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Portfolio Investments (Tables)

12 Months Ended

Sep. 30, 2025

The composition of the Company's investments as of September 30, 2025 and September 30, 2024 at cost and fair value was as follows:


	September 30, 2025				September 30, 2024
	Cost		Fair Value		Cost		Fair Value
Investments in debt securities	$	2,646,823	$	2,535,998	$	2,723,134	$	2,684,858
Investments in equity securities	207,729		141,122		202,670		152,328
Debt investments in the JVs	165,779		158,716		164,324		161,552
Equity investments in the JVs	54,791		11,946		54,791		22,541
Total	$	3,075,122	$	2,847,782	$	3,144,919	$	3,021,279

The following table presents the composition of the Company's debt investments as of September 30, 2025 and September 30, 2024 at floating rates and fixed rates:


	September 30, 2025				September 30, 2024
	Fair Value		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs	$	2,442,837	90.65	%	$	2,516,316	88.40	%
Fixed rate debt securities	251,877		9.35		330,094		11.60
Total	$	2,694,714	100.00	%	$	2,846,410	100.00	%

The following tables show the composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of September 30, 2025 and September 30, 2024:


	September 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Application Software	$	543,878	17.64	%	$	532,200	16.85	%
Multi-Sector Holdings (1)	236,025		7.68		228,181		7.26
Health Care Services	160,149		5.21		149,904		4.77
Aerospace & Defense	131,123		4.26		72,927		2.32
Interactive Media & Services	129,993		4.23		95,564		3.04
Pharmaceuticals	114,897		3.74		94,639		3.01
Health Care Equipment	90,600		2.95		28,823		0.92
Specialized Consumer Services	82,497		2.68		25,763		0.82
Health Care Technology	75,913		2.47		105,932		3.37
Life Sciences Tools & Services	73,389		2.39		—		—
Metal, Glass & Plastic Containers	69,505		2.26		64,769		2.06
Specialized Finance	67,584		2.20		45,156		1.44
Airport Services	66,192		2.15		63,110		2.01
Soft Drinks & Non-alcoholic Beverages	56,944		1.85		42,898		1.36
Environmental & Facilities Services	55,761		1.81		65,229		2.07
Real Estate Operating Companies	49,076		1.60		72,839		2.32
Diversified Support Services	47,882		1.56		79,799		2.54
Systems Software	47,667		1.55		39,316		1.25
Communications Equipment	43,379		1.41		46,764		1.49
Diversified Financial Services	43,064		1.40		66,597		2.12
Biotechnology	41,521		1.35		43,821		1.39
Internet Services & Infrastructure	40,748		1.33		53,376		1.70
Personal Care Products	38,984		1.27		63,425		2.02
Automotive Retail	38,232		1.24		40,964		1.30
Data Processing & Outsourced Services	34,984		1.14		80,058		2.55
Electrical Components & Equipment	33,633		1.09		32,834		1.04
Construction Machinery & Heavy Transportation Equipment	33,138		1.08		25,901		0.82
Packaged Foods & Meats	32,888		1.07		19,863		0.63
Research & Consulting Services	31,938		1.04		—		—
Health Care Supplies	30,328		0.99		14,426		0.46
Drug Retail	29,700		0.97		—		—
Construction & Engineering	29,407		0.96		31,602		1.00
Building Products	29,193		0.95		—		—
Office Services & Supplies	28,897		0.94		38,891		1.24
Cable & Satellite	27,463		0.89		—		—
Health Care Distributors	27,210		0.88		60,316		1.92
Insurance Brokers	26,611		0.87		19,222		0.61
Movies & Entertainment	23,737		0.77		30,779		0.98
Industrial Machinery & Supplies & Components	23,480		0.76		82,624		2.63
Broadline Retail	23,267		0.76		22,231		0.71
Home Improvement Retail	21,401		0.70		49,891		1.59
Education Services	20,515		0.67		8,205		0.26
Hotels, Resorts & Cruise Lines	20,502		0.67		20,612		0.66
Diversified Chemicals	19,986		0.65		—		—
Property & Casualty Insurance	19,805		0.64		—		—
Oil & Gas Storage & Transportation	19,309		0.63		19,309		0.61
Real Estate Services	19,290		0.63		55,220		1.76
Apparel Retail	18,559		0.60		17,855		0.57
Alternative Carriers	18,180		0.59		—		—
Gold	17,698		0.58		23,454		0.75
Air Freight & Logistics	16,360		0.53		—		—
Real Estate Development	16,142		0.52		38,237		1.22
Advertising	11,397		0.37		11,418		0.36
Paper & Plastic Packaging Products & Materials	10,312		0.34		18,379		0.58
Financial Exchanges & Data	7,954		0.26		8,050		0.26
Housewares & Specialties	2,639		0.09		2,806		0.09
Home Furnishings	2,463		0.08		24,102		0.77
Distributors	1,733		0.06		1,733		0.06
Fertilizers & Agricultural Chemicals	—		—		54,677		1.74
Diversified Metals & Mining	—		—		50,061		1.59
Leisure Facilities	—		—		37,958		1.21
Other Specialty Retail	—		—		36,810		1.17
Passenger Airlines	—		—		25,039		0.80
Wireless Telecommunication Services	—		—		24,257		0.77
Specialty Chemicals	—		—		19,407		0.62
Food Distributors	—		—		14,639		0.47
Integrated Telecommunication Services	—		—		2,057		0.07
	$	3,075,122	100.00	%	$	3,144,919	100.00	%


