ncdlc-20240331

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.


	March 31, 2024		December 31, 2023

Assets	(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,814,985 and $1,666,169, respectively)	$	1,794,559	$	1,641,686
Cash and cash equivalents	64,146		67,395
Restricted cash	50		50


Interest receivable	16,067		17,674
Receivable for investments sold	422		3,919

Prepaid expenses	118		13
Other assets	$	125	$	127
Total assets	$	1,875,487	$	1,730,864

Liabilities
Secured borrowings (net of $8,286 and $7,941 deferred financing costs, respectively) (See Note 6)	$	817,214	$	943,936
Payable for investments purchased	16,877		—
Interest payable	11,022		9,837
Due to adviser expense support (See Note 5)	—		632

Management fees payable	3,264		3,006
Distributions payable	24,684		22,683
Directors’ fees payable	128		96
Accounts payable and accrued expenses	4,065		2,789
Total liabilities	$	877,254	$	982,979

Commitments and contingencies (See Note 7)

Net Assets: (See Note 8)

Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 54,815,740 and 41,242,105 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	$	548	$	412
Paid-in-capital in excess of par value	1,021,573		776,719
Total distributable earnings (loss)	(23,888)		(29,246)
Total net assets	$	998,233	$	747,885

Total liabilities and net assets	$	1,875,487	$	1,730,864

Net asset value per share (See Note 9)	$	18.21	$	18.13


	Three Months Ended March 31,
		2024		2023
Investment income:
Non-controlled/non-affiliated company investments:
Interest income		$	49,078	$	33,387
Payment-in-kind interest income		1,992		321
Dividend income		308		16
Other income		217		236
Total investment income		51,595		33,960

Expenses:
Interest and debt financing expenses		16,941		12,743
Management fees (See Note 5)		3,264		2,306
Incentive fees on net investment income		4,459		—
Professional fees		710		590
Directors' fees		128		96
Administration fees (See Note 5)		542		309
Other general and administrative expenses		277		171
Total expenses before expense support and Incentive fees waived		26,321		16,215
Expense support (See Note 5)		—		(14)
Incentive fees waived (See Note 5)		(4,459)		—
Net Expenses		21,862		16,201


Net investment income		29,733		17,759

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments		(3,625)		6,481
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments		4,057		(11,137)
Income tax (provision) benefit		(141)		(386)
Total net change in unrealized gain (loss)		3,916		(11,523)
Total net realized and unrealized gain (loss) on investments		291		(5,042)

Net increase (decrease) in net assets resulting from operations		$	30,024	$	12,717

Per share data:
Net investment income per share - basic and diluted		$	0.56	$	0.62
Net increase (decrease) in net assets resulting from operations per share - basic and diluted		$	0.57	$	0.44
Weighted average common shares outstanding - basic and diluted		52,758,353		28,727,285


	Three Months Ended March 31,
		2024		2023
Increase (decrease) in net assets resulting from operations:
Net investment income		$	29,733	$	17,759
Net realized gain (loss) on investments		(3,625)		6,481
Net change in unrealized appreciation (depreciation) on investments		3,916		(11,523)
Net increase (decrease) in net assets resulting from operations		30,024		12,717
Shareholder distributions:
Distributions declared from net investment income		(24,667)		(21,845)
Net increase (decrease) in net assets resulting from shareholder distributions		(24,667)		(21,845)
Capital share transactions:
Issuance of common shares, net		241,657		—
Reinvestment of shareholder distributions, net		3,334		1,715

Net increase (decrease) in net assets resulting from capital share transactions		244,991		1,715
Total increase (decrease) in net assets		250,348		(7,413)
Net assets, at beginning of period		747,885		524,957
Net assets, at end of period		$	998,233	$	517,544

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
	2024		2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	30,024	$	12,717

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments	(204,329)		(99,914)
Proceeds from principal repayments and sales of investments	54,896		39,602
Payment-in-kind interest	(1,992)		(321)
Amortization of premium/accretion of discount, net	(1,016)		(905)
Net realized (gain) loss on investments	3,625		(6,481)
Net change in unrealized (appreciation) depreciation on investments	(4,057)		11,137
Amortization of deferred financing costs	1,296		435
Amortization of offering costs	—		(15)
Changes in operating assets and liabilities:
Due from adviser expense support	—		182
Interest receivable	1,607		(2)
Receivable for investments sold	3,497		98

Prepaid expenses	(105)		(85)
Other assets	2		—
Payable for investments purchased	16,877		—
Interest payable	1,185		1,345
Due to adviser expense support	(632)		(182)

Management fees payable	258		95
Directors’ fees payable	32		—

Accounts payable and accrued expenses	1,276		1,229
Net cash provided by (used in) operating activities	(97,556)		(41,065)

Cash flows from financing activities:

Proceeds from issuance of common shares	241,657		473

Shareholder distributions	(19,332)		(12,610)
Proceeds from secured borrowings	323,000		85,000
Repayments of secured borrowings	(449,377)		(21,500)
Payments of deferred financing costs	(1,641)		—
Net cash provided by (used in) financing activities	94,307		51,363

Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash	(3,249)		10,298
Cash and Cash Equivalents and Restricted Cash, beginning of period	67,445		39,320
Cash and Cash Equivalents and Restricted Cash, end of period	$	64,196	$	49,618

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	14,460	$	10,963
Cash paid during the period for excise taxes	$	6	$	—


Supplemental disclosure of non-cash flow Information:
Reinvestment of shareholder distributions	$	3,334	$	1,730


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) (12) (13)	First Lien Term Loan	S + 4.75%	10.05	%	10/31/2025	$	14,623	$	14,570	$	14,483	1.45	%
AEgis Technologies	(6) (12) (13)	First Lien Term Loan	S + 4.75%	10.05	%	10/31/2025	3,038		3,009		3,009		0.30	%
Arotech	(6) (12)	First Lien Term Loan	S + 6.25%	11.66	%	10/22/2026	9,178		9,109		8,962		0.90	%
Arotech (Delayed Draw)	(6) (12)	First Lien Term Loan	S + 6.25%	11.66	%	10/22/2026	446		445		436		0.04	%
Loc Performance Products	(6)	First Lien Term Loan	S + 5.25%	10.68	%	12/22/2026	6,539		6,489		6,312		0.63	%
Precision Aviation Group	(6) (12) (13)	First Lien Term Loan	S + 5.75%	11.06	%	12/21/2029	15,002		14,714		14,830		1.50	%
Precision Aviation Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.06	%	12/21/2029	4,961		(47)		(57)		(0.01	%)
Turbine Engine Specialist, Inc	(12)	Subordinated Debt	S + 9.50%	14.93	%	3/1/2029	2,550		2,491		2,517		0.25	%
Valkyrie	(12)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,843		2,802		2,773		0.28	%
Total Aerospace & Defense									53,582		53,265		5.34	%

Automotive
Classic Collision (Delayed Draw) (Incremental Tranche A-4)	(11) (12)	First Lien Term Loan	S + 5.75%	10.50	%	1/14/2027	25,202		9,049		8,766		0.88	%
Classic Collision (Delayed Draw) (Incremental)	(6) (12) (13)	First Lien Term Loan	S + 5.75%	10.50	%	1/14/2027	6,923		6,923		6,833		0.68	%
Classic Collision (Incremental)	(6)	First Lien Term Loan	S + 5.75%	10.50	%	1/14/2027	7,731		7,693		7,630		0.76	%
Covercraft	(12)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/20/2028	7,492		7,393		6,932		0.69	%
Covercraft (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		8/20/2027	4,386		—		(328)		(0.03	%)
High Bar Brands	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		6/19/2030	2,088		2,038		2,037		0.20	%
High Bar Brands (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		6/19/2030	596		(7)		(14)		—	%
JEGS Automotive	(6)	First Lien Term Loan	S + 6.00%	11.47	%	12/22/2027	3,978		3,951		2,864		0.29	%
OEP Glass Purchaser	(6) (13)	First Lien Term Loan	S + 5.25%	10.45	%	4/18/2028	12,563		12,472		12,563		1.27	%
Randys Holdings, Inc	(6) (9) (12) (13)	First Lien Term Loan	S + 6.50%	11.81	%	11/1/2028	11,109		10,926		10,975		1.10	%
Randys Holdings, Inc (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.50%	11.81	%	11/1/2028	3,750		450		405		0.04	%
S&S Truck Parts	(6)	First Lien Term Loan	S + 4.75%	10.22	%	3/1/2029	6,841		6,788		6,693		0.67	%
S&S Truck Parts	(6)	First Lien Term Loan	S + 4.75%	10.22	%	3/1/2029	1,156		1,147		1,131		0.11	%
S&S Truck Parts (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 4.75%	10.22	%	3/1/2029	98		—		(2)		—	%


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)

S&S Truck Parts (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 4.75%	10.22	%	3/1/2029	1,720	1,572	1,535	0.15	%
Total Automotive								70,395	68,020	6.81	%

Banking, Finance, Insurance, Real Estate
Coding Solutions Acquisitions	(6) (9)	First Lien Term Loan	S + 5.50%	10.83	%	5/11/2028	6,415	6,368	6,347	0.64	%
Coding Solutions Acquisitions (Delayed Draw)	(6) (9)	First Lien Term Loan	S + 5.50%	10.83	%	5/11/2028	1,961	1,961	1,940	0.19	%
Long Term Care Group	(6) (9) (12)	First Lien Term Loan	S + 1.26%	6.57% (Cash) 6.00% (PIK)		9/8/2027	6,963	6,920	5,762	0.58	%
Patriot Growth Insurance Service (Delayed Draw) (Incremental)	(9) (12)	First Lien Term Loan	S + 5.75%	11.20	%	10/16/2028	7,150	7,096	7,022	0.70	%
Risk Strategies (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 5.75%	10.96	%	11/1/2029	14,831	14,831	14,537	1.46	%
Vensure Employer Services	(6) (13)	First Lien Term Loan	S + 4.75%	10.08	%	3/26/2027	14,619	14,595	14,399	1.44	%
World Insurance Associates	(6) (9) (12)	First Lien Term Loan	S + 6.00%	11.31	%	4/3/2028	14,843	14,832	14,586	1.46	%
Total Banking, Finance, Insurance, Real Estate								66,603	64,593	6.47	%

Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)	(6) (7) (10) (12) (13)	First Lien Term Loan	S + 6.25%	11.31	%	9/25/2029	17,239	16,927	16,911	1.69	%
Bardstown PPC Holdings LLC	(12)	Subordinated Debt	S + 7.75%	13.18	%	8/30/2027	9,300	9,163	9,234	0.93	%
Death Wish Coffee	(6) (9) (13)	First Lien Term Loan	S + 4.75%	10.16	%	9/28/2027	9,775	9,718	9,775	0.98	%
Dessert Holdings	(6) (9) (12)	Subordinated Debt	S + 7.25%	12.69	%	6/8/2029	9,000	8,881	7,938	0.80	%
Fresh Edge	(12)	Subordinated Debt	S + 4.50%	10.07% (Cash) 5.13% (PIK)		4/3/2029	3,904	3,826	3,818	0.38	%
Fresh Edge (Incremental)	(12)	Subordinated Debt	S + 4.50%	9.76% (Cash) 5.13% (PIK)		4/3/2029	922	900	902	0.09	%
Fresh Edge (Incremental)	(12)	Subordinated Debt	S + 4.50%	9.76% (Cash) 5.13% (PIK)		4/3/2029	780	762	762	0.08	%
Handgards	(6) (13)	First Lien Term Loan	S + 7.00%	12.49	%	10/14/2026	14,475	14,339	14,475	1.45	%
KSLB Holdings LLC	(13)	First Lien Term Loan	S + 4.50%	9.96	%	7/30/2025	2,850	2,839	2,736	0.27	%
Palmetto Acquisitionco, Inc.	(6) (12) (13)	First Lien Term Loan	S + 5.75%	11.06	%	9/18/2029	13,281	13,066	13,062	1.31	%
Palmetto Acquisitionco, Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.06	%	9/18/2029	4,839	1,271	1,208	0.12	%
Rise Baking	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.68	%	8/13/2027	14,663	14,530	14,875	1.49	%
Rise Baking (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.68	%	8/13/2027	4,443	4,424	4,413	0.44	%
Summit Hill Foods	(6)	First Lien Term Loan	S + 6.00%	11.34	%	11/29/2029	9,811	9,669	9,669	0.97	%
Sunny Sky Products (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.55	%	12/23/2028	1,773	—	(17)	—	%
Sunny Sky Products	(6) (12) (13)	First Lien Term Loan	S + 5.25%	10.55	%	12/23/2028	7,076	7,010	7,009	0.70	%
Watermill Express (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.21	%	7/5/2029	6,359	6,298	6,300	0.63	%


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)

Watermill Express (Delayed Draw) (Incremental)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.21	%	7/5/2029	3,179	445	416	0.04	%
Watermill Express, LLC	(6) (9) (10)	First Lien Term Loan	S + 5.75%	11.21	%	7/5/2029	3,247	3,228	3,217	0.32	%
Watermill Express, LLC (Delayed Draw)	(6) (9)	First Lien Term Loan	S + 5.75%	11.21	%	7/5/2029	314	314	311	0.03	%
Total Beverage, Food & Tobacco								127,610	127,014	12.72	%

