Barings BDC, Inc.

For the period ended Sep 30, 2025. Filed Nov 6, 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.

Sep 30, 2025 · Filed Nov 6, 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	$13,087		$12,992		$12,930	1.1%	(7)(8)(13)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.2% Cash	04/22	04/28	634		619		606	0.1%	(7)(8)(13)(30)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	11/28	19,165		18,899		18,963	1.6%	(7)(8)(13)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	11/22	11/28	—		(41)		(35)	—%	(7)(8)(13)(30)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	653		653		653	0.1%	(7)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	12/22	11/30	6,173		6,052		6,173	0.5%	(7)(8)(13)(30)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.50%, 8.5% Cash	12/22	11/30	868		831		868	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	1,264		1,158		1,264	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		6,454		6,526	0.6%	(3)(7)(8)(14)
M-Personal Protection Management GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	10/24	09/31	4,141		3,697		4,141	0.4%	(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	03/24	03/30	4,129		4,067		4,025	0.3%	(7)(8)(13)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.7% Cash	03/24	03/30	83		73		66	—%	(7)(8)(13)(30)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	03/21	03/28	1,599		1,600		1,599	0.1%	(3)(7)(8)(11)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash	03/21	03/28	320		294		320	—%	(3)(7)(8)(11)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.6% Cash	03/21	03/27	2,302		2,296		2,302	0.2%	(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.4% Cash	12/20	12/26	7,239		7,207		6,956	0.6%	(7)(8)(13)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 1.00%, 5.1% Cash, 6.8% PIK	02/21	02/27	15,573		15,498		13,237	1.1%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	06/24	02/29	12,999		12,777		12,868	1.1%	(7)(8)(13)(30)
Whitcraft Holdings, Inc.	Revolver	SOFR + 5.00%, 9.0% Cash	02/23	02/29	993		950		975	0.1%	(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.1%)*				97,748		96,076		94,437
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.4% Cash	07/22	07/30	4,545		4,431		4,100	0.4%	(7)(8)(13)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	03/22	03/29	3,294		3,260		3,294	0.3%	(7)(8)(13)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.4% Cash	03/22	03/28	—		(12)		—	—%	(7)(8)(13)(30)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/22	11/29	12,341		12,101		12,329	1.1%	(7)(8)(13)(30)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	11/22	11/29	1,146		1,113		1,144	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	7,341		7,198		7,237	0.6%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	07/24	07/30	—		(19)		(14)	—%	(7)(8)(13)(30)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.0% Cash	03/24	03/30	641		631		641	0.1%	(7)(8)(13)
SVI International LLC	Revolver	SOFR + 6.75%, 11.0% Cash	03/24	03/30	—		(1)		—	—%	(7)(8)(13)(30)
Subtotal Automotive (2.5%)*				29,308		28,702		28,731

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Banking, Finance, Insurance, & Real Estate
Aegros Holdco 2 Ltd	Second Lien Senior Secured Term Loan	SONIA + 8.5%, 13.0% PIK	05/25	05/32		$6,180		$5,980	$5,309	0.5%	(3)(7)(15)
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.2% Cash	02/21	03/28		3,878		3,924	3,878	0.3%	(3)(7)(8)(17)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/21	10/27		5,282		5,221	5,282	0.5%	(7)(8)(12)(30)
Bishop Street Underwriters, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	07/25	07/31		2,902		2,855	2,854	0.2%	(7)(8)(12)(30)
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 4.75%, 8.7% Cash	03/25	02/32		3,387		3,084	3,278	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		4,424		3,944	4,359	0.4%	(3)(7)(8)(11)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.3% Cash	10/23	09/30		5,476		4,833	5,424	0.5%	(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	09/19	09/26		3,559		3,676	3,541	0.3%	(3)(7)(8)(11)
High Street Buyer Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	07/25	07/32		200		186	185	—%	(7)(8)(13)(30)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.55%, 7.6% Cash	05/21	05/28		2,937		2,968	2,894	0.2%	(3)(7)(8)(10)
ORS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	06/25	08/31		4,978		4,906	4,911	0.4%	(7)(8)(13)
Owl Intermediate Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/25	04/32		2,489		2,454	2,456	0.2%	(7)(8)(13)(30)
Owl Intermediate Holdings, LLC	Revolver	SOFR + 4.75%, 9.1% Cash	04/25	04/32		—		(22)	(20)	—%	(7)(8)(13)(30)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash, 4.0% PIK	12/21	06/26		52,866		52,230	47,578	4.1%	(7)(8)(13)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	06/21	12/30		9,929		8,908	9,802	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		524		496	516	—%	(7)(8)(13)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/31		12,122		12,068	12,070	1.0%	(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	10/21	12/28		13,882		13,676	13,682	1.2%	(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.75%, 8.9% Cash	10/21	12/28		—		(18)	(20)	—%	(7)(8)(13)(30)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	10/24	10/31		5,163		5,099	5,114	0.4%	(7)(8)(12)(30)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	10/24	10/31		112		99	102	—%	(7)(8)(12)(30)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.2% Cash	11/21	06/26		8,123		8,114	7,782	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		10,933		10,712	10,795	0.9%	(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.0%)*			159,346		155,393		151,772
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	First Lien Senior Secured Term Loan	SOFR + 7.86%, 12.2% Cash	04/25	03/29		11,173		10,971	11,173	1.0%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Last In First Out Term Loan	SOFR + 10.00%, 14.5% PIK	02/24	05/26		4,696		4,596	4,696	0.4%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 7.00%, 11.5% Cash	02/24	05/26		856		856	856	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 13.5% PIK	02/24	05/26		661		661	661	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.5% PIK	02/24	05/26		2,315		2,285	2,315	0.2%	(7)(8)(13)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.8% Cash	04/21	04/28		7,243		7,135	7,243	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%, 8.3% Cash	12/21	12/28		2,437		2,271	2,215	0.2%	(3)(7)(8)(10)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	12/21	12/27		$17,252			$17,049		$17,078	1.5%	(7)(8)(13)
Woodland Foods, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	12/21	12/27		—			(25)		(28)	—%	(7)(8)(13)(30)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.9% Cash	02/22	02/28		11,652			11,510		11,511	1.0%	(7)(8)(13)(30)
ZB Holdco LLC	Revolver	SOFR + 5.75%, 9.9% Cash	02/22	02/28		929			910		907	0.1%	(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (5.1%)*				60,366			59,238			59,779
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/23	11/29		3,280			3,240		3,194	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		3,281			3,191		3,211	0.3%	(7)(8)(13)(30)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.0% Cash	11/23	11/29		—			(13)		(7)	—%	(7)(8)(13)(30)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.4% Cash	07/22	07/29		2,702			2,333		2,702	0.2%	(3)(7)(8)(10)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 2.00%, 6.0% Cash, 5.0% PIK	03/23	07/29		14,182			13,605		11,699	1.0%	(7)(8)(13)
Brown Machine Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	10/18	10/26		6,088			6,088		5,698	0.5%	(7)(8)(13)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.3% Cash	11/21	11/28		1,303			1,291		1,292	0.1%	(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	03/25	03/31		1,799			1,782		1,784	0.2%	(7)(8)(13)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.5% Cash	03/25	03/31		257			238		240	—%	(7)(8)(13)(30)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	12/21	12/27		948			940		948	0.1%	(7)(8)(12)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 8.9% Cash	12/21	12/27		506			496		506	—%	(7)(8)(12)(30)
Process Equipment, Inc. (ProcessBarron)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.4% Cash	03/19	09/26		5,304			5,288		5,251	0.5%	(7)(8)(14)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	07/23	07/29		5,702			5,610		5,144	0.4%	(7)(8)(13)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.4% Cash	07/23	07/29		1,014			998		915	0.1%	(7)(8)(13)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	10/24	10/30		5,425			5,337		5,224	0.4%	(7)(8)(13)(30)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.1% Cash	10/24	10/30		—			(15)		(35)	—%	(7)(8)(13)(30)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	11/24	11/30		9,611			9,485		9,491	0.8%	(7)(8)(12)
TAPCO Buyer LLC	Revolver	SOFR + 4.75%, 8.9% Cash	11/24	11/30		—			(18)		(18)	—%	(7)(8)(12)(30)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	12/21	12/27		6,855			6,674		6,688	0.6%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	12/21	12/27		—			(19)		(24)	—%	(7)(8)(13)(30)
Subtotal Capital Equipment (5.5%)*				68,257			66,531			63,903
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	04/23	04/29		2,517			2,479		2,489	0.2%	(7)(8)(12)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.2% Cash	04/23	04/29		—			(7)		(5)	—%	(7)(8)(12)(30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.08%, 7.1% Cash	11/21	10/28		6,271			5,747		6,227	0.5%	(3)(7)(8)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 5.08%, 9.7% Cash	06/22	10/28		1,019			1,019		1,012	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		3,869			3,745		3,614	0.3%	(3)(7)(8)(11)
Polymer Solutions Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% PIK	02/22	10/25		994			994		363	—%	(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.2%)*			14,670		13,977			13,700

