Barings BDC, Inc.

For the period ended Mar 31, 2025. Filed May 8, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

BBDC$8.77+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Unaudited Consolidated Schedule of Investments as of

Unaudited Consolidated Schedule of Investments

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	04/22	04/28	$11,978		$11,876		$11,738	1.0%	(7)(8)(13)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.2% Cash	04/22	04/28	2,448		2,426		2,398	0.2%	(7)(8)(13)(30)
ADB Safegate	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 13.6% Cash	08/21	10/27	7,581		7,514		7,315	0.6%	(3)(8)(13)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/22	11/28	19,263		18,964		19,013	1.6%	(7)(8)(13)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	11/22	11/28	—		(47)		(43)	—%	(7)(8)(13)(30)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	650		644		644	0.1%	(7)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/22	12/30	9,218		9,024		9,148	0.8%	(7)(8)(13)(30)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	12/22	12/30	289		246		276	—%	(7)(8)(13)(30)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.9% Cash	11/19	02/29	1,162		1,155		1,162	0.1%	(3)(7)(8)(11)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	11/19	02/29	6,526		6,442		6,526	0.5%	(3)(7)(8)(14)
M-Personal Protection Management GMBH	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 8.1% Cash	10/24	09/31	11,586		11,415		11,436	1.0%	(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/24	03/30	4,149		4,081		3,901	0.3%	(7)(8)(13)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	03/24	03/30	189		179		150	—%	(7)(8)(13)(30)
Narda Acquisitionco., Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	5,061		5,020		5,061	0.4%	(7)(8)(12)
Narda Acquisitionco., Inc.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(10)		—	—%	(7)(8)(12)(30)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	03/21	03/28	1,764		1,890		1,722	0.1%	(3)(7)(8)(11)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.9% Cash	03/21	03/27	2,116		2,292		2,074	0.2%	(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/20	12/26	7,277		7,229		6,657	0.6%	(7)(8)(13)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash, 2.0% PIK	02/21	02/27	15,419		15,326		14,186	1.2%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/23	02/29	1,825		1,825		1,804	0.2%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/24	06/29	1,203		1,167		1,170	0.1%	(7)(8)(13)(30)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	06/24	02/29	8,504		8,256		8,504	0.7%	(7)(8)(13)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 10.8% Cash	02/23	02/29	1,255		1,206		1,255	0.1%	(7)(8)(13)(30)
Subtotal Aerospace & Defense (9.8%)*				119,463		118,120		116,097
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.4% Cash	07/22	07/30	4,545		4,410		4,218	0.4%	(7)(8)(13)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	03/22	03/29	3,312		3,274		3,312	0.3%	(7)(8)(13)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.5% Cash	03/22	03/28	489		475		489	—%	(7)(8)(13)(30)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	11/28	11,929		11,662		11,850	1.0%	(7)(8)(13)(30)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	11/28	820		783		809	0.1%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	07/24	07/30	7,105		6,950		6,973	0.6%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	07/24	07/30	—		(21)		(18)	—%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.0% Cash	03/24	03/30		$588			$576		$588	—%	(7)(8)(13)(30)
SVI International LLC	Revolver	SOFR + 6.75%, 11.0% Cash	03/24	03/30		—			(1)		—	—%	(7)(8)(13)(30)
Subtotal Automotive (2.4%)*				28,788			28,108			28,221
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	02/21	03/28		3,718			3,917		3,718	0.3%	(3)(7)(8)(17)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	10/21	10/27		5,309			5,243		5,309	0.4%	(7)(8)(13)(30)
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.0% Cash	03/25	03/30		3,247			3,072		3,117	0.3%	(3)(7)(8)(16)(30)
DreamStart Bidco SAS (d/b/a SmartTrade)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.0% Cash	03/20	03/27		2,297			2,335		2,297	0.2%	(3)(7)(8)(10)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	11/23	11/30		4,067			3,937		3,994	0.3%	(3)(7)(8)(11)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.8% Cash	10/23	09/30		5,034			4,824		4,964	0.4%	(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	09/19	09/26		3,272			3,676		3,272	0.3%	(3)(7)(8)(9)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	05/21	05/28		2,701			2,962		2,648	0.2%	(3)(7)(8)(10)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash, 4.0% PIK	12/21	06/26		51,455			51,037		51,038	4.4%	(7)(8)(13)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	06/21	12/30		9,128			8,887		9,041	0.7%	(3)(7)(8)(10)(30)
Russell Investments US Institutional Holdco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 7.8% Cash, 1.5% PIK	04/24	05/27		522			491		512	—%	(7)(8)(13)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/31		12,183			12,124		12,127	1.0%	(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.25%, 8.6% Cash	10/21	12/27		2,645			2,622		2,645	0.2%	(7)(8)(12)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.25%, 8.6% Cash	10/21	12/27		—			(7)		—	—%	(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Subordinated Term Loan	SOFR + 7.75%, 12.2% PIK	10/21	10/28		3,791			3,752		3,791	0.3%	(7)(8)(14)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/24	10/31		10,354			10,234		10,246	0.9%	(7)(8)(12)(30)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/31		69			55		56	—%	(7)(8)(12)(30)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	11/21	12/25		8,141			8,111		7,677	0.6%	(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/23	12/27		8,587			8,467		8,465	0.7%	(7)(8)(13)(30)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	12/24	12/29		1,973			1,812		1,817	0.2%	(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)*			138,493		137,551			136,734
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26		4,370			4,239		4,370	0.4%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 7.00%, 11.6% PIK	02/24	05/26		809			809		809	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 13.6% PIK	02/24	05/26		618			618		618	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26		2,154			2,101		2,154	0.2%	(7)(8)(13)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash	04/21	04/28		6,658			7,122		6,658	0.6%	(3)(7)(8)(10)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.2% Cash	05/23	04/28		1,036			1,019		1,036	0.1%	(3)(7)(8)(23)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	12/21	12/28		2,240			2,267		1,942	0.2%	(3)(7)(8)(10)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	12/21	12/27	$15,773		$15,545		$15,514	1.3%	(7)(8)(13)(30)
Woodland Foods, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	12/21	12/27	911		880		869	0.1%	(7)(8)(13)(30)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	02/28	9,165		9,043		9,050	0.8%	(7)(8)(13)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	01/25	01/30	—		(21)		(22)	—%	(7)(8)(13)(30)
ZB Holdco LLC	Revolver	SOFR + 5.50%, 10.0% Cash	02/22	02/28	1,005		986		983	0.1%	(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (3.7%)*				44,739		44,608		43,981
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/23	11/29	3,298		3,254		3,260	0.3%	(7)(8)(13)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	11/23	11/29	3,298		3,198		3,270	0.3%	(7)(8)(13)(30)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.1% Cash	11/23	11/29	—		(14)		—	—%	(7)(8)(13)(30)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.6% Cash	07/22	07/29	2,484		2,327		2,484	0.2%	(3)(7)(8)(10)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	03/23	07/29	14,076		13,436		12,528	1.1%	(7)(8)(13)
Brown Machine Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	10/18	10/25	6,088		6,081		5,582	0.5%	(7)(8)(13)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	11/21	11/28	1,303		1,288		1,303	0.1%	(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/30	6,821		6,752		6,752	0.6%	(7)(8)(13)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/30	86		64		64	—%	(7)(8)(13)(30)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	954		944		954	0.1%	(7)(8)(12)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(5)		—	—%	(7)(8)(12)(30)
Process Equipment, Inc. (ProcessBarron)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	03/19	09/26	5,338		5,338		5,178	0.4%	(7)(8)(14)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	07/23	07/29	5,732		5,633		5,595	0.5%	(7)(8)(13)(30)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29	531		513		509	—%	(7)(8)(13)(30)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/24	10/30	5,439		5,331		5,332	0.4%	(7)(8)(13)(30)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/30	—		(19)		(19)	—%	(7)(8)(13)(30)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/30	13,846		13,535		13,559	1.1%	(7)(8)(13)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/30	—		(41)		(38)	—%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	14,353		14,058		14,010	1.2%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(23)		(32)	—%	(7)(8)(13)(30)
Subtotal Capital Equipment (6.8%)*				83,647		81,650		80,291
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/23	04/29	2,604		2,560		2,557	0.2%	(7)(8)(12)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/23	04/29	—		(8)		(8)	—%	(7)(8)(12)(30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.08%, 8.6% Cash	11/21	10/28	4,109		4,141		4,076	0.3%	(3)(7)(8)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.83%, 10.1% Cash	01/23	10/28	1,657		1,594		1,657	0.1%	(3)(7)(8)(11)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 6.08%, 10.7% Cash	06/22	10/28	1,019		1,019		1,011	0.1%	(3)(7)(8)(13)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	09/21	09/27	2,324		2,486		2,082	0.2%	(3)(7)(8)(11)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Polymer Solutions Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.6% PIK	02/22	10/25		$993			$993		$460	—%	(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.0%)*			12,706		12,785			11,835
Construction & Building
BKF Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/24	08/30		8,138			8,005		8,008	0.7%	(7)(8)(12)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24	08/30		—			(47)		(48)	—%	(7)(8)(12)(30)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/21	12/27		12,353			12,228		11,599	1.0%	(7)(8)(13)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.2% Cash	12/21	12/27		534			507		353	—%	(7)(8)(12)(30)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/21	08/27		660			654		660	0.1%	(7)(8)(12)
Ocelot Holdco LLC	Super Senior Takeback Loan	10.0% Cash	10/23	10/27		549			549		549	—%	(7)(8)
Ocelot Holdco LLC	Takeback Term loan	10.0% Cash	10/23	10/27		2,933			2,933		2,933	0.2%	(7)(8)
Subtotal Construction & Building (2.0%)*				25,167			24,829			24,054
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.0% Cash	12/21	12/28		1,553			1,534		1,295	0.1%	(7)(8)(13)
DecksDirect, LLC	Revolver	SOFR + 6.50%, 11.0% Cash	12/21	12/28		254			250		191	—%	(7)(8)(13)(30)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 13.8% Cash	10/23	10/28		13,185			12,889		12,902	1.1%	(7)(8)(12)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.0% Cash	07/22	01/26		11,091			11,071		10,237	0.9%	(7)(8)(14)(30)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.0% Cash	07/22	01/26		—			(2)		(89)	—%	(7)(8)(14)(30)
Lifestyle Intermediate II, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.6% Cash	02/22	01/26		2,951			2,951		2,796	0.2%	(7)(8)(13)(28)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/25	03/30		7,328			7,255		7,255	0.6%	(7)(8)(12)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	03/25	03/30		—			(9)		(9)	—%	(7)(8)(12)(30)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	11/21	11/27		4,697			4,644		4,363	0.4%	(7)(8)(13)
Team Air Distributing, LLC	Subordinated Term Loan	14.0% Cash	05/23	05/28		753			740		739	0.1%	(7)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28		288			285		266	—%	(7)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.2% Cash	03/22	09/30		4,024			4,085		3,923	0.3%	(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.7%)*				46,124			45,693			43,869
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 9.2% Cash	02/21	02/28		7,561			8,156		7,546	0.6%	(3)(7)(8)(11)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/24	02/30		5,900			5,780		5,807	0.5%	(7)(8)(14)(30)
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	02/24	02/30		—			(17)		(13)	—%	(7)(8)(14)(30)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.7% Cash	04/24	04/29		887			822		849	0.1%	(3)(7)(8)(17)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	04/24	04/29		3,291			3,101		3,292	0.3%	(3)(8)(12)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	01/24	01/30		4,576			4,487		4,493	0.4%	(7)(8)(13)(30)
Ice House America, L.L.C.	Revolver	SOFR + 5.50%, 9.8% Cash	01/24	01/30		320			313		313	—%	(7)(8)(13)(30)
Isagenix International, LLC	First Lien Senior Secured Term Loan	SOFR + 6.60%, 10.9% Cash	04/23	04/28		934			702		181	—%	(7)(8)(13)(28)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.1% Cash	12/20	12/26		6,933			8,135		6,933	0.6%	(3)(7)(8)(18)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/20	12/26		$14,774			$14,689		$14,775	1.2%	(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.7%)*			45,176		46,168			44,176
Containers, Packaging, & Glass
Brook & Whittle Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.5% Cash	02/22	12/28		2,763			2,744		2,285	0.2%	(8)(13)(28)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29		809			794		792	0.1%	(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.6% Cash	05/22	05/30		13,692			13,498		13,268	1.1%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/30		1,771			1,747		1,749	0.1%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.0% Cash	09/24	09/30		3,652			3,743		3,607	0.3%	(7)(8)(15)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/30		41			32		33	—%	(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 9.0% Cash	09/24	09/30		—			(11)		(10)	—%	(7)(8)(15)(30)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	03/25	03/30		5,558			5,471		5,470	0.5%	(7)(8)(13)(30)
MSI Express Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	03/25	03/30		656			624		624	0.1%	(7)(8)(13)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.8% Cash	06/21	06/28		2,118			2,345		2,098	0.2%	(3)(7)(8)(10)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	06/21	06/28		1,303			1,353		1,291	0.1%	(3)(7)(8)(10)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28		7,882			7,781		7,792	0.7%	(7)(8)(12)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	05/23	03/28		3,032			2,972		2,998	0.3%	(7)(8)(12)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28		—			(10)		(10)	—%	(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.5%)*			43,277		43,083			41,987
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28		12,190			12,009		12,008	1.0%	(7)(8)(13)
