Skip to main content

Barings BDC, Inc.

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

View on SEC.gov

About this filing

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

Mar 31, 2026 · Filed May 7, 2026

BBDC$8.77+0.1%Stored close · as of Nov 10, 2026

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

See the whole filing, with its images and exhibits

Consolidated Schedule of Investments as of

Consolidated Schedule of Investments

Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.8% Cash04/2204/28$13,056$12,969$12,9511.1%(7)(8)(13)
Accurus Aerospace CorporationRevolverSOFR + 4.75%, 8.8% Cash04/2204/28288275270—%(7)(8)(13)(30)
ATL II MRO Holdings Inc.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash11/2211/2819,11618,86818,9391.6%(7)(8)(13)
ATL II MRO Holdings Inc.RevolverSOFR + 5.25%, 9.2% Cash11/2211/28—(37)(31)—%(7)(8)(13)(30)
Compass Precision, LLCSenior Subordinated Term Loan11.0% Cash, 1.0% PIK04/2204/286556516550.1%(7)
GB Eagle Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash12/2212/308,4678,3558,3820.7%(7)(8)(13)
GB Eagle Buyer, Inc.RevolverSOFR + 4.50%, 8.2% Cash12/2212/30—(35)(23)—%(7)(8)(13)(30)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.4% Cash11/1902/291,2631,1591,2630.1%(3)(7)(8)(11)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term LoanSOFR + 5.25%, 9.3% Cash11/1902/296,5266,4606,5260.6%(3)(7)(8)(14)
M-Personal Protection Management GmbHFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.0% Cash10/2409/314,1393,7734,1390.4%(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.First Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash03/2403/304,1184,0594,0230.3%(7)(8)(13)
Megawatt Acquisitionco, Inc.RevolverSOFR + 5.50%, 9.2% Cash03/2403/30—(9)(15)—%(7)(8)(13)(30)
Protego Bidco B.V.First Lien Senior Secured Term LoanEURIBOR + 6.00%, 8.1% Cash03/2103/281,5991,6021,5990.1%(3)(7)(8)(11)
Protego Bidco B.V.First Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.6% Cash03/2103/28320295320—%(3)(7)(8)(11)
Protego Bidco B.V.RevolverEURIBOR + 6.50%, 8.6% Cash03/2103/272,3002,2992,3000.2%(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.0% Cash12/2012/267,2207,1957,1760.6%(7)(8)(13)
Trident Maritime Systems, Inc.First Lien Senior Secured Term LoanSOFR + 1.00%, 4.8% Cash, 6.8% PIK02/2102/2714,38014,33212,5831.1%(7)(8)(13)
Whitcraft Holdings, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash06/2409/3112,96612,75912,8451.1%(7)(8)(13)(30)
Whitcraft Holdings, Inc.RevolverSOFR + 5.00%, 8.7% Cash02/2309/31—(40)(17)—%(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.1%)*96,41394,93093,885
Automotive
Burgess Point Purchaser CorporationSecond Lien Senior Secured Term LoanSOFR + 9.00%, 12.9% Cash07/2207/304,5454,4353,9860.3%(7)(8)(13)
OAC Holdings I CorpFirst Lien Senior Secured Term LoanSOFR + 5.00%, 9.0% Cash03/2203/293,2853,2533,2850.3%(7)(8)(13)
OAC Holdings I CorpRevolverSOFR + 5.00%, 9.0% Cash03/2203/28—(11)——%(7)(8)(13)(30)
Randys Holdings, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash11/2211/2912,68512,45912,5521.1%(7)(8)(12)(30)
Randys Holdings, Inc.RevolverSOFR + 5.00%, 8.7% Cash11/2211/29—(32)(19)—%(7)(8)(12)(30)
Recon Buyer LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash11/2511/311,9591,8761,8740.2%(7)(8)(13)(30)
Recon Buyer LLCRevolverSOFR + 4.75%, 8.6% Cash11/2511/31—(7)(8)—%(7)(8)(13)(30)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.9% Cash07/2407/307,4637,3277,3740.6%(7)(8)(13)(30)
SPATCO Energy Solutions, LLCRevolverSOFR + 5.00%, 8.9% Cash07/2407/30—(18)(12)—%(7)(8)(13)(30)
SVI International LLCFirst Lien Senior Secured Term LoanSOFR + 6.75%, 10.7% Cash03/2403/306396306390.1%(7)(8)(13)
SVI International LLCRevolverSOFR + 6.75%, 10.7% Cash03/2403/30—(1)——%(7)(8)(13)(30)
Subtotal Automotive (2.6%)*30,57629,91129,671
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Banking, Finance, Insurance, & Real Estate
Aegros Holdco 2 LtdSecond Lien Senior Secured Term LoanSONIA + 8.50%, 13.0% PIK05/2505/32$6,174$5,984$5,3100.5%(3)(7)
Apus Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.00%, 9.2% Cash02/2103/283,8753,9283,8750.3%(3)(7)(8)(16)
Beyond Risk Management, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.4% Cash10/2110/271,7751,7631,7750.2%(7)(8)(13)(30)
Bishop Street Underwriters, LLCFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash07/2507/314,8304,7854,8300.4%(7)(8)(12)
Broadstone Group UK LTDFirst Lien Senior Secured Term LoanSONIA + 4.75%, 8.7% Cash03/2502/321,7751,6291,7310.1%(3)(7)(8)(16)(30)
Credit Key Funding II LLCFirst Lien Senior Secured Term LoanSOFR + 7.50%, 11.2% Cash12/2511/304,8704,7494,7480.4%(7)(8)(13)(30)
Credit Key Funding II LLCRevolverSOFR + 7.50%, 11.2% Cash12/2512/30—(9)(9)—%(7)(8)(13)(30)
Finaxy HoldingFirst Lien Senior Secured Term LoanEURIBOR + 4.50%, 6.6% Cash11/2311/304,4223,9484,3690.4%(3)(7)(8)(11)
Groupe GuemasFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.8% Cash10/2309/305,4734,8385,4340.5%(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))First Lien Senior Secured Term LoanEURIBOR + 5.75%, 7.8% Cash09/1909/263,5573,6763,5210.3%(3)(7)(8)(11)
High Street Buyer Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash07/2507/32200188188—%(7)(8)(13)(30)
IM SquareFirst Lien Senior Secured Term LoanEURIBOR + 5.55%, 7.6% Cash05/2105/282,9362,9712,9160.3%(3)(7)(8)(10)
ORS Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash06/2508/314,9664,8964,9050.4%(7)(8)(13)
OSP AFS Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash10/2510/312,9922,8862,8830.2%(7)(8)(12)(30)
OSP AFS Buyer, LLCRevolverSOFR + 5.00%, 8.7% Cash10/2510/31—(16)(16)—%(7)(8)(12)(30)
Owl Intermediate Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.7% Cash04/2504/322,4832,4492,3450.2%(7)(8)(13)(30)
Owl Intermediate Holdings, LLCRevolverSOFR + 4.75%, 8.7% Cash04/2504/32—(20)(86)—%(7)(8)(13)(30)
Policy Services Company, LLCFirst Lien Senior Secured Term LoanSOFR + 6.00%, 10.5% Cash, 4.0% PIK12/2106/2653,40652,85648,0654.1%(7)(8)(13)
Premium InvestFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 7.8% Cash06/2112/309,9248,9199,8420.8%(3)(7)(8)(10)(30)
Shelf Bidco LtdSecond Out Term LoanSOFR + 5.00%, 8.9% Cash10/2410/3112,09212,04012,0421.0%(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)First Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash10/2112/287,8627,7657,7680.7%(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)RevolverSOFR + 4.75%, 8.5% Cash10/2112/28—(16)(18)—%(7)(8)(12)(30)
THG Acquisition, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash10/2410/315,4445,3845,4010.5%(7)(8)(12)(30)
THG Acquisition, LLCRevolverSOFR + 4.75%, 8.5% Cash10/2410/31199186190—%(7)(8)(12)(30)
Turbo Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 6.00%, 9.8% Cash11/2106/268,1148,0958,0080.7%(7)(8)(13)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.8% Cash08/2312/2710,90010,69610,9000.9%(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.0%)*158,269154,570150,917
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLCFirst Lien Senior Secured Term LoanSOFR + 7.86%, 12.0% Cash04/2503/2911,01410,82711,0140.9%(7)(8)(13)
CTI Foods Holdings Co., LLCFirst Out Term LoanSOFR + 10.00%, 14.1% PIK02/2405/262,4002,3832,4000.2%(7)(8)(13)
CTI Foods Holdings Co., LLCFirst Out Term LoanSOFR + 7.00%, 11.1% PIK02/2405/268818818810.1%(7)(8)(13)
CTI Foods Holdings Co., LLCLast In First Out Term LoanSOFR + 9.00%, 13.1% PIK02/2405/264,8704,7864,8700.4%(7)(8)(13)
CTI Foods Holdings Co., LLCSecond Out Term LoanSOFR + 9.00%, 13.1% PIK02/2405/266836836830.1%(7)(8)(13)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
GMF Parent, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash12/2512/32$2,234$2,200$2,2000.2%(7)(8)(13)(30)
GMF Parent, Inc.RevolverSOFR + 4.50%, 8.2% Cash12/2512/32—(5)(5)—%(7)(8)(13)(30)
Innovad Group II BVFirst Lien Senior Secured Term LoanEURIBOR + 4.75%, 6.7% Cash04/2104/287,2397,1427,2390.6%(3)(7)(8)(10)
Innovad Group II BVFirst Lien Senior Secured Term LoanSARON + 4.75%, 4.8% Cash05/2304/281,1571,0191,1570.1%(3)(7)(8)(23)
Riedel Beheer B.V.First Lien Senior Secured Term LoanEURIBOR + 6.25%, 8.3% Cash12/2112/282,4362,2742,1460.2%(3)(7)(8)(10)
Woodland Foods, LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash12/2112/2817,20817,01917,0361.5%(7)(8)(13)
Woodland Foods, LLCRevolverSOFR + 5.25%, 9.2% Cash12/2112/28—(22)(28)—%(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (4.3%)*50,12249,18749,593
Capital Equipment
AirX Climate Solutions, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.8% Cash11/2311/293,2713,2343,2220.3%(7)(8)(13)
AirX Climate Solutions, Inc.First Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash11/2311/293,2733,1873,2490.3%(7)(8)(13)(30)
AirX Climate Solutions, Inc.RevolverSOFR + 5.75%, 9.6% Cash11/2311/29—(12)——%(7)(8)(13)(30)
APC1 HoldingFirst Lien Senior Secured Term LoanEURIBOR + 5.40%, 7.4% Cash07/2207/292,7012,3362,7010.2%(3)(7)(8)(10)
BPG Holdings IV CorpFirst Lien Senior Secured Term LoanSOFR + 2.00%, 5.6% Cash, 5.0% PIK03/2307/2914,54714,00511,3471.0%(7)(8)(13)
Brown Machine Group Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 6.25%, 10.1% Cash10/1810/266,0726,0635,5130.5%(7)(8)(13)
Cobham Slip Rings SASFirst Lien Senior Secured Term LoanSOFR + 6.00%, 9.9% Cash11/2111/281,3031,2921,3030.1%(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash03/2503/311,7941,7781,7910.2%(7)(8)(13)
DAWGS Intermediate Holdings Co.RevolverSOFR + 4.50%, 8.2% Cash03/2503/31343325339—%(7)(8)(13)(30)
Kanawha Scales & Systems, LLCFirst Lien Senior Secured Term LoanSOFR + 4.25%, 8.1% Cash11/2510/32424416415—%(7)(8)(13)(30)
Kanawha Scales & Systems, LLCRevolverSOFR + 4.25%, 8.1% Cash11/2510/32262424—%(7)(8)(13)(30)
Polara Enterprises, L.L.C.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.3% Cash12/2112/279449389440.1%(7)(8)(13)
Polara Enterprises, L.L.C.RevolverSOFR + 4.50%, 8.3% Cash12/2112/27316307316—%(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)First Lien Senior Secured Term LoanSOFR + 5.25%, 9.1% Cash03/1909/265,2705,2585,2540.5%(7)(8)(14)
Process Insights Acquisition, Inc.First Lien Senior Secured Term LoanSOFR + 6.25%, 10.1% Cash07/2307/295,6885,6005,0220.4%(7)(8)(13)
Process Insights Acquisition, Inc.RevolverSOFR + 6.25%, 10.1% Cash07/2307/291,0149998960.1%(7)(8)(13)
Rapid Buyer LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash10/2410/305,4255,3484,8970.4%(7)(8)(14)(30)
Rapid Buyer LLCRevolverSOFR + 4.75%, 8.5% Cash10/2410/30—(13)(93)—%(7)(8)(14)(30)