Capital Equipment
Crete Mechanical Group	(6)	First Lien Term Loan	S + 5.00%	10.31	%	5/19/2028	4,810	4,776	4,790	0.48	%
Crete Mechanical Group (Delayed Draw)	(6)	First Lien Term Loan	S + 5.00%	10.31	%	5/19/2028	2,839	2,802	2,827	0.28	%
Crete Mechanical Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.00%	10.31	%	5/19/2028	7,135	6,987	6,957	0.70	%
EFC Holdings, LLC	(12)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)		5/1/2028	3,187	3,108	3158	0.32	%
Heartland Home Services	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.31	%	12/15/2026	6,450	6,416	6,312	0.63	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.31	%	12/15/2026	5,593	5,577	5,473	0.55	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.31	%	12/15/2026	2,565	2,565	2,510	0.25	%
Hyperion	(12) (13) (14)	First Lien Term Loan	S + 4.50%	9.94	%	8/30/2028	2,647	2,644	2,650	0.27	%
MSHC Inc	(6) (9)	First Lien Term Loan	S + 4.00%	9.57	%	10/29/2027	7,979	7,999	7,999	0.80	%
Ovation Holdings, Inc.	(6) (13)	First Lien Term Loan	S + 6.25%	11.71	%	2/5/2029	8,015	7,864	8,007	0.80	%
Ovation Holdings, Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.71	%	2/5/2029	1,895	1,532	1,550	0.16	%
Precision Surfacing	(12)	First Lien Term Loan	N/A	15.00	%	6/26/2024	713	713	713	0.07	%
PT Intermediate Holdings III, LLC	(6) (9) (13)	First Lien Term Loan	S + 5.98%	11.43	%	11/1/2028	8,713	8,692	8,713	0.86	%
PT Intermediate Holdings III, LLC (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.98%	11.43	%	11/1/2028	1,065	1,057	1,065	0.11	%
Repipe Specialists	(12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	2,439	2,401	2,201	0.22	%
Repipe Specialists (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	902	211	123	0.01	%
Rhino Tool House	(6) (12) (13)	First Lien Term Loan	S + 6.25%	11.73	%	4/4/2029	8,031	7,888	8,044	0.81	%
Rhino Tool House (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.73	%	4/4/2029	1,880	1,837	1,848	0.19	%
Total Capital Equipment								75,069	74,940	7.51	%


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)

Chemicals, Plastics, & Rubber
Ascensus Specialties	(6) (9) (13)	First Lien Term Loan	S + 4.35%	9.68	%	6/30/2028	9,706	9,573	8,877	0.89	%
Boulder Scientific Company LLC	(6)	First Lien Term Loan	S + 4.50%	10.48	%	12/28/2025	2,058	2,067	1,999	0.20	%
Chroma Color Corporation (dba Chroma Color)	(6)	First Lien Term Loan	S + 6.00%	11.32	%	4/23/2029	6,298	6,186	6,188	0.62	%
Chroma Color Corporation (dba Chroma Color) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.32	%	4/23/2029	1,379	(12)	(24)	—	%
Spartech	(6) (9) (12) (13)	First Lien Term Loan	S + 4.75%	10.07	%	5/6/2028	14,731	14,667	11,868	1.19	%
Total Chemicals, Plastics, & Rubber								32,481	28,908	2.90	%

Construction & Building
Allstar Holdings	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	2,130	2,068	2,071	0.21	%
Allstar Holdings (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	4,065	2,826	2,769	0.28	%
Allstar Holdings (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	6,188	(85)	(170)	(0.02	%)
Erie Construction	(6) (13)	First Lien Term Loan	S + 4.75%	10.15	%	7/30/2027	10,016	9,951	9,956	1.00	%
Gannett Fleming	(6) (13)	First Lien Term Loan	S + 6.60%	11.90	%	12/20/2028	9,875	9,712	9,888	0.99	%
MEI Rigging & Crating	(6) (12) (13)	First Lien Term Loan	S + 6.50%	11.83	%	6/29/2029	11,402	11,195	11,305	1.12	%
MEI Rigging & Crating (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	11.83	%	6/29/2029	1,814	(8)	(15)	—	%
ICE USA Infrastructure	(10) (12) (13)	First Lien Term Loan	S + 5.75%	11.08	%	3/15/2030	6,605	6,539	6,539	0.66	%
RMA Companies (Delayed Draw)	(12)	First Lien Term Loan	S + 5.75%	11.18	%	12/30/2027	4,616	4,608	4,553	0.46	%
RMA Companies (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.18	%	12/30/2027	3,134	(7)	(43)	—	%
Royal Holdco Corporation (Incremental)	(6) (10)	First Lien Term Loan	S + 5.75%	11.18	%	12/30/2027	3,110	3,069	3,068	0.31	%
Sciens Building Solutions, LLC	(6) (9)	First Lien Term Loan	S + 5.75%	11.18	%	12/15/2027	9,291	9,167	9,200	0.92	%
Sciens Building Solutions, LLC (Delayed Draw)	(6) (9) (11) (12) (13)	First Lien Term Loan	S + 5.75%	11.18	%	12/15/2027	4,907	3,253	3,236	0.32	%
Tencate	(6) (9) (12) (13)	First Lien Term Loan	S + 4.00%	9.31	%	2/21/2031	7,034	6,999	7,001	0.70	%
Tencate (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 4.00%	9.31	%	2/21/2031	1,540	—	(7)	—	%
WSB Engineering Holdings Inc.	(6) (12)	First Lien Term Loan	S + 6.00%	11.34	%	8/31/2029	6,503	6,413	6,412	0.64	%
WSB Engineering Holdings Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.34	%	8/31/2029	4,350	3,013	2,981	0.30	%
Total Construction & Building								78,713	78,744	7.89	%

Consumer Goods: Durable
Halo Buyer Inc	(6) (14)	First Lien Term Loan	S + 4.50%	9.93	%	6/30/2025	5,652	5,631	4,143	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)

SmartSign	(6) (13)	First Lien Term Loan	S + 5.50%	10.93	%	9/7/2028	9,850	9,776	9,742	0.97	%

SmartSign	(6)	First Lien Term Loan	S + 5.75%	11.17	%	9/7/2028	5,012	4,924	5,001	0.50	%
Total Consumer Goods: Durable								20,331	18,886	1.89	%

Consumer Goods: Non-durable
Arcadia Consumer Health	(6) (9) (13)	First Lien Term Loan	S + 4.50%	9.91	%	9/10/2027	12,572	12,496	12,249	1.23	%
Arcadia Consumer Health (Incremental)	(6) (9)	First Lien Term Loan	S + 5.75%	11.16	%	9/10/2027	2,160	2,124	2,181	0.22	%
Elevation Labs	(6) (13)	First Lien Term Loan	S + 5.75%	11.00	%	6/30/2028	6,772	6,720	6,675	0.67	%
Elevation Labs (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.00	%	6/30/2028	3,125	915	893	0.09	%
FoodScience	(6) (12)	First Lien Term Loan	S + 6.00%	11.54	%	3/1/2027	7,724	7,680	7,356	0.74	%
FoodScience	(6) (12)	First Lien Term Loan	S + 6.00%	11.54	%	3/1/2027	6,863	6,815	6,536	0.65	%
Market Performance Group	(6) (13)	First Lien Term Loan	S + 5.25%	10.56	%	1/8/2030	12,620	12,498	12,503	1.25	%
Market Performance Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.56	%	1/8/2030	3,086	—	(29)	—	%
Protective Industrial Products (“PIP”)	(6)	First Lien Term Loan	S + 4.00%	9.44	%	12/29/2027	3,800	3,796	3,797	0.38	%
Protective Industrial Products (“PIP”)	(6) (12)	First Lien Term Loan	S + 5.00%	10.44	%	12/29/2027	4,848	4,682	4,896	0.49	%
Ultima Health Holdings, LLC	(12)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		3/12/2029	1,740	1,713	1,745	0.17	%
Total Consumer Goods: Non-durable								59,439	58,802	5.89	%

Containers, Packaging & Glass
B2B Packaging	(6) (13)	First Lien Term Loan	S + 6.75%	12.21	%	10/7/2026	14,659	14,630	14,276	1.43	%
B2B Packaging (Delayed Draw)	(6)	First Lien Term Loan	S + 6.75%	12.24	%	10/7/2026	116	114	113	0.01	%
Five Star Packing	(6) (13) (14)	First Lien Term Loan	S + 4.25%	9.57	%	5/5/2029	7,557	7,467	7,505	0.75	%
Good2Grow	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.04	%	12/1/2027	6,346	6,260	6,409	0.64	%
Good2Grow	(6) (13)	First Lien Term Loan	S + 4.50%	9.99	%	12/1/2027	9,265	9,205	9,252	0.93	%
Oliver Packaging	(12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		1/6/2029	2,510	2,473	2,378	0.24	%
Online Labels Group	(13)	First Lien Term Loan	S + 5.25%	10.61	%	12/19/2029	3,320	3,289	3,303	0.33	%
Online Labels Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.61	%	12/19/2029	403	—	(2)	—	%
Online Labels Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.61	%	12/19/2029	403	—	(2)	—	%
Proampac	(9) (12) (13)	First Lien Term Loan	S + 4.00%	9.30%		9/15/2028	4,514	4,514	4,545	0.46	%
Specialized Packaging Group	(6) (7) (10) (13)	First Lien Term Loan	S + 5.50%	11.04	%	12/17/2025	2,975	2,962	2,929	0.29	%


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)

Specialized Packaging Group	(6) (7) (10) (13)	First Lien Term Loan	S + 5.50%	11.04	%	12/17/2025	7,256	7,221	7,143	0.71	%
Specialized Packaging Group (Incremental)	(7) (10) (13)	First Lien Term Loan	S + 6.25%	11.79	%	12/17/2025	4,398	4,350	4,381	0.44	%
Specialized Packaging Group (Incremental)	(6) (7) (10) (12) (13)	First Lien Term Loan	S + 6.25%	11.79	%	12/17/2025	6,877	6,793	6,850	0.69	%
Total Containers, Packaging & Glass								69,278	69,080	6.92	%

Energy: Electricity
MGM Transformer Company	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.33	%	10/31/2029	23,553	23,217	23,403	2.33	%
MGM Transformer Company (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.33	%	10/31/2029	6,388	(15)	(41)	—	%
National Power	(6) (12)	First Lien Term Loan	S + 6.00%	11.34	%	10/22/2029	5,660	5,578	5,579	0.56	%
National Power (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.34	%	10/22/2029	3,051	(7)	(44)	—	%
Total Energy: Electricity								28,773	28,897	2.89	%

Environmental Industries
Contract Land Staff	(12) (13)	First Lien Term Loan	S + 5.00%	10.31	%	3/27/2030	7,564	7,488	7,488	0.75	%
Contract Land Staff (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.00%	10.31	%	3/27/2030	3,025	(8)	(30)	—	%
Impact Environmental Group	(6) (12)	First Lien Term Loan	S + 6.00%	11.41	%	3/23/2029	6,759	6,638	6,771	0.68	%
Impact Environmental Group (Delayed Draw)	(12)	First Lien Term Loan	S + 6.00%	11.41	%	3/23/2029	3,158	3,143	3,163	0.32	%
Impact Environmental Group (Incremental)	(12)	First Lien Term Loan	S + 6.00%	11.41	%	3/23/2029	1,732	1,700	1,735	0.17	%
Impact Environmental Group (Delayed Draw) (Incremental)	(11) (12)	First Lien Term Loan	S + 6.00%	11.41	%	3/23/2029	6,815	2,693	2,734	0.27	%
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)	(6)	First Lien Term Loan	S + 5.25%	10.66	%	8/31/2028	6,631	6,582	6,386	0.64	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)	(6) (12)	First Lien Term Loan	S + 6.25%	11.56	%	7/3/2029	8,529	8,409	8,412	0.84	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.56	%	7/3/2029	6,429	1,100	1,026	0.10	%
The Facilities Group	(6) (9)	First Lien Term Loan	S + 5.75%	11.16	%	11/30/2027	4,859	4,830	4,859	0.49	%
The Facilities Group (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.15	%	11/30/2027	5,028	167	167	0.02	%


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)

The Facilities Group	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.15	%	11/30/2027	9,026	8,944	9,026	0.91	%
The Facilities Group (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 5.75%	11.16	%	11/30/2027	4,939	4,939	4,939	0.49	%
Total Environmental Industries								56,625	56,676	5.68	%

Healthcare & Pharmaceuticals
Affinity Hospice	(6) (12)	First Lien Term Loan	S + 4.75%	10.15	%	12/17/2027	7,852	7,800	6,583	0.66	%
Anne Arundel	(12) (16)	Subordinated Debt	N/A	12.75% (PIK)		10/16/2026	3,282	3,252	713	0.07	%
Anne Arundel	(12) (16)	Subordinated Debt	N/A	11.00% (PIK)		4/16/2026	1,972	1,959	894	0.09	%
Anne Arundel (Delayed Draw)	(11) (12) (16)	Subordinated Debt	N/A	11.00% (PIK)		4/16/2026	2,396	2,023	719	0.07	%
Forefront Dermatology	(6) (9) (14)	First Lien Term Loan	S + 4.25%	9.56	%	3/30/2029	3,306	3,262	3,236	0.32	%
Genesee Scientific	(6) (9)	First Lien Term Loan	S + 5.50%	10.93	%	9/30/2027	5,943	5,909	5,756	0.58	%
Genesee Scientific (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.50%	10.93	%	9/30/2027	1,556	1,556	1,507	0.15	%
GHR Healthcare	(6) (9)	First Lien Term Loan	S + 5.00%	10.46	%	12/9/2027	6,385	6,345	6,251	0.63	%
GHR Healthcare (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.00%	10.46	%	12/9/2027	1,997	1,997	1,955	0.20	%
GHR Healthcare (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.00%	10.46	%	12/9/2027	4,970	4,896	4,866	0.49	%
Health Management Associates	(6) (12) (13)	First Lien Term Loan	S + 6.25%	11.69	%	3/30/2029	8,285	8,139	8,262	0.83	%
Health Management Associates (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.69	%	3/30/2029	1,498	444	468	0.05	%
Heartland Veterinary Partners LLC (Incremental)	(12)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		12/10/2027	1,900	1,875	1,853	0.19	%
Heartland Veterinary Partners (Delayed Draw) (Incremental)	(11) (12)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		12/10/2027	3,600	—	(90)	(0.01	%)
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental)	(12)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		12/10/2027	9,500	9,500	9,263	0.93	%
HemaSource Inc.	(12)	Subordinated Debt	N/A	8.50% (Cash) 5.00% (PIK)		2/28/2030	5,292	5,158	5,154	0.52	%
InfuCare RX	(6) (12) (13)	First Lien Term Loan	S + 4.50%	9.91	%	1/4/2028	9,248	9,186	9,226	0.92	%
MDC Intermediate Holdings II, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	1,759	1,722	1,701	0.17	%
MDC Intermediate Holdings II, LLC (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	723	462	445	0.04	%
Midwest Eye Consultants	(6) (13)	First Lien Term Loan	S + 4.50%	9.96	%	8/20/2027	8,998	8,945	8,936	0.90	%
PromptCare	(6) (9)	First Lien Term Loan	S + 6.00%	11.45	%	9/1/2027	8,183	8,110	8,087	0.81	%
PromptCare (Delayed Draw)	(6) (9)	First Lien Term Loan	S + 6.00%	11.45	%	9/1/2027	1,275	1,269	1,260	0.13	%
Quorum Health Resources, LLC	(6) (13)	First Lien Term Loan	S + 5.75%	11.29	%	5/28/2027	7,660	7,610	7,500	0.75	%
Quorum Health Resources, LLC (Delayed Draw) (Incremental)	(6) (10)	First Lien Term Loan	S + 6.25%	11.68	%	5/28/2027	3,240	3,232	3,215	0.32	%
Quorum Health Resources, LLC (Incremental)	(6) (10) (13)	First Lien Term Loan	S + 6.25%	11.68	%	5/28/2027	3,240	3,195	3,215	0.32	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.28	%	9/19/2028	8,625	8,414	8,543	0.86	%