WWEC Holdings III Corp	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28		—			(37)		(37)	—%	(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*				12,190			11,972			11,971
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27		27,200			27,200		28,002	2.4%
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	02/21	01/27		6,515			6,488		6,495	0.5%	(7)(8)(13)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.65%, 9.0% Cash	12/24	12/30		17,135			16,881		17,136	1.4%	(7)(8)(13)(30)
Northstar Recycling, LLC	Revolver	SOFR + 4.65%, 9.0% Cash	12/24	12/30		—			(42)		—	—%	(7)(8)(13)(30)
Subtotal Environmental Industries (4.3%)*				50,850			50,527			51,633
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29		13,159			11,875		8,303	0.7%	(3)(7)(31)
Amalfi Midco	Second Lien Senior Secured Term Loan	17.5% PIK	09/22	10/28		299			301		311	—%	(3)(7)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28		6,125			5,415		5,819	0.5%	(3)(7)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	11/21	11/28		413			408		412	—%	(3)(7)(8)(10)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.5% Cash	11/21	11/28		2,499			2,517		2,493	0.2%	(3)(7)(8)(17)(30)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.7% Cash	11/21	11/27		1,760			1,961		1,760	0.1%	(3)(7)(8)(19)(30)
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 8.2% PIK	12/22	12/29		2,515			2,517		1,153	0.1%	(3)(7)(8)(11)(26)(30)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.0% PIK, 10.3% PIK	06/21	12/26		1,584			1,860		302	—%	(3)(7)(8)(20)(26)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	$80	$79	$256	—%	(3)(7)(30)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.9% Cash	10/21	10/28	3,344	3,295	3,317	0.3%	(3)(7)(8)(11)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	05/24	05/29	3,991	3,887	3,903	0.3%	(7)(8)(13)
Dune Group	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.6% Cash	09/21	09/28	125	118	97	—%	(3)(7)(8)(11)(30)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.3% Cash	09/21	09/28	1,434	1,422	1,361	0.1%	(3)(7)(8)(13)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	11/24	11/31	1,901	1,783	1,834	0.2%	(3)(7)(8)(10)(30)
Ellkay, LLC	First Lien Senior Secured Term Loan	SOFR + 7.50%, 10.0% Cash, 2.0% PIK	09/21	09/27	4,900	4,855	4,478	0.4%	(7)(8)(13)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 6.10%, 8.5% Cash	01/23	01/29	1,645	1,626	1,633	0.1%	(3)(7)(8)(10)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.1% Cash	03/22	03/29	4,887	4,877	4,848	0.4%	(3)(7)(8)(11)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/24	03/30	6,107	6,026	6,107	0.5%	(7)(8)(13)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	03/24	03/30	—	(6)	—	—%	(7)(8)(13)(30)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	08/24	08/27	538	529	529	—%	(7)(8)(13)(30)
GCDL LLC	Revolver	SOFR + 6.00%, 10.3% Cash	08/24	08/27	—	(2)	(2)	—%	(7)(8)(13)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	294	296	294	—%	(3)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	86	85	86	—%	(3)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	03/25	06/30	—	—	—	—%	(3)(7)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% PIK	06/22	06/29	465	446	24	—%	(3)(7)(8)(9)(26)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.70%, 8.1% Cash	10/22	10/29	814	763	802	0.1%	(3)(7)(8)(10)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.95%, 8.4% Cash	10/22	10/29	166	163	166	—%	(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	09/22	09/28	698	705	601	0.1%	(3)(7)(8)(19)(30)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	14,385	14,235	13,306	1.1%	(7)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	08/23	08/29	6,861	6,724	6,861	0.6%	(7)(8)(12)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	08/23	08/29	—	(33)	—	—%	(7)(8)(12)(30)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	03/21	03/27	3,706	3,680	3,272	0.3%	(7)(8)(14)
Hygie 31 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.88%, 8.2% Cash	09/22	09/29	1,577	1,379	1,570	0.1%	(3)(7)(8)(11)
ISTO Technologies II, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/23	10/28	6,718	6,597	6,718	0.6%	(7)(8)(13)
ISTO Technologies II, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/23	10/28	—	(13)	—	—%	(7)(8)(13)(30)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.50%, 8.7% Cash	03/22	03/27	3,760	4,324	3,760	0.3%	(3)(7)(8)(22)(30)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	08/24	08/31	857	857	847	0.1%	(3)(7)(8)(11)(30)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.8% Cash	08/24	05/31	19	18	19	—%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.6% Cash	12/21	12/28	2,136	2,165	2,013	0.2%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	1,920	1,948	1,765	0.1%	(3)(7)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 10.5% Cash	02/22	10/27	9,616	9,922	9,305	0.8%	(3)(8)(16)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	11/21	11/29	4,421	4,395	2,211	0.2%	(8)(13)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.5% Cash	07/23	07/30		$1,917		$1,886	$1,917	0.2%	(3)(7)(8)(16)(30)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.2% Cash	03/22	03/28		12,540		14,275	12,540	1.1%	(3)(7)(8)(19)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	02/21	02/27		5,557		5,510	5,557	0.5%	(7)(8)(12)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	09/22	10/29		1,967		1,743	1,967	0.2%	(3)(7)(8)(10)(30)
OA Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	12/21	12/28		5,461		5,400	5,461	0.5%	(7)(8)(12)
OA Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	12/21	06/31		2,819		2,807	2,819	0.2%	(7)(8)(12)
OA Buyer, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	12/21	12/28		—		(14)	—	—%	(7)(8)(12)(30)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	08/23	07/29		3,930		3,836	4,849	0.4%	(3)(7)(8)(12)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.7% Cash	06/21	06/28		2,954		3,178	2,898	0.2%	(3)(7)(8)(17)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.6% Cash	12/19	12/26		2,667		2,734	2,667	0.2%	(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	12/26		1,500		1,500	1,500	0.1%	(3)(7)(8)(13)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.25%, 12.6% Cash	10/23	10/29		29		24	25	—%	(7)(8)(12)(30)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.7% Cash	10/23	10/29		595		585	588	—%	(7)(8)(12)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	06/22	07/29		4,009		3,721	3,866	0.3%	(3)(7)(8)(11)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.75%, 6.2% Cash	06/22	07/29		2,975		2,781	2,910	0.2%	(3)(7)(8)(24)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	10/18	10/27		1,363		1,360	1,166	0.1%	(7)(8)(13)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.9% Cash	10/18	10/27		3,871		3,856	3,310	0.3%	(7)(8)(13)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/20	11/27		6,286		6,218	6,286	0.5%	(3)(7)(8)(16)(30)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 11.2% Cash	11/23	08/30		989		936	972	0.1%	(3)(7)(8)(17)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.59%, 9.3% Cash	06/22	06/29		962		893	961	0.1%	(3)(7)(8)(16)(30)
United Therapy Holding III GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.2% Cash	04/22	03/29		1,934		1,881	1,455	0.1%	(3)(7)(8)(10)(30)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.93%, 7.3% Cash	03/23	03/30		2,047		1,968	2,047	0.2%	(3)(7)(8)(10)(30)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.8% Cash	03/25	03/30		45,341		43,527	43,527	3.7%	(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (17.8%)*			227,518		224,604		211,822
High Tech Industries
1WorldSync, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	07/19	07/25		7,030		7,021	7,030	0.6%	(7)(8)(13)
Alpine SG, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.9% Cash	02/22	11/27		12,775		12,522	12,775	1.1%	(7)(8)(13)(28)
Argus Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK	07/22	07/29		1,978		1,876	1,826	0.2%	(3)(7)(8)(11)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash, 3.3% PIK	07/22	07/29		136		134	125	—%	(3)(7)(8)(14)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 2.8% PIK	07/22	07/29		1,772		1,597	1,607	0.1%	(3)(7)(8)(17)(30)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29		871		812	792	0.1%	(3)(7)
CAi Software, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	12/21	12/28		12,498		12,328	12,498	1.1%	(7)(8)(13)
CAi Software, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	12/21	12/28		1,261		1,227	1,261	0.1%	(7)(8)(13)(30)
Contabo FincoS.À R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.8% Cash	10/22	10/29		5,030		4,559	5,030	0.4%	(3)(7)(8)(10)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	01/21	01/27	$2,725	$2,704	$2,725	0.2%	(7)(8)(13)
Discovery Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/25	02/32	12,508	12,266	12,261	1.0%	(7)(8)(13)(30)
Discovery Buyer, L.P.	Revolver	SOFR + 5.00%, 9.3% Cash	02/25	02/32	—	(22)	(22)	—%	(7)(8)(13)(30)
Dragon Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.9% Cash	04/21	04/28	2,701	2,841	2,701	0.2%	(3)(7)(8)(10)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	07/21	07/29	14,590	14,402	14,422	1.2%	(7)(8)(13)
Electrical Components International, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	05/24	05/29	10,585	10,401	10,395	0.9%	(7)(8)(13)(30)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% PIK	12/22	12/29	1,748	1,497	836	0.1%	(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% PIK	12/22	12/29	913	781	437	—%	(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.4% PIK	12/22	12/29	2,423	2,258	1,158	0.1%	(3)(7)(8)(17)(26)
Eurofins Digital Testing International LUX Holding SARL	Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	745	642	—	—%	(3)(7)(26)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/21	08/28	4,728	4,681	4,728	0.4%	(7)(8)(12)
Graphpad Software, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24	06/31	9,487	9,435	9,487	0.8%	(7)(8)(13)(30)
Graphpad Software, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	06/24	06/31	—	(4)	—	—%	(7)(8)(13)(30)
Haystack Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	01/25	01/28	9,921	9,772	9,764	0.8%	(7)(8)(13)(30)
Haystack Holdings LLC	Revolver	SOFR + 4.75%, 9.0% Cash	01/25	01/28	—	(13)	(14)	—%	(7)(8)(13)(30)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/21	11/28	7,202	7,132	7,202	0.6%	(7)(8)(13)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	11/21	11/27	—	(23)	—	—%	(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/18	06/29	10,831	10,810	10,831	0.9%	(7)(8)(13)
Ivanti Software, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	02/22	12/28	6,000	5,989	2,850	0.2%	(8)(13)(28)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	05/22	05/29	738	723	734	0.1%	(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.50%, 10.3% Cash	05/22	11/28	—	—	—	—%	(3)(7)(8)(14)(30)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29	11,820	11,476	11,820	1.0%	(7)(8)(13)(30)
NAW Buyer LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29	—	(35)	—	—%	(7)(8)(13)(30)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.35%, 8.9% Cash	01/23	01/30	2,583	2,527	2,583	0.2%	(3)(7)(8)(11)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/23	11/30	22,319	22,055	22,077	1.9%	(7)(8)(13)(30)
Next Holdco, LLC	Revolver	SOFR + 5.25%, 9.6% Cash	11/23	11/29	—	(9)	(7)	—%	(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	12/23	12/30	987	976	973	0.1%	(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/21	12/29	14,094	13,856	13,896	1.2%	(7)(8)(13)(30)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/21	12/29	444	428	432	—%	(7)(8)(13)(30)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	08/21	08/27	14,952	14,775	14,752	1.2%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24		11/29		$8,112			$8,063		$8,010	0.7%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24		11/29		—			(24)		(22)	—%	(7)(8)(13)(30)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22		03/28		1,608			1,592		1,608	0.1%	(7)(8)(12)
ProfitOptics, LLC	Revolver	SOFR + 5.75%, 10.2% Cash	03/22		03/28		242			237		242	—%	(7)(8)(12)(30)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22		03/29		81			81		76	—%	(7)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24		09/30		7,767			7,661		7,671	0.6%	(7)(8)(12)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	09/24		09/29		353			325		327	—%	(7)(8)(12)(30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/22		05/29		883			847		883	0.1%	(3)(7)(8)(10)(30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	05/22		05/29		1,411			1,395		1,411	0.1%	(3)(7)(8)(13)
RA Outdoors, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.3% Cash	02/22		04/26		14,136			13,877		13,005	1.1%	(7)(8)(14)(28)
RA Outdoors, LLC	Revolver	SOFR + 6.75%, 11.3% Cash	02/22		04/26		1,352			1,352		1,244	0.1%	(7)(8)(14)(28)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24		11/31		17,819			17,603		17,622	1.5%	(7)(8)(13)(30)
Saab Purchaser, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24		11/31		—			(23)		(21)	—%	(7)(8)(13)(30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.2% Cash	05/22		05/29		3,451			3,364		3,447	0.3%	(3)(7)(8)(10)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	08/23		05/29		443			443		442	—%	(3)(7)(8)(13)
Scout Bidco B.V.	Revolver	EURIBOR + 5.75%, 8.2% Cash	05/22		05/29		—			(4)		(12)	—%	(3)(7)(8)(10)(30)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	07/23		07/30		1,974			1,945		1,969	0.2%	(3)(7)(8)(11)(30)
Smartling, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	11/21		11/27		10,410			10,310		10,410	0.9%	(7)(8)(14)
Smartling, Inc.	Revolver	SOFR + 4.50%, 8.9% Cash	11/21		11/27		—			(10)		—	—%	(7)(8)(14)(30)
Validity, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	07/19		05/26		4,783			4,756		4,783	0.4%	(7)(8)(14)
Vision Solutions Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	02/22		04/29		6,500			6,497		6,237	0.5%	(8)(13)(28)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	10/23		10/30		1,749			1,697		1,749	0.1%	(3)(7)(8)(13)(30)
Subtotal High Tech Industries (23.6%)*					291,469			286,381			281,046
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/21		12/28		6,507			6,541		6,481	0.5%	(3)(7)(8)(17)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.50% PIK, 15.6% PIK	12/21		12/28		2,184			2,188		2,166	0.2%	(3)(7)(8)(17)
Subtotal Hotel, Gaming, & Leisure (0.7%)*		8,691		8,729			8,647
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	07/22		07/27		6,601			6,546		6,601	0.6%	(7)(8)(12)
ASC Communications, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	07/22		07/27		—			(8)		—	—%	(7)(8)(12)(30)
AVSC Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	11/20		10/26		2			2		2	—%	(7)(8)(12)
Ruffalo Noel Levitz, LLC	First Lien Senior Secured Term Loan	SOFR + 4.00%, 10.9% PIK	01/19		12/26		9,944			9,937		4,405	0.4%	(7)(8)(13)(26)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	12/21		12/27		18,016			17,738		17,703	1.5%	(7)(8)(13)(30)
Superjet Buyer, LLC	Revolver	SOFR + 5.50%, 10.1% Cash	12/21		12/27		—			(27)		(35)	—%	(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (2.4%)*			34,563			34,188			28,676