TAPCO Buyer LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash11/2411/309,5979,4779,4920.8%(7)(8)(12)
TAPCO Buyer LLCRevolverSOFR + 4.50%, 8.2% Cash11/2411/30—(17)(16)—%(7)(8)(12)(30)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash12/2112/277,6267,4577,5070.6%(7)(8)(13)(30)
Tencarva Machinery Company, LLCRevolverSOFR + 4.75%, 8.6% Cash12/2112/27—(17)(17)—%(7)(8)(13)(30)
Subtotal Capital Equipment (5.5%)*69,63467,98564,106
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash04/2304/294,9374,8724,8750.4%(7)(8)(12)
Americo Chemical Products, LLCRevolverSOFR + 5.00%, 8.7% Cash04/2304/29—(7)(6)—%(7)(8)(12)(30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term LoanEURIBOR + 5.33%, 7.3% Cash11/2110/286,2685,7546,2250.5%(3)(7)(8)(10)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
AnalytiChem Holding GmbHFirst Lien Senior Secured Term LoanSOFR + 5.33%, 9.7% Cash06/2210/28$1,019$1,019$1,0120.1%(3)(7)(8)(13)
G 3 Chickadee Purchaser, LLCFirst Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash10/2510/3111,90511,67211,6671.0%(7)(8)(13)
Polymer Solutions Group Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 7.00%, 11.4% PIK02/2210/26994994364—%(7)(8)(13)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (2.1%)*25,12324,30424,137
Construction & Building
BKF Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash08/2408/308,0777,9857,9880.7%(7)(8)(12)
BKF Buyer, Inc.RevolverSOFR + 5.00%, 8.7% Cash08/2408/30—(32)(33)—%(7)(8)(12)(30)
EMI Porta Holdco LLCFirst Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash12/2112/2712,03211,94210,9850.9%(7)(8)(13)
EMI Porta Holdco LLCRevolverSOFR + 5.75%, 9.6% Cash12/2112/27771752513—%(7)(8)(13)(30)
GMES LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 8.9% Cash09/2509/317,7107,6027,6090.7%(7)(8)(13)(30)
GMES LLCRevolverSOFR + 5.25%, 8.9% Cash09/2509/311029090—%(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.6% Cash05/2509/273,2253,1993,1990.3%(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.RevolverSOFR + 5.00%, 8.6% Cash05/2509/27—(5)(5)—%(7)(8)(13)(30)
MNS Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.8% Cash08/2108/27268267268—%(7)(8)(12)
Ocelot Holdco LLCTakeback Term Loan10.0% Cash10/2310/272,9332,9332,9330.3%(7)
Subtotal Construction & Building (2.9%)*35,11834,73333,547
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term LoanSOFR + 6.50%, 10.4% Cash, 0.3% PIK12/2112/281,4901,4809880.1%(7)(8)(13)
DecksDirect, LLCRevolverSOFR + 6.25%, 10.2% Cash12/2112/28296294168—%(7)(8)(13)(30)
Gojo Industries, Inc.First Lien Senior Secured Term LoanSOFR + 8.75%, 12.6% Cash10/2310/2812,47412,24412,4741.1%(7)(8)(13)
HTI Technology & IndustriesFirst Lien Senior Secured Term LoanSOFR + 8.50%, 12.5% Cash07/2201/2611,09111,08610,3940.9%(7)(8)(13)(30)
HTI Technology & IndustriesRevolverSOFR + 8.50%, 12.5% Cash07/2201/26—(1)(72)—%(7)(8)(13)(30)
Lifestyle Intermediate II, LLCFirst Lien Senior Secured Term LoanSOFR + 7.00%, 10.9% Cash02/2212/272,8952,8952,0940.2%(7)(8)(13)(28)
Momentum Textiles, LLCFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash03/2503/297,2917,2317,2180.6%(7)(8)(13)
Momentum Textiles, LLCRevolverSOFR + 5.50%, 9.2% Cash03/2503/29—(7)(9)—%(7)(8)(13)(30)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 9.0% Cash11/2111/274,6604,6224,6090.4%(7)(8)(13)
Team Air Distributing, LLCSubordinated Term Loan14.0% Cash05/2305/287567457170.1%(7)
Terrybear, Inc.Subordinated Term Loan10.0% Cash, 4.0% PIK04/2204/28297295269—%(7)
Victoria Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 6.50%, 10.7% Cash03/2209/304,1934,0984,0130.3%(3)(7)(8)(16)
Subtotal Consumer goods: Durable (3.7%)*45,44344,98242,863
Consumer goods: Non-durable
BidwaxFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.6% Cash02/2102/288,2218,1828,1880.7%(3)(7)(8)(11)
CCFF Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 9.1% Cash02/2402/306,0095,9055,9530.5%(7)(8)(14)(30)
CCFF Buyer, LLCRevolverSOFR + 5.00%, 9.1% Cash02/2402/30—(15)(8)—%(7)(8)(14)(30)
David Wood Baking UK LtdFirst Lien Senior Secured Term LoanSONIA + 10.00%, 14.0% Cash04/2404/299258278620.1%(3)(7)(8)(16)
Herbalife Ltd.First Lien Senior Secured Term LoanSOFR + 6.75%, 10.5% Cash04/2404/293,1623,0103,2090.3%(3)(8)(12)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Ice House America, L.L.C.First Lien Senior Secured Term LoanSOFR + 6.00%, 9.9% Cash01/2401/30$4,577$4,499$4,3120.4%(7)(8)(13)(30)
Ice House America, L.L.C.RevolverSOFR + 6.00%, 9.9% Cash01/2401/30378372356—%(7)(8)(13)(30)
Modern Star Holdings Bidco Pty LimitedFirst Lien Senior Secured Term LoanBBSY + 6.00%, 9.9% Cash12/2012/267,4208,1707,4200.6%(3)(7)(8)(19)(30)
Safety Products Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash12/2012/289,4229,3969,4220.8%(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.4%)*40,11440,34639,714
Containers, Packaging, & Glass
BLI Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.8% Cash10/2510/312,5802,5482,5470.2%(7)(8)(13)(30)
BLI Buyer, Inc.RevolverSOFR + 5.00%, 8.8% Cash10/2510/31—(6)(6)—%(7)(8)(13)(30)
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan11.0% Cash, 1.5% PIK06/2406/298188058070.1%(7)
Five Star Holding LLCSecond Lien Senior Secured Term LoanSOFR + 7.25%, 11.1% Cash05/2205/3013,69213,52113,6921.2%(7)(8)(13)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term LoanSONIA + 4.50%, 8.2% Cash09/2409/303,4683,4163,4680.3%(7)(8)(15)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash09/2409/301,7711,7501,7710.2%(7)(8)(13)
Media Recovery, Inc. (SpotSee)RevolverSOFR + 4.50%, 8.2% Cash09/2409/30—(8)——%(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)RevolverSONIA + 4.50%, 8.2% Cash09/2409/30—(10)——%(7)(8)(15)(30)
MSI Express Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash03/2503/312,2332,2092,2050.2%(7)(8)(12)
MSI Express Inc.RevolverSOFR + 3.75%, 7.4% Cash03/2503/311,3181,2961,2910.1%(7)(8)(13)(30)
OG III B.V.First Lien Senior Secured Term LoanEURIBOR + 5.75%, 7.7% Cash06/2106/283,7193,7073,5890.3%(3)(7)(8)(10)
Tank Holding CorpFirst Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash03/2203/287,8217,7437,7430.7%(7)(8)(12)
Tank Holding CorpFirst Lien Senior Secured Term LoanSOFR + 6.00%, 9.8% Cash05/2303/283,0092,9632,9850.3%(7)(8)(12)
Tank Holding CorpRevolverSOFR + 5.75%, 9.6% Cash03/2203/28—(8)(9)—%(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.5%)*40,42939,92640,083
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash10/2210/2812,12211,97712,0491.0%(7)(8)(13)
WWEC Holdings III CorpRevolverSOFR + 5.00%, 8.7% Cash10/2210/28—(29)(15)—%(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*12,12211,94812,034
Environmental Industries
CTS US Bidco, Inc.First Lien Senior Secured Term LoanSOFR + 6.00%, 9.8% Cash11/2511/313,7933,7183,7170.3%(3)(7)(8)(13)
Entact Environmental Services, Inc.First Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash02/2101/276,2306,2106,2300.5%(7)(8)(13)
Northstar Recycling, LLCFirst Lien Senior Secured Term LoanSOFR + 4.65%, 8.3% Cash12/2412/3012,60612,47812,4901.1%(7)(8)(13)
Northstar Recycling, LLCRevolverSOFR + 4.65%, 8.3% Cash12/2412/30—(35)(32)—%(7)(8)(13)(30)
Subtotal Environmental Industries (1.9%)*22,62922,37122,405
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan6.7% Cash, 7.6% PIK11/2209/2913,99911,8757,5460.7%(3)(7)(31)
Amalfi MidcoSecond Lien Senior Secured Term Loan15.5% Cash09/2210/28361350361—%(3)(7)
Amalfi MidcoSubordinated Loan Notes2.0% Cash, 9.0% PIK09/2209/286,9725,9916,5750.6%(3)(7)
Astra Bidco LimitedFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.1% Cash11/2111/28449408449—%(3)(7)(8)(10)
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Astra Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.00%, 8.7% Cash11/2111/28$2,604$2,528$2,6040.2%(3)(7)(8)(16)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term LoanBBSY + 4.50%, 8.2% Cash11/2111/271,6091,6831,6090.1%(3)(7)(8)(18)(30)
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan15.0% PIK04/2412/269896268—%(3)(7)(30)
Canadian Orthodontic Partners Corp.First Lien Senior Secured Term LoanCORRA + 7.00%, 10.3% PIK06/2112/262,1001,850161—%(3)(7)(8)(20)(26)
Ceres Pharma NVFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 8.1% Cash10/2110/283,6363,3063,5930.3%(3)(7)(8)(11)
Ceres Pharma NVFirst Lien Senior Secured Term LoanEURIBOR + 7.00%, 9.1% Cash05/2505/306666466660.1%(3)(7)(8)(11)(30)
Coherus Biosciences, Inc.First Lien Senior Secured Term LoanSOFR + 8.00%, 11.7% Cash05/2405/293,9913,9033,9630.3%(7)(8)(13)
EB DevelopmentFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 7.5% Cash11/2411/312,0671,7932,0560.2%(3)(7)(8)(10)(30)
FaradayFirst Lien Senior Secured Term LoanEURIBOR + 5.85%, 7.9% Cash01/2301/291,7891,6321,7870.2%(3)(7)(8)(10)
FinexvetFirst Lien Senior Secured Term LoanEURIBOR + 4.00%, 6.1% Cash, 3.3% PIK03/2203/295,4895,0705,0770.4%(3)(7)(8)(11)
Forest Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash03/2403/306,0876,0166,0540.5%(7)(8)(13)
Forest Buyer, LLCRevolverSOFR + 5.00%, 8.7% Cash03/2403/30—(5)(2)—%(7)(8)(13)(30)
GCDL LLCFirst Lien Senior Secured Term LoanSOFR + 6.00%, 9.6% Cash08/2408/30507501501—%(7)(8)(13)(30)
GCDL LLCRevolverSOFR + 6.00%, 9.6% Cash08/2408/30—(1)(1)—%(7)(8)(13)(30)
GPNZ II GmbHFirst Lien Senior Secured Term Loan10.0% PIK06/2206/29509477239—%(3)(7)(30)
GPNZ II GmbHFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 8.0% PIK06/2206/29505444——%(3)(7)(8)(9)(26)
Groupe Product LifeFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 8.0% Cash10/2210/29555467447—%(3)(7)(8)(10)(30)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term LoanBBSY + 5.25%, 8.9% Cash09/2209/288117717140.1%(3)(7)(8)(18)(30)
Heartland Veterinary Partners, LLCSubordinated Term Loan11.0% PIK11/2112/2815,62815,50714,6901.3%(7)
HemaSource, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash08/2308/292,4962,4492,4670.2%(7)(8)(12)(30)
HemaSource, Inc.RevolverSOFR + 4.50%, 8.2% Cash08/2308/29—(28)(18)—%(7)(8)(12)(30)
Home Care Assistance, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.9% Cash, 1.0% PIK03/2109/273,7943,7213,2250.3%(7)(8)(13)
Jon Bidco LimitedFirst Lien Senior Secured Term LoanBKBM + 4.00%, 6.5% Cash07/2503/271,5541,7201,5330.1%(3)(7)(8)(22)(30)
Keystone Bidco B.V.First Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.4% Cash08/2408/319318629310.1%(3)(7)(8)(11)(30)
Keystone Bidco B.V.RevolverEURIBOR + 5.25%, 7.4% Cash08/2405/3111911—%(3)(7)(8)(11)(30)
Lambir Bidco LimitedFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 8.1% Cash12/2112/282,4252,2752,3270.2%(3)(7)(8)(11)(30)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan12.0% PIK12/2106/292,3502,2132,1640.2%(3)(7)
