| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ | ||||
| Delaware | 85-2950084 | |||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
9 West 57th Street, Suite 4920 New York, New York | 10019 | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
(212) 588-6770 (Registrant’s Telephone Number, Including Area Code) | ||||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
| None | N/A | N/A | ||||||
| Large accelerated filer | ¨ | Accelerated filer | ¨ | ||||||||||||||
| Non-accelerated filer | x | Smaller reporting company | ¨ | ||||||||||||||
| Emerging growth company | x | ||||||||||||||||
| Page | |||||
| PART I - FINANCIAL INFORMATION | |||||
| PART II - OTHER INFORMATION | |||||
| June 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Assets: | (Unaudited) | ||||||||||
| Investments, at fair value: | |||||||||||
Control Investments, at fair value (amortized cost of $691,851 and $68,050, respectively) | $ | 680,885 | $ | 68,100 | |||||||
Affiliate Investments, at fair value (amortized cost of $49,188 and $0, respectively) | 46,872 | — | |||||||||
Non-Affiliate Investments, at fair value (amortized cost of $2,869,657 and $700,985, respectively) | 2,830,263 | 688,045 | |||||||||
Investments, at fair value (amortized cost of $3,610,696 and $769,035, respectively) | 3,558,020 | 756,145 | |||||||||
| Cash and cash equivalents | 64,595 | 48,541 | |||||||||
| Restricted cash | 17,777 | 6,681 | |||||||||
| Interest and dividends receivable | 48,730 | 8,166 | |||||||||
| Receivable for unsettled trades | 13,124 | 422 | |||||||||
| Prepaid expenses and other assets | 6,245 | 3,396 | |||||||||
| Due from broker | 7,690 | 8,336 | |||||||||
| Total assets | $ | 3,716,181 | $ | 831,687 | |||||||
| Liabilities: | |||||||||||
Debt (net of deferred financing costs of $6,097 and $2,082, respectively) | $ | 1,579,315 | $ | 319,918 | |||||||
| Secured borrowings | 30,758 | 33,344 | |||||||||
| Stockholder distributions payable | — | 13 | |||||||||
| Management fees payable | 13,943 | 1,066 | |||||||||
| Incentive fees on income payable | 10,027 | — | |||||||||
| Accounts payable and accrued expenses | 24,318 | 4,167 | |||||||||
| Interest and debt fees payable | 25,192 | 6,936 | |||||||||
| Directors' fees payable | 41 | 175 | |||||||||
| Other liabilities | 742 | 551 | |||||||||
| Total liabilities | 1,684,336 | 366,170 | |||||||||
| Commitments and Contingencies (Note 6) | |||||||||||
Redeemable convertible preferred stock Series A, $0.001 par value, 50,000,000 shares authorized; 77,500 issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 77,407 | 77,398 | |||||||||
| Net Assets attributable to common stock: | |||||||||||
Common stock, $0.001 par value, 450,000,000 shares authorized; 134,244,259 issued and outstanding at June 30, 2024, and 26,080,389 issued and outstanding at December 31, 2023 | 134 | 26 | |||||||||
| Additional paid in capital | 1,967,490 | 400,332 | |||||||||
| Total distributable earnings (loss) | (13,186) | (12,239) | |||||||||
| Total net assets attributable to common stock | 1,954,438 | 388,119 | |||||||||
| Total liabilities, redeemable convertible preferred stock, and net assets attributable to common stock | $ | 3,716,181 | $ | 831,687 | |||||||
| Net asset value per share attributable to common stock | $ | 14.56 | $ | 14.88 | |||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Investment income: | |||||||||||||||||||||||
| From control investments: | |||||||||||||||||||||||
| Interest income | $ | 5,828 | $ | 1,114 | $ | 18,565 | $ | 2,098 | |||||||||||||||
| Dividend income | 12,530 | 675 | 24,603 | 1,350 | |||||||||||||||||||
| Fee and other income | — | 2 | — | 3 | |||||||||||||||||||
| Total investment income from control investments | 18,358 | 1,791 | 43,168 | 3,451 | |||||||||||||||||||
| From affiliate investments: | |||||||||||||||||||||||
| Interest income | 1,111 | — | 2,887 | — | |||||||||||||||||||
| Dividend income | 200 | — | 200 | — | |||||||||||||||||||
| Fee and other income | 1 | — | 1 | — | |||||||||||||||||||
| Total investment income from affiliate investments | 1,312 | — | 3,088 | — | |||||||||||||||||||
| From non-affiliate investments: | |||||||||||||||||||||||
| Interest income | 83,356 | 21,154 | 152,042 | 41,475 | |||||||||||||||||||
| Dividend income | 33 | 33 | 67 | 67 | |||||||||||||||||||
| Fee and other income | 596 | 553 | 702 | 861 | |||||||||||||||||||
| Total investment income from non-affiliate investments | 83,985 | 21,740 | 152,811 | 42,403 | |||||||||||||||||||
| Interest from cash and cash equivalents | 970 | 313 | 2,108 | 414 | |||||||||||||||||||
| Total investment income | 104,625 | 23,844 | 201,175 | 46,268 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Management fees | 13,761 | 1,039 | 24,318 | 2,043 | |||||||||||||||||||
| Incentive fee on income | 9,368 | 2,045 | 18,023 | 3,854 | |||||||||||||||||||
| Interest and debt fees | 28,280 | 7,627 | 51,211 | 15,603 | |||||||||||||||||||
| Professional fees | 1,765 | 511 | 3,808 | 1,023 | |||||||||||||||||||
| Other general and administrative | 1,393 | 456 | 3,117 | 912 | |||||||||||||||||||
| Administrative services | 224 | 91 | 470 | 149 | |||||||||||||||||||
| Directors' fees | 268 | 274 | 599 | 423 | |||||||||||||||||||
| Total expenses before incentive fee waiver | 55,059 | 12,043 | 101,546 | 24,007 | |||||||||||||||||||
| Incentive fee waiver | — | (2,045) | — | (3,854) | |||||||||||||||||||
| Expenses, net of incentive fee waiver | 55,059 | 9,998 | 101,546 | 20,153 | |||||||||||||||||||
| Net investment income (loss) before income taxes | 49,566 | 13,846 | 99,629 | 26,115 | |||||||||||||||||||
| Income tax expense, including excise tax | 889 | 210 | 1,215 | 418 | |||||||||||||||||||
| Net investment income (loss) | 48,677 | 13,636 | 98,414 | 25,697 | |||||||||||||||||||
| Realized and unrealized gain (loss): | |||||||||||||||||||||||
| Net realized gain (loss) | |||||||||||||||||||||||
| Control investments | 2 | — | (3) | — | |||||||||||||||||||
| Affiliate investments | 362 | — | 362 | — | |||||||||||||||||||
| Non-affiliate investments | (114) | 31 | 1,174 | (130) | |||||||||||||||||||
| Total net realized gain (loss) | 250 | 31 | 1,533 | (130) | |||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
| Control investments | (2,181) | (2) | (11,016) | (9) | |||||||||||||||||||
| Affiliate investments | 494 | — | (2,316) | — | |||||||||||||||||||
| Non-affiliate investments | (13,590) | (2,196) | (26,454) | (2,935) | |||||||||||||||||||
| Net change in deferred taxes | (738) | 0 (1) | (1,029) | (515) | |||||||||||||||||||
| Total net change in unrealized appreciation (depreciation) on investments | (16,015) | (2,198) | (40,815) | (3,459) | |||||||||||||||||||
| Net realized and unrealized gain (loss) | (15,765) | (2,167) | (39,282) | (3,589) | |||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities | $ | 32,912 | $ | 11,469 | $ | 59,132 | $ | 22,108 | |||||||||||||||
| Accretion to redemption value of Series A redeemable convertible preferred stock | (4) | (4) | (9) | (7) | |||||||||||||||||||
| Accrual of Series A redeemable convertible preferred stock distributions | (1,687) | (2,197) | (3,884) | (3,220) | |||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders | $ | 31,221 | $ | 9,268 | $ | 55,239 | $ | 18,881 | |||||||||||||||
| Per share information | |||||||||||||||||||||||
| Net investment income (loss) | $ | 0.36 | $ | 0.54 | $ | 0.81 | $ | 1.03 | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities | $ | 0.24 | $ | 0.45 | $ | 0.49 | $ | 0.89 | |||||||||||||||
| Basic and diluted earnings (loss) per share | $ | 0.23 | $ | 0.36 | $ | 0.46 | $ | 0.71 | |||||||||||||||
| Weighted average common shares outstanding | 135,058,646 | 25,464,807 | 121,176,065 | 25,058,806 | |||||||||||||||||||
| For the six months ended June 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operations: | |||||||||||
| Net investment income (loss) | $ | 98,414 | $ | 25,697 | |||||||
| Net realized gain (loss) from investments | 1,533 | (130) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments | (39,786) | (2,944) | |||||||||
| Net change in deferred taxes | (1,029) | (515) | |||||||||
| Accretion to redemption value of Series A redeemable convertible preferred stock | (9) | (7) | |||||||||
| Accrual of Series A redeemable convertible preferred stock distributions | (3,884) | (3,220) | |||||||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders | 55,239 | 18,881 | |||||||||
| Stockholder distributions: | |||||||||||
| Common stockholder distributions | (56,186) | (21,479) | |||||||||
| Net decrease in net assets attributable to common stock from stockholder distributions | (56,186) | (21,479) | |||||||||
| Capital share transactions: | |||||||||||
| Issuance of common stock, net of issuance costs | 900 | 8,073 | |||||||||
| Issuance of common stock in connection with the Mergers | 1,594,261 | — | |||||||||
| Reinvestment of common stockholder distributions | 13,275 | 6,068 | |||||||||
| Repurchases of common stock | (41,170) | — | |||||||||
| Net increase in net assets attributable to common stock from capital share transactions | 1,567,266 | 14,141 | |||||||||
| Total increase (decrease) in net assets attributable to common stock | 1,566,319 | 11,543 | |||||||||
| Net assets at beginning of period attributable to common stock | 388,119 | 372,421 | |||||||||
| Net assets at end of period attributable to common stock | $ | 1,954,438 | $ | 383,964 | |||||||
| Net asset value per share attributable to common stock | $ | 14.56 | $ | 15.03 | |||||||
| Common shares outstanding at end of period | 134,244,259 | 25,542,837 | |||||||||
| For the six months ended June 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operating activities | |||||||||||
| Net increase (decrease) in net assets resulting from operations attributable to participating securities | $ | 59,132 | $ | 22,108 | |||||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
| Payment-in-kind interest income | (10,014) | (1,470) | |||||||||
| Net accretion of discount on investments | (15,694) | (998) | |||||||||
| Amortization of deferred financing costs | 540 | 598 | |||||||||
| Amortization of discount on unsecured notes | 98 | — | |||||||||
| Sales and repayments of investments | 260,747 | 21,061 | |||||||||
| Purchases of investments | (260,977) | (34,823) | |||||||||
| Net realized (gain) loss from investments | (1,533) | 130 | |||||||||
| Net change in unrealized (appreciation) depreciation on investments | 39,786 | 2,944 | |||||||||
| (Increase) decrease in operating assets: | |||||||||||
| Interest and dividend receivable | 458 | (1,679) | |||||||||
| Receivable for unsettled trades | (11,212) | (837) | |||||||||
| Prepaid expenses and other assets | 3,224 | (255) | |||||||||
| Due from broker | 647 | — | |||||||||
| Cash received in the Mergers | 58,478 | — | |||||||||
| (Increase) decrease in operating liabilities: | |||||||||||
| Management fees payable | 10,201 | 33 | |||||||||
| Incentive fee on income payable | 6,896 | — | |||||||||
| Accounts payable and accrued expenses | (6,741) | 1,097 | |||||||||
| Interest and debt fees payable | 10,277 | 557 | |||||||||
| Directors' fees payable | (385) | 134 | |||||||||
| Other liabilities | 186 | (82) | |||||||||
| Net cash provided by (used in) operating activities | 144,114 | 8,518 | |||||||||
| Financing activities | |||||||||||
| Repayments on secured borrowings | (2,586) | — | |||||||||
| Proceeds from issuance of shares of common stock | 900 | 8,277 | |||||||||
| Proceeds from issuance of shares of preferred stock | — | 41,353 | |||||||||
| Repurchase of common stock | (41,170) | — | |||||||||
| Proceeds from debt | 435,724 | 32,000 | |||||||||
| Payments on debt | (458,600) | (70,400) | |||||||||
| Proceeds from short-term borrowings | — | 41,149 | |||||||||
| Repayments on short-term borrowings | — | (20,792) | |||||||||
| Payments of financing costs | (4,424) | — | |||||||||
| Common stockholder distributions | (42,924) | (15,431) | |||||||||
| Preferred stockholder distributions | (3,884) | (3,220) | |||||||||
| Net cash provided by (used in) financing activities | (116,964) | 12,936 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 27,150 | 21,454 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 55,222 | 26,239 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 82,372 | $ | 47,693 | |||||||
| For the six months ended June 30, | |||||||||||
| Supplemental information: | 2024 | 2023 | |||||||||
| Interest and non-usage fees paid during the period | $ | 39,604 | $ | 14,366 | |||||||
| Taxes, including excise tax, paid during the period | $ | 4,326 | $ | 325 | |||||||
| Distributions reinvested during the period | $ | 13,275 | $ | 6,068 | |||||||
Issuance of shares in connection with Mergers (1) | $ | 1,594,261 | $ | — | |||||||
As of June 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash and cash equivalents | $ | 64,595 | $ | 47,693 | |||||||
| Restricted cash | 17,777 | — | |||||||||
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 82,372 | $ | 47,693 | |||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 137.6% (d) | ||||||||||||||||||||||||||||||||||||||||||||
| 1236904 BC, Ltd. (e) (n) (p) | Software/Services | S+ 7.50% (12.96%), 3/4/2027 | $ | 14,624 | $ | 14,738 | $ | 14,846 | 0.8 | % | ||||||||||||||||||||||||||||||||||
| 1236904 BC, Ltd. (e) (p) (q) | Software/Services | S+ 5.61% (10.96%), 3/4/2027 | 18,133 | 17,638 | 17,535 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (e) (n) | Healthcare | S+ 6.25% (11.61%), 5/7/2027 | 3,914 | 3,873 | 3,885 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (e) | Healthcare | S+ 6.25% (11.66%), 5/7/2027 | 126 | 125 | 125 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (e) (h) | Healthcare | S+ 6.25% (11.66%), 5/7/2026 | 205 | 200 | 192 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (e) (n) (p) | Healthcare | S+ 6.25% (11.66%), 5/7/2027 | 19,094 | 18,897 | 18,951 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| Adelaide Borrower, LLC (a) (e) (h) | Software/Services | S+ 6.26%, 3.13% PIK, 5/8/2031 | — | (78) | (78) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Adelaide Borrower, LLC (a) (e) (h) | Software/Services | S+ 6.26%, 3.13% PIK, 5/8/2031 | — | (97) | (98) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Adelaide Borrower, LLC (a) (e) (n) (p) (q) | Software/Services | S+ 6.76% (12.09%) 3.38% PIK, 5/8/2030 | 34,975 | 34,283 | 34,290 | 1.7 | % | |||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. (e) (n) | Financials | S+ 6.50% (11.94%). 10/2/2028 | 8,653 | 8,619 | 8,653 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. (e) (n) | Financials | S+ 6.50% (11.94%), 10/2/2028 | 17,355 | 17,283 | 17,355 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. (e) (h) | Financials | S+ 5.75% (11.08%), 10/2/2028 | 809 | 806 | 809 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| American Rock Salt Company, LLC (n) | Chemicals | S+ 4.00% (9.61%), 6/9/2028 | 2,008 | 2,003 | 1,707 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Arch Global Precision, LLC (e) | Industrials | S+ 4.75% (10.19%), 4/1/2026 | 2,320 | 2,324 | 2,320 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Arch Global Precision, LLC (e) (h) | Industrials | S+ 4.75% (10.15%), 4/1/2025 | 731 | 731 | 731 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Arch Global Precision, LLC (e) (p) (q) | Industrials | S+ 4.75% (10.19%), 4/1/2026 | 7,364 | 7,375 | 7,364 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Arctic Holdco, LLC (e) (h) | Paper & Packaging | S+ 6.00% (11.44%), 12/23/2026 | 2,859 | 2,848 | 2,859 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Arctic Holdco, LLC (e) (p) (q) | Paper & Packaging | S+ 6.00% (11.44%), 12/23/2026 | 59,725 | 59,026 | 59,725 | 3.1 | % | |||||||||||||||||||||||||||||||||||||
| Armada Parent, Inc. (e) (h) (n) | Industrials | S+ 5.75% (11.20%), 10/29/2027 | 3,220 | 3,173 | 3,115 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Armada Parent, Inc. (e) (h) | Industrials | S+ 5.75%, 10/29/2027 | — | (27) | (127) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Armada Parent, Inc. (e) (n) | Industrials | S+ 5.75% (11.20%), 10/29/2027 | 63,897 | 63,081 | 62,868 | 3.2 | % | |||||||||||||||||||||||||||||||||||||
| Avalara, Inc. (e) (n) | Software/Services | S+ 7.25% (12.59%), 10/19/2028 | 60,192 | 59,172 | 60,192 | 3.1 | % | |||||||||||||||||||||||||||||||||||||
| Avalara, Inc. (e) (h) | Software/Services | S+ 7.25%, 10/19/2028 | — | (35) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Aventine Holdings, LLC (e) (n) | Media/Entertainment | S+ 6.00% (11.44%) 4.00% PIK, 6/18/2027 | 16,038 | 15,874 | 15,828 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Aventine Holdings, LLC (e) (n) | Media/Entertainment | 10.25% PIK, 6/18/2027 | 41,925 | 41,431 | 41,280 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
| Aventine Holdings, LLC (e) (n) (q) | Media/Entertainment | S+ 6.00% (11.43%) 4.00% PIK, 6/18/2027 | 40,511 | 40,089 | 39,981 | 2.0 | % | |||||||||||||||||||||||||||||||||||||
| Axiom Global, Inc. (e) (p) (q) | Business Services | S+ 4.75% (10.17%), 10/1/2026 | 20,002 | 20,034 | 20,002 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| Azurite Intermediate Holdings, Inc. (e) | Software/Services | S+ 6.50% (11.84%), 3/19/2031 | 9,961 | 9,815 | 9,818 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| Azurite Intermediate Holdings, Inc. (e) (h) | Software/Services | S+ 6.50%, 3/19/2031 | $ | — | $ | (52) | $ | (52) | 0.0 | % | ||||||||||||||||||||||||||||||||||
| Azurite Intermediate Holdings, Inc. (e) (h) | Software/Services | S+ 6.50% (11.84%), 3/19/2031 | 14,489 | 14,217 | 14,163 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (e) (n) | Healthcare | S+ 6.25% (11.68%), 3.00% PIK 12/29/2028 | 2,603 | 2,529 | 2,374 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (e) | Healthcare | S+ 6.00% (11.42%), 12/30/2026 | 4,984 | 4,832 | 4,545 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (e) (n) (q) | Healthcare | S+ 6.25% (11.68%), 3.00% PIK 12/29/2028 | 5,124 | 4,955 | 4,673 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (e) (n) (q) | Healthcare | S+ 6.25% (11.68%), 3.00% PIK 12/29/2028 | 30,747 | 29,744 | 28,038 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| Capstone Logistics (e) | Transportation | S+ 4.75% (10.19%), 11/12/2027 | 1,098 | 1,100 | 1,098 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Capstone Logistics (e) (p) | Transportation | S+ 4.75% (10.19%), 11/12/2027 | 18,723 | 18,750 | 18,723 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| Center Phase Energy, LLC (e) (n) | Utilities | S+ 7.00% (12.51%), 6/23/2027 | 10,305 | 10,176 | 10,177 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Center Phase Energy, LLC (e) (h) | Utilities | S+ 6.50% (12.02%), 6/23/2027 | 5,055 | 4,977 | 4,972 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Cold Spring Brewing, Co. (e) (p) (q) | Food & Beverage | S+ 4.75% (10.09%), 12/19/2025 | 5,944 | 5,952 | 5,944 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Communication Technology Intermediate, LLC (e) (h) | Business Services | S+ 5.50% (10.94%), 5/5/2027 | 1,188 | 1,178 | 1,188 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Communication Technology Intermediate, LLC (e) (n) (p) | Business Services | S+ 5.50% (10.94%), 5/5/2027 | 25,058 | 24,970 | 25,058 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Communication Technology Intermediate, LLC (e) (n) (q) | Business Services | S+ 5.50% (10.94%), 5/5/2027 | 8,717 | 8,699 | 8,717 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Community Brands ParentCo, LLC (e) (n) | Software/Services | S+ 5.50% (10.94%), 2/24/2028 | 9,014 | 8,889 | 9,014 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Corfin Industries, LLC (e) | Industrials | S+ 6.00% (11.42%), 12/27/2027 | 1,574 | 1,576 | 1,574 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Corfin Industries, LLC (e) | Industrials | S+ 6.00% (11.42%), 12/27/2027 | 9,581 | 9,595 | 9,581 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Corfin Industries, LLC (e) (p) (q) | Industrials | S+ 6.00% (11.42%), 2/5/2026 | 16,101 | 16,124 | 16,101 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Cornerstone Chemical, Co. (b) (e) | Chemicals | 1/24/2024 | 10.25%, 2.00% PIK, 9/1/2027 | 1,262 | 406 | 884 | 0.0 | % | ||||||||||||||||||||||||||||||||||||
| Coronis Health, LLC (e) (j) (n) | Healthcare | S+ 6.25% (11.58%), 7/27/2029 | 24,771 | 23,606 | 12,757 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Coronis Health, LLC (e) (j) | Healthcare | S+ 6.25% (11.55%), 7/28/2028 | 2,001 | 1,928 | 1,031 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Demakes Borrower, LLC (e) (h) | Food & Beverage | S+ 6.25%, 12/12/2029 | — | (15) | (114) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Demakes Borrower, LLC (e) (n) (p) | Food & Beverage | S+ 6.25% (11.55%), 12/12/2029 | 17,846 | 17,455 | 17,441 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Division Holding Corp. (n) | Business Services | S+ 4.75% (10.21%), 5/26/2028 | 3,413 | 3,387 | 3,392 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Dynagrid Holdings, LLC (e) (p) | Utilities | S+ 5.50% (10.98%), 12/18/2025 | 3,653 | 3,658 | 3,653 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Dynagrid Holdings, LLC (e) (p) (q) | Utilities | S+ 5.50% (10.98%), 12/18/2025 | 8,920 | 8,932 | 8,920 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Dynagrid Holdings, LLC (e) (q) | Utilities | S+ 5.50% (10.98%), 12/18/2025 | 13,302 | 13,320 | 13,302 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Eliassen Group, LLC (e) (n) | Business Services | S+ 5.75% (11.08%), 4/14/2028 | 1,364 | 1,362 | 1,364 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Eliassen Group, LLC (e) (n) (q) | Business Services | S+ 5.75% (11.09%), 4/14/2028 | 17,063 | 16,950 | 17,063 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| Faraday Buyer, LLC (e) (n) | Utilities | S+ 6.00% (11.33%), 10/11/2028 | $ | 41,430 | $ | 41,430 | $ | 40,705 | 2.1 | % | ||||||||||||||||||||||||||||||||||
| Faraday Buyer, LLC (e) (h) | Utilities | S+ 6.00%, 10/11/2028 | — | (16) | (98) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Faraday Buyer, LLC (e) (n) (p) | Utilities | S+ 6.00% (11.34%), 10/11/2028 | 8,777 | 8,583 | 8,623 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| FGT Purchaser, LLC (e) (h) | Consumer | S+ 5.50% (10.95%), 9/13/2027 | 1,560 | 1,551 | 1,560 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| FGT Purchaser, LLC (e) (n) (p) | Consumer | S+ 5.50% (10.93%), 9/13/2027 | 30,421 | 30,323 | 30,421 | 1.6 | % | |||||||||||||||||||||||||||||||||||||
| Florida Food Products, LLC (e) (n) | Food & Beverage | S+ 5.00% (10.46%), 10/18/2028 | 12,442 | 12,272 | 11,287 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Foresight Energy Operating, LLC (e) | Energy | S+ 8.00% (13.44%), 6/30/2027 | 1,057 | 1,059 | 1,057 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| FR Flow Control Luxco 1 SARL (e) (n) | Industrials | S+ 5.50% (11.10%), 6/28/2026 | 4,394 | 4,368 | 4,394 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Galway Borrower, LLC (e) (h) | Financials | S+ 5.25%, 9/29/2028 | — | (21) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Galway Borrower, LLC (e) (h) | Financials | S+ 5.25% (10.68%), 9/30/2028 | 456 | 441 | 456 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Galway Borrower, LLC (e) (n) (p) | Financials | S+ 5.25% (10.69%), 9/29/2028 | 43,053 | 42,927 | 43,053 | 2.2 | % | |||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc. (e) (n) | Business Services | S+ 5.25% (10.59%), 5/18/2029 | 9,180 | 9,115 | 9,180 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc. (e) (n) | Business Services | S+ 5.25% (10.59%), 5/18/2029 | 38,175 | 37,700 | 38,175 | 2.0 | % | |||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc. (e) (h) | Business Services | S+ 5.25%, 5/18/2027 | — | (25) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Gogo Intermediate Holdings, LLC (a) (h) | Telecom | S+ 3.75%, 4/30/2026 | — | — | (18) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Green Energy Partners/Stonewall, LLC (e) (n) | Utilities | S+ 6.00% (,11.60%) 11/12/2026 | 14,637 | 14,605 | 14,637 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Ground Penetrating Radar Systems, LLC (e) (h) | Business Services | S+ 5.76%, 2.88% PIK, 4/2/2031 | — | (14) | (29) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Ground Penetrating Radar Systems, LLC (e) (h) | Business Services | S+ 5.75%, 4/2/2031 | — | (15) | (15) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Ground Penetrating Radar Systems, LLC (e) (n) (p) (q) | Business Services | S+ 5.76% (11.05%), 2.88% PIK, 4/2/2031 | 8,272 | 8,152 | 8,152 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) | Healthcare | S+ 6.50% (11.69%), 12/9/2026 | 2,164 | 2,123 | 2,136 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) | Healthcare | S+ 6.50% (11.69%), 12/9/2026 | 4,684 | 4,595 | 4,623 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) (h) | Healthcare | S+ 6.50% (11.64%), 12/9/2026 | 936 | 923 | 899 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) (p) | Healthcare | S+ 6.50% (11.69%), 12/9/2026 | 3,581 | 3,512 | 3,534 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) (p) | Healthcare | S+ 6.50% (11.69%), 12/9/2026 | 25,200 | 24,723 | 24,872 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) (p) | Healthcare | S+ 6.50% (11.40%), 12/9/2026 | 8,526 | 8,361 | 8,415 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Hospice Care Buyer, Inc. (e) (p) | Healthcare | S+ 6.50% (11.40%), 12/9/2026 | 6,541 | 6,414 | 6,456 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| ICR Operations, LLC (e) | Business Services | S+ 5.25% (10.73%), 11/22/2028 | 41,292 | 40,706 | 40,586 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
