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Investment Type First Lien Debt Three2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt (Revolver) Industry Other Computer Related Services Interest Rate 10.85% cash / 2.00% PIK Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2028 Maturity 10/1/20262026-01-012026-03-310001487918ofs:FirstLienDebtInvestmentsMemberofs:FeeIncomeMember2025-01-012025-03-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001487918ofs:JPIntermediateBLLCMemberofs:DrugsAndDruggistsSundriesMerchantWholesalersMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 3.70% cash / 8.50% PIK Spread Above Index SOFR + 8.50% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001487918ofs:FirstAmericanTreasuryObligationsFundClassZMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Constellis Holdings, LLC Common Equity (20,628 common shares) Industry Other Justice, Public Order, and Safety Activities Initial Acquisition Date 3/27/20202025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputQuotedPriceMember2025-12-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt Onesrt:MinimumMember2026-03-310001487918SSJA Bariatric Management LLC, First Lien Debt (Delayed Draw)2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments M2S Group Intermediate Holdings Inc. First Lien Debt Industry Plastics Packaging Film and Sheet (including Laminated) Manufacturing Interest Rate 8.59% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 10/28/2025 Maturity 8/25/20312025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt (Delayed Draw) Industry Nonresidential Property Managers Spread Above Index SOFR + 8.50% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272025-01-012025-12-310001487918ofs:OtherServicesExceptPublicAdministrationMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Staples, Inc. First Lien Debt Industry Business to Business Electronic Markets Interest Rate 9.60% Spread Above Index SOFR+5.75% Initial Acquisition Date 5/23/2024 Maturity 9/4/20292025-01-012025-12-3100014879182024-03-310001487918srt:MinimumMemberPortfolio Company Avison Young Inc. 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Common Equity (400 Class A shares) Industry Pharmaceutical Preparation Manufacturing Initial Acquisition Date 1/1/20242026-01-012026-03-310001487918Medrina LLC, First Lien Debt (Revolver)2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.47% Spread Above Index SOFR+6.75% Initial Acquisition Date 4/17/2025 Maturity 4/17/20302025-12-3100014879182024-06-300001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.57% Spread Above Index SOFR+6.75% Initial Acquisition Date 12/13/2021 Maturity 12/22/20252025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Common Equity (11,273 shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 6/28/20162025-01-012025-12-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueFebruary2026Member2025-12-310001487918Portfolio Company Inergex Holdings, LLC Investment Type First Lien Debtsrt:MaximumMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputQuotedPriceMember2026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments SS Acquisition, LLC First Lien Debt (Revolver) Industry Sports and Recreation Instruction Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Preferred Equity (1,715 Class A units) 12.5% PIK Industry Nonresidential Property Managers Initial Acquisition Date 3/12/20242025-01-012025-12-310001487918ofs:DebtAndEquityInvestmentsMemberofs:WholesaleTradeMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.42% Spread Above Index SOFR+6.75% Intitial Acquisition Date 4/17/2025 Maturity 4/17/20302026-01-012026-03-310001487918ofs:OutpatientMentalHealthAndSubstanceAbuseCentersMemberofs:BayMarkHealthServicesIncMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918ofs:AvisonYoungInc.Memberofs:NonresidentialPropertyManagersMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Sentry Centers Holdings, LLC Preferred Equity (1,603 Series B units) Industry Convention and Trade Show Organizer Initial Acquisition Date 9/4/20202025-01-012025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001487918ofs:SecondLienDebtInvestmentsMember2024-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberofs:MeasurementInputRecoveryRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918ofs:OfficesOfPhysiciansAndMentalHealthSpecialistsMemberofs:SSJABariatricManagementLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC Common Equity (12,663 Units) Industry Drugs and Druggists' Sundries Merchant Wholesalers Initial Acquisition Date 9/30/20252026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RideNow Group, Inc. (F/K/A RumbleOn, Inc. Warrants (warrants to purchase up to in common stock Industry Other Industrial Machinery Manufacturing Initial Acquisition Date 8/31/2021 Maturity 8/10/20302025-12-310001487918us-gaap:UnsecuredDebtMember2025-01-012025-03-310001487918us-gaap:SeriesBPreferredStockMemberofs:ConventionAndTradeShowOrganizersMember2026-03-310001487918ofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesMember2026-03-310001487918Portfolio Company Avison Young Inc. 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First Lien Debt Industry Plastics Packaging Film and Sheet (including Laminated) Manufacturing Interest Rate 8.42% Spread Above Index SOFR+4.75% Intitial Acquisition Date 10/28/2025 Maturity 8/25/20312026-01-012026-03-310001487918ofs:UnsecuredNotesMember2026-01-012026-03-310001487918ofs:PharmaceuticalPreparationManufacturingMemberus-gaap:CommonClassAMember2026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001487918srt:AffiliatedEntityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Blackhawk Network Holdings, Inc. First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 7.17% Spread Above Index SOFR+ 3.50% Initial Acquisition Date 3/25/2026 Maturity 3/12/20292026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberofs:MeasurementInputDiscountMarginMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC First Lien Debt Industry Commodity Contracts Dealing Interest Rate 10.57% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/20272025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.57% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/2027 One2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PM Acquisition LLC Common Equity (499 units) Industry All Other General Merchandise Stores Initial Acquisition Date 9/30/20172025-12-310001487918ofs:SecondLienDebtInvestmentMember2025-12-310001487918PSB Group, LLC, First Lien Debt (Revolver)2025-12-310001487918ofs:ComputerAndComputerPeripheralEquipmentAndSoftwareMerchantWholesalersMemberofs:RedstoneHoldco2LPFKARSASecurityMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt (Delayed Draw) Industry Spring Manufacturing Interest Rate 8.57% Spread Above Index SOFR + 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments United Biologics Holdings, LLC Preferred Equity Industry Medical Laboratories Initial Acquisition Date 4/16/20132026-03-310001487918Portfolio Company Kreg, LLC Investment Type First Lien Debtsrt:MaximumMember2026-03-310001487918ofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:SeriesCPreferredStockMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMembersrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments SS Acquisition, LLC First Lien Debt Industry Sports and Recreation Instruction Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292026-01-012026-03-310001487918ofs:StructuredFinanceSecuritiesMemberofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.81% cash / 6.50% PIK Spread Above Index SOFR+ 8.50% Initial Acquisition Date 12/18/2025 Maturity 46733 12/12/20272026-03-310001487918ofs:CommonEquityWarrantsAndOtherMember2026-03-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 1,946 shares of common equity) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352025-01-012025-12-310001487918country:JE2025-12-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians and Mental Health Specialists Interest Rate 9.07% Spread Above Index SOFR+ 5.25 % Initial Acquisition Date 10/31/2025 Maturity 10/31/20282026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Signal Parent, Inc First Lien Debt Industry New Single-Family Housing Construction (except For-Sale Builders) Interest Rate 7.44% Spread Above Index SOFR+3.50% Initial Acquisition Date 3/25/2021 Maturity 4/3/20282025-12-310001487918us-gaap:RevolvingCreditFacilityMemberofs:OFSCCFSMemberofs:BNPFacilityMember2025-12-310001487918ofs:NonresidentialPropertyManagersMemberus-gaap:CommonClassBMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments DRS Imaging Services, LLC Common Equity Industry Data Processing, Hosting, and Related Services Initial Acquisition Date 3/8/20182025-12-310001487918ofs:NonresidentialPropertyManagersMemberus-gaap:CommonClassBMember2025-12-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberofs:FirstLienDebtInvestmentsMember2026-01-012026-03-310001487918ofs:AffiliatesOfOFSAdvisorMemberofs:OFSCapitalCorporationMember2026-03-310001487918ofs:DebtAndEquityInvestmentsMemberofs:HealthCareAndSocialAssistanceMember2025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.57% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/20282026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RPLF Holdings, LLC Common Equity Industry Software Publishers Initial Acquisition Date 1/17/20182026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Kreg LLC First Lien Debt (Revolver) Industry Other Ambulatory Health Care Services Interest Rate 10.10% Spread Above Index SOFR+ 6.25% Initial Acquisition Date 12/20/2021 Maturity 12/20/20262026-03-310001487918us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001487918ofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-310001487918ofs:Security1CommonMember2024-12-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians, Mental Health Specialists Interest Rate 9.24% PIK Spread Above Index SOFR+5.25% Initial Acquisition Date 12/31/2020 Maturity 10/31/20282025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Tolemar Acquisition, Inc. First Lien Debt (Revolver) Industry Motorcycle, Bicycle, and Parts Manufacturing Interest Rate 9.82% Spread Above Index SOFR+6.00% Initial Acquisition Date 10/14/2021 Maturity 10/14/20272025-01-012025-12-310001487918ofs:UnsecuredNotesDueOctober2028Member2021-11-0100014879182025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.81% cash / 6.50% PIK Spread Above Index SOFR+ 8.50% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272026-03-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMemberofs:CommonEquityWarrantsAndOtherMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RideNow Group, Inc. (F/K/A RumbleOn, Inc. Warrants (warrants to purchase up to in common stock Industry Other Industrial Machinery Manufacturing Initial Acquisition Date 8/31/2021 Maturity 8/10/20302025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments AIDC IntermediateCo 2, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 8.92% Spread Above Index SOFR+ 5.25% Initial Acquisition Date 7/31/2023 Maturity 7/22/20272026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.49% cash / 6.50% PIK Spread Above Index SOFR + 8.00% Initial Acquisition Date 11/25/2021 Maturity 3/12/20292025-01-012025-12-310001487918us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Canyon CLO 2019-1, Ltd Subordinated Notes Interest Rate 21.30% Initial Acquisition Date 8/22/2024 Maturity 7/15/20372025-01-012025-12-310001487918srt:MinimumMemberPortfolio Company Avison Young Inc. Investment Type First Lien Debt One2026-03-310001487918srt:AffiliatedEntityMemberofs:InvestmentAdvisoryAgreementIncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-03-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians, Mental Health Specialists Interest Rate 9.24% PIK Spread Above Index SOFR+5.25% Initial Acquisition Date 12/31/2020 Maturity 10/31/20282025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 9.20% Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302025-01-012025-12-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2025-12-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Member2026-03-310001487918ofs:Security1CommonMember2025-04-012025-06-300001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.79% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/20282025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:MeasurementInputDiscountMarginMembersrt:MaximumMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberofs:MeasurementInputRecoveryRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberus-gaap:PreferredStockMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. Common Equity (1,290 Class A units) Industry Services for the Elderly and Persons with Disabilities Initial Acquisition Date 2/25/20222025-01-012025-12-310001487918srt:MinimumMemberPortfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt2026-03-310001487918ofs:AvisonYoungInc.Memberofs:NonresidentialPropertyManagersMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Canyon CLO 2019-1, Ltd. Subordinated Notes Interest Rate 17.18% Initial Acquisition Date 8/22/2024 Maturity 7/15/20372026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. Preferred Equity (3,446 Class A Units), 12% cash / 2% PIK Industry Services for the Elderly and Persons with Disabilities Initial Acquisition Date 3/3/20232026-01-012026-03-310001487918I Love Produce, LLC First Lien Debt (Revolver)2026-03-310001487918us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMember2025-12-310001487918us-gaap:ConstructionSectorMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918ofs:StructuredFinanceSecuritiesMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberofs:CommonEquityWarrantsAndOtherMembersrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt Industry Other Computer Related Services Interest Rate 10.85% cash / 2.00% PIK Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2028 Maturity 10/1/20262026-03-310001487918ofs:UnsecuredNotesDueAugust2029Member2025-08-080001487918Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)2025-12-310001487918us-gaap:RetainedEarningsMember2026-01-012026-03-310001487918us-gaap:ConstructionSectorMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001487918ofs:InterestIncomeOperatingAccretionOfInterestIncomeMemberus-gaap:PreferredStockMember2026-01-012026-03-310001487918Tolemar Acquisition, Inc., First Lien Debt (Revolver)2025-12-310001487918ofs:FeeIncomeMemberofs:SecondLienDebtInvestmentsMember2026-01-012026-03-310001487918Contract Datascan Holdings, Inc., Preferred Equity 22026-03-310001487918ofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMemberofs:HonorHNBuyerIncMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RPLF Holdings, LLC Common Equity (345,339 Class A units) Industry Software Publishers Initial Acquisition Date 1/17/20182025-12-310001487918ofs:SoftwarePublishersMemberus-gaap:CommonClassAMember2025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001487918ofs:SecondLienDebtInvestmentsMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.42% Spread Above Index SOFR + 5.75% Initial Acquisition Date 9/5/2025 Maturity 9/5/20302025-01-012025-12-310001487918SSJA Bariatric Management LLC, First Lien Debt (Delayed Draw)2025-12-310001487918us-gaap:FairValueInputsLevel2Member2025-12-310001487918Contract Datascan Holdings, Inc., Warrants 22026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debtsrt:MinimumMember2025-12-310001487918ofs:SecondLienDebtInvestmentsMemberofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Idera Inc. Second Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 10.56% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 1/27/2022 Maturity 3/2/20292026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Apex Credit CLO 2021 Ltd. Subordinated Notes Interest Rate 6.51% Acquisition Date 5/28/2021 Maturity 7/18/20342025-12-310001487918ofs:ContractDatascanHoldingsIncMemberofs:PortfolioCustomersOverTenPercentMember2026-03-310001487918ofs:InvestmentAdvisoryAgreementIncentiveFeeRateQuarterlyHurdleRateMembersrt:AffiliatedEntityMember2026-01-012026-03-310001487918ofs:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC Common Equity (Class A units) Industry Offices of Physicians, Mental Health Specialists Initial Acquisition Date 10/31/20252025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.60% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272026-03-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueFebruary2026Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Apex Credit CLO 2022-1 Ltd. Subordinated Notes Interest Rate 20.68% Acquisition Date 4/28/2022 Maturity 10/22/20382025-12-310001487918ofs:StructuredFinanceSecuritiesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Common Equity (1,185 Class B units) Acquisition Date 3/12/20242026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Idera Inc. Second Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 10.56% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 1/27/2022 Maturity 3/2/20292026-01-012026-03-310001487918ofs:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:PreferredStockMember2026-01-012026-03-310001487918ofs:ManagementOfCompaniesAndEnterprisesMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments DRS Imaging Services, LLC Common Equity (1,135 units) Industry Data Processing, Hosting, and Related Services Initial Acquisition Date 3/8/20182026-03-310001487918ofs:DebtAndEquitySecuritiesRealizedGainLossMemberofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918ofs:TolemarAcquisitionINCMemberofs:MotorcycleBicycleAndPartsManufacturingMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918ofs:StructuredFinanceSecuritiesMember2025-01-012025-03-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Memberus-gaap:FairValueInputsLevel1Member2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:SecondLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-03-3100014879182026-04-282026-04-280001487918Portfolio Company Investment Type Affiliate Investments Pfanstiehl Holdings, Inc. Common Equity (400 Class A shares) Industry Pharmaceutical Preparation Manufacturing Initial Acquisition Date 1/1/20242026-03-310001487918ofs:SecondLienDebtInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments DRS Imaging Services, LLC Common Equity Industry Data Processing, Hosting, and Related Services Initial Acquisition Date 3/8/20182025-01-012025-12-310001487918ofs:JPIntermediateBLLCMemberofs:DrugsAndDruggistsSundriesMerchantWholesalersMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918us-gaap:PreferredStockMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) First Lien Debt Industry Software Publishers Interest Rate 6.50% Intitial Acquisition Date 3/13/2018 Maturity 12/31/20272026-03-310001487918Portfolio Company JP Intermediate B, LLC Investment Type First Lien Debtsrt:MaximumMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities First Lien Debt Apex Credit CLO 2021 Ltd. Subordinated Notes Interest Rate 0.81% Initial Acquisition Date 5/28/2021 Maturity 