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	08/20	08/26		$6,923			$6,876			$6,604		0.6%	(7)(8)(13)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24	03/29		3,584			3,584			3,504		0.3%	(8)(13)
Subtotal Media: Broadcasting & Subscription (0.9%)*			10,507		10,460			10,108
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	10/21	10/27		4,645			4,625			4,645		0.4%	(7)(8)(12)
BrightSign LLC	Revolver	SOFR + 5.50%, 9.9% Cash	10/21	10/27		1,085			1,080			1,085		0.1%	(7)(8)(12)(30)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 5.3% Cash, 2.5% PIK	05/19	05/25		1,581			1,580			1,540		0.1%	(7)(8)(13)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 5.3% Cash, 2.5% PIK	05/19	05/26		12,491			12,487			12,167		1.0%	(7)(8)(13)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.2% Cash	04/22	04/29		227			223			226		—%	(3)(7)(8)(10)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.9% Cash	04/22	04/29		1,648			1,640			1,639		0.1%	(3)(7)(8)(16)(30)
Learfield Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	06/28		5,463			5,472			5,460		0.5%	(8)(12)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	11/20	11/27		1,691			1,718			1,638		0.1%	(3)(7)(8)(17)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29		6,521			6,362			6,436		0.5%	(7)(8)(12)
Rock Labor LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29		—			(25)			(14)		—%	(7)(8)(13)(30)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/22	12/29		15,294			15,007			15,279		1.3%	(7)(8)(13)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.6% Cash	12/22	12/28		864			834			862		0.1%	(7)(8)(13)(30)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	06/21	06/30		18,062			17,881			17,881		1.5%	(7)(8)(13)
Subtotal Media: Diversified & Production (5.8%)*			69,572		68,884			68,844			5.8%
Metals & Mining
Arch Global Precision LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/19	04/26		8,966			8,966			8,805		0.7%	(7)(8)(13)
Subtotal Metals & Mining (0.7%)*				8,966			8,966			8,805			0.7%
Services: Business
Accelevation LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	01/25	01/31		3,001			2,941			2,939		0.2%	(7)(8)(12)(30)
Accelevation LLC	Revolver	SOFR + 5.00%, 9.3% Cash	01/25	01/31		118			104			104		—%	(7)(8)(12)(30)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.38%, 10.7% Cash	08/21	08/27		2,500			2,470			2,470		0.2%	(3)(7)(8)(14)
Acogroup	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.4% PIK	03/22	04/28		7,921			7,957			5,497		0.5%	(3)(7)(8)(10)
AD Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	03/24	03/30		10,073			9,781			10,073		0.8%	(7)(8)(13)(30)
AD Bidco, Inc.	Revolver	SOFR + 5.25%, 9.5% Cash	03/24	03/30		—			(27)			—		—%	(7)(8)(13)(30)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	05/23	05/30		1,790			1,770			1,784		0.2%	(3)(7)(8)(10)(30)
Adhefin International	Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	05/23	11/30		345			342			345		—%	(3)(7)(8)(10)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% Cash	03/23	03/30		4,797			4,650			4,797		0.4%	(3)(7)(8)(10)(30)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.1% Cash	01/20	01/27		1,881			1,894			1,830		0.2%	(3)(7)(8)(16)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.6% Cash	10/23	01/27		1,417			1,317			1,399		0.1%	(3)(7)(8)(16)
Apex Bidco Limited	Subordinated Senior Unsecured Term Loan	8.0% PIK	01/20	07/27		340			340			310		—%	(3)(7)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.5% Cash	11/24	11/31		296			262			270		—%	(3)(7)(8)(10)(30)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	12/19	12/26	$1,512	$1,540	$1,422	0.1%	(3)(7)(8)(10)
Auxi International	First Lien Senior Secured Term Loan	SONIA + 6.25%, 10.7% Cash	04/21	12/26	865	910	813	0.1%	(3)(7)(8)(17)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	11/21	11/27	4,773	4,730	4,773	0.4%	(7)(8)(12)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	11/21	11/27	—	(4)	—	—%	(7)(8)(12)(30)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	1,868	1,853	1,868	0.2%	(7)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/30	14,158	13,926	13,940	1.2%	(7)(8)(13)(30)
Basin Innovation Group, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/24	12/30	—	(26)	(25)	—%	(7)(8)(13)(30)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	02/24	05/27	9,818	9,689	9,739	0.8%	(7)(8)(9)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	08/21	08/27	4,095	4,061	4,079	0.3%	(7)(8)(12)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash, 0.3% PIK	10/21	10/28	1,839	1,945	1,810	0.2%	(3)(7)(8)(10)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash	10/21	10/28	413	391	407	—%	(3)(7)(8)(10)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.7% Cash	12/20	12/27	15,385	15,783	15,097	1.3%	(3)(7)(8)(17)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	09/24	09/30	19,342	19,033	19,062	1.6%	(7)(8)(13)(30)
Caldwell & Gregory LLC	Revolver	SOFR + 4.75%, 9.0% Cash	09/24	09/30	—	(34)	(31)	—%	(7)(8)(13)(30)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	05/20	05/27	3,125	2,946	3,125	0.3%	(3)(7)(8)(10)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	03/25	03/30	—	(38)	—	—%	(3)(7)(8)(10)(30)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/22	02/28	13,970	13,758	13,831	1.2%	(7)(8)(13)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	02/22	02/28	551	535	534	—%	(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash, 0.3% PIK	01/20	01/27	4,746	4,738	3,398	0.3%	(7)(8)(13)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	04/22	12/29	18,616	18,377	18,188	1.5%	(7)(8)(13)
Comply365, LLC	Revolver	SOFR + 5.00%, 9.4% Cash	04/22	12/29	—	(14)	(25)	—%	(7)(8)(13)(30)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.3% Cash, 0.3% PIK	09/21	09/28	4,953	5,198	4,804	0.4%	(3)(7)(8)(11)(30)
DataServ Integrations, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	11/22	11/28	1,871	1,845	1,871	0.2%	(7)(8)(14)
DataServ Integrations, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	11/22	11/28	—	(6)	—	—%	(7)(8)(14)(30)
DISA Holdings Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	09/28	6,933	6,799	6,933	0.6%	(7)(8)(13)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	09/28	86	77	86	—%	(7)(8)(13)(30)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	06/22	06/28	1,000	991	999	0.1%	(3)(7)(8)(13)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	811	793	803	0.1%	(7)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	316	310	310	—%	(7)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	1,580	1,854	1,340	0.1%	(3)(7)(8)(19)(30)
Expert Institute Group Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/32	2,605	2,554	2,553	0.2%	(7)(8)(13)(30)
Expert Institute Group Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/32	—	(14)	(14)	—%	(7)(8)(13)(30)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.35%, 8.1% Cash	07/22	07/29	1,006	936	1,006	0.1%	(3)(7)(8)(10)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	10/22	10/29	$5,060	$4,501	$5,060	0.4%	(3)(7)(8)(10)(30)
HS Advisory Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	03/25	03/30	1,360	1,257	1,257	0.1%	(7)(8)(13)(30)
HS Advisory Buyer LLC	Revolver	SOFR + 4.75%, 9.0% Cash	03/25	03/30	—	(9)	(9)	—%	(7)(8)(13)(30)
HSL Compliance	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.7% Cash	03/25	03/30	3,861	3,686	3,692	0.3%	(3)(7)(8)(16)(30)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	09/24	12/29	9,082	8,968	8,971	0.8%	(7)(8)(13)(30)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	09/24	12/29	843	828	829	0.1%	(7)(8)(13)(30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.2% Cash	11/21	11/28	2,839	2,925	2,839	0.2%	(3)(7)(8)(10)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	08/22	08/29	1,687	1,625	1,603	0.1%	(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.8% Cash	10/22	10/29	5,391	4,841	5,359	0.5%	(3)(7)(8)(10)
JF Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	05/21	12/29	3,730	3,705	3,730	0.3%	(7)(8)(13)
Jones Fish Hatcheries & Distributors LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/22	02/28	3,481	3,437	3,481	0.3%	(7)(8)(14)
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 9.8% Cash	02/22	02/28	251	247	251	—%	(7)(8)(14)(30)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	02/22	02/28	10,043	9,950	10,033	0.8%	(7)(8)(13)
LeadsOnline, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	02/22	02/28	—	(22)	(3)	—%	(7)(8)(13)(30)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 6.9% Cash, 3.7% PIK	04/22	09/27	8,831	8,746	8,169	0.7%	(7)(8)(13)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	01/24	01/30	2,608	2,553	2,591	0.2%	(7)(8)(13)(30)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.1% Cash	01/24	01/30	—	(5)	(2)	—%	(7)(8)(13)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	06/24	06/27	5,105	5,013	4,926	0.4%	(7)(8)(13)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	07/21	06/27	4,095	4,056	4,043	0.3%	(7)(8)(13)(30)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	6,267	6,128	6,267	0.5%	(7)(8)(13)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	276	254	276	—%	(7)(8)(13)(30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	06/21	06/28	320	355	314	—%	(3)(7)(8)(10)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	06/21	06/28	533	526	524	—%	(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	02/20	02/26	1,945	1,955	1,945	0.2%	(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	02/20	02/26	2,397	2,387	2,397	0.2%	(3)(7)(8)(13)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	2,612	2,564	2,571	0.2%	(7)(8)(14)
Qualified Industries, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	—	(5)	(4)	—%	(7)(8)(14)(30)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	08/20	07/26	11,265	11,212	11,265	0.9%	(7)(8)(13)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/29	18,309	17,959	17,991	1.5%	(7)(8)(14)(30)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/24	10/29	—	(50)	(46)	—%	(7)(8)(14)(30)
Royal Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	08/22	08/28	8,084	7,990	8,084	0.7%	(7)(8)(13)
Royal Buyer, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	08/22	08/28	—	(20)	—	—%	(7)(8)(13)(30)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	08/24	08/30	21,866	21,564	21,610	1.8%	(7)(8)(12)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
RPX Corporation	Revolver	SOFR + 5.25%, 9.6% Cash	08/24	08/30	$—	$(40)	$(35)	—%	(7)(8)(12)(30)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.6% Cash	09/24	09/31	710	714	691	0.1%	(3)(7)(8)(10)(30)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/23	03/28	8,694	8,444	8,640	0.7%	(7)(8)(12)(30)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.3% Cash	03/23	03/28	—	(41)	(11)	—%	(7)(8)(12)(30)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	12/21	12/28	1,779	1,761	1,541	0.1%	(7)(8)(13)
Scaled Agile, Inc.	Revolver	SOFR + 5.50%, 9.9% Cash	12/21	12/28	336	332	291	—%	(7)(8)(13)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	09/23	09/29	12,912	12,721	12,912	1.1%	(7)(8)(14)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	09/23	09/29	—	(31)	—	—%	(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	03/27	2,062	2,037	2,052	0.2%	(7)(8)(13)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	03/27	78	77	77	—%	(7)(8)(13)(30)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	10/21	10/28	2,500	2,484	2,500	0.2%	(3)(7)(8)(14)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.8% PIK	07/21	07/28	2,969	2,949	2,969	0.2%	(7)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	11/22	11/29	1,751	1,522	1,693	0.1%	(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.5% Cash	06/24	07/30	703	726	674	0.1%	(3)(7)(8)(19)(30)
Techone B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.8% Cash	11/21	11/28	3,796	3,819	3,796	0.3%	(3)(7)(8)(10)
Techone B.V.	Revolver	EURIBOR + 5.40%, 7.8% Cash	11/21	05/28	—	(24)	—	—%	(3)(7)(8)(10)(30)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/23	07/29	6,877	6,715	6,795	0.6%	(7)(8)(12)
Trintech, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	07/23	07/29	153	140	147	—%	(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	09/27	2,591	2,569	2,568	0.2%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/22	12/28	2,161	2,131	2,142	0.2%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/29	8,035	7,846	7,859	0.7%	(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	12/22	12/28	—	(6)	(4)	—%	(7)(8)(13)(30)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	07/21	09/26	4,861	4,833	4,861	0.4%	(7)(8)(12)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	07/24	12/30	559	556	559	—%	(3)(7)(8)(13)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.6% Cash	12/23	12/30	1,595	1,487	1,595	0.1%	(3)(7)(8)(21)(30)
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	11/24	11/31	13,247	13,012	13,247	1.1%	(7)(8)(13)(30)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	11/24	11/31	779	748	779	0.1%	(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	11/18	05/26	12,566	12,521	12,440	1.0%	(7)(8)(13)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	10/24	10/27	5,451	5,404	5,397	0.5%	(7)(8)(13)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.9% Cash, 2.4% PIK	09/20	09/27	1,649	1,755	1,565	0.1%	(3)(7)(8)(10)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash, 2.4% PIK	02/21	09/27	988	988	937	0.1%	(3)(7)(8)(13)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash, 1.8% PIK	02/21	09/27	2,592	2,563	2,460	0.2%	(3)(7)(8)(13)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
W2O Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	10/20	06/28	$15,004		$14,911		$14,928	1.3%	(7)(8)(12)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	03/24	03/30	13,862		13,620		13,862	1.2%	(7)(8)(13)
World 50, Inc.	Revolver	SOFR + 5.75%, 10.0% Cash	03/24	03/30	—		(16)		—	—%	(7)(8)(13)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29	302		305		298	—%	(3)(7)(8)(11)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	05/22	05/29	9,083		8,666		8,956	0.8%	(3)(7)(8)(17)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	4,010		3,809		3,870	0.3%	(3)(7)
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% PIK	03/22	03/29	6,246		6,262		2,873	0.2%	(3)(7)(8)(17)(26)
Subtotal Services: Business (37.9%)*				463,758		456,627		450,452
Services: Consumer
Arc Education	First Lien Senior Secured Term Loan	EURIBOR + 5.65%, 8.0% Cash	07/22	07/29	3,994		3,716		3,982	0.3%	(3)(7)(8)(10)(30)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	10/20	10/27	6,373		6,503		6,042	0.5%	(3)(7)(8)(10)
Bariacum S.A	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.3% Cash	11/21	11/28	3,241		3,263		3,169	0.3%	(3)(7)(8)(11)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	10/23	10/29	4,001		3,913		3,769	0.3%	(7)(8)(13)(30)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.3% Cash	10/23	10/29	314		308		298	—%	(7)(8)(13)(30)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.1% Cash	07/22	07/28	6,387		6,316		6,259	0.5%	(7)(8)(13)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.50%, 11.1% Cash	07/22	07/28	141		138		136	—%	(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	02/30	11,998		11,966		11,998	1.0%	(7)(8)(13)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 4.91%, 9.2% Cash	07/22	07/27	2,520		2,758		2,520	0.2%	(3)(7)(8)(19)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 4.91%, 8.9% Cash	07/22	07/27	4,043		4,400		4,043	0.3%	(3)(7)(8)(22)(30)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	11/23	11/29	1,494		1,461		1,494	0.1%	(7)(8)(13)(30)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 8.8% Cash	11/23	11/29	—		(5)		—	—%	(7)(8)(13)(30)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	2,018		2,064		1,980	0.2%	(3)(7)(8)(19)(30)
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	10/21	10/29	13,122		13,036		13,122	1.1%	(7)(8)(13)
Marmoutier Holding B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% PIK	12/21	12/28	2,653		2,415		(24)	—%	(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.75%, 6.7% PIK	12/21	06/27	116		104		(13)	—%	(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	6.0% PIK	03/24	04/25	193		194		193	—%	(3)(7)(26)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/20	12/26	7,462		7,412		7,387	0.6%	(7)(8)(13)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.2% Cash	12/20	12/26	2,731		2,671		2,725	0.2%	(7)(8)(13)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 3.75%, 7.8% Cash	09/21	09/26	1,718		1,977		1,705	0.1%	(3)(7)(8)(18)
Selenium Designated Activity Company	First Lien Senior Secured Term Loan	EURIBOR + 5.13%, 7.5% Cash	03/25	03/30	7,728		7,571		7,574	0.6%	(3)(7)(8)(11)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	05/22	05/29	968		927		943	0.1%	(3)(7)(8)(9)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.1% Cash	05/22	05/29	1,590		1,566		1,588	0.1%	(3)(7)(8)(9)
Subtotal Services: Consumer (6.8%)*				84,805		84,674		80,890

