| Portfolio Investments |
Portfolio Investments As of June 30, 2025, 190.3% of net assets at fair value, or $2.8 billion, was invested in 149 portfolio companies, including (i) $127.5 million in subordinated notes and limited liability company ("LLC") equity interests of Senior Loan Fund JV I, LLC ("SLF JV I"), a joint venture through which the Company and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation ("Kemper"), co-invest in senior secured loans of middle-market companies and other corporate debt securities and (ii) $47.1 million in subordinated notes and LLC equity interests of OCSI Glick JV LLC ("Glick JV" and, together with SLF JV I, the "JVs"), a joint venture through which the Company and GF Equity Funding 2014 LLC ("GF Equity Funding") co-invest primarily in senior secured loans of middle-market companies. As of June 30, 2025, 5.4% of net assets at fair value, or $79.8 million, was invested in cash and cash equivalents. In comparison, as of September 30, 2024, 203.1% of net assets at fair value, or $3.0 billion, was invested in 144 portfolio investments, including (i) $135.2 million in subordinated notes and LLC equity interests of SLF JV I and (ii) $48.9 million in subordinated notes and LLC equity interests of Glick JV. As of September 30, 2024, 5.3% of net assets at fair value, or $78.5 million, was invested in cash and cash equivalents (including $14.6 million of restricted cash). As of June 30, 2025, 83.4% of the Company's portfolio at fair value consisted of senior secured debt investments and 10.6% consisted of subordinated debt investments, including the debt investments in the JVs. As of September 30, 2024, 85.2% of the Company's portfolio at fair value consisted of senior secured debt investments and 9.0% consisted of subordinated debt investments, including the debt investments in the JVs. The Company also held equity investments in certain of its portfolio companies consisting of common stock, preferred stock, warrants or LLC equity interests. These instruments generally do not produce a current return but are held for potential investment appreciation and capital gain. During the three and nine months ended June 30, 2025, the Company recorded net realized losses of $13.4 million and $24.0 million, respectively. During the three and nine months ended June 30, 2024, the Company recorded net realized losses of $69.5 million and $84.5 million, respectively. During the three and nine months ended June 30, 2025, the Company recorded net unrealized appreciation (depreciation) of $18.6 million and $(83.1) million, respectively. During the three and nine months ended June 30, 2024, the Company recorded net unrealized appreciation (depreciation) of $26.2 million and $(24.1) million, respectively. 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 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.
When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period. The following table provides a roll-forward in the changes in fair value from March 31, 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.
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. Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively. Under the EV technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively. Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of June 30, 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 | |
The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. Oaktree used market quotes as of the valuation date to estimate the fair value of the Company's 3.500% notes due 2025 (the "2025 Notes"), 2.700% notes due 2027 (the "2027 Notes"), 7.100% notes due 2029 (the "2029 Notes") and 6.340% notes due 2030 (the "2030 Notes"), which are included in Level 2 of the hierarchy.
Portfolio Composition Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | % |
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. As of June 30, 2025 and September 30, 2024, the Company had no single investment that represented greater than 10% of the total investment portfolio at fair value. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, may fluctuate and in any given period can be highly concentrated among several investments.
Senior Loan Fund JV I, LLC In May 2014, the Company entered into an LLC agreement with Kemper to form SLF JV I. The Company co-invests in senior secured loans of middle-market companies and other corporate debt securities with Kemper through its investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by the Company and one representative selected by Kemper (with approval from a representative of each required). Since the Company does not have a controlling financial interest in SLF JV I, the Company does not consolidate SLF JV I. SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to the Company and Kemper by SLF JV I. The subordinated notes issued by SLF JV I (the "SLF JV I Notes") are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt. As of June 30, 2025 and September 30, 2024, the Company and Kemper owned, in the aggregate, 87.5% and 12.5%, respectively, of the LLC equity interests of SLF JV I and the outstanding SLF JV I Notes. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. SLF JV I has a revolving credit facility with Bank of America, N.A. (as amended and/or restated from time to time, the "SLF JV I Facility"), which permitted up to $270.0 million of borrowings (subject to borrowing base and other limitations) as of June 30, 2025. Borrowings under the SLF JV I Facility are secured by all of the assets of SLF JV I Funding II LLC, a special purpose financing subsidiary of SLF JV I. As of June 30, 2025, the revolving period of the SLF JV I Facility was scheduled to expire April 17, 2027 and the maturity date was April 22, 2027. As of June 30, 2025, borrowings under the SLF JV I Facility accrued interest at a rate equal to daily SOFR plus 1.70% per annum. As of June 30, 2025 and September 30, 2024, $197.0 million and $200.0 million of borrowings were outstanding under the SLF JV I Facility, respectively. As of June 30, 2025 and September 30, 2024, SLF JV I had total assets of $358.0 million and $375.8 million, respectively. SLF JV I's portfolio primarily consisted of senior secured loans to 52 and 48 portfolio companies as of June 30, 2025 and September 30, 2024, respectively. The portfolio companies in SLF JV I are in industries similar to those in which the Company may invest directly. As of June 30, 2025, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $127.5 million in aggregate, at fair value. As of September 30, 2024, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $135.2 million in aggregate, at fair value. As of each of June 30, 2025 and September 30, 2024, the Company and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from the Company. As of each of June 30, 2025 and September 30, 2024, the Company had aggregate commitments to fund SLF JV I of $13.1 million, of which approximately $9.8 million was to fund additional SLF JV I Notes and approximately $3.3 million was to fund LLC equity interests in SLF JV I. Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of June 30, 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. 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. Both the cost and fair value of the Company's SLF JV I Notes were $112.7 million as of each of June 30, 2025 and September 30, 2024. The Company earned interest income of $3.3 million and $9.9 million on the SLF JV I Notes for the three and nine months ended June 30, 2025, respectively. The Company earned interest income of $3.5 million and $10.7 million on the SLF JV I Notes for the three and nine months ended June 30, 2024, respectively. As of June 30, 2025, the SLF JV I Notes bore interest at a rate of one-month SOFR plus 7.00% per annum with a SOFR floor of 1.00% and will mature on December 29, 2028. The cost and fair value of the LLC equity interests in SLF JV I held by the Company were $54.8 million and $14.9 million, respectively, as of June 30, 2025, and $54.8 million and $22.5 million, respectively, as of September 30, 2024. The Company earned $0.5 million and $1.9 million in dividend income for the three and nine months ended June 30, 2025, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The Company earned $1.4 million and $4.2 million in dividend income for the three and nine months ended June 30, 2024, respectively, with respect to its investment in the LLC equity interests of SLF JV I. The LLC equity interests of SLF JV I are generally dividend producing to the extent SLF JV I has residual cash to be distributed on a quarterly basis. Below is certain summarized financial information for SLF JV I as of June 30, 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.
