Portfolio Investments (Tables)

12 Months Ended

Sep. 30, 2023

The composition of the Company's investments as of September 30, 2023 and September 30, 2022 at cost and fair value was as follows:


	September 30, 2023				September 30, 2022
	Cost		Fair Value		Cost		Fair Value
Investments in debt securities	$	2,654,484	$	2,557,102	$	2,294,392	$	2,223,329
Investments in equity securities	171,858		143,767		127,596		103,534
Debt investments in the JVs	162,986		162,673		146,444		146,533
Equity investments in the JVs	54,791		28,878		49,322		20,715
Total	$	3,044,119	$	2,892,420	$	2,617,754	$	2,494,111

The following table presents the composition of the Company's debt investments as of September 30, 2023 and September 30, 2022 at fixed rates and floating rates:


	September 30, 2023				September 30, 2022
	Fair Value		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs	$	2,345,205	86.23	%	$	2,049,644	86.49	%
Fixed rate debt securities	374,570		13.77		320,218		13.51
Total	$	2,719,775	100.00	%	$	2,369,862	100.00	%

The following tables show the composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of September 30, 2023 and September 30, 2022:


	September 30, 2023				September 30, 2022
Cost:			% of Total Investments				% of Total Investments
Application Software	$	468,483	15.39	%	$	391,938	14.98	%
Multi-Sector Holdings (1)	219,469		7.21		195,766		7.48
Data Processing & Outsourced Services	133,410		4.38		120,477		4.60
Biotechnology	126,349		4.15		109,960		4.20
Health Care Technology	106,915		3.51		100,084		3.82
Industrial Machinery & Supplies & Components	99,511		3.27		81,787		3.12
Pharmaceuticals	84,948		2.79		126,508		4.83
Real Estate Operating Companies	83,754		2.75		47,585		1.82
Broadline Retail	83,290		2.74		67,926		2.59
Health Care Services	81,560		2.68		58,674		2.24
Specialized Finance	73,035		2.40		80,864		3.09
Personal Care Products	68,146		2.24		53,214		2.03
Fertilizers & Agricultural Chemicals	64,720		2.13		49,301		1.88
Environmental & Facilities Services	63,064		2.07		20,857		0.80
Health Care Distributors	62,044		2.04		57,112		2.18
Diversified Financial Services	61,725		2.03		29,300		1.12
Internet Services & Infrastructure	60,934		2.00		54,095		2.07
Automotive Retail	57,596		1.89		59,254		2.26
Airport Services	55,961		1.84		43,322		1.65
Metal, Glass & Plastic Containers	55,530		1.82		47,704		1.82
Home Improvement Retail	54,236		1.78		45,802		1.75
Insurance Brokers	52,856		1.74		35,628		1.36
Aerospace & Defense	51,797		1.70		61,963		2.37
Diversified Metals & Mining	49,842		1.64		—		—
Auto Parts & Equipment	48,536		1.59		12,474		0.48
Real Estate Services	44,717		1.47		40,243		1.54
Soft Drinks & Non-alcoholic Beverages	42,628		1.40		—		—
Other Specialty Retail	41,088		1.35		—		—
Leisure Facilities	39,076		1.28		39,768		1.52
Specialty Chemicals	38,640		1.27		37,319		1.43
Distributors	37,666		1.24		25,278		0.97
Electrical Components & Equipment	32,440		1.07		33,814		1.29
Advertising	25,597		0.84		28,245		1.08
Passenger Airlines	24,920		0.82		—		—
Real Estate Development	23,965		0.79		—		—
Home Furnishings	23,859		0.78		19,550		0.75
Diversified Support Services	23,435		0.77		37,992		1.45
Gold	23,310		0.77		—		—
Systems Software	23,111		0.76		14,890		0.57
Health Care Equipment	22,441		0.74		24,353		0.93
Construction & Engineering	22,102		0.73		60,996		2.33
Oil & Gas Storage & Transportation	22,042		0.72		22,290		0.85
Interactive Media & Services	19,013		0.62		—		—
Integrated Telecommunication Services	18,801		0.62		34,628		1.32
Hotels, Resorts & Cruise Lines	17,195		0.56		13,960		0.53
Consumer Finance	16,440		0.54		14,492		0.55
Education Services	13,871		0.46		9,080		0.35
Restaurants	12,603		0.41		9,338		0.36
Movies & Entertainment	12,188		0.40		26,161		1.00
Health Care Supplies	11,646		0.38		36,471		1.39
Food Distributors	5,897		0.19		4,646		0.18
Apparel Retail	4,999		0.16		5,268		0.20
Air Freight & Logistics	4,925		0.16		7,295		0.28
Integrated Oil & Gas	4,894		0.16		4,866		0.19
Research & Consulting Services	4,871		0.16		9,187		0.35
Cable & Satellite	4,619		0.15		20,716		0.79
Other Specialized REITs	4,379		0.14		—		—
Paper & Plastic Packaging Products & Materials	3,254		0.11		—		—
Housewares & Specialties	2,908		0.10		2,293		0.09
Leisure Products	2,055		0.07		—		—
Technology Distributors	813		0.03		3,163		0.12
Soft Drinks	—		—		34,272		1.31
IT Consulting & Other Services	—		—		11,697		0.45
Oil & Gas Refining & Marketing	—		—		8,627		0.33
Trading Companies & Distributors	—		—		7,628		0.29
Apparel, Accessories & Luxury Goods	—		—		5,165		0.20
Specialized REITs	—		—		4,318		0.16
Diversified Banks	—		—		3,515		0.13
Construction Materials	—		—		2,331		0.09
Electronic Components	—		—		2,092		0.08
Alternative Carriers	—		—		212		0.01
	$	3,044,119	100.00	%	$	2,617,754	100.00	%