7/18/20342026-01-012026-03-310001487918us-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC Common Equity (12,663 Units) Industry Drugs and Druggists' Sundries Merchant Wholesalers Initial Acquisition Date 9/30/20252025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Voya CLO 2024-7, Ltd. Subordinated Notes Interest Rate 16.31% Initial Acquisition Date 1/7/2025 Maturity 1/20/20382025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001487918ofs:NewSingleFamilyHousingConstructionExceptForSaleBuildersMemberofs:SSAcquisitionLLCMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MaximumMemberus-gaap:MeasurementInputDefaultRateMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-12-310001487918ofs:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:PreferredStockMember2025-01-012025-03-310001487918us-gaap:EquitySecuritiesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Apex Credit CLO 2020 Ltd. Subordinated Notes Interest Rate 9.87% Acquisition Date 11/16/2020 Maturity 4/20/20352025-01-012025-12-310001487918ofs:FeeIncomeMemberus-gaap:PreferredStockMember2026-01-012026-03-310001487918ofs:UnsecuredNotesDueJuly2028Memberus-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2026-03-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueFebruary2026Member2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Delayed Draw) Industry Services for the Elderly and Persons with Disabilities Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2024 Maturity 10/15/20272026-01-012026-03-310001487918ofs:OneGILLCMemberofs:DebtAndEquityInvestmentsMemberofs:OfficesOfOtherHoldingCompaniesMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Member2025-12-310001487918ofs:FirstLienDebtInvestmentsMemberofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2026-01-012026-03-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:NatixisFacilityMember2025-12-310001487918us-gaap:InvestmentUnaffiliatedIssuerMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 9.69% Spread Above Index SOFR+6.00% Intitial Acquisition Date 10/20/2023 Maturity 10/20/20292026-01-012026-03-310001487918SSJA Bariatric Management LLC, Common Equity 12026-01-012026-03-310001487918us-gaap:NonrelatedPartyMember2025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MinimumMemberus-gaap:MeasurementInputDefaultRateMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Redstone Holdco 2 LP (F/K/A RSA Security) First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 8.92% Spread Above Index SOFR+5.25% Intitial Acquisition Date 4/16/2021 Maturity 12/31/20302026-03-310001487918ofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001487918Contract Datascan Holdings, Inc., Warrants 22025-12-310001487918ofs:StructuredFinanceSecuritiesMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities BlueMountain CLO XXXV Ltd. Subordinated Notes Interest Rate 16.68% Initial Acquisition Date 10/30/2024 Maturity 10/22/19372026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:MeasurementInputRecoveryRateMembersrt:MaximumMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 11.50% Spread Above Index Prime+ 4.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272025-12-310001487918ofs:A7.50PercentNotesDue2028Member2026-01-012026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) First Lien Debt Industry Software Publishers Interest Rate 6.50% Initial Acquisition Date 3/13/2018 Maturity 12/31/20272025-01-012025-12-310001487918ofs:FirstLienDebtInvestmentsMemberofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (2750 Series C shares), 14% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/20252025-01-012025-12-310001487918ofs:FirstLienDebtInvestmentsMemberofs:FeeIncomeMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 9.63% Spread Above Index SOFR+6.00% Intitial Acquisition Date 10/20/2023 Maturity 10/20/2029 One2026-03-310001487918ofs:FirstLienDebtInvestmentsUnitrancheMember2025-12-310001487918ofs:StructuredFinanceSecuritiesMemberofs:FeeIncomeMember2025-01-012025-03-310001487918ofs:StructuredFinanceSecuritiesMemberofs:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001487918SSJA Bariatric Management LLC, First Lien Debt 12026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC First Lien Debt Industry Commodity Contracts Dealing Interest Rate 10.57% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/20272025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMember2025-12-310001487918us-gaap:AdditionalPaidInCapitalMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt (Delayed Draw) Industry Spring Manufacturing Interest Rate 8.52% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Revolver) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Apex Credit CLO 2020 Ltd. Subordinated Notes Interest Rate 9.87% Acquisition Date 11/16/2020 Maturity 4/20/20352025-12-310001487918Associated Spring, LLC, First Lien Debt (Delayed Draw)2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt (Revolver) Industry Offices of Other Holding Companies Interest Rate 10.57% Spread Above Index SOFR+6.75% Initial Acquisition Date 12/13/2021 Maturity 12/22/20252025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) First Lien Debt Industry Software Publishers Interest Rate 6.50% Intitial Acquisition Date 3/13/2018 Maturity 12/31/20272026-01-012026-03-310001487918ofs:StructuredFinanceSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Canyon CLO 2019-1, Ltd. Subordinated Notes Interest Rate 17.18% Initial Acquisition Date 8/22/2024 Maturity 7/15/20372026-01-012026-03-310001487918Portfolio Company Investment Type Affiliate Investments Pfanstiehl Holdings, Inc. Common (Class A shares) Equity Industry Pharmaceutical Preparation Manufacturing Initial Acquisition Date 1/1/20142025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments I Love Produce, LLC First Lien Debt Industry Spice and Extract Manufacturing Interest Rate 9.81% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 3/24/2026 Maturity 3/24/20312026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Preferred Equity (1,715 Class A units) 12.5% PIK Initial Acquisition Date 3/12/20242026-01-012026-03-310001487918ofs:ILoveProduceLLCMemberofs:SpiceAndExtractManufacturingMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918ofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 9.20% Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputDefaultRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Sentry Centers Holdings, LLC Preferred Equity (1,603 Series B units) Industry Convention and Trade Show Organizer Initial Acquisition Date 9/4/20202025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments TalentSmart Holdings, LLC Common Equity (1,595,238 Class A shares) Professional and Management Development Training Initial Acquisition Date 10/11/20192025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Trinitas CLO VIII, Ltd. Subordinated Notes Interest Rate 0.00% Initial Acquisition Date 3/4/2021 Maturity 7/20/21172026-03-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt2025-12-310001487918us-gaap:RetainedEarningsMember2025-03-310001487918ofs:PortfolioCustomersOverTenPercentMemberofs:KregLLCMember2026-03-310001487918ofs:TolemarAcquisitionINCMemberofs:MotorcycleBicycleAndPartsManufacturingMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918ofs:AdviserConcentrationRiskMemberofs:InvestmentPortfolioFairValueMemberofs:SingleAdviserMember2026-01-012026-03-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMember2025-12-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-3100014879182026-01-012026-03-310001487918us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:NatixisFacilityMember2026-03-310001487918us-gaap:LineOfCreditMemberofs:BNPFacilityMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Constellis Holdings, LLC Common Equity (20,628 common shares) Industry Other Justice, Public Order, and Safety Activities Initial Acquisition Date 3/27/20202026-03-310001487918ofs:InvestmentAdvisoryAgreementIncentiveFeeRatePreIncentiveFeeNetIncomeMembersrt:AffiliatedEntityMember2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.57% Spread Above Index SOFR+6.75% Initial Acquisition Date 12/13/2021 Maturity 12/22/2025 One2025-01-012025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments SS Acquisition, LLC First Lien Debt (Revolver) Industry Sports and Recreation Instruction Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292026-01-012026-03-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Member2025-12-310001487918ofs:EnvocoreHoldingLLCFKALRIHoldingLLCMemberofs:ElectricalContractorsAndOtherWiringInstallationContractorsMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Delayed Draw) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302025-12-310001487918us-gaap:RetainedEarningsMember2026-03-310001487918ofs:FinanceAndInsuranceMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001487918ofs:StructuredFinanceSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Tolemar Acquisition, Inc First Lien Debt (Revolver) Industry Motorcycle, Bicycle, and Parts Manufacturing Interest Rate 9.77% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/14/2021 Maturity 10/14/20272026-03-310001487918ofs:StructuredFinanceSecuritiesMemberofs:FeeIncomeMember2026-01-012026-03-310001487918ofs:OutpatientMentalHealthAndSubstanceAbuseCentersMemberofs:BayMarkHealthServicesIncMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Kreg, LLC Investment Type First Lien Debtsrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.57% Spread Above Index SOFR+6.75% Initial Acquisition Date 12/13/2021 Maturity 12/22/20252025-01-012025-12-310001487918ofs:OtherJusticePublicOrderAndSafetyActivitiesMemberus-gaap:CommonStockMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Common Equity (11,273 shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 6/28/20162026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (2750 Series C shares), 14% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/20252025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001487918ofs:UnsecuredNotesDueJuly2028OverallotmentsMember2025-07-230001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (3,061 Series A shares), 10% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/5/20152025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments SS Acquisition, LLC First Lien Debt (Revolver) Industry Sports and Recreation Instruction Interest Rate 9.42% Spread Above Index SOFR+5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292025-01-012025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Common Equity (11,273 shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 6/28/20162026-01-012026-03-310001487918ofs:Security1CommonMember2025-09-300001487918ofs:ContractDatascanHoldingsIncMemberofs:OfficeMachineryAndEquipmentRentalAndLeasingMember2025-12-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC Common Equity (Class A units) Industry Offices of Physicians, Mental Health Specialists Initial Acquisition Date 10/31/20252025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Redstone Holdco 2 LP (F/K/A RSA Security) First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 8.85% Spread Above Index SOFR+4.75% Initial Acquisition Date 4/16/2021 Maturity 4/27/20282025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MinimumMemberofs:MeasurementInputRecoveryRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) First Lien Debt Industry Supermarkets and Other Grocery (except Convenience) Stores Interest Rate 10.52% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 7/20/2022 Maturity 8/1/20292025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments AIDC IntermediateCo 2, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 8.92% Spread Above Index SOFR+ 5.25% Initial Acquisition Date 7/22/2022 Maturity 7/22/20272026-01-012026-03-3100014879182026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 9.69% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/20/2023 Maturity 10/20/20292025-12-310001487918ofs:FeeIncomeMember2025-01-012025-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Twosrt:MaximumMember2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel1Member2026-03-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMemberofs:SecondLienDebtInvestmentsMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Staples, Inc. First Lien Debt Industry Business to Business Electronic Markets Interest Rate 9.41% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 5/23/2024 Maturity 9/4/20292026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RPLF Holdings, LLC Common Equity (345,339 Class A units) Industry Software Publishers Initial Acquisition Date 1/17/20182025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 24 Seven Holdco, LLC First Lien Debt Industry Temporary Help Services Interest Rate 10.91% Spread Above Index SOFR+ 7.13% Initial Acquisition Date 1/28/2022 Maturity 11/16/20272026-01-012026-03-310001487918ofs:OtherComputerRelatedServicesMemberofs:InergexHoldingsLLCMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918ofs:InterestIncomeOperatingAccretionOfInterestIncomeMemberofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918ofs:O2025Q1AggregateDividendsMember2025-01-012025-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 1,946 shares of common equity) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Apex Credit CLO 2022-1 Ltd. Subordinated Notes Interest Rate 17.49% Initial Acquisition Date 4/28/2022 Maturity 10/22/20382026-03-310001487918Contract Datascan Holdings, Inc., Preferred Equity 22026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Sentry Centers Holdings, LLC Preferred Equity Industry Convention and Trade Show Organizers Initial Acquisition Date 9/4/2020 Maturity2026-01-012026-03-310001487918ofs:InvestmentAdvisoryAgreementBaseManagementFeeRateAnnualizedMembersrt:AffiliatedEntityMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) First Lien Debt Industry Electrical Contractors and Other Wiring Installation Contractors Interest Rate 7.50% Initial Acquisition Date 6/30/2017 Maturity 12/31/20272025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001487918Integrated Energy Services, LLC, First Lien Debt (Delayed Draw)2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt Industry Spring Manufacturing Interest Rate 8.59% Spread Above Index SOFR + 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302025-12-310001487918ofs:StructuredFinanceSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001487918ofs:SpringManufacturingMemberofs:AssociatedSpringLLCMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.46% Spread Above Index SOFR+ 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/2028 One2026-03-310001487918Contract Datascan Holdings, Inc., Common Equity2025-12-310001487918ofs:ContractDatascanHoldingsIncMemberofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Delayed Draw) Industry Services for the Elderly and Persons with Disabilities Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2024 Maturity 10/15/20262025-01-012025-12-310001487918ofs:MedrinaLLCMemberofs:AllOtherOutpatientCareCentersMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Idera Inc. Second Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 10.75% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 1/27/2022 Maturity 3/2/20292025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities BlueMountain CLO XXXV Ltd. Subordinated Notes Interest Rate 16.45% Acquisition Date 10/30/2024 Maturity 10/22/20372025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 11.50% Spread Above Index Prime+ 4.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Sentry Centers Holdings, LLC Preferred Equity Industry Convention and Trade Show Organizers Initial Acquisition Date 9/4/2020 Maturity2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Venture 45 CLO, Limited Mezzanine Debt - Class E Interest Rate 11.37% Spread Above Index SOFR+7.70 % Initial Acquisition Date 4/18/2022 Maturity 7/20/20352026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Metasource, LLC First Lien Debt Industry All Other Business Support Services Interest Rate 10.21% cash / 0.50% PIK Spread Above Index SOFR+6.25% Intitial Acquisition Date 5/17/2022 Maturity 5/17/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments SS Acquisition, LLC First Lien Debt (Revolver) Industry Sports and Recreation Instruction Interest Rate 9.42% Spread Above Index SOFR+5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debtsrt:MinimumMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt (Revolver) Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.47% Spread Above Index SOFR+6.75% Initial Acquisition Date 4/17/2025 Maturity 4/17/20302025-01-012025-12-310001487918ofs:CommonEquityWarrantsAndOtherMember2024-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Member2026-03-310001487918ofs:Security1CommonMember2025-06-300001487918us-gaap:RevolvingCreditFacilityMemberofs:NatixisFacilityMember2026-03-310001487918ofs:SecondLienDebtInvestmentsMemberofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2026-01-012026-03-310001487918ofs:AIDCIntermediateCo2LLCMemberofs:DebtAndEquityInvestmentsMemberofs:ComputerSystemsDesignServicesMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities CBAMR 2017-1, Ltd. Subordinated Notes Interest Rate 21.02% Initial Acquisition Date 8/12/2025 Maturity 1/20/20382025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Common Equity (1,185 Class B units) Industry Nonresidential Property Managers Initial Acquisition Date 3/12/20242025-01-012025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Three2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.20% cash / 5.85% PIK Spread Above Index SOFR + 7.35% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272025-01-012025-12-310001487918DRS Imaging Services, LLC, Common Equity2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Constellis Holdings, LLC Common Equity (20,628 common shares) Industry Other Justice, Public Order, and Safety Activities Initial Acquisition Date 3/27/20202026-01-012026-03-310001487918us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:BNPFacilityMember2025-12-310001487918ofs:OtherAmbulatoryHealthCareServicesMemberofs:KregLLCMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Redstone Holdco 2 LP (F/K/A RSA Security) First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 9.17% Spread Above Index SOFR+5.50% Intitial Acquisition Date 1/30/2026 Maturity 12/31/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities CBAMR 2017-1, Ltd. Subordinated Notes Interest Rate 21.02% Initial Acquisition Date 8/12/2025 Maturity 1/20/20382025-01-012025-12-310001487918us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001487918srt:MinimumMemberPortfolio Company Kreg, LLC Investment Type First Lien Debt2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberofs:CommonEquityWarrantsAndOtherMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt (Revolver) Industry Offices of Other Holding Companies Interest Rate 10.52% Spread Above Index SOFR+6.75% Intitial Acquisition Date 12/13/2021 Maturity 