UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)



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

For the quarterly period ended ~~December~~March 31, ~~2017~~2020



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

COMMISSION FILE NUMBER: 1-35999

Oaktree Strategic Income Corporation

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)



DELAWARE (State or jurisdiction of incorporation or organization)		61-1713295 (I.R.S. Employer Identification No.)

333 South Grand Avenue, 28th Floor Los Angeles, CA (Address of principal executive office)		90071 (Zip Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

(213) 830-6300

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




Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	OCSI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter ~~periods as~~period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES þ NO ¨

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). YES ¨ NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. ~~(Check one):~~

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ¨ NO þ

The registrant had 29,466,768 shares of common stock outstanding as of ~~February 8, 2018.~~

May 5, 2020.

OAKTREE STRATEGIC INCOME CORPORATION

FORM 10-Q FOR THE QUARTER ENDED ~~DECEMBER~~MARCH 31, ~~2017~~2020

TABLE OF CONTENTS




		PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:
		Consolidated Statements of Assets and Liabilities as of ~~December~~March 31, ~~2017~~2020 (unaudited) and September 30, ~~2017~~2019	1
		Consolidated Statements of Operations (unaudited) for the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~2016~~2019	2
		Consolidated Statements of Changes in Net Assets (unaudited) for the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~2016~~2019	3
		Consolidated Statements of Cash Flows (unaudited) for the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020 and ~~2016~~2019	4
		Consolidated Schedule of Investments (unaudited) as of ~~December~~March 31, ~~2017 (unaudited)~~2020	5
		Consolidated Schedule of Investments as of September 30, ~~2017~~2019	13
		Notes to Consolidated Financial Statements (unaudited)	2120
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		5655
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		7876
Item 4.	Controls and Procedures		7977
		PART II — OTHER INFORMATION
Item 1.	Legal Proceedings		7977
Item 1A.	Risk Factors		7977
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		8079
Item 3.	Defaults Upon Senior Securities		8079
Item 4.	Mine Safety Disclosures		8079
Item 5.	Other Information		8079
Item 6.	Exhibits		8079
Signatures			8180

PART I — FINANCIAL INFORMATION



Item 1.	Consolidated Financial Statements.

Oaktree Strategic Income Corporation

Consolidated Statements of Assets and Liabilities


		December 31, 2017 (unaudited)			September 30, 2017				March 31, 2020 (unaudited)			September 30, 2019
ASSETS	ASSETS							ASSETS
Investments at fair value:
Control investments (cost December 31, 2017: $71,635,783; cost September 30, 2017: $71,340,632)		$	57,180,650		$	57,606,674
Affiliate investments (cost December 31, 2017: $17,477,733; cost September 30, 2017: $17,479,053)		1,010,509			935,913
Non-control/Non-affiliate investments (cost December 31, 2017: $495,206,582; cost September 30, 2017: $516,270,639)		483,217,174			501,894,073
Total investments at fair value (cost December 31, 2017: $584,320,098; cost September 30, 2017: $605,090,324)		541,408,333			560,436,660
Control investments (cost March 31, 2020: $73,157,303; cost September 30, 2019: $73,189,664)									$	37,833,930		$	54,326,418
Non-control/Non-affiliate investments (cost March 31, 2020: $546,774,334; cost September 30, 2019: $553,679,070)									486,545,381			542,778,029
Total investments at fair value (cost March 31, 2020: $619,931,637; cost September 30, 2019: $626,868,734)									524,379,311			597,104,447
Cash and cash equivalents		39,975,500			35,604,127				21,931,375			5,646,899
Restricted cash		6,196,671			7,408,260				9,321,466			8,404,733
Interest, dividends and fees receivable		2,679,014			3,014,075				1,489,472			3,813,730
Due from portfolio companies		59,606			286,260				539,587			350,597
Receivables from unsettled transactions		17,806,666			505,000				28,775,575			5,091,671
Deferred financing costs		1,097,060			1,222,933				2,308,557			2,139,299
Derivative asset at fair value									316,967			20,876
Other assets		1,036,645			185,336				731,202			761,462
Total assets		$	610,259,495		$	608,662,651			$	589,793,512		$	623,333,714
LIABILITIES AND NET ASSETS	LIABILITIES AND NET ASSETS							LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	1,000,417		$	482,877			$	1,569,469		$	901,410
Base management fee and incentive fee payable		1,630,588			2,236,187				1,442,121			1,368,431
Due to affiliate		724,894			450,517				1,041,237			1,457,007
Interest payable		2,004,249			1,996,171				2,532,742			2,750,587
Payables from unsettled transactions		62,920,436			49,029,789				44,817,245			37,724,473
Director fees payable		130,000			98,008				—			25,000
Credit facilities payable		74,056,800			82,956,800				327,156,800			294,656,800
Notes payable (net of $2,151,605 and $2,224,132 of unamortized financing costs as of December 31, 2017 and September 30, 2017, respectively)		177,848,395			177,775,868
Total liabilities		320,315,779			315,026,217				378,559,614			338,883,708
Commitments and contingencies (Note 13)
Commitments and contingencies (Note 14)
Net assets:
Common stock, $0.01 par value, 150,000,000 shares authorized; 29,466,768 shares issued and outstanding as of December 31, 2017 and September 30, 2017		294,668			294,668
Common stock, $0.01 par value per share, 150,000,000 shares authorized; 29,466,768 shares issued and outstanding as of March 31, 2020 and September 30, 2019									294,668			294,668
Additional paid-in-capital		373,995,934			373,995,934				369,199,332			369,199,332
Net unrealized depreciation on investments and secured borrowings		(42,911,765		)	(44,653,664		)
Net realized loss on investments		(28,737,328		)	(24,354,622		)
Accumulated overdistributed net investment income		(12,697,793		)	(11,645,882		)
Total net assets (equivalent to $9.84 and $9.97 per common share as of December 31, 2017 and September 30, 2017, respectively) (Note 12)		289,943,716			293,636,434
Accumulated overdistributed earnings									(158,260,102		)	(85,043,994		)
Total net assets (equivalent to $7.17 and $9.65 per common share as of March 31, 2020 and September 30, 2019, respectively) (Note 12)									211,233,898			284,450,006
Total liabilities and net assets		$	610,259,495		$	608,662,651			$	589,793,512		$	623,333,714

See notes to Consolidated Financial Statements.

Oaktree Strategic Income Corporation

Consolidated Statements of Operations

(unaudited)


	Three months ended December 31, 2017			Three months ended December 31, 2016			Three months ended March 31, 2020			Three months ended March 31, 2019			Six months ended March 31, 2020			Six months ended March 31, 2019
Interest income:
Control investments	$	1,198,697		$	1,395,436		$	—		$	1,472,785		$	1,436,726		$	2,958,208
Affiliate investments	—			97,936
Non-control/Non-affiliate investments	8,764,475			9,384,005			9,638,008			10,769,097			19,382,457			20,420,246
Interest on cash and cash equivalents	71,095			30,542			27,597			52,132			58,307			119,127
Total interest income	10,034,267			10,907,919			9,665,605			12,294,014			20,877,490			23,497,581
PIK interest income:
Control investments	295,151			—
Affiliate investments	—			48,972
Non-control/Non-affiliate investments	3,263			10,432			296,894			6,004			300,457			13,749
Total PIK interest income	298,414			59,404			296,894			6,004			300,457			13,749
Fee income:
Affiliate investments	—			3,148
Non-control/Non-affiliate investments	398,049			403,296			380,114			181,806			767,779			229,441
Total fee income	398,049			406,444			380,114			181,806			767,779			229,441
Dividend and other income:
Control investments	—			187,420
Total dividend and other income	—			187,420
Total investment income	10,730,730			11,561,187			10,342,613			12,481,824			21,945,726			23,740,771
Expenses:
Base management fee	1,412,172			1,425,216			1,442,121			1,451,393			2,947,647			2,866,160
Part I incentive fee	259,722			990,377			271,520			1,096,144			1,263,658			1,950,522
Professional fees	1,020,183			258,528			263,188			375,601			636,374			834,213
Board of Directors fees	130,000			123,650
Directors fees							105,000			105,278			210,000			210,278
Interest expense	2,764,477			2,456,128			3,477,099			3,771,530			6,903,990			6,994,484
Administrator expense	279,684			146,459			229,039			231,033			478,953			665,900
General and administrative expenses	435,210			533,011			264,391			283,338			537,870			615,564
Total expenses	6,301,448			5,933,369			6,052,358			7,314,317			12,978,492			14,137,121
Fees waived	(117,493		)	(6,232		)	(271,520		)	(49,253		)	(322,121		)	(476,647		)
Insurance recoveries	—			(250,000		)
Net expenses	6,183,955			5,677,137			5,780,838			7,265,064			12,656,371			13,660,474
Net investment income	4,546,775			5,884,050			4,561,775			5,216,760			9,289,355			10,080,297
Unrealized appreciation (depreciation) on investments:
Unrealized appreciation (depreciation):
Control investments	(721,175		)	(1,571,194		)	(16,325,059		)	1,684,985			(16,460,127		)	(2,230,258		)
Affiliate investments	75,916			(1,187,404		)
Non-control/Non-affiliate investments	2,387,158			(2,468,842		)	(51,578,952		)	6,989,963			(49,327,912		)	(8,780,850		)
Net unrealized appreciation (depreciation) on investments	1,741,899			(5,227,440		)
Net unrealized appreciation on secured borrowings	—			(14,575		)
Realized gain (loss) on investments and secured borrowings:
Affiliate investments	28			—
Foreign currency forward contract							485,679			122,463			296,091			47,895
Net unrealized appreciation (depreciation)							(67,418,332		)	8,797,411			(65,491,948		)	(10,963,213		)
Realized gains (losses):
Non-control/Non-affiliate investments	(4,382,734		)	82,762			(7,334,148		)	(77,774		)	(7,611,373		)	1,369,532
Net realized gain (loss) on investments and secured borrowings	(4,382,706		)	82,762
Net increase in net assets resulting from operations	$	1,905,968		$	724,797
Foreign currency forward contract							(24,959		)	(240,970		)	(267,444		)	8,120
Net realized gains (losses)							(7,359,107		)	(318,744		)	(7,878,817		)	1,377,652
Net realized and unrealized gains (losses)							(74,777,439		)	8,478,667			(73,370,765		)	(9,585,561		)
Net increase (decrease) in net assets resulting from operations							$	(70,215,664	)	$	13,695,427		$	(64,081,410	)	$	494,736
Net investment income per common share — basic and diluted	$	0.15		$	0.20		$	0.15		$	0.18		$	0.32		$	0.34
Earnings per common share — basic and diluted (Note 5)	$	0.06		$	0.02
Earnings (loss) per common share — basic and diluted (Note 5)							$	(2.38	)	$	0.46		$	(2.17	)	$	0.02
Weighted average common shares outstanding — basic and diluted	29,466,768			29,466,768			29,466,768			29,466,768			29,466,768			29,466,768
Distributions per common share	$	0.19		$	0.23

See notes to Consolidated Financial Statements.

Oaktree Strategic Income Corporation

Consolidated Statements of Changes in Net Assets

(unaudited)

Three months ended
December 31, 2017 Three months ended
December 31, 2016
Operations:
Net investment income $ 4,546,775
$ 5,884,050
Net unrealized appreciation (depreciation) on investments 1,741,899
(5,227,440 )
Net unrealized appreciation on secured borrowings —
(14,575 )
Net realized gain (loss) on investments and secured borrowings (4,382,706 ) 82,762
Net increase in net assets resulting from operations 1,905,968
724,797
Stockholder transactions:
Distributions to stockholders (5,598,686 ) (6,630,023 )
Net decrease in net assets from stockholder transactions (5,598,686 ) (6,630,023 )
Capital share transactions:
Issuance of common stock under dividend reinvestment plan 159,167
84,479
Repurchases of common stock under dividend reinvestment plan (159,167 ) (84,479 )
Net change in net assets from capital share transactions —

—
Total decrease in net assets (3,692,718 ) (5,905,226 )
Net assets at beginning of period 293,636,434
325,829,394
Net assets at end of period $ 289,943,716
$ 319,924,168
Net asset value per common share $ 9.84
$ 10.86
Common shares outstanding at end of period 29,466,768
29,466,768



	Three months ended March 31, 2020			Three months ended March 31, 2019			Six months ended March 31, 2020			Six months ended March 31, 2019
Operations:
Net investment income	$	4,561,775		$	5,216,760		$	9,289,355		$	10,080,297
Net unrealized appreciation (depreciation)	(67,418,332		)	8,797,411			(65,491,948		)	(10,963,213		)
Net realized gains (losses)	(7,359,107		)	(318,744		)	(7,878,817		)	1,377,652
Net increase (decrease) in net assets resulting from operations	(70,215,664		)	13,695,427			(64,081,410		)	494,736
Stockholder transactions:
Distributions to stockholders	(4,567,348		)	(4,567,349		)	(9,134,698		)	(9,134,698		)
Net increase (decrease) in net assets from stockholder transactions	(4,567,348		)	(4,567,349		)	(9,134,698		)	(9,134,698		)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan	77,648			50,543			141,982			104,654
Repurchases of common stock under dividend reinvestment plan	(77,648		)	(50,543		)	(141,982		)	(104,654		)
Net change in net assets from capital share transactions	—			—			—			—
Total increase (decrease) in net assets	(74,783,012		)	9,128,078			(73,216,108		)	(8,639,962		)
Net assets at beginning of period	286,016,910			277,977,380			284,450,006			295,745,420
Net assets at end of period	$	211,233,898		$	287,105,458		$	211,233,898		$	287,105,458
Net asset value per common share	$	7.17		$	9.74		$	7.17		$	9.74
Common shares outstanding at end of period	29,466,768			29,466,768			29,466,768			29,466,768

See notes to Consolidated Financial Statements.

Oaktree Strategic Income Corporation

Consolidated Statements of Cash Flows

(unaudited)

Three months ended
December 31, 2017 Three months ended
December 31, 2016
Operating activities:
Net increase in net assets resulting from operations $ 1,905,968
$ 724,797
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net unrealized (appreciation) depreciation on investments (1,741,899 ) 5,227,440
Net unrealized appreciation on secured borrowings —
14,575
Net realized (gain) loss on investments and secured borrowings 4,382,706
(82,762 )
PIK interest income (298,414 ) (59,404 )
Recognition of fee income (398,049 ) (406,444 )
Accretion of original issue discount on investments (885,752 ) (692,196 )
Amortization of deferred financing costs 198,400
224,300
Changes in operating assets and liabilities:
Fee income received 425,622
435,251
Decrease in restricted cash 1,211,589
1,571,349
Decrease in interest, dividends and fees receivable 335,061
808,211
(Increase) decrease in due from portfolio companies 226,654
(435,668 )
(Increase) decrease in receivables from unsettled transactions (17,301,666 ) 12,869,092
(Increase) decrease in other assets (851,309 ) 135,034
Increase (decrease) in accounts payable, accrued expenses and other liabilities 517,540
(144,199 )
Decrease in base management fee and incentive fee payable (605,599 ) (578,360 )
Increase in due to affiliate 274,377
138,975
Increase in interest payable 8,078
43,743
Increase in payables from unsettled transactions 13,890,647
14,490,000
Decrease in amounts payable to syndication partners —
(18,750 )
Increase (decrease) in director fees payable 31,992
(112,625 )
Purchases of investments and net revolver activity (143,897,574 ) (37,633,299 )
Principal payments received on investments (scheduled payments) 1,861,286
2,828,443
Principal payments received on investments (payoffs) 73,171,499
58,761,164
Proceeds from the sale of investments 86,408,902
5,123,460
Net cash provided by operating activities 18,870,059
63,232,127
Financing activities:
Distributions paid in cash (5,439,519 ) (6,545,544 )
Borrowings under credit facilities 15,500,000
4,200,000
Repayments of borrowings under credit facilities (24,400,000 ) (39,370,000 )
Repayments of secured borrowings —
(5,000,000 )
Proceeds from issuance of notes payable 3,000,000
—
Repayments of notes payable (3,000,000 ) —
Repurchases of common stock under dividend reinvestment plan (159,167 ) (84,479 )
Net cash used by financing activities (14,498,686 )
(46,800,023 )
Net increase in cash and cash equivalents 4,371,373
16,432,104
Cash and cash equivalents, beginning of period 35,604,127
19,778,841
Cash and cash equivalents, end of period $ 39,975,500
$ 36,210,945
Supplemental information:
Cash paid for interest $ 2,557,999
$ 2,188,085
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan $ 159,167
$ 84,479



	Six months ended March 31, 2020			Six months ended March 31, 2019
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	(64,081,410	)	$	494,736
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation	65,491,948			10,963,213
Net realized (gains) losses	7,878,817			(1,377,652		)
PIK interest income	(300,457		)	(13,749		)
Accretion of original issue discount on investments	(852,940		)	(1,197,136		)
Amortization of deferred financing costs	475,742			280,010
Purchases of investments	(140,312,087		)	(155,778,510		)
Proceeds from the sales and repayments of investments	140,374,935			112,050,349
Changes in operating assets and liabilities:
(Increase) decrease in interest, dividends and fees receivable	2,324,258			203,568
(Increase) decrease in due from portfolio companies	(188,990		)	115,855
(Increase) decrease in receivables from unsettled transactions	(23,683,904		)	5,143,533
(Increase) decrease in other assets	30,260			(38,581		)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	23,059			1,088
Increase (decrease) in base management fee and incentive fee payable	73,690			(547,236		)
Increase (decrease) in due to affiliate	(415,770		)	(653,064		)
Increase (decrease) in interest payable	(217,845		)	1,830,825
Increase (decrease) in payables from unsettled transactions	7,092,772			462,943
Increase (decrease) in director fees payable	(25,000		)	—
Net cash provided by (used in) operating activities	(6,312,922		)	(28,059,808		)
Financing activities:
Distributions paid in cash	(8,992,716		)	(9,030,044		)
Borrowings under credit facilities	63,000,000			92,000,000
Repayments of borrowings under credit facilities	(30,500,000		)	(59,400,000		)
Repurchases of common stock under dividend reinvestment plan	(141,982		)	(104,654		)
Deferred financing costs paid	—			(10,000		)
Net cash provided by (used in) financing activities	23,365,302			23,455,302
Effect of exchange rate changes on foreign currency	148,829			—
Net increase (decrease) in cash and cash equivalents and restricted cash	17,201,209			(4,604,506		)
Cash and cash equivalents and restricted cash, beginning of period	14,051,632			16,431,787
Cash and cash equivalents and restricted cash, end of period	$	31,252,841		$	11,827,281
Supplemental information:
Cash paid for interest	$	6,646,093		$	4,883,649
Non-cash financing activities:
Issuance of shares of common stock under dividend reinvestment plan	$	141,982		$	104,654
Deferred financing costs incurred	(645,000		)	—

Reconciliation to the Consolidated Statements of Assets and Liabilities	March 31, 2020			September 30, 2019
Cash and cash equivalents	$	21,931,375		$	5,646,899
Restricted cash	9,321,466			8,404,733
Total cash and cash equivalents and restricted cash	$	31,252,841		$	14,051,632

See notes to Consolidated Financial Statements.

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Control Investments (3)
FSFR Glick JV LLC (7)(12)(15) Multi-sector holdings
Subordinated Note, LIBOR+8% cash due 10/20/2021 (8) 9.23% $ 64,524,032
$ 64,524,032
$ 57,180,650
87.5% equity interest (18) 7,111,751
—
71,635,783
57,180,650
Total Control Investments (19.7% of net assets) $ 71,635,783
$ 57,180,650
Affiliate Investments (4)
Ameritox Ltd. Healthcare services
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (8)(13)(17) 6.69% 8,302,941
$ 7,904,767
$ 1,010,509
3,309,873.6 Class A Preferred Units in Ameritox Holdings II, LLC 3,309,874
—
327,393.6 Class B Preferred Units in Ameritox Holdings II, LLC 327,394
—
1,007.36 Class A Units in Ameritox Holdings II, LLC 5,935,698
—
17,477,733
1,010,509
Total Affiliate Investments (0.3% of net assets) $ 17,477,733
$ 1,010,509

Non-Control/Non-Affiliate Investments (6)
Triple Point Group Holdings, Inc. Application software
First Lien Revolver, LIBOR+4.25% (1% floor) cash due 7/10/2018 (8)(11) 4.25% $ —
$ (402,966 )
—
(402,966 )
New Trident Holdcorp, Inc. Healthcare services
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 7/31/2020 (8)(17) 11.19% 1,000,000
893,824
50,000
893,824
50,000
NextCare, Inc. Healthcare services
Senior Term Loan, LIBOR+6% (1% floor) cash due 7/31/2018 (8)(13) 7.57% 6,926,108
6,926,108
6,749,376
Delayed Draw Term Loan, LIBOR+6% (1% floor) cash due 7/31/2018 (8) 7.57% 1,387,506
1,387,506
1,343,082
8,313,614
8,092,458
Aptean, Inc. Internet software & services
First Lien Term Loan, LIBOR+4.25% (1% floor) cash due 12/20/2022 (8)(13)(16) 5.95% 8,222,788
8,172,012
8,301,603
8,172,012
8,301,603
TravelCLICK, Inc. Internet software & services
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (8)(13)(16) 9.32% 2,048,485
2,011,896
2,058,727
2,011,896
2,058,727
TV Borrower US, LLC (7) Integrated telecommunication services
First Lien Dollar Term B-1 Loan, LIBOR+4.75% (1% floor) cash due 2/22/2024 (8)(16) 6.44% 1,921,161
1,912,724
1,931,967
1,912,724
1,931,967
BeyondTrust Software, Inc. Application software
500,000 Class A membership interests in BeyondTrust Holdings LLC 500,000
642,057
500,000
642,057

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost			Fair Value			Notes
Control Investments											(8)
OCSI Glick JV LLC		Multi-Sector Holdings									(10)(11)
Subordinated Note, LIBOR+6.50% cash due 10/20/2028			$	66,045,551	$	66,045,552		$	37,833,930		(6)(9)(14)(15)(16)
87.5% equity interest					7,111,751			—			(9)(12)(14)
					73,157,303			37,833,930
Total Control Investments (17.9% of net assets)					$	73,157,303		$	37,833,930

Non-Control/Non-Affiliate Investments											(13)
4 Over International, LLC		Commercial Printing
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022	7.45%		$	5,552,473	$	5,489,734		$	5,349,806		(6)(15)
First Lien Revolver, PRIME+5.00% cash due 6/7/2021	8.25%		68,452		67,950			65,954			(6)(15)
					5,557,684			5,415,760
99 Cents Only Stores LLC		General Merchandise Stores
First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/2022	6.95%		1,631,483		1,571,755			1,169,227			(6)
					1,571,755			1,169,227
Access CIG, LLC		Diversified Support Services
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025	5.53%		5,434,653		5,393,775			4,476,796			(6)
					5,393,775			4,476,796
Accupac, Inc.		Personal Products
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026	7.84%		3,835,865		3,771,034			3,768,737			(6)(15)
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026			—		(12,118		)	(12,547		)	(6)(14)(15)
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026	7.05%		477,989		469,911			469,625			(6)(15)
					4,228,827			4,225,815
AI Ladder (Luxembourg) Subco S.a.r.l.		Electrical Components & Equipment
First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025	5.49%		6,468,852		6,321,716			5,455,377			(6)(9)
					6,321,716			5,455,377
Aldevron, L.L.C.		Biotechnology
First Lien Term Loan, LIBOR+4.25% cash due 10/12/2026	5.70%		4,000,000		3,960,000			3,780,000			(6)
					3,960,000			3,780,000
All Web Leads, Inc.		Advertising
First Lien Term Loan, LIBOR+7.50% cash due 12/29/2020	9.11%		23,928,327		23,928,301			20,109,342			(6)(15)
					23,928,301			20,109,342
Altice France S.A.		Integrated Telecommunication Services
First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026	4.70%		7,994,000		7,560,664			7,654,254			(6)(9)
					7,560,664			7,654,254
Ancile Solutions, Inc.		Application Software
First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021	8.45%		8,062,666		7,966,649			7,861,099			(6)(15)
					7,966,649			7,861,099
Apptio, Inc.		Application Software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	8.25%		10,693,944		10,521,069			10,191,328			(6)(15)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025			—		(11,023		)	(32,538		)	(6)(14)(15)
					10,510,046			10,158,790
Asurion, LLC		Property & Casualty Insurance
First Lien Term Loan, LIBOR+3.00% cash due 11/3/2024	3.99%		1,994,924		1,790,444			1,925,102			(6)
					1,790,444			1,925,102
Avaya, Inc.		Communications Equipment
First Lien Term Loan, LIBOR+4.25% cash due 12/15/2024	4.95%		8,970,299		8,900,617			7,736,883			(6)
					8,900,617			7,736,883

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Dynatect Group Holdings, Inc. Industrial machinery
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2020 (8) 5.83% $ 3,776,203
$ 3,776,203
$ 3,662,917
3,776,203
3,662,917
Central Security Group, Inc. Specialized consumer services
First Lien Term Loan, LIBOR+5.625% (1% floor) cash due 10/6/2021 (8)(16) 7.19% 1,661,458
1,657,341
1,669,765
1,657,341
1,669,765
Kellermeyer Bergensons Services, LLC Diversified support services
First Lien Term Loan, LIBOR+5% (1% floor) cash due 10/29/2021 (8)(13)(16) 6.48% 5,238,000
5,196,971
5,257,642
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/29/2022 (8)(13) 9.88% 280,000
280,000
271,250
5,476,971
5,528,892
GOBP Holdings Inc. Food retail
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (8)(13)(16) 9.94% 3,685,714
3,645,523
3,700,697
3,645,523
3,700,697
Executive Consulting Group, LLC Healthcare services
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 11/21/2019 (8)(13) 6.44% 7,000,000
7,000,000
6,999,693
Delayed Draw Term Loan, LIBOR+4.75% (1% floor) cash due 11/21/2019 (8) 6.44% 3,749,980
3,749,980
3,749,815
10,749,980
10,749,508
Metamorph US 3, LLC Internet software & services
First Lien Term Loan, LIBOR+5.5% (1% floor) cash 2% PIK due 12/1/2020 (8)(13)(17) 7.07% 14,031,118
13,136,533
5,327,616
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 12/1/2020 (8)(11)(13)(17) 8.07% 1,080,000
1,014,310
(36,540 )
14,150,843
5,291,076
Compuware Corporation Internet software & services
First Lien Term Loan B3, LIBOR+4.25% (1% floor) cash due 12/15/2021 (8)(13)(16) 5.63% 8,402,243
8,328,268
8,467,906
8,328,268
8,467,906
Motion Recruitment Partners LLC Human resources & employment services
First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/13/2020 (8)(13) 7.57% 13,411,554
13,401,393
13,424,731
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (8)(11) 7.57% (960 ) 2,849
13,400,433
13,427,580
PowerPlan, Inc. Internet software & services
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 2/23/2022 (8)(13) 6.82% 17,834,390
17,796,463
17,834,415
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 2/23/2021 (8) 6.82% —
3
17,796,463
17,834,418
Digital River, Inc. Internet software & services
First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 2/12/2021 (8)(13)(16) 8.08% 2,897,412
2,876,032
2,904,655
2,876,032
2,904,655

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Ball Metalpack Finco, LLC		Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 7/31/2025	6.11%		$	8,842,500	$	8,808,529	$	6,817,568	(6)(15)
					8,808,529		6,817,568
Blackhawk Network Holdings, Inc.		Data Processing & Outsourced Services
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026	7.81%		4,375,000		4,338,524		3,602,091		(6)
					4,338,524		3,602,091
Boxer Parent Company Inc.		Systems Software
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025	5.24%		6,087,938		6,022,006		5,119,194		(6)
					6,022,006		5,119,194
Cadence Aerospace, LLC		Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash due 11/14/2023	8.28%		13,445,357		13,346,089		12,734,300		(6)(15)
					13,346,089		12,734,300
Canyon Buyer, Inc.		Application Software
First Lien Term Loan, LIBOR+4.25% cash due 2/15/2025	5.71%		5,901,878		5,843,400		5,311,690		(6)
					5,843,400		5,311,690
Chief Power Finance II, LLC		Independent Power Producers & Energy Traders
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022	7.95%		3,412,500		3,338,405		3,218,670		(6)(15)
					3,338,405		3,218,670
CircusTrix Holdings LLC		Leisure Facilities
First Lien Term Loan, LIBOR+5.50% PIK due 12/16/2021			8,102,447		8,066,611		7,280,859		(6)(15)(17)
First Lien Delayed Draw Term Loan, LIBOR+5.50% PIK due 12/16/2021			975,636		960,193		795,329		(6)(14)(15)(17)
					9,026,804		8,076,188
CITGO Petroleum Corp.		Oil & Gas Refining & Marketing
First Lien Term Loan, LIBOR+4.50% cash due 7/29/2021	5.50%		5,906,250		5,895,021		5,551,875		(6)
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	6.00%		5,940,000		5,880,600		5,256,900		(6)
					11,775,621		10,808,775
Commscope, Inc.		Communications Equipment
First Lien Term Loan, LIBOR+3.25% cash due 4/6/2026	4.24%		2,941,609		2,792,194		2,794,529		(6)(9)
					2,792,194		2,794,529
Connect U.S. Finco LLC		Alternative Carriers
First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026	5.49%		10,572,000		10,299,289		8,523,675		(6)(9)
					10,299,289		8,523,675
Continental Intermodal Group LP		Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+8.50% PIK due 1/28/2025			13,059,121		13,059,121		12,210,278		(6)(15)(17)
					13,059,121		12,210,278
Coyote Buyer, LLC		Specialty Chemicals
First Lien Term Loan, LIBOR+6.00% cash due 2/6/2026	7.74%		5,477,733		5,422,956		5,422,956		(6)(15)
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025	7.74%		94,207		84,786		84,786		(6)(14)(15)
					5,507,742		5,507,742
CPI Holdco, LLC		Health Care Supplies
First Lien Term Loan, LIBOR+4.25% cash due 11/4/2026	5.70%		5,924,000		5,899,000		5,213,120		(6)
					5,899,000		5,213,120
CTOS, LLC		Trading Companies & Distributors
First Lien Term Loan, LIBOR+4.25% cash due 4/18/2025	5.00%		8,775,123		8,882,968		7,568,544		(6)
					8,882,968		7,568,544
Curium Bidco S.à.r.l.		Biotechnology
First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026	5.07%		3,980,000		3,950,150		3,781,000		(6)(9)
					3,950,150		3,781,000

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Staples, Inc. Distributors
First Lien Term Loan, LIBOR+4% (1% floor) cash due 9/12/2024 (8)(16) 5.49% $ 8,623,000
$ 8,602,200
$ 8,471,020
8,602,200
8,471,020
Aptos, Inc. Data processing & outsourced services
First Lien Term Loan, LIBOR+6.75% (1% floor) cash due 9/1/2022 (8)(13) 8.44% 5,902,500
5,807,585
5,843,475
5,807,585
5,843,475
Zep Inc. Housewares & specialties
First Lien Term Loan, LIBOR+4% (1% floor) cash due 8/12/2024 (8)(16) 5.38% 4,738,125
4,781,391
4,783,540
4,781,391
4,783,540
All Web Leads, Inc. Advertising
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/29/2020 (8)(13) 8.02% 25,662,846
25,662,845
23,301,864
25,662,845
23,301,864
Allied Universal Holdco, LLC (f/k/a USAGM Holdco, LLC) Security & alarm services
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (8)(16) 5.44% 7,959,494
7,995,399
7,908,513
7,995,399
7,908,513
Internet Pipeline, Inc. Internet software & services
First Lien Term Loan, LIBOR+7.25% (1% floor) cash due 8/4/2022 (8)(13) 8.82% 13,081,433
13,068,600
13,225,798
First Lien Revolver, LIBOR+7.25% (1% floor) cash due 8/4/2021 (8) 8.82% —
8,000
13,068,600
13,233,798
Valet Merger Sub, Inc. Environmental & facilities services
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (8)(13) 8.57% 5,865,000
5,838,310
5,864,905
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (8)(11) 8.57% —
(10,697 ) (13 )
Incremental Term Loan , LIBOR+7% (1% floor) cash due 9/24/2021 (8) 8.57% 8,386,611
8,312,611
8,386,476
14,140,224
14,251,368
DigiCert, Inc. Internet software & services
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 10/21/2021 (8)(16) 6.13% 11,000,000
10,945,000
11,154,660
10,945,000
11,154,660
Lytx, Inc. Research & consulting services
500 Class B Units in Lytx Holdings, LLC —
227,980
500 Class A Units in Lytx Holdings, LLC 292,456
358,382
292,456
586,362
4 Over International, LLC Commercial printing
First Lien Term Loan, LIBOR+6.0% (1% floor) cash due 6/7/2022 (8)(13) 7.57% 5,850,412
5,775,859
5,850,412
First Lien Revolver, LIBOR+6.0% (1% floor) cash due 6/7/2021 (8)(11) 7.57% (502 ) —
5,775,357
5,850,412

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Cypress Intermediate Holdings III, Inc.		Application Software
First Lien Term Loan, LIBOR+2.75% cash due 4/29/2024	3.75%		$	985,467	$	862,283	$	910,497	(6)
					862,283		910,497
Dcert Buyer, Inc.		Internet Services & Infrastructure
First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026	4.99%		9,000,000		8,977,500		8,092,530		(6)
					8,977,500		8,092,530
Dealer Tire, LLC		Distributors
First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025	5.24%		8,779,995		8,702,030		7,302,014		(6)
					8,702,030		7,302,014
The Dun & Bradstreet Corporation		Research & Consulting Services
First Lien Term Loan, LIBOR+4.00% cash due 2/6/2026	4.96%		5,000,000		4,915,567		4,543,750		(6)
					4,915,567		4,543,750
Ellie Mae, Inc.		Application Software
First Lien Term Loan, LIBOR+3.75% cash due 4/17/2026	5.20%		7,462,500		7,422,700		6,557,672		(6)
					7,422,700		6,557,672
EnergySolutions LLC		Environmental & Facilities Services
First Lien Term Loan, LIBOR+3.75% cash due 5/9/2025	5.20%		3,930,000		3,915,557		3,458,400		(6)
					3,915,557		3,458,400
eResearch Technology, Inc.		Application Software
First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027	5.95%		4,000,000		3,960,000		3,548,000		(6)
					3,960,000		3,548,000
Firstlight Holdco, Inc.		Alternative Carriers
First Lien Term Loan, LIBOR+3.50% cash due 7/23/2025	4.49%		7,120,482		7,093,077		5,862,542		(6)
					7,093,077		5,862,542
GFL Environmental Inc.		Environmental & Facilities Services
First Lien Term Loan, LIBOR+3.00% cash due 5/30/2025	4.00%		1,118,000		1,031,676		1,089,586		(6)(9)
					1,031,676		1,089,586
GI Chill Acquisition LLC		Managed Health Care
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025	5.45%		2,984,848		2,962,462		2,581,894		(6)(15)
					2,962,462		2,581,894
GKD Index Partners, LLC		Specialized Finance
First Lien Term Loan, LIBOR+7.00% cash due 6/29/2023	8.45%		8,377,426		8,323,106		8,226,633		(6)(15)
First Lien Revolver, LIBOR+7.00% cash due 6/29/2023	8.12%		355,556		351,432		347,111		(6)(14)(15)
					8,674,538		8,573,744
Global Medical Response		Health Care Services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	5.86%		2,476,005		2,430,073		2,234,595		(6)
					2,430,073		2,234,595
Guidehouse LLP		Research & Consulting Services
First Lien Term Loan, LIBOR+4.50% cash due 5/1/2025	5.49%		2,487,342		2,463,570		2,039,620		(6)
Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026	8.99%		5,000,000		4,980,867		4,325,000		(6)(15)
					7,444,437		6,364,620
Helios Software Holdings, Inc.		Systems Software
First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025	5.32%		3,990,000		3,950,100		3,438,043		(6)
					3,950,100		3,438,043

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Ancile Solutions, Inc. Internet software & services
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (8)(13) 8.69% $ 9,754,628
$ 9,551,186
$ 9,666,837
9,551,186
9,666,837
Curvature, Inc. IT consulting & other services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 10/30/2023 (8)(13)(16) 6.57% 9,900,000
9,848,644
8,514,000
9,848,644
8,514,000
Ministry Brands, LLC Internet software & services
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (8)(13) 6.38% 9,648,871
9,569,908
9,734,153
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (8)(13) 6.38% 4,185,178
4,142,520
4,230,369
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (8)(13) 10.63% 1,568,067
1,548,483
1,575,472
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (8) 10.63% 431,933
426,538
433,973
First Lien Revolver, LIBOR+5% (1% floor) cash due 12/2/2022 (8) 6.57% 100,000
99,139
100,884
15,786,588
16,074,851
Impact Sales, LLC Advertising
First Lien Term Loan B, LIBOR+7% (1% floor) cash due 12/30/2021 (8) 8.33% 3,712,500
3,625,400
3,701,363
First Lien Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (8) 8.33% 170,586
170,586
166,839
3,795,986
3,868,202
Empower Payments Acquisition, Inc. Commercial printing
First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 11/30/2023 (8)(13) 7.19% 6,138,000
6,033,112
6,138,000
6,033,112
6,138,000
First American Payment Systems, L.P. Diversified support services
First Lien Term Loan B, LIBOR+5.75% (1% floor) cash due 1/8/2024 (8)(13)(16) 7.14% 4,106,250
4,071,204
4,131,914
4,071,204
4,131,914
DFT Intermediate LLC Specialized finance
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 3/1/2023 (8)(13) 6.85% 14,887,500
14,567,332
14,779,383
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (8) 7.07% 750,000
733,438
744,553
15,300,770
15,523,936
Onvoy, LLC Integrated telecommunication services
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/10/2024 (8)(13) 6.19% 7,940,000
7,905,112
6,828,400
7,905,112
6,828,400
Salient CRGT, Inc. IT consulting & other services
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (8)(13)(16) 7.32% 6,254,315
6,150,338
6,309,041
6,150,338
6,309,041
MHE Intermediate Holdings, LLC Diversified support services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 3/11/2024 (8)(13) 6.69% 11,745,186
11,535,652
11,745,187
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/10/2023 (8) 6.67% 1,353,038
1,255,454
1,353,038
Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (8) 6.69% 1,868,736
1,792,617
1,868,736
14,583,723
14,966,961

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost			Fair Value			Notes
HNC Holdings, Inc.		Building Products
First Lien Term Loan, LIBOR+4.00% cash due 10/5/2023	5.00%		$	445,449	$	424,290		$	403,131		(6)
					424,290			403,131
iCIMs, Inc.		Application Software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	7.50%		5,572,549		5,488,059			5,341,288			(6)(15)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024			—		(5,567		)	(12,206		)	(6)(14)(15)
					5,482,492			5,329,082
Intelsat Jackson Holdings S.A.		Alternative Carriers
First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023	5.68%		3,399,747		3,290,811			3,151,141			(6)(9)
First Lien Term Loan, LIBOR+4.50% cash due 1/2/2024	6.43%		319,000		288,695			297,308			(6)(9)
					3,579,506			3,448,449
Intrawest Resorts Holdings, Inc.		Leisure Facilities
First Lien Term Loan, LIBOR+2.75% cash due 7/31/2024	3.74%		394,990		337,716			361,416			(6)
					337,716			361,416
KIK Custom Products Inc.		Household Products
First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023	5.00%		5,000,000		5,022,188			4,522,925			(6)(9)
					5,022,188			4,522,925
Lannett Company, Inc.		Pharmaceuticals
First Lien Term Loan, LIBOR+5.38% cash due 11/25/2022	6.38%		7,031,897		7,042,185			6,258,388			(6)(9)
					7,042,185			6,258,388
Lightbox Intermediate, L.P.		Real Estate Services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	5.80%		9,925,000		9,794,418			8,684,375			(6)(15)
					9,794,418			8,684,375
McAfee, LLC		Systems Software
First Lien Term Loan, LIBOR+3.75% cash due 9/30/2024	4.69%		6,745,069		6,637,857			6,374,090			(6)
					6,637,857			6,374,090
MHE Intermediate Holdings, LLC		Diversified Support Services
First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024	6.07%		11,478,923		11,347,798			11,169,038			(6)(15)
First Lien Revolver, LIBOR+5.00% cash due 3/10/2023	6.00%		5,123,153		4,894,206			4,981,302			(6)(14)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024	6.45%		2,337,483		2,364,118			2,274,381			(6)(15)
					18,606,122			18,424,721
Mindbody, Inc.		Internet Services & Infrastructure
First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025	8.00%		9,047,619		8,900,611			8,369,048			(6)(15)
First Lien Revolver, LIBOR+7.00% cash due 2/14/2025	8.07%		952,381		936,906			880,952			(6)(15)
					9,837,517			9,250,000
Ministry Brands, LLC		Application Software
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022	6.45%		57,500		56,639			56,758			(6)(14)(15)
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023	10.51%		1,568,067		1,556,611			1,556,438			(6)(15)
Second Lien Delayed Draw Term Loan, LIBOR+9.25% cash due 6/2/2023	10.51%		431,933		425,935			428,730			(6)(15)
					2,039,185			2,041,926
MRI Software LLC		Application Software
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.57%		5,316,241		5,265,427			4,731,878			(6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026			—		(5,835		)	(111,564		)	(6)(14)(15)
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026	6.57%		264,127		258,844			203,378			(6)(14)(15)
					5,518,436			4,823,692
OEConnection LLC		Application Software
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	5.45%		7,725,249		7,686,623			6,238,139			(6)
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026			—		(3,542		)	(141,667		)	(6)(14)
					7,683,081			6,096,472

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Paris Presents Incorporated Personal Products
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 12/31/2020 (8)(13) 6.57% $ 3,126,008
$ 3,101,186
$ 3,126,009
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 12/31/2021 (8)(13) 10.32% 3,500,000
3,441,311
3,482,500
6,542,497
6,608,509
PSI Services LLC Human Resource & Employment Services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 1/20/2023 (8)(13) 6.33% 6,736,979
6,649,112
6,676,347
6,649,112
6,676,347
MHVC Acquisition Corp. Aerospace & Defense
First Lien Term Loan B, LIBOR+5.25% (1% floor) cash due 4/25/2024 (8)(13)(16) 6.95% 6,467,500
6,438,297
6,548,376
6,438,297
6,548,376
Imagine! Print Solutions, LLC Advertising
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 6/21/2022 (8)(16) 6.45% 4,952,525
4,908,085
4,853,475
4,908,085
4,853,475
Veritas US Inc. Internet software & services
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 1/27/2023 (8)(16) 6.19% 13,041,836
13,181,069
13,089,438
13,181,069
13,089,438
UOS, LLC Trucking
First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 4/18/2023 (8)(16) 7.07% 7,969,975
8,152,865
8,159,262
8,152,865
8,159,262
Accudyne Industries, LLC Oil & gas equipment & services
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 8/18/2024 (8)(16) 5.14% 13,965,000
14,019,903
14,085,029
14,019,903
14,085,029
Truck Hero, Inc. Auto parts & equipment
First Lien Term Loan, LIBOR+4% (1% floor) cash due 4/22/2024 (8)(16) 5.64% 5,842,640
5,856,506
5,850,878
5,856,506
5,850,878
Alphabet Holding Company, Inc. Healthcare distributors
First Lien Term Loan, LIBOR+3.5% (1% floor) cash due 9/26/2024 (8)(16) 5.07% 4,987,500
4,963,329
4,837,875
4,963,329
4,837,875
McAfee, LLC Internet software & services
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (8)(16) 6.07% 6,982,500
6,914,978
6,970,036
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 9/29/2025 (8)(16) 10.07% 2,000,000
2,012,500
2,010,010
8,927,478
8,980,046
99 Cents Only Stores General merchandise stores
First Lien Term Loan, LIBOR+5.0% (1% floor) cash 1.5% PIK due 01/13/2022 (8)(16) 6.48% 1,998,263
1,820,550
1,945,809
1,820,550
1,945,809

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Olaplex, Inc.		Personal Products
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026	7.50%		$	9,000,000	$	8,826,898	$	8,415,000	(6)(15)
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025	7.50%		972,000		953,454		908,820		(6)(15)
					9,780,352		9,323,820
Onvoy, LLC		Integrated Telecommunication Services
First Lien Term Loan, LIBOR+4.50% cash due 2/10/2024	5.50%		3,840,808		3,830,168		3,043,840		(6)
					3,830,168		3,043,840
PaySimple, Inc.		Data Processing & Outsourced Services
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025	6.46%		7,512,250		7,376,353		6,836,148		(6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/23/2025	6.48%		1,651,259		1,604,479		1,430,919		(6)(14)(15)
					8,980,832		8,267,067
Peraton Corp.		Aerospace & Defense
First Lien Term Loan, LIBOR+5.25% cash due 4/29/2024	6.87%		6,321,250		6,302,913		5,910,369		(6)
					6,302,913		5,910,369
Petsmart, Inc.		Specialty Stores
First Lien Term Loan, LIBOR+4.00% cash due 3/11/2022	5.00%		677,000		609,300		651,024		(6)
					609,300		651,024
Prairie ECI Acquiror LP		Oil & Gas Storage & Transportation
First Lien Term Loan, LIBOR+4.75% cash due 3/11/2026	6.49%		7,500,000		7,425,000		3,937,500		(6)(15)
					7,425,000		3,937,500
ProFrac Services, LLC		Industrial Machinery
First Lien Term Loan, LIBOR+6.25% cash due 9/15/2023	8.14%		8,838,889		8,777,633		7,734,028		(6)(15)
					8,777,633		7,734,028
Project Boost Purchaser, LLC		Application Software
First Lien Term Loan, LIBOR+3.50% cash due 6/1/2026	4.49%		2,786,000		2,758,140		2,349,517		(6)
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027	8.99%		1,500,000		1,500,000		1,162,500		(6)(15)
					4,258,140		3,512,017
Quikrete Holdings, Inc.		Construction Materials
First Lien Term Loan, LIBOR+2.50% cash due 2/1/2027	3.49%		3,555,090		3,284,014		3,288,458		(6)
					3,284,014		3,288,458
Recorded Books Inc.		Publishing
First Lien Term Loan, LIBOR+4.25% cash due 8/29/2025	4.95%		12,337,437		12,229,024		10,918,631		(6)
					12,229,024		10,918,631
RevSpring, Inc.		Commercial Printing
First Lien Term Loan, LIBOR+4.00% cash due 10/11/2025	5.45%		9,875,000		9,855,299		8,566,563		(6)(15)
					9,855,299		8,566,563
Sabert Corporation		Metal & Glass Containers
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50%		2,900,000		2,871,000		2,697,000		(6)
					2,871,000		2,697,000
Salient CRGT, Inc.		Aerospace & Defense
First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022	7.57%		5,650,744		5,607,870		4,661,863		(6)(15)
					5,607,870		4,661,863
Signify Health, LLC		Health Care Services
First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	5.95%		10,780,000		10,705,507		9,055,200		(6)
					10,705,507		9,055,200
Sirva Worldwide, Inc.		Diversified Support Services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	6.49%		7,750,000		7,633,750		5,812,500		(6)
					7,633,750		5,812,500