| ICR Operations, LLC (e) | Business Services | S+ 5.25% (10.74%), 11/22/2028 | 2,243 | 2,212 | 2,205 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| ICR Operations, LLC (e) (h) | Business Services | S+ 5.25% (10.73%), 11/22/2027 | 3,321 | 3,269 | 3,211 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| ICR Operations, LLC (e) (h) | Business Services | S+ 5.25%, 11/22/2027 | — | — | (32) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Ideal Tridon Holdings, Inc. (e) (h) | Industrials | S+ 6.75%, 4/5/2028 | — | — | (20) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| Ideal Tridon Holdings, Inc. (e) (p) (q) | Industrials | S+ 6.75% (12.06%), 4/5/2028 | $ | 29,864 | $ | 29,219 | $ | 29,655 | 1.5 | % | ||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (e) (h) | Business Services | S+ 6.00%, 9/22/2027 | — | (28) | — | — | % | |||||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (e) (n) (p) | Business Services | S+ 6.00% (11.43%), 9/22/2028 | 25,257 | 25,031 | 25,257 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (e) (n) (p) | Business Services | S+ 6.00% (11.43%), 9/22/2028 | 455 | 452 | 455 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (e) (n) (p) | Business Services | S+ 6.00% (11.33%), 9/22/2028 | 619 | 613 | 619 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (e) (n) | Paper & Packaging | S+ 6.25% (11.68%), 5/23/2028 | 12,725 | 12,549 | 12,598 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (e) | Paper & Packaging | S+ 6.25% (11.68%), 5/23/2028 | 7,902 | 7,791 | 7,823 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (e) (n) | Paper & Packaging | S+ 6.25% (11.69%), 5/23/2028 | 29,752 | 29,339 | 29,454 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (e) (h) | Paper & Packaging | S+ 6.25% (11.67%), 5/23/2028 | 4,047 | 4,008 | 3,995 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Integrated Efficiency Solutions, Inc. (e) (h) (m) | Industrials | 7.50%, 12/31/2025 | 210 | 210 | 210 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Integrated Efficiency Solutions, Inc. (e) (m) | Industrials | 7.50%, 12/31/2025 | 1,400 | 1,402 | 1,400 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Integrated Global Services, Inc. (e) (q) | Industrials | S+ 6.00% (11.47%), 2/4/2026 | 10,611 | 10,627 | 10,611 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| International Cruise & Excursions, Inc. (e) (q) | Business Services | S+ 5.35% (10.79%), 6/6/2025 | 4,774 | 4,625 | 3,848 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| IQN Holding Corp. (e) (h) | Software/Services | S+ 5.25% (10.60%), 5/2/2028 | 177 | 174 | 177 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| IQN Holding Corp. (e) (n) (q) | Software/Services | S+ 5.25% (10.60%), 5/2/2029 | 17,272 | 17,163 | 17,272 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| J&K Ingredients, LLC (e) (n) (p) | Food & Beverage | S+ 6.50% (11.84%), 11/16/2028 | 12,407 | 12,145 | 12,135 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Kissner Milling Co., Ltd. (b) (n) | Industrials | 4/16/2021 | 4.88%, 5/1/2028 | 5,258 | 5,053 | 4,890 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. (e) (h) (n) | Business Services | S+ 5.75% (11.19%), 12/10/2027 | 6,710 | 6,680 | 6,710 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. (e) (h) | Business Services | S+ 5.75% (11.19%), 12/10/2027 | 2,354 | 2,342 | 2,354 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. (e) (n) (q) | Business Services | S+ 5.75% (11.19%), 12/10/2027 | 35,132 | 35,032 | 35,132 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| Labrie Environmental Group, LLC (a) (e) | Industrials | S+ 5.50% (10.94%), 9/1/2026 | 22,009 | 21,295 | 21,767 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| Lakeland Tours, LLC (e) (p) (q) | Education | 8.00%, 9/25/2027 | 6,118 | 4,884 | 3,198 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Lakeview Health Holdings, Inc. (e) (j) (m) | Healthcare | P+ 4.50% (13.00%), 10/15/2024 | 2,086 | 619 | 659 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Lakeview Health Holdings, Inc. (e) (m) | Healthcare | P+ 6.00% (14.50%) PIK, 10/15/2024 | 65 | 65 | 65 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Lakeview Health Holdings, Inc. (e) (m) | Healthcare | P+ 6.00% (14.50%) PIK, 10/15/2024 | 1,251 | 1,252 | 1,252 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Liquid Tech Solutions Holdings, LLC (e) (n) | Industrials | S+ 4.75% (10.21%), 3/20/2028 | 5,369 | 5,354 | 5,369 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| LSF12 Donnelly Bidco, LLC (e) (n) (p) | Industrials | S+ 6.50% (11.84%), 10/2/2029 | 19,026 | 18,624 | 18,610 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| Manna Pro Products, LLC (e) | Consumer | S+ 6.00% (11.44%), 12/10/2026 | 3,935 | 3,805 | 3,755 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Manna Pro Products, LLC (e) (h) | Consumer | S+ 6.00% (11.44%), 12/10/2026 | 2,300 | 2,237 | 2,176 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Manna Pro Products, LLC (e) (q) | Consumer | S+ 6.00% (11.44%), 12/10/2026 | 1,876 | 1,814 | 1,790 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Manna Pro Products, LLC (e) (q) | Consumer | S+ 6.00% (11.44%), 12/10/2026 | 6,747 | 6,524 | 6,437 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| Manna Pro Products, LLC (e) (q) | Consumer | S+ 6.00% (11.44%),12/10/2026 | $ | 23,796 | $ | 23,008 | $ | 22,703 | 1.2 | % | ||||||||||||||||||||||||||||||||||
| McDonald Worley, P.C. (e) (j) | Business Services | 26.00% PIK, 12/31/2024 | 19,608 | 12,068 | 12,754 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Mckissock Investment Holdings, LLC (n) (p) | Education | S+ 5.00% (10.33%), 3/12/2029 | 3,856 | 3,829 | 3,863 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| MCS Acquisition Corp. (e) | Business Services | S+ 6.00% (11.56%), 10/2/2025 | 760 | 762 | 760 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Medical Depot Holdings, Inc. (e) | Healthcare | S+ 10.00% (15.43%) 9.00% PIK, 6/1/2025 | 4,010 | 4,014 | 4,010 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Medical Depot Holdings, Inc. (e) (p) (q) | Healthcare | S+ 9.50% (14.93%) 4.00% PIK, 6/1/2025 | 21,372 | 20,263 | 20,679 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| Medical Management Resource Group, LLC (e) (n) | Healthcare | S+ 6.00% (11.44%), 9/30/2027 | 9,454 | 9,350 | 9,326 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Medical Management Resource Group, LLC (e) (h) | Healthcare | S+ 6.00% (11.44%), 9/30/2026 | 1,080 | 1,066 | 1,052 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Medical Management Resource Group, LLC (e) (n) (p) | Healthcare | S+ 6.00% (11.44%), 9/30/2027 | 22,891 | 22,637 | 22,582 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| MGTF Radio Company, LLC (e) (l) | Media/Entertainment | S+ 6.00% (11.33%), 4/1/2025 | 45,021 | 44,737 | 34,755 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| Midwest Can Company, LLC (e) (p) (q) | Paper & Packaging | S+ 6.00% (11.34%), 3/2/2026 | 30,505 | 30,513 | 30,505 | 1.6 | % | |||||||||||||||||||||||||||||||||||||
| Miller Environmental Group, Inc. (e) | Business Services | S+ 6.50% (11.98%), 6/15/2025 | 1,324 | 1,325 | 1,324 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Miller Environmental Group, Inc. (e) (p) (q) | Business Services | S+ 6.50% (11.98%), 6/15/2025 | 11,054 | 11,065 | 11,054 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Miller Environmental Group, Inc. (e) (p) (q) | Business Services | S+ 6.50% (11.99%), 6/15/2025 | 10,112 | 10,128 | 10,112 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Mirra-Primeaccess Holdings, LLC (e) (n) | Healthcare | S+ 6.50% (11.96%), 7/29/2026 | 69,154 | 68,995 | 69,154 | 3.5 | % | |||||||||||||||||||||||||||||||||||||
| Mirra-Primeaccess Holdings, LLC (e) (h) | Healthcare | S+ 6.50% (11.95%), 7/29/2026 | 8,442 | 8,414 | 8,442 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Muth Mirror Systems, LLC (e) | Technology | 11.00%, 4.00% PIK, 4/23/2025 | 1,327 | 1,223 | 1,194 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Muth Mirror Systems, LLC (e) (p) (q) | Technology | 11.00%, 4.00% PIK, 4/23/2025 | 14,655 | 13,892 | 13,190 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| New Star Metals, Inc. (e) (p) (q) | Industrials | S+ 5.00% (10.59%), 1/9/2026 | 30,290 | 29,249 | 28,925 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Norvax, LLC (e) (h) | Business Services | P+ 5.50%, 6/30/2025 | 77 | 77 | 66 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Odessa Technologies, Inc. (e) (h) | Software/Services | S+ 5.50%, 10/19/2027 | — | (19) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Odessa Technologies, Inc. (e) (n) (p) | Software/Services | S+ 5.50% (10.94%), 10/19/2027 | 20,551 | 20,492 | 20,551 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| ORG GC Holdings, LLC (e) (m) | Business Services | S+ 6.50% (12.10%) PIK, 11/29/2026 | 10,111 | 10,128 | 10,111 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| PetVet Care Centers, LLC (e) (h) | Healthcare | S+ 6.00%, 11/15/2030 | — | (10) | (73) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| PetVet Care Centers, LLC (e) (h) | Healthcare | S+ 6.00%, 11/15/2029 | — | (19) | (73) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| PetVet Care Centers, LLC (e) (n) (p) (q) | Healthcare | S+ 6.00% (11.34%), 11/15/2030 | 30,759 | 30,219 | 30,199 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (e) (n) | Food & Beverage | S+ 5.50% (10.95%), 4/5/2027 | 2,198 | 2,195 | 2,198 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (e) (n) | Food & Beverage | S+ 5.50% (11.01%), 4/5/2027 | 8,382 | 8,356 | 8,382 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (e) (h) | Food & Beverage | S+ 5.50% (10.98%), 4/6/2026 | 2,194 | 2,187 | 2,194 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (e) (n) (q) | Food & Beverage | S+ 5.50% (10.90%), 4/5/2027 | 2,870 | 2,861 | 2,870 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (e) (n) (q) | Food & Beverage | S+ 5.50% (11.01%), 4/5/2027 | $ | 38,728 | $ | 38,597 | $ | 38,728 | 2.0 | % | ||||||||||||||||||||||||||||||||||
| PlayPower, Inc. (e) (p) (q) | Industrials | S+ 5.50% (10.96%), 5/10/2025 | 11,221 | 10,512 | 10,884 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| PlayPower, Inc. (e) (p) (q) | Industrials | S+ 5.50% (10.96%), 5/8/2026 | 23,298 | 21,939 | 22,599 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| Pluralsight, LLC (e) (j) | Software/Services | S+ 8.00% (13.46%), 4/6/2027 | 2,240 | 2,162 | 1,053 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Pluralsight, LLC (e) (j) (n) (p) | Software/Services | S+ 8.00% (13.46%), 4/6/2027 | 26,325 | 25,224 | 12,373 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Pluralsight, LLC (e) (j) (n) (p) | Software/Services | S+ 8.00% (13.47%), 4/6/2027 | 9,408 | 9,010 | 4,422 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Pluto Acquisition I, Inc. (e) | Healthcare | S+ 5.50% (10.95%), 6/20/2028 | 3,304 | 3,304 | 3,304 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Point Broadband Acquisition, LLC (e) (n) | Telecom | S+ 5.50% (10.83%), 10/2/2028 | 11,592 | 11,543 | 11,592 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Point Broadband Acquisition, LLC (e) (n) (p) | Telecom | S+ 5.50% (10.91%), 10/2/2028 | 27,502 | 27,373 | 27,502 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| Premiere Global Services, Inc. (e) (j) | Telecom | P+ 5.50% (14.00%), 6/8/2023 | 5,024 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Premiere Global Services, Inc. (e) (h) (j) | Telecom | P+ 5.50% (14.00%), 4/7/2023 | 969 | 146 | 83 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| PSKW, LLC (e) (p) (q) | Healthcare | S+ 6.25% (11.69%), 3/9/2026 | 28,725 | 28,764 | 28,726 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Questex, Inc. (e) (h) | Media/Entertainment | S+ 5.50%, 5/15/2029 | — | (38) | (38) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Questex, Inc. (e) (n) (p) (q) | Media/Entertainment | S+ 5.50% (10.79%), 5/15/2029 | 15,177 | 14,876 | 14,881 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Reagent Chemical and Research, LLC (e) (h) | Chemicals | S+ 5.75%, 4/30/2030 | — | (145) | (145) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Reagent Chemical and Research, LLC (e) (n) (p) (q) | Chemicals | S+ 5.25% (10.58%), 4/30/2031 | 59,820 | 58,650 | 58,652 | 3.0 | % | |||||||||||||||||||||||||||||||||||||
| Relativity Oda, LLC (e) (h) | Software/Services | S+ 6.50%, 5/12/2027 | — | (2) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Relativity Oda, LLC (e) (n) (q) | Software/Services | S+ 6.00% (11.44%), 5/12/2027 | 7,717 | 7,696 | 7,717 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| REP TEC Intermediate Holdings, Inc. (e) (p) (q) | Software/Services | S+ 5.50% (10.83%), 6/19/2025 | 2,023 | 1,985 | 2,023 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| REP TEC Intermediate Holdings, Inc. (e) (p) (q) | Software/Services | S+ 5.50% (10.84%), 6/19/2025 | 22,581 | 22,605 | 22,581 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| Roadsafe Holdings, Inc. (e) (n) | Industrials | S+ 5.75% (11.15%), 10/19/2027 | 6,884 | 6,849 | 6,884 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Roadsafe Holdings, Inc. (e) (n) | Industrials | S+ 5.75% (11.15%), 10/19/2027 | 7,400 | 7,412 | 7,400 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Roadsafe Holdings, Inc. (e) (q) | Industrials | S+ 5.75% (11.14%), 10/19/2027 | 1,209 | 1,186 | 1,209 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Roadsafe Holdings, Inc. (e) (n) (q) | Industrials | S+ 5.75% (11.14%), 10/19/2027 | 10,914 | 10,890 | 10,914 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| RSC Acquisition, Inc. (e) (n) | Financials | S+ 5.50% (11.00%), 11/1/2029 | 7,152 | 7,160 | 7,152 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| RSC Acquisition, Inc. (e) | Financials | S+ 6.00% (11.35%), 11/1/2029 | 6,919 | 6,921 | 6,919 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| RSC Acquisition, Inc. (e) (h) | Financials | S+ 6.00% (11.35%), 11/1/2029 | 831 | 831 | 831 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| RSC Acquisition, Inc. (e) (n) (q) | Financials | S+ 5.50% (10.99%), 11/1/2029 | 21,704 | 21,702 | 21,704 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. (e) (n) | Healthcare | S+ 5.50% (10.96%), 11/18/2027 | 12,993 | 12,812 | 12,993 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. (e) (h) | Healthcare | S+ 6.00%, 11/18/2027 | — | (45) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. (e) (n) (p) | Healthcare | S+ 5.50% (10.96%), 11/18/2027 | 37,166 | 37,046 | 37,166 | 1.9 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| SCIH Salt Holdings, Inc. (e) (h) | Industrials | S+ 4.00%, 3/17/2025 | $ | — | $ | (1) | $ | 8 | 0.0 | % | ||||||||||||||||||||||||||||||||||
| Sherlock Buyer Corp. (e) (h) | Business Services | S+ 5.75%, 12/8/2027 | — | (7) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Sherlock Buyer Corp. (e) (n) (q) | Business Services | S+ 5.75% (11.18%), 12/8/2028 | 15,799 | 15,741 | 15,799 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Simplifi Holdings, Inc. (e) (h) | Media/Entertainment | P+ 4.50% (13.00%), 10/1/2026 | 825 | 802 | 784 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Simplifi Holdings, Inc. (e) (n) (p) | Media/Entertainment | S+ 5.50% (10.94%), 10/1/2027 | 50,298 | 49,676 | 49,921 | 2.6 | % | |||||||||||||||||||||||||||||||||||||
| SitusAMC Holdings Corp. (e) (n) | Financials | S+ 5.50% (10.94%), 12/22/2027 | 6,341 | 6,302 | 6,341 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| St. Croix Hospice Acquisition Corp. (e) | Healthcare | S+ 6.00% (11.43%), 10/30/2026 | 2,766 | 2,771 | 2,766 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| St. Croix Hospice Acquisition Corp. (e) (q) | Healthcare | S+ 6.00% (11.43%), 10/30/2026 | 25,031 | 25,072 | 25,032 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Striper Buyer, LLC (e) (n) (p) | Paper & Packaging | S+ 5.50% (10.94%), 12/30/2026 | 16,915 | 16,895 | 16,915 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| SunMed Group Holdings, LLC (e) (h) | Healthcare | S+ 5.50%, 6/16/2027 | — | (2) | — | — | % | |||||||||||||||||||||||||||||||||||||
| SunMed Group Holdings, LLC (e) (n) (p) | Healthcare | S+ 5.50% (10.93%), 6/16/2028 | 12,633 | 12,483 | 12,633 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Tax Defense Network, LLC (e) (j) (m) | Consumer | P+ 6.00% (14.50%) PIK, 3/31/2023 | 50,406 | 927 | 675 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Tax Defense Network, LLC (e) (j) (m) | Consumer | P+ 6.00% (14.50%) PIK, 3/31/2023 | 8,948 | 164 | 120 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Tax Defense Network, LLC (e) (j) (m) | Consumer | 12.00% PIK, 3/31/2023 | 5,025 | 4,742 | 5,025 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| The NPD Group, LP (e) (n) | Business Services | S+ 5.50% (10.85%) 2.00% PIK, 12/1/2028 | 52,311 | 51,636 | 52,311 | 2.7 | % | |||||||||||||||||||||||||||||||||||||
| The NPD Group, LP (e) (h) | Business Services | S+ 5.00% (10.34%), 12/1/2027 | 1,868 | 1,844 | 1,868 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Therapy Brands Holdings, LLC (e) (n) (p) | Healthcare | S+ 4.00% (9.46%), 5/18/2028 | 6,045 | 6,046 | 5,598 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Tivity Health, Inc. (e) (n) | Healthcare | S+ 6.00% (11.34%), 6/28/2029 | 31,619 | 31,005 | 31,619 | 1.6 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (e) (n) | Business Services | S+ 5.25% (10.61%), 6/29/2028 | 5,878 | 5,856 | 5,878 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (e) (h) (n) | Business Services | S+ 5.25% (10.61%), 6/29/2027 | 7,450 | 7,442 | 7,450 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (e) (h) | Business Services | S+ 5.25%, 6/29/2028 | — | (9) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (e) (n) (p) | Business Services | S+ 5.25% (10.66%), 6/29/2028 | 29,212 | 29,145 | 29,212 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Triple Lift, Inc. (e) (h) | Software/Services | S+ 5.75% (11.21%), 5/5/2028 | 1,799 | 1,737 | 1,611 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Triple Lift, Inc. (e) (n) (q) | Software/Services | S+ 5.75% (11.24%), 5/5/2028 | 39,585 | 38,462 | 38,002 | 1.9 | % | |||||||||||||||||||||||||||||||||||||
| University of St. Augustine Acquisition Corp. (e) (p) (q) | Education | S+ 4.25% (9.69%), 2/2/2026 | 22,915 | 22,953 | 22,915 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| Urban One, Inc. (b) | Media/Entertainment | 1/24/2024 | 7.38%, 2/1/2028 | 1,561 | 1,375 | 1,215 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (e) (n) | Healthcare | S+ 5.25% (10.68%), 11/20/2028 | 6,997 | 6,936 | 6,997 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (e) (n) | Healthcare | S+ 6.50% (11.93%), 11/20/2028 | 6,098 | 6,066 | 6,098 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (e) (h) | Healthcare | S+ 6.00% (11.43%), 11/20/2028 | 1,858 | 1,840 | 1,858 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (e) (h) | Healthcare | S+ 6.00%, 11/20/2028 | — | (6) | — | — | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (e) (n) (p) | Healthcare | S+ 5.25% (10.68%), 11/20/2028 | 17,668 | 17,484 | 17,668 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| US Salt Investors, LLC (e) (n) | Chemicals | S+ 5.25% (10.74%), 7/19/2028 | $ | 28,075 | $ | 27,654 | $ | 28,075 | 1.4 | % | ||||||||||||||||||||||||||||||||||
| US Salt Investors, LLC (e) (h) | Chemicals | S+ 5.25%, 7/20/2026 | — | (9) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Vensure Employer Services, Inc. (e) (h) | Business Services | S+ 5.25% (10.58%), 3/26/2027 | 8,872 | 8,832 | 8,872 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Vensure Employer Services, Inc. (e) (n) (q) | Business Services | S+ 4.75% (10.08%), 3/26/2027 | 16,414 | 16,415 | 16,414 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Victors CCC Buyer, LLC (e) (n) | Business Services | S+ 4.75% (10.08%), 6/1/2029 | 23,820 | 23,473 | 23,820 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| Victors CCC Buyer, LLC (e) (h) | Business Services | S+ 5.00%, 6/1/2029 | — | (13) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Victors CCC Buyer, LLC (e) (h) | Business Services | S+ 5.00%, 6/1/2029 | — | (19) | — | — | % | |||||||||||||||||||||||||||||||||||||
| West Coast Dental Services, Inc. (e) (n) | Healthcare | S+ 5.75% (11.23%), 7/1/2028 | 27,779 | 27,323 | 27,362 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| West Coast Dental Services, Inc. (e) (n) | Healthcare | S+ 5.75% (11.23%), 7/1/2028 | 1,664 | 1,632 | 1,639 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| West Coast Dental Services, Inc. (e) (h) | Healthcare | S+ 5.75% (11.24%), 7/1/2028 | 2,434 | 2,379 | 2,379 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (e) (n) | Business Services | S+ 5.50% (10.94%), 5/26/2026 | 3,838 | 3,832 | 3,838 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (e) (h) | Business Services | S+ 5.50%, 5/26/2026 | — | (1) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (e) (n) (q) | Business Services | S+ 5.50% (10.94%), 5/26/2026 | 12,053 | 12,032 | 12,053 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (e) (n) (q) | Business Services | S+ 5.50% (10.94%), 5/26/2026 | 18,454 | 18,139 | 18,454 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| WHCG Purchaser III, Inc. (e) (n) | Healthcare | S+ 5.75% (11.35%), 6/22/2028 | 9,975 | 7,729 | 6,548 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| WHCG Purchaser III, Inc. (e) (h) | Healthcare | S+ 5.75% (11.35%), 6/22/2026 | 6,030 | 5,201 | 4,597 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| WHCG Purchaser III, Inc. (e) (n) (p) | Healthcare | S+ 5.75% (11.35%), 6/22/2028 | 41,044 | 31,643 | 26,953 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| WIN Holdings III Corp. (e) (h) | Consumer | S+ 5.25% (10.68%), 7/16/2026 | 1,986 | 1,964 | 1,986 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| WIN Holdings III Corp. (e) (n) (p) | Consumer | S+ 5.25% (10.68%), 7/16/2028 | 41,683 | 41,570 | 41,683 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
| Zendesk, Inc. (e) (h) | Software/Services | S+ 6.25%, 11/22/2028 | — | (39) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Zendesk, Inc. (e) (h) | Software/Services | S+ 6.25%, 11/22/2028 | — | (32) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Zendesk, Inc. (e) (t) (u) | Software/Services | S+ 6.25% (11.60%), 11/22/2028 | 65,685 | 65,090 | 65,685 | 3.4 | % | |||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured First Lien Debt | $ | 2,732,716 | $ | 2,687,402 | 137.6 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 8.0% (d) | ||||||||||||||||||||||||||||||||||||||||||||
| American Rock Salt Company, LLC (e) (n) | Chemicals | S+ 7.25% (12.86%), 6/11/2029 | $ | 6,010 | $ | 5,957 | $ | 5,411 | 0.3 | % | ||||||||||||||||||||||||||||||||||
| Anchor Glass Container Corp. (e) (j) | Paper & Packaging | S+ 7.75% (13.32%), 12/7/2024 | 7,137 | 2,237 | 2,855 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Aruba Investments Holdings, LLC (e) (q) | Chemicals | S+ 7.75% (13.19%), 11/24/2028 | 3,759 | 3,621 | 3,604 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| ASP LS Acquisition Corp. (e) (n) | Transportation | S+ 7.50% (13.10%), 5/7/2029 | 4,275 | 4,265 | 3,533 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| CommerceHub, Inc. (e) | Technology | S+ 7.00% (12.48%), 12/29/2028 | 9,388 | 8,079 | 7,980 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Corelogic, Inc. (n) | Business Services | S+ 6.50% (11.96%), 6/4/2029 | 9,272 | 8,636 | 9,040 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Edelman Financial Center, LLC (n) | Financials | S+ 5.25% (10.59%), 10/6/2028 | 9,500 | 9,476 | 9,498 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| HAH Group Holding Company, LLC (e) (p) | Healthcare | S+ 8.50% (13.95%), 10/30/2028 | $ | 12,445 | $ | 12,462 | $ | 12,445 | 0.6 | % | ||||||||||||||||||||||||||||||||||
| Integrated Efficiency Solutions, Inc. (e) (m) | Industrials | 10.00% PIK, 12/31/2026 | 1,843 | 973 | 609 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| ORG GC Holdings, LLC (e) (m) | Business Services | 18.00% PIK, 11/29/2027 | 5,367 | 5,109 | 5,051 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Pluto Acquisition I, Inc. (e) (p) | Healthcare | S+ 9.25% (14.58%) PIK, 12/20/2028 | 32,543 | 26,337 | 27,011 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Project Boost Purchaser, LLC (e) | Business Services | S+ 8.00% (13.46%), 5/31/2027 | 1,848 | 1,851 | 1,848 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| RealPage, Inc. (n) (q) | Software/Services | S+ 6.50% (11.96%), 4/23/2029 | 16,121 | 16,077 | 15,678 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Therapy Brands Holdings, LLC (e) (n) (p) | Healthcare | S+ 6.75% (12.21%), 5/18/2029 | 6,601 | 6,593 | 5,961 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| USIC Holdings, Inc. (n) (p) | Business Services | S+ 6.50% (12.10%), 5/14/2029 | 3,299 | 3,215 | 3,089 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Victory Buyer, LLC (e) (n) | Industrials | S+ 7.00% (12.60%), 11/19/2029 | 45,990 | 43,779 | 43,691 | 2.2 | % | |||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured Second Lien Debt | $ | 158,667 | $ | 157,304 | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Subordinated Debt - 7.4% (d) | ||||||||||||||||||||||||||||||||||||||||||||
| Post Road Equipment Finance, LLC (e) (l) (t) (u) | Financials | S+ 7.75% (13.08%), 12/31/2028 | $ | 62,600 | $ | 62,627 | $ | 62,600 | 3.2 | % | ||||||||||||||||||||||||||||||||||
| Post Road Equipment Finance, LLC (e) (h) (l) | Financials | S+ 7.75%, 12/31/2028 | — | 7 | — | — | % | |||||||||||||||||||||||||||||||||||||
| Post Road Equipment Finance, LLC (e) (h) (l) (t) (u) | Financials | S+ 7.75% (13.08%), 12/31/2028 | 27,000 | 26,996 | 27,000 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| Siena Capital Finance, LLC (e) (l) | Financials | 12.50%, 11/26/2026 | 54,500 | 54,572 | 54,500 | 2.8 | % | |||||||||||||||||||||||||||||||||||||
| Smile Brands, Inc. (e) | Healthcare | 14.50% PIK, 10/12/2028 | 49 | 47 | 49 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Subtotal Subordinated Debt | $ | 144,249 | $ | 144,149 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||
Collateralized Securities - Debt Investments - 0.4% (d) | ||||||||||||||||||||||||||||||||||||||||||||
| NewStar Arlington Senior Loan Program, LLC 14-1A FR (a) (b) (e) (m) | Diversified Investment Vehicles | 1/24/2024 | S+ 11.00% (16.59%), 4/25/2031 | $ | 4,750 | $ | 4,188 | $ | 4,237 | 0.2 | % | |||||||||||||||||||||||||||||||||
| Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (a) (b) (e) (m) | Diversified Investment Vehicles | 1/24/2024 | S+ 7.50% (13.09%), 1/20/2027 | 5,041 | 4,692 | 3,209 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Whitehorse, Ltd. 14-1A E (a) (b) (e) | Diversified Investment Vehicles | 1/24/2024 | S+ 4.55% (10.14%), 5/1/2026 | 1,105 | 970 | 771 | 0.0 | % | ||||||||||||||||||||||||||||||||||||
| Sub Total Collateralized Securities - Debt Investments | $ | 9,850 | $ | 8,217 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
Collateralized Securities - Equity Investments - 0.2% (d) (w) | ||||||||||||||||||||||||||||||||||||||||||||
| NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (b) (e) (m) (v) | Diversified Investment Vehicles | 1/24/2024 | 5.01%, 4/25/2031 | $ | 31,603 | $ | 4,031 | $ | 3,682 | 0.2 | % | |||||||||||||||||||||||||||||||||
| Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (b) (e) (m) (v) | Diversified Investment Vehicles | 1/24/2024 | 0.00%, 1/20/2027 | 31,575 | — | — | — | % | ||||||||||||||||||||||||||||||||||||
| Sub Total Collateralized Securities - Equity Investments | $ | 4,031 | $ | 3,682 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Equity/Other - 28.4% (d) (f) | ||||||||||||||||||||||||||||||||||||||||||||
| Black Mountain Sand, LLC (b) (e) (g) (s) | Energy | 1/24/2024 | 55,463 | $ | 2,174 | $ | 2,170 | 0.1 | % | |||||||||||||||||||||||||||||||||||
| Center Phase Energy, LLC (b) (e) (r) | Utilities | 6/23/2022 | 1,680 | 1,680 | 1,742 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (k) (o) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (i) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (d) | |||||||||||||||||||||||||||||||||||||
| Cirque Du Soleil Holding USA Newco, Inc. (a) (b) (g) | Media/Entertainment | 1/24/2024 | 539,708 | $ | 5,703 | $ | 6,023 | 0.4 | % | |||||||||||||||||||||||||||||||||||
| Cirque Du Soleil Holding USA Newco, Inc. (a) (b) (g) | Media/Entertainment | 1/24/2024 | 874,000 | 2,519 | 2,550 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Clover Technologies Group, LLC (b) (e) (g) | Industrials | 1/24/2024 | 2,753 | 341 | 628 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Clover Technologies Group, LLC (b) (e) (g) | Industrials | 1/24/2024 | 180,274 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Cornerstone Chemical, Co. (b) (e) (g) | Chemicals | 1/24/2024 | 327,378 | 11,626 | 10,217 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| CRS-SPV, Inc. (b) (e) (g) (m) | Industrials | 1/24/2024 | 246 | 1,561 | 1,559 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Danish CRJ, Ltd. (a) (b) (e) (g) (l) (y) | Transportation | 1/24/2024 | 5,002 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Del Real, LLC (b) (e) (g) (s) | Food & Beverage | 1/24/2024 | 670,510 | 524 | 674 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Dyno Acquiror, Inc. (b) (e) (g) | Consumer | 1/24/2024 | 134,102 | 21 | 21 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| FBLC Senior Loan Fund, LLC (a) (b) (c) (e) (l) | Diversified Investment Vehicles | 1/24/2024 | 304,934 | 305,434 | 304,934 | 15.7 | % | |||||||||||||||||||||||||||||||||||||
| First Eagle Greenway Fund II, LLC (a) (b) (g) (m) | Diversified Investment Vehicles | 1/24/2024 | 5,329 | 375 | 192 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Foresight Energy Operating, LLC (b) (e) (g) (s) | Energy | 1/24/2024 | 158,093 | 3,063 | 2,164 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Gordian Medical, Inc. (b) (e) (g) (n) | Healthcare | 5/17/2024 | 162,894 | 2,962 | 2,875 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Gordian Medical, Inc. (b) (e) (g) | Healthcare | 5/17/2024 | 157,787 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Integrated Efficiency Solutions, Inc. (b) (e) (g) (m) (s) | Industrials | 1/24/2024 | 57,427 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Integrated Efficiency Solutions, Inc. (b) (e) (g) (m) (s) | Industrials | 1/24/2024 | 55,991 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Internap Corp. (b) (e) (g) (p) | Business Services | 1/24/2024 | 1,596,606 | 1,599 | 910 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Jakks Pacific, Inc. (g) | Consumer | 17,384 | 456 | 311 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
| Kahala Ireland OpCo Designated Activity Company (a) (b) (e) (g) (l) (x) | Transportation | 1/24/2024 | 1 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Kahala Ireland OpCo Designated Activity Company (a) (b) (e) (g) (l) (x) | Transportation | 1/24/2024 | 3,250,000 | 539 | 553 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Kahala US OpCo, LLC (a) (b) (e) (g) (l) (z) | Transportation | 1/24/2024 | 8,869,744 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Lakeview Health Holdings, Inc. (b) (e) (g) (m) | Healthcare | 1/24/2024 | 5,272 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| McDonald Worley, P.C. (b) (e) (g) | Business Services | 1/24/2024 | 20,167 | 3,118 | 2,233 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| MCS Acquisition Corp. (b) (e) (g) | Business Services | 1/24/2024 | 31,521 | 748 | 747 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| MCS Acquisition Corp. (b) (e) (g) | Business Services | 1/24/2024 | 693,977 | 695 | 694 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| MGTF Holdco, LLC (b) (e) (g) (l) (s) | Media/Entertainment | 1/24/2024 | 582,300 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Motor Vehicle Software Corp. (b) (e) (g) (aa) | Business Services | 1/24/2024 | 223,503 | 339 | 396 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Muth Mirror Systems, LLC (b) (e) (g) (s) | Technology | 1/24/2024 | 153,038 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| Muth Mirror Systems, LLC (b) (e) (g) (s) | Technology | 1/24/2024 | 22,819 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| ORG GC Holdings, LLC (b) (e) (g) (m) (s) | Business Services | 1/24/2024 | 1,771 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| ORG GC Holdings, LLC (b) (e) (g) (m) (s) | Business Services | 1/24/2024 | 93,380 | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| PennantPark Credit Opportunities Fund II, LP (a) (b) (g) (m) | Diversified Investment Vehicles | 1/24/2024 | 8,739 | 962 | 961 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||
| Healthcare | $ | 605,057 | 16.9 | % | ||||||||||
| Business Services | 518,750 | 14.6 | % | |||||||||||
| Financials | 467,314 | 13.1 | % | |||||||||||
| Software/Services | 368,775 | 10.4 | % | |||||||||||
| Industrials | 335,723 | 9.4 | % | |||||||||||
Diversified Investment Vehicles (1) | 325,841 | 9.2 | % | |||||||||||
| Media/Entertainment | 207,180 | 5.8 | % | |||||||||||
| Paper & Packaging | 166,729 | 4.7 | % | |||||||||||
| Consumer | 119,414 | 3.4 | % | |||||||||||
| Chemicals | 108,405 | 3.0 | % | |||||||||||
| Utilities | 106,633 | 3.0 | % | |||||||||||
| Food & Beverage | 101,739 | 2.9 | % | |||||||||||
| Telecom | 44,650 | 1.3 | % | |||||||||||
| Education | 29,976 | 0.8 | % | |||||||||||
| Transportation | 23,907 | 0.7 | % | |||||||||||
| Technology | 22,536 | 0.6 | % | |||||||||||
| Energy | 5,391 | 0.2 | % | |||||||||||
| Total | $ | 3,558,020 | 100.0 | % | ||||||||||
| Portfolio Company (g) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (j) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | |||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 162.9% (b) | ||||||||||||||||||||||||||||||||||||||||||||
| 1236904 BC, Ltd. (c) (h) | Software/Services | S+ 7.50% (12.97%), 3/4/2027 | $ | 4,183 | $ | 4,132 | $ | 4,247 | 1.1 | % | ||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (c) | Healthcare | S+ 6.25% (11.75%), 5/7/2027 | 37 | 37 | 37 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (c) (h) | Healthcare | S+ 6.25% (11.79%), 5/7/2027 | 5,698 | 5,630 | 5,620 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (c) (h) | Healthcare | S+ 6.25% (11.53%), 5/7/2027 | 1,168 | 1,154 | 1,152 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC (c) (f) | Healthcare | S+ 6.25%, 5/7/2026 | — | (6) | (7) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. (c) (h) | Financials | S+ 6.50% (11.95%), 10/2/2028 | 2,866 | 2,818 | 2,866 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. (c) (f) (h) | Financials | S+ 6.50% (11.96%), 10/2/2028 | 5,006 | 4,908 | 5,006 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. (c) (f) | Financials | S+ 5.75%, 10/2/2028 | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||
| American Rock Salt Company, LLC (h) | Chemicals | S+ 4.00% (9.47%), 6/9/2028 | 2,018 | 2,013 | 1,900 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Armada Parent, Inc. (c) (h) | Industrials | S+ 5.75% (11.24%), 10/29/2027 | 19,959 | 19,669 | 19,637 | 5.1 | % | |||||||||||||||||||||||||||||||||||||
| Armada Parent, Inc. (c) (f) (h) | Industrials | S+ 5.75% (11.24%), 10/29/2027 | 1,006 | 985 | 973 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Armada Parent, Inc. (c) (f) | Industrials | S+ 5.75%, 10/29/2027 | — | (31) | (39) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Avalara, Inc. (c) (h) | Software/Services | S+ 7.25% (12.60%), 10/19/2028 | 19,896 | 19,472 | 19,526 | 5.0 | % | |||||||||||||||||||||||||||||||||||||
| Avalara, Inc. (c) (f) | Software/Services | S+ 7.25%, 10/19/2028 | — | (40) | (37) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Aventine Holdings, LLC (c) (h) | Media/Entertainment | S+ 6.00% (11.47%) 4.00% PIK, 6/18/2027 | 4,908 | 4,849 | 4,844 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| Aventine Holdings, LLC (c) (h) | Media/Entertainment | 10.25% PIK, 6/18/2027 | 12,455 | 12,278 | 12,263 | 3.2 | % | |||||||||||||||||||||||||||||||||||||
| Aventine Holdings, LLC (c) (h) | Media/Entertainment | S+ 6.00% (11.47%) 4.00% PIK, 6/18/2027 | 12,397 | 12,238 | 12,234 | 3.2 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (c) | Healthcare | S+ 6.00% (11.46%), 12/29/2028 | 1,559 | 1,538 | 1,486 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (c) (h) | Healthcare | S+ 6.25% (11.73%) 3.00% PIK, 12/29/2028 | 802 | 802 | 765 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (c) (h) | Healthcare | S+ 6.25% (11.73%) 3.00% PIK, 12/29/2028 | 1,579 | 1,553 | 1,505 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| BCPE Oceandrive Buyer, Inc. (c) (h) | Healthcare | S+ 6.25% (11.73%) 3.00% PIK, 12/29/2028 | 9,475 | 9,315 | 9,033 | 2.3 | % | |||||||||||||||||||||||||||||||||||||
| Center Phase Energy, LLC (c) (h) | Utilities | S+ 7.00% (12.46%), 6/23/2027 | 10,305 | 10,159 | 10,131 | 2.6 | % | |||||||||||||||||||||||||||||||||||||
| Center Phase Energy, LLC (c) (f) | Utilities | S+ 7.00%, 6/23/2027 | — | (91) | (111) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Communication Technology Intermediate, LLC (c) (h) | Business Services | S+ 5.50% (10.96%), 5/5/2027 | 7,478 | 7,345 | 7,478 | 1.9 | % | |||||||||||||||||||||||||||||||||||||
| Communication Technology Intermediate, LLC (c) (h) | Business Services | S+ 5.50% (10.96%), 5/5/2027 | 2,601 | 2,570 | 2,601 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Communication Technology Intermediate, LLC (c) (f) | Business Services | S+ 5.50% (10.96%), 5/5/2027 | 86 | 75 | 86 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Community Brands ParentCo, LLC (c) (h) | Software/Services | S+ 5.50% (10.96%), 2/24/2028 | 9,060 | 8,920 | 8,897 | 2.3 | % | |||||||||||||||||||||||||||||||||||||
| Community Brands ParentCo, LLC (c) (f) | Software/Services | S+ 5.50%, 2/24/2028 | — | (16) | (20) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Community Brands ParentCo, LLC (c) (f) | Software/Services | S+ 5.50%, 2/24/2028 | — | — | (10) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (g) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (j) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | |||||||||||||||||||||||||||||||||||||
| Coronis Health, LLC (c) | Healthcare | S+ 6.25% (11.63%), 7/12/2028 | $ | 1,968 | $ | 1,928 | $ | 1,614 | 0.4 | % | ||||||||||||||||||||||||||||||||||
| Coronis Health, LLC (c) (h) | Healthcare | S+ 6.25% (11.63%), 7/27/2029 | 24,056 | 23,602 | 19,701 | 5.1 | % | |||||||||||||||||||||||||||||||||||||
| Demakes Borrower, LLC (c) (h) | Food & Beverage | S+ 6.25% (11.62%), 12/12/2029 | 4,703 | 4,586 | 4,586 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| Demakes Borrower, LLC (c) (f) | Food & Beverage | S+ 6.25%, 12/12/2029 | — | (16) | (33) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Division Holding Corp. (h) | Business Services | S+ 4.75% (10.22%), 5/26/2028 | 3,704 | 3,673 | 3,667 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Eliassen Group, LLC (c) (h) | Business Services | S+ 5.50% (10.85%), 4/14/2028 | 5,680 | 5,635 | 5,630 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Eliassen Group, LLC (c) (f) (h) | Business Services | S+ 5.50% (10.88%), 4/14/2028 | 454 | 449 | 442 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Faraday Buyer, LLC (c) (h) | Utilities | S+ 6.00% (11.35%), 10/11/2028 | 16,714 | 16,610 | 16,379 | 4.2 | % | |||||||||||||||||||||||||||||||||||||
| Faraday Buyer, LLC (c) (f) | Utilities | S+ 6.00%, 10/11/2028 | — | (18) | (37) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| FGT Purchaser, LLC (c) (h) | Consumer | S+ 5.50% (10.95%), 9/13/2027 | 9,561 | 9,417 | 9,561 | 2.5 | % | |||||||||||||||||||||||||||||||||||||
| FGT Purchaser, LLC (c) (f) | Consumer | S+ 5.50% (10.98%), 9/13/2027 | 342 | 330 | 342 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Florida Food Products, LLC (c) (h) | Food & Beverage | S+ 5.00% (10.47%), 10/18/2028 | 12,505 | 12,317 | 11,630 | 3.0 | % | |||||||||||||||||||||||||||||||||||||
| FR Flow Control Luxco 1 SARL (c) (h) | Industrials | S+ 5.50% (11.11%), 6/28/2026 | 4,417 | 4,386 | 4,417 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| Galway Borrower, LLC (c) (h) | Financials | S+ 5.25% (10.70%), 9/29/2028 | 13,529 | 13,345 | 13,529 | 3.5 | % | |||||||||||||||||||||||||||||||||||||
| Galway Borrower, LLC (c) (f) | Financials | S+ 5.25%, 9/30/2027 | — | (12) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc. (c) (h) | Business Services | S+ 5.25% (10.61%), 5/18/2029 | 11,407 | 11,238 | 11,240 | 2.9 | % | |||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc. (c) (f) (h) | Business Services | S+ 5.25% (10.61%), 5/18/2029 | 2,743 | 2,685 | 2,663 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Geosyntec Consultants, Inc. (c) (f) | Business Services | S+ 5.25%, 5/18/2027 | — | (27) | (30) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Gogo Intermediate Holdings, LLC (a) (f) | Telecom | S+ 3.75%, 4/30/2026 | — | — | (3) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Gordian Medical, Inc. (c) (h) | Healthcare | S+ 6.25% (12.15%), 1/31/2027 | 4,361 | 4,288 | 2,769 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Green Energy Partners/Stonewall, LLC (c) (h) | Utilities | S+ 6.00% (11.61%), 11/12/2026 | 4,572 | 4,513 | 4,572 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (c) (h) | Business Services | S+ 6.00% (11.48%), 9/22/2028 | 7,936 | 7,815 | 7,864 | 2.0 | % | |||||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (c) (h) | Business Services | S+ 6.00% (11.48%), 9/22/2028 | 143 | 142 | 142 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC (c) (f) | Business Services | S+ 6.00%, 9/22/2027 | — | (9) | (6) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (c) (h) | Paper & Packaging | S+ 6.25% (11.73%), 5/23/2028 | 8,891 | 8,752 | 8,738 | 2.3 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (c) (h) | Paper & Packaging | S+ 6.25% (11.73%), 5/23/2028 | 3,802 | 3,743 | 3,737 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| Indigo Buyer, Inc. (c) (f) | Paper & Packaging | S+ 6.25% (11.72%), 5/23/2028 | 614 | 594 | 588 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| IQN Holding Corp. (c) (h) | Software/Services | S+ 5.25% (10.64%), 5/2/2029 | 5,750 | 5,707 | 5,703 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| IQN Holding Corp. (c) (f) | Software/Services | S+ 5.25%, 5/2/2029 | — | (6) | (5) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| IQN Holding Corp. (c) (f) | Software/Services | S+ 5.25%, 5/2/2028 | — | (4) | (4) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| J&K Ingredients, LLC (c) (h) | Food & Beverage | S+ 6.50% (11.85%), 11/16/2028 | 3,269 | 3,189 | 3,189 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Kissner Milling Co., Ltd. (h) (l) | Industrials | 4/16/2021 | 4.88%, 5/1/2028 | 2,275 | 2,275 | 2,142 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Portfolio Company (g) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (j) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | |||||||||||||||||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. (c) (h) | Business Services | S+ 5.75% (11.21%), 12/10/2027 | $ | 11,008 | $ | 10,854 | $ | 11,008 | 2.8 | % | ||||||||||||||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. (c) (f) | Business Services | S+ 5.75% (11.19%), 12/10/2027 | 1,042 | 1,018 | 1,042 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. (c) (f) | Business Services | S+ 5.75% (11.21%), 12/10/2027 | 275 | 260 | 275 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Liquid Tech Solutions Holdings, LLC (c) (h) | Industrials | S+ 4.75% (10.22%), 3/20/2028 | 5,397 | 5,379 | 5,397 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| LSF12 Donnelly Bidco, LLC (c) (h) | Industrials | S+ 6.50% (11.86%), 10/2/2029 | 4,983 | 4,863 | 4,864 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Mckissock Investment Holdings, LLC (h) | Education | S+ 5.00% (10.38%), 3/12/2029 | 1,306 | 1,274 | 1,302 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Medical Management Resource Group, LLC (c) (h) | Healthcare | S+ 6.00% (11.45%), 9/30/2027 | 2,971 | 2,931 | 2,931 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Medical Management Resource Group, LLC (c) (h) | Healthcare | S+ 6.00% (11.45%), 9/30/2027 | 7,193 | 7,094 | 7,096 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| Medical Management Resource Group, LLC (c) (f) | Healthcare | S+ 6.00% (11.45%), 9/30/2026 | 338 | 330 | 329 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Mirra-Primeaccess Holdings, LLC (c) (h) | Healthcare | S+ 6.50% (11.97%), 7/29/2026 | 21,178 | 20,917 | 21,178 | 5.5 | % | |||||||||||||||||||||||||||||||||||||
| Mirra-Primeaccess Holdings, LLC (c) (f) | Healthcare | S+ 6.50% (11.97%), 7/29/2026 | 857 | 819 | 857 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Odessa Technologies, Inc. (c) (h) | Software/Services | S+ 5.75% (11.21%), 10/19/2027 | 6,458 | 6,367 | 6,458 | 1.7 | % | |||||||||||||||||||||||||||||||||||||
| Odessa Technologies, Inc. (c) (f) | Software/Services | S+ 5.75%, 10/19/2027 | — | (22) | — | — | % | |||||||||||||||||||||||||||||||||||||
| PetVet Care Centers, LLC (c) (h) | Healthcare | S+ 6.00% (11.36%), 11/15/2030 | 8,107 | 7,945 | 7,948 | 2.0 | % | |||||||||||||||||||||||||||||||||||||
| PetVet Care Centers, LLC (c) (f) | Healthcare | S+ 6.00%, 11/15/2030 | — | (10) | (21) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| PetVet Care Centers, LLC (c) (f) | Healthcare | S+ 6.00%, 11/15/2029 | — | (21) | (21) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (c) (h) | Food & Beverage | S+ 5.50% (10.93%), 4/5/2027 | 11,178 | 10,972 | 11,178 | 2.9 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (c) (h) | Food & Beverage | S+ 5.50% (10.93%), 4/5/2027 | 2,419 | 2,378 | 2,419 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (c) (h) | Food & Beverage | S+ 5.50% (11.20%), 4/5/2027 | 828 | 816 | 828 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (c) (f) (h) | Food & Beverage | S+ 5.50% (11.03%), 4/5/2027 | 634 | 615 | 634 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Pie Buyer, Inc. (c) (f) | Food & Beverage | S+ 5.50% (10.93%), 4/6/2026 | 346 | 336 | 346 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Pluralsight, LLC (c) (h) | Software/Services | S+ 8.00% (13.56%), 4/6/2027 | 7,499 | 7,404 | 7,059 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| Pluralsight, LLC (c) (h) | Software/Services | S+ 8.00% (13.56%), 4/6/2027 | 2,680 | 2,642 | 2,523 | 0.7 | % | |||||||||||||||||||||||||||||||||||||
| Pluralsight, LLC (c) (f) | Software/Services | S+ 8.00% (13.56%), 4/6/2027 | 496 | 489 | 458 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Point Broadband Acquisition, LLC (c) (h) | Telecom | S+ 6.00% (11.47%), 10/2/2028 | 3,633 | 3,567 | 3,633 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Point Broadband Acquisition, LLC (c) (h) | Telecom | S+ 6.00% (11.51%), 10/2/2028 | 8,619 | 8,443 | 8,619 | 2.2 | % | |||||||||||||||||||||||||||||||||||||
| Relativity Oda, LLC (c) (h) | Software/Services | S+ 6.50% (11.96%), 5/12/2027 | 2,291 | 2,259 | 2,291 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Relativity Oda, LLC (c) (f) | Software/Services | S+ 6.50%, 5/12/2027 | — | (3) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Roadsafe Holdings, Inc. (c) (h) | Industrials | S+ 5.75% (11.22%), 10/19/2027 | 3,296 | 3,252 | 3,296 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| Roadsafe Holdings, Inc. (c) (h) | Industrials | S+ 5.75% (11.14%), 10/19/2027 | 4,315 | 4,270 | 4,315 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| RSC Acquisition, Inc. (c) (h) | Financials | S+ 5.50% (11.04%), 11/1/2029 | 2,161 | 2,161 | 2,161 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (g) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (j) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | |||||||||||||||||||||||||||||||||||||
| RSC Acquisition, Inc. (c) (h) | Financials | S+ 5.50% (11.00%), 11/1/2029 | $ | 6,780 | $ | 6,751 | $ | 6,780 | 1.7 | % | ||||||||||||||||||||||||||||||||||
| Safe Fleet Holdings, LLC (h) | Industrials | S+ 5.00% (10.46%), 2/23/2029 | 5,977 | 5,825 | 5,999 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. (c) (h) | Healthcare | S+ 5.50% (10.97%), 11/18/2027 | 7,598 | 7,479 | 7,598 | 2.0 | % | |||||||||||||||||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. (c) (h) | Healthcare | S+ 5.50% (10.97%), 11/18/2027 | 14,742 | 14,517 | 14,742 | 3.8 | % | |||||||||||||||||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. (c) (f) | Healthcare | S+ 6.00%, 11/18/2027 | — | (52) | — | — | % | |||||||||||||||||||||||||||||||||||||
| SCIH Salt Holdings, Inc. (h) | Industrials | S+ 4.00% (9.47%), 3/16/2027 | 1,086 | 1,081 | 1,086 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Sherlock Buyer Corp. (c) (h) | Business Services | S+ 5.75% (11.20%), 12/8/2028 | 4,951 | 4,869 | 4,951 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| Sherlock Buyer Corp. (c) (f) | Business Services | S+ 5.75%, 12/8/2028 | — | (10) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Sherlock Buyer Corp. (c) (f) | Business Services | S+ 5.75%, 12/8/2027 | — | (8) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Simplifi Holdings, Inc. (c) (h) | Media/Entertainment | S+ 5.50% (10.96%), 10/1/2027 | 15,805 | 15,557 | 15,568 | 4.0 | % | |||||||||||||||||||||||||||||||||||||
| Simplifi Holdings, Inc. (c) (f) | Media/Entertainment | S+ 5.50% (10.96%), 10/1/2026 | 322 | 304 | 297 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| SitusAMC Holdings Corp. (c) (h) | Financials | S+ 5.50% (10.95%), 12/22/2027 | 6,341 | 6,298 | 6,341 | 1.6 | % | |||||||||||||||||||||||||||||||||||||
| Skillsoft Corp. (h) | Technology | S+ 5.25% (10.72%), 7/14/2028 | 585 | 578 | 546 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Striper Buyer, LLC (c) (h) | Paper & Packaging | S+ 5.50% (10.95%), 12/30/2026 | 4,860 | 4,818 | 4,860 | 1.3 | % | |||||||||||||||||||||||||||||||||||||
| SunMed Group Holdings, LLC (c) (h) | Healthcare | S+ 5.50% (10.96%), 6/16/2028 | 3,825 | 3,778 | 3,768 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
| SunMed Group Holdings, LLC (c) (f) | Healthcare | S+ 5.50%, 6/16/2027 | — | (3) | (4) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| The NPD Group, LP (c) (h) | Business Services | S+ 6.25% (11.61%) 2.75% PIK, 12/1/2028 | 17,102 | 16,825 | 16,846 | 4.3 | % | |||||||||||||||||||||||||||||||||||||
| The NPD Group, LP (c) (f) | Business Services | S+ 5.75% (11.11%), 12/1/2027 | 170 | 155 | 156 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Therapy Brands Holdings, LLC (c) (h) | Healthcare | S+ 4.00% (9.47%), 5/18/2028 | 1,792 | 1,786 | 1,792 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| Tivity Health, Inc. (c) (h) | Healthcare | S+ 6.00% (11.35%), 6/28/2029 | 31,780 | 31,107 | 31,243 | 8.0 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (c) (h) | Business Services | S+ 5.75% (11.03%), 6/29/2027 | 1,768 | 1,737 | 1,768 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (c) (h) | Business Services | S+ 5.75% (11.03%), 6/29/2027 | 8,788 | 8,678 | 8,788 | 2.3 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (c) (f) (h) | Business Services | S+ 5.75% (11.03%), 6/29/2027 | 557 | 553 | 557 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. (c) (f) | Business Services | S+ 5.25%, 6/29/2027 | — | (10) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Triple Lift, Inc. (c) (h) | Software/Services | S+ 5.75% (11.27%), 5/5/2028 | 11,813 | 11,647 | 11,341 | 2.9 | % | |||||||||||||||||||||||||||||||||||||
| Triple Lift, Inc. (c) (f) | Software/Services | S+ 5.75% (11.31%), 5/5/2028 | 534 | 513 | 478 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (c) (h) | Healthcare | S+ 6.00% (11.45%), 11/18/2027 | 2,176 | 2,147 | 2,154 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (c) (h) | Healthcare | S+ 6.50% (11.95%), 11/18/2027 | 1,896 | 1,896 | 1,877 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (c) (h) | Healthcare | S+ 6.00% (11.47%), 11/18/2027 | 5,495 | 5,385 | 5,440 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC (c) (f) | Healthcare | S+ 6.00%, 11/18/2027 | — | (7) | (5) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| US Salt Investors, LLC (c) (h) | Chemicals | S+ 5.50% (11.00%), 7/19/2028 | 8,489 | 8,362 | 8,330 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (g) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (j) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | |||||||||||||||||||||||||||||||||||||
| US Salt Investors, LLC (c) (f) | Chemicals | S+ 5.50%, 7/20/2026 | $ | — | $ | (11) | $ | (17) | 0.0 | % | ||||||||||||||||||||||||||||||||||
| Vensure Employer Services, Inc. (c) (h) | Business Services | S+ 4.75% (10.12%), 4/1/2027 | 4,736 | 4,715 | 4,736 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| Vensure Employer Services, Inc. (c) (f) | Business Services | S+ 5.25% (10.64%), 3/29/2027 | 460 | 451 | 460 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| Victors CCC Buyer, LLC (c) (h) | Business Services | S+ 5.75% (11.21%), 6/1/2029 | 7,165 | 7,040 | 7,044 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| Victors CCC Buyer, LLC (c) (f) | Business Services | S+ 5.75%, 6/1/2029 | — | (15) | (32) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Victors CCC Buyer, LLC (c) (f) | Business Services | S+ 5.75%, 6/1/2029 | — | (21) | (23) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| West Coast Dental Services, Inc. (c) (h) | Healthcare | S+ 5.75% (11.18%), 7/1/2028 | 498 | 485 | 487 | 0.1 | % | |||||||||||||||||||||||||||||||||||||
| West Coast Dental Services, Inc. (c) (h) | Healthcare | S+ 5.75% (11.28%), 7/1/2028 | 8,355 | 8,235 | 8,175 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