	September 30, 2023						September 30, 2022
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	455,719	15.73	%	30.03	%	$	384,589	15.43	%	30.87	%
Multi-Sector Holdings (1)	193,431		6.69		12.76		167,248		6.71		13.43
Biotechnology	125,678		4.35		8.29		108,465		4.35		8.71
Data Processing & Outsourced Services	125,259		4.33		8.26		111,335		4.46		8.94
Industrial Machinery & Supplies & Components	98,352		3.40		6.49		81,008		3.25		6.50
Health Care Technology	95,404		3.30		6.29		97,315		3.90		7.81
Real Estate Operating Companies	82,463		2.85		5.44		48,062		1.93		3.86
Pharmaceuticals	80,455		2.78		5.31		119,511		4.79		9.59
Specialized Finance	69,590		2.41		4.59		73,087		2.93		5.87
Broadline Retail	69,040		2.39		4.55		70,419		2.82		5.65
Health Care Services	66,683		2.31		4.40		45,943		1.84		3.69
Fertilizers & Agricultural Chemicals	63,185		2.18		4.17		51,972		2.08		4.17
Environmental & Facilities Services	62,413		2.16		4.12		20,585		0.83		1.65
Health Care Distributors	60,865		2.10		4.02		54,662		2.19		4.39
Internet Services & Infrastructure	60,579		2.09		4.00		53,797		2.16		4.32
Diversified Financial Services	60,003		2.07		3.96		24,326		0.98		1.95
Personal Care Products	59,928		2.07		3.95		50,150		2.01		4.03
Automotive Retail	55,805		1.93		3.68		57,629		2.31		4.63
Airport Services	54,453		1.88		3.59		42,883		1.72		3.44
Metal, Glass & Plastic Containers	53,459		1.85		3.53		47,599		1.91		3.82
Home Improvement Retail	53,168		1.84		3.51		45,421		1.82		3.65
Insurance Brokers	53,050		1.83		3.50		33,081		1.33		2.66
Aerospace & Defense	51,862		1.79		3.42		61,881		2.48		4.97
Diversified Metals & Mining	49,869		1.72		3.29		—		—		—
Auto Parts & Equipment	49,148		1.70		3.24		11,469		0.46		0.92
Real Estate Services	43,886		1.52		2.90		39,573		1.59		3.18
Soft Drinks & Non-alcoholic Beverages	42,391		1.47		2.80		—		—		—
Other Specialty Retail	41,115		1.42		2.71		—		—		—
Specialty Chemicals	38,615		1.34		2.55		33,969		1.36		2.73
Distributors	37,311		1.29		2.46		24,494		0.98		1.97
Leisure Facilities	36,963		1.28		2.44		39,258		1.57		3.15
Electrical Components & Equipment	32,573		1.13		2.15		32,933		1.32		2.64
Passenger Airlines	27,512		0.95		1.82		—		—		—
Real Estate Development	23,679		0.82		1.56		—		—		—
Diversified Support Services	23,352		0.81		1.54		36,712		1.47		2.95
Gold	23,328		0.81		1.54		—		—		—
Health Care Equipment	22,436		0.78		1.48		24,161		0.97		1.94
Systems Software	21,968		0.76		1.45		12,834		0.51		1.03
Construction & Engineering	21,903		0.76		1.45		61,188		2.45		4.91
Home Furnishings	19,954		0.69		1.32		18,188		0.73		1.46
Interactive Media & Services	19,199		0.66		1.27		—		—		—
Hotels, Resorts & Cruise Lines	16,991		0.59		1.12		13,985		0.56		1.12
Integrated Telecommunication Services	16,492		0.57		1.09		32,201		1.29		2.59
Oil & Gas Storage & Transportation	16,040		0.55		1.06		20,853		0.84		1.67
Consumer Finance	15,087		0.52		1.00		13,284		0.53		1.07
Education Services	13,618		0.47		0.90		8,582		0.34		0.69
Restaurants	12,464		0.43		0.82		8,692		0.35		0.70
Advertising	11,955		0.41		0.79		26,948		1.08		2.16
Movies & Entertainment	11,865		0.41		0.78		26,645		1.07		2.14
Health Care Supplies	11,363		0.39		0.75		36,577		1.47		2.94
Food Distributors	5,166		0.18		0.34		3,367		0.13		0.27
Apparel Retail	5,002		0.17		0.33		5,223		0.21		0.42
Research & Consulting Services	4,831		0.17		0.32		8,573		0.34		0.69
Integrated Oil & Gas	4,785		0.17		0.32		4,872		0.20		0.39
Cable & Satellite	4,546		0.16		0.30		19,576		0.78		1.57
Air Freight & Logistics	4,263		0.15		0.28		6,405		0.26		0.51
Other Specialized REITs	3,198		0.11		0.21		—		—		—
Paper & Plastic Packaging Products & Materials	3,061		0.11		0.20		—		—		—
Housewares & Specialties	2,808		0.10		0.19		2,456		0.10		0.20
Leisure Products	2,063		0.07		0.14		—		—		—
Technology Distributors	776		0.03		0.05		2,997		0.12		0.24
Soft Drinks	—		—		—		33,670		1.35		2.70
Oil & Gas Refining & Marketing	—		—		—		8,604		0.34		0.69
IT Consulting & Other Services	—		—		—		8,596		0.34		0.69
Trading Companies & Distributors	—		—		—		5,567		0.22		0.45
Diversified Banks	—		—		—		3,402		0.14		0.27
Specialized REITs	—		—		—		3,264		0.13		0.26
Construction Materials	—		—		—		1,934		0.08		0.16
Electronic Components	—		—		—		1,890		0.08		0.15
Alternative Carriers	—		—		—		201		0.01		0.02
Total	$	2,892,420	100.00	%	190.82	%	$	2,494,111	100.00	%	200.24	%

___________________

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

SLF JV I Portfolio as of September 30, 2023


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.32%		8/18/2028		$	8,596	$	8,503	$	8,499
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	11.90%		12/18/2025		1,149		1,135		1,128		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	12.15%		12/18/2025		6,771		6,701		6,648		(4)
Altice France S.A.	Integrated Telecommunication Services	First Lien Term Loan	L+	4.00%	9.63%		8/14/2026		2,969		2,853		2,810
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	13.04%		6/30/2025		8,798		8,737		8,218		(4)
American Rock Salt Company LLC	Diversified Metals & Mining	First Lien Term Loan	SOFR+	4.00%	9.43%		6/9/2028		4,957		4,734		4,614
American Tire Distributors, Inc.	Distributors	First Lien Term Loan	SOFR+	6.25%	11.81%		10/20/2028		4,824		4,763		4,239		(4)
Amplify Finco Pty Ltd.	Movies & Entertainment	First Lien Term Loan	SOFR+	4.15%	9.54%		11/26/2026		7,720		7,643		7,720
Anastasia Parent, LLC	Personal Care Products	First Lien Term Loan	SOFR+	3.75%	9.40%		8/11/2025		1,523		1,191		1,099		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%			12/29/2027		—		(7)		(29)		(4)(5)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	11.63%		12/29/2027		4,134		4,076		3,892		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%	10.90%		10/25/2028		5,052		4,888		3,817		(4)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	9.42%		8/19/2028		4,950		4,747		4,809
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	9.67%		8/19/2028		1,990		1,884		1,937
Asurion, LLC	Property & Casualty Insurance	Second Lien Term Loan	SOFR+	5.25%	10.68%		1/20/2029		4,346		4,036		3,871
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	8.57%		2/15/2029		4,320		4,080		4,251
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00%	11.49%		12/24/2026		6,289		6,216		6,028		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	10.65%		6/11/2027		1,753		1,742		1,711		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	10.65%		6/11/2027		6,306		6,247		6,155		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,683		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%	11.55%		8/10/2027		2,354		2,322		2,281
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%	11.55%		8/10/2027		1,983		1,954		1,921
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%	11.57%		8/10/2027		600		592		581
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%	11.55%		8/10/2027		1,960		1,935		1,899
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	10.39%		10/13/2029		6,343		5,983		6,285		(4)
Curium Bidco S.à.r.l.	Biotechnology	First Lien Term Loan	SOFR+	4.50%	9.89%		7/31/2029		8,730		8,642		8,730
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.00%	10.43%		8/2/2027		5,799		5,715		5,681		(4)
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	10.12%		4/26/2029		7,920		7,792		7,729		(4)
Gibson Brands, Inc.	Leisure Products	First Lien Term Loan	SOFR+	5.00%	10.57%		8/11/2028		7,369		7,295		6,190		(4)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	10.67%		4/9/2029		7,920		7,731		7,517		(4)
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25%	10.90%		6/30/2026		7,331		7,249		7,340
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	11.40%		3/25/2027		9,000		8,839		7,080		(4)
KDC/ONE Development Corp Inc	Personal Care Products	First Lien Term Loan	SOFR+	5.00%	10.32%		8/15/2028		10,000		9,666		9,665


