Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)
 
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 1-33901
Oaktree Specialty Lending Corporation

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


SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each ClassTrading Symbol(s)Name of Each Exchange
on Which Registered
Common Stock, par value $0.01 per shareOCSL The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES   þ     NO   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    YES   ¨   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 140,960,651 shares of common stock outstanding as of February 2, 2021.




OAKTREE SPECIALTY LENDING CORPORATION
FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2020



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)
December 31, 2020 (unaudited)September 30, 2020
ASSETS
Investments at fair value:
Control investments (cost December 31, 2020: $243,990; cost September 30, 2020: $245,950)$207,760 $201,385 
Affiliate investments (cost December 31, 2020: $10,303; cost September 30, 2020: $7,551)8,971 6,509 
Non-control/Non-affiliate investments (cost December 31, 2020: $1,503,368; cost September 30, 2020: $1,415,669)1,495,593 1,365,957 
Total investments at fair value (cost December 31, 2020: $1,757,661; cost September 30, 2020: $1,669,170)1,712,324 1,573,851 
Cash and cash equivalents24,234 39,096 
Interest, dividends and fees receivable8,999 6,935 
Due from portfolio companies2,093 2,725 
Receivables from unsettled transactions11,054 9,123 
Deferred financing costs5,840 5,947 
Deferred offering costs67 67 
Deferred tax asset, net1,122 847 
Derivative assets at fair value— 223 
Other assets28,170 1,898 
Total assets$1,793,903 $1,640,712 
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities$2,442 $1,072 
Base management fee and incentive fee payable20,230 11,212 
Due to affiliate2,355 2,130 
Interest payable4,192 1,626 
Payables from unsettled transactions102,737 478 
Derivative liability at fair value2,203 — 
Credit facility payable400,025 414,825 
Unsecured notes payable (net of $3,086 and $3,272 of unamortized financing costs as of December 31, 2020 and September 30, 2020, respectively)294,802 294,490 
Total liabilities828,986 725,833 
Commitments and contingencies (Note 14)
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 140,961 shares issued and outstanding as of December 31, 2020 and September 30, 20201,409 1,409 
Additional paid-in-capital1,487,774 1,487,774 
Accumulated overdistributed earnings(524,266)(574,304)
Total net assets (equivalent to $6.85 and $6.49 per common share as of December 31, 2020 and September 30, 2020, respectively) (Note 12)964,917 914,879 
Total liabilities and net assets$1,793,903 $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
December 31, 2020
Three months ended
December 31, 2019
Interest income:
Control investments$2,343 $2,551 
Affiliate investments105 114 
Non-control/Non-affiliate investments29,184 25,659 
Interest on cash and cash equivalents81 
Total interest income31,633 28,405 
PIK interest income:
Non-control/Non-affiliate investments3,089 1,161 
Total PIK interest income3,089 1,161 
Fee income:
Control investments15 
Affiliate investments
Non-control/Non-affiliate investments3,332 1,060 
Total fee income3,352 1,071 
Dividend income:
Control investments130 323 
Total dividend income130 323 
Total investment income38,204 30,960 
Expenses:
Base management fee6,541 5,607 
Part I incentive fee4,149 2,988 
Part II incentive fee9,540 1,051 
Professional fees867 640 
Directors fees143 143 
Interest expense6,095 6,535 
Administrator expense333 428 
General and administrative expenses518 532 
Total expenses28,186 17,924 
Reversal of fees waived — 5,200 
Net expenses28,186 23,124 
Net investment income10,018 7,836 
Unrealized appreciation (depreciation):
Control investments8,335 1,997 
Affiliate investments(290)(64)
Non-control/Non-affiliate investments41,937 2,408 
Foreign currency forward contracts(2,426)(1,462)
Net unrealized appreciation (depreciation) 47,556 2,879 
Realized gains (losses):
Non-control/Non-affiliate investments8,738 3,839 
Foreign currency forward contracts(523)(551)
Net realized gains (losses)8,215 3,288 
Provision for income tax (expense) benefit(245)(160)
Net realized and unrealized gains (losses), net of taxes55,526 6,007 
Net increase (decrease) in net assets resulting from operations$65,544 $13,843 
Net investment income per common share — basic and diluted$0.07 $0.06 
Earnings (loss) per common share — basic and diluted (Note 5)$0.46 $0.10 
Weighted average common shares outstanding — basic and diluted140,961 140,961 


