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

Unaudited Consolidated Schedule of Investments as of

Unaudited Consolidated Schedule of Investments

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	04/22	04/28	$13,155		$13,051		$12,958	1.1%	(7)(8)(12)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.2% Cash	04/22	04/28	1,325		1,309		1,291	0.1%	(7)(8)(13)(30)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/22	11/28	19,214		18,933		18,987	1.6%	(7)(8)(13)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	11/22	11/28	—		(44)		(39)	—%	(7)(8)(13)(30)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	651		647		650	0.1%	(7)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	12/22	12/30	9,191		9,010		9,108	0.8%	(7)(8)(13)(30)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	12/22	12/30	868		828		852	0.1%	(7)(8)(13)(30)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	11/19	02/29	1,262		1,157		1,262	0.1%	(3)(7)(8)(11)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/19	02/29	6,526		6,448		6,526	0.6%	(3)(7)(8)(14)
M-Personal Protection Management GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 7.7% Cash	10/24	09/31	12,590		11,440		12,590	1.1%	(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/24	03/30	4,139		4,074		3,882	0.3%	(7)(8)(13)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	03/24	03/30	173		163		132	—%	(7)(8)(13)(30)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	03/21	03/28	1,917		1,893		1,917	0.2%	(3)(7)(8)(11)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.9% Cash	03/21	03/27	2,299		2,294		2,299	0.2%	(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	12/20	12/26	7,258		7,218		6,702	0.6%	(7)(8)(13)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash, 2.0% PIK	02/21	02/27	15,454		15,369		13,507	1.1%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/23	02/29	3,013		2,993		2,966	0.3%	(7)(8)(13)(30)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	06/24	02/29	8,482		8,247		8,482	0.7%	(7)(8)(13)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 10.8% Cash	02/23	02/29	352		306		352	—%	(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.9%)*				107,869		105,336		104,424
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.4% Cash	07/22	07/30	4,545		4,428		4,241	0.4%	(7)(8)(13)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	03/22	03/29	3,303		3,267		3,303	0.3%	(7)(8)(13)
OAC Holdings I Corp	Revolver	SOFR + 4.75%, 9.2% Cash	03/22	03/28	724		711		724	0.1%	(7)(8)(13)(30)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	11/29	12,052		11,799		12,007	1.0%	(7)(8)(13)(30)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	11/28	1,146		1,111		1,140	0.1%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	07/24	07/30	7,182		7,033		7,064	0.6%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	07/24	07/30	—		(20)		(16)	—%	(7)(8)(13)(30)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.0% Cash	03/24	03/30	643		632		643	0.1%	(7)(8)(13)(30)
SVI International LLC	Revolver	SOFR + 6.75%, 11.0% Cash	03/24	03/30	40		38		40	—%	(7)(8)(13)(30)
Subtotal Automotive (2.5%)*				29,635		28,999		29,146
Banking, Finance, Insurance, & Real Estate
Aegros Holdco 2 Ltd	Second Lien Senior Secured Term Loan	8.50% PIK	05/25	05/32	6,291		5,976		6,165	0.5%	(3)(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.7% Cash	02/21	03/28		$3,948		$3,921	$3,948	0.3%	(3)(7)(8)(17)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	10/21	10/27		5,295		5,243	5,295	0.5%	(7)(8)(13)(30)
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.0% Cash	03/25	02/32		3,448		3,078	3,325	0.3%	(3)(7)(8)(17)(30)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.5% Cash	11/23	11/30		4,420		3,940	4,347	0.4%	(3)(7)(8)(11)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.5% Cash	10/23	09/30		5,470		4,829	5,406	0.5%	(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	09/19	09/26		3,555		3,676	3,555	0.3%	(3)(7)(8)(9)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	05/21	05/28		2,935		2,965	2,884	0.2%	(3)(7)(8)(10)
ORS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	06/25	08/31		4,991		4,916	4,916	0.4%	(7)(8)(13)
Owl Intermediate Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	04/25	04/32		7,858		7,754	7,751	0.7%	(7)(8)(13)(30)
Owl Intermediate Holdings, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	04/25	04/32		61		39	38	—%	(7)(8)(13)(30)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.5% Cash, 4.0% PIK	12/21	06/26		52,336		51,613	51,912	4.4%	(7)(8)(13)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.7% Cash	06/21	12/30		9,919		8,897	9,849	0.8%	(3)(7)(8)(10)(30)
Russell Investments US Institutional Holdco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 7.8% Cash, 1.5% PIK	04/24	05/27		522		493	511	—%	(7)(8)(13)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.5% Cash	10/24	10/31		12,153		12,097	12,098	1.0%	(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/21	12/28		13,917		13,699	13,689	1.2%	(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.75%, 9.0% Cash	10/21	12/28		—		(20)	(23)	—%	(7)(8)(13)(30)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	10/31		4,875		4,809	4,820	0.4%	(7)(8)(12)(30)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/31		112		99	101	—%	(7)(8)(12)(30)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	11/21	06/26		8,130		8,111	7,666	0.7%	(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/23	12/27		10,955		10,694	10,750	0.9%	(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.5%)*			161,191		156,829		159,003
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	First Lien Senior Secured Term Loan	SOFR + 7.86%, 12.2% Cash	04/25	03/29		11,376		11,159	11,376	1.0%	(7)(8)(13)
CTI Foods Holdings Co., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.3% PIK	02/24	05/26		4,527		4,411	4,527	0.4%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 7.00%, 11.3% PIK	02/24	05/26		832		832	832	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 13.3% PIK	02/24	05/26		639		639	639	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.3% PIK	02/24	05/26		2,232		2,190	2,232	0.2%	(7)(8)(13)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.7% Cash	04/21	04/28		7,235		7,129	7,235	0.6%	(3)(7)(8)(10)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 4.75%, 4.8% Cash	05/23	04/28		1,152		1,019	1,152	0.1%	(3)(7)(8)(23)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	12/21	12/28		2,434		2,269	2,086	0.2%	(3)(7)(8)(10)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	12/21	12/27		15,735		15,521	15,493	1.3%	(7)(8)(13)(30)
Woodland Foods, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	12/21	12/27		546		519	507	—%	(7)(8)(13)(30)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	02/22	02/28		9,565		9,430	9,428	0.8%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	01/25	01/30		$—			$(19)		$(22)	—%	(7)(8)(13)(30)
ZB Holdco LLC	Revolver	SOFR + 5.75%, 10.2% Cash	02/22	02/28		929			908		904	0.1%	(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (4.8%)*				57,202			56,007			56,389
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/23	11/29		3,296			3,254		3,224	0.3%	(7)(8)(13)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	11/23	11/29		3,298			3,202		3,244	0.3%	(7)(8)(13)(30)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.0% Cash	11/23	11/29		—			(14)		(5)	—%	(7)(8)(13)(30)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.4% Cash	07/22	07/29		2,700			2,330		2,700	0.2%	(3)(7)(8)(10)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	03/23	07/29		14,040			13,430		12,285	1.0%	(7)(8)(13)
Brown Machine Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	10/18	10/25		6,088			6,084		5,619	0.5%	(7)(8)(13)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	11/21	11/28		1,303			1,289		1,272	0.1%	(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/31		6,803			6,737		6,742	0.6%	(7)(8)(13)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/31		257			237		238	—%	(7)(8)(13)(30)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27		951			942		951	0.1%	(7)(8)(12)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27		545			534		545	—%	(7)(8)(12)(30)
Process Equipment, Inc. (ProcessBarron)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	03/19	09/26		5,304			5,304		5,177	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		5,718			5,612		5,285	0.4%	(7)(8)(13)(30)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29		577			560		506	—%	(7)(8)(13)(30)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	10/24	10/30		5,439			5,341		5,342	0.5%	(7)(8)(13)(30)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.1% Cash	10/24	10/30		—			(17)		(17)	—%	(7)(8)(13)(30)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.3% Cash	11/24	11/30		13,845			13,546		13,585	1.2%	(7)(8)(13)(30)
TAPCO Buyer LLC	Revolver	SOFR + 4.50%, 9.3% Cash	11/24	11/30		—			(39)		(35)	—%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27		14,317			14,039		14,032	1.2%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27		—			(21)		(26)	—%	(7)(8)(13)(30)
Subtotal Capital Equipment (6.9%)*				84,481			82,350			80,664
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/23	04/29		2,575			2,534		2,544	0.2%	(7)(8)(12)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/23	04/29		—			(8)		(6)	—%	(7)(8)(12)(30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.33%, 7.5% Cash	11/21	10/28		3,429			3,197		3,412	0.3%	(3)(7)(8)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.33%, 8.0% Cash	04/22	10/28		2,836			2,544		2,821	0.2%	(3)(7)(8)(11)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 5.33%, 9.9% Cash	06/22	10/28		1,019			1,019		1,013	0.1%	(3)(7)(8)(13)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	09/21	09/27		2,525			2,489		2,333	0.2%	(3)(7)(8)(11)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 8.00%, 10.1% Cash	05/25	09/27		1,340			1,252		1,238	0.1%	(3)(7)(8)(10)
Polymer Solutions Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% PIK	02/22	10/25		993			993		421	—%	(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.2%)*			14,717		14,020			13,776

