New Mountain Finance Corp

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

NMFC$6.84-0.6%Stored close · as of Nov 10, 2026

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

See the whole filing, with its images and exhibits

Contents

Consolidated Schedule of Investments as of December 31,

Consolidated Schedule of Investments

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(11)(12)	SOFR(M)	5.25%	9.07%	12/2021	12/2027	$22,502		$22,398		$22,502
	First lien (3)(10)(12)	SOFR(M)	5.25%	9.07%	12/2021	12/2027	20,009		19,932		20,009
	First lien (4)(12)	SOFR(M)	5.25%	9.07%	01/2022	12/2027	9,500		9,463		9,500
	First lien (4)(12)	SOFR(M)	5.25%	9.07%	12/2021	12/2027	7,300		7,267		7,300
	Subordinated (3)(10)(12)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	17,649		17,527		17,418
	Subordinated (4)(12)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,921		6,873		6,831
								83,460		83,560		7.03%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.66%	05/2024	07/2028	48,932		48,915		48,932
	First lien (3)(12)(15) - Drawn	SOFR(Q)	6.50%	10.66%	05/2024	07/2028	1,639		1,639		1,639
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	9,173		9,158		9,356
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,503		3,497		3,593
								63,209		63,520		5.35%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.50%	8.22%	08/2021	10/2030	35,918		35,742		35,918
	First lien (5)(12)	SOFR(M)	4.50%	8.22%	08/2021	10/2030	21,233		21,180		21,233
								56,922		57,151		4.81%
Einstein Parent, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.36%	01/2025	01/2031	35,582		35,292		35,226
	First lien (2)(11)(12)	SOFR(Q)	6.50%	10.36%	01/2025	01/2031	20,000		19,800		19,800
								55,092		55,026		4.63%
iCIMS, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.61%	09/2023	08/2028	44,742		44,590		43,538
	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.11%	10/2022	08/2028	7,366		7,332		7,253
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.75%	9.59%	08/2022	08/2028	1,165		1,160		1,134
								53,082		51,925		4.37%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
GS Acquisitionco, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	$25,079		$25,049		$25,079
	First lien (5)(12)	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	21,074		21,048		21,074
	First lien (3)(10)(12)	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	2,878		2,874		2,878
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	1,786		1,779		1,786
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.92%	03/2024	05/2028	448		446		448
								51,196		51,265		4.31%
Model N, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	06/2024	06/2031	43,774		43,592		43,774		3.68%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(11)(12)	SOFR(M)	5.75%	9.57%	07/2021	07/2028	18,324		18,263		18,324
	First lien (2)(11)(12)	SOFR(M)	5.75%	9.57%	07/2022	07/2028	7,685		7,647		7,685
	Subordinated (3)(12)	SOFR(Q)	7.50%	11.27%	07/2022	07/2029	16,661		16,534		16,661
								42,444		42,670		3.59%
Deca Dental Holdings LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.52%	08/2021	08/2028	36,710		36,543		35,715
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.52%	08/2021	08/2028	3,864		3,846		3,760
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.52%	08/2021	08/2027	3,027		2,997		2,945
								43,386		42,420		3.57%
Foreside Financial Group, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.22%	05/2022	09/2027	36,810		36,683		36,810
	First lien (3)(10)(12)	SOFR(Q)	5.25%	9.22%	05/2022	09/2027	4,033		4,012		4,033
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	9.08%	03/2024	09/2027	460		457		460
								41,152		41,303		3.48%
Foundational Education Group, Inc.
Education	Second lien (5)(12)	SOFR(Q)	6.50%	10.60%	08/2021	08/2029	22,500		22,436		22,500
	Second lien (3)(10)(12)	SOFR(Q)	6.50%	10.60%	08/2021	08/2029	10,965		10,754		10,965
	First lien (2)(11)	SOFR(Q)	3.75%	7.85%	05/2025	08/2028	6,350		5,871		5,871
								39,061		39,336		3.31%
Acumatica Holdings, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	07/2025	07/2032	39,188		39,188		39,188		3.30%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
MRI Software LLC
Software	First lien (5)(12)	SOFR(Q)	4.75%	8.42%	01/2020	02/2028	$21,205		$21,183		$21,205
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	03/2021	02/2028	7,512		7,506		7,512
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	03/2021	02/2028	4,474		4,471		4,474
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	01/2020	02/2028	3,075		3,072		3,075
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	01/2020	02/2028	785		784		785
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.44%	01/2020	02/2028	400		398		400
								37,414		37,451		3.15%
TigerConnect, Inc.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.25%	02/2022	08/2029	29,875		29,728		29,875
	First lien (2)(12)(15) - Drawn	SOFR(Q)	6.25%	10.25%	02/2022	08/2029	3,741		3,741		3,741
	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.25%	08/2025	08/2029	3,054		3,033		3,054
	First lien (3)(12)(15) - Drawn	SOFR(Q)	6.25%	10.25%	08/2025	08/2029	42		42		42
								36,544		36,712		3.09%
CentralSquare Technologies, LLC
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.47%	04/2024	04/2030	36,497		36,162		36,497		3.07%
Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First lien (3)(10)(12)	SOFR(S)	5.75%	9.58%	10/2021	10/2028	36,155		35,985		36,155		3.04%
IG Investments Holdings, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.84%	09/2021	09/2028	32,471		32,329		32,471
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.84%	03/2024	09/2028	2,517		2,517		2,517
								34,846		34,988		2.94%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First lien (2)(11)(12)	SOFR(Q)	6.09%	10.20%	03/2021	03/2028	24,172		24,034		24,172
	First lien (3)(10)(12)	SOFR(Q)	6.09%	10.02%	03/2021	03/2028	5,012		5,001		5,012
	First lien (2)(11)(12)	SOFR(Q)	6.24%	10.25%	04/2025	03/2028	4,706		4,687		4,706
								33,722		33,890		2.85%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Fortis Solutions Group, LLC
Packaging	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.27%	10/2021	10/2028	$29,234		$29,095		$29,234
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.27%	06/2022	10/2028	972		974		972
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.27%	10/2021	10/2027	834		826		834
	First lien (3)(12)	SOFR(Q)	5.50%	9.27%	10/2021	10/2028	79		78		79
								30,973		31,119		2.62%
Nelipak Holding Company
Packaging	First lien (3)(10)(12)(13)	EURIBOR(Q)	5.50%	7.52%	03/2024	03/2031	€16,357		17,614		19,214
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.17%	03/2024	03/2031	$8,932		8,878		8,932
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.17%	03/2024	03/2031	$2,168		2,152		2,168
	First lien (3)(10)(12)(13)(15) - Drawn	SOFR(M)	5.50%	9.23%	03/2024	03/2031	$392		389		392
	First lien (3)(12)(15) - Drawn	EURIBOR(M)	5.50%	7.44%	03/2024	03/2031	€105		121		123
								29,154		30,829		2.59%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(12)	SOFR(Q)	5.75%	9.57%	08/2022	08/2029	22,163		22,118		22,163
	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.57%	06/2024	08/2029	8,175		8,175		8,175
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.75%	9.63%	08/2022	08/2029	61		64		61
								30,357		30,399		2.56%
DOCS, MSO, LLC
Healthcare	First lien (3)(10)(12)	SOFR(M)	5.75%	9.63%	06/2022	06/2028	18,149		18,149		18,149
	First lien (4)(12)	SOFR(M)	5.75%	9.63%	06/2022	06/2028	6,797		6,797		6,797
	First lien (3)(10)(12)	SOFR(M)	5.75%	9.57%	02/2025	06/2028	3,354		3,335		3,354
								28,281		28,300		2.38%
Bullhorn, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	13,206		13,177		13,206
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	05/2024	10/2029	8,879		8,976		8,879
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	10/2021	10/2029	3,398		3,395		3,398
	First lien (3)(10)(12)	SOFR(M)	5.00%	8.72%	05/2024	10/2029	1,025		1,023		1,025
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	761		759		761
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	341		340		341
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	272		271		272
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.72%	09/2019	10/2029	125		127		125
								28,068		28,007		2.36%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
PetVet Care Centers, LLC
Consumer Services	First lien (2)(11)(12)	SOFR(M)	6.00%	9.72%	10/2023	11/2030	$27,861		$27,646		$26,649
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	6.00%	9.84%	10/2023	11/2029	371		367		355
								28,013		27,004		2.27%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.77%	08/2021	08/2028	22,643		22,547		18,114
	First lien (3)(10)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.77%	08/2021	08/2028	4,346		4,319		3,477
	First lien (3)(10)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.77%	08/2021	08/2028	4,014		3,994		3,211
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.50%	9.27%	08/2021	08/2027	2,330		2,307		1,864
								33,167		26,666		2.24%
YLG Holdings, Inc.
Business Services	First lien (5)(12)	SOFR(Q)	4.75%	8.74%	11/2019	12/2030	21,661		21,638		21,661
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.74%	04/2025	12/2030	4,309		4,289		4,309
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.60%	04/2025	12/2030	394		392		394
								26,319		26,364		2.22%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(10)(12)	SOFR(S)	5.50%	9.62%	02/2022	02/2028	18,769		18,729		18,626
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.62%	02/2022	02/2028	5,223		5,211		5,183
	First lien (3)(10)(12)	SOFR(S)	5.50%	9.62%	02/2022	02/2028	686		684		681
								24,624		24,490		2.06%
PDI TA Holdings, Inc.
Software	First lien (4)(12)	SOFR(Q)	5.50%	9.34%	01/2024	02/2031	22,171		22,081		22,171
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.50%	9.34%	01/2024	02/2031	1,342		1,335		1,342
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.34%	03/2025	02/2031	509		509		509
								23,925		24,022		2.02%
Diamond Parent Holdings Corp. (24)
Diligent Corporation
Software	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.82%	04/2024	08/2030	19,821		19,763		19,821
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.82%	04/2024	08/2030	3,398		3,388		3,398
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.00%	8.75%	04/2024	08/2030	532		530		532
								23,681		23,751		2.00%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(12)	SOFR(Q)*	9.00%/PIK	12.97%	11/2019	05/2029	$23,738		$23,683		$19,640
	Second lien (2)(11)(12)	SOFR(Q)*	9.00%/PIK	12.97%	11/2019	05/2029	4,440		4,421		3,673
								28,104		23,313		1.96%
Xactly Corporation
Software	First lien (4)(12)	SOFR(Q)	6.25%	10.17%	07/2017	07/2027	22,500		22,489		22,232		1.87%
FS WhiteWater Holdings, LLC(26)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(12)	SOFR(Q)	5.25%	9.07%	12/2021	12/2029	8,449		8,410		8,449
	First lien (3)(10)(12)	SOFR(Q)	5.25%	9.07%	07/2022	12/2029	4,710		4,682		4,710
	First lien (5)(12)	SOFR(Q)	5.25%	9.07%	12/2021	12/2029	2,836		2,822		2,836
	First lien (5)(12)	SOFR(Q)	5.25%	9.07%	12/2021	12/2029	2,818		2,805		2,818
	First lien (5)(12)(15) - Drawn	SOFR(S)	5.25%	9.26%	03/2025	12/2029	2,533		2,508		2,533
	First lien (3)(10)(12)(15) - Drawn	SOFR(S)	5.25%	9.26%	03/2025	12/2029	846		837		846
								22,064		22,192		1.87%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	05/2024	06/2031	15,602		15,504		15,602
	First lien (2)(11)(12)	SOFR(M)	4.25%	7.97%	05/2025	06/2031	5,782		5,756		5,782
	First lien (3)(10)(12)	SOFR(M)	4.25%	7.97%	07/2025	06/2031	378		376		378
								21,636		21,762		1.83%
Sierra Enterprises, LLC
Food & Beverage	First lien (2)(11)(12)	SOFR(Q)	6.00%	9.67%	05/2025	05/2030	21,357		21,213		21,197		1.78%
Brave Parent Holdings, Inc.
Software	First lien (5)(12)	SOFR(M)	4.25%	7.97%	11/2023	11/2030	21,124		21,040		21,124		1.78%
Cardinal Parent, Inc.
Financial Services & Technology	First lien (4)	SOFR(Q)	4.50%	8.32%	10/2020	11/2027	11,609		11,581		11,366
	Second lien (4)(12)	SOFR(Q)	7.75%	11.58%	11/2020	11/2028	9,767		9,721		9,653
								21,302		21,019		1.77%
Low Voltage Holdings Inc.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	04/2025	04/2032	17,038		16,979		16,975
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	04/2025	04/2032	1,422		1,417		1,417
								18,396		18,392		1.55%
Viper Bidco. Inc.
Business Services	First lien (3)(10)(12)(13)	SONIA(D)	4.75%	8.47%	11/2024	11/2031	£11,910		15,037		16,051
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	11/2024	11/2031	2,306		2,294		2,306
								17,331		18,357		1.54%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(10)(12)	SOFR(M)*	3.25%/PIK + 2.00%	8.97%	01/2024	07/2029	$22,939		$22,392		$14,820
	First lien (3)(10)(12)	SOFR(M)*	3.00%/PIK + 1.00%	7.72%	03/2024	07/2029	4,057		2,878		2,594
	Subordinated (2)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	337		337		337
	Subordinated (3)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	325		325		325
								25,932		18,076		1.52%
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(10)(12)	SOFR(M)(17)*	6.75%/PIK + 0.50%	11.22%	09/2015	09/2027	29,879		29,842		17,999
	First lien (3)(12)	SOFR(M)(17)*	14.50%/PIK + 0.50%	18.97%	06/2021	09/2027	1,527		1,527		—
	Subordinated (3)(12)	SOFR(Q)(17)*	1.00%/PIK	5.14%	03/2021	09/2027	5,230		—		—
								31,369		17,999		1.51%
Bonterra LLC
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	03/2025	03/2032	14,989		14,955		14,952
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	4.75%	8.69%	03/2025	03/2032	1,629		1,629		1,625
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.44%	03/2025	03/2032	244		244		244
								16,828		16,821		1.42%
Power Grid Holdings, Inc.
