Portfolio Investments (Tables)

9 Months Ended

Jun. 30, 2025

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


	June 30, 2025				September 30, 2024
	Cost		Fair Value		Cost		Fair Value
Investments in debt securities	$	2,583,956	$	2,481,533	$	2,723,134	$	2,684,858
Investments in equity securities	208,453		153,243		202,670		152,328
Debt investments in the JVs	165,389		159,720		164,324		161,552
Equity investments in the JVs	54,791		14,881		54,791		22,541
Total	$	3,012,589	$	2,809,377	$	3,144,919	$	3,021,279

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


	June 30, 2025				September 30, 2024
	Fair Value		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs	$	2,401,581	90.93	%	$	2,516,316	88.40	%
Fixed rate debt securities	239,672		9.07		330,094		11.60
Total	$	2,641,253	100.00	%	$	2,846,410	100.00	%

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


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Application Software	$	526,740	17.46	%	$	532,200	16.85	%
Multi-Sector Holdings (1)	242,096		8.04		228,181		7.26
Health Care Services	152,074		5.05		149,904		4.77
Pharmaceuticals	127,081		4.22		94,639		3.01
Interactive Media & Services	125,134		4.15		95,564		3.04
Aerospace & Defense	122,919		4.08		72,927		2.32
Health Care Equipment	90,669		3.01		28,823		0.92
Specialized Consumer Services	82,422		2.74		25,763		0.82
Health Care Technology	73,446		2.44		105,932		3.37
Diversified Financial Services	69,717		2.31		66,597		2.12
Metal, Glass & Plastic Containers	68,954		2.29		64,769		2.06
Environmental & Facilities Services	66,354		2.20		65,229		2.07
Airport Services	65,658		2.18		63,110		2.01
Life Sciences Tools & Services	56,629		1.88		—		—
Soft Drinks & Non-alcoholic Beverages	56,286		1.87		42,898		1.36
Real Estate Operating Companies	53,567		1.78		72,839		2.32
Systems Software	51,412		1.71		39,316		1.25
Specialized Finance	50,819		1.69		45,156		1.44
Communications Equipment	44,228		1.47		46,764		1.49
Biotechnology	42,325		1.40		43,821		1.39
Diversified Support Services	42,144		1.40		79,799		2.54
Automotive Retail	41,602		1.38		40,964		1.30
Internet Services & Infrastructure	40,746		1.35		53,376		1.70
Personal Care Products	39,486		1.31		63,425		2.02
Data Processing & Outsourced Services	34,984		1.16		80,058		2.55
Electrical Components & Equipment	33,392		1.11		32,834		1.04
Packaged Foods & Meats	33,153		1.10		19,863		0.63
Construction Machinery & Heavy Transportation Equipment	31,054		1.03		25,901		0.82
Insurance Brokers	30,584		1.02		19,222		0.61
Construction & Engineering	29,914		0.99		31,602		1.00
Cable & Satellite	27,888		0.93		—		—
Health Care Distributors	27,670		0.92		60,316		1.92
Research & Consulting Services	27,379		0.91		—		—
Office Services & Supplies	26,986		0.90		38,891		1.24
Home Improvement Retail	24,713		0.82		49,891		1.59
Industrial Machinery & Supplies & Components	24,268		0.81		82,624		2.63
Wireless Telecommunication Services	24,200		0.80		24,257		0.77
Movies & Entertainment	23,792		0.79		30,779		0.98
Gold	23,562		0.78		23,454		0.75
Broadline Retail	23,172		0.77		22,231		0.71
Hotels, Resorts & Cruise Lines	20,530		0.68		20,612		0.66
Diversified Chemicals	19,920		0.66		—		—
Property & Casualty Insurance	19,856		0.66		—		—
Real Estate Services	19,323		0.64		55,220		1.76
Oil & Gas Storage & Transportation	19,309		0.64		19,309		0.61
Education Services	17,925		0.60		8,205		0.26
Apparel Retail	17,769		0.59		17,855		0.57
Health Care Supplies	16,828		0.56		14,426		0.46
Real Estate Development	16,006		0.53		38,237		1.22
Air Freight & Logistics	13,665		0.45		—		—
Building Products	12,623		0.42		—		—
Advertising	11,434		0.38		11,418		0.36
Alternative Carriers	8,805		0.29		—		—
Financial Exchanges & Data	7,970		0.26		8,050		0.26
Paper & Plastic Packaging Products & Materials	4,094		0.14		18,379		0.58
Housewares & Specialties	2,629		0.09		2,806		0.09
Home Furnishings	2,463		0.08		24,102		0.77
Distributors	1,733		0.06		1,733		0.06
Leisure Facilities	488		0.02		37,958		1.21
Fertilizers & Agricultural Chemicals	—		—		54,677		1.74
Diversified Metals & Mining	—		—		50,061		1.59
Other Specialty Retail	—		—		36,810		1.17
Passenger Airlines	—		—		25,039		0.80
Specialty Chemicals	—		—		19,407		0.62
Food Distributors	—		—		14,639		0.47
Integrated Telecommunication Services	—		—		2,057		0.07
	$	3,012,589	100.00	%	$	3,144,919	100.00	%