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	10.42%		10/29/2028		$	3,962	$	3,815	$	3,955
LaserAway Intermediate Holdings II, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.75%	11.32%		10/14/2027		7,369		7,269		7,267
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	SOFR+	5.00%	10.65%		5/9/2026		11,249		11,106		10,912		(4)
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.75%	9.18%		3/1/2029		5,940		5,654		5,812
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Revolver	SOFR+	7.00%			2/14/2025		—		(2)		(8)		(4)(5)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	7.00%	12.52%		2/14/2025		4,669		4,648		4,594		(4)
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.75%	9.18%		10/15/2028		2,985		2,845		2,941
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	5.50%			2/10/2026		—		(3)		(7)		(4)(5)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	5.50%	10.99%		2/10/2026		8,319		8,164		8,147		(4)
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	5.50%	10.99%		2/10/2026		2,211		2,210		2,165		(4)
Northern Star Industries Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	4.76%	10.15%		3/31/2025		6,615		6,608		6,565
OEConnection LLC	Application Software	First Lien Term Loan	SOFR+	4.00%	9.43%		9/25/2026		10,987		10,827		10,971
Park Place Technologies, LLC	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	5.00%	10.42%		11/10/2027		9,825		9,492		9,698		(4)
Planview Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	9.65%		12/17/2027		2,416		2,298		2,390
Planview Parent, Inc.	Application Software	Second Lien Term Loan	SOFR+	7.25%	12.74%		12/18/2028		4,503		4,435		4,098		(4)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	8.00%	13.45%		4/6/2027		318		301		297		(4)(5)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	8.00%	13.45%		4/6/2027		8,116		7,850		7,773		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.75%	9.99%		4/5/2030		5,000		4,860		4,969
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	5.23%	10.86%		4/27/2024		138		138		94
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	5.25%	10.88%		4/27/2024		8,113		8,111		5,531
SM Wellness Holdings, Inc.	Health Care Services	First Lien Term Loan	SOFR+	4.75%	10.38%		4/17/2028		2,977		2,580		2,799		(4)
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	4.00%	9.43%		10/5/2027		7,680		7,642		7,643
Spanx, LLC	Apparel Retail	First Lien Term Loan	SOFR+	5.25%	10.67%		11/20/2028		8,843		8,713		8,717		(4)
SPX Flow, Inc.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50%	9.92%		4/5/2029		8,801		8,442		8,794
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	9.33%		9/19/2030		8,000		7,880		7,834
TIBCO Software Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	9.99%		3/30/2029		8,215		7,559		7,913
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00%	11.42%		12/29/2028		7,212		7,103		7,022		(4)
Veritas US Inc.	Application Software	First Lien Term Loan	SOFR+	5.00%	10.43%		9/1/2025		6,305		6,257		5,500
Windstream Services II, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	6.25%	11.67%		9/21/2027		6,148		6,008		5,939		(4)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	9.27%		4/30/2025		1,965		1,920		1,855		(4)
Total Portfolio Investments									$	332,637	$	331,808	$	322,179

_________

(1) Represents the interest rate as of September 30, 2023. 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 and/or LIBOR, 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. All the SOFR shown above is in U.S. dollars. As of September 30, 2023, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 5.32%, the 90-day SOFR at 5.39% and the 30-day LIBOR at 5.43%. Most loans include an interest floor, which generally ranges from 0% to 1%. 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, 2023 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, 2023.

(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.

SLF JV I Portfolio as of September 30, 2022


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	L+	3.75%	6.82%		2/27/2025		$	10,093	$	10,028	$	9,692
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.25%	9.80%		12/18/2025		8,518		8,389		8,371		(4)
Altice France S.A.	Integrated Telecommunication Services	First Lien Term Loan	L+	4.00%	6.91%		8/14/2026		3,000		2,841		2,730
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	11.20%		6/30/2025		9,267		9,166		9,221		(4)
American Tire Distributors, Inc.	Distributors	First Lien Term Loan	L+	6.25%	9.03%		10/20/2028		4,873		4,812		4,576		(4)
Amplify Finco Pty Ltd.	Movies & Entertainment	First Lien Term Loan	L+	4.25%	7.92%		11/26/2026		7,800		7,722		7,527		(4)
Anastasia Parent, LLC	Personal Products	First Lien Term Loan	L+	3.75%	7.42%		8/11/2025		1,539		1,203		1,232		(4)
Apptio, Inc.	Application Software	First Lien Term Loan	L+	6.00%	8.46%		1/10/2025		4,615		4,580		4,519		(4)
Apptio, Inc.	Application Software	First Lien Revolver	L+	6.00%	8.46%		1/10/2025		154		151		146		(4)(5)
ASP-R-PAC Acquisition Co LLC	Paper Packaging	First Lien Term Loan	L+	6.00%	9.67%		12/29/2027		4,176		4,103		4,080
ASP-R-PAC Acquisition Co LLC	Paper Packaging	First Lien Revolver	L+	6.00%			12/29/2027				(9)		(11)		(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	L+	5.25%	8.37%		10/25/2028		5,052		4,858		4,319		(4)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	7.70%		8/19/2028		5,000		4,753		4,276
Asurion, LLC	Property & Casualty Insurance	Second Lien Term Loan	L+	5.25%	8.37%		1/20/2029		4,346		3,981		3,347
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	L+	6.00%	8.78%		12/24/2026		6,338		6,242		6,027		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	L+	5.00%	8.12%		6/11/2027		6,371		6,311		6,148
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	L+	5.00%	8.12%		6/11/2027		1,771		1,751		1,664		(4)(5)
Blackhawk Network Holdings, Inc.	Data Processing & Outsourced Services	First Lien Term Loan	L+	3.00%	6.03%		6/15/2025		9,575		9,566		8,977
BYJU's Alpha, Inc.	Application Software	First Lien Term Loan	L+	6.00%	8.98%		11/24/2026		7,444		7,347		5,455
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,683		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.50%	9.12%		8/10/2027		4,358		4,286		4,280
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	5.50%	9.12%		8/10/2027		449		432		413
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	5.50%			8/10/2027		—		(10)		(11)		(5)
CITGO Petroleum Corp.	Oil & Gas Refining & Marketing	First Lien Term Loan	L+	6.25%	9.37%		3/28/2024		7,038		6,967		7,057		(4)
City Football Group Limited	Movies & Entertainment	First Lien Term Loan	L+	3.50%	6.48%		7/21/2028		6,451		6,419		6,166
Convergeone Holdings, Inc.	IT Consulting & Other Services	First Lien Term Loan	L+	5.00%	8.12%		1/4/2026		7,373		7,206		5,320		(4)
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	7.65%		9/20/2029		5,375		5,053		5,035		(4)
Curium Bidco S.à.r.l.	Biotechnology	First Lien Term Loan	L+	4.00%	7.67%		7/9/2026		5,820		5,776		5,587
Dealer Tire, LLC	Distributors	First Lien Term Loan	L+	4.25%	7.37%		12/12/2025		2,992		2,935		2,924
Delivery Hero FinCo LLC	Internet & Direct Marketing Retail	First Lien Term Loan	SOFR+	5.75%	8.49%		8/12/2027		6,035		5,876		5,756		(4)
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	L+	5.00%	8.12%		8/2/2027		6,436		6,332		6,012		(4)
Domtar Corporation	Paper Products	First Lien Term Loan	L+	5.50%	8.26%		11/30/2028		4,100		4,065		3,921
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	7.33%		4/26/2029		8,000		7,849		7,616		(4)
Eagle Parent Corp.	Industrial Machinery	First Lien Term Loan	SOFR+	4.25%	7.80%		4/2/2029		4,478		4,373		4,367
eResearch Technology, Inc.	Application Software	First Lien Term Loan	L+	4.50%	7.62%		2/4/2027		7,331		7,258		6,859


