UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 Form 10-K
 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended September 30, 2025

 OR

 o

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _____ to _____

 COMMISSION FILE NUMBER: 1-33901

 (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 Delaware
 (State or jurisdiction of
incorporation or organization)

 26-1219283
 (I.R.S. Employer
Identification No.)

 333 South Grand Avenue, 28th Floor
 Los Angeles, CA
 (Address of principal executive office)

 90071
 (Zip Code)

 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
 ( 213) 830-6300

 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 Title of Each Class
 Trading Symbol(s)
 Name of Each Exchange
on Which Registered

 Common Stock, par value $0.01 per share
 OCSL

 The Nasdaq Stock Market LLC

 SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No

 The aggregate market value of the registrant's common stock held by non-affiliates of the registrant as of March 31, 2025 was $ 1,231.0 million. For the purposes of calculating the aggregate market value of common stock held by non-affiliates, the registrant has excluded shares held by its current directors and officers. The registrant had 88,085,523 shares of common stock outstanding as of November 14, 2025.

 DOCUMENTS INCORPORATED BY REFERENCE

 Portions of the registrant's definitive Proxy Statement relating to the registrant's 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission, or the SEC, within 120 days following the end of the Company's fiscal year, are incorporated by reference in Part III of this Annual Report on Form 10-K as indicated herein.

 FORM 10-K FOR THE YEAR ENDED SEPTEMBER 30, 2025

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures about Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in the Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transaction, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 Signatures

 Item 1. Business
 General
 Oaktree Specialty Lending Corporation, a Delaware corporation, or together with its subsidiaries, where applicable, the Company, which may also be referred to as "we," "us" or "our", is a specialty finance company dedicated to providing customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. We were formed in late 2007 and currently operate as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940, as amended, or the Investment Company Act. In addition, we have qualified and elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended, or the Code, for tax purposes. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any net ordinary income or net realized capital gains that we distribute to our stockholders if we meet certain source-of-income, income distribution and asset diversification requirements.
 We are externally managed by Oaktree Fund Advisors, LLC, which we also refer to as "Oaktree" or our "Adviser," pursuant to an investment advisory agreement, as amended from time to time, or the Investment Advisory Agreement, between the Company and Oaktree. Oaktree is an affiliate of Oaktree Capital Management, L.P., or OCM, the Company's external investment adviser from October 17, 2017 through May 3, 2020. Oaktree Fund Administration, LLC, which we refer to as "Oaktree Administrator," a subsidiary of OCM, provides certain administrative and other services necessary for us to operate.
 Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first lien loans (which may include "unitranche" loans and "last out" first lien loans, which are loans that are second priority behind "first out" first lien loans), and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. Our portfolio may also include certain structured finance and other non-traditional structures. We invest in companies that typically possess resilient business models with strong underlying fundamentals. We intend to deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams, and we may seek to opportunistically take advantage of dislocations in the financial markets and other situations that may benefit from our Adviser's credit and structuring expertise. Sponsors may include financial sponsors, such as an institutional investor or a private equity firm, or a strategic entity seeking to invest in a portfolio company.
 Our Adviser is generally focused on middle-market companies, which we define as companies with enterprise values of between $100 million and $750 million. We expect our portfolio to include a mix of first and second lien loans, including asset backed loans, unitranche loans, mezzanine loans, unsecured loans, bonds, preferred equity and certain equity co-investments. Our portfolio may also include certain structured finance and other non-traditional structures. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "high yield" and "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.
 Our portfolio totaled $2.8 billion at fair value as of September 30, 2025 and was composed of 143 portfolio companies. These included debt investments in 124 companies, equity investments in 35 companies and our investments in Senior Loan Fund JV I, LLC, or SLF JV I, a joint venture through which we and Trinity Universal Insurance Company, a subsidiary of Kemper Corporation, or Kemper, co-invest in senior secured loans of middle-market companies and other corporate debt securities, and OCSI Glick JV LLC, or the Glick JV, a joint venture through which we and GF Equity Funding 2014 LLC, or GF Equity Funding, co-invest primarily in senior secured loans of middle-market companies. 18 of our equity investments were in companies in which we also had a debt investment. At fair value, 94.6% of our portfolio consisted of debt investments, including our debt investments in SLF JV I and Glick JV, and 85.9% of our portfolio consisted of senior secured loans as of September 30, 2025. The weighted average annual yield of our debt investments at fair value as of September 30, 2025, including the return on our debt investments in SLF JV I and Glick JV, was approximately 9.8%, including 8.9% representing cash payments. The weighted average annual yield of our total investments at fair value as of September 30, 2025, including the return on our debt investments and equity investments, was approximately 9.4%. The weighted average annual yield of our debt investments and total investments is determined before the payment of, and therefore does not take into account, our expenses and the payment by an investor of any stockholder transaction expenses, and does not represent the return on investment for our stockholders. See "—Investments—SLF JV I" and "—Investments—Glick JV " below for additional information regarding our investments in SLF JV I and Glick JV.
 We are permitted to, and expect to continue to, finance our investments through borrowings. However, as a Business Development Company, subject to certain limited exceptions, we are currently only allowed to borrow amounts in accordance

 with the asset coverage requirements in the Investment Company Act. We generally expect to target a long-term debt to equity ratio of 0.90x to 1.25x (i.e., one dollar of equity for each $0.90 to $1.25 of debt outstanding). As of September 30, 2025, we had a net debt to equity ratio of 0.97x (i.e., one dollar of equity for each $0.97 of debt outstanding). At a special meeting of stockholders held on June 28, 2019, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us, effective as of June 29, 2019. As a result of the reduced asset coverage requirement, we can incur $2 of debt for each $1 of equity.
 On March 19, 2021, we acquired Oaktree Strategic Income Corporation, or OCSI, pursuant to that certain Agreement and Plan of Merger, or the OCSI Merger Agreement, dated as of October 28, 2020, by and among OCSI, us, Lion Merger Sub, Inc., our wholly-owned subsidiary, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OCSI Merger Agreement, OCSI was merged with and into us in a two-step transaction, with us as the surviving company, or the OCSI Merger.
 On January 23, 2023, we acquired Oaktree Strategic Income II, Inc., or OSI2, pursuant to that certain Agreement and Plan of Merger, or the OSI2 Merger Agreement, dated as of September 14, 2022, by and among OSI2, us, Project Superior Merger Sub, Inc., our wholly owned subsidiary, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OSI2 Merger Agreement, OSI2 was merged with and into us in a two-step transaction, with us as the surviving company, or the OSI2 Merger and, together with the OCSI Merger, the Mergers.
 Our Adviser
 We are externally managed and advised by Oaktree, a registered investment adviser under the Investment Advisers Act of 1940, as amended, or the Advisers Act. Oaktree, subject to the overall supervision of our Board of Directors, manages our day-to-day operations, and provides investment advisory services to us pursuant to the Investment Advisory Agreement.
 Oaktree is a leader among global investment managers specializing in alternative investments. Formed in April 1995 and headquartered in Los Angeles, California, Oaktree's senior executives and Investment Team have focused on less efficient markets and alternative investments for the past 39 years. Oaktree's origins in private credit began in the mezzanine financing space providing junior capital primarily to private equity-owned companies beginning in 2001. Oaktree has developed over 200 sponsor relationships since then, and over 81% of sponsor backed deals have been done with sponsors with whom Oaktree has previously transacted. Oaktree emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in real estate, opportunistic credit, corporate debt (including mezzanine finance, high yield debt and senior loans), control investing, convertible securities, listed equities and multi-strategy solutions.
 The primary firm-wide goal of our Adviser and OCM is to achieve attractive returns while bearing less than commensurate risk. Our Adviser believes that it can achieve this goal by taking advantage of market inefficiencies in which financial markets and their participants fail to accurately value assets or fail to make available to companies the capital that they reasonably require.
 Oaktree believes that its defining characteristic is adherence to the highest professional standards, which has yielded several important benefits. First and foremost, this characteristic has allowed Oaktree to attract and retain a talented group of investment professionals, or the Investment Professionals, as well as accounting, valuation, legal, compliance and other administrative professionals. As of September 30, 2025, Oaktree had more than 1,400 professionals in 26 cities and 18 countries, including a deep and broad credit platform drawing from more than 375 highly experienced investment professionals with significant origination, structuring and underwriting expertise. Specifically, the Strategic Credit group that is primarily responsible for implementing our investment strategy consists of approximately 40 Investment Professionals led by Armen Panossian, our Chief Executive Officer and Co-Chief Investment Officer, who focus on the investment strategy employed by our Adviser and certain of its affiliates. Second, it has permitted the investment team to build strong relationships with brokers, banks and other market participants. These institutional relationships have been instrumental in strengthening access to trading opportunities, to understanding the current market, and to executing the investment team's investment strategies. OCM aims to attract, motivate and retain talented employees (both Investment Professionals and accounting, valuation, legal, compliance and other administrative professionals) by making them active participants in, and beneficiaries of, the platform's success. In addition to competitive base salaries, all OCM employees share in the discretionary bonus pool. An employee's participation in the bonus pool is based on the overall success of our Adviser and its affiliates and the individual employee's performance and level of responsibility.
 Our Adviser and its affiliates provide discretionary investment management services to other managed accounts and investment funds, which may have overlapping investment objectives and strategies with our own and, accordingly, may invest in asset classes similar to those targeted by us. The activities of such managed accounts and investment funds may raise actual or potential conflicts of interest.

 Oaktree's Ownership
 Oaktree's asset management business is indirectly controlled by Oaktree Capital Holdings, LLC, or OCH (which changed its name on March 15, 2024 from Atlas OCM Holdings, LLC). As of September 30, 2025, approximately 74% of our business is indirectly owned by Brookfield Corporation and Brookfield Asset Management Ltd., which we refer to collectively as Brookfield, and the remaining approximately 26% is owned by current and former Oaktree executives and employees (including certain related persons and trusts/investment entities). Brookfield's ownership interest in our business is held through Brookfield Oaktree Holdings, LLC, or BOH, OCH and related entities. The current and former Oaktree executives and employees (including certain related persons and trusts/investment entities) hold their interests through Oaktree Capital Group Holdings, L.P., or OCGH, Oaktree Equity Plan, L.P. and Oaktree Equity Plan II, L.P.
 Brookfield Asset Management Transaction
 On March 13, 2019, Brookfield Asset Management Inc., or Brookfield Inc., and OCGH announced that they had entered into an agreement pursuant to which Brookfield Inc. would acquire a majority interest in Oaktree's business. The transaction closed on September 30, 2019. Upon the closing of the transaction, Brookfield Inc. acquired approximately 61.2% of the Oaktree business and BOH's Class A common units ceased to be publicly traded. In addition to acquiring all outstanding Class A common units held by the public, Brookfield Inc. purchased all remaining equity interests held by the outside institutional investors who had acquired equity in 2004 and 2007 and a portion of the non-public equity interests held by current and former Oaktree executives and employees. Both Brookfield Inc. and Oaktree continue to operate their respective businesses independently, partnering to leverage their strengths, with each remaining under its prior brand and led by its prior management and investment teams. In connection with the 2019 transaction, Brookfield Inc. agreed to purchase the remainder of Oaktree's business over a number of years from the current and former Oaktree executives and employees who own those equity interests. Such sales have occurred annually since 2020, with Brookfield Inc. acquiring an incremental 13.0% interest in Oaktree's business.
 As part of the 2019 transaction, after an initial period of up to seven years from the date of the transaction closing, Brookfield would have had the right to appoint a majority of Oaktree's board of directors and assume control of Oaktree's business if it chose to do so. On October 13, 2025, Oaktree and Brookfield announced that they have agreed on a proposed transaction whereby Brookfield will acquire the approximately 26% interest in Oaktree that it does not already own such that, upon completion of the proposed transaction, Brookfield will own 100% of Oaktree. The transaction is expected to close in the first quarter of 2026. Following the closing of such transaction, Brookfield will have the right to appoint a majority of Oaktree's board of directors and assume control of Oaktree's business if it chooses to do so.
 Strategic Credit
 Our Adviser's affiliates officially launched the Strategic Credit strategy in early 2013 as a step-out from the Distressed Debt strategy to capture attractive investment opportunities that appear to offer too little return for distressed debt investors, but may pose too much uncertainty for high-yield bond creditors. The strategy seeks to achieve an attractive total return by investing in public and private revenue-generating, performing debt.
 Strategic Credit focuses on U.S. and non-U.S. investment opportunities that arise from pricing inefficiencies that occur in the primary and secondary markets or from the financing needs of healthy companies with limited access to traditional lenders or public markets. Typical investments will be in high yield bonds and senior secured loans for borrowers that are in need of direct loans, rescue financings, or other capital solutions or that have had challenged or unsuccessful primary offerings.
 The Investment Professionals employ a fundamental, value-driven opportunistic approach to credit investing, which seeks to benefit from the resources, relationships and proprietary information of the global investment platform of our Adviser and its affiliates.
 Our Administrator
 We entered into an administration agreement, as amended from time to time, or the Administration Agreement, with Oaktree Administrator, a Delaware limited liability company and a wholly owned subsidiary of OCM. The principal executive offices of Oaktree Administrator are located at 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071. Pursuant to the Administration Agreement, Oaktree Administrator provides services to us, and we reimburse Oaktree Administrator for costs and expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement and providing personnel and facilities thereunder.

 Business Strategy

 Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first and second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. We invest in companies across a variety of industries that typically possess resilient business models with strong underlying fundamentals. We deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams, and we may seek to opportunistically take advantage of dislocations in the financial markets and other situations that may benefit from our Adviser's deep credit and structuring expertise. Our Adviser intends to implement the following business strategy to achieve our investment objective:

 • Emphasis on Proprietary Deals. Our Adviser is focused on proprietary opportunities as well as partnering with other lenders as appropriate. Dedicated sourcing professionals of our Adviser and its affiliates are in continuous contact with financial sponsors and corporate clients to originate proprietary deals and seek to leverage the networks and relationships of Oaktree's Investment Professionals with management teams and corporations to originate non-sponsored transactions. The platform has the capacity to invest in large deals and to solely underwrite transactions.

 • Focus on Quality Companies and Extensive Diligence. Our Adviser seeks to maintain a conservative approach to investing with discipline around fundamental credit analysis and downside protection. Our Adviser intends to focus on companies with resilient business models, strong underlying fundamentals, significant asset or enterprise value and seasoned management teams, although not all portfolio companies will meet each of these criteria. Our Adviser intends to leverage its deep credit and deal structuring expertise to lend to companies that have unique needs, complex business models or specific business challenges. Our Adviser conducts diligence on underlying collateral value, including cash flows, hard assets or intellectual property, and will typically model exit scenarios as part of the diligence process, including assessing potential "work-out" scenarios.

 • Disciplined Portfolio Management. Our Adviser monitors our portfolio on an ongoing basis to manage risk and take preemptive action to resolve potential problems where possible. Our Adviser intends to seek to reduce the impact of individual investment risks by diversifying portfolios across industry sectors and generally limiting positions to no more than 5% of our portfolio.

 • Manage Risk Through Loan Structures. Our Adviser seeks to leverage its experience in identifying structural risks in prospective portfolio companies and developing customized solutions to enhance downside protection where possible. Our Adviser has the expertise to structure comprehensive, flexible and customized solutions for companies of all sizes across numerous industry sectors. Our Adviser employs a rigorous due diligence process and seeks to include covenant protections designed to ensure that we, as the lender, can negotiate with a portfolio company before a debt investment reaches impairment. The platform of our Adviser and its affiliates can address a wide range of borrower needs, with capability to invest across the capital structure and to fund large loans, and our Adviser pays close attention to market trends. Our Adviser provides certainty to borrowers by seeking to provide fully underwritten financing commitments and has expertise in both performing credit as well as restructuring and turnaround situations, which allows us to lend at times of market stress when our competitors may halt or reduce investment activity.

 Our Adviser's emphasis is on fundamental credit analysis, consistency and downside protection, all of which are key tenets of its investment philosophy and important in times of market dislocation. We believe this philosophy strongly aligns with the interests of our stockholders. Our Adviser controls primarily for risk, rather than return. Although this may lead us to underperform in bullish markets, we expect that prudence across the economic cycle and limiting losses will allow us to achieve our investment objectives.
 Identification of Investment Opportunities
 Our primary focus is on identifying differentiated private lending opportunities, with a secondary emphasis on identifying opportunities in the public markets.
 Private Lending Opportunities. We believe that the market for lending to private companies is underserved and presents a compelling investment opportunity. We intend to focus on private lending opportunities in the following key areas:

 • Non-Sponsor Situational Lending. Certain businesses (including those with complex business models or specific business challenges) may present challenges for traditional lenders to understand or value, thus presenting attractive

 lending opportunities for the Company. Prospective borrowers with little-to-no revenue or earnings before interest, taxes, depreciation and amortization, or EBITDA, may be unable to secure financing from traditional lenders. In these instances, a debt-to-EBITDA approach may not be appropriate, instead requiring a value-oriented approach that involves targeting low loan-to-value ratios and negotiating highly-structured investments with bespoke covenants, contingencies and terms that help mitigate business-specific risks. Examples of these opportunities may include life sciences companies that are unable to access traditional bank financing to commercialize their product pipelines.

 • Select Sponsor-Related Financings. Financing for portfolio companies backed by private equity firms is one the most active areas of opportunity, including those opportunities related to leveraged buyouts and refinancings. The Investment Professionals have many longstanding relationships with established, reputable sponsors and generally favor those that view their portfolio companies as long-term partners and those that specialize in certain industries where they have significant subject matter expertise. In addition, the Investment Professionals have historically favored borrowers backed by sponsors that have demonstrated a willingness to invest large amounts of equity, which provides enhanced downside protection. Examples of these opportunities may include financings for software- or healthcare-focused borrowers backed by private equity firms.

 • Stressed Sector/Rescue Lending. Individual businesses or sectors experiencing stress or reduced access to capital can create attractive private lending opportunities. Broad market weakness or sector-specific issues can constrain borrowers' access to capital. Further, certain factors such as regulation may cause entire industries (e.g., energy) to be rebuffed by more traditional lenders (e.g., commercial banks) such that all borrowers in the industry lose access to capital, regardless of their individual financial condition. Oftentimes, by sifting through an industry issuer-by-issuer, the Investment Professionals can identify attractive investment opportunities that are over-secured by valuable assets. Examples of these opportunities may include debtor-in-possession loans or loans to companies in sectors temporarily impacted by macro events.

 Opportunities in Public Markets. Certain factors may also drive opportunities for us in the public market and will allow us to leverage broader credit platform and decades of credit investing experience of Oaktree and its affiliates. These factors may include:

 • Macro Factors. Macro factors that drive market dislocations can ripple through the global economy and include sovereign debt crises, political elections, global pandemics and other unexpected geopolitical events. These factors drive highly correlated "risk on" and "risk off" market swings and frequently result in the indiscriminate selling of securities and obligations at prices that the Investment Professionals believe are well below their intrinsic values.

 • Industry Headwinds. Select industries may face secular challenges or may fall out of favor due to a variety of factors such as evolving technology or regulation. These headwinds can cause the debt of healthy and unhealthy companies alike to trade lower, potentially allowing the Investment Professionals to identify mispriced opportunities.

 • Company Characteristics. Company-specific factors that drive market dislocations include overleveraged balance sheets, near-term liquidity or maturity issues, secular pressures, acute shock to company operations, asset-light businesses and new or relatively small issuers. These factors may result in mispriced securities or obligations or require a highly structured direct loan.

 The securities we may purchase in the public markets include broadly syndicated loans, high yield bonds and structured credit products. We generally expect to have smaller positions in these securities, and to hold such securities for a shorter period of time, relative to securities purchased in private lending opportunities.
 Investment Criteria and Guidelines
 Once the Investment Professionals have identified a potential investment opportunity, they will evaluate the opportunity against the following investment criteria and guidelines. However, not all of these criteria will be met by each prospective portfolio company in which we invest.

 • Covenant Protections. We generally expect to invest in loans that have covenants that may help to minimize our risk of capital loss and meaningful equity investments in the portfolio company. We intend to target investments that have strong credit protections, including default penalties, information rights and affirmative, negative and financial covenants, such as limitations on debt incurrence, lien protection and prohibitions on dividends.

 • Sustainable Cash Flow. Our investment philosophy places emphasis on fundamental analysis from an investor's perspective and has a distinct value orientation. We intend to focus on companies with significant asset or enterprise value in which we can invest at relatively low multiples of normalized operating cash flow. Additionally, we anticipate investing in companies with a demonstrated ability or credible plan to de-lever. Typically, we will not invest in start-up companies or companies having speculative business plans or structures that could impair capital over the long-term although we may target certain earlier stage companies that have yet to reach profitability.

 • Experienced Management Team. We generally will look to invest in portfolio companies with an experienced management team and proper incentive arrangements, including equity compensation, to induce management to succeed and to act in concert with our interests as investors.

 • Strong Relative Position in Its Market. We intend to target companies with what we believe to be established and leading market positions within their respective markets and well-developed long-term business strategies.

 • Exit Strategy. We generally intend to invest in companies that we believe will provide us with the opportunity to exit our investments in three to eight years, including through (1) the repayment of the remaining principal outstanding at maturity, (2) the recapitalization of the company resulting in our debt investments being repaid or (3) the sale of the company resulting in the repayment of all of its outstanding debt.

 • Geography. As a Business Development Company, we will invest at least 70% of our total assets in U.S. companies. To the extent we invest in non-U.S. companies, we intend to do so only in jurisdictions with established legal frameworks and a history of respecting creditor rights.

 Investment Process

 Our investment process consists of the following five distinct stages.
 Source
 Our Adviser has several resources for originating new opportunities that grant the Investment Professionals a comprehensive view of the actionable investment universe. From this universe, our Adviser can then select the most attractive opportunities for us. In addition to its dedicated group of sourcing professionals, our Adviser also leverages its strong global market presence and relationships with affiliates, advisers, sponsors, banks, management teams, capital-raising advisers, trading desks and other sources to gain access to opportunities that are consistent with our investment strategy. Our Adviser is a trusted partner to financial sponsors and management teams based on its best-in-class market reputation, relationship-based approach, long-term investment orientation and focus on lending across economic cycles. Our Adviser believes that this gives us access to proprietary deal flow and "first looks" at investment opportunities and that we are well-positioned for difficult and complex transactions.
 Screen
 We expect to be highly selective in making new investments. The initial screening process will typically include a review of the proposed capital structure of the prospective portfolio company, including level of assets or enterprise value coverage, an assessment by our Adviser of the company's management team and its equity ownership levels as well as the viability of its long-term business model and a review of forecasted financial statements and liquidity profile. In addition, our Adviser may assess the prospect of industry or macroeconomic catalysts that may create enhanced value in the investment as well as the potential ability to enforce creditor rights, particularly where collateral is located outside of the United States.
 Research
 Once the Investment Professionals have identified a potential investment opportunity and prior to making any new investment, our Adviser will complete an extensive due diligence process led by investment analysts assigned to each transaction. The analysts will examine various elements of the prospective investment to assess its risks and ensure that it meets our investment criteria and guidelines. Throughout the underwriting process, the analysts typically consider the following to evaluate the opportunity: the company's management team, suite of products/services, competitive position in its markets, barriers to entry, valuation, operating and financial performance, organic and inorganic growth prospects, as well as the expansion potential of its markets. In performing this evaluation, the analysts may use financial, qualitative and other due diligence materials provided by the target company, commissioned third-party reports and internal sources, including our Adviser's relationships derived from the Investment Professionals, industry participants and experts. As part of their research, our Adviser's analysts will typically perform a "what-if" analysis that explores a range of values for each proposed investment

 and a range of potential credit events to understand how the investment may perform under several different scenarios. Our Adviser conducts diligence on underlying collateral value, including cash flows, hard assets or intellectual property, and will typically model exit scenarios as part of the diligence process, including assessing potential "work-out" scenarios.
 Decide
 The Investment Professionals will propose investments along with all due diligence findings to an investment committee of the Adviser, or the Investment Committee. The Investment Committee is a collaborative and consensus-driven body that employs a rigorous process to weigh the merits and risks of each prospective investment, make investment decisions and appropriately size investments within the portfolio on our behalf. The Investment Committee generally strives for full consensus, but ultimately requires majority approval to move forward with an investment. No single committee member has veto rights for an investment. Investment Committee members are appointed and serve at the sole discretion of Armen Panossian.
 Monitor
 Risk management is our Adviser's utmost priority. In managing our portfolio, our Adviser monitors each portfolio company to be well-positioned to make hold and exit decisions when credit events occur, our collateral becomes overvalued or opportunities with more attractive risk/reward profiles are identified. Investment analysts are assigned to each investment to monitor industry developments, review company financial statements, attend company presentations and regularly speak with company management. Based on their monitoring, the Investment Professionals seek to determine the optimal time and strategy for exiting and maximizing the return on the investment, typically when prices or yields reach target valuations. In circumstances where a particular investment is underperforming, our Adviser intends to employ a variety of strategies to maximize its recovery based on the specific facts and circumstances of the underperforming investment, including actively working with the management to restructure all or a portion of the business, explore the possibility of a sale or merger of all or a portion of the assets, recapitalize or refinance the balance sheet, negotiate deferrals or other concessions from existing creditors and arrange new liquidity or new equity contributions. We believe that our Adviser's experience with restructurings and our access to our Adviser's deep knowledge, expertise and contacts in the distressed debt area will help us preserve the value of our investments.
 Debt Investments
 At fair value, 94.6% of our portfolio consisted of debt investments and 85.9% of our portfolio consisted of senior secured loans as of September 30, 2025. Our debt investments generally consist of the following:

 • First Lien Loans. Our first lien loans (including the "last out" portions of such loans) generally have terms of three to seven years, provide for a variable or fixed interest rate, contain prepayment penalties and are secured by a first priority security interest in all existing and future assets of the borrower. Our first lien loans may take many forms, including revolving lines of credit, term loans and acquisition lines of credit. "Last out" portions of loans have a second priority behind "first out" portions of the loans in the collateral securing the loans in certain circumstances. The arrangements for a "last out" portion of a loan are set forth in an agreement among lenders, which provides lenders with "first out" and "last out" payment streams based on a single lien on the collateral. Since the "first out" lenders generally have priority over the "last out" lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the "last out" lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through the arrangement among lenders, than the "first out" lenders or lenders in stand-alone first-lien loans. Agreements among lenders also typically provide greater voting rights to the "last out" lenders than the intercreditor agreements to which second-lien lenders often are subject.

 • Unitranche Loans. Our unitranche loans (including the "last out" portions of such loans) generally have terms of five to seven years and provide for a variable or fixed interest rate, contain prepayment penalties and are generally secured by a first priority security interest in all existing and future assets of the borrower. Our unitranche loans may take many forms, including revolving lines of credit, term loans and acquisition lines of credit. Unitranche loans typically provide a borrower with all of its capital except for common equity, often with higher interest rates than those associated with traditional first lien loans.

 • Second Lien Loans. Our second lien loans generally have terms of five to eight years, provide for a variable or fixed interest rate, contain prepayment penalties and are secured by a second priority security interest in all existing and future assets of the borrower.

 • Mezzanine Loans. Our mezzanine loans generally have maturities of five to ten years. Mezzanine loans may take the form of a second priority lien on the assets of a portfolio company and have interest-only payments in the early years with cash or PIK payments with amortization of principal deferred to the later years. In some cases, we may invest in debt securities that, by their terms, convert into equity or additional debt securities or defer payments of interest for the first few years after our investment.

 • Unsecured Loans. Our unsecured investments generally have terms of five to ten years and provide for a fixed interest rate. We may make unsecured investments on a stand-alone basis, or in connection with a senior secured loan, a junior secured loan or a "one-stop" financing.

 • Bonds. We may selectively invest in high yield corporate bonds issued by middle-market companies that are rated
 below investment grade by rating agencies or that would be rated below investment grade if they were rated. The bonds in which we may invest are expected to have terms of five to eight years and provide for fixed interest rate payments. Certain of these bonds may not secured by any assets of the issuer.
 Equity Investments
 When we make a debt investment, we may also be granted equity, such as warrants to purchase common stock in a portfolio company. To a lesser extent, we may also make preferred and/or common equity investments, which may be in conjunction with a concurrent debt investment or the result of an investment restructuring. For non-control equity investments, we generally seek to structure our non-control equity investments to provide us with minority rights provisions and event-driven put rights. We also seek to obtain limited registration rights in connection with these investments, which may include "piggyback" registration rights.
 SLF JV I
 We and Kemper co-invest through SLF JV I, an unconsolidated Delaware limited liability company, or LLC. SLF JV I was formed in May 2014 to invest in middle-market and other corporate debt securities. As of September 30, 2025, we and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from us. As of September 30, 2025, we had aggregate commitments to fund SLF JV I of $13.1 million, of which approximately $9.8 million was to fund additional subordinated notes issued by SLF JV I, or the SLF JV I Notes, and approximately $3.3 million was to fund LLC equity interests in SLF JV I. Additionally, SLF JV I has a revolving credit facility with Bank of America, N.A., or the SLF JV I Facility, which permitted up to $270.0 million of borrowings (subject to borrowing base and other limitations) as of September 30, 2025. Borrowings under the SLF JV I Facility are secured by all of the assets of a special purpose financing subsidiary of SLF JV I. SLF JV I is managed by a four-person Board of Directors, two of whom are selected by us and two of whom are selected by Kemper. SLF JV I is generally capitalized as transactions are completed and all portfolio decisions must be approved by its investment committee consisting of one representative selected by us and one representative selected by Kemper (with approval of each required). As of September 30, 2025, our investment in SLF JV I was approximately $124.6 million at fair value. We do not consolidate SLF JV I in our Consolidated Financial Statements.
 Glick JV
 On March 19, 2021, as a result of the consummation of the OCSI Merger, we became party to the LLC agreement of the Glick JV. The Glick JV invests primarily in senior secured loans of middle-market companies. Approximately $84.0 million in aggregate commitments was funded to the Glick JV as of September 30, 2025, of which $73.5 million was from us. As of September 30, 2025, we had aggregate unfunded commitments to Glick JV of approximately $14.0 million, of which approximately $12.4 million was to fund additional subordinated notes issued by the Glick JV, or the Glick JV Notes, and approximately $1.6 million was to fund LLC equity interests in the Glick JV. The Glick JV has a revolving credit facility with Bank of America, N.A., or the Glick JV Facility, which permitted borrowings of up to $100.0 million (subject to borrowing base and other limitations) as of September 30, 2025. Borrowings under the Glick JV Facility are secured by all of the assets of a special purpose financing subsidiary of Glick JV. The Glick JV is managed by a four-person Board of Directors, two of whom are selected by us and two of whom are selected by GF Equity Funding. The Glick JV is generally capitalized as transactions are completed and all portfolio decisions must be approved by its investment committee consisting of one representative selected by us and one representative selected by GF Equity Funding (with approval of each required). As of September 30,

 2025, our investment in the Glick JV was approximately $46.1 million at fair value. We do not consolidate Glick JV in our Consolidated Financial Statements.
 Valuation Procedures
 As a Business Development Company, we generally invest in illiquid debt and equity securities issued by private middle-market companies. We are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with our valuation policies and procedures. See Note 2 to our Consolidated Financial Statements in this Annual Report on Form 10-K.
 Investment Advisory Agreement
 The following is a description of the Investment Advisory Agreement. The investment advisory agreement with Oaktree was most recently amended and restated on November 14, 2025 to reflect the Incentive Fee Cap (as defined below).
 Management Services
 Subject to the overall supervision of our Board of Directors, Oaktree manages our day-to-day operations and provides us with investment advisory services. Under the Investment Advisory Agreement, Oaktree:

 • determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
 • identifies, evaluates and negotiates the structure of the investments we make;
 • executes, closes, monitors and services the investments we make;
 • determines what securities and other assets we purchase, retain or sell;
 • performs due diligence on prospective portfolio companies; and
 • provides us with such other investment advisory, research and related services as we may, from time to time, reasonably required for the investment of our funds.
 The Investment Advisory Agreement provides that Oaktree's services are not exclusive to us and Oaktree is generally free to furnish similar services to other entities so long as its services to us are not impaired.
 Management and Incentive Fee
 Under the Investment Advisory Agreement, we pay Oaktree a fee for its services under the investment advisory agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee payable to Oaktree and any incentive fees earned by Oaktree is ultimately borne by our common stockholders.
 Base Management Fee
 Effective as of July 1, 2024, the base management fee is calculated at an annual rate of 1.00% of total gross assets, including any investment made with borrowings, but excluding cash and cash equivalents; provided, however, that for the period from July 1, 2024 to January 23, 2025, the base management is calculated at such an annual rate as to cause (1) the base management fee less (2) previously agreed waivers of $750,000 of base management fees per quarter (with such amount appropriately prorated for any partial quarter) to equal 1.00% of our gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents. From May 3, 2019 through June 30, 2024, the base management fee was 1.50% of total gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents, provided that the base management fee on gross assets that exceeded the product of (A) 200% and (B) the Company's net asset value was 1.00%. The 200% was calculated in accordance with the Investment Company Act. In connection with the OCSI Merger, we and Oaktree entered into an amended and restated investment advisory agreement, which among other items, waived an aggregate of $6 million of base management fees otherwise payable to Oaktree in the two years following the closing of the OCSI Merger on March 19, 2021 at a rate of $750,000 per quarter (with such amount appropriately prorated for any partial quarter). In connection with the OSI2 Merger, Oaktree waived an aggregate of $9.0 million of base management fees payable to Oaktree as follows: $6.0 million at a rate of $1.5 million per quarter (with such amount appropriately prorated for any partial quarter) in the first year following closing of the OSI2 Merger on January 23, 2023 and $3.0 million at a rate of $750,000 per quarter (with such amount appropriately prorated for any partial quarter) in the second year following closing of the OSI2 Merger. Oaktree also waived additional base management fees such that the total amount of waived base management fees (including those waived in connection with the OSI2 Merger described above) was $1.5 million for each of the three months ended March 31, 2024 and June 30, 2024.

 Incentive Fee

 The incentive fee consists of two parts. Under the Investment Advisory Agreement, effective as of October 1, 2025, the first part of the incentive fee, which is referred to as the incentive fee on income or the Part I incentive fee, is calculated and payable quarterly in arrears based upon the amount that (x) our pre-incentive fee net investment income for the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commenced October 1, 2024, as the case may be (or the appropriate portion thereof in the case of any of the first eleven calendar quarters commencing on or after October 1, 2024) (in either case, the "Trailing Twelve Quarters") exceeds (y) the Preferred Return. The "Preferred Return" will be determined on a quarterly basis and will be calculated by multiplying 1.50% (6.00% annualized) by the sum of our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Trailing Twelve Quarters will be a total of less than twelve full fiscal quarters for all periods ending prior to September 30, 2027.
 For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies, other than fees for providing managerial assistance) accrued during the fiscal quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, or OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger and the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income.
 Under the Investment Advisory Agreement, the calculation of the incentive fee on income for each quarter is as follows:

 • No incentive fee on income is payable to Oaktree in any calendar quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the Preferred Return;

 •100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return but is less than or equal to 1.8182% multiplied by our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. This portion of the incentive fee on income is referred to as the "catch up" and is intended to provide Oaktree with an incentive fee of 17.5% on all of our pre-incentive fee net investment income when our pre-incentive fee net investment income during the Trailing Twelve Quarters reaches 1.8182% on net assets during the Trailing Twelve Quarters; and

 • For any quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds 1.8182% multiplied by our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters, the incentive fee on income is 17.5% of the amount of our pre-incentive fee net investment income for such Trailing Twelve Quarters, as the Preferred Return and catch-up will have been achieved.

 Effective October 1, 2025, the incentive fee on income as calculated is subject to a cap, or the Incentive Fee Cap. The Incentive Fee Cap in any quarter is the amount equal to (a) 17.5% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate incentive fees on income that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
 For this purpose, "Cumulative Pre-Incentive Fee Net Return" during the relevant Trailing Twelve Quarters means (x) pre-incentive fee net investment income in respect of the Trailing Twelve Quarters (or portion thereof) less (y) any Net Capital Loss in respect of the Trailing Twelve Quarters (or portion thereof). If, in any quarter, the Incentive Fee Cap is zero or a negative value, we shall pay no incentive fee on income to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the incentive fee on income calculated in accordance with the calculation described above, we shall pay Oaktree the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap was equal to or greater than the incentive fee on income calculated in accordance with the calculation described above, we shall pay Oaktree the incentive fee on income for such quarter.
 "Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

 From October 1, 2024 to September 30, 2025, Oaktree waived the incentive fee on income in such an amount as necessary such that the incentive fee on income in any quarter did not exceed (a) 17.5% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters (or portion thereof) less (b) the aggregate incentive fees on income that were paid to Oaktree (including the effect of waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For fiscal year ended September 30, 2025, Oaktree waived $20.4 million of part I incentive fees pursuant to this waiver agreement.
 Prior to October 1, 2024, we paid Oaktree an incentive fee on income at a rate of 17.5% based on our pre-incentive fee net investment income compared to a preferred return of 1.50% per quarter with a 100% catch-up.
 Under the Investment Advisory Agreement, the second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date) commencing with the fiscal year ended September 30, 2019 and equals 17.5% of our realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each subsequent fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees under the Investment Advisory Agreement. Any realized capital gains, realized capital losses, unrealized capital appreciation and unrealized capital depreciation with respect to our portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the calculations of the second part of the incentive fee. In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee, (2) include any such amounts associated with the investments acquired in the OCSI Merger for the period from October 1, 2018 to the date of closing of the OCSI Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee and (3) include any such amounts associated with the investments acquired in the OSI2 Merger for the period from August 6, 2018 to the date of closing of the OSI2 Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee.
 Examples of Quarterly Incentive Fee Calculation under the Investment Advisory Agreement (A)
 Example 1: Three Quarters in which Pre-Incentive Fee Net Investment Income Exceeds the Preferred Return and Catch-up Amount(*)

 Assumptions

 Stable net asset value (NAV) of $100 million across all quarters
 Investment income for each of the quarters (including interest, dividends, fees, etc.) = 4.4%
 Preferred Return(1) = 1.5%
 Base Management Fee(2) = 0.25%
 Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.15%
 Pre-Incentive Fee Net Investment Income for each quarter (investment income-(base management fee + other expenses)) = 4.0%

 Realized capital gains of 1% each quarter
 Assumes no other quarters in the applicable Trailing Twelve Quarters
 Incentive fee for first quarter
 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $4,000,000

 Preferred Return = Q1 NAV 1.5% = $100,000,000 0.015 = $1,500,000

 Excess Income Amount above Preferred Return = Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Preferred Return = $4,000,000 -$1,500,000 = $2,500,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $1,500,000 (the Preferred Return) but less than 1.8182% Q1 NAV, or $1,818,200. This Catch-up Amount equals $318,200.

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount = 0.175 ($4,000,000-$1,818,200) = $381,815

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income payment = $700,015.

 No Incentive Fee on Income previously paid during the Trailing Twelve Quarters

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters - Incentive Fee on Income previously paid during the Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Net Capital Loss in respect of the relevant Trailing Twelve Quarters

 Therefore, the Incentive Fee Cap = 17.5% of aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = Incentive Fee on Income, and the Incentive Fee Cap is not applied

 (*) The hypothetical amount of each of management fees, other expenses, Pre-Incentive Fee Net Investment Income and realized capital gains or losses shown is based on a percentage of total net assets.
 (1) Represents 6.0% annualized hurdle rate
 (2) Represents 1.0% annualized management fee

 Incentive fee for second quarter
 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $4,000,000 + $4,000,000 = $8,000,000

 Preferred Return = (Q1 NAV + Q2 NAV) 1.5% = $200,000,000 0.015 = $3,000,000

 Excess Income Amount above Preferred Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters (e.g., Q1 and Q2) - Preferred Return = $8,000,000-$3,000,000 = $5,000,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $3,000,000 (the Preferred Return) but less than 1.8182% (Q1 NAV + Q2 NAV), or $3,636,400. This Catch-up Amount equals $636,400.

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount = 0.175 ($8,000,000-$3,636,400) = $763,630

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income payment = $1,400,030.

 Incentive Fee on Income previously paid during the Trailing Twelve Quarters = $700,015.

 Total Incentive Fee on Income for Q2 = Incentive Fee on Income payment - amount previously paid during Trailing Twelve Quarters= $700,015

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Net Capital Loss in respect of the relevant Trailing Twelve Quarters

 Therefore, the Incentive Fee Cap = 17.5% of aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = Incentive Fee on Income, and the Incentive Fee Cap is not applied

 Incentive fee for third quarter

 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $4,000,000 + $4,000,000 + $4,000,000 = $12,000,000

 Preferred Return = (Q1 NAV + Q2 NAV + Q3 NAV) 1.5% = $300,000,000 0.015 = $4,500,000

 Excess Income Amount above Preferred Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters (e.g., Q1, Q2 and Q3) – Preferred Return = $12,000,000 - $4,500,000 = $7,500,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $4,500,000 (the Preferred Return) but less than 1.8182% (Q1 NAV + Q2 NAV + Q3 NAV), or $5,454,600 = $954,600.

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount = 0.175 ($12,000,000 - $5,454,600) = $1,145,445

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income payment = $2,100,045

 Incentive Fee on Income previously paid during the Trailing Twelve Quarters = $1,400,030

 Total Incentive Fee on Income for Q3 = Incentive Fee on Income payment - amount previously paid during Trailing Twelve Quarters= $700,015

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters
 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Net Capital Loss in respect of the relevant Trailing Twelve Quarters

 Therefore Incentive Fee Cap = 17.5% of aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = Incentive Fee on Income, and the Incentive Fee Cap is not applied

 (*) The hypothetical amount of each of management fees, other expenses, Pre-Incentive Fee Net Investment Income and realized capital gains or losses shown is based on a percentage of total net assets.
 (1) Represents 6.0% annualized hurdle rate
 (2) Represents 1.0% annualized management fee

 Example 2: Three Quarters in which Pre-Incentive Fee Net Investment Income does not meet the Preferred Return for one Quarter(*)

 Assumptions

 Stable NAV of $100 million across all quarters

 Investment income for Q1 (including interest, dividends, fees, etc.) = 0.4%
 Investment income for Q2 (including interest, dividends, fees, etc.) = 3.9%
 Investment income for Q3 (including interest, dividends, fees, etc.) = 4.9%

 Preferred Return(1) = 1.5%
 Base Management Fee(2) = 0.25%
 Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.15%

 Pre-incentive fee net investment income for Q1
 (investment income - (management fee + other expenses)) = 0.0%
 Pre-incentive fee net investment income for Q2
 (investment income - (management fee + other expenses)) = 3.5%
 Pre-incentive fee net investment income for Q3
 (investment income - (management fee + other expenses)) = 4.5%

 Realized capital gains of 1% each quarter

 Assumes no other quarters in the applicable Trailing Twelve Quarters

 Incentive fee for first quarter

 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $0

 Preferred Return = Q1 NAV 1.5% = $100,000,000 0.015 = $1,500,000

 Aggregate Pre-Incentive Fee Net Investment Income < Preferred Return. Therefore, no Incentive Fee on Income is payable for the quarter

 Incentive fee for second quarter

 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $0 + $3,500,000 = $3,500,000

 Preferred Return = (Q1 NAV + Q2 NAV) 1.5% = $200,000,000 0.015 = $3,000,000

 Excess Income Amount above Preferred Return = (aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters (e.g., Q1 and Q2)) - Preferred Return = $3,500,000-$3,000,000 = $500,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $3,000,000 (the Preferred Return) but less than 1.8182% (Q1 NAV + Q2 NAV), or $3,636,400. This Catch-up Amount equals $3,500,000-$3,000,000, or $500,000.

 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters < the Catch-up Amount

 Incentive Fee on Income payment = $500,000
 No Incentive Fee on Income previously paid during the Trailing Twelve Quarters

 Total Incentive Fee on Income for Q2 = Incentive Fee on Income payment - amount previously paid during Trailing Twelve Quarters=500,000

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters-Net Capital Loss in respect of the relevant Trailing Twelve Quarters

 Therefore Incentive Fee Cap = 17.5% of aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = Incentive Fee on Income, and the Incentive Fee Cap is not applied

 Incentive fee for third quarter

 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $0 + $3,500,000 + $4,500,000 = $8,000,000

 Preferred Return = (Q1 NAV + Q2 NAV +Q3 NAV) 1.5% = $300,000,000 0.015 = $4,500,000

 Excess Income Amount above Preferred Return = (aggregate Pre-Incentive Fee Net Investment Income for Q1, Q2 and Q3) - Preferred Return = $8,000,000 - $4,500,000 = $3,500,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $4,500,000 (the Preferred Return) but less than 1.8182% (Q1 NAV + Q2 NAV + Q3 NAV), or $5,454,600. This Catch-up Amount equals $954,600

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount = 0.175 ($8,000,000—$5,454,600) = $445,445

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income payment = $1,400,045
 Incentive Fee on Income previously paid during the Trailing Twelve Quarters = $500,000
 Total Incentive Fee on Income for Q3 = Incentive Fee on Income payment - amount previously paid during Trailing Twelve Quarters= $900,045

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Net Capital Loss in respect of the relevant Trailing Twelve Quarters

 Therefore Incentive Fee Cap = 17.5% of aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = Incentive Fee on Income, and the Incentive Fee Cap is not applied

 (*) The hypothetical amount of each of management fees, other expenses, Pre-Incentive Fee Net Investment Income and realized capital gains or losses shown is based on a percentage of total net assets.
 (1) Represents 6.0% annualized hurdle rate
 (2) Represents 1.0% annualized management fee

 Example 3: Three Quarters in which Pre-Incentive Fee Net Investment Income Exceeds the Hurdle Rate with Net Capital Losses(*)

 Assumptions
 Stable net asset value (NAV) of $100 million across all quarters
 Investment income for each of the quarters (including interest, dividends, fees, etc.) = 4.4%
 Preferred Return(1) = 1.5%
 Base Management Fee(2) = 0.25%
 Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.15%
 Pre-incentive fee net investment income for each quarter
 (investment income-(base management fee + other expenses)) = 4.0%

 Unrealized capital losses of 1% each of Q1 and Q2 and a 3% unrealized loss in Q3
 Assumes no other quarters in the applicable Trailing Twelve Quarters
 Incentive fee for first quarter
 Aggregate Pre-Incentive Fee Net Investment Income = $4,000,000

 Preferred Return = Q1 NAV 1.5% = $100,000,000 0.015 = $1,500,000

 Excess Income Amount above Preferred Return = Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Preferred Return = $4,000,000-$1,500,000 = $2,500,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $1,500,000 (the Preferred Return) but less than 1.8182% Q1 NAV, or $1,818,200. This Catch-up Amount equals $318,200.

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount
 = 0.175 ($4,000,000-$1,818,200) = $381,815

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income payment = $700,015.

 No Incentive Fee on Income previously paid during the Trailing Twelve Quarters

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters - Incentive Fee on Income previously paid during the Trailing Twelve Quarters

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return during the Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Net Capital Loss during the relevant Trailing Twelve Quarters

 Net Capital Loss = 1% x $100,000,000 = $1,000,000

 Cumulative Pre-Incentive Fee Net Return = $4,000,000 – $1,000,000 = $3,000,000

 Therefore, the Incentive Fee Cap = 17.5% $3,000,000 = $525,000.

 Since the Incentive Fee Cap ($525,000) is less than the Incentive Fee on Income ($700,015), the Incentive Fee Cap is applied and a $525,000 Incentive Fee on Income is paid for the quarter

 Incentive fee for second quarter

 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $4,000,000 + $4,000,000 = $8,000,000

 Preferred Return = (Q1 NAV + Q2 NAV) 1.5% = $200,000,000 0.015 = $3,000,000
 Excess Income Amount above Preferred Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters (e.g., Q1 and Q2) - Preferred Return = $8,000,000-$3,000,000 = $5,000,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $3,000,000 (the Preferred Return) but less than 1.8182% (Q1 NAV + Q2 NAV), or $3,636,400. This Catch-up Amount equals $636,400.

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount = 0.175 ($8,000,000-$3,636,400) = $763,630

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income payment = $1,400,030.

 Incentive Fee on Income previously paid during the Trailing Twelve Quarters = $525,000.

 Total Incentive Fee on Income for Q2 = Incentive Fee on Income payment - amount previously paid during Trailing Twelve Quarters= $875,030

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return for the Trailing Twelve Quarters - Incentive Fee on Income previously paid for the Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters—Net Capital Loss in respect of the Trailing Twelve Quarters

 Net Capital Loss in respect of the Trailing Twelve Quarters = 1% x $100,000,000 + 1% x $100,000,000 = $2,000,000

 Cumulative Pre-Incentive Fee Net Return = $8,000,000 - $2,000,000 = $6,000,000

 Therefore Incentive Fee Cap = 17.5% $6,000,000 - $525,000 = $525,000.

 Since the Incentive Fee Cap ($525,000) is less than the Incentive Fee on Income ($875,030), the Incentive Fee Cap is applied and a $525,000 Incentive Fee on Income is paid for the quarter

 Incentive fee for third quarter
 Aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters = $4,000,000 + $4,000,000 + $4,000,000 = $12,000,000

 Preferred Return = (Q1 NAV + Q2 NAV + Q3 NAV) 1.5% = $300,000,000 0.015 = $4,500,000

 Excess Income Amount above Preferred Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters (e.g., Q1, Q2 and Q3) – Preferred Return = $12,000,000 - $4,500,000 = $7,500,000

 Catch-up Amount = 100% of Pre-Incentive Fee Net Investment Income that is greater than $4,500,000 (the Preferred Return) but less than 1.8182% (Q1 NAV + Q2 NAV + Q3 NAV), or $5,454,600 = $954,600.

 Post Catch-up Amount = 17.5% of Pre-Incentive Fee Net Investment Income that exceeds the Catch-up Amount = 0.175 ($12,000,000 - $5,454,600) = $1,145,445

 Catch-up Amount + Post Catch-up Amount = Incentive Fee on Income Payment = $2,100,045
 Incentive Fee on Income previously paid during the Trailing Twelve Quarters = $1,050,000.

 Total Incentive Fee on Income for Q3 = Incentive Fee on Income payment - amount previously paid during Trailing Twelve Quarters= $1,050,045

 Incentive Fee Cap = 17.5% of Cumulative Pre-Incentive Fee Net Return for the Trailing Twelve Quarters - Incentive Fee on Income previously paid for the Trailing Twelve Quarters

 Cumulative Pre-Incentive Fee Net Return = aggregate Pre-Incentive Fee Net Investment Income during the relevant Trailing Twelve Quarters - Net Capital Loss in respect of the Trailing Twelve Quarters

 Net Capital Loss in respect of the Trailing Twelve Quarters = 1% x $100,000,000 + 1% x $100,000,000 + 3% x $100,000,000 = $5,000,000

 Cumulative Pre-Incentive Fee Net Return = $12,000,000 - $5,000,000 = $7,000,000

 Therefore, the Incentive Fee Cap = 17.5% ($7,000,000 - $1,050,000) = $175,000

 Since the Incentive Fee Cap ($175,000) is less than the Incentive Fee on Income ($1,050,045), the Incentive Fee Cap is applied and a $175,000 Incentive Fee on Income is paid for the quarter
 (A) Solely for purposes of these illustrative examples, we have assumed that we have not incurred any leverage. However, we have in the past and expect to continue in the future to use leverage to partially finance our investments. In addition, solely for purposes of these illustrative examples, we have assumed the Incentive Fee Cap exceeds the incentive fee on income.

 Example 4: Incentive Fee on Capital Gains under the Investment Advisory Agreement
 Assumptions
 • Year 1: $10 million investment made in Company A ("Investment A"), $10 million investment made in Company B ("Investment B"), $10 million investment made in Company C ("Investment C"), $10 million investment made in Company D ("Investment D") and $10 million investment made in Company E ("Investment E").
 • Year 2: Investment A sold for $20 million, fair market value ("FMV") of Investment B determined to be $8 million, FMV of Investment C determined to be $12 million, and FMV of Investments D and E each determined to be $10 million.
 • Year 3: FMV of Investment B determined to be $8 million, FMV of Investment C determined to be $14 million, FMV of Investment D determined to be $14 million and FMV of Investment E determined to be $16 million.
 • Year 4: Investment D sold for $12 million, FMV of Investment B determined to be $10 million, FMV of Investment C determined to be $16 million and FMV of Investment E determined to be $14 million.

 • Year 5: Investment C sold for $20 million, FMV of Investment B determined to be $14 million and FMV of Investment E determined to be $10 million.
 • Year 6: Investment B sold for $16 million and FMV of Investment E determined to be $8 million.
 • Year 7: Investment E sold for $8 million and FMV.

