10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________

FORM 10-Q

___________________________

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

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

COMMISSION FILE NUMBER: 814-00841

___________________________

FS Specialty Lending Fund

(Exact name of registrant as specified in its charter)

___________________________

Delaware	27-6822130
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
201 Rouse Boulevard Philadelphia, Pennsylvania	19112
(Address of principal executive office)	(Zip Code)

Registrant’s telephone number, including area code: (215) 495-1150

___________________________

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 x No ¨.

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

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

Large accelerated filer	Accelerated filer	Non-accelerated filer	Smaller reporting company	Emerging growth company
¨	¨	x	¨	¨

If an emerging growth company, indicate by check mark if the registrant has elected to not 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 x.

Securities registered pursuant to Section 12(b) Act: None

Title of each class	Trading symbol(s)	Name on each exchange on which registered
N/A	N/A	N/A

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The issuer had 455,506,155 common shares of beneficial interest outstanding as of August 1, 2024.

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023	1
	Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	2
	Unaudited Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2024 and 2023	3
	Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	4
	Consolidated Schedules of Investments as of June 30, 2024 (Unaudited) and December 31, 2023	5
	Notes to Unaudited Consolidated Financial Statements	19
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	41
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	55
ITEM 4.	CONTROLS AND PROCEDURES	55
PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	56
ITEM 1A.	RISK FACTORS	56
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	56
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	56
ITEM 4.	MINE SAFETY DISCLOSURES	56
ITEM 5.	OTHER INFORMATION	56
ITEM 6.	EXHIBITS	57
	SIGNATURES	58

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FS Specialty Lending Fund

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	June 30, 2024  (Unaudited)		December 31, 2023
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$1,609,320 and $1,358,793, respectively)	$	1,571,938	$	1,414,684
Non-controlled/affiliated investments (amortized cost—$48,573 and $25,601, respectively)	29,940		7,496
Controlled/affiliated investments (amortized cost—$43,150 and $159,531, respectively)	44,627		101,016
Total investments, at fair value (amortized cost—$1,701,043 and $1,543,925, respectively)	1,646,505		1,523,196
Cash and cash equivalents	316,020		486,059
Restricted cash	41,261		6,699
Receivable for investments sold and repaid	15,620		27,860
Interest receivable	19,292		15,093
Dividends receivable	347		360
Unrealized appreciation on swap contracts	225		—
Swap income receivable	1,076		36
Prepaid expenses and other assets	207		254
Total assets	$	2,040,553	$	2,059,557
Liabilities
Payable for investments purchased	$	49,851	$	61,596
Repurchase facility payable (net of deferred financing costs of $4,530 and $5,563, respectively)(1)	395,470		394,437
Swap income payable	558		259
Shareholder distributions payable	—		27,740
Management fees payable	8,962		8,416
Administrative services expense payable	1,060		108
Interest payable	1,311		1,603
Trustees' fees payable	164		164
Other accrued expenses and liabilities	2,533		3,179
Total liabilities	459,909		497,502
Commitments and contingencies(2)
Shareholders' equity
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding	—		—
Common shares, $0.001 par value, 700,000,000 shares authorized, 455,506,155 and 455,506,155 shares issued and outstanding, respectively	456		456
Capital in excess of par value	3,185,784		3,185,784
Accumulated earnings (deficit)	(1,605,596)		(1,624,185)
Total shareholders' equity	1,580,644		1,562,055
Total liabilities and shareholders' equity	$	2,040,553	$	2,059,557
Net asset value per common share at period end	$	3.47	$	3.43

_________________________

(1)    See Note 9 for a discussion of the Company's financing arrangements.

(2)    See Note 10 for a discussion of the Company's commitments and contingencies.

See notes to unaudited consolidated financial statements.

1

FS Specialty Lending Fund

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	42,877	$	21,599	$	104,676	$	51,789
Paid-in-kind interest income	3,578		7,245		4,814		11,551
Fee income	1,233		1,029		1,645		1,126
Dividend income	690		8,733		5,040		14,423
From non-controlled/affiliated investments:
Interest income	872		167		1,032		324
Paid-in-kind interest income	421		24		773		48
From controlled/affiliated investments:
Interest income	615		2,619		1,496		5,078
Paid-in-kind interest income	—		60		60		232
Total investment income	50,286		41,476		119,536		84,571
Operating expenses
Management fees	8,965		8,705		18,077		19,179
Administrative services expenses	1,535		1,359		3,070		2,679
Share transfer agent fees	919		794		1,838		1,545
Accounting and administrative fees	179		179		304		362
Interest expense(1)	9,040		5,730		18,124		18,328
Trustees' fees	164		176		328		340
Other general and administrative expenses	1,227		1,334		2,325		2,037
Total operating expenses	22,029		18,277		44,066		44,470
Less: Management fee offset(2)	(3)		(19)		(3)		(274)
Net expenses	22,026		18,258		44,063		44,196
Net investment income before taxes	28,260		23,218		75,473		40,375
Federal and state taxes	16		1,317		809		1,317
Net investment income	28,244		21,901		74,664		39,058
Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated	67,848		(20,947)		71,967		(29,795)
Non-controlled/affiliated	—		(21,541)		71		(32,900)
Controlled/affiliated	(59,747)		—		(59,747)		—
Net realized gain (loss) on foreign currency	—		—		—		(120)
Net realized gain (loss) on swap contracts	3,900		214		6,227		226
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated	(72,256)		(15,025)		(93,273)		(39,544)
Non-controlled/affiliated	(1,370)		18,089		(528)		15,528
Controlled/affiliated	74,830		(7,502)		59,992		(10,895)
Net change in unrealized appreciation (depreciation) on swap contracts	29		126		225		1,203
Net change in unrealized appreciation (depreciation) on foreign currency	(4)		34		(13)		34
Total net realized and unrealized gain (loss)	13,230		(46,552)		(15,079)		(96,263)
Net increase (decrease) in net assets resulting from operations	$	41,474	$	(24,651)	$	59,585	$	(57,205)
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings per Share)	$	0.09	$	(0.05)	$	0.13	$	(0.13)
Weighted average shares outstanding	455,506,155		454,041,028		455,506,155		453,366,381

________________________

(1)    See Note 9 for a discussion of the Company's financing arrangements.

(2)    See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

See notes to unaudited consolidated financial statements.

2

FS Specialty Lending Fund

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operations
Net investment income	$	28,244	$	21,901	$	74,664	$	39,058
Net realized gain (loss) on investments, foreign currency and swap contracts	12,001		(42,274)		18,518		(62,589)
Net change in unrealized appreciation (depreciation) on investments	1,204		(4,438)		(33,809)		(34,911)
Net change in unrealized appreciation (depreciation) on swap contracts	29		126		225		1,203
Net change in unrealized appreciation (depreciation) on foreign currency	(4)		34		(13)		34
Net increase (decrease) in net assets resulting from operations	41,474		(24,651)		59,585		(57,205)
Shareholder distributions(1)
Distributions to shareholders	(39,447)		(13,624)		(40,996)		(27,208)
Net decrease in net assets resulting from shareholder distributions	(39,447)		(13,624)		(40,996)		(27,208)
Capital share transactions(2)
Reinvestment of shareholder distributions	—		5,170		—		10,388
Net increase in net assets resulting from capital share transactions	—		5,170		—		10,388
Total increase (decrease) in net assets	2,027		(33,105)		18,589		(74,025)
Net assets at beginning of period	1,578,617		1,712,828		1,562,055		1,753,748
Net assets at end of period	$	1,580,644	$	1,679,723	$	1,580,644	$	1,679,723

_________________________

(1)See Note 5 for a discussion of the sources of distributions paid by the Company.

(2)See Note 3 for a discussion of the Company's common share transactions.

See notes to unaudited consolidated financial statements.

3

FS Specialty Lending Fund

Unaudited Consolidated Statements of Cash Flows

(in thousands)

	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	59,585	$	(57,205)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of long-term investments	(677,656)		(91,324)
Paid-in-kind interest	(5,647)		(11,831)
Proceeds from sales and repayments of long-term investments	520,160		560,174
Net proceeds from sales (purchases) of short-term investments	22,865		—
Net realized (gain) loss on investments	(12,291)		62,695
Net change in unrealized (appreciation) depreciation on investments	33,809		34,911
Net change in unrealized (appreciation) depreciation on swap contracts	(225)		(1,203)
Accretion of discount	(4,549)		(3,112)
Amortization of deferred financing costs and discount	1,033		2,778
(Increase) decrease in receivable for investments sold and repaid	12,240		4,442
(Increase) decrease in interest receivable	(4,199)		8,190
(Increase) decrease in dividends receivable	13		519
(Increase) decrease in swap income receivable	(1,040)		(22)
(Increase) decrease in prepaid expenses and other assets	47		47
Increase (decrease) in payable for investments purchased	(11,745)		53,758
Increase (decrease) in swap income payable	299		(26)
Increase (decrease) in management fees payable	546		(2,499)
Increase (decrease) in administrative services expense payable	952		(423)
Increase (decrease) in interest payable(1)	(292)		(13,371)
Increase (decrease) in trustees' fees payable	—		12
Increase (decrease) in other accrued expenses and liabilities	(646)		(3,181)
Net cash provided by (used in) operating activities	(66,741)		543,329
Cash flows from financing activities
Shareholder distributions paid	(68,736)		(16,739)
Repayments of credit facilities(1)	—		(305,676)
Repayments under senior secured notes(1)	—		(457,075)
Deferred financing costs paid	—		(136)
Net cash provided by (used in) financing activities	(68,736)		(779,626)
Total increase (decrease) in cash, cash equivalents and restricted cash	(135,477)		(236,297)
Cash, cash equivalents and restricted cash at beginning of period	492,758		481,655
Cash, cash equivalents and restricted cash at end of period(2)	$	357,281	$	245,358
Supplemental disclosure
Non-cash reinvestment of shareholder distributions	$	—	$	10,388
Non-cash purchases of investments	$	(71,247)	$	(3,284)
Non-cash sales of investments	$	71,247	$	3,284
Federal and state taxes paid	$	1,261	$	3,234

_________________________

(1)    See Note 9 for a discussion of the Company's financing arrangements. During the six months ended June 30, 2024 and 2023, the Company paid $17,383 and $28,921, respectively, in interest expense on the financing arrangements and Senior Secured Notes.

(2)    Includes cash and cash equivalents of $316,020 and restricted cash of $41,261. Restricted cash is the cash collateral required to be posted pursuant to the Company’s derivative contracts.

See notes to unaudited consolidated financial statements.

4

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments

As of June 30, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—71.6%
Acrisure, LLC	(f)	Insurance	S+325		11/6/30	$	18,897	$	18,834	$	18,897
AI Aqua Merger Sub, Inc.	(f)	Capital Goods	S+425	0.5%	7/31/28	19,950		19,812		20,002
Aimbridge Acquisition Co. Inc.	(f)	Consumer Services	S+375		2/2/26	26,665		25,803		26,118
AIRRO (Mauritius) Holdings II	(k)(p)(r)	Energy—Power	S+400, 3.0% PIK (3.0% Max PIK)	1.5%	7/24/25	14,940		13,748		14,944
Allied Universal Holdco LLC	(f)	Consumer Services	S+375	0.5%	5/12/28	22,845		22,571		22,783
American Auto Auction Group, LLC	(f)	Capital Goods	S+500	0.8%	12/30/27	23,860		23,605		23,878
APTIM Corp.	(f)	Commercial & Professional Services	S+750		5/23/29	27,500		27,500		28,268
Aretec Group, Inc.	(f)(q)	Financial Services	S+400		8/9/30	6,817		6,788		6,852
Auris Luxembourg III S.a r.l	(f)(k)	Health Care Equipment & Services	S+425		2/28/29	22,859		22,748		22,945
Aveanna Healthcare LLC	(f)	Health Care Equipment & Services	S+375	0.5%	7/17/28	20,802		18,773		19,970
BCPE Empire Holdings, Inc.	(f)	Consumer Services	S+400	0.5%	12/11/28	22,344		22,418		22,376
Brock Holdings III, LLC	(f)(k)	Capital Goods	S+600	0.5%	5/2/30	8,500		8,334		8,585
CCS-CMGC Holdings, Inc.	(f)(m)(o)	Health Care Equipment & Services	S+550		10/1/25	27,695		24,501		17,796
Charlotte Buyer, Inc.	(f)	Health Care Equipment & Services	S+525	0.5%	2/11/28	17,755		17,849		17,823
CircusTrix Holdings, LLC	(r)	Consumer Services	S+650	1.0%	7/18/25	2,151		2,151		2,196
CircusTrix Holdings, LLC	(f)(r)	Consumer Services	S+650	1.0%	7/18/28	20,810		20,810		21,253
CircusTrix Holdings, LLC	(e)(r)	Consumer Services	S+650	1.0%	7/18/25	538		538		549
CircusTrix Holdings, LLC	(e)(r)	Consumer Services	S+650	1.0%	7/18/28	1,344		1,344		1,373
Cirque Du Soleil Holding USA Newco, Inc.	(f)(k)	Media & Entertainment	S+375	0.5%	3/8/30	8,344		8,297		8,350
Clear Channel Outdoor Holdings, Inc.	(f)(k)	Media & Entertainment	S+400		8/21/28	12,500		12,300		12,534
Clydesdale Acquisition Holdings, Inc.	(f)	Commercial & Professional Services	S+375	0.5%	4/13/29	17,361		17,274		17,420
CPM Holdings, Inc.	(f)	Capital Goods	S+450	0.5%	9/28/28	24,875		24,945		24,738
Crown SubSea Communication Holding, Inc.	(f)	Capital Goods	S+475	0.8%	1/30/31	6,000		5,943		6,024
CT Technologies Intermediate Holdings, Inc.	(f)	Health Care Equipment & Services	S+425	0.8%	12/16/25	19,923		19,837		19,973
Delivery Hero Finco LLC	(k)	Consumer Services	S+500	0.5%	12/12/29	24,938		24,861		25,193
Digicel International Finance Ltd.	(f)	Telecommunication Services	S+515 (1.5% PIK, 1.5% Max PIK)	0.5%	5/25/27	20,076		19,360		19,511
Electrical Components International, Inc.	(r)	Capital Goods	S+650	2.0%	4/26/29	47,400		46,472		46,511
Electrical Components International, Inc.	(e)(r)	Capital Goods	S+650	2.0%	4/26/29	2,600		2,600		2,551
Engineered Machinery Holdings, Inc.	(f)	Capital Goods	S+375	0.8%	5/19/28	24,797		24,733		24,926

See notes to unaudited consolidated financial statements.

5

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
First Brands Group, LLC	(f)	Automobiles & Components	S+500	1.0%	3/30/27	$	24,777	$	24,521	$	24,657
GasLog Ltd.	(k)(r)	Energy—Midstream	7.8%		3/31/29	13,951		13,880		13,400
Gen4 Dental Partners Opco, LLC	(r)	Health Care Equipment & Services	S+550	1.0%	5/13/30	23,571		23,000		23,100
Gen4 Dental Partners Opco, LLC	(e)(r)	Health Care Equipment & Services	S+550	1.0%	5/13/30	7,857		7,857		7,700
Gen4 Dental Partners Opco, LLC	(e)(r)	Health Care Equipment & Services	S+550	1.0%	5/13/30	1,571		1,571		1,540
Global Tel Link Corp.	(f)	Technology Hardware & Equipment	S+425		11/29/25	13,994		13,618		13,926
Gold Rush Amusements, Inc.	(f)(r)	Consumer Services	S+750	2.0%	10/12/28	30,519		29,969		30,519
Guardian US Holdco, LLC	(f)	Software & Services	S+350	0.5%	1/31/30	24,800		24,828		24,676
Knowlton Development Corporation, Inc.	(f)	Household & Personal Products	S+450		8/15/28	25,935		25,298		26,038
LABL, Inc.	(f)	Commercial & Professional Services	S+500	0.5%	10/29/28	24,737		24,085		24,467
LaserShip, Inc.	(f)	Transportation	S+450	0.8%	5/7/28	6,964		6,613		5,953
Learning Care Group No. 2, Inc.	(f)	Consumer Services	S+400	0.5%	8/11/28	21,840		21,965		22,018
Level 3 Financing, Inc.	(f)(k)(q)	Telecommunication Services	S+656	2.0%	4/15/29	14,291		13,978		14,025
Mavis Tire Express Services TopCo, L.P.	(f)	Consumer Discretionary Distribution & Retail	S+375	0.8%	5/4/28	17,306		17,324		17,366
Nephron Pharmaceuticals Corp.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	S+1100	1.5%	9/11/26	19,850		19,384		19,255
Nephron Pharmaceuticals Corp.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	20.0% PIK (20.0% Max PIK)		9/11/26	1,110		1,110		1,042
Osaic Holdings, Inc.	(f)	Financial Services	S+400		8/17/28	4,988		4,988		5,009
Peloton Interactive, Inc.	(f)(k)	Consumer Durables & Apparel	S+600		5/23/29	25,000		24,754		25,069
Permian Production Holdings, LLC	(r)(t)	Energy—Upstream	7.0%, 2.0% PIK (2.0% Max PIK)		11/23/25	4,081		3,850		4,071
Plainfield Renewable Energy Holdings LLC	(m)(o)(r)	Energy—Power	6.0%, 9.5% PIK (9.5% Max PIK)		8/22/25	13,936		11,926		4,879
Plainfield Renewable Energy Holdings LLC	(m)(o)(r)	Energy—Power	10.0% PIK (10.0% Max PIK)		8/22/25	4,218		3,827		—
Plainfield Renewable Energy Holdings LLC	(e)(r)	Energy—Power	10.0%		8/22/25	2,709		2,709		—
PODS, LLC	(f)(q)	Transportation	S+300	0.8%	3/31/28	19,949		18,910		18,929
Pretium PKG Holdings, Inc.	(f)	Materials	S+250, 2.5% PIK (2.5% Max PIK)	1.0%	10/2/28	32,580		32,097		33,590
Pro Mach Group, Inc.	(f)	Capital Goods	S+350	1.0%	8/31/28	17,380		17,431		17,489
Proampac PG Borrower LLC	(f)	Materials	S+400	0.8%	9/15/28	22,885		22,897		22,968
RealTruck Group, Inc	(f)	Automobiles & Components	S+350	0.8%	1/31/28	24,820		24,045		24,780
Revlon Intermediate Holdings IV LLC	(f)	Household & Personal Products	S+688	1.0%	5/2/28	15,000		15,037		14,996
Ryan, LLC	(f)	Commercial & Professional Services	S+350	0.5%	11/14/30	9,819		9,842		9,872

See notes to unaudited consolidated financial statements.

6

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Ryan, LLC	(e)	Commercial & Professional Services	S+350	0.5%	11/14/30	$	1,036	$	1,036	$	1,042
SupplyOne, Inc.	(f)	Materials	S+425		4/19/31	8,978		8,995		9,003
TKC Holdings, Inc.	(f)	Consumer Staples Distribution & Retail	S+550	1.0%	5/15/28	24,423		23,439		24,438
TruGreen, LP	(f)	Commercial & Professional Services	S+400	0.8%	11/2/27	24,782		23,540		23,939
United Natural Foods, Inc.	(f)(k)	Consumer Staples Distribution & Retail	S+475		5/1/31	21,000		20,589		21,096
Upstream Newco, Inc.	(f)(k)(q)	Health Care Equipment & Services	S+425		11/20/26	3,330		3,000		3,032
Varsity Brands Holding Co., LLC	(f)(q)	Consumer Durables & Apparel	S+500	1.0%	12/15/26	14,160		14,257		14,323
Wattbridge, Inc.	(f)(r)	Energy—Power	S+985	1.8%	6/30/27	43,693		43,693		42,405
Weber-Stephen Products LLC	(f)	Consumer Durables & Apparel	S+325	0.8%	10/30/27	26,202		24,048		24,437
WMK, LLC	(f)(r)	Consumer Discretionary Distribution & Retail	S+650	3.0%	1/25/28	30,078		29,089		29,439
WMK, LLC	(e)(r)	Consumer Discretionary Distribution & Retail	S+650	3.0%	1/25/28	4,750		4,750		4,649
Total Senior Secured Loans—First Lien								1,162,499		1,153,476
Unfunded Loan Commitments								(22,405)		(22,405)
Net Senior Secured Loans—First Lien								1,140,094		1,131,071
Senior Secured Loans—Second Lien—5.1%
Citizen Energy Operating, LLC	(f)(r)	Energy—Upstream	S+750	1.0%	6/29/27	33,000		32,604		32,729
MBS Services Holdings, LLC	(r)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		9/20/30	29,689		28,682		28,131
Tenrgys, LLC	(f)(r)	Energy—Upstream	S+750 (S+950 Max PIK)	1.0%	3/17/27	20,537		20,537		20,485
Total Senior Secured Loans—Second Lien								81,823		81,345
Senior Secured Bonds—7.9%
Allegiant Travel Co.	(k)	Transportation	7.3%		8/15/27	10,601		9,735		10,100
Aretec Escrow Issuer, Inc.	(f)	Financial Services	10.0%		8/15/30	7,000		7,000		7,622
Full House Resorts, Inc.	(f)	Consumer Services	8.3%		2/15/28	25,742		23,538		24,748
Guitar Center, Inc.	(f)	Consumer Discretionary Distribution & Retail	8.5%		1/15/26	23,568		21,624		21,280
Navios Logistics Finance, Inc.	(f)(k)	Transportation	10.8%		7/1/25	25,000		24,737		25,034
ST EIP Holdings, Inc.	(f)(r)	Energy—Midstream	6.3%		1/10/30	10,255		9,874		9,715
Warren Resources, Inc.	(r)	Energy—Upstream	4.0%		11/30/26	30,745		30,745		25,634
Total Senior Secured Bonds								127,253		124,133

See notes to unaudited consolidated financial statements.

7

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Subordinated Debt—2.2%
Pioneer Midco, LLC	(f)(r)	Consumer Services	11.6% PIK (11.6% Max PIK)		11/18/30	$	35,167	$	35,167	$	35,387
Total Subordinated Debt								35,167		35,387
Asset Based Finance—1.4%
Bridge Street CLO IV Ltd., Subordinated Notes	(g)(k)(r)(s)(t)	Financial Services	18.2%		4/20/37	23,700		23,619		21,566
Total Asset Based Finance								23,619		21,566

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares/Units		Amortized Cost		Fair Value(d)
Preferred Equity—4.6%(l)
Global Jet Capital Holdings, LP, Preferred Equity	(o)(r)	Commercial & Professional Services				2,785,562		$	2,786	$	—
Global Jet Capital Holdings, LP, Preferred Equity	(o)(r)	Commercial & Professional Services				20,234		12,037		9,687
NGL Energy Partners, LP, Preferred Equity	(k)(r)	Energy—Midstream	14.2%		7/2/27	24,150		25,451		30,349
USA Compression Partners, LP, Preferred Equity	(f)(k)(r)	Energy—Midstream	9.8%		4/3/28	28,561		28,170		32,038
Total Preferred Equity								68,444		72,074
Sustainable Infrastructure Investments, LLC—2.8%						Commitment Amount(c)		Cost		Fair Value(d)
Sustainable Infrastructure Investments, LLC	(k)(o)(r)(u)	Energy—Power				$	60,603	$	43,150	$	44,627
Total Sustainable Infrastructure Investments, LLC								43,150		44,627
Equity/Other—8.6%						Number of Shares/Units		Cost		Fair Value(d)
AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00	(k)(o)(p)(r)	Energy—Power				35		$	2,652	$	—
AirSwift Holdings, Ltd., Common Equity	(k)(o)(r)	Commercial & Professional Services				3,750,000		6,029		4,106
Arena Energy, LP, Contingent Value Rights	(o)(r)	Energy—Upstream				126,632,117		351		444
Ascent Resources Utica Holdings, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				1,486,929		43,308		44,612
GWP Midstream Holdco, LLC, Common Equity	(n)(o)(r)(t)	Energy—Midstream				105,785		6,681		2,242
Harvest Oil & Gas Corp., Common Equity	(o)(t)	Energy—Upstream				135,062		14,418		348
Maverick Natural Resources, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				503,176		93,044		77,099
MBS Services Holdings, LLC, A-3 Units	(n)(o)(r)	Commercial & Professional Services				522,382		522		731
NGL Energy Partners, LP, Warrants (Par), Strike: $14.54	(k)(o)(r)	Energy—Midstream				2,187,500		3,083		1,399
NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45	(k)(o)(r)	Energy—Midstream				3,125,000		2,623		1,533
NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27	(k)(o)(r)	Energy—Midstream				781,250		576		369

See notes to unaudited consolidated financial statements.

8

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares/Units	Amortized Cost		Fair Value(d)
NGL Energy Partners, LP, Warrants (Par), Strike: $13.56	(k)(o)(r)	Energy—Midstream				546,880	$	630	$	344
Permian Production Holdings, LLC, Common Equity	(n)(o)(r)(t)	Energy—Upstream				1,968,861	5		1,713
Telpico, LLC, Common Equity	(n)(o)(r)(t)	Energy—Upstream				50	—		—
Tenrgys, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				50	7,571		1,362
Total Equity/Other							181,493		136,302
TOTAL INVESTMENTS—104.2%							$	1,701,043	1,646,505
Cash and Cash Equivalents—20.0%	(i)								316,020
Liabilities in Excess of Other Assets—(24.2%)	(j)								(381,881)
NET ASSETS—100.0%									$	1,580,644

Total Return Swaps

Counterparty	Pay/Receive(h)	Underlying Reference	Type	Number of Shares	Interest Rate(b)	Payment Frequency	Maturity	Notional Amount		Unrealized Appreciation (Depreciation)
Nomura Global Financial Products Inc.	Receive	FS Credit Opportunities Corp. Common Stock	Equity	6,756,299	OBFR+115	Monthly	9/21/26	$	39,640	$	—
BNP Paribas	Receive	Aretec Group, Inc.	Loan	—	S+450	Monthly	11/12/24	7,462		24
	Receive	BCPE Empire Holdings, Inc.	Loan	—	S+400	Monthly	11/12/24	7,481		7
	Receive	Charlotte Buyer, Inc.	Loan	—	S+525	Monthly	11/12/24	7,462		14
	Receive	Clear Channel Outdoor Holdings, Inc.	Loan	—	S+350	Monthly	11/12/24	7,500		94
	Receive	Clydesdale Acquisition Holdings Inc.	Loan	—	S+368	Monthly	11/12/24	7,462		45
	Receive	Mavis Tire Express Services TopCo, L.P.	Loan	—	S+375	Monthly	11/12/24	7,463		9
	Receive	Pro Mach Group, Inc.	Loan	—	S+375	Monthly	11/12/24	7,481		32
Total										$	225

__________________

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.34% and 5.32%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)    Denominated in U.S. dollars, unless otherwise noted.

(d)    See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(e)    Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(f)    Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

(g)    Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. As of June 30, 2024, the total market value of Rule 144A securities amounted to $21,566, which represented approximately 1.4% of net assets.

See notes to unaudited consolidated financial statements.

9

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2024

(in thousands, except share amounts)

(h)    Receive represents that the Company receives payments for any positive net return and makes payments for any negative net return on the underlying reference. Pay represents that the Company receives payments for any negative net return and makes payments for any positive net return on the underlying reference.

(i)    Includes $64,259 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of June 30, 2024.

(j)    Includes the effect of swap contracts.

(k)    The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2024, 83.3% of the Company’s total assets represented qualifying assets.

(l)    Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

(m)    Security was on non-accrual status as of June 30, 2024.

(n)    Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

(o)    Security is non-income producing.

(p)    Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

(q)    Security or portion thereof unsettled as of June 30, 2024.

(r)    Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

(s)    Securities of a collateralized loan obligation (“CLO”) where an affiliate of the Company’s investment adviser serves as collateral manager and administrator (see Note 4). The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLO to the Company.

(t)    Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2024:

Portfolio Company	Fair Value at December 31, 2023		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2024		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Permian Production Holdings, LLC	$	4,816	$	110	$	(828)	$	71	$	(98)	$	4,071	$	297	$	44
Asset Based Finance
Bridge Street CLO IV Ltd., Subordinated Notes	—		23,711		(92)		—		(2,053)		21,566		735		—
Bridge Street Warehouse CLO IV Ltd.	—		22,729		(22,729)		—		—		—		—		729
Equity/Other
GWP Midstream Holdco, LLC, Common Equity	1,661		—		—		—		581		2,242		—		—
Harvest Oil & Gas Corp., Common Equity	271		—		—		—		77		348		—		—
Permian Production Holdings, LLC, Common Equity	748		—		—		—		965		1,713		—		—
Telpico, LLC, Common Equity	—		—		—		—		—		—		—		—
	$	7,496	$	46,550	$	(23,649)	$	71	$	(528)	$	29,940	$	1,032	$	773

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest and PIK income presented for the six months ended June 30, 2024.

See notes to unaudited consolidated financial statements.

10

FS Specialty Lending Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2024

(in thousands, except share amounts)

(u)    Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2024:

Portfolio Company	Fair Value at December 31, 2023		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2024		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Allied Wireline Services, LLC	$	22,200	$	—	$	(19,360)	$	(50,917)	$	48,077	$	—	$	—	$	—
Warren Resources, Inc.	23,823		60		(23,883)		—		—		—		1,496		60
Sustainable Infrastructure Investments, LLC
Sustainable Infrastructure Investments, LLC	39,427		—		—		—		5,200		44,627		—		—
Equity/Other
Allied Wireline Services, LLC, Common Equity	—		—		—		(1,527)		1,527		—		—		—
Allied Wireline Services, LLC, Warrants	—		—		—		—		—		—		—		—
Warren Resources, Inc., Common Equity	15,566		127		(13,578)		(7,303)		5,188		—		—		—
	$	101,016	$	187	$	(56,821)	$	(59,747)	$	59,992	$	44,627	$	1,496	$	60

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest and PIK income presented for the six months ended June 30, 2024.

See notes to unaudited consolidated financial statements.

11

FS Specialty Lending Fund

Consolidated Schedule of Investments

As of December 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—52.9%
Acrisure, LLC	(f)	Insurance	S+450		11/6/30	$	20,175	$	20,033	$	20,251
AI Aqua Merger Sub, Inc.	(f)(q)	Capital Goods	S+425	0.5%	7/31/28	16,522		16,398		16,625
AI Aqua Merger Sub, Inc.	(e)(q)	Capital Goods	S+425	0.5%	7/31/28	3,478		3,452		3,500
Aimbridge Acquisition Co. Inc.	(f)	Consumer Services	S+375		2/2/26	21,805		21,036		20,380
AIRRO (Mauritius) Holdings II	(k)(p)(r)	Energy—Power	S+400, 3.0% PIK (3.0% Max PIK)	1.5%	7/24/25	22,856		20,779		23,050
Allied Universal Holdco LLC	(f)	Consumer Services	S+475	0.5%	5/12/28	9,975		9,841		9,998
Allied Universal Holdco LLC	(f)	Consumer Services	S+375	0.5%	5/12/28	9,929		9,627		9,903
Allied Wireline Services, LLC	(m)(o)(r)(v)	Energy—Service & Equipment	10.0% PIK (10.0% Max PIK)		6/15/25	70,277		70,277		22,200
American Auto Auction Group, LLC	(f)	Capital Goods	S+500	0.8%	12/30/27	9,975		9,752		9,858
Aretec Group, Inc.	(f)(q)	Financial Services	S+450		8/9/30	9,352		9,071		9,358
Auris Luxembourg III S.a r.l	(f)(k)	Health Care Equipment & Services	S+375		2/27/26	20,287		19,912		20,079
Aveanna Healthcare LLC	(f)	Health Care Equipment & Services	S+375	0.5%	7/17/28	15,909		14,054		14,852
BCPE Empire Holdings, Inc.	(f)	Consumer Services	S+475	0.5%	12/11/28	24,900		24,983		24,998
CCS-CMGC Holdings, Inc.	(f)	Health Care Equipment & Services	S+550		10/1/25	21,465		18,225		18,222
Charlotte Buyer, Inc.	(f)(q)	Health Care Equipment & Services	S+525	0.5%	2/11/28	19,845		19,937		19,952
CircusTrix Holdings, LLC	(f)(r)	Consumer Services	S+675	1.0%	7/18/28	20,915		20,915		21,098
CircusTrix Holdings, LLC	(e)(r)	Consumer Services	S+675	1.0%	7/18/25	2,688		2,688		2,712
CircusTrix Holdings, LLC	(e)(r)	Consumer Services	S+675	1.0%	7/18/28	1,344		1,344		1,356
Cirque Du Soleil Holding USA Newco, Inc.	(f)(q)	Financial Services	S+425	0.5%	3/8/30	6,387		6,331		6,372
Clear Channel Outdoor Holdings, Inc.	(f)(k)	Media & Entertainment	S+350		8/21/26	20,000		19,551		19,829
Clydesdale Acquisition Holdings Inc.	(f)	Financials Services	S+418	0.5%	4/13/29	19,949		19,740		20,061
Cox Oil Offshore, LLC, Volumetric Production Payments	(g)(i)(r)	Energy—Upstream	12.9%		12/31/23	100,000		1,129		1,234
CPM Holdings, Inc.	(f)	Capital Goods	S+450	0.5%	9/28/28	20,000		20,038		20,092
Crown SubSea Communications Holding, Inc.	(f)(q)	Capital Goods	S+500	0.8%	4/27/27	4,500		4,523		4,534
Crown SubSea Communications Holding, Inc.	(f)(q)	Capital Goods	S+525	0.8%	4/27/27	5,430		5,445		5,468
Engineered Machinery Holdings, Inc.	(f)	Capital Goods	S+350	0.8%	5/19/28	19,924		19,847		19,840
First Brands Group, LLC	(f)	Automobiles & Components	S+500	1.0%	3/30/27	19,905		19,620		19,781
FR XIII PAA Holdings HoldCo, LLC	(f)(r)	Energy—Midstream	S+750	0.5%	10/15/26	17,047		16,855		17,156
GasLog Ltd.	(k)(r)	Energy—Midstream	7.8%		3/31/29	13,951		13,874		13,510
Gold Rush Amusements, Inc.	(f)(r)	Consumer Services	S+750	2.0%	10/12/28	30,673		30,079		30,059

See notes to unaudited consolidated financial statements.

12

FS Specialty Lending Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Goodnight Water Solutions, LLC	(f)(r)	Energy—Midstream	S+700	0.5%	6/3/27	$	14,516	$	14,326	$	14,379
Guardian US Holdco, LLC	(f)	Financial Services	S+400	0.5%	1/31/30	19,925		19,922		20,008
Knowlton Development Corporation Inc.	(f)	Household & Personal Products	S+500		8/15/28	21,000		20,370		20,858
LABL, Inc.	(f)	Commerical & Professional Services	S+500	0.5%	10/29/28	19,864		19,335		19,106
Learning Care Group No. 2 Inc.	(f)	Consumer Services	S+475	0.5%	8/11/28	19,950		20,070		20,100
Mavis Tire Express Services TopCo, L.P.	(f)	Consumer Discretionary Distribution & Retail	S+400	0.8%	5/4/28	19,893		19,797		19,955
Nephron Pharmaceuticals Corp.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	S+900	1.5%	9/11/26	20,000		19,400		19,300
Permian Production Holdings, LLC	(r)(u)	Energy—Upstream	7.0%, 2.0% PIK (2.0% Max PIK)		11/23/25	4,864		4,497		4,816
Phoenix Guarantor Inc.	(f)(q)	Financial Services	S+350		3/5/26	19,923		19,891		19,951
Plainfield Renewable Energy Holdings LLC	(m)(o)(r)	Energy—Power	6.0%, 9.5% PIK (9.5% Max PIK)		8/22/25	13,297		12,329		7,473
Plainfield Renewable Energy Holdings LLC	(m)(o)(r)	Energy—Power	10.0% PIK (10.0% Max PIK)		8/22/25	4,015		3,827		—
Plainfield Renewable Energy Holdings LLC, Letter of Credit	(e)(r)	Energy—Power	10.0%		8/22/25	2,709		2,709		—
Pretium PKG Holdings, Inc.	(f)	Materials	S+500	1.0%	10/2/28	30,118		29,634		29,591
Pro Mach Group, Inc.	(f)	Capital Goods	S+400	1.0%	8/31/28	19,924		19,979		20,007
Proampac PG Borrower LLC	(f)	Materials	S+450	0.8%	9/15/28	20,000		19,994		20,062
Realtruck Group, Inc.	(f)(q)	Automobiles & Components	S+350	0.8%	1/31/28	19,956		19,117		19,740
Ryan, LLC	(f)(q)	Commerical & Professional Services	S+450	0.5%	11/14/30	9,844		9,868		9,890
Ryan, LLC	(e)(q)	Commerical & Professional Services	S+450	0.5%	11/14/30	1,036		1,039		1,041
SRS Distribution Inc.	(f)(q)	Capital Goods	S+350	0.5%	6/2/28	19,924		19,729		19,982
TKC Holdings, Inc.	(f)	Consumer Staples Distribution & Retail	S+550	1.0%	5/15/28	19,650		18,681		18,830
TruGreen, LP	(f)	Commercial & Professional Services	S+400	0.8%	11/2/27	19,910		18,614		19,268
Warren Resources, Inc.	(f)(r)(v)	Energy—Upstream	S+900, 1.0% PIK (1.0% Max PIK)	1.0%	5/22/24	23,823		23,823		23,823
Wattbridge Inc.	(f)(r)	Energy—Power	S+985	1.8%	6/30/27	42,938		42,938		41,882
Total Senior Secured Loans—First Lien								889,245		836,390
Unfunded Loan Commitments								(11,232)		(11,232)
Net Senior Secured Loans—First Lien								878,013		825,158

See notes to unaudited consolidated financial statements.

13

FS Specialty Lending Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—Second Lien—3.5%
Citizen Energy Operating, LLC	(f)(r)	Energy—Upstream	S+765	1.0%	6/29/27	$	35,000	$	34,527	$	34,426
Tenrgys, LLC	(f)(r)	Energy—Upstream	S+750 (S+950 Max PIK)	1.0%	3/17/27	20,537		20,537		19,998
Total Senior Secured Loans—Second Lien								55,064		54,424
Senior Secured Bonds—5.4%
Allegiant Travel Co.	(k)	Transportation	7.3%		8/15/27	10,601		9,614		10,385
Aretec Escrow Issuer Inc.	(f)	Financial Services	10.0%		8/15/30	7,000		7,000		7,447
Full House Resorts, Inc.	(f)	Consumer Services	8.3%		2/15/28	20,742		18,561		19,517
Guitar Center, Inc.	(f)	Consumer Discretionary Distribution & Retail	8.5%		1/15/26	20,000		17,987		17,473
Navios Logistics Finance, Inc.	(f)(k)	Transportation	10.8%		7/1/25	20,000		19,680		19,772
ST EIP Holdings Inc.	(f)(r)	Energy—Midstream	6.3%		1/10/30	10,365		9,951		9,874
Total Senior Secured Bonds								82,793		84,468

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares/Units		Amortized Cost		Fair Value(d)
Preferred Equity—16.6%(l)
Abaco Energy Technologies LLC, Preferred Equity	(o)(r)	Energy—Service & Equipment				28,942,003		$	1,447	$	10,159
Global Jet Capital Holdings, LP, Preferred Equity	(o)(r)	Commercial & Professional Services				2,785,562		2,786		—
Global Jet Capital Holdings, LP, Preferred Equity	(m)(o)(r)	Commercial & Professional Services	9.0% PIK (9.0% Max PIK)		10/1/28	19,965		12,493		10,357
NGL Energy Partners, LP, Preferred Equity	(f)(k)(m)(o)(r)	Energy—Midstream	14.2%		7/2/27	156,250		157,633		141,141
USA Compression Partners, LP, Preferred Equity	(f)(k)(r)	Energy—Midstream	9.8%		4/3/28	79,336		78,091		98,333
Total Preferred Equity								252,450		259,990
						Commitment Amount(c)		Cost		Fair Value(d)
Sustainable Infrastructure Investments, LLC—2.5%
Sustainable Infrastructure Investments, LLC	(k)(r)(v)	Energy—Power				$	60,603	$	43,150	$	39,427
Total Sustainable Infrastructure Investments, LLC								43,150		39,427

See notes to unaudited consolidated financial statements.

14

FS Specialty Lending Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares/Units	Amortized Cost		Fair Value(d)
Equity/Other—15.3%
Abaco Energy Technologies LLC, Common Equity	(o)(r)	Energy—Service & Equipment				6,944,444	$	6,944	$	1,375
AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00	(k)(o)(p)(r)	Energy—Power				35	2,652		—
AirSwift Holdings, Ltd., Common Equity	(k)(o)(r)	Commercial & Professional Services				3,750,000	6,029		3,413
Allied Wireline Services, LLC, Common Equity	(n)(o)(r)(v)	Energy—Service & Equipment				48,400	1,527		—
Allied Wireline Services, LLC, Warrants	(n)(o)(r)(v)	Energy—Service & Equipment				22,000	—		—
Arena Energy, LP, Contingent Value Rights	(o)(r)	Energy—Upstream				126,632,117	351		571
Ascent Resources Utica Holdings, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				1,486,929	44,573		39,545
GWP Midstream Holdco, LLC, Common Equity	(n)(o)(r)(u)	Energy—Midstream				105,785	6,681		1,661
Harvest Oil & Gas Corp., Common Equity	(o)(u)	Energy—Upstream				135,062	14,418		271
Maverick Natural Resources, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				503,176	93,044		164,040
NGL Energy Partners, LP, Warrants (Par), Strike: $14.54	(k)(o)(r)	Energy—Midstream				2,187,500	3,083		2,682
NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45	(k)(o)(r)	Energy—Midstream				3,125,000	2,623		3,083
NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27	(k)(o)(r)	Energy—Midstream				781,250	576		735
NGL Energy Partners, LP, Warrants (Par), Strike: $13.56	(k)(o)(r)	Energy—Midstream				546,880	630		621
Permian Production Holdings, LLC, Common Equity	(n)(o)(r)(u)	Energy—Upstream				1,968,861	5		748
Telpico, LLC, Common Equity	(n)(o)(r)(u)	Energy—Upstream				50	—		—
Tenrgys, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				50	7,571		4,418
Warren Resources, Inc., Common Equity	(o)(r)(v)	Energy—Upstream				4,415,749	20,754		15,566
Total Equity/Other							211,461		238,729
Short-Term Investments—1.3%
U.S. Treasury Bills	(s)	U.S. Treasury Bills			1/2/24	21,000,000	20,994		21,000
Total Short-Term Investments							20,994		21,000
TOTAL INVESTMENTS—97.5%							$	1,543,925	1,523,196
Cash and Cash Equivalents—31.1%	(t)								486,059
Liabilities in Excess of Other Assets—(28.6%)	(j)								(447,200)
NET ASSETS—100.0%									$	1,562,055

See notes to unaudited consolidated financial statements.

15

FS Specialty Lending Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2023

(in thousands, except share amounts)

Equity Total Return Swaps

Counterparty	Pay/Receive(h)	Underlying Reference	Number of Shares	Interest Rate(b)	Payment Frequency	Maturity	Notional Amount		Unrealized Appreciation (Depreciation)
Nomura Global Financial Products Inc.	Receive	FS Credit Opportunities Corp. Common Stock	6,756,299	OBFR+1.15%	Monthly	9/21/26	$	38,308	$	—
Total Equity Total Return Swaps									$	—

__________________

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.35% and 5.33%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)    Denominated in U.S. dollars, unless otherwise noted.

(d)    See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(e)    Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(f)    Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

(g)    Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

(h)    Receive represents that the Company receives payments for any positive net return and makes payments for any negative net return on the underlying reference. Pay represents that the Company receives payments for any negative net return and makes payments for any positive net return on the underlying reference.

(i)    Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

(j)    Includes the effect of swap contracts.

(k)    The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2023, 80.8% of the Company’s total assets represented qualifying assets.

(l)    Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

(m)    Security was on non-accrual status as of December 31, 2023.

(n)    Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

(o)    Security is non-income producing.

(p)    Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

(q)    Security or portion thereof unsettled as of December 31, 2023.

(r)    Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

(s)     Security or portion thereof is pledged as collateral supporting the equity total return swap with Nomura Global Financial Products Inc. (see Note 6).

(t)    Includes $23,098 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of December 31, 2023.

See notes to unaudited consolidated financial statements.

16

FS Specialty Lending Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2023

(in thousands, except share amounts)

(u)    Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2023:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2023		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Permian Production Holdings, LLC	$	4,767	$	231	$	—	$	—	$	(182)	$	4,816	$	675	$	97
Equity/Other
GWP Midstream Holdco, LLC, Common Equity	5,044		—		(3,112)		3,112		(3,383)		1,661		—		—
Harvest Oil & Gas Corp., Common Equity	810		—		(641)		—		102		271		—		—
Limetree Bay Energy, LLC, Class A Units	1,885		246		—		(21,704)		19,573		—		—		—
Permian Production Holdings, LLC, Common Equity	11,420		—		—		—		(10,672)		748		—		—
Ridgeback Resources Inc., Common Equity	41,851		—		(35,240)		(11,359)		4,748		—		—		—
Telpico, LLC, Common Equity	—		—		—		—		—		—		—		—
	$	65,777	$	477	$	(38,993)	$	(29,951)	$	10,186	$	7,496	$	675	$	97

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest and PIK income presented for the year ended December 31, 2023.

See notes to unaudited consolidated financial statements.

17

FS Specialty Lending Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2023

(in thousands, except share amounts)

(v)    Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2023:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2023		Interest Income(3)		PIK Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Allied Downhole Technologies, LLC	$	8,436	$	138	$	(8,574)	$	—	$	—	$	—	$	256	$	139	$	—
Allied Wireline Services, LLC	63,888		6,389		—		—		(48,077)		22,200		—		2,910		—
Warren Resources, Inc.	23,584		239		—		—		—		23,823		3,464		179		—
Sustainable Infrastructure Investments, LLC
Sustainable Infrastructure Investments, LLC	51,098		—		(11,364)		—		(307)		39,427		—		—		8,324
Equity/Other
Allied Wireline Services, LLC, Common Equity	10,463		—		—		—		(10,463)		—		—		—		—
Allied Wireline Services, LLC, Warrants	—		—		—		—		—		—		—		—		—
Warren Resources, Inc., Common Equity	36,982		—		—		—		(21,416)		15,566		—		—		—
	$	194,451	$	6,766	$	(19,938)	$	—	$	(80,263)	$	101,016	$	3,720	$	3,228	$	8,324

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest, PIK and dividend income presented for the year ended December 31, 2023.

See notes to unaudited consolidated financial statements.

18

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements

(in thousands, except share and per share amounts)

Note 1. Principal Business and Organization

FS Specialty Lending Fund, or the Company, was formed as a Delaware statutory trust under the Delaware Statutory Trust Act on September 16, 2010 and formally commenced investment operations on July 18, 2011. Prior to September 29, 2023, the Company’s name was FS Energy and Power Fund. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned financing subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds or expects to hold interests in certain portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2024. All significant intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.

In May 2023, the Company announced that its board of trustees approved the Company’s transition from an investment policy of investing primarily in energy companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors. The Company notified its shareholders of the new policy, which became effective on September 29, 2023.

The Company’s current investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation by investing primarily in private and public credit in a broad set of industries, sectors and sub-sectors. The Company’s current investment policy is to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Company’s total assets.

Prior to September 29, 2023, the Company’s investment objectives were to generate current income and long-term capital appreciation by investing primarily in privately-held U.S. companies in the energy and power industry. Prior to September 29, 2023, the Company’s investment policy was to invest, under normal circumstances, at least 80% of its total assets in securities of energy and power related, or Energy, companies. The Company considers Energy companies to be those companies that engage in the exploration, development, production, gathering, transportation, processing, storage, refining, distribution, mining, generation or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or power, including those companies that provide equipment or services to companies engaged in any of the foregoing.

The Company commenced transitioning the Company’s portfolio holdings away from Energy investments in May 2023, while remaining in compliance with the Company’s then-current investment policy. The Company’s allocation to Energy investments is expected to continue to decline over time through the natural course of maturities, repayments and sales activity and by growing the total size of the portfolio through leverage facilities. The pace of the portfolio rotation is dependent upon a number of factors, including the turnover of concentrated illiquid Energy investments, performance of underlying portfolio companies, high yield and energy market conditions, the Company’s access to borrowings and the amount and pace of the payment of enhanced distributions to shareholders, among others.

The Company is managed by FS/EIG Advisor, LLC, or FS/EIG Advisor, pursuant to an investment advisory and administrative services agreement, dated as of April 9, 2018, or the FS/EIG investment advisory agreement. FS/EIG Advisor oversees the management of the Company’s operations and is responsible for making investment decisions with respect to the Company’s portfolio. FS/EIG Advisor is jointly operated by an affiliate of Franklin Square Holdings, L.P. (which does business as FS Investments) and EIG Asset Management, LLC, or EIG.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Company’s annual report on Form 10-K. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 consolidated balance sheet and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2023. The Company is considered an investment company under GAAP and follows the accounting and

19

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 2. Summary of Significant Accounting Policies (continued)

reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the Securities and Exchange Commission, or the SEC.

Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.

Capital Gains Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of such agreement). Such fee equals 20.0% of the Company’s “incentive fee capital gains,” which are the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company will accrue for the incentive fee on capital gains, which, if earned, will be paid annually. The Company will accrue the incentive fee on capital gains based on net realized and unrealized gains; however, the fee payable to FS/EIG Advisor will be based on realized gains and no such fee will be payable with respect to unrealized gains unless and until such gains are actually realized. For the six months ended June 30, 2024 and 2023, the Company did not accrue any amount of capital gains incentive fee.

Subordinated Income Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, FS/EIG Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the FS/EIG investment advisory agreement is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS/EIG Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, “adjusted capital” means cumulative gross proceeds generated from sales of the Company’s common shares (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company’s investments paid to shareholders and amounts paid for share repurchases pursuant to the Company’s share repurchase program. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, FS/EIG Advisor will be entitled to a “catch-up” fee equal to the amount of the Company’s pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This “catch-up” feature will allow FS/EIG Advisor to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, FS/EIG Advisor will be entitled to receive 20.0% of the Company’s pre-incentive fee net investment income. For the six months ended June 30, 2024 and 2023, the Company did not accrue any amount of subordinated incentive fee on income.

Reclassifications: Certain amounts in the unaudited consolidated financial statements for the six months ended June 30, 2023 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements for the six months ended June 30, 2024.

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns

20

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 2. Summary of Significant Accounting Policies (continued)

such amounts. For the six months ended June 30, 2024 and 2023, the Company recognized no structuring or other upfront fee revenue.

The Company invests in a Collateralized Loan Obligation, or CLO. Interest income from investments in the “equity” class of the CLO (in the Company's case, subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with Accounting Standards Codification Topic 325-40-35, Beneficial Interests in Securitized Financial Assets, or ASC Topic 325. The Company monitors the expected cash inflows from its equity investments in the CLO, including the expected principal repayments. The effective yield is determined and updated quarterly.

Derivative Instruments: The Company’s derivative instruments may include fixed price swaps and equity total return swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments for accounting purposes, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on swap contracts in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gain (loss) on swap contracts in the consolidated statements of operations.

Collateralized Loan Obligation – Warehouses: A Collateralized Loan Obligation Warehouse, or CLO Warehouse, is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the collateralized loan obligation vehicle issues various tranches of securities to the market. At this time, financing through the issuance of debt securities and subordinated notes is used to repay the bank financing.

The fair value of the Company’s investment in the CLO Warehouse is determined by adding the excess spread (accrued interest plus interest received less financing cost) to the Company’s initial investment in the CLO Warehouse. Consistent with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the Financial Accounting Standards Board, or the FASB, the excess spread represents the price that would be received from the sale of the CLO Warehouse investment in an orderly transaction between market participants. CLO warehouses can be exposed to credit events, mark to market changes, rating agency downgrades and financing cost changes.

Note 3. Share Transactions

Below is a summary of transactions with respect to the Company’s common shares during the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024			2023
	Shares	Amount		Shares	Amount
Reinvestment of Distributions(1)	—	$	—	2,663,874	$	10,388
Proceeds from Share Transactions	—	$	—	2,663,874	$	10,388

______________

(1)    On September 15, 2023, the Company's second amended and restated distribution reinvestment plan terminated.

On July 19, 2023, the Company’s board of trustees, including the independent trustees, approved the termination of the Company’s second amended and restated distribution reinvestment plan with respect to distributions declared by the Company’s board of trustees on the Company’s common shares, effective as of September 15, 2023. After this date, all shareholders will receive any subsequent distributions in cash.

On February 25, 2020, the Company received exemptive relief from the SEC permitting it to offer multiple classes of common shares. While the Company has no present intention to recommence a public offering of its common shares, the Company could do so in the future.

21

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Share Transactions (continued)

Share Repurchase Program

In March 2020, in light of difficult market conditions and in an effort to preserve liquidity in the Company, the Company’s board of trustees determined to suspend for an indefinite period of time the Company’s share repurchase program and will reassess the Company’s ability to recommence such program in future periods.

Prior to its suspension, the Company intended to conduct quarterly tender offers pursuant to its share repurchase program. The Company's board of trustees will consider the following factors, among others, in making its determination regarding whether to cause the Company to offer to repurchase common shares and under what terms:

•    the effect of such repurchases on the Company’s qualification as a RIC (including the consequences of any necessary asset sales);

•    the liquidity of the Company's assets (including fees and costs associated with disposing of assets);

•    the Company’s investment plans and working capital requirements;

•    the relative economies of scale with respect to the Company’s size;

•    the Company’s history in repurchasing common shares or portions thereof; and

•    the condition of the securities markets.

On May 5, 2017, the board of trustees of the Company further amended the share repurchase program. As amended, the Company limited the maximum number of common shares to be repurchased for any repurchase offer to the greater of (A) the number of common shares that the Company can repurchase with the proceeds it has received from the sale of common shares under its distribution reinvestment plan during the twelve-month period ending on the date the applicable repurchase offer expires (less the amount of proceeds used to repurchase common shares on each previous repurchase date for repurchase offers conducted during such twelve-month period) (this limitation is referred to as the twelve-month repurchase limitation) and (B) the number of common shares that the Company can repurchase with the proceeds the Company receives from the sale of common shares under its distribution reinvestment plan during the three-month period ending on the date the applicable repurchase offer expires (this limitation is referred to as the three-month repurchase limitation). In addition to this limitation, the maximum number of common shares to be repurchased for any repurchase offer has also been limited to 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter. As a result, the maximum number of common shares to be repurchased for any repurchase offer would not exceed the lesser of (i) 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter, and (ii) whichever is greater of the twelve-month repurchase limitation described in clause (A) above and the three-month repurchase limitation described in clause (B) above.

Historically, pursuant to the Company's share repurchase program, the Company offered to repurchase common shares at a price equal to the price at which common shares were issued pursuant to the Company’s distribution reinvestment plan on the distribution date coinciding with the applicable share repurchase date. The price at which common shares were issued under the Company’s distribution reinvestment plan was determined by the Company’s board of trustees or a committee thereof, in its sole discretion, and was (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment date of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. The Company’s board of trustees may amend, suspend or terminate the share repurchase program at any time, upon 30 days’ notice. The Company did not repurchase any shares pursuant to its share repurchase program during the six months ended June 30, 2024 and 2023. The Company's distribution reinvestment plan was terminated effective September 15, 2023.

In order to minimize the expense of supporting small accounts and provide additional liquidity to shareholders of the Company holding small accounts after completion of a regular quarterly share repurchase offer, the Company reserves the right to repurchase the shares of and liquidate any investor’s account if the balance of such account is less than the Company’s $5 minimum initial investment, unless the account balance has fallen below the minimum solely as a result of a decline in the Company’s net asset value per share. The Company will provide or will cause to be provided 30 days’ prior written notice to potentially affected investors, which notice may be included in regular quarterly repurchase offer materials, of any such repurchase. Historically, any such repurchases were made at the Company’s most recent price at which the Company’s shares were issued pursuant to its distribution reinvestment plan. There were no de minimis account liquidations during the six months ended June 30, 2024 and 2023.

22

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 4. Related Party Transactions

Compensation of the Investment Adviser

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor is entitled to an annual base management fee based on the average weekly value of the Company’s gross assets (gross assets equals total assets as set forth on the Company’s consolidated balance sheets) during the most recently completed calendar quarter and an incentive fee based on the Company’s performance. The base management fee is payable quarterly in arrears, and is calculated at an annual rate of 1.75% of the average weekly value of the Company’s gross assets. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that FS/EIG Advisor may be entitled to under the FS/EIG investment advisory agreement.

