Portfolio Investments

9 Months Ended

Jun. 30, 2026

As of June 30, 2026, 198.2% of net assets at fair value, or $2.7 billion, was invested in 163 portfolio companies, including (i) $113.2 million in subordinated notes and limited liability company ("LLC") equity interests of Senior Loan Fund JV I, LLC ("SLF JV I"), a joint venture through which the Company and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation ("Kemper"), co-invest in senior secured loans of middle-market companies and other corporate debt securities and (ii) $41.3 million in subordinated notes and LLC equity interests of OCSI Glick JV LLC ("Glick JV" and, together with SLF JV I, the "JVs"), a joint venture through which the Company and GF Equity Funding 2014 LLC ("GF Equity Funding") co-invest primarily in senior secured loans of middle-market companies. As of June 30, 2026, 2.9% of net assets at fair value, or $39.9 million, was invested in cash and cash equivalents. In comparison, as of September 30, 2025, 194.3% of net assets at fair value, or $2.8 billion, was invested in 143 portfolio companies, including (i) $124.6 million in subordinated notes and LLC equity interests of SLF JV I and (ii) $46.1 million in subordinated notes and LLC equity interests of Glick JV. As of September 30, 2025, 5.4% of net assets at fair value, or $79.6 million, was invested in cash and cash equivalents. As of June 30, 2026, 84.5% of the Company's portfolio at fair value consisted of senior secured debt investments and 10.5% consisted of subordinated debt investments, including the debt investments in the JVs. As of September 30, 2025, 85.9% of the Company's portfolio at fair value consisted of senior secured debt investments and 8.7% consisted of subordinated debt investments, including the debt investments in the JVs.

The Company also held equity investments in certain of its portfolio companies consisting of common stock, preferred stock, warrants or LLC equity interests. These instruments generally do not produce a current return but are held for potential investment appreciation and capital gain.

During the three and nine months ended June 30, 2026, the Company recorded net realized losses of $49.5 million and $61.8 million, respectively. During the three and nine months ended June 30, 2025, the Company recorded net realized losses of $13.4 million and $24.0 million, respectively. During the three and nine months ended June 30, 2026, the Company recorded net unrealized appreciation (depreciation) of $48.2 million and $(23.5) million, respectively. During the three and nine months ended June 30, 2025, the Company recorded net unrealized appreciation (depreciation) of $18.6 million and $(83.1) million, respectively.

The composition of the Company's investments as of June 30, 2026 and September 30, 2025 at cost and fair value was as follows:


	June 30, 2026				September 30, 2025
	Cost		Fair Value		Cost		Fair Value
Investments in debt securities	$	2,589,260	$	2,479,522	$	2,646,823	$	2,535,998
Investments in equity securities	185,702		107,736		207,729		141,122
Debt investments in the JVs	138,778		125,828		165,779		158,716
Equity investments in the JVs	82,957		28,728		54,791		11,946
Total	$	2,996,697	$	2,741,814	$	3,075,122	$	2,847,782

The following table presents the composition of the Company's debt investments as of June 30, 2026 and September 30, 2025 at floating rates and fixed rates:


	June 30, 2026				September 30, 2025
	Fair Value		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs	$	2,380,987	91.39	%	$	2,442,837	90.65	%
Fixed rate debt securities	224,363		8.61		251,877		9.35
Total	$	2,605,350	100.00	%	$	2,694,714	100.00	%

The following table presents the financial instruments carried at fair value as of June 30, 2026 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)	$	—	$	156,168	$	2,160,672	$	—	$	2,316,840
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)	—		45,733		242,777		—		288,510
Investments in equity securities (preferred)	—		—		48,866		—		48,866
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	2,307		—		56,563		28,728		87,598
Total investments at fair value	2,307		201,901		2,508,878		28,728		2,741,814
Cash equivalents	33,372		—		—		—		33,372
Derivative assets	—		5,815		—		—		5,815
Total assets at fair value	$	35,679	$	207,716	$	2,508,878	$	28,728	$	2,781,001
Derivative liabilities	$	—	$	6,699	$	—	$	—	$	6,699
Total liabilities at fair value	$	—	$	6,699	$	—	$	—	$	6,699

__________

(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, 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

__________

When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement.

However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.

The following table provides a roll-forward in the changes in fair value from March 31, 2026 to June 30, 2026 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 March 31, 2026	$	2,139,293	$	262,217	$	48,974	$	52,965	$	2,503,449
Purchases	193,131		21,844		—		36		215,011
Sales and repayments	(162,528)		(14,457)		(826)		(3,064)		(180,875)
Transfers in (a)	—		—		—		13,046		13,046
Transfers out (a)	(13,046)		(28,166)		—		—		(41,212)
Capitalized PIK interest income	3,179		1,573		—		—		4,752
Accretion of OID	2,079		426		—		—		2,505
Net unrealized appreciation (depreciation)	32,152		(704)		873		9,050		41,371
Net realized gains (losses)	(33,588)		44		(155)		(15,470)		(49,169)
Fair value as of June 30, 2026	$	2,160,672	$	242,777	$	48,866	$	56,563	$	2,508,878
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2026 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2026	$	(2,924)	$	(704)	$	720	$	(8,316)	$	(11,224)

__________

(a) There were investment restructurings during the three months ended June 30, 2026 in which $13.0 million of Level 3 senior secured debt was exchanged for Level 3 common equity and (2) $28.2 million of Level 3 subordinated debt related to SLF JV I Notes was exchanged for $28.2 million of LLC equity interests in SLF JV I.

The following table provides a roll-forward in the changes in fair value from March 31, 2025 to June 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 March 31, 2025	$	2,165,740	$	256,925	$	70,147	$	60,049	$	2,552,861
Purchases	140,532		—		109		24		140,665
Sales and repayments	(219,233)		(64)		—		(2,364)		(221,661)
Transfers in (a)	—		—		410		7,207		7,617
Transfers out (a)(b)	(19,080)		—		—		(410)		(19,490)
Capitalized PIK interest income	4,357		713		—		—		5,070
Accretion of OID	3,377		421		—		—		3,798
Net unrealized appreciation (depreciation)	1,892		(497)		2,566		13,731		17,692
Net realized gains (losses)	(740)		—		—		(490)		(1,230)
Fair value as of June 30, 2025	$	2,076,845	$	257,498	$	73,232	$	77,747	$	2,485,322
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2025	$	(183)	$	(497)	$	2,559	$	13,139	$	15,018

_________

(a) There were investment restructurings during the three months ended June 30, 2025 in which (1) $7.2 million of Level 3 senior secured debt was exchanged for Level 3 common equity and (2) $0.4 million of Level 3 common equity was exchanged for Level 3 preferred equity.

(b) There were $11.9 million of transfers out of Level 3 to Level 2 for investments during the three months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.

The following table provides a roll-forward in the changes in fair value from September 30, 2025 to June 30, 2026 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, 2025	$	2,107,306	$	231,137	$	72,122	$	66,813	$	2,477,378
Purchases	516,267		66,920		—		36		583,223
Sales and repayments	(420,365)		(25,284)		(25,572)		(3,231)		(474,452)
Transfers in (a)	—		—		1,167		13,767		14,934
Transfers out (a)	(14,934)		(28,166)		—		—		(43,100)
Capitalized PIK interest income	8,992		3,058		356		—		12,406
Accretion of OID	6,694		1,151		—		—		7,845
Net unrealized appreciation (depreciation)	6,129		(6,108)		(5,961)		(5,519)		(11,459)
Net realized gains (losses)	(49,417)		69		6,754		(15,303)		(57,897)
Fair value as of June 30, 2026	$	2,160,672	$	242,777	$	48,866	$	56,563	$	2,508,878
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2026 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2026	$	(42,785)	$	(6,108)	$	(5,961)	$	(20,740)	$	(75,594)

_________

(a) There were investment restructurings during the nine months ended June 30, 2026 in which (1) $13.8 million of Level 3 senior secured debt was exchanged for Level 3 common equity, (2) $1.2 million of Level 3 senior secured debt was exchanged for Level 3 preferred equity and (3) $28.2 million of Level 3 subordinated debt related to SLF JV I Notes was exchanged for $28.2 million of LLC equity interests in SLF JV I.

The following table provides a roll-forward in the changes in fair value from September 30, 2024 to June 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	564,070		3,583		109		24		567,786
Sales and repayments	(679,251)		(229)		(587)		(2,585)		(682,652)
Transfers in (a)(c)	6,555		—		1,056		9,670		17,281
Transfers out (b)(c)	(84,709)		—		—		(410)		(85,119)
Capitalized PIK interest income	13,258		2,101		—		—		15,359
Accretion of OID	9,911		1,195		—		—		11,106
Net unrealized appreciation (depreciation)	(57,013)		(4,498)		6,997		(10,006)		(64,520)
Net realized gains (losses)	(16,286)		—		(663)		(702)		(17,651)
Fair value as of June 30, 2025	$	2,076,845	$	257,498	$	73,232	$	77,747	$	2,485,322
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2025	$	(84,243)	$	(4,498)	$	6,342	$	(10,509)	$	(92,908)

__________

(a) There were $6.6 million of transfers into Level 3 from Level 2 for investments during the nine months ended June 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 nine months ended June 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 nine months ended June 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 and (4) $0.4 million of Level 3 common equity was exchanged for Level 3 preferred equity.

