We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates. Valuation Risk Our investments may not have a readily available market price, and we value these investments at fair value as determined by Oaktree, as our valuation designee. There is no single standard for determining fair value in good faith and valuation methodologies involve a significant degree of management judgment. In addition, our valuation methodology utilizes discount rates in part in valuing our investments, and changes in those discount rates may have an impact on the valuation of our investments. Accordingly, valuations by Oaktree do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments. Estimated fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the financial statements. Interest Rate Risk We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle fund investments. Our risk management procedures are designed to identify and analyze our risk, to set appropriate policies and to continually monitor these risks. Our investment income will be affected by changes in various interest rates, including SOFR, EURIBOR, SONIA and prime rates, to the extent our debt investments include floating interest rates. As of June 30, 2026, 91.4% of our debt investment portfolio (at fair value) and 90.9% of our debt investment portfolio (at cost) bore interest at floating rates. As of September 30, 2025, 90.7% of our debt investment portfolio (at fair value) and 90.3% of our debt investment portfolio (at cost) bore interest at floating rates. The composition of our floating rate debt investments by interest rate floor as of June 30, 2026 and September 30, 2025, was as follows: June 30, 2026 September 30, 2025 ($ in thousands) Fair Value % of Floating Rate Portfolio Fair Value % of Floating Rate Portfolio 0% $ 462,016 19.5 % $ 454,083 18.6 % >0% and <1% 912,873 38.3 % 911,157 37.3 % 1% 888,367 37.3 % 973,243 39.8 % >1% 117,731 4.9 % 104,354 4.3 % Total Floating Rate Investments $ 2,380,987 100.0 % $ 2,442,837 100.0 % Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2026, the following table shows the approximate annualized net increase (decrease) in net assets resulting from operations (excluding the impact of any potential incentive fees) of hypothetical base rate changes in interest rates, assuming no changes in our investment and capital structure. However, there can be no assurances our portfolio companies will be able to meet their contractual obligations at any or all levels on increases in interest rates. ($ in thousands) Basis point increase Increase in Interest Income (Increase) in Interest Expense Net increase in net assets resulting from operations 250 $ 61,000 $ (36,275) $ 24,725 200 48,782 (29,020) 19,762 150 36,564 (21,765) 14,799 100 24,347 (14,510) 9,837 50 12,159 (7,255) 4,904 113 ($ in thousands) Basis point decrease (Decrease) in Interest Income Decrease in Interest Expense Net (decrease) in net assets resulting from operations 50 $ (12,116) $ 7,255 $ (4,861) 100 (24,049) 14,510 (9,539) 150 (35,834) 21,765 (14,069) 200 (47,404) 29,020 (18,384) 250 (58,580) 36,275 (22,305) We regularly measure exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on this review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. The interest rate on the principal balance outstanding for primarily all floating rate loans is indexed to the SOFR and/or an alternate base rate, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. The following table shows a comparison of the interest rate base for our interest-bearing cash and outstanding investments, at principal, and our outstanding borrowings as of June 30, 2026 and September 30, 2025: June 30, 2026 September 30, 2025 ($ in thousands) Interest Bearing Cash and Investments Borrowings Interest Bearing Cash and Investments Borrowings Money market rate $ 33,372 $ — $ 6,608 $ — Prime rate 12,021 — 2,810 — EURIBOR 30 day € 7,418 — € 26,769 — 90 day 74,366 — 70,732 — 180 day 73,947 — 42,090 — SOFR 30 day $ 789,897 501,000 $ 938,764 545,000 90 day (a) 1,419,454 950,000 1,377,601 950,000 180 day 46,253 — 56,524 — SONIA £ 51,280 — £ 33,723 — CORRA 30 day C$ 7,373 — C$ 7,429 — TONA 90 day ¥ 788,378 — ¥ 794,351 — STIBOR 90 day kr — — kr 81,913 — 180 day 81,913 — — — Fixed rate $ 273,240 — $ 290,922 — __________ (a)Borrowings include the 2027 Notes, 2029 Notes and 2030 Notes, which pay interest at a floating rate under the terms of the interest rate swap. 114