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	$8,118		$7,998		$8,001	0.7%	(7)(8)(12)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24	08/30	—		(42)		(42)	—%	(7)(8)(12)(30)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/21	12/27	12,095		11,983		11,285	1.0%	(7)(8)(13)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.2% Cash	12/21	12/27	119		94		(80)	—%	(7)(8)(12)(30)
Lockmasters Security Intermediate, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	05/25	09/27	9,433		9,348		9,342	0.8%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	05/25	09/27	87		80		80	—%	(7)(8)(12)(30)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/21	08/27	581		576		581	—%	(7)(8)(12)
Ocelot Holdco LLC	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	549		549		549	—%	(7)
Ocelot Holdco LLC	Takeback Term Loan	10.0% Cash	10/23	10/27	2,933		2,933		2,933	0.2%	(7)
Subtotal Construction & Building (2.8%)*				33,915		33,519		32,649
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.7% Cash, 0.3% PIK	12/21	12/28	1,531		1,516		1,167	0.1%	(7)(8)(13)
DecksDirect, LLC	Revolver	SOFR + 6.50%, 10.7% Cash	12/21	12/28	21		18		(69)	—%	(7)(8)(13)(30)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 13.8% Cash	10/23	10/28	12,677		12,409		12,676	1.1%	(7)(8)(12)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.0% Cash	07/22	01/26	11,091		11,089		10,197	0.9%	(7)(8)(14)(30)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.0% Cash	07/22	01/26	—		—		(93)	—%	(7)(8)(14)(30)
Lifestyle Intermediate II, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.6% Cash	02/22	01/26	2,911		2,911		2,721	0.2%	(7)(8)(13)(28)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/25	03/30	7,309		7,241		7,243	0.6%	(7)(8)(13)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	03/25	03/30	—		(9)		(8)	—%	(7)(8)(13)(30)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	11/21	11/27	4,684		4,637		4,389	0.4%	(7)(8)(13)
Team Air Distributing, LLC	Subordinated Term Loan	14.0% Cash	05/23	05/28	752		740		740	0.1%	(7)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	291		288		264	—%	(7)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.2% Cash	03/22	09/30	4,272		4,090		4,071	0.3%	(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.7%)*				45,539		44,930		43,298
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 8.3% Cash	02/21	02/28	8,217		8,164		8,118	0.7%	(3)(7)(8)(11)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/24	02/30	5,900		5,786		5,819	0.5%	(7)(8)(14)(30)
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	02/24	02/30	—		(16)		(12)	—%	(7)(8)(14)(30)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.2% Cash	04/24	04/29	942		823		890	0.1%	(3)(7)(8)(17)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	04/24	04/29	3,248		3,072		3,285	0.3%	(3)(8)(12)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.8% Cash	01/24	01/30	4,577		4,491		4,399	0.4%	(7)(8)(13)(30)
Ice House America, L.L.C.	Revolver	SOFR + 6.00%, 9.8% Cash	01/24	01/30	387		381		373	—%	(7)(8)(13)(30)
Isagenix International, LLC	First Lien Senior Secured Term Loan	SOFR + 7.50%, 11.9% Cash	04/23	04/28	954		736		118	—%	(7)(8)(13)(28)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.6% Cash	12/20	12/26	7,292		8,146		7,292	0.6%	(3)(7)(8)(18)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/20	12/26		$14,735			$14,663		$14,735	1.3%	(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.8%)*			46,252		46,246			45,017
Containers, Packaging, & Glass
Brook & Whittle Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.5% Cash	02/22	12/28		2,751			2,732		1,957	0.2%	(8)(14)(28)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29		812			798		798	0.1%	(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.6% Cash	05/22	05/30		13,692			13,506		13,595	1.2%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/30		1,771			1,748		1,751	0.1%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.50%, 8.7% Cash	09/24	09/30		3,763			3,634		3,720	0.3%	(7)(8)(15)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/30		244			236		237	—%	(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 8.7% Cash	09/24	09/30		—			(11)		(9)	—%	(7)(8)(15)(30)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	03/25	03/31		5,558			5,474		5,478	0.5%	(7)(8)(13)(30)
MSI Express Inc.	Revolver	SOFR + 3.75%, 8.1% Cash	03/25	03/31		656			626		627	0.1%	(7)(8)(13)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.4% Cash	06/21	06/28		2,302			2,347		2,233	0.2%	(3)(7)(8)(10)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.5% Cash	06/21	06/28		1,416			1,354		1,373	0.1%	(3)(7)(8)(10)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28		7,882			7,788		7,787	0.7%	(7)(8)(12)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	05/23	03/28		3,024			2,968		2,994	0.3%	(7)(8)(12)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28		—			(9)		(10)	—%	(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.6%)*			43,871		43,191			42,531
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	10/22	10/28		12,159			11,990		12,003	1.0%	(7)(8)(13)
WWEC Holdings III Corp	Revolver	SOFR + 5.25%, 9.5% Cash	10/22	10/28		—			(34)		(32)	—%	(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*				12,159			11,956			11,971
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27		27,200			27,200		28,013	2.4%
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	02/21	01/27		6,420			6,400		6,369	0.5%	(7)(8)(13)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.65%, 9.0% Cash	12/24	12/30		8,364			8,222		8,237	0.7%	(7)(8)(13)(30)
Northstar Recycling, LLC	Revolver	SOFR + 4.65%, 9.0% Cash	12/24	12/30		—			(40)		(35)	—%	(7)(8)(13)(30)
Subtotal Environmental Industries (3.6%)*				41,984			41,782			42,584
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29		13,461			11,875		7,902	0.7%	(3)(7)(31)
Aldinger Company	Second Lien Senior Secured Term Loan	13.5% Cash	04/25	03/30		1,444			1,343		1,343	0.1%	(7)(30)
Amalfi Midco	Second Lien Senior Secured Term Loan	15.5% PIK	09/22	10/28		342			325		341	—%	(3)(7)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28		6,798			5,696		6,350	0.5%	(3)(7)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.9% Cash	11/21	11/28		449			408		449	—%	(3)(7)(8)(10)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.0% Cash	11/21	11/28		2,653			2,523		2,653	0.2%	(3)(7)(8)(17)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.2% Cash	11/21	11/27		1,581			1,675		1,581	0.1%	(3)(7)(8)(19)(30)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.0%, 10.3% PIK	06/21	12/26		1,670			1,860		242	—%	(3)(7)(8)(20)(26)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	$87	$83	$253	—%	(3)(7)(30)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	10/21	10/28	3,634	3,299	3,565	0.3%	(3)(7)(8)(11)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.1% Cash	05/25	05/30	160	143	160	—%	(3)(7)(8)(10)(30)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	05/24	05/29	3,991	3,892	3,907	0.3%	(7)(8)(13)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	11/24	11/31	2,066	1,787	2,005	0.2%	(3)(7)(8)(10)(30)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 5.85%, 7.8% Cash	01/23	01/29	1,788	1,628	1,778	0.2%	(3)(7)(8)(10)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.0% Cash	03/22	03/29	5,311	4,882	4,998	0.4%	(3)(7)(8)(11)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/24	03/30	6,103	6,025	6,060	0.5%	(7)(8)(13)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% 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	08/30	536	528	528	—%	(7)(8)(13)(30)
GCDL LLC	Revolver	SOFR + 6.00%, 10.4% Cash	08/24	08/30	—	(1)	(1)	—%	(7)(8)(13)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	380	355	380	—%	(3)(7)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	98	89	98	—%	(3)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% PIK	06/22	06/29	505	446	81	—%	(3)(7)(8)(9)(26)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.8% Cash	10/22	10/29	267	117	128	—%	(3)(7)(8)(10)(30)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.8% Cash	05/25	05/30	884	854	866	0.1%	(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 8.9% Cash	09/22	09/28	734	706	623	0.1%	(3)(7)(8)(19)(30)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	14,785	14,644	13,675	1.2%	(7)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	08/23	08/29	6,739	6,610	6,739	0.6%	(7)(8)(12)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	08/23	08/29	—	(32)	—	—%	(7)(8)(12)(30)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash, 3.0% PIK	03/21	09/27	3,696	3,674	3,330	0.3%	(7)(8)(13)
ISTO Technologies II, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/23	10/28	6,684	6,572	6,664	0.6%	(7)(8)(13)
ISTO Technologies II, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/23	10/28	—	(12)	(2)	—%	(7)(8)(13)(30)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.00%, 7.5% Cash	03/22	03/27	4,031	4,330	4,031	0.3%	(3)(7)(8)(22)(30)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.2% Cash	08/24	08/31	931	859	915	0.1%	(3)(7)(8)(11)(30)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.2% Cash	08/24	05/31	11	8	10	—%	(3)(7)(8)(11)(30)
Kline Hill Partners LP	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	06/25	05/32	2,065	2,045	2,022	0.2%	(7)(8)(13)(30)
Kline Hill Partners LP	Revolver	SOFR + 4.50%, 8.8% Cash	06/25	05/32	—	(9)	(9)	—%	(7)(8)(13)(30)
Kline Hill Partners LP	Subordinated Term Loan	12.5% Cash	06/25	11/32	2,245	2,217	2,217	0.2%	(7)(30)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.0% Cash	12/21	12/28	2,424	2,269	2,295	0.2%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	2,214	2,075	2,050	0.2%	(3)(7)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 10.3% Cash	02/22	10/27	10,209	9,938	9,910	0.8%	(3)(8)(16)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	11/21	11/29	4,421	4,396	1,864	0.2%	(8)(13)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.5% Cash	07/23	07/30	2,036	1,889	2,036	0.2%	(3)(7)(8)(16)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 8.8% Cash	03/22	03/28		$13,188		$14,292	$13,187	1.1%	(3)(7)(8)(19)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	02/21	02/29		5,543		5,502	5,543	0.5%	(7)(8)(12)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	09/22	10/29		2,137		1,745	2,131	0.2%	(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	08/23	07/29		3,930		3,840	4,798	0.4%	(3)(7)(8)(12)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.2% Cash	06/21	06/28		3,136		3,181	3,083	0.3%	(3)(7)(8)(17)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.2% Cash	12/19	12/26		2,898		2,737	2,898	0.2%	(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	11/22	12/26		1,500		1,500	1,500	0.1%	(3)(7)(8)(13)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.25%, 12.5% Cash	10/23	10/29		29		29	29	—%	(7)(8)(12)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.6% Cash	10/23	10/29		595		586	593	0.1%	(7)(8)(12)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.3% Cash	06/22	07/29		4,357		3,731	4,235	0.4%	(3)(7)(8)(11)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.2% Cash	06/22	07/29		3,306		2,783	3,250	0.3%	(3)(7)(8)(24)
SCP Medical Products, LLC.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/25	06/31		4,539		4,483	4,483	0.4%	(7)(8)(13)
SCP Medical Products, LLC.	Revolver	SOFR + 4.75%, 9.0% Cash	06/25	06/31		—		(5)	(5)	0.4%	(7)(8)(13)(30)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	10/18	10/27		5,300		5,280	4,558	0.4%	(7)(8)(13)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.3% Cash	12/20	11/27		6,673		6,226	6,673	0.6%	(3)(7)(8)(16)(30)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 10.6% Cash	11/23	08/30		1,050		937	1,035	0.1%	(3)(7)(8)(17)
Swoop Intermediate III, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	04/25	04/32		7,727		7,677	7,662	0.1%	(7)(8)(12)(30)
Swoop Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	04/25	04/32		—		(9)	(9)	0.1%	(7)(8)(12)(30)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.59%, 9.3% Cash	06/22	06/29		1,087		956	1,087	0.1%	(3)(7)(8)(16)(30)
United Therapy Holding III GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 8.8% Cash	04/22	03/29		2,101		1,884	1,534	0.1%	(3)(7)(8)(11)(30)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.95%, 6.9% Cash	03/23	03/30		2,225		1,970	2,225	0.2%	(3)(7)(8)(10)(30)
Unosquare, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	06/25	06/31		6,173		6,039	6,039	0.5%	(7)(8)(12)(30)
Unosquare, LLC	Revolver	SOFR + 4.75%, 9.1% Cash	06/25	06/31		—		(20)	(20)	—%	(7)(8)(12)(30)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.8% Cash	03/25	04/30		45,341		43,614	43,527	3.7%	(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (19.1%)*			240,268		230,963		224,071
High Tech Industries
1WorldSync, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	07/19	10/25		7,030		7,028	7,030	0.6%	(7)(8)(12)
Alpine SG, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	02/22	11/27		12,775		12,522	12,775	1.1%	(7)(8)(13)(28)
Argus Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.3% Cash, 3.3% PIK	07/22	07/29		2,186		1,909	2,036	0.2%	(3)(7)(8)(11)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.3% Cash, 3.3% PIK	07/22	07/29		138		136	129	—%	(3)(7)(8)(14)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.5% Cash, 3.3% PIK	07/22	07/29		1,911		1,628	1,752	0.1%	(3)(7)(8)(17)(30)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29		981		863	889	0.1%	(3)(7)
CAi Software, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	12/21	12/28		12,466		12,306	12,466	1.1%	(7)(8)(13)
CAi Software, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	12/21	12/28		1,261		1,229	1,261	0.1%	(7)(8)(13)(30)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
CH Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	05/25	05/31	$877	$862	$861	0.1%	(7)(8)(12)
CH Buyer, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	05/25	05/31	—	(1)	(1)	—%	(7)(8)(12)(30)
Contabo FincoS.À R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.3% Cash	10/22	10/29	5,466	4,564	5,466	0.5%	(3)(7)(8)(10)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	01/21	01/27	5,200	5,085	5,073	0.4%	(7)(8)(13)(30)
Discovery Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/25	02/32	12,508	12,275	12,293	1.0%	(7)(8)(13)(30)
Discovery Buyer, L.P.	Revolver	SOFR + 5.00%, 9.3% Cash	02/25	02/32	—	(21)	(20)	—%	(7)(8)(13)(30)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	07/21	07/29	14,517	14,340	14,459	1.2%	(7)(8)(13)
Electrical Components International, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	05/24	05/29	10,558	10,384	10,380	0.9%	(7)(8)(13)(30)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% PIK	12/22	12/29	1,868	1,561	742	0.1%	(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% PIK	12/22	12/29	902	833	358	—%	(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.4% PIK	12/22	12/29	2,892	2,407	1,148	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	839	642	—	—%	(3)(7)(26)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	8.0% PIK	04/25	04/32	683	626	672	0.1%	(3)(7)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	CORRA + 5.00%, 10.0% Cash	04/25	04/32	259	245	255	—%	(3)(7)(8)(20)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	04/25	04/32	575	509	546	—%	(3)(7)(8)(10)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	04/25	08/31	9,384	9,384	9,384	0.8%	(7)(8)(13)
Graphpad Software, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24	06/31	9,463	9,414	9,463	0.8%	(7)(8)(13)(30)
Graphpad Software, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	06/24	06/31	—	(4)	—	—%	(7)(8)(13)(30)
Haystack Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	01/25	01/28	6,621	6,529	6,529	0.6%	(7)(8)(14)(30)
Haystack Holdings LLC	Revolver	SOFR + 4.75%, 8.8% Cash	01/25	01/28	—	(12)	(12)	—%	(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/21	11/28	7,184	7,120	7,184	0.6%	(7)(8)(13)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	11/21	11/27	—	(21)	—	—%	(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/18	05/26	10,831	10,815	10,831	0.9%	(7)(8)(13)
Ivanti Software Inc	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	05/25	06/29	913	868	939	0.1%	(8)(13)(28)
Ivanti Software Inc	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	02/22	06/29	6,060	6,049	3,636	0.3%	(7)(8)(13)(28)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	05/22	05/29	738	726	738	0.1%	(3)(7)(8)(13)(30)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 9.7% Cash	05/22	05/29	158	155	158	—%	(3)(7)(8)(17)
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.50%, 10.1% Cash	05/22	11/28	35	35	35	—%	(3)(7)(8)(13)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29	11,790	11,462	11,790	1.0%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
NAW Buyer LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29	$—		$(33)		$—	—%	(7)(8)(13)(30)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.35%, 8.9% Cash	01/23	01/30	2,807		2,530		2,807	0.2%	(3)(7)(8)(11)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/23	11/30	22,263		22,008		22,098	1.9%	(7)(8)(13)(30)
Next Holdco, LLC	Revolver	SOFR + 5.25%, 9.6% Cash	11/23	11/29	—		(8)		(5)	—%	(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	12/23	12/30	1,073		977		1,073	0.1%	(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/21	12/29	15,474		15,254		15,291	1.3%	(7)(8)(13)(30)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	12/21	12/29	666		651		654	0.1%	(7)(8)(13)(30)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	08/21	08/27	14,902		14,744		14,731	1.3%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/29	9,002		8,954		8,909	0.8%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/29	—		(23)		(20)	—%	(7)(8)(13)(30)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	1,604		1,589		1,604	0.1%	(7)(8)(12)
ProfitOptics, LLC	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	177		173		177	—%	(7)(8)(12)(30)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	81		81		77	—%	(7)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/30	7,729		7,627		7,642	0.6%	(7)(8)(12)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/30	249		223		226	—%	(7)(8)(12)(30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.9% Cash	05/22	05/29	959		848		943	0.1%	(3)(7)(8)(10)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/22	05/29	1,411		1,396		1,391	0.1%	(3)(7)(8)(13)
RA Outdoors, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.3% PIK	02/22	04/26	14,544		14,286		8,799	0.7%	(7)(8)(14)(28)
RA Outdoors, LLC	Revolver	SOFR + 6.75%, 11.3% PIK	02/22	04/26	1,391		1,391		841	0.1%	(7)(8)(14)(28)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/31	8,897		8,770		8,789	0.7%	(7)(8)(13)(30)
Saab Purchaser, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/31	532		510		513	—%	(7)(8)(13)(30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	05/22	05/29	3,750		3,367		3,563	0.3%	(3)(7)(8)(11)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	08/23	05/29	443		443		421	—%	(3)(7)(8)(14)
Scout Bidco B.V.	Revolver	EURIBOR + 5.75%, 7.8% Cash	05/22	05/29	453		441		397	—%	(3)(7)(8)(11)(30)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% Cash	07/23	07/30	2,145		1,947		2,139	0.2%	(3)(7)(8)(10)(30)
Smartling, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	11/21	11/27	10,383		10,292		10,383	0.9%	(7)(8)(14)
Smartling, Inc.	Revolver	SOFR + 4.50%, 8.9% Cash	11/21	11/27	—		(9)		—	—%	(7)(8)(14)(30)
Sonicwall US Holdings Inc	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	06/25	06/28	2,887		2,829		2,836	0.2%	(8)(13)
Vision Solutions Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	02/22	04/29	6,500		6,497		5,988	0.5%	(8)(13)(28)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	10/23	10/30	1,749		1,699		1,742	0.1%	(3)(7)(8)(13)(30)
Subtotal High Tech Industries (23.4%)*				291,140		283,906		275,254
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.2% Cash	12/21	12/28	6,908		6,548		6,908	0.6%	(3)(7)(8)(17)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.50%, 15.6% PIK	12/21	12/28	2,496		2,365		2,496	0.2%	(3)(7)(8)(17)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Featherstone Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.2% Cash	05/25		05/31		$7,181			$6,893			$6,984		0.2%	(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (1.4%)*		16,585		15,806			16,388
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	07/22		07/27		6,136			6,090			6,136		0.5%	(7)(8)(12)
ASC Communications, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	07/22		07/27		—			(7)			—		—%	(7)(8)(12)(30)
Ruffalo Noel Levitz, LLC	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.3% PIK	01/19		12/26		9,944			9,931			3,113		0.3%	(7)(8)(13)(26)
Ruffalo Noel Levitz, LLC	First Lien Senior Secured Term Loan	SOFR +7.00%, 11.4% Cash	04/25		12/26		6			6			6		—%	(7)(8)(12)
Ruffalo Noel Levitz, LLC	Revolver	SOFR + 7.00%, 11.4% Cash	04/25		12/26		337			331			331		—%	(7)(8)(12)(30)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	12/21		12/27		13,649			13,462			13,431		1.1%	(7)(8)(13)(30)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	12/21		05/30		4,615			4,547			4,557		0.4%	(7)(8)(13)
Superjet Buyer, LLC	Revolver	SOFR + 5.50%, 10.1% Cash	12/21		12/27		—			(25)			(30)		—%	(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (2.3%)*			34,687			34,335			27,544
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	08/20		08/26		6,923			6,884			6,750		0.6%	(7)(8)(13)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24		03/29		3,575			3,575			3,434		0.3%	(8)(13)
Subtotal Media: Broadcasting & Subscription (0.9%)*			10,498			10,459			10,184
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	10/21		10/27		5,049			5,027			4,998		0.4%	(7)(8)(12)
BrightSign LLC	Revolver	SOFR + 5.50%, 9.9% Cash	10/21		10/27		820			814			806		0.1%	(7)(8)(12)(30)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 7.7% Cash, 2.5% PIK	05/19		05/26		10,292			10,271			10,097		0.9%	(7)(8)(14)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.2% Cash	05/19		05/26		3,833			3,823			3,760		0.3%	(7)(8)(13)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% Cash	04/22		04/29		247			223			246		—%	(3)(7)(8)(10)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.7% Cash	04/22		04/29		1,750			1,642			1,741		0.1%	(3)(7)(8)(16)(30)
Learfield Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24		06/28		5,449			5,457			5,480		0.5%	(8)(12)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.2% Cash	11/20		11/27		1,795			1,720			1,730		0.1%	(3)(7)(8)(17)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23		09/29		6,504			6,352			6,426		0.5%	(7)(8)(12)
Rock Labor LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23		09/29		—			(23)			(13)		—%	(7)(8)(13)(30)
Screenvision, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/25		04/30		5,211			5,109			5,106		0.4%	(7)(8)(13)
Screenvision, LLC	Second Lien Senior Secured Term Loan	SOFR +8.50%, 12.8% Cash	04/25		04/30		33,866			32,547			32,512		2.8%	(7)(8)(13)
Screenvision, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/25		04/30		—			(12)			(12)		—%	(7)(8)(13)(30)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/22		12/29		15,255			14,981			14,782		1.3%	(7)(8)(13)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.6% Cash	12/22		12/28		798			769			736		0.1%	(7)(8)(13)(30)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	06/21		06/30		17,994			17,824			17,814		1.5%	(7)(8)(13)
Subtotal Media: Diversified & Production (9.0%)*			108,863			106,524			106,209			9.0%
Metals & Mining
Arch Global Precision LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/19		04/26		8,919			8,919			8,786		0.7%	(7)(8)(13)
Subtotal Metals & Mining (0.7%)*					8,919			8,919			8,786			0.7%