FS/EIG Advisor may receive structuring or other upfront fees from portfolio companies in which FS/EIG Advisor has caused the Company to invest. FS/EIG Advisor has agreed to offset the amount of any structuring, upfront or certain other fees received by FS/EIG Advisor or its members against the management fees payable by the Company under the FS/EIG investment advisory agreement. During the six months ended June 30, 2024 and 2023, $3 and $274, respectively, of structuring, upfront or certain other fees received by FS/EIG Advisor or its members were offset against management fees.

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities and other administrative services. FS/EIG Advisor also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC.

The Company reimburses FS/EIG Advisor for expenses necessary to perform services related to the Company’s administration and operations, including FS/EIG Advisor’s allocable portion of the compensation and/or related expenses of certain personnel of FS Investments and EIG providing administrative services to the Company on behalf of FS/EIG Advisor, and for transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. The Company reimburses FS/EIG Advisor no less than quarterly for expenses necessary to perform services related to the Company’s administration and operations. The amount of this reimbursement is set at the lesser of (1) FS/EIG Advisor’s actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. FS/EIG Advisor allocates the cost of such services to the Company based on factors such as time allocations and other reasonable metrics. The Company’s board of trustees reviews the methodology employed in determining how the expenses are allocated to the Company and assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party providers known to be available. In addition, the Company’s board of trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of trustees, among other things, compares the total amount paid to FS/EIG Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. The Company does not reimburse FS/EIG Advisor for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of FS/EIG Advisor.

The following table describes the fees and expenses accrued under the FS/EIG investment advisory agreement during the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2024		2023		2024		2023
FS/EIG Advisor	FS/EIG investment advisory agreement	Base Management Fee(1)	$	8,962	$	8,686	$	18,074	$	18,905
FS/EIG Advisor	FS/EIG investment advisory agreement	Administrative Services Expenses(2)	$	1,535	$	1,359	$	3,070	$	2,679

_________________________

(1)    During the six months ended June 30, 2024 and 2023, $17,528 and $21,404, respectively, in base management fees were paid to FS/EIG Advisor. The base management fee amount shown in the table above is shown net of $3 and $19 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the three months ended June 30, 2024 and 2023, respectively, and $3 and $274 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, $8,962 in base management fees were payable to FS/EIG Advisor.

(2)    During the six months ended June 30, 2024 and 2023, $1,373 and $1,649, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS/EIG Advisor and the remainder related to other reimbursable expenses. The Company paid $1,949 and $2,933 in administrative services expenses to FS/EIG Advisor, or its affiliates, during the six months ended June 30, 2024 and 2023, respectively.

23

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 4. Related Party Transactions (continued)

Potential Conflicts of Interest

The members of the senior management and investment teams of FS/EIG Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of FS/EIG Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or EIG. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2023.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated June 4, 2013, or the Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS KKR Capital Corp., or collectively the Company’s co-investment affiliates. Effective April 9, 2018, or the JV Effective Date, and in connection with the transition of advisory services to a joint advisory relationship with EIG, the Company’s board of trustees authorized and directed that the Company (i) withdraw from the Order, except with respect to any transaction in which the Company participated in reliance on the Order prior to the JV Effective Date, and (ii) rely on an exemptive relief order dated April 10, 2018, granted to EIG and its affiliates which permits the Company to participate in co-investment transactions with certain other EIG advised funds, or the EIG Order. On September 19, 2023, the Company, among other applicants, filed an application with the SEC to seek permission to co-invest in certain privately negotiated transactions with certain affiliates of FS/EIG Advisor, including FS Credit Opportunities Corp. and FS Tactical Opportunities Fund. The application provides that, among other things, should the SEC grant the requested order, the Company would withdraw from the EIG Order, except with respect to any transaction in which the Company participated in reliance on the EIG Order prior to the issuance of the new order. There is no guarantee if and when the application will be granted by the SEC.

Bridge Street CLO IV Ltd.

The collateral manager and administrator of Bridge Street CLO IV Ltd., or Bridge Street CLO IV, or CLO issuer, FS Structured Products Advisor, LLC, or FSSPA, is an affiliate of FS/EIG Advisor. In accordance with an agreement between FSSPA and the Company, as long as the Company owns more than 4.99% of the CLO issuer’s equity, FSSPA will reimburse the Company on a quarterly basis in an amount equal to a portion of the compensation received by FSSPA from the CLO issuer, equal to the Company's percentage ownership of the CLO issuer's subordinated notes, for FSSPA's collateral management and collateral administrator services less certain administrative costs borne by FSSPA during the relevant quarter as defined in the expense reimbursement agreement.

Bridge Street Warehouse CLO IV Ltd., or Bridge Street Warehouse CLO IV, was a CLO Warehouse that commenced operations on January 26, 2024. During the warehouse phase and through April 26, 2024, Bridge Street Warehouse CLO IV financed its loan purchases using its warehouse financing facility (including a subordinated loan facility provided by the Company). On April 26, 2024, the CLO Warehouse phase terminated when the collateralized loan obligation vehicle, Bridge Street CLO IV, issued to the market various tranches of notes in the amount of $354,700, including $23,700 principal amount for subordinated notes and rights to receive cash flows from collateral management fees. On such date, Bridge Street CLO IV, following a merger with Bridge Street Warehouse CLO IV, used the proceeds from its note issuance to repay the warehouse financing facility.

24

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 5. Distributions

The following table reflects the cash distributions per share that the Company declared on its common shares during the six months ended June 30, 2024 and 2023:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2023
March 31, 2023	$	0.0300	$	13,584
June 30, 2023	0.0300		13,624
Total	$	0.0600	$	27,208
Fiscal 2024
March 31, 2024(1)	$	0.0034	$	1,549
June 30, 2024	0.0866		39,447
Total	$	0.0900	$	40,996

_________________________

(1)    For the quarter ended December 31, 2023, the distribution amount per share was $0.0643, comprised of an initial distribution per share of $0.0609 declared in December 2023 and the remaining distribution per share of $0.0034 declared in January 2024, collectively representing an annualized distribution rate to shareholders of 7.5%.

Subject to applicable legal restrictions and the sole discretion of the Company's board of trustees, the Company expects to provide enhanced quarterly distributions to shareholders until the achievement of a long-term liquidity event. On July 22, 2024, the Company's board of trustees declared an enhanced cash distribution of $0.0867 per share for the second quarter of 2024, representing an annualized distribution rate to shareholders of 10.0% based on the estimated net asset value of $3.47 per share as of June 30, 2024. The enhanced distributions are expected to be paid quarterly and increase in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15.0% of the Company’s then-current estimated net asset value beyond 2026. The Company expects a portion of the distributions may represent a return of investor capital, helping to accelerate liquidity for shareholders in the near-term. There can be no assurance that the Company will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of trustees.

Historically, the Company had an “opt in” distribution reinvestment plan for its shareholders. As a result, if the Company made a cash distribution, its shareholders would receive distributions in cash unless they specifically “opted in” to the distribution reinvestment plan so as to have their cash distributions reinvested in additional common shares. However, certain state authorities or regulators may have imposed restrictions from time to time that may have prevented or limited a shareholder's ability to participate in the distribution reinvestment plan. The Company's distribution reinvestment plan was terminated effective as of September 15, 2023.

Under the prior distribution reinvestment plan, cash distributions to participating shareholders would be reinvested in additional common shares at a purchase price determined by the Company’s board of trustees, or a committee thereof, in its sole discretion, that was (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. Any distributions reinvested under the plan would remain taxable to a U.S. shareholder.

The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of the Company’s common shares, borrowings, net investment income from operations, capital gains proceeds from the sale of assets and non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. The Company's distribution proceeds have exceeded and in the future may exceed its earnings. Therefore, portions of the distributions that the Company has made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

25

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 5. Distributions (continued)

The following table reflects the sources of the cash distributions on a tax basis that the Company declared on its common shares during the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024				2023
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Net investment income(1)	$	40,996	100	%	$	27,208	100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Total	$	40,996	100	%	$	27,208	100	%

_________________________

(1)    During the six months ended June 30, 2024 and 2023, 91.2% and 82.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 4.7% and 14.0%, respectively, was attributable to paid-in-kind, or PIK, interest and 4.1% and 3.7%, respectively, was attributable to non-cash accretion of discount.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company's distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term. As of June 30, 2024, the Company had short-term and long-term capital loss carryforwards available to offset future realized capital gains of $71,824 and $1,460,224, respectively.

As of June 30, 2024 and December 31, 2023, for federal income tax purposes, the gross unrealized appreciation on the Company’s investments, swap contracts and unrealized gain on foreign currency was $72,517 and $148,817, respectively, and the gross unrealized depreciation on the Company’s investments, swap contracts and unrealized loss on foreign currency was $171,037 and $213,339, respectively.

The aggregate cost of the Company’s investments for federal income tax purposes totaled $1,745,228 and $1,587,709 as of June 30, 2024 and December 31, 2023, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $(98,723) and $(64,513) as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024 and December 31, 2023, the Company had deferred tax assets of $152,228 and $142,608, respectively, particularly resulting from interest expense disallowance, net operating losses and capital losses of the Company's wholly-owned taxable subsidiaries. As of June 30, 2024, the Company had no deferred tax liability. As of December 31, 2023, the Company had a deferred tax liability of $2,595, resulting from unrealized appreciation on investments held by the Company's wholly-owned taxable subsidiaries. As of June 30, 2024 and December 31, 2023, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their deferred tax assets, therefore the deferred tax assets were offset by valuation allowances of $152,228 and $140,013, respectively. For the six months ended June 30, 2024 and the year ended December 31, 2023, the Company did not record a provision for taxes related to its wholly-owned taxable subsidiaries.

Note 6. Financial Instruments

The Company may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities.

Fixed Price Swaps

The Company previously utilized commodity fixed price swaps to economically hedge certain risks against natural gas and crude oil price exposure related to certain investments in the Company's portfolio. A fixed price swap is a contract between two parties in which settlements are made at a specified time based on the difference between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price was less than the price specified in the contract, the Company received an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeded the price specified in the contract, the Company paid the counterparty an amount based on the price difference multiplied by the volume.

The Company's fixed price swaps were settled monthly and the settlement prices contained in these fixed price swaps were based on commodity exchanges; the NYMEX Henry Hub for natural gas and the ICE Brent for oil. Gas volumes are measured in one

26

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financial Instruments (continued)

million British thermal units, or MMBtus, and oil volumes are measured in barrels, or Bbls. The changes in the value of the fixed price swaps were recorded as unrealized appreciation or depreciation on swap contracts in the consolidated balance sheets. The Company's fixed price swaps settled monthly and the changes in the value of the fixed price swaps were recorded as realized gains or losses in the consolidated statements of operations. The primary underlying risk exposure through the use of fixed price swaps is commodity price risk of the underlying commodity, such as natural gas and crude oil. As of December 31, 2023, the Company's fixed price swaps were fully terminated.

Total Return Swaps

The Company utilizes total return swaps to obtain exposure to securities without owning such securities. A total return swap, or TRS, is a contract in which there is an exchange of cash flows whereby one party agrees to make periodic payments based on the total return (distributions or periodic interest payments plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Company receives payment from or makes a payment to the counterparty. Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market with another market.

Nomura Total Return Swap

On September 20, 2023, the Company entered into an equity total return swap with Nomura Global Financial Products Inc., or Nomura. Under the Nomura TRS, the Company obtains the economic benefit of owning shares of FS Credit Opportunities Corp., or FSCO, an investment company registered under the 1940 Act, without actually owning them, and Nomura receives an interest-type payment in return. The investment adviser to FSCO is wholly-owned by Franklin Square Holdings, L.P., which is also the majority owner of FS/EIG Advisor.

The Nomura TRS is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation on swap contracts in the consolidated balance sheets. Pursuant to its terms, the Nomura TRS settles monthly and a realized gain or loss is recorded in the consolidated statements of operations equal to the difference between the value of the shares underlying the Nomura TRS at the time the swap was entered into or the previous settlement date and the value as of the current settlement date, plus dividends received and less accrued interest. Any dividends received by Nomura as holder of the FSCO shares are paid to the Company. The Nomura TRS has a term of three years, but it could be terminated earlier in whole or in part following the occurrence of certain prescribed events agreed to between Nomura and the Company. The primary underlying risk exposure through the use of equity total return swaps is equity market risk.

BNP Paribas Total Return Swap

On February 15, 2024, FSSL Finance BNPP TRS LLC, or FSSL Finance BNPP TRS, a wholly-owned financing subsidiary of the Company, entered into a TRS for a portfolio of senior secured floating rate loans with BNP Paribas, or BNPP. The BNPP TRS enables the Company, through its ownership of FSSL Finance BNPP TRS, to obtain the economic benefit of owning the broadly syndicated loans subject to the TRS, without actually owning them, in return for an interest-type payment to BNPP. As such, the BNPP TRS is analogous to the Company borrowing funds to acquire loans and incurring interest expense to a lender.

The terms of the BNPP TRS include, among other things, (a) payment by BNPP to FSSL Finance BNPP TRS of all interest and fees (less applicable withholding taxes) on the underlying loans, (b) payment by FSSL Finance BNPP TRS to BNPP of (i) a financing fee on the outstanding notional amount of the TRS at a rate equal to USD-SOFR Compounded Index plus 1.65% per annum, and (ii) a utilization fee of 0.85% per annum on the difference between any lesser usage amount and a $100,000 minimum usage threshold, (c) upon the termination or repayment of any loan subject to the TRS, FSSL Finance BNPP TRS either will receive from BNPP the appreciation in the value of such loan or will pay to BNPP any depreciation in the value of such loan and (d) guarantee by the Company of all obligations of FSSL Finance BNPP TRS.

During the six months ended June 30, 2024, the monthly average notional amounts of the Nomura TRS and the BNPP TRS were $39,744 and $52,428, respectively.

27

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financial Instruments (continued)

The following table presents the fair value of open swap contracts (which are not considered to be hedging instruments for accounting purposes) as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)				December 31, 2023
Instrument	Derivative Assets(1)		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Nomura Total Return Swap	$	—	$	—	$	—	$	—
BNP Paribas Total Return Swap	225		—		—		—
Total	$	225	$	—	$	—	$	—

______________

(1)    Reflected on the Company's consolidated balance sheets as: Unrealized appreciation on swap contracts.

The effect of swap contracts (which are not considered to be hedging instruments for accounting purposes) on the Company's statements of operations for the six months ended June 30, 2024 and 2023 were as follows:

	Net Realized Gains (Losses)(1)				Net Change in Unrealized Appreciation (Depreciation)(2)
	Six Months Ended June 30,				Six Months Ended June 30,
Instrument	2024		2023		2024		2023
Commodity Fixed Price Swaps—Crude Oil	$	—	$	(18)	$	—	$	971
Commodity Fixed Price Swaps—Natural Gas	—		244		—		232
Nomura Total Return Swap	5,817		—		—		—
BNP Paribas Total Return Swap	410		—		225		—
Total	$	6,227	$	226	$	225	$	1,203

______________

(1)    Reflected on the Company's consolidated statements of operations as: Net realized gain (loss) on swap contracts.

(2)    Reflected on the Company's consolidated statements of operations as: Net change in unrealized appreciation (depreciation) on swap contracts.

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets.

The following table presents the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2024:

	As of June 30, 2024 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BNP Paribas	$	225	—	$	225	—	—	$	225

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

28

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)						December 31, 2023
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,140,094	$	1,131,071	69	%	$	878,013	$	825,158	54	%
Senior Secured Loans—Second Lien	81,823		81,345		5	%	55,064		54,424		4	%
Senior Secured Bonds	127,253		124,133		8	%	82,793		84,468		5	%
Subordinated Debt	35,167		35,387		2	%	—		—		—
Asset Based Finance	23,619		21,566		1	%	—		—		—
Preferred Equity	68,444		72,074		4	%	252,450		259,990		17	%
Sustainable Infrastructure Investments, LLC	43,150		44,627		3	%	43,150		39,427		3	%
Equity/Other	181,493		136,302		8	%	211,461		238,729		16	%
Short-Term Investments	—		—		—		20,994		21,000		1	%
Total	$	1,701,043	$	1,646,505	100	%	$	1,543,925	$	1,523,196	100	%

______________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of a portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of June 30, 2024, the Company held investments in five portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control” and held investments in one portfolio company of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (t) and (u) to the unaudited consolidated schedule of investments as of June 30, 2024 in this quarterly report on Form 10-Q.

As of December 31, 2023, the Company held investments in four portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control” and held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (u) and (v) to the consolidated schedule of investments as of December 31, 2023 in this quarterly report on Form 10-Q.

The Company’s investment portfolio may contain loans or bonds that are in the form of lines of credit or revolving credit facilities, or other investments, pursuant to which the Company may be required to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2024, the Company had eight senior secured loan investments with aggregate unfunded commitments of $22,405 and unfunded commitments of $18,989 in U.S. dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. As of December 31, 2023, the Company had five senior secured loan investments with aggregate unfunded commitments of $11,232 and unfunded commitments of $18,989 in U.S dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. The Company maintains sufficient cash on hand, available borrowings and/or liquid securities to fund such unfunded commitments should the need arise.

29

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)				December 31, 2023
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Consumer Services	$	232,631	14	%	$	156,089	10	%
Energy—Upstream	208,497		13	%	309,456		20	%
Capital Goods	172,104		10	%	116,454		8	%
Commercial & Professional Services(1)	146,627		9	%	62,036		4	%
Health Care Equipment & Services	124,451		8	%	73,105		5	%
Energy—Midstream	91,389		6	%	303,175		20	%
Consumer Discretionary Distribution & Retail	67,984		4	%	37,428		3	%
Materials	65,561		4	%	49,653		3	%
Consumer Durables & Apparel	63,829		4	%	—		—
Transportation	60,016		4	%	30,157		2	%
Energy—Power	59,519		4	%	69,696		5	%
Automobiles & Components	49,437		3	%	39,521		3	%
Consumer Staples Distribution & Retail	45,534		3	%	18,830		1	%
Financial Services(1)	41,049		2	%	83,197		6	%
Household & Personal Products	41,034		2	%	20,858		1	%
Telecommunication Services	33,536		2	%	—		—
Software & Services(1)	24,676		1	%	—		—
Media & Entertainment(1)	20,884		1	%	19,829		1	%
Pharmaceuticals, Biotechnology & Life Sciences	20,297		1	%	19,300		1	%
Insurance	18,897		1	%	20,251		1	%
Technology Hardware & Equipment	13,926		1	%	—		—
Energy—Service & Equipment(1)	—		—		33,734		2	%
U.S. Treasury	—		—		21,000		1	%
Sustainable Infrastructure Investments, LLC(2)	44,627		3	%	39,427		3	%
Total	$	1,646,505	100	%	$	1,523,196	100	%

_____________________

(1)    FS/EIG Advisor monitors the industry classification of the Company’s investments and may from time to time reclassify such investments if it determines such reclassification is appropriate. During the six months ended June 30, 2024, each of the three investments had their industries re-classified from Financial Services to Media & Entertainment, Commercial & Professional Services and Software & Services. During the year ended December 31, 2023, two investments had their industry re-classified from Energy—Industrials to Commercial & Professional Services, and one investment had its industry re-classified from Energy—Service & Equipment to Commercial & Professional Services.

(2)    Sustainable Infrastructure Investments, LLC is comprised of midstream and renewables assets in the Energy sector.

Sustainable Infrastructure Investments, LLC

Sustainable Infrastructure Investments, LLC, or SIIJV, is a joint venture between the Company and Imperial Sustainable Infrastructure Investments, LLC, or Imperial, a subsidiary of Imperial Capital Asset Management, LLC, or ICAM. The joint venture is governed pursuant to the terms of an amended and restated limited liability company agreement of SIIJV, dated as of January 2, 2020, between the Company and Imperial, or the SIIJV Agreement. The SIIJV Agreement requires the Company and Imperial to provide capital to SIIJV of up to $67,629 in U.S. dollars and $5,430 in Canadian dollars in the aggregate where the Company and Imperial would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the SIIJV Agreement, the Company and Imperial each have 50% voting control of SIIJV and are required to agree on all investment decisions as well as all other significant actions for SIIJV. SIIJV invests in senior secured loans to middle market companies, broadly syndicated loans and other midstream and renewables assets. As administrative agent of SIIJV, the Company performs certain day-to-day management responsibilities on behalf of SIIJV and is entitled to a fee in the annual amount of 0.25% of SIIJV’s net assets under administration,

30

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

calculated and payable quarterly in arrears. As of June 30, 2024, the Company and Imperial funded approximately $49,313 to SIIJV, of which $43,150 was from the Company. The Company does not consolidate SIIJV in its consolidated financial statements.

On January 2, 2020, Seine Funding, LLC, or Seine Funding, a wholly-owned subsidiary of SIIJV, entered into a credit facility, as amended, or the Seine Funding Facility, with certain financial institutions as lender, agent, collateral agent, collateral administrator, and collateral custodian, and SIIJV, as collateral manager. The Seine Funding Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate principal amount of up to $634,103 on a committed basis, which may be increased under certain circumstances at the request of Seine Funding and with the consent of the lender and agent. The end of the reinvestment period for the Seine Funding Facility was on December 31, 2020. The maturity date for the Seine Funding Facility is the earlier of (i) the latest maturity date among the assets securing the facility and (ii) the first date, after the end of the reinvestment period, on which all assets securing the facility are paid in full. Under the Seine Funding Facility, borrowings bear interest at the rate of Term SOFR plus a credit spread adjustment calculated by reference to the interest periods of particular loan assets per the terms of the credit agreement (or the relevant benchmark reference rate for any foreign currency borrowings) (in each case, subject to a floor of the higher of 0% and any applicable floor for particular loan assets), plus 1.20% per annum. Borrowings under the Seine Funding Facility are secured by a first priority security interest in substantially all of the assets of Seine Funding. As of June 30, 2024, total outstanding borrowings under the Seine Funding Facility were $103,640.

Below is a summary of SIIJV's portfolio, followed by a listing of the individual loans in SIIJV's portfolio as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)			December 31, 2023
Total investments(1)	$	135,618		$	170,083
Weighted average current interest rate on debt investments(2)	7.47		%	7.45		%
Number of portfolio assets in SIIJV	4			6
Largest investment in a single portfolio company(1)	$	55,988		$	57,227

_____________________

(1)    At cost.

(2)    Computed as the (a) annual stated interest rate on accruing debt, divided by (b) total debt at par amount.

Sustainable Infrastructure Investments, LLC Portfolio

As of June 30, 2024

(Unaudited)

Portfolio Company(a)(b)	Energy Industry	Rate(c)	Maturity	Principal Amount		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Blue Heron Intermediate Holdco I, LLC	Midstream	S+188	12/31/24	$	30,094	$	30,094	$	30,094
FLNG Liquefaction 2, LLC	Midstream	S+150	12/31/26	25,765		25,765		25,765
NES Hercules Class B Member, LLC	Renewables	S+178	1/31/28	23,771		23,771		23,771
ST EIP Holdco LLC	Midstream	S+250	11/5/24	55,988		55,988		55,988
Total Senior Secured Loans—First Lien						135,618		135,618
TOTAL INVESTMENTS—100.0%						$	135,618	$	135,618

31

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

Sustainable Infrastructure Investments, LLC Portfolio

As of December 31, 2023

Portfolio Company(a)(b)	Energy Industry	Rate(c)	Maturity	Principal Amount		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Blue Heron Intermediate Holdco I, LLC	Midstream	S+188	4/22/24	$	30,661	$	30,661	$	30,692
Copper Mountain Solar 3, LLC	Renewables	S+188	5/31/25	16,104		16,104		16,172
FLNG Liquefaction 2, LLC	Midstream	S+150	12/31/26	26,567		26,567		26,557
NES Hercules Class B Member, LLC	Renewables	S+163	1/31/28	24,176		24,176		24,769
ST EIP Holdco LLC	Midstream	S+250	11/5/24	57,227		57,227		57,143
Top of the World Wind Energy LLC	Renewables	S+213	12/1/28	15,348		15,348		15,616
Total Senior Secured Loans—First Lien						170,083		170,949
TOTAL INVESTMENTS—100.0%						$	170,083	$	170,949

_____________________

Percentages are shown as a percentage of total investments.

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Security or portion thereof is held within Seine Funding and is pledged as collateral supporting the amounts outstanding under the Seine Funding Facility.

(c)    Certain variable rate securities in SIIJV's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024 and December 31, 2023, the three-month SOFR, or S, was 5.32% and 5.33%, respectively. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread.

(d)    Security is classified as Level 3 and fair value is determined in accordance with SIIJV’s valuation process.

Below is selected balance sheet information for SIIJV as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)		December 31, 2023
Selected Balance Sheet Information
Total investments, at fair value	$	135,618	$	170,949
Cash and other assets	21,985		29,089
Total assets	$	157,603	$	200,038
Debt	$	103,640	$	145,483
Other liabilities	1,915		3,406
Total liabilities	105,555		148,889
Members' equity	$	52,048	$	51,149

Below is selected statement of operations information for SIIJV for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Selected Statement of Operations Information
Total investment income	$	3,053	$	5,013	$	6,263	$	9,811
Expenses
Interest expense	1,790		3,319		3,880		6,460
Administrative services	32		45		64		88
Custodian and accounting fees	45		58		91		103
Professional services	38		50		76		100
Other	11		10		21		20
Total expenses	1,916		3,482		4,132		6,771
Net investment income	1,137		1,531		2,131		3,040
Net realized and unrealized gain (loss)	(805)		(610)		(1,232)		1,336
Net increase (decrease) in net assets resulting from operations	$	332	$	921	$	899	$	4,376

32

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2024 and December 31, 2023, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	June 30, 2024  (Unaudited)		December 31, 2023
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	970,196		683,716
Level 3—Significant unobservable inputs	676,309		839,480
Total	$	1,646,505	$	1,523,196

As of June 30, 2024 and December 31, 2023, the Company’s swap contracts were categorized as follows in the fair value hierarchy.

	June 30, 2024  (Unaudited)				December 31, 2023
Valuation Inputs	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Level 1—Price quotations in active markets	$	—	$	—	$	—	$	—
Level 2—Significant other observable inputs	225		—		—		—
Level 3—Significant unobservable inputs	—		—		—		—
Total	$	225	$	—	$	—	$	—

The Company’s board of trustees is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to FS/EIG Advisor’s valuation policy. The Company’s board of trustees has designated FS/EIG Advisor with day-to-day responsibility for implementing the portfolio valuation process set forth in FS/EIG Advisor’s valuation policy.

The Company’s investments consist primarily of investments that were acquired directly from the issuer. Debt investments, for which broker quotes or pricing information from third-party pricing services are not generally available, are valued by FS/EIG Advisor with the assistance of independent valuation firms, which determine a valuation range of fair value for such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, call features, anticipated prepayments and other relevant terms of the investments. Except as described below, the Company’s investment in SIIJV and all of the Company’s preferred equity and equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value, PV-10 multiples or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if FS/EIG Advisor determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, FS/EIG Advisor typically

33

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by an independent third-party pricing service and screened for validity by such service and are typically classified as Level 2 within the fair value hierarchy. In determining the fair values of fixed price swaps, FS/EIG Advisor utilizes an industry-standard pricing model that considers various inputs including quoted forward prices for commodities, time value and current market and contractual prices for the underlying instruments. The fair value of the equity total return swap is determined daily based on the market price of the underlying asset. The fair value of the loan total return swaps is determined daily based on the bid price of the underlying asset provided by the counterparty. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are typically classified as Level 2 within the fair value hierarchy.

FS/EIG Advisor periodically benchmarks the bid and ask prices it receives from the third-party pricing service and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, FS/EIG Advisor believes that these prices are reliable indicators of fair value. FS/EIG Advisor reviewed the valuation determinations made with respect to these investments in a manner consistent with FS/EIG Advisor’s valuation policy.

The following is a reconciliation for the six months ended June 30, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	For the Six Months Ended June 30, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Asset Based Finance		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	237,307	$	54,424	$	9,874	$	—	$	—	$	259,990	$	39,427	$	238,458	$	839,480
Accretion of discount (amortization of premium)	672		134		28		—		—		119		—		—		953
Net realized gain (loss)	(49,961)		(12)		4		—		—		63,181		—		(15,123)		(1,911)
Net change in unrealized appreciation (depreciation)	44,839		162		(5,193)		220		(2,053)		(3,910)		5,200		(72,536)		(33,271)
Purchases	101,101		26,540		30,745		35,167		45,711		1,346		—		685		241,295
Paid-in-kind interest	2,544		2,097		—		—		729		—		—		—		5,370
Sales and repayments	(86,495)		(2,000)		(109)		—		(22,821)		(248,652)		—		(15,530)		(375,607)
Transfers into Level 3(1)	—		—		—		—		—		—		—		271		271
Transfers out of Level 3(1)	—		—		—		—		—		—		—		(271)		(271)
Fair value at end of period	$	250,007	$	81,345	$	35,349	$	35,387	$	21,566	$	72,074	$	44,627	$	135,954	$	676,309
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(2,779)	$	162	$	(5,193)	$	220	$	(2,053)	$	4,802	$	5,200	$	(84,820)	$	(84,461)

34

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

	For the Six Months Ended June 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	443,245	$	143,270	$	10,074	$	54,374	$	400,414	$	51,098	$	491,730	$	1,594,205
Accretion of discount (amortization of premium)	877		218		25		74		1,149		—		—		2,343
Net realized gain (loss)	(3,431)		(52)		2		4		(18,060)		—		(34,706)		(56,243)
Net change in unrealized appreciation (depreciation)	(12,082)		(888)		(32)		(45)		24,772		(949)		(55,704)		(44,928)
Purchases	24,949		—		—		—		—		—		83		25,032
Paid-in-kind interest	9,724		—		—		2,107		—		—		—		11,831
Sales and repayments	(65,394)		(17,545)		(54)		(1,000)		(106,656)		—		(39,804)		(230,453)
Transfers into Level 3(1)	—		—		—		—		—		—		810		810
Transfers out of Level 3(1)	—		—		—		—		—		—		—		—
Fair value at end of period	$	397,888	$	125,003	$	10,015	$	55,514	$	301,619	$	50,149	$	362,409	$	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(14,618)	$	(1,039)	$	(32)	$	(45)	$	8,653	$	(949)	$	(85,754)	$	(93,784)

______________

(1)    Transfers into and out of Level 3 are deemed to have occurred as a result of, among other factors, changes in liquidity, the depth and consistency of prices from third-party pricing services and the existence of observable trades in the market. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the six months ended June 30, 2024 and 2023, transfers into or out of Level 3 were due to decreased or increased price transparency.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2024 and December 31, 2023 were as follows:

Type of Investment	Fair Value at June 30, 2024 (Unaudited)		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	235,063	Market Comparables	Market Yield (%)	8.3%-24.4%	13.6%
	14,944		Other(2)
Senior Secured Loans—Second Lien	81,345		Market Comparables	Market Yield (%)	11.7%-15.7%	13.9%
Senior Secured Bonds	35,349		Market Comparables	Market Yield (%)	7.6%-12.7%	11.1%
Subordinated Debt	35,387		Market Comparables	Market Yield (%)	11.7%-12.2%	11.9%
Asset Based Finance	21,566		Discounted Cash Flow	Discount Rate (%)	17.7%-18.8%	18.3%
Preferred Equity	72,074		Market Comparables	Market Yield (%)	11.0%-17.3%	14.1%
				Net Aircraft Book Value Multiple (x)	1.0x-1.1x	1.0x
Sustainable Infrastructure Investments, LLC	44,627		Other(2)
Equity/Other	54,766		Market Comparables	EBITDA Multiples (x)	2.5x-11.3x	6.6x
				Production Multiples (MMcfe/d)	$3,000.0-$3,600.0	$3,300.0
				Proved Reserves Multiples (Bcfe)	0.8x-0.8x	0.8x
				PV-10 Multiples (x)	1.7x-1.9x	1.8x
	77,543		Discounted Cash Flow	Discount Rate (%)	8.0%-12.0%	10.0%
	3,645		Option Valuation Model	Volatility (%)	50.0%-60.0%	55.0%
Total	$	676,309

35

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

Type of Investment	Fair Value at December 31, 2023		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	212,250	Market Comparables	Market Yield (%)	8.2%-20.5%	13.6%
				EBITDA Multiples (x)	3.9x-4.6x	4.4x
	4,807		Discounted Cash Flow	Discount Rate (%)	9.0%-13.0%	10.8%
	20,250		Other(2)
Senior Secured Loans—Second Lien	54,424		Market Comparables	Market Yield (%)	12.5%-14.0%	13.1%
Senior Secured Bonds	9,874		Market Comparables	Market Yield (%)	7.5%-8.5%	8.0%
Preferred Equity	259,990		Market Comparables	Market Yield (%)	10.0%-23.0%	17.5%
				EBITDA Multiples (x)	12.0x-13.0x	12.5x
				Net Aircraft Book Value Multiple (x)	1.0x-1.1x	1.0x
Sustainable Infrastructure Investments, LLC	39,427		Discounted Cash Flow	Discount Rate (%)	8.0%-10.0%	9.0%
Equity/Other	51,160		Market Comparables	EBITDA Multiples (x)	2.7x-13.0x	6.0x
				Production Multiples (MMcfe/d)	$3,000.0-$3,600.0	$3,300.0
				Proved Reserves Multiples (Bcfe)	0.7x-0.7x	0.7x
				PV-10 Multiples (x)	0.3x-0.4x	0.3x
	166,946		Discounted Cash Flow	Discount Rate (%)	8.0%-17.1%	16.5%
	7,121		Option Valuation Model	Volatility (%)	55.0%-65.0%	60.0%
	13,231		Other(2)
Total	$	839,480

______________

(1)    For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing an option valuation model valuation technique, a significant increase (decrease) in the volatility, in isolation, would result in a significantly higher (lower) fair value measurement.

(2)    Fair valued based on expected outcome of proposed corporate transactions, the expected value of the liquidation preference of the investment or other factors.

Note 9. Financing Arrangement

The following tables present a summary of information with respect to the Company’s outstanding financing arrangement as of June 30, 2024 and December 31, 2023. For additional information regarding the financing arrangement, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2023. Any significant changes to the Company’s financing arrangement during the six months ended June 30, 2024 are discussed below.

	As of June 30, 2024  (Unaudited)
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

	As of December 31, 2023
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    The financing fee under the Barclays Facility is based on three-month term SOFR (with a floor of 0.00%) plus a facility margin calculated monthly as the weighted average of the individual margin of the collateral obligations (subject to a floor, in the aggregate, of 3.00%).

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FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 9. Financing Arrangement (continued)

For the six months ended June 30, 2024 and 2023, the components of total interest expense for the Company's financing arrangements were as follows:

	Six Months Ended June 30,
	2024						2023
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs		Total Interest Expense		Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense
Barclays Facility	$	17,091	$	1,033	$	18,124	$	—	$	—	$	—
JPMorgan Facility(3)	—		—		—		2,790		238		3,028
Senior Secured Notes(4)	—		—		—		12,760		2,540		15,300
Total	$	17,091	$	1,033	$	18,124	$	15,550	$	2,778	$	18,328

___________________

(1)     Borrowings of each of the Company's wholly-owned special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)     Direct interest expense includes the effect of non-usage fees, administration fees and make-whole fees, if any.

(3)     On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(4)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2024, were $400,000 and 8.50%, respectively. As of June 30, 2024, the Company’s effective interest rate on borrowings, including the effect of non-usage fees, was 8.74%.

The Company’s average borrowings and weighted average interest rate for the period from January 1, 2023 to May 15, 2023, the date on which the Company redeemed 100% of the issued and outstanding Senior Secured Notes, were $557,446 and 7.49%, respectively. As of June 30, 2023, the Company had no outstanding borrowings.

Under its financing arrangements, the Company made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2024 and December 31, 2023.

Barclays Facility

On September 6, 2023, the Company, through two wholly-owned, special purpose financing subsidiaries, FSSL Finance BB AssetCo LLC, or FSSL Finance BB AssetCo, and FSSL Finance BB Seller LLC, or FSSL Finance BB Seller, entered into a financing arrangement with Barclays Bank PLC, or Barclays, pursuant to which up to $500,000 will be made available to fund investments in loans and other corporate securities, or together, the Collateral Obligations, and for other general corporate purposes, or the Barclays Facility.

The financing fee under the Barclays Facility is based on three-month term SOFR (with a floor of 0.00%) plus a facility margin calculated monthly as the weighted average of the individual margin of the Collateral Obligations (such individual margins ranging from 1.90% to 4.20%, depending on the type of Collateral Obligations; subject to a floor, in the aggregate, of 3.00%).

Pursuant to the financing arrangement, the Company may contribute Collateral Obligations from time to time to FSSL Finance BB AssetCo, pursuant to a Sale and Contribution Agreement, dated as of September 6, 2023, between the Company and FSSL Finance BB AssetCo, or the Sale and Contribution Agreement. The assets held by FSSL Finance BB AssetCo secure the obligations of FSSL Finance BB AssetCo under the notes, or the Notes, issued by FSSL Finance BB AssetCo to FSSL Finance BB Seller, pursuant to an indenture, dated as of September 6, 2023, with Computershare Trust Company, N.A., or Computershare, as trustee, or the Indenture.

Principal on the Notes will be due and payable on the stated maturity date of July 1, 2033, and the Notes do not bear interest. Pursuant to the Indenture, FSSL Finance BB AssetCo has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Indenture contains events of default customary for similar transactions, including, without limitation: (a) failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes; (b) failure to disburse amounts in accordance with the priority of payments; (c) occurrence of certain bankruptcy and insolvency events with respect to FSSL Finance BB AssetCo; and (d) occurrence of a Repurchase Date under the Repurchase Agreement (defined below) as a result of an event of default with

37

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 9. Financing Arrangement (continued)

respect to FSSL Finance BB Seller. FSSL Finance BB Seller acquired and subscribed for the Notes pursuant to a Subscription Agreement, dated as of September 6, 2023, between FSSL Finance BB AssetCo and FSSL Finance BB Seller as the investor.

On September 6, 2023, FSSL Finance BB Seller entered into a Master Confirmation in respect of Repurchase Transactions with Barclays, or the Confirmation, which supplements and is subject to the Master Repurchase Agreement, dated as of September 6, 2023, between FSSL Finance BB Seller and Barclays, or the Master Repurchase Agreement, and such Master Repurchase Agreement, as supplemented and evidenced by the Confirmation, or the Repurchase Agreement. Pursuant to the Repurchase Agreement, on one or more occasions beginning September 6, 2023, Barclays began purchasing the Notes held by FSSL Finance BB Seller for an aggregate purchase price of $400,000 outstanding as of June 30, 2024, which price may, subject to satisfaction of certain conditions, increase from time to time up to the maximum aggregate purchase price of $500,000. The scheduled Repurchase Date is September 6, 2026.

Pursuant to the Repurchase Agreement, FSSL Finance BB Seller has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Repurchase Agreement contains events of default customary for similar financing transactions, including, without limitation: (a) failure to pay the repurchase price upon the applicable payment dates; (b) failure to pay the financing fees and make-whole amounts when due; (c) failure to post collateral as required; (d) occurrence of an event of default under the Indenture, (e) occurrence of insolvency events with respect to FSSL Finance BB Seller; (f) cross default by the Company with respect to its indebtedness above a certain threshold amount and (g) financial covenant breach by the Company.

As of June 30, 2024, Notes in an aggregate principal amount of $400,000 had been purchased by FSSL Finance BB Seller from FSSL Finance BB AssetCo and subsequently sold to Barclays under the Barclays Facility for aggregate proceeds of $395,470. The carrying amount outstanding under the Barclays Facility approximates its fair value. The Company funded the purchase of Notes by FSSL Finance BB Seller through a capital contribution to FSSL Finance BB Seller. The Notes issued by FSSL Finance BB AssetCo and purchased by FSSL Finance BB Seller eliminate in consolidation on the Company's financial statements.

The Company incurred costs of $6,199 in connection with obtaining the Barclays Facility, which the Company has recorded as deferred financing costs on its consolidated balance sheet and amortizes to interest expense over the life of the Barclays Facility. As of June 30, 2024, $4,530 of such deferred financing costs had yet to be amortized to interest expense.

JPMorgan Facility

On August 16, 2018, the Company entered into that certain Senior Secured Credit Agreement, by and among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., or JPMorgan, as administrative agent and collateral agent, and the other parties signatory thereto, or as amended, the JPMorgan Facility. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. Prior to the termination of the JPMorgan Facility, $305,676 aggregate principal amount of loans were outstanding to the Company and such loans accrued interest at a rate equal to LIBOR (subject to a 0.00% floor) plus 3.00% per annum. The Company incurred certain customary costs and expenses in connection with the termination of the JPMorgan Facility.

7.500% Senior Secured Notes due 2023

On August 16, 2018, the Company, U.S. Bank National Association, or U.S Bank, as trustee, and certain subsidiaries of the Company, entered into an Indenture relating to the Company’s issuance of $500,000 aggregate principal amount of its 7.500% Senior Secured Notes due 2023, or the Senior Secured Notes. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023. The Company incurred certain customary costs and expenses in connection with the redemption of the Senior Secured Notes.

Note 10. Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. FS/EIG Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

See Note 4 for a discussion of the Company’s commitments to FS/EIG Advisor and its affiliates (including FS Investments) and Note 7 for a discussion of the Company’s unfunded commitments.

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FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 11. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2024 and the year ended December 31, 2023:

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Per Share Data:(1)
Net asset value, beginning of period	$	3.43		$	3.88
Results of operations(2)
Net investment income	0.16			0.18
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.03)			(0.44)
Net increase (decrease) in net assets resulting from operations	0.13			(0.26)
Shareholder distributions(3)
Distributions from net investment income	(0.09)			(0.19)
Net decrease in net assets resulting from shareholder distributions	(0.09)			(0.19)
Capital share transactions
Issuance of common shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.47		$	3.43
Shares outstanding, end of period	455,506,155			455,506,155
Total return(5)	3.79		%	(6.89)		%
Total return (without assuming reinvestment of distributions)(5)	3.79		%	(6.70)		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,580,644		$	1,562,055
Ratio of net investment income to average net assets(6)(7)	9.51		%	4.77		%
Ratio of total operating expenses to average net assets(6)	5.72		%	4.50		%
Ratio of management fee offset to average net assets(6)	(0.00)		%	(0.02)		%
Ratio of net operating expenses to average net assets(6)	5.72		%	4.48		%
Ratio of interest expense to average net assets(6)	2.31		%	1.39		%
Portfolio turnover(8)	36.45		%	45.84		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	400,000		$	400,000
Asset coverage per unit(9)	$	4,952		$	4,905
Asset coverage ratio(9)	4.95			4.91

_________________________

(1)    Per share data may be rounded in order to recompute the ending net asset value per share.

(2)    The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)    The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4)    The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5)    The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. Following the termination of the Company’s distribution reinvestment plan effective September 15, 2023, the total return for each period presented subsequent to the effective date was calculated based on the change in net asset value during the applicable period, assuming the reinvestment of all distributions at the Company’s net asset value per share as of the end of the applicable period. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

39

FS Specialty Lending Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 11. Financial Highlights (continued)

(6)    Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2024 are annualized. Annualized ratios for the six months ended June 30, 2024 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2024.

(7)    If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 9.51% and 4.75% for the six months ended June 30, 2024 and the year ended December 31, 2023, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8)    Portfolio turnover for the six months ended June 30, 2024 is not annualized.

(9)    Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

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

    (in thousands, except share and per share amounts)

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and the related notes thereto included elsewhere in this quarterly report on Form 10-Q. In this report, "we," "us" and "our" refer to FS Specialty Lending Fund and "FS/EIG Advisor" refers to FS/EIG Advisor, LLC.

Forward-Looking Statements

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

•our future operating results;

•    our business prospects and the prospects of the companies in which we may invest, including our and their ability to achieve our respective objectives as a result of our board of trustees' approval of changes to our investment policy and the COVID-19 pandemic;

•    the impact of the investments that we expect to make;

•    the ability of our portfolio companies to achieve their objectives;

•    our current and expected financing arrangements and investments;

•    our ability to complete a liquidity event;

•changes in the general interest rate environment;

•the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•    the adequacy of our cash resources, financing sources and working capital;

•    the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•    our contractual arrangements and relationships with third parties;

•    actual and potential conflicts of interest with the other funds managed by FS/EIG Advisor, FS Investments, EIG, or any of their respective affiliates;

•    the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•    general economic, political and industry trends and other external factors, including the COVID-19 pandemic and related disruptions caused thereby;

•    our use of financial leverage;

•    the ability of FS/EIG Advisor to locate suitable investments for us and to monitor and administer our investments;

•    the ability of FS/EIG Advisor or its affiliates to attract and retain highly talented professionals;

•    our transition from an investment policy of investing primarily in private U.S. energy and power companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors;

•    our distribution rate and intention to declare dividends, including with respect to the amount and timing of any such distributions;

•    our ability to maintain our qualification as a RIC and as a BDC;

•    the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•    the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and

•    the tax status of the enterprises in which we may invest.

Words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q 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 our actual results to differ materially from those expressed or forecasted in the forward-looking statements for any reason, including the factors set forth in ‘‘Item 1A. Risk Factors.’’ Other factors that could cause actual results to differ materially include changes relating to those set forth above and the following, among others:

•    changes in the economy;

•    geo-political risks;

•    risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or pandemics;

41

•    future changes in laws or regulations and conditions in our operating areas; and

•    our ability to (i) transition to a diversified credit strategy within anticipated timeframes or at all, (ii) pay the targeted distributions, (iii) obtain the applied-for exemptive relief, (iv) obtain leverage on terms satisfactory to us and (v) achieve a liquidity event.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q. You should not place undue reliance on these forward-looking statements. 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. Shareholders are advised to consult any additional disclosures that we may make directly to shareholders or through reports that we may file in the future 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 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.

Overview

We were formed as a Delaware statutory trust under the Delaware Statutory Trust Act on September 16, 2010 and formally commenced investment operations on July 18, 2011. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. In November 2016, we closed our continuous public offering of common shares to new investors.

Our investment activities are managed by FS/EIG Advisor and supervised by our board of trustees, a majority of whom are independent. Under the FS/EIG investment advisory agreement, we have agreed to pay FS/EIG Advisor an annual base management fee based on the average weekly value of our gross assets and an incentive fee based on our performance.

In May 2023, we announced that our board of trustees approved our transition from an investment policy of investing primarily in Energy companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors. We commenced transitioning our portfolio holdings away from Energy investments in May 2023, while remaining in compliance with our then-current investment policy. Following a shareholder notice period, the new policy became effective on September 29, 2023. Our allocation to Energy investments is expected to continue to decline over time through the natural course of maturities, repayments and sales activity and by growing the total size of the portfolio through leverage facilities. The pace of the portfolio rotation is dependent upon a number of factors, including the turnover of concentrated illiquid Energy investments, performance of underlying portfolio companies, high yield and energy market conditions, our access to borrowings and the amount and pace of the payment of enhanced distributions to shareholders, among others.

Our current investment policy is to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of our total assets. This investment policy may not be changed without at least 60 days’ prior notice to holders of our common shares of any such change.

Our current investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We intend to pursue our investment objectives by investing in both direct originations and broadly syndicated investments of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments. Investing in both direct originations and broadly syndicated investments allows us to be dynamic in our pursuit of opportunities across changing economic and credit cycles. We intend to focus on the following investment categories in an effort to generate returns for our investors with an acceptable level of risk.

•    Direct Originations: Direct lending and innovative capital structure solutions to both sponsored and non-sponsored companies, typically based in the U.S. and operating within the middle market. These investments may include both debt and equity components.

•    Broadly Syndicated Loan and Bond Transactions: Opportunistic investments into primary and secondary markets, broadly syndicated loans and bonds. Broadly syndicated loans and bonds are generally more liquid than our directly originated investments and provide a complement to our less liquid strategies. In the case of broadly syndicated investments, we generally intend to capitalize on market inefficiencies by investing in loans, bonds, and other asset classes where the market price of such investment reflects a lower value than we believe is warranted based on our fundamental analysis, providing us with an opportunity to earn an attractive return on our investment.

However, we may pursue other investment opportunities if we believe they are in our best interests and consistent with our investment objectives.

Prior to September 29, 2023, our investment policy was to invest, under normal circumstances, at least 80% of our total assets in securities of Energy companies and our investment objectives were to generate current income and long-term capital appreciation. We pursued our previous investment objectives by focusing on the following seven investment themes: (i) basin-on-basin competition in U.S. shale, (ii) globalization of natural gas, (iii) coal retirements and the evolving energy generation mix, (iv) renewables focused on power grid parity, (v) export infrastructure for emerging U.S. producers, (vi) market liberalization opening new markets and (vii)

42

midstream infrastructure connecting new supplies. However, we could pursue other investment opportunities if we believed they were in our best interests and consistent with our then-current investment objectives.

The majority of our portfolio is comprised of income-oriented securities, which principally refers to debt securities and other income-producing investments, of privately-held companies within the United States. Historically, our portfolio has largely been invested in Energy companies, although we expect our portfolio to continue to shift away from investments in Energy companies as we pursue a diversified credit strategy. Generally, in the long-term we expect to weight our investments more heavily towards directly originated investments, as this will provide us with the ability to tailor investments to best match a project’s or company’s needs with our investment objectives. However, our current investment policy enables FS/EIG Advisor to opportunistically invest in broadly syndicated investments and dynamically adjust allocations between private and public markets depending on where the risk-adjusted returns are most attractive. We intend to weight our portfolio towards senior secured debt, which we believe offers opportunities for superior risk-adjusted returns and income generation. Our debt investments may take the form of corporate or project loans or bonds, may be secured or unsecured and may, in some cases, be accompanied by yield enhancements. These yield enhancements are typically expected to include warrants, options, net profits interests, cash flow participations or other forms of equity participation that can provide additional consideration or “upside” in a transaction. Our current preferred equity investments are generally directly originated and may take the form of perpetual or redeemable securities, typically with a current income component and minimum base returns. In addition, certain income-oriented preferred or common equity interests may include interests in master limited partnerships, or MLPs. MLPs are entities that (i) are structured as limited partnerships or limited liability companies, (ii) are publicly traded, (iii) satisfy certain requirements to be treated as partnerships for U.S. federal income tax purposes and (iv) primarily own and operate midstream and upstream Energy companies. A portion of our portfolio may be comprised of derivatives, including the use of total return swaps, credit default swaps and other swap contracts. In connection with certain of our debt investments or any restructuring of these debt investments, we may on occasion receive equity interests, including warrants or options, as additional consideration or otherwise in connection with a restructuring. FS/EIG Advisor will seek to tailor our investment focus as market conditions evolve.

Our future financial condition, results of operations and cash flows may be impacted by the transition to a new investment policy.

Revenues

The principal measure of our financial performance is net increase or decrease in net assets resulting from operations, which includes net investment income, net realized gain or loss on investments, foreign currency and swap contracts, net change in unrealized appreciation or depreciation on investments, net change in unrealized gain or loss on foreign currency and net change in unrealized appreciation or depreciation on swap contracts. Net investment income is the difference between our income from interest, dividends, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for those foreign denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to non-investment related foreign currency fluctuations. Net realized gain or loss on swap contracts is the portion of realized gain or loss attributable to the difference between the fixed price specified in the contract and the referenced settlement price. Net change in unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized gain or loss on foreign currency for those foreign denominated investments. Net change in unrealized gain or loss on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations. Net change in unrealized appreciation or depreciation on swap contracts is the net change in the value of receivables or accruals due to the impact of the difference between the fixed price specified in the contract and the referenced settlement price.

We principally generate revenues in the form of interest income on the debt investments we hold. We also generate revenues in the form of dividends and other distributions on the equity or other securities we may hold. In addition, we may generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees.

Expenses

Our primary operating expenses include the payment of management and incentive fees and other expenses under the FS/EIG investment advisory agreement, interest expense from financing arrangements and other indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate FS/EIG Advisor for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.

FS/EIG Advisor oversees our day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. FS/EIG Advisor also performs, or oversees the performance of, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our shareholders and reports filed with the SEC. In addition, FS/EIG Advisor assists us in calculating our net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our shareholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

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We reimburse FS/EIG Advisor for expenses necessary to perform services related to our administration and operations, including FS/EIG Advisor’s allocable portion of the compensation and related expenses of certain personnel of FS Investments and EIG providing administrative services to us on behalf of FS/EIG Advisor, and for transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as "broken deal" costs. We reimburse FS/EIG Advisor no less than quarterly for all costs and expenses incurred by FS/EIG Advisor in performing its obligations and providing personnel under the FS/EIG investment advisory agreement. The amount of this reimbursement is set at the lesser of (1) FS/EIG Advisor’s actual costs incurred in providing such services and (2) the amount that we estimate would be required to pay alternative service providers for comparable services in the same geographic location. FS/EIG Advisor allocates the cost of such services to us based on factors such as time allocations and other reasonable metrics. Our board of trustees reviews the methodology employed in determining how the expenses are allocated to us and assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our board of trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, our board of trustees compares the total amount paid to FS/EIG Advisor for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs. We do not reimburse FS/EIG Advisor for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of FS/EIG Advisor.

We bear all other expenses of our operations and transactions, including (without limitation) fees and expenses relating to all other expenses incurred by FS/EIG Advisor in connection with administering our business, including expenses incurred by FS/EIG Advisor in performing administrative services for us and administrative personnel paid by FS/EIG Advisor, to the extent they are not controlling persons of FS/EIG Advisor or any of its affiliates, subject to the limitations included in the FS/EIG investment advisory agreement.

In addition, we have contracted with State Street to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by FS/EIG Advisor, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance.

For information regarding the fee offset with FS/EIG Advisor, see Note 4 to our unaudited consolidated financial statements included herein.

Expected Distributions

Subject to applicable legal restrictions and the sole discretion of our board of trustees, we expect to provide enhanced quarterly distributions to shareholders until the achievement of a long-term liquidity event. The enhanced distributions declared for the quarters ended September 30, 2023 and December 31, 2023 each represented an annualized distribution rate of approximately 7.5% and the enhanced distribution rate for the quarter ended March 31, 2024 represented an annualized distribution rate of approximately 10.0%, in each case based on the then-current estimated net asset value. We expect to provide enhanced quarterly distributions to shareholders representing an annualized distribution rate of approximately 10.0%, 12.5% and 15.0% based on estimated net asset value as of such quarter end for 2024, 2025, and 2026 and beyond, respectively, provided we have not achieved a long-term liquidity event. We expect a portion of these distributions may represent a return of investor capital, helping to accelerate liquidity for shareholders in the near-term. Our board of trustees has and will continue to evaluate our ability to pay any distributions in the future. There can be no assurance that we will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of our board of trustees.