 These assumptions are summarized in the following chart:

 Investment A
 Investment B
 Investment C
 Investment D
 Investment E
 Cumulative Unrealized Capital Depreciation
 Cumulative Realized Capital Losses
 Cumulative Realized Capital Gains

 Year 1
 --
 --
 --

 Year 2
 $20 million (sale price)
 $8 million
FMV
 $12 million FMV
 $10 million FMV
 $10 million FMV
 $2 million
 --
 $10 million

 Year 3
 --
 $8 million
FMV
 $14 million FMV
 $14 million FMV
 $16 million FMV
 $2 million
 --
 $10 million

 Year 4
 --
 $10 million FMV
 $16 million FMV
 $12 million (sale price)
 $14 million FMV
 --
 --
 $12 million

 Year 5
 --
 $14 million FMV
 $20 million (sale price)
 --
 $10 million FMV
 --
 --
 $22 million

 Year 6
 --
 $16 million (sale price)
 --
 --
 $8 million FMV
 $2 million
 --
 $28 million

 Year 7
 --
 --
 --
 --
 $8 million (sale price)
 --
 $2 million
 $28 million

 The Incentive Fee on Capital Gains under the Investment Advisory Agreement would be:
 • Year 1: None

 • Year 2: Capital Gains Fee = 17.5% multiplied by ($10 million realized capital gains on sale of Investment A less $2 million cumulative capital depreciation) = $1.4 million

 • Year 3: Capital Gains Fee = (17.5% multiplied by ($10 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $1.4 million cumulative Capital Gains Fee previously paid = $1.4 million less $1.4 million = $0.00 million

 • Year 4: Capital Gains Fee = (17.5% multiplied by ($12 million cumulative realized capital gains)) less $1.4 million cumulative Capital Gains Fee previously paid = $2.1 million less $1.4 million = $0.7 million

 • Year 5: Capital Gains Fee = (17.5% multiplied by ($22 million cumulative realized capital gains)) less $2.1 million cumulative Capital Gains Fee previously paid = $3.85 million less $2.1 million = $1.75 million

 • Year 6: Capital Gains Fee = (17.5% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $3.85 million cumulative Capital Gains Fee previously paid = $4.55 million less $3.85 million = $0.70 million

 • Year 7: Capital Gains Fee = (17.5% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $4.55 million cumulative Capital Gains Fee previously paid = $4.55 million less $4.55 million = $0.00 million
 Duration and Termination
 Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by our Board or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not interested persons. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may be terminated

 by either party without penalty upon 60 days' written notice to the other. The Investment Advisory Agreement may also be terminated, without penalty, upon the vote of a majority of our outstanding voting securities.
 Indemnification
 The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations, Oaktree and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Oaktree's services under the Investment Advisory Agreement or otherwise as our investment adviser.
 Organization of our Adviser
 Our Adviser is a Delaware limited liability company that is registered as an investment adviser under the Advisers Act. The principal address of our Adviser is 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071.
 Board Approval of the Investment Advisory Agreement
 At the meeting held on November 10, 2025, our Board of Directors, including all of the independent directors, unanimously approved the Investment Advisory Agreement. In reaching its decision to approve the Investment Advisory Agreement, our Board of Directors, including all of the independent directors, reviewed a significant amount of information, which had been furnished by Oaktree at the request of independent counsel, on behalf of the independent directors. In reaching a decision to approve the Investment Advisory Agreement, our Board of Directors considered, among other things:

 • the nature, extent and quality of services performed by Oaktree;
 • the investment performance of us and other Business Development Companies with a similar investment objective to us;
 • the costs of services provided and the profits realized by Oaktree and its affiliates from their relationship with us;
 • the possible economies of scale that would be realized due to our growth;
 • whether fee levels reflect such economies of scale for the benefit of investors; and
 • comparisons of services rendered to and fees paid by us with the services provided by and the fees paid to other investment advisers and the services provided to and the fees paid by other Oaktree clients.
 No single factor was determinative of the decision of our Board of Directors, including all of the independent directors, to approve the Investment Advisory Agreement and individual directors may have weighed certain factors differently. Throughout the process, the independent directors were advised by, and met separately with, independent counsel.
 Payment of Our Expenses
 Our primary operating expenses are the payment of (i) a base management fee and any incentive fees and (ii) the allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement. Our management fee compensates our Adviser for its work in identifying, evaluating, negotiating, executing and servicing our investments. We generally bear all other expenses of our operations and transactions, including (without limitation) fees and expenses relating to:

 • expenses of offering our debt and equity securities;
 • the investigation and monitoring of our investments;
 • the cost of calculating our net asset value;
 • the cost of effecting sales and repurchases of shares of our common stock and other securities;
 • management and incentive fees payable pursuant to the Investment Advisory Agreement;
 • fees payable to third parties relating to, or associated with, making investments and valuing investments (including third-party valuation firms);
 • transfer agent, trustee and custodial fees;
 • interest payments and other costs related to our borrowings;
 • fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events);

 • federal and state registration fees;
 • any exchange listing fees;
 • federal, state and local taxes;
 • independent directors' fees and expenses;
 • brokerage commissions;
 • costs of mailing proxy statements, stockholders' reports and notices;
 • costs of preparing government filings, including periodic and current reports with the SEC;
 • fidelity bond, liability insurance and other insurance premiums; and
 • printing, mailing, independent accountants and outside legal costs and all other direct expenses incurred by either our administrator or us in connection with administering our business, including payments under the Administration Agreement.
 Administration Agreement
 We are party to the Administration Agreement with Oaktree Administrator. Pursuant to the Administration Agreement, Oaktree Administrator provides administrative services to us necessary for our operations, which include providing office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as Oaktree Administrator, subject to review by our Board of Directors, shall from time to time deem to be necessary or useful to perform its obligations under the Administration Agreement. Oaktree Administrator may, on behalf of us, conduct relations and negotiate agreements with custodians, trustees, depositories, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Oaktree Administrator will make reports to our Board of Directors of its performance of obligations under the Administration Agreement and furnish advice and recommendations with respect to such other aspects of our business and affairs, in each case, as it shall determine to be desirable or as reasonably required by our Board of Directors; provided that Oaktree Administrator shall not provide any investment advice or recommendation.
 Oaktree Administrator also provides portfolio collection functions for interest income, fees and warrants and is responsible for the financial and other records that we are required to maintain, and prepares, prints and disseminates reports to our stockholders and all other materials filed with the SEC. In addition, Oaktree Administrator assists us in determining and publishing our net asset value, overseeing the preparation and filing of our tax returns, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others. Oaktree Administrator may also offer to provide, on our behalf, managerial assistance to our portfolio companies.
 For providing these services, facilities and personnel, we reimburse Oaktree Administrator the allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the rent of our principal executive offices (which are located in a building owned by a Brookfield affiliate) at market rates and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, their staffs and other non-investment professionals at Oaktree that perform duties for us. Such reimbursement is at cost, with no profit to, or markup by, Oaktree Administrator.
 The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations, Oaktree Administrator and its officers, managers, partners, agents, employees, controlling persons, members (or their owners) and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Oaktree Administrator's services under the Administration Agreement or otherwise as our administrator.
 Unless earlier terminated as described below, the Administration Agreement will remain in effect from year-to-year if approved annually by our Board of Directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not interested persons. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other. The Administration Agreement may also be terminated, without penalty, upon the vote of a majority of our outstanding voting securities.
 Competition
 We operate in a highly competitive market for investment opportunities. We compete for investments with various other investors, such as other public and private funds, other Business Development Companies, commercial and investment banks, commercial finance companies and to the extent they provide an alternative form of financing, private equity funds, some of

 which may be our affiliates. Oaktree manages or sub-advises other funds and accounts, or collectively, the Other Oaktree Funds, that may have investment objectives that overlap with ours, which may result in us receiving no or limited allocations. Many competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that will not be available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we do, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act and the Code impose on us. The competitive pressures could impair our business, financial condition and results of operations. As a result of this competition, we may not be able to take advantage of attractive investment opportunities. See "Item 1A. Risk Factors – Risks Relating to Our Business and Structure – We may face increasing competition for investment opportunities, which could reduce returns and result in losses."
 Staffing
 We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided through the Administration Agreement and the Investment Advisory Agreement.
 Allocation of Investment Opportunities and Potential Conflicts of Interest
 Our executive officers and directors, and certain members of our Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. For example, Oaktree presently serves as the investment adviser to Oaktree Gardens OLP, LLC, or OLPG, a private Business Development Company, and Oaktree Strategic Credit Fund, or OSCF, a continuously offered Business Development Company. All of our executive officers serve in substantially similar capacities for OLPG and OSCF, and one of our independent directors serves as an independent director of OSCF. OLPG and OSCF invest in senior secured loans, including first lien, unitranche and second lien debt instruments that pay interest at rates which are determined periodically on the basis of a floating base lending rate, made to private middle-market companies whose debt is rated below investment grade, similar to those we target for investment. Oaktree and its affiliates also manage or sub-advise other Business Development Companies, registered investment companies and private investment funds and accounts, and may manage other such funds and accounts in the future, which have investment mandates that are similar, in whole and in part, with ours. Therefore, there may be certain investment opportunities that satisfy the investment criteria for OLPG, OSCF and us as well as other Business Development Companies, registered investment companies and private investment funds and accounts advised or sub-advised by Oaktree or its affiliates. In addition, Oaktree and its affiliates may have obligations to investors in other entities that they advise or sub-advise, the fulfillment of which might not be in the best interests of us or our stockholders.
 For example, the personnel of our Adviser may face conflicts of interest in the allocation of investment opportunities to us and such other funds and accounts. Oaktree has investment allocation guidelines that govern the allocation of investment opportunities among the investment funds and accounts managed or sub-advised by Oaktree and its affiliates. To the extent an investment opportunity is appropriate for OLPG, OSCF or us or any other investment fund or account managed or sub-advised by Oaktree or its affiliates, Oaktree will adhere to its investment allocation guidelines in order to determine a fair and equitable allocation.
 We may invest alongside funds and accounts managed or sub-advised by our Adviser and its affiliates in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may invest alongside such accounts consistent with guidance promulgated by the staff of the SEC permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that our Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price or terms related to price.
 On November 14, 2025, OCM received exemptive relief from the SEC to allow certain managed funds and accounts, each of whose investment adviser is OCM or an investment adviser controlling, controlled by or under common control with OCM and Oaktree proprietary accounts, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions thereof, or the Exemptive Relief. Oaktree operates under a new form of Exemptive Relief that adopts a more flexible requirement that allocations be "fair and equitable" to us and that the Adviser consider the interests of us in allocations and which minimizes certain board approval requirements from the prior form of relief. Under the Exemptive Relief, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for us and each other participating Other Oaktree Fund. The requirements of the Exemptive Relief (including any requirements for board approval thereunder), as well as other regulatory requirements associated with us

 and other Business Development Companies and interval funds managed by Oaktree, potentially will impact the investment allocations among other participating Accounts (including, for the avoidance of doubt, us) or otherwise impact allocation results. Any changes to the Exemptive Relief or the rules and other guidance promulgated by the SEC and its Staff under the Investment Company Act could impact allocations made available to us and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate. We may also invest alongside funds managed by our Adviser and its affiliates in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may invest alongside such accounts consistent with guidance promulgated by the staff of the SEC permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that our Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price.
 Although Oaktree will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected to the extent investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and members of our Adviser. We might not participate in each individual opportunity, but will, on an overall basis, be entitled to participate equitably with other entities managed by Oaktree and its affiliates. Oaktree is committed to treating all clients fairly and equitably over time such that none receive preferential treatment vis- -vis the others over time, in a manner consistent with its fiduciary duty to each of them; however, in some instances, especially in instances of limited liquidity, the factors may not result in pro rata allocations or may result in situations where certain funds or accounts receive allocations where others do not.
 Pursuant to the Investment Advisory Agreement, our Adviser's liability is limited and we are required to indemnify our Adviser against certain liabilities. This may lead our Adviser to act in a riskier manner in performing its duties and obligations under the Investment Advisory Agreement than it would if it were acting for its own account, and creates a potential conflict of interest.
 Pursuant to the Administration Agreement, Oaktree Administrator furnishes us with the facilities, including our principal executive office, and administrative services necessary to conduct our day-to-day operations. We pay Oaktree Administrator its allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement, including, without limitation, a portion of the rent at market rates and compensation of our Chief Financial Officer, Chief Compliance Officer, their respective staffs and other non-investment professionals at Oaktree that perform duties for us.
 Election to be Taxed as a Regulated Investment Company

 We have elected to be treated, and intend to operate in a manner so as to continuously qualify annually, as a RIC for U.S. federal income tax purposes under Subchapter M of the Code. As a RIC, we generally will not be required to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute (or are deemed to distribute) to our stockholders as dividends. Instead, dividends we distribute (or are deemed to distributed) generally will be taxable to stockholders, and any net operating losses, foreign tax credits and most other tax attributes generally will not pass through to stockholders. We will be subject to U.S. federal corporate-level income tax on any undistributed income and gains. To continue to qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify for RIC tax treatment we must distribute (or be deemed to distribute) to our stockholders, for each taxable year, at least 90% of the Company's "investment company taxable income" for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses (determined without regard to the dividends paid deduction), or the Annual Distribution Requirement. Our qualification and taxation as a RIC depends upon our ability to satisfy on a continuing basis, through actual, annual operating results, distribution, income and asset, and other requirements imposed under the Code. However, no assurance can be given that we will be able to meet the complex and varied tests required to qualify as a RIC or to avoid corporate level tax. In addition, because the relevant laws may change, compliance with one or more of the RIC requirements may be impossible or impracticable.
 If we:
 • qualify as a RIC; and
 • satisfy the Annual Distribution Requirement;

 then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) we distribute (or are deemed to distribute) to stockholders. We are subject to U.S. federal income tax at the regular U.S. corporate income tax rates on any income or capital gain not distributed (or deemed distributed) to our stockholders.

 We will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless we distribute (or are deemed to distribute) in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, less certain reductions, as applicable, and on which we paid no U.S. federal income tax, in preceding years.
 In order to maintain our qualification as a RIC for U.S. federal income tax purposes, we must, among other things:
 • at all times during each taxable year, have in effect an election to be treated as a Business Development Company under the Investment Company Act;

 • derive in each taxable year at least 90% of our gross income from (a) dividends, interest, payments with respect to certain securities (including loans), gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships," or other income (including certain deemed inclusions) derived with respect to our business of investing in such stock, securities or foreign currencies and (b) net income derived from an interest in a "qualified publicly traded partnership;" (the "90% Gross Income Test") and

 • diversify our holdings so that at the end of each quarter of the taxable year:

 (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of its assets or more than 10% of the outstanding voting securities of the issuer; and

 (ii) no more than 25% of the value of our assets is invested in (a) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (b) the securities of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (c) the securities of one or more "qualified publicly traded partnerships" ((i) and (ii) collectively, the "Diversification Tests").
 We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with increasing interest rates or debt instruments issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount.
 Because we use debt financing, we are subject to certain asset coverage ratio requirements under the Investment Company Act described above and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources or are otherwise limited in our ability to make distributions, we could fail to qualify for RIC tax treatment and thus become subject to U.S. corporate-level income tax.
 Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (a) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (b) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (c) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (d) cause us to recognize income or gain without a corresponding receipt of cash; (e) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (f) adversely alter the characterization of certain complex financial transactions; or (g) produce income that will not be qualifying income for purposes of the 90% Gross Income Test described above. We will monitor our transactions and may make certain tax elections in order to mitigate the potential adverse effect of these provisions.
 If, in any particular taxable year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular U.S. corporate income tax rates without any deduction for distributions to stockholders, and distributions will be taxable to the stockholders as ordinary dividends to the extent of our current and accumulated earnings and profits.

 Business Development Company Regulations
 We have elected to be a Business Development Company under the Investment Company Act. As with other companies regulated by the Investment Company Act, a Business Development Company must adhere to certain substantive regulatory requirements. The Investment Company Act contains prohibitions and restrictions relating to transactions between Business Development Companies and their affiliates (including any investment advisers), principal underwriters and affiliates of those affiliates or underwriters.
 The Investment Company Act further requires that a majority of our directors be persons other than "interested persons," as that term is defined in the Investment Company Act. In addition, we may not change the nature of our business so as to cease to be, or withdraw our election as, a Business Development Company unless authorized by a vote of a majority of the outstanding voting securities, as required by the Investment Company Act. A majority of the outstanding voting securities of a company is defined under the Investment Company Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.
 We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, warrants, options or rights to acquire our common stock, at a price below the current net asset value of the common stock if our Board of Directors determines that such sale is in our best interests and that of our stockholders, and our stockholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our Board of Directors, closely approximates the market value of such securities (less any distributing commission or discount). We may also make rights offerings to our stockholders at prices per share less than the net asset value per share, subject to applicable requirements of the Investment Company Act.
 Investment Restrictions
 We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the Investment Company Act. Under such limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any registered investment company (which may be increased to 25% in certain circumstances under certain fund of funds arrangements), invest more than 5% of the value of our total assets in the securities of one registered investment company or invest more than 10% of the value of our total assets in the securities of registered investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject stockholders to additional indirect expenses. None of the policies described above is fundamental and each such policy may be changed without stockholder approval, subject to any limitations imposed by the Investment Company Act.
 Qualifying Assets
 Under the Investment Company Act, a Business Development Company may not acquire any asset other than assets of the type listed in Section 55(a) of the Investment Company Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. The principal categories of qualifying assets relevant to our business are any of the following:
 (1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the Investment Company Act as any issuer which:
 (a) is organized under the laws of, and has its principal place of business in, the United States;
 (b) is not an investment company (other than a small business investment company wholly owned by the Business Development Company) or a company that would be an investment company but for certain exclusions under the Investment Company Act; and
 (c) satisfies any of the following:
 (i) does not have any class of securities that is traded on a national securities exchange;
 (ii) has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

 (iii) is controlled by a Business Development Company or a group of companies including a Business Development Company and the Business Development Company has an affiliated person who is a director of the eligible portfolio company; or
 (iv) is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million;
 (2) Securities of any eligible portfolio company that we control;
 (3) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;
 (4) Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company;
 (5) Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities; or
 (6) Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.
 Managerial Assistance to Portfolio Companies
 A Business Development Company must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, a Business Development Company must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance. However, when a Business Development Company purchases securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance includes any arrangement whereby a Business Development Company, through its directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.
 Temporary Investments
 Pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment (collectively, "temporary investments") so that 70% of our assets are qualifying assets. We may also invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as the Company, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our gross assets constitute repurchase agreements from a single counterparty, we would not meet the Diversification Tests. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.
 Senior Securities
 At a special meeting of stockholders held on June 28, 2019, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us, effective as of June 29, 2019. The reduced asset coverage requirements permit us to double the maximum amount of leverage that we are permitted to incur by reducing the asset coverage requirements applicable to us from 200% to 150%. As a result of the reduced asset coverage requirement, we can incur $2 of debt for each $1 of equity.
 Consistent with applicable legal and regulatory requirements, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as calculated as provided in the Investment Company Act, is at least 150% immediately after each such issuance. In addition, while any senior securities remain outstanding, we may make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We

 would also be permitted to borrow amounts up to 5% of the value of our total assets for generally up to 60 days for temporary purposes without regard to asset coverage.
 Other
 We are subject to periodic examination by the SEC for compliance with the Investment Company Act.
 We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a Business Development Company, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.
 We and our Adviser are each required to adopt and implement written policies and procedures reasonably designed to prevent violation of the U.S. federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a Chief Compliance Officer to be responsible for administering the policies and procedures.
 Code of Ethics
 We have adopted a joint code of ethics with OLPG and OSCF pursuant to Rule 17j-1 under the Investment Company Act and we have also approved Oaktree's code of ethics that was adopted by it under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act. These codes establish procedures for personal investments and restrict certain personal securities transactions. Personnel subject to the codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the applicable code's requirements. The codes of ethics are available on the EDGAR Database on the SEC's website at www.sec.gov and our code of ethics is available at the Investors: Corporate Governance portion of our website at www.oaktreespecialtylending.com.
 Proxy Voting Policies and Procedures
 We have delegated our proxy voting responsibility to our Adviser. The proxy voting policies and procedures of our Adviser are set forth below. These guidelines are reviewed periodically by our Adviser and our independent directors, and, accordingly, are subject to change.
 An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, our Adviser recognizes that it must vote portfolio securities in a timely manner free of conflicts of interest and in the best interests of its clients.
 These policies and procedures for voting proxies are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.
 Our Adviser will vote proxies relating to our portfolio securities, if any, in what it perceives to be the best interest of our stockholders. Our Adviser will review on a case-by-case basis each proposal submitted to a shareholder vote to determine its impact on portfolio securities held by us. Although our Adviser will generally vote against proposals that may have a negative impact on our portfolio securities, it may vote for such a proposal if there are compelling long-term reasons to do so.
 Our Adviser's proxy voting decisions will be made by officers who are responsible for monitoring each of our investments. To ensure that the vote is not the product of a conflict of interest, our Adviser will require that: (1) anyone involved in the decision-making process disclose to the Chief Compliance Officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision-making process or vote administration are prohibited from revealing how our Adviser intends to vote on a proposal, in order to reduce any attempted influence from interested parties.
 Stockholders may obtain information regarding how we voted proxies by making a written request for proxy voting information to: Oaktree Specialty Lending Corporation, Chief Compliance Officer, 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071.

 Reporting Obligations
 We file annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Securities Exchange Act of 1934, as amended, or the Exchange Act.
 We make available on or through our website certain reports and amendments to those reports that we file with or furnish to the SEC in accordance with the Exchange Act. These include our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. We make this information available on our website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC. The SEC also maintains a website that contains reports, proxy and information statements and other information we file with the SEC at www.sec.gov.
 We maintain a website at www.oaktreespecialtylending.com. The information on our website is not incorporated by reference in this annual report on Form 10-K.
 Sarbanes-Oxley Act Compliance
 We are subject to the reporting and disclosure requirements of the Exchange Act, including the filing of quarterly, annual and current reports, proxy statements and other required items. In addition, we are subject to the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, which imposes a wide variety of regulatory requirements on public companies and their insiders. For example:

 • pursuant to Rule 13a-14 under the Exchange Act, our chief executive officer and chief financial officer are required to certify the accuracy of the financial statements contained in our periodic reports;
 • pursuant to Item 307 of Regulation S-K, our periodic reports are required to disclose our conclusions about the effectiveness of our disclosure controls and procedures; and
 • pursuant to Rule 13a-15 under the Exchange Act, our management is required to prepare a report regarding its assessment of our internal control over financial reporting. Our independent registered public accounting firm is required to audit our internal control over financial reporting.
 The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

 Stock Exchange Corporate Governance Regulations
 The Nasdaq Stock Market LLC has adopted corporate governance regulations that listed companies must comply with. We are in compliance with such corporate governance regulations as applicable to us.

 Item 1A. Risk Factors
 Investing in our securities involves a number of significant risks. In addition to the other information contained in this annual report on Form 10-K, you should consider carefully the following information before making an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the trading price of our securities could decline, and you may lose part or all of your investment. The risk factors described below are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.
 An investment in our securities involves risks. The following is a summary of the principal risks that you should carefully consider before investing in our securities.
 • Global economic, political and market conditions have (and in the future, could further) adversely affect our business, results of operations and financial condition and those of our portfolio companies.
 • Changes in interest rates may affect our cost of capital and net investment income.
 • A significant portion of our investment portfolio is and will continue to be recorded at fair value and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments.

 • Our ability to achieve our investment objective depends on our Adviser's ability to support our investment process; if our Adviser were to lose key personnel or they were to resign, our ability to achieve our investment objective could be significantly harmed.
 • Because we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us.
 • There are significant potential conflicts of interest that could adversely impact our investment returns.
 • Regulations governing our operation as a Business Development Company and RIC affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
 • Our investments in portfolio companies may be risky, and we could lose all or parts of our investments.
 • Shares of closed-end investment companies, including Business Development Companies, may trade at a discount to their net asset value.
 • The market price of our common stock may fluctuate significantly.
 • Economic recessions or downturns may have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our portfolio companies to repay debt or pay interest.
 Risks Relating to Our Business and Structure
 Global economic, political and market conditions have (and in the future, could further) adversely affect our business, results of operations and financial condition and those of our portfolio companies.

 Any disruptions in the capital markets may increase the spread between the yields realized on risk-free and higher risk securities and can result in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing of credit risk in the broadly syndicated market. These and any other unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. During the spring of 2020, the occurrence of these events during the initial onset of the COVID-19 pandemic negatively impacted the fair value of the investments that we held and, if they were to occur again in the future, could limit our investment originations (including as a result of the investment professionals of our Adviser diverting their time to the restructuring of certain investments), negatively impact our operating results and limit our ability to grow. More recently, the fair value of our investments was adversely affected by increasing market yields.

 In addition, market conditions (including inflation, supply chain issues and decreased consumer demand) have adversely impacted, and could in the future further impact, the operations of certain of our portfolio companies. If the financial results of middle-market companies, like those in which we invest, experience deterioration, it could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults, and further deterioration in market conditions will further depress the outlook for those companies. Further, adverse economic conditions decreased and may in the future decrease the value of collateral securing some of our loans and the value of our equity investments. Such conditions have required and may in the future require us to modify the payment terms of our investments, including changes in PIK interest provisions and/or cash interest rates. The performance of certain of our portfolio companies has been, and in the future may be, negatively impacted by these economic or other conditions, which can result in our receipt of reduced interest income from our portfolio companies and/or realized and unrealized losses related to our investments, and, in turn, may adversely affect distributable income and have a material adverse effect on our results of operations.

 We may be adversely affected by the foregoing events or by similar or other events in the future. In the longer term, there may be significant new regulations that could limit our activities and investment opportunities or change the functioning of the capital markets, and there is the possibility of continued severe worldwide economic downturn. Consequently, we may not be capable of, or successful at, preserving the value of our assets, generating positive investment returns or effectively managing risks.

 The current state of global credit markets may affect the value of our investments. Further disruption and deterioration of the global debt markets (particularly the U.S. debt markets) or a significant rise in market perception of counterparty default risk would be likely to significantly reduce investor demand for, and liquidity of, all securities. Oaktree itself could also be affected by difficult conditions in the capital markets and any overall weakening of the financial services industry. Ongoing disruptions in the global credit markets may affect issuers' ability to pay debts and obligations on a timely basis. If defaults occur, we could generate realized losses in, and lose anticipated profits from, any affected investments.

 Recent developments in global financial markets have illustrated that the current environment is one of uncertainty for financial services companies. The existence of such events has had, and the continuation or worsening of any such events, or

 other events, may have or continue to have, a material adverse effect on the availability of credit to businesses generally and may lead to further overall weakening of the U.S. and global economies. Any resulting economic downturn could adversely affect the financial resources of our investments, which in turn may adversely affect or restrict our ability to sell or liquidate investments at favorable times or at favorable prices or which otherwise may have an adverse impact on our activities and operations, restrict our investment activities and/or impede our ability to effectively achieve our investment objective. In addition, new regulations may be issued in response to economic or political developments that could limit our activities and investment opportunities.
 Changes in interest rates may affect our cost of capital and net investment income.
 General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income, our net asset value and the market price of our common stock. The majority of our debt investments have, and are expected to have, variable interest rates that reset periodically based on benchmarks such as the Secured Overnight Financing Rate, or SOFR, the Sterling Overnight Index Average, or SONIA, the federal funds rate, prime rate or any other offered rate benchmark or index. An increase in interest rates will make it more difficult for our portfolio companies to service their debt obligations (including under the debt investments that we will hold) and increase the likelihood of defaults even if our investment income increases in the short term. Rising interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, as interest rates increase and the corresponding risk of a default by borrowers increases, the liquidity of higher interest rate loans may decrease as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. All of these risks may be exacerbated if interest rates were to again rise rapidly and/or significantly. Decreases in credit spreads on debt that pays a floating rate of return will have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities.
 Conversely, as interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require our Adviser and the Investment Professionals to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans.
 In addition, because we borrow to fund our investments, a portion of our net investment income is dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which we invest these funds. Portions of our investment portfolio and our borrowings have floating rate components. As a result, elevated interest rates increased our interest expense as may the incurrence of additional fixed rate borrowings. In future periods of rising interest rates, our cost of funds would again increase, which would tend to reduce our net investment income. We may hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swap agreements, futures, options and forward contracts, subject to applicable legal requirements, including all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. In addition, our interest expense may not decrease at the same rate as overall interest rates because of our fixed rate borrowings, which could lead to greater declines in our net investment income. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.
 Elevated interest rates have the effect of increasing our net investment income, which makes it easier for our Adviser to receive incentive fees.
 Elevated interest rates have the effect of increasing the interest rate that we receive on many of our debt investments. Accordingly, in an elevated interest rate environment, it is easier for our Adviser to meet the Preferred Return for payment of income incentive fees under the Investment Advisory Agreement, which has resulted in, and may in the future result in, an increase in the amount of the income-based incentive fee payable to our Adviser.
 Tariffs may adversely affect us or our portfolio companies.
 Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

 A significant portion of our investment portfolio is and will continue to be recorded at fair value and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments.
 Under the Investment Company Act, we are required to carry our portfolio investments, including unfunded commitments, at market value or, if there is no readily available market value, at fair value as determined by our Adviser in its capacity as our valuation designee. Typically, there is not a public market for the securities of the privately held companies in which we have invested and will generally continue to invest. As a result, our Adviser values these securities quarterly at fair value under the oversight of our Board of Directors. The fair value of such securities may change, potentially materially, between the date of the fair value determination and the release of the financial results for the corresponding period or the next date at which fair value is determined.
 Certain factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company's earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly-traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our Adviser's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. In addition, any investments that include OID or PIK interest may have unreliable valuations because their continuing accruals require ongoing judgments about the collectability of their deferred payments and the value of their underlying collateral. Due to these uncertainties, our Adviser's fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments. As a result, investors purchasing our common stock based on an overstated net asset value would pay a higher price than the realizable value of our investments might warrant.
 In addition, the participation of the Investment Professionals in the valuation process could result in a conflict of interest as the management fee payable to our Adviser is based on our gross assets and the incentive fees earned by the Adviser are based, in part, on unrealized gains and losses.
 Our ability to achieve our investment objective depends on our Adviser's ability to support our investment process; if our Adviser were to lose key personnel or they were to resign, our ability to achieve our investment objective could be significantly harmed.
 We depend on the investment expertise, skill and network of business contacts of the senior personnel of our Adviser. Our Adviser evaluates, negotiates, structures, executes, monitors and services our investments. Key personnel of our Adviser have departed in the past and current key personnel could depart at any time. Our Adviser's capabilities in structuring the investment process, providing competent, attentive and efficient services to us, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in adequate number and of adequate sophistication to match the corresponding flow of transactions. The departure of key personnel or of a significant number of the investment professionals or partners of our Adviser could have a material adverse effect on our ability to achieve our investment objective. Our Adviser may need to hire, train, supervise and manage new investment professionals to participate in our investment selection and monitoring process and may not be able to find investment professionals in a timely manner or at all.
 In addition, our Adviser may resign on 60 days' notice. If we are unable to quickly find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, our operations are likely to experience a disruption and our ability to achieve our investment objective and pay distributions would likely be materially and adversely affected.
 Our business model depends to a significant extent upon strong referral relationships, and the inability of the personnel associated with our Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
 We expect that personnel associated with our Adviser will maintain and develop their relationships with intermediaries, banks and other sources, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If these individuals fail to maintain their existing relationships or develop new relationships with other sources of investment opportunities, we may not be able to grow or maintain our investment portfolio. In addition, individuals with whom the personnel associated with our Adviser have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. The failure of the personnel associated with our Adviser to maintain existing relationships, grow new relationships, or for those relationships to generate investment opportunities could have an adverse effect on our business, financial condition and results of operations.

 We may face increasing competition for investment opportunities, which could reduce returns and result in losses.
 We compete for investments with other Business Development Companies, public and private funds (including hedge funds, mezzanine funds and CLOs) and private equity funds (to the extent they provide an alternative form of financing), as well as traditional financial services companies such as commercial and investment banks, commercial financing companies and other sources of financing. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do. We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. If we are forced to match our competitors' pricing, terms and structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors are not subject to, the regulatory restrictions that the Investment Company Act imposes on us as a Business Development Company.
 The incentive fee we pay to our Adviser relating to capital gains may be effectively greater than 17.5%.
 The Adviser may be entitled to receive an incentive fee based on our capital gains, calculated on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each fiscal year. As a result of the operation of the cumulative method of calculating such capital gains portion of the incentive fee, the cumulative aggregate capital gains fee received by our Adviser could be effectively greater than 17.5%, depending on the timing and extent of subsequent net realized capital losses or net unrealized depreciation. This result would occur to the extent that, following receipt by the Adviser of a capital gain incentive fee, we subsequently realized capital depreciation and capital losses in excess of cumulative realized capital gains. We cannot predict whether, or to what extent, this payment calculation would affect your investment in our securities.
 Our ability to enter into transactions with our affiliates is restricted.
 We are prohibited under the Investment Company Act from participating in certain transactions with certain of our affiliates without the prior approval of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the Investment Company Act, and we are generally prohibited from buying or selling any securities (other than our securities) from or to such affiliate, absent the prior approval of our independent directors. The Investment Company Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent directors and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such person, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. As a result of these restrictions, except in situations described below, we may be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to any portfolio company of a private equity fund managed by our Adviser without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us.
 We may also invest alongside funds managed by our Adviser and its affiliates in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may invest alongside such accounts consistent with guidance promulgated by the staff of the SEC permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that our Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price.
 A failure on our part to maintain our qualification as a Business Development Company would significantly reduce our operating flexibility.
 If we fail to continuously qualify as a Business Development Company, we might be subject to regulation as a registered closed-end investment company under the Investment Company Act, which would significantly decrease our operating flexibility. In addition, failure to comply with the requirements imposed on Business Development Companies by the Investment Company Act could cause the SEC to bring an enforcement action against us.

 Regulations governing our operation as a Business Development Company and RIC affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
 In order to qualify for the tax benefits available to RICs and to minimize corporate-level U.S. federal income taxes, we intend to distribute (or be deemed to distribute) to our stockholders at least 90% of our taxable income each taxable year, except that we may retain certain net capital gains for investment, and treat such amounts as deemed distributions to our stockholders. If we elect to treat any amounts as deemed distributions, we would be subject to U.S. federal income tax at the U.S. corporate income tax rate on such deemed distributions on behalf of our stockholders.
 As a Business Development Company, we are required to invest at least 70% of our total assets primarily in securities of U.S. private or thinly-traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment.
 As a Business Development Company, we may issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that our asset coverage, as defined in the Investment Company Act, equals at least 150% after such incurrence or issuance. These requirements limit the amount that we may borrow, may unfavorably limit our investment opportunities and may reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. If the value of our assets declines, we may be unable to satisfy the asset coverage test, which could prohibit us from paying distributions and could prevent us from being subject to tax as a RIC. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous.
 Because we will continue to need capital to grow our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so. As a result of these requirements we need to periodically access the capital markets to raise cash to fund new investments at a more frequent pace than our privately owned competitors. We generally are not able to issue or sell our common stock at a price below net asset value per share, which may be a disadvantage as compared with other public companies or private investment funds. When our common stock trades at a discount to net asset value, this restriction could adversely affect our ability to raise capital. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current net asset value of the common stock if our Board of Directors and independent directors determine that such sale is in our best interests and the best interests of our stockholders, and our stockholders as well as those stockholders that are not affiliated with us approve such sale in accordance with the requirements of the Investment Company Act. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board of Directors, closely approximates the market value of such securities (less any underwriting commission or discount).
 We also may make rights offerings to our stockholders at prices less than net asset value, subject to applicable requirements of the Investment Company Act. If we raise additional funds by issuing more shares of our common stock or issuing senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders may decline at that time and such stockholders may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on terms favorable to us or at all. If additional funds are not available to us, we could be forced to curtail or cease new investment activities.
 In addition, we may in the future seek to securitize our portfolio securities to generate cash for funding new investments. To securitize loans, we would likely create a wholly-owned subsidiary and contribute a pool of loans to the subsidiary. We would then sell interests in the subsidiary on a non-recourse basis to purchasers and we would retain all or a portion of the equity in the subsidiary. An inability to successfully securitize our loan portfolio could limit our ability to grow our business or fully execute our business strategy and may decrease our earnings, if any. The securitization market is subject to changing market conditions and we may not be able to access this market when we would otherwise deem appropriate. Moreover, the successful securitization of our portfolio might expose us to losses as the residual investments in which we do not sell interests will tend to be those that are riskier and more apt to generate losses. The Investment Company Act also may impose restrictions on the structure of any securitization.
 Developments in the banking sector could materially affect the success of our activities and investments.
 Insolvency, closure, receivership or other financial distress or difficulty and related events experienced by certain U.S. and non-U.S. banks, each, a Distress Event, have caused uncertainty and fear of instability in the global financial system generally. In addition, eroding market sentiment and speculation of potential future Distress Events have caused other financial institutions – in particular smaller and/or regional banks – to experience volatile stock prices and significant losses in their equity value, and there is concern that depositors at these institutions have withdrawn, or may withdraw in the future, significant sums from their accounts at these institutions, potentially triggering the occurrence of additional Distress Events. Notwithstanding intervention by certain U.S. and non-U.S. governmental agencies to protect the uninsured depositors of banks

 that have recently experienced Distress Events, there is no guarantee that depositors (which depositors could include us and/or our portfolio companies) that have assets in excess of the amount insured by governmental agencies on deposit with a financial institution that experiences a Distress Event will be made whole or, even if made whole, that such deposits will become available for withdrawal or other usage on a timely basis.
 There is a risk that other banks, other lenders, or other financial institutions (including such financial institutions in their respective capacities as brokers, hedging counterparties, custodians, loan servicers, administrators, intermediary or other service providers (the foregoing, together with banks, each, a "Financial Institution")) may be similarly impacted, and it is uncertain what steps (if any) government or other regulators may take in such circumstances. As a consequence, for example, Oaktree, us and/or our portfolio companies may be delayed or prevented from accessing funds or other assets, making any required payments under debt or other contractual obligations, paying distributions or pursuing key strategic initiatives. In addition, such bank or other Financial Institution Distress Events and/or attendant instability could adversely affect, in certain circumstances, the ability of both affiliated and unaffiliated joint venture partners, co-lenders, syndicate lenders or other parties to undertake and/or execute transactions with us, which in turn may result in fewer investment opportunities being made available to us or being consummated by us, result in shortfalls or defaults under existing investments, or impact our ability to provide additional follow-on support to portfolio companies. Distress Events could also impact the ability of Oaktree, us and/or portfolio companies to access hedging, loan servicing, monitoring, compliance (including compliance with anti-money laundering and related laws and regulations), administration, intermediation or other services, either permanently or for an extended period of time.
 In addition, in the event that a Financial Institution that provides credit facilities and/or other financing to us, any of our affiliates, and/or one or more of our portfolio companies closes or experiences any other Distress Event, there can be no assurance that such Financial Institution will honor its obligations to provide such financing or that we or such portfolio company will be able to secure replacement financing or credit accommodations at all or on similar terms, or be able to do so without suffering delays or incurring losses or significant additional expenses. Similarly, if a Distress Event leads to a loss of access to a Financial Institution's other services (in addition to financing and other credit accommodations), it is also possible that we or our portfolio companies will incur additional expenses or delays in putting in place alternative arrangements or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital, or otherwise). We and our portfolio companies are subject to similar risks if a Financial Institution utilized by our investors or by suppliers, vendors, brokers, dealers, custodians, loan and portfolio servicers, hedging and other service providers or other counterparties of us or our portfolio companies becomes subject to a Distress Event, which could have a material adverse effect on us. We, our affiliates, and our portfolio companies are expected to be subject to contractual obligations to maintain all or a portion of their respective assets with a particular Financial Institutions (including, without limitation, in connection with a credit facility or other financing transaction). Accordingly, although each of Oaktree and us seeks to do business with Financial Institutions that it believes are creditworthy and capable of fulfilling their respective obligations, there can be no expectation that any of the foregoing, or any of their respective affiliates or portfolio companies will establish banking relationships or financial arrangements with multiple Financial Institutions or maintain account balances at or below the relevant insured amounts with respect to any Financial Institution.
 Uncertainty caused by recent bank failures – and general concern regarding the financial health and outlook for other Financial Institutions – could have an overall negative effect on banking systems and financial markets generally. These recent developments may also have other implications for broader economic and monetary policy, including interest rate policy. For the foregoing reasons, there can be no assurance that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect us, our portfolio companies or our respective financial performance.
 We are subject to risks associated with international conflicts.
 Wars and other international conflicts, such as the Israeli-Palestinian conflict and the ongoing military conflict between Russia and Ukraine, have caused disruption to global financial systems, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions on certain of the countries involved, as well as related individuals and businesses. However, the ultimate impact of these conflicts and their effect on global economic and commercial activity and conditions, and on our operations, financial condition and performance or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict.
 These conflicts may have a significant adverse impact and result in significant losses to use. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities and reductions in the availability of capital. It may also limit our ability to source, due diligence and execute new investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to our investment strategy, all of which could adversely affect our ability to fulfill our investment objectives.

 Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
 Our Board of Directors has the authority to modify or waive our current investment objective, operating policies and strategies without prior notice and without stockholder approval. We cannot predict the effect any changes to our current investment objective, operating policies and strategies would have on our business, net asset value, operating results and value of our stock. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose part or all of your investment.
 Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
 We and our portfolio companies are subject to regulation at the local, state and federal level. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make or that impose limits on our ability to pledge a significant amount of our assets to secure loans or that restrict the operations of a portfolio company, any of which could harm us and our stockholders and the value of our investments, potentially with retroactive effect. Any amendment or repeal of legislation, or changes in regulations or regulatory interpretations thereof, could create uncertainty in the near term, which could have a material adverse impact on our business, financial condition and results of operations.
 Additionally, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth herein and may result in our investment focus shifting from the areas of expertise of our Adviser to other types of investments in which our Adviser may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.
 We are subject to risks associated with respect to sustainability matters.
 Oaktree has established Sustainability Policy, which the Adviser intends to apply to our investments as applicable, consistent with and subject to applicable fiduciary duties and any legal, regulatory or contractual requirements. Depending on the investment, sustainability factors could have a material effect on the return and risk profile of the investment. The act of selecting and evaluating material sustainability factors is subjective by nature, Oaktree may be subject to competing demands from different investors and other stakeholder groups with divergent views on sustainability matters, including the role of sustainability factors in the investment process, and there is no guarantee that the criteria utilized or judgment exercised by the Adviser or a third-party sustainability advisor will reflect the views, internal policies or preferred practices of any particular investor or other asset managers or reflect market trends. Although Oaktree views the consideration of sustainability to be an opportunity to potentially enhance or protect the performance of its investments over the long-term, Oaktree cannot guarantee that its sustainability program, which depends in part on qualitative judgments, will positively impact the performance of any individual investment or us as a whole. Similarly, to the extent the Adviser or a third-party advisor engages with portfolio investments on sustainability-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the performance of the investment. Successful engagement efforts on the part of the Adviser or a third-party advisor will depend on the Adviser's or any relevant third-party advisor's ability to engage with the relevant investment and skill in properly identifying and analyzing material ESG and other factors and their value, and there can be no assurance that the strategy or techniques employed will be successful.
 The materiality of ESG factors on an individual asset or issuer and on a portfolio as a whole depends on many factors, including the relevant industry, location, asset class and investment strategy. ESG factors and sustainability issues and considerations do not apply in every instance or with respect to each investment held, or proposed to be made, by us, and will vary greatly based on numerous criteria, including, but not limited to, location, industry, investment strategy, and issuer-specific and investment-specific characteristics. In evaluating a prospective investment, the Adviser often depends upon information and data provided by the entity or obtained via third-party reporting or advisors, which may be incomplete or inaccurate and could cause the Adviser to incorrectly identify, prioritize, assess or analyze the entity's sustainability practices and/or related risks and opportunities. The Adviser does not intend to independently verify certain of the sustainability information reported by our investments, and may decide in its discretion not to utilize, report on, or consider certain information provided by such investments. Any sustainability reporting will be provided in the Adviser's sole discretion.
 In addition, Oaktree's Sustainability Policy and associated procedures and practices are expected to change over time. Oaktree is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its sustainability initiatives based on cost, timing or other considerations. It is also possible that market dynamics or other factors will make it impractical, inadvisable or impossible for the Adviser to adhere to all elements of our investment strategy, including with respect to its sustainability program, whether with respect to one or more individual investments or to our portfolio generally. Sustainability-related statements, initiatives and goals as described in this annual report on Form 10-K with

 respect to our investment strategy, portfolio, and investments are aspirational and not guarantees or promises that all or any such initiatives and goals will be achieved other than as set out in any applicable regulatory disclosures, including those made pursuant to the Sustainable Finance Disclosure Regulation (SFDR).
 Further, sustainability integration and responsible investing practices as a whole are evolving rapidly and there are different principles, frameworks, methodologies and tracking tools being implemented by asset managers, and Oaktree's adoption of and adherence to such principles, frameworks, methodologies and tools may vary over time. For example, Oaktree's Sustainability Policy does not represent a universally recognized standard for assessing sustainability considerations. Any sustainability-related initiatives to which Oaktree is or becomes a signatory, member, or supporter may not align with the approach used by other asset managers (or preferred by prospective investors) or with future market trends. There is no guarantee that Oaktree will remain a signatory, supporter or member of or continue to report at the intended cadence or at all under or in alignment with such initiatives or other similar industry frameworks.
 Moreover, in recent years anti-ESG sentiment has gained momentum across the U.S., with several states, the executive branch and federal agencies, and Congress having proposed, enacted or indicated an intent to pursue "anti-ESG" policies, legislation, or initiatives, issued related legal opinions and pursued related investigations and litigation. Additionally, asset managers have been subject to recent scrutiny related to ESG-focused industry working groups, initiatives, and associations, including organizations advancing action to address sustainability matters, climate change or climate-related risk. Further, some conservative groups and federal and state officials have asserted that the Supreme Court's decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Several media campaigns and cases alleging discrimination based on such arguments have been initiated since the decision, and in January 2025, the Trump Administration signed a number of Executive Orders focused on diversity, equity, and inclusion, or DEI, which caution the private sector to end "illegal DEI discrimination and preferences" and are being implemented in a wide range of federal policies, regulations, and other initiatives. Anti-ESG and anti-DEI-related policies, legislation, initiatives, litigation, legal opinions, and scrutiny could result in Oaktree facing additional compliance obligations, becoming the subject of investigations, litigation, or enforcement actions, or sustaining reputational harm, or require certain investors to divest or discourage certain investors from investing in us.
 Regulators in jurisdictions, including in the U.S., UK and EU, have shown interest in improving transparency around the role of sustainability in asset managers' investment processes in order to allow investors to better understand, scrutinize and validate sustainability-related and other claims. For example, the SEC sometimes reviews compliance with sustainability commitments in examinations, and it has taken enforcement actions against registered investment advisers for not establishing adequate or consistently implementing sustainability policies and procedures to meet sustainability commitments to investors. Compliance with regulations concerning asset managers' sustainability and sustainability disclosures, including those set forth below, results in management burdens and costs because of, for example, the need to obtain advice from third-party advisors; implement specific governance, risk management systems, and internal controls; and collect information from and about investments. Further, changes to existing regulations, enactment of new regulations, and changes to enforcement patterns could subject Oaktree or us to additional compliance burdens, costs, and/or enforcement risks, or impact our ability to deliver on our investment strategy. Oaktree cannot guarantee that its current approach to sustainability (including the Sustainability Policy) will meet future regulatory requirements.
 We, Oaktree and/or our portfolio companies may be subject to disclosure laws and regulations related to a range of sustainability matters, including greenhouse gas emissions; climate change risks; diversity, equity and inclusion; and human rights matters, or Sustainability Disclosure Laws. In the fall of 2023, California passed the Climate Corporate Data Accountability Act (SB-253) and Climate-Related Financial Risk Act (SB-261), which will impose broad climate-related disclosure obligations on U.S.-organized entities that meet certain revenue thresholds and do business in California, as well as the Voluntary Carbon Market Disclosures Act (AB-1305), which is focused on the voluntary carbon market for carbon credits but also includes disclosure requirements for companies with a required nexus to California making certain climate-related claims. In Europe, the Corporate Sustainability Reporting Directive introduces wide-ranging and detailed obligations for European and non-European undertakings to make disclosures in accordance with the European Sustainability Reporting Standards on impacts, risks and opportunities on a "double materiality" basis. In addition to assessing the financial materiality of a sustainability matter, sustainability matters that pertain to the undertaking's actual or potential, positive or negative impacts on people or the environment over the short-, medium-, or long-term must be disclosed. Impacts may include those connected with the entity's own operations and upstream and downstream value chain, including through its products and services, as well as through its business relationships. Other jurisdictions have also enacted or are considering enacting mandatory climate and sustainability reporting laws (in many cases based on the recommendations of the Task Force on Climate-related Financial Disclosures or the standards published by the International Sustainability Standards Board), as well as laws requiring reporting of information on other sustainability topics, such as human capital. Compliance with Sustainability Disclosure Laws may require the implementation of or changes to systems and procedures for the collection and processing of relevant data and related internal and external controls, changes to management and/or operational obligations, and dedication of substantial time and financial resources. The compliance burden and related costs may increase over time. Failure to comply with applicable

 Sustainability Disclosure Laws may lead to investigations and audits, fines, other enforcement action or liabilities, or reputational damage.
 We, Oaktree and/or our portfolio companies may be subject to laws and regulations requiring due diligence processes and internal compliance systems in relation to a range of human rights and environmental matters, or Sustainability Due Diligence Laws. For example, a number of jurisdictions have passed or proposed mandatory due diligence requirements in relation to forced labor and human rights matters across corporate groups and supply chains. Compliance with Sustainability Due Diligence Laws may require the development or update of internal compliance and enterprise risk management policies and related procedures; assigning board and/or management oversight as well as day-to-day operational responsibility for in-scope human rights and environmental matters; implementation of periodic compliance risk assessments; updates to contractual frameworks and agreements; the development of preventative and/or corrective action plans; changes to purchasing, design, and distribution practices, where relevant; and the development or update of notification mechanisms and complaints procedures. The compliance burden and related costs may increase over time. Failure to comply with applicable Sustainability Due Diligence Laws may lead to investigations and audits, fines, exclusion from public procurement, other enforcement action or liabilities, including civil liability or liability from third-party claims, and reputational damage.
 There are a number of different principles, frameworks, and/or methodologies for integrating sustainability-related incentives, mandates, and/or reporting requirements into financing arrangements. Any principles, frameworks, and/or methodologies which we anticipate referencing and/or utilizing may not align with other asset managers and/or those preferred by prospective investors. In addition, unless otherwise stated in our regulatory disclosures, no assurance is given that any of our financing arrangements will align with particular market frameworks, including the International Capital Market Association's Green Bond, Social Bond or Sustainability-Linked Bond Principles, or the Green Loan, Social Loan, and/or Sustainability-Linked Loan Principles published by the Loan Market Association, Loan Syndications and Trading Association, and the Asia Pacific Loan Market Association, or the Principles. Furthermore, to the extent any of such financing arrangement is considered to be aligned with any relevant Principles at origination by us, there is no guarantee that such financing will maintain alignment with the Principles over the relevant term. Any declassification and/or deviation with the applicable Principles may expose us and/or Oaktree to certain investigations, claims, and/or allegations, which may lead to increased costs and/or result in adverse consequences for certain investors with sustainability-aligned portfolio mandates.
 We are subject to risks associated with inflation.

 High rates of inflation and rapid increases in the rate of inflation generally have a negative impact on financial markets and the broader economy. In an attempt to stabilize inflation, governments may impose wage and price controls or otherwise intervene in a country's economy. Governmental efforts to curb inflation, including by increasing interest rates or reducing fiscal or monetary stimuli, often have negative effects on the level of economic activity. Certain countries, including the United States, have recently seen increased levels of inflation, and persistently high levels of inflation could have a material and adverse impact on our investments and our aggregated returns. For example, if a portfolio company were unable to increase its revenue while the cost of relevant inputs were increasing, the company's profitability would likely suffer. Likewise, to the extent a portfolio company has revenue streams that are slow or unable to adjust to changes in inflation, including by contractual arrangements or otherwise, the portfolio company could increase revenue by less than its expenses increase. Conversely, as inflation declines, a portfolio company may see its competitors' costs stabilize sooner or more rapidly than its own. Moreover, increasing inflation will also impact currencies and can lead to significant currency fluctuations. This has recently resulted in a strengthening of the U.S. dollar vis- -vis many other currencies but there can be no assurances that such trends will continue and/or that this trend will not reverse such that the U.S. dollar is weakened vis- -vis other currencies. Additionally, because the Preferred Return is not linked to the rate of inflation, as the rate of inflation increases the proportion of real returns (i.e., the nominal rate of return less the rate of inflation), it is easier for the Adviser to exceed the Preferred Return for payment of income incentive fees under the Investment Advisory Agreement, which may result in an increase in the amount of the income-based incentive fee payable to our Adviser. There can be no assurance that high rates of inflation will not have a material adverse effect on our investments.
 We and/or our portfolio companies may be materially and adversely impacted by global climate change.
 Global climate change is widely considered to be a significant threat to the global economy. Real estate and similar assets in particular may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends, and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events and rising sea levels and temperatures.
 The market's focus on climate change may not have a positive impact on our investments.
 Financial resources and public and private investment into business activities seeking to address climate change, reduce emissions and promote adaptation to climate change-related impacts are increasing. While financial and non-financial benefits may flow from these types of investments, Oaktree cannot guarantee that such activities will improve the financial or

 environmental, social and governance-related performance of the investment, reduce emissions or promote adaptation to climate change-related impacts and Oaktree may also not find itself in a position to maximize opportunities presented by such business activities whether in respect of financial or non-financial returns.
 Additionally, the Paris Agreement and other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas, or GHG, emissions may expose real estate and similar assets to so-called "transition risks" in addition to physical risks, such as: (i) political and policy risks (e.g., changing regulatory incentives and legal requirements, including with respect to GHG emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks (e.g., changing legal requirements that could result in increased permitting, tax and compliance costs, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks (e.g., declining market for assets, products and services seen as GHG intensive or less effective than alternatives in reducing GHG emissions) and (iv) reputational risks (e.g., risks tied to changing investor, customer or community perceptions of an asset's relative contribution to GHG emissions). Oaktree cannot rule out the possibility that climate risks, including changes in weather and climate patterns, could result in unanticipated delays or expenses and, under certain circumstances, could prevent completion of investment activities or the effective management of real estate and similar assets once undertaken, any of which could have a material adverse effect on an investment, or us.
 We may face significant environmental liability in connection with our investments.
 We may face significant environmental liability in connection with our investments. When compared to the United States, the historical lack or inadequacy of environmental regulation in certain non-U.S. countries has led to the widespread pollution of air, ground and water resources. The legislative framework for environmental liability in these countries has not been fully established or implemented. The extent of the responsibility, if any, for the costs of abating environmental hazards may be unclear when we are considering an investment. We may engage the services of qualified environmental consultants as necessary to assess the environmental condition of property which may be or is an investment. Nevertheless, we or a company in which we invest may be considered an owner or operator of properties on or in which asbestos or other hazardous or toxic substances exist and, therefore, potentially liable for removal or remediation costs, as well as certain other related costs, including governmental fines and costs of injuries to persons and property. These costs can be substantially in excess of the value of the property. The presence of environmental contamination, pollutants or other hazardous or toxic substances on or emanating from a property (whether known at the time of acquisition or not) could also result in personal injury (and associated liability) to persons on or in the vicinity of the property and persons removing such materials, future or continuing property damage (which may adversely affect property value) or claims by third parties, including as a result of exposure to or damage from such materials through the spread of contaminants.
 Environmental laws, regulations and regulatory initiatives play a significant role in the energy and utility industries and can have a substantial impact on investments in this industry. For example, global initiatives to minimize pollution have played a major role in the increase in demand for gas and alternative energy sources, creating numerous new investment opportunities. Conversely, required expenditures for environmental compliance have adversely impacted investment returns in a number of segments of the industry. The energy and utility industries will continue to face considerable oversight from environmental regulatory authorities. We may invest in portfolio companies that are subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements. There can be no guarantee that all costs and risks regarding compliance with environmental laws and regulations can be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose substantial additional costs on portfolio companies or potential investments. Compliance with such current or future environmental requirements does not ensure that the operations of the portfolio companies will not cause injury to the environment or to people under all circumstances or that the portfolio companies will not be required to incur additional unforeseen environmental expenditures. Moreover, failure to comply with any such requirements could have a material adverse effect on a portfolio company, and there can be no assurance that portfolio companies will at all times comply with all applicable environmental laws, regulations and permit requirements. Past practices or future operations of portfolio companies could also result in material personal injury or property damage claims, which could have an adverse effect on our performance.
 Economic and trade sanctions and anti-bribery laws could make it more difficult or costly for us to conduct our operations or achieve our business objectives.
 Economic and trade sanctions laws in the United States and other jurisdictions may prohibit Oaktree, the Investment Professionals and us from transacting with or in certain countries and with certain individuals, companies and industry sectors. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control, or OFAC, administers and enforces laws, Executive Orders and regulations establishing U.S. sanctions. Such sanctions prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. These entities and individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs. In addition, certain sanctions programs prohibit dealing with individuals or entities in

 certain countries, or certain securities and certain industry sectors regardless of whether relevant individuals or entities appear on the lists maintained by OFAC, which may make it more difficult for us to comply with applicable sanctions. These types of sanctions may significantly restrict or limit our investment activities in certain countries (in particular, certain emerging market countries). We, Oaktree and the Investment Professionals may be subject to trade sanctions laws and regulations of other jurisdictions, which may be inconsistent with or even seek to prohibit compliance with certain sanctions programs administered by OFAC. The legal uncertainties arising from those conflicts may make it more difficult or costly for us to navigate investment activities that are subject to sanctions administered by OFAC or the laws and regulations of other jurisdictions. Some jurisdictions where Oaktree or its portfolio companies do business have adopted measures prohibiting compliance with certain U.S. sanctions programs, which may make compliance with all applicable sanctions impossible.
 At the same time, Oaktree may be obligated to comply with certain anti-boycott laws and regulations that prevent Oaktree and us from engaging in certain discriminatory practices that may be allowed or required in certain jurisdictions. Oaktree's refusal to discriminate in this manner could make it more difficult for us to pursue certain investments and engage in certain business activities, and any compliance with such practices could subject Oaktree or us to fines, penalties, and adverse legal and reputational consequences.
 In some countries, there is a greater acceptance than in the United States and the UK of government involvement in commercial activities and of activities constituting corruption in the United States and the UK. Certain countries, including the United States and the UK, have laws prohibiting governmental and private commercial, or commercial, bribery. We and Oaktree are committed to complying with the U.S. Foreign Corrupt Practices Act, or the FCPA, the UK Bribery Act 2010, or the UK Bribery Act, and other anti-corruption laws, anti-bribery laws and regulations, as well as anti-boycott regulations, to which we are subject. As a result, we may be adversely affected because of our unwillingness to participate in transactions that violate such laws or regulations. Such laws and regulations may make it difficult in certain circumstances for us to act successfully on investment opportunities and for portfolio companies to obtain or retain business.
 In recent years, the U.S. Department of Justice and the SEC have devoted greater resources to enforcement of the FCPA and have devoted greater scrutiny to investments by private equity sponsors. In addition, the UK, with enactment of the UK Bribery Act, has expanded the reach of its anti-bribery laws significantly. While Oaktree has developed and implemented policies and procedures designed to ensure strict compliance by Oaktree and its personnel with the FCPA and the UK Bribery Act and the sanctions regimes that apply to Oaktree, such policies and procedures may not be effective in all instances to prevent violations or offenses. In addition, in spite of Oaktree's policies and procedures, affiliates of portfolio companies, particularly in cases in which we or an Other Oaktree Fund do not control such portfolio company, may engage in activities that could result in FCPA, UK Bribery Act or other violations of law. Any determination that Oaktree has violated or committed an offense under the FCPA, UK Bribery Act or other applicable anti-corruption laws or anti-bribery laws or sanctions requirements could subject Oaktree to, among other things, civil and criminal penalties, reputational damage, material fines, profit disgorgement, injunctions on future conduct, securities litigation, disclosure obligations and a general loss of investor confidence, any one of which could adversely affect Oaktree's business prospects and/or financial position, as well as our ability to achieve its investment objective and/or conduct its operations.
 We may face a breach of our cyber security, which could result in adverse consequences to our operations and exposure of confidential information.
 Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and are expected to continue to increase in frequency and severity in the future. The information and technology systems of Oaktree, its affiliates, portfolio companies, issuers and service providers may be vulnerable to damage or interruption from cybersecurity breaches, computer viruses or other malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and other security breaches, usage errors or malfeasance by their respective professionals or service providers, power, communications or other service outages, and catastrophic events such as fires, tornadoes, floods, hurricanes, earthquakes or terrorist incidents. If unauthorized parties gain access to such information and technology systems, or if personnel abuse or misuse their access privileges, they may be able to steal, publish, delete or modify private and sensitive information, including non-public personal information related to our stockholders (and their beneficial owners) and material non-public information. Although Oaktree has implemented, and portfolio companies, issuers and service providers may implement, various measures to manage risks relating to these types of events, such systems could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Oaktree does not control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to Oaktree, its affiliates, us, our stockholders and/or a portfolio company or issuer, each of whom could be negatively impacted as a result. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified in a timely manner or at all, even with sophisticated prevention and detection systems. This could potentially result in further harm and prevent such breaches from being addressed appropriately. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in Oaktree's, its affiliates', our and/or a portfolio company's

 or issuer's operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders (and their beneficial owners), material non-public information and the intellectual property and trade secrets and other sensitive information of Oaktree and/or portfolio companies or issuers. We, Oaktree and/or a portfolio company could be required to make a significant investment to remedy the effects of any such failures, harm to our reputations, legal claims that we or our respective affiliates may be subjected to regulatory action or enforcement arising out of applicable privacy and other laws, adverse publicity, and other events that may affect our business and financial performance.
 We and our portfolio companies will be subject to regulations related to privacy, data protection and information securities, and any failure to comply with these requirements could result in fines, sanctions or other penalties, which could have a material adverse effect on our business and our reputation.
 The adoption, interpretation and application of consumer protection, data protection and/or privacy laws and regulations in the United States, Europe or other jurisdictions, or Privacy Laws, could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and current and planned business activities of Oaktree and us and/or our portfolio companies, and increase compliance costs and require the dedication of additional time and resources to compliance for such entities. A failure to comply with such Privacy Laws by any such entity or their service providers could result in fines, sanctions or other penalties, which could materially and adversely affect the results of operations and overall business, as well as have a negative impact on reputation and our performance. As Privacy Laws are implemented, interpreted and applied, compliance costs are likely to increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place.
 For example, California has passed the California Consumer Privacy Act of 2018 and the California Privacy Rights Act of 2020, each of which broadly impacts businesses that handle various types of personal data. Such laws impose stringent legal and operational obligations on regulated businesses, as well as the potential for significant penalties. Other jurisdictions, including other U.S. states, already have, have proposed or are considering similar Privacy Laws, which impose, or could impose if enacted, similarly significant costs, potential liabilities and operational and legal obligations. Such Privacy Laws and regulations are expected to vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens, and the potential for significant liability for regulated entities, which could include Oaktree and us and/or our portfolio companies.
 We are subject to risks associated with artificial intelligence and machine learning technology.
 Recent technological advances in artificial intelligence and machine learning technology, or Machine Learning Technology, as well as the rapid growth and widespread use thereof, pose risks to us, Oaktree and our portfolio investments. Machine Learning Technology has the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which we invest, and any such changes could render Oaktree's underwriting models obsolete or create new and unpredictable operational, legal and/or regulatory risks. Oaktree expects to utilize Machine Learning Technology (including Machine Learning Technology developed by Oaktree) in connection with its business activities, including investment and reporting activities. The costs of Machine Learning Technology, including service provider costs and Oaktree's costs of developing its own Machine Learning Technology, will generally be borne by us.