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))	(12) (13)	First Lien Term Loan	S + 6.00%	11.27	%	9/19/2028	9,994	9,806	9,899	0.99	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)	(6) (13)	First Lien Term Loan	S + 5.75%	11.18	%	10/5/2029	7,455	7,392	7,367	0.74	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.18	%	10/5/2029	2,439	1,554	1,525	0.15	%
SM Wellness Holdings, Inc	(6) (12) (13)	First Lien Term Loan	S + 4.50%	10.07	%	4/17/2028	14,627	14,542	14,149	1.42	%
Southern Veterinary Partners	(9)	First Lien Term Loan	S + 4.00%	9.44	%	10/5/2027	2,118	2,113	2,113	0.21	%
Team Services Group	(6)	First Lien Term Loan	S + 5.00%	10.58%		12/20/2027	6,650	6,617	6,620	0.66	%
Thorne HealthTech	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.06	%	10/16/2030	10,625	10,525	10,522	1.05	%
TIDI Products	(6) (9) (12) (13)	First Lien Term Loan	S + 5.50%	10.83	%	12/19/2029	15,484	15,337	15,427	1.55	%
TIDI Products (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.83	%	12/19/2029	4,085	—	(15)	—	%
US Fertility	(12)	Subordinated Debt	N/A	13.75% (PIK)		6/21/2028	12,831	12,543	12,652	1.27	%
Wellspring Pharmaceutical	(6)	First Lien Term Loan	S + 5.75%	11.03	%	8/22/2028	3,370	3,317	3,317	0.33	%
Wellspring Pharmaceutical (Delayed Draw)	(12)	First Lien Term Loan	S + 5.75%	11.03	%	8/22/2028	1,567	1,558	1,543	0.15	%
Wellspring Pharmaceutical (Delayed Draw) (Incremental)	(11) (12)	First Lien Term Loan	S + 6.00%	11.33	%	8/22/2028	3,756	(15)	(26)	—	%
Wellspring Pharmaceutical (Incremental)	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.33	%	8/22/2028	1,243	1,221	1,234	0.12	%
Young Innovations	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.07	%	12/3/2029	16,510	16,354	16,352	1.63	%
Young Innovations (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.07	%	12/3/2029	3,448	—	(33)	—	%
Total Healthcare & Pharmaceuticals								219,124	212,164	21.26	%

High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)	(6) (12)	First Lien Term Loan	S + 6.00%	11.31	%	6/13/2029	8,001	7,856	7,934	0.79	%
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.31	%	6/13/2029	3,225	(14)	(27)	—	%
Ahead Data Blue LLC	(6)	First Lien Term Loan	S + 4.25%	9.56	%	2/1/2031	5,118	5,069	5,069	0.51	%
Argano, LLC	(6)	First Lien Term Loan	S + 6.00%	11.68	%	6/10/2026	5,619	5,591	5,551	0.56	%
Argano, LLC (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 6.00%	11.68	%	6/10/2026	2,488	2,489	2,459	0.25	%
Argano, LLC (Delayed Draw) (Incremental)	(6)	First Lien Term Loan	S + 6.00%	11.68	%	6/10/2026	1,700	1,674	1,680	0.17	%
Diligent Corporation	(6) (9)	First Lien Term Loan	S + 6.25%	11.71	%	8/4/2025	12,437	12,422	12,422	1.24	%
Diligent Corporation	(6) (9) (12) (13)	First Lien Term Loan	S + 5.75%	11.21	%	8/4/2025	3,378	3,366	3,353	0.34	%
Diligent Corporation	(9) (12)	First Lien Term Loan	S + 5.75%	11.21	%	8/4/2025	1,472	1,467	1,461	0.15	%
Diligent Corporation (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.71	%	8/4/2025	167	167	167	0.02	%
Diligent Corporation (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.71	%	8/4/2025	106	106	105	0.01	%


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)

Eliassen Group LLC	(6) (9) (13)	First Lien Term Loan	S + 5.50%	10.81	%	4/14/2028	12,039	11,950	12,054	1.21	%
Eliassen Group LLC (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.81	%	4/14/2028	2,769	862	870	0.09	%
Evergreen Services Group II	(6) (9) (12) (13)	First Lien Term Loan	S + 6.25%	11.31	%	10/4/2030	16,115	15,884	16,067	1.60	%
Evergreen Services Group II (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.25%	11.31	%	10/4/2030	13,014	11,863	11,853	1.19	%
Exterro	(6) (13)	First Lien Term Loan	S + 5.50%	10.99	%	6/1/2027	9,474	9,470	9,590	0.96	%
Fineline Merger	(12)	Subordinated Debt	S + 9.26%	14.31	%	8/19/2028	2,453	2,430	2,453	0.25	%
Go Engineer	(6) (9) (13)	First Lien Term Loan	S + 5.38%	10.83	%	12/21/2027	11,543	11,466	11,491	1.15	%
Go Engineer (Delayed Draw)	(6) (9)	First Lien Term Loan	S + 5.38%	10.83	%	12/21/2027	3,144	3,123	3,129	0.31	%
Infinite Electronics (Incremental)	(6) (9)	First Lien Term Loan	S + 6.25%	11.83	%	3/2/2028	6,297	6,144	6,096	0.61	%
Infobase Acquisition, Inc.	(6)	First Lien Term Loan	S + 5.50%	10.98	%	6/14/2028	4,320	4,288	4,310	0.43	%
ITSavvy LLC	(6)	First Lien Term Loan	S + 5.25%	10.89	%	8/8/2028	7,774	7,715	7,774	0.77	%
ITSavvy LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.89	%	8/8/2028	1,049	884	891	0.09	%
North Haven CS Acquisition Inc	(6)	First Lien Term Loan	S + 5.50%	10.97	%	1/23/2025	5,769	5,769	5,742	0.58	%
North Haven CS Acquisition Inc (Incremental)	(12) (13)	First Lien Term Loan	S + 5.50%	10.97	%	1/22/2027	22,355	22,135	22,251	2.23	%
Prosci, Inc.	(6)	First Lien Term Loan	S + 4.50%	9.93	%	10/21/2026	4,733	4,707	4,733	0.47	%
Quickbase	(12) (13)	First Lien Term Loan	S + 4.00%	9.30	%	10/2/2028	6,353	6,322	6,322	0.63	%
Revalize (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.21	%	4/15/2027	4,232	4,222	4,002	0.40	%
Revalize (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 5.75%	11.21	%	4/15/2027	1,087	1,080	1,028	0.10	%
Revalize (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.75%	11.21	%	4/15/2027	244	243	231	0.02	%
SmartWave	(6) (12)	First Lien Term Loan	S + 6.00%	11.46	%	11/5/2026	9,190	9,128	7,599	0.76	%
Solve Industrial Motion Group	(12)	Subordinated Debt	N/A	5.00% (Cash) 8.00% (PIK)		6/30/2028	1,823	1,798	1,735	0.17	%
Solve Industrial Motion Group	(12)	Subordinated Debt	N/A	5.00% (Cash) 8.00% (PIK)		6/30/2028	779	767	755	0.08	%
Solve Industrial Motion Group (Delayed Draw)	(12)	Subordinated Debt	N/A	5.00% (Cash) 8.00% (PIK)		6/30/2028	2,088	2,088	1,987	0.20	%
Velosio	(6) (9) (13)	First Lien Term Loan	S + 5.25%	10.58	%	3/1/2030	6,248	6,187	6,187	0.62	%
Velosio (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.25%	10.58	%	3/1/2030	1,284	—	(12)	—	%
Total High Tech Industries								190,718	189,312	18.96	%

Media: Advertising, Printing & Publishing
Tinuiti	(6) (9)	First Lien Term Loan	S + 5.25%	10.65	%	12/10/2026	2,940	2,922	2,842	0.28	%
Tinuiti (Delayed Draw)	(6) (9)	First Lien Term Loan	S + 5.25%	10.65	%	12/10/2026	1,922	1,921	1,857	0.19	%
Tinuiti (Delayed Draw) (Incremental)	(6) (9) (12)	First Lien Term Loan	S + 5.25%	10.65	%	12/10/2026	9,838	9,838	9,509	0.95	%
Wpromote	(6) (13)	First Lien Term Loan	S + 5.75%	11.18	%	10/23/2028	4,368	4,297	4,373	0.44	%


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)

Wpromote (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.18	%	10/23/2028	588	(3)	1	—	%
Total Media: Advertising, Printing & Publishing								18,975	18,582	1.86	%

Media: Diversified & Production
Corporate Visions	(6)	First Lien Term Loan	S + 4.50%	9.93	%	8/12/2027	2,879	2,862	2,635	0.26	%
Corporate Visions	(6)	First Lien Term Loan	S + 4.50%	9.93	%	8/12/2027	2,531	2,505	2,316	0.23	%
Spectrio II	(6) (9) (12) (13)	First Lien Term Loan	S + 6.00%	6.50% (Cash) 5.00% (PIK)		12/9/2026	8,225	8,187	7,608	0.77	%
Spectrio II (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 6.00%	6.33% (Cash) 5.00% (PIK)		12/9/2026	2,922	2,905	2,703	0.27	%
Spectrio II (Delayed Draw)	(9) (13)	First Lien Term Loan	S + 6.00%	6.33% (Cash) 5.00% (PIK)		12/9/2026	446	444	410	0.04	%
Total Media: Diversified & Production								16,903	15,672	1.57	%

Retail
Syndigo	(6)	First Lien Term Loan	S + 4.50%	9.94	%	12/15/2027	5,820	5,834	5,789	0.59	%
Total Retail								5,834	5,789	0.59	%

Services: Business
ALKU Intermediate Holdings, LLC	(12) (13)	First Lien Term Loan	S + 6.25%	11.58	%	5/23/2029	4,508	4,428	4,553	0.46	%
Apex Companies Holdings, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		1/31/2029	3,989	3,908	3,979	0.40	%
Apex Companies Holdings, LLC (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		1/31/2029	1,085	71	80	0.01	%
Aramsco	(6) (9)	First Lien Term Loan	S + 4.75%	10.06	%	10/10/2030	1,703	1,703	1,703	0.17	%
Aramsco (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 4.75%	10.06	%	10/10/2030	297	—	—	—	%
ARMstrong	(6) (12) (13)	First Lien Term Loan	S + 6.25%	11.66	%	10/8/2029	11,418	11,256	11,371	1.13	%
ARMstrong (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.66	%	10/8/2029	3,847	(27)	(16)	—	%
Big Truck Rental	(12)	Subordinated Debt	S + 8.00%	13.44	%	9/30/2027	10,000	9,869	10,000	1.00	%
Big Truck Rental	(12)	Subordinated Debt	S + 8.00%	13.44	%	9/30/2027	2,500	2,500	2,500	0.25	%
Bounteous	(6) (12) (13)	First Lien Term Loan	S + 5.25%	10.69	%	8/2/2027	5,334	5,299	5,307	0.53	%
Bounteous	(6) (12)	First Lien Term Loan	S + 5.25%	10.69	%	8/2/2027	2,183	2,169	2,172	0.22	%
Bounteous (Delayed Draw)	(6) (12)	First Lien Term Loan	S + 5.25%	10.69	%	8/2/2027	2,761	2,745	2,746	0.28	%
Bounteous (Delayed Draw)	(12)	First Lien Term Loan	S + 5.25%	10.69	%	8/2/2027	3,567	3,567	3,549	0.36	%
BroadcastMed Holdco, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	3,615	3,560	3,475	0.35	%
Bullhorn Inc	(6) (9) (12) (13)	First Lien Term Loan	S + 5.50%	10.93	%	9/30/2026	13,671	13,585	13,671	1.36	%
BusinesSolver	(6) (9)	First Lien Term Loan	S + 5.50%	10.91	%	12/1/2027	7,721	7,671	7,721	0.77	%


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)