12/22/20252026-01-012026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDefaultRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-3100014879182025-06-300001487918ofs:SSAcquisitionLLCMemberofs:DebtAndEquityInvestmentsMemberofs:SportsAndRecreationInstructionMember2026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.81% cash / 6.50% PIK Spread Above Index SOFR+ 8.50% Initial Acquisition Date 12/18/2025 Maturity 46733 12/12/20272026-01-012026-03-310001487918us-gaap:UnsecuredDebtMemberofs:NatixisFacilityMember2026-02-182026-02-180001487918ofs:InvestmentAdvisoryAgreementBaseManagementFeeRateAnnualizedMembersrt:AffiliatedEntityMember2025-01-012025-12-310001487918ofs:Security1CommonMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt (Revolver) (5) Industry Software Publishers Spread Above Index SOFR+ 5.75% Initial Acquisition Date 9/5/2025 Maturity 9/5/20302026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.52% Spread Above Index SOFR+6.75% Intitial Acquisition Date 12/13/2021 Maturity 12/22/2025 One2026-03-310001487918ofs:StructuredFinanceSecuritiesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments I Love Produce, LLC First Lien Debt (Revolver) Industry Spice and Extract Manufacturing Interest Rate 11.75% Spread Above Index Prime+ 5.00% Initial Acquisition Date 3/24/2026 Maturity 3/24/20312026-03-310001487918ofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMemberus-gaap:CommonClassAMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments I Love Produce, LLC First Lien Debt (Delayed Draw) Industry Spice and Extract Manufacturing Spread Above Index SOFR+ 6.00% Initial Acquisition Date 3/24/2026 Maturity 3/24/20312026-03-310001487918us-gaap:UnsecuredDebtMemberofs:NatixisFacilityMember2026-02-180001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (2750 Series C shares), 14% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/20252026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001487918us-gaap:PreferredClassAMemberofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RideNow Group, Inc. (F/K/A. RumbleOn, Inc.) Warrants Initial Acquisition Date 8/31/2021 Maturity 8/10/20302026-01-012026-03-310001487918Portfolio Company Investment Type Affiliate Investments Pfanstiehl Holdings, Inc. Common (Class A shares) Equity Industry Pharmaceutical Preparation Manufacturing Initial Acquisition Date 1/1/20142025-01-012025-12-3100014879182024-12-310001487918us-gaap:CommonStockMember2024-12-310001487918us-gaap:DebtSecuritiesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Tolemar Acquisition, Inc First Lien Debt Industry Motorcycle, Bicycle, and Parts Manufacturing Interest Rate 9.77% cash / 1.25% PIK Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/14/2021 Maturity 10/14/20272026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Asurion, LLC First Lien Debt Industry Communication Equipment Repair and Maintenance Interest Rate 7.92% Spread Above Index SOFR+ 4.25% Initial Acquisition Date 10/28/2025 Maturity 9/19/20302026-01-012026-03-310001487918us-gaap:InvestmentUnaffiliatedIssuerMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918srt:MinimumMemberPortfolio Company Kreg, LLC Investment Type First Lien Debt2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001487918ofs:FinanceAndInsuranceMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Excelin Home Health, LLC Second Lien Debt Industry Home Health Care Services Interest Rate 18.00% PIK Initial Acquisition Date 10/25/2018 Maturity 10/1/20262025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.60% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 3/31/2023 Maturity 10/15/20272026-01-012026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:MeasurementInputDiscountMarginMembersrt:MaximumMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918Contract Datascan Holdings, Inc., Warrants 12025-12-310001487918ofs:CommodityContractsDealingMemberofs:ClevertechBidcoLLCMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Kreg, LLC Investment Type First Lien Debt2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:FirstLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001487918ofs:StructuredFinanceSecuritiesMember2024-12-310001487918ofs:OtherComputerRelatedServicesMemberofs:InergexHoldingsLLCMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberofs:MeasurementInputNetAssetValueLiquidationMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918Contract Datascan Holdings, Inc., Warrants 22026-01-012026-03-310001487918ofs:DrugsAndDruggistsSundriesMerchantWholesalersMemberus-gaap:CommonStockMember2026-03-310001487918ofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:SeriesCPreferredStockMember2025-12-310001487918ofs:DebtAndEquityInvestmentsMemberofs:RetailTradeMember2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-03-072018-03-070001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMember2025-12-310001487918ofs:AdviserConcentrationRiskMemberofs:InvestmentPortfolioNetAssetsMemberofs:SingleAdviserMember2026-01-012026-03-310001487918ofs:SSJABariatricManagementLLCMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (2750 Series C shares), 14% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/20252026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberofs:MeasurementInputNetAssetValueLiquidationMember2025-12-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMemberofs:SecondLienDebtInvestmentsMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Delayed Draw) Industry Services for the Elderly and Persons with Disabilities Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2024 Maturity 10/15/20272026-03-310001487918ofs:RideNowGroupIncFKARumbleOnIncMemberofs:DebtAndEquityInvestmentsMemberofs:OtherIndustrialMachineryManufacturingMember2025-12-310001487918Pfanstiehl Holdings, Inc., Common Equity2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) Equity Participation Rights Industry Electrical Contractors and Other Wiring Installation Contractors Initial Acquisition Date 12/31/20212025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RideNow Group, Inc. (F/K/A RumbleOn, Inc. First Lien Debt Industry Other Industrial Machinery Manufacturing Interest Rate 12.10% cash / 1.50% PIK Spread Above Index SOFR+7.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/20272025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Tolemar Acquisition, Inc First Lien Debt (Revolver) Industry Motorcycle, Bicycle, and Parts Manufacturing Interest Rate 9.77% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/14/2021 Maturity 10/14/20272026-01-012026-03-310001487918us-gaap:WarrantMemberofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:SeriesAPreferredStockMember2025-12-310001487918ofs:OfficesOfPhysiciansAndMentalHealthSpecialistsMemberus-gaap:CommonClassAMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 9/5/2025 Maturity 9/5/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. Common Equity (1,290 Class A units) Industry Services for the Elderly and Persons with Disabilities Initial Acquisition Date 2/25/20222026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001487918SSJA Bariatric Management LLC, First Lien Debt 22026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities ICG US CLO 2021-3, Ltd. Subordinated Notes Interest Rate 26.57% Initial Acquisition Date 8/8/2024 Maturity 10/20/20342025-12-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberus-gaap:PreferredStockMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 5.17% cash / 4.00% PIK Spread Above Index SOFR+ 5.50% Initial Acquisition Date 1/14/2021 Maturity 3/31/20312025-12-310001487918SSJA Bariatric Management LLC, First Lien Debt 22025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.42% Spread Above Index SOFR + 5.75% Initial Acquisition Date 9/5/2025 Maturity 3/5/20272025-01-012025-12-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918country:KY2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.42% Spread Above Index SOFR+6.75% Intitial Acquisition Date 4/17/2025 Maturity 4/17/20302026-03-310001487918Pfanstiehl Holdings, Inc., Common Equity2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMembersrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments TalentSmart Holdings, LLC Common Equity Industry Professional and Management Development Training Initial Acquisition Date 10/11/20192026-01-012026-03-310001487918us-gaap:FairValueInputsLevel1Member2026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt2026-03-310001487918ofs:UnsecuredNotesDueOctober2028Member2026-03-310001487918Portfolio Company JP Intermediate B, LLC Investment Type First Lien Debt2025-12-310001487918us-gaap:PreferredStockMember2024-12-310001487918us-gaap:PreferredStockMemberofs:MedicalLaboratoriesMember2025-12-310001487918ofs:Security1CommonMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Apex Credit CLO 2021 Ltd. Subordinated Notes Interest Rate 6.51% Acquisition Date 5/28/2021 Maturity 7/18/20342025-01-012025-12-310001487918ofs:InvestmentAdvisoryAgreementIncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMembersrt:AffiliatedEntityMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Battalion CLO XI Ltd. Mezzanine Debt - Class E Interest Rate 10.98% Spread Above Index SOFR+6.85% Acquisition Date 4/25/2022 Maturity 4/24/20342025-12-310001487918us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMember2026-03-310001487918srt:MaximumMemberPortfolio Company Avison Young Inc. Investment Type First Lien Debt One2026-03-310001487918Portfolio Company Wellful Inc. (F/K/A KNS Acquisition Corp.) Investment Type First Lien Debtsrt:MinimumMember2025-12-310001487918Medrina LLC, First Lien Debt (Revolver)2025-12-310001487918ofs:NatixisFacilityMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Tolemar Acquisition, Inc. First Lien Debt (Revolver) Industry Motorcycle, Bicycle, and Parts Manufacturing Interest Rate 9.82% Spread Above Index SOFR+6.00% Initial Acquisition Date 10/14/2021 Maturity 10/14/20272025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities LCM 42 Ltd. Subordinated Notes Interest Rate 18.54% Initial Acquisition Date 12/19/2024 Maturity 1/15/20382025-12-310001487918Portfolio Company Inergex Holdings, LLC Investment Type First Lien Debt (Revolver)2026-03-310001487918SSJA Bariatric Management LLC, Common Equity 12026-03-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMember2025-01-012025-03-310001487918ofs:OtherAmbulatoryHealthCareServicesMemberofs:KregLLCMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (3,061 Series A shares), 10% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/5/20152026-01-012026-03-310001487918ofs:EducationServicesMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) First Lien Debt Industry Supermarkets and Other Grocery (except Convenience) Stores Interest Rate 10.55% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 7/20/2022 Maturity 8/1/20292026-01-012026-03-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2026-03-310001487918us-gaap:PreferredStockMember2026-03-310001487918ofs:A495PercentNotesDue2028Member2026-01-012026-03-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.59% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Brightwood Capital MM CLO 2023-1, Ltd. Subordinated Notes Interest Rate 24.50% Initial Acquisition Date 9/28/2023 Maturity 10/15/20352026-01-012026-03-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments AIDC IntermediateCo 2, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 8.97% Spread Above Index SOFR+5.25% Initial Acquisition Date 7/31/2023 Maturity 7/22/20272025-12-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMemberus-gaap:PreferredStockMember2025-01-012025-03-310001487918ofs:FirstLienDebtInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.42% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272026-03-310001487918ofs:DebtAndEquitySecuritiesRealizedGainLossMemberofs:SecondLienDebtInvestmentsMember2026-01-012026-03-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMember2026-01-012026-03-310001487918ofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMemberofs:DebtAndEquityInvestmentsMemberofs:BocaHomeCareHoldingsIncMember2025-12-310001487918us-gaap:RetainedEarningsMember2024-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt Industry Spring Manufacturing Interest Rate 8.59% Spread Above Index SOFR + 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302025-01-012025-12-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberofs:SecondLienDebtInvestmentsMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC Industry Commodity Contracts Dealing Interest Rate 10.60% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/20272026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 10.70% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/2/2021 Maturity 9/30/20302026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments SS Acquisition, LLC First Lien Debt Industry Sports and Recreation Instruction Interest Rate 9.42% Spread Above Index SOFR+5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Twosrt:MinimumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Wellful Inc. (F/K/A KNS Acquisition Corp.) First Lien Debt Industry Electronic Shopping and Mail-Order Houses Interest Rate 8.33% cash / 1.75% PIK Spread Above Index SOFR+6.25% Initial Acquisition Date 4/16/2021 Maturity 10/19/20302025-01-012025-12-310001487918srt:MinimumMemberPortfolio Company JP Intermediate B, LLC Investment Type First Lien Debt2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) First Lien Debt (Revolver) Industry Electrical Contractors and Other Wiring Installation Contractors Initial Acquisition Date 11/29/2021 Maturity 12/31/20272025-12-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt Onesrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities CBAMR 2017-1, Ltd. Subordinated Notes Interest Rate 20.26% Initial Acquisition Date 8/12/2025 Maturity 1/20/20382026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Blackhawk Network Holdings, Inc. First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 7.17% Spread Above Index SOFR+ 3.50% Initial Acquisition Date 3/25/2026 Maturity 3/12/20292026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities LCM 42 Ltd. Subordinated Notes Interest Rate 17.60% Initial Acquisition Date 12/19/2024 Maturity 1/15/20382026-03-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:NatixisFacilityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.57% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 3/31/2023 Maturity 10/15/20272025-01-012025-12-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Member2026-03-310001487918ofs:DebtAndEquitySecuritiesRealizedGainLossMemberofs:SecondLienDebtInvestmentsMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.79% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/20282025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Redstone Holdco 2 LP (F/K/A RSA Security) First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 8.92% Spread Above Index SOFR+5.25% Intitial Acquisition Date 4/16/2021 Maturity 12/31/20302026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments SS Acquisition, LLC First Lien Debt Industry Sports and Recreation Instruction Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292026-03-310001487918us-gaap:CommonStockMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.59% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Twosrt:MinimumMember2026-03-310001487918us-gaap:CommonStockMemberofs:OtherIndustrialMachineryManufacturingMember2026-03-310001487918us-gaap:CommonStockMemberofs:DataProcessingHostingAndRelatedServicesMember2026-03-310001487918ofs:UnsecuredNotesDueFebruary2026Member2026-01-082026-01-080001487918us-gaap:DebtSecuritiesMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Wellful Inc. (F/K/A KNS Acquisition Corp.) First Lien Debt Industry Electronic Shopping and Mail-Order Houses Interest Rate 8.33% cash / 1.75% PIK Spread Above Index SOFR+6.25% Initial Acquisition Date 4/16/2021 Maturity 10/19/20302025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (3,061 Series A shares), 10% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/5/20152025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Canyon CLO 2019-1, Ltd Subordinated Notes Interest Rate 21.30% Initial Acquisition Date 8/22/2024 Maturity 7/15/20372025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 9/5/2025 Maturity 9/5/20302026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.59% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272025-01-012025-12-310001487918Tolemar Acquisition, Inc., First Lien Debt (Revolver)2026-03-310001487918Portfolio Company Wellful Inc. (F/K/A KNS Acquisition Corp.) Investment Type First Lien Debt2025-12-310001487918ofs:SSJABariatricManagementLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001487918Contract Datascan Holdings, Inc., Preferred Equity 12026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.70% Spread Above Index SOFR + 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/20282025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt (Revolver) Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.42% Spread Above Index SOFR+6.75% Intitial Acquisition Date 4/17/2025 Maturity 4/17/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments M2S Group Intermediate Holdings Inc. First Lien Debt Industry Plastics Packaging Film and Sheet (including Laminated) Manufacturing Interest Rate 8.42% Spread Above Index SOFR+4.75% Intitial Acquisition Date 10/28/2025 Maturity 8/25/20312026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.52% Spread Above Index SOFR+6.75% Intitial Acquisition Date 12/13/2021 Maturity 12/22/20252026-03-310001487918us-gaap:CommonStockMember2026-03-310001487918ofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMemberus-gaap:CommonClassAMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.57% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/2028 One2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberofs:MeasurementInputRecoveryRateMember2026-03-310001487918ofs:InformationMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918ofs:SecondLienDebtInvestmentsMember2025-01-012025-03-310001487918us-gaap:FairValueInputsLevel3Member2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments SS Acquisition, LLC First Lien Debt Industry Sports and Recreation Instruction Interest Rate 9.42% Spread Above Index SOFR+5.75% Initial Acquisition Date 12/20/2024 Maturity 12/20/20292025-01-012025-12-310001487918ofs:AllOtherGeneralMerchandiseStoresMemberus-gaap:CommonStockMember2025-12-310001487918us-gaap:FairValueInputsLevel2Memberofs:StructuredFinanceSecuritiesMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 10.67% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/2/2025 Maturity 9/30/20302025-01-012025-12-310001487918ofs:UnsecuredNotesDueFebruary2026Member2021-02-100001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueFebruary2026Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918ofs:DebtAndEquitySecuritiesUnrealizedGainLossMemberofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918us-gaap:UnsecuredDebtMember2025-03-310001487918ofs:Security1CommonMember2024-07-012024-09-300001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Revolver) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302025-01-012025-12-310001487918PSB