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Services: Business
Accelevation LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	01/25	01/31	$3,095	$3,038	$3,044	0.3%	(7)(8)(12)(30)
Accelevation LLC	Revolver	SOFR + 5.00%, 9.3% Cash	01/25	01/31	343	330	331	—%	(7)(8)(12)(30)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.38%, 10.8% Cash	08/21	08/27	2,500	2,473	2,453	0.2%	(3)(7)(8)(14)
Acclime Holdings HK Limited	Subordinated Term Loan	15.0% Cash	05/25	04/30	234	229	229	—%	(3)(7)
Acogroup	First Lien Senior Secured Term Loan	EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK	03/22	04/28	8,607	7,959	3,701	0.3%	(3)(7)(8)(10)(26)
AD Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	03/24	03/30	13,179	12,898	13,029	1.1%	(7)(8)(12)(30)
AD Bidco, Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	03/24	03/30	—	(26)	(14)	—%	(7)(8)(12)(30)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.20%, 7.2% Cash	05/23	05/30	1,946	1,772	1,946	0.2%	(3)(7)(8)(10)(30)
Adhefin International	Subordinated Term Loan	EURIBOR + 10.5%, 12.5% PIK	05/23	11/30	429	394	429	—%	(3)(7)(8)(10)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.0% Cash	03/23	03/30	5,458	4,879	5,447	0.5%	(3)(7)(8)(10)(30)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.6% Cash	01/20	01/27	3,502	3,217	3,400	0.3%	(3)(7)(8)(16)
Apex Bidco Limited	Subordinated Senior Unsecured Term Loan	8.0% PIK	01/20	07/27	369	347	341	—%	(3)(7)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	11/24	11/31	494	428	468	—%	(3)(7)(8)(10)(30)
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	12/19	12/26	1,643	1,542	1,550	0.1%	(3)(7)(8)(10)
Auxi International	First Lien Senior Secured Term Loan	SONIA + 6.25%, 10.5% Cash	04/21	12/26	918	911	866	0.1%	(3)(7)(8)(17)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	11/21	11/27	4,761	4,722	4,761	0.4%	(7)(8)(12)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	11/21	11/27	—	(4)	—	—%	(7)(8)(12)(30)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	1,924	1,910	1,924	0.2%	(7)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	12/24	12/30	14,123	13,901	13,924	1.2%	(7)(8)(14)(30)
Basin Innovation Group, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	12/24	12/30	—	(25)	(23)	—%	(7)(8)(14)(30)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.4% Cash	02/24	05/27	10,642	9,683	10,567	0.9%	(7)(8)(9)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	08/21	08/27	4,085	4,054	4,056	0.3%	(7)(8)(12)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.2% Cash	10/21	10/28	2,448	2,338	2,424	0.2%	(3)(7)(8)(10)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.7% Cash	12/20	12/27	16,333	15,801	15,321	1.3%	(3)(7)(8)(17)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	09/24	09/30	13,381	13,184	13,212	1.1%	(7)(8)(13)(30)
Caldwell & Gregory LLC	Revolver	SOFR + 4.75%, 9.0% Cash	09/24	09/30	—	(33)	(28)	—%	(7)(8)(13)(30)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	05/20	05/27	3,396	2,951	3,396	0.3%	(3)(7)(8)(10)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	03/25	03/32	1,821	1,687	1,821	0.2%	(3)(7)(8)(10)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/22	02/28	13,933	13,738	13,933	1.2%	(7)(8)(13)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	02/22	02/28	—	(15)	—	—%	(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	4,745	4,739	4,095	0.3%	(7)(8)(13)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	04/22	12/29	10,838	10,707	10,600	0.9%	(7)(8)(13)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Comply365, LLC	Revolver	SOFR + 5.25%, 9.7% Cash	04/22	12/29	$—	$(13)	$(24)	—%	(7)(8)(13)(30)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% Cash, 0.3% PIK	09/21	09/28	5,501	5,322	5,354	0.5%	(3)(7)(8)(11)(30)
DISA Holdings Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	09/28	6,915	6,791	6,915	0.6%	(7)(8)(13)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	09/28	86	78	86	—%	(7)(8)(13)(30)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	06/22	06/28	1,000	992	1,000	0.1%	(3)(7)(8)(13)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	816	798	811	0.1%	(7)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	318	312	313	—%	(7)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.4% Cash	03/22	03/28	1,670	1,866	1,416	0.1%	(3)(7)(8)(19)(30)
Expert Institute Group Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/32	2,598	2,549	2,552	0.2%	(7)(8)(13)(30)
Expert Institute Group Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/32	—	(13)	(12)	—%	(7)(8)(13)(30)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 7.4% Cash	07/22	07/29	1,093	937	1,093	0.1%	(3)(7)(8)(10)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 8.2% Cash	10/22	10/29	5,498	4,507	5,498	0.5%	(3)(7)(8)(10)(30)
HS Advisory Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/30	2,029	1,931	1,935	0.2%	(7)(8)(13)(30)
HS Advisory Buyer LLC	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/30	—	(9)	(8)	—%	(7)(8)(13)(30)
HSL Compliance	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.4% Cash	03/25	03/32	2,822	2,545	2,712	0.2%	(3)(7)(8)(16)(30)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	09/24	09/29	4,778	4,724	4,725	0.4%	(7)(8)(13)(30)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	09/24	12/29	4,281	4,232	4,234	0.4%	(7)(8)(13)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.25%, 9.5% Cash	09/24	12/29	442	428	429	—%	(7)(8)(13)(30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.8% Cash	11/21	11/28	3,085	2,928	3,085	0.3%	(3)(7)(8)(10)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.2% Cash	08/22	08/29	1,833	1,626	1,742	0.1%	(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.3% Cash	10/22	10/29	5,859	4,846	5,772	0.5%	(3)(7)(8)(10)
Jones Fish Hatcheries & Distributors LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/22	02/28	4,500	4,449	4,455	0.4%	(7)(8)(14)
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 9.8% Cash	02/22	02/28	—	(4)	(4)	—%	(7)(8)(14)(30)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/22	02/28	10,017	9,932	9,986	0.8%	(7)(8)(13)
LeadsOnline, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	02/22	02/28	—	(20)	(8)	—%	(7)(8)(13)(30)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.5% Cash	04/22	09/27	8,811	8,733	8,327	0.7%	(7)(8)(13)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	01/24	01/30	3,269	3,216	3,255	0.3%	(7)(8)(13)(30)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	01/24	01/30	—	(5)	(1)	—%	(7)(8)(13)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	06/24	06/27	5,092	5,011	4,785	0.4%	(7)(8)(13)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	07/21	06/27	4,085	4,049	3,967	0.3%	(7)(8)(13)(30)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	6,251	6,119	6,151	0.5%	(7)(8)(13)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	475	454	457	—%	(7)(8)(13)(30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.2% Cash	06/21	06/28	348	356	342	—%	(3)(7)(8)(10)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	06/21	06/28	$533	$526	$525	—%	(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	02/20	06/26	2,114	1,958	2,114	0.2%	(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	02/20	06/26	2,397	2,390	2,397	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	2,606	2,561	2,590	0.2%	(7)(8)(13)
Qualified Industries, LLC	Revolver	SOFR + 5.75%, 10.1% Cash	03/23	03/29	—	(5)	(1)	—%	(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.7% Cash	04/25	04/32	8,747	8,695	8,684	0.7%	(7)(8)(12)(30)
Real Chemistry Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.7% Cash	04/25	04/32	—	(11)	(12)	—%	(7)(8)(12)(30)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	08/20	07/26	11,235	11,192	11,235	1.0%	(7)(8)(13)
RKD Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	05/25	05/31	12,220	12,070	12,068	1.0%	(7)(8)(13)(30)
RKD Group, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	05/25	05/31	—	(12)	(12)	—%	(7)(8)(13)(30)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/29	18,264	17,930	17,978	1.5%	(7)(8)(14)(30)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/24	10/29	—	(47)	(41)	—%	(7)(8)(14)(30)
Royal Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/22	08/28	8,063	7,977	8,063	0.7%	(7)(8)(13)
Royal Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	08/22	08/28	117	98	117	—%	(7)(8)(13)(30)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	08/24	08/30	21,811	21,521	21,582	1.8%	(7)(8)(12)
RPX Corporation	Revolver	SOFR + 5.25%, 9.6% Cash	08/24	08/30	—	(39)	(32)	—%	(7)(8)(12)(30)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.2% Cash	09/24	09/31	955	894	937	0.1%	(3)(7)(8)(10)(30)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/23	03/28	8,672	8,442	8,631	0.7%	(7)(8)(12)(30)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.3% Cash	03/23	03/28	—	(38)	(8)	—%	(7)(8)(12)(30)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 2.25%, 6.6% Cash, 3.8% PIK	12/21	12/28	1,805	1,788	1,542	0.1%	(7)(8)(13)
Scaled Agile, Inc.	Revolver	SOFR + 6.00%, 10.4% Cash	12/21	12/28	339	336	289	—%	(7)(8)(13)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	09/23	09/29	12,879	12,697	12,879	1.1%	(7)(8)(14)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	09/23	09/29	—	(29)	—	—%	(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	03/27	2,288	2,266	2,288	0.2%	(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	03/27	—	(1)	—	—%	(7)(8)(13)(30)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	10/21	04/27	2,500	2,486	2,469	0.2%	(3)(7)(8)(14)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.8% PIK	07/21	07/28	2,969	2,951	2,969	0.3%	(7)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.7% Cash	11/22	11/29	1,859	1,526	1,802	0.2%	(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 8.9% Cash	06/24	07/30	819	807	775	0.1%	(3)(7)(8)(19)(30)
Techone B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.4% Cash	11/21	11/28	4,125	3,823	4,125	0.4%	(3)(7)(8)(10)
Techone B.V.	Revolver	EURIBOR + 5.40%, 7.4% Cash	11/21	05/28	—	(24)	—	—%	(3)(7)(8)(10)(30)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/23	07/29	6,860	6,705	6,786	0.6%	(7)(8)(12)
Trintech, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	07/23	07/29	153	141	147	—%	(7)(8)(12)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	09/27	$2,585		$2,564		$2,572	0.2%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/22	12/28	2,156		2,127		2,145	0.2%	(7)(8)(13)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/29	9,406		9,224		9,307	0.8%	(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	12/22	12/28	—		(5)		(2)	—%	(7)(8)(13)(30)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	07/21	09/26	4,849		4,825		4,849	0.4%	(7)(8)(12)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.2% Cash	07/24	12/30	769		709		769	0.1%	(3)(7)(8)(10)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.4% Cash	12/23	12/30	1,681		1,491		1,681	0.1%	(3)(7)(8)(21)(30)
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	11/24	11/31	7,811		7,678		7,811	0.7%	(7)(8)(13)(30)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	11/24	11/31	—		(28)		—	—%	(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	11/18	05/26	12,543		12,507		12,431	1.1%	(7)(8)(13)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	10/24	10/27	5,438		5,395		5,389	0.5%	(7)(8)(13)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.0% Cash, 2.4% PIK	09/20	09/27	1,836		1,801		1,792	0.2%	(3)(7)(8)(10)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.9% Cash, 2.4% PIK	02/21	09/27	3,645		3,618		3,558	0.3%	(3)(7)(8)(13)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	03/24	03/30	13,827		13,594		13,827	1.2%	(7)(8)(13)
World 50, Inc.	Revolver	SOFR + 5.50%, 10.1% Cash	03/24	03/30	—		(15)		—	—%	(7)(8)(13)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.6% Cash	05/22	05/29	329		305		327	—%	(3)(7)(8)(11)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 9.7% Cash	05/22	05/29	9,644		8,675		9,605	0.8%	(3)(7)(8)(17)(30)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	4,258		3,811		4,117	0.4%	(3)(7)
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.3% PIK	03/22	03/29	7,423		6,645		2,613	0.2%	(3)(7)(8)(17)(26)
Subtotal Services: Business (37.8%)*				461,149		445,891		444,220
Services: Consumer
Application Boot Camp LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	04/25	04/31	1,637		1,614		1,613	0.1%	(7)(8)(13)
Application Boot Camp LLC	Revolver	SOFR + 5.00%, 9.7% Cash	04/25	04/31	—		(5)		(5)	—%	(7)(8)(13)(30)
Application Boot Camp LLC	Subordinated Term Loan	14.0% Cash	04/25	04/30	82		82		82	—%	(7)
Arc Education	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.4% Cash	07/22	07/29	4,340		3,721		4,339	0.4%	(3)(7)(8)(11)(30)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 8.9% Cash	10/20	10/27	6,926		6,510		6,503	0.6%	(3)(7)(8)(10)
Bariacum S.A	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.8% Cash	11/21	11/28	3,522		3,267		3,381	0.3%	(3)(7)(8)(11)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	10/23	10/29	4,520		4,437		4,405	0.4%	(7)(8)(13)(30)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.3% Cash	10/23	10/29	314		308		306	—%	(7)(8)(13)(30)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	04/25	04/31	3,277		3,246		3,245	0.3%	(7)(8)(13)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	04/25	04/31	—		(2)		(2)	—%	(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	02/30	11,968		11,938		11,968	1.0%	(7)(8)(13)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 4.91%, 8.8% Cash	07/22	07/27	$2,650		$2,761		$2,650	0.2%	(3)(7)(8)(19)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 4.91%, 8.4% Cash	07/22	07/27	4,334		4,406		4,334	0.4%	(3)(7)(8)(22)(30)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	11/23	11/29	1,714		1,683		1,702	0.1%	(7)(8)(13)(30)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 8.8% Cash	11/23	11/29	—		(5)		(2)	—%	(7)(8)(13)(30)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.0% Cash	11/23	11/29	2,122		2,067		2,088	0.2%	(3)(7)(8)(19)(30)
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	10/21	10/29	13,088		13,010		13,088	1.1%	(7)(8)(13)
Marmoutier Holding B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% PIK	06/25	12/28	66		64		41	—%	(3)(7)(8)(10)(30)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.50%, 7.5% PIK	12/21	06/27	187		156		150	—%	(3)(7)(8)(11)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	EURIBOR+ 6.00%, 8.0% PIK	03/24	12/28	203		175		164	—%	(3)(7)(8)(11)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/20	12/26	7,442		7,399		7,353	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	2,724		2,672		2,710	0.2%	(7)(8)(13)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.2% Cash	09/21	09/26	1,807		1,978		1,794	0.2%	(3)(7)(8)(18)
Selenium Designated Activity Company	First Lien Senior Secured Term Loan	EURIBOR + 5.13%, 7.5% Cash	03/25	03/30	3,217		2,903		3,159	0.3%	(3)(7)(8)(11)
Subtotal Services: Consumer (6.4%)*				76,140		74,385		75,066
Structured Product
Air Canada 2020-2 Class B Pass Through Trust	Structured Secured Note - Class B	9.0% Cash	09/20	10/25	1,799		1,799		1,812	0.2%
AMMC CLO 22, Limited Series 2018-22A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	04/31	7,222		468		469	—%	(3)(7)(28)(29)
Apidos CLO XXIV, Series 2016-24A	Subordinated Structured Notes	Residual Interest, current yield 61.2%	02/22	07/27	18,358		3,780		2,455	0.2%	(3)(28)
British Airways 2020-1 Class B Pass Through Trust	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	435		435		456	—%
Catawba River Limited	Structured - Junior Note	N/A	10/22	10/31	5,086		4,230		2,207	0.2%	(3)(7)(29)
Dryden 49 Senior Loan Fund, Series 2017-49A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/30	17,233		2,176		218	—%	(3)(28)(29)
Flexential Issuer, LLC	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	11,000		10,242		10,805	0.9%
JetBlue 2019-1 Class B Pass Through Trust	Structured Secured Note - Class B	8.0% Cash	08/20	11/27	2,217		2,217		2,200	0.2%
Magnetite XIX, Limited	Subordinated Notes	SOFR + 8.00%, 12.3% Cash	02/22	04/34	5,250		5,250		5,128	0.4%	(3)(8)(13)
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	04/27	182		182		180	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	04/27	182		182		181	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	04/27	182		182		182	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	04/27	182		182		183	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	04/27	9,274		9,274		9,292	0.8%	(3)(7)
Sound Point CLO XX, Ltd.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/31	4,489		1,389		19	—%	(3)(28)(29)
US Bank National Association Series 2025-1	Structured Note - Class R	SOFR + 7.50%, 11.8% Cash	03/25	01/32	6,572		6,572		6,560	0.6%	(3)(7)(8)(13)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	02/30	500		500		493	—%	(3)
VistaJet Pass Through Trust 2021-1B	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	2,857		2,857		2,759	0.2%
VOYA CLO 2015-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/27	10,736		2,434		51	—%	(3)(28)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
VOYA CLO 2016-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/28		$11,088			$673		$7	—%	(3)(28)(29)
Subtotal Structured Product (3.9%)*				114,844			55,024			45,657
Telecommunications
CSL DualCom	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.0% Cash	09/20	09/27		2,367			2,079		2,367	0.2%	(3)(7)(8)(15)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 9.3% Cash	08/22	08/29		3,103			3,156		3,102	0.3%	(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 8.7% Cash	12/21	07/29		2,685			2,715		2,685	0.2%	(3)(7)(8)(19)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.6% Cash	09/20	09/27		12,811			11,887		12,209	1.0%	(3)(7)(8)(16)
Subtotal Telecommunications (1.7%)*				20,966			19,837			20,363
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	06/19	12/26		5,953			5,940		5,780	0.5%	(7)(8)(14)
Echo Global Logistics, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.7% Cash	11/21	11/29		9,469			9,376		8,958	0.8%	(7)(8)(12)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/21	11/27		3,135			3,110		3,135	0.3%	(7)(8)(12)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/21	11/27		—			(12)		—	—%	(7)(8)(12)(30)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/20	12/26		3,994			3,973		3,994	0.3%	(7)(8)(12)
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	05/27		4,520			4,475		4,520	0.4%	(7)(8)(13)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/22	11/28		6,667			6,558		6,667	0.6%	(3)(7)(8)(14)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	12/21	12/27		797			790		797	0.1%	(7)(8)(13)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27		12,017			11,825		12,017	1.0%	(7)(8)(13)
ITI Intermodal, Inc.	Revolver	SOFR + 6.00%, 10.4% Cash	12/21	12/27		226			207		226	—%	(7)(8)(13)(30)
Offen Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	02/22	06/26		3,712			3,675		3,694	0.3%	(7)(12)(28)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	12/22	12/28		6,080			5,959		6,104	0.5%	(7)(8)(14)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	12/22	12/28		1,854			1,813		1,854	0.2%	(7)(8)(14)(30)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 1.00%, 5.3% Cash, 9.00% PIK	11/24	05/30		2,610			2,610		2,610	0.2%	(7)(8)(13)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 10.00%, 14.3% Cash	11/24	11/29		1,036			1,018		1,036	0.1%	(7)(8)(13)
Transportation Insight, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash, 1.0% PIK	08/18	06/27		11,083			11,057		8,168	0.7%	(7)(8)(13)
Subtotal Transportation: Cargo (5.9%)*				73,153			72,374			69,560
Utilities: Electric
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29		3,405			3,171		3,354	0.3%	(7)
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28		14,840			14,636		14,840	1.3%	(7)(8)(12)
Spatial Business Systems LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28		—			(19)		—	—%	(7)(8)(12)(30)
Subtotal Utilities: Electric (1.5%)*			18,245		17,788			18,194
Subtotal Debt Investments (170.3%)*				2,154,272			2,041,376			2,002,948

