Oaktree Specialty Lending Corporation · NASDAQ:OCSL
Oaktree Specialty Lending — Q1 2026 Earnings Presentation
20 slides from Oaktree Specialty Lending's earnings presentation, Feb 4, 2026
Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation NASDAQ: OCSL First 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 December 31, 2025
Financial Highlights for the Quarter Ended December 31, 2025 • GAAP net investment income of $0.42 per share and adjusted net investment income of $0.41 per share for the quarter ended December 31, 2025, as compared with $0.41 per share and $0.40 per share, respectively, in the prior quarter Earning
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% 18% 23% 2% 4% 3% Top 25 average 3% position size of 1.5% 5% 19% 5% 14% 63% 6% 7% 7% 12% 85% Software & Services Top 10 Investments First Lien – $2,500
Slide 5: Portfolio Highlights
Portfolio Highlights As of ($ in thousands, at fair value) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Investments at Fair Value $2,949,092 $2,847,782 $2,809,377 $2,892,771 $2,835,294 Number of Portfolio Companies 167 143 149 152 136 Average Portfolio Company Debt Investment Size $18,068 $20
Slide 6: 1Q 2026 Investment Activity
1Q 2026 Investment Activity New Investment Highlights Historical Funded Originations and Exits ($ in millions) ($ in millions) $500 $406 $400 $314 Total Commitments $279 28 $317 $300 $249 $220 $177 $179 $200 $143 Existing Borrowers new borrowers $70 $100 $0 03/31/25 06/30/2025 09/30/2025 12/31/2025
Slide 7: Recent Investment Activity
Recent Investment Activity As of ($ in thousands) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Investments in Oaktree Specialty Lending Corporation New Investment Commitments $316,600 $208,200 $147,200 $407,000 $198,100 Funded $287,200 $176,600 $108,100 $367,900 $169,100 Unfunded $29,400 $31,
Slide 8: Recent Investment Activity
Recent Investment Activity New Investment Commitment Detail ($ 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 4Q2021 $385 20 $350 $13
Slide 9: Our Approach to Software Investing
Our Approach to Software Investing Software Performance in OCSL Software End Market Exposure1 $565mm 28 Systems Software Fair Value of Number of Portfolio Companies Software Portfolio 3% 6% Application Software 3% 23% Real Estate Services ~18% 4% 94% Internet Services & Infrastructure Repaid Softwar
Slide 10: Financial Highlights
Financial Highlights Operating Results 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 GAAP Net Investment Income per Share $0.42 $0.41 $0.38 $0.45 $0.54 Adjusted Net Investment Income per Share1 $0.41 $0.40 $0.37 $0.45 $0.54 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 $21.00 $20.00 Adjusted NII Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes $0.41 $19.00 ($0.34) $18.00 ($0.01) ($0.37) $17.00 $0.01 $0.42 $0.02 ($0.40) $16.00 $16.64 $15.00 $16.30 $14.00 9/30/25 NAV GAAP Net Interest Income Net Unrealized Net Realiz
Slide 12: Capital Structure Overview
Capital Structure Overview Funding Sources 0.90x to 1.25x Facility 12/31/25 Target Leverage Ratio Size Outstanding Interest Rate Maturity Secured Debt Corporate Revolver $1,160 $665 SOFR + 1.875% Apr-30 Secured Debt Subtotal $1,160 $665 Investment Unsecured Debt Grade Rated 2027 Notes $350 $350 2.70
Slide 13: Funding and Liquidity Metrics
Funding and Liquidity Metrics Leverage Utilization Liquidity Overview ($ in millions) ($ in millions) 3/31/25 6/30/25 9/30/25 12/31/25 $3,000 Credit Facilities Committed $1,560 $1,160 $1,160 $1,160 $2,510 $2,500 Credit Facilities Drawn ($520) ($510) ($545) ($665) $2,110 $2,110 $2,110 Cash and Equiva
Slide 14: Strategic Joint Ventures are Accretive to Earnings
Strategic Joint Ventures are Accretive to Earnings OCSL’s JVs are income-enhancing vehicles that primarily invest in senior secured loans of middle market companies and other corporate debt securities Key Attributes: • Equity ownership: 87.5% OCSL and 12.5% joint venture partner • Shared voting cont
Slide 15: Appendix
AKTREE G a | Specialty Lending Corporation Appendix
Slide 16: Quarterly Statement of Operations
Quarterly Statement of Operations For the three months ended ($ in thousands) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Investment income Interest income $66,923 $69,716 $69,390 $70,523 $78,422 PIK interest income $3,848 $4,094 $5,070 $4,531 $5,728 Fee income $2,972 $2,122 $286 $1,742 $1,6
Slide 17: Quarterly Statement of Operations (continued)
Quarterly Statement of Operations (continued) For the three months ended (in thousands, except per share amounts) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Net realized and unrealized gains (losses) Net unrealized appreciation (depreciation) ($32,418) ($18,164) $18,572 ($82,023) ($19,614)
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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