the portfolio companies.
(4)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.
(5)Each of the Company's investments is pledged as collateral under the Syndicated Facility (as defined in Note 6 to the accompanying notes to the Consolidated Financial Statements).
(6)The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2020, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.15%, the 60-day LIBOR at 0.19%, the 90-day LIBOR at 0.22%, the 180-day LIBOR at 0.27%, the 360-day LIBOR at 0.37%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.05%, the 180-day UK LIBOR at 0.22%, the 30-day EURIBOR at (0.57)% and the 180-day EURIBOR at (0.36)%. Most loans include an interest floor, which generally ranges from 0% to 1%.
(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, 2020 for transactions during the year ended September 30, 2020 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
(10)First Star Speir Aviation 1 Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding company to be an investment company under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding company are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
(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, 2020, qualifying assets represented 75.4% of the Company's total assets and non-qualifying assets represented 24.6% of the Company's total assets.
(12)Income producing through payment of dividends or distributions.
(13)PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of September 30, 2020, the accumulated PIK interest balance for each of the A notes and the B notes was $4.3 million. The fair value of this investment is inclusive of PIK.
(14)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition.
(15)This investment was on PIK non-accrual status as of September 30, 2020. PIK non-accrual status is inclusive of other non-cash income, where applicable.
(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)As of September 30, 2020, these investments were categorized as Level 3 within the fair value hierarchy established by ASC 820.
(21)This investment was on cash non-accrual status as of September 30, 2020. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
See notes to Consolidated Financial Statements.
29

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 tax purposes.
The Company's investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. The Company may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions.
The Company is externally managed by Oaktree Fund Advisors, LLC ("Oaktree"), a subsidiary of Oaktree Capital Group, LLC (“OCG”), 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 and also a subsidiary of OCG. 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 11. In 2019, Brookfield Asset Management Inc. ("Brookfield") acquired a majority economic interest in OCG. OCG operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams.
On March 19, 2021, the Company acquired Oaktree Strategic Income Corporation (“OCSI”), pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 28, 2020, by and among OCSI, the Company, Lion Merger Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”), and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the Merger Agreement, Merger Sub was first merged with and into OCSI, with OCSI as the surviving corporation (the “Merger”), and, immediately following the Merger, OCSI was then merged with and into the Company, with the Company as the surviving company (together with the Merger, the “Mergers”). In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of OCSI’s common stock was converted into the right to receive 1.3371 shares of the Company’s common stock (with OCSI’s stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Mergers, the Company issued an aggregate of 39,400,011 shares of its common stock to former OCSI stockholders. See Note 15. "Merger with OCSI".

Note 2. Significant Accounting Policies
Basis of Presentation:
The Consolidated Financial Statements of the Company have been prepared in accordance with 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 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.
30

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




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:
The Company values its investments in accordance with ASC 820, which 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 management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.
Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.
The Company seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Company is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Company's set threshold, the Company seeks to obtain a quote directly from a broker making a market for the asset. Oaktree 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, the Company does not adjust any of the prices received from these sources.
If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, the Company values such investments using any of three different valuation techniques. 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
31

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




forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Company may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Company considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.
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.
The Company estimates the fair value of privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.
The Company's Board of Directors undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments:
The quarterly valuation process begins with each portfolio company or investment being initially valued by Oaktree's valuation team in conjunction with Oaktree's portfolio management team and investment professionals responsible for each portfolio investment;
Preliminary valuations are then reviewed and discussed with management of Oaktree;
Separately, independent valuation firms engaged by the Board of Directors prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to Oaktree and the Audit Committee of the Board of Directors;
Oaktree compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee;
The Audit Committee reviews the preliminary valuations with Oaktree, and Oaktree responds and supplements the preliminary valuations to reflect any discussions between Oaktree and the Audit Committee;
The Audit Committee makes a recommendation to the full Board of Directors regarding the fair value of the investments in the Company's portfolio; and
The Board of Directors discusses valuations and determines the fair value of each investment in the Company's portfolio.
The fair value of the Company's investments as of June 30, 2021 and September 30, 2020 was determined in good faith by the Board of Directors. The Board of Directors has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of the Company's portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Board of Directors may reasonably rely on that assistance. However, the Board of Directors is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company's valuation policy and a consistently applied valuation process.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "deferred tax asset, net," "credit facilities payable" and "unsecured notes payable," which are reported at amortized cost, all assets and liabilities approximate fair value on the Consolidated Statements of Assets and Liabilities. The carrying value of the line items titled "interest, dividends and fees receivable," "due from portfolio companies," "receivables from unsettled transactions," "due
32

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




from broker," "accounts payable, accrued expenses and other liabilities," "base management fee and incentive fee payable," "due to affiliate," "interest payable" and "payables from unsettled transactions" approximate fair value due to their short maturities.
Foreign Currency Translation:
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 are 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.
Interest Rate Swaps
The Company uses an interest rate swap to hedge some of the Company's fixed rate debt. The Company designated the interest rate swap as the hedging instrument 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 the 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 swap is offset by the change in fair value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in due from broker on the Company's Consolidated Statements of Assets and Liabilities.
Secured Borrowings:
Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying Statements of Assets and Liabilities as secured borrowings. Premiums payable are separately reported as accrued interest.
Investment Income:
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.
33

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




A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations.
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.
For the Company's secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the Consolidated Statements of Operations.
PIK Interest Income
The Company's investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. 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 bases 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.
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 nonrecurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.
The Company has also structured exit fees across certain of its portfolio investments to be received upon the future exit of those investments. These fees are typically paid to the Company upon the earliest to occur of (i) a sale of the borrower or substantially all of the assets of the borrower, (ii) the maturity date of the loan or (iii) the date when full prepayment of the loan occurs. The receipt of such fees is contingent upon the occurrence of one of the events listed above for each of the investments. These fees are included in net investment income over the life of the loan.
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 may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and
34

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




cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets.
As of June 30, 2021, included in restricted cash was $2.8 million that was held at Wells Fargo Bank, N.A. in connection with the Company's Citibank Facility (as defined in Note 6. Borrowings). Pursuant to the terms of the Citibank Facility, the Company was restricted in terms of access to $2.8 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 credit agreement.
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 Company's Consolidated Statements of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. For extinguishments of the Company’s unsecured notes payable, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Deferred Offering Costs:
Legal fees and other costs incurred in connection with the Company’s shelf registration statement are capitalized as deferred offering costs in the Consolidated Statements of Assets and Liabilities. To the extent any such costs relate to equity offerings, these costs are charged as a reduction of capital upon utilization. To the extent any such costs relate to debt offerings, these costs are treated as deferred financing costs and are amortized over the term of the respective debt arrangement. Any deferred offering costs that remain at the expiration of the shelf registration statement or when it becomes probable that an offering will not be completed are expensed.
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 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 a U.S. federal excise tax for calendar years 2019 and 2020 and does not expect to incur a U.S. federal excise tax for calendar year 2021.
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
35

