Barings BDC, Inc.

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 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

Consolidated Schedule of Investments as of

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%, 10.3% Cash	04/22	04/28	$12,008		$11,900		$11,612	1.0%	(7)(8)(13)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.3% Cash	04/22	04/28	1,844		1,825		1,768	0.1%	(7)(8)(13)(30)
ADB Safegate	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 13.7% Cash	08/21	10/27	7,329		7,232		6,523	0.5%	(3)(7)(8)(13)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	11/22	11/28	19,311		18,994		19,021	1.6%	(7)(8)(13)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.25%, 9.8% Cash	11/22	11/28	—		(50)		(49)	—%	(7)(8)(13)(30)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	648		642		640	0.1%	(7)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/22	12/30	9,244		9,038		9,129	0.8%	(7)(8)(13)(30)
GB Eagle Buyer, Inc.	Revolver	SOFR + 6.25%, 10.9% Cash	12/22	12/30	—		(46)		(23)	—%	(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	1,114		1,155		1,112	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	6,589		6,498		6,579	0.6%	(3)(7)(8)(14)
M-Personal Protection Management GMBH (f/k/a INOS 19-090 GmbH)	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 8.1% Cash	10/24	10/29	11,106		11,395		10,829	0.9%	(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	03/24	03/30	4,160		4,088		3,648	0.3%	(7)(8)(13)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	03/24	03/30	189		178		108	—%	(7)(8)(13)(30)
Narda Acquisitionco., Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	12/21	12/27	5,074		5,030		5,074	0.4%	(7)(8)(12)
Narda Acquisitionco., Inc.	Revolver	SOFR + 4.75%, 9.4% Cash	12/21	12/27	—		(11)		—	—%	(7)(8)(12)(30)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.0% Cash	03/21	03/28	1,691		1,889		1,646	0.1%	(3)(7)(8)(11)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 9.7% Cash	03/21	03/27	2,028		2,290		1,974	0.2%	(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	12/20	12/26	7,296		7,236		6,591	0.6%	(7)(8)(13)(30)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	02/21	02/27	15,308		15,202		14,420	1.2%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	02/23	02/29	1,825		1,825		1,802	0.2%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	07/24	06/29	—		(39)		(36)	—%	(7)(8)(13)(30)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.1% Cash	06/24	02/29	8,525		8,265		8,525	0.7%	(7)(8)(12)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 11.1% Cash	02/23	02/29	993		941		993	0.1%	(7)(8)(12)(30)
Subtotal Aerospace & Defense (9.4%)*				116,282		115,477		111,886
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.2% Cash	07/22	07/30	4,545		4,405		4,364	0.4%	(7)(8)(14)
Innovative XCessories & Services, LLC	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.0% Cash	02/22	03/27	2,854		2,802		2,746	0.2%	(8)(13)(28)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	03/22	03/29	3,539		3,496		3,539	0.3%	(7)(8)(12)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.7% Cash	03/22	03/28	—		(15)		—	—%	(7)(8)(12)(30)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.2% Cash	11/22	11/28	11,019		10,758		10,873	0.9%	(7)(8)(13)(30)
Randys Holdings, Inc.	Revolver	SOFR + 6.25%, 11.2% Cash	11/22	11/28	633		597		613	0.1%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	07/24	07/30	7,123		6,962		6,990	0.6%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	07/24	07/30	—		(22)		(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%, 11.3% Cash	03/24	03/30		$589			$577		$583	—%	(7)(8)(13)(30)
SVI International LLC	Revolver	SOFR + 6.75%, 11.3% Cash	03/24	03/30		—			(1)		(1)	—%	(7)(8)(13)(30)
Subtotal Automotive (2.5%)*				30,302			29,559			29,689
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	02/21	03/28		3,608			3,913		3,608	0.3%	(3)(7)(8)(17)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.2% Cash	10/21	10/27		5,322			5,242		5,322	0.4%	(7)(8)(13)(30)
DreamStart Bidco SAS (d/b/a SmartTrade)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.6% Cash	03/20	03/27		2,202			2,333		2,202	0.2%	(3)(7)(8)(10)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.3% Cash	11/23	11/30		3,899			3,935		3,872	0.3%	(3)(7)(8)(11)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.4% Cash	10/23	09/30		4,826			4,821		4,747	0.4%	(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.3% Cash	09/19	09/26		3,136			3,676		3,042	0.3%	(3)(7)(8)(11)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.8% Cash	05/21	05/28		2,589			2,960		2,533	0.2%	(3)(7)(8)(10)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.9% Cash, 4.0% PIK	12/21	06/26		53,465			52,938		52,940	4.4%	(7)(8)(13)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	06/21	12/30		8,750			8,879		8,750	0.7%	(3)(7)(8)(10)(30)
Preqin MC Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	08/21	07/28		2,789			2,740		2,789	0.2%	(3)(7)(8)(14)
Russell Investments US Institutional Holdco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.2% Cash, 1.5% PIK	04/24	05/27		523			491		508	—%	(7)(8)(13)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.6% Cash	08/24	08/31		12,214			12,154		12,153	1.0%	(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.25%, 8.8% Cash	10/21	12/27		2,647			2,621		2,647	0.2%	(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.25%, 8.8% Cash	10/21	12/27		—			(7)		—	—%	(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Subordinated Term Loan	SOFR + 7.75%, 9.0% Cash, 3.2% PIK	10/21	10/28		3,791			3,750		3,791	0.3%	(7)(8)(14)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	10/24	10/31		10,314			10,190		10,187	0.9%	(7)(8)(12)(30)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.3% Cash	10/24	10/31		112			98		97	—%	(7)(8)(12)(30)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.8% Cash	11/21	12/25		8,162			8,121		7,754	0.7%	(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	08/23	02/25		2,558			2,500		2,502	0.2%	(7)(8)(13)(30)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	08/23	12/27		6,029			5,957		5,959	0.5%	(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	12/24	12/29		1,978			1,809		1,816	0.2%	(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)*			138,914		139,121			137,219
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26		4,211			4,067		4,211	0.4%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26		2,860			2,797		2,860	0.2%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 12.00%, 16.7% PIK	02/24	05/26		597			597		597	0.1%	(7)(8)(13)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	04/21	04/28		6,383			7,116		6,383	0.5%	(3)(7)(8)(11)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 5.00%, 6.0% Cash	05/23	04/28		1,012			1,019		1,012	0.1%	(3)(7)(8)(24)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	12/21	12/28		$2,147			$2,265		$1,963	0.2%	(3)(7)(8)(10)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	12/21	12/27		6,158			6,092		6,097	0.5%	(7)(8)(13)
Woodland Foods, LLC	Revolver	SOFR + 5.25%, 9.9% Cash	12/21	12/27		1,065			1,041		1,043	0.1%	(7)(8)(13)(30)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	02/22	02/28		9,188			9,057		9,053	0.8%	(7)(8)(13)
ZB Holdco LLC	Revolver	SOFR + 5.50%, 10.3% Cash	02/22	02/28		507			498		495	—%	(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (2.8%)*				34,128			34,549			33,714
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	11/23	11/29		2,745			2,707		2,710	0.2%	(7)(8)(13)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	11/23	11/29		3,866			3,754		3,828	0.3%	(7)(8)(13)(30)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.2% Cash	11/23	11/29		—			(15)		—	—%	(7)(8)(13)(30)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 8.7% Cash	07/22	07/29		2,382			2,324		2,370	0.2%	(3)(7)(8)(10)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	03/23	07/29		14,112			13,442		12,560	1.1%	(7)(8)(13)
Brown Machine Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	10/18	10/25		6,088			6,078		5,716	0.5%	(7)(8)(12)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	11/21	11/28		1,303			1,286		1,303	0.1%	(3)(7)(8)(14)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	12/21	12/27		957			947		957	0.1%	(7)(8)(13)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.5% Cash	12/21	12/27		—			(5)		—	—%	(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	03/19	09/26		5,338			5,335		5,338	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		5,264			5,157		5,134	0.4%	(7)(8)(13)(30)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29		910			891		889	0.1%	(7)(8)(13)(30)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	10/24	10/30		5,439			5,321		5,313	0.4%	(7)(8)(14)(30)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.4% Cash	10/24	10/30		—			(21)		(22)	—%	(7)(8)(13)(30)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/30		13,845			13,523		13,517	1.1%	(7)(8)(13)(30)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/30		—			(43)		(44)	—%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	12/21	12/27		8,465			8,368		8,364	0.7%	(7)(8)(13)
Tencarva Machinery Company, LLC	Revolver	SOFR + 5.00%, 9.8% Cash	12/21	12/27		—			(15)		(18)	—%	(7)(8)(13)(30)
Subtotal Capital Equipment (5.7%)*				70,714			69,034			67,915
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	04/23	04/29		2,651			2,604		2,611	0.2%	(7)(8)(12)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	04/23	04/29		—			(9)		(7)	—%	(7)(8)(12)(30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 9.3% Cash	11/21	10/28		3,025			3,192		2,995	0.3%	(3)(7)(8)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 9.9% Cash	01/23	10/28		1,589			1,592		1,576	0.1%	(3)(7)(8)(11)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.95%, 10.7% Cash	04/22	10/28		913			947		904	0.1%	(3)(7)(8)(11)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 6.20%, 11.5% Cash	06/22	10/28		1,019			1,019		1,008	0.1%	(3)(7)(8)(13)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.4% Cash	09/21	09/27		2,228			2,484		1,994	0.2%	(3)(7)(8)(11)
Polymer Solutions Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.3% Cash	02/22	10/25		993			993		554	—%	(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.0%)*			12,418		12,822			11,635

