OCSL 10-K Fiscal year ended Sept. 30, 2025

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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.

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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.

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• 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

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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.

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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.

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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.

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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

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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.

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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

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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

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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-à-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-à-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

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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

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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

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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,

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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

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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.

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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-à-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

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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

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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

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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

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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

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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.

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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.

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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.

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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

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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.

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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

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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

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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.

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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

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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;

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• 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.

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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.

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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.

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.

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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 .”

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									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)

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* 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.

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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

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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)

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(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.

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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)			$	111					$	322					$	519					$	954
Assuming a 5% annual return (assumes return entirely from net realized capital gains)			$	119					$	343					$	550					$	993

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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.

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Portfolio Company

Type of Investment

Acquisition Date

ADC Therapeutics SA

Common Stock

4/25/2024

ADC Therapeutics SA

Warrants

8/15/2022

AIP RD Buyer Corp.

Common Stock

12/23/2021

All Web Leads, Inc.

Common Stock

3/29/2024

Alvotech Holdings S.A.

Common Stock

12/14/2018

Alvotech Holdings S.A.

Common Stock

12/14/2018

Assembled Brands Capital LLC

Common Stock

10/17/2018

Assembled Brands Capital LLC

Warrants

9/10/2019

athenahealth Group Inc.

Preferred Equity

2/15/2022

BioXcel Therapeutics, Inc.

Common Stock

11/25/2024

BioXcel Therapeutics, Inc.

Warrants

4/28/2022

BioXcel Therapeutics, Inc.

Warrants

3/20/2024

Blumenthal Temecula, LLC

Preferred Equity

3/25/2021

Blumenthal Temecula, LLC

Preferred Equity

3/25/2021

Blumenthal Temecula, LLC

Common Stock

3/25/2021

C5 Technology Holdings, LLC

Common Stock

10/11/2013

C5 Technology Holdings, LLC

Preferred Equity

10/11/2013

Continental Intermodal Group LP

Preferred Equity

2/2/2024

Continental Intermodal Group LP

Common Stock

1/28/2020

Conviva Inc.

Preferred Equity

2/25/2021

Delta Leasing SPV II LLC

Preferred Equity

8/31/2022

Delta Leasing SPV II LLC

Common Stock

8/31/2022

Delta Leasing SPV II LLC

Warrants

8/31/2022

Dialyze Holdings, LLC

Warrants

8/4/2021

Dominion Diagnostics, LLC

Common Stock

12/21/2012

Eyesouth Eye Care Holdco LLC

Common Stock

10/7/2022

Fairbridge Strategic Capital Funding LLC

Warrants

11/24/2021

Fortress Biotech, Inc.

Warrants

8/27/2020

JN Bidco LLC

Common Stock

8/12/2024

Mesoblast, Inc.

Warrants

12/20/2021

NN, Inc.

Warrants

3/3/2023

NN, Inc.

Warrants

6/30/2023

OCSI Glick JV LLC

Membership Interest

3/19/2021

OTG Management, LLC

Common Stock

9/1/2021

Paulus Holdings Public Limited Company

Preferred Equity

10/14/2022

Paulus Holdings Public Limited Company

Warrants

10/14/2022

PetVet Care Centers, LLC

Preferred Equity

11/14/2023

Pluralsight, LLC

Common Stock

8/22/2024

PRGX Global, Inc.

Common Stock

3/2/2021

RumbleOn, Inc.

Warrants

8/31/2021

Scilex Holding Co

Common Stock

1/28/2021

Senior Loan Fund JV I, LLC

Membership Interest

12/23/2016

Seres Therapeutics, Inc.

Warrants

4/27/2023

SIO2 Medical Products, Inc.

Common Stock

8/3/2023

SIO2 Medical Products, Inc.

Warrants

4/3/2023

Sorrento Therapeutics, Inc.

Common Stock

1/28/2021

SVP-Singer Holdings Inc.

Common Stock

12/31/2024

Telestream 2 LLC

Common Stock

6/7/2025

The Avery

Membership Interest

12/16/2023

Thrasio, LLC

Common Stock

6/18/2024

Win Brands Group LLC

Warrants

1/25/2021

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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”).

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.

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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

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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.

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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

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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).

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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

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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.

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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:

						September 30, 2025												September 30, 2024
						Cost						Fair Value						Cost						Fair Value
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
Debt investments in the JVs						165,779						158,716						164,324						161,552
Equity investments in the JVs						54,791						11,946						54,791						22,541
Total						$	3,075,122					$	2,847,782					$	3,144,919					$	3,021,279

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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:

						September 30, 2025												September 30, 2024
						Fair Value						% of Debt Portfolio						Fair Value						% of Debt Portfolio
Floating rate debt securities, including the debt investments in the JVs						$	2,442,837					90.65		%				$	2,516,316					88.40		%
Fixed rate debt securities						251,877						9.35						330,094						11.60
Total						$	2,694,714					100.00		%				$	2,846,410					100.00		%

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)						696						1,491						66,813						11,946						80,946
Total investments at fair value						696						357,762						2,477,378						11,946						2,847,782
Cash equivalents						6,608						—						—						—						6,608
Derivative assets						—						8,713						—						—						8,713
Total assets at fair value						$	7,304					$	366,475					$	2,477,378					$	11,946					$	2,863,103
Derivative liabilities						$	—					$	7,329					$	—					$	—					$	7,329
Total liabilities at fair value						$	—					$	7,329					$	—					$	—					$	7,329

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(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.

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The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

						Level 1						Level 2						Level 3						Measured at Net Asset Value (a)						Total
Investments in debt securities (senior secured)						$	—					$	254,627					$	2,320,310					$	—					$	2,574,937
Investments in debt securities (subordinated, including the debt investments in the JVs, CLO Notes and Credit Linked Notes)						—						16,127						255,346						—						271,473
Investments in equity securities (preferred)						—						—						66,320						—						66,320
Investments in equity securities (common and warrants, including LLC equity interests of the JVs)						1,422						2,830						81,756						22,541						108,549
Total investments at fair value						1,422						273,584						2,723,732						22,541						3,021,279
Cash equivalents						34,597						—						—						—						34,597
Total assets at fair value						$	36,019					$	273,584					$	2,723,732					$	22,541					$	3,055,876
Derivative liabilities						$	—					$	16,843					$	—					$	—					$	16,843
Total liabilities at fair value						$	—					$	16,843					$	—					$	—					$	16,843

__________

(a) In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. Transfers between levels are recognized at the beginning of the reporting period.

---

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

						Investments
						Senior Secured Debt						Subordinated Debt (including debt investments in the JVs and credit linked notes)						Preferred Equity						Common Equity and Warrants						Total
Fair value as of September 30, 2024						$	2,320,310					$	255,346					$	66,320					$	81,756					$	2,723,732
Purchases						712,463						3,583						109						24						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
Net unrealized appreciation (depreciation)						( 62,238 )						( 6,201 )						5,547						( 19,875 )						( 82,767 )
Net realized gains (losses)						( 16,406 )						5						241						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.

---

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:

						Investments
						Senior Secured Debt						Subordinated Debt (including debt investments in the JVs and credit linked notes)						Preferred Equity						Common Equity and Warrants						Total
Fair value as of September 30, 2023						$	2,292,691					$	189,724					$	86,057					$	51,440					$	2,619,912
Purchases						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
Net unrealized appreciation (depreciation)						43,104						( 293 )						11,642						( 32,516 )						21,937
Net realized gains (losses)						( 102,094 )						46						( 37,593 )						( 1,726 )						( 141,367 )
Fair value as of September 30, 2024						$	2,320,310					$	255,346					$	66,320					$	81,756					$	2,723,732
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

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average (a)

Senior Secured Debt

$

1,997,472

Market Yield

Market Yield

(b)

7.0 %

-

36.0 %

10.7 %

51,483

Enterprise Value

Revenue Multiple

(c)

0.7 x

-

5.5 x

2.7 x

11,414

Enterprise Value

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

Subordinated Debt

72,421

Market Yield

Market Yield

(b)

5.0 %

-

12.0 %

8.7 %

Debt Investments in the JVs

158,716

Enterprise Value

N/A

(e)

N/A

-

N/A

N/A

Preferred & Common Equity

58,219

Enterprise Value

Revenue Multiple

(c)

0.3 x

-

5.5 x

0.5 x

72,013

Enterprise Value

EBITDA Multiple

(c)

2.3 x

-

14.3 x

10.3 x

1,496

Enterprise Value

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.

---

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which are carried at fair value, as of September 30, 2024:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average (a)

Senior Secured Debt

$

2,044,221

Market Yield

Market Yield

(b)

5.7 %

-

31.0 %

12.0 %

52,857

Enterprise Value

Revenue Multiple

(c)

2.0 x

-

5.5 x

3.7 x

26,927

Enterprise Value

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

Subordinated Debt

93,794

Market Yield

Market Yield

(b)

5.0 %

-

45.0 %

10.1 %

Debt Investments in the JVs

161,552

Enterprise Value

N/A

(f)

N/A

-

N/A

N/A

Preferred & Common Equity

80,720

Enterprise Value

Revenue Multiple

(c)

0.3 x

-

7.2 x

2.0 x

66,106

Enterprise Value

EBITDA Multiple

(c)

2.9 x

-

15.0 x

10.2 x

1,250

Enterprise Value

Asset Multiple

(c)

1.0 x

-

1.4 x

1.4 x

Total

$

2,723,732

__________

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

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

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

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

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

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

Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Under the EV technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

Financial Instruments Disclosed, But Not Carried, At Fair Value

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

						Carrying Value						Fair Value						Level 1						Level 2						Level 3
Syndicated Facility payable						$	545,000					$	545,000					$	—					$	—					$	545,000
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					$	545,000

---

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

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

The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. Oaktree used market quotes as of the valuation date to estimate the fair value of the Company's 3.500 % notes due 2025 (the "2025 Notes"), 2.700 % notes due 2027 (the "2027 Notes"), 7.100 % notes due 2029 (the "2029 Notes") and 6.340 % notes due 2030 (the "2030 Notes"), which are included in Level 2 of the hierarchy.

