Oaktree Specialty Lending CorpOCSL
Oaktree Specialty Lending Corp Commitments Disclosure
Commitments and Contingencies
Off-Balance Sheet Arrangements
The Company may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As of September 30, 2025, the Company's off-balance sheet arrangements consisted of $286.0 million of unfunded commitments, which was composed of $258.9 million to provide debt and equity financing to certain of its portfolio companies and $27.1 million to provide financing to the JVs. Of the $258.9 million, approximately $246.9 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, the Company's off-balance sheet arrangements consisted of $311.4 million of unfunded commitments, which was comprised of $284.3 million to provide debt and equity financing to certain of its portfolio companies and $27.1 million to provide financing to the JVs. Of the $284.3 million, approximately $247.6 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio companies' satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.
A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components and subordinated notes and LLC equity interests in the JVs) as of September 30, 2025 and September 30, 2024 is shown in the table below:
| September 30, 2025 | September 30, 2024 | |||||||||||||
| OCSI Glick JV LLC | $ | 13,998 | $ | 13,998 | ||||||||||
| PetVet Care Centers, LLC | 13,732 | 13,732 | ||||||||||||
| PPW Aero Buyer, Inc. | 13,574 | 10,235 | ||||||||||||
| 107-109 Beech OAK22 LLC | 13,567 | 11,911 | ||||||||||||
| Senior Loan Fund JV I, LLC | 13,125 | 13,125 | ||||||||||||
| EMPIRE BIDCO AB | 10,609 | — | ||||||||||||
| Truck-Lite Co., LLC | 10,259 | 5,721 | ||||||||||||
| Spruce Bidco I Inc. | 9,271 | — | ||||||||||||
| Integrity Marketing Acquisition, LLC | 8,870 | 16,436 | ||||||||||||
| Pluralsight, LLC | 8,688 | 8,688 | ||||||||||||
| Poseidon Midco AB | 8,144 | 8,181 | ||||||||||||
| BioXcel Therapeutics, Inc. | 7,506 | 9,383 | ||||||||||||
| Monotype Imaging Holdings Inc. | 7,176 | 8,005 | ||||||||||||
| Next Holdco, LLC | 7,051 | 7,051 | ||||||||||||
| Creek Parent, Inc. | 6,855 | — | ||||||||||||
| Draken International, LLC | 5,873 | — | ||||||||||||
| Kings Buyer, LLC | 5,821 | 3,277 | ||||||||||||
| AVSC Holding Corp. | 5,539 | — | ||||||||||||
| Bayou Intermediate II, LLC | 5,509 | — | ||||||||||||
| Sorenson Communications, LLC | 5,409 | 5,409 | ||||||||||||
| Digital.AI Software Holdings, Inc. | 5,238 | 6,045 | ||||||||||||
| PAI Financing Merger Sub LLC | 5,210 | — | ||||||||||||
| SumUp Holdings Luxembourg | 5,101 | 5,101 | ||||||||||||
| Everbridge, Inc. | 5,043 | 5,043 | ||||||||||||
| September 30, 2025 | September 30, 2024 | |||||||||||||
| ASP Integrity Acquisition Co LLC | $ | 5,042 | $ | — | ||||||||||
| Verona Pharma, Inc. | 4,568 | 14,846 | ||||||||||||
| TBRS, Inc. | 4,209 | — | ||||||||||||
| MRI Software LLC | 4,092 | 6,972 | ||||||||||||
| Mindbody, Inc. | 4,027 | 5,238 | ||||||||||||
| WP CPP Holdings, LLC | 3,272 | 3,272 | ||||||||||||
| F&M Buyer LLC | 3,212 | — | ||||||||||||
| Legends Hospitality Holding Company, LLC | 2,909 | 4,651 | ||||||||||||