| West Coast Dental Services, Inc. (c) (f) | Healthcare | S+ 5.75% (11.27%), 7/1/2028 | 941 | 926 | 917 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (c) (h) | Business Services | S+ 6.00% (11.46%), 5/26/2026 | 1,159 | 1,147 | 1,159 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (c) (h) | Business Services | S+ 6.00% (11.46%), 5/26/2026 | 3,642 | 3,601 | 3,642 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Westwood Professional Services, Inc. (c) (f) | Business Services | S+ 6.00%, 5/26/2026 | — | (2) | — | — | % | |||||||||||||||||||||||||||||||||||||
| WHCG Purchaser III, Inc. (c) (h) | Healthcare | S+ 5.75% (11.36%), 6/22/2028 | 12,426 | 12,248 | 8,160 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
| WHCG Purchaser III, Inc. (c) (h) | Healthcare | S+ 5.75% (11.36%), 6/22/2028 | 3,020 | 3,020 | 1,982 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| WHCG Purchaser III, Inc. (c) (f) | Healthcare | S+ 5.75% (11.36%), 6/22/2026 | 1,816 | 1,796 | 1,385 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| WIN Holdings III Corp. (c) (h) | Consumer | S+ 5.25% (10.71%), 7/16/2028 | 12,513 | 12,335 | 12,513 | 3.2 | % | |||||||||||||||||||||||||||||||||||||
| WIN Holdings III Corp. (c) (f) | Consumer | S+ 5.25%, 7/16/2026 | — | (25) | — | — | % | |||||||||||||||||||||||||||||||||||||
| Zendesk, Inc. (c) (m) (n) | Software/Services | S+ 6.25% (11.61%) 3.25% PIK, 11/22/2028 | 21,769 | 21,572 | 21,394 | 5.5 | % | |||||||||||||||||||||||||||||||||||||
| Zendesk, Inc. (c) (f) | Software/Services | S+ 6.75%, 11/22/2028 | — | (43) | (91) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Zendesk, Inc. (c) (f) | Software/Services | S+ 6.75%, 11/22/2028 | — | (36) | (38) | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured First Lien Debt | $ | 642,976 | $ | 632,343 | 162.9 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 13.4% (b) | ||||||||||||||||||||||||||||||||||||||||||||
| American Rock Salt Company, LLC (c) (h) | Chemicals | S+ 7.25% (12.72%), 6/11/2029 | $ | 6,010 | $ | 5,950 | $ | 5,411 | 1.4 | % | ||||||||||||||||||||||||||||||||||
| ASP LS Acquisition Corp. (c) (h) | Transportation | S+ 7.50% (13.40%), 5/7/2029 | 4,275 | 4,264 | 3,533 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| Corelogic, Inc. (h) | Business Services | S+ 6.50% (11.96%), 6/4/2029 | 4,645 | 4,605 | 4,137 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| Mercury Merger Sub, Inc. (c) (h) | Business Services | S+ 6.50% (12.18%), 8/2/2029 | 6,080 | 6,044 | 5,885 | 1.5 | % | |||||||||||||||||||||||||||||||||||||
| Proofpoint, Inc. (h) | Software/Services | S+ 6.25% (11.72%), 8/31/2029 | 3,380 | 3,367 | 3,405 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| RealPage, Inc. (h) | Software/Services | S+ 6.50% (11.97%), 4/23/2029 | 5,445 | 5,383 | 5,431 | 1.4 | % | |||||||||||||||||||||||||||||||||||||
| Therapy Brands Holdings, LLC (c) (h) | Healthcare | S+ 6.75% (12.22%), 5/18/2029 | 1,947 | 1,930 | 1,947 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
| TRC Cos, Inc. (c) (h) | Industrials | S+ 6.75% (12.21%), 12/7/2029 | 7,045 | 6,988 | 6,742 | 1.7 | % | |||||||||||||||||||||||||||||||||||||
| USIC Holdings, Inc. (c) (h) | Business Services | S+ 6.50% (12.11%), 5/14/2029 | 2,449 | 2,426 | 2,361 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
| Portfolio Company (g) | Industry | Acquisition Date | Investment Coupon Rate/ Maturity (j) | Principal/ Numbers of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | |||||||||||||||||||||||||||||||||||||
| Victory Buyer, LLC (c) (h) | Industrials | S+ 7.00% (12.64%), 11/19/2029 | $ | 14,304 | $ | 14,188 | $ | 13,274 | 3.4 | % | ||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured Second Lien Debt | $ | 55,145 | $ | 52,126 | 13.4 | % | ||||||||||||||||||||||||||||||||||||||
Subordinated Debt - 9.2% (b) | ||||||||||||||||||||||||||||||||||||||||||||
| Post Road Equipment Finance, LLC (c) (k) (m) (n) | Financials | S+ 7.75% (13.14%), 12/31/2028 | $ | 11,000 | $ | 10,956 | $ | 11,000 | 2.8 | % | ||||||||||||||||||||||||||||||||||
| Post Road Equipment Finance, LLC (c) (k) (m) (n) | Financials | S+ 7.75% (13.14%), 12/31/2028 | 24,500 | 24,433 | 24,500 | 6.4 | % | |||||||||||||||||||||||||||||||||||||
| Subtotal Subordinated Debt | $ | 35,389 | $ | 35,500 | 9.2 | % | ||||||||||||||||||||||||||||||||||||||
Equity/Other - 9.3% (b) (d) | ||||||||||||||||||||||||||||||||||||||||||||
| Center Phase Energy, LLC (c) (i) (l) | Utilities | 6/23/2022 | 1,680 | $ | 1,680 | $ | 1,742 | 0.5 | % | |||||||||||||||||||||||||||||||||||
| Jakks Pacific, Inc. (a) (c) (l) | Consumer | 1/11/2021 | 783 | 24 | 117 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
| Point Broadband Acquisition, LLC (c) (e) (i) (l) | Telecom | 10/1/2021 | 1,159,828 | 1,160 | 1,717 | 0.4 | % | |||||||||||||||||||||||||||||||||||||
| Post Road Equipment Finance, LLC (c) (i) (k) (l) | Financials | 12/30/2021 | 29,908,561 | 32,661 | 32,600 | 8.4 | % | |||||||||||||||||||||||||||||||||||||
| Subtotal Equity/Other | $ | 35,525 | $ | 36,176 | 9.3 | % | ||||||||||||||||||||||||||||||||||||||
Total Investments - 194.8% (b) | $ | 769,035 | $ | 756,145 | 194.8 | % | ||||||||||||||||||||||||||||||||||||||
At December 31, 2023 | ||||||||||||||
| Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||
| Healthcare | $ | 175,630 | 23.2 | % | ||||||||||
| Business Services | 116,537 | 15.4 | % | |||||||||||
| Financials | 104,783 | 13.9 | % | |||||||||||
| Software/Services | 99,006 | 13.1 | % | |||||||||||
| Industrials | 72,103 | 9.4 | % | |||||||||||
| Media/Entertainment | 45,206 | 6.0 | % | |||||||||||
| Food & Beverage | 34,777 | 4.6 | % | |||||||||||
| Utilities | 32,676 | 4.3 | % | |||||||||||
| Consumer | 22,533 | 3.0 | % | |||||||||||
| Paper & Packaging | 17,923 | 2.4 | % | |||||||||||
| Chemicals | 15,624 | 2.1 | % | |||||||||||
| Telecom | 13,966 | 1.8 | % | |||||||||||
| Transportation | 3,533 | 0.5 | % | |||||||||||
| Education | 1,302 | 0.2 | % | |||||||||||
| Technology | 546 | 0.1 | % | |||||||||||
| Total | $ | 756,145 | 100.0 | % | ||||||||||
| Fair Value Measurements | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (1) | Total | |||||||||||||||||||||||||
| Senior Secured First Lien Debt | $ | — | $ | 15,049 | $ | 2,672,353 | $ | — | $ | 2,687,402 | |||||||||||||||||||
| Senior Secured Second Lien Debt | — | 37,305 | 119,999 | — | 157,304 | ||||||||||||||||||||||||
| Subordinated Debt | — | — | 144,149 | — | 144,149 | ||||||||||||||||||||||||
| Collateralized Securities | — | — | 11,899 | — | 11,899 | ||||||||||||||||||||||||
| Equity/Other | 483 | 8,573 | 234,268 | 9,008 | 252,332 | ||||||||||||||||||||||||
| FBLC Senior Loan Fund, LLC | — | — | 304,934 | — | 304,934 | ||||||||||||||||||||||||
| Total | $ | 483 | $ | 60,927 | $ | 3,487,602 | $ | 9,008 | $ | 3,558,020 | |||||||||||||||||||
| Fair Value Measurements | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Senior Secured First Lien Debt | $ | — | $ | 16,639 | $ | 615,704 | $ | 632,343 | |||||||||||||||
| Senior Secured Second Lien Debt | — | 12,973 | 39,153 | 52,126 | |||||||||||||||||||
| Subordinated Debt | — | — | 35,500 | 35,500 | |||||||||||||||||||
| Equity/Other | — | — | 36,176 | 36,176 | |||||||||||||||||||
| Total | $ | — | $ | 29,612 | $ | 726,533 | $ | 756,145 | |||||||||||||||
| Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Collateralized Securities | Equity/Other (1) | Total | ||||||||||||||||||||||||||||||
| Balance as of January 1, 2024 | $ | 615,704 | $ | 39,153 | $ | 35,500 | $ | — | $ | 36,176 | $ | 726,533 | |||||||||||||||||||||||
Purchases and other adjustments to cost (2) | 2,253,800 | 116,227 | 132,661 | 21,598 | 505,086 | 3,029,372 | |||||||||||||||||||||||||||||
| Sales and repayments | (162,675) | (34,827) | (23,794) | (8,358) | 2,350 | (227,304) | |||||||||||||||||||||||||||||
| Net realized gain (loss) | (317) | 498 | (8) | 641 | 233 | 1,047 | |||||||||||||||||||||||||||||
| Transfers out | — | (2,361) | — | — | — | (2,361) | |||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | (34,159) | 1,309 | (210) | (1,982) | (4,643) | (39,685) | |||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | $ | 2,672,353 | $ | 119,999 | $ | 144,149 | $ | 11,899 | $ | 539,202 | $ | 3,487,602 | |||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (35,657) | $ | 905 | $ | (210) | $ | (1,982) | $ | (4,550) | $ | (41,494) | |||||||||||||||||||||||
| Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Equity/Other | Total | |||||||||||||||||||||||||
| Balance as of January 1, 2023 | $ | 636,074 | $ | 45,575 | $ | 31,414 | $ | 33,969 | $ | 747,032 | |||||||||||||||||||
| Purchases and other adjustments to cost | 73,738 | 29 | 5,040 | 1,890 | 80,697 | ||||||||||||||||||||||||
| Sales and repayments | (84,943) | (2,162) | (987) | — | (88,092) | ||||||||||||||||||||||||
| Net realized gain (loss) | 1,295 | 54 | — | — | 1,349 | ||||||||||||||||||||||||
| Transfers in | 5,153 | — | — | — | 5,153 | ||||||||||||||||||||||||
| Transfers out | (5,857) | (3,976) | — | — | (9,833) | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | (9,756) | (367) | 33 | 317 | (9,773) | ||||||||||||||||||||||||
| Balance as of December 31, 2023 | $ | 615,704 | $ | 39,153 | $ | 35,500 | $ | 36,176 | $ | 726,533 | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year: | $ | (9,606) | $ | (361) | $ | 33 | $ | 317 | $ | (9,617) | |||||||||||||||||||
| Investments at Amortized Cost | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||||
| Senior Secured First Lien Debt | $ | 642,976 | $ | 632,343 | 83.6 | % | |||||||||||
| Senior Secured Second Lien Debt | 55,145 | 52,126 | 6.9 | ||||||||||||||
| Subordinated Debt | 35,389 | 35,500 | 4.7 | ||||||||||||||
| Equity/Other | 35,525 | 36,176 | 4.8 | ||||||||||||||
| Total | $ | 769,035 | $ | 756,145 | 100.0 | % | |||||||||||
| Range | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum | Weighted Average (a) | ||||||||||||||||||||||||||||||||
| Senior Secured First Lien Debt | $ | 2,456,128 | Yield Analysis | Market Yield | 2.50% | 90.01% | 11.74% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c) | 115,573 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Senior Secured First Lien Debt | 73,316 | Waterfall Analysis | EBITDA Multiple | 5.40x | 16.55x | 9.45x | ||||||||||||||||||||||||||||||||
| Senior Secured First Lien Debt | 27,336 | Waterfall Analysis | Revenue Multiple | 0.15x | 1.39x | 1.04x | ||||||||||||||||||||||||||||||||
| Senior Secured Second Lien Debt | 116,535 | Yield Analysis | Market Yield | 10.12% | 21.68% | 14.24% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (b) | 2,855 | Waterfall Analysis | EBITDA Multiple | 4.90x | 4.90x | 4.90x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (b) | 609 | Waterfall Analysis | Revenue Multiple | 0.40x | 0.40x | 0.40x | ||||||||||||||||||||||||||||||||
| Subordinated Debt | 144,100 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.34x | 1.58x | 1.49x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 49 | Waterfall Analysis | EBITDA Multiple | 10.17x | 10.17x | 10.17x | ||||||||||||||||||||||||||||||||
| Collateralized Securities | 7,919 | Yield Analysis | Discount Rate | 0.00% | 15.13% | 8.28% | ||||||||||||||||||||||||||||||||
Collateralized Securities (d) | 3,980 | Waterfall Analysis | Asset Recovery | $2.52 | $3.61 | $3.40 | ||||||||||||||||||||||||||||||||
| Equity/Other | 196,541 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.34x | 1.58x | 1.48x | ||||||||||||||||||||||||||||||||
| Equity/Other | 32,394 | Waterfall Analysis | EBITDA Multiple | 3.00x | 27.45x | 13.01x | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 2,233 | Yield Analysis | Market Yield | 50.73% | 50.73% | 50.73% | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 1,615 | Waterfall Analysis | Adjusted BV Multiple | 1.90x | 1.90x | 1.90x | ||||||||||||||||||||||||||||||||
| Equity/Other | 932 | Waterfall Analysis | Revenue Multiple | 0.22x | 1.00x | 0.98x | ||||||||||||||||||||||||||||||||
| Equity/Other | 553 | Waterfall Analysis | Discount Rate | 13.00% | 13.00% | 13.00% | ||||||||||||||||||||||||||||||||
FBLC Senior Loan Fund, LLC (b) | 304,934 | Discounted Cash Flow | Discount Rate | 14.58% | 14.58% | 14.58% | ||||||||||||||||||||||||||||||||
| Total | $ | 3,487,602 | ||||||||||||||||||||||||||||||||||||
| Range | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum | Weighted Average (a) | ||||||||||||||||||||||||||||||||
| Senior Secured First Lien Debt | $ | 597,286 | Yield Analysis | Market Yield | 8.81% | 25.58% | 11.00% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c) | 15,649 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b) | 2,769 | Waterfall Analysis | EBITDA Multiple | 6.00x | 6.00x | 6.00x | ||||||||||||||||||||||||||||||||
| Senior Secured Second Lien Debt | 39,153 | Yield Analysis | Market Yield | 13.35% | 20.50% | 14.95% | ||||||||||||||||||||||||||||||||
| Subordinated Debt | 35,500 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.75x | 1.75x | 1.75x | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 32,600 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.75x | 1.75x | 1.75x | ||||||||||||||||||||||||||||||||
| Equity/Other | 3,459 | Waterfall Analysis | EBITDA Multiple | 11.87x | 24.50x | 18.14x | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 117 | Yield Analysis | Market Yield | 13.50% | 13.50% | 13.50% | ||||||||||||||||||||||||||||||||
| Total | $ | 726,533 | ||||||||||||||||||||||||||||||||||||
| June 30, 2024 | December 31, 2023 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Total assets | $ | 1,084,340 | $ | 946,605 | ||||||||||
Total investments (1) | $ | 1,029,661 | $ | 877,688 | ||||||||||
Weighted Average Current Yield for Total Portfolio (2) | 10.4% | 11.0% | ||||||||||||
| Number of Portfolio companies in SLF | 207 | 172 | ||||||||||||
Largest portfolio company investment (1) | $ | 17,797 | $ | 19,838 | ||||||||||
Total of five largest portfolio company investments (1) | $ | 78,981 | $ | 82,467 | ||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
| Acrisure, LLC (b) | Financials | S+ 3.00% (8.34%) | 2/16/2027 | $ | 17,261 | $ | 17,036 | $ | 17,235 | 4.4 | % | |||||||||||||||||||||||||||||||||
| Adtalem Global Education, Inc. (f) | Education | S+ 3.50% (8.84%) | 8/14/2028 | 582 | 582 | 585 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Adtalem Global Education, Inc. (f) | Education | 5.50% | 3/1/2028 | 1,042 | 1,042 | 998 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Advisor Group, Inc. (f) | Financials | S+ 4.00% (9.34%) | 8/17/2028 | 5,518 | 5,472 | 5,533 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| Air Canada | Transportation | 3.88% | 8/15/2026 | 5,000 | 4,718 | 4,769 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Alchemy US Holdco 1, LLC (b) | Industrials | S+ 7.32% (12.83%) | 10/10/2025 | 14,579 | 14,562 | 14,510 | 3.7 | % | ||||||||||||||||||||||||||||||||||||
| Altice Financing, SA (f) | Telecom | 5.00% | 1/15/2028 | 2,000 | 1,954 | 1,519 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Altice France, SA (b) (e) | Telecom | S+ 5.50% (10.83%) | 8/15/2028 | 12,416 | 11,210 | 9,085 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
| Alvogen Pharma US, Inc. (b) | Healthcare | S+ 7.50% (12.99%) | 6/30/2025 | 10,959 | 10,933 | 10,439 | 2.7 | % | ||||||||||||||||||||||||||||||||||||
| Amentum Government Services Holdings, LLC (f) | Industrials | S+ 4.00% (9.46%) | 1/29/2027 | 1,939 | 1,933 | 1,942 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Amentum Government Services Holdings, LLC (b) | Industrials | S+ 4.00% (9.34%) | 2/15/2029 | 4,900 | 4,848 | 4,916 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b) | Transportation | S+ 4.75% (10.34%) | 4/20/2028 | 5,100 | 5,067 | 5,261 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| AP Gaming I, LLC (f) | Gaming/Lodging | S+ 3.75% (9.09%) | 2/15/2029 | 7,104 | 7,018 | 7,144 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Apollo Commercial Real Estate Finance, Inc. (f) | Financials | 4.63% | 6/15/2029 | 3,000 | 3,000 | 2,515 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| AppLovin Corp. (b) | Media/Entertainment | S+ 2.50% (7.84%) | 10/25/2028 | 8,820 | 8,811 | 8,834 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
| Arches Buyer, Inc. | Publishing | 4.25% | 6/1/2028 | 3,000 | 2,617 | 2,678 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Arches Buyer, Inc. (b) | Publishing | S+ 3.25% (8.69%) | 12/6/2027 | 2,992 | 2,920 | 2,859 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Artera Services, LLC (b) | Utilities | S+ 4.50% (9.84%) | 2/18/2031 | 1,421 | 1,412 | 1,427 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Ascend Learning, LLC (f) | Education | S+ 3.50% (8.94%) | 12/11/2028 | 4,949 | 4,695 | 4,942 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Ascensus Holidngs, Inc. (b) | Business Services | S+ 3.50% (8.96%) | 8/2/2028 | 7,584 | 7,577 | 7,577 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| ASP LS Acquisition Corp. (b) | Transportation | S+ 4.50% (10.10%) | 5/8/2028 | 2,494 | 2,132 | 2,111 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Astoria Energy, LLC (f) | Utilities | S+ 3.50% (8.96%) | 12/6/2027 | 1,808 | 1,807 | 1,806 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Asurion, LLC (b) | Business Services | S+ 3.25% (8.71%) | 12/23/2026 | 4,849 | 4,805 | 4,805 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Athenahealth Group, Inc. (b) | Healthcare | S+ 3.25% (8.59%) | 2/15/2029 | 12,756 | 12,702 | 12,700 | 3.2 | % | ||||||||||||||||||||||||||||||||||||
| Athletico Management, LLC (f) | Healthcare | S+ 4.25% (9.74%) | 2/15/2029 | 4,900 | 4,883 | 4,053 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Avaya Holdings Corp. | Technology | S+ 8.50% (13.84%) 7.00% PIK | 8/1/2028 | 2,646 | 2,602 | 2,273 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Azalea TopCo, Inc. (b) | Healthcare | S+ 3.50% (8.84%) | 4/30/2031 | $ | 3,330 | $ | 3,297 | $ | 3,326 | 0.8 | % | |||||||||||||||||||||||||||||||||
| Baldwin Insurance Group Holdings, LLC (b) | Financials | S+ 3.25% (8.59%) | 5/26/2031 | 3,529 | 3,519 | 3,524 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Bally's Corp. (b) (f) | Gaming/Lodging | S+ 3.25% (8.84%) | 10/2/2028 | 4,949 | 4,911 | 4,693 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Bella Holding Co., LLC (f) | Healthcare | S+ 3.75% (9.19%) | 5/10/2028 | 4,962 | 4,938 | 4,974 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Berlin Packaging, LLC (f) | Paper & Packaging | S+ 3.75% (9.19%) | 6/7/2031 | 3,040 | 3,033 | 3,046 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Blackhawk Network Holdings, Inc. (b) | Consumer | S+ 5.00% (10.34%) | 3/12/2029 | 5,000 | 4,904 | 5,009 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Blackstone CQP Holdco, LP (b) (f) | Industrials | S+ 2.25% (7.58%) | 12/31/2030 | 12,386 | 12,392 | 12,381 | 3.2 | % | ||||||||||||||||||||||||||||||||||||
| Broadstreet Partners, Inc. (f) | Financials | S+ 3.25% (8.59%) | 6/16/2031 | 1,860 | 1,858 | 1,854 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Cablevision Lightpath, LLC (f) | Telecom | 3.88% | 9/15/2027 | 2,000 | 1,955 | 1,759 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Caesars Entertainment, Inc. (b) | Gaming/Lodging | S+ 2.75% (8.10%) | 2/6/2031 | 6,783 | 6,769 | 6,777 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Calpine Construction Finance Co., LP (f) | Utilities | S+ 2.00% (7.34%) | 7/31/2030 | 2,487 | 2,493 | 2,478 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Catalent Pharma Solutions, Inc. (f) | Healthcare | S+ 2.00% (7.46%) | 2/22/2028 | 2,487 | 2,456 | 2,485 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| CCI Buyer, Inc. (b) | Telecom | S+ 4.00% (9.34%) | 12/17/2027 | 7,461 | 7,411 | 7,464 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| CD&R Hydra Buyer, Inc. (b) | Industrials | S+ 4.00% (9.44%) | 3/25/2031 | 6,284 | 6,253 | 6,294 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| Cirque Du Soleil Holding USA Newco, Inc. (f) | Media/Entertainment | S+ 3.75% (9.09%) | 3/8/2030 | 6,449 | 6,419 | 6,436 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| Citadel Securities, LP (b) | Financials | S+ 2.25% (7.59%) | 7/29/2030 | 4,467 | 4,463 | 4,478 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Cloud Software Group, Inc. (b) | Software/Services | S+ 4.50% (9.84%) | 3/20/2031 | 2,000 | 1,984 | 2,004 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| CLP Health Services, Inc. (b) | Healthcare | S+ 4.25% (9.71%) | 12/31/2026 | 7,614 | 7,600 | 7,464 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| CNT Holdings I Corp. (f) | Consumer | S+ 3.50% (8.83%) | 11/8/2027 | 3,387 | 3,387 | 3,392 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| CommerceHub, Inc. (f) | Technology | S+ 4.00% (9.48%) | 12/29/2027 | 4,975 | 4,974 | 4,559 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Compass Power Generation, LLC (b) | Utilities | S+ 4.25% (9.71%) | 4/16/2029 | 3,848 | 3,742 | 3,874 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Connect Finco SARL (f) | Telecom | S+ 3.50% (8.84%) | 12/11/2026 | 2,175 | 2,179 | 2,145 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Connectwise, LLC (f) | Software/Services | S+ 3.50% (9.10%) | 9/29/2028 | 6,826 | 6,807 | 6,765 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Conservice Midco, LLC (b) | Business Services | S+ 4.00% (9.34%) | 5/13/2027 | 7,506 | 7,507 | 7,506 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Corelogic, Inc. (b) | Business Services | S+ 3.50% (8.96%) | 6/2/2028 | 1,811 | 1,811 | 1,781 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Cornerstone Building Brands, Inc. (f) | Industrials | S+ 4.50% (9.83%) | 5/15/2031 | 1,380 | 1,373 | 1,369 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Cornerstone Building Brands, Inc. (b) | Industrials | S+ 5.63% (10.95%) | 8/1/2028 | 3,323 | 3,393 | 3,346 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Cotiviti, Inc. (b) | Healthcare | S+ 3.25% (8.58%) | 5/1/2031 | 9,975 | 9,928 | 9,913 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| Crisis Prevention Institute, Inc. (b) | Education | S+ 4.75% (10.09%) | 4/9/2031 | 2,333 | 2,322 | 2,335 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Directv Financing, LLC (b) | Media/Entertainment | S+ 5.00% (10.46%) | 8/2/2027 | 1,793 | 1,779 | 1,795 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Division Holding Corp. (b) | Business Services | S+ 4.75% (10.21%) | 5/26/2028 | 7,893 | 7,892 | 7,842 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
| Dynasty Acquisition Co., Inc. (e) | Industrials | S+ 3.50% (8.84%) | 8/24/2028 | 2,198 | 2,216 | 2,205 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Dynasty Acquisition Co., Inc. (e) | Industrials | S+ 3.50% (8.84%) | 8/24/2028 | 5,702 | 5,748 | 5,719 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Edgewater Generation, LLC (b) | Utilities | S+ 3.75% (9.21%) | 12/15/2025 | 4,781 | 4,682 | 4,768 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| EIG Management Co., LLC (b) | Financials | S+ 5.00% (10.33%) | 5/17/2029 | 5,000 | 4,902 | 4,925 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Emerald Borrower, LP (f) | Industrials | S+ 2.50% (7.83%) | 6/18/2031 | 3,330 | 3,322 | 3,326 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Ensemble RCM, LLC (b) | Healthcare | S+ 3.00% (8.33%) | 8/1/2029 | 9,302 | 9,228 | 9,263 | 2.4 | % | ||||||||||||||||||||||||||||||||||||
| Entain, PLC (f) | Gaming/Lodging | S+ 2.75% (8.01%) | 10/31/2029 | 3,502 | 3,495 | 3,506 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Epicor Software Corp. (f) | Software/Services | S+ 3.25% | 5/30/2031 | 212 | — | 1 | 0.0 | % | ||||||||||||||||||||||||||||||||||||
| Epicor Software Corp. (f) | Software/Services | S+ 3.25% (8.59%) | 5/30/2031 | 1,806 | 1,801 | 1,813 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Fiesta Purchaser, Inc. (b) | Food & Beverage | S+ 4.00% (9.34%) | 2/12/2031 | 2,500 | 2,477 | 2,515 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| First Brands Group, LLC (f) | Consumer | S+ 5.00% (10.59%) | 3/30/2027 | 4,968 | 4,947 | 4,929 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Fitness International, LLC (b) | Consumer | S+ 5.25% (10.58%) | 2/12/2029 | 9,975 | 9,693 | 10,012 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
| Foley Products Co., LLC (b) | Industrials | S+ 4.75% (10.24%) | 12/29/2028 | 2,402 | 2,384 | 2,407 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Foresight Energy Operating, LLC (b) | Energy | S+ 8.00% (13.44%) | 6/30/2027 | 660 | 640 | 660 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Foundation Building Materials, Inc. (b) | Industrials | S+ 4.00% (9.33%) | 1/29/2031 | $ | 7,481 | $ | 7,411 | $ | 7,438 | 1.9 | % | |||||||||||||||||||||||||||||||||
| Freeport LNG Investments, LLLP (b) | Energy | S+ 3.00% (8.33%) | 11/17/2026 | 5,970 | 5,933 | 5,937 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Frontier Communications Corp. (b) | Telecom | S+ 3.75% (9.21%) | 10/8/2027 | 7,893 | 7,884 | 7,879 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