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Structured Product
Air Canada 2020-2 Class B Pass Through Trust	Structured Secured Note - Class B	9.0% Cash	09/20	10/25	$2,370		$2,370		$2,393	0.2%
AMMC CLO 22, Limited Series 2018-22A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	04/31	7,222		1,188		469	—%	(3)(7)(28)
Apidos CLO XXIV, Series 2016-24A	Subordinated Structured Notes	Residual Interest, current yield 88.40%	02/22	07/27	18,358		3,561		2,429	0.2%	(3)(28)
British Airways 2020-1 Class B Pass Through Trust	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	462		462		481	—%
Catawba River Limited	Structured - Junior Note	N/A	10/22	10/31	5,034		4,442		2,241	0.2%	(3)(7)(29)
Dryden 49 Senior Loan Fund, Series 2017-49A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/30	17,233		2,414		46	—%	(3)(28)(29)
Flexential Issuer, LLC	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	16,000		14,891		15,862	1.3%
JetBlue 2019-1 Class B Pass Through Trust	Structured Secured Note - Class B	8.0% Cash	08/20	11/27	2,495		2,495		2,489	0.2%
Magnetite XIX, Limited	Subordinated Notes	SOFR + 8.00%, 12.3% Cash	02/22	04/34	5,250		5,250		5,238	0.4%	(3)(8)(13)
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	04/27	182		182		179	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	04/27	182		182		180	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	04/27	182		182		180	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	04/27	182		182		181	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	04/27	9,274		9,274		9,263	0.8%	(3)(7)
Sound Point CLO XX, Ltd.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/31	4,489		1,389		44	—%	(3)(28)(29)
US Bank National Association Series 2025-1	Structured Note - Class R	SOFR + 7.50%, 11.9% Cash	03/25	01/32	7,500		7,500		7,500	0.6%	(3)(7)(8)(13)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	08/31	500		500		499	—%	(3)(7)
VistaJet Pass Through Trust 2021-1B	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	2,857		2,857		2,811	0.2%	(7)
VOYA CLO 2015-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/27	10,736		2,496		81	—%	(3)(28)(29)
VOYA CLO 2016-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/28	11,088		1,608		1,198	0.1%	(3)(28)(29)
Subtotal Structured Product (4.5%)*				121,596		63,425		53,764
Telecommunications
CSL DualCom	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.2% Cash	09/20	09/27	2,229		2,077		2,229	0.2%	(3)(7)(8)(15)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.0% Cash	08/22	08/29	2,981		3,153		2,972	0.2%	(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	12/21	07/29	2,553		2,712		2,553	0.2%	(3)(7)(8)(19)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.8% Cash	09/20	09/27	12,067		11,873		11,403	1.0%	(3)(7)(8)(16)
Subtotal Telecommunications (1.6%)*				19,830		19,815		19,157
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	06/19	12/26	5,953		5,937		5,709	0.5%	(7)(8)(14)
Echo Global Logistics, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	11/21	11/29	9,469		9,371		9,469	0.8%	(7)(8)(12)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/21	11/27	3,300		3,271		3,300	0.3%	(7)(8)(12)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/21	11/27	—		(13)		—	—%	(7)(8)(12)(30)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/20	12/26	4,119		4,094		4,119	0.3%	(7)(8)(12)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	05/27		$4,532			$4,481		$4,532		0.4%	(7)(8)(13)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/22	11/28		6,667			6,550		6,667		0.6%	(3)(7)(8)(14)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	12/21	12/27		799			792		799		0.1%	(7)(8)(13)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27		12,047			11,836		12,047		1.0%	(7)(8)(13)
ITI Intermodal, Inc.	Revolver	SOFR + 6.00%, 10.4% Cash	12/21	12/27		226			205		226		—%	(7)(8)(13)(30)
Offen Inc.	First Lien Senior Secured Term Loan	SOFR + 5.11%, 9.4% Cash	02/22	06/26		3,715			3,678		3,678		0.3%	(7)(12)(28)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	12/22	12/28		6,095			5,966		6,047		0.5%	(7)(8)(14)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	12/22	12/28		817			773		801		0.1%	(7)(8)(14)(30)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	11/24	11/29		1,013			994		1,013		0.1%	(7)(8)(13)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 8.00%, 12.3% Cash	11/24	11/29		2,571			2,571		2,571		0.2%	(7)(8)(13)
Transportation Insight, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash, 1.0% PIK	08/18	06/27		11,084			11,055		8,667		0.7%	(7)(8)(13)
Subtotal Transportation: Cargo (5.9%)*				72,407			71,561			69,645
Utilities: Electric
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29		3,405			3,159		3,351		0.3%	(7)
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28		14,878			14,658		14,878		1.3%	(7)(8)(13)
Spatial Business Systems LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28		—			(21)		—		—%	(7)(8)(13)(30)
Subtotal Utilities: Electric (1.5%)*			18,283		17,796			18,229
Subtotal Debt Investments (163.6%)*				2,082,585			2,001,204			1,944,934
Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date		Units / Shares		Cost		FairValue	% of Net Assets *	Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace Corporation	Common Stock		04/22			437,623.30			$438		$—		—%	(7)(29)
Compass Precision, LLC	LLC Units		04/22			46,085.6			125		257		—%	(7)(29)
GB Eagle Buyer, Inc.	Partnership Units		12/22			687			687		1,419		0.1%	(7)
Megawatt Acquisitionco, Inc.	Common Stock		03/24			205			21		—		—%	(7)(29)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24			1,842			184		92		—%	(7)(29)
Narda Acquisitionco., Inc.	Class A Preferred Stock		12/21			4,587.38			459		589		—%	(7)(29)
Narda Acquisitionco., Inc.	Class B Common Stock		12/21			509.71			51		677		0.1%	(7)(29)
Whitcraft Holdings, Inc.	LP Units		02/23			63,087.1			631		971		0.1%	(7)(29)
Subtotal Aerospace & Defense (0.3%)*						2,596			4,005
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22			455			455		450		—%	(7)(29)
Randys Holdings, Inc.	Common Stock		11/22			5,333			533		671		0.1%	(7)(29)
SPATCO Energy Solutions, LLC	Common Stock		07/24			274,229			274		274		—%	(7)(29)
SVI International LLC	LLC Units		03/24			207,921			208		283		—%	(7)
Velocity Pooling Vehicle, LLC	Common Stock		02/22			4,676			60		2		—%	(7)(28)(29)
Velocity Pooling Vehicle, LLC	Warrants		02/22			5,591			72		3		—%	(7)(28)(29)
Subtotal Automotive (0.1%)*						1,602			1,683