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Windstream Services LLC (7) Integrated telecommunication services
First Lien Term Loan B6, LIBOR+4.0% (0.75% floor) cash due 03/29/2021 (8)(13)(16) 5.50% $ 7,460,376
$ 7,116,628
$ 7,029,875
7,116,628
7,029,875
Vine Oil & Gas LP Oil & gas exploration & production
First Lien Term Loan B, LIBOR+6.875% (1% floor) cash due 11/25/2021 (8)(13)(16) 8.44% 10,000,000
9,913,159
9,925,000
9,913,159
9,925,000
Uniti Group LP (7) Specialized REITs
First Lien Term Loan B, LIBOR+3.0% (1% floor) cash due 10/24/2022 (8)(13)(16) 4.57% 4,987,406
4,841,845
4,830,003
4,841,845
4,830,003
Cadence Aerospace LLC (7) Aerospace & defense
First Lien Term Loan, LIBOR+6.5% cash due 10/27/2023 (8) 7.37% 9,088,235
8,999,320
8,997,353
8,999,320
8,997,353
Avantor Inc. Commodity chemicals
First Lien Term Loan, LIBOR+4.0% (1% floor) cash due 11/21/2024 (8)(13)(16) 5.51% 10,000,000
9,991,297
10,059,400
9,991,297
10,059,400
CenturyLink, Inc. (7) Alternative carriers
First Lien Term Loan B, LIBOR+2.75% cash due 1/31/2025 (8)(13)(16) 4.32% 5,000,000
4,806,250
4,831,250
4,806,250
4,831,250
Intelsat Jackson Holding (7) Alternative carriers
First Lien Term Loan B3, LIBOR+3.75% (1% floor) cash due 11/27/2023 (8)(16) 5.13% 5,000,000
4,937,500
4,906,250
4,937,500
4,906,250
Michaels Stores, Inc. (7) Specialty stores
First Lien Term Loan B1, LIBOR+2.75% (1% floor) cash due 1/30/2023 (8)(13)(16) 4.21% 3,000,000
2,977,500
3,004,020
2,977,500
3,004,020
Rite Aid Corporation (7) Drug retail
Second Lien Term Loan 1, LIBOR+4.75% (1% floor) cash due 8/21/2020 (8)(13)(16) 6.24% 2,000,000
2,017,500
2,010,840
Second Lien Term Loan 2, LIBOR+3.88% (1% floor) cash due 6/21/2021 (8)(13)(16) 5.37% 2,000,000
2,012,500
2,007,500
4,030,000
4,018,340
Avaya Inc. (7) Communications equipment
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 11/09/2024 (8)(13)(16) 6.23% 15,000,000
14,812,970
14,789,100
14,812,970
14,789,100
Asset International, Inc. Research & consulting services
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 12/29/2024 (8)(13) 6.19% 14,000,000
13,720,438
13,720,000
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 12/29/2022 (8) 6.19% 625,000
562,637
562,500
14,283,075
14,282,500
KIK Custom Products Inc. (7) Household products
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 8/26/2022 (8)(13)(16) 6.17% 5,000,000
5,037,500
5,040,000
5,037,500
5,040,000

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Sophia, L.P.		Systems Software
First Lien Term Loan, LIBOR+3.25% cash due 9/30/2022	4.70%		$	1,333,213	$	1,331,159	$	1,279,885	(6)
					1,331,159		1,279,885
Star US Bidco LLC		Industrial Machinery
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027	5.94%		4,632,000		4,585,680		4,029,840		(6)
					4,585,680		4,029,840
Sunshine Luxembourg VII SARL		Personal Products
First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026	5.32%		5,052,338		4,857,139		4,597,627		(6)(9)
					4,857,139		4,597,627
Supermoose Borrower, LLC		Application Software
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	5.20%		1,490,634		1,400,749		1,201,451		(6)
					1,400,749		1,201,451
Thunder Finco (US), LLC		Movies & Entertainment
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.24%		6,000,000		5,940,000		4,695,000		(6)(9)(15)
					5,940,000		4,695,000
TIBCO Software Inc.		Application Software
First Lien Term Loan, LIBOR+3.75% cash due 6/30/2026	4.74%		7,949,846		7,939,036		7,552,354		(6)
					7,939,036		7,552,354
Trident Topco LLC		Health Care Services
58.99 Class A Warrants (exercise price $156.164) expiration date 3/20/2021					—		—		(15)
					—		—
Truck Hero, Inc.		Auto Parts & Equipment
First Lien Term Loan, LIBOR+3.75% cash due 4/22/2024	4.74%		5,710,520		5,719,294		4,402,811		(6)
					5,719,294		4,402,811
Turbocombustor Technology, Inc.		Aerospace & Defense
First Lien Term Loan, LIBOR+4.50% cash due 12/2/2020	5.50%		808,380		738,358		711,375		(6)
					738,358		711,375
Uber Technologies, Inc.		Application Software
First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025	5.00%		3,294,272		3,227,491		3,099,349		(6)(9)
					3,227,491		3,099,349
UFC Holdings, LLC		Movies & Entertainment
First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026	4.25%		5,489,095		5,418,314		4,892,156		(6)
					5,418,314		4,892,156
Veritas US Inc.		Application Software
First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023	5.95%		12,002,351		12,073,989		10,397,037		(6)
					12,073,989		10,397,037
Verscend Holding Corp.		Health Care Technology
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025	5.49%		11,891,244		11,790,195		11,296,682		(6)
					11,790,195		11,296,682
WeddingWire, Inc.		Interactive Media & Services
First Lien Term Loan, LIBOR+4.50% cash due 12/19/2025	5.95%		7,900,000		7,867,414		6,912,500		(6)
					7,867,414		6,912,500
Windstream Services, LLC		Integrated Telecommunication Services
First Lien Term Loan, PRIME+4.00% cash due 3/29/2021	7.25%		2,775,040		2,730,474		1,956,403		(6)(9)(15)
					2,730,474		1,956,403
WP CPP Holdings, LLC		Aerospace & Defense
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025	5.53%		4,433,482		4,425,066		3,380,530		(6)
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026	9.53%		1,000,000		992,094		686,670		(6)(15)
					5,417,160		4,067,200

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

~~December~~March 31, ~~2017~~2020

(unaudited)

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Indivior Finance Sarl (7) Pharmaceuticals
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 12/19/2022 (8)(13)(16) 6.11% $ 8,500,000
$ 8,457,500
$ 8,542,500
8,457,500
8,542,500
SUPERVALU Inc. (7) Food retail
First Lien Term Loan B, LIBOR+3.5% (1% floor) cash due 6/08/2024 (8)(16) 5.07% 4,000,000
3,920,000
3,920,000
3,920,000
3,920,000
Tribe Buyer LLC Human resource & employment services
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/16/2024 (8)(13)(16) 5.68% 3,000,000
2,992,500
3,039,375
2,992,500
3,039,375
Chloe Ox Parent LLC Health care services
First Lien Term Loan B, LIBOR+5.0% (1% floor) cash due 12/14/2024 (8)(13)(16) 6.64% 13,000,000
12,870,000
13,048,750
12,870,000
13,048,750
Total Non-Control/Non-Affiliate Investments (166.7% of net assets) 495,206,582
483,217,174
Total Portfolio Investments (186.7% of net assets) 584,320,098
541,408,333
Cash and Cash Equivalents
Wells Fargo Bank Institutional Money Market Fund
34,173,201
34,173,201
Other cash accounts 5,802,299
5,802,299
Total Cash and Cash Equivalents (13.8% of net assets) 39,975,500
39,975,500
Total Portfolio Investments, Cash and Cash Equivalents (200.5% of net assets) $ 624,295,598
$ 581,383,833

~~See notes to Consolidated Financial Statements.~~



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Zep Inc.		Specialty Chemicals
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024	5.07%		$	4,631,250	$	4,659,270	$	3,126,094	(6)
					4,659,270		3,126,094
Zephyr Bidco Limited		Specialized Finance
First Lien Term Loan, UK LIBOR+4.50% cash due 7/23/2025	4.74%		£	3,000,000	4,000,497		3,115,374		(6)(9)
					4,000,497		3,115,374
Total Non-Control/Non-Affiliate Investments (230.3% of net assets)					$	546,774,334	$	486,545,381
Total Portfolio Investments (248.2% of net assets)					$	619,931,637	$	524,379,311
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares					$	2,122,887	$	2,122,887
Other cash accounts					29,129,954		29,129,954
Cash and Cash Equivalents and Restricted Cash (14.8% of net assets)					$	31,252,841	$	31,252,841
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (263.0% of net assets)					$	651,184,478	$	555,632,152

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~December 31, 2017~~

~~(unaudited)~~



Derivatives Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	3,400,626	£	2,482,500	8/18/2020	JPMorgan Chase Bank, N.A.	$	316,967


(1)	All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.


(2)	See Note 3 ~~in the accompanying notes~~ to the Consolidated Financial Statements for portfolio composition by geographic region.

(3)

~~Control Investments generally are defined by~~Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the ~~Investment Company Act of 1940, as amended ("1940 Act"), as investments~~original credit agreements or permanent in ~~companies in which the Company owns more than 25% of the voting securities~~nature per loan amendment or ~~maintains greater than 50% of the board representation.~~waiver documents.


(4)	~~Affiliate Investments generally are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25%~~Each of the ~~voting securities.~~Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.


(5)	~~Principal includes accumulated payment~~Equity ownership may be held in ~~kind ("PIK") interest and is net~~shares or units of ~~repayments, if any.~~companies related to the portfolio companies.


(6)	~~Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.~~

~~(7)~~

Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2017, qualifying assets represented 75.6% of the Company's total assets and non-qualifying assets represented 24.4% of the Company's total assets.

~~(8)~~

The interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate ("LIBOR") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of March 31, 2020, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.99%, the 60-day LIBOR at 1.26%, the 90-day LIBOR at 1.45%, the 180-day LIBOR at 1.07%, the PRIME at 3.25% and the 30-day UK LIBOR at 0.24%. Most loans include an interest floor, which generally ranges from 0% to 1%.


(7)	Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars.


(8)	Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(9)

~~Interest rates~~Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may ~~be adjusted from period to period on certain term loans~~not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2020, qualifying assets represented 83.2% of the Company's total assets and ~~revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in~~non-qualifying assets represented 16.8% of the ~~original credit agreements or permanent in nature per loan amendment or waiver documents.~~Company's total assets.


(10)	Each of the Company's investments is pledged as collateral under one or more of its credit facilities or its debt securitization. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.


~~(11)~~	Investment has 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.

~~(12)~~

As defined in the ~~1940~~Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.


~~(13)~~	~~Investment pledged as collateral under the Company's 2015 Debt Securitization (as defined in Note 6 -Borrowings), in whole or in part.~~


~~(14)~~	~~Equity ownership may be held in shares or units of companies related to the portfolio companies.~~


~~(15)~~(11)	See Note 3 to the Consolidated Financial Statements for portfolio composition.

~~(16)~~(12)

As of December 31, 2017, these investments are categorized as Level 2 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, ~~Fair Value Measurements and Disclosures~~ ("ASC 820"). All other investments, with the exception of investments valued using net asset value as a practical expedient, are categorized as Level 3 as of December 31, 2017 and were valued using significant unobservable inputs.


~~(17)~~	~~This investment was on cash non-accrual status as of December 31, 2017. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.~~


~~(18)~~	This investment was valued using net asset value as a practical expedient for fair value. Consistent with ~~FASB~~Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosure ("ASC ~~820,~~820"), these investments are excluded from the hierarchical levels.

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

March 31, 2020

(unaudited)


(13)	Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.


(14)	Investment has 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.


(15)	As of March 31, 2020, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820.


(16)	This investment was placed on cash non-accrual status as of March 31, 2020. Cash non-accrual is inclusive of PIK and other non-cash income, where applicable.


(17)	During the quarter ended March 31, 2020, this portfolio company modified its scheduled interest payment to PIK.

See notes to Consolidated Financial Statements.

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

September 30, ~~2017~~2019

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Control Investments (3)
FSFR Glick JV LLC (7)(12)(15) Multi-sector holdings
Subordinated Note, LIBOR+8% cash due 10/20/2021 (8) 9.23% $ 64,228,881
$ 64,228,881
$ 57,606,674
87.5% equity interest (17) 7,111,751
—
71,340,632
57,606,674
Total Control Investments (19.6% of net assets) $ 71,340,632
$ 57,606,674
Affiliate Investments (4)
Ameritox Ltd. Healthcare services
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (8)(13)(18) 6.33% 8,071,313
$ 7,906,087
$ 935,913
3,309,873.6 Class A Preferred Units in Ameritox Holdings II, LLC 3,309,874
—
327,393.6 Class B Preferred Units in Ameritox Holdings II, LLC 327,394
—
1,007.36 Class A Units in Ameritox Holdings II, LLC 5,935,698
—
17,479,053
935,913
Total Affiliate Investments (0.3% of net assets) $ 17,479,053
$ 935,913

Non-Control/Non-Affiliate Investments (6)
Triple Point Group Holdings, Inc. Application software
First Lien Revolver, LIBOR+4.25% (1% floor) cash due 7/10/2018 (8)(11) 5.25% $ —
$ (437,932 )
—
(437,932 )
New Trident Holdcorp, Inc. Healthcare services
First Lien Term Loan B, LIBOR+5.75% (1.25% floor) cash due 7/31/2019 (8)(13)(16) 7.08% 13,552,077
13,285,041
9,757,495
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 7/31/2020 (8)(16)(18) 10.83% 1,000,000
950,590
50,000
14,235,631
9,807,495
Survey Sampling International, LLC Research & consulting services
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/16/2020 (8)(13) 6.27% 5,668,523
5,642,223
5,583,495
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (8) 10.27% 1,000,000
988,095
990,000
6,630,318
6,573,495
Maxor National Pharmacy Services, LLC Pharmaceuticals
First Lien Term Loan, LIBOR+4.75% (1.25% floor) cash due 1/31/2020 (8)(13) 6.08% 9,068,650
9,068,650
9,038,634
9,068,650
9,038,634
NextCare, Inc. Healthcare services
Senior Term Loan, LIBOR+6% (1% floor) cash due 7/31/2018 (8)(13) 7.24% 6,957,971
6,957,970
6,667,987
Delayed Draw Term Loan, LIBOR+6% (1% floor) cash due 7/31/2018 (8) 7.24% 1,393,853
1,393,853
1,322,900
8,351,823
7,990,887
Aptean, Inc. Application software
First Lien Term Loan, LIBOR+4.25% (1% floor) cash due 12/20/2022 (8)(13) 5.59% 11,243,500
11,170,440
11,323,161
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 12/20/2023 (8) 10.84% 200,000
197,320
201,750
11,367,760
11,524,911
Stratus Technologies, Inc. Computer hardware
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/28/2021 (8)(13) 6.24% 1,315,119
1,279,988
1,324,983
1,279,988
1,324,983



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost			Fair Value			Notes
Control Investments											(8)
OCSI Glick JV LLC		Multi-sector holdings									(10)(11)
Subordinated Note, LIBOR+6.50% cash due 10/20/2021	8.89%		$	66,077,912	$	66,077,913		$	54,326,418		(6)(9)(14)(15)
87.5% equity interest					7,111,751			—			(9)(12)(14)
					73,189,664			54,326,418
Total Control Investments (19.1% of net assets)					$	73,189,664		$	54,326,418

Non-Control/Non-Affiliate Investments											(13)
4 Over International, LLC		Commercial printing
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022	8.04%		$	5,612,060	$	5,547,000		$	5,504,869		(6)(15)
First Lien Revolver, PRIME+5.00% cash due 6/7/2021	10.00%		7,823		7,321			6,516			(6)(14)(15)
					5,554,321			5,511,385
99 Cents Only Stores LLC		General merchandise stores
First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/2022	7.10%		1,626,953		1,549,641			1,425,618			(6)
					1,549,641			1,425,618
Access CIG, LLC		Diversified support services
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025	6.07%		5,462,360		5,417,080			5,404,350			(6)
					5,417,080			5,404,350
AI Ladder (Luxembourg) Subco S.a.r.l.		Electrical components & equipment
First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025	6.60%		6,525,584		6,363,049			6,009,639			(6)(9)
					6,363,049			6,009,639
Air Medical Group Holdings, Inc.		Healthcare services
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025	6.29%		2,488,670		2,437,830			2,337,272			(6)
					2,437,830			2,337,272
Airxcel, Inc.		Household appliances
First Lien Term Loan, LIBOR+4.50% cash due 4/28/2025	6.54%		6,912,500		6,857,242			6,661,922			(6)
					6,857,242			6,661,922
AL Midcoast Holdings LLC		Oil & gas storage & transportation
First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025	7.60%		564,300		558,657			556,541			(6)
					558,657			556,541
Aldevron, L.L.C.		Biotechnology
First Lien Term Loan, LIBOR+4.25% cash due 9/20/2026	6.36%		4,000,000		3,960,000			4,020,000			(6)
					3,960,000			4,020,000
All Web Leads, Inc.		Advertising
First Lien Term Loan, LIBOR+7.50% cash due 12/29/2020	9.62%		24,102,647		24,102,621			20,960,795			(6)(15)
					24,102,621			20,960,795
Allen Media, LLC		Movies & entertainment
First Lien Term Loan, LIBOR+6.50% cash due 8/30/2023	8.60%		4,809,488		4,714,403			4,653,180			(6)(15)
					4,714,403			4,653,180
Ancile Solutions, Inc.		Application software
First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021	9.10%		8,299,803		8,184,777			8,133,807			(6)(15)
					8,184,777			8,133,807
Apptio, Inc.		Application software
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025	9.56%		10,693,944		10,502,939			10,496,106			(6)(15)
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025			—		(12,179		)	(12,808		)	(6)(14)(15)
					10,490,760			10,483,298

~~See notes to~~

Oaktree Strategic Income Corporation

Consolidated ~~Financial Statements.~~Schedule of Investments

September 30, 2019



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Aptos, Inc.		Computer & electronics retail
First Lien Term Loan, LIBOR+5.50% cash due 7/23/2025	7.70%		$	10,917,500	$	10,808,325	$	10,781,031	(6)(15)
					10,808,325		10,781,031
Avaya, Inc.		Communications equipment
First Lien Term Loan, LIBOR+4.25% cash due 12/15/2024	6.28%		9,825,000		9,740,555		9,361,407		(6)
					9,740,555		9,361,407
Ball Metalpack Finco, LLC		Metal & glass containers
First Lien Term Loan, LIBOR+4.50% cash due 7/31/2025	6.62%		8,887,500		8,850,147		8,387,578		(6)(15)
					8,850,147		8,387,578
Blackhawk Network Holdings, Inc.		Data processing & outsourced services
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026	9.06%		4,375,000		4,335,578		4,380,491		(6)
					4,335,578		4,380,491
Boxer Parent Company Inc.		Systems software
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025	6.29%		6,118,763		6,051,218		5,899,007		(6)
					6,051,218		5,899,007
Cadence Aerospace LLC		Aerospace & defense
First Lien Term Loan, LIBOR+6.50% cash due 11/14/2023	8.54%		13,514,012		13,406,773		13,277,761		(6)(15)
					13,406,773		13,277,761
Canyon Buyer, Inc.		Application software
First Lien Term Loan, LIBOR+4.25% cash due 2/15/2025	6.36%		8,931,990		8,834,396		8,887,330		(6)
					8,834,396		8,887,330
Cast & Crew Payroll, LLC		Application software
First Lien Term Loan, LIBOR+4.00% cash due 2/9/2026	6.05%		4,975,000		4,925,250		5,018,531		(6)
					4,925,250		5,018,531
Cincinnati Bell Inc.		Integrated telecommunication services
First Lien Term Loan, LIBOR+3.25% cash due 10/2/2024	5.29%		4,893,420		4,879,432		4,888,649		(6)(9)
					4,879,432		4,888,649
CircusTrix Holdings LLC		Leisure facilities
First Lien Term Loan, LIBOR+5.50% cash due 12/16/2021	7.54%		8,072,229		8,025,765		8,014,503		(6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/16/2021	7.54%		971,967		966,372		965,016		(6)(15)
					8,992,137		8,979,519
CITGO Petroleum Corp.		Oil & gas refining & marketing
First Lien Term Loan, LIBOR+4.50% cash due 7/29/2021	6.60%		5,937,500		5,921,943		5,963,505		(6)
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	7.10%		5,970,000		5,910,301		6,007,313		(6)
					11,832,244		11,970,818
Connect U.S. Finco LLC		Alternative carriers
First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026	7.10%		10,000,000		9,800,000		9,860,150		(6)(9)
					9,800,000		9,860,150
Curium Bidco S.à r.l.		Biotechnology
First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026	6.10%		4,000,000		3,970,000		4,020,000		(6)(9)
					3,970,000		4,020,000
Curvature, Inc.		IT consulting & other services
First Lien Term Loan, LIBOR+5.00% cash due 10/30/2023	7.04%		9,725,000		9,683,496		7,974,500		(6)
					9,683,496		7,974,500

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

September 30, 2019



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost			Fair Value			Notes
Dcert Buyer, Inc.		Internet services & infrastructure
First Lien Term Loan, LIBOR+4.00% cash due 8/8/2026	6.26%		$	9,000,000	$	8,977,500		$	8,983,125		(6)
					8,977,500			8,983,125
DigiCert, Inc.		Internet services & infrastructure
First Lien Term Loan, LIBOR+4.00% cash due 10/31/2024	6.04%		10,631,986		10,611,348			10,629,753			(6)
					10,611,348			10,629,753
Ellie Mae, Inc.		Application software
First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026	6.04%		6,500,000		6,467,500			6,518,980			(6)
					6,467,500			6,518,980
EnergySolutions LLC		Environmental & facilities services
First Lien Term Loan, LIBOR+3.75% cash due 5/9/2025	5.85%		3,950,000		3,934,058			3,703,125			(6)
					3,934,058			3,703,125
Femur Buyer, Inc.		Healthcare equipment
First Lien Term Loan, LIBOR+4.25% cash due 3/5/2026	6.38%		8,977,500		8,887,725			8,994,333			(6)
					8,887,725			8,994,333
Firstlight Holdco, Inc.		Alternative carriers
First Lien Term Loan, LIBOR+3.50% cash due 7/23/2025	5.54%		7,156,627		7,126,483			7,098,479			(6)
					7,126,483			7,098,479
Frontier Communications Corporation		Integrated telecommunication services
First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024	5.80%		1,488,579		1,450,620			1,488,050			(6)(9)
					1,450,620			1,488,050
Gentiva Health Services, Inc.		Healthcare services
First Lien Term Loan, LIBOR+3.75% cash due 7/2/2025	5.81%		3,989,924		3,985,062			4,017,355			(6)
					3,985,062			4,017,355
GKD Index Partners, LLC		Specialized finance
First Lien Term Loan, LIBOR+7.25% cash due 6/29/2023	9.35%		8,616,315		8,551,811			8,503,011			(6)(15)
First Lien Revolver, LIBOR+7.25% cash due 6/29/2023			—		(3,327		)	(5,844		)	(6)(14)(15)
					8,548,484			8,497,167
GoodRx, Inc.		Interactive media & services
First Lien Term Loan, LIBOR+2.75% cash due 10/10/2025	4.81%		3,925,963		3,917,442			3,930,871			(6)
					3,917,442			3,930,871
Guidehouse LLP		Research & consulting services
Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026	9.54%		5,000,000		4,979,290			4,937,500			(6)
					4,979,290			4,937,500
iCIMs, Inc.		Application software
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024	8.56%		5,572,549		5,478,546			5,479,203			(6)(15)
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024			—		(4,852		)	(4,927		)	(6)(14)(15)
					5,473,694			5,474,276
Indivior Finance S.a.r.l.		Pharmaceuticals
First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022	6.76%		5,368,935		5,344,971			4,943,903			(6)(9)
					5,344,971			4,943,903
Kellermeyer Bergensons Services, LLC		Environmental & facilities services
Second Lien Term Loan, LIBOR+8.50% cash due 4/29/2022	10.77%		280,000		280,000			272,300			(6)(15)
					280,000			272,300
KIK Custom Products Inc.		Household products
First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023	6.26%		5,000,000		5,025,753			4,756,250			(6)(9)
					5,025,753			4,756,250
Lannett Company, Inc.		Pharmaceuticals
First Lien Term Loan, LIBOR+5.38% cash due 11/25/2022	7.42%		7,269,303		7,281,949			7,138,455			(6)(9)
					7,281,949			7,138,455

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

September 30, 2019



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost			Fair Value			Notes
Lightbox Intermediate, L.P.		Real estate services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026	7.05%		$	9,975,000	$	9,832,986		$	9,875,250		(6)(15)
					9,832,986			9,875,250
Lytx Holdings, LLC		Research & consulting services
500 Class B Units					—			293,339			(15)
					—			293,339
McAfee, LLC		Systems software
First Lien Term Loan, LIBOR+3.75% cash due 9/30/2024	5.79%		8,138,690		8,082,911			8,166,891			(6)
					8,082,911			8,166,891
McDermott Technology (Americas), Inc.		Oil & gas equipment & services
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025	7.10%		642,238		631,923			410,497			(6)(9)
					631,923			410,497
MHE Intermediate Holdings, LLC		Diversified support services
First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024	7.10%		11,538,092		11,389,771			11,307,331			(6)(15)
First Lien Revolver, LIBOR+5.00% cash due 3/10/2023	7.09%		788,177		559,231			683,087			(6)(14)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024	7.10%		2,349,480		2,376,251			2,302,490			(6)(15)
					14,325,253			14,292,908
Mindbody, Inc.		Internet services & infrastructure
First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025	9.06%		9,047,619		8,885,497			8,875,714			(6)(15)
First Lien Revolver, LIBOR+7.00% cash due 2/14/2025			—		(17,065		)	(18,095		)	(6)(14)(15)
					8,868,432			8,857,619
Ministry Brands, LLC		Application software
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023	11.34%		1,568,067		1,554,797			1,568,067			(6)(15)
Second Lien Delayed Draw Term Loan, LIBOR+9.25% cash due 6/2/2023	11.34%		431,933		428,278			431,933			(6)(15)
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022	7.04%		20,000		19,139			20,000			(6)(14)(15)
					2,002,214			2,020,000
New Trident Holdcorp, Inc.		Healthcare services
58.99 Class A Warrants (exercise price $156.164) expiration date 3/20/2021					—			—			(15)
					—			—
OCI Beaumont LLC		Commodity chemicals
First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025	6.10%		4,925,000		4,920,165			4,931,156			(6)(9)
					4,920,165			4,931,156
OEConnection LLC		Application software
First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026	6.13%		7,768,817		7,729,973			7,754,251			(6)
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026			—		(3,656		)	(1,371		)	(6)(14)
					7,726,317			7,752,880
Onvoy, LLC		Integrated telecommunication services
First Lien Term Loan, LIBOR+4.50% cash due 2/10/2024	6.54%		3,860,606		3,848,514			3,238,083			(6)
					3,848,514			3,238,083
PaySimple, Inc.		Data processing & outsourced services
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025	7.55%		7,550,000		7,400,733			7,436,750			(6)(15)
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/23/2025			—		(48,438		)	(36,750		)	(6)(14)(15)
					7,352,295			7,400,000
Peraton Corp.		Aerospace & defense
First Lien Term Loan, LIBOR+5.25% cash due 4/29/2024	7.30%		6,353,750		6,333,030			6,306,097			(6)
					6,333,030			6,306,097

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

September 30, 2019



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
ProFrac Services, LLC		Industrial machinery
First Lien Term Loan, LIBOR+6.25% cash due 9/15/2023	8.66%		$	9,394,444	$	9,319,898	$	9,206,556	(6)(15)
					9,319,898		9,206,556
Project Boost Purchaser, LLC		Application software
First Lien Term Loan, LIBOR+3.50% cash due 6/1/2026	5.54%		2,800,000		2,772,000		2,785,650		(6)
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027	10.14%		1,500,000		1,500,000		1,500,000		(6)(15)
					4,272,000		4,285,650
PSI Services LLC		Human resource & employment services
First Lien Term Loan, LIBOR+5.00% cash due 1/20/2023	7.04%		6,601,580		6,545,627		6,555,342		(6)(15)
					6,545,627		6,555,342
Recorded Books Inc.		Publishing
First Lien Term Loan, LIBOR+4.50% cash due 8/29/2025	6.54%		10,395,000		10,291,050		10,421,039		(6)
					10,291,050		10,421,039
RevSpring, Inc.		Commercial printing
First Lien Term Loan, LIBOR+4.00% cash due 10/11/2025	6.04%		9,925,000		9,903,404		9,866,095		(6)(15)
					9,903,404		9,866,095
Salient CRGT, Inc.		Aerospace & defense
First Lien Term Loan, LIBOR+6.00% cash due 2/28/2022	8.05%		5,731,994		5,676,942		5,445,395		(6)(15)
					5,676,942		5,445,395
Signify Health, LLC		Healthcare services
First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	6.60%		10,835,000		10,752,193		10,821,456		(6)
					10,752,193		10,821,456
Sirva Worldwide, Inc.		Diversified support services
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025	7.54%		7,850,000		7,732,250		7,614,500		(6)
					7,732,250		7,614,500
Sophia, L.P.		Systems software
First Lien Term Loan, LIBOR+3.25% cash due 9/30/2022	5.35%		1,398,788		1,396,201		1,400,830		(6)
					1,396,201		1,400,830
StandardAero Aviation Holdings Inc.		Aerospace & defense
First Lien Term Loan, LIBOR+4.00% cash due 4/6/2026	6.10%		2,000,000		1,997,545		2,011,870		(6)
					1,997,545		2,011,870
Sunshine Luxembourg VII SARL		Personal products
First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026	6.59%		3,000,000		2,985,000		3,017,820		(6)(9)
					2,985,000		3,017,820
The Dun & Bradstreet Corporation		Research & consulting services
First Lien Term Loan, LIBOR+5.00% cash due 2/6/2026	7.05%		5,000,000		4,908,337		5,037,050		(6)
					4,908,337		5,037,050
TIBCO Software Inc.		Application software
First Lien Term Loan, LIBOR+4.00% cash due 6/30/2026	6.07%		7,989,795		7,979,663		8,011,448		(6)
					7,979,663		8,011,448
Tribe Buyer LLC		Human resources & employment services
First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024	6.54%		1,556,998		1,554,180		1,453,201		(6)(15)
					1,554,180		1,453,201
Truck Hero, Inc.		Auto parts & equipment
First Lien Term Loan, LIBOR+3.75% cash due 4/22/2024	5.79%		5,739,880		5,749,771		5,385,930		(6)
					5,749,771		5,385,930

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

September 30, 2019



Portfolio Company/Type of Investment (1)(2)(3)(4)(5)	Cash Interest Rate (6)	Industry	Principal (7)		Cost		Fair Value		Notes
Uber Technologies, Inc.		Application software
First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025	6.03%		$	2,239,323	$	2,224,436	$	2,230,467	(6)
					2,224,436		2,230,467
UFC Holdings, LLC		Movies & entertainment
First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026	5.30%		4,944,058		4,941,992		4,962,945		(6)
					4,941,992		4,962,945
Uniti Group LP		Specialized REITs
First Lien Term Loan, LIBOR+5.00% cash due 10/24/2022	7.04%		8,848,483		8,642,094		8,648,021		(6)(9)
					8,642,094		8,648,021
UOS, LLC		Trading companies & distributors
First Lien Term Loan, LIBOR+5.50% cash due 4/18/2023	7.54%		8,819,673		8,943,835		8,929,919		(6)
					8,943,835		8,929,919
Veritas US Inc.		Application software
First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023	6.60%		12,811,879		12,902,946		12,142,266		(6)
					12,902,946		12,142,266
Verra Mobility, Corp.		Data processing & outsourced services
First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025	5.79%		4,949,749		4,960,502		4,976,552		(6)(9)
					4,960,502		4,976,552
Verscend Holding Corp.		Healthcare technology
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025	6.54%		10,975,140		10,897,989		11,032,320		(6)
					10,897,989		11,032,320
WeddingWire, Inc.		Interactive media & services
First Lien Term Loan, LIBOR+4.50% cash due 12/19/2025	6.54%		7,940,000		7,904,378		7,949,925		(6)
					7,904,378		7,949,925
Windstream Services, LLC		Integrated telecommunication services
First Lien Term Loan, PRIME+5.00% cash due 3/29/2021	10.00%		7,384,828		7,227,936		7,524,069		(6)(9)
					7,227,936		7,524,069
Woodford Express LLC		Oil & gas exploration & production
First Lien Term Loan, LIBOR+5.00% cash due 1/27/2025	7.04%		14,775,000		14,662,039		13,947,600		(6)
					14,662,039		13,947,600
WP CPP Holdings, LLC		Aerospace & defense
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025	6.01%		4,455,000		4,445,709		4,467,541		(6)
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026	10.01%		1,000,000		991,442		995,830		(6)
					5,437,151		5,463,371
Zep Inc.		Specialty chemicals
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024	6.04%		4,655,000		4,686,365		3,687,132		(6)
					4,686,365		3,687,132
Zephyr Bidco Limited		Specialized finance
First Lien Term Loan, UK LIBOR+4.50% cash due 7/23/2025	5.21%		£	5,000,000	6,667,495		5,976,039		(6)(9)
					6,667,495		5,976,039
Total Non-Control/Non-Affiliate Investments (190.8% of net assets)					$	553,679,070	$	542,778,029
Total Portfolio Investments (209.9% of net assets)					$	626,868,734	$	597,104,447
Cash and Cash Equivalents and Restricted Cash
JP Morgan Prime Money Market Fund, Institutional Shares					$	228,653	$	228,653
Other cash accounts					13,822,979		13,822,979
Total Cash and Cash Equivalents and Restricted Cash (4.9% of net assets)					$	14,051,632	$	14,051,632
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (214.9% of net assets)					$	640,920,366	$	611,156,079

Oaktree Strategic Income Corporation

Consolidated Schedule of Investments

September 30, ~~2017~~2019

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
TravelCLICK, Inc. Internet software & services
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (8)(13) 8.99% $ 2,048,485
$ 2,010,607
$ 2,058,727
2,010,607
2,058,727
Verdesian Life Sciences, LLC Fertilizers & agricultural chemicals
First Lien Term Loan, LIBOR+5% (1% floor) cash due 7/1/2020 (8)(13) 6.31% 3,295,860
3,273,753
2,801,481
3,273,753
2,801,481
TV Borrower US, LLC (7) Integrated telecommunication services
First Lien Dollar Term B-1 Loan, LIBOR+4.75% (1% floor) cash due 2/22/2024 (8) 6.08% 3,383,000
3,367,510
3,406,258
3,367,510
3,406,258
BeyondTrust Software, Inc. Application software
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019 (8)(13) 8.33% 16,384,644
16,255,828
16,384,050
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (8)(11) 8.33% (21,305 ) (130 )
500,000 Class A membership interests in BeyondTrust Holdings LLC 500,000
628,846
16,734,523
17,012,766
Dynatect Group Holdings, Inc. Industrial machinery
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2020 (8) 5.83% 3,786,203
3,786,203
3,672,617
3,786,203
3,672,617
Idera, Inc. Internet software & services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 6/27/2024 (8) 6.24% 3,457,698
3,424,359
3,483,630
3,424,359
3,483,630
Central Security Group, Inc. Specialized consumer services
First Lien Term Loan, LIBOR+5.625% (1% floor) cash due 10/6/2021 (8) 6.86% 1,665,740
1,660,679
1,672,677
1,660,679
1,672,677
Kellermeyer Bergensons Services, LLC Diversified support services
First Lien Term Loan, LIBOR+5% (1% floor) cash due 10/29/2021 (8)(13) 6.32% 5,251,500
5,208,454
5,248,218
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/29/2022 (8)(13) 9.81% 280,000
280,000
274,400
5,488,454
5,522,618
GOBP Holdings Inc. Food retail
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (8)(13) 9.58% 3,685,714
3,644,031
3,717,983
3,644,031
3,717,983
Executive Consulting Group, LLC Healthcare services
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 11/21/2019 (8)(13) 5.99% 7,000,000
7,000,000
6,999,745
Delayed Draw Term Loan, LIBOR+4.75% (1% floor) cash due 11/21/2019 (8) 5.99% 3,791,650
3,791,650
3,791,657
10,791,650
10,791,402
Metamorph US 3, LLC Internet software & services
First Lien Term Loan, LIBOR+5.5% (1% floor) cash 2% PIK due 12/1/2020 (8)(13)(18) 6.74% 14,070,138
13,488,111
5,343,093
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 12/1/2020 (8)(11)(13)(18) 7.74% 1,080,000
1,037,075
(36,455 )
14,525,186
5,306,638

~~See notes to Consolidated Financial Statements.~~

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~September 30, 2017~~

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Compuware Corporation Internet software & services
First Lien Term Loan B3, LIBOR+4.25% (1% floor) cash due 12/15/2021 (8)(13) 5.49% $ 8,423,623
$ 8,345,374
$ 8,528,918
8,345,374
8,528,918
Motion Recruitment Partners LLC Diversified support services
First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/13/2020 (8)(13) 7.24% 13,509,054
13,498,295
13,508,389
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (8)(11) 7.24% —
(960 ) (143 )
13,497,335
13,508,246
PowerPlan, Inc. Internet software & services
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 2/23/2022 (8)(13) 6.49% 17,839,352
17,800,018
17,839,013
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 2/23/2021 (8)(11) 6.49% —
(40 )
17,800,018
17,838,973
Digital River, Inc. Internet software & services
First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 2/12/2021 (8)(13) 7.82% 4,723,868
4,681,840
4,747,488
4,681,840
4,747,488
Research Now Group, Inc. Data processing & outsourced services
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 3/18/2022 (8) 10.08% 4,000,000
3,962,143
3,960,000
3,962,143
3,960,000
Staples, Inc. Distributors
First Lien Term Loan, LIBOR+4% (1% floor) cash due 9/12/2024 (8)(16) 5.31% 13,000,000
12,967,500
12,957,035
12,967,500
12,957,035
Raley's Food retail
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 5/18/2022 (8)(13) 6.49% 3,209,821
3,164,432
3,209,821
3,164,432
3,209,821
Aptos, Inc. Data processing & outsourced services
First Lien Term Loan, LIBOR+6.75% (1% floor) cash due 9/1/2022 (8)(13) 8.08% 5,940,000
5,842,031
5,880,600
5,842,031
5,880,600
Zep Inc. Housewares & specialties
First Lien Term Loan, LIBOR+4% (1% floor) cash due 8/12/2024 (8) 5.24% 4,750,000
4,795,075
4,771,779
4,795,075
4,771,779
All Web Leads, Inc. Advertising
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/29/2020 (8)(13) 8.77% 25,839,538
25,839,538
23,192,266
25,839,538
23,192,266
Allied Universal Holdco, LLC (f/k/a USAGM Holdco, LLC) Security & alarm services
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (8)(16) 5.08% 7,979,747
8,018,318
7,972,286
8,018,318
7,972,286
Internet Pipeline, Inc. Internet software & services
First Lien Term Loan, LIBOR+7.25% (1% floor) cash due 8/4/2022 (8)(13) 8.49% 13,081,433
13,068,115
13,212,714
First Lien Revolver, LIBOR+7.25% (1% floor) cash due 8/4/2021 (8) 8.49% —
8,029
13,068,115
13,220,743

~~See notes to Consolidated Financial Statements.~~

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~September 30, 2017~~

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Poseidon Merger Sub, Inc. Advertising
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (8) 9.81% $ 7,000,000
$ 6,980,121
$ 7,070,000
6,980,121
7,070,000
Valet Merger Sub, Inc. Environmental & facilities services
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (8)(13) 8.24% 5,880,000
5,852,065
5,879,798
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (8)(11) 8.24% —
(10,697 ) (29 )
Incremental Term Loan , LIBOR+7% (1% floor) cash due 9/24/2021 (8) 8.24% 8,407,683
8,328,663
8,407,394
14,170,031
14,287,163
DigiCert, Inc. Internet software & services
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/21/2022 (8)(13) 10.24% 2,000,000
1,984,880
2,000,000
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 10/21/2021 (8) 5.99% 11,000,000
10,945,000
11,000,000
12,929,880
13,000,000
Lytx, Inc. Research & consulting services
500 Class B Units in Lytx Holdings, LLC —
79,788
500 Class A Units in Lytx Holdings, LLC 292,459
351,355
292,459
431,143
4 Over International, LLC Commercial printing
First Lien Term Loan, LIBOR+6.0% (1% floor) cash due 6/7/2022 (8)(13) 7.24% 5,850,412
5,804,485
5,850,463
First Lien Revolver, LIBOR+6.0% (1% floor) cash due 6/7/2021 (8)(11) 7.24% (502 ) —
5,803,983
5,850,463
Ancile Solutions, Inc. Internet software & services
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (8)(13) 8.33% 9,881,312
9,664,392
9,802,707
9,664,392
9,802,707
Pomeroy Group Holdings, Inc. IT consulting & other services
First Lien Term Loan, LIBOR+6% (1% floor) cash due 11/30/2021 (8)(13) 7.59% 4,443,467
4,339,309
4,443,467
4,339,309
4,443,467
Sailpoint Technologies, Inc. Application software
First Lien Term Loan, LIBOR+7% (1% floor) cash due 8/16/2021 (8) 8.33% 17,391,304
17,070,160
17,391,307
First Lien Revolver, LIBOR+7% (1% floor) cash due 8/16/2021 (8)(11) 8.33% (3,067 ) —
17,067,093
17,391,307
Curvature, Inc. IT consulting & other services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 10/30/2023 (8)(13) 6.24% 9,925,000
9,871,624
9,701,688
9,871,624
9,701,688
Cardenas Markets LLC Food retail
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 11/29/2023 (8)(13) 7.08% 3,275,250
3,246,405
3,254,780
3,246,405
3,254,780

~~See notes to Consolidated Financial Statements.~~

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~September 30, 2017~~

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Ministry Brands, LLC Internet software & services
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (8)(13) 6.24% $ 9,648,871
$ 9,565,812
$ 9,648,874
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (8)(13) 6.24% 3,354,904
3,314,185
3,354,905
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (8)(13) 10.49% 1,568,067
1,547,561
1,568,067
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (8) 10.49% 431,933
426,285
431,933
First Lien Revolver, LIBOR+5% (1% floor) cash due 12/2/2022 (8)(11) 6.24% (861 ) —
14,852,982
15,003,779
Impact Sales, LLC Advertising
First Lien Term Loan B, LIBOR+7% (1% floor) cash due 12/30/2021 (8) 8.30% 3,721,875
3,628,868
3,715,131
First Lien Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (8) 8.30% 171,016
171,016
168,751
3,799,884
3,883,882
Empower Payments Acquisition, Inc. Commercial printing
First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 11/30/2023 (8)(13) 6.83% 6,153,500
6,043,807
6,091,669
6,043,807
6,091,669
First American Payment Systems, L.P. Diversified support services
First Lien Term Loan B, LIBOR+5.75% (1% floor) cash due 1/8/2024 (8)(13) 6.98% 4,143,750
4,106,872
4,131,319
4,106,872
4,131,319
DFT Intermediate LLC Specialized finance
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 3/1/2023 (8)(13) 6.74% 14,962,500
14,624,842
14,864,020
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (8) 6.74% 750,000
733,438
745,064
15,358,280
15,609,084
Systems, Inc. Industrial machinery
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 3/3/2022 (8)(13) 6.57% 8,831,921
8,715,152
8,787,762
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 3/3/2022 (8)(11) 6.57% (7,950 ) (7,920 )
8,707,202
8,779,842
Onvoy, LLC Integrated telecommunication services
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/10/2024 (8)(13) 5.83% 7,960,000
7,923,563
7,962,507
7,923,563
7,962,507
Salient CRGT, Inc. IT consulting & other services
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (8)(13) 6.99% 6,387,798
6,275,056
6,343,083
6,275,056
6,343,083
MHE Intermediate Holdings, LLC Diversified support services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 3/11/2024 (8)(13) 6.33% 11,774,771
11,556,138
11,774,776
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/10/2023 (8) 6.33% 1,353,038
1,255,454
1,353,038
Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (8) 6.33% 1,873,430
1,782,689
1,873,430
14,594,281
15,001,244

~~See notes to Consolidated Financial Statements.~~

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~September 30, 2017~~

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
Paris Presents Incorporated Personal Products
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 12/31/2020 (8)(13) 6.24% $ 3,134,006
$ 3,106,950
$ 3,134,006
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 12/31/2021 (8)(13) 9.99% 3,500,000
3,437,500
3,465,000
6,544,450
6,599,006
PSI Services LLC Human Resource & Employment Services
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 1/20/2023 (8)(13) 6.24% 6,736,979
6,644,622
6,616,844
6,644,622
6,616,844
MHVC Acquisition Corp. Aerospace & Defense
First Lien Term Loan B, LIBOR+5.25% (1% floor) cash due 4/25/2024 (8)(13) 6.49% 6,483,750
6,453,287
6,556,692
6,453,287
6,556,692
LSF9 Atlantis Holdings, LLC Computer & Electronics Retail
First Lien Term Loan B, LIBOR+6% (1% floor) cash due 5/1/2023 (8)(13) 7.24% 7,453,125
7,383,862
7,498,142
7,383,862
7,498,142
Everi Payments Inc. Casinos & gaming
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 5/9/2024 (8)(13)(16) 5.74% 4,987,500
4,963,767
5,038,622
4,963,767
5,038,622
BJ's Wholesale Club, Inc. Hypermarkets & super centers
First Lien Term Loan B, LIBOR+3.75% (1% floor) cash due 1/26/2024 (8)(16) 4.98% 2,992,500
2,996,051
2,876,002
2,996,051
2,876,002
Bass Pro Group, LLC Specialty Stores
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 12/15/2023 (8) 6.24% 6,000,000
5,877,353
5,667,480
5,877,353
5,667,480
Imagine! Print Solutions, LLC Advertising
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 6/21/2022 (8) 6.09% 6,965,000
6,898,900
6,999,825
6,898,900
6,999,825
MND Holdings III Corp. Specialty Stores
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 6/19/2024 (8)(13) 5.83% 2,493,750
2,481,733
2,526,480
2,481,733
2,526,480
Veritas US Inc. Internet software & services
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 1/27/2023 (8)(16) 5.83% 10,077,193
10,215,779
10,189,503
10,215,779
10,189,503
UOS, LLC Trucking
First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 4/18/2023 (8) 6.74% 3,990,000
4,079,548
4,099,725
4,079,548
4,099,725
Accudyne Industries, LLC Oil & gas equipment & services
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 8/18/2024 (8)(16) 5.01% 14,000,000
14,057,018
14,052,500
14,057,018
14,052,500

~~See notes to Consolidated Financial Statements.~~

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~September 30, 2017~~

Portfolio Company/Type of Investment (1)(2)(9)(10)(14) Cash Interest Rate (8) Industry Principal (5)
Cost Fair Value
DTZ U.S. Borrower, LLC Real Estate Services
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 11/4/2021 (8)(16) 4.57% $ 12,211,343
$ 12,247,424
$ 12,256,098
12,247,424
12,256,098
Truck Hero, Inc. Auto parts & equipment
First Lien Term Loan, LIBOR+4% (1% floor) cash due 4/22/2024 (8) 5.33% 5,857,320
5,871,777
5,798,747
5,871,777
5,798,747
Alphabet Holding Company, Inc. Healthcare distributors
First Lien Term Loan, LIBOR+3.5% (1% floor) cash due 9/26/2024 (8) 4.83% 5,000,000
4,975,000
4,948,950
4,975,000
4,948,950
McAfee, LLC Internet software & services
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (8) 5.83% 7,000,000
6,930,000
7,072,905
6,930,000
7,072,905
Total Non-Control/Non-Affiliate Investments (170.9% of net assets) $ 516,270,639
$ 501,894,073
Total Portfolio Investments (190.9% of net assets) $ 605,090,324
$ 560,436,660
Cash and Cash Equivalents
Wells Fargo Bank Institutional Money Market Fund
$ 32,214,184
$ 32,214,184
JP Morgan Prime Money Market Fund 3,118,675
3,118,675
Other cash accounts 271,268
271,268
Total Cash and Cash Equivalents (12.1% of net assets) $ 35,604,127
$ 35,604,127
Total Portfolio Investments, Cash and Cash Equivalents (203.0% of net assets) $ 640,694,451
$ 596,040,787

~~See notes to Consolidated Financial Statements.~~

~~Oaktree Strategic Income Corporation~~

~~Consolidated Schedule of Investments~~

~~September 30, 2017~~



Derivatives Instrument	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Counterparty	Cumulative Unrealized Appreciation (Depreciation)
Foreign currency forward contract	$	6,106,199	£	4,934,900	10/15/2019	JPMorgan Chase Bank, N.A.	$	20,876


(1)	All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.


