ncdlc-20230930

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

Although we believe that the assumptions on which these forward-looking statements are based on are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.


	September 30, 2023		December 31, 2022
	(Unaudited)
Assets
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,510,014 and $1,225,573, respectively)	$	1,481,012	$	1,200,376
Cash and cash equivalents	35,971		39,270
Restricted cash	50		50
Due from adviser expense support (See Note 4)	632		1,147

Interest receivable	15,786		11,898
Receivable for investments sold	5,118		719
Contribution receivable	35		458
Prepaid expenses	57		41

Total assets	$	1,538,661	$	1,253,959

Liabilities
Secured borrowings (net of $6,357 and $5,675 deferred financing costs, respectively) (See Note 5)	$	860,190	$	699,772
Payable for investments purchased	—		56
Interest payable	12,620		8,812
Due to adviser expense support (See Note 4)	865		1,147

Management fees payable	2,722		2,211
Distributions payable	19,573		14,325
Directors’ fees payable	96		96
Accounts payable and accrued expenses	3,636		2,583
Total liabilities	$	899,702	$	729,002

Commitments and contingencies (See Note 6)

Net Assets: (See Note 7)

Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 35,585,951 and 28,650,548 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	$	356	$	287
Paid-in-capital in excess of par value	673,883		548,600
Total distributable earnings (loss)	(35,280)		(23,930)
Total net assets	$	638,959	$	524,957

Total liabilities and net assets	$	1,538,661	$	1,253,959

Net asset value per share (See Note 8)	$	17.96	$	18.32


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	40,370	$	21,438	$	110,049	$	51,105
Payment-in-kind interest income	951		216		1,823		544
Dividend income	16		130		56		130
Other income	409		816		879		1,421
Total investment income	41,746		22,600		112,807		53,200

Expenses:
Interest and debt financing expenses	16,048		7,301		43,089		14,559
Management fees (See Note 4)	2,722		2,000		7,503		5,252
Professional fees	730		296		2,284		741

Directors' fees	96		96		287		287
Administration fees (See Note 4)	370		210		1,029		615
Other general and administrative expenses	98		332		1,388		645
Total expenses before expense support	20,064		10,235		55,580		22,099
Expense support (See Note 4)	—		(55)		(158)		(149)
Net expenses after expense support	20,064		10,180		55,422		21,950


Net investment income	21,682		12,420		57,385		31,250

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	(13,107)		(501)		(6,408)		(409)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments	11,574		(5,924)		(3,805)		(20,815)
Total net realized and unrealized gain (loss) on investments	(1,533)		(6,425)		(10,213)		(21,224)

Net increase (decrease) in net assets resulting from operations	$	20,149	$	5,995	$	47,172	$	10,026

Per share data:
Net investment income per share - basic and diluted	$	0.62	$	0.51	$	1.83	$	1.39
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.58	$	0.24	$	1.50	$	0.45
Weighted average common shares outstanding - basic and diluted	34,812,720		24,489,969		31,409,296		22,419,189


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Increase (decrease) in net assets resulting from operations:
Net investment income	$	21,682	$	12,420	$	57,385	$	31,250
Net realized gain (loss) on investments	(13,107)		(501)		(6,408)		(409)
Net change in unrealized appreciation (depreciation) on investments	11,574		(5,924)		(3,805)		(20,815)
Net increase (decrease) in net assets resulting from operations	20,149		5,995		47,172		10,026
Shareholder distributions:
Distributions declared from net investment income	(19,572)		(11,933)		(52,487)		(30,242)
Distributions declared from realized gains	—		—		(6,036)		—
Net increase (decrease) in net assets resulting from shareholder distributions	(19,572)		(11,933)		(58,523)		(30,242)
Capital share transactions:
Issuance of common shares, net	78,565		50,065		118,542		114,995
Reinvestment of shareholder distributions, net	2,320		876		6,811		1,946

Net increase (decrease) in net assets resulting from capital share transactions	80,885		50,941		125,353		116,941
Total increase (decrease) in net assets	81,462		45,003		114,002		96,725
Net assets, at beginning of period	557,497		425,773		524,957		374,051
Net assets, at end of period	$	638,959	$	470,776	$	638,959	$	470,776


	Nine Months Ended September 30,
	2023		2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	47,172	$	10,026

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments	(352,883)		(385,140)
Proceeds from principal repayments and sales of investments	65,851		35,483
Payment-in-kind interest	(1,823)		(385)
Amortization of premium/accretion of discount, net	(1,994)		(1,233)
Net realized (gain) loss on investments	6,408		409
Net change in unrealized (appreciation) depreciation on investments	3,805		20,815
Amortization of deferred financing costs	1,424		970
Amortization of offering costs	(23)		(50)
Changes in operating assets and liabilities:
Due from adviser expense support	515		(192)
Interest receivable	(3,888)		(5,840)
Receivable for investments sold	(4,399)		4,391

Prepaid expenses	(16)		10

Payable for investments purchased	(56)		(25,729)
Interest payable	3,808		5,671
Due to adviser expense support	(282)		192

Management fees payable	511		624


Accounts payable and accrued expenses	1,053		398
Net cash provided by (used in) operating activities	(234,817)		(339,580)

Cash flows from financing activities:

Proceeds from issuance of common shares	118,988		115,045

Shareholder distributions	(46,464)		(24,001)
Proceeds from secured borrowings	340,600		664,200
Repayments of secured borrowings	(179,500)		(410,000)
Payments of deferred financing costs	(2,106)		(3,336)
Net cash provided by (used in) financing activities	231,518		341,908

Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash	(3,299)		2,328
Cash and Cash Equivalents and Restricted Cash, beginning of period	39,320		35,236
Cash and Cash Equivalents and Restricted Cash, end of period	$	36,021	$	37,564

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	37,857	$	7,918



Supplemental disclosure of non-cash flow Information:
Reinvestment of shareholder distributions	$	6,811	$	1,946


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Investments
Debt Investments
Aerospace & Defense
AEgis Technologies	(6) (13)	First Lien Term Loan	S + 6.50%	11.90	%	10/31/2025	$	14,695	$	14,624	$	14,535	2.27	%
Arotech	(6) (13)	First Lien Term Loan	S + 6.25%	11.65	%	10/22/2026	9,226		9,147		8,606		1.35	%
Arotech (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 6.25%	11.65	%	10/22/2026	449		447		419		0.07	%
Loc Performance Products	(6) (13)	First Lien Term Loan	S + 5.25%	10.65	%	12/22/2026	6,576		6,517		6,261		0.98	%
Turbine Engine Specialist, Inc	(17)	Subordinated Debt	S + 9.50%	14.90	%	3/1/2029	2,563		2,499		2,499		0.39	%
Valkyrie	(17)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,829		2,783		2,720		0.43	%
Total Aerospace & Defense									36,017		35,040		5.49	%

Automotive
American Auto Auction Group	(6) (13)	First Lien Term Loan	S + 5.00%	10.40	%	12/30/2027	10,547		10,465		9,776		1.53	%
Classic Collision (Delayed Draw) (Incremental Tranche A-4)	(11) (17)	First Lien Term Loan	S + 5.75%	11.07	%	1/14/2026	25,233		(60)		(429)		(0.07	%)
Classic Collision (Delayed Draw) (Incremental)	(6) (13)	First Lien Term Loan	S + 5.75%	11.07	%	1/14/2026	6,958		6,958		6,840		1.07	%
Classic Collision (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.22	%	1/14/2026	7,771		7,722		7,639		1.20	%
Collision Right	(13) (17)	First Lien Term Loan	S + 5.25%	10.65	%	4/14/2028	5,310		5,285		5,267		0.83	%
Collision Right	(17)	Subordinated Debt	N/A	9.00% (Cash) 3.75% (PIK)		10/14/2028	1,398		1,366		1,356		0.21	%
Collision Right (Delayed Draw)	(17)	Subordinated Debt	N/A	9.00% (Cash) 3.75% (PIK)		10/14/2028	987		976		958		0.15	%
Covercraft	(17)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/21/2028	7,464		7,356		6,853		1.07	%
Covercraft (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/21/2028	4,386		—		(359)		(0.06	%)
JEGS Automotive	(6)	First Lien Term Loan	S + 6.00%	11.40	%	12/22/2027	3,999		3,968		3,323		0.52	%
JEGS Automotive (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.00%	11.40	%	12/22/2027	930		—		(157)		(0.02	%)
OEP Glass Purchaser	(6) (13)	First Lien Term Loan	S + 5.25%	10.72	%	4/18/2028	12,563		12,465		12,311		1.93	%
Randys Holdings, Inc	(9) (13)	First Lien Term Loan	S + 6.50%	11.82	%	11/1/2028	11,166		10,965		11,022		1.73	%
Randys Holdings, Inc (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 6.50%	11.82	%	11/1/2028	3,750		—		(48)		(0.01	%)
S&S Truck Parts	(6) (13)	First Lien Term Loan	S + 4.75%	10.22	%	3/1/2029	6,876		6,819		6,780		1.06	%
S&S Truck Parts	(13)	First Lien Term Loan	S + 4.75%	10.07	%	3/1/2029	1,162		1,152		1,146		0.18	%
S&S Truck Parts (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 4.75%	10.07	%	3/1/2029	98		—		(1)		—	%
S&S Truck Parts (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 4.75%	10.07	%	3/1/2029	1,728		1,580		1,556		0.24	%
Total Automotive									77,017		73,833		11.56	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Banking, Finance, Insurance, Real Estate
Allied Benefit Systems	(6) (13)	First Lien Term Loan	S + 4.50%	9.82	%	11/18/2026	5,945	5,913	5,909	0.92	%
Bankruptcy Management Solutions Inc	(6)	First Lien Term Loan	S + 4.40%	9.72	%	2/28/2025	3,820	3,839	3,820	0.60	%
Coding Solutions Acquisitions	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.90	%	5/11/2028	6,448	6,394	6,295	0.99	%
Coding Solutions Acquisitions (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 5.50%	10.82	%	5/11/2028	1,966	1,966	1,920	0.30	%
Long Term Care Group	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.40	%	9/8/2027	6,754	6,707	5,893	0.92	%
Patriot Growth Insurance Service (Delayed Draw) (Incremental)	(9) (11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	10/14/2028	7,176	4,607	4,471	0.70	%
Risk Strategies (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 5.50%	10.90	%	11/1/2026	14,906	14,906	14,560	2.28	%
Vensure Employer Services	(6) (13)	First Lien Term Loan	S + 4.75%	10.07	%	3/26/2027	14,693	14,661	14,517	2.27	%
World Insurance Associates (Delayed Draw)	(6) (9) (13) (17)	First Lien Term Loan	S + 6.00%	11.40	%	4/1/2026	14,918	14,906	14,729	2.31	%
Total Banking, Finance, Insurance, Real Estate								73,899	72,114	11.29	%

Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)	(7) (10) (13) (17)	First Lien Term Loan	S + 6.25%	11.65	%	9/25/2029	17,326	16,980	16,980	2.65	%
Bardstown PPC Holdings LLC	(17)	Subordinated Debt	S + 7.75%	13.15	%	8/30/2027	9,300	9,148	9,300	1.45	%
Death Wish Coffee	(6) (9) (13)	First Lien Term Loan	S + 4.75%	10.15	%	9/28/2027	9,825	9,760	9,825	1.53	%
Dessert Holdings	(6) (17)	Subordinated Debt	S + 7.25%	12.65	%	6/8/2029	9,000	8,871	7,956	1.25	%
Fresh Edge	(17)	Subordinated Debt	S + 4.50% + 5.125% (PIK)	15.02	%	4/3/2029	3,804	3,720	3,695	0.58	%
Fresh Edge (Incremental)	(17)	Subordinated Debt	S + 4.50% + 5.125% (PIK)	15.02	%	4/3/2029	760	741	738	0.12	%
Handgards	(6) (13)	First Lien Term Loan	S + 7.00%	12.40	%	10/14/2026	14,550	14,391	14,550	2.28	%
Harvest Hill Beverage Company	(17)	Subordinated Debt	S + 9.00%	14.32	%	2/28/2029	3,640	3,537	3,573	0.56	%
KSLB Holdings LLC	(13)	First Lien Term Loan	S + 4.50%	9.90	%	7/30/2025	2,865	2,850	2,707	0.42	%
Rise Baking	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.57	%	8/13/2027	14,738	14,584	14,738	2.31	%
Watermill Express, LLC	(6) (9) (13)	First Lien Term Loan	S + 5.00%	10.40	%	4/20/2027	3,265	3,243	3,203	0.50	%
Watermill Express, LLC (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 5.00%	10.40	%	4/20/2027	315	315	309	0.05	%
Palmetto Acquisitionco, Inc.	(13) (17)	First Lien Term Loan	S + 5.75%	11.15	%	9/18/2029	13,314	13,082	13,083	2.05	%
Palmetto Acquisitionco, Inc. (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	9/18/2029	4,842	(18)	(84)	(0.01	%)
Total Beverage, Food & Tobacco								101,204	100,573	15.74	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Capital Equipment
Blackbird Purchaser Inc.	(6) (13) (17)	First Lien Term Loan	S + 4.25%	9.57	%	4/8/2026	9,836	9,803	9,836	1.54	%
Crete Mechanical Group	(6) (13)	First Lien Term Loan	S + 5.00%	10.40	%	5/19/2028	4,835	4,796	4,823	0.75	%
Crete Mechanical Group (Delayed Draw)	(6)	First Lien Term Loan	S + 5.00%	10.32	%	5/19/2028	2,853	2,813	2,846	0.45	%
Crete Mechanical Group (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.00%	10.32	%	5/19/2028	7,167	4,441	4,423	0.69	%
EFC Holdings, LLC	(17)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)		5/1/2028	3,146	3,060	3,088	0.48	%
Heartland Home Services		First Lien Term Loan	S + 6.00%	11.32	%	12/15/2026	6,484	6,442	6,316	0.99	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.32	%	12/15/2026	5,622	5,602	5,477	0.86	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.32	%	12/15/2026	2,578	2,578	2,512	0.39	%
Ovation Holdings, Inc.	(13)	First Lien Term Loan	S + 6.25%	11.65	%	2/3/2029	8,055	7,892	7,929	1.24	%
Ovation Holdings, Inc. (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.65	%	2/3/2029	1,903	611	603	0.09	%
Precision Surfacing	(17)	Subordinated Debt	N/A	15.00	%	6/30/2024	713	713	713	0.11	%
PT Intermediate Holdings III, LLC	(6) (9) (13)	First Lien Term Loan	S + 5.98%	11.37	%	11/1/2028	8,757	8,732	8,660	1.36	%
PT Intermediate Holdings III, LLC (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.98%	11.37	%	11/1/2028	1,071	1,062	1,059	0.17	%
Repipe Specialists	(17)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	2,427	2,386	2,255	0.35	%
Repipe Specialists (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	901	210	146	0.02	%
RTH Buyer LLC (dba "Rhino Tool House)	(13) (17)	First Lien Term Loan	S + 6.25%	11.72	%	4/4/2029	8,072	7,918	8,005	1.25	%
RTH Buyer LLC (dba "Rhino Tool House) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.57	%	4/4/2029	1,887	905	898	0.14	%
Total Capital Equipment								69,964	69,589	10.88	%

Chemicals, Plastics, & Rubber
Ascensus	(9) (15) (17)	Subordinated Debt	S + 6.50%	11.90	%	8/2/2029	9,000	8,935	8,595	1.35	%
Ascensus Specialties	(6) (9) (13)	First Lien Term Loan	S + 4.35%	9.75	%	6/30/2028	9,756	9,608	9,157	1.43	%
Boulder Scientific Company LLC	(6)	First Lien Term Loan	S + 4.50%	9.90	%	12/29/2025	2,070	2,079	2,023	0.31	%
Chroma Color Corporation (dba "Chroma Color)	(13)	First Lien Term Loan	S + 5.75%	11.15	%	4/21/2029	6,330	6,210	6,212	0.97	%
Chroma Color Corporation (dba "Chroma Color) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	4/21/2029	1,379	(13)	(26)	—	%
Spartech	(6) (9) (13)	First Lien Term Loan	S + 4.75%	10.15	%	5/8/2028	14,806	14,735	12,479	1.95	%
Total Chemicals, Plastics, & Rubber								41,554	38,440	6.01	%

Construction & Building


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Erie Construction	(6) (13)	First Lien Term Loan	S + 4.75%	10.22	%	7/30/2027	10,290	10,217	10,290	1.61	%
Gannett Fleming	(13)	First Lien Term Loan	S + 6.60%	12.00	%	12/20/2028	9,925	9,747	9,849	1.54	%
MEI Rigging & Crating	(13) (17)	First Lien Term Loan	S + 6.50%	11.82	%	6/29/2029	11,460	11,233	11,240	1.76	%
MEI Rigging & Crating (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.50%	11.90	%	6/29/2029	1,814	(9)	(35)	(0.01	%)
Royal Holdco Corporation (Delayed Draw A)	(11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	12/30/2027	4,701	(12)	(70)	(0.01	%)
Royal Holdco Corporation (Delayed Draw B)	(11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	12/30/2027	3,134	(8)	(47)	(0.01	%)
Royal Holdco Corporation (Incremental)	(13) (17)	First Lien Term Loan	S + 5.75%	11.15	%	12/30/2027	3,134	3,087	3,087	0.49	%
Sciens Building Solutions, LLC	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.15	%	12/15/2027	9,338	9,198	9,022	1.41	%
Sciens Building Solutions, LLC (Delayed Draw)	(6) (9) (11) (13)	First Lien Term Loan	S + 5.75%	11.15	%	12/15/2027	4,923	2,535	2,404	0.38	%
WSB Engineering Holdings Inc.	(13) (17)	First Lien Term Loan	S + 6.00%	11.40	%	8/31/2029	6,536	6,439	6,439	1.01	%
WSB Engineering Holdings Inc. (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.00%	11.40	%	8/31/2029	4,357	(32)	(64)	(0.01	%)
Total Construction & Building								52,395	52,115	8.16	%

Consumer Goods: Durable
Halo Buyer Inc	(6) (15)	First Lien Term Loan	S + 4.50%	9.82	%	6/30/2025	5,683	5,652	4,390	0.69	%
Petmate	(6) (9) (13) (15)	First Lien Term Loan	L + 5.50%	11.23	%	9/15/2028	9,825	9,749	6,445	1.01	%
Xpressmyself.com LLC (a/k/a SmartSign)	(13)	First Lien Term Loan	S + 5.75%	11.15	%	9/7/2028	9,900	9,816	9,713	1.52	%
Xpressmyself.com LLC (a/k/a SmartSign)	(6)	First Lien Term Loan	S + 5.75%	11.15	%	9/7/2028	5,037	4,940	4,990	0.78	%
Total Consumer Goods: Durable								30,157	25,538	4.00	%