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%, 9.2% Cash	08/24	08/30	$8,097		$7,991		$7,995	0.7%	(7)(8)(12)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	08/24	08/30	—		(37)		(37)	—%	(7)(8)(12)(30)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.9% Cash	12/21	12/27	12,063		11,962		11,147	1.0%	(7)(8)(13)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 9.9% Cash	12/21	12/27	771		749		546	—%	(7)(8)(12)(30)
GMES LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.4% Cash	09/25	09/31	7,729		7,618		7,617	0.7%	(7)(8)(13)(30)
GMES LLC	Revolver	SOFR + 5.25%, 9.4% Cash	09/25	09/31	—		(13)		(13)	—%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	05/25	09/27	9,386		9,310		9,312	0.8%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	05/25	09/27	—		(5)		(6)	—%	(7)(8)(12)(30)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/21	08/27	348		345		348	—%	(7)(8)(12)
Ocelot Holdco LLC	Takeback Term Loan	10.0% Cash	10/23	10/27	2,933		2,933		2,933	0.3%	(7)
Subtotal Construction & Building (3.4%)*				41,327		40,853		39,842
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash, 0.3% PIK	12/21	12/28	1,511		1,498		1,070	0.1%	(7)(8)(13)
DecksDirect, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	12/21	12/28	97		95		(14)	—%	(7)(8)(13)(30)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.75%, 12.9% Cash	10/23	10/28	12,677		12,425		12,677	1.1%	(7)(8)(12)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.9% Cash	07/22	01/26	11,091		11,071		10,342	0.9%	(7)(8)(13)(30)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 12.9% Cash	07/22	01/26	—		(2)		(78)	—%	(7)(8)(13)(30)
Lifestyle Intermediate II, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.6% Cash	02/22	01/26	2,903		2,903		2,535	0.2%	(7)(8)(13)(28)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.5% Cash	03/25	03/29	7,291		7,227		7,233	0.6%	(7)(8)(13)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.5% Cash	03/25	03/29	—		(8)		(7)	—%	(7)(8)(13)(30)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/21	11/27	4,672		4,629		4,439	0.4%	(7)(8)(13)
Team Air Distributing, LLC	Subordinated Term Loan	14.0% Cash	05/23	05/28	752		741		741	0.1%	(7)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	291		289		265	—%	(7)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.7% Cash	03/22	09/30	4,197		4,094		4,016	0.3%	(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.7%)*				45,482		44,962		43,219
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 8.3% Cash	02/21	02/28	8,225		8,173		8,192	0.7%	(3)(7)(8)(11)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.1% Cash	02/24	02/30	5,875		5,766		5,807	0.5%	(7)(8)(14)(30)
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 9.1% Cash	02/24	02/30	—		(16)		(10)	—%	(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	926		825		871	0.1%	(3)(7)(8)(17)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.9% Cash	04/24	04/29	3,205		3,041		3,252	0.3%	(3)(8)(12)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.8% Cash	01/24	01/30	4,577		4,495		4,388	0.4%	(7)(8)(13)(30)
Ice House America, L.L.C.	Revolver	SOFR + 5.75%, 9.8% Cash	01/24	01/30	387		381		372	—%	(7)(8)(13)(30)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.6% Cash	12/20	12/26	7,374		8,158		7,374	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 + 4.75%, 8.9% Cash	12/20	12/28		$14,697			$14,636		$14,697	1.3%	(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.9%)*			45,266		45,459			44,943
Containers, Packaging, & Glass
Brook & Whittle Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.7% Cash	02/22	12/30		3,362			3,328		2,726	0.2%	(8)(13)(28)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29		815			802		802	0.1%	(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.4% Cash	05/22	05/30		13,692			13,513		13,692	1.2%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	09/24	09/30		1,771			1,749		1,753	0.2%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.50%, 8.6% Cash	09/24	09/30		3,697			3,636		3,660	0.3%	(7)(8)(15)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.5% Cash	09/24	09/30		41			33		34	—%	(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 8.6% Cash	09/24	09/30		—			(10)		(8)	—%	(7)(8)(15)(30)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	03/25	03/31		1,558			1,532		1,540	0.1%	(7)(8)(13)(30)
MSI Express Inc.	Revolver	SOFR + 3.75%, 7.8% Cash	03/25	03/31		1,011			988		990	0.1%	(7)(8)(13)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.6% Cash	06/21	06/28		3,721			3,704		3,613	0.3%	(3)(7)(8)(10)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	03/22	03/28		7,841			7,756		7,763	0.7%	(7)(8)(12)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	05/23	03/28		3,017			2,965		2,996	0.3%	(7)(8)(12)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.0% Cash	03/22	03/28		—			(8)		(9)	—%	(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.4%)*			40,526		39,988			39,552
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	10/22	10/28		12,127			11,971		12,055	1.0%	(7)(8)(13)
WWEC Holdings III Corp	Revolver	SOFR + 5.00%, 9.0% Cash	10/22	10/28		—			(32)		(15)	—%	(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*				12,127			11,939			12,040
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27		27,200			27,200		28,014	2.4%
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.8% Cash	02/21	01/27		6,325			6,311		6,294	0.5%	(7)(8)(13)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.65%, 8.7% Cash	12/24	12/30		12,638			12,503		12,511	1.1%	(7)(8)(13)
Northstar Recycling, LLC	Revolver	SOFR + 4.65%, 8.7% Cash	12/24	12/30		—			(37)		(35)	—%	(7)(8)(13)(30)
Subtotal Environmental Industries (4.0%)*				46,163			45,977			46,784
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29		13,742			11,875		7,805	0.7%	(3)(7)(31)
Aldinger Company	Second Lien Senior Secured Term Loan	13.5% PIK	04/25	06/31		6,795			6,664		6,795	0.6%	(7)
Amalfi Midco	Second Lien Senior Secured Term Loan	15.5% Cash	09/22	10/28		336			325		348	—%	(3)(7)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28		6,679			5,695		6,411	0.5%	(3)(7)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.5% 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		2,606			2,525		2,606	0.2%	(3)(7)(8)(17)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.1% Cash	11/21	11/27		1,599			1,679		1,599	0.1%	(3)(7)(8)(19)(30)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.00%, 10.3% PIK	06/21	12/26		1,638			1,850		228	—%	(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	$89	$87	$257	—%	(3)(7)(30)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	10/21	10/28	3,638	3,303	3,572	0.3%	(3)(7)(8)(11)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 8.9% Cash	05/25	05/30	399	382	399	—%	(3)(7)(8)(10)(30)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.0% Cash	05/24	05/29	3,991	3,897	3,963	0.3%	(7)(8)(13)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.5% Cash	11/24	11/31	2,068	1,790	2,014	0.2%	(3)(7)(8)(10)(30)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 5.85%, 7.9% Cash	01/23	01/29	1,790	1,630	1,784	0.2%	(3)(7)(8)(10)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.0% Cash, 3.3% PIK	03/22	03/29	5,316	4,888	4,907	0.4%	(3)(7)(8)(11)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	03/24	03/30	6,092	6,017	6,031	0.5%	(7)(8)(13)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.0% Cash	03/24	03/30	—	(6)	(3)	—%	(7)(8)(13)(30)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.0% Cash	08/24	08/30	509	502	503	—%	(7)(8)(13)(30)
GCDL LLC	Revolver	SOFR + 6.00%, 10.0% 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	391	366	214	—%	(3)(7)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	101	92	62	—%	(3)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% PIK	06/22	06/29	506	444	—	—%	(3)(7)(8)(9)(26)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.5% Cash	10/22	10/29	555	458	496	—%	(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	806	770	700	0.1%	(3)(7)(8)(19)(30)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	15,201	15,070	14,167	1.2%	(7)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	08/23	08/29	6,699	6,577	6,699	0.6%	(7)(8)(12)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 8.9% Cash	08/23	08/29	—	(30)	—	—%	(7)(8)(12)(30)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash, 1.0% PIK	03/21	09/27	3,781	3,723	3,240	0.3%	(7)(8)(13)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.25%, 7.1% Cash	07/25	03/27	4,075	4,696	4,023	0.3%	(3)(7)(8)(22)(30)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	08/24	08/31	932	861	918	0.1%	(3)(7)(8)(11)(30)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.3% Cash	08/24	05/31	11	8	10	—%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	12/21	12/28	2,426	2,272	2,282	0.2%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	2,216	2,076	1,988	0.2%	(3)(7)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 10.0% Cash	02/22	10/27	10,030	9,954	9,829	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	4,397	892	0.1%	(8)(13)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.2% Cash	07/23	07/30	2,000	1,891	2,000	0.2%	(3)(7)(8)(16)(30)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 8.6% Cash	03/22	03/28	13,337	14,309	13,337	1.1%	(3)(7)(8)(19)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/21	02/29	5,528	5,494	5,528	0.5%	(7)(8)(12)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.18%, 7.2% Cash	09/22	10/29	2,139	1,748	2,139	0.2%	(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.9% Cash	08/23	07/29	3,930	3,845	4,837	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	3,081	3,184	2,955	0.3%	(3)(7)(8)(17)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	12/19	12/26		$2,780		$2,625	$2,780	0.2%	(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	12/26		1,400		1,400	1,400	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		4,361		3,742	4,250	0.4%	(3)(7)(8)(11)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.0% Cash	06/22	07/29		3,308		2,785	3,256	0.3%	(3)(7)(8)(24)
SCP Medical Products, LLC.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	06/25	06/31		2,039		2,015	2,016	0.4%	(7)(8)(13)
SCP Medical Products, LLC.	Revolver	SOFR + 4.75%, 8.8% Cash	06/25	06/31		—		(3)	(2)	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		5,340		5,314	4,592	0.4%	(7)(8)(13)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.1% Cash	12/20	11/27		7,087		6,768	7,087	0.6%	(3)(7)(8)(16)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 10.6% Cash	11/23	08/30		1,031		938	1,019	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		1,977		1,960	1,977	0.1%	(7)(8)(12)(30)
Swoop Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	04/25	04/32		—		(4)	—	0.1%	(7)(8)(12)(30)
TA KHP Aggregator, L.P.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	06/25	06/32		1,033		1,012	1,013	0.1%	(7)(8)(13)(30)
TA KHP Aggregator, L.P.	Revolver	SOFR + 4.50%, 8.5% Cash	06/25	06/32		—		(4)	(4)	—%	(7)(8)(13)(30)
TA KHP Aggregator, L.P.	Subordinated Term Loan	12.5% Cash	06/25	12/32		2,245		2,217	2,224	0.2%	(7)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.30%, 9.0% Cash	06/22	06/29		1,068		957	1,048	0.1%	(3)(7)(8)(17)(30)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.45%, 6.5% Cash	03/23	03/30		2,227		1,973	2,227	0.2%	(3)(7)(8)(10)(30)
Unosquare, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	06/25	06/31		2,423		2,359	2,363	0.2%	(7)(8)(12)(30)
Unosquare, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	06/25	06/31		—		(9)	(9)	—%	(7)(8)(12)(30)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.5% Cash	03/25	04/30		45,327		43,677	43,695	3.7%	(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (17.8%)*			224,172		216,052		207,537
High Tech Industries
Alpine SG, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	11/27		12,775		12,522	12,743	1.1%	(7)(8)(13)(28)
Argus Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.1% Cash, 3.2% PIK	07/22	07/29		2,204		1,925	2,033	0.2%	(3)(7)(8)(11)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.1% Cash, 3.2% PIK	07/22	07/29		140		138	129	—%	(3)(7)(8)(14)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.0% Cash, 3.2% PIK	07/22	07/29		1,908		1,664	1,759	0.2%	(3)(7)(8)(17)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29		1,018		914	914	0.1%	(3)(7)