(2)	See Note 3 ~~in the accompanying notes~~ to the Consolidated Financial Statements for portfolio composition by geographic region.

(3)

~~Control Investments generally are defined by~~Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the ~~1940 Act as investments~~original credit agreements or permanent in ~~companies in which the Company owns more than 25% of the voting securities~~nature per loan amendment or ~~maintains greater than 50% of the board representation.~~waiver documents.


(4)	~~Affiliate Investments generally are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25%~~Each of the ~~voting securities.~~Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.


(5)	~~Principal includes accumulated PIK interest and is net~~Equity ownership may be held in shares or units of ~~repayments, if any.~~companies related to the portfolio companies.


(6)	~~Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.~~

~~(7)~~

Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2017, qualifying assets represented 89.6% of the Company's total assets and non-qualifying assets represented 10.4% of the Company's total assets.

~~(8)~~

The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2019, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 2.04%, the 60-day LIBOR at 2.09%, the 90-day LIBOR at 2.10%, the 180-day LIBOR at 2.06%, the PRIME at 5.00% and the 30-day UK LIBOR at 0.71%. Most loans include an interest floor, which generally ranges from 0% to 1%.


(7)	Principal includes accumulated PIK interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars.


(8)	Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(9)

~~Interest rates~~Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may ~~be adjusted from period to period on certain term loans~~not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2019, qualifying assets represented 78.6% of the Company's total assets and ~~revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in~~non-qualifying assets represented 21.4% of the ~~original credit agreements or permanent in nature per loan amendment or waiver documents.~~Company's total assets.


(10)	Each of the Company's investments is pledged as collateral under one or more of its credit facilities or its debt securitization. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.


~~(11)~~	Investment has 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.

~~(12)~~

As defined in the ~~1940~~Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the ~~accompanying notes to~~Company's annual report on Form 10-K for the ~~Consolidated Financial Statements~~year ended September 30, 2019 for transactions ~~during the three months ended December 31, 2016~~ in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.


~~(13)~~	~~Investment pledged as collateral under the Company's 2015 Debt Securitization (as defined in Note 6 -Borrowings), in whole or in part.~~


~~(14)~~	~~Equity ownership may be held in shares or units of companies related to the portfolio companies.~~


~~(15)~~(11)	See Note 3 to the Consolidated Financial Statements for portfolio composition.


~~(16)~~	As of September 30, 2017, these investments are categorized as Level 2 within the fair value hierarchy established by ASC 820. All other investments, with the exception of investments valued using net asset value as a practical expedient, are categorized as Level 3 as of September 30, 2017 and were valued using significant unobservable inputs.


~~(17)~~(12)	This investment was 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.


~~(18)~~(13)	~~This investment was on cash non-accrual status~~Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.


(14)	Investment has 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.


(15)	As of September 30, ~~2017. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.~~2019, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820.

See notes to Consolidated Financial Statements.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization

Oaktree Strategic Income Corporation ~~(formerly known as Fifth Street Senior Floating Rate Corp. through October 17, 2017)~~ (together with its consolidated subsidiaries, the "Company") is a specialty finance company that islooks to provide customized capital solutions for middle-market companies in both the syndicated and private placement markets. The Company was formed in May 2013 and operates as a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a ~~business development company~~Business Development Company under the ~~1940~~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 tax purposes.

The Company seeks to generate a stable source of current income while minimizing the risk of principal loss and, to a lesser extent, capital appreciation by providing ~~middle-market~~innovative first-lien financing solutions to companies ~~with primarily first lien secured debt financings that pay interest at rates which are determined periodically on~~across a wide variety of industries. To a lesser extent, the ~~basis of a floating base lending rate. The Company also has an investment in a joint venture that invests in similar types of loans. The~~ Company may also invest in ~~senior~~ unsecured loans, including subordinated loans and bonds, issued by private middle-market companies, ~~and, to a lesser extent, subordinated loans issued by private middle market companies,~~ senior and subordinated loans and bonds issued by public companies and equity investments.

As of ~~October 17, 2017,~~March 31, 2020, the Company is externally managed by Oaktree Capital Management, L.P. (“Oaktree” ~~or the “Investment Adviser”~~), a subsidiary of Oaktree Capital Group, LLC (“OCG”), ~~a global investment manager specializing in alternative investments,~~ pursuant to an investment advisory agreement between the Company and ~~the Investment Adviser~~Oaktree, as amended from time to time (the ~~“New Investment~~“Investment Advisory Agreement”). Oaktree Fund Administration, LLC (“Oaktree Administrator” ~~or “OFA”~~), a subsidiary of ~~the Investment Adviser,~~Oaktree, provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Company and ~~OFA~~Oaktree Administrator, as amended from time to time (the ~~“New Administration~~“Administration Agreement”). See Note 11.

~~Prior to October 17, 2017, the Company was externally managed by Fifth Street Management LLC (“FSM”), an indirect, partially-owned subsidiary of Fifth Street~~ In 2019, Brookfield Asset Management Inc. ~~(“FSAM”~~("Brookfield"), acquired a majority economic interest in OCG. OCG operates as an independent business within Brookfield, with its own product offerings and ~~FSC CT LLC ("FSC CT" or the "Former Administrator"), a subsidiary of FSM, also provided certain administrative~~investment, marketing and ~~other services necessary for the Company to operate pursuant to an administration agreement (the “Former Administration Agreement”).~~

On September 7, 2017, stockholders of the Company approved the New Investment Advisory Agreement to take effect upon the closing of the transactions contemplated by the Asset Purchase Agreement (the “Purchase Agreement”) by and among FSM, and, for certain limited purposes, FSAM, and Fifth Street Holdings L.P., the direct, partial owner of FSM (the “Transaction”). Upon the closing of the Transaction on October 17, 2017, Oaktree became the investment adviser to each of Oaktree Specialty Lending Corporation (formerly known as Fifth Street Finance Corp.) (“OCSL”) and the Company. The closing of the Transaction resulted in an assignment for purposes of the 1940 Act of the investment advisory agreement between FSM and the Company and, as a result, its immediate termination.support teams.

Note 2. Significant Accounting Policies

Basis of Presentation:

The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the Consolidated Financial Statements have been made. All intercompany balances and transactions have been eliminated. Certain prior-period financial information has been reclassified to conform to current period presentation. The Company is an investment company following the accounting and reporting guidance in FASB 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 Strategic Income 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 tax purposes. The assets of certain of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of Oaktree Strategic Income Corporation or any

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

of its other subsidiaries. As of ~~December~~March 31, ~~2017,~~2020, the consolidated subsidiaries were ~~FS Senior Funding CLO LLC, FS~~OCSI Senior Funding II LLC and FSOCSI Senior Funding Ltd. ~~(“2015 Issuer”).~~

~~Since the Company is~~As an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial ~~Statements. The portfolio investments held by the Company~~Statements but rather are included on the Statements of Assets and Liabilities as investments at fair value.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements:

~~The Company is required to report its investments for which current market values are not readily available at fair value.~~ The Company values its investments in accordance with ASC 820, which 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 derived from such~~ 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 management'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. The Company'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, ~~the Investment Adviser~~Oaktree obtains and analyzes readily available market quotations provided by ~~independent~~ pricing ~~services~~vendors and brokers for all of the Company's ~~first lien and second lien ("senior secured") debt~~ investments for which quotations are available. In determining the fair value of a particular investment, pricing ~~services~~vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

The ~~Investment Adviser~~Company seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Company is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Company's set threshold, the Company seeks to obtain a quote directly from a broker making a market for the asset. Oaktree evaluates the quotations provided by ~~independent~~ pricing ~~services~~vendors and ~~company specific data that could affect the credit quality and/or fair value~~brokers based on available market information, including trading activity of the ~~investment. Investments for which market quotations~~subject or similar securities, or by performing a comparable security analysis to ensure that fair values are ~~readily available may be valued at such market quotations.~~reasonably estimated. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In ~~order~~addition to ~~validate market quotations,~~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 ~~Investment Adviser looks at a number of factors to determine if~~valuation process. Generally, the ~~quotations are representative of fair value, including the source and nature of the quotations. The Investment Adviser~~Company does not adjust any of the prices ~~unless it has a reason~~received from these sources.

If the quotations obtained from pricing vendors or brokers are determined to ~~believe market quotations~~not be reliable or are not reflective of the fair value of an investment. Examples of events that would cause market quotations to not reflect fair value could include cases when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a "fire sale" by a distressed seller. In these instances,readily available, the Company values such investments by using ~~the valuation procedure that it uses with respect to assets for which market quotations are not readily available (as discussed below).~~

If the quotation provided by the pricing service is based on only one or two market sources, the Company performs additional procedures to corroborate such information, which may include the market yield technique discussed below and a quantitative and qualitative assessmentany of ~~the credit quality and market trends affecting the portfolio company.~~

The Company performs detailed valuations of its debt and equity investments for which market quotations are not readily available or are deemed not to represent fair value of the investments. The Company typically uses 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

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

("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 ~~1940~~Investment Company Act. To estimate the EV of a portfolio company, ~~the Investment Adviser~~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. ~~The Investment Adviser~~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 ~~price multiples~~prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Company 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

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 the Company 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, the Company 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.

The Company estimates the fair value of privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.

The Company's Board of Directors 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 ~~the Investment Adviser's~~Oaktree's valuation team in conjunction with ~~the Investment Adviser's~~Oaktree's portfolio management team and investment professionals responsible for each portfolio investment;

•Preliminary valuations are then reviewed and discussed with management of ~~the Investment Adviser;~~Oaktree;

Separately, independent valuation firms engaged by the Board of Directors 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 ~~the Investment Adviser~~Oaktree and the Audit Committee of the Board of Directors;

~~The Investment Adviser~~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 preliminary valuations with ~~the Investment Adviser,~~Oaktree, and ~~the Investment Adviser~~Oaktree responds and supplements the preliminary valuations to reflect any discussions between ~~the Investment Adviser~~Oaktree and the Audit Committee;

The Audit Committee makes a recommendation to the full Board of Directors regarding the fair value of the investments in the Company's portfolio; and

The Board of Directors discusses valuations and determines the fair value of each investment in the Company's portfolio.

The fair value of the Company's investments as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017~~2019 was determined in good faith by the Board of Directors. The Board of Directors has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of the Company's 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, and the Board of Directors may reasonably rely on that assistance. However, the Board of Directors is responsible for the ultimate valuation of the

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

portfolio investments at fair value as determined in good faith pursuant to the Company's valuation policy and a consistently applied valuation process.

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," "other assets," and "credit facilities ~~payable" and "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," "accounts payable, accrued expenses and other liabilities," "base management fee and incentive fee payable," "due to affiliate," "interest payable," ~~"director fees payable" and~~ "payables from unsettled transactions" and "director fees payable" approximate fair value due to their short maturities.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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:

The Company does not utilize hedge accounting and as such values its derivative instruments at fair value with the unrealized gains or losses recorded in “net unrealized appreciation (depreciation)” in the Company’s Consolidated Statements of Operations.

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.

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. ~~Based on this and other information, the Company determines whether to cease accruing PIK interest on a loan or debt security.~~ 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 bases of these investments in the Consolidated Financial Statements ~~and, as a result, increases the cost bases of these investments~~including for purposes of computing the capital ~~gain~~gains incentive fee payable by the Company to ~~the Investment Adviser beginning in the fiscal year ending September 30, 2019.~~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 may provide financial advisory services to portfolio companies, and in return, the Company may receive fees for capital structuring services. These fees are generally nonrecurring and are recognized by the Company upon the investment closing date. The Company ~~receives a variety of~~may also receive additional fees in the ordinary course of business, including servicing, ~~advisory,~~ amendment, ~~structuring~~ and prepayment fees, which are classified as fee income and recognized as they are ~~earned.~~earned or the services are rendered.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company has also structured exit fees across certain of its portfolio investments to be received upon the future exit of those investments. These fees are typically paid to the Company upon the earliest to occur of (i) a sale of the borrower or substantially all of the assets of the borrower, (ii) the maturity date of the loan or (iii) the date when full prepayment of the loan occurs. The receipt of such fees is contingent upon the occurrence of one of the events listed above for each of the investments. These fees are included in net investment income over the life of the loan.

Dividend Income

The Company generally recognizes dividend income on the ~~ex-dividend~~record date. Distributions received from 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

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

record distributions from 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 and restricted cash 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 may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents ~~are classified as Level 1 assets~~ and restricted cash are included on the Company's Consolidated Schedule of ~~Investments.~~Investments and cash equivalents are classified as Level 1 assets.

As of ~~December~~March 31, ~~2017,~~2020, included in restricted cash was ~~$6.2~~$8.6 million that was held at Wells Fargo Bank, N.A. in connection with the Company's Citibank ~~facility~~Facility and ~~2015 Debt Securitization~~Deutsche Bank Facility (each as defined in Note 6– Borrowings) and $0.8 million held at East West Bank in connection with the Company's East West Bank Facility (as defined in Note 6— – Borrowings). ~~Pursuant~~Of the $8.6 million of restricted cash held at Wells Fargo Bank, N.A., pursuant to the terms of the Citibank ~~facility,~~Facility, the Company was restricted in terms of access to ~~$1.9~~$3.5 million of that amount until the occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the credit agreement. As of ~~December~~March 31, ~~2017, $4.3~~2020, the remaining $5.1 million of cash held ~~in connection with the 2015 Debt Securitization~~at Wells Fargo Bank, N.A. was restricted due to the obligation to pay interest ~~on the notes~~ under the terms of the ~~2015 Debt Securitization.~~Deutsche Bank Facility. As of March 31, 2020, $0.8 million held at East West Bank was restricted due to minimum balance requirements under the East West Bank Facility.

As of September 30, ~~2017,~~2019, included in restricted cash was ~~$7.4~~$7.6 million that was held at Wells Fargo Bank, N.A. in connection with the Company's Citibank ~~facility~~Facility and ~~2015 Debt Securitization~~Deutsche Bank Facility (each as defined in Note 6– Borrowings) and $0.8 million held at East West Bank in connection with the Company's East West Bank Facility (as defined in Note 6— – Borrowings). ~~Pursuant~~Of the $7.6 million of restricted cash held at Wells Fargo Bank, N.A., pursuant to the terms of the Citibank ~~facility,~~Facility, the Company was restricted in terms of access to ~~$2.0~~$3.4 million of that amount until the occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the credit agreement. As of September 30, ~~2017, $5.4~~2019, the remaining $4.3 million of cash held ~~in connection with the 2015 Debt Securitization~~at Wells Fargo Bank, N.A. was restricted due to the obligation to pay interest ~~on the notes~~ under the terms of the ~~2015 Debt Securitization.~~Deutsche Bank Facility. As of September 30, 2019, $0.8 million held at East West Bank was restricted due to minimum balance requirements under the East West Bank Facility.

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~~from Unsettled Transactions:

Receivables/payables from unsettled transactions ~~consists~~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 ~~at the time of payment.~~when incurred. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the related debt liability ~~at the time of payment.~~when incurred. Deferred financing costs are amortized using the effective interest method over the ~~terms~~term of the respective debt arrangement. This amortization expense is included in interest expense in the Company's 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.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 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

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

Subchapter M of the Code. The Company did not incur a U.S. federal excise tax for calendar years ~~2015~~2018 and ~~2016 and does not expect to incur a U.S. federal excise tax for calendar year 2017.~~2019.

The Company ~~holds~~may hold certain portfolio investments through taxable subsidiaries. The purpose of ~~the Company's~~a taxable ~~subsidiaries~~subsidiary 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 ~~2014, 2015~~2017, 2018 or ~~2016.~~2019. 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 May 2014, the FASB issued~~ ~~ASU 2014-09, Revenue from Contracts with Customers~~ ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In March ~~2016, the FASB issued~~ ~~ASU 2016-08, Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations. This ASU is intended to clarify revenue recognition accounting when a third party is involved in providing goods or services to a customer. In April 2016, the FASB issued~~ ~~ASU 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing. This ASU is intended to clarify two aspects of Topic 606: identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued~~ ~~ASU 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients~~. This ASU amends certain aspects of ASU 2014-09, addresses certain implementation issues identified and clarifies the new revenue standards’ core revenue recognition principles. The new standards will be effective for the Company on October 1, 2018 and early adoption is permitted on the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of this standard on its Consolidated Financial Statements and related disclosures on its ongoing financial reporting.

~~In November 2016,~~2020, the FASB issued ASU ~~2016-18,~~2020-04, ~~Statement~~Reference Rate Reform (Topic 848)Facilitation of ~~Cash Flows (Topic 230),~~the Effects of Reference Rate Reform on Financial Reporting, which ~~requires that a statement of cash flows explain~~provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease the ~~change during~~potential burden in accounting for (or recognizing the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts showneffects of) reference rate reform on ~~the statement of cash flows.~~financial reporting if certain criteria are met. The ~~new~~ guidance is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. The amendment should be adopted retrospectively. The Company did not early adopt the new guidance during the three months endedfrom March 12, 2020 through December 31, ~~2017. The new~~2022. As of March 31, 2020, the guidance isdid not ~~expected to~~ have a material ~~effect~~impact on the ~~Company's~~ Consolidated Financial Statements.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

Note 3. Portfolio Investments

As of ~~December~~March 31, ~~2017, 186.7%~~2020, 248.2% of net assets at fair value, or ~~$541.4~~$524.4 million, was invested in 6688 portfolio companies, including ~~19.7%~~17.9% of net assets, or ~~$57.2~~$37.8 million, in subordinated notes and limited liability company ("LLC") equity interests of ~~FSFR~~OCSI Glick JV LLC (together with its consolidated subsidiaries, the ~~"Glick~~"OCSI Glick JV") at fair value, and ~~15.9%~~14.8% of net assets, or ~~$46.2~~$31.3 million, was invested in cash and cash equivalents (including ~~$6.2~~$9.3 million of restricted cash). In comparison, as of September 30, ~~2017, 190.9%~~2019, 209.9% of net assets at fair value, or ~~$560.4~~$597.1 million, was invested in 6784 portfolio companies, including ~~19.6%~~19.1% of net assets, or ~~$57.6~~$54.3 million, in subordinated notes and ~~limited liability company ("LLC")~~LLC equity interests of the OCSI Glick JV at fair value, and ~~14.6%~~4.9% of net assets, or ~~$43.0~~$14.1 million, was invested in cash and cash equivalents (including ~~$7.4~~$8.4 million of restricted cash). As of ~~December~~March 31, ~~2017, 89.2%~~2020, 92.8% of the Company's portfolio at fair value consisted of senior secured debt investments that bore interest at floating rates and ~~that are secured by first or second priority liens on the assets of the portfolio companies, 10.6%~~7.2% consisted of investments in the subordinated notes of the OCSI Glick

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JV ~~and 0.2% consisted of equity investments in other portfolio companies.~~that bore interest at floating rates. As of September 30, ~~2017, 89.5%~~2019, 90.9% of the Company's portfolio at fair value consisted of senior secured debt investments that bore interest at floating rates and ~~that are secured by first or second priority liens on the assets of the portfolio companies, 10.3%~~9.1% consisted of investments in the subordinated notes of the OCSI Glick JV that bore interest at floating rates.

As of March 31, 2020 and ~~0.2%~~September 30, 2019, the Company's equity investments consisted of LLC equity ~~investments~~interests in ~~other~~ portfolio ~~companies.~~companies and warrants. These instruments generally do not produce a current return but are held for potential investment appreciation and capital gain.

During the three and six months ended ~~December~~March 31, ~~2017 and December 31, 2016,~~2020, the Company recorded net realized ~~gain (loss) on investments and secured borrowings~~losses of ~~$(4.4)~~$7.4 million and ~~$0.1~~$7.9 million, respectively. During the three and six months ended ~~December~~March 31, ~~2017~~2019, the Company recorded net realized gains (losses) of $(0.3) million and ~~2016,~~$1.4 million, respectively. During the three and six months ended March 31, 2020, the Company recorded net unrealized depreciation of $67.4 million and $65.5 million, respectively. During the three and six months ended March 31, 2019, the Company recorded net unrealized appreciation (depreciation) ~~on investments and secured borrowings~~ of ~~$1.7~~$8.8 million and ~~$(5.2)~~$(11.0) million, respectively.

The composition of the Company's investments as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017~~2019 at cost and fair value was as follows:

December 31, 2017 September 30, 2017
Cost Fair Value Cost Fair Value
Investments in debt securities (senior secured) $ 502,318,893
$ 482,999,264
$ 523,384,267
$ 501,769,997
Investments in equity securities (common stock, preferred stock and warrants) 10,365,422
1,228,419
10,365,425
1,059,989
Debt investment in Glick JV 64,524,032
57,180,650
64,228,881
57,606,674
Equity investment in Glick JV 7,111,751
—
7,111,751
—
Total $ 584,320,098
$ 541,408,333
$ 605,090,324
$ 560,436,660



	March 31, 2020				September 30, 2019
	Cost		Fair Value		Cost		Fair Value
Senior secured loans	$	546,774,334	$	486,545,381	$	553,679,070	$	542,484,690
Equity securities, excluding the OCSI Glick JV	—		—		—		293,339
OCSI Glick JV subordinated notes	66,045,552		37,833,930		66,077,913		54,326,418
OCSI Glick JV equity interests	7,111,751		—		7,111,751		—
Total	$	619,931,637	$	524,379,311	$	626,868,734	$	597,104,447

The following table presents the financial instruments carried at fair value as of ~~December~~March 31, ~~2017~~2020 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) $ —
$ 250,899,703
$ 232,099,561
$ —
$ 482,999,264
Investments in debt securities (subordinated notes of Glick JV) —
—
57,180,650
—
57,180,650
Investment in equity securities (common stock, preferred stock and warrants, including LLC equity interests of Glick JV) —
—
1,228,419
—
1,228,419
Total investments at fair value —
250,899,703
290,508,630
—
541,408,333
Cash and cash equivalents 39,975,500
—
—
—
39,975,500
Total assets at fair value $ 39,975,500
$ 250,899,703
$ 290,508,630
$ —
$ 581,383,833

~~__________~~

~~(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.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~



	Level 1		Level 2		Level 3		Total
Senior secured loans	$	—	$	275,183,981	$	211,361,400	$	486,545,381
OCSI Glick JV subordinated notes	—		—		37,833,930		37,833,930
Total investments at fair value	$	—	$	275,183,981	$	249,195,330	$	524,379,311
Cash equivalents	$	2,122,887	$	—	$	—	$	2,122,887
Derivative asset	—		316,967		—		316,967
Total assets at fair value	$	2,122,887	$	275,500,948	$	249,195,330	$	526,819,165

The following table presents the financial instruments carried at fair value as of September 30, ~~2017~~2019 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) $ —
$ 75,149,541
$ 426,620,456
$ —
$ 501,769,997
Investments in debt securities (subordinated notes of Glick JV) —
—
57,606,674
—
57,606,674
Investment in equity securities (common stock, preferred stock and warrants, including LLC equity interests of Glick JV) —
—
1,059,989
—
1,059,989
Total investments at fair value —
75,149,541
485,287,119
—
560,436,660
Cash and cash equivalents 35,604,127
—
—
—
35,604,127
Total assets at fair value $ 35,604,127
$ 75,149,541
$ 485,287,119
$ —
$ 596,040,787



	Level 1		Level 2		Level 3		Total
Senior secured loans	$	—	$	360,600,227	$	181,884,463	$	542,484,690
OCSI Glick JV subordinated notes	—		—		54,326,418		54,326,418
Equity securities	—		—		293,339		293,339
Total investments at fair value	$	—	$	360,600,227	$	236,504,220	$	597,104,447
Cash equivalents	$	228,653	$	—	$	—	$	228,653
Derivative asset	—		20,876		—		20,876
Total assets at fair value	$	228,653	$	360,621,103	$	236,504,220	$	597,353,976

~~__________~~

~~(a)~~

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 ~~include, in addition to the~~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.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table provides a roll-forward in the changes in fair value from ~~September 30, 2017 to~~ December 31, ~~2017~~2019 to March 31, 2020 for all investments for which the Company determined fair value using unobservable (Level 3) factors:

Investments

Senior Secured Debt Subordinated notes of Glick JV Common stock, preferred stock and warrants Total
Fair value as of September 30, 2017 $ 426,620,456
$ 57,606,674
$ 1,059,989
$ 485,287,119
New investments & net revolver activity 24,210,128
—
—
24,210,128
Redemptions/repayments/sales (106,793,739 ) —
—
(106,793,739 )
Transfers out (a) (112,078,142 ) —
—
(112,078,142 )
Net accrual of PIK interest income —
295,151
—
295,151
Accretion of original issue discount 747,346
—
—
747,346
Net unrealized appreciation (depreciation) on investments (416,804 ) (721,175 ) 168,430
(969,549 )
Net realized loss on investments (189,684 ) —
—
(189,684 )
Fair value as of December 31, 2017 $ 232,099,561
$ 57,180,650
$ 1,228,419
$ 290,508,630
Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held as of December 31, 2017 and reported within net unrealized appreciation (depreciation) on investments and net unrealized appreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2017 $ 54,086
$ (721,175 ) $ 168,430
$ (498,659 )



	Investments

	Senior Secured Loans			OCSI Glick JV Subordinated Notes			Equity Securities			Total Investments
Fair value as of December 31, 2019	$	192,210,754		$	54,169,710		$	293,339		$	246,673,803
Purchases	49,134,545			—			—			49,134,545
Sales and repayments	(20,332,442		)	(10,721		)	(736,493		)	(21,079,656		)
Transfers in (a)	8,640,034			—			—			8,640,034
PIK interest income	288,081			—			—			288,081
Accretion of OID	298,214			—			—			298,214
Net unrealized appreciation (depreciation)	(18,802,137		)	(16,325,059		)	(293,339		)	(35,420,535		)
Net realized gains (losses)	(75,649		)	—			736,493			660,844
Fair value as of March 31, 2020	$	211,361,400		$	37,833,930		$	—		$	249,195,330
Net unrealized appreciation (depreciation) relating to Level 3 assets still held as of March 31, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2020	$	(18,892,029	)	$	(16,325,059	)	$	—		$	(35,217,088	)

__________


(a)	There were transfers ~~out of~~into Level 3 tofrom Level 2 for certain investments during the ~~quarter~~three months ended ~~December~~March 31, ~~2017~~2020 as a result of ~~an increased~~a change in the number of market quotes available and/or ~~increased~~a change in market liquidity.

The following table provides a roll-forward in the changes in fair value from December 31, 2018 to March 31, 2019 for all investments for which the Company determined fair value using unobservable (Level 3) factors:



	Investments

	Senior Secured Debt			OCSI Glick JV Subordinated Notes			Equity Securities		Total Investments
Fair value as of December 31, 2018	$	195,065,601		$	54,535,309		$	209,654	$	249,810,564
Purchases	21,809,889			—			—		21,809,889
Sales and repayments	(15,775,712		)	(202,891		)	—		(15,978,603		)
Transfers in (a)	10,931,250			—			—		10,931,250
Transfers out (a)	(10,355,920		)	—			—		(10,355,920		)
Accretion of OID	474,313			—			—		474,313
Net unrealized appreciation (depreciation)	110,120			1,684,985			43,344		1,838,449
Fair value as of March 31, 2019	$	202,259,541		$	56,017,403		$	252,998	$	258,529,942
Net unrealized appreciation (depreciation) relating to Level 3 assets still held as of March 31, 2019 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2019	$	114,250		$	1,684,985		$	43,344	$	1,842,579

__________


(a)	There were transfers into/out of Level 3 from Level 2 for certain investments during the three months ended March 31, 2019 as a result of a change in the number of market quotes available and/or a change in market liquidity.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table provides a roll-forward in the changes in fair value from September 30, ~~2016~~2019 to ~~December~~March 31, ~~2016~~2020 for all investments ~~and secured borrowings~~ for which the Company determined fair value using unobservable (Level 3) factors:

Investments Liabilities

Senior Secured Debt Subordinated notes of Glick JV Common stock, preferred stock and warrants Total Secured Borrowings
Fair value as of September 30, 2016 $ 502,385,158
$ 56,885,646
$ 7,902,556
$ 567,173,360
$ 4,985,425
New investments & net revolver activity 37,633,299
—
—
37,633,299
—
Redemptions/repayments (66,713,067 ) —
—
(66,713,067 ) (5,000,000 )
Net accrual of PIK interest income 59,404
—
—
59,404
—
Accretion of original issue discount 692,196
—
—
692,196
—
Net change in unearned income (28,807 ) —
—
(28,807 ) —
Net unrealized appreciation (depreciation) on investments (2,392,863 ) 4,859,827
(1,263,383 ) 1,203,581

Net unrealized appreciation on secured borrowings —
—
—
—
14,575
Net realized gain on investments 82,762
—
—
82,762
—
Fair value as of December 31, 2016 $ 471,718,082
$ 61,745,473
$ 6,639,173
$ 540,102,728
$ —
Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held as of December 31, 2016 and reported within net unrealized appreciation (depreciation) on investments and net unrealized appreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2016 $ (2,657,419 ) $ 4,859,827
$ (1,263,383 ) $ 939,025
$ —



	Investments

	Senior Secured Loans			OCSI Glick JV Subordinated Notes			Equity Securities			Total Investments
Fair value as of September 30, 2019	$	181,884,463		$	54,326,418		$	293,339		$	236,504,220
Purchases	64,449,945			—			—			64,449,945
Sales and repayments	(31,911,455		)	(32,361		)	(736,493		)	(32,680,309		)
Transfers in (a)	15,322,156			—			—			15,322,156
PIK interest income	288,081			—			—			288,081
Accretion of OID	459,843			—			—			459,843
Net unrealized appreciation (depreciation)	(18,766,463		)	(16,460,127		)	(293,339		)	(35,519,929		)
Net realized gains (losses)	(365,170		)	—			736,493			371,323
Fair value as of March 31, 2020	$	211,361,400		$	37,833,930		$	—		$	249,195,330
Net unrealized appreciation (depreciation) relating to Level 3 assets still held as of March 31, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2020	$	(19,149,265	)	$	(16,460,127	)	$	—		$	(35,609,392	)

__________


(a)	There were transfers into Level 3 from Level 2 for certain investments during the six months ended March 31, 2020 as a result of a change in the number of market quotes available and/or a change in market liquidity.

The following table provides a roll-forward in the changes in fair value from September 30, 2018 to March 31, 2019 for all investments for which the Company determined fair value using unobservable (Level 3) factors:



	Investments

	Senior Secured Debt			OCSI Glick JV Subordinated Notes			Equity Securities			Total Investments
Fair value as of September 30, 2018	$	182,756,067		$	58,512,170		$	1,962,245		$	243,230,482
Purchases	38,339,708			—			—			38,339,708
Sales and repayments	(32,842,383		)	(264,510		)	(1,875,587		)	(34,982,480		)
Transfers in (a)	26,053,270			—			—			26,053,270
Transfers out (a)	(10,618,125		)	—			—			(10,618,125		)
Accretion of OID	729,711			—			—			729,711
Net unrealized appreciation (depreciation)	(2,158,707		)	(2,230,257		)	(1,209,247		)	(5,598,211		)
Net realized gains (losses)	—			—			1,375,587			1,375,587
Fair value as of March 31, 2019	$	202,259,541		$	56,017,403		$	252,998		$	258,529,942
Net unrealized appreciation (depreciation) relating to Level 3 assets still held as of March 31, 2019 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2019	$	(2,376,135	)	$	(3,915,242	)	$	6,359		$	(6,285,018	)

__________


(a)	There were transfers in/out of Level 3 from/to Level 2 for certain investments during the six months ended March 31, 2019 as a result of a change in the number of market quotes available and/or a change in market liquidity.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 ~~December~~March 31, ~~2017:~~2020:

Asset Fair Value Valuation Technique Unobservable Input Range
Weighted
Average (c)
Senior secured debt $ 177,181,455
Market yield technique Market yield (a) 6.4% - 14.4% 8.9%
6,301,585
Enterprise value technique Revenue multiple (b) 0.1x - 0.6x 0.5x
50,000
Enterprise value technique EBITDA multiple (b) 6.6x - 7.6x 7.1x
23,279,853
Transactions precedent technique Transaction price (d) N/A - N/A N/A
25,286,668
Market quotations Broker quoted price (e) N/A - N/A N/A
Glick JV subordinated notes 57,180,650
Enterprise value technique N/A (f) N/A - N/A N/A
Preferred & Common Equity 642,057
Enterprise value technique Revenue multiple (b) 0.1x - 3.0x 3.0x
586,362
Enterprise value technique EBITDA multiple (b) 15.0x - 16.0x 15.5x
Total $ 290,508,630

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted

Average (a)

Senior Secured Loans

116,844,193

Market Yield

(b)

6.6%

14.6%

10.2%

66,943,720

Broker Quotations

Broker Quoted Price

(c)

N/A

20,109,342

Enterprise Value

EBITDA Multiple

(d)

4.4x

6.4x

5.4x

7,464,145

Transactions Precedent

Transaction Price

(e)

N/A

OCSI Glick JV Subordinated Notes

37,833,930

Enterprise Value

N/A

(f)

N/A

Total

249,195,330

_____________________

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

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

~~(b) Used when market participant would use such multiples when pricing the investment.~~

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

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

~~(e)~~ The Company 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. The ~~company performs additional procedures to corroborate such~~Company evaluates the quotations provided by pricing vendors and brokers based on available market information, ~~which may include the market yield technique and a quantitative and qualitative assessment~~including trading activity of the ~~credit quality and market trends affecting the portfolio company.~~subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by Oaktree.

(d) Used when market participants would use such multiples when pricing the ~~Investment Adviser.~~investment.

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

(f) The Company determined the value of its subordinated notes of the OCSI Glick JV based on the total assets less the total liabilities senior to the subordinated notes held at the OCSI Glick JV in an amount not exceeding par under the ~~enterprise value~~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 as of December 31, 2017 is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Under the enterprise value technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities as of December 31, 2017 is the earnings before interest, taxes, depreciation and amortization ("EBITDA")/Revenue multiple. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

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, ~~2017:~~2019:

Asset Fair Value Valuation Technique Unobservable Input Range
Weighted
Average (c)
Senior secured debt $ 208,118,444
Market yield technique Capital structure premium (a) 0.0% - 2.0% 0.2%
Tranche specific risk premium / (discount) (a) (3.1)% - 8.0% 0.2%
Size premium (a) 0.0% - 1.5% 0.7%
Industry premium / (discount) (a) (1.1)% - 2.6% 0.0%
23,192,266
Enterprise value technique EBITDA multiple (b) 5.9x - 6.9x 6.4x
6,242,550
Enterprise value technique Revenue multiple (b) 0.2x - 0.6x 0.5x
20,070,000
Transactions precedent technique Transaction price (d) N/A - N/A N/A
168,997,196
Market quotations Broker quoted price (e) N/A - N/A N/A
Glick JV subordinated notes 57,606,674
Enterprise value technique N/A (f) N/A - N/A N/A
Preferred & Common Equity 1,059,989
Enterprise value technique EBITDA multiple (b) 0.2x - 15.5x 8.1x
Total $ 485,287,119

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted

Average (a)

Senior Secured Loans

92,083,082

Market Yield

(b)

6.7%

13.0%

8.9%

67,340,586

Broker Quotations

Broker Quoted Price

(c)

N/A

20,960,795

Enterprise Value

EBITDA Multiple

(d)

4.2x

6.2x

5.2x

1,500,000

Transactions Precedent

Transaction Price

(e)

N/A

OCSI Glick JV Subordinated Notes

54,326,418

Enterprise Value

N/A

(f)

N/A

Equity Securities

293,339

Enterprise Value

EBITDA Multiple

(d)

16.0x

18.0x

17.0x

Total

236,504,220

_____________________

(a) ~~Used when market participant would take into account this premium or discount when pricing the investment~~ ~~based on a market yield~~.

~~(b) Used when market participant would use such multiples when pricing the investment.~~

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

~~(d)~~(b) Used when ~~there is an observable transaction or pending event for~~market participants would take into account market yield when pricing the investment.

~~(e)~~(c) The Company 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. The ~~company performs additional procedures to corroborate such~~Company evaluates the quotations provided by pricing vendors and brokers based on available market information, ~~which may include the market yield technique and a quantitative and qualitative assessment~~including trading activity of the ~~credit quality and market trends affecting the portfolio company.~~subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by Oaktree.

(d) Used when market participants would use such multiples when pricing the ~~Investment Adviser.~~investment.

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

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Under the market yield technique, the significant unobservable ~~inputs~~input used in the fair value measurement of the Company's investments in debt securities ~~as of September 30, 2017 are capital structure premium, tranche specific risk premium (discount), size premium and industry premium (discount).~~is the market yield. Increases or decreases in ~~any of those inputs in isolation~~the market yield may result in a lower or higher fair value measurement, respectively.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

Under the enterprise value technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt or equity securities ~~as of September 30, 2017~~ is the ~~EBITDA/Revenue multiple.~~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 ~~December~~March 31, ~~2017~~2020 and the level of each financial liability within the fair value hierarchy:

Carrying
Value
Fair Value Level 1 Level 2 Level 3
Citibank facility payable $ 70,056,800
$ 70,056,800
$ —
$ —
$ 70,056,800
East West Bank facility payable 4,000,000
4,000,000
—
—
4,000,000
Notes payable (net of unamortized financing costs) 177,848,395
180,000,000
—
—
180,000,000
Total $ 251,905,195
$ 254,056,800
$ —
$ —

$ 254,056,800



	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Citibank Facility payable	$	129,056,800	$	129,056,800	$	—	$	—	$	129,056,800
East West Bank Facility payable	22,500,000		22,500,000		—		—		22,500,000
Deutsche Bank Facility payable	175,600,000		175,600,000		—		—		175,600,000
Total	$	327,156,800	$	327,156,800	$	—	$	—	$	327,156,800

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, ~~2017~~2019 and the level of each financial liability within the fair value hierarchy:

Carrying
Value
Fair Value Level 1 Level 2 Level 3
Citibank facility payable $ 76,456,800
$ 76,456,800
$ —
$ —
$ 76,456,800
East West Bank facility payable 6,500,000
6,500,000
—
—
6,500,000
Notes payable (net of unamortized financing costs) 177,775,868
180,000,000
—
—
180,000,000
Total $ 260,732,668
$ 262,956,800
$ —
$ —
$ 262,956,800



	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Citibank Facility payable	$	126,056,800	$	126,056,800	$	—	$	—	$	126,056,800
East West Bank Facility payable	11,000,000		11,000,000		—		—		11,000,000
Deutsche Bank Facility payable	157,600,000		157,600,000		—		—		157,600,000
Total	$	294,656,800	$	294,656,800	$	—	$	—	$	294,656,800

The principal values of the credit facilities ~~payable and notes~~ payable approximate their fair values due to their variable interest rates and are included in Level 3 of the hierarchy.

Portfolio Composition

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

December 31, 2017 September 30, 2017
Cost: % of Total Investments % of Total Investments
Senior secured debt $ 502,318,893
85.97 % $ 523,384,267
86.50 %
Subordinated notes of Glick JV 64,524,032
11.04 % 64,228,881
10.61 %
LLC equity interests of Glick JV 7,111,751
1.22 % 7,111,751
1.18 %
Purchased equity 10,365,422
1.77 % 10,365,425
1.71 %
Total $ 584,320,098
100.00 % $ 605,090,324
100.00 %



	March 31, 2020				September 30, 2019
Cost:			% of Total Investments				% of Total Investments
Senior secured loans	$	546,774,334	88.20	%	$	553,679,070	88.33	%
OCSI Glick JV subordinated notes	66,045,552		10.65	%	66,077,913		10.54	%
OCSI Glick JV equity interests	7,111,751		1.15	%	7,111,751		1.13	%
Equity securities, excluding the OCSI Glick JV	—		—		—		—
Total	$	619,931,637	100.00	%	$	626,868,734	100.00	%

December 31, 2017 September 30, 2017
Fair Value: % of Total Investments % of Total Net Assets % of Total Investments % of Total Net Assets
Senior secured debt $ 482,999,264
89.21 % 166.58 % $ 501,769,997
89.53 % 170.87 %
Subordinated notes of Glick JV 57,180,650
10.56 % 19.72 % 57,606,674
10.28 % 19.62 %
LLC equity interests of Glick JV —
—
—
—
—
—
Purchased equity 1,228,419
0.23 % 0.42 % 1,059,989
0.19 % 0.36 %
Total $ 541,408,333
100.00 % 186.72 % $ 560,436,660
100.00 % 190.85 %



	March 31, 2020						September 30, 2019
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior secured loans	$	486,545,381	92.79	%	230.33	%	$	542,484,690	90.85	%	190.70	%
OCSI Glick JV subordinated notes	37,833,930		7.21	%	17.91	%	54,326,418		9.10	%	19.10	%
Equity securities, excluding the OCSI Glick JV	—		—		—		293,339		0.05	%	0.10	%
OCSI Glick JV equity interests	—		—		—		—		—		—
Total	$	524,379,311	100.00	%	248.24	%	$	597,104,447	100.00	%	209.90	%

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~The Company primarily invests in portfolio companies located in North America.~~ 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 ~~composition~~ by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and ~~total~~ net assets:

December 31, 2017 September 30, 2017
Cost: % of Total Investments % of Total Investments
Northeast U.S. $ 207,356,367
35.49 % $ 217,508,260
35.94 %
Midwest U.S. 97,192,327
16.63 % 115,147,194
19.03 %
Southeast U.S. 91,706,668
15.69 % 89,214,997
14.74 %
West U.S. 80,786,530
13.83 % 74,469,039
12.31 %
Southwest U.S. 74,137,676
12.69 % 101,583,440
16.79 %
International 29,344,544
5.02 % 3,367,510
0.56 %
Northwest U.S. 3,795,986
0.65 % 3,799,884
0.63 %
Total $ 584,320,098
100.00 % $ 605,090,324
100.00 %



	March 31, 2020				September 30, 2019
Cost:			% of Total Investments				% of Total Investments
Northeast	$	192,233,585	31.00	%	$	163,840,735	26.13	%
West	137,853,962		22.24	%	156,427,384		24.95	%
Midwest	101,026,267		16.30	%	90,085,074		14.37	%
Southwest	67,150,144		10.83	%	94,396,340		15.06	%
International	51,531,149		8.31	%	40,156,268		6.41	%
Southeast	40,545,357		6.54	%	65,420,955		10.44	%
South	19,081,127		3.08	%	6,051,218		0.97	%
Northwest	10,510,046		1.70	%	10,490,760		1.67	%
Total	$	619,931,637	100.00	%	$	626,868,734	100.00	%

December 31, 2017 September 30, 2017
Fair Value: % of Total Investments % of Total Net Assets % of Total Investments % of Total Net Assets
Northeast U.S. $ 166,617,795
30.78 % 57.46 % $ 173,667,526
30.99 % 59.14 %
Midwest U.S. 96,960,068
17.91 % 33.44 % 115,780,284
20.66 % 39.43 %
Southeast U.S. 91,006,722
16.81 % 31.39 % 89,246,247
15.92 % 30.39 %
West U.S. 81,420,045
15.04 % 28.08 % 75,054,066
13.39 % 25.56 %
Southwest U.S. 72,117,431
13.32 % 24.87 % 99,398,397
17.74 % 33.85 %
International 29,418,070
5.43 % 10.15 % 3,406,258
0.61 % 1.16 %
Northwest U.S. 3,868,202
0.71 % 1.33 % 3,883,882
0.69 % 1.32 %
Total $ 541,408,333
100.00 % 186.72 % $ 560,436,660
100.00 % 190.85 %



	March 31, 2020						September 30, 2019
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Northeast	$	146,988,094	28.03	%	69.53	%	$	145,176,830	24.31	%	51.04	%
West	123,896,140		23.63	%	58.67	%	154,984,247		25.95	%	54.46	%
Midwest	85,039,060		16.22	%	40.27	%	88,834,091		14.88	%	31.24	%
Southwest	59,508,868		11.35	%	28.18	%	90,401,243		15.14	%	31.78	%
International	45,793,681		8.73	%	21.67	%	38,583,801		6.46	%	13.56	%
Southeast	35,665,206		6.80	%	16.91	%	62,741,930		10.51	%	22.06	%
South	17,329,472		3.30	%	8.20	%	5,899,007		0.99	%	2.07	%
Northwest	10,158,790		1.94	%	4.81	%	10,483,298		1.76	%	3.69	%
Total	$	524,379,311	100.00	%	248.24	%	$	597,104,447	100.00	%	209.90	%

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 ~~total~~ net assets as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017 was as follows:~~2019:

December 31, 2017 September 30, 2017
Cost: % of Total Investments % of Total Investments
Internet software & services $ 124,795,435
21.35 % $ 129,816,292
21.46 %
Multi-sector holdings (1) 71,635,783
12.26
71,340,632
11.79
Healthcare services 50,305,151
8.61
50,858,157
8.41
Advertising 34,366,916
5.88
43,518,443
7.19
Diversified support services 24,131,898
4.13
24,189,607
4.00
Human resources & employment services 23,042,044
3.94
20,141,957
3.33
Integrated telecommunication services 16,934,464
2.90
11,291,073
1.87
IT consulting & other services 15,998,982
2.74
20,485,989
3.39
Aerospace & defense 15,437,617
2.64
6,453,287
1.07
Specialized finance 15,300,770
2.62
15,358,280
2.54
Communications equipment 14,812,970
2.54
—
—
Research & consulting services 14,575,531
2.49
6,922,777
1.14
Environmental & facilities services 14,140,224
2.42
14,170,031
2.34
Oil & gas equipment & services 14,019,903
2.40
14,057,018
2.32
Commercial printing 11,808,469
2.02
11,847,790
1.96
Commodity chemicals 9,991,297
1.71
—
—
Oil & gas exploration & production 9,913,159
1.70
—
—
Alternative carriers 9,743,750
1.67
—
—
Distributors 8,602,200
1.47
12,967,500
2.14
Pharmaceuticals 8,457,500
1.45
9,068,650
1.50
Trucking 8,152,865
1.40
4,079,548
0.67
Security & alarm services 7,995,399
1.37
8,018,318
1.33
Food retail 7,565,523
1.29
10,054,868
1.66
Personal products 6,542,497
1.12
6,544,450
1.08
Auto parts & equipment 5,856,507
1.00
5,871,777
0.97
Data processing & outsourced services 5,807,585
0.99
9,804,174
1.62
Household Products 5,037,500
0.86
—
—
Healthcare distributors 4,963,329
0.85
4,975,000
0.82
Specialized REITs 4,841,845
0.83
—
—
Housewares & specialties 4,781,391
0.82
4,795,075
0.79
Drug retail 4,030,000
0.69
—
—
Industrial machinery 3,776,203
0.65
12,493,405
2.06
Specialty stores 2,977,500
0.51
8,359,086
1.38
General merchandise stores 1,820,550
0.31
—
—
Specialized consumer services 1,657,341
0.28
1,660,679
0.27
Application software 500,000
0.09
33,801,616
5.59
Real estate services —
—
12,247,424
2.02
Computer & electronics retail —
—
7,383,862
1.22
Casinos & gaming —
—
4,963,767
0.82
Fertilizers & agricultural chemicals —
—
3,273,753
0.54
Hypermarkets & super centers —
—
2,996,051
0.50
Computer hardware —
—
1,279,988
0.21
Total $ 584,320,098
100.00 %
$ 605,090,324
100.00 %