Median B.V.First Lien Senior Secured Term LoanSONIA + 5.93%, 9.8% Cash02/2210/2710,0219,9709,7630.8%(3)(8)(15)
Medical Solutions Parent Holdings, Inc.Second Lien Senior Secured Term LoanSOFR + 7.00%, 10.9% Cash11/2111/294,4214,3998970.1%(8)(13)
Moonlight Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.10%, 8.8% Cash07/2307/301,9981,8941,9980.2%(3)(7)(8)(15)(30)
Napa Bidco Pty LtdFirst Lien Senior Secured Term LoanBBSY + 5.00%, 8.7% Cash03/2203/2813,42014,32913,4201.2%(3)(7)(8)(18)
NPM Investments 28 B.V.First Lien Senior Secured Term LoanEURIBOR + 5.18%, 7.2% Cash09/2210/292,3932,0042,3930.2%(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.First Lien Senior Secured Term LoanSOFR + 6.75%, 10.6% Cash08/2307/293,9303,8504,8260.4%(3)(7)(8)(12)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.00%, 9.0% Cash06/2106/283,0793,1882,9250.3%(3)(7)(8)(16)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term LoanEURIBOR + 5.15%, 7.2% Cash12/1912/26$2,537$2,399$2,5370.2%(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term LoanSOFR + 5.25%, 9.7% Cash11/2212/261,2001,2001,2000.1%(3)(7)(8)(13)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term LoanSOFR + 8.25%, 12.0% Cash10/2310/29292929—%(7)(8)(12)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term LoanSOFR + 8.30%, 12.0% Cash10/2310/295955875920.1%(7)(8)(12)
Sanoptis S.A.R.L.First Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.0% Cash06/2207/294,3593,7534,2580.4%(3)(7)(8)(10)(30)
Sanoptis S.A.R.L.First Lien Senior Secured Term LoanSARON + 5.00%, 5.0% Cash06/2207/293,3222,7863,2750.3%(3)(7)(8)(24)
SCP CDH Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash12/2512/316,9756,8856,8850.6%(7)(8)(13)(30)
SCP CDH Buyer, Inc.RevolverSOFR + 4.50%, 8.2% Cash12/2512/31—(10)(10)—%(7)(8)(13)(30)
SCP Medical Products, LLC.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash06/2506/312,0342,0102,0220.4%(7)(8)(13)
SCP Medical Products, LLC.RevolverSOFR + 4.75%, 8.4% Cash06/2506/31—(2)(1)0.4%(7)(8)(13)(30)
Smile Brands Group Inc.First Lien Senior Secured Term LoanSOFR + 6.00%, 9.9% Cash10/1810/275,3475,3234,5770.4%(7)(8)(13)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term LoanSONIA + 6.00%, 10.1% Cash12/2011/277,0816,7767,0810.6%(3)(7)(8)(15)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term LoanSONIA + 6.45%, 10.4% Cash11/2308/301,0309391,0280.1%(3)(7)(8)(16)
Swoop Intermediate III, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash04/2504/321,9771,9601,9770.1%(7)(8)(12)(30)
Swoop Intermediate III, Inc.RevolverSOFR + 4.50%, 8.2% Cash04/2504/32—(4)—0.1%(7)(8)(12)(30)
TA KHP Aggregator, L.P.First Lien Senior Secured Term LoanSOFR + 4.25%, 7.9% Cash06/2506/321,0301,0101,0120.1%(7)(8)(13)(30)
TA KHP Aggregator, L.P.RevolverSOFR + 4.25%, 7.9% Cash06/2506/32—(4)(4)0.1%(7)(8)(13)(30)
TA KHP Aggregator, L.P.Subordinated Term Loan12.5% Cash06/2512/322,2452,2182,2260.1%(7)
Union Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 4.30%, 8.5% Cash06/2206/291,0679571,0490.1%(3)(7)(8)(16)
Unither (Uniholding)First Lien Senior Secured Term LoanEURIBOR + 4.70%, 6.7% Cash03/2303/30472415471—%(3)(7)(8)(10)(30)
Unosquare, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash06/2506/312,4172,3552,3620.2%(7)(8)(12)(30)
Unosquare, LLCRevolverSOFR + 4.75%, 8.5% Cash06/2506/31—(9)(8)—%(7)(8)(12)(30)
VB Spine Intermediary II LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash, 4.4% PIK03/2504/3046,00744,44144,4433.8%(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (16.8%)*212,979204,177195,220
High Tech Industries
Argus Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 4.00%, 8.0% Cash, 3.2% PIK07/2207/291,9061,6661,7520.2%(3)(7)(8)(16)
Argus Bidco LimitedFirst Lien Senior Secured Term LoanEURIBOR + 4.00%, 6.1% Cash, 3.2% PIK07/2207/292,2221,9442,0420.2%(3)(7)(8)(11)
Argus Bidco LimitedFirst Lien Senior Secured Term LoanSOFR + 4.00%, 8.1% Cash, 3.2% PIK07/2207/29138136127—%(3)(7)(8)(14)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan10.5% PIK07/2207/291,0869349740.1%(3)(7)
Bitly, Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash11/2511/314,8114,7644,7630.4%(7)(8)(13)
Bitly, Inc.RevolverSOFR + 4.75%, 8.6% Cash11/2511/31—(2)(2)—%(7)(8)(13)(30)
CH Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 6.25%, 10.2% Cash05/2505/318728588720.1%(7)(8)(13)
CH Buyer, LLCRevolverSOFR + 6.25%, 10.2% Cash05/2505/31—(1)——%(7)(8)(13)(30)
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Contabo FincoS.À R.LFirst Lien Senior Secured Term LoanEURIBOR + 5.40%, 7.5% Cash10/2210/29$5,469$4,574$5,4690.5%(3)(7)(8)(10)
CW Group Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash01/2101/275,1735,0745,1730.4%(7)(8)(13)(30)
Discovery Buyer, L.P.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash02/2502/3217,07816,85916,9041.5%(7)(8)(13)(30)
Discovery Buyer, L.P.RevolverSOFR + 4.75%, 8.6% Cash02/2502/32—(20)(16)—%(7)(8)(13)(30)
Durare Bidco, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash08/2508/321,4131,3901,3920.1%(7)(8)(13)(30)
Durare Bidco, LLCRevolverSOFR + 4.75%, 8.6% Cash08/2508/32—(9)(8)—%(7)(8)(13)(30)
Dwyer Instruments, Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash07/2107/2914,47614,31914,4761.2%(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 8.1% Cash, 1.0% PIK12/2212/297144435810.1%(3)(7)(8)(11)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term LoanSOFR + 6.00%, 10.7% Cash, 1.0% PIK12/2212/29350221284—%(3)(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term LoanSONIA + 6.00%, 10.3% Cash, 1.0% PIK12/2212/291,0996518940.1%(3)(7)(8)(16)
Eurofins Digital Testing International LUX Holding SARLSecond Lien Senior Secured Term LoanEURIBOR + 7.00%, 9.2% PIK10/2510/324,0711,427——%(3)(7)(8)(11)
EZ SMBO BidcoFirst Lien Senior Secured Term LoanCORRA + 5.00%, 7.8% Cash04/2504/329279129160.1%(3)(7)(8)(20)
EZ SMBO BidcoFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.3% Cash04/2504/32576520561—%(3)(7)(8)(11)(30)
EZ SMBO BidcoFirst Lien Senior Secured Term Loan8.0% PIK04/2504/326836276750.1%(3)(7)
FSS Buyer LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash04/2508/319,3379,3379,3370.8%(7)(8)(12)
Haystack Holdings LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash01/2501/286,5776,5016,5660.6%(7)(8)(14)(30)
Haystack Holdings LLCRevolverSOFR + 4.75%, 8.4% Cash01/2501/28—(10)(1)—%(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash11/2111/287,1477,0927,1470.6%(7)(8)(13)
Heavy Construction Systems Specialists, LLCRevolverSOFR + 4.75%, 8.4% Cash11/2111/27—(17)——%(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)First Lien Senior Secured Term LoanSOFR + 5.75%, 9.8% Cash12/1805/2610,13210,11610,1320.9%(7)(8)(13)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.5% Cash05/2205/297387167310.1%(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.50%, 9.5% Cash05/2205/29155155154—%(3)(7)(8)(16)
Lattice Group Holdings Bidco LimitedRevolverSOFR + 5.50%, 9.5% Cash05/2211/28181718—%(3)(7)(8)(14)(30)
Maia Bidco LimitedFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.0% Cash12/2511/322,5082,4652,4640.2%(3)(7)(8)(13)
Maia Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.25%, 9.2% Cash12/2511/328738438460.1%(3)(7)(8)(15)(30)
Maia Bidco LimitedRevolverSONIA + 5.25%, 9.2% Cash12/2511/32—(6)——%(3)(7)(8)(15)(30)
NAW Buyer LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash09/2309/2912,90312,61212,8161.1%(7)(8)(13)(30)
NAW Buyer LLCRevolverSOFR + 4.75%, 8.4% Cash09/2309/29—(29)(9)—%(7)(8)(13)(30)
NeoxCoFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 9.1% Cash01/2301/302,8082,5352,8080.2%(3)(7)(8)(11)
Next Holdco, LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.1% Cash11/2311/3022,15021,93722,0551.9%(7)(8)(13)
Next Holdco, LLCRevolverSOFR + 5.25%, 9.1% Cash11/2311/29—(7)(3)—%(7)(8)(13)(30)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.3% Cash12/2312/30$1,074$979$1,0740.1%(3)(7)(8)(10)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.1% Cash12/2112/2918,24518,05918,0941.6%(7)(8)(13)
OSP Hamilton Purchaser, LLCRevolverSOFR + 5.25%, 9.1% Cash12/2112/296876696720.1%(7)(8)(13)(30)
OSP Lakeside Intermediate Holdings 2, LLCFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash10/2510/314,2654,2024,2010.4%(7)(8)(12)
OSP Lakeside Intermediate Holdings 2, LLCRevolverSOFR + 5.50%, 9.2% Cash10/2510/31—(11)(11)—%(7)(8)(12)(30)
PDQ.Com CorporationFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash08/2110/3213,32013,23613,2531.1%(7)(8)(13)
PowerGEM Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.8% Cash11/2411/314,9034,8584,8670.4%(7)(8)(13)(30)
PowerGEM Buyer, Inc.RevolverSOFR + 5.00%, 8.8% Cash11/2411/31—(5)(4)—%(7)(8)(13)(30)
ProfitOptics, LLCFirst Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash03/2203/281,5951,5831,5950.1%(7)(8)(12)
ProfitOptics, LLCRevolverSOFR + 5.75%, 9.6% Cash03/2203/28—(4)——%(7)(8)(12)(30)
ProfitOptics, LLCSenior Subordinated Term Loan8.0% Cash03/2203/29818178—%(7)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash09/2409/307,7097,6187,6780.7%(7)(8)(12)
Pro-Vision Solutions Holdings, LLCRevolverSOFR + 4.50%, 8.2% Cash09/2409/30145122137—%(7)(8)(12)(30)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.3% Cash05/2205/299608539600.1%(3)(7)(8)(10)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.4% Cash05/2205/291,4111,3971,4110.1%(3)(7)(8)(13)
RA Outdoors, LLCFirst Lien Senior Secured Term LoanSOFR + 6.75%, 11.1% PIK02/2206/2715,22914,9719,7850.8%(7)(8)(14)(26)(28)
RA Outdoors, LLCRevolverSOFR + 6.75%, 11.1% PIK02/2206/271,4301,4309190.1%(7)(8)(14)(26)(28)
Saab Purchaser, Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash11/2411/3113,62813,50913,5051.2%(7)(8)(13)
Saab Purchaser, Inc.RevolverSOFR + 4.75%, 8.4% Cash11/2411/31—(20)(22)—%(7)(8)(13)(30)
Scout Bidco B.V.First Lien Senior Secured Term LoanEURIBOR + 5.75%, 7.8% Cash05/2205/293,7523,3743,4560.3%(3)(7)(8)(11)
Scout Bidco B.V.First Lien Senior Secured Term LoanSOFR + 5.75%, 10.0% Cash08/2305/29443443408—%(3)(7)(8)(14)
Scout Bidco B.V.RevolverEURIBOR + 5.50%, 7.5% Cash05/2205/29453443364—%(3)(7)(8)(11)(30)
Sinari InvestFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.5% Cash07/2307/302,1461,9511,8720.2%(3)(7)(8)(10)(30)
Sonicwall US Holdings IncFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash06/2505/282,8872,8381,8440.2%(8)(13)
Syntax Midco 2 Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash10/2510/322,6402,6002,5990.2%(7)(8)(12)(30)
Syntax Midco 2 Inc.RevolverSOFR + 4.75%, 8.5% Cash10/2510/328307987970.1%(7)(8)(12)(30)