Portfolio Composition

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

						September 30, 2025												September 30, 2024
Cost:												% of Total Investments												% of Total Investments
Senior secured debt						$	2,555,861					83.11		%				$	2,615,066					83.14		%
Debt investments in the JVs						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						54,791						1.78		%				54,791						1.74		%
Total						$	3,075,122					100.00		%				$	3,144,919					100.00		%

						September 30, 2025																		September 30, 2024
Fair Value:												% of Total Investments						% of Net Assets												% of Total Investments						% of Net Assets
Senior secured debt						$	2,445,538					85.88		%				166.84		%				$	2,574,937					85.21		%				173.06		%
Debt investments in the JVs						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		%				66,320						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						11,946						0.42		%				0.81		%				22,541						0.75		%				1.52		%
Total						$	2,847,782					100.00		%				194.28		%				$	3,021,279					100.00		%				203.07		%

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

						September 30, 2025												September 30, 2024
Cost:												% of Total Investments												% of Total Investments
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						$	3,075,122					100.00		%				$	3,144,919					100.00		%

						September 30, 2025																		September 30, 2024
Fair Value:												% of Total Investments						% of Net Assets												% of Total Investments						% of Net Assets
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						$	2,847,782					100.00		%				194.28		%				$	3,021,279					100.00		%				203.07		%

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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:

						September 30, 2025												September 30, 2024
Cost:												% of Total Investments												% of Total Investments
Application Software						$	543,878					17.64		%				$	532,200					16.85		%
Multi-Sector Holdings (1)						236,025						7.68						228,181						7.26
Health Care Services						160,149						5.21						149,904						4.77
Aerospace & Defense						131,123						4.26						72,927						2.32
Interactive Media & Services						129,993						4.23						95,564						3.04
Pharmaceuticals						114,897						3.74						94,639						3.01
Health Care Equipment						90,600						2.95						28,823						0.92
Specialized Consumer Services						82,497						2.68						25,763						0.82
Health Care Technology						75,913						2.47						105,932						3.37
Life Sciences Tools & Services						73,389						2.39						—						—
Metal, Glass & Plastic Containers						69,505						2.26						64,769						2.06
Specialized Finance						67,584						2.20						45,156						1.44
Airport Services						66,192						2.15						63,110						2.01
Soft Drinks & Non-alcoholic Beverages						56,944						1.85						42,898						1.36
Environmental & Facilities Services						55,761						1.81						65,229						2.07
Real Estate Operating Companies						49,076						1.60						72,839						2.32
Diversified Support Services						47,882						1.56						79,799						2.54
Systems Software						47,667						1.55						39,316						1.25
Communications Equipment						43,379						1.41						46,764						1.49
Diversified Financial Services						43,064						1.40						66,597						2.12
Biotechnology						41,521						1.35						43,821						1.39
Internet Services & Infrastructure						40,748						1.33						53,376						1.70
Personal Care Products						38,984						1.27						63,425						2.02
Automotive Retail						38,232						1.24						40,964						1.30
Data Processing & Outsourced Services						34,984						1.14						80,058						2.55
Electrical Components & Equipment						33,633						1.09						32,834						1.04
Construction Machinery & Heavy Transportation Equipment						33,138						1.08						25,901						0.82
Packaged Foods & Meats						32,888						1.07						19,863						0.63
Research & Consulting Services						31,938						1.04						—						—
Health Care Supplies						30,328						0.99						14,426						0.46
Drug Retail						29,700						0.97						—						—
Construction & Engineering						29,407						0.96						31,602						1.00
Building Products						29,193						0.95						—						—
Office Services & Supplies						28,897						0.94						38,891						1.24
Cable & Satellite						27,463						0.89						—						—
Health Care Distributors						27,210						0.88						60,316						1.92
Insurance Brokers						26,611						0.87						19,222						0.61
Movies & Entertainment						23,737						0.77						30,779						0.98
Industrial Machinery & Supplies & Components						23,480						0.76						82,624						2.63
Broadline Retail						23,267						0.76						22,231						0.71
Home Improvement Retail						21,401						0.70						49,891						1.59
Education Services						20,515						0.67						8,205						0.26
Hotels, Resorts & Cruise Lines						20,502						0.67						20,612						0.66
Diversified Chemicals						19,986						0.65						—						—
Property & Casualty Insurance						19,805						0.64						—						—
Oil & Gas Storage & Transportation						19,309						0.63						19,309						0.61
Real Estate Services						19,290						0.63						55,220						1.76
Apparel Retail						18,559						0.60						17,855						0.57
Alternative Carriers						18,180						0.59						—						—
Gold						17,698						0.58						23,454						0.75
Air Freight & Logistics						16,360						0.53						—						—
Real Estate Development						16,142						0.52						38,237						1.22
Advertising						11,397						0.37						11,418						0.36
Paper & Plastic Packaging Products & Materials						10,312						0.34						18,379						0.58
Financial Exchanges & Data						7,954						0.26						8,050						0.26
Housewares & Specialties						2,639						0.09						2,806						0.09
Home Furnishings						2,463						0.08						24,102						0.77
Distributors						1,733						0.06						1,733						0.06
Fertilizers & Agricultural Chemicals						—						—						54,677						1.74
Diversified Metals & Mining						—						—						50,061						1.59
Leisure Facilities						—						—						37,958						1.21
Other Specialty Retail						—						—						36,810						1.17
Passenger Airlines						—						—						25,039						0.80
Wireless Telecommunication Services						—						—						24,257						0.77
Specialty Chemicals						—						—						19,407						0.62
Food Distributors						—						—						14,639						0.47
Integrated Telecommunication Services						—						—						2,057						0.07
						$	3,075,122					100.00		%				$	3,144,919					100.00		%

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						September 30, 2025																		September 30, 2024
Fair Value:												% of Total Investments						% of Net Assets												% of Total Investments						% of Net Assets
Application Software						$	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
Aerospace & Defense						132,514						4.65						9.04						74,327						2.46						5.00
Interactive Media & Services						131,211						4.61						8.95						96,963						3.21						6.52
Health Care Services						119,633						4.20						8.16						127,935						4.23						8.60
Pharmaceuticals						115,382						4.05						7.87						91,804						3.04						6.17
Health Care Technology						96,960						3.40						6.61						104,795						3.47						7.04
Specialized Consumer Services						82,424						2.89						5.62						25,772						0.85						1.73
Life Sciences Tools & Services						73,456						2.58						5.01						—						—						—
Specialized Finance						67,439						2.37						4.60						44,551						1.47						2.99
Health Care Equipment						65,121						2.29						4.44						26,264						0.87						1.77
Soft Drinks & Non-alcoholic Beverages						56,333						1.98						3.84						42,674						1.41						2.87
Airport Services						54,143						1.90						3.69						55,434						1.83						3.73
Environmental & Facilities Services						53,423						1.88						3.64						64,119						2.12						4.31
Diversified Support Services						47,604						1.67						3.25						80,638						2.67						5.42
Systems Software						47,446						1.67						3.24						39,813						1.32						2.68
Diversified Financial Services						45,405						1.59						3.10						66,324						2.20						4.46
Real Estate Operating Companies						45,168						1.59						3.08						71,246						2.36						4.79
Biotechnology						43,821						1.54						2.99						45,954						1.52						3.09
Communications Equipment						43,293						1.52						2.95						46,858						1.55						3.15
Internet Services & Infrastructure						40,973						1.44						2.80						53,019						1.75						3.56
Automotive Retail						36,985						1.30						2.52						39,111						1.29						2.63
Personal Care Products						36,284						1.27						2.48						57,451						1.90						3.86
Construction Machinery & Heavy Transportation Equipment						33,311						1.17						2.27						26,486						0.88						1.78
Electrical Components & Equipment						33,290						1.17						2.27						32,246						1.07						2.17
Packaged Foods & Meats						32,778						1.15						2.24						19,846						0.66						1.33
Health Care Supplies						30,295						1.06						2.07						14,218						0.47						0.96
Research & Consulting Services						29,943						1.05						2.04						—						—						—
Drug Retail						29,698						1.04						2.03						—						—						—
Building Products						29,137						1.02						1.99						—						—						—
Construction & Engineering						28,766						1.01						1.96						31,063						1.03						2.09
Cable & Satellite						27,431						0.96						1.87						—						—						—
Insurance Brokers						26,766						0.94						1.83						19,221						0.64						1.29
Office Services & Supplies						26,753						0.94						1.83						38,149						1.26						2.56
Health Care Distributors						26,425						0.93						1.80						58,906						1.95						3.96
Data Processing & Outsourced Services						26,134						0.92						1.78						73,673						2.44						4.95
Industrial Machinery & Supplies & Components						24,957						0.88						1.70						84,977						2.81						5.71
Movies & Entertainment						24,051						0.84						1.64						30,863						1.02						2.07
Diversified Chemicals						22,772						0.80						1.55						—						—						—
Broadline Retail						21,513						0.76						1.47						22,554						0.75						1.52
Hotels, Resorts & Cruise Lines						20,023						0.70						1.37						20,342						0.67						1.37
Property & Casualty Insurance						19,933						0.70						1.36						—						—						—
Real Estate Services						19,347						0.68						1.32						54,197						1.79						3.64
Education Services						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
Alternative Carriers						18,204						0.64						1.24						—						—						—
Apparel Retail						16,600						0.58						1.13						18,017						0.60						1.21
Air Freight & Logistics						16,411						0.58						1.12						—						—						—
Real Estate Development						16,098						0.57						1.10						38,237						1.27						2.57
Oil & Gas Storage & Transportation						14,137						0.50						0.96						15,604						0.52						1.05
Metal, Glass & Plastic Containers						11,709						0.41						0.80						47,191						1.56						3.17
Advertising						11,538						0.41						0.79						11,515						0.38						0.77
Paper & Plastic Packaging Products & Materials						10,273						0.36						0.70						18,307						0.61						1.23
Financial Exchanges & Data						8,066						0.28						0.55						8,065						0.27						0.54
Distributors						3,134						0.11						0.21						2,220						0.07						0.15
Home Improvement Retail						2,528						0.09						0.17						48,775						1.61						3.28
Home Furnishings						2,463						0.09						0.17						9,376						0.31						0.63
Housewares & Specialties						2,354						0.08						0.16						2,546						0.08						0.17
Fertilizers & Agricultural Chemicals						—						—						—						54,668						1.81						3.67
Diversified Metals & Mining						—						—						—						50,419						1.67						3.39
Other Specialty Retail						—						—						—						39,660						1.31						2.67
Leisure Facilities						—						—						—						37,544						1.24						2.52
Passenger Airlines						—						—						—						26,556						0.88						1.78
Wireless Telecommunication Services						—						—						—						24,311						0.80						1.63
Specialty Chemicals						—						—						—						19,431						0.64						1.31
Food Distributors						—						—						—						15,484						0.51						1.04
Integrated Telecommunication Services						—						—						—						1,657						0.05						0.11
Total						$	2,847,782					100.00		%				194.28		%				$	3,021,279					100.00		%				203.07		%

___________________

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

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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.

Senior Loan Fund JV I, LLC

In May 2014, the Company entered into an LLC agreement with Kemper to form SLF JV I. The Company co-invests in senior secured loans of middle-market companies and other corporate debt securities with Kemper through its investment in SLF JV I. SLF JV I is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by Kemper. All portfolio decisions and investment decisions in respect of SLF JV I must be approved by the SLF JV I investment committee, which consists of one representative selected by the Company and one representative selected by Kemper (with approval from a representative of each required). Since the Company does not have a controlling financial interest in SLF JV I, the Company does not consolidate SLF JV I.

SLF JV I is capitalized pro rata with LLC equity interests as transactions are completed and may be capitalized with additional subordinated notes issued to the Company and Kemper by SLF JV I. The subordinated notes issued by SLF JV I (the "SLF JV I Notes") are senior in right of payment to SLF JV I LLC equity interests and subordinated in right of payment to SLF JV I’s secured debt. As of 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.

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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:

						September 30, 2025						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						72						48
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.

