Exhibit 99.1  OCSI Glick JV LLC (a limited liability company) Consolidated Financial Statements For the Fiscal Years Ended September 30, 2020, 2019 and 2018




---

OCSI Glick JV LLC Table of Contents  PageFinancial Statements:Report of Independent Auditors


1Consolidated Statements of Assets, Liabilities and Members Capital as of September 30,
2020 and 2019


2Consolidated Statements of Operations for the years ended September 30, 2020, 2019 and
2018


3Consolidated Statements of Changes in Members Capital for the years ended September 30,
2020, 2019 and 2018


4Consolidated Statements of Cash Flows for the years ended September 30, 2020, 2019 and
2018


5Consolidated Schedule of Investments as of September 30, 2020


6Consolidated Schedule of Investments as of September 30, 2019


9Notes to Consolidated Financial Statements


11




---

Report of Independent Auditors To the Board of Directors of OCSI Glick JV LLC We have audited
the accompanying consolidated financial statements of OCSI Glick JV LLC, which comprise the consolidated statements of assets, liabilities and members capital, including the consolidated schedules of investments, as of September 30, 2020
and 2019, and the related consolidated statements of operations, changes in members capital and cash flows for each of the three years in the period ended September 30, 2020, and the related notes to the consolidated financial statements. Managements Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting
principles; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free of material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is
to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements
referred to above present fairly, in all material respects, the consolidated financial position of OCSI Glick JV LLC as of September 30, 2020 and 2019, and the consolidated results of its operations, changes in its members capital and its
cash flows for each of the three years in the period ended September 30, 2020, in conformity with U.S. generally accepted accounting principles. /s/
Ernst & Young LLP Los Angeles, California December 18, 2020  1




---

OCSI Glick JV LLC Consolidated Statements of Assets, Liabilities and Members Capital  September 30,2020


September 30,2019ASSETSInvestments at fair value (cost September 30, 2020: $140,599,644; cost September 30,
2019: $176,687,612)

$
130,760,749


$
173,028,098Cash and cash equivalents


3,574,960



1,096,498Restricted cash


1,106,829



2,616,125Interest and fees receivable


371,753



713,185Due from portfolio companies


123,658



Receivable from unsettled transactions


896,958



902,770Deferred financing costs


1,082,709



1,321,726Total assets

$
137,917,616


$
179,678,402LIABILITIES AND MEMBERS CAPITALLiabilities:Accounts payable, accrued expenses and other liabilities

$
58,605


$
143,000Due to affiliate


277,701



98,077Interest payable


430,121



2,632,714Payable from unsettled transactions






21,476,988Distribution payable






1,358,336Senior credit facility payable


80,681,939



91,881,939Subordinated notes payable at fair value (proceeds September 30, 2020: $74,337,772; proceeds
September 30, 2019: $75,517,614)


56,469,250



62,087,348Total liabilities


137,917,616



179,678,402Members capital






Total liabilities and members capital

$
137,917,616


$
179,678,402 The accompanying notes are an integral part of these consolidated financial statements.  2




---

OCSI Glick JV LLC Consolidated Statements of Operations  Year endedSeptember 30,2020


Year endedSeptember 30,2019


Year endedSeptember 30,2018Investment income:Interest income

$
9,938,526


$
12,446,772


$
9,823,972PIK interest income


55,795







Fee income


301,288



29,999



77,999Total investment income


10,295,609



12,476,771



9,901,971Expenses:Interest expense


5,585,942



11,597,998



11,433,877Professional fees


116,970



138,323



171,759General and administrative expenses


42,866



38,035



40,115Total expenses


5,745,778



11,774,356



11,645,751Net investment income (loss)


4,549,831



702,415



(1,743,780
)Net realized and unrealized gain (loss):Net unrealized appreciation (depreciation) on investments


(6,179,380
)


(4,610,167
)


9,191,682Net realized loss on investments


(4,167,043
)


(519,031
)


(8,883,148
)Net unrealized appreciation on subordinated notes payable


5,796,592



4,426,783



1,435,246Total net realized and unrealized gain (loss)


(4,549,831
)


(702,415
)


1,743,780Net increase (decrease) in members capital resulting from operations

$



$



$
 The accompanying notes are an integral part of these consolidated financial statements.  3




---

OCSI Glick JV LLC Consolidated Statements of Changes in Members Capital  OaktreeStrategicIncomeCorporation


GF EquityFunding 2014LLC


TotalMembersCapitalMembers capital, September 30, 2017

$



$



$
Net increase (decrease) in members capital resulting from operations










Members capital, September 30, 2018










Net increase (decrease) in members capital resulting from operations










Members capital, September 30, 2019










Net increase (decrease) in members capital resulting from operations










Members capital, September 30, 2020

$



$



$
 The accompanying notes are an integral part of these consolidated financial statements.  4




---

OCSI Glick JV LLC Consolidated Statements of Cash Flows  Year endedSeptember 30,2020


Year endedSeptember 30,2019


Year endedSeptember 30,2018Cash flows from operating activities:Net increase (decrease) in members capital resulting from operations

$



$



$
Adjustments to reconcile net increase (decrease) in members capital resulting from
operations to net cash provided by (used in) operating activities:Net unrealized (appreciation) depreciation on investments


6,179,380



4,610,167



(9,191,682
)Net realized loss on investments


4,167,043



519,031



8,883,148Net unrealized appreciation on subordinated notes payable


(5,796,592
)


(4,426,783
)


(1,435,246
)PIK interest income


(55,795
)






Accretion of original issue discount/premium on investments


(696,651
)


(610,524
)


(609,152
)PIK interest expense










2,470,101Amortization of deferred financing costs


629,642



257,948



435,927Purchases of investments


(54,355,332
)


(56,648,914
)


(122,034,536
)Proceeds from the sales and repayments of investments


87,004,476



39,363,093



71,428,730Changes in operating assets and liabilities:(Increase) decrease in receivable from unsettled transactions


5,812



(902,770
)


(Increase) decrease in due from portfolio companies


(123,658
)


53,006



(45,353
)(Increase) decrease in interest and fees receivable


365,660



(59,077
)


(420,102
)Increase (decrease) in interest payable


(2,202,593
)


54,334



137,792Increase (decrease) in accounts payable, accrued expenses and other liabilities


(84,395
)


77,727



(95,328
)Increase in due to affiliate


179,624



61,422



36,655Increase (decrease) in payables from unsettled transactions


(21,476,988
)


20,480,744



996,244Net cash provided by (used in) operating activities


13,739,633



2,829,404



(49,442,802
)Cash flows from financing activities:Borrowings under senior credit facility


19,300,000



15,600,000



51,900,000Repayments under senior credit facility


(30,500,000
)


(18,000,000
)


(14,500,000
)Repayments of subordinated notes


(1,179,842
)


(356,923
)


Deferred financing costs paid


(390,625
)


(452,280
)


(6,250
)Net cash provided by (used in) financing activities


(12,770,467
)


(3,209,203
)


37,393,750Net increase (decrease) in cash and cash equivalents and restricted cash


969,166



(379,799
)


(12,049,052
)Cash and cash equivalents and restricted cash, beginning of period


3,712,623



4,092,422



16,141,474Cash and cash equivalents and restricted cash, end of period

$
4,681,789


$
3,712,623


$
4,092,422Supplemental information:Cash paid for interest

$
7,158,893


$
11,285,716


$
8,390,056Non-cash financing activities:Non-cash issuance of subordinated notes

$



$



$
2,470,101Rescission of distribution payable (see Note 6)

$
1,358,336


$



$
Reconciliation to the Consolidated Statements of Assets and Liabilities

September 30,2020


September 30,2019


September 30,2018Cash and cash equivalents

$
3,574,960


$
1,096,498


$
2,055,935Restricted cash


1,106,829



2,616,125



2,036,487Total cash and cash equivalents and restricted cash

$
4,681,789


$
3,712,623


$
4,092,422 The accompanying notes are an integral part of these consolidated financial statements.  5




---

OCSI Glick JV LLC Consolidated Schedule of Investments September 30, 2020  Portfolio Company (1)

Investment Type

CashInterestRate(2)(3)


Region (4)

Industry

Principal (5)


Cost


Fair Value


NotesAI Ladder (Luxembourg) Subco S.a.r.l.

