Oaktree Specialty Lending Corporation
As filed with the Securities and Exchange Commission on February 7, 2023
Securities Act File No. 333‑            
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM N-2
 
 
REGISTRATION STATEMENT  
UNDER
THE SECURITIES ACT OF 1933
Pre‑Effective Amendment No.  
Post-Effective Amendment No.  
 
 
Oaktree Specialty Lending Corporation
(Registrant Exact Name as Specified in Charter)
 
 
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071
(Address of Principal Executive Offices (Number, Street, City, State, Zip Code))
 
 
(213) 830‑6300
(Registrant’s Telephone Number, including Area Code)
Mary Gallegly
Oaktree Specialty Lending Corporation
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071
(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service)
 
 
Copies to:
William J. Tuttle, P.C.
Erin M. Lett
Kirkland & Ellis LLP
1301 Pennsylvania Avenue NW
Washington, D.C. 20004
Tel: (202) 389‑5000
From time to time after the effective date of this Registration Statement
(Approximate Date of Commencement of Proposed Public Offering)
 
 
 
Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.
 
Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan.
 
Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.
 
Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.
 
Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.
It is proposed that this filing will become effective (check appropriate box):
 
when declared effective pursuant to Section 8(c).
If appropriate, check the following box:
 
This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].
 
This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:                     .
 
This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:                     .
 
This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:                     .
Check each box that appropriately characterizes the Registrant:
 
Registered Closed‑End Fund (closed‑end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)).
 
Business Development Company (closed‑end company that intends or has elected to be regulated as a business development company under the Investment Company Act).
 
Interval Fund (Registered Closed‑End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c‑3 under the Investment Company Act).
 
A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
 
Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).
 
Emerging Growth Company (as defined by Rule 12b‑2 under the Securities Exchange Act of 1934 (“Exchange Act”).
 
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 7(a)(2)(B) of Securities Act.
 
New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).
 
 
 

Oaktree Specialty Lending Corporation
Common Stock
Debt Securities
Warrants
Subscription Rights
 
 
We are a specialty finance company dedicated to providing customized, one‑stop credit solutions to companies with limited access to public or syndicated capital markets. We were formed in late 2007 and operate 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, of 1940, as amended. Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co‑investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “high yield” and “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
Oaktree Fund Advisors, LLC, or Oaktree, serves as our investment adviser. Oaktree Fund Administration, LLC, or Oaktree Administrator, serves as our administrator. Oaktree is an affiliate of, and Oaktree Administrator is a subsidiary of, Oaktree Capital Management, L.P., a leading global investment management firm headquartered in Los Angeles, California, focused on less efficient markets and alternative investments.
We may offer, from time to time in one or more offerings, shares of our common stock, debt securities, warrants representing rights to purchase common stock or debt securities or subscription rights to purchase common stock, which we refer to, collectively, as the “securities.” We may offer our securities in certain amounts, at prices and on terms to be disclosed in one or more supplements to this prospectus. You should read this prospectus, the applicable prospectus supplement and any free writing prospectuses carefully before you invest in our securities.
Our securities may be offered directly to one or more purchasers, including existing stockholders in a rights offering, through agents designated from time to time by us, or to or through underwriters or dealers. The prospectus supplement relating to an offering will identify any agents or underwriters involved in the sale of our securities, and will disclose any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See “Plan of Distribution.” We may not sell any of our securities through agents, underwriters or dealers without delivery of a prospectus supplement describing the method and terms of the offering of such securities.
Our common stock is traded on the Nasdaq Global Select Market under the symbol “OCSL.” On February 2, 2023 and December 30, 2022, the last reported sale price of our common stock on the Nasdaq Global Select Market was $20.43 and $20.61 per share, respectively. We determine the net asset value per share of our common stock on a quarterly basis. Our net asset value per share of our common stock as of December 31, 2022 was $19.63. Figures for periods prior to January 23, 2023 have been retrospectively adjusted to give effect to the 1‑for‑3 reverse stock split completed on January 20, 2023 and effective at the commencement of trading on January 23, 2023.
 
 
An investment in our securities involves certain risks, including, among other things, the risk of leverage and risks relating to investments in securities of small, private and developing businesses. Shares of closed‑end investment companies frequently trade at a discount to their net asset value per share. If our shares trade at a discount to their net asset value, this will likely increase the risk of loss to purchasers of our common stock. You should review carefully the risks and uncertainties, including the risk of leverage and dilution, described in the section titled “Risk Factors” beginning on page 5 of this prospectus or otherwise incorporated by reference herein and included in, or incorporated by reference into, the applicable prospectus supplement and in any free writing prospectuses we have authorized for use in connection with a specific offering, and under similar headings in the other documents that are incorporated by reference into this prospectus before investing in our securities.
This prospectus and any accompanying prospectus supplement contain important information about us that a prospective investor should know before investing in our securities. Please read this prospectus and any accompanying prospectus supplement before investing and keep them for future reference. We file periodic reports, current reports, proxy statements and other information with the Securities and Exchange Commission. This information is available free of charge by contacting us at 333 South Grand Ave., 28th Floor, Los Angeles, CA 90071 or by calling us collect at (213) 830‑6300 or on our website at oaktreespecialtylending.com. Except for the documents incorporated by reference into this prospectus, information on our website is not incorporated into or a part of this prospectus or any related prospectus supplement. The Securities and Exchange Commission also maintains a website at www.sec.gov that contains such information.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus supplement.
 
 
Prospectus dated February 7, 2023

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ABOUT THIS PROSPECTUS
This prospectus is part of an automatic registration statement that we have filed with the Securities and Exchange Commission, or SEC, using the “shelf” registration process. Under the shelf registration process, we may offer our securities, from time to time, in one or more offerings or series, on terms to be determined at the time of the offering. This prospectus provides you with a general description of the securities that we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained or incorporated by reference in this prospectus. Please carefully read this prospectus, any accompanying prospectus supplement, any free writing prospectus and the documents incorporated by reference in this prospectus and any accompanying prospectus supplement before you make an investment decision.
No dealer, salesperson or other person is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus or any accompanying supplement to this prospectus. You must not rely on any unauthorized information or representations not contained or incorporated by reference in this prospectus or any accompanying prospectus supplement as if we had authorized it. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or a solicitation of any offer to buy any security other than the registered securities to which they relate, nor do they constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. The information contained or incorporated by reference in this prospectus and any accompanying prospectus supplement is accurate as of their respective dates. Our financial condition, results of operations and prospects may have changed since that date. To the extent required by law, we will amend or supplement the information contained or incorporated by reference in this prospectus and any accompanying prospectus supplement to reflect any material changes to such information subsequent to the date of the prospectus and any accompanying prospectus supplement and prior to the completion of any offering pursuant to the prospectus and any accompanying prospectus supplement.
 