BusinesSolver (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.91	%	12/1/2027	1,149	272	276	0.03	%
Career Now	(12)	Subordinated Debt	N/A	13.00% (PIK)		3/30/2027	3,393	3,355	2,313	0.23	%
Cornerstone Advisors of Arizona LLC	(6)	First Lien Term Loan	S + 5.50%	10.83	%	9/24/2026	308	306	308	0.03	%
Cornerstone Advisors of Arizona LLC	(6)	First Lien Term Loan	S + 5.50%	10.83	%	9/24/2026	2,289	2,279	2,289	0.23	%
Cornerstone Advisors of Arizona LLC (Delayed Draw)	(6) (10)	First Lien Term Loan	S + 5.50%	10.83	%	9/24/2026	210	209	210	0.02	%
Cornerstone Advisors of Arizona LLC (Incremental)	(6)	First Lien Term Loan	S + 5.50%	10.89	%	9/24/2026	3,449	3,415	3,449	0.35	%
CrossCountry Consulting	(6) (9)	First Lien Term Loan	S + 5.75%	11.17	%	6/1/2029	8,154	8,023	8,235	0.82	%
CrossCountry Consulting (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.17	%	6/1/2029	3,320	(25)	33	—	%
D&H United Fueling Solutions	(6) (13)	First Lien Term Loan	S + 6.00%	10.98	%	9/15/2028	7,472	7,356	7,309	0.73	%
D&H United Fueling Solutions (Delayed Draw)	(6)	First Lien Term Loan	S + 6.00%	10.98	%	9/15/2028	2,378	2,360	2,326	0.23	%
D&H United Fueling Solutions (Delayed Draw) (Incremental)	(11) (12)	First Lien Term Loan	S + 6.00%	11.46	%	9/15/2028	1,567	167	167	0.02	%
D&H United Fueling Solutions (Incremental)	(6) (13)	First Lien Term Loan	S + 6.00%	11.46	%	9/15/2028	3,457	3,395	3,441	0.34	%
E78	(6)	First Lien Term Loan	S + 5.50%	10.93	%	12/1/2027	5,586	5,549	5,573	0.56	%
E78	(13)	First Lien Term Loan	S + 5.75%	10.93	%	12/1/2027	1,434	1,424	1,431	0.14	%
E78 (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.50%	10.93	%	12/1/2027	4,200	4,172	4,190	0.42	%
E78 (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	10.93	%	12/1/2027	3,547	977	969	0.10	%
Evergreen Services Group	(6) (9) (12) (13)	First Lien Term Loan	S + 6.25%	11.66	%	6/15/2029	11,936	11,743	11,773	1.17	%
Evergreen Services Group (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.66	%	6/15/2029	2,856	2,833	2,817	0.28	%
Gabriel Partners LLC	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.74	%	9/21/2026	9,168	9,125	9,168	0.92	%
Gabriel Partners LLC (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.74	%	9/21/2026	1,527	1,527	1,527	0.15	%
Gabriel Partners LLC (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.74	%	9/21/2026	3,784	3,764	3,784	0.38	%
HireRight	(12) (13)	First Lien Term Loan	S + 4.00%	9.33	%	9/27/2030	6,754	6,686	6,687	0.67	%
Image First	(6) (12) (13)	First Lien Term Loan	S + 4.25%	9.57	%	4/27/2028	7,668	7,650	7,649	0.77	%
Image First (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 4.25%	9.57	%	4/27/2028	143	—	—	—	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC)	(6) (9) (12) (13)	First Lien Term Loan	S + 6.25%	11.56	%	8/1/2029	9,643	9,507	9,605	0.96	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.25%	11.56	%	8/1/2029	9,311	1,177	1,162	0.12	%
KRIV Acquisition, Inc	(6) (12) (13)	First Lien Term Loan	S + 6.50%	11.80	%	7/6/2029	10,737	10,459	10,439	1.05	%
KRIV Acquisition, Inc (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	11.80	%	7/6/2029	1,607	(18)	(45)	—	%
Lion Merger Sub Inc	(9) (13)	First Lien Term Loan	S + 6.00%	11.41	%	12/17/2025	7,323	7,293	7,295	0.73	%


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)

Lion Merger Sub Inc (Incremental)	(9) (12) (13)	First Lien Term Loan	S + 6.00%	11.41	%	12/17/2025	7,298	7,241	7,270	0.73	%
LSCS Holdings Inc.	(6) (13) (14)	First Lien Term Loan	S + 4.50%	9.94	%	12/16/2028	9,775	9,742	9,650	0.97	%
Lynx Franchising, LLC	(6) (9)	First Lien Term Loan	S + 6.75%	12.23	%	12/23/2026	9,775	9,700	9,759	0.98	%
Micronics	(12)	Subordinated Debt	S + 5.25%	10.84	%	2/17/2027	2,450	2,405	2,405	0.24	%
Output Services Group, Inc.	(10) (12)	First Lien Term Loan	S + 8.00%	13.29	%	5/30/2028	155	155	155	0.02	%
Output Services Group, Inc.	(12)	First Lien Term Loan	S + 6.25%	7.22% (Cash) 4.75% (PIK)		11/30/2028	837	837	837	0.08	%
Phaidon International	(6) (7) (10) (12) (13)	First Lien Term Loan	S + 5.50%	10.93	%	8/22/2029	13,823	13,715	13,660	1.36	%
Plaze	(12)	Subordinated Debt	S + 7.50%	12.94	%	7/7/2028	13,500	13,218	12,574	1.26	%
Propark Mobility	(6)	First Lien Term Loan	S + 6.25%	11.40	%	1/31/2029	6,806	6,694	6,816	0.68	%
Propark Mobility (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.40	%	1/31/2029	3,122	1,274	1,329	0.13	%
Scaled Agile	(6) (9)	First Lien Term Loan	S + 5.50%	10.91	%	12/15/2028	7,915	7,858	7,461	0.75	%
Scaled Agile (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.50%	10.91	%	12/15/2028	389	389	367	0.04	%
Smile Brands	(12)	Subordinated Debt	S + 8.50%	14.95% (PIK)		4/12/2026	10,325	10,255	8,763	0.88	%
Soliant Health	(6)	First Lien Term Loan	S + 4.00%	9.44	%	3/31/2028	5,353	5,350	5,370	0.54	%
System One	(6) (9) (12)	First Lien Term Loan	S + 4.00%	9.46	%	3/2/2028	2,253	2,250	2,249	0.23	%
Technical Safety Services	(6)	First Lien Term Loan	S + 5.50%	10.95	%	6/22/2029	6,755	6,701	6,755	0.68	%
Technical Safety Services (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.50%	10.95	%	6/22/2029	6,394	3,982	4,051	0.41	%
Technical Safety Services (Incremental)	(6) (12)	First Lien Term Loan	S + 5.50%	10.95	%	6/22/2029	1,885	1,859	1,885	0.19	%
TouchTunes Interactive	(6) (13)	First Lien Term Loan	S + 5.00%	10.30	%	4/2/2029	9,850	9,772	9,899	0.99	%
Trilon Group, LLC	(13)	First Lien Term Loan	S + 6.25%	11.71	%	5/25/2029	2,970	2,951	2,941	0.29	%
Trilon Group, LLC	(6) (13)	First Lien Term Loan	S + 6.00%	11.71	%	5/25/2029	7,388	7,328	7,315	0.73	%
Trilon Group, LLC	(12) (13)	First Lien Term Loan	S + 6.25%	11.72	%	5/25/2029	3,724	3,654	3,687	0.37	%
Trilon Group, LLC (Delayed Draw)	(12)	First Lien Term Loan	S + 6.00%	11.71	%	5/25/2029	7,406	7,406	7,333	0.73	%
Trilon Group, LLC (Delayed Draw)	(12)	First Lien Term Loan	S + 6.25%	11.71	%	5/25/2029	1,980	1,980	1,960	0.20	%
Trilon Group, LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.72	%	5/25/2029	6,373	4,469	4,436	0.44	%
Vistage	(6) (9)	First Lien Term Loan	S + 4.75%	10.05	%	7/13/2029	6,982	6,948	6,947	0.70	%
Vital Records Control	(6) (9)	First Lien Term Loan	S + 5.50%	11.07	%	6/29/2027	4,571	4,536	4,542	0.46	%
Vital Records Control	(6) (9)	First Lien Term Loan	S + 5.75%	11.07	%	6/29/2027	333	330	333	0.03	%
Total Services: Business								340,283	337,940	33.85	%

Services: Consumer
360 Training	(13)	First Lien Term Loan	S + 5.00%	10.33	%	8/2/2028	3,465	3,431	3,431	0.34	%
360 Training (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.00%	10.33	%	8/2/2028	3,093	—	(30)	—	%
All My Sons	(6)	First Lien Term Loan	S + 4.75%	10.31	%	10/25/2028	5,247	5,210	5,247	0.53	%
COP Exterminators Acquisition, Inc.	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	847	825	825	0.08	%


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)

COP Exterminators Acquisition, Inc. (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	652	535	526	0.05	%
Excel Fitness	(6) (13)	First Lien Term Loan	S + 5.25%	10.70	%	4/27/2029	9,850	9,757	9,689	0.97	%
Fairway Lawns	(12)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	2,766	2,701	2,695	0.27	%
Fairway Lawns (Delayed Draw)	(12)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	5,944	5,944	5,794	0.58	%
Legacy Service Partners, LLC (“LSP”)	(6) (12) (13)	First Lien Term Loan	S + 6.50%	11.96	%	1/9/2029	10,136	9,965	10,237	1.02	%
Legacy Service Partners, LLC (“LSP”) (Delayed Draw)	(12)	First Lien Term Loan	S + 6.50%	11.96	%	1/9/2029	4,724	4,704	4,771	0.48	%
Liberty Buyer	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.18	%	6/15/2028	3,919	3,890	3,926	0.39	%
Liberty Buyer (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.18	%	6/15/2028	743	295	296	0.03	%
NearU	(6) (9) (12) (13)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	8,452	8,452	7,895	0.79	%
NearU (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	1,577	—	(104)	(0.01	%)
NearU (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	1,714	—	(113)	(0.01	%)
NJEye LLC	(6)	First Lien Term Loan	S + 4.75%	10.17	%	3/14/2025	5,326	5,321	5,306	0.53	%
NJEye LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 4.75%	10.17	%	3/14/2025	698	698	695	0.07	%
NJEye LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 4.75%	10.17	%	9/14/2024	1,373	884	879	0.09	%
NJEye LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 4.75%	10.44	%	9/14/2024	888	888	885	0.09	%
North Haven Spartan US Holdco LLC	(6)	First Lien Term Loan	S + 6.25%	11.57	%	6/8/2026	2,496	2,495	2,466	0.25	%
North Haven Spartan US Holdco LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 6.25%	11.57	%	6/8/2026	216	216	214	0.02	%
North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental)	(11) (13)	First Lien Term Loan	S + 6.25%	11.57	%	6/8/2026	3,260	(8)	(40)	—	%
One World Fitness PFF LLC	(6)	First Lien Term Loan	S + 5.25%	10.66% (Cash) 1.00% (PIK)		11/26/2025	3,874	3,875	3,686	0.37	%
Perennial Services, Group, LLC	(6)	First Lien Term Loan	S + 6.00%	11.44	%	9/7/2029	6,716	6,624	6,688	0.67	%
Perennial Services, Group, LLC (Delayed Draw)	(6) (12)	First Lien Term Loan	S + 6.00%	11.44	%	9/7/2029	6,010	5,997	5,985	0.60	%
Wrench Group	(9) (13)	First Lien Term Loan	S + 4.00%	9.57	%	10/30/2028	4,500	4,490	4,491	0.45	%
Total Services: Consumer								87,189	86,340	8.65	%

Sovereign & Public Finance
LMI Renaissance	(6) (12) (13)	First Lien Term Loan	S + 5.50%	10.84	%	7/18/2028	12,224	12,125	12,174	1.22	%
Total Sovereign & Public Finance								12,125	12,174	1.22	%


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)

Telecommunications
BCM One	(6)	First Lien Term Loan	S + 4.50%	9.92	%	11/17/2027	5,942	5,942	5,918	0.59	%
BCM One (Delayed Draw)	(6)	First Lien Term Loan	S + 4.50%	9.92	%	11/17/2027	1,822	1,822	1,815	0.18	%
MBS Holdings, Inc.	(6) (9)	First Lien Term Loan	S + 6.25%	11.68	%	4/16/2027	1,823	1,795	1,833	0.18	%
Mobile Communications America Inc	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.31	%	10/16/2029	18,459	18,196	18,229	1.84	%
Mobile Communications America Inc (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.31	%	10/16/2029	5,970	(42)	(74)	(0.01	%)
Momentum Telecom II	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.18	%	4/16/2027	10,028	9,973	9,950	1.00	%
Momentum Telecom II (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	11.93	%	4/16/2027	1,311	1,289	1,326	0.13	%
Sapphire Telecom Inc	(6) (9)	First Lien Term Loan	S + 6.00%	11.47	%	11/20/2025	6,633	6,613	6,633	0.66	%
Tyto Athene, LLC	(6) (12)	First Lien Term Loan	S + 5.50%	10.98	%	4/3/2028	7,157	7,108	6,610	0.66	%
Total Telecommunications								52,696	52,240	5.23	%

Transportation: Cargo
AIT Logistics	(6) (14)	First Lien Term Loan	S + 4.75%	10.17	%	4/6/2028	1,281	1,280	1,286	0.13	%
FSK Pallet Holding Corp. (DBA Kamps Pallets)	(6) (13)	First Lien Term Loan	S + 6.00%	11.46	%	12/23/2026	9,850	9,713	9,500	0.94	%
Kenco Group, Inc.	(6) (13)	First Lien Term Loan	S + 5.00%	10.29	%	11/15/2029	8,476	8,334	8,476	0.85	%
Kenco Group, Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.00%	10.29	%	11/15/2029	1,416	(23)	—	—	%
Quantix (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	12.23	%	8/3/2026	257	256	251	0.03	%
Quantix (Incremental)	(6) (9)	First Lien Term Loan	S + 6.00%	11.73	%	8/3/2026	892	889	870	0.09	%
Quantix (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	12.23	%	8/3/2026	180	180	176	0.02	%
Quantix (Incremental)	(6) (9)	First Lien Term Loan	S + 6.50%	12.23	%	8/3/2026	4,356	4,341	4,247	0.43	%
Quantix (Incremental)	(9) (13)	First Lien Term Loan	S + 6.50%	11.90	%	8/3/2026	1,355	1,342	1,321	0.13	%
RoadOne	(12)	Subordinated Debt	N/A	8.75% (Cash) 5.00% (PIK)		6/30/2029	4,759	4,642	4,637	0.46	%
RoadOne (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	8.75% (Cash) 5.00% (PIK)		6/30/2029	1,397	(17)	(36)	—	%
SEKO Global Logistics	(12)	Subordinated Debt	S + 5.00%	10.50% (Cash) 4.50% (PIK)		6/30/2027	5,905	5,835	5,288	0.53	%
SEKO Global Logistics	(12)	Subordinated Debt	S + 5.00%	10.50% (Cash) 4.50% (PIK)		6/30/2027	4,098	4,046	3,670	0.37	%
SEKO Global Logistics	(6)	First Lien Term Loan	S + 5.00%	10.46	%	12/30/2026	1,122	1,116	1,045	0.10	%
SEKO Global Logistics (Delayed Draw)	(12)	Subordinated Debt	S + 5.00%	10.50% (Cash) 4.50% (PIK)		6/30/2027	923	923	826	0.08	%
SEKO Global Logistics (Delayed Draw) (Incremental)	(6) (12)	First Lien Term Loan	S + 5.00%	10.46	%	12/30/2026	4,473	4,473	4,164	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)