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




for financial reporting purposes, and portfolio investments held by them are included in the Company’s Consolidated Financial Statements as portfolio investments and recorded at fair value. The taxable subsidiaries are 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 2018, 2019 and 2020. 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.
Note 3. Portfolio Investments
As of June 30, 2021, 179.6% of net assets at fair value, or $2.3 billion, was invested in 135 portfolio companies, including (i) $132.9 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) $55.4 million in subordinated notes and LLC equity interests of OCSI Glick JV LLC ("Glick JV" and, together with SLF JV I, the "JVs"), a joint venture through which the Company and GF Equity Funding 2014 LLC ("GF Equity Funding") co-invest primarily in senior secured loans of middle-market companies. As of June 30, 2021, 6.7% of net assets at fair value, or $87.5 million, was invested in cash and cash equivalents (including $2.8 million of restricted cash). In comparison, as of September 30, 2020, 172.0% of net assets at fair value, or $1.6 billion, was invested in 113 portfolio investments, including $117.4 million in subordinated notes and LLC equity interests of SLF JV I, and 4.3% of net assets at fair value, or $39.1 million, was invested in cash and cash equivalents. As of June 30, 2021, 86.7% of the Company's portfolio at fair value consisted of senior secured debt investments and 7.9% consisted of subordinated debt investments, including the debt investments in the JVs. As of September 30, 2020, 84.1% of the Company's portfolio at fair value consisted of senior secured debt investments and 10.3% consisted of subordinated debt investments, including the debt investment in SLF JV I.
The Company also held equity investments in certain of its portfolio companies consisting of common stock, preferred stock, warrants, limited partnership interests or LLC equity interests. These instruments generally do not produce a current return but are held for potential investment appreciation and capital gain.
During the three and nine months ended June 30, 2021, the Company recorded net realized gains of $8.6 million and $22.7 million, respectively. During the three and nine months ended June 30, 2020, the Company recorded net realized gains (losses) of $2.8 million and $(20.4) million, respectively. During the three and nine months ended June 30, 2021, the Company recorded net unrealized appreciation of $3.9 million and $116.6 million, respectively. During the three and nine months ended June 30, 2020, the Company recorded net unrealized appreciation (depreciation) of $100.6 million and $(60.1) million, respectively.
36

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




The composition of the Company's investments as of June 30, 2021 and September 30, 2020 at cost and fair value was as follows:
 June 30, 2021September 30, 2020
 CostFair ValueCostFair Value
Investments in debt securities$2,013,006 $2,059,352 $1,422,487 $1,388,605 
Investments in equity securities110,911 91,607 101,111 67,806 
Debt investments in the JVs146,985 151,647 96,250 96,250 
Equity investments in the JVs49,322 36,695 49,322 21,190 
Total$2,320,224 $2,339,301 $1,669,170 $1,573,851 

The following table presents the composition of the Company's debt investments as of June 30, 2021 and September 30, 2020 at fixed rates and floating rates: 
 June 30, 2021September 30, 2020
 Fair Value% of Debt
Portfolio
Fair Value% of Debt
Portfolio
Floating rate debt securities, including the debt investments in the JVs$2,021,011 91.41 %$1,311,509 88.33 %
Fixed rate debt securities189,988 8.59 173,346 11.67 
Total$2,210,999 100.00 %$1,484,855 100.00 %

The following table presents the financial instruments carried at fair value as of June 30, 2021 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
Level 1Level 2Level 3Measured at Net Asset Value (a)Total
Investments in debt securities (senior secured)$— $365,467 $1,661,587 $— $2,027,054 
Investments in debt securities (subordinated, including the debt investments in the JVs)— 22,505 161,440 — 183,945 
Investments in equity securities (preferred)— — 52,460 — 52,460 
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)485 — 38,548 36,809 75,842 
Total investments at fair value485 387,972 1,914,035 36,809 2,339,301 
Cash equivalents72,407 — — — 72,407 
Derivative assets— 2,449 — — 2,449 
Total assets at fair value$72,892 $390,421 $1,914,035 $36,809 $2,414,157 
Derivative liability$ $267 $ $ $267 
Total liabilities at fair value$ $267 $ $ $267 
__________ 
(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, 2020 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
Level 1Level 2Level 3Measured at Net Asset Value (a)Total
Investments in debt securities (senior secured)$— $418,806 $904,237 $— $1,323,043 
Investments in debt securities (subordinated, including the debt investment in SLF JV I)— 35,660 126,152 — 161,812 
Investments in equity securities (preferred)— — 29,959 — 29,959 
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I)222 — 35,080 23,735 59,037 
Total investments at fair value222 454,466 1,095,428 23,735 1,573,851 
Cash equivalents35,248 — — — 35,248 
Derivative assets— 223 — — 223 
Total assets at fair value$35,470 $454,689 $1,095,428 $23,735 $1,609,322 
__________ 
(a)In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.

The following table provides a roll-forward in the changes in fair value from March 31, 2021 to June 30, 2021 for all investments for which the Company determined fair value using unobservable (Level 3) factors:
Investments
Senior Secured DebtSubordinated
Debt (including debt investments in the JVs)
Preferred
Equity
Common
Equity and Warrants
Total
Fair value as of March 31, 2021$1,590,290 $157,954 $51,796 $50,339 $1,850,379 
Purchases153,259 5,041 — — 158,300 
Sales and repayments(91,799)(2,977)— (22,422)(117,198)
Transfers in (a)— — — 6,322 6,322 
Transfers out (a)(6,322)— — — (6,322)
Capitalized PIK interest income4,243 — — — 4,243 
Accretion of OID7,383 297 — — 7,680 
Net unrealized appreciation (depreciation)4,585 781 664 (2,784)3,246 
Net realized gains (losses)(52)344 — 7,093 7,385 
Fair value as of June 30, 2021$1,661,587 $161,440 $52,460 $38,548 $1,914,035 
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2021 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2021$11,295 $1,085 $664 $656 $13,700 
(a) There was one transfer from senior secured debt to common equity and warrants during the three months ended June 30, 2021 as a result of an investment restructuring, in which $6.3 million of senior secured debt was exchanged for $6.3 million of common equity.
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 March 31, 2020 to June 30, 2020 for all investments for which the Company determined fair value using unobservable (Level 3) factors:
Investments
Senior Secured DebtSubordinated
Debt (including debt investment in SLF JV I)
Preferred
Equity
Common
Equity and Warrants
Total
Fair value as of March 31, 2020$720,110 $105,167 $31,367 $45,150 $901,794 
Purchases 95,154 48,663 — 80 143,897 
Sales and repayments(23,010)(93)— (2,889)(25,992)
Capitalized PIK interest income1,316 — — — 1,316 
Accretion of OID1,524 473 — — 1,997 
Net unrealized appreciation (depreciation)24,035 12,820 (1,429)(1,805)33,621 
Net realized gains (losses)— — — 2,475 2,475 
Fair value as of June 30, 2020$819,129 $167,030 $29,938 $43,011 $1,059,108 
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2020$24,794 $12,820 $(1,429)$(127)$36,058 