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Class A Convertible Preferred Equity		01/22		5,018		$5,000	$6,472	0.5%	(7)(29)
Accelerant Holdings	Class B Convertible Preferred Equity		12/22		1,657		1,667	2,375	0.2%	(7)(29)
Accelerant Holdings	Preferred Stock		12/24		4,243		7,840	8,287	0.7%	(7)(29)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		2,828,286		2,828	4,497	0.4%	(3)(7)(29)
ICREDITWORKS LLC	Preferred Stock	10.0% Cash	03/25		59,462.7		10,208	10,208	0.9%	(7)
ICREDITWORKS LLC	Warrants		03/25		23,692.2		—	—	—%	(7)(29)
Policy Services Company, LLC	Warrants - Class A		12/21		2.5582		—	1,202	0.1%	(7)(29)
Policy Services Company, LLC	Warrants - Class B		12/21		0.8634		—	406	—%	(7)(29)
Policy Services Company, LLC	Warrants - Class CC		12/21		0.0888		—	—	—%	(7)(29)
Policy Services Company, LLC	Warrants - Class D		12/21		0.2471		—	116	—%	(7)(29)
Resolute Investment Managers, Inc.	Common Stock		03/24		38,571		—	—	—%	(7)(28)(29)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000		1,200	4,632	0.4%	(3)(7)
Subtotal Banking, Finance, Insurance, & Real Estate (3.2%)*				28,743		38,195
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		21,031		—	800	0.1%	(7)(29)
Woodland Foods, LLC	Common Stock		12/21		1,663.30		1,663	1,556	0.1%	(7)(29)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	12/21		364.00		448	448	—%	(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	03/25		94.60		124	124	—%	(7)
ZB Holdco LLC	LLC Units		02/22		152.69		153	222	—%	(7)(29)
Subtotal Beverage, Food, & Tobacco (0.3%)*					2,388		3,150
Capital Equipment
DAWGS Intermediate Holdings Co.	LLC Units		03/25		346.9		347	347	—%	(7)(29)
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,409		741	1,492	0.1%	(7)
Process Insights Acquisition, Inc.	Common Stock		07/23		281		281	198	—%	(7)(29)
Rapid Buyer LLC	LLC Units		10/24		533		533	536	—%	(7)(29)
TAPCO Buyer LLC	LLC Units		11/24		252		252	261	—%	(7)(29)
Subtotal Capital Equipment (0.2%)*					2,154		2,834
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		88,110		88	120	—%	(7)(29)
Aptus 1829. GmbH	Common Stock		09/21		48		12	—	—%	(3)(7)(29)
Aptus 1829. GmbH	Preferred Stock		09/21		13		120	49	—%	(3)(7)(29)
Polymer Solutions Group Holdings, LLC	Common Stock		02/22		74		—	—	—%	(7)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*				220		169
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		1,004,467		1,004	1,065	0.1%	(7)(29)
MNS Buyer, Inc.	Partnership Units		08/21		76,923		77	108	—%	(7)(29)
Ocelot Holdco LLC	Common Stock		10/23		186.67		—	903	0.1%	(7)(29)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		243.81		1,998	2,963	0.2%	(7)
Subtotal Construction & Building (0.4%)*					3,079		5,039
Consumer goods: Durable
DecksDirect, LLC	Class A Units		04/24		1,016.1		47	—	—%	(7)(29)
DecksDirect, LLC	Common Stock		12/21		1,280.8		55	—	—%	(7)(29)
DecksDirect, LLC	Preferred Stock	13.0% PIK	03/25		9.5		10	—	—%	(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Lifestyle Intermediate II, LLC	Common Stock		01/25		16,173.0		$—	$—	—%	(7)(29)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		202,393.6		202	95	—%	(7)(29)
RTIC Subsidiary Holdings, LLC	Class A Preferred Stock		02/22		145.347		4	—	—%	(7)(28)(29)
RTIC Subsidiary Holdings, LLC	Class B Preferred Stock		02/22		145.347		—	—	—%	(7)(28)(29)
RTIC Subsidiary Holdings, LLC	Class C Preferred Stock		02/22		7,844.03		450	52	—%	(7)(28)(29)
RTIC Subsidiary Holdings, LLC	Common Stock		02/22		153		—	—	—%	(7)(28)(29)
Serta Simmons Bedding LLC	Common Stock		06/23		109,127		1,630	906	0.1%	(29)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2		523	573	—%	(7)(29)
Terrybear, Inc.	Partnership Equity		04/22		24,358.97		239	79	—%	(7)(29)
Subtotal Consumer goods: Durable (0.1%)*					3,160		1,705
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		233		233	238	—%	(7)
Ice House America, L.L.C.	LLC Units		01/24		2,893		289	281	—%	(7)(29)
Isagenix International, LLC	Common Stock		04/23		58,538		—	—	—%	(7)(28)(29)
Safety Products Holdings, LLC	Preferred Stock		12/20		378.7		380	527	—%	(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*				902		1,046
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		2,769		277	381	—%	(7)
Five Star Holding LLC	LLC Units		05/22		966.99		967	564	—%	(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*				1,244		945
Energy: Oil & Gas
Ferrellgas L.P.	Opco Preferred Units		03/21		2,886		2,799	2,799	0.2%	(7)
Subtotal Energy: Oil & Gas (0.2%)*					2,799		2,799
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		14,618		16,725	14,874	1.3%	(7)
Subtotal Environmental Industries (1.3%)*					16,725		14,874
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608		1,115	2,553	0.2%	(3)(7)(29)
Amalfi Midco	Warrants		09/22		380,385		4	1,075	0.1%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class A Equity		05/22		500,000		389	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class C - Warrants		05/22		74,712.64		—	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class X Equity		05/22		45,604		35	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Common Stock		08/24		14.37		—	—	—%	(3)(7)(29)
Forest Buyer, LLC	Class A LLC Units		03/24		122		122	132	—%	(7)
Forest Buyer, LLC	Class B LLC Units		03/24		122		—	136	—%	(7)(29)
GCDL LLC	Common Stock		08/24		243,243.24		243	314	—%	(7)(29)
GPNZ II GmbH	Common Stock		10/23		5,785		—	—	—%	(3)(7)(29)
HemaSource, Inc.	Common Stock		08/23		101,080		101	128	—%	(7)(29)
Moonlight Bidco Limited	Common Stock		07/23		10,590		138	198	—%	(3)(7)(29)
OA Buyer, Inc.	Partnership Units		12/21		210,920.11		211	827	0.1%	(7)(29)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762		298	213	—%	(7)(29)
Parkview Dental Holdings LLC	Preferred Stock	10.0% PIK	01/25		1,229.1		12	37	—%	(7)
Subtotal Healthcare & Pharmaceuticals (0.5%)*				2,668		5,613