Consumer Goods: Non-durable
Arcadia Consumer Health	(6) (9) (13)	First Lien Term Loan	S + 4.50%	9.90	%	9/10/2027	12,636	12,548	12,188	1.91	%
Arcadia Consumer Health (Incremental)	(13) (17)	First Lien Term Loan	S + 5.75%	11.07	%	9/10/2027	2,261	2,219	2,268	0.36	%
Badger Sportswear Acquisition Inc	(6)	First Lien Term Loan	S + 5.00%	10.40	%	12/24/2023	3,811	3,805	3,713	0.58	%
Elevation Labs	(13)	First Lien Term Loan	S + 5.75%	11.07	%	6/30/2028	6,806	6,749	6,573	1.03	%
Elevation Labs (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.75%	11.07	%	6/30/2028	3,125	(25)	(107)	(0.02	%)
FoodScience	(6) (13)	First Lien Term Loan	S + 6.50%	11.97	%	3/1/2027	7,764	7,711	6,948	1.09	%
FoodScience	(6) (13)	First Lien Term Loan	S + 6.50%	11.97	%	3/1/2027	6,898	6,847	6,173	0.97	%
Market Performance Group	(6) (13)	First Lien Term Loan	S + 5.50%	10.90	%	12/29/2026	2,512	2,494	2,537	0.40	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Market Performance Group	(6) (13)	First Lien Term Loan	S + 5.50%	10.90	%	12/29/2026	7,294	7,273	7,367	1.15	%
Protective Industrial Products (“PIP”)	(9) (13) (17)	First Lien Term Loan	S + 5.00%	10.32	%	12/29/2027	4,872	4,686	4,872	0.76	%
Ultima Health Holdings, LLC	(17)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		3/12/2029	1,727	1,698	1,675	0.26	%
Total Consumer Goods: Non-durable								56,005	54,207	8.49	%

Containers, Packaging & Glass
B2B Packaging	(6) (13)	First Lien Term Loan	S + 6.75%	12.15	%	10/7/2026	14,733	14,699	14,287	2.24	%
B2B Packaging (Delayed Draw)	(6)	First Lien Term Loan	S + 6.75%	12.15	%	10/7/2026	117	114	113	0.02	%
Five Star Packing	(6) (13)	First Lien Term Loan	S + 4.25%	9.72	%	5/5/2029	7,595	7,498	7,513	1.18	%
Good2Grow	(6) (13)	First Lien Term Loan	S + 4.50%	9.90	%	12/1/2027	9,265	9,198	9,240	1.44	%
Oliver Packaging	(17)	Subordinated Debt	N/A	11.00	%	1/6/2029	2,510	2,470	2,396	0.37	%
Specialized Packaging Group	(6) (7) (10) (13)	First Lien Term Loan	S + 5.50%	10.97%		12/17/2025	2,991	2,974	2,959	0.46	%
Specialized Packaging Group	(6) (7) (10) (13)	First Lien Term Loan	S + 5.50%	10.97	%	12/17/2025	7,294	7,253	7,217	1.13	%
Specialized Packaging Group (Incremental)	(7) (10) (13)	First Lien Term Loan	S + 6.25%	11.72	%	12/17/2025	4,420	4,359	4,414	0.69	%
Total Containers, Packaging & Glass								48,565	48,139	7.53	%

Environmental Industries
Impact Parent Corporation (d/b/a Impact Environmental Group)	(13) (17)	First Lien Term Loan	S + 6.00%	11.47	%	3/23/2029	6,793	6,660	6,670	1.04	%
Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.00%	11.32	%	3/23/2029	3,173	2,777	2,734	0.43	%
Impact Parent Corporation (d/b/a Impact Environmental Group) (Incremental)	(17)	First Lien Term Loan	S + 6.00%	11.47	%	3/23/2029	1,740	1,707	1,709	0.27	%
Impact Parent Corporation (d/b/a Impact Environmental Group) (Second Amendment Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.00%	11.47	%	3/23/2029	6,822	(34)	(124)	(0.02	%)
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)	(13)	First Lien Term Loan	S + 5.25%	10.65	%	8/31/2028	6,665	6,610	6,571	1.03	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)	(13) (17)	First Lien Term Loan	S + 6.25%	11.65	%	7/3/2029	8,571	8,445	8,450	1.32	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.65	%	7/3/2029	6,429	(16)	(91)	(0.01	%)
The Facilities Group	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	11/30/2027	4,884	4,850	4,786	0.75	%
The Facilities Group (Delayed Draw)	(6) (9) (11) (13)	First Lien Term Loan	S + 5.75%	11.07	%	11/30/2027	4,963	4,507	4,407	0.69	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Total Environmental Industries								35,506	35,112	5.50	%


Healthcare & Pharmaceuticals
Affinity Hospice	(6) (13) (17)	First Lien Term Loan	S + 4.75%	10.15	%	12/17/2027	7,892	7,833	7,254	1.14	%
Affinity Hospice (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 4.75%	10.15	%	12/17/2027	1,981	—	(160)	(0.03	%)
Anne Arundel	(17)	Subordinated Debt	N/A	12.75% (PIK)		10/16/2026	3,175	3,137	2,651	0.41	%
Anne Arundel	(17)	Subordinated Debt	N/A	11.00	%	4/16/2026	1,880	1,863	1,719	0.27	%
Anne Arundel (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	11.00	%	4/16/2026	2,258	1,883	1,697	0.27	%
Forefront Dermatology	(6) (9) (13) (15)	First Lien Term Loan	S + 4.25%	9.57	%	4/2/2029	2,799	2,758	2,786	0.44	%
Forefront Dermatology (Delayed Draw)	(9) (15) (17)	First Lien Term Loan	S + 4.25%	9.57	%	4/2/2029	524	524	522	0.08	%
Genesee Scientific	(6) (9)	First Lien Term Loan	S + 5.50%	10.97	%	9/30/2027	5,974	5,935	5,813	0.91	%
Genesee Scientific (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	9/30/2027	2,020	1,564	1,509	0.24	%
GHR Healthcare	(6) (9)	First Lien Term Loan	S + 4.75%	10.22	%	12/9/2027	6,418	6,372	6,296	0.99	%
GHR Healthcare (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 4.75%	10.22	%	12/9/2027	2,007	2,007	1,969	0.31	%
GHR Healthcare (Incremental)	(9) (13)	First Lien Term Loan	S + 4.75%	10.15	%	12/9/2027	4,996	4,912	4,901	0.77	%
Health Management Associates	(13) (17)	First Lien Term Loan	S + 6.50%	11.82	%	3/30/2029	8,470	8,308	8,394	1.31	%
Health Management Associates (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.50%	11.82	%	3/30/2029	1,508	453	469	0.07	%
Heartland Veterinary Partners LLC (Incremental)	(17)	Subordinated Debt	S + 7.50%	12.82	%	12/10/2027	1,900	1,871	1,858	0.29	%
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)	(11) (17)	Subordinated Debt	S + 7.50%	12.82	%	12/10/2027	9,500	5,301	5,093	0.80	%
HemaSource Inc.	(17)	Subordinated Debt	N/A	8.50% (Cash), 5.00% (PIK)		2/28/2030	5,292	5,148	5,148	0.81	%
InfuCare RX	(6) (13)	First Lien Term Loan	S + 4.50%	9.90	%	1/4/2028	9,825	9,752	9,496	1.49	%
MDC Intermediate Holdings II, LLC (Delayed Draw)	(17)	Subordinated Debt	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	1,729	1,690	1,689	0.26	%
MDC Intermediate Holdings II, LLC (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash), 2.25% (PIK)		2/7/2030	720	(8)	(17)	—	%
Midwest Eye Consultants	(6) (13)	First Lien Term Loan	S + 4.50%	9.97	%	8/20/2027	9,044	8,983	8,714	1.36	%
PromptCare	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.32	%	9/1/2027	8,225	8,133	8,111	1.27	%
PromptCare (Delayed Draw)	(6) (9) (11) (13)	First Lien Term Loan	S + 6.00%	11.32	%	9/1/2027	2,169	1,269	1,251	0.20	%
Quorum Health Resources, LLC	(6) (13)	First Lien Term Loan	S + 5.75%	11.15	%	5/28/2027	7,699	7,645	7,500	1.17	%
Quorum Health Resources, LLC (Delayed Draw) (Incremental)	(6) (17)	First Lien Term Loan	S + 6.25%	11.72	%	5/28/2027	3,256	3,248	3,220	0.50	%
Quorum Health Resources, LLC (Incremental)	(13) (17)	First Lien Term Loan	S + 6.25%	11.72	%	5/28/2027	3,256	3,207	3,220	0.50	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(13)	First Lien Term Loan	S + 6.00%	11.47	%	9/19/2028	9,500	9,246	9,315	1.46	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental))	(13) (17)	First Lien Term Loan	S + 6.00%	11.47	%	9/19/2028	10,250	10,046	10,051	1.57	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)	(13)	First Lien Term Loan	S + 5.75%	11.15	%	10/5/2029	7,492	7,425	7,400	1.16	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.75%	11.07	%	10/5/2029	2,447	1,159	1,129	0.18	%
SM Wellness Holdings, Inc	(6) (13)	First Lien Term Loan	S + 4.50%	9.82%		4/17/2028	14,703	14,608	14,007	2.19	%
US Fertility	(17)	Subordinated Debt	N/A	13.75% (PIK)		6/21/2028	11,979	11,655	11,647	1.82	%
Wellspring Pharmaceutical	(13)	First Lien Term Loan	S + 5.75%	11.22	%	8/22/2028	3,387	3,330	3,281	0.51	%
Wellspring Pharmaceutical (Delayed Draw)	(17)	First Lien Term Loan	S + 5.75%	11.22	%	8/22/2028	1,575	1,565	1,526	0.24	%
Wellspring Pharmaceutical (Delayed Draw) (Incremental)	(11) (17)	First Lien Term Loan	S + 5.75%	11.22	%	8/22/2028	3,756	(17)	(49)	(0.01	%)
Wellspring Pharmaceutical (Incremental)	(13) (17)	First Lien Term Loan	S + 5.75%	11.22	%	8/22/2028	1,249	1,226	1,233	0.19	%
Total Healthcare & Pharmaceuticals								164,031	160,643	25.14	%