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Construction & Building
BKF Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/24		08/30		$8,158			$8,013		$8,015	0.7%	(7)(8)(12)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24		08/30		—			(52)		(52)	—%	(7)(8)(12)(30)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	12/21		12/27		12,403			12,268		11,696	1.0%	(7)(8)(13)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.5% Cash	12/21		12/27		712			683		543	—%	(7)(8)(13)(30)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	08/21		08/27		662			656		662	0.1%	(7)(8)(13)
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%)*					25,417			25,050			24,346
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/21		12/26		1,573			1,552		1,383	0.1%	(7)(8)(13)
DecksDirect, LLC	Revolver	SOFR + 6.25%, 10.9% Cash	12/21		12/26		347			343		301	—%	(7)(8)(13)(30)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 9.8% Cash, 4.5% PIK	10/23		10/28		13,185			12,874		12,883	1.1%	(7)(8)(13)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.5% Cash	07/22		07/25		11,091			11,052		10,421	0.9%	(7)(8)(13)(30)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.5% Cash	07/22		07/25		—			(4)		(70)	—%	(7)(8)(13)(30)
Lifestyle Intermediate II, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.9% Cash	02/22		01/26		2,992			2,992		2,812	0.2%	(7)(8)(13)(28)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	11/21		11/27		4,709			4,651		4,308	0.4%	(7)(8)(13)
Team Air Distributing, LLC	First Lien Senior Secured Term Loan	12.0% Cash	12/24		12/29		36			35		35	—%	(7)
Team Air Distributing, LLC	Subordinated Term Loan	12.0% Cash	05/23		05/28		717			705		702	0.1%	(7)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22		04/28		285			282		268	—%	(7)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	03/22		09/30		3,904			4,081		3,787	0.3%	(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.1%)*		38,839		38,563			36,830
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 9.2% Cash	02/21		02/28		7,249			8,148		7,088	0.6%	(3)(7)(8)(11)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	02/24		02/30		5,915			5,788		5,809	0.5%	(7)(8)(13)(30)
CCFF Buyer, LLC	Revolver	SOFR + 5.25%, 9.8% Cash	02/24		02/30		—			(18)		(15)	—%	(7)(8)(13)(30)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.7% Cash	04/24		04/29		861			820		818	0.1%	(3)(7)(8)(17)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	04/24		04/29		3,333			3,130		3,294	0.3%	(3)(8)(12)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	01/24		01/30		4,577			4,483		4,482	0.4%	(7)(8)(13)(30)
Ice House America, L.L.C.	Revolver	SOFR + 5.50%, 10.1% Cash	01/24		01/30		194			186		186	—%	(7)(8)(13)(30)
Isagenix International, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.2% Cash	04/23		04/28		914			668		160	—%	(7)(8)(13)(28)
Modern Star Holdings Bidco Pty Limited.	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.4% Cash	12/20		12/26		7,008			8,268		7,008	0.6%	(3)(7)(8)(18)(30)
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/20		12/26		14,812			14,716		14,812	1.2%	(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.7%)*			44,863			46,189			43,642
Containers, Packaging, & Glass
Brook & Whittle Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.7% Cash	02/22		12/28		2,770			2,751		2,461	0.2%	(8)(13)(28)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29		$729			$715		$717	0.1%	(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	05/22	05/30		13,692			13,489		13,198	1.1%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	09/24	09/30		1,771			1,746		1,747	0.1%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.6% Cash	09/24	09/30		3,827			4,039		3,775	0.3%	(7)(8)(15)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.75%, 9.5% Cash	09/24	09/30		—			(9)		(9)	—%	(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.75%, 9.6% Cash	09/24	09/30		—			(11)		(10)	—%	(7)(8)(15)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.9% Cash	06/21	06/28		3,279			3,695		3,241	0.3%	(3)(7)(8)(10)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28		7,902			7,794		7,792	0.7%	(7)(8)(14)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	05/23	03/28		2,901			2,836		2,868	0.2%	(7)(8)(12)(30)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28		—			(11)		(12)	—%	(7)(8)(14)(30)
Subtotal Containers, Packaging, & Glass (3.0%)*			36,871		37,034			35,768
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	10/22	10/28		12,221			11,997		12,050	1.0%	(7)(8)(13)
WWEC Holdings III Corp	Revolver	SOFR + 5.75%, 10.4% Cash	10/22	10/28		—			(35)		(35)	—%	(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*				12,221			11,962			12,015
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27		27,200			27,200		27,859	2.3%
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.3% Cash	11/24	11/27		2,036			1,996		1,971	0.2%	(3)(7)(8)(10)(30)
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	02/21	01/27		6,704			6,671		6,624	0.6%	(7)(8)(13)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/24	12/30		17,178			16,911		16,910	1.4%	(7)(8)(13)(30)
Northstar Recycling, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	12/24	12/30		—			(44)		(44)	—%	(7)(8)(13)(30)
Subtotal Environmental Industries (4.5%)*				53,118			52,734			53,320
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29		12,886			11,875		8,479	0.7%	(3)(7)(31)
Amalfi Midco	Second Lien Senior Secured Term Loan	17.5% PIK	09/22	10/28		290			301		290	—%	(3)(7)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28		5,943			5,416		5,492	0.5%	(3)(7)
APOG Bidco Pty Ltd	Second Lien Senior Secured Term Loan	BBSY + 7.30%, 12.0% Cash	04/22	03/30		864			1,030		864	0.1%	(3)(7)(8)(20)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.5% Cash	11/21	11/28		396			408		396	—%	(3)(7)(8)(10)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.5% Cash	11/21	11/28		2,365			2,451		2,365	0.2%	(3)(7)(8)(17)(30)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.9% Cash	11/21	11/27		1,967			2,204		1,967	0.2%	(3)(7)(8)(19)(30)
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29		2,411			2,517		1,406	0.1%	(3)(7)(8)(11)(26)(30)
BVI Medical, Inc.	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 12.8% Cash	06/22	06/26		9,607			9,614		9,482	0.8%	(7)(8)(10)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.00% PIK, 10.3% PIK	06/21	12/26		1,585			1,860		360	—%	(3)(7)(8)(21)(26)
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26		65			64		185	—%	(3)(7)(30)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.9% Cash	10/21	10/28		3,206			3,292		3,167	0.3%	(3)(7)(8)(11)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.6% Cash	05/24	05/29		3,991			3,883		3,903	0.3%	(7)(8)(13)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Dune Group	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.6% Cash	09/21	09/28	$120	$117	$91	—%	(3)(7)(8)(10)(30)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash	09/21	09/28	204	204	193	—%	(3)(7)(8)(13)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 6.3% Cash, 2.3% PIK	09/21	09/28	1,230	1,218	1,164	0.1%	(3)(7)(8)(13)
Ellkay, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 8.0% Cash, 2.0% PIK	09/21	09/27	4,924	4,875	4,348	0.4%	(7)(8)(13)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	01/23	01/30	1,577	1,600	1,552	0.1%	(3)(7)(8)(10)(30)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	03/22	03/29	4,685	4,872	4,613	0.4%	(3)(7)(8)(11)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	03/24	03/30	6,134	6,049	6,091	0.5%	(7)(8)(13)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	03/24	03/30	—	(6)	(2)	—%	(7)(8)(13)(30)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	08/24	08/27	539	529	529	—%	(7)(8)(13)(30)
GCDL LLC	Revolver	SOFR + 6.00%, 10.4% 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	271	285	271	—%	(3)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	33	34	33	—%	(3)(7)(8)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.7% Cash	06/22	06/29	446	446	189	—%	(3)(7)(8)(9)(26)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.45%, 8.5% Cash	10/22	10/29	888	874	871	0.1%	(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	09/22	09/28	694	704	602	0.1%	(3)(7)(8)(19)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	14,000	13,840	12,865	1.1%	(7)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	08/23	08/29	7,267	7,116	7,267	0.6%	(7)(8)(12)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	08/23	08/29	—	(35)	—	—%	(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	3,677	3,524	0.3%	(7)(8)(13)
Hygie 31 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.63%, 8.8% Cash	09/22	09/29	1,512	1,378	1,502	0.1%	(3)(7)(8)(11)
ISTO Technologies II, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/23	10/28	6,726	6,598	6,706	0.6%	(7)(8)(14)
ISTO Technologies II, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	10/23	10/28	—	(14)	(2)	—%	(7)(8)(14)(30)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.50%, 9.5% Cash	03/22	03/27	3,720	4,430	3,720	0.3%	(3)(7)(8)(23)(30)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.1% Cash	08/24	08/31	695	728	677	0.1%	(3)(7)(8)(10)(30)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 8.1% Cash	08/24	05/31	19	18	18	—%	(3)(7)(8)(10)(30)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.7% Cash	12/21	12/28	2,048	2,159	1,952	0.2%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	1,841	1,947	1,721	0.1%	(3)(7)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 11.0% Cash	02/22	10/27	9,330	9,907	8,966	0.8%	(3)(8)(17)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.7% Cash	11/21	11/29	4,421	4,394	2,211	0.2%	(8)(13)
MI OpCo Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	07/24	03/28	6,288	5,722	6,320	0.5%	(8)(12)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.7% Cash	07/23	07/30	1,860	1,884	1,841	0.2%	(3)(7)(8)(16)(30)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.5% Cash	03/22	03/28	12,460	14,257	12,459	1.0%	(3)(7)(8)(19)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.2% Cash	02/21	02/27	5,572	5,518	5,572	0.5%	(7)(8)(12)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	09/22	10/29	1,885	1,741	1,869	0.2%	(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
OA Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	12/21	12/28		$8,301		$8,223	$8,268	0.7%	(7)(8)(12)
OA Buyer, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	12/21	12/28		—		(15)	(5)	—%	(7)(8)(12)(30)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.2% Cash	08/23	07/29		3,930		3,832	4,849	0.4%	(3)(7)(8)(12)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	06/21	06/28		2,866		3,175	2,802	0.2%	(3)(7)(8)(17)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.0% Cash, 0.8% PIK	12/19	12/26		2,688		2,873	2,688	0.2%	(3)(7)(8)(11)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	11/22	10/26		1,500		1,500	1,500	0.1%	(3)(7)(8)(13)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.9% Cash	10/23	10/29		624		608	609	0.1%	(7)(8)(12)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	06/22	07/29		3,843		3,711	3,692	0.3%	(3)(7)(8)(11)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.75%, 7.0% Cash	06/22	07/29		2,857		2,730	2,788	0.2%	(3)(7)(8)(24)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 6.75%, 8.0% Cash	06/22	07/29		47		49	46	—%	(3)(7)(8)(24)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	10/18	10/27		1,352		1,348	1,230	0.1%	(7)(8)(13)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.2% Cash	10/18	10/27		3,821		3,805	3,477	0.3%	(7)(8)(13)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.7% Cash	12/20	11/27		4,368		4,489	4,368	0.4%	(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		959		935	941	0.1%	(3)(7)(8)(17)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.84%, 9.8% Cash	06/22	06/29		934		892	930	0.1%	(3)(7)(8)(17)(30)
United Therapy Holding III GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.0% Cash	04/22	03/29		1,689		1,713	1,204	0.1%	(3)(7)(8)(10)(30)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.93%, 8.3% Cash	03/23	03/30		1,962		1,965	1,962	0.2%	(3)(7)(8)(10)(30)
Subtotal Healthcare & Pharmaceuticals (15.1%)*			192,412		193,812		179,436
High Tech Industries
1WorldSync, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	07/19	07/25		7,049		7,031	7,049	0.6%	(7)(8)(13)
Alpine SG, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	02/22	11/27		23,123		22,664	22,949	1.9%	(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		1,896		1,875	1,773	0.1%	(3)(7)(8)(10)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash, 2.8% PIK	07/22	07/29		136		133	127	—%	(3)(7)(8)(13)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 2.8% PIK	07/22	07/29		1,719		1,596	1,584	0.1%	(3)(7)(8)(16)(30)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29		843		811	777	0.1%	(3)(7)
Benify (Bennevis AB)	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 8.4% Cash	07/19	07/26		854		996	854	0.1%	(3)(7)(8)(22)
CAi Software, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	12/21	12/28		12,530		12,349	12,455	1.0%	(7)(8)(13)
CAi Software, LLC	Revolver	SOFR + 5.25%, 10.1% Cash	12/21	12/28		1,261		1,225	1,246	0.1%	(7)(8)(13)(30)
Caribou Holding Company, LLC	First Lien Senior Secured Term Loan	SOFR + 7.64%, 12.5% Cash	04/22	04/27		4,318		4,285	4,236	0.4%	(3)(7)(8)(13)
Contabo Finco S.À.R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 8.2% Cash	10/22	10/29		4,822		4,555	4,822	0.4%	(3)(7)(8)(10)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	01/21	01/27		2,732		2,708	2,732	0.2%	(7)(8)(13)
Dragon Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.6% Cash	04/21	04/28		2,589		2,838	2,585	0.2%	(3)(7)(8)(10)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	07/21	07/27		14,625		14,426	14,433	1.2%	(7)(8)(13)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Electrical Components International, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.3% Cash	05/24	05/29	$10,612	$10,419	$10,410	0.9%	(7)(8)(14)(30)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.6% PIK	12/22	12/29	1,676	1,497	831	0.1%	(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.3% PIK	12/22	12/29	913	781	453	—%	(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.5% PIK	12/22	12/29	2,351	2,258	1,165	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	690	642	—	—%	(3)(7)(26)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	08/21	08/28	4,740	4,690	4,740	0.4%	(7)(8)(12)
Graphpad Software, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	06/24	06/31	9,511	9,457	9,499	0.8%	(7)(8)(13)(30)
Graphpad Software, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	06/24	06/31	—	(4)	(1)	—%	(7)(8)(13)(30)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	11/21	11/27	7,221	7,144	7,221	0.6%	(7)(8)(13)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 5.50%, 10.1% Cash	11/21	11/27	—	(26)	—	—%	(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	12/18	06/29	11,081	11,055	11,081	0.9%	(7)(8)(13)
