v3.25.2

Portfolio Investments (Tables) | 9 Months Ended
--- | ---
Jun. 30, 2025
Schedule of Investments [Abstract] |
Schedule of Composition of Investments | The composition of the Company's investments as of June 30, 2025 and September 30, 2024 at cost and fair value was as follows:
|  | June 30, 2025 |  | September 30, 2024
|  | Cost |  | Fair Value |  | Cost |  | Fair Value
Investments in debt securities |  | $ | 2,583,956 |  |  | $ | 2,481,533 |  |  | $ | 2,723,134 |  |  | $ | 2,684,858 |
Investments in equity securities |  | 208,453 |  |  | 153,243 |  |  | 202,670 |  |  | 152,328 |
Debt investments in the JVs |  | 165,389 |  |  | 159,720 |  |  | 164,324 |  |  | 161,552 |
Equity investments in the JVs |  | 54,791 |  |  | 14,881 |  |  | 54,791 |  |  | 22,541 |
Total |  | $ | 3,012,589 |  |  | $ | 2,809,377 |  |  | $ | 3,144,919 |  |  | $ | 3,021,279 |
The following table presents the composition of the Company's debt investments as of June 30, 2025 and September 30, 2024 at floating rates and fixed rates:
|  | June 30, 2025 |  | September 30, 2024
|  | Fair Value |  | % of Debt Portfolio |  | Fair Value |  | % of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs |  | $ | 2,401,581 |  |  | 90.93 | % |  | $ | 2,516,316 |  |  | 88.40 | %
Fixed rate debt securities |  | 239,672 |  |  | 9.07 |  |  | 330,094 |  |  | 11.60 |
Total |  | $ | 2,641,253 |  |  | 100.00 | % |  | $ | 2,846,410 |  |  | 100.00 | %
The following tables show the composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of June 30, 2025 and September 30, 2024:
|  | June 30, 2025 |  | September 30, 2024
Cost: |  |  |  | % of Total Investments |  |  |  | % of Total Investments
Application Software |  | $ | 526,740 |  |  | 17.46 | % |  | $ | 532,200 |  |  | 16.85 | %
Multi-Sector Holdings (1) |  | 242,096 |  |  | 8.04 |  |  | 228,181 |  |  | 7.26 |
Health Care Services |  | 152,074 |  |  | 5.05 |  |  | 149,904 |  |  | 4.77 |
Pharmaceuticals |  | 127,081 |  |  | 4.22 |  |  | 94,639 |  |  | 3.01 |
Interactive Media & Services |  | 125,134 |  |  | 4.15 |  |  | 95,564 |  |  | 3.04 |
Aerospace & Defense |  | 122,919 |  |  | 4.08 |  |  | 72,927 |  |  | 2.32 |
Health Care Equipment |  | 90,669 |  |  | 3.01 |  |  | 28,823 |  |  | 0.92 |
Specialized Consumer Services |  | 82,422 |  |  | 2.74 |  |  | 25,763 |  |  | 0.82 |
Health Care Technology |  | 73,446 |  |  | 2.44 |  |  | 105,932 |  |  | 3.37 |
Diversified Financial Services |  | 69,717 |  |  | 2.31 |  |  | 66,597 |  |  | 2.12 |
Metal, Glass & Plastic Containers |  | 68,954 |  |  | 2.29 |  |  | 64,769 |  |  | 2.06 |
Environmental & Facilities Services |  | 66,354 |  |  | 2.20 |  |  | 65,229 |  |  | 2.07 |
Airport Services |  | 65,658 |  |  | 2.18 |  |  | 63,110 |  |  | 2.01 |
Life Sciences Tools & Services |  | 56,629 |  |  | 1.88 |  |  | — |  |  | — |
Soft Drinks & Non-alcoholic Beverages |  | 56,286 |  |  | 1.87 |  |  | 42,898 |  |  | 1.36 |
Real Estate Operating Companies |  | 53,567 |  |  | 1.78 |  |  | 72,839 |  |  | 2.32 |
Systems Software |  | 51,412 |  |  | 1.71 |  |  | 39,316 |  |  | 1.25 |
Specialized Finance |  | 50,819 |  |  | 1.69 |  |  | 45,156 |  |  | 1.44 |
Communications Equipment |  | 44,228 |  |  | 1.47 |  |  | 46,764 |  |  | 1.49 |
Biotechnology |  | 42,325 |  |  | 1.40 |  |  | 43,821 |  |  | 1.39 |
Diversified Support Services |  | 42,144 |  |  | 1.40 |  |  | 79,799 |  |  | 2.54 |
Automotive Retail |  | 41,602 |  |  | 1.38 |  |  | 40,964 |  |  | 1.30 |
Internet Services & Infrastructure |  | 40,746 |  |  | 1.35 |  |  | 53,376 |  |  | 1.70 |
Personal Care Products |  | 39,486 |  |  | 1.31 |  |  | 63,425 |  |  | 2.02 |
Data Processing & Outsourced Services |  | 34,984 |  |  | 1.16 |  |  | 80,058 |  |  | 2.55 |
Electrical Components & Equipment |  | 33,392 |  |  | 1.11 |  |  | 32,834 |  |  | 1.04 |
Packaged Foods & Meats |  | 33,153 |  |  | 1.10 |  |  | 19,863 |  |  | 0.63 |
Construction Machinery & Heavy Transportation Equipment |  | 31,054 |  |  | 1.03 |  |  | 25,901 |  |  | 0.82 |
Insurance Brokers |  | 30,584 |  |  | 1.02 |  |  | 19,222 |  |  | 0.61 |
Construction & Engineering |  | 29,914 |  |  | 0.99 |  |  | 31,602 |  |  | 1.00 |
Cable & Satellite |  | 27,888 |  |  | 0.93 |  |  | — |  |  | — |
Health Care Distributors |  | 27,670 |  |  | 0.92 |  |  | 60,316 |  |  | 1.92 |
Research & Consulting Services |  | 27,379 |  |  | 0.91 |  |  | — |  |  | — |
Office Services & Supplies |  | 26,986 |  |  | 0.90 |  |  | 38,891 |  |  | 1.24 |
Home Improvement Retail |  | 24,713 |  |  | 0.82 |  |  | 49,891 |  |  | 1.59 |
Industrial Machinery & Supplies & Components |  | 24,268 |  |  | 0.81 |  |  | 82,624 |  |  | 2.63 |
Wireless Telecommunication Services |  | 24,200 |  |  | 0.80 |  |  | 24,257 |  |  | 0.77 |
Movies & Entertainment |  | 23,792 |  |  | 0.79 |  |  | 30,779 |  |  | 0.98 |
Gold |  | 23,562 |  |  | 0.78 |  |  | 23,454 |  |  | 0.75 |
Broadline Retail |  | 23,172 |  |  | 0.77 |  |  | 22,231 |  |  | 0.71 |
Hotels, Resorts & Cruise Lines |  | 20,530 |  |  | 0.68 |  |  | 20,612 |  |  | 0.66 |
Diversified Chemicals |  | 19,920 |  |  | 0.66 |  |  | — |  |  | — |
Property & Casualty Insurance |  | 19,856 |  |  | 0.66 |  |  | — |  |  | — |
Real Estate Services |  | 19,323 |  |  | 0.64 |  |  | 55,220 |  |  | 1.76 |
Oil & Gas Storage & Transportation |  | 19,309 |  |  | 0.64 |  |  | 19,309 |  |  | 0.61 |
Education Services |  | 17,925 |  |  | 0.60 |  |  | 8,205 |  |  | 0.26 |
Apparel Retail |  | 17,769 |  |  | 0.59 |  |  | 17,855 |  |  | 0.57 |
Health Care Supplies |  | 16,828 |  |  | 0.56 |  |  | 14,426 |  |  | 0.46 |
Real Estate Development |  | 16,006 |  |  | 0.53 |  |  | 38,237 |  |  | 1.22 |
Air Freight & Logistics |  | 13,665 |  |  | 0.45 |  |  | — |  |  | — |
Building Products |  | 12,623 |  |  | 0.42 |  |  | — |  |  | — |
Advertising |  | 11,434 |  |  | 0.38 |  |  | 11,418 |  |  | 0.36 |
Alternative Carriers |  | 8,805 |  |  | 0.29 |  |  | — |  |  | — |
Financial Exchanges & Data |  | 7,970 |  |  | 0.26 |  |  | 8,050 |  |  | 0.26 |
Paper & Plastic Packaging Products & Materials |  | 4,094 |  |  | 0.14 |  |  | 18,379 |  |  | 0.58 |
Housewares & Specialties |  | 2,629 |  |  | 0.09 |  |  | 2,806 |  |  | 0.09 |
Home Furnishings |  | 2,463 |  |  | 0.08 |  |  | 24,102 |  |  | 0.77 |
Distributors |  | 1,733 |  |  | 0.06 |  |  | 1,733 |  |  | 0.06 |
Leisure Facilities |  | 488 |  |  | 0.02 |  |  | 37,958 |  |  | 1.21 |
Fertilizers & Agricultural Chemicals |  | — |  |  | — |  |  | 54,677 |  |  | 1.74 |
Diversified Metals & Mining |  | — |  |  | — |  |  | 50,061 |  |  | 1.59 |
Other Specialty Retail |  | — |  |  | — |  |  | 36,810 |  |  | 1.17 |
Passenger Airlines |  | — |  |  | — |  |  | 25,039 |  |  | 0.80 |
Specialty Chemicals |  | — |  |  | — |  |  | 19,407 |  |  | 0.62 |
Food Distributors |  | — |  |  | — |  |  | 14,639 |  |  | 0.47 |
Integrated Telecommunication Services |  | — |  |  | — |  |  | 2,057 |  |  | 0.07 |
|  | $ | 3,012,589 |  |  | 100.00 | % |  | $ | 3,144,919 |  |  | 100.00 | %
|  | June 30, 2025 |  | September 30, 2024
Fair Value: |  |  |  | % of Total Investments |  | % of Net Assets |  |  |  | % of Total Investments |  | % of Net Assets
Application Software |  | $ | 507,714 |  |  | 18.03 | % |  | 34.40 | % |  | $ | 523,007 |  |  | 17.34 | % |  | 35.16 | %
Multi-Sector Holdings (1) |  | 196,547 |  |  | 7.00 |  |  | 13.31 |  |  | 193,579 |  |  | 6.41 |  |  | 13.01 |
Interactive Media & Services |  | 126,956 |  |  | 4.52 |  |  | 8.60 |  |  | 96,963 |  |  | 3.21 |  |  | 6.52 |
Pharmaceuticals |  | 126,717 |  |  | 4.51 |  |  | 8.58 |  |  | 91,804 |  |  | 3.04 |  |  | 6.17 |
Aerospace & Defense |  | 124,613 |  |  | 4.44 |  |  | 8.44 |  |  | 74,327 |  |  | 2.46 |  |  | 5.00 |
Health Care Services |  | 116,215 |  |  | 4.14 |  |  | 7.87 |  |  | 127,935 |  |  | 4.23 |  |  | 8.60 |
Health Care Technology |  | 93,695 |  |  | 3.34 |  |  | 6.35 |  |  | 104,795 |  |  | 3.47 |  |  | 7.04 |
Specialized Consumer Services |  | 82,434 |  |  | 2.93 |  |  | 5.58 |  |  | 25,772 |  |  | 0.85 |  |  | 1.73 |
Diversified Financial Services |  | 70,158 |  |  | 2.50 |  |  | 4.75 |  |  | 66,324 |  |  | 2.20 |  |  | 4.46 |
Health Care Equipment |  | 65,030 |  |  | 2.31 |  |  | 4.40 |  |  | 26,264 |  |  | 0.87 |  |  | 1.77 |
Environmental & Facilities Services |  | 63,124 |  |  | 2.25 |  |  | 4.28 |  |  | 64,119 |  |  | 2.12 |  |  | 4.31 |
Life Sciences Tools & Services |  | 56,838 |  |  | 2.02 |  |  | 3.85 |  |  | — |  |  | — |  |  | — |
Soft Drinks & Non-alcoholic Beverages |  | 55,701 |  |  | 1.98 |  |  | 3.77 |  |  | 42,674 |  |  | 1.41 |  |  | 2.87 |
Airport Services |  | 54,155 |  |  | 1.93 |  |  | 3.67 |  |  | 55,434 |  |  | 1.83 |  |  | 3.73 |
Systems Software |  | 51,848 |  |  | 1.85 |  |  | 3.51 |  |  | 39,813 |  |  | 1.32 |  |  | 2.68 |
Specialized Finance |  | 50,512 |  |  | 1.80 |  |  | 3.42 |  |  | 44,551 |  |  | 1.47 |  |  | 2.99 |
Real Estate Operating Companies |  | 50,237 |  |  | 1.79 |  |  | 3.40 |  |  | 71,246 |  |  | 2.36 |  |  | 4.79 |
Biotechnology |  | 44,334 |  |  | 1.58 |  |  | 3.00 |  |  | 45,954 |  |  | 1.52 |  |  | 3.09 |