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SLF JV I Portfolio as of September 30, 2025

Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Shares			Principal			Cost			Fair Value (3)			Notes
1440 Foods Topco, LLC			Packaged Foods & Meats			First Lien Term Loan			SOFR+			5.00 %			9.16 %						10/31/2031						$	8,181		$	7,879		$	8,008
Access CIG, LLC			Diversified Support Services			First Lien Term Loan			SOFR+			4.00 %			8.03 %						8/18/2030						10,390			10,326			10,434
ADB Companies, LLC			Construction & Engineering			First Lien Term Loan			SOFR+			7.50 %			10.76 %			1.00 %			7/1/2026						908			907			881			(4)
ADB Companies, LLC			Construction & Engineering			First Lien Term Loan			SOFR+			7.50 %			10.76 %			1.00 %			7/1/2026						5,398			5,385			5,237			(4)
Albaugh LLC			Fertilizers & Agricultural Chemicals			First Lien Term Loan			SOFR+			3.75 %			7.91 %						4/6/2029						1,990			1,987			1,994
Alvogen Pharma US, Inc.			Pharmaceuticals			Second Lien Term Loan			SOFR+			10.50 %			6.50 %			8.00 %			3/1/2029						1,412			1,410			1,412			(4)
American Auto Auction Group, LLC			Diversified Support Services			First Lien Term Loan			SOFR+			4.50 %			8.50 %						5/28/2032						5,175			5,136			5,227
Arches Buyer Inc.			Interactive Media & Services			First Lien Term Loan			SOFR+			3.35 %			7.51 %						12/6/2027						2,992			2,971			3,000
Artera Services LLC			Construction & Engineering			First Lien Term Loan			SOFR+			4.50 %			8.50 %						2/15/2031						7,881			7,822			7,076
Astra Acquisition Corp.			Application Software			First Lien Term Loan			SOFR+			6.75 %									2/25/2028						2,527			2,500			1,011			(4)(5)
Astra Acquisition Corp.			Application Software			First Lien Term Loan			SOFR+			5.25 %									10/25/2028						4,037			3,787			—			(4)(5)
Astro Acquisition LLC			Industrial Machinery & Supplies & Components			First Lien Term Loan			SOFR+			3.25 %			7.12 %						8/30/2032						4,380			4,369			4,405
Asurion, LLC			Property & Casualty Insurance			First Lien Term Loan			SOFR+			4.25 %			8.26 %						8/19/2028						7,696			7,552			7,720
Asurion, LLC			Property & Casualty Insurance			First Lien Term Loan			SOFR+			4.25 %			8.51 %						8/19/2028						1,950			1,888			1,958			(4)
Aurora Lux Finco S.À.R.L.			Airport Services			First Lien Term Loan			SOFR+			6.00 %			10.10 %						12/24/2026						6,681			6,653			6,681			(4)
BAART Programs, Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %									6/11/2027						1,722			1,711			1,508			(4)(5)
BAART Programs, Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %									6/11/2027						6,193			6,136			5,425			(4)(5)
Bausch + Lomb Corp.			Health Care Supplies			First Lien Term Loan			SOFR+			4.25 %			8.41 %						12/18/2030						8,705			8,599			8,721
Blackhawk Network Holdings Inc			Data Processing & Outsourced Services			First Lien Term Loan			SOFR+			4.00 %			8.16 %						3/12/2029						7,940			7,940			7,980
Boots Group Finco LP			Food Retail			First Lien Term Loan			SOFR+			3.50 %			7.70 %						8/29/2032						4,000			4,020			4,016
Boxer Parent Company Inc.			Systems Software			First Lien Term Loan			SOFR+			3.00 %			7.20 %						7/30/2031						7,960			7,944			7,956
C5 Technology Holdings, LLC			Data Processing & Outsourced Services			Preferred Equity																		7,193,540						7,194			5,323			(4)
C5 Technology Holdings, LLC			Data Processing & Outsourced Services			Common Stock																		171						—			—			(4)
Centerline Communications, LLC			Wireless Telecommunication Services			First Lien Term Loan			SOFR+			6.00 %									8/10/2027						1,994			1,946			1,031			(5)
Centerline Communications, LLC			Wireless Telecommunication Services			First Lien Term Loan			SOFR+			6.00 %									8/10/2027						2,358			2,319			1,219			(5)
Centerline Communications, LLC			Wireless Telecommunication Services			First Lien Revolver			SOFR+			6.00 %									8/10/2027						600			583			310			(5)
Centerline Communications, LLC			Wireless Telecommunication Services			First Lien Revolver			SOFR+			6.00 %									8/10/2027						13			13			7			(5)
Centerline Communications, LLC			Wireless Telecommunication Services			First Lien Term Loan			SOFR+			6.00 %									8/10/2027						1,964			1,932			1,015			(5)
CFC Group (CFC USA 2025 LLC)			Insurance Brokers			First Lien Term Loan			SOFR+			3.75 %			8.04 %						7/1/2032						5,848			5,790			5,599
Clear Channel Outdoor Holdings Inc.			Advertising			First Lien Term Loan			SOFR+			4.00 %			8.28 %						8/21/2028						5,479			5,490			5,495

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Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Shares			Principal			Cost			Fair Value (3)			Notes
Cloud Software Group Inc.			Application Software			First Lien Term Loan			SOFR+			3.25 %			7.25 %						3/24/2031						$	2,488		$	2,488		$	2,500
Connect Finco S.À.R.L.			Alternative Carriers			First Lien Term Loan			SOFR+			4.50 %			8.66 %						9/27/2029						5,486			5,413			5,427
Delek US Holdings Inc.			Oil & Gas Refining & Marketing			First Lien Term Loan			SOFR+			3.50 %			7.76 %						11/19/2029						3,740			3,738			3,739
DG Investment Intermediate Holdings 2 Inc.			Security & Alarm Services			First Lien Term Loan			SOFR+			3.75 %			7.91 %						7/9/2032						4,000			4,005			4,018
DirecTV Financing, LLC			Cable & Satellite			First Lien Term Loan			SOFR+			5.25 %			9.82 %						8/2/2029						7,870			7,779			7,893
DTI Holdco, Inc.			Research & Consulting Services			First Lien Term Loan			SOFR+			4.00 %			8.16 %						4/26/2029						8,961			8,871			8,009			(4)
Engineering Research and Consulting LLC			Construction & Engineering			First Lien Term Loan			SOFR+			5.00 %			9.29 %						8/29/2031						5,423			5,348			5,274			(4)
Finastra USA, Inc.			Application Software			First Lien Term Loan			SOFR+			4.00 %			8.04 %						9/15/2032						1,995			1,983			1,989
Flora Food Management US Corp.			Packaged Foods & Meats			First Lien Term Loan			SOFR+			3.75 %			8.03 %						1/3/2028						1,990			1,945			1,924
Frontier Communications Holdings, LLC			Integrated Telecommunication Services			First Lien Term Loan			SOFR+			2.50 %			6.65 %						7/1/2031						6,948			6,917			6,963
Global Medical Response Inc.			Health Care Services			First Lien Term Loan			SOFR+			3.50 %			7.63 %						9/20/2032						1,995			1,999			1,998
Harbor Purchaser Inc.			Education Services			First Lien Term Loan			SOFR+			5.25 %			9.51 %						4/9/2029						7,760			7,642			6,974			(4)
Howden Group Holdings Ltd			Insurance Brokers			First Lien Term Loan			SOFR+			3.50 %			7.66 %						4/18/2030						2,990			3,004			2,993
Husky Injection Molding Systems Ltd.			Industrial Machinery & Supplies & Components			First Lien Term Loan			SOFR+			3.75 %			7.92 %						2/15/2029						8,777			8,731			8,811
Inmar Inc.			Application Software			First Lien Term Loan			SOFR+			4.50 %			8.66 %						10/30/2031						4,963			4,974			4,964
INW Manufacturing, LLC			Personal Care Products			First Lien Term Loan			SOFR+			5.75 %			10.01 %						3/25/2027						8,000			7,939			7,330
IVCE US LLC,			Health Care Facilities			First Lien Term Loan			SOFR+			3.75 %			7.75 %						12/12/2028						4,962			4,984			4,988
KDC/ONE Development Corp Inc.			Personal Care Products			First Lien Term Loan			SOFR+			3.50 %			7.66 %						8/15/2028						8,868			8,709			8,899
KnowBe4 Inc.			Systems Software			First Lien Term Loan			SOFR+			3.75 %			8.07 %						7/23/2032						3,999			4,028			4,008
LABL, Inc.			Office Services & Supplies			First Lien Term Loan			SOFR+			5.00 %			9.26 %						10/30/2028						5,240			5,141			4,318			(4)
Lsf12 Crown US Commercial Bidco LLC			Building Products			First Lien Term Loan			SOFR+			3.50 %			7.66 %						12/2/2031						4,950			4,902			4,963
LTI Holdings, Inc.			Electronic Components			First Lien Term Loan			SOFR+			3.75 %			7.91 %						7/29/2029						9,900			9,802			10,001
M2S Group Intermediate Holdings Inc			Multi-Sector Holdings			First Lien Term Loan			SOFR+			4.75 %			9.06 %						8/25/2031						9,368			9,089			9,316			(4)
MajorDrive Holdings IV, LLC			Automobile Manufacturers			First Lien Term Loan			SOFR+			4.00 %			8.26 %						6/1/2028						1,990			1,940			1,946
McAfee Corp.			Systems Software			First Lien Term Loan			SOFR+			3.00 %			7.22 %						3/1/2029						7,831			7,651			7,503			(4)
Mitchell International, Inc.			Application Software			First Lien Term Loan			SOFR+			3.25 %			7.41 %						6/17/2031						7,920			7,873			7,922
Nexus Buyer LLC			Specialized Finance			First Lien Term Loan			SOFR+			4.00 %			8.16 %						7/31/2031						3,900			3,905			3,905
Olaplex Inc.			Personal Care Products			First Lien Term Loan			SOFR+			3.75 %			7.80 %						2/23/2029						3,900			3,803			3,811
Peraton Corp.			Aerospace & Defense			First Lien Term Loan			SOFR+			3.75 %			8.01 %						2/1/2028						780			779			660
Performance Health Holdings Inc			Health Care Distributors			First Lien Term Loan			SOFR+			3.75 %			7.62 %						3/19/2032						7,980			7,900			7,840
Petco Health & Wellness Co Inc.			Other Specialty Retail			First Lien Term Loan			SOFR+			3.25 %			7.51 %						3/3/2028						3,900			3,827			3,808
PetSmart LLC			Other Specialty Retail			First Lien Term Loan			SOFR+			4.00 %			8.14 %						8/1/2032						7,867			7,806			7,759
Pluralsight, LLC			Application Software			First Lien Term Loan			SOFR+			4.50 %			7.20 %			1.5 %			8/22/2029						1,043			1,043			1,043			(4)
Pluralsight, LLC			Application Software			First Lien Term Loan			SOFR+			7.50 %						11.7 %			8/22/2029						1,745			1,745			1,745			(4)