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PROSPECTUS SUMMARY
This summary highlights some of the information in this prospectus. It is not complete and may not contain all of the information that you may want to consider. You should read the entire prospectus carefully, including the section entitled “Risk Factors” before making a decision to invest in our securities.
Unless otherwise noted, the terms:
 
   
“we,” “us” and “our” refer to Oaktree Specialty Lending Corporation;
 
   
“Oaktree” and “our Adviser” refer to Oaktree Fund Advisors, LLC, our external investment adviser;
 
   
“Oaktree Administrator” refers to Oaktree Fund Administration, LLC, our administrator;
 
   
“Syndicated Facility” refers to our senior secured revolving credit facility, as amended and/or restated from time to time, pursuant to a Senior Secured Revolving Credit Agreement with the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and MUFG Union Bank, N.A., as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents;
 
   
“Citibank Facility” refers to our revolving credit facility, as amended and/or restated from time to time, with OCSL Senior Funding II LLC (formerly OCSI Senior Funding II LLC), our wholly-owned, special purpose financing subsidiary, as the borrower, the Company, as collateral manager and seller, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent and custodian;
 
   
“OSI2 Citibank Facility” refers to our revolving credit facility, as amended and/or restated from time to time, with OSI 2 Senior Lending SPV, LLC, our wholly-owned and consolidated subsidiary, as the borrower, the Company, as collateral manager and seller, each of lenders from time to time party thereto Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent;
 
   
“2025 Notes” refers to our 3.500% unsecured notes issued in February 2020 in an aggregate principal amount of $300.0 million that mature on February 25, 2025; and
 
   
“2027 Notes” refers to our 2.700% unsecured notes issued in May 2021 in an aggregate principal amount of $350.0 million that mature on January 15, 2027.
Oaktree Specialty Lending Corporation
We are a specialty finance company dedicated to providing customized, one‑stop credit solutions to companies with limited access to public or syndicated capital markets. We were formed in late 2007 and currently operate 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 of 1940, as amended, or the Investment Company Act. In addition, we have qualified and elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended, or the Code, for tax purposes. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any net ordinary income or net realized capital gains that we distribute to our stockholders if we meet certain source‑of‑income, income distribution and asset diversification requirements.
We are externally managed by Oaktree pursuant to an investment advisory agreement, as amended from time to time, or the Investment Advisory Agreement, between us and Oaktree. Oaktree is an affiliate of Oaktree Capital Management, L.P., or OCM, our external investment adviser from October 17, 2017 through May 3, 2020. Oaktree Administrator, a subsidiary of OCM, provides certain administrative and other services necessary for us to operate.
 
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Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co‑investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. We invest in companies that typically possess resilient business models with strong underlying fundamentals. We intend to deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams, and we may seek to opportunistically take advantage of dislocations in the financial markets and other situations that may benefit from our Adviser’s credit and structuring expertise, including throughout the COVID‑19 pandemic. Sponsors may include financial sponsors, such as an institutional investor or a private equity firm, or a strategic entity seeking to invest in a portfolio company.
Our Adviser is generally focused on middle-market companies, which we define as companies with enterprise values of between $100 million and $750 million. We expect our portfolio to include a mix of first and second lien loans, including asset backed loans, unitranche loans, mezzanine loans, unsecured loans, bonds, preferred equity and certain equity co‑investments. Our portfolio may also include certain structured finance and other non‑traditional structures. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “high yield” and “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
Our portfolio totaled $2.6 billion at fair value as of December 31, 2022 and was composed of 156 portfolio companies. These included debt investments in 142 companies, equity investments in 42 companies, and our investments in Senior Loan Fund JV I, LLC, or SLF JV I, a joint venture through which we and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation, or Kemper, co‑invest in senior secured loans of middle-market companies and other corporate debt securities, and OCSI Glick JV LLC, or the Glick JV, a joint venture through which we and GF Equity Funding 2014 LLC, or GF Equity Funding, co‑invest primarily in senior secured loans of middle-market companies. 30 of our equity investments were in companies in which we also had a debt investment. At fair value, 94.8% of our portfolio consisted of debt investments, including our debt investments in SLF JV I and Glick JV, and 86.3% of our portfolio consisted of senior secured loans as of December 31, 2022. The weighted average annual yield of our debt investments at fair value as of December 31, 2022, including the return on our debt investments in SLF JV I and Glick JV, was approximately 11.6%, including 10.3% representing cash payments. The weighted average annual yield of our debt investments is determined before the payment of, and therefore does not take into account, our expenses and the payment by an investor of any stockholder transaction expenses, and does not represent the return on investment for our stockholders.
We are permitted to, and expect to continue to, finance our investments through borrowings. However, as a Business Development Company, subject to certain limited exceptions, we are currently only allowed to borrow amounts in accordance with the asset coverage requirements in the Investment Company Act. At a special meeting of stockholders held on June 28, 2019, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us, effective as of June 29, 2019. As a result of the reduced asset coverage requirement, we can incur $2 of debt for each $1 of equity. As of December 31, 2022, we had $1,514.4 million in senior securities and our asset coverage ratio was 176.3%. During the year ended September 30, 2022, we increased our target debt to equity ratio from 0.85x to 1.0x to 0.90x to 1.25x (i.e., one dollar of equity for each $0.90 to $1.25 of debt outstanding) to provide us with increased capacity to opportunistically deploy capital into the markets. As of December 31, 2022, our net debt to equity ratio was 1.24x.
On March 19, 2021, we acquired Oaktree Strategic Income Corporation, or OCSI, pursuant to that certain Agreement and Plan of Merger, or the OCSI Merger Agreement, dated as of October 28, 2020, by and among OCSI, us, Lion Merger Sub, Inc., our wholly-owned subsidiary, and, solely for the limited purposes set forth
 
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therein, Oaktree. Pursuant to the OCSI Merger Agreement, OCSI was merged with and into us in a two‑step transaction, with us as the surviving company.
On January 23, 2023, we acquired Oaktree Strategic Income II, Inc., or OSI2, pursuant to that certain Agreement and Plan of Merger, or the OSI2 Merger Agreement, dated as of September 14, 2022, by and among OSI2, us, Project Superior Merger Sub, Inc., a wholly-owned subsidiary of us, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OSI2 Merger Agreement, OSI2 was merged with and into us in a two‑step transaction with us as the surviving company, or the OSI2 Merger. As a result of the OSI2 Merger, we issued an aggregate of 15,860,200 shares of our common stock to former OSI2 stockholders.
Our Adviser
We are externally managed and advised by Oaktree, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The principal executive offices of Oaktree are located at 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071. Oaktree, subject to the overall supervision of our Board of Directors, manages our day‑to‑day operations, and provides investment advisory services to us pursuant to the Investment Advisory Agreement.
Our Adviser is an affiliate of OCM, a leading global investment management firm headquartered in Los Angeles, California, focused on less efficient markets and alternative investments. A number of the senior executives and investment professionals of our Adviser and its affiliates have been investing together for over 35 years and have generated impressive investment performance through multiple market cycles. Our Adviser and its affiliates emphasize an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, real estate, convertible securities and listed equities.
In 2019, Brookfield Corporation (f/k/a Brookfield Asset Management Inc.), which we refer to as “Brookfield,” acquired a majority economic interest in Oaktree Capital Group, LLC, or OCG, which together with certain related transactions resulted in Brookfield owning a majority economic interest in the business of Oaktree and its affiliates. Oaktree and its affiliates operate as an independent business within Brookfield, with their own product offerings and investment, marketing and support teams. Brookfield is a leading global alternative asset manager with over a 100 year history and over $750 billion of assets under management (inclusive of Oaktree and its affiliates) across a broad portfolio of real estate, infrastructure, renewable power, credit and private equity assets. OCG’s founders, senior management and current and former employee-unitholders of OCG are able to sell their remaining OCG units to Brookfield over time pursuant to an agreed upon liquidity schedule and approach to valuing such units at the time of liquidation. Pursuant to this liquidity schedule, the earliest year in which Brookfield could own 100% of the OCG business is 2029.
The primary firm-wide goal of our Adviser and OCM is to achieve attractive returns while bearing less than commensurate risk. Our Adviser believes that it can achieve this goal by taking advantage of market inefficiencies in which financial markets and their participants fail to accurately value assets or fail to make available to companies the capital that they reasonably require.
Our Adviser and its affiliates believe that their defining characteristic is adherence to the highest professional standards, which has yielded several important benefits. First and foremost, this characteristic has allowed our Adviser and its affiliates to attract and retain an extremely talented group of investment professionals, or the Investment Professionals, as well as accounting, valuation, legal, compliance and other administrative professionals. As of December 31, 2022, our Adviser and its affiliates had more than 1,150 professionals in 20 cities and 14 countries, including a deep and broad credit platform drawing from more than 350 highly experienced investment professionals with significant origination, structuring and underwriting expertise. Specifically, the Strategic Credit group that is primarily responsible for implementing our investment
 