Communications Equipment |  | 44,046 |  |  | 1.57 |  |  | 2.98 |  |  | 46,858 |  |  | 1.55 |  |  | 3.15 |
Diversified Support Services |  | 41,844 |  |  | 1.49 |  |  | 2.83 |  |  | 80,638 |  |  | 2.67 |  |  | 5.42 |
Internet Services & Infrastructure |  | 40,973 |  |  | 1.46 |  |  | 2.78 |  |  | 53,019 |  |  | 1.75 |  |  | 3.56 |
Automotive Retail |  | 39,202 |  |  | 1.40 |  |  | 2.66 |  |  | 39,111 |  |  | 1.29 |  |  | 2.63 |
Personal Care Products |  | 36,763 |  |  | 1.31 |  |  | 2.49 |  |  | 57,451 |  |  | 1.90 |  |  | 3.86 |
Packaged Foods & Meats |  | 33,045 |  |  | 1.18 |  |  | 2.24 |  |  | 19,846 |  |  | 0.66 |  |  | 1.33 |
Electrical Components & Equipment |  | 32,911 |  |  | 1.17 |  |  | 2.23 |  |  | 32,246 |  |  | 1.07 |  |  | 2.17 |
Construction Machinery & Heavy Transportation Equipment |  | 31,229 |  |  | 1.11 |  |  | 2.12 |  |  | 26,486 |  |  | 0.88 |  |  | 1.78 |
Insurance Brokers |  | 30,769 |  |  | 1.10 |  |  | 2.08 |  |  | 19,221 |  |  | 0.64 |  |  | 1.29 |
Construction & Engineering |  | 29,281 |  |  | 1.04 |  |  | 1.98 |  |  | 31,063 |  |  | 1.03 |  |  | 2.09 |
Research & Consulting Services |  | 27,245 |  |  | 0.97 |  |  | 1.85 |  |  | — |  |  | — |  |  | — |
Cable & Satellite |  | 27,155 |  |  | 0.97 |  |  | 1.84 |  |  | — |  |  | — |  |  | — |
Health Care Distributors |  | 26,711 |  |  | 0.95 |  |  | 1.81 |  |  | 58,906 |  |  | 1.95 |  |  | 3.96 |
Data Processing & Outsourced Services |  | 26,134 |  |  | 0.93 |  |  | 1.77 |  |  | 73,673 |  |  | 2.44 |  |  | 4.95 |
Industrial Machinery & Supplies & Components |  | 25,789 |  |  | 0.92 |  |  | 1.75 |  |  | 84,977 |  |  | 2.81 |  |  | 5.71 |
Office Services & Supplies |  | 25,395 |  |  | 0.90 |  |  | 1.72 |  |  | 38,149 |  |  | 1.26 |  |  | 2.56 |
Gold |  | 24,867 |  |  | 0.89 |  |  | 1.68 |  |  | 25,054 |  |  | 0.83 |  |  | 1.68 |
Wireless Telecommunication Services |  | 24,843 |  |  | 0.88 |  |  | 1.68 |  |  | 24,311 |  |  | 0.80 |  |  | 1.63 |
Movies & Entertainment |  | 24,050 |  |  | 0.86 |  |  | 1.63 |  |  | 30,863 |  |  | 1.02 |  |  | 2.07 |
Diversified Chemicals |  | 22,660 |  |  | 0.81 |  |  | 1.53 |  |  | — |  |  | — |  |  | — |
Broadline Retail |  | 21,432 |  |  | 0.76 |  |  | 1.45 |  |  | 22,554 |  |  | 0.75 |  |  | 1.52 |
Hotels, Resorts & Cruise Lines |  | 20,257 |  |  | 0.72 |  |  | 1.37 |  |  | 20,342 |  |  | 0.67 |  |  | 1.37 |
Property & Casualty Insurance |  | 19,715 |  |  | 0.70 |  |  | 1.34 |  |  | — |  |  | — |  |  | — |
Real Estate Services |  | 19,314 |  |  | 0.69 |  |  | 1.31 |  |  | 54,197 |  |  | 1.79 |  |  | 3.64 |
Apparel Retail |  | 17,708 |  |  | 0.63 |  |  | 1.20 |  |  | 18,017 |  |  | 0.60 |  |  | 1.21 |
Education Services |  | 17,304 |  |  | 0.62 |  |  | 1.17 |  |  | 8,263 |  |  | 0.27 |  |  | 0.56 |
Health Care Supplies |  | 16,803 |  |  | 0.60 |  |  | 1.14 |  |  | 14,218 |  |  | 0.47 |  |  | 0.96 |
Real Estate Development |  | 16,098 |  |  | 0.57 |  |  | 1.09 |  |  | 38,237 |  |  | 1.27 |  |  | 2.57 |
Oil & Gas Storage & Transportation |  | 14,043 |  |  | 0.50 |  |  | 0.95 |  |  | 15,604 |  |  | 0.52 |  |  | 1.05 |
Air Freight & Logistics |  | 13,668 |  |  | 0.49 |  |  | 0.93 |  |  | — |  |  | — |  |  | — |
Building Products |  | 12,622 |  |  | 0.45 |  |  | 0.85 |  |  | — |  |  | — |  |  | — |
Leisure Facilities |  | 11,772 |  |  | 0.42 |  |  | 0.80 |  |  | 37,544 |  |  | 1.24 |  |  | 2.52 |
Advertising |  | 11,520 |  |  | 0.41 |  |  | 0.78 |  |  | 11,515 |  |  | 0.38 |  |  | 0.77 |
Metal, Glass & Plastic Containers |  | 10,813 |  |  | 0.38 |  |  | 0.73 |  |  | 47,191 |  |  | 1.56 |  |  | 3.17 |
Alternative Carriers |  | 9,483 |  |  | 0.34 |  |  | 0.64 |  |  | — |  |  | — |  |  | — |
Financial Exchanges & Data |  | 8,081 |  |  | 0.29 |  |  | 0.55 |  |  | 8,065 |  |  | 0.27 |  |  | 0.54 |
Home Improvement Retail |  | 5,314 |  |  | 0.19 |  |  | 0.36 |  |  | 48,775 |  |  | 1.61 |  |  | 3.28 |
Paper & Plastic Packaging Products & Materials |  | 4,042 |  |  | 0.14 |  |  | 0.27 |  |  | 18,307 |  |  | 0.61 |  |  | 1.23 |
Distributors |  | 2,837 |  |  | 0.10 |  |  | 0.19 |  |  | 2,220 |  |  | 0.07 |  |  | 0.15 |
Home Furnishings |  | 2,463 |  |  | 0.09 |  |  | 0.17 |  |  | 9,376 |  |  | 0.31 |  |  | 0.63 |
Housewares & Specialties |  | 2,348 |  |  | 0.08 |  |  | 0.16 |  |  | 2,546 |  |  | 0.08 |  |  | 0.17 |
Fertilizers & Agricultural Chemicals |  | — |  |  | — |  |  | — |  |  | 54,668 |  |  | 1.81 |  |  | 3.67 |
Diversified Metals & Mining |  | — |  |  | — |  |  | — |  |  | 50,419 |  |  | 1.67 |  |  | 3.39 |
Other Specialty Retail |  | — |  |  | — |  |  | — |  |  | 39,660 |  |  | 1.31 |  |  | 2.67 |
Passenger Airlines |  | — |  |  | — |  |  | — |  |  | 26,556 |  |  | 0.88 |  |  | 1.78 |
Specialty Chemicals |  | — |  |  | — |  |  | — |  |  | 19,431 |  |  | 0.64 |  |  | 1.31 |
Food Distributors |  | — |  |  | — |  |  | — |  |  | 15,484 |  |  | 0.51 |  |  | 1.04 |
Integrated Telecommunication Services |  | — |  |  | — |  |  | — |  |  | 1,657 |  |  | 0.05 |  |  | 0.11 |
Total |  | $ | 2,809,377 |  |  | 100.00 | % |  | 190.28 | % |  | $ | 3,021,279 |  |  | 100.00 | % |  | 203.07 | %
___________________ (1)This industry includes the Company's investments in the JVs and CLOs. SLF JV I Portfolio as of June 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% | 9.33% |  | 10/31/2031 |  | $ | 8,206 |  | $ | 7,891 |  | $ | 7,928 |  |
Access CIG, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 8.38% |  | 8/18/2028 |  | 10,416 |  | 10,346 |  | 10,477 |  |
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 7.50% | 11.06% | 1.00% | 12/18/2025 |  | 936 |  | 933 |  | 903 |  | (4)
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 7.50% | 11.06% | 1.00% | 12/18/2025 |  | 5,551 |  | 5,531 |  | 5,357 |  | (4)
Alvogen Pharma US, Inc. | Pharmaceuticals | Second Lien Term Loan | SOFR+ | 10.50% | 6.80% | 8.00% | 3/1/2029 |  | 1,397 |  | 1,396 |  | 1,376 |  | (4)
American Auto Auction Group, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 5/28/2032 |  | 5,188 |  | 5,149 |  | 5,219 |  |
Artera Services LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 2/15/2031 |  | 7,901 |  | 7,842 |  | 6,652 |  |
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 10.44% |  | 12/29/2027 |  | 285 |  | 281 |  | 277 |  | (4)(5)
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 10.54% |  | 12/29/2027 |  | 4,061 |  | 4,027 |  | 3,996 |  | (4)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.75% |  |  | 2/25/2028 |  | 2,527 |  | 2,500 |  | 1,200 |  | (4)(6)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 10/25/2028 |  | 4,037 |  | 3,777 |  | — |  | (4)(6)
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 8.43% |  | 8/19/2028 |  | 7,716 |  | 7,561 |  | 7,620 |  |
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 8.68% |  | 8/19/2028 |  | 1,955 |  | 1,888 |  | 1,937 |  | (4)
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | SOFR+ | 6.00% | 10.40% |  | 12/24/2026 |  | 6,681 |  | 6,648 |  | 6,554 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.56% |  | 6/11/2027 |  | 1,722 |  | 1,711 |  | 1,521 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.56% |  | 6/11/2027 |  | 6,193 |  | 6,136 |  | 5,471 |  | (4)
Bausch + Lomb Corp | Health Care Supplies | First Lien Term Loan | SOFR+ | 4.25% | 8.57% |  | 12/18/2030 |  | 9,126 |  | 9,015 |  | 9,154 |  |
Beacon Mobility Corp | Passenger Ground Transportation | First Lien Term Loan | SOFR+ | 3.25% |  |  | 6/17/2030 |  | — |  | (5) |  | — |  | (5)
Beacon Mobility Corp | Passenger Ground Transportation | First Lien Term Loan | SOFR+ | 3.25% | 7.56% |  | 6/17/2030 |  | 4,500 |  | 4,467 |  | 4,500 |  |
Blackhawk Network Holdings Inc | Data Processing & Outsourced Services | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 3/12/2029 |  | 7,960 |  | 7,960 |  | 8,013 |  |
Boxer Parent Company Inc. | Systems Software | First Lien Term Loan | SOFR+ | 3.00% | 7.33% |  | 7/30/2031 |  | 7,980 |  | 7,964 |  | 7,940 |  |
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 |  | 5,323 |  | (4)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% |  |  | 8/10/2027 |  | 2,358 |  | 2,319 |  | 1,272 |  | (6)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% |  |  | 8/10/2027 |  | 1,994 |  | 1,946 |  | 1,075 |  | (6)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Revolver | SOFR+ | 6.00% |  |  | 8/10/2027 |  | 598 |  | 582 |  | 322 |  | (5)(6)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Revolver | SOFR+ | 6.00% |  |  | 8/10/2027 |  | 13 |  | 13 |  | 7 |  | (6)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% |  |  | 8/10/2027 |  | 1,964 |  | 1,932 |  | 1,059 |  | (6)
CFC Group (CFC USA 2025 LLC) | Insurance Brokers | First Lien Term Loan | SOFR+ | 3.75% | 8.07% |  | 7/1/2032 |  | 5,848 |  | 5,790 |  | 5,833 |  |
Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 3/21/2031 |  | 2,488 |  | 2,488 |  | 2,494 |  |
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+ | 3.50% | 7.80% |  | 3/29/2029 |  | $ | 6,026 |  | $ | 5,698 |  | $ | 6,039 |  |
Crown Subsea Communications Holding, Inc. | Alternative Carriers | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 1/30/2031 |  | 7,920 |  | 7,852 |  | 7,981 |  |