The following table provides a roll-forward in the changes in fair value from September 30, 2020 to June 30, 2021 for all investments for which the Company determined fair value using unobservable (Level 3) factors:
Investments
Senior Secured DebtSubordinated
Debt (including debt investment in the JVs)
Preferred
Equity
Common
Equity and Warrants
Total
Fair value as of September 30, 2020$904,237 $126,152 $29,959 $35,080 $1,095,428 
Purchases (a)923,185 51,327 19,958 2,377 996,847 
Sales and repayments(246,671)(44,191)(31)(28,622)(319,515)
Transfers in (b)(c)(d)18,458 — — 6,759 25,217 
Transfers out (d)(6,322)— — — (6,322)
Capitalized PIK interest income10,991 — — — 10,991 
Accretion of OID11,806 1,328 — — 13,134 
Net unrealized appreciation (depreciation)47,469 18,089 2,543 12,618 80,719 
Net realized gains (losses)(1,566)8,735 31 10,336 17,536 
Fair value as of June 30, 2021$1,661,587 $161,440 $52,460 $38,548 $1,914,035 
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2021 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2021$51,977 $4,770 $2,543 $12,429 $71,719 
__________
(a) Includes the Level 3 investments acquired in connection with the Mergers during the nine months ended June 30, 2021.
(b) There were transfers into Level 3 from Level 2 for certain investments during the nine months ended June 30, 2021 as a result of a change in the number of market quotes available and/or a change in market liquidity.
(c) There was a transfer into Level 3 from Level 2 as a result of an investment restructuring in which Level 2 senior secured debt was exchanged for Level 3 senior secured debt and common equity.
(d) There was one transfer from senior secured debt to common equity and warrants during the nine months ended June 30, 2021 as a result of an investment restructuring, in which $6.3 million of senior secured debt was exchanged for $6.3 million of common equity.

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, 2019 to June 30, 2020 for all investments for which the Company determined fair value using unobservable (Level 3) factors:
Investments
Senior Secured DebtSubordinated
Debt (including debt investment in SLF JV I)
Preferred
Equity
Common
Equity and Warrants
Total
Fair value as of September 30, 2019$653,334 $110,309 $40,578 $41,006 $845,227 
Purchases 334,339 49,728 — 1,408 385,475 
Sales and repayments(177,958)(3,956)(1,388)(9,463)(192,765)
Transfers in (a)(b)67,939 5,113 — 18,625 91,677 
Transfers out (a)(b)(33,625)— — — (33,625)
Capitalized PIK interest income4,276 — — — 4,276 
Accretion of OID5,089 1,090 — — 6,179 
Net unrealized appreciation (depreciation)(5,362)19,088 (9,747)(15,655)(11,676)
Net realized gains (losses)(28,903)(14,342)495 7,090 (35,660)
Fair value as of June 30, 2020$819,129 $167,030 $29,938 $43,011 $1,059,108 
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2020$(33,050)$7,698 $(9,145)$(13,658)$(48,155)
__________
(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the nine months ended June 30, 2020 as a result of a change in the number of market quotes available and/or a change in market liquidity.
(b) There was one transfer from senior secured debt to common equity and warrants during the nine months ended June 30, 2020 as a result of an investment restructuring, in which $46.5 million of senior secured debt was exchanged for new senior secured debt of $27.9 million and common equity of $18.6 million.

Significant Unobservable Inputs for Level 3 Investments
The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of June 30, 2021:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior Secured Debt$1,134,429 Market YieldMarket Yield(b)6.9%-30.0%10.5%
35,330 Enterprise ValueEBITDA Multiple(c)3.0x-8.0x4.1x
7,500 Enterprise ValueAsset Multiple(c)0.9x-1.1x1.0x
6,096 Transactions PrecedentTransaction Price(d)N/A-N/AN/A
478,232 Broker QuotationsBroker Quoted Price(e)N/A-N/AN/A
Subordinated Debt9,793 Market YieldMarket Yield(b)13.0%-14.0%13.5%
Debt Investments in the JVs151,647 Enterprise ValueN/A(f)N/A-N/AN/A
Preferred & Common Equity5,782 Enterprise ValueRevenue Multiple(c)0.9x-13.8x3.0x
78,422 Enterprise ValueEBITDA Multiple(c)3.0x-18.0x8.7x
482 Enterprise ValueAsset Multiple(c)0.9x-1.1x1.0x
6,322 Transactions PrecedentTransaction Price(d)N/A-N/AN/A
Total$1,914,035 
__________ 
(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)The Company 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. The Company evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by Oaktree.
(f)The Company determined the value of its subordinated notes of the JVs based on the total assets less the total liabilities senior to the subordinated notes held at the JVs in an amount not exceeding par under the EV technique.
40

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 quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2020:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior Secured Debt$542,354 Market YieldMarket Yield(b)6.6%-30.0%12.5%
35,508 Enterprise ValueEBITDA Multiple(c)0.6x-6.3x5.9x
11,510 Enterprise ValueAsset Multiple(c)0.9x-1.1x1.0x
314,865 Broker QuotationsBroker Quoted Price(e)N/A-N/AN/A
Subordinated Debt29,314 Market YieldMarket Yield(b)4.8%-15.0%9.3%
588 Enterprise ValueEBITDA Multiple(c)7.6x-8.6x8.1x
SLF JV I Debt Investment96,250 Enterprise ValueN/A(f)N/A-N/AN/A
Preferred & Common Equity16,470 Enterprise ValueRevenue Multiple(c)0.9x-7.0x3.1x
45,934 Enterprise ValueEBITDA Multiple(c)0.6x-15.0x7.6x
1,622 Enterprise ValueAsset Multiple(c)0.9x-1.1x1.0x
1,013 Transactions PrecedentTransaction Price(d)N/A-N/AN/A
Total$1,095,428 
__________ 
(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)The Company 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. The Company evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by Oaktree.
(f)The Company determined the value of its subordinated notes of SLF JV I based on the total assets less the total liabilities senior to the subordinated notes held at SLF JV I in an amount not exceeding par under the EV technique.

Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.
Under the EV technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.
 
Financial Instruments Disclosed, But Not Carried, At Fair Value
The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of June 30, 2021 and the level of each financial liability within the fair value hierarchy:
 
Carrying
Value
Fair ValueLevel 1Level 2Level 3
Syndicated Facility payable$350,000 $350,000 $— $— $350,000 
Citibank Facility payable114,057 114,057 — — 114,057 
2025 Notes payable (net of unamortized financing costs and unaccreted discount)295,427 315,159 — 315,159 — 
2027 Notes payable (net of unamortized financing costs and unaccreted discount)344,615 356,587 — 356,587 — 
Total$1,104,099 $1,135,803 $ $671,746 $464,057 
41

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





The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2020 and the level of each financial liability within the fair value hierarchy:
 
Carrying
Value
Fair ValueLevel 1Level 2Level 3
Syndicated Facility payable$414,825 $414,825 $— $— $414,825 
2025 Notes payable (net of unamortized financing costs and unaccreted discount)294,490 301,431 — 301,431 — 
Total$709,315 $716,256 $ $301,431 $414,825 

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. The Company used market quotes as of the valuation date to estimate the fair value of its 3.500% notes due 2025 ("2025 Notes") and 2.700% notes due 2027 ("2027 Notes"), which are included in Level 2 of the hierarchy.