Group, LLC, First Lien Debt (Revolver)2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Madison Park Funding XXIX, Ltd. Subordinated Notes Interest Rate 15.10% Initial Acquisition Date 12/22/2020 Maturity 3/25/20382026-01-012026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Threesrt:MaximumMember2025-12-310001487918ofs:FeeIncomeMemberofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Madison Park Funding XXIX, Ltd. Subordinated Notes Interest Rate 15.10% Initial Acquisition Date 12/22/2020 Maturity 3/25/20382026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Asurion, LLC First Lien Debt Industry Communication Equipment Repair and Maintenance Interest Rate 7.97% Spread Above Index SOFR + 4.25% Initial Acquisition Date 10/28/2025 Maturity 9/19/20302025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Kreg LLC First Lien Debt (Revolver) Industry Other Ambulatory Health Care Services Interest Rate 10.10% Spread Above Index SOFR+ 6.25% Initial Acquisition Date 12/20/2021 Maturity 12/20/20262026-01-012026-03-310001487918Portfolio Company Kreg, LLC Investment Type First Lien Debt2025-12-310001487918srt:AffiliatedEntityMember2025-12-310001487918us-gaap:EquitySecuritiesMember2025-12-310001487918us-gaap:CommonStockMember2026-01-012026-03-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberofs:StructuredFinanceSecuritiesMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Common Equity (1,185 Class B units) Acquisition Date 3/12/20242026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.46% Spread Above Index SOFR+ 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/2028 One2026-01-012026-03-310001487918us-gaap:RetainedEarningsMember2025-12-310001487918ofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2026-01-012026-03-310001487918ofs:StructuredFinanceSecuritiesMemberofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001487918us-gaap:PreferredStockMemberofs:MedicalLaboratoriesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. Preferred Equity (3,446 Class A Units), 12% cash / 2% PIK Industry Services for the Elderly and Persons with Disabilities Initial Acquisition Date 3/3/20232026-03-310001487918us-gaap:FairValueInputsLevel2Memberofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMember2025-12-310001487918ofs:SecondLienDebtInvestmentsMember2026-03-310001487918ofs:A12InteractiveLLCMemberofs:SoftwarePublishersMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918ofs:FeeIncomeMemberus-gaap:PreferredStockMember2025-01-012025-03-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians, Mental Health Specialists Interest Rate 9.24% Spread Above Index SOFR+5.25% Initial Acquisition Date 10/31/2025 Maturity 10/31/20282025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. 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Common Equity (1,290 Class A units) Industry Services for the Elderly and Persons with Disabilities Initial Acquisition Date 2/25/20222026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Madison Park Funding XXIX, Ltd. Subordinated Notes Interest Rate 17.42% Initial Acquisition Date 12/22/2020 Maturity 3/25/20382025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Redstone Holdco 2 LP (F/K/A RSA Security) First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 8.85% Spread Above Index SOFR+4.75% Initial Acquisition Date 4/16/2021 Maturity 4/27/20282025-01-012025-12-310001487918us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMember2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueFebruary2026Member2025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001487918us-gaap:SeriesBPreferredStockMemberofs:ConventionAndTradeShowOrganizersMember2025-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueFebruary2026Member2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities CBAMR 2017-1, Ltd. 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Investment Type First Lien Debt Foursrt:MaximumMember2026-03-310001487918us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:BNPFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt (Revolver) Industry All Other Outpatient Care Centers Spread Above Index SOFR+6.00% Intitial Acquisition Date 10/20/2023 Maturity 10/20/20292026-01-012026-03-310001487918Portfolio Company Investment Type Affiliate Investments DRS Imaging Services, LLC Common Equity (1,135 units) Industry Data Processing, Hosting, and Related Services Initial Acquisition Date 3/8/20182026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt (Revolver) Industry Other Computer Related Services Interest Rate 10.85% cash / 2.00% PIK Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2028 Maturity 10/1/20262026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities ICG US CLO 2021-3, Ltd. Subordinated Notes Interest Rate 26.57% Initial Acquisition Date 8/8/2024 Maturity 10/20/20342025-01-012025-12-310001487918us-gaap:WarrantMemberofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:CommonStockMember2025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 1,946 shares of common equity) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352026-01-012026-03-310001487918ofs:DebtAndEquitySecuritiesUnrealizedGainLossMemberofs:CommonEquityWarrantsAndOtherMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 4.90% cash / 6.50% PIK Spread Above Index SOFR+ 7.50% Initial Acquisition Date 11/25/2021 Maturity 47189 3/12/20292026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RideNow Group, Inc. (F/K/A. RumbleOn, Inc.) First Lien Debt Industry Interest Rate 9.68% cash / 1.00% PIK Spread Above Index SOFR+ 6.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/20272026-01-012026-03-310001487918ofs:FirstLienDebtInvestmentsMemberofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Tolemar Acquisition, Inc. 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Preferred Equity (3,446 Class A Units), 12% cash / 2.0% PIK Industry Services for the Elderly and Persons with Disabilities Spread Above Index 0.00% Initial Acquisition Date 3/3/20232025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Kreg LLC First Lien Debt Industry Other Ambulatory Health Care Services Interest Rate 10.07% cash / 0.50% PIK Spread Above Index SOFR+ 6.25% Initial Acquisition Date 12/20/2021 Maturity 12/20/20262025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt Industry Other Computer Related Services Interest Rate 10.82% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2018 Maturity 10/1/20262025-12-310001487918us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001487918SSJA Bariatric Management LLC, Common Equity 12025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 10.22% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/20/2023 Maturity 10/20/20292025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberofs:CommonEquityWarrantsAndOtherMembersrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC Industry Commodity Contracts Dealing Interest Rate 10.60% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/2027 One2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Signal Parent, Inc First Lien Debt Industry New Single-Family Housing Construction (except For-Sale Builders) Interest Rate 7.44% Spread Above Index SOFR+3.50% Initial Acquisition Date 3/25/2021 Maturity 4/3/20282025-01-012025-12-310001487918ofs:FirstLienDebtInvestmentsMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Brightwood Capital MM CLO 2023-1, Ltd. 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Investment Type First Lien Debt2025-12-310001487918ofs:FeeIncomeMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments 24 Seven Holdco, LLC Debt and Equity Investments First Lien Debt Industry Temporary Help Services Interest Rate 10.96% Spread Above Index SOFR + 7.13% Initial Acquisition Date 1/28/2022 Maturity 11/16/20272025-12-310001487918ofs:NatixisFacilityMember2025-01-012025-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMembersrt:MaximumMember2025-12-310001487918country:JE2026-03-310001487918ofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:SeriesAPreferredStockMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:BNPFacilityMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Allen Media, LLC First Lien Debt Industry Cable and Other Subscription Programming Interest Rate 9.35% Spread Above Index SOFR+ 5.50% Initial Acquisition Date 3/2/2021 Maturity 2/10/20272026-03-310001487918ofs:FirstLienDebtInvestmentsMemberofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMember2025-01-012025-03-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMember2025-12-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Memberus-gaap:FairValueInputsLevel1Member2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments TalentSmart Holdings, LLC Common Equity Industry Professional and Management Development Training Initial Acquisition Date 10/11/20192026-03-310001487918ofs:ManagementOfCompaniesAndEnterprisesMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. Preferred Equity (3,446 Class A Units), 12% cash / 2.0% PIK Industry Services for the Elderly and Persons with Disabilities Spread Above Index 0.00% Initial Acquisition Date 3/3/20232025-01-012025-12-310001487918ofs:FirstLienDebtInvestmentsMember2025-12-310001487918ofs:FirstAmericanTreasuryObligationsFundClassZMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Redstone Holdco 2 LP (F/K/A RSA Security) First Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 9.17% Spread Above Index SOFR+5.50% Intitial Acquisition Date 1/30/2026 Maturity 12/31/20302026-01-012026-03-310001487918us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001487918Boca Home Care Holdings, Inc., First Lien Debt (Revolver)2025-12-310001487918srt:AffiliatedEntityMemberofs:InvestmentAdvisoryAgreementBaseManagementFeeRateQuarterlyMember2026-01-012026-03-310001487918us-gaap:EquitySecuritiesMember2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:BNPFacilityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC First Lien Debt (Revolver) Industry Commodity Contracts Dealing Interest Rate 10.57% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/20272025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMember2025-12-310001487918ofs:UnsecuredNotesDueFebruary2026Member2026-03-310001487918us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Memberofs:UnsecuredNotesDueFebruary2026Member2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 10.22% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/20/2023 Maturity 10/20/20292025-12-310001487918ofs:ContractDatascanHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberus-gaap:MeasurementInputDefaultRateMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001487918us-gaap:PreferredStockMember2026-03-310001487918us-gaap:RetainedEarningsMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Kreg LLC First Lien Debt Industry Other Ambulatory Health Care Services Interest Rate 0.10% cash / 0.50% PIK Spread Above Index SOFR+ 6.25% Initial Acquisition Date 12/20/2021 Maturity 12/20/20262026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.42% Spread Above Index SOFR + 5.75% Initial Acquisition Date 9/5/2025 Maturity 3/5/20272025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Trinitas CLO VIII, Ltd. 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First Lien Debt Industry Interest Rate 9.68% cash / 1.00% PIK Spread Above Index SOFR+ 6.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments I Love Produce, LLC First Lien Debt Industry Spice and Extract Manufacturing Interest Rate 9.81% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 3/24/2026 Maturity 3/24/20312026-03-310001487918Honor HN Buyer Inc., First Lien Debt (Revolver)2026-03-310001487918ofs:CommonEquityWarrantsAndOtherMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001487918ofs:OtherServicesExceptPublicAdministrationMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Boca Home Care Holdings, Inc., First Lien Debt (Revolver)2026-03-310001487918Clevertech Bidco, LLC, First Lien Debt (Revolver)2026-03-3100014879182025-01-012025-03-310001487918ofs:O2026Q1AggregateDividendsMember2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMember2026-03-310001487918Contract Datascan Holdings, Inc., Common Equity2026-03-310001487918ofs:OFSCCFSMemberofs:NatixisFacilityMember2026-03-310001487918srt:MinimumMemberPortfolio Company Inergex Holdings, LLC Investment Type First Lien Debt (Revolver)2026-03-310001487918us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) First Lien Debt Industry Electrical Contractors and Other Wiring Installation Contractors Interest Rate 7.50% Initial Acquisition Date 6/30/2017 Maturity 12/31/20272025-12-310001487918ofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Two2026-03-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt Onesrt:MaximumMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001487918ofs:SecondLienDebtInvestmentsMemberofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001487918Pfanstiehl Holdings, Inc., Common Equity2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PM Acquisition LLC Common Equity Industry All Other General Merchandise Stores Intitial Acquisition Date 9/30/20172026-03-310001487918ofs:FeeIncomeMemberofs:SecondLienDebtInvestmentsMember2025-01-012025-03-310001487918ofs:PortfolioCustomersOverTenPercentMemberofs:PfanstiehlHoldingsIncMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Apex Credit CLO 2022-1 Ltd. Subordinated Notes Interest Rate 20.68% Acquisition Date 4/28/2022 Maturity 10/22/20382025-01-012025-12-310001487918ofs:Security1CommonMember2026-01-012026-03-310001487918ofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMemberofs:HonorHNBuyerIncMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Onesrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Preferred Equity (1,715 Class A units) 12.5% PIK Initial Acquisition Date 3/12/20242026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RideNow Group, Inc. (F/K/A. RumbleOn, Inc.) Warrants Initial Acquisition Date 8/31/2021 Maturity 8/10/20302026-03-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 5.20% cash / 4.00% PIK Spread Above Index SOFR+ 5.50% Initial Acquisition Date 1/14/2021 Maturity 3/31/20312026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Excelin Home Health, LLC Second Lien Debt Industry Home Health Care Services Interest Rate 18.00% PIK Initial Acquisition Date 10/25/2018 Maturity 10/1/20262025-01-012025-12-310001487918srt:MinimumMemberPortfolio Company Inergex Holdings, LLC Investment Type First Lien Debt2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. 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Warrants (warrants to purchase 224 Series A preferred equity shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments United Biologics Holdings, LLC Preferred Equity (151,786 units) Industry Medical Laboratories Initial Acquisition Date 4/16/20132025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberofs:MeasurementInputRecoveryRateMembersrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Tolemar Acquisition, Inc. First Lien Debt Industry Motorcycle, Bicycle, and Parts Manufacturing Interest Rate 9.82% cash / 1.25% PIK Spread Above Index SOFR+6.00% Initial Acquisition Date 10/14/2021 Maturity 10/14/20272025-12-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians, Mental Health Specialists Interest Rate 9.24% Spread Above Index SOFR+5.25% Initial Acquisition Date 10/31/2025 Maturity 10/31/20282025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 3.70% cash / 8.50% PIK Spread Above Index SOFR + 8.50% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt (Delayed Draw) Industry Spring Manufacturing Interest Rate 8.57% Spread Above Index SOFR + 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302025-01-012025-12-310001487918ofs:SecondLienDebtInvestmentsMemberofs:InterestIncomeOperatingAccretionOfInterestIncomeMember2025-01-012025-03-3100014879182024-09-300001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Delayed Draw) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302025-01-012025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt One2025-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMember2025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 224 Series A preferred equity shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberofs:MeasurementInputRecoveryRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001487918ofs:RealEstateAndRentalAndLeasingMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities BlueMountain CLO XXXV Ltd. Subordinated Notes Interest Rate 16.68% Initial Acquisition Date 10/30/2024 Maturity 10/22/19372026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities LCM 42 Ltd. Subordinated Notes Interest Rate 17.60% Initial Acquisition Date 12/19/2024 Maturity 1/15/20382026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.60% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/2027 One2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.52% Spread Above Index SOFR+6.75% Intitial Acquisition Date 12/13/2021 Maturity 12/22/20252026-01-012026-03-310001487918Portfolio Company JP Intermediate B, LLC Investment Type First Lien Debt2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities LCM 42 Ltd. Subordinated Notes Interest Rate 18.54% Initial Acquisition Date 12/19/2024 Maturity 1/15/20382025-01-012025-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:BNPFacilityMember2025-12-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 1,946 shares of common equity) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:NatixisFacilityMember2026-03-310001487918srt:MinimumMemberPortfolio Company Avison Young Inc. Investment Type First Lien Debt One2025-12-310001487918us-gaap:InvestmentAffiliatedIssuerMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 224 Series A preferred equity shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments I Love Produce, LLC First Lien Debt (Revolver) Industry Spice and Extract Manufacturing Interest Rate 11.75% Spread Above Index Prime+ 5.00% Initial Acquisition Date 3/24/2026 Maturity 3/24/20312026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RideNow Group, Inc. (F/K/A. RumbleOn, Inc.) First Lien Debt Industry Interest Rate 9.68% cash / 1.00% PIK Spread Above Index SOFR+ 6.