CH Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	05/25	05/31		875		860	861	0.1%	(7)(8)(13)
CH Buyer, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	05/25	05/31		—		(1)	(1)	—%	(7)(8)(13)(30)
Contabo FincoS.À R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.2% Cash	10/22	10/29		5,471		4,569	5,471	0.5%	(3)(7)(8)(10)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	01/21	01/27		5,187		5,079	5,187	0.4%	(7)(8)(13)(30)
Discovery Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	02/25	02/32		12,508		12,281	12,315	1.1%	(7)(8)(13)(30)
Discovery Buyer, L.P.	Revolver	SOFR + 5.00%, 9.2% Cash	02/25	02/32		—		(20)	(18)	—%	(7)(8)(13)(30)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Durare Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	08/25	08/32	$1,413	$1,390	$1,389	0.1%	(7)(8)(13)(30)
Durare Bidco, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	08/25	08/32	—	(9)	(10)	—%	(7)(8)(13)(30)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	07/21	07/29	14,478	14,311	14,478	1.2%	(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% PIK	12/22	12/29	1,870	1,569	617	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	830	298	—%	(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	2,841	2,397	938	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	870	640	—	—%	(3)(7)(26)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	8.0% PIK	04/25	04/32	683	627	674	0.1%	(3)(7)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	CORRA + 5.00%, 7.8% Cash	04/25	04/32	913	912	907	0.1%	(3)(7)(8)(20)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	04/25	04/32	576	519	568	—%	(3)(7)(8)(11)(30)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.7% Cash	04/25	08/31	9,360	9,360	9,360	0.8%	(7)(8)(12)
Haystack Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	01/25	01/28	6,592	6,508	6,581	0.6%	(7)(8)(14)(30)
Haystack Holdings LLC	Revolver	SOFR + 4.75%, 9.1% Cash	01/25	01/28	—	(11)	(1)	—%	(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	11/21	11/28	7,166	7,106	7,166	0.6%	(7)(8)(13)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 4.75%, 8.8% Cash	11/21	11/27	—	(19)	—	—%	(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	10,190	10,180	10,190	0.9%	(7)(8)(13)
Ivanti Software Inc	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.9% Cash	05/25	06/29	913	871	937	0.1%	(8)(13)(28)
Ivanti Software Inc	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.5% Cash	02/22	06/29	6,060	6,050	2,613	0.2%	(8)(13)(28)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	05/22	05/29	610	602	608	0.1%	(3)(7)(8)(14)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.9% Cash	05/22	05/29	128	125	127	—%	(3)(7)(8)(13)(30)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.0% Cash	05/22	05/29	155	155	154	—%	(3)(7)(8)(17)
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.75%, 10.1% Cash	05/22	11/28	35	35	35	—%	(3)(7)(8)(14)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	09/23	09/29	12,127	11,817	12,127	1.0%	(7)(8)(13)(30)
NAW Buyer LLC	Revolver	SOFR + 4.75%, 8.8% Cash	09/23	09/29	—	(31)	—	—%	(7)(8)(13)(30)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.1% Cash	01/23	01/30	2,809	2,532	2,809	0.2%	(3)(7)(8)(11)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	11/23	11/30	22,206	21,962	22,074	1.9%	(7)(8)(13)(30)
Next Holdco, LLC	Revolver	SOFR + 5.25%, 9.5% Cash	11/23	11/29	—	(8)	(4)	—%	(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	1,074	978	1,074	0.1%	(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/21	12/29	18,292	18,088	18,125	1.6%	(7)(8)(13)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/21	12/29	687	667	671	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
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	08/21		08/27	$18,368		$18,226		$18,368	1.6%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.7% Cash	11/24		11/31	9,672		9,626		9,672	0.8%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	Revolver	SOFR + 4.50%, 8.7% Cash	11/24		11/31	—		(23)		—	—%	(7)(8)(13)(30)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	03/22		03/28	1,599		1,586		1,599	0.1%	(7)(8)(12)
ProfitOptics, LLC	Revolver	SOFR + 5.75%, 10.0% Cash	03/22		03/28	97		93		97	—%	(7)(8)(12)(30)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22		03/29	81		81		78	—%	(7)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	09/24		09/30	7,729		7,632		7,652	0.7%	(7)(8)(12)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.5% Cash	09/24		09/30	145		121		125	—%	(7)(8)(12)(30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	05/22		05/29	960		852		949	0.1%	(3)(7)(8)(10)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	05/22		05/29	1,411		1,397		1,394	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	14,958		14,700		9,349	0.8%	(7)(8)(14)(26)(28)
RA Outdoors, LLC	Revolver	SOFR + 6.75%, 11.3% PIK	02/22		04/26	1,430		1,430		894	0.1%	(7)(8)(14)(26)(28)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	11/24		11/31	13,662		13,539		13,525	1.2%	(7)(8)(13)
Saab Purchaser, Inc.	Revolver	SOFR + 4.75%, 8.8% Cash	11/24		11/31	—		(21)		(24)	—%	(7)(8)(13)(30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	05/22		05/29	3,754		3,371		3,525	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		416	—%	(3)(7)(8)(14)
Scout Bidco B.V.	Revolver	EURIBOR + 5.50%, 7.5% Cash	05/22		05/29	454		442		384	—%	(3)(7)(8)(11)(30)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% Cash	07/23		07/30	2,147		1,949		1,980	0.2%	(3)(7)(8)(10)(30)
Smartling, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	11/21		11/27	10,357		10,275		10,357	0.9%	(7)(8)(14)
Smartling, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	11/21		11/27	—		(8)		—	—%	(7)(8)(14)(30)
Sonicwall US Holdings Inc	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.5% Cash	06/25		05/28	2,887		2,834		2,742	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		6,498		6,194	0.5%	(8)(13)(28)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	10/23		10/30	1,749		1,711		1,723	0.1%	(3)(7)(8)(13)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	07/25		06/32	526		519		518	—%	(3)(7)(8)(13)
Zelda Luxco S.A.S	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.2% Cash	07/25		07/32	1,753		1,672		1,700	0.1%	(3)(7)(8)(11)(30)
Subtotal High Tech Industries (21.4%)*					265,718		259,029		249,115
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.2% Cash	12/21		12/28	6,787		6,555		6,787	0.6%	(3)(7)(8)(17)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.50%, 15.1% PIK	12/21		12/28	2,452		2,370		2,452	0.2%	(3)(7)(8)(17)
Featherstone Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 9.8% Cash	05/25		05/31	2,324		2,252		2,268	0.2%	(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (1.0%)*		11,563		11,177		11,507
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.6% Cash	07/22		07/28	5,485		5,449		5,444	0.5%	(7)(8)(12)
ASC Communications, LLC	Revolver	SOFR + 4.50%, 8.6% Cash	07/22		07/28	—		(6)		(8)	—%	(7)(8)(12)(30)
Ruffalo Noel Levitz, LLC	First Lien Senior Secured Term Loan	SOFR + 4.00%, 6.8% PIK	01/19		12/26	10,007		9,931		2,412	0.2%	(7)(8)(13)(26)
Ruffalo Noel Levitz, LLC	First Lien Senior Secured Term Loan	SOFR +7.00%, 11.3% Cash	04/25		12/26	6		6		6	—%	(7)(8)(12)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Ruffalo Noel Levitz, LLC	Revolver	SOFR + 7.00%, 11.3% Cash	04/25	12/26		$—			$(3)			$—		—%	(7)(8)(12)(30)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	12/21	05/30		7,310			7,173			7,171		0.6%	(7)(8)(13)(30)
Superjet Buyer, LLC	Revolver	SOFR + 5.00%, 9.2% Cash	12/21	05/30		—			(15)			(18)		—%	(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (1.3%)*			22,808		22,535			15,007
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	08/20	08/26		6,923			6,892			6,805		0.6%	(7)(8)(13)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.7% Cash	06/24	03/29		60			60			59		—%	(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*			6,983		6,952			6,864
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	10/21	10/27		5,036			5,016			5,036		0.4%	(7)(8)(12)
BrightSign LLC	Revolver	SOFR + 5.50%, 9.8% Cash	10/21	10/27		642			638			642		0.1%	(7)(8)(12)(30)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 7.6% Cash, 2.5% PIK	05/19	05/26		14,124			14,102			14,068		1.2%	(7)(8)(14)
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%, 10.9% Cash	04/22	04/29		1,719			1,644			1,709		0.1%	(3)(7)(8)(16)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.2% Cash	11/20	11/27		1,763			1,722			1,674		0.1%	(3)(7)(8)(17)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	09/23	09/29		6,488			6,344			6,449		0.6%	(7)(8)(12)
Rock Labor LLC	Revolver	SOFR + 5.50%, 9.7% Cash	09/23	09/29		—			(22)			(7)		—%	(7)(8)(13)(30)
Screenvision, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/25	04/30		5,197			5,101			5,102		0.4%	(7)(8)(13)
Screenvision, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/25	04/30		—			(11)			(11)		—%	(7)(8)(13)(30)
Screenvision, LLC	Second Lien Senior Secured Term Loan	SOFR + 8.50%, 12.8% Cash	04/25	04/30		33,782			32,516			32,545		2.8%	(7)(8)(13)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	12/22	12/29		15,216			14,955			14,851		1.3%	(7)(8)(13)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.4% Cash	12/22	12/28		864			838			816		0.1%	(7)(8)(13)(30)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.7% Cash	06/21	06/30		17,926			17,766			17,776		1.5%	(7)(8)(13)
Subtotal Media: Diversified & Production (8.6%)*			103,004		100,832			100,896			8.6%
Metals & Mining
Arch Global Precision LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	04/19	04/26		8,896			8,896			8,683		0.7%	(7)(8)(12)
Subtotal Metals & Mining (0.7%)*				8,896			8,896			8,683			0.7%
Services: Business
Accelevation LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.6% Cash	01/25	01/31		595			574			595		0.1%	(7)(8)(12)(30)
Accelevation LLC	Revolver	SOFR + 4.50%, 8.6% Cash	01/25	01/31		159			146			159		—%	(7)(8)(12)(30)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.13%, 10.5% Cash	08/21	08/27		5,957			5,853			5,884		0.5%	(3)(7)(8)(13)(30)
Acclime Holdings HK Limited	Subordinated Term Loan	15.0% Cash	05/25	04/30		234			229			230		—%	(3)(7)
Acogroup	First Lien Senior Secured Term Loan	EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK	03/22	04/28		8,702			8,051			3,611		0.3%	(3)(7)(8)(10)(26)
AD Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.8% Cash	03/24	03/30		13,145			12,878			12,982		1.1%	(7)(8)(13)(30)
AD Bidco, Inc.	Revolver	SOFR + 5.75%, 9.8% Cash	03/24	03/30		—			(24)			(16)		—%	(7)(8)(13)(30)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.2% Cash	05/23	05/30		2,377			2,199			2,309		0.2%	(3)(7)(8)(10)(30)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.1% Cash	03/23	03/30		5,512			4,932			5,485		0.5%	(3)(7)(8)(11)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.1% Cash	01/20	01/27	$3,440	$3,222	$3,358	0.3%	(3)(7)(8)(16)
Apex Bidco Limited	Subordinated Senior Unsecured Term Loan	9.0% PIK	01/20	07/27	376	361	352	—%	(3)(7)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	11/24	11/31	495	430	472	—%	(3)(7)(8)(10)(30)
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	12/19	12/26	1,645	1,543	1,569	0.1%	(3)(7)(8)(10)
Auxi International	First Lien Senior Secured Term Loan	SONIA + 6.25%, 10.2% Cash	04/21	12/26	902	912	860	0.1%	(3)(7)(8)(16)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	11/21	11/27	4,750	4,715	4,750	0.4%	(7)(8)(12)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.5% Cash	11/21	11/27	—	(4)	—	—%	(7)(8)(12)(30)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	1,982	1,970	1,982	0.2%	(7)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/24	12/30	7,664	7,557	7,664	0.7%	(7)(8)(14)(30)
Basin Innovation Group, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	12/24	12/30	—	(24)	—	—%	(7)(8)(14)(30)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.4% Cash	02/24	05/27	10,628	9,682	10,607	0.9%	(7)(8)(9)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	08/21	08/29	4,074	4,047	4,054	0.3%	(7)(8)(12)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.1% Cash	10/21	10/28	2,451	2,339	2,451	0.2%	(3)(7)(8)(11)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.5% Cash, 3.8% PIK	12/20	12/28	16,295	16,062	14,763	1.3%	(3)(7)(8)(17)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	09/24	09/30	14,180	13,992	14,180	1.2%	(7)(8)(13)(30)