SEKO Global Logistics (Incremental)	(6)	First Lien Term Loan	S + 5.00%	10.46	%	12/30/2026	1,513	1,503	1,409	0.14	%
TI ACQUISITION NC LLC	(6)	First Lien Term Loan	S + 4.75%	10.04	%	3/19/2027	2,773	2,715	2,666	0.27	%
Worldwide Express	(6) (14)	First Lien Term Loan	S + 4.00%	9.57	%	7/26/2028	2,494	2,457	2,485	0.25	%
Total Transportation: Cargo								54,005	52,281	5.24	%

Transportation: Consumer
Alternative Logistics Technologies Buyer, LLC	(6) (9) (12) (13)	First Lien Term Loan	S + 5.50%	10.83	%	2/14/2031	10,640	10,539	10,538	1.06	%
Alternative Logistics Technologies Buyer, LLC (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.83	%	2/14/2031	3,040	—	(29)	—	%
American Student Transportaton Partners, Inc	(12)	Subordinated Debt	N/A	6.00% (Cash) 8.50% (PIK)		9/11/2029	2,125	2,073	2,033	0.20	%
Total Transportation: Consumer								12,612	12,542	1.26	%

Utilities: Electric
DMC HoldCo LLC (DMC Power)	(6)	First Lien Term Loan	S + 6.00%	11.31	%	7/13/2029	4,988	4,918	4,969	0.50	%
DMC HoldCo LLC (DMC Power) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.31	%	7/13/2029	1,671	(4)	(6)	—	%
Pinnacle Supply Partners, LLC	(6)	First Lien Term Loan	S + 6.25%	11.68	%	4/3/2030	6,316	6,203	6,273	0.62	%
Pinnacle Supply Partners, LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.68	%	4/3/2030	3,636	(28)	(25)	—	%
TPC Wire & Cable	(12)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		2/16/2028	2,244	2,225	2,204	0.22	%
TPC Wire & Cable (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		2/16/2028	918	916	901	0.09	%
TPC Wire & Cable Corp (Delayed Draw) (Incremental)	(11) (12)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		2/16/2028	1,714	—	(30)	—	%
Total Utilities: Electric								14,230	14,286	1.43	%

Utilities: Water
USA Water	(6) (12)	First Lien Term Loan	S + 4.75%	10.06	%	2/21/2031	7,897	7,822	7,821	0.78	%
USA Water (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 4.75%	10.06	%	2/21/2031	3,037	—	(29)	—	%
Total Utilities: Water								7,822	7,792	0.78	%

Wholesale
Industrial Service Group	(6)	First Lien Term Loan	S + 6.25%	11.56	%	12/7/2028	6,509	6,400	6,550	0.66	%
Industrial Service Group (Delayed Draw)	(6) (12)	First Lien Term Loan	S + 6.25%	11.56	%	12/7/2028	3,389	3,375	3,410	0.34	%
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)	(6) (13)	First Lien Term Loan	S + 6.50%	11.96	%	1/19/2029	7,941	7,809	7,952	0.79	%


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)

INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	11.96	%	1/19/2029	1,979	(32)	3	—	%
Total Wholesale								17,552	17,915	1.79	%

Total Debt Investments								1,788,967	1,762,854	176.60	%


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

Equity Investments
Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialist, Inc)	(8) (12) (15)	Class A-1 Units	9/1/2023	1,530,000	1,530	1,859	0.19	%
Total Aerospace & Defense					1,530	1,859	0.19	%

Automotive
Covercraft	(8) (12)	LP Interests	8/20/2021	768	768	330	0.03	%
High Bar Brands	(8) (10) (12)	Class A Units	12/19/2023	303,000	303	294	0.03	%
S&S Truck Parts	(8) (12)	Partnership Units	3/1/2022	4	378	288	0.03	%
S&S Truck Parts	(8) (12)	Common Units	8/1/2022	78,541	79	60	0.01	%
Total Automotive					1,528	972	0.10	%

Beverage, Food & Tobacco
Bardstown PPC Holdings LLC	(8) (10) (12)	Common Units	7/13/2022	14,777	1,860	2,207	0.22	%
Fresh Edge - Common	(8) (12)	Class B Common Units	10/3/2022	682	3	46	—	%
Fresh Edge - Preferred	(8) (12)	Class A Preferred Units	10/3/2022	682	682	790	0.08	%
Tech24	(8) (12)	Company Unit	10/5/2023	954	954	983	0.10	%
Total Beverage, Food & Tobacco					3,499	4,026	0.40	%

Capital Equipment
Crete Mechanical Group	(8) (12)	Equity Co-Investment	5/7/2022	23	230	616	0.06	%
EFC Holdings, LLC	(8) (10) (12)	Class A Common Units	2/28/2023	148	60	120	0.01	%
EFC Holdings, LLC	(8) (10) (12)	Series A Preferred Units	2/28/2023	148	148	161	0.02	%


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Precision Surfacing - Common	(8) (10) (12)	Common Units	10/3/2022	3,750,000	3,750	7,126	0.71	%
Repipe Specialists	(8) (12)	Purchased Units	3/18/2022	239	239	3	—	%
Total Capital Equipment					4,427	8,026	0.80	%

Construction & Building
Erie Construction	(8) (12)	Common Units	7/27/2021	166	166	521	0.05	%
Gannett Fleming	(8) (12)	Series F Units	5/26/2023	569,505	570	830	0.08	%
Gannett Fleming	(8) (12) (15)	Limited Partnership Interests	12/20/2022	424,742	425	619	0.06	%
Total Construction & Building					1,161	1,970	0.19	%

Consumer Goods: Non-durable
FoodScience	(8) (12)	Class B Units	3/1/2021	5,168	5	—	—	%
FoodScience	(8) (12)	Class A Units	3/1/2021	98	98	80	0.01	%
Ultima Health Holdings, LLC	(8) (12)	Preferred Units	9/12/2022	15	170	182	0.02	%
Total Consumer Goods: Non-durable					273	262	0.03	%

Containers, Packaging & Glass
Oliver Packaging	(8) (12)	Class A Common Units	7/6/2022	10,230	1,023	606	0.06	%
Specialized Packaging Group	(7) (8) (10) (12)	Class A Units	12/17/2020	147,708	148	177	0.02	%
Total Containers, Packaging & Glass					1,171	783	0.08	%

Healthcare & Pharmaceuticals
AG MDC Holdings, Inc	(8) (10) (12)	Class A2 Units	2/7/2023	245	245	204	0.02	%
Anne Arundel	(8) (12)	AA Equity Co-Invest	9/14/2023	12,175	880	—	—	%
Health Management Associates	(8) (12)	Class A Common Units	3/31/2023	399,904	400	489	0.05	%
REP HS Topco Holdings (HemaSource Inc.)	(8) (12)	LP Interests	8/31/2023	577,000	577	652	0.06	%
Total Healthcare & Pharmaceuticals					2,102	1,345	0.13	%

High Tech Industries
ITSavvy LLC	(8) (12)	Class A Common Units	8/8/2022	522	522	1,377	0.14	%
Solve Industrial Motion Group	(8) (12)	LP Interests	6/30/2021	313	313	183	0.02	%
Total High Tech Industries					835	1,560	0.16	%

Services: Business


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Apex Companies Holdings, LLC	(8) (10) (12)	Class A Membership Interests	1/31/2023	1,173	117	127	0.01	%
BroadcastMed Holdco, LLC	(8) (12)	Series A-3 Preferred Units	10/4/2022	56,899	853	790	0.08	%
Career Now	(8) (12)	Series B Limited Partnership Units	10/14/2023	222	22	—	—	%
Career Now	(8) (12)	Common Equity	9/30/2021	624	624	—	—	%
E78	(8) (12)	Class A Common Units	12/1/2021	816	860	894	0.09	%
KRIV Acquisition, Inc	(8) (12)	Class A Units	7/17/2023	790	790	734	0.07	%
Output Services Group, Inc.	(8) (10) (12)	Class A Units	11/30/2023	47,021	833	908	0.09	%
Total Services: Business					4,099	3,453	0.34	%

Services: Consumer
COP Exterminators Investment, LLC	(8) (12)	Class A Units	7/31/2023	997,000	1,117	1,201	0.12	%
Legacy Service Partners, LLC (“LSP”)	(8) (12)	Class B Units	1/9/2023	4,907	491	597	0.06	%
NearU	(8) (9) (12)	Limited Partnership Interests	8/8/2022	2,432	243	159	0.02	%
Perennial Services Investors LLC	(8) (10) (12)	Class A Units	9/8/2023	7,784	778	1,095	0.11	%
Total Services: Consumer					2,629	3,052	0.31	%

Sovereign & Public Finance
LMI Renaissance	(8) (12)	Limited Partnership Interests	7/18/2022	633,980	634	1,421	0.14	%
Total Sovereign & Public Finance					634	1,421	0.14	%

Transportation: Cargo
RoadOne - Common	(8) (12)	Partnership Units	12/29/2022	1,173,220	939	1,471	0.15	%
SEKO Global Logistics	(8) (12)	Equity Co-Invest	12/30/2020	671,203	332	681	0.07	%
Total Transportation: Cargo					1,271	2,152	0.22	%

(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.

(13)Denotes that all or a portion of the assets are owned by SPV IV and/or SPV V (each as defined in Note 1 "Organization"). SPV IV 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 IV. Accordingly, such assets are not available to other creditors of the Company. SPV V 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 V. 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) (12) (13)	First Lien Term Loan	S + 6.50%	12.04	%	10/31/2025	$	14,657	$	14,592	$	14,311	1.91	%
Arotech	(6) (12)	First Lien Term Loan	S + 6.25%	11.70	%	10/22/2026	9,202		9,127		8,945		1.20	%
Arotech (Delayed Draw)	(6) (12) (13)	First Lien Term Loan	S + 6.25%	11.70	%	10/22/2026	448		446		435		0.06	%
Loc Performance Products	(6) (12)	First Lien Term Loan	S + 5.25%	10.71	%	12/22/2026	6,557		6,502		6,270		0.84	%
Precision Aviation Group	(6) (12) (13)	First Lien Term Loan	S + 5.75%	11.12	%	12/21/2029	15,039		14,740		14,740		1.97	%
Precision Aviation Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.12	%	12/21/2029	4,961		(49)		(99)		(0.01	%)
Turbine Engine Specialist, Inc	(12)	Subordinated Debt	S + 9.50%	14.96	%	3/1/2029	2,556		2,494		2,509		0.33	%
Valkyrie	(12)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,836		2,792		2,740		0.37	%
Total Aerospace & Defense									50,644		49,851		6.67	%

Automotive
American Auto Auction Group	(6) (12)	First Lien Term Loan	S + 5.00%	10.50	%	12/30/2027	10,520		10,443		10,266		1.37	%
Classic Collision (Delayed Draw) (Incremental Tranche A-4)	(11) (12)	First Lien Term Loan	S + 5.75%	11.29	%	1/14/2026	25,225		3,304		3,016		0.40	%
Classic Collision (Delayed Draw) (Incremental)	(6) (12) (13)	First Lien Term Loan	S + 5.75%	11.29	%	1/14/2026	6,941		6,941		6,847		0.92	%
Classic Collision (Incremental)	(6) (12)	First Lien Term Loan	S + 5.75%	11.29	%	1/14/2026	7,751		7,707		7,646		1.02	%
Collision Right	(6) (12) (13)	First Lien Term Loan	S + 5.25%	10.50	%	4/14/2028	5,294		5,269		5,282		0.71	%
Collision Right	(12)	Subordinated Debt	N/A	9.00% (Cash) 3.75% (PIK)		10/14/2028	1,411		1,380		1,371		0.18	%
Collision Right (Delayed Draw)	(12)	Subordinated Debt	N/A	9.00% (Cash) 3.75% (PIK)		10/14/2028	996		985		968		0.13	%
Covercraft	(12)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/20/2028	7,478		7,373		6,892		0.92	%
Covercraft (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 0.75% (PIK)		2/20/2028	4,386		—		(344)		(0.04	%)
High Bar Brands	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		6/19/2030	2,088		2,035		2,036		0.27	%
High Bar Brands (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		6/19/2030	596		(7)		(15)		—	%
JEGS Automotive	(6)	First Lien Term Loan	S + 6.00%	11.46	%	12/22/2027	3,999		3,970		3,381		0.45	%


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)

OEP Glass Purchaser	(6) (12) (13)	First Lien Term Loan	S + 5.25%	10.55	%	4/18/2028	12,563	12,467	12,508	1.67	%
Randys Holdings, Inc	(6) (9) (12) (13)	First Lien Term Loan	S + 6.50%	11.88	%	11/1/2028	11,138	10,943	10,997	1.47	%
Randys Holdings, Inc (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.50%	11.88	%	11/1/2028	3,750	—	(47)	(0.01	%)
S&S Truck Parts	(6)	First Lien Term Loan	S + 5.00%	10.19	%	3/1/2029	6,858	6,803	6,779	0.91	%
S&S Truck Parts	(13)	First Lien Term Loan	S + 5.00%	10.19	%	3/1/2029	1,159	1,150	1,146	0.15	%
S&S Truck Parts (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.00%	10.19	%	3/1/2029	98	—	(1)	—	%
S&S Truck Parts (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.00%	10.19	%	3/1/2029	1,724	1,576	1,556	0.21	%
Total Automotive								82,339	80,284	10.73	%