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/2027 One2026-03-310001487918us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001487918ofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:CommonStockMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Brightwood Capital MM CLO 2023-1, Ltd. Subordinated Notes Interest Rate 24.50% Initial Acquisition Date 9/28/2023 Maturity 10/15/20352025-12-310001487918ofs:Security1CommonMember2024-06-300001487918ofs:SecondLienDebtInvestmentsMember2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberofs:MeasurementInputRecoveryRateMember2025-12-310001487918Associated Spring, LLC, First Lien Debt (Delayed Draw)2025-12-310001487918ofs:FirstLienDebtInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Signal Parent, Inc. First Lien Debt Industry New Single-Family Housing Construction (except For-Sale Builders) Interest Rate 7.27% Spread Above Index SOFR+ 3.50% Initial Acquisition Date 3/25/2021 Maturity 4/3/20282026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001487918ofs:Security1CommonMember2024-04-012024-06-300001487918ofs:CommonEquityWarrantsAndOtherMember2025-01-012025-03-310001487918Honor HN Buyer Inc., First Lien Debt (Delayed Draw)2025-12-310001487918I Love Produce, LLC First Lien Debt (Delayed Draw)2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001487918us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. Preferred Equity (1,715 Class A units) 12.5% PIK Industry Nonresidential Property Managers Initial Acquisition Date 3/12/20242025-12-310001487918ofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 4.66% cash / 6.50% PIK Spread Above Index SOFR+ 7.35% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Excelin Home Health, LLC Second Lien Debt Industry Home Health Care Services Interest Rate 18.00% PIK Initial Acquisition Date 10/25/2018 Maturity 10/1/20262026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt Industry Offices of Other Holding Companies Interest Rate 10.52% Spread Above Index SOFR+6.75% Intitial Acquisition Date 12/13/2021 Maturity 12/22/2025 One2026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RPLF Holdings, LLC Common Equity Industry Software Publishers Initial Acquisition Date 1/17/20182026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 4.66% cash / 6.50% PIK Spread Above Index SOFR+ 7.35% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272026-01-012026-03-310001487918us-gaap:CommonStockMemberofs:OtherIndustrialMachineryManufacturingMember2025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debtsrt:MaximumMember2026-03-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberofs:FirstLienDebtInvestmentsMember2025-01-012025-03-310001487918ofs:SecondLienDebtInvestmentMember2026-03-310001487918ofs:InformationMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 10.70% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/2/2021 Maturity 9/30/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.79% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/2028 One2025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Staples, Inc. First Lien Debt Industry Business to Business Electronic Markets Interest Rate 9.60% Spread Above Index SOFR+5.75% Initial Acquisition Date 5/23/2024 Maturity 9/4/20292025-12-310001487918ofs:ContractDatascanHoldingsIncMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001487918ofs:DataProcessingHostingAndRelatedServicesMemberus-gaap:CommonStockMember2025-12-310001487918us-gaap:WarrantMemberofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:SeriesAPreferredStockMember2026-03-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001487918ofs:InvestmentAdvisoryAgreementIncentiveFeeRateQuarterlyCatchUpThresholdMembersrt:AffiliatedEntityMember2026-01-012026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.57% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC Industry Commodity Contracts Dealing Interest Rate 10.60% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/2027 One2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.59% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RideNow Group, Inc. (F/K/A RumbleOn, Inc. First Lien Debt Industry Other Industrial Machinery Manufacturing Interest Rate 12.10% cash / 1.50% PIK Spread Above Index SOFR+7.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/2027 One2025-01-012025-12-310001487918us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberofs:NatixisFacilityMember2025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Foursrt:MinimumMember2026-03-310001487918Clevertech Bidco, LLC, First Lien Debt (Revolver)2025-12-310001487918us-gaap:UnsecuredDebtMemberofs:UnsecuredNotesDueOctober2028Member2025-12-310001487918us-gaap:AdditionalPaidInCapitalMember2025-12-310001487918ofs:DebtAndEquityInvestmentsMemberofs:WholesaleTradeMember2026-03-310001487918ofs:AdministrativeAndSupportAndWasteManagementAndRemediationServicesMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 9/5/2025 Maturity 3/5/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.43% Spread Above Index SOFR + 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/20282025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt Industry Spring Manufacturing Interest Rate 8.53% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302026-01-012026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments United Biologics Holdings, LLC Preferred Equity (151,786 units) Industry Medical Laboratories Initial Acquisition Date 4/16/20132025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.43% Spread Above Index SOFR + 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/20282025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001487918ofs:PharmaceuticalPreparationManufacturingMemberus-gaap:CommonClassAMember2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities ICG US CLO 2021-3, Ltd. Subordinated Notes Interest Rate 22.54% Initial Acquisition Date 8/8/2024 Maturity 10/20/20342026-03-310001487918ofs:FirstLienDebtInvestmentsUnitrancheMember2026-03-310001487918ofs:MedrinaLLCMemberofs:AllOtherOutpatientCareCentersMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.60% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Venture 45 CLO, Limited Mezzanine Debt - Class E Interest Rate 11.58% Spread Above Index SOFR+7.70% Initial Acquisition Date 4/18/2022 Maturity 7/20/20352025-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMember2026-03-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:NatixisFacilityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.57% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/2028 One2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) Second Lien Debt Industry Electrical Contractors and Other Wiring Installation Contractors Interest Rate 10.00% PIK Initial Acquisition Date 6/30/2017 Maturity 12/31/20282025-12-310001487918us-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Warrants (warrants to purchase 224 Series A preferred equity shares) Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/21/2025 Maturity 8/20/20352025-12-310001487918ofs:Security1CommonMember2024-01-012024-03-310001487918Contract Datascan Holdings, Inc., Preferred Equity 22025-12-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MaximumMemberus-gaap:MeasurementInputDefaultRateMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MinimumMemberofs:MeasurementInputRecoveryRateMember2026-03-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001487918country:US2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt (Revolver) Industry Software Publisher Spread Above Index SOFR + 5.75% Initial Acquisition Date 9/5/2025 Maturity 9/5/20302025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberofs:MeasurementInputDiscountMarginMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMemberofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMember2026-03-310001487918Contract Datascan Holdings, Inc., Preferred Equity 12026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt (Revolver) Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.47% Spread Above Index SOFR+6.75% Initial Acquisition Date 4/17/2025 Maturity 4/17/20302025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 10.67% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/2/2025 Maturity 9/30/20302025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) First Lien Debt (Revolver) Industry Electrical Contractors and Other Wiring Installation Contractors Initial Acquisition Date 11/29/2021 Maturity 12/31/20272025-01-012025-12-310001487918SS Acquisition, LLC, First Lien Debt (Revolver)2025-12-310001487918us-gaap:EquitySecuritiesMember2025-01-012025-03-310001487918ofs:OFSCCFSMemberofs:NatixisFacilityMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) 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Subordinated Notes Interest Rate 16.31% Initial Acquisition Date 1/7/2025 Maturity 1/20/20382025-01-012025-12-310001487918us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberofs:NatixisFacilityMember2026-03-310001487918ofs:GoToGroupFKALogMeInInc.Memberofs:DataProcessingHostingAndRelatedServicesMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918srt:AffiliatedEntityMemberofs:InvestmentAdvisoryAgreementMember2026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001487918ofs:FirstLienDebtInvestmentsMemberofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Revolver) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) First Lien Debt Industry Software Publishers Interest Rate 6.50% Initial Acquisition Date 3/13/2018 Maturity 12/31/20272025-12-310001487918ofs:UnsecuredNotesDueAugust2029Member2025-08-082025-08-080001487918ofs:FirstLienDebtInvestmentsMember2024-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt (Revolver) Industry All Other Outpatient Care Centers Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/20/2023 Maturity 10/20/20292025-01-012025-12-310001487918srt:AffiliatedEntityMemberofs:InvestmentAdvisoryAgreementBaseManagementFeeRateQuarterlyMember2025-01-012025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt One2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) Equity Participation Rights Industry Electrical Contractors and Other Wiring Installation Contractors Initial Acquisition Date 12/31/20212025-01-012025-12-310001487918us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Asurion, LLC First Lien Debt Industry Communication Equipment Repair and Maintenance Interest Rate 7.92% Spread Above Index SOFR+ 4.25% Initial Acquisition Date 10/28/2025 Maturity 9/19/20302026-03-310001487918ofs:InterestIncomeOperatingAccretionOfInterestIncomeMemberofs:CommonEquityWarrantsAndOtherMember2025-01-012025-03-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMembersrt:MinimumMemberus-gaap:MeasurementInputDefaultRateMember2025-12-310001487918Contract Datascan Holdings, Inc., Common Equity2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities First Lien Debt Apex Credit CLO 2021 Ltd. Subordinated Notes Interest Rate 0.81% Initial Acquisition Date 5/28/2021 Maturity 7/18/20342026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-03-070001487918Portfolio Company Wellful Inc. (F/K/A KNS Acquisition Corp.) Investment Type First Lien Debtsrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.20% cash / 5.85% PIK Spread Above Index SOFR + 7.35% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272025-12-3100014879182025-09-300001487918ofs:PublicAdministrationMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918ofs:SoftwarePublishersMemberus-gaap:CommonClassAMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMembersrt:MaximumMember2025-12-310001487918SSJA Bariatric Management LLC, First Lien Debt 12025-12-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians and Mental Health Specialists Interest Rate 9.07%PIK Spread Above Index SOFR+ 5.25 % Initial Acquisition Date 12/31/2020 Maturity 10/31/20282026-03-310001487918ofs:StructuredFinanceSecuritiesMemberofs:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMemberus-gaap:PreferredStockMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt (Delayed Draw) Industry Spring Manufacturing Interest Rate 8.52% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302026-01-012026-03-310001487918us-gaap:UnsecuredDebtMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.42% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272026-01-012026-03-310001487918ofs:FirstLienDebtInvestmentsMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PM Acquisition LLC Common Equity Industry All Other General Merchandise Stores Intitial Acquisition Date 9/30/20172026-01-012026-03-310001487918us-gaap:WarrantMemberofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:CommonStockMember2026-03-310001487918Avison Young Inc. , First Lien Debt (Delayed Draw)2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.60% cash / 6.50% PIK Spread Above Index SOFR + 8.00% Initial Acquisition Date 11/25/2021 Maturity 3/12/20292025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RideNow Group, Inc. (F/K/A RumbleOn, Inc. First Lien Debt Industry Other Industrial Machinery Manufacturing Interest Rate 12.10% cash / 1.50% PIK Spread Above Index SOFR+7.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/20272025-01-012025-12-310001487918SS Acquisition, LLC, First Lien Debt (Revolver)2026-03-31000148791812 Interactive, LLC (D/B/A PerkSpot), First Lien Debt (Revolver)2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt (Delayed Draw) Industry Nonresidential Property Managers Spread Above Index SOFR + 8.50% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272025-12-310001487918ofs:InvestmentAdvisoryAgreementIncentiveFeeMembersrt:AffiliatedEntityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 11.50% Spread Above Index Prime+ 4.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Battalion CLO XI Ltd. Mezzanine Debt - Class E Interest Rate 10.78% Spread Above Index SOFR+6.85 % Initial Acquisition Date 4/25/2022 Maturity 4/24/20342026-01-012026-03-310001487918ofs:OfficesOfPhysiciansAndMentalHealthSpecialistsMemberus-gaap:CommonClassAMember2025-12-310001487918ofs:InvestmentAdvisoryAgreementIncentiveFeeRateAnnualizedHurdleRateMembersrt:AffiliatedEntityMember2026-01-012026-03-310001487918ofs:UnsecuredNotesDueJuly2028Member2025-07-230001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians and Mental Health Specialists Interest Rate 9.07%PIK Spread Above Index SOFR+ 5.25 % Initial Acquisition Date 12/31/2020 Maturity 10/31/20282026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 9.69% Spread Above Index SOFR+6.00% Intitial Acquisition Date 10/20/2023 Maturity 10/20/20292026-03-310001487918us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-12-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt Onesrt:MinimumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities ICG US CLO 2021-3, Ltd. Subordinated Notes Interest Rate 22.54% Initial Acquisition Date 8/8/2024 Maturity 10/20/20342026-01-012026-03-310001487918us-gaap:InvestmentAffiliatedIssuerMember2025-12-310001487918country:CA2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. Common Equity (1,290 Class A units) Industry Services for the Elderly and Persons with Disabilities Initial Acquisition Date 2/25/20222025-12-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Four2026-03-310001487918ofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMemberofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918us-gaap:NonrelatedPartyMember2026-03-310001487918ofs:GoToGroupFKALogMeInInc.Memberofs:DebtAndEquityInvestmentsMemberofs:DataProcessingHostingAndRelatedServicesMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.57% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/2027 One2025-01-012025-12-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001487918ofs:VariableRateLoansMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Staples, Inc. First Lien Debt Industry Business to Business Electronic Markets Interest Rate 9.41% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 5/23/2024 Maturity 9/4/20292026-01-012026-03-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberofs:CommonEquityWarrantsAndOtherMember2026-01-012026-03-310001487918ofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.81% cash / 6.50% PIK Spread Above Index SOFR+ 8.50% Initial Acquisition Date 12/18/2025 Maturity 12/12/20272026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments I Love Produce, LLC First Lien Debt (Delayed Draw) Industry Spice and Extract Manufacturing Spread Above Index SOFR+ 6.00% Initial Acquisition Date 3/24/2026 Maturity 3/24/20312026-01-012026-03-310001487918us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel1Memberofs:NatixisFacilityMember2026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debtsrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.70% Spread Above Index SOFR + 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/20282025-12-310001487918ofs:NatixisFacilityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 5.20% cash / 4.00% PIK Spread Above Index SOFR+ 5.50% Initial Acquisition Date 1/14/2021 Maturity 3/31/20312026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments RideNow Group, Inc. (F/K/A. RumbleOn, Inc.) First Lien Debt Industry Interest Rate 9.68% cash / 1.00% PIK Spread Above Index SOFR+ 6.