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 June 30, 2026:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

2,034,574

Market Yield

(b)

6.0%

35.0%

11.3%

28,470

Enterprise Value

Revenue Multiple

(c)

0.3x

4.8x

1.7x

31,786

Enterprise Value

EBITDA Multiple

(c)

6.0x

11.5x

8.6x

25,098

Transaction Precedent

Transaction Price

(d)

N/A

40,744

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated Debt

50,122

Market Yield

(b)

5.0%

11.0%

9.1%

44,980

Enterprise Value

Revenue multiple

(c)

0.8x

8.0x

21,847

Transaction Precedent

Transaction price

(d)

N/A

Debt Investments in the JVs

125,828

Enterprise Value

N/A

(f)

N/A

Preferred & Common Equity

48,262

Enterprise Value

Revenue Multiple

(c)

0.0x

8.0x

0.4x

50,349

Enterprise Value

EBITDA Multiple

(c)

0.4x

14.3x

8.8x

6,818

Transaction Precedent

Transaction Price

(d)

N/A

Total

2,508,878

__________

(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.

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.

Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Under the EV technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

Financial Instruments Disclosed, But Not Carried, 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 June 30, 2026 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	$	501,000	$	501,000	$	—	$	—	$	501,000
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	343,513		345,338		—		345,338		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	295,816		305,811		—		305,811		—
2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	298,513		298,503		—		298,503		—
Total	$	1,438,842	$	1,450,652	$	—	$	949,652	$	501,000

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, 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 principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. Oaktree used market quotes as of the valuation date to estimate the fair value of the Company's 2.700% notes due 2027 (the "2027 Notes"), 7.100% notes due 2029 (the "2029 Notes") and 6.340% notes due 2030 (the "2030 Notes"), which are included in Level 2 of the hierarchy.

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:


	June 30, 2026				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Senior secured debt	$	2,425,385	80.93	%	$	2,555,861	83.11	%
Subordinated debt	163,875		5.47	%	90,962		2.96	%
Debt investments in the JVs	138,778		4.63	%	165,779		5.39	%
Common equity and warrants	134,523		4.49	%	139,256		4.53	%
LLC equity interests of the JVs	82,957		2.77	%	54,791		1.78	%
Preferred equity	51,179		1.71	%	68,473		2.23	%
Total	$	2,996,697	100.00	%	$	3,075,122	100.00	%


	June 30, 2026						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured debt	$	2,316,840	84.50	%	167.51	%	$	2,445,538	85.88	%	166.84	%
Subordinated debt	162,682		5.93	%	11.76	%	90,460		3.18	%	6.17	%
Debt investments in the JVs	125,828		4.59	%	9.10	%	158,716		5.57	%	10.83	%
Common equity and warrants	58,870		2.15	%	4.26	%	69,000		2.42	%	4.71	%
Preferred equity	48,866		1.78	%	3.53	%	72,122		2.53	%	4.92	%
LLC equity interests of the JVs	28,728		1.05	%	2.08	%	11,946		0.42	%	0.81	%
Total	$	2,741,814	100.00	%	198.24	%	$	2,847,782	100.00	%	194.28	%

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:


	June 30, 2026				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Northeast	$	1,128,846	37.67	%	$	1,072,606	34.88	%
Midwest	432,203		14.42	%	490,842		15.96	%
Southeast	370,908		12.38	%	479,013		15.58	%
West	304,984		10.18	%	284,586		9.25	%
International	292,413		9.76	%	339,829		11.05	%
Southwest	246,076		8.21	%	234,192		7.62	%
South	169,017		5.64	%	164,434		5.35	%
Northwest	52,250		1.74	%	9,620		0.31	%
Total	$	2,996,697	100.00	%	$	3,075,122	100.00	%


	June 30, 2026						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	998,676	36.41	%	72.20	%	$	949,839	33.35	%	64.80	%
Midwest	420,250		15.33	%	30.39	%	479,452		16.84	%	32.71	%
Southeast	298,299		10.88	%	21.57	%	385,283		13.53	%	26.28	%
West	295,873		10.79	%	21.39	%	283,930		9.97	%	19.37	%
International	294,476		10.74	%	21.29	%	354,855		12.46	%	24.21	%
Southwest	213,779		7.80	%	15.46	%	221,920		7.79	%	15.14	%
South	168,499		6.15	%	12.18	%	162,946		5.72	%	11.12	%
Northwest	51,962		1.90	%	3.76	%	9,557		0.34	%	0.65	%
Total	$	2,741,814	100.00	%	198.24	%	$	2,847,782	100.00	%	194.28	%

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 June 30, 2026 and September 30, 2025:


	June 30, 2026				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Application Software	$	526,690	17.61	%	$	543,878	17.64	%
Multi-Sector Holdings (1)	244,871		8.17		236,025		7.68
Health Care Services	182,676		6.10		160,149		5.21
Health Care Equipment	141,795		4.73		90,600		2.95
Interactive Media & Services	118,739		3.96		129,993		4.23
Aerospace & Defense	114,309		3.81		131,123		4.26
Pharmaceuticals	114,025		3.81		114,897		3.74
Metal, Glass & Plastic Containers	69,096		2.31		69,505		2.26
Specialized Consumer Services	66,956		2.23		82,497		2.68
Diversified Support Services	64,619		2.16		47,882		1.56
Environmental & Facilities Services	59,157		1.97		55,761		1.81
Health Care Technology	59,035		1.97		75,913		2.47
Soft Drinks & Non-alcoholic Beverages	57,644		1.92		56,944		1.85
Specialized Finance	54,597		1.82		67,584		2.20
Life Sciences Tools & Services	54,093		1.81		73,389		2.39
Diversified Financial Services	53,817		1.80		43,064		1.40
Alternative Carriers	50,321		1.68		18,180		0.59
Systems Software	44,974		1.50		47,667		1.55
Air Freight & Logistics	44,825		1.50		16,360		0.53
Communications Equipment	40,821		1.36		43,379		1.41
Automotive Retail	38,401		1.28		38,232		1.24
Real Estate Operating Companies	37,766		1.26		49,076		1.60
Packaged Foods & Meats	36,959		1.23		32,888		1.07
Building Products	36,390		1.21		29,193		0.95
Cable & Satellite	36,154		1.21		27,463		0.89
Airport Services	36,094		1.20		66,192		2.15
Biotechnology	35,662		1.19		41,521		1.35
Data Processing & Outsourced Services	34,984		1.17		34,984		1.14
Health Care Supplies	33,985		1.13		30,328		0.99
Construction Machinery & Heavy Transportation Equipment	33,628		1.12		33,138		1.08
Construction & Engineering	31,707		1.06		29,407		0.96
Passenger Ground Transportation	31,389		1.05		—		—
Electrical Components & Equipment	29,774		0.99		33,633		1.09
Drug Retail	29,255		0.98		29,700		0.97
Health Care Distributors	27,211		0.91		27,210		0.88
Insurance Brokers	27,096		0.90		26,611		0.87
Advertising	22,987		0.77		11,397		0.37
Real Estate Services	22,633		0.76		19,290		0.63
Oil & Gas Exploration & Production	21,349		0.71		—		—
Hotels, Resorts & Cruise Lines	21,301		0.71		20,502		0.67
Industrial Machinery & Supplies & Components	21,094		0.70		23,480		0.76
Diversified Chemicals	19,973		0.67		19,986		0.65
Casinos & Gaming	19,298		0.64		—		—
Education Services	18,677		0.62		20,515		0.67
Distillers & Vintners	18,119		0.60		—		—
Oil & Gas Storage & Transportation	17,427		0.58		19,309		0.63
Property & Casualty Insurance	15,561		0.52		19,805		0.64
Distributors	14,512		0.48		1,733		0.06
Office Services & Supplies	13,785		0.46		28,897		0.94
Personal Care Products	11,823		0.39		38,984		1.27
Apparel Retail	10,314		0.34		18,559		0.60
Research & Consulting Services	9,518		0.32		31,938		1.04
Internet Services & Infrastructure	5,494		0.18		40,748		1.33
Broadline Retail	4,086		0.14		23,267		0.76
Housewares & Specialties	2,746		0.09		2,639		0.09
Movies & Entertainment	2,522		0.08		23,737		0.77
Home Furnishings	2,463		0.08		2,463		0.08
Diversified Real Estate Activities	1,500		0.05		—		—
Home Improvement Retail	—		—		21,401		0.70
Gold	—		—		17,698		0.58
Real Estate Development	—		—		16,142		0.52
Paper & Plastic Packaging Products & Materials	—		—		10,312		0.34
Financial Exchanges & Data	—		—		7,954		0.26
	$	2,996,697	100.00	%	$	3,075,122	100.00	%