Business Products	First lien (4)(12)	SOFR(Q)	4.75%	8.42%	11/2023	12/2030	15,597		15,511		15,597
	First lien (3)(12)(15) - Drawn	P(Q)	3.75%	10.50%	11/2023	12/2030	429		425		429
								15,936		16,026		1.35%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(12)	SOFR(M)	4.50%	8.22%	02/2020	02/2028	14,473		14,461		14,473
	First lien (5)(12)	SOFR(M)	4.50%	8.22%	02/2024	02/2028	1,241		1,236		1,241
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.50%	8.22%	02/2020	02/2028	270		269		270
								15,966		15,984		1.35%
Digicert, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.47%	07/2025	07/2030	15,462		15,354		15,346		1.29%
Coupa Holdings, LLC
Software	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.09%	02/2023	02/2030	14,243		14,123		14,243		1.20%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(10)(12)	SOFR(M)	4.75%	8.47%	10/2021	10/2028	$12,746		$12,686		$12,746
	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	10/2021	10/2028	1,074		1,069		1,074
	First lien (3)(12)	SOFR(M)	4.75%	8.47%	10/2021	10/2028	64		64		64
								13,819		13,884		1.17%
CFS Management, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)*	3.41% + 5.09%/PIK	12.43%	08/2019	09/2026	12,124		12,124		10,608
	First lien (2)(11)(12)	SOFR(Q)*	3.41% + 5.09%/PIK	12.43%	08/2019	09/2026	3,612		3,621		3,161
								15,745		13,769		1.16%
eResearchTechnology, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	03/2025	01/2032	11,380		11,275		11,380
	First lien (3)(10)(12)	SOFR(M)	4.75%	8.47%	03/2025	01/2032	1,889		1,877		1,889
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.75%	8.47%	03/2025	01/2032	301		290		301
								13,442		13,570		1.14%
Houghton Mifflin Harcourt Company
Education	First lien (2)(11)	SOFR(M)	5.25%	9.07%	10/2023	04/2029	14,336		14,044		12,689		1.07%
USRP Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	07/2021	12/2029	12,396		12,341		12,396		1.04%
Convey Health Solutions, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)*	1.00% + 3.94%/PIK	8.71%	09/2019	07/2029	13,518		13,475		9,869
	First lien (2)(11)(12)	SOFR(Q)*	1.00% + 3.94%/PIK	8.71%	02/2022	07/2029	2,257		2,244		1,648
								15,719		11,517		0.97%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.44%	06/2021	06/2029	8,345		8,310		8,345
	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.50%	06/2021	06/2029	2,798		2,784		2,798
								11,094		11,143		0.94%
Anaplan, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.32%	06/2022	06/2029	10,513		10,456		10,513		0.88%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (5)(12)	SOFR(M)	5.25%	8.97%	02/2024	02/2031	10,413		10,372		10,413		0.88%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)*	2.25% + 2.75%/PIK	8.84%	01/2025	02/2032	$8,187		$8,169		$8,167
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.50%	8.34%	01/2025	02/2032	1,919		1,914		1,914
								10,083		10,081		0.85%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(11)(12)	SOFR(Q)*	6.75% + 2.00%/PIK	12.42%	07/2021	07/2027	8,582		8,553		8,582
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	12.47%	07/2021	07/2026	1,089		1,078		1,089
								9,631		9,671		0.81%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(10)(12)	SOFR(M)	5.50%	9.22%	07/2025	07/2033	9,512		9,466		9,464		0.80%
Ultimus Group Midco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	07/2025	07/2032	9,116		9,073		9,070		0.76%
Denali Intermediate Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	5.50%	9.23%	08/2025	08/2032	9,091		9,047		9,045		0.76%
Planview Parent, Inc.
Software	Second lien (3)(10)(12)	SOFR(Q)	5.75%	9.42%	06/2024	12/2028	9,231		9,212		8,827		0.74%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.34%	10/2024	11/2029	8,382		8,297		8,382		0.71%
KPSKY Acquisition Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.44%	10/2021	10/2028	6,756		6,724		6,331
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.46%	06/2022	10/2028	1,137		1,130		1,066
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.53%	10/2021	10/2028	774		770		726
	First lien (3)(12)	SOFR(Q)	5.75%	9.67%	11/2023	10/2028	19		18		18
								8,642		8,141		0.69%
HP TLE Buyer, Inc.
Education	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	06/2025	07/2032	8,168		8,129		8,127		0.68%
Compsych Investments Corp.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.61%	07/2024	07/2031	7,790		7,741		7,790		0.66%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)	SOFR(M)	4.50%	8.25%	09/2024	09/2031	7,113		7,082		7,113		0.60%
RLG Holdings, LLC
Packaging	First lien (2)(11)	SOFR(M)	4.25%	8.08%	09/2025	07/2028	7,184		5,816		4,419
	First lien (2)(11)	SOFR(M)	5.00%	8.72%	06/2024	07/2028	4,163		4,109		2,613
								9,925		7,032		0.59%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First lien (3)(12)	SOFR(Q)*	7.25%/PIK	11.10%	12/2025	12/2030	$4,692		$4,692		$4,692
	Subordinated (3)(12)	SOFR(Q)*	9.00%/PIK	12.85%	12/2025	12/2031	2,252		2,252		2,252
								6,944		6,944		0.58%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(12)	SOFR(M)*	2.75% + 2.75%/PIK	9.23%	08/2024	08/2031	6,250		6,198		6,250
	First lien (5)(12)(15) - Drawn	SOFR(M)	5.00%	8.73%	08/2024	08/2031	296		293		296
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.73%	08/2024	08/2030	233		230		233
								6,721		6,779		0.57%
OEConnection LLC
Business Services	First lien (2)(11)	SOFR(M)	4.50%	8.23%	04/2024	12/2032	6,609		6,582		6,620		0.56%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(12)	—	—	—	05/2013	—	14,500		14,500		6,525		0.55%
Flash Charm Inc. (fka Idera, Inc.)
Software	Second lien (4)	SOFR(Q)	6.75%	10.75%	06/2019	03/2029	6,474		6,463		5,697
	Second lien (3)(10)	SOFR(Q)	6.75%	10.75%	04/2021	03/2029	863		862		760
								7,325		6,457		0.54%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	08/2024	08/2031	6,451		6,423		6,451		0.54%
Next Holdco, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.09%	11/2023	11/2030	6,264		6,232		6,264		0.53%
Greenway Health, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.75%	10.42%	12/2023	04/2029	6,238		6,175		6,238		0.52%
Fullsteam Operations LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.11%	08/2025	08/2031	6,223		6,193		6,192		0.52%
Vehlo Purchaser, LLC
Software	First lien (3)	SOFR(M)	5.50%	9.22%	06/2025	05/2028	6,073		6,022		6,042		0.51%
NC Topco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.50%	8.22%	08/2024	09/2031	5,862		5,838		5,862		0.49%
RailPros Parent, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.13%	05/2025	05/2032	5,828		5,801		5,799		0.49%
Healthspan Buyer, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	10/2023	10/2030	5,018		4,980		5,018		0.42%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
WEG Sub Intermediate Holdings, LLC
Financial Services & Technology	Subordinated (3)(12)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	$4,665		$4,623		$4,665		0.39%
Logrhythm, Inc.
Software	First lien (3)(12)	SOFR(Q)	7.50%	11.34%	07/2024	07/2029	4,196		4,148		3,994		0.34%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(10)(12)	SOFR(S)	4.75%	8.36%	05/2024	12/2028	3,062		3,051		3,062		0.26%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(10)(12)	SOFR(M)	4.75%	8.57%	05/2021	05/2027	3,046		3,038		3,046		0.26%
Meta Buyer LLC
Healthcare	First lien (2)(11)	SOFR(S)	5.25%	8.94%	12/2025	12/2031	2,987		2,972		2,972		0.25%
DCA Investment Holding, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)(17)	8.41%	12.08%	03/2021	04/2028	1,786		1,781		1,574
	First lien (3)(10)(12)	SOFR(Q)(17)	8.50%	12.17%	12/2022	04/2028	1,000		994		882
								2,775		2,456		0.21%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	4.75%	8.42%	06/2025	08/2031	1,979		1,959		1,979
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.43%	06/2025	08/2031	57		57		57
								2,016		2,036		0.17%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(10)(12)	SOFR(M)	5.00%	8.72%	05/2024	10/2029	1,470		1,463		1,470		0.12%
DT1 Midco Corp
Business Services	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	06/2025	12/2031	1,342		1,335		1,335
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.72%	06/2025	12/2031	32		32		32
								1,367		1,367		0.12%
Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.44%	07/2025	11/2031	1,291		1,279		1,291
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.75%	8.48%	07/2025	11/2031	9		9		9
								1,288		1,300		0.11%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(12)	—	—	—	06/2024	06/2029	152		152		152
	Trust Claim(3)(12)	—	—	—	06/2024	06/2029	52		52		52
								204		204		0.02%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
PPVA Fund, L.P.
Business Services	Collateralized Financing (17)(18)	—	—	—	11/2014	—	$—		$—		$—		—%
Total Funded Debt Investments - United States								$1,802,143		$1,752,265		147.45%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(10)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.40%	07/2024	07/2031	$19,815		$19,903		$19,815
	First lien (2)(11)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.40%	06/2025	07/2031	16,245		16,245		16,245
	First lien (2)(11)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.26%	06/2025	07/2031	890		890		890
								37,038		36,950		3.11%
Total Funded Debt Investments - Jersey								$37,038		$36,950		3.11%
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First lien (2)(11)(12)	SOFR(Q)	6.50%	10.45%	02/2024	02/2030	$9,440		$9,351		$9,440
	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.44%	02/2024	02/2030	5,339		5,280		5,339
								14,631		14,779		1.24%
Total Funded Debt Investments - United Kingdom								$14,631		$14,779		1.24%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.61%	06/2025	12/2029	$4,463		$4,453		$4,463
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.61%	12/2022	12/2029	3,411		3,377		3,411
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.61%	12/2023	12/2029	1,328		1,319		1,328
								9,149		9,202		0.77%
Adelaide Borrower, LLC**
Business Services	First lien (3)(10)(12)	SOFR(Q)*	3.38% + 3.38%/PIK	10.42%	05/2024	05/2030	4,780		4,743		4,780
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.25%	9.98%	05/2024	05/2030	120		119		120
								4,862		4,900		0.41%
Total Funded Debt Investments - Australia								$14,011		$14,102		1.18%
Total Funded Debt Investments								$1,867,823		$1,818,096		152.98%
Equity - United States
Dealer Tire Holdings, LLC(34)
Distribution & Logistics	Preferred shares (3)(10)(12)	FIXED(A)*	7.00%/PIK	7.00%	09/2021	—	56,271		$81,859		$87,225		7.34%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Symplr Software Intermediate Holdings, Inc. (33)
Healthcare	Series A preferred shares (4)(12)	SOFR(Q)*	10.50%/PIK	14.31%	11/2018	—	7,500		$18,953		$18,204
	Series A preferred shares (3)(10)(12)	SOFR(Q)*	10.50%/PIK	14.31%	11/2018	—	2,586		6,534		6,276
								25,487		24,480		2.06%
Diamond Parent Holdings Corp. (24)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(12)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000		15,702		15,036		1.27%
Knockout Intermediate Holdings I Inc.(32)
Software	Preferred shares (3)(12)	SOFR(S)*	10.75%/PIK	14.35%	06/2022	—	8,313		13,248		13,324		1.12%
HBWM Holdings, LLC(31)
Financial Services & Technology	Common units(8)(12)	FIXED(Q)*	4.00%	4.00%	09/2021	—	47,114		4,776		10,854		0.91%
Notorious Buyer, LLC(35)
Consumer Products	Common stock (3)(12)	—	—	—	12/2025	—	375		7,339		7,339		0.62%
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (30)
Packaging	Series A preferred shares (3)(12)	FIXED(A)*	15.00%/PIK	15.00%	05/2024	—	2,900		3,335		3,335
	Series B preferred shares (3)(12)	FIXED(A)(17)*	11.50%/PIK	11.50%	05/2024	—	3,691		2,565		3,009
	Ordinary shares (3)(12)	—	—	—	05/2024	—	290		145		—
								6,045		6,344		0.53%
FS WhiteWater Holdings, LLC(26)
Consumer Services	Ordinary shares (5)(12)	—	—	—	12/2021	—	50,000		5,000		5,357		0.45%
Firebird Co-Invest L.P.(19)
Business Services	LP Interest (3)(12)	—	—	—	01/2025	—	3,358,474		3,358		3,358		0.28%
Eclipse Topco, Inc.(27)
Financial Services & Technology	Preferred shares (4)(12)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190		2,207		2,228		0.19%
Pioneer Topco I, L.P.
Software	Class A-2 common units(9)(12)	—	—	—	11/2021	—	199,980		2,000		2,200		0.19%
ACI Parent Inc.(25)
Healthcare	Preferred shares (3)(12)	FIXED(Q)(17)*	11.75%/PIK	11.75%	08/2021	—	12,500		20,124		2,087		0.18%
Ambrosia Topco LLC
Distribution & Logistics	Class A-1 common units(2)(12)	—	—	—	01/2024	—	126,536		1,348		590
	Class A-1 common units(3)(12)	—	—	—	01/2024	—	122,044		1,300		569
								2,648		1,159		0.10%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
GEDC Equity, LLC
Healthcare	Participation Interest(3)(12)	—	—	—	06/2023	—	190,000		$190		$50		—%
AAC Lender Holdings, LLC(23)
Education	Ordinary shares (3)(12)	—	—	—	03/2021	—	758		—		—		—%
Total Shares - United States								$189,983		$181,041		15.24%
Total Shares								$189,983		$181,041		15.24%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligation(3)(12)	SOFR(Q)	7.00%	10.86%	11/2024	01/2037	3,232		$3,232		$3,277		0.28%
Total Structured Finance Obligations - United States								$3,232		$3,277		0.28%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(12)	—	—	—	06/2024	06/2029	138,622		$182		$272
	Warrants (3)(12)	—	—	—	06/2024	06/2029	47,459		62		93
								244		365		0.03%
Total Warrants - United States								$244		$365		0.03%
Total Funded Investments								$2,061,282		$2,002,779		168.53%
Unfunded Debt Investments - United States
OEConnection LLC
Business Services	First lien (3)(15) - Undrawn	—	—	—	04/2024	12/2026	$495		$—		$1
	First lien (3)(15) - Undrawn	—	—	—	04/2024	12/2032	618		(3)		—
								(3)		1		0.00%
Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	11/2026	602		—		—		—%
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2030	938		—		—		—%
DOCS, MSO, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		—		—%