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Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Shares			Principal			Cost			Fair Value (3)			Notes
Pluralsight, LLC			Application Software			Common Stock																								$	1,719		$	958		(4)
Renaissance Holding Corp.			Education Services			First Lien Term Loan			SOFR+			4.00 %			8.16 %						4/5/2030						$	10,326		10,217			8,976			(4)
SCIH Salt Holdings Inc.			Diversified Chemicals			First Lien Term Loan			SOFR+			3.00 %			7.20 %						1/31/2029						2,940			2,940			2,947
Secure Acquisition Inc.			Paper & Plastic Packaging Products & Materials			First Lien Term Loan			SOFR+			3.75 %			7.75 %						12/16/2028						3,970			3,962			3,987
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			6.50 %			10.78 %						6/30/2029						928			894			896
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			6.50 %			10.78 %						6/30/2029						2,608			2,608			2,467
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			7.00 %			6.43 %			5.00 %			6/30/2029						1,528			1,528			1,360
SHO Holding I Corporation			Footwear			Common Stock																								4,295			2,611
Skopima Consilio Parent LLC			Research & Consulting Services			First Lien Term Loan			SOFR+			3.75 %			7.91 %						5/12/2028						5,466			5,428			4,658
Staples, Inc.			Office Services & Supplies			First Lien Term Loan			SOFR+			5.75 %			10.05 %						9/4/2029						4,217			4,090			4,010			(4)
Star Parent, Inc.			Life Sciences Tools & Services			First Lien Term Loan			SOFR+			4.00 %			8.00 %						9/27/2030						7,880			7,762			7,890			(4)
StubHub Holdco Sub LLC			Movies & Entertainment			First Lien Term Loan			SOFR+			4.75 %			8.91 %						3/15/2030						1,209			1,174			1,202
Tecta America Corp			Construction & Engineering			First Lien Term Loan			SOFR+			3.00 %			7.16 %						2/18/2032						4,988			4,999			5,012
TMS International Corp			Diversified Support Services			First Lien Term Loan			SOFR+			3.50 %			7.81 %						3/2/2030						4,977			4,994			4,980
Trident TPI Holdings, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan			SOFR+			3.75 %			7.75 %						9/15/2028						7,425			7,425			7,305
Trugreen LP			Environmental & Facilities Services			First Lien Term Loan			SOFR+			4.00 %			8.26 %						11/2/2027						3,890			3,827			3,827
US Renal Care Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %			9.28 %						6/20/2028						1,990			1,934			1,905
Verde Purchaser, LLC			Trading Companies & Distributors			First Lien Term Loan			SOFR+			4.00 %			8.00 %						11/30/2030						4,975			4,992			4,932
ViaSat Inc.			Communications Equipment			First Lien Term Loan			SOFR+			4.50 %			8.75 %						5/30/2030						5,481			5,442			5,407
Weber-Stephen Products LLC			Household Appliances			First Lien Term Loan			SOFR+			3.75 %			7.97 %						10/1/2032						3,900			3,861			3,865
Wilsonart LLC			Building Products			First Lien Term Loan			SOFR+			4.25 %			8.25 %						8/5/2031						5,500			5,406			5,334
X Holdings Corp.			Interactive Media & Services			First Lien Term Loan			SOFR+			6.50 %			10.96 %						10/26/2029						1,995			1,950			1,960			(4)
Zodiac Purchaser LLC			Systems Software			First Lien Term Loan			SOFR+			3.50 %			7.66 %						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.

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SLF JV I Portfolio as of September 30, 2024

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

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

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______

(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.

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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:

						September 30, 2025						September 30, 2024
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						162						153						290
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						498						315						442
Total expenses (1)						28,943						32,511						33,988
Net investment income						1,938						4,892						5,286
Net unrealized appreciation (depreciation)						( 10,582 )						1,245						13,416
Net realized gains (losses)						( 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.

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OCSI Glick JV LLC

On March 19, 2021, the Company became party to the LLC agreement of Glick JV. The Company co-invests primarily in senior secured loans of middle-market companies with GF Equity Funding through the Glick JV. The Glick JV is managed by a four person Board of Directors, two of whom are selected by the Company and two of whom are selected by GF Equity Funding. The Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the Glick JV must be approved by the Glick JV investment committee, which consists of one representative selected by the Company and one representative selected by GF Equity Funding (with approval from a representative of each required). Since the Company does not have a controlling financial interest in the Glick JV, the Company does not consolidate the Glick JV.

The members provide capital to the Glick JV in exchange for LLC equity interests, and the Company and GF Debt Funding 2014 LLC ("GF Debt Funding"), an entity advised by affiliates of GF Equity Funding, provide capital to the Glick JV in exchange for subordinated notes issued by the Glick JV (the "Glick JV Notes"). As of 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.

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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:

			September 30, 2025						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			57						44
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

Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Shares			Principal			Cost			Fair Value (3)			Notes
Access CIG, LLC			Diversified Support Services			First Lien Term Loan			SOFR+			4.00 %			8.03 %						8/18/2030						$	1,960		$	1,937		$	1,968
ADB Companies, LLC			Construction & Engineering			First Lien Term Loan			SOFR+			7.50 %			10.76 %			1.00 %			7/1/2026						454			453			440			(4)
ADB Companies, LLC			Construction & Engineering			First Lien Term Loan			SOFR+			7.50 %			10.76 %			1.00 %			7/1/2026						2,987			2,977			2,897			(4)
Albaugh LLC			Fertilizers & Agricultural Chemicals			First Lien Term Loan			SOFR+			3.75 %			7.91 %						4/6/2029						1,501			1,499			1,504
Alvogen Pharma US, Inc.			Pharmaceuticals			Second Lien Term Loan			SOFR+			10.50 %			6.50 %			8.00 %			3/1/2029						1,000			999			1,000			(4)
American Auto Auction Group, LLC			Diversified Support Services			First Lien Term Loan			SOFR+			4.50 %			8.50 %						5/28/2032						1,725			1,712			1,742
Artera Services LLC			Construction & Engineering			First Lien Term Loan			SOFR+			4.50 %			8.50 %						2/15/2031						3,450			3,424			3,097
Astra Acquisition Corp.			Application Software			First Lien Term Loan			SOFR+			6.75 %									2/25/2028						1,039			1,028			416			(4)(5)
Astra Acquisition Corp.			Application Software			First Lien Term Loan			SOFR+			5.25 %									10/25/2028						1,661			1,581			—			(4)(5)
Astro Acquisition LLC			Industrial Machinery & Supplies & Components			First Lien Term Loan			SOFR+			3.25 %			7.12 %						8/30/2032						1,620			1,616			1,629
Asurion, LLC			Property & Casualty Insurance			First Lien Term Loan			SOFR+			4.25 %			8.26 %						8/19/2028						3,117			3,058			3,127
Asurion, LLC			Property & Casualty Insurance			First Lien Term Loan			SOFR+			4.25 %			8.51 %						8/19/2028						975			944			979			(4)
Aurora Lux Finco S.À.R.L.			Airport Services			First Lien Term Loan			SOFR+			6.00 %			10.10 %						12/24/2026						3,854			3,838			3,854			(4)
BAART Programs, Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %									6/11/2027						785			781			688			(4)(5)
BAART Programs, Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %									6/11/2027						3,303			3,272			2,893			(4)(5)
Bausch + Lomb Corp.			Health Care Supplies			First Lien Term Loan			SOFR+			4.25 %			8.41 %						12/18/2030						3,529			3,487			3,535
Boots Group Finco LP			Food Retail			First Lien Term Loan			SOFR+			3.50 %			7.70 %						8/29/2032						1,500			1,508			1,506
Boxer Parent Company Inc.			Systems Software			First Lien Term Loan			SOFR+			3.00 %			7.20 %						7/30/2031						2,985			2,978			2,984
CFC Group (CFC USA 2025 LLC)			Insurance Brokers			First Lien Term Loan			SOFR+			3.75 %			8.04 %						7/1/2032						2,152			2,130			2,061
Clear Channel Outdoor Holdings Inc.			Advertising			First Lien Term Loan			SOFR+			4.00 %			8.28 %						8/21/2028						1,469			1,475			1,474
Cloud Software Group Inc.			Application Software			First Lien Term Loan			SOFR+			3.25 %			7.25 %						3/24/2031						1,194			1,194			1,200
Connect Finco S.À.R.L.			Alternative Carriers			First Lien Term Loan			SOFR+			4.50 %			8.66 %						9/27/2029						1,995			1,977			1,974
DG Investment Intermediate Holdings 2 Inc.			Security & Alarm Services			First Lien Term Loan			SOFR+			3.75 %			7.91 %						7/9/2032						1,500			1,511			1,507
DirecTV Financing, LLC			Cable & Satellite			First Lien Term Loan			SOFR+			5.25 %			9.82 %						8/2/2029						4,132			4,113			4,144