First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025


4.65
%

International

ElectricalComponents &Equipment

$
2,671,716


$
2,616,725


$
2,558,168Alvogen Pharma US, Inc.

First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023


6.25
%

Northeast

Pharmaceuticals


6,994,829



6,808,979



6,773,337



(7
)Amplify Finco Pty Ltd.

First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026


4.75
%

International

Movies &Entertainment


2,985,000



2,955,150



2,567,100



(7
)Anastasia Parent, LLC

First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025





West

Personal Products


1,684,513



1,352,429



743,814



(8
)Ancile Solutions, Inc.

First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021


8.00
%

Northeast

ApplicationSoftware


3,201,353



3,194,577



3,178,943



(7
)Aurora Lux Finco S.À.R.L.

First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026


7.00
%

International

Airport Services


3,731,250



3,648,256



3,470,063



(7
)Brazos Delaware II, LLC

First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025


4.16
%

West

Oil & GasEquipment &Services


4,887,066



4,870,862



3,733,376California Pizza Kitchen, Inc.

First Lien Term Loan, LIBOR+8.00% cash due 8/23/2022





Northeast

Restaurants


5,004,489



4,813,378



1,526,369



(8
)Carrols Restaurant Group, Inc.

First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026


7.25
%

Northeast

Restaurants


1,118,198



1,062,723



1,109,811CITGO Petroleum Corp.

First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024


6.00
%

Southwest

Oil & GasRefining &Marketing


3,591,768



3,555,850



3,421,159Connect U.S. Finco LLC

First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026


5.50
%

International

Alternative Carriers


4,582,107



4,482,733



4,453,258Curium Bidco S.à.r.l.

First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026


3.97
%

International

Biotechnology


4,950,000



4,912,875



4,912,875eResearch Technology, Inc.

First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027


5.50
%

Northeast

ApplicationSoftware


2,493,750



2,468,813



2,486,992Gigamon, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024


5.25
%

West

Systems Software


5,835,900



5,800,375



5,762,951



(7
)Guidehouse LLP

Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026


8.15
%

Southeast

Research &ConsultingServices


5,000,000



4,982,443



4,825,000



(7
)Helios Software Holdings, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025


4.52
%

Northeast

Systems Software


992,422



982,498



980,642Houghton Mifflin Harcourt Publishers Inc.

First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024


7.25
%

Northeast

Education Services


2,887,500



2,790,416



2,699,813Integro Parent, Inc.

First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022


6.75
%

Northeast

Insurance Brokers


3,277,221



3,249,274



3,011,753



(7
)Intelsat Jackson Holdings S.A.

First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 7/13/2022


6.50
%

International

Alternative Carriers


398,251



328,422



414,511



(6
)LTI Holdings, Inc.

First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025


3.65
%

West

ElectronicComponents


1,386,341



1,100,748



1,294,496MHE Intermediate Holdings, LLC

First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024


6.00
%

Midwest

Diversified SupportServices


4,101,250



4,058,056



3,991,747



(7
)MHE Intermediate Holdings, LLC

First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024


6.00
%

Midwest

Diversified SupportServices


828,579



818,379



806,456



(7
)Total MHE Intermediate Holdings, LLC












4,929,829



4,876,435



4,798,203MRI Software LLC

First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026


6.50
%

Midwest

ApplicationSoftware


1,614,980



1,601,301



1,575,954



(7
)MRI Software LLC

First Lien Revolver, LIBOR+5.50% cash due 2/10/2026





Midwest

ApplicationSoftware






(1,429
)


(3,454
)


(6
)(7)MRI Software LLC

First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026





Midwest

ApplicationSoftware






(763
)


(1,568
)


(6
)(7)Total MRI Softwawre LLC












1,614,980



1,599,109



1,570,932Navicure, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026


4.15
%

Southeast

Health CareTechnology


3,980,000



3,960,100



3,899,584Northern Star Industries Inc.

First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025


5.75
%

Midwest

ElectricalComponents &Equipment


5,362,500



5,345,242



5,121,188



(7
)Northwest Fiber, LLC

First Lien Term Loan, LIBOR+5.50% cash due 4/30/2027


5.66
%

Northwest

IntegratedTelecommunicationServices


985,530



950,121



986,762Novetta Solutions, LLC

First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022


6.00
%

Southeast

ApplicationSoftware


5,807,651



5,770,724



5,706,017   6




---

OCSI Glick JV LLC Consolidated Schedule of Investments September 30, 2020  Portfolio Company (1)

Investment Type

CashInterestRate(2)(3)


Region (4)


Industry


Principal (5)


Cost


Fair Value


NotesOEConnection LLC

First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026


4.15%



Midwest



ApplicationSoftware


$
3,727,256


$
3,709,171


$
3,685,325OEConnection LLC

First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026






Midwest



ApplicationSoftware







(1,048
)


(2,654
)


(6)Total OEConnection LLC
















3,727,256



3,708,123



3,682,671Olaplex, Inc.

First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026


7.50%



Northeast



Personal Products



2,962,500



2,910,467



2,962,500



(7)Olaplex, Inc.

First Lien Revolver, LIBOR+6.50% cash due 1/8/2025


7.50%



Northeast



Personal Products



162,000



156,467



162,000



(6)(7)Total Olaplex, Inc.
















3,124,500



3,066,934



3,124,500Sabert Corporation

First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026


5.50%



Northeast



Metal & GlassContainers



1,885,500



1,866,645



1,860,366SHO Holding I Corporation

First Lien Term Loan, LIBOR+3.00% cash PIK 2.25% due 4/27/2024


4.00%



Southeast



Footwear



6,239,067



6,212,276



4,382,944



(7)Signify Health, LLC

First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024


5.50%



Southwest



Health CareServices



5,850,000



5,813,914



5,645,250Sunshine Luxembourg VII SARL

First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026


5.25%



International



Personal Products



6,451,250



6,418,993



6,427,573Supermoose Borrower, LLC

First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025


3.90%



Southeast



ApplicationSoftware



2,878,863



2,692,385



2,595,483Surgery Center Holdings, Inc.

First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024


4.25%



Southeast



Health CareFacilities



4,961,637



4,942,580



4,690,806Tribe Buyer LLC

First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024


5.50%



Midwest



Human Resource &EmploymentServices



1,616,127



1,613,862



1,224,798



(7)UFC Holdings, LLC

First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026


4.25%



West



Movies &Entertainment



1,557,649



1,540,707



1,534,775Verscend Holding Corp.

First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025


4.65%



Northeast



Health CareTechnology



1,733,723



1,720,364



1,722,238VM Consolidated, Inc.