| Galaxy US OpCo, Inc. (b) (f) | Software/Services | S+ 4.75% (10.08%) | 4/30/2029 | 7,799 | 7,033 | 6,298 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| Genesys Cloud Services Holdings II, LLC (b) | Software/Services | S+ 3.50% (8.84%) | 12/1/2027 | 4,815 | 4,752 | 4,836 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Geon Performance Solutions, LLC (b) | Chemicals | S+ 4.25% (9.85%) | 8/18/2028 | 4,589 | 4,564 | 4,597 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| GIP Pilot Acquisition Partners, LP (b) | Energy | S+ 2.50% (7.83%) | 10/4/2030 | 1,247 | 1,242 | 1,247 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Global Medical Response, Inc. (b) | Healthcare | S+ 5.50% (10.85%) 1.25% PIK | 10/31/2028 | 5,000 | 4,863 | 4,834 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Grant Thornton Advisors, LLC (f) | Business Services | S+ 3.25% (8.60%) | 5/31/2031 | 1,790 | 1,790 | 1,794 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Green Energy Partners/Stonewall, LLC | Utilities | S+ 6.00% (11.60%) | 11/12/2026 | 7,462 | 7,087 | 7,462 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| GTCR W Merger Sub, LLC (b) | Financials | S+ 3.00% (8.34%) | 1/31/2031 | 2,500 | 2,489 | 2,500 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| GVC Holdings Gibraltar, Ltd. (f) | Gaming/Lodging | S+ 2.50% (7.86%) | 3/29/2027 | 4,850 | 4,849 | 4,853 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Hamilton Projects Acquiror, LLC (f) | Utilities | S+ 3.75% (9.08%) | 5/30/2031 | 7,140 | 7,122 | 7,178 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Hudson River Trading, LLC (b) | Financials | S+ 3.00% (8.46%) | 3/20/2028 | 5,310 | 5,265 | 5,305 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| Hunter Douglas, Inc. (b) | Consumer | S+ 3.50% (8.84%) | 2/25/2029 | 1,995 | 1,985 | 1,976 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| ICP Industrial, Inc. (f) | Chemicals | S+ 3.75% (9.35%) | 12/29/2027 | 5,012 | 5,007 | 4,166 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| IDERA, Inc. (f) | Technology | S+ 3.50% (8.83%) | 3/2/2028 | 6,824 | 6,827 | 6,768 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| IXS Holdings, Inc. (b) (f) | Transportation | S+ 4.25% (9.70%) | 3/5/2027 | 4,987 | 4,804 | 4,836 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Jack Ohio Finance, LLC (f) | Gaming/Lodging | S+ 4.75% (10.21%) | 10/4/2028 | 3,896 | 3,883 | 3,893 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Jane Street Group, LLC (f) | Financials | 4.50% | 11/15/2029 | 7,000 | 6,677 | 6,568 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Jazz Securities, DAC | Healthcare | 4.38% | 1/15/2029 | 1,000 | 930 | 928 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Johnstone Supply, LLC (f) | Industrials | S+ 3.00% (8.33%) | 6/7/2031 | 2,501 | 2,494 | 2,502 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Jump Financial, LLC (b) | Financials | S+ 4.50% (10.10%) | 8/7/2028 | 7,306 | 7,223 | 7,279 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Kuehg Corp. (f) | Education | S+ 4.50% (9.84%) | 6/12/2030 | 4,963 | 4,769 | 4,978 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| LABL, Inc. (b) | Paper & Packaging | S+ 5.00% (10.44%) | 10/30/2028 | 4,987 | 4,933 | 4,918 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Lakeshore Learning Materials, LLC (f) | Retail | S+ 3.50% (8.96%) | 9/29/2028 | 4,974 | 4,974 | 4,956 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| LifePoint Health, Inc. (f) | Healthcare | 4.38% | 2/15/2027 | 2,000 | 2,000 | 1,910 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| LifePoint Health, Inc. (b) | Healthcare | S+ 4.75% (10.06%) | 11/16/2028 | 4,860 | 4,758 | 4,883 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Lightstone Holdco, LLC (b) (f) | Utilities | S+ 5.75% (11.08%) | 1/29/2027 | 15,961 | 14,939 | 15,679 | 4.0 | % | ||||||||||||||||||||||||||||||||||||
| Lightstone Holdco, LLC (b) (f) | Utilities | S+ 5.75% (11.08%) | 1/29/2027 | 903 | 846 | 887 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Liquid Tech Solutions Holdings, LLC (b) (f) | Industrials | S+ 4.75% (10.21%) | 3/20/2028 | 9,959 | 9,928 | 9,959 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| Luxembourg Investment Co., 428 SARL | Chemicals | S+ 7.00% (12.44%) | 1/3/2029 | 3,686 | 3,659 | 1,106 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Madison IAQ, LLC (f) | Industrials | 4.13% | 6/30/2028 | 2,000 | 1,989 | 1,866 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Magnite, Inc. (b) | Technology | S+ 4.50% (9.84%) | 2/6/2031 | 4,988 | 4,940 | 5,002 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Max US Bidco, Inc. (b) | Food & Beverage | S+ 5.00% (10.34%) | 10/3/2030 | 4,988 | 4,760 | 4,690 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Medallion Midland Acquisition, LP (f) | Energy | S+ 3.50% (8.84%) | 10/18/2028 | 5,502 | 5,480 | 5,523 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| Medline Borrower, LP (f) | Healthcare | S+ 2.25% (7.58%) | 10/23/2028 | 4,000 | 4,000 | 4,000 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| MH Sub I, LLC (b) (f) | Business Services | S+ 4.25% (9.59%) | 5/3/2028 | 7,462 | 7,324 | 7,450 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Michael Baker International, LLC (b) | Industrials | S+ 4.75% (10.09%) | 12/1/2028 | 3,260 | 3,238 | 3,263 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| MPH Acquisition Holdings, LLC (b) | Healthcare | S+ 4.25% (9.86%) | 9/1/2028 | 873 | 861 | 723 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| MYOB US Borrower, LLC (f) | Business Services | S+ 4.00% (9.34%) | 5/6/2026 | 5,327 | 5,322 | 5,181 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| National Mentor Holdings, Inc. (f) | Healthcare | S+ 3.75% (9.19%) | 3/2/2028 | $ | 150 | $ | 149 | $ | 141 | 0.0 | % | |||||||||||||||||||||||||||||||||
| National Mentor Holdings, Inc. (b) (f) | Healthcare | S+ 3.75% (9.19%) | 3/2/2028 | 4,334 | 4,322 | 4,083 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Nexus Buyer, LLC (f) | Financials | S+ 3.75% (9.19%) | 11/9/2026 | 8,397 | 8,244 | 8,382 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
| Nexus Buyer, LLC (f) | Financials | S+ 4.50% (9.84%) | 12/13/2028 | 1,995 | 1,940 | 1,995 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Northriver Midstream Finance, LP | Energy | 5.63% | 2/15/2026 | 1,000 | 959 | 1,000 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Nouryon Finance B.V. (e) (f) | Chemicals | S+ 3.50% (8.83%) | 4/3/2028 | 4,574 | 4,569 | 4,581 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Omnia Partners, LLC (f) | Business Services | S+ 3.25% (8.57%) | 7/25/2030 | 6,230 | 6,193 | 6,229 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| OneDigital Borrower, LLC (f) | Financials | S+ 3.25% (8.58%) | 6/12/2031 | 6,875 | 6,841 | 6,845 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| OneDigital Borrower, LLC (f) | Financials | S+ 4.25% (9.75%) | 11/16/2027 | 1,925 | 1,925 | 1,918 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| OneDigital Borrower, LLC (f) | Utilities | S+ 4.75% (10.34%) | 2/19/2029 | 3,184 | 3,186 | 3,178 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| OneDigital Borrower, LLC (f) | Utilities | S+ 4.75% (10.34%) | 2/19/2029 | 423 | 423 | 422 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Oscar AcquisitionCo, LLC (f) | Industrials | S+ 4.25% (9.59%) | 4/30/2029 | 4,968 | 4,917 | 4,962 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Paysafe Finance, PLC (f) | Software/Services | 4.00% | 6/15/2029 | 400 | 400 | 368 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Peer Holding III B.V. (b) | Retail | S+ 3.00% (8.34%) | 6/20/2031 | 6,000 | 6,000 | 6,003 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Peraton Corp. (b) | Industrials | S+ 3.75% (9.19%) | 2/1/2028 | 4,933 | 4,907 | 4,931 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| PetSmart, LLC (f) | Retail | S+ 3.75% (9.19%) | 2/11/2028 | 2,487 | 2,485 | 2,477 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| PG&E Corp. | Utilities | 4.25% | 12/1/2027 | 3,000 | 2,998 | 3,023 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| PG&E Corp. (f) | Utilities | S+ 2.50% (7.84%) | 6/23/2027 | 2,141 | 2,133 | 2,146 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Pluto Acquisition I, Inc. (b) | Healthcare | S+ 4.00% (9.33%) | 9/20/2028 | 9,779 | 9,779 | 8,703 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
| PODS, LLC (b) (f) | Paper & Packaging | S+ 3.00% (8.59%) | 3/31/2028 | 7,481 | 7,128 | 7,071 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Power Stop, LLC (f) | Transportation | S+ 4.75% (10.20%) | 1/26/2029 | 3,166 | 3,139 | 3,083 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| PRA Health Sciences, Inc. | Healthcare | 2.88% | 7/15/2026 | 3,327 | 3,124 | 3,168 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Pregis TopCo, LLC (b) | Paper & Packaging | S+ 4.00% (9.34%) | 7/31/2026 | 6,765 | 6,737 | 6,761 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Proofpoint, Inc. (b) | Software/Services | S+ 3.00% (8.34%) | 8/31/2028 | 6,340 | 6,301 | 6,343 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| Protective Industrial Products, Inc. (b) | Industrials | S+ 4.00% (9.46%) | 12/29/2027 | 4,897 | 4,883 | 4,867 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Pug, LLC (f) | Media/Entertainment | S+ 4.75% (10.09%) | 3/15/2030 | 4,789 | 4,721 | 4,781 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Quikrete Holdings, Inc. (f) | Industrials | S+ 2.25% (7.59%) | 3/19/2029 | 1,743 | 1,743 | 1,743 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Quikrete Holdings, Inc. (f) | Industrials | S+ 2.50% (7.84%) | 4/14/2031 | 6,093 | 6,079 | 6,103 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| Radar Bidco SARL (b) | Transportation | S+ 4.25% (9.56%) | 4/4/2031 | 1,680 | 1,672 | 1,682 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Radiology Partners, Inc. (f) | Healthcare | S+ 5.00% (10.59%) 1.50% PIK | 1/31/2029 | 9,469 | 8,921 | 8,948 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
| RealPage, Inc. (b) (f) | Software/Services | S+ 3.00% (8.46%) | 4/24/2028 | 3,457 | 3,389 | 3,355 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Recess Holdings, Inc. (b) | Consumer | S+ 4.50% (9.84%) | 2/20/2030 | 10,000 | 9,859 | 10,054 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
| Renaissance Holding Corp. (f) | Software/Services | S+ 4.25% (9.60%) | 4/8/2030 | 1,985 | 1,984 | 1,982 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Resolute Investment Managers, Inc. | Financials | S+ 6.50% (12.10%) | 4/30/2027 | 2,445 | 2,445 | 2,445 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Restoration Hardware, Inc. (f) | Retail | S+ 2.50% (7.96%) | 10/20/2028 | 2,481 | 2,396 | 2,381 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Revere Power, LLC (b) | Utilities | S+ 4.25% (9.73%) | 3/30/2026 | 4,588 | 4,038 | 4,189 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Revere Power, LLC (b) | Utilities | S+ 4.25% (9.73%) | 3/30/2026 | 403 | 355 | 368 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Roper Industrial Products Investment Co., LLC (f) | Industrials | S+ 3.25% (8.59%) | 11/22/2029 | 7,515 | 7,347 | 7,543 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Russell Investments US Institutional Holdco, Inc. (b) | Financials | S+ 5.00% (10.33%) 1.50% PIK | 5/28/2027 | 7,805 | 7,591 | 6,868 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| RXB Holdings, Inc. (b) (f) | Healthcare | S+ 4.50% (9.96%) | 12/20/2027 | 9,949 | 9,947 | 9,986 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| S&S Holdings, LLC (f) | Consumer | S+ 5.00% (10.43%) | 3/13/2028 | 6,773 | 6,642 | 6,775 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Safety Products/JHC Acquisition Corp. (b) | Industrials | S+ 4.50% (9.94%) | 6/28/2026 | 915 | 887 | 913 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Safety Products/JHC Acquisition Corp. (b) (f) | Industrials | S+ 4.50% (9.94%) | 6/28/2026 | 16,915 | 16,521 | 16,883 | 4.3 | % | ||||||||||||||||||||||||||||||||||||
| Sedgwick Claims Management Services, Inc. (b) | Business Services | S+ 3.00% (8.34%) | 6/27/2031 | 7,309 | 7,291 | 7,291 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Sierra Enterprises, LLC (b) | Food & Beverage | S+ 6.75% (12.08%) 4.25% PIK | 5/10/2027 | 5,144 | 5,071 | 4,681 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| SK Neptune Husky Finance SARL | Chemicals | S+ 10.00% (15.59%) 2.00% PIK | 4/30/2024 | $ | 650 | $ | 645 | $ | 293 | 0.1 | % | |||||||||||||||||||||||||||||||||
| Sonrava Health Holdings, LLC | Healthcare | S+ 6.50% (12.11%) | 5/18/2028 | 1,865 | 1,759 | 1,847 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Sonrava Health Holdings, LLC (f) | Healthcare | S+ 6.50% (12.11%) 5.50% PIK | 8/18/2028 | 9,898 | 9,896 | 7,333 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Sotera Health Holdings, LLC (f) | Healthcare | S+ 3.25% (8.59%) | 5/30/2031 | 10,000 | 9,950 | 9,967 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| Specialty Building Products Holdings, LLC (b) | Industrials | S+ 3.75% (9.19%) | 10/16/2028 | 4,987 | 4,972 | 4,956 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Staples, Inc. (f) | Business Services | S+ 5.75% (11.08%) | 9/4/2029 | 7,364 | 7,071 | 6,727 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Team Health Holdings, Inc. (e) (f) | Healthcare | S+ 5.25% (10.58%) | 3/2/2027 | 5,341 | 5,080 | 4,959 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Tecta America Corp. (f) | Industrials | S+ 4.00% (9.46%) | 4/10/2028 | 8,817 | 8,804 | 8,845 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
| TransDigm, Inc. (f) | Industrials | S+ 2.50% (7.84%) | 2/28/2031 | 5,985 | 5,971 | 5,997 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Traverse Midstream Partners, LLC (b) | Energy | S+ 3.50% (8.83%) | 2/16/2028 | 12,849 | 12,841 | 12,874 | 3.3 | % | ||||||||||||||||||||||||||||||||||||
| Triton Water Holdings, Inc. (f) | Food & Beverage | S+ 3.25% (8.85%) | 3/31/2028 | 7,275 | 7,265 | 7,275 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Triton Water Holdings, Inc. (b) | Food & Beverage | S+ 4.00% (9.33%) | 3/31/2028 | 1,741 | 1,718 | 1,745 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Truck Hero, Inc. (f) | Transportation | S+ 5.00% (10.46%) | 1/31/2028 | 1,496 | 1,464 | 1,490 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Truck Hero, Inc. (f) | Transportation | S+ 3.50% (8.96%) | 1/31/2028 | 3,436 | 3,356 | 3,419 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Truist Insurance Holdings, LLC (b) | Financials | S+ 3.25% (8.59%) | 5/6/2031 | 4,285 | 4,275 | 4,289 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| UKG, Inc. (b) (f) | Technology | S+ 3.25% (8.58%) | 2/10/2031 | 9,759 | 9,686 | 9,791 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| United Airlines, Inc. (f) | Transportation | 4.63% | 4/15/2029 | 500 | 452 | 466 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| United Airlines, Inc. (b) | Transportation | S+ 2.75% (8.09%) | 2/22/2031 | 4,489 | 4,469 | 4,493 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| University Support Services, LLC (f) | Education | S+ 2.75% (8.09%) | 2/12/2029 | 4,875 | 4,862 | 4,868 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| US Anesthesia Partners, Inc. (b) (f) | Healthcare | S+ 4.25% (9.69%) | 10/2/2028 | 7,523 | 7,010 | 7,205 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Venga Finance SARL (b) | Telecom | S+ 4.75% (10.36%) | 6/28/2029 | 3,930 | 3,832 | 3,930 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Victory Buyer, LLC (b) | Industrials | S+ 3.75% (9.34%) | 11/20/2028 | 2,487 | 2,373 | 2,384 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Virgin Media Bristol, LLC (f) | Telecom | S+ 3.25% (8.66%) | 3/31/2031 | 2,500 | 2,497 | 2,355 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Vistra Operations Co., LLC (f) | Utilities | S+ 2.00% (7.34%) | 12/20/2030 | 2,488 | 2,493 | 2,488 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| VS Buyer, LLC (b) | Software/Services | S+ 3.25% (8.58%) | 4/14/2031 | 1,070 | 1,068 | 1,071 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Vyaire Medical, Inc. | Healthcare | S+ 7.00% (12.30%) 6.00% PIK | 10/10/2024 | 1,001 | 927 | 1,013 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Vyaire Medical, Inc. | Healthcare | S+ 7.00% (12.30%) 6.00% PIK | 10/10/2024 | 1,668 | 1,601 | 1,649 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Vyaire Medical, Inc. | Healthcare | S+ 4.75% (10.31%) | 4/16/2025 | 5,589 | 5,340 | — | — | % | ||||||||||||||||||||||||||||||||||||
| WaterBridge Midstream Operating, LLC (b) | Energy | S+ 4.75% (10.09%) | 6/21/2029 | 10,000 | 9,900 | 9,925 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| Waterbridge NDB Operating, LLC (f) | Energy | S+ 4.50% (9.83%) | 5/10/2029 | 2,970 | 2,941 | 2,982 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Watlow Electric Manufacturing, Co. (b) | Industrials | S+ 3.75% (9.34%) | 3/2/2028 | 4,738 | 4,723 | 4,727 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Waystar Technologies, Inc. (b) | Healthcare | S+ 2.75% (8.10%) | 10/22/2029 | 1,467 | 1,466 | 1,467 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| WCG Purchaser Corp. (f) | Healthcare | S+ 3.50% (8.84%) | 1/8/2027 | 4,948 | 4,911 | 4,947 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| WEC US Holdings, Ltd. (b) | Utilities | S+ 2.75% (8.09%) | 1/27/2031 | 5,520 | 5,493 | 5,521 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| WestJet Loyalty, LP (b) | Transportation | S+ 3.75% (9.05%) | 2/14/2031 | 5,800 | 5,745 | 5,823 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| White Cap Supply Holdings, LLC (f) | Consumer | S+ 3.25% (8.59%) | 10/19/2029 | 3,650 | 3,641 | 3,655 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Wilsonart, LLC (b) | Consumer | S+ 3.25% (8.69%) | 12/31/2026 | 7,262 | 7,260 | 7,261 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Windsor Holdings III, LLC (f) | Chemicals | S+ 4.00% (9.34%) | 8/1/2030 | 3,294 | 3,234 | 3,311 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Zayo Group Holdings, Inc. (f) | Telecom | S+ 3.00% (8.46%) | 3/9/2027 | 6,500 | 5,667 | 5,641 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| Zelis Cost Management Buyer, Inc. (f) | Healthcare | S+ 2.75% (8.09%) | 9/28/2029 | 1,875 | 1,866 | 1,873 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured First Lien Debt | $ | 947,561 | $ | 932,194 | 237.9 | % | ||||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
| American Rock Salt Company, LLC (b) | Chemicals | S+ 7.25% (12.86%) | 6/11/2029 | $ | 1,943 | $ | 1,925 | $ | 1,749 | 0.4 | % | |||||||||||||||||||||||||||||||||
| Asurion, LLC (b) (f) | Business Services | S+ 5.25% (10.71%) | 1/31/2028 | 4,633 | 4,533 | 4,297 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Edelman Financial Center, LLC (f) | Financials | S+ 5.25% (10.59%) | 10/6/2028 | 4,750 | 4,738 | 4,749 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| IDERA, Inc. (b) (e) | Technology | S+ 6.75% (12.23%) | 3/2/2029 | 1,036 | 997 | 997 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Neptune Bidco US, Inc. (f) | Publishing | S+ 9.75% (15.16%) | 10/11/2029 | 2,000 | 1,955 | 1,960 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured Second Lien Debt | $ | 14,148 | $ | 13,752 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||
| Collateralized Securities | ||||||||||||||||||||||||||||||||||||||||||||
| Collateralized Securities - Debt Investments | ||||||||||||||||||||||||||||||||||||||||||||
| AIG CLO, Ltd. 21-1A F | Diversified Investment Vehicles | S+ 6.90% (12.49%) | 4/22/2034 | $ | 1,410 | $ | 1,302 | $ | 1,264 | 0.3 | % | |||||||||||||||||||||||||||||||||
| Battalion CLO, Ltd. 21-17A F | Diversified Investment Vehicles | S+ 7.50% (13.09%) | 3/9/2034 | 1,224 | 1,144 | 997 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Carlyle GMS CLO, 16-3A FRR | Diversified Investment Vehicles | S+ 8.60% (14.19%) | 7/20/2034 | 2,100 | 1,998 | 1,823 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Covenant Credit Partners CLO, Ltd. 17 1A E | Diversified Investment Vehicles | S+ 6.45% (12.04%) | 10/15/2029 | 2,500 | 2,334 | 2,403 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Eaton Vance CDO, Ltd. 15-1A FR | Diversified Investment Vehicles | S+ 7.97% (13.56%) | 1/20/2030 | 2,000 | 1,795 | 1,603 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Elevation CLO, Ltd. 13-1A D2 | Diversified Investment Vehicles | S+ 11.35% (16.93%) | 8/15/2032 | 2,000 | 1,968 | 1,967 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Fortress Credit BSL, Ltd. 22-1A E | Diversified Investment Vehicles | S+ 8.15% (13.48%) | 10/23/2034 | 1,000 | 982 | 993 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Great Lakes CLO, Ltd. 21-6A E | Diversified Investment Vehicles | S+ 8.03% (13.62%) | 1/15/2034 | 5,150 | 4,974 | 5,065 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Greywolf CLO, Ltd. 20-3RA ER | Diversified Investment Vehicles | S+ 8.74% (14.33%) | 4/15/2033 | 1,000 | 890 | 886 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Hayfin Kingsland XI, Ltd. 19-2A ER | Diversified Investment Vehicles | S+ 7.72% (13.31%) | 10/20/2034 | 2,500 | 2,435 | 2,474 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Highbridge Loan Management, Ltd. 11A-17 E | Diversified Investment Vehicles | S+ 6.10% (11.70%) | 5/6/2030 | 3,000 | 2,762 | 2,728 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Jamestown CLO, Ltd. 22-18A E | Diversified Investment Vehicles | S+ 7.87% (13.19%) | 7/25/2035 | 3,000 | 2,751 | 2,975 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| KKR Financial CLO, Ltd. 15 FR | Diversified Investment Vehicles | S+ 8.50% (14.09%) | 1/18/2032 | 2,000 | 1,911 | 1,748 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| LCM, Ltd. Partnership 16A ER2 | Diversified Investment Vehicles | S+ 6.38% (11.97%) | 10/15/2031 | 2,500 | 2,322 | 2,275 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Marble Point CLO, Ltd. 20-1A E | Diversified Investment Vehicles | S+ 6.82% (12.41%) | 4/20/2033 | 4,500 | 4,415 | 4,333 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Medalist Partners Corporate Finance CLO, Ltd. 21-1A D | Diversified Investment Vehicles | S+ 7.48% (13.07%) | 10/20/2034 | 3,000 | 2,870 | 2,964 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Northwoods Capital, Ltd. 17-15A ER | Diversified Investment Vehicles | S+ 7.64% (13.25%) | 6/20/2034 | 3,000 | 2,930 | 2,959 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Ocean Trails CLO 22-12A E | Diversified Investment Vehicles | S+ 8.11% (13.44%) | 7/20/2035 | 3,460 | 3,204 | 3,394 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| OCP CLO, Ltd. 14-5A DR | Diversified Investment Vehicles | S+ 5.70% (11.29%) | 4/26/2031 | 2,200 | 2,103 | 2,056 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| OZLM, Ltd. 16-15A DR | Diversified Investment Vehicles | S+ 6.75% (12.34%) | 4/20/2033 | 2,000 | 1,918 | 1,840 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Palmer Square CLO, Ltd. 21-4A F | Diversified Investment Vehicles | S+ 7.66% (13.25%) | 10/15/2034 | 1,500 | 1,436 | 1,360 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Saranac CLO, Ltd. 20-8A E | Diversified Investment Vehicles | S+ 8.12% (13.71%) | 2/20/2033 | 1,455 | 1,443 | 1,405 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Sculptor CLO, Ltd. 27A E | Diversified Investment Vehicles | S+ 7.05% (12.64%) | 7/20/2034 | $ | 1,500 | $ | 1,462 | $ | 1,469 | 0.4 | % | |||||||||||||||||||||||||||||||||
| Sound Point CLO, Ltd. 17-1A E | Diversified Investment Vehicles | S+ 5.96% (11.55%) | 1/23/2029 | 4,000 | 3,710 | 3,661 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Sound Point CLO, Ltd. 17-2A E | Diversified Investment Vehicles | S+ 6.10% (11.69%) | 7/25/2030 | 2,400 | 2,139 | 1,908 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Sound Point CLO, Ltd. 18-3A D | Diversified Investment Vehicles | S+ 5.79% (11.38%) | 10/26/2031 | 1,000 | 918 | 765 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Symphony CLO, Ltd. 2012-9A ER2 | Diversified Investment Vehicles | S+ 6.95% (12.54%) | 7/16/2032 | 3,000 | 2,808 | 2,848 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Trimaran CAVU 2021-2A, Ltd. 21-2A E | Diversified Investment Vehicles | S+ 7.20% (12.79%) | 10/25/2034 | 3,000 | 2,950 | 2,931 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Trysail CLO, Ltd. 21-1A E | Diversified Investment Vehicles | S+ 7.38% (12.97%) | 7/20/2032 | 1,500 | 1,453 | 1,485 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Venture CDO, Ltd. 16-23A ER2 | Diversified Investment Vehicles | S+ 7.55% (13.14%) | 7/19/2034 | 3,000 | 2,924 | 2,742 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Venture CLO 43, Ltd. 21-43A E | Diversified Investment Vehicles | S+ 7.15% (12.74%) | 4/15/2034 | 3,000 | 2,925 | 2,746 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Wind River CLO, Ltd. 14-2A FR | Diversified Investment Vehicles | S+ 7.87% (13.46%) | 1/15/2031 | 3,000 | 2,590 | 1,833 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Zais CLO 13, Ltd. 19-13A D1 | Diversified Investment Vehicles | S+ 4.52% (10.11%) | 7/15/2032 | 3,000 | 2,773 | 2,915 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Subtotal Collateralized Securities | $ | 76,539 | $ | 74,815 | 19.2 | % | ||||||||||||||||||||||||||||||||||||||
| Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||
| Avaya Holdings Corp. | Technology | 88 | $ | 1,244 | $ | 638 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Avaya Holdings Corp. | Technology | 17 | 244 | 125 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
| Gordian Medical, Inc. | Healthcare | 405 | 7,361 | 7,146 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
| Gordian Medical, Inc. | Healthcare | 392 | — | — | — | % | ||||||||||||||||||||||||||||||||||||||
| Resolute Investment Managers, Inc. | Financials | 30 | 1,286 | 991 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
| Subtotal Equity/Other | $ | 10,135 | $ | 8,900 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| TOTAL INVESTMENTS | $ | 1,048,383 | $ | 1,029,661 | 262.9 | % | ||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
| Accentcare, Inc. (b) | Healthcare | S+ 4.00% (9.65%) | 6/22/2026 | $ | 9,828 | $ | 9,828 | $ | 7,633 | 2.0 | % | |||||||||||||||||||||||||||||||||
| Acrisure, LLC (b) | Financials | S+ 3.50% (9.15%) | 2/15/2027 | 19,905 | 19,600 | 19,838 | 5.2 | % | ||||||||||||||||||||||||||||||||||||
| Adtalem Global Education, Inc. (f) | Education | S+ 4.00% (9.47%) | 8/11/2028 | 692 | 692 | 692 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Adtalem Global Education, Inc. (f) | Education | 5.00% | 3/1/2028 | 1,042 | 1,042 | 1,008 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Advisor Group, Inc. (f) | Financials | S+ 4.50% (9.86%) | 8/17/2028 | 5,532 | 5,479 | 5,544 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Air Canada | Transportation | 3.88% | 8/15/2026 | 2,000 | 1,822 | 1,903 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Alchemy US Holdco 1, LLC (b) | Industrials | S+ 7.32% (12.82%) | 10/10/2025 | 15,555 | 15,522 | 15,419 | 4.1 | % | ||||||||||||||||||||||||||||||||||||
| Allied Universal Holdco, LLC (b) | Business Services | S+ 4.75% (10.11%) | 5/15/2028 | 4,988 | 4,851 | 4,980 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Altice Financing, SA (f) | Telecom | 5.00% | 1/15/2028 | 2,000 | 1,949 | 1,816 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Altice France, SA (b) (e) | Telecom | S+ 5.50% (10.89%) | 8/15/2028 | 12,479 | 11,752 | 11,174 | 2.9 | % | ||||||||||||||||||||||||||||||||||||
| Alvogen Pharma US, Inc. (b) | Healthcare | S+ 7.50% (13.00%) | 6/30/2025 | 11,264 | 11,225 | 10,729 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
| Amentum Government Services Holdings, LLC (f) | Industrials | S+ 4.00% (9.47%) | 1/29/2027 | 1,949 | 1,942 | 1,948 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Amentum Government Services Holdings, LLC (b) | Industrials | S+ 4.00% (9.36%) | 2/15/2029 | 4,925 | 4,868 | 4,918 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b) | Transportation | S+ 4.75% (10.43%) | 4/20/2028 | 7,484 | 7,429 | 7,679 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
| AP Gaming I, LLC (f) | Gaming/Lodging | S+ 4.00% (9.46%) | 2/15/2029 | 7,336 | 7,232 | 7,348 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Apollo Commercial Real Estate Finance, Inc. (f) | Financials | 4.63% | 6/15/2029 | 3,000 | 3,000 | 2,507 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| AppLovin Corp. (b) | Media/Entertainment | S+ 3.10% (8.56%) | 10/23/2028 | 8,843 | 8,829 | 8,843 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
