Barings BDC, Inc.

For the period ended Mar 31, 2026. Filed May 7, 2026.

About this filing

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

Mar 31, 2026 · Filed May 7, 2026

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 + 4.75%, 8.6% Cash	04/22	04/28	$13,024		$12,945		$12,971	1.1%	(7)(8)(13)
Accurus Aerospace Corporation	Revolver	SOFR + 4.75%, 8.6% Cash	04/22	04/28	288		276		279	—%	(7)(8)(13)(30)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	11/22	11/28	19,067		18,837		18,877	1.6%	(7)(8)(13)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.25%, 8.9% Cash	11/22	11/28	—		(34)		(33)	—%	(7)(8)(13)(30)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	656		653		656	0.1%	(7)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	12/22	11/30	8,443		8,339		8,359	0.7%	(7)(8)(13)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.75%, 8.4% Cash	12/22	11/30	1,095		1,057		1,066	0.1%	(7)(8)(13)(30)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	11/19	02/29	1,239		1,160		1,239	0.1%	(3)(7)(8)(11)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.3% Cash	11/19	02/29	6,526		6,466		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	4,061		3,781		4,061	0.4%	(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	03/24	03/30	4,108		4,052		4,005	0.3%	(7)(8)(13)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.2% Cash	03/24	03/30	—		(9)		(17)	—%	(7)(8)(13)(30)
Protego Bidco B.V.	Super Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	02/26	03/33	1,468		1,415		1,468	0.1%	(3)(7)(8)(11)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	03/21	03/28	1,882		1,899		1,882	0.2%	(3)(7)(8)(11)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.6% Cash	03/21	03/27	2,257		2,301		2,257	0.2%	(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	12/20	12/26	7,202		7,180		7,130	0.6%	(7)(8)(13)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash, 2.0% PIK	02/21	02/27	14,273		14,231		12,346	1.1%	(7)(8)(13)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	06/24	09/31	12,933		12,740		12,823	1.1%	(7)(8)(13)(30)
Whitcraft Holdings, Inc.	Revolver	SOFR + 5.00%, 8.7% Cash	02/23	09/31	365		328		349	—%	(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.3%)*				98,887		97,617		96,244
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 12.8% Cash	07/22	07/30	4,545		4,440		3,950	0.3%	(7)(8)(13)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	03/22	03/29	3,276		3,246		3,276	0.3%	(7)(8)(13)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 8.8% Cash	03/22	03/28	900		891		900	0.1%	(7)(8)(13)(30)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	11/22	11/29	13,146		12,933		13,026	1.1%	(7)(8)(12)(30)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 8.7% Cash	11/22	11/29	93		64		76	—%	(7)(8)(12)(30)
Recon Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	11/25	11/31	1,959		1,880		1,886	0.2%	(7)(8)(13)(30)
Recon Buyer LLC	Revolver	SOFR + 4.50%, 8.2% Cash	11/25	11/31	—		(7)		(7)	—%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	07/24	07/30	7,688		7,558		7,613	0.7%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 8.7% Cash	07/24	07/30	—		(17)		(10)	—%	(7)(8)(13)(30)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.4% Cash	03/24	03/30	639		630		639	0.1%	(7)(8)(13)
SVI International LLC	Revolver	SOFR + 6.75%, 10.4% Cash	03/24	03/30	—		(1)		—	—%	(7)(8)(13)(30)
Subtotal Automotive (2.7%)*				32,246		31,617		31,349

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 + 8.50%, 13.0% PIK	05/25	05/32		$5,448		$5,389	$4,691	0.4%	(3)(7)(8)(15)
Bishop Street Underwriters, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	07/25	07/31		4,821		4,744	4,738	0.4%	(7)(8)(12)(30)
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 4.75%, 8.5% Cash	03/25	02/32		1,851		1,744	1,812	0.2%	(3)(7)(8)(16)(30)
Credit Key Funding II LLC	First Lien Senior Secured Term Loan	SOFR + 7.50%, 11.2% Cash	12/25	11/30		5,304		5,189	5,195	0.5%	(7)(8)(13)(30)
Credit Key Funding II LLC	Revolver	SOFR + 7.50%, 11.2% Cash	12/25	12/30		—		(8)	(8)	—%	(7)(8)(13)(30)
ERS Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	01/26	01/31		1,739		1,707	1,706	0.1%	(7)(8)(12)(30)
ERS Holdings, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	01/26	01/31		—		(3)	(3)	—%	(7)(8)(12)(30)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.6% Cash	11/23	11/30		4,338		3,951	4,289	0.4%	(3)(7)(8)(11)
Forge Borrower, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	01/26	01/33		2,768		2,702	2,700	0.2%	(7)(8)(13)(30)
Forge Borrower, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	01/26	01/33		—		(8)	(8)	—%	(7)(8)(13)(30)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 8.8% Cash	10/23	09/30		5,370		4,843	5,337	0.5%	(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.1% Cash	09/19	06/28		3,490		3,676	3,460	0.3%	(3)(7)(8)(9)
High Street Buyer Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	07/25	07/32		301		289	289	—%	(7)(8)(13)(30)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	05/21	05/28		2,881		2,973	2,881	0.2%	(3)(7)(8)(10)
Markerstudy Group Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.5% Cash	03/26	02/33		4,879		4,891	4,831	0.4%	(3)(7)(8)(15)
ORS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	06/25	08/31		6,371		6,291	6,308	0.5%	(7)(8)(13)
ORS Buyer, Inc.	Revolver	SOFR + 5.00%, 8.7% Cash	03/26	08/31		421		409	409	—%	(7)(8)(13)(30)
OSP AFS Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	10/25	10/31		2,984		2,883	2,892	0.3%	(7)(8)(13)(30)
OSP AFS Buyer, LLC	Revolver	SOFR + 5.00%, 8.7% Cash	10/25	10/31		—		(15)	(14)	—%	(7)(8)(13)(30)
Owl Intermediate Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	04/25	04/32		2,477		2,445	2,256	0.2%	(7)(8)(13)(30)
Owl Intermediate Holdings, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	04/25	04/32		365		346	229	—%	(7)(8)(13)(30)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.9% Cash, 4.0% PIK	12/21	06/26		53,964		53,500	48,567	4.2%	(7)(8)(13)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	06/21	12/30		9,736		8,930	9,736	0.8%	(3)(7)(8)(10)(30)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 8.7% Cash	10/24	10/31		12,061		12,011	12,013	1.0%	(3)(7)(8)(13)
SRS Acquiom Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	01/26	01/32		4,438		4,395	4,394	0.4%	(7)(8)(13)
SRS Acquiom Holdings LLC	Revolver	SOFR + 4.75%, 8.4% Cash	01/26	01/32		130		120	120	—%	(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	10/21	12/28		7,842		7,752	7,759	0.7%	(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.50%, 8.2% Cash	10/21	12/28		—		(14)	(16)	—%	(7)(8)(12)(30)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	10/24	10/31		5,642		5,584	5,605	0.5%	(7)(8)(12)(30)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	10/24	10/31		372		360	364	—%	(7)(8)(12)(30)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	08/23	12/27		13,230		13,043	13,230	1.1%	(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.5%)*			163,223		160,119		155,762