First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025


3.40%



Midwest



Data Processing &OutsourcedServices



4,771,728



4,756,892



4,682,258Windstream Services II, LLC

First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027


7.25%



Southeast



IntegratedTelecommunicationServices



4,987,500



4,788,469



4,839,970WP CPP Holdings, LLC

Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026


8.75%



Midwest



Aerospace &Defense



3,000,000



2,978,243



2,340,000



(7)Total Portfolio Investments

















$
140,599,644


$
130,760,749Cash and Cash Equivalents and Restricted Cash

















$
4,681,789


$
4,681,789Total Portfolio Investments, Cash and Cash Equivalents and Restricted
Cash

















$
145,281,433


$
135,442,538  (1)
Each of the Funds investments is pledged as collateral under its senior credit facility. (2)
Represents the current interest rate as of September 30, 2020. All interest rates are payable in cash,
unless otherwise noted. (3)
The interest rate on the principal balance outstanding for all floating rate loans is indexed to the London
Interbank Offered Rate (LIBOR) and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrowers option. The borrower may also elect to have multiple interest reset
periods for each loan. For each of these loans, the Fund has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S.
dollars. As of September 30, 2020, the reference rates for the Funds variable rate loans were the 30-day LIBOR at 0.15%, the 60-day LIBOR at 0.19%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.27%. Most loans include an interest floor, which generally ranges from 0% to 1%. (4)
The region is determined by the location of the corporate headquarters of the portfolio company, which may not
be indicative of the primary source of the portfolio companys business. (5)
Principal includes accumulated payment in kind (PIK) interest and is net of repayments. (6)
Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost
basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.  7




---

OCSI Glick JV LLC Consolidated Schedule of Investments September 30, 2020  (7)
As of September 30, 2020, these investments are categorized as Level 3 within the fair value
hierarchy established by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures (ASC 820), and were valued using significant
unobservable inputs. (8)
This investment was on cash non-accrual status as of September 30,
2020. Cash non-accrual is inclusive of PIK and other non-cash income where applicable. The accompanying notes are an integral part of these consolidated financial statements.  8




---

OCSI Glick JV LLC Consolidated Schedule of Investments September 30, 2019  Portfolio Company (1)

Investment Type

CashInterestRate(2)(3)

Region (4)

Industry

Principal (5)


Cost


Fair Value


NotesAI Ladder (Luxembourg) Subco S.a.r.l.

First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025

6.60%

International

Electricalcomponents &equipment

$
2,718,993


$
2,651,270


$
2,504,016Air Newco LP

First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024

6.79%

International

IT consulting &other services


7,425,000



7,406,438



7,437,400


(7)AL Midcoast Holdings LLC

First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025

7.60%

Southwest

Oil & gas storage &transportation


6,930,000



6,860,699



6,834,712Altice France S.A.

First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026

6.03%

International

Integratedtelecommunicationservices


2,977,500



2,912,809



2,975,639Alvogen Pharma US, Inc.

First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022

6.79%

Northeast

Pharmaceuticals


5,359,286



5,359,286



4,874,270Ancile Solutions, Inc.

First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021

9.10%

Northeast

Applicationsoftware


3,395,374



3,377,463



3,327,467


(7)Aptos, Inc.

First Lien Term Loan, LIBOR+5.50% cash due 7/23/2025

7.70%

Southeast

Computer &electronics retail


2,977,500



2,947,725



2,940,281


(7)Brazos Delaware II, LLC

First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025

6.05%

West

Oil & gasequipment &services


4,937,500



4,917,589



4,570,273California Pizza Kitchen, Inc.

First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022

8.53%

Northeast

Restaurants


4,850,000



4,838,318



4,349,868CITGO Petroleum Corp.

First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024

7.10%

Southwest

Oil & gasrefining &marketing


3,980,000



3,940,200



4,004,875Connect U.S. Finco LLC

First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026

7.10%

International

Alternative carriers


5,000,000



4,900,000



4,930,075Covia Holdings Corporation

First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025

6.31%

Northeast

Oil & gasequipment &services


6,912,500



6,912,500



5,673,745Curium Bidco S.à r.l.

First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026

6.10%

International

Biotechnology


5,000,000



4,962,500



5,025,000Ellie Mae, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026

6.04%

West

Applicationsoftware


1,000,000



995,000



1,002,920Falmouth Group Holdings Corp.

First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021

8.95%

West

Specialty chemicals


4,658,544



4,626,032



4,632,004


(7)Frontier Communications Corporation

First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024

5.80%

Northeast

Integratedtelecommunicationsservices


5,468,222



5,365,594



5,466,281Gigamon, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024

6.29%

West

Systems software


5,895,000



5,850,631



5,732,888


(7)Guidehouse LLP

Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026

9.54%

Southeast

Research &consulting services


5,000,000



4,979,290



4,937,500Indivior Finance S.a.r.l.

First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022

6.76%

International

Pharmaceuticals


4,340,941



4,326,851



3,997,290Integro Parent, Inc.

First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022

7.80%

Northeast

Insurance brokers


4,813,924



4,744,243



4,681,541


(7)Intelsat Jackson Holdings S.A.

First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023

5.80%

International

Alternative carriers


5,000,000



4,939,169



5,021,100McDermott Technology (Americas), Inc.

First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025

7.10%

Southwest

Oil & gasequipment &services


1,429,306



1,406,187



913,565MHE Intermediate Holdings, LLC

First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024

7.10%

Midwest

Diversified supportservices


4,143,750



4,089,029



4,060,875


(7)MHE Intermediate Holdings, LLC

First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024

7.10%

Midwest

Diversified supportservices


837,128



826,823



820,385


(7)Total MHE Intermediate Holdings, LLC










4,980,878



4,915,852



4,881,260Navicure, Inc.

First Lien Term Loan, LIBOR+4.00% cash due 9/18/2026

6.13%

Southeast

Healthcaretechnology


4,000,000



3,980,000



4,005,000Northern Star Industries Inc.

First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025

6.56%

Midwest

Electricalcomponents &equipment


5,417,500



5,396,178



5,336,238


(7)Novetta Solutions, LLC

First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022

7.05%

Southeast

Applicationsoftware


5,868,628



5,824,577



5,760,440


(7)OCI Beaumont LLC

First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025

6.10%

Southwest

Commoditychemicals


6,895,000



6,888,231



6,903,619OEConnection LLC

First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026



Midwest

Applicationsoftware






(1,720
)


(645
)

(6)OEConnection LLC

First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026

6.13%

Midwest

Applicationsoftware


3,655,914



3,637,634



3,649,059Total OEConnection LLC










3,655,914



3,635,914



3,648,414  9




---

OCSI Glick JV LLC Consolidated Schedule of Investments September 30, 2019  Portfolio Company (1)

Investment Type

CashInterestRate(2)(3)

Region (4)


Industry


Principal (5)


Cost


Fair Value


NotesRed Ventures, LLC

First Lien Term Loan, LIBOR+3.00% cash due 11/8/2024

5.04%


Southeast



Interactivemedia &services


$
3,989,924


$
3,970,677


$
4,010,712RSC Acquisition, Inc.

First Lien Term Loan, LIBOR+4.25% cash due 11/30/2022

6.29%


Northeast



Tradingcompanies &distributors



3,849,574



3,835,594



3,820,702



(7)Servpro Borrower, LLC

First Lien Term Loan, PRIME+2.50% cash due 3/26/2026

7.50%


Midwest



Specializedconsumerservices



3,980,000



3,970,050



3,984,975SHO Holding I Corporation

First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022

7.26%


Southeast



Footwear



6,256,250



6,227,881



5,943,438



(7)Signify Health, LLC

First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024

6.60%


Southwest



Healthcareservices



5,910,000



5,864,902



5,902,613Sunshine Luxembourg VII SARL

First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026

6.59%


International



Personalproducts



6,500,000



6,467,500



6,538,610Tribe Buyer LLC

First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024

6.54%


Midwest



Humanresources &employmentservices



3,114,779



3,109,120



2,907,133



(7)Triple Royalty Sub LLC

Fixed Rate Bond 144A 9.0% Toggle PIK cash due 4/15/2033




West



Pharmaceuticals



3,000,000



3,000,000



3,105,000



(7)UFC Holdings, LLC

First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026

5.30%


West



Movies &entertainment



2,493,573



2,493,573



2,503,099Verra Mobility, Corp.