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/2027 One2026-01-012026-03-310001487918ofs:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 4.94% cash / 6.50% PIK Spread Above Index SOFR+ 7.50% Initial Acquisition Date 11/25/2021 Maturity 3/12/20292026-03-310001487918us-gaap:PreferredClassAMemberofs:NonresidentialPropertyManagersMember2026-03-310001487918us-gaap:PreferredClassAMemberofs:NonresidentialPropertyManagersMember2025-12-310001487918us-gaap:PreferredStockMember2025-01-012025-03-310001487918ofs:InterestIncomeOperatingCapitalizedPaidInKindInterestAndDividendsMemberofs:StructuredFinanceSecuritiesMember2026-01-012026-03-310001487918ofs:Security1CommonMember2024-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Excelin Home Health, LLC Second Lien Debt Industry Home Health Care Services Interest Rate 18.00% PIK Initial Acquisition Date 10/25/2018 Maturity 10/1/20262026-01-012026-03-310001487918ofs:BNPFacilityMember2026-01-012026-03-310001487918SS Acquisition, LLC, First Lien Debt2026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberofs:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments AIDC IntermediateCo 2, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 8.97% Spread Above Index SOFR+5.25% Initial Acquisition Date 7/31/2023 Maturity 7/22/20272025-01-012025-12-310001487918us-gaap:EquitySecuritiesMember2025-12-310001487918ofs:Security1CommonMember2025-10-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Signal Parent, Inc. First Lien Debt Industry New Single-Family Housing Construction (except For-Sale Builders) Interest Rate 7.27% Spread Above Index SOFR+ 3.50% Initial Acquisition Date 3/25/2021 Maturity 4/3/20282026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001487918SSJA Bariatric Management LLC, First Lien Debt 12026-01-012026-03-310001487918ofs:LessorsOfNonfinancialIntangibleAssetsExceptCopyrightedWorksMemberofs:PSBGroupLLCMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918ofs:OfficeMachineryAndEquipmentRentalAndLeasingMemberus-gaap:CommonStockMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 9.20% Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302026-01-012026-03-310001487918ofs:FirstLienDebtInvestmentsMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Metasource, LLC First Lien Debt Industry All Other Business Support Services Interest Rate 10.18% cash / 0.50% PIK Spread Above Index SOFR+ 6.25% Initial Acquisition Date 5/17/2022 Maturity 5/17/20272025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt Industry Data Processing, Hosting, and Related Services Interest Rate 8.79% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 3/26/2021 Maturity 4/28/2028 One2025-12-310001487918country:US2026-03-310001487918ofs:Security1CommonMember2025-07-012025-09-300001487918ofs:PortfolioCustomersOverTenPercentMember2026-03-310001487918us-gaap:UnsecuredDebtMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Allen Media, LLC First Lien Debt Industry Cable and Other Subscription Programming Interest Rate 9.32% Spread Above Index SOFR + 5.50% Initial Acquisition Date 3/2/2021 Maturity 2/10/20272025-12-310001487918ofs:RealEstateAndRentalAndLeasingMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments AIDC IntermediateCo 2, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 8.92% Spread Above Index SOFR+ 5.25% Initial Acquisition Date 7/22/2022 Maturity 7/22/20272026-03-310001487918ofs:DebtAndEquityInvestmentsMemberofs:RetailTradeMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Avison Young Inc. First Lien Debt Industry Nonresidential Property Managers Interest Rate 5.60% cash / 6.50% PIK Spread Above Index SOFR + 8.00% Initial Acquisition Date 11/25/2021 Maturity 3/12/20292025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments United Biologics Holdings, LLC Preferred Equity Industry Medical Laboratories Initial Acquisition Date 4/16/20132026-01-012026-03-310001487918ofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities First Lien Debt Apex Credit CLO 2020 Ltd. Subordinated Notes Interest Rate 6.25% Initial Acquisition Date 11/16/2020 Maturity 4/20/20352026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.42% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 9.63% Spread Above Index SOFR+6.00% Intitial Acquisition Date 10/20/2023 Maturity 10/20/2029 One2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Kreg LLC First Lien Debt Industry Other Ambulatory Health Care Services Interest Rate 10.07% cash / 0.50% PIK Spread Above Index SOFR+ 6.25% Initial Acquisition Date 12/20/2021 Maturity 12/20/20262025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.57% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272025-12-310001487918Portfolio Company Inergex Holdings, LLC Investment Type First Lien Debt2026-03-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001487918ofs:UnsecuredNotesDueJuly2028Member2025-07-232025-07-230001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 24 Seven Holdco, LLC First Lien Debt Industry Temporary Help Services Interest Rate 10.91% Spread Above Index SOFR+ 7.13% Initial Acquisition Date 1/28/2022 Maturity 11/16/20272026-03-310001487918us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001487918ofs:CommonEquityWarrantsAndOtherMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.60% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 3/31/2023 Maturity 10/15/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Battalion CLO XI Ltd. Mezzanine Debt - Class E Interest Rate 10.78% Spread Above Index SOFR+6.85 % Initial Acquisition Date 4/25/2022 Maturity 4/24/20342026-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt2025-12-310001487918Portfolio Company JP Intermediate B, LLC Investment Type First Lien Debtsrt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC First Lien Debt Industry Offices of Physicians and Mental Health Specialists Interest Rate 9.07% Spread Above Index SOFR+ 5.25 % Initial Acquisition Date 10/31/2025 Maturity 10/31/20282026-01-012026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberofs:MeasurementInputDiscountMarginMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments AIDC IntermediateCo 2, LLC First Lien Debt Industry Computer Systems Design Services Interest Rate 8.97% Spread Above Index SOFR+5.25% Initial Acquisition Date 7/22/2022 Maturity 7/22/20272025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.57% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 3/31/2023 Maturity 10/15/20272025-12-310001487918ofs:CommodityContractsDealingMemberofs:DebtAndEquityInvestmentsMemberofs:ClevertechBidcoLLCMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (3,061 Series A shares), 10% PIK Industry Office Machinery and Equipment Rental and Leasing Initial Acquisition Date 8/5/20152026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC First Lien Debt (Revolver) Industry Commodity Contracts Dealing Interest Rate 10.57% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/20272025-01-012025-12-310001487918ofs:PortfolioCustomersOverTenPercentMemberofs:SSAcquisitionLLCMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Kreg LLC First Lien Debt (Revolver) Industry Other Ambulatory Health Care Services Interest Rate 10.09% Spread Above Index SOFR+ 6.25% Initial Acquisition Date 12/20/2021 Maturity 12/20/20262025-12-310001487918ofs:SSJABariatricManagementLLCMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001487918ofs:PublicAdministrationMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918ofs:SSJABariatricManagementLLCMemberus-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments TalentSmart Holdings, LLC Common Equity (1,595,238 Class A shares) Professional and Management Development Training Initial Acquisition Date 10/11/20192025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918ofs:StructuredFinanceSecuritiesMemberofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMember2025-01-012025-03-310001487918Portfolio Company Avison Young Inc. Investment Type First Lien Debt Threesrt:MaximumMember2026-03-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:UnsecuredNotesDueJuly2028Memberus-gaap:UnsecuredDebtMember2025-12-310001487918us-gaap:DebtSecuritiesMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt Industry All Other Outpatient Care Centers Interest Rate 9.69% Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/20/2023 Maturity 10/20/20292025-01-012025-12-310001487918DRS Imaging Services, LLC, Common Equity2026-01-012026-03-310001487918ofs:StructuredFinanceSecuritiesMember2025-12-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberofs:MeasurementInputRecoveryRateMemberofs:StructuredFinanceSecuritiesMezzanineDebtMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC Common Equity (12,663 Units) Industry Drugs and Druggists' Sundries Merchant Wholesalers Initial Acquisition Date 9/30/20252026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments RideNow Group, Inc. (F/K/A RumbleOn, Inc. First Lien Debt Industry Other Industrial Machinery Manufacturing Interest Rate 12.10% cash / 1.50% PIK Spread Above Index SOFR+7.75% Initial Acquisition Date 8/31/2021 Maturity 9/30/2027 One2025-12-310001487918ofs:EducationServicesMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918us-gaap:CommonStockMember2025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Delayed Draw) Industry Services for the Elderly and Persons with Disabilities Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2024 Maturity 10/15/20262025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt Industry Services for the Elderly and Persons with Disabilities Interest Rate 9.60% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/2027 One2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments M2S Group Intermediate Holdings Inc. First Lien Debt Industry Plastics Packaging Film and Sheet (including Laminated) Manufacturing Interest Rate 8.59% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 10/28/2025 Maturity 8/25/20312025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.46% Spread Above Index SOFR+ 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/20282026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PSB Group, LLC First Lien Debt Industry Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Interest Rate 10.47% Spread Above Index SOFR+6.75% Initial Acquisition Date 4/17/2025 Maturity 4/17/20302025-01-012025-12-310001487918Contract Datascan Holdings, Inc., Warrants 12026-03-310001487918us-gaap:FairValueInputsLevel3Memberofs:FirstLienDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Revolver) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) First Lien Debt Industry Supermarkets and Other Grocery (except Convenience) Stores Interest Rate 10.52% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 7/20/2022 Maturity 8/1/20292025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Metasource, LLC First Lien Debt Industry All Other Business Support Services Interest Rate 10.21% cash / 0.50% PIK Spread Above Index SOFR+6.25% Intitial Acquisition Date 5/17/2022 Maturity 5/17/20272026-01-012026-03-310001487918ofs:SecondLienDebtInvestmentsMember2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001487918srt:MinimumMemberPortfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt2025-12-310001487918ofs:UnsecuredNotesDueAugust2029Memberus-gaap:UnsecuredDebtMember2026-03-310001487918ofs:OtherJusticePublicOrderAndSafetyActivitiesMemberus-gaap:CommonStockMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities Madison Park Funding XXIX, Ltd. Subordinated Notes Interest Rate 17.42% Initial Acquisition Date 12/22/2020 Maturity 3/25/20382025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Delayed Draw) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt Industry Other Computer Related Services Interest Rate 10.85% cash / 2.00% PIK Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2028 Maturity 10/1/20262026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Integrated Energy Services, LLC First Lien Debt (Delayed Draw) Industry Computer Systems Design Services Spread Above Index SOFR+ 5.50% Initial Acquisition Date 12/18/2025 Maturity 12/19/20302026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Honor HN Buyer Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 11.50% Spread Above Index Prime+ 4.75% Initial Acquisition Date 10/15/2021 Maturity 10/15/20272026-01-012026-03-310001487918Honor HN Buyer Inc., First Lien Debt (Delayed Draw)2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt (Revolver) Industry Other Computer Related Services Interest Rate 10.82% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2018 Maturity 10/1/20262025-01-012025-12-310001487918ofs:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:PreferredStockMember2025-01-012025-03-310001487918Integrated Energy Services, LLC, First Lien Debt (Revolver)2025-12-310001487918ofs:CommonEquityWarrantsAndOtherMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments One GI LLC First Lien Debt (Revolver) Industry Offices of Other Holding Companies Interest Rate 10.52% Spread Above Index SOFR+6.75% Intitial Acquisition Date 12/13/2021 Maturity 12/22/20252026-03-310001487918us-gaap:FairValueInputsLevel2Memberofs:StructuredFinanceSecuritiesMember2026-03-310001487918ofs:Security1CommonMember2024-10-012024-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt Industry Other Computer Related Services Interest Rate 10.82% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2018 Maturity 10/1/20262025-01-012025-12-310001487918Portfolio Company Inergex Holdings, LLC Investment Type First Lien Debt (Revolver)srt:MaximumMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Idera Inc. Second Lien Debt Industry Computer and Computer Peripheral Equipment and Software Merchant Wholesalers Interest Rate 10.75% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 1/27/2022 Maturity 3/2/20292025-12-310001487918ofs:StructuredFinanceSecuritiesMemberofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-3100014879182025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt Industry Software Publishers Interest Rate 9.45% Spread Above Index SOFR+ 5.75% Initial Acquisition Date 9/5/2025 Maturity 3/5/20272026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Constellis Holdings, LLC Common Equity (20,628 common shares) Industry Other Justice, Public Order, and Safety Activities Initial Acquisition Date 3/27/20202025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments JP Intermediate B, LLC First Lien Debt Industry Drugs and Druggists' Sundries Merchant Wholesalers Interest Rate 5.17% cash / 4.00% PIK Spread Above Index SOFR+ 5.50% Initial Acquisition Date 1/14/2021 Maturity 3/31/20312025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Boca Home Care Holdings, Inc. First Lien Debt (Revolver) Industry Services for the Elderly and Persons with Disabilities Interest Rate 10.42% Spread Above Index SOFR+ 6.50% Initial Acquisition Date 2/25/2022 Maturity 2/25/20272026-01-012026-03-310001487918us-gaap:FairValueInputsLevel3Member2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Structured Finance Securities BlueMountain CLO XXXV Ltd. Subordinated Notes Interest Rate 16.45% Acquisition Date 10/30/2024 Maturity 10/22/20372025-12-310001487918ofs:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001487918ofs:FirstLienDebtInvestmentsMemberofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMember2026-01-012026-03-310001487918ofs:ManufacturingMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments 12 Interactive, LLC (D/B/A PerkSpot) First Lien Debt (Revolver) (5) Industry Software Publishers Spread Above Index SOFR+ 5.75% Initial Acquisition Date 9/5/2025 Maturity 9/5/20302026-03-310001487918ofs:FirstLienDebtInvestmentsMemberofs:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities First Lien Debt Apex Credit CLO 2020 Ltd. Subordinated Notes Interest Rate 6.25% Initial Acquisition Date 11/16/2020 Maturity 4/20/20352026-01-012026-03-310001487918ofs:DebtAndEquityInvestmentsMember2026-03-310001487918us-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberofs:BNPFacilityMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Asurion, LLC First Lien Debt Industry Communication Equipment Repair and Maintenance Interest Rate 7.97% Spread Above Index SOFR + 4.25% Initial Acquisition Date 10/28/2025 Maturity 9/19/20302025-12-310001487918ofs:ServicesForTheElderlyAndPersonsWithDisabilitiesMemberofs:DebtAndEquityInvestmentsMemberofs:BocaHomeCareHoldingsIncMember2026-03-310001487918us-gaap:FairValueInputsLevel1Member2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments PM Acquisition LLC Common Equity (499 units) Industry All Other General Merchandise Stores Initial Acquisition Date 9/30/20172025-01-012025-12-310001487918Portfolio Company RideNow Group, Inc. (F/K/A RumbleOn, Inc.) Investment Type First Lien Debt One2025-12-310001487918ofs:BancOfCaliforniaCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Clevertech Bidco, LLC Industry Commodity Contracts Dealing Interest Rate 10.60% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 11/3/2023 Maturity 12/30/20272026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Apex Credit CLO 2022-1 Ltd. Subordinated Notes Interest Rate 17.49% Initial Acquisition Date 4/28/2022 Maturity 10/22/20382026-01-012026-03-310001487918country:KY2026-03-310001487918ofs:StructuredFinanceSecuritiesMemberofs:InterestIncomeOperatingAmortizationOfNetLoanFeesMember2026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Envocore Holding, LLC (F/K/A LRI Holding, LLC) Second Lien Debt Industry Electrical Contractors and Other Wiring Installation Contractors Interest Rate 10.00% PIK Initial Acquisition Date 6/30/2017 Maturity 12/31/20282025-01-012025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments 24 Seven Holdco, LLC Debt and Equity Investments First Lien Debt Industry Temporary Help Services Interest Rate 10.96% Spread Above Index SOFR + 7.13% Initial Acquisition Date 1/28/2022 Maturity 11/16/20272025-01-012025-12-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC Common Equity (52,763 Class A units) Industry Offices of Physicians and Mental Health Specialists Initial Acquisition Date 10/31/20252026-01-012026-03-310001487918ofs:MorganStanleyInstitutionalLiquidityFunds-GovernmentPortfolioAdvisoryClassMember2026-03-310001487918ofs:DebtAndEquityInvestmentsMemberofs:RideNowGroupInc.Memberofs:OtherIndustrialMachineryManufacturingMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Inergex Holdings, LLC First Lien Debt (Revolver) Industry Other Computer Related Services Interest Rate 10.82% Spread Above Index SOFR+ 7.00% Initial Acquisition Date 10/1/2018 Maturity 10/1/20262025-12-310001487918ofs:ManufacturingMemberofs:DebtAndEquityInvestmentsMember2026-03-310001487918Portfolio Company Investment Type Affiliate Investments SSJA Bariatric Management LLC Common Equity (52,763 Class A units) Industry Offices of Physicians and Mental Health Specialists Initial Acquisition Date 10/31/20252026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Associated Spring, LLC First Lien Debt Industry Spring Manufacturing Interest Rate 8.53% Spread Above Index SOFR+ 4.75% Initial Acquisition Date 12/10/2024 Maturity 4/4/20302026-03-310001487918ofs:PortfolioCustomersOverTenPercentMemberofs:InergexHoldingsLLCMember2026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments BayMark Health Services, Inc. Second Lien Debt Industry Outpatient Mental Health and Substance Abuse Centers Interest Rate 14.46% Spread Above Index SOFR+ 10.50% Initial Acquisition Date 6/10/2021 Maturity 6/11/20282026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Allen Media, LLC First Lien Debt Industry Cable and Other Subscription Programming Interest Rate 9.32% Spread Above Index SOFR + 5.50% Initial Acquisition Date 3/2/2021 Maturity 2/10/20272025-01-012025-12-310001487918us-gaap:AdditionalPaidInCapitalMember2025-03-310001487918us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Type Structured Finance Securities Trinitas CLO VIII, Ltd. Subordinated Notes Interest Rate 0.00% Initial Acquisition Date 3/4/2021 Maturity 7/20/21172026-01-012026-03-310001487918us-gaap:EquitySecuritiesMember2026-03-310001487918Contract Datascan Holdings, Inc., Warrants 12026-01-012026-03-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt (Revolver) Industry All Other Outpatient Care Centers Spread Above Index SOFR+6.00% Intitial Acquisition Date 10/20/2023 Maturity 10/20/20292026-03-310001487918us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberofs:StructuredFinanceSecuritiesSubordinatedNotesMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) First Lien Debt Industry Supermarkets and Other Grocery (except Convenience) Stores Interest Rate 10.55% Spread Above Index SOFR+ 6.75% Initial Acquisition Date 7/20/2022 Maturity 8/1/20292026-03-310001487918srt:AffiliatedEntityMemberofs:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001487918ofs:IntegratedEnergyServicesLLCMemberofs:ComputerSystemsDesignServicesMemberofs:DebtAndEquityInvestmentsMember2025-12-310001487918Portfolio Company Investment Type Non-control/Non-affiliate Investments Debt and Equity Investments Medrina LLC First Lien Debt (Revolver) Industry All Other Outpatient Care Centers Spread Above Index SOFR+ 6.00% Initial Acquisition Date 10/20/2023 Maturity 10/20/20292025-12-31xbrli:purexbrli:sharesofs:Investmentiso4217:USDxbrli:sharesofs:Componentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2026