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Portfolio Investment Activity for the Three and Six Months Ended June 30, 2024 and for the Year Ended December 31, 2023

Total Portfolio Activity

The following tables present certain selected information regarding our portfolio investment activity for the three and six months ended June 30, 2024:

Net Investment Activity	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024
Purchases	$	417,209			$	748,903
Sales and Repayments	(459,290)				(591,407)
Net Portfolio Activity	$	(42,081)			$	157,496
	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024
New Investment Activity by Asset Class	Purchases		Percentage		Purchases		Percentage
Senior Secured Loans—First Lien	$	280,498	67	%	$	545,902	73	%
Senior Secured Loans—Second Lien	—		—		26,540		3	%
Senior Secured Bonds	30,745		7	%	43,512		6	%
Subordinated Debt	35,167		9	%	35,167		5	%
Asset Based Finance	25,711		6	%	45,711		6	%
Preferred Equity	1,300		0	%	1,346		0	%
Equity/Other	43,788		11	%	50,725		7	%
Total	$	417,209	100	%	$	748,903	100	%

The following table summarizes the composition of our investment portfolio at cost and fair value as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)						December 31, 2023
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,140,094	$	1,131,071	69	%	$	878,013	$	825,158	54	%
Senior Secured Loans—Second Lien	81,823		81,345		5	%	55,064		54,424		4	%
Senior Secured Bonds	127,253		124,133		8	%	82,793		84,468		5	%
Subordinated Debt	35,167		35,387		2	%	—		—		—
Asset Based Finance	23,619		21,566		1	%	—		—		—
Preferred Equity	68,444		72,074		4	%	252,450		259,990		17	%
Sustainable Infrastructure Investments, LLC	43,150		44,627		3	%	43,150		39,427		3	%
Equity/Other	181,493		136,302		8	%	211,461		238,729		16	%
Short-Term Investments	—		—		—		20,994		21,000		1	%
Total	$	1,701,043	$	1,646,505	100	%	$	1,543,925	$	1,523,196	100	%

_________________________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

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The following table presents certain selected information regarding the composition of our investment portfolio as of June 30, 2024 and December 31, 2023:

	June 30, 2024	December 31, 2023
Number of Portfolio Companies	80	65
% Variable Rate (based on fair value)	72.0%	54.8%
% Fixed Rate (based on fair value)	12.6%	9.9%
% Income Producing Preferred Equity and Equity/Other Investments (based on fair value)	11.2%	19.8%
% Non-Income Producing Preferred Equity and Equity/Other Investments (based on fair value)	4.2%	15.5%
Weighted Average Purchase Price of Debt Investments (as a % of par value)	98.2%	90.6%
% of Investments on Non-Accrual (based on fair value)	1.4%	11.9%
Gross Portfolio Yield Prior to Leverage (based on amortized cost)	9.8%	7.7%
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets	10.7%	10.2%

Subject to applicable legal restrictions and the sole discretion of our board of trustees, we expect to provide enhanced quarterly distributions to shareholders until the achievement of a long-term liquidity event. See "Expected Distributions" above for a discussion of the enhanced quarterly distributions paid and expected to be paid, subject to applicable legal restrictions and the sole discretion of our board of trustees. For the six months ended June 30, 2024 and the year ended December 31, 2023, our total return was 3.79% and (6.89)%, respectively, and our total return without assuming reinvestment of distributions was 3.79% and (6.70%), respectively.

Our estimated gross portfolio yield and annualized distribution rate to shareholders do not represent actual investment returns to shareholders. Our gross annual portfolio yield and distribution rate to shareholders are subject to change and in the future may be greater or less than the rates set forth above. See the sections entitled “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023 and in our other periodic reports filed with the SEC for a discussion of the uncertainties, risks and assumptions associated with these statements.

Direct Originations

We define Direct Originations as any investment where FS/EIG Advisor or its affiliates negotiate the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These Direct Originations include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions.

The following table presents certain selected information regarding our Direct Originations as of June 30, 2024 and December 31, 2023:

Characteristics of All Direct Originations held in Portfolio	June 30, 2024	December 31, 2023
Number of Portfolio Companies	27	27
% of Investments on Non-Accrual (based on fair value)	0.8%	21.6%
Total Cost of Direct Originations	$687,639	$852,706
Total Fair Value of Direct Originations	$640,922	$839,480
% of Total Investments, at Fair Value	38.9%	55.1%
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations	8.9%	5.4%
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets	10.4%	9.5%

Portfolio Composition by Strategy

The table below summarizes the composition of our investment portfolio by strategy and enumerates the percentage, by fair value, of the total portfolio assets in such strategies as of June 30, 2024 and December 31, 2023:

	June 30, 2024				December 31, 2023
Portfolio Composition by Strategy	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Direct Originations	$	640,922	39	%	$	839,480	55	%
Broadly Syndicated/Other	1,005,583		61	%	683,716		45	%
Total	$	1,646,505	100	%	$	1,523,196	100	%

See Note 7 to our unaudited consolidated financial statements included herein for additional information regarding our investment portfolio.

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Portfolio Asset Quality

In addition to various risk management and monitoring tools, FS/EIG Advisor uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. FS/EIG Advisor uses an investment rating scale of 1 to 5. The following is a description of the conditions associated with each investment rating:

Investment Rating	Summary Description
1	Investment exceeding expectations and/or capital gain expected.
2	Performing investment generally executing in accordance with the portfolio company’s business plan—full return of principal and interest expected.
3	Performing investment requiring closer monitoring.
4	Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment.
5	Underperforming investment with expected loss of interest and some principal.

The following table shows the distribution of our investments on the 1 to 5 investment rating scale at fair value as of June 30, 2024 and December 31, 2023:

	June 30, 2024				December 31, 2023
Investment Rating	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
1	$	—	—		$	—	—
2	1,385,959		84	%	1,132,772		75	%
3	145,251		9	%	173,486		11	%
4	81,978		5	%	158,773		10	%
5	33,317		2	%	58,165		4	%
Total	$	1,646,505	100	%	$	1,523,196	100	%

The amount of the portfolio in each grading category may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, repayment and exit activities. In addition, changes in the grade of investments may be made to reflect our expectation of performance and changes in investment values.

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Results of Operations

Comparison of the Three and Six Months Ended June 30, 2024 and 2023

Revenues

Our investment income for the three and six months ended June 30, 2024 and 2023 was as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
	Amount		Percentage of Total Income		Amount		Percentage of Total Income		Amount		Percentage of Total Income		Amount		Percentage of Total Income
Interest income	$	44,364	88	%	$	24,385	59	%	$	107,204	90	%	$	57,191	68	%
Paid-in-kind interest income	3,999		8	%	7,329		18	%	5,647		5	%	11,831		14	%
Fee income	1,233		3	%	1,029		2	%	1,645		1	%	1,126		1	%
Dividend income	690		1	%	8,733		21	%	5,040		4	%	14,423		17	%
Total investment income(1)	$	50,286	100	%	$	41,476	100	%	$	119,536	100	%	$	84,571	100	%

_____________________________

(1)     Such revenues represent $43,528 and $32,297 of cash income earned as well as $6,758 and $9,179 in non-cash portions relating to accretion of discount and PIK interest for the three months ended June 30, 2024 and 2023, respectively, and represent $108,969 and $69,628 of cash income earned as well as $10,567 and $14,943 in non-cash portions relating to accretion of discount and PIK interest for the six months ended June 30, 2024 and 2023, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

The level of interest income we receive is generally related to the balance of income-producing investments multiplied by the weighted average yield of our investments. We may experience volatility in the amount of interest income that we earn as the accrual status of existing portfolio investments may fluctuate due to restructuring activity in the portfolio.

The increase in the amount of interest income for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to interest received on certain preferred equity positions. The decrease in the amount of PIK income for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to certain investments being placed on non-accrual and the divestiture of certain investments earning PIK income.

Fee income is transaction based, and typically consists of prepayment fees and structuring fees. As such, future fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees. The increase in the amount of fee income for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to the increase in prepayment activity and miscellaneous fees during the period.

The decrease in the amount of dividend income for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to the decrease in dividends paid with respect to our investments in certain common equities.

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Expenses

Our operating expenses for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Management fees	$	8,965	$	8,705	$	18,077	$	19,179
Administrative services expenses	1,535		1,359		3,070		2,679
Share transfer agent fees	919		794		1,838		1,545
Accounting and administrative fees	179		179		304		362
Interest expense	9,040		5,730		18,124		18,328
Trustees' fees	164		176		328		340
Expenses associated with our independent audit and related fees	141		136		281		264
Legal fees	470		138		691		237
Printing fees	172		125		452		225
Other	444		935		901		1,311
Total operating expenses	22,029		18,277		44,066		44,470
Less: Management fee offset	(3)		(19)		(3)		(274)
Net operating expenses before taxes	22,026		18,258		44,063		44,196
Federal and state taxes	16		1,317		809		1,317
Total net expenses, including federal and state taxes	$	22,042	$	19,575	$	44,872	$	45,513

The following table reflects selected expense ratios as a percent of average net assets for the three and six months ended June 30, 2024 and 2023 (not annualized):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Ratio of operating expenses and federal and state taxes to average net assets	1.41	%	1.14	%	2.86	%	2.62	%
Ratio of management fee offset to average net assets	(0.00)	%	(0.00)	%	(0.00)	%	(0.02)	%
Ratio of net operating expenses and federal and state taxes to average net assets	1.41	%	1.14	%	2.86	%	2.60	%
Ratio of interest expense and federal and state taxes to average net assets	(0.58)	%	(0.41)	%	(1.21)	%	(1.13)	%
Ratio of net operating expenses, excluding certain expenses, to average net assets	0.83	%	0.73	%	1.65	%	1.47	%

Interest expense may increase or decrease our expense ratios relative to comparative periods depending on changes in benchmark interest rates such as SOFR, leverage utilization rates and the terms of our financing arrangements, among other factors.

Management Fee Offset

Structuring, upfront or certain other fees received by FS/EIG Advisor or its members which were offset against management fees due to FS/EIG Advisor from us were $3 and $19 for the three months ended June 30, 2024 and 2023, respectively, and $3 and $274 for the six months ended June 30, 2024 and 2023, respectively. See Note 4 to our unaudited consolidated financial statements contained in this quarterly report on Form 10-Q for a discussion of the management fee offset for the three and six months ended June 30, 2024 and 2023.

Net Investment Income

Our net investment income totaled $28,244 ($0.06 per share) and $21,901 ($0.05 per share) for the three months ended June 30, 2024 and 2023, respectively, and $74,664 ($0.16 per share) and $39,058 ($0.09 per share) for the six months ended June 30, 2024 and 2023, respectively.

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Net Realized Gains or Losses

Our net realized gains (losses) on investments, foreign currency and swap contracts for the three and six months ended June 30, 2024 and 2023, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net realized gain (loss) on investments(1)	$	8,101	$	(42,488)	$	12,291	$	(62,695)
Net realized gain (loss) on foreign currency	—		—		—		(120)
Net realized gain (loss) on swap contracts	3,900		214		6,227		226
Total net realized gain (loss)	$	12,001	$	(42,274)	$	18,518	$	(62,589)

_________________________

(1)    We sold investments and received principal repayments, other than short-term investments and U.S. government obligations, of $351,590 and $107,700, respectively, during the three months ended June 30, 2024 and $106,211 and $166,109, respectively, during the three months ended June 30, 2023. We sold investments and received principal repayments of $420,337 and $171,070, respectively, during the six months ended June 30, 2024 and $304,217 and $255,957, respectively, during the six months ended June 30, 2023.

Net Change in Unrealized Appreciation (Depreciation)

Our net change in unrealized appreciation (depreciation) on investments, swap contracts and foreign currency for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net change in unrealized appreciation (depreciation) on investments	$	1,204	$	(4,438)	$	(33,809)	$	(34,911)
Net change in unrealized appreciation (depreciation) on swap contracts	29		126		225		1,203
Net change in unrealized appreciation (depreciation) on foreign currency	(4)		34		(13)		34
Total net change in unrealized appreciation (depreciation)	$	1,229	$	(4,278)	$	(33,597)	$	(33,674)

During the three and six months ended June 30, 2024 and 2023, the net change in unrealized appreciation (depreciation) on our investments was primarily driven by the performance of our directly originated assets and certain of our upstream equity/other investments.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2024 and 2023, the net increase (decrease) in net assets resulting from operations was $41,474 ($0.09 per share) and $(24,651) ($(0.05) per share), respectively. For the six months ended June 30, 2024 and 2023, the net increase (decrease) in net assets resulting from operations was $59,585 ($0.13 per share) and $(57,205) ($(0.13) per share), respectively.

This “Results of Operations” section should be read in conjunction with “Expected Distributions” above.

Financial Condition, Liquidity and Capital Resources

Overview

As of June 30, 2024, we had $316,020 in cash and cash equivalents, which we held in custodial accounts and a money market fund, and $100,000 in borrowings available under our financing arrangement. As of June 30, 2024, we also had broadly syndicated investments that could be sold to create additional liquidity. As of June 30, 2024, we had eight senior secured loan investments with aggregate unfunded commitments of $22,405 and unfunded commitments of $18,989 in U.S. dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. We maintain sufficient cash on hand, available borrowings and/or liquid securities to fund such unfunded commitments and other contractual commitments should the need arise.

We generate cash primarily from cash flows from fees, interest and dividends earned from our investments as well as principal repayments and proceeds from sales of our investments. To seek to enhance our returns, we may also seek to employ leverage as market conditions permit and at the discretion of FS/EIG Advisor, but unless and until we elect otherwise, as permitted by the 1940 Act, in no event will leverage employed exceed 50% of the value of our assets, as required by the 1940 Act.

Prior to investing in securities of portfolio companies, we invest the net proceeds from sales and paydowns of existing investments primarily in cash, cash equivalents, including money market funds, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, consistent with our BDC election and our election to be taxed as a RIC.

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This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “Expected Distributions” above and “—Financing Arrangement” below.

Financing Arrangement

The following table presents a summary of information with respect to our outstanding financing arrangement as of June 30, 2024:

Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    The financing fee under the Barclays Facility is based on three-month term SOFR (with a floor of 0.00%) plus a facility margin calculated monthly as the weighted average of the individual margin of the collateral obligations (subject to a floor, in the aggregate, of 3.00%).

For additional information regarding our financing arrangement, see Note 9 to our unaudited consolidated financial statements included herein.

RIC Tax Treatment and Distributions

We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, we generally do not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute as dividends to our shareholders. To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our shareholders, for each tax year, dividends generally of an amount at least equal to 90% of our “investment company taxable income,” which is generally the sum of our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, determined without regard to any deduction for dividends paid. In addition, we may, in certain cases, satisfy the Annual Distribution Requirement by distributing dividends relating to a tax year after the close of such tax year under the “spillover dividend” provisions of Subchapter M of the Code. If we distribute a spillover dividend, such dividend will be included in a shareholder’s gross income for the tax year in which the spillover distribution is paid. We intend to make sufficient distributions to our shareholders to maintain our RIC tax treatment each tax year. We will also be subject to nondeductible U.S. federal excise taxes on certain undistributed income unless we distribute in a timely manner to our shareholders of an amount at least equal to the sum of (1) 98% of our net ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains over capital losses (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) 100% of any ordinary income and capital gain net income recognized for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to our shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our U.S. shareholders, on December 31 of the calendar year in which the distribution was declared.

In general, when we pay regular cash distributions, we intend to declare them on a quarterly or monthly basis and pay them on a monthly basis. We will calculate each shareholder’s specific distribution amount for the period using record and declaration dates and each shareholder’s distributions will begin to accrue on the date that common shares are issued to such shareholder. From time to time, we may also pay special interim distributions in the form of cash or common shares at the discretion of our board of trustees. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of our board of trustees.

Our distribution proceeds have exceeded and in the future may exceed our earnings. Therefore, portions of the distributions that we have made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares. A return of capital generally is a return of an investor’s investment rather than a return of earnings or gains derived from our investment activities and will be made after deducting the fees and expenses payable in connection with our continuous public offering, including any fees payable to FS/EIG Advisor. Moreover, a return of capital will generally not be taxable, but will reduce each shareholder’s cost basis in our common shares, and will result in a higher reported capital gain or lower reported capital loss when the common shares on which such return of capital was received are sold. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our shareholders.

We intend to make any regular distributions in the form of cash, out of assets legally available for distribution. Prior to September 15, 2023, shareholders could elect to receive their cash distributions in additional common shares under our distribution reinvestment plan. Any distributions reinvested under the plan nevertheless remained taxable to a U.S. shareholder. Our distribution reinvestment plan was terminated effective as of September 15, 2023.

Subject to applicable legal restrictions and the sole discretion of our board of trustees, we expect to provide enhanced

51

quarterly distributions to shareholders until the achievement of a long-term liquidity event. We expect to provide enhanced quarterly distributions to shareholders representing an annualized distribution rate of approximately 10.0%, 12.5% and 15.0% based on estimated net asset value as of such quarter end for 2024, 2025, and 2026 and beyond, respectively, provided we have not achieved a long-term liquidity event. We expect a portion of these distributions may represent a return of investor capital, helping to accelerate liquidity for shareholders in the near-term. Our board of trustees has and will continue to evaluate our ability to pay any distributions in the future. There can be no assurance that we will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of our board of trustees.

The following table reflects the cash distributions per share that we have declared on our common shares during the six months ended June 30, 2024 and 2023:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2023
March 31, 2023	$	0.0300	$	13,584
June 30, 2023	0.0300		13,624
Total	$	0.0600	$	27,208
Fiscal 2024
March 31, 2024(1)	$	0.0034	$	1,549
June 30, 2024	0.0866		39,447
Total	$	0.0900	$	40,996

______________________

(1)    For the quarter ended December 31, 2023, the distribution amount per share was $0.0643, comprised of an initial distribution per share of $0.0609 declared in December 2023 and the remaining distribution per share of $0.0034 declared in January 2024, collectively representing an annualized distribution rate to shareholders of 7.5%.

See Note 5 to our unaudited consolidated financial statements included herein for additional information regarding our distributions.

Critical Accounting Policies and Estimates

Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in Note 2 to our unaudited consolidated financial statements included herein. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below.

Valuation of Portfolio Investments

Our board of trustees is responsible for overseeing the valuation of our portfolio investments at fair value as determined in good faith pursuant to FS/EIG Advisor’s valuation policy. As permitted by Rule 2a-5 of the 1940 Act, our board of trustees has designated FS/EIG Advisor as our valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in FS/EIG Advisor’s valuation policy.

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the Financial Accounting Standards Board, or the FASB, clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in

52

active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

FS/EIG Advisor determines the fair value of our investment portfolio each quarter. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by FS/EIG Advisor. In connection with that determination, FS/EIG Advisor will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services.

With respect to investments for which market quotations are not readily available, a multi-step valuation process is undertaken each quarter, as described below:

•our quarterly fair valuation process begins with FS/EIG Advisor facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service;

•the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in FS/EIG Advisor’s valuation policy and communicates the information to FS/EIG Advisor in the form of a valuation range for Level 3 assets;

•FS/EIG Advisor then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range;

•FS/EIG Advisor then provides the valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by FS/EIG Advisor’s board reporting obligations; 

•the valuation committee meets with FS/EIG Advisor to receive the relevant quarterly reporting from FS/EIG Advisor and to discuss any questions from the valuation committee in connection with the valuation committee’s role in overseeing the fair valuation process; and

•following the completion of its fair value oversight activities, the valuation committee (with the assistance of FS/EIG Advisor) provides our board of trustees with a report regarding the quarterly valuation process.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our consolidated financial statements. In making its determination of fair value, FS/EIG Advisor may use any independent third-party pricing or valuation services for which it has performed the appropriate level of due diligence. However, FS/EIG Advisor is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by FS/EIG Advisor or provided by any independent third-party pricing or valuation service that FS/EIG Advisor deems to be reliable in determining fair value under the circumstances. Below is a description of factors that FS/EIG Advisor and any independent third-party valuation services may consider when determining the fair value of our investments.

The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company’s business in order to establish whether the portfolio company’s enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach.

Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, FS/EIG Advisor may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model. Other factors that may be considered include the borrower's ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the debt investments.

For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.

Valuation of CLO subordinated notes considers a variety of relevant factors, including recent purchases and sales known to FS/EIG Advisor in similar securities and output from a third-party financial model. The third-party financial model contains detailed

53

information on the characteristics of CLOs, including recent information about assets and liabilities, and is used to project future cash flows. Key inputs to the model include assumptions for future loan default rates, recovery rates, prepayment rates, reinvestment rates and discount rates. These are determined by considering both observable and third-party market data and prevailing general market assumptions and conventions.

Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price.

When we receive warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. FS/EIG Advisor subsequently values these warrants or other equity securities received at their fair value.

Swap contracts typically are valued at their daily prices obtained from an independent third party. The aggregate settlement values and notional amounts of the swap contracts are not recorded in the consolidated balance sheets. Fluctuations in the value of the swap contracts are recorded in the consolidated balance sheets as gross assets and gross liabilities and in the statements of operations as unrealized appreciation (depreciation) until closed, when they will be recorded as net realized gain (loss).

See Note 8 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

Contractual Obligations

We have entered into an agreement with FS/EIG Advisor to provide us with investment advisory and administrative services. Payments for investment advisory services under the FS/EIG investment advisory agreement are equal to 1.75% of the average weekly value of our gross assets and an incentive fee based on our performance. Base management fees are generally paid on a quarterly basis in arrears. FS/EIG Advisor is reimbursed for administrative services expenses incurred on our behalf. See Note 4 to our unaudited consolidated financial statements included herein for a discussion of this agreement and for the amount of fees and expenses accrued under this agreement during the six months ended June 30, 2024 and 2023.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in interest rates. As of June 30, 2024, 72.0% of our portfolio investments (based on fair value) paid variable interest rates, 12.6% paid fixed interest rates, 11.2% were income producing preferred equity and equity/other investments and the remaining 4.2% consisted of non-income producing preferred equity and equity/other investments. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated incentive fee on income, and may result in a substantial increase in our net investment income and the amount of incentive fees payable to FS/EIG Advisor with respect to our increased pre-incentive fee net investment income.

Pursuant to the terms of the Barclays Facility, we borrow at a floating rate based on a benchmark interest rate. To the extent that any present or future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we or our subsidiaries have such debt outstanding or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments.

The following table shows the effect over a twelve-month period of changes in interest rates on our interest income, interest expense and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangement in effect as of June 30, 2024 (dollar amounts are presented in thousands):

Basis Point Change in Interest Rates	Increase (Decrease) in Interest Income(1)		Increase (Decrease) in Interest Expense(2)		Increase (Decrease) in Net Interest Income		Percentage Change in Net Interest Income
Down 100 basis points	$	(13,235)	$	(4,000)	$	(9,235)	(7.5)	%
No change	—		—		—		—
Up 100 basis points	$	9,449	$	4,000	$	5,449	4.4	%
Up 300 basis points	$	33,005	$	12,000	$	21,005	17.0	%
Up 500 basis points	$	56,561	$	20,000	$	36,561	29.7	%

___________________

(1)     Assumes no defaults or prepayments by portfolio companies over the next twelve months.

(2)     Assumes current debt outstanding as of June 30, 2024, and no changes over the next twelve months.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. During the six months ended June 30, 2024 and 2023, we did not engage in interest rate hedging activities.

In addition, we may have risks regarding portfolio valuation and the potential inability of counterparties to meet the terms of their contracts. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Valuation of Portfolio Investments.”

Item 4. Controls and Procedures.

As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that we would meet our disclosure obligations.

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) that occurred during the three month period ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings and, to our knowledge, no material legal proceedings are threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, we do not expect that any such proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K.

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

Not applicable. See Note 3 to our unaudited consolidated financial statements contained in this quarterly report on Form 10-Q for a more detailed discussion of the terms of our share repurchase program and de minimis account liquidation.

Item 3. Defaults upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2024, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits.

31.1*    Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended.

31.2*    Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended.

32.1*    Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*    Inline XBRL Instance Document

101.SCH*    Inline XBRL Taxonomy Extension Schema Document

101.CAL*    Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*    Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*    Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*    Inline XBRL Taxonomy Extension Presentation Linkbase Document

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

_______________

*    Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on August 14, 2024.

FS Specialty Lending Fund
By:	/s/ MICHAEL C. FORMAN
	Michael C. Forman Chief Executive Officer (Principal Executive Officer)
By:	/s/ EDWARD T. GALLIVAN, JR.
	Edward T. Gallivan, Jr. Chief Financial Officer (Principal Financial and Accounting Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael C. Forman, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of FS Specialty Lending Fund;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2024

/s/ MICHAEL C. FORMAN

Michael C. Forman
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Edward T. Gallivan, Jr. certify that:

1.    I have reviewed this quarterly report on Form 10-Q of FS Specialty Lending Fund;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2024

/s/ EDWARD T. GALLIVAN, JR.

Edward T. Gallivan, Jr.
Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION of CEO and CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of FS Specialty Lending Fund (the “Company”) for the three months ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), Michael C. Forman, as Chief Executive Officer of the Company, and Edward T. Gallivan, Jr., as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

•the Form 10-Q of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 14, 2024
	/s/ MICHAEL C. FORMAN
	Michael C. Forman Chief Executive Officer
	/s/ EDWARD T. GALLIVAN, JR.
	Edward T. Gallivan, Jr.   Chief Financial Officer

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	814-00841
Entity Registrant Name	FS Specialty Lending Fund
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-6822130
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		455,506,155
Entity Central Index Key	0001501729
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2024		Dec. 31, 2023
Assets
Investments, at fair value		$ 1,646,505	[1],[2]	$ 1,523,196	[3],[4]
Cash and cash equivalents		316,020	[1],[2],[5]	486,059	[3],[4],[6]
Restricted cash		41,261		6,699
Receivable for investments sold and repaid		15,620		27,860
Interest receivable		19,292		15,093
Dividends receivable		347		360
Unrealized appreciation on swap contracts		225		0
Swap income receivable		1,076		36
Prepaid expenses and other assets		207		254
Total assets		2,040,553		2,059,557
Liabilities
Payable for investments purchased		49,851		61,596
Swap income payable		558		259
Shareholder distributions payable		0		27,740
Management fees payable		8,962		8,416
Administrative services expense payable		1,060		108
Interest payable		1,311		1,603
Trustees' fees payable		164		164
Other accrued expenses and liabilities		2,533		3,179
Total liabilities		459,909		497,502
Commitments and contingencies	[7]
Shareholders' equity
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding		0		0
Common shares, $0.001 par value, 700,000,000 shares authorized, 455,506,155 and 455,506,155 shares issued and outstanding, respectively		456		456
Capital in excess of par value		3,185,784		3,185,784
Accumulated earnings (deficit)		(1,605,596)		(1,624,185)
Total shareholders' equity		1,580,644		1,562,055
Total liabilities and shareholders' equity		$ 2,040,553		$ 2,059,557
Net asset value per common share at period end (in USD per share)		$ 3.47		$ 3.43
Repurchase Facility
Liabilities
Repurchase facility payable (net of deferred financing costs of [ ] and $5,563, respectively)	[8]	$ 395,470		$ 394,437
Non-controlled/unaffiliated Investments
Assets
Investments, at fair value		1,571,938		1,414,684
Non-controlled/affiliated investments
Assets
Investments, at fair value		29,940		7,496
Controlled/affiliated investments
Assets
Investments, at fair value		$ 44,627		$ 101,016

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Includes $64,259 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of June 30, 2024.

[6] Includes $23,098 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of December 31, 2023.

[7] See Note 10 for a discussion of the Company's commitments and contingencies.

[8] See Note 9 for a discussion of the Company's financing arrangements.

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023
Amortized cost	$ 1,701,043	[1]	$ 1,543,925	[2]
Preferred stock, par value (in USD per share)	$ 0.001		$ 0.001
Preferred stock, shares authorized	50,000,000		50,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value (in USD per share)	$ 0.001		$ 0.001
Common stock, shares authorized	700,000,000		700,000,000
Common stock, shares issued	455,506,155		455,506,155
Common stock, shares outstanding	455,506,155		455,506,155
Repurchase Facility
Deferred financing cost on facilities payable	$ 4,530		$ 5,563
Non-controlled/unaffiliated Investments
Amortized cost	1,609,320		1,358,793
Non-Controlled/Affiliated
Amortized cost	48,573		25,601
Controlled/affiliated
Amortized cost	$ 43,150		$ 159,531

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

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Unaudited Consolidated Statements of Operations - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Investment income
Paid-in-kind interest income				$ 5,647,000		$ 11,831,000
Fee income				0		0
Total investment income		$ 50,286,000	$ 41,476,000	119,536,000		84,571,000
Operating expenses
Management fees		8,965,000	8,705,000	18,077,000		19,179,000
Administrative services expenses		1,535,000	1,359,000	3,070,000		2,679,000
Share transfer agent fees		919,000	794,000	1,838,000		1,545,000
Accounting and administrative fees		179,000	179,000	304,000		362,000
Interest expense	[1]	9,040,000	5,730,000	18,124,000		18,328,000
Trustees' fees		164,000	176,000	328,000		340,000
Other general and administrative expenses		1,227,000	1,334,000	2,325,000		2,037,000
Total operating expenses		22,029,000	18,277,000	44,066,000		44,470,000
Less: Management fee offset	[2]	(3,000)	(19,000)	(3,000)		(274,000)
Net expenses		22,026,000	18,258,000	44,063,000		44,196,000
Net investment income before taxes		28,260,000	23,218,000	75,473,000		40,375,000
Federal and state taxes		16,000	1,317,000	809,000		1,317,000
Net investment income		28,244,000	21,901,000	74,664,000		39,058,000
Realized and unrealized gain/loss
Net realized gain (loss) on investments:				12,291,000		(62,695,000)
Net realized gain (loss) on foreign currency		0	0	0		(120,000)
Net realized gain (loss) on swap contracts		3,900,000	214,000	6,227,000		226,000
Net change in unrealized (appreciation) depreciation on investments				(33,809,000)		(34,911,000)
Net change in unrealized appreciation (depreciation) on swap contracts		29,000	126,000	225,000		1,203,000
Net change in unrealized appreciation (depreciation) on foreign currency		(4,000)	34,000	(13,000)		34,000
Total net realized and unrealized gain (loss)		13,230,000	(46,552,000)	(15,079,000)		(96,263,000)
Net increase (decrease) in net assets resulting from operations		$ 41,474,000	$ (24,651,000)	$ 59,585,000		$ (57,205,000)
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings per Share), basic (in USD per share)		$ 0.09	$ (0.05)	$ 0.13		$ (0.13)
Net increase (decrease) in net assets resulting from operations (Earnings per Share), diluted (in USD per share)		$ 0.09	$ (0.05)	$ 0.13		$ (0.13)
Weighted average shares outstanding, basic (in shares)		455,506,155	454,041,028	455,506,155		453,366,381
Weighted average shares outstanding, diluted (in shares)		455,506,155	454,041,028	455,506,155		453,366,381
Non-controlled/unaffiliated Investments
Investment income
Interest income		$ 42,877,000	$ 21,599,000	$ 104,676,000		$ 51,789,000
Paid-in-kind interest income		3,578,000	7,245,000	4,814,000		11,551,000
Fee income		1,233,000	1,029,000	1,645,000		1,126,000
Dividend income		690,000	8,733,000	5,040,000		14,423,000
Realized and unrealized gain/loss
Net realized gain (loss) on investments:		67,848,000	(20,947,000)	71,967,000		(29,795,000)
Net change in unrealized (appreciation) depreciation on investments		(72,256,000)	(15,025,000)	(93,273,000)		(39,544,000)
Non-Controlled/Affiliated
Investment income
Interest income		872,000	167,000	1,032,000		324,000
Paid-in-kind interest income		421,000	24,000	773,000	[3]	48,000
Realized and unrealized gain/loss
Net realized gain (loss) on investments:		0	(21,541,000)	71,000		(32,900,000)
Net change in unrealized (appreciation) depreciation on investments		(1,370,000)	18,089,000	(528,000)		15,528,000
Controlled/affiliated
Investment income
Interest income		615,000	2,619,000	1,496,000		5,078,000
Paid-in-kind interest income		0	60,000	60,000	[4]	232,000
Realized and unrealized gain/loss
Net realized gain (loss) on investments:		(59,747,000)	0	(59,747,000)		0
Net change in unrealized (appreciation) depreciation on investments		$ 74,830,000	$ (7,502,000)	$ 59,992,000		$ (10,895,000)

[1] See Note 9 for a discussion of the Company's financing arrangements.

[2] See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

[3] Interest and PIK income presented for the six months ended June 30, 2024.

[4] Interest and PIK income presented for the six months ended June 30, 2024.

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Unaudited Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operations
Net investment income		$ 28,244	$ 21,901	$ 74,664	$ 39,058
Net realized gain (loss) on investments, foreign currency and swap contracts		12,001	(42,274)	18,518	(62,589)
Net change in unrealized appreciation (depreciation) on investments		1,204	(4,438)	(33,809)	(34,911)
Net change in unrealized appreciation (depreciation) on swap contracts		29	126	225	1,203
Net change in unrealized appreciation (depreciation) on foreign currency		(4)	34	(13)	34
Net increase (decrease) in net assets resulting from operations		41,474	(24,651)	59,585	(57,205)
Shareholder distributions
Distributions to shareholders	[1]	(39,447)	(13,624)	(40,996)	(27,208)
Net decrease in net assets resulting from shareholder distributions	[1]	(39,447)	(13,624)	(40,996)	(27,208)
Capital share transactions
Reinvestment of shareholder distributions	[2]	0	5,170	0	10,388
Net increase in net assets resulting from capital share transactions	[2]	0	5,170	0	10,388
Total increase (decrease) in net assets		2,027	(33,105)	18,589	(74,025)
Net assets at beginning of period		1,578,617	1,712,828	1,562,055	1,753,748
Net assets at end of period		$ 1,580,644	$ 1,679,723	$ 1,580,644	$ 1,679,723

[1] See Note 5 for a discussion of the sources of distributions paid by the Company.

[2] See Note 3 for a discussion of the Company's common share transactions.

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Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended				6 Months Ended				12 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$ 41,474		$ (24,651)		$ 59,585		$ (57,205)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of long-term investments						(677,656)		(91,324)
Paid-in-kind interest						(5,647)		(11,831)
Proceeds from sales and repayments of long-term investments						520,160		560,174
Net proceeds from sales (purchases) of short-term investments						22,865		0
Net realized (gain) loss on investments						(12,291)		62,695
Net change in unrealized (appreciation) depreciation on investments						33,809		34,911
Net change in unrealized (appreciation) depreciation on swap contracts		(29)		(126)		(225)		(1,203)
Accretion of discount						(4,549)		(3,112)
Amortization of deferred financing costs and discount						1,033		2,778
(Increase) decrease in receivable for investments sold and repaid						12,240		4,442
(Increase) decrease in interest receivable						(4,199)		8,190
(Increase) decrease in dividends receivable						13		519
(Increase) decrease in swap income receivable						(1,040)		(22)
(Increase) decrease in prepaid expenses and other assets						47		47
Increase (decrease) in payable for investments purchased						(11,745)		53,758
Increase (decrease) in swap income payable						299		(26)
Increase (decrease) in management fees payable						546		(2,499)
Increase (decrease) in administrative services expense payable						952		(423)
Increase (decrease) in interest payable	[1]					(292)		(13,371)
Increase (decrease) in trustees' fees payable						0		12
Increase (decrease) in other accrued expenses and liabilities						(646)		(3,181)
Net cash provided by (used in) operating activities						(66,741)		543,329
Cash flows from financing activities
Shareholder distributions paid						(68,736)		(16,739)
Repayments of credit facilities	[1]					0		(305,676)
Repayments under senior secured notes	[1]					0		(457,075)
Deferred financing costs paid						0		(136)
Net cash provided by (used in) financing activities						(68,736)		(779,626)
Total increase (decrease) in cash, cash equivalents and restricted cash						(135,477)		(236,297)
Cash, cash equivalents and restricted cash at beginning of period						492,758		481,655		$ 481,655
Cash, cash equivalents and restricted cash at end of period		$ 357,281	[2]	$ 245,358	[2]	357,281	[2]	245,358	[2]	$ 492,758
Supplemental disclosure
Non-cash reinvestment of shareholder distributions						0		10,388
Non-cash purchases of investments						(71,247)		(3,284)
Non-cash sales of investments						71,247		3,284
Federal and state taxes paid						$ 1,261		$ 3,234

[1] See Note 9 for a discussion of the Company's financing arrangements. During the six months ended June 30, 2024 and 2023, the Company paid $17,383 and $28,921, respectively, in interest expense on the financing arrangements and Senior Secured Notes.

[2] Includes cash and cash equivalents of $316,020 and restricted cash of $41,261. Restricted cash is the cash collateral required to be posted pursuant to the Company’s derivative contracts.

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Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Interest expense paid		$ 17,383	$ 28,921
Cash and cash equivalents	[1],[2],[3]	316,020
Restricted cash		$ 41,261

[1] Includes $64,259 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of June 30, 2024.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