First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025

5.79%


Southwest



Dataprocessing &outsourcedservices



4,929,950



4,913,436



4,956,645WP CPP Holdings, LLC

Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026

10.01%


Midwest



Aerospace &defense



3,000,000



2,974,333



2,987,490Total Portfolio Investments















$
176,687,612


$
173,028,098Cash and Cash Equivalents and Restricted Cash















$
3,712,623


$
3,712,623Total Portfolio Investments, Cash and Cash Equivalents and Restricted
Cash















$
180,400,235


$
176,740,721  (1)
Each of the Funds investments is pledged as collateral under its senior credit facility. (2)
Represents the current interest rate as of September 30, 2019. All interest rates are payable in cash,
unless otherwise noted. (3)
The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or
an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrowers option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the
Fund has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars. As of September 30, 2019, the
reference rates for the Funds variable rate loans were the 30-day LIBOR at 2.04%, the 60-day LIBOR at 2.09%, the 90-day
LIBOR at 2.10%, the 180-day LIBOR at 2.06% and the PRIME at 5.00%. Most loans include an interest floor, which generally ranges from 0% to 1%. (4)
The region is determined by the location of the corporate headquarters of the portfolio company, which may not
be indicative of the primary source of the portfolio companys business. (5)
Principal includes accumulated PIK interest and is net of repayments. (6)
Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost
basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. (7)
As of September 30, 2019, these investments are categorized as Level 3 within the fair value
hierarchy established by ASC 820, and were valued using significant unobservable inputs. The accompanying notes are an
integral part of these consolidated financial statements.  10




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020 1.
ORGANIZATION AND BUSINESS PURPOSE OCSI Glick JV LLC (together with its consolidated subsidiary, OCSI Glick JV or the Fund, a
Delaware limited liability company (LLC), commenced operations on April 21, 2015 to primarily invest in senior secured loans of middle-market companies. The Fund is governed by an LLC agreement dated October 20, 2014 (as
amended, the LLC Agreement). OCSI Glick JV Funding LLC (Funding), a consolidated, wholly-owned bankruptcy remote special purpose subsidiary of the Fund, was formed in connection with the closing of a senior secured credit
facility, which facility was assigned to Deutsche Bank AG, New York branch on June 29, 2017 (the Deutsche Bank Facility). Funding was organized as an LLC under the laws of the State of Delaware. The Fund has two members (collectively, the Members), Oaktree Strategic Income Corporation (OCSI) and GF Equity Funding 2014 LLC
(GF Equity Funding). OCSI is a publicly traded business development company that is currently advised by Oaktree Fund Advisors, LLC, a registered investment adviser. The Fund is managed by a four person board of directors, two of whom
are selected by OCSI and two of whom are selected by GF Equity Funding. OCSI Glick JV is capitalized as transactions are completed by the Members in exchange for LLC equity interests and by OCSI and GF Debt Funding 2014 LLC (GF Debt
Funding), an entity advised by affiliates of GF Equity Funding, in exchange for funding under subordinated notes. All portfolio decisions and investment decisions in respect of the Fund must be approved by the OCSI Glick JV investment
committee, which consists of one representative selected by OCSI and one representative selected by GF Equity Funding (with approval from a representative of each required). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The Funds consolidated financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America (GAAP). The Fund is considered an investment company under FASB ASC Topic 946, Financial ServicesInvestment Companies(ASC 946). Use of Estimates The preparation of the financial
statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial statements and accompanying notes. These estimates are based on the information that is currently available
to the Fund and on various other assumptions that the Fund believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could
cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments. Fair Value
Measurements The Fund values its investments in accordance with ASC 820, which defines fair value as the amount that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liabilitys fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount
that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied.
These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments complexity. Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets
and liabilities, are as follows:  
Level 1  Unadjusted, quoted prices in active markets for identical assets or liabilities as of
the measurement date.  
Level 2  Observable inputs other than Level 1 prices, such as quoted prices for similar
assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.  
Level 3  Unobservable inputs that reflect managements best estimate of what market
participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.  11




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  If inputs used to measure fair value fall into different levels of the fair value hierarchy, an
investments level is based on the lowest level of input that is significant to the fair value measurement. The Funds assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and
considers factors specific to the investment. This includes investment securities that are valued using bid and ask prices obtained from independent third party pricing services or directly from brokers. These investments may
be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment
inherent in measuring fair value. As such, the Fund obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Funds investments for which quotations are available. In determining the fair
value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. The Fund seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Fund is unable to obtain two
quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Funds set threshold, the Fund seeks to obtain a quote directly from a broker making a market for the asset. The Fund evaluates the quotations
provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The
Fund also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Fund performs due diligence procedures over
pricing vendors to understand their methodology and controls to support their use in the valuation process. Generally, the Fund does not adjust any of the prices received from these sources. If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, the Fund values such investments
using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The
second valuation technique is an analysis of the enterprise value (EV) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities
used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt
investments that the Fund is deemed to control. To estimate the EV of a portfolio company, the Fund analyzes various factors, including the portfolio companys historical and projected financial results, macroeconomic impacts on the company,
and competitive dynamics in the companys industry. The Fund also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies,
(ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio
companys ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio companys assets and (vii) offers from third parties to
buy the portfolio company. The Fund may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically
performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured
investment with a similar level of risk, and the Fund considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk,
among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Fund depends on primary market data,
including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. In addition, the Fund has utilized independent valuation firms to provide valuation assistance for certain of the Funds portfolio securities for which
market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. Investment
Transactions Purchases and sales of investments, and the related realized gains and losses, are recorded on a trade-date basis, with the gains and
losses reflected in the Funds Consolidated Statements of Operations. The cost of an investment may include costs incurred by the Fund as part of the purchase of such investment.  12




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  Investment Income Interest income, adjusted for accretion of original issue discount, is recorded on an accrual basis to the extent that such amounts are expected to be
collected. The Fund stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on
non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital
depending upon managements judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in managements judgment,
is likely to continue timely payment of its remaining obligations. The Funds investments in debt securities may contain PIK interest provisions.
PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected.
The Fund generally ceases accruing PIK interest on a loan or debt security if there is insufficient value to support the accrual or if the Fund does not expect the portfolio company to be able to pay all principal and interest due. The Funds
decision to cease accruing PIK interest involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal
and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Funds assessment of the portfolio companys business development success; information obtained by the Fund in
connection with periodic formal update interviews with the portfolio companys management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates.
The Funds determination to cease accruing PIK interest is generally made well before the Funds full write-down of a loan or debt security. In addition, if it is subsequently determined that the Fund will not be able to collect any
previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Funds debt investments increases the
recorded cost bases of these investments in the consolidated financial statements. The Fund receives a variety of fees in the ordinary course of
business, including amendment fees, prepayment fees and exit fees that the Fund receives in connection with its debt investments. These fees are classified as fee income and recognized as earned. Cash and Cash Equivalents and Restricted Cash Cash and
cash equivalents and restricted cash consist of demand deposits and highly liquid investments with maturities of three months or less, when acquired. The Fund places its cash, cash equivalents and restricted cash with financial institutions and, at
times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insurance limit. Cash and cash equivalents and restricted cash are included on the Funds Consolidated Schedule of Investments and any cash equivalents are
classified as Level 1 assets. As of September 30, 2020 and 2019, included in restricted cash was $1.1 million and $2.6 million,
respectively, that was held at Wells Fargo Bank, National Association, in connection with the Deutsche Bank Facility. The Fund is restricted in terms of access to this cash until the occurrence of the periodic distributions dates and, in connection
therewith, the Funds submittal of its required periodic reporting schedules and verifications of the Funds compliance with the terms of the credit agreement. Interest and Fees Receivable Interest and fees
receivable consists of interest and fees due from the Funds portfolio companies as of the balance sheet date. Due from Portfolio Companies Due from portfolio companies consists of amounts payable to the Fund from its portfolio companies, excluding those amounts attributable to interest
and fees receivable. These amounts are recognized as they become payable to the Fund (e.g., principal payments on the scheduled amortization payment date).  13