Portfolio Composition
Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables:
 June 30, 2021September 30, 2020
Cost: % of Total Investments % of Total Investments
Senior secured debt$1,981,565 85.40 %$1,345,012 80.58 %
Debt investments in the JVs146,985 6.33 %96,250 5.77 %
Preferred equity59,508 2.56 %39,550 2.37 %
Common equity and warrants51,403 2.22 %61,561 3.69 %
LLC equity interests of the JVs49,322 2.13 %49,322 2.95 %
Subordinated debt31,441 1.36 %77,475 4.64 %
Total$2,320,224 100.00 %$1,669,170 100.00 %

 June 30, 2021September 30, 2020
Fair Value: % of Total Investments% of Net Assets % of Total Investments% of Net Assets
Senior secured debt$2,027,054 86.66 %155.63 %$1,323,043 84.06 %144.61 %
Debt investments in the JVs151,647 6.48 %11.64 %96,250 6.12 %10.52 %
Preferred equity52,460 2.24 %4.03 %29,959 1.90 %3.27 %
Common equity and warrants39,147 1.67 %3.01 %37,847 2.40 %4.14 %
LLC equity interests of the JVs36,695 1.57 %2.82 %21,190 1.35 %2.32 %
Subordinated debt32,298 1.38 %2.48 %65,562 4.17 %7.17 %
Total$2,339,301 100.00 %179.61 %$1,573,851 100.00 %172.03 %

42

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




The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the composition of the Company's portfolio by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:
 June 30, 2021September 30, 2020
Cost: % of Total Investments % of Total Investments
Northeast$637,468 27.48 %$495,440 29.69 %
West411,321 17.73 %330,468 19.80 %
Midwest345,589 14.89 %285,674 17.11 %
International281,324 12.12 %210,963 12.64 %
Southwest260,065 11.21 %67,867 4.07 %
Southeast208,553 8.99 %171,330 10.26 %
South92,196 3.97 %72,150 4.32 %
Northwest83,708 3.61 %35,278 2.11 %
Total$2,320,224 100.00 %$1,669,170 100.00 %

 June 30, 2021September 30, 2020
Fair Value: % of Total Investments% of Net Assets % of Total Investments% of Net Assets
Northeast$633,580 27.08 %48.64 %$446,499 28.38 %48.81 %
West418,713 17.90 %32.15 %325,708 20.69 %35.60 %
Midwest343,961 14.70 %26.41 %252,482 16.04 %27.60 %
International291,187 12.45 %22.36 %213,741 13.58 %23.36 %
Southwest262,777 11.23 %20.18 %65,647 4.17 %7.18 %
Southeast214,011 9.15 %16.43 %165,516 10.52 %18.09 %
South90,908 3.89 %6.98 %70,551 4.48 %7.71 %
Northwest84,164 3.60 %6.46 %33,707 2.14 %3.68 %
Total$2,339,301 100.00 %179.61 %$1,573,851 100.00 %172.03 %
43

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 June 30, 2021 and September 30, 2020:
June 30, 2021September 30, 2020
Cost: % of Total Investments % of Total Investments
Application Software$328,780 14.18 %$162,536 9.71 %
Multi-Sector Holdings (1)196,307 8.46 148,116 8.87 
Data Processing & Outsourced Services170,654 7.36 109,744 6.57 
Pharmaceuticals119,285 5.14 99,471 5.96 
Biotechnology114,296 4.93 89,447 5.36 
Personal Products104,300 4.50 50,091 3.00 
Industrial Machinery79,456 3.42 15,081 0.90 
Health Care Services77,113 3.32 71,139 4.26 
Construction & Engineering67,244 2.90 13,277 0.80 
Specialized Finance64,787 2.79 51,909 3.11 
Internet & Direct Marketing Retail64,357 2.77 14,802 0.89 
Aerospace & Defense58,790 2.53 27,964 1.68 
Integrated Telecommunication Services50,293 2.17 44,583 2.67 
Specialty Chemicals46,740 2.01 44,786 2.68 
Internet Services & Infrastructure46,672 2.01 28,631 1.72 
Fertilizers & Agricultural Chemicals44,099 1.90 33,743 2.02 
Electrical Components & Equipment44,001 1.90 20,934 1.25 
Diversified Support Services41,403 1.78 18,797 1.13 
Real Estate Services40,494 1.75 39,023 2.34 
Oil & Gas Storage & Transportation37,436 1.61 26,615 1.59 
Oil & Gas Refining & Marketing36,065 1.55 31,132 1.87 
Real Estate Operating Companies30,694 1.32 — — 
Health Care Supplies29,424 1.27 21,660 1.30 
Advertising28,610 1.23 13,611 0.82 
Property & Casualty Insurance27,961 1.21 47,995 2.88 
Insurance Brokers26,464 1.14 17,546 1.05 
Movies & Entertainment25,960 1.12 44,691 2.68 
Leisure Facilities24,000 1.03 1,887 0.11 
Independent Power Producers & Energy Traders23,704 1.02 21,462 1.29 
Managed Health Care22,689 0.98 27,479 1.65 
Airport Services22,268 0.96 22,376 1.34 
Airlines21,845 0.94 10,535 0.63 
Commercial Printing20,049 0.86 7,868 0.47 
Health Care Technology16,642 0.72 21,499 1.29 
Thrifts & Mortgage Finance16,143 0.70 938 0.06 
Other Diversified Financial Services14,234 0.61 113 0.01 
Health Care Distributors12,763 0.55 12,810 0.77 
Auto Parts & Equipment12,464 0.54 33,649 2.02 
Apparel, Accessories & Luxury Goods11,067 0.48 13,734 0.82 
Health Care Equipment10,588 0.46 — — 
Electronic Components10,077 0.43 25,600 1.53 
IT Consulting & Other Services10,032 0.43 14,919 0.89 
Restaurants9,312 0.40 10,248 0.61 
Research & Consulting Services7,354 0.32 24,837 1.49 
Leisure Products7,010 0.30 — — 
Systems Software6,647 0.29 20,694 1.24 
Alternative Carriers6,566 0.28 — — 
Automotive Retail5,969 0.26 — — 
Integrated Oil & Gas4,836 0.21 — — 
Food Distributors4,618 0.20 — — 
Food Retail3,739 0.16 6,851 0.41 
Diversified Banks3,515 0.15 — — 
Oil & Gas Exploration & Production2,335 0.10 — — 
Construction Materials2,216 0.10 2,150 0.13 
Housewares & Specialties1,863 0.08 — — 
Metal & Glass Containers1,710 0.07 11,273 0.68 
Specialty Stores1,305 0.06 1,305 0.08 
Education Services979 0.04 22,926 1.37 
General Merchandise Stores— — 19,220 1.15 
Hotels, Resorts & Cruise Lines— — 15,378 0.92 
Diversified Real Estate Activities— — 15,288 0.92 
Trading Companies & Distributors— — 10,228 0.61 
Oil & Gas Equipment & Services— — 3,313 0.20 
Health Care Facilities— — 3,133 0.19 
Specialized REITs— — 133 0.01 
Total$2,320,224 100.00 %$1,669,170 100.00 %
44