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strategy consists of 24 Investment Professionals led by Armen Panossian, our Chief Executive Officer and Chief Investment Officer, who focus on the investment strategy employed by our Adviser and certain of its affiliates. Second, it has permitted the investment team to build strong relationships with brokers, banks and other market participants. These institutional relationships have been instrumental in strengthening access to trading opportunities, to understanding the current market, and to executing the investment team’s investment strategies. OCM aims to attract, motivate and retain talented employees (both Investment Professionals and accounting, valuation, legal, compliance and other administrative professionals) by making them active participants in, and beneficiaries of, the platform’s success. In addition to competitive base salaries, all OCM employees share in the discretionary bonus pool. An employee’s participation in the bonus pool is based on the overall success of our Adviser and its affiliates and the individual employee’s performance and level of responsibility.
Our Adviser and its affiliates provide discretionary investment management services to other managed accounts and investment funds, which may have overlapping investment objectives and strategies with our own and, accordingly, may invest in asset classes similar to those targeted by us. The activities of such managed accounts and investment funds may raise actual or potential conflicts of interest.
Strategic Credit
Our Adviser’s affiliates officially launched the Strategic Credit strategy in early 2013 as a step‑out from the Distressed Debt strategy, to capture attractive investment opportunities that appear to offer too little return for distressed debt investors, but may pose too much uncertainty for high-yield bond creditors. The strategy seeks to achieve an attractive total return by investing in public and private revenue-generating, performing debt.
Strategic Credit focuses on U.S. and non‑U.S. investment opportunities that arise from pricing inefficiencies that occur in the primary and secondary markets or from the financing needs of healthy companies with limited access to traditional lenders or public markets. Typical investments will be in high yield bonds and senior secured loans for borrowers that are in need of direct loans, rescue financings, or other capital solutions or that have had challenged or unsuccessful primary offerings.
The Investment Professionals employ a fundamental, value-driven opportunistic approach to credit investing, which seeks to benefit from the resources, relationships and proprietary information of our Adviser’s global investment platform.
Our Administrator
We entered into an administration agreement, as amended from time to time, or the Administration Agreement, with Oaktree Administrator. The principal executive offices of Oaktree Administrator are located at 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071. Pursuant to the Administration Agreement, Oaktree Administrator provides services to us, and we reimburse Oaktree Administrator for costs and expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement and providing personnel and facilities thereunder.
Corporate Information
Our principal executive offices are located at 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071, and our telephone number is (213) 830‑6300. Our corporate website is located at www.oaktreespecialtylending.com. Except for the documents incorporated by reference into this prospectus, information on our website is not incorporated into or a part of this prospectus or any related prospectus supplement.
 
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FEES AND EXPENSES
Information under the caption “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities – Fees and Expenses” in our Annual Report on Form 10‑K for the fiscal year ended September 30, 2022 is incorporated by reference herein.
RISK FACTORS
An investment in any securities offered pursuant to this prospectus and any accompanying prospectus supplement involves substantial risks. You should carefully consider the risk factors incorporated by reference herein from our Annual Report on Form 10‑K for the fiscal year ended September 30, 2022 and our subsequent Annual Reports on Form 10‑K, Quarterly Reports on Form 10‑Q and the other information contained in this prospectus, as updated, amended or superseded by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the risk factors and other information contained in any accompanying prospectus supplement or free writing prospectus before acquiring any of such securities. The occurrence of any of these risks could materially and adversely affect our business, prospects, financial condition, results of operations and cash flow and might cause you to lose all or part of your investment in the offered securities. The risks described in these documents are not the only risks we face, and there may be additional risks that we do not presently know of or that we currently consider not likely to have a significant impact. New risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our business or our financial performance.
 
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements in this prospectus and any accompanying prospectus supplement constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this prospectus and any accompanying prospectus supplement may include statements as to:
 
   
our future operating results and distribution projections;
 
   
the ability of Oaktree to reposition our portfolio and to implement Oaktree’s future plans with respect to our business;
 
   
the ability of Oaktree and its affiliates to attract and retain highly talented professionals;
 
   
our business prospects and the prospects of our portfolio companies;
 
   
the impact of the investments that we expect to make;
 
   
the ability of our portfolio companies to achieve their objectives;
 
   
our expected financings and investments and additional leverage we may seek to incur in the future;
 
   
the adequacy of our cash resources and working capital;
 
   
the timing of cash flows, if any, from the operations of our portfolio companies; and
 
   
the cost or potential outcome of any litigation to which we may be party.
In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this prospectus, and any accompanying prospectus supplement, involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in this prospectus and any accompanying prospectus supplement.
Other factors that could cause actual results to differ materially include:
 
   
changes or potential disruptions in our operations, the economy, financial markets or political environment, including the impacts of inflation and rising interest rates;
 
   
risks associated with possible disruption in our operations or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between Russia and Ukraine), natural disasters or pandemics;
 
   
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to Business Development Companies and RICs;
 
   
the ability to realize the benefits of the OSI2 Merger; and
 
   
other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
We have based the forward-looking statements included in this prospectus and will base the forward-looking statements included in any accompanying prospectus supplement on information available to us on the date of this prospectus and any accompanying prospectus supplement, as appropriate, and we assume no obligation to update any such forward-looking statements, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including Annual Reports on Form 10‑K, Quarterly Reports on Form 10‑Q and Current Reports on Form 8‑K. The forward-looking statements contained in this prospectus and any accompanying prospectus supplement are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and the forward looking statements contained in our periodic reports are excluded from the safe-harbor protection provided by Section 21E of the Exchange Act.
 
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USE OF PROCEEDS
We intend to use substantially all of the net proceeds from selling our securities to make investments in accordance with our investment objective and strategies described in this prospectus or any prospectus supplement and for general corporate purposes. We may also use a portion of the net proceeds to reduce any of our outstanding borrowings, including borrowings under the Syndicated Facility, the Citibank Facility and the OSI2 Citibank Facility and to redeem or repurchase the 2025 Notes and the 2027 Notes.
We anticipate that substantially all of the net proceeds from any offering of our securities will be used as described above within three to six months of such offering. Pending such use, we will invest the net proceeds primarily in high quality, short-term debt securities consistent with our business development company election and our election to be taxed as a RIC. Our ability to achieve our investment objective may be limited to the extent that the net proceeds from an offering, pending full investment, are held in interest-bearing deposits or other short-term instruments. The prospectus supplement relating to an offering will more fully identify the use of proceeds from any offering.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information contained under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10‑K for the fiscal year ended September 30, 2022 and our Quarterly Report on Form 10‑Q for the quarter ended December 31, 2022 are incorporated by reference herein.
 
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PRICE RANGE OF COMMON STOCK
The following table sets forth, for each fiscal quarter during the last two fiscal years and the current fiscal year, the Company’s net asset value, or NAV, per share (where it has been determined), the range of high and low sales prices of the Company’s common stock as reported on The Nasdaq Global Select Market and the premium (discount) of such sales price to the Company’s NAV per share. Figures for periods prior to January 23, 2023 have been retrospectively adjusted to give effect to the 1‑for‑3 reverse stock split completed on January 20, 2023 and effective at the commencement of trading on January 23, 2023.
 
