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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, 2022
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  þ
Accelerated filer  ¨
Non-accelerated filer  ¨
Smaller reporting company  ¨
Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    YES  ¨     NO  þ
The registrant had 183,374,250 shares of common stock outstanding as of August 2, 2022.


OAKTREE SPECIALTY LENDING CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022



TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Consolidated Financial Statements:



 




 

 







 




 
1


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, 2022 (unaudited)September 30, 2021
ASSETS
Investments at fair value:
Control investments (cost June 30, 2022: $262,244; cost September 30, 2021: $283,599)$222,858 $270,765 
Affiliate investments (cost June 30, 2022: $24,617; cost September 30, 2021: $18,763)23,427 18,289 
Non-control/Non-affiliate investments (cost June 30, 2022: $2,378,626; cost September 30, 2021: $2,236,759)2,319,104 2,267,575 
Total investments at fair value (cost June 30, 2022: $2,665,487; cost September 30, 2021: $2,539,121)2,565,389 2,556,629 
Cash and cash equivalents34,306 29,334 
Restricted cash2,009 2,301 
Interest, dividends and fees receivable29,130 22,125 
Due from portfolio companies6,881 1,990 
Receivables from unsettled transactions3,274 8,150 
Due from broker36,340 1,640 
Deferred financing costs7,918 9,274 
Deferred offering costs32 34 
Deferred tax asset, net1,698 714 
Derivative assets at fair value1,134 1,912 
Other assets1,267 2,284 
Total assets$2,689,378 $2,636,387 
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities$2,324 $3,024 
Base management fee and incentive fee payable15,563 32,649 
Due to affiliate3,540 4,357 
Interest payable8,356 4,597 
Director fees payable38 — 
Payables from unsettled transactions8,556 8,086 
Derivative liability at fair value30,866 2,108 
Credit facilities payable745,000 630,000 
Unsecured notes payable (net of $5,390 and $6,501 of unamortized financing costs as of June 30, 2022 and September 30, 2021, respectively)611,606 638,743 
Total liabilities1,425,849 1,323,564 
Commitments and contingencies (Note 13)
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 183,374 and 180,361 shares issued and outstanding as of June 30, 2022 and September 30, 2021, respectively1,834 1,804 
Additional paid-in-capital1,826,498 1,804,354 
Accumulated overdistributed earnings(564,803)(493,335)
Total net assets (equivalent to $6.89 and $7.28 per common share as of June 30, 2022 and September 30, 2021, respectively) (Note 11)1,263,529 1,312,823 
Total liabilities and net assets$2,689,378 $2,636,387 

See notes to Consolidated Financial Statements.
2

Oaktree Specialty Lending Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended June 30, 2022Three months ended June 30, 2021Nine months ended
June 30, 2022		Nine months ended
June 30, 2021
Interest income:
Control investments$3,400 $3,405 $10,214 $8,122 
Affiliate investments470 189 1,170 437 
Non-control/Non-affiliate investments50,707 48,403 155,656 110,720 
Interest on cash and cash equivalents151 2 157 8 
Total interest income54,728 51,999 167,197 119,287 
PIK interest income:
Non-control/Non-affiliate investments5,178 4,597 14,515 11,487 
Total PIK interest income5,178 4,597 14,515 11,487 
Fee income:
Control investments12 13 38 46 
Affiliate investments5 5 15 15 
Non-control/Non-affiliate investments2,258 7,805 5,039 13,392 
Total fee income2,275 7,823 5,092 13,453 
Dividend income:
Control investments875 1,019 5,491 1,358 
Non-control/Non-affiliate investments81 — 81 — 
Total dividend income956 1,019 5,572 1,358 
Total investment income63,137 65,438 192,376 145,585 
Expenses:
Base management fee9,819 8,905 29,853 22,520 
Part I incentive fee6,497 6,990 19,658 15,583 
Part II incentive fee(6,796)2,837 (8,791)15,986 
Professional fees885 1,059 3,029 2,943 
Directors fees160 147 443 447 
Interest expense11,870 8,823 31,178 21,486 
Administrator expense271 421 968 1,047 
General and administrative expenses811 716 2,217 2,009 
Total expenses23,517 29,898 78,555 82,021 
Fees waived(750)(750)(2,250)(858)
Net expenses22,767 29,148 76,305 81,163 
Net investment income before taxes40,370 36,290 116,071 64,422 
(Provision) benefit for taxes on net investment income— (358)(3,308)(358)
Net investment income40,370 35,932 112,763 64,064 
Unrealized appreciation (depreciation):
Control investments(16,991)3,590 (26,552)30,336 
Affiliate investments(328)109 (716)213 
Non-control/Non-affiliate investments(67,806)(898)(90,333)83,842 
Foreign currency forward contracts(1,630)1,116 (778)2,226 
Net unrealized appreciation (depreciation) (86,755)3,917 (118,379)116,617 
Realized gains (losses):
Control investments— — 1,868 — 
Non-control/Non-affiliate investments416 9,350 5,888 26,267 
Foreign currency forward contracts8,796 (740)12,179 (3,586)
Net realized gains (losses)9,212 8,610 19,935 22,681 
(Provision) benefit for taxes on realized and unrealized gains (losses)(661)(1,421)1,696 (2,663)
Net realized and unrealized gains (losses), net of taxes(78,204)11,106 (96,748)136,635 
Net increase (decrease) in net assets resulting from operations$(37,834)$47,038 $16,015 $200,699 
Net investment income per common share — basic and diluted$0.22 $0.20 $0.62 $0.41 
Earnings (loss) per common share — basic and diluted (Note 5)$(0.21)$0.26 $0.09 $1.29 
Weighted average common shares outstanding — basic and diluted183,370 180,361 181,778 155,970 