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
December 31, 2020
Three months ended
December 31, 2019
Operations:
Net investment income$10,018 $7,836 
Net unrealized appreciation (depreciation)47,556 2,879 
Net realized gains (losses)8,215 3,288 
Provision for income tax (expense) benefit(245)(160)
Net increase (decrease) in net assets resulting from operations65,544 13,843 
Stockholder transactions:
Distributions to stockholders(15,506)(13,391)
Net increase (decrease) in net assets from stockholder transactions(15,506)(13,391)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan528 481 
Repurchases of common stock under dividend reinvestment plan(528)(481)
Net increase (decrease) in net assets from capital share transactions  
Total increase (decrease) in net assets50,038 452 
Net assets at beginning of period914,879 930,630 
Net assets at end of period$964,917 $931,082 
Net asset value per common share$6.85 $6.61 
Common shares outstanding at end of period140,961 140,961 



See notes to Consolidated Financial Statements.
5

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





Three months ended
December 31, 2020
Three months ended
December 31, 2019
Operating activities:
Net increase (decrease) in net assets resulting from operations$65,544 $13,843 
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(47,556)(2,879)
Net realized (gains) losses(8,215)(3,288)
PIK interest income(3,089)(1,161)
Accretion of original issue discount on investments(3,143)(2,028)
Accretion of original issue discount on unsecured notes payable127 — 
Amortization of deferred financing costs636 463 
Deferred taxes(275)225 
Purchases of investments (243,741)(115,792)
Proceeds from the sales and repayments of investments169,821 97,022 
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable(1,848)811 
(Increase) decrease in due from portfolio companies632 (315)
(Increase) decrease in receivables from unsettled transactions(1,931)(872)
(Increase) decrease in other assets(26,272)(267)
Increase (decrease) in accounts payable, accrued expenses and other liabilities1,314 (92)
Increase (decrease) in base management fee and incentive fee payable9,018 5,804 
Increase (decrease) in due to affiliate225 (141)
Increase (decrease) in interest payable2,566 106 
Increase (decrease) in payables from unsettled transactions102,259 (34,909)
Increase (decrease) in amounts payable to syndication partners— 
Net cash provided by (used in) operating activities16,072 (43,469)
Financing activities:
Distributions paid in cash(14,978)(12,910)
Borrowings under credit facilities— 82,000 
Repayments of borrowings under credit facilities(14,800)(19,000)
Repurchases of common stock under dividend reinvestment plan(528)(481)
Deferred financing costs paid(288)— 
Deferred offering costs paid— (20)
Net cash provided by (used in) financing activities(30,594)49,589 
Effect of exchange rate changes on foreign currency(340)
Net increase (decrease) in cash and cash equivalents(14,862)6,121 
Cash and cash equivalents, beginning of period39,096 15,406 
Cash and cash equivalents, end of period$24,234 $21,527 
Supplemental information:
Cash paid for interest$2,766 $5,966 
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan$528 $481 
Deferred financing costs(57)— 
Deferred offering costs— (45)
Reconciliation to the Consolidated Statements of Assets and LiabilitiesDecember 31, 2020September 30, 2020
Cash and cash equivalents$24,234 $39,096 
Restricted cash— — 
Total cash and cash equivalents and restricted cash$24,234 $39,096 