Banking, Finance, Insurance, Real Estate
Coding Solutions Acquisitions	(6) (9)	First Lien Term Loan	S + 5.75%	11.11	%	5/11/2028	6,432	6,380	6,304	0.84	%
Coding Solutions Acquisitions (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.75%	11.11	%	5/11/2028	1,966	1,966	1,927	0.26	%
Long Term Care Group	(6) (9) (12)	First Lien Term Loan	S + 1.00%	6.66% (Cash) 6.00% (PIK)		9/8/2027	6,858	6,812	5,916	0.79	%
Patriot Growth Insurance Service (Delayed Draw) (Incremental)	(9) (12)	First Lien Term Loan	S + 5.75%	11.25	%	10/14/2028	7,166	7,109	7,003	0.94	%
Risk Strategies (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.50%	11.00	%	11/2/2026	14,869	14,869	14,606	1.95	%
Vensure Employer Services	(6) (13)	First Lien Term Loan	S + 4.75%	10.12	%	3/26/2027	14,656	14,628	14,326	1.92	%
World Insurance Associates (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 6.00%	11.35	%	4/3/2028	14,881	14,869	14,841	1.98	%
Total Banking, Finance, Insurance, Real Estate								66,633	64,923	8.68	%

Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)	(6) (7) (10) (12) (13)	First Lien Term Loan	S + 6.25%	11.60	%	9/25/2029	17,282	16,958	16,940	2.27	%
Bardstown PPC Holdings LLC	(12)	Subordinated Debt	S + 7.75%	13.18	%	8/28/2027	9,300	9,154	9,154	1.22	%
Death Wish Coffee	(6) (9) (13)	First Lien Term Loan	S + 4.75%	10.20	%	9/28/2027	9,800	9,739	9,800	1.31	%
Dessert Holdings		Subordinated Debt	S + 7.25%	12.72	%	6/10/2029	9,000	8,874	7,628	1.02	%
Fresh Edge	(12)	Subordinated Debt	S + 4.50%	10.07% (Cash) 5.13% (PIK)		4/3/2029	3,853	3,772	3,765	0.50	%


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)

Fresh Edge (Incremental)	(12)	Subordinated Debt	S + 4.50%	9.98% (Cash) 5.13% (PIK)		4/3/2029	914	891	893	0.12	%
Fresh Edge (Incremental)	(12)	Subordinated Debt	S + 4.50%	9.76% (Cash) 5.13% (PIK)		4/3/2029	769	752	752	0.10	%
Handgards	(6) (13)	First Lien Term Loan	S + 7.00%	12.54	%	10/14/2026	14,513	14,364	14,513	1.94	%
Harvest Hill Beverage Company	(12)	Subordinated Debt	S + 9.00%	14.46	%	2/28/2029	3,640	3,540	3,573	0.48	%
KSLB Holdings LLC	(13)	First Lien Term Loan	S + 4.50%	10.03	%	7/30/2025	2,858	2,844	2,712	0.36	%
Palmetto Acquisitionco, Inc.	(6) (12) (13)	First Lien Term Loan	S + 5.75%	11.10	%	9/18/2029	13,314	13,091	13,085	1.74	%
Palmetto Acquisitionco, Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.10	%	9/18/2029	4,842	1,169	1,103	0.15	%
Rise Baking	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.71	%	8/13/2027	14,700	14,554	14,852	1.99	%
Rise Baking (Delayed Draw)	(9) (12)	First Lien Term Loan	S +5.50%	10.96	%	8/13/2027	4,454	4,432	4,400	0.59	%
Summit Hill Foods	(6)	First Lien Term Loan	S + 6.00%	11.39	%	11/29/2029	9,835	9,689	9,690	1.30	%
Sunny Sky Products (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.60	%	12/23/2028	1,773	—	(17)	—	%
Sunny Sky Products	(12) (13)	First Lien Term Loan	S + 5.25%	10.60	%	12/23/2028	7,093	7,025	7,026	0.94	%
Watermill Express, LLC	(6) (9)	First Lien Term Loan	S + 5.00%	10.50	%	4/20/2027	3,256	3,236	3,241	0.43	%
Watermill Express, LLC (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.00%	10.50	%	4/20/2027	314	315	313	0.04	%
Total Beverage, Food & Tobacco								124,399	123,423	16.50	%

Capital Equipment
Crete Mechanical Group	(6)	First Lien Term Loan	S +5.00%	10.37	%	5/19/2028	4,823	4,785	4,708	0.63	%
Crete Mechanical Group (Delayed Draw)	(6)	First Lien Term Loan	S +5.00%	10.37	%	5/19/2028	2,846	2,807	2,778	0.37	%
Crete Mechanical Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S +5.00%	10.37	%	5/19/2028	7,153	5,710	5,539	0.74	%
EFC Holdings, LLC	(12)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)		5/1/2028	3,167	3,083	3,137	0.42	%
Heartland Home Services	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.36	%	12/15/2026	6,467	6,428	6,382	0.85	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.36	%	12/15/2026	5,608	5,589	5,533	0.74	%
Heartland Home Services (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.36	%	12/15/2026	2,571	2,571	2,537	0.34	%
Ovation Holdings, Inc.	(6) (13)	First Lien Term Loan	S +6.25%	11.78	%	2/3/2029	8,035	7,876	7,949	1.06	%
Ovation Holdings, Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.78	%	2/3/2029	1,899	1,535	1,536	0.21	%
Precision Surfacing	(12)	First Lien Term Loan	N/A	15.00	%	6/30/2024	713	713	713	0.09	%
PT Intermediate Holdings III, LLC	(6) (9) (13)	First Lien Term Loan	S + 5.98%	11.52	%	11/1/2028	8,735	8,711	8,664	1.16	%


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)

PT Intermediate Holdings III, LLC (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 5.98%	11.47	%	11/1/2028	1,068	1,059	1,059	0.14	%
Repipe Specialists	(12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	2,433	2,393	2,207	0.30	%
Repipe Specialists (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	901	210	126	0.01	%
RTH Buyer LLC (dba Rhino Tool House)	(12) (13)	First Lien Term Loan	S + 6.25%	11.97	%	4/4/2029	8,052	7,902	7,986	1.07	%
RTH Buyer LLC (dba Rhino Tool House) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.97	%	4/4/2029	1,885	956	949	0.13	%
Total Capital Equipment								62,328	61,803	8.26	%

Chemicals, Plastics, & Rubber
Ascensus	(12) (15)	Subordinated Debt	S + 6.50%	12.18	%	8/2/2029	9,000	8,935	8,691	1.16	%
Ascensus Specialties	(6) (9) (13)	First Lien Term Loan	S + 4.25%	9.71	%	6/30/2028	9,731	9,589	8,776	1.17	%
Boulder Scientific Company LLC	(6)	First Lien Term Loan	S + 4.50%	10.04	%	12/28/2025	2,064	2,073	1,996	0.27	%
Chroma Color Corporation (dba Chroma Color)	(6) (13)	First Lien Term Loan	S + 6.00%	11.41	%	4/21/2029	6,314	6,197	6,199	0.83	%
Chroma Color Corporation (dba Chroma Color) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.41	%	4/21/2029	1,379	(12)	(25)	—	%
Spartech	(6) (9) (12) (13)	First Lien Term Loan	S + 4.75%	10.16	%	5/6/2028	14,768	14,699	11,898	1.59	%
Total Chemicals, Plastics, & Rubber								41,481	37,535	5.02	%

Construction & Building
Allstar Holdings	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	2,114	2,053	2,054	0.27	%
Allstar Holdings (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	4,043	2,803	2,745	0.37	%
Allstar Holdings (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	6,188	(88)	(175)	(0.02	%)
Erie Construction	(6) (13)	First Lien Term Loan	S + 4.75%	10.21	%	7/30/2027	10,153	10,083	10,153	1.36	%
Gannett Fleming	(6) (13)	First Lien Term Loan	S + 6.60%	11.95	%	12/20/2028	9,900	9,730	9,913	1.32	%
MEI Rigging & Crating	(6) (12) (13)	First Lien Term Loan	S + 6.50%	11.86	%	6/30/2029	11,431	11,212	11,329	1.51	%
MEI Rigging & Crating (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	11.86	%	6/30/2029	1,814	(8)	(16)	—	%
Royal Holdco Corporation (Delayed Draw A)	(11) (12)	First Lien Term Loan	S + 5.75%	11.21	%	12/30/2027	4,690	4,303	4,246	0.57	%
Royal Holdco Corporation (Delayed Draw B)	(11) (12)	First Lien Term Loan	S + 5.75%	11.21	%	12/30/2027	3,134	(7)	(45)	(0.01	%)


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)

Royal Holdco Corporation (Incremental)	(10) (12) (13)	First Lien Term Loan	S + 5.75%	11.21	%	12/30/2027	3,118	3,074	3,073	0.41	%
Sciens Building Solutions, LLC	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.23	%	12/15/2027	9,315	9,183	9,128	1.22	%
Sciens Building Solutions, LLC (Delayed Draw)	(6) (9) (11) (12) (13)	First Lien Term Loan	S + 5.75%	11.23	%	12/15/2027	4,915	3,259	3,193	0.43	%
WSB Engineering Holdings Inc.	(12) (13)	First Lien Term Loan	S + 6.00%	11.39	%	8/31/2029	6,519	6,426	6,424	0.86	%
WSB Engineering Holdings Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.39	%	8/31/2029	4,357	(31)	(64)	(0.01	%)
Total Construction & Building								61,992	61,958	8.28	%

Consumer Goods: Durable
Halo Buyer Inc	(6) (15)	First Lien Term Loan	S + 4.50%	9.96	%	6/28/2025	5,668	5,641	4,284	0.57	%
Petmate	(6) (9) (12)	First Lien Term Loan	S + 5.50%	11.23	%	9/15/2028	9,825	9,753	5,846	0.78	%
Xpressmyself.com LLC (a/k/a SmartSign)	(6) (13)	First Lien Term Loan	S + 5.50%	10.98	%	9/7/2028	9,875	9,796	9,701	1.30	%
Xpressmyself.com LLC (a/k/a SmartSign)	(6)	First Lien Term Loan	S + 5.75%	11.22	%	9/7/2028	5,025	4,932	4,983	0.67	%
Total Consumer Goods: Durable								30,122	24,814	3.32	%

Consumer Goods: Non-durable
Arcadia Consumer Health	(6) (9) (13)	First Lien Term Loan	S + 4.50%	9.98	%	9/10/2027	12,604	12,522	12,192	1.63	%
Arcadia Consumer Health (Incremental)	(9) (12) (13)	First Lien Term Loan	S + 5.75%	11.23	%	9/10/2027	2,256	2,216	2,251	0.30	%
Badger Sportswear Acquisition Inc	(6)	First Lien Term Loan	S + 4.50%	10.03	%	1/7/2024	3,800	3,800	3,800	0.51	%
FoodScience	(6) (12)	First Lien Term Loan	S + 6.00%	11.73	%	3/1/2027	7,744	7,696	7,081	0.95	%
FoodScience	(6) (12)	First Lien Term Loan	S + 6.00%	12.23	%	3/1/2027	6,880	6,831	6,291	0.84	%
Protective Industrial Products (“PIP”)	(6) (9) (12) (13)	First Lien Term Loan	S + 5.00%	10.47	%	12/29/2027	4,860	4,684	4,909	0.66	%
Elevation Labs	(6) (13)	First Lien Term Loan	S + 5.75%	11.23	%	6/30/2028	6,789	6,733	6,335	0.85	%
Elevation Labs (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.23	%	6/30/2028	3,125	(24)	(209)	(0.03	%)
Market Performance Group	(6) (13)	First Lien Term Loan	S + 5.50%	11.03	%	12/29/2026	2,505	2,489	2,505	0.33	%
Market Performance Group	(6) (13)	First Lien Term Loan	S + 5.50%	11.03	%	12/29/2026	7,275	7,256	7,275	0.97	%


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)

Ultima Health Holdings, LLC	(12)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)		3/12/2029	1,734	1,706	1,704	0.23	%
Total Consumer Goods: Non-durable								55,909	54,134	7.24	%

Containers, Packaging & Glass
B2B Packaging	(6) (13)	First Lien Term Loan	S + 6.75%	12.28	%	10/7/2026	14,696	14,663	14,398	1.93	%
B2B Packaging (Delayed Draw)	(6)	First Lien Term Loan	S + 6.75%	12.29	%	10/7/2026	116	114	114	0.02	%
Five Star Packing	(6) (13) (15)	First Lien Term Loan	S + 4.25%	9.63	%	5/6/2029	7,576	7,482	7,482	1.00	%
Good2Grow	(12) (13)	First Lien Term Loan	S + 5.50%	11.04	%	12/1/2027	6,362	6,270	6,362	0.85	%
Good2Grow	(6) (13)	First Lien Term Loan	S + 4.50%	10.04	%	12/1/2027	9,265	9,201	9,137	1.22	%
Oliver Packaging	(12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		1/6/2029	2,510	2,471	2,377	0.32	%
Online Labels Group	(13)	First Lien Term Loan	S + 5.25%	10.61	%	12/19/2029	3,328	3,295	3,296	0.44	%
Online Labels Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.61	%	12/19/2029	403	—	(4)	—	%
Online Labels Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.61	%	12/19/2029	403	—	(4)	—	%
Specialized Packaging Group	(6) (7) (10) (13)	First Lien Term Loan	S + 5.50%	11.23	%	12/17/2025	2,983	2,968	2,921	0.39	%
Specialized Packaging Group	(6) (7) (10) (13)	First Lien Term Loan	S + 5.50%	11.23	%	12/17/2025	7,275	7,236	7,123	0.95	%
Specialized Packaging Group (Incremental)	(7) (10) (13)	First Lien Term Loan	S + 6.25%	11.98	%	12/17/2025	4,409	4,354	4,375	0.58	%
Specialized Packaging Group (Incremental)	(7) (10) (12) (13)	First Lien Term Loan	S + 6.25%	11.78	%	12/17/2025	6,894	6,798	6,751	0.90	%
Total Containers, Packaging & Glass								64,852	64,328	8.60	%

Energy: Electricity
MGM Transformer Company (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.38	%	10/31/2029	6,388	(16)	(92)	(0.01	%)
MGM Transformer Company	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.38	%	10/31/2029	23,612	23,259	23,271	3.11	%
National Power	(12) (13)	First Lien Term Loan	S + 6.00%	11.36	%	10/20/2029	5,674	5,589	5,593	0.75	%
National Power (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.36	%	10/20/2029	3,051	(7)	(44)	(0.01	%)
Total Energy: Electricity								28,825	28,728	3.84	%