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Unaudited Consolidated Schedule of Investments - USD ($) $ in Thousands		Jun. 30, 2024		Dec. 31, 2023		Dec. 31, 2022
Percent of net assets		104.20%	[1]	97.50%	[2]
Amortized Cost		$ 1,701,043	[1]	$ 1,543,925	[2]
Fair Value		$ 1,646,505	[1],[3]	$ 1,523,196	[2],[4]
Liabilities in excess of other assets percentage		(24.20%)	[1],[5]	(28.60%)	[2],[6]
Cash and other assets		$ 316,020	[1],[3],[7]	$ 486,059	[2],[4],[8]
Liabilities in Excess of Other Assets		(381,881)	[1],[3],[5]	(447,200)	[2],[4],[6]
Net Assets		1,580,644	[1],[3]	1,562,055	[2],[4]
Nomura Total Return Swap
Unrealized Appreciation (Depreciation)		$ 225		$ 0
Nomura Total Return Swap | Nomura Global Financial Products, Inc.
Number of Shares		6,756,299		6,756,299
Interest Rate		1.15%	[9]	1.15%	[10]
Notional Amount		$ 39,640		$ 38,308
Unrealized Appreciation (Depreciation)		$ 0		$ 0
Nomura Total Return Swap | BNP Paribas, Aretec Group, Inc
Number of Shares		0
Interest Rate	[9]	4.50%
Notional Amount		$ 7,462
Unrealized Appreciation (Depreciation)		$ 24
Nomura Total Return Swap | BNP Paribas, BCPE Empire Holdings, Inc.
Number of Shares		0
Interest Rate	[9]	4.00%
Notional Amount		$ 7,481
Unrealized Appreciation (Depreciation)		$ 7
Nomura Total Return Swap | BNP Paribas, Charlotte Buyer, Inc.
Number of Shares		0
Interest Rate	[9]	5.25%
Notional Amount		$ 7,462
Unrealized Appreciation (Depreciation)		$ 14
Nomura Total Return Swap | BNP Paribas, Clear Channel Outdoor Holdings, Inc.
Number of Shares		0
Interest Rate	[9]	3.50%
Notional Amount		$ 7,500
Unrealized Appreciation (Depreciation)		$ 94
Nomura Total Return Swap | BNP Paribas, Clydesdale Acquisition Holdings Inc.
Number of Shares		0
Interest Rate	[9]	3.68%
Notional Amount		$ 7,462
Unrealized Appreciation (Depreciation)		$ 45
Nomura Total Return Swap | BNP Paribas, Mavis Tire Express Services TopCo, L.P.
Number of Shares		0
Interest Rate	[9]	3.75%
Notional Amount		$ 7,463
Unrealized Appreciation (Depreciation)		$ 9
Nomura Total Return Swap | BNP Paribas, Pro Mach Group, Inc.
Number of Shares		0
Interest Rate	[9]	3.75%
Notional Amount		$ 7,481
Unrealized Appreciation (Depreciation)		$ 32
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 1
Variable rate (percent)		4.25%	[9],[11]	4.25%	[10],[12],[13]
Floor Rate (percent)		0.50%	[9],[11]	0.50%	[10],[12],[13]
Principal Amount		$ 19,950	[11],[14]	$ 16,522	[12],[13],[15]
Amortized Cost		19,812	[11]	16,398	[12],[13]
Fair Value		$ 20,002	[3],[11]	$ 16,625	[4],[12],[13]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 2
Variable rate (percent)	[10],[13],[16]			4.25%
Floor Rate (percent)	[10],[13],[16]			0.50%
Principal Amount	[13],[15],[16]			$ 3,478
Amortized Cost	[13],[16]			3,452
Fair Value	[4],[13],[16]			$ 3,500
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power
Variable rate (percent)		4.00%	[9],[17],[18],[19]	4.00%	[10],[20],[21],[22]
PIK Rate (percent)		3.00%	[9],[17],[18],[19]	3.00%	[10],[20],[21],[22]
Floor Rate (percent)		1.50%	[9],[17],[18],[19]	1.50%	[10],[20],[21],[22]
Principal Amount		$ 14,940	[14],[17],[18],[19]	$ 22,856	[15],[20],[21],[22]
Amortized Cost		13,748	[17],[18],[19]	20,779	[20],[21],[22]
Fair Value		$ 14,944	[3],[17],[18],[19]	$ 23,050	[4],[20],[21],[22]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power | Maximum
PIK Rate (percent)		3.00%	[9],[17],[18],[19]	3.00%	[10],[20],[21],[22]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike, Energy—Power
Number of Shares	[17],[18],[19],[23]	35
Amortized Cost	[17],[18],[19],[23]	$ 2,652
Fair Value	[3],[17],[18],[19],[23]	$ 0
Strike price (in dollars per share)	[1],[17],[18],[19],[23]	$ 1.00
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Energy—Power
Number of Shares	[20],[21],[22],[24]			35
Amortized Cost	[20],[21],[22],[24]			$ 2,652
Fair Value	[4],[20],[21],[22],[24]			$ 0
Strike price (in dollars per share)	[2],[20],[21],[22],[24]			$ 1.00
Investment, Identifier [Axis]: APTIM Corp., Commercial & Professional Services
Variable rate (percent)	[9],[11]	7.50%
Principal Amount	[11],[14]	$ 27,500
Amortized Cost	[11]	27,500
Fair Value	[3],[11]	$ 28,268
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Energy—Service & Equipment
Number of Shares	[20],[24]			6,944,444
Amortized Cost	[20],[24]			$ 6,944
Fair Value	[4],[20],[24]			$ 1,375
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Energy—Service & Equipment
Number of Shares	[20],[24]			28,942,003
Amortized Cost	[20],[24]			$ 1,447
Fair Value	[4],[20],[24]			$ 10,159
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Variable rate (percent)		3.25%	[9],[11]	4.50%	[10],[12]
Principal Amount		$ 18,897	[11],[14]	$ 20,175	[12],[15]
Amortized Cost		18,834	[11]	20,033	[12]
Fair Value		$ 18,897	[3],[11]	$ 20,251	[4],[12]
Investment, Identifier [Axis]: Aimbridge Acquisition Co. Inc., Consumer Services
Variable rate (percent)		3.75%	[9],[11]	3.75%	[10],[12]
Principal Amount		$ 26,665	[11],[14]	$ 21,805	[12],[15]
Amortized Cost		25,803	[11]	21,036	[12]
Fair Value		$ 26,118	[3],[11]	$ 20,380	[4],[12]
Investment, Identifier [Axis]: AirSwift Holdings, Ltd., Common Equity, Commercial & Professional Services
Number of Shares		3,750,000	[17],[19],[23]	3,750,000	[20],[22],[24]
Amortized Cost		$ 6,029	[17],[19],[23]	$ 6,029	[20],[22],[24]
Fair Value		$ 4,106	[3],[17],[19],[23]	$ 3,413	[4],[20],[22],[24]
Investment, Identifier [Axis]: Allegiant Travel Co., Transportation
Rate (percent)		7.30%	[9],[19]	7.30%	[10],[22]
Principal Amount		$ 10,601	[14],[19]	$ 10,601	[15],[22]
Amortized Cost		9,735	[19]	9,614	[22]
Fair Value		$ 10,100	[3],[19]	10,385	[4],[22]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC
Fair Value				$ 0		$ 8,436
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 1
Variable rate (percent)		3.75%	[9],[11]	4.75%	[10],[12]
Floor Rate (percent)		0.50%	[9],[11]	0.50%	[10],[12]
Principal Amount		$ 22,845	[11],[14]	$ 9,975	[12],[15]
Amortized Cost		22,571	[11]	9,841	[12]
Fair Value		22,783	[3],[11]	$ 9,998	[4],[12]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 2
Variable rate (percent)	[10],[12]			3.75%
Floor Rate (percent)	[10],[12]			0.50%
Principal Amount	[12],[15]			$ 9,929
Amortized Cost	[12]			9,627
Fair Value	[4],[12]			9,903
Investment, Identifier [Axis]: Allied Wireline Services, LLC
Fair Value		0		22,200		63,888
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity
Fair Value		0		$ 0		10,463
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Energy—Service & Equipment
Number of Shares	[20],[24],[25],[26]			48,400
Amortized Cost	[20],[24],[25],[26]			$ 1,527
Fair Value	[4],[20],[24],[25],[26]			$ 0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
PIK Rate (percent)	[10],[20],[24],[26],[27]			10.00%
Principal Amount	[15],[20],[24],[26],[27]			$ 70,277
Amortized Cost	[20],[24],[26],[27]			70,277
Fair Value	[4],[20],[24],[26],[27]			$ 22,200
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment | Maximum
PIK Rate (percent)	[10],[20],[24],[26],[27]			10.00%
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants
Fair Value		$ 0		$ 0		0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Energy—Service & Equipment
Number of Shares	[20],[24],[25],[26]			22,000
Amortized Cost	[20],[24],[25],[26]			$ 0
Fair Value	[4],[20],[24],[25],[26]			$ 0
Investment, Identifier [Axis]: Allspring Government Money Market Fund - Select Class, Money Market Fund
Rate (percent)		5.30%		5.30%
Fair Value		$ 64,259		$ 23,098
Investment, Identifier [Axis]: American Auto Auction Group, LLC, Capital Goods
Variable rate (percent)		5.00%	[9],[11]	5.00%	[10],[12]
Floor Rate (percent)		0.80%	[9],[11]	0.80%	[10],[12]
Principal Amount		$ 23,860	[11],[14]	$ 9,975	[12],[15]
Amortized Cost		23,605	[11]	9,752	[12]
Fair Value		$ 23,878	[3],[11]	$ 9,858	[4],[12]
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Energy—Upstream
Number of Shares		126,632,117	[17],[23]	126,632,117	[20],[24]
Amortized Cost		$ 351	[17],[23]	$ 351	[20],[24]
Fair Value		$ 444	[3],[17],[23]	$ 571	[4],[20],[24]
Investment, Identifier [Axis]: Aretec Escrow Issuer Inc., Financial Services
Rate (percent)	[10],[12]			10.00%
Principal Amount	[12],[15]			$ 7,000
Amortized Cost	[12]			7,000
Fair Value	[4],[12]			$ 7,447
Investment, Identifier [Axis]: Aretec Escrow Issuer, Inc., Financial Services
Rate (percent)	[9],[11]	10.00%
Principal Amount	[11],[14]	$ 7,000
Amortized Cost	[11]	7,000
Fair Value	[3],[11]	$ 7,622
Investment, Identifier [Axis]: Aretec Group, Inc., Financial Services
Variable rate (percent)		4.00%	[9],[11],[28]	4.50%	[10],[12],[13]
Principal Amount		$ 6,817	[11],[14],[28]	$ 9,352	[12],[13],[15]
Amortized Cost		6,788	[11],[28]	9,071	[12],[13]
Fair Value		$ 6,852	[3],[11],[28]	$ 9,358	[4],[12],[13]
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Energy—Upstream
Number of Shares		1,486,929	[17],[23],[29]	1,486,929	[20],[24],[25]
Amortized Cost		$ 43,308	[17],[23],[29]	$ 44,573	[20],[24],[25]
Fair Value		$ 44,612	[3],[17],[23],[29]	$ 39,545	[4],[20],[24],[25]
Investment, Identifier [Axis]: Auris Luxembourg III S.a r.l, Health Care Equipment & Services
Variable rate (percent)		4.25%	[9],[11],[19]	3.75%	[10],[12],[22]
Principal Amount		$ 22,859	[11],[14],[19]	$ 20,287	[12],[15],[22]
Amortized Cost		22,748	[11],[19]	19,912	[12],[22]
Fair Value		$ 22,945	[3],[11],[19]	$ 20,079	[4],[12],[22]
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Variable rate (percent)		3.75%	[9],[11]	3.75%	[10],[12]
Floor Rate (percent)		0.50%	[9],[11]	0.50%	[10],[12]
Principal Amount		$ 20,802	[11],[14]	$ 15,909	[12],[15]
Amortized Cost		18,773	[11]	14,054	[12]
Fair Value		$ 19,970	[3],[11]	$ 14,852	[4],[12]
Investment, Identifier [Axis]: BCPE Empire Holdings, Inc., Consumer Services
Variable rate (percent)		4.00%	[9],[11]	4.75%	[10],[12]
Floor Rate (percent)		0.50%	[9],[11]	0.50%	[10],[12]
Principal Amount		$ 22,344	[11],[14]	$ 24,900	[12],[15]
Amortized Cost		22,418	[11]	24,983	[12]
Fair Value		22,376	[3],[11]	24,998	[4],[12]
Investment, Identifier [Axis]: Bridge Street CLO IV Ltd., Subordinated Notes
Fair Value		$ 21,566		0
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV Ltd., Financial Services
Rate (percent)	[9],[17],[19],[30],[31],[32]	18.20%
Principal Amount	[14],[17],[19],[30],[31],[32]	$ 23,700
Amortized Cost	[17],[19],[30],[31],[32]	23,619
Fair Value	[3],[17],[19],[30],[31],[32]	21,566
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV, Ltd.
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Brock Holdings III, LLC, Capital Goods
Variable rate (percent)	[9],[11],[19]	6.00%
Floor Rate (percent)	[9],[11],[19]	0.50%
Principal Amount	[11],[14],[19]	$ 8,500
Amortized Cost	[11],[19]	8,334
Fair Value	[3],[11],[19]	$ 8,585
Investment, Identifier [Axis]: CCS-CMGC Holdings, Inc., Health Care Equipment & Services
Variable rate (percent)		5.50%	[9],[11],[23],[33]	5.50%	[10],[12]
Principal Amount		$ 27,695	[11],[14],[23],[33]	$ 21,465	[12],[15]
Amortized Cost		24,501	[11],[23],[33]	18,225	[12]
Fair Value		$ 17,796	[3],[11],[23],[33]	$ 18,222	[4],[12]
Investment, Identifier [Axis]: CPM Holdings, Inc., Capital Goods
Variable rate (percent)		4.50%	[9],[11]	4.50%	[10],[12]
Floor Rate (percent)		0.50%	[9],[11]	0.50%	[10],[12]
Principal Amount		$ 24,875	[11],[14]	$ 20,000	[12],[15]
Amortized Cost		24,945	[11]	20,038	[12]
Fair Value		$ 24,738	[3],[11]	$ 20,092	[4],[12]
Investment, Identifier [Axis]: CT Technologies Intermediate Holdings, Inc., Health Care Equipment & Services
Variable rate (percent)	[9],[11]	4.25%
Floor Rate (percent)	[9],[11]	0.80%
Principal Amount	[11],[14]	$ 19,923
Amortized Cost	[11]	19,837
Fair Value	[3],[11]	$ 19,973
Investment, Identifier [Axis]: Charlotte Buyer, Inc., Health Care Equipment & Services
Variable rate (percent)		5.25%	[9],[11]	5.25%	[10],[12],[13]
Floor Rate (percent)		0.50%	[9],[11]	0.50%	[10],[12],[13]
Principal Amount		$ 17,755	[11],[14]	$ 19,845	[12],[13],[15]
Amortized Cost		17,849	[11]	19,937	[12],[13]
Fair Value		$ 17,823	[3],[11]	$ 19,952	[4],[12],[13]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 1
Variable rate (percent)		6.50%	[9],[17]	6.75%	[10],[12],[20]
Floor Rate (percent)		1.00%	[9],[17]	1.00%	[10],[12],[20]
Principal Amount		$ 2,151	[14],[17]	$ 20,915	[12],[15],[20]
Amortized Cost		2,151	[17]	20,915	[12],[20]
Fair Value		$ 2,196	[3],[17]	$ 21,098	[4],[12],[20]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 2
Variable rate (percent)		6.50%	[9],[11],[17]	6.75%	[10],[16],[20]
Floor Rate (percent)		1.00%	[9],[11],[17]	1.00%	[10],[16],[20]
Principal Amount		$ 20,810	[11],[14],[17]	$ 2,688	[15],[16],[20]
Amortized Cost		20,810	[11],[17]	2,688	[16],[20]
Fair Value		$ 21,253	[3],[11],[17]	$ 2,712	[4],[16],[20]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 3
Variable rate (percent)		6.50%	[9],[17],[34]	6.75%	[10],[16],[20]
Floor Rate (percent)		1.00%	[9],[17],[34]	1.00%	[10],[16],[20]
Principal Amount		$ 538	[14],[17],[34]	$ 1,344	[15],[16],[20]
Amortized Cost		538	[17],[34]	1,344	[16],[20]
Fair Value		$ 549	[3],[17],[34]	$ 1,356	[4],[16],[20]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 4
Variable rate (percent)	[9],[17],[34]	6.50%
Floor Rate (percent)	[9],[17],[34]	1.00%
Principal Amount	[14],[17],[34]	$ 1,344
Amortized Cost	[17],[34]	1,344
Fair Value	[3],[17],[34]	$ 1,373
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Financial Services
Variable rate (percent)	[10],[12],[13]			4.25%
Floor Rate (percent)	[10],[12],[13]			0.50%
Principal Amount	[12],[13],[15]			$ 6,387
Amortized Cost	[12],[13]			6,331
Fair Value	[4],[12],[13]			$ 6,372
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Media & Entertainment
Variable rate (percent)	[9],[11],[19]	3.75%
Floor Rate (percent)	[9],[11],[19]	0.50%
Principal Amount	[11],[14],[19]	$ 8,344
Amortized Cost	[11],[19]	8,297
Fair Value	[3],[11],[19]	$ 8,350
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Variable rate (percent)		7.50%	[9],[11],[17]	7.65%	[10],[12],[20]
Floor Rate (percent)		1.00%	[9],[11],[17]	1.00%	[10],[12],[20]
Principal Amount		$ 33,000	[11],[14],[17]	$ 35,000	[12],[15],[20]
Amortized Cost		32,604	[11],[17]	34,527	[12],[20]
Fair Value		$ 32,729	[3],[11],[17]	$ 34,426	[4],[12],[20]
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Media & Entertainment
Variable rate (percent)		4.00%	[9],[11],[19]	3.50%	[10],[12],[22]
Principal Amount		$ 12,500	[11],[14],[19]	$ 20,000	[12],[15],[22]
Amortized Cost		12,300	[11],[19]	19,551	[12],[22]
Fair Value		$ 12,534	[3],[11],[19]	$ 19,829	[4],[12],[22]
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings Inc., Financials Services
Variable rate (percent)	[10],[12]			4.18%
Floor Rate (percent)	[10],[12]			0.50%
Principal Amount	[12],[15]			$ 19,949
Amortized Cost	[12]			19,740
Fair Value	[4],[12]			$ 20,061
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings, Inc., Commercial & Professional Services
Variable rate (percent)	[9],[11]	3.75%
Floor Rate (percent)	[9],[11]	0.50%
Principal Amount	[11],[14]	$ 17,361
Amortized Cost	[11]	17,274
Fair Value	[3],[11]	$ 17,420
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Rate (percent)	[10],[20],[35],[36]			12.90%
Principal Amount	[15],[20],[35],[36]			$ 100,000
Amortized Cost	[20],[35],[36]			1,129
Fair Value	[4],[20],[35],[36]			$ 1,234
Investment, Identifier [Axis]: Crown SubSea Communication Holding, Inc., Capital Goods
Variable rate (percent)	[9],[11]	4.75%
Floor Rate (percent)	[9],[11]	0.80%
Principal Amount	[11],[14]	$ 6,000
Amortized Cost	[11]	5,943
Fair Value	[3],[11]	$ 6,024
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 1
Variable rate (percent)	[10],[12],[13]			5.00%
Floor Rate (percent)	[10],[12],[13]			0.80%
Principal Amount	[12],[13],[15]			$ 4,500
Amortized Cost	[12],[13]			4,523
Fair Value	[4],[12],[13]			$ 4,534
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 2
Variable rate (percent)	[10],[12],[13]			5.25%
Floor Rate (percent)	[10],[12],[13]			0.80%
Principal Amount	[12],[13],[15]			$ 5,430
Amortized Cost	[12],[13]			5,445
Fair Value	[4],[12],[13]			$ 5,468
Investment, Identifier [Axis]: Delivery Hero Finco LLC, Consumer Services
Variable rate (percent)	[9],[19]	5.00%
Floor Rate (percent)	[9],[19]	0.50%
Principal Amount	[14],[19]	$ 24,938
Amortized Cost	[19]	24,861
Fair Value	[3],[19]	$ 25,193
Investment, Identifier [Axis]: Digicel International Finance Ltd., Telecommunication Services
Variable rate (percent)	[9],[11]	5.15%
PIK Rate (percent)	[9],[11]	1.50%
Floor Rate (percent)	[9],[11]	0.50%
Principal Amount	[11],[14]	$ 20,076
Amortized Cost	[11]	19,360
Fair Value	[3],[11]	$ 19,511
Investment, Identifier [Axis]: Digicel International Finance Ltd., Telecommunication Services | Maximum
PIK Rate (percent)	[9],[11]	1.50%
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 1
Variable rate (percent)	[9],[17]	6.50%
Floor Rate (percent)	[9],[17]	2.00%
Principal Amount	[14],[17]	$ 47,400
Amortized Cost	[17]	46,472
Fair Value	[3],[17]	$ 46,511
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 2
Variable rate (percent)	[9],[17],[34]	6.50%
Floor Rate (percent)	[9],[17],[34]	2.00%
Principal Amount	[14],[17],[34]	$ 2,600
Amortized Cost	[17],[34]	2,600
Fair Value	[3],[17],[34]	$ 2,551
Investment, Identifier [Axis]: Engineered Machinery Holdings, Inc., Capital Goods
Variable rate (percent)		3.75%	[9],[11]	3.50%	[10],[12]
Floor Rate (percent)		0.80%	[9],[11]	0.80%	[10],[12]
Principal Amount		$ 24,797	[11],[14]	$ 19,924	[12],[15]
Amortized Cost		24,733	[11]	19,847	[12]
Fair Value		$ 24,926	[3],[11]	$ 19,840	[4],[12]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Variable rate (percent)	[10],[12],[20]			7.50%
Floor Rate (percent)	[10],[12],[20]			0.50%
Principal Amount	[12],[15],[20]			$ 17,047
Amortized Cost	[12],[20]			16,855
Fair Value	[4],[12],[20]			$ 17,156
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Variable rate (percent)		5.00%	[9],[11]	5.00%	[10],[12]
Floor Rate (percent)		1.00%	[9],[11]	1.00%	[10],[12]
Principal Amount		$ 24,777	[11],[14]	$ 19,905	[12],[15]
Amortized Cost		24,521	[11]	19,620	[12]
Fair Value		$ 24,657	[3],[11]	$ 19,781	[4],[12]
Investment, Identifier [Axis]: Full House Resorts, Inc., Consumer Services
Rate (percent)		8.30%	[9],[11]	8.30%	[10],[12]
Principal Amount		$ 25,742	[11],[14]	$ 20,742	[12],[15]
Amortized Cost		23,538	[11]	18,561	[12]
Fair Value		24,748	[3],[11]	19,517	[4],[12]
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity
Fair Value		$ 2,242		$ 1,661		5,044
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Energy—Midstream
Number of Shares		105,785	[17],[23],[29],[32]	105,785	[20],[24],[25],[37]
Amortized Cost		$ 6,681	[17],[23],[29],[32]	$ 6,681	[20],[24],[25],[37]
Fair Value		$ 2,242	[3],[17],[23],[29],[32]	$ 1,661	[4],[20],[24],[25],[37]
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Variable rate (percent)	[9],[17],[19]	7.80%
Rate (percent)	[10],[20],[22]			7.80%
Principal Amount		$ 13,951	[14],[17],[19]	$ 13,951	[15],[20],[22]
Amortized Cost		13,880	[17],[19]	13,874	[20],[22]
Fair Value		$ 13,400	[3],[17],[19]	$ 13,510	[4],[20],[22]
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 1
Variable rate (percent)	[9],[17]	5.50%
Floor Rate (percent)	[9],[17]	1.00%
Principal Amount	[14],[17]	$ 23,571
Amortized Cost	[17]	23,000
Fair Value	[3],[17]	$ 23,100
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 2
Variable rate (percent)	[9],[17],[34]	5.50%
Floor Rate (percent)	[9],[17],[34]	1.00%
Principal Amount	[14],[17],[34]	$ 7,857
Amortized Cost	[17],[34]	7,857
Fair Value	[3],[17],[34]	$ 7,700
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 3
Variable rate (percent)	[9],[17],[34]	5.50%
Floor Rate (percent)	[9],[17],[34]	1.00%
Principal Amount	[14],[17],[34]	$ 1,571
Amortized Cost	[17],[34]	1,571
Fair Value	[3],[17],[34]	$ 1,540
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 1
Number of Shares		2,785,562	[17],[23],[38]	2,785,562	[20],[24]
Amortized Cost		$ 2,786	[17],[23],[38]	$ 2,786	[20],[24]
Fair Value		$ 0	[3],[17],[23],[38]	$ 0	[4],[20],[24]
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2
PIK Rate (percent)	[10],[20],[24],[27]			9.00%
Number of Shares		20,234	[17],[23],[38]	19,965	[20],[24],[27]
Amortized Cost		$ 12,037	[17],[23],[38]	$ 12,493	[20],[24],[27]
Fair Value		$ 9,687	[3],[17],[23],[38]	$ 10,357	[4],[20],[24],[27]
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2 | Maximum
PIK Rate (percent)	[10],[20],[24],[27]			9.00%
Investment, Identifier [Axis]: Global Tel Link Corp., Technology Hardware & Equipment
Variable rate (percent)	[9],[11]	4.25%
Principal Amount	[11],[14]	$ 13,994
Amortized Cost	[11]	13,618
Fair Value	[3],[11]	$ 13,926
Investment, Identifier [Axis]: Gold Rush Amusements, Inc., Consumer Services
Variable rate (percent)		7.50%	[9],[11],[17]	7.50%	[10],[12],[20]
Floor Rate (percent)		2.00%	[9],[11],[17]	2.00%	[10],[12],[20]
Principal Amount		$ 30,519	[11],[14],[17]	$ 30,673	[12],[15],[20]
Amortized Cost		29,969	[11],[17]	30,079	[12],[20]
Fair Value		$ 30,519	[3],[11],[17]	$ 30,059	[4],[12],[20]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Variable rate (percent)	[10],[12],[20]			7.00%
Floor Rate (percent)	[10],[12],[20]			0.50%
Principal Amount	[12],[15],[20]			$ 14,516
Amortized Cost	[12],[20]			14,326
Fair Value	[4],[12],[20]			$ 14,379
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Financial Services
Variable rate (percent)	[10],[12]			4.00%
Floor Rate (percent)	[10],[12]			0.50%
Principal Amount	[12],[15]			$ 19,925
Amortized Cost	[12]			19,922
Fair Value	[4],[12]			$ 20,008
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Software & Services
Variable rate (percent)	[9],[11]	3.50%
Floor Rate (percent)	[9],[11]	0.50%
Principal Amount	[11],[14]	$ 24,800
Amortized Cost	[11]	24,828
Fair Value	[3],[11]	$ 24,676
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Rate (percent)		8.50%	[9],[11]	8.50%	[10],[12]
Principal Amount		$ 23,568	[11],[14]	$ 20,000	[12],[15]
Amortized Cost		21,624	[11]	17,987	[12]
Fair Value		21,280	[3],[11]	17,473	[4],[12]
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity
Fair Value		$ 348		$ 271		810
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Energy—Upstream
Number of Shares		135,062	[23],[32]	135,062	[24],[37]
Amortized Cost		$ 14,418	[23],[32]	$ 14,418	[24],[37]
Fair Value		$ 348	[3],[23],[32]	$ 271	[4],[24],[37]
Investment, Identifier [Axis]: Knowlton Development Corporation Inc., Household & Personal Products
Variable rate (percent)	[10],[12]			5.00%
Principal Amount	[12],[15]			$ 21,000
Amortized Cost	[12]			20,370
Fair Value	[4],[12]			$ 20,858
Investment, Identifier [Axis]: Knowlton Development Corporation, Inc., Household & Personal Products
Variable rate (percent)	[9],[11]	4.50%
Principal Amount	[11],[14]	$ 25,935
Amortized Cost	[11]	25,298
Fair Value	[3],[11]	$ 26,038
Investment, Identifier [Axis]: LABL, Inc., Commercial & Professional Services
Variable rate (percent)	[9],[11]	5.00%
Floor Rate (percent)	[9],[11]	0.50%
Principal Amount	[11],[14]	$ 24,737
Amortized Cost	[11]	24,085
Fair Value	[3],[11]	$ 24,467
Investment, Identifier [Axis]: LABL, Inc., Commerical & Professional Services
Variable rate (percent)	[10],[12]			5.00%
Floor Rate (percent)	[10],[12]			0.50%
Principal Amount	[12],[15]			$ 19,864
Amortized Cost	[12]			19,335
Fair Value	[4],[12]			$ 19,106
Investment, Identifier [Axis]: LaserShip, Inc., Transportation
Variable rate (percent)	[9],[11]	4.50%
Floor Rate (percent)	[9],[11]	0.80%
Principal Amount	[11],[14]	$ 6,964
Amortized Cost	[11]	6,613
Fair Value	[3],[11]	$ 5,953
Investment, Identifier [Axis]: Learning Care Group No. 2 Inc., Consumer Services
Variable rate (percent)	[10],[12]			4.75%
Floor Rate (percent)	[10],[12]			0.50%
Principal Amount	[12],[15]			$ 19,950
Amortized Cost	[12]			20,070
Fair Value	[4],[12]			20,100
Investment, Identifier [Axis]: Learning Care Group No. 2, Inc., Consumer Services
Variable rate (percent)	[9],[11]	4.00%
Floor Rate (percent)	[9],[11]	0.50%
Principal Amount	[11],[14]	$ 21,840
Amortized Cost	[11]	21,965
Fair Value	[3],[11]	$ 22,018
Investment, Identifier [Axis]: Level 3 Financing, Inc., Telecommunication Services
Variable rate (percent)	[9],[11],[19],[28]	6.56%
Floor Rate (percent)	[9],[11],[19],[28]	2.00%
Principal Amount	[11],[14],[19],[28]	$ 14,291
Amortized Cost	[11],[19],[28]	13,978
Fair Value	[3],[11],[19],[28]	$ 14,025
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units
Fair Value				$ 0		1,885
Investment, Identifier [Axis]: MBS Services Holdings, LLC, A-3 Units, Commercial & Professional Services
Number of Shares	[17],[23],[29]	522,382
Amortized Cost	[17],[23],[29]	$ 522
Fair Value	[3],[17],[23],[29]	$ 731
Investment, Identifier [Axis]: MBS Services Holdings, LLC, Commercial & Professional Services
PIK Rate (percent)	[9],[17]	15.00%
Principal Amount	[14],[17]	$ 29,689
Amortized Cost	[17]	28,682
Fair Value	[3],[17]	$ 28,131
Investment, Identifier [Axis]: MBS Services Holdings, LLC, Commercial & Professional Services | Maximum
PIK Rate (percent)	[9],[17]	15.00%
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Energy—Upstream
Number of Shares		503,176	[17],[23],[29]	503,176	[20],[24],[25]
Amortized Cost		$ 93,044	[17],[23],[29]	$ 93,044	[20],[24],[25]
Fair Value		$ 77,099	[3],[17],[23],[29]	$ 164,040	[4],[20],[24],[25]
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, L.P., Consumer Discretionary Distribution & Retail
Variable rate (percent)		3.75%	[9],[11]	4.00%	[10],[12]
Floor Rate (percent)		0.80%	[9],[11]	0.80%	[10],[12]
Principal Amount		$ 17,306	[11],[14]	$ 19,893	[12],[15]
Amortized Cost		17,324	[11]	19,797	[12]
Fair Value		$ 17,366	[3],[11]	$ 19,955	[4],[12]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Rate (percent)		14.20%	[9],[17],[19],[38]	14.20%	[10],[12],[20],[22],[24],[27]
Number of Shares		24,150	[17],[19],[38]	156,250	[12],[20],[22],[24],[27]
Amortized Cost		$ 25,451	[17],[19],[38]	$ 157,633	[12],[20],[22],[24],[27]
Fair Value		$ 30,349	[3],[17],[19],[38]	$ 141,141	[4],[12],[20],[22],[24],[27]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike, Energy—Midstream
Number of Shares	[17],[19],[23]	2,187,500
Amortized Cost	[17],[19],[23]	$ 3,083
Fair Value	[3],[17],[19],[23]	$ 1,399
Strike price (in dollars per share)	[1],[17],[19],[23]	$ 14.54
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike, Energy—Midstream 2
Number of Shares	[17],[19],[23]	546,880
Amortized Cost	[17],[19],[23]	$ 630
Fair Value	[3],[17],[19],[23]	$ 344
Strike price (in dollars per share)	[1],[17],[19],[23]	$ 13.56
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $13.56, Energy—Midstream
Number of Shares	[20],[22],[24]			546,880
Amortized Cost	[20],[22],[24]			$ 630
Fair Value	[4],[20],[22],[24]			$ 621
Strike price (in dollars per share)	[2],[20],[22],[24]			$ 13.56
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Energy—Midstream
Number of Shares	[20],[22],[24]			2,187,500
Amortized Cost	[20],[22],[24]			$ 3,083
Fair Value	[4],[20],[22],[24]			$ 2,682
Strike price (in dollars per share)	[2],[20],[22],[24]			$ 14.54
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike, Energy—Midstream 1
Number of Shares	[17],[19],[23]	3,125,000
Amortized Cost	[17],[19],[23]	$ 2,623
Fair Value	[3],[17],[19],[23]	$ 1,533
Strike price (in dollars per share)	[1],[17],[19],[23]	$ 17.45
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike, Energy—Midstream 2
Number of Shares	[17],[19],[23]	781,250
Amortized Cost	[17],[19],[23]	$ 576
Fair Value	[3],[17],[19],[23]	$ 369
Strike price (in dollars per share)	[1],[17],[19],[23]	$ 16.27
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Energy—Midstream
Number of Shares	[20],[22],[24]			781,250
Amortized Cost	[20],[22],[24]			$ 576
Fair Value	[4],[20],[22],[24]			$ 735
Strike price (in dollars per share)	[2],[20],[22],[24]			$ 16.27
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Energy—Midstream
Number of Shares	[20],[22],[24]			3,125,000
Amortized Cost	[20],[22],[24]			$ 2,623
Fair Value	[4],[20],[22],[24]			$ 3,083
Strike price (in dollars per share)	[2],[20],[22],[24]			$ 17.45
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Rate (percent)		10.80%	[9],[11],[19]	10.80%	[10],[12],[22]
Principal Amount		$ 25,000	[11],[14],[19]	$ 20,000	[12],[15],[22]
Amortized Cost		24,737	[11],[19]	19,680	[12],[22]
Fair Value		$ 25,034	[3],[11],[19]	$ 19,772	[4],[12],[22]
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences
Variable rate (percent)	[10],[20]			9.00%
Floor Rate (percent)	[10],[20]			1.50%
Principal Amount	[15],[20]			$ 20,000
Amortized Cost	[20]			19,400
Fair Value	[4],[20]			19,300
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 1
Variable rate (percent)	[9],[17]	11.00%
Floor Rate (percent)	[9],[17]	1.50%
Principal Amount	[14],[17]	$ 19,850
Amortized Cost	[17]	19,384
Fair Value	[3],[17]	$ 19,255
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 2
PIK Rate (percent)	[9],[17]	20.00%
Principal Amount	[14],[17]	$ 1,110
Amortized Cost	[17]	1,110
Fair Value	[3],[17]	$ 1,042
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 2 | Maximum
PIK Rate (percent)	[9],[17]	20.00%
Investment, Identifier [Axis]: Osaic Holdings, Inc., Financial Services
Variable rate (percent)	[9],[11]	4.00%
Principal Amount	[11],[14]	$ 4,988
Amortized Cost	[11]	4,988
Fair Value	[3],[11]	$ 5,009
Investment, Identifier [Axis]: PODS, LLC, Transportation
Rate (percent)	[9],[11],[28]	3.00%
Floor Rate (percent)	[9],[11],[28]	0.80%
Principal Amount	[11],[14],[28]	$ 19,949
Amortized Cost	[11],[28]	18,910
Fair Value	[3],[11],[28]	$ 18,929
Investment, Identifier [Axis]: Peloton Interactive, Inc., Consumer Durables & Apparel
Rate (percent)	[9],[11],[19]	6.00%
Principal Amount	[11],[14],[19]	$ 25,000
Amortized Cost	[11],[19]	24,754
Fair Value	[3],[11],[19]	25,069
Investment, Identifier [Axis]: Permian Production Holdings, LLC
Fair Value		4,071		4,816		4,767
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity
Fair Value		$ 1,713		$ 748		11,420
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Energy—Upstream
Number of Shares		1,968,861	[17],[23],[29],[32]	1,968,861	[20],[24],[25],[37]
Amortized Cost		$ 5	[17],[23],[29],[32]	$ 5	[20],[24],[25],[37]
Fair Value		$ 1,713	[3],[17],[23],[29],[32]	$ 748	[4],[20],[24],[25],[37]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Rate (percent)		7.00%	[9],[17],[32]	7.00%	[10],[20],[37]
PIK Rate (percent)		2.00%	[9],[17],[32]	2.00%	[10],[20],[37]
Principal Amount		$ 4,081	[14],[17],[32]	$ 4,864	[15],[20],[37]
Amortized Cost		3,850	[17],[32]	4,497	[20],[37]
Fair Value		$ 4,071	[3],[17],[32]	$ 4,816	[4],[20],[37]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream | Maximum
PIK Rate (percent)		2.00%	[9],[17],[32]	2.00%	[10],[20],[37]
Investment, Identifier [Axis]: Phoenix Guarantor Inc., Financial Services
Variable rate (percent)	[10],[12],[13]			3.50%
Principal Amount	[12],[13],[15]			$ 19,923
Amortized Cost	[12],[13]			19,891
Fair Value	[4],[12],[13]			$ 19,951
Investment, Identifier [Axis]: Pioneer Midco, LLC, Consumer Services
PIK Rate (percent)	[9],[11],[17]	11.60%
Principal Amount	[11],[14],[17]	$ 35,167
Amortized Cost	[11],[17]	35,167
Fair Value	[3],[11],[17]	$ 35,387
Investment, Identifier [Axis]: Pioneer Midco, LLC, Consumer Services | Maximum
PIK Rate (percent)	[9],[11],[17]	11.60%
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
PIK Rate (percent)	[9],[17],[23],[33]	10.00%
Principal Amount	[14],[17],[23],[33]	$ 4,218
Amortized Cost	[17],[23],[33]	3,827
Fair Value	[3],[17],[23],[33]	$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2 | Maximum
PIK Rate (percent)	[9],[17],[23],[33]	10.00%
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Rate (percent)		6.00%	[9],[17],[23],[33]	6.00%	[10],[20],[24],[27]
PIK Rate (percent)		9.50%	[9],[17],[23],[33]	9.50%	[10],[20],[24],[27]
Principal Amount		$ 13,936	[14],[17],[23],[33]	$ 13,297	[15],[20],[24],[27]
Amortized Cost		11,926	[17],[23],[33]	12,329	[20],[24],[27]
Fair Value		$ 4,879	[3],[17],[23],[33]	$ 7,473	[4],[20],[24],[27]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1 | Maximum
PIK Rate (percent)		9.50%	[9],[17],[23],[33]	9.50%	[10],[20],[24],[27]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
PIK Rate (percent)	[10],[20],[24],[27]			10.00%
Principal Amount	[15],[20],[24],[27]			$ 4,015
Amortized Cost	[20],[24],[27]			3,827
Fair Value	[4],[20],[24],[27]			$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2 | Maximum
PIK Rate (percent)	[10],[20],[24],[27]			10.00%
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 3
Rate (percent)	[9],[17],[34]	10.00%
Principal Amount	[14],[17],[34]	$ 2,709
Amortized Cost	[17],[34]	2,709
Fair Value	[3],[17],[34]	$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Rate (percent)	[10],[16],[20]			10.00%
Principal Amount	[15],[16],[20]			$ 2,709
Amortized Cost	[16],[20]			2,709
Fair Value	[4],[16],[20]			$ 0
Investment, Identifier [Axis]: Pretium PKG Holdings, Inc., Materials
Variable rate (percent)		2.50%	[9],[11]	5.00%	[10],[12]
PIK Rate (percent)	[9],[11]	2.50%
Floor Rate (percent)		1.00%	[9],[11]	1.00%	[10],[12]
Principal Amount		$ 32,580	[11],[14]	$ 30,118	[12],[15]
Amortized Cost		32,097	[11]	29,634	[12]
Fair Value		$ 33,590	[3],[11]	$ 29,591	[4],[12]
Investment, Identifier [Axis]: Pretium PKG Holdings, Inc., Materials | Maximum
PIK Rate (percent)	[9],[11]	2.50%
Investment, Identifier [Axis]: Pro Mach Group, Inc., Capital Goods
Variable rate (percent)		3.50%	[9],[11]	4.00%	[10],[12]
Floor Rate (percent)		1.00%	[9],[11]	1.00%	[10],[12]
Principal Amount		$ 17,380	[11],[14]	$ 19,924	[12],[15]
Amortized Cost		17,431	[11]	19,979	[12]
Fair Value		$ 17,489	[3],[11]	$ 20,007	[4],[12]
Investment, Identifier [Axis]: Proampac PG Borrower LLC, Materials
Variable rate (percent)		4.00%	[9],[11]	4.50%	[10],[12]
Floor Rate (percent)		0.80%	[9],[11]	0.80%	[10],[12]
Principal Amount		$ 22,885	[11],[14]	$ 20,000	[12],[15]
Amortized Cost		22,897	[11]	19,994	[12]
Fair Value		$ 22,968	[3],[11]	$ 20,062	[4],[12]
Investment, Identifier [Axis]: RealTruck Group, Inc., Automobiles & Components
Variable rate (percent)	[9],[11]	3.50%
Floor Rate (percent)	[9],[11]	0.80%
Principal Amount	[11],[14]	$ 24,820
Amortized Cost	[11]	24,045
Fair Value	[3],[11]	$ 24,780
Investment, Identifier [Axis]: Realtruck Group, Inc., Automobiles & Components
Variable rate (percent)	[10],[12],[13]			3.50%
Floor Rate (percent)	[10],[12],[13]			0.80%
Principal Amount	[12],[13],[15]			$ 19,956
Amortized Cost	[12],[13]			19,117
Fair Value	[4],[12],[13]			19,740
Investment, Identifier [Axis]: Revlon Intermediate Holdings IV LLC, Household & Personal Products
Rate (percent)	[9],[11]	6.88%
Floor Rate (percent)	[9],[11]	1.00%
Principal Amount	[11],[14]	$ 15,000
Amortized Cost	[11]	15,037
Fair Value	[3],[11]	$ 14,996
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity
Fair Value				$ 0		41,851
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 1
Variable rate (percent)	[9],[11]	3.50%
Floor Rate (percent)	[9],[11]	0.50%
Principal Amount	[11],[14]	$ 9,819
Amortized Cost	[11]	9,842
Fair Value	[3],[11]	$ 9,872
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 2
Variable rate (percent)	[9],[34]	3.50%
Floor Rate (percent)	[9],[34]	0.50%
Principal Amount	[14],[34]	$ 1,036
Amortized Cost	[34]	1,036
Fair Value	[3],[34]	$ 1,042
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 1
Variable rate (percent)	[10],[12],[13]			4.50%
Floor Rate (percent)	[10],[12],[13]			0.50%
Principal Amount	[12],[13],[15]			$ 9,844
Amortized Cost	[12],[13]			9,868
Fair Value	[4],[12],[13]			$ 9,890
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 2
Variable rate (percent)	[10],[13],[16]			4.50%
Floor Rate (percent)	[10],[13],[16]			0.50%
Principal Amount	[13],[15],[16]			$ 1,036
Amortized Cost	[13],[16]			1,039
Fair Value	[4],[13],[16]			$ 1,041
Investment, Identifier [Axis]: SRS Distribution Inc., Capital Goods
Variable rate (percent)	[10],[12],[13]			3.50%
Floor Rate (percent)	[10],[12],[13]			0.50%
Principal Amount	[12],[13],[15]			$ 19,924
Amortized Cost	[12],[13]			19,729
Fair Value	[4],[12],[13]			$ 19,982
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Rate (percent)	[10],[12],[20]			6.30%
Principal Amount	[12],[15],[20]			$ 10,365
Amortized Cost	[12],[20]			9,951
Fair Value	[4],[12],[20]			9,874
Investment, Identifier [Axis]: ST EIP Holdings, Inc., Energy—Midstream
Rate (percent)	[9],[11],[17]	6.30%
Principal Amount	[11],[14],[17]	$ 10,255
Amortized Cost	[11],[17]	9,874
Fair Value	[3],[11],[17]	$ 9,715
Investment, Identifier [Axis]: SupplyOne, Inc., Materials
Variable rate (percent)	[9],[11]	4.25%
Floor Rate (percent)	[9],[11]
Principal Amount	[11],[14]	$ 8,978
Amortized Cost	[11]	8,995
Fair Value	[3],[11]	9,003
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC
Fair Value				39,427		51,098
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC 2
Fair Value		44,627		39,427
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Principal Amount		60,603	[14],[17],[19],[23],[39]	60,603	[20],[22],[26]
Amortized Cost		43,150	[17],[19],[23],[39]	43,150	[20],[22],[26]
Fair Value		$ 44,627	[3],[17],[19],[23],[39]	$ 39,427	[4],[20],[22],[26]
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Variable rate (percent)		5.50%	[9],[11]	5.50%	[10],[12]
Floor Rate (percent)		1.00%	[9],[11]	1.00%	[10],[12]
Principal Amount		$ 24,423	[11],[14]	$ 19,650	[12],[15]
Amortized Cost		23,439	[11]	18,681	[12]
Fair Value		24,438	[3],[11]	18,830	[4],[12]
Investment, Identifier [Axis]: Telpico, LLC, Common Equity
Fair Value		$ 0		$ 0		0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Energy—Upstream
Number of Shares		50	[17],[23],[29],[32]	50	[20],[24],[25],[37]
Amortized Cost		$ 0	[17],[23],[29],[32]	$ 0	[20],[24],[25],[37]
Fair Value		$ 0	[3],[17],[23],[29],[32]	$ 0	[4],[20],[24],[25],[37]
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Energy—Upstream
Number of Shares		50	[17],[23],[29]	50	[20],[24],[25]
Amortized Cost		$ 7,571	[17],[23],[29]	$ 7,571	[20],[24],[25]
Fair Value		$ 1,362	[3],[17],[23],[29]	$ 4,418	[4],[20],[24],[25]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Variable rate (percent)		7.50%	[9],[11],[17]	7.50%	[10],[12],[20]
Floor Rate (percent)		1.00%	[9],[11],[17]	1.00%	[10],[12],[20]
Principal Amount		$ 20,537	[11],[14],[17]	$ 20,537	[12],[15],[20]
Amortized Cost		20,537	[11],[17]	20,537	[12],[20]
Fair Value		$ 20,485	[3],[11],[17]	$ 19,998	[4],[12],[20]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream | Maximum
PIK Rate (percent)		9.50%	[9],[11],[17]	9.50%	[10],[12],[20]
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Variable rate (percent)		4.00%	[9],[11]	4.00%	[10],[12]
Floor Rate (percent)		0.80%	[9],[11]	0.80%	[10],[12]
Principal Amount		$ 24,782	[11],[14]	$ 19,910	[12],[15]
Amortized Cost		23,540	[11]	18,614	[12]
Fair Value		$ 23,939	[3],[11]	19,268	[4],[12]
Investment, Identifier [Axis]: U.S. Treasury Bills, U.S. Treasury Bills
Principal Amount	[40]			21,000
Amortized Cost	[40]			20,994
Fair Value	[4],[40]			$ 21,000
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Rate (percent)		9.80%	[9],[11],[17],[19],[38]	9.80%	[10],[12],[20],[22]
Number of Shares		28,561	[11],[17],[19],[38]	79,336	[12],[20],[22]
Amortized Cost		$ 28,170	[11],[17],[19],[38]	$ 78,091	[12],[20],[22]
Fair Value		$ 32,038	[3],[11],[17],[19],[38]	98,333	[4],[12],[20],[22]
Investment, Identifier [Axis]: United Natural Foods, Inc., Consumer Staples Distribution & Retail
Variable rate (percent)	[9],[11],[19]	4.75%
Principal Amount	[11],[14],[19]	$ 21,000
Amortized Cost	[11],[19]	20,589
Fair Value	[3],[11],[19]	$ 21,096
Investment, Identifier [Axis]: Upstream Newco, Inc., Health Care Equipment & Services
Variable rate (percent)	[9],[11],[19],[28]	4.25%
Principal Amount	[11],[14],[19],[28]	$ 3,330
Amortized Cost	[11],[19],[28]	3,000
Fair Value	[3],[11],[19],[28]	$ 3,032
Investment, Identifier [Axis]: Varsity Brands Holding Co., LLC, Consumer Durables & Apparel
Variable rate (percent)	[9],[11],[28]	5.00%
Floor Rate (percent)	[9],[11],[28]	1.00%
Principal Amount	[11],[14],[28]	$ 14,160
Amortized Cost	[11],[28]	14,257
Fair Value	[3],[11],[28]	$ 14,323
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 1
Variable rate (percent)	[9],[11],[17]	6.50%
Floor Rate (percent)	[9],[11],[17]	3.00%
Principal Amount	[11],[14],[17]	$ 30,078
Amortized Cost	[11],[17]	29,089
Fair Value	[3],[11],[17]	$ 29,439
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 2
Variable rate (percent)	[9],[17],[34]	6.50%
Floor Rate (percent)	[9],[17],[34]	3.00%
Principal Amount	[14],[17],[34]	$ 4,750
Amortized Cost	[17],[34]	4,750
Fair Value	[3],[17],[34]	4,649
Investment, Identifier [Axis]: Warren Resources, Inc.
Fair Value		0		23,823		23,584
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity
Fair Value		$ 0		$ 15,566		$ 36,982
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Energy—Upstream
Number of Shares	[20],[24],[26]			4,415,749
Amortized Cost	[20],[24],[26]			$ 20,754
Fair Value	[4],[20],[24],[26]			$ 15,566
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Variable rate (percent)	[10],[12],[20],[26]			9.00%
Rate (percent)	[9],[17]	4.00%
PIK Rate (percent)	[10],[12],[20],[26]			1.00%
Floor Rate (percent)	[10],[12],[20],[26]			1.00%
Principal Amount		$ 30,745	[14],[17]	$ 23,823	[12],[15],[20],[26]
Amortized Cost		30,745	[17]	23,823	[12],[20],[26]
Fair Value		$ 25,634	[3],[17]	$ 23,823	[4],[12],[20],[26]
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream | Maximum
PIK Rate (percent)	[10],[12],[20],[26]			1.00%
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Variable rate (percent)	[10],[12],[20]			9.85%
Floor Rate (percent)	[10],[12],[20]			1.80%
Principal Amount	[12],[15],[20]			$ 42,938
Amortized Cost	[12],[20]			42,938
Fair Value	[4],[12],[20]			$ 41,882
Investment, Identifier [Axis]: Wattbridge, Inc., Energy—Power
Variable rate (percent)	[9],[11],[17]	9.85%
Floor Rate (percent)	[9],[11],[17]	1.80%
Principal Amount	[11],[14],[17]	$ 43,693
Amortized Cost	[11],[17]	43,693
Fair Value	[3],[11],[17]	$ 42,405
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Consumer Durables & Apparel
Variable rate (percent)	[9],[11]	3.25%
Floor Rate (percent)	[9],[11]	0.80%
Principal Amount	[11],[14]	$ 26,202
Amortized Cost	[11]	24,048
Fair Value	[3],[11]	$ 24,437
Net Senior Secured Loans—First Lien
Percent of net assets		71.60%	[1]	52.90%	[2]
Amortized Cost		$ 1,140,094	[1]	$ 878,013	[2]
Fair Value		1,131,071	[1],[3]	825,158	[2],[4]
Total Senior Secured Loans—First Lien
Amortized Cost		1,162,499	[1]	889,245	[2]
Fair Value		1,153,476	[1],[3]	836,390	[2],[4]
Unfunded Loan Commitments
Amortized Cost		(22,405)	[1]	(11,232)	[2]
Fair Value		$ (22,405)	[1],[3]	$ (11,232)	[2],[4]
Net Senior Secured Loans—Second Lien
Percent of net assets		5.10%	[1]	3.50%	[2]
Amortized Cost		$ 81,823	[1]	$ 55,064
Fair Value		$ 81,345	[1],[3]	54,424
Total Senior Secured Loans—Second Lien
Amortized Cost	[2]			55,064
Fair Value	[2],[4]			$ 54,424
Senior Secured Bonds
Percent of net assets		7.90%	[1]	5.40%	[2]
Amortized Cost		$ 127,253	[1]	$ 82,793
Fair Value		$ 124,133	[1],[3]	84,468	[4]
Subordinated Debt
Percent of net assets	[1]	2.20%
Amortized Cost		$ 35,167	[1]	0
Fair Value		$ 35,387	[1],[3]	0
Asset Based Finance
Percent of net assets	[1]	1.40%
Amortized Cost		$ 23,619	[1]	0
Fair Value		$ 21,566	[1],[3]	$ 0
Preferred Equity
Percent of net assets		4.60%	[1],[38]	16.60%	[2],[36]
Amortized Cost		$ 68,444	[1],[38]	$ 252,450	[2],[36]
Fair Value		$ 72,074	[1],[3],[38]	$ 259,990	[2],[4],[36]
Sustainable Infrastructure Investments, LLC
Percent of net assets		2.80%	[1]	2.50%	[2]
Amortized Cost		$ 43,150	[1]	$ 43,150	[2]
Fair Value		$ 44,627	[1],[3]	$ 39,427	[2],[4]
Equity/Other
Percent of net assets		8.60%	[1]	15.30%	[2]
Amortized Cost		$ 181,493	[1]	$ 211,461	[2]
Fair Value		136,302	[1],[3]	$ 238,729	[2],[4]
Short-Term Investments
Percent of net assets	[2]			1.30%
Amortized Cost		0		$ 20,994	[2]
Fair Value		$ 0		$ 21,000	[2],[4]
Cash and Cash Equivalents
Percent of net assets		20.00%	[1],[7]	31.10%	[2],[8]

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Includes the effect of swap contracts.

[6] Includes the effect of swap contracts.

[7] Includes $64,259 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of June 30, 2024.

[8] Includes $23,098 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of December 31, 2023.

[9] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.34% and 5.32%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[10] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.35% and 5.33%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[11] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[12] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[13] Security or portion thereof unsettled as of December 31, 2023.

[14] Denominated in U.S. dollars, unless otherwise noted.

[15] Denominated in U.S. dollars, unless otherwise noted.

[16] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[17] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[18] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[19] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2024, 83.3% of the Company’s total assets represented qualifying assets.

[20] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[21] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[22] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2023, 80.8% of the Company’s total assets represented qualifying assets.

[23] Security is non-income producing.

[24] Security is non-income producing.

[25] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[26] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC $8,436 $138 $(8,574)$— $— $— $256 $139 $— Allied Wireline Services, LLC63,888 6,389 — — (48,077)22,200 — 2,910 — Warren Resources, Inc.23,584 239 — — — 23,823 3,464 179 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — (11,364)— (307)39,427 — — 8,324 Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (10,463)— — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (21,416)15,566 — — — $194,451 $6,766 $(19,938)$— $(80,263)$101,016 $3,720 $3,228 $8,324  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2023.

[27] Security was on non-accrual status as of December 31, 2023.

[28] Security or portion thereof unsettled as of June 30, 2024.

[29] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[30] Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. As of June 30, 2024, the total market value of Rule 144A securities amounted to $21,566, which represented approximately 1.4% of net assets.

[31] Securities of a collateralized loan obligation (“CLO”) where an affiliate of the Company’s investment adviser serves as collateral manager and administrator (see Note 4). The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLO to the Company.

[32] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,816 $110 $(828)$71 $(98)$4,071 $297 $44  Asset Based Finance Bridge Street CLO IV Ltd., Subordinated Notes — 23,711 (92)— (2,053)21,566 735 —  Bridge Street Warehouse CLO IV Ltd. — 22,729 (22,729)— — — — 729 Equity/OtherGWP Midstream Holdco, LLC, Common Equity1,661 — — — 581 2,242 — — Harvest Oil & Gas Corp., Common Equity271 — — — 77 348 — — Permian Production Holdings, LLC, Common Equity748 — — — 965 1,713 — — Telpico, LLC, Common Equity— — — — — — — — $7,496 $46,550 $(23,649)$71 $(528)$29,940 $1,032 $773  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[33] Security was on non-accrual status as of June 30, 2024.

[34] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[35] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[36] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[37] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $231 $— $— $(182)$4,816 $675 $97 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — (3,112)3,112 (3,383)1,661 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 102 271 — — Limetree Bay Energy, LLC, Class A Units1,885 246 — (21,704)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (10,672)748 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $477 $(38,993)$(29,951)$10,186 $7,496 $675 $97  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the year ended December 31, 2023.

[38] Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

[39] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienAllied Wireline Services, LLC$22,200 $— $(19,360)$(50,917)$48,077 $— $— $— Warren Resources, Inc.23,823 60 (23,883)— — — 1,496 60 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC39,427 — — — 5,200 44,627 — — Equity/OtherAllied Wireline Services, LLC, Common Equity— — — (1,527)1,527 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity15,566 127 (13,578)(7,303)5,188 — — — $101,016 $187 $(56,821)$(59,747)$59,992 $44,627 $1,496 $60  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[40] Security or portion thereof is pledged as collateral supporting the equity total return swap with Nomura Global Financial Products Inc. (see Note 6).