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.25% | 9.79% |  | 8/2/2029 |  | 8,080 |  | 7,984 |  | 8,032 |  |
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 4/26/2029 |  | 8,983 |  | 8,887 |  | 8,893 |  | (4)
Eagle Parent Corp. | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 8.55% |  | 4/2/2029 |  | 1,170 |  | 1,168 |  | 1,162 |  |
Engineering Research and Consulting LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 5.00% | 9.29% |  | 8/29/2031 |  | 4,187 |  | 4,132 |  | 4,103 |  | (4)
Frontier Communications Holdings, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 2.50% | 6.79% |  | 7/1/2031 |  | 6,965 |  | 6,933 |  | 6,977 |  |
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 9.63% |  | 4/9/2029 |  | 7,780 |  | 7,653 |  | 7,648 |  | (4)
Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 2/15/2029 |  | 8,800 |  | 8,750 |  | 8,834 |  |
Inmar Inc | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 10/30/2031 |  | 4,975 |  | 4,987 |  | 5,023 |  |
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 5.75% | 10.31% |  | 3/25/2027 |  | 8,125 |  | 8,053 |  | 7,427 |  | (4)
IVCE US LLC, | Health Care Facilities | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 12/12/2028 |  | 4,975 |  | 4,998 |  | 5,007 |  |
KDC US Holdings, Inc. | Personal Care Products | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 8/15/2028 |  | 8,890 |  | 8,714 |  | 8,911 |  |
LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 9.43% |  | 10/30/2028 |  | 5,251 |  | 5,143 |  | 4,751 |  | (4)
LSF12 Crown US Commercial Bidco, LLC | Building Products | First Lien Term Loan | SOFR+ | 4.25% | 8.57% |  | 12/2/2031 |  | 4,962 |  | 4,912 |  | 4,995 |  |
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | SOFR+ | 4.25% | 8.58% |  | 7/29/2029 |  | 9,925 |  | 9,821 |  | 9,936 |  |
M2S Group Intermediate Holdings Inc | Multi-Sector Holdings | First Lien Term Loan | SOFR+ | 4.75% | 9.03% |  | 8/25/2031 |  | 9,540 |  | 9,244 |  | 9,260 |  |
McAfee Corp. | Systems Software | First Lien Term Loan | SOFR+ | 3.00% | 7.32% |  | 3/1/2029 |  | 7,851 |  | 7,657 |  | 7,640 |  |
Mitchell International, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.25% | 7.58% |  | 6/17/2031 |  | 7,940 |  | 7,893 |  | 7,943 |  |
Peraton Corp. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75% | 8.18% |  | 2/1/2028 |  | 782 |  | 781 |  | 692 |  |
Performance Health Holdings Inc | Health Care Distributors | First Lien Term Loan | SOFR+ | 3.75% | 7.95% |  | 3/19/2032 |  | 8,000 |  | 7,920 |  | 7,800 |  |
PetSmart LLC | Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75% | 8.18% |  | 2/11/2028 |  | 7,887 |  | 7,824 |  | 7,823 |  |
Pluralsight, LLC | Application Software | Common Stock |  |  |  |  |  | 514,789 |  |  | 1,719 |  | 1,194 |  | (4)
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 7.33% | 1.50% | 8/22/2029 |  | 1,042 |  | 1,042 |  | 1,042 |  | (4)
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% |  | 11.83% | 8/22/2029 |  | 1,694 |  | 1,694 |  | 1,694 |  | (4)
Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.00% | 8.28% |  | 4/5/2030 |  | 10,352 |  | 10,238 |  | 9,430 |  | (4)
SCIH Salt Holdings Inc. | Diversified Chemicals | First Lien Term Loan | SOFR+ | 3.00% | 7.32% |  | 1/31/2029 |  | 2,948 |  | 2,948 |  | 2,952 |  |
Secure Acquisition Inc. | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 12/16/2028 |  | 3,980 |  | 3,971 |  | 3,991 |  |
Shearer's Foods LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 3.25% | 7.58% |  | 2/12/2031 |  | 6,930 |  | 6,867 |  | 6,957 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 10.94% |  | 6/30/2029 |  | 931 |  | 894 |  | 898 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 10.94% |  | 6/30/2029 |  | 2,614 |  | 2,614 |  | 2,473 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 7.00% | 4.44% | 7.00% | 6/30/2029 |  | 1,512 |  | 1,512 |  | 1,346 |  |
SHO Holding I Corporation | Footwear | Common Stock |  |  |  |  |  | 2,746 |  |  | 4,295 |  | 2,611 |  |
Skopima Consilio Parent LLC | Research & Consulting Services | First Lien Term Loan | SOFR+ | 3.75% | 8.08% |  | 5/12/2028 |  | 3,980 |  | 3,956 |  | 3,933 |  |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes
Staples, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 9/4/2029 |  | $ | 4,228 |  | $ | 4,092 |  | $ | 3,912 |  | (4)
Star Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 4.00% | 8.30% |  | 9/27/2030 |  | 7,900 |  | 7,782 |  | 7,833 |  | (4)
Tecta America Corp | Construction & Engineering | First Lien Term Loan | SOFR+ | 3.00% | 7.33% |  | 2/18/2032 |  | 5,000 |  | 5,012 |  | 5,017 |  |
TMS International Corp | Diversified Support Services | First Lien Term Loan | SOFR+ | 3.50% | 7.83% |  | 3/2/2030 |  | 4,990 |  | 5,008 |  | 5,002 |  |
Trident TPI Holdings, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 9/15/2028 |  | 7,444 |  | 7,444 |  | 7,324 |  |
Verde Purchaser, LLC | Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 4.00% | 8.30% |  | 11/30/2030 |  | 4,987 |  | 5,003 |  | 5,011 |  |
Total Portfolio Investments |  |  |  |  |  |  |  |  | $ | 339,147 |  | $ | 348,377 |  | $ | 332,977 |  |
_______ (1) Represents the interest rate as of June 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 June 30, 2025, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29% and the 180-day SOFR at 4.15%. 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, 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 June 30, 2025. (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, 2025. SLF JV I Portfolio as of September 30, 2024
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes
Access CIG, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 10.25% |  | 8/18/2028 |  | $ | 10,495 |  | $ | 10,404 |  | $ | 10,553 |  | (4)
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 11.37% |  | 12/18/2025 |  | 1,026 |  | 1,019 |  | 985 |  | (4)
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 11.37% |  | 12/18/2025 |  | 6,072 |  | 6,038 |  | 5,829 |  | (4)
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 12.45% |  | 6/30/2025 |  | 8,329 |  | 8,304 |  | 7,663 |  | (4)
Artera Services LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 4.50% | 9.10% |  | 2/15/2031 |  | 7,961 |  | 7,902 |  | 7,781 |  |
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 11.52% |  | 12/29/2027 |  | 4,092 |  | 4,048 |  | 3,896 |  | (4)
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 11.29% |  | 12/29/2027 |  | 290 |  | 284 |  | 266 |  | (4)(5)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 11.35% |  | 2/25/2028 |  | 2,546 |  | 2,517 |  | 2,111 |  | (4)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 10/25/2028 |  | 4,037 |  | 3,877 |  | 1,161 |  | (4)(6)
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 8.95% |  | 8/19/2028 |  | 7,775 |  | 7,589 |  | 7,660 |  |
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 9.20% |  | 8/19/2028 |  | 1,970 |  | 1,886 |  | 1,944 |  |
athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.25% | 8.10% |  | 2/15/2029 |  | 9,034 |  | 8,790 |  | 8,992 |  |
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | SOFR+ | 7.00% | 7.70% | 4.00% | 12/24/2026 |  | 6,548 |  | 6,430 |  | 6,351 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.87% |  | 6/11/2027 |  | 1,735 |  | 1,724 |  | 1,633 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.87% |  | 6/11/2027 |  | 6,242 |  | 6,183 |  | 5,875 |  | (4)
Bausch + Lomb Corporation | Health Care Supplies | First Lien Term Loan | SOFR+ | 3.25% | 8.27% |  | 5/10/2027 |  | 9,173 |  | 9,017 |  | 9,151 |  |
Boxer Parent Company Inc. | Systems Software | First Lien Term Loan | SOFR+ | 3.75% | 9.01% |  | 7/30/2031 |  | 8,000 |  | 7,983 |  | 7,994 |  |
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock |  |  |  |  |  | 171 |  |  | — |  | — |  | (4)
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity |  |  |  |  |  | 7,193,540 |  |  | 7,194 |  | 5,683 |  | (4)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% | 11.16% |  | 8/10/2027 |  | 2,348 |  | 2,325 |  | 1,751 |  |
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% | 12.27% |  | 8/10/2027 |  | 1,976 |  | 1,955 |  | 1,474 |  |
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% | 11.16% |  | 8/10/2027 |  | 1,955 |  | 1,936 |  | 1,458 |  |
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Revolver | SOFR+ | 6.00% | 11.50% |  | 8/10/2027 |  | 600 |  | 594 |  | 447 |  | (5)
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Revolver | SOFR+ | 6.00% | 12.02% |  | 8/10/2027 |  | 2 |  | 2 |  | 1 |  |
Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 3/30/2029 |  | 8,153 |  | 7,621 |  | 8,129 |  |
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.60% |  | 10/13/2029 |  | 7,765 |  | 7,428 |  | 7,381 |  | (4)
Crown Subsea Communications Holding, Inc. | Alternative Carriers | First Lien Term Loan | SOFR+ | 4.00% | 9.25% |  | 1/30/2031 |  | 7,980 |  | 7,900 |  | 8,039 |  |
Curium Bidco S.à.r.l. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 7/31/2029 |  | 8,643 |  | 8,559 |  | 8,684 |  |