See notes to Consolidated Financial Statements.
6

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(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$— $— (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 %$27,590 27,590 27,590 (6)(20)
First Lien Revolver, LIBOR+5.00% cash due 2/28/20246.00 %7,699 7,699 7,699 (6)(19)(20)
30,030.8 Common Units in DD Healthcare Services Holdings, LLC18,626 7,667 (20)
53,915 42,956 
First Star Speir Aviation LimitedAirlines(10)
First Lien Term Loan, 9.00% cash due 12/15/20257,500 — 7,500 (11)(20)
100% equity interest6,356 1,681 (11)(12)(20)
6,356 9,181 
New IPT, Inc.Oil & Gas Equipment & Services
First Lien Term Loan, LIBOR+5.00% cash due 3/17/20216.00 %2,154 2,154 1,683  (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)
3,163 2,471 
Senior Loan Fund JV I, LLCMulti-Sector Holdings(14)
Subordinated Debt, LIBOR+7.00% cash due 12/29/20287.14 %96,250 96,250 96,250 (6)(11)(20)
87.5% LLC equity interest49,322 29,264 (11)(16)(19)
145,572 125,514 
 Total Control Investments (21.5% of net assets)$243,990 $207,760 
 Affiliate Investments (17)
Assembled Brands Capital LLCSpecialized Finance
First Lien Revolver, LIBOR+6.00% cash due 10/17/20237.00 %$7,440 $7,440 $6,949 (6)(19)(20)
1,609,201 Class A Units764 418 (20)
1,019,168.80 Preferred Units, 6%1,019 1,101 (20)
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029— — (20)
9,223 8,468 
Caregiver Services, Inc.Health Care Services
1,080,399 shares of Series A Preferred Stock, 10%1,080 503 (20)
1,080 503 
 Total Affiliate Investments (0.9% of net assets)$10,303 $8,971 
 Non-Control/Non-Affiliate Investments
(18)
4 Over International, LLCCommercial Printing
First Lien Term Loan, LIBOR+6.00% cash due 6/7/20227.00 %$5,645 $5,627 $5,236 (6)(20)
First Lien Revolver, LIBOR+6.00% cash due 6/7/20217.00 %2,232 2,214 2,070 (6)(20)
7,841 7,306 
A.T. Holdings II SÀRLBiotechnology
First Lien Term Loan, 9.50% cash due 12/22/202237,158 36,793 36,786 (11)(20)
36,793 36,786 
Access CIG, LLCDiversified Support Services
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/20267.98 %15,000 14,913 14,869 (6)
14,913 14,869 
7

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(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 %$12,456 $12,273 $12,456 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026— (34)— (6)(19)(20)
First Lien Revolver, LIBOR+6.00% cash due 1/17/20267.00 %1,564 1,541 1,564 (6)(20)
13,780 14,020 
Acquia Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/20258.00 %20,950 20,612 20,656 (6)(20)
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025— (37)(31)(6)(19)(20)
20,575 20,625 
ADB Companies, LLCConstruction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/20257.25 %8,333 8,125 8,167 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 12/18/2025— (42)(33)(6)(19)(20)
8,083 8,134 
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 13,857 (20)
13,611 13,857 
AI Ladder (Luxembourg) Subco S.a.r.l.Electrical Components & Equipment
First Lien Term Loan, LIBOR+4.50% cash due 7/9/20254.65 %16,301 15,984 16,199 (6)(11)
15,984 16,199 
AI Sirona (Luxembourg) Acquisition S.a.r.l.Pharmaceuticals
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/20267.25 %24,838 27,683 30,315 (6)(11)(20)
27,683 30,315 
Airbnb, Inc.Hotels, Resorts & Cruise Lines
First Lien Term Loan, LIBOR+7.50% cash due 4/17/20258.50 %$15,703 15,360 17,057 (6)
15,360 17,057 
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 %7,940 7,861 7,980 (6)
7,861 7,980 
Algeco Scotsman Global Finance PlcConstruction & Engineering
Fixed Rate Bond, 8.00% cash due 2/15/202313,524 13,301 13,820 (11)
13,301 13,820 
Alvotech Holdings S.A.Biotechnology(13)
Fixed Rate Bond 15% PIK Note A due 12/13/202314,800 19,529 20,999 (11)(20)
Fixed Rate Bond 15% PIK Note B due 12/13/202314,800 19,529 20,408 (11)(20)
39,058 41,407 
Amplify Finco Pty Ltd.Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/20265.00 %7,328 6,541 6,815 (6)(11)(20)
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/20278.75 %12,500 12,188 10,313 (6)(11)(20)
18,729 17,128 
Ancile Solutions, Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 6/30/20218.00 %7,995 7,977 7,987  (6)(20)
7,977 7,987 
8