 Oaktree intends to periodically evaluate and/or adjust internal policies governing use of Machine Learning Technology by its personnel. Notwithstanding any such policies, Oaktree personnel, portfolio managers, senior executives, Industry Specialists and other associated persons of Oaktree or any affiliates of Oaktree could, unbeknownst to Oaktree, utilize Machine Learning Technology in contravention of such policies. We, Oaktree and our portfolio investments could be further exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties, whether or not known to Oaktree, also use Machine Learning Technology in their business activities. Oaktree will not be in a position to control the use of Machine Learning Technology in third-party products or services, including those provided by Oaktree's and its affiliates service providers.
 Use of Machine Learning Technology by any of the parties described in the previous paragraph could include the input of confidential information (including material non-public information)—either by third parties in contravention of non-disclosure agreements, or by Oaktree personnel or the aforementioned Oaktree advisors and affiliates in contravention of Oaktree's policies, contractual or other obligations or restrictions to which any of the foregoing or any of their affiliates or representatives are subject, or otherwise in violation of applicable laws or regulations relating to treatment of confidential and/or personally identifiable information (including material non-public information) —into Machine Learning Technology applications, resulting in such confidential information becoming part of a dataset that is accessible by other third-party Machine Learning Technology applications and users.
 Independent of its context of use, Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. Even where Machine Learning Technology is utilizing accurate data, it could, nonetheless,

 output results that contain, in whole or in part, inaccurate information, which may be difficult or impossible to identify, and it may be difficult or impossible to modify such Machine Learning Technology to eliminate these occurrences. Additionally, the ongoing development, maintenance and operation of Machine Learning Technology is expensive and complex and may involve unforeseen difficulties, including material performance problems and undetected defects or errors. To the extent that we, Oaktree or our portfolio investments are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on us, Oaktree or our portfolio investments. Conversely, to the extent competitors of Oaktree and its portfolio companies utilize Machine Learning Technology more extensively than Oaktree and its portfolio companies, there is a possibility that such competitors will gain a competitive advantage.
 In addition, many jurisdictions have passed or are considering laws and regulations concerning Machine Learning Technology, the impact of which is unknown. Any of the foregoing factors could have a material and adverse effect on us, Oaktree and/or our portfolio companies. Machine Learning Technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.
 We may be unable to invest a significant portion of the net proceeds from an offering of our securities on acceptable terms within an attractive timeframe.
 Delays in investing the net proceeds raised in an offering of our securities may cause our performance to be worse than that of fully invested Business Development Companies or other lenders or investors pursuing comparable investment strategies. We cannot assure you that we will be able to identify any investments that meet our investment objective or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of any offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.
 We anticipate that, depending on market conditions, it may take us a substantial period of time to invest substantially all of the net proceeds of any offering in securities meeting our investment objective. During this period, we may use the net proceeds to pay down outstanding debt or we may invest the net proceeds of an offering primarily in cash, cash equivalents, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, which may produce returns that are significantly lower than the returns which we expect to achieve when our portfolio is fully invested in securities meeting our investment objective. As a result, any distributions that we pay during this period may be substantially lower than the distributions that we may be able to pay when our portfolio is fully invested in securities meeting our investment objective. In addition, until such time as the net proceeds of an offering are invested in securities meeting our investment objective, the market price for our common stock may decline. Thus, the return on your investment may be lower than when, if ever, our portfolio is fully invested in securities meeting our investment objective.
 We may allocate the net proceeds from an offering in ways with which you may not agree.
 We have significant flexibility in investing the net proceeds of an offering, and may do so in a way with which you may not agree. Additionally, our Adviser will select our investments subsequent to the closing of an offering, and our securityholders will have no input with respect to such investment decisions. Further, other than general limitations that may be included in a future credit facility, the holders of our debt securities will generally not have veto power or a vote in approving any changes to our investment or operational policies. These factors increase the uncertainty, and thus the risk, of investing in our securities. In addition, pending such investments, we will invest the net proceeds from an offering primarily in high quality, short-term debt securities, consistent with our Business Development Company election and our election to be taxed as a RIC, at yields significantly below the returns which we expect to achieve when our portfolio is fully invested in securities meeting our investment objective. If we are not able to identify or gain access to suitable investments, our income may be limited.

 Risks Relating to Conflicts of Interest

 Our base management fee may induce our Adviser to incur leverage.

 Our base management fee is payable based upon our gross assets, which includes borrowings for investment purposes, which may encourage our Adviser to use leverage to make additional investments. Given the subjective nature of the investment decisions made by our Adviser on our behalf and the discretion related to incurring leverage in connection with any such investments, it will be difficult to monitor this potential conflict of interest between us and our Adviser.

 Our incentive fee may induce our Adviser to make speculative investments.

 The incentive fee payable by us to our Adviser may create an incentive for it to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. The incentive fee payable to our Adviser includes a

 component based on a percentage of our net investment income (subject to a Preferred Return), which may encourage our Adviser to use leverage to increase the return on our investments or otherwise manipulate our income so as to recognize income in quarters where the Preferred Return is exceeded and may result in an obligation for us to pay an incentive fee to the Adviser even if we have incurred a loss for an applicable period.

 The incentive fee payable by us to our Adviser also may create an incentive for our Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these investments, we would accrue the interest over the life of the investment but would not receive the cash income from the investment until the end of the investment's term, if at all. Our net investment income used to calculate the income portion of our incentive fee, however, includes accrued interest. Thus, a portion of the incentive fee would be based on income that we have not yet received in cash and may never receive in cash if the portfolio company is unable to satisfy such interest payment obligation to us. While we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a formal "clawback" right against our Adviser, the amount of accrued income written off in any period will reduce the income in the period in which such write-off was taken and thereby reduce such period's incentive fee payment.

 In addition, our Adviser may be entitled to receive an incentive fee based upon net capital gains realized on our investments. Unlike the portion of the incentive fee based on income, there is no performance threshold applicable to the portion of the incentive fee based on net capital gains. As a result, our Adviser may have a tendency to invest more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

 Given the subjective nature of the investment decisions made by our Adviser on our behalf, we will be unable to monitor these potential conflicts of interest between us and our Adviser.

 There may be conflicts of interest related to obligations that Oaktree's senior management and investment team have to Other Oaktree Funds.
 Actual and potential conflicts between Oaktree and its affiliates, on one hand, and us and our portfolio companies, on the other hand, are expected to occur. Oaktree manages or sub-advises the Other Oaktree Funds, which present the possibility of overlapping investments, and thus the potential for conflicts of interest. Many of the investments targeted by us will be appropriate for certain Other Oaktree Funds, and in retrospect or at different points in the market cycle, investments that were made by us may seem more appropriate for an Other Oaktree Fund, and vice versa. Many of the investments targeted by us may be appropriate for Other Oaktree Funds within those strategies. Our stockholders have no ability to challenge such allocation. Such procedures give Oaktree broad authority to allocate investment opportunities, notwithstanding the potential conflicts of interest that may exist. For example, economic and liquidity provisions may differ significantly between us and the Other Oaktree Funds, creating an economic incentive for Oaktree to allocate investments that may be appropriate for a lower fee or more liquid strategy to a higher fee or less liquid strategy.
 In addition, there are potential conflicts of interests between the interests of us and our stockholders, on the one hand, and the business interests of Oaktree, on the other hand. Potential conflicts of interests include, but are not limited to, the fact that Oaktree serves as our investment adviser. If any matter arises that Oaktree determines in its good faith judgment constitutes an actual conflict of interest, Oaktree may take such actions as may be necessary or appropriate to prevent or reduce the conflict.
 Our executive officers and directors, and certain members of our Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. For example, Oaktree presently serves as the investment adviser to OLPG, a private Business Development Company, and OSCF, a continuously offered Business Development Company. All of our executive officers serve in substantially similar capacities for OLPG, and one of our independent directors serves as an independent director of OSCF. OLPG and OSCF invest in senior secured loans, including first lien, unitranche and second lien debt instruments that pay interest at rates which are determined periodically on the basis of a floating base lending rate, made to private middle-market companies whose debt is rated below investment grade, similar to those we target for investment. Oaktree and its affiliates also manage or sub-advise other Business Development Companies, registered investment companies and private investment funds and accounts, and may manage other such funds and accounts in the future, which have investment mandates that are similar, in whole and in part, with ours. Therefore, there may be certain investment opportunities that satisfy the investment criteria for OLPG, OSCF and us as well as other Business Development Companies and Other Oaktree Funds. In addition, Oaktree and its affiliates may have obligations to investors in other entities that they advise or sub-advise, the fulfillment of which might not be in the best interests of us or our stockholders. An investment in us is not an investment in any of these other entities.

 For example, the personnel of our Adviser may face conflicts of interest in the allocation of investment opportunities to us and such other funds and accounts. Moreover, the Adviser and the Investment Professionals are engaged in other business activities which divert their time and attention. The Investment Professionals will devote as much time to us as such professionals deem appropriate to perform their duties in accordance with the Investment Advisory Agreement. However, such persons may be committed to providing investment advisory and other services for other clients, and engage in other business ventures in which we have no interest. As a result of these separate business activities, the Adviser may have conflicts of interest in allocating management time, services and functions among us, other advisory clients and other business ventures.

 Oaktree has investment allocation guidelines that govern the allocation of investment opportunities among the investment funds and accounts managed or sub-advised by Oaktree and its affiliates. To the extent an investment opportunity is appropriate for OLPG, OSCF or us or any other investment fund or account managed or sub-advised by Oaktree or its affiliates, Oaktree will adhere to its investment allocation guidelines in order to determine a fair and equitable allocation.

 On November 14, 2025, OCM received the Exemptive Relief from the SEC to allow certain managed funds and accounts, each of whose investment adviser is OCM or an investment adviser controlling, controlled by or under common control with OCM and Oaktree proprietary accounts, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions thereof. Oaktree operates under a new form of Exemptive Relief that adopts a more flexible requirement that allocations be "fair and equitable" to us and that the Adviser consider the interests of us in allocations and which minimizes certain board approval requirements from the prior form of relief. Under the Exemptive Relief, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for us and each other participating Other Oaktree Fund. The requirements of the Exemptive Relief (including any requirements for board approval thereunder), as well as other regulatory requirements associated with us and other Business Development Companies and interval funds managed by Oaktree, potentially will impact the investment allocations among other participating Accounts (including, for the avoidance of doubt, us) or otherwise impact allocation results. Any changes to the Exemptive Relief or the rules and other guidance promulgated by the SEC and its Staff under the Investment Company Act could impact allocations made available to us and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate. We may also invest alongside funds managed by our Adviser and its affiliates in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may invest alongside such accounts consistent with guidance promulgated by the staff of the SEC permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that our Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price or terms related to price.

 Although Oaktree will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected to the extent investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and members of our Adviser. We might not participate in each individual opportunity, but will, on an overall basis, be entitled to participate equitably with other entities managed by Oaktree and its affiliates. Oaktree seeks to treat all clients fairly and equitably such that none receive preferential treatment vis- -vis the others over time, in a manner consistent with its fiduciary duty to each of them; however, in some instances, especially in instances of limited liquidity, the factors may not result in pro rata allocations or may result in situations where certain funds or accounts receive allocations where others do not.

 Pursuant to the Investment Advisory Agreement, our Adviser's liability is limited and we are required to indemnify our Adviser against certain liabilities. This may lead our Adviser to act in a riskier manner in performing its duties and obligations under the Investment Advisory Agreement than it would if it were acting for its own account, and creates a potential conflict of interest.

 In addition, we may make investments in different parts of the capital structure of companies in which Other Oaktree Funds already hold an investment. Generally speaking, Oaktree expects that we will make such investments only when, at the time of investment, Oaktree believes that (a) such investment is in our best interests and (b)(i) the possibility of actual adversity between us, on the one hand, and the Other Oaktree Fund, on the other hand, is remote, (ii) either the potential investment by us or the investment of such Other Oaktree Fund is not large enough to control any actions taken by the collective holders of securities of such company or asset or (iii) in light of the particular circumstances, Oaktree determines in its discretion and in good faith that such investment is appropriate for us, notwithstanding the potential for conflict. If any conflict were to arise, however, Oaktree will be permitted to take certain actions that, in the absence of such conflict, it would not take, such as causing us to remain passive, investing in the same class of securities to align interests, divesting investments or taking other actions to reduce adversity, which may have the effect of benefiting certain Other Oaktree Funds, and not us. Given that we generally intend to invest higher in the capital structure, it is likely we will remain passive in the event of a conflict, meaning that we must rely on other investors holding the same types of securities or obligations to advocate on behalf of our class. Oaktree has no obligation to advise these other holders of any potential claims they may have of which Oaktree may be aware

 or to consider their interests when advocating on behalf of the Other Oaktree Funds that hold investments in lower parts of the capital structure.

 Under certain circumstances, we potentially will be offered an opportunity to make an investment in a transaction in which one or more Other Oaktree Funds is expected to make an investment, or in a company in which one or more Other Oaktree Funds already has made, or concurrently will make, an investment. The Investment Company Act and the exemptive relief also impose restrictions on our ability to participate in certain transactions with other Oaktree Funds. As a result, we and the Other Oaktree Fund potentially will have conflicting interests in negotiating the terms of such investments. In negotiating the purchase of such investments, the nature of the covenants, and other terms and conditions of such securities, the Other Oaktree Funds potentially will have interests that conflict with ours. In that regard, subject to the requirements of the Investment Company Act and the exemptive relief, actions may be taken for the Other Oaktree Funds that are adverse to us. Such conflicts also have the potential to arise in the negotiations of amendments or waivers or in a workout or bankruptcy. It is possible that in a bankruptcy proceeding, our interests would be subordinated or otherwise adversely affected by virtue of such Other Oaktree Funds' involvement and actions relating to its investment. Oaktree will seek to manage such conflicts in good faith and in a manner it believes is consistent with its duties to us and the Other Oaktree Funds and under the Investment Company Act and the exemptive relief, if applicable.

 Pursuant to the Administration Agreement, Oaktree Administrator furnishes us with the facilities, including our principal executive office, and administrative services necessary to conduct our day-to-day operations. We pay Oaktree Administrator its allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement, including, without limitation a portion of the rent at market rates and the compensation of our Chief Financial Officer, Chief Compliance Officer, their respective staffs and other non-investment professionals at Oaktree that perform duties for us. This arrangement creates conflicts of interest that our Board of Directors must monitor.

 The Adviser may offer other investors the opportunity to participate in investments side by side with us.

 The Adviser may in its sole discretion offer strategic and other investors the opportunity to participate in one or more of our investments on a side-by-side basis, subject to compliance with the applicable provisions of the Investment Company Act and the allocation procedures described in "Item 1. Business—Allocation of Investment Opportunities and Potential Conflicts of Interest". The terms of any such investment opportunity shall be determined by the Adviser, including any management fee or incentive fee charged in connection therewith, and may vary with respect to any such investment opportunity. In addition, Oaktree and the Investment Team currently manage, and in the future are expected to manage additional assets for one or more advisory clients through a separate account or similar arrangement employing an investment strategy investing in parallel with, or similar to, our strategy. Such arrangements potentially will afford those clients different terms than us. Advisory clients that have been granted additional access to portfolio information or enhanced transparency may be able to make investment decisions based on information and at times not generally available to other investors, including unitholders. Any such investment decisions made by these advisory clients on the basis of such information, including any substantial withdrawals or redemptions, could adversely affect the market value of our portfolio and therefore the value of our common stock.

 Oaktree personnel work on matters related to Other Oaktree Funds.

 The Adviser will devote such time as they deem necessary to conduct our business affairs in an appropriate manner. However, Oaktree personnel will work on matters related to Other Oaktree Funds and other Oaktree managed strategies, including providing transaction-related, legal, management and other services to Other Oaktree Funds and portfolio companies. Conflicts may arise in the allocation of personnel among us and such other funds and strategies. As a result, Oaktree personnel will work on other projects, and conflicts may therefore arise in the allocation of personnel among us and such other projects. For example, certain members of the Investment Team are contractually required to, and will, devote substantial portions of their business time to the management and operation of the Other Oaktree Funds.

 We may realize different investment returns than Other Oaktree Funds.

 We and Other Oaktree Funds have the potential to make investments at different times and/or on different terms or exit any of such investments at different times and/or on different terms compared to such investment made on behalf of us. In addition, we likely will not invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as such Other Oaktree Funds. This likely will result in differences in price, investment terms, leverage and associated costs between us and any Other Oaktree Funds. Therefore, we may realize different investment returns than such Other Oaktree Funds, with respect to any investment made alongside some or all of such entities. Oaktree shall have sole discretion in determining what investments we will be offered to pursue. As a result, there is no guarantee that we will be offered the opportunity to invest in any particular investments or type of investments alongside any Other Oaktree Funds. The

 terms, conditions and the time of investment and disposition of investments held by us may be materially different from those of any such Other Oaktree Funds.

 Risks Relating to Our Use of Leverage

 Because we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us.

 Borrowings, also known as leverage, magnify the potential for loss on invested equity capital. We expect to continue to use leverage to partially finance our investments, through borrowings from banks and other lenders and/or issuing unsecured notes, which will increase the risks of investing in our common stock, including the likelihood of default. We borrow under our credit facilities and unsecured notes. On November 30, 2017, we entered into a Senior Secured Revolving Credit Agreement, or as amended and/or restated from time to time, the Syndicated Facility, with the lenders, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and MUFG Union Bank, N.A. as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents. In addition, we have three series of unsecured notes outstanding: our 2.700% notes due 2027, or the 2027 Notes, our 7.100% Notes due 2029, or the 2029 Notes, and our 6.340% notes due 2030, or the 2030 Notes. We may issue other debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. To the extent we incur additional leverage, these effects would be further magnified, increasing the risk of investing in us. Such a decline could negatively affect our ability to make common stock distributions or scheduled debt payments. Leverage is generally considered a speculative investment technique and we only intend to use leverage if expected returns will exceed the cost of borrowing.

 As of September 30, 2025, we had $545.0 million of outstanding indebtedness under our credit facility, $350.0 million of outstanding 2027 Notes, $300.0 million of outstanding 2029 Notes and $300.0 million of outstanding 2030 Notes. These debt instruments require periodic payments of interest. The weighted average interest rate charged on our borrowings as of September 30, 2025 was 6.5 % (exclusive of deferred financing costs and inclusive of the impact of an interest rate swap designated as a hedging instrument). We will need to generate sufficient cash flow to make these required interest payments. In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our September 30, 2025 total assets of at least 3.28%. If we are unable to meet the financial obligations under our credit facilities, the lenders under such credit facilities will have a superior claim to our assets over our stockholders. If we are unable to meet the financial obligations under the 2027 Notes, 2029 Notes or 2030 Notes, the holders thereof will have the right to declare the principal amount and accrued and unpaid interest on such notes to be due and payable immediately.

 When we incur additional leverage, our net asset value will decline more sharply if the value of our assets declines and the effects of leverage described above will be magnified.

 Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below.

 Assumed Return on Portfolio (Net of Expenses)
 - 10%
 - 5%
 0%
 5%
 10%

 Corresponding net return to common stockholder
 - 26.75 %
 - 16.68 %
 - 6.61 %
 3.47 %
 13.54 %

 For purposes of this table, we have assumed $2,952.7 million in total assets (less all liabilities and indebtedness not represented by senior securities), $1,495.0 million in debt outstanding, $1,465.8 million in net assets as of September 30, 2025, and a weighted average interest rate of 6.5 % as of September 30, 2025 (exclusive of deferred financing costs and inclusive of the impact of an interest rate swap designated as a hedging instrument). Actual interest payments may be different.

 Substantially all of our assets are subject to security interests under our credit facility and if we default on our obligations under such facility, we may suffer adverse consequences, including foreclosure on our assets.

 As of September 30, 2025, substantially all of our assets were pledged as collateral under our credit facility and may be pledged as collateral under future credit facilities. If we default on our obligations under these facilities, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests or their superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which

 we have historically operated. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the distributions that we have historically paid to our stockholders.

 In addition, if the lenders exercise their right to sell the assets pledged under our credit facility or future credit facilities, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the credit facilities.

 We may enter into reverse repurchase agreements, which are another form of leverage.

 We may enter into reverse repurchase agreements as part of our management of our temporary investment portfolio. Our entry into any such reverse repurchase agreements would be subject to the Investment Company Act limitations on leverage. In connection with entry into a reverse repurchase agreement, we would effectively pledge our assets as collateral to secure a short-term loan. Generally, the other party to the agreement would make a loan to us in an amount equal to a percentage of the fair value of the collateral we have pledged. At the maturity of the reverse repurchase agreement, we will be required to repay the loan and then receive back our collateral. While used as collateral, the assets continue to pay principal and interest which are for the benefit of us.

 Our use of reverse repurchase agreements, if any, involves many of the same risks involved in our use of leverage. For example, the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that we have sold but we would remain obligated to purchase those securities, meaning that we bear the risk of loss that the proceeds at settlement are less than the fair value of the securities pledged. In addition, the market value of the securities retained by us may decline. If a buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experience insolvency, we would be adversely affected. In addition, due to the interest costs associated with reverse repurchase agreements, our net asset value would decline, and, in some cases, we may be worse off than if we had not used such agreements.

 Risks Related to Distributions

 Because we intend to distribute at least 90% of our taxable income each taxable year to our stockholders in connection with our election to be treated as a RIC, we will continue to need additional capital to finance our growth.

 In order to qualify for the tax benefits available to RICs and to minimize corporate-level U.S. federal income taxes, we intend to distribute (or be deemed to distribute) to our stockholders at least 90% of our taxable income each taxable year, except that we may retain certain net capital gains for investment, and treat such amounts as deemed distributions to our stockholders. If we elect to treat any amounts as deemed distributions, we would be subject to U.S. federal income tax at the U.S. corporate income tax rate applicable to net capital gains on such deemed distributions on behalf of our stockholders. As a result of these requirements, we will likely need to raise capital from other sources to grow our business. Because we will continue to need capital to grow our investment portfolio, these limitations together with the asset coverage requirements applicable to us may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so.

 We may not be able to pay you distributions, our distributions may not grow over time and a portion of our distributions may be a return of capital.

 We intend to pay distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to sustain a specified level of cash distributions or periodic increases in cash distributions. In addition, the inability to satisfy the asset coverage test applicable to us as a Business Development Company can limit our ability to pay distributions. All distributions will be paid at the discretion of our Board of Directors and will depend on our earnings, our financial condition, maintenance of our ability to be subject to tax as a RIC, compliance with applicable Business Development Company regulations and such other factors as our Board of Directors may deem relevant from time to time. We cannot assure you that we will continue to pay distributions to our stockholders at current levels, or at all.

 When we make distributions, our distributions generally will be treated as dividends for U.S. federal income tax purposes to the extent such distributions are paid out of our current or accumulated earnings and profits. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of a stockholder's basis in our stock and, assuming that a stockholder holds our stock as a capital asset, thereafter as a capital gain. A return of capital generally is a return of a stockholder's investment rather than a return of earnings or gains derived from our investment activities. Moreover, we may pay all or a substantial portion of our distributions from the proceeds of the sale of shares of our common stock or from borrowings in anticipation of future cash flow, which could constitute a return of stockholders' capital and will lower such stockholders' tax basis in our shares, which may result in increased tax liability to stockholders when they

 sell or otherwise dispose of such shares. The tax liability incurred by such stockholders upon the sale or other disposition of shares of our common stock may increase even if such shares are sold at a loss.

 We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or do not satisfy the Annual Distribution Requirement.

 To maintain our tax status as a RIC and be relieved of U.S. federal taxes on income and gains distributed (or be deemed distributed) to our stockholders, we must meet the following annual distribution, income source and asset diversification requirements:

 • The Annual Distribution Requirement will be satisfied if we distribute dividends to our stockholders each taxable year of an amount generally at least equal to 90% of the sum of our net taxable income plus realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because we use debt financing, we are and may, in the future, be subject to certain financial covenants under our debt arrangements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources, we could fail to qualify for RIC tax treatment and thus could become subject to corporate-level U.S. federal income tax.

 • The 90% Gross Income Test will be satisfied if we earn at least 90% of our gross income for each taxable year from dividends, interest, gains from the sale of stock or securities or similar sources.

 • The Diversification Tests will be satisfied if, at the end of each quarter of our taxable year, at least 50% of the value of our assets consist of cash, cash equivalents, U.S. government securities, securities of other RICs, and other acceptable securities; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could cause us to incur substantial losses.

 If we fail to be subject to tax as a RIC and are subject to corporate-level U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

 We may have difficulty paying our required distributions if we are required to recognize income for U.S. federal income tax purposes before or without receiving cash representing such income.

 For U.S. federal income tax purposes, we generally are required to include in income certain amounts that we have not yet received in cash, such as OID or certain income accruals on contingent payment debt instruments, which may occur if we receive warrants in connection with the origination of a loan or possibly in other circumstances. Such OID is generally required to be included in income before we receive any corresponding cash payments. In addition, our loans typically contain PIK interest provisions. Any PIK interest, computed at the contractual rate specified in each loan agreement, is generally required to be added to the principal balance of the loan and recorded as interest income. We also may be required to include in income certain other amounts that we do not receive, and may never receive, in cash. To avoid the imposition of corporate-level tax on us, this non-cash source of income may need to be distributed (or deemed distributed) to our stockholders in cash or, in the event that we determine to do so, in shares of our common stock, even though we may have not yet collected and may never collect the cash relating to such income.

 Since, in certain cases, we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the Annual Distribution Requirement necessary to be relieved of corporate-level U.S. federal taxes on income and gains distributed (or deemed distributed) to our stockholders. Accordingly, we may have to sell or otherwise dispose of some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to satisfy the Annual Distribution Requirement and thus become subject to corporate-level U.S. federal income tax.

 We may in the future choose to pay distributions partly in our own stock, in which case you may be subject to tax in excess of the cash you receive.

 We may distribute taxable distributions that are payable in part in our stock. In accordance with certain applicable Treasury Regulations and other related administrative pronouncements or interpretations therefore issued by the Internal Revenue Service, or the IRS, a RIC may be eligible to treat a distribution of its own stock as fulfilling its RIC distribution requirements if

 each stockholder is permitted to elect to receive his or her entire distribution in either cash or stock of the RIC, subject to the satisfaction of certain guidelines. If too many stockholders elect to receive cash, each stockholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid in stock). If these and certain other requirements are met, the amount of the distribution paid in stock for U.S. federal income tax purposes generally will be equal to the amount of cash that could have been received instead of stock. Taxable stockholders receiving such distributions will be required to include the full amount of the distribution as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of their share of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be subject to tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock it receives as a distribution in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such distribution, including in respect of all or a portion of such distribution that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on a distribution, such sales may put downward pressure on the trading price of our stock.
 Risks Relating to Our Investments
 Our investments in portfolio companies may be risky, and we could lose all or parts of our investments.
 The companies in which we invest are typically highly leveraged, and, in most cases, our investments in such companies are not rated by any rating agency. If such investments were rated, we believe that they would likely receive a rating from a nationally recognized statistical rating organization of below investment grade (i.e., below BBB- or Baa), which is often referred to as "high yield" and "junk." Exposure to below investment grade securities involves certain risks, and those securities are viewed as having predominately speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Investing in small and mid-sized companies involves a number of significant risks.
 Certain of our debt investments consist of debt securities for which issuers are not required to make principal payments until the maturity of such debt securities, which could result in a substantial loss to us if such issuers are unable to refinance or repay their debt at maturity. Increases in interest rates may affect the ability of our portfolio companies to repay debt or pay interest, which may in turn affect the value of our portfolio investments, and our business, financial condition and results of operations.
 Among other things, our portfolio companies:
 • may have limited financial resources, may be more susceptible to elevated and/or rising interest rates and inflation, may have limited or negative EBITDA and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection with our investments, as well as a corresponding decrease in the value of the equity components of our investments;
 • may have shorter operating histories, narrower product lines, smaller market shares and/or significant customer concentrations than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;
 • may operate in regulated industries and/or provide services to federal, state or local governments, or operate in industries that provide services to regulated industries or federal, state or local governments, any of which could lead to delayed payments for services or subject the company to changing payment and reimbursement rates or other terms;
 • may not have collateral sufficient to pay any outstanding interest or principal due to us in the event of a default by these companies;
 • are more likely to depend on the management talents and efforts of a small group of people; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;
 • may have difficulty accessing the capital markets to fund capital needs, which may limit their ability to grow or repay outstanding indebtedness at maturity;
 • may not have audited financial statements or be subject to the Sarbanes-Oxley Act and other rules that govern public companies;
 • generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; and
 • generally have less publicly available information about their businesses, operations and financial condition.

 These factors may make certain of our portfolio companies more susceptible to the adverse events in the economy. As a result of the limitations associated with certain of our portfolio companies, we must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. In addition, certain of our officers and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of our investments in these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds (through our indemnification of such officers and directors) and the diversion of management time and resources.
 Finally, little public information generally exists about privately owned companies, and these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act and other rules that govern public companies.
 We may be exposed to higher risks with respect to our investments that include OID or PIK interest.
 Our investments may include OID and contractual PIK interest, which typically represents contractual interest added to a loan balance and due at the end of such loan's term. To the extent OID or PIK interest constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following:
 • OID and PIK instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments;
 • OID and PIK accruals may create uncertainty about the source of our distributions to stockholders;
 • OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral; and
 • OID and PIK instruments may represent a higher credit risk than coupon loans.
 If we acquire the securities and obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than-expected investment values or income potentials and resale restrictions.
 We may acquire the securities and other obligations of distressed or bankrupt companies. At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished, particularly where the portfolio company has negative EBITDA.
 We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied whether through a liquidation, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation. In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt held by us, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made.
 Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities.
 The lack of liquidity in our investments may adversely affect our business.
 We invest, and will continue to invest, in companies whose securities are not publicly traded, and whose securities are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. In fact, all of our assets may be invested in illiquid securities. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments and suffer losses. Our investments may be subject to contractual or legal restrictions on resale or are otherwise illiquid because there is usually no established trading market for such investments. In addition, we may also face restrictions on our ability to liquidate our investments if our Adviser or any of its affiliates have material nonpublic information regarding the portfolio company.

 We may not have the funds or ability to make additional investments in our portfolio companies.
 After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through a follow-on investment. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation, may reduce the expected yield on the investment or impair the value of our investment in any such portfolio company.
 Some of our portfolio companies are highly leveraged.
 Our investments include companies with significant leverage. Such investments are intrinsically more sensitive to declines in revenues and to increases in expenses and interest rates. The leveraged capital structure of such investments increases the exposure of the portfolio companies to adverse economic factors, such as downturns in the economy or deterioration in the condition of the portfolio company or its industry. Additionally, the securities acquired by us may be the most junior in what will typically be a complex capital structure, and thus subject to the greatest risk of loss.
 Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
 We invest primarily in first lien, second lien and subordinated debt issued by middle-market companies. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payments of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.
 The disposition of our investments may result in contingent liabilities.
 In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us.
 There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
 In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of certain of our investments, we could be subject to allegations of lender liability.
 In addition, under common law principles that in some cases form the basis for lender liability claims, if a lending institution (a) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a borrower to the detriment of the other creditors of such borrower, a court may elect to subordinate the claim of the offending lending institution to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination." Because of the nature of certain of our investments, we could be subject to claims from creditors of an obligor that our investments issued by such obligor should be equitably subordinated. A significant number of our investments will involve investments in which we will not be the lead creditor. It is, accordingly, possible that lender liability or equitable subordination claims affecting our investments could arise without our direct involvement.
 If we purchase loans of an affiliate in the secondary market at a discount, (a) a court might require us to disgorge profit we realize if the opportunity to purchase such securities at a discount should have been made available to the issuer of such securities or (b) we might be prevented from enforcing such securities at their full face value if the issuer of such securities becomes bankrupt.

 We may be subject to risks associated with our investments in unitranche loans.
 Unitranche loans, which are a combination of senior secured and junior secured debt in the same facility, typically provide a borrower with all of its capital (except for common equity). While the borrower generally pays a blended, uniform interest rate rather than different rates for different tranches, the rate is often with higher than those associated with traditional first lien loans. Because unitranche loans combine characteristics of senior and junior financing, unitranche loans have risks similar to the risks associated with senior secured and second lien loans and junior debt in varying degrees according to the combination of loan characteristics of the unitranche loan. "Last out" portion of unitranche loans have a secondary priority behind super-senior "first out" portion of such loans in the collateral securing the loans in certain circumstances. Since the "first out" lenders generally have priority over the "last out" lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the "last out" lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the "first out" lenders or lenders in stand-alone first-lien loans.
 Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
 Certain loans that we make to portfolio companies are secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral secures the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company's remaining assets, if any.
 The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions may be taken with respect to the collateral and will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.
 If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event such portfolio companies default on their indebtedness.
 We have made, and may in the future make, unsecured debt investments in portfolio companies. Unsecured debt investments are unsecured and junior to other indebtedness of the portfolio company. As a consequence, the holder of an unsecured debt investment may lack adequate protection in the event the portfolio company becomes distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event the portfolio company defaults on its indebtedness. In addition, unsecured debt investments of small and mid-sized companies are often highly illiquid and in adverse market conditions may experience steep declines in valuation even if they are fully performing.
 Our investments may include "covenant-lite" loans, which may give us fewer rights and subject us to greater risk of loss than loans with financial maintenance covenants.

 Although the loans in which we expect to invest will generally have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company's financial performance, we do invest to a lesser extent in "covenant-lite" loans. We use the term "covenant-lite" to refer generally to loans that do not have financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition or operating results. Accordingly, to

 the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.
 Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
 The loans in our investment portfolio may be prepaid at any time, generally with little advance notice. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change, we do not know when, and if, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce our achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations.
 We may incur greater risk with respect to investments we acquire through assignments or participations of interests.
 We may acquire loans through assignments or participations of interests in such loans. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to such debt obligation. However, the purchaser's rights can be more restricted than those of the assigning institution, and we may not be able to unilaterally enforce all rights and remedies under an assigned debt obligation and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution participating out the interest and not directly with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which we have purchased the participation. As a result, we will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, we will not be able to conduct the same level of due diligence on a borrower or the quality of the loan with respect to which we are buying a participation as we would conduct if we were investing directly in the loan. This difference may result in us being exposed to greater credit or fraud risk with respect to such loans than we expected when initially purchasing the participation.
 We generally do not, and do not expect to, control our portfolio companies.
 We do not, and do not expect to, control most of our portfolio companies. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as a debt investor, including actions that could decrease the value of our investment. Due to the lack of liquidity for the majority of our investments, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at an appropriate valuation.
 Non-performance or defaults by our portfolio companies would harm our operating results.
 Our investment program is comprised of investments in loans or other debt instruments, focused on direct lending transactions. These obligations are subject to unique risks, including (a) the possible invalidation of investment transactions as fraudulent conveyances or preferential payments under relevant creditors' rights and bankruptcy laws or the subordination of claims under so-called "equitable subordination" common law principles, (b) so-called lender-liability claims by the issuer of the obligations and (c) environmental liabilities that may arise with respect to collateral securing the obligations. In analyzing each loan or other debt instrument, we will compare the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks, absent certain conduct by the Adviser, its affiliates and certain other individuals, will be borne by us.
 Loans or other debt instruments made or otherwise acquired by us may become non-performing following their origination or acquisition for a wide variety of reasons. Such non-performing loans or debt instruments may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate and a substantial write-down of principal. It is possible that we may find it necessary or desirable to foreclose on collateral securing one or more loans purchased by us. The foreclosure process varies jurisdiction by jurisdiction and can be lengthy and expensive. Borrowers often resist foreclosure actions by asserting numerous claims, counterclaims and defenses against the holder of a real estate loan, including lender liability claims and defenses, even when such assertions may have no basis in fact, in an effort to prolong the foreclosure action. In some states, foreclosure actions can take up to several years or more to conclude. At any time during the foreclosure proceedings, the borrower may file for bankruptcy, staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends to create a negative public image of the collateral property and may result in disrupting ongoing leasing and management of the property.

 A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, we may write-down the value of a portfolio company investment upon the worsening of the financial condition of the portfolio company or in anticipation of a default, which could also have a material adverse effect on our business, financial condition and results of operations.
 Our portfolio companies may experience financial distress and our investments in such companies may be restructured.
 Our portfolio companies may experience financial distress from time to time. Debt investments in such companies may cease to be income-producing, may require us to bear certain expenses to protect our investment and may subject us to uncertainty as to when, in what manner and for what value such distressed debt will eventually be satisfied, including through liquidation, reorganization or bankruptcy. Any restructuring can fundamentally alter the nature of the related investment, and restructurings may not be subject to the same underwriting standards that our Adviser employs in connection with the origination of an investment. In addition, we may write-down the value of our investment in any such company to reflect the status of financial distress and future prospects of the business. Any restructuring could alter, reduce or delay the payment of interest or principal on any investment, which could delay the timing and reduce the amount of payments made to us. For example, if an exchange offer is made or plan of reorganization is adopted with respect to the debt securities we currently hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will have a value or income potential similar to what we anticipated when our original investment was made or even at the time of restructuring. Restructurings of investments might also result in extensions of the term thereof, which could delay the timing of payments made to us, or we may receive equity securities, which may require significantly more of our management's time and attention or carry restrictions on their disposition. We cannot assure you that any particular restructuring strategy pursued by our Adviser will maximize the value of or recovery on any investment.
 We may not realize gains from our equity investments.
 Certain of our investments include warrants or other equity securities. In addition, we have made in the past and may make in the future direct equity investments in companies. Our goal is ultimately to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We may seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer. We may be unable to exercise these put rights for the consideration provided in our investment documents if the issuer is in financial distress.
 We are subject to certain risks associated with foreign investments.
 We have made in the past and may make in the future investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in foreign exchange rates, exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. In addition, our foreign investments generally do not constitute "qualifying assets" under the Investment Company Act.
 Our success will depend, in part, on our ability to anticipate and effectively manage these and other risks. We cannot assure you that these and other factors will not have a material adverse effect on our business as a whole.
 We may have foreign currency risks related to our investments denominated in currencies other than the U.S. dollar.
 As of September 30, 2025, a portion of our investments are, and may continue to be, denominated in currencies other than the U.S. dollar. Changes in the rates of exchange between the U.S. dollar and other currencies will have an effect, which could be adverse, on our performance, amounts available for withdrawal and the value of securities distributed by us. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. Additionally, a particular foreign country may impose exchange controls, devalue its currency or take other

 measures relating to its currency which could adversely affect us. Finally, we could incur costs in connection with conversions between various currencies.
 We may expose ourselves to risks if we engage in hedging transactions.
 Subject to applicable provisions of the Investment Company Act and applicable regulations promulgated by the Commodity Futures Trading Commission, we have in the past and may in the future enter into hedging transactions, which may expose us to risks associated with such transactions. Such hedging may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions and amounts due under any credit facility from changes in currency exchange rates and market interest rates. Use of these hedging instruments may include counterparty credit risk. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions and amounts due under our credit facilities or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.
 The success of any hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rate or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings or credit facilities being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations.
 We are a non-diversified investment company within the meaning of the Investment Company Act, and therefore have few restrictions with respect to the proportion of our assets that may be invested in securities of a single industry or issuer.
 We are classified as a non-diversified investment company within the meaning of the Investment Company Act, which means that we are not limited by the Investment Company Act with respect to the proportion of our assets that we may invest in securities of a single industry or issuer, excluding limitations on investments in other investment companies. We cannot predict the industries or sectors in which our investment strategy may cause us to concentrate and cannot predict the level of our diversification among industries or issuers. To the extent that we assume large positions in a certain type of security or the securities of a small number of industries or issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the security, industry or issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond RIC diversification requirements, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few industries or issuers.
 Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
 Our portfolio may be concentrated in a limited number of portfolio companies and industries. As a result, the aggregate returns we realize may be significantly and adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, while we are not targeting any specific industries, our investments may be concentrated in relatively few industries. As a result, a downturn in any particular industry in which we are invested could also significantly impact the aggregate returns we realize.
 We may invest in transactions on an expedited basis.
 Investment analyses and decisions by Oaktree may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to Oaktree at the time of making an investment decision may be limited, and Oaktree may not have access to detailed information regarding the underlying asset. Therefore, no assurance can be given that Oaktree will have knowledge of all circumstances that may adversely affect an investment. In addition, Oaktree expects to rely upon certain independent consultants in connection with its evaluation of proposed

 investments. No assurance can be given as to the accuracy or completeness of the information provided by such independent consultants, and we may incur liability as a result of such consultants' actions.

 Risks Relating to Our Common Stock
 Shares of closed-end investment companies, including Business Development Companies, may trade at a discount to their net asset value.
 Shares of closed-end investment companies, including Business Development Companies, may trade at a discount from net asset value. This characteristic of closed-end investment companies and Business Development Companies is separate and distinct from the risk that our net asset value per share may decline. During the last two years, shares of our common stock have traded both above and below our net asset value. We cannot predict whether our common stock will trade at, above or below net asset value.
 Investing in our common stock may involve an above average degree of risk.
 The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our shares may not be suitable for someone with lower risk tolerance.
 The market price of our common stock may fluctuate significantly.
 The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:
 • significant volatility in the market price and trading volume of securities of Business Development Companies or other companies in our sector, which are not necessarily related to the operating performance of these companies;
 • inability to obtain any exemptive relief that may be required by us from the SEC;
 • changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and Business Development Companies;
 • loss of our Business Development Company or RIC status;
 • changes in earnings or variations in operating results or distributions that exceed our net investment income;
 • increases in expenses associated with defense of litigation and responding to SEC inquiries;
 • changes in accounting guidelines governing valuation of our investments;
 • changes in the value of our portfolio of investments and any derivative instruments, including as a result of general economic conditions, interest rate shifts and changes in the performance of our portfolio companies;
 • any shortfall in investment income or net investment income or any increase in losses from levels expected by investors or securities analysts;
 • departure of our Adviser's key personnel; and
 • general economic trends and other external factors.
 Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
 Sales of substantial amounts of our common stock, including by large stockholders, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock. If this occurs and continues for a sustained period of time, it could impair our ability to raise additional capital through the sale of securities should we desire to do so.
 Certain provisions of our restated certificate of incorporation and fourth amended and restated bylaws as well as the Delaware General Corporation Law could deter takeover attempts and have an adverse impact on the price of our common stock.
 Our restated certificate of incorporation and our fourth amended and restated bylaws as well as the Delaware General Corporation Law contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price for our common stock.

 Stockholders may incur dilution if we issue securities to subscribe to, convert to or purchase shares of our common stock.
 The Investment Company Act prohibits us from selling shares of our common stock at a price below the current net asset value per share of such stock with certain exceptions. One such exception is stockholder approval, within one year prior, of any such sales of common stock. On March 4, 2025, our stockholders approved a proposal to authorize us, with the approval of our Board of Directors, to sell or otherwise issue shares of our common stock at a price below its then current net asset value per share, provided that the number of shares issued does not exceed 25% of our then outstanding common stock. Such authorization will expire on March 3, 2026, but we expect to seek similar authorizations from our stockholders in the future. Any decision to sell common stock at a price below its then current net asset value will be subject to the determination by the Board of Directors that such issuance is in our and our stockholders' best interests. If we were to sell shares of our common stock below net asset value per share, such sales would result in an immediate dilution to the net asset value per share. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in a stockholder's interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. The greater the difference between the sales price and the net asset value per share at the time of the offering, the more significant the dilutive impact would be. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect, if any, cannot be currently predicted. However, if, for example, we sold an additional 10% of our common stock at a 5% discount from net asset value, an existing stockholder who did not participate in that offering for its proportionate interest would suffer net asset value dilution of up to 0.5% or $5 per $1,000 of net asset value.

 Another exception is prior stockholder approval of issuances of securities to subscribe to, convert to or purchase shares of our common stock even if the subscription, conversion or purchase price per share of our common stock is below the net asset value per share of our common stock at the time of any such subscription, conversion or purchase. At our 2011 annual meeting of stockholders, our stockholders approved a proposal to authorize us to issue securities to subscribe to, convert to, or purchase shares of our common stock in one or more offerings, including under such circumstance. Such authorization has no expiration. Any decision to sell securities to subscribe to, convert to, or purchase shares of our common stock will be subject to the determination by our Board of Directors that such issuance is in our and our stockholders' best interests. If we issue securities to subscribe to, convert to or purchase shares of common stock, the exercise or conversion of such securities would increase the number of outstanding shares of our common stock. Any such exercise or conversion would be dilutive on the voting power of existing stockholders, and could be dilutive with regard to distributions and our net asset value, and other economic aspects of the common stock.
 Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted; however, the table below illustrates the impact on the net asset value per common share of a Business Development Company that would be experienced upon the exercise of a subscription right to acquire shares of common stock of the Business Development Company.
 Example of Impact of Exercise of Subscription Right to Acquire Common Stock on Net Asset Value Per Share
 The example assumes that the Business Development Company has 1,000,000 shares of common stock outstanding, $15,000,000 in total assets and $5,000,000 in total liabilities at the time of the exercise of the subscription right. As a result, the net asset value and net asset value per common share of the Business Development Company are $10,000,000 and $10.00, respectively.
 Further, the example assumes that the subscription right permits the holder thereof to acquire 250,000 common shares under the following three different scenarios: (i) with an exercise price equal to a 10% premium to the Business Development Company's net asset value per share at the time of exercise, or $11.00 per share, (ii) with an exercise price equal to the Business Development Company's net asset value per share at the time of exercise, or $10.00 per share, and (iii) with an exercise price equal to a 10% discount to the Business Development Company's net asset value per share at the time of exercise, or $9.00 per share.
 Subscription Rights Exercise Price
 Net Asset Value Per Share
Prior To Exercise
 Net Asset Value Per Share
After Exercise

 10% premium to net asset value per common share
 $
 10.00
 $
 10.20

 Net asset value per common share
 $
 10.00
 $
 10.00

 10% discount to net asset value per common share
 $
 10.00
 $
 9.80

 Although have we chosen to demonstrate the impact on the net asset value per common share of a Business Development Company that would be experienced by existing stockholders of the Business Development Company upon the exercise of a subscription right to acquire shares of common stock of the Business Development Company, the results noted above would be

 similar in connection with the exercise or conversion of other securities exercisable or convertible into shares of the Business Development Company's common stock. In addition, the example does not take into account the impact of other securities that may be issued in connection with the issuance of exercisable or convertible securities (e.g., the issuance of shares of common stock in conjunction with the issuance of subscription rights to acquire shares of common stock).
 Risks Related to Our Notes
 The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.
 The 2027 Notes, the 2029 Notes and the 2030 Notes, which we refer to collectively as the "Notes", are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of September 30, 2025, we had $545.0 million of outstanding borrowings under our credit facility, all of which is secured.
 The Notes are structurally subordinated to any indebtedness and other liabilities of our subsidiaries

 The Notes are obligations exclusively of Oaktree Specialty Lending Corporation and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. The assets of such subsidiaries are not directly available to satisfy the claims of our creditors, including holders of the Notes.
 Except to the extent we are a creditor with recognized claims against our subsidiaries, any claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries would have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities (including trade payables) of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise.
 In addition, our subsidiaries may incur substantial indebtedness in the future, all of which would be structurally senior to the Notes.
 The indentures under which the Notes are issued contains limited protection for holders of the Notes.
 The indentures under which the Notes are issued offers limited protection to holders of the Notes. The terms of the indentures and the Notes do not restrict our or any of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on investments in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries' ability to:
 • issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) of the Investment Company Act as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions, whether or not we continue to be subject to such provisions of the Investment Company Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC;
 • pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes;
 • sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);
 • enter into transactions with affiliates;

 • create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;
 • make investments; or
 • create restrictions on the payment of dividends or other amounts to us from our subsidiaries.
 Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.
 Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for holders of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.
 Certain of our current debt instruments include more protections for their holders than the indenture and the Notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.
 An active trading market for the Notes may not exist, which could limit your ability to sell the Notes or affect the market price of the Notes.
 We cannot provide any assurances that an active trading market for the Notes will exist in the future or that holders will be able to sell their Notes. Even if an active trading market does exist, the Notes may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our financial condition, performance and prospects and other factors. To the extent an active trading market does not exist, the liquidity and trading price for the Notes may be harmed. Accordingly, holder of the Notes may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.
 If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.
 Any default under the agreements governing our indebtedness, including our credit facilities and our Notes or other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our credit facilities or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders under our credit facilities or the required holders of our Notes or other debt that we may incur in the future to avoid being in default. If we breach our covenants under our credit facilities, our Notes or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under our credit facilities, could proceed against the collateral securing the debt. Because our credit facilities and our Notes have, and any future credit facilities will likely have, customary cross-default provisions, if the indebtedness thereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. In the event holders of any debt securities we have outstanding exercise their rights to accelerate following a cross-default, those holders would be entitled to receive the principal amount of their investment, subject to any subordination arrangements that may be in place. We cannot assure you that we will have sufficient liquidity to be able to repay such amounts, in which case we would be in default under the accelerated debt and holders would have the ability to sue us to recover amounts then owing.

 General Risk Factors

 Economic recessions or downturns may have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our portfolio companies to repay debt or pay interest.

 Economic recessions or downturns may result in a prolonged period of market illiquidity which could have a material adverse effect on our business, financial condition and results of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results. In addition, uncertainty with regard to economic recovery from recessions or downturns could also have a negative impact on our business, financial condition and results of operations.
 When recessionary conditions exist, the financial results of middle-market companies, like those in which we invest, typically experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Additionally, there can be reduced demand for certain of our portfolio companies' products and services and/or other economic consequences, such as decreased margins or extended payment terms. Further, adverse economic conditions may decrease the value of collateral securing some of our loans and the value of our equity investments. Such conditions may require us to modify the payment terms of our investments, including changes in PIK interest provisions and/or cash interest rates. The performance of certain of our portfolio companies has been, and in the future may be, negatively impacted by these economic or other conditions, which may result in our receipt of reduced interest income from our portfolio companies and/or realized and unrealized losses related to our investments, and, in turn, may adversely affect distributable income and have a material adverse effect on our results of operations.

 Global economic, political and market conditions, including downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.

 The current global financial market situation, as well as various social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the U.S. and worldwide. The impact of downgrades by rating agencies to the U.S. government's sovereign credit rating or its perceived creditworthiness as well as actual or potential government shutdowns and uncertainty surrounding transfers of power could adversely affect the U.S. and global financial markets and economic conditions. Several EU countries have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. In addition, the fiscal policy of large foreign nations, may have a severe impact on the worldwide and U.S. financial markets. Additionally, trade wars and volatility in the U.S. repo market, the U.S. high yield bond markets, the global stock markets and global markets for commodities may affect other financial markets worldwide. In addition, while governments worldwide have used stimulus measures recently to reduce volatility in the financial markets, volatility has returned as such measures are phased out, and the long-term impacts of such stimulus on fiscal policy and inflation remain unknown. We cannot predict the effects of these or similar events in the future on the U.S. and global economies and securities markets or on our investments. We monitor developments in economic, political and market conditions and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

 We may experience fluctuations in our quarterly originations and results.

 We could experience fluctuations in our quarterly originations and results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire, changes in accrual status of our portfolio company investments, distributions, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our market and general economic conditions. In addition, expected originations for a given quarter may be delayed past quarter-end and into the next quarter as a result of factors outside of our control. As a result of these factors, originations or results for any period should not be relied upon as being indicative of performance in future periods.
 Control deficiencies could prevent us from accurately and timely reporting our financial results.

 We may identify deficiencies in our internal control over financial reporting in the future, including significant deficiencies and material weaknesses. A "significant deficiency" is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of a company's financial reporting. A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.