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities and debt offerings. Deferred
financing costs in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred
financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Funds Consolidated Statements of Operations. Upon early
termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. Receivable / Payable From Unsettled Transactions Receivable / payable from unsettled transactions consists of amounts receivable / payable by the Fund for transactions that have not settled at the balance
sheet date. Principles of Consolidation The
accompanying consolidated financial statements include all assets, liabilities, revenues, and expenses of OCSI Glick JV and Funding. OCSI Glick JV owns 100% of Funding. All intercompany balances and transactions have been eliminated in consolidation
in conformity with GAAP. Fair Value Option The Fund
elected the fair value option in accordance with FASB ASC Topic 825-10-25-1,Financial
Instruments-Fair Value Option,for its subordinated notes payable which had aggregate proceeds of $74.3 million and a fair value of $56.5 million as of September 30, 2020 and had aggregate
proceeds of $75.5 million and a fair value of $62.1 million as of September 30, 2019. The Fund believes that by electing the fair value option for these financial instruments, it provides consistent measurement with the Funds
investments which are carried at fair value. The Fund utilizes the EV technique as discussed above to determine the fair value of the subordinated notes payable. Income Taxes The Fund is treated as a partnership for
federal income tax purposes and is not subject to federal income tax, but may be subject to certain state taxes. Each Member is individually liable for taxes on its share of the Funds ordinary income and capital gains. FASB ASC Topic
740,Accounting for Uncertainty in Income Taxes (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the Funds consolidated financial statements.
ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds tax returns to determine whether the tax positions are more-likely-than-not
of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. Managements
determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Fund recognizes tax benefit
of uncertain tax positions only where the position is more-likely-than-not to be sustained assuming examination by tax authorities. Management has analyzed the Funds tax positions, and has
concluded that no liability should be recorded related to uncertain tax positions for the 2020 tax year and does not expect this to change in the next 12 months. As of September 30, 2020, the 2019, 2018 and 2017 tax years remain subject to
examination by major tax jurisdiction under the statute of limitations. The Fund identifies its major tax jurisdictions as U.S. Federal and California. Allocations of Profits and Losses Allocations of profit
and loss will be made to each Members capital account on a pro rata basis in a manner consistent with the procedures outlined in the LLC Agreement.  14




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  Indemnifications In the normal course of its business, the Fund enters into contracts and agreements with certain service providers, such as clearing and custody agents,
trustees and administrators, that contain a variety of representations and warranties and which provide general indemnifications and guarantees against specified potential losses in connection with their activities as an agent of, or providing
services to, the Fund. The Funds maximum exposure under these agreements is unknown, as this may involve future claims that could be made against the Fund and have not yet occurred. The Fund expects the risk of any future obligation under
these arrangements to be remote and has not recorded any contingent liability in the financial statements for these indemnifications. Recent
Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)
Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease the potential burden in
accounting for (or recognizing the effects of) reference rate reform on financial reporting if certain criteria are met. The guidance is effective from March 12, 2020 through December 31, 2022. As of September 30, 2020, the guidance
did not have a material impact on the Funds consolidated financial statements. 3. RELATED-PARTY TRANSACTIONS Pursuant to an administrative and loan services agreement (the Administration Agreement), an administrator (the Administrator) provides
certain administrative and other services necessary for the Fund to operate. Under the Administration Agreement, the Administrator, currently Oaktree Fund Administration, LLC, and for the periods prior to October 17, 2017, FSC CT LLC, provides
administrative services for the Fund, including office facilities and equipment and clerical, bookkeeping and record-keeping services at such facilities and performs, or oversees the performance of, the Funds required administrative services,
which include being responsible for the financial records which the Fund is required to maintain and preparing financial statements in accordance with the LLC Agreement. In addition, the Administrator assists the Fund in overseeing the preparation
and filing of the Funds tax returns and generally overseeing the payment of Fund expenses and the performance of administrative and professional services rendered to the Fund by others. For providing these services, facilities and personnel,
the Fund reimburses the Administrator the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and the Funds allocable portion of the
costs of compensation and related expenses of the Administrators accounting and legal departments. Such reimbursement is at cost, with no profit to, or markup by, the Administrator. The Funds allocable portion of the Administrators
costs is determined based upon costs attributable to the Funds operations versus costs attributable to the operations of other entities for which the Administrator provides administrative services. The Administration Agreement is terminable by
either party without penalty upon 90 days written notice to the other party. The Administration Agreement provides that, absent willful
misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations, the Administrator and its officers, managers, agents, employees, controlling
persons, members and any other person or entity affiliated with it are entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys fees and amounts reasonably paid in settlement)
arising from the rendering of services under the Administration Agreement or otherwise as administrator for the Fund. The Administrator did not charge
the Fund for any allocable portion of expenses for the years ended September 30, 2020, 2019 and 2018. As of September 30, 2020 and 2019,
$277,701 and $98,077 was included in Due to affiliate in the Statements of Assets, Liabilities and Members Capital, respectively, reflecting the unpaid portion of reimbursable expenses payable to the Administrator.  15




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  4. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the financial instruments carried at fair value as of September 30, 2020 by caption on the Funds Consolidated
Statements of Assets, Liabilities and Members Capital for each of the three levels of hierarchy established by ASC 820:  Total


Level 1


Level 2


Level 3Senior secured debt investments

$
130,760,749


$



$
78,609,038


$
52,151,711Total assets at fair value

$
130,760,749


$



$
78,609,038


$
52,151,711Subordinated notes payable

$
56,469,250


$



$



$
56,469,250Total liabilities at fair value

$
56,469,250


$



$



$
56,469,250 The following table presents the financial instruments carried at fair value as of September 30, 2019 by caption on the
Funds Consolidated Statements of Assets, Liabilities and Members Capital for each of the three levels of hierarchy established by ASC 820:  Total


Level 1


Level 2


Level 3Senior secured debt investments

$
173,028,098


$



$
112,522,307


$
60,505,791Total assets at fair value

$
173,028,098


$



$
112,522,307


$
60,505,791Subordinated notes payable

$
62,087,348


$



$



$
62,087,348Total liabilities at fair value

$
62,087,348


$



$



$
62,087,348 All transfers between fair value hierarchy levels are recognized by the Fund at the beginning of each reporting period. The following table provides a roll-forward in the changes in fair value for the year ended September 30, 2020 for all assets and liabilities for
which the Fund determines fair value using unobservable (Level 3) factors:  Assets


LiabilitiesSenior secureddebt investments


Subordinatednotes payableFair value at October 1, 2019

$
60,505,791


$
62,087,348Purchases


11,597,336



Sales and repayments


(25,444,966
)


(1,179,842
)Transfers in (a)(b)


14,702,839



1,358,336Transfers out (a)


(5,760,440
)


PIK interest income


31,567



Accretion of OID


234,433



Net unrealized depreciation


(3,459,003
)


(5,796,592
)Net realized losses


(255,846
)