White Bidco LimitedFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash10/2310/302,2752,2322,2470.2%(3)(7)(8)(13)
Zelda Luxco S.A.SFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.2% Cash07/2507/321,7521,6881,7070.1%(3)(7)(8)(11)(30)
Subtotal High Tech Industries (19.5%)*240,270231,438226,376
Hotel, Gaming, & Leisure
Featherstone Bidco LimitedFirst Lien Senior Secured Term LoanSOFR + 6.00%, 9.9% Cash11/2505/311,0091,0091,0090.1%(3)(7)(8)(13)
Featherstone Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 6.00%, 9.8% Cash05/2505/311,3071,2651,3070.1%(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.2%)*2,3162,2742,316
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Media: Advertising, Printing, & Publishing
ASC Communications, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash07/2207/28$5,206$5,176$5,1710.4%(7)(8)(12)
ASC Communications, LLCRevolverSOFR + 4.50%, 8.2% Cash07/2207/28—(5)(7)—%(7)(8)(12)(30)
Superjet Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.8% Cash12/2105/304,2914,2444,2490.4%(7)(8)(13)(30)
Superjet Buyer, LLCRevolverSOFR + 5.00%, 8.8% Cash12/2105/30—(13)(13)—%(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (0.8%)*9,4979,4029,400
Media: Broadcasting & Subscription
Music Reports, Inc.First Lien Senior Secured Term LoanSOFR + 6.25%, 10.3% Cash08/2008/266,9236,9006,7910.6%(7)(8)(13)
The Octave Music Group, Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash06/2403/29606058—%(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*6,9836,9606,849
Media: Diversified & Production
BrightSign LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.0% Cash10/2110/275,0235,0055,0230.4%(7)(8)(12)
BrightSign LLCRevolverSOFR + 5.25%, 9.0% Cash10/2110/279979939970.1%(7)(8)(12)(30)
CM Acquisitions Holdings Inc.First Lien Senior Secured Term LoanSOFR + 5.50%, 9.1% Cash, 2.5% PIK05/1904/2811,45211,44211,4521.0%(7)(8)(14)
Footco 40 LimitedFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.5% Cash04/2204/29247223247—%(3)(7)(8)(10)
Footco 40 LimitedFirst Lien Senior Secured Term LoanSONIA + 6.50%, 10.2% Cash04/2204/291,7181,6451,7140.1%(3)(7)(8)(15)
Murphy Midco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.75%, 10.0% Cash11/2011/271,7621,7241,5700.1%(3)(7)(8)(16)
Rock Labor LLCFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash09/2309/296,4716,3356,4710.6%(7)(8)(12)
Rock Labor LLCRevolverSOFR + 5.50%, 9.2% Cash09/2309/29—(21)——%(7)(8)(12)(30)
Screenvision, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.9% Cash04/2504/305,1845,0925,0950.4%(7)(8)(13)
Screenvision, LLCRevolverSOFR + 5.00%, 8.9% Cash04/2504/30—(11)(11)—%(7)(8)(13)(30)
Screenvision, LLCSecond Lien Senior Secured Term LoanSOFR + 8.50%, 12.4% Cash04/2504/3033,69732,48732,5342.8%(7)(8)(13)
Solo Buyer, L.P.First Lien Senior Secured Term LoanSOFR + 6.25%, 10.0% Cash12/2211/2915,17714,93014,7981.3%(7)(8)(13)
Solo Buyer, L.P.RevolverSOFR + 6.25%, 10.0% Cash12/2212/288648408140.1%(7)(8)(13)(30)
Vital Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.3% Cash06/2106/3013,28513,17213,2321.1%(7)(8)(13)
Subtotal Media: Diversified & Production (8.1%)*95,87793,85693,936
Metals & Mining
Arch Global Precision LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash04/1904/268,8738,8738,3760.7%(7)(8)(13)
Subtotal Metals & Mining (0.7%)*8,8738,8738,376
Services: Business
Accelevation LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.4% Cash01/2501/311,2211,2011,2210.1%(7)(8)(12)(30)
Accelevation LLCRevolverSOFR + 4.50%, 8.4% Cash01/2501/31159147159—%(7)(8)(12)(30)
Acclime Holdings HK LimitedFirst Lien Senior Secured Term LoanSOFR + 6.23%, 10.3% Cash08/2108/277,2667,1697,2660.6%(3)(7)(8)(13)
Acclime Holdings HK LimitedSubordinated Term Loan15.0% Cash05/2504/30234230234—%(3)(7)
AcogroupFirst Lien Senior Secured Term LoanEURIBOR + 2.90%, 6.4% PIK, 4.0% PIK03/2204/288,6988,0513,3490.3%(3)(7)(8)(10)(26)
AD Bidco, Inc.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.0% Cash03/2403/3013,12012,86613,1201.1%(7)(8)(13)(30)
AD Bidco, Inc.RevolverSOFR + 5.25%, 9.0% Cash03/2403/30—(23)——%(7)(8)(13)(30)
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Adhefin InternationalFirst Lien Senior Secured Term LoanEURIBOR + 5.10%, 7.1% Cash05/2305/30$2,376$2,202$2,3110.2%(3)(7)(8)(10)(30)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term LoanEURIBOR + 7.00%, 9.1% Cash03/2303/305,5104,9385,5100.5%(3)(7)(8)(11)
Apex Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 7.00%, 10.8% Cash01/2001/273,4373,2283,4030.3%(3)(7)(8)(15)
Apex Bidco LimitedSubordinated Senior Unsecured Term Loan9.0% PIK01/2007/27388374371—%(3)(7)
ARC Interco Purchaser, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash11/2511/313,0162,9742,9740.3%(7)(8)(13)(30)
ARC Interco Purchaser, LLCRevolverSOFR + 4.75%, 8.4% Cash11/2511/31—(7)(7)—%(7)(8)(13)(30)
Artemis Bidco LimitedFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.0% Cash11/2411/316295646180.1%(3)(7)(8)(10)(30)
Auxi InternationalFirst Lien Senior Secured Term LoanEURIBOR + 6.25%, 8.3% Cash12/1912/261,6441,5451,5620.1%(3)(7)(8)(10)
Auxi InternationalFirst Lien Senior Secured Term LoanSONIA + 6.25%, 9.9% Cash04/2112/269019138560.1%(3)(7)(8)(15)
Azalea Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.1% Cash11/2111/274,7384,7074,7380.4%(7)(8)(12)
Azalea Buyer, Inc.RevolverSOFR + 5.25%, 9.1% Cash11/2111/27—(3)——%(7)(8)(12)(30)
Azalea Buyer, Inc.Subordinated Term Loan12.0% PIK11/2105/282,0422,0312,0420.2%(7)
Basin Innovation Group, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash12/2412/307,6657,5637,6650.7%(7)(8)(14)(30)
Basin Innovation Group, LLCRevolverSOFR + 4.75%, 8.5% Cash12/2412/30—(23)——%(7)(8)(14)(30)
BNI Global, LLCFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 7.4% Cash02/2405/2710,5989,68010,5980.9%(7)(8)(9)
Bounteous, Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash08/2108/294,0644,0404,0640.4%(7)(8)(12)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term LoanSONIA + 4.00%, 8.5% Cash, 3.8% PIK12/2012/2816,28116,08013,9361.2%(3)(7)(8)(16)
Broadway Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash12/2512/322,1742,1362,1360.2%(7)(8)(13)(30)
Broadway Buyer, LLCRevolverSOFR + 4.50%, 8.2% Cash12/2512/32—(10)(10)—%(7)(8)(13)(30)
Caldwell & Gregory LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash09/2409/3014,43714,25714,3081.2%(7)(8)(13)(30)
Caldwell & Gregory LLCRevolverSOFR + 4.75%, 8.4% Cash09/2409/30—(30)(22)—%(7)(8)(13)(30)
CGI Parent, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.4% Cash02/2202/2813,51513,35813,5151.2%(7)(8)(13)
CGI Parent, LLCRevolverSOFR + 4.50%, 8.4% Cash02/2202/28—(12)——%(7)(8)(13)(30)
CloudOne Digital Corp.First Lien Senior Secured Term LoanSOFR + 5.00%, 9.2% Cash08/2508/3112,29312,14712,1601.0%(7)(8)(13)
CloudOne Digital Corp.RevolverSOFR + 5.00%, 9.2% Cash08/2508/31—(32)(29)—%(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)First Lien Senior Secured Term LoanSOFR + 6.00%, 10.0% Cash, 1.0% PIK01/2001/274,0614,0483,4890.3%(7)(8)(13)
CMT Opco Holding, LLC (Concept Machine)First Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash, 0.3% PIK01/2001/27661657568—%(7)(8)(13)
Comply365, LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.9% Cash04/2212/297,5057,4407,5050.6%(7)(8)(13)
Comply365, LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash04/2212/293,2783,2303,2780.3%(7)(8)(13)
Comply365, LLCRevolverSOFR + 5.00%, 8.9% Cash04/2212/29293282293—%(7)(8)(13)(30)
Coyo Uprising GmbHFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.6% Cash, 0.3% PIK09/2109/285,6205,4485,4770.5%(3)(7)(8)(11)(30)
DISA Holdings Corp.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.6% Cash11/2209/286,8806,7736,8800.6%(7)(8)(13)
DISA Holdings Corp.RevolverSOFR + 5.00%, 8.6% Cash11/2209/28114108114—%(7)(8)(13)(30)
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Dunlipharder B.V.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash06/2206/28$1,000$993$1,0000.1%(3)(7)(8)(13)
EFC InternationalSenior Unsecured Term Loan11.0% Cash, 2.5% PIK03/2305/288268108200.1%(7)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan13.5% Cash12/2412/30318313318—%(7)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term LoanBBSY + 6.50%, 10.2% Cash03/2203/281,6591,8261,4700.1%(3)(7)(8)(18)(30)
Expert Institute Group Inc.First Lien Senior Secured Term LoanSOFR + 4.25%, 8.1% Cash03/2503/321,0931,0671,0710.1%(7)(8)(14)(30)
Expert Institute Group Inc.RevolverSOFR + 4.25%, 8.1% Cash03/2503/32—(6)(5)—%(7)(8)(14)(30)
Greenhill II BVFirst Lien Senior Secured Term LoanEURIBOR + 5.35%, 7.4% Cash07/2207/291,7621,5791,7620.2%(3)(7)(8)(10)(30)
HEKA InvestFirst Lien Senior Secured Term LoanEURIBOR + 6.20%, 8.2% Cash10/2210/295,5014,5255,5010.5%(3)(7)(8)(10)
HS Advisory Buyer LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash03/2503/302,2602,2232,2310.2%(7)(8)(13)(30)
HS Advisory Buyer LLCRevolverSOFR + 4.50%, 8.2% Cash03/2503/30—(8)(6)—%(7)(8)(13)(30)
HSL ComplianceFirst Lien Senior Secured Term LoanSONIA + 5.25%, 9.0% Cash03/2503/323,1502,9323,0610.3%(3)(7)(8)(15)(30)
Hydratech Holdings, Inc.First Lien Senior Secured Term LoanSOFR + 5.25%, 8.9% Cash09/2412/299,0148,9348,9220.8%(7)(8)(13)(30)
Hydratech Holdings, Inc.RevolverSOFR + 5.25%, 8.9% Cash09/2412/296836726710.1%(7)(8)(13)(30)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term LoanEURIBOR + 4.75%, 6.8% Cash11/2111/283,0862,9343,0860.3%(3)(7)(8)(11)
Interstellar Group B.V.First Lien Senior Secured Term LoanEURIBOR + 6.25%, 8.3% Cash08/2208/291,8341,6301,6370.1%(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)First Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.3% Cash10/2210/295,8624,8575,7880.5%(3)(7)(8)(10)
LeadsOnline, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash02/2202/289,9659,8969,9150.9%(7)(8)(13)
LeadsOnline, LLCRevolverSOFR + 4.50%, 8.2% Cash02/2202/28—(16)(13)—%(7)(8)(13)(30)
LHS Borrower, LLCFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash08/2509/319,1429,0109,0190.8%(7)(8)(12)
LHS Borrower, LLCRevolverSOFR + 5.25%, 9.2% Cash08/2509/31998788—%(7)(8)(12)(30)
Long Term Care Group, Inc.First Lien Senior Secured Term LoanSOFR + 6.00%, 10.1% Cash04/2209/278,7718,7068,4640.7%(7)(8)(13)
MB Purchaser, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash01/2401/303,8223,7663,7710.3%(7)(8)(12)(30)
MB Purchaser, LLCRevolverSOFR + 4.75%, 8.5% Cash01/2401/30—(8)(8)—%(7)(8)(12)(30)
MC Group Ventures CorporationFirst Lien Senior Secured Term LoanSOFR + 5.25%, 9.2% Cash06/2406/275,0665,0044,8290.4%(7)(8)(13)(30)