           Sales Price      Premium
(Discount) of
High Sales Price
to NAV (2)
    Premium
(Discount) of
Low Sales Price
to NAV (2)
 
     NAV (1)     High      Low  
Year ended September 30, 2021
            
First quarter
   $ 20.54     $ 16.98      $ 13.56        (17.3 )%      (34.0 )% 
Second quarter
   $ 21.27     $ 19.08      $ 16.41        (10.3 )%      (22.8 )% 
Third quarter
   $ 21.66     $ 20.76      $ 18.57        (4.2 )%      (14.3 )% 
Fourth quarter
   $ 21.84     $ 22.20      $ 19.74        1.6     (9.6 )% 
Year ended September 30, 2022
            
First quarter
   $ 22.03     $ 22.86      $ 21.09        3.8     (4.3 )% 
Second quarter
   $ 21.78     $ 23.43      $ 21.39        7.6     (1.8 )% 
Third quarter
   $ 20.67     $ 22.83      $ 18.60        10.4     (10.0 )% 
Fourth quarter
   $ 20.38     $ 21.75      $ 17.61        6.7     (13.6 )% 
Year ending September 30, 2023
            
First quarter
   $ 19.63     $ 21.69      $ 17.59        10.5     (10.4 )% 
Second quarter (through February 2, 2023)
       $ 21.48      $ 19.80           
 
*
Not determinable at the time of filing.
(1)
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
(2)
Calculated as the respective high or low sales price less NAV per share, divided by NAV per share.
SENIOR SECURITIES
The information contained under the caption “Item 8. Consolidated Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 11 – Senior Securities” in our Annual Report on Form 10‑K for the fiscal year ended September 30, 2022 is incorporated by reference herein.
BUSINESS
The information contained under the caption “Item 1. Business” in our Annual Report on Form 10‑K for the fiscal year ended September 30, 2022 is incorporated by reference herein.
 
8

PORTFOLIO COMPANIES
The following table sets forth certain information as of December 31, 2022, for each portfolio company in which we had a debt or equity investment. Our only formal relationships with our portfolio companies are the managerial assistance ancillary to our investments and the board observation or participation rights we may receive. For example, certain of our officers may serve as members of the boards of certain of our portfolio companies.
 
Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Control Investments                  (8)(9)
C5 Technology Holdings, LLC
850 W. Jackson Boulevard
Chicago, IL 60607
   Data Processing & Outsourced Services              
     829 Common Units     82.90%           —         —       (15)
     34,984,460.37 Preferred Units           34,984       27,638     (15)
               34,984       27,638    
            
 
 
   
 
 
   
Dominion Diagnostics, LLC
211 Circuit Drive
North Kingstown, RI 02852
   Health Care Services              
     First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024       9.73%       14,297       14,297       14,297     (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, LLC     69.24%           15,222       4,227     (15)
               29,519       18,524    
            
 
 
   
 
 
   
OCSI Glick JV LLC    Multi-Sector Holdings               (14)
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
  Subordinated Debt, LIBOR+4.50% cash due 10/20/2028       7.67%       59,049       49,961       49,536     (6)(11)(15)(19)
     87.5% equity interest     87.50%           —         —       (11)(16)(19)
               49,961       49,536    
            
 
 
   
 
 
   
Senior Loan Fund JV I, LLC    Multi-Sector Holdings               (14)
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071
     Subordinated Debt, LIBOR+7.00% cash due 12/29/2028       10.17%       112,656       112,656       112,656     (6)(11)(15)(19)
     87.5% LLC equity interest     87.50%           54,791       24,108     (11)(12)(16)(19)
               167,447       136,764    
            
 
 
   
 
 
   
Affiliate Investments                  (17)
Assembled Brands Capital LLC    Specialized Finance              
76 Greene Street
New York, NY 10012
     First Lien Revolver, LIBOR+6.75% cash due 10/17/2023       11.48%       21,464       21,464       21,252     (6)(15)(19)
     1,609,201 Class A Units     7.77%           764       354     (15)
     1,019,168.80 Preferred Units, 6%           1,019       1,243     (15)
     70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029           —         —       (15)
               23,247       22,849    
            
 
 
   
 
 
   
 
9

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Caregiver Services, Inc.    Health Care Services              
10451 N.W. 117th Avenue, Suite 110
Miami, FL 33178
     1,080,399 shares of Series A Preferred Stock, 10%           1,080       324     (15)
               1,080       324    
            
 
 
   
 
 
   
Non‑Control/Non‑Affiliate Investments                  (18)
107 Fair Street LLC
175 Broadway, Floor 1
Paterson, NJ 07505
   Real Estate Operating Companies              
     First Lien Delayed Draw Term Loan, 12.50% cash due 5/17/2024               1,174       1,111       1,108     (10)(15)(19)
               1,111       1,108    
            
 
 
   
 
 
   
112‑126 Van Houten Real22 LLC    Biotechnology              
175 Broadway, Floor 1
Paterson, NJ 07505
     First Lien Delayed Draw Term Loan, 12.00% cash due 5/4/2024         3,239       3,167       3,159     (10)(15)(19)
               3,167       3,159    
            
 
 
   
 
 
   
A.T. Holdings II Ltd.    Biotechnology              
4‑1 Kioicho Chiyoda‑ku
Tokyo, 102‑0094
Japan
     First Lien Revenue Interest Financing Term Loan, 14.25% cash due 9/13/2029         15,939       15,939       15,939     (11)(15)
               15,939       15,939    
            
 
 
   
 
 
   
                
A.T. Holdings II SÀRL    Biotechnology              
Biopôle, route de la Corniche 3 B
1066 Epalinges Switzerland
     First Lien Term Loan, 12.50% PIK due 1/20/2023         15,643       15,640       15,722     (11)(15)
               15,640       15,722    
            
 
 
   
 
 
   
Access CIG, LLC    Diversified Support Services              
6818 A Patterson Pass Road
Livermore, CA 94550
  Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026       11.82%       20,000       19,932       17,800     (6)(15)
            19,932       17,800    
            
 
 
   
 
 
   
Accupac, Inc.    Personal Products              
1501 Industrial Boulevard
Mainland, PA 19451
     First Lien Term Loan, SOFR+5.50% cash due 1/16/2026       10.16%       15,935       15,668       15,903     (6)(15)
     First Lien Delayed Draw Term Loan, SOFR+5.50% cash due 1/16/2026         —         —         (6)     (6)(15)(19)
     First Lien Revolver, SOFR+5.50% cash due 1/16/2026       10.17%       908       874       904     (6)(15)(19)
               16,542       16,801    
            
 
 
   
 
 
   
Acquia Inc.    Application Software              
53 State Street, 10th Floor
Boston, MA 02109
  First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025       10.74%       27,349       27,064       27,240     (6)(15)
     First Lien Revolver, LIBOR+7.00% cash due 10/31/2025       12.18%       1,317       1,296       1,308     (6)(15)(19)
               28,360       28,548    
            
 
 
   
 
 
   
 
10

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
ADB Companies, LLC
18777 US Highway 66
Pacific, MO 63069
   Construction & Engineering              
     First Lien Term Loan, SOFR+6.25% cash due 12/18/2025       11.34%       14,505       14,079       14,254     (6)(15)
               14,079       14,254    
            
 
 
   
 
 
   
ADC Therapeutics SA    Biotechnology              
Biopôle route de la Corniche 3B
1066 Epalinges
Switzerland
     First Lien Term Loan, SOFR+7.50% cash due 8/15/2029       12.23%       6,589       6,269       6,274     (6)(11)(15)
     First Lien Delayed Draw Term Loan, SOFR+7.50% cash due 8/15/2029         —         (38)       (35)     (6)(11)(15)(19)
     28,948 Common Stock Warrants (exercise price $8.297) expiration 8/15/2032           174       50     (11)(15)
               6,405       6,289    
            
 
 
   
 
 
   
Aden & Anais Merger Sub, Inc.
20 Jay Street, Suite 600
Brooklyn, NY 11201
   Apparel, Accessories & Luxury Goods              
     51,645 Common Units in Aden & Anais Holdings, Inc.     5.25%           5,165       —       (15)
               5,165       —      
            
 
 
   
 
 
   
AI Sirona (Luxembourg) Acquisition S.a.r.l.    Pharmaceuticals              
5 Rue des Capucins L‑1313, Luxembourg      Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026       9.15%     24,838       27,775       24,255     (6)(11)(15)
               27,775       24,255    
            
 
 
   
 
 
   
AIP RD Buyer Corp.    Distributors              
8280 Montgomery Road, Suite 101
Cincinnati, OH 45236
     Second Lien Term Loan, SOFR+7.75% cash due 12/23/2029       12.17%       14,414       14,163       13,960     (6)(15)
     14,410 Common Units in RD Holding LP     0.34%           1,352       1,528     (15)
               15,515       15,488    
            