XML

Unaudited Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended			12 Months Ended
		Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Qualifying assets, percent of total assets		83.30%			83.30%			80.80%
Investments, at fair value		$ 1,646,505	[1],[2]		$ 1,646,505	[1],[2]		$ 1,523,196	[3],[4]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[3],[4]				1,523,196
Net Realized Gain (Loss)					12,291		$ (62,695)
Net Change in Unrealized Appreciation (Depreciation)					(33,809)		(34,911)
Fair Value, ending balance		1,646,505	[1],[2]		1,646,505	[1],[2]		1,523,196	[3],[4]
Paid-in-kind interest income					5,647		11,831
Non-Controlled/Affiliated
Derivative [Line Items]
Investments, at fair value		29,940			29,940			7,496
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					7,496		65,777	65,777
Gross Additions					46,550	[5]		477	[6]
Gross Reductions					(23,649)	[7]		(38,993)	[8]
Net Realized Gain (Loss)		0		$ (21,541)	71		(32,900)	(29,951)
Net Change in Unrealized Appreciation (Depreciation)		(1,370)		18,089	(528)		15,528	10,186
Fair Value, ending balance		29,940			29,940			7,496
Interest income					1,032	[9]		675	[10]
Paid-in-kind interest income		421		24	773	[9]	48	97	[10]
Controlled/affiliated
Derivative [Line Items]
Investments, at fair value		44,627			44,627			101,016
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					101,016		194,451	194,451
Gross Additions					187	[11]		6,766	[12]
Gross Reductions					(56,821)	[13]		(19,938)	[14]
Net Realized Gain (Loss)		(59,747)		0	(59,747)		0	0
Net Change in Unrealized Appreciation (Depreciation)		74,830		(7,502)	59,992		(10,895)	(80,263)
Fair Value, ending balance		44,627			44,627			101,016
Interest income					1,496	[15]		3,720	[16]
Paid-in-kind interest income		0		$ 60	60	[15]	232	3,228	[16]
Dividend income	[16]							8,324
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 1
Derivative [Line Items]
Investments, at fair value		20,002	[2],[17]		20,002	[2],[17]		16,625	[4],[18],[19]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				16,625
Fair Value, ending balance		20,002	[2],[17]		20,002	[2],[17]		16,625	[4],[18],[19]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 2
Derivative [Line Items]
Investments, at fair value	[4],[19],[20]							3,500
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[19],[20]				3,500
Fair Value, ending balance	[4],[19],[20]							3,500
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power
Derivative [Line Items]
Investments, at fair value		14,944	[2],[21],[22],[23]		14,944	[2],[21],[22],[23]		23,050	[4],[24],[25],[26]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[25],[26]				23,050
Fair Value, ending balance		14,944	[2],[21],[22],[23]		14,944	[2],[21],[22],[23]		23,050	[4],[24],[25],[26]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike, Energy—Power
Derivative [Line Items]
Investments, at fair value	[2],[21],[22],[23],[27]	0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[22],[23],[27]	0			0
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Energy—Power
Derivative [Line Items]
Investments, at fair value	[4],[24],[25],[26],[28]							0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[25],[26],[28]				0
Fair Value, ending balance	[4],[24],[25],[26],[28]							0
Investment, Identifier [Axis]: APTIM Corp., Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	28,268			28,268
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	28,268			28,268
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Energy—Service & Equipment
Derivative [Line Items]
Investments, at fair value	[4],[24],[28]							1,375
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28]				1,375
Fair Value, ending balance	[4],[24],[28]							1,375
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Energy—Service & Equipment
Derivative [Line Items]
Investments, at fair value	[4],[24],[28]							10,159
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28]				10,159
Fair Value, ending balance	[4],[24],[28]							10,159
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Derivative [Line Items]
Investments, at fair value		18,897	[2],[17]		18,897	[2],[17]		20,251	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,251
Fair Value, ending balance		18,897	[2],[17]		18,897	[2],[17]		20,251	[4],[18]
Investment, Identifier [Axis]: Aimbridge Acquisition Co. Inc., Consumer Services
Derivative [Line Items]
Investments, at fair value		26,118	[2],[17]		26,118	[2],[17]		20,380	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,380
Fair Value, ending balance		26,118	[2],[17]		26,118	[2],[17]		20,380	[4],[18]
Investment, Identifier [Axis]: AirSwift Holdings, Ltd., Common Equity, Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value		4,106	[2],[21],[23],[27]		4,106	[2],[21],[23],[27]		3,413	[4],[24],[26],[28]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26],[28]				3,413
Fair Value, ending balance		4,106	[2],[21],[23],[27]		4,106	[2],[21],[23],[27]		3,413	[4],[24],[26],[28]
Investment, Identifier [Axis]: Allegiant Travel Co., Transportation
Derivative [Line Items]
Investments, at fair value		$ 10,100	[2],[23]		$ 10,100	[2],[23]		$ 10,385	[4],[26]
Rate (percent)		7.30%	[23],[29]		7.30%	[23],[29]		7.30%	[26],[30]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[26]				$ 10,385
Fair Value, ending balance		$ 10,100	[2],[23]		10,100	[2],[23]		$ 10,385	[4],[26]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC
Derivative [Line Items]
Investments, at fair value								0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		8,436	8,436
Gross Additions	[12]							138
Gross Reductions	[14]							(8,574)
Net Realized Gain (Loss)								0
Net Change in Unrealized Appreciation (Depreciation)								0
Fair Value, ending balance								0
Interest income	[16]							256
Paid-in-kind interest income	[16]							139
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 1
Derivative [Line Items]
Investments, at fair value		22,783	[2],[17]		22,783	[2],[17]		9,998	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				9,998
Fair Value, ending balance		22,783	[2],[17]		22,783	[2],[17]		9,998	[4],[18]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 2
Derivative [Line Items]
Investments, at fair value	[4],[18]							9,903
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				9,903
Fair Value, ending balance	[4],[18]							9,903
Investment, Identifier [Axis]: Allied Wireline Services, LLC
Derivative [Line Items]
Investments, at fair value		0			0			22,200
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					22,200		63,888	63,888
Gross Additions					0	[11]		6,389	[12]
Gross Reductions					(19,360)	[13]		0	[14]
Net Realized Gain (Loss)					(50,917)			0
Net Change in Unrealized Appreciation (Depreciation)					48,077			(48,077)
Fair Value, ending balance		0			0			22,200
Interest income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		2,910	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity
Derivative [Line Items]
Investments, at fair value		0			0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		10,463	10,463
Gross Additions					0	[11]		0	[12]
Gross Reductions					0	[13]		0	[14]
Net Realized Gain (Loss)					(1,527)			0
Net Change in Unrealized Appreciation (Depreciation)					1,527			(10,463)
Fair Value, ending balance		0			0			0
Interest income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Energy—Service & Equipment
Derivative [Line Items]
Investments, at fair value	[4],[24],[28],[31],[32]							0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31],[32]				0
Fair Value, ending balance	[4],[24],[28],[31],[32]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Derivative [Line Items]
Investments, at fair value	[4],[24],[28],[32],[33]							22,200
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[32],[33]				22,200
Fair Value, ending balance	[4],[24],[28],[32],[33]							22,200
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants
Derivative [Line Items]
Investments, at fair value		0			0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		0	0
Gross Additions					0	[11]		0	[12]
Gross Reductions					0	[13]		0	[14]
Net Realized Gain (Loss)					0			0
Net Change in Unrealized Appreciation (Depreciation)					0			0
Fair Value, ending balance		0			0			0
Interest income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Energy—Service & Equipment
Derivative [Line Items]
Investments, at fair value	[4],[24],[28],[31],[32]							0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31],[32]				0
Fair Value, ending balance	[4],[24],[28],[31],[32]							0
Investment, Identifier [Axis]: Allspring Government Money Market Fund - Select Class, Money Market Fund
Derivative [Line Items]
Investments, at fair value		$ 64,259			$ 64,259			$ 23,098
Rate (percent)		5.30%			5.30%			5.30%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					$ 23,098
Fair Value, ending balance		$ 64,259			64,259			$ 23,098
Investment, Identifier [Axis]: American Auto Auction Group, LLC, Capital Goods
Derivative [Line Items]
Investments, at fair value		23,878	[2],[17]		23,878	[2],[17]		9,858	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				9,858
Fair Value, ending balance		23,878	[2],[17]		23,878	[2],[17]		9,858	[4],[18]
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		444	[2],[21],[27]		444	[2],[21],[27]		571	[4],[24],[28]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28]				571
Fair Value, ending balance		444	[2],[21],[27]		444	[2],[21],[27]		571	[4],[24],[28]
Investment, Identifier [Axis]: Aretec Escrow Issuer Inc., Financial Services
Derivative [Line Items]
Investments, at fair value	[4],[18]							$ 7,447
Rate (percent)	[18],[30]							10.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				7,447
Fair Value, ending balance	[4],[18]							$ 7,447
Investment, Identifier [Axis]: Aretec Escrow Issuer, Inc., Financial Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	$ 7,622			$ 7,622
Rate (percent)	[17],[29]	10.00%			10.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	$ 7,622			$ 7,622
Investment, Identifier [Axis]: Aretec Group, Inc., Financial Services
Derivative [Line Items]
Investments, at fair value		6,852	[2],[17],[34]		6,852	[2],[17],[34]		9,358	[4],[18],[19]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				9,358
Fair Value, ending balance		6,852	[2],[17],[34]		6,852	[2],[17],[34]		9,358	[4],[18],[19]
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		44,612	[2],[21],[27],[35]		44,612	[2],[21],[27],[35]		39,545	[4],[24],[28],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31]				39,545
Fair Value, ending balance		44,612	[2],[21],[27],[35]		44,612	[2],[21],[27],[35]		39,545	[4],[24],[28],[31]
Investment, Identifier [Axis]: Auris Luxembourg III S.a r.l, Health Care Equipment & Services
Derivative [Line Items]
Investments, at fair value		22,945	[2],[17],[23]		22,945	[2],[17],[23]		20,079	[4],[18],[26]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[26]				20,079
Fair Value, ending balance		22,945	[2],[17],[23]		22,945	[2],[17],[23]		20,079	[4],[18],[26]
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Derivative [Line Items]
Investments, at fair value		19,970	[2],[17]		19,970	[2],[17]		14,852	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				14,852
Fair Value, ending balance		19,970	[2],[17]		19,970	[2],[17]		14,852	[4],[18]
Investment, Identifier [Axis]: BCPE Empire Holdings, Inc., Consumer Services
Derivative [Line Items]
Investments, at fair value		22,376	[2],[17]		22,376	[2],[17]		24,998	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				24,998
Fair Value, ending balance		22,376	[2],[17]		22,376	[2],[17]		24,998	[4],[18]
Investment, Identifier [Axis]: Bridge Street CLO IV Ltd., Subordinated Notes
Derivative [Line Items]
Investments, at fair value		21,566			21,566			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0
Gross Additions	[5]				23,711
Gross Reductions	[7]				(92)
Net Realized Gain (Loss)					0
Net Change in Unrealized Appreciation (Depreciation)					(2,053)
Fair Value, ending balance		21,566			21,566			0
Interest income	[9]				735
Paid-in-kind interest income	[9]				0
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV Ltd., Financial Services
Derivative [Line Items]
Investments, at fair value	[2],[21],[23],[36],[37],[38]	$ 21,566			$ 21,566
Net assets (percent)		1.40%			1.40%
Rate (percent)	[21],[23],[29],[36],[37],[38]	18.20%			18.20%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[23],[36],[37],[38]	$ 21,566			$ 21,566
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV, Ltd.
Derivative [Line Items]
Investments, at fair value		0			0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0
Gross Additions	[5]				22,729
Gross Reductions	[7]				(22,729)
Net Realized Gain (Loss)					0
Net Change in Unrealized Appreciation (Depreciation)					0
Fair Value, ending balance		0			0			0
Interest income	[9]				0
Paid-in-kind interest income	[9]				729
Investment, Identifier [Axis]: Brock Holdings III, LLC, Capital Goods
Derivative [Line Items]
Investments, at fair value	[2],[17],[23]	8,585			8,585
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[23]	8,585			8,585
Investment, Identifier [Axis]: CCS-CMGC Holdings, Inc., Health Care Equipment & Services
Derivative [Line Items]
Investments, at fair value		17,796	[2],[17],[27],[39]		17,796	[2],[17],[27],[39]		18,222	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				18,222
Fair Value, ending balance		17,796	[2],[17],[27],[39]		17,796	[2],[17],[27],[39]		18,222	[4],[18]
Investment, Identifier [Axis]: CPM Holdings, Inc., Capital Goods
Derivative [Line Items]
Investments, at fair value		24,738	[2],[17]		24,738	[2],[17]		20,092	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,092
Fair Value, ending balance		24,738	[2],[17]		24,738	[2],[17]		20,092	[4],[18]
Investment, Identifier [Axis]: CT Technologies Intermediate Holdings, Inc., Health Care Equipment & Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	19,973			19,973
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	19,973			19,973
Investment, Identifier [Axis]: Charlotte Buyer, Inc., Health Care Equipment & Services
Derivative [Line Items]
Investments, at fair value		17,823	[2],[17]		17,823	[2],[17]		19,952	[4],[18],[19]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				19,952
Fair Value, ending balance		17,823	[2],[17]		17,823	[2],[17]		19,952	[4],[18],[19]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 1
Derivative [Line Items]
Investments, at fair value		2,196	[2],[21]		2,196	[2],[21]		21,098	[4],[18],[24]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				21,098
Fair Value, ending balance		2,196	[2],[21]		2,196	[2],[21]		21,098	[4],[18],[24]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 2
Derivative [Line Items]
Investments, at fair value		21,253	[2],[17],[21]		21,253	[2],[17],[21]		2,712	[4],[20],[24]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[20],[24]				2,712
Fair Value, ending balance		21,253	[2],[17],[21]		21,253	[2],[17],[21]		2,712	[4],[20],[24]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 3
Derivative [Line Items]
Investments, at fair value		549	[2],[21],[40]		549	[2],[21],[40]		1,356	[4],[20],[24]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[20],[24]				1,356
Fair Value, ending balance		549	[2],[21],[40]		549	[2],[21],[40]		1,356	[4],[20],[24]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 4
Derivative [Line Items]
Investments, at fair value	[2],[21],[40]	1,373			1,373
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[40]	1,373			1,373
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Financial Services
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							6,372
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				6,372
Fair Value, ending balance	[4],[18],[19]							6,372
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Media & Entertainment
Derivative [Line Items]
Investments, at fair value	[2],[17],[23]	8,350			8,350
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[23]	8,350			8,350
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		32,729	[2],[17],[21]		32,729	[2],[17],[21]		34,426	[4],[18],[24]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				34,426
Fair Value, ending balance		32,729	[2],[17],[21]		32,729	[2],[17],[21]		34,426	[4],[18],[24]
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Media & Entertainment
Derivative [Line Items]
Investments, at fair value		12,534	[2],[17],[23]		12,534	[2],[17],[23]		19,829	[4],[18],[26]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[26]				19,829
Fair Value, ending balance		12,534	[2],[17],[23]		12,534	[2],[17],[23]		19,829	[4],[18],[26]
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings Inc., Financials Services
Derivative [Line Items]
Investments, at fair value	[4],[18]							20,061
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,061
Fair Value, ending balance	[4],[18]							20,061
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings, Inc., Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	17,420			17,420
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	17,420			17,420
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Derivative [Line Items]
Investments, at fair value	[4],[24],[41],[42]							$ 1,234
Rate (percent)	[24],[30],[41],[42]							12.90%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[41],[42]				1,234
Fair Value, ending balance	[4],[24],[41],[42]							$ 1,234
Investment, Identifier [Axis]: Crown SubSea Communication Holding, Inc., Capital Goods
Derivative [Line Items]
Investments, at fair value	[2],[17]	6,024			6,024
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	6,024			6,024
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 1
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							4,534
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				4,534
Fair Value, ending balance	[4],[18],[19]							4,534
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 2
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							5,468
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				5,468
Fair Value, ending balance	[4],[18],[19]							5,468
Investment, Identifier [Axis]: Delivery Hero Finco LLC, Consumer Services
Derivative [Line Items]
Investments, at fair value	[2],[23]	25,193			25,193
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[23]	25,193			25,193
Investment, Identifier [Axis]: Digicel International Finance Ltd., Telecommunication Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	19,511			19,511
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	19,511			19,511
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 1
Derivative [Line Items]
Investments, at fair value	[2],[21]	46,511			46,511
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21]	46,511			46,511
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 2
Derivative [Line Items]
Investments, at fair value	[2],[21],[40]	2,551			2,551
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[40]	2,551			2,551
Investment, Identifier [Axis]: Engineered Machinery Holdings, Inc., Capital Goods
Derivative [Line Items]
Investments, at fair value		24,926	[2],[17]		24,926	[2],[17]		19,840	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				19,840
Fair Value, ending balance		24,926	[2],[17]		24,926	[2],[17]		19,840	[4],[18]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[18],[24]							17,156
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				17,156
Fair Value, ending balance	[4],[18],[24]							17,156
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Derivative [Line Items]
Investments, at fair value		24,657	[2],[17]		24,657	[2],[17]		19,781	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				19,781
Fair Value, ending balance		24,657	[2],[17]		24,657	[2],[17]		19,781	[4],[18]
Investment, Identifier [Axis]: Full House Resorts, Inc., Consumer Services
Derivative [Line Items]
Investments, at fair value		$ 24,748	[2],[17]		$ 24,748	[2],[17]		$ 19,517	[4],[18]
Rate (percent)		8.30%	[17],[29]		8.30%	[17],[29]		8.30%	[18],[30]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				$ 19,517
Fair Value, ending balance		$ 24,748	[2],[17]		24,748	[2],[17]		$ 19,517	[4],[18]
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity
Derivative [Line Items]
Investments, at fair value		2,242			2,242			1,661
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					1,661		5,044	5,044
Gross Additions					0	[5]		0	[6]
Gross Reductions					0	[7]		(3,112)	[8]
Net Realized Gain (Loss)					0			3,112
Net Change in Unrealized Appreciation (Depreciation)					581			(3,383)
Fair Value, ending balance		2,242			2,242			1,661
Interest income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Energy—Midstream
Derivative [Line Items]
Investments, at fair value		2,242	[2],[21],[27],[35],[38]		2,242	[2],[21],[27],[35],[38]		1,661	[4],[24],[28],[31],[43]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31],[43]				1,661
Fair Value, ending balance		2,242	[2],[21],[27],[35],[38]		2,242	[2],[21],[27],[35],[38]		1,661	[4],[24],[28],[31],[43]
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Derivative [Line Items]
Investments, at fair value		13,400	[2],[21],[23]		13,400	[2],[21],[23]		$ 13,510	[4],[24],[26]
Rate (percent)	[24],[26],[30]							7.80%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26]				13,510
Fair Value, ending balance		13,400	[2],[21],[23]		13,400	[2],[21],[23]		$ 13,510	[4],[24],[26]
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 1
Derivative [Line Items]
Investments, at fair value	[2],[21]	23,100			23,100
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21]	23,100			23,100
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 2
Derivative [Line Items]
Investments, at fair value	[2],[21],[40]	7,700			7,700
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[40]	7,700			7,700
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 3
Derivative [Line Items]
Investments, at fair value	[2],[21],[40]	1,540			1,540
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[40]	1,540			1,540
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 1
Derivative [Line Items]
Investments, at fair value		0	[2],[21],[27],[44]		0	[2],[21],[27],[44]		0	[4],[24],[28]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28]				0
Fair Value, ending balance		0	[2],[21],[27],[44]		0	[2],[21],[27],[44]		0	[4],[24],[28]
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2
Derivative [Line Items]
Investments, at fair value		9,687	[2],[21],[27],[44]		9,687	[2],[21],[27],[44]		10,357	[4],[24],[28],[33]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[33]				10,357
Fair Value, ending balance		9,687	[2],[21],[27],[44]		9,687	[2],[21],[27],[44]		10,357	[4],[24],[28],[33]
Investment, Identifier [Axis]: Global Tel Link Corp., Technology Hardware & Equipment
Derivative [Line Items]
Investments, at fair value	[2],[17]	13,926			13,926
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	13,926			13,926
Investment, Identifier [Axis]: Gold Rush Amusements, Inc., Consumer Services
Derivative [Line Items]
Investments, at fair value		30,519	[2],[17],[21]		30,519	[2],[17],[21]		30,059	[4],[18],[24]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				30,059
Fair Value, ending balance		30,519	[2],[17],[21]		30,519	[2],[17],[21]		30,059	[4],[18],[24]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[18],[24]							14,379
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				14,379
Fair Value, ending balance	[4],[18],[24]							14,379
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Financial Services
Derivative [Line Items]
Investments, at fair value	[4],[18]							20,008
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,008
Fair Value, ending balance	[4],[18]							20,008
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Software & Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	24,676			24,676
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	24,676			24,676
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Derivative [Line Items]
Investments, at fair value		$ 21,280	[2],[17]		$ 21,280	[2],[17]		$ 17,473	[4],[18]
Rate (percent)		8.50%	[17],[29]		8.50%	[17],[29]		8.50%	[18],[30]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				$ 17,473
Fair Value, ending balance		$ 21,280	[2],[17]		21,280	[2],[17]		$ 17,473	[4],[18]
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity
Derivative [Line Items]
Investments, at fair value		348			348			271
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					271		810	810
Gross Additions					0	[5]		0	[6]
Gross Reductions					0	[7]		(641)	[8]
Net Realized Gain (Loss)					0			0
Net Change in Unrealized Appreciation (Depreciation)					77			102
Fair Value, ending balance		348			348			271
Interest income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		348	[2],[27],[38]		348	[2],[27],[38]		271	[4],[28],[43]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[28],[43]				271
Fair Value, ending balance		348	[2],[27],[38]		348	[2],[27],[38]		271	[4],[28],[43]
Investment, Identifier [Axis]: Knowlton Development Corporation Inc., Household & Personal Products
Derivative [Line Items]
Investments, at fair value	[4],[18]							20,858
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,858
Fair Value, ending balance	[4],[18]							20,858
Investment, Identifier [Axis]: Knowlton Development Corporation, Inc., Household & Personal Products
Derivative [Line Items]
Investments, at fair value	[2],[17]	26,038			26,038
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	26,038			26,038
Investment, Identifier [Axis]: LABL, Inc., Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	24,467			24,467
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	24,467			24,467
Investment, Identifier [Axis]: LABL, Inc., Commerical & Professional Services
Derivative [Line Items]
Investments, at fair value	[4],[18]							19,106
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				19,106
Fair Value, ending balance	[4],[18]							19,106
Investment, Identifier [Axis]: LaserShip, Inc., Transportation
Derivative [Line Items]
Investments, at fair value	[2],[17]	5,953			5,953
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	5,953			5,953
Investment, Identifier [Axis]: Learning Care Group No. 2 Inc., Consumer Services
Derivative [Line Items]
Investments, at fair value	[4],[18]							20,100
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,100
Fair Value, ending balance	[4],[18]							20,100
Investment, Identifier [Axis]: Learning Care Group No. 2, Inc., Consumer Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	22,018			22,018
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	22,018			22,018
Investment, Identifier [Axis]: Level 3 Financing, Inc., Telecommunication Services
Derivative [Line Items]
Investments, at fair value	[2],[17],[23],[34]	14,025			14,025
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[23],[34]	14,025			14,025
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units
Derivative [Line Items]
Investments, at fair value								0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		1,885	1,885
Gross Additions	[6]							246
Gross Reductions	[8]							0
Net Realized Gain (Loss)								(21,704)
Net Change in Unrealized Appreciation (Depreciation)								19,573
Fair Value, ending balance								0
Interest income	[10]							0
Paid-in-kind interest income	[10]							0
Investment, Identifier [Axis]: MBS Services Holdings, LLC, A-3 Units, Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value	[2],[21],[27],[35]	731			731
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[27],[35]	731			731
Investment, Identifier [Axis]: MBS Services Holdings, LLC, Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value	[2],[21]	28,131			28,131
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21]	28,131			28,131
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		77,099	[2],[21],[27],[35]		77,099	[2],[21],[27],[35]		164,040	[4],[24],[28],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31]				164,040
Fair Value, ending balance		77,099	[2],[21],[27],[35]		77,099	[2],[21],[27],[35]		164,040	[4],[24],[28],[31]
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, L.P., Consumer Discretionary Distribution & Retail
Derivative [Line Items]
Investments, at fair value		17,366	[2],[17]		17,366	[2],[17]		19,955	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				19,955
Fair Value, ending balance		17,366	[2],[17]		17,366	[2],[17]		19,955	[4],[18]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Derivative [Line Items]
Investments, at fair value		$ 30,349	[2],[21],[23],[44]		$ 30,349	[2],[21],[23],[44]		$ 141,141	[4],[18],[24],[26],[28],[33]
Rate (percent)		14.20%	[21],[23],[29],[44]		14.20%	[21],[23],[29],[44]		14.20%	[18],[24],[26],[28],[30],[33]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24],[26],[28],[33]				$ 141,141
Fair Value, ending balance		$ 30,349	[2],[21],[23],[44]		30,349	[2],[21],[23],[44]		$ 141,141	[4],[18],[24],[26],[28],[33]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[2],[21],[23],[27]	1,399			1,399
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[23],[27]	1,399			1,399
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike, Energy—Midstream 2
Derivative [Line Items]
Investments, at fair value	[2],[21],[23],[27]	344			344
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[23],[27]	344			344
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $13.56, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[24],[26],[28]							621
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26],[28]				621
Fair Value, ending balance	[4],[24],[26],[28]							621
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[24],[26],[28]							2,682
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26],[28]				2,682
Fair Value, ending balance	[4],[24],[26],[28]							2,682
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike, Energy—Midstream 1
Derivative [Line Items]
Investments, at fair value	[2],[21],[23],[27]	1,533			1,533
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[23],[27]	1,533			1,533
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike, Energy—Midstream 2
Derivative [Line Items]
Investments, at fair value	[2],[21],[23],[27]	369			369
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[23],[27]	369			369
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[24],[26],[28]							735
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26],[28]				735
Fair Value, ending balance	[4],[24],[26],[28]							735
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[24],[26],[28]							3,083
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26],[28]				3,083
Fair Value, ending balance	[4],[24],[26],[28]							3,083
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Derivative [Line Items]
Investments, at fair value		$ 25,034	[2],[17],[23]		$ 25,034	[2],[17],[23]		$ 19,772	[4],[18],[26]
Rate (percent)		10.80%	[17],[23],[29]		10.80%	[17],[23],[29]		10.80%	[18],[26],[30]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[26]				$ 19,772
Fair Value, ending balance		$ 25,034	[2],[17],[23]		25,034	[2],[17],[23]		$ 19,772	[4],[18],[26]
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences
Derivative [Line Items]
Investments, at fair value	[4],[24]							19,300
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24]				19,300
Fair Value, ending balance	[4],[24]							19,300
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 1
Derivative [Line Items]
Investments, at fair value	[2],[21]	19,255			19,255
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21]	19,255			19,255
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 2
Derivative [Line Items]
Investments, at fair value	[2],[21]	1,042			1,042
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21]	1,042			1,042
Investment, Identifier [Axis]: Osaic Holdings, Inc., Financial Services
Derivative [Line Items]
Investments, at fair value	[2],[17]	5,009			5,009
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	5,009			5,009
Investment, Identifier [Axis]: PODS, LLC, Transportation
Derivative [Line Items]
Investments, at fair value	[2],[17],[34]	$ 18,929			$ 18,929
Rate (percent)	[17],[29],[34]	3.00%			3.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[34]	$ 18,929			$ 18,929
Investment, Identifier [Axis]: Peloton Interactive, Inc., Consumer Durables & Apparel
Derivative [Line Items]
Investments, at fair value	[2],[17],[23]	$ 25,069			$ 25,069
Rate (percent)	[17],[23],[29]	6.00%			6.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[23]	$ 25,069			$ 25,069
Investment, Identifier [Axis]: Permian Production Holdings, LLC
Derivative [Line Items]
Investments, at fair value		4,071			4,071			4,816
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					4,816		4,767	4,767
Gross Additions					110	[5]		231	[6]
Gross Reductions					(828)	[7]		0	[8]
Net Realized Gain (Loss)					71			0
Net Change in Unrealized Appreciation (Depreciation)					(98)			(182)
Fair Value, ending balance		4,071			4,071			4,816
Interest income					297	[9]		675	[10]
Paid-in-kind interest income					44	[9]		97	[10]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity
Derivative [Line Items]
Investments, at fair value		1,713			1,713			748
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					748		11,420	11,420
Gross Additions					0	[5]		0	[6]
Gross Reductions					0	[7]		0	[8]
Net Realized Gain (Loss)					0			0
Net Change in Unrealized Appreciation (Depreciation)					965			(10,672)
Fair Value, ending balance		1,713			1,713			748
Interest income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		1,713	[2],[21],[27],[35],[38]		1,713	[2],[21],[27],[35],[38]		748	[4],[24],[28],[31],[43]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31],[43]				748
Fair Value, ending balance		1,713	[2],[21],[27],[35],[38]		1,713	[2],[21],[27],[35],[38]		748	[4],[24],[28],[31],[43]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		$ 4,071	[2],[21],[38]		$ 4,071	[2],[21],[38]		$ 4,816	[4],[24],[43]
Rate (percent)		7.00%	[21],[29],[38]		7.00%	[21],[29],[38]		7.00%	[24],[30],[43]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[43]				$ 4,816
Fair Value, ending balance		$ 4,071	[2],[21],[38]		4,071	[2],[21],[38]		$ 4,816	[4],[24],[43]
Investment, Identifier [Axis]: Phoenix Guarantor Inc., Financial Services
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							19,951
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				19,951
Fair Value, ending balance	[4],[18],[19]							19,951
Investment, Identifier [Axis]: Pioneer Midco, LLC, Consumer Services
Derivative [Line Items]
Investments, at fair value	[2],[17],[21]	35,387			35,387
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[21]	35,387			35,387
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Derivative [Line Items]
Investments, at fair value	[2],[21],[27],[39]	0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[27],[39]	0			0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Derivative [Line Items]
Investments, at fair value		$ 4,879	[2],[21],[27],[39]		$ 4,879	[2],[21],[27],[39]		$ 7,473	[4],[24],[28],[33]
Rate (percent)		6.00%	[21],[27],[29],[39]		6.00%	[21],[27],[29],[39]		6.00%	[24],[28],[30],[33]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[33]				$ 7,473
Fair Value, ending balance		$ 4,879	[2],[21],[27],[39]		4,879	[2],[21],[27],[39]		$ 7,473	[4],[24],[28],[33]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Derivative [Line Items]
Investments, at fair value	[4],[24],[28],[33]							0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[33]				0
Fair Value, ending balance	[4],[24],[28],[33]							0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 3
Derivative [Line Items]
Investments, at fair value	[2],[21],[40]	$ 0			$ 0
Rate (percent)	[21],[29],[40]	10.00%			10.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[40]	$ 0			$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Derivative [Line Items]
Investments, at fair value	[4],[20],[24]							$ 0
Rate (percent)	[20],[24],[30]							10.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[20],[24]				0
Fair Value, ending balance	[4],[20],[24]							$ 0
Investment, Identifier [Axis]: Pretium PKG Holdings, Inc., Materials
Derivative [Line Items]
Investments, at fair value		33,590	[2],[17]		33,590	[2],[17]		29,591	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				29,591
Fair Value, ending balance		33,590	[2],[17]		33,590	[2],[17]		29,591	[4],[18]
Investment, Identifier [Axis]: Pro Mach Group, Inc., Capital Goods
Derivative [Line Items]
Investments, at fair value		17,489	[2],[17]		17,489	[2],[17]		20,007	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,007
Fair Value, ending balance		17,489	[2],[17]		17,489	[2],[17]		20,007	[4],[18]
Investment, Identifier [Axis]: Proampac PG Borrower LLC, Materials
Derivative [Line Items]
Investments, at fair value		22,968	[2],[17]		22,968	[2],[17]		20,062	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				20,062
Fair Value, ending balance		22,968	[2],[17]		22,968	[2],[17]		20,062	[4],[18]
Investment, Identifier [Axis]: RealTruck Group, Inc., Automobiles & Components
Derivative [Line Items]
Investments, at fair value	[2],[17]	24,780			24,780
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	24,780			24,780
Investment, Identifier [Axis]: Realtruck Group, Inc., Automobiles & Components
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							19,740
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				19,740
Fair Value, ending balance	[4],[18],[19]							19,740
Investment, Identifier [Axis]: Revlon Intermediate Holdings IV LLC, Household & Personal Products
Derivative [Line Items]
Investments, at fair value	[2],[17]	$ 14,996			$ 14,996
Rate (percent)	[17],[29]	6.88%			6.88%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	$ 14,996			$ 14,996
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity
Derivative [Line Items]
Investments, at fair value								0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		41,851	41,851
Gross Additions	[6]							0
Gross Reductions	[8]							(35,240)
Net Realized Gain (Loss)								(11,359)
Net Change in Unrealized Appreciation (Depreciation)								4,748
Fair Value, ending balance								0
Interest income	[10]							0
Paid-in-kind interest income	[10]							0
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 1
Derivative [Line Items]
Investments, at fair value	[2],[17]	9,872			9,872
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	9,872			9,872
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 2
Derivative [Line Items]
Investments, at fair value	[2],[40]	1,042			1,042
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[40]	1,042			1,042
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 1
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							9,890
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				9,890
Fair Value, ending balance	[4],[18],[19]							9,890
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 2
Derivative [Line Items]
Investments, at fair value	[4],[19],[20]							1,041
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[19],[20]				1,041
Fair Value, ending balance	[4],[19],[20]							1,041
Investment, Identifier [Axis]: SRS Distribution Inc., Capital Goods
Derivative [Line Items]
Investments, at fair value	[4],[18],[19]							19,982
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[19]				19,982
Fair Value, ending balance	[4],[18],[19]							19,982
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[4],[18],[24]							$ 9,874
Rate (percent)	[18],[24],[30]							6.30%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				9,874
Fair Value, ending balance	[4],[18],[24]							$ 9,874
Investment, Identifier [Axis]: ST EIP Holdings, Inc., Energy—Midstream
Derivative [Line Items]
Investments, at fair value	[2],[17],[21]	$ 9,715			$ 9,715
Rate (percent)	[17],[21],[29]	6.30%			6.30%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[21]	$ 9,715			$ 9,715
Investment, Identifier [Axis]: SupplyOne, Inc., Materials
Derivative [Line Items]
Investments, at fair value	[2],[17]	9,003			9,003
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	9,003			9,003
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC
Derivative [Line Items]
Investments, at fair value								39,427
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					39,427		51,098	51,098
Gross Additions	[12]							0
Gross Reductions	[14]							(11,364)
Net Realized Gain (Loss)								0
Net Change in Unrealized Appreciation (Depreciation)								(307)
Fair Value, ending balance								39,427
Interest income	[16]							0
Paid-in-kind interest income	[16]							0
Dividend income	[16]							8,324
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC 2
Derivative [Line Items]
Investments, at fair value		44,627			44,627			39,427
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					39,427
Gross Additions	[11]				0
Gross Reductions	[13]				0
Net Realized Gain (Loss)					0
Net Change in Unrealized Appreciation (Depreciation)					5,200
Fair Value, ending balance		44,627			44,627			39,427
Interest income	[15]				0
Paid-in-kind interest income	[15]				0
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Derivative [Line Items]
Investments, at fair value		44,627	[2],[21],[23],[27],[45]		44,627	[2],[21],[23],[27],[45]		39,427	[4],[24],[26],[32]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[26],[32]				39,427
Fair Value, ending balance		44,627	[2],[21],[23],[27],[45]		44,627	[2],[21],[23],[27],[45]		39,427	[4],[24],[26],[32]
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Derivative [Line Items]
Investments, at fair value		24,438	[2],[17]		24,438	[2],[17]		18,830	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				18,830
Fair Value, ending balance		24,438	[2],[17]		24,438	[2],[17]		18,830	[4],[18]
Investment, Identifier [Axis]: Telpico, LLC, Common Equity
Derivative [Line Items]
Investments, at fair value		0			0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		0	0
Gross Additions					0	[5]		0	[6]
Gross Reductions					0	[7]		0	[8]
Net Realized Gain (Loss)					0			0
Net Change in Unrealized Appreciation (Depreciation)					0			0
Fair Value, ending balance		0			0			0
Interest income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		0	[2],[21],[27],[35],[38]		0	[2],[21],[27],[35],[38]		0	[4],[24],[28],[31],[43]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31],[43]				0
Fair Value, ending balance		0	[2],[21],[27],[35],[38]		0	[2],[21],[27],[35],[38]		0	[4],[24],[28],[31],[43]
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		1,362	[2],[21],[27],[35]		1,362	[2],[21],[27],[35]		4,418	[4],[24],[28],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[31]				4,418
Fair Value, ending balance		1,362	[2],[21],[27],[35]		1,362	[2],[21],[27],[35]		4,418	[4],[24],[28],[31]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Derivative [Line Items]
Investments, at fair value		20,485	[2],[17],[21]		20,485	[2],[17],[21]		19,998	[4],[18],[24]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				19,998
Fair Value, ending balance		20,485	[2],[17],[21]		20,485	[2],[17],[21]		19,998	[4],[18],[24]
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Derivative [Line Items]
Investments, at fair value		23,939	[2],[17]		23,939	[2],[17]		19,268	[4],[18]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18]				19,268
Fair Value, ending balance		23,939	[2],[17]		23,939	[2],[17]		19,268	[4],[18]
Investment, Identifier [Axis]: U.S. Treasury Bills, U.S. Treasury Bills
Derivative [Line Items]
Investments, at fair value	[4],[46]							21,000
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[46]				21,000
Fair Value, ending balance	[4],[46]							21,000
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Derivative [Line Items]
Investments, at fair value		$ 32,038	[2],[17],[21],[23],[44]		$ 32,038	[2],[17],[21],[23],[44]		$ 98,333	[4],[18],[24],[26]
Rate (percent)		9.80%	[17],[21],[23],[29],[44]		9.80%	[17],[21],[23],[29],[44]		9.80%	[18],[24],[26],[30]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24],[26]				$ 98,333
Fair Value, ending balance		$ 32,038	[2],[17],[21],[23],[44]		32,038	[2],[17],[21],[23],[44]		$ 98,333	[4],[18],[24],[26]
Investment, Identifier [Axis]: United Natural Foods, Inc., Consumer Staples Distribution & Retail
Derivative [Line Items]
Investments, at fair value	[2],[17],[23]	21,096			21,096
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[23]	21,096			21,096
Investment, Identifier [Axis]: Upstream Newco, Inc., Health Care Equipment & Services
Derivative [Line Items]
Investments, at fair value	[2],[17],[23],[34]	3,032			3,032
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[23],[34]	3,032			3,032
Investment, Identifier [Axis]: Varsity Brands Holding Co., LLC, Consumer Durables & Apparel
Derivative [Line Items]
Investments, at fair value	[2],[17],[34]	14,323			14,323
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[34]	14,323			14,323
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 1
Derivative [Line Items]
Investments, at fair value	[2],[17],[21]	29,439			29,439
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[21]	29,439			29,439
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 2
Derivative [Line Items]
Investments, at fair value	[2],[21],[40]	4,649			4,649
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[21],[40]	4,649			4,649
Investment, Identifier [Axis]: Warren Resources, Inc.
Derivative [Line Items]
Investments, at fair value		0			0			23,823
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					23,823		23,584	23,584
Gross Additions					60	[11]		239	[12]
Gross Reductions					(23,883)	[13]		0	[14]
Net Realized Gain (Loss)					0			0
Net Change in Unrealized Appreciation (Depreciation)					0			0
Fair Value, ending balance		0			0			23,823
Interest income					1,496	[15]		3,464	[16]
Paid-in-kind interest income					60	[15]		179	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity
Derivative [Line Items]
Investments, at fair value		0			0			15,566
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					15,566		$ 36,982	36,982
Gross Additions					127	[11]		0	[12]
Gross Reductions					(13,578)	[13]		0	[14]
Net Realized Gain (Loss)					(7,303)			0
Net Change in Unrealized Appreciation (Depreciation)					5,188			(21,416)
Fair Value, ending balance		0			0			15,566
Interest income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Energy—Upstream
Derivative [Line Items]
Investments, at fair value	[4],[24],[28],[32]							15,566
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[24],[28],[32]				15,566
Fair Value, ending balance	[4],[24],[28],[32]							15,566
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Derivative [Line Items]
Investments, at fair value		$ 25,634	[2],[21]		$ 25,634	[2],[21]		23,823	[4],[18],[24],[32]
Rate (percent)	[21],[29]	4.00%			4.00%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24],[32]				$ 23,823
Fair Value, ending balance		$ 25,634	[2],[21]		25,634	[2],[21]		23,823	[4],[18],[24],[32]
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Derivative [Line Items]
Investments, at fair value	[4],[18],[24]							41,882
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[4],[18],[24]				41,882
Fair Value, ending balance	[4],[18],[24]							$ 41,882
Investment, Identifier [Axis]: Wattbridge, Inc., Energy—Power
Derivative [Line Items]
Investments, at fair value	[2],[17],[21]	42,405			42,405
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17],[21]	42,405			42,405
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Consumer Durables & Apparel
Derivative [Line Items]
Investments, at fair value	[2],[17]	24,437			24,437
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[2],[17]	$ 24,437			$ 24,437
One-Month Secured Overnight Financing Rate
Derivative [Line Items]
Investment, variable rate		5.34%			5.34%			5.35%
Three-Month Secured Overnight Financing Rate
Derivative [Line Items]
Investment, variable rate		5.32%			5.32%			5.33%
Overnight Bank Funding Rate
Derivative [Line Items]
Investment, variable rate		5.32%			5.32%			5.32%

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[6] Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[7] Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[8] Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[9] Interest and PIK income presented for the six months ended June 30, 2024.

[10] Interest and PIK income presented for the year ended December 31, 2023

[11] Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[12] Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[13]     Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[14] Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[15] Interest and PIK income presented for the six months ended June 30, 2024.

[16] Interest, PIK and dividend income presented for the year ended December 31, 2023.

[17] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[18] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[19] Security or portion thereof unsettled as of December 31, 2023.

[20] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[21] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[22] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[23] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2024, 83.3% of the Company’s total assets represented qualifying assets.

[24] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[25] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[26] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2023, 80.8% of the Company’s total assets represented qualifying assets.

[27] Security is non-income producing.

[28] Security is non-income producing.

[29] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.34% and 5.32%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[30] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.35% and 5.33%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[31] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[32] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC $8,436 $138 $(8,574)$— $— $— $256 $139 $— Allied Wireline Services, LLC63,888 6,389 — — (48,077)22,200 — 2,910 — Warren Resources, Inc.23,584 239 — — — 23,823 3,464 179 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — (11,364)— (307)39,427 — — 8,324 Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (10,463)— — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (21,416)15,566 — — — $194,451 $6,766 $(19,938)$— $(80,263)$101,016 $3,720 $3,228 $8,324  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2023.

[33] Security was on non-accrual status as of December 31, 2023.

[34] Security or portion thereof unsettled as of June 30, 2024.

[35] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[36] Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. As of June 30, 2024, the total market value of Rule 144A securities amounted to $21,566, which represented approximately 1.4% of net assets.

[37] Securities of a collateralized loan obligation (“CLO”) where an affiliate of the Company’s investment adviser serves as collateral manager and administrator (see Note 4). The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLO to the Company.

[38] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,816 $110 $(828)$71 $(98)$4,071 $297 $44  Asset Based Finance Bridge Street CLO IV Ltd., Subordinated Notes — 23,711 (92)— (2,053)21,566 735 —  Bridge Street Warehouse CLO IV Ltd. — 22,729 (22,729)— — — — 729 Equity/OtherGWP Midstream Holdco, LLC, Common Equity1,661 — — — 581 2,242 — — Harvest Oil & Gas Corp., Common Equity271 — — — 77 348 — — Permian Production Holdings, LLC, Common Equity748 — — — 965 1,713 — — Telpico, LLC, Common Equity— — — — — — — — $7,496 $46,550 $(23,649)$71 $(528)$29,940 $1,032 $773  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[39] Security was on non-accrual status as of June 30, 2024.

[40] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[41] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[42] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[43] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $231 $— $— $(182)$4,816 $675 $97 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — (3,112)3,112 (3,383)1,661 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 102 271 — — Limetree Bay Energy, LLC, Class A Units1,885 246 — (21,704)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (10,672)748 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $477 $(38,993)$(29,951)$10,186 $7,496 $675 $97  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the year ended December 31, 2023.

[44] Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

[45] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienAllied Wireline Services, LLC$22,200 $— $(19,360)$(50,917)$48,077 $— $— $— Warren Resources, Inc.23,823 60 (23,883)— — — 1,496 60 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC39,427 — — — 5,200 44,627 — — Equity/OtherAllied Wireline Services, LLC, Common Equity— — — (1,527)1,527 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity15,566 127 (13,578)(7,303)5,188 — — — $101,016 $187 $(56,821)$(59,747)$59,992 $44,627 $1,496 $60  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[46] Security or portion thereof is pledged as collateral supporting the equity total return swap with Nomura Global Financial Products Inc. (see Note 6).

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Principal Business and Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principal Business and Organization

Principal Business and Organization

FS Specialty Lending Fund, or the Company, was formed as a Delaware statutory trust under the Delaware Statutory Trust Act on September 16, 2010 and formally commenced investment operations on July 18, 2011. Prior to September 29, 2023, the Company’s name was FS Energy and Power Fund. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned financing subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds or expects to hold interests in certain portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2024. All significant intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.

In May 2023, the Company announced that its board of trustees approved the Company’s transition from an investment policy of investing primarily in energy companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors. The Company notified its shareholders of the new policy, which became effective on September 29, 2023.

The Company’s current investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation by investing primarily in private and public credit in a broad set of industries, sectors and sub-sectors. The Company’s current investment policy is to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Company’s total assets.

Prior to September 29, 2023, the Company’s investment objectives were to generate current income and long-term capital appreciation by investing primarily in privately-held U.S. companies in the energy and power industry. Prior to September 29, 2023, the Company’s investment policy was to invest, under normal circumstances, at least 80% of its total assets in securities of energy and power related, or Energy, companies. The Company considers Energy companies to be those companies that engage in the exploration, development, production, gathering, transportation, processing, storage, refining, distribution, mining, generation or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or power, including those companies that provide equipment or services to companies engaged in any of the foregoing.

The Company commenced transitioning the Company’s portfolio holdings away from Energy investments in May 2023, while remaining in compliance with the Company’s then-current investment policy. The Company’s allocation to Energy investments is expected to continue to decline over time through the natural course of maturities, repayments and sales activity and by growing the total size of the portfolio through leverage facilities. The pace of the portfolio rotation is dependent upon a number of factors, including the turnover of concentrated illiquid Energy investments, performance of underlying portfolio companies, high yield and energy market conditions, the Company’s access to borrowings and the amount and pace of the payment of enhanced distributions to shareholders, among others.

The Company is managed by FS/EIG Advisor, LLC, or FS/EIG Advisor, pursuant to an investment advisory and administrative services agreement, dated as of April 9, 2018, or the FS/EIG investment advisory agreement. FS/EIG Advisor oversees the management of the Company’s operations and is responsible for making investment decisions with respect to the Company’s portfolio. FS/EIG Advisor is jointly operated by an affiliate of Franklin Square Holdings, L.P. (which does business as FS Investments) and EIG Asset Management, LLC, or EIG.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Company’s annual report on Form 10-K. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 consolidated balance sheet and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2023. The Company is considered an investment company under GAAP and follows the accounting and

reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the Securities and Exchange Commission, or the SEC.

Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.

Capital Gains Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of such agreement). Such fee equals 20.0% of the Company’s “incentive fee capital gains,” which are the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company will accrue for the incentive fee on capital gains, which, if earned, will be paid annually. The Company will accrue the incentive fee on capital gains based on net realized and unrealized gains; however, the fee payable to FS/EIG Advisor will be based on realized gains and no such fee will be payable with respect to unrealized gains unless and until such gains are actually realized. For the six months ended June 30, 2024 and 2023, the Company did not accrue any amount of capital gains incentive fee.

Subordinated Income Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, FS/EIG Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the FS/EIG investment advisory agreement is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS/EIG Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, “adjusted capital” means cumulative gross proceeds generated from sales of the Company’s common shares (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company’s investments paid to shareholders and amounts paid for share repurchases pursuant to the Company’s share repurchase program. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, FS/EIG Advisor will be entitled to a “catch-up” fee equal to the amount of the Company’s pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This “catch-up” feature will allow FS/EIG Advisor to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, FS/EIG Advisor will be entitled to receive 20.0% of the Company’s pre-incentive fee net investment income. For the six months ended June 30, 2024 and 2023, the Company did not accrue any amount of subordinated incentive fee on income.

Reclassifications: Certain amounts in the unaudited consolidated financial statements for the six months ended June 30, 2023 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements for the six months ended June 30, 2024.

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns

such amounts. For the six months ended June 30, 2024 and 2023, the Company recognized no structuring or other upfront fee revenue.

The Company invests in a Collateralized Loan Obligation, or CLO. Interest income from investments in the “equity” class of the CLO (in the Company's case, subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with Accounting Standards Codification Topic 325-40-35, Beneficial Interests in Securitized Financial Assets, or ASC Topic 325. The Company monitors the expected cash inflows from its equity investments in the CLO, including the expected principal repayments. The effective yield is determined and updated quarterly.

Derivative Instruments: The Company’s derivative instruments may include fixed price swaps and equity total return swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments for accounting purposes, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on swap contracts in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gain (loss) on swap contracts in the consolidated statements of operations.

Collateralized Loan Obligation – Warehouses: A Collateralized Loan Obligation Warehouse, or CLO Warehouse, is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the collateralized loan obligation vehicle issues various tranches of securities to the market. At this time, financing through the issuance of debt securities and subordinated notes is used to repay the bank financing.

The fair value of the Company’s investment in the CLO Warehouse is determined by adding the excess spread (accrued interest plus interest received less financing cost) to the Company’s initial investment in the CLO Warehouse. Consistent with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the Financial Accounting Standards Board, or the FASB, the excess spread represents the price that would be received from the sale of the CLO Warehouse investment in an orderly transaction between market participants. CLO warehouses can be exposed to credit events, mark to market changes, rating agency downgrades and financing cost changes.

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Share Transactions

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Share Transactions

Share Transactions

Below is a summary of transactions with respect to the Company’s common shares during the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024			2023
	Shares	Amount		Shares	Amount
Reinvestment of Distributions(1)	—	$	—	2,663,874	$	10,388
Proceeds from Share Transactions	—	$	—	2,663,874	$	10,388

______________

(1)    On September 15, 2023, the Company's second amended and restated distribution reinvestment plan terminated.

On July 19, 2023, the Company’s board of trustees, including the independent trustees, approved the termination of the Company’s second amended and restated distribution reinvestment plan with respect to distributions declared by the Company’s board of trustees on the Company’s common shares, effective as of September 15, 2023. After this date, all shareholders will receive any subsequent distributions in cash.

On February 25, 2020, the Company received exemptive relief from the SEC permitting it to offer multiple classes of common shares. While the Company has no present intention to recommence a public offering of its common shares, the Company could do so in the future.

Share Repurchase Program

In March 2020, in light of difficult market conditions and in an effort to preserve liquidity in the Company, the Company’s board of trustees determined to suspend for an indefinite period of time the Company’s share repurchase program and will reassess the Company’s ability to recommence such program in future periods.

Prior to its suspension, the Company intended to conduct quarterly tender offers pursuant to its share repurchase program. The Company's board of trustees will consider the following factors, among others, in making its determination regarding whether to cause the Company to offer to repurchase common shares and under what terms:

•    the effect of such repurchases on the Company’s qualification as a RIC (including the consequences of any necessary asset sales);

•    the liquidity of the Company's assets (including fees and costs associated with disposing of assets);

•    the Company’s investment plans and working capital requirements;

•    the relative economies of scale with respect to the Company’s size;

•    the Company’s history in repurchasing common shares or portions thereof; and

•    the condition of the securities markets.

On May 5, 2017, the board of trustees of the Company further amended the share repurchase program. As amended, the Company limited the maximum number of common shares to be repurchased for any repurchase offer to the greater of (A) the number of common shares that the Company can repurchase with the proceeds it has received from the sale of common shares under its distribution reinvestment plan during the twelve-month period ending on the date the applicable repurchase offer expires (less the amount of proceeds used to repurchase common shares on each previous repurchase date for repurchase offers conducted during such twelve-month period) (this limitation is referred to as the twelve-month repurchase limitation) and (B) the number of common shares that the Company can repurchase with the proceeds the Company receives from the sale of common shares under its distribution reinvestment plan during the three-month period ending on the date the applicable repurchase offer expires (this limitation is referred to as the three-month repurchase limitation). In addition to this limitation, the maximum number of common shares to be repurchased for any repurchase offer has also been limited to 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter. As a result, the maximum number of common shares to be repurchased for any repurchase offer would not exceed the lesser of (i) 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter, and (ii) whichever is greater of the twelve-month repurchase limitation described in clause (A) above and the three-month repurchase limitation described in clause (B) above.

Historically, pursuant to the Company's share repurchase program, the Company offered to repurchase common shares at a price equal to the price at which common shares were issued pursuant to the Company’s distribution reinvestment plan on the distribution date coinciding with the applicable share repurchase date. The price at which common shares were issued under the Company’s distribution reinvestment plan was determined by the Company’s board of trustees or a committee thereof, in its sole discretion, and was (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment date of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. The Company’s board of trustees may amend, suspend or terminate the share repurchase program at any time, upon 30 days’ notice. The Company did not repurchase any shares pursuant to its share repurchase program during the six months ended June 30, 2024 and 2023. The Company's distribution reinvestment plan was terminated effective September 15, 2023.

In order to minimize the expense of supporting small accounts and provide additional liquidity to shareholders of the Company holding small accounts after completion of a regular quarterly share repurchase offer, the Company reserves the right to repurchase the shares of and liquidate any investor’s account if the balance of such account is less than the Company’s $5 minimum initial investment, unless the account balance has fallen below the minimum solely as a result of a decline in the Company’s net asset value per share. The Company will provide or will cause to be provided 30 days’ prior written notice to potentially affected investors, which notice may be included in regular quarterly repurchase offer materials, of any such repurchase. Historically, any such repurchases were made at the Company’s most recent price at which the Company’s shares were issued pursuant to its distribution reinvestment plan. There were no de minimis account liquidations during the six months ended June 30, 2024 and 2023.

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Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Compensation of the Investment Adviser

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor is entitled to an annual base management fee based on the average weekly value of the Company’s gross assets (gross assets equals total assets as set forth on the Company’s consolidated balance sheets) during the most recently completed calendar quarter and an incentive fee based on the Company’s performance. The base management fee is payable quarterly in arrears, and is calculated at an annual rate of 1.75% of the average weekly value of the Company’s gross assets. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that FS/EIG Advisor may be entitled to under the FS/EIG investment advisory agreement.

FS/EIG Advisor may receive structuring or other upfront fees from portfolio companies in which FS/EIG Advisor has caused the Company to invest. FS/EIG Advisor has agreed to offset the amount of any structuring, upfront or certain other fees received by FS/EIG Advisor or its members against the management fees payable by the Company under the FS/EIG investment advisory agreement. During the six months ended June 30, 2024 and 2023, $3 and $274, respectively, of structuring, upfront or certain other fees received by FS/EIG Advisor or its members were offset against management fees.

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities and other administrative services. FS/EIG Advisor also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC.

The Company reimburses FS/EIG Advisor for expenses necessary to perform services related to the Company’s administration and operations, including FS/EIG Advisor’s allocable portion of the compensation and/or related expenses of certain personnel of FS Investments and EIG providing administrative services to the Company on behalf of FS/EIG Advisor, and for transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. The Company reimburses FS/EIG Advisor no less than quarterly for expenses necessary to perform services related to the Company’s administration and operations. The amount of this reimbursement is set at the lesser of (1) FS/EIG Advisor’s actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. FS/EIG Advisor allocates the cost of such services to the Company based on factors such as time allocations and other reasonable metrics. The Company’s board of trustees reviews the methodology employed in determining how the expenses are allocated to the Company and assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party providers known to be available. In addition, the Company’s board of trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of trustees, among other things, compares the total amount paid to FS/EIG Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. The Company does not reimburse FS/EIG Advisor for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of FS/EIG Advisor.

The following table describes the fees and expenses accrued under the FS/EIG investment advisory agreement during the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2024		2023		2024		2023
FS/EIG Advisor	FS/EIG investment advisory agreement	Base Management Fee(1)	$	8,962	$	8,686	$	18,074	$	18,905
FS/EIG Advisor	FS/EIG investment advisory agreement	Administrative Services Expenses(2)	$	1,535	$	1,359	$	3,070	$	2,679

_________________________

(1)    During the six months ended June 30, 2024 and 2023, $17,528 and $21,404, respectively, in base management fees were paid to FS/EIG Advisor. The base management fee amount shown in the table above is shown net of $3 and $19 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the three months ended June 30, 2024 and 2023, respectively, and $3 and $274 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, $8,962 in base management fees were payable to FS/EIG Advisor.

(2)    During the six months ended June 30, 2024 and 2023, $1,373 and $1,649, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS/EIG Advisor and the remainder related to other reimbursable expenses. The Company paid $1,949 and $2,933 in administrative services expenses to FS/EIG Advisor, or its affiliates, during the six months ended June 30, 2024 and 2023, respectively.

Potential Conflicts of Interest

The members of the senior management and investment teams of FS/EIG Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of FS/EIG Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or EIG. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2023.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated June 4, 2013, or the Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS KKR Capital Corp., or collectively the Company’s co-investment affiliates. Effective April 9, 2018, or the JV Effective Date, and in connection with the transition of advisory services to a joint advisory relationship with EIG, the Company’s board of trustees authorized and directed that the Company (i) withdraw from the Order, except with respect to any transaction in which the Company participated in reliance on the Order prior to the JV Effective Date, and (ii) rely on an exemptive relief order dated April 10, 2018, granted to EIG and its affiliates which permits the Company to participate in co-investment transactions with certain other EIG advised funds, or the EIG Order. On September 19, 2023, the Company, among other applicants, filed an application with the SEC to seek permission to co-invest in certain privately negotiated transactions with certain affiliates of FS/EIG Advisor, including FS Credit Opportunities Corp. and FS Tactical Opportunities Fund. The application provides that, among other things, should the SEC grant the requested order, the Company would withdraw from the EIG Order, except with respect to any transaction in which the Company participated in reliance on the EIG Order prior to the issuance of the new order. There is no guarantee if and when the application will be granted by the SEC.

Bridge Street CLO IV Ltd.

The collateral manager and administrator of Bridge Street CLO IV Ltd., or Bridge Street CLO IV, or CLO issuer, FS Structured Products Advisor, LLC, or FSSPA, is an affiliate of FS/EIG Advisor. In accordance with an agreement between FSSPA and the Company, as long as the Company owns more than 4.99% of the CLO issuer’s equity, FSSPA will reimburse the Company on a quarterly basis in an amount equal to a portion of the compensation received by FSSPA from the CLO issuer, equal to the Company's percentage ownership of the CLO issuer's subordinated notes, for FSSPA's collateral management and collateral administrator services less certain administrative costs borne by FSSPA during the relevant quarter as defined in the expense reimbursement agreement.

Bridge Street Warehouse CLO IV Ltd., or Bridge Street Warehouse CLO IV, was a CLO Warehouse that commenced operations on January 26, 2024. During the warehouse phase and through April 26, 2024, Bridge Street Warehouse CLO IV financed its loan purchases using its warehouse financing facility (including a subordinated loan facility provided by the Company). On April 26, 2024, the CLO Warehouse phase terminated when the collateralized loan obligation vehicle, Bridge Street CLO IV, issued to the market various tranches of notes in the amount of $354,700, including $23,700 principal amount for subordinated notes and rights to receive cash flows from collateral management fees. On such date, Bridge Street CLO IV, following a merger with Bridge Street Warehouse CLO IV, used the proceeds from its note issuance to repay the warehouse financing facility.

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Distributions

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Distributions

Distributions

The following table reflects the cash distributions per share that the Company declared on its common shares during the six months ended June 30, 2024 and 2023:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2023
March 31, 2023	$	0.0300	$	13,584
June 30, 2023	0.0300		13,624
Total	$	0.0600	$	27,208
Fiscal 2024
March 31, 2024(1)	$	0.0034	$	1,549
June 30, 2024	0.0866		39,447
Total	$	0.0900	$	40,996

_________________________

(1)    For the quarter ended December 31, 2023, the distribution amount per share was $0.0643, comprised of an initial distribution per share of $0.0609 declared in December 2023 and the remaining distribution per share of $0.0034 declared in January 2024, collectively representing an annualized distribution rate to shareholders of 7.5%.

Subject to applicable legal restrictions and the sole discretion of the Company's board of trustees, the Company expects to provide enhanced quarterly distributions to shareholders until the achievement of a long-term liquidity event. On July 22, 2024, the Company's board of trustees declared an enhanced cash distribution of $0.0867 per share for the second quarter of 2024, representing an annualized distribution rate to shareholders of 10.0% based on the estimated net asset value of $3.47 per share as of June 30, 2024. The enhanced distributions are expected to be paid quarterly and increase in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15.0% of the Company’s then-current estimated net asset value beyond 2026. The Company expects a portion of the distributions may represent a return of investor capital, helping to accelerate liquidity for shareholders in the near-term. There can be no assurance that the Company will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of trustees.

Historically, the Company had an “opt in” distribution reinvestment plan for its shareholders. As a result, if the Company made a cash distribution, its shareholders would receive distributions in cash unless they specifically “opted in” to the distribution reinvestment plan so as to have their cash distributions reinvested in additional common shares. However, certain state authorities or regulators may have imposed restrictions from time to time that may have prevented or limited a shareholder's ability to participate in the distribution reinvestment plan. The Company's distribution reinvestment plan was terminated effective as of September 15, 2023.

Under the prior distribution reinvestment plan, cash distributions to participating shareholders would be reinvested in additional common shares at a purchase price determined by the Company’s board of trustees, or a committee thereof, in its sole discretion, that was (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. Any distributions reinvested under the plan would remain taxable to a U.S. shareholder.

The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of the Company’s common shares, borrowings, net investment income from operations, capital gains proceeds from the sale of assets and non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. The Company's distribution proceeds have exceeded and in the future may exceed its earnings. Therefore, portions of the distributions that the Company has made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company declared on its common shares during the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024				2023
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Net investment income(1)	$	40,996	100	%	$	27,208	100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Total	$	40,996	100	%	$	27,208	100	%

_________________________

(1)    During the six months ended June 30, 2024 and 2023, 91.2% and 82.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 4.7% and 14.0%, respectively, was attributable to paid-in-kind, or PIK, interest and 4.1% and 3.7%, respectively, was attributable to non-cash accretion of discount.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company's distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term. As of June 30, 2024, the Company had short-term and long-term capital loss carryforwards available to offset future realized capital gains of $71,824 and $1,460,224, respectively.

As of June 30, 2024 and December 31, 2023, for federal income tax purposes, the gross unrealized appreciation on the Company’s investments, swap contracts and unrealized gain on foreign currency was $72,517 and $148,817, respectively, and the gross unrealized depreciation on the Company’s investments, swap contracts and unrealized loss on foreign currency was $171,037 and $213,339, respectively.

The aggregate cost of the Company’s investments for federal income tax purposes totaled $1,745,228 and $1,587,709 as of June 30, 2024 and December 31, 2023, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $(98,723) and $(64,513) as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024 and December 31, 2023, the Company had deferred tax assets of $152,228 and $142,608, respectively, particularly resulting from interest expense disallowance, net operating losses and capital losses of the Company's wholly-owned taxable subsidiaries. As of June 30, 2024, the Company had no deferred tax liability. As of December 31, 2023, the Company had a deferred tax liability of $2,595, resulting from unrealized appreciation on investments held by the Company's wholly-owned taxable subsidiaries. As of June 30, 2024 and December 31, 2023, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their deferred tax assets, therefore the deferred tax assets were offset by valuation allowances of $152,228 and $140,013, respectively. For the six months ended June 30, 2024 and the year ended December 31, 2023, the Company did not record a provision for taxes related to its wholly-owned taxable subsidiaries.

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Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Financial Instruments

The Company may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities.

Fixed Price Swaps

The Company previously utilized commodity fixed price swaps to economically hedge certain risks against natural gas and crude oil price exposure related to certain investments in the Company's portfolio. A fixed price swap is a contract between two parties in which settlements are made at a specified time based on the difference between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price was less than the price specified in the contract, the Company received an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeded the price specified in the contract, the Company paid the counterparty an amount based on the price difference multiplied by the volume.

The Company's fixed price swaps were settled monthly and the settlement prices contained in these fixed price swaps were based on commodity exchanges; the NYMEX Henry Hub for natural gas and the ICE Brent for oil. Gas volumes are measured in one

million British thermal units, or MMBtus, and oil volumes are measured in barrels, or Bbls. The changes in the value of the fixed price swaps were recorded as unrealized appreciation or depreciation on swap contracts in the consolidated balance sheets. The Company's fixed price swaps settled monthly and the changes in the value of the fixed price swaps were recorded as realized gains or losses in the consolidated statements of operations. The primary underlying risk exposure through the use of fixed price swaps is commodity price risk of the underlying commodity, such as natural gas and crude oil. As of December 31, 2023, the Company's fixed price swaps were fully terminated.

Total Return Swaps

The Company utilizes total return swaps to obtain exposure to securities without owning such securities. A total return swap, or TRS, is a contract in which there is an exchange of cash flows whereby one party agrees to make periodic payments based on the total return (distributions or periodic interest payments plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Company receives payment from or makes a payment to the counterparty. Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market with another market.

Nomura Total Return Swap

On September 20, 2023, the Company entered into an equity total return swap with Nomura Global Financial Products Inc., or Nomura. Under the Nomura TRS, the Company obtains the economic benefit of owning shares of FS Credit Opportunities Corp., or FSCO, an investment company registered under the 1940 Act, without actually owning them, and Nomura receives an interest-type payment in return. The investment adviser to FSCO is wholly-owned by Franklin Square Holdings, L.P., which is also the majority owner of FS/EIG Advisor.

The Nomura TRS is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation on swap contracts in the consolidated balance sheets. Pursuant to its terms, the Nomura TRS settles monthly and a realized gain or loss is recorded in the consolidated statements of operations equal to the difference between the value of the shares underlying the Nomura TRS at the time the swap was entered into or the previous settlement date and the value as of the current settlement date, plus dividends received and less accrued interest. Any dividends received by Nomura as holder of the FSCO shares are paid to the Company. The Nomura TRS has a term of three years, but it could be terminated earlier in whole or in part following the occurrence of certain prescribed events agreed to between Nomura and the Company. The primary underlying risk exposure through the use of equity total return swaps is equity market risk.

BNP Paribas Total Return Swap

On February 15, 2024, FSSL Finance BNPP TRS LLC, or FSSL Finance BNPP TRS, a wholly-owned financing subsidiary of the Company, entered into a TRS for a portfolio of senior secured floating rate loans with BNP Paribas, or BNPP. The BNPP TRS enables the Company, through its ownership of FSSL Finance BNPP TRS, to obtain the economic benefit of owning the broadly syndicated loans subject to the TRS, without actually owning them, in return for an interest-type payment to BNPP. As such, the BNPP TRS is analogous to the Company borrowing funds to acquire loans and incurring interest expense to a lender.

The terms of the BNPP TRS include, among other things, (a) payment by BNPP to FSSL Finance BNPP TRS of all interest and fees (less applicable withholding taxes) on the underlying loans, (b) payment by FSSL Finance BNPP TRS to BNPP of (i) a financing fee on the outstanding notional amount of the TRS at a rate equal to USD-SOFR Compounded Index plus 1.65% per annum, and (ii) a utilization fee of 0.85% per annum on the difference between any lesser usage amount and a $100,000 minimum usage threshold, (c) upon the termination or repayment of any loan subject to the TRS, FSSL Finance BNPP TRS either will receive from BNPP the appreciation in the value of such loan or will pay to BNPP any depreciation in the value of such loan and (d) guarantee by the Company of all obligations of FSSL Finance BNPP TRS.

During the six months ended June 30, 2024, the monthly average notional amounts of the Nomura TRS and the BNPP TRS were $39,744 and $52,428, respectively.

The following table presents the fair value of open swap contracts (which are not considered to be hedging instruments for accounting purposes) as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)				December 31, 2023
Instrument	Derivative Assets(1)		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Nomura Total Return Swap	$	—	$	—	$	—	$	—
BNP Paribas Total Return Swap	225		—		—		—
Total	$	225	$	—	$	—	$	—

______________

(1)    Reflected on the Company's consolidated balance sheets as: Unrealized appreciation on swap contracts.

The effect of swap contracts (which are not considered to be hedging instruments for accounting purposes) on the Company's statements of operations for the six months ended June 30, 2024 and 2023 were as follows:

	Net Realized Gains (Losses)(1)				Net Change in Unrealized Appreciation (Depreciation)(2)
	Six Months Ended June 30,				Six Months Ended June 30,
Instrument	2024		2023		2024		2023
Commodity Fixed Price Swaps—Crude Oil	$	—	$	(18)	$	—	$	971
Commodity Fixed Price Swaps—Natural Gas	—		244		—		232
Nomura Total Return Swap	5,817		—		—		—
BNP Paribas Total Return Swap	410		—		225		—
Total	$	6,227	$	226	$	225	$	1,203

______________

(1)    Reflected on the Company's consolidated statements of operations as: Net realized gain (loss) on swap contracts.

(2)    Reflected on the Company's consolidated statements of operations as: Net change in unrealized appreciation (depreciation) on swap contracts.

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets.

The following table presents the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2024:

	As of June 30, 2024 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BNP Paribas	$	225	—	$	225	—	—	$	225

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

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Investment Portfolio

6 Months Ended

Jun. 30, 2024

Schedule of Investments [Abstract]

Investment Portfolio

Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)						December 31, 2023
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,140,094	$	1,131,071	69	%	$	878,013	$	825,158	54	%
Senior Secured Loans—Second Lien	81,823		81,345		5	%	55,064		54,424		4	%
Senior Secured Bonds	127,253		124,133		8	%	82,793		84,468		5	%
Subordinated Debt	35,167		35,387		2	%	—		—		—
Asset Based Finance	23,619		21,566		1	%	—		—		—
Preferred Equity	68,444		72,074		4	%	252,450		259,990		17	%
Sustainable Infrastructure Investments, LLC	43,150		44,627		3	%	43,150		39,427		3	%
Equity/Other	181,493		136,302		8	%	211,461		238,729		16	%
Short-Term Investments	—		—		—		20,994		21,000		1	%
Total	$	1,701,043	$	1,646,505	100	%	$	1,543,925	$	1,523,196	100	%

______________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of a portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of June 30, 2024, the Company held investments in five portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control” and held investments in one portfolio company of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (t) and (u) to the unaudited consolidated schedule of investments as of June 30, 2024 in this quarterly report on Form 10-Q.

As of December 31, 2023, the Company held investments in four portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control” and held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (u) and (v) to the consolidated schedule of investments as of December 31, 2023 in this quarterly report on Form 10-Q.

The Company’s investment portfolio may contain loans or bonds that are in the form of lines of credit or revolving credit facilities, or other investments, pursuant to which the Company may be required to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2024, the Company had eight senior secured loan investments with aggregate unfunded commitments of $22,405 and unfunded commitments of $18,989 in U.S. dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. As of December 31, 2023, the Company had five senior secured loan investments with aggregate unfunded commitments of $11,232 and unfunded commitments of $18,989 in U.S dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. The Company maintains sufficient cash on hand, available borrowings and/or liquid securities to fund such unfunded commitments should the need arise.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)				December 31, 2023
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Consumer Services	$	232,631	14	%	$	156,089	10	%
Energy—Upstream	208,497		13	%	309,456		20	%
Capital Goods	172,104		10	%	116,454		8	%
Commercial & Professional Services(1)	146,627		9	%	62,036		4	%
Health Care Equipment & Services	124,451		8	%	73,105		5	%
Energy—Midstream	91,389		6	%	303,175		20	%
Consumer Discretionary Distribution & Retail	67,984		4	%	37,428		3	%
Materials	65,561		4	%	49,653		3	%
Consumer Durables & Apparel	63,829		4	%	—		—
Transportation	60,016		4	%	30,157		2	%
Energy—Power	59,519		4	%	69,696		5	%
Automobiles & Components	49,437		3	%	39,521		3	%
Consumer Staples Distribution & Retail	45,534		3	%	18,830		1	%
Financial Services(1)	41,049		2	%	83,197		6	%
Household & Personal Products	41,034		2	%	20,858		1	%
Telecommunication Services	33,536		2	%	—		—
Software & Services(1)	24,676		1	%	—		—
Media & Entertainment(1)	20,884		1	%	19,829		1	%
Pharmaceuticals, Biotechnology & Life Sciences	20,297		1	%	19,300		1	%
Insurance	18,897		1	%	20,251		1	%
Technology Hardware & Equipment	13,926		1	%	—		—
Energy—Service & Equipment(1)	—		—		33,734		2	%
U.S. Treasury	—		—		21,000		1	%
Sustainable Infrastructure Investments, LLC(2)	44,627		3	%	39,427		3	%
Total	$	1,646,505	100	%	$	1,523,196	100	%

_____________________

(1)    FS/EIG Advisor monitors the industry classification of the Company’s investments and may from time to time reclassify such investments if it determines such reclassification is appropriate. During the six months ended June 30, 2024, each of the three investments had their industries re-classified from Financial Services to Media & Entertainment, Commercial & Professional Services and Software & Services. During the year ended December 31, 2023, two investments had their industry re-classified from Energy—Industrials to Commercial & Professional Services, and one investment had its industry re-classified from Energy—Service & Equipment to Commercial & Professional Services.

(2)    Sustainable Infrastructure Investments, LLC is comprised of midstream and renewables assets in the Energy sector.

Sustainable Infrastructure Investments, LLC

Sustainable Infrastructure Investments, LLC, or SIIJV, is a joint venture between the Company and Imperial Sustainable Infrastructure Investments, LLC, or Imperial, a subsidiary of Imperial Capital Asset Management, LLC, or ICAM. The joint venture is governed pursuant to the terms of an amended and restated limited liability company agreement of SIIJV, dated as of January 2, 2020, between the Company and Imperial, or the SIIJV Agreement. The SIIJV Agreement requires the Company and Imperial to provide capital to SIIJV of up to $67,629 in U.S. dollars and $5,430 in Canadian dollars in the aggregate where the Company and Imperial would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the SIIJV Agreement, the Company and Imperial each have 50% voting control of SIIJV and are required to agree on all investment decisions as well as all other significant actions for SIIJV. SIIJV invests in senior secured loans to middle market companies, broadly syndicated loans and other midstream and renewables assets. As administrative agent of SIIJV, the Company performs certain day-to-day management responsibilities on behalf of SIIJV and is entitled to a fee in the annual amount of 0.25% of SIIJV’s net assets under administration,

calculated and payable quarterly in arrears. As of June 30, 2024, the Company and Imperial funded approximately $49,313 to SIIJV, of which $43,150 was from the Company. The Company does not consolidate SIIJV in its consolidated financial statements.

On January 2, 2020, Seine Funding, LLC, or Seine Funding, a wholly-owned subsidiary of SIIJV, entered into a credit facility, as amended, or the Seine Funding Facility, with certain financial institutions as lender, agent, collateral agent, collateral administrator, and collateral custodian, and SIIJV, as collateral manager. The Seine Funding Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate principal amount of up to $634,103 on a committed basis, which may be increased under certain circumstances at the request of Seine Funding and with the consent of the lender and agent. The end of the reinvestment period for the Seine Funding Facility was on December 31, 2020. The maturity date for the Seine Funding Facility is the earlier of (i) the latest maturity date among the assets securing the facility and (ii) the first date, after the end of the reinvestment period, on which all assets securing the facility are paid in full. Under the Seine Funding Facility, borrowings bear interest at the rate of Term SOFR plus a credit spread adjustment calculated by reference to the interest periods of particular loan assets per the terms of the credit agreement (or the relevant benchmark reference rate for any foreign currency borrowings) (in each case, subject to a floor of the higher of 0% and any applicable floor for particular loan assets), plus 1.20% per annum. Borrowings under the Seine Funding Facility are secured by a first priority security interest in substantially all of the assets of Seine Funding. As of June 30, 2024, total outstanding borrowings under the Seine Funding Facility were $103,640.