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




June 30, 2021September 30, 2020
Fair Value: % of Total Investments% of Net Assets % of Total Investments% of Net Assets
Application Software$334,782 14.30 %25.74 %$160,591 10.21 %17.57 %
Multi-Sector Holdings (1)188,342 8.05 14.46 121,751 7.74 13.31 
Data Processing & Outsourced Services165,343 7.07 12.70 99,589 6.33 10.89 
Pharmaceuticals124,186 5.31 9.54 103,092 6.55 11.27 
Biotechnology116,640 4.99 8.96 96,624 6.14 10.56 
Personal Products106,769 4.56 8.20 51,024 3.24 5.58 
Industrial Machinery80,919 3.46 6.21 11,643 0.74 1.27 
Health Care Services76,749 3.28 5.89 59,925 3.81 6.55 
Internet & Direct Marketing Retail68,591 2.93 5.27 15,307 0.97 1.67 
Construction & Engineering68,382 2.92 5.25 13,465 0.86 1.47 
Specialized Finance65,540 2.80 5.03 48,425 3.08 5.29 
Aerospace & Defense61,000 2.61 4.68 24,521 1.56 2.68 
Integrated Telecommunication Services52,079 2.23 4.00 41,091 2.61 4.49 
Specialty Chemicals46,922 2.01 3.60 39,008 2.48 4.26 
Internet Services & Infrastructure46,560 1.99 3.57 26,587 1.69 2.91 
Fertilizers & Agricultural Chemicals44,964 1.92 3.45 33,719 2.14 3.69 
Electrical Components & Equipment44,415 1.90 3.41 20,465 1.30 2.24 
Diversified Support Services42,558 1.82 3.27 17,689 1.12 1.93 
Real Estate Services41,330 1.77 3.17 37,723 2.40 4.12 
Oil & Gas Refining & Marketing36,894 1.58 2.83 29,826 1.90 3.26 
Oil & Gas Storage & Transportation35,753 1.53 2.75 25,749 1.64 2.81 
Real Estate Operating Companies31,684 1.35 2.43 — — — 
Advertising30,368 1.30 2.33 13,440 0.85 1.47 
Health Care Supplies30,016 1.28 2.30 21,634 1.37 2.36 
Insurance Brokers29,080 1.24 2.23 18,083 1.15 1.98 
Property & Casualty Insurance28,584 1.22 2.19 46,737 2.97 5.11 
Movies & Entertainment27,270 1.17 2.09 43,592 2.77 4.76 
Airlines23,768 1.02 1.82 13,132 0.83 1.44 
Independent Power Producers & Energy Traders23,637 1.01 1.81 20,812 1.32 2.27 
Managed Health Care22,935 0.98 1.76 26,681 1.70 2.92 
Leisure Facilities22,054 0.94 1.69 — — — 
Airport Services21,372 0.91 1.64 21,283 1.35 2.33 
Commercial Printing20,323 0.87 1.56 7,334 0.47 0.80 
Health Care Technology16,868 0.72 1.30 22,058 1.40 2.41 
Thrifts & Mortgage Finance16,044 0.69 1.23 353 0.02 0.04 
Other Diversified Financial Services14,406 0.62 1.11 — — — 
Health Care Distributors12,823 0.55 0.98 12,260 0.78 1.34 
Auto Parts & Equipment12,256 0.52 0.94 31,382 1.99 3.43 
Health Care Equipment10,695 0.46 0.82 — — — 
Electronic Components10,140 0.43 0.78 26,552 1.69 2.90 
IT Consulting & Other Services9,891 0.42 0.76 13,905 0.88 1.52 
Restaurants9,489 0.41 0.73 7,886 0.50 0.86 
Research & Consulting Services7,578 0.32 0.58 24,212 1.54 2.65 
Leisure Products7,010 0.30 0.54 49 — 0.01 
Alternative Carriers6,984 0.30 0.54 — — — 
Systems Software6,789 0.29 0.52 20,481 1.30 2.24 
Apparel, Accessories & Luxury Goods6,096 0.26 0.47 7,856 0.50 0.86 
Automotive Retail5,967 0.26 0.46 — — — 
Integrated Oil & Gas4,834 0.21 0.37 — — — 
Food Distributors4,734 0.20 0.36 — — — 
Food Retail3,746 0.16 0.29 6,998 0.44 0.76 
Diversified Banks3,554 0.15 0.27 — — — 
Oil & Gas Exploration & Production2,489 0.11 0.19 — — — 
Construction Materials2,391 0.10 0.18 2,073 0.13 0.23 
Housewares & Specialties1,872 0.08 0.14 — — — 
Metal & Glass Containers1,825 0.08 0.14 11,833 0.75 1.29 
Education Services1,011 0.04 0.08 7,088 0.45 0.77 
General Merchandise Stores— — — 17,877 1.14 1.95 
Hotels, Resorts & Cruise Lines— — — 17,081 1.09 1.87 
Diversified Real Estate Activities— — — 16,846 1.07 1.84 
Trading Companies & Distributors— — — 10,069 0.64 1.10 
Health Care Facilities— — — 3,640 0.23 0.40 
Oil & Gas Equipment & Services— — — 2,588 0.16 0.28 
Specialized REITs— — — 222 0.01 0.02 
Total$2,339,301 100.00 %179.61 %$1,573,851 100.00 %172.03 %
___________________
(1)This industry includes the Company's investments in the JVs and certain limited partnership interests.

45

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




As of June 30, 2021 and September 30, 2020, the Company had no single investment that represented greater than 10% of the total investment portfolio at fair value. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, may fluctuate and in any given period can be highly concentrated among several investments.