See notes to Consolidated Financial Statements.
3

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

Three months ended June 30, 2022Three months ended June 30, 2021Nine months ended June 30, 2022Nine months ended June 30, 2021
Operations:
Net investment income$40,370 $35,932 $112,763 $64,064 
Net unrealized appreciation (depreciation)(86,755)3,917 (118,379)116,617 
Net realized gains (losses)9,212 8,610 19,935 22,681 
(Provision) benefit for taxes on realized and unrealized gains (losses)(661)(1,421)1,696 (2,663)
Net increase (decrease) in net assets resulting from operations(37,834)47,038 16,015 200,699 
Stockholder transactions:
Distributions to stockholders(30,256)(23,447)(87,483)(55,868)
Net increase (decrease) in net assets from stockholder transactions(30,256)(23,447)(87,483)(55,868)
Capital share transactions:
Issuance of common stock in connection with the Mergers— — — 242,704 
Issuance of common stock under dividend reinvestment plan874 520 2,426 1,559 
Repurchases of common stock under dividend reinvestment plan(874)(520)(874)(1,559)
Issuance of common stock in connection with the "at the market" offering1,243 — 20,622 — 
Net increase (decrease) in net assets from capital share transactions1,243 — 22,174 242,704 
Total increase (decrease) in net assets(66,847)23,591 (49,294)387,535 
Net assets at beginning of period1,330,376 1,278,823 1,312,823 914,879 
Net assets at end of period$1,263,529 $1,302,414 $1,263,529 $1,302,414 
Net asset value per common share$6.89 $7.22 $6.89 $7.22 
Common shares outstanding at end of period183,374 180,361 183,374 180,361 



See notes to Consolidated Financial Statements.
4
Oaktree Specialty Lending Corporation
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)