 Our failure to identify deficiencies in our internal control over financial reporting in a timely manner or remediate any deficiencies, or the identification of material weaknesses or significant deficiencies in the future could prevent us from accurately and timely reporting our financial results.

 We incur significant costs as a result of being a publicly traded company.

 As a publicly-traded company, we incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC and the listing standards of the Nasdaq Global Select Market.

 We may be the target of litigation or similar proceedings in the future.

 We may be subject to litigation or similar proceedings in the future, including securities litigation and derivative actions by our stockholders. Any litigation or similar proceedings could result in substantial costs, divert management's attention and resources from our business or otherwise have a material adverse effect on our business, financial condition and results of operations.

 Item 1B. Unresolved Staff Comments
 None.

 Item 1C. Cybersecurity
 We rely on the cybersecurity strategy and policies implemented by Oaktree. Oaktree maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated into Oaktree's overall risk management processes and focuses on the corporate information technology environment. The audit committee of the board of directors of BOH oversees Oaktree's cybersecurity program. The cybersecurity team briefs the audit committee of BOH on the effectiveness of Oaktree's cyber risk management program. The Internal Audit team also shares the results of its annual cybersecurity audits with the audit committee of BOH.
 The underlying controls of the cyber risk management program are designed to meet Oaktree's business requirements, security risks and organization profile, and leverages many elements of the National Institute of Standards and Technology Cybersecurity Framework and the International Organization Standardization 27001 Information Security Management System Requirements. The Internal Audit team conducts an annual internal audit of the Company's cyber risk management program utilizing the services of a third-party provider. Additionally, Oaktree hires a third party provider to conduct an annual penetration test of Oaktree's systems. Oaktree has developed and implemented controls and processes to oversee and manage its engagements with third-party vendors. These procedures encompass pre-engagement due diligence efforts and the ongoing monitoring of the third-party vendors that are considered to be high-risk. Although these controls and processes are designed to mitigate risks associated with third-party engagements, they do not guarantee the elimination of all potential risks. The effectiveness of these controls and processes is dependent on a variety of factors, some of which are outside Oaktree's and our control.
 A third party Managed Security Service Provider manages Oaktree's Security Operations Center to provide 24/7 monitoring of its global systems and to coordinate the investigation of alerts of potential security incidents. Alerts are then escalated to the Oaktree Cybersecurity team for investigation and remediation, if necessary. Cyber partners are a key part of Oaktree's cybersecurity infrastructure. Oaktree partners with leading cybersecurity companies and organizations, leveraging third-party technology and expertise. Oaktree engages with these partners to monitor and maintain the performance and effectiveness of products and services that are deployed in Oaktree's environment. A Managing Director in Oaktree's information technology department heads Oaktree's cybersecurity team. This individual reports to Oaktree's Chief Information Officer. and is responsible for assessing and managing Oaktree's cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts. The cybersecurity team has decades of collective experience selecting, deploying and operating cybersecurity technologies, initiatives and processes and relies on threat intelligence as well as other information obtained from governmental, public and private sources, including external consultants engaged by Oaktree.

 The head of Oaktree's cybersecurity team has substantial information technology and cybersecurity experience, with a career spanning over 25 years in managing global IT operations in a wide range of areas, including cybersecurity, IT governance, controls, compliance, data center operations, network engineering and cloud computing.
 Our board of directors oversees our cybersecurity program and receives quarterly updates from the cybersecurity team on matters including Oaktree's cyber risk management program (and risks to us related to cybersecurity) and updates to the cybersecurity program, including active and recently completed initiatives.
 We and Oaktree face risks from cybersecurity threats that could have a material adverse effect on our business, financial condition or results of operations. We and Oaktree have experienced, and will continue to experience, cyber incidents in the normal course of its business. However, we are not currently aware of any current or past cyberattacks or other incidents that, individually or in the aggregate, have materially affected, or are reasonably likely to materially affect, our business, financial condition or results of operations. See "Risk Factors – Risks Relating to Our Business and Structure – We may face a breach of our cyber security, which could result in adverse consequences to our operations and exposure of confidential information."

 Item 2. Properties
 We do not own any real estate or other physical properties material to our operations. Our administrative and principal executive offices are located at 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

 Item 3. Legal Proceedings
 We are currently not a party to any pending material legal proceedings.

 Item 4. Mine Safety Disclosures
 Not applicable.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Price Range of Common Stock
 Our common stock trades on the Nasdaq Global Select Market under the symbol "OCSL." The following table sets forth, for each fiscal quarter during the last two most recently completed fiscal years and for the current fiscal year, the range of high and low sales prices of our common stock as reported on the Nasdaq Global Select Market, the premium (discount) of sales price to our net asset value, or NAV, and the distributions declared by us for each fiscal quarter.

 Sale Price

 NAV (1)
 High
 Low
 Premium (Discount) of High Sales Price to NAV (2)
 Premium (Discount) of Low Sales Price to NAV (2)
 Cash Distribution per Share (3)

 Year ended September 30, 2024

 First quarter
 $
 19.14
 $
 20.79
 $
 18.41
 8.6
 %
 ( 3.8)
 %
 $
 0.620

 Second quarter
 $
 18.72
 $
 21.64
 $
 18.95
 15.6
 %
 1.2
 %
 $
 0.550

 Third quarter
 $
 18.19
 $
 19.95
 $
 18.58
 9.7
 %
 2.1
 %
 $
 0.550

 Fourth quarter
 $
 18.09
 $
 18.93
 $
 15.56
 4.6
 %
 ( 14.0)
 %
 $
 0.550

 Year ended September 30, 2025

 First quarter
 $
 17.63
 $
 16.66
 $
 14.95
 ( 5.5)
 %
 ( 15.2)
 %
 $
 0.550

 Second quarter
 $
 16.75
 $
 16.29
 $
 14.89
 ( 2.7)
 %
 ( 11.1)
 %
 $
 0.470

 Third quarter
 $
 16.76
 $
 15.63
 $
 12.50
 ( 6.7)
 %
 ( 25.4)
 %
 $
 0.420

 Fourth quarter
 $
 16.64
 $
 14.77
 $
 12.66
 ( 11.2)
 %
 ( 23.9)
 %
 $
 0.400

 Year ending September 30, 2026

 First quarter (through November 14, 2025)
 *
 $
 14.31
 $
 12.44
 *
 *
 $0.400 (4)

 * Not determinable at the time of filing.
 (1)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
 (2)Calculated as the respective high or low sales price less NAV, divided by NAV.
 (3)Represents the distribution declared in the specified quarter. We have adopted an "opt out" dividend reinvestment plan for our common stockholders. Distributions by us are generally taxable to U.S. stockholders as ordinary income or capital gains.
 (4) On November 10, 2025, our Board of Directors declared a quarterly distribution of $ 0.40 per share payable on December 31, 2025 to stockholders of record on December 15, 2025.
 The last reported price for our common stock on November 14, 2025 was $13.61 per share, which represented a 18.2% discount to our NAV as of September 30, 2025. As of November 14, 2025, we had 48 stockholders of record, which did not include stockholders for whom shares are held in nominee or "street" name.
 Sales of Unregistered Securities
 On January 31, 2025, we and Oaktree Capital I, L.P., an affiliate of the Adviser, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of our common stock on February 3, 2025 for an aggregate purchase price of $100.0 million. These shares were sold at $17.63 per share, which was our net asset value per share as of January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act. The shares were sold in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Oaktree Capital I, L.P. has agreed not to sell the shares acquired in this transaction through February 3, 2026.
 Stock Performance Graph
 The following graph compares the cumulative 5-year total return provided to shareholders on Oaktree Specialty Lending Corporation's common stock relative to the cumulative total returns of the Standard & Poor's 500 Index, the Russell 2000 Financial Services Index and the S&P BDC Index. An investment of $100 (with reinvestment of all dividends) is assumed to

 have been made in our common stock and in each index on September 30, 2020 and its relative performance is tracked through September 30, 2025.

 September 30, 2020
 September 30, 2021
 September 30, 2022
 September 30, 2023

 $
 $
 157.73
 $
 147.29
 $
 187.69
 $
 171.71
 $
 155.70

 S&P 500
 $
 $
 130.01
 $
 109.89
 $
 133.65
 $
 182.23
 $
 214.30

 S&P BDC Index
 $
 $
 154.34
 $
 131.45
 $
 176.69
 $
 205.43
 $
 206.12

 Russell 2000 Financial Services
 $
 $
 165.84
 $
 140.58
 $
 135.11
 $
 187.31
 $
 208.86

 Stock Repurchase Program
 We did not repurchase shares of our common stock during the years ended September 30, 2025 and 2024.
 Fee and Expenses
 The following table is intended to assist stockholders in understanding the costs and expenses that an investor in shares of our common stock will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Form 10-K contains a reference to

 fees or expenses paid by "you" or "us", or that "we" will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in us. Such expenses also include those of our consolidated subsidiaries.

 Stockholder transaction expenses:

 Sales load (as a percentage of offering price)
 — %
 (1)

 Offering expenses (as a percentage of offering price)
 — %
 (2)

 Dividend reinvestment plan fees
 Up to $ 15

 (3)

 Total stockholder transaction expenses (as a percentage of offering price)
 —%
 (4)

 Annual expenses (as a percentage of net assets attributable to common stock):

 Base management fees
 1.99 %
 (5)

 Incentive fees (17.5%)
 1.94 %
 (6)

 Interest payments on borrowed funds (including other costs of servicing and offering debt securities)
 7.11 %
 (7)

 Other expenses
 0.76 %
 (8)

 Acquired fund fees and expenses
 1.54 %
 (9)

 Total annual expenses
 13.34 %
 (10)

 (1)If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the applicable sales load.
 (2) In the event that we conduct an offering of our securities, the related prospectus or prospectus supplement will disclose the estimated offering expenses.
 (3) The expenses of administering our dividend reinvestment plan are included in "Other expenses." The plan administrator's fees under the plan are paid by us. If a participant elects by notice to the plan administrator in advance of termination to have the plan administrator sell part or all of the shares held by the plan administrator in the participant's account and remit the proceeds to the participant, the plan administrator is authorized to deduct a transaction fee of up to $15 plus a $0.10 per share fee from the proceeds.
 (4)Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any.
 (5) The base management fee is calculated at an annual rate of 1.00% of our total gross assets at the end of each quarter, including any investments made with borrowings, but excluding cash and cash equivalents. For purposes of this table, we have assumed $2.9 billion of total gross assets (excluding cash and cash equivalents), which was the actual amount of our total gross assets as of September 30, 2025. See "Item 1. Business - Investment Advisory Agreement - Management and Incentive Fee."
 (6)The incentive fee consists of two parts. Under the Investment Advisory Agreement, the incentive fee on income is calculated and payable quarterly in arrears based upon our pre-incentive fee net investment income for the Trailing Twelve Quarters. The payment of the incentive fee on income is subject to payment of a preferred return to investors each quarter (i.e., a "hurdle rate"), expressed as a rate of return on the sum of our net asset value at the beginning of each applicable quarter comprising the Trailing Twelve Quarters, of 1.50%, subject to a "catch up" feature and Incentive Fee Cap. In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income. See "Item 1. Business - Investment Advisory Agreement - Management and Incentive Fee" for additional information.

 Under the Investment Advisory Agreement, the second part of the incentive fee (the "capital gains incentive fee") is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date) commencing with the fiscal year ended September 30, 2019 and equals 17.5% of our realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees under the Investment Advisory Agreement. Any realized capital gains or losses and unrealized capital depreciation with respect to our portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the calculations of the second part of the incentive fee. In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee, (2) include any such amounts associated with the investments

 acquired in the OCSI Merger for the period from October 1, 2018 to the date of closing of the OCSI Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee and (3) include any such amounts associated with the investments acquired in the OSI2 Merger for the period from August 6, 2018 to the date of closing of the OSI2 Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee. See "Item 1. Business - Investment Advisory Agreement - Management and Incentive Fee" for additional information. The incentive fee referenced in the table above is based on actual amounts of the incentive fee on income incurred during the three months ended September 30, 2025 annualized for a full year and the capital gains incentive fee payable under the Investment Advisory Agreement as of September 30, 2025 and does not reflect any waiver of the incentive fee or income by the Adviser.
 (7)"Interest payments on borrowed funds (including other costs of servicing and offering debt securities)" is calculated as (1) the weighted average interest rate in effect as of September 30, 2025 multiplied by the actual debt outstanding as of September 30, 2025 of $1,495.0 million plus (2) unused fees and the expected amortization of deferred financing costs and discounts based on the unamortized financing costs and discounts as of September 30, 2025. The weighted average interest rate for our borrowings as of September 30, 2025 was 6.5 % (exclusive of deferred financing costs and inclusive of the impact of an interest rate swap designated as a hedging instrument). The amount of leverage that we employ at any particular time will depend on, among other things, our Board of Directors' assessment of market and other factors at the time of any proposed borrowing.
 (8) "Other expenses" are based on estimated amounts for the current fiscal year. These expenses include certain expenses allocated to us under the Investment Advisory Agreement, including travel expenses incurred by the Adviser's personnel in connection with investigating and monitoring our investments, such as investment due diligence and payments made under the Administration Agreement for the allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement.
 (9) Our stockholders indirectly bear the expenses of underlying funds or other investment vehicles that would be an investment company under section 3(a) of the Investment Company Act but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the Investment Company Act ("Acquired Funds") in which we invest. This amount includes the annual expenses of SLF JV I and the Glick JV, which we refer to collectively as the "JVs". There are no fees paid by the JVs to the Adviser. See Note 3 to our Consolidated Financial Statements in this Form 10-K for more information on the JVs. The annual expenses of the JVs include interest payments on the subordinated notes held by Kemper and GF Debt Funding 2014 LLC, or GF Debt Funding, an entity advised by affiliates of GF Equity Funding, as applicable, which represented 11.5% of such expenses, and exclude interest payments on the subordinated notes held by us.
 (10) "Total annual expenses" is presented as a percentage of net assets attributable to common stockholders because our common stockholders bear all of our fees and expenses and includes all fees and expenses of our consolidated subsidiaries. "Total annual expenses" does not reflect any potential provision (benefit) for income taxes because of the uncertainties associated with determining such amounts in future periods.

 Example
 The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock assuming that we hold no cash or liabilities other than debt. In calculating the following expense amounts, we have assumed that our annual operating expenses remain at the levels set forth in the table above. The example does not include any sales load or offering expenses.

 An investor would pay the following expenses on a $1,000 investment
 1 Year
 3 Years
 5 Years
 10 Years

 Assuming a 5% annual return (assumes no return from net realized capital gains)
 $
 $
 $
 $

 Assuming a 5% annual return (assumes return entirely from net realized capital gains)
 $
 $
 $
 $

 The example and the expenses in the tables above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. The incentive fee based on pre-incentive fee net investment income under the Investment Advisory Agreement, which, assuming a 5% annual return, would either not be payable or would have an insignificant impact on the expense amounts shown above, is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger a greater incentive fee, our expenses, and returns to our investors, would be higher. For purposes of this example, we have assumed that as of October 1, 2022, the sum of our realized capital losses and unrealized capital depreciation on a cumulative basis since October 1, 2018 equaled zero. In addition, while the example assumes reinvestment of all distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the cash distribution payable to a participant by either (i) the greater of (a) the current NAV per share of

 our common stock and (b) 95% of the market price per share of our common stock at the close of trading on the payment date fixed by our Board of Directors in the event that we use newly issued shares to satisfy the share requirements of the dividend reinvestment plan or (ii) the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased by the administrator of the dividend reinvestment plan in the event that shares are purchased in the open market to satisfy the share requirements of the dividend reinvestment plan, which may be at, above or below NAV.
 Financial Highlights

2025
2024
2023(6)
2022(6)
2021(6)

 Net asset value per share at beginning of period
 $ 18.09
 $ 19.63
 $ 20.38
 $ 21.84
 $ 19.47

 Net investment income (1)
 1.77
 2.18
 2.51
 2.45
 1.80

 Net unrealized appreciation (depreciation) (1)(7)
 ( 1.18)
 0.25
 ( 0.17)
 ( 2.23)
 2.19

 Net realized gains (losses) (1)
 ( 0.20)
 ( 1.70)
 ( 0.46)
 0.28
 0.49

 (Provision) benefit for taxes on realized and unrealized gains (losses) (1)
 —
 —
 ( 0.02)
 ( 0.01)
 ( 0.02)

 Distributions of net investment income to stockholders
 ( 1.64)
 ( 2.27)
 ( 2.61)
 ( 1.95)
 ( 1.52)

 Issuance of common stock
 —
 —
 —
 —
 ( 0.57)

 Tax return of capital
 ( 0.20)
 —
 —
 —
 —

 Net asset value per share at end of period
 $16.64
 $18.09
 $19.63
 $20.38
 $21.84

 Per share market value at beginning of period
 $ 16.31
 $ 20.12
 $ 18.00
 $ 21.18
 $ 14.52

 Per share market value at end of period
 $ 13.05
 $ 16.31
 $ 20.12
 $ 18.00
 $ 21.18

 Total return (2)
 ( 9.32)%
 ( 8.47)%
 27.30 %
 ( 6.71)%
 57.61 %

 Common shares outstanding at beginning of period
 60,120

 Common shares outstanding at end of period
 88,086
 60,120

 Net assets at beginning of period
 $ 1,487,811
 $ 1,515,764
 $ 1,245,563
 $ 1,312,823
 $ 914,879

 Net assets at end of period
 $ 1,465,813
 $ 1,487,811
 $ 1,515,764
 $ 1,245,563
 $ 1,312,823

 Average net assets (3)
 $ 1,486,192
 $ 1,520,016
 $ 1,437,728
 $ 1,308,518
 $ 1,150,662

 Ratio of net investment income to average net assets (3)
 10.27 %
 11.52 %
 12.57 %
 11.36 %
 8.44 %

 Ratio of total expenses to average net assets (3)
 12.42 %
 14.23 %
 14.19 %
 8.68 %
 9.65 %

 Ratio of net expenses to average net assets (3)
 10.99 %
 13.59 %
 13.81 %
 8.45 %

 Ratio of portfolio turnover to average investments at fair value
 33.27 %
 35.96 %
 26.12 %
 26.99 %
 39.66 %

 Weighted average outstanding debt (4)
 $ 1,559,548
 $ 1,683,757
 $ 1,659,701
 $ 1,361,151
 $ 964,390

 Average debt per share (1)
 $ 18.12
 $ 20.94
 $ 23.01
 $ 22.41
 $ 17.85

 Asset coverage ratio at end of period (5)
 197.50 %
 188.14 %
 187.74 %
 188.64 %
 201.68 %

 (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 our dividend reinvestment plan, or 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 $ 1,495.0 million, $1,663.8 million, $1,660.0 million, $1,350.0 million and $1,280.0 million as of September 30, 2025, 2024, 2023, 2022 and 2021, respectively.

 (6)
 The share and per share information disclosed in this table has been retrospectively adjusted to reflect our 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.

 (7)
 For the year ended September 30, 2023, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OSI2 Merger. For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.

2020 (7)
2019 (7)
2018 (1)(7)
2017 (7)
2016 (7)

 Net asset value at beginning of period
 $19.81
 $18.26
 $18.47
 $23.92
 $27.01

 Net investment income (5)
 1.53
 1.45
 1.28
 1.54
 2.17

 Net unrealized appreciation (depreciation) (5)
 (0.44)
 0.82
 2.17
 (2.09)
 (0.97)

 Net realized gains (losses) (5)
 (0.30)
 0.44
 (2.47)
 (3.64)
 (2.55)

 Distributions of net investment income to stockholders
 0.04
 (0.02)
 (0.81)
 (1.41)
 (2.01)

 Tax return of capital
 (1.17)
 (1.14)
 (0.38)
 —
 (0.15)

 Net issuance/repurchase of common stock
 —
 —
 —
 0.15
 0.42

 Net asset value at end of period
 $19.47
 $19.81
 $18.26
 $18.47
 $23.92

 Per share market value at beginning of period
 $15.54
 $14.88
 $16.41
 $17.43
 $18.51

 Per share market value at end of period
 $14.52
 $15.54
 $14.88
 $16.41
 $17.43

 Total return (2)
 2.10%
 12.56%
 (1.49)%
 2.84%
 7.02%

 Common shares outstanding at beginning of period
 47,753
 50,088

 Common shares outstanding at end of period
 47,753

 Net assets at beginning of period
 $930,630
 $858,035
 $867,657
 $1,142,288
 $1,353,094

 Net assets at end of period
 $914,879
 $930,630
 $858,035
 $867,657
 $1,142,288

 Average net assets (3)
 $871,305
 $909,264
 $841,583
 $1,018,498
 $1,229,639

 Ratio of net investment income to average net assets (3)
 8.26%
 7.47%
 7.13%
 7.13%
 8.68%

 Ratio of total expenses to average net assets (3)
 7.57%
 9.65%
 9.51%
 10.49%
 13.09%

 Ratio of net expenses to average net assets (3)
 8.16%
 8.78%
 9.35%
 10.35%
 11.48%

 Ratio of portfolio turnover to average investments at fair value
 38.99%
 32.50%
 67.66%
 39.06%
 23.39%

 Weighted average outstanding debt (4)
 $647,080
 $573,891
 $608,553
 $982,372
 $1,190,105

 Average debt per share (5)
 $13.77
 $12.21
 $12.95
 $20.84
 $24.22

 Asset coverage ratio at end of period (6)
 227.22%
 294.91%
 232.98%
 227.40%
 220.84%

 (1)
 Beginning on October 17, 2017, we are externally managed by Oaktree or its affiliates. Prior to October 17, 2017, we were externally managed by the Fifth Street Management LLC.

 (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 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)
 Calculated based upon weighted average shares outstanding for the period.

 (6)
 Based on outstanding senior securities of $714.8 million, $476.1 million, $643.4 million, $680.7 million and $946.5 million as of September 30, 2020, 2019, 2018, 2017 and 2016, respectively.

 (7)
 The share and per share information disclosed in this table has been retrospectively adjusted to reflect our 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.

 Item 6. Reserved
 Not applicable.

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
 The following discussion should be read in connection with our Consolidated Financial Statements and the notes thereto included elsewhere in this annual report on Form 10-K.
 Some of the statements in this annual report on Form 10-K constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this annual report on Form 10-K may include statements as to:

 • our future operating results and distribution projections;
 • the ability of Oaktree to implement Oaktree's future plans with respect to our business and to achieve our investment objective;
 • the ability of Oaktree and its affiliates to attract and retain highly talented professionals;
 • our business prospects and the prospects of our portfolio companies;
 • the impact of the investments that we expect to make;
 • the ability of our portfolio companies to achieve their objectives;
 • our expected financings and investments and additional leverage we may seek to incur in the future;
 • the adequacy of our cash resources and working capital;
 • the timing of cash flows, if any, from the operations of our portfolio companies;
 • the cost or potential outcome of any litigation to which we may be a party, and
 • the impact of current global economic conditions, including those caused by inflation, an elevated (but decreasing) interest rate environment and geopolitical events or all of the foregoing.
 In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this annual report on Form 10-K involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Item 1A. Risk Factors" in this annual report on Form 10-K.
 Other factors that could cause actual results to differ materially include:

 • changes or potential disruptions in our operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment;
 • risks associated with a possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;
 • future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to Business Development Companies or RICs; and
 • other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
 We have based the forward-looking statements included in this annual report on Form 10-K on information available to us on the date of this annual report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
 All dollar amounts in tables are in thousands, except share and per share amounts and as otherwise indicated.
 Business Overview
 We are a specialty finance company dedicated to providing customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. In addition, we have qualified and elected to be treated as a RIC under the Code for U.S. federal income tax purposes.
 We are externally managed by Oaktree pursuant to the Investment Advisory Agreement. Oaktree Administrator, an affiliate of Oaktree, provides certain administrative and other services necessary for us to operate pursuant to the Administration Agreement.

 Our investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first lien loans (which may include "unitranche" loans and "last out" first lien loans, which are loans that are second priority behind "first out" first lien loans), second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. We may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions. Our portfolio may also include certain structured finance and other non-traditional structures. We invest in companies that typically possess resilient business models with strong underlying fundamentals. We intend to deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams, and we may seek to opportunistically take advantage of dislocations in the financial markets and other situations that may benefit from Oaktree's credit and structuring expertise. Sponsors may include financial sponsors, such as an institutional investor or a private equity firm, or a strategic entity seeking to invest in a portfolio company. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "high yield" and "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.
 In the current market environment, Oaktree intends to focus on the following areas, in which Oaktree believes there is less competition and thus potential for greater returns, for our new investment opportunities: (1) situational lending, which we define to include directly originated loans to non-sponsor companies that are hard to understand and value using traditional underwriting techniques, (2) select sponsor lending, which we define to include financing to support leveraged buyouts of companies with specialized sponsors that have expertise in certain industries, (3) stressed sector and rescue lending, which we define to include opportunistic private loans in industries experiencing stress or limited access to capital and (4) public credit, where we seek discounted, high quality public debt investments particularly in times of market dislocation.

 Business Environment and Developments

 Global financial markets have experienced an increase in volatility over the last few years amid higher inflation, elevated interest rates, tariffs and concern over a potential slowdown in economic activity. As inflation pressures have eased in recent months, the Federal Reserve has relaxed its monetary policies and cut the federal funds rate to support the broader economy. However, various macroeconomic headwinds remain, including current geopolitical conflicts, signs of an economic slowdown outside the United States and threats of tariffs and a trade war. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures and equity purchase price multiples.

 We are unable to predict the full effects of these macroeconomic events or how they might evolve. We continue to closely monitor the impact these events have on our business, industry and portfolio companies and will provide constructive solutions where necessary.

 Against this backdrop, we believe attractive risk-adjusted returns can be achieved by making loans to companies in the middle market. Given the breadth of the investment platform and decades of credit investing experience of Oaktree and its affiliates, we believe that we have the resources and experience to source, diligence and structure investments in these companies.

 Critical Accounting Estimates
 Fair Value Measurements
 Oaktree, as the valuation designee of our Board of Directors pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets, including unfunded commitments, on at least a quarterly basis in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.
 Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

 • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
 • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
 • Level 3 — Unobservable inputs that reflect Oaktree's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
 If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. Oaktree's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.
 Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of our investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.
 Oaktree seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If Oaktree is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within our set threshold, Oaktree seeks to obtain a quote directly from a broker making a market for the asset. 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. Generally, Oaktree does not adjust any of the prices received from these sources. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, Oaktree performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process.
 If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, Oaktree values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value, or EV, of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that we are deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, Oaktree analyzes various factors, including the portfolio company's historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company's industry. Oaktree also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company's ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. Oaktree may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. Under the EV technique, the significant unobservable input used in the fair value measurement of our investments in debt or equity securities is the 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. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and we consider the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, Oaktree depends on primary market data, including newly funded transactions and industry-specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. Under the market yield technique, the significant unobservable input used in the fair value measurement of our 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.
 In accordance with ASC 820-10, certain investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. These investments are generally not redeemable.
 Oaktree estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk-free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.
 The fair value of our investments as of September 30, 2025 and September 30, 2024 was determined by Oaktree, as our valuation designee. We have and will continue to engage independent valuation firms to provide assistance each quarter regarding the determination of the fair value of a portion of our portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. As of September 30, 2025, 97.9% of our portfolio at fair value was valued either based on market quotations, the transactions precedent approach or corroborated by independent valuation firms.
 Certain factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company's earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly-traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, Oaktree's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to these uncertainties, Oaktree's fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments.
 As of September 30, 2025, we held $2,847.8 million of investments at fair value, down from $3,021.3 million held at September 30, 2024, primarily driven by investment repayments and net realized and unrealized losses on the investment

 portfolio during the year ended September 30, 2025. As of September 30, 2025 and September 30, 2024, approximately 94.8% and 94.5%, respectively, of our total assets represented investments at fair value.
 Revenue Recognition
 We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. We may also generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Some of our investments provide for deferred interest payments or PIK interest income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.
 Interest Income
 Interest income, adjusted for accretion of OID is recorded on an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management's judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management's judgment, is likely to continue timely payment of its remaining obligations. As of September 30, 2025, there were ten investments on non-accrual status that in the aggregate represented 6.5% and 3.0% of total debt investments at cost and fair value, respectively. As of September 30, 2024, there were nine investments on non-accrual status that in aggregate represented 4.9% and 4.0% of total debt investments at cost and fair value, respectively.
 In connection with our investment in a portfolio company, we sometimes receive nominal cost equity that is valued as part of the negotiation process with the portfolio company. When we receive nominal cost equity, we allocate our cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.
 PIK Interest Income
 Our investments in debt securities may contain PIK interest provisions. PIK interest, which typically represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We generally cease accruing PIK interest if there is insufficient value to support the accrual or if we do not expect the portfolio company to be able to pay all principal and interest due. Our decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; our assessment of the portfolio company's business development success; information obtained by us in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. Our determination to cease accruing PIK interest is generally made well before our full write-down of a loan or debt security. In addition, if it is subsequently determined that we will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on our debt investments increases the recorded cost bases of these investments in our Consolidated Financial Statements including for purposes of computing the capital gains incentive fee payable by us to Oaktree. To maintain our status as a RIC, certain income from PIK interest may be required to be distributed to our stockholders, even though we have not yet collected the cash and may never do so.
 Portfolio Composition
 Our investments principally consist of loans, common and preferred equity and warrants in privately-held companies and the JVs. Our loans are typically secured by a first, second or subordinated lien on the assets of the portfolio company and generally have terms of up to ten years (but an expected average life of between three and four years).
 During the year ended September 30, 2025, we originated $960.5 million of investment commitments in 43 new and 32 existing portfolio companies and funded $970.8 million of investments.
 During the year ended September 30, 2025, we received $1,058.2 million of proceeds from prepayments, exits, other paydowns and sales and exited 44 portfolio companies.

 A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments is shown in the following tables:

 Cost:

 Senior secured debt
 83.11
 %
 83.14
 %

 5.39
 5.23

 Common equity and warrants
 4.53
 4.28

 Subordinated debt
 2.96
 3.44

 Preferred equity
 2.23
 2.17

 LLC equity interests of the JVs
 1.78
 1.74

 Total
 %
 %

 Fair value:

 Senior secured debt
 85.88
 %
 85.21
 %

 5.57
 5.35

 Subordinated debt
 3.18
 3.64

 Preferred equity
 2.53
 2.20

 Common equity and warrants
 2.42
 2.85

 LLC equity interests of the JVs
 0.42
 0.75

 Total
 %
 %

 The industry composition of our portfolio at cost and fair value as a percentage of total investments was as follows:

 Cost:

 17.64
 %
 16.85
 %

 Multi-Sector Holdings (1)
 7.68
 7.26

 5.21
 4.77

 4.26
 2.32

 4.23
 3.04

 3.74
 3.01

 2.95
 0.92

 2.68
 0.82

 2.47
 3.37

 2.39
 —

 2.26
 2.06

 2.20
 1.44

 2.15
 2.01

 1.85
 1.36

 1.81
 2.07

 1.60
 2.32

 1.56
 2.54

 1.55
 1.25

 1.41
 1.49

 1.40
 2.12

 1.35
 1.39

 1.33
 1.70

 1.27
 2.02

 1.24
 1.30

 1.14
 2.55

 1.09
 1.04

 1.08
 0.82

 1.07
 0.63

 1.04
 —

 0.99
 0.46

 0.97
 —

 0.96
 1.00

 0.95
 —

 0.94
 1.24

 0.89
 —

 0.88
 1.92

 0.87
 0.61

 0.77
 0.98

 0.76
 2.63

 0.76
 0.71

 0.70
 1.59

 0.67
 0.26

 0.67
 0.66

 0.65
 —

 0.64
 —

 0.63
 0.61

 0.63
 1.76

 0.60
 0.57

 0.59
 —

 Gold
 0.58
 0.75

 0.53
 —

 0.52
 1.22

 0.37
 0.36

 0.34
 0.58

 0.26
 0.26

 0.09
 0.09

 0.08
 0.77

 0.06
 0.06

 —
 1.74

 —
 1.59

 —
 1.21

 —
 1.17

 —
 0.80

 —
 0.77

 —
 0.62

 —
 0.47

 —
 0.07

 Total
 %
 %

 Fair value:

 18.34
 %
 17.34
 %

 Multi-Sector Holdings (1)
 6.53
 6.41

 4.65
 2.46

 4.61
 3.21

 4.20
 4.23

 4.05
 3.04

 3.40
 3.47

 2.89
 0.85

 2.58
 0.00

 2.37
 1.47

 2.29
 0.87

 1.98
 1.41

 1.90
 1.83

 1.88
 2.12

 1.67
 2.67

 1.67
 1.32

 1.59
 2.20

 1.59
 2.36

 1.54
 1.52

 1.52
 1.55

 1.44
 1.75

 1.30
 1.29

 1.27
 1.90

 1.17
 0.88

 1.17
 1.07

 1.15
 0.66

 1.06
 0.47

 1.05
 0.00

 1.04
 —

 1.02
 —

 1.01
 1.03

 0.96
 0.00

 0.94
 0.64

 0.94
 1.26

 0.93
 1.95

 0.92
 2.44

 0.88
 2.81

 0.84
 1.02

 0.80
 —

 0.76
 0.75

 0.70
 0.67

 0.70
 —

 0.68
 1.79

 0.66
 0.27

 Gold
 0.66
 0.83

 0.64
 —

 0.58
 0.60

 0.58
 —

 0.57
 1.27

 0.50
 0.52

 0.41
 1.56

 0.41
 0.38

 0.36
 0.61

 0.28
 0.27

 0.11
 0.07

 0.09
 1.61

 0.09
 0.31

 0.08
 0.08

 —
 1.81

 —
 1.67

 —
 1.31

 —
 1.24

 —
 0.88

 —
 0.80

 —
 0.64

 —
 0.51

 —
 0.05

 Total
 %
 %

 ___________________
 (1)This industry includes our investments in the JVs and CLOs.

 The Joint Ventures

 In May 2014, we entered into an LLC agreement with Kemper to form SLF JV I. We co-invest in senior secured loans of middle-market companies and other corporate debt securities with Kemper through our investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by us 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 us and one representative selected by Kemper (with approval from a representative of each required). Since we do not have a controlling financial interest in SLF JV I, we do not consolidate SLF JV I. SLF JV I is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional SLF JV I Notes. 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 September 30, 2025 and September 30, 2024, we 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. As of each of September 30, 2025 and September 30, 2024, we and Kemper had funded approximately $190.5 million to SLF JV I, of which $166.7 million was from us. As of each of September 30, 2025 and September 30, 2024, we 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.
 Both the cost and fair value of our SLF JV I Notes were $112.7 million as of each of September 30, 2025 and September 30, 2024. We earned interest income of $13.2 million, $14.3 million and $12.7 million on the SLF JV I Notes for the years ended September 30, 2025, 2024 and 2023, respectively. As of September 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 us was $54.8 million and $11.9 million, respectively, as of September 30, 2025, and $54.8 million and $22.5 million, respectively, as of September 30, 2024. We earned $2.5 million, $5.3 million and $4.2 million in dividend income for the years ended September 30, 2025, 2024 and 2023, respectively, with respect to our investment in the LLC equity interests of SLF JV I.
 Below is a summary of SLF JV I's portfolio as of September 30, 2025 and September 30, 2024:

 Senior secured loans (1)
 $394,091
 $330,094

 Weighted average interest rate on senior secured loans (2)
 8.09%
 9.56%

 Number of borrowers in SLF JV I

 Largest exposure to a single borrower (1)
 $10,390
 $10,495

 Total of five largest loan exposures to borrowers (1)
 $49,629
 $49,413

 __________________
 (1) At principal amount.
 (2) Computed using the weighted average annual interest rate on performing senior secured loans at fair value.

 See "Note 3. Portfolio Investments" in the notes to the accompanying financial statements for more information on SLF JV I and its portfolio.
 On March 19, 2021, we became party to the LLC agreement of the Glick JV. The Glick JV invests primarily in senior secured loans of middle-market companies. We co-invest in these securities 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 us and two of whom are selected by GF Equity Funding. All portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, consisting of one representative selected by us and one representative selected by GF Equity Funding (with approval from a representative of each required). Since we do not have a controlling financial interest in the Glick JV, we do not consolidate the Glick JV. The Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the Investment Company Act. The Glick JV is capitalized as transactions are completed. The members provide capital to the Glick JV in exchange for LLC equity interests, and we and GF Debt Funding provide capital to the Glick JV in exchange for the Glick JV Notes. The Glick JV Notes are junior in right of payment to the repayment of temporary contributions made by us 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 September 30, 2025 and September 30, 2024, we and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and we and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Glick JV Notes. Approximately $84.0 million in aggregate commitments was funded as of each of September 30, 2025 and September 30, 2024, of which $73.5 million was from us. As of each of September 30, 2025 and September 30, 2024, we had commitments to fund Glick JV Notes of $78.8 million, of which $12.4 million was unfunded. As of each of September 30, 2025 and September 30, 2024, we had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million was unfunded.

 The cost and fair value of our aggregate investment in the Glick JV was $53.1 million and $46.1 million, respectively, as of September 30, 2025. The cost and fair value of our aggregate investment in the Glick JV was $51.7 million and $48.9 million, respectively, as of September 30, 2024. For the years ended September 30, 2025, 2024 and 2023, our investment in the Glick JV Notes earned interest income of $6.8 million, $7.2 million and $6.7 million, respectively. We did not earn any dividend income for the years ended September 30, 2025, 2024 and 2023 with respect to our investment in the LLC equity interests of the Glick JV.
 Below is a summary of the Glick JV's portfolio as of September 30, 2025 and September 30, 2024:

 Senior secured loans (1)
 $132,109
 $125,405

 Weighted average current interest rate on senior secured loans (2)
 8.32%
 9.65%

 Number of borrowers in the Glick JV

 Largest loan exposure to a single borrower (1)
 $4,305
 $5,898

 Total of five largest loan exposures to borrowers (1)
 $20,577
 $22,152

 (1) At principal amount.
 (2) Computed using the weighted average annual interest rate on performing senior secured loans at fair value.
 See "Note 3. Portfolio Investments" in the notes to the accompanying financial statements for more information on the Glick JV and its portfolio.

 Discussion and Analysis of Results and Operations
 Results of Operations
 Net increase (decrease) in net assets resulting from operations includes net investment income, net realized gains (losses) and net unrealized appreciation (depreciation). Net investment income is the difference between our income from interest, dividends and fees and net expenses. Net realized gains (losses) is the difference between the proceeds received from dispositions of investment related assets and liabilities and their stated costs. Net unrealized appreciation (depreciation) is the net change in the fair value of our investment related assets and liabilities carried at fair value during the reporting period, including the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
 Comparison of Years ended September 30, 2025 and September 30, 2024
 Total Investment Income
 Total investment income includes interest on our investments, fee income and dividend income.
 Total investment income for the years ended September 30, 2025 and 2024 was $316.8 million and $381.7 million, respectively. For the year ended September 30, 2025, this amount consisted of $307.5 million of interest income from portfolio investments (which included $19.4 million of PIK interest), $5.8 million of fee income and $3.5 million of dividend income (which included $0.8 million of PIK dividends). For the year ended September 30, 2024, this amount consisted of $367.1 million of interest income from portfolio investments (which included $20.8 million of PIK interest), $9.2 million of fee income and $5.4 million of dividend income. The decrease of $64.9 million, or 17.0%, in our total investment income for the year ended September 30, 2025, as compared to the year ended September 30, 2024, was due primarily to a $59.6 million decrease in interest income, which resulted from decreases in reference rates, a smaller investment portfolio and the impact of certain investments that were placed on non-accrual status, a $1.9 million decrease in dividend income primarily driven by our investment in SLF JV I and $3.4 million of lower fee income driven by lower prepayment and amendment fees.
 Net expenses (i.e., expenses net of fee waivers) for the years ended September 30, 2025 and 2024 were $163.3 million and $206.6 million, respectively. Net expenses decreased for the year ended September 30, 2025, as compared to the year ended September 30, 2024, by $43.3 million, or 21.0%. The decrease in net expenses was primarily driven by a $23.2 million reduction in Part I incentive fees (net of waivers) due to the implementation of a total return hurdle and lower total investment income, $12.8 million of lower interest expense due to decrease in reference rates and a lower average borrowings outstanding and $8.9 million of lower management fees (net of waivers) due to the reduction in the annual rate effective July 1, 2024 and lower total assets.
 Net Investment Income
 Net investment income for the year ended September 30, 2025 decreased by $22.4 million compared to the year ended September 30, 2024, as a result of the $64.9 million decrease in total investment income and a $0.9 million increase in the provision for taxes on net investment income, partially offset by a $43.3 million decrease in net expenses.
 Realized Gain (Loss)
 Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of investments and foreign currency and the cost basis without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with our determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.
 During the years ended September 30, 2025 and 2024, we recorded aggregate net realized losses of $17.1 million and $136.4 million, respectively, in connection with the exits and restructurings of various investments and foreign currency forward contracts. See "Note 8. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation" in the notes to the accompanying Consolidated Financial Statements for more details regarding investment realization events for the years ended September 30, 2025 and 2024.
 Net Unrealized Appreciation (Depreciation)
 Net unrealized appreciation or depreciation is the net change in the fair value of our investments and foreign currency during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

 During the years ended September 30, 2025 and 2024, we recorded net unrealized appreciation (depreciation) of $(101.2) million and $19.1 million, respectively. For the year ended September 30, 2025, this consisted of $98.4 million of net unrealized depreciation on debt investments and $28.0 million of net unrealized depreciation on equity investments, partially offset by $22.7 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $2.5 million of net unrealized appreciation of foreign currency cash and forward contracts. For the year ended September 30, 2024, this consisted of $69.8 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses), partially offset by $37.5 million of net unrealized depreciation on equity investments, $8.8 million of net unrealized depreciation of foreign currency forward contracts and $4.4 million of net unrealized depreciation on debt investments.
 Comparison of Years ended September 30, 2024 and September 30, 2023
 The comparison of the fiscal years ended September 30, 2024 and 2023 can be found within Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our annual report on Form 10-K for the fiscal year ended September 30, 2024.
 Financial Condition, Liquidity and Capital Resources
 We have a number of alternatives available to fund our investment portfolio and our operations, including raising equity, increasing or refinancing debt and funding from operational cash flow. We generally expect to fund the growth of our investment portfolio through additional debt and equity capital, which may include securitizing a portion of our investments. We cannot assure you, however, that our efforts to grow our portfolio will be successful. For example, our common stock has traded at prices below net asset value, and we may not be able to raise additional equity at prices below the then-current net asset value per share. We intend to continue to generate cash primarily from cash flows from operations, including interest earned, and future borrowings or equity offerings. We intend to fund our future distribution obligations through operating cash flow or with funds obtained through future equity and debt offerings or credit facilities, as we deem appropriate.

 Our primary uses of cash are for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including our expenses, the management and incentive fees and any indemnification obligations), (3) debt service of borrowings and (4) cash distributions to stockholders. We may also from time to time repurchase or redeem some or all of our outstanding notes. At a special meeting of our stockholders held on June 28, 2019, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us effective as of June 29, 2019. As a result of the reduced asset coverage requirement, we can incur $2 of debt for each $1 of equity as compared to $1 of debt for each $1 of equity. As of September 30, 2025, we had $1,495.0 million in senior securities and our asset coverage ratio was 197.50%. As of September 30, 2025, our target debt to equity ratio was 0.90x to 1.25x (i.e., one dollar of equity for each $0.90 to $1.25 of debt outstanding) and our net debt to equity ratio was 0.97x.
 For the year ended September 30, 2025, we experienced a net increase in cash and cash equivalents (including restricted cash) of $1.1 million. During that period, net cash provided by operating activities was $228.4 million, primarily from $1,044.7 million of principal payments and sale proceeds received and the cash activities related to $152.6 million of net investment income, partially offset by funding $958.7 million of investments and $11.9 million of net decreases in receivables from unsettled transactions. During the same period, net cash used in financing activities was $229.3 million, primarily consisting of $148.2 million of cash distributions paid to our stockholders, $165.0 million of net repayments under our credit facilities, $10.7 million of repurchases of common stock under dividend reinvestment plan and $8.4 million of deferred financing costs paid, partially offset by $103.0 million of proceeds from issuance of shares.
 For the year ended September 30, 2024, we experienced a net decrease in cash and cash equivalents (including restricted cash) of $67.0 million. During that period, net cash provided by operating activities was $19.1 million, primarily from $1,086.2 million of principal payments and sale proceeds received, the cash activities related to $175.1 million of net investment income, $42.6 million of net decreases in receivables and net increases in payables from unsettled transactions and a $37.2 million decrease in due from broker, partially offset by funding $1,281.4 million of investments. During the same period, net cash used in financing activities was $86.8 million, primarily consisting of $176.8 million of cash distributions paid to our stockholders, partially offset by $92.7 million of proceeds from the issuance of shares under the "at the market" offering.
 For the year ended September 30, 2023, we experienced a net increase in cash and cash equivalents (including restricted cash) of $119.2 million. During that period, net cash provided by operating activities was $228.8 million, primarily from $912.0 million of principal payments and sale proceeds received, the cash activities related to $180.7 million of net investment income, $22.3 million of cash received in connection with the OSI2 Merger and a $16.3 million decrease in due from portfolio companies, partially offset by funding $742.1 million of investments and $65.2 million of net increases in receivables and net decreases in payables from unsettled transactions. During the same period, net cash used by financing activities was $110.4

 million, primarily consisting of $215.0 million of net repayments under the credit facilities, $180.0 million of cash distributions paid to our stockholders and $10.6 million of deferred financing costs paid, partially offset by $296.5 million of proceeds from the issuance of the 2029 Notes.
 As of September 30, 2025, we had $79.6 million in cash and cash equivalents, portfolio investments (at fair value) of $2.8 billion, $31.9 million of interest, dividends and fees receivable, $3.2 million of due from portfolio companies, $615.0 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $10.1 million of net payables from unsettled transactions, $545.0 million of borrowings outstanding under our credit facilities and $941.9 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).
 As of September 30, 2024, we had $78.5 million in cash and cash equivalents (including $14.6 million of restricted cash), portfolio investments (at fair value) of $3.0 billion, $38.8 million of interest, dividends and fees receivable, $12.5 million of due from portfolio companies, $907.5 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations), $1.9 million of net receivables from unsettled transactions, $710.0 million of borrowings outstanding under our credit facilities and $928.7 million of unsecured notes payable (net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment).
 We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of September 30, 2025, our only off-balance sheet arrangements consisted of $286.0 million of unfunded commitments, which was composed of $258.9 million to provide debt and equity financing to certain of our portfolio companies and $27.1 million to provide financing to the JVs. Of the $258.9 million, approximately $246.9 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, our only off-balance sheet arrangements consisted of $311.4 million of unfunded commitments, which was comprised of $284.3 million to provide debt and equity financing to certain of our portfolio companies and $27.1 million to provide financing to the JVs. Of the $284.3 million, approximately $247.6 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.
 As of September 30, 2025, we have analyzed cash and cash equivalents, availability under our credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believe our liquidity and capital resources are sufficient to invest in market opportunities as they arise.
 Contractual Obligations
 The following table reflects information pertaining to our principal debt outstanding under the Syndicated Facility, the OSI2 Citibank Facility (as defined below), the 2025 Notes (as defined below), the 2027 Notes, the 2029 Notes and the 2030 Notes:

 Debt Outstanding
as of September 30, 2024
 Debt Outstanding
as of September 30, 2025
 Weighted average debt
outstanding for the
year ended
 Maximum debt
outstanding for the year ended

 Syndicated Facility
 $
 $
 $
 473,822
 $
 630,000

 OSI2 Citibank Facility
 —
 137,370
 305,000

 —
 120,822

 —
 177,534

 Total debt
 $
 1,660,000
 $
 1,495,000
 $
 1,559,548

 The following table reflects our contractual obligations arising from the Syndicated Facility, the 2027 Notes, the 2029 Notes and the 2030 Notes:

 Payments due by period as of September 30, 2025

 Contractual Obligations
 Total
 Less than 1 year
 1-3 years
 3-5 years

 Syndicated Facility
 $
 $
 —
 $
 —
 $

 Interest due on Syndicated Facility
 152,603
 33,737
 67,474
 51,392

 —
 —

 Interest due on 2027 Notes (a)
 28,290
 21,876
 6,414
 —

 —
 —

 Interest due on 2029 Notes (a)
 74,414
 22,011
 44,021
 8,382

 —
 —

 Interest due on 2030 Notes (a)
 84,609
 19,170
 38,339
 27,100

 Total
 $
 1,834,916
 $
 96,794
 $
 506,248
 $
 1,231,874

 (a) The interest due on the 2027 Notes, the 2029 Notes and the 2030 Notes was calculated net of the interest rate swaps.
 Equity Issuances
 During the years ended September 30, 2024 and 2023, we issued 295,484 and 171,645 shares of common stock, respectively, as part of the DRIP.
 We are party to an equity distribution agreement, dated February 7, 2022, as amended, by and among us, Oaktree and Oaktree Administrator and Keefe, Bruyette & Woods, Inc., Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., pursuant to which we may offer and sell shares of our common stock from time to time having an aggregate offering price of up to $300.0 million under our current shelf registration statement. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market," as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.
 In connection with the "at the market" offering, we issued and sold 168,055 shares of common stock during the year ended September 30, 2025 for net proceeds of $3.0 million (net of offering costs).

 168,055
 $
 2,987
 $
 $
 2,960
 $
 17.77

 (1) Net proceeds excludes offering costs of less than $0.1 million.
 (2) Represents the gross sales price, including supplemental payments by Oaktree, before deducting placement agent fees and estimated offering expenses.
 In connection with the at-the-market offering, an affiliate of Oaktree made supplemental payments to us in an amount equal to $0.3 million during the year ended September 30, 2025 to ensure that the sales price per share of common stock was not less than our current net asset value per share. These amounts are included in gross proceeds in the table above.
 In connection with the "at the market" offering, we issued and sold 4,724,506 shares of common stock during the year ended September 30, 2024 for net proceeds of $92.5 million (net of offering costs).

 4,724,506
 $
 93,685
 $
 $
 92,748
 $
 19.83

 (1) Net proceeds excludes offering costs of $0.2 million.
 (2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.

 On January 31, 2025, we and Oaktree Capital I, L.P., an affiliate of Oaktree, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of our common stock on February 3, 2025 for an aggregate purchase price of $100.0 million. These shares were sold at $17.63 per share, which was our net asset value per share on January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act. Oaktree Capital I, L.P. has agreed not to sell the shares acquired in this transaction through February 3, 2026.

 Distributions
 The following table reflects the distributions per share that we have paid, including shares issued under our DRIP, on our common stock since October 1, 2023.

 Date Declared
 Record Date
 Payment Date
 Amount
per Share
 Cash
Issued
Value

 November 8, 2023
 December 15, 2023
 December 29, 2023
 $
 0.55
 $
 41.7
 87,472
 (2)
 $
 1.7

 Special
 November 8, 2023
 December 15, 2023
 December 29, 2023
 0.07
 5.3
 11,133
 (2)
 0.2

 January 26, 2024
 March 15, 2024
 March 29, 2024
 0.55
 42.8
 96,850
 (2)
 1.9

 April 26, 2024
 June 14, 2024
 June 28, 2024
 0.55
 43.3
 100,029
 (2)
 1.9

 July 26, 2024
 September 16, 2024
 0.55
 43.7
 94,873
 (1)
 1.6

 November 7, 2024
 December 16, 2024
 December 31, 2024
 0.55
 43.8
 94,970
 (1)
 1.5

 January 27, 2025
 March 17, 2025
 March 31, 2025
 0.40
 31.5
 234,752
 (1)
 3.7

 Supplemental
 January 27, 2025
 March 17, 2025
 March 31, 2025
 0.07
 5.6
 41,082
 (1)
 0.6

 April 28, 2025
 June 16, 2025
 June 30, 2025
 0.40
 31.6
 256,343
 (1)
 3.6

 Supplemental
 April 28, 2025
 June 16, 2025
 June 30, 2025
 0.02
 1.6
 12,817
 (1)
 0.2

 July 28, 2025
 September 15, 2025
 0.40
 34.1
 90,388
 (1)
 1.2

 ______________
 (1) Shares were purchased on the open market and distributed.
 (2) New shares were issued and distributed.

 Indebtedness
 See "Note 6. Borrowings" in the Consolidated Financial Statements for more details regarding our indebtedness.
 Syndicated Facility

 As of September 30, 2025, (i) the size of the Syndicated Facility was $1.160 billion (with an "accordion" feature that permits us, under certain circumstances, to increase the size of the facility to up to the greater of $1.50 billion and our net worth (as defined in the Syndicated Facility) on the date of such increase), (ii) the period during which we may make drawings will expire on April 8, 2029 and the maturity date was April 8, 2030 and (iii) the interest rate margin for (a) SOFR loans (which may be 1- or 3-month at our option) was 1.875% plus a SOFR adjustment equal to 0.10% and (b) alternate base rate loans was 0.875% plus a SOFR adjustment equal to 0.10%; provided that, if at any time the Borrowing Base (as defined in the Syndicated Facility) is greater than 1.60 times the Combined Debt Amount (as defined in the Syndicated Facility), the interest rate margin with respect to (a) SOFR loans will be 1.75% plus a SOFR adjustment equal to 0.10% and (b) alternate base rate loans will be 0.75% plus a SOFR adjustment equal to 0.10%.