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(12)(15) - Undrawn	—	—	—	01/2021	09/2027	2,652		—		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(12)(15) - Undrawn	—	—	—	10/2024	10/2026	$2,695		$—		$—		—%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—%
Riskonnect Parent, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—%
Acumatica Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2032	9,403		—		—		—%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	07/2026	113		(1)		—		—%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	147		(1)		—		—%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	06/2027	1,709		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	08/2031	251		(1)		—
								(1)		—		—%
PDI TA Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2024	02/2031	488		(2)		—		—%
Next Holdco, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—		—%
YLG Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	11/2026	271		(1)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	11/2019	12/2030	309		(2)		—
								(3)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
NC Topco, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2026	$1,672		$—		$—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		—
								(3)		—		—%
Associations, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	2,186		(1)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	3,077		(2)		—
								(3)		—		—%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(12)(15) - Undrawn	—	—	—	08/2024	08/2026	61		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2030	483		(5)		—
								(5)		—		—%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2031	1,086		(5)		—
								(5)		—		—%
Bullhorn, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	822		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	09/2019	10/2029	811		(6)		—
								(6)		—		—%
Wealth Enhancement Group, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2021	10/2028	2,040		(6)		—		—%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	06/2021	06/2029	818		(8)		—		—%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(12)(15) - Undrawn	—	—	—	02/2020	02/2028	$1,529		$(8)		$—		—%
MRI Software LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2020	02/2028	1,602		(8)		—		—%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2029	426		(9)		—		—%
USRP Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		—		—%
eResearchTechnology, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	01/2027	1,847		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	10/2031	1,074		(11)		—
								(11)		—		—%
Healthspan Buyer, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		—		—%
Coupa Holdings, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	06/2027	1,291		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
								(12)		—		—%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2027	64		—		—
	First lien (5)(12)(15) - Undrawn	—	—	—	03/2025	03/2027	191		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	12/2021	12/2029	1,400		(14)		—
								(14)		—		—%
Compsych Investments Corp.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2027	2,253		(14)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Viper Bidco. Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2026	$1,838		$—		$—
	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		—
								(17)		—		—%
GS Acquisitionco, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2026	759		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2019	05/2028	3,036		(19)		—
								(19)		—		—%
Diamond Parent Holdings Corp. (24)
Diligent Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	08/2030	1,733		(6)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		—
								(19)		—		—%
Fortis Solutions Group, LLC
Packaging	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2027	2,026		(20)		—		—%
Foreside Financial Group, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2026	2,849		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2022	09/2027	2,311		(21)		—
								(21)		—		—%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)(15) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		—
								(21)		—		—%
Model N, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	06/2024	06/2026	9,047		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		—
								(24)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Nelipak Holding Company
Packaging	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2027	$1,332		$—		$—
	First lien (3)(10)(12)(13)(15) - Undrawn	—	—	—	03/2024	03/2027	€6,411		—		—
	First lien (3)(10)(12)(13)(15) - Undrawn	—	—	—	03/2024	03/2031	€1,092		(8)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2031	$2,221		(17)		—
								(25)		—		—%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	06/2027	2,122		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	06/2030	3,707		(26)		—
								(26)		—		—%
Infogain Corporation
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	07/2028	3,827		(29)		—		—%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)		—		—%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—%
IG Investments Holdings, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	09/2021	09/2028	3,780		(38)		—		—%
Power Grid Holdings, Inc.
Business Products	First lien (3)(12)(15) - Undrawn	—	—	—	11/2023	12/2030	3,861		(39)		—		—%
TigerConnect, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	08/2029	4,267		(43)		—		—%
CentralSquare Technologies, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Meta Buyer LLC
Healthcare	First lien (3)(15) - Undrawn	—	—	—	12/2025	12/2031	$819		$—		$—
	First lien (3)(15) - Undrawn	—	—	—	12/2025	12/2031	409		—		—
	First lien (3)(15) - Undrawn	—	—	—	12/2025	12/2031	536		(2)		(2)
								(2)		(2)		(0.00)%
Bonterra LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2027	—		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2032	1,384		(3)		(3)
								(3)		(3)		(0.00)%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	08/2021	08/2027	24		—		(5)		(0.00)%
Denali Intermediate Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2032	909		(5)		(5)		(0.00)%
Digicert, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2030	1,119		(8)		(8)		(0.00)%
HP TLE Buyer, Inc.
Education	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	07/2032	1,797		(9)		(9)		(0.00)%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2032	1,422		(4)		(4)
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2027	2,814		—		(7)
								(4)		(11)		(0.00)%
Xactly Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		(12)		(0.00)%
Fullsteam Operations LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2031	691		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(10)
								(3)		(13)		(0.00)%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
RailPros Parent, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2032	$899		$(4)		$(4)
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2027	1,798		—		(9)
								(4)		(13)		(0.00)%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(15)		(0.00)%
Logrhythm, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		(20)		(0.00)%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2030	2,717		(20)		(20)		(0.00)%
Ultimus Group Midco, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2032	1,139		(6)		(6)
	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	01/2028	3,039		—		(15)
								(6)		(21)		(0.00)%
DT1 Midco Corp
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	12/2030	674		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	04/2027	4,462		—		(22)
								(3)		(25)		(0.00)%
Low Voltage Holdings Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	819		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	2,317		(9)		(9)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	10/2027	3,698		—		(14)
								(12)		(26)		(0.00)%
Einstein Parent, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	01/2031	5,750		(57)		(57)		(0.00)%
iCIMS, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2028	2,365		(21)		(64)		(0.01)%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
PetVet Care Centers, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	10/2023	11/2029	$3,337		$(33)		$(145)		(0.01)%
Total Unfunded Debt Investments - United States								$(843)		$(473)		(0.02)%
Unfunded Debt Investments - Australia
Adelaide Borrower, LLC**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	$1,048		$—		$—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2030	547		(5)		—
								(5)		—		—%
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2022	12/2028	790		(6)		—		—%
Total Unfunded Debt Investments - Australia								$(11)		$—		—%
Unfunded Debt Investments - UK
Ciklum Inc.**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2024	02/2030	$2,989		$(37)		$—		—%
Total Unfunded Debt Investments - UK								$(37)		$—		—%
Total Unfunded Debt Investments								$(891)		$(473)		(0.02)%
Total Non-Controlled/Non-Affiliated Investments								$2,060,391		$2,002,306		168.51%
Non-Controlled/Affiliated Investments (36)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (20)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(12)	SOFR(Q)*	14.00%/PIK	17.67%	12/2020	01/2028	$26,646		$26,596		$26,646		2.24%
Eagle Infrastructure Super HoldCo, LLC (28)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(11)(12)	SOFR(Q)	7.50%	11.32%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(12)	SOFR(Q)	7.50%	11.32%	03/2023	04/2028	340		340		340
								10,968		10,968		0.92%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(7)(12)	FIXED(Q)(17)*	10.00%/PIK	10.00%	03/2021	—	$247		$—		$—
	First lien (3)(12)	SOFR(Q)(17)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
								—		—		—%
Total Funded Debt Investments - United States								$37,564		$37,614		3.16%
Equity - United States
TVG-Edmentum Holdings, LLC(20)
Education	Series C-2 Preferred Units(3)(12)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		$8,719		$8,719
	Class B-1 Common Shares (3)(13)	—	—	—	12/2020	—	24,450		43,212		5,000
	Class B-2 Common Shares (3)(13)	—	—	—	12/2020	—	24,450		24,839		—
								76,770		13,719		1.15%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(12)	—	—	—	03/2023	—	72,536		4,104		7,369		0.62%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(12)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(12)	—	—	—	07/2017	—	2,786,000		1,282		201
								12,783		2,000		0.17%
Total Shares - United States								$93,657		$23,088		1.94%
Total Non-Controlled/Affiliated Investments								$131,221		$60,702		5.10%
Controlled Investments (37)
Funded Debt Investments - United States
New Benevis Topco, LLC (22)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(12)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2028	$51,933		$51,933		$51,933
	First lien (3)(10)(12)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2028	45,204		45,204		45,204
	Subordinated (3)(12)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2028	26,878		26,483		26,878
								123,620		124,015		10.44%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.00%	9.93%	10/2020	12/2027	28,497		28,497		28,497
	First lien (3)(10)(12)	SOFR(Q)	9.00%	12.93%	10/2020	12/2027	23,336		23,336		23,336
								51,833		51,833		4.36%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
NHME Holdings Corp. (21)
National HME, Inc.
Healthcare	Second lien (3)(12)	SOFR(Q)(17)*	5.00%/PIK	9.25%	11/2018	11/2025	$8,281		$7,872		$—		—%
Total Funded Debt Investments - United States								$183,325		$175,848		14.80%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(12)	—	—	—	05/2018	—	—		$160,000		$160,000		13.47%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(12)	—	—	—	05/2021	—	—		112,400		112,400		9.46%
NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(12)	—	—	—	06/2018	—	—		74,248		106,096		8.93%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(12)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	64,485,636		61,162		64,486
	Preferred shares (3)(12)	—	—	—	06/2017	—	80,994,293		29,318		8,695
	Preferred shares (2)(12)	—	—	—	01/2015	—	29,326,545		26,946		—
	Preferred shares (3)(12)	—	—	—	01/2015	—	141,354,439		7,447		—
	Ordinary shares (2)(12)	—	—	—	01/2015	—	2,096,477		1,925		—
	Ordinary shares (3)(12)	—	—	—	01/2015	—	9,236,492		532		—
								127,330		73,181		6.16%
New Benevis Topco, LLC (22)
Healthcare	Common stock (2)(12)	—	—	—	10/2020	—	325,516		27,155		20,733
	Common stock (3)(12)	—	—	—	10/2020	—	152,548		12,768		9,716
								39,923		30,449		2.56%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(12)	—	—	—	10/2020	—	100		11,155		12,000		1.01%
NM YI, LLC
Net Lease	Membership interest (6)(12)	—	—	—	09/2019	—	—		6,272		8,641		0.73%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(12)	—	—	—	06/2018	—	—		850		390		0.03%
NHME Holdings Corp.(21)
Healthcare	Ordinary shares (3)(12)	—	—	—	11/2018	—	640,000		4,000		—		—%
Total Shares - United States								$536,178		$503,157		42.35%
Total Shares								$536,178		$503,157		42.35%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (16) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (14) · Cost · Fair Value · Percent ofNetAssets
Warrants - United States
NHME Holdings Corp. (21)
Healthcare	Warrants (3)(12)	—	—	—	11/2018	01/2033	160,000		$1,000		$—		—%
Total Warrants - United States								$1,000		$—		—%
Total Funded Investments								$720,503		$679,005		57.15%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(12)(15) - Undrawn	—	—	—	10/2020	12/2027	$3,397		$—		$—		—%
Total Unfunded Debt Investments - United States								$—		$—		—%
Total Controlled Investments								$720,503		$679,005		57.15%
Total Investments								$2,912,115		$2,742,013		230.76%