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	507,714	18.03	%	34.40	%	$	523,007	17.34	%	35.16	%
Multi-Sector Holdings (1)	196,547		7.00		13.31		193,579		6.41		13.01
Interactive Media & Services	126,956		4.52		8.60		96,963		3.21		6.52
Pharmaceuticals	126,717		4.51		8.58		91,804		3.04		6.17
Aerospace & Defense	124,613		4.44		8.44		74,327		2.46		5.00
Health Care Services	116,215		4.14		7.87		127,935		4.23		8.60
Health Care Technology	93,695		3.34		6.35		104,795		3.47		7.04
Specialized Consumer Services	82,434		2.93		5.58		25,772		0.85		1.73
Diversified Financial Services	70,158		2.50		4.75		66,324		2.20		4.46
Health Care Equipment	65,030		2.31		4.40		26,264		0.87		1.77
Environmental & Facilities Services	63,124		2.25		4.28		64,119		2.12		4.31
Life Sciences Tools & Services	56,838		2.02		3.85		—		—		—
Soft Drinks & Non-alcoholic Beverages	55,701		1.98		3.77		42,674		1.41		2.87
Airport Services	54,155		1.93		3.67		55,434		1.83		3.73
Systems Software	51,848		1.85		3.51		39,813		1.32		2.68
Specialized Finance	50,512		1.80		3.42		44,551		1.47		2.99
Real Estate Operating Companies	50,237		1.79		3.40		71,246		2.36		4.79
Biotechnology	44,334		1.58		3.00		45,954		1.52		3.09
Communications Equipment	44,046		1.57		2.98		46,858		1.55		3.15
Diversified Support Services	41,844		1.49		2.83		80,638		2.67		5.42
Internet Services & Infrastructure	40,973		1.46		2.78		53,019		1.75		3.56
Automotive Retail	39,202		1.40		2.66		39,111		1.29		2.63
Personal Care Products	36,763		1.31		2.49		57,451		1.90		3.86
Packaged Foods & Meats	33,045		1.18		2.24		19,846		0.66		1.33
Electrical Components & Equipment	32,911		1.17		2.23		32,246		1.07		2.17
Construction Machinery & Heavy Transportation Equipment	31,229		1.11		2.12		26,486		0.88		1.78
Insurance Brokers	30,769		1.10		2.08		19,221		0.64		1.29
Construction & Engineering	29,281		1.04		1.98		31,063		1.03		2.09
Research & Consulting Services	27,245		0.97		1.85		—		—		—
Cable & Satellite	27,155		0.97		1.84		—		—		—
Health Care Distributors	26,711		0.95		1.81		58,906		1.95		3.96
Data Processing & Outsourced Services	26,134		0.93		1.77		73,673		2.44		4.95
Industrial Machinery & Supplies & Components	25,789		0.92		1.75		84,977		2.81		5.71
Office Services & Supplies	25,395		0.90		1.72		38,149		1.26		2.56
Gold	24,867		0.89		1.68		25,054		0.83		1.68
Wireless Telecommunication Services	24,843		0.88		1.68		24,311		0.80		1.63
Movies & Entertainment	24,050		0.86		1.63		30,863		1.02		2.07
Diversified Chemicals	22,660		0.81		1.53		—		—		—
Broadline Retail	21,432		0.76		1.45		22,554		0.75		1.52
Hotels, Resorts & Cruise Lines	20,257		0.72		1.37		20,342		0.67		1.37
Property & Casualty Insurance	19,715		0.70		1.34		—		—		—
Real Estate Services	19,314		0.69		1.31		54,197		1.79		3.64
Apparel Retail	17,708		0.63		1.20		18,017		0.60		1.21
Education Services	17,304		0.62		1.17		8,263		0.27		0.56
Health Care Supplies	16,803		0.60		1.14		14,218		0.47		0.96
Real Estate Development	16,098		0.57		1.09		38,237		1.27		2.57
Oil & Gas Storage & Transportation	14,043		0.50		0.95		15,604		0.52		1.05
Air Freight & Logistics	13,668		0.49		0.93		—		—		—
Building Products	12,622		0.45		0.85		—		—		—
Leisure Facilities	11,772		0.42		0.80		37,544		1.24		2.52
Advertising	11,520		0.41		0.78		11,515		0.38		0.77
Metal, Glass & Plastic Containers	10,813		0.38		0.73		47,191		1.56		3.17
Alternative Carriers	9,483		0.34		0.64		—		—		—
Financial Exchanges & Data	8,081		0.29		0.55		8,065		0.27		0.54
Home Improvement Retail	5,314		0.19		0.36		48,775		1.61		3.28
Paper & Plastic Packaging Products & Materials	4,042		0.14		0.27		18,307		0.61		1.23
Distributors	2,837		0.10		0.19		2,220		0.07		0.15
Home Furnishings	2,463		0.09		0.17		9,376		0.31		0.63
Housewares & Specialties	2,348		0.08		0.16		2,546		0.08		0.17
Fertilizers & Agricultural Chemicals	—		—		—		54,668		1.81		3.67
Diversified Metals & Mining	—		—		—		50,419		1.67		3.39
Other Specialty Retail	—		—		—		39,660		1.31		2.67
Passenger Airlines	—		—		—		26,556		0.88		1.78
Specialty Chemicals	—		—		—		19,431		0.64		1.31
Food Distributors	—		—		—		15,484		0.51		1.04
Integrated Telecommunication Services	—		—		—		1,657		0.05		0.11
Total	$	2,809,377	100.00	%	190.28	%	$	3,021,279	100.00	%	203.07	%