 Each loan or letter of credit originated or assumed under the Syndicated Facility is subject to the satisfaction of certain conditions. Borrowings under the Syndicated Facility are subject to the facility's various covenants and the leverage restrictions contained in the Investment Company Act. We cannot assure you that we will be able to borrow funds under the Syndicated Facility at any particular time or at all.
 The following table describes significant financial covenants, as of September 30, 2025, with which we must comply under the Syndicated Facility on a quarterly basis:

 Financial Covenant
 Target Value
 June 30, 2025 Reported Value (1)

 Minimum shareholders' equity
 Net assets shall not be less than the sum of (x) $819 million, plus (y) 50% of the aggregate net proceeds of all sales of equity interests after December 31, 2024
 $871 million
 $1,476 million

 Asset coverage ratio
 Asset coverage ratio shall not be less than the greater of 1.50:1 and the statutory test applicable to us
 1.50:1
 2.00:1

 Minimum net worth
 Net worth shall not be less than $550 million
 $550 million
 $908 million

 ___________
 (1) As contractually required, we report financial covenants based on the last filed quarterly or annual report, in this case our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. We were in compliance with all financial covenants under the Syndicated Facility based on the financial information contained in this Annual Report on Form 10-K.
 As of September 30, 2025 and September 30, 2024, we had $545.0 million and $430.0 million of borrowings outstanding under the Syndicated Facility, which had a fair value of $545.0 million and $430.0 million, respectively. Our borrowings under the Syndicated Facility bore interest at a weighted average interest rate of 6.467%, 7.443% and 6.792% for the years for the years ended September 30, 2025, 2024 and 2023, respectively. For the years ended September 30, 2025, 2024 and 2023, we

 recorded interest expense (inclusive of fees) of $36.8 million, $39.4 million and $50.0 million, respectively, related to the Syndicated Facility.
 OSI2 Citibank Facility
 On January 23, 2023, we became party to a revolving credit facility, or, as amended and/or restated from time to time, the OSI2 Citibank Facility, with OSI 2 Senior Lending SPV, LLC, our wholly-owned and consolidated subsidiary, as the borrower, us, as collateral manager, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent. On May 14, 2025, we repaid all outstanding borrowings under the OSI2 Citibank Facility, following which the OSI2 Citibank Facility was terminated. Obligations under the OSI2 Citibank Facility would have otherwise matured on January 26, 2029.
 In connection with the termination of the OSI2 Citibank Facility, we accelerated $3.1 million of deferred financing costs into interest expense during the year ended September 30, 2025.
 As of September 30, 2024, we had $280.0 million outstanding under the OSI2 Citibank Facility, which had a fair value of $280.0 million. Our borrowings under the OSI2 Citibank Facility bore interest at a weighted average interest rate of 6.741%, 7.756% and 7.666% for the years ended September 30, 2025, 2024 and 2023, respectively. For the years ended September 30, 2025 and 2024, we recorded interest expense (inclusive of fees) of $14.4 million and $23.8 million, respectively, related to the OSI2 Citibank Facility. For the period from January 23, 2023 to September 2023, we recorded interest expense (inclusive of fees) of $14.6 million related to the OSI2 Citibank Facility.
 On February 25, 2020, we issued $300.0 million in aggregate principal amount of our 3.500% notes due 2025, or the 2025 Notes, for net proceeds of $293.8 million after deducting OID of $2.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.7 million. The OID on the 2025 Notes was amortized based on the effective interest method over the term of the notes. The 2025 Notes matured on February 25, 2025.
 On May 18, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes for net proceeds of $344.8 million after deducting OID of $1.0 million, underwriting commissions and discounts of $3.5 million and offering costs of $0.7 million. The OID on the 2027 Notes is amortized based on the effective interest method over the term of the notes.
 In connection with the 2027 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 2.700% and pay a floating interest rate of the three-month SOFR plus 1.658% plus a SOFR adjustment of 0.26161% on a notional amount of $350.0 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.
 On August 15, 2023, we issued $300.0 million in aggregate principal amount of the 2029 Notes for net proceeds of $292.9 million after deducting OID of $3.5 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.6 million. The OID on the 2029 Notes is amortized based on the effective interest method over the term of the notes.
 In connection with the 2029 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 7.100% and pay a floating interest rate of the three-month SOFR plus 3.1255% on a notional amount of $300.0 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.
 On February 27, 2025, we issued $300.0 million in aggregate principal amount of the 2030 Notes for net proceeds of $296.3 million after deducting OID of less than $0.1 million, underwriting commissions and discounts of $3.0 million and offering costs of $0.7 million. The OID on the 2030 Notes is amortized based on the effective interest method over the term of the notes.
 In connection with the 2030 Notes, we entered into an interest rate swap to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 6.340% and pay a floating interest rate of the three-month SOFR plus 2.192% on

 a notional amount of $300.0 million. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.
 The below table presents the components of the carrying value of the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes as of September 30, 2025 and September 30, 2024:

 As of September 30, 2025
 As of September 30, 2024

 $
 350.0
 $
 300.0
 $
 300.0
 $
 300.0
 $
 350.0
 $
 300.0

 Unamortized financing costs
 (1.0)
 (2.2)
 (3.3)
 (0.3)
 (1.8)
 (2.9)

 Unaccreted discount
 (0.2)
 (2.1)
 —
 (0.2)
 (0.4)
 (2.7)

 Interest rate swap fair value adjustment
 (12.2)
 4.8
 8.1
 —
 (20.2)
 7.2

 Net carrying value
 $
 336.6
 $
 300.5
 $
 304.8
 $
 299.5
 $
 327.6
 $
 301.6

 $
 339.8
 $
 314.5
 $
 301.1
 $
 298.1
 $
 327.7
 $
 312.3

 The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes for the year ended September 30, 2025:

 $
 4.2
 $
 9.4
 $
 21.3
 $
 11.3

 0.5
 0.9
 1.3
 0.4

 —
 13.1
 1.8
 0.4

 $
 4.7
 $
 23.4
 $
 24.4
 $
 12.1

 3.500
 %
 6.353
 %
 7.585
 %
 6.491
 %

 The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes and the 2029 Notes for the year ended September 30, 2024:

 $
 10.5
 $
 9.5
 $
 21.3

 1.3
 0.9
 1.3

 —
 16.3
 4.4

 $
 11.8
 $
 26.7
 $
 27.0

 3.500
 %
 7.259
 %
 8.437
 %

 Regulated Investment Company Status and Distributions

 We have qualified and elected to be treated as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As long as we continue to qualify as a RIC, we will not be subject to tax on our investment company taxable income (determined without regard to any deduction for dividends paid) or realized net capital gains, to the extent that such taxable income or gains is distributed, or deemed to be distributed as dividends, to stockholders on a timely basis.
 Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation. Distributions declared and paid by us in a taxable year may differ from taxable income for that taxable year as such distributions may include the distribution of taxable income derived from the current taxable year or the distribution of taxable income derived from the prior taxable year carried forward into and distributed in the current taxable year. Distributions also may include returns of capital.
 To maintain RIC tax treatment, we must, among other things, distribute (or be deemed to distribute) dividends, with respect to each taxable year, of an amount at least equal to 90% of our investment company taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any), determined without regard to any deduction for dividends paid. As a RIC, we are also subject to a federal excise tax, based on distribution requirements of our taxable income on a calendar year basis. We anticipate timely distribution of our taxable income in accordance with tax rules. We did not incur a U.S. federal excise tax for calendar year 2023 or 2024. We do not expect to incur a U.S. federal excise tax for calendar year 2025.

 We intend to distribute at least 90% of our annual taxable income (which includes our taxable interest and fee income) to our stockholders. The covenants contained in our credit facilities may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement associated with our ability to be subject to tax as a RIC. In addition, we may retain for investment some or all of our net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal and taxable year fall below the total amount of our dividend distributions for that fiscal and taxable year, a portion of those distributions may be deemed a return of capital to our stockholders.
 We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a Business Development Company under the Investment Company Act and due to provisions in our credit facilities and debt instruments. If we do not distribute a certain percentage of our taxable income annually, we will suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.
 A RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to certain limitations regarding the aggregate amount of cash to be distributed to all stockholders. If these and certain other requirements are met, for U.S federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.
 We may generate qualified net interest income or qualified net short-term capital gains that may be exempt from U.S. withholding tax when distributed to foreign stockholders. A RIC is permitted to designate distributions of qualified net interest income and qualified short-term capital gains as exempt from U.S. withholding tax when paid to non-U.S. shareholders with proper documentation. The following table, which may be subject to change as we finalize our annual tax filings, lists the percentage of qualified net interest income and qualified short-term capital gains for the year ended September 30, 2025.
 Year Ended
 Qualified Net Interest Income
 Qualified Short-Term Capital Gains

 93.1
 %
 —

 We have adopted a DRIP that provides for the reinvestment of any distributions that we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board of Directors declares a cash distribution, then our stockholders who have not "opted out" of the DRIP will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving a cash distribution. If our shares are trading at a premium to net asset value, we typically issue new shares to implement the DRIP, with such shares issued at the greater of the most recently computed net asset value per share of our common stock or 95% of the current market value per share of our common stock on the payment date for such distribution. If our shares are trading at a discount to net asset value, we typically purchase shares in the open market in connection with our obligations under the DRIP.
 Related Party Transactions
 We have entered into the Investment Advisory Agreement with Oaktree and the Administration Agreement with Oaktree Administrator, an affiliate of Oaktree. Mr. John B. Frank, an interested member of our Board of Directors, has an indirect pecuniary interest in Oaktree. Oaktree is a registered investment adviser under the Investment Advisers Act of 1940, as amended, that is partially and indirectly owned by BOH. See "Note 10. Related Party Transactions – Investment Advisory Agreement" and "– Administrative Services" in the notes to the accompanying Consolidated Financial Statements.
 Recent Developments
 Distribution Declaration
 On November 10, 2025, our Board of Directors declared a quarterly distribution of $0.40 per share, payable in cash on December 31, 2025 to stockholders of record on December 15, 2025.

 Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.
 Valuation Risk
 Our investments may not have a readily available market price, and we value these investments at fair value as determined by Oaktree, as our valuation designee. There is no single standard for determining fair value in good faith and valuation methodologies involve a significant degree of management judgment. In addition, our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments. Accordingly, valuations by Oaktree do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments. Estimated fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the financial statements.
 Interest Rate Risk
 We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle fund investments. Our risk management procedures are designed to identify and analyze our risk, to set appropriate policies and to continually monitor these risks. Our investment income will be affected by changes in various interest rates, including SOFR, EURIBOR, SONIA and prime rates, to the extent our debt investments include floating interest rates.
 As of September 30, 2025, 90.7% of our debt investment portfolio (at fair value) and 90.3% of our debt investment portfolio (at cost) bore interest at floating rates. As of September 30, 2024, 88.4% of our debt investment portfolio (at fair value) and 88.7% of our debt investment portfolio (at cost) bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of September 30, 2025 and September 30, 2024, was as follows:

 ($ in thousands)
 % of Floating Rate Portfolio
 % of Floating Rate Portfolio

 0%
 $
 454,083
 18.6
 %
 $
 388,959
 15.5
 %

 >0% and <1%
 911,157
 37.3
 %
 682,572
 27.1
 %

 1%
 973,243
 39.8
 %
 1,230,504
 48.9
 %

 >1%
 104,354
 4.3
 %
 214,281
 8.5
 %

 Total Floating Rate Investments
 $
 2,442,837
 100.0
 %
 $
 2,516,316
 100.0
 %

 Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2025, the following table shows the approximate annualized net increase (decrease) in net assets resulting from operations (excluding the impact of any potential incentive fees) of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure. However, there can be no assurances our portfolio companies will be able to meet their contractual obligations at any or all levels on increases in interest rates.

 ($ in thousands) Basis point increase
 Increase in Interest Income
 (Increase) in Interest Expense
 Net increase in net assets resulting from operations

 $
 61,620
 $
 (37,375)
 $
 24,245

 49,296
 (29,900)
 19,396

 36,972
 (22,425)
 14,547

 24,648
 (14,950)
 9,698

 12,324
 (7,475)
 4,849

 ($ in thousands) Basis point decrease
 (Decrease) in Interest Income
 Decrease in Interest Expense
 Net (decrease) in net assets resulting from operations

 $
 (12,297)
 $
 7,475
 $
 (4,822)

 (24,480)
 14,950
 (9,530)

 (36,366)
 22,425
 (13,941)

 (48,070)
 29,900
 (18,170)

 (59,216)
 37,375
 (21,841)

 We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, 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. The following table shows a comparison of the interest rate base for our interest-bearing cash and outstanding investments, at principal, and our outstanding borrowings as of September 30, 2025 and September 30, 2024:

 ($ in thousands)
 Interest Bearing
Cash and
 Borrowings
 Interest Bearing
Cash and
 Borrowings

 Money market rate
 $
 6,608
 $
 —
 $
 $
 —

 Prime rate
 2,810
 —
 2,938
 —

 EURIBOR

 30 day

 26,769
 —
 —
 —

 90 day
 70,732
 —

 59,736
 —

 180 day
 42,090
 —
 16,817
 —

 SOFR

 30 day
 $
 938,764
 $
 868,595

 90 day (a)
 1,377,601
 950,000
 1,569,212
 930,000

 180 day
 56,524
 —
 42,058
 —

 SONIA

 33,723
 —

 41,394
 —

 CORRA

 30 day
 $
 7,429
 —
 —
 —

 TONA

 90 day

 794,351
 —
 —
 —

 STIBOR

 90 day
 kr
 81,913

 Fixed rate
 $
 290,922
 —
 $
 337,797

 (a)Borrowings include the 2027 Notes, 2029 Notes and 2030 Notes, which pay interest at a floating rate under the terms of the interest rate swap.

 Item 8. Consolidated Financial Statements and Supplementary Data

 Index to Consolidated Financial Statements

 Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)

 Consolidated Statements of Assets and Liabilities as of September 30, 2025 and 2024

 Consolidated Statements of Operations for the Years Ended September 30, 2025, 2024 and 2023

 Consolidated Statements of Changes in Net Assets for the Years Ended September 30, 2025, 2024 and 2023

 Consolidated Statements of Cash Flows for the Years Ended September 30, 2025, 2024 and 2023

 Consolidated Schedule of Investments as of September 30, 2025

 Consolidated Schedule of Investments as of September 30, 2024

 Notes to Consolidated Financial Statements

 Report of Independent Registered Public Accounting Firm

 To the Shareholders and the Board of Directors of Oaktree Specialty Lending Corporation

 Opinion on the Financial Statements

 We have audited the accompanying consolidated statements of assets and liabilities of Oaktree Specialty Lending Corporation (the Company), including the consolidated schedules of investments, as of September 30, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2025 and 2024, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with U.S. generally accepted accounting principles.

 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated November 17, 2025 expressed an unqualified opinion thereon.

 Basis for Opinion

 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2025 and 2024 by correspondence with the custodian, syndication agents, underlying investees and others; when replies were not received from syndication agents, underlying investees and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matter

 The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.

 Valuation of investments using significant unobservable inputs

 Description of the Matter
 As described in Note 3 to the consolidated financial statements, the Company classified $2,477,378 thousand of its investments as Level 3 within the fair value hierarchy (Level 3 investments) as of September 30, 2025. As described in Note 2 and Note 3 to the consolidated financial statements, the Company's valuation designee, under the oversight of the Board of Directors, determined the fair value of the Company's Level 3 investments by using valuation techniques such as broker quotations, precedent transactions, enterprise value analyses or market yield techniques. These techniques require management to make judgments about the significant unobservable inputs including, among others, comparable EBITDA, revenue or asset multiples, market yields and broker quoted prices.

Auditing the fair value of the Company's Level 3 investments involved a high degree of auditor judgment and extensive audit effort, as changes in the valuation techniques or significant unobservable inputs could have resulted in significant changes in fair value measurements.

 How We Addressed the Matter in Our Audit
 We obtained an understanding, evaluated the design and tested the operating effectiveness of controls related to the Company's investment valuation process, including controls related to the Company's assessment of valuation techniques and significant unobservable inputs used in determining the fair value measurements of the Level 3 investments.

Our audit procedures included, among others, evaluating the Company's valuation techniques and significant unobservable inputs used. Our audit procedures also included, for a sample of Level 3 investments, validating the mathematical accuracy of the fair value calculations and validating the accuracy of other relevant inputs used in estimating fair value measurement, such as investment terms and portfolio company financial information.

For example, we compared publicly available information in the Company's valuation models (e.g., market yields, EBITDA, revenue, and asset multiples of comparable public companies and comparable public transactions) to information available from third-party market research providers. We also compared the significant company-specific inputs in the Company's valuation models to source documents, such as portfolio company financial statements and covenant certificates provided by the Company. To evaluate the reasonableness of significant unobservable inputs, we assessed whether these inputs were developed in a manner consistent with the Company's valuation policies and in some instances, we involved our valuation specialists to independently develop ranges using portfolio company and available market information to estimate the fair value of selected investments and we compared these ranges to the Company's fair value measurements. We also evaluated subsequent events and transactions and considered whether they corroborated or contradicted the Company's fair value measurements.

 /s/ Ernst & Young LLP

 We have served as the Company's auditor since 2018.

 Los Angeles, California

 Report of Independent Registered Public Accounting Firm

 To the Shareholders and the Board of Directors of Oaktree Specialty Lending Corporation

 Opinion on Internal Control Over Financial Reporting

 We have audited Oaktree Specialty Lending Corporation's internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Oaktree Specialty Lending Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on the COSO criteria.

 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the Company, including the consolidated schedules of investments, as of September 30, 2025 and 2024, the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended September 30, 2025, and the related notes and our report dated November 17, 2025 expressed an unqualified opinion thereon.

 Basis for Opinion

 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

 Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 Definition and Limitations of Internal Control Over Financial Reporting

 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/ Ernst & Young LLP

 Los Angeles, California

 Consolidated Statements of Assets and Liabilities
 (in thousands, except per share amounts)

 ASSETS

 Investments at fair value:

 Control investments (cost September 30, 2025: $ 377,709; cost September 30, 2024: $ 372,901)

 $
 227,748
 $
 289,404

 Affiliate investments (cost September 30, 2025: $ 58,344; cost September 30, 2024: $ 38,175)

 54,999
 35,677

 Non-control/Non-affiliate investments (cost September 30, 2025: $ 2,639,069; cost September 30, 2024: $ 2,733,843)

 2,565,035
 2,696,198

 Total investments at fair value (cost September 30, 2025: $ 3,075,122; cost September 30, 2024: $ 3,144,919)

 Cash and cash equivalents
 63,966

 Restricted cash
 —
 14,577

 Interest, dividends and fees receivable
 31,868
 38,804

 Due from portfolio companies
 3,186
 12,530

 Receivables from unsettled transactions
 4,949
 17,548

 Due from broker
 15,550
 17,060

 Deferred financing costs
 9,675
 11,677

 Deferred offering costs

 Derivative assets at fair value
 8,713
 —

 Other assets
 1,495

 Total assets
 $
 3,002,991
 $
 3,198,341

 LIABILITIES AND NET ASSETS

 Liabilities:

 Accounts payable, accrued expenses and other liabilities
 $
 1,538
 $
 3,492

 Base management fee and incentive fee payable
 12,515
 15,517

 Due to affiliate
 1,569
 4,088

 Interest payable
 12,067
 16,231

 Payables from unsettled transactions
 15,011
 15,666

 Derivative liabilities at fair value
 7,329

 Deferred tax liability
 —

 Credit facilities payable
 710,000

 Unsecured notes payable (net of $ 6,561 and $ 4,935 of unamortized financing costs as of September 30, 2025 and September 30, 2024, respectively)

 941,880
 928,693

 Total liabilities
 1,537,178
 1,710,530

 Commitments and contingencies (Note 13)

 Net assets:

 Common stock, $ 0.01 par value per share, 250,000 shares authorized; 88,086 and 82,245 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively

 Additional paid-in-capital
 2,350,075
 2,264,449

 Accumulated overdistributed earnings
 ( 885,143)
 ( 777,460)

 Total net assets (equivalent to $ 16.64 and $ 18.09 per common share as of September 30, 2025 and September 30, 2024, respectively) (Note 11)

 1,465,813
 1,487,811

 Total liabilities and net assets
 $
 3,002,991
 $
 3,198,341

 Consolidated Statements of Operations
 (in thousands, except per share amounts)

2025
2024
2023

 Interest income:

 $
 20,284
 $
 23,890
 $
 21,203

 1,220
 2,620

 261,387
 315,681
 320,862

 Interest on cash and cash equivalents
 5,160
 5,993
 4,080

 Total interest income
 288,051
 346,249
 348,765

 PIK interest income:

 2,584

 —

 18,482
 18,192
 19,455

 Total PIK interest income
 19,423
 20,832
 19,764

 Fee income:

 —

 —

 5,829
 9,154
 6,475

 Total fee income
 5,829
 9,210
 6,546

 Dividend income:

 2,450
 5,250
 4,200

 Non-control/Non-affiliate investments - PIK
 —
 —

 Total dividend income
 3,498
 5,374
 4,211

 Total investment income
 316,801
 381,665
 379,286

 Expenses:

 Base management fee
 30,163
 43,412
 44,899

 Part I incentive fee
 27,516
 34,764
 35,831

 Professional fees
 4,926
 4,670
 6,244

 Directors fees

 Interest expense
 115,845
 128,622
 111,642

 Administrator expense
 1,950
 1,548
 1,252

 General and administrative expenses
 3,559
 2,645
 3,528

 Total expenses
 184,599
 216,301
 204,036

 Management fees waived
 ( 933)
 ( 5,250)
 ( 5,525)

 Part I incentive fees waived
 ( 20,366)
 ( 4,438)
 —

 Net expenses
 163,300
 206,613
 198,511

 Net investment income before taxes
 153,501
 180,775

 (Provision) benefit for taxes on net investment income
 ( 861)
 —
 —

 Excise tax
 —
 —
 ( 78)

 152,640
 180,697

 Unrealized appreciation (depreciation):

 ( 66,464)
 ( 35,343)
 ( 2,014)

 ( 847)
 ( 949)
 ( 392)

 ( 38,312)
 64,145
 ( 26,208)

 4,394
 ( 8,752)

 ( 101,229)
 19,101
 ( 28,555)

 Realized gains (losses):

 —

 —
 —

 ( 6,243)
 ( 138,285)
 ( 27,390)

 ( 11,057)
 1,143
 ( 5,765)

 ( 17,097)
 ( 136,356)
 ( 33,155)

 ( 394)
 ( 1,656)

 Net realized and unrealized gains (losses), net of taxes
 ( 118,720)
 ( 117,147)
 ( 63,366)

 $
 $
 $

 Net investment income per common share — basic and diluted
 $
 1.77
 $
 2.18
 $
 2.51

 Earnings (loss) per common share — basic and diluted (Note 5)
 $
 0.39
 $
 0.72
 $
 1.63

 Weighted average common shares outstanding — basic and diluted
 86,079
 80,418
 72,119

 Consolidated Statements of Changes in Net Assets
 (in thousands, except per share amounts)

2025
2024
2023

 Operations:

 $
 152,640
 $
 $
 180,697

 ( 101,229)
 19,101
 ( 28,555)

 ( 17,097)
 ( 136,356)
 ( 33,155)

 ( 394)
 ( 1,656)

 Stockholder transactions:

 Distributions to stockholders
 ( 141,603)
 ( 184,027)
 ( 185,900)

 Return of capital
 ( 17,262)
 —
 —

 Net increase (decrease) in net assets from stockholder transactions
 ( 158,865)
 ( 184,027)
 ( 185,900)

 Capital share transactions:

 Issuance of common stock in connection with mergers
 —
 —
 334,034

 Issuance of common stock under dividend reinvestment plan
 10,666
 7,213
 5,854

 Repurchase of common stock under dividend reinvestment plan
 ( 10,666)
 ( 1,551)
 ( 2,418)

 Issuance of common stock in private placement
 —
 —

 Issuance of common stock in connection with the "at the market" offering
 2,947
 92,507
 1,300

 Net increase (decrease) in net assets from capital share transactions
 102,947
 98,169
 338,770

 Total increase (decrease) in net assets
 ( 21,998)
 ( 27,953)
 270,201

 Net assets at beginning of period
 1,487,811
 1,515,764
 1,245,563

 Net assets at end of period
 $
 1,465,813
 $
 1,487,811
 $
 1,515,764

 Net asset value per common share
 $
 16.64
 $
 18.09
 $
 19.63

 Common shares outstanding at end of period
 88,086

 Consolidated Statements of Cash Flows
 (in thousands)

2025
2024
2023

 Operating activities:

 $
 $
 $

 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

 Net unrealized (appreciation) depreciation
 101,229
 ( 19,101)
 28,555

 Net realized (gains) losses
 17,097
 136,356
 33,155

 PIK interest income
 ( 19,423)
 ( 20,832)
 ( 19,764)

 Accretion of original issue discount on investments
 ( 17,990)
 ( 17,991)
 ( 22,314)

 Accretion of original issue discount on unsecured notes payable
 1,004
 1,304

 Amortization of deferred financing costs
 8,797
 5,036
 4,599

 Deferred taxes
 ( 5)
 1,670

 Purchases of investments
 ( 958,743)
 ( 1,281,419)
 ( 742,144)

 Proceeds from the sales and repayments of investments
 1,044,719
 1,086,222
 911,975

 Cash received in the OSI2 Merger
 —
 —
 22,317

 Changes in operating assets and liabilities:

 (Increase) decrease in interest, dividends and fees receivable
 7,055
 1,641

 (Increase) decrease in due from portfolio companies
 9,344
 ( 6,213)
 16,283

 (Increase) decrease in receivables from unsettled transactions
 12,599
 37,893
 ( 50,742)

 (Increase) decrease in due from broker
 1,510
 37,200
 ( 8,730)

 (Increase) decrease in other assets
 ( 720)

 Increase (decrease) in accounts payable, accrued expenses and other liabilities
 ( 1,954)
 ( 458)
 ( 53,118)

 Increase (decrease) in base management fee and incentive fee payable
 ( 3,002)
 ( 4,030)
 ( 489)

 Increase (decrease) in due to affiliate
 ( 2,519)
 ( 222)

 Increase (decrease) in interest payable
 ( 4,164)
 4,379

 Increase (decrease) in payables from unsettled transactions
 ( 655)
 4,660
 ( 15,975)

 Increase (decrease) in director fees payable
 —
 —
 ( 9)

 Net cash provided by (used in) operating activities
 228,373
 19,076
 228,762

 Financing activities:

 Distributions paid in cash
 ( 148,199)
 ( 176,814)
 ( 180,046)

 Borrowings under credit facilities
 500,000
 255,000
 572,000

 Repayments of borrowings under credit facilities
 ( 665,000)
 ( 255,000)
 ( 787,000)

 Repayments of unsecured notes
 ( 300,000)
 —
 —

 Issuance of unsecured notes
 299,976
 —
 296,511

 Shares issued under the "at the market" offering
 2,960
 92,748
 1,370

 Repurchases of common stock under dividend reinvestment plan
 ( 10,666)
 ( 1,551)
 ( 2,418)

 Shares issued in private placement
 —
 —

 Deferred financing costs paid
 ( 8,377)
 ( 1,039)
 ( 10,596)

 Deferred offering costs paid
 ( 43)
 ( 117)
 ( 235)

 Net cash provided by (used in) financing activities
 ( 229,349)
 ( 86,773)
 ( 110,414)

 Effect of exchange rate changes on foreign currency
 2,063

 Net increase (decrease) in cash and cash equivalents and restricted cash
 1,087
 ( 66,996)
 119,175

 Cash and cash equivalents and restricted cash, beginning of period
 145,539
 26,364

 Cash and cash equivalents and restricted cash, end of period
 $
 $
 $
 145,539

 Supplemental information:

 Cash paid for interest
 $
 110,208
 $
 122,058
 $
 98,189

 Non-cash financing activities:

 Issuance of shares of common stock under dividend reinvestment plan
 $
 —
 $
 5,662
 $
 3,436

 Deferred financing costs
 —
 1,000

 Deferred offering costs
 —
 —

 Issuance of shares in connection with the OSI2 Merger
 —
 —
 334,034

 Reconciliation to the Consolidated Statements of Assets and Liabilities
2025
2024
2023

 Cash and cash equivalents
 $
 $
 63,966
 $
 136,450

 Restricted cash
 —
 14,577
 9,089

 Total cash and cash equivalents and restricted cash
 $
 $
 $
 145,539

 PIK
 Cost
 Notes

 Control Investments
 (8)(9)

 $
 —
 $
 —

 34,984,460
 34,984
 25,889

 3,137,476
 3,137
 3,671

 22,267,661
 16,172
 10,466

 SOFR+
 $
 6,967
 4,968
 5,351

 SOFR+
 12,779
 13,151
 —

 30,031
 15,222
 —

 SOFR+
 8.94 %
 10/20/2028
 58,349
 53,123
 46,060
 (6)(11)(14)(15)(19)

 87.5
 %
 —
 —
 (11)(14)(16)(19)(23)

 SOFR+
 11.44 %
 (6)(11)(14)(15)(19)

 87.5
 %
 (11)(12)(14)(16)(19)(23)

 3,756
 3,346
 1,130

 20,187
 17,103
 6,074

 4,002
 3,643
 1,204

 1,804
 1,648

 1,755
 1,576

 (15)(19)(20)

 1,184,630
 40,094
 —

 66,686
 —
 —

 Total Control Investments ( 15.5 % of net assets)

 $
 377,709
 $
 227,748

 Affiliate Investments
 (17)

 SOFR+
 6.10 %
 9/29/2026
 $
 1,724
 $
 1,695
 $
 1,650

 SOFR+
 7.10 %
 3/29/2027
 3,711
 3,626
 3,533

 3/29/2028
 3,914
 3,027
 3,347

 SOFR+
 3/30/2026
 1,440
 1,427
 1,386

 11,499
 1,622
 1,622

 12,463,242
 1,963
 1,496

 78,045
 —
 —

 5,250
 4,028
 3,438

 21,677
 16,663
 14,197

 6.4 %
 —
 —

 SOFR+
 10.54 %
 6/7/2028

 SOFR+
 6/7/2028
 —
 ( 37)
 —

 744,491
 7,207
 7,207

 Total Affiliate Investments ( 3.8 % of net assets)

 $
 58,344
 $
 54,999

 Non-Control/Non-Affiliate Investments
 (18)

 107-109 Beech OAK22 LLC
 2/27/2026
 $
 16,173
 $
 16,142
 $
 16,098
 (15)(19)

 1261229 BC LTD
 SOFR+
 10.41 %
 10/8/2030
 19,551
 19,104
 19,313

 1261229 BC LTD
 4/15/2032
 9,100
 9,100
 9,335
 (11)

 A.T. Holdings II Ltd.
 5.97 %
 8.28 %
 23,563
 22,888
 22,915

 A.T. Holdings II S RL
 22.50 %
 4/30/2024
 6,569
 4,405
 6,536
 (11)(15)(20)

 E+
 7.87 %
 9/27/2031

 4,204
 4,847
 4,849

 E+
 7.87 %
 9/27/2031
 16,817
 18,450
 19,398

 E+
 7.87 %
 12,405
 14,258
 14,309

 SOFR+
 10.43 %
 10/30/2026
 $
 6,400
 6,397
 6,400

 SOFR+
 10.43 %
 10/30/2026
 25,332
 25,306
 25,332

 SOFR+
 10.45 %
 10/30/2026
 2,709
 2,704
 2,709

 SOFR+
 2,723
 2,721
 2,642

 SOFR+

 SOFR+
 14,272
 14,260
 13,845

 SOFR+
 11.65 %
 8/15/2029
 6,589
 6,402
 6,491

 1,365,722
 —
 —

 28,948

 AIP RD Buyer Corp.
 17,870
 1,733
 3,134

 SOFR+
 10.50 %
 2,737
 2,735
 2,737

 76,023

 70,820
 (11)(13)(15)(23)

 Arches Buyer Inc.
 SOFR+
 9.66 %
 12/6/2027
 47,093
 46,702
 47,093

 ASP Integrity Acquisition Co LLC
 SOFR+
 9.13 %
 3/6/2032
 15,048
 14,841
 14,576

 ASP Integrity Acquisition Co LLC
 SOFR+
 3/6/2032
 —
 ( 17)
 ( 79)

 ASP Integrity Acquisition Co LLC
 PRIME+
 11.25 %
 3/6/2031

 SOFR+
 10.57 %
 8,942
 8,852
 8,816

 SOFR+
 10.31 %

 SOFR+
 10.28 %

 SOFR+
 8,836
 8,368
 3,535

 SOFR+
 12,537
 9,901
 —

 SOFR+
 8.51 %
 19,847
 19,805
 19,933
 (6)

 21,523
 21,617
 31,086
 (12)(15)(23)

 ATNX SPV, LLC
 5/31/2031
 13,958
 13,986
 13,818

 Aurelia Netherlands B.V.
 E+
 6.78 %
 5/29/2031

 47,682
 53,229
 55,886

 SOFR+

 $
 31,348
 31,217
 31,348

 AVSC Holding Corp.
 SOFR+
 12/5/2031
 55,927
 54,940
 54,892

 AVSC Holding Corp.
 SOFR+
 12/5/2029
 —
 ( 101)
 ( 105)

 SOFR+
 $
 3,189
 $
 3,159
 $
 2,794

 SOFR+
 1,239
 1,242
 1,085

 SOFR+
 6/11/2028
 6,452
 6,386
 2,323

 SOFR+
 6/11/2028
 8,920
 8,817
 3,211

 Barracuda Parent, LLC
 SOFR+
 10.81 %
 8/15/2029
 15,448
 15,041
 14,791

 Bayou Intermediate II, LLC
 SOFR+
 8.91 %
 9/30/2032
 13,176
 13,044
 13,044

 Bayou Intermediate II, LLC
 SOFR+
 9/30/2032
 —
 ( 18)
 ( 18)

 Bayou Intermediate II, LLC
 SOFR+
 9/30/2032
 —
 ( 19)
 ( 19)

 SOFR+
 7/30/2027
 39,831
 39,728
 39,181

 SOFR+
 10.67 %
 7/30/2027
 4,368
 4,337
 4,297

 SOFR+
 7/30/2026
 1,844
 1,835
 1,802

 3,084
 3,083
 2,696

 7,439
 7,355
 6,505

 —
 —
 —

 —
 —
 —

 26,654
 —

 2,044

 —

 Blazing Star Parent, LLC
 SOFR+
 11.20 %
 8/28/2030
 30,447
 29,700
 29,698

 1,708,618
 1,711
 2,512

 394,297

 394,297
 (12)(15)(23)

 BOTA BIDCO GMBH
 E+
 5.90 %
 10/31/2029

 4,066
 4,003
 4,622

 BOTA BIDCO GMBH
 E+
 6.41 %
 10/31/2030
 16,260
 15,983
 18,150

 Carlyle Global Market Strategies
 SOFR+
 11.83 %
 10/21/2037
 $
 3,575
 3,731
 3,658

 SOFR+
 7.03 %
 3.38 %
 4/12/2030
 13,159
 12,922
 13,141

 SOFR+
 4/12/2030
 —
 ( 27)
 ( 1)

 CIELO BIDCO LIMITED
 E+
 6/30/2032
 —
 ( 16)
 ( 15)

 CIELO BIDCO LIMITED
 8.72 %
 6/30/2032

 10,313
 13,839
 13,755

 CIELO BIDCO LIMITED
 E+
 6.65 %
 6/30/2032

 2,395
 2,770
 2,788

 Connect Holding II LLC
 SOFR+
 8.40 %
 4/3/2031
 $
 15,800
 14,480
 14,392
 (6)

 Connect Holding II LLC
 10.50 %
 4/3/2031
 3,812
 3,700
 3,812

 Conviva Inc.
 417,851

 CoreRx, Inc.
 SOFR+
 4/6/2029
 6,494
 6,380
 6,478

 SOFR+
 9.56 %
 12,993
 12,787
 12,993

 SOFR+
 —
 ( 15)
 —

 SOFR+
 2/27/2029
 —
 ( 13)
 —

 Creek Parent, Inc.
 SOFR+
 9.14 %
 12/18/2031
 47,745
 47,003
 46,843

 Creek Parent, Inc.
 SOFR+
 12/18/2031
 —
 ( 107)
 ( 131)

 SOFR+
 10.91 %
 $
 20,924
 $
 20,543
 $
 20,715

 SOFR+
 10.91 %
 1,420
 1,390
 1,406

 SOFR+
 —
 ( 40)
 ( 22)

 8/31/2029
 12,378
 12,378
 12,378

 8/31/2029
 36,782
 36,782
 36,782

 —
 —

 SOFR+
 27,612
 23,264
 5,522

 SOFR+

 SOFR+

 SOFR+
 1,212
 1,044

 SOFR+

 SOFR+

 SOFR+
 1,943
 1,745

 SOFR+

 SOFR+
 —
 —
 ( 985)
 (6)(15)(19)(20)

 SOFR+

 —

 1,060
 —
 —

 1,053
 —
 —

 1,856
 —
 —

 6,397,254
 1,642
 —

 SOFR+
 53,890
 53,889
 52,914

 SOFR+
 2,908
 2,889
 2,856

 SOFR+
 9.99 %

 SOFR+
 9.81 %
 2/17/2031
 13,508
 13,260
 13,238
 (6)

 14,203
 14,203
 14,193

 Draken International, LLC
 9.47 %
 5/19/2032

 15,711
 20,604
 20,762

 Draken International, LLC
 SOFR+
 9.69 %
 5/19/2032
 $
 4,992
 4,898
 4,902

 Draken International, LLC
 SOFR+
 5/19/2032
 —
 ( 56)
 ( 53)

 SOFR+
 22,882
 22,437
 20,451
 (6)

 EMPIRE BIDCO AB
 STIBOR+
 7.38 %
 9/22/2032
 kr
 81,913
 8,561
 8,535

 EMPIRE BIDCO AB
 9.22 %
 9/22/2032

 6,350
 8,399
 8,378

 EMPIRE BIDCO AB
 STIBOR+
 9/22/2032
 —
 ( 106)
 ( 106)

 SOFR+
 $
 11,844
 11,643
 11,518
 (6)

 SOFR+
 9.82 %
 25,401
 25,034
 25,401

 SOFR+
 —
 ( 5)
 —

 SOFR+
 9.64 %
 $
 $
 $

 1,834
 1,824
 1,845

 1,692
 1,681
 1,726

 1,692
 1,658
 1,726

 11,454
 11,405
 11,518

 SOFR+
 19,864
 19,782
 19,864

 SOFR+
 1,946
 1,932
 1,946

 SOFR+
 —
 ( 8)
 —

 SOFR+
 9/30/2030
 14,478
 14,220
 14,478

 SOFR+
 9/30/2030
 3,656
 3,626
 3,656

 SOFR+
 9/29/2029
 —
 ( 27)
 —

 SOFR+
 9.88 %
 10/5/2029
 4,324
 4,261
 4,268

 SOFR+
 9.76 %
 10/5/2029
 3,758
 3,682
 3,673

 1,206
 1,206
 1,388

 F&M Buyer LLC
 SOFR+
 3/18/2032
 6,703
 6,636
 6,636

 F&M Buyer LLC
 SOFR+
 3/18/2032
 —
 ( 11)
 ( 11)

 F&M Buyer LLC
 SOFR+
 3/18/2032
 —
 ( 10)
 ( 10)

 12/24/2028
 28,385
 28,385
 27,533
 (15)

 3,750
 —
 —
 (11)(12)(15)(23)

 SOFR+
 11.29 %
 3,240
 3,197
 3,240

 Fortress Biotech, Inc.
 31,246

 SOFR+
 5/3/2030
 38,254
 37,796
 38,062

 SOFR+
 5/3/2029
 3,990
 3,965
 3,955

 Grand River Aseptic Manufacturing, Inc.
 SOFR+
 9.07 %
 3/10/2031
 8,432
 8,356
 8,345

 Grand River Aseptic Manufacturing, Inc.
 SOFR+
 3/10/2031
 —
 ( 24)
 ( 27)

 SOFR+
 12.26 %
 3,524
 3,499
 3,431

 SOFR+
 12.26 %
 17,092
 17,016
 16,639

 SOFR+
 —
 ( 13)
 ( 47)

 HAH Group Holding Co LLC
 SOFR+
 9/17/2031
 3,342
 3,032
 3,020
 (6)

 HAH Group Holding Co LLC
 10/1/2031
 2,359
 2,230
 2,243

 SOFR+
 8,386
 8,180
 7,537
 (6)

 IAMGOLD Corporation
 Gold
 SOFR+
 12.39 %
 5/16/2028
 17,981
 17,698
 18,665

 SOFR+
 8.81 %
 1/25/2030
 17,945
 17,876
 18,124

 SOFR+
 1/25/2030
 —
 ( 14)
 —

 SOFR+
 10.07 %
 25,511
 25,346
 24,880

 SOFR+
 10.57 %
 3,636
 3,616
 3,592

 SOFR+
 10.08 %

 SOFR+
 9.20 %
 8/25/2028
 26,812
 26,672
 26,777

 SOFR+
 8/25/2028
 —
 ( 42)
 ( 8)

 SOFR+
 8/25/2028
 —
 ( 19)
 ( 3)

 SOFR+
 11.78 %
 1/15/2026
 $
 32,744
 $
 32,761
 $
 32,440

 SOFR+
 11.87 %
 1/15/2026

 SOFR+
 39,600
 38,984
 36,284
 (6)

 IPC Corp.
 SOFR+
 9.94 %
 10/1/2027
 36,356
 36,164
 35,356

 JN Bidco LLC
 9,179
 19,723

 Kaseya Inc.
 SOFR+
 3/20/2033
 16,432
 16,391
 16,483
 (6)

 SOFR+
 37,255
 36,971
 35,627

 SOFR+
 9.25 %
 16,382
 16,338
 15,666

 PRIME+
 2,495
 2,452
 2,130

 Kite Midco II Inc.
 SOFR+
 8.77 %
 11/25/2031
 9,644
 9,517
 9,510

 Kite Midco II Inc.
 SOFR+
 11/25/2031
 —
 ( 16)
 ( 18)

 KKR Financial CLO Ltd
 SOFR+
 7.10 %
 11.42 %
 4/15/2037
 2,000
 2,056
 2,017

 SOFR+
 9.26 %
 10/30/2028
 12,843
 12,611
 10,583
 (6)

 LDS Buyer, LLC
 SOFR+
 2/9/2032
 13,834
 13,677
 13,714

 LDS Buyer, LLC
 SOFR+
 2/9/2032
 2,739
 2,706
 2,715

 LDS Buyer, LLC
 SOFR+
 2/9/2032
 —
 ( 23)
 ( 18)

 Learfield Communications, LLC
 SOFR+
 6/30/2028
 23,781
 23,737
 24,051
 (6)

 SOFR+
 6.96 %
 2.75 %
 8/22/2031
 26,902
 26,462
 26,445

 SOFR+
 9.17 %
 8/22/2031

 SOFR+
 8/22/2030

 SOFR+
 9.25 %
 1/13/2030
 19,558
 19,306
 19,360

 SOFR+
 1/13/2030
 —
 ( 16)
 ( 13)

 SOFR+
 10.26 %
 2,680
 2,606
 2,579

 SOFR+
 10.26 %
 23,017
 22,824
 22,145

 SOFR+
 10.26 %
 1,802
 1,780
 1,701

 SOFR+
 9.06 %
 4,000
 3,980
 3,978
 (6)

 McAfee Corp.
 SOFR+
 7.22 %
 9,975
 9,620
 9,557
 (6)

 11/19/2026
 6,128
 6,000
 6,256

 129,939

 SOFR+
 10.46 %
 2,577
 2,564
 2,539

 SOFR+
 10.46 %
 7,224
 7,188
 7,115

 SOFR+
 10.46 %

 SOFR+
 10.46 %
 39,221
 39,054
 39,221

 SOFR+
 1,752
 1,718
 1,752

 SOFR+
 —
 ( 24)
 —

 SOFR+
 6,965
 6,857
 6,939

 SOFR+
 —
 ( 12)
 ( 4)

 SOFR+
 1,137
 1,120
 1,133

 SOFR+
 —
 ( 11)
 ( 2)

 Modena Buyer LLC
 SOFR+
 8.81 %
 23,635
 23,245
 23,373
 (6)

 SOFR+
 9.66 %
 2/28/2031
 37,942
 37,373
 37,934

 SOFR+
 9.66 %
 2/28/2031
 $
 $
 $

 SOFR+
 2/28/2030
 —
 ( 53)
 ( 6)

 Mosaic Companies, LLC
 SOFR+
 7/2/2026
 23,410
 21,401
 2,528

 SOFR+
 2/10/2028
 40,843
 40,659
 40,602

 SOFR+
 2/10/2028
 13,685
 13,669
 13,604

 SOFR+
 2/10/2028
 2,419
 2,409
 2,405

 SOFR+
 2/10/2028

 SOFR+
 4/17/2031
 2,866
 2,826
 2,828

 SOFR+
 4/17/2031
 9,655
 9,521
 9,527

 SOFR+
 4/17/2031
 —
 ( 6)
 ( 5)

 SOFR+
 4/17/2031

 SOFR+
 9.48 %
 11/12/2030
 19,695
 19,480
 19,512

 SOFR+
 9.48 %
 11/9/2030
 7,765
 7,696
 7,693

 SOFR+
 11/12/2030
 —
 ( 28)
 ( 32)

 SOFR+
 11/8/2029
 —
 ( 20)
 ( 17)

 Nexus Buyer LLC
 SOFR+
 9.91 %
 2/16/2032
 16,184
 16,040
 16,186

 487,870
 —
 1,000

 239,590
 —

 Optimizely North America Inc.
 SOFR+
 11,329
 11,231
 11,226

 Optimizely North America Inc.
 SOFR+
 —
 ( 15)
 ( 15)

 Optimizely Sweden Holdings AB
 E+
 7.15 %

 4,048
 4,359
 4,713

 Optimizely Sweden Holdings AB
 9.47 %

 1,349
 1,740
 1,800

 SOFR+
 12.73 %
 2/11/2030
 $
 13,832
 12,645
 13,832

 2,613,034
 22,330
 8,963

 PAI Financing Merger Sub LLC
 SOFR+
 24,498
 24,163
 24,130

 PAI Financing Merger Sub LLC
 SOFR+
 —
 ( 71)
 ( 78)

 Park Blue CLO Ltd
 SOFR+
 7.09 %
 11.42 %
 10/20/2037
 2,750
 2,834
 2,762

 Paulus Holdings Public Limited Company
 57,326
 1,165
 1,787

 Paulus Holdings Public Limited Company
 12,593

 SOFR+
 10.16 %
 11/15/2030
 51,718
 50,961
 47,575

 SOFR+
 11/15/2030
 —
 ( 69)
 ( 498)

 SOFR+
 11/15/2029
 —
 ( 94)
 ( 485)

 4,531
 4,440
 5,129

 Phoenix Finance, Inc.
 SOFR+

 8/14/2028
 5,324
 5,197
 5,164

 Phoenix Finance, Inc.
 SOFR+

 11.65 %
 8/14/2028
 9,540
 9,526
 8,633

 SOFR+
 5,029
 5,029
 5,029

 SOFR+
 8,713
 8,713
 8,713

 SOFR+
 11.70 %
 14,578
 14,578
 14,578

 SOFR+
 —
 —
 —

 SOFR+
 —
 —
 —

 4,300,526
 $
 14,364
 $
 7,999

 E+
 7.31 %
 9/17/2031

 12,868
 14,005
 15,120

 SOFR+
 9/17/2031
 $
 5,846
 5,798
 5,846

 E+
 9/17/2031
 —
 ( 49)
 ( 51)

 SOFR+
 10,676
 10,379
 10,676

 SOFR+
 13,987
 13,962
 13,987

 SOFR+
 —
 ( 3)
 —

 SOFR+
 3,935
 3,895
 3,935

 SOFR+
 3,588
 3,587
 3,587

 SOFR+
 —
 ( 4)
 ( 4)

 SOFR+
 —
 ( 34)
 ( 2)

 —

 Profrac Holdings II, LLC
 First Lien Floating Rate Bond
 SOFR+
 11.23 %
 1/23/2029
 23,717
 23,480
 23,466

 SOFR+
 9.41 %
 9/20/2030
 20,071
 19,764
 19,655

 SOFR+
 9.41 %
 9/20/2030

 SOFR+
 12,890
 12,335
 11,205
 (6)

 SOFR+
 8,146
 7,998
 7,698

 SOFR+
 26,993
 26,502
 25,508

 204,454
 1,202

 Saratoga
 Credit Linked Note
 SOFR+
 5.33 %
 9.86 %
 12/31/2029
 22,917
 22,821
 23,261

 Scilex Holding Co

 Seres Therapeutics, Inc.
 2,911

 Sierra Enterprises, LLC
 SOFR+
 5/20/2030
 11,220
 11,064
 11,072

 Sierra Enterprises, LLC
 SOFR+
 5/20/2030
 —
 ( 20)
 ( 19)

 SOFR+
 9.91 %
 4/19/2029
 44,082
 43,456
 43,377

 SOFR+
 4/19/2029
 —
 ( 77)
 ( 84)

 Sorrento Therapeutics, Inc.
 66,000
 —

 SOFR+
 9.76 %
 11/20/2028
 17,872
 17,757
 16,085

 SOFR+
 9.58 %
 11/18/2027

 SOFR+
 9.13 %
 1/30/2032
 41,034
 40,477
 40,451

 CORRA+
 7.72 %
 1/30/2032
 C$
 7,429
 5,060
 5,263

 TONA+
 1/30/2032

 794,351
 5,060
 5,302

 SOFR+
 1/30/2032
 —
 ( 126)
 ( 133)

 SOFR+
 10.05 %
 $
 9,863
 9,566
 9,378
 (6)

 10.75 %
 9/1/2029
 6,835
 6,720
 6,792

 SOFR+
 9,924
 9,639
 9,937
 (6)

 Sum Up Holdings Luxembourg
 E+
 8.52 %
 4/25/2031

 18,846
 20,243
 22,144

 418,881
 2,463
 2,463

 Symphone CLO Ltd
 SOFR+
 9.33 %
 1/22/2038
 $
 2,000
 2,000
 1,918

 TBRS, Inc.
 SOFR+
 11/22/2031
 17,350
 17,209
 17,177

 TBRS, Inc.
 SOFR+
 11/22/2031
 $
 —
 $
 ( 12)
 $
 ( 10)

 TBRS, Inc.
 SOFR+
 8.95 %
 11/22/2030

 Ten-X LLC
 SOFR+
 10.04 %
 5/26/2028
 19,472
 18,953
 17,087
 (6)

 SOFR+
 14.58 %
 6/18/2029
 7,137
 6,988
 6,798

 SOFR+
 6/18/2029
 21,901
 16,279
 14,715

 321,058
 —
 —

 Trinitas CLO VI Ltd.
 SOFR+
 7.08 %
 11.40 %
 1/25/2034

 SOFR+
 8.89 %
 31,025
 30,563
 30,721

 SOFR+
 8.89 %

 SOFR+
 —
 ( 19)
 ( 26)

 SOFR+
 —
 ( 17)
 ( 11)

 SOFR+
 8.89 %
 2,153
 2,098
 2,100

 SOFR+
 2/13/2031
 —
 ( 45)
 ( 31)

 SOFR+
 15,655
 15,522
 15,658

 SOFR+

 SOFR+
 6.82 %
 3.13 %
 5,758
 5,701
 5,759

 SOFR+
 9.48 %

 2,512
 2,476
 2,600

 3,198
 3,152
 3,310

 3,426
 3,377
 3,546

 —
 —
 —

 Werner Finco LP
 SOFR+
 9.52 %
 6/16/2031
 12,782
 12,600
 12,609

 Whitney Merger Sub, Inc.
 SOFR+
 7/3/2032
 16,714
 16,547
 16,559

 Whitney Merger Sub, Inc.
 SOFR+
 7/3/2032
 —
 ( 24)
 ( 22)

 SOFR+
 14.00 %
 18.13 %
 1/23/2026
 2,594
 2,593
 2,354

 4,871
 —

 SOFR+
 7.29 %
 3.88 %
 11/28/2029
 31,220
 30,711
 31,236

 SOFR+
 7.29 %
 3.88 %
 11/29/2029
 1,480
 1,480
 1,480

 SOFR+
 11/28/2029
 —
 ( 57)
 ( 9)

 X Holdings Corp.
 9.50 %
 10/26/2029
 5,000
 4,876
 5,023

 X Holdings Corp.
 SOFR+
 10/26/2029
 6,236
 6,233
 6,122
 (6)

 Total Non-Control/Non-Affiliate Investments ( 175.0 % of net assets)

 $
 2,639,069
 $
 2,565,035

 Total Portfolio Investments ( 194.3 % of net assets)

 $
 $

 Cash and Cash Equivalents and Restricted Cash

 JP Morgan Prime Money Market Fund, Institutional Shares
 $
 6,608
 $
 6,608

 Other cash accounts
 73,022
 73,022

 Total Cash and Cash Equivalents and Restricted Cash ( 5.4 % of net assets)

 $
 $

 Derivative Instrument
 Notional Amount to be Purchased
 Notional Amount to be Sold
 Counterparty
 Cumulative Unrealized Appreciation /(Depreciation)

 $
 173,478

 146,324
 Wells Fargo Bank, N.A.
 $

 $
 5,427
 C$
 7,442
 Wells Fargo Bank, N.A.

 $
 5,450

 785,888
 Wells Fargo Bank, N.A.

 $
 8,976
 kr
 83,244
 JPMorgan Chase Bank, N.A.

 $
 37,547

 27,697
 Wells Fargo Bank, N.A.

 $
 8,868

 6,534
 JPMorgan Chase Bank, N.A.

 $

 Derivative Instrument
 Company Receives
 Company Pays
 Counterparty
 Notional Amount

 Fixed 2.7 %

 Floating 3-month SOFR + 1.658 %

 Royal Bank of Canada

 1/15/2027
 $ 350,000
 $
 ( 12,150)

 Fixed 7.1 %

 Floating 3-month SOFR + 3.1255 %

 Royal Bank of Canada

 $ 300,000
 4,821

 Fixed 6.34 %

 Floating 3-month SOFR + 2.1920 %

 BNP Paribas
 $ 300,000
 8,160

 $

 (1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
 (2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
 (3)Equity ownership may be held in shares or units of companies related to the portfolio companies.
 (4)Substantially all of the Company's investments are pledged as collateral under its credit facility.
 (5) Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
 (6) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to the secured overnight financing rate ("SOFR"), the euro interbank offered rate ("EURIBOR" or "E"), the sterling overnight index average ("SONIA"), the Tokyo overnight average rate ("TONA"), the Canadian overnight repo rate average ("CORRA"), the Stockholm interbank offered rate ("STIBOR"), and/or an alternate base rate (e.g., prime rate), 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 rate based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2025, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.13%, the 90-day SOFR at 3.98%, the 180-day SOFR at 3.85%, the PRIME at 7.25%, the SONIA at 4.19%, the TONA at 0.75%, the 30-day CORRA at 2.54%, the 90-day STIBOR at 1.89%, the 30-day EURIBOR at 1.93%, the 90-day EURIBOR at 2.03% and the 180-day EURIBOR at 2.10%. Most loans include an interest floor, which generally ranges from 0 % to 3.00 %. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
 (7) Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. " " signifies the investment is denominated in British Pounds. " " signifies the investment is denominated in Euros. "C$" signifies the investment is denominated in Canadian dollar. " " signifies the investment is denominated in Japanese Yen. "kr" signifies the investment is denominated in Swedish Kronor. All other investments are denominated in U.S. dollars.
 (8) Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
 (9) As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the year ended September 30, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
 (10)This investment represents a participation interest in the underlying securities shown.
 (11) Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, qualifying assets represented 74.1 % of the Company's total assets and non-qualifying assets represented 25.9 % of the Company's total assets.
 (12) Income producing through payment of dividends or distributions.