	March 31, 2020				September 30, 2019
Cost:			% of Total Investments				% of Total Investments
Application Software	$	86,187,677	13.91	%	$	81,483,953	12.98	%
Multi-Sector Holdings (1)	73,157,303		11.80		73,189,664		11.68
Diversified Support Services	31,633,647		5.10		27,474,583		4.38
Aerospace & Defense	31,412,390		5.07		32,851,441		5.24
Advertising	23,928,301		3.86		24,102,621		3.84
Alternative Carriers	20,971,872		3.38		16,926,483		2.70
Oil & Gas Storage & Transportation	20,484,121		3.30		558,657		0.09
Personal Products	18,866,318		3.04		2,985,000		0.48
Internet Services & Infrastructure	18,815,017		3.04		28,457,280		4.54
Systems Software	17,941,122		2.89		15,530,330		2.48
Commercial Printing	15,412,983		2.49		15,457,725		2.47
Integrated Telecommunication Services	14,121,306		2.28		17,406,502		2.78
Industrial Machinery	13,363,313		2.16		9,319,898		1.49
Data Processing & Outsourced Services	13,319,356		2.15		16,648,375		2.66
Health Care Services	13,135,580		2.12		17,175,085		2.74
Specialized Finance	12,675,035		2.04		15,215,979		2.43
Research & Consulting Services	12,360,004		1.99		9,887,627		1.58
Publishing	12,229,024		1.97		10,291,050		1.64
Health Care Technology	11,790,195		1.90		10,897,989		1.74
Oil & Gas Refining & Marketing	11,775,621		1.90		11,832,244		1.89
Communications Equipment	11,692,811		1.89		9,740,555		1.55
Metal & Glass Containers	11,679,529		1.88		8,850,147		1.41
Movies & Entertainment	11,358,314		1.83		9,656,395		1.54
Specialty Chemicals	10,167,012		1.64		4,686,365		0.75
Real Estate Services	9,794,418		1.58		9,832,986		1.57
Leisure Facilities	9,364,520		1.51		8,992,137		1.43
Trading Companies & Distributors	8,882,968		1.43		8,943,835		1.43
Distributors	8,702,030		1.40		—		—
Biotechnology	7,910,150		1.28		7,930,000		1.27
Interactive Media & Services	7,867,414		1.27		11,821,820		1.89
Pharmaceuticals	7,042,185		1.14		12,626,920		2.01
Electrical Components & Equipment	6,321,716		1.02		6,363,049		1.02
Health Care Supplies	5,899,000		0.95		—		—
Auto Parts & Equipment	5,719,294		0.92		5,749,771		0.92
Household Products	5,022,188		0.81		5,025,753		0.80
Environmental & Facilities Services	4,947,233		0.80		4,214,058		0.67
Independent Power Producers & Energy Traders	3,338,405		0.54		—		—
Construction Materials	3,284,014		0.53		—		—
Managed Health Care	2,962,462		0.48		—		—
Property & Casualty Insurance	1,790,444		0.29		—		—
General Merchandise Stores	1,571,755		0.25		1,549,641		0.25
Specialty Stores	609,300		0.10		—		—
Building Products	424,290		0.07		—		—
Oil & Gas Exploration & Production	—		—		14,662,039		2.34
Computer & Electronics Retail	—		—		10,808,325		1.72
IT Consulting & Other Services	—		—		9,683,496		1.54
Health Care Equipment	—		—		8,887,725		1.42
Specialized REITs	—		—		8,642,094		1.38
Human Resource & Employment Services	—		—		8,099,807		1.29
Household Appliances	—		—		6,857,242		1.09
Commodity Chemicals	—		—		4,920,165		0.78
Oil & Gas Equipment & Services	—		—		631,923		0.10
Total	$	619,931,637	100.00	%	$	626,868,734	100.00	%

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2017 September 30, 2017
Fair Value: % of Total Investments % of Total Net Assets % of Total Investments % of Total Net Assets
Internet software & services $ 117,058,015
21.64 % 40.36 % $ 121,778,922
21.72 % 41.43 %
Multi-sector holdings (1) 57,180,650
10.56
19.72
57,606,674
10.28
19.62
Healthcare services 32,951,225
6.09
11.36
29,525,697
5.27
10.06
Advertising 32,023,541
5.91
11.04
41,145,973
7.34
14.01
Diversified support services 24,627,767
4.55
8.49
24,655,181
4.40
8.40
Human resources & employment services 23,143,302
4.27
7.98
20,125,090
3.59
6.85
Integrated telecommunication services 15,790,242
2.92
5.45
11,368,765
2.03
3.87
Aerospace & defense 15,545,729
2.87
5.36
6,556,692
1.17
2.23
Specialized finance 15,523,936
2.87
5.35
15,609,084
2.79
5.32
Research & consulting services 14,868,862
2.75
5.13
7,004,638
1.25
2.39
IT consulting & other services 14,823,041
2.74
5.11
20,488,238
3.66
6.98
Communications equipment 14,789,100
2.73
5.10
—
—
—
Environmental & facilities services 14,251,368
2.63
4.92
14,287,163
2.55
4.87
Oil & gas equipment & services 14,085,029
2.60
4.86
14,052,500
2.51
4.79
Commercial printing 11,988,412
2.21
4.13
11,942,132
2.13
4.07
Commodity chemicals 10,059,400
1.86
3.47
—
—
—
Oil & gas exploration & production 9,925,000
1.83
3.42
—
—
—
Alternative carriers 9,737,500
1.80
3.36
—
—
—
Pharmaceuticals 8,542,500
1.58
2.95
9,038,634
1.61
3.08
Distributors 8,471,020
1.56
2.92
12,957,035
2.31
4.41
Trucking 8,159,262
1.51
2.81
4,099,725
0.73
1.40
Security & alarm services 7,908,513
1.46
2.73
7,972,286
1.42
2.72
Food retail 7,620,697
1.41
2.63
10,182,584
1.82
3.47
Personal products 6,608,509
1.22
2.28
6,599,006
1.18
2.25
Auto parts & equipment 5,850,878
1.08
2.02
5,798,747
1.03
1.97
Data processing & outsourced services 5,843,475
1.08
2.02
9,840,600
1.76
3.35
Household products 5,040,000
0.93
1.74
—
—
—
Healthcare distributors 4,837,875
0.89
1.67
4,948,950
0.88
1.69
Specialized REITs 4,830,003
0.89
1.67
—
—
—
Housewares & specialties 4,783,540
0.88
1.65
4,771,779
0.85
1.63
Drug retail 4,018,340
0.74
1.39
—
—
—
Industrial machinery 3,662,917
0.68
1.26
12,452,459
2.22
4.24
Specialty stores 3,004,020
0.55
1.04
8,193,960
1.46
2.79
General merchandise stores 1,945,809
0.36
0.67
—
—
—
Specialized consumer services 1,669,765
0.31
0.58
1,672,677
0.30
0.57
Application software 239,091
0.04
0.08
33,966,141
6.06
11.57
Real estate services —
—
—
12,256,098
2.19
4.17
Computer & electronics retail —
—
—
7,498,142
1.34
2.55
Casinos & gaming —
—
—
5,038,622
0.90
1.72
Hypermarkets & super centers —
—
—
2,876,002
0.51
0.98
Fertilizers & agricultural chemicals —
—
—
2,801,481
0.50
0.95
Computer hardware —
—
—
1,324,983
0.24
0.45
Total $ 541,408,333
100.00 % 186.72 % $ 560,436,660
100.00 % 190.85 %



	March 31, 2020						September 30, 2019
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	78,401,128	14.98	%	37.08	%	$	80,958,933	13.52	%	28.46	%
Multi-Sector Holdings (1)	37,833,930		7.21		17.91		54,326,418		9.10		19.10
Diversified Support Services	28,714,017		5.48		13.60		27,311,758		4.57		9.62
Aerospace & Defense	28,085,107		5.36		13.31		32,504,494		5.44		11.42
Advertising	20,109,342		3.83		9.52		20,960,795		3.51		7.37
Personal Products	18,147,262		3.46		8.58		3,017,820		0.51		1.06
Alternative Carriers	17,834,666		3.40		8.45		16,958,629		2.84		5.97
Internet Services & Infrastructure	17,342,530		3.31		8.21		28,470,497		4.77		10.01
Systems Software	16,211,212		3.09		7.68		15,466,728		2.59		5.43
Oil & Gas Storage & Transportation	16,147,778		3.08		7.64		556,541		0.09		0.20
Commercial Printing	13,982,323		2.67		6.62		15,377,480		2.58		5.41
Integrated Telecommunication Services	12,654,497		2.41		5.99		17,138,851		2.87		6.03
Data Processing & Outsourced Services	11,869,158		2.26		5.63		16,757,043		2.81		5.89
Industrial Machinery	11,763,868		2.24		5.57		9,206,556		1.54		3.24
Specialized Finance	11,689,118		2.23		5.52		14,473,206		2.42		5.09
Health Care Technology	11,296,682		2.15		5.35		11,032,320		1.85		3.88
Health Care Services	11,289,795		2.15		5.35		17,176,083		2.88		6.03
Publishing	10,918,631		2.08		5.17		10,421,039		1.75		3.66
Research & Consulting Services	10,908,370		2.08		5.17		10,267,889		1.72		3.61
Oil & Gas Refining & Marketing	10,808,775		2.06		5.12		11,970,818		2.00		4.21
Communications Equipment	10,531,412		2.01		4.98		9,361,407		1.57		3.29
Movies & Entertainment	9,587,156		1.83		4.54		9,616,125		1.61		3.38
Metal & Glass Containers	9,514,568		1.81		4.51		8,387,578		1.40		2.95
Real Estate Services	8,684,375		1.66		4.11		9,875,250		1.65		3.47
Specialty Chemicals	8,633,836		1.65		4.09		3,687,132		0.62		1.30
Leisure Facilities	8,437,604		1.61		4.00		8,979,519		1.50		3.16
Trading Companies & Distributors	7,568,544		1.44		3.58		8,929,919		1.50		3.14
Biotechnology	7,561,000		1.44		3.58		8,040,000		1.35		2.82
Distributors	7,302,014		1.39		3.46		—		—		—
Interactive Media & Services	6,912,500		1.32		3.27		11,880,796		1.99		4.17
Pharmaceuticals	6,258,388		1.19		2.96		12,082,358		2.02		4.25
Electrical Components & Equipment	5,455,377		1.04		2.58		6,009,639		1.01		2.11
Health Care Supplies	5,213,120		0.99		2.47		—		—		—
Environmental & Facilities Services	4,547,986		0.87		2.16		3,975,425		0.67		1.40
Household Products	4,522,925		0.86		2.14		4,756,250		0.80		1.67
Auto Parts & Equipment	4,402,811		0.84		2.08		5,385,930		0.90		1.89
Construction Materials	3,288,458		0.63		1.56		—		—		—
Independent Power Producers & Energy Traders	3,218,670		0.61		1.52		—		—		—
Managed Health Care	2,581,894		0.49		1.22		—		—		—
Property & Casualty Insurance	1,925,102		0.37		0.91		—		—		—
General Merchandise Stores	1,169,227		0.22		0.55		1,425,618		0.24		0.50
Specialty Stores	651,024		0.12		0.31		—		—		—
Building Products	403,131		0.08		0.19		—		—		—
Oil & Gas Exploration & Production	—		—		—		13,947,600		2.34		4.90
Computer & Electronics Retail	—		—		—		10,781,031		1.81		3.79
Health Care Equipment	—		—		—		8,994,333		1.51		3.16
Specialized REITs	—		—		—		8,648,021		1.45		3.04
Human Resource & Employment Services	—		—		—		8,008,543		1.34		2.81
IT Consulting & Other Services	—		—		—		7,974,500		1.34		2.80
Household Appliances	—		—		—		6,661,922		1.12		2.34
Commodity Chemicals	—		—		—		4,931,156		0.83		1.73
Oil & Gas Equipment & Services	—		—		—		410,497		0.07		0.14
Total	$	524,379,311	100.00	%	248.24	%	$	597,104,447	100.00	%	209.90	%

___________________


(1)	This industry includes the Company's investment in the OCSI Glick JV.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~The Company's investments are generally in middle-market companies in a variety of industries. The Company has one~~No investment ~~that~~ represented greater than 10% of the total investment portfolio at fair value as of ~~December~~each of March 31, ~~2017~~2020 and September 30, ~~2017, which is as follows:~~

December 31, 2017 September 30, 2017
Glick JV LLC 10.6 % 10.3 %

2019. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, can fluctuate upon repayment or sale of an investment and in any given period can be highly concentrated among several investments. ~~Details of investment income of the Glick JV for the three months ended December 31, 2017 and December 31, 2016 are as follows:~~

Three months ended December 31, 2017 Three months ended December 31, 2016
Investment Income Percent of Total Investment Income Investment Income Percent of Total Investment Income
Glick JV LLC $ 1,493,848
13.9 % $ 1,582,856
13.7 %

OCSI Glick JV

In October 2014, the Company entered into an LLC agreement with GF Equity Funding 2014 LLC ("GF Equity Funding") to form the OCSI Glick JV. On April 21, 2015, the OCSI Glick JV began investing primarily in senior secured loans of middle-market companies. The Company co-invests in these securities with GF Equity Funding through the OCSI Glick JV. The OCSI Glick JV is managed by a four person ~~board~~Board of ~~directors,~~Directors, two of whom are selected by the Company and two of whom are selected by GF Equity Funding. The OCSI Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the OCSI Glick JV must be approved by the OCSI 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 OCSI Glick JV, the Company does not consolidate the OCSI Glick JV. The members provide capital to the OCSI 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 OCSI Glick JV in exchange for subordinated notes (the "Subordinated Notes"). As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, 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 Subordinated Notes. The OCSI Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the ~~1940~~Investment Company Act.

The OCSI Glick JV's portfolio consisted of middle-market and other corporate debt securities of 2544 and ~~23 "eligible~~39 portfolio ~~companies" (as defined in Section 2(a)(46) of the 1940 Act)~~companies as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, respectively. The portfolio companies in the OCSI Glick JV are in industries similar to those in which the Company may invest directly.

The OCSI Glick JV ~~has~~entered into a senior revolving credit facility with Deutsche Bank AG, New York Branch ("(the "JV Deutsche Bank ~~facility"~~Facility") ~~with~~, which, as of March 31, 2020, had a ~~stated~~reinvestment period end date and maturity date of ~~April 17, 2023, which~~September 29, 2020 and March 29, 2024, respectively, and permitted borrowings of up to ~~$200.0~~$125.0 million ~~of borrowings as of both December 31, 2017~~(subject to borrowing base and ~~September 30, 2017.~~other limitations). Borrowings under the JV Deutsche Bank ~~facility~~Facility are secured by all of the assets of the OCSI Glick JV and all of the equity interests in the OCSI Glick JV and, as of March 31, 2020, bore interest at a rate equal to ~~the~~ 3-month LIBOR plus ~~2.5%~~1.95% per annum with no LIBOR ~~floor as of December 31, 2017 and September 30, 2017.~~floor. Under the JV Deutsche Bank ~~facility, $56.9~~Facility, $98.2 million and $91.9 million of borrowings were outstanding as of ~~each of December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, respectively.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the OCSI Glick JV had total assets of ~~$151.5~~$153.2 million and ~~$126.7~~$179.7 million, respectively. As of ~~December~~March 31, ~~2017,~~2020, the Company's investment in the OCSI Glick JV consisted of LLC equity interests and Subordinated Notes of ~~$57.2~~$37.8 million in the aggregate at fair value. As of September 30, ~~2017,~~2019, the Company's investment in the OCSI Glick JV consisted of LLC equity interests and Subordinated Notes of ~~$57.6~~$54.3 million in the aggregate at fair value. The Subordinated Notes are junior in right of payment to the repayment of temporary contributions made by the Company to fund investments of the OCSI Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Subordinated Notes, respectively.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the OCSI 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 ~~$81.9 million and $81.6~~$84.0 million in aggregate commitments were funded as of ~~December~~each of March 31, ~~2017~~2020 and September 30, ~~2017, respectively,~~2019, of which ~~$71.7~~$73.5 million ~~and $71.4 million, respectively,~~ was from the Company. As of each of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the Company had commitments to fund Subordinated Notes to the OCSI Glick JV of $78.8 million, of which ~~$14.2~~$12.4 million were unfunded as of each such date. As of each of March 31, 2020 and September 30, 2019, the Company had commitments to fund LLC equity interests in the OCSI Glick JV of $8.7 million, of which $1.6 million were unfunded.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and $14.5 million, respectively, was unfunded. As of each of December 31, 2017 and September 30, 2017, the Company had commitments to fund LLC equity interests in the Glick JV of $8.7 million, of which $1.6 million was unfunded.

Below is a summary of the OCSI Glick JV's portfolio, followed by a listing of the individual loans in the OCSI Glick JV's portfolio as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017:~~2019:


	December 31, 2017	September 30, 2017	March 31, 2020	September 30, 2019
Senior secured loans (1)	$128,805,001	$115,964,537	$164,687,221	$177,911,560
Weighted average current interest rate on senior secured loans (2)	7.02%	6.92%	5.63%	6.92%
Number of borrowers in Glick JV	25	23
Number of borrowers in the OCSI Glick JV			44	39
Largest loan exposure to a single borrower (1)	$8,597,150	$11,267,524	$6,994,829	$7,425,000
Total of five largest loan exposures to borrowers (1)	$38,912,938	$42,833,696	$32,459,829	$34,662,500

__________

(1) At principal amount.

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

OCSI Glick JV Portfolio as of March 31, 2020



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost		Fair Value (3)		Notes
AI Convoy (Luxembourg) S.À.R.L.	First Lien Term Loan, LIBOR+3.50% cash due 1/18/2027	5.34%	Aerospace & Defense	$	3,800,000	$	3,781,000	$	3,410,500
AI Ladder (Luxembourg) Subco S.a.r.l.	First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025	5.49%	Electrical Components & Equipment	2,695,355		2,634,049		2,273,074		(4)
AI Plex US Acquico LLC	First Lien Term Loan, LIBOR+5.00% cash due 7/31/2026	5.99%	Commodity Chemicals	1,994,987		1,728,773		1,416,441
Altice France S.A.	First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026	4.70%	Integrated Telecommunication Services	3,117,500		3,038,067		2,985,006		(4)
Alvogen Pharma US, Inc.	First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	6.32%	Pharmaceuticals	6,994,829		6,782,076		6,085,500
Anastasia Parent, LLC	First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	5.20%	Personal Products	1,693,108		1,399,248		987,827
Ancile Solutions, Inc.	First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021	8.45%	Application Software	3,298,363		3,286,170		3,215,904		(4)
Aurora Lux Finco S.À.R.L.	First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.00%	Airport Services	3,750,000		3,659,880		3,525,563
Brazos Delaware II, LLC	First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025	4.92%	Oil & Gas Equipment & Services	4,912,500		4,894,451		2,591,344
California Pizza Kitchen, Inc.	First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022		Restaurants	4,825,000		4,813,378		2,439,641		(6)
CITGO Petroleum Corp.	First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	6.00%	Oil & Gas Refining & Marketing	3,960,000		3,920,400		3,504,600		(4)
Connect U.S. Finco LLC	First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026	5.49%	Alternative Carriers	5,155,000		5,037,149		4,156,219		(4)
Covia Holdings Corporation	First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025		Oil & Gas Equipment & Services	6,877,500		6,877,500		3,255,224		(6)
Curium Bidco S.à.r.l.	First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026	5.07%	Biotechnology	4,975,000		4,937,688		4,726,250		(4)
eResearch Technology, Inc.	First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027	5.95%	Application Software	2,500,000		2,475,000		2,217,500		(4)
Frontier Communications Corporation	First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024	5.21%	Integrated Telecommunication Services	3,947,925		3,883,828		3,773,347
GFL Environmental Inc.	First Lien Term Loan, LIBOR+3.00% cash due 5/30/2025	4.00%	Environmental & Facilities Services	303,000		279,604		295,299		(4)
Gigamon, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024	5.25%	Systems Software	5,865,300		5,825,375		5,044,158

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~Glick JV Portfolio as of December 31, 2017~~

Portfolio Company Industry Investment Type Maturity Date Current Interest Rate (1)(4) Cash Interest Rate (1) Principal Cost Fair Value (2)
Ameritox Ltd. (3)(5) Healthcare services First Lien Term Loan 4/11/2021 LIBOR+5% (1% floor) cash 3% PIK 6.69 % $ 2,353,200
$ 2,243,202
$ 286,374
Healthcare services 119,910.76 Class B Preferred Units

119,911
—
Healthcare services 368.96 Class A Common Units

2,174,034
—
Total Ameritox Ltd. 2,353,200
4,537,147
286,374
Compuware Corporation (3) Internet software & services First Lien Term Loan B3 12/15/2021 LIBOR+4.25% (1% floor) cash 5.63 % 6,263,981
6,212,998
6,312,934
Metamorph US 3, LLC (3)(5) Internet software & services First Lien Term Loan 12/1/2020 LIBOR+5.5% (1% floor) cash 2% PIK 7.07 % 6,806,211
6,306,815
2,584,318
Motion Recruitment Partners LLC (3) Human resources & employment services First Lien Term Loan 2/13/2020 LIBOR+6% (1% floor) cash 7.57 % 8,597,150
8,597,146
8,605,596
NAVEX Global, Inc. Internet software & services First Lien Term Loan 11/19/2021 LIBOR+4.25% (1% floor) cash 5.82 % 2,969,388
2,960,727
2,984,250
Air Newco LLC IT consulting & other services First Lien Term Loan B 3/20/2022 LIBOR+5.5% (1% floor) cash 6.94 % 8,139,577
8,121,549
8,088,704
CM Delaware LLC Advertising First Lien Term Loan 3/18/2021 LIBOR+5.25% (1% floor) cash 6.94 % 2,069,786
2,068,356
2,018,041
Central Security Group, Inc. (3) Specialized consumer services First Lien Term Loan 10/6/2021 LIBOR+5.625% (1% floor) cash 7.19 % 3,866,103
3,870,229
3,885,433
Aptos, Inc. (3) Data processing & outsourced services First Lien Term Loan B 9/1/2022 LIBOR+6.75% (1% floor) cash 8.44 % 7,870,000
7,747,832
7,791,300
Vubiquity, Inc. Application software First Lien Term Loan 8/12/2021 LIBOR+5.5% (1% floor) cash 7.19 % 4,116,000
4,089,928
4,085,130
Novetta Solutions, LLC Diversified support services First Lien Term Loan 10/16/2022 LIBOR+5% (1% floor) cash 6.70 % 5,975,734
5,918,766
5,813,911
SHO Holding I Corporation Footwear First Lien Term Loan 10/27/2022 LIBOR+5% (1% floor) cash 6.42 % 6,370,000
6,324,741
6,147,050
Valet Merger Sub, Inc. (3) Environmental & facilities services First Lien Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.57 % 3,910,000
3,870,466
3,909,937
Environmental & facilities services Incremental Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.57 % 1,024,850
1,004,945
1,024,833
Total Valet Merger Sub, Inc. 4,934,850
4,875,411
4,934,770
RSC Acquisition, Inc. Insurance brokers First Lien Term Loan 11/30/2022 LIBOR+5.25% (1% floor) cash 6.94 % 3,920,064
3,897,948
3,880,863
Integro Parent Inc. Insurance brokers First Lien Term Loan 10/31/2022 LIBOR+5.75% (1% floor) cash 7.13 % 4,901,424
4,784,962
4,889,170
TruckPro, LLC Auto parts & equipment First Lien Term Loan 8/6/2018 LIBOR+5% (1% floor) cash 6.69 % 1,811,634
1,810,641
1,813,409
Falmouth Group Holdings Corp. Specialty chemicals First Lien Term Loan 12/13/2021 LIBOR+6.75% (1% floor) cash 8.44 % 4,527,907
4,491,387
4,528,532
Ancile Solutions, Inc. (3) Internet software & services First Lien Term Loan 6/30/2021 LIBOR+7% (1% floor) cash 8.69 % 3,990,530
3,947,582
3,954,615
California Pizza Kitchen, Inc. Restaurants First Lien Term Loan 8/23/2022 LIBOR+6% (1% floor) cash 7.57 % 4,937,500
4,925,607
4,851,094
MHE Intermediate Holdings, LLC (3) Diversified support services First Lien Term Loan B 3/11/2024 LIBOR+5% (1% floor) cash 6.69 % 4,218,125
4,142,752
4,218,125
Diversified support services Delayed Draw Term Loan 3/11/2024 LIBOR+5% (1% floor) cash 6.69 % 665,837
633,517
665,837
Total MHE Intermediate Holdings, LLC 4,883,962
4,776,269
4,883,962
Chloe Ox Parent LLC (3) Healthcare services First Lien Term Loan 12/14/2024 LIBOR+5% (1% floor) cash 6.64 % 6,000,000
5,940,000
6,022,500
Gigamon Inc. Systems software First Lien Term Loan 12/18/2024 LIBOR+4.5% (1% floor) cash 6.03 % 6,000,000
5,940,000
5,970,000
Indivior Finance Sarl (3) Pharmaceuticals First Lien Term Loan 12/19/2022 LIBOR+4.5% (1% floor) cash 6.11 % 7,500,000
7,462,500
7,537,500
Tribe Buyer LLC (3) Human resources & employment services First Lien Term Loan 2/16/2024 LIBOR+4.5% (1% floor) cash 5.68 % 6,000,000
5,985,000
6,078,750
Asset International, Inc. (3) Research & Consulting Services First Lien Term Loan 12/29/2024 LIBOR+4.5% (1% floor) cash 6.19 % 4,000,000
3,920,125
3,920,000
Total Portfolio Investments $ 128,805,001
$ 129,513,666
$ 121,868,206



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost			Fair Value (3)			Notes
Guidehouse LLP	Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026	8.99%	Research & Consulting Services	$	5,000,000	$	4,980,867		$	4,325,000		(4)
Helios Software Holdings, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025	5.32%	Systems Software	997,500		987,525			859,511			(4)
Houghton Mifflin Harcourt Publishers Inc.	First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024	7.24%	Education Services	2,962,500		2,850,847			2,651,438
Integro Parent, Inc.	First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022	6.75%	Insurance Brokers	3,301,120		3,263,904			3,027,127
Intelsat Jackson Holdings S.A.	First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023	5.68%	Alternative Carriers	4,380,943		4,328,294			4,060,587			(4)
LTI Holdings, Inc.	First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025	4.49%	Auto Parts & Equipment	2,353,073		1,896,658			1,769,711
MHE Intermediate Holdings, LLC	First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024	6.07%	Diversified Support Services	4,122,500		4,073,573			4,011,209			(4)
MHE Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024	6.45%	Diversified Support Services	832,853		822,601			810,370			(4)
Total MHE Intermediate Holdings, LLC				4,955,353		4,896,174			4,821,579
MRI Software LLC	First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.57%	Application Software	1,438,449		1,424,700			1,273,028			(4)
MRI Software LLC	First Lien Revolver, LIBOR+5.50% cash due 2/10/2026	6.57%	Application Software	71,458		70,029			55,023			(4)(5)
MRI Software LLC	First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026		Application Software	—		(1,501		)	(28,701		)	(4)(5)
Total MRI Software LLC				1,509,907		1,493,228			1,299,350
Navicure, Inc.	First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026	4.99%	Health Care Technology	4,000,000		3,980,000			3,710,000
Northern Star Industries Inc.	First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025	5.57%	Electrical Components & Equipment	5,390,000		5,370,720			4,581,500
Novetta Solutions, LLC	First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022	6.00%	Application Software	5,838,140		5,797,677			5,205,052
OEConnection LLC	First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	5.45%	Application Software	3,635,411		3,617,234			2,935,595			(4)
OEConnection LLC	First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026		Application Software	—		(1,667		)	(66,667		)	(4)(5)
Total OEConnection LLC				3,635,411		3,615,567			2,868,928
Olaplex, Inc.	First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026	7.50%	Personal Products	3,000,000		2,942,299			2,805,000			(4)
Olaplex, Inc.	First Lien Revolver, LIBOR+6.50% cash due 1/8/2025	7.50%	Personal Products	324,000		317,818			302,940			(4)
Total Olaplex, Inc.				3,324,000		3,260,117			3,107,940
Sabert Corporation	First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50%	Metal & Glass Containers	2,900,000		2,871,000			2,697,000			(4)
SHO Holding I Corporation	First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022	6.78%	Footwear	6,223,750		6,200,125			4,885,644
Signify Health, LLC	First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	5.95%	Health Care Services	5,880,000		5,839,430			4,939,200			(4)
Sunshine Luxembourg VII SARL	First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026	5.32%	Personal Products	6,483,750		6,451,331			5,900,212			(4)
Supermoose Borrower, LLC	First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	5.20%	Application Software	2,893,514		2,686,957			2,332,172			(4)
Surgery Center Holdings Inc.	First Lien Term Loan, LIBOR+3.25% cash due 9/2/2024	4.25%	Health Care Facilities	4,987,212		4,965,611			3,867,583
Thunder Finco (US), LLC	First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.24%	Movies & Entertainment	3,000,000		2,970,000			2,347,500			(4)
Tribe Buyer LLC	First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024	5.50%	Human Resource & Employment Services	1,617,579		1,614,977			1,217,228

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost		Fair Value (3)		Notes
UFC Holdings, LLC	First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026	4.25%	Movies & Entertainment	$	2,635,319	$	2,616,767	$	2,348,728	(4)
Verscend Holding Corp.	First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025	5.49%	Health Care Technology	1,742,577		1,728,598		1,655,448		(4)
VM Consolidated, Inc.	First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025	4.24%	Data Processing & Outsourced Services	4,796,753		4,781,839		4,365,045
WideOpenWest Finance, LLC	First Lien Term Loan, LIBOR+3.25% cash due 8/18/2023	4.25%	Cable & Satellite	213,453		187,838		199,045
WP CPP Holdings, LLC	Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026	9.53%	Aerospace & Defense	3,000,000		2,976,288		2,060,010		(4)
Total Portfolio Investments				$	164,687,221	$	161,865,975	$	137,005,935

__________

(1) Represents the current interest rate as of ~~December~~March 31, ~~2017.~~2020. All interest rates are payable in cash, unless otherwise noted.

(2) Represents the current determination of fair value as of December 31, 2017 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.

~~(3) This investment is held by both the Company and the Glick JV as of December 31, 2017.~~

~~(4)~~ The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit ~~agreement.~~

~~(5) This investment was on~~agreement and the cash ~~non-accrual status as of December 31, 2017. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.~~

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

~~Glick JV Portfolio as of September 30, 2017~~

Portfolio Company Industry Investment Type Maturity Date Current Interest Rate (1)(4) Cash Interest Rate (1) Principal Cost Fair Value (2)
Ameritox Ltd. (3)(5) Healthcare services First Lien Term Loan 4/11/2021 LIBOR+5% (1% floor) cash 3% PIK 6.33 % $ 2,287,177
$ 2,243,202
$ 265,211
Healthcare services 119,910.76 Class B Preferred Units 119,911
—
Healthcare services 368.96 Class A Common Units 2,174,034
—
Total Ameritox Ltd. 2,287,177
4,537,147
265,211
Beyond Trust Software, Inc. (3) Application software First Lien Term Loan 9/25/2019 LIBOR+7% (1% floor) cash 8.33 % 11,267,524
11,220,478
11,267,116
Compuware Corporation (3) Internet software & services First Lien Term Loan B3 12/15/2021 LIBOR+4.25% (1% floor) cash 5.49 % 6,279,920
6,225,992
6,358,419
Metamorph US 3, LLC (3)(5) Internet software & services First Lien Term Loan 12/1/2020 LIBOR+5.5% (1% floor) cash 2% PIK 6.74 % 6,825,900
6,477,372
2,592,115
Motion Recruitment Partners LLC (3) Human resources & employment services First Lien Term Loan 2/13/2020 LIBOR+6% (1% floor) cash 7.24 % 8,659,650
8,659,650
8,659,223
NAVEX Global, Inc. Internet software & services First Lien Term Loan 11/19/2021 LIBOR+4.25% (1% floor) cash 5.49 % 2,977,041
2,967,620
2,988,205
Air Newco LLC IT consulting & other services First Lien Term Loan B 3/20/2022 LIBOR+5.5% (1% floor) cash 6.82 % 8,160,622
8,141,224
8,099,417
CM Delaware LLC Advertising First Lien Term Loan 3/18/2021 LIBOR+5.25% (1% floor) cash 6.58 % 2,075,162
2,073,617
2,064,786
New Trident Holdcorp, Inc. (3) Healthcare services First Lien Term Loan B 7/31/2019 LIBOR+5.75% (1.25% floor) cash 7.08 % 2,018,206
2,000,877
1,453,109
Central Security Group, Inc. (3) Specialized consumer services First Lien Term Loan 10/6/2021 LIBOR+5.625% (1% floor) cash 6.86 % 3,876,067
3,880,408
3,892,211
Aptos, Inc. (3) Data processing & outsourced services First Lien Term Loan B 9/1/2022 LIBOR+6.75% (1% floor) cash 8.08 % 7,920,000
7,790,262
7,840,800
Vubiquity, Inc. Application software First Lien Term Loan 8/12/2021 LIBOR+5.5% (1% floor) cash 6.83 % 4,126,500
4,099,195
4,095,551
Poseidon Merger Sub, Inc. (3) Advertising Second Lien Term Loan 8/15/2023 LIBOR+8.5% (1% floor) cash 9.81 % 3,000,000
2,933,633
3,030,000
Novetta Solutions, LLC Diversified support services First Lien Term Loan 10/16/2022 LIBOR+5% (1% floor) cash 6.34 % 5,990,978
5,932,073
5,826,226
SHO Holding I Corporation Footwear First Lien Term Loan 10/27/2022 LIBOR+5% (1% floor) cash 6.24 % 6,386,250
6,338,479
6,306,422
Valet Merger Sub, Inc. (3) Environmental & facilities services First Lien Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.24 % 3,920,000
3,877,655
3,919,865
Environmental & facilities services Incremental Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.24 % 1,027,425
1,006,080
1,027,390
Total Valet Merger Sub, Inc. 4,947,425
4,883,735
4,947,255
RSC Acquisition, Inc. Insurance brokers First Lien Term Loan 11/30/2022 LIBOR+5.25% (1% floor) cash 6.58 % 3,930,134
3,912,198
3,890,832
Integro Parent Inc. Insurance brokers First Lien Term Loan 10/31/2022 LIBOR+5.75% (1% floor) cash 7.06 % 4,913,924
4,790,511
4,901,639
TruckPro, LLC Auto parts & equipment First Lien Term Loan 8/6/2018 LIBOR+5% (1% floor) cash 6.24 % 1,823,268
1,821,822
1,825,054
Falmouth Group Holdings Corp. Specialty chemicals First Lien Term Loan 12/13/2021 LIBOR+6.75% (1% floor) cash 8.08 % 4,610,174
4,572,990
4,610,400
Ancile Solutions, Inc. (3) Internet software & services First Lien Term Loan 6/30/2021 LIBOR+7% (1% floor) cash 8.33 % 4,042,355
3,995,621
4,010,198
California Pizza Kitchen, Inc. Restaurants First Lien Term Loan 8/23/2022 LIBOR+6% (1% floor) cash 7.24 % 4,950,000
4,938,077
4,917,008
MHE Intermediate Holdings, LLC (3) Diversified support services First Lien Term Loan B 3/11/2024 LIBOR+5% (1% floor) cash 6.33 % 4,228,750
4,150,304
4,228,752
Diversified support services Delayed Draw Term Loan 3/11/2024 LIBOR+5% (1% floor) cash 6.33 % 667,510
635,208
667,510
Total MHE Intermediate Holdings, LLC 4,896,260
4,785,512
4,896,262
Total Portfolio Investments $ 115,964,537
$ 116,978,493
$ 108,737,459

~~_________~~

~~(1) Represents the current~~ interest rate as of ~~September 30, 2017.~~period end. All LIBOR shown above is in U.S. dollars. As of March 31, 2020, the reference rates for the OCSI Glick JV's variable rate loans were the 30-day LIBOR at 0.99%, the 60-day LIBOR at 1.26%, the 90-day LIBOR at 1.45% and the 180-day LIBOR at 1.07%. Most loans include an interest ~~rates are payable in cash, unless otherwise noted.~~floor, which generally ranges from 0% to 1%.

~~(2)~~(3) Represents the current determination of fair value as of ~~September 30, 2017~~March 31, 2020 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is not included in the Company's Board of Directors' valuation process described elsewhere herein.

(4) This investment is held by both the Company and the OCSI Glick JV as of March 31, 2020.

(5) Investment has 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 cash non-accrual status as of March 31, 2020. Cash non-accrual is inclusive of PIK and other non-cash income where applicable.

OCSI Glick JV Portfolio as of September 30, 2019



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost		Fair Value (3)		Notes
AI Ladder (Luxembourg) Subco S.a.r.l.	First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025	6.60%	Electrical components & equipment	$	2,718,993	$	2,651,270	$	2,504,016	(4)
Air Newco LP	First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024	6.79%	IT consulting & other services	7,425,000		7,406,438		7,437,400
AL Midcoast Holdings LLC	First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025	7.60%	Oil & gas storage & transportation	6,930,000		6,860,699		6,834,712		(4)
Altice France S.A.	First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026	6.03%	Integrated telecommunication services	2,977,500		2,912,809		2,975,639
Alvogen Pharma US, Inc.	First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022	6.79%	Pharmaceuticals	5,359,286		5,359,286		4,874,270
Ancile Solutions, Inc.	First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021	9.10%	Application software	3,395,374		3,377,463		3,327,467		(4)
Aptos, Inc.	First Lien Term Loan, LIBOR+5.50% cash due 7/23/2025	7.70%	Computer & electronics retail	2,977,500		2,947,725		2,940,281		(4)
Brazos Delaware II, LLC	First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025	6.05%	Oil & gas equipment & services	4,937,500		4,917,589		4,570,273
California Pizza Kitchen, Inc.	First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022	8.53%	Restaurants	4,850,000		4,838,318		4,349,868
CITGO Petroleum Corp.	First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	7.10%	Oil & gas refining & marketing	3,980,000		3,940,200		4,004,875		(4)
Connect U.S. Finco LLC	First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026	7.10%	Alternative Carriers	5,000,000		4,900,000		4,930,075		(4)
Covia Holdings Corporation	First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025	6.31%	Oil & gas equipment & services	6,912,500		6,912,500		5,673,745
Curium Bidco S.à r.l.	First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026	6.10%	Biotechnology	5,000,000		4,962,500		5,025,000		(4)
Ellie Mae, Inc.	First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026	6.04%	Application software	1,000,000		995,000		1,002,920		(4)

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost			Fair Value (3)			Notes
Falmouth Group Holdings Corp.	First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021	8.95%	Specialty chemicals	$	4,658,544	$	4,626,032		$	4,632,004
Frontier Communications Corporation	First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024	5.80%	Integrated telecommunications services	5,468,222		5,365,594			5,466,281			(4)
Gigamon, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024	6.29%	Systems software	5,895,000		5,850,631			5,732,888
Guidehouse LLP	Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026	9.54%	Research & consulting services	5,000,000		4,979,290			4,937,500			(4)
Indivior Finance S.a.r.l.	First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022	6.76%	Pharmaceuticals	4,340,941		4,326,851			3,997,290			(4)
Integro Parent, Inc.	First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022	7.80%	Insurance brokers	4,813,924		4,744,243			4,681,541
Intelsat Jackson Holdings S.A.	First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023	5.80%	Alternative Carriers	5,000,000		4,939,169			5,021,100
McDermott Technology (Americas), Inc.	First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025	7.10%	Oil & gas equipment & services	1,429,306		1,406,187			913,565			(4)
MHE Intermediate Holdings, LLC	First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024	7.10%	Diversified support services	4,143,750		4,089,029			4,060,875			(4)
	First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024	7.10%	Diversified support services	837,128		826,823			820,385			(4)
Total MHE Intermediate Holdings, LLC				4,980,878		4,915,852			4,881,260
Navicure, Inc.	First Lien Term Loan, LIBOR+4.00% cash due 9/18/2026	6.13%	Healthcare technology	4,000,000		3,980,000			4,005,000
Northern Star Industries Inc.	First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025	6.56%	Electrical components & equipment	5,417,500		5,396,178			5,336,238
Novetta Solutions, LLC	First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022	7.05%	Application software	5,868,628		5,824,577			5,760,440
OCI Beaumont LLC	First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025	6.10%	Commodity chemicals	6,895,000		6,888,231			6,903,619			(4)
OEConnection LLC	First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026		Application software	—		(1,720		)	(645		)	(4)(5)
	First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026	6.13%	Application software	3,655,914		3,637,634			3,649,059			(4)
Total OEConnection LLC				3,655,914		3,635,914			3,648,414
Red Ventures, LLC	First Lien Term Loan, LIBOR+3.00% cash due 11/8/2024	5.04%	Interactive media & services	3,989,924		3,970,677			4,010,712
RSC Acquisition, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 11/30/2022	6.29%	Trading companies & distributors	3,849,574		3,835,594			3,820,702
Servpro Borrower, LLC	First Lien Term Loan, PRIME+2.50% cash due 3/26/2026	7.50%	Specialized consumer services	3,980,000		3,970,050			3,984,975
SHO Holding I Corporation	First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022	7.26%	Footwear	6,256,250		6,227,881			5,943,438
Signify Health, LLC	First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	6.60%	Healthcare services	5,910,000		5,864,902			5,902,613			(4)
Sunshine Luxembourg VII SARL	First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026	6.59%	Personal products	6,500,000		6,467,500			6,538,610			(4)
Tribe Buyer LLC	First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024	6.54%	Human resources & employment services	3,114,779		3,109,120			2,907,133			(4)
Triple Royalty Sub LLC	Fixed Rate Bond 144A 9.0% Toggle PIK cash due 4/15/2033		Pharmaceuticals	3,000,000		3,000,000			3,105,000
UFC Holdings, LLC	First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026	5.30%	Movies & entertainment	2,493,573		2,493,573			2,503,099			(4)
Verra Mobility, Corp.	First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025	5.79%	Data processing & outsourced services	4,929,950		4,913,436			4,956,645			(4)
WP CPP Holdings, LLC	Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026	10.01%	Aerospace & defense	3,000,000		2,974,333			2,987,490			(4)
Total Portfolio Investments				$	177,911,560	$	176,687,612		$	173,028,098

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~(3) This investment is held by both~~________

(1) Represents the ~~Company and the Glick JV~~current interest rate as of September 30, ~~2017.~~2019. All interest rates are payable in cash, unless otherwise noted.

~~(4)~~(2) The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit ~~agreement.~~agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars. As of September 30, 2019, the reference rates for the OCSI Glick JV's variable rate loans were the 30-day LIBOR at 2.04%, the 60-day LIBOR at 2.09%, the 90-day LIBOR at 2.10%, the 180-day LIBOR at 2.06% and the PRIME at 5.00%. Most loans include an interest floor, which generally ranges from 0% to 1%.

~~(5) This investment was on cash non-accrual status~~(3) Represents the current determination of fair value as of September 30, ~~2017. Cash non-accrual status~~2019 utilizing a similar technique as the Company in accordance with ASC 820. However, the determination of such fair value is ~~inclusive~~not included in the Company's Board of ~~PIK~~Directors' valuation process described elsewhere herein.

(4) This investment is held by both the Company and ~~other non-cash~~the OCSI Glick JV as of September 30, 2019.

(5) Investment had undrawn commitments. Unamortized fees are classified as unearned income ~~where applicable.~~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.

The cost and fair value of the Company's aggregate investment in the OCSI Glick JV was ~~$71.6~~$73.2 million and ~~$57.2~~$37.8 million, respectively, as of ~~December~~March 31, ~~2017~~2020 and ~~$71.3~~$73.2 million and ~~$57.6~~$54.3 million, respectively, as of September 30, ~~2017. The~~2019. As of March 31, 2020, the Company placed its investment in the Subordinated Notes ~~pay a weighted average~~on cash non-accrual status and did not earn any interest ~~rate of LIBOR plus 8.0% per annum. For~~on the investment for the three months ended ~~December~~March 31, ~~2017~~2020. For the six months ended March 31, 2020, the Company earned interest income of $1.4 million on its investment in the Subordinated Notes. For the three and ~~December~~six months ended March 31, ~~2016,~~2019, the Company earned interest income of $1.5 million and ~~$1.4~~$3.0 million, respectively, on its investment in the Subordinated Notes. The Company did not earn any dividend income for the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~earned dividend income of $0.2 million for the three months ended December 31, 2016~~2019 with respect to its investment in the LLC equity ~~interests.~~interests of the OCSI Glick JV. The LLC equity interests of the OCSI Glick JV are income producing to the extent there is residual cash to be distributed on a quarterly basis.

As of March 31, 2020 and September 30, 2019, the Subordinated Notes bore an interest rate of 1-month LIBOR plus 6.5% per annum. On March 31, 2020, the Company and GF Debt Funding amended the Subordinated Notes to (1) decrease the interest rate to 1-month LIBOR plus 4.5% per annum effective beginning on April 1, 2020, (2) extend the maturity date from October 20, 2021 to October 20, 2028 and (3) provide that the Subordinated Notes will not pay interest on its previously scheduled April 15, 2020 and July 15, 2020 coupon dates.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Below is certain summarized financial information for the OCSI Glick JV as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017~~2019 and for the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016:~~2019:


	December 31, 2017		September 30, 2017		March 31, 2020		September 30, 2019
Selected Balance Sheet Information:
Investments in loans at fair value (cost December 31, 2017: $129,513,666; cost September 30, 2017: $116,978,493)	$	121,868,206	$	108,737,459
Investments at fair value (cost March 31, 2020: $161,865,975; cost September 30, 2019: $176,687,612)					$	137,005,935	$	173,028,098
Cash and cash equivalents	26,080,455		13,891,899		9,722,126		1,096,498
Restricted cash	1,683,753		2,249,575		2,793,202		2,616,125
Due from portfolio companies	—		7,653
Other assets	1,859,067		1,791,077		3,671,348		2,937,681
Total assets	$	151,491,481	$	126,677,663	$	153,192,611	$	179,678,402

Senior credit facility payable	$	56,881,939	$	56,881,939	$	98,181,939	$	91,881,939
Subordinated notes payable at fair value (proceeds December 31, 2017: $73,741,750; proceeds September 30, 2017: $73,404,435)	65,319,540		65,836,199
Subordinated notes payable at fair value (proceeds March 31, 2020: $75,480,629; proceeds September 30, 2019: $75,517,614)					43,238,789		62,087,348
Other liabilities	29,290,002		3,959,525		11,771,883		25,709,115
Total liabilities	$	151,491,481	$	126,677,663	$	153,192,611	$	179,678,402
Members' equity	—		—		—		—
Total liabilities and members' equity	$	151,491,481	$	126,677,663	$	153,192,611	$	179,678,402

Three months ended
December 31, 2017 Three months ended
December 31, 2016
Selected Statements of Operations Information:
Interest income $ 1,939,602
$ 3,486,810
PIK interest income —
17,933
Fee income 32,802
99,653
Total investment income 1,972,404
3,604,396
Interest expense 2,736,122
2,795,065
Other expenses 38,146
75,836
Total expenses (1) 2,774,268
2,870,901
Net unrealized appreciation (depreciation) 1,444,107
(7,384,097 )
Realized loss on investments (642,243 ) (32,601 )
Net income (loss) $ —
$ (6,683,203 )



	Three months ended March 31, 2020			Three months ended March 31, 2019			Six months ended March 31, 2020			Six months ended March 31, 2019
Selected Statements of Operations Information:
Interest income	$	2,841,257		$	3,129,608		$	5,698,510		$	6,209,464
Fee income	200,987			—			228,697			—
Total investment income	3,042,244			3,129,608			5,927,207			6,209,464
Interest expense	1,043,827			2,968,983			3,746,784			5,881,728
Other expenses	31,197			70,245			98,464			113,357
Total expenses (1)	1,075,024			3,039,228			3,845,248			5,995,085
Net unrealized appreciation (depreciation)	(1,560,073		)	(20,404		)	(1,030,615		)	(149,106		)
Realized gain (loss)	(407,147		)	(69,976		)	(1,051,344		)	(65,273		)
Net income (loss)	$	—		$	—		$	—		$	—

__________

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

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

The OCSI Glick JV has elected to fair value the Subordinated Notes issued to the Company and GF Debt Funding under FASB ASC Topic 825, Financial Instruments - Fair Value ~~Options~~Option. The Subordinated Notes are valued based on the total assets less the liabilities senior to the Subordinated Notes in an amount not exceeding par under the ~~enterprise value~~EV technique.