___________________

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

SLF JV I Portfolio as of June 30, 2025


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
1440 Foods Topco, LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	5.00%	9.33%		10/31/2031		$	8,206	$	7,891	$	7,928
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.38%		8/18/2028		10,416		10,346		10,477
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	11.06%	1.00%	12/18/2025		936		933		903		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	11.06%	1.00%	12/18/2025		5,551		5,531		5,357		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50%	6.80%	8.00%	3/1/2029		1,397		1,396		1,376		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.83%		5/28/2032		5,188		5,149		5,219
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.80%		2/15/2031		7,901		7,842		6,652
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	10.44%		12/29/2027		285		281		277		(4)(5)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.54%		12/29/2027		4,061		4,027		3,996		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		2,527		2,500		1,200		(4)(6)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		4,037		3,777		—		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.43%		8/19/2028		7,716		7,561		7,620
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.68%		8/19/2028		1,955		1,888		1,937		(4)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00%	10.40%		12/24/2026		6,681		6,648		6,554		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.56%		6/11/2027		1,722		1,711		1,521		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.56%		6/11/2027		6,193		6,136		5,471		(4)
Bausch + Lomb Corp	Health Care Supplies	First Lien Term Loan	SOFR+	4.25%	8.57%		12/18/2030		9,126		9,015		9,154
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25%			6/17/2030		—		(5)		—		(5)
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25%	7.56%		6/17/2030		4,500		4,467		4,500
Blackhawk Network Holdings Inc	Data Processing & Outsourced Services	First Lien Term Loan	SOFR+	4.00%	8.33%		3/12/2029		7,960		7,960		8,013
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.33%		7/30/2031		7,980		7,964		7,940
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Common Stock						171			—		—		(4)
C5 Technology Holdings, LLC	Data Processing & Outsourced Services	Preferred Equity						7,193,540			7,194		5,323		(4)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		2,358		2,319		1,272		(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		1,994		1,946		1,075		(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%			8/10/2027		598		582		322		(5)(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Revolver	SOFR+	6.00%			8/10/2027		13		13		7		(6)
Centerline Communications, LLC	Wireless Telecommunication Services	First Lien Term Loan	SOFR+	6.00%			8/10/2027		1,964		1,932		1,059		(6)
CFC Group (CFC USA 2025 LLC)	Insurance Brokers	First Lien Term Loan	SOFR+	3.75%	8.07%		7/1/2032		5,848		5,790		5,833
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.75%	8.05%		3/21/2031		2,488		2,488		2,494


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.50%	7.80%		3/29/2029		$	6,026	$	5,698	$	6,039
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00%	8.33%		1/30/2031		7,920		7,852		7,981
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.79%		8/2/2029		8,080		7,984		8,032
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.33%		4/26/2029		8,983		8,887		8,893		(4)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.55%		4/2/2029		1,170		1,168		1,162
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.29%		8/29/2031		4,187		4,132		4,103		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	2.50%	6.79%		7/1/2031		6,965		6,933		6,977
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.63%		4/9/2029		7,780		7,653		7,648		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50%	8.80%		2/15/2029		8,800		8,750		8,834
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50%	8.80%		10/30/2031		4,975		4,987		5,023
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.31%		3/25/2027		8,125		8,053		7,427		(4)
IVCE US LLC,	Health Care Facilities	First Lien Term Loan	SOFR+	3.75%	8.05%		12/12/2028		4,975		4,998		5,007
KDC US Holdings, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	4.00%	8.33%		8/15/2028		8,890		8,714		8,911
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.43%		10/30/2028		5,251		5,143		4,751		(4)
LSF12 Crown US Commercial Bidco, LLC	Building Products	First Lien Term Loan	SOFR+	4.25%	8.57%		12/2/2031		4,962		4,912		4,995
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.25%	8.58%		7/29/2029		9,925		9,821		9,936
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.03%		8/25/2031		9,540		9,244		9,260
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.32%		3/1/2029		7,851		7,657		7,640
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.58%		6/17/2031		7,940		7,893		7,943
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.18%		2/1/2028		782		781		692
Performance Health Holdings Inc	Health Care Distributors	First Lien Term Loan	SOFR+	3.75%	7.95%		3/19/2032		8,000		7,920		7,800
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75%	8.18%		2/11/2028		7,887		7,824		7,823
Pluralsight, LLC	Application Software	Common Stock						514,789			1,719		1,194		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.33%	1.50%	8/22/2029		1,042		1,042		1,042		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.83%	8/22/2029		1,694		1,694		1,694		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.28%		4/5/2030		10,352		10,238		9,430		(4)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.00%	7.32%		1/31/2029		2,948		2,948		2,952
Secure Acquisition Inc.	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	3.75%	8.05%		12/16/2028		3,980		3,971		3,991
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.25%	7.58%		2/12/2031		6,930		6,867		6,957
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.94%		6/30/2029		931		894		898
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.94%		6/30/2029		2,614		2,614		2,473
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	4.44%	7.00%	6/30/2029		1,512		1,512		1,346
SHO Holding I Corporation	Footwear	Common Stock						2,746			4,295		2,611
Skopima Consilio Parent LLC	Research & Consulting Services	First Lien Term Loan	SOFR+	3.75%	8.08%		5/12/2028		3,980		3,956		3,933