	September 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	522,632	18.34	%	35.68	%	$	523,007	17.34	%	35.16	%
Multi-Sector Holdings (1)	185,887		6.53		12.68		193,579		6.41		13.01
Aerospace & Defense	132,514		4.65		9.04		74,327		2.46		5.00
Interactive Media & Services	131,211		4.61		8.95		96,963		3.21		6.52
Health Care Services	119,633		4.20		8.16		127,935		4.23		8.60
Pharmaceuticals	115,382		4.05		7.87		91,804		3.04		6.17
Health Care Technology	96,960		3.40		6.61		104,795		3.47		7.04
Specialized Consumer Services	82,424		2.89		5.62		25,772		0.85		1.73
Life Sciences Tools & Services	73,456		2.58		5.01		—		—		—
Specialized Finance	67,439		2.37		4.60		44,551		1.47		2.99
Health Care Equipment	65,121		2.29		4.44		26,264		0.87		1.77
Soft Drinks & Non-alcoholic Beverages	56,333		1.98		3.84		42,674		1.41		2.87
Airport Services	54,143		1.90		3.69		55,434		1.83		3.73
Environmental & Facilities Services	53,423		1.88		3.64		64,119		2.12		4.31
Diversified Support Services	47,604		1.67		3.25		80,638		2.67		5.42
Systems Software	47,446		1.67		3.24		39,813		1.32		2.68
Diversified Financial Services	45,405		1.59		3.10		66,324		2.20		4.46
Real Estate Operating Companies	45,168		1.59		3.08		71,246		2.36		4.79
Biotechnology	43,821		1.54		2.99		45,954		1.52		3.09
Communications Equipment	43,293		1.52		2.95		46,858		1.55		3.15
Internet Services & Infrastructure	40,973		1.44		2.80		53,019		1.75		3.56
Automotive Retail	36,985		1.30		2.52		39,111		1.29		2.63
Personal Care Products	36,284		1.27		2.48		57,451		1.90		3.86
Construction Machinery & Heavy Transportation Equipment	33,311		1.17		2.27		26,486		0.88		1.78
Electrical Components & Equipment	33,290		1.17		2.27		32,246		1.07		2.17
Packaged Foods & Meats	32,778		1.15		2.24		19,846		0.66		1.33
Health Care Supplies	30,295		1.06		2.07		14,218		0.47		0.96
Research & Consulting Services	29,943		1.05		2.04		—		—		—
Drug Retail	29,698		1.04		2.03		—		—		—
Building Products	29,137		1.02		1.99		—		—		—
Construction & Engineering	28,766		1.01		1.96		31,063		1.03		2.09
Cable & Satellite	27,431		0.96		1.87		—		—		—
Insurance Brokers	26,766		0.94		1.83		19,221		0.64		1.29
Office Services & Supplies	26,753		0.94		1.83		38,149		1.26		2.56
Health Care Distributors	26,425		0.93		1.80		58,906		1.95		3.96
Data Processing & Outsourced Services	26,134		0.92		1.78		73,673		2.44		4.95
Industrial Machinery & Supplies & Components	24,957		0.88		1.70		84,977		2.81		5.71
Movies & Entertainment	24,051		0.84		1.64		30,863		1.02		2.07
Diversified Chemicals	22,772		0.80		1.55		—		—		—
Broadline Retail	21,513		0.76		1.47		22,554		0.75		1.52
Hotels, Resorts & Cruise Lines	20,023		0.70		1.37		20,342		0.67		1.37
Property & Casualty Insurance	19,933		0.70		1.36		—		—		—
Real Estate Services	19,347		0.68		1.32		54,197		1.79		3.64
Education Services	18,742		0.66		1.28		8,263		0.27		0.56
Gold	18,665		0.66		1.27		25,054		0.83		1.68
Alternative Carriers	18,204		0.64		1.24		—		—		—
Apparel Retail	16,600		0.58		1.13		18,017		0.60		1.21
Air Freight & Logistics	16,411		0.58		1.12		—		—		—
Real Estate Development	16,098		0.57		1.10		38,237		1.27		2.57
Oil & Gas Storage & Transportation	14,137		0.50		0.96		15,604		0.52		1.05
Metal, Glass & Plastic Containers	11,709		0.41		0.80		47,191		1.56		3.17
Advertising	11,538		0.41		0.79		11,515		0.38		0.77
Paper & Plastic Packaging Products & Materials	10,273		0.36		0.70		18,307		0.61		1.23
Financial Exchanges & Data	8,066		0.28		0.55		8,065		0.27		0.54
Distributors	3,134		0.11		0.21		2,220		0.07		0.15
Home Improvement Retail	2,528		0.09		0.17		48,775		1.61		3.28
Home Furnishings	2,463		0.09		0.17		9,376		0.31		0.63
Housewares & Specialties	2,354		0.08		0.16		2,546		0.08		0.17
Fertilizers & Agricultural Chemicals	—		—		—		54,668		1.81		3.67
Diversified Metals & Mining	—		—		—		50,419		1.67		3.39
Other Specialty Retail	—		—		—		39,660		1.31		2.67
Leisure Facilities	—		—		—		37,544		1.24		2.52
Passenger Airlines	—		—		—		26,556		0.88		1.78
Wireless Telecommunication Services	—		—		—		24,311		0.80		1.63
Specialty Chemicals	—		—		—		19,431		0.64		1.31
Food Distributors	—		—		—		15,484		0.51		1.04
Integrated Telecommunication Services	—		—		—		1,657		0.05		0.11
Total	$	2,847,782	100.00	%	194.28	%	$	3,021,279	100.00	%	203.07	%

___________________

(1)This industry includes the Company's investments in the JVs and CLOs.

SLF JV I Portfolio as of September 30, 2025


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00%	9.16%		10/31/2031		$	8,181	$	7,879	$	8,008
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.00%	8.03%		8/18/2030		10,390		10,326		10,434
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	10.76%	1.00%	7/1/2026		908		907		881		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	10.76%	1.00%	7/1/2026		5,398		5,385		5,237		(4)
Albaugh LLC	Fertilizers & Agricultural Chemicals	First Lien Term Loan	SOFR+	3.75%	7.91%		4/6/2029		1,990		1,987		1,994
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50%	6.50%	8.00%	3/1/2029		1,412		1,410		1,412		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.50%		5/28/2032		5,175		5,136		5,227
Arches Buyer Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	3.35%	7.51%		12/6/2027		2,992		2,971		3,000
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.50%		2/15/2031		7,881		7,822		7,076
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		2,527		2,500		1,011		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		4,037		3,787		—		(4)(5)
Astro Acquisition LLC	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	3.25%	7.12%		8/30/2032		4,380		4,369		4,405
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.26%		8/19/2028		7,696		7,552		7,720
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.51%		8/19/2028		1,950		1,888		1,958		(4)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00%	10.10%		12/24/2026		6,681		6,653		6,681		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		1,722		1,711		1,508		(4)(5)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		6,193		6,136		5,425		(4)(5)
Bausch + Lomb Corp.	Health Care Supplies	First Lien Term Loan	SOFR+	4.25%	8.41%		12/18/2030		8,705		8,599		8,721
Blackhawk Network Holdings Inc	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	4.00%	8.16%		3/12/2029		7,940		7,940		7,980
Boots Group Finco LP	Food Retail	First Lien Term Loan	SOFR+	3.50%	7.70%		8/29/2032		4,000		4,020		4,016
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.20%		7/30/2031		7,960		7,944		7,956
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,323		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		1,994		1,946		1,031		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		2,358		2,319		1,219		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%			8/10/2027		600		583		310		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%			8/10/2027		13		13		7		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		1,964		1,932		1,015		(5)
CFC Group (CFC USA 2025 LLC)	Insurance Brokers	First Lien Term Loan	SOFR+	3.75%	8.04%		7/1/2032		5,848		5,790		5,599
Clear Channel Outdoor Holdings Inc.	Advertising	First Lien Term Loan	SOFR+	4.00%	8.28%		8/21/2028		5,479		5,490		5,495