During the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016,~~2019, the Company did not sell any ~~senior secured~~ debt investments to the OCSI Glick JV.

Note 4. Fee Income

The Company receives a variety of fees in the ordinary course of business, including servicing, advisory, amendment, structuring and prepayment fees, which are classified as fee income and recognized as they are earned.

For the three and six months ended ~~December~~March 31, ~~2017,~~2020, the Company recorded total fee income of $0.4 million and $0.8 million, respectively, of which $0.1 million ~~of which~~and $0.1 million, respectively, was recurring in nature. For the three and six months ended ~~December~~March 31, ~~2016,~~2019, the Company recorded total fee income of ~~$0.4~~$0.2 million and $0.2 million, respectively, all of which was ~~recurring~~nonrecurring in nature. Recurring fee income primarily consists of servicing fees and exit fees.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 5. Share Data and ~~Distributions~~Net Assets

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share, pursuant to FASB ASC Topic 260-10, Earnings per Share, for the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016:~~2019:

Three months ended
December 31, 2017 Three months ended
December 31, 2016
Earnings per common share — basic and diluted:
Net increase in net assets resulting from operations $ 1,905,968
$ 724,797
Weighted average common shares outstanding 29,466,768
29,466,768
Earnings per common share — basic and diluted $ 0.06
$ 0.02



	Three months ended March 31, 2020			Three months ended March 31, 2019		Six months ended March 31, 2020			Six months ended March 31, 2019
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	(70,215,664	)	$	13,695,427	$	(64,081,410	)	$	494,736
Weighted average common shares outstanding	29,466,768			29,466,768		29,466,768			29,466,768
Earnings (loss) per common share — basic and diluted	$	(2.38	)	$	0.46	$	(2.17	)	$	0.02

Changes in Net Assets

The following table presents the changes in net assets for the three and six months ended March 31, 2020:



	Common Stock
	Shares		Par Value			Additional Paid-in-Capital			Accumulated Overdistributed Earnings			Total Net Assets
Balance at September 30, 2019	29,466,768		$	294,668		$	369,199,332		$	(85,043,994	)	$	284,450,006
Net investment income	—		—			—			4,727,580			4,727,580
Net unrealized appreciation (depreciation)	—		—			—			1,926,384			1,926,384
Net realized gains (losses)	—		—			—			(519,710		)	(519,710		)
Distributions to stockholders	—		—			—			(4,567,350		)	(4,567,350		)
Issuance of common stock under dividend reinvestment plan	7,793		78			64,256			—			64,334
Repurchases of common stock under dividend reinvestment plan	(7,793	)	(78		)	(64,256		)	—			(64,334		)
Balance at December 31, 2019	29,466,768		$	294,668		$	369,199,332		$	(83,477,090	)	$	286,016,910
Net investment income	—		$	—		$	—		$	4,561,775		$	4,561,775
Net unrealized appreciation (depreciation)	—		—			—			(67,418,332		)	(67,418,332		)
Net realized gains (losses)	—		—			—			(7,359,107		)	(7,359,107		)
Distributions to stockholders	—		—			—			(4,567,348		)	(4,567,348		)
Issuance of common stock under dividend reinvestment plan	14,852		149			77,499			—			77,648
Repurchases of common stock under dividend reinvestment plan	(14,852	)	(149		)	(77,499		)	—			(77,648		)
Balance at March 31, 2020	29,466,768		$	294,668		$	369,199,332		$	(158,260,102	)	$	211,233,898

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the changes in net assets for the three and six months ended March 31, 2019:



	Common Stock
	Shares		Par Value			Additional Paid-in-Capital			Accumulated Overdistributed Earnings			Total Net Assets
Balance at September 30, 2018	29,466,768		$	294,668		$	370,751,389		$	(75,300,637	)	$	295,745,420
Net investment income	—		—			—			4,863,537			4,863,537
Net unrealized appreciation (depreciation)	—		—			—			(19,760,624		)	(19,760,624		)
Net realized gains (losses)	—		—			—			1,696,396			1,696,396
Distributions to stockholders	—		—			—			(4,567,349		)	(4,567,349		)
Issuance of common stock under dividend reinvestment plan	6,888		69			54,042			—			54,111
Repurchases of common stock under dividend reinvestment plan	(6,888	)	(69		)	(54,042		)	—			(54,111		)
Balance at December 31, 2018	29,466,768		$	294,668		$	370,751,389		$	(93,068,677	)	$	277,977,380
Net investment income	—		$	—		$	—		$	5,216,760		$	5,216,760
Net unrealized appreciation (depreciation)	—		—			—			8,797,411			8,797,411
Net realized gains (losses)	—		—			—			(318,744		)	(318,744		)
Distributions to stockholders	—		—			—			(4,567,349		)	(4,567,349		)
Issuance of common stock under dividend reinvestment plan	6,187		62			50,481			—			50,543
Repurchases of common stock under dividend reinvestment plan	(6,187	)	(62		)	(50,481		)	—			(50,543		)
Balance at March 31, 2019	29,466,768		$	294,668		$	370,751,389		$	(83,940,599	)	$	287,105,458

Distributions

Distributions to common stockholders are recorded on the ex-dividend date. The Company is required to distribute dividends each taxable year to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under Subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. 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, ~~are generally~~may be distributed ~~although the Company may decide~~ to ~~retain such net realized capital gains~~stockholders or retained for ~~investment.~~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 ~~authorizes, and the Company~~ 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 (or such lesser discount that still exceeds the most recently computed net asset value per share of common stock).~~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.

For income tax purposes, the Company ~~estimates that~~has reported its distributions for the ~~2017~~2019 calendar year ~~will be composed primarily of~~as ordinary ~~income and the actual~~income. The character of such distributions ~~will be~~was appropriately reported to the Internal Revenue Service and stockholders for the ~~2017~~2019 calendar year. To the extent ~~that~~ 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 ~~may be~~is deemed a return of capital for tax purposes to the Company’s stockholders.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

The following table reflects the quarterly distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016:~~2019:

Frequency Date Declared Record Date Payment Date Amount
per Share Cash Distribution DRIP Shares Issued (1) DRIP Shares Value
Quarterly August 7, 2017 December 15, 2017 December 29, 2017 $ 0.19
$ 5,439,519
18,809 $ 159,167
Total for the three months ended December 31, 2017 $ 0.19
$ 5,439,519
18,809 $ 159,167



Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution		DRIP Shares Issued (1)	DRIP Shares Value
November 12, 2019	December 13, 2019	December 31, 2019	$	0.155	$	4,503,016	7,793	$	64,334
January 31, 2020	March 13, 2020	March 31, 2020	0.155		4,489,700		14,852	77,648
Total for the six months ended March 31, 2020			$	0.310	$	8,992,716	22,645	$	141,982

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution		DRIP Shares Issued (1)	DRIP Shares Value
November 19, 2018	December 17, 2018	December 28, 2018	$	0.155	$	4,513,238	6,888	$	54,111
February 1, 2019	March 15, 2019	March 29, 2019	0.155		4,516,806		6,187	50,543
Total for the six months ended March 31, 2019			$	0.310	$	9,030,044	13,075	$	104,654

__________

(1) Shares were purchased on the open market and distributed.

Common Stock Offering

There were no common stock offerings during the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016.~~2019.

Note 6. Borrowings

Citibank Facility

On January 15, 2015, OCSI Senior Funding II LLC (formerly FS Senior Funding II ~~LLC,~~LLC), the Company's wholly-owned, special purpose financing subsidiary, entered into a revolving credit facility (as amended, the "Citibank ~~facility"~~Facility") with the lenders referred to therein, Citibank, N.A., as administrative agent, and Wells Fargo Bank, N.A., as collateral agent and ~~custodian, which permitted up to $125 million~~custodian.

As of ~~borrowings as of both December~~March 31, ~~2017~~2020 and September 30, ~~2017.~~

~~Borrowings~~2019, the Company was able to borrow up to $180 million under the Citibank ~~facility~~Facility (subject to borrowing base and other limitations). As of March 31, 2020, the reinvestment period under the Citibank Facility is scheduled to expire on July 19, 2021 and the maturity date for the Citibank Facility is July 18, 2023.

As of March 31, 2020, borrowings under the Citibank Facility are subject to certain customary advance rates and ~~accrued~~accrue interest at a rate equal to LIBOR plus ~~2.25%~~1.70% per annum on broadly syndicated loans and LIBOR plus ~~2.50%~~2.25% per annum on all other eligible loans during the reinvestment period. Following termination of the reinvestment period, ~~and~~borrowings under the Citibank Facility will accrue interest at rates equal to LIBOR plus 3.50% per annum during the first year after the reinvestment period and LIBOR plus 4.00% per annum during the subsequent two years, respectively. In addition, as of March 31, 2020, for the duration of the reinvestment period there is a ~~commitment~~non-usage fee payable of 0.50% per annum on the undrawn amount under the Citibank ~~facility~~Facility. As of ~~either 0.50% per annum on~~March 31, 2020, the ~~unused amount~~minimum asset coverage ratio applicable to the Company under the Citibank Facility is 150% as determined in accordance with the requirements of the Citibank facility (if the advances outstanding on the Citibank facility exceed 50% of the aggregate commitments by lenders to make advances on such day) or 0.75% per annum on the unused amount of the credit facility (if the advances outstanding on the Citibank facility do not exceed 50% of the aggregate commitments by lenders to make advances on such day) for the duration of the reinvestment period. Interest and commitment fees are payable quarterly in arrears. The Citibank facility will mature on January 15, 2020. The Citibank facility requires theInvestment Company ~~to comply with certain affirmative and negative covenants and other customary requirements for similar credit facilities.~~Act.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the Company had ~~$70.1~~$129.1 million and ~~$76.5~~$126.1 million outstanding under the Citibank ~~facility,~~Facility, respectively. Borrowings under the Citibank ~~facility~~Facility are secured by all of the assets of FSOCSI Senior Funding II ~~LLC~~ and all of the Company's equity interests in FSOCSI Senior Funding ~~II LLC.~~II. The Company may use the Citibank ~~facility~~Facility to fund a portion of its loan origination activities and for general corporate purposes. Each loan origination under the Citibank ~~facility~~Facility is subject to the satisfaction of certain conditions. The Company's borrowings under the Citibank ~~facility~~Facility bore interest at a weighted average interest rate of ~~3.919%~~3.666% and ~~3.213%~~4.618% for the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016,~~2019, respectively. For the three and six months ended ~~December~~March 31, ~~2017 and December 31, 2016,~~2020, the Company recorded interest expense (inclusive of ~~$0.9~~fees) of $1.3 million and ~~$1.0~~$2.7 million, respectively, related to the Citibank ~~facility.~~Facility. For the three and six months ended March 31, 2019, the Company recorded interest expense (inclusive of fees) of $1.7 million and $3.2 million, respectively, related to the Citibank Facility.

East West Bank Facility

On January 6, 2016, the Company entered into a five-year $25 million senior secured revolving credit facility (subject to borrowing base and other limitations) with the lenders referenced therein, U.S. Bank National Association, as Custodian, and East West Bank as Secured Lender ~~(the~~(as amended, the "East West Bank ~~facility"~~Facility"). ~~The~~As of March 31, 2020, the East West Bank ~~facility~~Facility bears an interest rate of either ~~(i)~~ LIBOR plus ~~3.75%~~2.85% per annum ~~for borrowings in year one, 3.50% per annum for borrowings in year two, 3.25% per annum for borrowings in years three and four and 3.00% per annum for borrowings in year five,~~ or ~~(ii)~~ East West Bank’s prime rate, ~~plus 0.75% per annum for borrowings~~ in ~~year one, 0.50% per annum for borrowings~~each case with a 3.5% floor. As of March 31, 2020, the minimum asset coverage ratio applicable to the Company under the East West Bank Facility was 150% as determined in ~~year two, 0.25% per annum for borrowings in years three and four, and 0.00% per annum for borrowings in year five.~~

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

accordance with the requirements of the Investment Company Act. The East West Bank ~~facility~~Facility matures on January 6, 2021. The East West Bank ~~facility~~Facility requires the Company to comply with certain affirmative and negative covenants and other customary requirements for similar credit facilities.

On April 7, 2020, the Company amended the East West Bank Facility to, among other things, reduce the required minimum net assets from $225 million to $185 million commencing with the quarter ended March 31, 2020. For the March 31, 2020 testing period, the Company was in compliance with all financial covenants under the East West Bank Facility.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the Company had ~~$4.0~~$22.5 million and ~~$6.5~~$11.0 million outstanding under the East West Bank ~~facility,~~Facility, respectively. Borrowings under the East West Bank ~~facility~~Facility are secured by the loans pledged as collateral thereunder from time to time as well as certain other assets of the Company. The Company may use the East West Bank ~~facility~~Facility to fund a portion of its loan origination activities and for general corporate purposes. The Company’s borrowings under the East West Bank facility bore interest at a weighted average interest rate of 5.088% and 3.498% for the three months ended December 31, 2017 and December 31, 2016, respectively. For the three months ended December 31, 2017 and December 31, 2016, the Company recorded interest expense of $0.2 million and $0.1 million, respectively, related to the East West Bank facility.

~~2015 Debt Securitization~~

On May 28, 2015, the Company completed its $309.0 million debt securitization ("2015 Debt Securitization") consisting of $222.6 million in senior secured notes ("2015 Notes") and $86.4 million of unsecured subordinated notes ("Subordinated 2015 Notes"). The notes offered in the 2015 Debt Securitization were issued by the 2015 Issuer, a wholly-owned subsidiary of the Company, through a private placement. The 2015 Notes are secured by the assets held by the 2015 Issuer. The 2015 Debt Securitization consists of $126.0 million Class A-T Senior Secured 2015 Notes, which bear interest at three-month LIBOR plus 1.80% per annum; $29.0 million Class A-S Senior Secured 2015 Notes, which bore interest at a rate of three-month LIBOR plus 1.55% per annum, until a step-up in spread to 2.10% occurred in October 2016; $20.0 million Class A-R Senior Secured Revolving 2015 Notes, which bear interest at a rate of Commercial Paper ("CP") plus 1.80% per annum (collectively, the "Class A Notes") and $25.0 million Class B Senior Secured 2015 Notes, which bear interest at a rate of three-month LIBOR plus 2.65% per annum (the "Class B Notes"). In partial consideration for the loans transferred to the 2015 Issuer as part of the 2015 Debt Securitization, the Company currently retains the entire $22.6 million of the Class C Senior Secured 2015 Notes (which the Company purchased at 98.0% of par value) (the "Class C Notes") and the entire $86.4 million of the Subordinated 2015 Notes. The Class A Notes and Class B Notes are included in the Company's December 31, 2017 Consolidated Statements of Assets and Liabilities as notes payable. As of December 31, 2017, the Class C Notes and the Subordinated 2015 Notes were eliminated in consolidation.

~~The Company serves as collateral manager to the 2015 Issuer under a collateral management agreement. The Company is entitled~~

to a fee for its services as collateral manager. The Company has retained a sub-collateral manager, which, as of October 17, 2017, was the Investment Adviser and, prior to October 17, 2017, was FSM, to provide collateral management sub-advisory services to the Company pursuant to a sub-collateral management agreement. The sub-collateral manager is entitled to receive 100% of the collateral management fees paid to the Company under the collateral management agreement, but each of the Investment Adviser and FSM irrevocably waived and, in the case of the Investment Adviser, intends to continue to irrevocably waive its right to such sub-collateral management fees in respect of the 2015 Debt Securitization.

The collateral management agreement does not include any incentive fee payable to the Company as collateral manager or payable to the sub-collateral manager as sub-advisor under the sub-collateral management agreement.

Through May 28, 2019, all principal collections received on the underlying collateral may be used by the 2015 Issuer to purchase new collateral under the direction of the Investment Adviser in its capacity as sub-collateral manager of the 2015 Issuer and in accordance with the Company's investment strategy. All 2015 Notes are scheduled to mature on May 28, 2025.

As of December 31, 2017, there were 52 investments in portfolio companies with a total fair value of $263.6 million, securing the 2015 Notes. The pool of loans in the 2015 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

For the three months ended December 31, 2017 and December 31, 2016, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the 2015 Debt Securitization were as follows:

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three months ended December 31, 2017 Three months ended December 31, 2016
Interest expense $ 1,567,772
$ 1,306,035
Loan administration fees 18,241
18,330
Amortization of debt issuance costs 72,526
72,526
Total interest and other debt financing expenses $ 1,658,539
$ 1,396,891
Cash paid for interest expense $ 1,566,749
$ 1,222,675
Annualized average interest rate 3.446 % 2.902 %
Average outstanding balance $ 181,467,391
$ 180,000,000

~~The classes,~~Facility bore interest ~~rates, spread over LIBOR, cash paid~~at a weighted average interest rate of 4.637% and 5.484% for ~~interest~~the six months ended March 31, 2020 and 2019, respectively. For the three and six months ended March 31, 2020, the Company recorded interest expense (inclusive of ~~each~~fees) of $0.2 million and $0.4 million, respectively, related to the ~~Class A-T, A-S, A-R, B and C 2015 Notes for~~East West Bank Facility. For the three and six months ended ~~December~~March 31, ~~2017 is as follows:~~

Stated Interest Rate LIBOR Spread (basis points) Cash Paid for Interest Interest Expense
Class A-T Notes 3.1035% 180 $ 999,327
$ 999,327
Class A-S Notes 3.4035% 210 (1) 252,237
252,237
Class A-R Notes 3.1838% 180 (2) 62,600
63,623
Class B Notes 3.9535% 265 252,585
252,585
Class C Notes 4.5535% 325 (3) —
—
Total $ 1,566,749
$ 1,567,772

~~_______________________~~

~~(1) Spread increased to 2.10% in October 2016 from 1.55%.~~

~~(2) Interest expense includes 1.0% undrawn fee.~~

~~(3) The~~2019, the Company ~~holds all Class C Notes outstanding and thus has not~~ recorded ~~any related~~ interest expense ~~as they are eliminated in consolidation.~~

~~The classes, amounts, ratings~~(inclusive of fees) of $0.2 million and ~~interest rates (expressed as a spread to three-month LIBOR) of the Class A, B, C and Subordinated 2015 Notes as of December 31, 2017 are as follows:~~

Description Class A-T Notes Class A-S Notes Class A-R
Notes Class B Notes Class C Notes Subordinated Notes
Type Senior Secured Floating Rate Term Debt Senior Secured Floating Rate Term Debt Senior Secured Floating Rate Revolver Senior Secured Floating Rate Term Debt Senior Secured Floating Rate Term Debt Subordinated Term Notes
Amount Outstanding $126,000,000 $29,000,000 $— $25,000,000 $22,575,680 $86,400,000
Moody's Rating "Aaa" "Aaa" "Aaa" "Aa2" "Aa2" NR
S&P Rating "AAA" "AAA" "AAA" NR NR NR
Interest Rate LIBOR + 1.80% LIBOR + 2.10%* CP + 1.80% ** LIBOR + 2.65% LIBOR + 3.25% NA
Stated Maturity May 28, 2025 May 28, 2025 May 28, 2025 May 28, 2025 May 28, 2025 May 28, 2025

~~_______________________~~

* Spread increased to 2.10% in October 2016 from 1.55%.

** Carries a 1.0% undrawn fee.

The proceeds of the private placement of the Class A Notes and the Class B Notes of the 2015 Issuer, net of debt issuance costs, were used to fund a portion of the 2015 Issuer's loan origination activities and for general corporate purposes. The creditors of the 2015 Issuer have received security interests in the assets owned by the 2015 Issuer and such assets are not intended to be available$0.3 million, respectively, related to the ~~creditors~~East West Bank Facility.

Deutsche Bank Facility

On September 24, 2018, OCSI Senior Funding Ltd., a wholly-owned subsidiary of ~~the Company (or any other affiliate of the Company). As part of the 2015 Debt Securitization,~~ the Company, entered into ~~master~~a loan ~~sale agreements~~financing and servicing agreement (as amended, the “Deutsche Bank Facility”) with the Company as equityholder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian.

Effective March 22, 2020, an amendment to the Deutsche Bank Facility (the "DB Credit Facility Amendment") (a) extended the period during which OCSI Senior Funding Ltd. may request drawdowns under the under the Deutsche Bank Facility (the "revolving period") to September 30, 2020 unless there is an earlier termination or event of default, (b) extended the maturity date from June 30, 2020 until the earliest of March 30, 2021, the occurrence of an event of default or completion of a securitization transaction, (c) decreased the size of the Deutsche Bank Facility from $250 million to $200 million (subject to borrowing base and other limitations) and (d) modified the interest rate to three-month LIBOR plus 2.25% through September 30, 2020, following which the ~~Company agreed~~interest rate will reset to ~~directly or indirectly sell or contribute certain senior secured debt investments (or participation interests therein) to~~three-month LIBOR plus 2.40% for the ~~2015 Issuer, and to purchase or otherwise acquire the Subordinated 2015 Notes, as applicable. The 2015 Notes are the secured obligations~~remaining term of the ~~2015 Issuer~~Deutsche Bank Facility. There is a non-usage fee of 0.50% per annum payable on the undrawn amount under the Deutsche Bank Facility, and the ~~indenture governing~~DB Credit Facility Amendment added a minimum utilization fee should the ~~2015 Notes includes~~drawn amount under the Deutsche Bank Facility fall below 80%.

The Deutsche Bank Facility is secured by all of the assets held by OCSI Senior Funding Ltd. OCSI Senior Funding Ltd. has made customary ~~covenants~~representations and ~~events of default. The 2015 Debt Securitization requires the Company~~warranties and is required to comply with ~~certain monthly financial~~various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including ~~overcollateralization~~indirectly under the Deutsche Bank Facility, are subject to the leverage restrictions contained in the Investment Company Act.

As of March 31, 2020 and September 30, 2019, the Company had $175.6 million and $157.6 million outstanding under the Deutsche Bank Facility, respectively. For the six months ended March 31, 2020 and 2019, the Company’s borrowings under the Deutsche Bank Facility bore interest ~~coverage tests.~~at a weighted average interest rate of 4.062% and 4.538%, respectively. For the three and six months ended March 31, 2020, the Company recorded interest expense (inclusive of fees) of $2.0 million and $3.8 million, respectively. For the three and six months ended March 31, 2019, the Company recorded interest expense (inclusive of fees) of $1.9 million and $3.5 million, respectively.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

Note 7. Interest and Dividend Income

~~See Note 2 "Investment Income"~~

As of March 31, 2020, there was one investment on which the Company had stopped accruing cash and/or PIK interest or OID income. As of March 31, 2020, the Company restructured its investment in the Subordinated Notes of the OCSI Glick JV to realign the vehicle for ~~a description~~current market conditions. The Company and GF Debt Funding amended the Subordinated Notes to (1) decrease the interest rate to 1-month LIBOR plus 4.5% per annum effective beginning on April 1, 2020, (2) extend the maturity date from October 20, 2021 to October 20, 2028 and (3) provide that the Subordinated Notes will not pay interest on its previously scheduled April 15, 2020 and July 15, 2020 coupon dates. Given that the notes will not pay interest for two quarters, the Company placed its investment in the Subordinated Notes of the OCSI Glick JV on cash non-accrual status and did not recognize any interest income from the OCSI Glick JV during the quarter ended March 31, 2020. The percentages of the Company's ~~accounting treatment~~debt investments at cost and fair value by accrual status as of ~~investment income.~~

~~Accumulated PIK interest activity for the three months ended December~~March 31, ~~2017 and December 31, 2016 was~~2020 were as follows:

Three months ended
December 31, 2017 Three months ended
December 31, 2016
PIK balance at beginning of period $ 497,260
$ 88,839
Gross PIK interest accrued 601,294
132,216
PIK income reserves (1) (302,880 ) (72,812 )
PIK interest received in cash —
—
PIK balance at end of period $ 795,674
$ 148,243



	March 31, 2020
	Cost		% of Debt Portfolio		Fair Value		% of Debt Portfolio
Accrual	$	546,774,334	89.22	%	$	486,545,381	92.79	%
Cash non-accrual (1)	66,045,552		10.78		37,833,930		7.21
Total	$	612,819,886	100.00	%	$	524,379,311	100.00	%

___________________


(1)	Cash non-accrual status is inclusive of PIK and other non-cash income, ~~is generally reserved for when a loan is placed on PIK non-accrual status.~~where applicable.

As of ~~each of December 31, 2017 and~~ September 30, ~~2017,~~2019, there were ~~three~~no investments on which the Company had stopped accruing cash and/or PIK interest or OID income.

~~The percentages of the Company's debt investments at cost and fair value by accrual status as of December 31, 2017 and September 30, 2017 were as follows:~~

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2017 September 30, 2017
Cost % of Debt
Portfolio Fair
Value % of Debt
Portfolio Cost % of Debt
Portfolio Fair
Value % of Debt
Portfolio
Accrual $ 543,893,491
95.95 % $ 533,828,329
98.82 % $ 564,231,285
96.02 % $ 553,084,120
98.88 %
PIK non-accrual (1) —
—
—
—
—
—
—
—
Cash non-accrual (2) 22,949,434
4.05
6,351,585
1.18
23,381,863
3.98
6,292,551
1.12
Total $ 566,842,925
100.00 % $ 540,179,914
100.00 % $ 587,613,148
100.00 % $ 559,376,671
100.00 %

~~__________________~~


~~(1)~~	~~PIK non-accrual status is inclusive of other non-cash income, where applicable.~~


~~(2)~~	~~Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.~~

Note 8. Taxable/Distributable Income and Dividend Distributions

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and ~~secured borrowings,~~foreign currency, as gains and losses are not included in taxable income until they are realized; (2) exit fees received in connection with investments in portfolio companies; (3) origination fees received in connection with investments in portfolio companies; ~~(3)~~(4) recognition of interest income on certain loans; and ~~(4)~~(5) income or loss recognition on exited investments.

Listed below is a reconciliation of net ~~decrease~~increase (decrease) in net assets resulting from operations to taxable income for the three and six months ended ~~December~~March 31, ~~2017:~~2020 and 2019:

Net increase in net assets resulting from operations $ 1,905,968
Net unrealized appreciation on investments and secured borrowings (1,741,899 )
Book/tax difference due to deferred loan fees (245,015 )
Book/tax difference due to interest income on certain loans 594,334
Book/tax difference due to capital losses not recognized 4,382,706
Other book/tax differences (356,968 )
Taxable/Distributable Income (1) $ 4,539,126



	Three months ended March 31, 2020			Three months ended March 31, 2019			Six months ended March 31, 2020			Six months ended March 31, 2019
Net increase (decrease) in net assets resulting from operations	$	(70,215,664	)	$	13,695,427		$	(64,081,410	)	$	494,736
Net unrealized (appreciation) depreciation	67,418,332			(8,797,411		)	65,491,948			10,963,213
Book/tax difference due to capital losses not recognized (recognized)	7,025,587			(269,552		)	7,761,092			(2,122,252		)
Other book/tax differences	1,661,154			187,583			1,197,879			187,583
Taxable/Distributable Income (1)	$	5,889,409		$	4,816,047		$	10,369,509		$	9,523,280

__________________


(1)	The Company's taxable income for the three and six months ended ~~December~~March 31, ~~2017~~2020 is an estimate and will not be finally determined until the Company files its tax ~~return.~~return for the fiscal year ending September 30, 2020. Therefore, the final taxable income may be different than the estimate.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

As of September 30, 2019, the Company had a net capital loss carryforward of $60,782,648, which can be used to offset future capital gains and is not subject to expiration. Of the net capital loss carryforward, $7,293,950 is available to offset future short-term capital gains and $53,488,698 is available to offset future long-term capital gains.

As of September 30, ~~2017,~~2019, the ~~most recent~~Company's last tax year end, the components of accumulated ~~undistributed income~~overdistributed earnings on a tax basis were as follows:

Undistributed ordinary income, net $ 2,808,747
Net realized capital losses 28,564,899
Unrealized losses, net (46,826,393 )

As of September 30, 2017, the Company had net capital loss carryforwards of $28,564,899 to offset net capital gains, to the extent available and permitted by U.S. federal income tax law. Of the capital loss carryforwards, $2,699,949 are available to offset future short-term capital gains and $25,864,950 are available to offset future long-term capital gains. The Company is permitted to carry forward net capital losses, if any, incurred in taxable years beginning after December 22, 2010 for an unlimited period.

As a RIC, the Company is also subject to a U.S. federal excise tax based on distribution requirements of its taxable income on a calendar year basis. The Company anticipates timely distribution of its taxable income in accordance with tax rules. The Company did not incur a U.S. federal excise tax for calendar years 2015 and 2016 and does not expect to incur a U.S. federal excise tax for calendar year 2017.



Undistributed ordinary income, net	$	1,512,863
Net realized capital losses	(60,782,648		)
Unrealized losses, net	(25,774,209		)

The aggregate cost of investments for income tax purposes was ~~$607.3~~$622.9 million as of September 30, ~~2017.~~2019. As of September 30, ~~2017,~~2019, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for income tax purposes was ~~$4.6~~$24.6 million. As of September 30, ~~2017,~~2019, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for income tax purposes over value was ~~$51.4~~$50.4 million. Net unrealized depreciation based on the aggregate cost of investments for income tax purposes was ~~$46.8~~$25.8 million.

Note 9. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation ~~on Investments~~

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 three months ended December 31, 2017, the Company recorded an aggregate net realized loss of $4.4 million in connection with the sale of various debt investments in the open market, including a $4.2 million realized loss in connection with the sale of the Company's first lien term loan investment in New Trident Holdcorp.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the three months ended ~~December~~March 31, ~~2016,~~2020, the Company recorded ~~an aggregate~~ net realized ~~gain~~losses of ~~$0.1~~$7.4 million, which consisted of the following:



($ in millions)
Portfolio Company	Net Realized Gain (Loss)
Woodford Express LLC	$	(5.1	)
Curvature, Inc.	(1.9		)
Other, net	(0.4		)
Total, net	$	(7.4	)

During the three months ended March 31, 2019, the Company recorded net realized losses of $0.3 in connection with the exit of various investments.

During the six months ended March 31, 2020, the Company recorded net realized losses of $7.9 million, which consisted of the following:



($ in millions)
Portfolio Company	Net Realized Gain (Loss)
Woodford Express LLC	$	(5.1	)
Curvature, Inc.	(1.9		)
Other, net	(0.9		)
Total, net	$	(7.9	)

During the six months ended March 31, 2019, the Company recorded net realized gains of $1.4 million in connection with the ~~sale~~exit of various ~~debt investments in the open market.~~investments.

Net Unrealized Appreciation or Depreciation ~~on Investments~~

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.

~~For~~During the three months ended ~~December~~March 31, ~~2017,~~2020 and 2019, the Company recorded net unrealized appreciation (depreciation) of ~~$1.7 million. This~~$(67.4) million and $8.8 million, respectively. For the three months ended March 31, 2020, this consisted of ~~$3.2~~$71.6 million of ~~net reclassifications to realized loss (resulting in~~ unrealized ~~appreciation) and $0.2~~depreciation of debt investments, offset by $3.7 million of net unrealized appreciation from exited investments (a portion of which resulted in a reclassification to realized losses) and $0.5 million of unrealized appreciation on ~~equity investment, offset by $1.7 millionof net unrealized depreciation on debt investments.~~

foreign currency forward contracts. For the three months ended ~~December~~March 31, ~~2016,~~2019, this consisted of $7.9 million of unrealized appreciation of debt investments, $0.8 million of net unrealized appreciation from exited investments (a portion of which resulted in a reclassification to realized losses) and $0.1 million of unrealized appreciation of foreign currency forward contracts.

During the six months ended March 31, 2020 and 2019, the Company recorded net unrealized appreciation (depreciation) of $(65.5) million and $(11.0) million, respectively. For the six months ended March 31, 2020, this consisted of $68.3 million of unrealized depreciation of ~~$5.2 million. This consisted of $7.7 millionof net unrealized depreciation on equity~~debt investments, offset by ~~$2.2~~$2.5 million of net unrealized appreciation from exited investments (a portion of which resulted in a reclassification to realized losses), and $0.3 million of unrealized appreciation on foreign currency forward contracts. For the six months ended March 31, 2019, this consisted of $9.4 million of unrealized depreciation of debt investments and ~~$0.3~~$1.6 millionof net ~~reclassifications~~unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized ~~loss (resulting in unrealized appreciation)~~gains).

Note 10. Concentration of Credit Risks

The Company deposits its cash with financial institutions and at times such balances may be 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.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 11. Related Party Transactions

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the Company had a liability on its Consolidated Statements of Assets and Liabilities in the amount of ~~$1.6~~$1.4 million and ~~$2.2~~$1.4 million, respectively, reflecting the unpaid portion of the base management fees and incentive fees payable to Oaktree. Oaktree permanently waived all Part I incentive fees incurred during the three months ended March 31, 2020 and ~~FSM.~~as of March 31, 2020, this liability only included unpaid base management fees.

~~New~~

Investment Advisory Agreement

~~Effective October 17, 2017 and as of December 31, 2017, the~~The Company is party to the ~~New~~ Investment Advisory ~~Agreement with Oaktree.~~Agreement. Under the ~~New~~ Investment Advisory Agreement, the Company pays Oaktree a fee for its services under the ~~New~~ 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.

Prior to October 17, 2017, the Company was externally managed by Fifth Street Management LLC (the "Former Adviser”), an indirect, partially-owned subsidiary of Fifth Street Asset Management Inc., pursuant to an investment advisory agreement between the Company and the Former Adviser (the "Former Investment Advisory Agreement"), which was terminated on October 17, 2017.

Unless earlier terminated as described below, the ~~New~~ Investment Advisory Agreement will remain in effect until ~~October 17, 2019~~September 30, 2021 and thereafter from year-to-year if approved annually by the Company's Board of Directors or by the affirmative vote of the holders of a majority of the outstanding voting securities of the Company, including, in either case, approval by a majority of the directors of the Company who are not interested persons. The ~~New~~ Investment Advisory Agreement will automatically terminate in the event of its assignment. The ~~New~~ Investment Advisory Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The ~~New~~ 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

Under the ~~New~~ Investment Advisory Agreement, the base management fee onis calculated at an annual rate of 1.00% of total gross assets, including any investment made with borrowings, but excluding cash and cash ~~equivalents, is 1.00%.~~equivalents. The base management fee is payable quarterly in arrears and the fee for any partial month or quarter is appropriately prorated.

For the ~~period from October 17, 2017 to December~~three and six months ended March 31, ~~2017,~~2020, the base management fee incurred under the ~~New~~ Investment Advisory Agreement was ~~$1.2~~$1.4 million ~~which~~and $2.9 million, respectively. For the three and six months ended March 31, 2019, the base management fee incurred under the Investment Advisory Agreement was ~~payable to Oaktree.~~$1.5 million and $2.9 million, respectively.

Incentive Fee

The incentive fee consists of two parts. Under the ~~New~~ Investment Advisory Agreement, the first part of the incentive fee (the “incentive fee on ~~income)~~income" or "Part I incentive fee") is calculated and payable quarterly in arrears based upon the “pre-incentive fee net investment income” of the Company for the immediately preceding quarter. 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 value of the Company’s net assets at the end of the most recently completed quarter, of 1.50%, subject to a “catch up” feature.

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 ~~New~~ 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.

Under the ~~New~~ Investment Advisory Agreement, the calculation of the incentive fee on income for each quarter is as follows:

No incentive fee is payable to Oaktree in any quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.50% (the “preferred return”) on net assets;

100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the preferred return but is less than or equal to 1.8182% in any fiscal quarter is payable to Oaktree. This portion of the incentive fee on income is referred to as the ~~“catch-up”~~

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

“catch-up” provision, and it is intended to provide Oaktree with an incentive fee of 17.5% on all of the Company’s ~~pre-~~

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

~~incentive~~pre-incentive fee net investment income when the Company’s pre-incentive fee net investment income exceeds 1.8182% on net assets in any fiscal quarter; and

For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.8182% on net assets, the ~~subordinated~~ incentive fee on income is equal to 17.5% of the amount of the Company’s pre-incentive fee net investment income, as the preferred return and catch-up will have been achieved.

There is no accumulation of amounts on the hurdle rate from quarter to quarter and accordingly there is no clawback of amounts previously paid if subsequent quarters are below the quarterly hurdle.

Oaktree permanently waived all Part I incentive fees incurred during the three months ended March 31, 2020. For the ~~period from October 17, 2017 to December~~six months ended March 31, ~~2017,~~2020, the ~~first part of the~~Part I incentive fee (net of waivers) incurred under the ~~New~~ Investment Advisory Agreement was ~~$0.1~~$0.9 million. ~~To ensure compliance~~For the three and six months ended March 31, 2019, the Part I incentive fee (net of the transactions contemplated by that certain asset purchase agreement, dated as of July 13, 2017 by and among Oaktree, FSM, and, for certain limited purposes, FSAM and Fifth Street Holdings L.P., Oaktree entered into a two-year contractual fee waiver with the Company that will waive, to the extent necessary, any management or incentive fees payablewaivers) incurred under the ~~New~~ Investment Advisory Agreement that exceed what would have been paid to the Former Adviser in the aggregate under the Former Investment Advisory Agreement described below. Amounts potentially subject to waiver are accrued quarterly on a cumulative basiswas $1.0 million and ~~to the extent required, any fees will be waived or reimbursed as soon as practicable after the end of the two-year period. As of December 31, 2017, Oaktree had accrued an aggregate amount of $0.1~~$1.5 million, ~~of incentive fees potentially subject to waiver.~~respectively.

Under the ~~New~~ Investment Advisory Agreement, the second part of the incentive fee ~~will be~~(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,~~Investment Advisory Agreement, as of the termination date) commencing with the fiscal year ~~ending~~ended September 30, 2019 and ~~will equal~~equals 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ~~ending~~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~~gains incentive fees under the ~~New~~ 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 ~~ending~~ended September 30, 2018 ~~will be~~are excluded from the calculations of the second part of the incentive fee. As of March 31, 2020, the Company has not paid any capital gains incentive fees, and no amount is currently payable under the terms of the Investment Advisory Agreement.

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 paid 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 three and six months ended March 31, 2020 and 2019, the Company did not accrue, and cumulatively has not accrued, any capital gains incentive fees.

To ensure compliance with Section 15(f) of the Investment Company Act, Oaktree entered into a two-year contractual fee waiver with the Company, which ended on October 17, 2019, pursuant to which Oaktree waived any management or incentive fees payable under the Investment Advisory Agreement that exceeded what would have been paid to the Former Adviser in the aggregate under the Former Investment Advisory Agreement. At the end of the two-year period, Oaktree permanently waived $1.2 million, of which $0.1 million was recorded for the six months ended March 31, 2020.

Indemnification

The ~~New~~ Investment Advisory ~~agreement~~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 ~~the Investment Adviser's~~Oaktree's services under the ~~investment advisory agreement~~Investment Advisory Agreement or otherwise as ~~the Investment Adviser.~~

~~Collection and Disbursement of Fees Owed to FSM~~

Under the Former Investment Advisory Agreement described below, both the base management fee and incentive fee on income were calculated and paid to FSM at the end of each quarter. In order to ensure that FSM receives the compensation earned during the quarter ending December 31, 2017, the initial payment of the base management fee and incentive fee on income under the New Investment Advisory Agreement will cover the entire quarter in which the New Investment Advisory Agreement became effective, and be calculated at a blended rate that will reflect fee rates under the respective investment advisory agreements for the portion of the quarter in which FSM and Oaktree were serving as investment adviser. ~~This structure will allow Oaktree to pay FSM in early 2018 the pro rata portion of the fees that were earned by, but not paid to, FSM for services rendered to the Company prior to October 17, 2017.~~

~~Prior Investment Advisory Agreement~~

The following is a description of the investment advisory agreement between FSM and the Company (the “Former Investment Advisory Agreement”), which was terminated on October 17, 2017. The Former Investment Advisory Agreement, dated June 27, 2013 was most recently approved by the Company’s Board of Directors on August 7, 2017, and was effective June 27, 2013 through its termination on October 17, 2017.

Through October 17, 2017, the Company paid FSM a fee for its services under the Former Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee paid to FSM and any incentive fees earned by FSM were ultimately borne by common stockholders of the Company.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~Base Management Fee~~

The base management fee was calculated at an annual rate of 1.0% of the Company’s gross assets, including any borrowings for investment purposes but excluding cash and cash equivalents. The base management fee was payable quarterly in arrears and the fee for any partial month or quarter was appropriately prorated.

For the period from October 1, 2017 to October 17, 2017 and the three months ended December 31, 2016, the base management fee incurred under the Former Investment Advisory Agreement with FSM was $0.2 million and $1.4 million (net of waivers), respectively, all of which were payable to FSM. For the three months ended December 31, 2016, FSM voluntarily waived a portion of the base management fee, which resulted in waivers of less than $0.1 million.

~~Incentive Fee~~

The incentive fee paid to the Former Adviser had two parts. The first part was calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding fiscal quarter. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, was compared to a “hurdle rate” of 1.5% per quarter, subject to a “catch-up” provision measured as of the end of each quarter. The Company’s net investment income used to calculate this part of the incentive fee was also included in the amount of its gross assets used to calculate the 1.0% base management fee. The operation of the incentive fee with respect to the Company’s pre-incentive fee net investment income for each quarter was as follows:

No incentive fee was payable to the Former Adviser in any fiscal quarter in which the Company’s pre-incentive fee net investment income did not exceed the preferred return rate of 1.5% (the “preferred return”);

50% of the Company’s pre-incentive fee net investment income, if any, that exceeded the preferred return rate but was less than or equal to 2.5% in any fiscal quarter was payable to the Former Adviser. The Company’s refers to this portion of its pre-incentive fee net investment income (which exceeds the preferred return rate but is less than or equal to 2.5%) as the “catch-up.” The “catch-up” provision was intended to provide the Former Adviser with an incentive fee of 20% on all of the Company’s pre-incentive fee net investment income as if a preferred return rate did not apply when the Company’s pre-incentive fee net investment income exceeded 2.5% in any quarter; and

20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeded 2.5% in any quarter was payable to the Former Adviser once the preferred return was reached and the catch-up was achieved (20% of all pre-incentive fee net investment income thereafter was allocated to FSM).

There was no accumulation of amounts on the hurdle rate from quarter to quarter and accordingly there was no clawback of amounts previously paid if subsequent quarters were below the quarterly hurdle, and there was no delay of payment if prior quarters were below the quarterly hurdle.

The second part of the incentive fee was determined and payable in arrears as of the end of each fiscal year (or upon termination of the Former Investment Advisory Agreement, as of the termination date) commencing on September 30, 2013 and equaled 20% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.

For the period from October 1, 2017 to October 17, 2017 and for the three months ended December 31, 2016, incentive fees incurred under the Former Investment Advisory Agreement with FSM were less than $0.1 million and $1.0 million, respectively.

~~GAAP Accruals~~

GAAP requires the Company to accrue for the theoretical capital gain incentive fee that would be payable after giving effect to the net unrealized capital appreciation. A fee so calculated and accrued would not be payable under either the New Investment Advisory Agreement or the Former Investment Advisory Agreement and may never be paid based upon the computation of capital gain incentive fees in subsequent periods. Amounts ultimately paid under the New Investment Advisory Agreement will be consistent with the formula reflected in the New Investment Advisory Agreement. The Company did not accrue for capital gain incentive fees as of December 31, 2017 because the capital gain incentive fee under the New Investment Advisory Agreement will not be charged until the fiscal year ending September 30, 2019.

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

Administrative Services

The Company ~~entered into~~is party to the ~~New~~ Administration Agreement with Oaktree ~~Administrator on October 17, 2017.~~Administrator. Pursuant to the ~~New~~ 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 ~~New~~ 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 ~~New~~ 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 U.S. Securities and Exchange Commission, or 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 ~~New~~ 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 ~~New~~ Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The ~~New~~ Administration Agreement may also be terminated, without penalty, upon the vote of a majority of the Company’s outstanding voting securities.

Prior to its termination by its terms on October 17, 2017 and throughout the Company’s 2017 fiscal year, the Company was party to the Former Administration Agreement with the Former Administrator. The Former Administrator was a wholly-owned subsidiary of FSM. Pursuant to the Former Administration Agreement, the Former Administrator provided services substantially similar to those provided by Oaktree Administrator as described above. For providing these services, facilities and personnel, the Company reimbursed the Former Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Former Administration Agreement, including rent and the allocable portion of the costs of compensation and related expenses of its Chief Financial Officer and Chief Compliance Officer and their staffs. Such reimbursement was at cost, with no profit to, or markup by, the Former Administrator. The Former Administration Agreement with FSC CT was terminable by either party without penalty upon 60 days' written notice to the other party.

For the three and six months ended ~~December~~March 31, ~~2017,~~2020, the Company accrued administrative expenses of ~~$0.4~~$0.3 million and $0.6 million, respectively, including $0.1 million and $0.1 million, respectively, of general and administrative expenses. ~~Of these amounts, $0.1 million was due to the Former Administrator for administrative expenses incurred prior to October 17, 2017 and $0.3 million was due to Oaktree Administrator.~~ For the three and six months ended ~~December~~March 31, ~~2016,~~2019, the Company accrued administrative expenses of ~~$0.5~~$0.3 million and $0.8 million, respectively, including ~~$0.4~~$0.1 million and $0.1 million, respectively, of general and administrative ~~expenses, which were due to the Former Administrator.~~expenses.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017, $0.7~~2019, $1.0 million and ~~$0.5~~$1.5 million was included in “Due to affiliate” in the Consolidated Statements of Assets and Liabilities, respectively, reflecting the unpaid portion of administrative expenses and other reimbursable expenses payable to ~~the Former Administrator and~~ Oaktree Administrator.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 12. Financial Highlights


	Three months ended December 31, 2017			Three months ended December 31, 2016			Three months ended March 31, 2020			Three months ended March 31, 2019			Six months ended March 31, 2020			Six months ended March 31, 2019
Net asset value at beginning of period	$	9.97		$	11.06		$	9.71		$	9.43		$	9.65		$	10.04
Net investment income ~~(5)~~(1)	0.15			0.20			0.15			0.18			0.32			0.34
Net unrealized appreciation (depreciation) on investments and secured borrowings (5)	0.06			(0.18		)
Net realized gain (loss) on investments (5)	(0.15		)	0.01
Net unrealized appreciation (depreciation) (1)							(2.28		)	0.30			(2.22		)	(0.38		)
Net realized gains (losses) (1)							(0.25		)	(0.01		)	(0.27		)	0.05
Distributions to stockholders ~~(5)~~	(0.19		)	(0.23		)	(0.16		)	(0.16		)	(0.31		)	(0.31		)
Net asset value at end of period	$	9.84		$	10.86		$	7.17		$	9.74		$	7.17		$	9.74
Per share market value at beginning of period	$	8.80		$	8.56		$	8.19		$	7.75		$	8.25		$	8.65
Per share market value at end of period	$	8.40		$	8.71		$	5.54		$	8.10		$	5.54		$	8.10
Total return ~~(1)~~(2)	(2.40		)%	4.37		%	(30.35		)%	6.50		%	(29.56		)%	(2.70		)%
Common shares outstanding at beginning of period	29,466,768			29,466,768			29,466,768			29,466,768			29,466,768			29,466,768
Common shares outstanding at end of period	29,466,768			29,466,768			29,466,768			29,466,768			29,466,768			29,466,768
Net assets at beginning of period	$	293,636,434		$	325,829,394		$	286,016,910		$	277,977,380		$	284,450,006		$	295,745,420
Net assets at end of period	$	289,943,716		$	319,924,168		$	211,233,898		$	287,105,458		$	211,233,898		$	287,105,458
Average net assets ~~(2)~~(3)	$	293,615,733		$	322,852,759		$	250,391,447		$	283,810,200		$	268,606,479		$	286,080,329
Ratio of net investment income to average net assets ~~(3)~~(4)	6.14		%	7.23		%	7.31		%	7.45		%	6.90		%	7.07		%
Ratio of total expenses to average net assets ~~(3)~~(4)	8.51		%	7.29		%	9.70		%	10.45		%	9.64		%	9.91		%
Ratio of net expenses to average net assets ~~(3)~~(4)	8.36		%	6.98		%	9.26		%	10.38		%	9.40		%	9.58		%
Ratio of portfolio turnover to average investments at fair value	22.79		%	10.51		%	16.56		%	6.33		%	24.67		%	18.71		%
Weighted average outstanding debt ~~(4)~~(5)	$	269,289,409		$	271,725,061		$	318,431,525		$	295,806,800		$	307,222,374		$	275,199,108
Average debt per share ~~(5)~~(1)	$	9.14		$	9.22		$	10.81		$	10.04		$	10.43		$	9.34
Asset coverage ratio	214.13		%	224.65		%
Asset coverage ratio at end of period (6)							164.57		%	193.32		%	164.57		%	193.32		%



(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 is not annualized during interim periods.~~
~~(2)~~(3)	Calculated based upon the weighted average net assets for the period.
~~(3)~~(4)	Interim periods are annualized.
~~(4)~~(5)	Calculated based upon the weighted average ~~of loans payable~~outstanding debt for the period.
~~(5)~~(6)	~~Calculated based upon weighted average shares~~Based on outstanding ~~for the period.~~senior securities of $327.2 million and $307.7 million as of March 31, 2020 and 2019, respectively.