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	First Lien Senior Secured Term Loan	SOFR + 7.86%, 11.8% Cash	04/25	04/29		$10,945		$10,771	$10,945	0.9%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 13.9% PIK	02/24	04/29		2,489		2,484	2,489	0.2%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 9.00%, 12.9% PIK	02/24	04/29		907		907	907	0.1%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Last In First Out Term Loan	SOFR + 10.00%, 13.9% PIK	02/24	04/29		5,049		4,982	5,049	0.4%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 12.9% PIK	02/24	04/29		707		707	707	0.1%	(7)(8)(13)
GMF Parent, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	12/25	12/32		2,234		2,201	2,203	0.2%	(7)(8)(13)(30)
GMF Parent, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	12/25	12/32		17		13	13	—%	(7)(8)(13)(30)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.4% Cash	12/21	12/28		2,389		2,276	2,378	0.2%	(3)(7)(8)(10)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.1% Cash	12/21	12/28		17,164		16,989	16,999	1.5%	(7)(8)(13)
Woodland Foods, LLC	Revolver	SOFR + 5.25%, 9.1% Cash	12/21	12/28		698		679	671	0.1%	(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (3.7%)*			42,599		42,009		42,361
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	11/23	11/29		4,248		4,187	4,179	0.4%	(7)(8)(13)(30)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.4% Cash	11/23	11/29		3,264		3,209	3,281	0.3%	(7)(8)(13)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 9.4% Cash	11/23	11/29		78		66	78	—%	(7)(8)(13)(30)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.3% Cash	07/22	07/29		2,650		2,339	2,601	0.2%	(3)(7)(8)(10)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 2.00%, 5.7% Cash, 5.0% PIK	03/23	07/29		14,693		14,185	11,460	1.0%	(7)(8)(13)
Brown Machine Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.1% Cash	10/18	10/26		6,056		6,050	5,578	0.5%	(7)(8)(13)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.7% Cash	11/21	11/28		1,303		1,294	1,303	0.1%	(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	03/25	03/31		1,790		1,774	1,783	0.2%	(7)(8)(13)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.2% Cash	03/25	03/31		283		266	275	—%	(7)(8)(13)(30)
Kanawha Scales & Systems, LLC	First Lien Senior Secured Term Loan	SOFR + 4.25%, 7.9% Cash	11/25	11/32		423		415	415	—%	(7)(8)(13)(30)
Kanawha Scales & Systems, LLC	Revolver	SOFR + 4.25%, 7.9% Cash	11/25	11/32		35		34	34	—%	(7)(8)(13)(30)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.3% Cash	12/21	12/27		941		935	941	0.1%	(7)(8)(13)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.50%, 8.3% Cash	12/21	12/27		206		198	206	—%	(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.1% Cash	03/19	03/28		5,270		5,262	5,270	0.5%	(7)(8)(14)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 1.65%, 5.3% Cash, 4.5% PIK	07/23	07/29		5,675		5,593	4,744	0.4%	(7)(8)(13)
Process Insights Acquisition, Inc.	Revolver	SOFR + 1.65%, 5.3% Cash, 4.5% PIK	07/23	07/29		1,014		1,000	848	0.1%	(7)(8)(13)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	10/24	10/30		5,398		5,331	5,340	0.5%	(7)(8)(14)(30)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 8.4% Cash	10/24	10/30		—		(11)	(10)	—%	(7)(8)(14)(30)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	11/24	11/30		9,584		9,468	9,476	0.8%	(7)(8)(12)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 8.7% Cash	11/24	11/30		—		(16)	(16)	—%	(7)(8)(12)(30)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.6% Cash	12/21	12/27		7,606		7,450	7,476	0.6%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 8.6% Cash	12/21	12/27		$—			$(15)		$(19)	—%	(7)(8)(13)(30)
Subtotal Capital Equipment (5.7%)*				70,517			69,014			65,243
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	04/23	04/29		4,891			4,831		4,833	0.4%	(7)(8)(12)
Americo Chemical Products, LLC	Revolver	SOFR + 5.25%, 8.9% Cash	04/23	04/29		—			(6)		(6)	—%	(7)(8)(12)(30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.33%, 7.5% Cash	11/21	11/28		6,150			5,760		6,088	0.5%	(3)(7)(8)(11)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 5.33%, 9.7% Cash	06/22	11/28		1,019			1,019		1,008	0.1%	(3)(7)(8)(14)
G 3 Chickadee Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.4% Cash	10/25	10/31		11,830			11,607		11,610	1.0%	(7)(8)(13)
Polymer Solutions Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% PIK	02/22	10/26		994			994		322	—%	(7)(8)(13)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (2.1%)*			24,884		24,205			23,855
Construction & Building
BKF Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	08/24	08/30		9,188			9,086		9,062	0.8%	(7)(8)(12)(30)
BKF Buyer, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	08/24	08/30		—			(33)		(44)	—%	(7)(8)(12)(30)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.6% PIK	12/21	12/27		12,032			11,948		8,988	0.8%	(7)(8)(13)(26)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 9.6% PIK	12/21	12/27		949			931		199	—%	(7)(8)(13)(26)(30)
GMES LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	09/25	09/31		7,690			7,587		7,599	0.7%	(7)(8)(13)(30)
GMES LLC	Revolver	SOFR + 5.25%, 8.9% Cash	09/25	09/31		204			192		193	—%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	05/25	09/27		3,232			3,210		3,206	0.3%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	Revolver	SOFR + 5.00%, 8.7% Cash	05/25	09/27		—			(4)		(5)	—%	(7)(8)(13)(30)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	08/21	08/27		268			267		268	—%	(7)(8)(12)
Subtotal Construction & Building (2.6%)*				33,563			33,184			29,466
Consumer goods: Durable
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 11.7% Cash	10/23	10/28		12,474			12,262		13,098	1.1%	(7)(8)(13)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.3% Cash	07/22	05/26		11,091			11,082		10,867	0.9%	(7)(8)(13)(30)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 12.3% Cash	07/22	05/26		—			(1)		(14)	—%	(7)(8)(13)(30)
Lifestyle Intermediate II, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 10.9% Cash	02/22	12/27		2,887			2,887		1,909	0.2%	(7)(8)(13)(28)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	03/25	03/29		7,255			7,199		7,193	0.6%	(7)(8)(13)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.2% Cash	03/25	03/29		—			(7)		(8)	—%	(7)(8)(13)(30)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	11/21	11/27		4,648			4,615		4,648	0.4%	(7)(8)(13)
Team Air Distributing, LLC	Subordinated Term Loan	12.0% Cash, 2.0% PIK	05/23	05/28		812			802		755	0.1%	(7)
Terrybear, Inc.	Subordinated Term Loan	14.0% PIK	04/22	04/28		300			297		234	—%	(7)(26)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.2% Cash	03/22	09/30		4,111			4,102		3,955	0.3%	(3)(7)(8)(16)
Subtotal Consumer goods: Durable (3.7%)*				43,578			43,238			42,637
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash	02/21	02/28		8,065			8,191		8,065	0.7%	(3)(7)(8)(11)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	02/24	02/30		6,027			5,928		5,983	0.5%	(7)(8)(13)(30)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 8.7% Cash	02/24	02/30		$—			$(14)		$(6)	—%	(7)(8)(13)(30)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.0% Cash	04/24	04/29		907			829		849	0.1%	(3)(7)(8)(16)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.4% Cash	04/24	04/29		3,120			2,979		3,119	0.3%	(3)(8)(12)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.7% Cash	01/24	01/30		4,577			4,503		4,350	0.4%	(7)(8)(13)(30)
Ice House America, L.L.C.	Revolver	SOFR + 6.00%, 9.7% Cash	01/24	01/30		378			373		359	—%	(7)(8)(13)(30)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.9% Cash	12/20	12/26		7,621			8,182		7,621	0.7%	(3)(7)(8)(19)(30)
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	12/20	12/28		9,251			9,232		9,251	0.8%	(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.4%)*			39,946		40,203			39,591
Containers, Packaging, & Glass
BLI Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	10/25	10/31		2,580			2,549		2,552	0.2%	(7)(8)(13)(30)
BLI Buyer, Inc.	Revolver	SOFR + 5.00%, 8.7% Cash	10/25	10/31		159			153		153	—%	(7)(8)(13)(30)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29		1,045			1,030		1,024	0.1%	(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 10.9% Cash	05/22	05/30		13,692			13,528		13,692	1.2%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.50%, 8.2% Cash	09/24	09/30		3,510			3,529		3,510	0.3%	(7)(8)(15)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	09/24	09/30		1,748			1,728		1,748	0.2%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.2% Cash	09/24	09/30		—			(7)		—	—%	(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 8.2% Cash	09/24	09/30		—			(9)		—	—%	(7)(8)(15)(30)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	03/25	03/31		2,229			2,206		2,204	0.2%	(7)(8)(12)
MSI Express Inc.	Revolver	SOFR + 3.75%, 7.5% Cash	03/25	03/31		1,321			1,300		1,298	0.1%	(7)(8)(13)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.9% Cash	06/21	06/28		3,648			3,710		3,470	0.3%	(3)(7)(8)(10)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.5% Cash	03/22	03/28		7,801			7,731		7,099	0.6%	(7)(8)(12)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.8% Cash	05/23	03/28		3,001			2,960		2,731	0.2%	(7)(8)(12)
Tank Holding Corp	Revolver	SOFR + 5.75%, 9.5% Cash	03/22	03/28		—			(7)		(79)	—%	(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.4%)*			40,734		40,401			39,402
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	10/22	10/28		12,065			11,933		11,987	1.0%	(7)(8)(13)
WWEC Holdings III Corp	Revolver	SOFR + 5.00%, 8.7% Cash	10/22	10/28		—			(27)		(16)	—%	(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*				12,065			11,906			11,971
Environmental Industries
CTS US Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.7% Cash	11/25	11/31		3,793			3,720		3,793	0.3%	(3)(7)(8)(13)
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	02/21	01/27		6,136			6,120		6,136	0.5%	(7)(8)(13)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.40%, 8.1% Cash	12/24	12/30		12,606			12,485		12,606	1.1%	(7)(8)(13)
Northstar Recycling, LLC	Revolver	SOFR + 4.40%, 8.1% Cash	12/24	12/30		—			(33)		—	—%	(7)(8)(13)(30)
Subtotal Environmental Industries (2.0%)*				22,535			22,292			22,535
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	10.4% Cash, 3.8% PIK	11/22	09/29		14,133			11,875		7,420	0.6%	(3)(7)(31)
Amalfi Midco	Second Lien Senior Secured Term Loan	15.5% Cash	09/22	10/28		354			350		368	—%	(3)(7)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	$6,836	$5,990	$7,006	0.6%	(3)(7)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	11/21	11/28	440	408	440	—%	(3)(7)(8)(10)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 8.7% Cash	11/21	11/28	2,553	2,531	2,553	0.2%	(3)(7)(8)(16)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.3% Cash	11/21	11/27	1,652	1,687	1,652	0.1%	(3)(7)(8)(18)(30)
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	17.0% PIK	04/24	12/26	101	99	275	—%	(3)(7)(30)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.00%, 9.3% PIK	06/21	12/26	2,122	1,850	151	—%	(3)(7)(8)(20)(26)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	10/21	10/28	3,567	3,310	3,530	0.3%	(3)(7)(8)(11)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.1% Cash	05/25	05/30	654	646	654	0.1%	(3)(7)(8)(11)(30)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 11.7% Cash	05/24	05/29	3,991	3,908	3,963	0.3%	(7)(8)(13)
Dane Street, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	03/26	03/33	2,395	2,360	2,360	0.2%	(7)(8)(13)(30)
Dane Street, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	03/26	03/33	—	(6)	(6)	—%	(7)(8)(13)(30)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.1% Cash	11/24	11/31	2,028	1,797	1,996	0.2%	(3)(7)(8)(10)(30)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 5.85%, 8.0% Cash	01/23	01/29	1,755	1,633	1,755	0.2%	(3)(7)(8)(10)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.1% Cash, 3.3% PIK	03/22	03/29	5,385	5,076	4,922	0.4%	(3)(7)(8)(11)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	03/24	03/30	6,052	5,985	5,768	0.5%	(7)(8)(13)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 8.7% Cash	03/24	03/30	—	(5)	(14)	—%	(7)(8)(13)(30)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.7% Cash	08/24	08/30	614	608	609	0.1%	(7)(8)(13)
GCDL LLC	Revolver	SOFR + 6.00%, 9.7% 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	519	497	(12)	—%	(3)(7)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 7.9% PIK	06/22	06/29	496	444	—	—%	(3)(7)(8)(9)(26)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.64%, 7.8% Cash	10/22	10/29	544	475	403	—%	(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.6% Cash	09/22	09/28	876	814	809	0.1%	(3)(7)(8)(18)(30)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	16,058	15,947	15,207	1.3%	(7)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	08/23	08/29	2,511	2,468	2,511	0.2%	(7)(8)(12)(30)
HemaSource, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	08/23	08/29	68	42	68	—%	(7)(8)(12)(30)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash, 1.0% PIK	03/21	09/27	3,794	3,740	3,244	0.3%	(7)(8)(13)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.00%, 6.6% Cash	07/25	03/27	1,732	1,893	1,714	0.1%	(3)(7)(8)(22)(30)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	08/24	08/31	914	864	878	0.1%	(3)(7)(8)(11)(30)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.4% Cash	08/24	05/31	10	9	8	—%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.4% Cash	12/21	12/28	2,379	2,279	2,277	0.2%	(3)(7)(8)(11)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	2,305	2,215	2,100	0.2%	(3)(7)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 10.8% Cash	11/21	11/29	4,421	4,400	354	—%	(8)(13)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.10%, 8.8% Cash	07/23	07/30	2,052	1,993	2,052	0.2%	(3)(7)(8)(15)(30)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.0% Cash	03/22	03/28	13,783	14,348	13,783	1.2%	(3)(7)(8)(18)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.43%, 7.6% Cash	09/22	10/29		$2,347		$2,007	$2,347	0.2%	(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.4% Cash	08/23	07/29		3,930		3,854	4,779	0.4%	(3)(7)(8)(12)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.20%, 9.2% Cash	06/21	06/28		3,018		3,191	2,795	0.2%	(3)(7)(8)(16)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.3% Cash	12/19	12/26		2,607		2,515	2,607	0.2%	(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	11/22	12/26		1,300		1,300	1,300	0.1%	(3)(7)(8)(13)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.25%, 11.8% Cash	10/23	10/29		29		29	29	—%	(7)(8)(12)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 11.8% Cash	10/23	10/29		595		587	593	0.1%	(7)(8)(12)
Pepper Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.75%, 8.8% Cash	02/26	02/32		1,688		1,693	1,625	0.1%	(3)(7)(8)(18)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	06/22	07/29		5,319		4,836	5,230	0.5%	(3)(7)(8)(10)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.0% Cash	06/22	07/29		3,275		2,788	3,234	0.3%	(3)(7)(8)(23)
SCP CDH Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	12/25	12/32		6,975		6,888	6,892	0.6%	(7)(8)(13)(30)
SCP CDH Buyer, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	12/25	12/32		—		(9)	(9)	—%	(7)(8)(13)(30)
SCP Medical Products, LLC.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	06/25	06/31		2,029		2,006	2,010	0.4%	(7)(8)(13)
SCP Medical Products, LLC.	Revolver	SOFR + 4.75%, 8.4% Cash	06/25	06/31		32		30	30	0.4%	(7)(8)(13)(30)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.3% Cash, 1.5% PIK	10/18	10/27		5,457		5,435	4,322	0.4%	(7)(8)(13)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.0% Cash	03/26	12/32		1,741		1,721	1,699	0.1%	(3)(7)(8)(15)(30)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 10.4% Cash	11/23	08/30		1,010		940	1,004	0.1%	(3)(7)(8)(16)
Swoop Intermediate III, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	04/25	04/32		1,977		1,961	1,977	0.1%	(7)(8)(12)(30)
Swoop Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	04/25	04/32		—		(4)	—	0.1%	(7)(8)(12)(30)
TA KHP Aggregator, L.P.	First Lien Senior Secured Term Loan	SOFR + 4.25%, 7.9% Cash	06/25	06/32		1,028		1,008	1,011	0.1%	(7)(8)(13)(30)
TA KHP Aggregator, L.P.	Revolver	SOFR + 4.25%, 7.9% Cash	06/25	06/32		—		(4)	(3)	0.1%	(7)(8)(13)(30)
TA KHP Aggregator, L.P.	Subordinated Term Loan	12.3% PIK	06/25	12/32		2,388		2,362	2,370	0.1%	(7)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.30%, 8.3% Cash	06/22	06/29		1,046		958	1,046	0.1%	(3)(7)(8)(16)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.70%, 6.8% Cash	03/23	03/30		577		530	577	0.1%	(3)(7)(8)(10)(30)
Unosquare, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	06/25	06/31		2,411		2,352	2,235	0.2%	(7)(8)(12)(30)
Unosquare, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	06/25	06/31		—		(9)	(26)	—%	(7)(8)(12)(30)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash, 4.4% PIK	03/25	04/30		46,397		44,911	44,912	3.9%	(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (16.1%)*			204,270		196,405		185,383
High Tech Industries
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.70%, 10.4% Cash	07/22	07/29		1,869		1,668	1,703	0.1%	(3)(7)(8)(16)
Argus Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.70%, 9.2% Cash	07/22	07/29		2,179		1,945	1,986	0.2%	(3)(7)(8)(11)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 6.70%, 7.1% Cash	07/22	07/29		138		136	126	—%	(3)(7)(8)(14)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29		1,120		990	994	0.1%	(3)(7)
Bitly, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	11/25	11/31		4,811		4,766	4,769	0.4%	(7)(8)(12)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Bitly, Inc.	Revolver	SOFR + 4.75%, 8.4% Cash	11/25	11/31	$—	$(2)	$(2)	—%	(7)(8)(12)(30)
CH Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 9.9% Cash	05/25	05/31	870	857	864	0.1%	(7)(8)(13)
CH Buyer, LLC	Revolver	SOFR + 6.25%, 9.9% Cash	05/25	05/31	—	(1)	—	—%	(7)(8)(13)(30)
Contabo FincoS.À.R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	10/22	10/29	5,365	4,579	5,365	0.5%	(3)(7)(8)(10)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	01/21	01/27	5,160	5,068	5,160	0.4%	(7)(8)(13)(30)
Discovery Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	02/25	02/32	17,078	16,866	16,926	1.5%	(7)(8)(13)(30)
Discovery Buyer, L.P.	Revolver	SOFR + 5.00%, 8.7% Cash	02/25	02/32	—	(19)	(14)	—%	(7)(8)(13)(30)
Durare Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	08/25	08/32	1,413	1,391	1,387	0.1%	(7)(8)(13)(30)
Durare Bidco, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	08/25	08/32	—	(9)	(11)	—%	(7)(8)(13)(30)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	07/21	07/29	14,404	14,256	14,404	1.2%	(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.2% Cash, 1.0% PIK	12/22	12/29	701	443	577	0.1%	(3)(7)(8)(11)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 6.43%, 10.1% Cash, 1.0% PIK	12/22	12/29	350	222	288	—%	(3)(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SONIA + 6.28%, 10.3% Cash, 1.0% PIK	12/22	12/29	1,078	651	887	0.1%	(3)(7)(8)(16)
Eurofins Digital Testing International LUX Holding SARL	Subordinated Term Loan	EURIBOR + 7.00%, 9.2% PIK	10/25	12/29	3,994	1,445	—	—%	(3)(7)(8)(10)(26)
Everest Midco Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.9% Cash	01/26	01/33	394	395	390	—%	(3)(7)(8)(10)
Everest Midco Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	01/26	01/33	3,364	3,323	3,322	0.3%	(3)(7)(8)(13)(30)
Everest Midco Limited	Revolver	SOFR + 4.75%, 8.4% Cash	01/26	01/33	—	(4)	(4)	—%	(3)(7)(8)(13)(30)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	CORRA + 5.00%, 7.6% Cash	04/25	04/32	910	913	896	0.1%	(3)(7)(8)(20)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	EURIBOR + 8.00%, 10.0% PIK	04/25	04/32	670	628	660	0.1%	(3)(7)(8)(10)
EZ SMBO Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.1% Cash	04/25	04/32	892	806	832	0.1%	(3)(7)(8)(11)(30)
EZ SMBO Bidco	Subordinated Term Loan	EURIBOR + 8.00%, 10.1% Cash	03/26	04/33	326	322	321	—%	(3)(7)(8)(10)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	04/25	08/31	9,313	9,313	9,313	0.8%	(7)(8)(12)
Haystack Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	01/25	01/28	8,849	8,783	8,784	0.8%	(7)(8)(14)(30)
Haystack Holdings LLC	Revolver	SOFR + 4.75%, 8.4% Cash	01/25	01/28	—	(9)	(9)	—%	(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	11/21	11/28	7,129	7,078	7,129	0.6%	(7)(8)(13)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	11/21	11/27	—	(15)	—	—%	(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.5% Cash	12/18	05/27	10,132	10,127	10,132	0.9%	(7)(8)(13)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.4% Cash	05/22	05/29	738	718	718	0.1%	(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.7% Cash	05/22	05/29	177	181	175	—%	(3)(7)(8)(16)
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.75%, 9.4% Cash	05/22	11/28	35	35	35	—%	(3)(7)(8)(14)
Lighthouse Finco SARL	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.7% Cash	02/26	02/33	711	721	704	0.1%	(3)(7)(8)(10)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Lighthouse Finco SARL	First Lien Senior Secured Term Loan	SONIA + 4.75%, 8.5% Cash	02/26	02/33	$1,641	$1,657	$1,618	0.1%	(3)(7)(8)(15)(30)
Maia Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	12/25	11/32	2,508	2,466	2,470	0.2%	(3)(7)(8)(13)
Maia Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.0% Cash	12/25	11/32	856	832	823	0.1%	(3)(7)(8)(15)(30)
Maia Bidco Limited	Revolver	SONIA + 5.25%, 9.0% Cash	12/25	11/32	—	—	(5)	—%	(3)(7)(8)(15)(30)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	09/23	09/29	14,619	14,345	14,553	1.3%	(7)(8)(13)(30)
NAW Buyer LLC	Revolver	SOFR + 4.75%, 8.4% Cash	09/23	09/29	—	(27)	(7)	—%	(7)(8)(13)(30)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.8% Cash	01/23	01/30	2,755	2,538	2,755	0.2%	(3)(7)(8)(11)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	11/23	11/30	22,094	21,890	22,027	1.9%	(7)(8)(13)
Next Holdco, LLC	Revolver	SOFR + 5.25%, 8.9% Cash	11/23	11/29	—	(7)	(2)	—%	(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	12/23	12/30	1,053	980	1,053	0.1%	(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	12/21	12/29	18,199	18,030	18,063	1.6%	(7)(8)(13)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	12/21	12/29	687	672	673	0.1%	(7)(8)(13)(30)
OSP Lakeside Intermediate Holdings 2, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	10/25	10/31	4,254	4,195	4,160	0.4%	(7)(8)(12)
OSP Lakeside Intermediate Holdings 2, LLC	Revolver	SOFR + 5.50%, 9.2% Cash	10/25	10/31	—	(10)	(16)	—%	(7)(8)(12)(30)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	08/21	10/32	13,278	13,206	13,025	1.1%	(7)(8)(13)
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	11/24	11/31	5,584	5,542	5,554	0.5%	(7)(8)(13)(30)
PowerGEM Buyer, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	11/24	11/31	—	(5)	(3)	—%	(7)(8)(13)(30)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	03/22	03/28	1,590	1,579	1,566	0.1%	(7)(8)(12)
ProfitOptics, LLC	Revolver	SOFR + 5.00%, 8.8% Cash	03/22	03/28	—	(3)	(7)	—%	(7)(8)(12)(30)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	81	81	76	—%	(7)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.25%, 7.9% Cash	09/24	09/30	7,690	7,605	7,674	0.7%	(7)(8)(12)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.25%, 7.9% Cash	09/24	09/30	—	(22)	(4)	—%	(7)(8)(12)(30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	05/22	05/29	942	854	935	0.1%	(3)(7)(8)(10)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.1% Cash	05/22	05/29	1,411	1,398	1,401	0.1%	(3)(7)(8)(13)
RA Outdoors, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.3% PIK	02/22	06/27	15,815	14,971	9,291	0.8%	(7)(8)(14)(26)(28)
RA Outdoors, LLC	Revolver	SOFR + 6.75%, 10.3% PIK	02/22	06/27	1,512	1,430	888	0.1%	(7)(8)(14)(26)(28)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	11/24	11/31	13,593	13,479	13,430	1.2%	(7)(8)(13)
Saab Purchaser, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	11/24	11/31	—	(19)	(29)	—%	(7)(8)(13)(30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.9% Cash	05/22	05/29	3,681	3,378	3,453	0.3%	(3)(7)(8)(11)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.7% 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	445	444	376	—%	(3)(7)(8)(11)(30)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash	07/23	07/30	2,105	1,954	1,761	0.2%	(3)(7)(8)(10)(30)
Sonicwall US Holdings Inc	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	06/25	05/28	2,880	2,836	847	0.1%	(8)(13)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Syntax Midco 2 Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	10/25	10/32		$2,640			$2,601		$2,605	0.2%	(7)(8)(12)(30)
Syntax Midco 2 Inc.	Revolver	SOFR + 4.75%, 8.4% Cash	10/25	10/32		518			488		491	—%	(7)(8)(12)(30)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	10/23	10/30		2,275			2,233		2,250	0.2%	(3)(7)(8)(13)
Zelda Luxco S.A.S	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	07/25	07/32		1,719			1,690		1,679	0.1%	(3)(7)(8)(11)(30)
Subtotal High Tech Industries (20.3%)*				251,038			242,291			234,647
Hotel, Gaming, & Leisure
Featherstone Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.6% Cash	11/25	05/31		1,009			1,009		1,009	0.1%	(3)(7)(8)(13)
Featherstone Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 9.7% Cash	05/25	05/31		1,281			1,271		1,281	0.1%	(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.2%)*				2,290			2,280			2,290
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	07/22	07/28		4,869			4,846		4,840	0.4%	(7)(8)(12)
ASC Communications, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	07/22	07/28		—			(5)		(7)	—%	(7)(8)(12)(30)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	12/21	05/30		3,600			3,559		3,566	0.3%	(7)(8)(13)(30)
Superjet Buyer, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	12/21	05/30		—			(11)		(11)	—%	(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (0.7%)*			8,469		8,389			8,388
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.8% Cash	08/20	08/26		6,923			6,909		6,867	0.6%	(7)(8)(13)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	06/24	03/29		60			60		57	—%	(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*			6,983		6,969			6,924
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	10/21	10/27		5,010			4,994		5,010	0.4%	(7)(8)(12)
BrightSign LLC	Revolver	SOFR + 5.25%, 9.0% Cash	10/21	10/27		997			993		997	0.1%	(7)(8)(12)(30)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.1% Cash	05/19	01/28		8,194			8,192		8,072	0.7%	(7)(8)(13)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.5% Cash	04/22	04/29		243			223		233	—%	(3)(7)(8)(10)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 9.7% Cash	04/22	04/29		1,684			1,647		1,620	0.1%	(3)(7)(8)(15)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.25%, 10.5% Cash	11/20	04/29		1,727			1,726		1,475	0.1%	(3)(7)(8)(16)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	09/23	09/29		6,455			6,327		6,455	0.6%	(7)(8)(12)
Rock Labor LLC	Revolver	SOFR + 5.50%, 9.2% Cash	09/23	09/29		—			(19)		—	—%	(7)(8)(12)(30)
Screenvision, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	04/25	04/30		5,171			5,084		5,087	0.4%	(7)(8)(13)
Screenvision, LLC	Revolver	SOFR + 5.00%, 8.7% Cash	04/25	04/30		—			(10)		(10)	—%	(7)(8)(13)(30)
Screenvision, LLC	Second Lien Senior Secured Term Loan	SOFR + 8.50%, 12.2% Cash	04/25	04/30		33,612			32,459		32,520	2.8%	(7)(8)(13)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 9.9% Cash	12/22	11/29		15,138			14,904		14,669	1.3%	(7)(8)(13)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 9.9% Cash	12/22	12/28		798			775		736	0.1%	(7)(8)(13)(30)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	06/21	06/30		13,243			13,138		13,164	1.1%	(7)(8)(13)
Subtotal Media: Diversified & Production (7.8%)*			92,272		90,433			90,028
Metals & Mining
Arch Global Precision LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.5% Cash	04/19	05/28		8,871			8,871		8,348	0.7%	(7)(8)(13)
Subtotal Metals & Mining (0.7%)*				8,871			8,871			8,348