Ivanti Software, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.1% Cash	02/22	12/28	6,000	5,989	3,285	0.3%	(8)(13)(28)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	05/22	05/29	727	711	687	0.1%	(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.75%, 10.6% Cash	05/22	11/28	—	(1)	(1)	—%	(3)(7)(8)(14)(30)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	09/23	09/29	11,850	11,489	11,850	1.0%	(7)(8)(13)(30)
NAW Buyer LLC	Revolver	SOFR + 5.75%, 10.4% Cash	09/23	09/29	—	(37)	—	—%	(7)(8)(13)(30)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash	01/23	01/30	2,476	2,525	2,456	0.2%	(3)(7)(8)(11)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	11/23	11/30	7,320	7,199	7,320	0.6%	(7)(8)(13)(30)
Next Holdco, LLC	Revolver	SOFR + 5.75%, 10.5% Cash	11/23	11/29	—	(9)	—	—%	(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.5% Cash	12/23	12/30	947	976	931	0.1%	(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	12/21	12/29	14,130	13,874	13,901	1.2%	(7)(8)(13)(30)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 5.25%, 9.8% Cash	12/21	12/29	444	427	430	—%	(7)(8)(13)(30)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	08/21	08/27	14,753	14,558	14,514	1.2%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/29	6,827	6,776	6,710	0.6%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/29	—	(25)	(26)	—%	(7)(8)(13)(30)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	1,613	1,595	1,613	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	09/29	7,767	7,656	7,662	0.6%	(7)(8)(13)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/29	—	(29)	(28)	—%	(7)(8)(13)(30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	05/22	05/29	846	846	844	0.1%	(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
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/22	05/29		$1,411			$1,394		$1,408	0.1%	(3)(7)(8)(13)
RA Outdoors, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.7% Cash	02/22	04/26		13,764			13,506		12,732	1.1%	(7)(8)(13)(28)
RA Outdoors, LLC	Revolver	SOFR + 6.75%, 11.7% Cash	02/22	04/26		1,316			1,316		1,217	0.1%	(7)(8)(13)(28)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/31		17,819			17,596		17,592	1.5%	(7)(8)(13)(30)
Saab Purchaser, Inc.	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/31		—			(23)		(24)	—%	(7)(8)(13)(30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29		3,308			3,361		3,297	0.3%	(3)(7)(8)(10)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	SOFR + 5.57%, 10.1% Cash	08/23	05/29		443			443		442	—%	(3)(7)(8)(13)
Scout Bidco B.V.	Revolver	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29		—			(5)		(14)	—%	(3)(7)(8)(10)(30)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	07/23	07/30		1,892			1,943		1,858	0.2%	(3)(7)(8)(11)(30)
Smartling, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	11/21	11/27		10,437			10,328		10,437	0.9%	(7)(8)(13)
Smartling, Inc.	Revolver	SOFR + 4.50%, 9.0% Cash	11/21	11/27		—			(11)		—	—%	(7)(8)(13)(30)
Validity, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	07/19	05/26		4,783			4,750		4,783	0.4%	(7)(8)(12)
Vision Solutions Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.1% Cash	02/22	04/29		6,500			6,497		6,256	0.5%	(8)(13)(28)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	10/23	10/30		1,749			1,695		1,747	0.1%	(3)(7)(8)(13)(30)
Subtotal High Tech Industries (21.6%)*				266,737			263,033			257,218
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/21	12/28		6,314			6,492		6,314	0.5%	(3)(7)(8)(16)(30)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.50% PIK, 15.1% PIK	12/21	12/28		2,119			2,187		2,119	0.2%	(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.7%)*				8,433			8,679			8,433
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	07/22	07/27		7,344			7,277		7,344	0.6%	(7)(8)(12)
ASC Communications, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	07/22	07/27		—			(9)		—	—%	(7)(8)(12)(30)
AVSC Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 8.2% Cash	11/20	03/25		148			148		148	—%	(8)(12)
AVSC Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	11/20	10/26		2			2		2	—%	(8)(12)
Ruffalo Noel Levitz, LLC	First Lien Senior Secured Term Loan	SOFR + 2.25%, 7.0% Cash, 4.3% PIK	01/19	12/26		9,944			9,931		6,792	0.6%	(7)(8)(13)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.4% Cash	12/21	12/27		18,063			17,760		17,712	1.5%	(7)(8)(13)(30)
Superjet Buyer, LLC	Revolver	SOFR + 5.50%, 10.4% Cash	12/21	12/27		—			(29)		(38)	—%	(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (2.7%)*			35,501		35,080			31,960
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	08/20	08/26		6,923			6,868		6,618	0.6%	(7)(8)(13)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	06/24	03/29		3,593			3,593		3,595	0.3%	(8)(13)
Subtotal Media: Broadcasting & Subscription (0.9%)*			10,516		10,461			10,213
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50% 10.2% Cash	10/21	10/27		4,657			4,635		4,657	0.4%	(7)(8)(12)
BrightSign LLC	Revolver	SOFR + 5.50%, 10.2% Cash	10/21	10/27		1,085			1,079		1,085	0.1%	(7)(8)(12)(30)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 7.8% Cash, 2.5% PIK	05/19	05/25		1,565			1,563		1,523	0.1%	(7)(8)(13)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 7.8% Cash, 2.5% PIK	05/19	05/26		$12,477			$12,462		$12,140	1.0%	(7)(8)(13)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	04/22	04/29		218			223		217	—%	(3)(7)(8)(10)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% Cash	04/22	04/29		1,599			1,638		1,588	0.1%	(3)(7)(8)(16)(30)
Learfield Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/24	06/28		5,476			5,486		5,520	0.5%	(8)(12)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	11/20	11/27		1,641			1,716		1,641	0.1%	(3)(7)(8)(17)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	09/23	09/29		6,537			6,372		6,426	0.5%	(7)(8)(13)
Rock Labor LLC	Revolver	SOFR + 5.50%, 10.7% Cash	09/23	09/29		—			(26)		(19)	—%	(7)(8)(13)(30)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/22	12/29		15,333			15,033		14,826	1.2%	(7)(8)(13)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.7% Cash	12/22	12/28		532			499		466	—%	(7)(8)(13)(30)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	06/21	06/28		7,329			7,249		7,241	0.6%	(7)(8)(13)
Subtotal Media: Diversified & Production (4.8%)*			58,449		57,929			57,311
Metals & Mining
Arch Global Precision LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	04/19	04/26		8,966			8,966		8,769	0.7%	(7)(8)(13)
Subtotal Metals & Mining (0.7%)*				8,966			8,966			8,769
Services: Business
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.8% Cash	08/21	08/27		2,500			2,467		2,438	0.2%	(3)(7)(8)(14)
Acogroup	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK	03/22	10/26		7,354			7,708		5,412	0.5%	(3)(7)(8)(11)
AD Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	03/24	03/30		10,099			9,794		10,099	0.8%	(7)(8)(13)(30)
AD Bidco, Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	03/24	03/30		—			(28)		—	—%	(7)(8)(13)(30)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	05/23	05/30		1,716			1,768		1,716	0.1%	(3)(7)(8)(10)(30)
Adhefin International	Subordinated Term Loan	EURIBOR + 10.50% PIK, 13.2% PIK	05/23	11/30		330			341		326	—%	(3)(7)(8)(10)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.9% Cash	03/23	03/30		4,598			4,646		4,569	0.4%	(3)(7)(8)(11)(30)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.3% Cash	01/20	01/27		3,200			3,206		3,180	0.3%	(3)(7)(8)(16)
Apex Bidco Limited	Subordinated Senior Unsecured Term Loan	8.0% PIK	01/20	07/27		324			333		297	—%	(3)(7)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.0% Cash	11/24	11/31		284			261		256	—%	(3)(7)(8)(10)(30)
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 7.25%, 10.4% Cash	12/19	12/26		1,450			1,538		1,351	0.1%	(3)(7)(8)(11)
Auxi International	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.2% Cash	04/21	12/26		839			909		782	0.1%	(3)(7)(8)(17)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	11/21	11/27		4,785			4,731		4,785	0.4%	(7)(8)(12)(30)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.9% Cash	11/21	11/27		—			(5)		—	—%	(7)(8)(12)(30)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28		1,814			1,799		1,805	0.2%	(7)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/24	12/30		14,194			13,952		13,949	1.2%	(7)(8)(12)(30)
Basin Innovation Group, LLC	Revolver	SOFR + 5.00%, 9.5% Cash	12/24	12/30		—			(28)		(28)	—%	(7)(8)(12)(30)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.5% Cash	02/24	05/27		9,434			9,694		9,302	0.8%	(7)(8)(9)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	08/21	08/27		4,106			4,067		4,081	0.3%	(7)(8)(13)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.2% Cash	10/21	10/28		396			388		386	—%	(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
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK	10/21	10/28	$1,752	$1,931	$1,720	0.1%	(3)(7)(8)(11)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.7% Cash	12/20	12/27	14,630	15,527	14,454	1.2%	(3)(7)(8)(17)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	09/24	09/30	19,141	18,817	18,833	1.6%	(7)(8)(13)(30)
Caldwell & Gregory LLC	Revolver	SOFR + 5.00%, 9.3% Cash	09/24	09/30	—	(36)	(34)	—%	(7)(8)(13)(30)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.3% Cash	05/20	05/27	2,996	2,942	2,996	0.3%	(3)(7)(8)(10)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	02/22	02/28	14,008	13,780	14,008	1.2%	(7)(8)(13)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 9.1% Cash	02/22	02/28	—	(18)	—	—%	(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	4,756	4,746	3,381	0.3%	(7)(8)(13)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	04/22	12/29	18,663	18,409	18,663	1.6%	(7)(8)(12)
Comply365, LLC	Revolver	SOFR + 5.00%, 9.7% Cash	04/22	12/29	—	(14)	—	—%	(7)(8)(12)(30)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK	09/21	09/28	4,748	5,194	4,590	0.4%	(3)(7)(8)(10)(30)
DataServ Integrations, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	11/22	11/28	1,871	1,843	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%, 9.5% Cash	11/22	09/28	6,950	6,808	6,950	0.6%	(7)(8)(13)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.5% Cash	11/22	09/28	—	(9)	—	—%	(7)(8)(13)(30)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	06/22	06/28	1,000	991	998	0.1%	(3)(7)(8)(13)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	806	787	797	0.1%	(7)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	313	307	307	—%	(7)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	1,561	1,842	1,336	0.1%	(3)(7)(8)(19)(30)
Fortis Payment Systems, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.0% Cash	10/22	02/26	8,944	8,841	8,815	0.7%	(7)(8)(13)(30)
Fortis Payment Systems, LLC	Revolver	SOFR + 5.25%, 10.0% Cash	10/22	02/26	—	(7)	(9)	—%	(7)(8)(13)(30)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 8.3% Cash	07/22	07/29	936	907	936	0.1%	(3)(7)(8)(10)(30)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	10/22	10/29	4,850	4,497	4,850	0.4%	(3)(7)(8)(10)(30)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	09/24	12/29	7,537	7,413	7,413	0.6%	(7)(8)(13)(30)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.00%, 9.6% Cash	09/24	12/29	281	265	265	—%	(7)(8)(13)(30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.1% Cash	11/21	11/28	2,721	2,923	2,721	0.2%	(3)(7)(8)(11)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	08/22	08/29	1,589	1,594	1,509	0.1%	(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.2% Cash	10/22	10/29	5,168	4,836	5,075	0.4%	(3)(7)(8)(10)
JF Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	05/21	07/26	3,740	3,709	3,736	0.3%	(7)(8)(13)
Jones Fish Hatcheries & Distributors LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	02/28	3,481	3,434	3,481	0.3%	(7)(8)(13)
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 10.0% Cash	02/22	02/28	—	(4)	—	—%	(7)(8)(13)(30)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	02/22	02/28	10,069	9,968	10,029	0.8%	(7)(8)(13)
LeadsOnline, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	02/22	02/28	—	(24)	(10)	—%	(7)(8)(13)(30)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Legal Solutions Holdings	Senior Subordinated Loan	6.0% PIK	12/20	03/25	$12,319	$10,128	$—	—%	(7)(26)(27)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 3.27%, 8.1% Cash, 3.7% PIK	04/22	09/27	8,769	8,676	7,839	0.7%	(7)(8)(13)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	01/24	01/30	2,608	2,550	2,591	0.2%	(7)(8)(12)(30)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	01/24	01/30	—	(5)	(2)	—%	(7)(8)(12)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	06/24	06/27	5,118	5,016	4,899	0.4%	(7)(8)(12)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	07/21	06/27	4,106	4,062	4,036	0.3%	(7)(8)(14)(30)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	6,283	6,137	6,283	0.5%	(7)(8)(13)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	276	253	276	—%	(7)(8)(13)(30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.1% Cash	06/21	06/28	307	355	301	—%	(3)(7)(8)(10)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.0% Cash	06/21	06/28	533	525	522	—%	(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.8% Cash	02/20	02/26	2,045	2,140	2,045	0.2%	(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 7.01%, 11.6% Cash	02/20	02/26	2,628	2,613	2,628	0.2%	(3)(7)(8)(13)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	03/23	03/29	2,619	2,566	2,567	0.2%	(7)(8)(14)
Qualified Industries, LLC	Revolver	SOFR + 5.75%, 10.1% Cash	03/23	03/29	—	(5)	(5)	—%	(7)(8)(14)(30)
Questel Unite	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	12/20	12/27	7,059	7,010	7,059	0.6%	(3)(7)(8)(13)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	08/20	07/26	11,294	11,232	11,294	0.9%	(7)(8)(13)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/24	10/29	18,355	17,989	17,973	1.5%	(7)(8)(13)(30)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 9.6% Cash	10/24	10/29	—	(52)	(55)	—%	(7)(8)(13)(30)
Royal Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	08/22	08/28	8,106	8,006	8,098	0.7%	(7)(8)(13)
Royal Buyer, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	08/22	08/28	—	(22)	(2)	—%	(7)(8)(13)(30)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	08/24	08/30	21,921	21,608	21,638	1.8%	(7)(8)(13)
RPX Corporation	Revolver	SOFR + 5.50%, 10.6% Cash	08/24	08/30	—	(42)	(39)	—%	(7)(8)(13)(30)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.6% Cash	09/24	09/31	554	576	534	—%	(3)(7)(8)(10)(30)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	03/23	03/28	8,717	8,445	8,648	0.7%	(7)(8)(12)(30)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.6% Cash	03/23	03/28	—	(44)	(13)	—%	(7)(8)(13)(30)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	12/21	12/28	1,784	1,764	1,605	0.1%	(7)(8)(13)