Note 13. Derivative Instruments

The Company enters into forward currency 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 an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") with its derivative counterparty, JPMorgan Chase Bank, N.A. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. No cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparty with respect to the Company's forward currency contracts.

Net unrealized gains or losses on foreign currency contracts are included in “net unrealized appreciation (depreciation)” and net realized gains or losses on forward currency contracts are included in “net realized gains (losses)” in the accompanying Consolidated Statements of Operations. Forward currency contracts are considered undesignated derivative instruments.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Certain information related to the Company’s foreign currency forward contracts is presented below as of March 31, 2020.



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	$	3,400,626	£	2,482,500	8/18/2020	$	316,967	$	—	Derivative asset

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2019.



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	$	6,106,199	£	4,934,900	10/15/2019	$	20,876	$	—	Derivative asset

Note ~~13.~~14. Commitments and Contingencies

~~SEC Examination and Investigation~~

On March 23, 2016, the Division of Enforcement of the Securities and Exchange Commission (the "SEC") sent document subpoenas and document-preservation notices to the Company, FSAM, FSCO GP LLC - General Partner of Fifth Street Opportunities Fund, L.P. (“FSOF”), and OCSL. The subpoenas sought production of documents relating to a variety of issues principally related to the activities of FSM, including those raised in an ordinary-course examination of FSM by the SEC’s Office of Compliance Inspections and Examinations that began in October 2015, and in certain previously disclosed OCSL and FSAM securities class actions and OCSL derivative actions. The subpoenas were issued pursuant to a formal order of private investigation captioned In the Matter of the Fifth Street Group of Companies, No. HO-12925, dated March 23, 2016, which addresses (among other things) (i) the valuation of the Company's portfolio companies and investments, (ii) the expenses allocated or charged to the Company and OCSL, (iii) FSOF’s trading in the securities of publicly traded business-development companies, (iv) statements to the board of directors, other representatives of pooled investment vehicles, investors, or prospective investors concerning the fair value of the Company's portfolio companies or investments as well as expenses allocated or charged to the Company and OCSL, (v) various issues relating to adoption and implementation of policies and procedures under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), (vi) statements and/or potential omissions in the entities’ SEC filings, (vii) the entities’ books, records, and accounts and whether they fairly and accurately reflected the entities’ transactions and dispositions of assets, and (viii) several other issues relating to corporate books

~~OAKTREE STRATEGIC INCOME CORPORATION~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

and records. The formal order cites various provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Advisers Act, as well as rules promulgated under those Acts, as the bases of the investigation. The Company is cooperating with the Division of Enforcement investigation, has produced requested documents, and has been communicating with Division of Enforcement personnel. The Investment Adviser is not subject to these subpoenas.

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 ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, off-balance sheet arrangements consisted of ~~$39.5~~$19.6 million and ~~$43.5~~$24.2 million, respectively, of unfunded commitments to provide debt and equity financing to certain of the Company's portfolio companies. 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 and the OCSI Glick JV Subordinated Notes and LLC equity interests) as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017~~2019 is shown in the table below:

December 31, 2017 September 30, 2017
FSFR Glick JV LLC $ 15,864,217
$ 16,159,368
MHE Intermediate Holdings 6,749,698
6,749,698
Triple Point Group Holdings, Inc. 4,968,590
4,968,590
Motion Recruitment Partners LLC 2,900,000
2,900,000
Asset International 2,500,000
—
PowerPlan, Inc. 2,100,000
2,100,000
Impact Sales, LLC 1,078,555
1,078,125
Ministry Brands, LLC 927,693
1,857,967
Valet Merger Sub, Inc. 833,333
833,333
Internet Pipeline, Inc. 800,000
800,000
Metamorph US 3, LLC (1) 720,000
720,000
4 Over International, LLC 68,452
68,452
BeyondTrust Software, Inc. —
3,605,000
Executive Consulting Group, Inc. —
800,000
Sailpoint Technologies, Inc. —
300,000
Systems Inc. —
600,000
Total $ 39,510,538
$ 43,540,533



	March 31, 2020		September 30, 2019
OCSI Glick JV LLC (1)	$	13,998,029	$	13,998,029
MRI Software LLC	1,234,253		—
Coyote Buyer, LLC	847,860		—
PaySimple, Inc.	796,962		2,450,000
OEConnection LLC	735,931		731,183
Accupac, Inc.	716,984		—
Apptio, Inc.	692,308		692,308
iCIMs, Inc.	294,118		294,118
MHE Intermediate Holdings, LLC	131,363		4,466,338
GKD Index Partners, LLC	88,889		444,444
Ministry Brands, LLC	42,500		80,000
4 Over International, LLC	—		60,629
Mindbody, Inc.	—		952,381
Total	$	19,579,197	$	24,169,430

~~_______~~ ___________

(1) This investment was on cash non-accrual status as of ~~December~~March 31, ~~2017 and September 30, 2017.~~

2020.

Note ~~14.~~15. Subsequent Events

The Company's management evaluated subsequent events through the date of issuance of the Consolidated Financial Statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the Consolidated Financial Statements as of and for the three and six months ended ~~December~~March 31, ~~2017,~~2020, except as discussed below.

~~Dividend~~Distribution Declaration

On ~~February 5, 2018,~~April 30, 2020, the Company’s Board of Directors declared a quarterly ~~dividend~~distribution of ~~$0.14~~$0.125 per share, payable on ~~March~~June 30, ~~2018~~2020 to stockholders of record on ~~March~~June 15, ~~2018.~~

~~Change in Investment Policy~~

Effective January 19, 2018, the Company was no longer subject to a policy to invest, under normal market conditions, at least 80% of the value of its net assets (plus borrowings for investment purposes) in floating rate senior loans.

~~Citibank Facility Amendment~~2020.

OAKTREE STRATEGIC INCOME CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Investment Advisory Agreement

On ~~January 31, 2018,~~May 4, 2020, Oaktree effected the novation of the Investment Advisory Agreement to Oaktree Fund Advisors, LLC, a registered investment adviser under common control with Oaktree. Immediately following such novation, the Company and Oaktree Fund Advisors, LLC entered into ~~an Amended and Restated Loan and Security Agreement~~a new investment advisory agreement with ~~OCSI Senior Funding II LLC (formerly FS Senior Funding II LLC),~~ the ~~Company’s wholly-owned, special purpose financing subsidiary,~~same terms, including fee structure, as the ~~borrower, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent (the “Restated Citibank Facility”).~~

The Restated Citibank Facility permits up to $100 million of borrowings. Borrowings under the Restated Citibank Facility are subject to certain customary advance rates and accrue interest at a rate equal to LIBOR plus 1.70% per annum on broadly syndicated loans and LIBOR plus 2.25% per annum on all other eligible loans during the reinvestment period. Following termination of the reinvestment period, borrowings under the Restated Citibank Facility accrue interest at rates equal to LIBOR plus 3.50% per annum and LIBOR plus 4.00% per annum during the subsequent two years, respectively. In addition, for the duration of the reinvestment period there is a non-usage fee payable of 0.50% per annum on the undrawn amount under the Restated Citibank Facility. The non-usage fee is increased pursuant to a formula if, after the ramp up period, the advances outstanding on the Restated Citibank Facility do not exceed 70% of the aggregate commitments by lenders.

The reinvestment period under the Restated Citibank Facility ends January 30, 2021 and the final maturity date is January 31, 2023. The Restated Citibank Facility requires the Company to comply with certain affirmative and negative covenants and other customary requirements for similar credit facilities.

Investment Advisory Agreement.

Schedule 12-14

Oaktree Strategic Income Corporation

Schedule of Investments in and Advances to Affiliates

~~Three~~Six months ended ~~December~~March 31, ~~2017~~2020

Portfolio Company/Type of Investment (1) Cash Interest Rate Industry Principal Net Realized Gain (Loss) Amount of
Interest,
Fees or
Dividends
Credited in
Income (2) Fair Value
at October 1, 2017 Gross
Additions (3) Gross
Reductions (4)
Fair Value at
December 31, 2017
% of Total Net Assets
Control Investments
FSFR Glick JV LLC Multi-sector holdings
Subordinated Note, LIBOR+8% cash due 10/20/2021 9.23% $ 64,524,032
$ —
$ 1,493,848
$ 57,606,674
$ 295,151
$ (721,175 ) $ 57,180,650
19.7%
87.5% LLC equity interest (5) —
—
—
—
—
—
—%
Total Control Investments $ 64,524,032
$ —
$ 1,493,848
$ 57,606,674
$ 295,151
$ (721,175 ) $ 57,180,650
19.7%

Affiliate Investments
Ameritox Ltd. (6) Healthcare services
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 6.69% $ 8,302,941
$ 28
$ —
$ 935,913
$ 75,916
$ (1,320 ) $ 1,010,509
0.3%
3,309,873.6 Class A Preferred Units —
—
—
—
—
—
—%
327,393.6 Class B Preferred Units —
—
—
—
—
—
—%
1,007.36 Class A Units —
—
—
—
—
—
—%
Total Affiliate Investments $ 8,302,941
$ 28
$ —
$ 935,913
$ 75,916
$ (1,320 ) $ 1,010,509
0.3%
Total Control & Affiliate Investments $ 72,826,973
$ 28
$ 1,493,848
$ 58,542,587
$ 371,067
$ (722,495 ) $ 58,191,159
20.1%



Portfolio Company/Type of Investment (1)	Cash Interest Rate	Industry	Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2019		Gross Additions (3)		Gross Reductions (4)			Fair Value at March 31, 2020		% of Total Net Assets
Control Investments
OCSI Glick JV LLC		Multi-sector holdings
Subordinated Note, LIBOR+6.50% cash due 10/20/2028			$	66,045,551	$	—	$	1,436,726	$	54,326,418	$	—	$	(16,492,488	)	$	37,833,930	17.9%
87.5% LLC equity interest (5)					—		—		—		—		—			—		—%
Total Control Investments			$	66,045,551	$	—	$	1,436,726	$	54,326,418	$	—	$	(16,492,488	)	$	37,833,930	17.9%

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. As of March 31, 2020, the OCSI Glick JV is on cash non-accrual status.

(3)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and 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 the OCSI Glick JV. The OCSI Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to the OCSI Glick JV must be approved by the OCSI Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).

Schedule 12-14

Oaktree Strategic Income Corporation

Schedule of Investments in and Advances to Affiliates

Six months ended March 31, 2019



Portfolio Company/Type of Investment (1)	Cash Interest Rate	Industry	Principal		Net Realized Gain (Loss)		Amount of Interest, Fees or Dividends Credited in Income (2)		Fair Value at October 1, 2018		Gross Additions (3)		Gross Reductions (4)			Fair Value at March 31, 2019		% of Total Net Assets
Control Investments
OCSI Glick JV LLC		Multi-sector holdings
Subordinated Note, LIBOR+6.50% cash due 10/20/2021	9.01%		$	66,125,709	$	—	$	2,958,208	$	58,512,170	$	—	$	(2,494,767	)	$	56,017,403	19.5%
87.5% LLC equity interest (5)					—		—		—		—		—			—		—%
Total Control Investments			$	66,125,709	$	—	$	2,958,208	$	58,512,170	$	—	$	(2,494,767	)	$	56,017,403	19.5%

______________________


(1)	The principal amount and ownership detail are shown in the Consolidated Schedules of Investments as of March 31, 2019 included in the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2019.


(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)

(4)

Gross reductions include decreases in the cost basis of investment 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 the OCSI Glick JV. The OCSI Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to the OCSI 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)~~	~~This investment was on cash non-accrual status as of December 31, 2017.~~

~~Schedule 12-14~~

~~Oaktree Strategic Income Corporation~~

~~Schedule of Investments in and Advances to Affiliates~~

~~Three months ended December 31, 2016~~

Portfolio Company/Type of Investment (1) Cash Interest Rate Industry Principal Net Realized Gain (Loss) Amount of
Interest,
Fees or
Dividends
Credited in
Income (2) Fair Value
at October 1, 2016 Gross
Additions (3) Gross
Reductions (4)
Fair Value at
December 31, 2016
% of Total Net Assets
Control Investments
FSFR Glick JV LLC Multi-sector holdings
Subordinated Note, LIBOR+8% cash due 10/20/2021 8.50% $ 64,005,755
$ —
$ 1,395,436
$ 56,885,646
$ 4,859,827
$ —
$ 61,745,473
19.3%
87.5% LLC equity interest (5) —
—
187,420
6,431,021
—
(6,431,021 ) —
—%
Total Control Investments $ 64,005,755
$ —
$ 1,582,856
$ 63,316,667
$ 4,859,827
$ (6,431,021 ) $ 61,745,473
19.3%

Affiliate Investments
Ameritox Ltd. Healthcare services
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 6.00% $ 6,436,100
$ —
$ 150,056
$ 6,342,286
$ 93,814
$ —
$ 6,436,100
2.0%
3,309,873.6 Class A Preferred Units —
—
—
3,626,150
169,172
—
3,795,322
1.2%
327,393.6 Class B Preferred Units —
—
—
358,679
16,733
—
375,412
0.1%
1,007.36 Class A Units —
—
—
2,679,343
—
(1,415,004 ) 1,264,339
0.4%
Total Affiliate Investments $ 6,436,100
$ —
$ 150,056
$ 13,006,458
$ 279,719
$ (1,415,004 ) $ 11,871,173
3.7%
Total Control & Affiliate Investments $ 70,441,855
$ —
$ 1,732,912
$ 76,323,125
$ 5,139,546
$ (7,846,025 ) $ 73,616,646
23.0%

~~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, fees and dividends credited to income for the portion of the quarter an investment was included in the Control or Affiliate categories.~~

~~(3)~~

~~(4)~~


~~(5)~~	Together with GF Equity Funding, the Company co-invests through the Glick JV. The Glick JV is capitalized as transactions are completed and all portfolio and investment decisions in respect to the Glick JV must be approved by theOCSI Glick JV investment committee consisting of representatives of the Company and GF Equity Funding (with approval from a representative of each required).

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in connection with our Consolidated Financial Statements and the notes thereto included elsewhere in this quarterly report on Form 10-Q.

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

our future operating results and distribution projections;

the ability of Oaktree Capital Management, L.P., or Oaktree, ~~or our Investment Adviser,~~ to reposition our portfolio and to implement ~~our Investment Adviser’s~~Oaktree’s future plans with respect to our business;

the ability of Oaktree to attract and retain highly talented professionals;

our business prospects and the prospects of our portfolio companies;

the impact of the investments that we expect to make;

the ability of our portfolio companies to achieve their objectives;

our expected financings and ~~investments;~~investments and additional leverage we may seek to incur in the future;

the adequacy of our cash resources and working capital;

the timing of cash flows, if any, from the operations of our portfolio companies; and

the cost or potential outcome of any litigation to which we may be a party.

In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in ~~“Item~~“Item 1A. Risk ~~Factors”~~Factors” in our annual report on Form 10-K for the year ended September 30, ~~2017~~2019 and elsewhere in this quarterly report on Form 10-Q.

Other factors that could cause actual results to differ materially include:

changes or potential disruptions in our operations, the economy, financial markets ~~and~~or political environment;

risks associated with possible ~~disruption~~disruptions in our operations or the economy generally due to terrorism, natural disasters or ~~natural disasters;~~the COVID-19 pandemic;

future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to ~~business development companies~~Business Development Companies or regulated investment companies, or RICs;

general consideration associated with the COVID-19 pandemic; and

other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

~~Except as otherwise specified, references to the “Company,” “we,” “us,” and “our,” refer to Oaktree Strategic Income Corporation and its consolidated subsidiaries.~~

Business Overview

We are a specialty finance company ~~dedicated~~that looks to ~~providing~~provide customized capital solutions for middle-market companies in both the syndicated and private placement markets. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a ~~business development company~~Business Development Company under the Investment Company Act of 1940, as amended, or ~~1940~~the Investment Company Act. In addition, we have qualified and elected to be treated as a RIC under the Internal Revenue Code of 1986, as amended, or the Code, for tax purposes.

As of ~~October 17, 2017,~~March 31, 2020, we are externally managed by Oaktree ~~a subsidiary of Oaktree Capital Group, LLC, or OCG, a global investment manager specializing in alternative investments,~~ pursuant to an investment advisory agreement, ~~between us and~~as amended from time to time, or the Investment ~~Adviser, or~~Advisory Agreement, between the ~~New Investment Advisory Agreement.~~Company and Oaktree. Oaktree Fund Administration, LLC, or the Oaktree Administrator, ~~or OFA, also~~a subsidiary of Oaktree, provides certain administrative and other services necessary for us to operate pursuant to an administration agreement, as amended from time to time, or the ~~New~~ Administration Agreement. ~~Prior to October 17, 2017, we were externally managed and advised by Fifth Street Management LLC, or FSM or the Former Adviser, and we were named Fifth Street Senior Floating Rate Corp.~~

We seek to generate a stable source of current income while minimizing the risk of principal loss and, to a lesser extent, capital appreciation by providing innovative first-lien financing solutions to companies across a wide variety of industries. We invest in

companies across a variety of industries that typically possess business models we expect to be resilient in the future with underlying

fundamentals that will provide strength in ~~future~~economic downturns. We intend to deploy capital across credit and economic cycles with a focus on long-term results, which we believe will enable us to build lasting partnerships with financial sponsors and management teams. Under normal market conditions, through January 18, 2018, at least 80% of the value of our net assets plus borrowings for investment purposes will be invested in floating rate senior loans, which include both first and second lien secured debt financings. Effective January 19, 2018, the Company is no longer subject to this policy. We invest in unsecured loans, including subordinated loans and bonds, issued by private middle-market companies and, to a lesser extent, senior and subordinated loans and bonds issued by public companies and equity investments.

~~Our Investment Adviser~~Oaktree intends to ~~reposition~~complete repositioning of our portfolio ~~in the near-term~~ in order to (1) rotate out of a small number of investments that it views as challenged, (2) focus on increasing the size of our core private investments and (3) supplement the portfolio with broadly syndicated and select privately placed loans. ~~We expect that our Investment Adviser will focus~~Oaktree is generally focused on middle-market companies, which we define as companies with enterprise values of between $100 million and $750 million. Going forward, we expect our portfolio to include primarily first lien floating rate senior secured financings. We expect to target investments of $10 million to $20 million, on average, although we may invest more or less in certain portfolio companies. We generally invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “high yield” and “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

Since becoming our investment adviser, Oaktree has performed a comprehensive review of our portfolio and categorized our portfolio into core investments, non-core performing investments and non-accrual investments. Certain additional information on such categorization and our portfolio composition ~~will be~~is included in ~~our~~ investor ~~presentation to be filed~~presentations that we file with the SEC.

Since becoming our investment adviser, Oaktree ~~also~~has reduced the investments it has identified as non-core by over $250 million, at fair value. Over time, Oaktree intends to rotate us out of ~~approximately $84 million of investments it has identified as~~the remaining non-core investments, ~~and investments with spreads over LIBOR of less than 4.0%. Over time, Oaktree intends to modestly increase our investments in second lien secured financings to~~which were approximately ~~10%,~~$34 million at fair value as of March 31, 2020. In addition, over time and under current market conditions, we generally expect to maintain a debt to equity ratio of 1.20x to 1.60x. As of March 31, 2020, our ~~portfolio. Oaktree will seek~~debt to ~~redeploy capital from realization of existing investments into Oaktree-originated investments with higher yields.~~

During the three months ended December 31, 2017, the integration of our operational infrastructure, including accounting, valuation, compliance and information technology processes and systems, into the Oaktree platformequity ratio was ~~completed, and we believe that we will realize synergies and cost savings, including from trade settlement and internal audit functions, as a result of this integration.~~1.55x.

Business Environment and Developments

The opportunity set in credit is still dominated by the search for yield as central banks in Japan and Europe continue their accommodative monetary policies. This glut of capital is resulting in significant inflows into sub-investment grade credit from investors, including private equity sponsors, seeking higher spreads as investment grade and highly rated sub-investment grade credit trade at close-to-historically tight levels.

During the quarter ended December 31, 2017, the spread on the BAML High Yield Single B Index ranged between 3.34% and 3.99% and was 3.69% as of December 31, 2017. In addition, during the quarter ended December 31, 2017, the Credit Suisse Leveraged Loan Index spread ranged between 3.70% and 3.88% and was 3.75% as of December 31, 2017. The weighted average annual yield on our portfolio of 7.2% as of December 31, 2017 compares favorably in the current environment.

We believe that the ~~fundamentals~~economic impact of ~~middle-market companies remain strong,~~the COVID-19 pandemic has contributed to significant market volatility and disruption, which ~~drove~~may have lasting effects on the ~~highest lending level~~U.S. and global financial markets and have caused (and may cause further) economic uncertainties or deterioration in ~~three years.~~ the performance of the middle market in the United States and worldwide.

In particular, the disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting 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. This widening of spreads makes it more difficult for middle market businesses to access capital as lenders could become more selective in evaluating investment opportunities, equity sponsors delay transactions given earnings uncertainty and sellers are hesitant to accept lower purchase price multiples.

In this type of environment, we believe attractive risk-adjusted returns can be achieved by ~~investing~~making loans to companies in ~~companies that cannot efficiently access traditional debt capital markets. We~~the middle market. Given the breadth of Oaktree’s investment platform, we believe that ~~the Company has~~we have the resources and experience to source, diligence and structure investments in these companies and isare well placed to generate attractive returns for investors.

~~New Investment Advisory Agreement with Oaktree~~

~~Upon the closing~~We have proactively taken a number of actions to evaluate and support our portfolio companies in light of the ~~transactions, or the Transaction, contemplated by the Asset Purchase Agreement, or the Purchase Agreement, by~~COVID-19 pandemic, including outreach to a variety of management teams and ~~among Oaktree, our Former Adviser and, for certain limited purposes, Fifth Street Asset Management Inc., or FSAM, the indirect, partial owner~~sponsors. We have established a dialogue with many of our ~~Former Adviser,~~portfolio companies and ~~Fifth Street Holdings L.P., the direct, partial owner~~are especially focused on those that might have moderate to higher risk of material impacts from COVID-19. We believe that these efforts to identify vulnerable credits will allow us to address potential problems early and provide constructive solutions to our portfolio companies.

As of March 31, 2020, 100% of our ~~Former Adviser, on October 17, 2017, Oaktree became~~debt investment portfolio (at cost and fair value) bore interest at floating rates indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly or monthly at the investment adviser to each of Oaktree Specialty Lending Corporation, or OCSL, and us, and Oaktree paid gross cash consideration of $320 million to our Former Adviser. The closing of the Transaction resulted in an assignment for purposes of the 1940 Act of our investment advisory agreement with FSM, or the Former Investment Advisory Agreement, and, as a result, its immediate termination. The material terms of the services to be provided under the New Investment Advisory Agreement, other than the fee structure, are substantially the same as the Former Investment Advisory Agreement, except that services are provided by Oaktree. See “Note 11. Related Party Transactions-New Investment Advisory Agreement” and “-Administrative Services” in the notes to the accompanying Consolidated Financial Statements.

In order to ensure that the Transaction complied with Section 15(f) of the 1940 Act, Oaktree and our Former Adviser agreed to certain conditions. First, for a period of three years after the closing of the Transaction, at least 75% of the members of our Board of

~~Directors must not be interested persons of Oaktree or our Former Adviser. Second, an “unfair burden” must not be imposed on us as~~borrower’s option. As a result of the ~~closing~~COVID-19 pandemic and the related decision of the ~~Transaction~~U.S. Federal Reserve to reduce certain interest rates, LIBOR decreased in March 2020. A prolonged reduction in interest rates will result in a decreases in our total investment income and could result in a decrease in our net investment income to the extent the decreases are not offset by an increase in the spread on our floating rate investments, a decrease in our interest expense or ~~any express~~a reduction or ~~implied terms, conditions or understandings applicable thereto during~~waiver of our incentive fee on income. In July 2017, the ~~two-year period after the closing~~head of the ~~Transaction.~~United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is considering replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. Although there have been a few issuances utilizing SOFR or the Sterling Over Night Index Average, an alternative reference rate that is based on transactions, it remains unknown whether these alternative reference rates will attain market acceptance as replacements for LIBOR. If LIBOR ceases to exist, we may need to renegotiate any credit agreements extending beyond 2021 with our prospective portfolio companies that utilize LIBOR as a factor in determining the interest rate. The reinvestment period of each of our borrowing facilities in place as of March 31, 2020 ends prior to the end of 2021 (and therefore prior to any phase out of LIBOR); however, we expect that any refinancings or future borrowing facilities that bear interest at floating rates indexed to LIBOR (or certain amendments to current borrowing facilities) would include procedures for the selection of a replacement reference rate following any phase out of LIBOR. Certain of the loan agreements with our portfolio companies have included fallback language in the event that LIBOR becomes unavailable. This language generally provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative

agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate. Alternatively, certain of the loan agreements with our portfolio companies do not include any fallback language providing a mechanism for the parties to negotiate a new reference interest rate and will instead revert to the base rate in the event LIBOR ceases to exist. It remains unclear whether the cessation of LIBOR will be delayed due to COVID-19 or what form any delay may take, and there are no assurances that there will be a delay. It is also unclear what the duration and severity of COVID-19 will be, and whether this will impact LIBOR transition planning. COVID-19 may also slow regulators’ and others’ efforts to develop and implement alternative reference rates, which could make LIBOR transition planning more difficult, particularly if the cessation of LIBOR is not delayed but alternatives do not develop.

Critical Accounting Policies

Basis of Presentation

Our Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the ~~Consolidated Financial Statements~~consolidated financial statements have been made. All intercompany balances and transactions have been eliminated. We are an investment company following the accounting and reporting guidance in Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 946, Financial Services-Investment Companies, or ASC 946.

Investment Valuation

~~We report our investments for which current market values are not readily available at fair value.~~ We value our investments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820, which 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 ~~derived from such 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 ~~follow:~~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 management'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. Our 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, ~~our Investment Adviser~~Oaktree obtains and analyzes readily available market quotations provided by ~~independent~~ pricing ~~services~~vendors and brokers for all of our ~~senior secured debt~~ investments for which quotations are available. In determining the fair value of a particular investment, pricing ~~services~~vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

~~Our Investment Adviser~~We seek to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If we are unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within our set threshold, we seek to obtain a quote directly from a broker making a market for the asset. Oaktree evaluates the quotations provided by ~~independent~~ pricing ~~services~~vendors and ~~company specific data that could affect the credit quality and/or fair value~~brokers based on available market information, including trading activity of the ~~investment. Investments for which market quotations~~subject or similar securities, or by performing a comparable security analysis to ensure that fair values are ~~readily available may be valued at such market quotations.~~reasonably estimated. Oaktree also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In ~~order~~addition to ~~validate market quotations, our Investment Adviser looks at a number~~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. Generally, we do not adjust any of ~~factors to determine if~~the prices received from these sources.

If the quotations obtained from pricing vendors or brokers are ~~representative of fair value, including the source and nature of the quotations. Our Investment Adviser does~~determined to not ~~adjust the prices unless it has a reason to believe market quotations~~be reliable or are not reflective of the fair value of an investment. Examples of events that would cause market quotations to not reflect fair value could include cases when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a "fire sale" by a distressed seller. In these instances,readily available, we value such investments by using ~~the valuation procedure that we use with respect to assets for which market quotations are not readily available (as discussed below).~~

If the quotation provided by the pricing service is based on only one or two market sources, we perform additional procedures to corroborate such information, which may include the market yield technique discussed below and a quantitative and qualitative assessmentany of ~~the credit quality and market trends affecting the portfolio company.~~

~~We perform detailed valuations of our debt and equity investments for which market quotations are not readily available or are deemed not to represent fair value of the investments. We typically use~~ three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value, or EV, of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that we are deemed to control under the ~~1940~~Investment Company Act. To estimate the EV of a portfolio company, ~~the Investment Adviser~~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. ~~The Investment Adviser~~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 ~~price multiples~~prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. We 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 we consider the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, we depend 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.

We estimate the fair value of 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.

Our Board of Directors undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments:

The quarterly valuation process begins with each portfolio company or investment being initially valued by ~~our Investment Adviser’s~~Oaktree’s valuation team in conjunction with ~~the Investment Adviser’s~~Oaktree’s portfolio management team and investment professionals responsible for each portfolio investment;

•Preliminary valuations are then reviewed and discussed with management of ~~our Investment Adviser;~~Oaktree;

Separately, independent valuation firms engaged by our Board of Directors prepare valuations of our 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 us and provide such reports to ~~our Investment Adviser~~Oaktree and the Audit Committee of our Board of Directors;

~~The Investment Adviser~~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 preliminary valuations with ~~our Investment Adviser,~~Oaktree, and ~~our Investment Adviser~~Oaktree responds and supplements the preliminary valuations to reflect any discussions between ~~our Investment Adviser~~Oaktree and the Audit Committee;

The Audit Committee makes a recommendation to our full Board of Directors regarding the fair value of the investments in our portfolio; and

Our Board of Directors discusses valuations and determines the fair value of each investment in our portfolio.

The fair value of our investments as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017~~2019 was determined in good faith by our Board of Directors. Our Board of Directors has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of a portion of our portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Board of Directors may reasonably rely on that

assistance. As of ~~December~~March 31, ~~2017, 77.7%~~2020, 88.3% of our portfolio at fair value was valued either based on market quotations, the transactions precedent approach or corroborated by independent valuation firms. The percentage of our portfolio valued by independent valuation firms may vary from period to period based on the availability of market quotations for our portfolio investments during the respective periods. However, our Board of Directors is responsible for the ultimate

valuation of the portfolio investments at fair value as determined in good faith pursuant to our valuation policy and a consistently applied valuation process.

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 our 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.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, approximately ~~88.7%~~88.9% and ~~92.1%~~95.8%, respectively, of our total assets represented investments at fair value.

Revenue Recognition

Interest ~~and Dividend~~ Income

Interest income, adjusted for accretion of original issue discount, or OID, is recorded on ~~the~~an accrual basis to the extent that such amounts are expected to be collected. We stop accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations.

As of ~~December~~March 31, ~~2017,~~2020, there ~~were three investments~~was one investment on which we had stopped accruing cash and/or ~~payment in kind, or~~ PIK interest or OID income. As of March 31, 2020, we restructured our investment in the subordinated notes in OCSI Glick JV LLC, or the OCSI Glick JV, to realign the vehicle for current market conditions. We and GF Debt Funding amended the subordinated notes to (1) decrease the interest rate to 1-month LIBOR plus 4.5% per annum effective beginning on April 1, 2020, (2) extend the maturity date from October 20, 2021 to October 20, 2028 and (3) provide that the subordinated notes will not pay interest on its previously scheduled April 15, 2020 and July 15, 2020 coupon dates. Given that the notes will not pay interest for two quarters, we placed our investment in the subordinated notes of the OCSI Glick JV on cash non-accrual status and did not recognize any interest income from the OCSI Glick JV during the quarter ended March 31, 2020.

During the three months ended March 31, 2020, with the exception of two portfolio companies that modified their scheduled interest payment to PIK in order to preserve liquidity and the OCSI Glick JV, all of our portfolio companies made their scheduled interest payments.

In connection with our investment in a portfolio company, we sometimes receive nominal cost equity that is valued as part of the negotiation process with the portfolio company. When we receive nominal cost equity, we allocate our cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan.

We generally recognize dividend income on the ex-dividend date. Distributions received from equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from such 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.

~~Fee Income~~

We receive a variety of fees in the ordinary course of business, including servicing, advisory, amendment, structuring and prepayment fees, which are classified as fee income and recognized as they are earned.

PIK Interest Income

Our investments in debt securities may contain PIK interest provisions. PIK interest, which typically represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We generally cease accruing PIK interest if there is insufficient value to support the accrual or if we do not expect the portfolio company to be able to pay all principal and interest due. Our decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; our assessment of the portfolio company's business development success; information obtained by us in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. ~~Based on this and other information, we determine whether to cease accruing PIK interest on a loan or debt security when it is determined that PIK interest is no longer collectible.~~ Our determination to cease accruing PIK interest ~~on a loan or debt security~~ is generally made well before our full write-down of ~~such~~a loan or debt security. In addition, if it is subsequently determined that we will not be able to collect any previously accrued PIK interest, the fair value of ~~our~~the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on our debt investments increases the recorded cost bases of these investments in our Consolidated Financial Statements ~~and, as a result, increases the cost bases of these investments~~including for purposes of computing the capital gains incentive fee payable by us to ~~our Investment Adviser.~~

Oaktree. To maintain our status as a RIC, certain income from PIK interest may be required to be distributed to our stockholders, even though we have not yet collected the cash and may never do so. ~~Accumulated PIK interest was $0.8 million~~

Fee Income

Oaktree may provide financial advisory services to portfolio companies and, ~~$0.5 million~~in return, we may receive fees for capital structuring services. These fees are generally nonrecurring and are recognized by us upon the investment closing date. We may also receive additional

fees in the ordinary course of business, including servicing, amendment and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered.

We have also structured exit fees across certain of ~~December 31, 2017 and September 30, 2017, respectively.~~our portfolio investments to be received upon the future exit of those investments. These fees are typically paid to us upon the earliest to occur of (i) a sale of the borrower or substantially all of the assets of the borrower, (ii) the maturity date of the loan or (iii) the date when full prepayment of the loan occurs. The receipt of such fees is contingent upon the occurrence of one of the events listed above for each of the investments. These fees are included in net ~~increases in loan balances~~investment income over the life of the loan.

Dividend Income

We generally recognize dividend income on the record date. Distributions received from equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from such equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a ~~result~~return of ~~contractual PIK arrangements~~capital are ~~separately identified~~recorded as a reduction in ~~our Consolidated Statements~~the cost basis of ~~Cash Flows.~~

the investment.

Portfolio Composition

Our investments principally consist of senior loans in private middle-market companies and investments in ~~FSFR~~OCSI Glick JV LLC, or the OCSI Glick JV. As of ~~December~~March 31, ~~2017,~~2020, our senior loans were typically secured by a first or second lien on the assets of the portfolio company and generally ~~have~~had terms of up to ten years (but an expected average life of between three and four years). We believe the environment for direct lending remains active, and, as a result, a number of our portfolio companies were able to refinance and repay their loans during the three months ended December 31, 2017.

During the ~~three~~six months ended ~~December~~March 31, ~~2017,~~2020, we originated ~~$136.2~~$128.8 million of investment commitments in 1727 new and ~~three~~11 existing portfolio companies and funded ~~$143.9~~$139.2 million of investments.

During the ~~three~~six months ended ~~December~~March 31, ~~2017,~~2020, we received ~~$71.3~~$129.8 million ~~in connection with the full repayments and~~of proceeds from prepayments, exits, ~~of eight of our investments and an additional $90.1 million in connection with~~ other paydowns and sales ~~of investments.~~and exited 23 portfolio companies.

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

December 31, 2017 September 30, 2017
Cost:
Senior secured debt 85.97 % 86.50 %
Subordinated notes of Glick JV 11.04
10.61
LLC equity interests of Glick JV 1.22
1.18
Purchased equity 1.77
1.71
Total 100.00 % 100.00 %



	March 31, 2020		September 30, 2019
Cost:
Senior secured loans	88.20	%	88.33	%
OCSI Glick JV subordinated notes	10.65		10.54
OCSI Glick JV equity interests	1.15		1.13
Equity securities, excluding the OCSI Glick JV	—		—
Total	100.00	%	100.00	%

December 31, 2017 September 30, 2017
Fair value:
Senior secured debt 89.21 % 89.53 %
Subordinated notes of Glick JV 10.56
10.28
LLC equity interests of Glick JV —
—
Purchased equity 0.23
0.19
Total 100.00 % 100.00 %



	March 31, 2020		September 30, 2019
Fair value:
Senior secured loans	92.79	%	90.85	%
OCSI Glick JV subordinated notes	7.21		9.10
Equity securities, excluding the OCSI Glick JV	—		0.05
OCSI Glick JV equity interests	—		—
Total	100.00	%	100.00	%

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



	March 31, 2020		September 30, 2019
Cost:
Application Software	13.91	%	12.98	%
Multi-Sector Holdings (1)	11.80		11.68
Diversified Support Services	5.10		4.38
Aerospace & Defense	5.07		5.24
Advertising	3.86		3.84
Alternative Carriers	3.38		2.70
Oil & Gas Storage & Transportation	3.30		0.09
Personal Products	3.04		0.48
Internet Services & Infrastructure	3.04		4.54
Systems Software	2.89		2.48
Commercial Printing	2.49		2.47
Integrated Telecommunication Services	2.28		2.78
Industrial Machinery	2.16		1.49
Data Processing & Outsourced Services	2.15		2.66
Health Care Services	2.12		2.74
Specialized Finance	2.04		2.43
Research & Consulting Services	1.99		1.58
Publishing	1.97		1.64
Health Care Technology	1.90		1.74
Oil & Gas Refining & Marketing	1.90		1.89
Communications Equipment	1.89		1.55
Metal & Glass Containers	1.88		1.41
Movies & Entertainment	1.83		1.54
Specialty Chemicals	1.64		0.75
Real Estate Services	1.58		1.57
Leisure Facilities	1.51		1.43
Trading Companies & Distributors	1.43		1.43
Distributors	1.40		—
Biotechnology	1.28		1.27
Interactive Media & Services	1.27		1.89
Pharmaceuticals	1.14		2.01
Electrical Components & Equipment	1.02		1.02
Health Care Supplies	0.95		—
Auto Parts & Equipment	0.92		0.92
Household Products	0.81		0.80
Environmental & Facilities Services	0.80		0.67
Independent Power Producers & Energy Traders	0.54		—
Construction Materials	0.53		—
Managed Health Care	0.48		—
Property & Casualty Insurance	0.29		—
General Merchandise Stores	0.25		0.25
Specialty Stores	0.10		—
Building Products	0.07		—
Oil & Gas Exploration & Production	—		2.34
Computer & Electronics Retail	—		1.72
IT Consulting & Other Services	—		1.54
Health Care Equipment	—		1.42
Specialized REITs	—		1.38
Human Resource & Employment Services	—		1.29
Household Appliances	—		1.09
Commodity Chemicals	—		0.78
Oil & Gas Equipment & Services	—		0.10
	100.00	%	100.00	%

December 31, 2017 September 30, 2017
Cost:
Internet software & services 21.35 % 21.46 %
Multi-sector holdings (1) 12.26
11.79
Healthcare services 8.61
8.41
Advertising 5.88
7.19
Diversified support services 4.13
4.00
Human resources & employment services 3.94
3.33
Integrated telecommunication services 2.90
1.87
IT consulting & other services 2.74
3.39
Aerospace & defense 2.64
1.07
Specialized finance 2.62
2.54
Communications equipment 2.54
—
Research & consulting services 2.49
1.14
Environmental & facilities services 2.42
2.34
Oil & gas equipment & services 2.40
2.32
Commercial printing 2.02
1.96
Commodity chemicals 1.71
—
Oil & gas exploration & production 1.70
—
Alternative carriers 1.67
—
Distributors 1.47
2.14
Pharmaceuticals 1.45
1.50
Trucking 1.40
0.67
Security & alarm services 1.37
1.33
Food retail 1.29
1.66
Personal products 1.12
1.08
Auto parts & equipment 1.00
0.97
Data processing & outsourced services 0.99
1.62
Household Products 0.86
—
Healthcare distributors 0.85
0.82
Specialized REITs 0.83
—
Housewares & specialties 0.82
0.79
Drug retail 0.69
—
Industrial machinery 0.65
2.06
Specialty stores 0.51
1.38
General merchandise stores 0.31
—
Specialized consumer services 0.28
0.27
Application software 0.09
5.59
Real estate services —
2.02
Computer & electronics retail —
1.22
Casinos & gaming —
0.82
Fertilizers & agricultural chemicals —
0.54
Hypermarkets & super centers —
0.50
Computer hardware —
0.21
100.00 % 100.00 %



	March 31, 2020		September 30, 2019
Fair value:
Application Software	14.98	%	13.52	%
Multi-Sector Holdings (1)	7.21		9.10
Diversified Support Services	5.48		4.57
Aerospace & Defense	5.36		5.44
Advertising	3.83		3.51
Personal Products	3.46		0.51
Alternative Carriers	3.40		2.84
Internet Services & Infrastructure	3.31		4.77
Systems Software	3.09		2.59
Oil & Gas Storage & Transportation	3.08		0.09
Commercial Printing	2.67		2.58
Integrated Telecommunication Services	2.41		2.87
Data Processing & Outsourced Services	2.26		2.81
Industrial Machinery	2.24		1.54
Specialized Finance	2.23		2.42
Health Care Technology	2.15		1.85
Health Care Services	2.15		2.88
Publishing	2.08		1.75
Research & Consulting Services	2.08		1.72
Oil & Gas Refining & Marketing	2.06		2.00
Communications Equipment	2.01		1.57
Movies & Entertainment	1.83		1.61
Metal & Glass Containers	1.81		1.40
Real Estate Services	1.66		1.65
Specialty Chemicals	1.65		0.62
Leisure Facilities	1.61		1.50
Trading Companies & Distributors	1.44		1.50
Biotechnology	1.44		1.35
Distributors	1.39		—
Interactive Media & Services	1.32		1.99
Pharmaceuticals	1.19		2.02
Electrical Components & Equipment	1.04		1.01
Health Care Supplies	0.99		—
Environmental & Facilities Services	0.87		0.67
Household Products	0.86		0.80
Auto Parts & Equipment	0.84		0.90
Construction Materials	0.63		—
Independent Power Producers & Energy Traders	0.61		—
Managed Health Care	0.49		—
Property & Casualty Insurance	0.37		—
General Merchandise Stores	0.22		0.24
Specialty Stores	0.12		—
Building Products	0.08		—
Oil & Gas Exploration & Production	—		2.34
Computer & Electronics Retail	—		1.81
Health Care Equipment	—		1.51
Specialized REITs	—		1.45
Human Resource & Employment Services	—		1.34
IT Consulting & Other Services	—		1.34
Household Appliances	—		1.12
Commodity Chemicals	—		0.83
Oil & Gas Equipment & Services	—		0.07
	100.00	%	100.00	%

___________________


(1)	This industry includes our investment in the OCSI Glick JV.

December 31, 2017 September 30, 2017
Fair value:

Internet software & services 21.64 % 21.72 %
Multi-sector holdings (1) 10.56
10.28
Healthcare services 6.09
5.27
Advertising 5.91
7.34
Diversified support services 4.55
4.40
Human resources & employment services 4.27
3.59
Integrated telecommunication services 2.92
2.03
Aerospace & defense 2.87
1.17
Specialized finance 2.87
2.79
Research & consulting services 2.75
1.25
IT consulting & other services 2.74
3.66
Communications equipment 2.73
—
Environmental & facilities services 2.63
2.55
Oil & gas equipment & services 2.60
2.51
Commercial printing 2.21
2.13
Commodity chemicals 1.86
—
Oil & gas exploration & production 1.83
—
Alternative carriers 1.80
—
Pharmaceuticals 1.58
1.61
Distributors 1.56
2.31
Trucking 1.51
0.73
Security & alarm services 1.46
1.42
Food retail 1.41
1.82
Personal products 1.22
1.18
Auto parts & equipment 1.08
1.03
Data processing & outsourced services 1.08
1.76
Household products 0.93
—
Healthcare distributors 0.89
0.88
Specialized REITs 0.89
—
Housewares & specialties 0.88
0.85
Drug retail 0.74
—
Industrial machinery 0.68
2.22
Specialty stores 0.55
1.46
General merchandise stores 0.36
—
Specialized consumer services 0.31
0.30
Application software 0.04
6.06
Real estate services —
2.19
Computer & electronics retail —
1.34
Casinos & gaming —
0.90
Hypermarkets & super centers —
0.51
Fertilizers & agricultural chemicals —
0.50
Computer hardware —
0.24
100.00 % 100.00 %

~~___________________~~


~~(1)~~	~~This industry includes our investment in the Glick JV.~~

~~Loans and Debt Securities on Non-Accrual Status~~

~~As of each of December 31, 2017 and September 30, 2017, there were three investments on which we stopped accruing cash and/or PIK interest or OID income.~~

~~The percentages of our debt investments at cost and fair value by accrual status as of December 31, 2017 and September 30, 2017 were as follows:~~

~~__________________~~


~~(1)~~	~~PIK non-accrual status is inclusive of other non-cash income, where applicable.~~


~~(2)~~	~~Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.~~

OCSI Glick JV

In October 2014, we entered into a limited liability company, or LLC, agreement with GF Equity Funding 2014 LLC, or GF Equity Funding, to form the OCSI Glick JV. On April 21, 2015, the OCSI Glick JV began investing in senior secured loans of middle-market companies. We co-invest in these securities with GF Equity Funding through the OCSI Glick JV. The OCSI Glick JV is managed by a four person ~~board~~Board of ~~directors,~~Directors, two of whom are selected by us and two of whom are selected by GF Equity Funding. The OCSI Glick JV is capitalized as transactions are completed, and portfolio decisions and investment decisions in respect of the OCSI Glick JV must be approved by the OCSI Glick JV investment committee, consisting of one representative selected by us and one representative selected by GF Equity Funding (with approval from a representative of each required). The members provide capital to the OCSI Glick JV in exchange for LLC equity interests, and we and GF Debt Funding 2014 LLC, or GF Debt Funding, an entity advised by affiliates of GF Equity Funding, provide capital to the OCSI Glick JV in exchange for subordinated notes, or the Subordinated Notes. As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, we and GF Equity Funding owned 87.5% and 12.5%, respectively, of the outstanding LLC equity interests, and we and GF Debt Funding owned 87.5% and 12.5%, respectively, of the Subordinated Notes. The OCSI Glick JV is not an "eligible portfolio company" as defined in section 2(a)(46) of the ~~1940~~Investment Company Act.