Senior Loan Fund JV I, LLC
In May 2014, the Company entered into an LLC agreement with Kemper to form SLF JV I. The Company co-invests in senior secured loans of middle-market companies and other corporate debt securities with Kemper through its investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by the Company and one representative selected by Kemper (with approval from a representative of each required). Since the Company does not have a controlling financial interest in SLF JV I, the Company does not consolidate SLF JV I.
SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to the Company and Kemper by SLF JV I. The subordinated notes issued by SLF JV I are referred to as the SLF JV I Notes. The SLF JV I Notes are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt. As of June 30, 2021 and September 30, 2020, the Company and Kemper owned, in the aggregate, 87.5% and 12.5%, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes.
SLF JV I has a senior revolving credit facility with Deutsche Bank AG, New York Branch (as amended, the "SLF JV I Deutsche Bank Facility"), which permitted up to $260.0 million and $250.0 million of borrowings (subject to borrowing base and other limitations) as of June 30, 2021 and September 30, 2020, respectively. Borrowings under the SLF JV I Deutsche Bank Facility are secured by all of the assets of SLF JV I Funding LLC, a special purpose financing subsidiary of SLF JV I. As of June 30, 2021, the reinvestment period of the SLF JV I Deutsche Bank Facility was scheduled to expire May 3, 2023 and the maturity date for the SLF JV I Deutsche Bank Facility was May 3, 2028. As of June 30, 2021, borrowings under the SLF JV I Deutsche Bank Facility accrued interest at a rate equal to 3-month LIBOR plus 2.00% per annum during the reinvestment period, 3-month LIBOR plus 2.15% per annum for the first year after the reinvestment period, plus 2.25% for the following year and plus 2.50% thereafter, in each case with a 0.125% LIBOR floor. Under the SLF JV I Deutsche Bank Facility, $209.6 million and $167.9 million of borrowings were outstanding as of June 30, 2021 and September 30, 2020, respectively.
As of June 30, 2021 and September 30, 2020, SLF JV I had total assets of $386.5 million and $313.5 million, respectively. SLF JV I's portfolio primarily consisted of senior secured loans to 57 and 56 portfolio companies as of June 30, 2021 and September 30, 2020, respectively. The portfolio companies in SLF JV I are in industries similar to those in which the Company may invest directly. As of June 30, 2021, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $132.9 million in aggregate, at fair value. As of September 30, 2020, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $117.4 million in aggregate, at fair value.
As of June 30, 2021 and September 30, 2020, the Company and Kemper had funded approximately $165.5 million to SLF JV I, of which $144.8 million was from the Company. As of June 30, 2021, the Company had aggregate commitments to fund SLF JV I of $35.0 million, of which approximately $26.2 million was to fund additional SLF JV I Notes and approximately $8.8 million was to fund LLC equity interests in SLF JV I. As of September 30, 2020, the Company had commitments to fund LLC equity interests in SLF JV I of $17.5 million, of which $1.3 million was unfunded.
46

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




Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of June 30, 2021 and September 30, 2020:
June 30, 2021September 30, 2020
Senior secured loans (1)$359,079$307,579
Weighted average interest rate on senior secured loans (2)5.61%5.44%
Number of borrowers in SLF JV I5756
Largest exposure to a single borrower (1)$9,938$10,487
Total of five largest loan exposures to borrowers (1)$47,100$49,097
__________
(1) At principal amount.
(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

47

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




SLF JV I Portfolio as of June 30, 2021
Portfolio CompanyInvestment Type Cash Interest Rate (1)(2)IndustryPrincipalCostFair Value (3)Notes
Access CIG, LLCFirst Lien Term Loan, LIBOR+3.75% cash due 2/27/20253.84 %Diversified Support Services$9,135 $9,106 $9,092 (4)
ADB Companies, LLCFirst Lien Term Loan, LIBOR+6.25% cash due 12/18/20257.25 %Construction & Engineering7,832 7,654 7,711 (4)
AI Ladder (Luxembourg) Subco S.a.r.l.First Lien Term Loan, LIBOR+4.50% cash due 7/9/20254.58 %Electrical Components & Equipment5,957 5,855 5,963 (4)
Altice France S.A.First Lien Term Loan, LIBOR+4.00% cash due 8/14/20264.15 %Integrated Telecommunication Services4,607 4,440 4,606 
Alvogen Pharma US, Inc.First Lien Term Loan, LIBOR+5.25% cash due 12/31/20236.25 %Pharmaceuticals9,879 9,682 9,749 
Amplify Finco Pty Ltd.First Lien Term Loan, LIBOR+4.25% cash due 11/26/20265.00 %Movies & Entertainment7,900 7,821 7,762 (4)
Anastasia Parent, LLCFirst Lien Term Loan, LIBOR+3.75% cash due 8/11/20253.90 %Personal Products2,806 2,216 2,257 
Apptio, Inc.First Lien Term Loan, LIBOR+7.25% cash due 1/10/20258.25 %Application Software4,615 4,561 4,533 (4)
Apptio, Inc.First Lien Revolver, LIBOR+7.25% cash due 1/10/20258.25 %Application Software154 149 147 (4)(5)
Total Apptio, Inc.4,769 4,710 4,680 
Aurora Lux Finco S.À.R.L.First Lien Term Loan, LIBOR+6.00% cash due 12/24/20267.00 %Airport Services6,419 6,293 6,040 (4)
BAART Programs, Inc.First Lien Term Loan, LIBOR+5.00% cash due 6/11/20276.00 %Health Care Equipment6,750 6,683 6,716 
BAART Programs, Inc.First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027Health Care Equipment— (8)(4)(5)
Total BAART Programs, Inc.6,750 6,675 6,712 
Blackhawk Network Holdings, Inc.First Lien Term Loan, LIBOR+3.00% cash due 6/15/20253.10 %Data Processing & Outsourced Services9,700 9,686 9,604 
Boxer Parent Company Inc.First Lien Term Loan, LIBOR+3.75% cash due 10/2/20253.85 %Systems Software6,662 6,589 6,632 
Brazos Delaware II, LLCFirst Lien Term Loan, LIBOR+4.00% cash due 5/21/20254.09 %Oil & Gas Equipment & Services7,272 7,252 7,112 
C5 Technology Holdings, LLC171 Common UnitsData Processing & Outsourced Services— — (4)
C5 Technology Holdings, LLC7,193,539.63 Preferred UnitsData Processing & Outsourced Services7,194 5,683 (4)
Total C5 Technology Holdings, LLC7,194 5,683 
CITGO Petroleum Corp.First Lien Term Loan, LIBOR+6.25% cash due 3/28/20247.25 %Oil & Gas Refining & Marketing7,129 7,058 7,187 (4)
Connect U.S. Finco LLCFirst Lien Term Loan, LIBOR+3.50% cash due 12/11/20264.50 %Alternative Carriers7,381 7,220 7,400 
Convergeone Holdings, Inc.First Lien Term Loan, LIBOR+5.00% cash due 1/4/20265.10 %IT Consulting & Other Services4,975 4,810 4,930 (4)
Curium Bidco S.à.r.l.First Lien Term Loan, LIBOR+4.00% cash due 7/9/20264.15 %Biotechnology5,895 5,851 5,888 
Dcert Buyer, Inc.First Lien Term Loan, LIBOR+4.00% cash due 10/16/20264.10 %Internet Services & Infrastructure7,900 7,880 7,920 
Enviva Holdings, LPFirst Lien Term Loan, LIBOR+5.50% cash due 2/17/20266.50 %Forest Products5,893 5,834 5,959 
eResearch Technology, Inc.First Lien Term Loan, LIBOR+4.50% cash due 2/4/20275.50 %Application Software7,425 7,351 7,468 
Gibson Brands, Inc.First Lien Term Loan, LIBOR+5.00% cash due 6/25/20285.75 %Leisure Products7,500 7,425 7,500 
GI Chill Acquisition LLCFirst Lien Term Loan, LIBOR+4.00% cash due 8/6/20254.15 %Managed Health Care3,731 3,748 3,730 (4)
GI Chill Acquisition LLCSecond Lien Term Loan, LIBOR+7.50% cash due 8/6/20267.65 %Managed Health Care3,750 3,670 3,731 (4)
Total GI Chill Acquisition LLC7,481 7,418 7,461 
Gigamon, Inc.First Lien Term Loan, LIBOR+3.75% cash due 12/27/20244.50 %Systems Software7,619 7,581 7,648 
48