Scaled Agile, Inc.	Revolver	SOFR + 5.50%, 10.2% Cash	12/21	12/28	336	332	302	—%	(7)(8)(13)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	09/23	09/29	12,944	12,732	12,944	1.1%	(7)(8)(13)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.5% Cash	09/23	09/29	—	(32)	—	—%	(7)(8)(13)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/22	03/27	2,072	2,044	2,057	0.2%	(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 5.00%, 9.2% Cash	11/22	03/27	—	(2)	(1)	—%	(7)(8)(14)(30)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/21	10/28	2,500	2,482	2,500	0.2%	(3)(7)(8)(14)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.80% PIK	07/21	07/28	2,785	2,764	2,785	0.2%	(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	11/22	11/29	$1,699		$1,518		$1,643	0.1%	(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.50%, 10.3% Cash	06/24	07/30	698		725		677	0.1%	(3)(7)(8)(20)(30)
Techone B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 8.7% Cash	11/21	11/28	3,639		3,816		3,609	0.3%	(3)(7)(8)(10)
Techone B.V.	Revolver	EURIBOR + 5.40%, 8.7% Cash	11/21	05/28	—		(24)		(4)	—%	(3)(7)(8)(10)(30)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	07/23	07/29	6,895		6,725		6,787	0.6%	(7)(8)(12)
Trintech, Inc.	Revolver	SOFR + 5.50%, 10.1% Cash	07/23	07/29	153		140		145	—%	(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	12/24	09/27	2,598		2,573		2,572	0.2%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	12/22	12/28	962		949		953	0.1%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/23	12/28	1,204		1,190		1,192	0.1%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/24	12/29	8,035		7,840		7,837	0.7%	(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	12/22	12/28	—		(5)		(4)	—%	(7)(8)(13)(30)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	07/21	09/26	4,874		4,839		4,874	0.4%	(7)(8)(12)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.6% Cash	07/24	12/30	536		556		536	—%	(3)(7)(8)(10)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 8.4% Cash	12/23	12/30	1,450		1,486		1,450	0.1%	(3)(7)(8)(22)(30)
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	11/24	11/31	13,247		12,991		12,982	1.1%	(7)(8)(13)(30)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	11/24	11/31	—		(34)		(35)	—%	(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	11/18	05/26	12,613		12,558		12,487	1.0%	(7)(8)(13)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	10/24	10/27	5,465		5,414		5,411	0.5%	(7)(8)(13)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK	09/20	09/27	1,581		1,754		1,500	0.1%	(3)(7)(8)(10)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 6.75%, 9.4% Cash, 1.8% PIK	02/21	09/27	2,604		2,572		2,471	0.2%	(3)(7)(8)(13)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 6.75%, 8.8% Cash, 2.4% PIK	02/21	09/27	994		994		943	0.1%	(3)(7)(8)(13)
W2O Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	10/20	06/28	11,879		11,803		11,772	1.0%	(7)(8)(13)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	03/24	03/30	13,897		13,645		13,785	1.2%	(7)(8)(12)
World 50, Inc.	Revolver	SOFR + 5.75%, 10.3% Cash	03/24	03/30	—		(17)		(8)	—%	(7)(8)(12)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.2% Cash	05/22	05/29	290		305		283	—%	(3)(7)(8)(11)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	05/22	05/29	8,813		8,657		8,598	0.7%	(3)(7)(8)(17)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	3,784		3,691		3,691	0.3%	(3)(7)
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.2% Cash	03/22	03/29	6,060		6,256		4,691	0.4%	(3)(7)(8)(17)
Subtotal Services: Business (37.5%)*				469,942		464,452		446,532
Services: Consumer
Arc Education	First Lien Senior Secured Term Loan	EURIBOR + 5.97%, 9.3% Cash	07/22	07/29	3,829		3,712		3,807	0.3%	(3)(7)(8)(10)(30)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.8% Cash	10/20	10/27	6,109		6,498		5,676	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	3,107		3,260		3,107	0.3%	(3)(7)(8)(11)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	10/23	10/29	$4,011		$3,918		$3,742	0.3%	(7)(8)(13)(30)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.6% Cash	10/23	10/29	331		324		312	—%	(7)(8)(13)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.4% Cash	07/22	07/28	6,390		6,313		5,955	0.5%	(7)(8)(13)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.50%, 11.4% Cash	07/22	07/28	141		138		124	—%	(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	10/24	02/30	12,028		11,995		11,950	1.0%	(7)(8)(13)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.3% Cash	07/22	07/27	2,284		2,530		2,284	0.2%	(3)(7)(8)(19)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 5.50%, 9.3% Cash	07/22	07/27	4,000		4,389		4,000	0.3%	(3)(7)(8)(23)(30)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	11/23	11/29	1,498		1,463		1,477	0.1%	(7)(8)(13)(30)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 9.1% Cash	11/23	11/29	—		(6)		(3)	—%	(7)(8)(13)(30)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	2,005		2,062		1,963	0.2%	(3)(7)(8)(19)(30)
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	10/21	10/27	13,156		13,063		13,156	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	2,543		2,415		146	—%	(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.75%, 6.7% PIK	12/21	06/27	109		104		(53)	—%	(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	6.0% PIK	03/24	03/25	185		194		185	—%	(3)(7)(8)(26)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/20	12/26	7,481		7,425		7,377	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	2,738		2,670		2,694	0.2%	(7)(8)(13)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 3.75%, 8.1% Cash	09/21	09/26	1,707		1,976		1,694	0.1%	(3)(7)(8)(18)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.7% Cash	05/22	05/29	928		926		903	0.1%	(3)(7)(8)(11)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.7% Cash	05/22	05/29	1,524		1,564		1,524	0.1%	(3)(7)(8)(11)
Subtotal Services: Consumer (6.1%)*				76,104		76,933		72,020
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		2,411	0.2%
AMMC CLO 22, Limited Series 2018-22A	Subordinated Structured Notes	Residual Interest, current yield —%	02/22	04/31	7,222		2,439		1,733	0.1%	(3)(7)(28)
Apidos CLO XXIV, Series 2016-24A	Subordinated Structured Notes	Residual Interest, current yield 57.25%	02/22	07/27	18,358		3,527		3,272	0.3%	(3)(28)
British Airways 2020-1 Class B Pass Through Trust	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	489		489		507	—%
Catawba River Limited	Structured - Junior Note	N/A	10/22	10/28	4,884		4,442		2,365	0.2%	(3)(7)
Dryden 49 Senior Loan Fund, Series 2017-49A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/30	17,233		2,766		437	—%	(3)(28)(29)
Flexential Issuer, LLC	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	16,000		14,885		15,339	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		2,520	0.2%
Magnetite XIX, Limited	Subordinated Notes	SOFR + 9.03%, 13.7% Cash	02/22	04/34	10,500		10,357		10,500	0.9%	(3)(7)(13)(28)
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	11/28	182		182		177	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	11/28	182		182		178	—%	(3)(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	11/28	$182		$182		$180	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	11/28	182		182		178	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	11/28	9,274		9,274		8,904	0.7%	(3)(7)
Rhondda Financing No. 1 DAC	Structured - Junior Note	N/A	01/23	01/33	25,868		25,713		26,044	2.2%	(3)(7)(30)
Sound Point CLO XX, Ltd.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/31	4,489		1,389		61	—%	(3)(28)(29)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	11/24	08/31	500		500		495	—%	(3)(7)
VistaJet Pass Through Trust 2021-1B	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	3,214		3,214		3,160	0.3%	(7)
VOYA CLO 2015-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/27	10,736		2,496		15	—%	(3)(28)(29)
VOYA CLO 2016-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/28	11,088		2,462		1,072	0.1%	(3)(28)(29)
Subtotal Structured Product (6.7%)*				145,448		89,546		79,548
Telecommunications
CSL DualCom	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.5% Cash	09/20	09/27	2,016		1,922		2,016	0.2%	(3)(7)(8)(15)(30)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	08/22	08/29	2,765		3,150		2,750	0.2%	(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	12/21	07/29	2,537		2,710		2,537	0.2%	(3)(7)(8)(19)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 12.3% Cash	09/20	09/27	11,708		11,860		11,041	0.9%	(3)(7)(8)(16)
Subtotal Telecommunications (1.5%)*				19,026		19,642		18,344
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	06/19	12/26	5,953		5,935		5,637	0.5%	(7)(8)(13)
Echo Global Logistics, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.7% Cash	11/21	11/29	9,469		9,366		9,450	0.8%	(7)(8)(12)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	11/21	11/27	3,465		3,431		3,465	0.3%	(7)(8)(12)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.7% Cash	11/21	11/27	—		(14)		—	—%	(7)(8)(12)(30)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	12/20	12/26	4,130		4,101		4,128	0.3%	(7)(8)(12)
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/21	05/27	4,544		4,487		4,544	0.4%	(7)(8)(13)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	04/22	11/28	6,667		6,542		6,645	0.6%	(3)(7)(8)(14)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27	801		793		800	0.1%	(7)(8)(14)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	12/21	12/27	12,078		11,847		12,079	1.0%	(7)(8)(14)
ITI Intermodal, Inc.	Revolver	SOFR + 6.50%, 10.8% Cash	12/21	12/27	226		203		225	—%	(7)(8)(14)(30)
Offen Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	02/22	06/26	3,718		3,681		3,681	0.3%	(7)(12)(28)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	12/22	12/28	6,111		5,973		6,135	0.5%	(7)(8)(12)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.8% Cash	12/22	12/28	472		425		472	—%	(7)(8)(12)(30)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.5% Cash	11/24	11/29	1,015		995		1,015	0.1%	(7)(8)(13)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 8.00%, 12.5% Cash	11/24	11/29	2,577		2,577		2,577	0.2%	(7)(8)(13)
Transportation Insight, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.2% Cash, 1.0% PIK	08/18	06/27	11,062		11,030		8,518	0.7%	(7)(8)(13)
Subtotal Transportation: Cargo (5.8%)*				72,288		71,372		69,371
Utilities: Electric
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	3,740		3,458		3,695	0.3%	(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	10/22	10/28	$14,930			$14,695		$14,706		1.2%	(7)(8)(13)
Spatial Business Systems LLC	Revolver	SOFR + 5.50%, 10.0% Cash	10/22	10/28	—			(22)		(21)		—%	(7)(8)(13)(30)
Subtotal Utilities: Electric (1.5%)*				18,670		18,131			18,380
Subtotal Debt Investments (155.9%)*				1,996,579		1,930,130			1,855,514
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		299		—%	(7)(29)
GB Eagle Buyer, Inc.	Partnership Units		12/22		687			687		1,350		0.1%	(7)
Megawatt Acquisitionco, Inc.	Common Stock		03/24		205			21		—		—%	(7)(29)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24		1,842			184		46		—%	(7)(29)
Narda Acquisitionco., Inc.	Class A Preferred Stock		12/21		4,587.38			459		578		—%	(7)(29)
Narda Acquisitionco., Inc.	Class B Common Stock		12/21		509.71			51		743		0.1%	(7)(29)
Whitcraft Holdings, Inc.	LP Units		02/23		63,087.10			631		975		0.1%	(7)(29)
Subtotal Aerospace & Defense (0.3%)*					2,596			3,846
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		455			455		450		—%	(7)(29)
Randys Holdings, Inc.	Partnership Units		11/22		5,333			533		622		0.1%	(7)(29)
SPATCO Energy Solutions, LLC	Common Stock		07/24		274,229			274		280		—%	(7)(29)
SVI International LLC	LLC Units		03/24		207,921			208		277		—%	(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			1,634
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Class A Convertible Preferred Equity		01/22		5,018			5,000		6,347		0.5%	(7)(29)
Accelerant Holdings	Class B Convertible Preferred Equity		12/22		1,657			1,667		2,285		0.2%	(7)(29)
Accelerant Holdings	Preferred Stock		12/24		4,243			7,840		7,840		0.7%	(7)(29)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		2,828,286			2,828		3,875		0.3%	(3)(7)(29)
Policy Services Company, LLC	Warrants - Class A		12/21		2.5582			—		1,262		0.1%	(7)(29)
Policy Services Company, LLC	Warrants - Class B		12/21		0.8634			—		426		—%	(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			—		122		—%	(7)(29)
Resolute Investment Managers, Inc.	Common Stock		03/24		38,571			—		98		—%	(7)(28)(29)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000			1,200		4,668		0.4%	(3)(7)
Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)*				18,535		26,923
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		21,031			—		695		0.1%	(7)(29)
Woodland Foods, LLC	Common Stock		12/21		1,663.30			1,663		1,271		0.1%	(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Woodland Foods, LLC	Preferred Stock	20.0% PIK	12/21		364.00		$427	$427	—%	(7)
ZB Holdco LLC	LLC Units		02/22		152.69		153	197	—%	(7)(29)
Subtotal Beverage, Food, & Tobacco (0.2%)*					2,243		2,590
Capital Equipment
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,409		741	1,229	0.1%	(7)
Process Insights Acquisition, Inc.	Common Stock		07/23		281		281	237	—%	(7)(29)
Rapid Buyer LLC	LLC Units		10/24		533		533	533	—%	(7)(29)
TAPCO Buyer LLC	LLC Units		11/24		252		252	252	—%	(7)(29)
Subtotal Capital Equipment (0.2%)*					1,807		2,251
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		88,110		88	119	—%	(7)(29)
Aptus 1829. GmbH	Common Stock		09/21		48		12	—	—%	(3)(7)(29)
Aptus 1829. GmbH	Preferred Stock		09/21		13		120	40	—%	(3)(7)(29)
Polymer Solutions Group Holdings, LLC	Common Stock		02/22		74		—	—	—%	(7)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*				220		159
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		1,004,467		1,004	1,045	0.1%	(7)(29)
MNS Buyer, Inc.	Partnership Units		08/21		76,923		77	106	—%	(7)(29)
Ocelot Holdco LLC	Common Stock		10/23		186.67		—	742	0.1%	(7)(29)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		243.81		1,562	2,873	0.2%	(7)
Subtotal Construction & Building (0.4%)*					2,643		4,766
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)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		202,393.60		202	85	—%	(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	57	—%	(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	655	0.1%	(29)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2		523	625	0.1%	(7)(29)
Terrybear, Inc.	Partnership Equity		04/22		24,358.97		239	120	—%	(7)(29)
Subtotal Consumer goods: Durable (0.1%)*					3,150		1,542
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		233		233	235	—%	(7)
Ice House America, L.L.C.	LLC Units		01/24		2,833		283	316	—%	(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	537	—%	(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*				896		1,088
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		2,769		277	333	—%	(7)(29)
Five Star Holding LLC	LLC Units		05/22		966.99		967	564	—%	(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*				1,244		897
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