High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)	(13) (17)	First Lien Term Loan	S + 6.25%	11.65	%	6/13/2029	8,042	7,886	7,889	1.23	%
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.65	%	6/13/2029	3,225	(15)	(61)	(0.01	%)
Argano, LLC	(6) (13)	First Lien Term Loan	S + 5.50%	10.82	%	6/10/2026	5,648	5,615	5,446	0.85	%
Argano, LLC (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.50%	10.82	%	6/10/2026	2,501	2,501	2,411	0.38	%
Argano, LLC (Delayed Draw) (Incremental)	(6)	First Lien Term Loan	S + 5.50%	10.82	%	6/10/2026	1,709	1,678	1,648	0.25	%
Diligent Corporation	(6) (9) (17)	First Lien Term Loan	S + 6.25%	11.57	%	8/4/2025	12,502	12,481	12,264	1.92	%
Diligent Corporation	(9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	8/4/2025	3,396	3,379	3,304	0.52	%
Diligent Corporation	(9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	8/4/2025	1,479	1,472	1,440	0.23	%
Diligent Corporation (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 6.25%	11.57	%	8/4/2025	168	168	165	0.03	%
Diligent Corporation (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 6.25%	11.57	%	8/4/2025	106	106	104	0.02	%
Eliassen Group LLC	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.97	%	4/14/2028	12,100	12,003	12,016	1.88	%
Eliassen Group LLC (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.50%	10.82	%	4/14/2028	2,774	866	852	0.13	%
Exterro	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.90	%	5/31/2024	9,474	9,454	9,571	1.50	%
Fineline Merger	(17)	Subordinated Debt	S + 9.26%	14.58	%	8/22/2028	2,689	2,660	2,689	0.42	%
Go Engineer	(6) (9) (13)	First Lien Term Loan	S + 5.38%	10.84	%	12/21/2027	11,602	11,515	11,375	1.78	%
Go Engineer (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 5.38%	10.84	%	12/21/2027	3,160	3,136	3,098	0.48	%
Infinite Bidco LLC (Infinite Electronics) (Incremental)	(9) (13)	First Lien Term Loan	S + 6.25%	11.72	%	3/2/2028	6,329	6,273	6,162	0.96	%
Infobase Acquisition, Inc.	(13)	First Lien Term Loan	S + 5.50%	10.90	%	6/14/2028	4,342	4,306	4,295	0.67	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Infobase Acquisition, Inc. (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	6/14/2028	721	—	(8)	—	%
ITSavvy LLC	(6) (13)	First Lien Term Loan	S + 5.50%	10.90	%	8/8/2028	7,814	7,748	7,814	1.22	%
ITSavvy LLC (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	8/8/2028	1,471	1,301	1,313	0.21	%
North Haven CS Acquisition Inc	(6)	First Lien Term Loan	S + 5.25%	10.65	%	1/23/2025	5,804	5,804	5,804	0.91	%
Northern Star Industries Inc	(6)	First Lien Term Loan	S + 4.76%	10.16	%	3/28/2025	3,260	3,252	3,260	0.51	%
Prosci, Inc.	(6)	First Lien Term Loan	S + 4.50%	9.82	%	10/21/2026	4,733	4,702	4,703	0.74	%
Revalize (Delayed Draw)	(9) (13)	First Lien Term Loan	S + 5.75%	11.15	%	4/15/2027	4,254	4,243	4,038	0.63	%
Revalize (Delayed Draw)	(6) (9) (17)	First Lien Term Loan	S + 5.75%	11.15	%	4/15/2027	1,092	1,085	1,037	0.16	%
Revalize (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 5.75%	11.15	%	4/15/2027	244	243	232	0.04	%
SmartWave	(6) (13)	First Lien Term Loan	S + 6.00%	11.40	%	11/5/2026	9,238	9,166	8,013	1.25	%
Solve Industrial Motion Group	(17)	Subordinated Debt	N/A	10.75	%	6/28/2028	1,786	1,759	1,722	0.27	%
Solve Industrial Motion Group	(17)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		6/28/2028	763	749	749	0.12	%
Solve Industrial Motion Group (Delayed Draw)	(17)	Subordinated Debt	N/A	10.75	%	6/28/2028	2,035	2,035	1,962	0.31	%
Total High Tech Industries								127,571	125,307	19.61	%

Media: Advertising, Printing & Publishing
Tinuiti	(6) (9) (13)	First Lien Term Loan	S + 5.25%	10.65	%	12/10/2026	2,956	2,934	2,877	0.45	%
Tinuiti (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.25%	10.57	%	12/10/2026	1,931	1,930	1,880	0.29	%
Tinuiti (Delayed Draw) (Incremental)	(6) (9) (17)	First Lien Term Loan	S + 5.25%	10.65	%	12/10/2026	9,888	9,888	9,625	1.51	%
Wpromote	(13)	First Lien Term Loan	S + 5.75%	11.07	%	10/23/2028	4,390	4,312	4,333	0.68	%
Wpromote (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.75%	11.07	%	10/23/2028	588	(4)	(8)	—	%
Total Media: Advertising, Printing & Publishing								19,060	18,707	2.93	%

Media: Diversified & Production
Corporate Visions	(6) (13)	First Lien Term Loan	S + 4.50%	9.82	%	8/12/2027	2,894	2,874	2,729	0.43	%
Corporate Visions	(6) (13)	First Lien Term Loan	S + 4.50%	9.82	%	8/12/2027	2,544	2,515	2,399	0.38	%
Spectrio II	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.47	%	12/9/2026	8,061	8,015	7,625	1.19	%
Spectrio II (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.47	%	12/9/2026	2,864	2,847	2,709	0.42	%
Spectrio II (Delayed Draw)	(9) (13)	First Lien Term Loan	S + 6.00%	11.47	%	12/9/2026	437	435	410	0.06	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Total Media: Diversified & Production								16,686	15,872	2.48	%

Retail
Syndigo	(6) (9) (13)	First Lien Term Loan	S + 4.50%	9.82	%	12/15/2027	5,850	5,866	5,715	0.89	%
Total Retail								5,866	5,715	0.89	%

Services: Business
ALKU Intermediate Holdings, LLC	(13) (17)	First Lien Term Loan	S + 6.25%	11.57	%	5/22/2029	4,530	4,442	4,445	0.70	%
Apex Companies Holdings, LLC	(17)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		1/31/2029	3,939	3,852	3,888	0.61	%
Apex Companies Holdings, LLC (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		1/31/2029	1,196	68	66	0.01	%
Big Truck Rental	(17)	Subordinated Debt	S + 8.00%	13.32	%	9/30/2027	10,000	9,851	10,000	1.57	%
Big Truck Rental	(17)	Subordinated Debt	S + 8.00%	13.32	%	9/30/2027	2,500	2,500	2,500	0.39	%
Bounteous	(6) (13)	First Lien Term Loan	S + 5.25%	10.72	%	8/2/2027	5,361	5,323	5,123	0.80	%
Bounteous	(6) (13)	First Lien Term Loan	S + 5.25%	10.72	%	8/2/2027	2,194	2,178	2,097	0.33	%
Bounteous (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.25%	10.72	%	8/2/2027	2,775	2,757	2,652	0.42	%
Bounteous (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.25%	10.72	%	8/2/2027	4,467	—	(198)	(0.03	%)
BroadcastMed Holdco, LLC	(17)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	3,483	3,422	3,361	0.53	%
Bullhorn Inc	(6) (9) (13) (17)	First Lien Term Loan	S + 5.75%	11.07	%	9/30/2026	13,741	13,639	13,741	2.15	%
BusinesSolver	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.90	%	12/1/2027	7,761	7,702	7,696	1.20	%
BusinesSolver (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	12/1/2027	2,119	172	162	0.03	%
Career Now	(17)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/30/2027	3,172	3,129	2,848	0.45	%
Cornerstone Advisors of Arizona LLC	(6) (13)	First Lien Term Loan	S + 5.50%	10.90	%	9/24/2026	309	307	309	0.05	%
Cornerstone Advisors of Arizona LLC	(6) (13)	First Lien Term Loan	S + 5.50%	10.97	%	9/24/2026	2,301	2,288	2,301	0.36	%
Cornerstone Advisors of Arizona LLC (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.50%	10.97	%	9/24/2026	211	210	211	0.03	%
CrossCountry Consulting	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.15	%	6/1/2029	8,195	8,054	8,195	1.28	%
CrossCountry Consulting (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	6/1/2029	3,320	(27)	—	—	%
D&H United Fueling Solutions	(13)	First Lien Term Loan	S + 5.50%	10.90	%	9/16/2028	7,510	7,381	7,257	1.14	%
D&H United Fueling Solutions (Delayed Draw)	(6)	First Lien Term Loan	S + 5.50%	10.97	%	9/16/2028	2,390	2,370	2,310	0.36	%
D&H United Fueling Solutions (Delayed Draw) (Incremental)	(11) (17)	First Lien Term Loan	S + 6.00%	11.40	%	9/16/2028	1,567	(7)	(24)	—	%
D&H United Fueling Solutions (Incremental)	(6) (13)	First Lien Term Loan	S + 6.00%	11.40	%	9/16/2028	3,474	3,406	3,422	0.54	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