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.25% | 10.21% |  | 8/2/2029 |  | 6,711 |  | 6,635 |  | 6,618 |  |
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 9.60% |  | 4/26/2029 |  | 9,029 |  | 8,913 |  | 9,076 |  |
Eagle Parent Corp. | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 9.55% |  | 4/2/2029 |  | 1,179 |  | 1,177 |  | 1,121 |  |
Engineering Research and Consulting LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 5.00% | 10.06% |  | 8/29/2031 |  | 4,208 |  | 4,149 |  | 4,182 |  | (4)
Frontier Communications Holdings, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 3.50% | 8.76% |  | 7/1/2031 |  | 7,000 |  | 6,965 |  | 7,061 |  |
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 10.20% |  | 4/9/2029 |  | 7,840 |  | 7,687 |  | 7,646 |  | (4)
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes
Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 5.00% | 10.33% |  | 2/15/2029 |  | $ | 5,089 |  | $ | 5,028 |  | $ | 5,071 |  |
Indivior Finance S.À.R.L. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 5.25% | 10.21% |  | 6/30/2026 |  | 7,256 |  | 7,205 |  | 7,247 |  |
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 5.75% | 10.62% |  | 3/25/2027 |  | 8,500 |  | 8,392 |  | 7,140 |  | (4)
KDC/ONE Development Corp Inc | Personal Care Products | First Lien Term Loan | SOFR+ | 4.50% | 9.36% |  | 8/15/2028 |  | 8,890 |  | 8,675 |  | 8,908 |  |
LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 9.95% |  | 10/29/2028 |  | 7,896 |  | 7,682 |  | 7,734 |  | (4)
Lightbox Intermediate, L.P. | Real Estate Services | First Lien Term Loan | SOFR+ | 5.00% | 9.96% |  | 5/9/2026 |  | 29 |  | 29 |  | 28 |  | (4)
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | SOFR+ | 4.75% | 9.60% |  | 7/29/2029 |  | 10,000 |  | 9,876 |  | 9,848 |  |
M2S Group Intermediate Holdings Inc | Multi-Sector Holdings | First Lien Term Loan | SOFR+ | 4.75% | 9.85% |  | 8/25/2031 |  | 10,000 |  | 9,652 |  | 9,625 |  |
McAfee Corp. | Systems Software | First Lien Term Loan | SOFR+ | 3.25% | 8.45% |  | 3/1/2029 |  | 7,890 |  | 7,656 |  | 7,872 |  |
Mitchell International, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.25% | 8.10% |  | 6/17/2031 |  | 8,000 |  | 7,953 |  | 7,892 |  |
Peraton Corp. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75% | 8.70% |  | 2/1/2028 |  | 1,978 |  | 1,977 |  | 1,909 |  |
PetSmart LLC | Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75% | 8.70% |  | 2/11/2028 |  | 7,948 |  | 7,871 |  | 7,893 |  |
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% |  | 12.62% | 8/22/2029 |  | 1,544 |  | 1,544 |  | 1,544 |  | (4)
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.12% | 1.50% | 8/22/2029 |  | 1,030 |  | 1,030 |  | 1,030 |  | (4)
Pluralsight, LLC | Application Software | Common Stock |  |  |  |  |  | 514,789 |  |  | 1,719 |  | 1,719 |  | (4)
Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.25% | 9.10% |  | 4/5/2030 |  | 8,920 |  | 8,793 |  | 8,927 |  |
SCIH Salt Holdings Inc. | Diversified Chemicals | First Lien Term Loan | SOFR+ | 3.50% | 8.76% |  | 3/16/2027 |  | 2,963 |  | 2,963 |  | 2,966 |  |
Shearer's Foods LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 4.00% | 8.85% |  | 2/12/2031 |  | 6,983 |  | 6,913 |  | 6,996 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 11.82% |  | 6/30/2029 |  | 938 |  | 893 |  | 919 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan |  | 6.50% | 11.82% |  | 6/30/2029 |  | 2,634 |  | 2,634 |  | 2,529 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 7.00% | 12.32% |  | 6/30/2029 |  | 1,451 |  | 1,451 |  | 1,306 |  |
SHO Holding I Corporation | Footwear | Common Stock |  |  |  |  |  | 2,746 |  |  | 4,295 |  | 3,145 |  |
SM Wellness Holdings, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 4.50% | 10.01% |  | 4/17/2028 |  | 2,947 |  | 2,640 |  | 2,888 |  | (4)
Southern Veterinary Partners, LLC | Health Care Facilities | First Lien Term Loan | SOFR+ | 3.75% | 8.00% |  | 10/5/2027 |  | 8,601 |  | 8,563 |  | 8,628 |  |
Staples, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.75% | 10.69% |  | 9/4/2029 |  | 5,349 |  | 5,147 |  | 4,873 |  | (4)
Star Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 3.75% | 8.35% |  | 9/27/2030 |  | 7,960 |  | 7,841 |  | 7,757 |  |
SupplyOne, Inc. | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 4.25% | 9.10% |  | 4/19/2031 |  | 4,478 |  | 4,433 |  | 4,496 |  |
Swissport Stratosphere USA LLC | Air Freight & Logistics | First Lien Term Loan | SOFR+ | 4.25% | 9.57% |  | 4/4/2031 |  | 5,486 |  | 5,459 |  | 5,512 |  |
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00% | 10.95% |  | 12/29/2028 |  | 7,139 |  | 7,052 |  | 6,996 |  | (4)
Trident TPI Holdings, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 9/15/2028 |  | 7,481 |  | 7,481 |  | 7,502 |  |
Total Portfolio Investments |  |  |  |  |  |  |  |  | $ | 330,094 |  | $ | 337,882 |  | $ | 329,496 |  |
______ (1) Represents the interest rate as of September 30, 2024. All interest rates are payable in cash, unless otherwise noted. (2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.85% and the 90-day SOFR at 4.59%. Most loans include an interest floor, which generally ranges from 0% to 2%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. (3) Represents the current determination of fair value as of September 30, 2024 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein. (4) This investment was held by both the Company and SLF JV I as of September 30, 2024. (5) Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. (6) This investment was on non-accrual status as of September 30, 2024. Glick JV Portfolio as of June 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+ | 4.25% | 8.38% |  | 8/18/2028 |  | $ | 1,965 |  | $ | 1,940 |  | $ | 1,977 |  |
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 7.50% | 11.06% | 1.00% | 12/18/2025 |  | 3,071 |  | 3,058 |  | 2,964 |  | (4)
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 7.50% | 11.06% | 1.00% | 12/18/2025 |  | 468 |  | 467 |  | 451 |  | (4)
Alvogen Pharma US, Inc. | Pharmaceuticals | Second Lien Term Loan | SOFR+ | 10.50% | 6.80% | 8.00% | 3/1/2029 |  | 989 |  | 988 |  | 974 |  | (4)
American Auto Auction Group, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.50% | 8.83% |  | 5/28/2032 |  | 1,729 |  | 1,716 |  | 1,740 |  |
Artera Services LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 2/15/2031 |  | 3,459 |  | 3,433 |  | 2,912 |  |
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 10.44% |  | 12/29/2027 |  | 118 |  | 117 |  | 115 |  | (4)(5)
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 10.54% |  | 12/29/2027 |  | 1,686 |  | 1,672 |  | 1,659 |  | (4)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.75% |  |  | 2/25/2028 |  | 1,039 |  | 1,028 |  | 494 |  | (4)(6)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 10/25/2028 |  | 1,661 |  | 1,577 |  | — |  | (4)(6)
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 8.43% |  | 8/19/2028 |  | 3,125 |  | 3,062 |  | 3,086 |  |
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 8.68% |  | 8/19/2028 |  | 978 |  | 944 |  | 969 |  | (4)
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | SOFR+ | 6.00% | 10.40% |  | 12/24/2026 |  | 3,854 |  | 3,835 |  | 3,781 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.56% |  | 6/11/2027 |  | 785 |  | 781 |  | 694 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.56% |  | 6/11/2027 |  | 3,303 |  | 3,272 |  | 2,918 |  | (4)
Bausch + Lomb Corp | Health Care Supplies | First Lien Term Loan | SOFR+ | 4.25% | 8.57% |  | 12/18/2030 |  | 3,699 |  | 3,655 |  | 3,711 |  |
Beacon Mobility Corp | Passenger Ground Transportation | First Lien Term Loan | SOFR+ | 3.25% | 7.56% |  | 6/17/2030 |  | 1,656 |  | 1,644 |  | 1,656 |  |
Beacon Mobility Corp | Passenger Ground Transportation | First Lien Term Loan | SOFR+ | 3.25% |  |  | 6/17/2030 |  | — |  | (2) |  | — |  | (5)
Boxer Parent Company Inc. | Systems Software | First Lien Term Loan | SOFR+ | 3.00% | 7.33% |  | 7/30/2031 |  | 2,993 |  | 2,985 |  | 2,977 |  |
CFC Group (CFC USA 2025 LLC) | Insurance Brokers | First Lien Term Loan | SOFR+ | 3.75% | 8.07% |  | 7/1/2032 |  | 2,152 |  | 2,130 |  | 2,147 |  |
Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 3/21/2031 |  | 1,194 |  | 1,194 |  | 1,197 |  |
Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.50% | 7.80% |  | 3/29/2029 |  | 1,937 |  | 1,836 |  | 1,941 |  |
Crown Subsea Communications Holding, Inc. | Alternative Carriers | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 1/30/2031 |  | 2,970 |  | 2,944 |  | 2,993 |  |
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.25% | 9.79% |  | 8/2/2029 |  | 2,743 |  | 2,719 |  | 2,726 |  |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 4/26/2029 |  | $ | 3,517 |  | $ | 3,479 |  | $ | 3,481 |  | (4)
Eagle Parent Corp. | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 8.55% |  | 4/2/2029 |  | 389 |  | 385 |  | 387 |  |
Engineering Research and Consulting LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 5.00% | 9.29% |  | 8/29/2031 |  | 1,020 |  | 1,006 |  | 999 |  | (4)