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Gibson Brands, Inc.	Leisure Products	First Lien Term Loan	L+	5.00%	7.94%		8/11/2028		$	7,444	$	7,369	$	6,029
Global Medical Response, Inc.	Health Care Services	First Lien Term Loan	L+	4.25%	7.37%		3/14/2025		1,979		1,979		1,722		(4)
Global Medical Response, Inc.	Health Care Services	First Lien Term Loan	L+	4.25%	6.81%		10/2/2025		2,192		2,165		1,912
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	8.38%		4/9/2029		8,000		7,774		7,310		(4)
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	L+	5.25%	8.80%		6/30/2026		7,406		7,293		7,286
INW Manufacturing, LLC	Personal Products	First Lien Term Loan	L+	5.75%	9.42%		3/25/2027		9,500		9,282		8,408		(4)
Iris Holding, Inc.	Metal & Glass Containers	First Lien Term Loan	SOFR+	4.75%	7.89%		6/28/2028		5,000		4,624		4,610
LaserAway Intermediate Holdings II, LLC	Health Care Services	First Lien Term Loan	L+	5.75%	8.23%		10/14/2027		7,444		7,318		7,323
Lightbox Intermediate, L.P.	Real Estate Services	First Lien Term Loan	L+	5.00%	8.67%		5/9/2026		7,367		7,315		7,109		(4)
LogMeIn, Inc.	Application Software	First Lien Term Loan	L+	4.75%	7.80%		8/31/2027		7,860		7,751		5,494
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	L+	3.25%	6.37%		9/6/2025		7,366		7,282		6,835
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Term Loan	L+	7.00%	10.64%		2/14/2025		4,687		4,651		4,570		(4)
Mindbody, Inc.	Internet Services & Infrastructure	First Lien Revolver	L+	8.00%			2/14/2025		—		(4)		(12)		(4)(5)
MRI Software LLC	Application Software	First Lien Term Loan	L+	5.50%	9.17%		2/10/2026		6,139		6,104		5,966		(4)
MRI Software LLC	Application Software	First Lien Revolver	L+	5.50%			2/10/2026				(3)		(10)		(4)(5)
Northern Star Industries Inc.	Electrical Components & Equipment	First Lien Term Loan	L+	4.75%	7.87%		3/31/2025		6,685		6,673		6,484
OEConnection LLC	Application Software	First Lien Term Loan	L+	4.00%	7.12%		9/25/2026		7,777		7,741		7,505		(4)
Park Place Technologies, LLC	Internet Services & Infrastructure	First Lien Term Loan	SOFR+	5.00%	8.13%		11/10/2027		4,925		4,781		4,687		(4)
Peloton Interactive, Inc.	Leisure Products	First Lien Term Loan	SOFR+	6.50%	8.35%		5/25/2027		5,486		5,251		5,371
Planview Parent, Inc.	Application Software	Second Lien Term Loan	L+	7.25%	10.92%		12/18/2028		4,503		4,435		4,323		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	L+	8.00%	10.68%		4/6/2027		6,796		6,694		6,582		(4)
Pluralsight, LLC	Application Software	First Lien Revolver	L+	8.00%			4/6/2027		—		(6)		(13)		(4)(5)
RevSpring, Inc.	Commercial Printing	First Lien Term Loan	L+	4.00%	7.67%		10/11/2025		9,625		9,607		9,304
Sabert Corporation	Metal & Glass Containers	First Lien Term Loan	L+	4.50%	7.63%		12/10/2026		2,536		2,511		2,435		(4)
SHO Holding I Corporation	Footwear	First Lien Term Loan	L+	5.25%	8.06%		4/27/2024		8,201		8,194		7,176
SHO Holding I Corporation	Footwear	First Lien Term Loan	L+	5.23%	8.04%		4/27/2024		138		138		121
Sorenson Communications, LLC	Communications Equipment	First Lien Term Loan	L+	5.50%	9.17%		3/17/2026		2,553		2,528		2,454
Spanx, LLC	Apparel Retail	First Lien Term Loan	L+	5.25%	8.30%		11/20/2028		8,933		8,776		8,721		(4)
SPX Flow, Inc.	Industrial Machinery	First Lien Term Loan	SOFR+	4.50%	7.63%		4/5/2029		7,500		7,184		6,966		(4)
Supermoose Borrower, LLC	Application Software	First Lien Term Loan	L+	3.75%	7.42%		8/29/2025		7,743		7,479		6,827		(4)
Surgery Center Holdings, Inc.	Health Care Facilities	First Lien Term Loan	L+	3.75%	6.51%		8/31/2026		3,377		3,365		3,213
TIBCO Software Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.15%		3/30/2029		6,256		5,693		5,629		(4)
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	L+	6.00%	9.12%		12/29/2028		7,285		7,155		7,140		(4)
Veritas US Inc.	Application Software	First Lien Term Loan	L+	5.00%	8.67%		9/1/2025		6,365		6,290		5,087
Windstream Services II, LLC	Integrated Telecommunication Services	First Lien Term Loan	L+	6.25%	9.37%		9/21/2027		7,818		7,596		7,115		(4)
WP CPP Holdings, LLC	Aerospace & Defense	Second Lien Term Loan	L+	7.75%	10.56%		4/30/2026		6,000		5,972		5,070		(4)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	L+	3.75%	6.56%		4/30/2025		1,985		1,910		1,783		(4)
Zayo Group Holdings, Inc.	Alternative Carriers	First Lien Term Loan	L+	3.00%	6.12%		3/9/2027		2,155		2,000		1,812
Total Portfolio Investments									$	383,194	$	382,673	$	359,625

_________

(1) Represents the interest rate as of September 30, 2022. 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 LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. Certain loans may also be indexed to SOFR. 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. All the LIBOR shown above is in U.S. dollars. As of September 30, 2022, the reference rates for SLF JV I's variable rate loans were the 30-day LIBOR at 3.12%, the 90-day LIBOR at 3.67%, the 30-day SOFR at 3.03%, the 90-day SOFR at 3.55% and the 180-day SOFR at 3.98%. Most loans include an interest floor, which generally ranges from 0% to 1%. 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, 2022 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, 2022.

Glick JV Portfolio as of September 30, 2023


Portfolio Company	Industry	Investment Type	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	5.00%	10.32%		8/18/2028	$	2,000	$	1,960	$	1,978
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	11.90%		12/18/2025	574		568		564		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	6.50%	12.15%		12/18/2025	3,746		3,709		3,678		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	13.04%		6/30/2025	6,230		6,185		5,819		(4)
American Rock Salt Company LLC	Diversified Metals & Mining	First Lien Term Loan	SOFR+	4.00%	9.43%		6/9/2028	2,478		2,367		2,307
American Tire Distributors, Inc.	Distributors	First Lien Term Loan	SOFR+	6.25%	11.81%		10/20/2028	2,860		2,825		2,514		(4)
Amplify Finco Pty Ltd.	Movies & Entertainment	First Lien Term Loan	SOFR+	4.15%	9.54%		11/26/2026	2,895		2,866		2,895
Amynta Agency Borrower Inc.	Property & Casualty Insurance	First Lien Term Loan	SOFR+	5.00%	10.42%		2/28/2028	2,993		2,913		2,997
Anastasia Parent, LLC	Personal Care Products	First Lien Term Loan	SOFR+	3.75%	9.40%		8/11/2025	907		705		654		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	11.63%		12/29/2027	1,716		1,692		1,616		(4)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%			12/29/2027	—		(3)		(12)		(4)(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%	10.90%		10/25/2028	2,078		2,039		1,570		(4)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	9.42%		8/19/2028	1,980		1,899		1,924
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	9.67%		8/19/2028	995		942		968
Asurion, LLC	Property & Casualty Insurance	Second Lien Term Loan	SOFR+	5.25%	10.68%		1/20/2029	2,423		2,244		2,158
athenahealth Group Inc.	Health Care Technology	First Lien Term Loan	SOFR+	3.25%	8.57%		2/15/2029	1,772		1,674		1,744
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00%	11.49%		12/24/2026	3,628		3,586		3,478		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	10.65%		6/11/2027	3,363		3,332		3,282		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	10.65%		6/11/2027	800		795		780		(4)
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	10.39%		10/13/2029	2,766		2,607		2,741		(4)
Curium Bidco S.à.r.l.	Biotechnology	First Lien Term Loan	SOFR+	4.50%	9.89%		7/31/2029	2,841		2,820		2,841
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.00%	10.43%		8/2/2027	2,460		2,435		2,410		(4)


