Oaktree Specialty Lending Corporation

Schedule of Investments in and Advances to Affiliates

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

Year ended September 30, 2023


Portfolio Company	Industry	Investment Type	Index	Spread		Cash		PIK Rate		Maturity Date	Shares		Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2022		Gross Additions (3)		Gross Reductions (4)		Fair Value at September 30, 2023		% of Total Net Assets
Control Investments
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock									829				$	—	$	—	$	—	$	—	$	—	$	—	—	%
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity									34,984,460				—		—		27,638		—		—		27,638		1.8	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%	10.54	%			8/28/2025			14,068		—		1,459		14,333		—		(265)		14,068		0.9	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.00	%	10.42	%			8/28/2025			2,090		—		10		—		2,090		—		2,090		0.1	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Revolver	SOFR+	5.00	%	10.54	%			8/28/2025			5,574		—		266		—		5,574		—		5,574		0.4	%
Dominion Diagnostics, LLC	Health Care Services	Common Stock									30,031				—		—		4,946		—		(2,235)		2,711		0.2	%
OCSI Glick JV LLC (5)	Multi-Sector Holdings	Subordinated Debt	SOFR+	4.50	%	9.76	%			10/20/2028			58,349		—		6,748		50,283		1,448		(1,714)		50,017		3.3	%
OCSI Glick JV LLC (5)	Multi-Sector Holdings	Membership Interest									87.50	%			—		—		—		—		—		—		—	%
Senior Loan Fund JV I, LLC (6)	Multi-Sector Holdings	Subordinated Debt	SOFR+	7.00	%	12.26	%			12/29/2028			112,656		—		12,726		96,250		16,406		—		112,656		7.4	%
Senior Loan Fund JV I, LLC (6)	Multi-Sector Holdings	Membership Interest									87.50	%			—		4,200		20,715		8,163		—		28,878		1.9	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			15,874		—		340		—		16,653		(779)		15,874		1.0	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan						12.00	%	8/3/2028			1,359		—		14		—		1,359		—		1,359		0.1	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Common Stock									1,184,630				—		—		—		40,093		(3,867)		36,226		2.4	%
SIO2 Medical Products, Inc.	Metal, Glass & Plastic Containers	Warrants									66,686				—		—		—		—		—		—		—	%
Total Control Investments													$	209,970	$	—	$	25,763	$	214,165	$	91,786	$	(8,860)	$	297,091	19.6	%

Affiliate Investments
Assembled Brands Capital LLC	Specialized Finance	First Lien Revolver	SOFR+	6.75	%	12.14	%			1/25/2026			21,852		—		2,640		24,225		2,467		(4,869)		21,823		1.4	%
Assembled Brands Capital LLC	Specialized Finance	Common Stock									1,783,332				—		—		370		40		(321)		89		—	%
Assembled Brands Capital LLC	Specialized Finance	Preferred Equity									1,129,453				—		—		1,223		139		(357)		1,005		0.1	%
Assembled Brands Capital LLC	Specialized Finance	Warrants									78,045				—		—		—		—		—		—		—	%
Caregiver Services, Inc.	Health Care Services	Preferred Equity									1,080,399				—		—		378		54		—		432		—	%
Total Affiliate Investments													$	21,852	$	—	$	2,640	$	26,196	$	2,700	$	(5,547)	$	23,349	1.5	%
Total Control & Affiliate Investments													$	231,822	$	—	$	28,403	$	240,361	$	94,486	$	(14,407)	$	320,440	21.1	%

This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.

______________________

(1)The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.

(2)Represents the total amount of interest (net of non-accrual amounts), fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.

(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

(5)Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).

(6)Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).

Oaktree Specialty Lending Corporation

Schedule of Investments in and Advances to Affiliates

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

Year ended September 30, 2022


Portfolio Company	Industry	Investment Type	Index	Spread		Cash		PIK Rate	Maturity Date	Shares		Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2021		Gross Additions (3)		Gross Reductions (4)		Fair Value at September 30, 2022		% of Total Net Assets
Control Investments
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock								829		$	—	$	—	$	—	$	—	$	—	$	—	$	—	—	%
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity								34,984,460		—		—		—		27,638		—		—		27,638		2.2	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Term Loan	L+	5.00	%	8.68	%		2/28/2024			14,333		—		1,367		27,381		—		(13,048)		14,333		1.2	%
Dominion Diagnostics, LLC	Health Care Services	First Lien Revolver	L+	5.00	%				2/28/2024			—		—		57		—		—		—		—		—	%
Dominion Diagnostics, LLC	Health Care Services	Common Stock								30,031		—		—		3,308		18,065		—		(13,119)		4,946		0.4	%
First Star Speir Aviation Limited (5)	Airlines	First Lien Term Loan				9.00	%		12/15/2025			—		7,500		—		7,500		—		(7,500)		—		—	%
First Star Speir Aviation Limited (5)	Airlines	Membership Interest								100	%	—		(5,632)		158		698		—		(698)		—		—	%
OCSI Glick JV LLC (6)	Multi-Sector Holdings	Subordinated Debt	L+	4.50	%	6.30	%		10/20/2028			59,662		—		4,667		55,582		1,538		(6,837)		50,283		4.0	%
OCSI Glick JV LLC (6)	Multi-Sector Holdings	Membership Interest								87.50	%	—		—		—		—		—		—		—		—	%
Senior Loan Fund JV I, LLC (7)	Multi-Sector Holdings	Subordinated Debt	L+	7.00	%	8.80	%		12/29/2028			96,250		—		8,001		96,250		—		—		96,250		7.7	%
Senior Loan Fund JV I, LLC (7)	Multi-Sector Holdings	Membership Interest								87.50	%	—		—		2,901		37,651		—		(16,936)		20,715		1.7	%
Total Control Investments												$	170,245	$	1,868	$	20,459	$	270,765	$	1,538	$	(58,138)	$	214,165	17.2	%

Affiliate Investments
Assembled Brands Capital LLC	Specialized Finance	First Lien Revolver	L+	6.75	%	10.42	%		10/17/2023			24,490		—		1,764		15,712		14,996		(6,483)		24,225		1.9	%
Assembled Brands Capital LLC	Specialized Finance	Common Stock								1,609,201				—		—		587		—		(217)		370		—	%
Assembled Brands Capital LLC	Specialized Finance	Preferred Equity								1,019,169				—		—		1,152		71		—		1,223		0.1	%
Assembled Brands Capital LLC	Specialized Finance	Warrants								70,425				—		—		—		—		—		—		—	%
Caregiver Services, Inc.	Health Care Services	Preferred Equity								1,080,399				—		—		838		—		(460)		378		—	%
Total Affiliate Investments												$	24,490	$	—	$	1,764	$	18,289	$	15,067	$	(7,160)	$	26,196	2.1	%
Total Control & Affiliate Investments												$	194,735	$	1,868	$	22,223	$	289,054	$	16,605	$	(65,298)	$	240,361	19.3	%

______________________

(1)The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.

(5)First Star Speir Aviation Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding company to be an investment company under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding company are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.

(6)Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).

(7)Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).