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Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Shares			Principal			Cost			Fair Value (3)			Notes
DTI Holdco, Inc.			Research & Consulting Services			First Lien Term Loan			SOFR+			4.00 %			8.16 %						4/26/2029						$	3,508		$	3,473		$	3,135		(4)
Engineering Research and Consulting LLC			Construction & Engineering			First Lien Term Loan			SOFR+			5.00 %			9.29 %						8/29/2031						2,015			1,985			1,959			(4)
Finastra USA, Inc.			Application Software			First Lien Term Loan			SOFR+			4.00 %			8.04 %						9/15/2032						1,505			1,496			1,500
Flora Food Management US Corp.			Packaged Foods & Meats			First Lien Term Loan			SOFR+			3.75 %			8.03 %						1/3/2028						1,501			1,467			1,452
Frontier Communications Holdings, LLC			Integrated Telecommunication Services			First Lien Term Loan			SOFR+			2.50 %			6.65 %						7/1/2031						2,978			2,964			2,984
Global Medical Response Inc.			Health Care Services			First Lien Term Loan			SOFR+			3.50 %			7.63 %						9/20/2032						1,505			1,508			1,507
Harbor Purchaser Inc.			Education Services			First Lien Term Loan			SOFR+			5.25 %			9.51 %						4/9/2029						3,880			3,821			3,487			(4)
Husky Injection Molding Systems Ltd.			Industrial Machinery & Supplies & Components			First Lien Term Loan			SOFR+			3.75 %			7.92 %						2/15/2029						4,305			4,277			4,321
Inmar Inc.			Application Software			First Lien Term Loan			SOFR+			4.50 %			8.66 %						10/30/2031						1,985			1,990			1,986
INW Manufacturing, LLC			Personal Care Products			First Lien Term Loan			SOFR+			5.75 %			10.01 %						3/25/2027						2,000			1,985			1,833			(4)
KDC/ONE Development Corp Inc.			Personal Care Products			First Lien Term Loan			SOFR+			3.50 %			7.66 %						8/15/2028						3,542			3,471			3,555
KnowBe4 Inc.			Systems Software			First Lien Term Loan			SOFR+			3.75 %			8.07 %						7/23/2032						1,501			1,513			1,505
LABL, Inc.			Office Services & Supplies			First Lien Term Loan			SOFR+			5.00 %			9.26 %						10/30/2028						1,982			1,930			1,633			(4)
Lsf12 Crown US Commercial Bidco LLC			Building Products			First Lien Term Loan			SOFR+			3.50 %			7.66 %						12/2/2031						1,210			1,198			1,213
LTI Holdings, Inc.			Electronic Components			First Lien Term Loan			SOFR+			3.75 %			7.91 %						7/29/2029						3,960			3,921			4,000
M2S Group Intermediate Holdings Inc			Multi-Sector Holdings			First Lien Term Loan			SOFR+			4.75 %			9.06 %						8/25/2031						3,747			3,635			3,727			(4)
MajorDrive Holdings IV, LLC			Automobile Manufacturers			First Lien Term Loan			SOFR+			4.00 %			8.26 %						6/1/2028						1,501			1,464			1,468
McAfee Corp.			Systems Software			First Lien Term Loan			SOFR+			3.00 %			7.22 %						3/1/2029						1,985			1,983			1,902			(4)
Mitchell International, Inc.			Application Software			First Lien Term Loan			SOFR+			3.25 %			7.41 %						6/17/2031						3,465			3,445			3,466
Olaplex Inc.			Personal Care Products			First Lien Term Loan			SOFR+			3.75 %			7.80 %						2/23/2029						750			731			733
Peraton Corp.			Aerospace & Defense			First Lien Term Loan			SOFR+			3.75 %			8.01 %						2/1/2028						389			389			329
PetSmart LLC			Other Specialty Retail			First Lien Term Loan			SOFR+			4.00 %			8.14 %						8/1/2032						2,949			2,921			2,908
Pluralsight, LLC			Application Software			Common Stock																		330,904						1,105			616			(4)
Pluralsight, LLC			Application Software			First Lien Term Loan			SOFR+			4.50 %			7.20 %			1.50 %			8/22/2029						670			670			670			(4)
Pluralsight, LLC			Application Software			First Lien Term Loan			SOFR+			7.50 %						11.70 %			8/22/2029						1,122			1,122			1,122			(4)
Renaissance Holding Corp.			Education Services			First Lien Term Loan			SOFR+			4.00 %			8.16 %						4/5/2030						2,449			2,443			2,129			(4)
SCIH Salt Holdings Inc.			Diversified Chemicals			First Lien Term Loan			SOFR+			3.00 %			7.20 %						1/31/2029						1,470			1,470			1,473
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			6.50 %			10.78 %						6/30/2029						690			664			666
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			6.50 %			10.78 %						6/30/2029						1,938			1,938			1,833
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			7.00 %			6.43 %			5.00 %			6/30/2029						1,135			1,135			1,011
SHO Holding I Corporation			Footwear			Common Stock																		2,041						3,194			1,940
Skopima Consilio Parent LLC			Research & Consulting Services			First Lien Term Loan			SOFR+			3.75 %			7.91 %						5/12/2028						1,995			1,973			1,700
Staples, Inc.			Office Services & Supplies			First Lien Term Loan			SOFR+			5.75 %			10.05 %						9/4/2029						1,514			1,468			1,439			(4)
Star Parent, Inc.			Life Sciences Tools & Services			First Lien Term Loan			SOFR+			4.00 %			8.00 %						9/27/2030						3,940			3,881			3,945			(4)

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Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Shares			Principal			Cost			Fair Value (3)			Notes
StubHub Holdco Sub LLC			Movies & Entertainment			First Lien Term Loan			SOFR+			4.75 %			8.91 %						3/15/2030						$	912		$	886		$	907
Trident TPI Holdings, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan			SOFR+			3.75 %			7.75 %						9/15/2028						2,475			2,475			2,435
Trugreen LP			Environmental & Facilities Services			First Lien Term Loan			SOFR+			4.00 %			8.26 %						11/2/2027						748			736			736
US Renal Care Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %			9.28 %						6/20/2028						1,501			1,459			1,437
Viasat Inc.			Communications Equipment			First Lien Term Loan			SOFR+			4.50 %			8.75 %						5/30/2030						2,000			1,983			1,973
Wilsonart LLC			Building Products			First Lien Term Loan			SOFR+			4.25 %			8.25 %						8/5/2031						2,000			1,980			1,940
X Holdings Corp.			Interactive Media & Services			First Lien Term Loan			SOFR+			6.50 %			10.96 %						10/26/2029						1,995			1,939			1,960			(4)
Zodiac Purchaser LLC			Systems Software			First Lien Term Loan			SOFR+			3.50 %			7.66 %						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

Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Principal			Cost			Fair Value (3)			Notes
Access CIG, LLC			Diversified Support Services			First Lien Term Loan			SOFR+			5.00 %			10.25 %						8/18/2028			$	1,980		$	1,948		$	1,991		(4)
ADB Companies, LLC			Construction & Engineering			First Lien Term Loan			SOFR+			6.50 %			11.37 %						12/18/2025			3,359			3,341			3,225			(4)
ADB Companies, LLC			Construction & Engineering			First Lien Term Loan			SOFR+			6.50 %			11.37 %						12/18/2025			513			510			493			(4)
Alvogen Pharma US, Inc.			Pharmaceuticals			First Lien Term Loan			SOFR+			7.50 %			12.45 %						6/30/2025			5,897			5,880			5,426			(4)
Artera Services LLC			Construction & Engineering			First Lien Term Loan			SOFR+			4.50 %			9.10 %						2/15/2031			3,485			3,459			3,406
ASP-R-PAC Acquisition Co LLC			Paper & Plastic Packaging Products & Materials			First Lien Term Loan			SOFR+			6.00 %			11.52 %						12/29/2027			1,699			1,681			1,617			(4)
ASP-R-PAC Acquisition Co LLC			Paper & Plastic Packaging Products & Materials			First Lien Revolver			SOFR+			6.00 %			11.29 %						12/29/2027			120			118			110			(4)(5)
Astra Acquisition Corp.			Application Software			First Lien Term Loan			SOFR+			6.75 %			11.35 %						2/25/2028			1,047			1,035			868			(4)
Astra Acquisition Corp.			Application Software			First Lien Term Loan			SOFR+			5.25 %									10/25/2028			1,661			1,619			477			(4)(6)
Asurion, LLC			Property & Casualty Insurance			First Lien Term Loan			SOFR+			4.00 %			8.95 %						8/19/2028			3,149			3,073			3,102
Asurion, LLC			Property & Casualty Insurance			First Lien Term Loan			SOFR+			4.25 %			9.20 %						8/19/2028			985			943			972
athenahealth Group Inc.			Health Care Technology			First Lien Term Loan			SOFR+			3.25 %			8.10 %						2/15/2029			2,942			2,850			2,929
Aurora Lux Finco S.À.R.L.			Airport Services			First Lien Term Loan			SOFR+			7.00 %			7.70 %			4.00 %			12/24/2026			3,778			3,710			3,664			(4)
BAART Programs, Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %			9.87 %						6/11/2027			3,328			3,298			3,133			(4)

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Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Principal			Cost			Fair Value (3)			Notes
BAART Programs, Inc.			Health Care Services			First Lien Term Loan			SOFR+			5.00 %			9.87 %						6/11/2027			$	792		$	787		$	745		(4)
Bausch + Lomb Corporation			Health Care Supplies			First Lien Term Loan			SOFR+			3.25 %			8.27 %						5/10/2027			3,718			3,657			3,710
Boxer Parent Company Inc.			Systems Software			First Lien Term Loan			SOFR+			3.75 %			9.01 %						7/30/2031			3,000			2,993			2,998
Cloud Software Group, Inc.			Application Software			First Lien Term Loan			SOFR+			4.00 %			8.60 %						3/30/2029			2,621			2,456			2,613
Covetrus, Inc.			Health Care Distributors			First Lien Term Loan			SOFR+			5.00 %			9.60 %						10/13/2029			2,570			2,446			2,443			(4)
Crown Subsea Communications Holding, Inc.			Alternative Carriers			First Lien Term Loan			SOFR+			4.00 %			9.25 %						1/30/2031			2,993			2,963			3,015
Curium Bidco S.à.r.l.			Pharmaceuticals			First Lien Term Loan			SOFR+			4.00 %			8.60 %						7/31/2029			2,813			2,792			2,826
DirecTV Financing, LLC			Cable & Satellite			First Lien Term Loan			SOFR+			5.25 %			10.21 %						8/2/2029			2,957			2,932			2,916
DTI Holdco, Inc.			Research & Consulting Services			First Lien Term Loan			SOFR+			4.75 %			9.60 %						4/26/2029			3,534			3,488			3,553
Eagle Parent Corp.			Diversified Support Services			First Lien Term Loan			SOFR+			4.25 %			8.85 %						4/2/2029			392			387			373
Engineering Research and Consulting LLC			Construction & Engineering			First Lien Term Loan			SOFR+			5.00 %			10.06 %						8/29/2031			1,025			1,011			1,019			(4)
Frontier Communications Holdings, LLC			Integrated Telecommunication Services			First Lien Term Loan			SOFR+			3.50 %			8.76 %						7/1/2031			3,000			2,985			3,026
Harbor Purchaser Inc.			Education Services			First Lien Term Loan			SOFR+			5.25 %			10.20 %						4/9/2029			3,920			3,843			3,823			(4)
Husky Injection Molding Systems Ltd.			Industrial Machinery & Supplies & Components			First Lien Term Loan			SOFR+			5.00 %			10.33 %						2/15/2029			3,125			3,088			3,114
Indivior Finance S.À.R.L.			Pharmaceuticals			First Lien Term Loan			SOFR+			5.25 %			10.21 %						6/30/2026			3,870			3,842			3,865
INW Manufacturing, LLC			Personal Care Products			First Lien Term Loan			SOFR+			5.75 %			10.62 %						3/25/2027			2,125			2,098			1,785			(4)
KDC US Holdings, Inc.			Personal Care Products			First Lien Term Loan			SOFR+			4.50 %			9.36 %						8/15/2028			3,551			3,454			3,558
LABL, Inc.			Office Services & Supplies			First Lien Term Loan			SOFR+			5.00 %			9.95 %						10/29/2028			2,987			2,899			2,926			(4)
LTI Holdings, Inc.			Electronic Components			First Lien Term Loan			SOFR+			4.75 %			9.60 %						7/29/2029			4,000			3,950			3,939
M2S Group Intermediate Holdings Inc			Multi-Sector Holdings			First Lien Term Loan			SOFR+			4.75 %			9.85 %						8/25/2031			4,000			3,861			3,850
Mitchell International, Inc.			Application Software			First Lien Term Loan			SOFR+			3.25 %			8.10 %						6/17/2031			3,500			3,480			3,453
Peraton Corp.			Aerospace & Defense			First Lien Term Loan			SOFR+			3.75 %			8.70 %						2/1/2028			990			989			954
PetSmart LLC			Other Specialty Retail			First Lien Term Loan			SOFR+			3.75 %			8.70 %						2/11/2028			2,980			2,944			2,959
Pluralsight, LLC			Application Software			First Lien Term Loan			SOFR+			4.50 %			8.12 %			1.50 %			8/22/2029			662			662			662			(4)
Pluralsight, LLC			Application Software			First Lien Term Loan			SOFR+			7.50 %						12.62 %			8/22/2029			993			993			993			(4)
Pluralsight, LLC			Application Software			Common Equity & Warrants																					1,105			1,105			(4)
Renaissance Holding Corp.			Education Services			First Lien Term Loan			SOFR+			4.25 %			9.10 %						4/5/2030			1,985			1,980			1,986
SCIH Salt Holdings Inc.			Diversified Chemicals			First Lien Term Loan			SOFR+			3.50 %			8.76 %						3/16/2027			1,480			1,481			1,483
Shearer's Foods LLC			Packaged Foods & Meats			First Lien Term Loan			SOFR+			4.00 %			8.85 %						2/12/2031			2,993			2,963			2,998
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			6.50 %			11.82 %						6/30/2029			697			664			683
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			6.50 %			11.82 %						6/30/2029			1,957			1,957			1,879
SHO Holding I Corporation			Footwear			First Lien Term Loan			SOFR+			7.00 %			12.32 %						6/30/2029			1,078			1,078			970
SHO Holding I Corporation			Footwear			Common Equity & Warrants																					3,194			2,337
Southern Veterinary Partners, LLC			Health Care Facilities			First Lien Term Loan			SOFR+			3.75 %			8.00 %						10/5/2027			3,266			3,250			3,277
Staples, Inc.			Office Services & Supplies			First Lien Term Loan			SOFR+			5.75 %			10.69 %						9/4/2029			1,918			1,846			1,748			(4)
Star Parent, Inc.			Life Sciences Tools & Services			First Lien Term Loan			SOFR+			3.75 %			8.35 %						9/27/2030			3,980			3,920			3,878

