lty Lending Corporation nav and cumulative distributions paid per share1 Note: The Company completed a 1-for-3 reverse stock split on January 20, 2023, effective as of the commencement of trading on January 23, 2023. All share amounts and per share information included in this presentation reflect the reverse stock split on a retroactive basis. 1 Cumulative distributions declared and paid from December 31, 2017 through June 30, 2023. 2 Annualized return on equity calculated as the change in net asset value ...

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) Q3 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Michael Mosticchio - Head, Investor Relations Armen Panossian - Chief Executive Officer and Chief Investment Officer Matt Pendo - President Chris McKown - Chief Financial Officer and Treasurer Matt Stewart - Chief Operating Officer Conference Call Participants Erik Zwick - Hovde Group Melissa Wedel - JPMorgan Bryce Rowe - B. Riley Ryan Lynch - KBW Kyle Joseph - Jefferies Opera ...

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, 2023 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 26-1219283 (State or jurisdiction of (I.R.S. Employer inco ...

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) Q2 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Michael Mosticchio - Head of Investor Relations Matt Pendo - President Armen Panossian - Chief Executive Officer & Chief Investment Officer Chris McKown - Chief Financial Officer & Treasurer Matt Stewart - Chief Operating Officer Conference Call Participants Kevin Fultz - JMP Securities Erik Zwick - Hovde Group Ryan Lynch - KBW Melissa Wedel - JPMorgan Bryce Rowe - B. Riley Opera ...

alty Lending Corporation | --- | --- | --- | --- | --- | |--------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------|---------------------|--------| | | | | | | | (At fair value) | | (As % of total portfolio at fair value; $ in millions) | | | | | | 4% 2% | First Lien – | $2,373 | | $3.2bn | 165 | 6% | Second Lien – | $413 | | total investments | portfolio companies | 13% | | | | | | | Unsecured ...

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, 2023 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) 333 ...

Financial Data and Key Metrics Changes - The company reported adjusted net investment income (NII) of $0.61 per share, a 10% increase from $0.55 in the prior quarter, driven by higher total investment income that offset increased interest expense [24][70] - The net asset value (NAV) per share decreased to $19.63 from $20.38, primarily due to a special distribution and unrealized depreciation on public debt investments [27] - The company's leverage ratio increased to 1.24 times, but is expected to decrease to approximately 1.16 times post-merger with Oaktree Strategic Income II [74] Business Line Data and Key Metrics Changes - The company originated $250 million in new investment commitments in the first quarter, more than double the previous quarter, with 85% being first lien loans [28] - The weighted average yield on new debt investments was 13.1%, up from 9.9% in the previous quarter, indicating improved investment opportunities [28][102] - The company received $104 million from paydowns, sales, and exits, continuing to selectively reinvest proceeds into better risk-adjusted opportunities [29] Market Data and Key Metrics Changes - The overall corporate performance is challenged, with rising prices leading to demand destruction in some industries, resulting in a slowdown in growth rates [5][44] - The cost of borrowing has increased significantly, with a 300 basis point rise in SOFR impacting unhedged borrowers [7] - The company noted that while revenues are up, gross profit and EBITDA margins have remained flat to down, indicating pressure on profitability [44] Company Strategy and Development Direction - The company expects substantial benefits from the merger with Oaktree Strategic Income II, including increased scale and financial flexibility, with a pro forma asset base of over $3.3 billion [30] - The focus remains on maintaining a defensively positioned portfolio with strong credit quality, despite the potential for a recession due to slowing consumer spending and business investment [25][56] - The company aims to leverage its platform to source attractive deals with strong downside protections, emphasizing relative value in the market [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about elevated risks in the portfolio, particularly regarding defaults in broadly syndicated loans, while noting that defaults in direct lending may be muted due to the bilateral nature of lending [47] - The economic environment is mixed, with strong job growth but signs of slowing consumer spending, indicating potential recession risks [52] - Management remains cautious but confident in the ability to identify new investment opportunities while maintaining solid credit quality [55][56] Other Important Information - The company has a strong liquidity position with total dry powder of approximately $357 million, including cash and undrawn capacity on credit facilities [79] - The joint ventures generated cash interest income of $2.6 million, up from $2.2 million in the previous quarter, reflecting strong performance and rising interest rates [82] Q&A Session Summary Question: What is the outlook for credit quality in the current environment? - Management indicated that unlevered performance is generally flat to down, with elevated risks in the portfolio due to rising costs outpacing revenue increases [44][47] Question: How does the company view the current investment landscape compared to historical periods? - Management noted that non-sponsored deals are more bespoke and competitive dynamics have changed, with tighter loan-to-values and wider pricing compared to previous years [108][110] Question: What are the expectations for repayments in 2023? - Management expects repayments primarily from non-sponsored deals where borrowers have achieved strategic goals, while sponsored LBO transaction volume is likely to decline due to elevated borrowing costs [11][10]

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]