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by New Mountain Net Lease Corporation.

(7)Investment is held by NMF Permian Holdings, LLC.

(8)Investment is held by NMF HB, Inc.

(9)Investment is held by NMF Pioneer, Inc.

(10)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details

(11)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. Borrowings, for details.

(12)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(13)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,051 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,212, $7,529, $1,282 and $123, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(14)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

(15)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolvers or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(16)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2025.

(17)Investment is on non-accrual status as of December 31, 2025. See Note 3. Investments, for details.

(18)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of December 31, 2025. See Note 2. Summary of Significant Accounting Policies, for details.

(19)The Company holds an LP Interest in Firebird Co-Invest L.P. and holds a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P.

(20)The Company holds ordinary shares and Class B-1 and B-2 of preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of December 31, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.

(21)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR +5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR +6.00%.

(22)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

(23)The Company holds ordinary shares in AAC Lender Holdings, LLC andtwo first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(24)The Company holds investments intwo wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holdstwo first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $15,827.

(25)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. . The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $20,249.

(26)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, andfive first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(27)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $2,226.

(28)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(29)The Company holds Class A-1 Common Units in Ambrosia Topco LLC andtwo first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.

(30)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's Series A and Series B preferred equity investment, plus unpaid compounded dividends, was$3,335 and$4,116, respectively.

(31)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of December 31, 2025, the Company's unreturned original investment, plus any unpaid compounded dividends, was$4,776.

(32)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was$13,323.

(33)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was$25,639.

(34)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was$90,671.

(35)The Company holds common units in Notorious Buyer, LLC, and a first lien term loan, a subordinated loan, and a first lien revolver in Notorious Topco, LLC and Notorious Holdings, LLC, two wholly-owned subsidiaries of Notorious Buyer, LLC.

(36)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company	Fair Value at December 31, 2024	GrossAdditions (A)	GrossRedemptions(B)	Net Change In Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2025	Net Realized Gains (Losses)	InterestIncome	DividendIncome	OtherIncome
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$19,156	$—	$—	$(819)	$18,337	$—	$1,321	$—	$—
Sierra Hamilton Holdings Corporation	2,000	—	—	—	2,000	—	—	—	—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	91,620	6,967	—	(58,222)	40,365	—	4,357	2,594	250
Total Non-Controlled/Affiliated Investments	$112,776	$6,967	$—	$(59,041)	$60,702	$—	$5,678	$2,594	$250

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

(37)Denotes investments in which the Company “Controls”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a controlled investment, is as follows:

Portfolio Company	Fair Value at December 31, 2024	GrossAdditions(A)	GrossRedemptions(B)	Net Change InUnrealizedAppreciation(Depreciation)	Fair Value at December 31, 2025	Net Realized Gains (Losses)	InterestIncome	DividendIncome	OtherIncome
National HME, Inc./NHME Holdings Corp.	$3,000	$—	$—	$(3,000)	$—	$—	$—	$—	$—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	140,102	21,456	—	(7,094)	154,464	—	14,309	—	1,383
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,076	7,657	—	(6,900)	63,833	—	5,759	—	500
NM NL Holdings, L.P.	104,512	—	—	1,584	106,096	—	—	8,740	—
NM GP Holdco, LLC	322	—	—	68	390	—	—	44	—
NM YI LLC	9,960	—	—	(1,319)	8,641	—	—	886	—
NMFC Senior Loan Program III LLC	160,000	—	—	—	160,000	—	—	22,600	—
NMFC Senior Loan Program IV LLC	112,400	—	—	—	112,400	—	—	15,315	—
UniTek Global Services, Inc.	107,524	72,385	(60,582)	(46,146)	73,181	38,898	516	10,851	1,070
Total Controlled Investments	$700,896	$101,498	$(60,582)	$(62,807)	$679,005	$38,898	$20,584	$58,436	$2,953

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

*All or a portion of interest contains PIK interest.

**Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2025,15.4% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

	December 31, 2025
Investment Type	Percent of TotalInvestments at Fair Value
First lien	66.30%
Second lien	3.33%
Subordinated	4.43%
Structured Finance Obligations	0.12%
Equity and other	25.82%
Total investments	100.00%

	December 31, 2025
Industry Type	Percent of TotalInvestments at Fair Value
Software	19.22%
Business Services	18.84%
Healthcare	16.91%
Investment Funds (includes investments in joint ventures)	10.05%
Consumer Services	7.03%
Financial Services & Technology	6.28%
Distribution & Logistics	5.78%
Education	4.32%
Net Lease	4.20%
Packaging	2.75%
Energy	2.40%
Food & Beverage	0.77%
Business Products	0.58%
Consumer Products	0.52%
Specialty Chemicals & Materials	0.35%
Total investments	100.00%

	December 31, 2025
Interest Rate Type	Percent of TotalInvestments at Fair Value
Floating rates	83.69%
Fixed rates	16.31%
Total investments	100.00%

Consolidated Schedule of Investments

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	$22,733		$22,583		$22,734
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	20,218		20,104		20,218
	First lien (4)(13)	SOFR(M)	5.25%	9.71%	01/2022	12/2027	9,599		9,545		9,599
	First lien (4)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	7,375		7,327		7,375
	Subordinated (3)(11)(13)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	15,733		15,598		15,366
	Subordinated (4)(13)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,170		6,117		6,027
								81,274		81,319		5.98%
Knockout Intermediate Holdings I Inc.(30)
Kaseya Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	64,124		63,786		64,124
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.50%	9.83%	06/2022	06/2029	973		966		973
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	751		746		751
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	238		237		238
								65,735		66,086		4.86%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	49,430		49,409		49,430
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.28%	05/2024	07/2028	1,539		1,538		1,539
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	641		641		641
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	7,959		7,942		7,959
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,039		3,033		3,039
								62,563		62,608		4.61%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (2)(12)(13)	SOFR(M)	4.75%	9.21%	08/2021	10/2030	40,312		40,084		40,312
	First lien (5)(13)	SOFR(M)	4.75%	9.21%	08/2021	10/2030	21,448		21,386		21,448
								61,470		61,760		4.54%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
OA Topco, L.P.(29)
OA Buyer, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	06/2024	12/2028	$31,513		$31,442		$31,513
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	12/2021	12/2028	27,425		27,248		27,425
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	05/2022	12/2028	1,736		1,724		1,736
								60,414		60,674		4.46%
GS Acquisitionco, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	34,719		34,663		34,719
	First lien (5)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	21,297		21,263		21,297
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	2,909		2,902		2,909
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.58%	03/2024	05/2028	319		319		319
								59,147		59,244		4.36%
iCIMS, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.38%	09/2023	08/2028	44,742		44,537		44,406
	First lien (2)(12)(13)	SOFR(Q)	6.25%	10.88%	10/2022	08/2028	7,366		7,321		7,311
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.34%	08/2022	08/2028	706		705		701
								52,563		52,418		3.86%
OEConnection LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	04/2024	04/2031	46,430		46,214		46,430		3.42%
Model N, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.33%	06/2024	06/2031	44,218		44,008		43,997		3.24%
Deca Dental Holdings LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	37,094		36,871		36,604
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	3,905		3,880		3,853
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.75%	10.20%	08/2021	08/2027	3,027		2,997		2,987
								43,748		43,444		3.20%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(12)(13)	SOFR(M)	5.75%	10.21%	07/2021	07/2028	18,372		18,291		18,372
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.21%	07/2022	07/2028	7,764		7,713		7,764
	Subordinated (3)(13)	SOFR(Q)	7.50%	11.93%	07/2022	07/2029	16,953		16,795		16,953
								42,799		43,089		3.17%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.34%	06/2023	05/2027	42,450		38,840		42,450		3.12%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services & Technology	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.55%	05/2022	10/2028	$15,593		$15,565		$15,593
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	11,908		11,887		11,908
	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	6,659		6,644		6,659
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.50%	01/2022	10/2028	1,228		1,221		1,228
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.56%	01/2022	10/2028	824		819		824
	Subordinated (3)(13)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,231		4,185		4,231
								40,321		40,443		2.98%
MRI Software LLC
Software	First lien (5)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	21,430		21,398		21,430
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	7,591		7,580		7,591
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	4,521		4,516		4,521
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	3,107		3,103		3,107
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	793		792		793
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	111		111		111
								37,500		37,553		2.76%
Foreside Financial Group, LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	33,356		33,163		33,356
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	4,075		4,041		4,075
								37,204		37,431		2.75%
CentralSquare Technologies, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.88% + 3.38%/PIK	10.63%	04/2024	04/2030	35,797		35,399		35,797		2.63%
Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First lien (3)(11)(13)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	21,624		21,492		21,138
	First lien (2)(12)(13)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	14,624		14,534		14,295
								36,026		35,433		2.61%
IG Investments Holdings, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.67%	09/2021	09/2028	32,799		32,611		32,799
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.67%	03/2024	09/2028	2,542		2,540		2,542
								35,151		35,341		2.60%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
TigerConnect, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)*	3.38% + 3.38%/PIK	11.47%	02/2022	02/2028	$29,868		$29,689		$29,868
	First lien (2)(13)(16) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	11.47%	02/2022	02/2028	2,440		2,440		2,440
								32,129		32,308		2.38%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(13)	SOFR(Q)	5.75%	10.26%	08/2022	08/2029	22,388		22,332		22,388
	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.26%	06/2024	08/2029	8,258		8,258		8,258
								30,590		30,646		2.25%
Fortis Solutions Group, LLC
Packaging	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	17,176		17,066		17,176
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	12,020		11,946		12,020
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.30%	10/2021	10/2027	1,001		990		1,001
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	342		343		342
	First lien (3)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	80		79		80
								30,424		30,619		2.25%
Brave Parent Holdings, Inc.
Software	First lien (5)(13)	SOFR(M)	5.00%	9.36%	11/2023	11/2030	20,019		19,931		20,019
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	05/2024	11/2030	7,827		7,827		7,827
	First lien (5)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	11/2023	11/2030	1,319		1,318		1,319
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	05/2024	11/2030	516		520		516
								29,596		29,681		2.18%
Foundational Education Group, Inc.
Education	Second lien (5)(13)	SOFR(Q)	6.50%	11.35%	08/2021	08/2029	22,500		22,423		22,500
	Second lien (2)(12)(13)	SOFR(Q)	6.50%	11.35%	08/2021	08/2029	7,009		6,992		7,009
								29,415		29,509		2.17%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.46%	08/2021	08/2028	$21,910		$21,782		$21,266
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.46%	08/2021	08/2028	4,206		4,170		4,082
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.46%	08/2021	08/2028	3,884		3,858		3,769
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.50%	9.96%	08/2021	08/2027	235		233		228
								30,043		29,345		2.16%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.85%	03/2021	03/2028	19,259		19,106		19,259
	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.69%	03/2021	03/2028	5,012		4,996		5,012
	First lien (2)(12)(13)	SOFR(Q)	6.09%	10.85%	03/2021	03/2028	4,913		4,874		4,913
								28,976		29,184		2.15%
Syndigo LLC
Software	Second lien (4)(13)	SOFR(Q)	8.00%	12.89%	12/2020	12/2028	22,500		22,397		22,500
	Second lien (2)(12)(13)	SOFR(Q)	8.00%	12.89%	02/2022	12/2028	5,697		5,706		5,697
								28,103		28,197		2.07%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(12)(13)	SOFR(M)	6.00%	10.36%	10/2023	11/2030	28,145		27,895		28,145		2.07%
Nelipak Holding Company
Packaging	First lien (3)(11)(13)(14)	EURIBOR(M)	5.50%	8.36%	03/2024	03/2031	16,523		17,776		17,108
	First lien (2)(12)(13)	SOFR(M)	5.50%	9.86%	03/2024	03/2031	9,023		8,961		9,023
	First lien (3)(11)(13)(14)(16) - Drawn	SOFR(M)	5.50%	9.86%	03/2024	03/2031	1,097		1,089		1,097
	First lien (3)(13)(16) - Drawn	EURIBOR(M)	5.50%	8.32%	03/2024	03/2031	392		406		405
								28,232		27,633		2.03%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Bullhorn, Inc.
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	$13,206		$13,170		$13,206
	First lien (3)(11)(13)	SOFR(M)	5.00%	9.36%	05/2024	10/2029	8,462		8,452		8,462
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2029	3,398		3,394		3,398
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	761		758		761
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	05/2024	10/2029	417		417		417
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	341		340		341
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	272		271		272
								26,802		26,857		1.98%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.83%	03/2024	11/2028	23,089		22,997		23,089
	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.83%	03/2022	11/2028	2,374		2,364		2,374
								25,361		25,463		1.87%
DOCS, MSO, LLC
Healthcare	First lien (3)(11)(13)	SOFR(M)	5.75%	10.40%	06/2022	06/2028	18,337		18,337		18,236
	First lien (4)(13)	SOFR(M)	5.75%	10.40%	06/2022	06/2028	6,867		6,867		6,829
								25,204		25,065		1.84%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(12)(13)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	18,964		18,908		18,964
	First lien (2)(12)(13)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	5,277		5,259		5,277
	First lien (3)(11)(13)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	693		690		693
								24,857		24,934		1.83%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (2)(12)(13)	SOFR(S)	5.00%	10.09%	04/2024	08/2030	19,821		19,753		19,821
	First lien (3)(11)(13)	SOFR(S)	5.00%	10.09%	04/2024	08/2030	3,398		3,386		3,398
								23,139		23,219		1.71%
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(13)	SOFR(Q)	5.75%	10.23%	12/2021	12/2027	10,185		10,127		10,185
	First lien (3)(11)(13)	SOFR(Q)	6.00%	10.48%	07/2022	12/2027	5,677		5,636		5,677
	First lien (5)(13)	SOFR(Q)	5.75%	10.23%	12/2021	12/2027	3,419		3,398		3,419
	First lien (5)(13)	SOFR(Q)	5.75%	10.23%	12/2021	12/2027	3,397		3,378		3,397
								22,539		22,678		1.67%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Power Grid Holdings, Inc.
Business Products	First lien (4)(13)	SOFR(Q)	4.75%	9.08%	11/2023	12/2030	$22,387		$22,228		$22,387		1.65%
Xactly Corporation
Software	First lien (4)(13)	SOFR(Q)	6.25%	10.86%	07/2017	07/2027	22,500		22,483		22,250		1.64%
YLG Holdings, Inc.
Business Services	First lien (5)(13)	SOFR(Q)	4.75%	9.09%	11/2019	12/2030	21,825		21,798		21,825		1.61%
Ambrosia Holdco Corp(32)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(13)	SOFR(M)*	5.25%/PIK	9.59%	01/2024	06/2029	12,327		11,782		10,402
	First lien (3)(11)(13)	SOFR(M)*	5.25%/PIK	9.59%	01/2024	06/2029	9,925		9,818		8,374
	First lien (3)(11)(13)	SOFR(M)*	2.00%/PIK + 1.00%	7.34%	03/2024	06/2029	2,843		2,317		2,351
	Subordinated (2)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	302		302		302
	Subordinated (3)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	291		291		291
								24,510		21,720		1.60%
Cardinal Parent, Inc.
Financial Services & Technology	First lien (4)	SOFR(Q)	4.50%	8.98%	10/2020	11/2027	11,730		11,689		11,249
	Second lien (4)(13)	SOFR(Q)	7.75%	12.24%	11/2020	11/2028	9,767		9,709		9,423
								21,398		20,672		1.52%
PDI TA Holdings, Inc.
Software	First lien (4)(13)	SOFR(Q)	5.50%	10.09%	01/2024	02/2031	18,161		18,078		18,161
	First lien (4)(13)(16) - Drawn	SOFR(Q)	5.50%	10.00%	01/2024	02/2031	2,360		2,348		2,360
								20,426		20,521		1.51%
Oranje Holdco, Inc.
Education	First lien (2)(12)(13)	SOFR(Q)	7.75%	12.32%	02/2023	02/2029	7,440		7,370		7,440
	First lien (3)(11)(13)	SOFR(Q)	7.75%	12.32%	02/2023	02/2029	7,440		7,369		7,440
	First lien (3)(11)(13)	SOFR(Q)	7.25%	11.82%	04/2024	02/2029	5,454		5,404		5,454
								20,143		20,334		1.50%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(11)	SOFR(M)	6.75%	11.22%	03/2021	03/2029	20,313		20,280		20,281		1.49%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)	SOFR(S)	5.25%	9.76%	06/2021	06/2028	15,382		15,303		15,382
	First lien (2)(12)(13)	SOFR(S)	5.25%	9.94%	06/2021	06/2028	4,467		4,438		4,467
								19,741		19,849		1.46%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Groundworks, LLC
Business Services	First lien (4)	SOFR(M)	3.25%	7.65%	03/2024	03/2031	$18,908		$18,734		$19,034
	First lien (4)(16) - Drawn	SOFR(M)	3.25%	7.65%	03/2024	03/2031	557		552		560
								19,286		19,594		1.44%
Notorious Topco, LLC
Consumer Products	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.91%	11/2021	11/2027	10,058		10,017		9,241
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.91%	05/2022	11/2027	9,932		9,889		9,126
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.91%	11/2021	11/2027	877		870		805
								20,776		19,172		1.41%
GraphPAD Software, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	06/2024	06/2031	17,901		17,858		17,856
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.08%	06/2024	06/2031	448		445		446
								18,303		18,302		1.35%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(13)	SOFR(M)(18)*	6.75%/PIK + 0.50%	11.90%	09/2015	09/2026	29,879		29,843		17,999
	First lien (3)(13)	SOFR(M)(18)*	14.50%/PIK + 0.50%	19.65%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(13)	SOFR(Q)(18)*	1.00%/PIK	5.74%	03/2021	09/2026	5,230		—		—
								31,370		17,999		1.32%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	SOFR(Q)	6.75%	11.44%	11/2019	11/2027	22,500		22,441		14,513
	Second lien (2)(12)	SOFR(Q)	6.75%	11.44%	11/2019	11/2027	4,208		4,188		2,714
								26,629		17,227		1.27%
Avalara, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.58%	10/2022	10/2028	17,198		17,045		17,198		1.27%
Idera, Inc.
Software	Second lien (4)(13)	SOFR(Q)	6.75%	11.47%	06/2019	03/2029	15,091		14,961		15,091
	Second lien (3)(11)(13)	SOFR(Q)	6.75%	11.47%	04/2021	03/2029	2,012		2,006		2,012
								16,967		17,103		1.26%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(13)	SOFR(M)	4.50%	8.84%	02/2020	02/2028	$14,635		$14,617		$14,635
	First lien (5)(13)	SOFR(M)	4.50%	8.84%	02/2024	02/2028	2,268		2,254		2,268
								16,871		16,903		1.24%
Viper Bidco. Inc.
Business Services	First lien (3)(11)(13)(14)	SONIA(D)	5.00%	9.70%	11/2024	11/2031	£12,030		$15,181		$14,981		1.10%
Calabrio, Inc.
Software	First lien (5)(13)	SOFR(Q)	5.50%	10.01%	04/2021	04/2027	12,286		12,244		12,286
	First lien (5)(13)	SOFR(Q)	5.50%	10.01%	01/2024	04/2027	1,574		1,562		1,574
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.02%	04/2021	04/2027	637		633		637
								14,439		14,497		1.07%
Coupa Holdings, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.84%	02/2023	02/2030	14,388		14,243		14,388		1.06%
Houghton Mifflin Harcourt Company
Education	First lien (3)(11)	SOFR(M)	5.25%	9.71%	10/2023	04/2029	14,484		14,108		14,291		1.05%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(11)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2028	12,878		12,799		12,878
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2028	1,085		1,078		1,085
	First lien (3)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2028	65		64		65
								13,941		14,028		1.03%
Convey Health Solutions, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	1.00% + 4.25%/PIK	9.68%	09/2019	07/2029	13,152		13,101		11,935
	First lien (3)(11)(13)	SOFR(Q)*	1.00% + 4.25%/PIK	9.68%	02/2022	07/2029	2,196		2,180		1,993
								15,281		13,928		1.02%
CFS Management, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.09%	08/2019	09/2026	11,881		11,880		10,693
	First lien (2)(12)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.09%	08/2019	09/2026	3,539		3,548		3,185
								15,428		13,878		1.02%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (3)(11)(13)	SOFR(M)	4.75%	9.11%	05/2024	06/2031	13,687		13,591		13,585		1.00%
USRP Holdings, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	5.00%	9.36%	07/2021	12/2029	6,984		6,946		6,984
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	07/2021	12/2029	5,541		5,512		5,541
								12,458		12,525		0.92%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Anaplan, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	06/2022	06/2029	$10,618		$10,548		$10,618		0.78%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (5)(13)	SOFR(M)	5.25%	9.61%	02/2024	02/2031	10,519		10,470		10,519		0.77%
Specialtycare, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.60%	06/2021	06/2028	10,247		10,167		9,953
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	4.00%	9.04%	06/2021	06/2026	324		319		315
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.66%	06/2021	06/2028	77		76		75
								10,562		10,343		0.76%
Ciklum Inc.**
Business Services	First lien (2)(12)(13)	SOFR(Q)	6.50%	11.17%	02/2024	02/2030	9,536		9,430		9,536		0.70%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(12)(13)	SOFR(Q)*	6.75% + 2.00%/PIK	13.08%	07/2021	07/2027	8,493		8,447		8,449
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.11%	07/2021	07/2026	954		945		950
								9,392		9,399		0.69%
Planview Parent, Inc.
Software	Second lien (2)(12)	SOFR(Q)	5.75%	10.08%	06/2024	12/2028	9,231		9,208		9,208		0.68%
Safety Borrower Holdings LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.72%	09/2021	09/2027	7,446		7,425		7,446
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.72%	09/2021	09/2027	1,523		1,523		1,523
	First lien (3)(13)(16) - Drawn	P(Q)	4.25%	11.75%	09/2021	09/2027	128		127		128
								9,075		9,097		0.67%
Icefall Parent, Inc.
Financial Services & Technology	First lien (3)(11)(13)	SOFR(M)	6.50%	10.86%	01/2024	01/2030	8,696		8,619		8,696		0.64%
KPSKY Acquisition Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.19%	10/2021	10/2028	6,827		6,785		6,570
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.15%	06/2022	10/2028	1,149		1,140		1,106
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.28%	10/2021	10/2028	782		777		752
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.36%	11/2023	10/2028	19		19		18
								8,721		8,446		0.62%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.30%	10/2024	11/2029	8,510		8,406		8,404		0.62%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Park Place Technologies, LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.61%	07/2024	03/2031	$7,654		$7,635		$7,635
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	5.25%	9.80%	07/2024	03/2030	258		258		258
								7,893		7,893		0.58%
Eclipse Topco, Inc. (33)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(13)	SOFR(M)	4.75%	9.26%	09/2024	09/2031	7,113		7,078		7,078		0.52%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	08/2024	08/2031	6,516		6,484		6,483
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	08/2024	08/2031	489		486		486
								6,970		6,969		0.51%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(13)	—	—	—	05/2013	—	14,500		14,500		6,525		0.48%
Greenway Health, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.08%	12/2023	04/2029	6,302		6,221		6,302		0.46%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)	SOFR(Q)*	2.75% + 2.75%/PIK	10.02%	08/2024	08/2031	6,124		6,065		6,062
