Oaktree Specialty Lending Corporation · NASDAQ:OCSL
Oaktree Specialty Lending — Q2 2026 Earnings Presentation
20 slides from Oaktree Specialty Lending's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation Second Quarter 2026
Earnings Presentation NASDAQ: OCSL Second Quarter 2026
Slide 2: Forward Looking Statements & Legal Disclosures
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 forward-looking statements contained in this presentation may include statements
Slide 3: Financial Highlights for the Quarter Ended March 31, 2026
Financial Highlights for the Quarter Ended March 31, 2026 • GAAP net investment income of $0.39 per share and adjusted net investment income of $0.38 per share for the quarter ended March 31, 2026, as compared with $0.42 per share and $0.41 per share, respectively, in the prior quarter Earnings Summ
Slide 4: Portfolio Summary
Portfolio Summary Diverse Portfolio1 Industry Composition1,2 Senior Secured Emphasis (As % of total portfolio at fair value; $ in millions) 4% 15% 6% 19% 21% 2% 5% 3% Top 25 average 4% position size of 1.5% 5% 15% 19% 6% 63% 6% 6% 11% 8% 84% Software & Services Top 10 Investments First Lien – $2,315
Slide 5: Portfolio Highlights
Portfolio Highlights As of ($ in thousands, at fair value) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Investments at Fair Value $2,766,367 $2,949,092 $2,847,782 $2,809,377 $2,892,771 Number of Portfolio Companies 163 167 143 149 152 Average Portfolio Company Debt Investment Size $17,544 $18,
Slide 6: 1Q 2026 Investment Activity
1Q 2026 Investment Activity New Investment Highlights Historical Funded Originations and Exits ($ in millions) ($ in millions) $400 $314 $334 $300 $249 Total Commitments $220 10 $204 $179 $199 $200 $177 $143 Existing Borrowers new borrowers $100 $32 $0 06/30/2025 09/30/2025 12/31/2025 03/31/2026 1 2
Slide 7: Recent Investment Activity
Recent Investment Activity As of ($ in thousands) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Investments in Oaktree Specialty Lending Corporation New Investment Commitments $204,100 $316,600 $208,200 $147,200 $407,000 Funded $166,200 $287,200 $176,600 $108,100 $367,900 Unfunded $37,900 $29,4
Slide 8: Recent Investment Activity
Recent Investment Activity New Investment Commitment Detail ($ in millions) Security Type Market Investment Unsecured Private Primary Secondary Avg. Secondary Fiscal Quarter Number of Deals First Lien Second Lien Commitments & Other Placement (Public) (Public) Purchase Price 1Q2022 $300 21 $220 $77
Slide 9: Our Approach to Software Investing
Our Approach to Software Investing Software Performance in OCSL1 Software Valuation Methodology • Our private software loan portfolio is valued using a spread-based $526mm 96% approach. Fair Value of Software Portfolio First Lien • Spread widening in the broad market was driven primarily by the BSL
Slide 10: Financial Highlights
Financial Highlights Operating Results 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 GAAP Net Investment Income per Share $0.39 $0.42 $0.41 $0.38 $0.45 Adjusted Net Investment Income per Share1 $0.38 $0.41 $0.40 $0.37 $0.45 Net Realized and Unrealized Gains (Losses), Net of Taxes per Share ($0.
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $18.00 Adjusted NII Adjusted Net Realized and Unrealized $17.50 Gains (Losses), Net of Taxes $0.38 ($0.60) $17.00 ($0.01) $16.50 $0.39 ($0.60) ($0.01) $0.01 $16.00 ($0.40) $15.50 $16.30 $15.69 $15.00 $14.50 12/31/25 NAV GAAP Net Interest Income Net Unrealized Net Rea
Slide 12: Capital Structure Overview
Capital Structure Overview Funding Sources 0.90x to 1.25x Facility 3/31/26 Target Leverage Ratio ($ in millions) Size Outstanding Interest Rate Maturity Secured Debt Corporate Revolver $1,160 $540 SOFR + 1.875% Apr-30 Secured Debt Subtotal $1,160 $540 Investment Unsecured Debt Grade Rated 1 2027 Not
Slide 13: Funding and Liquidity Metrics
Funding and Liquidity Metrics Leverage Utilization Liquidity Overview ($ in millions) ($ in millions) 6/30/25 9/30/25 12/31/25 3/31/26 $3,000 Credit Facilities Committed $1,160 $1,160 $1,160 $1,160 Credit Facilities Drawn -$510 -$545 -$665 -$540 $2,500 $2,110 $2,110 $2,110 $2,110 Cash and Equivalent
Slide 14: Strategic Joint Ventures are Accretive to Earnings
Strategic Joint Ventures are Accretive to Earnings OCSL’s JVs are income-enhancing vehicles that primarily invest in senior secured loans of middle market companies and other corporate debt securities Key Attributes: • Equity ownership: 87.5% OCSL and 12.5% joint venture partner • Shared voting cont
Slide 15: Appendix
AKTREE G a | Specialty Lending Corporation Appendix
Slide 16: Quarterly Statement of Operations
Quarterly Statement of Operations For the three months ended ($ in thousands) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Investment income Interest income $65,253 $66,923 $69,716 $69,390 $70,523 PIK interest income $3,455 $3,848 $4,094 $5,070 $4,531 Fee income $1,299 $2,972 $2,122 $286 $1,74
Slide 17: Quarterly Statement of Operations (continued)
Quarterly Statement of Operations (continued) For the three months ended (in thousands, except per share amounts) 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net realized and unrealized gains (losses) Net unrealized appreciation (depreciation) ($39,339) ($32,418) ($18,164) $18,572 ($82,023) N
Slide 18: Strategic Actions In Support of OCSL
Strategic Actions In Support of OCSL • On February 3, 2025, Oaktree purchased $100 million of newly issued shares of OCSL common stock at a price of $17.63/share equal to net asset value per share on January 31, 2025 • This transaction represented a 10% premium to the closing stock price on January
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ("ASC 805"). The consideration paid to each of the stockhold
Slide 20: oaktreespecialtylending.com
oaktreespecialtylending.com
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