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Apptio, Inc.Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/20258.25 %$23,764 $23,441 $23,318 (6)(20)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025— (20)(29)(6)(19)(20)
23,421 23,289 
Ardonagh Midco 3 PLCInsurance Brokers
First Lien Term Loan, EURIBOR+7.50% cash due 7/14/20268.50 %1,440 1,596 1,746 (6)(11)(20)
First Lien Term Loan, UK LIBOR+5.4375% cash 2.0625% PIK due 7/14/20266.19 %£11,303 13,773 15,311 (6)(11)(20)
First Lien Delayed Draw Term Loan, UK LIBOR+5.4375% cash 2.0625% PIK due 7/14/20266.19 %£400 434 517 (6)(11)(19)(20)
Fixed Rate Bond, 11.50% cash due 1/15/2027$1,111 1,100 1,192 (11)
16,903 18,766 
Associated Asphalt Partners, LLCConstruction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/20246.25 %2,546 2,174 2,182 (6)
2,174 2,182 
Asurion, LLCProperty & Casualty Insurance
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/20256.65 %19,985 19,952 20,180 (6)
19,952 20,180 
Athenex, Inc.Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/202634,169 32,875 34,108 (11)(20)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026— (237)(31)(11)(19)(20)
266,052 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027915 860 (11)(20)
33,553 34,937 
Aurora Lux Finco S.À.R.L.Airport Services
First Lien Term Loan, LIBOR+5.75% cash due 12/24/20266.75 %22,828 22,341 21,275 (6)(11)(20)
22,341 21,275 
Blackhawk Network Holdings, Inc.Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/20267.19 %26,250 26,058 24,019 (6)
26,058 24,019 
Boxer Parent Company Inc.Systems Software
First Lien Term Loan, LIBOR+4.25% cash due 10/2/20254.40 %10,284 10,195 10,262 (6)
10,195 10,262 
BX Commercial Mortgage Trust 2020-VIVADiversified Real Estate Activities
Class D Variable Notes due 3/9/20443.67 %3,130 2,616 3,129 (6)(11)(20)
Class E Variable Notes due 3/9/20443.67 %4,739 3,667 4,481 (6)(11)(20)
6,283 7,610 
California Pizza Kitchen, Inc.Restaurants
Second Lien Term Loan, 1.00% cash / LIBOR+12.50% PIK due 5/23/2025588 588 470 (6)(15)(20)
36,188 Shares of Common Stock in CPK Parent, Inc.437 398 (20)
1,025 868 
Chief Power Finance II, LLCIndependent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/20227.50 %21,563 21,224 20,538 (6)(20)
21,224 20,538 
CITGO Holding, Inc.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/20238.00 %11,724 11,558 10,903 (6)
Fixed Rate Bond, 9.25% cash due 8/1/202410,672 10,672 9,845 
22,230 20,748 
CITGO Petroleum Corp.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/20247.25 %8,957 8,867 8,925 (6)
8,867 8,925 
9

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(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$25,411 $25,411 $20,710 (6)(20)
Common Stock Warrants expiration date 7/28/2025— 1,672 (20)
25,411 22,382 
Convergeone Holdings, Inc.IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/20265.15 %14,584 14,155 13,819 (6)
14,155 13,819 
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 %10,274 10,126 10,134 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/20256.50 %1,221 1,178 1,171 (6)(19)(20)
First Lien Revolver, PRIME+4.50% cash due 12/13/20257.75 %305 279 280 (6)(19)(20)
1,099 Class A2 Common Units in Corrona Group Holdings, L.P.1,038 1,038 (20)
12,621 12,623 
Coyote Buyer, LLCSpecialty Chemicals
First Lien Term Loan, LIBOR+6.00% cash due 2/6/20267.00 %13,090 12,959 12,959 (6)(20)
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025— (9)(9)(6)(19)(20)
12,950 12,950 
CTOS, LLCTrading Companies & Distributors
First Lien Term Loan, LIBOR+4.25% cash due 4/18/20254.40 %5,684 5,718 5,698 (6)
5,718 5,698 
Curium Bidco S.à.r.l.Biotechnology
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/20288.50 %16,787 16,535 16,829 (6)(11)(20)
16,535 16,829 
Delta Topco, Inc.Systems Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/20288.00 %6,680 6,647 6,755 (6)
6,647 6,755 
Eagleview Technology CorporationApplication Software
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/20268.50 %12,000 11,880 10,860 (6)(20)
11,880 10,860 
EHR Canada, LLCFood Retail
First Lien Term Loan, LIBOR+8.00% cash due 1/31/20219.00 %6,861 6,857 6,998 (6)(20)
6,857 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 
FFI Holdings I CorpIndustrial Machinery
First Lien Term Loan, LIBOR+6.25% cash due 1/24/20257.25 %4,132 3,722 3,719 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 1/24/2025— — — (6)(19)(20)
3,722 3,719 
10