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Portfolio Company			Industry			Type of Investment			Index			Spread			Cash Interest Rate (1)(2)			PIK			Maturity Date			Principal			Cost			Fair Value (3)			Notes
SupplyOne, Inc.			Paper & Plastic Packaging Products & Materials			First Lien Term Loan			SOFR+			4.25 %			9.10 %						4/19/2031			$	1,493		$	1,478		$	1,499
Swissport Stratosphere USA LLC			Air Freight & Logistics			First Lien Term Loan			SOFR+			4.25 %			9.57 %						4/4/2031			1,995			1,985			2,004
Touchstone Acquisition, Inc.			Health Care Supplies			First Lien Term Loan			SOFR+			6.00 %			10.95 %						12/29/2028			8			7			7			(4)
Trident TPI Holdings, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan			SOFR+			4.00 %			8.60 %						9/15/2028			2,494			2,494			2,502
Total Portfolio Investments																								$	125,405		$	127,867		$	124,887

__________

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

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

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

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

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

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

The cost and fair value of the Company's aggregate investment in the Glick JV was $ 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:

			September 30, 2025						September 30, 2024
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			650						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

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						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						68						70						63
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						111						143						182
Total expenses (1)						11,183						13,114						12,798
Net investment income						266						1,067						1,308
Net unrealized appreciation (depreciation)						( 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.

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:

(Share amounts in thousands)						Year ended September 30, 2025						Year ended September 30, 2024						Year ended September 30, 2023
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations						$	33,920					$	57,905					$	117,331
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

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Changes in Net Assets

The following table presents the changes in net assets for the years ended September 30, 2025, 2024 and 2023:

						Common Stock
(Share amounts in thousands)						Shares						Par Value						Additional paid-in-capital						Accumulated Overdistributed Earnings						Total Net Assets
Balance as of September 30, 2022						61,125						$	611					$	1,827,721					$	( 582,769 )					$	1,245,563
Net investment income						—						—						—						180,697						180,697
Net unrealized appreciation (depreciation)						—						—						—						( 28,555 )						( 28,555 )
Net realized gains (losses)						—						—						—						( 33,155 )						( 33,155 )
(Provision) benefit for taxes on realized and unrealized gains (losses)						—						—						—						( 1,656 )						( 1,656 )
Distributions to stockholders						—						—						—						( 185,900 )						( 185,900 )
Issuance of common stock in connection with the OSI2 Merger						15,860						159						333,875						—						334,034
Issuance of common stock in connection with the "at the market" offering						69						1						1,299						—						1,300
Issuance of common stock under dividend reinvestment plan						297						3						5,851						—						5,854
Repurchase of common stock under dividend reinvestment plan						( 126 )						( 2 )						( 2,416 )						—						( 2,418 )
Balance as of September 30, 2023						77,225						$	772					$	2,166,330					$	( 651,338 )					$	1,515,764
Net investment income						—						—						—						175,052						175,052
Net unrealized appreciation (depreciation)						—						—						—						19,101						19,101
Net realized gains (losses)						—						—						—						( 136,356 )						( 136,356 )
(Provision) benefit for taxes on realized and unrealized gains (losses)						—						—						—						108						108
Distributions to stockholders						—						—						—						( 184,027 )						( 184,027 )
Issuance of common stock in connection with the "at the market" offering						4,725						47						92,460						—						92,507
Issuance of common stock under dividend reinvestment plan						390						4						7,209						—						7,213
Repurchase of common stock under dividend reinvestment plan						( 95 )						( 1 )						( 1,550 )						—						( 1,551 )
Balance as of September 30, 2024						82,245						$	822					$	2,264,449					$	( 777,460 )					$	1,487,811
Net investment income						—						—						—						152,640						152,640
Net unrealized appreciation (depreciation)						—						—						—						( 101,229 )						( 101,229 )
Net realized gains (losses)						—						—						—						( 17,097 )						( 17,097 )
(Provision) benefit for taxes on realized and unrealized gains (losses)						—						—						—						( 394 )						( 394 )
Distributions to stockholders						—						—						—						( 141,603 )						( 141,603 )
Return of capital						—						—						( 17,262 )						—						( 17,262 )
Issuance of common stock under dividend reinvestment plan						730						7						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						57						99,943						—						100,000
Issuance of common stock in connection with the "at the market" offering						169						2						2,945						—						2,947
Balance as of September 30, 2025						88,086						$	881					$	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.

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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:

Distribution						Date Declared						Record Date						Payment Date						Amount per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value (3)
Quarterly						November 7, 2024						December 16, 2024						December 31, 2024						$	0.55					$	43.8	million				94,970			(1)			$	1.5	million
Quarterly						January 27, 2025						March 17, 2025						March 31, 2025						$	0.40					$	31.5	million				234,752			(1)			$	3.7	million
Supplemental						January 27, 2025						March 17, 2025						March 31, 2025						$	0.07					$	5.6	million				41,082			(1)			$	0.6	million
Quarterly						April 28, 2025						June 16, 2025						June 30, 2025						$	0.40					$	31.6	million				256,343			(1)			$	3.6	million
Supplemental						April 28, 2025						June 16, 2025						June 30, 2025						$	0.02					$	1.6	million				12,817			(1)			$	0.2	million
Quarterly						July 28, 2025						September 15, 2025						September 30, 2025						$	0.40					$	34.1	million				90,388			(1)			$	1.2	million
Total for the year ended September 30, 2025																								$	1.84					$	148.2	million				730,352						$	10.7	million
Distribution						Date Declared						Record Date						Payment Date						Amount per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value (3)
Quarterly						November 8, 2023						December 15, 2023						December 29, 2023						$	0.55					$	41.7	million				87,472			(2)			$	1.7	million
Special						November 8, 2023						December 15, 2023						December 29, 2023						$	0.07					$	5.3	million				11,133			(2)			$	0.2	million
Quarterly						January 26, 2024						March 15, 2024						March 29, 2024						$	0.55					$	42.8	million				96,850			(2)			$	1.9	million
Quarterly						April 26, 2024						June 14, 2024						June 28, 2024						$	0.55					$	43.3	million				100,029			(2)			$	1.9	million
Quarterly						July 26, 2024						September 16, 2024						September 30, 2024						$	0.55					$	43.7	million				94,873			(1)			$	1.6	million
Total for the year ended September 30, 2024																								$	2.27					$	176.8	million				390,357						$	7.2	million
Distribution						Date Declared						Record Date						Payment Date						Amount per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value (3)
Quarterly						November 10, 2022						December 15, 2022						December 30, 2022						$	0.54					$	32.0	million				53,369			(2)			$	1.1	million
Special						November 10, 2022						December 15, 2022						December 30, 2022						$	0.42					$	24.8	million				41,510			(2)			$	0.8	million
Quarterly						January 27, 2023						March 15, 2023						March 31, 2023						$	0.55					$	41.1	million				68,412			(1)			$	1.3	million
Quarterly						April 28, 2023						June 15, 2023						June 30, 2023						$	0.55					$	41.3	million				57,279			(1)			$	1.1	million
Quarterly						July 28, 2023						September 15, 2023						September 29, 2023						$	0.55					$	40.9	million				76,766			(2)			$	1.5	million
Total for the year ended September 30, 2023																								$	2.61					$	180.0	million				297,336						$	5.9	million

__________

(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).

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						Number of Shares Issued						Gross Proceeds						Placement Agent Fees						Net Proceeds (1)						Average Sales Price per Share (2)
"At the market" offering						168,055						$	2,987					$	26					$	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).

						Number of Shares Issued						Gross Proceeds						Placement Agent Fees						Net Proceeds (1)						Average Sales Price per Share (2)
"At the market" offering						4,724,506						$	93,685					$	937					$	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).

						Number of Shares Issued						Gross Proceeds						Placement Agent Fees						Net Proceeds (1)						Average Sales Price per Share (2)
"At the market" offering						68,752						$	1,384					$	14					$	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.

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

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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.

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2025 Notes

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.

2027 Notes

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.

2029 Notes

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

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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.

2030 Notes

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

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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
($ in millions)						2027 Notes						2029 Notes						2030 Notes						2025 Notes						2027 Notes						2029 Notes
Principal						$	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
Fair Value						$	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:

($ in millions)			2025 Notes						2027 Notes						2029 Notes						2030 Notes
Coupon interest			$	4.2					$	9.4					$	21.3					$	11.3
Amortization of financing costs and discount			0.5						0.9						1.3						0.4
Effect of interest rate swap			—						13.1						1.8						0.4
Total interest expense			$	4.7					$	23.4					$	24.4					$	12.1
Coupon interest rate (net of effect of interest rate swaps)			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:

($ in millions)			2025 Notes						2027 Notes						2029 Notes
Coupon interest			$	10.5					$	9.5					$	21.3
Amortization of financing costs and discount			1.3						0.9						1.3
Effect of interest rate swap			—						16.3						4.4
Total interest expense			$	11.8					$	26.7					$	27.0
Coupon interest rate (net of effect of interest rate swaps)			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:

($ in millions)			2025 Notes						2027 Notes						2029 Notes
Coupon interest			$	10.5					$	9.5					$	2.7
Amortization of financing costs and discount			1.3						0.9						0.2
Effect of interest rate swap			—						13.4						0.6
Total interest expense			$	11.8					$	23.8					$	3.5
Coupon interest rate (net of effect of interest rate swaps)			3.500		%				6.539		%				8.490		%

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.

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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.

						Year ended September 30, 2025						Year ended September 30, 2024						Year ended September 30, 2023
Net increase (decrease) in net assets resulting from operations						$	33,920					$	57,905					$	117,331
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

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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.