E78	(6)	First Lien Term Loan	S + 5.75%	11.07	%	12/1/2027	5,614	5,573	5,387	0.84	%
E78	(13)	First Lien Term Loan	S + 5.75%	11.07	%	12/1/2027	1,441	1,430	1,383	0.22	%
E78 (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.75%	11.07	%	12/1/2027	4,221	4,190	4,050	0.63	%
E78 (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.75%	11.07	%	12/1/2027	3,552	982	838	0.13	%
Evergreen Services Group	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.65	%	6/15/2029	11,996	11,788	11,652	1.82	%
Evergreen Services Group (Delayed Draw)	(9) (17)	First Lien Term Loan	S + 6.25%	11.65	%	6/15/2029	2,870	2,845	2,787	0.44	%
Gabriel Partners LLC	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	9/21/2026	9,215	9,163	9,215	1.44	%
Gabriel Partners LLC (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	9/21/2026	1,535	1,535	1,535	0.24	%
Gabriel Partners LLC (Incremental)	(9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	9/21/2026	3,804	3,779	3,804	0.60	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC)	(9) (13) (17)	First Lien Term Loan	S + 6.25%	11.65	%	8/1/2029	9,667	9,522	9,529	1.49	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 6.25%	11.57	%	8/1/2029	9,314	1,178	1,068	0.17	%
KRIV Acquisition, Inc	(13) (17)	First Lien Term Loan	S + 6.50%	11.90	%	7/6/2029	10,764	10,469	10,449	1.64	%
KRIV Acquisition, Inc (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.50%	11.90	%	7/6/2029	1,607	(20)	(47)	(0.01	%)
Lion Merger Sub Inc	(9) (13)	First Lien Term Loan	S + 6.00%	11.40	%	12/17/2025	7,358	7,318	7,314	1.14	%
Lion Merger Sub Inc (Incremental)	(9) (13)	First Lien Term Loan	S + 6.00%	11.40	%	12/17/2025	7,336	7,262	7,291	1.14	%
LSCS Holdings Inc.	(6) (13) (15)	First Lien Term Loan	S + 4.50%	9.82	%	12/16/2028	9,825	9,785	9,705	1.52	%
LYNX FRANCHISING, LLC	(6) (9) (13)	First Lien Term Loan	S + 6.75%	12.22	%	12/23/2026	9,825	9,750	9,700	1.51	%
Output Services Group, Inc.	(16) (17)	First Lien Term Loan	S + 5.25% + 1.25% (PIK)	11.90	%	6/29/2026	3,867	3,419	1,744	0.27	%
Phaidon International	(7) (10) (13)	First Lien Term Loan	S + 5.50%	10.82	%	8/22/2029	14,198	14,074	13,974	2.19	%
Plaze	(17)	Subordinated Debt	S + 7.50%	12.82	%	7/7/2028	15,000	14,656	13,665	2.13	%
RoadOne	(11) (17)	Subordinated Debt	N/A	8.75% (Cash) 5.00% (PIK)		6/30/2029	1,397	(19)	(29)	—	%
RoadOne	(17)	Subordinated Debt	N/A	8.75% (Cash) 5.00% (PIK)		6/30/2029	4,641	4,517	4,544	0.71	%
Scaled Agile	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.90	%	12/15/2028	7,956	7,892	7,657	1.20	%
Scaled Agile (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	12/15/2028	1,922	391	319	0.05	%
Smile Brands	(17)	Subordinated Debt	S + 8.50%	13.90	%	4/13/2026	9,597	9,511	8,375	1.31	%
Soliant Health	(6) (13)	First Lien Term Loan	S + 4.00%	9.32	%	3/31/2028	6,794	6,764	6,800	1.06	%
Technical Safety Services	(13)	First Lien Term Loan	S + 5.50%	10.90	%	6/22/2029	6,789	6,730	6,659	1.04	%
Technical Safety Services (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	6/22/2029	6,411	2,535	2,486	0.38	%
Technical Safety Services (Incremental)	(17)	First Lien Term Loan	S + 5.50%	10.90	%	6/22/2029	1,895	1,866	1,858	0.29	%
TouchTunes Interactive	(6) (13)	First Lien Term Loan	S + 5.00%	10.40	%	4/2/2029	9,900	9,815	9,816	1.54	%
Transit Buyer LLC (dba“Propark”)	(13)	First Lien Term Loan	S + 6.25%	11.72	%	1/31/2029	6,841	6,718	6,784	1.06	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Transit Buyer LLC (dba“Propark”) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.72	%	1/31/2029	3,125	(55)	(26)	—	%
Trilon Group, LLC	(13)	First Lien Term Loan	S + 6.25%	11.65	%	5/28/2029	2,985	2,965	2,926	0.46	%
Trilon Group, LLC	(13)	First Lien Term Loan	S + 6.25%	11.57	%	5/27/2029	7,425	7,362	7,278	1.14	%
Trilon Group, LLC	(13) (17)	First Lien Term Loan	S + 6.25%	11.65	%	5/27/2029	7,427	7,279	7,280	1.14	%
Trilon Group, LLC (Delayed Draw)	(17)	First Lien Term Loan	S + 6.25%	11.65	%	5/27/2029	7,444	7,444	7,296	1.14	%
Trilon Group, LLC (Delayed Draw)	(17)	First Lien Term Loan	S + 6.25%	11.65	%	5/28/2029	1,990	1,990	1,951	0.31	%
Trilon Group, LLC (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.65	%	5/27/2029	12,679	(63)	(251)	(0.04	%)
Vital Records Control	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.82	%	6/29/2027	4,594	4,554	4,519	0.71	%
Vital Records Control	(9) (13)	First Lien Term Loan	S + 5.75%	11.22	%	6/29/2027	151	149	150	0.02	%
Vital Records Control (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.75%	11.15	%	6/29/2027	184	171	172	0.03	%
Worldwide Clinical Trials Holdings Inc	(6)	First Lien Term Loan	S + 4.25%	9.65	%	12/5/2024	2,324	2,319	2,324	0.36	%
Worldwide Clinical Trials Holdings Inc (Incremental)	(6) (13)	First Lien Term Loan	S + 4.25%	9.65	%	12/5/2024	3,688	3,675	3,687	0.58	%
Total Services: Business								306,225	299,980	46.96	%

Services: Consumer
ADPD Holdings, LLC (a/k/a NearU)	(6) (9) (13) (17)	First Lien Term Loan	S + 6.00%	11.47	%	8/16/2028	8,495	8,495	7,948	1.24	%
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 6.00%	11.47	%	8/16/2028	1,577	—	(102)	(0.02	%)
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 6.00%	11.47	%	8/16/2028	1,714	—	(110)	(0.02	%)
All My Sons	(6) (13)	First Lien Term Loan	S + 4.75%	10.07	%	10/25/2028	5,276	5,235	5,194	0.81	%
Allstar Holdings	(17)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	2,097	2,037	2,037	0.31	%
Allstar Holdings (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	4,031	1,489	1,430	0.22	%
Allstar Holdings (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash)3.00%(PIK)		4/26/2030	6,188	(92)	(178)	(0.03	%)
Apex Services Partners, LLC (Delayed Draw) (Incremental)	(9) (17)	First Lien Term Loan	S + 5.50%	10.90	%	7/31/2025	4,963	4,963	4,963	0.78	%
Apex Services Partners, LLC (Incremental)	(9) (13)	First Lien Term Loan	S + 5.50%	10.90	%	7/31/2025	4,963	4,930	4,963	0.78	%
COP Exterminators Acquisition, Inc.	(17)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	832	810	810	0.12	%
COP Exterminators Acquisition, Inc. (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	652	(9)	(18)	0.00	%
Excel Fitness	(6) (13)	First Lien Term Loan	S + 5.25%	10.72	%	4/27/2029	9,900	9,801	9,558	1.50	%
Fairway Lawns	(17)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	2,730	2,660	2,656	0.42	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Fairway Lawns	(11) (17)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	6,312	5,892	5,722	0.90	%
Legacy Service Partners, LLC (“LSP”)	(13)	First Lien Term Loan	S + 6.50%	11.90	%	1/9/2029	10,187	10,002	10,002	1.57	%
Legacy Service Partners, LLC (“LSP”) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.50%	11.90	%	1/9/2029	4,744	3,525	3,460	0.54	%
Liberty Buyer	(9) (13)	First Lien Term Loan	S + 5.50%	10.97	%	6/15/2028	3,939	3,906	3,927	0.61	%
Liberty Buyer (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 5.50%	10.90	%	6/15/2028	745	296	294	0.05	%
NJEye LLC	(6)	First Lien Term Loan	S + 4.75%	10.22	%	9/16/2024	5,354	5,341	5,291	0.83	%
NJEye LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 4.75%	10.22	%	9/16/2024	702	702	693	0.11	%
NJEye LLC (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 4.75%	10.22	%	9/16/2024	1,373	882	868	0.14	%
NJEye LLC (Delayed Draw)	(17)	First Lien Term Loan	S + 4.75%	10.22	%	9/16/2024	892	892	882	0.14	%
North Haven Spartan US Holdco LLC	(6)	First Lien Term Loan	S + 6.25%	11.65	%	6/6/2025	2,509	2,507	2,494	0.39	%
North Haven Spartan US Holdco LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 6.25%	11.65	%	6/6/2025	218	217	216	0.03	%
One World Fitness PFF LLC	(6)	First Lien Term Loan	S + 6.25% + 1.00% (PIK)	12.65	%	11/26/2025	3,870	3,872	3,503	0.55	%
Perennial Services, Group, LLC	(13)	First Lien Term Loan	S + 6.00%	11.32	%	9/8/2029	6,750	6,650	6,650	1.04	%
Perennial Services, Group, LLC (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.00%	11.40	%	9/8/2029	6,027	769	694	0.11	%
Total Services: Consumer								85,772	83,847	13.12	%