Portfolio Company	Industry	Investment Type	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	10.12%		4/26/2029	$	2,970	$	2,922	$	2,899	(4)
Gibson Brands, Inc.	Leisure Products	First Lien Term Loan	SOFR+	5.00%	10.57%		8/11/2028	3,930		3,891		3,301		(4)
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	10.67%		4/9/2029	3,960		3,865		3,759		(4)
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	SOFR+	5.25%	10.90%		6/30/2026	3,910		3,866		3,915
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	11.40%		3/25/2027	2,250		2,210		1,770		(4)
KDC/ONE Development Corp Inc	Personal Care Products	First Lien Term Loan	SOFR+	5.00%	10.32%		8/15/2028	4,500		4,350		4,349
LaserAway Intermediate Holdings II, LLC	Health Care Services	First Lien Term Loan	SOFR+	5.75%	11.32%		10/14/2027	3,930		3,877		3,876
MRI Software LLC	Application Software	First Lien Term Loan	SOFR+	5.50%	10.99%		2/10/2026	1,630		1,616		1,596		(4)
MRI Software LLC	Application Software	First Lien Revolver	SOFR+	5.50%			2/10/2026	—		(1)		(3)		(4)(5)
Northern Star Industries Inc.	Electrical Components & Equipment	First Lien Term Loan	SOFR+	4.76%	10.15%		3/31/2025	5,198		5,192		5,159
OEConnection LLC	Application Software	First Lien Term Loan	SOFR+	4.00%	9.43%		9/25/2026	3,849		3,830		3,843
Planview Parent, Inc.	Application Software	First Lien Term Loan	SOFR+	4.00%	9.65%		12/17/2027	683		650		676
Planview Parent, Inc.	Application Software	Second Lien Term Loan	SOFR+	7.25%	12.74%		12/18/2028	2,842		2,799		2,586		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	8.00%	13.45%		4/6/2027	5,182		5,029		4,964		(4)
Pluralsight, LLC	Application Software	First Lien Revolver	SOFR+	8.00%	13.45%		4/6/2027	226		216		211		(4)(5)
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	5.25%	10.88%		4/27/2024	6,029		6,025		4,110
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	5.23%	10.86%		4/27/2024	103		102		70
Southern Veterinary Partners, LLC	Health Care Facilities	First Lien Term Loan	SOFR+	4.00%	9.43%		10/5/2027	3,292		3,275		3,276
Spanx, LLC	Apparel Retail	First Lien Term Loan	SOFR+	5.25%	10.67%		11/20/2028	4,913		4,840		4,843		(4)
SPX Flow, Inc.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50%	9.92%		4/5/2029	5,227		5,032		5,224
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	9.33%		9/27/2030	4,000		3,939		3,916
TIBCO Software Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	9.99%		3/30/2029	2,641		2,439		2,544
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	SOFR+	6.00%	11.42%		12/29/2028	2,993		2,948		2,914		(4)
Windstream Services II, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	6.25%	11.67%		9/21/2027	3,843		3,756		3,712		(4)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	9.27%		4/30/2025	983		960		927		(4)
Total Portfolio Investments								$	130,589	$	127,788	$	123,343

__________

(1) Represents the interest rate as of September 30, 2023. 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, 2023, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 5.32% and the 90-day SOFR at 5.39%. Most loans include an interest floor, which generally ranges from 0% to 1%. 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, 2023.

Glick JV Portfolio as of September 30, 2022


Portfolio Company	Industry	Investment Type	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	L+	6.25%	9.80%		12/18/2025	$	4,647	$	4,579	$	4,567	(4)
Alvogen Pharma Inc	Pharmaceuticals	First Lien Term Loan	SOFR+	7.50%	11.20%		6/30/2025	6,562		6,489		6,529		(4)
American Tire Distributors, Inc.	Distributors	First Lien Term Loan	L+	6.25%	9.03%		10/20/2028	2,889		2,853		2,714		(4)
Amplify Finco Pty Ltd.	Movies & Entertainment	First Lien Term Loan	L+	4.25%	7.92%		11/26/2026	2,925		2,896		2,823		(4)
Anastasia Parent, LLC	Personal Products	First Lien Term Loan	L+	3.75%	7.42%		8/11/2025	917		712		734		(4)
ASP-R-PAC Acquisition Co LLC	Paper Packaging	First Lien Term Loan	L+	6.00%	9.67%		12/29/2027	1,734		1,704		1,694
ASP-R-PAC Acquisition Co LLC	Paper Packaging	First Lien Revolver	L+	6.00%			12/29/2027	—		(4)		(5)		(5)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	L+	5.25%	8.37%		10/25/2028	2,078		2,033		1,777		(4)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.00%	7.70%		8/19/2028	2,000		1,901		1,711
Asurion, LLC	Property & Casualty Insurance	Second Lien Term Loan	L+	5.25%	8.37%		1/20/2029	2,423		2,212		1,866
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	L+	6.00%	8.78%		12/24/2026	3,656		3,601		3,476		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	L+	5.00%	8.12%		6/11/2027	3,398		3,366		3,279
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	L+	5.00%	8.12%		6/11/2027	808		800		760		(4)(5)
BYJU's Alpha, Inc.	Application Software	First Lien Term Loan	L+	6.00%	8.98%		11/24/2026	3,970		3,919		2,909
CITGO Petroleum Corp.	Oil & Gas Refining & Marketing	First Lien Term Loan	L+	6.25%	9.37%		3/28/2024	3,519		3,484		3,529		(4)
City Football Group Limited	Movies & Entertainment	First Lien Term Loan	L+	3.50%	6.48%		7/21/2028	2,481		2,469		2,372
Covetrus, Inc.	Health Care Distributors	First Lien Term Loan	SOFR+	5.00%	7.65%		9/20/2029	2,280		2,143		2,136		(4)
Curium Bidco S.à.r.l.	Biotechnology	First Lien Term Loan	L+	4.00%	7.67%		7/9/2026	2,870		2,849		2,756
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	L+	5.00%	8.12%		8/2/2027	2,730		2,703		2,549		(4)
Domtar Corporation	Paper Products	First Lien Term Loan	L+	5.50%	8.26%		11/30/2028	2,503		2,478		2,394
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.75%	7.33%		4/26/2029	3,000		2,943		2,856		(4)
Eagle Parent Corp.	Industrial Machinery	First Lien Term Loan	SOFR+	4.25%	7.80%		4/2/2029	2,488		2,429		2,426
eResearch Technology, Inc.	Application Software	First Lien Term Loan	L+	4.50%	7.62%		2/4/2027	2,444		2,419		2,286
Gibson Brands, Inc.	Leisure Products	First Lien Term Loan	L+	5.00%	7.94%		8/11/2028	3,970		3,930		3,216
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	8.38%		4/9/2029	4,000		3,887		3,655		(4)
Indivior Finance S.À.R.L.	Pharmaceuticals	First Lien Term Loan	L+	5.25%	8.80%		6/30/2026	3,950		3,890		3,886
INW Manufacturing, LLC	Personal Products	First Lien Term Loan	L+	5.75%	9.42%		3/25/2027	2,375		2,320		2,102		(4)
Iris Holding, Inc.	Metal & Glass Containers	First Lien Term Loan	SOFR+	4.75%	7.89%		6/28/2028	2,000		1,846		1,844
LaserAway Intermediate Holdings II, LLC	Health Care Services	First Lien Term Loan	L+	5.75%	8.23%		10/14/2027	3,970		3,903		3,905
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	L+	3.25%	6.37%		9/6/2025	1,358		1,192		1,260


Portfolio Company	Industry	Investment Type	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Principal		Cost		Fair Value (3)		Notes
MRI Software LLC	Application Software	First Lien Term Loan	L+	5.50%	9.17%		2/10/2026	$	1,647	$	1,632	$	1,600	(4)
MRI Software LLC	Application Software	First Lien Revolver	L+	5.50%			2/10/2026	—		(1)		(4)		(4)(5)
Northern Star Industries Inc.	Electrical Components & Equipment	First Lien Term Loan	L+	4.75%	7.87%		3/31/2025	5,252		5,243		5,095
OEConnection LLC	Application Software	First Lien Term Loan	L+	4.00%	7.12%		9/25/2026	3,888		3,871		3,752		(4)
Planview Parent, Inc.	Application Software	Second Lien Term Loan	L+	7.25%	10.92%		12/18/2028	2,842		2,799		2,728		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	L+	8.00%	10.68%		4/6/2027	4,465		4,398		4,325		(4)
Pluralsight, LLC	Application Software	First Lien Revolver	L+	8.00%			4/6/2027	—		(5)		(10)		(4)(5)
Sabert Corporation	Metal & Glass Containers	First Lien Term Loan	L+	4.50%	7.63%		12/10/2026	1,691		1,674		1,623		(4)
SHO Holding I Corporation	Footwear	First Lien Term Loan	L+	5.25%	8.06%		4/27/2024	6,094		6,082		5,332
SHO Holding I Corporation	Footwear	First Lien Term Loan	L+	5.23%	8.04%		4/27/2024	102		102		90
Spanx, LLC	Apparel Retail	First Lien Term Loan	L+	5.25%	8.30%		11/20/2028	4,962		4,876		4,845		(4)
SPX Flow, Inc.	Industrial Machinery	First Lien Term Loan	SOFR+	4.50%	7.63%		4/5/2029	6,000		5,734		5,572		(4)
Supermoose Borrower, LLC	Application Software	First Lien Term Loan	L+	3.75%	7.42%		8/29/2025	2,820		2,712		2,487		(4)
Surgery Center Holdings, Inc.	Health Care Facilities	First Lien Term Loan	L+	3.75%	6.51%		8/31/2026	3,377		3,365		3,213
TIBCO Software Inc.	Application Software	First Lien Term Loan	SOFR+	4.50%	8.15%		3/30/2029	2,654		2,415		2,388		(4)
Touchstone Acquisition, Inc.	Health Care Supplies	First Lien Term Loan	L+	6.00%	9.12%		12/29/2028	3,024		2,970		2,963		(4)
Tribe Buyer LLC	Human Resource & Employment Services	First Lien Term Loan	L+	4.50%	7.62%		2/16/2024	1,583		1,582		1,266
Windstream Services II, LLC	Integrated Telecommunication Services	First Lien Term Loan	L+	6.25%	9.37%		9/21/2027	4,886		4,747		4,447		(4)
WP CPP Holdings, LLC	Aerospace & Defense	First Lien Term Loan	L+	3.75%	6.56%		4/30/2025	993		955		892		(4)
WP CPP Holdings, LLC	Aerospace & Defense	Second Lien Term Loan	L+	7.75%	10.56%		4/30/2026	3,000		2,986		2,534		(4)
Total Portfolio Investments								$	143,225	$	140,083	$	133,144

