first quarter 2023 february 7, 2023 earnings presentation nasdaq: ocsl 1 Forward Looking Statements & Legal Disclosures Some of the statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forwardlooking statements contained in this presentation may include statements as to: our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 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) ...

Financial Data and Key Metrics Changes - For fiscal year 2022, adjusted net investment income (NII) was $0.71 per share, an increase from $0.64 in fiscal 2021, marking the highest annual level under Oaktree's management [10][11] - The quarterly adjusted NII for Q4 was $0.18 per share, up from $0.17 in the previous quarter, while net asset value (NAV) per share decreased by 1.5% from the prior quarter to $6.79 [14][37] - The Board increased the quarterly dividend by 6% to $0.18 per share, representing a 16% increase from the previous year and nearly 90% higher than pre-pandemic levels [12][13] Business Line Data and Key Metrics Changes - The company originated $97 million in new investment commitments in Q4, with a yield on new debt investments at 9.9% [15][34] - The portfolio consisted of $2.5 billion at fair value across 149 companies, with 87% invested in senior secured loans [30] - Median portfolio company EBITDA increased to approximately $130 million, up from $128 million in the prior quarter [32] Market Data and Key Metrics Changes - The company reported no investments on nonaccrual, indicating excellent credit quality [39] - The leverage in the portfolio remained steady at 5 times, with a weighted average interest coverage ratio declining slightly to 2.7 times due to rising base rates [33] Company Strategy and Development Direction - The company is focused on navigating unsteady markets with a cautious approach, selectively investing in both sponsor and non-sponsor backed markets while maintaining credit quality [27][29] - A merger agreement with Oaktree Strategic Income II, Inc. is expected to create a larger BDC with over $3 billion in total assets, improving trading liquidity and access to debt capital markets [18][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by high inflation, tightening monetary policy, and slowing consumption, while noting that credit quality remains strong [22][26] - The company expects continued positive impacts on earnings from rising interest rates, with 86% of the debt portfolio in floating rate investments [39][49] Other Important Information - The company declared a special distribution of $0.14 per share due to increased taxable income from foreign exchange hedge positions and taxable equity gains [13] - The company has ample liquidity with total dry powder of approximately $524 million, including $24 million in cash and $500 million in undrawn credit facilities [43] Q&A Session Summary Question: Investment landscape and leverage strategy - Management indicated that cautious navigation of the markets led to repayments and selective redeployment of capital, with a substantial amount of new deal flow in October [55][57] Question: Increase in PIK income - The increase in PIK income was attributed to the origination of new investments, particularly in life sciences, rather than amendments [58][59] Question: Pipeline and yield on new private deals - The pipeline appears strong with attractive pricing, and the mix of sales versus repayments was approximately 75% repayments and 25% sales [62][65] Question: Joint ventures and leverage - Management noted that leverage in joint ventures increased due to purchasing assets at attractive discounts, but future leverage levels remain uncertain [66][68] Question: Weighted average yield on new debt commitments - The lower yield on new debt commitments was attributed to borrower-specific factors and the purchase of large hung bridge loans, which typically yield lower than private loans [69][71] Question: Operating environment for portfolio companies - Companies are facing rising costs but are generally managing well, with revenue increases driven by higher prices rather than volume [75][78] Question: Special dividend distribution - The special dividend was a one-time payout to return capital to shareholders and avoid excise tax, calculated based on taxable income for the year [96][98]