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Fortress Biotech, Inc.Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/2025$8,346 $7,874 $8,054 (11)(20)
243,348 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030258 260 (11)(20)
8,132 8,314 
GI Chill Acquisition LLCManaged Health Care
First Lien Term Loan, LIBOR+4.00% cash due 8/6/20254.25 %17,595 17,507 17,441 (6)(20)
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/20267.75 %10,000 9,930 9,700 (6)(20)
27,437 27,141 
GKD Index Partners, LLCSpecialized Finance
First Lien Term Loan, LIBOR+7.00% cash due 6/29/20238.00 %19,705 19,608 19,390 (6)(20)
First Lien Revolver, LIBOR+7.00% cash due 6/29/20238.00 %924 916 906 (6)(19)(20)
20,524 20,296 
Global Medical ResponseHealth Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/20255.25 %6,240 6,142 6,193 (6)
6,142 6,193 
Guidehouse LLPResearch & Consulting Services
First Lien Term Loan, LIBOR+4.50% cash due 5/1/20254.65 %4,937 4,897 4,945 (6)
Second Lien Term Loan, LIBOR+8.00% cash due 5/1/20268.15 %20,000 19,933 20,000 (6)(20)
24,830 24,945 
Gulf Operating, LLCOil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+5.25% cash due 8/25/20236.25 %2,035 1,258 1,553 (6)
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021— (704)(704)(6)(19)(20)
554 849 
Houghton Mifflin Harcourt Publishers Inc.Education Services
First Lien Term Loan, LIBOR+6.25% cash due 11/22/20247.25 %6,650 6,438 6,428 (6)(11)
6,438 6,428 
I Drive Safely, LLCEducation Services
125,079 Class A Common Units of IDS Investments, LLC1,000 225 (20)
1,000 225 
IBG Borrower LLCApparel, Accessories & Luxury Goods
First Lien Term Loan, LIBOR+7.00% cash due 8/2/20227.31 %7,768 7,409 6,753 (6)(20)
7,409 6,753 
iCIMs, Inc.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/20247.50 %19,171 18,913 19,029 (6)(20)
First Lien Revolver, LIBOR+6.50% cash due 9/12/20247.50 %882 869 876 (6)(20)
19,782 19,905 
Immucor, Inc.Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/20256.75 %6,461 6,345 6,331 (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 %15,750 15,471 15,435 (6)(20)
21,806 21,755 
Integral Development CorporationOther Diversified Financial Services
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024113 — (20)
113  
11

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Ivanti Software, Inc.Application Software
Second Lien Term Loan, LIBOR+8.50% cash due 12/1/20289.50 %$17,346 $16,826 $17,281 (6)(20)
16,826 17,281 
Jazz Acquisition, Inc.Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/20278.50 %16,871 16,222 16,179 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+7.50% cash due 1/29/2027— — — (6)(19)(20)
16,222 16,179 
L Squared Capital Partners LLCMulti-Sector Holdings
2.00% limited partnership interest— 1,251 (11)(16)
 1,251 
Lanai Holdings III, Inc.Health Care Distributors
First Lien Term Loan, LIBOR+4.75% cash due 8/29/20225.75 %12,914 12,795 12,511 (6)
12,795 12,511 
Latam Airlines Group S.A.Airlines
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/20228,177 7,903 8,449 (6)(11)(19)(20)
7,903 8,449 
Lift Brands Holdings, Inc.Leisure Facilities
2,000,000 Class A Common Units in Snap Investments, LLC1,399 — (20)
1,399  
Lightbox Intermediate, L.P.Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/20265.15 %39,400 38,946 38,218 (6)(20)
38,946 38,218 
LogMeIn, Inc.Application Software
Second Lien Term Loan, LIBOR+9.00% cash due 8/31/20289.15 %9,293 8,846 9,270 (6)
8,846 9,270 
LTI Holdings, Inc.Electronic Components
First Lien Term Loan, LIBOR+4.75% cash due 7/24/20264.90 %1,790 1,522 1,779 (6)
First Lien Term Loan, LIBOR+3.50% cash due 9/6/20253.65 %18,036 15,206 17,567 (6)
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/20266.90 %10,140 10,072 9,861 (6)
26,800 29,207 
Mayfield Agency Borrower Inc.Property & Casualty Insurance
First Lien Term Loan, LIBOR+4.50% cash due 2/28/20254.65 %28,749 28,019 27,887 (6)
28,019 27,887 
MHE Intermediate Holdings, LLCDiversified Support Services
First Lien Term Loan, LIBOR+5.00% cash due 3/8/20246.00 %2,903 2,882 2,826 (6)(20)
2,882 2,826 
Mindbody, Inc.Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/20258.00 %29,208 28,811 26,760 (6)(20)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025— (42)(255)(6)(19)(20)
28,769 26,505 
12