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	LLC Units		04/25		18,151.3		$18	$—	—%	(7)(29)
Accurus Aerospace Corporation	Common Stock		04/22		437,623.3		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	1,490	0.1%	(7)
Megawatt Acquisitionco, Inc.	Common Stock		03/24		205		21	—	—%	(7)(29)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24		1,842		184	96	—%	(7)(29)
Whitcraft Holdings, Inc.	LP Units		02/23		63,087.1		631	972	0.1%	(7)(29)
Subtotal Aerospace & Defense (0.2%)*					2,104		2,857
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		455		455	439	—%	(7)(29)
Randys Holdings, Inc.	Common Stock		11/22		5,333		533	677	0.1%	(7)(29)
SPATCO Energy Solutions, LLC	Common Stock		07/24		277,917		278	258	—%	(7)(29)
SVI International LLC	LLC Units		03/24		207,921		208	316	—%	(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%)*					1,606		1,695
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Class A Convertible Preferred Equity		01/22		5,018		5,000	6,601	0.6%	(7)(29)
Accelerant Holdings	Class B Convertible Preferred Equity		12/22		1,657		1,667	2,470	0.2%	(7)(29)
Accelerant Holdings	Preferred Stock		12/24		4,243		7,840	8,543	0.7%	(7)(29)
Aegros Holdco 2 Ltd	Common Stock		05/25		889,464		12	12	—%	(3)(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2	LP Interest		06/25		2,777,264		2,777	2,777	0.2%	(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		2,828,286		2,828	4,808	0.4%	(3)(7)(29)
ICREDITWORKS LLC	Preferred Stock	10.0% Cash, 7.5% PIK	03/25		59,462.7		10,423	10,422	0.9%	(7)
ICREDITWORKS LLC	Warrants		03/25		23,692.2		—	—	—%	(7)(29)
Policy Services Company, LLC	Warrants - Class A		12/21		2.5582		—	—	—%	(7)(29)
Policy Services Company, LLC	Warrants - Class B		12/21		0.8634		—	—	—%	(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		—	—	—%	(7)(29)
Resolute Investment Managers, Inc.	Common Stock		03/24		38,571		—	—	—%	(7)(28)(29)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000		1,200	4,572	0.4%	(3)(7)
Subtotal Banking, Finance, Insurance, & Real Estate (3.4%)*				31,747		40,205
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		21,031		—	934	0.1%	(7)(29)
Woodland Foods, LLC	Common Stock		12/21		1,663.30		1,663	1,481	0.1%	(7)(29)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	12/21		364.00		470	470	—%	(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	03/25		94.60		130	130	—%	(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
ZB Holdco LLC	LLC Units		02/22		152.69		$121	$223	—%	(7)(29)
Subtotal Beverage, Food, & Tobacco (0.3%)*					2,384		3,238
Capital Equipment
DAWGS Intermediate Holdings Co.	LLC Units		03/25		346.9		347	384	—%	(7)(29)
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,409		741	1,741	0.1%	(7)
Process Insights Acquisition, Inc.	Common Stock		07/23		281		281	147	—%	(7)(29)
Rapid Buyer LLC	LLC Units		10/24		533		533	486	—%	(7)(29)
TAPCO Buyer LLC	LLC Units		11/24		252		252	302	—%	(7)(29)
Subtotal Capital Equipment (0.3%)*					2,154		3,060
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		88,110		88	115	—%	(7)(29)
Aptus 1829. GmbH	Common Stock		09/21		48		12	—	—%	(3)(7)(29)
Aptus 1829. GmbH	Preferred Stock		09/21		13		120	69	—%	(3)(7)(29)
Polymer Solutions Group Holdings, LLC	Common Stock		02/22		74		—	—	—%	(7)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*				220		184
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		1,004,467		1,004	1,095	0.1%	(7)(29)
MNS Buyer, Inc.	Partnership Units		08/21		76,923		77	112	—%	(7)(29)
Ocelot Holdco LLC	Common Stock		10/23		186.67		—	1,538	0.1%	(7)(29)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		243.81		2,211	3,054	0.3%	(7)
Subtotal Construction & Building (0.5%)*					3,292		5,799
Consumer goods: Durable
DecksDirect, LLC	Class A Units		04/24		1,016.1		47	—	—%	(7)(29)
DecksDirect, LLC	Common Stock		12/21		1,280.8		55	—	—%	(7)(29)
DecksDirect, LLC	Preferred Stock	13.0% PIK	03/25		9.5		10	—	—%	(7)
Lifestyle Intermediate II, LLC	Common Stock		01/25		16,173.0		—	—	—%	(7)(29)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		202,393.6		202	95	—%	(7)(29)
RTIC Subsidiary Holdings, LLC	Class A Preferred Stock		02/22		145.347		4	—	—%	(7)(28)(29)
RTIC Subsidiary Holdings, LLC	Class B Preferred Stock		02/22		145.347		—	—	—%	(7)(28)(29)
RTIC Subsidiary Holdings, LLC	Class C Preferred Stock		02/22		7,844.03		450	47	—%	(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	884	0.1%	(29)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2		523	537	—%	(7)(29)
Terrybear, Inc.	Partnership Equity		04/22		24,358.97		239	—	—%	(7)(29)
Subtotal Consumer goods: Durable (0.1%)*					3,160		1,563
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		233		233	239	—%	(7)
Ice House America, L.L.C.	LLC Units		01/24		2,893		289	237	—%	(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	491	—%	(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*				902		967
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		2,769		277	366	—%	(7)
Five Star Holding LLC	LLC Units		05/22		966.99		967	756	0.1%	(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*				1,244		1,122