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
High Tech Industries
Argus Bidco Limited	Common Stock		07/22		464		$1	$—	—%	(3)(7)(29)
Argus Bidco Limited	Equity Loan Notes	10.0% PIK	07/22		41,560		63	31	—%	(3)(7)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		41,560		63	31	—%	(3)(7)
Command Alkon (Project Potter Buyer, LLC)	Class B Partnership Units		04/20		33,324.70		—	151	—%	(7)(29)
CW Group Holdings, LLC	LLC Units		01/21		161,290.32		161	427	—%	(7)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		6,582.7		9,830	5,944	0.5%	(7)
FSS Buyer LLC	LP Interest		08/21		1,160.9		12	17	—%	(7)
FSS Buyer LLC	LP Units		08/21		5,104.3		51	74	—%	(7)(29)
NAW Buyer LLC	LLC Units		09/23		472,512		473	543	—%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		173,749		174	195	—%	(7)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		13.9		14	26	—%	(7)(29)
ProfitOptics, LLC	LLC Units		03/22		241,935.48		161	317	—%	(7)(29)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		2,357.5		236	233	—%	(7)(29)
Subtotal High Tech Industries (0.7%)*					11,239		7,989
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC	Class A1 Partnership Units		12/21		8,717.76		280	581	—%	(7)(29)
Advantage Software Company (The), LLC	Class A2 Partnership Units		12/21		2,248.46		72	150	—%	(7)(29)
Advantage Software Company (The), LLC	Class B1 Partnership Units		12/21		8,717.76		9	—	—%	(7)(29)
Advantage Software Company (The), LLC	Class B2 Partnership Units		12/21		2,248.46		2	—	—%	(7)(29)
ASC Communications, LLC	Class A Units		07/22		25,718.20		539	935	0.1%	(7)(29)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*				902		1,666
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity		04/22		676,881.00		677	2,180	0.2%	(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*				677		2,180
Media: Diversified & Production
BrightSign LLC	LLC Units		10/21		1,107,492.71		1,107	1,251	0.1%	(7)
Learfield Communications, LLC	Common Stock		08/20		55,198		1,921	4,195	0.4%	(29)
Rock Labor LLC	LLC Units		09/23		233,871		1,252	1,202	0.1%	(7)
Solo Buyer, L.P.	Common Equity		12/22		516,399		516	398	—%	(7)(29)
Vital Buyer, LLC	Partnership Units		06/21		16,442.9		164	309	—%	(7)
Subtotal Media: Diversified & Production (0.6%)*				4,960		7,355
Services: Business
Azalea Buyer, Inc.	Common Stock		11/21		192,307.7		192	302	—%	(7)(29)
CGI Parent, LLC	Preferred Stock		02/22		657		722	1,909	0.2%	(7)(29)
CMT Opco Holding, LLC (Concept Machine)	LLC Units		09/23		12,634.8		506	—	—%	(7)(29)
Coyo Uprising GmbH	Class A Units		09/21		440		205	217	—%	(3)(7)(29)
Coyo Uprising GmbH	Class B Units		09/21		191		446	412	—%	(3)(7)(29)
DataServ Integrations, LLC	Preferred Units		11/22		96,153.90		96	117	—%	(7)(29)
EFC International	Common Stock		03/23		163.83		231	317	—%	(7)(29)
Electric Equipment & Engineering Co.	LLC Units		12/24		187,500		188	195	—%	(7)(29)
Jones Fish Hatcheries & Distributors LLC	LLC Units		02/22		1,018		107	421	—%	(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
LeadsOnline, LLC	LLC Units		02/22		81,739			$85			$210		—%		(7)
MB Purchaser, LLC	LLC Units		01/24		66			68			78		—%		(7)(29)
MC Group Ventures Corporation	Partnership Units		06/21		746.66			747			681		0.1%		(7)(29)
NF Holdco, LLC	LLC Units		03/23		639,510			659			448		—%		(7)(29)
Qualified Industries, LLC	Common Stock		03/23		303,030			3			73		—%		(7)(29)
Qualified Industries, LLC	Preferred Stock		03/23		148			144			180		—%		(7)(29)
Recovery Point Systems, Inc.	Partnership Equity		03/21		187,235			187			82		—%		(7)(29)
SmartShift Group, Inc.	Common Stock		09/23		275			275			519		—%		(7)(29)
TA SL Cayman Aggregator Corp.	Common Stock		07/21		1,589			50			83		—%		(7)(29)
TSYL Corporate Buyer, Inc.	Partnership Units		12/22		4,673			5			25		—%		(7)
Xeinadin Bidco Limited	Common Stock		05/22		45,665,825			565			589		—%		(3)(7)(29)
Subtotal Services: Business (0.6%)*					5,481			6,858
Services: Consumer
Kid Distro Holdings, LLC	LLC Units		10/21		637,677.11			638			784		0.1%		(7)(29)
Subtotal Services: Consumer (0.1%)*					638			784
Telecommunications
Mercell Holding AS	Class A Units		08/22		114.4			111			138		—%		(3)(7)(29)
Mercell Holding AS	Class B Units		08/22		28,943.8			—			26		—%		(3)(7)(29)
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22		7,575,758			10,167			10,379		0.9%		(7)
Subtotal Telecommunications (0.9%)*					10,278			10,543			0.9%
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	Partnership Units		04/21		348.68			349			587		—%		(7)(29)
Echo Global Logistics, Inc.	Partnership Equity		11/21		530.92			531			375		—%		(7)(29)
FragilePak LLC	Partnership Units		05/21		937.5			938			680		0.1%		(7)(29)
ITI Intermodal, Inc.	Common Stock		01/22		7,500.4			750			979		0.1%		(7)(29)
REP SEKO MERGER SUB LLC	Common Stock		11/24		1,231			5,403			3,673		0.3%		(7)(29)
Subtotal Transportation: Cargo (0.5%)*					7,971			6,294
Utilities: Oil & Gas
Proppants Holding, LLC	LLC Units		02/22		1,506,254			—			—		—%		(7)(28)
Subtotal Utilities: Oil & Gas (—%)*					—			—
Subtotal Equity Investments (10.6%)*					110,426			125,726
Royalty Investments:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.	Royalty Rights		05/24				3,544			6,379		0.5%		(7)
Subtotal Healthcare & Pharmaceuticals (0.5%)*				3,544		6,379
Subtotal Royalty Investments (0.5%)*					3,544			6,379
Subtotal Non-Control / Non-Affiliate Investments (174.7%)*				2,115,174		2,077,039
Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		FairValue		% of Net Assets *	Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC	First Lien Senior Secured Term Loan	12.0% PIK	11/24	11/31	$12,139			$12,139			$12,139		1.0%		(7)(30)
Subtotal Aerospace & Defense (1.0%)*				12,139		12,139			12,139