The OCSI Glick JV has a senior revolving credit facility with Deutsche Bank AG, New York Branch, or the JV Deutsche Bank ~~facility, with~~Facility, which, as of March 31, 2020, had a ~~stated~~reinvestment period end date and maturity date of ~~April 17, 2023, which~~September 29, 2020 and March 29, 2024, respectively, and permitted borrowings of up to ~~$200.0~~$125.0 million ~~of borrowings as of both December 31, 2017~~(subject to borrowing base and ~~September 30, 2017.~~other limitations). Borrowings under the JV Deutsche Bank ~~facility~~Facility are secured by all of the assets of the OCSI Glick JV and all of the equity interests in the OCSI Glick JV and bore interest at a rate equal to the 3-month ~~London Interbank Offered Rate, or~~ LIBOR plus ~~2.5%~~1.95% per annum with no LIBOR ~~floor as of December 31, 2017 and September 30, 2017.~~floor. Under the JV Deutsche Bank ~~facility, $56.9~~Facility, $98.2 million inand $91.9 million of borrowings were outstanding as of ~~each of December~~March 31, ~~2017~~2020 and September 30, ~~2017.~~2019, respectively.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the OCSI Glick JV had total assets of ~~$151.5~~$153.2 million and ~~$126.7~~$179.7 million, respectively. Our investment in the OCSI Glick JV consisted of LLC equity interests and Subordinated Notes of ~~$57.2~~$37.8 million and $54.3 million in the aggregate at fair value as of ~~December~~March 31, ~~2017. As of~~2020 and September 30, ~~2017, our investment consisted of LLC equity interests and Subordinated Notes of $57.6 million in the aggregate at fair value.~~2019, respectively. The Subordinated Notes are junior in right of payment to the repayment of temporary contributions made by us to fund investments of the OCSI Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their Subordinated Notes, respectively.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, the OCSI Glick JV had total capital commitments of $100.0 ~~million.~~million, $87.5 million of which was from us and the remaining $12.5 million from GF Equity Funding and GF Debt Funding. Approximately ~~$81.9 million and $81.6~~$84.0 million in aggregate commitments was funded as of ~~December~~each of March 31, ~~2017~~2020 and September 30, ~~2017, respectively,~~2019, of which ~~$71.7~~$73.5 million ~~and $71.4 million, respectively,~~ was from us. As of each of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, we had commitments to fund Subordinated Notes to the OCSI Glick JV of $78.8 million, of which ~~$14.2~~$12.4 million ~~and $14.5 million, respectively,~~ was unfunded. As of each of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, we had commitments to fund LLC equity interests in the OCSI Glick JV of $8.7 million, of which $1.6 million was ~~unfunded.~~

unfunded as of each such date.


	December 31, 2017	September 30, 2017	March 31, 2020	September 30, 2019
Senior secured loans (1)	$128,805,001	$115,964,537	$164,687,221	$177,911,560
Weighted average current interest rate on senior secured loans (2)	7.02%	6.92%	5.63%	6.92%
Number of borrowers in Glick JV	25	23
Number of borrowers in the OCSI Glick JV			44	39
Largest loan exposure to a single borrower (1)	$8,597,150	$11,267,524	$6,994,829	$7,425,000
Total of five largest loan exposures to borrowers (1)	$38,912,938	$42,833,696	$32,459,829	$34,662,500

__________

(1) At principal amount.

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

OCSI Glick JV Portfolio as of ~~December~~March 31, ~~2017~~2020



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost		Fair Value (3)		Notes
AI Convoy (Luxembourg) S.À.R.L.	First Lien Term Loan, LIBOR+3.50% cash due 1/18/2027	5.34%	Aerospace & Defense	$	3,800,000	$	3,781,000	$	3,410,500
AI Ladder (Luxembourg) Subco S.a.r.l.	First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025	5.49%	Electrical Components & Equipment	2,695,355		2,634,049		2,273,074		(4)
AI Plex US Acquico LLC	First Lien Term Loan, LIBOR+5.00% cash due 7/31/2026	5.99%	Commodity Chemicals	1,994,987		1,728,773		1,416,441
Altice France S.A.	First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026	4.70%	Integrated Telecommunication Services	3,117,500		3,038,067		2,985,006		(4)
Alvogen Pharma US, Inc.	First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023	6.32%	Pharmaceuticals	6,994,829		6,782,076		6,085,500
Anastasia Parent, LLC	First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025	5.20%	Personal Products	1,693,108		1,399,248		987,827
Ancile Solutions, Inc.	First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021	8.45%	Application Software	3,298,363		3,286,170		3,215,904		(4)
Aurora Lux Finco S.À.R.L.	First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026	7.00%	Airport Services	3,750,000		3,659,880		3,525,563
Brazos Delaware II, LLC	First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025	4.92%	Oil & Gas Equipment & Services	4,912,500		4,894,451		2,591,344
California Pizza Kitchen, Inc.	First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022		Oil & Gas Equipment & Services	4,825,000		4,813,378		2,439,641		(6)
CITGO Petroleum Corp.	First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	6.00%	Oil & Gas Refining & Marketing	3,960,000		3,920,400		3,504,600		(4)
Connect U.S. Finco LLC	First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026	5.49%	Alternative Carriers	5,155,000		5,037,149		4,156,219		(4)
Covia Holdings Corporation	First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025		Oil & Gas Equipment & Services	6,877,500		6,877,500		3,255,224		(6)
Curium Bidco S.à.r.l.	First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026	5.07%	Biotechnology	4,975,000		4,937,688		4,726,250		(4)
eResearch Technology, Inc.	First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027	5.95%	Application Software	2,500,000		2,475,000		2,217,500		(4)
Frontier Communications Corporation	First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024	5.21%	Integrated Telecommunication Services	3,947,925		3,883,828		3,773,347
GFL Environmental Inc.	First Lien Term Loan, LIBOR+3.00% cash due 5/30/2025	4.00%	Environmental & Facilities Services	303,000		279,604		295,299		(4)
Gigamon, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024	5.25%	Systems Software	5,865,300		5,825,375		5,044,158
Guidehouse LLP	Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026	8.99%	Research & Consulting Services	5,000,000		4,980,867		4,325,000		(4)
Helios Software Holdings, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025	5.32%	Oil & Gas Equipment & Services	997,500		987,525		859,511		(4)
Houghton Mifflin Harcourt Publishers Inc.	First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024	7.24%	Education Services	2,962,500		2,850,847		2,651,438
Integro Parent, Inc.	First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022	6.75%	Insurance Brokers	3,301,120		3,263,904		3,027,127
Intelsat Jackson Holdings S.A.	First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023	5.68%	Alternative Carriers	4,380,943		4,328,294		4,060,587		(4)
LTI Holdings, Inc.	First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025	4.49%	Auto Parts & Equipment	2,353,073		1,896,658		1,769,711
MHE Intermediate Holdings, LLC	First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024	6.07%	Diversified Support Services	4,122,500		4,073,573		4,011,209		(4)
MHE Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024	6.45%	Diversified Support Services	832,853		822,601		810,370		(4)
Total MHE Intermediate Holdings, LLC				4,955,353		4,896,174		4,821,579

Portfolio Company Industry Investment Type Maturity Date Current Interest Rate (1)(4) Cash Interest Rate (1) Principal Cost Fair Value (2)
Ameritox Ltd. (3)(5) Healthcare services First Lien Term Loan 4/11/2021 LIBOR+5% (1% floor) cash 3% PIK 6.69 % $ 2,353,200
$ 2,243,202
$ 286,374
Healthcare services 119,910.76 Class B Preferred Units
119,911
—
Healthcare services 368.96 Class A Common Units
2,174,034
—
Total Ameritox Ltd. 2,353,200
4,537,147
286,374
Compuware Corporation (3) Internet software & services First Lien Term Loan B3 12/15/2021 LIBOR+4.25% (1% floor) cash 5.63 % 6,263,981
6,212,998
6,312,934
Metamorph US 3, LLC (3)(5) Internet software & services First Lien Term Loan 12/1/2020 LIBOR+5.5% (1% floor) cash 2% PIK 7.07 % 6,806,211
6,306,815
2,584,318
Motion Recruitment Partners LLC (3) Human resources & employment services First Lien Term Loan 2/13/2020 LIBOR+6% (1% floor) cash 7.57 % 8,597,150
8,597,146
8,605,596
NAVEX Global, Inc. Internet software & services First Lien Term Loan 11/19/2021 LIBOR+4.25% (1% floor) cash 5.82 % 2,969,388
2,960,727
2,984,250
Air Newco LLC IT consulting & other services First Lien Term Loan B 3/20/2022 LIBOR+5.5% (1% floor) cash 6.94 % 8,139,577
8,121,549
8,088,704
CM Delaware LLC Advertising First Lien Term Loan 3/18/2021 LIBOR+5.25% (1% floor) cash 6.94 % 2,069,786
2,068,356
2,018,041
Central Security Group, Inc. (3) Specialized consumer services First Lien Term Loan 10/6/2021 LIBOR+5.625% (1% floor) cash 7.19 % 3,866,103
3,870,229
3,885,433
Aptos, Inc. (3) Data processing & outsourced services First Lien Term Loan B 9/1/2022 LIBOR+6.75% (1% floor) cash 8.44 % 7,870,000
7,747,832
7,791,300
Vubiquity, Inc. Application software First Lien Term Loan 8/12/2021 LIBOR+5.5% (1% floor) cash 7.19 % 4,116,000
4,089,928
4,085,130
Novetta Solutions, LLC Diversified support services First Lien Term Loan 10/16/2022 LIBOR+5% (1% floor) cash 6.70 % 5,975,734
5,918,766
5,813,911
SHO Holding I Corporation Footwear First Lien Term Loan 10/27/2022 LIBOR+5% (1% floor) cash 6.42 % 6,370,000
6,324,741
6,147,050
Valet Merger Sub, Inc. (3) Environmental & facilities services First Lien Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.57 % 3,910,000
3,870,466
3,909,937
Environmental & facilities services Incremental Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.57 % 1,024,850
1,004,945
1,024,833
Total Valet Merger Sub, Inc. (3) 4,934,850
4,875,411
4,934,770
RSC Acquisition, Inc. Insurance brokers First Lien Term Loan 11/30/2022 LIBOR+5.25% (1% floor) cash 6.94 % 3,920,064
3,897,948
3,880,863
Integro Parent Inc. Insurance brokers First Lien Term Loan 10/31/2022 LIBOR+5.75% (1% floor) cash 7.13 % 4,901,424
4,784,962
4,889,170
TruckPro, LLC Auto parts & equipment First Lien Term Loan 8/6/2018 LIBOR+5% (1% floor) cash 6.69 % 1,811,634
1,810,641
1,813,409
Falmouth Group Holdings Corp. Specialty chemicals First Lien Term Loan 12/13/2021 LIBOR+6.75% (1% floor) cash 8.44 % 4,527,907
4,491,387
4,528,532
Ancile Solutions, Inc. (3) Internet software & services First Lien Term Loan 6/30/2021 LIBOR+7% (1% floor) cash 8.69 % 3,990,530
3,947,582
3,954,615
California Pizza Kitchen, Inc. Restaurants First Lien Term Loan 8/23/2022 LIBOR+6% (1% floor) cash 7.57 % 4,937,500
4,925,607
4,851,094
MHE Intermediate Holdings, LLC (3) Diversified support services First Lien Term Loan B 3/11/2024 LIBOR+5% (1% floor) cash 6.69 % 4,218,125
4,142,752
4,218,125
Diversified support services Delayed Draw Term Loan 3/11/2024 LIBOR+5% (1% floor) cash 6.69 % 665,837
633,517
665,837
Total MHE Intermediate Holdings, LLC 4,883,962
4,776,269
4,883,962
Chloe Ox Parent LLC (3) Healthcare services First Lien Term Loan 12/14/2024 LIBOR+5% (1% floor) cash 6.64 % 6,000,000
5,940,000
6,022,500
Gigamon Inc. Systems software First Lien Term Loan 12/18/2024 LIBOR+4.5% (1% floor) cash 6.03 % 6,000,000
5,940,000
5,970,000
Indivior Finance Sarl (3) Pharmaceuticals First Lien Term Loan 12/19/2022 LIBOR+4.5% (1% floor) cash 6.11 % 7,500,000
7,462,500
7,537,500
Tribe Buyer LLC (3) Human resources & employment services First Lien Term Loan 2/16/2024 LIBOR+4.5% (1% floor) cash 5.68 % 6,000,000
5,985,000
6,078,750
Asset International, Inc. (3) Research & Consulting Services First Lien Term Loan 12/29/2024 LIBOR+4.5% (1% floor) cash 6.19 % 4,000,000
3,920,125
3,920,000
Total Portfolio Investments $ 128,805,001
$ 129,513,666
$ 121,868,206



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost			Fair Value (3)			Notes
MRI Software LLC	First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026	6.57%	Application Software	$	1,438,449	$	1,424,700		$	1,273,028		(4)
MRI Software LLC	First Lien Revolver, LIBOR+5.50% cash due 2/10/2026	6.57%	Application Software	71,458		70,029			55,023			(4)(5)
MRI Software LLC	First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026		Application Software	—		(1,501		)	(28,701		)	(4)(5)
Total MRI Software LLC				1,509,907		1,493,228			1,299,350
Navicure, Inc.	First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026	4.99%	Health Care Technology	4,000,000		3,980,000			3,710,000
Northern Star Industries Inc.	First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025	5.57%	Electrical Components & Equipment	5,390,000		5,370,720			4,581,500
Novetta Solutions, LLC	First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022	6.00%	Application Software	5,838,140		5,797,677			5,205,052
OEConnection LLC	First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026	5.45%	Application Software	3,635,411		3,617,234			2,935,595			(4)
OEConnection LLC	First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026		Application Software	—		(1,667		)	(66,667		)	(4)(5)
Total OEConnection LLC				3,635,411		3,615,567			2,868,928
Olaplex, Inc.	First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026	7.50%	Personal Products	3,000,000		2,942,299			2,805,000			(4)
Olaplex, Inc.	First Lien Revolver, LIBOR+6.50% cash due 1/8/2025	7.50%	Personal Products	324,000		317,818			302,940			(4)
Total Olaplex, Inc.				3,324,000		3,260,117			3,107,940
Sabert Corporation	First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026	5.50%	Metal & Glass Containers	2,900,000		2,871,000			2,697,000			(4)
SHO Holding I Corporation	First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022	6.78%	Footwear	6,223,750		6,200,125			4,885,644
Signify Health, LLC	First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	5.95%	Health Care Services	5,880,000		5,839,430			4,939,200			(4)
Sunshine Luxembourg VII SARL	First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026	5.32%	Personal Products	6,483,750		6,451,331			5,900,212			(4)
Supermoose Borrower, LLC	First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025	5.20%	Application Software	2,893,514		2,686,957			2,332,172			(4)
Surgery Center Holdings Inc.	First Lien Term Loan, LIBOR+3.25% cash due 9/2/2024	4.25%	Health Care Facilities	4,987,212		4,965,611			3,867,583
Thunder Finco (US), LLC	First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026	5.24%	Movies & Entertainment	3,000,000		2,970,000			2,347,500			(4)
Tribe Buyer LLC	First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024	5.50%	Human Resource & Employment Services	1,617,579		1,614,977			1,217,228
UFC Holdings, LLC	First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026	4.25%	Movies & Entertainment	2,635,319		2,616,767			2,348,728			(4)
Verscend Holding Corp.	First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025	5.49%	Health Care Technology	1,742,577		1,728,598			1,655,448			(4)
VM Consolidated, Inc.	First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025	4.24%	Data Processing & Outsourced Services	4,796,753		4,781,839			4,365,045
WideOpenWest Finance, LLC	First Lien Term Loan, LIBOR+3.25% cash due 8/18/2023	4.25%	Cable & Satellite	213,453		187,838			199,045
WP CPP Holdings, LLC	Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026	9.53%	Aerospace & Defense	3,000,000		2,976,288			2,060,010			(4)
Total Portfolio Investments				$	164,687,221	$	161,865,975		$	137,005,935

__________

(1) Represents the current interest rate as of ~~December~~March 31, ~~2017.~~2020. All interest rates are payable in cash, unless otherwise noted.

(2) Represents the current determination of fair value as of December 31, 2017 utilizing a similar technique as us in accordance with ASC 820. However, the determination of such fair value is not included in our Board of Directors' valuation process described elsewhere herein.

~~(3) This investment is held by both us and the Glick JV as of December 31, 2017.~~

~~(4)~~ The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR or the alternate base rate based on each respective credit ~~agreement.~~

~~(5) This investment was on~~agreement and the cash ~~non-accrual status as of December 31, 2017. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.~~

~~Glick JV Portfolio as of September 30, 2017~~

Portfolio Company Industry Investment Type Maturity Date Current Interest Rate (1)(4) Cash Interest Rate (1) Principal Cost Fair Value (2)
Ameritox Ltd. (3)(5) Healthcare services First Lien Term Loan 4/11/2021 LIBOR+5% (1% floor) cash 3% PIK 6.33 % $ 2,287,177
$ 2,243,202
$ 265,211
Healthcare services 119,910.76 Class B Preferred Units 119,911
—
Healthcare services 368.96 Class A Common Units 2,174,034
—
Total Ameritox Ltd. 2,287,177
4,537,147
265,211
Beyond Trust Software, Inc. (3) Application software First Lien Term Loan 9/25/2019 LIBOR+7% (1% floor) cash 8.33 % 11,267,524
11,220,478
11,267,116
Compuware Corporation (3) Internet software & services First Lien Term Loan B3 12/15/2021 LIBOR+4.25% (1% floor) cash 5.49 % 6,279,920
6,225,992
6,358,419
Metamorph US 3, LLC (3)(5) Internet software & services First Lien Term Loan 12/1/2020 LIBOR+5.5% (1% floor) cash 2% PIK 6.74 % 6,825,900
6,477,372
2,592,115
Motion Recruitment Partners LLC (3) Human resources & employment services First Lien Term Loan 2/13/2020 LIBOR+6% (1% floor) cash 7.24 % 8,659,650
8,659,650
8,659,223
NAVEX Global, Inc. Internet software & services First Lien Term Loan 11/19/2021 LIBOR+4.25% (1% floor) cash 5.49 % 2,977,041
2,967,620
2,988,205
Air Newco LLC IT consulting & other services First Lien Term Loan B 3/20/2022 LIBOR+5.5% (1% floor) cash 6.82 % 8,160,622
8,141,224
8,099,417
CM Delaware LLC Advertising First Lien Term Loan 3/18/2021 LIBOR+5.25% (1% floor) cash 6.58 % 2,075,162
2,073,617
2,064,786
New Trident Holdcorp, Inc. (3) Healthcare services First Lien Term Loan B 7/31/2019 LIBOR+5.75% (1.25% floor) cash 7.08 % 2,018,206
2,000,877
1,453,109
Central Security Group, Inc. (3) Specialized consumer services First Lien Term Loan 10/6/2021 LIBOR+5.625% (1% floor) cash 6.86 % 3,876,067
3,880,408
3,892,211
Aptos, Inc. (3) Data processing & outsourced services First Lien Term Loan B 9/1/2022 LIBOR+6.75% (1% floor) cash 8.08 % 7,920,000
7,790,262
7,840,800
Vubiquity, Inc. Application software First Lien Term Loan 8/12/2021 LIBOR+5.5% (1% floor) cash 6.83 % 4,126,500
4,099,195
4,095,551
Poseidon Merger Sub, Inc. (3) Advertising Second Lien Term Loan 8/15/2023 LIBOR+8.5% (1% floor) cash 9.81 % 3,000,000
2,933,633
3,030,000
Novetta Solutions, LLC Diversified support services First Lien Term Loan 10/16/2022 LIBOR+5% (1% floor) cash 6.34 % 5,990,978
5,932,073
5,826,226
SHO Holding I Corporation Footwear First Lien Term Loan 10/27/2022 LIBOR+5% (1% floor) cash 6.24 % 6,386,250
6,338,479
6,306,422
Valet Merger Sub, Inc. (3) Environmental & facilities services First Lien Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.24 % 3,920,000
3,877,655
3,919,865
Environmental & facilities services Incremental Term Loan 9/24/2021 LIBOR+7% (1% floor) cash 8.24 % 1,027,425
1,006,080
1,027,390
Total Valet Merger Sub, Inc. (3) 4,947,425
4,883,735
4,947,255
RSC Acquisition, Inc. Insurance brokers First Lien Term Loan 11/30/2022 LIBOR+5.25% (1% floor) cash 6.58 % 3,930,134
3,912,198
3,890,832
Integro Parent Inc. Insurance brokers First Lien Term Loan 10/31/2022 LIBOR+5.75% (1% floor) cash 7.06 % 4,913,924
4,790,511
4,901,639
TruckPro, LLC Auto parts & equipment First Lien Term Loan 8/6/2018 LIBOR+5% (1% floor) cash 6.24 % 1,823,268
1,821,822
1,825,054
Falmouth Group Holdings Corp. Specialty chemicals First Lien Term Loan 12/13/2021 LIBOR+6.75% (1% floor) cash 8.08 % 4,610,174
4,572,990
4,610,400
Ancile Solutions, Inc. (3) Internet software & services First Lien Term Loan 6/30/2021 LIBOR+7% (1% floor) cash 8.33 % 4,042,355
3,995,621
4,010,198
California Pizza Kitchen, Inc. Restaurants First Lien Term Loan 8/23/2022 LIBOR+6% (1% floor) cash 7.24 % 4,950,000
4,938,077
4,917,008
MHE Intermediate Holdings, LLC (3) Diversified support services First Lien Term Loan B 3/11/2024 LIBOR+5% (1% floor) cash 6.33 % 4,228,750
4,150,304
4,228,752
Diversified support services Delayed Draw Term Loan 3/11/2024 LIBOR+5% (1% floor) cash 6.33 % 667,510
635,208
667,510
Total MHE Intermediate Holdings, LLC 4,896,260
4,785,512
4,896,262
Total Portfolio Investments $ 115,964,537
$ 116,978,493
$ 108,737,459

~~__________~~

~~(2)~~

(3) Represents the current determination of fair value as of ~~September 30, 2017~~March 31, 2020 utilizing a similar technique as us in accordance with ASC 820. However, the determination of such fair value is not included in our Board of Directors' valuation process described elsewhere herein.

~~(3)~~(4) This investment is held by both us and the OCSI Glick JV as of March 31, 2020.

(6) This investment was on cash non-accrual status as of March 31, 2020. Cash non-accrual is inclusive of PIK and other non-cash income where applicable.

OCSI Glick JV Portfolio as of September 30, ~~2017.~~2019

~~(4)~~



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost		Fair Value (3)		Notes
AI Ladder (Luxembourg) Subco S.a.r.l.	First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025	6.60%	Electrical components & equipment	$	2,718,993	$	2,651,270	$	2,504,016	(4)
Air Newco LP	First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024	6.79%	IT consulting & other services	7,425,000		7,406,438		7,437,400
AL Midcoast Holdings LLC	First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025	7.60%	Oil & gas storage & transportation	6,930,000		6,860,699		6,834,712		(4)
Altice France S.A.	First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026	6.03%	Integrated telecommunication services	2,977,500		2,912,809		2,975,639
Alvogen Pharma US, Inc.	First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022	6.79%	Pharmaceuticals	5,359,286		5,359,286		4,874,270
Ancile Solutions, Inc.	First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021	9.10%	Application software	3,395,374		3,377,463		3,327,467		(4)
Aptos, Inc.	First Lien Term Loan, LIBOR+5.50% cash due 7/23/2025	7.70%	Computer & electronics retail	2,977,500		2,947,725		2,940,281		(4)
Brazos Delaware II, LLC	First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025	6.05%	Oil & gas equipment & services	4,937,500		4,917,589		4,570,273
California Pizza Kitchen, Inc.	First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022	8.53%	Restaurants	4,850,000		4,838,318		4,349,868
CITGO Petroleum Corp.	First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024	7.10%	Oil & gas refining & marketing	3,980,000		3,940,200		4,004,875		(4)
Connect U.S. Finco LLC	First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026	7.10%	Alternative Carriers	5,000,000		4,900,000		4,930,075		(4)
Covia Holdings Corporation	First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025	6.31%	Oil & gas equipment & services	6,912,500		6,912,500		5,673,745
Curium Bidco S.à r.l.	First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026	6.10%	Biotechnology	5,000,000		4,962,500		5,025,000		(4)
Ellie Mae, Inc.	First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026	6.04%	Application software	1,000,000		995,000		1,002,920		(4)
Falmouth Group Holdings Corp.	First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021	8.95%	Specialty chemicals	4,658,544		4,626,032		4,632,004
Frontier Communications Corporation	First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024	5.80%	Integrated telecommunications services	5,468,222		5,365,594		5,466,281		(4)
Gigamon, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024	6.29%	Systems software	5,895,000		5,850,631		5,732,888
Guidehouse LLP	Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026	9.54%	Research & consulting services	5,000,000		4,979,290		4,937,500		(4)
Indivior Finance S.a.r.l.	First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022	6.76%	Pharmaceuticals	4,340,941		4,326,851		3,997,290		(4)
Integro Parent, Inc.	First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022	7.80%	Insurance brokers	4,813,924		4,744,243		4,681,541
Intelsat Jackson Holdings S.A.	First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023	5.80%	Alternative Carriers	5,000,000		4,939,169		5,021,100
McDermott Technology (Americas), Inc.	First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025	7.10%	Oil & gas equipment & services	1,429,306		1,406,187		913,565		(4)
MHE Intermediate Holdings, LLC	First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024	7.10%	Diversified support services	4,143,750		4,089,029		4,060,875		(4)
	First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024	7.10%	Diversified support services	837,128		826,823		820,385		(4)
Total MHE Intermediate Holdings, LLC				4,980,878		4,915,852		4,881,260
Navicure, Inc.	First Lien Term Loan, LIBOR+4.00% cash due 9/18/2026	6.13%	Healthcare technology	4,000,000		3,980,000		4,005,000



Portfolio Company	Investment Type	Cash Interest Rate (1)(2)	Industry	Principal		Cost			Fair Value (3)			Notes
Northern Star Industries Inc.	First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025	6.56%	Electrical components & equipment	$	5,417,500	$	5,396,178		$	5,336,238
Novetta Solutions, LLC	First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022	7.05%	Application software	5,868,628		5,824,577			5,760,440
OCI Beaumont LLC	First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025	6.10%	Commodity chemicals	6,895,000		6,888,231			6,903,619			(4)
OEConnection LLC	First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026	6.13%	Application software	3,655,914		3,637,634			3,649,059			(4)
	First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026		Application software	—		(1,720		)	(645		)	(4)(5)
Total OEConnection LLC				3,655,914		3,635,914			3,648,414
Red Ventures, LLC	First Lien Term Loan, LIBOR+3.00% cash due 11/8/2024	5.04%	Interactive media & services	3,989,924		3,970,677			4,010,712
RSC Acquisition, Inc.	First Lien Term Loan, LIBOR+4.25% cash due 11/30/2022	6.29%	Trading companies & distributors	3,849,574		3,835,594			3,820,702
Servpro Borrower, LLC	First Lien Term Loan, PRIME+2.50% cash due 3/26/2026	7.50%	Specialized consumer services	3,980,000		3,970,050			3,984,975
SHO Holding I Corporation	First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022	7.26%	Footwear	6,256,250		6,227,881			5,943,438
Signify Health, LLC	First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024	6.60%	Healthcare services	5,910,000		5,864,902			5,902,613			(4)
Sunshine Luxembourg VII SARL	First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026	6.59%	Personal products	6,500,000		6,467,500			6,538,610			(4)
Tribe Buyer LLC	First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024	6.54%	Human resources & employment services	3,114,779		3,109,120			2,907,133			(4)
Triple Royalty Sub LLC	Fixed Rate Bond 144A 9.0% Toggle PIK cash due 4/15/2033		Pharmaceuticals	3,000,000		3,000,000			3,105,000
UFC Holdings, LLC	First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026	5.30%	Movies & entertainment	2,493,573		2,493,573			2,503,099			(4)
Verra Mobility, Corp.	First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025	5.79%	Data processing & outsourced services	4,929,950		4,913,436			4,956,645			(4)
WP CPP Holdings, LLC	Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026	10.01%	Aerospace & defense	3,000,000		2,974,333			2,987,490			(4)
Total Portfolio Investments				$	177,911,560	$	176,687,612		$	173,028,098

__________

(1) Represents the current interest rate as of September 30, 2019. All interest rates are payable in cash, unless otherwise noted.

(2) The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR or the alternate base rate based on each respective credit ~~agreement.~~agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars. As of September 30, 2019, the reference rates for the OCSI Glick JV's variable rate loans were the 30-day LIBOR at 2.04%, the 60-day LIBOR at 2.09%, the 90-day LIBOR at 2.10%, the 180-day LIBOR at 2.06% and the PRIME at 5.00%. Most loans include an interest floor, which generally ranges from 0% to 1%.

~~(5) This investment was on cash non-accrual status~~(3) Represents the current determination of fair value as of September 30, ~~2017. Cash non-accrual status~~2019 utilizing a similar technique as us in accordance with ASC 820. However, the determination of such fair value is ~~inclusive~~not included in our Board of ~~PIK~~Directors' valuation process described elsewhere herein.

(4) This investment is held by both us and ~~other non-cash income, where applicable.~~the OCSI Glick JV as of September 30, 2019.

The cost and fair value of our aggregate investment in the OCSI Glick JV ~~held by us~~ was ~~$71.6~~$73.2 million and ~~$57.2~~$37.8 million, respectively, as of ~~December~~March 31, ~~2017~~2020 and ~~$71.3~~$73.2 million and ~~$57.6~~$54.3 million, respectively, as of September 30, ~~2017. The~~2019. As of March 31, 2020, we placed our investment in the Subordinated Notes ~~pay a weighted average~~on cash non-accrual status and did not earn any interest ~~rate of LIBOR plus 8.0% per annum. For~~on the investment for the three months ended ~~December~~March 31, ~~2017~~2020. For the six months ended March 31, 2020, we earned interest income of $1.4 million on our investment in the Subordinated Notes. For the three and ~~December~~six months ended March 31, ~~2016, the Company~~2019, we earned interest income of $1.5 million and ~~$1.4~~$3.0 million ~~respectively,~~ on ~~its~~our investment in the Subordinated ~~Notes. The LLC equity interests are dividend producing to the extent there is residual cash to be distributed on a quarterly basis.~~Notes, respectively. We did not earn any dividend income for the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~earned dividend income~~2019 with respect to our investment in the LLC equity interests of ~~$0.2 million~~the OCSI Glick JV.

As of March 31, 2020 and September 30, 2019, the Subordinated Notes bore an interest rate of 1-month LIBOR plus 6.5% per annum. On March 31, 2020, we and GF Debt Funding amended the Subordinated Notes to (1) decrease the interest rate to 1-month LIBOR plus 4.5% per annum effective beginning on April 1, 2020, (2) extend the maturity date from October 20, 2021 to October 20, 2028 and (3) provide that the Subordinated Notes will not pay interest for the three months ended ~~December 31, 2016 with respect to the Glick JV LLC equity interests.~~June 30, 2020 or September 30, 2020.


	December 31, 2017		September 30, 2017		March 31, 2020		September 30, 2019
Selected Balance Sheet Information:
Investments in loans at fair value (cost December 31, 2017: $129,513,666; cost September 30, 2017: $116,978,493)	$	121,868,206	$	108,737,459
Investments at fair value (cost March 31, 2020: $161,865,975; cost September 30, 2019: $176,687,612)					$	137,005,935	$	173,028,098
Cash and cash equivalents	26,080,455		13,891,899		9,722,126		1,096,498
Restricted cash	1,683,753		2,249,575		2,793,202		2,616,125
Due from portfolio companies	—		7,653
Other assets	1,859,067		1,791,077		3,671,348		2,937,681
Total assets	$	151,491,481	$	126,677,663	$	153,192,611	$	179,678,402

Senior credit facility payable	$	56,881,939	$	56,881,939	$	98,181,939	$	91,881,939
Subordinated notes payable at fair value (proceeds December 31, 2017: $73,741,750; proceeds September 30, 2017: $73,404,435)	65,319,540		65,836,199
Subordinated notes payable at fair value (proceeds March 31, 2020: $75,480,629; proceeds September 30, 2019: $75,517,614)					43,238,789		62,087,348
Other liabilities	29,290,002		3,959,525		11,771,883		25,709,115
Total liabilities	$	151,491,481	$	126,677,663	$	153,192,611	$	179,678,402
Members' equity	—		—		—		—
Total liabilities and members' equity	$	151,491,481	$	126,677,663	$	153,192,611	$	179,678,402


	Three months ended December 31, 2017			Three months ended December 31, 2016			Three months ended March 31, 2020			Three months ended March 31, 2019			Six months ended March 31, 2020			Six months ended March 31, 2019
Selected Statements of Operations Information:
Interest income	$	1,939,602		$	3,486,810		$	2,841,257		$	3,129,608		$	5,698,510		$	6,209,464
PIK interest income	—			17,933
Fee income	32,802			99,653			200,987			—			228,697			—
Total investment income	1,972,404			3,604,396			3,042,244			3,129,608			5,927,207			6,209,464
Interest expense	2,736,122			2,795,065			1,043,827			2,968,983			3,746,784			5,881,728
Other expenses	38,146			75,836			31,197			70,245			98,464			113,357
Total expenses (1)	2,774,268			2,870,901			1,075,024			3,039,228			3,845,248			5,995,085
Net unrealized appreciation (depreciation)	1,444,107			(7,384,097		)	(1,560,073		)	(20,404		)	(1,030,615		)	(149,106		)
Realized loss on investments	(642,243		)	(32,601		)
Realized gain (loss)							(407,147		)	(69,976		)	(1,051,344		)	(65,273		)
Net income (loss)	$	—		$	(6,683,203	)	$	—		$	—		$	—		$	—

__________

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

The OCSI Glick JV has elected to fair value the Subordinated Notes issued to ~~the Company~~us and GF Debt Funding under FASB ASC Topic 825, Financial Instruments - Fair Value ~~Options~~Option. The ~~subordinated notes~~Subordinated Notes are valued based on the total assets less the liabilities senior to the ~~subordinated notes~~Subordinated Notes of the OCSI Glick JV in an amount not exceeding par under the enterprise value technique.

During the three and six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016,~~2019, we did not sell any ~~senior secured~~ debt investments to the OCSI Glick JV.

Discussion and Analysis of Results and Operations

Results of Operations

~~The principal measure of our financial performance is the net~~Net increase (decrease) in net assets resulting from operations ~~which~~ includes net investment income, net realized ~~gain (loss)~~gains (losses) and net unrealized appreciation (depreciation). Net investment income is the difference between our income from interest, dividends ~~fees,~~ and ~~other investment income~~fees and total expenses. Net realized ~~gain (loss) on investments and secured borrowings~~gains (losses) is the difference between the proceeds received from dispositions of ~~portfolio investments~~investment related assets and ~~secured borrowings~~liabilities and their stated costs. Net unrealized appreciation (depreciation) is the net change in the fair value of our investment ~~portfolio~~related assets and ~~secured borrowings~~liabilities carried at fair value during the reporting period, including the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

Comparison of ~~three months ended December~~Three and Six Months Ended March 31, ~~2017~~2020 and ~~December~~March 31, ~~2016~~2019

Total Investment Income

Total investment income includes interest on our investments ~~fee income~~ and ~~other investment~~fee income.

Total investment income for the three months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016~~2019 was ~~$10.7~~$10.3 million and ~~$11.6~~$12.5 million, respectively. For the three months ended ~~December~~March 31, ~~2017,~~2020, this amount ~~primarily~~ consisted of ~~$10.3~~$10.0 million of interest income from portfolio investments (which included $0.3 million of PIK interest) and $0.4 million of fee income. For the three months ended ~~December~~March 31, ~~2016,~~2019, this amount ~~primarily~~ consisted of ~~$11.0~~$12.3 million of interest income from portfolio investments ~~(which included $0.1 million of PIK interest), $0.4 million of fee income~~ and $0.2 million of ~~dividend and other~~fee income. The decrease of ~~$0.8~~$2.1 million in our total investment income for the three months ended ~~December~~March 31, ~~2017,~~2020, as compared to the three months ended ~~December~~March 31 ~~2016,~~2019, was primarily ~~attributable~~due to a $2.3 million decrease in interest income, which mainly was the result of our investment in the OCSI Glick JV being placed on cash non-accrual status as well as a lower ~~weighted~~ average ~~annual~~ yield on our debt investments, partially offset by a $0.2 million increase in fee income, which was attributable to higher structuring fees earned.

Total investment income for the six months ended March 31, 2020 and ~~lower dividend~~2019 was $21.9 million and $23.7 million, respectively. For the six months ended March 31, 2020, this amount consisted of $21.2 million of interest income ~~earned on~~from portfolio investments (which included $0.3 million of PIK interest) and $0.8 million of fee income. For the six months ended March 31, 2019, this amount consisted of $23.5 million of interest income from portfolio investments and $0.2 million of fee income. The decrease of $1.8 million in our total investment income for the six months ended March 31, 2020, as compared to the six months ended March 31, 2019, was primarily due to a $2.3 million decrease in interest income, which was the result of our investment in the OCSI Glick ~~JV. The weighted~~JV being placed on cash non-accrual status as well as a lower average ~~annual~~ yield on our debt investments, ~~as of December 31, 2017, including the return on our subordinated note investment~~partially offset by a $0.5 million increase in ~~the Glick JV,~~fee income, which was ~~approximately 7.06%, as compared~~attributable to ~~8.49% as of December 31, 2016.~~higher amendment fees and structuring fees earned.

Expenses

Net expenses (expenses net of fee ~~waivers and insurance recoveries)~~waivers) for the three months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016~~2019 were ~~$6.2~~$5.8 million and ~~$5.7~~$7.3 million, respectively. The ~~increase~~decrease of ~~$0.5~~$1.5 million in our net expenses for the three months ended ~~December~~March 31, ~~2017,~~2020, as compared to the three months ended ~~December~~March 31, ~~2016,~~2019, was primarily due to a $1.0 million ~~increase in professional fees (net of insurance recoveries), $0.3 million increase in interest expense attributable to higher interest rates in the current quarter, partially offset by a $0.8 million~~ decrease in Part I incentive fees ~~payable~~as a result of Oaktree's permanent waiver of all Part I incentive fees incurred during the three months ended March 31, 2020, and a $0.3 million decrease in interest expense resulting from decreases in LIBOR.

Net expenses (expenses net of fee waivers) for the six months ended March 31, 2020 and 2019 were $12.7 million and $13.7 million, respectively. The decrease of $1.0 million in our net expenses for the six months ended March 31, 2020, as compared to ~~our Investment Adviser,~~the six months ended March 31, 2019, was primarily due to a $0.5 million decrease in Part I incentives fees, which was primarily attributable to ~~lower pre-incentive fee net investment income for~~Oaktree's permanent waiver of all Part I incentive fees incurred during the ~~year-over-year period.~~three months ended March 31, 2020, and a $0.4 million decrease in professional fees and administrator expenses.

Net Investment Income

As a result of the ~~$0.8~~$2.1 million decrease in total investment income ~~offset by~~and the ~~$0.5~~$1.5 million ~~increase~~decrease in net expenses, net investment income for the three months ended ~~December~~March 31, ~~2017 reflected an approximate $1.3~~2020 decreased by approximately $0.7 million, ~~decrease,~~ as compared to the three months ended ~~December~~March 31, ~~2016.~~2019.

As a result of the $1.8 million decrease in total investment income and the $1.0 million decrease in net expenses, net investment income for the six months ended March 31, 2020 decreased by approximately $0.8 million, as compared to the six months ended March 31, 2019.

Realized Gain (Loss) ~~on Investments~~

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of ~~portfolio~~ investments and foreign currency and the cost basis ~~of the investments~~ without regard to unrealized appreciation or depreciation previously recognized and includes investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with our determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.

~~For~~During the three months ended ~~December~~March 31, ~~2017,~~2020 and 2019, we recorded net realized ~~loss on investments~~gains (losses) of $(7.4) million and ~~secured borrowings was $4.4~~$(0.3) million, ~~which was primarily attributable~~respectively, in connection with the exit of various investments. During the six months ended March 31, 2020 and 2019, we recorded net realized gains (losses) of $(7.9) million and $1.4 million in connection with the exit of various investments. See “Note 9. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation” in the notes to the ~~sale of our first lien term loan~~accompanying Consolidated Financial Statements for more details regarding investment ~~in New Trident Holdcorp, Inc. For~~realization events for the three and six months ended ~~December~~March 31, ~~2016, realized gain on investments~~2020 and ~~secured borrowings was $0.1 million.~~2019.

Net Unrealized Appreciation (Depreciation) ~~on Investments and Secured Borrowings~~

Net unrealized appreciation or depreciation is the net change in ~~the~~ fair value of our investments and ~~secured borrowings~~foreign currency during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

~~Net unrealized appreciation on investments and secured borrowings was $1.7 million for~~For the three months ended ~~December~~March 31, ~~2017, which was primarily driven by a $3.5 million reversal of previously~~2020 and 2019, we recorded ~~unrealized depreciation as a result of the sale of our first lien term loan investment in New Trident Holdcorp, Inc., partially offset by other write-downs across our investment portfolio.~~

~~See “Note 9. Realized Gains or Losses and Net Unrealized Appreciation or Depreciation on Investments” in the Consolidated Financial Statements for more details regarding~~net unrealized appreciation (depreciation) ~~on investments for~~of $(67.4) million and $8.8 million, respectively. For the three months ended ~~December~~March 31, ~~2017~~2020, this consisted of this consisted of $71.6 million of unrealized depreciation of debt investments, offset by $3.7 million of net unrealized appreciation from exited investments (a portion of which resulted in a reclassification to realized losses), and ~~December~~$0.5 million of unrealized appreciation on foreign currency forward contracts. The unrealized depreciation on debt and equity investments during the quarter was largely due to increased market volatility and wider credit spreads resulting from the onset of the COVID-19 pandemic in March 2020 and the direct impact of the COVID-19 pandemic on certain of our portfolio companies, including the impact of leverage at the OCSI Glick JV.

For the three months ended March 31, ~~2016.~~2019, this consisted of $7.9 million of unrealized appreciation of debt investments, $0.8 million of net unrealized appreciation from exited investments (a portion of which resulted in a reclassification to realized losses) and $0.1 million of unrealized appreciation of foreign currency forward contracts.

For the six months ended March 31, 2020 and 2019, we recorded net unrealized appreciation (depreciation) of $(65.5) million and $(11.0) million, respectively. For the six months ended March 31, 2020, this consisted of $68.3 million of unrealized depreciation of debt investments, offset by $2.5 million of net unrealized appreciation from exited investments (a portion of which resulted in a reclassification to realized losses), and $0.3 million of unrealized appreciation on foreign currency forward contracts.

For the six months ended March 31, 2019, this consisted of $9.4 million of unrealized depreciation of debt investments and $1.6 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains).

Financial Condition, Liquidity and Capital Resources

We have a number of alternatives available to fund our investment portfolio and our operations, including raising equity, increasing or refinancing debt and funding from operational cash flow. ~~Additionally,~~We generally expect to ~~generate liquidity we~~fund the growth of our investment portfolio through additional debt and equity capital, which may ~~reduce investment size by syndicating~~include securitizing a portion of ~~any given transaction.~~our investments. We cannot assure you, however, that our efforts to grow our portfolio will be successful. For example, our common stock has generally traded at prices below net asset value for the past several years, and we are currently limited in our ability to raise additional equity at prices below the then-current net asset value per share. We intend to continue to generate cash primarily from cash flows from operations, including interest earned and future borrowings. ~~We may also from time to time issue securities in public or private offerings, which offerings will depend on future market conditions, funding needs and other factors.~~ We intend to fund our future distribution obligations through operating cash flow or with funds obtained through future equity and debt offerings or credit facilities, as we deem appropriate.

In the future, we may also securitize a portion of our investments to the extent permitted by applicable law and regulation. To securitize investments, 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. Our primary uses of funds are investments in our targeted asset classes and cash distributions to holders of our common stock. WeAt a special meeting of our stockholders held on July 10, 2018, our stockholders approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to us effective as of July 11, 2018. As a result of the effectiveness of the 150% reduced asset coverage requirements, we can incur $2 of debt for each $1 of equity as compared to $1 of debt for each $1 of equity. Over time and under current market conditions, we generally expect to ~~target~~maintain a debt to equity ratio of ~~0.80x~~1.20x to ~~0.90x~~1.60x (i.e., one dollar of equity for each ~~$0.80~~$1.20 to ~~$0.90~~$1.60 of debt outstanding).

~~Although~~ As of March 31, 2020, we ~~may fund the growth of~~had $327.2 million in senior securities outstanding and our ~~investment portfolio through equity offerings, our plans to do so may not be successful. In this regard, because our common stock has at times traded at a price below our then-current net~~ asset value per share (which has primarily been the case for several years) and we are limited in our ability to sell our common stock at a price below net asset value per share, we are currently limited in our ability to raise equity capital absent stockholder approval to issue shares of our common stock at prices below the then-current net asset value per share.coverage ratio was 164.6%.

For the ~~three~~six months ended ~~December~~March 31, ~~2017,~~2020, we experienced a net increase in cash and cash equivalents and restricted cash of ~~$4.4~~$17.2 million. During that period, ~~$18.9~~$6.3 million of cash was ~~provided by~~used in operating activities, primarily consisting of ~~$161.4~~cash used to fund $140.3 million of investments and a decrease in net payables from unsettled transactions of $16.6 million, partially offset by $140.4 million of principal payments and proceeds from the sale of investments and the cash activities related to ~~$4.5~~$9.3 million of net investment ~~income, partially offset by cash used to fund $143.9 million of investments and net revolvers.~~income. During the same period, cash ~~used~~provided by financing activities was ~~$14.5~~$23.4 million, primarily consisting of ~~$8.9~~$32.5 million of net ~~repayments~~borrowings under our credit facilities, ~~and $5.4~~partially offset by $9.0 million of cash distributions paid to our stockholders.

For the ~~three~~six months ended ~~December~~March 31, ~~2016,~~2019, we experienced a net ~~increase~~decrease in cash and cash equivalents and restricted cash of ~~$16.4~~$4.6 million. During that period, ~~$63.2~~$28.1 million of cash was ~~provided~~used by operating activities, primarily consisting of ~~$66.7~~cash used to fund $155.8 million of investment purchases, partially offset by $112.1 million of principal payments and proceeds from the sale of investments, a decrease in net receivables from unsettled transactions of $5.6 million and the cash activities related to ~~$5.9~~$10.1 million of net investment ~~income, partially offset by cash used to fund $37.6 million of investments and net revolvers.~~income. During the same period, cash ~~used~~provided by financing activities was ~~$46.8~~$23.5 million, primarily consisting of ~~$35.2~~$32.6 million of net ~~repayments~~borrowings under our credit facilities ~~$6.5~~and partially offset by $9.0 million of cash distributions paid to our ~~shareholders and $5.0 million of repayments of secured borrowings.~~stockholders.