Below is a summary of SIIJV's portfolio, followed by a listing of the individual loans in SIIJV's portfolio as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)			December 31, 2023
Total investments(1)	$	135,618		$	170,083
Weighted average current interest rate on debt investments(2)	7.47		%	7.45		%
Number of portfolio assets in SIIJV	4			6
Largest investment in a single portfolio company(1)	$	55,988		$	57,227

_____________________

(1)    At cost.

(2)    Computed as the (a) annual stated interest rate on accruing debt, divided by (b) total debt at par amount.

Sustainable Infrastructure Investments, LLC Portfolio

As of June 30, 2024

(Unaudited)

Portfolio Company(a)(b)	Energy Industry	Rate(c)	Maturity	Principal Amount		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Blue Heron Intermediate Holdco I, LLC	Midstream	S+188	12/31/24	$	30,094	$	30,094	$	30,094
FLNG Liquefaction 2, LLC	Midstream	S+150	12/31/26	25,765		25,765		25,765
NES Hercules Class B Member, LLC	Renewables	S+178	1/31/28	23,771		23,771		23,771
ST EIP Holdco LLC	Midstream	S+250	11/5/24	55,988		55,988		55,988
Total Senior Secured Loans—First Lien						135,618		135,618
TOTAL INVESTMENTS—100.0%						$	135,618	$	135,618

Sustainable Infrastructure Investments, LLC Portfolio

As of December 31, 2023

Portfolio Company(a)(b)	Energy Industry	Rate(c)	Maturity	Principal Amount		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Blue Heron Intermediate Holdco I, LLC	Midstream	S+188	4/22/24	$	30,661	$	30,661	$	30,692
Copper Mountain Solar 3, LLC	Renewables	S+188	5/31/25	16,104		16,104		16,172
FLNG Liquefaction 2, LLC	Midstream	S+150	12/31/26	26,567		26,567		26,557
NES Hercules Class B Member, LLC	Renewables	S+163	1/31/28	24,176		24,176		24,769
ST EIP Holdco LLC	Midstream	S+250	11/5/24	57,227		57,227		57,143
Top of the World Wind Energy LLC	Renewables	S+213	12/1/28	15,348		15,348		15,616
Total Senior Secured Loans—First Lien						170,083		170,949
TOTAL INVESTMENTS—100.0%						$	170,083	$	170,949

_____________________

Percentages are shown as a percentage of total investments.

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Security or portion thereof is held within Seine Funding and is pledged as collateral supporting the amounts outstanding under the Seine Funding Facility.

(c)    Certain variable rate securities in SIIJV's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024 and December 31, 2023, the three-month SOFR, or S, was 5.32% and 5.33%, respectively. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread.

(d)    Security is classified as Level 3 and fair value is determined in accordance with SIIJV’s valuation process.

Below is selected balance sheet information for SIIJV as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)		December 31, 2023
Selected Balance Sheet Information
Total investments, at fair value	$	135,618	$	170,949
Cash and other assets	21,985		29,089
Total assets	$	157,603	$	200,038
Debt	$	103,640	$	145,483
Other liabilities	1,915		3,406
Total liabilities	105,555		148,889
Members' equity	$	52,048	$	51,149

Below is selected statement of operations information for SIIJV for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Selected Statement of Operations Information
Total investment income	$	3,053	$	5,013	$	6,263	$	9,811
Expenses
Interest expense	1,790		3,319		3,880		6,460
Administrative services	32		45		64		88
Custodian and accounting fees	45		58		91		103
Professional services	38		50		76		100
Other	11		10		21		20
Total expenses	1,916		3,482		4,132		6,771
Net investment income	1,137		1,531		2,131		3,040
Net realized and unrealized gain (loss)	(805)		(610)		(1,232)		1,336
Net increase (decrease) in net assets resulting from operations	$	332	$	921	$	899	$	4,376

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2024 and December 31, 2023, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	June 30, 2024  (Unaudited)		December 31, 2023
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	970,196		683,716
Level 3—Significant unobservable inputs	676,309		839,480
Total	$	1,646,505	$	1,523,196

As of June 30, 2024 and December 31, 2023, the Company’s swap contracts were categorized as follows in the fair value hierarchy.

	June 30, 2024  (Unaudited)				December 31, 2023
Valuation Inputs	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Level 1—Price quotations in active markets	$	—	$	—	$	—	$	—
Level 2—Significant other observable inputs	225		—		—		—
Level 3—Significant unobservable inputs	—		—		—		—
Total	$	225	$	—	$	—	$	—

The Company’s board of trustees is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to FS/EIG Advisor’s valuation policy. The Company’s board of trustees has designated FS/EIG Advisor with day-to-day responsibility for implementing the portfolio valuation process set forth in FS/EIG Advisor’s valuation policy.

The Company’s investments consist primarily of investments that were acquired directly from the issuer. Debt investments, for which broker quotes or pricing information from third-party pricing services are not generally available, are valued by FS/EIG Advisor with the assistance of independent valuation firms, which determine a valuation range of fair value for such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, call features, anticipated prepayments and other relevant terms of the investments. Except as described below, the Company’s investment in SIIJV and all of the Company’s preferred equity and equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value, PV-10 multiples or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if FS/EIG Advisor determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, FS/EIG Advisor typically

values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by an independent third-party pricing service and screened for validity by such service and are typically classified as Level 2 within the fair value hierarchy. In determining the fair values of fixed price swaps, FS/EIG Advisor utilizes an industry-standard pricing model that considers various inputs including quoted forward prices for commodities, time value and current market and contractual prices for the underlying instruments. The fair value of the equity total return swap is determined daily based on the market price of the underlying asset. The fair value of the loan total return swaps is determined daily based on the bid price of the underlying asset provided by the counterparty. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are typically classified as Level 2 within the fair value hierarchy.

FS/EIG Advisor periodically benchmarks the bid and ask prices it receives from the third-party pricing service and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, FS/EIG Advisor believes that these prices are reliable indicators of fair value. FS/EIG Advisor reviewed the valuation determinations made with respect to these investments in a manner consistent with FS/EIG Advisor’s valuation policy.

The following is a reconciliation for the six months ended June 30, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	For the Six Months Ended June 30, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Asset Based Finance		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	237,307	$	54,424	$	9,874	$	—	$	—	$	259,990	$	39,427	$	238,458	$	839,480
Accretion of discount (amortization of premium)	672		134		28		—		—		119		—		—		953
Net realized gain (loss)	(49,961)		(12)		4		—		—		63,181		—		(15,123)		(1,911)
Net change in unrealized appreciation (depreciation)	44,839		162		(5,193)		220		(2,053)		(3,910)		5,200		(72,536)		(33,271)
Purchases	101,101		26,540		30,745		35,167		45,711		1,346		—		685		241,295
Paid-in-kind interest	2,544		2,097		—		—		729		—		—		—		5,370
Sales and repayments	(86,495)		(2,000)		(109)		—		(22,821)		(248,652)		—		(15,530)		(375,607)
Transfers into Level 3(1)	—		—		—		—		—		—		—		271		271
Transfers out of Level 3(1)	—		—		—		—		—		—		—		(271)		(271)
Fair value at end of period	$	250,007	$	81,345	$	35,349	$	35,387	$	21,566	$	72,074	$	44,627	$	135,954	$	676,309
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(2,779)	$	162	$	(5,193)	$	220	$	(2,053)	$	4,802	$	5,200	$	(84,820)	$	(84,461)

	For the Six Months Ended June 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	443,245	$	143,270	$	10,074	$	54,374	$	400,414	$	51,098	$	491,730	$	1,594,205
Accretion of discount (amortization of premium)	877		218		25		74		1,149		—		—		2,343
Net realized gain (loss)	(3,431)		(52)		2		4		(18,060)		—		(34,706)		(56,243)
Net change in unrealized appreciation (depreciation)	(12,082)		(888)		(32)		(45)		24,772		(949)		(55,704)		(44,928)
Purchases	24,949		—		—		—		—		—		83		25,032
Paid-in-kind interest	9,724		—		—		2,107		—		—		—		11,831
Sales and repayments	(65,394)		(17,545)		(54)		(1,000)		(106,656)		—		(39,804)		(230,453)
Transfers into Level 3(1)	—		—		—		—		—		—		810		810
Transfers out of Level 3(1)	—		—		—		—		—		—		—		—
Fair value at end of period	$	397,888	$	125,003	$	10,015	$	55,514	$	301,619	$	50,149	$	362,409	$	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(14,618)	$	(1,039)	$	(32)	$	(45)	$	8,653	$	(949)	$	(85,754)	$	(93,784)

______________

(1)    Transfers into and out of Level 3 are deemed to have occurred as a result of, among other factors, changes in liquidity, the depth and consistency of prices from third-party pricing services and the existence of observable trades in the market. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the six months ended June 30, 2024 and 2023, transfers into or out of Level 3 were due to decreased or increased price transparency.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2024 and December 31, 2023 were as follows:

Type of Investment	Fair Value at June 30, 2024 (Unaudited)		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	235,063	Market Comparables	Market Yield (%)	8.3%-24.4%	13.6%
	14,944		Other(2)
Senior Secured Loans—Second Lien	81,345		Market Comparables	Market Yield (%)	11.7%-15.7%	13.9%
Senior Secured Bonds	35,349		Market Comparables	Market Yield (%)	7.6%-12.7%	11.1%
Subordinated Debt	35,387		Market Comparables	Market Yield (%)	11.7%-12.2%	11.9%
Asset Based Finance	21,566		Discounted Cash Flow	Discount Rate (%)	17.7%-18.8%	18.3%
Preferred Equity	72,074		Market Comparables	Market Yield (%)	11.0%-17.3%	14.1%
				Net Aircraft Book Value Multiple (x)	1.0x-1.1x	1.0x
Sustainable Infrastructure Investments, LLC	44,627		Other(2)
Equity/Other	54,766		Market Comparables	EBITDA Multiples (x)	2.5x-11.3x	6.6x
				Production Multiples (MMcfe/d)	$3,000.0-$3,600.0	$3,300.0
				Proved Reserves Multiples (Bcfe)	0.8x-0.8x	0.8x
				PV-10 Multiples (x)	1.7x-1.9x	1.8x
	77,543		Discounted Cash Flow	Discount Rate (%)	8.0%-12.0%	10.0%
	3,645		Option Valuation Model	Volatility (%)	50.0%-60.0%	55.0%
Total	$	676,309

Type of Investment	Fair Value at December 31, 2023		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	212,250	Market Comparables	Market Yield (%)	8.2%-20.5%	13.6%
				EBITDA Multiples (x)	3.9x-4.6x	4.4x
	4,807		Discounted Cash Flow	Discount Rate (%)	9.0%-13.0%	10.8%
	20,250		Other(2)
Senior Secured Loans—Second Lien	54,424		Market Comparables	Market Yield (%)	12.5%-14.0%	13.1%
Senior Secured Bonds	9,874		Market Comparables	Market Yield (%)	7.5%-8.5%	8.0%
Preferred Equity	259,990		Market Comparables	Market Yield (%)	10.0%-23.0%	17.5%
				EBITDA Multiples (x)	12.0x-13.0x	12.5x
				Net Aircraft Book Value Multiple (x)	1.0x-1.1x	1.0x
Sustainable Infrastructure Investments, LLC	39,427		Discounted Cash Flow	Discount Rate (%)	8.0%-10.0%	9.0%
Equity/Other	51,160		Market Comparables	EBITDA Multiples (x)	2.7x-13.0x	6.0x
				Production Multiples (MMcfe/d)	$3,000.0-$3,600.0	$3,300.0
				Proved Reserves Multiples (Bcfe)	0.7x-0.7x	0.7x
				PV-10 Multiples (x)	0.3x-0.4x	0.3x
	166,946		Discounted Cash Flow	Discount Rate (%)	8.0%-17.1%	16.5%
	7,121		Option Valuation Model	Volatility (%)	55.0%-65.0%	60.0%
	13,231		Other(2)
Total	$	839,480

______________

(1)    For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing an option valuation model valuation technique, a significant increase (decrease) in the volatility, in isolation, would result in a significantly higher (lower) fair value measurement.

(2)    Fair valued based on expected outcome of proposed corporate transactions, the expected value of the liquidation preference of the investment or other factors.

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Financing Arrangement

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Financing Arrangement

Financing Arrangement

The following tables present a summary of information with respect to the Company’s outstanding financing arrangement as of June 30, 2024 and December 31, 2023. For additional information regarding the financing arrangement, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2023. Any significant changes to the Company’s financing arrangement during the six months ended June 30, 2024 are discussed below.

	As of June 30, 2024  (Unaudited)
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

	As of December 31, 2023
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    The financing fee under the Barclays Facility is based on three-month term SOFR (with a floor of 0.00%) plus a facility margin calculated monthly as the weighted average of the individual margin of the collateral obligations (subject to a floor, in the aggregate, of 3.00%).

For the six months ended June 30, 2024 and 2023, the components of total interest expense for the Company's financing arrangements were as follows:

	Six Months Ended June 30,
	2024						2023
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs		Total Interest Expense		Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense
Barclays Facility	$	17,091	$	1,033	$	18,124	$	—	$	—	$	—
JPMorgan Facility(3)	—		—		—		2,790		238		3,028
Senior Secured Notes(4)	—		—		—		12,760		2,540		15,300
Total	$	17,091	$	1,033	$	18,124	$	15,550	$	2,778	$	18,328

___________________

(1)     Borrowings of each of the Company's wholly-owned special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)     Direct interest expense includes the effect of non-usage fees, administration fees and make-whole fees, if any.

(3)     On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(4)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2024, were $400,000 and 8.50%, respectively. As of June 30, 2024, the Company’s effective interest rate on borrowings, including the effect of non-usage fees, was 8.74%.

The Company’s average borrowings and weighted average interest rate for the period from January 1, 2023 to May 15, 2023, the date on which the Company redeemed 100% of the issued and outstanding Senior Secured Notes, were $557,446 and 7.49%, respectively. As of June 30, 2023, the Company had no outstanding borrowings.

Under its financing arrangements, the Company made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2024 and December 31, 2023.

Barclays Facility

On September 6, 2023, the Company, through two wholly-owned, special purpose financing subsidiaries, FSSL Finance BB AssetCo LLC, or FSSL Finance BB AssetCo, and FSSL Finance BB Seller LLC, or FSSL Finance BB Seller, entered into a financing arrangement with Barclays Bank PLC, or Barclays, pursuant to which up to $500,000 will be made available to fund investments in loans and other corporate securities, or together, the Collateral Obligations, and for other general corporate purposes, or the Barclays Facility.

The financing fee under the Barclays Facility is based on three-month term SOFR (with a floor of 0.00%) plus a facility margin calculated monthly as the weighted average of the individual margin of the Collateral Obligations (such individual margins ranging from 1.90% to 4.20%, depending on the type of Collateral Obligations; subject to a floor, in the aggregate, of 3.00%).

Pursuant to the financing arrangement, the Company may contribute Collateral Obligations from time to time to FSSL Finance BB AssetCo, pursuant to a Sale and Contribution Agreement, dated as of September 6, 2023, between the Company and FSSL Finance BB AssetCo, or the Sale and Contribution Agreement. The assets held by FSSL Finance BB AssetCo secure the obligations of FSSL Finance BB AssetCo under the notes, or the Notes, issued by FSSL Finance BB AssetCo to FSSL Finance BB Seller, pursuant to an indenture, dated as of September 6, 2023, with Computershare Trust Company, N.A., or Computershare, as trustee, or the Indenture.

Principal on the Notes will be due and payable on the stated maturity date of July 1, 2033, and the Notes do not bear interest. Pursuant to the Indenture, FSSL Finance BB AssetCo has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Indenture contains events of default customary for similar transactions, including, without limitation: (a) failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes; (b) failure to disburse amounts in accordance with the priority of payments; (c) occurrence of certain bankruptcy and insolvency events with respect to FSSL Finance BB AssetCo; and (d) occurrence of a Repurchase Date under the Repurchase Agreement (defined below) as a result of an event of default with

respect to FSSL Finance BB Seller. FSSL Finance BB Seller acquired and subscribed for the Notes pursuant to a Subscription Agreement, dated as of September 6, 2023, between FSSL Finance BB AssetCo and FSSL Finance BB Seller as the investor.

On September 6, 2023, FSSL Finance BB Seller entered into a Master Confirmation in respect of Repurchase Transactions with Barclays, or the Confirmation, which supplements and is subject to the Master Repurchase Agreement, dated as of September 6, 2023, between FSSL Finance BB Seller and Barclays, or the Master Repurchase Agreement, and such Master Repurchase Agreement, as supplemented and evidenced by the Confirmation, or the Repurchase Agreement. Pursuant to the Repurchase Agreement, on one or more occasions beginning September 6, 2023, Barclays began purchasing the Notes held by FSSL Finance BB Seller for an aggregate purchase price of $400,000 outstanding as of June 30, 2024, which price may, subject to satisfaction of certain conditions, increase from time to time up to the maximum aggregate purchase price of $500,000. The scheduled Repurchase Date is September 6, 2026.

Pursuant to the Repurchase Agreement, FSSL Finance BB Seller has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Repurchase Agreement contains events of default customary for similar financing transactions, including, without limitation: (a) failure to pay the repurchase price upon the applicable payment dates; (b) failure to pay the financing fees and make-whole amounts when due; (c) failure to post collateral as required; (d) occurrence of an event of default under the Indenture, (e) occurrence of insolvency events with respect to FSSL Finance BB Seller; (f) cross default by the Company with respect to its indebtedness above a certain threshold amount and (g) financial covenant breach by the Company.

As of June 30, 2024, Notes in an aggregate principal amount of $400,000 had been purchased by FSSL Finance BB Seller from FSSL Finance BB AssetCo and subsequently sold to Barclays under the Barclays Facility for aggregate proceeds of $395,470. The carrying amount outstanding under the Barclays Facility approximates its fair value. The Company funded the purchase of Notes by FSSL Finance BB Seller through a capital contribution to FSSL Finance BB Seller. The Notes issued by FSSL Finance BB AssetCo and purchased by FSSL Finance BB Seller eliminate in consolidation on the Company's financial statements.

The Company incurred costs of $6,199 in connection with obtaining the Barclays Facility, which the Company has recorded as deferred financing costs on its consolidated balance sheet and amortizes to interest expense over the life of the Barclays Facility. As of June 30, 2024, $4,530 of such deferred financing costs had yet to be amortized to interest expense.

JPMorgan Facility

On August 16, 2018, the Company entered into that certain Senior Secured Credit Agreement, by and among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., or JPMorgan, as administrative agent and collateral agent, and the other parties signatory thereto, or as amended, the JPMorgan Facility. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. Prior to the termination of the JPMorgan Facility, $305,676 aggregate principal amount of loans were outstanding to the Company and such loans accrued interest at a rate equal to LIBOR (subject to a 0.00% floor) plus 3.00% per annum. The Company incurred certain customary costs and expenses in connection with the termination of the JPMorgan Facility.

7.500% Senior Secured Notes due 2023

On August 16, 2018, the Company, U.S. Bank National Association, or U.S Bank, as trustee, and certain subsidiaries of the Company, entered into an Indenture relating to the Company’s issuance of $500,000 aggregate principal amount of its 7.500% Senior Secured Notes due 2023, or the Senior Secured Notes. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023. The Company incurred certain customary costs and expenses in connection with the redemption of the Senior Secured Notes.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. FS/EIG Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

See Note 4 for a discussion of the Company’s commitments to FS/EIG Advisor and its affiliates (including FS Investments) and Note 7 for a discussion of the Company’s unfunded commitments.

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Financial Highlights

6 Months Ended

Jun. 30, 2024

Investment Company [Abstract]

Financial Highlights

Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2024 and the year ended December 31, 2023:

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Per Share Data:(1)
Net asset value, beginning of period	$	3.43		$	3.88
Results of operations(2)
Net investment income	0.16			0.18
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.03)			(0.44)
Net increase (decrease) in net assets resulting from operations	0.13			(0.26)
Shareholder distributions(3)
Distributions from net investment income	(0.09)			(0.19)
Net decrease in net assets resulting from shareholder distributions	(0.09)			(0.19)
Capital share transactions
Issuance of common shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.47		$	3.43
Shares outstanding, end of period	455,506,155			455,506,155
Total return(5)	3.79		%	(6.89)		%
Total return (without assuming reinvestment of distributions)(5)	3.79		%	(6.70)		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,580,644		$	1,562,055
Ratio of net investment income to average net assets(6)(7)	9.51		%	4.77		%
Ratio of total operating expenses to average net assets(6)	5.72		%	4.50		%
Ratio of management fee offset to average net assets(6)	(0.00)		%	(0.02)		%
Ratio of net operating expenses to average net assets(6)	5.72		%	4.48		%
Ratio of interest expense to average net assets(6)	2.31		%	1.39		%
Portfolio turnover(8)	36.45		%	45.84		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	400,000		$	400,000
Asset coverage per unit(9)	$	4,952		$	4,905
Asset coverage ratio(9)	4.95			4.91

_________________________

(1)    Per share data may be rounded in order to recompute the ending net asset value per share.

(2)    The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)    The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4)    The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5)    The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. Following the termination of the Company’s distribution reinvestment plan effective September 15, 2023, the total return for each period presented subsequent to the effective date was calculated based on the change in net asset value during the applicable period, assuming the reinvestment of all distributions at the Company’s net asset value per share as of the end of the applicable period. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

(6)    Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2024 are annualized. Annualized ratios for the six months ended June 30, 2024 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2024.

(7)    If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 9.51% and 4.75% for the six months ended June 30, 2024 and the year ended December 31, 2023, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8)    Portfolio turnover for the six months ended June 30, 2024 is not annualized.

(9)    Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 41,474	$ (24,651)	$ 59,585	$ (57,205)

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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N-2 - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Cover [Abstract]
Entity Central Index Key	0001501729
Amendment Flag	false
Securities Act File Number	814-00841
Document Type	10-Q
Entity Registrant Name	FS Specialty Lending Fund
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Emerging Growth Company	false
Financial Highlights [Abstract]
Senior Securities Amount	$ 400,000	$ 400,000
Senior Securities Coverage per Unit	$ 4,952	$ 4,905
General Description of Registrant [Abstract]
NAV Per Share	$ 3.47	$ 3.43	$ 3.88

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Company’s annual report on Form 10-K. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 consolidated balance sheet and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2023. The Company is considered an investment company under GAAP and follows the accounting and

reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the Securities and Exchange Commission, or the SEC.

Use of Estimates

Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.

Capital Gains Incentive Fee and Subordinated Income Incentive Fee

Capital Gains Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of such agreement). Such fee equals 20.0% of the Company’s “incentive fee capital gains,” which are the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company will accrue for the incentive fee on capital gains, which, if earned, will be paid annually. The Company will accrue the incentive fee on capital gains based on net realized and unrealized gains; however, the fee payable to FS/EIG Advisor will be based on realized gains and no such fee will be payable with respect to unrealized gains unless and until such gains are actually realized.Subordinated Income Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, FS/EIG Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the FS/EIG investment advisory agreement is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS/EIG Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, “adjusted capital” means cumulative gross proceeds generated from sales of the Company’s common shares (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company’s investments paid to shareholders and amounts paid for share repurchases pursuant to the Company’s share repurchase program. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, FS/EIG Advisor will be entitled to a “catch-up” fee equal to the amount of the Company’s pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This “catch-up” feature will allow FS/EIG Advisor to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, FS/EIG Advisor will be entitled to receive 20.0% of the Company’s pre-incentive fee net investment income.

Reclassifications

Reclassifications: Certain amounts in the unaudited consolidated financial statements for the six months ended June 30, 2023 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements for the six months ended June 30, 2024.

Revenue Recognition

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns

such amounts.

Collateralized Loan Obligation - Warehouses

The Company invests in a Collateralized Loan Obligation, or CLO. Interest income from investments in the “equity” class of the CLO (in the Company's case, subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with Accounting Standards Codification Topic 325-40-35, Beneficial Interests in Securitized Financial Assets, or ASC Topic 325. The Company monitors the expected cash inflows from its equity investments in the CLO, including the expected principal repayments. The effective yield is determined and updated quarterly.

Collateralized Loan Obligation – Warehouses: A Collateralized Loan Obligation Warehouse, or CLO Warehouse, is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the collateralized loan obligation vehicle issues various tranches of securities to the market. At this time, financing through the issuance of debt securities and subordinated notes is used to repay the bank financing.

The fair value of the Company’s investment in the CLO Warehouse is determined by adding the excess spread (accrued interest plus interest received less financing cost) to the Company’s initial investment in the CLO Warehouse. Consistent with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the Financial Accounting Standards Board, or the FASB, the excess spread represents the price that would be received from the sale of the CLO Warehouse investment in an orderly transaction between market participants. CLO warehouses can be exposed to credit events, mark to market changes, rating agency downgrades and financing cost changes.

Derivative Instruments

Derivative Instruments: The Company’s derivative instruments may include fixed price swaps and equity total return swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments for accounting purposes, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on swap contracts in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gain (loss) on swap contracts in the consolidated statements of operations.

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Share Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Common Stock Transactions

Below is a summary of transactions with respect to the Company’s common shares during the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024			2023
	Shares	Amount		Shares	Amount
Reinvestment of Distributions(1)	—	$	—	2,663,874	$	10,388
Proceeds from Share Transactions	—	$	—	2,663,874	$	10,388

______________

(1)    On September 15, 2023, the Company's second amended and restated distribution reinvestment plan terminated.

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Schedule of the Fees and Expenses Accrued Under Investment Advisory Agreement

The following table describes the fees and expenses accrued under the FS/EIG investment advisory agreement during the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2024		2023		2024		2023
FS/EIG Advisor	FS/EIG investment advisory agreement	Base Management Fee(1)	$	8,962	$	8,686	$	18,074	$	18,905
FS/EIG Advisor	FS/EIG investment advisory agreement	Administrative Services Expenses(2)	$	1,535	$	1,359	$	3,070	$	2,679

_________________________

(1)    During the six months ended June 30, 2024 and 2023, $17,528 and $21,404, respectively, in base management fees were paid to FS/EIG Advisor. The base management fee amount shown in the table above is shown net of $3 and $19 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the three months ended June 30, 2024 and 2023, respectively, and $3 and $274 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, $8,962 in base management fees were payable to FS/EIG Advisor.

(2)    During the six months ended June 30, 2024 and 2023, $1,373 and $1,649, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS/EIG Advisor and the remainder related to other reimbursable expenses. The Company paid $1,949 and $2,933 in administrative services expenses to FS/EIG Advisor, or its affiliates, during the six months ended June 30, 2024 and 2023, respectively.

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Distributions (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Cash Distributions Paid on Common Stock Including Tax Basis

The following table reflects the cash distributions per share that the Company declared on its common shares during the six months ended June 30, 2024 and 2023:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2023
March 31, 2023	$	0.0300	$	13,584
June 30, 2023	0.0300		13,624
Total	$	0.0600	$	27,208
Fiscal 2024
March 31, 2024(1)	$	0.0034	$	1,549
June 30, 2024	0.0866		39,447
Total	$	0.0900	$	40,996

_________________________

(1)    For the quarter ended December 31, 2023, the distribution amount per share was $0.0643, comprised of an initial distribution per share of $0.0609 declared in December 2023 and the remaining distribution per share of $0.0034 declared in January 2024, collectively representing an annualized distribution rate to shareholders of 7.5%.

The following table reflects the sources of the cash distributions on a tax basis that the Company declared on its common shares during the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024				2023
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Net investment income(1)	$	40,996	100	%	$	27,208	100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Total	$	40,996	100	%	$	27,208	100	%

_________________________

(1)    During the six months ended June 30, 2024 and 2023, 91.2% and 82.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 4.7% and 14.0%, respectively, was attributable to paid-in-kind, or PIK, interest and 4.1% and 3.7%, respectively, was attributable to non-cash accretion of discount.

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fixed Price Swap Positions

The following table presents the fair value of open swap contracts (which are not considered to be hedging instruments for accounting purposes) as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)				December 31, 2023
Instrument	Derivative Assets(1)		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Nomura Total Return Swap	$	—	$	—	$	—	$	—
BNP Paribas Total Return Swap	225		—		—		—
Total	$	225	$	—	$	—	$	—

______________

(1)    Reflected on the Company's consolidated balance sheets as: Unrealized appreciation on swap contracts.

Schedule of Realized and Unrealized Gain (Loss) on Derivative Instruments

The effect of swap contracts (which are not considered to be hedging instruments for accounting purposes) on the Company's statements of operations for the six months ended June 30, 2024 and 2023 were as follows:

	Net Realized Gains (Losses)(1)				Net Change in Unrealized Appreciation (Depreciation)(2)
	Six Months Ended June 30,				Six Months Ended June 30,
Instrument	2024		2023		2024		2023
Commodity Fixed Price Swaps—Crude Oil	$	—	$	(18)	$	—	$	971
Commodity Fixed Price Swaps—Natural Gas	—		244		—		232
Nomura Total Return Swap	5,817		—		—		—
BNP Paribas Total Return Swap	410		—		225		—
Total	$	6,227	$	226	$	225	$	1,203

______________

(1)    Reflected on the Company's consolidated statements of operations as: Net realized gain (loss) on swap contracts.

(2)    Reflected on the Company's consolidated statements of operations as: Net change in unrealized appreciation (depreciation) on swap contracts.

Schedule of Offsetting Liabilities

The following table presents the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2024:

	As of June 30, 2024 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BNP Paribas	$	225	—	$	225	—	—	$	225

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

Schedule of Offsetting Assets

The following table presents the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2024:

	As of June 30, 2024 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BNP Paribas	$	225	—	$	225	—	—	$	225

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

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Investment Portfolio (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Investments [Abstract]

Schedule of Investments

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)						December 31, 2023
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,140,094	$	1,131,071	69	%	$	878,013	$	825,158	54	%
Senior Secured Loans—Second Lien	81,823		81,345		5	%	55,064		54,424		4	%
Senior Secured Bonds	127,253		124,133		8	%	82,793		84,468		5	%
Subordinated Debt	35,167		35,387		2	%	—		—		—
Asset Based Finance	23,619		21,566		1	%	—		—		—
Preferred Equity	68,444		72,074		4	%	252,450		259,990		17	%
Sustainable Infrastructure Investments, LLC	43,150		44,627		3	%	43,150		39,427		3	%
Equity/Other	181,493		136,302		8	%	211,461		238,729		16	%
Short-Term Investments	—		—		—		20,994		21,000		1	%
Total	$	1,701,043	$	1,646,505	100	%	$	1,543,925	$	1,523,196	100	%

______________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2024 and December 31, 2023:

	June 30, 2024 (Unaudited)				December 31, 2023
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Consumer Services	$	232,631	14	%	$	156,089	10	%
Energy—Upstream	208,497		13	%	309,456		20	%
Capital Goods	172,104		10	%	116,454		8	%
Commercial & Professional Services(1)	146,627		9	%	62,036		4	%
Health Care Equipment & Services	124,451		8	%	73,105		5	%
Energy—Midstream	91,389		6	%	303,175		20	%
Consumer Discretionary Distribution & Retail	67,984		4	%	37,428		3	%
Materials	65,561		4	%	49,653		3	%
Consumer Durables & Apparel	63,829		4	%	—		—
Transportation	60,016		4	%	30,157		2	%
Energy—Power	59,519		4	%	69,696		5	%
Automobiles & Components	49,437		3	%	39,521		3	%
Consumer Staples Distribution & Retail	45,534		3	%	18,830		1	%
Financial Services(1)	41,049		2	%	83,197		6	%
Household & Personal Products	41,034		2	%	20,858		1	%
Telecommunication Services	33,536		2	%	—		—
Software & Services(1)	24,676		1	%	—		—
Media & Entertainment(1)	20,884		1	%	19,829		1	%
Pharmaceuticals, Biotechnology & Life Sciences	20,297		1	%	19,300		1	%
Insurance	18,897		1	%	20,251		1	%
Technology Hardware & Equipment	13,926		1	%	—		—
Energy—Service & Equipment(1)	—		—		33,734		2	%
U.S. Treasury	—		—		21,000		1	%
Sustainable Infrastructure Investments, LLC(2)	44,627		3	%	39,427		3	%
Total	$	1,646,505	100	%	$	1,523,196	100	%

_____________________

(1)    FS/EIG Advisor monitors the industry classification of the Company’s investments and may from time to time reclassify such investments if it determines such reclassification is appropriate. During the six months ended June 30, 2024, each of the three investments had their industries re-classified from Financial Services to Media & Entertainment, Commercial & Professional Services and Software & Services. During the year ended December 31, 2023, two investments had their industry re-classified from Energy—Industrials to Commercial & Professional Services, and one investment had its industry re-classified from Energy—Service & Equipment to Commercial & Professional Services.

(2)    Sustainable Infrastructure Investments, LLC is comprised of midstream and renewables assets in the Energy sector.

Schedule of Nonconsolidated Subsidiary Portfolio

Below is a summary of SIIJV's portfolio, followed by a listing of the individual loans in SIIJV's portfolio as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)			December 31, 2023
Total investments(1)	$	135,618		$	170,083
Weighted average current interest rate on debt investments(2)	7.47		%	7.45		%
Number of portfolio assets in SIIJV	4			6
Largest investment in a single portfolio company(1)	$	55,988		$	57,227

_____________________

(1)    At cost.

(2)    Computed as the (a) annual stated interest rate on accruing debt, divided by (b) total debt at par amount.

Sustainable Infrastructure Investments, LLC Portfolio

As of June 30, 2024

(Unaudited)

Portfolio Company(a)(b)	Energy Industry	Rate(c)	Maturity	Principal Amount		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Blue Heron Intermediate Holdco I, LLC	Midstream	S+188	12/31/24	$	30,094	$	30,094	$	30,094
FLNG Liquefaction 2, LLC	Midstream	S+150	12/31/26	25,765		25,765		25,765
NES Hercules Class B Member, LLC	Renewables	S+178	1/31/28	23,771		23,771		23,771
ST EIP Holdco LLC	Midstream	S+250	11/5/24	55,988		55,988		55,988
Total Senior Secured Loans—First Lien						135,618		135,618
TOTAL INVESTMENTS—100.0%						$	135,618	$	135,618

Sustainable Infrastructure Investments, LLC Portfolio

As of December 31, 2023

Portfolio Company(a)(b)	Energy Industry	Rate(c)	Maturity	Principal Amount		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Blue Heron Intermediate Holdco I, LLC	Midstream	S+188	4/22/24	$	30,661	$	30,661	$	30,692
Copper Mountain Solar 3, LLC	Renewables	S+188	5/31/25	16,104		16,104		16,172
FLNG Liquefaction 2, LLC	Midstream	S+150	12/31/26	26,567		26,567		26,557
NES Hercules Class B Member, LLC	Renewables	S+163	1/31/28	24,176		24,176		24,769
ST EIP Holdco LLC	Midstream	S+250	11/5/24	57,227		57,227		57,143
Top of the World Wind Energy LLC	Renewables	S+213	12/1/28	15,348		15,348		15,616
Total Senior Secured Loans—First Lien						170,083		170,949
TOTAL INVESTMENTS—100.0%						$	170,083	$	170,949

_____________________

Percentages are shown as a percentage of total investments.

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Security or portion thereof is held within Seine Funding and is pledged as collateral supporting the amounts outstanding under the Seine Funding Facility.

(c)    Certain variable rate securities in SIIJV's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024 and December 31, 2023, the three-month SOFR, or S, was 5.32% and 5.33%, respectively. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread.

(d)    Security is classified as Level 3 and fair value is determined in accordance with SIIJV’s valuation process.

Below is selected balance sheet information for SIIJV as of June 30, 2024 and December 31, 2023:

	June 30, 2024  (Unaudited)		December 31, 2023
Selected Balance Sheet Information
Total investments, at fair value	$	135,618	$	170,949
Cash and other assets	21,985		29,089
Total assets	$	157,603	$	200,038
Debt	$	103,640	$	145,483
Other liabilities	1,915		3,406
Total liabilities	105,555		148,889
Members' equity	$	52,048	$	51,149

Below is selected statement of operations information for SIIJV for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Selected Statement of Operations Information
Total investment income	$	3,053	$	5,013	$	6,263	$	9,811
Expenses
Interest expense	1,790		3,319		3,880		6,460
Administrative services	32		45		64		88
Custodian and accounting fees	45		58		91		103
Professional services	38		50		76		100
Other	11		10		21		20
Total expenses	1,916		3,482		4,132		6,771
Net investment income	1,137		1,531		2,131		3,040
Net realized and unrealized gain (loss)	(805)		(610)		(1,232)		1,336
Net increase (decrease) in net assets resulting from operations	$	332	$	921	$	899	$	4,376

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Investments

As of June 30, 2024 and December 31, 2023, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	June 30, 2024  (Unaudited)		December 31, 2023
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	970,196		683,716
Level 3—Significant unobservable inputs	676,309		839,480
Total	$	1,646,505	$	1,523,196

Schedule of Fair Value Hierarchy of Assets and Liabilities

As of June 30, 2024 and December 31, 2023, the Company’s swap contracts were categorized as follows in the fair value hierarchy.

	June 30, 2024  (Unaudited)				December 31, 2023
Valuation Inputs	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Level 1—Price quotations in active markets	$	—	$	—	$	—	$	—
Level 2—Significant other observable inputs	225		—		—		—
Level 3—Significant unobservable inputs	—		—		—		—
Total	$	225	$	—	$	—	$	—

Schedule of Fair Value of Assets Rollforward

The following is a reconciliation for the six months ended June 30, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	For the Six Months Ended June 30, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Asset Based Finance		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	237,307	$	54,424	$	9,874	$	—	$	—	$	259,990	$	39,427	$	238,458	$	839,480
Accretion of discount (amortization of premium)	672		134		28		—		—		119		—		—		953
Net realized gain (loss)	(49,961)		(12)		4		—		—		63,181		—		(15,123)		(1,911)
Net change in unrealized appreciation (depreciation)	44,839		162		(5,193)		220		(2,053)		(3,910)		5,200		(72,536)		(33,271)
Purchases	101,101		26,540		30,745		35,167		45,711		1,346		—		685		241,295
Paid-in-kind interest	2,544		2,097		—		—		729		—		—		—		5,370
Sales and repayments	(86,495)		(2,000)		(109)		—		(22,821)		(248,652)		—		(15,530)		(375,607)
Transfers into Level 3(1)	—		—		—		—		—		—		—		271		271
Transfers out of Level 3(1)	—		—		—		—		—		—		—		(271)		(271)
Fair value at end of period	$	250,007	$	81,345	$	35,349	$	35,387	$	21,566	$	72,074	$	44,627	$	135,954	$	676,309
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(2,779)	$	162	$	(5,193)	$	220	$	(2,053)	$	4,802	$	5,200	$	(84,820)	$	(84,461)

	For the Six Months Ended June 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	443,245	$	143,270	$	10,074	$	54,374	$	400,414	$	51,098	$	491,730	$	1,594,205
Accretion of discount (amortization of premium)	877		218		25		74		1,149		—		—		2,343
Net realized gain (loss)	(3,431)		(52)		2		4		(18,060)		—		(34,706)		(56,243)
Net change in unrealized appreciation (depreciation)	(12,082)		(888)		(32)		(45)		24,772		(949)		(55,704)		(44,928)
Purchases	24,949		—		—		—		—		—		83		25,032
Paid-in-kind interest	9,724		—		—		2,107		—		—		—		11,831
Sales and repayments	(65,394)		(17,545)		(54)		(1,000)		(106,656)		—		(39,804)		(230,453)
Transfers into Level 3(1)	—		—		—		—		—		—		810		810
Transfers out of Level 3(1)	—		—		—		—		—		—		—		—
Fair value at end of period	$	397,888	$	125,003	$	10,015	$	55,514	$	301,619	$	50,149	$	362,409	$	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(14,618)	$	(1,039)	$	(32)	$	(45)	$	8,653	$	(949)	$	(85,754)	$	(93,784)

______________

(1)    Transfers into and out of Level 3 are deemed to have occurred as a result of, among other factors, changes in liquidity, the depth and consistency of prices from third-party pricing services and the existence of observable trades in the market. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the six months ended June 30, 2024 and 2023, transfers into or out of Level 3 were due to decreased or increased price transparency.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2024 and December 31, 2023 were as follows:

Type of Investment	Fair Value at June 30, 2024 (Unaudited)		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	235,063	Market Comparables	Market Yield (%)	8.3%-24.4%	13.6%
	14,944		Other(2)
Senior Secured Loans—Second Lien	81,345		Market Comparables	Market Yield (%)	11.7%-15.7%	13.9%
Senior Secured Bonds	35,349		Market Comparables	Market Yield (%)	7.6%-12.7%	11.1%
Subordinated Debt	35,387		Market Comparables	Market Yield (%)	11.7%-12.2%	11.9%
Asset Based Finance	21,566		Discounted Cash Flow	Discount Rate (%)	17.7%-18.8%	18.3%
Preferred Equity	72,074		Market Comparables	Market Yield (%)	11.0%-17.3%	14.1%
				Net Aircraft Book Value Multiple (x)	1.0x-1.1x	1.0x
Sustainable Infrastructure Investments, LLC	44,627		Other(2)
Equity/Other	54,766		Market Comparables	EBITDA Multiples (x)	2.5x-11.3x	6.6x
				Production Multiples (MMcfe/d)	$3,000.0-$3,600.0	$3,300.0
				Proved Reserves Multiples (Bcfe)	0.8x-0.8x	0.8x
				PV-10 Multiples (x)	1.7x-1.9x	1.8x
	77,543		Discounted Cash Flow	Discount Rate (%)	8.0%-12.0%	10.0%
	3,645		Option Valuation Model	Volatility (%)	50.0%-60.0%	55.0%
Total	$	676,309

Type of Investment	Fair Value at December 31, 2023		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	212,250	Market Comparables	Market Yield (%)	8.2%-20.5%	13.6%
				EBITDA Multiples (x)	3.9x-4.6x	4.4x
	4,807		Discounted Cash Flow	Discount Rate (%)	9.0%-13.0%	10.8%
	20,250		Other(2)
Senior Secured Loans—Second Lien	54,424		Market Comparables	Market Yield (%)	12.5%-14.0%	13.1%
Senior Secured Bonds	9,874		Market Comparables	Market Yield (%)	7.5%-8.5%	8.0%
Preferred Equity	259,990		Market Comparables	Market Yield (%)	10.0%-23.0%	17.5%
				EBITDA Multiples (x)	12.0x-13.0x	12.5x
				Net Aircraft Book Value Multiple (x)	1.0x-1.1x	1.0x
Sustainable Infrastructure Investments, LLC	39,427		Discounted Cash Flow	Discount Rate (%)	8.0%-10.0%	9.0%
Equity/Other	51,160		Market Comparables	EBITDA Multiples (x)	2.7x-13.0x	6.0x
				Production Multiples (MMcfe/d)	$3,000.0-$3,600.0	$3,300.0
				Proved Reserves Multiples (Bcfe)	0.7x-0.7x	0.7x
				PV-10 Multiples (x)	0.3x-0.4x	0.3x
	166,946		Discounted Cash Flow	Discount Rate (%)	8.0%-17.1%	16.5%
	7,121		Option Valuation Model	Volatility (%)	55.0%-65.0%	60.0%
	13,231		Other(2)
Total	$	839,480

______________

(1)    For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing an option valuation model valuation technique, a significant increase (decrease) in the volatility, in isolation, would result in a significantly higher (lower) fair value measurement.

(2)    Fair valued based on expected outcome of proposed corporate transactions, the expected value of the liquidation preference of the investment or other factors.

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Financing Arrangement (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Financing Arrangements

The following tables present a summary of information with respect to the Company’s outstanding financing arrangement as of June 30, 2024 and December 31, 2023. For additional information regarding the financing arrangement, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2023. Any significant changes to the Company’s financing arrangement during the six months ended June 30, 2024 are discussed below.

	As of June 30, 2024  (Unaudited)
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

	As of December 31, 2023
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
Barclays Facility	Repurchase	Term SOFR+3.00%	$	400,000	$	100,000	September 6, 2026

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    The financing fee under the Barclays Facility is based on three-month term SOFR (with a floor of 0.00%) plus a facility margin calculated monthly as the weighted average of the individual margin of the collateral obligations (subject to a floor, in the aggregate, of 3.00%).

Schedule of Interest Expense

For the six months ended June 30, 2024 and 2023, the components of total interest expense for the Company's financing arrangements were as follows:

	Six Months Ended June 30,
	2024						2023
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs		Total Interest Expense		Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense
Barclays Facility	$	17,091	$	1,033	$	18,124	$	—	$	—	$	—
JPMorgan Facility(3)	—		—		—		2,790		238		3,028
Senior Secured Notes(4)	—		—		—		12,760		2,540		15,300
Total	$	17,091	$	1,033	$	18,124	$	15,550	$	2,778	$	18,328

___________________

(1)     Borrowings of each of the Company's wholly-owned special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)     Direct interest expense includes the effect of non-usage fees, administration fees and make-whole fees, if any.

(3)     On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(4)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2024

Investment Company [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2024 and the year ended December 31, 2023:

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Per Share Data:(1)
Net asset value, beginning of period	$	3.43		$	3.88
Results of operations(2)
Net investment income	0.16			0.18
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.03)			(0.44)
Net increase (decrease) in net assets resulting from operations	0.13			(0.26)
Shareholder distributions(3)
Distributions from net investment income	(0.09)			(0.19)
Net decrease in net assets resulting from shareholder distributions	(0.09)			(0.19)
Capital share transactions
Issuance of common shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.47		$	3.43
Shares outstanding, end of period	455,506,155			455,506,155
Total return(5)	3.79		%	(6.89)		%
Total return (without assuming reinvestment of distributions)(5)	3.79		%	(6.70)		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,580,644		$	1,562,055
Ratio of net investment income to average net assets(6)(7)	9.51		%	4.77		%
Ratio of total operating expenses to average net assets(6)	5.72		%	4.50		%
Ratio of management fee offset to average net assets(6)	(0.00)		%	(0.02)		%
Ratio of net operating expenses to average net assets(6)	5.72		%	4.48		%
Ratio of interest expense to average net assets(6)	2.31		%	1.39		%
Portfolio turnover(8)	36.45		%	45.84		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	400,000		$	400,000
Asset coverage per unit(9)	$	4,952		$	4,905
Asset coverage ratio(9)	4.95			4.91

_________________________

(1)    Per share data may be rounded in order to recompute the ending net asset value per share.

(2)    The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)    The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4)    The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5)    The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. Following the termination of the Company’s distribution reinvestment plan effective September 15, 2023, the total return for each period presented subsequent to the effective date was calculated based on the change in net asset value during the applicable period, assuming the reinvestment of all distributions at the Company’s net asset value per share as of the end of the applicable period. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

(6)    Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2024 are annualized. Annualized ratios for the six months ended June 30, 2024 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2024.

(7)    If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 9.51% and 4.75% for the six months ended June 30, 2024 and the year ended December 31, 2023, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8)    Portfolio turnover for the six months ended June 30, 2024 is not annualized.

(9)    Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

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Principal Business and Organization (Details)	Sep. 29, 2023	Sep. 28, 2023
Debt and Other Credit Investments
Schedule of Investments [Line Items]
Percentage of investments total assets	80.00%
Energy Investment
Schedule of Investments [Line Items]
Percentage of investments total assets		80.00%

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Summary of Significant Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Fee income	$ 0	$ 0
Investment Advisory Agreement - Incentive Rate, Realized Capital Gains | Related Party
Related Party Transaction [Line Items]
Incentive fee (in percent)	20.00%
Investment Advisory Agreement - Incentive Rate, Quarterly In Arrears Catch-up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee (in percent)	20.00%
Investment Advisory Agreement - Incentive Rate, Quarterly Catch-up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee (in percent)	1.625%
Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Incentive fee (in percent)	6.50%
Investment Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee (in percent)	2.031%
Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee (in percent)	8.125%

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Share Transactions - Schedule of Common Stock Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Reinvestment of Distributions (in shares)				0	2,663,874
Reinvestment of Distributions	[1]	$ 0	$ 5,170	$ 0	$ 10,388
Proceeds from Share Transactions (in shares)				0	2,663,874
Proceeds from Share Transactions				$ 0	$ 10,388

[1] See Note 3 for a discussion of the Company's common share transactions.

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Share Transactions - Narrative (Details) - Distribution Reinvestment Plan - USD ($) $ in Thousands		6 Months Ended
	May 05, 2017	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Distribution reinvestment plan term	12 months
Distribution reinvestment plan term expiree	3 months
Weighted average number of common shares outstanding in prior year	10.00%
Weighted average number of common shares outstanding	2.50%
Share distribution not more than net asset value per common share		2.50%
Termination period		30 days
Number of treasury shares repurchased (in shares)		0	0
Minimum investment threshold		$ 5
Written notice period		30 days

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Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 26, 2024
Related Party Transaction [Line Items]
Investment company, contractual fee waived	[1]	$ 3	$ 19	$ 3	$ 274
Related Party | Bridge Street Warehouse CLO IV Ltd.
Related Party Transaction [Line Items]
Equity ownership percentage		4.99%		4.99%
Principal amount						$ 354,700
Related Party | Bridge Street Warehouse CLO IV Ltd. | Subordinated Debt
Related Party Transaction [Line Items]
Principal amount						$ 23,700
Investment Advisory Agreement | Related Party
Related Party Transaction [Line Items]
Management and service fees, base rate				1.75%
Investment company, contractual fee waived		$ 3	$ 19	$ 3	$ 274

[1] See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

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Related Party Transactions - Schedule of the Fees and Expenses Accrued (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Administrative services expenses		$ 1,535	$ 1,359	$ 3,070	$ 2,679
Management fees		8,965	8,705	18,077	19,179
Investment company, contractual fee waived	[1]	3	19	3	274
Management fees payable		8,962		8,962		$ 8,416
Related Party | Investment Advisory Agreement
Related Party Transaction [Line Items]
Base management fee		8,962	8,686	18,074	18,905
Administrative services expenses		1,535	1,359	3,070	2,679
Management fees				17,528	21,404
Investment company, contractual fee waived		3	$ 19	3	274
Management fees payable		$ 8,962		8,962
Accounting and administrative fees				1,373	1,649
Payment for administrative services expenses				$ 1,949	$ 2,933

[1] See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

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Distributions - Schedule of Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended							6 Months Ended				12 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Jun. 30, 2024		Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023		Mar. 31, 2023	Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023
Income Tax Disclosure [Abstract]
Distributions (in USD per share)			$ 0.0866		$ 0.0034		$ 0.0300		$ 0.0300	$ 0.0900		$ 0.0600		$ 0.19
Amount			$ 39,447	[1]	$ 1,549		$ 13,624	[1]	$ 13,584	$ 40,996	[1]	$ 27,208	[1]
Distribution to shareholders (in dollars per share)	$ 0.0034	$ 0.0609				$ 0.0643
Annualized distribution rate (percent)						7.50%

[1] See Note 5 for a discussion of the sources of distributions paid by the Company.

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Distributions - Narrative (Details) - USD ($)		1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 22, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment Company, Changes in Net Assets [Line Items]
Distribution to shareholders (in dollars per share)		$ 0.0034	$ 0.0609	$ 0.0643
Annualized distribution rate (percent)				7.50%
Net asset value per common share at period end (in USD per share)			$ 3.43	$ 3.43	$ 3.47	$ 3.43	$ 3.88
Net asset value common share percentage					2.50%
Short-term and long-term capital loss carryforwards			$ 1,460,224,000	$ 1,460,224,000	$ 71,824,000	$ 1,460,224,000
Unrealized gain			148,817,000	148,817,000	72,517,000	148,817,000
Unrealized loss			213,339,000	213,339,000	171,037,000	213,339,000
Income tax purposes			1,587,709,000	1,587,709,000	1,745,228,000	1,587,709,000
Net unrealized appreciation (depreciation)			(64,513,000)	(64,513,000)	(98,723,000)	(64,513,000)
Subsidiaries
Investment Company, Changes in Net Assets [Line Items]
Deferred tax asset			142,608,000	142,608,000	152,228,000	142,608,000
Deferred tax liability			2,595,000	2,595,000	0	2,595,000
Valuation allowances on deferred tax assets			$ 140,013,000	$ 140,013,000	152,228,000	140,013,000
Current income tax					$ 0	$ 0
Subsequent Event
Investment Company, Changes in Net Assets [Line Items]
Distribution to shareholders (in dollars per share)	$ 0.0867
Annualized distribution rate (percent)	10.00%
Maximum cap on annualized distribution rate (percent)	15.00%

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Distributions - Schedule of Cash Distributions on Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2024	[1]	Mar. 31, 2024	Jun. 30, 2023	[1]	Mar. 31, 2023	Jun. 30, 2024		Jun. 30, 2023
Distribution Amount
Net investment income							$ 40,996		$ 27,208
Short-term capital gains proceeds from the sale of assets							0		0
Long-term capital gains proceeds from the sale of assets							0		0
Total	$ 39,447		$ 1,549	$ 13,624		$ 13,584	$ 40,996	[1]	$ 27,208	[1]
Percentage
Net investment income							100.00%		100.00%
Short-term capital gains proceeds from the sale of assets							0.00%		0.00%
Long-term capital gains proceeds from the sale of assets							0.00%		0.00%
Total							100.00%		100.00%
Gross investment income attributable to cash income earned							91.20%		82.30%
Gross investment income attributable to paid-in-kind interest							4.70%		14.00%
Gross investment income attributable to non-cash accretion of discount							4.10%		3.70%

[1] See Note 5 for a discussion of the sources of distributions paid by the Company.