Merger and Investment Strategy - The company entered into a Merger Agreement with Oaktree Strategic Income II, Inc. on September 14, 2022, which involves a two-step merger process[21]. - Oaktree, as the external adviser, manages the company's day-to-day operations and provides investment advisory services under the Investment Advisory Agreement[22]. - The company has invested over $31 billion in more than 500 directly originated loans since 2005, indicating a strong focus on proprietary deals[34]. - The investment strategy emphasizes identifying private lending opportunities, particularly in underserved markets, with a disciplined portfolio management approach[37]. - The company aims to invest at least 70% of its total assets in U.S. companies, focusing on those with resilient business models and strong fundamentals[42]. - The investment professionals employ a fundamental, value-driven opportunistic approach to credit investing, leveraging proprietary information and relationships[31]. - The company targets investments with strong credit protections, including covenants that minimize the risk of capital loss[42]. - The investment process includes sourcing opportunities through a network of advisers, sponsors, and banks, enhancing access to proprietary deal flow[44]. - The company plans to exit investments within three to eight years through various strategies, including repayment or sale of the company[42]. Financial Performance and Portfolio Composition - As of September 30, 2022, 95.0% of the portfolio consisted of debt investments, with 86.9% being senior secured loans[49]. - The company has funded approximately $165.5 million to SLF JV I, with $144.8 million from the company as of September 30, 2022[50]. - The Glick JV received approximately $84.0 million in aggregate commitments, with $73.5 million funded by the company as of September 30, 2022[52]. - The investment in SLF JV I was approximately $117.0 million at fair value as of September 30, 2022[51]. - The company prioritizes managing risk by monitoring each portfolio company and making hold or exit decisions based on credit events[48]. Fee Structure and Incentives - The base management fee is calculated at an annual rate of 1.50% of total gross assets, with a reduced rate of 1.00% for assets exceeding 200% of net asset value[57]. - The incentive fee on income is calculated quarterly, with a preferred return rate of 1.50% on net assets[58]. - The incentive fee is calculated as 17.5% of realized capital gains, net of capital losses and depreciation, starting from the fiscal year ended September 30, 2019[62]. - For a pre-incentive fee net investment income of 1.80%, the incentive fee calculated is 0.30%[64]. - For a pre-incentive fee net investment income of 2.925%, the total incentive fee amounts to 0.5119%[65]. - Cumulative realized capital gains over seven years total $28 million, with various capital gains fees calculated based on this amount[69]. - The capital gains fee for Year 2 is $1.4 million, based on $10 million realized capital gains[69]. - The capital gains fee for Year 5 is $1.75 million, based on $22 million cumulative realized capital gains[69]. Regulatory Compliance and RIC Status - The company has elected to be treated as a Regulated Investment Company (RIC) and must distribute at least 90% of its investment company taxable income to avoid corporate-level taxes[91]. - To maintain RIC status, the company must meet specific income and asset diversification requirements, including deriving at least 90% of gross income from qualifying sources[95]. - The company is subject to a 4% federal excise tax on certain undistributed income unless timely distributions are made[93]. - The Investment Company Act requires a majority of the company's directors to be independent and imposes restrictions on transactions with affiliates[100][101]. - The company may face challenges in making distributions necessary to satisfy the Annual Distribution Requirement due to debt financing and asset coverage ratio requirements[97]. - If the company fails to qualify as a RIC, all taxable income will be subject to corporate tax rates, impacting stockholder distributions[99]. Interest Rate Risk Management - As of September 30, 2022, 86.5% of the debt investment portfolio (at fair value) bore interest at floating rates, down from 91.5% in the previous year[427]. - A hypothetical 250 basis point increase in interest rates would result in a net increase in net assets of $27,234 thousand[428]. - A hypothetical 250 basis point decrease in interest rates would lead to a net decrease in net assets of $23,693 thousand[429]. - The company regularly measures exposure to interest rate risk and assesses the need for hedging transactions[429]. - The company’s interest rate sensitive assets and liabilities are compared to manage interest rate exposure effectively[429].

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) Q3 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Michael Mosticchio – Head-Investor Relations Matt Pendo – President Armen Panossian – Chief Executive Officer and Chief Investment Officer Chris McKown – Chief Financial Officer and Treasurer Matt Stewart – Chief Operating Officer Conference Call Participants Kevin Fultz – JMP Securities Kyle Joseph – Jefferies Ryan Lynch – KBW Melissa Wedel – J.P. Morgan Operator Welcome, a ...

Financial Performance - Adjusted Net Investment Income per share was $017, compared to $018 for the quarter ended March 31, 2022[5] - GAAP Net Investment Income was $022 per share, unchanged from the previous quarter[5] - Net Asset Value per share decreased to $689, compared to $726 as of March 31, 2022, primarily due to unrealized losses[5] - A cash distribution of $017 per share was declared, a 3% increase from the prior quarter and 17% from one year ago[5] Investment Portfolio - The investment portfolio totaled $26 billion at fair value, diversified across 151 portfolio companies[5] - The weighted average yield on debt investments increased to 93%, up from 88% as of March 31, 2022[5] - 88% of the debt portfolio was floating rate[5] - New investment commitments totaled $132 million with a 92% weighted average yield on new debt commitments[5] - New investment fundings amounted to $130 million, with $130 million received from prepayments, exits, other paydowns, and sales[5] Capital Structure & Liquidity - The net debt to equity ratio was 108x, compared to 102x as of March 31, 2022[5] - The company had $34 million in cash and $455 million of undrawn capacity on credit facilities[5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended 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) 3 ...

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) Q2 2022 Earnings Conference Call May 5, 2022 11:00 AM ET Company Participants Michael Mosticchio - Head, Investor Relations Armen Panossian - Chief Executive Officer and CIO Matt Pendo - President Chris McKown - Chief Financial Officer and Treasurer Matt Stewart - Chief Operating Officer Conference Call Participants Kevin Fultz - JMP Securities Bryce Rowe - Hovde Group Ryan Lynch - KBW Melissa Wedel - JPMorgan Operator Welcome and thank you for joining Oak ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 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 organizatio ...