__________

(1) Represents the interest rate as of September 30, 2022. 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 LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. Certain loans may also be indexed to SOFR. 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. All LIBOR shown above is in U.S. dollars. As of September 30, 2022, the reference rates for the Glick JV's variable rate loans were the 30-day LIBOR at 3.12%, the 90-day LIBOR at 3.67%, the 30-day SOFR at 3.03% and the 90-day SOFR at 3.55%. Most loans include an interest floor, which generally ranges from 0% to 1%. 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, 2022.

Schedule of Financial Instruments Carried at Fair Value

The following table presents the financial instruments carried at fair value as of September 30, 2023 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)	$	—	$	208,694	$	2,292,691	$	—	$	2,501,385
Investments in debt securities (subordinated, including the debt investments in the JVs)	—		28,666		189,724		—		218,390
Investments in equity securities (preferred)	—		—		86,057		—		86,057
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	4,317		1,953		51,440		28,878		86,588
Total investments at fair value	4,317		239,313		2,619,912		28,878		2,892,420
Cash equivalents	83,262		—		—		—		83,262
Derivative assets	—		4,910		—		—		4,910
Total assets at fair value	$	87,579	$	244,223	$	2,619,912	$	28,878	$	2,980,592
Derivative liability	$	—	$	47,519	$	—	$	—	$	47,519
Total liabilities at fair value	$	—	$	47,519	$	—	$	—	$	47,519

__________

(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, 2022 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)	$	—	$	255,803	$	1,910,606	$	—	$	2,166,409
Investments in debt securities (subordinated, including the debt investments in the JVs)	—		44,065		159,388		—		203,453
Investments in equity securities (preferred)	—		—		79,523		—		79,523
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)	4,053		—		19,958		20,715		44,726
Total investments at fair value	4,053		299,868		2,169,475		20,715		2,494,111
Cash equivalents	5,261		—		—		—		5,261
Derivative assets	—		6,789		—		—		6,789
Total assets at fair value	$	9,314	$	306,657	$	2,169,475	$	20,715	$	2,506,161
Derivative liability	$	—	$	41,969	$	—	$	—	$	41,969
Total liabilities at fair value	$	—	$	41,969	$	—	$	—	$	41,969

__________

Schedule of Roll-Forward in the Changes in Fair Value

The following table provides a roll-forward in the changes in fair value from September 30, 2022 to September 30, 2023 for all investments for which the Company determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2022	$	1,910,606	$	159,388	$	79,523	$	19,958	$	2,169,475
Purchases (a)	1,080,654		30,690		14,296		5,611		1,131,251
Sales and repayments	(650,437)		(1,396)		—		(13,894)		(665,727)
Transfers in (b)(c)	19,075		—		—		40,093		59,168
Transfers out (c)	(40,093)		—		—		—		(40,093)
Capitalized PIK interest income	15,016		628		—		—		15,644
Accretion of OID	16,322		1,449		—		—		17,771
Net unrealized appreciation (depreciation)	(37,253)		(1,035)		(7,762)		(2,921)		(48,971)
Net realized gains (losses)	(21,199)		—		—		2,593		(18,606)
Fair value as of September 30, 2023	$	2,292,691	$	189,724	$	86,057	$	51,440	$	2,619,912
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2023	$	(48,680)	$	(1,035)	$	(7,762)	$	(6,513)	$	(63,990)

__________

(a) Includes Level 3 investments acquired in connection with the OSI2 Merger during the year ended September 30, 2023.

(b) There was one transfer into Level 3 from Level 2 for an investment during the year ended September 30, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(c) There was one investment restructuring in which Level 3 senior secured debt was exchanged for Level 3 common equity during the year ended September 30, 2023.

The following table provides a roll-forward in the changes in fair value from September 30, 2021 to September 30, 2022 for all investments for which the Company determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2021	$	1,878,536	$	176,317	$	63,565	$	43,163	$	2,161,581
Purchases	490,081		7,960		19,662		2,807		520,510
Sales and repayments	(476,813)		(22,525)		(163)		(13,034)		(512,535)
Transfers in (a)(c)	49,843		—		—		—		49,843
Transfers out (a)(b)	(17,070)		—		—		(5,838)		(22,908)
Capitalized PIK interest income	22,855		313		—		—		23,168
Accretion of OID	24,422		2,060		—		—		26,482
Net unrealized appreciation (depreciation)	(67,455)		(4,737)		(3,029)		(6,642)		(81,863)
Net realized gains (losses)	6,207		—		(512)		(498)		5,197
Fair value as of September 30, 2022	$	1,910,606	$	159,388	$	79,523	$	19,958	$	2,169,475
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2022	$	(53,013)	$	(4,885)	$	(3,264)	$	(11,751)	$	(72,913)

__________

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the year ended September 30, 2022 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There was one transfer out of Level 3 in connection with a transaction in which Level 3 common equity was exchanged for Level 1 common equity.

(c) There was one transfer into Level 3 from Level 2 as a result of an investment restructuring in which Level 2 senior secured debt was exchanged for Level 3 senior secured debt.

Schedule of Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2023:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

1,904,140

Market Yield

(b)

9.0%

32.0%

14.7%

64,802

Enterprise Value

EBITDA Multiple

(c)

3.0x

6.0x

4.6x

33,816

Transaction Precedent

Transaction Price

(d)

N/A

289,933

Broker quotations

Broker Quoted Price

(e)

N/A

Subordinated Debt

22,881

Market Yield

(b)

10.0%

22.0%

11.2%

4,170

Broker Quotations

Broker Quoted Price

(e)

N/A

Debt Investments in the JVs

162,673

Enterprise Value

N/A

(f)

N/A

Preferred & Common Equity

32,318

Enterprise Value

Revenue Multiple

(c)

0.4x

3.2x

0.5x

103,661

Enterprise Value

EBITDA Multiple

(c)

1.7x

15.1x

8.8x

1,097

Enterprise Value

Asset Multiple

(c)

1.0x

1.4x

421

Transaction Precedent

Transaction Price

(d)

N/A

Total

2,619,912

__________

(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, 2022:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

1,599,148

Market Yield

(b)

9.0%

30.0%

13.7%

14,333

Enterprise Value

EBITDA Multiple

(c)

5.0x

7.0x

6.0x

297,125

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated Debt

12,855

Market Yield

(b)

10.0%

19.0%

13.8%

Debt Investments in the JVs

146,533

Enterprise Value

N/A

(f)

N/A

Preferred & Common Equity

61,693

Enterprise Value

Revenue Multiple

(c)

0.4x

10.1x

4.3x

36,913

Enterprise Value

EBITDA Multiple

(c)

3.0x

20.0x

11.4x

Enterprise Value

Asset Multiple

(c)

0.9x

1.1x

1.0x

872

Transaction Precedent

Transaction Price

(d)

N/A

Total

2,169,475

__________

(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.

