Oaktree Specialty Lending (OCSL) Investor presentation summary

Investment strategy and platform

• Investment objective: current income and capital appreciation; emphasis on first-lien senior secured loans, discounted secondary opportunities and market dislocations.

• Direct-lending team of 78 investment professionals; more than 200 sponsor relationships, with recurring sponsor business in 80%+ of deals.

• Managed platform reported $227B AUM, including $163B in credit strategies, and 1,500+ employees across 27 cities and 18 countries.

Portfolio profile

• $2.7B fair value across 163 portfolio companies; debt investments carried a 9.3% weighted average yield and median portfolio EBITDA was $189M.

• 85% of the portfolio was senior secured, including 82% first lien; 91% of the debt portfolio was floating rate.

• Non-accruals were 1.8% of debt investments at fair value, down from 2.6% at March 31, 2026; $22M of proceeds received from non-accrual investments.

• Software portfolio: $517M fair value across 26 companies, 96% first lien; software PIK was 1.2% of total investment income.

Third-quarter 2026 results and activity

• GAAP and adjusted net investment income were each $0.37/share, versus $0.39 and $0.38/share, respectively, in the prior quarter; declared distribution was $0.33/share.

• NAV was $15.70/share at June 30, 2026, up from $15.69 at March 31, 2026.

• New investment commitments were $206M and new fundings were $235M; proceeds from prepayments, exits, other paydowns and sales totaled $263M.

• New debt investment commitments carried a 10.0% weighted average yield at cost; new borrowers represented $136M of commitments.