Frontier Communications Holdings, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 2.50% | 6.79% |  | 7/1/2031 |  | 2,985 |  | 2,971 |  | 2,990 |  |
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 9.63% |  | 4/9/2029 |  | 3,890 |  | 3,826 |  | 3,824 |  | (4)
Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 2/15/2029 |  | 4,316 |  | 4,286 |  | 4,332 |  |
Inmar Inc | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.80% |  | 10/30/2031 |  | 1,990 |  | 1,995 |  | 2,009 |  |
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 5.75% | 10.31% |  | 3/25/2027 |  | 2,031 |  | 2,013 |  | 1,857 |  | (4)
KDC US Holdings, Inc. | Personal Care Products | First Lien Term Loan | SOFR+ | 4.00% | 8.33% |  | 8/15/2028 |  | 3,551 |  | 3,473 |  | 3,559 |  |
Kidde Global Services | Building Products | First Lien Term Loan | SOFR+ | 4.25% | 8.57% |  | 12/2/2031 |  | 1,213 |  | 1,201 |  | 1,221 |  |
LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 9.43% |  | 10/30/2028 |  | 1,987 |  | 1,931 |  | 1,797 |  | (4)
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | SOFR+ | 4.25% | 8.58% |  | 7/29/2029 |  | 3,970 |  | 3,928 |  | 3,974 |  |
M2S Group Intermediate Holdings Inc | Multi-Sector Holdings | First Lien Term Loan | SOFR+ | 4.75% | 9.03% |  | 8/25/2031 |  | 3,816 |  | 3,698 |  | 3,704 |  |
McAfee Corp. | Systems Software | First Lien Term Loan | SOFR+ | 3.00% | 7.32% |  | 3/1/2029 |  | 1,990 |  | 1,988 |  | 1,937 |  |
Mitchell International, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.25% | 7.58% |  | 6/17/2031 |  | 3,474 |  | 3,454 |  | 3,475 |  |
Peraton Corp. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75% | 8.18% |  | 2/1/2028 |  | 390 |  | 390 |  | 346 |  |
PetSmart LLC | Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75% | 8.18% |  | 2/11/2028 |  | 2,956 |  | 2,927 |  | 2,932 |  |
Pluralsight, LLC | Application Software | Common Stock |  |  |  |  |  | 330,904 |  |  | 1,105 |  | 768 |  | (4)
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 7.33% | 1.50% | 8/22/2029 |  | 670 |  | 670 |  | 670 |  | (4)
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% |  | 11.83% | 8/22/2029 |  | 1,089 |  | 1,089 |  | 1,089 |  | (4)
Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.00% | 8.28% |  | 4/5/2030 |  | 2,455 |  | 2,449 |  | 2,237 |  | (4)
SCIH Salt Holdings Inc. | Diversified Chemicals | First Lien Term Loan | SOFR+ | 3.00% | 7.32% |  | 1/31/2029 |  | 1,474 |  | 1,474 |  | 1,476 |  |
Shearer's Foods LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 3.25% | 7.58% |  | 2/12/2031 |  | 2,970 |  | 2,943 |  | 2,981 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 10.94% |  | 6/30/2029 |  | 691 |  | 664 |  | 667 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 10.94% |  | 6/30/2029 |  | 1,942 |  | 1,942 |  | 1,838 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 7.00% | 4.44% | 7.00% | 6/30/2029 |  | 1,124 |  | 1,124 |  | 1,000 |  |
SHO Holding I Corporation | Footwear | Common Stock |  |  |  |  |  | 2,041 |  |  | 3,194 |  | 1,940 |  |
Staples, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.75% | 10.03% |  | 9/4/2029 |  | 1,518 |  | 1,469 |  | 1,404 |  | (4)
Star Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 4.00% | 8.30% |  | 9/27/2030 |  | 3,950 |  | 3,891 |  | 3,916 |  | (4)
Trident TPI Holdings, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 3.75% | 8.05% |  | 9/15/2028 |  | 2,481 |  | 2,481 |  | 2,441 |  |
Total Portfolio Investments |  |  |  |  |  |  |  |  | $ | 111,423 |  | $ | 114,441 |  | $ | 109,333 |  |
__________ (1) Represents the interest rate as of June 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 June 30, 2025, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29% and the 180-day SOFR at 4.15%. 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, 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 the Glick JV as of June 30, 2025. (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, 2025. Glick JV Portfolio as of September 30, 2024
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Principal | Cost | Fair Value (3) | Notes
Access CIG, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00% | 10.25% |  | 8/18/2028 | $ | 1,980 |  | $ | 1,948 |  | $ | 1,991 |  | (4)
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 11.37% |  | 12/18/2025 | 3,359 |  | 3,341 |  | 3,225 |  | (4)
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 11.37% |  | 12/18/2025 | 513 |  | 510 |  | 493 |  | (4)
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 12.45% |  | 6/30/2025 | 5,897 |  | 5,880 |  | 5,426 |  | (4)
Artera Services LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 4.50% | 9.10% |  | 2/15/2031 | 3,485 |  | 3,459 |  | 3,406 |  |
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 11.52% |  | 12/29/2027 | 1,699 |  | 1,681 |  | 1,617 |  | (4)
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 11.29% |  | 12/29/2027 | 120 |  | 118 |  | 110 |  | (4)(5)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 11.35% |  | 2/25/2028 | 1,047 |  | 1,035 |  | 868 |  | (4)
Astra Acquisition Corp. | Application Software | First Lien Term Loan | SOFR+ | 5.25% |  |  | 10/25/2028 | 1,661 |  | 1,619 |  | 477 |  | (4)(6)
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 8.95% |  | 8/19/2028 | 3,149 |  | 3,073 |  | 3,102 |  |
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 9.20% |  | 8/19/2028 | 985 |  | 943 |  | 972 |  |
athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.25% | 8.10% |  | 2/15/2029 | 2,942 |  | 2,850 |  | 2,929 |  |
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | SOFR+ | 7.00% | 7.70% | 4.00% | 12/24/2026 | 3,778 |  | 3,710 |  | 3,664 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.87% |  | 6/11/2027 | 3,328 |  | 3,298 |  | 3,133 |  | (4)
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 9.87% |  | 6/11/2027 | 792 |  | 787 |  | 745 |  | (4)
Bausch + Lomb Corporation | Health Care Supplies | First Lien Term Loan | SOFR+ | 3.25% | 8.27% |  | 5/10/2027 | 3,718 |  | 3,657 |  | 3,710 |  |
Boxer Parent Company Inc. | Systems Software | First Lien Term Loan | SOFR+ | 3.75% | 9.01% |  | 7/30/2031 | 3,000 |  | 2,993 |  | 2,998 |  |
Cloud Software Group, Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 3/30/2029 | 2,621 |  | 2,456 |  | 2,613 |  |
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 9.60% |  | 10/13/2029 | 2,570 |  | 2,446 |  | 2,443 |  | (4)
Crown Subsea Communications Holding, Inc. | Alternative Carriers | First Lien Term Loan | SOFR+ | 4.00% | 9.25% |  | 1/30/2031 | 2,993 |  | 2,963 |  | 3,015 |  |
Curium Bidco S.à.r.l. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 7/31/2029 | 2,813 |  | 2,792 |  | 2,826 |  |
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.25% | 10.21% |  | 8/2/2029 | 2,957 |  | 2,932 |  | 2,916 |  |
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 9.60% |  | 4/26/2029 | 3,534 |  | 3,488 |  | 3,553 |  |
Eagle Parent Corp. | Diversified Support Services | First Lien Term Loan | SOFR+ | 4.25% | 8.85% |  | 4/2/2029 | 392 |  | 387 |  | 373 |  |
Engineering Research and Consulting LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 5.00% | 10.06% |  | 8/29/2031 | 1,025 |  | 1,011 |  | 1,019 |  | (4)
Frontier Communications Holdings, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 3.50% | 8.76% |  | 7/1/2031 | 3,000 |  | 2,985 |  | 3,026 |  |
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 10.20% |  | 4/9/2029 | 3,920 |  | 3,843 |  | 3,823 |  | (4)
Husky Injection Molding Systems Ltd. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 5.00% | 10.33% |  | 2/15/2029 | 3,125 |  | 3,088 |  | 3,114 |  |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Principal | Cost | Fair Value (3) | Notes
Indivior Finance S.À.R.L. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 5.25% | 10.21% |  | 6/30/2026 | $ | 3,870 |  | $ | 3,842 |  | $ | 3,865 |  |
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 5.75% | 10.62% |  | 3/25/2027 | 2,125 |  | 2,098 |  | 1,785 |  | (4)
KDC US Holdings, Inc. | Personal Care Products | First Lien Term Loan | SOFR+ | 4.50% | 9.36% |  | 8/15/2028 | 3,551 |  | 3,454 |  | 3,558 |  |
LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 9.95% |  | 10/29/2028 | 2,987 |  | 2,899 |  | 2,926 |  | (4)
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | SOFR+ | 4.75% | 9.60% |  | 7/29/2029 | 4,000 |  | 3,950 |  | 3,939 |  |
M2S Group Intermediate Holdings Inc | Multi-Sector Holdings | First Lien Term Loan | SOFR+ | 4.75% | 9.85% |  | 8/25/2031 | 4,000 |  | 3,861 |  | 3,850 |  |
Mitchell International, Inc. | Application Software | First Lien Term Loan | SOFR+ | 3.25% | 8.10% |  | 6/17/2031 | 3,500 |  | 3,480 |  | 3,453 |  |
Peraton Corp. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75% | 8.70% |  | 2/1/2028 | 990 |  | 989 |  | 954 |  |
PetSmart LLC | Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75% | 8.70% |  | 2/11/2028 | 2,980 |  | 2,944 |  | 2,959 |  |
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.12% | 1.50% | 8/22/2029 | 662 |  | 662 |  | 662 |  | (4)