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.03%		9/4/2029		$	4,228	$	4,092	$	3,912	(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.30%		9/27/2030		7,900		7,782		7,833		(4)
Tecta America Corp	Construction & Engineering	First Lien Term Loan	SOFR+	3.00%	7.33%		2/18/2032		5,000		5,012		5,017
TMS International Corp	Diversified Support Services	First Lien Term Loan	SOFR+	3.50%	7.83%		3/2/2030		4,990		5,008		5,002
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75%	8.05%		9/15/2028		7,444		7,444		7,324
Verde Purchaser, LLC	Trading Companies & Distributors	First Lien Term Loan	SOFR+	4.00%	8.30%		11/30/2030		4,987		5,003		5,011
Total Portfolio Investments									$	339,147	$	348,377	$	332,977

_______

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

(2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of June 30, 2025, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29% and the 180-day SOFR at 4.15%. Most loans include an interest floor, which generally ranges from 0% to 3%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

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

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

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

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

SLF JV I Portfolio as of September 30, 2024


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


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

______

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

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

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

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

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

Glick JV Portfolio as of June 30, 2025


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
Access CIG, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.38%		8/18/2028		$	1,965	$	1,940	$	1,977
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	11.06%	1.00%	12/18/2025		3,071		3,058		2,964		(4)
ADB Companies, LLC	Construction & Engineering	First Lien Term Loan	SOFR+	7.50%	11.06%	1.00%	12/18/2025		468		467		451		(4)
Alvogen Pharma US, Inc.	Pharmaceuticals	Second Lien Term Loan	SOFR+	10.50%	6.80%	8.00%	3/1/2029		989		988		974		(4)
American Auto Auction Group, LLC	Diversified Support Services	First Lien Term Loan	SOFR+	4.50%	8.83%		5/28/2032		1,729		1,716		1,740
Artera Services LLC	Construction & Engineering	First Lien Term Loan	SOFR+	4.50%	8.80%		2/15/2031		3,459		3,433		2,912
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Revolver	SOFR+	6.00%	10.44%		12/29/2027		118		117		115		(4)(5)
ASP-R-PAC Acquisition Co LLC	Paper & Plastic Packaging Products & Materials	First Lien Term Loan	SOFR+	6.00%	10.54%		12/29/2027		1,686		1,672		1,659		(4)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	6.75%			2/25/2028		1,039		1,028		494		(4)(6)
Astra Acquisition Corp.	Application Software	First Lien Term Loan	SOFR+	5.25%			10/25/2028		1,661		1,577		—		(4)(6)
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.43%		8/19/2028		3,125		3,062		3,086
Asurion, LLC	Property & Casualty Insurance	First Lien Term Loan	SOFR+	4.25%	8.68%		8/19/2028		978		944		969		(4)
Aurora Lux Finco S.À.R.L.	Airport Services	First Lien Term Loan	SOFR+	6.00%	10.40%		12/24/2026		3,854		3,835		3,781		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.56%		6/11/2027		785		781		694		(4)
BAART Programs, Inc.	Health Care Services	First Lien Term Loan	SOFR+	5.00%	9.56%		6/11/2027		3,303		3,272		2,918		(4)
Bausch + Lomb Corp	Health Care Supplies	First Lien Term Loan	SOFR+	4.25%	8.57%		12/18/2030		3,699		3,655		3,711
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25%	7.56%		6/17/2030		1,656		1,644		1,656
Beacon Mobility Corp	Passenger Ground Transportation	First Lien Term Loan	SOFR+	3.25%			6/17/2030		—		(2)		—		(5)
Boxer Parent Company Inc.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.33%		7/30/2031		2,993		2,985		2,977
CFC Group (CFC USA 2025 LLC)	Insurance Brokers	First Lien Term Loan	SOFR+	3.75%	8.07%		7/1/2032		2,152		2,130		2,147
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.75%	8.05%		3/21/2031		1,194		1,194		1,197
Cloud Software Group, Inc.	Application Software	First Lien Term Loan	SOFR+	3.50%	7.80%		3/29/2029		1,937		1,836		1,941
Crown Subsea Communications Holding, Inc.	Alternative Carriers	First Lien Term Loan	SOFR+	4.00%	8.33%		1/30/2031		2,970		2,944		2,993
DirecTV Financing, LLC	Cable & Satellite	First Lien Term Loan	SOFR+	5.25%	9.79%		8/2/2029		2,743		2,719		2,726