Caldwell & Gregory LLC	Revolver	SOFR + 4.75%, 8.8% Cash	09/24	09/30	—	(31)	—	—%	(7)(8)(13)(30)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	05/20	05/27	4,389	3,883	4,389	0.4%	(3)(7)(8)(10)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	05/20	05/27	833	762	833	0.1%	(3)(7)(8)(10)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/22	02/28	13,552	13,378	13,552	1.2%	(7)(8)(13)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	02/22	02/28	—	(13)	—	—%	(7)(8)(13)(30)
CloudOne Digital Corp.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	08/25	08/31	12,293	12,142	12,139	1.0%	(7)(8)(13)
CloudOne Digital Corp.	Revolver	SOFR + 5.25%, 9.5% Cash	08/25	08/31	—	(33)	(34)	—%	(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash, 0.3% PIK	01/20	01/27	4,723	4,702	4,166	0.4%	(7)(8)(13)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	04/22	12/29	10,811	10,689	10,811	0.9%	(7)(8)(13)
Comply365, LLC	Revolver	SOFR + 5.25%, 9.7% Cash	04/22	12/29	—	(12)	—	—%	(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	5,507	5,327	5,337	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	6,897	6,782	6,897	0.6%	(7)(8)(12)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	09/28	86	78	86	—%	(7)(8)(12)(30)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% 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	821	804	818	0.1%	(7)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	13.5% Cash	12/24	12/30	318	313	316	—%	(7)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.2% Cash	03/22	03/28	1,648	1,823	1,426	0.1%	(3)(7)(8)(19)(30)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Expert Institute Group Inc.	First Lien Senior Secured Term Loan	SOFR + 4.25%, 8.1% Cash	03/25	03/32	$1,096	$1,068	$1,071	0.1%	(7)(8)(13)(30)
Expert Institute Group Inc.	Revolver	SOFR + 4.25%, 8.1% Cash	03/25	03/32	—	(6)	(6)	—%	(7)(8)(13)(30)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 7.1% Cash	07/22	07/29	1,763	1,577	1,763	0.2%	(3)(7)(8)(10)(30)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 8.2% Cash	10/22	10/29	5,504	4,512	5,504	0.5%	(3)(7)(8)(10)(30)
HS Advisory Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	03/25	03/30	1,541	1,493	1,492	0.1%	(7)(8)(13)(30)
HS Advisory Buyer LLC	Revolver	SOFR + 4.50%, 8.5% Cash	03/25	03/30	—	(8)	(8)	—%	(7)(8)(13)(30)
HSL Compliance	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.2% Cash	03/25	03/32	2,773	2,551	2,674	0.2%	(3)(7)(8)(16)(30)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.3% Cash	09/24	12/29	9,037	8,945	8,948	0.8%	(7)(8)(13)(30)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.25%, 9.3% Cash	09/24	12/29	522	510	511	—%	(7)(8)(13)(30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.8% Cash	11/21	11/28	3,088	2,931	3,088	0.3%	(3)(7)(8)(10)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	08/22	08/29	1,835	1,628	1,729	0.1%	(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	10/22	10/29	5,864	4,851	5,786	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	4,453	4,466	0.4%	(7)(8)(14)
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 9.8% Cash	02/22	02/28	84	80	80	—%	(7)(8)(14)(30)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	02/22	02/28	9,991	9,914	9,964	0.9%	(7)(8)(13)
LeadsOnline, LLC	Revolver	SOFR + 4.50%, 8.5% Cash	02/22	02/28	—	(18)	(7)	—%	(7)(8)(13)(30)
LHS Borrower, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	08/25	09/31	9,176	9,040	9,039	0.8%	(7)(8)(12)
LHS Borrower, LLC	Revolver	SOFR + 5.25%, 9.5% Cash	08/25	09/31	—	(12)	(12)	—%	(7)(8)(12)(30)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	04/22	09/27	8,791	8,719	8,395	0.7%	(7)(8)(13)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	01/24	01/30	1,449	1,427	1,437	0.1%	(7)(8)(13)(30)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	01/24	01/30	—	(2)	(1)	—%	(7)(8)(13)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	06/24	06/27	5,079	5,007	4,782	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	4,334	4,303	4,221	0.4%	(7)(8)(13)(30)
MIV Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	09/25	09/31	2,675	2,621	2,621	0.2%	(7)(8)(13)(30)
MIV Buyer, LLC	Revolver	SOFR + 4.75%, 8.8% Cash	09/25	09/31	—	(6)	(6)	—%	(7)(8)(13)(30)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.5% Cash	03/23	04/29	6,235	6,111	6,061	0.5%	(7)(8)(13)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.5% Cash	03/23	04/29	641	621	610	0.1%	(7)(8)(13)(30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	06/21	06/28	348	356	345	—%	(3)(7)(8)(10)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	06/21	06/28	533	527	528	—%	(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	2,116	1,961	2,116	0.2%	(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	02/20	06/26	2,397	2,394	2,397	0.2%	(3)(7)(8)(13)
Qima Finance LTD	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/25	07/32	2,865	2,788	2,786	0.2%	(3)(7)(8)(13)(30)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.7% Cash	03/23	03/29	7,983	7,863	7,864	0.7%	(7)(8)(14)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Qualified Industries, LLC	Revolver	SOFR + 5.75%, 9.7% Cash	03/23	03/29	$—	$(4)	$(4)	—%	(7)(8)(14)(30)
Real Chemistry Intermediate III, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	04/25	04/32	3,687	3,669	3,665	0.3%	(7)(8)(12)(30)
Real Chemistry Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	04/25	04/32	—	(5)	(4)	—%	(7)(8)(12)(30)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	08/20	02/28	11,206	11,172	11,206	1.0%	(7)(8)(13)
RKD Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	05/25	05/31	12,189	12,045	12,057	1.0%	(7)(8)(13)(30)
RKD Group, LLC	Revolver	SOFR + 5.50%, 9.7% Cash	05/25	05/31	482	471	472	—%	(7)(8)(13)(30)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.9% Cash	10/24	10/29	18,218	17,902	18,131	1.6%	(7)(8)(13)(30)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 8.9% Cash	10/24	10/29	—	(44)	(13)	—%	(7)(8)(13)(30)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	08/24	08/30	21,756	21,478	21,582	1.8%	(7)(8)(12)
RPX Corporation	Revolver	SOFR + 5.25%, 9.6% Cash	08/24	08/30	—	(37)	(24)	—%	(7)(8)(12)(30)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	09/24	09/31	1,036	975	1,020	0.1%	(3)(7)(8)(10)(30)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	03/23	03/28	8,650	8,440	8,624	0.7%	(7)(8)(12)(30)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.2% Cash	03/23	03/28	—	(35)	(5)	—%	(7)(8)(12)(30)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 2.25%, 6.4% Cash, 3.8% PIK	12/21	12/28	1,820	1,803	1,589	0.1%	(7)(8)(13)
Scaled Agile, Inc.	Revolver	SOFR + 2.25%, 6.4% Cash, 3.8% PIK	12/21	12/28	342	339	299	—%	(7)(8)(13)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	09/23	09/29	12,846	12,616	12,846	1.1%	(7)(8)(14)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	09/23	09/29	—	(27)	—	—%	(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	11/22	03/27	2,282	2,263	2,282	0.2%	(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 5.00%, 9.0% Cash	11/22	03/27	—	(1)	—	—%	(7)(8)(13)(30)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	10/21	04/27	2,500	2,488	2,472	0.2%	(3)(7)(8)(14)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.8% PIK	07/21	07/28	3,148	3,131	3,148	0.3%	(7)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.5% Cash	11/22	11/29	1,826	1,531	1,776	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	828	808	812	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	4,129	3,827	4,112	0.4%	(3)(7)(8)(10)
Techone B.V.	Revolver	EURIBOR + 5.40%, 7.4% Cash	11/21	05/28	—	(23)	(2)	—%	(3)(7)(8)(10)(30)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	07/23	07/29	6,842	6,696	6,815	0.6%	(7)(8)(12)
Trintech, Inc.	Revolver	SOFR + 5.50%, 9.7% Cash	07/23	07/29	153	142	151	—%	(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	12/22	12/28	14,111	13,889	14,111	1.2%	(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	12/22	12/28	—	(5)	—	—%	(7)(8)(13)(30)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	07/21	09/26	4,836	4,818	4,836	0.4%	(7)(8)(12)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	07/24	12/30	770	709	770	0.1%	(3)(7)(8)(10)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.3% Cash	12/23	12/30	1,704	1,493	1,704	0.1%	(3)(7)(8)(21)(30)
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	11/24	11/31	7,793	7,674	7,793	0.7%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 8.9% Cash	11/24	11/31	$273		$248		$273	—%	(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	11/18	05/26	17,957		17,893		17,921	1.5%	(7)(8)(13)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 6.15%, 8.2% Cash, 2.4% PIK	09/20	09/27	1,838		1,803		1,812	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	3,668		3,644		3,616	0.3%	(3)(7)(8)(13)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.6% Cash	03/24	03/30	13,792		13,571		13,792	1.2%	(7)(8)(14)
World 50, Inc.	Revolver	SOFR + 4.50%, 8.6% Cash	03/24	03/30	—		(15)		—	—%	(7)(8)(14)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.9% Cash	05/22	05/29	329		305		328	—%	(3)(7)(8)(11)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.7% Cash	05/22	05/29	9,474		8,684		9,455	0.8%	(3)(7)(8)(17)(30)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	4,503		4,135		4,395	0.4%	(3)(7)
Subtotal Services: Business (38.9%)*				465,649		451,893		454,088
Services: Consumer
Application Boot Camp LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/25	04/31	1,215		1,198		1,199	0.1%	(7)(8)(13)
Application Boot Camp LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/25	04/31	—		(5)		(7)	—%	(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%, 6.0% Cash	07/22	07/29	4,344		3,726		4,344	0.4%	(3)(7)(8)(11)(30)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.0% Cash	10/20	10/27	6,932		6,517		6,336	0.5%	(3)(7)(8)(10)
Bariacum S.A	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.0% Cash, 2.5% PIK	11/21	11/28	3,548		3,293		2,458	0.2%	(3)(7)(8)(10)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	10/23	10/29	4,613		4,534		4,543	0.4%	(7)(8)(13)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.3% Cash	10/23	10/29	—		(6)		(5)	—%	(7)(8)(13)(30)
CEC Entertainment, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.0% Cash	09/25	09/30	3,478		3,426		3,426	0.3%	(7)(8)(13)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	04/25	04/31	3,269		3,239		3,256	0.3%	(7)(8)(13)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.25%, 10.6% Cash	04/25	04/31	—		(2)		(1)	—%	(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.6% Cash	10/24	02/30	11,938		11,909		11,938	1.0%	(7)(8)(12)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 4.91%, 8.7% Cash	07/22	07/27	2,680		2,765		2,680	0.2%	(3)(7)(8)(19)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 4.91%, 8.2% Cash	07/22	07/27	4,146		4,413		4,146	0.4%	(3)(7)(8)(22)(30)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.7% Cash	11/23	11/29	1,710		1,680		1,710	0.1%	(7)(8)(13)(30)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 8.7% Cash	11/23	11/29	34		29		34	—%	(7)(8)(13)(30)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 9.8% Cash	11/23	11/29	2,146		2,070		2,146	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		13,018		13,088	1.1%	(7)(8)(14)
Marmoutier Holding B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% PIK	06/25	12/28	67		65		37	—%	(3)(7)(8)(10)(30)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.50%, 7.5% PIK	12/21	06/27	187		157		146	—%	(3)(7)(8)(10)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% PIK	03/24	12/28	204		175		159	—%	(3)(7)(8)(11)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/20	12/26	$7,423		$7,387		$7,378	0.6%	(7)(8)(14)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.2% Cash	12/20	12/26	2,717		2,674		2,717	0.2%	(7)(8)(14)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.1% Cash	09/21	09/26	1,828		1,980		1,817	0.2%	(3)(7)(8)(18)
Selenium Designated Activity Company	First Lien Senior Secured Term Loan	EURIBOR + 5.13%, 7.0% Cash	03/25	03/30	3,221		2,906		3,167	0.3%	(3)(7)(8)(9)
Subtotal Services: Consumer (6.6%)*				78,870		77,230		76,794