	June 30, 2026						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	477,693	17.38	%	34.50	%	$	522,632	18.34	%	35.68	%
Multi-Sector Holdings (1)	176,895		6.45		12.79		185,887		6.53		12.68
Health Care Services	167,792		6.12		12.13		119,633		4.20		8.16
Interactive Media & Services	118,766		4.33		8.59		131,211		4.61		8.95
Health Care Equipment	115,981		4.23		8.39		65,121		2.29		4.44
Aerospace & Defense	115,316		4.21		8.34		132,514		4.65		9.04
Pharmaceuticals	112,864		4.12		8.16		115,382		4.05		7.87
Health Care Technology	72,058		2.63		5.21		96,960		3.40		6.61
Specialized Consumer Services	66,790		2.44		4.83		82,424		2.89		5.62
Diversified Support Services	63,835		2.33		4.62		47,604		1.67		3.25
Soft Drinks & Non-alcoholic Beverages	57,035		2.08		4.12		56,333		1.98		3.84
Environmental & Facilities Services	56,017		2.04		4.05		53,423		1.88		3.64
Diversified Financial Services	55,094		2.01		3.98		45,405		1.59		3.10
Life Sciences Tools & Services	53,622		1.96		3.88		73,456		2.58		5.01
Specialized Finance	52,799		1.93		3.82		67,439		2.37		4.60
Alternative Carriers	50,597		1.85		3.66		18,204		0.64		1.24
Air Freight & Logistics	44,792		1.63		3.24		16,411		0.58		1.12
Communications Equipment	40,685		1.48		2.94		43,293		1.52		2.95
Automotive Retail	39,787		1.45		2.88		36,985		1.30		2.52
Real Estate Operating Companies	38,266		1.40		2.77		45,168		1.59		3.08
Packaged Foods & Meats	36,859		1.34		2.67		32,778		1.15		2.24
Cable & Satellite	36,394		1.33		2.63		27,431		0.96		1.87
Building Products	36,079		1.32		2.61		29,137		1.02		1.99
Systems Software	35,806		1.31		2.59		47,446		1.67		3.24
Biotechnology	34,147		1.25		2.47		43,821		1.54		2.99
Health Care Supplies	33,969		1.24		2.46		30,295		1.06		2.07
Construction Machinery & Heavy Transportation Equipment	33,739		1.23		2.44		33,311		1.17		2.27
Passenger Ground Transportation	31,354		1.14		2.27		—		—		—
Construction & Engineering	30,143		1.10		2.18		28,766		1.01		1.96
Electrical Components & Equipment	29,774		1.09		2.15		33,290		1.17		2.27
Drug Retail	29,237		1.07		2.11		29,698		1.04		2.03
Insurance Brokers	27,208		0.99		1.97		26,766		0.94		1.83
Health Care Distributors	26,649		0.97		1.93		26,425		0.93		1.80
Data Processing & Outsourced Services	26,134		0.95		1.89		26,134		0.92		1.78
Advertising	22,980		0.84		1.66		11,538		0.41		0.79
Industrial Machinery & Supplies & Components	22,794		0.83		1.65		24,957		0.88		1.70
Real Estate Services	22,308		0.81		1.61		19,347		0.68		1.32
Diversified Chemicals	21,824		0.80		1.58		22,772		0.80		1.55
Oil & Gas Exploration & Production	21,348		0.78		1.54		—		—		—
Hotels, Resorts & Cruise Lines	20,100		0.73		1.45		20,023		0.70		1.37
Casinos & Gaming	19,062		0.70		1.38		—		—		—
Airport Services	18,798		0.69		1.36		54,143		1.90		3.69
Distillers & Vintners	18,115		0.66		1.31		—		—		—
Education Services	15,595		0.57		1.13		18,742		0.66		1.28
Property & Casualty Insurance	15,572		0.57		1.13		19,933		0.70		1.36
Distributors	15,096		0.55		1.09		3,134		0.11		0.21
Oil & Gas Storage & Transportation	13,499		0.49		0.98		14,137		0.50		0.96
Office Services & Supplies	13,295		0.48		0.96		26,753		0.94		1.83
Personal Care Products	11,829		0.43		0.86		36,284		1.27		2.48
Apparel Retail	10,233		0.37		0.74		16,600		0.58		1.13
Research & Consulting Services	9,548		0.35		0.69		29,943		1.05		2.04
Metal, Glass & Plastic Containers	5,952		0.22		0.43		11,709		0.41		0.80
Broadline Retail	5,635		0.21		0.41		21,513		0.76		1.47
Internet Services & Infrastructure	5,494		0.20		0.40		40,973		1.44		2.80
Movies & Entertainment	2,529		0.09		0.18		24,051		0.84		1.64
Home Furnishings	2,383		0.09		0.17		2,463		0.09		0.17
Housewares & Specialties	2,135		0.08		0.15		2,354		0.08		0.16
Diversified Real Estate Activities	1,514		0.06		0.11		—		—		—
Gold	—		—		—		18,665		0.66		1.27
Real Estate Development	—		—		—		16,098		0.57		1.10
Paper & Plastic Packaging Products & Materials	—		—		—		10,273		0.36		0.70
Financial Exchanges & Data	—		—		—		8,066		0.28		0.55
Home Improvement Retail	—		—		—		2,528		0.09		0.17
Total	$	2,741,814	100.00	%	198.24	%	$	2,847,782	100.00	%	194.28	%

___________________

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

As of June 30, 2026 and September 30, 2025, the Company had no single investment that represented greater than 10% of the total investment portfolio at fair value. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, may fluctuate and in any given period can be highly concentrated among several investments.

Senior Loan Fund JV I, LLC

In May 2014, the Company entered into an LLC agreement with Kemper to form SLF JV I. The Company co-invests in senior secured loans of middle-market companies and other corporate debt securities with Kemper through its investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by the Company and one representative selected by Kemper (with approval from a representative of each required). Since the Company does not have a controlling financial interest in SLF JV I, the Company does not consolidate SLF JV I.

SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to the Company and Kemper by SLF JV I. The subordinated notes issued by SLF JV I (the "SLF JV I Notes") are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt. Effective on April 1, 2026, the Company entered into an exchange agreement with SLF JV I pursuant to which the Company exchanged $28.2 million in aggregate principal of its SLF JV I Notes for an equivalent amount of additional LLC equity interests in SLF JV I. In addition, the terms of the remaining SLF JV I Notes were amended and restated to provide for a stated maturity date of December 29, 2030 and an interest rate equal to SOFR plus 5.00% per annum. As of June 30, 2026 and September 30, 2025, the Company and Kemper owned, in the aggregate, 87.5% and 12.5%, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act.

SLF JV I has a revolving credit facility with Bank of America, N.A. (as amended and/or restated from time to

time, the "SLF JV I Facility"), which permitted up to $290.0 million of borrowings (subject to borrowing base and other limitations) as of June 30, 2026. Borrowings under the SLF JV I Facility are secured by all of the assets of SLF JV I Funding II LLC, a special purpose financing subsidiary of SLF JV I. As of June 30, 2026, the revolving period of the SLF JV I Facility was scheduled to expire February 25, 2028 and the maturity date was August 25, 2028. As of June 30, 2026, borrowings under the SLF JV I Facility accrued interest at a rate equal to term SOFR plus 1.30% per annum. As of June 30, 2026 and September 30, 2025, $272.5 million and $252.5 million of borrowings were outstanding under the SLF JV I Facility, respectively.

As of June 30, 2026 and September 30, 2025, SLF JV I had total assets of $429.0 million and $447.4 million, respectively. SLF JV I's portfolio primarily consisted of senior secured loans to 130 and 72 portfolio companies as of June 30, 2026 and September 30, 2025, respectively. The portfolio companies in SLF JV I are in industries similar to those in which the Company may invest directly. As of June 30, 2026, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $113.2 million in aggregate, at fair value. As of September 30, 2025, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $124.6 million in aggregate, at fair value.

As of each of June 30, 2026 and September 30, 2025, the Company and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from the Company. As of each of June 30, 2026 and September 30, 2025, the Company had aggregate commitments to fund SLF JV I of $13.1 million, of which approximately $9.8 million was to fund additional SLF JV I Notes and approximately $3.3 million was to fund LLC equity interests in SLF JV I.

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 June 30, 2026 and September 30, 2025:


	June 30, 2026	September 30, 2025
Senior secured loans (1)	$399,286	$394,091
Weighted average interest rate on senior secured loans (2)	7.11%	8.09%
Number of borrowers in SLF JV I	130	72
Largest exposure to a single borrower (1)	$7,954	$10,390
Total of five largest loan exposures to borrowers (1)	$32,055	$49,629

__________

(1) At principal amount.