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% |  | 12.62% | 8/22/2029 | 993 |  | 993 |  | 993 |  | (4)
Pluralsight, LLC | Application Software | Common Equity & Warrants |  |  |  |  |  |  | 1,105 |  | 1,105 |  | (4)
Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.25% | 9.10% |  | 4/5/2030 | 1,985 |  | 1,980 |  | 1,986 |  |
SCIH Salt Holdings Inc. | Diversified Chemicals | First Lien Term Loan | SOFR+ | 3.50% | 8.76% |  | 3/16/2027 | 1,480 |  | 1,481 |  | 1,483 |  |
Shearer's Foods LLC | Packaged Foods & Meats | First Lien Term Loan | SOFR+ | 4.00% | 8.85% |  | 2/12/2031 | 2,993 |  | 2,963 |  | 2,998 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 11.82% |  | 6/30/2029 | 697 |  | 664 |  | 683 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 6.50% | 11.82% |  | 6/30/2029 | 1,957 |  | 1,957 |  | 1,879 |  |
SHO Holding I Corporation | Footwear | First Lien Term Loan | SOFR+ | 7.00% | 12.32% |  | 6/30/2029 | 1,078 |  | 1,078 |  | 970 |  |
SHO Holding I Corporation | Footwear | Common Equity & Warrants |  |  |  |  |  |  | 3,194 |  | 2,337 |  |
Southern Veterinary Partners, LLC | Health Care Facilities | First Lien Term Loan | SOFR+ | 3.75% | 8.00% |  | 10/5/2027 | 3,266 |  | 3,250 |  | 3,277 |  |
Staples, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.75% | 10.69% |  | 9/4/2029 | 1,918 |  | 1,846 |  | 1,748 |  | (4)
Star Parent, Inc. | Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 3.75% | 8.35% |  | 9/27/2030 | 3,980 |  | 3,920 |  | 3,878 |  |
SupplyOne, Inc. | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 4.25% | 9.10% |  | 4/19/2031 | 1,493 |  | 1,478 |  | 1,499 |  |
Swissport Stratosphere USA LLC | Air Freight & Logistics | First Lien Term Loan | SOFR+ | 4.25% | 9.57% |  | 4/4/2031 | 1,995 |  | 1,985 |  | 2,004 |  |
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00% | 10.95% |  | 12/29/2028 | 8 |  | 7 |  | 7 |  | (4)
Trident TPI Holdings, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.00% | 8.60% |  | 9/15/2028 | 2,494 |  | 2,494 |  | 2,502 |  |
Total Portfolio Investments |  |  |  |  |  |  |  | $ | 125,405 |  | $ | 127,867 |  | $ | 124,887 |  |
__________ (1) Represents the interest rate as of September 30, 2024. All interest rates are payable in cash, unless otherwise noted. (2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2024, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 4.85% and the 90-day SOFR at 4.59%. Most loans include an interest floor, which generally ranges from 0% to 2%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. (3) Represents the current determination of fair value as of September 30, 2024 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein. (4) This investment was held by both the Company and the Glick JV as of September 30, 2024. (5) Investment had undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. (6) This investment was on non-accrual status as of September 30, 2024.
Schedule of Financial Instruments Carried at Fair Value | The following table presents the financial instruments carried at fair value as of June 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) |  | $ | — |  |  | $ | 266,566 |  |  | $ | 2,076,845 |  |  | $ | — |  |  | $ | 2,343,411 |
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes) |  | — |  |  | 40,344 |  |  | 257,498 |  |  | — |  |  | 297,842 |
Investments in equity securities (preferred) |  | — |  |  | — |  |  | 73,232 |  |  | — |  |  | 73,232 |
Investments in equity securities (common and warrants, including LLC equity interests of the JVs) |  | 743 |  |  | 1,521 |  |  | 77,747 |  |  | 14,881 |  |  | 94,892 |
Total investments at fair value |  | 743 |  |  | 308,431 |  |  | 2,485,322 |  |  | 14,881 |  |  | 2,809,377 |
Cash equivalents |  | 19,679 |  |  | — |  |  | — |  |  | — |  |  | 19,679 |
Derivative assets |  | — |  |  | 7,910 |  |  | — |  |  | — |  |  | 7,910 |
Total assets at fair value |  | $ | 20,422 |  |  | $ | 316,341 |  |  | $ | 2,485,322 |  |  | $ | 14,881 |  |  | $ | 2,836,966 |
Derivative liabilities |  | $ | — |  |  | $ | 16,802 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,802 |
Total liabilities at fair value |  | $ | — |  |  | $ | 16,802 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,802 |
__________ (a)In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at Net Asset Value (a) |  | Total
Investments in debt securities (senior secured) |  | $ | — |  |  | $ | 254,627 |  |  | $ | 2,320,310 |  |  | $ | — |  |  | $ | 2,574,937 |
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes) |  | — |  |  | 16,127 |  |  | 255,346 |  |  | — |  |  | 271,473 |
Investments in equity securities (preferred) |  | — |  |  | — |  |  | 66,320 |  |  | — |  |  | 66,320 |
Investments in equity securities (common and warrants, including LLC equity interests of the JVs) |  | 1,422 |  |  | 2,830 |  |  | 81,756 |  |  | 22,541 |  |  | 108,549 |
Total investments at fair value |  | 1,422 |  |  | 273,584 |  |  | 2,723,732 |  |  | 22,541 |  |  | 3,021,279 |
Cash equivalents |  | 34,597 |  |  | — |  |  | — |  |  | — |  |  | 34,597 |
Total assets at fair value |  | $ | 36,019 |  |  | $ | 273,584 |  |  | $ | 2,723,732 |  |  | $ | 22,541 |  |  | $ | 3,055,876 |
Derivative liabilities |  | $ | — |  |  | $ | 16,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,843 |
Total liabilities at fair value |  | $ | — |  |  | $ | 16,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,843 |
__________ (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.
Schedule of Roll-Forward in the Changes in Fair Value | 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 March 31, 2024 to June 30, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:
|  | Investments
|  | Senior Secured Debt |  | Subordinated Debt (including debt investments in the JVs and credit linked notes) |  | Preferred Equity |  | Common Equity and Warrants |  | Total
Fair value as of March 31, 2024 |  | $ | 2,327,422 |  |  | $ | 200,115 |  |  | $ | 62,602 |  |  | $ | 77,286 |  |  | $ | 2,667,425 |
Purchases |  | 193,956 |  |  | 30,480 |  |  | — |  |  | 169 |  |  | 224,605 |
Sales and repayments |  | (113,234) |  |  | — |  |  | — |  |  | — |  |  | (113,234) |
Capitalized PIK interest income |  | 6,287 |  |  | 614 |  |  | — |  |  | — |  |  | 6,901 |
Accretion of OID |  | 2,600 |  |  | 349 |  |  | — |  |  | — |  |  | 2,949 |
Net unrealized appreciation (depreciation) |  | 7,640 |  |  | (1,074) |  |  | 38,883 |  |  | (12,951) |  |  | 32,498 |
Net realized gains (losses) |  | (31,512) |  |  | — |  |  | (37,593) |  |  | — |  |  | (69,105) |
Fair value as of June 30, 2024 |  | $ | 2,393,159 |  |  | $ | 230,484 |  |  | $ | 63,892 |  |  | $ | 64,504 |  |  | $ | 2,752,039 |
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2024 |  | $ | (36,501) |  |  | $ | (1,074) |  |  | $ | 1,287 |  |  | $ | (14,762) |  |  | $ | (51,050) |
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. The following table provides a roll-forward in the changes in fair value from September 30, 2023 to June 30, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:
|  | Investments
|  | Senior Secured Debt |  | Subordinated Debt (including debt investments in the JVs and credit linked notes) |  | Preferred Equity |  | Common Equity and Warrants |  | Total
Fair value as of September 30, 2023 |  | $ | 2,292,691 |  |  | $ | 189,724 |  |  | $ | 86,057 |  |  | $ | 51,440 |  |  | $ | 2,619,912 |
Purchases |  | 656,630 |  |  | 47,507 |  |  | 7,578 |  |  | 1,749 |  |  | 713,464 |
Sales and repayments |  | (506,977) |  |  | (4,932) |  |  | (205) |  |  | (860) |  |  | (512,974) |
Transfers in (a)(b) |  | 23,535 |  |  | — |  |  | — |  |  | 39,702 |  |  | 63,237 |
Transfers out (b) |  | (38,544) |  |  | (4,657) |  |  | (1,159) |  |  | (283) |  |  | (44,643) |
Capitalized PIK interest income |  | 17,571 |  |  | 1,685 |  |  | — |  |  | — |  |  | 19,256 |
Accretion of OID |  | 8,099 |  |  | 984 |  |  | — |  |  | — |  |  | 9,083 |
Net unrealized appreciation (depreciation) |  | (10,702) |  |  | 127 |  |  | 9,214 |  |  | (25,631) |  |  | (26,992) |
Net realized gains (losses) |  | (49,144) |  |  | 46 |  |  | (37,593) |  |  | (1,613) |  |  | (88,304) |
Fair value as of June 30, 2024 |  | $ | 2,393,159 |  |  | $ | 230,484 |  |  | $ | 63,892 |  |  | $ | 64,504 |  |  | $ | 2,752,039 |
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2024 |  | $ | (54,217) |  |  | $ | (454) |  |  | $ | 3,276 |  |  | $ | (28,733) |  |  | $ | (80,128) |
__________ (a) There was a $18.9 million transfer into Level 3 from Level 2 for an investment during the nine months ended June 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity. (b) There were investment restructurings during the nine months ended June 30, 2024 in which (1) $38.5 million of Level 3 senior secured debt was exchanged for Level 3 common equity, (2) $4.7 million of Level 3 subordinated debt was exchanged for Level 3 senior secured debt, (3) $1.2 million of Level 3 preferred equity was exchanged for Level 3 common equity and (4) $0.3 million of Level 3 common stock was converted to Level 1 common stock.