 
 
   
 
 
   
 
11

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
AirStrip Technologies, Inc.    Application Software              
335 East Sonterra Boulevard, Suite 200
San Antonio, TX 78258
     5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/2025           90       —       (15)
               90       —      
            
 
 
   
 
 
   
All Web Leads, Inc.    Advertising              
7300 Room 2222
Building 2, Suite 100
Austin, TX 78730
     First Lien Term Loan, LIBOR+1.00% cash 7.50% PIK due 12/29/2023       5.73%       23,562       22,547       22,354     (6)(15)
               22,547       22,354    
            
 
 
   
 
 
   
                
Altice France S.A.    Integrated Telecommunication Services              
16 Rue Du General Alain De Boissieu
Paris, Île‑de‑France, 75015
France
  Fixed Rate Bond, 5.50% cash due 10/15/2029         4,050       3,533       3,095     (11)
               3,533       3,095    
            
 
 
   
 
 
   
                
Alto Pharmacy Holdings, Inc.    Health Care Technology              
645 Harrison Street, #200
San Francisco, California 94107
     First Lien Term Loan, SOFR+8.00% cash 3.50% PIK due 10/14/2027       12.68%       8,640       7,904       7,930     (6)(15)
     166,414 Common Stock Warrants (exercise price $15.46) expiration date 10/14/2032           642       629     (15)
               8,546       8,559    
            
 
 
   
 
 
   
Alvogen Pharma US, Inc.    Pharmaceuticals              
1440 Main Street, Suite 310
Waltham, MA 02451
     First Lien Term Loan, SOFR+7.50% cash due 6/30/2025       12.23%       12,968       12,711       12,903     (6)(15)
               12,711       12,903    
            
 
 
   
 
 
   
 
12

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Alvotech Holdings S.A.    Biotechnology               (13)
Saemundargata 15‑19
101 Reykjavik, Iceland
     Tranche A Fixed Rate Bond 8.50% cash 3.50% PIK due 11/16/2026         26,179       25,798       25,684     (11)(15)
    
Tranche B Fixed Rate Bond 8.50% cash 3.50% PIK due 11/16/20
26
        25,612       25,264       25,128     (11)(15)
     587,930 Common Shares in Alvotech SA     0.29%           5,308       5,879     (11)
     124,780 Seller Earn Out Shares in Alvotech SA           485       418     (11)(15)
     293,082 $10.00 Put Options on Common Shares in Alvotech SA           —         580     (11)(15)
     408,508 Common Stock Warrants (exercise price $0.01) expiration 12/31/2027           —         4,081     (11)(15)
               56,855       61,770    
            
 
 
   
 
 
   
American Auto Auction Group, LLC    Consumer Finance              
10333 N. Meridian Street, Suite 200
Indianapolis, IN 46290
     Second Lien Term Loan, SOFR+8.75% cash due 1/2/2029       13.33%       14,760       14,503       11,439     (6)(15)
               14,503       11,439    
            
 
 
   
 
 
   
American Tire Distributors, Inc.    Distributors              
12200 Herbert Wayne Ct, Suite 150
Huntersville, NC 28078
     First Lien Term Loan, LIBOR+6.25% cash due 10/20/2028       10.61%       9,870       9,747       9,081     (6)
               9,747       9,081    
            
 
 
   
 
 
   
AMMC CLO 27    Multi-Sector Holdings              
301 E. Fourth St.
Cincinnati, OH 45202
  Class E Notes, SOFR+8.89% cash due 1/20/2036       13.49%       2,275       2,037       2,087     (6)(11)
               2,037       2,087    
            
 
 
   
 
 
   
Amplify Finco Pty Ltd.    Movies & Entertainment              
World Square Shopping Center Shop 9.28c, Lower Ground Floor
Sydney, NSW 2000 Australia
  First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026       8.98%       15,181       14,014       14,637     (6)(11)(15)
  Second Lien Term Loan, LIBOR+8.00% cash due 11/26/2027       12.73%       12,500       12,188       11,833     (6)(11)(15)
               26,202       26,470    
            
 
 
   
 
 
   
 
13

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Anastasia Parent, LLC    Personal Products              
4638 E. Shelby Drive
Memphis, TN 38118
     First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025       8.48%       2,729       2,254       2,043     (6)
               2,254       2,043    
            
 
 
   
 
 
   
Ankura Consulting Group LLC    Research & Consulting Services              
485 Lexington Avenue, 10th Floor
New York, NY 10017
     Second Lien Term Loan, LIBOR+8.00% cash due 3/19/2029       12.36%       2,996       2,951       2,558     (6)(15)
               2,951       2,558    
            
 
 
   
 
 
   
Apptio, Inc.    Application Software              
11100 NE 8th Street, Suite 600
Bellevue, WA 98004
  First Lien Term Loan, LIBOR+6.00% cash due 1/10/2025       9.94%       34,458       33,818       33,769     (6)(15)
     First Lien Revolver, LIBOR+6.00% cash due 1/10/2025       9.94%       1,338       1,312       1,294     (6)(15)(19)
               35,130       35,063    
            
 
 
   
 
 
   
APX Group Inc.
4931 North 300 W
Provo, UT 84604
   Electrical Components & Equipment  
Fixed Rate Bond, 5.75% cash due 7/15/2029
           
           2,075       1,742       1,721     (11)
               1,742       1,721    
            
 
 
   
 
 
   
Ardonagh Midco 3 PLC    Insurance Brokers              
1 Minster Court Mincing Lane
London, EC3R 7AA
United Kingdom
     First Lien Term Loan, EURIBOR+7.00% cash due 7/14/2026       8.00%     1,964       2,176       2,103     (6)(11)(15)
     First Lien Term Loan, SONIA+7.00% cash due 7/14/2026       10.43%     £ 18,636       23,058       22,485     (6)(11)(15)
     First Lien Term Loan, LIBOR+5.75% cash due 7/14/2026       8.81%       10,519       10,368       10,561     (6)(11)(15)
     First Lien Term Loan, SONIA+5.75% cash due 7/14/2026       7.48%     £ 3,649       3,666       3,908     (6)(11)(15)
               39,268       39,057    
            
 
 
   
 
 
   
Associated Asphalt Partners, LLC    Construction Materials              
110 Franklin Road, 9th Floor
Roanoke, VA 24011
     First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024       9.63%       2,493       2,353       1,928     (6)
               2,353       1,928    
            
 
 
   
 
 
   
 
14

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Astra Acquisition Corp.    Application Software              
5201 Congress Avenue
Boca Raton, FL 33487
     First Lien Term Loan, LIBOR+5.25% cash due 10/25/2028       9.63%       5,640       5,489       5,006     (6)
               5,489       5,006    
            
 
 
   
 
 
   
athenahealth Group Inc.    Health Care Technology              
311 Arsenal Street
Watertown, MA 02472
     18,635 Shares of Series A Preferred Stock in Minerva Holdco, Inc., 10.75%           18,264       15,606     (15)
               18,264       15,606    
            
 
 
   
 
 
   
Athenex, Inc.    Pharmaceuticals              
1001 Main Street, Suite 600
Buffalo, NY 14203
     First Lien Term Loan, 11.00% cash due 6/19/2026         12,556       12,191       12,036     (11)(15)
     First Lien Revenue Interest Financing Term Loan due 5/31/2031         8,649       8,604       8,649     (11)(15)
     328,149 Common Stock Warrants (exercise price $0.4955) expiration date 6/19/2027           973       7     (11)(15)
               21,768       20,692    
            
 
 
   
 
 
   
Aurora Lux Finco S.À.R.L.    Airport Services              
Rue de Bitbourg 19
1273 Luxembourg Luxembourg
     First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026       10.32%       22,368       22,050       21,274     (6)(11)(15)
               22,050       21,274    
            
 
 
   
 