Fair value as of September 30, 2020

$
52,151,711


$
56,469,250Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still
held at September 30, 2020 and reported within net realized and unrealized gain (loss) in the Consolidated Statement of Operations for the year ended September 30, 2020

$
(3,339,404
)

$
(5,796,592
)  (a)
There were transfers in/out of Level 3 from/to Level 2 for certain investments during the year ended
September 30, 2020 as a result of a change in the number of market quotes available and/or a change in market liquidity.  (b)
There was one transfer into Level 3 for subordinated notes payable as a result of a reclassification from
distributions payable to subordinated notes payable as a result of the Funds board of directors rescission of $1,358,336 of previously declared distributions.  16




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  The following table provides a roll-forward in the changes in fair value for the year
ended September 30, 2019 for all assets and liabilities for which the Fund determines fair value using unobservable (Level 3) factors:  Assets


LiabilitiesSenior secureddebt investments


Subordinatednotes payableFair value at October 1, 2018

$
56,998,997


$
66,871,054Purchases


3,997,500



Sales and repayments


(20,776,776
)


(356,923
)Transfers in (a)


20,985,347



Accretion of OID


399,187



Net unrealized depreciation


(1,109,385
)


(4,426,783
)Net realized gains


10,921



Fair value as of September 30, 2019

$
60,505,791


$
62,087,348Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still
held at September 30, 2019 and reported within net realized and unrealized gain (loss) in the Consolidated Statement of Operations for the year ended September 30, 2019

$
(858,809
)

$
(4,426,783
)  (a)
There were transfers into Level 3 from Level 2 for certain investments during the year ended
September 30, 2019 as a result of a decreased number of market quotes available and/or a decrease in market liquidity. Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the carrying value and fair value of the Funds financial liabilities disclosed, but not carried, at fair value as
of September 30, 2020 and the level of each financial liability within the fair value hierarchy:  CarryingValue


Fair Value


Level 1


Level 2


Level 3Senior credit facility payable

$
80,681,939


$
80,681,939


$



$



$
80,681,939Total

$
80,681,939


$
80,681,939


$



$



$
80,681,939 The following table presents the carrying value and fair value of the Funds financial liabilities disclosed, but not
carried, at fair value as of September 30, 2019 and the level of each financial liability within the fair value hierarchy:  CarryingValue


Fair Value


Level 1


Level 2


Level 3Senior credit facility payable

$
91,881,939


$
91,881,939


$



$



$
91,881,939Total

$
91,881,939


$
91,881,939


$



$



$
91,881,939 The carrying value of the senior credit facility payable, which is included in Level 3 of the hierarchy, approximates its
fair value due to its floating rate characteristics.  17




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  Significant Unobservable Inputs for Level 3 Investments The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments and subordinated notes
payable, which are carried at fair value as of September 30, 2020:  Asset

Fair Value


Valuation
Technique

Unobservable Input

Range


WeightedAverage (a)Senior secured debt

$
17,583,462


Market yield technique

Market yield


(b
)


7.4%  -  13.0%



9.4
%34,568,249


Broker Quotations

Broker quoted price


(c
)


N/A  -  N/A



N/ATotal

$
52,151,711  Liability

Fair Value


Valuation
Technique

Unobservable Input

Range


WeightedAverage (a)Subordinated notes payable

$
56,469,250


Enterprise value technique

N/A


(d
)


N/A  -  N/A



N/ATotal

$
56,469,250  (a)
Weighted averages are calculated based on fair value of investments.  (b)
Used when market participant would take into account market yield when pricing the investment.  (c)
The Fund generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are
non-binding, they may not be indicative of fair value. The Fund evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject
or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.  (d)
The Fund determined the value based on the total assets less the total liabilities senior to the subordinated
notes issued by OCSI Glick JV in an amount not exceeding par under the EV technique. The following table provides quantitative
information related to the significant unobservable inputs for Level 3 investments and subordinated notes payable, which are carried at fair value as of September 30, 2019:  Asset

Fair Value


Valuation
Technique

Unobservable Input

Range


WeightedAverage (a)Senior secured debt

$
15,945,731


Market yield technique

Market yield


(b
)


7.4%  -  13.0%



9.1
%44,560,060


Broker Quotations

Broker quoted price


(c
)


N/A  -  N/A



N/ATotal

$
60,505,791  Liability

Fair Value


Valuation
Technique

Unobservable Input

Range


WeightedAverage (a)Subordinated notes payable

$
62,087,348


Enterprise value technique

N/A


(d
)


N/A  -  N/A



N/ATotal

$
62,087,348  (a)
Weighted averages are calculated based on fair value of investments.  (b)
Used when market participant would take into account market yield when pricing the investment.  (c)
The Fund generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are
non-binding, they may not be indicative of fair value. The Fund evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject
or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.  18




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  (d) The Fund determined the value based on the total assets less the total liabilities senior
to the subordinated notes issued by OCSI Glick JV in an amount not exceeding par under the EV technique. The geographic composition is determined by the
location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio companys business. The following tables show the portfolio composition by geographic region at cost and fair
value as a percentage of total investments:  September 30, 2020


September 30, 2019% of TotalInvestments





% of TotalInvestmentsCost:Southeast

$
33,348,976



23.72
%

$
27,930,150



15.81
%Northeast


32,024,601



22.78
%


34,432,998



19.49
%International


25,363,155



18.04
%


38,566,535



21.82
%Midwest


24,877,906



17.69
%


24,001,447



13.58
%West


14,665,121



10.43
%


21,882,825



12.39
%Southwest


9,369,764



6.66
%


29,873,657



16.91
%Northwest


950,121



0.68
%







%Total

$
140,599,644



100.00
%

$
176,687,612



100.00
%  September 30, 2020


September 30, 2019% of TotalInvestments





% of TotalInvestmentsFair Value:Southeast

$
30,939,803



23.67
%

$
27,597,371



15.95
%Northeast


28,474,764



21.78
%


32,193,874



18.61
%International


24,803,549



18.97
%


38,429,129



22.21
%Midwest


23,420,050



17.91
%


23,745,510



13.72
%West


13,069,412



9.99
%


21,546,184



12.45
%Southwest


9,066,409



6.93
%


29,516,030



17.06
%Northwest


986,762



0.75
%







%Total

$
130,760,749



100.00
%

$
173,028,098



100.00
%  19




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  The composition of the Funds portfolio by industry at cost and fair value as a percentage of total
investments was as follows:  September 30, 2020