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

The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2023 and the level of each financial liability within the fair value hierarchy:


	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	430,000	$	430,000	$	—	$	—	$	430,000
OSI2 Citibank Facility payable	280,000		280,000		—		—		280,000
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount)	298,241		286,437		—		286,437		—
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	306,412		301,784		—		301,784		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	286,078		289,980		—		289,980		—
Total	$	1,600,731	$	1,588,201	$	—	$	878,201	$	710,000

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, 2022 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	$	540,000	$	540,000	$	—	$	—	$	540,000
Citibank Facility payable	160,000		160,000		—		—		160,000
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount)	296,991		283,077		—		283,077		—
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	304,052		294,028		—		294,028		—
Total	$	1,301,043	$	1,277,105	$	—	$	577,105	$	700,000

Schedule of Portfolio Composition

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


	September 30, 2023				September 30, 2022
Cost:			% of Total Investments				% of Total Investments
Senior secured debt	$	2,594,640	85.24	%	$	2,227,245	85.08	%
Debt investments in the JVs	162,986		5.35	%	146,444		5.59	%
Preferred equity	99,597		3.27	%	85,300		3.26	%
Common equity and warrants	72,261		2.37	%	42,296		1.62	%
Subordinated debt	59,844		1.97	%	67,147		2.57	%
LLC equity interests of the JVs	54,791		1.80	%	49,322		1.88	%
Total	$	3,044,119	100.00	%	$	2,617,754	100.00	%


	September 30, 2023						September 30, 2022
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured debt	$	2,501,385	86.47	%	165.01	%	$	2,166,409	86.86	%	173.93	%
Debt investments in the JVs	162,673		5.62	%	10.73	%	146,533		5.88	%	11.77	%
Preferred equity	86,057		2.98	%	5.68	%	79,523		3.19	%	6.38	%
Common equity and warrants	57,710		2.00	%	3.81	%	24,011		0.96	%	1.93	%
Subordinated debt	55,717		1.93	%	3.68	%	56,920		2.28	%	4.57	%
LLC equity interests of the JVs	28,878		1.00	%	1.91	%	20,715		0.83	%	1.66	%
Total	$	2,892,420	100.00	%	190.82	%	$	2,494,111	100.00	%	200.24	%

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


	September 30, 2023				September 30, 2022
Cost:			% of Total Investments				% of Total Investments
Northeast	$	1,012,955	33.27	%	$	747,420	28.55	%
International	418,595		13.75	%	301,242		11.51	%
West	393,390		12.92	%	358,306		13.69	%
Southeast	375,247		12.33	%	356,041		13.60	%
Midwest	360,506		11.84	%	373,236		14.26	%
South	202,374		6.65	%	168,819		6.45	%
Southwest	153,318		5.04	%	221,308		8.45	%
Northwest	127,734		4.20	%	91,382		3.49	%
Total	$	3,044,119	100.00	%	$	2,617,754	100.00	%


	September 30, 2023						September 30, 2022
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	945,422	32.69	%	62.37	%	$	696,368	27.93	%	55.90	%
International	414,079		14.32	%	27.32	%	279,646		11.21	%	22.45	%
West	384,055		13.28	%	25.34	%	345,251		13.84	%	27.72	%
Southeast	354,444		12.25	%	23.38	%	344,567		13.82	%	27.66	%
Midwest	350,620		12.12	%	23.13	%	356,934		14.31	%	28.66	%
South	188,541		6.52	%	12.44	%	166,230		6.66	%	13.35	%
Southwest	130,455		4.51	%	8.61	%	214,984		8.62	%	17.26	%
Northwest	124,804		4.31	%	8.23	%	90,131		3.61	%	7.24	%
Total	$	2,892,420	100.00	%	190.82	%	$	2,494,111	100.00	%	200.24	%

Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of September 30, 2023 and September 30, 2022:


	September 30, 2023	September 30, 2022
Senior secured loans (1)	$332,637	$383,194
Weighted average interest rate on senior secured loans (2)	10.62%	8.33%
Number of borrowers in SLF JV I	48	60
Largest exposure to a single borrower (1)	$11,286	$10,093
Total of five largest loan exposures to borrowers (1)	$54,051	$48,139

__________

(1) At principal amount.

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

Below is a summary of the Glick JV's portfolio, followed by a listing of the individual loans in the Glick JV's portfolio as of September 30, 2023 and September 30, 2022:


	September 30, 2023	September 30, 2022
Senior secured loans (1)	$130,589	$143,225
Weighted average current interest rate on senior secured loans (2)	10.77%	8.52%
Number of borrowers in the Glick JV	38	43
Largest loan exposure to a single borrower (1)	$6,230	$6,562
Total of five largest loan exposures to borrowers (1)	$28,396	$28,973

__________

(1) At principal amount.

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


(Share amounts in thousands)	Year ended September 30, 2023(6)	Year ended September 30, 2022(6)	Year ended September 30, 2021(6)	Year ended September 30, 2020(6)	Year ended September 30, 2019(6)
Net asset value per share at beginning of period	$20.38	$21.84	$19.47	$19.81	$18.26
Net investment income (1)	2.51	2.45	1.80	1.53	1.45
Net unrealized appreciation (depreciation) (1)(7)	(0.17)	(2.23)	2.19	(0.44)	0.82
Net realized gains (losses) (1)	(0.46)	0.28	0.49	(0.30)	0.44
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)	(0.02)	(0.01)	(0.02)	0.04	(0.02)
Distributions of net investment income to stockholders	(2.61)	(1.95)	(1.52)	(1.17)	(1.14)
Issuance of common stock	—	—	(0.57)	—	—
Net asset value per share at end of period	$19.63	$20.38	$21.84	$19.47	$19.81
Per share market value at beginning of period	$18.00	$21.18	$14.52	$15.54	$14.88
Per share market value at end of period	$20.12	$18.00	$21.18	$14.52	$15.54
Total return (2)	27.30%	(6.71)%	57.61%	2.10%	12.56%
Common shares outstanding at beginning of period	61,125	60,120	46,987	46,987	46,987
Common shares outstanding at end of period	77,225	61,125	60,120	46,987	46,987
Net assets at beginning of period	$1,245,563	$1,312,823	$914,879	$930,630	$858,035
Net assets at end of period	$1,515,764	$1,245,563	$1,312,823	$914,879	$930,630
Average net assets (3)	$1,437,728	$1,308,518	$1,150,662	$871,305	$909,264
Ratio of net investment income to average net assets (3)	12.57%	11.36%	8.44%	8.26%	7.47%
Ratio of total expenses to average net assets (3)	14.19%	8.68%	9.65%	7.57%	9.65%
Ratio of net expenses to average net assets (3)	13.81%	8.45%	9.51%	8.16%	8.78%
Ratio of portfolio turnover to average investments at fair value	26.12%	26.99%	39.66%	38.99%	32.50%
Weighted average outstanding debt (4)	$1,659,701	$1,361,151	$964,390	$647,080	$573,891
Average debt per share (1)	$23.01	$22.41	$17.85	$13.77	$12.21
Asset coverage ratio at end of period (5)	187.74%	188.64%	201.68%	227.22%	294.91%

__________


(1)			Calculated based upon weighted average shares outstanding for the period.
(2)			Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3)			Calculated based upon the weighted average net assets for the period.
(4)			Calculated based upon the weighted average of principal debt outstanding for the period.
(5)			Based on outstanding senior securities of $1,660.0 million, $1,350.0 million, $1,280.0 million, $714.8 million and $476.1 million as of September 30, 2023, 2022, 2021, 2020 and 2019, respectively.
(6)			The share and per share information disclosed in this table has been retroactively adjusted to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.
(7)			For the year ended September 30, 2023, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OSI2 Merger. For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.