 
   
Avalara, Inc.    Application Software              
255 South King St., Suite 1800
Seattle, WA 98104
  First Lien Term Loan, SOFR+7.25% cash due 10/19/2028       11.83%       41,467       40,466       40,430     (6)(15)
     First Lien Revolver, SOFR+7.25% cash due 10/19/2028         —         (100)       (104)     (6)(15)(19)
               40,366       40,326    
            
 
 
   
 
 
   
The Avery    Real Estate Operating Companies              
333 South Grand Avenue, Suite 4450
Los Angeles, CA 90071
  First Lien Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023       11.69%       15,301       15,279       15,391     (6)(15)
     Subordinated Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023       17.24%       3,706       3,701       3,733     (6)(15)
               18,980       19,124    
            
 
 
   
 
 
   
 
15

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
BAART Programs, Inc.    Health Care Services              
1720 Lakepointe Drive, Suite 117
Lewisville, TX 75057
     First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027       9.73%       2,541       2,497       2,420     (6)(15)(19)
     Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028       13.23%       7,166       7,059       6,944     (6)(15)
     Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028       13.23%       5,197       5,042       4,854     (6)(15)(19)
               14,598       14,218    
            
 
 
   
 
 
   
Berner Food & Beverage, LLC    Soft Drinks              
2034 E Factory Road
Dakota, IL 61018
     First Lien Term Loan, LIBOR+5.50% cash due 7/30/2027       9.91%       32,995       32,555       32,533     (6)(15)
     First Lien Revolver, PRIME+4.50% cash due 7/30/2026       12.00%       897       859       857     (6)(15)(19)
               33,414       33,390    
            
 
 
   
 
 
   
BioXcel Therapeutics, Inc.    Pharmaceuticals              
555 Long Wharf Drive, 12th Floor
New Haven, CT 06511
     First Lien Term Loan, 8.00% cash 2.25% PIK due 4/19/2027         5,383       5,184       5,028     (11)(15)
     First Lien Delayed Draw Term Loan, 8.00% cash 2.25% PIK due 4/19/2027         —         —         —       (11)(15)(19)
     First Lien Revenue Interest Financing Term Loan due 9/30/2032         2,432       2,432       2,432     (11)(15)
     First Lien Revenue Interest Financing Delayed Draw Term Loan due 9/30/2032         —         —         —       (11)(15)(19)
     21,177 Common Stock Warrants (exercise price $20.04) expiration date 4/19/2029           125       275     (11)(15)
               7,741       7,735    
            
 
 
   
 
 
   
Blackhawk Network Holdings, Inc.    Data Processing & Outsourced Services              
6220 Stoneridge Mall Road
Pleasanton, CA 94588
     Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026       10.94%       30,625       30,300       26,391     (6)
               30,300       26,391    
            
 
 
   
 
 
   
 
16

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Blumenthal Temecula, LLC    Automotive Retail              
40910 Temecula Center Drive
Temecula, CA 92591
     First Lien Term Loan, 9.00% cash due 9/24/2023         3,979       3,980       3,960     (15)
     1,293,324 Preferred Units in Unstoppable Automotive AMV, LLC           1,293       1,267     (15)
     298,460 Preferred Units in Unstoppable Automotive VMV, LLC           298       292     (15)
     298,460 Common Units in Unstoppable Automotive AMV, LLC     2.60%           298       379     (15)
               5,869       5,898    
            
 
 
   
 
 
   
Cadence Aerospace, LLC    Aerospace & Defense              
610 Newport Center Drive, Suite 950
Newport Beach, CA 92660
     First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023       10.92%       14,332       13,700       13,178     (6)(15)
               13,700       13,178    
            
 
 
   
 
 
   
CircusTrix Holdings, LLC    Leisure Facilities              
P.O. Box 302
Provo, UT 84603
     First Lien Term Loan, LIBOR+5.50% cash due 7/16/2023       9.57%       10,668       10,201       10,465     (6)(15)
               10,201       10,465    
            
 
 
   
 
 
   
Clear Channel Outdoor Holdings Inc.    Advertising              
4830 North Loop 1604W, Suite 111
San Antonio, TX 78249
     Fixed Rate Bond, 7.50% cash due 6/1/2029         4,311       4,311       3,174     (11)
     Fixed Rate Bond, 7.75% cash due 4/15/2028         676       649       494     (11)
               4,960       3,668    
            
 
 
   
 
 
   
Condor Merger Sub Inc.    Systems Software              
6220 America Center Drive
San Jose, CA 95002
     Fixed Rate Bond, 7.375% cash due 2/15/2030         8,420       8,248       6,785    
               8,248       6,785    
            
 
 
   
 
 
   
Continental Intermodal Group LP    Oil & Gas Storage & Transportation              
209 W. 2nd Street, Box 282
Forth Worth, TX 76102
  First Lien Term Loan, LIBOR+8.50% cash due 1/28/2025       12.88%       19,992       19,286       17,893     (6)(15)
     Common Stock Warrants expiration date 7/28/2025           648       220     (15)
               19,934       18,113    
            
 
 
   
 
 
   
 
17

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Convergeone Holdings, Inc.    IT Consulting & Other Services              
10900 Nesbitt Avenue
South Bloomington, MN 55437
  First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026       9.38%       11,882       11,684       6,963     (6)
               11,684       6,963    
            
 
 
   
 
 
   
Conviva Inc.   
Application Software
             
989 East Hillsdale Boulevard, Suite 400
Foster City, CA 94404
  517,851 Shares of Series D Preferred Stock           605       894     (15)
               605       894    
            
 
 
   
 
 
   
CorEvitas, LLC    Health Care Technology              
1440 Main Street, Suite 310
Waltham, MA 02451
  First Lien Term Loan, SOFR+6.125% cash due 12/13/2025       10.55%       13,677       13,527       13,344     (6)(15)
     First Lien Revolver, PRIME+4.75% cash due 12/13/2025       12.25%       305       289       261     (6)(15)(19)
     1,099 Class A2 Common Units in CorEvitas Holdings, L.P.     0.78%           690       2,340     (15)
               14,506       15,945    
            
 
 
   
 
 
   
Covetrus, Inc.    Health Care Distributors              
7 Custom House Street
Portland, ME 04101
  First Lien Term Loan, SOFR+5.00% cash due 9/20/2029       9.58%       10,336       9,733       9,711     (6)
                
               9,733       9,711    
            
 
 
   
 
 
   
Coyote Buyer, LLC    Specialty Chemicals              
10622 W 6400 North
Cedar City, UT 84721
     First Lien Term Loan, LIBOR+6.00% cash due 2/6/2026       10.41%       18,153       17,766       17,798     (6)(15)
     First Lien Revolver, LIBOR+6.00% cash due 2/6/2025         —         (13)       (26)     (6)(15)(19)
               17,753       17,772    
            
 
 
   
 
 
   
Cuppa Bidco BV
Weena 455
Rotterdam 3013 AL
Netherlands
   Soft Drinks              
     First Lien Term Loan, EURIBOR+4.75% cash due 7/30/2029       7.50%       €12,340       10,521       10,997     (6)(11)
               10,521       10,997    
            
 
 
   
 
 
   
                
 
18

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Delta Leasing SPV II LLC    Specialized Finance              
15500 Roosevelt Boulevard, Suite 301
Clearwater, FL 33762
     Subordinated Delayed Draw Term Loan, 10.00% cash due 8/31/2029         8,365       8,365       8,365     (11)(15)(19)
     419 Series C Preferred Units in Delta Financial Holdings LLC           419       419     (11)(15)
     2.09 Common Units in Delta Financial Holdings LLC     2.09%           2       2     (11)(15)
     31.37 Common Warrants (exercise price $1.00)           —         —       (11)(15)
               8,786       8,786    
            
 
 
   
 
 
   
Delta Topco, Inc.    Systems Software              
2390 Mission College Boulevard, Suite 501
Santa Clara, CA 95054
     Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028       11.65%       6,680       6,647       5,319     (6)
               6,647       5,319    
            