Environmental Industries
Impact Environmental Group	(12) (13)	First Lien Term Loan	S + 6.00%	11.28	%	3/23/2029	6,776	6,650	6,721	0.90	%


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)

Impact Environmental Group (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.28	%	3/23/2029	3,166	2,770	2,759	0.37	%
Impact Environmental Group (Incremental)	(12)	First Lien Term Loan	S + 6.00%	11.28	%	3/23/2029	1,736	1,703	1,722	0.23	%
Impact Environmental Group (Delayed Draw) (Incremental)	(11) (12)	First Lien Term Loan	S + 6.00%	11.28	%	3/23/2029	6,822	(32)	(55)	(0.01	%)
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)	(6) (13)	First Lien Term Loan	S + 5.25%	10.73	%	8/31/2028	6,648	6,596	6,518	0.87	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)	(6) (12) (13)	First Lien Term Loan	S + 6.25%	11.65	%	7/1/2029	8,550	8,426	8,429	1.13	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.65	%	7/1/2029	6,429	(15)	(91)	(0.01	%)
The Facilities Group	(6) (9)	First Lien Term Loan	S + 5.75%	11.23	%	11/30/2027	4,872	4,840	4,847	0.64	%
The Facilities Group (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.22	%	11/30/2027	5,028	—	(25)	—	%
The Facilities Group	(9) (13)	First Lien Term Loan	S + 5.75%	11.22	%	11/30/2027	9,051	8,963	9,006	1.20	%
The Facilities Group (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 5.75%	11.22	%	11/30/2027	4,952	4,952	4,927	0.66	%
Total Environmental Industries								44,853	44,758	5.98	%

Healthcare & Pharmaceuticals
Affinity Hospice	(6) (12)	First Lien Term Loan	S + 4.75%	10.20	%	12/17/2027	7,872	7,817	7,048	0.94	%
Anne Arundel	(12)	Subordinated Debt	N/A	12.75% (PIK)		10/16/2026	3,282	3,247	2,656	0.36	%
Anne Arundel	(12)	Subordinated Debt	N/A	11.00% (PIK)		4/16/2026	1,972	1,957	1,776	0.24	%
Anne Arundel (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	11.00% (PIK)		4/16/2026	2,396	2,022	1,790	0.24	%
Forefront Dermatology	(6) (9) (12) (15)	First Lien Term Loan	S + 4.25%	9.63	%	4/1/2029	3,315	3,268	3,215	0.43	%
Genesee Scientific	(6) (9)	First Lien Term Loan	S + 5.50%	10.95	%	9/30/2027	5,959	5,922	5,839	0.78	%
Genesee Scientific (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.50%	10.95	%	9/30/2027	1,560	1,560	1,528	0.20	%
GHR Healthcare	(6) (9)	First Lien Term Loan	S + 5.00%	10.50	%	12/8/2027	6,401	6,359	6,255	0.84	%
GHR Healthcare (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.00%	10.50	%	12/9/2027	2,002	2,002	1,957	0.26	%
GHR Healthcare (Incremental)	(13)	First Lien Term Loan	S + 5.00%	10.50	%	12/9/2027	4,983	4,904	4,869	0.65	%
Health Management Associates	(12) (13)	First Lien Term Loan	S + 6.50%	11.73	%	3/31/2029	8,307	8,154	8,233	1.10	%
Health Management Associates (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	11.73	%	3/31/2029	1,499	444	460	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)

Heartland Veterinary Partners LLC (Incremental)	(12)	Subordinated Debt	S + 7.50%	12.96	%	12/10/2027	1,900	1,872	1,875	0.25	%
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)	(12)	Subordinated Debt	S +7.50%	12.96	%	12/10/2027	9,500	9,500	9,377	1.25	%
HemaSource Inc.	(12)	Subordinated Debt	N/A	8.50% (Cash) 5.00% (PIK)		2/28/2030	5,292	5,153	5,147	0.69	%
InfuCare RX	(6) (12) (13)	First Lien Term Loan	S + 4.50%	9.95	%	1/4/2028	9,248	9,182	9,045	1.21	%
MDC Intermediate Holdings II, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	1,749	1,711	1,690	0.23	%
MDC Intermediate Holdings II, LLC (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 2.25% (PIK)		2/7/2030	721	160	143	0.02	%
Midwest Eye Consultants	(6) (13)	First Lien Term Loan	S + 4.50%	10.04	%	8/20/2027	9,021	8,962	8,790	1.18	%
PromptCare	(6) (9) (13)	First Lien Term Loan	S + 6.00%	11.46	%	9/1/2027	8,204	8,121	8,079	1.08	%
PromptCare (Delayed Draw)	(6) (9) (12) (13)	First Lien Term Loan	S + 6.00%	11.46	%	9/1/2027	1,278	1,271	1,258	0.17	%
Quorum Health Resources, LLC	(6) (13)	First Lien Term Loan	S + 5.75%	11.50	%	5/28/2027	7,680	7,627	7,552	1.01	%
Quorum Health Resources, LLC (Delayed Draw) (Incremental)	(6) (10) (12)	First Lien Term Loan	S + 6.25%	11.68	%	5/28/2027	3,248	3,240	3,240	0.43	%
Quorum Health Resources, LLC (Incremental)	(10) (12) (13)	First Lien Term Loan	S + 6.25%	11.68	%	5/28/2027	3,248	3,201	3,240	0.43	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.28	%	9/19/2028	8,958	8,729	8,854	1.18	%
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental)	(12) (13)	First Lien Term Loan	S + 6.00%	11.52	%	9/19/2028	10,122	9,924	10,004	1.34	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)	(6) (13)	First Lien Term Loan	S + 5.75%	11.21	%	10/7/2029	7,474	7,408	7,382	0.99	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.21	%	10/7/2029	2,443	1,558	1,528	0.21	%
SM Wellness Holdings, Inc	(6) (12) (13)	First Lien Term Loan	S + 4.75%	10.14	%	4/15/2028	14,665	14,573	14,187	1.90	%
Thorne HealthTech	(6) (12) (13)	First Lien Term Loan	S + 5.75%	11.10	%	10/16/2030	10,652	10,549	10,553	1.41	%
TIDI Products	(6) (9) (12) (13)	First Lien Term Loan	S + 5.50%	10.86	%	12/19/2029	15,523	15,368	15,369	2.05	%
TIDI Products (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.86	%	12/19/2029	4,085	—	(40)	(0.01	%)
US Fertility	(12)	Subordinated Debt	N/A	13.75% (PIK)		6/21/2028	12,391	12,084	12,066	1.61	%
Wellspring Pharmaceutical	(13)	First Lien Term Loan	S + 5.75%	11.03	%	8/22/2028	3,378	3,323	3,298	0.44	%
Wellspring Pharmaceutical (Delayed Draw)	(12)	First Lien Term Loan	S + 5.75%	11.03	%	8/22/2028	1,571	1,561	1,534	0.21	%


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)

Wellspring Pharmaceutical (Delayed Draw) (Incremental)	(11) (12)	First Lien Term Loan	S + 6.00%	11.18	%	8/22/2028	3,756	(16)	(55)	(0.01	%)
Wellspring Pharmaceutical (Incremental)	(12) (13)	First Lien Term Loan	S + 6.00%	11.18	%	8/22/2028	1,246	1,223	1,228	0.16	%
Young Innovations (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.09	%	12/1/2029	3,448	—	(34)	—	%
Young Innovations	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.09	%	12/1/2029	16,552	16,386	16,391	2.19	%
Total Healthcare & Pharmaceuticals								210,326	207,327	27.72	%

High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)	(6) (12) (13)	First Lien Term Loan	S + 6.00%	11.35	%	6/13/2029	8,021	7,870	7,951	1.06	%
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.00%	11.35	%	6/13/2029	3,225	(15)	(28)	—	%
Argano, LLC	(6)	First Lien Term Loan	S + 5.50%	11.69	%	6/10/2026	5,634	5,602	5,510	0.74	%
Argano, LLC (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.50%	11.69	%	6/10/2026	2,494	2,494	2,440	0.33	%
Argano, LLC (Delayed Draw) (Incremental)	(6)	First Lien Term Loan	S + 5.50%	11.69	%	6/10/2026	1,705	1,676	1,667	0.22	%
Diligent Corporation	(6) (9) (12)	First Lien Term Loan	S + 6.25%	11.78	%	7/31/2025	12,469	12,451	12,366	1.65	%
Diligent Corporation	(9) (12) (13)	First Lien Term Loan	S + 5.75%	11.28	%	7/31/2025	3,387	3,372	3,334	0.45	%
Diligent Corporation	(9) (12)	First Lien Term Loan	S + 5.75%	11.28	%	8/4/2025	1,476	1,469	1,453	0.19	%
Diligent Corporation (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.78	%	7/31/2025	168	168	166	0.02	%
Diligent Corporation (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.78	%	7/31/2025	106	106	105	0.01	%
Eliassen Group LLC	(6) (9) (12) (13)	First Lien Term Loan	S + 5.50%	10.85	%	4/14/2028	12,069	11,976	12,083	1.62	%
Eliassen Group LLC (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.85	%	4/14/2028	2,771	864	872	0.11	%
Evergreen Services Group II (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.00%	11.35	%	10/4/2030	13,014	8,495	8,342	1.11	%
Evergreen Services Group II	(6) (9) (12) (13)	First Lien Term Loan	S + 6.00%	11.35	%	10/4/2030	16,156	15,917	15,926	2.13	%
Exterro	(6) (9) (12) (13)	First Lien Term Loan	S + 5.50%	11.03	%	6/1/2027	9,474	9,462	9,503	1.27	%
Fineline Merger	(12)	Subordinated Debt	S + 9.26%	14.61	%	8/22/2028	2,453	2,427	2,453	0.33	%
Go Engineer	(6) (9) (13)	First Lien Term Loan	S + 5.38%	10.87	%	12/21/2027	11,572	11,490	11,409	1.53	%
Go Engineer (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.38%	10.87	%	12/21/2027	3,152	3,130	3,107	0.42	%
Infinite Electronics (Incremental)	(6) (9) (13)	First Lien Term Loan	S + 6.25%	11.88	%	3/2/2028	6,313	6,152	6,100	0.82	%


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)

Infobase Acquisition, Inc.	(6) (13)	First Lien Term Loan	S + 5.50%	10.93	%	6/14/2028	4,331	4,297	4,297	0.57	%
Infobase Acquisition, Inc. (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.50%	10.93	%	6/14/2028	721	—	(6)	—	%
ITSavvy LLC	(6) (13)	First Lien Term Loan	S + 5.25%	10.89	%	8/8/2028	7,794	7,730	7,794	1.04	%
ITSavvy LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.89	%	8/8/2028	1,049	883	891	0.12	%
North Haven CS Acquisition Inc	(6)	First Lien Term Loan	S + 5.25%	10.78	%	1/23/2025	5,787	5,787	5,787	0.77	%
Prosci, Inc.	(6)	First Lien Term Loan	S + 4.50%	9.99	%	10/21/2026	4,733	4,704	4,708	0.63	%
Revalize (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.21	%	4/15/2027	4,243	4,232	4,064	0.54	%
Revalize (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 5.75%	11.21	%	4/15/2027	1,090	1,083	1,044	0.14	%
Revalize (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.75%	11.25	%	4/15/2027	244	243	234	0.03	%
SmartWave	(6) (12)	First Lien Term Loan	S + 6.00%	11.53	%	11/5/2026	9,214	9,145	7,744	1.04	%
Solve Industrial Motion Group	(12)	Subordinated Debt	N/A	5.00% (Cash) 8.00% (PIK)		6/30/2028	1,786	1,760	1,700	0.23	%
Solve Industrial Motion Group	(12)	Subordinated Debt	N/A	5.00% (Cash) 8.00% (PIK)		6/28/2028	763	749	739	0.10	%
Solve Industrial Motion Group (Delayed Draw)	(12)	Subordinated Debt	N/A	5.00% (Cash) 8.00% (PIK)		6/30/2028	2,046	2,046	1,947	0.26	%
Total High Tech Industries								147,765	145,702	19.48	%

Media: Advertising, Printing & Publishing
Tinuiti	(6) (9)	First Lien Term Loan	S + 5.25%	10.70	%	12/10/2026	2,948	2,928	2,823	0.38	%
Tinuiti (Delayed Draw)	(6) (9)	First Lien Term Loan	S + 5.25%	10.70	%	12/10/2026	1,926	1,926	1,845	0.25	%
Tinuiti (Delayed Draw) (Incremental)	(6) (12)	First Lien Term Loan	S + 5.25%	10.70	%	12/10/2026	9,863	9,863	9,445	1.26	%
Wpromote	(13)	First Lien Term Loan	S + 5.75%	11.19	%	10/21/2028	4,379	4,304	4,344	0.58	%
Wpromote (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.19	%	10/21/2028	588	(4)	(5)	—	%
Total Media: Advertising, Printing & Publishing								19,017	18,452	2.47	%

Media: Diversified & Production
Corporate Visions	(6)	First Lien Term Loan	S + 4.50%	9.96	%	8/12/2027	2,887	2,867	2,752	0.37	%
Corporate Visions	(6)	First Lien Term Loan	S + 4.50%	9.96	%	8/12/2027	2,538	2,509	2,419	0.32	%
Spectrio II	(6) (9) (12) (13)	First Lien Term Loan	S + 6.00%	6.50% (Cash) 5.00% (PIK)		12/9/2026	8,143	8,100	7,556	1.01	%
Spectrio II (Delayed Draw)	(6) (9) (12)	First Lien Term Loan	S + 6.00%	6.50% (Cash) 5.00% (PIK)		12/9/2026	2,893	2,875	2,684	0.36	%


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)

Spectrio II (Delayed Draw)	(9) (13)	First Lien Term Loan	S + 6.00%	6.50% (Cash) 5.00% (PIK)		12/9/2026	441	440	407	0.06	%
Total Media: Diversified & Production								16,791	15,818	2.12	%
Retail
Syndigo	(6)	First Lien Term Loan	S + 4.50%	9.97	%	12/14/2027	5,835	5,850	5,747	0.77	%
Total Retail								5,850	5,747	0.77	%