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
Services: Business
Accelevation LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	01/25	01/31	$1,219	$1,200	$1,219	0.1%	(7)(8)(12)(30)
Accelevation LLC	Revolver	SOFR + 4.50%, 8.2% Cash	01/25	01/31	317	306	317	—%	(7)(8)(12)(30)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.48%, 10.1% Cash	08/21	08/27	7,266	7,176	7,259	0.6%	(3)(7)(8)(12)
Acclime Holdings HK Limited	Subordinated Term Loan	15.0% Cash	05/25	04/30	234	230	234	—%	(3)(7)
Acogroup	First Lien Senior Secured Term Loan	EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK	03/22	04/28	8,533	8,051	2,517	0.2%	(3)(7)(8)(10)(26)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 4.98%, 7.1% Cash	05/23	05/30	2,331	2,204	2,292	0.2%	(3)(7)(8)(10)(30)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash	03/23	03/30	5,405	4,943	5,405	0.5%	(3)(7)(8)(11)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.75%, 10.6% Cash	01/20	01/27	3,370	3,234	3,351	0.3%	(3)(7)(8)(15)
Apex Bidco Limited	Subordinated Senior Unsecured Term Loan	9.0% PIK	01/20	07/27	392	386	385	—%	(3)(7)
ARC Interco Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	11/25	11/31	3,190	3,150	3,153	0.3%	(7)(8)(13)(30)
ARC Interco Purchaser, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	11/25	11/31	—	(7)	(6)	—%	(7)(8)(13)(30)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.1% Cash	11/24	11/31	630	578	619	0.1%	(3)(7)(8)(10)(30)
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	12/19	12/26	1,613	1,547	1,557	0.1%	(3)(7)(8)(10)
Auxi International	First Lien Senior Secured Term Loan	SONIA + 6.25%, 10.0% Cash	04/21	12/26	884	915	853	0.1%	(3)(7)(8)(15)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	11/21	11/27	4,726	4,698	4,726	0.4%	(7)(8)(12)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	2,102	2,092	2,102	0.2%	(7)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.5% Cash	12/24	12/30	8,045	7,947	7,965	0.7%	(7)(8)(14)
Basin Innovation Group, LLC	Revolver	SOFR + 4.75%, 8.5% Cash	12/24	12/30	—	(22)	(19)	—%	(7)(8)(14)(30)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.4% Cash	02/24	05/27	10,372	9,678	10,372	0.9%	(7)(8)(9)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	08/21	08/29	4,054	4,033	4,037	0.3%	(7)(8)(12)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 2.80%, 6.7% Cash, 5.0% PIK	12/20	12/28	16,358	16,511	14,231	1.2%	(3)(7)(8)(16)
Broadway Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	12/25	12/32	2,168	2,132	2,134	0.2%	(7)(8)(13)(30)
Broadway Buyer, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	12/25	12/32	19	10	11	—%	(7)(8)(13)(30)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	09/24	09/30	14,400	14,227	14,288	1.2%	(7)(8)(13)(30)
Caldwell & Gregory LLC	Revolver	SOFR + 5.00%, 8.7% Cash	09/24	09/30	—	(28)	(19)	—%	(7)(8)(13)(30)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	02/22	02/28	13,477	13,337	13,410	1.2%	(7)(8)(13)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	02/22	02/28	—	(11)	(8)	—%	(7)(8)(13)(30)
CloudOne Digital Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	08/25	08/31	12,262	12,122	12,142	1.1%	(7)(8)(13)
CloudOne Digital Corp.	Revolver	SOFR + 5.00%, 8.7% Cash	08/25	08/31	—	(30)	(27)	—%	(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash, 1.0% PIK	01/20	02/27	4,721	4,708	4,013	0.3%	(7)(8)(13)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	04/22	12/29	10,756	10,652	10,704	0.9%	(7)(8)(13)
Comply365, LLC	Revolver	SOFR + 5.25%, 9.0% Cash	04/22	12/29	293	283	288	—%	(7)(8)(13)(30)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash, 0.3% PIK	09/21	09/28	5,514	5,452	5,332	0.5%	(3)(7)(8)(11)(30)

Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount	Cost	FairValue	% of Net Assets *	Notes
DISA Holdings Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	11/22	09/28	$6,862	$6,765	$6,862	0.6%	(7)(8)(13)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 8.7% Cash	11/22	09/28	200	194	200	—%	(7)(8)(13)(30)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	06/22	06/28	1,000	994	1,000	0.1%	(3)(7)(8)(13)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	832	816	825	0.1%	(7)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	730	717	715	0.1%	(7)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.1% Cash	03/22	03/28	1,704	1,835	1,567	0.1%	(3)(7)(8)(18)
Expert Institute Group Inc.	First Lien Senior Secured Term Loan	SOFR + 4.25%, 7.9% Cash	03/25	03/32	1,090	1,065	1,090	0.1%	(7)(8)(14)(30)
Expert Institute Group Inc.	Revolver	SOFR + 4.25%, 7.9% Cash	03/25	03/32	—	(6)	—	—%	(7)(8)(14)(30)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 7.1% Cash	07/22	07/29	1,729	1,582	1,719	0.1%	(3)(7)(8)(10)(30)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 8.3% Cash	10/22	10/29	5,397	4,531	5,397	0.5%	(3)(7)(8)(10)
HS Advisory Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	03/25	03/30	2,255	2,219	2,205	0.2%	(7)(8)(13)(30)
HS Advisory Buyer LLC	Revolver	SOFR + 4.50%, 8.2% Cash	03/25	03/30	280	273	270	—%	(7)(8)(13)(30)
HSL Compliance	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.0% Cash	03/25	03/32	3,401	3,257	3,324	0.3%	(3)(7)(8)(15)(30)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	09/24	12/29	8,991	8,923	8,881	0.8%	(7)(8)(13)(30)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.25%, 8.9% Cash	09/24	12/29	843	834	829	0.1%	(7)(8)(13)(30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.8% Cash	11/21	11/28	3,028	2,937	2,980	0.3%	(3)(7)(8)(11)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	08/22	08/29	1,799	1,632	1,642	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	5,751	4,862	5,686	0.5%	(3)(7)(8)(10)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	02/22	02/28	9,939	9,879	9,894	0.9%	(7)(8)(13)
LeadsOnline, LLC	Revolver	SOFR + 4.50%, 8.2% Cash	02/22	02/28	—	(14)	(12)	—%	(7)(8)(13)(30)
LHS Borrower, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	08/25	09/31	9,107	8,981	8,996	0.8%	(7)(8)(12)
LHS Borrower, LLC	Revolver	SOFR + 5.25%, 8.9% Cash	08/25	09/31	214	203	204	—%	(7)(8)(12)(30)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.9% Cash	04/22	09/27	8,751	8,693	8,374	0.7%	(7)(8)(13)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	01/24	01/30	3,813	3,759	3,768	0.3%	(7)(8)(12)(30)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	01/24	01/30	—	(7)	(7)	—%	(7)(8)(12)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	06/24	06/27	5,697	5,645	5,410	0.5%	(7)(8)(13)(30)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.3% Cash	07/21	06/27	4,312	4,289	4,199	0.4%	(7)(8)(13)(30)
MIV Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	09/25	09/31	3,237	3,187	3,193	0.3%	(7)(8)(13)(30)
MIV Buyer, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	09/25	09/31	49	43	44	—%	(7)(8)(13)(30)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.2% Cash	03/23	04/29	6,203	6,094	5,639	0.5%	(7)(8)(13)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.2% Cash	03/23	04/29	707	690	607	0.1%	(7)(8)(13)(30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.2% Cash	06/21	06/28	341	357	338	—%	(3)(7)(8)(10)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	06/21	06/28	533	528	528	—%	(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.5% Cash	02/20	06/26	2,075	1,961	2,075	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
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.4% Cash	02/20	06/26	$2,397	$2,394	$2,397	0.2%	(3)(7)(8)(13)
Proceed Legal Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	03/26	03/31	9,638	9,503	9,503	0.8%	(7)(8)(13)(30)
Proceed Legal Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	03/26	03/31	—	(4)	(4)	—%	(7)(8)(13)(30)
Qima Finance LTD	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.1% Cash	07/25	07/32	2,865	2,793	2,805	0.2%	(3)(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	04/25	04/32	4,383	4,367	4,366	0.4%	(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	04/25	04/32	—	(4)	(3)	—%	(7)(8)(13)(30)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.8% Cash	08/20	02/28	11,147	11,133	11,147	1.0%	(7)(8)(14)
RKD Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	05/25	05/31	12,128	11,995	12,021	1.0%	(7)(8)(13)(30)
RKD Group, LLC	Revolver	SOFR + 5.25%, 8.9% Cash	05/25	05/31	—	(11)	(9)	—%	(7)(8)(13)(30)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	10/24	10/29	9,171	9,024	8,954	0.8%	(7)(8)(13)(30)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 8.7% Cash	10/24	10/29	—	(39)	(60)	—%	(7)(8)(13)(30)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	08/24	08/30	21,646	21,393	21,449	1.9%	(7)(8)(12)
RPX Corporation	Revolver	SOFR + 5.50%, 9.2% Cash	08/24	08/30	—	(33)	(28)	—%	(7)(8)(12)(30)
Ruby Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.5% Cash	12/25	12/32	1,759	1,658	1,707	0.1%	(3)(7)(8)(18)(30)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	09/24	09/31	1,056	1,020	1,042	0.1%	(3)(7)(8)(10)
Sapphire Bidco S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	10/25	10/32	1,809	1,776	1,776	0.2%	(3)(7)(8)(10)(30)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	03/23	03/28	8,606	8,436	8,540	0.7%	(7)(8)(12)(30)
SBP Holdings LP	Revolver	SOFR + 5.00%, 8.7% Cash	03/23	03/28	—	(28)	(13)	—%	(7)(8)(12)(30)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 2.25%, 6.0% Cash, 3.8% PIK	12/21	12/28	1,835	1,821	1,171	0.1%	(7)(8)(13)
Scaled Agile, Inc.	Revolver	SOFR + 2.25%, 6.0% Cash, 3.8% PIK	12/21	12/28	348	346	222	—%	(7)(8)(13)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	09/23	09/29	12,781	12,577	12,781	1.1%	(7)(8)(14)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 8.7% Cash	09/23	09/29	—	(24)	—	—%	(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	11/22	05/28	2,668	2,654	2,668	0.2%	(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 4.50%, 8.2% Cash	11/22	05/28	—	(1)	—	—%	(7)(8)(13)(30)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.0% Cash	10/21	04/27	2,500	2,491	2,478	0.2%	(3)(7)(8)(14)
Sunrise Acquisition Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.0% Cash	11/25	11/32	1,914	1,828	1,847	0.2%	(3)(7)(8)(15)(30)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	SOFR + 7.75%, 11.4% PIK	07/21	07/28	3,339	3,325	3,339	0.3%	(7)(8)(14)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.0% Cash	11/22	11/29	1,789	1,532	1,765	0.2%	(3)(7)(8)(15)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.3% Cash	06/24	07/30	991	947	979	0.1%	(3)(7)(8)(18)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	12/22	12/31	20,212	20,009	20,212	1.8%	(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	12/22	12/31	—	(5)	—	—%	(7)(8)(13)(30)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.5% Cash	07/21	03/28	4,811	4,802	4,724	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	755	709	754	0.1%	(3)(7)(8)(10)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.4% Cash	12/23	12/30	$1,682		$1,495		$1,681	0.1%	(3)(7)(8)(21)(30)
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	11/24	11/31	8,607		8,517		8,607	0.7%	(7)(8)(13)(30)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 8.4% Cash	11/24	11/31	1,792		1,773		1,792	0.2%	(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.3% Cash	11/18	06/26	17,883		17,847		17,769	1.5%	(7)(8)(12)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash, 2.4% PIK	09/20	09/27	1,802		1,806		1,802	0.2%	(3)(7)(8)(10)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.4% Cash, 2.4% PIK	02/21	09/27	3,668		3,649		3,668	0.3%	(3)(7)(8)(13)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	03/24	03/30	13,722		13,523		13,722	1.2%	(7)(8)(14)
World 50, Inc.	Revolver	SOFR + 4.50%, 8.2% Cash	03/24	03/30	—		(13)		—	—%	(7)(8)(14)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/22	05/29	322		305		322	—%	(3)(7)(8)(11)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.5% Cash	05/22	05/29	9,280		8,704		9,280	0.8%	(3)(7)(8)(16)
Xeinadin Bidco Limited	Subordinated Term Loan	SONIA + 11.00%, 14.8% PIK	05/22	05/29	4,739		4,476		4,677	0.4%	(3)(7)(16)
Subtotal Services: Business (37.7%)*				449,566		439,888		435,129
Services: Consumer
Application Boot Camp LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	04/25	04/31	1,215		1,200		1,217	0.1%	(7)(8)(13)
Application Boot Camp LLC	Revolver	SOFR + 4.75%, 8.4% Cash	04/25	04/31	—		(4)		—	—%	(7)(8)(13)(30)
Application Boot Camp LLC	Subordinated Term Loan	14.0% Cash	04/25	04/30	82		82		83	—%	(7)
Arc Education	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.5% Cash	07/22	07/29	992		924		973	0.1%	(3)(7)(8)(11)(30)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.1% Cash	10/20	10/27	6,441		6,188		6,112	0.5%	(3)(7)(8)(10)
Bariacum S.A.	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.0% PIK	11/21	11/28	3,457		3,271		—	—%	(3)(7)(8)(10)(26)
Bariacum S.A.	First Lien Senior Secured Term Loan	EURIBOR + 9.50%, 11.6% Cash	12/25	12/26	46		46		46	—%	(3)(7)(8)(10)
Bariacum S.A.	First Lien Senior Secured Term Loan	EURIBOR + 9.50%, 11.6% PIK	12/25	12/30	369		376		369	—%	(3)(7)(8)(10)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.7% Cash	10/23	10/29	4,585		4,514		4,259	0.4%	(7)(8)(13)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 9.7% Cash	10/23	10/29	199		194		175	—%	(7)(8)(13)(30)
CEC Entertainment, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 9.7% Cash	09/25	09/30	3,457		3,409		3,410	0.3%	(7)(8)(13)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 9.9% Cash	04/25	04/31	3,253		3,225		3,064	0.3%	(7)(8)(13)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.25%, 9.9% Cash	04/25	04/31	—		(2)		(11)	—%	(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	10/24	02/30	6,903		6,877		6,903	0.6%	(7)(8)(12)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 4.91%, 8.8% Cash	07/22	07/27	2,770		2,773		2,770	0.2%	(3)(7)(8)(18)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 4.91%, 7.5% Cash	07/22	07/27	627		671		627	0.1%	(3)(7)(8)(22)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.2% Cash	11/23	11/29	2,127		2,100		2,117	0.2%	(7)(8)(12)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 8.2% Cash	11/23	11/29	68		63		66	—%	(7)(8)(12)(30)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.0% Cash	11/23	11/29	2,218		2,078		2,201	0.2%	(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
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.25%, 7.9% Cash	10/21	10/29	$12,986		$12,931		$12,964	1.1%	(7)(8)(14)
Marmoutier Holding B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.5% Cash	06/25	12/28	93		93		24	—%	(3)(7)(8)(11)(30)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.50%, 7.5% Cash	12/21	06/27	191		165		92	—%	(3)(7)(8)(10)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	EURIBOR + 6.25%, 8.4% Cash	03/24	12/28	208		184		100	—%	(3)(7)(8)(10)
Panther Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.3% Cash	03/26	12/29	4,104		4,080		4,014	0.3%	(3)(7)(8)(18)(30)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.6% Cash	12/20	12/26	10,087		10,040		10,087	0.9%	(7)(8)(14)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.75%, 9.9% Cash	09/21	09/29	1,714		1,798		1,681	0.1%	(3)(7)(8)(17)
Selenium Designated Activity Company	First Lien Senior Secured Term Loan	EURIBOR + 5.13%, 7.3% Cash	03/25	03/32	3,158		2,912		3,113	0.3%	(3)(7)(8)(11)
Subtotal Services: Consumer (5.8%)*				71,350		70,188		66,456
Structured Product
Apidos CLO XXIV, Series 2016-24A	Subordinated Structured Notes	Residual Interest, current yield 0.00%	02/22	07/27	18,358		3,383		995	0.1%	(3)(28)(29)
Catawba River Limited	Structured - Junior Note	N/A	10/22	10/31	4,130		3,579		1,714	0.1%	(3)(7)(29)
Magnetite XIX, Limited	Subordinated Notes	SOFR + 8.00%, 11.7% Cash	02/22	04/34	5,250		5,250		4,689	0.4%	(3)(8)(13)
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		181	—%	(3)(7)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	05/31	9,274		9,274		9,101	0.8%	(3)(7)
US Bank National Association Series 2025-1	Structured Note - Class R	SOFR + 7.50%, 11.4% Cash	03/25	01/32	4,026		4,026		4,114	0.4%	(3)(7)(8)(13)
US Bank National Association Series 2025-2	Structured Note - Class R	SOFR + 7.00%, 10.2% Cash	09/25	08/32	4,113		4,113		4,147	0.4%	(3)(8)(12)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	02/30	481		481		471	—%	(3)
Subtotal Structured Product (2.3%)*				46,360		30,834		25,954
Telecommunications
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.00%, 9.0% Cash	08/22	08/29	3,224		3,166		3,063	0.3%	(3)(7)(8)(24)(30)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.75%, 8.8% Cash	12/21	07/29	2,806		2,721		2,806	0.2%	(3)(7)(8)(18)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.1% Cash	09/20	09/27	12,328		11,930		11,897	1.0%	(3)(7)(8)(15)
Subtotal Telecommunications (1.5%)*				18,358		17,817		17,766
Transportation: Cargo
Argus Intermediate, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	12/25	12/31	3,816		3,736		3,783	0.3%	(7)(8)(13)(30)
Argus Intermediate, LLC	Revolver	SOFR + 4.75%, 8.4% Cash	12/25	12/31	627		616		623	0.1%	(7)(8)(13)(30)
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.6% Cash	06/19	04/27	6,495		6,486		6,378	0.6%	(7)(8)(14)
Armstrong Transport Group (Pele Buyer, LLC)	Revolver	SOFR + 5.00%, 8.6% Cash	08/25	04/27	132		127		116	—%	(7)(8)(14)(30)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.3% Cash	12/20	12/26	3,994		3,984		3,994	0.3%	(7)(8)(12)
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.6% Cash	05/21	05/27	4,485		4,457		4,485	0.4%	(7)(8)(13)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash	04/22	11/28	6,667		6,581		6,593	0.6%	(3)(7)(8)(13)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.3% Cash	12/21	12/27	$11,924			$11,787		$11,924		1.0%	(7)(8)(13)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.0% Cash	12/21	12/27	791			786		791		0.1%	(7)(8)(13)
ITI Intermodal, Inc.	Revolver	SOFR + 6.50%, 10.3% Cash	12/21	12/27	226			213		226		—%	(7)(8)(13)(30)
PAS Chassis Holdco LLC	Second Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	01/26	12/32	14,430			14,148		14,141		1.2%	(7)(8)(13)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.4% Cash	12/22	12/28	6,033			5,934		5,852		0.5%	(7)(8)(14)
R1 Holdings, LLC	Revolver	SOFR + 6.75%, 10.4% Cash	12/22	12/28	1,854			1,820		1,791		0.2%	(7)(8)(14)(30)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 10.7% Cash	11/24	05/30	2,836			2,836		2,181		0.2%	(7)(8)(13)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 10.50%, 4.9% Cash, 9.5% PIK	11/25	11/29	266			266		266		—%	(7)(8)(13)(30)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 10.00%, 13.7% Cash	11/24	11/29	1,150			1,135		1,150		0.1%	(7)(8)(13)
Transportation Insight, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 10.7% Cash, 7.0% PIK	12/25	01/29	4,083			4,083		4,083		0.4%	(7)(8)(12)
Transportation Insight, LLC	Revolver	SOFR + 5.50%, 9.2% Cash	12/25	01/29	641			578		641		0.1%	(7)(8)(12)(30)
Subtotal Transportation: Cargo (6.0%)*				70,450		69,573			69,018
Transportation: Consumer
Breeze Aviation Group Inc	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 11.2% Cash	06/25	08/30	2,330			2,330		2,267		0.2%	(7)(8)(13)
Breeze Aviation Group Inc	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 11.2% Cash	06/25	09/30	2,355			2,355		2,292		0.2%	(7)(8)(13)
Breeze Aviation Group Inc	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 11.2% Cash	06/25	09/30	2,355			2,355		2,291		0.2%	(7)(8)(13)
Breeze Aviation Group Inc	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 11.2% Cash	03/26	03/31	—			—		—		0.2%	(7)(8)(13)(30)
International Fleet Financing No.2 B.V.	Class C Senior Secured Note	10.5% Cash	07/25	06/27	8,361			8,409		7,543		0.7%	(3)(7)(30)
Subtotal Transportation: Consumer (1.2%)*				15,401		15,449			14,393
Utilities: Electric
KAMC Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.9% Cash	08/25	08/31	5,421			5,347		5,112		0.4%	(7)(8)(13)
KAMC Holdings Inc.	Revolver	SOFR + 5.25%, 8.9% Cash	08/25	08/31	165			156		128		—%	(7)(8)(13)(30)
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	2,714			2,557		2,717		0.2%	(7)
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.4% Cash	10/22	10/28	7,265			7,187		7,193		0.6%	(7)(8)(13)
Spatial Business Systems LLC	Revolver	SOFR + 4.75%, 8.4% Cash	10/22	10/28	—			(4)		(4)		—%	(7)(8)(13)(30)
Subtotal Utilities: Electric (1.3%)*				15,565		15,243			15,146
Subtotal Debt Investments (154.3%)*				1,886,020		1,830,435			1,780,286
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		$15		—%	(7)(29)
Accurus Aerospace Corporation	Common Stock		04/22		437,623.3			438		365		—%	(7)(29)
Compass Precision, LLC	LLC Units		04/22		46,085.6			125		400		—%	(7)(29)
GB Eagle Buyer, Inc.	Partnership Units		12/22		687			687		2,373		0.2%	(7)(29)
Megawatt Acquisitionco, Inc.	Common Stock		03/24		205			21		—		—%	(7)(29)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24		1,842			184		167		—%	(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	$1,409	0.1%	(7)(29)
Subtotal Aerospace & Defense (0.4%)*					2,104		4,729
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		455		455	413	—%	(7)(29)
Randys Holdings, Inc.	Common Stock		11/22		5,333		533	679	0.1%	(7)(29)
Recon Buyer LLC	LLC Units		11/25		116.2		116	121	—%	(7)(29)
SPATCO Energy Solutions, LLC	Common Stock		07/24		280,957		287	275	—%	(7)(29)
SVI International LLC	LLC Units		03/24		207,921		208	327	—%	(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%)*					1,731		1,820
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Common Stock		07/25		279,230		3,341	3,356	0.3%	(29)
Aegros Holdco 2 Ltd	Common Stock		05/25		889,464		12	593	0.1%	(3)(7)(29)
Bishop Street Underwriters, LLC	LLC Units		07/25		188,809.2		287	261	—%	(7)
Credit Key Funding II LLC	Preferred Stock	10.0% Cash, 10.0% PIK	12/25		732,019		2,633	2,554	0.2%	(7)
Credit Key Funding II LLC	Warrants		12/25		862,753		—	6	—%	(7)(29)
ERS Holdings, LLC	LLC Units		01/26		45,975		46	46	—%	(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2	LP Interest		06/25		2,777,264		3,422	3,833	0.3%	(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		2,828,286		2,026	2,883	0.2%	(3)(7)
ICREDITWORKS LLC	Preferred Stock	10.0% Cash, 7.5% PIK	03/25		59,462.7		11,042	10,982	1.0%	(7)
ICREDITWORKS LLC	Warrants		03/25		23,692.2		—	—	—%	(7)(29)
Pinion Holdings Limited	Preferred Stock	10.0% PIK	02/26		288,816.1		289	289	—%	(3)(7)
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		51,428		—	—	—%	(7)(28)(29)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000		1,200	4,716	0.4%	(3)(7)(28)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (2.6%)*				24,298		29,519
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		21,031		—	1,875	0.2%	(7)(29)
GMF Parent, Inc.	LLC Units		12/25		138		138	138	—%	(7)(29)
Woodland Foods, LLC	Common Stock		12/21		1,663.30		1,663	1,785	0.2%	(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	04/24		364.00		545	578	0.1%	(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	03/25		94.60		150	150	—%	(7)
Subtotal Beverage, Food, & Tobacco (0.4%)*					2,496		4,526
Capital Equipment
DAWGS Intermediate Holdings Co.	LLC Units		03/25		346.9		347	441	—%	(7)(29)
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,409		741	1,905	0.2%	(7)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Process Insights Acquisition, Inc.	Common Stock		07/23		281		$281	$7	—%	(7)(29)
Rapid Buyer LLC	LLC Units		10/24		533		533	445	—%	(7)(29)
TAPCO Buyer LLC	LLC Units		11/24		339		364	484	—%	(7)
Subtotal Capital Equipment (0.3%)*					2,266		3,282
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		88,110		88	104	—%	(7)(29)
Aptus 1829. GmbH	Preferred Stock		09/21		13		120	71	—%	(3)(7)(29)
Aptus 1829. GmbH	Common Stock		09/21		48		12	—	—%	(3)(7)(29)
Polymer Solutions Group Holdings, LLC	Common Stock		02/22		74		—	—	—%	(7)(28)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*				220		175
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		1,004,467		1,004	1,177	0.1%	(7)(29)
Subtotal Construction & Building (0.1%)*					1,004		1,177
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		03/25		9.5		11	—	—%	(7)(29)
Lifestyle Intermediate II, LLC	Class A Common Units		01/25		16,173.0		—	—	—%	(7)(28)(29)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		202,393.6		202	214	—%	(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	30	—%	(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	839	0.1%	(29)
Team Air Distributing, LLC	Preferred Stock	15.0% PIK	03/26		88,888.9		90	107	—%	(7)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2		523	105	—%	(7)(29)
Terrybear, Inc.	Partnership Equity		04/22		24,358.97		239	—	—%	(7)(29)
Subtotal Consumer goods: Durable (0.1%)*					3,251		1,295
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		233		233	255	—%	(7)(29)
Ice House America, L.L.C.	LLC Units		01/24		2,892.5		289	167	—%	(7)(29)
Safety Products Holdings, LLC	Preferred Stock		12/20		378.7		380	540	—%	(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*				902		962
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		2,769		277	534	—%	(7)
Five Star Holding LLC	LLC Units		05/22		966.99		967	784	0.1%	(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*				1,244		1,318
Energy: Oil & Gas
Ferrellgas L.P.	Opco Preferred Units		03/21		2,886		2,799	3,030	0.3%	(7)
Subtotal Energy: Oil & Gas (0.3%)*					2,799		3,030
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		14,618		17,978	16,521	1.4%	(7)
Subtotal Environmental Industries (1.4%)*					17,978		16,521
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608		1,115	2,322	0.2%	(3)(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Amalfi Midco	Warrants		09/22		380,385		$4	$1,174	0.1%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class A Equity		05/22		500,000		389	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class C - Warrants		05/22		74,712.64		—	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Class X Equity		05/22		45,604		35	—	—%	(3)(7)(29)
Canadian Orthodontic Partners Corp.	Common Stock		08/24		14.37		—	—	—%	(3)(7)(29)
Forest Buyer, LLC	Class A LLC Units		03/24		122		122	143	—%	(7)
Forest Buyer, LLC	Class B LLC Units		03/24		122		—	2	—%	(7)(29)
GCDL LLC	Common Stock		08/24		243,243.24		243	340	—%	(7)
GPNZ II GmbH	Common Stock		10/23		5,785		—	—	—%	(3)(7)(29)
HemaSource, Inc.	Common Stock		08/23		101,080		101	152	—%	(7)(29)
Moonlight Bidco Limited	Common Stock		07/23		10,590		138	203	—%	(3)(7)(29)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762		298	237	—%	(7)(29)
Parkview Dental Holdings LLC	Preferred Stock	10.0% PIK	12/24		1,229.1		13	38	—%	(7)
SCP Medical Products, LLC.	LLC Units		06/25		393.3		53	47	—%	(7)(29)
TA KHP Aggregator, L.P.	Common Stock		06/25		47,209.6		47	51	—%	(7)(29)
Unosquare, LLC	LLC Units		06/25		260,817.7		261	171	—%	(7)(29)
VB Spine Intermediary II LLC	LLC Units		04/25		767,670.7		—	—	—%	(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.4%)*				2,819		4,880
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		70	21	—%	(3)(7)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		41,560		70	22	—%	(3)(7)
CH Buyer, LLC	LLC Units		05/25		685		69	62	—%	(7)(29)
Command Alkon (Project Potter Buyer, LLC)	Class B Partnership Units		04/20		33,324.70		—	158	—%	(7)(29)
CW Group Holdings, LLC	LLC Units		01/21		161,290.32		161	475	—%	(7)(29)
Eurofins Digital Testing International LUX Holding SARL	Common Stock		10/25		243,081.0		—	—	—%	(3)(7)(29)
Eurofins Digital Testing International LUX Holding SARL	Preferred Stock		10/25		351,478.0		—	—	—%	(3)(7)(29)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		6,582.7		10,967	4,449	0.4%	(7)
FSS Buyer LLC	LP Interest		08/21		1,160.9		12	15	—%	(7)(29)
FSS Buyer LLC	LP Units		08/21		5,104.3		51	68	—%	(7)(29)
NAW Buyer LLC	LLC Units		09/23		472,512		473	608	0.1%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		173,749		174	165	—%	(7)(29)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		13.9		14	27	—%	(7)(29)
ProfitOptics, LLC	LLC Units		03/22		241,935.48		161	444	—%	(7)(29)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		2,357.5		236	327	—%	(7)(29)
Subtotal High Tech Industries (0.6%)*					12,459		6,841
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC	Class A1 Partnership Units		12/21		8,717.76		280	267	—%	(7)(29)
Advantage Software Company (The), LLC	Class A2 Partnership Units		12/21		2,248.46		72	69	—%	(7)(29)
Advantage Software Company (The), LLC	Class B1 Partnership Units		12/21		8,717.76		9	—	—%	(7)(29)