 (13) This investment represents Seller Earn Out Shares in Alvotech Holdings S.A. The Seller Earn Out Shares will vest if, at any time through June 16, 2027, the Alvotech Holdings S.A. common share price is at or above a volume weighted average price ("VWAP") of $ 20.00 per share for any ten trading days within any twenty trading day period.
 (14) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition of the Company's joint ventures.
 (15) As of September 30, 2025, these investments were categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820").
 (16) This investment was valued using net asset value as a practical expedient for fair value. Consistent with ASC 820, these investments are excluded from the hierarchical levels.
 (17) Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
 (18) Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.
 (19) 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.
 (20) This investment was on non-accrual status as of September 30, 2025.
 (21) This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.
 (22)This investment represents a credit default swap that functions, in substance, like a credit linked note and represents a credit risk transfer for a pool of reference assets owned by a bank. The Company fully funded margin up front and in return the Company receives periodic interest payments. The Company's risk of loss is limited to the principal amount disclosed herein. The reference assets are primarily composed of investment grade corporate debt. The Company may be exposed to counterparty risk, which could make it difficult for the Company to collect on obligations, thereby resulting in potentially significant losses. In addition, the Company only has a contractual relationship with the counterparty bank, and not with the reference obligors of the reference assets. Accordingly, the Company generally may have no right to directly enforce compliance by the reference obligors with the terms of the reference assets. The Company will not directly benefit from the reference assets and will not have the benefit of the remedies that would normally be available to a holder of such reference assets. In addition, in the event of the insolvency of the counterparty bank, the Company may be treated as a general creditor of such counterparty bank, and will not have any claim with respect to the reference assets.
 (23) Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed to be "restricted security" under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $ 153,067, or 10.4 % of the Company's net assets. The acquisition dates of the restricted securities are as follows:

 Acquisition Date

 4/25/2024

 8/15/2022

 AIP RD Buyer Corp.
 12/23/2021

 3/29/2024

 12/14/2018

 12/14/2018

 10/17/2018

 9/10/2019

 2/15/2022

 11/25/2024

 4/28/2022

 3/20/2024

 3/25/2021

 3/25/2021

 3/25/2021

 10/11/2013

 10/11/2013

 2/2/2024

 1/28/2020

 Conviva Inc.
 2/25/2021

 8/31/2022

 8/31/2022

 8/31/2022

 8/4/2021

 12/21/2012

 10/7/2022

 11/24/2021

 Fortress Biotech, Inc.
 8/27/2020

 JN Bidco LLC
 8/12/2024

 12/20/2021

 3/3/2023

 6/30/2023

 3/19/2021

 9/1/2021

 Paulus Holdings Public Limited Company
 10/14/2022

 Paulus Holdings Public Limited Company
 10/14/2022

 11/14/2023

 8/22/2024

 3/2/2021

 8/31/2021

 Scilex Holding Co
 1/28/2021

 12/23/2016

 Seres Therapeutics, Inc.
 4/27/2023

 8/3/2023

 4/3/2023

 Sorrento Therapeutics, Inc.
 1/28/2021

 12/31/2024

 6/7/2025

 12/16/2023

 6/18/2024

 1/25/2021

 PIK
 Cost
 Notes

 Control Investments
 (8)(9)

 $
 —
 $
 —
 (15)

 34,984,460
 34,984
 27,638
 (15)

 3,137,476
 3,137
 3,357
 (15)

 22,267,661
 16,172
 12,247
 (15)

 SOFR+
 9.74 %
 $
 13,928
 13,928
 11,360

 SOFR+
 —
 —
 ( 1,028)

 SOFR+
 5,574
 5,574
 4,546

 30,031
 15,222
 —
 (15)

 SOFR+
 10/20/2028
 58,349
 51,668
 48,896
 (6)(11)(14)(15)(19)

 87.5
 %
 —
 —
 (11)(14)(16)(19)

 SOFR+
 12.45 %
 (6)(11)(14)(15)(19)

 87.5
 %
 (11)(12)(14)(16)(19)

 3,332
 3,243
 3,332
 (15)

 16,339
 (15)

 3,550
 3,500
 3,550
 (15)

 1,600
 1,594
 1,600
 (15)

 —
 —
 —
 (15)(19)

 1,184,630
 40,093
 20,802
 (15)

 66,686
 —
 —
 (15)

 Total Control Investments ( 19.5 % of net assets)

 $
 372,901
 $
 289,404

 Affiliate Investments
 (17)

 SOFR+
 6.70 %
 9/29/2026
 $
 1,819
 $
 1,757
 $
 1,741

 SOFR+
 3/29/2027
 3,637
 3,493
 3,463

 3/29/2028
 3,541
 3,026
 3,183

 SOFR+
 3/30/2026
 1,560
 1,520
 1,506

 11,499
 1,622
 1,622
 (15)

 12,463,242
 1,963
 1,246
 (15)

 78,045
 —
 —
 (15)

 5,065
 4,657
 4,087

 20,917
 19,262
 18,235

 6.4
 %
 —
 —
 (15)

 Caregiver Services, Inc.
 1,080,398
 (15)

 Total Affiliate Investments ( 2.4 % of net assets)

 $
 38,175
 $
 35,677

 Non-Control/Non-Affiliate Investments
 (18)

 107 Fair Street LLC
 11/17/2024
 $
 1,989
 $
 1,985
 $
 1,934
 (10)(15)(19)

 107-109 Beech OAK22 LLC
 2/27/2026
 31,231
 30,920
 31,015
 (15)(19)

 112-126 Van Houten Real22 LLC
 11/4/2024
 5,336
 5,332
 5,288
 (10)(15)(19)

 PIK
 Cost
 Notes

 A.T. Holdings II Ltd.
 14.25 %
 $
 21,870
 $
 21,024
 $
 21,979

 A.T. Holdings II S RL
 22.50 %
 4/30/2024
 7,835
 7,028
 7,796
 (11)(15)(20)

 SOFR+
 10.25 %
 1,985
 1,975
 1,996
 (6)

 Accession Risk Management Group, Inc.
 SOFR+
 11/1/2029
 —
 ( 48)
 ( 45)

 Accession Risk Management Group, Inc.
 SOFR+
 10/30/2029
 —
 ( 5)
 ( 5)

 Accupac, Inc.
 SOFR+
 1/16/2026
 —
 ( 2)
 ( 59)

 Accupac, Inc.
 SOFR+
 10.90 %
 1/16/2026
 20,024
 19,978
 19,724

 Accupac, Inc.
 SOFR+
 10.90 %
 1/16/2026
 2,482
 2,471
 2,443

 E+
 9/27/2031
 —
 ( 47)
 ( 47)

 E+
 8.91 %
 9/27/2031

 16,817
 18,424
 18,393

 SOFR+
 12.46 %
 10/31/2025
 $
 6,400
 6,366
 6,400

 SOFR+
 12.46 %
 10/31/2025
 25,332
 25,309
 25,332

 SOFR+
 12.47 %
 10/31/2025
 1,084
 1,078
 1,084

 SOFR+
 3,079
 3,062
 2,955

 SOFR+
 12.01 %

 SOFR+
 16,053
 15,975
 15,410

 SOFR+
 12.25 %
 8/15/2029
 6,589
 6,353
 6,424

 1,674,030
 —
 —
 (11)

 28,948

 AIP RD Buyer Corp.
 17,870
 1,733
 2,220
 (15)

 AirStrip Technologies, Inc.
 5,715
 —
 (15)

 Alto Pharmacy Holdings, Inc.
 SOFR+
 8.93 %
 10/14/2027
 10,134
 9,666
 9,120

 Alto Pharmacy Holdings, Inc.
 598,283
 (15)

 SOFR+
 12.45 %
 16,143
 16,115
 14,852

 118,744
 1,413
 (11)

 70,820
 (11)(13)(15)

 American Auto Auction Group, LLC
 SOFR+
 12/30/2027
 2,487
 2,469
 2,501
 (6)

 American Auto Auction Group, LLC
 SOFR+
 13.50 %
 1/2/2029
 17,048
 16,556
 16,494

 Amspec Parent LLC
 SOFR+
 12/5/2030
 33,390
 32,654
 33,390

 Amspec Parent LLC
 SOFR+
 12/5/2030
 —
 ( 60)
 —

 Amspec Parent LLC
 SOFR+
 12/5/2029
 —
 ( 98)
 —

 Anchorage Capital CLO 20, LTD.
 SOFR+
 7.61 %
 12.89 %
 1/20/2035

 Arches Buyer Inc.
 SOFR+
 12/6/2027
 47,451
 46,877
 47,428

 Ares XLIV CLO
 SOFR+
 7.13 %
 12.43 %
 4/15/2034
 3,500
 3,399
 3,509

 SOFR+
 10.66 %
 3,243
 3,234
 3,087

 SOFR+
 11.29 %

 SOFR+
 7,907
 7,816
 6,555
 (6)

 SOFR+
 12,537
 10,187
 3,605

 PIK
 Cost
 Notes

 21,523
 $
 20,789
 $
 24,326
 (15)

 ATNX SPV, LLC
 15.89 %
 5/31/2031
 $
 12,989
 13,013
 12,892

 Aurelia Netherlands Midco 2 B.V.
 E+
 9.55 %
 5/29/2031

 28,022
 29,727
 30,698

 SOFR+
 $
 30,724
 30,169
 29,802

 Avalara, Inc.
 SOFR+
 10.85 %
 10/19/2028
 50,470
 49,836
 50,470

 Avalara, Inc.
 SOFR+
 10/19/2028
 —
 ( 86)
 —

 SOFR+
 3,214
 3,183
 3,025

 SOFR+
 1,248
 1,254
 1,175

 SOFR+
 13.35 %
 6/11/2028
 6,452
 6,386
 5,550

 SOFR+
 13.37 %
 6/11/2028
 8,920
 8,817
 7,673

 SOFR+
 10.90 %
 7/30/2027
 40,246
 40,085
 39,863

 SOFR+
 10.52 %
 7/30/2026
 2,835
 2,813
 2,811

 SOFR+

 —
 —
 —

 SOFR+
 4.10 %
 2,930
 2,928
 2,600

 SOFR+
 4.10 %
 7,062
 6,921
 6,268

 SOFR+
 —
 —
 —

 SOFR+
 —
 —
 —

 32,664

 9,382
 —

 Blackhawk Network Holdings, Inc.
 SOFR+
 3/12/2029
 19,336
 18,991
 19,444
 (6)

 1,708,618
 1,711
 2,136
 (15)

 394,297
 (15)

 394,297
 (15)

 CBAM 2017-2, LTD.
 SOFR+
 7.36 %
 12.65 %
 7/17/2034

 CD&R Firefly Bidco Limited
 6/21/2028

 14,807
 18,480
 19,878

 CD&R Firefly Bidco Limited
 10.45 %
 6/21/2028
 14,725
 18,330
 19,782

 SOFR+
 4/12/2030
 $
 12,830
 12,539
 12,694

 SOFR+
 4/12/2030
 —
 ( 33)
 ( 15)

 Conviva Inc.
 417,851
 (15)

 CoreRx, Inc.
 SOFR+
 12.10 %
 4/6/2029
 6,494
 6,347
 6,348

 SOFR+
 —
 ( 15)
 —

 SOFR+
 10.75 %
 13,124
 12,870
 13,124

 SOFR+
 2/27/2029
 —
 ( 17)
 —

 Covetrus, Inc.
 SOFR+
 10/13/2029
 10,878
 10,518
 10,341
 (6)

 SOFR+
 20,924
 20,468
 20,627

 SOFR+
 —
 ( 48)
 ( 31)

 PIK
 Cost
 Notes

 8/31/2029
 $
 8,456
 $
 8,456
 $
 8,456

 8/31/2029
 34,316
 34,316
 34,316

 —
 —

 SOFR+
 8/4/2026
 23,660
 23,264
 21,175

 SOFR+

 SOFR+
 4/8/2025

 SOFR+
 1,039
 1,039

 SOFR+

 —

 4/8/2025
 —

 1,679
 —

 6,397,254
 1,642
 —
 (15)

 SOFR+
 10.60 %
 54,454
 54,449
 54,127

 SOFR+
 10.60 %
 2,939
 2,913
 2,921

 SOFR+
 —
 —
 ( 36)

 Eagleview Technology Corporation
 SOFR+
 12.25 %
 8/14/2026
 8,974
 8,884
 8,121

 SOFR+
 10.06 %
 11,933
 11,697
 11,858

 SOFR+
 24,741
 24,369
 24,741

 SOFR+
 —
 ( 16)
 —

 SOFR+

 EOS Fitness Opco Holdings, LLC
 1,345
 (15)

 EOS Fitness Opco Holdings, LLC
 12,500
 —
 —
 (15)

 1,834
 1,817
 1,834

 —
 —

 —
 —

 11,454
 11,374
 11,454

 SOFR+
 10.33 %
 20,014
 19,914
 19,922

 SOFR+
 10.30 %
 1,961
 1,944
 1,950

 SOFR+
 —
 ( 10)
 ( 9)

 SOFR+
 9/30/2030
 14,625
 14,312
 14,501

 SOFR+
 9/30/2030
 3,692
 3,656
 3,661

 SOFR+
 10/1/2029
 —
 ( 34)
 ( 14)

 SOFR+
 10.80 %
 10/5/2029
 4,368
 4,289
 4,285

 SOFR+
 10/5/2029
 —
 ( 66)
 ( 125)

 1,206
 1,206
 1,131

 12/24/2028
 48,920
 48,920
 48,920
 (15)

 3,750
 —
 (11)(12)(15)

 PIK
 Cost
 Notes

 SOFR+
 12.18 %
 $
 11,683
 $
 11,491
 $
 11,521

 SOFR+
 12.18 %

 Finthrive Software Intermediate Holdings, Inc.
 SOFR+
 8.96 %
 12/18/2028
 4,291
 3,594
 3,862

 Finthrive Software Intermediate Holdings, Inc.
 SOFR+
 12/17/2029
 31,074
 28,328
 23,616

 Fortress Biotech, Inc.
 27,801

 SOFR+
 11.85 %
 5/3/2029
 23,536
 22,996
 23,536

 SOFR+
 11.85 %
 5/3/2029
 2,536
 2,452
 2,536

 SOFR+
 12.95 %
 3,524
 3,485
 3,454

 SOFR+
 12.95 %
 17,268
 17,147
 16,923

 SOFR+
 —
 ( 20)
 ( 35)

 SOFR+
 10.20 %
 8,473
 8,205
 8,263
 (6)

 Harrow, Inc.
 SOFR+
 1/19/2026
 —
 ( 40)

 Harrow, Inc.
 SOFR+
 11.25 %
 1/19/2026
 1,432
 1,413
 1,454

 Harrow, Inc.
 SOFR+
 11.25 %
 1/19/2026
 7,448
 7,362
 7,560

 HPS Loan Management 10-2016
 SOFR+
 6.67 %
 11.95 %
 4/20/2034
 2,250
 2,136
 2,264

 IAMGOLD Corporation
 Gold
 SOFR+
 13.37 %
 5/16/2028
 23,975
 23,454
 25,054

 SOFR+
 1/25/2030
 10,446
 10,261
 10,372

 SOFR+
 1/25/2030
 —
 ( 18)
 ( 7)

 SOFR+
 10.67 %
 25,491
 25,261
 24,696

 SOFR+
 11.17 %
 3,636
 3,609
 3,581

 SOFR+
 —
 —
 —

 SOFR+
 10.67 %

 Innocoll Pharmaceuticals Limited
 112,990
 —

 SOFR+
 10.08 %
 8/25/2028
 19,559
 19,368
 19,363

 SOFR+
 8/28/2028
 —
 ( 25)
 ( 26)

 SOFR+
 8/28/2028
 —
 ( 68)
 ( 66)

 SOFR+
 12.46 %
 33,079
 32,876
 32,332

 SOFR+
 —
 ( 42)
 ( 86)

 SOFR+
 10.62 %
 42,075
 40,978
 35,343
 (6)

 IPC Corp.
 SOFR+
 11.97 %
 10/1/2026
 36,029
 35,643
 35,668

 JN Bidco LLC
 9,886
 9,886
 (15)

 SOFR+
 37,635
 37,211
 37,123

 SOFR+
 10.68 %
 16,552
 16,423
 16,327

 PRIME+
 12.50 %
 1,259
 1,223
 1,216

 PRIME+

 SOFR+
 10/29/2028
 19,351
 18,861
 18,953
 (6)

 Latam Airlines Group S.A.
 SOFR+
 9.50 %
 14.95 %
 10/12/2027
 26,156
 25,039
 26,556

 Learfield Communications, LLC
 SOFR+
 6/30/2028
 30,856
 30,779
 30,863
 (6)

 SOFR+
 10.13 %
 8/22/2031
 26,358
 25,839
 25,847

 SOFR+
 8/22/2031
 —
 ( 15)
 ( 15)

 PIK
 Cost
 Notes

 SOFR+
 8/22/2030
 $
 —
 $
 ( 61)
 $
 ( 60)

 SOFR+
 9.96 %
 5/9/2026
 55,873
 55,220
 54,197

 Liquid Environmental Solutions Corporation
 SOFR+
 13.20 %
 11/30/2026
 3,167
 3,123
 2,993

 Liquid Environmental Solutions Corporation
 SOFR+
 13.20 %
 11/30/2026
 5,822
 5,785
 5,502

 Liquid Environmental Solutions Corporation
 (15)

 SOFR+
 2,708
 2,601
 2,539

 SOFR+
 23,256
 22,977
 21,802

 SOFR+
 2,014
 1,982
 1,849

 Marinus Pharmaceuticals, Inc.
 5/11/2026
 8,139
 8,096
 7,773

 Marinus Pharmaceuticals, Inc.
 5/11/2026
 3,855
 3,835
 3,682

 Marinus Pharmaceuticals, Inc.
 5/11/2026
 4,070
 4,048
 3,886

 11/19/2026
 7,660
 7,359
 7,373

 33,409

 129,939

 SOFR+
 11.40 %
 2,604
 2,561
 2,568

 SOFR+
 11.40 %
 7,224
 7,167
 7,125

 SOFR+
 —
 ( 21)
 ( 24)

 SOFR+
 12.40 %
 9/30/2025
 51,356
 51,142
 50,806

 SOFR+
 12.40 %
 9/30/2025
 2,294
 2,255
 2,269

 SOFR+
 9/30/2025
 —
 ( 21)
 ( 56)

 SOFR+
 7,056
 6,923
 6,932

 SOFR+
 —
 ( 12)
 ( 11)

 SOFR+
 1,176
 1,152
 1,156

 SOFR+
 —
 ( 13)
 ( 12)

 Modena Buyer LLC
 SOFR+
 27,705
 27,169
 26,588
 (6)

 SOFR+
 10.56 %
 2/28/2031
 38,326
 37,751
 38,326

 SOFR+
 2/28/2031
 —
 ( 24)
 —

 SOFR+
 2/28/2030
 —
 ( 65)
 —

 Mosaic Companies, LLC
 SOFR+
 10.58 %
 7/2/2026
 50,077
 49,891
 48,775

 SOFR+
 33,831
 33,438
 33,503

 SOFR+
 13,829
 13,797
 13,695

 SOFR+
 6,652
 6,609
 6,588

 SOFR+

 SOFR+
 —
 ( 69)
 ( 44)

 NeuAG, LLC
 SOFR+
 2.25 %
 6.85 %
 12/1/2024
 55,783
 54,677
 54,668

 SOFR+
 11.06 %
 11/12/2030
 19,895
 19,597
 19,895

 PIK
 Cost
 Notes

 SOFR+
 11/12/2030
 $
 —
 $
 ( 38)
 $
 —

 SOFR+
 11/9/2029
 —
 ( 25)
 —

 SOFR+
 8.88 %
 9/19/2026
 56,701
 56,248
 55,737

 487,870
 —
 1,898
 (11)

 239,590
 —
 (11)

 Northwoods Capital 25 Ltd
 SOFR+
 7.40 %
 12.68 %
 7/20/2034

 Oranje Holdco, Inc.
 SOFR+
 12.75 %
 2/1/2029
 15,231
 14,956
 15,231

 Oranje Holdco, Inc.
 SOFR+
 12.50 %
 2/1/2029
 4,047
 3,974
 3,986

 Oranje Holdco, Inc.
 SOFR+
 2/1/2029
 —
 ( 34)
 —

 SOFR+
 9.50 %
 14.62 %
 2/11/2030
 12,070
 10,611
 12,070

 2,613,034
 22,330
 13,562
 (15)

 Performance Health Holdings, Inc.
 SOFR+
 11.11 %
 7/12/2027
 22,375
 22,238
 22,375

 SOFR+
 10.85 %
 11/15/2030
 52,244
 51,330
 50,912

 SOFR+
 11/15/2030
 —
 ( 69)
 ( 106)

 SOFR+
 11/15/2029
 —
 ( 117)
 ( 175)

 4,531
 4,440
 5,022
 (15)

 SOFR+
 8.12 %
 4,965
 4,965
 4,965

 SOFR+
 —
 —
 —

 SOFR+
 —
 —
 —

 SOFR+
 8.12 %
 8,601
 8,601
 8,601

 SOFR+
 12.62 %
 12,902
 12,902
 12,902

 4,300,526

 14,364
 14,364
 (15)

 E+
 8.97 %
 5/16/2031

 12,868
 13,949
 13,994

 E+
 5/16/2031
 —
 —
 —

 SOFR+
 $
 10,786
 10,471
 10,786

 SOFR+
 5,088
 5,057
 5,019

 SOFR+
 —
 ( 71)
 ( 128)

 SOFR+

 SOFR+
 11.90 %
 3/3/2026
 26,176
 25,994
 26,176

 SOFR+
 3/3/2026
 —
 ( 20)
 —

 (15)

 Profrac Holdings II, LLC
 First Lien Floating Rate Bond
 SOFR+
 11.84 %
 1/23/2029
 26,642
 26,376
 26,410

 SOFR+
 9/20/2030
 20,274
 19,902
 19,887

 SOFR+
 9/20/2030
 —
 ( 39)
 ( 41)

 Quantum Bidco Limited
 10.73 %

 9,739
 12,092
 12,769

 Quantum Bidco Limited
 10.70 %
 2,123
 2,547
 2,715

 QuorumLabs, Inc.
 64,887,669
 —
 (15)

 SOFR+
 12.77 %
 8/31/2026
 $
 8,819
 8,629
 8,334

 SOFR+
 12.77 %
 8/31/2026
 29,223
 28,603
 27,615

 204,454
 1,202

 Salus Workers' Compensation, LLC
 SOFR+
 14.85 %
 10/7/2026
 22,107
 21,656
 21,112

 Salus Workers' Compensation, LLC
 SOFR+
 10/7/2026
 —
 ( 63)
 ( 140)

 PIK
 Cost
 Notes

 Salus Workers' Compensation, LLC
 991,019
 $
 $
 (15)

 Saratoga
 Credit Linked Note
 SOFR+
 5.33 %
 10.18 %
 12/31/2029
 $
 24,500
 24,478
 24,478
 (6)(11)(15)(22)

 Scilex Holding Co
 9,307
 (11)

 scPharmaceuticals Inc.
 53,700
 (15)

 Secure Acquisition Inc.
 SOFR+
 8.85 %
 12/16/2028
 14,963
 14,925
 15,009
 (6)

 Seres Therapeutics, Inc.
 58,210

 SM Wellness Holdings, Inc.
 SOFR+
 4/17/2028
 4,406
 3,908
 4,318

 SM Wellness Holdings, Inc.
 SOFR+
 13.51 %
 4/16/2029
 12,034
 11,367
 11,432

 SOFR+
 10.60 %
 4/19/2029
 47,730
 46,862
 46,947

 SOFR+
 4/19/2029
 —
 ( 98)
 ( 89)

 Sorrento Therapeutics, Inc.
 66,000
 —
 (11)

 SOFR+
 10.20 %
 11/20/2028
 18,058
 17,887
 18,032

 SOFR+
 11/18/2027
 —
 ( 32)
 ( 15)

 SOFR+
 10.69 %
 13,780
 13,259
 12,555
 (6)

 10.75 %
 9/1/2029
 6,835
 6,771
 6,641

 Sum Up Holdings Luxembourg
 E+
 10.04 %
 4/25/2031

 18,846
 20,199
 20,785

 SOFR+
 12.58 %
 12/31/2026
 $
 2,721
 2,706
 2,612

 SOFR+
 12.58 %
 12/31/2026
 3,273
 3,160
 3,142

 SOFR+
 12.58 %
 12/31/2026
 31,778
 31,612
 30,507

 SOFR+
 12/31/2026
 —
 ( 8)
 ( 62)

 SOFR+
 7/28/2028
 28,146
 23,170
 8,444

 SOFR+
 9/13/2025
 (6)(15)(19)(20)

 Telephone and Data Systems, Inc.
 SOFR+
 12.25 %
 5/1/2029
 25,031
 24,343
 24,405

 Telephone and Data Systems, Inc.
 SOFR+
 5/1/2029
 —
 ( 86)
 ( 94)

 Telestream Holdings Corporation
 SOFR+
 10/15/2025
 26,553
 25,237
 23,898

 Telestream Holdings Corporation
 SOFR+
 10/15/2025
 1,946
 1,918
 1,727
 (6)(15)(19)(20)

 Ten-X LLC
 SOFR+
 10.74 %
 5/26/2028
 19,683
 18,960
 18,837

 THL Zinc Ventures Ltd
 5/23/2026
 50,419
 50,061
 50,419

 SOFR+
 15.54 %
 6/18/2029
 6,141
 5,952
 6,018

 SOFR+
 6/18/2029
 18,844
 16,279
 16,536

 321,058
 —
 —
 —
 (15)

 Touchstone Acquisition, Inc.
 SOFR+
 14,508
 14,426
 14,218

 Trinitas CLO VI Ltd.
 SOFR+
 7.08 %
 12.36 %
 1/25/2034

 Trinitas CLO XV DAC
 SOFR+
 7.71 %
 12.99 %
 4/22/2034
 1,000

 SOFR+
 10.86 %
 2/13/2031
 26,457
 25,976
 26,457

 SOFR+
 2/13/2031
 —
 ( 52)
 —

 SOFR+
 10.85 %
 2/13/2030
 ( 23)

 SOFR+
 15,773
 15,617
 15,618

 PIK
 Cost
 Notes

 SOFR+
 $
 $
 $

 SOFR+

 2,512
 2,466
 2,468

 3,198
 3,134
 3,142

 —
 —
 —

 —
 —
 —

 4,652
 4,652
 4,699

 9/30/2025
 —
 —
 —
 (11)(15)(19)(21)

 SOFR+
 14.00 %
 12.85 %
 1/23/2026
 2,782
 2,760
 2,546

 4,871
 —
 (15)

 Windstream Services II, LLC
 127,452
 2,057
 1,657
 (15)

 SOFR+
 8.39 %
 4.13 %
 11/28/2029
 30,570
 29,933
 30,396

 SOFR+
 8.39 %
 4.13 %
 11/29/2029
 1,449
 1,449
 1,448

 SOFR+
 11/28/2029
 —
 ( 70)
 ( 19)

 Zep Inc.
 SOFR+
 10/2/2028
 19,431
 19,407
 19,431

 Total Non-Control/Non-Affiliate Investments ( 181.2 % of net assets)

 $
 2,733,843
 $
 2,696,198

 Total Portfolio Investments ( 203.1 % of net assets)

 $
 $

 Cash and Cash Equivalents and Restricted Cash

 JP Morgan Prime Money Market Fund, Institutional Shares
 $
 $

 Other cash accounts
 43,946
 43,946

 Total Cash and Cash Equivalents and Restricted Cash ( 5.3 % of net assets)

 $
 $

 Derivative Instrument
 Notional Amount to be Purchased
 Notional Amount to be Sold
 Counterparty
 Cumulative Unrealized Appreciation /(Depreciation)

 $
 84,291

 76,394
 11/7/2024
 JPMorgan Chase Bank, N.A.
 $
 ( 1,102)

 $
 53,624

 42,021
 11/7/2024
 JPMorgan Chase Bank, N.A.
 ( 2,739)

 $
 ( 3,841)

 Derivative Instrument
 Company Receives
 Company Pays
 Counterparty
 Notional Amount

 Fixed 2.7 %

 Floating 3-month SOFR + 1.658 %

 Royal Bank of Canada

 1/15/2027
 $ 350,000
 $
 ( 20,229)

 Fixed 7.1 %

 Floating 3-month SOFR + 3.1255 %

 Royal Bank of Canada

 $ 300,000
 7,227

 $
 ( 13,002)

 (1)All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
 (2)See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
 (3)Equity ownership may be held in shares or units of companies related to the portfolio companies.
 (4)Each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
 (5) Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
 (6) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR, EURIBOR, SONIA and/or an alternate base rate (e.g., prime rate), 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 rate 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 Company's variable rate loans were the 30-day SOFR at 4.85%, the 90-day SOFR at 4.59%, the 180-day SOFR at 4.25%, the PRIME at 8.00%, the SONIA at 5.50%, the 90-day EURIBOR at 3.54% and the 180-day EURIBOR at 3.11%. Most loans include an interest floor, which generally ranges from 0 % to 3.00 %. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
 (7) Principal includes accumulated PIK interest and is net of repayments, if any. " " signifies the investment is denominated in British Pounds. " " signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
 (8) Control Investments generally are defined by the Investment Company Act, as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
 (9) As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" these portfolio companies as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the year ended September 30, 2024 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
 (10) This investment represents a participation interest in the underlying securities shown.
 (11) Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2024, qualifying assets represented 74.4 % of the Company's total assets and non-qualifying assets represented 25.6 % of the Company's total assets.
 (12) Income producing through payment of dividends or distributions.
 (13) This investment represents Seller Earn Out Shares in Alvotech Holdings S.A. The Seller Earn Out Shares will vest if, at any time through June 16, 2027, the Alvotech Holdings S.A. common share price is at or above a VWAP of $ 20.00 per share for any ten trading days within any twenty trading day period.
 (14) See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition of the Company's joint ventures.
 (15) As of September 30, 2024, these investments were categorized as Level 3 within the fair value hierarchy established by ASC 820.
 (16) This investment was valued using net asset value as a practical expedient for fair value. Consistent with ASC 820, these investments are excluded from the hierarchical levels.
 (17) Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.

 (18) Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.
 (19) 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.
 (20) This investment was on non-accrual status as of September 30, 2024.
 (21) This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan.
 (22) This investment represents a credit default swap that functions, in substance, like a credit linked note and represents a credit risk transfer for a pool of reference assets owned by a bank. The Company fully funded margin up front and in return the Company receives periodic interest payments. The Company's risk of loss is limited to the principal amount disclosed herein. The reference assets are primarily composed of investment grade corporate debt. The Company may be exposed to counterparty risk, which could make it difficult for the Company to collect on obligations, thereby resulting in potentially significant losses. In addition, the Company only has a contractual relationship with the counterparty bank, and not with the reference obligors of the reference assets. Accordingly, the Company generally may have no right to directly enforce compliance by the reference obligors with the terms of the reference assets. The Company will not directly benefit from the reference assets and will not have the benefit of the remedies that would normally be available to a holder of such reference assets. In addition, in the event of the insolvency of the counterparty bank, the Company may be treated as a general creditor of such counterparty bank, and will not have any claim with respect to the reference assets.
 (23) This investment was renamed during the three months ended June 30, 2024. For the periods prior to June 30, 2024, this investment was referenced as SCP Eye Care Services, LLC.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Note 1. Organization
 Oaktree Specialty Lending Corporation (together with its consolidated subsidiaries, the "Company") is a specialty finance company that looks to provide customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company was formed in late 2007 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act. The Company has qualified and elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes.
 The Company's investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions, including first lien loans (which may include "unitranche" loans and "last out" first lien loans, which are loans that are second priority behind "first out" first lien loans), second lien loans, unsecured and mezzanine loans, bonds, preferred equity and certain equity co-investments. The Company may also seek to generate capital appreciation and income through secondary investments at discounts to par in either private or syndicated transactions.
 The Company is externally managed by Oaktree Fund Advisors, LLC ("Oaktree"), pursuant to an investment advisory agreement between the Company and Oaktree (as amended and restated, the "Investment Advisory Agreement"). Oaktree is an affiliate of Oaktree Capital Management, L.P. ("OCM"), the Company's external investment adviser from October 17, 2017 through May 3, 2020. Oaktree Fund Administration, LLC ("Oaktree Administrator"), a subsidiary of OCM, provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Company and Oaktree Administrator (the "Administration Agreement"). See Note 10.
 On March 19, 2021, the Company acquired Oaktree Strategic Income Corporation ("OCSI") pursuant to that certain Agreement and Plan of Merger (the "OCSI Merger Agreement"), dated as of October 28, 2020, by and among OCSI, the Company, Lion Merger Sub, Inc., a wholly-owned subsidiary of the Company, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OCSI Merger Agreement, OCSI was merged with and into the Company in a two-step transaction, with the Company as the surviving company (the "OCSI Merger").
 On January 23, 2023, the Company acquired Oaktree Strategic Income II, Inc. ("OSI2") pursuant to that certain Agreement and Plan of Merger (the "OSI2 Merger Agreement"), dated as of September 14, 2022, by and among OSI2, the Company, Project Superior Merger Sub, Inc., a wholly-owned subsidiary of the Company, and, solely for the limited purposes set forth therein, Oaktree. Pursuant to the OSI2 Merger Agreement, OSI2 was merged with and into the Company in a two-step transaction with the Company as the surviving company (the "OSI2 Merger").

 Note 2. Significant Accounting Policies
 Basis of Presentation:
 The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X. All intercompany balances and transactions have been eliminated. The Company is an investment company following the accounting and reporting guidance in ASC Topic 946, Financial Services - Investment Companies ("ASC 946").
 Use of Estimates:
 The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition.
 Consolidation:
 The accompanying Consolidated Financial Statements include the accounts of Oaktree Specialty Lending Corporation and its consolidated subsidiaries. Each consolidated subsidiary is wholly-owned and, as such, consolidated into the Consolidated Financial Statements. Certain subsidiaries that hold investments are treated as pass through entities for U.S. federal income tax purposes. The assets of certain of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of Oaktree Specialty Lending Corporation or any of its other subsidiaries.
 As an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial Statements but rather are included on the Statements of Assets and Liabilities as investments at fair value.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Fair Value Measurements:
 Oaktree, as the valuation designee of the Company's Board of Directors pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of the Company's assets, including unfunded commitments, on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.
 Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

 • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
 • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
 • Level 3 — Unobservable inputs that reflect Oaktree's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
 If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. Oaktree's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions.
 Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, Oaktree obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.
 Oaktree seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If Oaktree is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within Oaktree's set threshold, Oaktree seeks to obtain a quote directly from a broker making a market for the asset. 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. Generally, Oaktree does not adjust any of the prices received from these sources. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, Oaktree performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process.
 If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, Oaktree values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, Oaktree analyzes various factors, including the portfolio company's historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company's industry. Oaktree also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company's ability to meet its

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. Oaktree may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and Oaktree considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, Oaktree depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.
 In accordance with ASC 820-10, certain investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. These investments are generally not redeemable.
 Oaktree estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.
 Rule 2a-5 under the Investment Company Act permits boards of directors of registered investment companies and Business Development Companies to either (i) choose to determine fair value in good faith or (ii) designate a valuation designee tasked with determining fair value in good faith, subject to the board's oversight. The Company's Board of Directors has designated Oaktree to serve as its valuation designee.
 Oaktree undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments:
 • The quarterly valuation process begins with each portfolio company or investment being initially valued by Oaktree's valuation team;
 • Preliminary valuations are then reviewed and discussed with management of Oaktree;
 • Separately, independent valuation firms prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to Oaktree;
 • Oaktree compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee;
 • The Audit Committee reviews the valuation report with Oaktree, and Oaktree responds and supplements the valuation report to reflect any discussions between Oaktree and the Audit Committee; and
 • Oaktree, as valuation designee, determines the fair value of each investment in the Company's portfolio.
 The fair value of the Company's investments as of September 30, 2025 and September 30, 2024 was determined by Oaktree, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter.
 Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
 With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "credit facilities payable" and "unsecured notes payable," which are reported at amortized cost, all assets and liabilities approximate fair value on the Consolidated Statements of Assets and Liabilities. The carrying value of the line items titled "interest, dividends and fees receivable," "due from portfolio companies," "receivables from unsettled transactions," "due from broker," "accounts payable, accrued expenses and other liabilities," "base management fee and incentive fee payable," "due to affiliate," "interest payable " and "payables from unsettled transactions" approximate fair value due to their short maturities.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Foreign Currency Translation:
 The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company's investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
 Derivative Instruments:
 Foreign Currency Forward Contracts
 The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and, as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
 Interest Rate Swaps
 The Company uses interest rate swaps to hedge the Company's fixed rate debt. The Company designated the interest rate swaps as the hedging instruments in an effective hedge accounting relationship, and therefore the periodic payments are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of each interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreements are included in due from broker on the Company's Consolidated Statements of Assets and Liabilities.
 Restricted Securities:
 The Company may invest in securities that may be deemed "restricted securities" for purposes of Regulation S-X. Disposal of these restricted securities, which are valued in accordance with the Company's valuation policy as described under "—Fair Value Measurements", may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult due to legal and/or contractual restrictions. Information regarding restricted securities is included in the Schedules of Investments.
 Investment Income:
 Interest Income
 Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management's judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash and the portfolio company, in management's judgment, is likely to continue timely payment of its remaining obligations. As of September 30, 2025, there were ten investments on non-accrual status that in aggregate represented 6.5 % and 3.0 % of total debt investments at

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 cost and fair value, respectively. As of September 30, 2024, there were nine investments on non-accrual status that in aggregate represented 4.9 % and 4.0 % of total debt investments at cost and fair value, respectively.
 In connection with its investment in a portfolio company, the Company sometimes receives nominal cost equity that is valued as part of the negotiation process with the portfolio company. When the Company receives nominal cost equity, the Company allocates its cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.
 PIK Interest Income
 The Company's investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company's debt investments increases the recorded cost basis of these investments in the Consolidated Financial Statements including for purposes of computing the capital gains incentive fee payable by the Company to Oaktree. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed to the Company's stockholders, even though the Company has not yet collected the cash and may never do so.
 Fee Income
 Oaktree or its affiliates may provide financial advisory services to portfolio companies and, in return, the Company may receive fees for capital structuring services. These fees are generally non-recurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.
 Dividend Income
 The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
 Cash and Cash Equivalents and Restricted Cash:
 Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less when acquired. The Company places its cash and cash equivalents and restricted cash with financial institutions and, at times, cash held in bank accounts exceeds the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets. As of September 30, 2025, the Company did not have any restricted cash. As of September 30, 2024, included in restricted cash was $ 14.6 million that was held at Deutsche Bank Trust Company Americas in connection with the OSI2 Citibank Facility (as defined in Note 6. Borrowings).

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Due from Portfolio Companies:
 Due from portfolio companies consists of amounts payable to the Company from its portfolio companies, including proceeds from the sale of portfolio companies not yet received or being held in escrow and excluding those amounts attributable to interest, dividends or fees receivable. These amounts are recognized as they become payable to the Company (e.g., principal payments on the scheduled amortization payment date).
 Receivables/Payables from Unsettled Transactions:
 Receivables/payables from unsettled transactions consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.
 Deferred Financing Costs:
 Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities and debt offerings. Deferred financing costs in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Consolidated Statements of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. For extinguishments of the Company's unsecured notes payable, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

 Deferred Offering Costs:
 Legal fees and other costs incurred in connection with the Company's shelf registration statement are capitalized as deferred offering costs in the Consolidated Statements of Assets and Liabilities. To the extent any such costs relate to equity offerings, these costs are charged as a reduction of capital upon utilization. To the extent any such costs relate to debt offerings, these costs are treated as deferred financing costs and are amortized over the term of the respective debt arrangement. Any deferred offering costs that remain at the expiration of the shelf registration statement or when it becomes probable that an offering will not be completed are expensed.
 Segment Reporting:
 The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.
 The chief operating decision maker ("CODM") is composed of the Company's chief executive officer and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is "Net increase (decrease) in net assets resulting from operations" which is reported on the Consolidated Statement of Operations.
 Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount recommended to the Board for distribution to the Company's shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Consolidated Statements of Assets and Liabilities and the significant segment expenses are listed on the Consolidated Statement of Operations.
 Income Taxes:
 The Company has elected to be subject to tax as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each taxable year. As a RIC, the Company is not subject to U.S. federal income tax on the portion of its taxable income and gains distributed currently to stockholders as a dividend. Depending on the level of taxable income earned during a taxable year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next taxable year. The Company would then incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. The Company anticipates timely distribution of its taxable income within the tax rules under Subchapter M of the Code. For

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 calendar year 2023, the Company incurred $ 0.1 million of excise tax. The Company did no t incur any U.S. federal excise tax for calendar year 2024. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025.
 The Company holds certain portfolio investments through taxable subsidiaries. The purpose of the Company's taxable subsidiaries is to permit the Company to hold equity investments in portfolio companies which are "pass through" entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiaries are consolidated for financial reporting purposes, and portfolio investments held by them are included in the Company's Consolidated Financial Statements as portfolio investments and recorded at fair value. The taxable subsidiaries are not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Company's Consolidated Statements of Operations. The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.
 FASB ASC Topic 740, Accounting for Uncertainty in Income Taxes ("ASC 740"), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the Company's Consolidated Financial Statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including an ongoing analysis of tax laws, regulations and interpretations thereof. The Company recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2022, 2023 and 2024. The Company identifies its major tax jurisdictions as U.S. Federal and California, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
 Recent Accounting Pronouncements
 In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company adopted ASU No. 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not materially impact its consolidated financial statements.
 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. The guidance is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Note 3. Portfolio Investments
 As of September 30, 2025, 194.3 % of net assets at fair value, or $ 2.8 billion, was invested in 143 portfolio companies, including (i) $ 124.6 million in subordinated notes and 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) $ 46.1 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 September 30, 2025, 5.4 % of net assets at fair value, or $ 79.6 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 September 30, 2025, 85.9 % of the Company's portfolio at fair value consisted of senior secured debt investments and 8.7 % consisted of subordinated debt investments, including the debt investments in the JVs. 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 years ended September 30, 2025, 2024 and 2023, the Company recorded net realized losses of $ 17.1 million, $ 136.4 million and $ 33.2 million, respectively. During the years ended September 30, 2025, 2024 and 2023, the Company recorded net unrealized appreciation (depreciation) of $( 101.2) million, $ 19.1 million and $( 28.6) million, respectively.
 The composition of the Company's investments as of September 30, 2025 and September 30, 2024 at cost and fair value was as follows:

 Cost
 Cost

 Investments in debt securities
 $
 2,646,823
 $
 2,535,998
 $
 2,723,134
 $
 2,684,858

 Investments in equity securities
 207,729
 141,122
 202,670
 152,328

 165,779
 158,716
 164,324
 161,552

 Equity investments in the JVs

 Total
 $
 $
 $
 $

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 % of Debt
Portfolio
 % of Debt
Portfolio

 Floating rate debt securities, including the debt investments in the JVs
 $
 2,442,837
 90.65
 %
 $
 2,516,316
 88.40
 %

 Fixed rate debt securities
 251,877
 9.35
 330,094
 11.60

 Total
 $
 2,694,714
 %
 $
 2,846,410
 %

 The following table presents the financial instruments carried at fair value as of September 30, 2025 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

 Level 1
 Level 2
 Level 3
 Measured at Net Asset Value (a)
 Total

 Investments in debt securities (senior secured)
 $
 —
 $
 338,232
 $
 2,107,306
 $
 —
 $
 2,445,538

 Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)
 —
 18,039
 231,137
 —
 249,176

 Investments in equity securities (preferred)
 —
 —
 72,122
 —
 72,122

 Investments in equity securities (common and warrants, including LLC equity interests of the JVs)
 1,491
 66,813
 80,946

 Total investments at fair value
 357,762
 2,477,378

 Cash equivalents

 6,608
 —
 —
 —
 6,608

 Derivative assets
 —
 8,713
 —
 —
 8,713

 Total assets at fair value

 $
 7,304
 $
 366,475
 $
 2,477,378
 $
 $
 2,863,103

 Derivative liabilities
 $
 —
 $
 7,329
 $
 —
 $
 —
 $
 7,329

 Total liabilities at fair value
 $
 —
 $
 7,329
 $
 —
 $
 —
 $
 7,329

 (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.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 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)
 —
 —
 —

 Investments in equity securities (common and warrants, including LLC equity interests of the JVs)
 1,422
 2,830
 81,756
 108,549

 Total investments at fair value
 1,422
 273,584

 Cash equivalents

 —
 —
 —

 Total assets at fair value

 $
 36,019
 $
 273,584
 $
 $
 $
 3,055,876

 Derivative liabilities
 $
 —
 $
 $
 —
 $
 —
 $

 Total liabilities at fair value
 $
 —
 $
 $
 —
 $
 —
 $

 (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.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 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
 $
 $
 81,756
 $

 Purchases
 712,463
 3,583
 716,179

 Sales and repayments
 ( 798,294)
 ( 26,655)
 ( 1,151)
 ( 12,790)
 ( 838,890)

 Transfers in (a)(c)
 6,555
 —
 1,056
 9,670
 17,281

 Transfers out (b)(c)
 ( 84,709)
 —
 —
 ( 585)
 ( 85,294)

 Capitalized PIK interest income
 16,627
 2,826
 —
 —
 19,453

 Accretion of OID
 12,998
 2,233
 —
 —
 15,231

 ( 62,238)
 ( 6,201)
 5,547
 ( 19,875)
 ( 82,767)

 ( 16,406)
 8,613
 ( 7,547)

 Fair value as of September 30, 2025
 $
 2,107,306
 $
 231,137
 $
 72,122
 $
 66,813
 $
 2,477,378

 Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2025
 $
 ( 89,798)
 $
 ( 6,147)
 $
 5,749
 $
 ( 21,168)
 $
 ( 111,364)

 (a) There were $ 6.6 million of transfers into Level 3 from Level 2 for investments during the year ended September 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 year ended September 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 year ended September 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, (4) $ 0.4 million of Level 3 common equity was exchanged for Level 3 preferred equity and (5) $ 0.2 million of Level 3 common equity was exchanged for Level 1 common equity.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 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
 838,357
 71,788
 7,578
 1,749
 919,472

 Sales and repayments
 ( 732,739)
 ( 5,019)
 ( 205)
 ( 860)
 ( 738,823)

 Transfers in (a)(c)
 43,451
 —
 —
 63,952
 107,403

 Transfers out (b)(c)
 ( 97,840)
 ( 4,657)
 ( 1,159)
 ( 283)
 ( 103,939)

 Capitalized PIK interest income
 22,624
 2,339
 —
 —
 24,963

 Accretion of OID
 12,756
 1,418
 —
 —
 14,174

 43,104
 ( 293)
 11,642
 ( 32,516)
 21,937

 ( 102,094)
 ( 37,593)
 ( 1,726)
 ( 141,367)

 Fair value as of September 30, 2024
 $
 2,320,310
 $
 255,346
 $
 $
 81,756
 $

 Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2024
 $
 ( 5,669)
 $
 ( 873)
 $
 5,704
 $
 ( 35,621)
 $
 ( 36,459)

 (a) There were $ 38.8 million of transfers into Level 3 from Level 2 for investments during the year ended September 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 $ 35.0 million of transfers out of Level 3 to Level 2 for investments during the year ended September 30, 2024
 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 year ended September 30, 2024 in which (1) $ 62.8 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 September 30, 2025:

 Asset
 Valuation Technique
 Unobservable Input
 Range
 Weighted
Average (a)

 Senior Secured Debt

 $
 1,997,472
 (b)
 7.0 %
 -
 36.0 %
 10.7 %

 51,483
 Revenue Multiple
 (c)
 0.7 x
 -
 5.5 x
 2.7 x

 11,414
 EBITDA Multiple
 (c)
 0.4 x
 -
 7.3 x
 3.4 x

 46,937
 Transaction Precedent
 Transaction Price
 (d)
 N/A
 -
 N/A
 N/A

 72,421
 (b)
 5.0 %
 -
 12.0 %
 8.7 %

 Debt Investments in the JVs
 158,716
 N/A
 (e)
 N/A
 -
 N/A
 N/A

 Preferred & Common Equity
 58,219
 Revenue Multiple
 (c)
 0.3 x
 -
 5.5 x
 0.5 x

 72,013
 EBITDA Multiple
 (c)
 2.3 x
 -
 14.3 x
 10.3 x

 1,496
 Asset Multiple
 (c)
 1.4 x
 -
 1.6 x
 1.5 x

 7,207
 Transaction Precedent
 Transaction Price
 (d)
 N/A
 -
 N/A
 N/A

 Total
 $
 2,477,378

 (a)Weighted averages are calculated based on fair value of investments.
 (b)Used when market participants would take into account market yield when pricing the investment.
 (c)Used when market participants would use such multiples when pricing the investment.
 (d)Used when there is an observable transaction or pending event for the investment.
 (e)Oaktree determined the value of its subordinated notes of each JV based on the total assets less the total liabilities senior to the subordinated notes held at such JV in an amount not exceeding par under the EV technique.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 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
 Valuation Technique
 Unobservable Input
 Range
 Weighted
Average (a)

 Senior Secured Debt

 $
 2,044,221
 (b)
 5.7 %
 -
 31.0 %
 12.0 %

 52,857
 Revenue Multiple
 (c)
 2.0 x
 -
 5.5 x
 3.7 x

 26,927
 EBITDA Multiple
 (c)
 4.5 x
 -
 7.5 x
 5.7 x

 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

 93,794
 (b)
 5.0 %
 -
 45.0 %
 10.1 %

 Debt Investments in the JVs
 161,552
 N/A
 (f)
 N/A
 -
 N/A
 N/A

 Preferred & Common Equity
 80,720
 Revenue Multiple
 (c)
 0.3 x
 -
 7.2 x
 2.0 x

 66,106
 EBITDA Multiple
 (c)
 2.9 x
 -
 15.0 x
 10.2 x

 1,250
 Asset Multiple
 (c)
 1.0 x
 -
 1.4 x
 1.4 x

 Total
 $

 (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 September 30, 2025 and the level of each financial liability within the fair value hierarchy:

 Carrying
Value
 Level 1
 Level 2
 Level 3

 Syndicated Facility payable
 $
 $
 $
 —
 $
 —
 $

 2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)
 336,601
 339,763
 —
 339,763
 —

 2029 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)
 300,460
 314,520
 —
 314,520
 —

 2030 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment)
 304,819
 301,128
 —
 301,128
 —

 Total
 $
 1,486,880
 $
 1,500,411
 $
 —
 $
 955,411
 $

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 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
 Level 1
 Level 2
 Level 3

 Syndicated Facility payable
 $
 $
 $
 —
 $
 —
 $

 OSI2 Citibank Facility payable
 —
 —

 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:

 Cost:

 Senior secured debt
 $
 2,555,861
 83.11
 %
 $
 2,615,066
 83.14
 %

 165,779
 5.39
 %
 164,324
 5.23
 %

 Common equity and warrants
 139,256
 4.53
 %
 134,452
 4.28
 %

 Subordinated debt
 90,962
 2.96
 %
 108,068
 3.44
 %

 Preferred equity
 68,473
 2.23
 %
 68,218
 2.17
 %

 LLC equity interests of the JVs
 1.78
 %
 1.74
 %

 Total
 $
 %
 $
 %

 Fair Value:

 Senior secured debt
 $
 2,445,538
 85.88
 %
 166.84
 %
 $
 2,574,937
 85.21
 %
 173.06
 %

 158,716
 5.57
 %
 10.83
 %
 161,552
 5.35
 %
 10.86
 %

 Subordinated debt
 90,460
 3.18
 %
 6.17
 %
 109,921
 3.64
 %
 7.39
 %

 Preferred equity
 72,122
 2.53
 %
 4.92
 %
 2.20
 %
 4.46
 %

 Common equity and warrants
 69,000
 2.42
 %
 4.71
 %
 86,008
 2.85
 %
 5.78
 %

 LLC equity interests of the JVs
 0.42
 %
 0.81
 %
 0.75
 %
 1.52
 %

 Total
 $
 %
 194.28
 %
 $
 %
 203.07
 %

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 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:

 Cost:

 Northeast
 $
 1,072,606
 34.88
 %
 $
 1,033,467
 32.86
 %

 Midwest
 490,842
 15.96
 %
 397,640
 12.64
 %

 Southeast
 479,013
 15.58
 %
 464,992
 14.79
 %

 International
 339,829
 11.05
 %
 343,033
 10.91
 %

 West
 284,586
 9.25
 %
 320,407
 10.19
 %

 Southwest
 234,192
 7.62
 %
 285,648
 9.08
 %

 South
 164,434
 5.35
 %
 241,098
 7.67
 %

 Northwest
 9,620
 0.31
 %
 58,634
 1.86
 %

 Total
 $
 %
 $
 %

 Fair Value:

 Northeast
 $
 949,839
 33.35
 %
 64.80
 %
 $
 965,469
 31.94
 %
 64.89
 %

 Midwest
 479,452
 16.84
 %
 32.71
 %
 390,607
 12.93
 %
 26.25
 %

 Southeast
 385,283
 13.53
 %
 26.28
 %
 419,669
 13.89
 %
 28.21
 %

 International
 354,855
 12.46
 %
 24.21
 %
 354,662
 11.74
 %
 23.84
 %

 West
 283,930
 9.97
 %
 19.37
 %
 314,994
 10.43
 %
 21.17
 %

 Southwest
 221,920
 7.79
 %
 15.14
 %
 279,653
 9.26
 %
 18.80
 %

 South
 162,946
 5.72
 %
 11.12
 %
 237,634
 7.87
 %
 15.97
 %

 Northwest
 9,557
 0.34
 %
 0.65
 %
 58,591
 1.94
 %
 3.94
 %

 Total
 $
 %
 194.28
 %
 $
 %
 203.07
 %

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 Cost:

 $
 543,878
 17.64
 %
 $
 532,200
 16.85
 %

 Multi-Sector Holdings (1)
 236,025
 7.68
 228,181
 7.26

 160,149
 5.21
 149,904
 4.77

 131,123
 4.26
 72,927
 2.32

 129,993
 4.23
 95,564
 3.04

 114,897
 3.74
 94,639
 3.01

 90,600
 2.95
 28,823
 0.92

 82,497
 2.68
 25,763
 0.82

 75,913
 2.47
 105,932
 3.37

 73,389
 2.39
 —
 —

 69,505
 2.26
 64,769
 2.06

 67,584
 2.20
 45,156
 1.44

 66,192
 2.15
 63,110
 2.01

 56,944
 1.85
 42,898
 1.36

 55,761
 1.81
 65,229
 2.07

 49,076
 1.60
 72,839
 2.32

 47,882
 1.56
 79,799
 2.54

 47,667
 1.55
 39,316
 1.25

 43,379
 1.41
 46,764
 1.49

 43,064
 1.40
 66,597
 2.12

 41,521
 1.35
 43,821
 1.39

 40,748
 1.33
 53,376
 1.70

 38,984
 1.27
 63,425
 2.02

 38,232
 1.24
 40,964
 1.30

 34,984
 1.14
 80,058
 2.55

 33,633
 1.09
 32,834
 1.04

 33,138
 1.08
 25,901
 0.82

 32,888
 1.07
 19,863
 0.63

 31,938
 1.04
 —
 —

 30,328
 0.99
 14,426
 0.46

 29,700
 0.97
 —
 —

 29,407
 0.96
 31,602
 1.00

 29,193
 0.95
 —
 —

 28,897
 0.94
 38,891
 1.24

 27,463
 0.89
 —
 —

 27,210
 0.88
 60,316
 1.92

 26,611
 0.87
 19,222
 0.61

 23,737
 0.77
 30,779
 0.98

 23,480
 0.76
 82,624
 2.63

 23,267
 0.76
 22,231
 0.71

 21,401
 0.70
 49,891
 1.59

 20,515
 0.67
 8,205
 0.26

 20,502
 0.67
 20,612
 0.66

 19,986
 0.65
 —
 —

 19,805
 0.64
 —
 —

 19,309
 0.63
 19,309
 0.61

 19,290
 0.63
 55,220
 1.76

 18,559
 0.60
 17,855
 0.57

 18,180
 0.59
 —
 —

 Gold
 17,698
 0.58
 23,454
 0.75

 16,360
 0.53
 —
 —

 16,142
 0.52
 38,237
 1.22

 11,397
 0.37
 11,418
 0.36

 10,312
 0.34
 18,379
 0.58

 7,954
 0.26
 8,050
 0.26

 2,639
 0.09
 2,806
 0.09

 2,463
 0.08
 24,102
 0.77

 1,733
 0.06
 1,733
 0.06

 —
 —
 54,677
 1.74

 —
 —
 50,061
 1.59

 —
 —
 37,958
 1.21

 —
 —
 36,810
 1.17

 —
 —
 25,039
 0.80

 —
 —
 24,257
 0.77

 —
 —
 19,407
 0.62

 —
 —
 14,639
 0.47

 —
 —
 2,057
 0.07

 $
 %
 $
 %

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Fair Value:

 $
 522,632
 18.34
 %
 35.68
 %
 $
 523,007
 17.34
 %
 35.16
 %

 Multi-Sector Holdings (1)
 185,887
 6.53
 12.68
 193,579
 6.41
 13.01

 132,514
 4.65
 9.04
 74,327
 2.46
 5.00

 131,211
 4.61
 8.95
 96,963
 3.21
 6.52

 119,633
 4.20
 8.16
 127,935
 4.23
 8.60

 115,382
 4.05
 7.87
 91,804
 3.04
 6.17

 96,960
 3.40
 6.61
 104,795
 3.47
 7.04

 82,424
 2.89
 5.62
 25,772
 0.85
 1.73

 73,456
 2.58
 5.01
 —
 —
 —

 67,439
 2.37
 4.60
 44,551
 1.47
 2.99

 65,121
 2.29
 4.44
 26,264
 0.87
 1.77

 56,333
 1.98
 3.84
 42,674
 1.41
 2.87

 54,143
 1.90
 3.69
 55,434
 1.83
 3.73

 53,423
 1.88
 3.64
 64,119
 2.12
 4.31

 47,604
 1.67
 3.25
 80,638
 2.67
 5.42

 47,446
 1.67
 3.24
 39,813
 1.32
 2.68

 45,405
 1.59
 3.10
 66,324
 2.20
 4.46

 45,168
 1.59
 3.08
 71,246
 2.36
 4.79

 43,821
 1.54
 2.99
 45,954
 1.52
 3.09

 43,293
 1.52
 2.95
 46,858
 1.55
 3.15

 40,973
 1.44
 2.80
 53,019
 1.75
 3.56

 36,985
 1.30
 2.52
 39,111
 1.29
 2.63

 36,284
 1.27
 2.48
 57,451
 1.90
 3.86

 33,311
 1.17
 2.27
 26,486
 0.88
 1.78

 33,290
 1.17
 2.27
 32,246
 1.07
 2.17

 32,778
 1.15
 2.24
 19,846
 0.66
 1.33

 30,295
 1.06
 2.07
 14,218
 0.47
 0.96

 29,943
 1.05
 2.04
 —
 —
 —

 29,698
 1.04
 2.03
 —
 —
 —

 29,137
 1.02
 1.99
 —
 —
 —

 28,766
 1.01
 1.96
 31,063
 1.03
 2.09

 27,431
 0.96
 1.87
 —
 —
 —

 26,766
 0.94
 1.83
 19,221
 0.64
 1.29

 26,753
 0.94
 1.83
 38,149
 1.26
 2.56

 26,425
 0.93
 1.80
 58,906
 1.95
 3.96

 26,134
 0.92
 1.78
 73,673
 2.44
 4.95

 24,957
 0.88
 1.70
 84,977
 2.81
 5.71

 24,051
 0.84
 1.64
 30,863
 1.02
 2.07

 22,772
 0.80
 1.55
 —
 —
 —

 21,513
 0.76
 1.47
 22,554
 0.75
 1.52

 20,023
 0.70
 1.37
 20,342
 0.67
 1.37

 19,933
 0.70
 1.36
 —
 —
 —

 19,347
 0.68
 1.32
 54,197
 1.79
 3.64

 18,742
 0.66
 1.28
 8,263
 0.27
 0.56

 Gold
 18,665
 0.66
 1.27
 25,054
 0.83
 1.68

 18,204
 0.64
 1.24
 —
 —
 —

 16,600
 0.58
 1.13
 18,017
 0.60
 1.21

 16,411
 0.58
 1.12
 —
 —
 —

 16,098
 0.57
 1.10
 38,237
 1.27
 2.57

 14,137
 0.50
 0.96
 15,604
 0.52
 1.05

 11,709
 0.41
 0.80
 47,191
 1.56
 3.17

 11,538
 0.41
 0.79
 11,515
 0.38
 0.77

 10,273
 0.36
 0.70
 18,307
 0.61
 1.23

 8,066
 0.28
 0.55
 8,065
 0.27
 0.54

 3,134
 0.11
 0.21
 2,220
 0.07
 0.15

 2,528
 0.09
 0.17
 48,775
 1.61
 3.28

 2,463
 0.09
 0.17
 9,376
 0.31
 0.63

 2,354
 0.08
 0.16
 2,546
 0.08
 0.17

 —
 —
 —
 54,668
 1.81
 3.67

 —
 —
 —
 50,419
 1.67
 3.39

 —
 —
 —
 39,660
 1.31
 2.67

 —
 —
 —
 37,544
 1.24
 2.52

 —
 —
 —
 26,556
 0.88
 1.78

 —
 —
 —
 24,311
 0.80
 1.63

 —
 —
 —
 19,431
 0.64
 1.31

 —
 —
 —
 15,484
 0.51
 1.04

 —
 —
 —
 1,657
 0.05
 0.11

 Total
 $
 %
 194.28
 %
 $
 %
 203.07
 %

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

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 As of September 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.

