Oaktree Specialty Lending Corporation · NASDAQ:OCSL
Oaktree Specialty Lending — Q3 2026 Earnings Presentation
26 slides from Oaktree Specialty Lending's earnings presentation, Oct 16, 2026
Slide 1: Investor Presentation, Third Quarter 2026
Investor Presentation NASDAQ: OCSL Third Quarter 2026 Confidential
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: Managed by Oaktree: A Leading Global Alternative Asset Manager
Managed by Oaktree: A Leading Global Alternative Asset Manager Significant Global Presence2 • Founded in 1995, Oaktree is a leading global investment management firm focused on credit investing • Assets under management of $227 billion1 in contrarian, Stamford Amsterdam value-oriented, risk-controll
Slide 4: Oaktree: Part of Brookfield
Oaktree: Part of Brookfield Brookfield Asset Management is a leading global alternative asset manager across infrastructure, energy, private equity, real estate and credit $1.3T 125+ A / A- Assets Under Year heritage as an Investment Grade Management owner-operator that has Corporate Ratings1 create
Slide 5: Overview of OCSL
Overview of OCSL Investment Objective Benefits of the Oaktree Platform • Seek to generate current income and capital appreciation • Dedicated investment team with significant investment • Provide companies with flexible and innovative financing experience solutions • Extensive firm-wide resources en
Slide 6: Why OCSL?
Why OCSL? Access to Oaktree’s deep and broad credit platform, and significant experience investing across market cycles Differentiated deal sourcing through the global Oaktree platform Experienced management team supported by 78 investment professionals specializing in direct lending1 Diverse, high-
Slide 7: Portfolio Summary
Portfolio Summary Diverse Portfolio1 Industry Composition1,2 Senior Secured Emphasis (As % of total portfolio at fair value; $ in millions) 4% 14% 6% 18% 20% 3% 6% 4% Top 25 average 4% position size of 1.5% 5% 18% 16% 5% 64% 7% 7% 10% 8% 82% Software & Services Top 10 Investments First Lien – $2,235
Slide 8: 3Q 2026 Investment Activity
3Q 2026 Investment Activity New Investment Highlights Historical Funded Originations and Exits ($ in millions) ($ in millions) $400 $314 $334 $300 $263 Total Commitments $220 $235 7 $206 $179 $199 $200 $177 new borrowers $100 Existing Borrowers $70 $0 09/30/2025 12/31/2025 03/31/2026 06/30/2026 1 2
Slide 9: Our Approach to Software Investing
Our Approach to Software Investing Software Performance in OCSL1 AI Risk Scorecard $517mm 26 Business Resilience Framework Fair Value of Software Portfolio Number of Portfolio Companies Market Position Mission Criticality Switching Costs and Scale 96% 0.77% First Lien ARR Loan at Fair Value Manageme
Slide 10: Oaktree’s Sourcing Platform
Oaktree’s Sourcing Platform Our multi-channel sourcing approach emphasizes deep relationships with borrowers, sponsors, and advisors, and casts a broad net to ensure our private credit team sees a wide variety of deals. Deep Borrower Global Sourcing Other Oaktree & Sponsor and Origination Private Ll
Slide 11: Experienced Management Team
Experienced Management Team Armen Panossian Matt Pendo Chris McKown Raghav Khanna CEO & Co-CIO President CFO & Treasurer Co-CIO • Brookfield Credit’s Co-CEO, • Managing Director, Head of • Managing Director in fund • Managing Director and Co- Head of Performing Credit and Oaktree’s Corporate account
Slide 12: Financial Highlights for the Quarter Ended June 30, 2026
Financial Highlights for the Quarter Ended June 30, 2026 • GAAP net investment income of $0.37 per share and adjusted net investment income of $0.37 per share for the quarter ended June 30, 2026, as compared with $0.39 per share and $0.38 per share, respectively, in the prior quarter Earnings Summar
Slide 13: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $18.00 $17.50 Adjusted Net Realized and Unrealized Adjusted NII Gains (Losses), Net of Taxes $0.37 ($0.02) $17.00 $16.50 -$0.01 -$0.01 $16.00 $0.00 $0.00 $0.37 -$0.34 $15.50 $15.00 $15.69 $15.70 $14.50 $14.00 3/31/2026 NAV GAAP Net Interest Income Net Unrealized Net
Slide 14: Capital Structure Overview
Capital Structure Overview Funding Sources 0.90x to 1.25x Facility 6/30/26 Target Leverage Ratio ($ in millions) Size Outstanding Interest Rate Maturity Secured Debt Corporate Revolver $1,160 $501 SOFR + 1.875% Apr-30 Secured Debt Subtotal $1,160 $501 Investment Unsecured Debt Grade Rated 2027 Notes
Slide 15: Funding and Liquidity Metrics
Funding and Liquidity Metrics Leverage Utilization Liquidity Overview ($ in millions) ($ in millions) 9/30/25 12/31/25 3/31/26 6/30/26 $3,000 Credit Facilities Committed $1,160 $1,160 $1,160 $1,160 Credit Facilities Drawn -$545 -$665 -$540 -$501 $2,500 $2,110 $2,110 $2,110 $2,110 Cash and Equivalent
Slide 16: 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 17: Appendix
AKTREE . pe | Specialty Lending Corporation Appendix
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 $17.63/share equal to net asset value per share on January 31, 2025 • This transaction represented a 10% premium to the closing stock price on January
Slide 19: OCSL Vintage Analysis
OCSL Vintage Analysis Portfolio Fair Value by Vintage1 Non-Accruals Based on Fair Value by Vintage2 2026 Pre-2022 2020 2025 13% 15% Pre-2022 14% 2022 9% 2025 24% 2023 2022 2024 12% 2021 2024 2023 86% 28% 15% of portfolio originated in 2021 or earlier, but 100% of non-accruals are in those vintages A
Slide 20: Recent Investment Activity
Recent Investment Activity As of ($ in thousands) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Investments in Oaktree Specialty Lending Corporation New Investment Commitments $206,400 $204,100 $316,600 $208,200 $147,200 Funded $180,100 $166,200 $287,200 $176,600 $108,100 Unfunded $26,300 $37,9
Slide 21: Financial Highlights
Financial Highlights Operating Results 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 GAAP Net Investment Income per Share $0.37 $0.39 $0.42 $0.41 $0.38 Adjusted Net Investment Income per Share1 $0.37 $0.38 $0.41 $0.40 $0.37 Net Realized and Unrealized Gains (Losses), Net of Taxes per Share ($0.
Slide 22: Portfolio Highlights
Portfolio Highlights As of ($ in thousands, at fair value) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Investments at Fair Value $2,741,814 $2,766,367 $2,949,092 $2,847,782 $2,809,377 Number of Portfolio Companies 163 163 167 143 149 Average Portfolio Company Debt Investment Size $17,585 $17,
Slide 23: Quarterly Statement of Operations
Quarterly Statement of Operations For the three months ended ($ in thousands) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Investment income Interest income $61,636 $65,253 $66,923 $69,716 $69,390 PIK interest income $5,209 $3,455 $3,848 $4,094 $5,070 Fee income $976 $1,299 $2,972 $2,122 $286
Slide 24: Quarterly Statement of Operations (continued)
Quarterly Statement of Operations (continued) For the three months ended (in thousands, except per share amounts) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net realized and unrealized gains (losses) Net unrealized appreciation (depreciation) $48,210 ($39,339) ($32,418) ($18,164) $18,572 Net
Slide 25: 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 26: oaktreespecialtylending.com
oaktreespecialtylending.com
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