September 30, 2019% of TotalInvestments





% of TotalInvestmentsCost:Application Software

$
19,433,730



13.84
%

$
13,832,952



7.83
%Personal Products


10,838,357



7.71
%


6,467,500



3.66
%Electrical Components & Equipment


7,961,967



5.66
%


8,047,448



4.55
%Pharmaceuticals


6,808,979



4.84
%


12,686,137



7.18
%Systems Software


6,782,873



4.82
%


5,850,631



3.31
%Footwear


6,212,276



4.42
%


6,227,881



3.52
%Restaurants


5,876,101



4.18
%


4,838,318



2.74
%Health Care Services


5,813,914



4.14
%


5,864,902



3.32
%Integrated Telecommunication Services


5,738,590



4.08
%


8,278,403



4.69
%Health Care Technology


5,680,464



4.04
%


3,980,000



2.25
%Research & Consulting Services


4,982,443



3.54
%


4,979,290



2.82
%Health Care Facilities


4,942,580



3.52
%







%Biotechnology


4,912,875



3.49
%


4,962,500



2.81
%Diversified Support Services


4,876,435



3.47
%


4,915,852



2.78
%Oil & Gas Equipment & Services


4,870,862



3.46
%


13,236,276



7.49
%Alternative Carriers


4,811,155



3.42
%


9,839,169



5.57
%Data Processing & Outsourced Services


4,756,892



3.38
%


4,913,436



2.78
%Movies & Entertainment


4,495,857



3.20
%


2,493,573



1.41
%Airport Services


3,648,256



2.59
%







%Oil & Gas Refining & Marketing


3,555,850



2.53
%


3,940,200



2.23
%Insurance Brokers


3,249,274



2.31
%


4,744,243



2.69
%Aerospace & Defense


2,978,243



2.12
%


2,974,333



1.68
%Education Services


2,790,416



1.98
%







%Metal & Glass Containers


1,866,645



1.33
%







%Human Resource & Employment Services


1,613,862



1.15
%


3,109,120



1.76
%Electronic Components


1,100,748



0.78
%







%IT consulting & other services







%


7,406,438



4.19
%Commodity chemicals







%


6,888,232



3.90
%Oil & gas storage & transportation







%


6,860,700



3.88
%Specialty chemicals







%


4,626,032



2.62
%Interactive media & services







%


3,970,677



2.25
%Specialized consumer services







%


3,970,050



2.25
%Trading companies & distributors







%


3,835,594



2.17
%Computer & electronics retail







%


2,947,725



1.67
%Total

$
140,599,644



100.00
%

$
176,687,612



100.00
%  20




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  September 30, 2020


September 30, 2019% of TotalInvestments





% of TotalInvestmentsFair Value:Application Software

$
19,221,037



14.69
%

$
13,739,240



7.96
%Personal Products


10,295,888



7.87
%


6,538,610



3.78
%Electrical Components & Equipment


7,679,356



5.87
%


7,840,254



4.53
%Pharmaceuticals


6,773,337



5.18
%


11,976,560



6.92
%Systems Software


6,743,593



5.16
%


5,732,888



3.31
%Integrated Telecommunication Services


5,826,732



4.46
%


8,441,920



4.88
%Health Care Services


5,645,250



4.32
%


5,902,613



3.41
%Health Care Technology


5,621,822



4.30
%


4,005,000



2.31
%Biotechnology


4,912,875



3.76
%


5,025,000



2.90
%Alternative Carriers


4,867,769



3.72
%


9,951,175



5.75
%Research & Consulting Services


4,825,000



3.69
%


4,937,500



2.85
%Diversified Support Services


4,798,203



3.67
%


4,881,260



2.82
%Health Care Facilities


4,690,806



3.59
%







%Data Processing & Outsourced Services


4,682,258



3.58
%


4,956,645



2.86
%Footwear


4,382,944



3.35
%


5,943,438



3.43
%Movies & Entertainment


4,101,875



3.14
%


2,503,099



1.45
%Oil & Gas Equipment & Services


3,733,376



2.86
%


11,157,583



6.45
%Airport Services


3,470,063



2.65
%







%Oil & Gas Refining & Marketing


3,421,159



2.62
%


4,004,875



2.31
%Insurance Brokers


3,011,753



2.30
%


4,681,541



2.71
%Education Services


2,699,813



2.06
%







%Restaurants


2,636,180



2.02
%


4,349,868



2.51
%Aerospace & Defense


2,340,000



1.79
%


2,987,490



1.73
%Metal & Glass Containers


1,860,366



1.42
%







%Electronic Components


1,294,496



0.99
%







%Human Resource & Employment Services


1,224,798



0.94
%







%IT consulting & other services







%


7,437,400



4.30
%Commodity chemicals







%


6,903,619



3.99
%Oil & gas storage & transportation







%


6,834,713



3.95
%Specialty chemicals







%


4,632,004



2.68
%Interactive media & services







%


4,010,712



2.32
%Specialized consumer services







%


3,984,975



2.30
%Trading companies & distributors







%


3,820,702



2.21
%Computer & electronics retail







%


2,940,281



1.70
%Human resources & employment services







%


2,907,133



1.68
%Total

$
130,760,749



100.00
%

$
173,028,098



100.00
% A list of unfunded commitments by investment (consisting of revolvers and delayed draw term loans) as of September 30,
2020 is shown in the table below:  September 30, 2020Intelsat Jackson Holdings S.A.

$
398,251OEConnection LLC


235,931MRI Software LLC


207,814Olaplex, Inc.


162,000Total

$
1,003,996 As of September 30, 2019, the Fund had unfunded commitments of $344,086 related to one of its investments.  21




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  5. INTEREST INCOME As of September 30, 2020, there were two investments on non-accrual status. As of September 30, 2019, there
were no investments on non-accrual status. The percentages of the Companys debt investments at cost and
fair value by accrual status as of September 30, 2020 were as follows:  September 30, 2020Cost


% of DebtPortfolio


FairValue


% of DebtPortfolioAccrual

$
134,433,837



95.61
%

$
128,490,566



98.26
%Cash non-accrual (1)


6,165,807



4.39



2,270,183



1.74Total

$
140,599,644



100.00
%

$
130,760,749



100.00
%   (1)
Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable. 6. SUBORDINATED NOTES AND EQUITY COMMITMENTS The Members and GF Debt Funding provide funding to the Fund in the form of subordinated notes and equity interests. The subordinated notes are junior in right
of payment to the repayment of temporary contributions made by OCSI to fund investments of OCSI Glick JV that are repaid when GF Equity Funding and GF Debt Funding make their capital contributions and fund their subordinated notes, respectively, and
the holders of senior debt, including the Deutsche Bank Facility. No distributions were declared by the Fund during the years ended September 30, 2020, 2019 and 2018. On March 31, 2020, the Funds board of directors rescinded
$1,358,336 of previously declared distributions. As a result of the rescission of previously declared distributions, the Fund reclassified distributions payable of $1,358,336 to subordinated notes payable during the year ended September 30,
2020. During the year ended September 30, 2020, the Members and GF Debt Funding amended the subordinated notes to (1) decrease the interest
rate to 1-month LIBOR plus 4.5% per annum, (2) extend the maturity date from October 20, 2021 to October 20, 2028 and (3) provide that the subordinated notes will not pay interest on its
previously scheduled April 15, 2020, July 15, 2020, October 15, 2020 or January 15, 2021 coupon dates. As of September 30, 2019, the subordinated notes bore an interest rate of 1-month
LIBOR plus 6.5% per annum. The interest expense related to these notes for the years ended September 30, 2020, 2019 and 2018 was $1.6 million,
$6.8 million and $7.1 million, respectively, of which $0.0 million, $0.0 million and $2.5 million was PIK interest expense, respectively.  22




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  The following table summarizes information related to the subordinated note and equity commitments to the
Fund as of September 30, 2020:  September 30, 2020OCSI(87.5%)


GF EquityFunding/GF DebtFunding (12.5%)


TotalTotal commitments to the Fund:Total commitments under subordinated notes

$
78,750,000


$
11,250,000


$
90,000,000Total commitments under equity capital


8,750,000



1,250,000



10,000,000Total subordinated notes and equity commitments

$
87,500,000


$
12,500,000


$
100,000,000Subordinated notes availability:Drawn amount of subordinated notes

$
66,390,220


$
9,484,316


$
75,874,536Undrawn subordinated notes commitments


12,359,780



1,765,684



14,125,464Total subordinated notes commitment

$
78,750,000


$
11,250,000


$
90,000,000Equity commitment availability:Equity commitments called

$
7,111,751


$
1,015,964


$
8,127,715Equity commitments uncalled


1,638,249



234,036



1,872,285Total equity commitment

$
8,750,000


$
1,250,000


$
10,000,000Total aggregate capital invested:Debt and equity capital invested

$
73,501,971


$
10,500,280


$
84,002,251Fair value:Subordinated notes

$
49,410,594


$
7,058,656


$
56,469,250  23




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  The following table summarizes information related to the subordinated note and equity commitments to the
Fund as of September 30, 2019:  September 30, 2019OCSI(87.5%)