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		14,618		$16,725	$14,618	1.2%	(7)
Subtotal Environmental Industries (1.2%)*					16,725		14,618
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608		1,115	1,239	0.1%	(3)(7)(29)
Amalfi Midco	Warrants		09/22		380,385		4	919	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)
Coherus Biosciences, Inc.	Royalty Rights		05/24	08/50	3,626,518		3,627	5,834	0.5%	(7)
Forest Buyer, LLC	Class A LLC Units		03/24		122		122	130	—%	(7)(29)
Forest Buyer, LLC	Class B LLC Units		03/24		122		—	124	—%	(7)(29)
GCDL LLC	Common Stock		08/24		243,243.24		243	243	—%	(7)(29)
GPNZ II GmbH	Common Stock		10/23		5,785		—	—	—%	(3)(7)(29)
HemaSource, Inc.	Common Stock		08/23		101,080		101	124	—%	(7)(29)
Moonlight Bidco Limited	Common Stock		07/23		10,590		138	182	—%	(3)(7)(29)
OA Buyer, Inc.	Partnership Units		12/21		210,920.11		211	783	0.1%	(7)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762		298	263	—%	(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.8%)*				6,283		9,841
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	33	—%	(3)(7)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		41,560		63	33	—%	(3)(7)
Caribou Holding Company, LLC	LLC Units		04/22		681,818		682	682	0.1%	(3)(7)(29)
Command Alkon (Project Potter Buyer, LLC)	Class B Partnership Units		04/20		33,324.70		—	175	—%	(7)(29)
CW Group Holdings, LLC	LLC Units		01/21		161,290.32		161	371	—%	(7)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		6,582.7		9,830	5,608	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	524	—%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		173,749		174	151	—%	(7)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		28.8		29	42	—%	(7)(29)
ProfitOptics, LLC	LLC Units		03/22		241,935.48		161	198	—%	(7)(29)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		2,357.5		236	249	—%	(7)(29)
Subtotal High Tech Industries (0.7%)*					11,936		8,157
Media: Advertising, Printing & Publishing
Advantage Software Company (The), LLC	Class A1 Partnership Units		12/21		8,717.76		280	593	—%	(7)(29)
Advantage Software Company (The), LLC	Class A2 Partnership Units		12/21		2,248.46		72	153	—%	(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)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
ASC Communications, LLC	Class A Units		07/22			25,718.20			$539		$869		0.1%		(7)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*				902			1,615
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity		04/22			676,881.00			677		2,180		0.2%		(7)
Subtotal Media: Broadcasting & Subscription (0.2%)*				677			2,180
Media: Diversified & Production
BrightSign LLC	LLC units		10/21		1,107,492.71			1,107		1,174		0.1%		(7)
Learfield Communications, LLC	Common Stock		08/20			55,198			1,921		4,085		0.3%		(7)(29)
Rock Labor LLC	LLC Units		09/23			233,871			1,252		1,127		0.1%		(7)
Solo Buyer, L.P.	Common Equity		12/22			516,399			516		325		—%		(7)(29)
Vital Buyer, LLC	Partnership Units		06/21			16,442.9			164		388		—%		(7)
Subtotal Media: Diversified & Production (0.6%)*				4,960			7,099
Retail
True Religion Apparel, Inc.	Class A Units		02/22			9.767			—		—		—%		(7)(28)(29)
Subtotal Retail (—%)*						—			—
Services: Business
Azalea Buyer, Inc.	Common Stock		11/21			192,307.7			192		288		—%		(7)(29)
CGI Parent, LLC	Preferred Stock		02/22			657			722		1,710		0.1%		(7)(29)
CMT Opco Holding, LLC (Concept Machine)	LLC Units		01/20			12,635			506		—		—%		(7)(29)
Coyo Uprising GmbH	Class A Units		09/21			440			205		206		—%		(3)(7)(29)
Coyo Uprising GmbH	Class B Units		09/21			191			446		381		—%		(3)(7)(29)
DataServ Integrations, LLC	Partnership Units		11/22			96,153.90			96		103		—%		(7)(29)
EFC International	Common Stock		03/23			163.83			231		380		—%		(7)(29)
Electric Equipment & Engineering Co.	LLC Units		12/24			187,500			188		188		—%		(7)(29)
Jones Fish Hatcheries & Distributors LLC	LLC Units		02/22			1,018			107		372		—%		(7)
LeadsOnline, LLC	LLC Units		02/22			81,739			85		180		—%		(7)
MB Purchaser, LLC	LLC Units		01/24			66			68		82		—%		(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		563		—%		(7)(29)
Qualified Industries, LLC	Common Stock		03/23			303,030			3		61		—%		(7)(29)
Qualified Industries, LLC	Preferred Stock	12.5% PIK	03/23			148			144		175		—%		(7)(29)
Recovery Point Systems, Inc.	Partnership Equity		03/21			187,235			187		81		—%		(7)(29)
SmartShift Group, Inc.	Common Stock		09/23			275			275		483		—%		(7)(29)
TA SL Cayman Aggregator Corp.	Common Stock		07/21			1,589			50		84		—%		(7)(29)
TSYL Corporate Buyer, Inc.	Partnership Units		12/22			4,673			5		26		—%		(7)
Xeinadin Bidco Limited	Common Stock		05/22			45,665,825			565		572		—%		(3)(7)(29)
Subtotal Services: Business (0.6%)*						5,481			6,616
Services: Consumer
Kid Distro Holdings, LLC	LLC Units		10/21			637,677.11			638		772		0.1%		(7)(29)
Subtotal Services: Consumer (0.1%)*						638			772
Telecommunications
Mercell Holding AS	Class A Units	9.0% PIK	08/22			114.4			111		125		—%		(3)(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Mercell Holding AS	Class B Units		08/22			28,943.8			$—		$21		—%	(3)(7)(29)
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22			7,575,758			10,167		10,076		0.8%	(7)
Subtotal Telecommunications (0.9%)*						10,278			10,222
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	Partnership Units		04/21			348.68			349		550		—%	(7)(29)
Echo Global Logistics, Inc.	Partnership Equity		11/21			530.92			531		417		—%	(7)(29)
FragilePak LLC	Partnership Units		05/21			937.5			938		767		0.1%	(7)(29)
ITI Intermodal, Inc.	Common Stock		01/22			7,500.4			750		915		0.1%	(7)(29)
REP SEKO MERGER SUB LLC	Common Stock		11/24			1,231			5,403		4,595		0.4%	(7)(29)
Subtotal Transportation: Cargo (0.6%)*						7,971			7,244
Utilities: Oil & Gas
Proppants Holding, LLC	LLC Units		02/22			1,506,254			—		—		—%	(7)(28)
Subtotal Utilities: Oil & Gas (—%)*						—			—
Subtotal Equity Investments (9.8%)*				103,586			116,859
Subtotal Non-Control / Non-Affiliate Investments (165.7%)*				2,033,716			1,972,373
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		$3,586			$3,586		$3,586		0.3%	(7)(30)
Subtotal Aerospace & Defense (0.3%)*				3,586			3,586			3,586
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 7.25%, 11.9% Cash	07/21	07/28		10,091			10,022		10,091		0.8%	(7)(12)(30)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28		4,545			4,520		4,545		0.4%	(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)*			14,636		14,542			14,636
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.6% PIK	12/23	12/30		6,414			6,414		6,414		0.5%	(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.5%)*			6,414		6,414			6,414
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		16,620			15,690		15,770		1.3%	(7)
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		7,662			7,322		7,271		0.6%	(7)
Subtotal Hotel, Gaming, & Leisure (1.9%)*				24,282			23,012			23,041
Subtotal Debt Investments (3.9%)*				48,918			47,554			47,677
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			$1,195		$1,195		0.1%	(7)(29)
Subtotal Aerospace & Defense (0.1%)*						1,195			1,195
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		07/21			89,447,396			93,029		136,855		11.5%	(7)
Rocade Holdings LLC	Common LP Units		02/23			23.8			—		243		—%	(7)(29)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.00% PIK, 10.3% PIK	02/23			71,000			82,989		83,000		7.0%	(7)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (18.5%)*				176,018			220,098