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Financial Instruments - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Feb. 15, 2024	Jun. 30, 2024
Loan Total Return Swap Financing | Loans Payable
Derivative [Line Items]
Basis spread on variable rate (percent)	1.65%
Utilization fee (percent)	0.85%
Minimum usage threshold amount	$ 100,000
Nomura Total Return Swap
Derivative [Line Items]
Term of contract		3 years
Nomura Total Return Swap | Nomura Global Financial Products, Inc.
Derivative [Line Items]
Average monthly notional amount		$ 39,744
Nomura Total Return Swap | BNPP TRS
Derivative [Line Items]
Average monthly notional amount		$ 52,428

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Financial Instruments - Schedule of Fair Value of Open Swap Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Assets	$ 225	$ 0
Derivative Liabilities	0	0
BNP Paribas
Derivative [Line Items]
Derivative Assets	225
Derivative Liabilities	0
Nomura Total Return Swap | Nomura Global Financial Products, Inc.
Derivative [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
Nomura Total Return Swap | BNP Paribas
Derivative [Line Items]
Derivative Assets	225	0
Derivative Liabilities	$ 0	$ 0

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Financial Instruments - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Realized Gains (Losses)	$ 3,900	$ 214	$ 6,227	$ 226
Net Change in Unrealized Appreciation (Depreciation)	$ 29	$ 126	225	1,203
Commodity Fixed Price Swaps—Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Realized Gains (Losses)			0	(18)
Net Change in Unrealized Appreciation (Depreciation)			0	971
Commodity Fixed Price Swaps—Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Realized Gains (Losses)			0	244
Net Change in Unrealized Appreciation (Depreciation)			0	232
Nomura Total Return Swap | Nomura Global Financial Products, Inc.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Realized Gains (Losses)			5,817	0
Net Change in Unrealized Appreciation (Depreciation)			0	0
Nomura Total Return Swap | BNP Paribas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net Realized Gains (Losses)			410	0
Net Change in Unrealized Appreciation (Depreciation)			$ 225	$ 0

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Financial Instruments - Schedule of Derivative Assets and Liabilities by Counterparty (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 225	$ 0
Derivative Liabilities	0	$ 0
BNP Paribas
Derivatives, Fair Value [Line Items]
Derivative Assets	225
Derivative Liabilities	0
Net Value of Derivatives	225
Non-Cash Collateral (Received) Pledged	0
Cash Collateral (Received) Pledged	0
Net Amount of Derivative Assets (Liabilities)	$ 225

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Investment Portfolio - Schedule Of Investment Portfolio At Cost And Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 1,701,043	[1]	$ 1,543,925	[2]
Fair Value	1,646,505	[1],[3]	1,523,196	[2],[4]
Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost	1,140,094	[1]	878,013	[2]
Fair Value	1,131,071	[1],[3]	825,158	[2],[4]
Net Senior Secured Loans—Second Lien
Schedule of Investments [Line Items]
Amortized Cost	81,823	[1]	55,064
Fair Value	81,345	[1],[3]	54,424
Senior Secured Bonds
Schedule of Investments [Line Items]
Amortized Cost	127,253	[1]	82,793
Fair Value	124,133	[1],[3]	84,468	[4]
Subordinated Debt
Schedule of Investments [Line Items]
Amortized Cost	35,167	[1]	0
Fair Value	35,387	[1],[3]	0
Asset Based Finance
Schedule of Investments [Line Items]
Amortized Cost	23,619	[1]	0
Fair Value	21,566	[1],[3]	0
Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost	68,444	[1],[5]	252,450	[2],[6]
Fair Value	72,074	[1],[3],[5]	259,990	[2],[4],[6]
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Amortized Cost	43,150	[1]	43,150	[2]
Fair Value	44,627	[1],[3]	39,427	[2],[4]
Equity/Other
Schedule of Investments [Line Items]
Amortized Cost	181,493		211,461
Fair Value	136,302		238,729
Short-Term Investments
Schedule of Investments [Line Items]
Amortized Cost	0		20,994	[2]
Fair Value	$ 0		$ 21,000	[2],[4]
Percentage of Portfolio | Customer Concentration Risk | Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Percentage of Portfolio	69.00%		54.00%
Percentage of Portfolio | Customer Concentration Risk | Net Senior Secured Loans—Second Lien
Schedule of Investments [Line Items]
Percentage of Portfolio	5.00%		4.00%
Percentage of Portfolio | Customer Concentration Risk | Senior Secured Bonds
Schedule of Investments [Line Items]
Percentage of Portfolio	8.00%		5.00%
Percentage of Portfolio | Customer Concentration Risk | Subordinated Debt
Schedule of Investments [Line Items]
Percentage of Portfolio	2.00%		0.00%
Percentage of Portfolio | Customer Concentration Risk | Asset Based Finance
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Percentage of Portfolio | Customer Concentration Risk | Preferred Equity
Schedule of Investments [Line Items]
Percentage of Portfolio	4.00%		17.00%
Percentage of Portfolio | Customer Concentration Risk | Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Percentage of Portfolio	3.00%		3.00%
Percentage of Portfolio | Customer Concentration Risk | Equity/Other
Schedule of Investments [Line Items]
Percentage of Portfolio	8.00%		16.00%
Percentage of Portfolio | Customer Concentration Risk | Short-Term Investments
Schedule of Investments [Line Items]
Percentage of Portfolio	0.00%		1.00%
Percentage of Portfolio | Customer Concentration Risk | Total Investments
Schedule of Investments [Line Items]
Percentage of Portfolio	100.00%		100.00%

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

[6] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

XML

Investment Portfolio - Narrative (Details) $ in Thousands, $ in Thousands				6 Months Ended
		Jan. 02, 2020 USD ($)	Jan. 02, 2020 CAD ($)	Jun. 30, 2024 USD ($) investment company		Jun. 30, 2024 CAD ($) investment company		Dec. 31, 2023 USD ($) investment company		Dec. 31, 2023 CAD ($) investment company
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Principal amount				$ 19,950	[1],[2]			$ 16,522	[3],[4],[5]
Floor rate				0.50%	[2],[6]	0.50%	[2],[6]	0.50%	[4],[5],[7]	0.50%	[4],[5],[7]
Variable rate (percent)				4.25%	[2],[6]	4.25%	[2],[6]	4.25%	[4],[5],[7]	4.25%	[4],[5],[7]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Principal amount	[3],[5],[8]							$ 3,478
Floor rate	[5],[7],[8]							0.50%		0.50%
Variable rate (percent)	[5],[7],[8]							4.25%		4.25%
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power
Schedule of Investments [Line Items]
Principal amount				$ 14,940	[1],[9],[10],[11]			$ 22,856	[3],[12],[13],[14]
Floor rate				1.50%	[6],[9],[10],[11]	1.50%	[6],[9],[10],[11]	1.50%	[7],[12],[13],[14]	1.50%	[7],[12],[13],[14]
Variable rate (percent)				4.00%	[6],[9],[10],[11]	4.00%	[6],[9],[10],[11]	4.00%	[7],[12],[13],[14]	4.00%	[7],[12],[13],[14]
Investment, Identifier [Axis]: APTIM Corp., Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 27,500
Variable rate (percent)	[2],[6]			7.50%		7.50%
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Schedule of Investments [Line Items]
Principal amount				$ 18,897	[1],[2]			$ 20,175	[3],[4]
Variable rate (percent)				3.25%	[2],[6]	3.25%	[2],[6]	4.50%	[4],[7]	4.50%	[4],[7]
Investment, Identifier [Axis]: Aimbridge Acquisition Co. Inc., Consumer Services
Schedule of Investments [Line Items]
Principal amount				$ 26,665	[1],[2]			$ 21,805	[3],[4]
Variable rate (percent)				3.75%	[2],[6]	3.75%	[2],[6]	3.75%	[4],[7]	3.75%	[4],[7]
Investment, Identifier [Axis]: Allegiant Travel Co., Transportation
Schedule of Investments [Line Items]
Principal amount				$ 10,601	[1],[11]			$ 10,601	[3],[14]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 1
Schedule of Investments [Line Items]
Principal amount				$ 22,845	[1],[2]			$ 9,975	[3],[4]
Floor rate				0.50%	[2],[6]	0.50%	[2],[6]	0.50%	[4],[7]	0.50%	[4],[7]
Variable rate (percent)				3.75%	[2],[6]	3.75%	[2],[6]	4.75%	[4],[7]	4.75%	[4],[7]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 2
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 9,929
Floor rate	[4],[7]							0.50%		0.50%
Variable rate (percent)	[4],[7]							3.75%		3.75%
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Schedule of Investments [Line Items]
Principal amount	[3],[12],[15],[16],[17]							$ 70,277
Investment, Identifier [Axis]: American Auto Auction Group, LLC, Capital Goods
Schedule of Investments [Line Items]
Principal amount				$ 23,860	[1],[2]			$ 9,975	[3],[4]
Floor rate				0.80%	[2],[6]	0.80%	[2],[6]	0.80%	[4],[7]	0.80%	[4],[7]
Variable rate (percent)				5.00%	[2],[6]	5.00%	[2],[6]	5.00%	[4],[7]	5.00%	[4],[7]
Investment, Identifier [Axis]: Aretec Escrow Issuer Inc., Financial Services
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 7,000
Investment, Identifier [Axis]: Aretec Escrow Issuer, Inc., Financial Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 7,000
Investment, Identifier [Axis]: Aretec Group, Inc., Financial Services
Schedule of Investments [Line Items]
Principal amount				$ 6,817	[1],[2],[18]			$ 9,352	[3],[4],[5]
Variable rate (percent)				4.00%	[2],[6],[18]	4.00%	[2],[6],[18]	4.50%	[4],[5],[7]	4.50%	[4],[5],[7]
Investment, Identifier [Axis]: Auris Luxembourg III S.a r.l, Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount				$ 22,859	[1],[2],[11]			$ 20,287	[3],[4],[14]
Variable rate (percent)				4.25%	[2],[6],[11]	4.25%	[2],[6],[11]	3.75%	[4],[7],[14]	3.75%	[4],[7],[14]
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount				$ 20,802	[1],[2]			$ 15,909	[3],[4]
Floor rate				0.50%	[2],[6]	0.50%	[2],[6]	0.50%	[4],[7]	0.50%	[4],[7]
Variable rate (percent)				3.75%	[2],[6]	3.75%	[2],[6]	3.75%	[4],[7]	3.75%	[4],[7]
Investment, Identifier [Axis]: BCPE Empire Holdings, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal amount				$ 22,344	[1],[2]			$ 24,900	[3],[4]
Floor rate				0.50%	[2],[6]	0.50%	[2],[6]	0.50%	[4],[7]	0.50%	[4],[7]
Variable rate (percent)				4.00%	[2],[6]	4.00%	[2],[6]	4.75%	[4],[7]	4.75%	[4],[7]
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV Ltd., Financial Services
Schedule of Investments [Line Items]
Principal amount	[1],[9],[11],[19],[20],[21]			$ 23,700
Investment, Identifier [Axis]: Brock Holdings III, LLC, Capital Goods
Schedule of Investments [Line Items]
Principal amount	[1],[2],[11]			$ 8,500
Floor rate	[2],[6],[11]			0.50%		0.50%
Variable rate (percent)	[2],[6],[11]			6.00%		6.00%
Investment, Identifier [Axis]: CCS-CMGC Holdings, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount				$ 27,695	[1],[2],[22],[23]			$ 21,465	[3],[4]
Variable rate (percent)				5.50%	[2],[6],[22],[23]	5.50%	[2],[6],[22],[23]	5.50%	[4],[7]	5.50%	[4],[7]
Investment, Identifier [Axis]: CPM Holdings, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal amount				$ 24,875	[1],[2]			$ 20,000	[3],[4]
Floor rate				0.50%	[2],[6]	0.50%	[2],[6]	0.50%	[4],[7]	0.50%	[4],[7]
Variable rate (percent)				4.50%	[2],[6]	4.50%	[2],[6]	4.50%	[4],[7]	4.50%	[4],[7]
Investment, Identifier [Axis]: CT Technologies Intermediate Holdings, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 19,923
Floor rate	[2],[6]			0.80%		0.80%
Variable rate (percent)	[2],[6]			4.25%		4.25%
Investment, Identifier [Axis]: Charlotte Buyer, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount				$ 17,755	[1],[2]			$ 19,845	[3],[4],[5]
Floor rate				0.50%	[2],[6]	0.50%	[2],[6]	0.50%	[4],[5],[7]	0.50%	[4],[5],[7]
Variable rate (percent)				5.25%	[2],[6]	5.25%	[2],[6]	5.25%	[4],[5],[7]	5.25%	[4],[5],[7]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 1
Schedule of Investments [Line Items]
Principal amount				$ 2,151	[1],[9]			$ 20,915	[3],[4],[12]
Floor rate				1.00%	[6],[9]	1.00%	[6],[9]	1.00%	[4],[7],[12]	1.00%	[4],[7],[12]
Variable rate (percent)				6.50%	[6],[9]	6.50%	[6],[9]	6.75%	[4],[7],[12]	6.75%	[4],[7],[12]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 2
Schedule of Investments [Line Items]
Principal amount				$ 20,810	[1],[2],[9]			$ 2,688	[3],[8],[12]
Floor rate				1.00%	[2],[6],[9]	1.00%	[2],[6],[9]	1.00%	[7],[8],[12]	1.00%	[7],[8],[12]
Variable rate (percent)				6.50%	[2],[6],[9]	6.50%	[2],[6],[9]	6.75%	[7],[8],[12]	6.75%	[7],[8],[12]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 3
Schedule of Investments [Line Items]
Principal amount				$ 538	[1],[9],[24]			$ 1,344	[3],[8],[12]
Floor rate				1.00%	[6],[9],[24]	1.00%	[6],[9],[24]	1.00%	[7],[8],[12]	1.00%	[7],[8],[12]
Variable rate (percent)				6.50%	[6],[9],[24]	6.50%	[6],[9],[24]	6.75%	[7],[8],[12]	6.75%	[7],[8],[12]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 4
Schedule of Investments [Line Items]
Principal amount	[1],[9],[24]			$ 1,344
Floor rate	[6],[9],[24]			1.00%		1.00%
Variable rate (percent)	[6],[9],[24]			6.50%		6.50%
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Financial Services
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 6,387
Floor rate	[4],[5],[7]							0.50%		0.50%
Variable rate (percent)	[4],[5],[7]							4.25%		4.25%
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Media & Entertainment
Schedule of Investments [Line Items]
Principal amount	[1],[2],[11]			$ 8,344
Floor rate	[2],[6],[11]			0.50%		0.50%
Variable rate (percent)	[2],[6],[11]			3.75%		3.75%
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount				$ 33,000	[1],[2],[9]			$ 35,000	[3],[4],[12]
Floor rate				1.00%	[2],[6],[9]	1.00%	[2],[6],[9]	1.00%	[4],[7],[12]	1.00%	[4],[7],[12]
Variable rate (percent)				7.50%	[2],[6],[9]	7.50%	[2],[6],[9]	7.65%	[4],[7],[12]	7.65%	[4],[7],[12]
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Media & Entertainment
Schedule of Investments [Line Items]
Principal amount				$ 12,500	[1],[2],[11]			$ 20,000	[3],[4],[14]
Variable rate (percent)				4.00%	[2],[6],[11]	4.00%	[2],[6],[11]	3.50%	[4],[7],[14]	3.50%	[4],[7],[14]
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings Inc., Financials Services
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 19,949
Floor rate	[4],[7]							0.50%		0.50%
Variable rate (percent)	[4],[7]							4.18%		4.18%
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings, Inc., Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 17,361
Floor rate	[2],[6]			0.50%		0.50%
Variable rate (percent)	[2],[6]			3.75%		3.75%
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[3],[12],[25],[26]							$ 100,000
Investment, Identifier [Axis]: Crown SubSea Communication Holding, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 6,000
Floor rate	[2],[6]			0.80%		0.80%
Variable rate (percent)	[2],[6]			4.75%		4.75%
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 4,500
Floor rate	[4],[5],[7]							0.80%		0.80%
Variable rate (percent)	[4],[5],[7]							5.00%		5.00%
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 5,430
Floor rate	[4],[5],[7]							0.80%		0.80%
Variable rate (percent)	[4],[5],[7]							5.25%		5.25%
Investment, Identifier [Axis]: Delivery Hero Finco LLC, Consumer Services
Schedule of Investments [Line Items]
Principal amount	[1],[11]			$ 24,938
Floor rate	[6],[11]			0.50%		0.50%
Variable rate (percent)	[6],[11]			5.00%		5.00%
Investment, Identifier [Axis]: Digicel International Finance Ltd., Telecommunication Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 20,076
Floor rate	[2],[6]			0.50%		0.50%
Variable rate (percent)	[2],[6]			5.15%		5.15%
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Principal amount	[1],[9]			$ 47,400
Floor rate	[6],[9]			2.00%		2.00%
Variable rate (percent)	[6],[9]			6.50%		6.50%
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Principal amount	[1],[9],[24]			$ 2,600
Floor rate	[6],[9],[24]			2.00%		2.00%
Variable rate (percent)	[6],[9],[24]			6.50%		6.50%
Investment, Identifier [Axis]: Engineered Machinery Holdings, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal amount				$ 24,797	[1],[2]			$ 19,924	[3],[4]
Floor rate				0.80%	[2],[6]	0.80%	[2],[6]	0.80%	[4],[7]	0.80%	[4],[7]
Variable rate (percent)				3.75%	[2],[6]	3.75%	[2],[6]	3.50%	[4],[7]	3.50%	[4],[7]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[3],[4],[12]							$ 17,047
Floor rate	[4],[7],[12]							0.50%		0.50%
Variable rate (percent)	[4],[7],[12]							7.50%		7.50%
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Schedule of Investments [Line Items]
Principal amount				$ 24,777	[1],[2]			$ 19,905	[3],[4]
Floor rate				1.00%	[2],[6]	1.00%	[2],[6]	1.00%	[4],[7]	1.00%	[4],[7]
Variable rate (percent)				5.00%	[2],[6]	5.00%	[2],[6]	5.00%	[4],[7]	5.00%	[4],[7]
Investment, Identifier [Axis]: Full House Resorts, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal amount				$ 25,742	[1],[2]			$ 20,742	[3],[4]
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount				$ 13,951	[1],[9],[11]			13,951	[3],[12],[14]
Variable rate (percent)	[6],[9],[11]			7.80%		7.80%
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 1
Schedule of Investments [Line Items]
Principal amount	[1],[9]			$ 23,571
Floor rate	[6],[9]			1.00%		1.00%
Variable rate (percent)	[6],[9]			5.50%		5.50%
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 2
Schedule of Investments [Line Items]
Principal amount	[1],[9],[24]			$ 7,857
Floor rate	[6],[9],[24]			1.00%		1.00%
Variable rate (percent)	[6],[9],[24]			5.50%		5.50%
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 3
Schedule of Investments [Line Items]
Principal amount	[1],[9],[24]			$ 1,571
Floor rate	[6],[9],[24]			1.00%		1.00%
Variable rate (percent)	[6],[9],[24]			5.50%		5.50%
Investment, Identifier [Axis]: Global Tel Link Corp., Technology Hardware & Equipment
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 13,994
Variable rate (percent)	[2],[6]			4.25%		4.25%
Investment, Identifier [Axis]: Gold Rush Amusements, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal amount				$ 30,519	[1],[2],[9]			$ 30,673	[3],[4],[12]
Floor rate				2.00%	[2],[6],[9]	2.00%	[2],[6],[9]	2.00%	[4],[7],[12]	2.00%	[4],[7],[12]
Variable rate (percent)				7.50%	[2],[6],[9]	7.50%	[2],[6],[9]	7.50%	[4],[7],[12]	7.50%	[4],[7],[12]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[3],[4],[12]							$ 14,516
Floor rate	[4],[7],[12]							0.50%		0.50%
Variable rate (percent)	[4],[7],[12]							7.00%		7.00%
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Financial Services
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 19,925
Floor rate	[4],[7]							0.50%		0.50%
Variable rate (percent)	[4],[7]							4.00%		4.00%
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Software & Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 24,800
Floor rate	[2],[6]			0.50%		0.50%
Variable rate (percent)	[2],[6]			3.50%		3.50%
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount				$ 23,568	[1],[2]			$ 20,000	[3],[4]
Investment, Identifier [Axis]: Knowlton Development Corporation Inc., Household & Personal Products
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 21,000
Variable rate (percent)	[4],[7]							5.00%		5.00%
Investment, Identifier [Axis]: Knowlton Development Corporation, Inc., Household & Personal Products
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 25,935
Variable rate (percent)	[2],[6]			4.50%		4.50%
Investment, Identifier [Axis]: LABL, Inc., Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 24,737
Floor rate	[2],[6]			0.50%		0.50%
Variable rate (percent)	[2],[6]			5.00%		5.00%
Investment, Identifier [Axis]: LABL, Inc., Commerical & Professional Services
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 19,864
Floor rate	[4],[7]							0.50%		0.50%
Variable rate (percent)	[4],[7]							5.00%		5.00%
Investment, Identifier [Axis]: LaserShip, Inc., Transportation
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 6,964
Floor rate	[2],[6]			0.80%		0.80%
Variable rate (percent)	[2],[6]			4.50%		4.50%
Investment, Identifier [Axis]: Learning Care Group No. 2 Inc., Consumer Services
Schedule of Investments [Line Items]
Principal amount	[3],[4]							$ 19,950
Floor rate	[4],[7]							0.50%		0.50%
Variable rate (percent)	[4],[7]							4.75%		4.75%
Investment, Identifier [Axis]: Learning Care Group No. 2, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 21,840
Floor rate	[2],[6]			0.50%		0.50%
Variable rate (percent)	[2],[6]			4.00%		4.00%
Investment, Identifier [Axis]: Level 3 Financing, Inc., Telecommunication Services
Schedule of Investments [Line Items]
Principal amount	[1],[2],[11],[18]			$ 14,291
Floor rate	[2],[6],[11],[18]			2.00%		2.00%
Variable rate (percent)	[2],[6],[11],[18]			6.56%		6.56%
Investment, Identifier [Axis]: MBS Services Holdings, LLC, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount	[1],[9]			$ 29,689
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, L.P., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount				$ 17,306	[1],[2]			$ 19,893	[3],[4]
Floor rate				0.80%	[2],[6]	0.80%	[2],[6]	0.80%	[4],[7]	0.80%	[4],[7]
Variable rate (percent)				3.75%	[2],[6]	3.75%	[2],[6]	4.00%	[4],[7]	4.00%	[4],[7]
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Schedule of Investments [Line Items]
Principal amount				$ 25,000	[1],[2],[11]			$ 20,000	[3],[4],[14]
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences
Schedule of Investments [Line Items]
Principal amount	[3],[12]							$ 20,000
Floor rate	[7],[12]							1.50%		1.50%
Variable rate (percent)	[7],[12]							9.00%		9.00%
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 1
Schedule of Investments [Line Items]
Principal amount	[1],[9]			$ 19,850
Floor rate	[6],[9]			1.50%		1.50%
Variable rate (percent)	[6],[9]			11.00%		11.00%
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 2
Schedule of Investments [Line Items]
Principal amount	[1],[9]			$ 1,110
Investment, Identifier [Axis]: Osaic Holdings, Inc., Financial Services
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 4,988
Variable rate (percent)	[2],[6]			4.00%		4.00%
Investment, Identifier [Axis]: PODS, LLC, Transportation
Schedule of Investments [Line Items]
Principal amount	[1],[2],[18]			$ 19,949
Floor rate	[2],[6],[18]			0.80%		0.80%
Investment, Identifier [Axis]: Peloton Interactive, Inc., Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal amount	[1],[2],[11]			$ 25,000
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount				4,081	[1],[9],[21]			$ 4,864	[3],[12],[27]
Investment, Identifier [Axis]: Phoenix Guarantor Inc., Financial Services
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 19,923
Variable rate (percent)	[4],[5],[7]							3.50%		3.50%
Investment, Identifier [Axis]: Pioneer Midco, LLC, Consumer Services
Schedule of Investments [Line Items]
Principal amount	[1],[2],[9]			35,167
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	[1],[9],[22],[23]			4,218
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount				13,936	[1],[9],[22],[23]			$ 13,297	[3],[12],[15],[16]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	[3],[12],[15],[16]							4,015
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 3
Schedule of Investments [Line Items]
Principal amount	[1],[9],[24]			2,709
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[3],[8],[12]							2,709
Investment, Identifier [Axis]: Pretium PKG Holdings, Inc., Materials
Schedule of Investments [Line Items]
Principal amount				$ 32,580	[1],[2]			$ 30,118	[3],[4]
Floor rate				1.00%	[2],[6]	1.00%	[2],[6]	1.00%	[4],[7]	1.00%	[4],[7]
Variable rate (percent)				2.50%	[2],[6]	2.50%	[2],[6]	5.00%	[4],[7]	5.00%	[4],[7]
Investment, Identifier [Axis]: Pro Mach Group, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal amount				$ 17,380	[1],[2]			$ 19,924	[3],[4]
Floor rate				1.00%	[2],[6]	1.00%	[2],[6]	1.00%	[4],[7]	1.00%	[4],[7]
Variable rate (percent)				3.50%	[2],[6]	3.50%	[2],[6]	4.00%	[4],[7]	4.00%	[4],[7]
Investment, Identifier [Axis]: Proampac PG Borrower LLC, Materials
Schedule of Investments [Line Items]
Principal amount				$ 22,885	[1],[2]			$ 20,000	[3],[4]
Floor rate				0.80%	[2],[6]	0.80%	[2],[6]	0.80%	[4],[7]	0.80%	[4],[7]
Variable rate (percent)				4.00%	[2],[6]	4.00%	[2],[6]	4.50%	[4],[7]	4.50%	[4],[7]
Investment, Identifier [Axis]: RealTruck Group, Inc., Automobiles & Components
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 24,820
Floor rate	[2],[6]			0.80%		0.80%
Variable rate (percent)	[2],[6]			3.50%		3.50%
Investment, Identifier [Axis]: Realtruck Group, Inc., Automobiles & Components
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 19,956
Floor rate	[4],[5],[7]							0.80%		0.80%
Variable rate (percent)	[4],[5],[7]							3.50%		3.50%
Investment, Identifier [Axis]: Revlon Intermediate Holdings IV LLC, Household & Personal Products
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 15,000
Floor rate	[2],[6]			1.00%		1.00%
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 1
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 9,819
Floor rate	[2],[6]			0.50%		0.50%
Variable rate (percent)	[2],[6]			3.50%		3.50%
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 2
Schedule of Investments [Line Items]
Principal amount	[1],[24]			$ 1,036
Floor rate	[6],[24]			0.50%		0.50%
Variable rate (percent)	[6],[24]			3.50%		3.50%
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 1
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 9,844
Floor rate	[4],[5],[7]							0.50%		0.50%
Variable rate (percent)	[4],[5],[7]							4.50%		4.50%
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 2
Schedule of Investments [Line Items]
Principal amount	[3],[5],[8]							$ 1,036
Floor rate	[5],[7],[8]							0.50%		0.50%
Variable rate (percent)	[5],[7],[8]							4.50%		4.50%
Investment, Identifier [Axis]: SRS Distribution Inc., Capital Goods
Schedule of Investments [Line Items]
Principal amount	[3],[4],[5]							$ 19,924
Floor rate	[4],[5],[7]							0.50%		0.50%
Variable rate (percent)	[4],[5],[7]							3.50%		3.50%
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[3],[4],[12]							$ 10,365
Investment, Identifier [Axis]: ST EIP Holdings, Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[9]			$ 10,255
Investment, Identifier [Axis]: SupplyOne, Inc., Materials
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 8,978
Floor rate	[2],[6]
Variable rate (percent)	[2],[6]			4.25%		4.25%
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount				$ 60,603	[1],[9],[11],[22],[28]			60,603	[12],[14],[17]
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Principal amount				$ 24,423	[1],[2]			$ 19,650	[3],[4]
Floor rate				1.00%	[2],[6]	1.00%	[2],[6]	1.00%	[4],[7]	1.00%	[4],[7]
Variable rate (percent)				5.50%	[2],[6]	5.50%	[2],[6]	5.50%	[4],[7]	5.50%	[4],[7]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount				$ 20,537	[1],[2],[9]			$ 20,537	[3],[4],[12]
Floor rate				1.00%	[2],[6],[9]	1.00%	[2],[6],[9]	1.00%	[4],[7],[12]	1.00%	[4],[7],[12]
Variable rate (percent)				7.50%	[2],[6],[9]	7.50%	[2],[6],[9]	7.50%	[4],[7],[12]	7.50%	[4],[7],[12]
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount				$ 24,782	[1],[2]			$ 19,910	[3],[4]
Floor rate				0.80%	[2],[6]	0.80%	[2],[6]	0.80%	[4],[7]	0.80%	[4],[7]
Variable rate (percent)				4.00%	[2],[6]	4.00%	[2],[6]	4.00%	[4],[7]	4.00%	[4],[7]
Investment, Identifier [Axis]: U.S. Treasury Bills, U.S. Treasury Bills
Schedule of Investments [Line Items]
Principal amount	[29]							$ 21,000
Investment, Identifier [Axis]: United Natural Foods, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	[1],[2],[11]			$ 21,000
Variable rate (percent)	[2],[6],[11]			4.75%		4.75%
Investment, Identifier [Axis]: Upstream Newco, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount	[1],[2],[11],[18]			$ 3,330
Variable rate (percent)	[2],[6],[11],[18]			4.25%		4.25%
Investment, Identifier [Axis]: Varsity Brands Holding Co., LLC, Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal amount	[1],[2],[18]			$ 14,160
Floor rate	[2],[6],[18]			1.00%		1.00%
Variable rate (percent)	[2],[6],[18]			5.00%		5.00%
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 1
Schedule of Investments [Line Items]
Principal amount	[1],[2],[9]			$ 30,078
Floor rate	[2],[6],[9]			3.00%		3.00%
Variable rate (percent)	[2],[6],[9]			6.50%		6.50%
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 2
Schedule of Investments [Line Items]
Principal amount	[1],[9],[24]			$ 4,750
Floor rate	[6],[9],[24]			3.00%		3.00%
Variable rate (percent)	[6],[9],[24]			6.50%		6.50%
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount				$ 30,745	[1],[9]			$ 23,823	[3],[4],[12],[17]
Floor rate	[4],[7],[12],[17]							1.00%		1.00%
Variable rate (percent)	[4],[7],[12],[17]							9.00%		9.00%
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Schedule of Investments [Line Items]
Principal amount	[3],[4],[12]							$ 42,938
Floor rate	[4],[7],[12]							1.80%		1.80%
Variable rate (percent)	[4],[7],[12]							9.85%		9.85%
Investment, Identifier [Axis]: Wattbridge, Inc., Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[2],[9]			$ 43,693
Floor rate	[2],[6],[9]			1.80%		1.80%
Variable rate (percent)	[2],[6],[9]			9.85%		9.85%
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal amount	[1],[2]			$ 26,202
Floor rate	[2],[6]			0.80%		0.80%
Variable rate (percent)	[2],[6]			3.25%		3.25%
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Aggregate sustainable infrastructure investments		$ 67,629	$ 5,430
Contributed capital to committed capital ratio		87.50%	87.50%
Percentage of voting control		50.00%	50.00%
Amount funded to joint venture				$ 43,150
Principal amount				$ 135,618				$ 170,083
Variable rate (percent)				5.32%		5.32%		5.33%		5.33%
Debt				$ 103,640				$ 145,483
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Blue Heron Intermediate Holdco I, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount				$ 30,094				$ 30,661
Variable rate (percent)				1.88%		1.88%		1.88%		1.88%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Copper Mountain Solar 3, LLC, Renewables
Schedule of Investments [Line Items]
Principal amount								$ 16,104
Variable rate (percent)								1.88%		1.88%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: FLNG Liquefaction 2, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount				$ 25,765				$ 26,567
Variable rate (percent)				1.50%		1.50%		1.50%		1.50%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Largest Portfolio Company Investment
Schedule of Investments [Line Items]
Principal amount				$ 55,988				$ 57,227
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: NES Hercules Class B Member, LLC, Renewables
Schedule of Investments [Line Items]
Principal amount				$ 23,771				$ 24,176
Variable rate (percent)				1.78%		1.78%		1.63%		1.63%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: ST EIP Holdco LLC, Midstream
Schedule of Investments [Line Items]
Principal amount				$ 55,988				$ 57,227
Variable rate (percent)				2.50%		2.50%		2.50%		2.50%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Seine Funding, LLC
Schedule of Investments [Line Items]
Principal amount		$ 634,103
Floor rate		0.00%
Variable rate (percent)		1.20%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Top of the World Wind Energy LLC, Renewables
Schedule of Investments [Line Items]
Principal amount								$ 15,348
Variable rate (percent)								2.13%		2.13%
Sustainable Infrastructure Investments, LLC | Imperial
Schedule of Investments [Line Items]
Contributed capital to committed capital ratio		12.50%	12.50%
Percentage of voting control		50.00%	50.00%
Sustainable Infrastructure Investments, LLC | FS Energy And Power Fund
Schedule of Investments [Line Items]
Sustainable infrastructure investments, LLC entitled to a fee percentage		0.25%	0.25%
Sustainable Infrastructure Investments, LLC | FS Specialty Lending Fund And Imperial Sustainable Infrustructure Investments, LLC
Schedule of Investments [Line Items]
Amount funded to joint venture				$ 49,313
Senior Secured Loan
Schedule of Investments [Line Items]
Number of senior secured loan investments | investment				8		8		5		5
Unfunded commitment with amortized cost				$ 22,405				$ 11,232
Partnership Interest | Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Unfunded commitment with amortized cost				$ 18,989		$ 858		$ 18,989		$ 858
Non-Controlled/Affiliated
Schedule of Investments [Line Items]
Number of investments in portfolio companies | company				5		5		4		4
Controlled/affiliated
Schedule of Investments [Line Items]
Number of investments in portfolio companies | company				1		1		3		3

[1] Denominated in U.S. dollars, unless otherwise noted.

[2] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[3] Denominated in U.S. dollars, unless otherwise noted.

[4] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[5] Security or portion thereof unsettled as of December 31, 2023.

[6] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.34% and 5.32%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[7] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.35% and 5.33%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[8] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[9] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[10] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[11] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2024, 83.3% of the Company’s total assets represented qualifying assets.

[12] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[13] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[14] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2023, 80.8% of the Company’s total assets represented qualifying assets.

[15] Security is non-income producing.

[16] Security was on non-accrual status as of December 31, 2023.

[17] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC $8,436 $138 $(8,574)$— $— $— $256 $139 $— Allied Wireline Services, LLC63,888 6,389 — — (48,077)22,200 — 2,910 — Warren Resources, Inc.23,584 239 — — — 23,823 3,464 179 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — (11,364)— (307)39,427 — — 8,324 Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (10,463)— — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (21,416)15,566 — — — $194,451 $6,766 $(19,938)$— $(80,263)$101,016 $3,720 $3,228 $8,324  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2023.

[18] Security or portion thereof unsettled as of June 30, 2024.

[19] Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. As of June 30, 2024, the total market value of Rule 144A securities amounted to $21,566, which represented approximately 1.4% of net assets.

[20] Securities of a collateralized loan obligation (“CLO”) where an affiliate of the Company’s investment adviser serves as collateral manager and administrator (see Note 4). The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLO to the Company.

[21] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,816 $110 $(828)$71 $(98)$4,071 $297 $44  Asset Based Finance Bridge Street CLO IV Ltd., Subordinated Notes — 23,711 (92)— (2,053)21,566 735 —  Bridge Street Warehouse CLO IV Ltd. — 22,729 (22,729)— — — — 729 Equity/OtherGWP Midstream Holdco, LLC, Common Equity1,661 — — — 581 2,242 — — Harvest Oil & Gas Corp., Common Equity271 — — — 77 348 — — Permian Production Holdings, LLC, Common Equity748 — — — 965 1,713 — — Telpico, LLC, Common Equity— — — — — — — — $7,496 $46,550 $(23,649)$71 $(528)$29,940 $1,032 $773  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[22] Security is non-income producing.

[23] Security was on non-accrual status as of June 30, 2024.

[24] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[25] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[26] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[27] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $231 $— $— $(182)$4,816 $675 $97 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — (3,112)3,112 (3,383)1,661 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 102 271 — — Limetree Bay Energy, LLC, Class A Units1,885 246 — (21,704)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (10,672)748 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $477 $(38,993)$(29,951)$10,186 $7,496 $675 $97  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the year ended December 31, 2023.

[28] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienAllied Wireline Services, LLC$22,200 $— $(19,360)$(50,917)$48,077 $— $— $— Warren Resources, Inc.23,823 60 (23,883)— — — 1,496 60 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC39,427 — — — 5,200 44,627 — — Equity/OtherAllied Wireline Services, LLC, Common Equity— — — (1,527)1,527 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity15,566 127 (13,578)(7,303)5,188 — — — $101,016 $187 $(56,821)$(59,747)$59,992 $44,627 $1,496 $60  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[29] Security or portion thereof is pledged as collateral supporting the equity total return swap with Nomura Global Financial Products Inc. (see Note 6).

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Investment Portfolio - Schedule of Investment Portfolio, at Fair Value and Percentage (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Investments, at fair value	$ 1,646,505	[1],[2]	$ 1,523,196	[3],[4]
All Industries | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100.00%		100.00%
Consumer Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 232,631		$ 156,089
Consumer Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	14.00%		10.00%
Energy—Upstream
Schedule of Investments [Line Items]
Investments, at fair value	$ 208,497		$ 309,456
Energy—Upstream | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	13.00%		20.00%
Capital Goods
Schedule of Investments [Line Items]
Investments, at fair value	$ 172,104		$ 116,454
Capital Goods | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	10.00%		8.00%
Commercial & Professional Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 146,627		$ 62,036
Commercial & Professional Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	9.00%		4.00%
Health Care Equipment & Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 124,451		$ 73,105
Health Care Equipment & Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	8.00%		5.00%
Energy—Midstream
Schedule of Investments [Line Items]
Investments, at fair value	$ 91,389		$ 303,175
Energy—Midstream | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	6.00%		20.00%
Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Investments, at fair value	$ 67,984		$ 37,428
Consumer Discretionary Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.00%		3.00%
Materials
Schedule of Investments [Line Items]
Investments, at fair value	$ 65,561		$ 49,653
Materials | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.00%		3.00%
Consumer Durables & Apparel
Schedule of Investments [Line Items]
Investments, at fair value	$ 63,829		$ 0
Consumer Durables & Apparel | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.00%		0.00%
Transportation
Schedule of Investments [Line Items]
Investments, at fair value	$ 60,016		$ 30,157
Transportation | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.00%		2.00%
Energy—Power
Schedule of Investments [Line Items]
Investments, at fair value	$ 59,519		$ 69,696
Energy—Power | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.00%		5.00%
Automobiles & Components
Schedule of Investments [Line Items]
Investments, at fair value	$ 49,437		$ 39,521
Automobiles & Components | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	3.00%		3.00%
Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Investments, at fair value	$ 45,534		$ 18,830
Consumer Staples Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	3.00%		1.00%
Financial Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 41,049		$ 83,197
Financial Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	2.00%		6.00%
Household & Personal Products
Schedule of Investments [Line Items]
Investments, at fair value	$ 41,034		$ 20,858
Household & Personal Products | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	2.00%		1.00%
Telecommunication Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 33,536		$ 0
Telecommunication Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	2.00%		0.00%
Software & Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 24,676		$ 0
Software & Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Media & Entertainment
Schedule of Investments [Line Items]
Investments, at fair value	$ 20,884		$ 19,829
Media & Entertainment | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		1.00%
Pharmaceuticals, Biotechnology & Life Sciences
Schedule of Investments [Line Items]
Investments, at fair value	$ 20,297		$ 19,300
Pharmaceuticals, Biotechnology & Life Sciences | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		1.00%
Insurance
Schedule of Investments [Line Items]
Investments, at fair value	$ 18,897		$ 20,251
Insurance | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		1.00%
Technology Hardware & Equipment
Schedule of Investments [Line Items]
Investments, at fair value	$ 13,926		$ 0
Technology Hardware & Equipment | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Energy—Service & Equipment
Schedule of Investments [Line Items]
Investments, at fair value	$ 0		$ 33,734
Energy—Service & Equipment | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.00%		2.00%
U.S. Treasury
Schedule of Investments [Line Items]
Investments, at fair value	$ 0		$ 21,000
U.S. Treasury | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.00%		1.00%
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Investments, at fair value	$ 44,627		$ 39,427
Sustainable Infrastructure Investments, LLC | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	3.00%		3.00%

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Investment Portfolio - Individual Loans in SIIJV’s portfolio (Details) $ in Thousands		Jun. 30, 2024 USD ($) portfolio_asset		Dec. 31, 2023 USD ($) portfolio_asset		Jan. 02, 2020 USD ($)
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Principal Amount		$ 19,950	[1],[2]	$ 16,522	[3],[4],[5]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Principal Amount	[3],[5],[6]			3,478
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power
Schedule of Investments [Line Items]
Principal Amount		14,940	[1],[7],[8],[9]	22,856	[3],[10],[11],[12]
Investment, Identifier [Axis]: APTIM Corp., Commercial & Professional Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	27,500
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Schedule of Investments [Line Items]
Principal Amount		18,897	[1],[2]	20,175	[3],[4]
Investment, Identifier [Axis]: Aimbridge Acquisition Co. Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount		26,665	[1],[2]	21,805	[3],[4]
Investment, Identifier [Axis]: Allegiant Travel Co., Transportation
Schedule of Investments [Line Items]
Principal Amount		$ 10,601	[1],[9]	$ 10,601	[3],[12]
Weighted average current interest rate on debt investments		7.30%	[9],[13]	7.30%	[12],[14]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 1
Schedule of Investments [Line Items]
Principal Amount		$ 22,845	[1],[2]	$ 9,975	[3],[4]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 2
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			9,929
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Schedule of Investments [Line Items]
Principal Amount	[3],[10],[15],[16],[17]			$ 70,277
Investment, Identifier [Axis]: Allspring Government Money Market Fund - Select Class, Money Market Fund
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments		5.30%		5.30%
Investment, Identifier [Axis]: American Auto Auction Group, LLC, Capital Goods
Schedule of Investments [Line Items]
Principal Amount		$ 23,860	[1],[2]	$ 9,975	[3],[4]
Investment, Identifier [Axis]: Aretec Escrow Issuer Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			$ 7,000
Weighted average current interest rate on debt investments	[4],[14]			10.00%
Investment, Identifier [Axis]: Aretec Escrow Issuer, Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 7,000
Weighted average current interest rate on debt investments	[2],[13]	10.00%
Investment, Identifier [Axis]: Aretec Group, Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount		$ 6,817	[1],[2],[18]	$ 9,352	[3],[4],[5]
Investment, Identifier [Axis]: Auris Luxembourg III S.a r.l, Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal Amount		22,859	[1],[2],[9]	20,287	[3],[4],[12]
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal Amount		20,802	[1],[2]	15,909	[3],[4]
Investment, Identifier [Axis]: BCPE Empire Holdings, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount		22,344	[1],[2]	24,900	[3],[4]
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV Ltd., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[9],[19],[20],[21]	$ 23,700
Weighted average current interest rate on debt investments	[7],[9],[13],[19],[20],[21]	18.20%
Investment, Identifier [Axis]: Brock Holdings III, LLC, Capital Goods
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[9]	$ 8,500
Investment, Identifier [Axis]: CCS-CMGC Holdings, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal Amount		27,695	[1],[2],[22],[23]	21,465	[3],[4]
Investment, Identifier [Axis]: CPM Holdings, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal Amount		24,875	[1],[2]	20,000	[3],[4]
Investment, Identifier [Axis]: CT Technologies Intermediate Holdings, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	19,923
Investment, Identifier [Axis]: Charlotte Buyer, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal Amount		17,755	[1],[2]	19,845	[3],[4],[5]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 1
Schedule of Investments [Line Items]
Principal Amount		2,151	[1],[7]	20,915	[3],[4],[10]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 2
Schedule of Investments [Line Items]
Principal Amount		20,810	[1],[2],[7]	2,688	[3],[6],[10]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 3
Schedule of Investments [Line Items]
Principal Amount		538	[1],[7],[24]	1,344	[3],[6],[10]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 4
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[24]	1,344
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			6,387
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Media & Entertainment
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[9]	8,344
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount		33,000	[1],[2],[7]	35,000	[3],[4],[10]
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Media & Entertainment
Schedule of Investments [Line Items]
Principal Amount		12,500	[1],[2],[9]	20,000	[3],[4],[12]
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings Inc., Financials Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			19,949
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings, Inc., Commercial & Professional Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	17,361
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount	[3],[10],[25],[26]			$ 100,000
Weighted average current interest rate on debt investments	[10],[14],[25],[26]			12.90%
Investment, Identifier [Axis]: Crown SubSea Communication Holding, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	6,000
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			$ 4,500
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			5,430
Investment, Identifier [Axis]: Delivery Hero Finco LLC, Consumer Services
Schedule of Investments [Line Items]
Principal Amount	[1],[9]	24,938
Investment, Identifier [Axis]: Digicel International Finance Ltd., Telecommunication Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	20,076
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	47,400
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[24]	2,600
Investment, Identifier [Axis]: Engineered Machinery Holdings, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal Amount		24,797	[1],[2]	19,924	[3],[4]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[10]			17,047
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Schedule of Investments [Line Items]
Principal Amount		24,777	[1],[2]	19,905	[3],[4]
Investment, Identifier [Axis]: Full House Resorts, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount		$ 25,742	[1],[2]	$ 20,742	[3],[4]
Weighted average current interest rate on debt investments		8.30%	[2],[13]	8.30%	[4],[14]
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount		$ 13,951	[1],[7],[9]	$ 13,951	[3],[10],[12]
Weighted average current interest rate on debt investments	[10],[12],[14]			7.80%
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 1
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	23,571
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 2
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[24]	7,857
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 3
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[24]	1,571
Investment, Identifier [Axis]: Global Tel Link Corp., Technology Hardware & Equipment
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	13,994
Investment, Identifier [Axis]: Gold Rush Amusements, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount		30,519	[1],[2],[7]	$ 30,673	[3],[4],[10]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[10]			14,516
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Financial Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			19,925
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Software & Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	24,800
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal Amount		$ 23,568	[1],[2]	$ 20,000	[3],[4]
Weighted average current interest rate on debt investments		8.50%	[2],[13]	8.50%	[4],[14]
Investment, Identifier [Axis]: Knowlton Development Corporation Inc., Household & Personal Products
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			$ 21,000
Investment, Identifier [Axis]: Knowlton Development Corporation, Inc., Household & Personal Products
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 25,935
Investment, Identifier [Axis]: LABL, Inc., Commercial & Professional Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	24,737
Investment, Identifier [Axis]: LABL, Inc., Commerical & Professional Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			19,864
Investment, Identifier [Axis]: LaserShip, Inc., Transportation
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	6,964
Investment, Identifier [Axis]: Learning Care Group No. 2 Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4]			19,950
Investment, Identifier [Axis]: Learning Care Group No. 2, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	21,840
Investment, Identifier [Axis]: Level 3 Financing, Inc., Telecommunication Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[9],[18]	14,291
Investment, Identifier [Axis]: MBS Services Holdings, LLC, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	29,689
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, L.P., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal Amount		$ 17,306	[1],[2]	$ 19,893	[3],[4]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments		14.20%	[7],[9],[13],[27]	14.20%	[4],[10],[12],[14],[15],[16]
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Schedule of Investments [Line Items]
Principal Amount		$ 25,000	[1],[2],[9]	$ 20,000	[3],[4],[12]
Weighted average current interest rate on debt investments		10.80%	[2],[9],[13]	10.80%	[4],[12],[14]
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences
Schedule of Investments [Line Items]
Principal Amount	[3],[10]			$ 20,000
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 1
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 19,850
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 2
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	1,110
Investment, Identifier [Axis]: Osaic Holdings, Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	4,988
Investment, Identifier [Axis]: PODS, LLC, Transportation
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[18]	$ 19,949
Weighted average current interest rate on debt investments	[2],[13],[18]	3.00%
Investment, Identifier [Axis]: Peloton Interactive, Inc., Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[9]	$ 25,000
Weighted average current interest rate on debt investments	[2],[9],[13]	6.00%
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount		$ 4,081	[1],[7],[21]	$ 4,864	[3],[10],[28]
Weighted average current interest rate on debt investments		7.00%	[7],[13],[21]	7.00%	[10],[14],[28]
Investment, Identifier [Axis]: Phoenix Guarantor Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			$ 19,923
Investment, Identifier [Axis]: Pioneer Midco, LLC, Consumer Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[7]	$ 35,167
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[22],[23]	4,218
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal Amount		$ 13,936	[1],[7],[22],[23]	$ 13,297	[3],[10],[15],[16]
Weighted average current interest rate on debt investments		6.00%	[7],[13],[22],[23]	6.00%	[10],[14],[15],[16]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal Amount	[3],[10],[15],[16]			$ 4,015
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 3
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[24]	$ 2,709
Weighted average current interest rate on debt investments	[7],[13],[24]	10.00%
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Schedule of Investments [Line Items]
Principal Amount	[3],[6],[10]			$ 2,709
Weighted average current interest rate on debt investments	[6],[10],[14]			10.00%
Investment, Identifier [Axis]: Pretium PKG Holdings, Inc., Materials
Schedule of Investments [Line Items]
Principal Amount		$ 32,580	[1],[2]	$ 30,118	[3],[4]
Investment, Identifier [Axis]: Pro Mach Group, Inc., Capital Goods
Schedule of Investments [Line Items]
Principal Amount		17,380	[1],[2]	19,924	[3],[4]
Investment, Identifier [Axis]: Proampac PG Borrower LLC, Materials
Schedule of Investments [Line Items]
Principal Amount		22,885	[1],[2]	20,000	[3],[4]
Investment, Identifier [Axis]: RealTruck Group, Inc., Automobiles & Components
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	24,820
Investment, Identifier [Axis]: Realtruck Group, Inc., Automobiles & Components
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			19,956
Investment, Identifier [Axis]: Revlon Intermediate Holdings IV LLC, Household & Personal Products
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 15,000
Weighted average current interest rate on debt investments	[2],[13]	6.88%
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 1
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 9,819
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 2
Schedule of Investments [Line Items]
Principal Amount	[1],[24]	1,036
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 1
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			9,844
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 2
Schedule of Investments [Line Items]
Principal Amount	[3],[5],[6]			1,036
Investment, Identifier [Axis]: SRS Distribution Inc., Capital Goods
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[5]			19,924
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[10]			$ 10,365
Weighted average current interest rate on debt investments	[4],[10],[14]			6.30%
Investment, Identifier [Axis]: ST EIP Holdings, Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[7]	$ 10,255
Weighted average current interest rate on debt investments	[2],[7],[13]	6.30%
Investment, Identifier [Axis]: SupplyOne, Inc., Materials
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 8,978
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal Amount		60,603	[1],[7],[9],[22],[29]	$ 60,603	[10],[12],[17]
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Principal Amount		24,423	[1],[2]	19,650	[3],[4]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount		20,537	[1],[2],[7]	20,537	[3],[4],[10]
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal Amount		$ 24,782	[1],[2]	19,910	[3],[4]
Investment, Identifier [Axis]: U.S. Treasury Bills, U.S. Treasury Bills
Schedule of Investments [Line Items]
Principal Amount	[30]			$ 21,000
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments		9.80%	[2],[7],[9],[13],[27]	9.80%	[4],[10],[12],[14]
Investment, Identifier [Axis]: United Natural Foods, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[9]	$ 21,000
Investment, Identifier [Axis]: Upstream Newco, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[9],[18]	3,330
Investment, Identifier [Axis]: Varsity Brands Holding Co., LLC, Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[18]	14,160
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 1
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[7]	30,078
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 2
Schedule of Investments [Line Items]
Principal Amount	[1],[7],[24]	4,750
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount		$ 30,745	[1],[7]	$ 23,823	[3],[4],[10],[17]
Weighted average current interest rate on debt investments	[7],[13]	4.00%
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Schedule of Investments [Line Items]
Principal Amount	[3],[4],[10]			42,938
Investment, Identifier [Axis]: Wattbridge, Inc., Energy—Power
Schedule of Investments [Line Items]
Principal Amount	[1],[2],[7]	$ 43,693
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	26,202
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 135,618		$ 170,083
Number of portfolio assets in SIIJV | portfolio_asset		4		6
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Blue Heron Intermediate Holdco I, LLC, Midstream
Schedule of Investments [Line Items]
Principal Amount		$ 30,094		$ 30,661
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Copper Mountain Solar 3, LLC, Renewables
Schedule of Investments [Line Items]
Principal Amount				16,104
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: FLNG Liquefaction 2, LLC, Midstream
Schedule of Investments [Line Items]
Principal Amount		25,765		26,567
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Largest Portfolio Company Investment
Schedule of Investments [Line Items]
Principal Amount		55,988		57,227
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: NES Hercules Class B Member, LLC, Renewables
Schedule of Investments [Line Items]
Principal Amount		23,771		24,176
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: ST EIP Holdco LLC, Midstream
Schedule of Investments [Line Items]
Principal Amount		$ 55,988		57,227
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Seine Funding, LLC
Schedule of Investments [Line Items]
Principal Amount						$ 634,103
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Top of the World Wind Energy LLC, Renewables
Schedule of Investments [Line Items]
Principal Amount				$ 15,348
Sustainable Infrastructure Investments, LLC | Weighted Average
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments		7.47%		7.45%

[1] Denominated in U.S. dollars, unless otherwise noted.

[2] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[3] Denominated in U.S. dollars, unless otherwise noted.

[4] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[5] Security or portion thereof unsettled as of December 31, 2023.

[6] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[7] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[8] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[9] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2024, 83.3% of the Company’s total assets represented qualifying assets.

[10] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[11] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[12] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2023, 80.8% of the Company’s total assets represented qualifying assets.

[13] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.34% and 5.32%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[14] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.35% and 5.33%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[15] Security is non-income producing.

[16] Security was on non-accrual status as of December 31, 2023.

[17] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC $8,436 $138 $(8,574)$— $— $— $256 $139 $— Allied Wireline Services, LLC63,888 6,389 — — (48,077)22,200 — 2,910 — Warren Resources, Inc.23,584 239 — — — 23,823 3,464 179 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — (11,364)— (307)39,427 — — 8,324 Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (10,463)— — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (21,416)15,566 — — — $194,451 $6,766 $(19,938)$— $(80,263)$101,016 $3,720 $3,228 $8,324  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2023.

[18] Security or portion thereof unsettled as of June 30, 2024.

[19] Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. As of June 30, 2024, the total market value of Rule 144A securities amounted to $21,566, which represented approximately 1.4% of net assets.

[20] Securities of a collateralized loan obligation (“CLO”) where an affiliate of the Company’s investment adviser serves as collateral manager and administrator (see Note 4). The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLO to the Company.

[21] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,816 $110 $(828)$71 $(98)$4,071 $297 $44  Asset Based Finance Bridge Street CLO IV Ltd., Subordinated Notes — 23,711 (92)— (2,053)21,566 735 —  Bridge Street Warehouse CLO IV Ltd. — 22,729 (22,729)— — — — 729 Equity/OtherGWP Midstream Holdco, LLC, Common Equity1,661 — — — 581 2,242 — — Harvest Oil & Gas Corp., Common Equity271 — — — 77 348 — — Permian Production Holdings, LLC, Common Equity748 — — — 965 1,713 — — Telpico, LLC, Common Equity— — — — — — — — $7,496 $46,550 $(23,649)$71 $(528)$29,940 $1,032 $773  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[22] Security is non-income producing.

[23] Security was on non-accrual status as of June 30, 2024.

[24] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[25] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[26] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[27] Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

[28] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $231 $— $— $(182)$4,816 $675 $97 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — (3,112)3,112 (3,383)1,661 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 102 271 — — Limetree Bay Energy, LLC, Class A Units1,885 246 — (21,704)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (10,672)748 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $477 $(38,993)$(29,951)$10,186 $7,496 $675 $97  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the year ended December 31, 2023.

[29] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienAllied Wireline Services, LLC$22,200 $— $(19,360)$(50,917)$48,077 $— $— $— Warren Resources, Inc.23,823 60 (23,883)— — — 1,496 60 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC39,427 — — — 5,200 44,627 — — Equity/OtherAllied Wireline Services, LLC, Common Equity— — — (1,527)1,527 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity15,566 127 (13,578)(7,303)5,188 — — — $101,016 $187 $(56,821)$(59,747)$59,992 $44,627 $1,496 $60  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[30] Security or portion thereof is pledged as collateral supporting the equity total return swap with Nomura Global Financial Products Inc. (see Note 6).