SLF JV I has elected to fair value the SLF JV I Notes issued to the Company and Kemper under FASB ASC Topic 825, Financial Instruments - Fair Value Option ("ASC 825"). The SLF JV I Notes are valued based on the total assets less the total liabilities senior to the SLF JV I Notes in an amount not exceeding par under the EV technique. During the nine months ended June 30, 2025, there were no purchases or sales with SLF JV I. During the nine months ended June 30, 2024, the Company purchased $14.0 million of senior secured debt investments from SLF JV I for $13.3 million cash consideration, which represented the fair value at the time of purchase. OCSI Glick JV LLC On March 19, 2021, the Company became party to the LLC agreement of Glick JV. The Company co-invests primarily in senior secured loans of middle-market companies with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by GF Equity Funding. The Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, which consists of one representative selected by the Company and one representative selected by GF Equity Funding (with approval from a representative of each required). Since the Company does not have a controlling financial interest in the Glick JV, the Company does not consolidate the Glick JV. The members provide capital to the Glick JV in exchange for LLC equity interests, and the Company and GF Debt Funding 2014 LLC ("GF Debt Funding"), an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV (the "Glick JV Notes"). As of June 30, 2025 and September 30, 2024, the Company and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and the Company and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Glick JV Notes. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. The Glick JV has a revolving credit facility with Bank of America, N.A. (as amended and/or restated from time to time, the "Glick JV Facility"), which, as of June 30, 2025, had a revolving period end date and maturity date of April 17, 2027 and April 22, 2027, respectively, and permitted borrowings of up to $100.0 million (subject to borrowing base and other limitations). Borrowings under the Glick JV Facility are secured by all of the assets of OCSL Glick JV Funding II LLC, a special purpose financing subsidiary of the Glick JV. As of June 30, 2025, borrowings under the Glick JV Facility bore interest at a rate equal to daily SOFR plus 1.70% per annum. As of June 30, 2025 and September 30, 2024, $69.0 million and $79.0 million of borrowings were outstanding under the Glick JV Facility, respectively. As of June 30, 2025 and September 30, 2024, the Glick JV had total assets of $128.5 million and $145.0 million, respectively. The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 42 and 44 portfolio companies as of June 30, 2025 and September 30, 2024, respectively. The portfolio companies in the Glick JV are in industries similar to those in which the Company may invest directly. The Company's investment in the Glick JV consisted of LLC equity interests and Glick JV Notes of $47.1 million and $48.9 million in the aggregate at fair value as of June 30, 2025 and September 30, 2024, respectively. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by the Company to fund investments of the Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Glick JV Notes, respectively. As of each of June 30, 2025 and September 30, 2024, the Glick JV had total capital commitments of $100.0 million, $87.5 million of which was from the Company and the remaining $12.5 million of which was from GF Equity Funding and GF Debt Funding. Approximately $84.0 million in aggregate commitments were funded as of each of June 30, 2025 and September 30, 2024, of which $73.5 million was from the Company. As of each of June 30, 2025 and September 30, 2024, the Company had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million were unfunded. As of each of June 30, 2025 and September 30, 2024, the Company had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million were unfunded. Below is a summary of the Glick JV's portfolio, followed by a listing of the individual loans in the Glick JV's portfolio as of June 30, 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.
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. The cost and fair value of the Company's aggregate investment in the Glick JV was $52.7 million and $47.1 million, respectively, as of June 30, 2025. The cost and fair value of the Company's aggregate investment in the Glick JV was $51.7 million and $48.9 million, respectively, as of September 30, 2024. For the three and nine months ended June 30, 2025, the Company's investment in the Glick JV Notes earned interest income of $1.7 million and $5.1 million, respectively. For the three and nine months ended June 30, 2024, the Company's investment in the Glick JV Notes earned interest income of $1.8 million and $5.4 million, respectively. The Company did not earn dividend income for the three and nine months ended June 30, 2025 and 2024 with respect to its investment in the LLC equity interest of the Glick JV. As of June 30, 2025, the Glick JV Notes bore interest at a rate of one-month SOFR plus 4.50% per annum and will mature on October 20, 2028. 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. The Glick JV has elected to fair value the Glick JV Notes issued to the Company and GF Debt Funding under ASC 825. The Glick JV Notes are valued based on the total assets less the liabilities senior to the Glick JV Notes in an amount not exceeding par under the EV technique. During the nine months ended June 30, 2025, there were no purchases or sales with Glick JV. During the nine months ended June 30, 2024, the Company purchased $4.9 million of senior secured debt investments from Glick JV for $4.9 million cash consideration, which represented the fair value at the time of purchase. |