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	Common Stock		12/23		1,243,071			$12,177			$11,262		0.9%		(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.9%)*				12,177		11,262
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21		3,518,097			16,495			16,852		1.4%		(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.4%)*					16,495			16,852
Investment Funds & Vehicles
Jocassee Partners LLC	9.1% Member Interest		06/19				35,158			40,761		3.4%		(3)(30)(32)
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest		02/22				48,441			41,453		3.5%		(3)(28)(32)
Thompson Rivers LLC	16% Member Interest		06/20				22,897			7,208		0.6%		(29)(32)
Waccamaw River LLC	20% Member Interest		02/21				22,913			10,730		0.9%		(3)(32)
Subtotal Investment Funds & Vehicles (8.4%)*				129,409		100,152
Subtotal Equity Investments (29.3%)*					335,294			349,559
Subtotal Affiliate Investments (33.4%)*					382,848			397,236
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% Cash	09/23	06/25	5,333			5,650			5,333		0.4%		(3)(7)(27)(30)
Security Holdings B.V.	Senior Unsecured Term Loan	6.0% Cash, 9.0% PIK	04/21	04/25	2,293			2,526			2,293		0.2%		(3)(7)(27)
Security Holdings B.V.	Senior Subordinated Term Loan	3.1% PIK	12/20	06/26	11,191			11,191			11,191		0.9%		(3)(7)(27)
Subtotal Capital Equipment (2.1%)*				25,472		26,022			25,472
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC	First Lien Senior Secured Term Loan	10.0% PIK	02/22	01/25	39,067			9,628			—		—%		(7)(26)(28)
Black Angus Steakhouses, LLC	First Lien Senior Secured Term Loan	14.4% PIK	02/22	01/25	8,280			8,091			2,744		0.2%		(7)(8)(12)(26)(28)
Subtotal Hotel, Gaming, & Leisure (0.2%)*				47,347		17,719			2,744
Subtotal Debt Investments (2.3%)*				72,819		43,741			28,216
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			$13,741		1.2%		(3)(7)(27)(29)
Subtotal Automotive (1.2%)*					19,173			13,741
Capital Equipment
Security Holdings B.V.	Common Stock Series A		02/22		17,100			560			399		—%		(3)(7)(27)(29)
Security Holdings B.V.	Common Stock Series B		12/20		1,236			35,192			37,296		3.1%		(3)(7)(27)(29)
Subtotal Capital Equipment (3.2%)*					35,752			37,695
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC	LLC Units		02/22		44.6			—			—		—%		(7)(28)(29)
Subtotal Hotel, Gaming, & Leisure (—%)*					—			—
Investment Funds & Vehicles
MVC Private Equity Fund LP	General Partnership Interest		03/21		1,831.4			184			—		—%		(3)(27)(29)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost	FairValue	% of Net Assets *	Notes
MVC Private Equity Fund LP	Limited Partnership Interest	03/21		71,790.4		$7,282	$11	—%	(3)(27)(29)
Subtotal Investment Funds & Vehicles (—%)*			7,466		11
Subtotal Equity Investments (4.4%)*				62,391		51,447
Subtotal Control Investments (6.7%)*				106,132		79,663
Total Investments, December 31, 2024 (205.8%)*			$2,522,696		$2,449,272