 
 
   
 
 
   
Dialyze Holdings, LLC   
Health Care Equipment
             
3297 NJ‑66
Neptune City, NJ 07753
  First Lien Term Loan, LIBOR+9.00% cash due 8/4/2026       13.73%       20,965       19,913       20,912     (6)(15)
     Subordinated Term Loan, 8.00% PIK due 9/30/2027         520       520       494     (15)
     5,403,823 Class A Warrants (exercise price $1.00) expiration date 8/4/2028           1,405       1,297     (15)
               21,838       22,703    
            
 
 
   
 
 
   
Digital.AI Software Holdings, Inc.    Application Software              
52 Third Avenue
Burlington, MA 01803
     First Lien Term Loan, LIBOR+6.50% cash due 2/10/2027       11.09%       9,877       9,593       9,768     (6)(15)
     First Lien Revolver, LIBOR+7.00% cash due 2/10/2027       11.59%       251       229       239     (6)(15)(19)
               9,822       10,007    
            
 
 
   
 
 
   
DirecTV Financing, LLC    Cable & Satellite              
2230 East Imperial Highway
El Segundo, CA 90245
     First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027       9.38%       8,166       8,012       7,968     (6)
               8,012       7,968    
            
 
 
   
 
 
   
 
19

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Dryden 66 Euro CLO 2018    Multi-Sector Holdings              
Grand Buildings, 1‑3 Strand
Trafalgar Square
London WC2N 5HR
United Kingdom
     Class DR Notes, EURIBOR+3.35% cash due 1/18/2032       4.75%       €1,500       1,335       1,389     (6)(11)
               1,335       1,389    
            
 
 
   
 
 
   
                
DTI Holdco, Inc.   
Research &
Consulting Services
             
1125 17th Street NW, 6th Floor
Washington, DC 20036
  First Lien Term Loan, SOFR+4.75% cash due 4/26/2029       8.84%       4,988       4,897       4,607     (6)
               4,897       4,607    
            
 
 
   
 
 
   
Eagleview Technology Corporation    Application Software              
3700 Monte Villa Parkway, Suite 200
Bothell, WA 98021
     Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026       12.23%       8,974       8,884       7,897     (6)(15)
               8,884       7,897    
            
 
 
   
 
 
   
EOS Fitness Opco Holdings, LLC    Leisure Facilities              
1 East Washington Street      487.5 Class A Preferred Units, 12%           488       1,067     (15)
Phoenix, AZ 85004      12,500 Class B Common Units     1.25%                     (15)
               488       1,067    
            
 
 
   
 
 
   
Establishment Labs Holdings Inc.
   Health Care Technology              
4th Street, Coyol Free Zone
Provincia de Alajuela, Alajuela, 20102
Costa Rica
     First Lien Term Loan, 3.00% cash 6.00% PIK due 4/21/2027         10,576       10,441       10,100     (11)(15)
     First Lien Delayed Draw Term Loan, 3.00% cash 6.00% PIK due 4/21/2027         1,694       1,667       1,694     (11)(15)(19)
               12,108       11,794    
            
 
 
   
 
 
   
 
20

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Fairbridge Strategic Capital Funding
LLC
   Real Estate Operating Companies              
707 Westchester Avenue, Suite 304
White Plains, NY, 10604
  First Lien Delayed Draw Term Loan, 9.00% cash due 12/24/2028         31,000       31,000       31,000     (15)(19)
     2,500 Warrant Units (exercise price $0.01) expiration date 11/24/2031                 3     (11)(15)
               31,000       31,003    
            
 
 
   
 
 
   
FINThrive Software Intermediate Holdings, Inc.    Health Care Technology              
200 North Point Center East, Suite 400
Alpharetta, GA 30022
     Second Lien Term Loan, LIBOR+6.75% cash due 12/17/2029       11.13%       25,061       24,685       19,273     (6)
               24,685       19,273    
            
 
 
   
 
 
   
Fortress Biotech, Inc.    Biotechnology              
2 Gansevoort Street, 9th Floor
New York, NY 10014
     First Lien Term Loan, 11.00% cash due 8/27/2025         9,466       9,106       8,922     (11)(15)
     331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030           405       26     (11)(15)
               9,511       8,948    
            
 
 
   
 
 
   
Frontier Communications Holdings, LLC    Integrated Telecommunication Services              
401 Merritt 7
Norwalk, CT 06851
     Fixed Rate Bond, 6.00% cash due 1/15/2030         4,881       4,432       3,841     (11)
               4,432       3,841    
            
 
 
   
 
 
   
GKD Index Partners, LLC    Specialized Finance              
4925 Greenville Avenue, Suite 840
Dallas, TX 75206
     First Lien Term Loan, LIBOR+7.00% cash due 6/29/2023       11.73%       24,819       24,682       24,641     (6)(15)
     First Lien Revolver, LIBOR+7.00% cash due 6/29/2023       11.75%       1,280       1,272       1,268     (6)(15)(19)
               25,954       25,909    
            
 
 
   
 
 
   
 
21

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
GoldenTree Loan Management EUR CLO 2    Multi-Sector Holdings              
300 Park Ave.
New York, NY 10022
     Class D Notes, EURIBOR+2.85% cash due 1/20/2032       4.31%       € 1,000       865       899     (6)(11)
               865       899    
            
 
 
   
 
 
   
Grove Hotel Parcel Owner, LLC    Hotels, Resorts & Cruise Lines              
14501 Grove Resort Avenue
Winter Garden, FL 34787
     First Lien Term Loan, SOFR+8.00% cash due 6/21/2027       12.33%       14,275       14,020       13,990     (6)(15)
     First Lien Delayed Draw Term Loan, SOFR+8.00% cash due 6/21/2027         —         (51)       (57)     (6)(15)(19)
     First Lien Revolver, SOFR+8.00% cash due 6/21/2027         —         (26)       (29)     (6)(15)(19)
               13,943       13,904    
            
 
 
   
 
 
   
Harbor Purchaser Inc.    Education Services              
125 High Street
Boston, MA 02110
     First Lien Term Loan, SOFR+5.25% cash due 4/9/2029       9.67%       9,369       9,070       8,938     (6)
               9,070       8,938    
            
 
 
   
 
 
   
Hayfin Emerald CLO XI    Multi-Sector Holdings              
One Eagle Place
London SW1Y 6AF
United Kingdom
     Class E Notes, EURIBOR+8.12% cash due 1/25/2036       10.11%       € 2,250       2,041       2,079     (6)(11)
               2,041       2,079    
            
 
 
   
 
 
   
                
Horizon Aircraft Finance I    Specialized Finance              
Maples Fiduciary Services (Ireland) Limited
32 Molesworth Street
Dublin 2 D02 Y512
Ireland
     Class A Notes, 4.458% cash due 12/15/2038             
7,112

 
        
5,697

 
        
5,838

 
      
(11)
               5,697       5,838    
            
 
 
   
 
 
   
                
                
                
 
22

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
iCIMs, Inc.
101 Crawfords Corner Road, Suite 3‑100, Fifth Floor
Holmdel, NJ 07733
   Application Software              
     First Lien Term Loan, SOFR+3.375% cash 3.875% PIK due 8/18/2028       7.14%       19,203       18,888       18,420     (6)(15)
     First Lien Term Loan, SOFR+7.25% cash due 8/18/2028       11.52%       2,944       2,895       2,885     (6)(15)
     First Lien Delayed Draw Term Loan, SOFR+6.75% cash due 8/18/2028                         (6)(15)(19)
     First Lien Revolver, SOFR+6.75% cash due 8/18/2028               (30)       (75)     (6)(15)(19)
               21,753       21,230    
            
 
 
   
 
 
   
Immucor, Inc.    Health Care Supplies              
3130 Gateway Drive
P.O. Box 5625
Norcross, GA 30091
  First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025       10.48%       8,547       8,395       8,635     (6)(15)
     Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025       12.73%       22,819       22,401       23,275     (6)(15)
               30,796       31,910    
            