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Ministry Brands, LLCApplication Software
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022$— $(9)$(9)(6)(19)(20)
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/202310.25 %9,000 8,940 8,923 (6)(20)
8,931 8,914 
MRI Software LLCApplication Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/20266.50 %15,097 14,970 15,059 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026— (57)(13)(6)(19)(20)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026— (13)(3)(6)(19)(20)
14,900 15,043 
Navisite, LLCData Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/20269.50 %22,560 22,110 22,109 (6)(20)
22,110 22,109 
NeuAG, LLCFertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/20247.00 %35,938 34,642 34,716 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024— (175)(149)(6)(19)(20)
34,467 34,567 
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 %41,939 41,286 41,939 (6)(20)
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025— (61)— (6)(19)(20)
41,225 41,939 
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 15,745 (6)(20)
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC1,967 785 (20)
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC— — (20)
18,717 16,530 
OZLM Funding III, Ltd.Multi-Sector Holdings
Class DR Notes, LIBOR+7.77% cash due 1/22/20297.99 %2,312 1,666 2,288 (6)(11)
1,666 2,288 
P & L Development, LLCPharmaceuticals
Fixed Rate Bond, 7.75% cash due 11/15/20259,123 9,123 9,830 
9,123 9,830 
Park Place Technologies, LLCInternet Services & Infrastructure
First Lien Term Loan, LIBOR+5.00% cash due 11/10/20276.00 %5,000 4,804 4,817 (6)
4,804 4,817 
13

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
PaySimple, Inc.Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+5.50% cash due 8/23/20255.65 %$49,410 $48,631 $48,422 (6)(20)
48,631 48,422 
Pingora MSR Opportunity Fund I-A, LPThrifts & Mortgage Finance
1.86% limited partnership interest752 113 (11)(16)(19)
752 113 
Planview Parent, Inc.Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/20288.00 %21,484 21,162 21,484 (6)(20)
21,162 21,484 
ProFrac Services, LLCIndustrial Machinery
First Lien Term Loan, LIBOR+7.50% cash due 9/15/20238.75 %15,007 14,925 11,818 (6)(20)
14,925 11,818 
Project Boost Purchaser, LLCApplication Software
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/20278.15 %3,750 3,750 3,675 (6)(20)
3,750 3,675 
Pug LLCInternet & Direct Marketing Retail
First Lien Term Loan, LIBOR+8.00% cash due 2/12/20278.75 %15,701 14,803 16,015 (6)
14,803 16,015 
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 %2,911 2,898 2,802 (6)(20)
2,898 2,802 
Scilex Pharmaceuticals Inc.Pharmaceuticals
Fixed Rate Zero Coupon Bond due 8/15/202612,277 9,738 10,312 (20)
9,738 10,312 
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— 625 (11)(20)
 625 
Supermoose Borrower, LLCApplication Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/20254.00 %10,170 8,969 9,540 (6)
8,969 9,540 
Swordfish Merger Sub LLCAuto Parts & Equipment
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/20267.75 %12,500 12,460 11,016 (6)(20)
12,460 11,016 
14