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		1,799	0.2%
AMMC CLO 22, Limited Series 2018-22A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	04/31	7,222		403		—	—%	(3)(7)(28)(29)
Apidos CLO XXIV, Series 2016-24A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/27	18,358		3,849		2,896	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	408		408		430	—%
Catawba River Limited	Structured - Junior Note	N/A	10/22	10/31	4,792		4,059		2,064	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		2,043		9	—%	(3)(28)(29)
Magnetite XIX, Limited	Subordinated Notes	SOFR + 8.00%, 12.3% Cash	02/22	04/34	5,250		5,250		5,129	0.4%	(3)(8)(13)(28)
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	05/31	182		182		180	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	05/31	182		182		181	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	05/31	182		182		181	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	05/31	182		182		180	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	05/31	9,274		9,274		9,148	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		32	—%	(3)(28)(29)
US Bank National Association Series 2025-1	Structured Note - Class R	SOFR + 7.50%, 11.9% Cash	03/25	01/32	5,758		5,758		5,843	0.5%	(3)(7)(8)(13)
US Bank National Association Series 2025-2	Structured Note - Class R	SOFR + 7.00%, 10.9% Cash	09/25	08/32	5,000		5,000		5,000	0.4%	(3)(8)(12)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	02/30	488		488		484	—%	(3)
VOYA CLO 2015-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/27	10,736		2,434		45	—%	(3)(28)(29)
VOYA CLO 2016-2, LTD.	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/28	11,088		673		1	—%	(3)(28)(29)
Subtotal Structured Product (2.9%)*				102,623		43,555		33,602
Telecommunications
CSL DualCom	First Lien Senior Secured Term Loan	SONIA + 4.75%, 8.8% Cash	09/20	09/27	2,325		2,082		2,325	0.2%	(3)(7)(8)(15)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.00%, 9.1% Cash	08/22	08/29	3,147		3,159		3,136	0.3%	(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.75%, 8.3% Cash	12/21	07/29	2,715		2,717		2,715	0.2%	(3)(7)(8)(19)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.3% Cash	09/20	09/27	12,586		11,901		12,334	1.1%	(3)(7)(8)(16)
Subtotal Telecommunications (1.8%)*				20,773		19,859		20,510
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	06/19	12/26	6,498		6,481		6,433	0.6%	(7)(8)(14)
Armstrong Transport Group (Pele Buyer, LLC)	Revolver	SOFR + 5.00%, 9.2% Cash	08/25	12/26	10		1		1	—%	(7)(8)(14)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Echo Global Logistics, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.5% Cash	11/21	11/29		$9,469			$9,380		$9,223		0.8%	(7)(8)(12)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/21	11/27		2,971			2,949		2,971		0.3%	(7)(8)(12)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.2% Cash	11/21	11/27		99			88		99		—%	(7)(8)(12)(30)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	12/20	12/26		3,994			3,977		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		4,508			4,469		4,508		0.4%	(7)(8)(13)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 4.85%, 9.1% Cash	04/22	11/28		6,667			6,565		6,667		0.6%	(3)(7)(8)(14)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.1% Cash	12/21	12/27		795			789		795		0.1%	(7)(8)(13)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	12/21	12/27		11,986			11,812		11,986		1.0%	(7)(8)(13)
ITI Intermodal, Inc.	Revolver	SOFR + 6.25%, 10.4% Cash	12/21	12/27		226			209		226		—%	(7)(8)(13)(30)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	12/22	12/28		6,064			5,950		6,052		0.5%	(7)(8)(13)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	12/22	12/28		1,854			1,815		1,850		0.2%	(7)(8)(13)(30)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.2% PIK	11/24	05/30		2,685			2,685		2,277		0.2%	(7)(8)(13)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 10.00%, 14.2% PIK	11/24	11/29		1,074			1,057		1,074		0.1%	(7)(8)(13)
Transportation Insight, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.7% Cash, 1.0% PIK	08/18	06/27		11,206			11,184		8,304		0.7%	(7)(8)(13)
Subtotal Transportation: Cargo (5.7%)*				70,106			69,411			66,460
Transportation: Consumer
Breeze Aviation Group Inc	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 11.6% Cash	06/25	09/30		7,476			7,476		7,496		0.6%	(7)(8)(13)
International Fleet Financing No.2 B.V.	Class C Senior Secured Note	10.5% Cash	07/25	06/27		8,526			8,396		8,769		0.8%	(3)(7)(30)
Subtotal Transportation: Consumer (1.4%)*				16,002			15,872			16,265
Utilities: Electric
KAMC Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	08/25	08/31		5,434			5,355		5,353		0.5%	(7)(8)(13)
KAMC Holdings Inc.	Revolver	SOFR + 5.25%, 9.5% Cash	08/25	08/31		165			155		155		—%	(7)(8)(13)(30)
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29		3,076			2,876		3,046		0.3%	(7)
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	10/22	10/28		14,802			14,613		14,654		1.3%	(7)(8)(12)
Spatial Business Systems LLC	Revolver	SOFR + 4.75%, 8.8% Cash	10/22	10/28		—			(18)		(14)		—%	(7)(8)(12)(30)
Subtotal Utilities: Electric (2.0%)*			23,477		22,981			23,194
Subtotal Debt Investments (165.3%)*				2,081,230			1,975,369			1,929,224
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		344		—%	(7)(29)
GB Eagle Buyer, Inc.	Partnership Units		12/22			687			687		1,512		0.1%	(7)
Megawatt Acquisitionco, Inc.	Common Stock		03/24			205			21		—		—%	(7)(29)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24			1,842			184		129		—%	(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Whitcraft Holdings, Inc.	LP Units		02/23		63,087.1		$631	$1,105	0.1%	(7)(29)
Subtotal Aerospace & Defense (0.4%)*					2,104		3,090
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		455		455	414	—%	(7)(29)
Randys Holdings, Inc.	Common Stock		11/22		5,333		533	704	0.1%	(7)(29)
SPATCO Energy Solutions, LLC	Common Stock		07/24		277,917		278	195	—%	(7)(29)
SVI International LLC	LLC Units		03/24		207,921		208	364	—%	(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 (0.2%)*					1,606		1,682
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Common Stock		07/25		279,230		3,341	3,742	0.3%	(29)
Aegros Holdco 2 Ltd	Common Stock		05/25		889,464		12	587	0.1%	(3)(7)(29)
Bishop Street Underwriters, LLC	LLC Units		07/25		188,809.2		287	287	—%	(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2	LP Interest		06/25		2,777,264		2,777	2,805	0.2%	(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		2,828,286		2,828	2,687	0.2%	(3)(7)
ICREDITWORKS LLC	Preferred Stock	10.0% Cash, 7.5% PIK	03/25		59,462.7		10,627	10,633	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		—	67	—%	(7)(28)(29)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000		1,200	4,620	0.4%	(3)(7)(28)
Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)*				21,072		25,428
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		21,031		—	1,443	0.1%	(7)(29)
Woodland Foods, LLC	Common Stock		12/21		1,663.30		1,663	1,417	0.1%	(7)(29)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	12/21		364.00		494	494	—%	(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	03/25		94.60		136	136	—%	(7)
ZB Holdco LLC	LLC Units		02/22		152.69		121	298	—%	(7)(29)
Subtotal Beverage, Food, & Tobacco (0.3%)*					2,414		3,788
Capital Equipment
DAWGS Intermediate Holdings Co.	LLC Units		03/25		346.9		347	401	—%	(7)(29)
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,409		741	1,942	0.2%	(7)
Process Insights Acquisition, Inc.	Common Stock		07/23		281		281	106	—%	(7)(29)
Rapid Buyer LLC	LLC Units		10/24		533		533	413	—%	(7)(29)
TAPCO Buyer LLC	LLC Units		11/24		339		364	451	—%	(7)(29)
Subtotal Capital Equipment (0.3%)*					2,266		3,313
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		88,110		88	119	—%	(7)(29)
Aptus 1829. GmbH	Common Stock		09/21		48		12	—	—%	(3)(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Aptus 1829. GmbH	Preferred Stock		09/21		13		$120	$66	—%	(3)(7)(29)
Polymer Solutions Group Holdings, LLC	Common Stock		02/22		74		—	—	—%	(7)(28)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*				220		185
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		1,004,467		1,004	1,115	0.1%	(7)(29)
MNS Buyer, Inc.	Partnership Units		08/21		76,923		77	189	—%	(7)(29)
Ocelot Holdco LLC	Common Stock		10/23		186.67		—	2,358	0.2%	(7)(29)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		243.81		1,562	2,438	0.2%	(7)
Subtotal Construction & Building (0.5%)*					2,643		6,100
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	Class A Common Units		01/25		16,173.0		—	—	—%	(28)(29)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		202,393.6		202	140	—%	(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	42	—%	(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	895	0.1%	(29)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2		523	429	—%	(7)(29)
Terrybear, Inc.	Partnership Equity		04/22		24,358.97		239	14	—%	(7)(29)
Subtotal Consumer goods: Durable (0.1%)*					3,160		1,520
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		233		233	249	—%	(7)
Ice House America, L.L.C.	LLC Units		01/24		2,893		289	226	—%	(7)(29)
Safety Products Holdings, LLC	Preferred Stock		12/20		378.7		380	504	—%	(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*				902		979
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		2,769		277	436	—%	(7)
Five Star Holding LLC	LLC Units		05/22		966.99		967	755	0.1%	(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*				1,244		1,191
Energy: Oil & Gas
Ferrellgas L.P.	Opco Preferred Units		03/21		2,886		2,799	2,886	0.2%	(7)
Subtotal Energy: Oil & Gas (0.2%)*					2,799		2,886
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		14,618		17,335	15,716	1.3%	(7)
Subtotal Environmental Industries (1.3%)*					17,335		15,716
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608		1,115	2,663	0.2%	(3)(7)(29)
Amalfi Midco	Warrants		09/22		380,385		4	1,065	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)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Forest Buyer, LLC	Class A LLC Units		03/24		122		$122	$137	—%	(7)
Forest Buyer, LLC	Class B LLC Units		03/24		122		—	66	—%	(7)(29)
GCDL LLC	Common Stock		08/24		243,243.24		243	355	—%	(7)
GPNZ II GmbH	Common Stock		10/23		5,785		—	—	—%	(3)(7)(29)
HemaSource, Inc.	Common Stock		08/23		101,080		101	133	—%	(7)(29)
Moonlight Bidco Limited	Common Stock		07/23		10,590		138	210	—%	(3)(7)(29)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762		298	350	—%	(7)(29)
Parkview Dental Holdings LLC	Preferred Stock	10.0% PIK	12/24		1,229.1		12	38	—%	(7)
SCP Medical Products, LLC.	LLC Units		06/25		393.3		53	52	—%	(7)(29)
TA KHP Aggregator, L.P.	Common Stock		06/25		47,209.6		47	47	—%	(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		5,377
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	30	—%	(3)(7)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		41,560		63	30	—%	(3)(7)
CH Buyer, LLC	LLC Units		05/25		685		69	71	—%	(7)(29)
Command Alkon (Project Potter Buyer, LLC)	Class B Partnership Units		04/20		33,324.70		—	170	—%	(7)(29)
CW Group Holdings, LLC	LLC Units		01/21		161,290.32		161	484	—%	(7)(29)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		6,582.7		10,383	6,706	0.6%	(7)
FSS Buyer LLC	LP Interest		08/21		1,160.9		12	17	—%	(7)(29)
FSS Buyer LLC	LP Units		08/21		5,104.3		51	76	—%	(7)(29)
NAW Buyer LLC	LLC Units		09/23		472,512		473	614	0.1%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		173,749		174	196	—%	(7)(29)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		13.9		14	32	—%	(7)(29)
ProfitOptics, LLC	LLC Units		03/22		241,935.48		161	416	—%	(7)(29)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		2,357.5		236	241	—%	(7)(29)
Subtotal High Tech Industries (0.8%)*					11,861		9,083
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC	Class A1 Partnership Units		12/21		8,717.76		280	543	—%	(7)(29)
Advantage Software Company (The), LLC	Class A2 Partnership Units		12/21		2,248.46		72	140	—%	(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	848	0.1%	(7)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*				902		1,531
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity		04/22		676,881.00		677	1,963	0.2%	(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*				677		1,963