GF EquityFunding/GF DebtFunding (12.5%)


TotalTotal commitments to the Fund:Total commitments under subordinated notes

$
78,750,000


$
11,250,000


$
90,000,000Total commitments under equity capital


8,750,000



1,250,000



10,000,000Total subordinated notes and equity commitments

$
87,500,000


$
12,500,000


$
100,000,000Subordinated notes availability:Drawn amount of subordinated notes

$
66,390,220


$
9,484,316


$
75,874,536Undrawn subordinated notes commitments


12,359,780



1,765,684



14,125,464Total subordinated notes commitment

$
78,750,000


$
11,250,000


$
90,000,000Equity commitment availability:Equity commitments called

$
7,111,751


$
1,015,964


$
8,127,715Equity commitments uncalled


1,638,249



234,036



1,872,285Total equity commitment

$
8,750,000


$
1,250,000


$
10,000,000Total aggregate capital invested:Debt and equity capital invested

$
73,501,971


$
10,500,280


$
84,002,251Fair value:Subordinated notes

$
54,326,418


$
7,760,930


$
62,087,348 7. DEUTSCHE BANK FACILITY On April 17, 2015, Funding, a consolidated wholly-owned bankruptcy remote, special purpose subsidiary, entered into a Loan Financing and Servicing
Agreement (the Credit Agreement) with Credit Suisse AG, Cayman Islands Branch, as administrative agent, and each of the lenders from time to time thereto, in the amount of $200.0 million. On June 29, 2017, the Credit Agreement
was assigned by Credit Suisse AG, Cayman Islands Branch to Deutsche Bank AG, New York Branch. The Deutsche Bank Facility is secured by all of the assets of Funding and all of the Funds equity interest in Funding. As of September 30, 2020, the Deutsche Bank Facility had a reinvestment period end date and maturity date of September 30, 2021 and March 31,
2025, respectively, and permitted borrowings of up to $90.0 million as of September 30, 2020 (subject to borrowing base and other limitations) . During the year ended September 30, 2020, the Deutsche Bank Facility was amended to
decrease the maximum permissible borrowings from $125 million to $90 million. As of September 30, 2020, the Deutsche Bank Facility bore interest at a rate equal to 3-month LIBOR plus 2.65% per
annum with 0.25% LIBOR floor. As of September 30, 2019, the Deutsche Bank Facility bore interest at a rate equal to 3-month LIBOR plus 1.95% per annum with no LIBOR floor. The unused commitment fee rate was (i) 0.5% per annum (a) prior to March 10, 2018, if the unused portion was less than 65% of the maximum commitment
as of such day, (b) after the expiration of the period set forth in clause (a) and prior to May 10, 2018, if the unused portion was less than 50% of the maximum commitment as of such day, and (c) thereafter, if the unused portion
was less than 25% of the maximum commitment as of such day and (ii) otherwise, 0.75% per annum.  24




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  The Credit Agreement and related agreements governing the Deutsche Bank Facility require both Funding and the
Fund to, among other things, (i) make representations and warranties regarding the collateral as well as each of its businesses, (ii) agree to certain indemnification obligations, and (iii) comply with various covenants, servicing
procedures, limitations on acquiring and disposing of assets, reporting requirements and other customary requirements for similar credit facilities, including a prepayment penalty in certain cases. The Deutsche Bank Facility also includes usual and
customary default provisions such as the failure to make timely payments under the facility, the occurrence of certain changes in control, and the failure to materially perform under the Credit Agreement and related agreements governing the Deutsche
Bank Facility, which, if not complied with, could accelerate repayment under the facility, thereby materially and adversely affecting the Funds liquidity, financial condition and results of operations. As of September 30, 2020, the Deutsche Bank Facility includes a waiver period (which extends through January 3, 2021) during which the facility
agent is restricted from revaluing certain collateral obligations where the change in valuation is caused by or results from a business disruption due primarily to the COVID-19 pandemic (subject to the
Funds ability to earlier terminate such period in certain circumstances). As of September 30, 2020 and 2019, $80.7 million and
$91.9 million, respectively, was outstanding under the Deutsche Bank Facility. The interest expense related to the Deutsche Bank Facility for the years ended September 30, 2020, 2019 and 2018 was $3.9 million, $4.8 million and
$4.4 million, respectively, including coupon interest, unused fees and the amortization of deferred financing costs relating to the Deutsche Bank Facility. 8. RISKS In the normal course of business, the Fund is
exposed to market risk and credit risk on certain investments. Until such investments are sold or matured, the Fund is exposed to credit risk relating to whether the debt issuer will meet its obligation when it becomes due. Details of the
Funds investment portfolio as of September 30, 2020 and September 30, 2019 are disclosed in the Funds Consolidated Schedule of Investments. The Fund borrows funds in order to increase the amount of its capital available for investment. The use of leverage can improve the return on invested
capital; however, such use may also magnify the potential for loss on invested equity capital. If the value of the Funds assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had the Fund
not leveraged. Borrowings by the Fund are and will typically be secured by the Funds securities and other assets. Under certain circumstances, such credit facilities may demand an increase in the collateral that secures the Funds
obligations and if the Fund were unable to provide additional collateral, the credit facilities could liquidate assets held in the account to satisfy the Funds obligations to the credit facilities. Liquidation in this manner could have adverse
consequences. In addition, the amount of the Funds borrowings and the interest rates on those borrowings, which will fluctuate, could have a significant effect on the Funds profitability. The Fund is exposed to counterparty risk in connection with the Deutsche Bank Facility, which is the risk that the counterparty may not perform in accordance
with the contractual provisions. If Deutsche Bank AG, New York Branch were to become insolvent, or otherwise unable to fund advances under the Deutsche Bank Facility, the Fund may not be able to make additional investments which could adversely
affect the operating performance of the Fund. Economic recessions or downturns or market disruptions, as well as the effects of the COVID-19 pandemic, may result in a prolonged period of market illiquidity which could have a material adverse effect on the Funds business, financial condition and results of operations. Unfavorable economic
conditions also could increase the Funds costs, limit the Funds access to the capital markets or result in a decision by lenders not to extend credit to the Fund. These events could limit the Funds investment purchases, limit the
Funds ability to grow and negatively impact its operating results. The Fund has two Members. Each Member has the ability under the LLC
Agreement to dissolve the Fund with 90 days written notice to the other Member. In this event, the Fund would undertake an orderly liquidation process which could adversely affect the amount of liquidation proceeds and/or net asset value
in the case of illiquid investments with limited external interest.  25




---

OCSI Glick JV LLC Notes to Consolidated Financial Statements September 30, 2020  9. MEMBERS CAPITAL The Fund establishes a capital account on its books for each Member. The initial balance of a Member capital account is equal to the amount contributed by such
Member and is adjusted to reflect, among other things, distributions to such Member and such Members share of net profits and losses. Contributions
received are credited to Members capital and distributions are reduced from the Members capital account on the effective dates. 10.
FINANCIAL HIGHLIGHTS The Members are responsible for all investment and business decisions, and therefore, there is no requirement to show financial
highlights per ASC 946, which have been omitted accordingly. 11. SUBSEQUENT EVENTS The Funds Members have evaluated subsequent events through December 18, 2020, the date these consolidated financial statements were available to be
issued, and determined that there were no subsequent events that occurred during such period that would require recognition or disclosure in the consolidated financial statements, except as previously disclosed in the notes to the financial
statements.  26