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Tacala, LLCRestaurants
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/20288.25 %$9,448 $9,302 $9,357 (6)
9,302 9,357 
Telestream Holdings CorporationApplication Software
First Lien Term Loan, LIBOR+8.75% cash due 10/15/20259.75 %15,020 14,749 14,720 (6)(20)
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025— (27)(28)(6)(19)(20)
14,722 14,692 
TerSera Therapeutics LLCPharmaceuticals
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/202410.50 %29,663 29,268 29,372 (6)(20)
668,879 Common Units of TerSera Holdings LLC2,192 3,487 (20)
31,460 32,859 
Thrasio, LLCSpecialized Finance
First Lien Term Loan, LIBOR+7.00% cash due 12/18/20268.00 %17,213 16,783 16,783 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/18/2026— (284)(284)(6)(19)(20)
16,499 16,499 
TIBCO Software Inc.Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/20287.40 %16,788 16,677 17,012 (6)
16,677 17,012 
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 %6,913 6,809 6,757 (6)(20)
6,809 6,757 
Truck Hero, Inc.Auto Parts & Equipment
Second Lien Term Loan, LIBOR+8.25% cash due 4/21/20259.25 %21,500 21,191 21,500 (6)(20)
21,191 21,500 
Verscend Holding Corp.Health Care Technology
First Lien Term Loan, LIBOR+4.50% cash due 8/27/20254.65 %14,488 14,441 14,510 (6)
Fixed Rate Bond, 9.75% cash due 8/15/20267,000 7,019 7,599 
21,460 22,109 
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 %33,214 31,611 34,190 (6)(20)
31,611 34,190 
Windstream Services II, LLCIntegrated Telecommunication Services
First Lien Term Loan, LIBOR+6.25% cash due 9/21/20277.25 %25,870 24,876 25,377 (6)
6,129 Shares of Common Stock in Windstream Holdings II, LLC53 90 (20)
37,215 Warrants in Windstream Holdings II, LLC853 546 (20)
25,782 26,013 
WP CPP Holdings, LLCAerospace & Defense
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/20268.75 %15,000 14,898 12,713 (6)(20)
14,898 12,713 
15

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(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 $13,879 $13,969 (6)(20)
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026— (575)(406)(6)(19)(20)
13,304 13,563 
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 %1,950 1,894 1,909 (6)
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/20259.25 %23,807 23,737 22,147 (6)(20)
25,631 24,056 
Zephyr Bidco LimitedSpecialized Finance
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/20267.52 %£18,000 23,732 23,952 (6)(11)
23,732 23,952 
Total Non-Control/Non-Affiliate Investments (155.0% of net assets)$1,503,368 $1,495,593 
Total Portfolio Investments (177.5% of net assets)$1,757,661 $1,712,324 
Cash and Cash Equivalents
JP Morgan Prime Money Market Fund, Institutional Shares
 $20,966 $20,966 
Other cash accounts
3,268 3,268 
Total Cash and Cash Equivalents (2.5% of net assets)$24,234 $24,234 
Total Portfolio Investments and Cash and Cash Equivalents (180.0% of net assets)$1,781,895 $1,736,558 


Derivative InstrumentNotional Amount to be PurchasedNotional Amount to be SoldMaturity DateCounterpartyCumulative Unrealized Appreciation /(Depreciation)
Foreign currency forward contract$36,999 £27,894 2/11/2021JPMorgan Chase Bank, N.A.$(1,141)
Foreign currency forward contract$30,308 25,614 2/11/2021JPMorgan Chase Bank, N.A.(1,062)
$(2,203)

16

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(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 the Credit 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 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 December 31, 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 0.25%, the 180-day LIBOR at 0.26%, the 360-day LIBOR at 0.34%, the PRIME at 3.25%, the 30-day UK LIBOR at 0.02%, the 180-day UK LIBOR at 0.22%, the 30-day EURIBOR at (0.61)% 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 payment in kind ("PIK") interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
(8)Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
(9)As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the three months ended December 31, 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 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 December 31, 2020, qualifying assets represented 75.3% of the Company's total assets and non-qualifying assets represented 24.7% 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 December 31, 2020, the accumulated PIK interest balance for each of the A notes and the B notes was $4.9 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 cash non-accrual status as of December 31, 2020. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
(16)This investment was valued using net asset value as a practical expedient for fair value. Consistent with Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("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.
17

Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
December 31, 2020
(dollar amounts in thousands)
(unaudited)


(20)As of December 31, 2020, these investments were categorized as Level 3 within the fair value hierarchy established by ASC 820.




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