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 6.50%, 10.9% Cash	07/21	07/28		$11,273			$11,202			$11,273		0.9%		(7)(12)(30)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28		4,545			4,521			4,545		0.4%		(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.3%)*			15,818		15,723			15,818
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% PIK	12/23	12/28		7,918			7,918			7,654		0.6%		(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.6%)*			7,918		7,918			7,654			0.6%
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		16,620			15,715			15,800		1.3%		(7)
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		7,662			7,330			7,285		0.6%		(7)
Subtotal Hotel, Gaming, & Leisure (1.9%)*				24,282			23,045			23,085
Subtotal Debt Investments (4.8%)*				60,157			58,825			58,696
Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date		Units / Shares		Cost		FairValue		% of Net Assets *	Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC	LLC Units		11/24			1,195,449.6			$4,055			$4,046		0.3%		(7)(29)
Subtotal Aerospace & Defense (0.3%)*						4,055			4,046			0.3%
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		07/21			89,447,396			93,052			136,855		11.5%		(7)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.0% PIK, 10.4% PIK	02/23			71,000			85,102			85,101		7.2%		(7)(13)(30)
Rocade Holdings LLC	Common LP Units		02/23			23.8			—			490		—%		(7)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (18.7%)*				178,154			222,446
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	Common Stock		12/23			1,243,071			12,177			8,353		0.7%		(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*				12,177			8,353
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21			3,518,097			16,495			19,983		1.7%		(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*						16,495			19,983
Investment Funds & Vehicles
Jocassee Partners LLC	9.1% Member Interest		06/19					35,158			39,825		3.4%		(3)(32)
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest		02/22					48,441			40,548		3.4%		(3)(28)(32)
Thompson Rivers LLC	16.0% Member Interest		06/20					21,938			6,237		0.5%		(29)(32)
Waccamaw River LLC	20% Member Interest		02/21					21,165			8,803		0.7%		(3)(32)
Subtotal Investment Funds & Vehicles (8.1%)*				126,702			95,413
Subtotal Equity Investments (29.5%)*						337,583			350,241
Subtotal Affiliate Investments (34.4%)*						396,408			408,937
Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date		Principal Amount		Cost		FairValue		% of Net Assets *	Notes
Control Investments:(5)
Debt Investments
Capital Equipment
Security Holdings B.V.	Bridge Loan	5.0% PIK	12/20	06/26		$6,655			$6,655			$6,655		0.6%		(3)(7)(27)
Security Holdings B.V.	Revolver	6.0% PIK	09/23	06/25		5,725			5,814			5,725		0.5%		(3)(7)(27)(30)
Security Holdings B.V.	Senior Unsecured Term Loan	9.0% PIK	04/21	04/28		2,500			2,635			2,500		0.2%		(3)(7)(27)(30)
Security Holdings B.V.	Senior Subordinated Term Loan	3.1% PIK	12/20	06/26		11,345			11,345			11,345		1.0%		(3)(7)(27)
Subtotal Capital Equipment (2.2%)*				26,225			26,449			26,225

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC	First Lien Senior Secured Term Loan	10.0% PIK	02/22	01/26	$40,399			$9,628		$—		—%	(7)(26)(28)
Black Angus Steakhouses, LLC	First Lien Senior Secured Term Loan	14.4% PIK	02/22	01/26	8,666			8,091		2,639		0.2%	(7)(26)(28)
Subtotal Hotel, Gaming, & Leisure (0.2%)*				49,065		17,719			2,639
Subtotal Debt Investments (2.3%)*				75,290		44,168			28,864
Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		FairValue	% of Net Assets *	Notes
Equity Investments
Automotive
MVC Automotive Group Gmbh	Common Equity Interest		12/20		18,000			$19,173		$13,944		1.2%	(3)(7)(27)(29)
Subtotal Automotive (1.2%)*				19,173		13,944
Capital Equipment
Security Holdings B.V.	Common Stock Series A		02/22		17,100			560		449		—%	(3)(7)(27)(29)
Security Holdings B.V.	Common Stock Series B		12/20		1,236			35,192		41,995		3.5%	(3)(7)(27)(29)
Subtotal Capital Equipment (3.6%)*					35,752			42,444
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC	LLC Units		02/22		44.6			—		—		—%	(7)(28)(29)
Subtotal Hotel, Gaming, & Leisure (—%)*					—			—
Subtotal Equity Investments (4.8%)*					54,925			56,388
Subtotal Control Investments (7.2%)*					99,093			85,252
Total Investments, March 31, 2025 (216.3%)*					$2,610,675			$2,571,228

Derivative Instruments

Interest Rate Swaps:
Description · Company Receives · Company Pays · Maturity Date · Notional Amount · Value · Hedged Instrument · Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)	7.00%	SOFR + 3.1475%	2/15/2029	$300,000		$1,313	February 2029 Notes	$1,313
Total Interest Rate Swaps, March 31, 2025					$1,313

Credit Support Agreements:
Description(d)	Counterparty	Settlement Date	Notional Amount	Value	Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c)	Barings LLC	01/01/31	$23,000	$23,000	$9,400
Sierra Credit Support Agreement(e)(f)(g)	Barings LLC	04/01/32	100,000	44,800	400
Total Credit Support Agreements, March 31, 2025			$123,000	$67,800	$9,800

(a)The MVC Credit Support Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2 – Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (27).

(b)The Company and Barings LLC (“Barings” or the “Adviser”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.

(c)Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.

(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.

(e)The Sierra Credit Support Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Merger (as defined in “Note 2 – Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Merger (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).

(f)The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.

(g)Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.