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
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	961	0.1%	(7)
Subtotal Media: Advertising, Printing, & Publishing (0.1%)*				902		1,297
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity		04/22		676,881.00		677	1,954	0.2%	(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*				677		1,954
Media: Diversified & Production
BrightSign LLC	LLC Units		10/21		1,107,492.71		1,107	1,381	0.1%	(7)
Rock Labor LLC	LLC Units		09/23		233,871		1,252	1,299	0.1%	(7)(29)
Solo Buyer, L.P.	Common Equity		12/22		516,399		516	270	—%	(7)(29)
Vital Buyer, LLC	Partnership Units		06/21		16,442.9		164	502	—%	(7)
Subtotal Media: Diversified & Production (0.3%)*				3,039		3,452
Services: Business
ARC Interco Purchaser, LLC	LLC Units		11/25		121,550.0		122	107	—%	(7)(29)
Azalea Buyer, Inc.	Common Stock		11/21		192,307.7		192	317	—%	(7)(29)
Broadway Buyer, LLC	LLC Units		12/25		312,055.0		312	371	—%	(7)(29)
CGI Parent, LLC	Preferred Stock		02/22		657		722	1,833	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	285	—%	(3)(7)(29)
DataServ Integrations, LLC	Preferred Units		11/22		175,459.20		192	198	—%	(7)(29)
EFC International	Common Stock		03/23		163.83		231	218	—%	(7)(29)
Electric Equipment & Engineering Co.	LLC Units		12/24		187,500		188	390	—%	(7)(29)
LeadsOnline, LLC	LLC Units		02/22		81,739		85	189	—%	(7)
MB Purchaser, LLC	LLC Units		01/24		66		68	88	—%	(7)(29)
MC Group Ventures Corporation	Partnership Units		06/21		746.66		747	582	0.1%	(7)(29)
MIV Buyer, LLC	LLC Units		09/25		1,007.4		101	102	—%	(7)(29)
NF Holdco, LLC	LLC Units		03/23		639,510		659	84	—%	(7)(29)
Recovery Point Systems, Inc.	Partnership Equity		03/21		187,235		187	93	—%	(7)(29)
SmartShift Group, Inc.	Common Stock		09/23		275		275	531	—%	(7)(29)
TA SL Cayman Aggregator Corp.	Common Stock		07/21		1,589		50	74	—%	(7)(29)
TSYL Corporate Buyer, Inc.	Partnership Units		12/22		4,673		5	39	—%	(7)(29)
Xeinadin Bidco Limited	Common Stock		05/22		45,665,825		565	927	0.1%	(3)(7)(29)
Subtotal Services: Business (0.6%)*					5,858		6,669
Services: Consumer
Application Boot Camp LLC	Common Stock		04/25		234,751.8		235	295	—%	(7)
Kid Distro Holdings, LLC	LLC Units		10/21		637,677.11		638	788	0.1%	(7)(29)
Marmoutier Holding B.V.	Common Stock		06/25		2,600,592		—	—	—%	(3)(7)(29)
Subtotal Services: Consumer (0.1%)*					873		1,083
Telecommunications
Mercell Holding AS	Class A Units		08/22		114.4		111	84	—%	(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		11,497	11,515	1.0%	(7)
Subtotal Telecommunications (0.8%)*					11,608		11,599