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Media: Diversified & Production
BrightSign LLC	LLC Units		10/21		1,107,492.71		$1,107	$1,318	0.1%	(7)
Rock Labor LLC	LLC Units		09/23		233,871		1,252	1,368	0.1%	(7)
Solo Buyer, L.P.	Common Equity		12/22		516,399		516	300	—%	(7)
Vital Buyer, LLC	Partnership Units		06/21		16,442.9		164	433	—%	(7)
Subtotal Media: Diversified & Production (0.3%)*				3,039		3,419
Services: Business
Azalea Buyer, Inc.	Common Stock		11/21		192,307.7		192	319	—%	(7)(29)
CGI Parent, LLC	Preferred Stock		02/22		657		722	1,909	0.2%	(7)(29)
CMT Opco Holding, LLC (Concept Machine)	LLC Units		09/23		12,634.8		506	—	—%	(7)(29)
Coyo Uprising GmbH	Class A Units		09/21		440		205	241	—%	(3)(7)(29)
Coyo Uprising GmbH	Class B Units		09/21		191		446	452	—%	(3)(7)(29)
DataServ Integrations, LLC	Preferred Units		11/22		175,459.20		192	193	—%	(7)(29)
EFC International	Common Stock		03/23		163.83		231	254	—%	(7)(29)
Electric Equipment & Engineering Co.	LLC Units		12/24		187,500		188	306	—%	(7)(29)
Jones Fish Hatcheries & Distributors LLC	LLC Units		02/22		1,018		107	827	0.1%	(7)
LeadsOnline, LLC	LLC Units		02/22		81,739		85	199	—%	(7)
MB Purchaser, LLC	LLC Units		01/24		66		68	89	—%	(7)(29)
MC Group Ventures Corporation	Partnership Units		06/21		746.66		747	598	0.1%	(7)(29)
MIV Buyer, LLC	LLC Units		09/25		1,007.4		101	101	—%	(7)(29)
NF Holdco, LLC	LLC Units		03/23		639,510		659	307	—%	(7)(29)
Qualified Industries, LLC	Common Stock		03/23		303,030		3	127	—%	(7)(29)
Qualified Industries, LLC	Preferred Stock		03/23		148		144	188	—%	(7)(29)
Recovery Point Systems, Inc.	Partnership Equity		03/21		187,235		187	95	—%	(7)(29)
SmartShift Group, Inc.	Common Stock		09/23		275		275	568	—%	(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	33	—%	(7)
Xeinadin Bidco Limited	Common Stock		05/22		45,665,825		565	1,230	0.1%	(3)(7)(29)
Subtotal Services: Business (0.7%)*					5,678		8,127
Services: Consumer
Application Boot Camp LLC	Common Stock		04/25		234,751.8		235	256	—%	(7)
Kid Distro Holdings, LLC	LLC Units		10/21		637,677.11		638	721	0.1%	(7)(29)
Marmoutier Holding B.V.	Common Stock		06/25		2,600,592		—	—	—%	(3)(7)(29)
Subtotal Services: Consumer (0.1%)*					873		977
Telecommunications
Mercell Holding AS	Class A Units		08/22		114.4		111	152	—%	(3)(7)(29)
Mercell Holding AS	Class B Units		08/22		28,943.8		—	—	—%	(3)(7)(29)
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22		7,575,758		10,812	11,136	1.0%	(7)
Subtotal Telecommunications (1.0%)*					10,923		11,288	1.0%
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	Partnership Units		04/21		348.68		349	665	0.1%	(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Echo Global Logistics, Inc.	Partnership Equity		11/21			530.92			$531			$265		—%		(7)(29)
FragilePak LLC	Partnership Units		05/21			937.5			938			735		0.1%		(7)(29)
ITI Intermodal, Inc.	Common Stock		01/22			7,500.4			750			984		0.1%		(7)(29)
REP SEKO MERGER SUB LLC	Common Stock		11/24			1,231			5,403			—		—%		(7)(29)
Subtotal Transportation: Cargo (0.2%)*						7,971			2,649
Subtotal Equity Investments (9.5%)*						102,507			110,292
Royalty Rights:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.	Royalty Rights		05/24					1,318			1,581		0.1%		(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*				1,318			1,581
Subtotal Royalty Rights (0.1%)*						1,318			1,581
Subtotal Non-Control / Non-Affiliate Investments (174.9%)*				2,079,194			2,041,097
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		$15,642			$15,642			$15,641		1.3%		(7)(30)
Subtotal Aerospace & Defense (1.3%)*				15,642			15,642			15,641
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	07/21	02/29		7,000			6,938			7,000		0.6%		(7)(12)(30)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28		4,545			4,525			4,545		0.4%		(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.0%)*			11,545		11,463			11,545
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% PIK	12/23	12/28		7,033			7,033			6,752		0.6%		(7)(13)
Celebration Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% PIK	12/23	12/28		1,387			1,387			1,387		0.1%		(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*			8,420		8,420			8,139			0.7%
Healthcare & Pharmaceuticals
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 12.5% PIK	12/22	12/29		2,843			2,570			1,699		0.1%		(3)(7)(8)(11)(26)(30)
Subtotal Healthcare & Pharmaceuticals (0.1%)*			2,843		2,570			1,699
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		16,620			15,767			15,861		1.4%		(7)
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31		7,662			7,349			7,313		0.6%		(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*				24,282			23,116			23,174
Services: Business
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.3% PIK	03/22	03/29		2,294			1,787			2,294		0.2%		(3)(7)(8)(17)
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.3% PIK	03/22	03/29		273			207			273		—%		(3)(7)(8)(17)
Subtotal Services: Business ( 0.2%)*				2,567			1,994			2,567
Subtotal Debt Investments (5.3%)*				65,299			63,205			62,765
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			$5,223			$5,214		0.4%		(7)(29)
Subtotal Aerospace & Defense (0.4%)*						5,223			5,214			0.4%

