OCSL · 10-K filed 18 Nov 2025 · year to 30 Sep 2025

Oaktree Specialty Lending

15 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

ING Capital LLC (Syndicated Facility)

depends on · $545.0 millionnamed as a risk

As of September 30, 2025, substantially all of our assets were pledged as collateral under our credit facility and may be pledged as collateral under future credit facilities.Risk factors (Item 1A)

Bank of America, N.A.

depends on · up to $270.0 million

Additionally, SLF JV I has a revolving credit facility with Bank of America, N.A., or the SLF JV I Facility, which permitted up to $270.0 million of borrowings (subject to borrowing base and other limitations) as of September 30, 2025.Business (Item 1)

Also named by AGX, DORM, GSBD, VICR, VRSK, WDFC, ZETA

Partners and platforms

Senior Loan Fund JV I (Kemper Corporation)

approximately $124.6 million at fair value

As of September 30, 2025, our investment in SLF JV I was approximately $124.6 million at fair value.Business (Item 1)

OCSI Glick JV LLC (GF Equity Funding)

approximately $46.1 million at fair value

The Glick JV is managed by a four-person Board of Directors, two of whom are selected by us and two of whom are selected by GF Equity Funding.Business (Item 1)

Oaktree Fund Advisors, LLC

depends onnamed as a risk

Our ability to achieve our investment objective depends on our Adviser’s ability to support our investment process; if our Adviser were to lose key personnel or they were to resign, our ability to achieve our investment objective could be significantly harmed.Risk factors (Item 1A)

Other companies

2027, 2029 and 2030 Notes

$350.0 million of outstanding 2027 Notes, $300.0 million of outstanding 2029 Notes and $300.0 million of outstanding 2030 Notesnamed as a risk

As of September 30, 2025, we had $545.0 million of outstanding indebtedness under our credit facility, $350.0 million of outstanding 2027 Notes, $300.0 million of outstanding 2029 Notes and $300.0 million of outstanding 2030 Notes.Risk factors (Item 1A)

Brookfield Corporation

approximately 74%

Following the closing of such transaction, Brookfield will have the right to appoint a majority of Oaktree's board of directors and assume control of Oaktree's business if it chooses to do so.Business (Item 1)

Also named by BAM

Competitors

Oaktree Strategic Credit Fund (OSCF) and Oaktree Gardens OLP (OLPG)

competes withnamed as a risk

Therefore, there may be certain investment opportunities that satisfy the investment criteria for OLPG, OSCF and us as well as other Business Development Companies and Other Oaktree Funds.Risk factors (Item 1A)

Places

United States

concentrated in · at least 70% of our total assets

As a Business Development Company, we will invest at least 70% of our total assets in U.S. companies.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Commodities and inputs

SOFR

exposed to its price · 90.7% of our debt investment portfolio (at fair value)named as a risk

The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, which typically resets semi-annually, quarterly, or monthly at the borrower's option.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

EURIBOR

exposed to its pricenamed as a risk

Our investment income will be affected by changes in various interest rates, including SOFR, EURIBOR, SONIA and prime rates, to the extent our debt investments include floating interest rates.Market risk (Item 7A)

Also named by LBTYA, TSLX

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

Any changes to the Exemptive Relief or the rules and other guidance promulgated by the SEC and its Staff under the Investment Company Act could impact allocations made available to us and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Laws and programs

Investment Company Act of 1940

subject to · 150%named as a risk

As a Business Development Company, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that our asset coverage, as defined in the Investment Company Act, equals at least 150% after such incurrence or issuance.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Regulated Investment Company (Subchapter M of the Internal Revenue Code)

subject to · at least 90%named as a risk

We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or do not satisfy the Annual Distribution Requirement.Risk factors (Item 1A)

Tariffs

subject tonamed as a risk

Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect their results of operations.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more