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Cloud Software Group Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.25%		3/24/2031		$	2,488	$	2,488	$	2,500
Connect Finco S.À.R.L.	Alternative Carriers	First Lien Term Loan	SOFR+	4.50%	8.66%		9/27/2029		5,486		5,413		5,427
Delek US Holdings Inc.	Oil & Gas Refining & Marketing	First Lien Term Loan	SOFR+	3.50%	7.76%		11/19/2029		3,740		3,738		3,739
DG Investment Intermediate Holdings 2 Inc.	Security & Alarm Services	First Lien Term Loan	SOFR+	3.75%	7.91%		7/9/2032		4,000		4,005		4,018
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.82%		8/2/2029		7,870		7,779		7,893
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.16%		4/26/2029		8,961		8,871		8,009		(4)
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.29%		8/29/2031		5,423		5,348		5,274		(4)
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	8.04%		9/15/2032		1,995		1,983		1,989
Flora Food Management US Corp.	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.75%	8.03%		1/3/2028		1,990		1,945		1,924
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	2.50%	6.65%		7/1/2031		6,948		6,917		6,963
Global Medical Response Inc.	Health Care Services	First Lien Term Loan	SOFR+	3.50%	7.63%		9/20/2032		1,995		1,999		1,998
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.51%		4/9/2029		7,760		7,642		6,974		(4)
Howden Group Holdings Ltd	Insurance Brokers	First Lien Term Loan	SOFR+	3.50%	7.66%		4/18/2030		2,990		3,004		2,993
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	3.75%	7.92%		2/15/2029		8,777		8,731		8,811
Inmar Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.66%		10/30/2031		4,963		4,974		4,964
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.01%		3/25/2027		8,000		7,939		7,330
IVCE US LLC,	Health Care Facilities	First Lien Term Loan	SOFR+	3.75%	7.75%		12/12/2028		4,962		4,984		4,988
KDC/ONE Development Corp Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.50%	7.66%		8/15/2028		8,868		8,709		8,899
KnowBe4 Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75%	8.07%		7/23/2032		3,999		4,028		4,008
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.26%		10/30/2028		5,240		5,141		4,318		(4)
Lsf12 Crown US Commercial Bidco LLC	Building Products	First Lien Term Loan	SOFR+	3.50%	7.66%		12/2/2031		4,950		4,902		4,963
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	3.75%	7.91%		7/29/2029		9,900		9,802		10,001
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.06%		8/25/2031		9,368		9,089		9,316		(4)
MajorDrive Holdings IV, LLC	Automobile Manufacturers	First Lien Term Loan	SOFR+	4.00%	8.26%		6/1/2028		1,990		1,940		1,946
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.22%		3/1/2029		7,831		7,651		7,503		(4)
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.41%		6/17/2031		7,920		7,873		7,922
Nexus Buyer LLC	Specialized Finance	First Lien Term Loan	SOFR+	4.00%	8.16%		7/31/2031		3,900		3,905		3,905
Olaplex Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.75%	7.80%		2/23/2029		3,900		3,803		3,811
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.01%		2/1/2028		780		779		660
Performance Health Holdings Inc	Health Care Distributors	First Lien Term Loan	SOFR+	3.75%	7.62%		3/19/2032		7,980		7,900		7,840
Petco Health & Wellness Co Inc.	Other Specialty Retail	First Lien Term Loan	SOFR+	3.25%	7.51%		3/3/2028		3,900		3,827		3,808
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	4.00%	8.14%		8/1/2032		7,867		7,806		7,759
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.20%	1.5%	8/22/2029		1,043		1,043		1,043		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.7%	8/22/2029		1,745		1,745		1,745		(4)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Pluralsight, LLC	Application Software	Common Stock									$	1,719	$	958	(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.16%		4/5/2030		$	10,326	10,217		8,976		(4)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.00%	7.20%		1/31/2029		2,940		2,940		2,947
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.75%		12/16/2028		3,970		3,962		3,987
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.78%		6/30/2029		928		894		896
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.78%		6/30/2029		2,608		2,608		2,467
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	6.43%	5.00%	6/30/2029		1,528		1,528		1,360
SHO Holding I Corporation	Footwear	Common Stock									4,295		2,611
Skopima Consilio Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.75%	7.91%		5/12/2028		5,466		5,428		4,658
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.05%		9/4/2029		4,217		4,090		4,010		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.00%		9/27/2030		7,880		7,762		7,890		(4)
StubHub Holdco Sub LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.75%	8.91%		3/15/2030		1,209		1,174		1,202
Tecta America Corp	Construction & Engineering	First Lien Term Loan	SOFR+	3.00%	7.16%		2/18/2032		4,988		4,999		5,012
TMS International Corp	Diversified Support Services	First Lien Term Loan	SOFR+	3.50%	7.81%		3/2/2030		4,977		4,994		4,980
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75%	7.75%		9/15/2028		7,425		7,425		7,305
Trugreen LP	Environmental & Facilities Services	First Lien Term Loan	SOFR+	4.00%	8.26%		11/2/2027		3,890		3,827		3,827
US Renal Care Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.28%		6/20/2028		1,990		1,934		1,905
Verde Purchaser, LLC	Trading Companies & Distributors	First Lien Term Loan	SOFR+	4.00%	8.00%		11/30/2030		4,975		4,992		4,932
ViaSat Inc.	Communications Equipment	First Lien Term Loan	SOFR+	4.50%	8.75%		5/30/2030		5,481		5,442		5,407
Weber-Stephen Products LLC	Household Appliances	First Lien Term Loan	SOFR+	3.75%	7.97%		10/1/2032		3,900		3,861		3,865
Wilsonart LLC	Building Products	First Lien Term Loan	SOFR+	4.25%	8.25%		8/5/2031		5,500		5,406		5,334
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50%	10.96%		10/26/2029		1,995		1,950		1,960		(4)
Zodiac Purchaser LLC	Systems Software	First Lien Term Loan	SOFR+	3.50%	7.66%		2/14/2032		1,995		1,993		1,985
Total Portfolio Investments									$	394,091	$	403,332	$	384,364

_______

(1) Represents the interest rate as of September 30, 2025. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2025, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.13%, the 90-day SOFR at 3.98% and the 180-day SOFR at 3.85%. Most loans include an interest floor, which generally ranges from 0% to 3%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(3) Represents the current determination of fair value as of September 30, 2025 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.

(4) This investment was held by both the Company and SLF JV I as of September 30, 2025.

(5) This investment was on non-accrual status as of September 30, 2025.