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		$(4,396)	February 2029 Notes	$(4,396)
Total Interest Rate Swaps, December 31, 2024					$(4,396)

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	$19,250	$5,650
Sierra Credit Support Agreement(e)(f)(g)	Barings LLC	04/01/32	100,000	44,200	(200)
Total Credit Support Agreements, December 31, 2024			$123,000	$63,450	$5,450

(a) The MVC Credit Support Agreement (as defined in “Note 2 - Agreements and Related Party Transactions”) covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition 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 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 covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger 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 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$7,000	$4,519	BNP Paribas SA	01/08/25	$(185)
Foreign currency forward contract (AUD)	A$64,484	$41,090	HSBC Bank USA	01/08/25	(1,164)
Foreign currency forward contract (AUD)	A$8,000	$5,010	BNP Paribas SA	04/07/25	(56)
Foreign currency forward contract (AUD)	$954	A$1,478	Bank of America, N.A.	01/08/25	39
Foreign currency forward contract (AUD)	$965	A$1,411	BNP Paribas SA	01/08/25	92
Foreign currency forward contract (AUD)	$46,948	A$68,596	HSBC Bank USA	01/08/25	4,477
Foreign currency forward contract (AUD)	$41,247	A$64,724	HSBC Bank USA	04/07/25	1,167
Foreign currency forward contract (CAD)	C$8,709	$6,161	HSBC Bank USA	01/08/25	(105)
Foreign currency forward contract (CAD)	C$7,000	$4,896	HSBC Bank USA	04/07/25	(11)
Foreign currency forward contract (CAD)	$6,461	C$8,709	BNP Paribas SA	01/08/25	404
Foreign currency forward contract (CAD)	$72	C$103	BNP Paribas SA	04/07/25	—
Foreign currency forward contract (CAD)	$6,326	C$8,913	HSBC Bank USA	04/07/25	107
Foreign currency forward contract (DKK)	2,570kr.	$362	BNP Paribas SA	01/08/25	(5)
Foreign currency forward contract (DKK)	$385	2,570kr.	HSBC Bank USA	01/08/25	28
Foreign currency forward contract (DKK)	$370	2,615kr.	BNP Paribas SA	04/07/25	5
Foreign currency forward contract (EUR)	€4,658	$4,921	BNP Paribas SA	01/08/25	(96)
Foreign currency forward contract (EUR)	€95,436	$100,299	HSBC Bank USA	01/08/25	(1,455)
Foreign currency forward contract (EUR)	$111,003	€99,494	BNP Paribas SA	01/08/25	7,955
Foreign currency forward contract (EUR)	$671	€600	HSBC Bank USA	01/08/25	50
Foreign currency forward contract (EUR)	$100,856	€95,570	HSBC Bank USA	04/07/25	1,467
Foreign currency forward contract (NZD)	NZ$15,538	$9,003	HSBC Bank USA	01/08/25	(297)
Foreign currency forward contract (NZD)	$198	NZ$312	Bank of America, N.A.	01/08/25	23
Foreign currency forward contract (NZD)	$9,538	NZ$15,226	HSBC Bank USA	01/08/25	1,007
Foreign currency forward contract (NZD)	$9,187	NZ$15,840	HSBC Bank USA	04/07/25	302
Foreign currency forward contract (NOK)	45,770kr	$4,104	HSBC Bank USA	01/08/25	(75)
Foreign currency forward contract (NOK)	$83	921kr	Bank of America, N.A.	01/08/25	2
Foreign currency forward contract (NOK)	$4,273	44,849kr	HSBC Bank USA	01/08/25	325
Foreign currency forward contract (NOK)	$4,132	46,087kr	HSBC Bank USA	04/07/25	75
Foreign currency forward contract (GBP)	£5,800	$7,272	Bank of America, N.A.	01/08/25	(8)
Foreign currency forward contract (GBP)	£59,563	$75,949	BNP Paribas SA	01/08/25	(1,356)
Foreign currency forward contract (GBP)	$1,789	£1,382	Bank of America, N.A.	01/08/25	59
Foreign currency forward contract (GBP)	$85,174	£63,981	HSBC Bank USA	01/08/25	5,047
Foreign currency forward contract (GBP)	$75,962	£59,607	BNP Paribas SA	04/07/25	1,363
Foreign currency forward contract (SEK)	16,492kr	$1,505	HSBC Bank USA	01/08/25	(12)
Foreign currency forward contract (SEK)	$34	339kr	Bank of America, N.A.	01/08/25	3
Foreign currency forward contract (SEK)	$1,593	16,153kr	HSBC Bank USA	01/08/25	130
Foreign currency forward contract (SEK)	$1,541	16,805kr	HSBC Bank USA	04/07/25	12
Foreign currency forward contract (CHF)	5,622Fr.	$6,378	HSBC Bank USA	01/08/25	(173)
Foreign currency forward contract (CHF)	$6,706	5,622Fr.	Bank of America, N.A.	01/08/25	502
Foreign currency forward contract (CHF)	$6,511	5,685Fr.	HSBC Bank USA	04/07/25	175
Total Foreign Currency Forward Contracts, December 31, 2024				$19,818