Portfolio Company	Industry	Type of Investment	Index	Spread	Cash Interest Rate (1)(2)	PIK	Maturity Date	Shares	Principal		Cost		Fair Value (3)		Notes
DTI Holdco, Inc.	Research & Consulting Services	First Lien Term Loan	SOFR+	4.00%	8.33%		4/26/2029		$	3,517	$	3,479	$	3,481	(4)
Eagle Parent Corp.	Diversified Support Services	First Lien Term Loan	SOFR+	4.25%	8.55%		4/2/2029		389		385		387
Engineering Research and Consulting LLC	Construction & Engineering	First Lien Term Loan	SOFR+	5.00%	9.29%		8/29/2031		1,020		1,006		999		(4)
Frontier Communications Holdings, LLC	Integrated Telecommunication Services	First Lien Term Loan	SOFR+	2.50%	6.79%		7/1/2031		2,985		2,971		2,990
Harbor Purchaser Inc.	Education Services	First Lien Term Loan	SOFR+	5.25%	9.63%		4/9/2029		3,890		3,826		3,824		(4)
Husky Injection Molding Systems Ltd.	Industrial Machinery & Supplies & Components	First Lien Term Loan	SOFR+	4.50%	8.80%		2/15/2029		4,316		4,286		4,332
Inmar Inc	Application Software	First Lien Term Loan	SOFR+	4.50%	8.80%		10/30/2031		1,990		1,995		2,009
INW Manufacturing, LLC	Personal Care Products	First Lien Term Loan	SOFR+	5.75%	10.31%		3/25/2027		2,031		2,013		1,857		(4)
KDC US Holdings, Inc.	Personal Care Products	First Lien Term Loan	SOFR+	4.00%	8.33%		8/15/2028		3,551		3,473		3,559
Kidde Global Services	Building Products	First Lien Term Loan	SOFR+	4.25%	8.57%		12/2/2031		1,213		1,201		1,221
LABL, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.00%	9.43%		10/30/2028		1,987		1,931		1,797		(4)
LTI Holdings, Inc.	Electronic Components	First Lien Term Loan	SOFR+	4.25%	8.58%		7/29/2029		3,970		3,928		3,974
M2S Group Intermediate Holdings Inc	Multi-Sector Holdings	First Lien Term Loan	SOFR+	4.75%	9.03%		8/25/2031		3,816		3,698		3,704
McAfee Corp.	Systems Software	First Lien Term Loan	SOFR+	3.00%	7.32%		3/1/2029		1,990		1,988		1,937
Mitchell International, Inc.	Application Software	First Lien Term Loan	SOFR+	3.25%	7.58%		6/17/2031		3,474		3,454		3,475
Peraton Corp.	Aerospace & Defense	First Lien Term Loan	SOFR+	3.75%	8.18%		2/1/2028		390		390		346
PetSmart LLC	Other Specialty Retail	First Lien Term Loan	SOFR+	3.75%	8.18%		2/11/2028		2,956		2,927		2,932
Pluralsight, LLC	Application Software	Common Stock						330,904			1,105		768		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	4.50%	7.33%	1.50%	8/22/2029		670		670		670		(4)
Pluralsight, LLC	Application Software	First Lien Term Loan	SOFR+	7.50%		11.83%	8/22/2029		1,089		1,089		1,089		(4)
Renaissance Holding Corp.	Education Services	First Lien Term Loan	SOFR+	4.00%	8.28%		4/5/2030		2,455		2,449		2,237		(4)
SCIH Salt Holdings Inc.	Diversified Chemicals	First Lien Term Loan	SOFR+	3.00%	7.32%		1/31/2029		1,474		1,474		1,476
Shearer's Foods LLC	Packaged Foods & Meats	First Lien Term Loan	SOFR+	3.25%	7.58%		2/12/2031		2,970		2,943		2,981
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.94%		6/30/2029		691		664		667
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	6.50%	10.94%		6/30/2029		1,942		1,942		1,838
SHO Holding I Corporation	Footwear	First Lien Term Loan	SOFR+	7.00%	4.44%	7.00%	6/30/2029		1,124		1,124		1,000
SHO Holding I Corporation	Footwear	Common Stock						2,041			3,194		1,940
Staples, Inc.	Office Services & Supplies	First Lien Term Loan	SOFR+	5.75%	10.03%		9/4/2029		1,518		1,469		1,404		(4)
Star Parent, Inc.	Life Sciences Tools & Services	First Lien Term Loan	SOFR+	4.00%	8.30%		9/27/2030		3,950		3,891		3,916		(4)
Trident TPI Holdings, Inc.	Metal, Glass & Plastic Containers	First Lien Term Loan	SOFR+	3.75%	8.05%		9/15/2028		2,481		2,481		2,441
Total Portfolio Investments									$	111,423	$	114,441	$	109,333

__________

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

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.