SLF JV I Portfolio as of September 30, 2024


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.25%		8/18/2028		$	10,495	$	10,404	$	10,553	(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	11.37%		12/18/2025		1,026		1,019		985		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	11.37%		12/18/2025		6,072		6,038		5,829		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	12.45%		6/30/2025		8,329		8,304		7,663		(4)
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	9.10%		2/15/2031		7,961		7,902		7,781
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	11.52%		12/29/2027		4,092		4,048		3,896		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	11.29%		12/29/2027		290		284		266		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.35%		2/25/2028		2,546		2,517		2,111		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		4,037		3,877		1,161		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	8.95%		8/19/2028		7,775		7,589		7,660
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	9.20%		8/19/2028		1,970		1,886		1,944
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	8.10%		2/15/2029		9,034		8,790		8,992
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	7.00%	7.70%	4.00%	12/24/2026		6,548		6,430		6,351		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.87%		6/11/2027		1,735		1,724		1,633		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.87%		6/11/2027		6,242		6,183		5,875		(4)
Bausch + Lomb Corporation	Health Care Supplies	First Lien Term Loan	SOFR+	3.25%	8.27%		5/10/2027		9,173		9,017		9,151
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75%	9.01%		7/30/2031		8,000		7,983		7,994
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,683		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%	11.16%		8/10/2027		2,348		2,325		1,751
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%	12.27%		8/10/2027		1,976		1,955		1,474
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%	11.16%		8/10/2027		1,955		1,936		1,458
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%	11.50%		8/10/2027		600		594		447		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%	12.02%		8/10/2027		2		2		1
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	8.60%		3/30/2029		8,153		7,621		8,129
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	9.60%		10/13/2029		7,765		7,428		7,381		(4)
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00%	9.25%		1/30/2031		7,980		7,900		8,039
Curium Bidco S.à.r.l.	Pharmaceuticals	First Lien Term Loan	SOFR+	4.00%	8.60%		7/31/2029		8,643		8,559		8,684
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	10.21%		8/2/2029		6,711		6,635		6,618
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	9.60%		4/26/2029		9,029		8,913		9,076
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	9.55%		4/2/2029		1,179		1,177		1,121
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	10.06%		8/29/2031		4,208		4,149		4,182		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	3.50%	8.76%		7/1/2031		7,000		6,965		7,061
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	10.20%		4/9/2029		7,840		7,687		7,646		(4)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	5.00%	10.33%		2/15/2029		$	5,089	$	5,028	$	5,071
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25%	10.21%		6/30/2026		7,256		7,205		7,247
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.62%		3/25/2027		8,500		8,392		7,140		(4)
KDC/ONE Development Corp Inc	Personal Care Products	First Lien Term Loan	SOFR+	4.50%	9.36%		8/15/2028		8,890		8,675		8,908
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.95%		10/29/2028		7,896		7,682		7,734		(4)
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.00%	9.96%		5/9/2026		29		29		28		(4)
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.75%	9.60%		7/29/2029		10,000		9,876		9,848
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.85%		8/25/2031		10,000		9,652		9,625
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.25%	8.45%		3/1/2029		7,890		7,656		7,872
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	8.10%		6/17/2031		8,000		7,953		7,892
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.70%		2/1/2028		1,978		1,977		1,909
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75%	8.70%		2/11/2028		7,948		7,871		7,893
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		12.62%	8/22/2029		1,544		1,544		1,544		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.12%	1.50%	8/22/2029		1,030		1,030		1,030		(4)
Pluralsight, LLC	Application Software	Common Stock						514,789			1,719		1,719		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.25%	9.10%		4/5/2030		8,920		8,793		8,927
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.50%	8.76%		3/16/2027		2,963		2,963		2,966
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00%	8.85%		2/12/2031		6,983		6,913		6,996
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	11.82%		6/30/2029		938		893		919
SHO Holding I Corporation	Footwear	First Lien Term Loan		6.50%	11.82%		6/30/2029		2,634		2,634		2,529
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	12.32%		6/30/2029		1,451		1,451		1,306
SHO Holding I Corporation	Footwear	Common Stock						2,746			4,295		3,145
SM Wellness Holdings, Inc.	Health Care Services	First Lien Term Loan	SOFR+	4.50%	10.01%		4/17/2028		2,947		2,640		2,888		(4)
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	3.75%	8.00%		10/5/2027		8,601		8,563		8,628
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.69%		9/4/2029		5,349		5,147		4,873		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	3.75%	8.35%		9/27/2030		7,960		7,841		7,757
SupplyOne, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25%	9.10%		4/19/2031		4,478		4,433		4,496
Swissport Stratosphere USA LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	4.25%	9.57%		4/4/2031		5,486		5,459		5,512
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00%	10.95%		12/29/2028		7,139		7,052		6,996		(4)
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00%	8.60%		9/15/2028		7,481		7,481		7,502
Total Portfolio Investments									$	330,094	$	337,882	$	329,496

______

(1) Represents the interest rate as of September 30, 2024. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.85% and the 90-day SOFR at 4.59%. Most loans include an interest floor, which generally ranges from 0% to 2%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(3) Represents the current determination of fair value as of September 30, 2024 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.

(4) This investment was held by both the Company and SLF JV I as of September 30, 2024.

(5) Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.

(6) This investment was on non-accrual status as of September 30, 2024.

Glick JV Portfolio as of September 30, 2025


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.00%	8.03%		8/18/2030		$	1,960	$	1,937	$	1,968
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	10.76%	1.00%	7/1/2026		454		453		440		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	10.76%	1.00%	7/1/2026		2,987		2,977		2,897		(4)
Albaugh LLC	Fertilizers & Agricultural Chemicals	First Lien Term Loan	SOFR+	3.75%	7.91%		4/6/2029		1,501		1,499		1,504
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50%	6.50%	8.00%	3/1/2029		1,000		999		1,000		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.50%		5/28/2032		1,725		1,712		1,742
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.50%		2/15/2031		3,450		3,424		3,097
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		1,039		1,028		416		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		1,661		1,581		—		(4)(5)
Astro Acquisition LLC	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	3.25%	7.12%		8/30/2032		1,620		1,616		1,629
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.26%		8/19/2028		3,117		3,058		3,127
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.51%		8/19/2028		975		944		979		(4)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00%	10.10%		12/24/2026		3,854		3,838		3,854		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		785		781		688		(4)(5)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		3,303		3,272		2,893		(4)(5)
Bausch + Lomb Corp.	Health Care Supplies	First Lien Term Loan	SOFR+	4.25%	8.41%		12/18/2030		3,529		3,487		3,535
Boots Group Finco LP	Food Retail	First Lien Term Loan	SOFR+	3.50%	7.70%		8/29/2032		1,500		1,508		1,506
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.20%		7/30/2031		2,985		2,978		2,984
CFC Group (CFC USA 2025 LLC)	Insurance Brokers	First Lien Term Loan	SOFR+	3.75%	8.04%		7/1/2032		2,152		2,130		2,061
Clear Channel Outdoor Holdings Inc.	Advertising	First Lien Term Loan	SOFR+	4.00%	8.28%		8/21/2028		1,469		1,475		1,474
Cloud Software Group Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.25%		3/24/2031		1,194		1,194		1,200
Connect Finco S.À.R.L.	Alternative Carriers	First Lien Term Loan	SOFR+	4.50%	8.66%		9/27/2029		1,995		1,977		1,974
DG Investment Intermediate Holdings 2 Inc.	Security & Alarm Services	First Lien Term Loan	SOFR+	3.75%	7.91%		7/9/2032		1,500		1,511		1,507
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.82%		8/2/2029		4,132		4,113		4,144