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Investment Portfolio - Sustainable Infrastructure Investments, LLC Portfolio (Details) - USD ($) $ in Thousands		Jun. 30, 2024		Dec. 31, 2023		Dec. 31, 2022	Jan. 02, 2020
Schedule of Investments [Line Items]
Amortized Cost		$ 1,701,043	[1]	$ 1,543,925	[2]
Investments, at fair value		$ 1,646,505	[1],[3]	$ 1,523,196	[2],[4]
Percent of net assets		104.20%	[1]	97.50%	[2]
Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost		$ 1,140,094	[1]	$ 878,013	[2]
Investments, at fair value		$ 1,131,071	[1],[3]	$ 825,158	[2],[4]
Percent of net assets		71.60%	[1]	52.90%	[2]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Variable rate		4.25%	[5],[6]	4.25%	[7],[8],[9]
Principal Amount		$ 19,950	[6],[10]	$ 16,522	[8],[9],[11]
Amortized Cost		19,812	[6]	16,398	[8],[9]
Investments, at fair value		$ 20,002	[3],[6]	$ 16,625	[4],[8],[9]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Variable rate	[7],[9],[12]			4.25%
Principal Amount	[9],[11],[12]			$ 3,478
Amortized Cost	[9],[12]			3,452
Investments, at fair value	[4],[9],[12]			$ 3,500
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power
Schedule of Investments [Line Items]
Variable rate		4.00%	[5],[13],[14],[15]	4.00%	[7],[16],[17],[18]
Principal Amount		$ 14,940	[10],[13],[14],[15]	$ 22,856	[11],[16],[17],[18]
Amortized Cost		13,748	[13],[14],[15]	20,779	[16],[17],[18]
Investments, at fair value		14,944	[3],[13],[14],[15]	23,050	[4],[16],[17],[18]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike, Energy—Power
Schedule of Investments [Line Items]
Amortized Cost	[13],[14],[15],[19]	2,652
Investments, at fair value	[3],[13],[14],[15],[19]	$ 0
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Energy—Power
Schedule of Investments [Line Items]
Amortized Cost	[16],[17],[18],[20]			2,652
Investments, at fair value	[4],[16],[17],[18],[20]			0
Investment, Identifier [Axis]: APTIM Corp., Commercial & Professional Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	7.50%
Principal Amount	[6],[10]	$ 27,500
Amortized Cost	[6]	27,500
Investments, at fair value	[3],[6]	$ 28,268
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[16],[20]			6,944
Investments, at fair value	[4],[16],[20]			1,375
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[16],[20]			1,447
Investments, at fair value	[4],[16],[20]			$ 10,159
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Schedule of Investments [Line Items]
Variable rate		3.25%	[5],[6]	4.50%	[7],[8]
Principal Amount		$ 18,897	[6],[10]	$ 20,175	[8],[11]
Amortized Cost		18,834	[6]	20,033	[8]
Investments, at fair value		$ 18,897	[3],[6]	$ 20,251	[4],[8]
Investment, Identifier [Axis]: Aimbridge Acquisition Co. Inc., Consumer Services
Schedule of Investments [Line Items]
Variable rate		3.75%	[5],[6]	3.75%	[7],[8]
Principal Amount		$ 26,665	[6],[10]	$ 21,805	[8],[11]
Amortized Cost		25,803	[6]	21,036	[8]
Investments, at fair value		26,118	[3],[6]	20,380	[4],[8]
Investment, Identifier [Axis]: AirSwift Holdings, Ltd., Common Equity, Commercial & Professional Services
Schedule of Investments [Line Items]
Amortized Cost		6,029	[13],[15],[19]	6,029	[16],[18],[20]
Investments, at fair value		4,106	[3],[13],[15],[19]	3,413	[4],[16],[18],[20]
Investment, Identifier [Axis]: Allegiant Travel Co., Transportation
Schedule of Investments [Line Items]
Principal Amount		10,601	[10],[15]	10,601	[11],[18]
Amortized Cost		9,735	[15]	9,614	[18]
Investments, at fair value		$ 10,100	[3],[15]	10,385	[4],[18]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC
Schedule of Investments [Line Items]
Investments, at fair value				$ 0		$ 8,436
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 1
Schedule of Investments [Line Items]
Variable rate		3.75%	[5],[6]	4.75%	[7],[8]
Principal Amount		$ 22,845	[6],[10]	$ 9,975	[8],[11]
Amortized Cost		22,571	[6]	9,841	[8]
Investments, at fair value		22,783	[3],[6]	$ 9,998	[4],[8]
Investment, Identifier [Axis]: Allied Universal Holdco LLC, Consumer Services 2
Schedule of Investments [Line Items]
Variable rate	[7],[8]			3.75%
Principal Amount	[8],[11]			$ 9,929
Amortized Cost	[8]			9,627
Investments, at fair value	[4],[8]			9,903
Investment, Identifier [Axis]: Allied Wireline Services, LLC
Schedule of Investments [Line Items]
Investments, at fair value		0		22,200		63,888
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		0		0		10,463
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[16],[20],[21],[22]			1,527
Investments, at fair value	[4],[16],[20],[21],[22]			0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Schedule of Investments [Line Items]
Principal Amount	[11],[16],[20],[22],[23]			70,277
Amortized Cost	[16],[20],[22],[23]			70,277
Investments, at fair value	[4],[16],[20],[22],[23]			22,200
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants
Schedule of Investments [Line Items]
Investments, at fair value		0		0		0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[16],[20],[21],[22]			0
Investments, at fair value	[4],[16],[20],[21],[22]			0
Investment, Identifier [Axis]: Allspring Government Money Market Fund - Select Class, Money Market Fund
Schedule of Investments [Line Items]
Investments, at fair value		$ 64,259		$ 23,098
Investment, Identifier [Axis]: American Auto Auction Group, LLC, Capital Goods
Schedule of Investments [Line Items]
Variable rate		5.00%	[5],[6]	5.00%	[7],[8]
Principal Amount		$ 23,860	[6],[10]	$ 9,975	[8],[11]
Amortized Cost		23,605	[6]	9,752	[8]
Investments, at fair value		23,878	[3],[6]	9,858	[4],[8]
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		351	[13],[19]	351	[16],[20]
Investments, at fair value		444	[3],[13],[19]	571	[4],[16],[20]
Investment, Identifier [Axis]: Aretec Escrow Issuer Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[8],[11]			7,000
Amortized Cost	[8]			7,000
Investments, at fair value	[4],[8]			$ 7,447
Investment, Identifier [Axis]: Aretec Escrow Issuer, Inc., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[6],[10]	7,000
Amortized Cost	[6]	7,000
Investments, at fair value	[3],[6]	$ 7,622
Investment, Identifier [Axis]: Aretec Group, Inc., Financial Services
Schedule of Investments [Line Items]
Variable rate		4.00%	[5],[6],[24]	4.50%	[7],[8],[9]
Principal Amount		$ 6,817	[6],[10],[24]	$ 9,352	[8],[9],[11]
Amortized Cost		6,788	[6],[24]	9,071	[8],[9]
Investments, at fair value		6,852	[3],[6],[24]	9,358	[4],[8],[9]
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		43,308	[13],[19],[25]	44,573	[16],[20],[21]
Investments, at fair value		$ 44,612	[3],[13],[19],[25]	$ 39,545	[4],[16],[20],[21]
Investment, Identifier [Axis]: Auris Luxembourg III S.a r.l, Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate		4.25%	[5],[6],[15]	3.75%	[7],[8],[18]
Principal Amount		$ 22,859	[6],[10],[15]	$ 20,287	[8],[11],[18]
Amortized Cost		22,748	[6],[15]	19,912	[8],[18]
Investments, at fair value		$ 22,945	[3],[6],[15]	$ 20,079	[4],[8],[18]
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate		3.75%	[5],[6]	3.75%	[7],[8]
Principal Amount		$ 20,802	[6],[10]	$ 15,909	[8],[11]
Amortized Cost		18,773	[6]	14,054	[8]
Investments, at fair value		$ 19,970	[3],[6]	$ 14,852	[4],[8]
Investment, Identifier [Axis]: BCPE Empire Holdings, Inc., Consumer Services
Schedule of Investments [Line Items]
Variable rate		4.00%	[5],[6]	4.75%	[7],[8]
Principal Amount		$ 22,344	[6],[10]	$ 24,900	[8],[11]
Amortized Cost		22,418	[6]	24,983	[8]
Investments, at fair value		22,376	[3],[6]	24,998	[4],[8]
Investment, Identifier [Axis]: Bridge Street CLO IV Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Investments, at fair value		21,566		0
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV Ltd., Financial Services
Schedule of Investments [Line Items]
Principal Amount	[10],[13],[15],[26],[27],[28]	23,700
Amortized Cost	[13],[15],[26],[27],[28]	23,619
Investments, at fair value	[3],[13],[15],[26],[27],[28]	21,566
Investment, Identifier [Axis]: Bridge Street Warehouse CLO IV, Ltd.
Schedule of Investments [Line Items]
Investments, at fair value		$ 0		$ 0
Investment, Identifier [Axis]: Brock Holdings III, LLC, Capital Goods
Schedule of Investments [Line Items]
Variable rate	[5],[6],[15]	6.00%
Principal Amount	[6],[10],[15]	$ 8,500
Amortized Cost	[6],[15]	8,334
Investments, at fair value	[3],[6],[15]	$ 8,585
Investment, Identifier [Axis]: CCS-CMGC Holdings, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate		5.50%	[5],[6],[19],[29]	5.50%	[7],[8]
Principal Amount		$ 27,695	[6],[10],[19],[29]	$ 21,465	[8],[11]
Amortized Cost		24,501	[6],[19],[29]	18,225	[8]
Investments, at fair value		$ 17,796	[3],[6],[19],[29]	$ 18,222	[4],[8]
Investment, Identifier [Axis]: CPM Holdings, Inc., Capital Goods
Schedule of Investments [Line Items]
Variable rate		4.50%	[5],[6]	4.50%	[7],[8]
Principal Amount		$ 24,875	[6],[10]	$ 20,000	[8],[11]
Amortized Cost		24,945	[6]	20,038	[8]
Investments, at fair value		$ 24,738	[3],[6]	$ 20,092	[4],[8]
Investment, Identifier [Axis]: CT Technologies Intermediate Holdings, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.25%
Principal Amount	[6],[10]	$ 19,923
Amortized Cost	[6]	19,837
Investments, at fair value	[3],[6]	$ 19,973
Investment, Identifier [Axis]: Charlotte Buyer, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate		5.25%	[5],[6]	5.25%	[7],[8],[9]
Principal Amount		$ 17,755	[6],[10]	$ 19,845	[8],[9],[11]
Amortized Cost		17,849	[6]	19,937	[8],[9]
Investments, at fair value		$ 17,823	[3],[6]	$ 19,952	[4],[8],[9]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 1
Schedule of Investments [Line Items]
Variable rate		6.50%	[5],[13]	6.75%	[7],[8],[16]
Principal Amount		$ 2,151	[10],[13]	$ 20,915	[8],[11],[16]
Amortized Cost		2,151	[13]	20,915	[8],[16]
Investments, at fair value		$ 2,196	[3],[13]	$ 21,098	[4],[8],[16]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 2
Schedule of Investments [Line Items]
Variable rate		6.50%	[5],[6],[13]	6.75%	[7],[12],[16]
Principal Amount		$ 20,810	[6],[10],[13]	$ 2,688	[11],[12],[16]
Amortized Cost		20,810	[6],[13]	2,688	[12],[16]
Investments, at fair value		$ 21,253	[3],[6],[13]	$ 2,712	[4],[12],[16]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 3
Schedule of Investments [Line Items]
Variable rate		6.50%	[5],[13],[30]	6.75%	[7],[12],[16]
Principal Amount		$ 538	[10],[13],[30]	$ 1,344	[11],[12],[16]
Amortized Cost		538	[13],[30]	1,344	[12],[16]
Investments, at fair value		$ 549	[3],[13],[30]	$ 1,356	[4],[12],[16]
Investment, Identifier [Axis]: CircusTrix Holdings, LLC, Consumer Services 4
Schedule of Investments [Line Items]
Variable rate	[5],[13],[30]	6.50%
Principal Amount	[10],[13],[30]	$ 1,344
Amortized Cost	[13],[30]	1,344
Investments, at fair value	[3],[13],[30]	$ 1,373
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Financial Services
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			4.25%
Principal Amount	[8],[9],[11]			$ 6,387
Amortized Cost	[8],[9]			6,331
Investments, at fair value	[4],[8],[9]			$ 6,372
Investment, Identifier [Axis]: Cirque Du Soleil Holding USA Newco, Inc., Media & Entertainment
Schedule of Investments [Line Items]
Variable rate	[5],[6],[15]	3.75%
Principal Amount	[6],[10],[15]	$ 8,344
Amortized Cost	[6],[15]	8,297
Investments, at fair value	[3],[6],[15]	$ 8,350
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate		7.50%	[5],[6],[13]	7.65%	[7],[8],[16]
Principal Amount		$ 33,000	[6],[10],[13]	$ 35,000	[8],[11],[16]
Amortized Cost		32,604	[6],[13]	34,527	[8],[16]
Investments, at fair value		$ 32,729	[3],[6],[13]	$ 34,426	[4],[8],[16]
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Media & Entertainment
Schedule of Investments [Line Items]
Variable rate		4.00%	[5],[6],[15]	3.50%	[7],[8],[18]
Principal Amount		$ 12,500	[6],[10],[15]	$ 20,000	[8],[11],[18]
Amortized Cost		12,300	[6],[15]	19,551	[8],[18]
Investments, at fair value		$ 12,534	[3],[6],[15]	$ 19,829	[4],[8],[18]
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings Inc., Financials Services
Schedule of Investments [Line Items]
Variable rate	[7],[8]			4.18%
Principal Amount	[8],[11]			$ 19,949
Amortized Cost	[8]			19,740
Investments, at fair value	[4],[8]			20,061
Investment, Identifier [Axis]: Clydesdale Acquisition Holdings, Inc., Commercial & Professional Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	3.75%
Principal Amount	[6],[10]	$ 17,361
Amortized Cost	[6]	17,274
Investments, at fair value	[3],[6]	$ 17,420
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount	[11],[16],[31],[32]			100,000
Amortized Cost	[16],[31],[32]			1,129
Investments, at fair value	[4],[16],[31],[32]			$ 1,234
Investment, Identifier [Axis]: Crown SubSea Communication Holding, Inc., Capital Goods
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.75%
Principal Amount	[6],[10]	$ 6,000
Amortized Cost	[6]	5,943
Investments, at fair value	[3],[6]	$ 6,024
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			5.00%
Principal Amount	[8],[9],[11]			$ 4,500
Amortized Cost	[8],[9]			4,523
Investments, at fair value	[4],[8],[9]			$ 4,534
Investment, Identifier [Axis]: Crown SubSea Communications Holding, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			5.25%
Principal Amount	[8],[9],[11]			$ 5,430
Amortized Cost	[8],[9]			5,445
Investments, at fair value	[4],[8],[9]			$ 5,468
Investment, Identifier [Axis]: Delivery Hero Finco LLC, Consumer Services
Schedule of Investments [Line Items]
Variable rate	[5],[15]	5.00%
Principal Amount	[10],[15]	$ 24,938
Amortized Cost	[15]	24,861
Investments, at fair value	[3],[15]	$ 25,193
Investment, Identifier [Axis]: Digicel International Finance Ltd., Telecommunication Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	5.15%
Principal Amount	[6],[10]	$ 20,076
Amortized Cost	[6]	19,360
Investments, at fair value	[3],[6]	$ 19,511
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 1
Schedule of Investments [Line Items]
Variable rate	[5],[13]	6.50%
Principal Amount	[10],[13]	$ 47,400
Amortized Cost	[13]	46,472
Investments, at fair value	[3],[13]	$ 46,511
Investment, Identifier [Axis]: Electrical Components International, Inc., Capital Goods 2
Schedule of Investments [Line Items]
Variable rate	[5],[13],[30]	6.50%
Principal Amount	[10],[13],[30]	$ 2,600
Amortized Cost	[13],[30]	2,600
Investments, at fair value	[3],[13],[30]	$ 2,551
Investment, Identifier [Axis]: Engineered Machinery Holdings, Inc., Capital Goods
Schedule of Investments [Line Items]
Variable rate		3.75%	[5],[6]	3.50%	[7],[8]
Principal Amount		$ 24,797	[6],[10]	$ 19,924	[8],[11]
Amortized Cost		24,733	[6]	19,847	[8]
Investments, at fair value		$ 24,926	[3],[6]	$ 19,840	[4],[8]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[7],[8],[16]			7.50%
Principal Amount	[8],[11],[16]			$ 17,047
Amortized Cost	[8],[16]			16,855
Investments, at fair value	[4],[8],[16]			$ 17,156
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Schedule of Investments [Line Items]
Variable rate		5.00%	[5],[6]	5.00%	[7],[8]
Principal Amount		$ 24,777	[6],[10]	$ 19,905	[8],[11]
Amortized Cost		24,521	[6]	19,620	[8]
Investments, at fair value		24,657	[3],[6]	19,781	[4],[8]
Investment, Identifier [Axis]: Full House Resorts, Inc., Consumer Services
Schedule of Investments [Line Items]
Principal Amount		25,742	[6],[10]	20,742	[8],[11]
Amortized Cost		23,538	[6]	18,561	[8]
Investments, at fair value		24,748	[3],[6]	19,517	[4],[8]
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		2,242		1,661		5,044
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost		6,681	[13],[19],[25],[28]	6,681	[16],[20],[21],[33]
Investments, at fair value		$ 2,242	[3],[13],[19],[25],[28]	1,661	[4],[16],[20],[21],[33]
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[5],[13],[15]	7.80%
Principal Amount		$ 13,951	[10],[13],[15]	13,951	[11],[16],[18]
Amortized Cost		13,880	[13],[15]	13,874	[16],[18]
Investments, at fair value		$ 13,400	[3],[13],[15]	13,510	[4],[16],[18]
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 1
Schedule of Investments [Line Items]
Variable rate	[5],[13]	5.50%
Principal Amount	[10],[13]	$ 23,571
Amortized Cost	[13]	23,000
Investments, at fair value	[3],[13]	$ 23,100
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 2
Schedule of Investments [Line Items]
Variable rate	[5],[13],[30]	5.50%
Principal Amount	[10],[13],[30]	$ 7,857
Amortized Cost	[13],[30]	7,857
Investments, at fair value	[3],[13],[30]	$ 7,700
Investment, Identifier [Axis]: Gen4 Dental Partners Opco, LLC, Health Care Equipment & Services 3
Schedule of Investments [Line Items]
Variable rate	[5],[13],[30]	5.50%
Principal Amount	[10],[13],[30]	$ 1,571
Amortized Cost	[13],[30]	1,571
Investments, at fair value	[3],[13],[30]	1,540
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 1
Schedule of Investments [Line Items]
Amortized Cost		2,786	[13],[19],[34]	2,786	[16],[20]
Investments, at fair value		0	[3],[13],[19],[34]	0	[4],[16],[20]
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2
Schedule of Investments [Line Items]
Amortized Cost		12,037	[13],[19],[34]	12,493	[16],[20],[23]
Investments, at fair value		$ 9,687	[3],[13],[19],[34]	$ 10,357	[4],[16],[20],[23]
Investment, Identifier [Axis]: Global Tel Link Corp., Technology Hardware & Equipment
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.25%
Principal Amount	[6],[10]	$ 13,994
Amortized Cost	[6]	13,618
Investments, at fair value	[3],[6]	$ 13,926
Investment, Identifier [Axis]: Gold Rush Amusements, Inc., Consumer Services
Schedule of Investments [Line Items]
Variable rate		7.50%	[5],[6],[13]	7.50%	[7],[8],[16]
Principal Amount		$ 30,519	[6],[10],[13]	$ 30,673	[8],[11],[16]
Amortized Cost		29,969	[6],[13]	30,079	[8],[16]
Investments, at fair value		$ 30,519	[3],[6],[13]	$ 30,059	[4],[8],[16]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[7],[8],[16]			7.00%
Principal Amount	[8],[11],[16]			$ 14,516
Amortized Cost	[8],[16]			14,326
Investments, at fair value	[4],[8],[16]			$ 14,379
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Financial Services
Schedule of Investments [Line Items]
Variable rate	[7],[8]			4.00%
Principal Amount	[8],[11]			$ 19,925
Amortized Cost	[8]			19,922
Investments, at fair value	[4],[8]			20,008
Investment, Identifier [Axis]: Guardian US Holdco, LLC, Software & Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	3.50%
Principal Amount	[6],[10]	$ 24,800
Amortized Cost	[6]	24,828
Investments, at fair value	[3],[6]	24,676
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal Amount		23,568	[6],[10]	20,000	[8],[11]
Amortized Cost		21,624	[6]	17,987	[8]
Investments, at fair value		21,280	[3],[6]	17,473	[4],[8]
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		348		271		810
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		14,418	[19],[28]	14,418	[20],[33]
Investments, at fair value		$ 348	[3],[19],[28]	$ 271	[4],[20],[33]
Investment, Identifier [Axis]: Knowlton Development Corporation Inc., Household & Personal Products
Schedule of Investments [Line Items]
Variable rate	[7],[8]			5.00%
Principal Amount	[8],[11]			$ 21,000
Amortized Cost	[8]			20,370
Investments, at fair value	[4],[8]			$ 20,858
Investment, Identifier [Axis]: Knowlton Development Corporation, Inc., Household & Personal Products
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.50%
Principal Amount	[6],[10]	$ 25,935
Amortized Cost	[6]	25,298
Investments, at fair value	[3],[6]	$ 26,038
Investment, Identifier [Axis]: LABL, Inc., Commercial & Professional Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	5.00%
Principal Amount	[6],[10]	$ 24,737
Amortized Cost	[6]	24,085
Investments, at fair value	[3],[6]	$ 24,467
Investment, Identifier [Axis]: LABL, Inc., Commerical & Professional Services
Schedule of Investments [Line Items]
Variable rate	[7],[8]			5.00%
Principal Amount	[8],[11]			$ 19,864
Amortized Cost	[8]			19,335
Investments, at fair value	[4],[8]			$ 19,106
Investment, Identifier [Axis]: LaserShip, Inc., Transportation
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.50%
Principal Amount	[6],[10]	$ 6,964
Amortized Cost	[6]	6,613
Investments, at fair value	[3],[6]	$ 5,953
Investment, Identifier [Axis]: Learning Care Group No. 2 Inc., Consumer Services
Schedule of Investments [Line Items]
Variable rate	[7],[8]			4.75%
Principal Amount	[8],[11]			$ 19,950
Amortized Cost	[8]			20,070
Investments, at fair value	[4],[8]			20,100
Investment, Identifier [Axis]: Learning Care Group No. 2, Inc., Consumer Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.00%
Principal Amount	[6],[10]	$ 21,840
Amortized Cost	[6]	21,965
Investments, at fair value	[3],[6]	$ 22,018
Investment, Identifier [Axis]: Level 3 Financing, Inc., Telecommunication Services
Schedule of Investments [Line Items]
Variable rate	[5],[6],[15],[24]	6.56%
Principal Amount	[6],[10],[15],[24]	$ 14,291
Amortized Cost	[6],[15],[24]	13,978
Investments, at fair value	[3],[6],[15],[24]	14,025
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units
Schedule of Investments [Line Items]
Investments, at fair value				0		1,885
Investment, Identifier [Axis]: MBS Services Holdings, LLC, A-3 Units, Commercial & Professional Services
Schedule of Investments [Line Items]
Amortized Cost	[13],[19],[25]	522
Investments, at fair value	[3],[13],[19],[25]	731
Investment, Identifier [Axis]: MBS Services Holdings, LLC, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal Amount	[10],[13]	29,689
Amortized Cost	[13]	28,682
Investments, at fair value	[3],[13]	28,131
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		93,044	[13],[19],[25]	93,044	[16],[20],[21]
Investments, at fair value		$ 77,099	[3],[13],[19],[25]	$ 164,040	[4],[16],[20],[21]
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, L.P., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Variable rate		3.75%	[5],[6]	4.00%	[7],[8]
Principal Amount		$ 17,306	[6],[10]	$ 19,893	[8],[11]
Amortized Cost		17,324	[6]	19,797	[8]
Investments, at fair value		17,366	[3],[6]	19,955	[4],[8]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost		25,451	[13],[15],[34]	157,633	[8],[16],[18],[20],[23]
Investments, at fair value		30,349	[3],[13],[15],[34]	141,141	[4],[8],[16],[18],[20],[23]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[13],[15],[19]	3,083
Investments, at fair value	[3],[13],[15],[19]	1,399
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike, Energy—Midstream 2
Schedule of Investments [Line Items]
Amortized Cost	[13],[15],[19]	630
Investments, at fair value	[3],[13],[15],[19]	344
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $13.56, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[16],[18],[20]			630
Investments, at fair value	[4],[16],[18],[20]			621
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[16],[18],[20]			3,083
Investments, at fair value	[4],[16],[18],[20]			2,682
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike, Energy—Midstream 1
Schedule of Investments [Line Items]
Amortized Cost	[13],[15],[19]	2,623
Investments, at fair value	[3],[13],[15],[19]	1,533
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike, Energy—Midstream 2
Schedule of Investments [Line Items]
Amortized Cost	[13],[15],[19]	576
Investments, at fair value	[3],[13],[15],[19]	369
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[16],[18],[20]			576
Investments, at fair value	[4],[16],[18],[20]			735
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[16],[18],[20]			2,623
Investments, at fair value	[4],[16],[18],[20]			3,083
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Schedule of Investments [Line Items]
Principal Amount		25,000	[6],[10],[15]	20,000	[8],[11],[18]
Amortized Cost		24,737	[6],[15]	19,680	[8],[18]
Investments, at fair value		$ 25,034	[3],[6],[15]	$ 19,772	[4],[8],[18]
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences
Schedule of Investments [Line Items]
Variable rate	[7],[16]			9.00%
Principal Amount	[11],[16]			$ 20,000
Amortized Cost	[16]			19,400
Investments, at fair value	[4],[16]			19,300
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 1
Schedule of Investments [Line Items]
Variable rate	[5],[13]	11.00%
Principal Amount	[10],[13]	$ 19,850
Amortized Cost	[13]	19,384
Investments, at fair value	[3],[13]	19,255
Investment, Identifier [Axis]: Nephron Pharmaceuticals Corp., Pharmaceuticals, Biotechnology & Life Sciences 2
Schedule of Investments [Line Items]
Principal Amount	[10],[13]	1,110
Amortized Cost	[13]	1,110
Investments, at fair value	[3],[13]	$ 1,042
Investment, Identifier [Axis]: Osaic Holdings, Inc., Financial Services
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.00%
Principal Amount	[6],[10]	$ 4,988
Amortized Cost	[6]	4,988
Investments, at fair value	[3],[6]	5,009
Investment, Identifier [Axis]: PODS, LLC, Transportation
Schedule of Investments [Line Items]
Principal Amount	[6],[10],[24]	19,949
Amortized Cost	[6],[24]	18,910
Investments, at fair value	[3],[6],[24]	18,929
Investment, Identifier [Axis]: Peloton Interactive, Inc., Consumer Durables & Apparel
Schedule of Investments [Line Items]
Principal Amount	[6],[10],[15]	25,000
Amortized Cost	[6],[15]	24,754
Investments, at fair value	[3],[6],[15]	25,069
Investment, Identifier [Axis]: Permian Production Holdings, LLC
Schedule of Investments [Line Items]
Investments, at fair value		4,071		4,816		4,767
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		1,713		748		11,420
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		5	[13],[19],[25],[28]	5	[16],[20],[21],[33]
Investments, at fair value		1,713	[3],[13],[19],[25],[28]	748	[4],[16],[20],[21],[33]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal Amount		4,081	[10],[13],[28]	4,864	[11],[16],[33]
Amortized Cost		3,850	[13],[28]	4,497	[16],[33]
Investments, at fair value		4,071	[3],[13],[28]	$ 4,816	[4],[16],[33]
Investment, Identifier [Axis]: Phoenix Guarantor Inc., Financial Services
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			3.50%
Principal Amount	[8],[9],[11]			$ 19,923
Amortized Cost	[8],[9]			19,891
Investments, at fair value	[4],[8],[9]			19,951
Investment, Identifier [Axis]: Pioneer Midco, LLC, Consumer Services
Schedule of Investments [Line Items]
Principal Amount	[6],[10],[13]	35,167
Amortized Cost	[6],[13]	35,167
Investments, at fair value	[3],[6],[13]	35,387
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal Amount	[10],[13],[19],[29]	4,218
Amortized Cost	[13],[19],[29]	3,827
Investments, at fair value	[3],[13],[19],[29]	0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal Amount		13,936	[10],[13],[19],[29]	13,297	[11],[16],[20],[23]
Amortized Cost		11,926	[13],[19],[29]	12,329	[16],[20],[23]
Investments, at fair value		4,879	[3],[13],[19],[29]	7,473	[4],[16],[20],[23]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal Amount	[11],[16],[20],[23]			4,015
Amortized Cost	[16],[20],[23]			3,827
Investments, at fair value	[4],[16],[20],[23]			0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 3
Schedule of Investments [Line Items]
Principal Amount	[10],[13],[30]	2,709
Amortized Cost	[13],[30]	2,709
Investments, at fair value	[3],[13],[30]	$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Schedule of Investments [Line Items]
Principal Amount	[11],[12],[16]			2,709
Amortized Cost	[12],[16]			2,709
Investments, at fair value	[4],[12],[16]			$ 0
Investment, Identifier [Axis]: Pretium PKG Holdings, Inc., Materials
Schedule of Investments [Line Items]
Variable rate		2.50%	[5],[6]	5.00%	[7],[8]
Principal Amount		$ 32,580	[6],[10]	$ 30,118	[8],[11]
Amortized Cost		32,097	[6]	29,634	[8]
Investments, at fair value		$ 33,590	[3],[6]	$ 29,591	[4],[8]
Investment, Identifier [Axis]: Pro Mach Group, Inc., Capital Goods
Schedule of Investments [Line Items]
Variable rate		3.50%	[5],[6]	4.00%	[7],[8]
Principal Amount		$ 17,380	[6],[10]	$ 19,924	[8],[11]
Amortized Cost		17,431	[6]	19,979	[8]
Investments, at fair value		$ 17,489	[3],[6]	$ 20,007	[4],[8]
Investment, Identifier [Axis]: Proampac PG Borrower LLC, Materials
Schedule of Investments [Line Items]
Variable rate		4.00%	[5],[6]	4.50%	[7],[8]
Principal Amount		$ 22,885	[6],[10]	$ 20,000	[8],[11]
Amortized Cost		22,897	[6]	19,994	[8]
Investments, at fair value		$ 22,968	[3],[6]	$ 20,062	[4],[8]
Investment, Identifier [Axis]: RealTruck Group, Inc., Automobiles & Components
Schedule of Investments [Line Items]
Variable rate	[5],[6]	3.50%
Principal Amount	[6],[10]	$ 24,820
Amortized Cost	[6]	24,045
Investments, at fair value	[3],[6]	24,780
Investment, Identifier [Axis]: Realtruck Group, Inc., Automobiles & Components
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			3.50%
Principal Amount	[8],[9],[11]			$ 19,956
Amortized Cost	[8],[9]			19,117
Investments, at fair value	[4],[8],[9]			19,740
Investment, Identifier [Axis]: Revlon Intermediate Holdings IV LLC, Household & Personal Products
Schedule of Investments [Line Items]
Principal Amount	[6],[10]	15,000
Amortized Cost	[6]	15,037
Investments, at fair value	[3],[6]	$ 14,996
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity
Schedule of Investments [Line Items]
Investments, at fair value				$ 0		41,851
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 1
Schedule of Investments [Line Items]
Variable rate	[5],[6]	3.50%
Principal Amount	[6],[10]	$ 9,819
Amortized Cost	[6]	9,842
Investments, at fair value	[3],[6]	$ 9,872
Investment, Identifier [Axis]: Ryan, LLC, Commercial & Professional Services 2
Schedule of Investments [Line Items]
Variable rate	[5],[30]	3.50%
Principal Amount	[10],[30]	$ 1,036
Amortized Cost	[30]	1,036
Investments, at fair value	[3],[30]	1,042
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 1
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			4.50%
Principal Amount	[8],[9],[11]			$ 9,844
Amortized Cost	[8],[9]			9,868
Investments, at fair value	[4],[8],[9]			$ 9,890
Investment, Identifier [Axis]: Ryan, LLC, Commerical & Professional Services 2
Schedule of Investments [Line Items]
Variable rate	[7],[9],[12]			4.50%
Principal Amount	[9],[11],[12]			$ 1,036
Amortized Cost	[9],[12]			1,039
Investments, at fair value	[4],[9],[12]			$ 1,041
Investment, Identifier [Axis]: SRS Distribution Inc., Capital Goods
Schedule of Investments [Line Items]
Variable rate	[7],[8],[9]			3.50%
Principal Amount	[8],[9],[11]			$ 19,924
Amortized Cost	[8],[9]			19,729
Investments, at fair value	[4],[8],[9]			19,982
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount	[8],[11],[16]			10,365
Amortized Cost	[8],[16]			9,951
Investments, at fair value	[4],[8],[16]			9,874
Investment, Identifier [Axis]: ST EIP Holdings, Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal Amount	[6],[10],[13]	10,255
Amortized Cost	[6],[13]	9,874
Investments, at fair value	[3],[6],[13]	$ 9,715
Investment, Identifier [Axis]: SupplyOne, Inc., Materials
Schedule of Investments [Line Items]
Variable rate	[5],[6]	4.25%
Principal Amount	[6],[10]	$ 8,978
Amortized Cost	[6]	8,995
Investments, at fair value	[3],[6]	9,003
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Investments, at fair value				39,427		51,098
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC 2
Schedule of Investments [Line Items]
Investments, at fair value		44,627		39,427
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal Amount		60,603	[10],[13],[15],[19],[35]	60,603	[16],[18],[22]
Amortized Cost		43,150	[13],[15],[19],[35]	43,150	[16],[18],[22]
Investments, at fair value		$ 44,627	[3],[13],[15],[19],[35]	$ 39,427	[4],[16],[18],[22]
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Variable rate		5.50%	[5],[6]	5.50%	[7],[8]
Principal Amount		$ 24,423	[6],[10]	$ 19,650	[8],[11]
Amortized Cost		23,439	[6]	18,681	[8]
Investments, at fair value		24,438	[3],[6]	18,830	[4],[8]
Investment, Identifier [Axis]: Telpico, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		0		0		0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		0	[13],[19],[25],[28]	0	[16],[20],[21],[33]
Investments, at fair value		0	[3],[13],[19],[25],[28]	0	[4],[16],[20],[21],[33]
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost		7,571	[13],[19],[25]	7,571	[16],[20],[21]
Investments, at fair value		$ 1,362	[3],[13],[19],[25]	$ 4,418	[4],[16],[20],[21]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate		7.50%	[5],[6],[13]	7.50%	[7],[8],[16]
Principal Amount		$ 20,537	[6],[10],[13]	$ 20,537	[8],[11],[16]
Amortized Cost		20,537	[6],[13]	20,537	[8],[16]
Investments, at fair value		$ 20,485	[3],[6],[13]	$ 19,998	[4],[8],[16]
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Schedule of Investments [Line Items]
Variable rate		4.00%	[5],[6]	4.00%	[7],[8]
Principal Amount		$ 24,782	[6],[10]	$ 19,910	[8],[11]
Amortized Cost		23,540	[6]	18,614	[8]
Investments, at fair value		23,939	[3],[6]	19,268	[4],[8]
Investment, Identifier [Axis]: U.S. Treasury Bills, U.S. Treasury Bills
Schedule of Investments [Line Items]
Principal Amount	[36]			21,000
Amortized Cost	[36]			20,994
Investments, at fair value	[4],[36]			21,000
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost		28,170	[6],[13],[15],[34]	78,091	[8],[16],[18]
Investments, at fair value		$ 32,038	[3],[6],[13],[15],[34]	98,333	[4],[8],[16],[18]
Investment, Identifier [Axis]: United Natural Foods, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Variable rate	[5],[6],[15]	4.75%
Principal Amount	[6],[10],[15]	$ 21,000
Amortized Cost	[6],[15]	20,589
Investments, at fair value	[3],[6],[15]	$ 21,096
Investment, Identifier [Axis]: Upstream Newco, Inc., Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate	[5],[6],[15],[24]	4.25%
Principal Amount	[6],[10],[15],[24]	$ 3,330
Amortized Cost	[6],[15],[24]	3,000
Investments, at fair value	[3],[6],[15],[24]	$ 3,032
Investment, Identifier [Axis]: Varsity Brands Holding Co., LLC, Consumer Durables & Apparel
Schedule of Investments [Line Items]
Variable rate	[5],[6],[24]	5.00%
Principal Amount	[6],[10],[24]	$ 14,160
Amortized Cost	[6],[24]	14,257
Investments, at fair value	[3],[6],[24]	$ 14,323
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 1
Schedule of Investments [Line Items]
Variable rate	[5],[6],[13]	6.50%
Principal Amount	[6],[10],[13]	$ 30,078
Amortized Cost	[6],[13]	29,089
Investments, at fair value	[3],[6],[13]	$ 29,439
Investment, Identifier [Axis]: WMK, LLC, Consumer Discretionary Distribution & Retail 2
Schedule of Investments [Line Items]
Variable rate	[5],[13],[30]	6.50%
Principal Amount	[10],[13],[30]	$ 4,750
Amortized Cost	[13],[30]	4,750
Investments, at fair value	[3],[13],[30]	4,649
Investment, Identifier [Axis]: Warren Resources, Inc.
Schedule of Investments [Line Items]
Investments, at fair value		0		23,823		23,584
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		0		15,566		$ 36,982
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[16],[20],[22]			20,754
Investments, at fair value	[4],[16],[20],[22]			$ 15,566
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[7],[8],[16],[22]			9.00%
Principal Amount		30,745	[10],[13]	$ 23,823	[8],[11],[16],[22]
Amortized Cost		30,745	[13]	23,823	[8],[16],[22]
Investments, at fair value		$ 25,634	[3],[13]	$ 23,823	[4],[8],[16],[22]
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Schedule of Investments [Line Items]
Variable rate	[7],[8],[16]			9.85%
Principal Amount	[8],[11],[16]			$ 42,938
Amortized Cost	[8],[16]			42,938
Investments, at fair value	[4],[8],[16]			$ 41,882
Investment, Identifier [Axis]: Wattbridge, Inc., Energy—Power
Schedule of Investments [Line Items]
Variable rate	[5],[6],[13]	9.85%
Principal Amount	[6],[10],[13]	$ 43,693
Amortized Cost	[6],[13]	43,693
Investments, at fair value	[3],[6],[13]	$ 42,405
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Consumer Durables & Apparel
Schedule of Investments [Line Items]
Variable rate	[5],[6]	3.25%
Principal Amount	[6],[10]	$ 26,202
Amortized Cost	[6]	24,048
Investments, at fair value	[3],[6]	$ 24,437
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Variable rate		5.32%		5.33%
Principal Amount		$ 135,618		$ 170,083
Amortized Cost		135,618		170,083
Investments, at fair value		$ 135,618		$ 170,949
Percent of net assets		100.00%		100.00%
Sustainable Infrastructure Investments, LLC | Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost		$ 135,618		$ 170,083
Investments, at fair value		$ 135,618		$ 170,949
Percent of net assets		100.00%		100.00%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Blue Heron Intermediate Holdco I, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate		1.88%		1.88%
Principal Amount		$ 30,094		$ 30,661
Amortized Cost		30,094		30,661
Investments, at fair value		$ 30,094		$ 30,692
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Copper Mountain Solar 3, LLC, Renewables
Schedule of Investments [Line Items]
Variable rate				1.88%
Principal Amount				$ 16,104
Amortized Cost				16,104
Investments, at fair value				$ 16,172
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: FLNG Liquefaction 2, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate		1.50%		1.50%
Principal Amount		$ 25,765		$ 26,567
Amortized Cost		25,765		26,567
Investments, at fair value		25,765		26,557
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Largest Portfolio Company Investment
Schedule of Investments [Line Items]
Principal Amount		$ 55,988		$ 57,227
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: NES Hercules Class B Member, LLC, Renewables
Schedule of Investments [Line Items]
Variable rate		1.78%		1.63%
Principal Amount		$ 23,771		$ 24,176
Amortized Cost		23,771		24,176
Investments, at fair value		$ 23,771		$ 24,769
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: ST EIP Holdco LLC, Midstream
Schedule of Investments [Line Items]
Variable rate		2.50%		2.50%
Principal Amount		$ 55,988		$ 57,227
Amortized Cost		55,988		57,227
Investments, at fair value		$ 55,988		$ 57,143
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Seine Funding, LLC
Schedule of Investments [Line Items]
Variable rate							1.20%
Principal Amount							$ 634,103
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Top of the World Wind Energy LLC, Renewables
Schedule of Investments [Line Items]
Variable rate				2.13%
Principal Amount				$ 15,348
Amortized Cost				15,348
Investments, at fair value				$ 15,616

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2024, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.34% and 5.32%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[6] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[7] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the one-month and three-month Secured Overnight Financing Rate, or SOFR, or S, was 5.35% and 5.33%, respectively, and the Overnight Bank Funding Rate, or OBFR, was 5.32%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[8] Security or portion thereof held within FSSL Finance BB AssetCo LLC, a wholly-owned subsidiary of the Company, and is pledged as collateral supporting the obligations outstanding under the repurchase facility with Barclays Bank PLC (see Note 9).

[9] Security or portion thereof unsettled as of December 31, 2023.

[10] Denominated in U.S. dollars, unless otherwise noted.

[11] Denominated in U.S. dollars, unless otherwise noted.

[12] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[13] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[14] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[15] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2024, 83.3% of the Company’s total assets represented qualifying assets.

[16] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[17] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[18] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2023, 80.8% of the Company’s total assets represented qualifying assets.

[19] Security is non-income producing.

[20] Security is non-income producing.

[21] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[22] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC $8,436 $138 $(8,574)$— $— $— $256 $139 $— Allied Wireline Services, LLC63,888 6,389 — — (48,077)22,200 — 2,910 — Warren Resources, Inc.23,584 239 — — — 23,823 3,464 179 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — (11,364)— (307)39,427 — — 8,324 Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (10,463)— — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (21,416)15,566 — — — $194,451 $6,766 $(19,938)$— $(80,263)$101,016 $3,720 $3,228 $8,324  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2023.

[23] Security was on non-accrual status as of December 31, 2023.

[24] Security or portion thereof unsettled as of June 30, 2024.

[25] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[26] Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. As of June 30, 2024, the total market value of Rule 144A securities amounted to $21,566, which represented approximately 1.4% of net assets.

[27] Securities of a collateralized loan obligation (“CLO”) where an affiliate of the Company’s investment adviser serves as collateral manager and administrator (see Note 4). The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLO to the Company.

[28] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,816 $110 $(828)$71 $(98)$4,071 $297 $44  Asset Based Finance Bridge Street CLO IV Ltd., Subordinated Notes — 23,711 (92)— (2,053)21,566 735 —  Bridge Street Warehouse CLO IV Ltd. — 22,729 (22,729)— — — — 729 Equity/OtherGWP Midstream Holdco, LLC, Common Equity1,661 — — — 581 2,242 — — Harvest Oil & Gas Corp., Common Equity271 — — — 77 348 — — Permian Production Holdings, LLC, Common Equity748 — — — 965 1,713 — — Telpico, LLC, Common Equity— — — — — — — — $7,496 $46,550 $(23,649)$71 $(528)$29,940 $1,032 $773  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[29] Security was on non-accrual status as of June 30, 2024.

[30] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[31] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[32] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[33] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $231 $— $— $(182)$4,816 $675 $97 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — (3,112)3,112 (3,383)1,661 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 102 271 — — Limetree Bay Energy, LLC, Class A Units1,885 246 — (21,704)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (10,672)748 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $477 $(38,993)$(29,951)$10,186 $7,496 $675 $97  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the year ended December 31, 2023.

[34] Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

[35] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2024, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2024: Portfolio Company Fair Value at December 31, 2023 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2024 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienAllied Wireline Services, LLC$22,200 $— $(19,360)$(50,917)$48,077 $— $— $— Warren Resources, Inc.23,823 60 (23,883)— — — 1,496 60 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC39,427 — — — 5,200 44,627 — — Equity/OtherAllied Wireline Services, LLC, Common Equity— — — (1,527)1,527 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity15,566 127 (13,578)(7,303)5,188 — — — $101,016 $187 $(56,821)$(59,747)$59,992 $44,627 $1,496 $60  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2024.

[36] Security or portion thereof is pledged as collateral supporting the equity total return swap with Nomura Global Financial Products Inc. (see Note 6).

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Investment Portfolio - Balance Sheet Information for SIIJV (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Mar. 31, 2024	Dec. 31, 2023		Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments, at fair value	$ 1,646,505	[1],[2]		$ 1,523,196	[3],[4]
Cash and other assets	316,020	[1],[2],[5]		486,059	[3],[4],[6]
Total assets	2,040,553			2,059,557
Total liabilities	459,909			497,502
Total shareholders' equity	1,580,644		$ 1,578,617	1,562,055		$ 1,679,723	$ 1,712,828	$ 1,753,748
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Investments, at fair value	135,618			170,949
Cash and other assets	21,985			29,089
Total assets	157,603			200,038
Debt	103,640			145,483
Other liabilities	1,915			3,406
Total liabilities	105,555			148,889
Total shareholders' equity	$ 52,048			$ 51,149

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Includes $64,259 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of June 30, 2024.

[6] Includes $23,098 held in Allspring Government Money Market Fund with a 7-day yield of 5.3% as of December 31, 2023.

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Investment Portfolio - Operations Information for SIIJV (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Investments [Line Items]
Total investment income	$ 50,286	$ 41,476	$ 119,536	$ 84,571
Administrative services	1,535	1,359	3,070	2,679
Custodian and accounting fees	919	794	1,838	1,545
Professional services	179	179	304	362
Net expenses	22,026	18,258	44,063	44,196
Net investment income before taxes	28,260	23,218	75,473	40,375
Net realized and unrealized gain (loss)	13,230	(46,552)	(15,079)	(96,263)
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Total investment income	3,053	5,013	6,263	9,811
Interest expense	1,790	3,319	3,880	6,460
Administrative services	32	45	64	88
Custodian and accounting fees	45	58	91	103
Professional services	38	50	76	100
Other	11	10	21	20
Net expenses	1,916	3,482	4,132	6,771
Net investment income before taxes	1,137	1,531	2,131	3,040
Net realized and unrealized gain (loss)	(805)	(610)	(1,232)	1,336
Net increase (decrease) in net assets resulting from operations	$ 332	$ 921	$ 899	$ 4,376

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Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 1,646,505	[1],[2]	$ 1,523,196	[3],[4]
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	0		0
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	970,196		683,716
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 676,309		$ 839,480

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 225	$ 0
Derivative Liabilities	0	0
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	225	0
Derivative Liabilities	0	0
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 0	$ 0

XML

Fair Value of Financial Instruments - Schedule of Reconciliation Fair Value, Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion of discount (amortization of premium)	$ 4,549	$ 3,112
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	839,480	1,594,205
Accretion of discount (amortization of premium)	953	2,343
Purchases	241,295	25,032
Paid-in-kind interest	5,370	11,831
Sales and repayments	(375,607)	(230,453)
Transfers into Level 3	271	810
Transfers out of Level 3	(271)	0
Fair value at end of period	676,309	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(84,461)	(93,784)
Total | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(1,911)	(56,243)
Total | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(33,271)	(44,928)
Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	237,307	443,245
Accretion of discount (amortization of premium)	672	877
Purchases	101,101	24,949
Paid-in-kind interest	2,544	9,724
Sales and repayments	(86,495)	(65,394)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	250,007	397,888
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(2,779)	(14,618)
Senior Secured Loans—First Lien | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(49,961)	(3,431)
Senior Secured Loans—First Lien | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	44,839	(12,082)
Senior Secured Loans—Second Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	54,424	143,270
Accretion of discount (amortization of premium)	134	218
Purchases	26,540	0
Paid-in-kind interest	2,097	0
Sales and repayments	(2,000)	(17,545)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	81,345	125,003
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	162	(1,039)
Senior Secured Loans—Second Lien | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(12)	(52)
Senior Secured Loans—Second Lien | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	162	(888)
Senior Secured Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	9,874	10,074
Accretion of discount (amortization of premium)	28	25
Purchases	30,745	0
Paid-in-kind interest	0	0
Sales and repayments	(109)	(54)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	35,349	10,015
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(5,193)	(32)
Senior Secured Bonds | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	4	2
Senior Secured Bonds | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(5,193)	(32)
Subordinated Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0	54,374
Accretion of discount (amortization of premium)	0	74
Purchases	35,167	0
Paid-in-kind interest	0	2,107
Sales and repayments	0	(1,000)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	35,387	55,514
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	220	(45)
Subordinated Debt | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	4
Subordinated Debt | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	220	(45)
Asset Based Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0
Accretion of discount (amortization of premium)	0
Purchases	45,711
Paid-in-kind interest	729
Sales and repayments	(22,821)
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value at end of period	21,566
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(2,053)
Asset Based Finance | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0
Asset Based Finance | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(2,053)
Preferred Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	259,990	400,414
Accretion of discount (amortization of premium)	119	1,149
Purchases	1,346	0
Paid-in-kind interest	0	0
Sales and repayments	(248,652)	(106,656)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	72,074	301,619
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	4,802	8,653
Preferred Equity | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	63,181	(18,060)
Preferred Equity | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(3,910)	24,772
Sustainable Infrastructure Investments, LLC
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	39,427	51,098
Accretion of discount (amortization of premium)	0	0
Purchases	0	0
Paid-in-kind interest	0	0
Sales and repayments	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	44,627	50,149
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	5,200	(949)
Sustainable Infrastructure Investments, LLC | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	0
Sustainable Infrastructure Investments, LLC | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	5,200	(949)
Equity/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	238,458	491,730
Accretion of discount (amortization of premium)	0	0
Purchases	685	83
Paid-in-kind interest	0	0
Sales and repayments	(15,530)	(39,804)
Transfers into Level 3	271	810
Transfers out of Level 3	(271)	0
Fair value at end of period	135,954	362,409
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(84,820)	(85,754)
Equity/Other | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(15,123)	(34,706)
Equity/Other | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	$ (72,536)	$ (55,704)

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Fair Value of Financial Instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value (Details) $ in Thousands	Jun. 30, 2024 USD ($) Bcfe MMcfe / d		Dec. 31, 2023 USD ($) MMcfe / d
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 1,646,505	[1],[2]	$ 1,523,196	[3],[4]
Level 3—Significant unobservable inputs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	676,309		839,480
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 235,063		$ 212,250
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.083		0.082
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Minimum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			3.9
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.244		0.205
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Maximum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			4.6
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.136		0.136
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Weighted Average | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			4.4
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value			$ 4,807
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.090
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.130
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.108
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 14,944		$ 20,250
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 81,345		$ 54,424
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.117		0.125
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.157		0.140
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.139		0.131
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 35,349		$ 9,874
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.076		0.075
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.127		0.085
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.111		0.080
Level 3—Significant unobservable inputs | Subordinated Debt | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 35,387
Level 3—Significant unobservable inputs | Subordinated Debt | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.117
Level 3—Significant unobservable inputs | Subordinated Debt | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.122
Level 3—Significant unobservable inputs | Subordinated Debt | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.119
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 21,566
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.177
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.188
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.183
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 72,074		$ 259,990
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.110		0.100
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Minimum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			12.0
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Minimum | Net Aircraft Book Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0		1.0
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.173		0.230
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Maximum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			13.0
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Maximum | Net Aircraft Book Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.1		1.1
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.141		0.175
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Weighted Average | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			12.5
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Weighted Average | Net Aircraft Book Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0		1.0
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value			$ 39,427
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.080
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.100
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.090
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 44,627
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 54,766		$ 51,160
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2.5		2.7
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | Production Multiples (MMcfe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input | MMcfe / d	3,000		3,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | Proved Reserves Multiples (Bcfe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8		0.7
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | PV-10 Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.7		0.3
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.3		13.0
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | Production Multiples (MMcfe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input | MMcfe / d	3,600		3,600
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | Proved Reserves Multiples (Bcfe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8		0.7
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | PV-10 Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.9		0.4
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	6.6		6.0
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | Production Multiples (MMcfe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input | MMcfe / d	3,300		3,300
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | Proved Reserves Multiples (Bcfe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8		0.7
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | PV-10 Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.8		0.3
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 77,543		$ 166,946
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.080		0.080
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.120		0.171
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.100		0.165
Level 3—Significant unobservable inputs | Equity/Other | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value			$ 13,231
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 3,645		$ 7,121
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model | Minimum | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.500		0.550
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model | Maximum | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.600		0.650
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model | Weighted Average | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.550		0.600

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Financing Arrangement - Schedule of Outstanding Financing Arrangements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 06, 2023	May 15, 2023
Debt Instrument [Line Items]
Average outstanding	8.50%			7.49%
Barclays Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	3.00%	3.00%
Amount Outstanding	$ 400,000	$ 400,000
Amount Available	$ 100,000	$ 100,000
Debt instrument, variable rate floor	0.00%	0.00%
Average outstanding	3.00%	3.00%	3.00%

XML

Financing Arrangement - Schedule of Interest Expense (Details) - USD ($) $ in Thousands		4 Months Ended	6 Months Ended
	May 15, 2023	May 15, 2023	Jun. 30, 2024	Jun. 30, 2023
Short-Term Debt [Line Items]
Direct Interest Expense			$ 17,091	$ 15,550
Amortization of Deferred Financing Costs			1,033	2,778
Total Interest Expense			18,124	18,328
Secured Debt | Debt Instrument, Redemption, Period One
Short-Term Debt [Line Items]
Redemption percentage	100.00%
Senior Notes
Short-Term Debt [Line Items]
Redemption percentage		100.00%
Senior Notes | Debt Instrument, Redemption, Period One
Short-Term Debt [Line Items]
Redemption percentage	100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Short-Term Debt [Line Items]
Redemption percentage	100.00%
Barclays Facility | Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense			17,091	0
Amortization of Deferred Financing Costs			1,033	0
Total Interest Expense			18,124	0
JPMorgan Facility | Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense			0	2,790
Amortization of Deferred Financing Costs			0	238
Total Interest Expense			0	3,028
Senior Secured Notes | Secured Debt
Short-Term Debt [Line Items]
Direct Interest Expense			0	12,760
Amortization of Deferred Financing Costs			0	2,540
Total Interest Expense			$ 0	$ 15,300

XML

Financing Arrangement - Narrative (Details)				4 Months Ended	6 Months Ended		12 Months Ended
	Sep. 06, 2023 USD ($) subsidiary	May 15, 2023	Feb. 14, 2023 USD ($)	May 15, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023	Aug. 16, 2018 USD ($)
Debt Instrument [Line Items]
Amount outstanding				$ 557,446,000	$ 400,000,000	$ 0
Average outstanding		7.49%		7.49%	8.50%
Debt instrument, interest rate, effective percentage					8.74%
Number of finance subsidiaries | subsidiary	2
Secured Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption percentage		100.00%
Senior Notes
Debt Instrument [Line Items]
Redemption percentage				100.00%
Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption percentage		100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption percentage		100.00%
Barclays Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Average outstanding	1.90%
Barclays Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Average outstanding	4.20%
Barclays Facility | Line of Credit
Debt Instrument [Line Items]
Average outstanding	3.00%				3.00%		3.00%
Maximum aggregate purchase price	$ 500,000
Debt instrument, variable rate floor					0.00%		0.00%
Initial purchase price					$ 400,000
Aggregate principal amount					400,000
Facilities payable					395,470,000
Deferred financing costs	$ 6,199,000				$ 4,530,000
Basis spread on variable rate (percent)					3.00%		3.00%
Barclays Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, variable rate floor	0.00%
JPMorgan Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, variable rate floor			0.00%
Principal amount outstanding			$ 305,676,000
JPMorgan Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			3.00%
Senior Secured Notes | Secured Debt
Debt Instrument [Line Items]
Principal amount outstanding								$ 500,000,000
Stated interest rate								7.50%

XML

Financial Highlights (Details) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in USD per Share)		$ 3.43		$ 3.88	$ 3.43	$ 3.88	$ 3.88
Results of operations
Net investment income (in USD per share)					0.16		0.18
Net realized gain (loss) and unrealized appreciation (depreciation) (in USD per share)					(0.03)		(0.44)
Net increase (decrease) in net assets resulting from operations (in USD per share)					0.13		(0.26)
Shareholder distributions
Distributions from net investment income (in USD per share)					(0.09)		(0.19)
Net decrease in net assets resulting from shareholder distributions (in USD per share)	$ (0.0866)	$ (0.0034)	$ (0.0300)	$ (0.0300)	(0.0900)	$ (0.0600)	(0.19)
Capital share transactions
Issuance of common shares (in USD per share)					0		0
Net increase (decrease) in net assets resulting from capital share transactions (in USD per share)					0		0
Net asset value, end of period (in USD per share)	$ 3.47				$ 3.47		$ 3.43
Shares outstanding, end of period (in shares) | shares	455,506,155				455,506,155		455,506,155
Total return					3.79%		(6.89%)
Total return (without assuming reinvestment of distributions)					3.79%		(6.70%)
Ratio/Supplemental Data:
Net assets, end of period | $	$ 1,580,644	$ 1,578,617	$ 1,679,723	$ 1,712,828	$ 1,580,644	$ 1,679,723	$ 1,562,055	$ 1,753,748
Ratio of net investment income to average net assets					9.51%		4.77%
Ratio of total operating expenses to average net assets					5.72%		4.50%
Ratio of management fee offset to average net assets					(0.00%)		(0.02%)
Ratio of net operating expenses to average net assets					5.72%		4.48%
Ratio of interest expense to average net assets					2.31%		1.39%
Portfolio turnover					36.45%		45.84%
Total amount of senior securities outstanding, exclusive of treasury securities | $	$ 400,000				$ 400,000		$ 400,000
Asset coverage per unit (in USD per share)	$ 4,952				$ 4,952		$ 4,905
Asset coverage ratio	4.95				4.95		4.91
Ratio of net investment income to average net assets if advisor had not agreement to offset management fee payable					9.51%		4.75%