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		07/21		89,447,396			$93,052			$139,538		12.0%		(7)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.00%, 10.3% PIK	02/23		71,000			89,564			89,559		7.7%		(7)(13)(30)
Rocade Holdings LLC	Common LP Units		02/23		23.8			—			1,198		0.1%		(7)
Subtotal Banking, Finance, Insurance, & Real Estate (19.7%)*				182,616		230,295
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	Common Stock		12/23		1,243,071			12,177			7,745		0.7%		(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*				12,177		7,745
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			19,983		1.7%		(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*					16,495			19,983
Investment Funds & Vehicles
Jocassee Partners LLC	9.1% Member Interest		06/19				35,158			38,838		3.3%		(3)(32)
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest		02/22				48,441			38,338		3.3%		(3)(28)(32)
Thompson Rivers LLC	16.0% Member Interest		06/20				20,500			4,768		0.4%		(29)(32)
Waccamaw River LLC	20% Member Interest		02/21				17,988			5,543		0.5%		(3)(32)
Subtotal Investment Funds & Vehicles (7.5%)*				122,087		87,487
Services: Business
Zeppelin Bidco Limited	Ordinary Shares		08/25		879			—			—		—%		(3)(7)(29)
Subtotal Services: Business (—%)*					—			—
Subtotal Equity Investments (30.1%)*					338,598			350,724
Subtotal Affiliate Investments (35.4%)*					401,803			413,489
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
Automotive
MVC Automotive Group GmbH	First Lien Senior Secured Term Loan	7.0% Cash	08/25	10/25	$1,172			$1,138			$1,172		0.1%		(3)(7)
Subtotal Automotive (0.1%)*
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	6,227			5,814			6,227		0.5%		(3)(7)(27)(30)
Security Holdings B.V.	Senior Subordinated Term Loan	3.1% PIK	12/20	06/26	11,544			11,544			11,543		1.0%		(3)(7)(27)
Security Holdings B.V.	Senior Unsecured Term Loan	9.0% PIK	04/21	04/29	2,846			2,761			2,845		0.2%		(3)(7)(27)
Subtotal Capital Equipment (2.4%)*				27,440		26,942			27,438
Subtotal Debt Investments (2.5%)*				28,612		28,080			28,610