Sovereign & Public Finance
LMI Consulting, LLC (LMI)	(13)	First Lien Term Loan	S + 6.50%	11.90	%	7/18/2028	4,362	4,289	4,329	0.68	%
LMI Consulting, LLC (LMI) (Incremental)	(6)	First Lien Term Loan	S + 6.50%	11.90	%	7/18/2028	4,950	4,950	4,912	0.77	%
Total Sovereign & Public Finance								9,239	9,241	1.45	%

Telecommunications
BCM One	(6) (13)	First Lien Term Loan	S + 4.50%	9.82	%	11/17/2027	6,090	6,090	5,961	0.93	%
BCM One (Delayed Draw)	(6)	First Lien Term Loan	S + 4.50%	9.82	%	11/17/2027	1,831	1,831	1,792	0.28	%
Corbett Technology Solutions, Inc. ("CTSI")	(6) (10) (13)	First Lien Term Loan	S + 5.75%	11.07	%	10/29/2027	5,771	5,730	5,771	0.90	%
Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw)	(6) (10) (13)	First Lien Term Loan	S + 5.75%	11.15	%	10/29/2027	4,054	4,054	4,054	0.63	%
Mobile Communications America, Inc.	(6)	First Lien Term Loan	S + 5.38%	10.78	%	3/4/2025	3,826	3,830	3,826	0.60	%
Mobile Communications America, Inc.	(13)	First Lien Term Loan	S + 5.00%	10.40	%	3/4/2025	4,270	4,217	4,270	0.67	%
Mobile Communications America, Inc. (Incremental)	(6)	First Lien Term Loan	S + 5.38%	10.78	%	3/4/2025	678	677	678	0.11	%
Momentum Telecom II	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	4/16/2027	10,079	10,014	9,810	1.54	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Momentum Telecom II (Incremental)	(9) (17)	First Lien Term Loan	S + 6.50%	11.82	%	4/16/2027	1,318	1,292	1,311	0.21	%
Sapphire Telecom Inc	(6) (9)	First Lien Term Loan	L + 5.25%	10.72	%	11/20/2025	6,668	6,642	6,668	1.04	%
Tyto Athene, LLC	(6) (13)	First Lien Term Loan	S + 5.50%	10.90	%	4/3/2028	7,157	7,104	6,468	1.01	%
Total Telecommunications								51,481	50,609	7.92	%

Transportation: Cargo
FSK Pallet Holding Corp. (DBA Kamps Pallets)	(13)	First Lien Term Loan	S + 5.50%	10.82	%	12/23/2026	9,900	9,738	9,623	1.51	%
Kenco Group, Inc.	(13)	First Lien Term Loan	S + 5.00%	10.40	%	11/15/2029	8,519	8,366	8,498	1.33	%
Kenco Group, Inc. (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 5.00%	10.40	%	11/15/2029	1,416	(25)	(4)	—	%
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	11.90	%	5/5/2025	258	257	257	0.04	%
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)	(9) (13)	First Lien Term Loan	S + 6.00%	11.40	%	5/5/2025	897	893	885	0.14	%
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	11.90	%	5/5/2025	181	180	180	0.03	%
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	11.90	%	5/5/2025	4,378	4,359	4,352	0.68	%
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)	(9) (13)	First Lien Term Loan	S + 6.50%	11.90	%	5/5/2025	1,362	1,344	1,354	0.21	%
SEKO Global Logistics	(17)	Subordinated Debt	S + 9.00%	14.47	%	6/30/2027	5,805	5,728	5,763	0.90	%
SEKO Global Logistics	(17)	Subordinated Debt	S + 9.00%	14.47	%	6/30/2027	4,029	3,971	3,999	0.62	%
SEKO Global Logistics	(6)	First Lien Term Loan	S + 4.75%	10.22	%	12/30/2026	1,128	1,121	1,123	0.18	%
SEKO Global Logistics (Delayed Draw)	(17)	Subordinated Debt	S + 9.00%	14.47	%	6/30/2027	907	907	900	0.14	%
SEKO Global Logistics (Delayed Draw) (Incremental)	(17)	First Lien Term Loan	S + 4.75%	10.22	%	12/30/2026	4,496	4,496	4,477	0.70	%
SEKO Global Logistics (Incremental)	(13)	First Lien Term Loan	S + 4.75%	10.22	%	12/30/2026	1,521	1,509	1,515	0.24	%
TI ACQUISITION NC LLC	(6)	First Lien Term Loan	S + 4.75%	10.07	%	3/19/2027	2,788	2,722	2,692	0.42	%
Total Transportation: Cargo								45,566	45,614	7.14	%

Transportation: Consumer
American Student Transportaton Partners, Inc	(17)	Subordinated Debt	N/A	10.00% (Cash) 3.50% (PIK)		9/11/2029	2,081	2,025	2,024	0.32	%
Total Transportation: Consumer								2,025	2,024	0.32	%

Utilities: Electric
DMC HoldCo LLC (DMC Power)	(9) (13) (17)	First Lien Term Loan	S + 6.00%	11.40	%	7/13/2029	5,013	4,938	4,941	0.77	%
DMC HoldCo LLC (DMC Power) (Delayed Draw)	(9) (11) (17)	First Lien Term Loan	S + 6.00%	11.40	%	7/13/2029	1,671	(4)	(24)	—	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Pinnacle Supply Partners, LLC	(13)	First Lien Term Loan	S + 6.00%	11.32	%	4/3/2030	6,348	6,226	6,231	0.98	%
Pinnacle Supply Partners, LLC (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.00%	11.32	%	4/3/2030	3,636	(32)	(67)	(0.01	%)
TPC Wire & Cable	(17)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		2/16/2028	2,211	2,190	2,173	0.34	%
TPC Wire & Cable (Delayed Draw)	(11) (17)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		2/16/2028	1,785	1,779	1,753	0.27	%
Total Utilities: Electric								15,097	15,007	2.35	%

Wholesale
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)	(13)	First Lien Term Loan	S + 6.50%	11.90	%	1/19/2029	7,981	7,838	7,916	1.23	%
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.50%	11.90	%	1/19/2029	1,979	(35)	(16)	—	%
ISG Merger Sub, LLC (dba Industrial Service Group)	(13)	First Lien Term Loan	S + 6.25%	11.57	%	12/7/2028	6,541	6,423	6,489	1.01	%
ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw)	(11) (17)	First Lien Term Loan	S + 6.25%	11.57	%	12/7/2028	3,406	1,354	1,342	0.21	%
Total Wholesale								15,580	15,731	2.45	%

Total Debt Investments								1,486,482	1,452,997	227.41	%


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost	Fair Value (4)	% of Net Assets (5)
S&S Truck Parts	(8) (14) (17)	Equity Investments	8/1/2022	78,541	79	65	0.01	%
Total Automotive					1,225	752	0.12	%

Beverage, Food & Tobacco
Bardstown PPC Holdings LLC	(8) (14) (17)	Equity Investments	7/13/2022	14,777	1,860	2,253	0.35	%
Fresh Edge - Common	(8) (14) (17)	Class B Units	10/3/2022	667	—	—	—	%
Fresh Edge - Preferred	(8) (14) (17)	Preferred Units	10/3/2022	667	667	606	0.10	%
Total Beverage, Food & Tobacco					2,527	2,859	0.45	%

Capital Equipment
Crete Mechanical Group	(8) (14) (17)	Equity Investments	5/19/2022	23	230	437	0.07	%
EFC Holdings, LLC	(8) (10) (14) (17)	Common Units	3/1/2023	148	60	80	0.01	%
EFC Holdings, LLC	(8) (10) (14) (17)	Preferred Units	3/1/2023	148	148	155	0.03	%
Precision Surfacing - Common	(8) (10) (14) (17)	Preferred Units	10/5/2022	3,750,000	3,750	6,154	0.96	%
Repipe Specialists	(8) (14) (17)	Equity Investments	3/31/2022	239	239	56	0.01	%
Total Capital Equipment					4,427	6,882	1.08	%

Construction & Building
Erie Construction	(8) (17)	Equity Investments	7/30/2021	166	166	508	0.08	%
Gannett Fleming	(8) (14) (17)	Series F Units	5/27/2023	569,505	570	666	0.10	%
OSP Gannet Aggregator LP (Gannet Fleming)	(8) (14) (17) (18)	Limited Partnership Interest	12/20/2022	424,742	425	497	0.08	%
Total Construction & Building					1,161	1,671	0.26	%

Consumer Goods: Non-durable
FoodScience	(8) (14) (17)	Equity Investments	3/1/2021	5,168	5	—	—	%
FoodScience	(8) (14) (17)	Equity Investments	3/1/2021	98	98	22	—	%
Ultima Health Holdings, LLC	(8) (14) (17)	Preferred Units	9/12/2022	15	170	165	0.03	%
Total Consumer Goods: Non-durable					273	187	0.03	%