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.41%	08/2024	08/2030	72		71		71
								6,136		6,133		0.45%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	4.50%	8.86%	03/2024	11/2028	3,808		3,808		3,808
	First lien (3)(13)(16) - Drawn	SOFR(M)	4.75%	9.11%	03/2024	11/2028	2,313		2,302		2,313
								6,110		6,121		0.45%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(11)(13)	SOFR(S)	7.00%	12.08%	05/2021	05/2027	6,109		6,081		6,109		0.45%
NC Topco, LLC
Financial Services & Technology	First lien (2)(12)(13)	SOFR(M)*	2.50% + 2.75%/PIK	9.61%	08/2024	09/2031	5,853		5,825		5,824		0.43%
Healthspan Buyer, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	10/2023	10/2030	5,069		5,025		5,069		0.37%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Michael Baker International, LLC
Business Services	First lien (3)(11)	SOFR(M)	4.75%	9.11%	05/2024	12/2028	$4,892		$4,869		$4,910		0.36%
Adelaide Borrower, LLC**
Business Services	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.58%	05/2024	05/2030	4,698		4,656		4,698		0.35%
Logrhythm, Inc.
Software	First lien (3)(11)(13)	SOFR(M)	7.50%	11.86%	07/2024	07/2029	4,196		4,138		4,196		0.31%
RLG Holdings, LLC
Packaging	First lien (2)(12)	SOFR(M)	5.00%	9.36%	06/2024	07/2028	3,970		3,970		3,934		0.29%
CommerceHub, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.90%	06/2023	12/2027	3,920		3,608		3,920		0.29%
Kene Acquisition, Inc.
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.84%	02/2024	02/2031	3,509		3,477		3,509
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.25%	9.59%	02/2024	02/2031	162		161		162
								3,638		3,671		0.27%
Next Holdco, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.27%	11/2023	11/2030	3,494		3,471		3,494		0.26%
CB Buyer, Inc.
Financial Services & Technology	First lien (2)(12)(13)	SOFR(M)	5.25%	9.61%	07/2024	07/2031	3,308		3,293		3,292		0.24%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(11)(13)	SOFR(S)	4.75%	9.03%	05/2024	12/2028	3,062		3,048		3,062		0.23%
Galway Borrower LLC
Business Services	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.50%	8.83%	04/2024	09/2028	1,806		1,779		1,788
	First lien (2)(12)(13)	SOFR(Q)	4.50%	8.83%	04/2024	09/2028	1,090		1,083		1,080
								2,862		2,868		0.21%
DCA Investment Holding, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	6.41%	10.73%	03/2021	04/2028	1,804		1,798		1,758
	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.83%	12/2022	04/2028	1,011		1,000		987
								2,798		2,745		0.20%
Compsych Investments Corp.
Business Services	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.38%	07/2024	07/2031	1,164		1,162		1,162		0.09%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(11)(13)	SOFR(M)	5.25%	9.61%	05/2024	10/2029	1,050		1,045		1,050		0.08%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First lien (3)(13)(16) - Drawn	SOFR(S)	4.75%	9.18%	06/2024	12/2028	467		464		467		0.03%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(13)	—	—	—	06/2024	06/2029	$152		$152		$152
	Trust Claim(3)(13)	—	—	—	06/2024	06/2029	52		52		52
								204		204		0.02%
PPVA Fund, L.P.
Business Services	Collateralized Financing (18)(19)	—	—	—	11/2014	—	—		—		—		—%
Total Funded Debt Investments - United States								$2,022,101		$1,990,400		146.43%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(11)(13)	SOFR(S)*	3.50% + 2.00%/PIK	10.76%	07/2024	07/2031	$19,418		$19,326		$19,321		1.42%
Total Funded Debt Investments - Jersey								$19,326		$19,321		1.42%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (3)(11)(13)	SOFR(M)	8.25%	12.72%	10/2019	10/2027	$34,459		$34,335		$34,459		2.54%
Integro Parent Inc.**
Business Services	Second lien (3)(11)(13)	SOFR(Q)*	12.25%/PIK	16.58	10/2015	07/2025	7,091		6,405		6,331		0.47%
Total Funded Debt Investments - United Kingdom								$40,740		$40,790		3.01%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.63%	12/2022	12/2029	$3,445		$3,405		$3,445
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.63%	12/2023	12/2029	1,342		1,330		1,342
								4,735		4,787		0.35%
Total Funded Debt Investments - Australia								$4,735		$4,787		0.35%
Total Funded Debt Investments								$2,086,902		$2,055,298		151.21%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics	Preferred shares (3)(11)(13)	FIXED(A)*	7.00%/PIK	7.00%	09/2021	—	56,271		$75,927		$79,222		5.83%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(13)	SOFR(Q)*	10.50%/PIK	14.97%	11/2018	—	7,500		16,363		16,450
	Preferred shares (3)(11)(13)	SOFR(Q)*	10.50%/PIK	14.97%	11/2018	—	2,586		5,641		5,671
								22,004		22,121		1.63%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Knockout Intermediate Holdings I Inc.(30)
Software	Preferred shares (3)(13)	SOFR(S)*	10.75%/PIK	15.03%	06/2022	—	15,150		$20,819		$21,010		1.55%
ACI Parent Inc.(26)
Healthcare	Preferred shares (3)(13)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500		18,444		16,419		1.21%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(13)	SOFR(Q)*	9.50%/PIK	14.10%	04/2021	—	10,000		15,929		14,833		1.09%
Diamond Parent Holdings Corp. (25)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(13)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000		14,162		13,609		1.00%
HBWM Holdings, LLC
Financial Services & Technology	Ordinary shares (9)(13)	FIXED(Q)	4.00%	4.00%	09/2021	—	47,114		4,717		9,532		0.70%
OA Topco, L.P.(29)
Healthcare	Ordinary shares (3)(13)	—	—	—	12/2021	—	2,000,000		2,000		7,646		0.56%
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)
Packaging	Preferred shares (3)(13)	FIXED(A)*	15.00%/PIK	15.00%	05/2024	—	2,900		2,900		2,900
	Preferred shares (3)(13)	FIXED(A)(18)*	11.50%/PIK	11.50%	05/2024	—	3,691		2,565		2,702
	Ordinary shares (3)(13)	—	—	—	05/2024	—	290		145		305
								5,610		5,907		0.43%
FS WhiteWater Holdings, LLC(27)
Consumer Services	Ordinary shares (5)(13)	—	—	—	12/2021	—	50,000		5,000		4,618		0.34%
Appriss Health Holdings, Inc. (20)
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(20)
Business Services	Preferred shares (3)(13)	FIXED(Q)*	11.00%/PIK	11.00%	05/2021	—	2,333		3,432		3,371		0.25%
Ambrosia Holdco Corp. (32)
Distribution & Logistics	Ordinary shares (2)(13)	—	—	—	01/2024	—	126,536		1,348		1,348
	Ordinary shares (3)(13)	—	—	—	01/2024	—	122,044		1,300		1,300
								2,648		2,648		0.19%
Pioneer Topco I, L.P.(28)
Software	Ordinary shares (10)(13)	—	—	—	11/2021	—	199,980		2,000		2,000		0.15%
Eclipse Topco, Inc.(33)
Financial Services & Technology	Preferred shares (4)(13)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190		1,952		1,952		0.14%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
GEDC Equity, LLC
Healthcare	Participation Interest(3)(13)	—	—	—	06/2023	—	190,000		$190		$50		0.00%
Ancora Acquisition LLC
Education	Preferred shares (7)(13)	—	—	—	08/2013	—	372		83		—		—%
AAC Lender Holdings, LLC(24)
Education	Ordinary shares (3)(13)	—	—	—	03/2021	—	758		—		—		—%
Total Shares - United States								$194,917		$204,938		15.07%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(11)	FIXED(Q)	11.75%	11.75%	09/2017	—	138,678		$13,788		$13,867		1.02%
Total Shares - Hong Kong								$13,788		$13,867		1.02%
Total Shares								$208,705		$218,805		16.09%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations (3)	SOFR(S)	7.00%	11.46%	11/2024	01/2037	3,232		$3,232		$3,232		0.24%
Total Structured Finance Obligations - United States								$3,232		$3,232		0.24%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(13)	—	—	—	06/2024	06/2029	138,622		$182		$327
	Warrants (3)(13)	—	—	—	06/2024	06/2029	47,459		62		112
								244		439		0.03%
Total Warrants - United States								$244		$439		0.03%
Total Funded Investments								$2,299,083		$2,277,774		167.57%
Unfunded Debt Investments - United States
Groundworks, LLC
Business Services	First lien (4)(16) - Undrawn	—	—	—	03/2024	03/2026	$2,938		$(15)		$20		0.00%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	12/2025	1,685		—		—		—%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(13)(16) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	10/2024	10/2026	2,695		—		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
DOXA Insurance Holdings LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	$3,046		$—		$—		—%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	5,676		—		—		—%
Riskonnect Parent, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—%
Safety Borrower Holdings LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	09/2021	09/2027	384		(2)		—		—%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	578		(3)		—		—%
Next Holdco, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	903		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—
								(3)		—		—%
Associations, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	1,539		(1)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	3,200		(2)		—
								(3)		—		—%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)( (20)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—%
Bullhorn, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	1,847		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	09/2019	10/2029	935		(4)		—
								(4)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2029	$486		$(5)		$—		—%
Kene Acquisition, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2026	1,398		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2031	468		(5)		—
								(5)		—		—%
Logrhythm, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		—		—%
Calabrio, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2021	04/2027	850		(6)		—		—%
Wealth Enhancement Group, LLC
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	10/2028	2,040		(6)		—		—%
Adelaide Borrower, LLC**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2030	667		(7)		—
								(7)		—		—%
Icefall Parent, Inc.
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	01/2030	828		(8)		—		—%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—%
USRP Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	02/2020	02/2028	1,799		(9)		—		—%
MRI Software LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2020	02/2027	1,891		(9)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
PDI TA Holdings, Inc.
Software	First lien (4)(13)(16) - Undrawn	—	—	—	01/2024	02/2026	$1,865		$—		$—
	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	02/2031	1,830		(9)		—
								(9)		—		—%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		—		—%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—		—%
Healthspan Buyer, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		—		—%
Coupa Holdings, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	08/2025	1,291		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
								(12)		—		—%
Brave Parent Holdings, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2025	376		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2030	1,594		(6)		—
	First lien (5)(13)(16) - Undrawn	—	—	—	11/2023	05/2025	963		(7)		—
								(13)		—		—%
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2027	1,400		(14)		—		—%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)(16) - Undrawn	—	—	—	12/2024	04/2025	785		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2028	1,501		(15)		—
								(15)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Nelipak Holding Company
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2027	$3,501		$—		$—
	First lien (3)(11)(13)(14)(16) - Undrawn	—	—	—	03/2024	03/2027	€6,411		—		—
	First lien (3)(11)(13)(14)(16) - Undrawn	—	—	—	03/2024	03/2031	€804		(6)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2031	1,515		(11)		—
								(17)		—		—%
Fortis Solutions Group, LLC
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2025	3,360		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2027	1,859		(19)		—
								(19)		—		—%
Avalara, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—%
Foreside Financial Group, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	3,312		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2022	09/2027	2,095		(21)		—
								(21)		—		—%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	08/2030	2,265		(8)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		—
								(21)		—		—%
Knockout Intermediate Holdings I Inc.(30)
Kaseya Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2025	2,865		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
								(22)		—		—%
Oranje Holdco, Inc.
Education	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
OEConnection LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2026	$8,101		$—		$—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2031	5,063		(25)		—
								(25)		—		—%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2021	11/2027	3,284		(26)		—		—%
GS Acquisitionco, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	1,120		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2019	05/2028	4,821		(26)		—
								(26)		—		—%
Infogain Corporation
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)		—		—%
OA Topco, L.P.(29)
OA Buyer, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2028	3,600		(36)		—		—%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2025	3,708		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		—
								(37)		—		—%
Ciklum Inc.**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	08/2025	11,955		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2030	2,989		(37)		—
								(37)		—		—%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
IG Investments Holdings, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	09/2021	09/2028	$3,780		$(38)		$—		—%
Power Grid Holdings, Inc.
Business Products	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	12/2030	4,289		(43)		—		—%
TigerConnect, Inc.
Healthcare	First lien (2)(13)(16) - Undrawn	—	—	—	02/2022	12/2025	1,301		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		—
								(43)		—		—%
CentralSquare Technologies, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)		—		—%
Compsych Investments Corp.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2027	333		—		(1)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(1)		(0.00)%
Park Place Technologies, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	03/2030	643		(2)		(2)
	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	09/2025	1,201		(3)		(3)
								(5)		(5)		(0.00)%
CB Buyer, Inc.
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2031	364		(2)		(2)
	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2026	934		—		(5)
								(2)		(7)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2026	235		(4)		(7)		(0.00)%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	358		—		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2030	644		(6)		(6)
								(6)		(10)		(0.00)%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2031	$597		$(3)		$(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		(8)
								(3)		(11)		(0.00)%
NC Topco, LLC
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	1,672		—		(8)
								(3)		(11)		(0.00)%
Xactly Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		(11)		(0.00)%
DOCS, MSO, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(13)		(0.00)%
GraphPAD Software, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	1,682		(4)		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	4,038		(10)		(10)
								(14)		(14)		(0.00)%
Viper Bidco. Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2026	4,150		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		(17)
								(17)		(17)		(0.00)%
iCIMS, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2028	2,824		(25)		(21)		(0.00)%
Eclipse Topco, Inc. (33)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(13)(16) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		(6)
	First lien (3)(13)(16) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		(21)
								(21)		(27)		(0.00)%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	06/2026	$2,065		$—		$(15)
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	06/2030	2,894		(22)		(22)
								(22)		(37)		(0.00)%
KPSKY Acquisition Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		(47)		(0.00)%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	08/2027	2,118		(21)		(62)		(0.00)%
Model N, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		(24)
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	9,047		—		(45)
								(24)		(69)		(0.01)%
Notorious Topco, LLC
Consumer Products	First lien (3)(13)(16) - Undrawn	—	—	—	11/2021	05/2027	880		(7)		(71)		(0.01)%
Total Unfunded Debt Investments - United States								$(995)		$(422)		(0.03)%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2022	12/2028	$320		$(5)		$—		—%
Total Unfunded Debt Investments - Australia								$(5)		$—		—%
Total Unfunded Debt Investments								$(1,000)		$(422)		(0.03)%
Total Non-Controlled/Non-Affiliated Investments								$2,298,083		$2,277,352		167.54%
Non-Controlled/Affiliated Investments (34)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (21)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(13)	SOFR(Q)*	13.25%/PIK	17.58%	12/2020	01/2028	$22,290		$22,223		$22,290		1.64%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
Eagle Infrastructure Super HoldCo, LLC (31)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(12)(13)	SOFR(Q)	7.50%	11.98%	03/2023	04/2028	$10,628		$10,628		$10,628
	First lien (3)(13)	SOFR(Q)	7.50%	11.98%	03/2023	04/2028	340		340		340
								10,968		10,968		0.81%
Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(8)(13)	FIXED(Q)(18)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(13)	SOFR(Q)(18)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
								—		—		—%
Total Funded Debt Investments - United States								$33,191		$33,258		2.45%
Equity - United States
TVG-Edmentum Holdings, LLC(21)
Education	Ordinary shares (3)(13)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$66,651		$59,978
	Preferred shares (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		7,525		9,352
								74,176		69,330		5.10%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(13)	—	—	—	03/2023	—	72,536		4,104		8,188		0.60%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(13)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(13)	—	—	—	07/2017	—	2,786,000		1,282		201
								12,783		2,000		0.15%
Total Shares - United States								$91,063		$79,518		5.85%
Total Non-Controlled/Affiliated Investments								$124,254		$112,776		8.30%
Controlled Investments (35)
Funded Debt Investments - United States
New Benevis Topco, LLC (23)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	$46,068		$46,068		$46,068
	First lien (3)(11)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	33,155		33,155		33,155
	Subordinated (3)(13)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	23,814		22,942		19,051
								102,165		98,274		7.23%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(11)(13)	SOFR(Q)	9.00%	13.59%	10/2020	12/2027	$23,336		$23,336		$23,336
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	6.00%	10.59%	10/2020	12/2027	20,840		20,840		20,840
								44,176		44,176		3.25%
UniTek Global Services, Inc.
Business Services	Second lien (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	06/2028	15,608		15,608		15,459
	Second lien (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	06/2028	6,919		6,919		6,853
								22,527		22,312		1.64%
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare	Second lien (3)(13)	SOFR(Q)(18)*	5.00%/PIK	9.85%	11/2018	11/2025	8,281		7,871		3,000		0.22%
Total Funded Debt Investments - United States								$176,739		$167,762		12.34%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2018	—	—		$160,000		$160,000		11.77%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2021	—	—		112,400		112,400		8.27%
NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		74,248		104,512		7.69%
New Benevis Topco, LLC (23)
Healthcare	Ordinary shares (2)(13)	—	—	—	10/2020	—	325,516		27,154		28,481
	Ordinary shares (3)(13)	—	—	—	10/2020	—	152,548		12,768		13,347
								39,922		41,828		3.08%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(13)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	22,803,214		22,803		20,646
	Preferred shares (3)(13)	FIXED(Q)*	20.00%/PIK	20.00%	08/2019	—	13,553,020		13,553		12,682
	Preferred shares (3)(13)	FIXED(Q)(18)*	19.00%/PIK	19.00%	06/2017	—	19,795,435		19,795		3,080
	Preferred shares (2)(13)	FIXED(Q)(18)*	13.50%/PIK	13.50%	01/2015	—	29,326,545		26,946		—
	Preferred shares (3)(13)	FIXED(Q)(18)*	13.50%/PIK	13.50%	01/2015	—	8,104,462		7,447		—
	Ordinary shares (2)(13)	—	—	—	01/2015	—	2,096,477		1,925		—
	Ordinary shares (3)(13)	—	—	—	01/2015	—	1,993,749		532		—
								93,001		36,408		2.68%