Senior Securities

Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of the fiscal years ended September 30 for the years indicated below.


Class and Year(1)	Total Amount Outstanding Exclusive of Treasury Securities (2)		Asset Coverage Per Unit(3)	Involuntary Liquidating Preference Per Unit(4)	Average Market Value Per Unit(5)
Syndicated Facility and Prior ING Facility
Fiscal 2014	$	267,395	2,595	—	N/A
Fiscal 2015	383,495		2,389	—	N/A
Fiscal 2016	472,495		2,208	—	N/A
Fiscal 2017	226,495		2,274	—	N/A
Fiscal 2018	241,000		2,330	—	N/A
Fiscal 2019	314,825		2,949	—	N/A
Fiscal 2020	414,825		2,272	—	N/A
Fiscal 2021	495,000		2,017	—	N/A
Fiscal 2022	540,000		1,886	—	N/A
Fiscal 2023	430,000		1,877	—	N/A

Citibank Facility
Fiscal 2021	$	135,000	2,017	—	N/A
Fiscal 2022	160,000		1,886	—	N/A

OSI2 Citibank Facility
Fiscal 2023	$	280,000	1,877	—	N/A

Sumitomo Facility
Fiscal 2014	$	50,000	2,595	—	N/A
Fiscal 2015	43,800		2,389	—	N/A
Fiscal 2016	43,800		2,208	—	N/A
Fiscal 2017	29,500		2,274	—	N/A

Convertible Notes
Fiscal 2014	$	115,000	2,595	—	N/A
Fiscal 2015	115,000		2,389	—	N/A

Secured Borrowings
Fiscal 2014	$	84,750	2,595	—	N/A
Fiscal 2015	21,787		2,389	—	N/A
Fiscal 2016	18,929		2,208	—	N/A
Fiscal 2017	13,489		2,274	—	N/A
Fiscal 2018	12,314		2,330	—	N/A

2019 Notes
Fiscal 2014	$	250,000	2,595	—	N/A
Fiscal 2015	250,000		2,389	—	N/A
Fiscal 2016	250,000		2,208	—	N/A
Fiscal 2017	250,000		2,274	—	N/A
Fiscal 2018	228,825		2,330	—	N/A


Class and Year(1)	Total Amount Outstanding Exclusive of Treasury Securities (2)		Asset Coverage Per Unit(3)	Involuntary Liquidating Preference Per Unit(4)	Average Market Value Per Unit(5)
2024 Notes
Fiscal 2014	$	75,000	2,595	—	966.96
Fiscal 2015	75,000		2,389	—	991.94
Fiscal 2016	75,000		2,208	—	993.70
Fiscal 2017	75,000		2,274	—	1,006.74
Fiscal 2018	75,000		2,330	—	1,010.72
Fiscal 2019	75,000		2,949	—	1,012.76

2025 Notes
Fiscal 2020	$	300,000	2,272	—	N/A
Fiscal 2021	300,000		2,017	—	N/A
Fiscal 2022	300,000		1,886	—	N/A
Fiscal 2023	300,000		1,877	—	N/A

2027 Notes
Fiscal 2021	$	350,000	2,017	—	N/A
Fiscal 2022	350,000		1,886	—	N/A
Fiscal 2023	350,000		1,877	—	N/A

2028 Notes
Fiscal 2014	$	86,250	2,595	—	943.73
Fiscal 2015	86,250		2,389	—	988.06
Fiscal 2016	86,250		2,208	—	999.29
Fiscal 2017	86,250		2,274	—	1,007.51
Fiscal 2018	86,250		2,330	—	994.82
Fiscal 2019	86,250		2,949	—	993.33

2029 Notes
Fiscal 2023	$	300,000	1,877	—	N/A

Total Senior Securities
Fiscal 2014	$	928,395	2,595	—
Fiscal 2015	975,332		2,389	—
Fiscal 2016	946,474		2,208	—
Fiscal 2017	680,734		2,274	—
Fiscal 2018	643,389		2,330	—
Fiscal 2019	476,075		2,949	—
Fiscal 2020	714,825		2,272	—
Fiscal 2021	1,280,000		2,017	—
Fiscal 2022	1,350,000		1,886	—
Fiscal 2023	1,660,000		1,877	—

______________

(1)This table excludes any SBA-guaranteed debentures outstanding during the relevant periods because the SEC has granted the Company exemptive relief that permits it to exclude such debentures from the definition of senior securities in the asset coverage ratio the Company is required to maintain under the Investment Company Act.

(2)Total amount of each class of senior securities outstanding at the end of the period, presented in thousands.

(3)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company's consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.”

(4)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information that the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.

(5)Calculated on a daily average basis.

Summarized Financial Information

Below is certain summarized financial information for SLF JV I as of September 30, 2023 and September 30, 2022 and for the years ended September 30, 2023, 2022 and 2021:


	September 30, 2023		September 30, 2022
Selected Balance Sheet Information:
Investments at fair value (cost September 30, 2023:$331,808; cost September 30, 2022: $382,673)	$	322,179	$	359,625
Cash and cash equivalents	31,950		14,274
Restricted cash	2,987		5,642
Other assets	18,988		5,686
Total assets	$	376,104	$	385,227

Senior credit facility payable	$	149,000	$	230,000
Secured borrowings	38,845		—
SLF JV I Notes payable at fair value (proceeds September 30, 2023: $128,750; proceeds September 30, 2022: $110,000)	128,750		110,000
Other liabilities	26,630		21,539
Total liabilities	$	343,225	$	361,539
Members' equity	32,879		23,688
Total liabilities and members' equity	$	376,104	$	385,227


	Year ended September 30, 2023		Year ended September 30, 2022		Year ended September 30, 2021
Selected Statements of Operations Information:
Interest income	$	38,984	$	24,014	$	20,018
Other income	290		198		565
Total investment income	39,274		24,212		20,583
Senior credit facility and secured borrowing interest expense	19,002		7,713		5,706
SLF JV I Notes interest expense	14,544		9,146		8,444
Other expenses	442		253		260
Total expenses (1)	33,988		17,112		14,410
Net investment income	5,286		7,100		6,173
Net unrealized appreciation (depreciation)	13,416		(23,661)		13,270
Net realized gains (losses)	(10,962)		534		399
Net income (loss)	$	7,740	$	(16,027)	$	19,842

__________

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

Below is certain summarized financial information for the Glick JV as of September 30, 2023 and September 30, 2022 and for the years ended September 30, 2023 and 2022 and for the period from March 19, 2021 to September 30, 2021:


	September 30, 2023		September 30, 2022
Selected Balance Sheet Information:
Investments at fair value (cost September 30, 2023: $127,788; September 30, 2022: 140,083)	$	123,343	$	133,144
Cash and cash equivalents	12,119		7,021
Restricted cash	184		1,788
Other assets	5,521		4,855
Total assets	$	141,167	$	146,808

Senior credit facility payable	$	53,000	$	82,082
Glick JV Notes payable at fair value (proceeds September 30, 2023: $66,685; September 30, 2022: 68,185)	57,201		57,463
Secured borrowings	18,106		—
Other liabilities	12,860		7,263
Total liabilities	$	141,167	$	146,808
Members' equity	—		—
Total liabilities and members' equity	$	141,167	$	146,808


	For the year ended September 30, 2023		For the year ended September 30, 2022		For the period from March 19, 2021 to September 30, 2021
Selected Statements of Operations Information:
Interest income	$	14,043	$	9,703	$	4,643
Fee income	63		149		67
Total investment income	14,106		9,852		4,710
Senior credit facility and secured borrowing interest expense	6,560		2,747		1,157
Glick JV Notes interest expense	6,056		3,576		1,780
Other expenses	182		168		95
Total expenses (1)	12,798		6,491		3,032
Net investment income	1,308		3,361		1,678
Net unrealized appreciation (depreciation)	1,254		(3,216)		(1,710)
Realized gain (loss)	(2,562)		(145)		32
Net income (loss)	$	—	$	—	$	—

__________

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