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

For the transition period from _______ to _______

Commission file number 814-00813

OFS CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		46-1339639
State or Other Jurisdiction of		I.R.S. Employer Identification No.
Incorporation or Organization
222 W. Adams Street, Suite 1850, Chicago, Illinois		60606
Address of Principal Executive Offices		Zip Code
	(847) 734-2000
Registrant’s Telephone Number, Including Area Code

Not applicable
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

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, $0.01 par value per share	OFS	The Nasdaq Global Select Market
4.95% Notes due 2028	OFSSH	The Nasdaq Global Select Market
7.50% Notes due 2028	OFSSO	The Nasdaq Global Select Market

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No ☒

The number of shares of the issuer’s Common Stock, $0.01 par value, outstanding as of April 27, 2026 was 13,398,078.

OFS CAPITAL CORPORATION

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 (unaudited) and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025	7
	Notes to Consolidated Financial Statements (unaudited)	24
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	59

PART II. OTHER INFORMATION		60
Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	61
Item 6.	Exhibits	62
SIGNATURES		63

OFS®, OFS Capital®, OFS Credit® and HPCI® are registered trademarks of Orchard First Source Asset Management, LLC.

OFS Capital Management™ is a trademark of Orchard First Source Asset Management, LLC.

All other trademarks or trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners.

Defined Terms

We have used “we,” “us,” “our,” “our company” and “the Company” to refer to OFS Capital Corporation in this report. We also have used several other terms in this report, which are explained or defined below:


Term	Explanation or Definition
1940 Act	Investment Company Act of 1940, as amended
Administration Agreement	Administration Agreement between the Company and OFS Services dated November 7, 2012
Affiliated Account	An account, other than the Company, managed by OFS Advisor or an affiliate of OFS Advisor
Affiliated Fund	Certain other funds, including other BDCs and registered investment companies managed by OFS Advisor or by registered investment advisers controlling, controlled by, or under common control with, OFS Advisor
ASC	Accounting Standards Codification, as issued by the FASB
BDC	Business Development Company under the 1940 Act
BLA	Business Loan Agreement, as amended, with Banc of California, as lender, which provides the Company with a senior secured revolving credit facility
BNP Facility	A secured revolving credit facility, as amended, that provided for borrowings in an aggregate principal amount up to $80,000,000 during its reinvestment period, issued pursuant to a Revolving Credit and Security Agreement, as amended, by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator, which was fully repaid and terminated on February 18, 2026
Board	The Company’s board of directors
Banc of California Credit Facility	A senior secured revolving credit facility, as amended, with Banc of California (formerly known as Pacific Western Bank), as lender, that provides for borrowings to the Company in an aggregate principal amount up to $15,000,000
CLO	Collateralized loan obligation
Code	Internal Revenue Code of 1986, as amended
Company	OFS Capital Corporation and its consolidated subsidiaries
DRIP	Dividend reinvestment plan
EBITDA	Earnings before interest, taxes, depreciation and amortization
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
GAAP	Accounting principles generally accepted in the United States
HPCI	Hancock Park Corporate Income, Inc., a Maryland corporation and non-traded BDC, for which OFS Advisor serves as investment adviser
ICTI	Investment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses
Indicative Prices	Market quotations, prices from pricing services or bids from brokers or dealers
Investment Advisory Agreement	Investment Advisory and Management Agreement between the Company and OFS Advisor dated November 7, 2012
Natixis Facility	A secured revolving credit facility that provides for borrowings in an aggregate principal amount up to $80,000,000 during its reinvestment period, issued pursuant to a Revolving Credit and Security Agreement by and among OFSCC-FS, the lenders from time to time parties thereto, Natixis, New York branch, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator
NAV	Net asset value. NAV is calculated as consolidated total assets less consolidated total liabilities and can be expressed in the aggregate or on a per share basis


Term	Explanation or Definition
Net Loan Fees	The cumulative amount of fees, such as origination fees, discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan
OCCI	OFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company, for which OFS Advisor serves as investment adviser
OFS Advisor	OFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Investment Advisers Act of 1940, as amended, focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments
OFS Services	OFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor
OFSAM	Orchard First Source Asset Management, LLC, a subsidiary of OFSAM Holdings and a full-service provider of capital and leveraged finance solutions to U.S. corporations
OFSAM Holdings	Orchard First Source Asset Management Holdings, LLC, a holding company consisting of asset management businesses, including OFS Advisor, a registered investment adviser focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments, and OFS CLO Management, LLC, OFS CLO Management II, LLC and OFS CLO Management III, LLC, each a registered investment adviser focusing primarily on investments in broadly syndicated loans
OFSCC-FS	OFSCC-FS, LLC, an indirect wholly owned subsidiary of the Company
OFSCC-FS Assets	Assets held by the Company through OFSCC-FS
OFSCC-MB	OFSCC-MB, Inc., a wholly owned subsidiary taxed under subchapter C of the Code that generally holds the equity investments of the Company that are taxed as pass-through entities
OID	Original issue discount
Order	An exemptive relief order from the SEC to permit us to co-invest in portfolio companies with Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions
Parent	OFS Capital Corporation
PIK	Payment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the income
Portfolio Company Investment	A debt or equity investment in a portfolio company. Portfolio Company Investments exclude Structured Finance Securities
Prime Rate	United States Prime interest rate
RIC	Regulated investment company under the Code
SBA	United States Small Business Administration
SBIC	A fund licensed under the SBA Small Business Investment Company Program
SBIC I LP	OFS SBIC I, LP, a wholly owned subsidiary of the Company and former SBIC
SEC	United States Securities and Exchange Commission
Securities Act	Securities Act of 1933, as amended
SOFR	Secured Overnight Financing Rate
Securities Purchase Agreement	An agreement between the Company and an institutional accredited investor dated August 8, 2025 in which the Company sold, in a private placement, the Unsecured Note Due August 2029
Stock Repurchase Program	The open market stock repurchase program for shares of the Company’s common stock under Rule 10b-18 of the Exchange Act


Term	Explanation or Definition
Structured Finance Securities	CLO mezzanine debt, CLO subordinated notes and CLO loan accumulation facility securities
Unsecured Notes	The Unsecured Notes Due July 2028, the Unsecured Notes Due October 2028 and the Unsecured Note Due August 2029
Unsecured Notes Due February 2026	The Company’s $125.0 million aggregate principal amount of 4.75% notes due February 10, 2026, which were partially redeemed on each of August 11, 2025, August 21, 2025 and December 30, 2025, and fully redeemed on February 9, 2026
Unsecured Notes Due July 2028	The Company’s $69.0 million aggregate principal amount of 7.50% notes due July 31, 2028
Unsecured Notes Due October 2028	The Company’s $55.0 million aggregate principal amount of 4.95% notes due October 31, 2028
Unsecured Note Due August 2029	The Company’s $25.0 million principal amount 8.00% note due August 8, 2029

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “would”, “should”, “targets”, “projects” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•

our ability and experience operating a BDC or maintaining our tax treatment as a RIC under Subchapter M of the Code;

•

our dependence on key personnel;

•

our ability to maintain or develop referral relationships;

•

our ability to replicate historical results;

•

the ability of OFS Advisor to identify, invest in and monitor companies that meet our investment criteria;

•

the belief that the carrying amounts of our financial instruments, such as cash, cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments and that such financial instruments are held with high credit quality institutions to mitigate the risk of loss due to credit risk;

•

actual and potential conflicts of interest with OFS Advisor and other affiliates of OFSAM Holdings;

•

constraint on investment due to access to material nonpublic information;

•

restrictions on our ability to enter into transactions with our affiliates;

•

the use of borrowed money to finance a portion of our investments;

•

our ability to incur additional leverage pursuant to Section 61(a)(2) of the 1940 Act and the impact of such leverage on our net investment income and results of operations;

•

competition for investment opportunities;

•

the belief that the seniority of our debt investments in a borrower’s capital structure may provide greater downside protection against adverse economic changes, including those caused by the impacts of interest rate and inflation rate changes, the ongoing war between Russia and Ukraine, the escalated armed conflict and heightened regional tensions in the Middle East, activity in South America, instability in the U.S. and international banking systems, the agenda of the U.S. presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, the risk of recession or the impact of the prolonged shutdown of U.S. government services, and related market volatility on our business, our portfolio companies, our industry and the global economy;