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.16%		4/26/2029		$	3,508	$	3,473	$	3,135	(4)
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.29%		8/29/2031		2,015		1,985		1,959		(4)
Finastra USA, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	8.04%		9/15/2032		1,505		1,496		1,500
Flora Food Management US Corp.	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.75%	8.03%		1/3/2028		1,501		1,467		1,452
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	2.50%	6.65%		7/1/2031		2,978		2,964		2,984
Global Medical Response Inc.	Health Care Services	First Lien Term Loan	SOFR+	3.50%	7.63%		9/20/2032		1,505		1,508		1,507
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.51%		4/9/2029		3,880		3,821		3,487		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	3.75%	7.92%		2/15/2029		4,305		4,277		4,321
Inmar Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.66%		10/30/2031		1,985		1,990		1,986
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.01%		3/25/2027		2,000		1,985		1,833		(4)
KDC/ONE Development Corp Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.50%	7.66%		8/15/2028		3,542		3,471		3,555
KnowBe4 Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75%	8.07%		7/23/2032		1,501		1,513		1,505
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.26%		10/30/2028		1,982		1,930		1,633		(4)
Lsf12 Crown US Commercial Bidco LLC	Building Products	First Lien Term Loan	SOFR+	3.50%	7.66%		12/2/2031		1,210		1,198		1,213
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	3.75%	7.91%		7/29/2029		3,960		3,921		4,000
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.06%		8/25/2031		3,747		3,635		3,727		(4)
MajorDrive Holdings IV, LLC	Automobile Manufacturers	First Lien Term Loan	SOFR+	4.00%	8.26%		6/1/2028		1,501		1,464		1,468
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.22%		3/1/2029		1,985		1,983		1,902		(4)
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.41%		6/17/2031		3,465		3,445		3,466
Olaplex Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.75%	7.80%		2/23/2029		750		731		733
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.01%		2/1/2028		389		389		329
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	4.00%	8.14%		8/1/2032		2,949		2,921		2,908
Pluralsight, LLC	Application Software	Common Stock						330,904			1,105		616		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.20%	1.50%	8/22/2029		670		670		670		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.70%	8/22/2029		1,122		1,122		1,122		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.16%		4/5/2030		2,449		2,443		2,129		(4)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.00%	7.20%		1/31/2029		1,470		1,470		1,473
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.78%		6/30/2029		690		664		666
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.78%		6/30/2029		1,938		1,938		1,833
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	6.43%	5.00%	6/30/2029		1,135		1,135		1,011
SHO Holding I Corporation	Footwear	Common Stock						2,041			3,194		1,940
Skopima Consilio Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.75%	7.91%		5/12/2028		1,995		1,973		1,700
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.05%		9/4/2029		1,514		1,468		1,439		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.00%		9/27/2030		3,940		3,881		3,945		(4)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
StubHub Holdco Sub LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.75%	8.91%		3/15/2030		$	912	$	886	$	907
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75%	7.75%		9/15/2028		2,475		2,475		2,435
Trugreen LP	Environmental & Facilities Services	First Lien Term Loan	SOFR+	4.00%	8.26%		11/2/2027		748		736		736
US Renal Care Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.28%		6/20/2028		1,501		1,459		1,437
Viasat Inc.	Communications Equipment	First Lien Term Loan	SOFR+	4.50%	8.75%		5/30/2030		2,000		1,983		1,973
Wilsonart LLC	Building Products	First Lien Term Loan	SOFR+	4.25%	8.25%		8/5/2031		2,000		1,980		1,940
X Holdings Corp.	Interactive Media & Services	First Lien Term Loan	SOFR+	6.50%	10.96%		10/26/2029		1,995		1,939		1,960		(4)
Zodiac Purchaser LLC	Systems Software	First Lien Term Loan	SOFR+	3.50%	7.66%		2/14/2032		1,505		1,503		1,497
Total Portfolio Investments									$	132,109	$	135,083	$	128,651

__________

(1) Represents the interest rate as of September 30, 2025. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2025, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 4.13%, the 90-day SOFR at 3.98% and the 180-day SOFR at 3.85%. Most loans include an interest floor, which generally ranges from 0% to 3%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(4) This investment was held by both the Company and the Glick JV as of September 30, 2025.

(5) This investment was on non-accrual status as of September 30, 2025.

Glick JV Portfolio as of September 30, 2024


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.25%		8/18/2028	$	1,980	$	1,948	$	1,991	(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	11.37%		12/18/2025	3,359		3,341		3,225		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	11.37%		12/18/2025	513		510		493		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	12.45%		6/30/2025	5,897		5,880		5,426		(4)
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	9.10%		2/15/2031	3,485		3,459		3,406
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	11.52%		12/29/2027	1,699		1,681		1,617		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	11.29%		12/29/2027	120		118		110		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%	11.35%		2/25/2028	1,047		1,035		868		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028	1,661		1,619		477		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	8.95%		8/19/2028	3,149		3,073		3,102
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	9.20%		8/19/2028	985		943		972
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	8.10%		2/15/2029	2,942		2,850		2,929
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	7.00%	7.70%	4.00%	12/24/2026	3,778		3,710		3,664		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.87%		6/11/2027	3,328		3,298		3,133		(4)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.87%		6/11/2027	$	792	$	787	$	745	(4)
Bausch + Lomb Corporation	Health Care Supplies	First Lien Term Loan	SOFR+	3.25%	8.27%		5/10/2027	3,718		3,657		3,710
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75%	9.01%		7/30/2031	3,000		2,993		2,998
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	8.60%		3/30/2029	2,621		2,456		2,613
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	9.60%		10/13/2029	2,570		2,446		2,443		(4)
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00%	9.25%		1/30/2031	2,993		2,963		3,015
Curium Bidco S.à.r.l.	Pharmaceuticals	First Lien Term Loan	SOFR+	4.00%	8.60%		7/31/2029	2,813		2,792		2,826
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	10.21%		8/2/2029	2,957		2,932		2,916
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	9.60%		4/26/2029	3,534		3,488		3,553
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.85%		4/2/2029	392		387		373
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	10.06%		8/29/2031	1,025		1,011		1,019		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	3.50%	8.76%		7/1/2031	3,000		2,985		3,026
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	10.20%		4/9/2029	3,920		3,843		3,823		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	5.00%	10.33%		2/15/2029	3,125		3,088		3,114
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25%	10.21%		6/30/2026	3,870		3,842		3,865
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.62%		3/25/2027	2,125		2,098		1,785		(4)
KDC US Holdings, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	4.50%	9.36%		8/15/2028	3,551		3,454		3,558
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.95%		10/29/2028	2,987		2,899		2,926		(4)
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.75%	9.60%		7/29/2029	4,000		3,950		3,939
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.85%		8/25/2031	4,000		3,861		3,850
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	8.10%		6/17/2031	3,500		3,480		3,453
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.70%		2/1/2028	990		989		954
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75%	8.70%		2/11/2028	2,980		2,944		2,959
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	8.12%	1.50%	8/22/2029	662		662		662		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		12.62%	8/22/2029	993		993		993		(4)
Pluralsight, LLC	Application Software	Common Equity & Warrants								1,105		1,105		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.25%	9.10%		4/5/2030	1,985		1,980		1,986
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.50%	8.76%		3/16/2027	1,480		1,481		1,483
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00%	8.85%		2/12/2031	2,993		2,963		2,998
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	11.82%		6/30/2029	697		664		683
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	11.82%		6/30/2029	1,957		1,957		1,879
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	12.32%		6/30/2029	1,078		1,078		970
SHO Holding I Corporation	Footwear	Common Equity & Warrants								3,194		2,337
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	3.75%	8.00%		10/5/2027	3,266		3,250		3,277
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.69%		9/4/2029	1,918		1,846		1,748		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	3.75%	8.35%		9/27/2030	3,980		3,920		3,878