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




Portfolio CompanyInvestment Type Cash Interest Rate (1)(2)IndustryPrincipalCostFair Value (3)Notes
Global Medical Response, Inc.First Lien Term Loan, LIBOR+4.75% cash due 10/2/20255.75 %Health Care Services$2,220 $2,181 $2,233 
Grab Holdings Inc.First Lien Term Loan, LIBOR+4.50% cash due 1/29/20265.50 %Interactive Media & Services2,993 2,910 3,045 
Indivior Finance S.À.R.L.First Lien Term Loan, LIBOR+5.25% cash due 6/28/20266.00 %Pharmaceuticals7,500 7,350 7,350 
Intelsat Jackson Holdings S.A.First Lien Term Loan, PRIME+4.75% cash due 11/27/20238.00 %Alternative Carriers3,568 3,547 3,633 
Intelsat Jackson Holdings S.A.First Lien Term Loan, LIBOR+5.50% cash due 7/13/20226.50 %Alternative Carriers1,943 1,769 1,960 
Total Intelsat Jackson Holdings S.A.5,511 5,316 5,593 
INW Manufacturing, LLCFirst Lien Term Loan, LIBOR+5.75% cash due 5/7/20276.50 %Personal Products9,938 9,645 9,739 (4)
Lightbox Intermediate, L.P.First Lien Term Loan, LIBOR+5.00% cash due 5/9/20265.15 %Real Estate Services7,462 7,392 7,425 (4)
LogMeIn, Inc.First Lien Term Loan, LIBOR+4.75% cash due 8/31/20274.83 %Application Software7,960 7,827 7,957 (4)
LTI Holdings, Inc.First Lien Term Loan, LIBOR+3.50% cash due 9/6/20253.60 %Electronic Components7,462 7,341 7,373 
Maravai Intermediate Holdings, LLCFirst Lien Term Loan, LIBOR+3.75% cash due 10/19/20274.75 %Biotechnology6,838 6,769 6,874 (4)
Mindbody, Inc.First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/20258.00 %Internet Services & Infrastructure4,598 4,544 4,373 (4)
Mindbody, Inc.First Lien Revolver, LIBOR+8.00% cash due 2/14/2025Internet Services & Infrastructure— (6)(23)(4)(5)
Total Mindbody, Inc.4,598 4,538 4,350 
MRI Software LLCFirst Lien Term Loan, LIBOR+5.50% cash due 2/10/20266.50 %Application Software3,844 3,809 3,849 (4)
MRI Software LLCFirst Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026Application Software— (6)(4)(5)
MRI Software LLCFirst Lien Revolver, LIBOR+5.50% cash due 2/10/2026Application Software— (3)— (4)(5)
Total MRI Software LLC3,844 3,800 3,852 
Navicure, Inc.First Lien Term Loan, LIBOR+4.00% cash due 10/22/20264.10 %Health Care Technology5,925 5,894 5,944 
Northern Star Industries Inc.First Lien Term Loan, LIBOR+4.50% cash due 3/31/20255.50 %Electrical Components & Equipment6,773 6,754 6,756 
Novetta Solutions, LLCFirst Lien Term Loan, LIBOR+5.00% cash due 10/17/20226.00 %Application Software5,884 5,871 5,891 
OEConnection LLCFirst Lien Term Loan, LIBOR+4.00% cash due 9/25/20264.10 %Application Software7,871 7,836 7,872 (4)
Olaplex, Inc.First Lien Term Loan, LIBOR+6.50% cash due 1/8/20267.50 %Personal Products6,313 6,226 6,313 (4)
Olaplex, Inc.First Lien Revolver, LIBOR+6.50% cash due 1/8/2025Personal Products— (8)(4)(4)(5)
Total Olaplex, Inc.6,313 6,218 6,309 
Park Place Technologies, LLCFirst Lien Term Loan, LIBOR+5.00% cash due 11/10/20276.00 %Internet Services & Infrastructure4,988 4,806 5,011 (4)
PaySimple, Inc.First Lien Term Loan, LIBOR+5.50% cash due 8/23/20255.61 %Data Processing & Outsourced Services7,462 7,427 7,425 (4)
Planview Parent, Inc.Second Lien Term Loan, LIBOR+7.25% cash due 12/18/20288.00 %Application Software4,503 4,435 4,514 (4)
Pluralsight, LLCFirst Lien Term Loan, LIBOR+8.00% cash due 4/6/20279.00 %Application Software4,983 4,887 4,883 (4)
Pluralsight, LLCFirst Lien Revolver, LIBOR+8.00% cash due 4/6/2027Application Software— (8)(8)(4)(5)
Total Pluralsight, LLC4,983 4,879 4,875 
RS Ivy Holdco, Inc.First Lien Term Loan, LIBOR+5.50% cash due 12/23/20276.50 %Oil & Gas Exploration & Production6,965 6,861 6,969 (4)
Sabert CorporationFirst Lien Term Loan, LIBOR+4.50% cash due 12/10/20265.50 %Metal & Glass Containers2,735 2,707 2,738 (4)
Salient CRGT, Inc.First Lien Term Loan, LIBOR+6.50% cash due 2/28/20227.50 %Aerospace & Defense4,916 4,881 4,885 (4)
49