Foreign Currency Forward Contracts:
Description	Notional Amount to be Purchased	Notional Amount to be Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)	A$8,000	$5,010	BNP Paribas SA	04/07/25	$(25)
Foreign currency forward contract (AUD)	A$57,901	$36,289	HSBC Bank USA	04/07/25	(206)
Foreign currency forward contract (AUD)	$747	A$1,178	BNP Paribas SA	04/07/25	13
Foreign currency forward contract (AUD)	$41,247	A$64,724	HSBC Bank USA	04/07/25	913
Foreign currency forward contract (AUD)	$36,510	A$58,216	HSBC Bank USA	06/30/25	206
Foreign currency forward contract (CAD)	C$2,090	$1,457	BNP Paribas SA	04/07/25	(4)
Foreign currency forward contract (CAD)	C$7,000	$4,896	HSBC Bank USA	04/07/25	(31)
Foreign currency forward contract (CAD)	$124	C$178	BNP Paribas SA	04/07/25	—
Foreign currency forward contract (CAD)	$6,326	C$8,913	HSBC Bank USA	04/07/25	132
Foreign currency forward contract (CAD)	$1,473	C$2,105	BNP Paribas SA	06/30/25	4
Foreign currency forward contract (DKK)	2,669kr.	$387	MUFG Bank, Ltd.	04/07/25	—
Foreign currency forward contract (DKK)	$378	2,669kr.	BNP Paribas SA	04/07/25	(8)
Foreign currency forward contract (DKK)	$390	2,673kr.	MUFG Bank, Ltd.	06/30/25	—
Foreign currency forward contract (EUR)	€96,576	$104,609	BNP Paribas SA	04/07/25	(260)
Foreign currency forward contract (EUR)	€3,000	$3,277	MUFG Bank, Ltd.	04/07/25	(36)
Foreign currency forward contract (EUR)	$2,228	€2,052	Bank of America, N.A.	04/07/25	11
Foreign currency forward contract (EUR)	$2,016	€1,955	BNP Paribas SA	04/07/25	(96)
Foreign currency forward contract (EUR)	$100,856	€95,570	HSBC Bank USA	04/07/25	(2,404)
Foreign currency forward contract (EUR)	$105,097	€96,576	BNP Paribas SA	06/30/25	248
Foreign currency forward contract (EUR)	$109	€100	HSBC Bank USA	06/30/25	—
Foreign currency forward contract (NZD)	NZ$16,166	$9,272	HSBC Bank USA	04/07/25	(115)
Foreign currency forward contract (NZD)	$184	NZ$326	Bank of America, N.A.	04/07/25	(1)
Foreign currency forward contract (NZD)	$9,187	NZ$15,840	HSBC Bank USA	04/07/25	215
Foreign currency forward contract (NZD)	$9,333	NZ$16,241	HSBC Bank USA	06/30/25	115
Foreign currency forward contract (NOK)	47,039kr	$4,462	HSBC Bank USA	04/07/25	3
Foreign currency forward contract (NOK)	$90	951kr	BNP Paribas SA	04/07/25	—
Foreign currency forward contract (NOK)	$4,132	46,087kr	HSBC Bank USA	04/07/25	(243)
Foreign currency forward contract (NOK)	$4,464	47,066kr	HSBC Bank USA	06/30/25	(3)
Foreign currency forward contract (GBP)	£13,415	$16,987	Bank of America, N.A.	04/07/25	329
Foreign currency forward contract (GBP)	£50,334	$65,063	MUFG Bank, Ltd.	04/07/25	(96)
Foreign currency forward contract (GBP)	$3,893	£3,141	Bank of America, N.A.	04/07/25	(162)
Foreign currency forward contract (GBP)	$75,962	£59,607	BNP Paribas SA	04/07/25	(975)
Foreign currency forward contract (GBP)	$1,235	£1,000	HSBC Bank USA	04/07/25	(56)
Foreign currency forward contract (GBP)	$259	£200	HSBC Bank USA	06/30/25	1
Foreign currency forward contract (GBP)	$62,901	£48,668	MUFG Bank, Ltd.	06/30/25	88
Foreign currency forward contract (SEK)	706kr	$66	Bank of America, N.A.	04/07/25	4
Foreign currency forward contract (SEK)	17,622kr	$1,739	MUFG Bank, Ltd.	04/07/25	15
Foreign currency forward contract (SEK)	$96	1,018kr	Bank of America, N.A.	04/07/25	(5)
Foreign currency forward contract (SEK)	$46	506kr	BNP Paribas SA	04/07/25	(5)
Foreign currency forward contract (SEK)	$1,541	16,805kr	HSBC Bank USA	04/07/25	(132)
Foreign currency forward contract (SEK)	$1,750	17,648kr	MUFG Bank, Ltd.	06/30/25	(15)
Foreign currency forward contract (CHF)	5,685Fr.	$6,445	MUFG Bank, Ltd.	04/07/25	(16)
Foreign currency forward contract (CHF)	$6,511	5,685Fr.	HSBC Bank USA	04/07/25	82
Foreign currency forward contract (CHF)	$6,609	5,772Fr.	MUFG Bank, Ltd.	06/30/25	16
Total Foreign Currency Forward Contracts, March 31, 2025				$(2,499)

*Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate

(“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2025 represented 216.3% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.0% of total investments at fair value as of March 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows:

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · March 31, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company · Type of Investment
Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)	$6,414		$1,504		$—		$—		$(264)		$7,654		$221
Common Stock (1,243,071 shares)	11,262		—		—		—		(2,909)		8,353		—
	17,676		1,504		—		—		(3,173)		16,007		221
Coastal Marina Holdings, LLC(d)	Subordinated Term Loan(8.0% Cash)	15,770		25		—		—		5		15,800		353
Subordinated Term Loan (8.0% Cash)	7,271		10		—		—		4		7,285		160
LLC Units (3,518,097 units)	16,852		—		—		—		3,131		19,983		—
	39,893		35		—		—		3,140		43,068		513
Eclipse Business Capital, LLC(d)	Revolver (SOFR + 6.50%, 10.9% Cash)	10,091		1,727		(547)		—		2		11,273		282
Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		2		—		—		(2)		4,545		87
LLC units (89,447,396 units)	136,855		23		—		—		(23)		136,855		3,989
	151,491		1,752		(547)		—		(23)		152,673		4,358
Jocassee Partners LLC	9.1% Member Interest	40,761		—		—		—		(936)		39,825		1,427
	40,761		—		—		—		(936)		39,825		1,427
Rocade Holdings LLC(d)	Preferred LP Units (71,000 units) (SOFR + 6.0% PIK, 10.4% PIK)	83,000		2,114		—		—		(13)		85,101		2,114
Common LP Units (23.8 units)	243		—		—		—		247		490		—
	83,243		2,114		—		—		234		85,591		2,114
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	41,453		—		—		—		(905)		40,548		1,767
41,453		—		—		—		(905)		40,548		1,767
Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% PIK)	3,586		8,553		—		—		—		12,139		145
LLC Units (1,195,449.6 units)	1,195		2,860		—		—		(9)		4,046		—
	4,781		11,413		—		—		(9)		16,185		145
Thompson Rivers LLC	16.0% Member Interest	7,208		—		(959)		—		(12)		6,237		—
	7,208		—		(959)		—		(12)		6,237		—
Waccamaw River LLC	20% Member Interest	10,730		—		(1,750)		—		(177)		8,803		301
10,730		—		(1,750)		—		(177)		8,803		301
Total Affiliate Investments	$397,236		$16,818		$(3,256)		$—		$(1,861)		$408,937		$10,846

(a)Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(c)Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(5)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · March 31, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Black Angus Steakhouses, LLC(d)	First Lien Senior Secured Term Loan (14.4% PIK)(e)	$2,744		$—		$—		$—		$(105)		$2,639		$—
First Lien Senior Secured Term Loan (10.0% PIK)(e)	—		—		—		—		—		—		—
LLC Units (44.6 units)	—		—		—		—		—		—		—
	2,744		—		—		—		(105)		2,639		—
MVC Automotive Group GmbH(d)	Common Equity Interest (18,000 Shares)	13,741		—		—		—		203		13,944		—
	13,741		—		—		—		203		13,944		—
MVC Private Equity Fund LP	General Partnership Interest(1,831.4 units)	—		—		—		(183)		183		—		—
Limited Partnership Interest(71,790.4 units)	11		—		(116)		(7,166)		7,271		—		—
	11		—		(116)		(7,349)		7,454		—		—
Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,655		—		—		—		—		6,655		83
Revolver (6.0% PIK)	5,333		165		(3)		2		228		5,725		85
Senior Subordinated Term Loan (3.1% PIK)	11,191		154		—		—		—		11,345		88
Senior Unsecured Term Loan (9.0% PIK)	2,293		107		—		—		100		2,500		94
Common Stock Series A (17,100 shares)	399		—		—		—		50		449		—
Common Stock Series B (1,236 shares)	37,296		—		—		—		4,699		41,995		—
	63,167		426		(3)		2		5,077		68,669		350
Total Control Investments	$79,663		$426		$(119)		$(7,347)		$12,629		$85,252		$350

(c)Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

(e)Non-accrual investment.

(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).

(7)The fair value of the investment was determined using significant unobservable inputs.

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2025 was 2.35800%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2025 was 2.33600%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2025 was 2.33600%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2025 was 4.31937%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2025 was 4.28788%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2025 was 4.19259%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of March 31, 2025 was 4.46580%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2025 was 4.35650%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2025 was 4.27950%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2025 was 4.09500%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2025 was 4.12540%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2025 was 2.77000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2025 was 2.35700%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2025 was 3.67000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2025 was 0.41000%

(24)The interest rate on these loans is subject to 6 Month SARON, which as of March 31, 2025 was 0.20632%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2025 was 4.49000%.

(26)Non-accrual investment.

(27)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.

(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

(29)Investment is non-income producing.

(30)Position or portion thereof is an unfunded loan or equity commitment.

(31)PIK non-accrual investment.

(32)Portfolio company does not issue shares or units, member interest is based on commitments.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.