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Energy: Oil & Gas
Ferrellgas L.P.	Opco Preferred Units		03/21		2,886		$2,799	$2,799	0.2%	(7)
Subtotal Energy: Oil & Gas (0.2%)*					2,799		2,799
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		14,618		17,335	14,982	1.3%	(7)
Subtotal Environmental Industries (1.3%)*					17,335		14,982
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608		1,115	2,711	0.2%	(3)(7)(29)
Amalfi Midco	Warrants		09/22		380,385		4	1,084	0.1%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class A Equity		05/22		500,000		389	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class C - Warrants		05/22		74,712.64		—	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class X Equity		05/22		45,604		35	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Common Stock		08/24		14.37		—	—	—%	(3)(7)(29)
Forest Buyer, LLC	Class A LLC Units		03/24		122		122	135	—%	(7)
Forest Buyer, LLC	Class B LLC Units		03/24		122		—	141	—%	(7)(29)
GCDL LLC	Common Stock		08/24		243,243.24		243	326	—%	(7)(29)
GPNZ II GmbH	Common Stock		10/23		5,785		—	—	—%	(3)(7)(29)
HemaSource, Inc.	Common Stock		08/23		101,080		101	130	—%	(7)(29)
Kline Hill Partners LP	Common Stock		06/25		47,209.6		47	47	—%	(7)(29)
Moonlight Bidco Limited	Common Stock		07/23		10,590		138	209	—%	(3)(7)(29)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762		298	261	—%	(7)(29)
Parkview Dental Holdings LLC	Preferred Stock	10.0% PIK	12/24		1,229.1		12	37	—%	(7)
SCP Medical Products, LLC.	LLC Units		06/25		393.3		53	53	—%	(7)(29)
Unosquare, LLC	LLC Units		06/25		260,817.7		261	261	—%	(7)(29)
VB Spine Intermediary II LLC	LLC Units		04/25		767,670.7		—	—	—%	(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.5%)*				2,818		5,395
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)
CH Buyer, LLC	LLC Units		05/25		685		69	69	—%	(7)(29)
Command Alkon (Project Potter Buyer, LLC)	Class B Partnership Units		04/20		33,324.70		—	152	—%	(7)(29)
CW Group Holdings, LLC	LLC Units		01/21		161,290.32		161	460	—%	(7)(29)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		6,582.7		10,383	6,717	0.6%	(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	515	—%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		173,749		174	189	—%	(7)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		13.9		14	32	—%	(7)
ProfitOptics, LLC	LLC Units		03/22		241,935.48		161	380	—%	(7)(29)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		2,357.5		236	236	—%	(7)(29)
Subtotal High Tech Industries (0.8%)*					11,861		8,907