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
SupplyOne, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.25%	9.10%		4/19/2031	$	1,493	$	1,478	$	1,499
Swissport Stratosphere USA LLC	Air Freight & Logistics	First Lien Term Loan	SOFR+	4.25%	9.57%		4/4/2031	1,995		1,985		2,004
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00%	10.95%		12/29/2028	8		7		7		(4)
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00%	8.60%		9/15/2028	2,494		2,494		2,502
Total Portfolio Investments								$	125,405	$	127,867	$	124,887

__________

(1) Represents the interest rate as of September 30, 2024. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 4.85% and the 90-day SOFR at 4.59%. Most loans include an interest floor, which generally ranges from 0% to 2%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(4) This investment was held by both the Company and the Glick JV as of September 30, 2024.

(6) This investment was on non-accrual status as of September 30, 2024.

Schedule of Financial Instruments Carried at Fair Value

The following table presents the financial instruments carried at fair value as of September 30, 2025 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Measured at Net Asset Value (a)		Total
Investments in debt securities (senior secured)	$	—	$	338,232	$	2,107,306	$	—	$	2,445,538
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)	—		18,039		231,137		—		249,176
Investments in equity securities (preferred)	—		—		72,122		—		72,122
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	696		1,491		66,813		11,946		80,946
Total investments at fair value	696		357,762		2,477,378		11,946		2,847,782
Cash equivalents	6,608		—		—		—		6,608
Derivative assets	—		8,713		—		—		8,713
Total assets at fair value	$	7,304	$	366,475	$	2,477,378	$	11,946	$	2,863,103
Derivative liabilities	$	—	$	7,329	$	—	$	—	$	7,329
Total liabilities at fair value	$	—	$	7,329	$	—	$	—	$	7,329

__________

(a)In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:


	Level 1		Level 2		Level 3		Measured at Net Asset Value (a)		Total
Investments in debt securities (senior secured)	$	—	$	254,627	$	2,320,310	$	—	$	2,574,937
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)	—		16,127		255,346		—		271,473
Investments in equity securities (preferred)	—		—		66,320		—		66,320
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	1,422		2,830		81,756		22,541		108,549
Total investments at fair value	1,422		273,584		2,723,732		22,541		3,021,279
Cash equivalents	34,597		—		—		—		34,597
Total assets at fair value	$	36,019	$	273,584	$	2,723,732	$	22,541	$	3,055,876
Derivative liabilities	$	—	$	16,843	$	—	$	—	$	16,843
Total liabilities at fair value	$	—	$	16,843	$	—	$	—	$	16,843

__________

Schedule of Roll-Forward in the Changes in Fair Value

The following table provides a roll-forward in the changes in fair value from September 30, 2024 to September 30, 2025 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,320,310	$	255,346	$	66,320	$	81,756	$	2,723,732
Purchases	712,463		3,583		109		24		716,179
Sales and repayments	(798,294)		(26,655)		(1,151)		(12,790)		(838,890)
Transfers in (a)(c)	6,555		—		1,056		9,670		17,281
Transfers out (b)(c)	(84,709)		—		—		(585)		(85,294)
Capitalized PIK interest income	16,627		2,826		—		—		19,453
Accretion of OID	12,998		2,233		—		—		15,231
Net unrealized appreciation (depreciation)	(62,238)		(6,201)		5,547		(19,875)		(82,767)
Net realized gains (losses)	(16,406)		5		241		8,613		(7,547)
Fair value as of September 30, 2025	$	2,107,306	$	231,137	$	72,122	$	66,813	$	2,477,378
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2025	$	(89,798)	$	(6,147)	$	5,749	$	(21,168)	$	(111,364)

__________

(a) There were $6.6 million of transfers into Level 3 from Level 2 for investments during the year ended September 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were $43.5 million of transfers out of Level 3 to Level 2 for investments during the year ended September 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(c) There were investment restructurings during the year ended September 30, 2025 in which (1) $30.9 million of Level 3 senior secured debt was exchanged for Level 2 senior secured debt, (2) $0.6 million of Level 3 senior secured debt was exchanged for Level 3 preferred equity, (3) $9.7 million of Level 3 senior secured debt was exchanged for Level 3 common equity, (4) $0.4 million of Level 3 common equity was exchanged for Level 3 preferred equity and (5) $0.2 million of Level 3 common equity was exchanged for Level 1 common equity.

The following table provides a roll-forward in the changes in fair value from September 30, 2023 to September 30, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2023	$	2,292,691	$	189,724	$	86,057	$	51,440	$	2,619,912
Purchases	838,357		71,788		7,578		1,749		919,472
Sales and repayments	(732,739)		(5,019)		(205)		(860)		(738,823)
Transfers in (a)(c)	43,451		—		—		63,952		107,403
Transfers out (b)(c)	(97,840)		(4,657)		(1,159)		(283)		(103,939)
Capitalized PIK interest income	22,624		2,339		—		—		24,963
Accretion of OID	12,756		1,418		—		—		14,174
Net unrealized appreciation (depreciation)	43,104		(293)		11,642		(32,516)		21,937
Net realized gains (losses)	(102,094)		46		(37,593)		(1,726)		(141,367)
Fair value as of September 30, 2024	$	2,320,310	$	255,346	$	66,320	$	81,756	$	2,723,732
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2024	$	(5,669)	$	(873)	$	5,704	$	(35,621)	$	(36,459)

__________

(a) There were $38.8 million of transfers into Level 3 from Level 2 for investments during the year ended September 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were $35.0 million of transfers out of Level 3 to Level 2 for investments during the year ended September 30, 2024

as a result of a change in the number of market quotes available and/or a change in market liquidity.

Level 3 senior secured debt was exchanged for Level 3 common equity, (2) $4.7 million of Level 3 subordinated debt was exchanged for Level 3 senior secured debt, (3) $1.2 million of Level 3 preferred equity was exchanged for Level 3 common equity and (4) $0.3 million of Level 3 common stock was converted to Level 1 common stock.