 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 September 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 September 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 September 30, 2025, the revolving period of the SLF JV I Facility was scheduled to expire August 16, 2028 and the maturity date was August 21, 2028. As of September 30, 2025, borrowings under the SLF JV I Facility accrued interest at a rate equal to daily SOFR plus 1.40 % per annum. As of September 30, 2025 and September 30, 2024, $ 252.5 million and $ 200.0 million of borrowings were outstanding under the SLF JV I Facility, respectively.
 As of September 30, 2025 and September 30, 2024, SLF JV I had total assets of $ 447.4 million and $ 375.8 million, respectively. SLF JV I's portfolio primarily consisted of senior secured loans to 72 and 48 portfolio companies as of September 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 September 30, 2025, the Company's investment in SLF JV I consisted of LLC equity interests and SLF JV I Notes of $ 124.6 million in aggregate, at fair value. As of 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 September 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 September 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.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 Senior secured loans (1)
 $ 394,091
 $ 330,094

 Weighted average interest rate on senior secured loans (2)
 8.09 %
 9.56 %

 Number of borrowers in SLF JV I

 Largest exposure to a single borrower (1)
 $ 10,390
 $ 10,495

 Total of five largest loan exposures to borrowers (1)
 $ 49,629
 $ 49,413

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

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 SLF JV I Portfolio as of September 30, 2025

 PIK
 Cost
 Notes

 1440 Foods Topco, LLC
 SOFR+
 10/31/2031
 $
 8,181
 $
 7,879
 $
 8,008

 SOFR+
 8.03 %
 8/18/2030
 10,390
 10,326
 10,434

 SOFR+
 (4)

 SOFR+
 5,398
 5,385
 5,237
 (4)

 Albaugh LLC
 SOFR+
 4/6/2029
 1,990
 1,987
 1,994

 SOFR+
 10.50 %
 1,412
 1,410
 1,412
 (4)

 American Auto Auction Group, LLC
 SOFR+
 5/28/2032
 5,175
 5,136
 5,227

 Arches Buyer Inc.
 SOFR+
 3.35 %
 7.51 %
 12/6/2027
 2,992
 2,971
 3,000

 Artera Services LLC
 SOFR+
 7,881
 7,822
 7,076

 SOFR+
 2,527
 2,500
 1,011

 SOFR+
 4,037
 3,787
 —

 Astro Acquisition LLC
 SOFR+
 7.12 %
 8/30/2032
 4,380
 4,369
 4,405

 SOFR+
 7,696
 7,552
 7,720

 SOFR+
 8.51 %
 1,950
 1,888
 1,958
 (4)

 SOFR+
 6,681
 6,653
 6,681
 (4)

 SOFR+
 1,722
 1,711
 1,508

 SOFR+
 6,193
 6,136
 5,425

 Bausch + Lomb Corp.
 SOFR+
 8.41 %
 12/18/2030
 8,705
 8,599
 8,721

 Blackhawk Network Holdings Inc
 SOFR+
 3/12/2029
 7,940
 7,940
 7,980

 Boots Group Finco LP
 Food Retail
 SOFR+
 8/29/2032
 4,000
 4,020
 4,016

 Boxer Parent Company Inc.
 SOFR+
 7/30/2031
 7,960
 7,944
 7,956

 7,193,540
 7,194
 5,323
 (4)

 —
 —
 (4)

 SOFR+
 1,994
 1,946
 1,031
 (5)

 SOFR+
 2,358
 2,319
 1,219
 (5)

 SOFR+
 (5)

 SOFR+
 (5)

 SOFR+
 1,964
 1,932
 1,015
 (5)

 CFC Group (CFC USA 2025 LLC)
 SOFR+
 8.04 %
 7/1/2032
 5,848
 5,790
 5,599

 Clear Channel Outdoor Holdings Inc.
 SOFR+
 8.28 %
 8/21/2028
 5,479
 5,490
 5,495

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 Cloud Software Group Inc.
 SOFR+
 3/24/2031
 $
 2,488
 $
 2,488
 $
 2,500

 Connect Finco S..R.L.
 SOFR+
 9/27/2029
 5,486
 5,413
 5,427

 Delek US Holdings Inc.
 Oil & Gas Refining & Marketing
 SOFR+
 7.76 %
 11/19/2029
 3,740
 3,738
 3,739

 DG Investment Intermediate Holdings 2 Inc.
 Security & Alarm Services
 SOFR+
 7/9/2032
 4,000
 4,005
 4,018

 SOFR+
 9.82 %
 8/2/2029
 7,870
 7,779
 7,893

 SOFR+
 8,961
 8,871
 8,009
 (4)

 SOFR+
 5,423
 5,348
 5,274
 (4)

 SOFR+
 8.04 %
 9/15/2032
 1,995
 1,983
 1,989

 Flora Food Management US Corp.
 SOFR+
 8.03 %
 1/3/2028
 1,990
 1,945
 1,924

 Frontier Communications Holdings, LLC
 SOFR+
 2.50 %
 6.65 %
 6,948
 6,917
 6,963

 Global Medical Response Inc.
 SOFR+
 7.63 %
 9/20/2032
 1,995
 1,999
 1,998

 SOFR+
 7,760
 7,642
 6,974
 (4)

 Howden Group Holdings Ltd
 SOFR+
 4/18/2030
 2,990
 3,004
 2,993

 Husky Injection Molding Systems Ltd.
 SOFR+
 7.92 %
 8,777
 8,731
 8,811

 Inmar Inc.
 SOFR+
 4,963
 4,974
 4,964

 SOFR+
 8,000
 7,939
 7,330

 IVCE US LLC,
 Health Care Facilities
 SOFR+
 7.75 %
 12/12/2028
 4,962
 4,984
 4,988

 KDC/ONE Development Corp Inc.
 SOFR+
 8/15/2028
 8,868
 8,709
 8,899

 KnowBe4 Inc.
 SOFR+
 8.07 %
 7/23/2032
 3,999
 4,028
 4,008

 SOFR+
 9.26 %
 10/30/2028
 5,240
 5,141
 4,318
 (4)

 Lsf12 Crown US Commercial Bidco LLC
 SOFR+
 12/2/2031
 4,950
 4,902
 4,963

 LTI Holdings, Inc.
 Electronic Components
 SOFR+
 7/29/2029
 9,900
 9,802
 10,001

 SOFR+
 9.06 %
 9,368
 9,089
 9,316
 (4)

 MajorDrive Holdings IV, LLC
 Automobile Manufacturers
 SOFR+
 6/1/2028
 1,990
 1,940
 1,946

 McAfee Corp.
 SOFR+
 7.22 %
 7,831
 7,651
 7,503
 (4)

 Mitchell International, Inc.
 SOFR+
 7.41 %
 6/17/2031
 7,920
 7,873
 7,922

 Nexus Buyer LLC
 SOFR+
 7/31/2031
 3,900
 3,905
 3,905

 Olaplex Inc.
 SOFR+
 7.80 %
 2/23/2029
 3,900
 3,803
 3,811

 Peraton Corp.
 SOFR+
 8.01 %
 2/1/2028

 Performance Health Holdings Inc
 SOFR+
 7.62 %
 3/19/2032
 7,980
 7,900
 7,840

 Petco Health & Wellness Co Inc.
 SOFR+
 7.51 %
 3/3/2028
 3,900
 3,827
 3,808

 PetSmart LLC
 SOFR+
 8.14 %
 8/1/2032
 7,867
 7,806
 7,759

 SOFR+
 1.5 %
 1,043
 1,043
 1,043
 (4)

 SOFR+
 11.7 %
 1,745
 1,745
 1,745
 (4)

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 $
 1,719
 $
 (4)

 SOFR+
 $
 10,326
 10,217
 8,976
 (4)

 SCIH Salt Holdings Inc.
 SOFR+
 1/31/2029
 2,940
 2,940
 2,947

 Secure Acquisition Inc.
 SOFR+
 7.75 %
 12/16/2028
 3,970
 3,962
 3,987

 SOFR+
 10.78 %

 SOFR+
 10.78 %
 2,608
 2,608
 2,467

 SOFR+
 6.43 %
 1,528
 1,528
 1,360

 4,295
 2,611

 Skopima Consilio Parent LLC
 SOFR+
 5/12/2028
 5,466
 5,428
 4,658

 SOFR+
 10.05 %
 4,217
 4,090
 4,010
 (4)

 SOFR+
 7,880
 7,762
 7,890
 (4)

 StubHub Holdco Sub LLC
 SOFR+
 8.91 %
 3/15/2030
 1,209
 1,174
 1,202

 Tecta America Corp
 SOFR+
 7.16 %
 2/18/2032
 4,988
 4,999
 5,012

 TMS International Corp
 SOFR+
 7.81 %
 3/2/2030
 4,977
 4,994
 4,980

 Trident TPI Holdings, Inc.
 SOFR+
 7.75 %
 9/15/2028
 7,425
 7,425
 7,305

 Trugreen LP
 SOFR+
 11/2/2027
 3,890
 3,827
 3,827

 US Renal Care Inc.
 SOFR+
 9.28 %
 6/20/2028
 1,990
 1,934
 1,905

 Verde Purchaser, LLC
 Trading Companies & Distributors
 SOFR+
 11/30/2030
 4,975
 4,992
 4,932

 ViaSat Inc.
 SOFR+
 5/30/2030
 5,481
 5,442
 5,407

 Weber-Stephen Products LLC
 Household Appliances
 SOFR+
 7.97 %
 10/1/2032
 3,900
 3,861
 3,865

 Wilsonart LLC
 SOFR+
 8/5/2031
 5,500
 5,406
 5,334

 X Holdings Corp.
 SOFR+
 10/26/2029
 1,995
 1,950
 1,960
 (4)

 Zodiac Purchaser LLC
 SOFR+
 2/14/2032
 1,995
 1,993
 1,985

 Total Portfolio Investments
 $
 394,091
 $
 403,332
 $
 384,364

 _______
 (1) Represents the interest rate as of September 30, 2025. All interest rates are payable in cash, unless otherwise noted.
 (2) The interest rate on the principal balance outstanding for most of the floating rate loans is indexed to SOFR which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2025, the reference rates for SLF JV I's variable rate loans were the 30-day SOFR at 4.13 %, the 90-day SOFR at 3.98 % and the 180-day SOFR at 3.85 %. Most loans include an interest floor, which generally ranges from 0 % to 3 %. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
 (3) Represents the current determination of fair value as of September 30, 2025 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.
 (4) This investment was held by both the Company and SLF JV I as of September 30, 2025.
 (5) This investment was on non-accrual status as of September 30, 2025.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 SLF JV I Portfolio as of September 30, 2024

 PIK
 Cost
 Notes

 SOFR+
 10.25 %
 $
 10,495
 $
 10,404
 $
 10,553
 (4)

 SOFR+
 1,026
 1,019
 (4)

 SOFR+
 6,072
 6,038
 5,829
 (4)

 SOFR+
 12.45 %
 8,329
 8,304
 7,663
 (4)

 Artera Services LLC
 SOFR+
 7,961
 7,902
 7,781

 SOFR+
 11.52 %
 4,092
 4,048
 3,896
 (4)

 SOFR+
 11.29 %

 SOFR+
 2,546
 2,517
 2,111
 (4)

 SOFR+

 4,037
 3,877
 1,161
 (4)(6)

 SOFR+
 8.95 %
 7,775
 7,589
 7,660

 SOFR+
 9.20 %
 1,970
 1,886
 1,944

 SOFR+
 9,034
 8,790
 8,992

 SOFR+
 6,548
 6,430
 6,351
 (4)

 SOFR+
 1,735
 1,724
 1,633
 (4)

 SOFR+
 6,242
 6,183
 5,875
 (4)

 Bausch + Lomb Corporation
 SOFR+
 8.27 %
 5/10/2027
 9,173
 9,017
 9,151

 Boxer Parent Company Inc.
 SOFR+
 9.01 %
 7/30/2031
 8,000
 7,983
 7,994

 —
 —
 (4)

 7,193,540
 7,194
 5,683
 (4)

 SOFR+
 11.16 %
 2,348
 2,325
 1,751

 SOFR+
 12.27 %
 1,976
 1,955
 1,474

 SOFR+
 11.16 %
 1,955
 1,936
 1,458

 SOFR+
 (5)

 SOFR+
 12.02 %

 Cloud Software Group, Inc.
 SOFR+
 3/30/2029
 8,153
 7,621
 8,129

 Covetrus, Inc.
 SOFR+
 10/13/2029
 7,765
 7,428
 7,381
 (4)

 Crown Subsea Communications Holding, Inc.
 SOFR+
 9.25 %
 1/30/2031
 7,980
 7,900
 8,039

 Curium Bidco S..r.l.
 SOFR+
 7/31/2029
 8,643
 8,559
 8,684

 SOFR+
 10.21 %
 8/2/2029
 6,711
 6,635
 6,618

 SOFR+
 9,029
 8,913
 9,076

 Eagle Parent Corp.
 SOFR+
 9.55 %
 4/2/2029
 1,179
 1,177
 1,121

 SOFR+
 10.06 %
 4,208
 4,149
 4,182
 (4)

 Frontier Communications Holdings, LLC
 SOFR+
 8.76 %
 7,000
 6,965
 7,061

 SOFR+
 10.20 %
 7,840
 7,687
 7,646
 (4)

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 Husky Injection Molding Systems Ltd.
 SOFR+
 10.33 %
 $
 5,089
 $
 5,028
 $
 5,071

 Indivior Finance S..R.L.
 SOFR+
 10.21 %
 6/30/2026
 7,256
 7,205
 7,247

 SOFR+
 10.62 %
 8,500
 8,392
 7,140
 (4)

 KDC/ONE Development Corp Inc
 SOFR+
 9.36 %
 8/15/2028
 8,890
 8,675
 8,908

 SOFR+
 10/29/2028
 7,896
 7,682
 7,734
 (4)

 SOFR+
 9.96 %
 5/9/2026
 (4)

 LTI Holdings, Inc.
 Electronic Components
 SOFR+
 7/29/2029
 10,000
 9,876
 9,848

 SOFR+
 10,000
 9,652
 9,625

 McAfee Corp.
 SOFR+
 8.45 %
 7,890
 7,656
 7,872

 Mitchell International, Inc.
 SOFR+
 6/17/2031
 8,000
 7,953
 7,892

 Peraton Corp.
 SOFR+
 2/1/2028
 1,978
 1,977
 1,909

 PetSmart LLC
 SOFR+
 2/11/2028
 7,948
 7,871
 7,893

 SOFR+
 12.62 %
 1,544
 1,544
 1,544
 (4)

 SOFR+
 8.12 %
 1,030
 1,030
 1,030
 (4)

 514,789

 1,719
 1,719
 (4)

 SOFR+
 8,920
 8,793
 8,927

 SCIH Salt Holdings Inc.
 SOFR+
 8.76 %
 3/16/2027
 2,963
 2,963
 2,966

 Shearer's Foods LLC
 SOFR+
 8.85 %
 2/12/2031
 6,983
 6,913
 6,996

 SOFR+

 2,634
 2,634
 2,529

 SOFR+
 12.32 %
 1,451
 1,451
 1,306

 2,746
 4,295
 3,145

 SM Wellness Holdings, Inc.
 SOFR+
 4/17/2028
 2,947
 2,640
 2,888
 (4)

 Southern Veterinary Partners, LLC
 Health Care Facilities
 SOFR+
 10/5/2027
 8,601
 8,563
 8,628

 SOFR+
 10.69 %
 5,349
 5,147
 4,873
 (4)

 SOFR+
 8.35 %
 7,960
 7,841
 7,757

 SupplyOne, Inc.
 SOFR+
 4/19/2031
 4,478
 4,433
 4,496

 Swissport Stratosphere USA LLC
 SOFR+
 9.57 %
 4/4/2031
 5,486
 5,459
 5,512

 Touchstone Acquisition, Inc.
 SOFR+
 7,139
 7,052
 6,996
 (4)

 Trident TPI Holdings, Inc.
 SOFR+
 9/15/2028
 7,481
 7,481
 7,502

 Total Portfolio Investments
 $
 330,094
 $
 337,882
 $
 329,496

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 ______
 (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.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Both the cost and fair value of the Company's SLF JV I Notes were $ 112.7 million as of each of September 30, 2025 and September 30, 2024. The Company earned interest income of $ 13.2 million, $ 14.3 million and $ 12.7 million on the SLF JV I Notes for the years ended September 30, 2025, 2024 and 2023, respectively. As of September 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 $ 11.9 million, respectively, as of September 30, 2025, and $ 54.8 million and $ 22.5 million, respectively, as of September 30, 2024. The Company earned $ 2.5 million, $ 5.3 million and $ 4.2 million in dividend income for the years ended September 30, 2025, 2024 and 2023, 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 September 30, 2025 and September 30, 2024 and for the years ended September 30, 2025, 2024 and 2023:

 Selected Balance Sheet Information:

 Investments at fair value (cost September 30, 2025: $ 403,332; cost September 30, 2024: $ 337,882)

 $
 384,364
 $
 329,496

 Cash and cash equivalents
 58,556
 36,082

 Restricted cash
 2,023
 6,994

 Other assets
 2,456
 3,260

 Total assets
 $
 447,399
 $
 375,832

 Senior credit facility payable
 $
 252,500
 $
 200,000

 Secured borrowings
 —
 11,311

 SLF JV I Notes payable at fair value (proceeds September 30, 2025: $ 128,750; proceeds September 30, 2024: $ 128,750)

 128,750
 128,750

 Other liabilities
 52,496
 10,007

 Total liabilities
 $
 433,746
 $
 350,068

 Members' equity
 13,653
 25,764

 Total liabilities and members' equity
 $
 447,399
 $
 375,832

 Year ended September 30, 2025
 Year ended September 30, 2024
 Year ended September 30, 2023

 Selected Statements of Operations Information:

 Interest income
 $
 30,719
 $
 37,250
 $
 38,984

 Other income

 Total investment income
 30,881
 37,403
 39,274

 Senior credit facility and secured borrowing interest expense
 13,339
 15,904
 19,002

 SLF JV I Notes interest expense
 15,106
 16,292
 14,544

 Other expenses

 Total expenses (1)
 28,943
 32,511
 33,988

 1,938
 4,892
 5,286

 ( 10,582)
 1,245
 13,416

 ( 666)
 ( 7,251)
 ( 10,962)

 Net income (loss)
 $
 ( 9,310)
 $
 ( 1,114)
 $
 7,740

 (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 year ended September 30, 2025, the Company purchased $ 4.6 million of senior secured debt investments from SLF JV I for $ 4.5 million cash consideration, which represented the fair value at the time of purchase. During the year ended September 30, 2024, the Company purchased $ 25.1 million of senior secured debt investments from SLF JV I for $ 24.1 million cash consideration, which represented the fair value at the time of purchase. During the year ended September 30, 2023, the Company sold $ 31.8 million of senior secured debt investments to SLF JV I for $ 30.6 million cash consideration, which represented the fair value at the time of sale. A loss of $ 0.2 million was recognized by the Company on these transactions.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 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 September 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 September 30, 2025, had a revolving period end date and maturity date of August 16, 2028 and August 21, 2028, 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 September 30, 2025, borrowings under the Glick JV Facility bore interest at a rate equal to daily SOFR plus 1.40 % per annum. As of September 30, 2025 and September 30, 2024, $ 80.5 million and $ 79.0 million of borrowings were outstanding under the Glick JV Facility, respectively.
 As of September 30, 2025 and September 30, 2024, the Glick JV had total assets of $ 149.1 million and $ 145.0 million, respectively. The Glick JV's portfolio consisted of middle-market and other corporate debt securities of 57 and 44 portfolio companies as of September 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 $ 46.1 million and $ 48.9 million in the aggregate at fair value as of September 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 September 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 September 30, 2025 and September 30, 2024, of which $ 73.5 million was from the Company. As of each of September 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 September 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.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 Senior secured loans (1)
 $ 132,109
 $ 125,405

 Weighted average current interest rate on senior secured loans (2)
 8.32 %
 9.65 %

 Number of borrowers in the Glick JV

 Largest loan exposure to a single borrower (1)
 $ 4,305
 $ 5,898

 Total of five largest loan exposures to borrowers (1)
 $ 20,577
 $ 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 September 30, 2025

 PIK
 Cost
 Notes

 SOFR+
 8.03 %
 8/18/2030
 $
 1,960
 $
 1,937
 $
 1,968

 SOFR+
 (4)

 SOFR+
 2,987
 2,977
 2,897
 (4)

 Albaugh LLC
 SOFR+
 4/6/2029
 1,501
 1,499
 1,504

 SOFR+
 10.50 %
 1,000
 1,000
 (4)

 American Auto Auction Group, LLC
 SOFR+
 5/28/2032
 1,725
 1,712
 1,742

 Artera Services LLC
 SOFR+
 3,450
 3,424
 3,097

 SOFR+
 1,039
 1,028

 SOFR+
 1,661
 1,581
 —

 Astro Acquisition LLC
 SOFR+
 7.12 %
 8/30/2032
 1,620
 1,616
 1,629

 SOFR+
 3,117
 3,058
 3,127

 SOFR+
 8.51 %
 (4)

 SOFR+
 3,854
 3,838
 3,854
 (4)

 SOFR+

 SOFR+
 3,303
 3,272
 2,893

 Bausch + Lomb Corp.
 SOFR+
 8.41 %
 12/18/2030
 3,529
 3,487
 3,535

 Boots Group Finco LP
 Food Retail
 SOFR+
 8/29/2032
 1,500
 1,508
 1,506

 Boxer Parent Company Inc.
 SOFR+
 7/30/2031
 2,985
 2,978
 2,984

 CFC Group (CFC USA 2025 LLC)
 SOFR+
 8.04 %
 7/1/2032
 2,152
 2,130
 2,061

 Clear Channel Outdoor Holdings Inc.
 SOFR+
 8.28 %
 8/21/2028
 1,469
 1,475
 1,474

 Cloud Software Group Inc.
 SOFR+
 3/24/2031
 1,194
 1,194
 1,200

 Connect Finco S..R.L.
 SOFR+
 9/27/2029
 1,995
 1,977
 1,974

 DG Investment Intermediate Holdings 2 Inc.
 Security & Alarm Services
 SOFR+
 7/9/2032
 1,500
 1,511
 1,507

 SOFR+
 9.82 %
 8/2/2029
 4,132
 4,113
 4,144

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 SOFR+
 $
 3,508
 $
 3,473
 $
 3,135
 (4)

 SOFR+
 2,015
 1,985
 1,959
 (4)

 SOFR+
 8.04 %
 9/15/2032
 1,505
 1,496
 1,500

 Flora Food Management US Corp.
 SOFR+
 8.03 %
 1/3/2028
 1,501
 1,467
 1,452

 Frontier Communications Holdings, LLC
 SOFR+
 2.50 %
 6.65 %
 2,978
 2,964
 2,984

 Global Medical Response Inc.
 SOFR+
 7.63 %
 9/20/2032
 1,505
 1,508
 1,507

 SOFR+
 3,880
 3,821
 3,487
 (4)

 Husky Injection Molding Systems Ltd.
 SOFR+
 7.92 %
 4,305
 4,277
 4,321

 Inmar Inc.
 SOFR+
 1,985
 1,990
 1,986

 SOFR+
 2,000
 1,985
 1,833
 (4)

 KDC/ONE Development Corp Inc.
 SOFR+
 8/15/2028
 3,542
 3,471
 3,555

 KnowBe4 Inc.
 SOFR+
 8.07 %
 7/23/2032
 1,501
 1,513
 1,505

 SOFR+
 9.26 %
 10/30/2028
 1,982
 1,930
 1,633
 (4)

 Lsf12 Crown US Commercial Bidco LLC
 SOFR+
 12/2/2031
 1,210
 1,198
 1,213

 LTI Holdings, Inc.
 Electronic Components
 SOFR+
 7/29/2029
 3,960
 3,921
 4,000

 SOFR+
 9.06 %
 3,747
 3,635
 3,727
 (4)

 MajorDrive Holdings IV, LLC
 Automobile Manufacturers
 SOFR+
 6/1/2028
 1,501
 1,464
 1,468

 McAfee Corp.
 SOFR+
 7.22 %
 1,985
 1,983
 1,902
 (4)

 Mitchell International, Inc.
 SOFR+
 7.41 %
 6/17/2031
 3,465
 3,445
 3,466

 Olaplex Inc.
 SOFR+
 7.80 %
 2/23/2029

 Peraton Corp.
 SOFR+
 8.01 %
 2/1/2028

 PetSmart LLC
 SOFR+
 8.14 %
 8/1/2032
 2,949
 2,921
 2,908

 330,904
 1,105
 (4)

 SOFR+
 (4)

 SOFR+
 11.70 %
 1,122
 1,122
 1,122
 (4)

 SOFR+
 2,449
 2,443
 2,129
 (4)

 SCIH Salt Holdings Inc.
 SOFR+
 1/31/2029
 1,470
 1,470
 1,473

 SOFR+
 10.78 %

 SOFR+
 10.78 %
 1,938
 1,938
 1,833

 SOFR+
 6.43 %
 1,135
 1,135
 1,011

 2,041
 3,194
 1,940

 Skopima Consilio Parent LLC
 SOFR+
 5/12/2028
 1,995
 1,973
 1,700

 SOFR+
 10.05 %
 1,514
 1,468
 1,439
 (4)

 SOFR+
 3,940
 3,881
 3,945
 (4)

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 StubHub Holdco Sub LLC
 SOFR+
 8.91 %
 3/15/2030
 $
 $
 $

 Trident TPI Holdings, Inc.
 SOFR+
 7.75 %
 9/15/2028
 2,475
 2,475
 2,435

 Trugreen LP
 SOFR+
 11/2/2027

 US Renal Care Inc.
 SOFR+
 9.28 %
 6/20/2028
 1,501
 1,459
 1,437

 Viasat Inc.
 SOFR+
 5/30/2030
 2,000
 1,983
 1,973

 Wilsonart LLC
 SOFR+
 8/5/2031
 2,000
 1,980
 1,940

 X Holdings Corp.
 SOFR+
 10/26/2029
 1,995
 1,939
 1,960
 (4)

 Zodiac Purchaser LLC
 SOFR+
 2/14/2032
 1,505
 1,503
 1,497

 Total Portfolio Investments
 $
 132,109
 $
 135,083
 $
 128,651

 (1) Represents the interest rate as of September 30, 2025. All interest rates are payable in cash, unless otherwise noted.
 (2) The interest rate on the principal balance outstanding for all of the floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rates based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2025, the reference rates for the Glick JV's variable rate loans were the 30-day SOFR at 4.13 %, the 90-day SOFR at 3.98 % and the 180-day SOFR at 3.85 %. Most loans include an interest floor, which generally ranges from 0 % to 3 %. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
 (3) Represents the current determination of fair value as of September 30, 2025 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the valuation process described elsewhere herein.
 (4) This investment was held by both the Company and the Glick JV as of September 30, 2025.
 (5) This investment was on non-accrual status as of September 30, 2025.

 Glick JV Portfolio as of September 30, 2024

 PIK
 Cost
 Notes

 SOFR+
 10.25 %
 $
 1,980
 $
 1,948
 $
 1,991
 (4)

 SOFR+
 3,359
 3,341
 3,225
 (4)

 SOFR+
 (4)

 SOFR+
 12.45 %
 5,897
 5,880
 5,426
 (4)

 Artera Services LLC
 SOFR+
 3,485
 3,459
 3,406

 SOFR+
 11.52 %
 1,699
 1,681
 1,617
 (4)

 SOFR+
 11.29 %

 SOFR+
 1,047
 1,035
 (4)

 SOFR+
 1,661
 1,619
 (4)(6)

 SOFR+
 8.95 %
 3,149
 3,073
 3,102

 SOFR+
 9.20 %

 SOFR+
 2,942
 2,850
 2,929

 SOFR+
 3,778
 3,710
 3,664
 (4)

 SOFR+
 3,328
 3,298
 3,133
 (4)

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 SOFR+
 $
 $
 $
 (4)

 Bausch + Lomb Corporation
 SOFR+
 8.27 %
 5/10/2027
 3,718
 3,657
 3,710

 Boxer Parent Company Inc.
 SOFR+
 9.01 %
 7/30/2031
 3,000
 2,993
 2,998

 Cloud Software Group, Inc.
 SOFR+
 3/30/2029
 2,621
 2,456
 2,613

 Covetrus, Inc.
 SOFR+
 10/13/2029
 2,570
 2,446
 2,443
 (4)

 Crown Subsea Communications Holding, Inc.
 SOFR+
 9.25 %
 1/30/2031
 2,993
 2,963
 3,015

 Curium Bidco S..r.l.
 SOFR+
 7/31/2029
 2,813
 2,792
 2,826

 SOFR+
 10.21 %
 8/2/2029
 2,957
 2,932
 2,916

 SOFR+
 3,534
 3,488
 3,553

 Eagle Parent Corp.
 SOFR+
 8.85 %
 4/2/2029

 SOFR+
 10.06 %
 1,025
 1,011
 1,019
 (4)

 Frontier Communications Holdings, LLC
 SOFR+
 8.76 %
 3,000
 2,985
 3,026

 SOFR+
 10.20 %
 3,920
 3,843
 3,823
 (4)

 Husky Injection Molding Systems Ltd.
 SOFR+
 10.33 %
 3,125
 3,088
 3,114

 Indivior Finance S..R.L.
 SOFR+
 10.21 %
 6/30/2026
 3,870
 3,842
 3,865

 SOFR+
 10.62 %
 2,125
 2,098
 1,785
 (4)

 KDC US Holdings, Inc.
 SOFR+
 9.36 %
 8/15/2028
 3,551
 3,454
 3,558

 SOFR+
 10/29/2028
 2,987
 2,899
 2,926
 (4)

 LTI Holdings, Inc.
 Electronic Components
 SOFR+
 7/29/2029
 4,000
 3,950
 3,939

 SOFR+
 4,000
 3,861
 3,850

 Mitchell International, Inc.
 SOFR+
 6/17/2031
 3,500
 3,480
 3,453

 Peraton Corp.
 SOFR+
 2/1/2028

 PetSmart LLC
 SOFR+
 2/11/2028
 2,980
 2,944
 2,959

 SOFR+
 8.12 %
 (4)

 SOFR+
 12.62 %
 (4)

 Common Equity & Warrants
 1,105
 1,105
 (4)

 SOFR+
 1,985
 1,980
 1,986

 SCIH Salt Holdings Inc.
 SOFR+
 8.76 %
 3/16/2027
 1,480
 1,481
 1,483

 Shearer's Foods LLC
 SOFR+
 8.85 %
 2/12/2031
 2,993
 2,963
 2,998

 SOFR+

 SOFR+
 1,957
 1,957
 1,879

 SOFR+
 12.32 %
 1,078
 1,078

 Common Equity & Warrants

 3,194
 2,337

 Southern Veterinary Partners, LLC
 Health Care Facilities
 SOFR+
 10/5/2027
 3,266
 3,250
 3,277

 SOFR+
 10.69 %
 1,918
 1,846
 1,748
 (4)

 SOFR+
 8.35 %
 3,980
 3,920
 3,878

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 PIK
 Cost
 Notes

 SupplyOne, Inc.
 SOFR+
 4/19/2031
 $
 1,493
 $
 1,478
 $
 1,499

 Swissport Stratosphere USA LLC
 SOFR+
 9.57 %
 4/4/2031
 1,995
 1,985
 2,004

 Touchstone Acquisition, Inc.
 SOFR+
 (4)

 Trident TPI Holdings, Inc.
 SOFR+
 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 $ 53.1 million and $ 46.1 million, respectively, as of September 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 years ended September 30, 2025, 2024 and 2023, the Company's investment in the Glick JV Notes earned interest income of $ 6.8 million, $ 7.2 million and $ 6.7 million, respectively. The Company did not earn dividend income for the years ended September 30, 2025, 2024 and 2023 with respect to its investment in the LLC equity interest of the Glick JV. As of September 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 September 30, 2025 and September 30, 2024 and for the years ended September 30, 2025, 2024 and 2023:

 Selected Balance Sheet Information:

 Investments at fair value (cost September 30, 2025: $ 135,083; cost September 30, 2024: $ 127,867)

 $
 128,651
 $
 124,887

 Cash and cash equivalents
 18,752
 10,907

 Restricted cash
 1,032

 Other assets
 1,070
 8,177

 Total assets
 $
 149,123
 $
 145,003

 Senior credit facility payable
 $
 80,500
 $
 79,000

 Glick JV Notes payable at fair value (proceeds September 30, 2025: $ 66,685; proceeds September 30, 2024: $ 66,685)

 52,640
 55,886

 Secured borrowings
 —
 5,766

 Other liabilities
 15,983
 4,351

 Total liabilities
 $
 149,123
 $
 145,003

 Members' equity
 —
 —

 Total liabilities and members' equity
 $
 149,123
 $
 145,003

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 For the year ended September 30, 2025
 For the year ended September 30, 2024
 For the year ended September 30, 2023

 Selected Statements of Operations Information:

 Interest income
 $
 11,381
 $
 14,111
 $
 14,043

 Fee income

 Total investment income
 11,449
 14,181
 14,106

 Senior credit facility and secured borrowing interest expense
 4,939
 6,228
 6,560

 Glick JV Notes interest expense
 6,133
 6,743
 6,056

 Other expenses

 Total expenses (1)
 11,183
 13,114
 12,798

 1,067
 1,308

 ( 207)
 2,781
 1,254

 Realized gain (loss)
 ( 59)
 ( 3,848)
 ( 2,562)

 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 year ended September 30, 2025, the Company purchased $ 1.9 million of senior secured debt investments from Glick JV for $ 1.9 million cash consideration, which represented the fair value at the time of purchase. During the year ended September 30, 2024, the Company purchased $ 7.9 million of senior secured debt investments from Glick JV for $ 7.8 million cash consideration, which represented the fair value at the time of purchase. During the year ended September 30, 2023, the Company sold $ 6.5 million of senior secured debt investments to Glick JV for $ 6.3 million cash consideration, which represented the fair value at the time of sale.

 Note 4. Fee Income
 For the years ended September 30, 2025, 2024 and 2023, the Company recorded total fee income of $ 5.8 million, $ 9.2 million and $ 6.5 million, respectively, of which $ 0.2 million, $ 0.3 million and $ 0.9 million, respectively, was recurring in nature.

 Note 5. Share Data and Net Assets
 Earnings per Share
 The following table sets forth the computation of basic and diluted earnings per share, pursuant to ASC Topic 260-10, Earnings per Share, for the years ended September 30, 2025, 2024 and 2023:
2025
2024
2023

 Earnings (loss) per common share — basic and diluted:

 $
 $
 $

 Weighted average common shares outstanding — basic and diluted
 86,079
 80,418
 72,119

 Earnings (loss) per common share — basic and diluted
 $
 0.39
 $
 0.72
 $
 1.63

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Changes in Net Assets

 The following table presents the changes in net assets for the years ended September 30, 2025, 2024 and 2023:

 Par Value
 Additional paid-in-capital
 Accumulated Overdistributed Earnings
 Total Net Assets

 Balance as of September 30, 2022
 $
 $
 1,827,721
 $
 ( 582,769)
 $
 1,245,563

 —
 —
 —
 180,697
 180,697

 —
 —
 —
 ( 28,555)
 ( 28,555)

 —
 —
 —
 ( 33,155)
 ( 33,155)

 —
 —
 —
 ( 1,656)
 ( 1,656)

 Distributions to stockholders
 —
 —
 —
 ( 185,900)
 ( 185,900)

 Issuance of common stock in connection with the OSI2 Merger
 15,860
 333,875
 —
 334,034

 Issuance of common stock in connection with the "at the market" offering
 1,299
 —
 1,300

 Issuance of common stock under dividend reinvestment plan
 5,851
 —
 5,854

 Repurchase of common stock under dividend reinvestment plan
 ( 126)
 ( 2)
 ( 2,416)
 —
 ( 2,418)

 Balance as of September 30, 2023
 $
 $
 2,166,330
 $
 ( 651,338)
 $
 1,515,764

 —
 —
 —

 —
 —
 —
 19,101
 19,101

 —
 —
 —
 ( 136,356)
 ( 136,356)

 —
 —
 —

 Distributions to stockholders
 —
 —
 —
 ( 184,027)
 ( 184,027)

 Issuance of common stock in connection with the "at the market" offering
 4,725
 92,460
 —
 92,507

 Issuance of common stock under dividend reinvestment plan
 7,209
 —
 7,213

 Repurchase of common stock under dividend reinvestment plan
 ( 95)
 ( 1)
 ( 1,550)
 —
 ( 1,551)

 Balance as of September 30, 2024
 $
 $
 2,264,449
 $
 ( 777,460)
 $
 1,487,811

 —
 —
 —
 152,640
 152,640

 —
 —
 —
 ( 101,229)
 ( 101,229)

 —
 —
 —
 ( 17,097)
 ( 17,097)

 —
 —
 —
 ( 394)
 ( 394)

 Distributions to stockholders
 —
 —
 —
 ( 141,603)
 ( 141,603)

 Return of capital
 —
 —
 ( 17,262)
 —
 ( 17,262)

 Issuance of common stock under dividend reinvestment plan
 10,659
 —
 10,666

 Repurchase of common stock under dividend reinvestment plan
 ( 730)
 ( 7)
 ( 10,659)
 —
 ( 10,666)

 Issuance of common stock in private placement
 5,672
 99,943
 —

 Issuance of common stock in connection with the "at the market" offering
 2,945
 —
 2,947

 Balance as of September 30, 2025
 88,086
 $
 $
 2,350,075
 $
 ( 885,143)
 $
 1,465,813

 Distributions
 Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board of Directors and is based on management's estimate of the Company's annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment.
 The Company has adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company's Board of Directors declares a cash distribution, then the Company's stockholders who have not "opted out" of the Company's DRIP will have their cash distribution automatically reinvested in additional shares of the Company's common stock, rather than receiving the cash distribution. If the Company's shares are trading at a premium to net asset value, the Company typically issues new shares to implement the DRIP with such shares issued at the greater of the most recently computed net asset value per share of common stock or 95 % of the current market price per share of common stock on the payment date for such distribution. If the Company's shares are trading at a discount to net asset value, the Company typically purchases shares in the open market in connection with the Company's obligations under the DRIP.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 For income tax purposes, the Company has reported its distributions for the 2024 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2024 calendar year. To the extent the Company's taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company's distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company's stockholders. For the year ended September 30, 2025, $ 17.3 million of the Company's distributions were deemed a return of capital for tax purposes.
 The following table reflects the distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the years ended September 30, 2025, 2024 and 2023:

 Date Declared
 Record Date
 Payment Date
 Amount
per Share
 Cash
Issued
Value (3)

 November 7, 2024
 December 16, 2024
 December 31, 2024
 $
 0.55
 $
 43.8
 94,970
 (1)
 $
 1.5

 January 27, 2025
 March 17, 2025
 March 31, 2025
 $
 0.40
 $
 31.5
 234,752
 (1)
 $
 3.7

 Supplemental
 January 27, 2025
 March 17, 2025
 March 31, 2025
 $
 0.07
 $
 5.6
 41,082
 (1)
 $
 0.6

 April 28, 2025
 June 16, 2025
 June 30, 2025
 $
 0.40
 $
 31.6
 256,343
 (1)
 $
 3.6

 Supplemental
 April 28, 2025
 June 16, 2025
 June 30, 2025
 $
 0.02
 $
 1.6
 12,817
 (1)
 $
 0.2

 July 28, 2025
 September 15, 2025
 $
 0.40
 $
 34.1
 90,388
 (1)
 $
 1.2

 Total for the year ended September 30, 2025
 $
 1.84
 $
 148.2
 730,352
 $
 10.7

 Date Declared
 Record Date
 Payment Date
 Amount
per Share
 Cash
Issued
Value (3)

 November 8, 2023
 December 15, 2023
 December 29, 2023
 $
 0.55
 $
 41.7
 87,472
 (2)
 $
 1.7

 Special
 November 8, 2023
 December 15, 2023
 December 29, 2023
 $
 0.07
 $
 5.3
 11,133
 (2)
 $
 0.2

 January 26, 2024
 March 15, 2024
 March 29, 2024
 $
 0.55
 $
 42.8
 96,850
 (2)
 $
 1.9

 April 26, 2024
 June 14, 2024
 June 28, 2024
 $
 0.55
 $
 43.3
 100,029
 (2)
 $
 1.9

 July 26, 2024
 September 16, 2024
 $
 0.55
 $
 43.7
 94,873
 (1)
 $
 1.6

 Total for the year ended September 30, 2024
 $
 2.27
 $
 176.8
 390,357
 $
 7.2

 Date Declared
 Record Date
 Payment Date
 Amount
per Share
 Cash
Issued
Value (3)

 November 10, 2022
 December 15, 2022
 December 30, 2022
 $
 0.54
 $
 32.0
 53,369
 (2)
 $
 1.1

 Special
 November 10, 2022
 December 15, 2022
 December 30, 2022
 $
 0.42
 $
 24.8
 41,510
 (2)
 $
 0.8

 January 27, 2023
 March 15, 2023
 March 31, 2023
 $
 0.55
 $
 41.1
 68,412
 (1)
 $
 1.3

 April 28, 2023
 June 15, 2023
 June 30, 2023
 $
 0.55
 $
 41.3
 57,279
 (1)
 $
 1.1

 July 28, 2023
 September 15, 2023
 September 29, 2023
 $
 0.55
 $
 40.9
 76,766
 (2)
 $
 1.5

 Total for the year ended September 30, 2023
 $
 2.61
 $
 180.0
 297,336
 $
 5.9

 (1) Shares were purchased on the open market and distributed.
 (2) New shares were issued and distributed.
 (3) Totals may not sum due to rounding.

 Common Stock Issuances
 During the years ended September 30, 2024 and 2023, the Company issued 295,484 and 171,645 shares of common stock, respectively, as part of the DRIP.
 The Company is party to an equity distribution agreement, dated February 7, 2022, as amended, by and among the Company, Oaktree and Oaktree Administrator and Keefe, Bruyette & Woods, Inc., Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., pursuant to which the Company may offer and sell shares of its common stock from time to time having an aggregate offering price of up to $ 300.0 million under its current shelf registration statement. Sales of the common stock may be made in negotiated transactions or transactions that are deemed to be "at the market," as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.
 In connection with the "at the market" offering, the Company issued and sold 168,055 shares of common stock during the year ended September 30, 2025 for net proceeds of $ 3.0 million (net of offering costs).

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 168,055
 $
 2,987
 $
 $
 2,960
 $
 17.77

 (1) Net proceeds excludes offering costs of less than $ 0.1 million.
 (2) Represents the gross sales price, including supplemental payments by Oaktree, before deducting placement agent fees and estimated offering expenses.
 In connection with the at-the-market offering, an affiliate of Oaktree made additional supplemental payments to the Company in an amount equal to $ 0.3 million during the year ended September 30, 2025 to ensure that the sales price per share of common stock was not less than the Company's current net asset value per share. These amounts are included in gross proceeds in the table above.
 In connection with the "at the market" offering, the Company issued and sold 4,724,506 shares of common stock during the year ended September 30, 2024 for net proceeds of $ 92.5 million (net of offering costs).

 4,724,506
 $
 93,685
 $
 $
 92,748
 $
 19.83

 (1) Net proceeds excludes offering costs of $ 0.2 million.
 (2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.

 In connection with the "at the market" offering, the Company issued and sold 68,752 shares of common stock during the year ended September 30, 2023 for net proceeds of $ 1.3 million (net of offering costs).

 68,752
 $
 1,384
 $
 $
 1,370
 $
 20.13

 (1) Net proceeds excludes offering costs of $ 0.1 million.
 (2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.
 On January 31, 2025, the Company and Oaktree Capital I, L.P., an affiliate of Oaktree, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of the Company's common stock on February 3, 2025 for an aggregate purchase price of $ 100.0 million. These shares were sold at $ 17.63 per share, which was the Company's net asset value per share as of January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act. Oaktree Capital I, L.P. has agreed not to sell the shares acquired in this transaction through February 3, 2026.

 Note 6. Borrowings
 Syndicated Facility

 On November 30, 2017, the Company entered into a senior secured revolving credit facility (as amended and restated, the " Syndicated Facility ") pursuant to a Senior Secured Revolving Credit Agreement with the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents. The Syndicated Facility provides that the Company may use the proceeds of the loans and issuances of letters of credit under the Syndicated Facility for general corporate purposes, including acquiring and funding leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other investments. The Syndicated Facility further allows the Company to request letters of credit from ING Capital LLC, as the issuing bank.

 As of September 30, 2025, the size of the Syndicated Facility was $ 1.16 billion. In addition, pursuant to an "accordion" feature, the Company may increase the size of the facility to up to the greater of $ 1.50 billion and the Company's net worth, as defined in the facility, under certain circumstances.

 As of September 30, 2025, (i) the period during which the Company may make drawings will expire on April 8, 2029 and the maturity date is April 8, 2030 and (ii) the interest rate margin for (a) SOFR loans (which may be 1- or 3-month at the

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Company's option) was 1.875 % plus a SOFR adjustment equal to 0.10 % and (b) alternate base rate loans was 0.875 % plus a SOFR adjustment equal to 0.10 %; provided that, if at any time the Borrowing Base (as defined in the Syndicated Facility) is greater than 1.60 times the Combined Debt Amount (as defined in the Syndicated Facility), the interest rate margin with respect to (a) SOFR loans will be 1.75 % plus a SOFR adjustment equal to 0.10 % and (b) alternate base rate loans will be 0.75 % plus a SOFR adjustment equal to 0.10 %.

 The Syndicated Facility is secured by substantially all of the Company's assets (excluding, among other things, investments held in and by certain subsidiaries of the Company (including OSI 2 Senior Lending SPV, LLC, or "OSI 2 SPV") or investments in certain portfolio companies of the Company) and guaranteed by certain subsidiaries of the Company.

 The Syndicated Facility requires the Company to, among other things, (i) make representations and warranties regarding the collateral as well as each of the Company's portfolio companies' businesses, (ii) agree to certain indemnification obligations, and (iii) comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including covenants related to: (A) limitations on the incurrence of additional indebtedness and liens, (B) limitations on certain investments, (C) limitations on certain asset transfers and restricted payments, (D) maintaining a certain minimum stockholders' equity, (E) maintaining a ratio of total assets (less total liabilities) to total indebtedness, of the Company and its subsidiaries (subject to certain exceptions), of not less than 1.50 to 1.00, (F) maintaining a ratio of consolidated EBITDA to consolidated interest expense, of the Company and its subsidiaries (subject to certain exceptions), of not less than 2.25 to 1.00, (G) maintaining a minimum liquidity and net worth, and (H) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. The Syndicated Facility also includes usual and customary default provisions such as the failure to make timely payments under the facility, the occurrence of a change in control, and the failure by the Company to materially perform under the agreements governing the facility, which, if not complied with, could accelerate repayment under the facility. As of September 30, 2025, the Company was in compliance with all financial covenants under the Syndicated Facility. In addition to the asset coverage ratio described above, borrowings under the Syndicated Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that will apply different advance rates to different types of assets in the Company's portfolio. Each loan or letter of credit originated or assumed under the Syndicated Facility is subject to the satisfaction of certain conditions. In connection with the April 8, 2025 amendment of the Syndicated Facility, the Company accelerated $ 0.7 million of deferred financing costs into interest expense during the year ended September 30, 2025.

 As of September 30, 2025 and September 30, 2024, the Company had $ 545.0 million and $ 430.0 million of borrowings outstanding under the Syndicated Facility, which had a fair value of $ 545.0 million and $ 430.0 million, respectively. The Company's borrowings under the Syndicated Facility bore interest at a weighted average interest rate of 6.467 %, 7.443 % and 6.792 % for the years ended September 30, 2025, 2024 and 2023, respectively. For the years ended September 30, 2025, 2024 and 2023, the Company recorded interest expense (inclusive of fees) of $ 36.8 million, $ 39.4 million and $ 50.0 million, respectively, related to the Syndicated Facility.
 OSI2 Citibank Facility
 On January 23, 2023, as a result of the consummation of the OSI2 Merger, the Company became party to a revolving credit facility (as amended and/or restated from time to time, the " OSI2 Citibank Facility ") with OSI 2 SPV, the Company's wholly-owned and consolidated subsidiary, as the borrower, the Company, as collateral manager, each of the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent. On May 14, 2025, the Company repaid all outstanding borrowings under the OSI2 Citibank Facility, following which the OSI2 Citibank Facility was terminated. Obligations under the OSI2 Citibank Facility would have otherwise matured on January 26, 2029.
 In connection with the termination of the OSI2 Citibank Facility, the Company accelerated $ 3.1 million of deferred financing costs into interest expense during the year ended September 30, 2025.
 As of September 30, 2024, the Company had $ 280.0 million outstanding under the OSI2 Citibank Facility, which had a fair value of $ 280.0 million. The Company's borrowings under the OSI2 Citibank Facility bore interest at a weighted average interest rate of 6.741 %, 7.756 % and 7.666 % for the years ended September 30, 2025 and 2024 and the period from January 23, 2023 to September 2023, respectively. For the years ended September 30, 2025 and 2024, the Company recorded interest expense (inclusive of fees) of $ 14.4 million and $ 23.8 million, respectively, related to the OSI2 Citibank Facility. For the period from January 23, 2023 to September 2023, the Company recorded interest expense (inclusive of fees) of $ 14.6 million related to the OSI2 Citibank Facility.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 On February 25, 2020, the Company issued $ 300.0 million in aggregate principal amount of the 2025 Notes for net proceeds of $ 293.8 million after deducting OID of $ 2.5 million, underwriting commissions and discounts of $ 3.0 million and offering costs of $ 0.7 million. The OID on the 2025 Notes was amortized based on the effective interest method over the term of the 2025 Notes.
 Interest on the 2025 Notes was paid semi-annually on February 25 and August 25 at a rate of 3.500 % per annum. The 2025 Notes matured on February 25, 2025.
 On May 18, 2021, the Company issued $ 350.0 million in aggregate principal amount of the 2027 Notes for net proceeds of $ 344.8 million after deducting OID of $ 1.0 million, underwriting commissions and discounts of $ 3.5 million and offering costs of $ 0.7 million. The OID on the 2027 Notes is amortized based on the effective interest method over the term of the 2027 Notes.
 The 2027 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the sixth supplemental indenture, dated May 18, 2021 (collectively, the "2027 Notes Indenture"), between the Company and the Trustee. The 2027 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes. The 2027 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2027 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2027 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
 Interest on the 2027 Notes is paid semi-annually on January 15 and July 15 at a rate of 2.700 % per annum. The 2027 Notes mature on January 15, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a "make-whole" premium, if applicable. In addition, holders of the 2027 Notes can require the Company to repurchase the 2027 Notes at 100 % of their principal amount upon the occurrence of certain change of control events as described in the 2027 Notes Indenture. The 2027 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the year ended September 30, 2025, the Company did not repurchase any of the 2027 Notes in the open market.
 The 2027 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the Securities and Exchange Commission (the "SEC"), as well as covenants requiring the Company to provide financial information to the holders of the 2027 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to limitations and exceptions that are described in the 2027 Notes Indenture.
 In connection with the 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 2.700 % and pays a floating interest rate of the three-month SOFR plus 1.658 % plus a SOFR adjustment of 0.26161 % on a notional amount of $ 350.0 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.
 On August 15, 2023, the Company issued $ 300.0 million in aggregate principal amount of the 2029 Notes for net proceeds of $ 292.9 million after deducting OID of $ 3.5 million, underwriting commissions and discounts of $ 3.0 million and offering costs of $ 0.6 million. The OID on the 2029 Notes is amortized based on the effective interest method over the term of the 2029 Notes.
 The 2029 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the seventh supplemental indenture, dated August 15, 2023 (collectively, the "2029 Notes Indenture"), between the Company and the Trustee. The 2029 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes. The 2029 Notes rank equally in right

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2029 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2029 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
 Interest on the 2029 Notes is paid semi-annually on February 15 and August 15 at a rate of 7.100 % per annum. The 2029 Notes mature on February 15, 2029 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a "make-whole" premium, if applicable. In addition, holders of the 2029 Notes can require the Company to repurchase the 2029 Notes at 100 % of their principal amount upon the occurrence of certain change of control events as described in the 2029 Notes Indenture. The 2029 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the year ended September 30, 2025, the Company did not repurchase any of the 2029 Notes in the open market.
 The 2029 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the SEC), as well as covenants requiring the Company to provide financial information to the holders of the 2029 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 2029 Notes Indenture.
 In connection with the 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 7.100 % and pays a floating interest rate of the three-month SOFR plus 3.1255 % on a notional amount of $ 300.0 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.
 On February 27, 2025, the Company issued $ 300.0 million in aggregate principal amount of the 2030 Notes for net proceeds of $ 296.3 million after deducting OID of less than $ 0.1 million, underwriting commissions and discounts of $ 3.0 million and offering costs of $ 0.7 million. The OID on the 2030 Notes is amortized based on the effective interest method over the term of the 2030 Notes.
 The 2030 Notes were issued pursuant to an indenture, dated April 30, 2012, as supplemented by the eighth supplemental indenture, dated February 27, 2025 (collectively, the "2030 Notes Indenture"), between the Company and the Trustee. The 2030 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes. The 2030 Notes rank equally in right of payment with all of the Company's existing and future liabilities that are not so subordinated. The 2030 Notes effectively rank junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2030 Notes rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
 Interest on the 2030 Notes is paid semi-annually on February 27 and August 27 at a rate of 6.340 % per annum. The 2030 Notes mature on February 27, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company's option prior to maturity at par plus a "make-whole" premium, if applicable. In addition, holders of the 2030 Notes can require the Company to repurchase the 2030 Notes at 100 % of their principal amount upon the occurrence of certain change of control events as described in the 2030 Notes Indenture. The 2030 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. During the year ended September 30, 2025, the Company did not repurchase any of the 2030 Notes in the open market.
 The 2030 Notes Indenture contains certain covenants, including covenants requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions (but giving effect to any exemptive relief granted to the Company by the SEC), as well as covenants requiring the Company to provide financial information to the holders of the 2030 Notes and the Trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 2030 Notes Indenture.
 In connection with the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 agreement, the Company receives a fixed interest rate of 6.340 % and pays a floating interest rate of the three-month SOFR plus 2.192 % on a notional amount of $ 300.0 million. The Company designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship. See Note 12 for more information regarding the interest rate swap.
 The below table presents the components of the carrying value of the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes as of September 30, 2025 and September 30, 2024:

 As of September 30, 2025
 As of September 30, 2024

 $
 350.0
 $
 300.0
 $
 300.0
 $
 300.0
 $
 350.0
 $
 300.0

 Unamortized financing costs
 ( 1.0)
 ( 2.2)
 ( 3.3)
 ( 0.3)
 ( 1.8)
 ( 2.9)

 Unaccreted discount
 ( 0.2)
 ( 2.1)
 —
 ( 0.2)
 ( 0.4)
 ( 2.7)

 Interest rate swap fair value adjustment
 ( 12.2)
 4.8
 8.1
 —
 ( 20.2)
 7.2

 Net carrying value
 $
 336.6
 $
 300.5
 $
 304.8
 $
 299.5
 $
 327.6
 $
 301.6

 $
 339.8
 $
 314.5
 $
 301.1
 $
 298.1
 $
 327.7
 $
 312.3

 The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2030 Notes for the year ended September 30, 2025:

 $
 4.2
 $
 9.4
 $
 21.3
 $
 11.3

 0.5
 0.9
 1.3
 0.4

 —
 13.1
 1.8
 0.4

 $
 4.7
 $
 23.4
 $
 24.4
 $
 12.1

 3.500
 %
 6.353
 %
 7.585
 %
 6.491
 %

 The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes and the 2029 Notes for the year ended September 30, 2024:

 $
 10.5
 $
 9.5
 $
 21.3

 1.3
 0.9
 1.3

 —
 16.3
 4.4

 $
 11.8
 $
 26.7
 $
 27.0

 3.500
 %
 7.259
 %
 8.437
 %

 The below table presents the components of interest and other debt expenses related to the 2025 Notes, the 2027 Notes and the 2029 Notes for the year ended September 30, 2023:

 $
 10.5
 $
 9.5
 $
 2.7

 1.3
 0.9
 0.2

 —
 13.4
 0.6

 $
 11.8
 $
 23.8
 $
 3.5

 3.500
 %
 6.539
 %
 8.490
 %

 Note 7. Taxable/Distributable Income and Dividend Distributions
 Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized; (2) origination and exit fees received in connection with investments in portfolio companies; (3) organizational costs; (4) income or loss recognition on exited investments; and (5) recognition of interest income on certain loans.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 As of September 30, 2025, the Company had net capital loss carryforwards of $ 699.9 million to offset net capital gains that will not expire, to the extent available and permitted by U.S. federal income tax law, of which $ 62.8 million are available to offset future short-term capital gains and $ 637.1 million are available to offset future long-term capital gains. A portion of such net capital loss carryforwards represented a realized loss under sections 382 and 383 of the Code, which is carried forward to future years to offset future gains subject to certain limitations.
 Listed below is a reconciliation of "net increase (decrease) in net assets resulting from operations" to taxable income for the years ended September 30, 2025, 2024 and 2023.