Containers, Packaging & Glass
Oliver Packaging	(8) (14) (17)	Class A Common Units	7/12/2022	10,230	1,023	798	0.12	%
Specialized Packaging Group	(7) (8) (10) (14) (17)	Class A Common Units	12/17/2020	147,708	148	166	0.03	%
Total Containers, Packaging & Glass					1,171	964	0.15	%


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Healthcare & Pharmaceuticals
AG MDC Holdings, Inc	(8) (10) (14) (17)	Equity Investments	2/7/2023	245	245	230	0.03	%
Anne Arundel	(8) (14) (17)	Equity Investments	10/16/2020	12,175	880	162	0.03	%
Health Management Associates	(8) (14) (17)	Class A Common Units	3/31/2023	399,904	400	443	0.07	%
REP HS Topco Holdings (HemaSource Inc.)	(8) (14) (17)	Class A Units	8/31/2023	577,000	577	577	0.09	%
Total Healthcare & Pharmaceuticals					2,102	1,412	0.22	%


High Tech Industries
ITSavvy LLC	(8) (14) (17)	Class A Common Units	8/8/2022	522	522	1,041	0.16	%
Solve Industrial Motion Group	(8) (14) (17)	Equity Investments	6/30/2021	313	313	239	0.04	%
Total High Tech Industries					835	1,280	0.20	%

Services: Business
Apex Companies Holdings, LLC	(8) (10) (14) (17)	Equity Investments	1/31/2023	1,173	117	125	0.02	%
BroadcastMed Holdco, LLC	(8) (17)	Preferred Units	10/4/2022	56,899	853	782	0.12	%
Career Now	(8) (14) (17)	Equity Investments	9/30/2021	624	624	—	—	%
E78	(8) (14) (17)	Equity Investments	12/1/2021	816	860	1,404	0.22	%
KRIV Acquisition, Inc	(8) (14) (17)	Class A Units	7/17/2023	790	790	790	0.12	%
RoadOne - Common	(8) (14) (17)	Equity Investments	12/29/2022	1,173,220	939	1,522	0.24	%
Total Services: Business					4,183	4,623	0.72	%

Services: Consumer
ADPD Holdings, LLC (a/k/a NearU)	(8) (14) (17)	Equity Investments	8/11/2022	2,432	243	156	0.02	%
COP Exterminators Investment, LLC	(8) (14) (17)	Class A Units	7/31/2023	997,000	1,117	1,117	0.17	%
Legacy Service Partners, LLC (“LSP”)	(8) (14) (17)	Class B Units	1/9/2023	4,907	491	507	0.08	%
Perennial Services Investors LLC	(8) (14) (17)	Class A Units	9/8/2023	7,784	778	778	0.12	%
Total Services: Consumer					2,629	2,558	0.39	%

Sovereign & Public Finance
LMI Renaissance	(8) (14) (17)	Limited Partnership Interest	6/30/2022	648,627	649	1,317	0.21	%
Total Sovereign & Public Finance					649	1,317	0.21	%


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Transportation: Cargo
SEKO Global Logistics	(8) (17)	Equity Investments	12/30/2020	671,203	332		1,514		0.24	%
Total Transportation: Cargo					332		1,514		0.24	%

Transportation: Consumer
ASTP Holdings Co-Investment LP	(8) (14) (17)	Limited Partnership Interest	9/11/2023	208,122	208		208		0.03	%
Total Transportation: Consumer					208		208		0.03	%

Utilities: Electric
Pinnacle Supply Partners, LLC	(8) (14) (17)	Subject Partnership Units	4/3/2023	279,687	280		258		0.04	%
Total Utilities: Electric					280		258		0.04	%

Total Equity Investments					23,532		28,015		4.38	%
Cash equivalents	(12)				34,200		34,200		5.35	%
Total Investments and Cash Equivalents					$	1,544,214	$	1,515,212	237.14	%

(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2023. As of September 30, 2023, rate for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.32%, 5.40%, 5.47%, and 5.47% respectively. As of September 30, 2023, two investments, Petmate and Sapphire Telecom Inc., bear interest at rates determined by London Interbank Offered Rate ("LIBOR"). The rate set for each contract was determined prior to the cessation of LIBOR. The effective LIBOR rate for Petmate and Sapphire Telecom Inc., as of September 30, 2023, was 5.73% and 5.46%, respectively. Certain investments are subject to a SOFR/LIBOR floor. For fixed rate loans, a spread above a reference rate is not applicable.

(13)Denotes that all or a portion of the assets are owned by SPV II and/or SPV III (each as defined in Note 1 "Organization"). SPV II has entered into a senior secured revolving credit facility (the “SMBC Financing Facility”). The lenders of the SMBC Financing Facility have a first lien security interest in substantially all of the assets of SPV II. Accordingly, such assets are not available to other creditors of the Company. SPV III has entered into a senior secured revolving credit facility (the “Wells Fargo Financing Facility”). The lenders of the Wells Fargo Financing Facility have a first lien security interest in substantially all of the assets of SPV III. Accordingly, such assets are not available to other creditors of the Company.


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Investments
Debt Investments
Aerospace & Defense
AEgis Technologies	(6) (13)	First Lien Term Loan	L + 6.00%	10.77	%	10/31/2025	$	14,807	$	14,700	$	14,375	2.74	%
Arotech	(6) (13)	First Lien Term Loan	L + 6.25%	10.64	%	10/22/2026	9,297		9,200		8,614		1.64	%
Arotech (Delayed Draw)	(6) (13)	First Lien Term Loan	L + 6.25%	11.02	%	10/22/2026	452		450		419		0.08	%
Loc Performance Products	(6) (13)	First Lien Term Loan	S + 5.25%	9.84	%	12/22/2026	7,350		7,272		6,954		1.33	%
Valkyrie		Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,808		2,754		2,748		0.52	%
Total Aerospace & Defense									34,376		33,110		6.31	%

Automotive
American Auto Auction Group	(6) (13) (15)	First Lien Term Loan	S + 5.00%	9.59	%	12/30/2027	10,627		10,533		8,348		1.59	%
Classic Collision (Delayed Draw) (Incremental)	(6) (11) (13)	First Lien Term Loan	L + 5.75%	10.89	%	1/14/2026	7,010		6,293		6,093		1.16	%
Classic Collision (Incremental)	(6) (9) (13)	First Lien Term Loan	L + 5.75%	10.89	%	1/14/2026	7,830		7,766		7,607		1.45	%
Collision Right	(13)	First Lien Term Loan	S + 4.75%	9.34	%	4/14/2028	4,838		4,808		4,733		0.90	%
Collision Right (Delayed Draw)	(11)	First Lien Term Loan	S + 4.75%	9.34	%	4/14/2028	506		(4)		(11)		—	%
Covercraft		Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/21/2028	7,422		7,299		7,167		1.37	%
Covercraft (Delayed Draw)	(11)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/21/2028	4,386		—		(150)		(0.03	%)
JEGS Automotive	(6)	First Lien Term Loan	L + 6.00%	10.77	%	12/22/2027	4,029		3,995		3,773		0.72	%
JEGS Automotive (Delayed Draw)	(11)	First Lien Term Loan	L + 5.75%	10.52	%	12/22/2027	930		—		(59)		(0.01	%)
OEP Glass Purchaser	(6) (13)	First Lien Term Loan	S + 5.25%	9.84	%	4/18/2028	14,888		14,751		14,443		2.75	%
Randys Holdings, Inc	(9) (13)	First Lien Term Loan	S + 6.50%	11.09	%	11/1/2028	11,250		11,028		11,031		2.10	%
Randys Holdings, Inc (Delayed Draw)	(9) (11)	First Lien Term Loan	S + 6.50%	11.09	%	11/1/2028	3,750		—		(73)		(0.01	%)
S&S Truck Parts	(6) (13)	First Lien Term Loan	S + 4.75%	9.34	%	3/1/2029	6,928		6,865		6,890		1.31	%
S&S Truck Parts	(13)	First Lien Term Loan	S + 4.75%	9.11	%	3/1/2029	1,171		1,160		1,164		0.22	%
S&S Truck Parts (Delayed Draw)	(11)	First Lien Term Loan	S + 4.75%	9.34	%	3/1/2029	98		—		(1)		—	%
S&S Truck Parts (Delayed Draw)	(11)	First Lien Term Loan	S + 4.75%	9.11	%	3/1/2029	1,740		1,592		1,583		0.30	%
Total Automotive									76,086		72,538		13.82	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Banking, Finance, Insurance, Real Estate
Allied Benefit Systems	(6) (13)	First Lien Term Loan	S + 4.50%	9.09	%	11/18/2026	5,991	5,951	5,889	1.12	%
Bankruptcy Management Solutions Inc	(6)	First Lien Term Loan	S + 4.50%	8.86	%	2/28/2025	3,850	3,869	3,824	0.73	%
Coding Solutions Acquisitions	(6) (9) (13)	First Lien Term Loan	S + 5.50%	9.86	%	5/11/2028	6,497	6,436	6,367	1.21	%
Coding Solutions Acquisitions (Delayed Draw)	(9) (11)	First Lien Term Loan	S + 5.75%	10.11	%	5/11/2028	1,967	—	(39)	(0.01	%)
Long Term Care Group	(6) (9) (13)	First Lien Term Loan	L + 6.00%	10.39	%	9/8/2027	6,654	6,598	6,521	1.25	%
Patriot Growth Insurance Service (Delayed Draw) (Incremental)	(9) (11)	First Lien Term Loan	L + 5.75%	10.52	%	10/14/2028	7,199	450	319	0.06	%
Risk Strategies (Delayed Draw)	(9) (11)	First Lien Term Loan	S + 5.50%	10.09	%	11/1/2026	11,045	332	145	0.03	%
Risk Strategies (Delayed Draw)	(9)	First Lien Term Loan	S + 5.50%	10.09	%	11/1/2026	3,945	3,945	3,839	0.73	%
Vensure Employer Services	(6) (13)	First Lien Term Loan	S + 4.75%	9.34	%	3/26/2027	14,806	14,754	14,486	2.76	%
World Insurance Associates	(6) (9) (13)	First Lien Term Loan	S + 5.75%	10.34	%	4/1/2026	1,981	1,965	1,912	0.36	%
World Insurance Associates (Delayed Draw)	(9) (11)	First Lien Term Loan	S + 5.75%	10.34	%	4/1/2026	5,005	2,472	2,298	0.44	%
World Insurance Associates (Delayed Draw)	(9)	First Lien Term Loan	S + 5.75%	10.34	%	4/1/2026	8,000	8,000	7,721	1.47	%
Total Banking, Finance, Insurance, Real Estate								54,772	53,282	10.15	%