Services: Business
ALKU Intermediate Holdings, LLC	(12) (13)	First Lien Term Loan	S + 6.25%	11.61	%	5/23/2029	4,519	4,434	4,480	0.60	%
Apex Companies Holdings, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		1/31/2029	3,964	3,879	3,953	0.53	%
Apex Companies Holdings, LLC (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	10.00% (Cash) 2.50% (PIK)		1/31/2029	1,197	69	79	0.01	%
ARMstrong (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.70	%	10/6/2029	3,847	(28)	(55)	(0.01	%)
ARMstrong	(6) (12) (13)	First Lien Term Loan	S + 6.25%	11.70	%	10/6/2029	11,447	11,279	11,284	1.51	%
Big Truck Rental	(12)	Subordinated Debt	S + 8.00%	13.47	%	9/30/2027	10,000	9,858	10,000	1.34	%
Big Truck Rental	(12)	Subordinated Debt	S + 8.00%	13.47	%	9/30/2027	2,500	2,500	2,500	0.33	%
Bounteous	(6) (12) (13)	First Lien Term Loan	S + 5.25%	10.74	%	8/2/2027	5,347	5,310	5,083	0.68	%
Bounteous	(6) (12)	First Lien Term Loan	S + 5.25%	10.74	%	8/2/2027	2,189	2,173	2,080	0.28	%
Bounteous (Delayed Draw)	(6) (12)	First Lien Term Loan	S + 5.25%	10.74	%	8/2/2027	2,768	2,750	2,631	0.35	%
Bounteous (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.25%	10.74	%	8/2/2027	4,467	—	(221)	(0.03	%)
BroadcastMed Holdco, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	3,483	3,424	3,369	0.45	%
Bullhorn Inc	(6) (9) (12) (13)	First Lien Term Loan	S + 5.75%	10.96	%	9/30/2026	13,706	13,609	13,706	1.83	%
BusinesSolver	(6) (9) (12)	First Lien Term Loan	S + 5.50%	10.96	%	12/1/2027	7,741	7,686	7,738	1.03	%
BusinesSolver (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	10.96	%	12/1/2027	1,149	176	179	0.02	%
Career Now	(12)	Subordinated Debt	N/A	13.00% (PIK)		3/27/2027	3,277	3,237	2,425	0.32	%
Cornerstone Advisors of Arizona LLC	(6)	First Lien Term Loan	S + 5.50%	11.07	%	9/24/2026	308	306	308	0.04	%
Cornerstone Advisors of Arizona LLC	(6)	First Lien Term Loan	S + 5.50%	11.07	%	9/24/2026	2,295	2,283	2,295	0.31	%
Cornerstone Advisors of Arizona LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 5.50%	11.07	%	9/24/2026	210	210	210	0.03	%
CrossCountry Consulting	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.21	%	6/1/2029	8,174	8,037	8,217	1.10	%
CrossCountry Consulting (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.75%	11.21	%	6/1/2029	3,320	(26)	17	—	%


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)

D&H United Fueling Solutions	(6) (13)	First Lien Term Loan	S + 5.50%	11.03	%	9/16/2028	7,491	7,368	7,290	0.97	%
D&H United Fueling Solutions (Delayed Draw)	(6)	First Lien Term Loan	S + 5.50%	11.03	%	9/16/2028	2,384	2,365	2,320	0.31	%
D&H United Fueling Solutions (Delayed Draw) (Incremental)	(11) (12)	First Lien Term Loan	S + 6.00%	11.50	%	9/16/2028	1,567	(7)	(13)	—	%
D&H United Fueling Solutions (Incremental)	(6) (13)	First Lien Term Loan	S + 6.00%	11.50	%	9/16/2028	3,465	3,401	3,436	0.46	%
E78	(6)	First Lien Term Loan	S + 5.75%	11.21	%	12/1/2027	5,600	5,560	5,489	0.74	%
E78	(13)	First Lien Term Loan	S + 5.75%	11.21	%	12/1/2027	1,438	1,426	1,409	0.19	%
E78 (Delayed Draw)	(6) (13)	First Lien Term Loan	S + 5.75%	11.21	%	12/1/2027	4,210	4,180	4,127	0.55	%
E78 (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.75%	11.21	%	12/1/2027	3,550	979	909	0.12	%
Evergreen Services Group	(6) (9) (12) (13)	First Lien Term Loan	S + 6.25%	11.70	%	6/15/2029	11,966	11,766	11,733	1.57	%
Evergreen Services Group (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 6.25%	11.70	%	6/15/2029	2,863	2,839	2,807	0.38	%
Gabriel Partners LLC	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.53	%	9/21/2026	9,192	9,144	9,192	1.23	%
Gabriel Partners LLC (Delayed Draw)	(6) (9) (13)	First Lien Term Loan	S + 5.75%	11.53	%	9/21/2026	1,531	1,531	1,531	0.20	%
Gabriel Partners LLC (Incremental)	(9) (13)	First Lien Term Loan	S + 5.75%	11.53	%	9/21/2026	3,794	3,771	3,794	0.51	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC)	(9) (12) (13)	First Lien Term Loan	S + 6.25%	11.60	%	8/1/2029	9,667	9,526	9,528	1.27	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.25%	11.60	%	8/1/2029	9,314	1,179	1,067	0.14	%
KRIV Acquisition, Inc	(6) (12) (13)	First Lien Term Loan	S + 6.50%	11.85	%	7/6/2029	10,764	10,476	10,453	1.40	%
KRIV Acquisition, Inc (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	11.85	%	7/6/2029	1,607	(19)	(46)	(0.01	%)
Lion Merger Sub Inc	(9) (13)	First Lien Term Loan	S + 6.00%	11.45	%	12/17/2025	7,342	7,308	7,259	0.97	%
Lion Merger Sub Inc (Incremental)	(9) (12) (13)	First Lien Term Loan	S + 6.00%	11.45	%	12/17/2025	7,317	7,252	7,234	0.97	%
LSCS Holdings Inc.	(6) (13) (15)	First Lien Term Loan	S + 4.50%	9.86	%	12/16/2028	9,800	9,762	9,675	1.30	%
LYNX FRANCHISING, LLC	(6) (9)	First Lien Term Loan	S + 6.75%	12.47	%	12/23/2026	9,800	9,725	9,699	1.30	%
Micronics	(12)	Subordinated Debt	S + 5.25%	10.00	%	2/17/2027	2,450	2,401	2,401	0.32	%
Output Services Group, Inc.	(10) (12)	First Lien Term Loan	S + 8.00%	13.39	%	5/30/2028	155	155	155	0.02	%
Output Services Group, Inc.	(12)	First Lien Term Loan	S + 6.25%	7.32% (Cash) 4.75% (PIK)		5/30/2028	837	837	837	0.11	%
Phaidon International	(6) (7) (10) (12) (13)	First Lien Term Loan	S + 5.50%	10.96	%	8/22/2029	14,010	13,892	14,010	1.88	%
Plaze	(12)	Subordinated Debt	S + 7.50%	12.97	%	7/7/2028	13,500	13,201	12,465	1.67	%


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)

Scaled Agile	(6) (9)	First Lien Term Loan	S +5.50%	10.95	%	12/16/2028	7,936	7,875	7,623	1.02	%
Scaled Agile (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.50%	10.95	%	12/16/2028	390	390	375	0.05	%
Smile Brands	(12)	Subordinated Debt	S + 8.50%	14.99% (PIK)		4/12/2028	9,947	9,866	8,665	1.16	%
Soliant Health	(6)	First Lien Term Loan	S + 4.00%	9.47	%	4/1/2028	2,628	2,615	2,628	0.35	%
Technical Safety Services	(6) (13)	First Lien Term Loan	S + 5.50%	11.00	%	6/22/2029	6,772	6,716	6,712	0.90	%
Technical Safety Services (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 5.50%	11.00	%	6/22/2029	6,404	3,903	3,918	0.52	%
Technical Safety Services (Incremental)	(12)	First Lien Term Loan	S + 5.50%	11.00	%	6/22/2029	1,890	1,863	1,873	0.25	%
TouchTunes Interactive	(6) (13) (15)	First Lien Term Loan	S + 5.00%	10.35	%	4/2/2029	9,875	9,793	9,825	1.31	%
Transit Buyer LLC (dba“Propark”)	(6) (13)	First Lien Term Loan	S + 6.25%	11.69	%	1/31/2029	6,823	6,705	6,801	0.91	%
Transit Buyer LLC (dba“Propark”) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.69	%	1/31/2029	3,125	1,275	1,318	0.18	%
Trilon Group, LLC	(13)	First Lien Term Loan	S + 6.25%	11.78	%	5/27/2029	2,978	2,958	2,939	0.39	%
Trilon Group, LLC	(6) (13)	First Lien Term Loan	S + 6.25%	11.75	%	5/27/2029	7,406	7,345	7,311	0.98	%
Trilon Group, LLC	(12) (13)	First Lien Term Loan	S + 6.25%	11.78	%	5/27/2029	3,733	3,661	3,685	0.49	%
Trilon Group, LLC (Delayed Draw)	(12)	First Lien Term Loan	S + 6.25%	11.78	%	5/27/2029	7,425	7,425	7,330	0.98	%
Trilon Group, LLC (Delayed Draw)	(12)	First Lien Term Loan	S + 6.25%	11.78	%	5/27/2029	1,985	1,985	1,959	0.26	%
Trilon Group, LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.25%	11.78	%	5/27/2029	6,373	1,935	1,884	0.25	%
Vital Records Control	(6) (9)	First Lien Term Loan	S + 5.50%	11.14	%	6/29/2027	4,582	4,544	4,515	0.60	%
Vital Records Control	(9) (13)	First Lien Term Loan	S + 5.75%	11.12	%	6/29/2027	151	149	150	0.02	%
Vital Records Control (Delayed Draw)	(9) (12)	First Lien Term Loan	S + 5.75%	11.12	%	6/29/2027	183	181	182	0.03	%
Total Services: Business								302,368	298,732	39.94	%

Services: Consumer
ADPD Holdings, LLC (a/k/a NearU)	(6) (9) (12) (13)	First Lien Term Loan	S + 6.00%	11.68	%	8/16/2028	8,474	8,474	7,920	1.06	%
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.00%	11.68	%	8/16/2028	1,577	—	(103)	(0.01	%)
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 6.00%	11.68	%	8/16/2028	1,714	—	(112)	(0.01	%)
All My Sons	(6)	First Lien Term Loan	S + 4.75%	10.36	%	10/25/2028	5,261	5,222	5,206	0.69	%
COP Exterminators Acquisition, Inc.	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	838	816	816	0.11	%
COP Exterminators Acquisition, Inc. (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	652	(8)	(17)	0.00	%


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)

Excel Fitness	(6) (13)	First Lien Term Loan	S + 5.25%	10.75	%	4/29/2029	9,875	9,778	9,616	1.29	%
Fairway Lawns	(12)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	2,730	2,662	2,659	0.35	%
Fairway Lawns (Delayed Draw)	(11) (12)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	6,287	5,867	5,704	0.76	%
Legacy Service Partners, LLC (“LSP”)	(6) (12) (13)	First Lien Term Loan	S + 6.50%	12.00	%	1/9/2029	10,161	9,983	10,306	1.38	%
Legacy Service Partners, LLC (“LSP”) (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 6.50%	12.00	%	1/9/2029	4,734	3,949	4,037	0.54	%
Liberty Buyer	(9) (13)	First Lien Term Loan	S + 5.50%	11.18	%	6/15/2028	3,929	3,898	3,945	0.53	%
Liberty Buyer (Delayed Draw)	(9) (11) (12)	First Lien Term Loan	S + 5.50%	11.18	%	6/15/2028	744	295	298	0.04	%
NJEye LLC	(6)	First Lien Term Loan	S + 4.75%	10.39	%	3/14/2025	5,340	5,331	5,283	0.71	%
NJEye LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 4.75%	10.39	%	3/14/2025	700	700	692	0.09	%
NJEye LLC (Delayed Draw)	(11) (12)	First Lien Term Loan	S + 4.75%	10.39	%	3/14/2025	1,373	883	870	0.12	%
NJEye LLC (Delayed Draw)	(12)	First Lien Term Loan	S + 4.75%	10.44	%	3/14/2025	890	890	881	0.12	%
North Haven Spartan US Holdco LLC	(6)	First Lien Term Loan	S + 6.25%	11.63	%	6/6/2025	2,503	2,501	2,497	0.33	%
North Haven Spartan US Holdco LLC (Delayed Draw)	(6)	First Lien Term Loan	S + 6.25%	11.63	%	6/6/2025	217	217	217	0.03	%
One World Fitness PFF LLC	(6)	First Lien Term Loan	S + 5.25%	10.70% (Cash) 1.00% (PIK)		11/26/2025	3,872	3,873	3,637	0.48	%
Perennial Services, Group, LLC	(6) (13)	First Lien Term Loan	S + 6.00%	11.49	%	9/8/2029	6,733	6,637	6,634	0.89	%
Perennial Services, Group, LLC (Delayed Draw)	(12)	First Lien Term Loan	S + 6.00%	11.49	%	9/8/2029	6,025	6,011	5,937	0.79	%
Total Services: Consumer								77,979	76,923	10.29	%

Sovereign & Public Finance
LMI Consulting, LLC (LMI)	(13)	First Lien Term Loan	S + 6.50%	11.90	%	7/18/2028	4,351	4,280	4,370	0.59	%
LMI Consulting, LLC (LMI) (Incremental)	(6)	First Lien Term Loan


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)


Portfolio Company (1) (2)	Interest Rate	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Cash Equivalents
BlackRock Liquidity Funds Treasury	5.17%	52,743	52,743		52,743		5.28	%
First American Government Obligations Fund	5.17%	30	30		30		—	%
Total Cash Equivalents			$	52,773	$	52,773	5.28	%
Total Investments and Cash Equivalents			$	1,867,758	$	1,847,332	185.06	%


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


	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	64,146	$	49,568
Restricted cash	50		50
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows	$	64,196	$	49,618