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




Portfolio CompanyInvestment Type Cash Interest Rate (1)(2)IndustryPrincipalCostFair Value (3)Notes
SHO Holding I CorporationFirst Lien Term Loan, LIBOR+5.25% cash due 4/27/20246.25 %Footwear$8,310 $8,297 $7,812 
SHO Holding I CorporationFirst Lien Term Loan, LIBOR+5.23% cash due 4/27/20246.23 %Footwear138 138 129 
Total SHO Holding I Corporation8,448 8,435 7,941 
Sirva Worldwide, Inc.First Lien Term Loan, LIBOR+5.50% cash due 8/4/20255.60 %Diversified Support Services3,694 3,639 3,490 (4)
Sorenson Communications, LLCFirst Lien Term Loan, LIBOR+5.50% cash due 3/17/20266.25 %Communications Equipment2,929 2,900 2,958 
Star US Bidco LLCFirst Lien Term Loan, LIBOR+4.25% cash due 3/17/20275.25 %Industrial Machinery8,276 8,088 8,281 (4)
Supermoose Borrower, LLCFirst Lien Term Loan, LIBOR+3.75% cash due 8/29/20253.90 %Application Software7,843 7,461 7,353 (4)
Surgery Center Holdings, Inc.First Lien Term Loan, LIBOR+3.75% cash due 8/31/20264.50 %Health Care Facilities4,924 4,908 4,950 
Trench Plate Rental, Co.First Lien Term Loan, LIBOR+4.75% cash due 12/3/20265.75 %Construction Materials3,951 3,892 3,891 
Trench Plate Rental, Co.First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 12/3/2026Construction Materials— (11)(11)(5)
Trench Plate Rental, Co.First Lien Revolver, LIBOR+4.75% cash due 12/3/20265.75 %Construction Materials24 15 15 (5)
Total Trench Plate Rental, Co.3,975 3,896 3,895 
Veritas US Inc.First Lien Term Loan, LIBOR+5.00% cash due 9/1/20256.00 %Application Software6,450 6,343 6,501 (4)
Verscend Holding Corp.First Lien Term Loan, LIBOR+4.00% cash due 8/27/20254.10 %Health Care Technology4,090 4,061 4,107 
Windstream Services II, LLCFirst Lien Term Loan, LIBOR+6.25% cash due 9/21/20277.25 %Integrated Telecommunication Services7,920 7,638 7,956 (4)
WP CPP Holdings, LLCSecond Lien Term Loan, LIBOR+7.75% cash due 4/30/20268.75 %Aerospace & Defense6,000 5,962 5,870 (4)
Total Portfolio Investments$359,079 $360,570 $361,246 
__________
(1) Represents the interest rate as of June 30, 2021. All interest rates are payable in cash, unless otherwise noted.
(2) The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All the LIBOR shown above is in U.S. dollars. As of June 30, 2021, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 0.10%, the 60-day LIBOR at 0.13%, the 90-day LIBOR at 0.15%, the 180-day LIBOR at 0.17%, the 360-day LIBOR at 0.25% and the PRIME at 3.25%. Most loans include an interest floor, which generally ranges from 0% to 1%.
(3) Represents the current determination of fair value as of June 30, 2021 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.
(4) This investment was held by both the Company and SLF JV I as of June 30, 2021.
(5) Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.


50

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




SLF JV I Portfolio as of September 30, 2020

Portfolio CompanyInvestment Type Cash Interest Rate (1)(2)IndustryPrincipalCostFair Value (3)Notes
Access CIG, LLCFirst Lien Term Loan, LIBOR+3.75% cash due 2/27/20253.91 %Diversified Support Services$9,206 $9,170 $9,029 
AdVenture Interactive, Corp.927 shares of common stockAdvertising1,390 1,373 (4)
AI Ladder (Luxembourg) Subco S.a.r.l.First Lien Term Loan, LIBOR+4.50% cash due 7/9/20254.65 %Electrical Components & Equipment6,038 5,914 5,781 (4)
Airbnb, Inc.First Lien Term Loan, LIBOR+7.50% cash due 4/17/20258.50 %Hotels, Resorts & Cruise Lines3,051 2,981 3,311 (4)
Altice France S.A.First Lien Term Loan, LIBOR+4.00% cash due 8/14/20264.15 %Integrated Telecommunication Services4,643 4,450 4,527 
Alvogen Pharma US, Inc.First Lien Term Loan, LIBOR+5.25% cash due 12/31/20236.25 %Pharmaceuticals9,879 9,623 9,566 
Amplify Finco Pty Ltd.First Lien Term Loan, LIBOR+4.00% cash due 11/26/20264.75 %Movies & Entertainment7,960 7,880 6,846 (4)
Anastasia Parent, LLCFirst Lien Term Loan, LIBOR+3.75% cash due 8/11/2025Personal Products2,828 2,282 1,248 (6)
Apptio, Inc.First Lien Term Loan, LIBOR+7.25% cash due 1/10/20258.25 %Application Software4,615 4,550 4,526 (4)
Apptio, Inc.First Lien Revolver, LIBOR+7.25% cash due 1/10/2025Application Software— (5)(8)(4)(5)
Total Apptio, Inc.4,615 4,545 4,518 
Aurora Lux Finco S.À.R.L.First Lien Term Loan, LIBOR+6.00% cash due 12/24/20267.00 %Airport Services6,468 6,324 6,015 (4)
Blackhawk Network Holdings, Inc.First Lien Term Loan, LIBOR+3.00% cash due 6/15/20253.15 %Data Processing & Outsourced Services9,775 9,758 9,251 
Boxer Parent Company Inc.First Lien Term Loan, LIBOR+4.25% cash due 10/2/20254.40 %Systems Software7,532 7,448 7,331 (4)
Brazos Delaware II, LLCFirst Lien Term Loan, LIBOR+4.00% cash due 5/21/20254.16 %Oil & Gas Equipment & Services7,331 7,306 5,600 
C5 Technology Holdings, LLC171 Common UnitsData Processing & Outsourced Services— — (4)
C5 Technology Holdings, LLC7,193,539.63 Preferred UnitsData Processing & Outsourced Services7,194 5,683 (4)
Total C5 Technology Holdings, LLC7,194 5,683 
Carrols Restaurant Group, Inc.First Lien Term Loan, LIBOR+6.25% cash due 4/30/20267.25 %Restaurants3,990 3,792 3,960 
CITGO Petroleum Corp.First Lien Term Loan, LIBOR+5.00% cash due 3/28/20246.00 %Oil & Gas Refining & Marketing7,184 7,112 6,842 (4)
Clear Channel Outdoor Holdings, Inc.First Lien Term Loan, LIBOR+3.50% cash due 8/21/20263.76 %Advertising331 290 302 
Connect U.S. Finco LLCFirst Lien Term Loan, LIBOR+4.50% cash due 12/11/20265.50 %Alternative Carriers7,437 7,262 7,228 
Curium Bidco S.à.r.l.First Lien Term Loan, LIBOR+3.75% cash due 7/9/20263.97 %Biotechnology5,940 5,895 5,895 
Dcert Buyer, Inc.First Lien Term Loan, LIBOR+4.00% cash due 10/16/20264.15 %Internet Services & Infrastructure7,960 7,940 7,879 
Dealer Tire, LLCFirst Lien Term Loan, LIBOR+4.25% cash due 12/12/20254.40 %Distributors943 902 924 
eResearch Technology, Inc.First Lien Term Loan, LIBOR+4.50% cash due 2/4/20275.50 %Application Software7,481 7,406 7,461 
Frontier Communications CorporationFirst Lien Term Loan, PRIME+2.75% cash due 6/15/20246.00 %Integrated Telecommunication Services3,939 3,901 3,887 
Gigamon, Inc.First Lien Term Loan, LIBOR+4.25% cash due 12/27/20245.25 %Systems Software7,781 7,734 7,684 
Global Medical Response, Inc.First Lien Term Loan, LIBOR+4.75% cash due 10/2/20255.75 %Health Care Services2,231 2,187 2,185 
Guidehouse LLPSecond Lien Term Loan, LIBOR+8.00% cash due 5/1/20268.15 %Research & Consulting Services6,000 </