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

SLF JV I Portfolio as of June 30, 2026


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%	7.64%		8/18/2030		$	5,323	$	5,273	$	4,749	(4)
Acosta Inc	Advertising	First Lien Term Loan	SOFR+	5.50%	9.28%		8/21/2031		2,636		2,594		2,614
Acrisure LLC	Insurance Brokers	First Lien Term Loan	SOFR+	3.00%	6.64%		11/6/2030		2,636		2,651		2,392
Aggreko Holdings Inc.	Trading Companies & Distributors	First Lien Term Loan	SOFR+	3.00%	6.63%		5/27/2031		2,736		2,731		2,746
AI Aqua Merger Sub Inc.	Specialized Consumer Services	First Lien Term Loan	SOFR+	2.50%	6.14%		6/25/2033		1,900		1,895		1,901
Albaugh LLC	Fertilizers & Agricultural Chemicals	First Lien Term Loan	SOFR+	3.75%	7.41%		4/6/2029		1,974		1,972		1,913
Allied Universal Holdco LLC	Security & Alarm Services	First Lien Term Loan	SOFR+	3.25%	6.89%		8/20/2032		4,776		4,808		4,784
Altice France SA	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	5.06%	8.74%		10/30/2028		2,632		2,636		2,634
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50%	6.23%	8.00%	3/1/2029		1,457		1,456		1,457		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.23%		5/28/2032		3,831		3,803		3,834
Amspec Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.00%	6.73%		12/22/2031		1,816		1,816		1,824
Ankura Consulting Group LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.50%	7.17%		12/29/2031		2,637		2,587		2,505
Apex Group Treasury Ltd	Diversified Financial Services	First Lien Term Loan	SOFR+	3.50%	7.15%		2/27/2032		3,532		3,404		3,355
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.14%		2/15/2031		1,791		1,777		1,589
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	7.76%		8/19/2028		5,270		5,199		5,270
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	7.91%		9/19/2030		1,244		1,247		1,233
AthenaHealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	6.89%		2/15/2032		4,788		4,814		4,744
Avalara, Inc.	Application Software	First Lien Term Loan	SOFR+	2.75%	6.23%		3/26/2032		4,776		4,807		4,585
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		1,730		1,711		1,538		(4)(5)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		6,224		6,136		5,532		(4)(5)
Bausch + Lomb Corp	Health Care Supplies	First Lien Term Loan	SOFR+	3.75%	7.39%		12/18/2030		2,643		2,643		2,653
BCP VI Summit Holdings LP	Diversified Financial Services	First Lien Term Loan	SOFR+	3.50%	6.37%		1/30/2032		975		975		979
BCPE Grill Parent, Inc.	Restaurants	First Lien Term Loan	SOFR+	4.75%	8.42%		9/30/2030		2,636		2,524		2,507
BCPE North Star US Holdco 2 Inc	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00%	7.76%		6/9/2028		2,636		2,639		2,649
Beach Acquisition Bidco LLC	Footwear	First Lien Term Loan	SOFR+	2.75%	6.48%		9/13/2032		2,637		2,662		2,654
Blackfin Pipeline LLC	Oil & Gas Storage & Transportation	First Lien Term Loan	SOFR+	3.00%	6.69%		9/29/2032		2,637		2,662		2,649
Blackhawk Network Holdings, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	3.50%	7.14%		3/12/2029		5,323		5,323		5,307
Boots Group Finco LP	Food Retail	First Lien Term Loan	SOFR+	3.25%	6.92%		8/29/2032		2,637		2,648		2,649
Bowlmor AMF Corp	Leisure Facilities	First Lien Term Loan	SOFR+	3.25%	6.89%		9/22/2032		3,532		3,497		3,092
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	2.75%	6.42%		7/30/2031		2,637		2,633		2,383
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)
Calcasieu Pass Funding LLC	Oil & Gas Refining & Marketing	First Lien Term Loan	SOFR+	3.25%	6.95%		4/11/2033		1,975		1,946		1,983
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		2,358		2,336		1,589		(5)


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		$	1,993	$	1,967	$	1,344	(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		1,964		1,945		1,323		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%			8/10/2027		13		13		9		(5)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%			8/10/2027		600		590		404		(5)
Chromalloy Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.25%	6.93%		3/27/2031		2,637		2,656		2,652
Cloud Software Group Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	6.98%		3/24/2031		2,469		2,469		2,173
Clydesdale Acquisition Holdings Inc	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.18%	6.82%		4/13/2029		2,650		2,659		2,607
Columbus McKinnon Corp.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	3.50%	7.23%		2/3/2033		2,311		2,291		2,310
Connect Finco SARL	Alternative Carriers	First Lien Term Loan	SOFR+	4.50%	8.14%		9/27/2029		2,637		2,608		2,648
CoorsTek Inc.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	2.50%	6.23%		10/28/2032		2,643		2,671		2,652
Cotiviti, Inc.	Health Care Technology	First Lien Term Loan	SOFR+	2.75%	6.37%		3/26/2032		2,637		2,546		2,400
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	8.73%		10/14/2029		3,283		3,283		3,283
CRC Insurance Group LLC	Insurance Brokers	First Lien Term Loan	SOFR+	2.75%	6.48%		5/6/2031		1,900		1,884		1,860
Darktrace Finco US LLC	Application Software	First Lien Term Loan	SOFR+	3.25%	6.93%		10/9/2031		4,766		4,750		4,374
Dayforce Inc	Human Resource & Employment Services	First Lien Term Loan	SOFR+	3.00%	6.66%		2/4/2033		4,800		4,805		4,391
Delek US Holdings Inc.	Oil & Gas Refining & Marketing	First Lien Term Loan	SOFR+	3.00%	6.62%		5/17/2032		2,475		2,475		2,477
Delek US Holdings Inc.	Oil & Gas Refining & Marketing	First Lien Term Loan	SOFR+	3.50%	7.25%		11/19/2029		2,669		2,668		2,670
Dexko Global Inc.	Auto Parts & Equipment	First Lien Term Loan	SOFR+	4.50%	8.16%		10/4/2031		961		959		933
DG Investment Intermediate Holdings 2 Inc.	Security & Alarm Services	First Lien Term Loan	SOFR+	3.25%	6.89%		7/9/2032		2,637		2,647		2,645
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.18%		8/2/2029		5,056		5,003		5,091
Disco Parent Inc	Application Software	First Lien Term Loan	SOFR+	3.00%	6.67%		8/6/2032		4,776		4,838		4,675
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	7.64%		4/26/2029		5,336		5,294		4,877
Edelman Financial Engines Center LLC	Asset Management & Custody Banks	First Lien Term Loan	SOFR+	4.00%	7.64%		12/1/2031		2,643		2,657		2,654
EG Group Ltd.	Automotive Retail	First Lien Term Loan	SOFR+	3.25%	6.92%		1/30/2031		3,475		3,467		3,492
Eisner Advisory Group LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	7.64%		2/28/2031		2,637		2,661		2,595
Fertitta Entertainment LLC	Restaurants	First Lien Term Loan	SOFR+	3.25%	6.89%		1/27/2029		2,636		2,600		2,637
Five Star Lower Holding LLC	Food Retail	First Lien Term Loan	SOFR+	4.25%	7.91%		5/5/2029		2,636		2,641		2,600
Flynn Restaurant Group LP	Restaurants	First Lien Term Loan	SOFR+	3.75%	7.39%		1/28/2032		4,776		4,812		4,735
Freeport LNG Investments LLLP	Oil & Gas Storage & Transportation	First Lien Term Loan	SOFR+	3.25%	6.93%		2/11/2033		3,450		3,432		3,461
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.12%		3/3/2033		2,250		2,216		2,258
Garda World Security Corp.	Security & Alarm Services	First Lien Term Loan	SOFR+	2.75%	6.42%		2/1/2029		3,990		3,981		3,990
GGP Retail LLC	Retail REITs	First Lien Term Loan	SOFR+	3.00%	6.64%		5/28/2030		2,512		2,527		2,515
Global Medical Response Inc.	Health Care Services	First Lien Term Loan	SOFR+	3.25%	6.89%		9/20/2032		3,882		3,900		3,896
Gryphon Acquire Newco LLC	Semiconductors	First Lien Term Loan	SOFR+	2.75%	6.41%		9/10/2032		2,050		2,070		2,055