Beverage, Food & Tobacco
Bardstown PPC Holdings LLC		Subordinated Debt	S + 7.75%	12.34	%	8/30/2027	9,300	9,125	9,216	1.76	%
Death Wish Coffee	(6) (9) (13)	First Lien Term Loan	L + 4.75%	9.52	%	9/28/2027	9,900	9,819	9,832	1.87	%
Dessert Holdings	(6)	Subordinated Debt	L + 7.25%	12.02	%	6/8/2029	9,000	8,860	8,325	1.59	%
Fresh Edge		Subordinated Debt	S + 9.00%	13.36	%	4/3/2029	3,770	3,679	3,679	0.70	%
GA Foods	(13) (16)	First Lien Term Loan	L + 5.50%	9.77% (Cash) 0.50% (PIK)		12/1/2026	14,781	14,676	8,898	1.69	%
Handgards	(6) (13)	First Lien Term Loan	L + 7.00%	11.77	%	10/14/2026	14,663	14,466	14,663	2.79	%
KSLB Holdings LLC	(13)	First Lien Term Loan	L + 4.50%	8.89	%	7/30/2025	2,888	2,867	2,633	0.50	%
Rise Baking	(6) (9) (13)	First Lien Term Loan	L + 6.50%	11.27	%	8/13/2027	14,850	14,672	13,769	2.62	%
Watermill Express, LLC	(6) (9) (13)	First Lien Term Loan	L + 5.50%	10.27	%	4/20/2027	3,290	3,264	3,225	0.62	%
Watermill Express, LLC (Delayed Draw)	(9) (11)	First Lien Term Loan	L + 5.50%	10.27	%	4/20/2027	318	197	191	0.04	%
Total Beverage, Food & Tobacco								81,625	74,431	14.18	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Capital Equipment
Blackbird Purchaser Inc.	(6) (13)	First Lien Term Loan	L +4.50%	8.89	%	4/8/2026	7,201	7,159	7,018	1.34	%
Blackbird Purchaser Inc. (Delayed Draw)	(11)	First Lien Term Loan	L +4.50%	8.89	%	4/8/2026	2,709	(22)	(69)	(0.01	%)
Crete Mechanical Group	(6) (13)	First Lien Term Loan	S +5.25%	9.84	%	5/19/2028	4,872	4,825	4,785	0.91	%
Crete Mechanical Group (Delayed Draw)	(6)	First Lien Term Loan	S + 5.25%	9.84	%	5/19/2028	2,875	2,828	2,824	0.54	%
Crete Mechanical Group (Delayed Draw)	(11)	First Lien Term Loan	S + 5.00%	9.59	%	5/19/2028	7,211	4,484	4,356	0.83	%
Heartland Home Services	(6) (9) (13)	First Lien Term Loan	L +6.00%	10.39	%	12/15/2026	6,534	6,486	6,368	1.21	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	L + 6.00%	10.39	%	12/15/2026	5,665	5,642	5,521	1.05	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	L + 6.00%	10.39	%	12/15/2026	2,598	2,598	2,532	0.48	%
PT Intermediate Holdings III, LLC	(6) (9) (13)	First Lien Term Loan	L + 5.50%	10.27	%	11/1/2028	8,824	8,790	8,624	1.64	%
PT Intermediate Holdings III, LLC (Incremental)	(6) (9) (13)	First Lien Term Loan	L + 5.50%	10.27	%	11/1/2028	1,079	1,069	1,054	0.20	%
Repipe Specialists		Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	2,408	2,364	2,292	0.44	%
Repipe Specialists (Delayed Draw)	(11)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	900	—	(44)	(0.01	%)
Total Capital Equipment								46,223	45,261	8.62	%

Chemicals, Plastics, & Rubber
Ascensus	(9)	Subordinated Debt	L + 6.50%	11.27	%	8/2/2029	9,000	8,929	8,447	1.61	%
Ascensus Specialties	(6) (9) (13)	First Lien Term Loan	L + 4.25%	8.64	%	6/30/2028	9,831	9,669	9,504	1.81	%
Boulder Scientific Company LLC	(6)	First Lien Term Loan	L + 4.25%	9.02	%	12/29/2025	2,088	2,098	2,061	0.39	%
Spartech	(6) (9) (13)	First Lien Term Loan	L + 4.75%	9.52	%	5/8/2028	14,919	14,837	14,517	2.77	%
Total Chemicals, Plastics, & Rubber								35,533	34,529	6.58	%

Construction & Building
Erie Construction	(6) (13)	First Lien Term Loan	S + 4.75%	9.53	%	7/30/2027	10,702	10,612	10,702	2.04	%
Gannett Fleming	(13)	First Lien Term Loan	S + 6.50%	11.09	%	12/20/2028	10,000	9,801	9,801	1.87	%
Sciens Building Solutions, LLC	(6) (9) (13)	First Lien Term Loan	L + 5.75%	10.52	%	12/15/2027	9,410	9,250	8,917	1.70	%
Sciens Building Solutions, LLC (Delayed Draw)	(6) (9) (11) (13)	First Lien Term Loan	L + 5.75%	10.52	%	12/15/2027	4,938	1,594	1,377	0.26	%
Total Construction & Building								31,257	30,797	5.87	%


Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Consumer Goods: Durable
Halo Buyer Inc	(6) (15)	First Lien Term Loan	L + 4.50%	8.89	%	6/30/2025	5,728	5,686	5,062	0.97	%
Petmate	(6) (9) (13)	First Lien Term Loan	L + 5.50%	10.27	%	9/15/2028	9,900	9,815	7,951	1.51	%
Xpressmyself.com LLC (a/k/a SmartSign)	(13)	First Lien Term Loan	S + 5.00%	9.59	%	9/7/2028	9,975	9,881	9,881	1.88	%
Total Consumer Goods: Durable								25,382	22,894	4.36	%

Consumer Goods: Non-durable
Arcadia Consumer Health	(6) (9) (13)	First Lien Term Loan	S + 4.75%	9.11	%	9/10/2027	12,733	12,628	12,609	2.40	%
Badger Sportswear Acquisition Inc	(6)	First Lien Term Loan	L + 4.50%	8.89	%	12/24/2023	3,842	3,816	3,746	0.71	%
Elevation Labs	(13)	First Lien Term Loan	S + 5.25%	9.84	%	6/30/2028	6,858	6,793	6,784	1.29	%
Elevation Labs (Delayed Draw)	(11)	First Lien Term Loan	S + 5.25%	9.84	%	6/30/2028	3,125	(29)	(34)	(0.01	%)
FoodScience	(6) (13)	First Lien Term Loan	L + 4.75%	9.52	%	3/1/2027	7,823	7,762	7,055	1.35	%
FoodScience	(6) (13)	First Lien Term Loan	L + 4.75%	9.52	%	3/1/2027	6,951	6,897	6,269	1.20	%
Market Performance Group	(6) (13)	First Lien Term Loan	L + 5.75%	10.52	%	12/29/2026	2,531	2,510	2,531	0.48	%
Market Performance Group	(6) (13)	First Lien Term Loan	L + 5.75%	10.52	%	12/29/2026	7,350	7,324	7,350	1.40	%
Ultima Health Holdings, LLC		Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		3/12/2029	1,708	1,676	1,671	0.32	%
Total Consumer Goods: Non-durable								49,377	47,981	9.14	%

Containers, Packaging & Glass
B2B Packaging	(6) (13)	First Lien Term Loan	S + 6.75%	11.34	%	10/7/2026	12,613	12,571	12,313	2.35	%
B2B Packaging (Delayed Draw)	(13)	First Lien Term Loan	S + 6.75%	11.53	%	10/7/2026	2,232	2,232	2,179	0.41	%
B2B Packaging (Delayed Draw)	(6)	First Lien Term Loan	S + 6.75%	11.34	%	10/7/2026	118	115	115	0.02	%
Five Star Packing	(6) (13)	First Lien Term Loan	S + 4.25%	9.03	%	5/5/2029	7,653	7,545	7,516	1.43	%
Good2Grow	(6) (13)	First Lien Term Loan	L + 4.50%	9.27	%	12/1/2027	9,925	9,842	9,720	1.85	%
Oliver Packaging		Subordinated Debt	N/A


Maryland						84-3613224
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
375 Park Avenue, 9th Floor, New York, NY						10152
(Address of principal executive offices)						(Zip Code)


ý			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


	September 30, 2023		September 30, 2022
Cash and cash equivalents	$	35,971	$	37,514
Restricted cash	50		50
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows	$	36,021	$	37,564