Portfolio Company, Location and Industry(1) · Type ofInvestment · Reference · Spread · Total Coupon (17) · Acquisition Date · Maturity/ExpirationDate · PrincipalAmount,Par Valueor Shares (15) · Cost · Fair Value · Percent ofNetAssets
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(13)	—	—	—	10/2020	—	100		$11,155		$18,900		1.39%
NM YI, LLC
Net Lease	Membership interest (6)(13)	—	—	—	09/2019	—	—		6,272		9,960		0.73%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		850		322		0.02%
NHME Holdings Corp.(22)
Healthcare	Ordinary shares (3)(13)	—	—	—	11/2018	—	640,000		4,000		—		—%
Total Shares - United States								$501,848		$484,330		35.63%
Total Shares								$501,848		$484,330		35.63%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(13)	—	—	—	12/2020	06/2028	13,339		$—		$48,804		3.59%
NHME Holdings Corp. (22)
Healthcare	Warrants (3)(13)	—	—	—	11/2018	01/2033	160,000		1,000		—		—%
Total Warrants - United States								$1,000		$48,804		3.59%
Total Funded Investments								$679,587		$700,896		51.56%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(13)(16) - Undrawn	—	—	—	10/2020	12/2027	1,055		$—		$—		—%
Total Unfunded Debt Investments - United States								$—		$—		—%
Total Controlled Investments								$679,587		$700,896		51.56%
Total Investments								$3,101,924		$3,091,024		227.40%