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.01%		4/9/2029		$	2,636	$	2,605	$	2,095	(4)
Houghton Mifflin Harcourt Co	Education Services	First Lien Term Loan	SOFR+	8.00%	11.76%		4/7/2028		324		294		292
Ineos AG	Commodity Chemicals	First Lien Term Loan	SOFR+	3.25%	6.89%		2/18/2030		1,791		1,459		1,654
Instructure Holdings Inc	Application Software	First Lien Term Loan	SOFR+	2.75%	6.45%		11/13/2031		3,532		3,547		3,312
ITG Communications LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.75%	8.39%		7/9/2031		1,852		1,767		1,828
IVCE US LLC	Health Care Facilities	First Lien Term Loan	SOFR+	4.00%	7.66%		12/8/2031		2,850		2,821		2,833
J&J Ventures Gaming LLC	Casinos & Gaming	First Lien Term Loan	SOFR+	3.50%	7.14%		4/26/2030		1,741		1,729		1,737
Jump Financial LLC	Asset Management & Custody Banks	First Lien Term Loan	SOFR+	3.50%	7.23%		2/27/2032		2,294		2,283		2,297
Jupiter Buyer Inc.	Construction & Engineering	First Lien Term Loan	SOFR+	4.00%	7.73%		11/3/2031		2,239		2,228		2,249
Kaseya Inc	Systems Software	First Lien Term Loan	SOFR+	3.25%	6.91%		3/22/2032		2,980		2,996		2,320
KDC/ONE Development Corp Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.50%	7.14%		8/15/2028		1,796		1,784		1,797
Kenan Advantage Group, Inc.	Cargo Ground Transportation	First Lien Term Loan	SOFR+	3.25%	6.89%		1/25/2029		2,637		2,636		2,645
KnowBe4 Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75%	7.41%		7/23/2032		4,775		4,805		3,748
KUEHG Corp	Education Services	First Lien Term Loan	SOFR+	2.75%	6.48%		6/12/2030		2,637		2,493		2,545
Lackawanna Energy Center LLC	Independent Power Producers & Energy Traders	First Lien Term Loan	SOFR+	2.75%	6.37%		8/5/2032		3,456		3,484		3,468
Level 3 Financing Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	2.75%	6.39%		3/29/2032		2,650		2,670		2,655
Lsf12 Crown US Commercial Bidco LLC	Building Products	First Lien Term Loan	SOFR+	3.00%	6.62%		12/2/2031		2,470		2,449		2,479
M2S Group Intermediate Holdings Inc	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.75%	8.41%		8/25/2031		2,607		2,539		2,590
MajorDrive Holdings IV, LLC	Automobile Manufacturers	First Lien Term Loan	SOFR+	4.00%	7.99%		6/1/2028		2,621		2,554		2,523
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	6.64%		3/1/2029		1,791		1,789		1,597		(4)
McGraw-Hill Education Inc	Publishing	First Lien Term Loan	SOFR+	2.75%	6.39%		8/6/2031		2,588		2,613		2,603
Mitchell International Inc.	Application Software	First Lien Term Loan	SOFR+	3.00%	6.64%		6/17/2031		5,323		5,292		5,083
MP Midco Holdings LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	6.50%	10.23%		3/29/2030		4,500		4,516		4,536		(4)
MRP Buyer LLC	Independent Power Producers & Energy Traders	First Lien Term Loan	SOFR+	3.25%	6.98%		6/4/2032		2,637		2,630		2,649
Naked Juice LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	5.50%	9.23%		1/24/2029		1,975		2,007		2,009
Neptune Bidco US Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.00%	8.77%		2/3/2033		4,000		3,980		3,973
Nexstar Media Inc.	Broadcasting	First Lien Term Loan	SOFR+	2.75%	6.39%		3/18/2033		1,634		1,618		1,620
Nexus Buyer LLC	Specialized Finance	First Lien Term Loan	SOFR+	4.00%	7.64%		7/31/2031		4,766		4,766		4,624
OAK-Eagle Acquireco Inc.	Interactive Home Entertainment	First Lien Term Loan	SOFR+	3.50%	7.15%		3/24/2033		3,725		3,669		3,738
OCM System One Buyer CTB LLC	Human Resource & Employment Services	First Lien Term Loan	SOFR+	3.50%	7.14%		3/2/2028		2,512		2,523		2,520
Olaplex Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.50%	7.27%		2/23/2029		2,650		2,596		2,656
Parexel International Corp	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	2.75%	6.14%		12/9/2031		3,557		3,557		3,562
Pegasus Bidco BV	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	2.50%	6.17%		7/12/2032		2,525		2,513		2,529
Performance Health Holdings Inc	Health Care Distributors	First Lien Term Loan	SOFR+	3.75%	7.48%		3/19/2032		2,637		2,610		2,608
Ping Identity Holding Corp.	Systems Software	First Lien Term Loan	SOFR+	2.75%	6.38%		10/31/2032		4,439		4,480		4,332
Pioneer Opco LLC	Casinos & Gaming	First Lien Term Loan	SOFR+	3.25%	6.89%		5/15/2033		2,850		2,836		2,864


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	First Lien Term Loan	SOFR+	7.50%			8/22/2029		$	1,921	$	1,727	$	96	(4)(5)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	6.64%	1.50%	8/22/2029		1,049		1,049		1,020		(4)
Pluralsight, LLC	Application Software	Common Stock						514,789			1,719		—		(4)
PointClickCare Technologies Inc	Health Care Technology	First Lien Term Loan	SOFR+	2.75%	6.41%		11/3/2031		2,637		2,655		2,630
Pretzel Parent, Inc.	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50%	8.14%		10/1/2031		2,729		2,716		2,611
Primo Brands Corp.	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	2.75%	6.48%		3/31/2031		1,297		1,291		1,304
Proampac PG Borrower LLC	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00%	7.67%		3/7/2033		3,600		3,546		3,546
Proofpoint, Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00%	6.73%		8/31/2028		2,169		2,141		2,098
RealPage Inc.	Application Software	First Lien Term Loan	SOFR+	3.75%	7.48%		4/24/2028		4,104		4,074		3,870
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	7.66%		4/5/2030		1,791		1,790		1,428		(4)
Restoration Hardware Inc	Homefurnishing Retail	First Lien Term Loan	SOFR+	3.25%	6.99%		10/20/2028		2,636		2,636		2,602
SCIH Salt Holdings Inc	Diversified Chemicals	First Lien Term Loan	SOFR+	2.75%	6.35%		1/31/2029		4,766		4,776		4,778
SCIL IV LLC	Specialty Chemicals	First Lien Term Loan	SOFR+	4.00%	7.65%		11/8/2032		2,637		2,630		2,637
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.39%		12/16/2028		2,566		2,562		2,567
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.49%		6/30/2029		921		901		921
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.49%		6/30/2029		2,588		2,588		2,510
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	10.73%		6/30/2029		1,530		1,530		1,400
SHO Holding I Corporation	Footwear	Common Stock						3,135			4,304		3,130
Skopima Consilio Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.75%	7.39%		5/12/2028		2,636		2,619		2,186
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	7.73%		9/27/2030		5,323		5,243		5,336
Stonepeak Bayou Holdings LP	Oil & Gas Storage & Transportation	First Lien Term Loan	SOFR+	2.75%	6.48%		9/24/2032		1,796		1,710		1,794
STS Operating Inc	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.00%	7.74%		3/25/2031		2,636		2,645		2,642
StubHub Holdco Sub LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.75%	8.39%		3/15/2030		2,388		2,367		2,407
Summit Acquisition Inc.	Multi-Sector Holdings	First Lien Term Loan	SOFR+	3.50%	7.14%		10/16/2031		2,637		2,640		2,639
TCP Sunbelt Acquisition Co	Heavy Electrical Equipment	First Lien Term Loan	SOFR+	4.25%	7.92%		10/24/2031		1,416		1,423		1,417
Tiger Acquisition LLC	Construction & Engineering	First Lien Term Loan	SOFR+	2.75%	6.40%		8/23/2032		1,875		1,857		1,880
TMS International Corp	Diversified Support Services	First Lien Term Loan	SOFR+	3.50%	7.16%		3/4/2030		2,637		2,644		2,647
Touchdown Acquirer Inc.	Commodity Chemicals	First Lien Term Loan	SOFR+	2.50%	6.16%		2/21/2031		3,532		3,561		3,505
Trident TPI Holdings, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.48%		9/15/2028		1,791		1,791		1,722
Trilon Group LLC	Construction & Engineering	First Lien Term Loan	SOFR+	3.50%	7.23%		6/11/2033		1,423		1,416		1,425
Trilon Group LLC	Construction & Engineering	First Lien Term Loan	SOFR+	3.50%			6/11/2033		—		(1)		—		(6)
Trucordia Insurance Holdings LLC	Insurance Brokers	First Lien Term Loan	SOFR+	3.25%	6.98%		6/17/2032		4,527		4,275		4,052
Trugreen LP	Environmental & Facilities Services	First Lien Term Loan	SOFR+	4.00%	7.77%		11/2/2027		2,513		2,465		2,413
UKG Inc.	Application Software	First Lien Term Loan	SOFR+	2.25%	5.91%		2/10/2031		4,776		4,779		4,509


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Univision Communications Inc	Broadcasting	First Lien Term Loan	SOFR+	4.25%	7.98%		6/24/2029		$	2,636	$	2,654	$	2,637
US Renal Care Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	8.76%		6/20/2028		2,636		2,520		2,599
ViaSat Inc.	Communications Equipment	First Lien Term Loan	SOFR+	4.50%	8.26%		5/30/2030		3,532		3,510		3,556
WideOpenWest Finance LLC	Cable & Satellite	First Lien Term Loan	SOFR+	7.00%	10.93%		12/11/2028		1,322		1,328		1,342
WideOpenWest Finance, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	3.00%	6.93%		12/11/2028		1,791		1,676		1,641
Zelis Payments Buyer Inc	Health Care Technology	First Lien Term Loan	SOFR+	2.75%	6.39%		9/28/2029		2,637		2,614		2,578
Zelis Payments Buyer Inc	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	6.89%		11/26/2031		2,637		2,622		2,578
Zodiac Purchaser LLC	Systems Software	First Lien Term Loan	SOFR+	3.50%	7.14%		2/14/2032		4,766		4,756		4,385
Total Portfolio Investments									$	399,286	$	409,871	$	391,910

_______

(1) Represents the interest rate as of June 30, 2026. 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 June 30, 2026, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 3.63%, the 90-day SOFR at 3.63% and the 180-day SOFR at 3.67%. 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 June 30, 2026 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 June 30, 2026.

(5) This investment was on non-accrual status as of June 30, 2026.

(6) 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.

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.

Both the cost and fair value of the Company's SLF JV I Notes were $84.5 million as of June 30, 2026 and $112.7 million as of September 30, 2025. The Company earned interest income of $1.9 million and $8.2 million on the SLF JV I Notes for the three and nine months ended June 30, 2026, respectively. The Company earned interest income of $3.3 million and $9.9 million on the SLF JV I Notes for the three and nine months ended June 30, 2025, respectively. As of June 30, 2026, the SLF JV I Notes bore interest at a rate of one-month SOFR plus 5.00% per annum and will mature on December 29, 2030.