 
 
   
 
 
   
Impel Neuropharma, Inc.
201 Elliott Avenue West, Suite 260
Seattle, WA 98119
   Health Care Technology              
     First Lien Revenue Interest Financing Term Loan due 2/15/2031         13,482       13,482       13,428     (15)
     First Lien Term Loan, SOFR+8.75% cash due 3/17/2027       13.20%       12,161       11,956       11,876     (6)(15)
               25,438       25,304    
            
 
 
   
 
 
   
Innocoll Pharmaceuticals Limited
210 Carnegie Center Drive, Suite 103
Princeton, NJ 08540
   Health Care Technology              
     First Lien Term Loan, 11.00% cash due 1/26/2027         6,817       6,569       6,336     (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 1/26/2029           135       662     (11)(15)
               6,704       6,998    
            
 
 
   
 
 
   
 
23

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Integral Development Corporation
850 Hansen Way
Palo Alto, CA 94304
   Other 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              
1200 Internationale Parkway
Woodridge, IL 60517
  First Lien Term Loan, SOFR+5.00% cash due 3/29/2024       9.84%       18,612       18,536       18,054     (6)(15)
     Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024       13.23%       13,674       13,535       13,195     (6)(15)
               32,071       31,249    
            
 
 
   
 
 
   
INW Manufacturing, LLC    Personal Products              
1270 Champion Circle
Carrollton, TX, 75006
     First Lien Term Loan, LIBOR+5.75% cash due 3/25/2027       10.48%       35,156       34,394       30,059     (6)(15)
               34,394       30,059    
            
 
 
   
 
 
   
IPC Corp.
   Application              
1500 Plaza Ten, 15th Floor
Jersey City, NJ, 07311
   Software   First Lien Term Loan, LIBOR+6.50% cash due 10/1/2026       9.44%       34,357       33,660       32,553     (6)(15)
               33,660       32,553    
            
 
 
   
 
 
   
Ivanti Software, Inc.    Application Software              
698 West 10000 South, Suite 500
South Jordan, UT 84095
  Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028       12.01%       10,247       10,196       5,994     (6)
               10,196       5,994    
            
 
 
   
 
 
   
 
24

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Jazz Acquisition, Inc.    Aerospace & Defense              
416 Dividend Drive
Peachtree City, GA 30269
  First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027       11.88%       35,912       34,918       36,176     (6)(15)
     Second Lien Term Loan, LIBOR+8.00% cash due 6/18/2027       12.38%       528       480       483     (6)
               35,398       36,659    
            
 
 
   
 
 
   
Kings Buyer, LLC
4 High Ridge Park, Suite 202
Stamford, CT 06905
  
Environmental & Facilities Services
             
  First Lien Term Loan, LIBOR+6.50% cash due 10/29/2027       11.23%       13,589       13,453       13,153     (6)(15)
     First Lien Revolver, LIBOR+6.50% cash due 10/29/2027       11.75%       659       640       599     (6)(15)(19)
               14,093       13,752    
            
 
 
   
 
 
   
Latam Airlines Group S.A.    Airlines              
Presidente Riesco 5711, 20th floor
Las Condes
Santiago, Chile
     First Lien Term Loan, SOFR+9.50% cash due 11/3/2027       13.99%       26,205       24,034       25,864     (6)(11)
               24,034       25,864    
            
 
 
   
 
 
   
                
Lift Brands Holdings, Inc.    Leisure Facilities              
7 Times Square, Suite 4307
New York, NY 10036
     2,000,000 Class A Common Units in Snap Investments, LLC     2.02%           1,399           (15)
               1,399          
            
 
 
   
 
 
   
Lightbox Intermediate, L.P.    Real Estate Services              
780 Third Avenue
New York, NY 10017
     First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026       9.73%       36,913       36,233       35,621     (6)(15)
               36,233       35,621    
            
 
 
   
 
 
   
Liquid Environmental Solutions Corporation    Environmental & Facilities Services              
7651 Esters Boulevard Suite 200
Irving, TX 75063
     Second Lien Term Loan, LIBOR+8.50% cash due 11/30/2026       12.88%       4,357       4,289       4,215     (6)(15)
     Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 11/30/2026       12.94%       2,370       2,323       2,257     (6)(15)(19)
     450.75 Class A2 Units in LES Group Holdings, L.P.           451       451     (15)
               7,063       6,923    
            
 
 
   
 
 
   
 
25

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
LSL Holdco, LLC
3100 Olympus Boulevard, Suite 100
Dallas, TX 75019
   Health Care Distributors              
  First Lien Term Loan, LIBOR+6.00% cash due 1/31/2028       10.38%       21,315       20,839       20,089     (6)(15)
     First Lien Revolver, LIBOR+6.00% cash due 1/31/2028       10.38%       2,137       2,101       2,014     (6)(15)
               22,940       22,103    
            
 
 
   
 
 
   
LTI Holdings, Inc.
600 S Mcclure Road
Modesto, CA 95357
   Electronic Components              
  Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026       11.13%       2,140       2,095       1,712     (6)
               2,095       1,712    
            
 
 
   
 
 
   
Marinus Pharmaceuticals, Inc.    Pharmaceuticals              
5 Radnor Corporate Center, 100 Matsonford Road, Suite 500      First Lien Term Loan, 11.50% cash due 5/11/2026         17,203       16,972       16,573     (11)(15)
Radnor, PA 19087      First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026                         (11)(15)(19)
               16,972       16,573    
            
 
 
   
 
 
   
Mesoblast, Inc.    Biotechnology              
55 Collins Street, Level 38
Melbourne 3000
Australia
     First Lien Term Loan, 8.00% cash 1.75% PIK due 11/19/2026         7,247       6,717       6,474     (11)(15)
     First Lien Delayed Draw Term Loan, 8.00% cash 1.75% PIK due 11/19/2026               1           (11)(15)(19)
     209,588 Warrant Shares (exercise price $7.26) expiration date 11/19/2028           480       222     (11)(15)
     53,887 Warrant Shares (exercise price $3.70) expiration 11/19/2028                 81     (11)(15)
               7,198       6,777    
            
 
 
   
 
 
   
MHE Intermediate Holdings, LLC
3201 Levis Commons Boulevard, Suite 323
Perrysburg, OH 43551
   Diversified Support Services              
     First Lien Term Loan, SOFR+6.00% cash due 7/21/2027       9.50%       18,344       18,057       17,678     (6)(15)
     First Lien Revolver, SOFR+6.00% cash due 7/21/2027       10.94%       200       178       148     (6)(15)(19)
                               18,235     17,826      
            
 
 
   
 
 
   
 
26

Name and Address of
Portfolio Company
(1)(2)(3)(4)(5)
  
Principal Business
 
    Title of Securities    
Held by OCSL
  Percentage
of
Ownership
Interest*
    Cash
Interest
Rate
    Principal
($ in
thousands
unless
otherwise
indicated)
(7)
    Cost ($ in
thousands)
    Fair Value
($ in
thousands)
   
Notes
Mindbody, Inc.   
Internet
Services &
Infrastructure
                                     
4051 Broad Street, Suite 220
San Luis Obispo, CA 93401
  First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025       11.72     45,487       44,616       44,486     (6)(15)
     First Lien Revolver, LIBOR+8.00% cash due 2/14/2025         —         (48     (88   (6)(15)(19)
                               44,568     44,398      
            
 
 
   
 
 
   
Mosaic Companies,
LLC
   Home Improvement
Retail
                                     
1530 NW 98th Court, Suite 101
Doral, FL 33172
     First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026       10.93     45,907       45,266       45,127     (6)(15)
               45,266       45,127    
            
 
 
   
 
 
   
MRI Software LLC
28925 Fountain
Parkway
Solon, OH 44139
  
Application
Software
                                     
  First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026       10.23