•

the percentage of investments that will bear interest on a floating rate or fixed rate basis;

•

the holding period of our investments;

•

the impact of alternative reference rates on our business, including potential additional interest rate changes approved by the U.S. Federal Reserve, which may impact our investment income, cost of funding and the valuation of our investments;

•

our ability to raise debt or equity capital as a BDC;

•

the timing, form and amount of any distributions from our portfolio companies;

•

the impact of a protracted decline in the liquidity of credit markets on our business;

•

the general economy and its impact on the industries in which we invest;

•

the impact of current political, economic and industry conditions, including changes in the interest rate environment, inflation, significant market volatility, supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, resource shortages and other conditions affecting the financial and capital markets, which, in turn, impacts our business prospects and the prospects of our portfolio companies;

•

the general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the Middle East, the European Union, South America and China;

•

our ability to consummate credit facilities in the future on commercially reasonable terms, if at all;

•

the belief that we have sufficient levels of liquidity to support our existing portfolio companies;

•

the belief that our cash and cash equivalent balances are not exposed to any significant credit risk;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, cybersecurity attacks and the increasing use of artificial intelligence and machine learning technology;

•

the need and availability of additional capital on favorable terms to finance growth given our expectation to distribute substantially all of our net ordinary income and net realized capital gains to our stockholders;

•

the fluctuation of the fair value of our investments due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value; and

•

the effect of new or modified laws or regulations, including accounting pronouncements and rule issuances, governing our operations.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include, among others, those described or identified in “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 3, 2026. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

We have based the forward-looking statements on information available to us on the date of this Quarterly Report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The forward-looking statements and projections contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Assets and Liabilities (unaudited)

(Dollar amounts in thousands, except per share data)


	March 31, 2026			December 31, 2025
Assets
Investments, at fair value:
Non-control/non-affiliate investments (amortized cost of $268,628 and $300,748, respectively)	$	206,235		$	242,070
Affiliate investments (amortized cost of $28,154 and $27,652, respectively)		101,885			99,945
Total investments, at fair value (amortized cost of $296,782 and $328,400, respectively)		308,120			342,015
Cash and cash equivalents		3,258			3,359
Interest and dividends receivable		1,718			719
Receivable for investments sold		501			—
Prepaid expenses and other assets		2,084			613
Total assets	$	315,681		$	346,706

Liabilities
Revolving lines of credit	$	53,450		$	55,450
Unsecured Notes (net of deferred debt issuance costs of $2,554 and $2,812, respectively)		146,446			162,188
Interest payable		2,020			2,269
Payable to adviser and affiliates (Note 3)		2,224			2,264
Payable for investments purchased		496			—
Other liabilities		1,723			1,347
Total liabilities	$	206,359		$	223,518

Commitments and contingencies (Note 6)

Net assets
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	$	—		$	—
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		134			134
Paid-in capital in excess of par		174,195			174,195
Total accumulated losses		(65,007	)		(51,141	)
Total net assets	$	109,322		$	123,188

Total liabilities and net assets	$	315,681		$	346,706

Number of common shares outstanding		13,398,078			13,398,078
Net asset value per share	$	8.16		$	9.19

See Notes to Consolidated Financial Statements (unaudited).

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(Dollar amounts in thousands, except per share data)


	Three Months Ended March 31,
	2026			2025
Investment income
Interest income:
Non-control/non-affiliate investments	$	7,398		$	9,580
Affiliate investments		13			—
Total interest income		7,411			9,580
Payment-in-kind interest and dividend income:
Non-control/non-affiliate investments		87			388
Affiliate investments		500			287
Total payment-in-kind interest and dividend income		587			675
Dividend income:
Non-control/non-affiliate investments		11			11
Affiliate investments		874			—
Total dividend income		885			11
Fee income:
Non-control/non-affiliate investments		21			29
Total investment income		8,904			10,295
Expenses
Interest expense		3,889			3,858
Base management fee		1,435			1,549
Income Incentive Fee		408			330
Professional fees		363			436
Administration fee		326			394
Other expenses		239			263
Total expenses before base management fee waiver		6,660			6,830
Base management fee waiver (see Note 3)		(220	)		—
Total expenses, net of base management fee waiver		6,440			6,830
Net investment income		2,464			3,465
Net realized and unrealized gain (loss) on investments
Net realized loss on non-control/non-affiliate investments		(11,301	)		(2,587	)
Net unrealized depreciation on non-control/non-affiliate investments		(3,715	)		(7,920	)
Net unrealized appreciation (depreciation) on affiliate investments		1,438			(344	)
Deferred tax (expense) benefit on net unrealized appreciation (depreciation)		(344	)		99
Net loss on investments		(13,922	)		(10,752	)
Loss on extinguishment of debt		(130	)		—
Net decrease in net assets resulting from operations	$	(11,588	)	$	(7,287	)

Net investment income per common share – basic and diluted	$	0.18		$	0.26
Net decrease in net assets resulting from operations per common share – basic and diluted	$	(0.86	)	$	(0.54	)
Distributions declared per common share	$	0.17		$	0.34
Basic and diluted weighted-average common shares outstanding		13,398,078			13,398,078

See Notes to Consolidated Financial Statements (unaudited).

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(Dollar amounts in thousands, except per share data)


	Preferred Stock				Common Stock
	Number of shares		Par value		Number of shares		Par value		Paid-in capital in excess of par		Total accumulated losses			Total net assets
Balances at December 31, 2024		—	$	—		13,398,078	$	134	$	184,912	$	(12,821	)	$	172,225
Net decrease in net assets resulting from operations:
Net investment income		—		—		—		—		—		3,465			3,465
Net realized loss on investments, net of taxes		—		—		—		—		—		(2,587	)		(2,587	)
Net unrealized depreciation on investments, net of deferred taxes		—		—		—		—		—		(8,165	)		(8,165	)
Distribution declared		—		—		—		—		—		(4,555	)		(4,555	)
Net decrease for the three month period ended March 31, 2025		—		—		—		—		—		(11,842	)		(11,842	)
Balances at March 31, 2025		—	$	—		13,398,078	$	134	$	184,912	$	(24,663	)	$	160,383

Balances at December 31, 2025		—	$	—		13,398,078	$	134	$	174,195	$	(51,141	)	$	123,188
Net decrease in net assets resulting from operations:
Net investment income		—		—		—		—		—		2,464			2,464
Net realized loss on investments, net of taxes		—		—		—		—		—		(11,301	)		(11,301	)
Net unrealized depreciation on investments, net of deferred taxes		—		—		—		—		—		(2,621	)		(2,621	)
Loss on extinguishment of debt		—		—		—		—		—		(130	)		(130	)
Distribution declared		—		—		—		—		—		(2,278	)		(2,278	)
Net decrease for the three month period ended March 31, 2026		—		—		—		—		—		(13,866	)		(13,866	)
Balances at March 31, 2026		—	$	—		13,398,078	$	134	$	174,195	$	(65,007	)	$	109,322

See Notes to Consolidated Financial Statements (unaudited).

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(Dollar amounts in thousands)


	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities
Net decrease in net assets resulting from operations	$	(11,588	)	$	(7,287	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Net realized loss on investments, net of taxes		11,301			2,587
Loss on extinguishment of debt		130			—
Net unrealized depreciation on investments, net of deferred taxes		2,621			8,165
Amortization of Net Loan Fees		(114	)		(199	)
Amendment fees received		17			23
Payment-in-kind interest and dividend income		(587	)		(675	)
Accretion of interest income on Structured Finance Securities		(2,492	)		(2,925	)
Amortization of deferred debt issuance costs		365			371
Purchase and origination of portfolio investments		(2,109	)		(10,411	)
Proceeds from principal payments on portfolio investments		8,996			3,290
Proceeds from sale or redemption of portfolio investments		14,056			3,137
Proceeds from distributions received from portfolio investments		2,478			3,504
Changes in operating assets and liabilities:
Interest and dividend receivable		(999	)		333
Receivable for investments sold		(501	)		7,147
Interest payable		(249	)		(1,510	)
Payable to adviser and affiliates		(40	)		(839	)
Payable for investments purchased		496			(1,802	)
Other assets and liabilities		(10	)		(68	)
Net cash provided by operating activities		21,771			2,841

Cash flows from financing activities
Distributions paid to common stockholders		(2,278	)		(4,555	)
Borrowings under revolving lines of credit		70,200			9,750
Repayments under revolving lines of credit		(72,200	)		(10,050	)
Redemption of Unsecured Notes		(16,000	)		—
Payment of deferred financing costs		(1,594	)		—
Net cash used in financing activities		(21,872	)		(4,855	)
Net decrease in cash and cash equivalents		(101	)		(2,014	)
Cash and cash equivalents
Beginning of period		3,359			6,068
End of period	$	3,258		$	4,054

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$	3,773		$	4,997

See Notes to Consolidated Financial Statements (unaudited).

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2026

(Dollar amounts in thousands)


Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost			Fair Value (3)			Percent of Net Assets
Non-control/Non-affiliate Investments
Debt and Equity Investments
12 Interactive, LLC (D/B/A PerkSpot) (22)	Software Publishers
First Lien Debt		9.45 %	SOFR+	5.75 %	9/5/2025	9/5/2030	$	1,449	$	1,438		$	1,430			1.3	%
First Lien Debt		9.45 %	SOFR+	5.75 %	9/5/2025	3/5/2027		1,117		1,110			1,103			1.0	%
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	5.75 %	9/5/2025	9/5/2030		—		(3	)		(9	)		—	%
								2,566		2,545			2,524			2.3	%
24 Seven Holdco, LLC (15)	Temporary Help Services
First Lien Debt		10.91 %	SOFR+	7.13 %	1/28/2022	11/16/2027		8,363		8,345			8,345			7.6	%

AIDC IntermediateCo 2, LLC (15)	Computer Systems Design Services
First Lien Debt		8.92 %	SOFR+	5.25 %	7/22/2022	7/22/2027		1,935		1,922			1,933			1.8	%
First Lien Debt		8.92 %	SOFR+	5.25 %	7/31/2023	7/22/2027		45		45			45			—	%
								1,980		1,967			1,978			1.8	%
Allen Media, LLC (15)	Cable and Other Subscription Programming
First Lien Debt		9.35 %	SOFR+	5.50 %	3/2/2021	2/10/2027		3,642		3,642			2,746			2.5	%

Associated Spring, LLC (15)	Spring Manufacturing
First Lien Debt		8.53 %	SOFR+	4.75 %	12/10/2024	4/4/2030		2,205		2,171			2,198			2.0	%
First Lien Debt (Delayed Draw) (5)		8.52 %	SOFR+	4.75 %	12/10/2024	4/4/2030		444		436			439			0.4	%
								2,648		2,607			2,637			2.4	%
Asurion, LLC (14) (15)	Communication Equipment Repair and Maintenance
First Lien Debt		7.92 %	SOFR+	4.25 %	10/28/2025	9/19/2030		495		494			490			0.4	%

Avison Young Inc. (16)	Nonresidential Property Managers
First Lien Debt (11) (15)		5.81% cash / 6.50% PIK	SOFR+	8.50 %	12/18/2025	12/12/2027		84		84			86			0.1	%
First Lien Debt (11) (15)		4.66% cash / 6.50% PIK	SOFR+	7.35 %	12/18/2025	12/12/2027		235		235			239			0.2	%
First Lien Debt (11) (15)		4.94% cash / 6.50% PIK	SOFR+	7.50 %	11/25/2021	3/12/2029		1,666		1,666			1,548			1.4	%
First Lien Debt (11) (15)		5.81% cash / 6.50% PIK	SOFR+	8.50 %	12/18/2025	12/12/2027		35		35			35			—	%
First Lien Debt (6) (10) (11) (15)		4.90% cash / 6.50% PIK	SOFR+	7.50 %	11/25/2021	3/12/2029		327		200			269			0.2	%
Common Equity (1,185 Class B units) (10) (13) (15)					3/12/2024					1,400			—			—	%
Preferred Equity (1,715 Class A units) 12.5% PIK (10) (13) (15)					3/12/2024					1,269			334			0.3	%
								2,347		4,889			2,511			2.2	%

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2026

(Dollar amounts in thousands)


Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
BayMark Health Services, Inc. (6) (15)	Outpatient Mental Health and Substance Abuse Centers
Second Lien Debt		14.46 %	SOFR+	10.50 %	6/10/2021	6/11/2028		4,962		4,931		25		—	%
Second Lien Debt		14.46 %	SOFR+	10.50 %	6/10/2021	6/11/2028		3,988		3,961		20		—	%
								8,950		8,892		45		—	%
Blackhawk Network Holdings, Inc. (14) (15)	Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
First Lien Debt		7.17 %	SOFR+	3.50 %	3/25/2026	3/12/2029		499		494		493		0.5	%

Boca Home Care Holdings, Inc. (20)	Services for the Elderly and Persons with Disabilities
First Lien Debt (15)		10.42 %	SOFR+	6.50 %	2/25/2022	2/25/2027		8,946		8,919		8,946		8.2	%
First Lien Debt (Revolver) (5)		10.42 %	SOFR+	6.50 %	2/25/2022	2/25/2027		226		223		226		0.2	%
Common Equity (1,290 Class A units) (10) (13)					2/25/2022					1,290		878		0.8	%
Preferred Equity (3,446 Class A Units), 12% cash / 2% PIK					3/3/2023					345		362		0.3	%
								9,172		10,777		10,412		9.5	%
Clevertech Bidco, LLC	Commodity Contracts Dealing
First Lien Debt (15)		10.60 %	SOFR+	6.75 %	11/3/2023	12/30/2027		3,125		3,084		2,966		2.7	%
First Lien Debt (Revolver) (5)		10.60 %	SOFR+	6.75 %	11/3/2023	12/30/2027		112		108		97		0.1	%
								3,237		3,192		3,063		2.8	%
Constellis Holdings, LLC (10)	Other Justice, Public Order, and Safety Activities
Common Equity (20,628 common shares)					3/27/2020					703		37		—	%

Excelin Home Health, LLC (6)	Home Health Care Services
Second Lien Debt		18.00% PIK	N/A		10/25/2018	10/1/2026		7,439		6,765		1,793		1.6	%

GoTo Group (F/K/A LogMeIn, Inc.) (14) (15)	Data Processing, Hosting, and Related Services
First Lien Debt		8.57 %	SOFR+	4.75 %	3/26/2021	4/28/2028		924		924		762		0.7	%
First Lien Debt		8.57 %	SOFR+	4.75 %	3/26/2021	4/28/2028		1,276		1,276		390		0.4	%
								2,200		2,200		1,152		1.1	%
Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) (14) (15)	Supermarkets and Other Grocery (except Convenience) Stores

OFS Capital Corp 10-Q