2025
2024
2023

 $
 $
 $

 Net unrealized (appreciation) depreciation
 101,229
 ( 19,101)
 28,555

 Book/tax difference due to capital losses suspended (utilized)
 3,890
 137,723
 34,607

 Other book/tax differences
 2,563
 ( 24,729)
 ( 14,691)

 Taxable/Distributable Income (1)
 $
 141,602
 $
 151,798
 $
 165,802

 (1) The Company's taxable income for the year ended September 30, 2025 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2025. Therefore, the final taxable income may be different than the estimate.
 The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences.
 When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company's management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company's assets at the determination date. Based on these and other factors, the Company determined that, as of September 30, 2025, $ 6.2 million of the $ 6.5 million deferred tax assets would not more likely than not be realized in future periods.
 For the year ended September 30, 2025, the Company recognized an expense for income tax related to net investment income of $ 0.9 million, which was composed of current income tax expense. The Company also recognized an expense for income tax related to realized and unrealized gains (losses) of $ 0.4 million, which was composed of deferred income tax expense of $ 0.3 million and current income tax expense of $ 0.1 million. For the year ended September 30, 2024, the Company recognized a total benefit for income tax related to realized and unrealized gains (losses) of $ 0.1 million, which was composed primarily of a current income tax benefit. For the year ended September 30, 2023, the Company recognized a total expense for income tax related to realized and unrealized gains (losses) of $ 1.7 million, which was composed primarily of a deferred income tax expense.
 As of September 30, 2025, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:

 Undistributed ordinary income, net
 $
 2,986

 Net realized capital losses
 ( 646,358)

 Unrealized losses, net
 ( 241,771)

 Accumulated overdistributed earnings
 $
 ( 885,143)

 The aggregate cost of investments for U.S. federal income tax purposes was $ 3,088.8 million as of September 30, 2025. As of September 30, 2025, the aggregate gross unrealized appreciation for all investments in which there was an excess of value

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 over cost for U.S. federal income tax purposes was $ 758.8 million. As of September 30, 2025, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $ 1,000.6 million. Net unrealized depreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $ 241.8 million.

 Note 8. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation
 Realized Gains or Losses
 Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption and the cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with the Company's determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.
 During the year ended September 30, 2025, the Company recorded an aggregate net realized loss of $ 17.1 million, which consisted of the following:

 $
 ( 16.6)

 ( 11.1)

 FinThrive Software Intermediate Holdings Inc
 ( 4.5)

 ( 2.4)

 EOS Fitness Opco Holdings LLC
 11.1

 Aurelia Netherlands Midco (1)

 1.3

 Other, net
 5.1

 Total, net

 $
 ( 17.1)

 (1) This investment was denominated in foreign currency and the realized gain (loss) shown in this table includes gains (losses) due to foreign currency translation, which was offset by gains (losses) on foreign currency forward contracts.
 During the year ended September 30, 2024, the Company recorded an aggregate net realized loss of $ 136.4 million, which consisted of the following:

 $
 ( 68.5)

 ( 35.3)

 Impel Pharmaceuticals Inc.
 ( 17.2)

 All Web Leads Inc
 ( 13.4)

 ( 6.8)

 American Tire Distributors Inc.
 ( 3.6)

 P&L Development LLC
 ( 1.9)

 Zephyr Bidco Limited (1)

 ( 1.7)

 Lift Brands Holdings, Inc.
 ( 1.4)

 Alvotech
 4.8

 Ardonagh Midco 3 PLC (1)

 4.6

 1.1

 Other, net
 2.9

 Total, net

 $
 ( 136.4)

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 (1) This investment was denominated in foreign currency and the realized gain (loss) shown in this table includes gains (losses) due to foreign currency translation, which was offset by gains (losses) on foreign currency forward contracts.
 During the year ended September 30, 2023, the Company recorded an aggregate net realized loss of $ 33.2 million, which consisted of the following:

 SIO2 Medical Products Inc.
 $
 ( 13.9)

 Convergeone Holdings Inc.
 ( 6.0)

 ( 5.8)

 Aden & Anais Merger Sub Inc.
 ( 5.2)

 Radiology Partners Inc.
 ( 4.2)

 Carvana Co.
 ( 2.8)

 Impel Neuropharma Inc.
 ( 2.3)

 ASP Unifrax Holdings Inc.
 ( 2.1)

 WP CPP Holdings LLC
 ( 1.3)

 Global Medical Response Inc.
 ( 1.0)

 Athenex Inc.
 6.5

 Tersera Therapeutics LLC
 5.2

 CorEvitas Group Holdings LP
 4.0

 Other, net
 ( 4.3)

 Total, net

 $
 ( 33.2)

 Net Unrealized Appreciation or Depreciation
 Net unrealized appreciation or depreciation reflects the net change in the valuation of the portfolio pursuant to the Company's valuation guidelines and the reclassification of any prior period unrealized appreciation or depreciation.
 During the years ended September 30, 2025, 2024 and 2023, the Company recorded net unrealized appreciation (depreciation) of $( 101.2) million, $ 19.1 million and $( 28.6) million, respectively. For the year ended September 30, 2025, this consisted of $ 98.4 million of net unrealized depreciation on debt investments and $ 28.0 million of net unrealized depreciation on equity investments, partially offset by $ 22.7 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $ 2.5 million of net unrealized appreciation of foreign currency cash and forward contracts. For the year ended September 30, 2024, this consisted of $ 69.8 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses), partially offset by $ 37.5 million of net unrealized depreciation on equity investments, $ 8.8 million of net unrealized depreciation of foreign currency forward contracts and $ 4.4 million of net unrealized depreciation on debt investments. For the year ended September 30, 2023, this consisted of $ 49.1 million of net unrealized depreciation on debt investments and $ 4.9 million of net unrealized depreciation on equity investments, partially offset by $ 25.4 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $ 0.1 million of net unrealized appreciation of foreign currency forward contracts.

 Note 9. Concentration of Credit Risks
 The Company deposits its cash with financial institutions and at times such balances are in excess of the FDIC insurance limit. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring their financial stability.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Note 10. Related Party Transactions

 As of September 30, 2025 and September 30, 2024, the Company had a liability on its Consolidated Statements of Assets and Liabilities in the amount of $ 12.5 million and $ 15.5 million, respectively, reflecting the unpaid portion of the base management fees and incentive fees payable to Oaktree.
 Investment Advisory Agreement
 The Company is party to the Investment Advisory Agreement. Under the Investment Advisory Agreement, the Company pays Oaktree a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee payable to Oaktree and any incentive fees earned by Oaktree is ultimately borne by common stockholders of the Company.
 The investment advisory agreement with Oaktree was amended and restated on March 19, 2021 in connection with the closing of the OCSI Merger, on January 23, 2023 in connection with the closing of OSI2 Merger, on November 14, 2024 to reflect a reduced base management fee and on November 14, 2025 to reflect the Incentive Fee Cap (as defined below). The term "Investment Advisory Agreement" refers collectively to the agreements with Oaktree.
 Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by the Board of Directors of the Company or by the affirmative vote of the holders of a majority of the Company's outstanding voting securities, including, in either case, approval by a majority of the directors of the Company who are not interested persons. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may be terminated by either party without penalty upon 60 days' written notice to the other. The Investment Advisory Agreement may also be terminated, without penalty, upon the vote of a majority of the outstanding voting securities of the Company.
 Base Management Fee

 Effective as of July 1, 2024, the base management fee is calculated at an annual rate of 1.00 % of total gross assets, including any investment made with borrowings, but excluding cash and cash equivalents; provided, however, that for the period from July 1, 2024 to January 23, 2025, the base management fee shall be calculated at such an annual rate as to cause (1) the base management fee less (2) previously agreed waivers of $ 750,000 of base management fees per quarter (with such amount appropriately prorated for any partial quarter) to equal 1.00 % of the Company's gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents. The base management fee is payable quarterly in arrears and the fee for any partial month or quarter is appropriately prorated. From May 3, 2019 through June 30, 2024, the base management fee was 1.50 % of total gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents, provided that the base management fee on gross assets that exceeded the product of (A) 200 % and (B) the Company's net asset value was 1.00 %. The 200 % was calculated in accordance with the Investment Company Act. In connection with the OCSI Merger, Oaktree waived an aggregate of $ 6 million of base management fees otherwise payable to Oaktree in the two years following the closing of the OCSI Merger on March 19, 2021 at a rate of $ 750,000 per quarter (with such amount appropriately prorated for any partial quarter). In connection with the OSI2 Merger, Oaktree waived an aggregate of $ 9.0 million of base management fees payable to Oaktree as follows: $ 6.0 million at a rate of $ 1.5 million per quarter (with such amount appropriately prorated for any partial quarter) in the first year following closing of the OSI2 Merger on January 23, 2023 and $ 3.0 million at a rate of $ 750,000 per quarter (with such amount appropriately prorated for any partial quarter) in the second year following closing of the OSI2 Merger. Oaktree also waived additional base management fees such that the total amount of waived base management fees (including those waived in connection with the OSI2 Merger described above) was $ 1.5 million for each of the three months ended March 31, 2024 and June 30, 2024.
 For the years ended September 30, 2025, 2024 and 2023, the base management fee incurred under the Investment Advisory Agreement was $ 29.2 million (net of waiver), $ 38.2 million (net of waiver) and $ 39.4 million (net of waiver), respectively.
 Incentive Fee

 The incentive fee consists of two parts. Under the Investment Advisory Agreement, effective as of October 1, 2025, the first part of the incentive fee (the "incentive fee on income" or "Part I incentive fee") is calculated and payable quarterly in arrears based upon the amount that (x) the Company's pre-incentive fee net investment income for the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commenced October 1, 2024, as the case may be (or the appropriate portion thereof in the case of any of the first eleven calendar quarters commencing on or after

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 October 1, 2024) (in either case, the "Trailing Twelve Quarters") exceeds (y) the Preferred Return. The "Preferred Return" will be determined on a quarterly basis and will be calculated by multiplying 1.50 % ( 6.00 % annualized) by the sum of the Company's net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Trailing Twelve Quarters will be a total of less than twelve full fiscal quarters for all periods ending prior to September 30, 2027.
 For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, other than fees for providing managerial assistance) accrued during the fiscal quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID debt, instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income.

 Under the Investment Advisory Agreement, the calculation of the incentive fee on income for each quarter is as follows:

 • No incentive fee on income is payable to Oaktree in any calendar quarter in which the Company's pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the Preferred Return;
 • 100 % of the Company' pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return but is less than or equal to 1.8182 % multiplied by the Company's net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. This portion of the incentive fee on income is referred to as the "catch up" and is intended to provide Oaktree with an incentive fee of 17.5 % on all of the Company's pre-incentive fee net investment income when the Company's pre-incentive fee net investment income during the Trailing Twelve Quarters reaches 1.8182 % on net assets during the Trailing Twelve Quarters; and
 • For any quarter in which the Company's pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds 1.8182 % multiplied by the Company's net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters, the incentive fee on income is 17.5 % of the amount of the Company's pre-incentive fee net investment income for such Trailing Twelve Quarters, as the Preferred Return and catch-up will have been achieved.

 Effective October 1, 2025, the incentive fee on income as calculated is subject to a cap, or the Incentive Fee Cap. The Incentive Fee Cap in any quarter is the amount equal to (a) 17.5 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate incentive fees on income that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

 For this purpose, "Cumulative Pre-Incentive Fee Net Return" during the relevant Trailing Twelve Quarters means (x) pre-incentive fee net investment income in respect of the Trailing Twelve Quarters (or portion thereof) less (y) any Net Capital Loss in respect of the Trailing Twelve Quarters (or portion thereof). If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no incentive fee on income to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the incentive fee on income calculated in accordance with the calculation described above, the Company shall pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap was equal to or greater than the incentive fee on income calculated in accordance with the calculation described above, the Company shall pay the Adviser the incentive fee on income for such quarter.

 "Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

 From October 1, 2024 to September 30, 2025, Oaktree waived the incentive fee on income in such an amount as necessary such that the incentive fee on income in any quarter did not exceed (a) 17.5 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters (or portion thereof) less (b) the aggregate incentive fees on

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 income that were paid to Oaktree (including the effect of waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

 For the year ended September 30, 2025, Oaktree waived $ 20.4 million of Part I incentive fees pursuant to this waiver agreement.

 For the years ended September 30, 2025, 2024 and 2023, the Part I incentive fee incurred under the Investment Advisory Agreement was $ 7.2 million (net of waiver), $ 30.3 million (net of waiver) and $ 35.8 million, respectively.

 Under the Investment Advisory Agreement, the second part of the incentive fee (the "capital gains incentive fee") is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date) commencing with the fiscal year ended September 30, 2019 and equals 17.5 % of the Company's realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each subsequent fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees under the Investment Advisory Agreement. Any realized capital gains, realized capital losses, unrealized capital appreciation and unrealized capital depreciation with respect to the Company's portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the calculations of the second part of the incentive fee. In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger or in the OSI2 Merger, in each case, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee, (2) include any such amounts associated with the investments acquired in the OCSI Merger for the period from October 1, 2018 to the date of closing of the OCSI Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee and (3) include any such amounts associated with the investments acquired in the OSI2 Merger for the period from August 6, 2018 to the date of closing of the OSI2 Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee. As of September 30, 2025, the Company paid $ 9.6 million of capital gains incentive fees cumulatively under the Investment Advisory Agreement (net of waivers). For the years ended September 30, 2025, 2024 and 2023, the Company did not incur any capital gains incentive fees.

 GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized on a theoretical "liquidation basis." A fee so calculated and accrued would not be payable under applicable law and may never be paid based upon the computation of capital gains incentive fees in subsequent periods. Amounts ultimately paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation. Any realized capital gains and losses and cumulative unrealized capital appreciation and depreciation with respect to the Company's portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the GAAP accrual. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 17.5 % of such cumulative amount, less the aggregate amount of actual capital gains incentive fees payable or capital gains incentive fees accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future or any accrued capital gains incentive fee will become payable under the Investment Advisory Agreement. For the years ended September 30, 2025, 2024 and 2023, there were no accrued capital gains incentive fees. As of September 30, 2025, the total accrued capital gains incentive fee liability was zero.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Indemnification

 The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations, Oaktree and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Oaktree's services under the Investment Advisory Agreement or otherwise as investment adviser.
 Administrative Services
 The Company is party to the Administration Agreement with Oaktree Administrator. Pursuant to the Administration Agreement, Oaktree Administrator provides administrative services to the Company necessary for the operations of the Company, which include providing office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as Oaktree Administrator, subject to review by the Company's Board of Directors, shall from time to time deem to be necessary or useful to perform its obligations under the Administration Agreement. Oaktree Administrator may, on behalf of the Company, conduct relations and negotiate agreements with custodians, trustees, depositories, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Oaktree Administrator makes reports to the Company's Board of Directors of its performance of obligations under the Administration Agreement and furnishes advice and recommendations with respect to such other aspects of the Company's business and affairs, in each case, as it shall determine to be desirable or as reasonably required by the Company's Board of Directors; provided that Oaktree Administrator shall not provide any investment advice or recommendation.
 Oaktree Administrator also provides portfolio collection functions for interest income, fees and warrants and is responsible for the financial and other records that the Company is required to maintain and prepares, prints and disseminates reports to the Company's stockholders and all other materials filed with the SEC. In addition, Oaktree Administrator assists the Company in determining and publishing the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. Oaktree Administrator may also offer to provide, on the Company's behalf, managerial assistance to the Company's portfolio companies.
 For providing these services, facilities and personnel, the Company reimburses Oaktree Administrator the allocable portion of overhead and other expenses incurred by Oaktree Administrator in performing its obligations under the Administration Agreement, including the Company's allocable portion of the rent of the Company's principal executive offices (which are located in a building owned by a Brookfield affiliate) at market rates and the Company's allocable portion of the costs of compensation and related expenses of its Chief Financial Officer, Chief Compliance Officer, their staffs and other non-investment professionals at Oaktree that perform duties for the Company. Such reimbursement is at cost, with no profit to, or markup by, Oaktree Administrator. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other. The Administration Agreement may also be terminated, without penalty, upon the vote of a majority of the Company's outstanding voting securities.
 For the years ended September 30, 2025, 2024 and 2023, the Company accrued administrative expenses of $ 2.4 million, $ 1.9 million and $ 1.5 million, respectively, including $ 0.5 million, $ 0.4 million and $ 0.3 million of general and administrative expenses, respectively.
 As of September 30, 2025 and September 30, 2024, $ 1.6 million and $ 4.1 million, respectively, was included in "Due to affiliate" in the Consolidated Statements of Assets and Liabilities, reflecting the unpaid portion of administrative expenses and other reimbursable expenses payable to Oaktree Administrator.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Note 11. Financial Highlights

2025
2024
2023(7)
2022(7)
2021(7)

 Net asset value per share at beginning of period
 $ 18.09
 $ 19.63
 $ 20.38
 $ 21.84
 $ 19.47

 Net investment income (1)
 1.77
 2.18
 2.51
 2.45
 1.80

 Net unrealized appreciation (depreciation) (1)(6)(8)
 ( 1.18)
 0.25
 ( 0.17)
 ( 2.23)
 2.19

 Net realized gains (losses) (1)
 ( 0.20)
 ( 1.70)
 ( 0.46)
 0.28
 0.49

 (Provision) benefit for taxes on realized and unrealized gains (losses) (1)
 —
 —
 ( 0.02)
 ( 0.01)
 ( 0.02)

 Distributions of net investment income to stockholders
 ( 1.64)
 ( 2.27)
 ( 2.61)
 ( 1.95)
 ( 1.52)

 Issuance of common stock
 —
 —
 —
 —
 ( 0.57)

 Tax return of capital
 ( 0.20)
 —
 —
 —
 —

 Net asset value per share at end of period
 $ 16.64
 $ 18.09
 $ 19.63
 $ 20.38
 $ 21.84

 Per share market value at beginning of period
 $ 16.31
 $ 20.12
 $ 18.00
 $ 21.18
 $ 14.52

 Per share market value at end of period
 $ 13.05
 $ 16.31
 $ 20.12
 $ 18.00
 $ 21.18

 Total return (2)
 ( 9.32)%
 ( 8.47)%
 27.30 %
 ( 6.71)%
 57.61 %

 Common shares outstanding at beginning of period
 60,120

 Common shares outstanding at end of period
 88,086
 60,120

 Net assets at beginning of period
 $ 1,487,811
 $ 1,515,764
 $ 1,245,563
 $ 1,312,823
 $ 914,879

 Net assets at end of period
 $ 1,465,813
 $ 1,487,811
 $ 1,515,764
 $ 1,245,563
 $ 1,312,823

 Average net assets (3)
 $ 1,486,192
 $ 1,520,016
 $ 1,437,728
 $ 1,308,518
 $ 1,150,662

 Ratio of net investment income to average net assets (3)
 10.27 %
 11.52 %
 12.57 %
 11.36 %
 8.44 %

 Ratio of total expenses to average net assets (3)
 12.42 %
 14.23 %
 14.19 %
 8.68 %
 9.65 %

 Ratio of net expenses to average net assets (3)
 10.99 %
 13.59 %
 13.81 %
 8.45 %

 Ratio of portfolio turnover to average investments at fair value
 33.27 %
 35.96 %
 26.12 %
 26.99 %
 39.66 %

 Weighted average outstanding debt (4)
 $ 1,559,548
 $ 1,683,757
 $ 1,659,701
 $ 1,361,151
 $ 964,390

 Average debt per share (1)
 $ 18.12
 $ 20.94
 $ 23.01
 $ 22.41
 $ 17.85

 Asset coverage ratio at end of period (5)
 197.50 %
 188.14 %
 187.74 %
 188.64 %
 201.68 %

 (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 $ 1,495.0 million, $ 1,663.8 million, $ 1,660.0 million, $ 1,350.0 million and $ 1,280.0 million as of September 30, 2025, 2024, 2023, 2022 and 2021, respectively.

 (6)
 The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the years ended September 30, 2025, 2024, 2023, 2022 and 2021 as it includes the effect of the timing of equity issuances.

 (7)
 The share and per share information disclosed in this table has been retroactively adjusted as necessary to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023.

 (8)
 For the year ended September 30, 2023, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OSI2 Merger. For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 Class and Year(1)
 Total Amount Outstanding Exclusive of Treasury Securities (2)
 Asset Coverage Per Unit(3)
 Involuntary Liquidating Preference Per Unit(4)
 Average Market Value Per Unit(5)

 Syndicated Facility and Prior ING Facility

 $
 472,495
 2,208
 —
 N/A

 226,495
 2,274
 —
 N/A

 241,000
 2,330
 —
 N/A

 Fiscal 2019
 314,825
 2,949
 —
 N/A

 Fiscal 2020
 414,825
 2,272
 —
 N/A

 495,000
 2,017
 —
 N/A

 540,000
 1,886
 —
 N/A

 1,877
 —
 N/A

 1,881
 —
 N/A

 1,975
 —
 N/A

 Citibank Facility

 $
 135,000
 2,017
 —
 N/A

 160,000
 1,886
 —
 N/A

 OSI2 Citibank Facility

 $
 1,877
 —
 N/A

 1,881
 —
 N/A

 Sumitomo Facility

 $
 43,800
 2,208
 —
 N/A

 29,500
 2,274
 —
 N/A

 Secured Borrowings

 $
 18,929
 2,208
 —
 N/A

 13,489
 2,274
 —
 N/A

 12,314
 2,330
 —
 N/A

 2019 Notes

 $
 250,000
 2,208
 —
 N/A

 250,000
 2,274
 —
 N/A

 228,825
 2,330
 —
 N/A

 2024 Notes

 $
 75,000
 2,208
 —
 993.70

 75,000
 2,274
 —
 1,006.74

 75,000
 2,330
 —
 1,010.72

 Fiscal 2019
 75,000
 2,949
 —
 1,012.76

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Class and Year(1)
 Total Amount Outstanding Exclusive of Treasury Securities (2)
 Asset Coverage Per Unit(3)
 Involuntary Liquidating Preference Per Unit(4)
 Average Market Value Per Unit(5)

 Fiscal 2020
 $
 2,272
 —
 N/A

 2,017
 —
 N/A

 1,886
 —
 N/A

 1,877
 —
 N/A

 1,881
 —
 N/A

 $
 2,017
 —
 N/A

 1,886
 —
 N/A

 1,877
 —
 N/A

 1,881
 —
 N/A

 1,975
 —
 N/A

 2028 Notes

 $
 86,250
 2,208
 —
 999.29

 86,250
 2,274
 —
 1,007.51

 86,250
 2,330
 —
 994.82

 Fiscal 2019
 86,250
 2,949
 —
 993.33

 $
 1,877
 —
 N/A

 1,881
 —
 N/A

 1,975
 —
 N/A

 $
 1,975
 —
 N/A

 Total Senior Securities

 $
 946,474
 2,208
 —

 680,734
 2,274
 —

 643,389
 2,330
 —

 Fiscal 2019
 476,075
 2,949
 —

 Fiscal 2020
 714,825
 2,272
 —

 1,280,000
 2,017
 —

 1,350,000
 1,886
 —

 1,660,000
 1,877
 —

 1,660,000
 1,881
 —

 1,495,000
 1,975
 —

 ______________
 (1) This table excludes any SBA-guaranteed debentures outstanding during the relevant periods because the SEC has granted the Company exemptive relief that permits it to exclude such debentures from the definition of senior securities in the asset coverage ratio the Company is required to maintain under the Investment Company Act.
 (2) Total amount of each class of senior securities outstanding at the end of the period, presented in thousands.
 (3) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company's consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the "Asset Coverage Per Unit."

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

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

 Note 12. Derivative Instruments
 The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into International Swaps and Derivatives Association, Inc. Master Agreements (the "ISDA Master Agreements") with its derivative counterparties, Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. The ISDA Master Agreements permit a single net payment, with each counterparty, in the event of a default or similar event. As of September 30, 2025, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparties with respect to the Company's forward currency contracts.
 Certain information related to the Company's foreign currency forward contracts is presented below as of September 30, 2025.

 Notional Amount to be Purchased
 Notional Amount to be Sold
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet Location of Net Amounts

 $
 173,478

 146,324
 $
 $
 —

 $
 5,427
 C$
 7,442
 —

 $
 5,450

 785,888
 —

 $
 8,976
 kr
 83,244
 —

 $
 37,547

 27,697
 —

 $
 8,868

 6,534
 —

 $
 $
 —

 Certain information related to the Company's foreign currency forward contracts is presented below as of September 30, 2024.

 Notional Amount to be Purchased
 Notional Amount to be Sold
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet Location of Net Amounts

 $
 84,291

 76,394
 11/7/2024
 $
 —
 $
 1,102

 $
 53,624

 42,021
 11/7/2024
 —
 2,739

 $
 —
 $
 3,841

 In connection with the issuance of the 2027 Notes, 2029 Notes and the 2030 Notes, the Company entered into interest rate swap agreements with the Royal Bank of Canada and BNP Paribas pursuant to ISDA Master Agreements. As of September 30, 2025 and September 30, 2024, the Company paid $ 15.6 million and $ 17.1 million, respectively, to cover collateral obligations under the terms of the interest swap agreements, which is included in due from broker on the Consolidated Statement of Assets and Liabilities.
 Certain information related to the Company's interest rate swaps is presented below as of September 30, 2025.

 Notional Amount
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet Location of Net Amounts

 $
 1/15/2027
 $
 —
 $
 12,150

 4,821
 —

 8,160
 —

 $
 12,981
 $
 12,150

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 Certain information related to the Company's interest rate swap is presented below as of September 30, 2024.

 Notional Amount
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Balance Sheet Location of Net Amounts

 $
 1/15/2027
 $
 —
 $
 20,229

 7,227
 —

 $
 7,227
 $
 20,229

 Note 13. Commitments and Contingencies
 Off-Balance Sheet Arrangements
 The Company may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As of September 30, 2025, the Company's off-balance sheet arrangements consisted of $ 286.0 million of unfunded commitments, which was composed of $ 258.9 million to provide debt and equity financing to certain of its portfolio companies and $ 27.1 million to provide financing to the JVs. Of the $ 258.9 million, approximately $ 246.9 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. As of September 30, 2024, the Company's off-balance sheet arrangements consisted of $ 311.4 million of unfunded commitments, which was comprised of $ 284.3 million to provide debt and equity financing to certain of its portfolio companies and $ 27.1 million to provide financing to the JVs. Of the $ 284.3 million, approximately $ 247.6 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. Such commitments are subject to the portfolio companies' satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities.
 A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components and subordinated notes and LLC equity interests in the JVs) as of September 30, 2025 and September 30, 2024 is shown in the table below:

 $
 13,998
 $
 13,998

 13,732
 13,732

 13,574
 10,235

 107-109 Beech OAK22 LLC
 13,567
 11,911

 13,125
 13,125

 EMPIRE BIDCO AB
 10,609
 —

 10,259
 5,721

 9,271
 —

 8,870
 16,436

 8,688
 8,688

 8,144
 8,181

 7,506
 9,383

 7,176
 8,005

 7,051
 7,051

 Creek Parent, Inc.
 6,855
 —

 Draken International, LLC
 5,873
 —

 5,821
 3,277

 AVSC Holding Corp.
 5,539
 —

 Bayou Intermediate II, LLC
 5,509
 —

 5,409
 5,409

 5,238
 6,045

 PAI Financing Merger Sub LLC
 5,210
 —

 Sum Up Holdings Luxembourg
 5,101
 5,101

 5,043
 5,043

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 ASP Integrity Acquisition Co LLC
 $
 5,042
 $
 —

 4,568
 14,846

 TBRS, Inc.
 4,209
 —

 4,092
 6,972

 4,027
 5,238

 3,272
 3,272

 F&M Buyer LLC
 3,212
 —

 2,909
 4,651

 2,907
 3,792

 2,817
 6,585

 Grand River Aseptic Manufacturing, Inc.
 2,594
 —

 Whitney Merger Sub, Inc.
 2,388
 —

 Kite Midco II Inc.
 2,374
 —

 2,267
 3,092

 2,241
 —

 2,180
 2,180

 2,140
 3,014

 2,075
 2,075

 1,998
 1,007

 LDS Buyer, LLC
 1,908
 —

 1,882
 1,882

 1,812
 1,938

 1,765

 1,762
 1,762

 Optimizely North America Inc.
 1,694
 —

 1,626
 1,626

 1,596
 1,163

 CIELO BIDCO LIMITED
 1,555
 —

 1,545
 5,802

 1,545
 2,117

 Sierra Enterprises, LLC
 1,424
 —

 1,404
 1,436

 1,268
 —

 1,232
 —

 1,071
 1,786

 —

 1,584

 Accession Risk Management Group, Inc.
 —
 11,019

 Amspec Parent LLC
 —
 9,372

 Quantum Bidco Limited
 —
 6,311

 Telephone and Data Systems, Inc.
 —
 6,273

 —
 5,574

 Avalara, Inc.
 —
 5,047

 —
 4,700

 Accupac, Inc.
 —
 4,051

 —
 3,581

 107 Fair Street LLC
 —
 3,507

 Harrow, Inc.
 —
 3,438

 —
 3,384

 —
 3,127

 Salus Workers' Compensation, LLC
 —
 3,102

 Oranje Holdco, Inc.
 —
 1,904

 —
 1,625

 —
 1,552

 (in thousands, except share and per share amounts, percentages and as otherwise indicated)

 112-126 Van Houten Real22 LLC
 —
 1,077

 —

 —

 Telestream Holdings Corporation
 —

 Total
 $
 286,047
 $
 311,361

 Note 14. Subsequent Events
 The Company's management evaluated subsequent events through the date of issuance of the Consolidated Financial Statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the Consolidated Financial Statements as of and for the year ended September 30, 2025, except as discussed below.
 Distribution Declaration
 On November 10, 2025, the Company's Board of Directors declared a quarterly distribution of $ 0.40 per share, payable in cash on December 31, 2025 to stockholders of record on December 15, 2025.

 Oaktree Specialty Lending Corporation Schedule 12-14
 Schedule of Investments in and Advances to Affiliates
 (in thousands, except share and per share amounts, percentages and as otherwise indicated)
 Year ended September 30, 2025

 Portfolio Company (1)
 Investment Type
 Cash
 PIK Rate
 Amount of Interest, Fees or Dividends Credited in Income (2)
 Fair Value at October 1, 2024
 Gross Additions (3)
 Gross Reductions (4)
 Fair Value at September 30, 2025
 % of Total Net Assets

 Control Investments

 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 —
 %

 34,984,460
 —
 —
 27,638
 —
 ( 1,749)
 25,889
 1.8
 %

 3,137,476
 —
 —
 3,357
 —
 3,671
 0.3
 %

 22,267,661
 —
 —
 12,247
 —
 ( 1,781)
 10,466
 0.7
 %

 SOFR+
 5.00
 %
 $
 —
 —
 —
 11,360
 2,568
 ( 13,928)
 —
 —
 %

 SOFR+
 5.00
 %
 —
 —
 ( 1,028)
 1,028
 —
 —
 —
 %

 SOFR+
 5.00
 %
 —
 —
 —
 4,546
 1,028
 ( 5,574)
 —
 —
 %

 SOFR+
 5.00
 %
 6,967
 —
 —
 —
 5,351
 —
 5,351
 0.4
 %

 SOFR+
 6.50
 %
 12,779
 —
 —
 —
 13,182
 ( 13,182)
 —
 —
 %

 30,031
 —
 —
 —
 —
 —
 —
 —
 %

 OCSI Glick JV LLC (5)
 SOFR+
 4.50
 %
 8.94
 %
 10/20/2028
 58,349
 —
 6,822
 48,896
 1,455
 ( 4,291)
 46,060
 3.1
 %

 OCSI Glick JV LLC (5)
 87.50
 %
 —
 —
 —
 —
 —
 —
 —
 %

 Senior Loan Fund JV I, LLC (6)
 SOFR+
 7.00
 %
 11.44
 %
 —
 13,216
 —
 —
 7.7
 %

 Senior Loan Fund JV I, LLC (6)
 87.50
 %
 —
 2,450
 —
 ( 10,595)
 0.8
 %

 12.00
 %
 3,756
 —
 3,332
 ( 2,341)
 1,130
 0.1
 %

 12.00
 %
 20,187
 —
 ( 12,597)
 6,074
 0.4
 %

 12.00
 %
 4,002
 —
 3,550
 ( 2,490)
 1,204
 0.1
 %

 12.00
 %
 1,804
 —
 1,600
 ( 1,111)
 —
 %

 12.00
 %
 1,755
 —
 —
 1,608
 ( 1,080)
 —
 %

 12.00
 %
 —
 —
 —
 ( 15)
 0.1
 %

 12.00
 %
 —
 —
 —
 ( 8)
 0.1
 %

 12.00
 %
 —
 —
 —
 ( 11)
 —
 %

 1,184,630
 —
 —
 20,802
 —
 ( 20,802)
 —
 —
 %

 66,686
 —
 —
 —
 —
 —
 —
 —
 %

 Total Control Investments
 $
 224,485
 $
 $
 23,564
 $
 289,404
 $
 29,899
 $
 ( 91,555)
 $
 227,748
 15.5
 %

 Affiliate Investments

 SOFR+
 4.00
 %
 6.10
 %
 2.00
 %
 9/29/2026
 1,724
 1,741
 ( 157)
 1,650
 0.1
 %

 SOFR+
 5.00
 %
 7.10
 %
 2.00
 %
 3/29/2027
 3,711
 —
 3,463
 ( 62)
 3,533
 0.2
 %

 10.00
 %
 3/29/2028
 3,914
 —
 —
 3,183
 —
 3,347
 0.2
 %

 SOFR+
 4.00
 %
 8.10
 %
 3/30/2026
 1,440
 —
 1,506
 ( 147)
 1,386
 0.1
 %

 11,499
 —
 —
 —
 1,622
 —
 —
 1,622
 0.1
 %

 12,463,242
 —
 —
 1,246
 —
 1,496
 0.1
 %

 Portfolio Company (1)
 Investment Type
 Cash
 PIK Rate
 Amount of Interest, Fees or Dividends Credited in Income (2)
 Fair Value at October 1, 2024
 Gross Additions (3)
 Gross Reductions (4)
 Fair Value at September 30, 2025
 % of Total Net Assets

 78,045
 —
 —
 —
 —
 —
 —
 —
 %

 10.00
 %
 $
 5,250
 $
 $
 —
 $
 4,087
 $
 —
 $
 ( 649)
 $
 3,438
 0.2
 %

 10.00
 %
 21,677
 —
 18,235
 —
 ( 4,038)
 14,197
 1.0
 %

 6.40
 %
 —
 —
 —
 —
 —
 —
 —
 —
 %

 Caregiver Services, Inc.
 1,080,398
 ( 288)
 —
 ( 875)
 —
 —
 %

 SOFR+
 6.25
 %
 10.54
 %
 6/7/2028
 —
 —
 —
 1.2
 %

 SOFR+
 8.25
 %
 6/7/2028
 —
 —
 —
 —
 ( 37)
 —
 —
 %

 744,491
 —
 —
 —
 7,207
 —
 7,207
 0.5
 %

 Total Affiliate Investments
 $
 54,839
 $
 $
 1,331
 $
 35,677
 $
 25,287
 $
 ( 5,965)
 $
 54,999
 3.8
 %

 Total Control & Affiliate Investments
 $
 279,324
 $
 $
 24,895
 $
 325,081
 $
 55,186
 $
 ( 97,520)
 $
 282,747
 19.3
 %

 This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.
 ______________________
 (1)The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.
 (2)Represents the total amount of interest (net of non-accrual amounts), fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.
 (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
 (4)Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
 (5)Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).
 (6)Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).

 Oaktree Specialty Lending Corporation Schedule 12-14
 Schedule of Investments in and Advances to Affiliates
 (in thousands, except share and per share amounts, percentages and as otherwise indicated)
 Year ended September 30, 2024

 Portfolio Company (1)
 Investment Type
 Cash
 PIK Rate
 Amount of Interest, Fees or Dividends Credited in Income (2)
 Fair Value at October 1, 2023
 Gross Additions (3)
 Gross Reductions (4)
 Fair Value at September 30, 2024
 % of Total Net Assets

 Control Investments

 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 —
 %

 34,984,460
 —
 —
 27,638
 —
 —
 27,638
 1.9
 %

 3,137,476
 —
 —
 —
 3,357
 —
 3,357
 0.2
 %

 22,267,661
 —
 —
 —
 16,171
 ( 3,924)
 12,247
 0.8
 %

 SOFR+
 5.00
 %
 9.74
 %
 $
 13,928
 —
 1,545
 14,068
 —
 ( 2,708)
 11,360
 0.8
 %

 SOFR+
 5.00
 %
 —
 —
 2,090
 —
 ( 3,118)
 ( 1,028)
 ( 0.1)
 %

 SOFR+
 5.00
 %
 9.75
 %
 5,574
 —
 5,574
 —
 ( 1,028)
 4,546
 0.3
 %

 30,031
 —
 —
 2,711
 —
 ( 2,711)
 —
 —
 %

 First Star Speir Aviation Limited
 Airlines
 Equity Interest
 %
 —
 —
 —
 —
 —
 —
 %

 OCSI Glick JV LLC (5)
 SOFR+
 4.50
 %
 9.95
 %
 10/20/2028
 58,349
 —
 7,239
 50,017
 1,338
 ( 2,459)
 48,896
 3.3
 %

 OCSI Glick JV LLC (5)
 87.50
 %
 —
 —
 —
 —
 —
 —
 —
 %

 Senior Loan Fund JV I, LLC (6)
 SOFR+
 7.00
 %
 12.45
 %
 —
 14,256
 —
 —
 7.6
 %

 Senior Loan Fund JV I, LLC (6)
 87.50
 %
 —
 5,250
 28,878
 —
 ( 6,337)
 1.5
 %

 12.00
 %
 3,332
 —
 —
 3,332
 —
 3,332
 0.2
 %

 12.00
 %
 —
 2,232
 15,874
 2,239
 ( 206)
 1.2
 %

 12.00
 %
 3,550
 —
 1,359
 2,191
 —
 3,550
 0.2
 %

 12.00
 %
 1,600
 —
 —
 1,600
 —
 1,600
 0.1
 %

 12.00
 %
 —
 —
 —
 —
 —
 —
 —
 %

 1,184,630
 —
 —
 36,226
 —
 ( 15,424)
 20,802
 1.4
 %

 66,686
 —
 —
 —
 —
 —
 —
 —
 %

 Total Control Investments
 $
 216,896
 $
 $
 31,775
 $
 297,091
 $
 30,228
 $
 ( 37,915)
 $
 289,404
 19.5
 %

 Affiliate Investments

 SOFR+
 4.00
 %
 6.70
 %
 2.00
 %
 9/29/2026
 1,819
 —
 —
 1,741
 —
 1,741
 0.1
 %

 SOFR+
 5.00
 %
 7.70
 %
 2.00
 %
 3/29/2027
 3,637
 —
 —
 3,463
 —
 3,463
 0.2
 %

 10.00
 %
 3/29/2028
 3,541
 —
 —
 —
 3,183
 —
 3,183
 0.2
 %

 SOFR+
 4.00
 %
 8.70
 %
 3/30/2026
 1,560
 —
 —
 1,506
 —
 1,506
 0.1
 %

 11,499
 —
 —
 —
 —
 1,622
 —
 1,622
 0.1
 %

 —
 21,823
 ( 21,856)
 —
 —
 %

 12,463,242
 —
 —
 1,159
 ( 2)
 1,246
 0.1
 %

 —
 —
 1,005
 ( 1,158)
 —
 —
 %

 78,045
 —
 —
 —
 —
 —
 —
 —
 %

 10.00
 %
 5,065
 —
 —
 —
 4,657
 ( 570)
 4,087
 0.3
 %

 10.00
 %
 20,917
 —
 —
 —
 19,262
 ( 1,027)
 18,235
 1.2
 %

 6.40
 %
 —
 —
 —
 —
 —
 —
 —
 —
 %

 Caregiver Services, Inc.
 1,080,398
 —
 —
 ( 205)
 —
 %

 Total Affiliate Investments
 $
 36,539
 $
 —
 $
 $
 23,349
 $
 37,146
 $
 ( 24,818)
 $
 35,677
 2.4
 %

 Total Control & Affiliate Investments
 $
 253,435
 $
 $
 32,521
 $
 320,440
 $
 67,374
 $
 ( 62,733)
 $
 325,081
 21.8
 %

 This schedule should be read in connection with the Company's Consolidated Financial Statements, including the Consolidated Schedules of Investments and Notes to the Consolidated Financial Statements.
 ______________________
 (1)The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.
 (2)Represents the total amount of interest (net of non-accrual amounts), fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.
 (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest (net of non-accrual amounts) and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
 (4)Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
 (5)Together with GF Equity Funding, the Company co-invests through Glick JV. Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to Glick JV must be approved by the Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).
 (6)Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 Not applicable.

 Item 9A. Controls and Procedures

 (a) Evaluation of Disclosure Controls and Procedures

 Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2025. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Based on the evaluation of our disclosure controls and procedures as of September 30, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, in timely identifying, recording, processing, summarizing and reporting any material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act.

 (b) Management's Report on Internal Control Over Financial Reporting

 Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. A company's internal control over financial reporting is a process designed by, or under the supervision of, its chief executive officer and chief financial officer, and effected by such company's Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

 (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

 (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

 (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 Management, with the participation of our Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 30, 2025, based on the framework set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our evaluation, management concluded that our internal control over financial reporting was effective as of September 30, 2025.

 The effectiveness of our internal control over financial reporting as of September 30, 2025 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which appears herein.

 (c) Changes in Internal Controls Over Financial Reporting

 There were no changes in our internal control over financial reporting that occurred during the fourth fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 Item 9B. Other Information
 During the year ended September 30, 2025, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement".

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Not applicable.

 PART III — OTHER INFORMATION

 Item 10. Directors, Executive Officers and Corporate Governance
 The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of our fiscal year.

 Item 11. Executive Compensation
 The information required by Item 11 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of our fiscal year.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 The information required by Item 12 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of our fiscal year.

 Item 13. Certain Relationships and Related Transactions, and Director Independence
 The information required by Item 13 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of our fiscal year.

 Item 14. Principal Accountant Fees and Services
 The information required by Item 14 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of our fiscal year.

 Item 15. Exhibits, Financial Statement Schedules
 The following documents are filed or incorporated by reference as part of this Annual Report:

 1. Consolidated Financial Statements

 Reports of Independent Registered Public Accounting Firm

 Consolidated Statements of Assets and Liabilities as of September 30, 2025 and 2024

 Consolidated Statements of Operations for the Years Ended September 30, 2025, 2024 and 2023

 Consolidated Statements of Changes in Net Assets for the Years Ended September 30, 2025, 2024 and 2023

 Consolidated Statements of Cash Flows for the Years Ended September 30, 2025, 2024 and 2023

 Consolidated Schedule of Investments as of September 30, 2025

 Consolidated Schedule of Investments as of September 30, 2024

 Notes to Consolidated Financial Statements

 2. Financial Statement Schedule

 The following financial statement schedule is filed herewith:

 Schedule 12-14 — Investments in and advances to affiliates

 3. Exhibits required to be filed by Item 601 of Regulation S-K

 The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

 3.1

 Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant's Form 8-A (File No. 001-33901) filed on January 2, 2008).

 3.2

 Certificate of Amendment to the Registrant's Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) filed with Registrant's Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).

 3.3

 Certificate of Correction to the Certificate of Amendment to the Registrant's Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(3) filed with Registrant's Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).

 3.4

 Certificate of Amendment to Registrant's Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 filed with Registrant's Quarterly Report on Form 10-Q (File No. 001-33901) filed on May 5, 2010).

 3.5

 Certificate of Amendment to Registrant's Certificate of Incorporation (Incorporated by reference to Exhibit (a)(5) filed with the Registrant's Registration Statement on Form N-2 (File No. 333-180267) filed on April 2, 2013).

 3.6

 Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of October 17, 2017 (Filed with the Registrant's Form 8-K (File No. 814-00755) filed on October 17, 2017).

 3.7

 Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of January 20, 2023 (Incorporated by reference to Exhibit 3.7 filed with the Registrant's Form 8-K (File No. 814-00755) filed on January 20, 2023).

 3.8

 Fourth Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant's Form 8-K (File No. 814-00755) filed on January 29, 2018).

 4.1

 Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 filed with Registrant's Form 8-A (File No. 001-33901) filed on January 2, 2008).

 4.2*

 Description of Securities

 4.3

 Indenture, dated April 30, 2012, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit (d)(4) filed with Registrant's Registration Statement on Form N-2 (File No. 333-180267) filed on July 27, 2012).

 4.4

 Fourth Supplemental Indenture, dated as of October 17, 2017, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.1 filed with the Registrant's Form 8-K (File No. 814-00755) filed on October 17, 2017).

 4.5

 Sixth Supplemental Indenture, dated as of May 18, 2021, relating to the 2.700% Notes due 2027, between the Company and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on May 18, 2021).

 4.6

 Form of 2.700% Notes due 2027 (contained in the Sixth Supplemental Indenture filed as Exhibit 4.5 hereto).

 4.7

 Seventh Supplemental Indenture, dated as of August 15, 2023, relating to the 7.100% Notes due 2029, between the Company and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.1 filed with the Registrant's Form 8-K (File No. 814-00755) filed on August 15, 2023).

 4.8

 Form of 7.100% Notes due 2029 (contained in the Seventh Supplemental Indenture filed as Exhibit 4.7 hereto).

 4.9

 Eighth Supplemental Indenture, dated as of February 27, 2025, relating to the 6.340% Notes due 2030, between the Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.1 filed with the Registrant's Form 8-K (File No. 814-00755) filed on February 27, 2025).

 4.10

 Form of 6.340% Notes due 2030 (contained in the Eighth Supplemental Indenture filed as Exhibit 4.9 hereto)

 10.1*

 Fourth Amended and Restated Investment Advisory Agreement, dated November 14, 2025, by and between the Registrant and Oaktree Fund Advisors, LLC

 10.2

 Administration Agreement, dated as of September 30, 2019 between the Registrant and Oaktree Administrator (Incorporated by reference to Exhibit 10.2 filed with the Registrant's Form 8-K (File No. 814-00755) filed on October 2, 2019).

 10.3

 Amended and Restated Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.1 filed with Registrant's Form 8-K (File No. 001-33901) filed on October 28, 2010).

 10.4

 Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019, among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on February 26, 2019).

 10.5

 Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 13, 2019, among the Registrant, as Borrower, the lenders party thereto from time to time and ING Capital LLC, as administrative agent for the lenders thereunder (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on December 17, 2019).

 10.6

 Amendment No. 2 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May 6, 2020, among the Registrant, as Borrower, the lenders party thereto from time to time and ING Capital LLC, as administrative agent for the lenders thereunder (Incorporated by reference to Exhibit 10.2 filed with the Registrant's Form 10-Q (File No. 814-00755) filed on May 7, 2020).

 10.7

 Incremental Commitment and Assumption Agreement, dated as of October 28, 2020, made by the Registrant, as Borrower, the assuming lender party hereto, as assuming lender, and ING Capital LLC, as administrative agent and issuing bank relating to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019 among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on October 29, 2020).

 10.8

 Amendment No. 3 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 10, 2020, among the Registrant, as Borrower, the lenders party thereto from time to time and ING Capital LLC, as administrative agent for the lenders thereunder (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on December 14, 2020).

 10.9

 Incremental Commitment Agreement, dated as of December 28, 2020, made by the Registrant, as Borrower, MUFG Union Bank, N.A., as increasing lender, and ING Capital LLC, as administrative agent and issuing bank relating to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019 among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on December 29, 2020).

 10.10

 Amendment No. 4 to Amended and Restated Senior Secured Revolving Credit Agreement and Amendment No. 1 to Amended and Restated Guarantee, Pledge and Security Agreement, dated May 4, 2021, among the Company, as borrower, OCSL SRNE, LLC, as subsidiary guarantor, FSFC Holdings, Inc., as subsidiary guarantor, the lenders party thereto, and ING Capital LLC, as administrative agent (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Form 10-Q (File No. 814-00755) filed on August 4, 2021).

 10.11

 Incremental Commitment Agreement, dated as of December 10, 2021, made by Oaktree Specialty Lending Corporation, as Borrower, BNP Paribas, as assuming lender, and ING Capital LLC, as administrative agent and issuing bank relating to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019 among Oaktree Specialty Lending Corporation, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Current Report on Form 8-K (File No. 814-00755) filed on December 13, 2021).

 10.12

 Amendment No. 5 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 7, 2023, among the Company, as borrower, the lenders party thereto, and ING Capital LLC, as administrative agent (Incorporated by reference to Exhibit 10.8 filed with the Registrant's Form 10-Q (File No. 814-00755) filed on May 4, 2023).

 10.13

 Amendment No. 6 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 23, 2023, by and among the Registrant, as borrower, the lenders party thereto and ING Capital LLC, as administrative agent (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Form 8-K (File No. 814-00755) filed on June 26, 2023).

 10.14

 Amendment No. 7 and Limited Waiver to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 8, 2025, by and among the Registrant, as borrower, the lenders party thereto and ING Capital LLC, as administrative agent (Incorporated by reference to Exhibit 10.1 filed with the Registrant's Form 8-K (File No. 814-00755) filed on April 11, 2025).

 10.15*

 Amendment No. 8 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 23, 2025, by and among the Registrant, as borrower, the lenders party thereto and ING Capital LLC, as administrative agent.

 14.1*

 Joint Code of Ethics of the Registrant, Oaktree Strategic Credit Fund and Oaktree Gardens OLP, LLC.

 14.2

 Code of Ethics of Oaktree Fund Advisors, LLC (Incorporated by reference to Exhibit 14.2 filed with the Registrant's Form 10-K (File No. 814-00755) filed on November 29, 2017).

 19.1*

 Securities Trading Policy.

 Subsidiaries of Registrant and jurisdiction of incorporation/organizations:
FSFC Holdings, Inc. — Delaware
OCSL Senior Funding II LLC— Delaware
OSI 2 Senior Lending SPV, LLC — Delaware

 23.1*

 Consent of Registered Public Accounting Firm.

 Power of Attorney (included on the signature page hereto).

 31.1*

 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

 31.2*

 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

 32.1*

 Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

 32.2*

 Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).

 97.1

 Clawback Policy (Incorporated by reference to Exhibit 97.1 filed with the Registrant's Form 10-K (File No. 814-00755) filed on November 14, 2023).

 99.1

 Custody Agreement with the Bank of New York Mellon (Incorporated by reference to Exhibit 99.1 filed with the Registrant's Form 10-Q (File No. 814-00755) filed on August 5, 2025).

 101.INS*

 101.SCH*

 101.DEF*

 101.LAB*

 101.PRE*

 104*

 *
 Filed herewith.

 Item 16. Form 10-K Summary

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 By:

 /s/ Armen Panossian

 Armen Panossian

 Chief Executive Officer

 By:

 /s/ Christopher McKown

 Christopher McKown

 Chief Financial Officer and Treasurer

 Date: November 17, 2025

 POWER OF ATTORNEY

 KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Armen Panossian, Mathew Pendo and Christopher McKown, and each of them (with full power to each of them to act alone), his true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and on his behalf and in his name, place and stead, in any and all capacities, to sign, execute and file this Annual Report on Form 10-K for the fiscal year ended September 30, 2025, and any or all amendments to this Report, with all exhibits and any and all documents required to be filed with respect thereto, with the Securities and Exchange Commission or any other regulatory authority, granting unto such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing appropriate or necessary to be done in order to effectuate the same, as fully to all intents and purposes as he himself might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 Signature

 Title

 Date

 /s/ ARMEN PANOSSIAN
 Armen Panossian

 Chief Executive Officer
(principal executive officer)

 /s/ CHRISTOPHER MCKOWN
 Christopher McKown

 Chief Financial Officer and Treasurer
(principal financial officer and
principal accounting officer)

 /s/ JOHN B. FRANK
 John B. Frank

 /s/ PHYLLIS R. CALDWELL
 Phyllis R. Caldwell

 /s/ DEBORAH A. GERO
 Deborah A. Gero

 /s/ CRAIG JACOBSON
 Craig Jacobson

 /s/ BRUCE ZIMMERMAN
 Bruce Zimmerman