MC Group Ventures CorporationFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.4% Cash07/2106/274,3234,2964,2360.4%(7)(8)(13)(30)
MIV Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash09/2509/313,0733,0213,0240.3%(7)(8)(13)(30)
MIV Buyer, LLCRevolverSOFR + 4.75%, 8.4% Cash09/2509/31180174174—%(7)(8)(13)(30)
NF Holdco, LLCFirst Lien Senior Secured Term LoanSOFR + 6.50%, 10.2% Cash03/2304/296,2196,1025,9210.5%(7)(8)(13)
NF Holdco, LLCRevolverSOFR + 6.50%, 10.2% Cash03/2304/29475457422—%(7)(8)(13)(30)
Origin Bidco LimitedFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.1% Cash06/2106/28348356345—%(3)(7)(8)(10)
Origin Bidco LimitedFirst Lien Senior Secured Term LoanSOFR + 5.00%, 9.1% Cash06/2106/28533527529—%(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)First Lien Senior Secured Term LoanEURIBOR + 5.50%, 7.6% Cash02/2006/262,1151,9592,1150.2%(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)First Lien Senior Secured Term LoanSOFR + 5.30%, 9.5% Cash02/2006/262,3972,3912,3970.2%(3)(7)(8)(13)
Qima Finance LTDFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.4% Cash07/2507/322,8652,7912,7990.2%(3)(7)(8)(13)(30)
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Real Chemistry Intermediate III, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash04/2504/32$4,078$4,061$4,0580.3%(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.RevolverSOFR + 4.50%, 8.2% Cash04/2504/32—(4)(4)—%(7)(8)(13)(30)
Recovery Point Systems, Inc.First Lien Senior Secured Term LoanSOFR + 5.75%, 9.8% Cash08/2002/2811,17611,15211,1761.0%(7)(8)(14)
RKD Group, LLCFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.4% Cash05/2505/3112,15912,02012,0391.0%(7)(8)(13)(30)
RKD Group, LLCRevolverSOFR + 5.50%, 9.4% Cash05/2505/31—(11)(10)—%(7)(8)(13)(30)
ROI Solutions LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash10/2410/299,1949,0379,0780.8%(7)(8)(13)(30)
ROI Solutions LLCRevolverSOFR + 5.00%, 8.7% Cash10/2410/29—(41)(32)—%(7)(8)(13)(30)
RPX CorporationFirst Lien Senior Secured Term LoanSOFR + 5.50%, 9.3% Cash08/2408/3021,70121,43521,4841.9%(7)(8)(12)
RPX CorporationRevolverSOFR + 5.50%, 9.3% Cash08/2408/30—(35)(30)—%(7)(8)(12)(30)
Ruby Bidco Pty LtdFirst Lien Senior Secured Term LoanBBSY + 5.25%, 9.0% Cash12/2508/301,7131,6551,6540.1%(3)(7)(8)(18)(30)
Sansidor BVFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.0% Cash09/2409/311,0771,0181,0590.1%(3)(7)(8)(10)
Sapphire Bidco S.A.R.L.First Lien Senior Secured Term LoanEURIBOR + 5.00%, 7.0% Cash10/2504/321,8441,7741,7930.2%(3)(7)(8)(10)(30)
SBP Holdings LPFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash03/2303/288,6288,4388,6150.7%(7)(8)(12)(30)
SBP Holdings LPRevolverSOFR + 5.00%, 8.7% Cash03/2303/28—(31)(3)—%(7)(8)(12)(30)
Scaled Agile, Inc.First Lien Senior Secured Term LoanSOFR + 2.25%, 6.0% Cash, 3.8% PIK12/2112/281,8331,8171,5580.1%(7)(8)(13)
Scaled Agile, Inc.RevolverSOFR + 2.25%, 6.0% Cash, 3.8% PIK12/2112/28345343294—%(7)(8)(13)
SmartShift Group, Inc.First Lien Senior Secured Term LoanSOFR + 5.00%, 8.6% Cash09/2309/2912,81412,59712,8141.1%(7)(8)(14)
SmartShift Group, Inc.RevolverSOFR + 5.00%, 8.6% Cash09/2309/29—(26)——%(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)First Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash11/2205/282,6682,6512,6550.2%(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)RevolverSOFR + 4.75%, 8.4% Cash11/2203/27—(1)(1)—%(7)(8)(13)(30)
Starnmeer B.V.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.4% Cash10/2104/272,5002,4902,4750.2%(3)(7)(8)(14)
Sunrise Acquisition Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.25%, 9.2% Cash11/2511/321,9531,8261,8750.2%(3)(7)(8)(15)(30)
TA SL Cayman Aggregator Corp.Subordinated Term LoanSOFR + 7.75%, 11.9% PIK07/2107/283,1483,1333,1480.3%(7)(14)
Tanqueray Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.25%, 9.2% Cash11/2211/291,8251,5151,7790.2%(3)(7)(8)(15)(30)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term LoanBBSY + 5.00%, 8.8% Cash06/2407/308338098210.1%(3)(7)(8)(18)(30)
Techone B.V.First Lien Senior Secured Term LoanEURIBOR + 5.40%, 7.4% Cash11/2111/284,1273,8314,1140.4%(3)(7)(8)(10)
Techone B.V.RevolverEURIBOR + 5.40%, 7.4% Cash11/2105/28—(23)(2)—%(3)(7)(8)(10)(30)
Trintech, Inc.First Lien Senior Secured Term LoanSOFR + 5.50%, 9.2% Cash07/2307/296,8256,6876,7980.6%(7)(8)(12)
Trintech, Inc.RevolverSOFR + 5.50%, 9.2% Cash07/2307/29153142151—%(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.3% Cash12/2212/3116,83316,62016,8331.5%(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.RevolverSOFR + 4.50%, 8.3% Cash12/2212/31—(5)——%(7)(8)(13)(30)
Turnberry Solutions, Inc.First Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash07/2103/284,8244,8104,8240.4%(7)(8)(12)
UBC Ledgers Holding ABFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 7.3% Cash07/2412/307697097690.1%(3)(7)(8)(10)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
UBC Ledgers Holding ABFirst Lien Senior Secured Term LoanSTIBOR + 5.25%, 7.1% Cash12/2312/30$1,738$1,494$1,7380.1%(3)(7)(8)(21)(30)
UHY Advisors, Inc.First Lien Senior Secured Term LoanSOFR + 4.75%, 8.6% Cash11/2411/318,2958,1908,2950.7%(7)(8)(13)(30)
UHY Advisors, Inc.RevolverSOFR + 4.75%, 8.6% Cash11/2411/311,0139911,0130.1%(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)First Lien Senior Secured Term LoanSOFR + 5.50%, 9.3% Cash11/1806/2617,90617,85617,9061.5%(7)(8)(12)
Utac CeramFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 7.9% Cash, 2.4% PIK09/2009/271,8371,8041,8370.2%(3)(7)(8)(10)
Utac CeramFirst Lien Senior Secured Term LoanSOFR + 4.00%, 7.7% Cash, 2.4% PIK02/2109/273,6683,6463,6680.3%(3)(7)(8)(13)
World 50, Inc.First Lien Senior Secured Term LoanSOFR + 4.50%, 8.7% Cash03/2403/3013,75713,54713,7571.2%(7)(8)(14)
World 50, Inc.RevolverSOFR + 4.50%, 8.7% Cash03/2403/30—(14)——%(7)(8)(14)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 7.6% Cash05/2205/29329305329—%(3)(7)(8)(11)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 5.50%, 9.5% Cash05/2205/299,4658,6949,4650.8%(3)(7)(8)(16)
Xeinadin Bidco LimitedSubordinated Term LoanSONIA + 11.00%, 15.0% PIK05/2205/294,4994,1384,4310.4%(3)(7)(16)
Subtotal Services: Business (38.4%)*457,786445,091445,227
Services: Consumer
Application Boot Camp LLCFirst Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash04/2504/311,2151,1991,2010.1%(7)(8)(13)
Application Boot Camp LLCRevolverSOFR + 5.00%, 8.7% Cash04/2504/31—(5)(6)—%(7)(8)(13)(30)
Application Boot Camp LLCSubordinated Term Loan14.0% Cash04/2504/30828282—%(7)
Arc EducationFirst Lien Senior Secured Term LoanEURIBOR + 4.00%, 6.0% Cash07/2207/299918929620.1%(3)(7)(8)(11)(30)
ArchimedeFirst Lien Senior Secured Term LoanEURIBOR + 7.00%, 9.0% Cash10/2010/276,9296,5246,3540.5%(3)(7)(8)(10)
Bariacum S.A.First Lien Senior Secured Term LoanEURIBOR + 4.00%, 6.0% PIK11/2111/283,5233,2726550.1%(3)(7)(8)(10)(26)
Bariacum S.A.First Lien Senior Secured Term LoanEURIBOR + 9.50%, 11.5% Cash12/2512/26474747—%(3)(7)(8)(10)
Bariacum S.A.First Lien Senior Secured Term LoanEURIBOR + 9.50%, 11.5% PIK12/2512/30376376376—%(3)(7)(8)(10)
Cascade Residential Services LLCFirst Lien Senior Secured Term LoanSOFR + 6.00%, 9.7% Cash10/2310/294,6014,5274,5370.4%(7)(8)(13)
Cascade Residential Services LLCRevolverSOFR + 6.00%, 9.7% Cash10/2310/29—(5)(5)—%(7)(8)(13)(30)
CEC Entertainment, LLCFirst Lien Senior Secured Term LoanSOFR + 6.00%, 9.7% Cash09/2509/303,4783,4283,4290.3%(7)(8)(13)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term LoanSOFR + 6.25%, 10.2% Cash04/2504/313,2693,2403,0960.3%(7)(8)(13)
Express Wash Acquisition Company, LLCRevolverSOFR + 6.25%, 10.2% Cash04/2504/31—(2)(10)—%(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a/ Fineline Technologies, Inc.)First Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash10/2402/306,9386,9116,9030.6%(7)(8)(12)
Global Academic Group LimitedFirst Lien Senior Secured Term LoanBBSY + 4.91%, 8.6% Cash07/2207/272,6972,7692,6970.2%(3)(7)(8)(18)
Global Academic Group LimitedFirst Lien Senior Secured Term LoanBKBM + 4.91%, 7.5% Cash07/2207/276326706320.1%(3)(7)(8)(22)
HomeX Services Group LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.2% Cash11/2311/291,9101,8821,8990.2%(7)(8)(12)(30)
HomeX Services Group LLCRevolverSOFR + 4.50%, 8.2% Cash11/2312/31342932—%(7)(8)(12)(30)
InvoCare LimitedFirst Lien Senior Secured Term LoanBBSY + 5.00%, 8.7% Cash11/2311/292,1592,0722,1590.2%(3)(7)(8)(18)(30)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Kid Distro Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 9.2% Cash10/2110/29$13,020$12,959$13,0201.1%(7)(8)(14)
Marmoutier Holding B.V.First Lien Senior Secured Term LoanEURIBOR + 6.50%, 8.6% Cash06/2512/28939263—%(3)(7)(8)(11)(30)
Marmoutier Holding B.V.RevolverEURIBOR + 5.50%, 7.6% Cash12/2106/27187157146—%(3)(7)(8)(10)
Marmoutier Holding B.V.Super Senior Secured Term LoanEURIBOR + 6.25%, 8.4% Cash03/2412/28213184166—%(3)(7)(8)(10)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash12/2012/2610,11310,05010,0120.9%(7)(8)(14)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term LoanBBSY + 5.00%, 8.6% Cash09/2109/261,8391,9811,8290.2%(3)(7)(8)(17)
Selenium Designated Activity CompanyFirst Lien Senior Secured Term LoanEURIBOR + 5.13%, 7.2% Cash03/2503/323,2192,9093,1630.3%(3)(7)(8)(10)
Subtotal Services: Consumer (5.5%)*67,56566,24063,439
Structured Product
AMMC CLO 22, Limited Series 2018-22ASubordinated Structured NotesResidual Interest, current yield 0.00%02/2204/317,222381——%(3)(7)(28)(29)
Apidos CLO XXIV, Series 2016-24ASubordinated Structured NotesResidual Interest, current yield 0.00%02/2207/2718,3583,4642,7550.2%(3)(28)
Catawba River LimitedStructured - Junior NoteN/A10/2210/314,5983,9001,8680.2%(3)(7)(29)
Dryden 49 Senior Loan Fund, Series 2017-49ASubordinated Structured NotesResidual Interest, current yield 0.00%02/2207/3017,2332,0432—%(3)(28)(29)
Magnetite XIX, LimitedSubordinated NotesSOFR + 8.00%, 11.9% Cash02/2204/345,2505,2505,0430.4%(3)(8)(13)
Perimeter Master Note Business TrustStructured Secured Note - Class A4.7% Cash05/2205/31182182181—%(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class B5.4% Cash05/2205/31182182181—%(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class C5.9% Cash05/2205/31182182181—%(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class D8.5% Cash05/2205/31182182181—%(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class E11.4% Cash05/2205/319,2749,2749,1320.8%(3)(7)
Sound Point CLO XX, Ltd.Subordinated Structured NotesResidual Interest, current yield 0.00%02/2207/314,4891,38921—%(3)(28)(29)
US Bank National Association Series 2025-1Structured Note - Class RSOFR + 7.50%, 11.4% Cash03/2501/324,8444,8444,9650.4%(3)(7)(8)(13)
US Bank National Association Series 2025-2Structured Note - Class RSOFR + 7.00%, 10.9% Cash09/2508/324,5944,5944,5940.4%(3)(8)(12)
Vista Global Holding LtdStructured Secured Note - Class C9.5% Cash12/2402/30488488482—%(3)
VOYA CLO 2015-2, LTD.Subordinated Structured NotesResidual Interest, current yield 0.00%02/2207/2710,7362,43441—%(3)(28)(29)
VOYA CLO 2016-2, LTD.Subordinated Structured NotesResidual Interest, current yield 0.00%02/2207/2811,0886731—%(3)(28)(29)
Subtotal Structured Product (2.6%)*98,90239,46229,628
Telecommunications
Mercell Holding ASFirst Lien Senior Secured Term LoanNIBOR + 5.00%, 8.9% Cash08/2208/293,1133,1633,0980.3%(3)(7)(8)(25)(30)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term LoanBBSY + 4.75%, 8.5% Cash12/2107/292,7322,7192,7320.2%(3)(7)(8)(18)
UKFast Leaders LimitedFirst Lien Senior Secured Term LoanSONIA + 7.25%, 11.1% Cash09/2009/2712,57411,91512,3231.1%(3)(7)(8)(15)
Subtotal Telecommunications (1.6%)*18,41917,79718,153
Transportation: Cargo
Argus Intermediate, LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.5% Cash12/2512/313,8163,7333,7320.3%(7)(8)(13)(30)
Argus Intermediate, LLCRevolverSOFR + 4.75%, 8.5% Cash12/2512/316276166160.1%(7)(8)(13)(30)
Armstrong Transport Group (Pele Buyer, LLC)First Lien Senior Secured Term LoanSOFR + 5.00%, 8.7% Cash06/1912/266,4986,4856,4070.6%(7)(8)(14)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Armstrong Transport Group (Pele Buyer, LLC)RevolverSOFR + 5.00%, 8.7% Cash08/2512/26$10$3$(3)—%(7)(8)(14)(30)
Echo Global Logistics, Inc.Second Lien Senior Secured Term LoanSOFR + 7.25%, 11.0% Cash11/2111/299,4699,376$9,4500.8%(7)(8)(12)
FitzMark Buyer, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.3% Cash12/2012/263,9943,9803,9940.3%(7)(8)(12)
FragilePak LLCFirst Lien Senior Secured Term LoanSOFR + 5.75%, 9.6% Cash05/2105/274,4964,4634,4960.4%(7)(8)(13)
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term LoanSOFR + 4.85%, 8.7% Cash04/2211/286,6676,5736,6670.6%(3)(7)(8)(13)
ITI Intermodal, Inc.First Lien Senior Secured Term LoanSOFR + 6.50%, 10.2% Cash12/2112/2711,95511,79911,9551.0%(7)(8)(13)
ITI Intermodal, Inc.First Lien Senior Secured Term LoanSOFR + 6.25%, 10.0% Cash12/2112/277937877930.1%(7)(8)(13)
ITI Intermodal, Inc.RevolverSOFR + 6.50%, 10.2% Cash12/2112/27226211226—%(7)(8)(13)(30)
R1 Holdings, LLCFirst Lien Senior Secured Term LoanSOFR + 6.25%, 9.9% Cash12/2212/286,0495,9425,8790.5%(7)(8)(14)
R1 Holdings, LLCRevolverSOFR + 6.25%, 9.9% Cash12/2212/281,8541,8181,7960.2%(7)(8)(14)(30)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term LoanSOFR + 7.00%, 10.8% Cash11/2405/302,7602,7602,0810.2%(7)(8)(13)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term LoanSOFR + 10.50%, 14.4% Cash11/2511/29258258258—%(7)(8)(13)(30)
REP SEKO MERGER SUB LLCFirst Out Term LoanSOFR + 10.00%, 13.9% Cash11/2411/291,1121,0951,1120.1%(7)(8)(13)
Transportation Insight, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.3% Cash, 1.0% PIK08/1806/2711,23611,2116,8760.6%(7)(8)(12)
Transportation Insight, LLCFirst Lien Senior Secured Term LoanSOFR + 4.50%, 8.3% Cash, 1.0% PIK12/2503/26262626—%(7)(8)(12)
Transportation Insight, LLCRevolverSOFR + 4.50%, 8.3% Cash, 1.0% PIK12/2503/26—(39)——%(7)(8)(12)(30)
Subtotal Transportation: Cargo (5.7%)*71,84671,09766,361
Transportation: Consumer
Breeze Aviation Group IncSecond Lien Senior Secured Term LoanSOFR + 7.50%, 11.5% Cash06/2508/302,4032,4032,3610.2%(7)(8)(13)
Breeze Aviation Group IncSecond Lien Senior Secured Term LoanSOFR + 7.50%, 11.5% Cash06/2509/302,4292,4292,3850.2%(7)(8)(13)
Breeze Aviation Group IncSecond Lien Senior Secured Term LoanSOFR + 7.50%, 11.5% Cash06/2509/302,4292,4292,3860.2%(7)(8)(13)
International Fleet Financing No.2 B.V.Class C Senior Secured Note10.5% Cash07/2506/278,5228,3988,2750.7%(3)(7)(30)
Subtotal Transportation: Consumer (1.3%)*15,78315,65915,407
Utilities: Electric
KAMC Holdings Inc.First Lien Senior Secured Term LoanSOFR + 5.25%, 9.1% Cash08/2508/315,4345,3575,3640.5%(7)(8)(13)
KAMC Holdings Inc.RevolverSOFR + 5.25%, 9.1% Cash08/2508/31165156157—%(7)(8)(13)(30)
Panoche Energy Center LLCFirst Lien Senior Secured Bond6.9% Cash07/2207/293,0762,8873,0580.3%(7)
Spatial Business Systems LLCFirst Lien Senior Secured Term LoanSOFR + 4.75%, 8.4% Cash10/2210/287,2847,1987,2180.6%(7)(8)(13)
Spatial Business Systems LLCRevolverSOFR + 4.75%, 8.4% Cash10/2210/28—(5)(4)—%(7)(8)(13)(30)
Subtotal Utilities: Electric (1.4%)*15,95915,59315,793
Subtotal Debt Investments (155.0%)*1,949,0471,843,1121,799,436
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DateUnits / SharesCostFairValue% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationLLC Units04/2518,151.3$18$6—%(7)(29)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Accurus Aerospace CorporationCommon Stock04/22437,623.3$438$149—%(7)(29)
Compass Precision, LLCLLC Units04/2246,085.6125383—%(7)(29)
GB Eagle Buyer, Inc.Partnership Units12/226876872,0250.2%(7)(29)
Megawatt Acquisitionco, Inc.Common Stock03/2420521——%(7)(29)
Megawatt Acquisitionco, Inc.Preferred Stock03/241,842184153—%(7)(29)
Whitcraft Holdings, Inc.LP Units02/2363,087.16311,1640.1%(7)(29)
Subtotal Aerospace & Defense (0.3%)*2,1043,880
Automotive
Burgess Point Purchaser CorporationLP Units07/22455455334—%(7)(29)
Randys Holdings, Inc.Common Stock11/225,3335336900.1%(7)(29)
Recon Buyer LLCLLC Units11/25116.2116116—%(7)(29)
SPATCO Energy Solutions, LLCCommon Stock07/24280,957281309—%(7)(29)
SVI International LLCLLC Units03/24207,921208378—%(7)
Velocity Pooling Vehicle, LLCCommon Stock02/224,676602—%(7)(28)(29)
Velocity Pooling Vehicle, LLCWarrants02/225,591723—%(7)(28)(29)
Subtotal Automotive (0.2%)*1,7251,832
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsCommon Stock07/25279,2303,3414,1100.4%(29)
Aegros Holdco 2 LtdCommon Stock05/25889,464126100.1%(3)(7)(29)
Bishop Street Underwriters, LLCLLC Units07/25188,809.2287361—%(7)(29)
Credit Key Funding II LLCPreferred Stock10.0% Cash, 10.0% PIK12/25732,0192,5672,5570.2%(7)
Credit Key Funding II LLCWarrants12/25862,753———%(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2LP Interest06/252,777,2642,7772,8610.2%(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock08/222,828,2862,8282,9700.3%(3)(7)
ICREDITWORKS LLCPreferred Stock10.0% Cash, 7.5% PIK03/2559,462.710,83510,8420.9%(7)
ICREDITWORKS LLCWarrants03/2523,692.2———%(7)(29)
Policy Services Company, LLCWarrants - Class A12/212.5582———%(7)(29)
Policy Services Company, LLCWarrants - Class B12/210.8634———%(7)(29)
Policy Services Company, LLCWarrants - Class CC12/210.0888———%(7)(29)
Policy Services Company, LLCWarrants - Class D12/210.2471———%(7)(29)
Resolute Investment Managers, Inc.Common Stock03/2438,571———%(7)(28)(29)
Shelf Bidco LtdCommon Stock12/221,200,0001,2004,7040.4%(3)(7)(28)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (2.5%)*23,84729,015
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLCCommon Stock02/2421,031—1,5180.1%(7)(29)
GMF Parent, Inc.LLC Units12/25138138138—%(7)(29)
Woodland Foods, LLCCommon Stock12/211,663.301,6631,8150.2%(7)(29)
Woodland Foods, LLCPreferred Stock20.0% PIK12/21364.00519551—%(7)
Woodland Foods, LLCPreferred Stock20.0% PIK03/2594.60143145—%(7)
Subtotal Beverage, Food, & Tobacco (0.4%)*2,4634,167
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Capital Equipment
DAWGS Intermediate Holdings Co.LLC Units03/25346.9$347$409—%(7)(29)
Polara Enterprises, L.L.C.Partnership Units12/217,4097411,9740.2%(7)
Process Insights Acquisition, Inc.Common Stock07/2328128172—%(7)(29)
Rapid Buyer LLCLLC Units10/24533533377—%(7)(29)
TAPCO Buyer LLCLLC Units11/24339364523—%(7)(29)
Subtotal Capital Equipment (0.3%)*2,2663,355
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock04/2388,11088108—%(7)(29)
Aptus 1829. GmbHPreferred Stock09/211312068—%(3)(7)(29)
Aptus 1829. GmbHCommon Stock09/214812——%(3)(7)(29)
Polymer Solutions Group Holdings, LLCCommon Stock02/2274———%(7)(28)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*220176
Construction & Building
BKF Buyer, Inc.Common Stock08/241,004,4671,0041,1450.1%(7)(29)
MNS Buyer, Inc.Partnership Units08/2176,92377186—%(7)(29)
Ocelot Holdco LLCPreferred Stock15.0% PIK10/23243.811,5622,4380.2%(7)
Ocelot Holdco LLCCommon Stock10/23186.67—2,8310.2%(7)(29)
Subtotal Construction & Building (0.6%)*2,6436,600
Consumer goods: Durable
DecksDirect, LLCClass A Units04/241,016.147——%(7)(29)
DecksDirect, LLCCommon Stock12/211,280.855——%(7)(29)
DecksDirect, LLCPreferred Stock13.0% PIK03/259.511——%(7)
Lifestyle Intermediate II, LLCClass A Common Units01/2516,173.0———%(7)(28)(29)
Renovation Parent Holdings, LLCPartnership Equity11/21202,393.6202160—%(7)(29)
RTIC Subsidiary Holdings, LLCClass A Preferred Stock02/22145.3474——%(7)(28)(29)
RTIC Subsidiary Holdings, LLCClass B Preferred Stock02/22145.347———%(7)(28)(29)
RTIC Subsidiary Holdings, LLCClass C Preferred Stock02/227,844.0345036—%(7)(28)(29)
RTIC Subsidiary Holdings, LLCCommon Stock02/22153———%(7)(28)(29)
Serta Simmons Bedding LLCCommon Stock06/23109,1271,6301,0090.1%(29)
Team Air Distributing, LLCPartnership Equity05/23516,640.2523212—%(7)(29)
Terrybear, Inc.Partnership Equity04/2224,358.97239——%(7)(29)
Subtotal Consumer goods: Durable (0.1%)*3,1611,417
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units02/24233233262—%(7)(29)
Ice House America, L.L.C.LLC Units01/242,893289174—%(7)(29)
Safety Products Holdings, LLCPreferred Stock12/20378.7380500—%(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*902936
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units06/242,769277456—%(7)
Five Star Holding LLCLLC Units05/22966.999677840.1%(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*1,2441,240
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Energy: Oil & Gas
Ferrellgas L.P.Opco Preferred Units03/212,886$2,799$3,0300.3%(7)
Subtotal Energy: Oil & Gas (0.3%)*2,7993,030
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock- Series C7.0% PIK07/2214,61817,97816,3361.4%(7)
Subtotal Environmental Industries (1.4%)*17,97816,336
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock09/2298,906,6081,1152,6610.2%(3)(7)(29)
Amalfi MidcoWarrants09/22380,38541,1670.1%(3)(7)(29)
Canadian Orthodontic Partners Corp.Class A Equity05/22500,000389——%(3)(7)(29)
Canadian Orthodontic Partners Corp.Class C - Warrants05/2274,712.64———%(3)(7)(29)