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost	FairValue	% of Net Assets *	Notes
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC	Class A1 Partnership Units	12/21		8,717.76		$280	$534	—%	(7)(29)
Advantage Software Company (The), LLC	Class A2 Partnership Units	12/21		2,248.46		72	138	—%	(7)(29)
Advantage Software Company (The), LLC	Class B1 Partnership Units	12/21		8,717.76		9	—	—%	(7)(29)
Advantage Software Company (The), LLC	Class B2 Partnership Units	12/21		2,248.46		2	—	—%	(7)(29)
ASC Communications, LLC	Class A Units	07/22		25,718.20		539	954	0.1%	(7)(29)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*			902		1,626
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity	04/22		676,881.00		677	2,037	0.2%	(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*			677		2,037
Media: Diversified & Production
BrightSign LLC	LLC Units	10/21		1,107,492.71		1,107	1,207	0.1%	(7)(29)
Rock Labor LLC	LLC Units	09/23		233,871		1,252	1,062	0.1%	(7)
Solo Buyer, L.P.	Common Equity	12/22		516,399		516	310	—%	(7)(29)
Vital Buyer, LLC	Partnership Units	06/21		16,442.9		164	395	—%	(7)
Subtotal Media: Diversified & Production (0.3%)*			3,039		2,974
Services: Business
Azalea Buyer, Inc.	Common Stock	11/21		192,307.7		192	310	—%	(7)(29)
CGI Parent, LLC	Preferred Stock	02/22		657		722	1,893	0.2%	(7)(29)
CMT Opco Holding, LLC (Concept Machine)	LLC Units	09/23		12,634.8		506	—	—%	(7)(29)
Coyo Uprising GmbH	Class A Units	09/21		440		205	239	—%	(3)(7)(29)
Coyo Uprising GmbH	Class B Units	09/21		191		446	446	—%	(3)(7)(29)
DataServ Integrations, LLC	Preferred Units	11/22		175,459.20		192	200	—%	(7)(29)
EFC International	Common Stock	03/23		163.83		231	278	—%	(7)(29)
Electric Equipment & Engineering Co.	LLC Units	12/24		187,500		188	276	—%	(7)(29)
Jones Fish Hatcheries & Distributors LLC	LLC Units	02/22		1,018		107	476	—%	(7)(29)
LeadsOnline, LLC	LLC Units	02/22		81,739		85	202	—%	(7)(29)
MB Purchaser, LLC	LLC Units	01/24		66		68	89	—%	(7)(29)
MC Group Ventures Corporation	Partnership Units	06/21		746.66		747	526	—%	(7)(29)
NF Holdco, LLC	LLC Units	03/23		639,510		659	377	—%	(7)(29)
Qualified Industries, LLC	Common Stock	03/23		303,030		3	76	—%	(7)(29)
Qualified Industries, LLC	Preferred Stock	03/23		148		144	184	—%	(7)(29)
Recovery Point Systems, Inc.	Partnership Equity	03/21		187,235		187	88	—%	(7)(29)
SmartShift Group, Inc.	Common Stock	09/23		275		275	581	—%	(7)(29)
TA SL Cayman Aggregator Corp.	Common Stock	07/21		1,589		50	91	—%	(7)(29)
TSYL Corporate Buyer, Inc.	Partnership Units	12/22		4,673		5	29	—%	(7)
Xeinadin Bidco Limited	Common Stock	05/22		45,665,825		565	626	0.1%	(3)(7)(29)
Subtotal Services: Business (0.6%)*				5,577		6,987
Services: Consumer
Application Boot Camp LLC	Common Stock	04/25		234,751.8		235	235	—%	(7)(29)
Kid Distro Holdings, LLC	LLC Units	10/21		637,677.11		638	797	0.1%	(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Marmoutier Holding B.V.	Common Stock		06/25			2,600,592			$—			$—		—%		(3)(7)(29)
Subtotal Services: Consumer (0.1%)*						873			1,032
Telecommunications
Mercell Holding AS	Class A Units		08/22			114.4			111			146		—%		(3)(7)(29)
Mercell Holding AS	Class B Units		08/22			28,943.8			—			9		—%		(3)(7)(29)
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22			7,575,758			10,812			10,758		0.9%		(7)
Subtotal Telecommunications (0.9%)*						10,923			10,913			0.9%
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	Partnership Units		04/21			348.68			349			600		0.1%		(7)(29)
Echo Global Logistics, Inc.	Partnership Equity		11/21			530.92			531			276		—%		(7)(29)
FragilePak LLC	Partnership Units		05/21			937.5			938			752		0.1%		(7)(29)
ITI Intermodal, Inc.	Common Stock		01/22			7,500.4			750			975		0.1%		(7)(29)
REP SEKO MERGER SUB LLC	Common Stock		11/24			1,231			5,403			3,118		0.3%		(7)(29)
Subtotal Transportation: Cargo (0.5%)*						7,971			5,721
Subtotal Equity Investments (10.6%)*						113,588			124,063
Royalty Investments:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.	Royalty Rights		05/24					1,341			1,542		0.1%		(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*				1,341			1,542
Subtotal Royalty Investments (0.1%)*						1,341			1,542
Subtotal Non-Control / Non-Affiliate Investments (181.0%)*				2,156,305			2,128,553
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% Cash	11/24	11/31		$12,319			$12,319			$12,320		1.0%		(7)(30)
Subtotal Aerospace & Defense (1.0%)*				12,319			12,319			12,320
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 6.50%, 10.9% Cash	07/21	02/29		9,818			9,752			9,818		0.8%		(7)(12)(30)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28		4,545			4,523			4,545		0.4%		(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)*			14,363		14,275			14,363
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% PIK	12/23	12/28		8,164			8,164			7,824		0.7%		(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*			8,164		8,164			7,824			0.7%
Healthcare & Pharmaceuticals
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 8.7% PIK	12/22	12/29		2,698			2,486			1,437		0.1%		(3)(7)(8)(11)(26)(30)
Subtotal Healthcare & Pharmaceuticals (0.1%)*			2,698		2,486			1,437
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		24,282			23,080			23,131		2.0%		(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*				24,282			23,080			23,131
Subtotal Debt Investments (4.9%)*				61,826			60,324			59,075