Schedule of Significant Unobservable Inputs for Level 3 Investments | The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of June 30, 2025:
Asset |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average (a)
Senior Secured Debt |  | $ | 1,988,077 |  |  | Market Yield |  | Market Yield |  | (b) | 7.0% | - | 40.0% |  | 11.2%
|  | 44,161 |  |  | Enterprise Value |  | Revenue Multiple |  | (c) | 0.5x | - | 5.5x |  | 2.8x
|  | 31,985 |  |  | Enterprise Value |  | EBITDA Multiple |  | (c) | 2.6x | - | 8.2x |  | 6.7x
|  | 12,622 |  |  | Transaction Precedent |  | Transaction Price |  | (d) | N/A | - | N/A |  | N/A
Subordinated Debt |  | 97,778 |  |  | Market Yield |  | Market Yield |  | (b) | 5.0% | - | 12.0% |  | 9.3%
Debt Investments in the JVs |  | 159,720 |  |  | Enterprise Value |  | N/A |  | (e) | N/A | - | N/A |  | N/A
Preferred & Common Equity |  | 64,170 |  |  | Enterprise Value |  | Revenue Multiple |  | (c) | 0.3x | - | 5.5x |  | 0.6x
|  | 85,313 |  |  | Enterprise Value |  | EBITDA Multiple |  | (c) | 2.6x | - | 17.4x |  | 10.7x
|  | 1,496 |  |  | Enterprise Value |  | Asset Multiple |  | (c) | 1.4x | - | 1.6x |  | 1.5x
Total |  | $ | 2,485,322 |  |  |  |  |  |  |  |  |  |  |  |
__________ (a)Weighted averages are calculated based on fair value of investments. (b)Used when market participants would take into account market yield when pricing the investment. (c)Used when market participants would use such multiples when pricing the investment. (d)Used when there is an observable transaction or pending event for the investment. (e)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique. The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2024:
Asset |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average (a)
Senior Secured Debt |  | $ | 2,044,221 |  |  | Market Yield |  | Market Yield |  | (b) | 5.7% | - | 31.0% |  | 12.0%
|  | 52,857 |  |  | Enterprise Value |  | Revenue Multiple |  | (c) | 2.0x | - | 5.5x |  | 3.7x
|  | 26,927 |  |  | Enterprise Value |  | EBITDA Multiple |  | (c) | 4.5x | - | 7.5x |  | 5.7x
|  | 33,272 |  |  | Transaction Precedent |  | Transaction Price |  | (d) | N/A | - | N/A |  | N/A
|  | 163,033 |  |  | Broker Quotations |  | Broker Quoted Price |  | (e) | N/A | - | N/A |  | N/A
Subordinated Debt |  | 93,794 |  |  | Market Yield |  | Market Yield |  | (b) | 5.0% | - | 45.0% |  | 10.1%
Debt Investments in the JVs |  | 161,552 |  |  | Enterprise Value |  | N/A |  | (f) | N/A | - | N/A |  | N/A
Preferred & Common Equity |  | 80,720 |  |  | Enterprise Value |  | Revenue Multiple |  | (c) | 0.3x | - | 7.2x |  | 2.0x
|  | 66,106 |  |  | Enterprise Value |  | EBITDA Multiple |  | (c) | 2.9x | - | 15.0x |  | 10.2x
|  | 1,250 |  |  | Enterprise Value |  | Asset Multiple |  | (c) | 1.0x | - | 1.4x |  | 1.4x
Total |  | $ | 2,723,732 |  |  |  |  |  |  |  |  |  |  |  |
__________ (a)Weighted averages are calculated based on fair value of investments. (b)Used when market participants would take into account market yield when pricing the investment. (c)Used when market participants would use such multiples when pricing the investment. (d)Used when there is an observable transaction or pending event for the investment. (e)Oaktree generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Oaktree evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. (f)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of June 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 |  | $ | 510,000 |  |  | $ | 510,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 510,000 |
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) |  | 333,558 |  |  | 335,713 |  |  | — |  |  | 335,713 |  |  | — |
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) |  | 299,613 |  |  | 309,210 |  |  | — |  |  | 309,210 |  |  | — |
2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) |  | 304,380 |  |  | 300,960 |  |  | — |  |  | 300,960 |  |  | — |
Total |  | $ | 1,447,551 |  |  | $ | 1,455,883 |  |  | $ | — |  |  | $ | 945,883 |  |  | $ | 510,000 |
The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2024 and the level of each financial liability within the fair value hierarchy:
|  | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Syndicated Facility payable |  | $ | 430,000 |  |  | $ | 430,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 430,000 |
OSI2 Citibank Facility payable |  | 280,000 |  |  | 280,000 |  |  | — |  |  | — |  |  | 280,000 |
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount) |  | 299,492 |  |  | 298,146 |  |  | — |  |  | 298,146 |  |  | — |
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) |  | 327,612 |  |  | 327,723 |  |  | — |  |  | 327,723 |  |  | — |
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) |  | 301,589 |  |  | 312,264 |  |  | — |  |  | 312,264 |  |  | — |
Total |  | $ | 1,638,693 |  |  | $ | 1,648,133 |  |  | $ | — |  |  | $ | 938,133 |  |  | $ | 710,000 |
Schedule of Portfolio Composition | Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables:
|  | June 30, 2025 |  | September 30, 2024
Cost: |  |  |  | % of Total Investments |  |  |  | % of Total Investments
Senior secured debt |  | $ | 2,445,232 |  |  | 81.17 | % |  | $ | 2,615,066 |  |  | 83.14 | %
Debt investments in the JVs |  | 165,389 |  |  | 5.49 | % |  | 164,324 |  |  | 5.23 | %
Common equity and warrants |  | 140,320 |  |  | 4.66 | % |  | 134,452 |  |  | 4.28 | %
Subordinated debt |  | 138,724 |  |  | 4.60 | % |  | 108,068 |  |  | 3.44 | %
Preferred equity |  | 68,133 |  |  | 2.26 | % |  | 68,218 |  |  | 2.17 | %
LLC equity interests of the JVs |  | 54,791 |  |  | 1.82 | % |  | 54,791 |  |  | 1.74 | %
Total |  | $ | 3,012,589 |  |  | 100.00 | % |  | $ | 3,144,919 |  |  | 100.00 | %
|  | June 30, 2025 |  | September 30, 2024
Fair Value: |  |  |  | % of Total Investments |  | % of Net Assets |  |  |  | % of Total Investments |  | % of Net Assets
Senior secured debt |  | $ | 2,343,411 |  |  | 83.40 | % |  | 158.72 | % |  | $ | 2,574,937 |  |  | 85.21 | % |  | 173.06 | %
Debt investments in the JVs |  | 159,720 |  |  | 5.69 | % |  | 10.82 | % |  | 161,552 |  |  | 5.35 | % |  | 10.86 | %
Subordinated debt |  | 138,122 |  |  | 4.92 | % |  | 9.35 | % |  | 109,921 |  |  | 3.64 | % |  | 7.39 | %
Common equity and warrants |  | 80,011 |  |  | 2.85 | % |  | 5.42 | % |  | 86,008 |  |  | 2.85 | % |  | 5.78 | %
Preferred equity |  | 73,232 |  |  | 2.61 | % |  | 4.96 | % |  | 66,320 |  |  | 2.20 | % |  | 4.46 | %
LLC equity interests of the JVs |  | 14,881 |  |  | 0.53 | % |  | 1.01 | % |  | 22,541 |  |  | 0.75 | % |  | 1.52 | %
Total |  | $ | 2,809,377 |  |  | 100.00 | % |  | 190.28 | % |  | $ | 3,021,279 |  |  | 100.00 | % |  | 203.07 | %
The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the composition of the Company's portfolio by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:
|  | June 30, 2025 |  | September 30, 2024
Cost: |  |  |  | % of Total Investments |  |  |  | % of Total Investments
Northeast |  | $ | 1,005,796 |  |  | 33.39 | % |  | $ | 1,033,467 |  |  | 32.86 | %
Midwest |  | 498,752 |  |  | 16.56 | % |  | 397,640 |  |  | 12.64 | %
Southeast |  | 471,215 |  |  | 15.64 | % |  | 464,992 |  |  | 14.79 | %
International |  | 329,690 |  |  | 10.94 | % |  | 343,033 |  |  | 10.91 | %
West |  | 310,077 |  |  | 10.29 | % |  | 320,407 |  |  | 10.19 | %
Southwest |  | 217,930 |  |  | 7.23 | % |  | 285,648 |  |  | 9.08 | %
South |  | 179,129 |  |  | 5.95 | % |  | 241,098 |  |  | 7.67 | %
Northwest |  | — |  |  | — | % |  | 58,634 |  |  | 1.86 | %
Total |  | $ | 3,012,589 |  |  | 100.00 | % |  | $ | 3,144,919 |  |  | 100.00 | %
|  | June 30, 2025 |  | September 30, 2024
Fair Value: |  |  |  | % of Total Investments |  | % of Net Assets |  |  |  | % of Total Investments |  | % of Net Assets
Northeast |  | $ | 891,015 |  |  | 31.72 | % |  | 60.34 | % |  | $ | 965,469 |  |  | 31.94 | % |  | 64.89 | %
Midwest |  | 489,418 |  |  | 17.42 | % |  | 33.15 | % |  | 390,607 |  |  | 12.93 | % |  | 26.25 | %
Southeast |  | 380,023 |  |  | 13.53 | % |  | 25.74 | % |  | 419,669 |  |  | 13.89 | % |  | 28.21 | %
International |  | 344,568 |  |  | 12.26 | % |  | 23.34 | % |  | 354,662 |  |  | 11.74 | % |  | 23.84 | %
West |  | 321,504 |  |  | 11.44 | % |  | 21.78 | % |  | 314,994 |  |  | 10.43 | % |  | 21.17 | %
Southwest |  | 207,486 |  |  | 7.39 | % |  | 14.05 | % |  | 279,653 |  |  | 9.26 | % |  | 18.80 | %
South |  | 175,363 |  |  | 6.24 | % |  | 11.88 | % |  | 237,634 |  |  | 7.87 | % |  | 15.97 | %
Northwest |  | — |  |  | — | % |  | — | % |  | 58,591 |  |  | 1.94 | % |  | 3.94 | %
Total |  | $ | 2,809,377 |  |  | 100.00 | % |  | 190.28 | % |  | $ | 3,021,279 |  |  | 100.00 | % |  | 203.07 | %
Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of June 30, 2025 and September 30, 2024:
|  | June 30, 2025 |  | September 30, 2024
Senior secured loans (1) |  | $339,147 |  | $330,094
Weighted average interest rate on senior secured loans (2) |  | 8.52% |  | 9.56%
Number of borrowers in SLF JV I |  | 52 |  | 48
Largest exposure to a single borrower (1) |  | $10,416 |  | $10,495
Total of five largest loan exposures to borrowers (1) |  | $49,904 |  | $49,413
__________ (1) At principal amount. (2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value. Below is a summary of the Glick JV's portfolio, followed by a listing of the individual loans in the Glick JV's portfolio as of June 30, 2025 and September 30, 2024:
| June 30, 2025 |  | September 30, 2024
Senior secured loans (1) | $111,423 |  | $125,405
Weighted average current interest rate on senior secured loans (2) | 8.83% |  | 9.65%