Canadian Orthodontic Partners Corp.Class X Equity05/2245,60435——%(3)(7)(29)
Canadian Orthodontic Partners Corp.Common Stock08/2414.37———%(3)(7)(29)
Forest Buyer, LLCClass A LLC Units03/24122122140—%(7)
Forest Buyer, LLCClass B LLC Units03/24122—61—%(7)(29)
GCDL LLCCommon Stock08/24243,243.24243355—%(7)
GPNZ II GmbHCommon Stock10/235,785———%(3)(7)(29)
HemaSource, Inc.Common Stock08/23101,080101141—%(7)(29)
Moonlight Bidco LimitedCommon Stock07/2310,590138202—%(3)(7)(29)
Parkview Dental Holdings LLCLLC Units10/2329,762298227—%(7)(29)
Parkview Dental Holdings LLCPreferred Stock10.0% PIK12/241,229.11338—%(7)
SCP Medical Products, LLC.LLC Units06/25393.35353—%(7)(29)
TA KHP Aggregator, L.P.Common Stock06/2547,209.64756—%(7)(29)
Unosquare, LLCLLC Units06/25260,817.7261216—%(7)(29)
VB Spine Intermediary II LLCLLC Units04/25767,670.7———%(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.5%)*2,8195,317
High Tech Industries
Argus Bidco LimitedCommon Stock07/224641——%(3)(7)(29)
Argus Bidco LimitedEquity Loan Notes10.0% PIK07/2241,5607027—%(3)(7)
Argus Bidco LimitedPreferred Stock10.0% PIK07/2241,5607028—%(3)(7)
CH Buyer, LLCLLC Units05/256856978—%(7)(29)
Command Alkon (Project Potter Buyer, LLC)Class B Partnership Units04/2033,324.70—187—%(7)(29)
CW Group Holdings, LLCLLC Units01/21161,290.32161500—%(7)(29)
Eurofins Digital Testing International LUX Holding SARLCommon Stock10/25243,081.0———%(3)(7)(29)
Eurofins Digital Testing International LUX Holding SARLPreferred Stock10/25351,478.0———%(3)(7)(29)
FinThrive Software Intermediate Holdings Inc.Preferred Stock11.0% PIK03/226,582.710,9675,8960.5%(7)
FSS Buyer LLCLP Interest08/211,160.91218—%(7)(29)
FSS Buyer LLCLP Units08/215,104.35178—%(7)(29)
NAW Buyer LLCLLC Units09/23472,5124735950.1%(7)
OSP Hamilton Purchaser, LLCLP Units07/22173,749174182—%(7)(29)
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DateUnits / SharesCostFairValue% of Net Assets *Notes
PDQ.Com CorporationClass A-2 Partnership Units08/2113.9$14$39—%(7)(29)
ProfitOptics, LLCLLC Units03/22241,935.48161423—%(7)(29)
Pro-Vision Solutions Holdings, LLCLLC Units09/242,357.5236249—%(7)(29)
Subtotal High Tech Industries (0.7%)*12,4598,300
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLCClass A1 Partnership Units12/218,717.76280379—%(7)(29)
Advantage Software Company (The), LLCClass A2 Partnership Units12/212,248.467298—%(7)(29)
Advantage Software Company (The), LLCClass B1 Partnership Units12/218,717.769——%(7)(29)
Advantage Software Company (The), LLCClass B2 Partnership Units12/212,248.462——%(7)(29)
ASC Communications, LLCClass A Units07/2225,718.205398800.1%(7)
Subtotal Media: Advertising, Printing, & Publishing (0.1%)*9021,357
Media: Broadcasting & Subscription
The Octave Music Group, Inc.Partnership Equity04/22676,881.006771,9560.2%(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*6771,956
Media: Diversified & Production
BrightSign LLCLLC Units10/211,107,492.711,1071,3840.1%(7)
Rock Labor LLCLLC Units09/23233,8711,2521,3800.1%(7)(29)
Solo Buyer, L.P.Common Equity12/22516,399516269—%(7)(29)
Vital Buyer, LLCPartnership Units06/2116,442.9164566—%(7)
Subtotal Media: Diversified & Production (0.3%)*3,0393,599
Services: Business
ARC Interco Purchaser, LLCLLC Units11/25121,550.0122122—%(7)(29)
Azalea Buyer, Inc.Common Stock11/21192,307.7192304—%(7)(29)
Broadway Buyer, LLCLLC Units12/25312,055.0312312—%(7)(29)
CGI Parent, LLCPreferred Stock02/226577221,9470.2%(7)(29)
CMT Opco Holding, LLC (Concept Machine)LLC Units09/2312,634.8506——%(7)(29)
Coyo Uprising GmbHClass A Units09/21440205243—%(3)(7)(29)
Coyo Uprising GmbHClass B Units09/21191446420—%(3)(7)(29)
DataServ Integrations, LLCPreferred Units11/22175,459.20192235—%(7)(29)
EFC InternationalCommon Stock03/23163.83231217—%(7)(29)
Electric Equipment & Engineering Co.LLC Units12/24187,500188354—%(7)(29)
LeadsOnline, LLCLLC Units02/2281,73985216—%(7)
MB Purchaser, LLCLLC Units01/24666878—%(7)(29)
MC Group Ventures CorporationPartnership Units06/21746.667477060.1%(7)(29)
MIV Buyer, LLCLLC Units09/251,007.4101102—%(7)(29)
NF Holdco, LLCLLC Units03/23639,510659224—%(7)(29)
Recovery Point Systems, Inc.Partnership Equity03/21187,235187103—%(7)(29)
SmartShift Group, Inc.Common Stock09/232752755940.1%(7)(29)
TA SL Cayman Aggregator Corp.Common Stock07/211,5895093—%(7)(29)
TSYL Corporate Buyer, Inc.Partnership Units12/224,673536—%(7)(29)
Xeinadin Bidco LimitedCommon Stock05/2245,665,8255651,2280.1%(3)(7)(29)
Subtotal Services: Business (0.6%)*5,8587,534
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Units / Shares · Cost · FairValue · % of Net Assets * · Notes
Services: Consumer
Application Boot Camp LLCCommon Stock04/25234,751.8$235$279—%(7)
Kid Distro Holdings, LLCLLC Units10/21637,677.116387910.1%(7)(29)
Marmoutier Holding B.V.Common Stock06/252,600,592———%(3)(7)(29)
Subtotal Services: Consumer (0.1%)*8731,070
Telecommunications
Mercell Holding ASClass A Units08/22114.4111123—%(3)(7)(29)
Mercell Holding ASClass B Units08/2228,943.8———%(3)(7)(29)
Syniverse Holdings, Inc.Series A Preferred Equity12.5% PIK05/227,575,75811,49711,4391.0%(7)
Subtotal Telecommunications (0.8%)*11,60811,562
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.Partnership Units04/21348.683497850.1%(7)(29)
Echo Global Logistics, Inc.Partnership Equity11/21530.92531351—%(7)(29)
FragilePak LLCPartnership Units05/21937.59386660.1%(7)(29)
ITI Intermodal, Inc.Common Stock01/227,500.47509610.1%(7)(29)
REP SEKO MERGER SUB LLCCommon Stock11/241,2315,403——%(7)(29)
Subtotal Transportation: Cargo (0.2%)*7,9712,763
Subtotal Equity Investments(9.9%)*107,558115,442
Royalty Rights:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.Royalty Rights05/241,2921,4860.1%(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*1,2921,486
Subtotal Royalty Rights (0.1%)*1,2921,486
Subtotal Non-Control / Non-Affiliate Investments (165.1%)*1,951,9621,916,364
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan12.0% Cash11/2411/31$16,021$16,021$16,0201.4%(7)(30)
Subtotal Aerospace & Defense (1.4%)*16,02116,02116,0201.4%
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCRevolverSOFR + 6.50%, 10.3% Cash07/2102/299,9099,8529,9090.9%(7)(12)(30)
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan7.5% Cash07/2107/284,5454,5264,5460.4%(7)
Rocade Holdings LLCSecond Lien Senior Secured Term LoanSOFR + 8.00%, 11.9% Cash11/2511/302,8672,6702,6670.2%(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (1.5%)*17,32117,04817,122
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCFirst Lien Senior Secured Term LoanSOFR + 8.00%, 11.7% PIK12/2312/288,6798,6798,4630.7%(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*8,6798,6798,463
Healthcare & Pharmaceuticals
Biolam GroupFirst Lien Senior Secured Term LoanEURIBOR + 4.50%, 6.5% PIK12/2212/292,9022,5371,7310.1%(3)(7)(8)(11)(26)
Subtotal Healthcare & Pharmaceuticals (0.1%)*2,9022,5371,731
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCSubordinated Term Loan8.0% Cash11/2111/31$16,620$15,793$15,8911.4%(7)
Coastal Marina Holdings, LLCSubordinated Term Loan8.0% Cash11/2111/317,6627,3597,3270.6%(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*24,28223,15223,218
Services: Business
Zeppelin Bidco LimitedFirst Lien Senior Secured Term LoanSONIA + 6.50%, 10.5% Cash03/2203/292,5652,0102,5650.2%(3)(7)(8)(16)
Subtotal Services: Business (0.2%)*2,5652,0102,565
Subtotal Debt Investments (6.0%)*71,77069,44769,119
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DateUnits / SharesCostFairValue% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units11/245,340,186.4$5,349$5,3390.5%(7)(29)(30)
Subtotal Aerospace & Defense (0.5%)*5,3495,339
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCLLC Units07/2189,447,39693,052139,53912.0%(7)
Rocade Holdings LLCPreferred LP UnitsSOFR + 6.00%, 9.9% PIK02/2371,00089,45289,4507.7%(7)(13)(30)
Rocade Holdings LLCCommon LP Units02/2323.8—3,5960.3%(7)
Subtotal Banking, Finance, Insurance, & Real Estate (20.0%)*182,504232,585
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCCommon Stock12/231,243,07112,1778,9250.8%(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.8%)*12,1778,925
Healthcare & Pharmaceuticals
Biolam GroupOrdinary Shares10/2542,639,498———%(3)(7)(29)
Subtotal Healthcare & Pharmaceuticals (—%)*——
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units11/213,518,09716,49519,9831.7%(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*16,49519,983
Investment Funds & Vehicles
Jocassee Partners LLC9.1% Member Interest06/1935,15837,9863.3%(3)(30)(32)
Sierra Senior Loan Strategy JV I LLC89.01% Member Interest02/2227,96916,4041.4%(3)(28)(32)
Thompson Rivers LLC16.0% Member Interest06/2020,0214,2710.4%(29)(32)
Waccamaw River LLC20% Member Interest02/2117,0704,4890.4%(3)(32)
Subtotal Investment Funds & Vehicles (5.4%)*100,21863,150
Services: Business
Zeppelin Bidco LimitedOrdinary Shares08/25879—82—%(3)(7)(29)
Subtotal Services: Business (—%)*—82
Subtotal Equity Investments (28.4%)*316,743330,064
Subtotal Affiliate Investments (34.4%)*386,190399,183
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DatePrincipal AmountCostFairValue% of Net Assets *Notes
Control Investments:(5)
Debt Investments
Capital Equipment
Security Holdings B.V.Bridge Loan5.0% PIK12/2006/26$6,997$6,997$6,9970.6%(3)(7)(27)
Security Holdings B.V.Revolver6.0% Cash09/2312/276,2255,8146,2250.5%(3)(7)(27)(30)
Security Holdings B.V.Senior Unsecured Term Loan6.0% Cash 9.0% PIK04/2104/292,9102,8262,9090.3%(3)(7)(27)
Portfolio Company(6) · Investment Type(1)(2) · Interest · Acq. Date · Maturity Date · Principal Amount · Cost · FairValue · % of Net Assets * · Notes
Security Holdings B.V.Senior Subordinated Term Loan3.1% PIK12/2006/26$11,566$11,566$11,5651.0%(3)(7)(27)
Subtotal Capital Equipment (2.0%)*27,69827,20327,696
Subtotal Debt Investments (2.4%)*27,69827,20327,696
Portfolio Company(6)Investment Type(1)(2)InterestAcq. DateMaturity DateUnits / SharesCostFairValue% of Net Assets *Notes
Equity Investments
Automotive
MVC Automotive Group GmbHCommon Equity Interest12/2018,000$23,173$14,1431.2%(3)(7)(27)(29)
Subtotal Automotive (1.2%)*23,17314,143
Capital Equipment
Security Holdings B.V.Common Stock Series A02/2217,100560436—%(3)(7)(27)(29)
Security Holdings B.V.Common Stock Series B12/201,23635,19240,7023.5%(3)(7)(27)
Subtotal Capital Equipment (3.5%)*35,75241,1383.5%
Subtotal Equity Investments (4.8%)*58,92555,281
Subtotal Control Investments (7.1%)*86,12882,977
Total Investments, December 31, 2025 (206.6%)*$2,424,280$2,398,524