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

(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.

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

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

Schedule of Financial Instruments Carried at Fair Value

The following table presents the financial instruments carried at fair value as of 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

__________

Schedule of Roll-Forward in the Changes in Fair Value

The following table provides a roll-forward in the changes in fair value from March 31, 2025 to June 30, 2025 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


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

__________

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

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

The following table provides a roll-forward in the changes in fair value from March 31, 2024 to June 30, 2024 for all investments for which Oaktree determined fair value using unobservable (Level 3) factors:


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of March 31, 2024	$	2,327,422	$	200,115	$	62,602	$	77,286	$	2,667,425
Purchases	193,956		30,480		—		169		224,605
Sales and repayments	(113,234)		—		—		—		(113,234)
Capitalized PIK interest income	6,287		614		—		—		6,901
Accretion of OID	2,600		349		—		—		2,949
Net unrealized appreciation (depreciation)	7,640		(1,074)		38,883		(12,951)		32,498
Net realized gains (losses)	(31,512)		—		(37,593)		—		(69,105)
Fair value as of June 30, 2024	$	2,393,159	$	230,484	$	63,892	$	64,504	$	2,752,039
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2024	$	(36,501)	$	(1,074)	$	1,287	$	(14,762)	$	(51,050)

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


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,320,310	$	255,346	$	66,320	$	81,756	$	2,723,732
Purchases	564,070		3,583		109		24		567,786
Sales and repayments	(679,251)		(229)		(587)		(2,585)		(682,652)
Transfers in (a)(c)	6,555		—		1,056		9,670		17,281
Transfers out (b)(c)	(84,709)		—		—		(410)		(85,119)
Capitalized PIK interest income	13,258		2,101		—		—		15,359
Accretion of OID	9,911		1,195		—		—		11,106
Net unrealized appreciation (depreciation)	(57,013)		(4,498)		6,997		(10,006)		(64,520)
Net realized gains (losses)	(16,286)		—		(663)		(702)		(17,651)
Fair value as of June 30, 2025	$	2,076,845	$	257,498	$	73,232	$	77,747	$	2,485,322
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2025	$	(84,243)	$	(4,498)	$	6,342	$	(10,509)	$	(92,908)

__________

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

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

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

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


	Investments
	Senior Secured Debt		Subordinated Debt (including debt investments in the JVs and credit linked notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2023	$	2,292,691	$	189,724	$	86,057	$	51,440	$	2,619,912
Purchases	656,630		47,507		7,578		1,749		713,464
Sales and repayments	(506,977)		(4,932)		(205)		(860)		(512,974)
Transfers in (a)(b)	23,535		—		—		39,702		63,237
Transfers out (b)	(38,544)		(4,657)		(1,159)		(283)		(44,643)
Capitalized PIK interest income	17,571		1,685		—		—		19,256
Accretion of OID	8,099		984		—		—		9,083
Net unrealized appreciation (depreciation)	(10,702)		127		9,214		(25,631)		(26,992)
Net realized gains (losses)	(49,144)		46		(37,593)		(1,613)		(88,304)
Fair value as of June 30, 2024	$	2,393,159	$	230,484	$	63,892	$	64,504	$	2,752,039
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2024	$	(54,217)	$	(454)	$	3,276	$	(28,733)	$	(80,128)

__________

(a) There was a $18.9 million transfer into Level 3 from Level 2 for an investment during the nine months ended June 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were investment restructurings during the nine months ended June 30, 2024 in which (1) $38.5 million of

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

Schedule of Significant Unobservable Inputs for Level 3 Investments

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

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior Secured Debt

1,988,077

Market Yield

(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

Subordinated Debt

97,778

Market Yield

(b)

5.0%

12.0%

9.3%

Debt Investments in the JVs

159,720

Enterprise Value

N/A

(e)

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

(b)

5.7%

31.0%

12.0%

52,857

Enterprise Value

Revenue Multiple

(c)

2.0x

5.5x

3.7x

26,927

Enterprise Value

EBITDA Multiple

(c)

4.5x

7.5x

5.7x

33,272

Transaction Precedent

Transaction Price

(d)

N/A

163,033

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated Debt

93,794

Market Yield

(b)

5.0%

45.0%

10.1%

Debt Investments in the JVs

161,552

Enterprise Value

N/A

(f)

N/A

Preferred & Common Equity

80,720

Enterprise Value

Revenue Multiple

(c)

0.3x

7.2x

2.0x

66,106

Enterprise Value

EBITDA Multiple

(c)

2.9x

15.0x

10.2x

1,250

Enterprise Value

Asset Multiple

(c)