The cost and fair value of the LLC equity interests in SLF JV I held by the Company were $83.0 million and $28.7 million, respectively, as of June 30, 2026, and $54.8 million and $11.9 million, respectively, as of September 30, 2025. The Company earned $1.4 million and $1.9 million in dividend income for the three and nine months ended June 30, 2026, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The Company earned $0.5 million and $1.9 million in dividend income for the three and nine months ended June 30, 2025, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The LLC equity interests of SLF JV I are generally dividend producing to the extent SLF JV I has residual cash to be distributed on a quarterly basis.

Below is certain summarized financial information for SLF JV I as of June 30, 2026 and September 30, 2025 and for the three and nine months ended June 30, 2026 and 2025:


	June 30, 2026		September 30, 2025
Selected Balance Sheet Information:
Investments at fair value (cost June 30, 2026: $409,871; cost September 30, 2025: $403,332)	$	391,910	$	384,364
Cash and cash equivalents	13,734		58,556
Restricted cash	2,879		2,023
Other assets	20,523		2,456
Total assets	$	429,046	$	447,399

Senior credit facility payable	$	272,500	$	252,500
SLF JV I Notes payable at fair value (proceeds June 30, 2026, 2025: $96,560; proceeds September 30, 2025: $128,750)	96,560		128,750
Other liabilities	27,187		52,496
Total liabilities	$	396,247	$	433,746
Members' equity	32,799		13,653
Total liabilities and members' equity	$	429,046	$	447,399


	Three months ended June 30, 2026		Three months ended June 30, 2025		Nine months ended June 30, 2026		Nine months ended June 30, 2025
Selected Statements of Operations Information:
Interest income	$	7,350	$	7,339	$	22,176	$	22,811
Other income	55		13		200		19
Total investment income	7,405		7,352		22,376		22,830
Senior credit facility and secured borrowing interest expense	3,507		3,247		10,354		9,930
SLF JV I Notes interest expense	2,142		3,722		9,316		11,341
Other expenses	128		234		292		427
Total expenses (1)	5,777		7,203		19,962		21,698
Net investment income	1,628		149		2,414		1,132
Net unrealized appreciation (depreciation)	1,274		(85)		1,006		(7,016)
Net realized gains (losses)	(850)		(693)		(14,265)		(669)
Net income (loss)	$	2,052	$	(629)	$	(10,845)	$	(6,553)

__________

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

SLF JV I has elected to fair value the SLF JV I Notes issued to the Company and Kemper under FASB ASC Topic 825, Financial Instruments - Fair Value Option ("ASC 825"). The SLF JV I Notes are valued based on the total assets less the total liabilities senior to the SLF JV I Notes in an amount not exceeding par under the EV technique.

During the nine months ended June 30, 2026 and 2025, the Company did not sell any senior secured debt investments to SLF JV I.

OCSI Glick JV LLC

On March 19, 2021, the Company became party to the LLC agreement of Glick JV. The Company co-invests primarily in senior secured loans of middle-market companies with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by GF Equity Funding. The Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, which consists of one representative selected by the Company and one representative selected by GF Equity Funding (with approval from a representative of each required). Since the Company does not have a controlling financial interest in the Glick JV, the Company does not consolidate the Glick JV.

The members provide capital to the Glick JV in exchange for LLC equity interests, and the Company and GF Debt Funding 2014 LLC ("GF Debt Funding"), an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV (the "Glick JV Notes"). As of June 30, 2026 and September 30, 2025, the Company and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and the Company and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Glick JV Notes. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act.

The Glick JV has a revolving credit facility with Bank of America, N.A. (as amended and/or restated from time to time, the "Glick JV Facility"), which, as of June 30, 2026, had a revolving period end date and maturity date of February 25, 2028 and August 25, 2028, respectively, and permitted borrowings of up to $120.0 million (subject to borrowing base and other limitations). Borrowings under the Glick JV Facility are secured by all of the assets of OCSL Glick JV Funding II LLC, a special purpose financing subsidiary of the Glick JV. As of June 30, 2026, borrowings under the Glick JV Facility bore interest at a rate equal to term SOFR plus 1.30% per annum. As of June 30, 2026 and September 30, 2025, $90.0 million and $80.5 million of borrowings were outstanding under the Glick JV Facility, respectively.

As of June 30, 2026 and September 30, 2025, the Glick JV had total assets of $142.5 million and $149.1 million, respectively. The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 131 and 57 portfolio companies as of June 30, 2026 and September 30, 2025, respectively. The portfolio companies in the Glick JV are in industries similar to those in which the Company may invest directly. The Company's investment in the Glick JV consisted of LLC equity interests and Glick JV Notes of $41.3 million and $46.1 million in the aggregate at fair value as of June 30, 2026 and September 30, 2025, respectively. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by the Company to fund investments of the Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Glick JV Notes, respectively.

Effective April 1, 2026, Glick JV amended and restated its subordinated notes issued to the Company and GF Debt Funding to mature on October 20, 2030 and bear interest at a rate equal to SOFR plus 3.00% per annum. In connection with amending and restating the subordinated notes, $12.4 million of the Company’s unfunded subordinated notes commitment was reallocated to an unfunded commitment to purchase additional equity interests in Glick JV. The amended and restated subordinated notes mature on October 20, 2030 and bear interest at a rate equal to SOFR plus 3.00% per annum. As of June 30, 2026, the Glick JV had total capital commitments of $90.8 million, $79.5 million of which was from the Company and the remaining $11.4 million of which was from GF Equity Funding and GF Debt Funding. Approximately $74.8 million in aggregate commitments were funded as of June 30, 2026, of which $65.5 million was from the Company. As of September 30, 2025, the Glick JV had total capital commitments of $100.0 million, $87.5 million of which was from the Company and the remaining $12.5 million of which was from GF Equity Funding and GF Debt Funding. Approximately $84.0 million in aggregate commitments were funded as of September 30, 2025, of which $73.5 million was from the Company.

As of June 30, 2026, the Company had commitments to fund Glick JV Notes of $58.3 million, all of which was funded. As of September 30, 2025, the Company had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million were unfunded. As of June 30, 2026, the Company had commitments to fund LLC equity interests in the Glick JV of $21.1 million, of which $14.0 million were unfunded. As of September 30, 2025, the Company had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million were unfunded.

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 June 30, 2026 and September 30, 2025:


	June 30, 2026	September 30, 2025
Senior secured loans (1)	$135,009	$132,109
Weighted average current interest rate on senior secured loans (2)	7.14%	8.32%
Number of borrowers in the Glick JV	131	57
Largest loan exposure to a single borrower (1)	$4,109	$4,305
Total of five largest loan exposures to borrowers (1)	$13,569	$20,577

__________

(1) At principal amount.

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

Glick JV Portfolio as of June 30, 2026


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%	7.64%		8/19/2030		$	1,538	$	1,523	$	1,372	(4)
Acosta Inc	Advertising	First Lien Term Loan	SOFR+	5.50%	9.28%		8/21/2031		844		833		836
Acrisure LLC	Insurance Brokers	First Lien Term Loan	SOFR+	3.00%	6.64%		11/6/2030		844		846		765
Aggreko Holdings Inc.	Trading Companies & Distributors	First Lien Term Loan	SOFR+	3.00%	6.63%		5/27/2031		896		895		899
AI Aqua Merger Sub Inc.	Specialized Consumer Services	First Lien Term Loan	SOFR+	2.50%	6.14%		6/25/2033		625		623		625

Albaugh LLC	Fertilizers & Agricultural Chemicals	First Lien Term Loan	SOFR+	3.75%	7.41%		4/6/2029		546		545		529
Allied Universal Holdco LLC	Security & Alarm Services	First Lien Term Loan	SOFR+	3.25%	6.89%		8/20/2032		1,538		1,547		1,541
Altice France SA	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	5.06%	8.74%		10/30/2028		836		828		836
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.23%		5/28/2032		1,241		1,232		1,242
Amspec Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.00%	6.73%		12/22/2031		597		596		600
Amynta Agency Borrower Inc	Property & Casualty Insurance	First Lien Term Loan	SOFR+	2.50%	6.14%		12/29/2031		1,144		1,148		1,131
Ankura Consulting Group LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.50%	7.17%		12/29/2031		844		831		801
Apex Group Treasury Ltd	Diversified Financial Services	First Lien Term Loan	SOFR+	3.50%	7.15%		2/27/2032		1,141		1,086		1,084
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.14%		2/15/2031		546		542		484
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	7.76%		8/19/2028		1,523		1,505		1,523
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	7.91%		9/19/2030		597		599		592
AthenaHealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	6.89%		2/15/2032		1,542		1,546		1,528
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		789		781		702		(4)(6)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%			6/11/2027		3,320		3,272		2,950		(4)(6)
Bausch + Lomb Corp	Health Care Supplies	First Lien Term Loan	SOFR+	3.75%	7.39%		12/18/2030		1,546		1,546		1,552
BCP VI Summit Holdings LP	Diversified Financial Services	First Lien Term Loan	SOFR+	3.50%	6.37%		1/30/2032		450		450		452
BCPE Grill Parent, Inc.	Restaurants	First Lien Term Loan	SOFR+	4.75%	8.42%		9/30/2030		844		796		802