Derivative Instruments

Interest Rate Swaps:
Description · Company Receives · Company Pays · Maturity Date · Notional Amount · Value · Hedged Instrument · Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 4)7.00%SOFR + 3.1475%2/15/2029$300,000$3,334February 2029 Notes$3,334
Interest rate swap (See Note 4)5.20%SOFR + 2.059%9/15/2028$300,000$(2,072)September 2028 Notes(2,072)
Total Interest Rate Swaps, December 31, 2025$1,262
Credit Support Agreement:
DescriptionCounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
Sierra Credit Support Agreement(a)(b)(c)Barings LLC04/01/32$100,000$60,500$16,100
Total Credit Support Agreement, December 31, 2025$100,000$60,500$16,100

a)The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments in the Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).

(b)The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.

(c)Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.

Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)$37,436A$56,369HSBC Bank USA03/31/26$(155)
Foreign currency forward contract (CAD)$1,951C$2,686Bank of America, N.A.03/31/26(16)
Foreign currency forward contract (DKK)$5203,312kr.HSBC Bank USA03/31/26(3)
Foreign currency forward contract (EUR)$39,619€33,500BNP Paribas SA03/31/26119
Foreign currency forward contract (EUR)$14,642€12,500HSBC Bank USA03/31/26(97)
Foreign currency forward contract (NZD)NZ$10,000$5,827HSBC Bank USA03/31/26(58)
Foreign currency forward contract (NZD)$9,006NZ$15,504HSBC Bank USA03/31/2662
Foreign currency forward contract (NOK)$4,85249,215krBNP Paribas SA03/31/26(25)
Foreign currency forward contract (GBP)£1,500$2,026BNP Paribas SA03/31/26(9)
Foreign currency forward contract (GBP)£2,000$2,691HSBC Bank USA03/31/26(2)
Foreign currency forward contract (GBP)$132,483£99,342BNP Paribas SA03/31/26(1,106)
Foreign currency forward contract (SEK)$1,99918,499krBank of America, N.A.03/31/26(17)
Foreign currency forward contract (CHF)$5,5714,421Fr.HSBC Bank USA03/31/26(59)
Total Foreign Currency Forward Contracts, December 31, 2025$(1,366)

*Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2025 represented 206.6% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.0% of total investments at fair value as of December 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2025 were as follows:

December 31, 2024 Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · December 31,2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Biolam(d)First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 6.5% PIK)(e)$—$1,258$(128)$44$557$1,731$(27)
Ordinary Shares(42,639,498 shares)———————
—1,258(128)445571,731(27)
Celebration Bidco, LLC(d)First Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% PIK)6,4142,266——(217)8,463987
Common Stock(1,243,071 shares)11,262———(2,337)8,925—
17,6762,266——(2,554)17,388987
Coastal Marina Holdings, LLC(d)Subordinated Term Loan(8.0% Cash)15,770103——1815,8911,432
Subordinated Term Loan(8.0% Cash)7,27138——187,327650
LLC Units (3,518,097 units)16,852———3,13119,983—
39,893141——3,16743,2012,082
Eclipse Business Capital, LLC(d)Revolver (SOFR + 6.50%, 10.3% Cash)10,0918,650(8,820)—(12)9,9091,116
Second Lien Senior Secured Term Loan (7.5% Cash)4,5457——(6)4,546354
LLC units (89,447,396 units)136,85523——2,661139,53916,551
151,4918,680(8,820)—2,643153,99418,021
December 31, 2024 Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · December 31,2025 Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio Company · Type of Investment
Jocassee Partners LLC9.1% Member Interest$40,761$—$—$—$(2,775)$37,986$5,709
40,761———(2,775)37,9865,709
Rocade Holdings LLC(d)Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.9% Cash)—2,671——(4)2,66738
Preferred LP Units (71,000 units) (SOFR + 6.00%, 9.9% PIK)83,0008,818(2,355)—(13)89,4508,818
Common LP Units (23.8 units)243———3,3533,596308
83,24311,489(2,355)—3,33695,7139,164
Sierra Senior Loan Strategy JV I LLC89.01% Member Interest41,453—(20,472)—(4,577)16,4047,121
41,453—(20,472)—(4,577)16,4047,121
Skyvault Holdings LLC(d)First Lien Senior Secured Term Loan (12.0% Cash)3,58612,615(181)——16,0201,409
LLC Units (5,340,186.4 units)1,1954,153——(9)5,339—
4,78116,768(181)—(9)21,3591,409
Thompson Rivers LLC16.0% Member Interest7,208—(2,876)—(61)4,271—
7,208—(2,876)—(61)4,271—
Waccamaw River LLC20% Member Interest10,730—(5,843)—(398)4,489907
10,730—(5,843)—(398)4,489907
Zeppelin Bidco Limited(d)First Lien Senior Secured Term Loan (SONIA + 6.50%, 10.5% Cash)—2,826(13)(4,835)4,5872,565111
Ordinary Shares(879 shares)————8282—
—2,826(13)(4,835)4,6692,647111
Total Affiliate Investments$397,236$43,428$(40,688)$(4,791)$3,998$399,183$45,484

(a)Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

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

(e)Non-accrual investment

(5)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

December 31, 2024Value · Gross Additions(a) · Gross Reductions (b) · Amount of Realized Gain (Loss) · Amount of Unrealized Gain (Loss) · December 31, 2025Value · Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)First Lien Senior Secured Term Loan (14.4% PIK)(e)$2,744$—$(610)$(7,481)$5,347$—$(6)
First Lien Senior Secured Term Loan (10.0% PIK)(e)———(9,628)9,628——
LLC Units (44.6 units)———————
2,744—(610)(17,109)14,975—(6)
MVC Automotive Group GmbH(d)First Lien Senior Secured Term Loan (7.0% Cash)—2,338(2,341)3——85
Common Equity Interest (18,000 Shares)13,7414,000——(3,598)14,143—
13,7416,338(2,341)3(3,598)14,14385
MVC Private Equity Fund LPGeneral Partnership Interest(1,831.4 units)———(183)183——
Limited Partnership Interest (71,790.4 units)11—(116)(7,166)7,271——
11—(116)(7,349)7,454——
Security Holdings B.V(d)Bridge Loan (5.0% PIK)6,655342———6,997342
Revolver (6.0% Cash)5,333165(3)27286,225379
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)2,293299——3172,909474
Senior Subordinated Term Loan (3.1% PIK)11,191374———11,565360
Common Stock Series A (17,100 shares)399———37436—
Common Stock Series B (1,236 shares)37,296———3,40640,7022,817
63,1671,180(3)24,48868,8344,372
Total Control Investments$79,663$7,518$(3,070)$(24,453)$23,319$82,977$4,451

(a)Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

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

(e)Non-accrual investment.

(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion February 2019 Credit Facility with ING.

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

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2025 was 1.93900%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2025 was 2.02600%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2025 was 2.10700%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2025 was 3.68751%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2025 was 3.65166%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2025 was 3.57418%.

(15)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2025 was 3.71660%.

(16)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2025 was 3.64430%.

(17)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2025 was 3.55000%.

(18)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2025 was 3.73750%.

(19)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2025 was 4.12100%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2025 was 2.30000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2025 was 1.95800%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2025 was 2.49000%.

(23)The interest rate on these loans is subject to 1 Month SARON, which as of December 31, 2025 was -0.04570%.

(24)The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2025 was -0.04360%.

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2025 was 3.89000%.

(26)Non-accrual investment.

(27)Investment was purchased as part of the MVC Acquisition.

(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

(29)Investment is non-income producing.

(30)Position or portion thereof is an unfunded loan or equity commitment.

(31)PIK non-accrual investment.

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

ContentsView on SEC.gov

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