1.0x

1.4x

Total

2,723,732

__________

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

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

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

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

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

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

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

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


	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Syndicated Facility payable	$	510,000	$	510,000	$	—	$	—	$	510,000
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	333,558		335,713		—		335,713		—
2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	299,613		309,210		—		309,210		—
2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)	304,380		300,960		—		300,960		—
Total	$	1,447,551	$	1,455,883	$	—	$	945,883	$	510,000

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


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

Schedule of Portfolio Composition

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


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Senior secured debt	$	2,445,232	81.17	%	$	2,615,066	83.14	%
Debt investments in the JVs	165,389		5.49	%	164,324		5.23	%
Common equity and warrants	140,320		4.66	%	134,452		4.28	%
Subordinated debt	138,724		4.60	%	108,068		3.44	%
Preferred equity	68,133		2.26	%	68,218		2.17	%
LLC equity interests of the JVs	54,791		1.82	%	54,791		1.74	%
Total	$	3,012,589	100.00	%	$	3,144,919	100.00	%


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured debt	$	2,343,411	83.40	%	158.72	%	$	2,574,937	85.21	%	173.06	%
Debt investments in the JVs	159,720		5.69	%	10.82	%	161,552		5.35	%	10.86	%
Subordinated debt	138,122		4.92	%	9.35	%	109,921		3.64	%	7.39	%
Common equity and warrants	80,011		2.85	%	5.42	%	86,008		2.85	%	5.78	%
Preferred equity	73,232		2.61	%	4.96	%	66,320		2.20	%	4.46	%
LLC equity interests of the JVs	14,881		0.53	%	1.01	%	22,541		0.75	%	1.52	%
Total	$	2,809,377	100.00	%	190.28	%	$	3,021,279	100.00	%	203.07	%

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


	June 30, 2025				September 30, 2024
Cost:			% of Total Investments				% of Total Investments
Northeast	$	1,005,796	33.39	%	$	1,033,467	32.86	%
Midwest	498,752		16.56	%	397,640		12.64	%
Southeast	471,215		15.64	%	464,992		14.79	%
International	329,690		10.94	%	343,033		10.91	%
West	310,077		10.29	%	320,407		10.19	%
Southwest	217,930		7.23	%	285,648		9.08	%
South	179,129		5.95	%	241,098		7.67	%
Northwest	—		—	%	58,634		1.86	%
Total	$	3,012,589	100.00	%	$	3,144,919	100.00	%


	June 30, 2025						September 30, 2024
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	891,015	31.72	%	60.34	%	$	965,469	31.94	%	64.89	%
Midwest	489,418		17.42	%	33.15	%	390,607		12.93	%	26.25	%
Southeast	380,023		13.53	%	25.74	%	419,669		13.89	%	28.21	%
International	344,568		12.26	%	23.34	%	354,662		11.74	%	23.84	%
West	321,504		11.44	%	21.78	%	314,994		10.43	%	21.17	%
Southwest	207,486		7.39	%	14.05	%	279,653		9.26	%	18.80	%
South	175,363		6.24	%	11.88	%	237,634		7.87	%	15.97	%
Northwest	—		—	%	—	%	58,591		1.94	%	3.94	%
Total	$	2,809,377	100.00	%	190.28	%	$	3,021,279	100.00	%	203.07	%

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


	June 30, 2025	September 30, 2024
Senior secured loans (1)	$339,147	$330,094
Weighted average interest rate on senior secured loans (2)	8.52%	9.56%
Number of borrowers in SLF JV I	52	48
Largest exposure to a single borrower (1)	$10,416	$10,495
Total of five largest loan exposures to borrowers (1)	$49,904	$49,413

__________

(1) At principal amount.

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

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


	June 30, 2025	September 30, 2024
Senior secured loans (1)	$111,423	$125,405
Weighted average current interest rate on senior secured loans (2)	8.83%	9.65%
Number of borrowers in the Glick JV	42	44
Largest loan exposure to a single borrower (1)	$4,316	$5,898
Total of five largest loan exposures to borrowers (1)	$20,426	$22,152

__________

(1) At principal amount.

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


(Share amounts in thousands)	Three months ended June 30, 2025	Three months ended June 30, 2024	Nine months ended June 30, 2025	Nine months ended June 30, 2024
Net asset value per share at beginning of period	$16.75	$18.72	$18.09	$19.63
Net investment income (1)	0.38	0.54	1.37	1.63
Net unrealized appreciation (depreciation) (1)(7)	0.20	0.33	(0.98)	(0.28)
Net realized gains (losses) (1)	(0.15)	(0.85)	(0.28)	(1.06)
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)	—	—	—	(0.01)
Distributions of net investment income to stockholders	(0.42)	(0.55)	(1.44)	(1.72)
Net asset value per share at end of period	$16.76	$18.19	$16.76	$18.19
Per share market value at beginning of period	$15.36	$19.66	$16.31	$20.12
Per share market value at end of period	$13.66	$18.81	$13.66	$18.81
Total return (2)	(8.39)%	(1.51)%	(7.93)%	2.13%
Common shares outstanding at beginning of period	88,086	81,396	82,245	77,225
Common shares outstanding at end of period	88,086	82,245	88,086	82,245
Net assets at beginning of period	$1,475,113	$1,524,099	$1,487,811	$1,515,764
Net assets at end of period	$1,476,469	$1,496,133	$1,476,469	$1,496,133
Average net assets (3)	$1,488,823	$1,524,503	$1,487,303	$1,524,180
Ratio of net investment income to average net assets (3)(6)	9.02%	11.76%	10.50%	11.40%
Ratio of total expenses to average net assets (3)(6)	12.69%	14.54%	12.72%	14.42%
Ratio of net expenses to average net assets (3)(6)	11.24%	13.29%	10.97%	13.75%
Ratio of portfolio turnover to average investments at fair value	4.86%	5.95%	25.59%	23.97%
Weighted average outstanding debt (4)	$1,477,143	$1,711,978	$1,595,421	$1,680,876
Average debt per share (1)	$16.77	$20.92	$18.68	$21.06
Asset coverage ratio at end of period (5)	199.86%	183.36%	199.86%	183.36%