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
BCPE North Star US Holdco 2 Inc	Packaged Foods & Meats	First Lien Term Loan	SOFR+	4.00%	7.76%		6/9/2028		$	843	$	841	$	847
Beach Acquisition Bidco LLC	Footwear	First Lien Term Loan	SOFR+	2.75%	6.48%		9/13/2032		846		855		851
Blackfin Pipeline LLC	Oil & Gas Storage & Transportation	First Lien Term Loan	SOFR+	3.00%	6.69%		9/29/2032		846		848		850
Blackhawk Network Holdings, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	3.50%	7.14%		3/12/2029		1,538		1,548		1,534
Boots Group Finco LP	Food Retail	First Lien Term Loan	SOFR+	3.25%	6.92%		8/29/2032		846		850		850
Bowlmor AMF Corp	Leisure Facilities	First Lien Term Loan	SOFR+	3.25%	6.89%		9/22/2032		1,143		1,127		1,002
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	2.75%	6.42%		7/30/2031		844		842		762
Broadstreet Partners Group LLC	Insurance Brokers	First Lien Term Loan	SOFR+	2.75%	6.14%		6/13/2031		1,641		1,641		1,588
Calcasieu Pass Funding LLC	Oil & Gas Refining & Marketing	First Lien Term Loan	SOFR+	3.25%	6.95%		4/11/2033		675		665		678
Cengage Learning Holdings II Inc	Education Services	First Lien Term Loan	SOFR+	3.00%	6.65%		3/24/2031		846		848		838
Chromalloy Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.25%	6.93%		3/27/2031		844		850		849
Cloud Software Group Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	6.98%		3/24/2031		846		846		744
Clydesdale Acquisition Holdings Inc	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.18%	6.82%		4/13/2029		850		850		836
Columbus McKinnon Corp.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	3.50%	7.23%		2/3/2033		770		764		770
Connect Finco SARL	Alternative Carriers	First Lien Term Loan	SOFR+	4.50%	8.14%		9/27/2029		844		836		847
CoorsTek Inc.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	2.50%	6.23%		10/28/2032		848		856		851
Cotiviti, Inc.	Health Care Technology	First Lien Term Loan	SOFR+	2.75%	6.37%		3/26/2032		844		817		768
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	8.73%		10/14/2029		995		995		995
CRC Insurance Group LLC	Insurance Brokers	First Lien Term Loan	SOFR+	2.75%	6.48%		5/6/2031		625		620		612
Darktrace Finco US LLC	Application Software	First Lien Term Loan	SOFR+	3.25%	6.93%		10/9/2031		1,538		1,531		1,412
Dayforce Inc	Human Resource & Employment Services	First Lien Term Loan	SOFR+	3.00%	6.66%		2/4/2033		1,550		1,547		1,418
Delek US Holdings Inc.	Oil & Gas Refining & Marketing	First Lien Term Loan	SOFR+	3.00%	6.62%		5/17/2032		800		800		801
Dexko Global Inc.	Auto Parts & Equipment	First Lien Term Loan	SOFR+	4.50%	8.16%		10/4/2031		322		321		313
DG Investment Intermediate Holdings 2 Inc.	Security & Alarm Services	First Lien Term Loan	SOFR+	3.25%	6.89%		7/9/2032		846		851		848
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.18%		8/2/2029		1,426		1,422		1,436
Disco Parent Inc	Application Software	First Lien Term Loan	SOFR+	3.00%	6.67%		8/6/2032		1,542		1,553		1,509
Discovery Global Holdings Inc	Movies & Entertainment	First Lien Term Loan	SOFR+	2.50%	6.14%		6/3/2033		981		978		982
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	7.64%		4/26/2029		1,546		1,534		1,413
Edelman Financial Engines Center LLC	Asset Management & Custody Banks	First Lien Term Loan	SOFR+	4.00%	7.64%		12/1/2031		846		850		849
EG Group Ltd.	Automotive Retail	First Lien Term Loan	SOFR+	3.25%	6.92%		1/30/2031		1,200		1,197		1,206
Eisner Advisory Group LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	7.64%		2/28/2031		844		852		830
Fertitta Entertainment LLC	Restaurants	First Lien Term Loan	SOFR+	3.25%	6.89%		1/27/2029		845		834		846


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Five Star Lower Holding LLC	Food Retail	First Lien Term Loan	SOFR+	4.25%	7.91%		5/5/2029		$	843	$	843	$	832
Flynn Restaurant Group LP	Restaurants	First Lien Term Loan	SOFR+	3.75%	7.39%		1/28/2032		1,538		1,549		1,525
Freeport LNG Investments LLLP	Oil & Gas Storage & Transportation	First Lien Term Loan	SOFR+	3.25%	6.93%		2/11/2033		1,150		1,144		1,154
Galileo Parent, Inc.	Aerospace & Defense	First Lien Term Loan	SOFR+	4.50%	8.12%		3/3/2033		749		739		753
Garda World Security Corp.	Security & Alarm Services	First Lien Term Loan	SOFR+	2.75%	6.42%		2/1/2029		1,144		1,153		1,144
GGP Retail LLC	Retail REITs	First Lien Term Loan	SOFR+	3.00%	6.64%		5/28/2030		821		826		822
Global Medical Response Inc.	Health Care Services	First Lien Term Loan	SOFR+	3.25%	6.89%		9/20/2032		1,220		1,220		1,224
Gryphon Acquire NewCo LLC	Semiconductors	First Lien Term Loan	SOFR+	2.75%	6.41%		9/10/2032		685		691		687
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.01%		4/9/2029		843		833		670		(4)
Houghton Mifflin Harcourt Co	Education Services	First Lien Term Loan	SOFR+	8.00%	11.76%		4/7/2028		100		90		90
Ineos AG	Commodity Chemicals	First Lien Term Loan	SOFR+	3.25%	6.89%		2/18/2030		545		452		504
Instructure Holdings Inc	Application Software	First Lien Term Loan	SOFR+	2.75%	6.45%		11/13/2031		1,141		1,144		1,070
ITG Communications LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.75%	8.39%		7/9/2031		617		589		609
IVCE US LLC	Health Care Facilities	First Lien Term Loan	SOFR+	4.00%	7.66%		12/8/2031		950		941		944
J&J Ventures Gaming LLC	Casinos & Gaming	First Lien Term Loan	SOFR+	3.50%	7.14%		4/26/2030		597		593		595
Jump Financial LLC	Asset Management & Custody Banks	First Lien Term Loan	SOFR+	3.50%	7.23%		2/27/2032		748		744		749
Jupiter Buyer Inc.	Construction & Engineering	First Lien Term Loan	SOFR+	4.00%	7.73%		11/3/2031		746		743		750
Kaseya Inc	Systems Software	First Lien Term Loan	SOFR+	3.25%	6.91%		3/22/2032		1,139		1,141		887
KDC/ONE Development Corp Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.50%	7.14%		8/15/2028		847		835		849
Kenan Advantage Group, Inc.	Cargo Ground Transportation	First Lien Term Loan	SOFR+	3.25%	6.89%		1/25/2029		844		838		846
KnowBe4 Inc.	Systems Software	First Lien Term Loan	SOFR+	3.75%	7.41%		7/23/2032		1,494		1,504		1,173
KUEHG Corp	Education Services	First Lien Term Loan	SOFR+	2.75%	6.48%		6/12/2030		1,538		1,502		1,485
Lackawanna Energy Center LLC	Independent Power Producers & Energy Traders	First Lien Term Loan	SOFR+	2.75%	6.37%		8/5/2032		1,099		1,110		1,103
Level 3 Financing Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	2.75%	6.39%		3/29/2032		850		854		852
Lsf12 Crown US Commercial Bidco LLC	Building Products	First Lien Term Loan	SOFR+	3.00%	6.62%		12/2/2031		790		784		793
M2S Group Intermediate Holdings Inc	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	4.75%	8.41%		8/25/2031		813		792		808
MajorDrive Holdings IV, LLC	Automobile Manufacturers	First Lien Term Loan	SOFR+	4.00%	7.99%		6/1/2028		843		827		812
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	6.64%		3/1/2029		546		545		487		(4)
McGraw-Hill Education Inc	Publishing	First Lien Term Loan	SOFR+	2.75%	6.39%		8/6/2031		825		833		830
Mitchell International Inc.	Application Software	First Lien Term Loan	SOFR+	3.00%	6.64%		6/17/2031		1,538		1,529		1,469
MP Midco Holdings LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	6.50%	10.23%		3/29/2030		1,500		1,505		1,512		(4)
MRP Buyer LLC	Independent Power Producers & Energy Traders	First Lien Term Loan	SOFR+	3.25%	6.98%		6/4/2032		844		840		848