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	Partnership Units		04/21				348.68			$349			$929		0.1%		(7)(29)
Echo Global Logistics, Inc.	Partnership Equity		11/21				530.92			531			912		0.1%		(7)(29)
FragilePak LLC	Partnership Units		05/21				937.5			938			670		0.1%		(7)(29)
ITI Intermodal, Inc.	Common Stock		01/22				7,500.4			750			977		0.1%		(7)(29)
REP SEKO MERGER SUB LLC	Common Stock		11/24				1,231			5,403			—		—%		(7)(29)
Transportation Insight, LLC	Class A Common Units		01/26				14.51			—			—		—%		(7)(29)
Transportation Insight, LLC	Class A Preferred Units		01/26				20.04			3,099			3,640		0.3%		(7)(29)
Subtotal Transportation: Cargo (0.6%)*							11,070			7,128
Subtotal Equity Investments(9.8%)*					109,598			113,257
Royalty Rights
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.	Royalty Rights		05/24						1,264			1,466		0.1%		(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*					1,264			1,466
Subtotal Royalty Rights (0.1%)*							1,264			1,466
Subtotal Non-Control / Non-Affiliate Investments (164.3%)*				1,941,297			1,895,009
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		$16,144			$16,144			$16,143		1.4%		(7)(30)
Subtotal Aerospace & Defense (1.4%)*					16,144			16,144			16,143
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 6.50%, 10.3% Cash	07/21		02/29		13,545			13,492			13,546		1.2%		(7)(8)(12)(30)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	07/21		07/28		4,545			4,528			4,546		0.4%		(7)
Rocade Holdings LLC	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 11.7% Cash	11/25		11/30		4,200			4,013			4,013		0.3%		(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (1.9%)*			22,290			22,033			22,105
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 11.7% Cash	12/23		12/28		8,722			8,722			8,578		0.7%		(7)(8)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*			8,722			8,722			8,578
Healthcare & Pharmaceuticals
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.6% PIK	12/22		12/29		2,945			2,537			1,338		0.1%		(3)(7)(8)(11)(26)
Subtotal Healthcare & Pharmaceuticals (0.1%)*			2,945			2,537			1,338
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21		11/31		16,620			15,820			15,971		1.4%		(7)
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21		11/31		7,662			7,369			7,364		0.6%		(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*					24,282			23,189			23,335
Services: Business
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.2% Cash	03/22		03/29		2,648			2,149			2,647		0.2%		(3)(7)(8)(16)
Subtotal Services: Business (0.2%)*					2,648			2,149			2,647
Subtotal Debt Investments (6.4%)*					77,031			74,774			74,146