__________


(1)			Calculated based upon weighted average shares outstanding for the period.
(2)			Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3)			Calculated based upon the weighted average net assets for the period.
(4)			Calculated based upon the weighted average of principal debt outstanding for the period.
(5)			Based on outstanding senior securities of $1,466.1 million and $1,743.4 million as of June 30, 2025 and 2024, respectively.
(6)			Interim periods are annualized.
(7)			The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances.

Schedule of Summarized Financial Information

Below is certain summarized financial information for SLF JV I as of June 30, 2025 and September 30, 2024 and for the three and nine months ended June 30, 2025 and 2024:


	June 30, 2025		September 30, 2024
Selected Balance Sheet Information:
Investments at fair value (cost June 30, 2025: $348,377; cost September 30, 2024: $337,882)	$	332,977	$	329,496
Cash and cash equivalents	20,122		36,082
Restricted cash	2,516		6,994
Other assets	2,389		3,260
Total assets	$	358,004	$	375,832

Senior credit facility payable	$	197,000	$	200,000
Secured borrowings	—		11,311
SLF JV I Notes payable at fair value (proceeds June 30, 2025: $128,750; proceeds September 30, 2024: $128,750)	128,750		128,750
Other liabilities	15,243		10,007
Total liabilities	$	340,993	$	350,068
Members' equity	17,011		25,764
Total liabilities and members' equity	$	358,004	$	375,832


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Selected Statements of Operations Information:
Interest income	$	7,339	$	9,463	$	22,811	$	28,665
Other income	13		—		19		159
Total investment income	7,352		9,463		22,830		28,824
Senior credit facility and secured borrowing interest expense	3,247		4,071		9,930		11,910
SLF JV I Notes interest expense	3,722		4,048		11,341		12,196
Other expenses	234		46		427		246
Total expenses (1)	7,203		8,165		21,698		24,352
Net investment income	149		1,298		1,132		4,472
Net unrealized appreciation (depreciation)	(85)		(319)		(7,016)		1,299
Net realized gains (losses)	(693)		(3,784)		(669)		(4,343)
Net income (loss)	$	(629)	$	(2,805)	$	(6,553)	$	1,428

__________

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

Below is certain summarized financial information for the Glick JV as of June 30, 2025 and September 30, 2024 and for the three and nine months ended June 30, 2025 and 2024:


	June 30, 2025		September 30, 2024
Selected Balance Sheet Information:
Investments at fair value (cost June 30, 2025: $114,441; cost September 30, 2024: $127,867)	$	109,333	$	124,887
Cash and cash equivalents	17,294		10,907
Restricted cash	941		1,032
Other assets	970		8,177
Total assets	$	128,538	$	145,003

Senior credit facility payable	$	69,000	$	79,000
Glick JV Notes payable at fair value (proceeds June 30, 2025: $66,685; proceeds September 30, 2024: $66,685)	53,788		55,886
Secured borrowings	—		5,766
Other liabilities	5,750		4,351
Total liabilities	$	128,538	$	145,003
Members' equity	—		—
Total liabilities and members' equity	$	128,538	$	145,003


	Three months ended June 30, 2025		Three months ended June 30, 2024		Nine months ended June 30, 2025		Nine months ended June 30, 2024
Selected Statements of Operations Information:
Interest income	$	2,603	$	3,605	$	8,566	$	10,926
Fee income	4		4		8		64
Total investment income	2,607		3,609		8,574		10,990
Senior credit facility and secured borrowing interest expense	1,170		1,631		3,754		4,608
Glick JV Notes interest expense	1,506		1,675		4,609		5,048
Other expenses	21		32		108		110
Total expenses (1)	2,697		3,338		8,471		9,766
Net investment income	(90)		271		103		1,224
Net unrealized appreciation (depreciation)	360		328		(30)		(321)
Realized gain (loss)	(270)		(599)		(73)		(903)
Net income (loss)	$	—	$	—	$	—	$	—

__________

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

- Definition

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

+ References+ Details