As of ~~December~~March 31, ~~2017,~~2020, we had ~~$46.2~~$31.3 million of cash and cash equivalents (including ~~$6.2~~$9.3 million of restricted cash), portfolio investments (at fair value) of ~~$541.4~~$524.4 million, ~~$2.7~~$1.5 million of interest, dividends and fees receivable, ~~$45.1~~$77.8 million of undrawn capacity under our credit facilities (subject to borrowing base and other limitations), $16.0 million of net payables from unsettled transactions, ~~$74.1~~$327.2 million of borrowings outstanding under our revolving credit facilities ~~$177.8 million of borrowings outstanding (net of unamortized financing costs) under our $309.0 million debt securitization, or the 2015 Debt Securitization,~~ and unfunded commitments of ~~$39.5~~$19.6 million. Pursuant to the terms of the ~~revolving credit facility with the lenders referred to therein,~~ Citibank ~~N.A.~~Facility (as defined below), ~~as administrative agent, and Wells Fargo Bank, N.A., as collateral agent and custodian, or the Citibank facility,~~ we ~~are~~were restricted in terms of access to ~~$1.9~~$3.5 million of cash until the occurrence of the periodic distribution dates and, in connection therewith, our submission of our required periodic reporting schedules and verifications of our compliance with the terms of the credit agreement. As of ~~December~~March 31, ~~2017, $4.3~~2020, $5.1 million of cash ~~held~~was restricted due to the obligation to pay interest under the terms of the Deutsche Bank Facility (as defined below). As of March 31, 2020, $0.8 million was restricted due to minimum balance requirements under the East West Bank Facility (as defined below). As of March 31, 2020, we have analyzed cash and cash equivalents, availability under our credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believe our liquidity and capital resources are sufficient to take advantage of market opportunities in ~~connection with~~ the ~~2015 Debt Securitization was restricted.~~current economic climate.

As of September 30, ~~2017,~~2019, we had ~~$43.0~~$14.1 million of cash and cash equivalents (including ~~$7.4~~$8.4 million of restricted cash), portfolio investments (at fair value) of ~~$560.4~~$597.1 million, ~~$3.0~~$3.8 million of interest, dividends and fees receivable, ~~$48.5~~$160.3 million of undrawn capacity under our credit facilities (subject to borrowing base and other limitations), $32.6 million of net payables from unsettled transactions, ~~$83.0~~$294.7 million of borrowings outstanding under our revolving credit facilities ~~$177.8 million of borrowings outstanding under our 2015 Debt Securitization (net of unamortized financing costs)~~ and unfunded commitments of ~~$43.5~~$24.2 million. Pursuant to the terms of the Citibank ~~facility,~~Facility, we ~~are~~were restricted in terms of access to ~~$2.0~~$3.4 million of cash until thethe occurrence of the periodic distribution dates and, in connection therewith, our submission of our required periodic reporting schedules and verifications of our compliance with the terms of the credit agreement. As of September 30, ~~2017, $5.4~~2019, $4.3 million of cash ~~held in connection with~~was restricted due to the ~~2015 Debt Securitization~~obligation to pay interest under the terms of the Deutsche Bank Facility. As of September 30, 2019, $0.8 million was ~~restricted.~~restricted due to minimum balance requirements under the East West Bank Facility.

Significant Capital Transactions

The following table reflects the quarterly distributions per share that ~~our Board of Directors has declared,~~we have paid, including shares issued under our dividend reinvestment plan, or DRIP, on our common stock since October 1, ~~2016:~~2017:

Frequency Date Declared Record Date Payment Date Amount
per Share Cash Distribution DRIP Shares Issued (1) DRIP Shares Value
Monthly August 4, 2016 October 14, 2016 October 31, 2016 $ 0.075
$ 2,183,023
3,146 $ 26,985
Monthly August 4, 2016 November 15, 2016 November 30, 2016 0.075
2,183,100
2,986 26,908
Monthly October 19, 2016 December 15, 2016 December 30, 2016 0.075
2,179,421
3,438 30,586
Monthly October 19, 2016 January 31, 2017 January 31, 2017 0.075
2,180,645
2,905 29,363
Monthly October 19, 2016 February 15, 2017 February 28, 2017 0.075
2,183,581
2,969 26,427
Monthly February 6, 2017 March 15, 2017 March 31, 2017 0.04
1,165,417
1,508 13,253
Quarterly February 6, 2017 June 15, 2017 June 30, 2017 0.19
5,543,465
6,840 55,221
Quarterly August 7, 2017 September 15, 2017 September 29, 2017 0.19
5,536,798
6,991 61,888
Quarterly August 7, 2017 December 15, 2017 December 29, 2017 0.19
5,439,519
18,809 159,167



Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution		DRIP Shares Issued (1)	DRIP Shares Value
August 7, 2017	December 15, 2017	December 29, 2017	$	0.19	$	5,439,519	18,809	$	159,167
February 5, 2018	March 15, 2018	March 30, 2018	0.14		4,091,583		4,204	33,764
May 3, 2018	June 15, 2018	June 29, 2018	0.145		4,232,547		4,829	40,134
August 1, 2018	September 15, 2018	September 28, 2018	0.155		4,518,677		5,620	48,672
November 19, 2018	December 17, 2018	December 28, 2018	0.155		4,513,238		6,888	54,111
February 1, 2019	March 15, 2019	March 29, 2019	0.155		4,516,806		6,187	50,543
May 3, 2019	June 14, 2019	June 28, 2019	0.155		4,514,262		6,314	53,088
August 2, 2019	September 13, 2019	September 30, 2019	0.155		4,510,023		6,961	57,325
November 12, 2019	December 13, 2019	December 31, 2019	0.155		4,503,016		7,793	64,334
January 31, 2020	March 13, 2020	March 31, 2020	0.155		4,489,700		14,852	77,648

______________

(1) Shares were purchased on the open market and distributed.

Indebtedness

See ~~“Note~~“Note 6. ~~Borrowings”~~Borrowings” in the Consolidated Financial Statements for more details regarding our ~~indebtedness and secured borrowings.~~indebtedness.

Citibank Facility

As of ~~December~~March 31, ~~2017,~~2020 and September 30, 2019, we were able to borrow $180 million (subject to borrowing base and other limitations) under a revolving credit facility with us, as collateral manager, OCSI Senior Funding II LLC, our wholly-owned, special purpose financing subsidiary, as borrower, the lenders from time to time party thereto, Citibank, N.A., as administrative agent and Wells Fargo Bank, N.A., as collateral agent, or the Citibank ~~facility permitted up to $125.0 million of borrowings.~~Facility. As of ~~December~~March 31, ~~2017,~~2020, the reinvestment period under the Citibank Facility is scheduled to expire on July 19, 2021 and the maturity date for the Citibank Facility is July 18, 2023.

As of March 31, 2020, borrowings under the Citibank ~~facility~~Facility are subject to certain customary advance rates and accrue interest at a rate equal to LIBOR plus ~~2.25%~~1.70% per annum on broadly syndicated loans and LIBOR plus ~~2.50%~~2.25% per annum on all other eligible loans during the reinvestment period. Following termination of the reinvestment period, ~~and~~borrowings under the Citibank Facility will accrue interest at rates equal to LIBOR plus 3.50% per annum during the first year after the reinvestment period and LIBOR plus 4.00% per annum during the subsequent two years, respectively. In addition, as of ~~December~~March 31, ~~2017,~~2020, for the duration of the reinvestment period there is a ~~commitment~~non-usage fee payable of 0.50% per annum on the undrawn amount under the Citibank facility of either 0.50% per annum on the unused amount of the Citibank facility (if the advances outstanding on the Citibank facility exceed 50% of the aggregate commitments by lenders to make advances on such day) or 0.75% per annum on the unused amount of the Citibank facility (if the advances outstanding on the Citibank facility do not exceed 50% of the aggregate commitments by lenders to make advances on such day) for the duration of the reinvestment period. Interest and commitment fees are payable quarterly in arrears.Facility. As of ~~December~~March 31, ~~2017,~~2020, the ~~reinvestment period~~minimum asset coverage ratio applicable to us under the Citibank ~~facility would have ended on January 31, 2018 and~~Facility is 150% as determined in accordance with the ~~final maturity date was January 15, 2020. The Citibank facility requires us to comply with certain affirmative and negative covenants and other customary~~ requirements ~~for similar credit facilities.~~of the Investment Company Act.

As of ~~December~~each of March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, we had ~~$70.1~~$129.1 million and ~~$76.5~~$126.1 million outstanding under the Citibank ~~facility,~~Facility, respectively. Our borrowings under the Citibank ~~facility~~Facility bore interest at a weighted average interest rate of ~~3.919%~~3.666% and ~~3.213%~~4.618% for the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020, and ~~December 31, 2016,~~2019, respectively. For the three and six months ended ~~December~~March 31, ~~2017 and December 31, 2016,~~2020, we recorded interest expense (inclusive of ~~$0.9~~fees) of $1.3 million and ~~$1.0~~$2.7 million, respectively, related to the Citibank ~~facility.~~Facility. For the three and six months ended March 31, 2019, we recorded interest expense (inclusive of fees) of $1.7 million and $3.2 million, respectively, related to the Citibank Facility.

East West Bank Facility

On January 6, 2016, we entered into a five-year, $25 million senior secured revolving credit facility (subject to borrowing base and other limitations) with the lenders referenced therein, U.S. Bank National Association, as custodian, and East West Bank as secured lender, or, as amended, the East West Bank Facility. ~~Borrowings~~As of March 31, 2020, borrowings under the East West Bank Facility bear an interest rate of either (i) LIBOR plus ~~3.75%~~2.85% per annum ~~for borrowings in year one, 3.50% per annum for borrowings in year two, 3.25% per annum for borrowings in years three and four and 3.00% per annum for borrowings in year five,~~ or (ii) East West Bank’s prime rate, ~~plus 0.75% per annum for borrowings~~ in ~~year one, 0.50% per annum for borrowings in year two, 0.25% per annum for borrowings in years three and four, and 0.00% per annum for borrowings in year five.~~each case with a 3.5% floor. The East West Bank Facility

matures on January 6, 2021. As of March 31, 2020, the minimum asset coverage ratio applicable to us under the East West Bank Facility is 150% as determined in accordance with the requirements of the Investment Company Act. The East West Bank Facility requires us to comply with certain affirmative and negative covenants and other customary requirements for similar credit facilities.

On April 7, 2020, we amended the East West Bank Facility to, among other things, reduce the required minimum net assets from $225 million to $185 million commencing with the quarter ended March 31, 2020. For the March 31, 2020 testing period, we were in compliance with all financial covenants under the East West Bank Facility.

As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, we had ~~$4.0~~$22.5 million and ~~$6.5~~$11.0 million of borrowings outstanding under the East West Bank ~~facility,~~Facility, respectively. Our borrowings under the East West Bank ~~facility~~Facility bore interest at a weighted average interest rate of ~~5.088%~~4.637% and ~~3.498%~~5.484% for the ~~three~~six months ended ~~December~~March 31, ~~2017~~2020 and ~~December 31, 2016,~~2019, respectively. For the three and six months ended ~~December~~March 31, ~~2017 and December 31, 2016,~~2020, we recorded interest expense of $0.2 million and ~~$0.1~~$0.4 million, respectively, related to the East West Bank ~~facility.~~Facility. For the three and six months ended March 31, 2019, we recorded interest expense of $0.2 million and $0.3 million, respectively, related to the East West Bank Facility.

~~Debt Securitization~~Deutsche Bank Facility

As of December 31, 2017, the 2015 Debt Securitization consists of $222.6 million in senior secured notes, or 2015 Notes, and $86.4 million of unsecured subordinated notes, or the Subordinated 2015 Notes. The notes offered in the 2015 Debt Securitization were issued by FSOn September 24, 2018, OCSI Senior Funding Ltd., ~~or the 2015 Issuer, a~~our wholly-owned subsidiary, entered into a loan financing and servicing agreement, or, as amended, the Deutsche Bank Facility, with us as equityholder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian.

Effective March 22, 2020, an amendment to the Deutsche Bank Facility (the "DB Credit Facility Amendment") (a) extended the period during which OCSI Senior Funding Ltd. may request drawdowns under the under the Deutsche Bank Facility (the "revolving period") to September 30, 2020 unless there is an earlier termination or event of ~~us,~~default, (b) extended the maturity date from June 30, 2020 until the earliest of March 30, 2021, the occurrence of an event of default or completion of a securitization transaction, (c) decreased the size of the Deutsche Bank Facility from $250 million to $200 million (subject to borrowing base and other limitations) and (d) modified the interest rate to three-month LIBOR plus 2.25% through September 30, 2020, following which the interest rate will reset to three-month LIBOR plus 2.40% for the remaining term of the Deutsche Bank Facility. There is a ~~private placement.~~non-usage fee of 0.50% per annum payable on the undrawn amount under the Deutsche Bank Facility, and the DB Credit Facility Amendment added a minimum utilization fee should the drawn amount under the Deutsche Bank Facility fall below 80%.

The Deutsche Bank Facility is secured by all of the assets held by OCSI Senior Funding Ltd. OCSI Senior Funding Ltd. has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. Our borrowings, including indirectly under the Deutsche Bank Facility, are subject to the leverage restrictions contained in the Investment Company Act.

As of ~~December~~March 31, ~~2017,~~2020 and September 30, 2019, we had $175.6 million and $157.6 million outstanding under the ~~2015 Debt Securitization consists of $126.0 million Class A-T Senior Secured 2015 Notes which bear interest at three-month LIBOR plus 1.80%; $29.0 million Class A-S Senior Secured 2015 Notes which~~Deutsche Bank Facility, respectively. For the six months ended March 31, 2020 and 2019, our borrowings under the Deutsche Bank Facility bore interest at a weighted average interest rate of ~~three-month LIBOR plus 1.55%~~4.062% and 4.538%, until a step-up in spread to 2.10% occurred in October 2016; $20.0 million Class A-R Senior Secured Revolving 2015 Notes which bear interest at a rate of commercial paper, or CP, plus 1.80%, or, collectively, the Class A 2015 Notes; and $25.0 million Class B Senior Secured 2015 Notes which bear interest at a rate of three-month LIBOR plus 2.65% per annum, which were issued in a private placement. We currently retain the entire $22.6 million of Class C Senior Secured 2015 Notes (which we purchased at 98.0% of par value) and the entire $86.4 million of the Subordinated 2015 Notes. The 2015 Debt Securitization requires us to comply with certain monthly financial covenants, including overcollateralization and interest coverage tests.

respectively. For the three and six months ended ~~December~~March 31, ~~2017 and December 31, 2016, the components of~~2020, we recorded interest expense ~~cash paid for interest, average interest rates~~(inclusive of fees) of $2.0 million and ~~average outstanding balances for~~$3.8 million, respectively. For the ~~2015 Debt Securitization were as follows:~~

~~The classes, interest rates, spread over LIBOR, cash paid for interest, stated~~three and six months ended March 31, 2019, we recorded interest expense (inclusive of fees) of $1.9 million and ~~note discount expense of each of the Class A-T, A-S, A-R, B and C 2015 Notes for the three months ended December 31, 2017 is as follows:~~

~~_______________________~~

~~(1) Spread increased to 2.10% in October 2016 from 1.55%.~~

~~(2) Interest expense includes 1.0% undrawn fee. Class A-R 2015 Notes were not drawn during the three months ended December 31, 2017.~~

~~(3) We hold all Class C 2015 Notes outstanding and thus have not recorded any related interest expense as it is eliminated in consolidation.~~$3.5 million, respectively.

~~The classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B, C and Subordinated 2015 Notes as of December 31, 2017 are as follows:~~

~~_______________________~~

* Spread increased to 2.10% in October 2016 from 1.55%.

** Carries a 1.0% undrawn fee.

Off-Balance Sheet Arrangements

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017,~~2019, our only off-balance sheet arrangements consisted of ~~$39.5~~$19.6 million and ~~$43.5~~$24.2 million, respectively, of unfunded commitments to provide debt and equity financing to certain of our portfolio companies. Such commitments are subject to our 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 our Consolidated Statements of Assets and Liabilities.

A list of unfunded commitments by investment (consisting of revolvers, term loans with delayed draw components and ~~Glick JV~~ Subordinated Notes and LLC equity ~~interests)~~interests of the OCSI Glick JV) as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017~~2019 is shown in the table below:



	March 31, 2020		September 30, 2019
OCSI Glick JV LLC (1)	$	13,998,029	$	13,998,029
MRI Software LLC	1,234,253		—
Coyote Buyer, LLC	847,860		—
PaySimple, Inc.	796,962		2,450,000
OEConnection LLC	735,931		731,183
Accupac, Inc.	716,984		—
Apptio, Inc.	692,308		692,308
iCIMs, Inc.	294,118		294,118
MHE Intermediate Holdings, LLC	131,363		4,466,338
GKD Index Partners, LLC	88,889		444,444
Ministry Brands, LLC	42,500		80,000
4 Over International, LLC	—		60,629
Mindbody, Inc.	—		952,381
Total	$	19,579,197	$	24,169,430

~~_______~~ ___________

(1) This investment was on cash non-accrual status as of ~~December~~March 31, ~~2017 and September 30, 2017.~~

2020.

Contractual Obligations

The following table reflects information pertaining to our debt outstanding under the Citibank ~~facility,~~Facility, the East West Bank Facility and the ~~2015 Debt Securitization:~~Deutsche Bank Facility:


	Debt Outstanding as of September 30, 2017		Debt Outstanding as of December 31, 2017		Weighted average debt outstanding for the three months ended December 31, 2017		Maximum debt outstanding for the three months ended December 31, 2017		Debt Outstanding as of September 30, 2019		Debt Outstanding as of March 31, 2020		Weighted average debt outstanding for the six months ended March 31, 2020		Maximum debt outstanding for the six months ended March 31, 2020
Citibank facility	$	76,456,800	$	70,056,800	$	75,343,757	$	76,456,800
2015 Debt Securitization	180,000,000		180,000,000		181,467,391		183,000,000
Citibank Facility									$	126,056,800	$	129,056,800	$	126,723,467	$	129,056,800
Deutsche Bank Facility									157,600,000		175,600,000		167,769,399		181,600,000
East West Bank Facility	6,500,000		4,000,000		12,478,261		22,000,000		11,000,000		22,500,000		12,729,508		22,500,000
Total debt	$	262,956,800	$	254,056,800	$	269,289,409			$	294,656,800	$	327,156,800	$	307,222,374

The following table reflects our contractual obligations arising from the Citibank ~~facility, 2015 Debt Securitization~~Facility, Deutsche Bank Facility and East West Bank Facility:

Payments due by period as of December 31, 2017
Total < 1 year 1-3 years 3-5 years > 5 years
Citibank facility $ 70,056,800
$ —
$ 70,056,800
$ —
$ —
Interest due on Citibank facility 5,481,423
2,685,529
2,795,894
—
—
2015 Debt Securitization 180,000,000
—
—
—
180,000,000
Interest due on 2015 Debt Securitization 43,619,422
5,885,800
11,771,600
11,771,600
14,190,422
East West Bank Facility 4,000,000
—
—
4,000,000
—
Interest due on East West Bank Facility 603,836
200,000
400,000
3,836
—
Total $ 303,761,481
$ 8,771,329
$ 85,024,294
$ 15,775,436
$ 194,190,422



	Payments due by period as of March 31, 2020
	Total		< 1 year		1-3 years		3-5 years
Citibank Facility	$	129,056,800	$	—	$	—	$	129,056,800
Interest due on Citibank Facility	14,313,223		4,339,142		8,678,284		1,295,797
Deutsche Bank Facility	175,600,000		175,600,000		—		—
Interest due on Deutsche Bank Facility	7,166,675		7,166,675		—		—
East West Bank Facility	22,500,000		22,500,000		—		—
Interest due on East West Bank Facility	676,265		676,265		—		—
Total	$	349,312,963	$	210,282,082	$	8,678,284	$	130,352,597

Regulated Investment Company Status and Distributions

We have qualified and elected to be treated as a RIC under Subchapter M of the ~~Code.~~Code for tax purposes. As long as we continue to qualify as a RIC, we will not be subject to tax on our investment company taxable income (determined without regard to any deduction for dividends paid) or realized net capital gains, to the extent that such taxable income or gains is distributed, or deemed to be distributed as dividends, to stockholders on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation. Distributions declared and paid by us in a taxable year may differ from taxable income for that taxable year as such distributions may include the distribution of taxable income derived from the current taxable year or the distribution of taxable income derived from the prior taxable year carried forward into and distributed in the current taxable year. Distributions also may include returns of capital.

To maintain RIC tax treatment, we must, among other things, distribute dividends, with respect to each taxable year, of an amount at least equal to 90% of our investment company taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any) determined without regard to any deduction for dividends paid. As a RIC, we are also subject to a federal excise tax, based on distribution requirements of our taxable income on a calendar year basis. We anticipate timely distribution of our taxable income in accordance with tax rules. We did not incur a U.S. federal excise tax for calendar years ~~2015~~2018 and ~~2016 and do not expect to incur a U.S. federal excise tax for the calendar year 2017.~~2019. We may incur a federal excise tax in future years.

We intend to distribute at least 90% of our annual taxable income (which includes our taxable interest and fee income) to our stockholders. The covenants under the respective documents governing the Citibank ~~facility,~~Facility, the East West Bank ~~facility~~Facility and the ~~2015 Debt Securitization~~Deutsche Bank Facility could, under certain circumstances, hinder our ability to satisfy the distribution requirement associated with our ability to be subject to tax as a RIC. In addition, we may retain for investment some or all of our net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal and taxable year fall below the total amount of our ~~dividend~~ distributions for that fiscal and taxable year, a portion of those distributions may be deemed a return of capital to our stockholders.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a ~~business development company~~Business Development Company under the ~~1940~~Investment Company Act and due to provisions in our credit facilities and

debt instruments. If we do not distribute a certain percentage of our taxable income annually, we will suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

A RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to certain limitations regarding the aggregate amount of cash to be distributed to all stockholders. If these and certain other requirements are met, for U.S federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. ~~We have no current intention of paying dividends in shares of our stock in accordance with these guidelines.~~

We may generate qualified net interest income or qualified net short-term capital gains that may be exempt from U.S. withholding tax when distributed to foreign stockholders. A RIC is permitted to designate distributions of qualified net interest income and qualified short-term capital gains as exempt from U.S. withholding tax when paid to non-U.S. shareholders with proper documentation. The following table, which may be subject to change as we finalize our annual tax filings, lists the percentage of qualified net interest income and qualified short-term capital gains ~~as of~~for the year ended September 30, ~~2017,~~2019, our last tax year end.



Year Ended	Qualified Net Interest Income		Qualified Short-Term Capital Gains
September 30, ~~2017~~2019	~~86.7~~89.1	%	—

We have adopted a DRIP that provides for the reinvestment of any distributions that we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board of Directors declares a cash distribution, then our stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving a cash distribution. If our shares are trading at a premium to net asset value, we typically issue new shares to implement the DRIP, with such shares issued at the greater of the most recently computed net asset value per share of our common stock or 95% of the current market value per share of our common stock on the payment date for such distribution. If our shares are trading at a discount to net asset value, we typically purchase shares in the open market in connection with our obligations under the DRIP.

Related Party Transactions

We have entered into the ~~New~~ Investment Advisory Agreement with ~~our Investment Adviser~~Oaktree and the ~~New~~ Administration Agreement with Oaktree Administrator, a wholly-owned subsidiary of ~~the Investment Adviser.~~Oaktree. Mr. John B. Frank, an interested member of our Board of Directors, has an indirect pecuniary interest in ~~our Investment Adviser. The Investment Adviser~~Oaktree. Oaktree is a registered investment adviser under the Investment Advisers Act of 1940, as amended, ~~or the Advisers Act,~~ that is partially and indirectly owned by OCG. See ~~“Note~~“Note 11. Related Party ~~Transactions-New~~Transactions - Investment Advisory ~~Agreement”~~Agreement” and ~~“-Administrative Services”~~“– Administrative Services” in the notes to the accompanying Consolidated Financial Statements.

Prior to October 17, 2017, we were externally managed and advised by our Former Adviser, and our administrator was FSC CT LLC, a wholly-owned subsidiary of our Former Adviser. Messrs. Bernard D. Berman, Patrick J. Dalton, Ivelin M. Dimitrov, Alexander C. Frank and Todd G. Owens, each an interested member of our Board of Directors f~~or all or a portion of our fiscal year ended September 30, 2017 and prior to October 17, 2017, had a direct or indirect pecuniary interest in our Former Adviser.~~

We serve as collateral manager to the 2015 Issuer under a collateral management agreement in connection with the 2015 Debt Securitization and are entitled to receive a fee for providing these services. We have retained a sub-collateral manager, which, as of October 17, 2017, was the Investment Adviser and, prior to October 17, 2017, was the Former Adviser, to provide collateral management sub-advisory services to us pursuant to a sub-collateral management agreement. The sub-collateral manager is entitled to receive 100% of the collateral management fees paid to us under the collateral management agreement, but each of our Investment Adviser and the Former Adviser irrevocably waived and, in the case of the Investment Adviser, intends to continue to irrevocably waive its right to such sub-collateral management fees in respect of the 2015 Debt Securitization.

Recent Developments

~~Dividend~~Distribution Declaration

On ~~February 5, 2018,~~April 30, 2020, our Board of Directors declared a quarterly ~~dividend~~distribution of ~~$0.14~~$0.125 per share, payable in cash on ~~March~~June 30, ~~2018~~2020 to stockholders of record on ~~March~~June 15, ~~2018.~~2020.

~~Change in~~ Investment ~~Policy~~Advisory Agreement

~~Effective January 19, 2018, we were no longer subject to a policy to invest, under normal market conditions, at least 80%~~On May 4, 2020, Oaktree effected the novation of the ~~value of our net assets (plus borrowings for~~Investment Advisory Agreement to Oaktree Fund Advisors, LLC, a registered investment ~~purposes) in floating rate senior loans.~~

~~Citibank Facility Amendment~~

~~On January 31, 2018,~~adviser under common control with Oaktree. Immediately following such novation, we and Oaktree Fund Advisors, LLC entered into ~~an Amended and Restated Loan and Security Agreement, or~~a new investment advisory agreement with the ~~Loan Agreement, with OCSI Senior Funding II LLC (formerly FS Senior Funding II LLC), our wholly-owned, special purpose financing subsidiary,~~same terms, including fee structure, as the ~~borrower,~~Investment Advisory Agreement.

Liquidity

As of April 30, 2020, we had $28 million of unrestricted cash and cash equivalents and $81 million of undrawn capacity on our credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $18 million, or $4 million when excluding unfunded commitments to the ~~lenders from time to time party thereto, Citibank, N.A., as administrative agent, and Wells Fargo Bank, National Association, as collateral agent, or the Restated Citibank Facility.~~OCSI Glick JV.

The reinvestment period under the Restated Citibank Facility ends January 30, 2021, and the final maturity date is January 31, 2023. The Restated Citibank Facility requires us to comply with certain affirmative and negative covenants and other customary requirements for similar credit facilities.

~~Recently Issued Accounting Standards~~

See “Note 2. Significant Accounting Policies” in the Consolidated Financial Statements for a description of recent accounting pronouncements, including the expected dates of adoption and the anticipated impact on our Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.

Valuation Risk

Our investments may not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board of Directors, with the assistance of the Audit Committee and Oaktree. There is no single standard for determining fair value in good faith and valuation methodologies involve a significant degree of management judgment. In addition, our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments. Accordingly, valuations by us do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments. Estimated fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the financial statements.

Interest Rate Risk

We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle ~~funds~~fund investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs. Our investment income will be affected by changes in various interest rates, including LIBOR and prime rates, to the extent our debt investments include floating interest rates. In addition, our investments are carried at fair value as determined in good faith by our Board of Directors in accordance with the 1940 Act. Our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments.

As of ~~December~~March 31, ~~2017,~~2020 and September 30, 2019, 100% of our debt investment portfolio (at cost and fair value) bore interest at floating ~~rates and had~~rates. The composition of our floating rate debt investments by interest rate ~~floors between 0%~~floor as of March 31, 2020 and ~~2%.~~September 30, 2019 was as follows:



	March 31, 2020				September 30, 2019
	Fair Value		% of Floating Rate Portfolio		Fair Value		% of Floating Rate Portfolio
0%	$	212,687,868	40.56	%	$	178,473,379	29.90	%
>0% and <1%	1,956,403		0.37		9,012,119		1.51
1%	309,735,040		59.07		409,325,610		68.59
Total Floating Rate Investments	$	524,379,311	100.00	%	$	596,811,108	100.00	%

Based on our Consolidated Statement of Assets and Liabilities as of ~~December~~March 31, ~~2017,~~2020, the following table shows the approximate annualized net increase (decrease) in ~~components of~~ net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure. However, there can be no assurances our portfolio companies will be able to meet their contractual obligations at any or all levels ofon increases in interest rates.



Basis point increase	Increase in Interest Income		(Increase) in Interest Expense			Net increase (decrease) in net assets resulting from operations
250	$	13,817,312	$	(8,178,920	)	$	5,638,392
200	11,053,849		(6,543,136		)	4,510,713
150	8,290,387		(4,907,352		)	3,383,035
100	5,526,925		(3,271,568		)	2,255,357
50	2,763,462		(1,635,784		)	1,127,678

Basis point increase Interest Income Interest Expense Net increase (decrease)
300 16,473,739
(7,621,704 ) 8,852,035
200 10,982,493
(5,081,136 ) 5,901,357
100 5,491,246
(2,540,568 ) 2,950,678



Basis point decrease	(Decrease) in Interest Income			Decrease in Interest Expense		Net increase (decrease) in net assets resulting from operations
50	$	(1,677,934	)	$	1,614,206	$	(63,728	)
100	(2,686,038		)	3,137,490		451,452
150	(2,947,562		)	4,482,927		1,535,365
200 (1)	(2,961,779		)	5,064,602		2,102,823

__________

(1) The effect of a greater than 200 basis point decrease is limited by interest rate floors on certain investments.

Basis point decrease (1) Interest Income Interest Expense Net increase (decrease)
100 $ (3,647,143 ) $ 2,540,568
$ (1,106,575 )

~~__________________~~


~~(1)~~	~~A decline in interest rates of 200 basis points or greater would not have a material incremental impact on our Consolidated Financial Statements as compared to a 100 basis point decrease.~~

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The following table shows a comparison of the interest rate base for our interest-bearing cash and outstanding investments, at principal, and our outstanding borrowings as of ~~December~~March 31, ~~2017~~2020 and September 30, ~~2017:~~2019:


	December 31, 2017				September 30, 2017				March 31, 2020				September 30, 2019
	Interest Bearing Cash and Investments		Borrowings		Interest Bearing Cash and Investments		Borrowings		Interest Bearing Cash and Investments		Borrowings		Interest Bearing Cash and Investments		Borrowings
Money market rate	$	46,172,171	$	—	$	43,012,387	$	—	$	30,369,011	$	—	$	13,063,815	$	—
Prime rate	26,231		—		490,693		—		2,843,492		—		7,392,651		—
LIBOR:
30 day	313,478,828		4,000,000		218,782,104		6,500,000		359,817,271		22,500,000		408,142,675		11,000,000
60 day	25,662,846				32,508,060				8,321,250		—		2,000,000		—
90 day	233,029,140		250,056,800		340,420,366		256,456,800		184,156,642		304,656,800		179,653,417		283,656,800
180 day	—		—		—		—		59,879,512		—		20,311,944		—
360 day									—		—		—		—
UK LIBOR:
30 day									3,719,850		—		6,161,500		—
Fixed rate	—		—		—		—		—		—		—		—
Total	$	618,369,216	$	254,056,800	$	635,213,610	$	262,956,800	$	649,107,028	$	327,156,800	$	636,726,002	$	294,656,800

Item 4. Controls and Procedures

Management, with the participation of ~~the Company’s~~our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of ~~December~~March 31, ~~2017.~~2020. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, ~~(the “Exchange Act”),~~or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the ~~SEC’s~~Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Based on the evaluation of our disclosure controls and procedures as of ~~December~~March 31, ~~2017, our~~2020, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, in timely identifying, recording, processing, summarizing and reporting any material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act.

Effective October 17, 2017, Oaktree became our investment adviser. During the three months ended December 31, 2017 in connection with Oaktree assuming its role as our investment adviser, we adopted new controls and procedures, including formalized policies and procedures and controls over the validation of portfolio company data. As a result of the adoption of such controls and procedures and the changes to our internal controls and procedures that resulted during the three months ended December 31, 2017, management has determined that, as of December 31, 2017, the previously disclosed material weakness in our internal control over financial reporting had been remediated.

~~Other than the changes described above, there~~There were no changes in our internal control over financial reporting that occurred during the ~~first fiscal quarter of 2018~~six months ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, we are currently not a party to any pending material legal ~~proceedings except as described below.~~proceedings.

~~SEC Examination and Investigation~~

On March 23, 2016, the Division of Enforcement of the SEC sent document subpoenas and document preservation notices to us, FSAM, FSCO GP LLC - General Partner of Fifth Street Opportunities Fund, L.P., or FSOF, and OCSL. The subpoenas sought production of documents relating to a variety of issues principally related to the activities of our Former Adviser, including those raised in an ordinary-course examination of the Former Adviser by the SEC’s Office of Compliance Inspections and Examinations that began in October 2015, and in the previously disclosed OCSL and FSAM securities class actions and other previously disclosed litigation. The subpoenas were issued pursuant to a formal order of private investigation captioned In the Matter of the Fifth Street Group of Companies, No. HO-12925, dated March 23, 2016, which addresses (among other things) (i) the valuation of our portfolio companies and investments, (ii) the expenses allocated or charged to us and OCSL, (iii) FSOF’s trading in the securities of publicly traded business development companies, (iv) statements to our board of directors, other representatives of pooled investment vehicles, investors, or prospective investors concerning the fair value of our portfolio companies or investments as well as expenses allocated or charged to us and OCSL, (v) various issues relating to adoption and implementation of policies and procedures under the Advisers Act, (vi) statements and/or potential omissions in the entities’ SEC filings, (vii) the entities’ books, records, and accounts and whether they fairly and accurately reflected the entities’ transactions and dispositions of assets, and (viii) several other issues relating to corporate books and records. The formal order cites various provisions of the Securities Act of 1933, as amended, the Exchange Act, and the Advisers Act, as well as rules promulgated under those Acts, as the bases of the investigation. We are cooperating with the Division of Enforcement investigation, have produced requested documents, and have been communicating with Division of Enforcement personnel. Our Investment Adviser is not subject to these subpoenas.

Item 1A. Risk Factors

~~There~~Except as set forth below, there have been no material changes during the three and six months ended ~~December~~March 31, ~~2017~~2020 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, ~~2017.~~2019.

Global economic, political and market conditions caused by the current public health crisis have (and in the future, could further) adversely affect our business, results of operations and financial condition and those of our portfolio companies.

A novel strain of coronavirus initially appeared in China in late 2019 and has rapidly spread to other countries, including the United States. In an attempt to slow the spread of the coronavirus, governments in major jurisdictions, including the United States, the United Kingdom, France, Italy, South Korea and China, have placed restrictions on travel, issued “stay at home” orders and ordered the temporary closure of certain businesses, such as factories and retail stores. As such restrictions and closures have impacted supply chains, consumer demand and/or the operations of many business, uncertainty surrounding the full economic impact of the coronavirus pandemic has contributed to significant market volatility and disruption, which may have long-term effects on the U.S. and global financial markets and have caused (and may cause further) economic uncertainties or deterioration in the United States and worldwide.

Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting 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 created by the coronavirus and related restrictions and closures 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 have negatively impacted the fair value of the investments that we hold and could limit our investment originations (including as a result of the investment professionals of our investment adviser diverting their time to the restructuring of certain investments), negatively impact our operating results and limit our ability to grow. In addition, our success depends in substantial part on the management, skill and acumen of our investment adviser, whose operations may be adversely impacted, including through quarantine measures and travel restrictions imposed on its investment professionals or service providers, or any related health issues of such investment professionals or service providers.

In addition, the restrictions and closures and related market conditions have resulted in certain of our portfolio companies halting or significantly curtailing operations and have negatively affected the supply chains of certain of our portfolio companies. The financial results of middle-market companies, like those in which we invest, have experienced deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults, and further deterioration will further depress the outlook for those companies. Further, adverse economic conditions have 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.

As the potential impact of the coronavirus remains difficult to predict, the extent to which the coronavirus could negatively affect our and our portfolio companies’ operating results or the duration of any potential business or supply-chain disruption is uncertain. Any potential impact to our results of operations will depend to a large extent on future developments regarding the duration and severity of the coronavirus and the actions taken by governments and their citizens to contain the coronavirus or treat its impact, all of which are beyond our control.

As a result of the COVID-19 pandemic and related government actions, certain of our portfolio companies are distressed, and we have opportunistically acquired the securities and obligations of distressed companies. These and future investments in distressed companies are 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 have acquired, and may in the future acquire, the securities and other obligations of distressed or bankrupt companies, including opportunistic acquisitions during the COVID-19 pandemic. 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, when 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 are subject to significant uncertainty as to when and in what manner and for what value the distressed debt we acquire will eventually be satisfied whether through a refinancing, restructuring, 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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits



~~3.1~~10.1		~~Amended~~Amendment No. 4 to Loan Financing and ~~Restated Certificate~~Servicing Agreement, dated as of ~~Incorporation of~~March 22, 2020, among OCSI Senior Funding Ltd., as borrower, the ~~Registrant~~Company, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as committed lender (Incorporated by reference to Exhibit ~~a filed~~10.1 fled with the Registrant’s ~~Registration Statement on Form N-2 (File No. 333-188904) filed on July 8, 2013).~~
~~3.2~~		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of October 17, 2017 (Incorporated by reference to Exhibit 3.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on ~~October 17, 2017)~~March 25, 2020).
~~3.3~~10.2*		~~Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on September 9, 2016).~~
~~3.4~~		~~Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on January 29, 2018)~~
~~10.1~~		Investment Advisory Agreement, dated as of October 17, 2017, between the Registrant and Oaktree Capital Management, L.P. (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on October 17, 2017).
~~10.2~~		Administration Agreement, dated as of October 17, 2017, between the Registrant and Oaktree Fund Administration, LLC (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on October 17, 2017).
~~10.3~~		Pledge Agreement, dated as of October 17, 2017, between the Company and Fifth Street Holdings L.P. (Incorporated by reference to Exhibit 10.3 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on October 17, 2017).
~~10.4~~		~~Sixth~~Fourth Amendment to Loan and Security Agreement, dated as of ~~October 25, 2017,~~April 7, 2020, by and ~~among Registrant, FS Senior Funding II LLC~~between East West Bank and ~~Citibank, N.A. (Incorporated by reference to Exhibit 10.22 filed with Registrant’s Annual Report on Form 10-K (File No. 814-01013) filed on December 11, 2017).~~the Company.
~~10.5~~10.3*		~~Seventh Amendment to Loan and Security~~ Investment Advisory Agreement, dated as of ~~December 6, 2017,~~May 4, 2020, by and ~~among Registrant, FS Senior Funding II LLC~~between the Company and ~~Citibank, N.A. (Incorporated by reference to Exhibit 10.23 filed with Registrant’s Annual Report on Form 10-K (File No. 814-01013) filed on December 11, 2017).~~
10.6*		~~Eighth Amendment to Loan and Security Agreement, dated as of December 21, 2017, by and among Registrant, FS Senior Funding II LLC and Citibank, N.A.~~Oaktree Fund Advisors, LLC.
~~10.7~~		Amended and Restated Loan and Security Agreement by and among the Registrant, OCSI Senior Funding II LLC, the lenders referred to therein, Citibank, N.A., and Wells Fargo Bank, National Association, dated as of January 31, 2018. (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-01013) filed on February 1, 2018).
~~11.1~~		~~Computation of Per Share Earnings (included in the notes to the financial statements contained in this report).~~
31.1*		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1*		Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32.2*		Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).



*	Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




OAKTREE STRATEGIC INCOME CORPORATION

By:		/s/ ~~Edgar Lee~~Armen Panossian
		~~Edgar Lee~~ Armen Panossian
		Chief Executive Officer

By:		/s/ Mel Carlisle
		Mel Carlisle
		Chief Financial Officer and Treasurer

Date: ~~February 8, 2018~~May 6, 2020

8180



Portfolio Company/Type of Investment (1)(2)(9)(10)(14)	Cash Interest Rate (8)	Industry	Principal (5)		Cost		Fair Value
Control Investments (3)
FSFR Glick JV LLC (7)(12)(15)		Multi-sector holdings
Subordinated Note, LIBOR+8% cash due 10/20/2021 (8)	9.23%		$	64,524,032	$	64,524,032	$	57,180,650
87.5% equity interest (18)					7,111,751		—
					71,635,783		57,180,650
Total Control Investments (19.7% of net assets)					$	71,635,783	$	57,180,650
Affiliate Investments (4)
Ameritox Ltd.		Healthcare services
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (8)(13)(17)	6.69%		8,302,941		$	7,904,767	$	1,010,509
3,309,873.6 Class A Preferred Units in Ameritox Holdings II, LLC					3,309,874		—
327,393.6 Class B Preferred Units in Ameritox Holdings II, LLC					327,394		—
1,007.36 Class A Units in Ameritox Holdings II, LLC					5,935,698		—
					17,477,733		1,010,509
Total Affiliate Investments (0.3% of net assets)					$	17,477,733	$	1,010,509

Non-Control/Non-Affiliate Investments (6)
Triple Point Group Holdings, Inc.		Application software
First Lien Revolver, LIBOR+4.25% (1% floor) cash due 7/10/2018 (8)(11)	4.25%				$	—	$	(402,966	)
					—		(402,966		)
New Trident Holdcorp, Inc.		Healthcare services
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 7/31/2020 (8)(17)	11.19%		1,000,000		893,824		50,000
					893,824		50,000
NextCare, Inc.		Healthcare services
Senior Term Loan, LIBOR+6% (1% floor) cash due 7/31/2018 (8)(13)	7.57%		6,926,108		6,926,108		6,749,376
Delayed Draw Term Loan, LIBOR+6% (1% floor) cash due 7/31/2018 (8)	7.57%		1,387,506		1,387,506		1,343,082
					8,313,614		8,092,458
Aptean, Inc.		Internet software & services
First Lien Term Loan, LIBOR+4.25% (1% floor) cash due 12/20/2022 (8)(13)(16)	5.95%		8,222,788		8,172,012		8,301,603
					8,172,012		8,301,603
TravelCLICK, Inc.		Internet software & services
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (8)(13)(16)	9.32%		2,048,485		2,011,896		2,058,727
					2,011,896		2,058,727
TV Borrower US, LLC (7)		Integrated telecommunication services
First Lien Dollar Term B-1 Loan, LIBOR+4.75% (1% floor) cash due 2/22/2024 (8)(16)	6.44%		1,921,161		1,912,724		1,931,967
					1,912,724		1,931,967
BeyondTrust Software, Inc.		Application software
500,000 Class A membership interests in BeyondTrust Holdings LLC					500,000		642,057
					500,000		642,057



	Investments

	Senior Secured Debt			Subordinated notes of Glick JV			Common stock, preferred stock and warrants		Total
Fair value as of September 30, 2017	$	426,620,456		$	57,606,674		$	1,059,989	$	485,287,119
New investments & net revolver activity	24,210,128			—			—		24,210,128
Redemptions/repayments/sales	(106,793,739		)	—			—		(106,793,739		)
Transfers out (a)	(112,078,142		)	—			—		(112,078,142		)
Net accrual of PIK interest income	—			295,151			—		295,151
Accretion of original issue discount	747,346			—			—		747,346
Net unrealized appreciation (depreciation) on investments	(416,804		)	(721,175		)	168,430		(969,549		)
Net realized loss on investments	(189,684		)	—			—		(189,684		)
Fair value as of December 31, 2017	$	232,099,561		$	57,180,650		$	1,228,419	$	290,508,630
Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held as of December 31, 2017 and reported within net unrealized appreciation (depreciation) on investments and net unrealized appreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2017	$	54,086		$	(721,175	)	$	168,430	$	(498,659	)



	Investments											Liabilities

	Senior Secured Debt			Subordinated notes of Glick JV		Common stock, preferred stock and warrants			Total			Secured Borrowings
Fair value as of September 30, 2016	$	502,385,158		$	56,885,646	$	7,902,556		$	567,173,360		$	4,985,425
New investments & net revolver activity	37,633,299			—		—			37,633,299			—
Redemptions/repayments	(66,713,067		)	—		—			(66,713,067		)	(5,000,000		)
Net accrual of PIK interest income	59,404			—		—			59,404			—
Accretion of original issue discount	692,196			—		—			692,196			—
Net change in unearned income	(28,807		)	—		—			(28,807		)	—
Net unrealized appreciation (depreciation) on investments	(2,392,863		)	4,859,827		(1,263,383		)	1,203,581
Net unrealized appreciation on secured borrowings	—			—		—			—			14,575
Net realized gain on investments	82,762			—		—			82,762			—
Fair value as of December 31, 2016	$	471,718,082		$	61,745,473	$	6,639,173		$	540,102,728		$	—
Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held as of December 31, 2016 and reported within net unrealized appreciation (depreciation) on investments and net unrealized appreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2016	$	(2,657,419	)	$	4,859,827	$	(1,263,383	)	$	939,025		$	—



	Three months ended December 31, 2017				Three months ended December 31, 2016
	Investment Income		Percent of Total Investment Income		Investment Income		Percent of Total Investment Income
Glick JV LLC	$	1,493,848	13.9	%	$	1,582,856	13.7	%



Frequency	Date Declared	Record Date	Payment Date	Amount per Share		Cash Distribution		DRIP Shares Issued (1)	DRIP Shares Value
Quarterly	August 7, 2017	December 15, 2017	December 29, 2017	$	0.19	$	5,439,519	18,809	$	159,167
Total for the three months ended December 31, 2017				$	0.19	$	5,439,519	18,809	$	159,167



	Stated Interest Rate	LIBOR Spread (basis points)		Cash Paid for Interest		Interest Expense
Class A-T Notes	3.1035%	180		$	999,327	$	999,327
Class A-S Notes	3.4035%	210	(1)	252,237		252,237
Class A-R Notes	3.1838%	180	(2)	62,600		63,623
Class B Notes	3.9535%	265		252,585		252,585
Class C Notes	4.5535%	325	(3)	—		—
Total				$	1,566,749	$	1,567,772



	Three months ended December 31, 2017			Three months ended December 31, 2016
PIK balance at beginning of period	$	497,260		$	88,839
Gross PIK interest accrued	601,294			132,216
PIK income reserves (1)	(302,880		)	(72,812		)
PIK interest received in cash	—			—
PIK balance at end of period	$	795,674		$	148,243



Net increase in net assets resulting from operations	$	1,905,968
Net unrealized appreciation on investments and secured borrowings	(1,741,899		)
Book/tax difference due to deferred loan fees	(245,015		)
Book/tax difference due to interest income on certain loans	594,334
Book/tax difference due to capital losses not recognized	4,382,706
Other book/tax differences	(356,968		)
Taxable/Distributable Income (1)	$	4,539,126



Undistributed ordinary income, net	$	2,808,747
Net realized capital losses	28,564,899
Unrealized losses, net	(46,826,393		)



	December 31, 2017		September 30, 2017
FSFR Glick JV LLC	$	15,864,217	$	16,159,368
MHE Intermediate Holdings	6,749,698		6,749,698
Triple Point Group Holdings, Inc.	4,968,590		4,968,590
Motion Recruitment Partners LLC	2,900,000		2,900,000
Asset International	2,500,000		—
PowerPlan, Inc.	2,100,000		2,100,000
Impact Sales, LLC	1,078,555		1,078,125
Ministry Brands, LLC	927,693		1,857,967
Valet Merger Sub, Inc.	833,333		833,333
Internet Pipeline, Inc.	800,000		800,000
Metamorph US 3, LLC (1)	720,000		720,000
4 Over International, LLC	68,452		68,452
BeyondTrust Software, Inc.	—		3,605,000
Executive Consulting Group, Inc.	—		800,000
Sailpoint Technologies, Inc.	—		300,000
Systems Inc.	—		600,000
Total	$	39,510,538	$	43,540,533



Basis point decrease (1)	Interest Income			Interest Expense		Net increase (decrease)
100	$	(3,647,143	)	$	2,540,568	$	(1,106,575	)

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