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		5,381,304.8			$5,390			$9,093		0.8%		(7)(29)
Subtotal Aerospace & Defense (0.8%)*					5,390			9,093
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		07/21		89,447,396			93,052			139,539		12.1%		(7)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.00%, 9.7% PIK	02/23		71,000			89,239			89,239		7.7%		(7)(13)(30)
Rocade Holdings LLC	Common LP Units		02/23		23.8			—			4,803		0.4%		(7)
Subtotal Banking, Finance, Insurance, & Real Estate (20.3%)*				182,291		233,581
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	Common Stock		12/23		1,243,071			12,177			10,181		0.9%		(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.9%)*				12,177		10,181
Healthcare & Pharmaceuticals
Biolam Group	Ordinary Shares		05/25		42,639,498			—			—		—%		(3)(7)(29)
Subtotal Healthcare & Pharmaceuticals (—%)*				—		—
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21		3,518,097			16,495			20,159		1.7%		(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*					16,495			20,159
Investment Funds & Vehicles
Jocassee Partners LLC	9.1% Member Interest		06/19				35,158			35,248		3.1%		(3)(25)(30)
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest		02/22				11,608			—		—%		(3)(25)(28)
Thompson Rivers LLC	16.0% Member Interest	06/20			18,823			3,059			0.3%		(25)(29)
Waccamaw River LLC	20% Member Interest		02/21				13,203			649		0.1%		(3)(25)
Subtotal Investment Funds & Vehicles (3.4%)*				78,792		38,956
Services: Business
Zeppelin Bidco Limited	Ordinary Shares		08/25		879			—			84		—%		(3)(7)(29)
Subtotal Services: Business (—%)*					—			84
Subtotal Equity Investments (27.1%)*					295,145			312,054
Subtotal Affiliate Investments (33.5%)*					369,919			386,200
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	EURIBOR + 7.65%, 9.7% Cash	01/26	06/26	$3,457			$3,583			$3,457		0.3%		(3)(7)(8)(10)
Subtotal Automotive (0.3%)*				3,457		3,583			3,457
Capital Equipment
Security Holdings B.V.	Bridge Loan	5.0% PIK	12/20	06/26	6,997			6,997			6,997		0.6%		(3)(7)(27)
Security Holdings B.V.	Revolver	6.0% PIK	09/23	03/28	10,600			10,522			10,600		0.9%		(3)(7)(30)
Security Holdings B.V.	Senior Unsecured Term Loan	15.0% PIK	04/21	04/29	2,962			2,933			2,961		0.3%		(3)(7)
Security Holdings B.V.	Senior Subordinated Term Loan	3.1% PIK	12/20	06/26	11,726			11,726			11,725		1.0%		(3)(7)(27)
Subtotal Capital Equipment (2.0%)*				32,285		32,178			32,283
Subtotal Debt Investments (3.1%)*				35,742		35,761			35,740