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:

($ in millions)
Portfolio Company			Net Realized Gain (Loss)
SVP-Singer Holdings Inc.			$	( 16.6 )
Foreign currency forward contracts			( 11.1 )
FinThrive Software Intermediate Holdings Inc			( 4.5 )
Telestream 2 LLC			( 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:

($ in millions)
Portfolio Company			Net Realized Gain (Loss)
Thrasio, LLC			$	( 68.5 )
Pluralsight, LLC			( 35.3 )
Impel Pharmaceuticals Inc.			( 17.2 )
All Web Leads Inc			( 13.4 )
Continental Intermodal Group LP			( 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
Foreign currency forward contracts			1.1
Other, net			2.9
Total, net			$	( 136.4 )

__________

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(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:

($ in millions)
Portfolio Company			Net Realized Gain (Loss)
SIO2 Medical Products Inc.			$	( 13.9 )
Convergeone Holdings Inc.			( 6.0 )
Foreign currency forward contracts			( 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.

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.

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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

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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

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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 .

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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.

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(Share amounts in thousands)						Year ended September 30, 2025						Year ended September 30, 2024						Year ended September 30, 2023(7)						Year ended September 30, 2022(7)						Year ended September 30, 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						82,245						77,225						61,125						60,120						46,987
Common shares outstanding at end of period						88,086						82,245						77,225						61,125						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 %						9.51 %
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 %

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(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.

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Senior Securities

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

Class and Year(1)			Total Amount Outstanding Exclusive of Treasury Securities (2)			Asset Coverage Per Unit(3)			Involuntary Liquidating Preference Per Unit(4)			Average Market Value Per Unit(5)
Syndicated Facility and Prior ING Facility
Fiscal 2016			$	472,495		2,208			—			N/A
Fiscal 2017			226,495			2,274			—			N/A
Fiscal 2018			241,000			2,330			—			N/A
Fiscal 2019			314,825			2,949			—			N/A
Fiscal 2020			414,825			2,272			—			N/A
Fiscal 2021			495,000			2,017			—			N/A
Fiscal 2022			540,000			1,886			—			N/A
Fiscal 2023			430,000			1,877			—			N/A
Fiscal 2024			430,000			1,881			—			N/A
Fiscal 2025			545,000			1,975			—			N/A
Citibank Facility
Fiscal 2021			$	135,000		2,017			—			N/A
Fiscal 2022			160,000			1,886			—			N/A
OSI2 Citibank Facility
Fiscal 2023			$	280,000		1,877			—			N/A
Fiscal 2024			280,000			1,881			—			N/A
Sumitomo Facility
Fiscal 2016			$	43,800		2,208			—			N/A
Fiscal 2017			29,500			2,274			—			N/A
Secured Borrowings
Fiscal 2016			$	18,929		2,208			—			N/A
Fiscal 2017			13,489			2,274			—			N/A
Fiscal 2018			12,314			2,330			—			N/A
2019 Notes
Fiscal 2016			$	250,000		2,208			—			N/A
Fiscal 2017			250,000			2,274			—			N/A
Fiscal 2018			228,825			2,330			—			N/A
2024 Notes
Fiscal 2016			$	75,000		2,208			—			993.70
Fiscal 2017			75,000			2,274			—			1,006.74
Fiscal 2018			75,000			2,330			—			1,010.72
Fiscal 2019			75,000			2,949			—			1,012.76

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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)
2025 Notes
Fiscal 2020			$	300,000		2,272			—			N/A
Fiscal 2021			300,000			2,017			—			N/A
Fiscal 2022			300,000			1,886			—			N/A
Fiscal 2023			300,000			1,877			—			N/A
Fiscal 2024			300,000			1,881			—			N/A
2027 Notes
Fiscal 2021			$	350,000		2,017			—			N/A
Fiscal 2022			350,000			1,886			—			N/A
Fiscal 2023			350,000			1,877			—			N/A
Fiscal 2024			350,000			1,881			—			N/A
Fiscal 2025			350,000			1,975			—			N/A
2028 Notes
Fiscal 2016			$	86,250		2,208			—			999.29
Fiscal 2017			86,250			2,274			—			1,007.51
Fiscal 2018			86,250			2,330			—			994.82
Fiscal 2019			86,250			2,949			—			993.33
2029 Notes
Fiscal 2023			$	300,000		1,877			—			N/A
Fiscal 2024			300,000			1,881			—			N/A
Fiscal 2025			300,000			1,975			—			N/A
2030 Notes
Fiscal 2025			$	300,000		1,975			—			N/A
Total Senior Securities
Fiscal 2016			$	946,474		2,208			—
Fiscal 2017			680,734			2,274			—
Fiscal 2018			643,389			2,330			—
Fiscal 2019			476,075			2,949			—
Fiscal 2020			714,825			2,272			—
Fiscal 2021			1,280,000			2,017			—
Fiscal 2022			1,350,000			1,886			—
Fiscal 2023			1,660,000			1,877			—
Fiscal 2024			1,660,000			1,881			—
Fiscal 2025			1,495,000			1,975			—

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(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.”

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(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.

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.

Description						Notional Amount to be Purchased						Notional Amount to be Sold						Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract						$	173,478					€	146,324					3/12/2026						$	55					$	—					Derivative asset
Foreign currency forward contract						$	5,427					C$	7,442					3/12/2026						40						—						Derivative asset
Foreign currency forward contract						$	5,450					¥	785,888					3/12/2026						46						—						Derivative asset
Foreign currency forward contract						$	8,976					kr	83,244					12/11/2025						86						—						Derivative asset
Foreign currency forward contract						$	37,547					£	27,697					12/11/2025						256						—						Derivative asset
Foreign currency forward contract						$	8,868					£	6,534					12/11/2025						70						—						Derivative asset
																								$	553					$	—

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2024.

Description						Notional Amount to be Purchased						Notional Amount to be Sold						Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract						$	84,291					€	76,394					11/7/2024						$	—					$	1,102					Derivative liability
Foreign currency forward contract						$	53,624					£	42,021					11/7/2024						—						2,739						Derivative liability
																								$	—					$	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.

Description						Notional Amount						Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Interest rate swap						$	350,000					1/15/2027						$	—					$	12,150					Derivative liability
Interest rate swap						300,000						2/15/2029						4,821						—						Derivative liability
Interest rate swap						300,000						2/27/2030						8,160						—						Derivative asset
																		$	12,981					$	12,150

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Certain information related to the Company’s interest rate swap is presented below as of September 30, 2024.

Description						Notional Amount						Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Interest rate swap						$	350,000					1/15/2027						$	—					$	20,229					Derivative liability
Interest rate swap						300,000						2/15/2029						7,227						—						Derivative liability
																		$	7,227					$	20,229

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:

						September 30, 2025						September 30, 2024
OCSI Glick JV LLC						$	13,998					$	13,998
PetVet Care Centers, LLC						13,732						13,732
PPW Aero Buyer, Inc.						13,574						10,235
107-109 Beech OAK22 LLC						13,567						11,911
Senior Loan Fund JV I, LLC						13,125						13,125
EMPIRE BIDCO AB						10,609						—
Truck-Lite Co., LLC						10,259						5,721
Spruce Bidco I Inc.						9,271						—
Integrity Marketing Acquisition, LLC						8,870						16,436
Pluralsight, LLC						8,688						8,688
Poseidon Midco AB						8,144						8,181
BioXcel Therapeutics, Inc.						7,506						9,383
Monotype Imaging Holdings Inc.						7,176						8,005
Next Holdco, LLC						7,051						7,051
Creek Parent, Inc.						6,855						—
Draken International, LLC						5,873						—
Kings Buyer, LLC						5,821						3,277
AVSC Holding Corp.						5,539						—
Bayou Intermediate II, LLC						5,509						—
Sorenson Communications, LLC						5,409						5,409
Digital.AI Software Holdings, Inc.						5,238						6,045
PAI Financing Merger Sub LLC						5,210						—
SumUp Holdings Luxembourg						5,101						5,101
Everbridge, Inc.						5,043						5,043

---

						September 30, 2025						September 30, 2024
ASP Integrity Acquisition Co LLC						$	5,042					$	—
Verona Pharma, Inc.						4,568						14,846
TBRS, Inc.						4,209						—
MRI Software LLC						4,092						6,972
Mindbody, Inc.						4,027						5,238
WP CPP Holdings, LLC						3,272						3,272
F&M Buyer LLC						3,212						—
Legends Hospitality Holding Company, LLC						2,909						4,651
Inventus Power, Inc.						2,907						3,792
Eyesouth Eye Care Holdco LLC						2,817						6,585
Grand River Aseptic Manufacturing, Inc.						2,594						—
Whitney Merger Sub, Inc.						2,388						—
Kite Midco II Inc.						2,374						—
Spanx, LLC						2,267						3,092
Nellson Nutraceutical, LLC						2,241						—
Crewline Buyer, Inc.						2,180						2,180
Enverus Holdings, Inc.						2,140						3,014
Coupa Holdings, LLC						2,075						2,075
Berner Food & Beverage, LLC						1,998						1,007
LDS Buyer, LLC						1,908						—
Minotaur Acquisition, Inc.						1,882						1,882
USIC Holdings, Inc.						1,812						1,938
Icefall Parent, Inc.						1,765						995
Grove Hotel Parcel Owner, LLC						1,762						1,762
Optimizely North America Inc.						1,694						—
Evergreen IX Borrower 2023, LLC						1,626						1,626
Galileo Parent, Inc.						1,596						1,163
CIELO BIDCO LIMITED						1,555						—
iCIMs, Inc.						1,545						5,802
Protein For Pets Opco, LLC						1,545						2,117
Sierra Enterprises, LLC						1,424						—
Centralsquare Technologies, LLC						1,404						1,436
Lightbox Intermediate, L.P.						1,268						—
Dialyze Holdings, LLC						1,232						—
MHE Intermediate Holdings, LLC						1,071						1,786
LSL Holdco, LLC						848						636
Telestream 2 LLC						745						—
All Web Leads, Inc.						360						240
ASP-R-PAC Acquisition Co LLC						287						166
SIO2 Medical Products, Inc.						238						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
Dominion Diagnostics, LLC						—						5,574
Avalara, Inc.						—						5,047
ACESO Holding 4 S.A.R.L.						—						4,700
Accupac, Inc.						—						4,051
Delta Leasing SPV II LLC						—						3,581
107 Fair Street LLC						—						3,507
Harrow, Inc.						—						3,438
Establishment Labs Holdings Inc.						—						3,384
PRGX Global, Inc.						—						3,127
Salus Workers' Compensation, LLC						—						3,102
Oranje Holdco, Inc.						—						1,904
Acquia Inc.						—						1,625
Supreme Fitness Group NY Holdings, LLC						—						1,552

---

						September 30, 2025						September 30, 2024
112-126 Van Houten Real22 LLC						—						1,077
Finastra USA, Inc.						—						654
SVP-Singer Holdings Inc.						—						621
Telestream Holdings Corporation						—						244
Total						$	286,047					$	311,361