Number of borrowers in the Glick JV | 42 |  | 44
Largest loan exposure to a single borrower (1) | $4,316 |  | $5,898
Total of five largest loan exposures to borrowers (1) | $20,426 |  | $22,152
__________ (1) At principal amount. (2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.
(Share amounts in thousands) |  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Nine months ended June 30, 2025 |  | Nine months ended June 30, 2024
Net asset value per share at beginning of period |  | $16.75 |  | $18.72 |  | $18.09 |  | $19.63
Net investment income (1) |  | 0.38 |  | 0.54 |  | 1.37 |  | 1.63
Net unrealized appreciation (depreciation) (1)(7) |  | 0.20 |  | 0.33 |  | (0.98) |  | (0.28)
Net realized gains (losses) (1) |  | (0.15) |  | (0.85) |  | (0.28) |  | (1.06)
(Provision) benefit for taxes on realized and unrealized gains (losses) (1) |  | — |  | — |  | — |  | (0.01)
Distributions of net investment income to stockholders |  | (0.42) |  | (0.55) |  | (1.44) |  | (1.72)
Net asset value per share at end of period |  | $16.76 |  | $18.19 |  | $16.76 |  | $18.19
Per share market value at beginning of period |  | $15.36 |  | $19.66 |  | $16.31 |  | $20.12
Per share market value at end of period |  | $13.66 |  | $18.81 |  | $13.66 |  | $18.81
Total return (2) |  | (8.39)% |  | (1.51)% |  | (7.93)% |  | 2.13%
Common shares outstanding at beginning of period |  | 88,086 |  | 81,396 |  | 82,245 |  | 77,225
Common shares outstanding at end of period |  | 88,086 |  | 82,245 |  | 88,086 |  | 82,245
Net assets at beginning of period |  | $1,475,113 |  | $1,524,099 |  | $1,487,811 |  | $1,515,764
Net assets at end of period |  | $1,476,469 |  | $1,496,133 |  | $1,476,469 |  | $1,496,133
Average net assets (3) |  | $1,488,823 |  | $1,524,503 |  | $1,487,303 |  | $1,524,180
Ratio of net investment income to average net assets (3)(6) |  | 9.02% |  | 11.76% |  | 10.50% |  | 11.40%
Ratio of total expenses to average net assets (3)(6) |  | 12.69% |  | 14.54% |  | 12.72% |  | 14.42%
Ratio of net expenses to average net assets (3)(6) |  | 11.24% |  | 13.29% |  | 10.97% |  | 13.75%
Ratio of portfolio turnover to average investments at fair value |  | 4.86% |  | 5.95% |  | 25.59% |  | 23.97%
Weighted average outstanding debt (4) |  | $1,477,143 |  | $1,711,978 |  | $1,595,421 |  | $1,680,876
Average debt per share (1) |  | $16.77 |  | $20.92 |  | $18.68 |  | $21.06
Asset coverage ratio at end of period (5) |  | 199.86% |  | 183.36% |  | 199.86% |  | 183.36%
__________
(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 $1,466.1 million and $1,743.4 million as of June 30, 2025 and 2024, respectively.
(6) | Interim periods are annualized.
(7) | The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances.
Schedule of Summarized Financial Information | Below is certain summarized financial information for SLF JV I as of June 30, 2025 and September 30, 2024 and for the three and nine months ended June 30, 2025 and 2024:
|  | June 30, 2025 |  | September 30, 2024
Selected Balance Sheet Information: |  |  |  |
Investments at fair value (cost June 30, 2025: $348,377; cost September 30, 2024: $337,882) |  | $ | 332,977 |  |  | $ | 329,496 |
Cash and cash equivalents |  | 20,122 |  |  | 36,082 |
Restricted cash |  | 2,516 |  |  | 6,994 |
Other assets |  | 2,389 |  |  | 3,260 |
Total assets |  | $ | 358,004 |  |  | $ | 375,832 |
Senior credit facility payable |  | $ | 197,000 |  |  | $ | 200,000 |
Secured borrowings |  | — |  |  | 11,311 |
SLF JV I Notes payable at fair value (proceeds June 30, 2025: $128,750; proceeds September 30, 2024: $128,750) |  | 128,750 |  |  | 128,750 |
Other liabilities |  | 15,243 |  |  | 10,007 |
Total liabilities |  | $ | 340,993 |  |  | $ | 350,068 |
Members' equity |  | 17,011 |  |  | 25,764 |
Total liabilities and members' equity |  | $ | 358,004 |  |  | $ | 375,832 |
|  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Nine months ended June 30, 2025 |  | Nine months ended June 30, 2024
Selected Statements of Operations Information: |  |  |  |  |  |  |  |
Interest income |  | $ | 7,339 |  |  | $ | 9,463 |  |  | $ | 22,811 |  |  | $ | 28,665 |
Other income |  | 13 |  |  | — |  |  | 19 |  |  | 159 |
Total investment income |  | 7,352 |  |  | 9,463 |  |  | 22,830 |  |  | 28,824 |
Senior credit facility and secured borrowing interest expense |  | 3,247 |  |  | 4,071 |  |  | 9,930 |  |  | 11,910 |
SLF JV I Notes interest expense |  | 3,722 |  |  | 4,048 |  |  | 11,341 |  |  | 12,196 |
Other expenses |  | 234 |  |  | 46 |  |  | 427 |  |  | 246 |
Total expenses (1) |  | 7,203 |  |  | 8,165 |  |  | 21,698 |  |  | 24,352 |
Net investment income |  | 149 |  |  | 1,298 |  |  | 1,132 |  |  | 4,472 |
Net unrealized appreciation (depreciation) |  | (85) |  |  | (319) |  |  | (7,016) |  |  | 1,299 |
Net realized gains (losses) |  | (693) |  |  | (3,784) |  |  | (669) |  |  | (4,343) |
Net income (loss) |  | $ | (629) |  |  | $ | (2,805) |  |  | $ | (6,553) |  |  | $ | 1,428 |
__________ (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 June 30, 2025 and September 30, 2024 and for the three and nine months ended June 30, 2025 and 2024:
| June 30, 2025 |  | September 30, 2024
Selected Balance Sheet Information: |  |  |
Investments at fair value (cost June 30, 2025: $114,441; cost September 30, 2024: $127,867) | $ | 109,333 |  |  | $ | 124,887 |
Cash and cash equivalents | 17,294 |  |  | 10,907 |
Restricted cash | 941 |  |  | 1,032 |
Other assets | 970 |  |  | 8,177 |
Total assets | $ | 128,538 |  |  | $ | 145,003 |
Senior credit facility payable | $ | 69,000 |  |  | $ | 79,000 |
Glick JV Notes payable at fair value (proceeds June 30, 2025: $66,685; proceeds September 30, 2024: $66,685) | 53,788 |  |  | 55,886 |
Secured borrowings | — |  |  | 5,766 |
Other liabilities | 5,750 |  |  | 4,351 |
Total liabilities | $ | 128,538 |  |  | $ | 145,003 |
Members' equity | — |  |  | — |
Total liabilities and members' equity | $ | 128,538 |  |  | $ | 145,003 |
|  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Nine months ended June 30, 2025 |  | Nine months ended June 30, 2024
Selected Statements of Operations Information: |  |  |  |  |  |  |  |
Interest income |  | $ | 2,603 |  |  | $ | 3,605 |  |  | $ | 8,566 |  |  | $ | 10,926 |
Fee income |  | 4 |  |  | 4 |  |  | 8 |  |  | 64 |
Total investment income |  | 2,607 |  |  | 3,609 |  |  | 8,574 |  |  | 10,990 |
Senior credit facility and secured borrowing interest expense |  | 1,170 |  |  | 1,631 |  |  | 3,754 |  |  | 4,608 |
Glick JV Notes interest expense |  | 1,506 |  |  | 1,675 |  |  | 4,609 |  |  | 5,048 |
Other expenses |  | 21 |  |  | 32 |  |  | 108 |  |  | 110 |
Total expenses (1) |  | 2,697 |  |  | 3,338 |  |  | 8,471 |  |  | 9,766 |
Net investment income |  | (90) |  |  | 271 |  |  | 103 |  |  | 1,224 |
Net unrealized appreciation (depreciation) |  | 360 |  |  | 328 |  |  | (30) |  |  | (321) |
Realized gain (loss) |  | (270) |  |  | (599) |  |  | (73) |  |  | (903) |
Net income (loss) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
__________ (1) There are no management fees or incentive fees charged at the Glick JV.

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