*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 Board, and 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 SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, 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 December 31, 2024 represented 205.8% 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 26.1% of total investments at fair value as of December 31, 2024. 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 year ended December 31, 2024 were as follows:

December 31, 2023Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · December 31, 2024 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%, 12.6% PIK)	$6,214		$200		$—		$—		$—		$6,414		$837
Common Stock (1,243,071 shares)	12,177		—		—		—		(915)		11,262		—
	18,391		200		—		—		(915)		17,676		837
Coastal Marina Holdings, LLC(d)	Subordinated Term Loan(8.0% Cash)	15,649		95		—		—		26		15,770		1,428
Subordinated Term Loan (8.0% Cash)	6,868		403		—		—		—		7,271		711
LLC Units (3,518,097 units)	12,160		5,551		—		—		(859)		16,852		—
	34,677		6,049		—		—		(833)		39,893		2,139
Eclipse Business Capital, LLC(d)	Revolver (SOFR + 7.25%, 11.9% Cash)	5,545		27,656		(23,091)		—		(19)		10,091		817
Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		6		—		—		(6)		4,545		323
LLC units (89,447,396 units)	145,799		66		—		—		(9,010)		136,855		14,894
	155,889		27,728		(23,091)		—		(9,035)		151,491		16,034
Hylan Datacom & Electrical LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)	3,917		172		(3,917)		—		(172)		—		311
Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.5% Cash)	4,519		161		(4,680)		—		—		—		181
Common Stock(102,144 shares)	2,013		—		(1,040)		(4,179)		3,206		—		—
	10,449		333		(9,637)		(4,179)		3,034		—		492
Jocassee Partners LLC	9.1% Member Interest	41,053		—		—		—		(292)		40,761		5,709
	41,053		—		—		—		(292)		40,761		5,709
Rocade Holdings LLC(d)	Preferred LP Units (71,000 units) (SOFR + 6.00% PIK, 10.3% PIK)	73,113		12,098		(2,222)		—		11		83,000		8,598
Common LP Units (23.8 units)	844		—		—		—		(601)		243		—
	73,957		12,098		(2,222)		—		(590)		83,243		8,598
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	39,172		—		—		—		2,281		41,453		2,225
39,172		—		—		—		2,281		41,453		2,225
Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% PIK)	—		3,586		—		—		—		3,586		36
LLC Units (1,195,449.6 units)	—		1,195		—		—		—		1,195		—
	—		4,781		—		—		—		4,781		36
Thompson Rivers LLC	16% Member Interest	13,365		—		(5,991)		—		(166)		7,208		—
	13,365		—		(5,991)		—		(166)		7,208		—

December 31, 2023Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · December 31, 2024 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company · Type of Investment
Waccamaw River LLC	20% Member Interest	15,470	—		(2,087)	—	(2,653)		10,730	3,535
15,470		—	(2,087)		—	(2,653)	10,730		3,535
Total Affiliate Investments		$402,423		$51,189		$(43,028)		$(4,179)		$(9,169)	$397,236	$39,605

(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 year ended December 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

December 31, 2023Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · December 31, 2024 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)	$7,166		$1,114		$—		$—		$(5,536)		$2,744		$1,028
First Lien Senior Secured Term Loan (10.0% PIK)(e)	4,869		—		—		—		(4,869)		—		—
LLC Units (44.6 units)	—		—		—		—		—		—		—
	12,035		1,114		—		—		(10,405)		2,744		1,028
MVC Automotive Group GmbH(d)	Bridge Loan (4.5% Cash, 1.5% PIK)	9,762		720		(9,620)		(862)		—		—		495
Common Equity Interest (18,000 Shares)	15,430		9,620		—		—		(11,309)		13,741		—
	25,192		10,340		(9,620)		(862)		(11,309)		13,741		495
MVC Private Equity Fund LP	General Partnership Interest(1,831.4 units)	24		—		(17)		—		(7)		—		48
Limited Partnership Interest(71,790.4 units)	981		—		(678)		—		(292)		11		—
	1,005		—		(695)		—		(299)		11		48
Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,328		327		—		—		—		6,655		326
Revolver (6.0% Cash)	3,866		1,828		(12)		17		(366)		5,333		188
Senior Subordinated Term Loan (3.1% PIK)	10,867		324		—		—		—		11,191		273
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)	2,236		208		—		—		(151)		2,293		255
Common Stock Series A (17,100 shares)	311		—		—		—		88		399		—
Common Stock Series B (1,236 shares)	29,080		—		—		—		8,216		37,296		—
	52,688		2,687		(12)		17		7,787		63,167		1,042
Total Control Investments	$90,920		$14,141		$(10,327)		$(845)		$(14,226)		$79,663		$2,613

(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.

(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion February 2019 Credit Facility with ING.

(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 December 31, 2024 was 2.84500%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2024 was 2.71400%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2024 was 2.56800%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2024 was 4.33249%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2024 was 4.30510%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2024 was 4.25001%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2024 was 4.71030%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2024 was 4.62330%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2024 was 4.56370%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2024 was 4.32250%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2024 was 4.41630%.

(20)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2024 was 4.49250%.

(21)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2024 was 3.15158%.

(22)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2024 was 2.54200%.

(23)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2024 was 4.27000%.

(24)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2024 was 1.01720%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2024 was 4.61000%.

(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.

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