Schedule of Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2025:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

1,997,472

Market Yield

(b)

7.0%

36.0%

10.7%

51,483

Enterprise Value

Revenue Multiple

(c)

0.7x

5.5x

2.7x

11,414

Enterprise Value

EBITDA Multiple

(c)

0.4x

7.3x

3.4x

46,937

Transaction Precedent

Transaction Price

(d)

N/A

Subordinated Debt

72,421

Market Yield

(b)

5.0%

12.0%

8.7%

Debt Investments in the JVs

158,716

Enterprise Value

N/A

(e)

N/A

Preferred & Common Equity

58,219

Enterprise Value

Revenue Multiple

(c)

0.3x

5.5x

0.5x

72,013

Enterprise Value

EBITDA Multiple

(c)

2.3x

14.3x

10.3x

1,496

Enterprise Value

Asset Multiple

(c)

1.4x

1.6x

1.5x

7,207

Transaction Precedent

Transaction Price

(d)

N/A

Total

2,477,378

__________

(a)Weighted averages are calculated based on fair value of investments.

(b)Used when market participants would take into account market yield when pricing the investment.

(c)Used when market participants would use such multiples when pricing the investment.

(d)Used when there is an observable transaction or pending event for the investment.

(e)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2024:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

2,044,221

Market Yield

(b)

5.7%

31.0%

12.0%

52,857

Enterprise Value

Revenue Multiple

(c)

2.0x

5.5x

3.7x

26,927

Enterprise Value

EBITDA Multiple

(c)

4.5x

7.5x

5.7x

33,272

Transaction Precedent

Transaction Price

(d)

N/A

163,033

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated Debt

93,794

Market Yield

(b)

5.0%

45.0%

10.1%

Debt Investments in the JVs

161,552

Enterprise Value

N/A

(f)

N/A

Preferred & Common Equity

80,720

Enterprise Value

Revenue Multiple

(c)

0.3x

7.2x

2.0x

66,106

Enterprise Value

EBITDA Multiple

(c)

2.9x

15.0x

10.2x

1,250

Enterprise Value

Asset Multiple

(c)

1.0x

1.4x

Total

2,723,732

__________

(a)Weighted averages are calculated based on fair value of investments.

(b)Used when market participants would take into account market yield when pricing the investment.

(c)Used when market participants would use such multiples when pricing the investment.

(d)Used when there is an observable transaction or pending event for the investment.

(e)Oaktree generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.

(f)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2025 and the level of each financial liability within the fair value hierarchy:


	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	545,000	$	545,000	$	—	$	—	$	545,000
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	336,601		339,763		—		339,763		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	300,460		314,520		—		314,520		—
2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	304,819		301,128		—		301,128		—
Total	$	1,486,880	$	1,500,411	$	—	$	955,411	$	545,000

The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2024 and the level of each financial liability within the fair value hierarchy:


	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	430,000	$	430,000	$	—	$	—	$	430,000
OSI2 Citibank Facility payable	280,000		280,000		—		—		280,000
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount)	299,492		298,146		—		298,146		—
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	327,612		327,723		—		327,723		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	301,589		312,264		—		312,264		—
Total	$	1,638,693	$	1,648,133	$	—	$	938,133	$	710,000

Schedule of Portfolio Composition

Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables:


	September 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Senior secured debt	$	2,555,861	83.11	%	$	2,615,066	83.14	%
Debt investments in the JVs	165,779		5.39	%	164,324		5.23	%
Common equity and warrants	139,256		4.53	%	134,452		4.28	%
Subordinated debt	90,962		2.96	%	108,068		3.44	%
Preferred equity	68,473		2.23	%	68,218		2.17	%
LLC equity interests of the JVs	54,791		1.78	%	54,791		1.74	%
Total	$	3,075,122	100.00	%	$	3,144,919	100.00	%


	September 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured debt	$	2,445,538	85.88	%	166.84	%	$	2,574,937	85.21	%	173.06	%
Debt investments in the JVs	158,716		5.57	%	10.83	%	161,552		5.35	%	10.86	%
Subordinated debt	90,460		3.18	%	6.17	%	109,921		3.64	%	7.39	%
Preferred equity	72,122		2.53	%	4.92	%	66,320		2.20	%	4.46	%
Common equity and warrants	69,000		2.42	%	4.71	%	86,008		2.85	%	5.78	%
LLC equity interests of the JVs	11,946		0.42	%	0.81	%	22,541		0.75	%	1.52	%
Total	$	2,847,782	100.00	%	194.28	%	$	3,021,279	100.00	%	203.07	%

The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the composition of the Company's portfolio by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:


	September 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Northeast	$	1,072,606	34.88	%	$	1,033,467	32.86	%
Midwest	490,842		15.96	%	397,640		12.64	%
Southeast	479,013		15.58	%	464,992		14.79	%
International	339,829		11.05	%	343,033		10.91	%
West	284,586		9.25	%	320,407		10.19	%
Southwest	234,192		7.62	%	285,648		9.08	%
South	164,434		5.35	%	241,098		7.67	%
Northwest	9,620		0.31	%	58,634		1.86	%
Total	$	3,075,122	100.00	%	$	3,144,919	100.00	%


	September 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	949,839	33.35	%	64.80	%	$	965,469	31.94	%	64.89	%
Midwest	479,452		16.84	%	32.71	%	390,607		12.93	%	26.25	%
Southeast	385,283		13.53	%	26.28	%	419,669		13.89	%	28.21	%
International	354,855		12.46	%	24.21	%	354,662		11.74	%	23.84	%
West	283,930		9.97	%	19.37	%	314,994		10.43	%	21.17	%
Southwest	221,920		7.79	%	15.14	%	279,653		9.26	%	18.80	%
South	162,946		5.72	%	11.12	%	237,634		7.87	%	15.97	%
Northwest	9,557		0.34	%	0.65	%	58,591		1.94	%	3.94	%
Total	$	2,847,782	100.00	%	194.28	%	$	3,021,279	100.00	%	203.07	%

Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of September 30, 2025 and September 30, 2024:


	September 30, 2025	September 30, 2024
Senior secured loans (1)	$394,091	$330,094
Weighted average interest rate on senior secured loans (2)	8.09%	9.56%
Number of borrowers in SLF JV I	72	48
Largest exposure to a single borrower (1)	$10,390	$10,495
Total of five largest loan exposures to borrowers (1)	$49,629	$49,413

__________

(1) At principal amount.

(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.

Below is a summary of the Glick JV's portfolio, followed by a listing of the individual loans in the Glick JV's portfolio as of September 30, 2025 and September 30, 2024:


	September 30, 2025	September 30, 2024
Senior secured loans (1)	$132,109	$125,405
Weighted average current interest rate on senior secured loans (2)	8.32%	9.65%
Number of borrowers in the Glick JV	57	44
Largest loan exposure to a single borrower (1)	$4,305	$5,898
Total of five largest loan exposures to borrowers (1)	$20,577	$22,152

__________

(1) At principal amount.