| Ardagh Metal Packaging Finance USA, LLC | Paper & Packaging | 3.25% | 9/1/2028 | 2,000 | 1,654 | 1,748 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Artera Services, LLC (f) | Utilities | S+ 3.50% (8.95%) | 3/6/2025 | 2,438 | 2,432 | 2,287 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Ascend Learning, LLC (f) | Education | S+ 3.50% (8.95%) | 12/11/2028 | 4,975 | 4,696 | 4,882 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Ascensus Holidngs, Inc. (b) | Business Services | S+ 3.50% (8.97%) | 8/2/2028 | 7,624 | 7,616 | 7,598 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
| Astoria Energy, LLC (f) | Utilities | S+ 3.50% (8.97%) | 12/6/2027 | 1,856 | 1,856 | 1,860 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Asurion, LLC (b) | Business Services | S+ 3.25% (8.72%) | 12/23/2026 | 4,874 | 4,822 | 4,858 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Athenahealth Group, Inc. (b) | Healthcare | S+ 3.25% (8.61%) | 2/15/2029 | 12,820 | 12,759 | 12,750 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
| Athletico Management, LLC (f) | Healthcare | S+ 4.25% (9.75%) | 2/15/2029 | 4,925 | 4,905 | 4,117 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Avaya Holdings Corp. | Technology | S+ 8.50% (13.86%) 7.00% PIK | 8/1/2028 | 2,566 | 2,519 | 2,257 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Bally's Corp. (b) (f) | Gaming/Lodging | S+ 3.25% (8.93%) | 10/2/2028 | 4,975 | 4,931 | 4,703 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Bella Holding Co., LLC (f) | Healthcare | S+ 3.75% (9.21%) | 5/10/2028 | 4,987 | 4,962 | 4,944 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Blackstone CQP Holdco, LP (b) (f) | Industrials | S+ 3.00% (8.35%) | 12/31/2030 | 9,416 | 9,412 | 9,428 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| Cablevision Lightpath, LLC (f) | Telecom | 3.88% | 9/15/2027 | 2,000 | 1,949 | 1,759 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Carnival Corp. | Consumer | 4.00% | 8/1/2028 | 1,500 | 1,302 | 1,389 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Cirque Du Soleil Holding USA Newco, Inc. (f) | Media/Entertainment | S+ 4.25% (9.60%) | 3/8/2030 | 3,473 | 3,442 | 3,456 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Citadel Securities, LP (b) | Financials | S+ 2.50% (7.97%) | 7/29/2030 | 4,489 | 4,483 | 4,494 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| CLP Health Services, Inc. (b) | Healthcare | S+ 4.25% (9.90%) | 12/31/2026 | 12,653 | 12,622 | 12,390 | 3.3 | % | ||||||||||||||||||||||||||||||||||||
| CNT Holdings I Corp. (f) | Consumer | S+ 3.50% (8.93%) | 11/8/2027 | 3,403 | 3,404 | 3,407 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| CommerceHub, Inc. (f) | Technology | S+ 4.00% (9.54%) | 12/29/2027 | 8,825 | 8,826 | 8,333 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
| Community Care Health Network, LLC (b) | Healthcare | S+ 4.75% (10.22%) | 2/17/2025 | 9,559 | 9,549 | 9,369 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
| Compass Power Generation, LLC (b) | Utilities | S+ 4.25% (9.72%) | 4/16/2029 | 3,958 | 3,840 | 3,971 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Connect Finco SARL (f) | Telecom | S+ 3.50% (8.86%) | 12/11/2026 | 7,385 | 7,398 | 7,380 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Connectwise, LLC (f) | Software/Services | S+ 3.50% (8.97%) | 9/29/2028 | 6,860 | 6,841 | 6,836 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Conservice Midco, LLC (b) | Business Services | S+ 4.25% (9.71%) | 5/13/2027 | 7,544 | 7,546 | 7,547 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Conterra Ultra Broadband, LLC (b) | Telecom | S+ 4.75% (10.21%) | 4/30/2026 | $ | 6,573 | $ | 6,574 | $ | 6,557 | 1.7 | % | |||||||||||||||||||||||||||||||||
| Corelogic, Inc. (b) | Business Services | S+ 3.50% (8.97%) | 6/2/2028 | 4,828 | 4,826 | 4,686 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Cushman & Wakefield US Borrower, LLC (f) | Financials | S+ 4.00% (9.36%) | 1/31/2030 | 4,740 | 4,625 | 4,728 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Directv Financing, LLC (b) | Media/Entertainment | S+ 5.00% (10.65%) | 8/2/2027 | 3,988 | 3,951 | 3,983 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Dish Dbs Corp. (f) | Cable | 5.25% | 12/1/2026 | 700 | 700 | 601 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Division Holding Corp. (b) | Business Services | S+ 4.75% (10.22%) | 5/26/2028 | 8,564 | 8,564 | 8,478 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
| Dynasty Acquisition Co., Inc. (e) | Industrials | S+ 4.00% (9.36%) | 8/24/2028 | 5,544 | 5,535 | 5,555 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Dynasty Acquisition Co., Inc. (e) | Industrials | S+ 4.00% (9.36%) | 8/24/2028 | 2,376 | 2,372 | 2,381 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Edgewater Generation, LLC (b) | Utilities | S+ 3.75% (9.22%) | 12/15/2025 | 4,896 | 4,763 | 4,797 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Entain Holdings Gibraltar, Ltd. (f) | Gaming/Lodging | S+ 3.50% (8.95%) | 10/31/2029 | 504 | 499 | 504 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| First Brands Group, LLC (f) | Consumer | S+ 5.00% (10.88%) | 3/30/2027 | 2,494 | 2,475 | 2,469 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Flex Acquisition Company, Inc. (f) | Paper & Packaging | S+ 4.18% (9.63%) | 4/13/2029 | 2,463 | 2,407 | 2,471 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Florida Food Products, LLC (f) | Food & Beverage | S+ 5.00% (10.47%) | 10/18/2028 | 7,860 | 7,771 | 7,310 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Foley Products Co., LLC (b) | Industrials | S+ 4.75% (10.25%) | 12/29/2028 | 2,554 | 2,533 | 2,557 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Frontier Communications Corp. (f) | Telecom | 5.00% | 5/1/2028 | 1,240 | 1,285 | 1,148 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Frontier Communications Corp. (b) | Telecom | S+ 3.75% (9.22%) | 10/8/2027 | 12,934 | 12,918 | 12,853 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
| Galaxy US OpCo, Inc. (b) (f) | Software/Services | S+ 4.75% (10.13%) | 4/30/2029 | 7,839 | 7,005 | 6,428 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Geon Performance Solutions, LLC (b) | Chemicals | S+ 4.75% (10.36%) | 8/18/2028 | 4,611 | 4,584 | 4,599 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| GIP Pilot Acquisition Partners, LP (b) | Energy | S+ 3.00% (8.39%) | 10/4/2030 | 1,250 | 1,244 | 1,249 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Gordian Medical, Inc. (b) | Healthcare | S+ 6.25% (12.15%) | 1/31/2027 | 10,839 | 10,790 | 6,882 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Green Energy Partners/Stonewall, LLC (f) | Utilities | S+ 6.00% (11.61%) | 11/12/2026 | 4,000 | 3,780 | 4,000 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Greeneden U.S. Holdings I, LLC (b) | Software/Services | S+ 4.00% (9.47%) | 12/1/2027 | 4,840 | 4,766 | 4,856 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| GTCR W Merger Sub, LLC (b) | Financials | S+ 3.00% (8.33%) | 9/20/2030 | 2,500 | 2,488 | 2,509 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| GVC Holdings Gibraltar, Ltd. (f) | Gaming/Lodging | S+ 2.50% (7.95%) | 3/29/2027 | 4,875 | 4,874 | 4,882 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| HAH Group Holding Company, LLC (b) | Healthcare | S+ 5.00% (10.46%) | 10/29/2027 | 722 | 722 | 722 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| HAH Group Holding Company, LLC (b) | Healthcare | S+ 5.00% (10.46%) | 10/29/2027 | 5,710 | 5,640 | 5,710 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Hamilton Projects Acquiror, LLC (f) | Utilities | S+ 4.50% (9.97%) | 6/17/2027 | 4,475 | 4,458 | 4,489 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Hertz Corp. (b) (f) | Transportation | S+ 3.25% (8.72%) | 6/30/2028 | 4,101 | 4,090 | 4,085 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Hertz Corp. (b) (f) | Transportation | S+ 3.25% (8.72%) | 6/30/2028 | 793 | 791 | 790 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Hexion Holdings Corp. (f) | Chemicals | S+ 4.50% (10.02%) | 3/15/2029 | 2,494 | 2,381 | 2,391 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| HireRight, Inc. (b) | Business Services | S+ 4.00% (9.36%) | 9/27/2030 | 5,133 | 5,058 | 5,111 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Hudson River Trading, LLC (b) | Financials | S+ 3.00% (8.47%) | 3/20/2028 | 5,337 | 5,287 | 5,313 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| ICP Industrial, Inc. (f) | Chemicals | S+ 3.75% (9.36%) | 12/29/2027 | 6,110 | 6,102 | 4,897 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| IDERA, Inc. (f) | Technology | S+ 3.75% (9.28%) | 3/2/2028 | 6,842 | 6,845 | 6,798 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
| Jack Ohio Finance, LLC (f) | Gaming/Lodging | S+ 4.75% (10.22%) | 10/4/2028 | 3,916 | 3,902 | 3,848 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Jane Street Group, LLC (f) | Financials | 4.50% | 11/15/2029 | 7,000 | 6,652 | 6,533 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Jump Financial, LLC (b) | Financials | S+ 4.50% (10.11%) | 8/7/2028 | 7,343 | 7,251 | 7,270 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Kingpin Intermediate Holdings, LLC (f) | Consumer | S+ 3.50% (8.86%) | 2/8/2028 | 2,105 | 2,071 | 2,102 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Kissner Milling Co., Ltd. (f) | Industrials | 4.88% | 5/1/2028 | 2,000 | 1,940 | 1,883 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Kuehg Corp. (f) | Education | S+ 5.00% (10.35%) | 6/12/2030 | 4,988 | 4,738 | 5,003 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| LABL, Inc. (b) | Paper & Packaging | S+ 5.00% (10.46%) | 10/30/2028 | 3,920 | 3,875 | 3,751 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| LifePoint Health, Inc. (f) | Healthcare | 4.38% | 2/15/2027 | 2,000 | 2,000 | 1,851 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| LifePoint Health, Inc. (b) | Healthcare | S+ 5.50% (11.17%) | 11/16/2028 | 4,872 | 4,758 | 4,851 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Lightstone Holdco, LLC (f) | Utilities | S+ 5.75% (11.13%) | 1/29/2027 | 666 | 610 | 632 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Lightstone Holdco, LLC (f) | Utilities | S+ 5.75% (11.13%) | 1/29/2027 | $ | 11,770 | $ | 10,783 | $ | 11,169 | 2.9 | % | |||||||||||||||||||||||||||||||||
| Liquid Tech Solutions Holdings, LLC (b) (f) | Industrials | S+ 4.75% (10.22%) | 3/20/2028 | 10,010 | 9,974 | 10,010 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
| Luxembourg Investment Co., 428 SARL (b) | Chemicals | S+ 5.00% (10.43%) | 1/3/2029 | 3,686 | 3,659 | 2,415 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Madison IAQ, LLC (f) | Industrials | 4.13% | 6/30/2028 | 2,000 | 1,987 | 1,825 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Max US Bidco, Inc. (b) | Food & Beverage | S+ 5.00% (10.35%) | 10/3/2030 | 5,000 | 4,760 | 4,658 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Medallion Midland Acquisition, LP (f) | Energy | S+ 3.50% (8.86%) | 10/18/2028 | 5,530 | 5,505 | 5,545 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| MH Sub I, LLC (b) | Business Services | S+ 4.25% (9.61%) | 5/3/2028 | 4,975 | 4,861 | 4,883 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Michael Baker International, LLC (b) | Industrials | S+ 5.00% (10.47%) | 12/1/2028 | 3,267 | 3,243 | 3,259 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| MPH Acquisition Holdings, LLC (f) | Healthcare | 5.50% | 9/1/2028 | 2,000 | 1,993 | 1,783 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| MPH Acquisition Holdings, LLC (b) | Healthcare | S+ 4.25% (9.90%) | 9/1/2028 | 4,888 | 4,816 | 4,699 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| MYOB US Borrower, LLC (f) | Business Services | S+ 4.00% (9.36%) | 5/6/2026 | 5,355 | 5,347 | 5,315 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| National Mentor Holdings, Inc. (f) | Healthcare | S+ 3.75% (9.20%) | 3/2/2028 | 150 | 149 | 136 | 0.0 | % | ||||||||||||||||||||||||||||||||||||
| National Mentor Holdings, Inc. (b) (f) | Healthcare | S+ 3.75% (9.21%) | 3/2/2028 | 4,357 | 4,339 | 3,943 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Nexus Buyer, LLC (f) | Financials | S+ 4.50% (9.86%) | 12/13/2028 | 2,000 | 1,940 | 1,981 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Nexus Buyer, LLC (f) | Financials | S+ 3.75% (9.21%) | 11/9/2026 | 8,441 | 8,259 | 8,338 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
| Northriver Midstream Finance, LP | Energy | 5.63% | 2/15/2026 | 1,000 | 947 | 969 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Nouryon Finance B.V. (e) (f) | Chemicals | S+ 4.00% (9.47%) | 4/3/2028 | 4,586 | 4,551 | 4,599 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Omnia Partners, LLC (f) | Business Services | S+ 4.25% (9.63%) | 7/25/2030 | 3,748 | 3,711 | 3,769 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Omnia Partners, LLC (f) | Business Services | S+ 4.25% | 7/25/2030 | — | (2) | 2 | 0.0 | % | ||||||||||||||||||||||||||||||||||||
| Oscar AcquisitionCo, LLC (f) | Industrials | S+ 4.50% (9.95%) | 4/30/2029 | 2,494 | 2,447 | 2,466 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Paysafe Finance, PLC (f) | Software/Services | 4.00% | 6/15/2029 | 400 | 400 | 355 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Peraton Corp. (b) | Industrials | S+ 3.75% (9.21%) | 2/1/2028 | 4,960 | 4,928 | 4,966 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| PG&E Corp. (f) | Utilities | S+ 2.50% (7.86%) | 6/23/2027 | 2,140 | 2,129 | 2,140 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| PODS, LLC (f) | Paper & Packaging | S+ 3.00% (8.47%) | 3/31/2028 | 4,274 | 4,064 | 4,176 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Polaris Newco, LLC (f) | Business Services | S+ 4.00% (9.47%) | 6/2/2028 | 2,980 | 2,841 | 2,936 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| Power Stop, LLC (f) | Transportation | S+ 4.75% (10.21%) | 1/26/2029 | 3,517 | 3,485 | 3,071 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| PRA Health Sciences, Inc. | Healthcare | 2.88% | 7/15/2026 | 500 | 454 | 469 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Project Accelerate Parent, LLC (e) | Technology | S+ 4.25% (9.90%) | 1/2/2025 | 15,775 | 15,777 | 15,735 | 4.1 | % | ||||||||||||||||||||||||||||||||||||
| Proofpoint, Inc. (b) | Software/Services | S+ 3.25% (8.72%) | 8/31/2028 | 6,372 | 6,328 | 6,366 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Protective Industrial Products, Inc. (b) | Industrials | S+ 4.00% (9.47%) | 12/29/2027 | 8,943 | 8,908 | 8,474 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
| Pug, LLC (f) | Media/Entertainment | S+ 3.50% (8.97%) | 2/12/2027 | 4,861 | 4,784 | 4,774 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Quikrete Holdings, Inc. (f) | Industrials | S+ 2.75% (8.22%) | 3/19/2029 | 7,860 | 7,860 | 7,880 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
| RealPage, Inc. (f) | Software/Services | S+ 3.00% (8.47%) | 4/24/2028 | 4,987 | 4,881 | 4,942 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Renaissance Holding Corp. (f) | Software/Services | S+ 4.75% (10.11%) | 4/8/2030 | 1,995 | 1,993 | 2,000 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Resolute Investment Managers, Inc. | Financials | S+ 6.50% (11.85%) | 4/30/2027 | 2,458 | 2,458 | 2,458 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Restoration Hardware, Inc. (f) | Retail | S+ 2.50% (7.97%) | 10/20/2028 | 2,494 | 2,400 | 2,421 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Roper Industrial Products Investment Co., LLC (f) | Industrials | S+ 4.00% (9.35%) | 11/22/2029 | 7,553 | 7,373 | 7,564 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
| RXB Holdings, Inc. (f) | Healthcare | S+ 4.50% (9.97%) | 12/20/2027 | 10,000 | 10,015 | 9,933 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
| S&S Holdings, LLC (f) | Consumer | S+ 5.00% (10.50%) | 3/13/2028 | 6,808 | 6,662 | 6,639 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
| Safe Fleet Holdings, LLC (b) | Industrials | S+ 3.75% (9.21%) | 2/23/2029 | 7,369 | 7,332 | 7,380 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Safety Products/JHC Acquisition Corp. (b) | Industrials | S+ 4.50% (9.95%) | 6/28/2026 | 919 | 884 | 901 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Safety Products/JHC Acquisition Corp. (b) (f) | Industrials | S+ 4.50% (9.95%) | 6/28/2026 | 17,004 | 16,522 | 16,558 | 4.4 | % | ||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Schenectady International Group, Inc. (b) | Chemicals | S+ 4.75% (10.24%) | 10/15/2025 | $ | 11,584 | $ | 11,568 | $ | 7,842 | 2.1 | % | |||||||||||||||||||||||||||||||||
| Sierra Enterprises, LLC (b) | Food & Beverage | S+ 6.75% (12.13%) 4.25% PIK | 5/10/2027 | 5,060 | 4,976 | 4,605 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| SK Neptune Husky Finance SARL (b) | Chemicals | S+ 10.00% (15.65%) | 4/30/2024 | 647 | 625 | 624 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Sotera Health Holdings, LLC (f) | Healthcare | S+ 3.75% (9.11%) | 12/14/2026 | 4,219 | 4,113 | 4,216 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Staples, Inc. (b) | Business Services | S+ 5.00% (10.46%) | 4/16/2026 | 4,848 | 4,815 | 4,579 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Surgery Center Holdings, Inc. (f) | Healthcare | S+ 3.50% (8.86%) | 12/19/2030 | 400 | 396 | 401 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Team Health Holdings, Inc. (e) (f) | Healthcare | S+ 5.25% (10.63%) | 3/2/2027 | 5,372 | 4,560 | 4,066 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Tecta America Corp. (f) | Industrials | S+ 4.00% (9.47%) | 4/10/2028 | 8,863 | 8,844 | 8,874 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
| TransDigm, Inc. (f) | Industrials | S+ 3.25% (8.60%) | 2/14/2031 | 6,000 | 5,986 | 6,023 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
| Traverse Midstream Partners, LLC (b) | Energy | S+ 3.75% (9.24%) | 2/16/2028 | 13,054 | 13,040 | 13,048 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
| Triton Water Holdings, Inc. (f) | Food & Beverage | S+ 3.25% (8.86%) | 3/31/2028 | 7,313 | 7,300 | 7,236 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Truck Hero, Inc. (f) | Transportation | S+ 5.00% (10.47%) | 1/31/2028 | 1,500 | 1,463 | 1,493 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Truck Hero, Inc. (f) | Transportation | S+ 3.50% (8.97%) | 1/31/2028 | 3,454 | 3,364 | 3,400 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| UKG, Inc. (f) | Technology | S+ 4.50% (9.99%) | 5/4/2026 | 3,576 | 3,497 | 3,585 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Ultimate Software Group, Inc. (f) | Technology | S+ 3.75% (9.23%) | 5/4/2026 | 1,191 | 1,171 | 1,193 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| United Airlines, Inc. (f) | Transportation | S+ 3.75% (9.22%) | 4/21/2028 | 2,959 | 2,950 | 2,966 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| United Airlines, Inc. (f) | Transportation | 4.63% | 4/15/2029 | 500 | 448 | 469 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| University Support Services, LLC (f) | Education | S+ 3.25% (8.71%) | 2/12/2029 | 4,900 | 4,884 | 4,895 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Urban One, Inc. (f) | Media/Entertainment | 7.38% | 2/1/2028 | 5,000 | 5,116 | 4,235 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| US Anesthesia Partners, Inc. (f) | Healthcare | S+ 4.25% (9.71%) | 10/2/2028 | 3,556 | 3,160 | 3,241 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Venga Finance SARL (b) | Telecom | S+ 4.75% (10.40%) | 6/28/2029 | 3,950 | 3,844 | 3,913 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
| Venture Global Calcasieu Pass, LLC | Energy | 3.88% | 8/15/2029 | 2,000 | 1,673 | 1,816 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Vyaire Medical, Inc. (f) | Healthcare | S+ 4.75% (10.41%) | 4/16/2025 | 7,277 | 6,766 | 5,264 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| WaterBridge Midstream Operating, LLC (b) | Energy | S+ 5.75% (11.39%) | 6/19/2026 | 13,011 | 12,404 | 13,012 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
| Watlow Electric Manufacturing, Co. (b) | Industrials | S+ 3.75% (9.40%) | 3/2/2028 | 4,903 | 4,888 | 4,896 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| WCG Purchaser Corp. (f) | Healthcare | S+ 4.00% (9.47%) | 1/8/2027 | 4,974 | 4,929 | 4,979 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
| Western Dental Services, Inc. (f) | Healthcare | S+ 4.50% (10.15%) | 8/18/2028 | 8,893 | 8,888 | 5,431 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
| Western Dental Services, Inc. (f) | Healthcare | S+ 4.50% (10.15%) | 8/18/2028 | 908 | 908 | 554 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
| Wilsonart, LLC (b) | Consumer | S+ 3.25% (8.70%) | 12/31/2026 | 7,300 | 7,297 | 7,309 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
| Windsor Holdings III, LLC (f) | Chemicals | S+ 4.50% (9.84%) | 8/1/2030 | 3,310 | 3,246 | 3,328 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| WMG Acquisition Corp. | Media/Entertainment | 3.00% | 2/15/2031 | 2,000 | 1,580 | 1,720 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Zayo Group Holdings, Inc. (f) | Telecom | S+ 3.00% (8.47%) | 3/9/2027 | 6,500 | 5,545 | 5,564 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured First Lien Debt | $ | 801,319 | $ | 778,934 | 205.1 | % | ||||||||||||||||||||||||||||||||||||||
| Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
| American Rock Salt Company, LLC (b) | Chemicals | S+ 7.25% (12.72%) | 6/11/2029 | $ | 1,943 | $ | 1,924 | $ | 1,749 | 0.5 | % | |||||||||||||||||||||||||||||||||
| Asurion, LLC (b) (f) | Business Services | S+ 5.25% (10.72%) | 1/31/2028 | 9,632 | 9,404 | 9,158 | 2.4 | % | ||||||||||||||||||||||||||||||||||||
| Edelman Financial Center, LLC (b) (e) | Financials | S+ 6.75% (12.22%) | 7/20/2026 | 7,972 | 7,932 | 7,962 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
| IDERA, Inc. (b) (e) | Technology | S+ 6.75% (12.28%) | 3/2/2029 | 1,545 | 1,494 | 1,475 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Subtotal Senior Secured Second Lien Debt | $ | 20,754 | $ | 20,344 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Collateralized Securities | ||||||||||||||||||||||||||||||||||||||||||||
| Collateralized Securities - Debt Investments | ||||||||||||||||||||||||||||||||||||||||||||
| AIG CLO, Ltd. 21-1A F | Diversified Investment Vehicles | S+ 6.90% (12.57%) | 4/22/2034 | $ | 1,410 | $ | 1,298 | $ | 1,170 | 0.3 | % | |||||||||||||||||||||||||||||||||
| Battalion CLO, Ltd. 21-17A F | Diversified Investment Vehicles | S+ 7.50% (13.18%) | 3/9/2034 | 1,224 | 1,142 | 935 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Carlyle GMS CLO, 16-3A FRR | Diversified Investment Vehicles | S+ 8.60% (14.28%) | 7/20/2034 | 2,100 | 1,995 | 1,680 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Covenant Credit Partners CLO, Ltd. 17 1A E | Diversified Investment Vehicles | S+ 6.45% (12.11%) | 10/15/2029 | 2,500 | 2,321 | 2,231 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Eaton Vance CDO, Ltd. 15-1A FR | Diversified Investment Vehicles | S+ 7.97% (13.65%) | 1/20/2030 | 2,000 | 1,782 | 1,543 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Elevation CLO, Ltd. 13-1A D2 | Diversified Investment Vehicles | S+ 7.65% (13.29%) | 8/15/2032 | 2,000 | 1,966 | 1,941 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Fortress Credit BSL, Ltd. 22-1A E | Diversified Investment Vehicles | S+ 8.15% (13.56%) | 10/23/2034 | 1,000 | 982 | 948 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Great Lakes CLO, Ltd. 21-6A E | Diversified Investment Vehicles | S+ 8.03% (13.69%) | 1/15/2034 | 5,150 | 4,966 | 4,711 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Greywolf CLO, Ltd. 20-3RA ER | Diversified Investment Vehicles | S+ 9.00% (14.41%) | 4/15/2033 | 1,000 | 887 | 821 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Hayfin Kingsland XI, Ltd. 19-2A ER | Diversified Investment Vehicles | S+ 7.72% (13.40%) | 10/20/2034 | 2,500 | 2,433 | 2,390 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Highbridge Loan Management, Ltd. 11A-17 E | Diversified Investment Vehicles | S+ 6.10% (11.75%) | 5/6/2030 | 3,000 | 2,746 | 2,504 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Jamestown CLO, Ltd. 22-18A E | Diversified Investment Vehicles | S+ 7.87% (13.25%) | 7/25/2035 | 3,000 | 2,745 | 2,876 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
| KKR Financial CLO, Ltd. 15 FR | Diversified Investment Vehicles | S+ 8.50% (14.16%) | 1/18/2032 | 2,000 | 1,906 | 1,569 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| LCM, Ltd. Partnership 16A ER2 | Diversified Investment Vehicles | S+ 6.38% (12.04%) | 10/15/2031 | 2,500 | 2,312 | 2,089 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Marble Point CLO, Ltd. 20-1A E | Diversified Investment Vehicles | S+ 6.82% (12.50%) | 4/20/2033 | 4,500 | 4,412 | 4,213 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
| Medalist Partners Corporate Finance CLO, Ltd. 21-1A D | Diversified Investment Vehicles | S+ 7.48% (13.16%) | 10/20/2034 | 3,000 | 2,867 | 2,748 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Northwoods Capital, Ltd. 17-15A ER | Diversified Investment Vehicles | S+ 7.64% (13.27%) | 6/20/2034 | 3,000 | 2,929 | 2,769 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Ocean Trails CLO 22-12A E | Diversified Investment Vehicles | S+ 8.11% (13.53%) | 7/20/2035 | 3,460 | 3,198 | 3,322 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| OCP CLO, Ltd. 14-5A DR | Diversified Investment Vehicles | S+ 5.70% (11.34%) | 4/26/2031 | 2,200 | 2,098 | 1,936 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| OZLM, Ltd. 16-15A DR | Diversified Investment Vehicles | S+ 6.75% (12.43%) | 4/20/2033 | 2,000 | 1,915 | 1,738 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Palmer Square CLO, Ltd. 21-4A F | Diversified Investment Vehicles | S+ 7.66% (13.32%) | 10/15/2034 | 1,500 | 1,433 | 1,298 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Saranac CLO, Ltd. 20-8A E | Diversified Investment Vehicles | S+ 8.12% (13.75%) | 2/20/2033 | 1,455 | 1,443 | 1,315 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
| Sculptor CLO, Ltd. 27A E | Diversified Investment Vehicles | S+ 7.05% (12.73%) | 7/20/2034 | 1,500 | 1,461 | 1,372 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Sound Point CLO, Ltd. 17-1A E | Diversified Investment Vehicles | S+ 5.96% (11.63%) | 1/23/2029 | 4,000 | 3,684 | 3,310 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