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by New Mountain Net Lease Corporation.

(7)Investment is held by NMF Ancora Holdings, Inc.

(8)Investment is held by NMF Permian Holdings, LLC.

(9)Investment is held by NMF HB, Inc.

(10)Investment is held by NMF Pioneer, Inc.

(11)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details

(12)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.

(13)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(14)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2024, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,057 and the Nelipak Holding Company first lien term loan, drawn revolver, undrawn delayed draw term loan and undrawn revolver is $17,109, $406 $6,638 and $833, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(15)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

(16)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(17)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2024.

(18)Investment is on non-accrual status. See Note 3. Investments, for details.

(19)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of December 31, 2024. See Note 2. Summary of Significant Accounting Policies, for details.

(20)The Company holds preferred equity in Bamboo Health Intermediate Holdings, Inc.(fka Appriss Health Intermediate Holdings, Inc.) and holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (fka Appriss Health, LLC), a wholly-owned subsidiary of Bamboo Health Intermediate Holdings, Inc.

(21)The Company holds ordinary shares and preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

(22)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR +5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR +6.00%.

(23)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

(24)The Company holds ordinary shares in AAC Lender Holdings, LLC andtwo first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(25)The Company holds investments intwo wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holdstwo first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.

(27)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, andthree first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(28)The Company holds ordinary shares in Pioneer Topco I, L.P., andtwo first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(29)The Company holds ordinary shares in OA Topco, L.P., andthree first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

(30)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver andtwo first lien delayed draws in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.

(31)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(32)The Company holds ordinary shares in Ambrosia Holdco Corp. andtwo first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

(33)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

(34)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company	Fair Value at December 31, 2023	GrossAdditions (A)	GrossRedemptions(B)	Net Change In Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2024	Net Realized Gains (Losses)	InterestIncome	DividendIncome	OtherIncome
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$17,873	$—	$(50)	$1,333	$19,156	$—	$1,432	$—	$—
Sierra Hamilton Holdings Corporation	2,000	—	—	—	2,000	—	—	—	—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	113,786	16,409	—	(38,575)	91,620	—	3,659	5,843	250
Total Non-Controlled/Affiliated Investments	$133,659	$16,409	$(50)	$(37,242)	$112,776	$—	$5,091	$5,843	$250

(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

(35)Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a controlled investment, is as follows:

Portfolio Company	Fair Value at December 31, 2023	GrossAdditions (A)	GrossRedemptions(B)	Net Change In Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2024	Net Realized Gains (Losses)	InterestIncome	DividendIncome	OtherIncome
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	$3,419	$—	$—	$(3,419)	$—	$4,981	$—	$—	$41
National HME, Inc./NHME Holdings Corp.	3,000	—	—	—	3,000	—	—	—	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	135,401	10,595	—	(5,894)	140,102	—	12,934	—	375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,170	7,005	—	(7,099)	63,076	—	5,382	—	500
NM APP CANADA CORP	7	—	—	(7)	—	31	—	—	—
NM CLFX LP	11,731	—	(12,279)	548	—	(2,461)	—	24	845
NM NL Holdings, L.P.	96,071	—	(2,123)	10,564	104,512	(548)	—	8,116	181
NM GP Holdco, LLC	1,048	—	(11)	(715)	322	(3)	—	89	—
NM YI LLC	9,550	—	—	410	9,960	—	—	879	—
NMFC Senior Loan Program III LLC	140,000	20,000	—	—	160,000	—	—	23,304	—
NMFC Senior Loan Program IV LLC	112,400	—	—	—	112,400	—	—	16,228	—
UniTek Global Services, Inc.	91,999	9,577	—	5,948	107,524	—	3,133	6,446	1,450
Total Controlled Investments	$667,796	$47,177	$(14,413)	$336	$700,896	$2,000	$21,449	$55,086	$3,392

*All or a portion of interest contains PIK interest.

**Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024,14.6% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

	December 31, 2024
Investment Type	Percent of TotalInvestments at Fair Value
First lien	63.31%
Second lien	6.37%
Subordinated	3.30%
Structured Finance Obligations	0.10%
Equity and other	26.92%
Total investments	100.00%

	December 31, 2024
Industry Type	Percent of TotalInvestments at Fair Value
Software	20.12%
Business Services	18.85%
Healthcare	17.35%
Investment Funds (includes investments in joint ventures)	8.92%
Financial Services & Technology	6.40%
Consumer Services	6.22%
Education	6.07%
Distribution & Logistics	5.04%
Net Lease	3.71%
Packaging	2.20%
Energy	2.11%
Food & Beverage	1.37%
Business Products	0.72%
Consumer Products	0.62%
Specialty Chemicals & Materials	0.30%
Total investments	100.00%

	December 31, 2024
Interest Rate Type	Percent of TotalInvestments at Fair Value
Floating rates	86.62%
Fixed rates	13.38%
Total investments	100.00%

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