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)			Industry			Investment Type			Index			Spread			Cash			PIK Rate			Maturity Date			Shares			Principal			Net Realized Gain (Loss)			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
C5 Technology Holdings, LLC			Data Processing & Outsourced Services			Common Stock																		829						$	—		$	—		$	—		$	—		$	—		$	—		—		%
C5 Technology Holdings, LLC			Data Processing & Outsourced Services			Preferred Equity																		34,984,460						—			—			27,638			—			( 1,749 )			25,889			1.8		%
Continental Intermodal Group LP			Oil & Gas Storage & Transportation			Preferred Equity																		3,137,476						—			—			3,357			314			—			3,671			0.3		%
Continental Intermodal Group LP			Oil & Gas Storage & Transportation			Common Stock																		22,267,661						—			—			12,247			—			( 1,781 )			10,466			0.7		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Term Loan			SOFR+			5.00		%							8/28/2025						$	—		—			—			11,360			2,568			( 13,928 )			—			—		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Term Loan			SOFR+			5.00		%							8/28/2025						—			12			—			( 1,028 )			1,028			—			—			—		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Revolver			SOFR+			5.00		%							8/28/2025						—			—			—			4,546			1,028			( 5,574 )			—			—		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Term Loan			SOFR+			5.00		%							8/28/2025						6,967			—			—			—			5,351			—			5,351			0.4		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Term Loan			SOFR+			6.50		%							8/28/2025						12,779			—			—			—			13,182			( 13,182 )			—			—		%
Dominion Diagnostics, LLC			Health Care Services			Common Stock																		30,031						—			—			—			—			—			—			—		%
OCSI Glick JV LLC (5)			Multi-Sector Holdings			Subordinated Debt			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)			Multi-Sector Holdings			Membership Interest																		87.50		%				—			—			—			—			—			—			—		%
Senior Loan Fund JV I, LLC (6)			Multi-Sector Holdings			Subordinated Debt			SOFR+			7.00		%	11.44		%				12/29/2028						112,656			—			13,216			112,656			—			—			112,656			7.7		%
Senior Loan Fund JV I, LLC (6)			Multi-Sector Holdings			Membership Interest																		87.50		%				—			2,450			22,541			—			( 10,595 )			11,946			0.8		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						3,756			—			101			3,332			139			( 2,341 )			1,130			0.1		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						20,187			—			753			17,907			764			( 12,597 )			6,074			0.4		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						4,002			—			144			3,550			144			( 2,490 )			1,204			0.1		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						1,804			—			54			1,600			54			( 1,111 )			543			—		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						1,755			—			24			—			1,608			( 1,080 )			528			—		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						842			—			—			—			857			( 15 )			842			0.1		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						825			—			—			—			833			( 8 )			825			0.1		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						563			—			—			—			574			( 11 )			563			—		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			Common Stock																		1,184,630						—			—			20,802			—			( 20,802 )			—			—		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			Warrants																		66,686						—			—			—			—			—			—			—		%
Total Control Investments																											$	224,485		$	12		$	23,564		$	289,404		$	29,899		$	( 91,555 )		$	227,748		15.5		%
Affiliate Investments
All Web Leads, Inc.			Advertising			First Lien Term Loan			SOFR+			4.00		%	6.10		%	2.00		%	9/29/2026						1,724			2			185			1,741			66			( 157 )			1,650			0.1		%
All Web Leads, Inc.			Advertising			First Lien Term Loan			SOFR+			5.00		%	7.10		%	2.00		%	3/29/2027						3,711			—			410			3,463			132			( 62 )			3,533			0.2		%
All Web Leads, Inc.			Advertising			First Lien Term Loan												10.00		%	3/29/2028						3,914			—			—			3,183			164			—			3,347			0.2		%
All Web Leads, Inc.			Advertising			First Lien Revolver			SOFR+			4.00		%	8.10		%				3/30/2026						1,440			—			155			1,506			27			( 147 )			1,386			0.1		%
All Web Leads, Inc.			Advertising			Common Stock																		11,499			—			—			—			1,622			—			—			1,622			0.1		%
Assembled Brands Capital LLC			Specialized Finance			Common Stock																		12,463,242						—			—			1,246			250			—			1,496			0.1		%

---

Portfolio Company (1)			Industry			Investment Type			Index			Spread			Cash			PIK Rate			Maturity Date			Shares			Principal			Net Realized Gain (Loss)			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
Assembled Brands Capital LLC			Specialized Finance			Warrants																		78,045						—			—			—			—			—			—			—		%
The Avery			Real Estate Operating Companies			First Lien Term Loan												10.00		%	2/16/2028						$	5,250		$	28		$	—		$	4,087		$	—		$	( 649 )		$	3,438		0.2		%
The Avery			Real Estate Operating Companies			First Lien Term Loan												10.00		%	2/16/2028						21,677			449			—			18,235			—			( 4,038 )			14,197			1.0		%
The Avery			Real Estate Operating Companies			Membership Interest																		6.40		%	—			—			—			—			—			—			—			—		%
Caregiver Services, Inc.			Health Care Services			Preferred Equity																		1,080,398						( 288 )			—			594			281			( 875 )			—			—		%
Telestream 2 LLC			Application Software			First Lien Term Loan			SOFR+			6.25		%	10.54		%				6/7/2028						17,123			—			581			—			17,123			—			17,123			1.2		%
Telestream 2 LLC			Application Software			First Lien Revolver			SOFR+			8.25		%							6/7/2028						—			—			—			—			37			( 37 )			—			—		%
Telestream 2 LLC			Application Software			Common Stock																		744,491						—			—			—			7,207			—			7,207			0.5		%
Total Affiliate Investments																											$	54,839		$	191		$	1,331		$	35,677		$	25,287		$	( 5,965 )		$	54,999		3.8		%
Total Control & Affiliate Investments																											$	279,324		$	203		$	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)			Industry			Investment Type			Index			Spread			Cash			PIK Rate			Maturity Date			Shares			Principal			Net Realized Gain (Loss)			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
C5 Technology Holdings, LLC			Data Processing & Outsourced Services			Common Stock																		829						$	—		$	—		$	—		$	—		$	—		$	—		—		%
C5 Technology Holdings, LLC			Data Processing & Outsourced Services			Preferred Equity																		34,984,460						—			—			27,638			—			—			27,638			1.9		%
Continental Intermodal Group LP			Oil & Gas Storage & Transportation			Preferred Equity																		3,137,476						—			—			—			3,357			—			3,357			0.2		%
Continental Intermodal Group LP			Oil & Gas Storage & Transportation			Common Stock																		22,267,661						—			—			—			16,171			( 3,924 )			12,247			0.8		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Term Loan			SOFR+			5.00		%	9.74		%				8/28/2025						$	13,928		—			1,545			14,068			—			( 2,708 )			11,360			0.8		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Term Loan			SOFR+			5.00		%							8/28/2025						—			—			90			2,090			—			( 3,118 )			( 1,028 )			( 0.1 )		%
Dominion Diagnostics, LLC			Health Care Services			First Lien Revolver			SOFR+			5.00		%	9.75		%				8/28/2025						5,574			—			595			5,574			—			( 1,028 )			4,546			0.3		%
Dominion Diagnostics, LLC			Health Care Services			Common Stock																		30,031						—			—			2,711			—			( 2,711 )			—			—		%
First Star Speir Aviation Limited			Airlines			Equity Interest																		100.00		%				786			—			—			—			—			—			—		%
OCSI Glick JV LLC (5)			Multi-Sector Holdings			Subordinated Debt			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)			Multi-Sector Holdings			Membership Interest																		87.50		%				—			—			—			—			—			—			—		%
Senior Loan Fund JV I, LLC (6)			Multi-Sector Holdings			Subordinated Debt			SOFR+			7.00		%	12.45		%				12/29/2028						112,656			—			14,256			112,656			—			—			112,656			7.6		%
Senior Loan Fund JV I, LLC (6)			Multi-Sector Holdings			Membership Interest																		87.50		%				—			5,250			28,878			—			( 6,337 )			22,541			1.5		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						3,332			—			166			—			3,332			—			3,332			0.2		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						17,907			—			2,232			15,874			2,239			( 206 )			17,907			1.2		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						3,550			—			383			1,359			2,191			—			3,550			0.2		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						1,600			—			18			—			1,600			—			1,600			0.1		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			First Lien Term Loan												12.00		%	8/3/2028						—			—			1			—			—			—			—			—		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			Common Stock																		1,184,630						—			—			36,226			—			( 15,424 )			20,802			1.4		%
SIO2 Medical Products, Inc.			Metal, Glass & Plastic Containers			Warrants																		66,686						—			—			—			—			—			—			—		%
Total Control Investments																											$	216,896		$	786		$	31,775		$	297,091		$	30,228		$	( 37,915 )		$	289,404		19.5		%
Affiliate Investments
All Web Leads, Inc.			Advertising			First Lien Term Loan			SOFR+			4.00		%	6.70		%	2.00		%	9/29/2026						1,819			—			103			—			1,741			—			1,741			0.1		%
All Web Leads, Inc.			Advertising			First Lien Term Loan			SOFR+			5.00		%	7.70		%	2.00		%	3/29/2027						3,637			—			224			—			3,463			—			3,463			0.2		%
All Web Leads, Inc.			Advertising			First Lien Term Loan												10.00		%	3/29/2028						3,541			—			—			—			3,183			—			3,183			0.2		%
All Web Leads, Inc.			Advertising			First Lien Revolver			SOFR+			4.00		%	8.70		%				3/30/2026						1,560			—			90			—			1,506			—			1,506			0.1		%
All Web Leads, Inc.			Advertising			Common Stock																		11,499			—			—			—			—			1,622			—			1,622			0.1		%
Assembled Brands Capital LLC			Specialized Finance			First Lien Revolver																								—			329			21,823			33			( 21,856 )			—			—		%
Assembled Brands Capital LLC			Specialized Finance			Common Stock																		12,463,242						—			—			89			1,159			( 2 )			1,246			0.1		%
Assembled Brands Capital LLC			Specialized Finance			Preferred Equity																								—			—			1,005			153			( 1,158 )			—			—		%
Assembled Brands Capital LLC			Specialized Finance			Warrants																		78,045						—			—			—			—			—			—			—		%
The Avery			Real Estate Operating Companies			First Lien Term Loan												10.00		%	2/16/2028						5,065			—			—			—			4,657			( 570 )			4,087			0.3		%
The Avery			Real Estate Operating Companies			First Lien Term Loan												10.00		%	2/16/2028						20,917			—			—			—			19,262			( 1,027 )			18,235			1.2		%
The Avery			Real Estate Operating Companies			Membership Interest																		6.40		%	—			—			—			—			—			—			—			—		%
Caregiver Services, Inc.			Health Care Services			Preferred Equity																		1,080,398						—			—			432			367			( 205 )			594			—		%
Total Affiliate Investments																											$	36,539		$	—		$	746		$	23,349		$	37,146		$	( 24,818 )		$	35,677		2.4		%
Total Control & Affiliate Investments																											$	253,435		$	786		$	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).

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