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		4,046,326.8			$4,055			$4,046		0.3%		(7)(29)
Subtotal Aerospace & Defense (0.3%)*					4,055			4,046			0.3%
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		07/21		89,447,396			93,052			139,539		11.9%		(7)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.00%, 10.3% PIK	02/23		71,000			87,293			87,292		7.4%		(7)(13)(30)
Rocade Holdings LLC	Common LP Units		02/23		23.8			—			1,019		0.1%		(7)
Subtotal Banking, Finance, Insurance, & Real Estate (19.4%)*				180,345		227,850
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	Common Stock		12/23		1,243,071			12,177			7,446		0.6%		(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.6%)*				12,177		7,446
Healthcare & Pharmaceuticals
Biolam Group	Common Stock		05/25		851,507		—			—		—%		(3)(7)(29)
Biolam Group	Convertible Bonds		05/25		1,586,655		—			—		—%		(3)(7)(29)
Biolam Group	Ordinary Shares		05/25		15,191,001		—			—		—%		(3)(7)(29)
Biolam Group	Preferred Stock A		05/25		41,692		—			—		—%		(3)(7)(29)
Biolam Group	Preferred Stock A2		05/25		13,538		—			—		—%		(3)(7)(29)
Biolam Group	Preferred Stock B		05/25		1,529,216		—			—		—%		(3)(7)(29)
Biolam Group	Preferred Stock C		05/25		11,153		—			—		—%		(3)(7)(29)
Biolam Group	Preferred Stock O1		05/25		1,336,662		—			—		—%		(3)(7)(29)
Biolam Group	Preferred Stock O2		05/25		134,616		—			—		—%		(3)(7)(29)
Biolam Group	Warrants		05/25		2,600,000		—			—		—%		(3)(7)(29)
Subtotal Healthcare & Pharmaceuticals (—%)*				—		—
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21		3,518,097			16,495			19,807		1.7%		(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*					16,495			19,807
Investment Funds & Vehicles
Jocassee Partners LLC	9.1% Member Interest		06/19				35,158			39,265		3.3%		(3)(30)(32)
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest		02/22				48,441			39,555		3.4%		(3)(28)(32)
Thompson Rivers LLC	16.0% Member Interest		06/20				21,299			5,534		0.5%		(29)(32)
Waccamaw River LLC	20% Member Interest		02/21				19,584			7,128		0.6%		(3)(32)
Subtotal Investment Funds & Vehicles (7.8%)*				124,482		91,482
Subtotal Equity Investments (29.8%)*					337,554			350,631
Subtotal Affiliate Investments (34.8%)*					397,878			409,706
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	$6,823			$6,823			$6,823		0.6%		(3)(7)(27)
Security Holdings B.V.	Revolver	6.0% PIK	09/23	12/27	6,221			5,814			6,221		0.5%		(3)(7)(27)(30)
Security Holdings B.V.	Senior Unsecured Term Loan	9.0% PIK	04/21	04/28	2,779			2,697			2,778		0.2%		(3)(7)(27)
Security Holdings B.V.	Senior Subordinated Term Loan	3.1% PIK	12/20	06/26	11,388			11,388			11,387		1.0%		(3)(7)(27)
Subtotal Capital Equipment (2.3%)*				27,211		26,722			27,209
Subtotal Debt Investments (2.3%)*				27,211		26,722			27,209