| Inventus Power, Inc. | 2,907 | 3,792 | ||||||||||||
| Eyesouth Eye Care Holdco LLC | 2,817 | 6,585 | ||||||||||||
| Grand River Aseptic Manufacturing, Inc. | 2,594 | — | ||||||||||||
| Whitney Merger Sub, Inc. | 2,388 | — | ||||||||||||
| Kite Midco II Inc. | 2,374 | — | ||||||||||||
| Spanx, LLC | 2,267 | 3,092 | ||||||||||||
| Nellson Nutraceutical, LLC | 2,241 | — | ||||||||||||
| Crewline Buyer, Inc. | 2,180 | 2,180 | ||||||||||||
| Enverus Holdings, Inc. | 2,140 | 3,014 | ||||||||||||
| Coupa Holdings, LLC | 2,075 | 2,075 | ||||||||||||
| Berner Food & Beverage, LLC | 1,998 | 1,007 | ||||||||||||
| LDS Buyer, LLC | 1,908 | — | ||||||||||||
| Minotaur Acquisition, Inc. | 1,882 | 1,882 | ||||||||||||
| USIC Holdings, Inc. | 1,812 | 1,938 | ||||||||||||
| Icefall Parent, Inc. | 1,765 | 995 | ||||||||||||
| Grove Hotel Parcel Owner, LLC | 1,762 | 1,762 | ||||||||||||
| Optimizely North America Inc. | 1,694 | — | ||||||||||||
| Evergreen IX Borrower 2023, LLC | 1,626 | 1,626 | ||||||||||||
| Galileo Parent, Inc. | 1,596 | 1,163 | ||||||||||||
| CIELO BIDCO LIMITED | 1,555 | — | ||||||||||||
| iCIMs, Inc. | 1,545 | 5,802 | ||||||||||||
| Protein For Pets Opco, LLC | 1,545 | 2,117 | ||||||||||||
| Sierra Enterprises, LLC | 1,424 | — | ||||||||||||
| Centralsquare Technologies, LLC | 1,404 | 1,436 | ||||||||||||
| Lightbox Intermediate, L.P. | 1,268 | — | ||||||||||||
| Dialyze Holdings, LLC | 1,232 | — | ||||||||||||
| MHE Intermediate Holdings, LLC | 1,071 | 1,786 | ||||||||||||
| LSL Holdco, LLC | 848 | 636 | ||||||||||||
| Telestream 2 LLC | 745 | — | ||||||||||||
| All Web Leads, Inc. | 360 | 240 | ||||||||||||
| ASP-R-PAC Acquisition Co LLC | 287 | 166 | ||||||||||||
| SIO2 Medical Products, Inc. | 238 | 1,584 | ||||||||||||
| Accession Risk Management Group, Inc. | — | 11,019 | ||||||||||||
| Amspec Parent LLC | — | 9,372 | ||||||||||||
| Quantum Bidco Limited | — | 6,311 | ||||||||||||
| Telephone and Data Systems, Inc. | — | 6,273 | ||||||||||||
| Dominion Diagnostics, LLC | — | 5,574 | ||||||||||||
| Avalara, Inc. | — | 5,047 | ||||||||||||
| ACESO Holding 4 S.A.R.L. | — | 4,700 | ||||||||||||
| Accupac, Inc. | — | 4,051 | ||||||||||||
| Delta Leasing SPV II LLC | — | 3,581 | ||||||||||||
| 107 Fair Street LLC | — | 3,507 | ||||||||||||
| Harrow, Inc. | — | 3,438 | ||||||||||||
| Establishment Labs Holdings Inc. | — | 3,384 | ||||||||||||
| PRGX Global, Inc. | — | 3,127 | ||||||||||||
| Salus Workers' Compensation, LLC | — | 3,102 | ||||||||||||
| Oranje Holdco, Inc. | — | 1,904 | ||||||||||||
| Acquia Inc. | — | 1,625 | ||||||||||||
| Supreme Fitness Group NY Holdings, LLC | — | 1,552 | ||||||||||||
| September 30, 2025 | September 30, 2024 | |||||||||||||
| 112-126 Van Houten Real22 LLC | — | 1,077 | ||||||||||||
| Finastra USA, Inc. | — | 654 | ||||||||||||
| SVP-Singer Holdings Inc. | — | 621 | ||||||||||||
| Telestream Holdings Corporation | — | 244 | ||||||||||||
| Total | $ | 286,047 | $ | 311,361 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 18, 2025 | Showing above |
| 2024 | Nov 19, 2024 | |
| 2023 | Nov 14, 2023 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.