| Sound Point CLO, Ltd. 17-2A E | Diversified Investment Vehicles | S+ 6.10% (11.74%) | 7/25/2030 | 2,400 | 2,122 | 1,701 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
| Sound Point CLO, Ltd. 18-3A D | Diversified Investment Vehicles | S+ 5.79% (11.43%) | 10/26/2031 | 1,000 | 914 | 726 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Symphony CLO, Ltd. 2012-9A ER2 | Diversified Investment Vehicles | S+ 6.95% (12.61%) | 7/16/2032 | 3,000 | 2,799 | 2,600 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Trimaran CAVU 2021-2A, Ltd. 21-2A E | Diversified Investment Vehicles | S+ 7.20% (12.84%) | 10/25/2034 | 3,000 | 2,948 | 2,746 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Trysail CLO, Ltd. 21-1A E | Diversified Investment Vehicles | S+ 7.38% (13.06%) | 7/20/2032 | 1,500 | 1,452 | 1,412 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/Number of Shares | Amortized Cost | Fair Value | % of Members’ Capital (c) | |||||||||||||||||||||||||||||||||||||
| Venture CDO, Ltd. 16-23A ER2 | Diversified Investment Vehicles | S+ 7.55% (13.21%) | 7/19/2034 | $ | 3,000 | $ | 2,921 | $ | 2,568 | 0.7 | % | |||||||||||||||||||||||||||||||||
| Venture CDO, Ltd. 16-25A E | Diversified Investment Vehicles | S+ 7.20% (12.88%) | 4/20/2029 | 2,000 | 1,955 | 1,668 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
| Venture CDO, Ltd. 20-39A E | Diversified Investment Vehicles | S+ 7.63% (13.29%) | 4/15/2033 | 4,995 | 4,964 | 4,628 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
| Venture CLO 43, Ltd. 21-43A E | Diversified Investment Vehicles | S+ 7.15% (12.81%) | 4/15/2034 | 3,000 | 2,922 | 2,548 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Wind River CLO, Ltd. 14-2A FR | Diversified Investment Vehicles | S+ 7.87% (13.53%) | 1/15/2031 | 3,000 | 2,568 | 1,897 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
| Zais CLO 13, Ltd. 19-13A D1 | Diversified Investment Vehicles | S+ 4.52% (10.18%) | 7/15/2032 | 3,000 | 2,761 | 2,759 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
| Subtotal Collateralized Securities | $ | 83,247 | $ | 76,682 | 20.2 | % | ||||||||||||||||||||||||||||||||||||||
| Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||
| Avaya Holdings Corp. | Technology | 88 | $ | 1,244 | $ | 616 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
| Avaya Holdings Corp. | Technology | 17 | 244 | 121 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
| Resolute Investment Managers, Inc. | Financials | 30 | 1,286 | 991 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
| Subtotal Equity/Other | $ | 2,774 | $ | 1,728 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
| TOTAL INVESTMENTS | $ | 908,094 | $ | 877,688 | 231.1 | % | ||||||||||||||||||||||||||||||||||||||
| Selected Statements of Assets and Liabilities Information | June 30, | December 31, | |||||||||
| 2024 | 2023 | ||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
Investments, at fair value (amortized cost of $1,048,383 and $908,094, respectively) | $ | 1,029,661 | $ | 877,688 | |||||||
| Cash and other assets | 54,679 | 68,917 | |||||||||
| Total assets | $ | 1,084,340 | $ | 946,605 | |||||||
| LIABILITIES | |||||||||||
Revolving credit facilities (net of deferred financing costs of $1,841 and $1,695, respectively) | $ | 567,159 | $ | 481,805 | |||||||
| Secured borrowings | 16,904 | 39,959 | |||||||||
| Other liabilities | 108,600 | 45,124 | |||||||||
| Total Liabilities | $ | 692,663 | $ | 566,888 | |||||||
| MEMBERS’ CAPITAL | |||||||||||
| Total members’ capital | $ | 391,677 | $ | 379,717 | |||||||
| Total liabilities and members’ capital | $ | 1,084,340 | $ | 946,605 | |||||||
| Selected Statements of Operations Information | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
| Investment income: | ||||||||||||||||||||||||||
| Total investment income | $ | 24,893 | $ | 24,307 | $ | 50,889 | $ | 46,879 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Interest and credit facility financing expenses | 10,751 | 10,480 | 21,204 | 20,235 | ||||||||||||||||||||||
| Other expenses | 624 | 571 | 1,219 | 1,147 | ||||||||||||||||||||||
| Total expenses | 11,375 | 11,051 | 22,423 | 21,382 | ||||||||||||||||||||||
| Net investment income | 13,518 | 13,256 | 28,466 | 25,497 | ||||||||||||||||||||||
| Realized and unrealized gain (loss) on investments: | ||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (1,546) | 4,186 | 657 | 8,724 | ||||||||||||||||||||||
| Net increase (decrease) in members’ capital resulting from operations | $ | 11,972 | $ | 17,442 | $ | 29,123 | $ | 34,221 | ||||||||||||||||||
| Maturity Date | Total Aggregate Borrowing Capacity | Total Principal Outstanding | Less Deferred Financing Costs | Amount per Consolidated Statements of Assets and Liabilities | |||||||||||||||||||||||||
| JPM Credit Facility | 10/4/2027 | $ | 400,000 | $ | 300,000 | $ | (1,806) | $ | 298,194 | ||||||||||||||||||||
| Wells Fargo Credit Facility | 8/25/2028 | 300,000 | 225,000 | — | 225,000 | ||||||||||||||||||||||||
| FBLC JPM Credit Facility | 9/15/2027 | 400,000 | 320,000 | — | 320,000 | ||||||||||||||||||||||||
| JPM Revolver Facility | 12/8/2028 | 505,000 | 43,590 | — | 43,590 | ||||||||||||||||||||||||
| 2024 Notes | 12/15/2024 | 100,000 | 100,000 | — | 100,000 | ||||||||||||||||||||||||
| 2026 Notes | 3/30/2026 | 300,000 | 300,000 | — | 300,000 | ||||||||||||||||||||||||
| 2029 Notes | 6/15/2029 | 300,000 | 296,822 | (4,291) | 292,531 | ||||||||||||||||||||||||
| Total | $ | 2,305,000 | $ | 1,585,412 | $ | (6,097) | $ | 1,579,315 | |||||||||||||||||||||
| Maturity Date | Total Aggregate Borrowing Capacity | Total Principal Outstanding | Less Deferred Financing Costs | Amount per Consolidated Statements of Assets and Liabilities | |||||||||||||||||||||||||
| JPM Credit Facility | 10/4/2027 | $ | 400,000 | $ | 322,000 | $ | (2,082) | $ | 319,918 | ||||||||||||||||||||
| Total | $ | 400,000 | $ | 322,000 | $ | (2,082) | $ | 319,918 | |||||||||||||||||||||
| Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (1) | Other Fees (2) | Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (1) | Other Fees (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| JPM Credit Facility | S + 2.75% | 0.75% | $ | 5,975 | $ | 138 | $ | 382 | S + 2.75% | 0.75% | $ | 12,350 | $ | 276 | $ | 705 | |||||||||||||||||||||||||||||||||||||||||||
| Wells Fargo Credit Facility | (3) | (4) | 4,601 | — | 127 | (3) | (4) | 8,082 | — | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||
| FBLC JPM Credit Facility | (5) | (6) | 6,392 | — | 360 | (5) | (6) | 11,195 | 591 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| JPM Revolver Facility | (7) | 0.38% | 2,252 | — | 361 | (7) | 0.38% | 6,102 | — | 535 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 Notes | 4.85% | n/a | 1,213 | — | 10 | 4.85% | n/a | 2,129 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 Notes | 3.25% | n/a | 2,438 | — | 10 | 3.25% | n/a | 4,327 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2029 Notes | 7.20% | n/a | 3,398 | 133 | — | 7.20% | n/a | 3,398 | 133 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Secured borrowings | (8) | n/a | 490 | — | — | (8) | n/a | 1,028 | 131 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 26,759 | $ | 271 | $ | 1,250 | $ | 48,611 | $ | 540 | $ | 2,060 | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2023 | Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (1) | Other Fees (2) | Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (1) | Other Fees (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| MS Credit Facility | (3) | 0.50% | $ | 6,198 | $ | 252 | $ | 371 | (3) | 0.50% | $ | 12,607 | $ | 500 | $ | 724 | |||||||||||||||||||||||||||||||||||||||||||
MS Subscription Facility (5) | — | — | — | — | — | (4) | 0.30% | 404 | 98 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 806 | — | — | 1,270 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 7,004 | $ | 252 | $ | 371 | $ | 14,281 | $ | 598 | $ | 724 | |||||||||||||||||||||||||||||||||||||||||||||||
| Level | Carrying Amount as of June 30, 2024 | Fair Value as of June 30, 2024 | |||||||||||||||
| JPM Credit Facility | 3 | $ | 300,000 | $ | 300,000 | ||||||||||||
| Wells Fargo Credit Facility | 3 | 225,000 | 225,000 | ||||||||||||||
| FBLC JPM Credit Facility | 3 | 320,000 | 320,000 | ||||||||||||||
| JPM Revolver Facility | 3 | 43,590 | 43,590 | ||||||||||||||
| 2024 Notes | 3 | 100,000 | 98,868 | ||||||||||||||
| 2026 Notes | 3 | 300,000 | 282,846 | ||||||||||||||
| 2029 Notes | 3 | 296,822 | 299,607 | ||||||||||||||
| Total | $ | 1,585,412 | $ | 1,569,911 | |||||||||||||
| Level | Carrying Amount as of December 31, 2023 | Fair Value as of December 31, 2023 | |||||||||||||||
| JPM Credit Facility | 3 | $ | 322,000 | $ | 322,000 | ||||||||||||
| Total | $ | 322,000 | $ | 322,000 | |||||||||||||
| Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver | $ | 1,797 | $ | 1,592 | ||||||||||||||||||||
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | 7,960 | 7,960 | ||||||||||||||||||||||
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Revolver | 4,989 | 4,989 | ||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Delayed Draw | 4,966 | 4,157 | ||||||||||||||||||||||
| Arch Global Precision, LLC | Senior Secured First Lien Debt | Revolver | 1,008 | 277 | ||||||||||||||||||||||
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver | 4,574 | 1,715 | ||||||||||||||||||||||
| Armada Parent, Inc. | Senior Secured First Lien Debt | Delayed Draw | 6,497 | 3,277 | ||||||||||||||||||||||
| Armada Parent, Inc. | Senior Secured First Lien Debt | Revolver | 7,864 | 7,864 | ||||||||||||||||||||||
| Avalara, Inc. | Senior Secured First Lien Debt | Revolver | 6,020 | 6,020 | ||||||||||||||||||||||
| Azurite Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Delayed Draw | 22,639 | 8,150 | ||||||||||||||||||||||
| Azurite Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 3,622 | 3,622 | ||||||||||||||||||||||
| Capstone Logistics | Senior Secured First Lien Debt | Revolver | 1,804 | 1,804 | ||||||||||||||||||||||
| Center Phase Energy, LLC | Senior Secured First Lien Debt | Revolver | 6,593 | 1,538 | ||||||||||||||||||||||
| Communication Technology Intermediate, LLC | Senior Secured First Lien Debt | Revolver | 3,361 | 2,173 | ||||||||||||||||||||||
| Community Brands ParentCo, LLC | Senior Secured First Lien Debt | Revolver | 542 | 542 | ||||||||||||||||||||||
| Demakes Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | 5,043 | 5,043 | ||||||||||||||||||||||
| Dynagrid Holdings, LLC | Senior Secured First Lien Debt | Revolver | 2,262 | 2,262 | ||||||||||||||||||||||
| Faraday Buyer, LLC | Senior Secured First Lien Debt | Delayed Draw | 5,599 | 5,599 | ||||||||||||||||||||||
| FGT Purchaser, LLC | Senior Secured First Lien Debt | Revolver | 3,120 | 1,560 | ||||||||||||||||||||||
| Galway Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | 4,512 | 4,512 | ||||||||||||||||||||||
| Galway Borrower, LLC | Senior Secured First Lien Debt | Revolver | 3,324 | 2,868 | ||||||||||||||||||||||
| Geosyntec Consultants, Inc. | Senior Secured First Lien Debt | Revolver | 6,786 | 6,786 | ||||||||||||||||||||||
| Gogo Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver | 1,505 | 1,505 | ||||||||||||||||||||||
| Ground Penetrating Radar Systems, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,970 | 1,970 | ||||||||||||||||||||||
| Ground Penetrating Radar Systems, LLC | Senior Secured First Lien Debt | Revolver | 1,050 | 1,050 | ||||||||||||||||||||||
| Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 2,811 | 1,875 | ||||||||||||||||||||||
| ICR Operations, LLC | Senior Secured First Lien Debt | Revolver | 6,178 | 2,857 | ||||||||||||||||||||||
| ICR Operations, LLC | Senior Secured First Lien Debt | Revolver | 1,810 | 1,810 | ||||||||||||||||||||||
| Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 2,868 | 2,868 | ||||||||||||||||||||||
| IG Investments Holdings, LLC | Senior Secured First Lien Debt | Revolver | 3,463 | 3,463 | ||||||||||||||||||||||
| Indigo Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 5,166 | 1,119 | ||||||||||||||||||||||
| Integrated Efficiency Solutions, Inc. | Senior Secured First Lien Debt | Revolver | 600 | 390 | ||||||||||||||||||||||
| Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
| Integrated Global Services, Inc. | Senior Secured First Lien Debt | Revolver | $ | 2,028 | $ | 2,028 | ||||||||||||||||||||
| IQN Holding Corp. | Senior Secured First Lien Debt | Revolver | 1,520 | 1,343 | ||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 23,454 | 16,744 | ||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 3,678 | 1,324 | ||||||||||||||||||||||
| Manna Pro Products, LLC | Senior Secured First Lien Debt | Revolver | 2,706 | 406 | ||||||||||||||||||||||
| McDonald Worley, P.C. | Senior Secured First Lien Debt | Term Loan | 1,319 | 1,319 | ||||||||||||||||||||||
| Medical Management Resource Group, LLC | Senior Secured First Lien Debt | Revolver | 1,929 | 849 | ||||||||||||||||||||||
| Midwest Can Company, LLC | Senior Secured First Lien Debt | Revolver | 2,019 | 2,019 | ||||||||||||||||||||||
| Mirra-Primeaccess Holdings, LLC | Senior Secured First Lien Debt | Revolver | 11,256 | 2,814 | ||||||||||||||||||||||
| Norvax, LLC | Senior Secured First Lien Debt | Revolver | 1,152 | 1,075 | ||||||||||||||||||||||
| Odessa Technologies, Inc. | Senior Secured First Lien Debt | Revolver | 5,451 | 5,451 | ||||||||||||||||||||||
| ORG GC Holdings, LLC | Senior Secured First Lien Debt | Delayed Draw | 584 | 584 | ||||||||||||||||||||||
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Delayed Draw | 4,032 | 4,032 | ||||||||||||||||||||||
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Revolver | 4,032 | 4,032 | ||||||||||||||||||||||
| Pie Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 2,581 | 387 | ||||||||||||||||||||||
| Point Broadband Acquisition, LLC | Senior Secured First Lien Debt | Delayed Draw | 9,667 | 9,667 | ||||||||||||||||||||||
| Post Road Equipment Finance, LLC | Subordinated Debt | Delayed Draw | 35,000 | 8,000 | ||||||||||||||||||||||
| Post Road Equipment Finance, LLC | Subordinated Debt | Delayed Draw | 20,000 | 20,000 | ||||||||||||||||||||||
| Premiere Global Services, Inc. | Senior Secured First Lien Debt | Revolver | 1,042 | 73 | ||||||||||||||||||||||
| Questex, Inc. | Senior Secured First Lien Debt | Revolver | 1,938 | 1,938 | ||||||||||||||||||||||
| Reagent Chemical and Research, LLC | Senior Secured First Lien Debt | Revolver | 7,478 | 7,478 | ||||||||||||||||||||||
| Relativity Oda, LLC | Senior Secured First Lien Debt | Revolver | 660 | 660 | ||||||||||||||||||||||
| REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 2,696 | 2,696 | ||||||||||||||||||||||
| RSC Acquisition, Inc. | Senior Secured First Lien Debt | Delayed Draw | 2,131 | 1,300 | ||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 12,898 | 12,898 | ||||||||||||||||||||||
| SCIH Salt Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 3,746 | 3,746 | ||||||||||||||||||||||
| Sherlock Buyer Corp. | Senior Secured First Lien Debt | Revolver | 1,865 | 1,865 | ||||||||||||||||||||||
| Simplifi Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 5,502 | 4,677 | ||||||||||||||||||||||
| St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Revolver | 2,256 | 2,256 | ||||||||||||||||||||||
| SunMed Group Holdings, LLC | Senior Secured First Lien Debt | Revolver | 860 | 860 | ||||||||||||||||||||||
| The NPD Group, LP | Senior Secured First Lien Debt | Revolver | 2,865 | 997 | ||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | 13,399 | 5,949 | ||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Revolver | 2,850 | 2,850 | ||||||||||||||||||||||
| Triple Lift, Inc. | Senior Secured First Lien Debt | Revolver | 4,693 | 2,894 | ||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC | Senior Secured First Lien Debt | Delayed Draw | 9,138 | 7,280 | ||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC | Senior Secured First Lien Debt | Revolver | 1,694 | 1,694 | ||||||||||||||||||||||
| US Salt Investors, LLC | Senior Secured First Lien Debt | Revolver | 3,103 | 3,103 | ||||||||||||||||||||||
| Vensure Employer Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | 13,103 | 4,231 | ||||||||||||||||||||||
| Victors CCC Buyer, LLC | Senior Secured First Lien Debt | Delayed Draw | 6,266 | 6,266 | ||||||||||||||||||||||
| Victors CCC Buyer, LLC | Senior Secured First Lien Debt | Revolver | 4,537 | 4,537 | ||||||||||||||||||||||
| West Coast Dental Services, Inc. | Senior Secured First Lien Debt | Revolver | 3,647 | 1,213 | ||||||||||||||||||||||
| Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver | $ | 540 | $ | 540 | ||||||||||||||||||||
| WHCG Purchaser III, Inc. | Senior Secured First Lien Debt | Revolver | 6,045 | 15 | ||||||||||||||||||||||
| WIN Holdings III Corp. | Senior Secured First Lien Debt | Revolver | 6,356 | 4,370 | ||||||||||||||||||||||
| Zendesk, Inc. | Senior Secured First Lien Debt | Delayed Draw | 16,004 | 16,004 | ||||||||||||||||||||||
| Zendesk, Inc. | Senior Secured First Lien Debt | Revolver | 6,590 | 6,590 | ||||||||||||||||||||||
| $ | 418,613 | $ | 294,271 | |||||||||||||||||||||||
| Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
| ADCS Clinics Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver | $ | 533 | $ | 533 | ||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Delayed Draw | 1,637 | 1,637 | ||||||||||||||||||||||
| Alera Group Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Delayed Draw | 5,745 | 740 | ||||||||||||||||||||||
| Armada Parent, Inc. | Senior Secured First Lien Debt | Delayed Draw | 2,024 | 1,019 | ||||||||||||||||||||||
| Armada Parent, Inc. | Senior Secured First Lien Debt | Revolver | 2,444 | 2,444 | ||||||||||||||||||||||
| Avalara, Inc. | Senior Secured First Lien Debt | Revolver | 1,990 | 1,990 | ||||||||||||||||||||||
| Center Phase Energy, LLC | Senior Secured First Lien Debt | Revolver | 6,593 | 6,593 | ||||||||||||||||||||||
| Communication Technology Intermediate, LLC | Senior Secured First Lien Debt | Revolver | 998 | 912 | ||||||||||||||||||||||
| Community Brands ParentCo, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,085 | 1,085 | ||||||||||||||||||||||
| Community Brands ParentCo, LLC | Senior Secured First Lien Debt | Revolver | 542 | 542 | ||||||||||||||||||||||
| Demakes Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,323 | 1,323 | ||||||||||||||||||||||
| Eliassen Group, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,450 | 995 | ||||||||||||||||||||||
| Faraday Buyer, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,851 | 1,851 | ||||||||||||||||||||||
| FGT Purchaser, LLC | Senior Secured First Lien Debt | Revolver | 976 | 634 | ||||||||||||||||||||||
| Galway Borrower, LLC | Senior Secured First Lien Debt | Revolver | 861 | 861 | ||||||||||||||||||||||
| Geosyntec Consultants, Inc. | Senior Secured First Lien Debt | Delayed Draw | 5,480 | 2,737 | ||||||||||||||||||||||
| Geosyntec Consultants, Inc. | Senior Secured First Lien Debt | Revolver | 2,017 | 2,017 | ||||||||||||||||||||||
| Gogo Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver | 452 | 452 | ||||||||||||||||||||||
| IG Investments Holdings, LLC | Senior Secured First Lien Debt | Revolver | 632 | 632 | ||||||||||||||||||||||
| Indigo Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 1,536 | 922 | ||||||||||||||||||||||
| IQN Holding Corp. | Senior Secured First Lien Debt | Delayed Draw | 660 | 660 | ||||||||||||||||||||||
| IQN Holding Corp. | Senior Secured First Lien Debt | Revolver | 503 | 503 | ||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 7,323 | 6,281 | ||||||||||||||||||||||
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 1,147 | 872 | ||||||||||||||||||||||
| Medical Management Resource Group, LLC | Senior Secured First Lien Debt | Revolver | 603 | 265 | ||||||||||||||||||||||
| Mirra-Primeaccess Holdings, LLC | Senior Secured First Lien Debt | Revolver | 3,429 | 2,572 | ||||||||||||||||||||||
| Odessa Technologies, Inc. | Senior Secured First Lien Debt | Revolver | 1,704 | 1,704 | ||||||||||||||||||||||
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,057 | 1,057 | ||||||||||||||||||||||
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Revolver | 1,057 | 1,057 | ||||||||||||||||||||||
| Pie Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 2,902 | 2,267 | ||||||||||||||||||||||
| Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
| Pie Buyer, Inc. | Senior Secured First Lien Debt | Revolver | $ | 741 | $ | 395 | ||||||||||||||||||||
| Pluralsight, LLC | Senior Secured First Lien Debt | Revolver | 638 | 142 | ||||||||||||||||||||||
| Relativity Oda, LLC | Senior Secured First Lien Debt | Revolver | 196 | 196 | ||||||||||||||||||||||
| Saturn SHC Buyer Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 4,012 | 4,012 | ||||||||||||||||||||||
| Sherlock Buyer Corp. | Senior Secured First Lien Debt | Delayed Draw | 1,454 | 1,454 | ||||||||||||||||||||||
| Sherlock Buyer Corp. | Senior Secured First Lien Debt | Revolver | 581 | 581 | ||||||||||||||||||||||
| Simplifi Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 1,720 | 1,398 | ||||||||||||||||||||||
| SunMed Group Holdings, LLC | Senior Secured First Lien Debt | Revolver | 259 | 259 | ||||||||||||||||||||||
| The NPD Group, LP | Senior Secured First Lien Debt | Revolver | 943 | 773 | ||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | 1,232 | 675 | ||||||||||||||||||||||
| Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Revolver | 857 | 857 | ||||||||||||||||||||||
| Triple Lift, Inc. | Senior Secured First Lien Debt | Revolver | 1,393 | 859 | ||||||||||||||||||||||
| US Oral Surgery Management Holdco, LLC | Senior Secured First Lien Debt | Revolver | 527 | 527 | ||||||||||||||||||||||
| US Salt Investors, LLC | Senior Secured First Lien Debt | Revolver | 934 | 934 | ||||||||||||||||||||||
| Vensure Employer Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | 3,771 | 3,311 | ||||||||||||||||||||||
| Victors CCC Buyer, LLC | Senior Secured First Lien Debt | Delayed Draw | 1,875 | 1,875 | ||||||||||||||||||||||
| Victors CCC Buyer, LLC | Senior Secured First Lien Debt | Revolver | 1,358 | 1,358 | ||||||||||||||||||||||
| West Coast Dental Services, Inc. | Senior Secured First Lien Debt | Revolver | 1,087 | 145 | ||||||||||||||||||||||
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver | 162 | 162 | ||||||||||||||||||||||
| WHCG Purchaser III, Inc. | Senior Secured First Lien Debt | Revolver | 1,821 | 5 | ||||||||||||||||||||||
| WIN Holdings III Corp. | Senior Secured First Lien Debt | Revolver | 1,908 | 1,908 | ||||||||||||||||||||||
| Zendesk, Inc. | Senior Secured First Lien Debt | Delayed Draw | 5,304 | 5,304 | ||||||||||||||||||||||
| Zendesk, Inc. | Senior Secured First Lien Debt | Revolver | 2,184 | 2,184 | ||||||||||||||||||||||
| $ | 95,511 | $ | 76,471 | |||||||||||||||||||||||
| As of June 30, 2024 | As of December 31, 2023 | ||||||||||||||||
| Capital Commitments | Unfunded Capital Commitments | Capital Commitments | Unfunded Capital Commitments | ||||||||||||||
| Common Stock | $ | 375,461 | $ | — | $ | 375,461 | $ | 900 | |||||||||
| Series A Preferred Stock | 77,500 | — | 77,500 | — | |||||||||||||
| Total | $ | 452,961 | $ | — | $ | 452,961 | $ | 900 | |||||||||
| Share Issue Date | Shares Issued | Net Proceeds Received | ||||||||||||
| For the six months ended June 30, 2024 | ||||||||||||||
| April 24, 2024 | 61,058 | $ | 900 | |||||||||||
| Total Capital Drawdowns | 61,058 | $ | 900 | |||||||||||
| Share Issue Date | Shares Issued | Net Proceeds Received | ||||||||||||
| For the year ended December 31, 2023 | ||||||||||||||
| March 27, 2023 | 532,871 | $ | 8,073 | |||||||||||
| July 31, 2023 | 111,905 | 1,645 | ||||||||||||
| Total Capital Drawdowns | 644,776 | $ | 9,718 | |||||||||||
| Share Issue Date | Shares Issued | Net Proceeds Received | ||||||||||||
| For the year ended December 31, 2023 | ||||||||||||||
| March 27, 2023 | 41,353 | $ | 41,291 | |||||||||||
| Total Capital Drawdowns | 41,353 | $ | 41,291 | |||||||||||
| Common stock - shares | Common stock - par | Additional paid in capital | Total distributable earnings (loss) | Total net assets attributable to common stock | |||||||||||||||||||||||||
| Balance as of December 31, 2023 | 26,080,389 | $ | 26 | $ | 400,332 | $ | (12,239) | $ | 388,119 | ||||||||||||||||||||
| Net investment income (loss) | — | — | — | 49,737 | 49,737 | ||||||||||||||||||||||||
| Net realized gain (loss) from investment transactions | — | — | — | 1,283 | 1,283 | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | — | — | — | (24,800) | (24,800) | ||||||||||||||||||||||||
| Accretion to redemption value of Series A redeemable convertible preferred stock | — | — | — | (5) | (5) | ||||||||||||||||||||||||
| Accrual of Series A redeemable convertible preferred stock distributions | — | — | — | (2,197) | (2,197) | ||||||||||||||||||||||||
| Distributions to common stockholders | — | — | — | (11,182) | (11,182) | ||||||||||||||||||||||||
| Issuance of shares in connection with the Mergers | 110,033,324 | 110 | 1,594,151 | — | 1,594,261 | ||||||||||||||||||||||||
| Reinvested dividends | 221,360 | 0 (1) | 3,342 | — | 3,342 | ||||||||||||||||||||||||
| Balance as of March 31, 2024 | 136,335,073 | $ | 136 | $ | 1,997,825 | $ | 597 | $ | 1,998,558 | ||||||||||||||||||||
| Net investment income (loss) | — | $ | — | $ | — | $ | 48,677 | $ | 48,677 | ||||||||||||||||||||
| Net realized gain (loss) from investment transactions | — | — | — | 250 | 250 | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | — | — | — | (16,015) | (16,015) | ||||||||||||||||||||||||
| Accretion to redemption value of Series A redeemable convertible preferred stock | — | — | — | (4) | (4) | ||||||||||||||||||||||||
| Accrual of Series A redeemable convertible preferred stock distributions | — | — | — | (1,687) | (1,687) | ||||||||||||||||||||||||
| Distributions to common stockholders | — | — | — | (45,004) | (45,004) | ||||||||||||||||||||||||
| Issuance of common stock, net of issuance costs | 61,058 | 0 (1) | 900 | — | 900 | ||||||||||||||||||||||||
| Repurchases | (2,837,405) | (3) | (41,167) | — | (41,170) | ||||||||||||||||||||||||
| Reinvested dividends | 685,533 | 1 | 9,932 | — | 9,933 | ||||||||||||||||||||||||
| Balance as of June 30, 2024 | 134,244,259 | $ | 134 | $ | 1,967,490 | $ | (13,186) | $ | 1,954,438 | ||||||||||||||||||||
| Common stock - shares | Common stock - par | Additional paid in capital | Total distributable earnings (loss) | Total net assets attributable to common stock | |||||||||||||||||||||||||
| Balance as of December 31, 2022 | 24,609,132 | $ | 25 | $ | 375,557 | $ | (3,161) | $ | 372,421 | ||||||||||||||||||||