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		$9,713		0.8%	(3)(7)(27)(29)
Subtotal Automotive (0.8%)*				19,173		9,713
Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		FairValue	% of Net Assets *	Notes
Capital Equipment
Security Holdings B.V.	Common Stock Series A		02/22		17,100			$560		$460		—%	(3)(7)(27)(29)
Security Holdings B.V.	Common Stock Series B		12/20		1,236			35,192		42,946		3.7%	(3)(7)(27)
Subtotal Capital Equipment (3.7%)*					35,752			43,406
Subtotal Equity Investments (4.7%)*					54,925			53,119
Subtotal Control Investments (7.0%)*					83,005			81,729
Total Investments, September 30, 2025 (217.4%)*				$2,564,002		$2,536,315

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		$3,874	February 2029 Notes	$3,874
Interest rate swap (See Note 5)	5.20%	SOFR + 2.059%	9/15/2028	$300,000		$(1,640)	September 2028 Notes	(1,640)
Total Interest Rate Swaps, September 30, 2025					$2,234

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	$52,800	$8,400
Total Credit Support Agreement, September 30, 2025			$100,000	$52,800	$8,400

(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)	$36,765	A$55,075	BNP Paribas SA	12/30/25	$227
Foreign currency forward contract (CAD)	$1,928	C$2,648	BNP Paribas SA	12/30/25	17
Foreign currency forward contract (DKK)	$516	3,252kr.	BNP Paribas SA	12/30/25	1
Foreign currency forward contract (EUR)	$18,481	€15,620	BNP Paribas SA	12/30/25	35
Foreign currency forward contract (EUR)	$786	€666	HSBC Bank USA	12/30/25	—
Foreign currency forward contract (NZD)	$9,123	NZ$15,237	BNP Paribas SA	12/30/25	245
Foreign currency forward contract (NOK)	$4,944	48,635kr	BNP Paribas SA	12/30/25	68
Foreign currency forward contract (GBP)	$77,999	£57,355	BNP Paribas SA	12/30/25	781
Foreign currency forward contract (SEK)	$1,974	18,207kr	HSBC Bank USA	12/30/25	27
Foreign currency forward contract (CHF)	$5,572	4,375Fr.	HSBC Bank USA	12/30/25	16
Total Foreign Currency Forward Contracts, September 30, 2025				$1,417

*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 September 30, 2025 represented 217.4% 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 24.1% of total investments at fair value as of September 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 nine months ended September 30, 2025 were as follows:

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · September 30, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Biolam(d)	First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 12.5% PIK)(e)	$—		$1,258		$(53)		$2		$492		$1,699		$(27)
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)	—		—		—		—		—		—		—
		—		1,258		(53)		2		492		1,699		(27)
Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)	6,414		619		—		—		(281)		6,752		618
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)	—		1,387		—		—		—		1,387		111
Common Stock (1,243,071 shares)	11,262		—		—		—		(3,517)		7,745		—
	17,676		2,006		—		—		(3,798)		15,884		728
Coastal Marina Holdings, LLC(d)	Subordinated Term Loan(8.0% Cash)	15,770		76		—		—		15		15,861		1,070
Subordinated Term Loan (8.0% Cash)	7,271		28		—		—		14		7,313		486
LLC Units (3,518,097 units)	16,852		—		—		—		3,131		19,983		—
	39,893		104		—		—		3,160		43,157		1,556

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · September 30, 2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company · Type of Investment
Eclipse Business Capital, LLC(d)	Revolver (SOFR + 6.50%, 10.8% Cash)	$10,091		$3,009		$(6,092)		$—		$(8)		$7,000		$849
Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		5		—		—		(5)		4,545		264
LLC units (89,447,396 units)	136,855		22		—		—		2,661		139,538		12,321
	151,491		3,036		(6,092)		—		2,648		151,083		13,434
Jocassee Partners LLC	9.1% Member Interest	40,761		—		—		—		(1,923)		38,838		4,282
	40,761		—		—		—		(1,923)		38,838		4,282
Rocade Holdings LLC(d)	Preferred LP Units (71,000 units) (SOFR + 6.00%, 10.3% PIK)	83,000		6,576		—		—		(17)		89,559		6,576
Common LP Units (23.8 units)	243		—		—		—		955		1,198		308
	83,243		6,576		—		—		938		90,757		6,884
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	41,453		—		—		—		(3,115)		38,338		5,353
41,453		—		—		—		(3,115)		38,338		5,353
Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% Cash)	3,586		12,236		(181)		—		—		15,641		927
LLC Units (4,046,326.8 units)	1,195		4,027		—		—		(8)		5,214		—
	4,781		16,263		(181)		—		(8)		20,855		927
Thompson Rivers LLC	16.0% Member Interest	7,208		—		(2,396)		—		(44)		4,768		—
	7,208		—		(2,396)		—		(44)		4,768		—
Waccamaw River LLC	20% Member Interest	10,730		—		(4,925)		—		(262)		5,543		745
10,730		—		(4,925)		—		(262)		5,543		745
Zeppelin Bidco Limited(d)	First Lien Senior Secured Term Loan (SOFR + 6.50%, 11.3% PIK)	—		2,503		(11)		(4,329)		4,131		2,294		(6)
First Lien Senior Secured Term Loan (SOFR + 6.50%, 11.3% PIK)	—		305			(506)		474		273		—
Ordinary Shares (879 shares)	—		—		—		—		—		—		—
	—		2,808		(11)		(4,835)		4,605		2,567		(6)
Total Affiliate Investments	$397,236		$32,051		$(13,658)		$(4,833)		$2,693		$413,489		$33,876

(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.

(e) Non-accrual investment

(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 nine months ended September 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) · September 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)	First Lien Senior Secured Term Loan (7.0% Cash)	—		2,310		(1,178)		6		34		1,172		56
Common Equity Interest (18,000 Shares)	13,741		—		—		—		(4,028)		9,713		—
	13,741		2,310		(1,178)		6		(3,994)		10,885		56
MVC Private Equity Fund LP	General Partnership Interest(1,831.4 units)	—		—		—		(183)		183		—		—
Limited Partnership Interest(71,790.4 units)	11		—		(116)		(7,166)		7,271		—		—
	11		—		(116)		(7,349)		7,454		—		—
Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,655		168		—		—		—		6,823		254
Revolver (6.0% PIK)	5,333		165		(3)		2		730		6,227		283
Senior Subordinated Term Loan (3.1% PIK)	11,191		352		—		—		—		11,543		268
Senior Unsecured Term Loan (9.0% PIK)	2,293		234		—		—		318		2,845		304
Common Stock Series A (17,100 shares)	399		—		—		—		61		460		—
Common Stock Series B (1,236 shares)	37,296		—		—		—		5,650		42,946		2,817
	63,167		919		(3)		2		6,759		70,844		3,926
Total Control Investments	$79,663		$3,229		$(1,907)		$(24,450)		$25,194		$81,729		$3,976

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

(e)Non-accrual investment.

(6)All of the investment is or will be encumbered as security for the Company’s $0.7 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 September 30, 2025 was 1.92900%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of September 30, 2025 was 2.03200%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of September 30, 2025 was 2.09600%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of September 30, 2025 was 4.12920%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of September 30, 2025 was 3.97639%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of September 30, 2025 was 3.84590%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of September 30, 2025 was 3.97500%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of September 30, 2025 was 3.97260%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of September 30, 2025 was 3.93900%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of September 30, 2025 was 3.53630%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of September 30, 2025 was 3.57640%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of September 30, 2025 was 2.56000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of September 30, 2025 was 1.88600%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of September 30, 2025 was 2.93000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of September 30, 2025 was -0.04090%

(24)The interest rate on these loans is subject to 6 Month SARON, which as of September 30, 2025 was -0.04508%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of September 30, 2025 was 4.04000%.

(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.

ContentsView on SEC.gov

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