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Naked Juice LLC	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	5.50%	9.23%		1/24/2029		$	810	$	823	$	824
Neptune Bidco US Inc.	Interactive Media & Services	First Lien Term Loan	SOFR+	5.00%	8.77%		2/3/2033		1,325		1,318		1,316
Nexstar Media Inc.	Broadcasting	First Lien Term Loan	SOFR+	2.75%	6.39%		3/18/2033		545		539		540
Nexus Buyer LLC	Specialized Finance	First Lien Term Loan	SOFR+	4.00%	7.64%		7/31/2031		1,663		1,654		1,613
OAK-Eagle Acquireco Inc.	Interactive Home Entertainment	First Lien Term Loan	SOFR+	3.50%	7.15%		3/24/2033		1,225		1,207		1,229
OCM System One Buyer CTB LLC	Human Resource & Employment Services	First Lien Term Loan	SOFR+	3.50%	7.14%		3/2/2028		821		824		823
Olaplex Inc.	Personal Care Products	First Lien Term Loan	SOFR+	3.50%	7.27%		2/23/2029		749		735		752
Parexel International Corp	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	2.75%	6.14%		12/9/2031		1,144		1,143		1,146
Pegasus Bidco BV	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	2.50%	6.17%		7/12/2032		825		821		826
Performance Health Holdings Inc	Health Care Distributors	First Lien Term Loan	SOFR+	3.75%	7.48%		3/19/2032		844		837		834
Ping Identity Holding Corp.	Systems Software	First Lien Term Loan	SOFR+	2.75%	6.38%		10/31/2032		1,397		1,403		1,363
Pioneer Opco LLC	Casinos & Gaming	First Lien Term Loan	SOFR+	3.25%	6.89%		5/15/2033		925		919		930
Pluralsight, LLC	Application Software	Common Stock						330,904			1,105		—		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	6.64%	1.50%	8/22/2029		674		674		656		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%			8/22/2029		1,235		1,110		62		(4)(6)
PointClickCare Technologies Inc	Health Care Technology	First Lien Term Loan	SOFR+	2.75%	6.41%		11/3/2031		844		848		841
Pretzel Parent, Inc.	Movies & Entertainment	First Lien Term Loan	SOFR+	4.50%	8.14%		10/1/2031		1,687		1,675		1,614
Primo Brands Corp.	Soft Drinks & Non-alcoholic Beverages	First Lien Term Loan	SOFR+	2.75%	6.48%		3/31/2031		424		422		426
Proampac PG Borrower LLC	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	4.00%	7.67%		3/7/2033		1,175		1,157		1,157
Proofpoint, Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00%	6.73%		8/31/2028		995		985		962
RealPage Inc.	Application Software	First Lien Term Loan	SOFR+	3.75%	7.48%		4/24/2028		1,244		1,235		1,173
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	7.66%		4/5/2030		545		546		435		(4)
Restoration Hardware Inc	Homefurnishing Retail	First Lien Term Loan	SOFR+	3.25%	6.99%		10/20/2028		843		839		832
Saratoga Food Specialties LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.25%	6.91%		9/30/2032		1,500		1,500		1,507
SCIH Salt Holdings Inc	Diversified Chemicals	First Lien Term Loan	SOFR+	2.75%	6.35%		1/31/2029		1,463		1,463		1,466
SCIL IV LLC	Specialty Chemicals	First Lien Term Loan	SOFR+	4.00%	7.65%		10/29/2032		846		842		846
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.39%		12/16/2028		821		829		821
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.49%		6/30/2029		685		669		685
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.49%		6/30/2029		1,923		1,923		1,865
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	10.73%		6/30/2029		1,136		1,137		1,040
SHO Holding I Corporation	Footwear	Common Stock						2,330			3,200		2,325
Skopima Consilio Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.75%	7.39%		5/12/2028		844		836		700


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	7.73%		9/27/2030		$	1,538	$	1,515	$	1,542
Stonepeak Bayou Holdings LP	Oil & Gas Storage & Transportation	First Lien Term Loan	SOFR+	2.75%	6.48%		9/24/2032		549		508		548
STS Operating Inc	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.00%	7.74%		3/25/2031		844		845		845
StubHub Holdco Sub LLC	Movies & Entertainment	First Lien Term Loan	SOFR+	4.75%	8.39%		3/15/2030		659		643		664
Summit Acquisition Inc.	Multi-Sector Holdings	First Lien Term Loan	SOFR+	3.50%	7.14%		10/16/2031		871		872		871
TCP Sunbelt Acquisition Co	Heavy Electrical Equipment	First Lien Term Loan	SOFR+	4.25%	7.92%		10/24/2031		579		581		579
Tiger Acquisition LLC	Construction & Engineering	First Lien Term Loan	SOFR+	2.75%	6.40%		8/23/2032		600		594		602
TMS International Corp	Diversified Support Services	First Lien Term Loan	SOFR+	3.50%	7.16%		3/4/2030		844		848		847
Trident TPI Holdings, Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	7.48%		9/15/2028		546		546		525
Trilon Group LLC	Construction & Engineering	First Lien Term Loan	SOFR+	3.50%			6/11/2033		—		—		—		(5)
Trilon Group LLC	Construction & Engineering	First Lien Term Loan	SOFR+	3.50%	7.23%		6/11/2033		459		457		460
Trucordia Insurance Holdings LLC	Insurance Brokers	First Lien Term Loan	SOFR+	3.25%	6.98%		6/17/2032		1,468		1,386		1,314
Trugreen LP	Environmental & Facilities Services	First Lien Term Loan	SOFR+	4.00%	7.77%		11/2/2027		820		803		787
UKG Inc.	Application Software	First Lien Term Loan	SOFR+	2.25%	5.91%		2/10/2031		1,538		1,541		1,452
Univision Communications Inc	Broadcasting	First Lien Term Loan	SOFR+	4.25%	7.98%		6/24/2029		843		848		844
US Renal Care Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	8.76%		6/20/2028		843		803		832
Viasat Inc.	Communications Equipment	First Lien Term Loan	SOFR+	4.50%	8.26%		5/30/2030		1,141		1,132		1,149
WideOpenWest Finance LLC	Cable & Satellite	First Lien Term Loan	SOFR+	7.00%	10.93%		12/11/2028		424		426		431
WideOpenWest Finance, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	3.00%	6.93%		12/11/2028		546		504		500
Zelis Payments Buyer Inc	Health Care Technology	First Lien Term Loan	SOFR+	2.75%	6.39%		9/28/2029		844		837		825
Zelis Payments Buyer Inc	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	6.89%		11/26/2031		844		838		825
Zodiac Purchaser LLC	Systems Software	First Lien Term Loan	SOFR+	3.50%	7.14%		2/14/2032		1,494		1,492		1,374
Total Portfolio Investments									$	135,009	$	138,309	$	132,082

__________

(1) Represents the interest rate as of June 30, 2026. 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 June 30, 2026, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 3.63%, the 90-day SOFR at 3.63% and the 180-day SOFR at 3.67%. 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 June 30, 2026.

(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 June 30, 2026.

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
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


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
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)
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


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
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.

The cost and fair value of the Company's aggregate investment in the Glick JV was $54.3 million and $41.3 million, respectively, as of June 30, 2026. The cost and fair value of the Company's aggregate investment in the Glick JV was $53.1 million and $46.1 million, respectively, as of September 30, 2025. For the three and nine months ended June 30, 2026, the Company's investment in the Glick JV Notes earned interest income of $1.4 million and $4.7 million, respectively. For the three and nine months ended June 30, 2025, the Company's investment in the Glick JV Notes earned interest income of $1.7 million and $5.1 million, respectively. The Company did not earn dividend income for the three and nine months ended June 30, 2026 and 2025 with respect to its investment in the LLC equity interest of the Glick JV. As of June 30, 2026, the Glick JV Notes bore interest at a rate of one-month SOFR plus 3.00% per annum and will mature on October 20, 2030.

Below is certain summarized financial information for the Glick JV as of June 30, 2026 and September 30, 2025 and for the three and nine months ended June 30, 2026 and 2025:


	June 30, 2026		September 30, 2025
Selected Balance Sheet Information:
Investments at fair value (cost June 30, 2026: $138,309; cost September 30, 2025: $135,083)	$	132,082	$	128,651
Cash and cash equivalents	4,165		18,752
Restricted cash	929		650
Receivables from unsettled transactions	4,267		—
Other assets	1,093		1,070
Total assets	$	142,536	$	149,123

Senior credit facility payable	$	90,000	$	80,500
Glick JV Notes payable at fair value (proceeds June 30, 2026: $66,685; proceeds September 30, 2025: $66,685)	47,219		52,640
Payables from unsettled transactions	3,708		14,002
Other liabilities	1,609		1,981
Total liabilities	$	142,536	$	149,123
Members' equity	—		—
Total liabilities and members' equity	$	142,536	$	149,123


	Three months ended June 30, 2026		Three months ended June 30, 2025		Nine months ended June 30, 2026		Nine months ended June 30, 2025
Selected Statements of Operations Information:
Interest income	$	2,445	$	2,603	$	7,554	$	8,566
Fee income	18		4		21		8
Total investment income	2,463		2,607		7,575		8,574
Senior credit facility and secured borrowing interest expense	1,188		1,170		3,426		3,754
Glick JV Notes interest expense	1,142		1,506		4,015		4,609
Other expenses	72		21		147		108
Total expenses (1)	2,402		2,697		7,588		8,471
Net investment income (loss)	61		(90)		(13)		103
Net unrealized appreciation (depreciation)	281		360		5,627		(30)
Realized gain (loss)	(342)		(270)		(5,614)		(73)
Net income (loss)	$	—	$	—	$	—	$	—

__________

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

The Glick JV has elected to fair value the Glick JV Notes issued to the Company and GF Debt Funding under ASC 825. The Glick JV Notes are valued based on the total assets less the liabilities senior to the Glick JV Notes in an amount not exceeding par under the EV technique.

During the nine months ended June 30, 2026 and 2025, the Company did not sell any debt investments to the Glick JV.

- Definition

The entire disclosure for investments owned by investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/946-320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

+ Details