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	$11,995	1.0%	(3)(7)(27)(29)
Subtotal Automotive (1.0%)*			19,173		11,995
Capital Equipment
Security Holdings B.V.	Common Stock Series A	02/22		17,100		560	491	—%	(3)(7)(27)(29)
Security Holdings B.V.	Common Stock Series B	12/20		1,236		35,192	45,928	3.9%	(3)(7)(27)
Subtotal Capital Equipment (3.9%)*				35,752		46,419
Subtotal Equity Investments (5.1%)*				54,925		58,414
Subtotal Control Investments (7.3%)*				81,647		85,623
Total Investments, June 30, 2025 (223.1%)*				$2,635,830		$2,623,882

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		$3,341	February 2029 Notes	$3,341
Total Interest Rate Swaps, June 30, 2025					$3,341

Credit Support Agreement:
Description	Counterparty	Settlement Date	Notional Amount	Value	Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement(a)(b)(c) (See Note 2)	Barings LLC	04/01/32	$100,000	$51,200	$6,800
Total Credit Support Agreement, June 30, 2025			$100,000	$51,200	$6,800

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

(b)The Company and Barings LLC (“Barings” or the “Adviser”) 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.

(c)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$2,000	$1,301	BNP Paribas SA	09/30/25	$12
Foreign currency forward contract (AUD)	$36,480	A$55,830	BNP Paribas SA	09/30/25	(176)
Foreign currency forward contract (CAD)	$42	C$58	BNP Paribas SA	09/29/25	—
Foreign currency forward contract (CAD)	$1,718	C$2,339	HSBC Bank USA	09/29/25	(4)
Foreign currency forward contract (DKK)	$493	3,192kr.	HSBC Bank USA	09/30/25	(13)
Foreign currency forward contract (EUR)	$163,760	€142,348	BNP Paribas SA	09/30/25	(4,328)
Foreign currency forward contract (NZD)	$9,120	NZ$15,040	BNP Paribas SA	09/30/25	(37)
Foreign currency forward contract (NOK)	$4,747	47,927kr	BNP Paribas SA	09/30/25	8
Foreign currency forward contract (GBP)	$80,160	£59,288	BNP Paribas SA	09/30/25	(1,133)
Foreign currency forward contract (SEK)	$1,876	17,887kr	BNP Paribas SA	09/30/25	(12)
Foreign currency forward contract (CHF)	$5,322	4,315Fr.	HSBC Bank USA	09/30/25	(160)
Total Foreign Currency Forward Contracts, June 30, 2025				$(5,843)

*Fair value as a percentage of net assets.

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

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

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2025 represented 223.1% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.4% of total investments at fair value as of June 30, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the six months ended June 30, 2025 were as follows:

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · June 30, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Biolam	First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 8.7% PIK)(e)	$—		$1,121		$—		$—		$316		$1,437		$(12)
Common Stock (851,507 shares)	—		—		—		—		—		—		—
Convertible Bonds (1,586,655 shares)	—		—		—		—		—		—		—
Ordinary Shares (15,191,001 shares)	—		—		—		—		—		—		—
Preferred Stock A (41,692 shares)	—		—		—		—		—		—		—
Preferred Stock A2 (13,538 shares)	—		—		—		—		—		—		—
Preferred Stock B (1,529,216 shares)	—		—		—		—		—		—		—
Preferred Stock C (11,153 shares)	—		—		—		—		—		—		—
Preferred Stock O1 (1,336,662 shares)	—		—		—		—		—		—		—
Preferred Stock O2 (134,616 shares)	—		—		—		—		—		—		—
Warrants (2,600,000 units)	—		—		—		—		—		—		—
		—		1,121		—		—		316		1,437		(12)
Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)	6,414		1,750		—		—		(340)		7,824		471
Common Stock (1,243,071 shares)	11,262		—		—		—		(3,816)		7,446		—
	17,676		1,750		—		—		(4,156)		15,270		471
Coastal Marina Holdings, LLC(d)	Subordinated Term Loan(8.0% Cash)	15,770		51		—		—		11		15,832		709
Subordinated Term Loan (8.0% Cash)	7,271		18		—		—		10		7,299		322
LLC Units (3,518,097 units)	16,852		—		—		—		2,955		19,807		—
	39,893		69		—		—		2,976		42,938		1,031
Eclipse Business Capital, LLC(d)	Revolver (SOFR + 6.50%, 10.9% Cash)	10,091		2,186		(2,456)		—		(3)		9,818		586
Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		3		—		—		(3)		4,545		176
LLC units (89,447,396 units)	136,855		23		—		—		2,661		139,539		8,152
	151,491		2,212		(2,456)		—		2,655		153,902		8,914
Jocassee Partners LLC	9.1% Member Interest	40,761		—		—		—		(1,496)		39,265		2,854
	40,761		—		—		—		(1,496)		39,265		2,854

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · June 30, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company · Type of Investment
Rocade Holdings LLC(d)	Preferred LP Units (71,000 units) (SOFR + 6.00%, 10.3% PIK)	$83,000		$4,304		$—		$—		$(12)		$87,292		$4,303
Common LP Units (23.8 units)	243		—		—		—		776		1,019		308
	83,243		4,304		—		—		764		88,311		4,611
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	41,453		—		—		—		(1,898)		39,555		3,547
41,453		—		—		—		(1,898)		39,555		3,547
Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% Cash)	3,586		8,734		—		—		—		12,320		518
LLC Units (4,046,326.8 units)	1,195		2,860		—		—		(9)		4,046		—
	4,781		11,594		—		—		(9)		16,366		518
Thompson Rivers LLC	16.0% Member Interest	7,208		—		(1,598)		—		(76)		5,534		—
	7,208		—		(1,598)		—		(76)		5,534		—
Waccamaw River LLC	20% Member Interest	10,730		—		(3,329)		—		(273)		7,128		540
10,730		—		(3,329)		—		(273)		7,128		540
Total Affiliate Investments	$397,236		$21,050		$(7,383)		$—		$(1,197)		$409,706		$22,474

(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 for the six months ended June 30, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · June 30, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Black Angus Steakhouses, LLC(d)	First Lien Senior Secured Term Loan (14.4% PIK)(e)	$2,744		$—		$(610)		$(7,481)		$5,347		$—		$(6)
First Lien Senior Secured Term Loan (10.0% PIK)(e)	—		—		—		(9,628)		9,628		—		—
LLC Units (44.6 units)	—		—		—		—		—		—		—
	2,744		—		(610)		(17,109)		14,975		—		(6)
MVC Automotive Group GmbH(d)	Common Equity Interest (18,000 Shares)	13,741		—		—		—		(1,746)		11,995		—
	13,741		—		—		—		(1,746)		11,995		—
MVC Private Equity Fund LP	General Partnership Interest(1,831.4 units)	—		—			(183)		183		—		—
Limited Partnership Interest(71,790.4 units)	11		—		(116)		(7,166)		7,271		—		—
	11		—		(116)		(7,349)		7,454		—		—

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · June 30, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	$6,655		$168		$—		$—		$—		$6,823		$168
Revolver (6.0% PIK)	5,333		165		(3)		2		724		6,221		188
Senior Subordinated Term Loan (3.1% PIK)	11,191		196		—		—		—		11,387		177
Senior Unsecured Term Loan (9.0% PIK)	2,293		169		—		—		316		2,778		197
Common Stock Series A (17,100 shares)	399		—		—		—		92		491		—
Common Stock Series B (1,236 shares)	37,296		—		—		—		8,632		45,928		2,817
	63,167		698		(3)		2		9,764		73,628		3,547
Total Control Investments	$79,663		$698		$(729)		$(24,456)		$30,447		$85,623		$3,541

(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 senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).

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

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2025 was 1.93400%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2025 was 1.94400%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2025 was 2.04900%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2025 was 4.32229%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2025 was 4.29235%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2025 was 4.14656%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2025 was 4.22390%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2025 was 4.10460%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2025 was 3.99300%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2025 was 3.61250%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2025 was 3.60370%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of June 30, 2025 was 2.75000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2025 was 2.12700%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2025 was 3.30000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of June 30, 2025 was 0.17170%

(24)The interest rate on these loans is subject to 6 Month SARON, which as of June 30, 2025 was -0.03173%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of June 30, 2025 was 4.31000%.

(26)Non-accrual investment.

(27)Investment was purchased from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2 - Agreements and Related Party Transactions”).

(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.