Nine months ended
June 30, 2022		Nine months ended
June 30, 2021
Operating activities:
Net increase (decrease) in net assets resulting from operations$16,015 $200,699 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation118,379 (116,617)
Net realized (gains) losses(19,935)(22,681)
PIK interest income(14,515)(11,487)
Accretion of original issue discount on investments(22,707)(18,032)
Accretion of original issue discount on unsecured notes payable509 403 
Amortization of deferred financing costs2,801 3,030 
Deferred taxes(984)112 
Purchases of investments (620,843)(714,791)
Proceeds from the sales and repayments of investments554,933 586,812 
Cash acquired in the Mergers— 20,945 
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable(9,456)(3,434)
(Increase) decrease in due from portfolio companies(4,891)1,956 
(Increase) decrease in receivables from unsettled transactions4,876 8,199 
(Increase) decrease in due from broker(34,700)(1,640)
(Increase) decrease in other assets1,017 (1,444)
Increase (decrease) in accounts payable, accrued expenses and other liabilities(700)476 
Increase (decrease) in base management fee and incentive fee payable(17,086)17,994 
Increase (decrease) in due to affiliate(817)1,773 
Increase (decrease) in interest payable3,759 1,844 
Increase (decrease) in payables from unsettled transactions470 10,110 
Increase (decrease) in director fees payable38 (90)
Net cash provided by (used in) operating activities(43,837)(35,863)
Financing activities:
Distributions paid in cash(85,057)(54,309)
Borrowings under credit facilities290,000 325,000 
Repayments of borrowings under credit facilities(175,000)(515,525)
Issuance of unsecured notes— 349,020 
Repayments of secured borrowings— (9,341)
Repurchases of common stock under dividend reinvestment plan(874)(1,559)
Shares issued under the "at the market" offering 20,839 — 
Deferred financing costs paid(334)(7,844)
Offering costs paid(215)— 
Net cash provided by (used in) financing activities49,359 85,442 
Effect of exchange rate changes on foreign currency(842)(1,146)
Net increase (decrease) in cash and cash equivalents and restricted cash4,680 48,433 
Cash and cash equivalents and restricted cash, beginning of period31,635 39,096 
Cash and cash equivalents and restricted cash, end of period$36,315 $87,529 
Supplemental information:
Cash paid for interest$24,109 $15,583 
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan$2,426 $1,560 
Deferred financing costs— (592)
Issuance of shares in connection with the Mergers— 242,704 
Reconciliation to the Consolidated Statements of Assets and LiabilitiesJune 30, 2022September 30, 2021
Cash and cash equivalents$34,306 $29,334 
Restricted cash2,009 2,301 
Total cash and cash equivalents and restricted cash$36,315 $31,635 

See notes to Consolidated Financial Statements.
5
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(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 2/28/20247.26 %$16,074 16,074 16,074 (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, LLC15,222 9,267 (15)
31,296 25,341 
OCSI Glick JV LLCMulti-Sector Holdings(14)
Subordinated Debt, LIBOR+4.50% cash due 10/20/20284.94 %60,274 50,392 50,606  (6)(11)(15)(19)
87.5% equity interest— —  (11)(16)(19)
50,392 50,606 
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 23,023 (11)(12)(16)(19)
145,572 119,273 
 Total Control Investments (17.6% of net assets)$262,244 $222,858 
Affiliate Investments (17)
Assembled Brands Capital LLCSpecialized Finance
First Lien Revolver, LIBOR+6.75% cash due 10/17/20239.00 %$21,754 $21,754 $21,260 (6)(15)(19)
1,609,201 Class A Units764 563 (15)
1,019,168.80 Preferred Units, 6%1,019 1,203 (15)
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029— — (15)
23,537 23,026 
Caregiver Services, Inc.Health Care Services
1,080,399 shares of Series A Preferred Stock, 10%1,080 401 (15)
1,080 401 
 Total Affiliate Investments (1.9% of net assets)$24,617 $23,427 
Non-Control/Non-Affiliate Investments(18)
109 Montgomery Owner LLCReal Estate Operating Companies
First Lien Term Loan, LIBOR+7.00% cash due 2/2/20238.33 %$2,178 $2,161 $2,306 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023— (27)30 (6)(15)(19)
2,134 2,336 
A.T. Holdings II SÀRLBiotechnology
First Lien Term Loan, 9.50% PIK due 12/22/202233,200 33,122 33,283 (11)(15)
33,122 33,283 
Access CIG, LLCDiversified Support Services
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/20269.32 %20,000 19,921 19,200 (6)
19,921 19,200 
Accupac, Inc.Personal Products
First Lien Term Loan, SOFR+5.50% cash due 1/16/20267.59 %16,017 15,704 15,977 (6)(15)
First Lien Delayed Draw Term Loan, SOFR+5.50% cash due 1/16/2026— — (8)(6)(15)(19)
First Lien Revolver, SOFR+5.50% cash due 1/16/20267.59 %91 51 86 (6)(15)(19)
15,755 16,055 
Acquia Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 10/31/20258.12 %27,349 27,012 27,213 (6)(15)
First Lien Revolver, LIBOR+7.00% cash due 10/31/20259.08 %269 243 257 (6)(15)(19)
27,255 27,470 
6
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(dollar amounts in thousands)
(unaudited)



Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
ADB Companies, LLCConstruction & Engineering
First Lien Term Loan, LIBOR+6.25% cash due 12/18/20258.50 %$14,896 $14,384 $14,650 (6)(15)
14,384 14,650 
Aden & Anais Merger Sub, Inc.Apparel, Accessories & Luxury Goods
51,645 Common Units in Aden & Anais Holdings, Inc.5,165 — (15)
5,165 — 
AI Sirona (Luxembourg) Acquisition S.a.r.l.Pharmaceuticals
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/20267.25 %€24,838 27,748 23,760 (6)(11)(15)
27,748 23,760 
AIP RD Buyer Corp.Distributors
Second Lien Term Loan, SOFR+7.75% cash due 12/23/20299.35 %$14,414 14,145 13,880 (6)(15)
14,410 Common Units in RD Holding LP1,352 1,295 (15)
15,497 15,175 
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 12/29/20238.07 %23,124 21,584 22,060 (6)(15)
21,584 22,060 
Altice Financing S.A.Integrated Telecommunication Services
Fixed Rate Bond, 5.75% cash due 8/15/2029300 248 242 (11)
248 242 
Altice France S.A.Integrated Telecommunication Services
Fixed Rate Bond, 5.50% cash due 10/15/20293,800 3,309 2,915 (11)
3,309 2,915 
Alvogen Pharma US, Inc.Pharmaceuticals
First Lien Term Loan, LIBOR+5.25% cash due 12/31/20237.50 %13,300 12,981 11,751 (6)
12,981 11,751 
Alvotech Holdings S.A.Biotechnology(13)
Tranche A Fixed Rate Bond 10.00% cash due 6/24/202524,043 23,720 24,043 (11)(15)
Tranche B Fixed Rate Bond 10.00% cash due 6/24/202523,522 23,240 23,522 (11)(15)
587,930 Common Shares in Alvotech SA5,349 4,827 
124,780 Seller Earn Out Shares in Alvotech SA444 309 (15)
52,753 52,701 
American Auto Auction Group, LLCConsumer Finance
Second Lien Term Loan, SOFR+8.75% cash due 1/2/202910.80 %14,760 14,481 14,317 (6)(15)
14,481 14,317 
American Tire Distributors, Inc.Distributors
First Lien Term Loan, LIBOR+6.25% cash due 10/20/20287.00 %9,920 9,796 9,404 (6)
9,796 9,404 
Amplify Finco Pty Ltd.Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/20265.92 %15,259 13,933 14,890 (6)(11)(15)
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/20279.67 %12,500 12,188 12,063 (6)(11)(15)
26,121 26,953 
Anastasia Parent, LLCPersonal Products
First Lien Term Loan, LIBOR+3.75% cash due 8/11/20256.00 %2,494 2,070 2,001 (6)
2,070 2,001 
Ankura Consulting Group LLCResearch & Consulting Services
Second Lien Term Loan, LIBOR+8.00% cash due 3/19/20299.18 %5,316 5,236 4,784 (6)(15)
5,236 4,784 
7
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(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+6.00% cash due 1/10/20257.25 %$34,458 $33,657 $33,680 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 1/10/20257.25 %892 859 842 (6)(15)(19)
34,516 34,522 
APX Group Inc.Electrical Components & Equipment
Fixed Rate Bond, 5.75% cash due 7/15/20292,075 1,724 1,610 (11)
1,724 1,610 
Ardonagh Midco 3 PLCInsurance Brokers
First Lien Term Loan, EURIBOR+7.00% cash due 7/14/20268.00 %€1,964 $2,178 $2,053 (6)(11)(15)
First Lien Term Loan, SONIA+7.00% cash due 7/14/20268.19 %£18,636 23,172 22,633 (6)(11)(15)
First Lien Term Loan, LIBOR+5.75% cash due 7/14/20266.50 %$10,519 10,346 10,309 (6)(11)(15)
First Lien Delayed Draw Term Loan, SONIA+5.75% cash due 7/14/2026£— (44)— (6)(11)(15)(19)
35,652 34,995 
ASP Unifrax Holdings, Inc.Trading Companies & Distributors
Fixed Rate Bond, 7.50% cash due 9/30/2029$5,500 5,406 3,828 
Fixed Rate Bond, 5.25% cash due 9/30/20282,500 2,210 2,000 
7,616 5,828 
Associated Asphalt Partners, LLCConstruction Materials
First Lien Term Loan, LIBOR+5.25% cash due 4/5/20246.92 %2,509 2,309 1,791 (6)
2,309 1,791 
Astra Acquisition Corp.Application Software
First Lien Term Loan, LIBOR+5.25% cash due 10/25/20286.92 %8,563 8,314 7,485 (6)
8,314 7,485 
athenahealth Group Inc.Health Care Technology
18,635 Shares of Series A Preferred Stock in Minerva Holdco, Inc., 10.75%18,264 17,153 (15)
18,264 17,153 
Athenex, Inc.Pharmaceuticals
First Lien Term Loan, 11.00% cash due 6/19/202616,155 15,617 15,751 (11)(15)
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026— (274)(527)(11)(15)(19)
First Lien Revenue Interest Financing Term Loan due 5/31/20317,926 7,881 7,881 (6)(11)(15)
328,149 Common Stock Warrants (exercise price $0.4955) expiration date 6/19/2027973 43 (11)(15)
24,197 23,148 
Aurora Lux Finco S.À.R.L.Airport Services
First Lien Term Loan, LIBOR+6.00% cash due 12/24/20267.63 %22,483 22,123 21,336 (6)(11)(15)
22,123 21,336 
The AveryReal Estate Operating Companies
First Lien Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/20239.09 %15,874 15,757 16,040 (6)(15)
Subordinated Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/202314.53 %3,834 3,808 3,865 (6)(15)
19,565 19,905 
BAART Programs, Inc.Health Care Services
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/20276.60 %2,269 2,226 2,204 (6)(15)(19)
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/202810.17 %7,166 7,059 7,059 (6)(15)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/202810.17 %3,596 3,437 3,430 (6)(15)(19)
12,722 12,693 
8
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(dollar amounts in thousands)
(unaudited)



Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Berner Food & Beverage, LLCSoft Drinks
First Lien Term Loan, LIBOR+6.50% cash due 7/30/20277.50 %$33,162 $32,671 $32,034 (6)(15)
First Lien Revolver, PRIME+5.50% cash due 7/30/202610.25 %1,980 1,936 1,884 (6)(15)(19)
34,607 33,918 
BioXcel Therapeutics, Inc.Pharmaceuticals
First Lien Term Loan, 10.25% cash due 4/19/20275,322 5,099 5,109 (11)(15)
First Lien Delayed Draw Term Loan, 10.25% cash due 4/19/2027— — — (11)(15)(19)
First Lien Revenue Interest Financing Delayed Draw Term Loan due 9/30/2032— — — (6)(11)(15)(19)
21,177 Common Stock Warrants (exercise price $20.04) expiration date 4/19/2029125 120 (15)
5,224 5,229 
Blackhawk Network Holdings, Inc.Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/20268.31 %30,625 30,252 30,038 (6)
30,252 30,038 
Blumenthal Temecula, LLCAutomotive Retail
First Lien Term Loan, 9.00% cash due 9/24/20233,979 3,980 3,960 (15)
1,293,324 Preferred Units in Unstoppable Automotive AMV, LLC1,293 1,280 (15)
298,460 Preferred Units in Unstoppable Automotive VMV, LLC298 295 (15)
298,460 Common Units in Unstoppable Automotive AMV, LLC298 373 (12)(15)
5,869 5,908 
Cadence Aerospace, LLCAerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/20237.74 %14,256 13,246 13,093 (6)(15)
13,246 13,093 
Carvana Co.Automotive Retail
Fixed Rate Bond, 5.625% cash due 10/1/20256,700 5,765 5,155 (11)
5,765 5,155 
CCO Holdings LLCCable & Satellite
Fixed Rate Bond, 4.50% cash due 5/1/20322,097 1,739 1,705 (11)
1,739 1,705 
CircusTrix Holdings, LLCLeisure Facilities
First Lien Term Loan, LIBOR+5.50% cash 1.50% PIK due 7/16/20237.17 %10,739 10,198 9,761 (6)(15)
10,198 9,761 
CITGO Holding, Inc.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+7.00% cash due 8/1/20238.67 %8,998 8,940 8,901 (6)
Fixed Rate Bond, 9.25% cash due 8/1/202410,672 10,672 10,345 
19,612 19,246 
CITGO Petroleum Corp.Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+6.25% cash due 3/28/20247.92 %8,268 8,074 8,219 (6)
8,074 8,219 
Clear Channel Outdoor Holdings Inc.Advertising
Fixed Rate Bond, 7.50% cash due 6/1/20296,476 6,476 4,676 (11)
Fixed Rate Bond, 5.125% cash due 8/15/20271,374 1,223 1,164 (11)
Fixed Rate Bond, 7.75% cash due 4/15/2028676 647 494 (11)
8,346 6,334 
CommScope Technologies LLCCommunications Equipment
Fixed Rate Bond, 5.00% cash due 3/15/20271,000 848 741 (11)
Fixed Rate Bond, 6.00% cash due 6/15/20253,250 2,926 2,818 (11)
3,774 3,559 
Condor Merger Sub Inc.Systems Software
Fixed Rate Bond, 7.375% cash due 2/15/20308,420 8,239 6,868 
8,239 6,868 
9
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(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+8.50% cash due 1/28/202510.17 %$32,188 $30,771 $27,372 (6)(15)
Common Stock Warrants expiration date 7/28/2025648 673 (15)
31,419 28,045 
Convergeone Holdings, Inc.IT Consulting & Other Services
First Lien Term Loan, LIBOR+5.00% cash due 1/4/20266.67 %11,944 11,711 10,272 (6)
11,711 10,272 
Conviva Inc.Application Software
517,851 Shares of Series D Preferred Stock605 894 (15)
605 894 
CorEvitas, LLCHealth Care Technology
First Lien Term Loan, SOFR+5.75% cash due 12/13/20257.38 %13,747 13,581 13,618 (6)(15)
First Lien Revolver, PRIME+4.75% cash due 12/13/20259.50 %305 287 288 (6)(15)(19)
1,099 Class A2 Common Units in CorEvitas Holdings, L.P.690 2,340 (15)
14,558 16,246 
Coyote Buyer, LLCSpecialty Chemicals
First Lien Term Loan, LIBOR+6.00% cash due 2/6/20267.00 %18,247 17,814 17,889 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 2/6/20257.67 %400 387 374 (6)(15)(19)
18,201 18,263 
Delivery Hero FinCo LLCInternet & Direct Marketing Retail
First Lien Term Loan, SOFR+5.75% cash due 8/12/20276.88 %5,000 4,894 4,713 (6)(11)
4,894 4,713 
Delta Topco, Inc.Systems Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/20289.34 %6,680 6,647 5,845 (6)
6,647 5,845 
Dialyze Holdings, LLCHealth Care Equipment
First Lien Term Loan, LIBOR+9.00% cash 2.00% PIK due 8/4/202611.25 %24,272 22,873 22,629 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+9.00% cash 2.00% PIK due 8/4/2026— (144)(175)(6)(15)(19)
5,403,823 Class A Warrants (exercise price $1.00) expiration date 8/4/20281,405 1,351 (15)
24,134 23,805 
Digital.AI Software Holdings, Inc.Application Software
First Lien Term Loan, LIBOR+7.00% cash due 2/10/20278.40 %9,927 9,606 9,705 (6)(15)
First Lien Revolver, LIBOR+6.50% cash due 2/10/20277.90 %251 227 217 (6)(15)(19)
9,833 9,922 
DirecTV Financing, LLCCable & Satellite
First Lien Term Loan, LIBOR+5.00% cash due 8/2/20276.67 %17,718 17,540 16,363 (6)
17,540 16,363 
DTI Holdco, Inc.Research & Consulting Services
First Lien Term Loan, SOFR+4.75% cash due 4/26/20296.28 %5,000 4,902 4,695 (6)
4,902 4,695 
Eagleview Technology CorporationApplication Software
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/20269.17 %8,974 8,884 8,413 (6)(15)
8,884 8,413 
EOS Fitness Opco Holdings, LLCLeisure Facilities
487.5 Class A Preferred Units, 12%488 966 (15)
12,500 Class B Common Units— — (15)
488 966 
Establishment Labs Holdings Inc.Health Care Technology
First Lien Term Loan, 9.00% cash due 4/21/202710,151 9,999 9,998 (11)(15)
First Lien Delayed Draw Term Loan, 9.00% cash due 4/21/20273 3 (11)(15)(19)
10,002 10,001 
10
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(dollar amounts in thousands)
(unaudited)



Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Fairbridge Strategic Capital Funding LLCReal Estate Operating Companies(20)
First Lien Delayed Draw Term Loan, 9.00% cash due 12/24/2028$17,750 $17,750 $17,750 (15)(19)
2,500 Warrant Units (exercise price $0.01) expiration date 11/24/2031— 3 (11)(12)(15)
17,750 17,753 
FINThrive Software Intermediate Holdings, Inc.Health Care Technology
Second Lien Term Loan, LIBOR+6.75% cash due 12/17/20298.42 %25,061 24,685 22,430 (6)
24,685 22,430 
Fortress Biotech, Inc.Biotechnology
First Lien Term Loan, 11.00% cash due 8/27/20259,466 9,037 9,111 (11)(15)
331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030405 56 (11)(15)
9,442 9,167 
Frontier Communications Holdings, LLCIntegrated Telecommunication Services
Fixed Rate Bond, 6.00% cash due 1/15/20304,881 4,408 3,769 (11)
4,408 3,769 
GKD Index Partners, LLCSpecialized Finance
First Lien Term Loan, LIBOR+8.00% cash due 6/29/202310.25 %25,436 25,148 25,029 (6)(15)
First Lien Revolver, LIBOR+8.00% cash due 6/29/202310.10 %1,280 1,263 1,254 (6)(15)(19)
26,411 26,283 
Global Medical Response, Inc.Health Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/20255.92 %5,587 5,434 5,212 (6)
5,434 5,212 
Grove Hotel Parcel Owner, LLCHotels, Resorts & Cruise Lines
First Lien Term Loan, SOFR+8.00% cash due 6/21/20279.45 %14,311 14,026 14,025 (6)(15)
First Lien Delayed Draw Term Loan, SOFR+8.00% cash due 6/21/2027— (57)(57)(6)(15)(19)
First Lien Revolver, SOFR+8.00% cash due 6/21/2027— (28)(29)(6)(15)(19)
13,941 13,939 
Harbor Purchaser Inc.Education Services
First Lien Term Loan, SOFR+5.25% cash due 4/9/20296.88 %9,392 9,068 8,541 (6)
9,068 8,541 
iCIMs, Inc.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/20247.72 %25,635 25,179 25,548 (6)(15)
First Lien Revolver, LIBOR+6.50% cash due 9/12/20247.72 %1,176 1,154 1,172 (6)(15)
26,333 26,720 
Immucor, Inc.Health Care Supplies
First Lien Term Loan, LIBOR+5.75% cash due 7/2/20258.00 %8,591 8,407 8,419 (6)(15)
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/202510.25 %22,418 21,923 22,026 (6)(15)
30,330 30,445 
Impel Neuropharma, Inc.Health Care Technology
First Lien Revenue Interest Financing Term Loan due 2/15/203112,161 12,161 12,161 (6)(15)
First Lien Term Loan, SOFR+8.75% cash due 3/17/202710.95 %12,161 11,931 11,942 (6)(15)
24,092 24,103 
Innocoll Pharmaceuticals LimitedHealth Care Technology
First Lien Term Loan, 11.00% cash due 1/26/20276,817 6,538 6,391 (11)(15)
First Lien Delayed Draw Term Loan, 11.00% cash due 1/26/2027— — — (11)(15)(19)
56,999 Tranche A Warrant Shares (exercise price $4.23) expiration date 1/26/2029135 125 (11)(15)
6,673 6,516 
11
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(dollar amounts in thousands)
(unaudited)



Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Integral Development CorporationOther Diversified Financial Services
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024$113 $— (15)
113 — 
Inventus Power, Inc.Electrical Components & Equipment
First Lien Term Loan, SOFR+5.00% cash due 3/29/20247.32 %$18,707 18,598 18,099 (6)(15)
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/202410.75 %13,674 13,494 13,093 (6)(15)
32,092 31,192 
INW Manufacturing, LLCPersonal Products
First Lien Term Loan, LIBOR+5.75% cash due 3/25/20278.00 %36,094 35,217 34,109 (6)(15)
35,217 34,109 
IPC Corp.Application Software
First Lien Term Loan, LIBOR+6.50% cash due 10/1/20267.50 %34,357 33,565 33,220 (6)(15)
33,565 33,220 
Itafos Inc.Fertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+8.25% cash due 8/25/20249.82 %17,017 16,529 16,423 (6)(15)
16,529 16,423 
Ivanti Software, Inc.Application Software
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/20288.85 %10,247 10,196 9,410 (6)
10,196 9,410 
Jazz Acquisition, Inc.Aerospace & Defense
First Lien Term Loan, LIBOR+7.50% cash due 1/29/20279.17 %36,326 35,200 36,411 (6)(15)
Second Lien Term Loan, LIBOR+8.00% cash due 6/18/202710.03 %528 475 483 (6)
35,675 36,894 
Kings Buyer, LLCEnvironmental & Facilities Services
First Lien Term Loan, LIBOR+6.50% cash due 10/29/20278.75 %13,658 13,521 13,316 (6)(15)
First Lien Revolver, LIBOR+6.50% cash due 10/29/20278.75 %659 640 612 (6)(15)(19)
14,161 13,928 
LaserShip, Inc.Air Freight & Logistics
Second Lien Term Loan, LIBOR+7.50% cash due 5/7/202910.38 %4,787 4,739 4,536 (6)(15)
4,739 4,536 
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 5/9/20267.25 %41,114 40,293 40,086 (6)(15)
40,293 40,086 
Liquid Environmental Solutions CorporationEnvironmental & Facilities Services
Second Lien Term Loan, LIBOR+8.50% cash due 11/30/202610.17 %4,357 4,280 4,226 (6)(15)
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 11/30/202610.17 %1,162 1,139 1,057 (6)(15)(19)
5,419 5,283 
LSL Holdco, LLCHealth Care Distributors
First Lien Term Loan, LIBOR+6.00% cash due 1/31/20287.67 %19,236 18,878 18,659 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 1/31/20287.67 %855 815 791 (6)(15)(19)
19,693 19,450 
LTI Holdings, Inc.Electronic Components
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/20268.42 %2,140 2,090 1,957 (6)
2,090 1,957 
Marinus Pharmaceuticals, Inc.Pharmaceuticals
First Lien Term Loan, 11.50% cash due 5/11/202617,203 16,937 16,558 (11)(15)
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026— — — (11)(15)(19)
16,937 16,558 
12
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(dollar amounts in thousands)
(unaudited)



Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes
Mesoblast, Inc.Biotechnology
First Lien Term Loan, 8.00% cash 1.75% PIK due 11/19/2026$7,183 $6,583 $6,357 (11)(15)
First Lien Delayed Draw Term Loan, 8.00% cash 1.75% PIK due 11/19/2026— 1 1 (11)(15)(19)
209,588 Warrant Shares (exercise price $7.26) expiration date 11/19/2028480 138 (11)(15)
7,064 6,496 
MHE Intermediate Holdings, LLCDiversified Support Services
First Lien Term Loan, LIBOR+6.00% cash due 7/21/20277.29 %18,437 18,120 17,979 (6)(15)
First Lien Revolver, LIBOR+6.00% cash due 7/21/2027— (24)(35)(6)(15)(19)
18,096 17,944 
Mindbody, Inc.Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/20258.38 %45,487 44,407 44,623 (6)(15)
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025— (58)(76)(6)(15)(19)
44,349 44,547 
Mosaic Companies, LLCHome Improvement Retail
First Lien Term Loan, LIBOR+6.75% cash due 7/2/20268.36 %46,796 46,046 45,907 (6)(15)
46,046 45,907 
MRI Software LLCApplication Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/20267.75 %28,037 27,574 27,476 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026— (13)(100)(6)(15)(19)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026— (13)(36)(6)(15)(19)
27,548 27,340 
Navisite, LLCData Processing & Outsourced Services
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/202610.75 %22,560 22,222 21,432 (6)(15)
22,222 21,432 
NeuAG, LLCFertilizers & Agricultural Chemicals
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/20247.75 %49,572 48,069 48,142 (6)(15)
48,069 48,142 
NFP Corp.Other Diversified Financial Services
Fixed Rate Bond 6.875% cash due 8/15/202810,191 9,759 8,437 
9,759 8,437 
NN, Inc.Industrial Machinery
First Lien Term Loan, LIBOR+6.88% cash due 9/19/20268.54 %58,862 57,734 56,802 (6)(11)(15)
57,734 56,802 
OEConnection LLCApplication Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/20265.67 %3,332 3,160 3,107 (6)
Second Lien Term Loan, LIBOR+7.00% cash due 9/25/20278.60 %7,519 7,383 7,218 (6)(15)
10,543 10,325 
OTG Management, LLCAirport Services
First Lien Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/20254.63 %21,125 20,810 20,703 (6)(15)
First Lien Delayed Draw Term Loan, LIBOR+2.00% cash 8.00% PIK due 9/1/2025— (33)(38)(6)(15)(19)
20,777 20,665 
P & L Development, LLCPharmaceuticals
Fixed Rate Bond, 7.75% cash due 11/15/20257,776 7,823 5,455 
7,823 5,455 
13
Oaktree Specialty Lending Corporation
Consolidated Schedule of Investments
June 30, 2022
(dollar amounts in thousands)
(unaudited)



Portfolio Company/Type of Investment (1)(2)(3)(4)(5) Cash Interest Rate (6)IndustryPrincipal (7)CostFair ValueNotes