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		25,404		$23,173	$8,826	0.8%	(3)(7)(27)(29)
Subtotal Automotive (0.8%)*				23,173		8,826
Capital Equipment
Security Holdings B.V.	Common Stock Series A	02/22		17,100		560	469	—%	(3)(7)(29)
Security Holdings B.V.	Common Stock Series B	12/20		1,236		35,191	43,745	3.8%	(3)(7)(27)
Subtotal Capital Equipment (3.8%)*				35,751		44,214
Subtotal Equity Investments (4.6%)*			58,924		53,040
Subtotal Control Investments (7.7%)*			94,685		88,780
Total Investments, March 31, 2026 (205.5%)*			$2,405,901		$2,369,989

Derivative Instruments

Interest Rate Swaps:
Description · Company Receives · Company Pays · Maturity Date · Notional Amount · Value · Hedged Instrument · Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)	7.00%	SOFR + 3.1475%	2/15/2029	$300,000		$1,636	February 2029 Notes	$1,636
Interest rate swap (See Note 5)	5.20%	SOFR + 2.059%	9/15/2028	$300,000		$(3,101)	September 2028 Notes	(3,101)
Total Interest Rate Swaps, March 31, 2026					$(1,465)

Credit Support Agreement:
Description	Counterparty	Settlement Date	Notional Amount	Value	Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement(a)(b)(c)	Barings LLC	04/01/32	$100,000	$65,800	$21,400

Total Credit Support Agreement, March 31, 2026			$100,000	$65,800	$21,400

(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)	$45,506	A$64,105	BNP Paribas SA	06/30/26	$1,660
Foreign currency forward contract (CAD)	$144	C$200	BNP Paribas SA	06/30/26	—
Foreign currency forward contract (CAD)	$1,974	C$2,674	HSBC Bank USA	06/30/26	51
Foreign currency forward contract (DKK)	$522	3,359kr.	BNP Paribas SA	06/30/26	1
Foreign currency forward contract (EUR)	$107,210	€92,511	HSBC Bank USA	06/30/26	191
Foreign currency forward contract (NZD)	$3,309	NZ$5,601	BNP Paribas SA	06/30/26	104
Foreign currency forward contract (NOK)	$5,127	49,653kr	BNP Paribas SA	06/30/26	33
Foreign currency forward contract (GBP)	$131,219	£98,101	BNP Paribas SA	06/30/26	1,895
Foreign currency forward contract (SEK)	$2,033	18,794kr	HSBC Bank USA	06/30/26	51
Foreign currency forward contract (CHF)	$5,772	4,464Fr.	HSBC Bank USA	06/30/26	163
Total Foreign Currency Forward Contracts, March 31, 2026				$4,149

*Fair value as a percentage of net assets.

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

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

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2026 represented 205.5% 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 23.2% of total investments at fair value as of March 31, 2026. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2026 were as follows:

December 31, 2025 Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · March 31, 2026 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%, 6.6% PIK)(e)	$1,731		$—		$—		$—		$(393)		$1,338		$—
Ordinary Shares(42,639,498 shares)	—		—		—		—		—		—		—
	1,731		—		—		—		(393)		1,338		—
Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% Cash)	8,463		43		—		—		72		8,578		254
Common Stock (1,243,071 shares)	8,925		—		—		—		1,256		10,181		—
	17,388		43		—		—		1,328		18,759		254
Coastal Marina Holdings, LLC(d)	Subordinated Term Loan(8.0% Cash)	15,891		27		—		—		53		15,971		355
Subordinated Term Loan (8.0% Cash)	7,327		10		—		—		27		7,364		161
LLC Units (3,518,097 units)	19,983		—		—		—		176		20,159		—
	43,201		37		—		—		256		43,494		516
Eclipse Business Capital, LLC(d)	Revolver (SOFR + 6.50%, 10.3% Cash)	9,909		7,186		(3,545)		—		(4)		13,546		261
Second Lien Senior Secured Term Loan (7.5% Cash)	4,546		2		—		—		(2)		4,546		87
LLC units (89,447,396 units)	139,539		—		—		—		—		139,539		3,858
	153,994		7,188		(3,545)		—		(6)		157,631		4,206
Jocassee Partners LLC	9.1% Member Interest	37,986		—		—		—		(2,738)		35,248		2,855
	37,986		—		—		—		(2,738)		35,248		2,855
Rocade Holdings LLC(d)	Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% Cash)	2,667		1,342		—		—		4		4,013		94
Preferred LP Units (71,000 units) (SOFR + 6.00%, 9.7% PIK)	89,450		2,130		(2,343)		—		2		89,239		2,130
Common LP Units (23.8 units)	3,596		—		—		—		1,207		4,803		—
	95,713		3,472		(2,343)		—		1,213		98,055		2,224
Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	16,404		—		(16,361)		—		(43)		—		223
16,404		—		(16,361)		—		(43)		—		223
Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% Cash)	16,020		123		—		—		—		16,143		481
LLC Units (5,381,304.8 units)	5,339		41		—		—		3,713		9,093		—
	21,359		164		—		—		3,713		25,236		481

December 31, 2025 Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · March 31, 2026 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company · Type of Investment
Thompson Rivers LLC	16.0% Member Interest	$4,271		$—		$(1,198)		$—		$(14)		$3,059		$—
	4,271		—		(1,198)		—		(14)		3,059		—
Waccamaw River LLC	20% Member Interest	4,489		—		(3,867)		—		27		649		133
4,489		—		(3,867)		—		27		649		133
Zeppelin Bidco Limited(d)	First Lien Senior Secured Term Loan (SONIA + 6.50%, 10.2% Cash)	2,565		138		—		—		(56)		2,647		70
Ordinary Shares (879 shares)	82		—		—		—		2		84		—
	2,647		138		—		—		(54)		2,731		70
Total Affiliate Investments	$399,183		$11,042		$(27,314)		$—		$3,289		$386,200		$10,962

(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 as of and during the three months ended March 31, 2026 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

December 31, 2025Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · March 31, 2026Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
MVC Automotive Group GmbH(d)	First Lien Senior Secured Term Loan (EURIBOR + 7.65%, 9.7% Cash)	$—		$5,582		$(2,008)		$9		$(126)		$3,457		$104
Common Equity Interest (25,404 Shares)	14,143		—		—		—		(5,317)		8,826		—
	14,143		5,582		(2,008)		9		(5,443)		12,283		104
Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,997		—		—		—		—		6,997		87
Revolver (6.0% PIK)	6,225		4,713		—		(6)		(332)		10,600		104
Senior Subordinated Term Loan (3.1% PIK)	11,565		160		—		—		—		11,725		91
Senior Unsecured Term Loan (15.0% PIK)	2,909		107		—		—		(55)		2,961		118
Common Stock Series A (17,100 shares)	436		—		—		—		33		469		—
Common Stock Series B (1,236 shares)	40,702		—		—		—		3,043		43,745		—
	68,834		4,980		—		(6)		2,689		76,497		400
Total Control Investments	$82,977		$10,562		$(2,008)		$3		$(2,754)		$88,780		$504

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

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

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

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2026 was 1.89300%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2026 was 2.07900%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2026 was 2.47500%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2026 was 3.66484%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2026 was 3.68223%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2026 was 3.70002%.

(15)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2026 was 3.84580%.

(16)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2026 was 4.03620%.

(17)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2026 was 4.05560%.

(18)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2026 was 4.30800%.

(19)The interest rate on these loans is subject to 6 Month BBSY, which as of March 31, 2026 was 4.78490%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2026 was 2.27000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2026 was 2.18600%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2026 was 2.51000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2026 was -0.05310%

(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2026 was 4.03000%.

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

(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.

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