(2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.


(Share amounts in thousands)	Year ended September 30, 2025	Year ended September 30, 2024	Year ended September 30, 2023(7)	Year ended September 30, 2022(7)	Year ended September 30, 2021(7)
Net asset value per share at beginning of period	$18.09	$19.63	$20.38	$21.84	$19.47
Net investment income (1)	1.77	2.18	2.51	2.45	1.80
Net unrealized appreciation (depreciation) (1)(6)(8)	(1.18)	0.25	(0.17)	(2.23)	2.19
Net realized gains (losses) (1)	(0.20)	(1.70)	(0.46)	0.28	0.49
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)	—	—	(0.02)	(0.01)	(0.02)
Distributions of net investment income to stockholders	(1.64)	(2.27)	(2.61)	(1.95)	(1.52)
Issuance of common stock	—	—	—	—	(0.57)
Tax return of capital	(0.20)	—	—	—	—
Net asset value per share at end of period	$16.64	$18.09	$19.63	$20.38	$21.84
Per share market value at beginning of period	$16.31	$20.12	$18.00	$21.18	$14.52
Per share market value at end of period	$13.05	$16.31	$20.12	$18.00	$21.18
Total return (2)	(9.32)%	(8.47)%	27.30%	(6.71)%	57.61%
Common shares outstanding at beginning of period	82,245	77,225	61,125	60,120	46,987
Common shares outstanding at end of period	88,086	82,245	77,225	61,125	60,120
Net assets at beginning of period	$1,487,811	$1,515,764	$1,245,563	$1,312,823	$914,879
Net assets at end of period	$1,465,813	$1,487,811	$1,515,764	$1,245,563	$1,312,823
Average net assets (3)	$1,486,192	$1,520,016	$1,437,728	$1,308,518	$1,150,662
Ratio of net investment income to average net assets (3)	10.27%	11.52%	12.57%	11.36%	8.44%
Ratio of total expenses to average net assets (3)	12.42%	14.23%	14.19%	8.68%	9.65%
Ratio of net expenses to average net assets (3)	10.99%	13.59%	13.81%	8.45%	9.51%
Ratio of portfolio turnover to average investments at fair value	33.27%	35.96%	26.12%	26.99%	39.66%
Weighted average outstanding debt (4)	$1,559,548	$1,683,757	$1,659,701	$1,361,151	$964,390
Average debt per share (1)	$18.12	$20.94	$23.01	$22.41	$17.85
Asset coverage ratio at end of period (5)	197.50%	188.14%	187.74%	188.64%	201.68%

__________


(1)			Calculated based upon weighted average shares outstanding for the period.
(2)			Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3)			Calculated based upon the weighted average net assets for the period.
(4)			Calculated based upon the weighted average of principal debt outstanding for the period.
(5)			Based on outstanding senior securities of $1,495.0 million, $1,663.8 million, $1,660.0 million, $1,350.0 million and $1,280.0 million as of September 30, 2025, 2024, 2023, 2022 and 2021, respectively.
(6)			The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the years ended September 30, 2025, 2024, 2023, 2022 and 2021 as it includes the effect of the timing of equity issuances.
(7)			The share and per share information disclosed in this table has been retroactively adjusted as necessary to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.
(8)			For the year ended September 30, 2023, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OSI2 Merger. For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.

Schedule of Summarized Financial Information

Below is certain summarized financial information for SLF JV I as of September 30, 2025 and September 30, 2024 and for the years ended September 30, 2025, 2024 and 2023:


	September 30, 2025		September 30, 2024
Selected Balance Sheet Information:
Investments at fair value (cost September 30, 2025: $403,332; cost September 30, 2024: $337,882)	$	384,364	$	329,496
Cash and cash equivalents	58,556		36,082
Restricted cash	2,023		6,994
Other assets	2,456		3,260
Total assets	$	447,399	$	375,832

Senior credit facility payable	$	252,500	$	200,000
Secured borrowings	—		11,311
SLF JV I Notes payable at fair value (proceeds September 30, 2025: $128,750; proceeds September 30, 2024: $128,750)	128,750		128,750
Other liabilities	52,496		10,007
Total liabilities	$	433,746	$	350,068
Members' equity	13,653		25,764
Total liabilities and members' equity	$	447,399	$	375,832


	Year ended September 30, 2025		Year ended September 30, 2024		Year ended September 30, 2023
Selected Statements of Operations Information:
Interest income	$	30,719	$	37,250	$	38,984
Other income	162		153		290
Total investment income	30,881		37,403		39,274
Senior credit facility and secured borrowing interest expense	13,339		15,904		19,002
SLF JV I Notes interest expense	15,106		16,292		14,544
Other expenses	498		315		442
Total expenses (1)	28,943		32,511		33,988
Net investment income	1,938		4,892		5,286
Net unrealized appreciation (depreciation)	(10,582)		1,245		13,416
Net realized gains (losses)	(666)		(7,251)		(10,962)
Net income (loss)	$	(9,310)	$	(1,114)	$	7,740

__________

(1) There are no management fees or incentive fees charged at SLF JV I.

Below is certain summarized financial information for the Glick JV as of September 30, 2025 and September 30, 2024 and for the years ended September 30, 2025, 2024 and 2023:


	September 30, 2025		September 30, 2024
Selected Balance Sheet Information:
Investments at fair value (cost September 30, 2025: $135,083; cost September 30, 2024: $127,867)	$	128,651	$	124,887
Cash and cash equivalents	18,752		10,907
Restricted cash	650		1,032
Other assets	1,070		8,177
Total assets	$	149,123	$	145,003

Senior credit facility payable	$	80,500	$	79,000
Glick JV Notes payable at fair value (proceeds September 30, 2025: $66,685; proceeds September 30, 2024: $66,685)	52,640		55,886
Secured borrowings	—		5,766
Other liabilities	15,983		4,351
Total liabilities	$	149,123	$	145,003
Members' equity	—		—
Total liabilities and members' equity	$	149,123	$	145,003


	For the year ended September 30, 2025		For the year ended September 30, 2024		For the year ended September 30, 2023
Selected Statements of Operations Information:
Interest income	$	11,381	$	14,111	$	14,043
Fee income	68		70		63
Total investment income	11,449		14,181		14,106
Senior credit facility and secured borrowing interest expense	4,939		6,228		6,560
Glick JV Notes interest expense	6,133		6,743		6,056
Other expenses	111		143		182
Total expenses (1)	11,183		13,114		12,798
Net investment income	266		1,067		1,308
Net unrealized appreciation (depreciation)	(207)		2,781		1,254
Realized gain (loss)	(59)		(3,848)		(2,562)
Net income (loss)	$	—	$	—	$	—

__________

(1) There are no management fees or incentive fees charged at the Glick JV.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details