| Net investment income (loss) | — | — | — | 12,061 | 12,061 | ||||||||||||||||||||||||
| Net realized gain (loss) from investment transactions | — | — | — | (161) | (161) | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | — | — | — | (1,261) | (1,261) | ||||||||||||||||||||||||
| Accretion to redemption value of Series A redeemable convertible preferred stock | — | — | — | (3) | (3) | ||||||||||||||||||||||||
| Accrual of Series A redeemable convertible preferred stock distributions | — | — | — | (1,023) | (1,023) | ||||||||||||||||||||||||
| Distributions to common stockholders | — | — | — | (10,584) | (10,584) | ||||||||||||||||||||||||
| Issuance of common stock, net of issuance costs | 532,871 | 1 | 8,072 | — | 8,073 | ||||||||||||||||||||||||
| Reinvested dividends | 197,903 | 0(1) | 2,994 | — | 2,994 | ||||||||||||||||||||||||
| Balance as of March 31, 2023 | 25,339,906 | $ | 26 | $ | 386,623 | $ | (4,132) | $ | 382,517 | ||||||||||||||||||||
| Net investment income (loss) | — | $ | — | $ | — | $ | 13,636 | $ | 13,636 | ||||||||||||||||||||
| Net realized gain (loss) from investment transactions | — | — | — | 31 | 31 | ||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | — | — | — | (2,198) | (2,198) | ||||||||||||||||||||||||
| Accretion to redemption value of Series A redeemable convertible preferred stock | — | — | — | (4) | (4) | ||||||||||||||||||||||||
| Accrual of Series A redeemable convertible preferred stock distributions | — | — | — | (2,197) | (2,197) | ||||||||||||||||||||||||
| Distributions to common stockholders | — | — | — | (10,895) | (10,895) | ||||||||||||||||||||||||
| Reinvested dividends | 202,931 | 0(1) | 3,074 | — | 3,074 | ||||||||||||||||||||||||
| Balance as of June 30, 2023 | 25,542,837 | $ | 26 | $ | 389,697 | $ | (5,759) | $ | 383,964 | ||||||||||||||||||||
| Shares | Value | |||||||||||||
| Shares Sold | 110,094,382 | $ | 1,595,161 | |||||||||||
| Shares Issued through DRIP | 906,893 | 13,275 | ||||||||||||
| Share Repurchases | (2,837,405) | (41,170) | ||||||||||||
| 108,163,870 | $ | 1,567,266 | ||||||||||||
| Shares | Value | |||||||||||||
| Shares Sold | 642,732 | $ | 9,686 | |||||||||||
| Shares Issued through DRIP | 828,525 | 12,439 | ||||||||||||
| 1,471,257 | $ | 22,125 | ||||||||||||
| Series A Preferred Stock | Shares | Amount | ||||||||||||
| Beginning Balance, December 31, 2023 | 77,500 | $ | 77,398 | |||||||||||
| Amortization of offering costs | — | 9 | ||||||||||||
| Ending Balance, June 30, 2024 | 77,500 | $ | 77,407 | |||||||||||
| Series A Preferred Stock | Shares | Amount | ||||||||||||
| Beginning Balance, December 31, 2022 | 36,147 | $ | 36,093 | |||||||||||
| Issuance of Preferred Stock | 41,353 | 41,353 | ||||||||||||
| Offering costs | — | (65) | ||||||||||||
| Amortization of offering costs | — | 7 | ||||||||||||
| Ending Balance, June 30, 2023 | 77,500 | $ | 77,388 | |||||||||||
| Offer Date | Repurchase Date | Shares Tendered | Shares Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares (in thousands) | |||||||||||||||||||||||||||
| February 29, 2024 | May 7, 2024 | 22,351,035 | 2,676,696 | $ | 14.49 | $ | 38,785.30 | |||||||||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
| Numerator | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 32,912 | $ | 11,469 | $ | 59,132 | $ | 22,108 | ||||||||||||||||||
| Less: cumulative preferred stock dividends | (1,687) | (2,197) | (3,373) | (4,394) | ||||||||||||||||||||||
| Less: changes in carrying value of redeemable securities | (4) | (4) | (9) | (7) | ||||||||||||||||||||||
| Numerator for EPS - income available to common stockholders | $ | 31,221 | $ | 9,268 | $ | 55,750 | $ | 17,707 | ||||||||||||||||||
| Denominator | ||||||||||||||||||||||||||
| Weighted average common shares outstanding | 135,058,646 | 25,464,807 | 121,176,065 | 25,058,806 | ||||||||||||||||||||||
| Basic and diluted earnings per share | $ | 0.23 | $ | 0.36 | $ | 0.46 | $ | 0.71 | ||||||||||||||||||
| Date Declared | Record Date | Payment Date | Amount Per Share | |||||||||||||||||
| For the Six Months Ended June 30, 2024 | ||||||||||||||||||||
| January 9, 2024 | January 10, 2024 | January 11, 2024 | $0.43 | |||||||||||||||||
| May 7, 2024 | May 7, 2024 | May 13, 2024 | $0.29 | |||||||||||||||||
| May 7, 2024 (special) | May 7, 2024 | May 13, 2024 | $0.04 | |||||||||||||||||
| Date Declared | Record Date | Payment Date | Amount Per Share | |||||||||||||||||
| For the Six Months Ended June 30, 2023 | ||||||||||||||||||||
| February 24, 2023 | February 24, 2023 | March 24, 2023 | $0.43 | |||||||||||||||||
| April 27, 2023 | April 27, 2023 | May 5, 2023 | $0.43 | |||||||||||||||||
| Date Declared | Record Date | Payment Date | Amount Per Share | |||||||||||||||||
| For the Six Months Ended June 30, 2024 | ||||||||||||||||||||
| January 9, 2024 | January 10, 2024 | January 11, 2024 | $28.35 | |||||||||||||||||
| May 7, 2024 | May 7, 2024 | May 13, 2024 | $21.76 | |||||||||||||||||
| Date Declared | Record Date | Payment Date | Amount Per Share | |||||||||||||||||
| For the Six Months Ended June 30, 2023 | ||||||||||||||||||||
| February 24, 2023 | February 24, 2023 | March 24, 2023 | $28.31 | |||||||||||||||||
| April 27, 2023 | April 27, 2023 | May 5, 2023 | $28.35 | |||||||||||||||||
| For the six months ended June 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Per share data: | |||||||||||
| Net asset value attributable to common stock, beginning of period | $ | 14.88 | $ | 15.13 | |||||||
Results of operations (1) | |||||||||||
| Net investment income (loss) | 0.81 | 1.03 | |||||||||
| Net realized and unrealized gain (loss) on investments, net of change in deferred taxes | (0.32) | (0.14) | |||||||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities | 0.49 | 0.89 | |||||||||
Accretion to redemption value of Series A redeemable convertible preferred stock (1) (9) | — | — | |||||||||
Accrual of Series A redeemable convertible preferred stock distributions (1) | (0.03) | (0.13) | |||||||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders | 0.46 | 0.76 | |||||||||
Stockholder distributions (2) | |||||||||||
| Common stockholder distributions from net investment income | (0.76) | (0.86) | |||||||||
| Net decrease in net assets resulting from stockholder distributions | (0.76) | (0.86) | |||||||||
Other (3) | (0.02) | — | |||||||||
| Net asset value attributable to common stock, end of period | $ | 14.56 | $ | 15.03 | |||||||
| Common shares outstanding at end of period | 134,244,259 | 25,542,837 | |||||||||
Total return (4) | 2.91 | % | 5.08 | % | |||||||
| Ratio/Supplemental data attributable to common stock: | |||||||||||
| Total net assets attributable to common stock, end of period | $ | 1,954,438 | $ | 383,964 | |||||||
Ratio of net investment income to average net assets attributable to common stock (5) | 12.29 | % | 13.65 | % | |||||||
Ratio of total expenses to average net assets attributable to common stock (5)(6) | 10.72 | % | 11.94 | % | |||||||
Ratio of total net expenses to average net assets attributable to common stock (5) (7) | 10.72 | % | 10.93 | % | |||||||
Portfolio turnover rate (8) | 8.33 | % | 2.67 | % | |||||||
Portfolio Company (1) | Type of Asset | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2023 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (7) | Fair Value at June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||
| Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (5) (6) | Senior Secured First Lien Debt | $ | — | $ | — | $ | 45 | $ | (45) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (2) (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
FBLC Senior Loan Fund, LLC (2) (4) (6) | Joint Venture | 13,648 | — | 304,934 | 501 | — | (501) | 304,934 | ||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (6) (8) | Equity/Other Investments | — | — | 538 | 1 | — | 14 | 553 | ||||||||||||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC (2) (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (2) (5) (6) | Senior Secured First Lien Debt | 19 | — | 714 | (714) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (2) (5) (6) | Senior Secured First Lien Debt | 4 | — | 227 | (227) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (2) (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (2) (6) | Senior Secured First Lien Debt | 10,179 | — | 45,419 | (688) | 6 | (9,982) | 34,755 | ||||||||||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) (6) | Subordinated Debt | 1,446 | 11,000 | 31,000 | (14,961) | — | (39) | 27,000 | ||||||||||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) (6) | Subordinated Debt | 26 | — | 4,000 | (3,993) | — | (7) | — | ||||||||||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) (6) | Subordinated Debt | 3,864 | 24,500 | 38,131 | 63 | — | (94) | 62,600 | ||||||||||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) (6) | Equity/Other Investments | 5,431 | 32,600 | 86,699 | 142 | — | (208) | 119,233 | ||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6) | Subordinated Debt | 3,026 | — | 59,483 | (4,902) | (9) | (72) | 54,500 | ||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6) | Equity/Other Investments | 5,525 | — | 77,310 | 127 | — | (127) | 77,310 | ||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Total Control Investments | $ | 43,168 | $ | 68,100 | $ | 648,500 | $ | (24,696) | $ | (3) | $ | (11,016) | $ | 680,885 | ||||||||||||||||||||||||||||||||||||
| Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (3) (6) | Equity/Other Investments | $ | — | $ | — | $ | 1,559 | $ | 3 | $ | — | $ | (3) | $ | 1,559 | |||||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC (3) | Equity/Other Investments | — | — | 375 | 1 | — | (184) | 192 | ||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (6) | Senior Secured First Lien Debt | 6 | — | 210 | — | — | — | 210 | ||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (6) | Senior Secured First Lien Debt | 47 | — | 1,407 | (5) | — | (2) | 1,400 | ||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) | Type of Asset | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2023 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (7) | Fair Value at June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (6) | Senior Secured Second Lien Debt | $ | 160 | $ | — | $ | 971 | $ | 1 | $ | — | $ | (363) | $ | 609 | |||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (6) | Senior Secured First Lien Debt | 45 | — | 1,254 | — | — | (2) | 1,252 | ||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (6) | Senior Secured First Lien Debt | — | — | 65 | — | — | — | 65 | ||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (5) (6) | Senior Secured First Lien Debt | — | — | 1,112 | (1,112) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc.(6) | Senior Secured First Lien Debt | — | — | 618 | 1 | — | 40 | 659 | ||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR (6) | Collateralized Securities | 368 | — | 4,181 | 7 | — | 49 | 4,237 | ||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (6) | Collateralized Securities | 170 | — | 5,473 | (1,442) | — | (349) | 3,682 | ||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (6) | Collateralized Securities | 1,118 | — | 9,222 | (4,893) | 362 | (1,482) | 3,209 | ||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (6) | Collateralized Securities | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (6) | Senior Secured Second Lien Debt | 427 | — | 5,101 | 8 | — | (58) | 5,051 | ||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (6) | Senior Secured First Lien Debt | 546 | — | 10,111 | 17 | — | (17) | 10,111 | ||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (5) (6) | Senior Secured First Lien Debt | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (3) | Equity/Other Investments | — | — | 959 | 2 | — | — | 961 | ||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (6) | Senior Secured First Lien Debt | — | — | 925 | 2 | — | (252) | 675 | ||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (6) | Senior Secured First Lien Debt | — | — | 163 | — | — | (43) | 120 | ||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (6) | Senior Secured First Lien Debt | — | — | 4,733 | 8 | — | 284 | 5,025 | ||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6) | Equity/Other Investments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Tennenbaum Waterman Fund, LP | Equity/Other Investments | 200 | — | 8,755 | (966) | — | 66 | 7,855 | ||||||||||||||||||||||||||||||||||||||||||
| Total Affiliate Investments | $ | 3,088 | $ | — | $ | 57,194 | $ | (8,368) | $ | 362 | $ | (2,316) | $ | 46,872 | ||||||||||||||||||||||||||||||||||||
| Total Control & Affiliate Investments | $ | 46,256 | $ | 68,100 | $ | 705,694 | $ | (33,064) | $ | 359 | $ | (13,332) | $ | 727,757 | ||||||||||||||||||||||||||||||||||||
Portfolio Company (1) | Type of Asset | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2022 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain | Fair Value at December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||
| Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) | Equity/Other | $ | 2,700 | $ | 30,742 | $ | 1,883 | $ | — | $ | — | $ | (25) | $ | 32,600 | |||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) | Subordinated Debt | 1,237 | 6,914 | 5,029 | (987) | — | 44 | 11,000 | ||||||||||||||||||||||||||||||||||||||||||
Post Road Equipment Finance, LLC (2) | Subordinated Debt | 3,205 | 24,500 | 11 | — | — | (11) | 24,500 | ||||||||||||||||||||||||||||||||||||||||||
| Total Control Investments | $ | 7,142 | $ | 62,156 | $ | 6,923 | $ | (987) | $ | — | $ | 8 | $ | 68,100 | ||||||||||||||||||||||||||||||||||||
| Common Stock issued by the Company | $ | 1,594,261 | |||
| Transaction costs | 4,623 | ||||
| Consideration Paid | $ | 1,598,884 | |||
| Investments | $ | 2,814,321 | |||
| Cash and cash equivalents | 58,478 | ||||
| Other Assets | 48,585 | ||||
| Total Assets Acquired | $ | 2,921,384 | |||
| Debt | $ | 1,286,190 | |||
| Other Liabilities | 40,933 | ||||
| Total liabilities acquired | $ | 1,327,123 | |||
| Total net assets acquired | $ | 1,594,261 | |||
| (Dollars in thousands, except per share amounts) | |||||
At June 30, 2024: | |||||
| Investment Portfolio | $ | 3,558,020 | |||
| Net assets attributable to common stock | 1,954,438 | ||||
| Debt (net of deferred financing costs) | 1,579,315 | ||||
| Secured borrowings | 30,758 | ||||
| Net asset value per share attributable to common stock | 14.56 | ||||
Portfolio Activity for the Six Months Ended June 30, 2024: | |||||
Purchases during the period (1) | 260,977 | ||||
Sales, repayments, and other exits during the period | 260,747 | ||||
| Number of portfolio companies at end of period | 146 | ||||
Operating Results for the Six Months Ended June 30, 2024: | |||||
| Net investment income (loss) per share | 0.81 | ||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities | 0.49 | ||||
| Net investment income (loss) | 98,414 | ||||
| Net realized and unrealized gain (loss) | (39,282) | ||||
| Net increase (decrease) in net assets resulting from operations attributable to common stockholders | 55,239 | ||||
| June 30, 2024 | |||||||||||
Percentage of Total Portfolio(4) | Weighted Average Current Yield for Total Portfolio (1) | ||||||||||
| Senior Secured First Lien Debt | 75.5 | % | 11.8 | % | |||||||
| Senior Secured Second Lien Debt | 4.4 | 15.7 | |||||||||
| Subordinated Debt | 4.1 | 12.8 | |||||||||
| Debt Subtotal | 84.0 | % | 12.1 | % | |||||||
Collateralized Securities (2) | 0.3 | 17.3 | |||||||||
Equity/Other (3) | 7.1 | 8.9 | |||||||||
FBLC Senior Loan Fund LLC (3) | 8.6 | 9.0 | |||||||||
| Total | 100.0 | % | 11.6 | % | |||||||
| June 30, 2024 | ||||||||
| Percentage of Total Portfolio | ||||||||
| Senior Secured First Lien Debt | 92.6 | % | ||||||
| Senior Secured Second Lien Debt | 4.1 | |||||||
| Senior Secured - Subtotal | 96.7 | % | ||||||
| Collateralized Securities | 1.8 | |||||||
| Equity/Other | 1.5 | |||||||
| Total | 100.0 | % | ||||||
| December 31, 2023 | |||||||||||
Percentage of Total Portfolio(1) | Weighted Average Current Yield for Total Portfolio (2) | ||||||||||
| Senior Secured First Lien Debt | 83.6 | % | 12.1 | % | |||||||
| Senior Secured Second Lien Debt | 6.9 | 13.4 | |||||||||
| Subordinated Debt | 4.7 | 13.2 | |||||||||
| Debt Subtotal | 95.2 | % | 12.2 | % | |||||||
Equity/Other | 4.8 | 7.8 | |||||||||
| Total | 100.0 | % | 12.0 | % | |||||||
| December 31, 2023 | ||||||||
| Percentage of Total Portfolio | ||||||||
| Senior Secured First Lien Debt | 92.6 | % | ||||||
| Senior Secured Second Lien Debt | 6.9 | |||||||
| Senior Secured - Subtotal | 99.5 | % | ||||||
Equity/Other | 0.5 | |||||||
| Total | 100.0 | % | ||||||
| Loan Rating | Summary Description | |||||||
| 1 | Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable. | |||||||
| 2 | Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a “2”. | |||||||
| 3 | Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration. | |||||||
| 4 | Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative. | |||||||
| 5 | Underperforming debt investment with expected loss of interest and some principal. | |||||||
| June 30, 2024 | December 31, 2023 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Total assets | $ | 1,084,340 | $ | 946,605 | ||||||||||
Total investments (1) | $ | 1,029,661 | $ | 877,688 | ||||||||||
Weighted Average Current Yield for Total Portfolio (2) | 10.4% | 11.0% | ||||||||||||
| Number of Portfolio companies in SLF | 207 | 172 | ||||||||||||
Largest portfolio company investment (1) | $ | 17,797 | $ | 19,838 | ||||||||||
Total of five largest portfolio company investments (1) | $ | 78,981 | $ | 82,467 | ||||||||||
| Selected Statements of Assets and Liabilities Information | June 30, | December 31, | ||||||||||||
| 2024 | 2023 | |||||||||||||
| (Unaudited) | ||||||||||||||
| ASSETS | ||||||||||||||
Investments, at fair value (amortized cost of $1,048,383 and $908,094, respectively) | $ | 1,029,661 | $ | 877,688 | ||||||||||
| Cash and other assets | 54,679 | 68,917 | ||||||||||||
| Total assets | $ | 1,084,340 | $ | 946,605 | ||||||||||
| LIABILITIES | ||||||||||||||
Revolving credit facilities (net of deferred financing costs of $1,841 and $1,695, respectively) | $ | 567,159 | $ | 481,805 | ||||||||||
| Secured borrowings | 16,904 | 39,959 | ||||||||||||
| Other liabilities | 108,600 | 45,124 | ||||||||||||
| Total Liabilities | $ | 692,663 | $ | 566,888 | ||||||||||
| MEMBERS’ CAPITAL | ||||||||||||||
| Total members’ capital | $ | 391,677 | $ | 379,717 | ||||||||||
| Total liabilities and members’ capital | $ | 1,084,340 | $ | 946,605 | ||||||||||
| Selected Statements of Operations Information | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
| Investment income: | ||||||||||||||||||||||||||
| Total investment income | $ | 24,893 | $ | 24,307 | $ | 50,889 | $ | 46,879 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Interest and credit facility financing expenses | 10,751 | 10,480 | 21,204 | 20,235 | ||||||||||||||||||||||
| Other expenses | 624 | 571 | 1,219 | 1,147 | ||||||||||||||||||||||
| Total expenses | 11,375 | 11,051 | 22,423 | 21,382 | ||||||||||||||||||||||
| Net investment income | 13,518 | 13,256 | 28,466 | 25,497 | ||||||||||||||||||||||
| Realized and unrealized gain (loss) on investments: | ||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (1,546) | 4,186 | 657 | 8,724 | ||||||||||||||||||||||
| Net increase (decrease) in members’ capital resulting from operations | $ | 11,972 | $ | 17,442 | $ | 29,123 | $ | 34,221 | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Total investment income | $ | 104,625 | $ | 23,844 | $ | 201,175 | $ | 46,268 | ||||||||||||||||||
| Expenses, net of incentive fee waiver | 55,059 | 9,998 | 101,546 | 20,153 | ||||||||||||||||||||||
| Income tax expense, including excise tax | 889 | 210 | 1,215 | 418 | ||||||||||||||||||||||
| Net investment income (loss) | $ | 48,677 | $ | 13,636 | $ | 98,414 | $ | 25,697 | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Management fees | $ | 13,761 | $ | 1,039 | $ | 24,318 | $ | 2,043 | ||||||||||||||||||
| Incentive fee on income | 9,368 | 2,045 | 18,023 | 3,854 | ||||||||||||||||||||||
| Interest and debt fees | 28,280 | 7,627 | 51,211 | 15,603 | ||||||||||||||||||||||
| Professional fees | 1,765 | 511 | 3,808 | 1,023 | ||||||||||||||||||||||
| Other general and administrative | 1,393 | 456 | 3,117 | 912 | ||||||||||||||||||||||
| Administrative services | 224 | 91 | 470 | 149 | ||||||||||||||||||||||
| Directors' fees | 268 | 274 | 599 | 423 | ||||||||||||||||||||||
| Incentive fee waiver | — | (2,045) | — | (3,854) | ||||||||||||||||||||||
| Expenses, net of incentive fee waiver | $ | 55,059 | $ | 9,998 | $ | 101,546 | $ | 20,153 | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Net realized gain (loss) | ||||||||||||||||||||||||||
| Control Investments | $ | 2 | $ | — | $ | (3) | $ | — | ||||||||||||||||||
| Affiliate Investments | 362 | — | 362 | — | ||||||||||||||||||||||
| Non-affiliate investments | (114) | 31 | 1,174 | (130) | ||||||||||||||||||||||
| Total net realized gain (loss) | 250 | 31 | 1,533 | (130) | ||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | ||||||||||||||||||||||||||
| Control investments | (2,181) | (2) | (11,016) | (9) | ||||||||||||||||||||||
| Affiliate Investments | 494 | — | (2,316) | — | ||||||||||||||||||||||
| Non-affiliate investments | (13,590) | (2,196) | (26,454) | (2,935) | ||||||||||||||||||||||
| Net change in deferred taxes | (738) | 0(1) | (1,029) | (515) | ||||||||||||||||||||||
| Total net change in unrealized appreciation (depreciation) on investments | (16,015) | (2,198) | (40,815) | (3,459) | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) | $ | (15,765) | $ | (2,167) | $ | (39,282) | $ | (3,589) | ||||||||||||||||||
| Non-GAAP Supplemental Disclosure: | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Net investment income (loss) | $ | 48,677 | $ | 13,636 | $ | 98,414 | $ | 25,697 | ||||||||||||||||||
Less: purchase premium and other cost adjustments (1) | (1,685) | — | (10,614) | — | ||||||||||||||||||||||
| Adjusted net investment income after taxes | $ | 46,992 | $ | 13,636 | $ | 87,800 | $ | 25,697 | ||||||||||||||||||
| Net realized and unrealized gains (losses) | $ | (15,765) | $ | (2,167) | $ | (39,282) | $ | (3,589) | ||||||||||||||||||
Less: Net change in unrealized appreciation (depreciation) due to the purchase premium and other cost adjustments (1) | 3,953 | — | 14,089 | — | ||||||||||||||||||||||
Less: Realized gain (loss) due to the purchase premium and other cost adjustments (1) | (2,268) | — | (3,475) | — | ||||||||||||||||||||||
| Adjusted net realized and unrealized gains (losses) | $ | (14,080) | $ | (2,167) | $ | (28,668) | $ | (3,589) | ||||||||||||||||||
| For the six months ended June 30, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Distributions declared | $ | 56,186 | $ | 21,479 | ||||||||||
| Distributions paid | $ | 56,199 | $ | 21,499 | ||||||||||
| Portion of distributions paid in cash | $ | 42,924 | $ | 15,431 | ||||||||||
| Portion of distributions paid in DRIP shares | $ | 13,275 | $ | 6,068 | ||||||||||
| For the six months ended June 30, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Distributions declared | $ | 3,884 | $ | 3,220 | ||||||||||
| Distributions paid | $ | 3,884 | $ | 3,220 | ||||||||||
| Portion of distributions paid in cash | $ | 3,884 | $ | 3,220 | ||||||||||
| Portion of distributions paid in DRIP shares | $ | — | $ | — | ||||||||||
| Payment Due by Period | |||||||||||||||||||||||||||||
| Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | |||||||||||||||||||||||||
JPM Credit Facility (1) | $ | 300,000 | $ | — | $ | — | $ | 300,000 | $ | — | |||||||||||||||||||
Wells Fargo Credit Facility (2) | 225,000 | — | — | 225,000 | — | ||||||||||||||||||||||||
FBLC JPM Credit Facility (3) | 320,000 | — | — | 320,000 | — | ||||||||||||||||||||||||
JPM Revolver Facility (4) | 43,590 | — | — | 43,590 | — | ||||||||||||||||||||||||
| 2024 Notes | 100,000 | 100,000 | — | — | — | ||||||||||||||||||||||||
| 2026 Notes | 300,000 | — | 300,000 | — | — | ||||||||||||||||||||||||
| 2029 Notes | 296,822 | — | — | 296,822 | — | ||||||||||||||||||||||||
| Total | 1,585,412 | $ | 100,000 | $ | 300,000 | $ | 1,185,412 | $ | — | ||||||||||||||||||||
| Change in Base Interest Rates | Estimated Change in Interest Income net of Interest Expense (in thousands) | |||||||
| (-) 532 Basis Points | $ | (105,771) | ||||||
| (-) 200 Basis Points | $ | (39,729) | ||||||
| (-) 100 Basis Points | $ | (19,865) | ||||||
| (-) 50 Basis Points | $ | (9,932) | ||||||
| (+) 50 Basis Points | $ | 9,932 | ||||||
| (+) 100 Basis Points | $ | 19,865 | ||||||
| (+) 200 Basis Points | $ | 39,729 | ||||||
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | —% | 5% | 10% | |||||||||||||||||||||||||||
Corresponding return to stockholders (1) | (32.45)% | (21.30)% | (10.14)% | 1.01% | 12.17% | |||||||||||||||||||||||||||
Repurchase Deadline Request (1) | Total Number of Shares Repurchased (1) | Percentage of Outstanding Common Stock Repurchased (2) | Price Paid Per Share | Repurchase Pricing Date | Amount Repurchased (1) | Maximum number of shares that may yet be purchased under the repurchase plan (1) | ||||||||||||||||||||||||||||||||
| April 9, 2024 | 2,676,696 | 1.96 | % | $ | 14.49 | January 24, 2024 | $ | 38,785,296 | — | |||||||||||||||||||||||||||||
Exhibit No. | Description | ||||
| 101.INS | XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document (filed herewith). | ||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | ||||
| 101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document (filed herewith). | ||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | ||||
| 101.LAB | Inline XBRL Taxonomy Label Linkbase Document (filed herewith). | ||||
| 101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document (filed herewith). | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) (filed herewith). | ||||
| Signature | Title | Date | ||||||||||||
/s/ Richard J. Byrne Richard J. Byrne | Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | August 13, 2024 | ||||||||||||
/s/ Nina Kang Baryski Nina Kang Baryski | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | August 13, 2024 | ||||||||||||
| Date: | August 13, 2024 | /s/ Richard J. Byrne | ||||||
| Richard J. Byrne | ||||||||
Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | ||||||||
| Date: | August 13, 2024 | /s/ Nina Kang Baryski | ||||||
Nina Kang Baryski Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | ||||||||
| /s/ Richard J Byrne | ||
Richard J. Byrne Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | ||
| /s/ Nina Kang Baryski | ||
Nina Kang Baryski Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | ||