Published: 2025-02-10 16:06:35 ET

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2024

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00891

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

MARYLAND		27-3794690
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1691 Michigan Avenue Miami Beach, Florida		33139
(Address of principal executive offices)		(Zip Code)

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

 

None

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	PFLT	The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☑		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 10, 2025 was 87,955,896.

 

 

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PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2024

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of December 31, 2024 (unaudited) and September 30, 2024		4
Consolidated Statements of Operations for the three months ended December 31, 2024 and 2023 (unaudited)		5
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2024 and 2023 (unaudited)		6
Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and 2023 (unaudited)		7
Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and September 30, 2024		8
Notes to Consolidated Financial Statements (unaudited)		24
Report of Independent Registered Public Accounting Firm (PCAOB ID 49)		47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		49
Item 3. Quantitative and Qualitative Disclosures About Market Risk		66
Item 4. Controls and Procedures		66
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		67
Item 1A. Risk Factors		67
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		68
Item 3. Defaults Upon Senior Securities		68
Item 4. Mine Safety Disclosures		68
Item 5. Other Information		68
Item 6. Exhibits		69
SIGNATURES		70

 

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PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to collectively our consolidated subsidiaries PFLT Investment Holdings II, LLC and PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 4.3% Series A notes due 2023; “2026 Notes” refers to our 4.25% Notes due 2026; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. 2036 Securitization Issuer refers to PennantPark CLO VIII, LLC; “2036-Debt Securitization” refers to the $350.6 million term debt securitization completed by the "2036 Securitization Issuers"; “2036 Asset-Backed Debt” refers to the issuance of the AAA(sf) Class A-1 Notes, AAA(sf) Class A-2 Notes, AA(sf) Class B Notes, A(sf) Class C Notes, BBB-(sf) Class D Notes, and the borrowing issuance of AAA(sf) Class A-1 floating rate loans. (the "Class A-1 Loans" with the 2036-Secured Notes.); “2036-R Securitization Issuers” refers to Securitization Issuer and PennantPark CLO I LLC; “2036-R Indenture” refers to that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024; “2036-R Asset-Backed Debt” refers to the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant the 2036-R Indenture (i) $203 million of A-1-R Notes, which bear interest at the three-month secured overnight financing rate (“SOFR”) plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21 million of D-R Notes, which bear interest at three-month SOFR plus 4.30% (collectively, the “Secured Notes”), (B) the issuance by a 2036-R Securitization Issuer of $64 million of subordinated notes pursuant to the 2036-R Indenture (the “Subordinated Notes”) and (C) the borrowing by the Securitization Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05% (the “Class B-R Loans”). References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business include investments we make through our subsidiaries.

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Item 1. Consolidated Financial Statements

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

 

		December 31, 2024				September 30, 2024
		(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost— $1,894,793  and $1,622,669, respectively)		$	1,907,349			$	1,632,269
Controlled, affiliated investments (amortized cost— $339,500  and $372,271, respectively)			286,561				351,235
Total investments (amortized cost— $2,234,293 and $1,994,940, respectively)			2,193,910				1,983,504
Cash and cash equivalents (cost— $102,273 and $112,046, respectively)			102,262				112,050
Interest receivable			13,024				12,167
Receivables from investments sold			29,090				—
Distributions receivable			577				635
Due from affiliates			312				291
Prepaid expenses and other assets			5,026				198
Total assets			2,344,201				2,108,845
Liabilities
Credit Facility payable, at fair value (cost— $608,855 and $443,855, respectively)			608,791				443,880
2026 Notes payable, net (par—$185,000)			184,026				183,832
2036 Asset-Backed Debt, net (par—$287,000)			284,222				284,086
2036-R Asset-Backed Debt, net (par— $266,000)			265,268				265,235
Payable for investments purchased			471				20,363
Interest payable on debt			13,318				14,645
Distributions payable			8,698				7,834
Base management fee payable			5,264				4,588
Incentive fee payable			7,492				3,189
Accounts payable and accrued expenses			2,920				2,187
Deferred tax liability			1,080				1,712
Total liabilities			1,381,550				1,231,551
Commitments and contingencies (See Note 12)
Net assets
Common stock, 84,855,896 and 77,579,896 shares issued and outstanding, respectively    Par value $0.001 per share and 200,000,000 shares authorized			85				78
Paid-in capital in excess of par value			1,058,949				976,744
Accumulated deficit			(96,383	)			(99,528	)
Total net assets		$	962,651			$	877,294
Total liabilities and net assets		$	2,344,201			$	2,108,845
Net asset value per share		$	11.34			$	11.31

 

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PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

		Three Months Ended December 31,
		2024				2023
Investment income:
From non-controlled, non-affiliated investments:
Interest		$	47,463			$	23,768
Dividend			577				508
Other income			1,480				1,763
From controlled, affiliated investments:
Interest			12,808				8,434
Dividend			4,375				3,500
Other income			306				—
Total investment income			67,009				37,973
Expenses:
Interest and expenses on debt			22,361				8,942
Performance-based incentive fee			7,492				4,863
Base management fee			5,264				2,951
General and administrative expenses			1,200				988
Administrative services expenses			500				626
Expenses before provision for taxes and financing costs			36,817				18,370
Provision for taxes on net investment income			225				154
Total expenses			37,042				18,524
Net investment income			29,967				19,449
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on:
Non-controlled, non-affiliated investments			1,181				(3,089	)
Non-controlled and controlled, affiliated investments			25,493				—
Provision for taxes on realized gain on investments			(73	)			—
Net realized gain (loss) on investments			26,601				(3,089	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments			2,943				5,228
Controlled and non-controlled, affiliated investments			(31,904	)			943
Provision for taxes on unrealized appreciation (depreciation) on investments			632				—
Debt appreciation (depreciation)			90				(62	)
Net change in unrealized appreciation (depreciation) on investments and debt			(28,239	)			6,109
Net realized and unrealized gain (loss) from investments and debt			(1,638	)			3,020
Net increase (decrease) in net assets resulting from operations		$	28,329			$	22,469
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)		$	0.35			$	0.38
Net investment income per common share		$	0.37			$	0.33

 

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PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(in thousands, except share issue data)

(Unaudited)

 

		Three Months Ended December 31,
		2024				2023
Net increase (decrease) in net assets from operations:
Net investment income		$	29,967			$	19,449
Net realized gain (loss) on investments			26,674				(3,089	)
Net change in unrealized appreciation (depreciation) on investments			(28,961	)			6,171
Net change in provision for taxes on realized and unrealized appreciation (depreciation) on investments			559				—
Net change in unrealized appreciation (depreciation) on debt			90				(62	)
Net increase (decrease) in net assets resulting from operations			28,329				22,469
Distributions to stockholders:
Distribution of net investment income			(25,181	)			(18,061	)
Total distributions to stockholders			(25,181	)			(18,061	)
Capital transactions
Public offering			82,708				—
Offering costs			(499	)			—
Net increase in net assets resulting from capital transactions			82,209				—
Net increase (decrease) in net assets			85,357				4,408
Net assets:
Beginning of period			877,294				653,605
End of period		$	962,651			$	658,013
Capital share activity:
Shares issued from public offering			7,276,000				—

 

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PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

		Three months ended December 31,
		2024				2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	28,329			$	22,469
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash    provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments			28,961				(6,171	)
Net change in unrealized appreciation (depreciation) on debt			(90	)			62
Net realized (gain) loss on investments			(26,674	)			3,089
Net accretion of discount and amortization of premium			(5,687	)			(1,026	)
Purchases of investments			(606,916	)			(302,598	)
Payment-in-kind interest			(1,378	)			(867	)
Proceeds from dispositions of investments			401,300				103,803
Amortization of deferred financing costs			362				352
(Increase) decrease in:
Interest receivable			(857	)			(1,213	)
Distribution receivable			58				57
Receivable for investments sold			(29,090	)			—
Prepaid expenses and other assets			(4,828	)			874
Due from affiliate			(21	)			(142	)
Increase (decrease) in:
Payable for investments purchased			(19,892	)			673
Interest payable on debt			(1,327	)			(2,095	)
Base management fee payable			676				192
Incentive fee payable			4,303				235
Deferred tax liability			(632	)			—
Due to affiliates			—				(74	)
Account payable and accrued expenses			733				459
Net cash provided by (used in) operating activities			(232,670	)			(181,921	)
Cash flows from financing activities:
Proceeds from public offering			82,708				—
Offering costs			(496	)			—
Distributions paid to stockholders			(24,317	)			(18,061	)
Repayment of 2023 notes payable			—				(76,219	)
Borrowings under Credit Facility			165,001				251,455
Net cash provided by (used in) financing activities			222,896				157,175
Net increase (decrease) in cash and cash equivalents			(9,774	)			(24,746	)
Effect of exchange rate changes on cash			(14	)			17
Cash and cash equivalents, beginning of period			112,050				100,555
Cash and cash equivalents, end of period		$	102,262			$	75,826
Supplemental disclosures:
Interest paid		$	23,326			$	10,685
Taxes paid		$	—			$	160
Non-cash exchanges and conversions		$	—			$	5,067

 

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Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% (3), (4)
First Lien Secured Debt - 179.3%
A1 Garage Merger Sub, LLC		12/22/2028		Commercial Services & Supplies			9.11	%		3M SOFR+475					1,575			$	1,557			$	1,575
A1 Garage Merger Sub, LLC - Unfunded Term Loan (8)		12/22/2028		Commercial Services & Supplies			—				—				453				—				7
A1 Garage Merger Sub, LLC (Revolver) (6), (8)		12/22/2028		Commercial Services & Supplies			—				—				748				—				—
ACP Avenu Buyer, LLC		10/02/2029		IT Services			9.84	%		3M SOFR+525					14,086				13,877				13,698
ACP Avenu Buyer, LLC - Unfunded Term Loan (8)		04/02/2025		IT Services			—				—				5,621				—				(77	)
ACP Avenu Buyer, LLC - Funded Revolver		10/02/2029		IT Services			9.84	%		3M SOFR+525					847				847				824
ACP Avenu Buyer, LLC (Revolver) (6), (8)		10/02/2029		IT Services			—				—				2,960				—				(81	)
ACP Falcon Buyer, LLC (Revolver) (6), (8)		08/01/2029		Professional Services			—				—				3,096				—				—
Ad.net Acquisition, LLC		05/06/2026		Media			10.59	%		3M SOFR+626					4,825				4,799				4,825
Ad.net Acquisition, LLC - Funded Revolver		05/06/2026		Media			10.59	%		3M SOFR+626					818				818				818
Ad.net Acquisition, LLC (Revolver) (6), (8)		05/06/2026		Media			—				—				426				—				—
Aechelon Technology, Inc.		08/16/2029		Aerospace and Defense			11.86	%		3M SOFR+750					13,860				13,728				13,860
Aechelon Technology, Inc. - Unfunded Revolver (8)		08/16/2029		Aerospace and Defense			—				—				3,104				—				—
AFC Dell Holding Corp.		04/09/2027		Distributors			10.04	%		3M SOFR+550					27,427				27,359				27,427
AFC Dell Holding Corp. - Unfunded Term Loan (8)		04/09/2027		Distributors			—				—				7,460				—				—
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		06/10/2025		Media			10.75	%		3M SOFR+650					13,777				13,746				13,639
Anteriad, LLC (f/k/a MeritDirect, LLC)		06/30/2026		Media			10.23	%		3M SOFR+590					12,809				12,666				12,809
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan		06/30/2026		Media			10.23	%		3M SOFR+590					2,070				2,057				2,070
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (6)		06/30/2026		Media			10.19	%		3M SOFR+585					820				820				820
Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) (8)		06/30/2026		Media			—				—				2,050				—				—
Applied Technical Services, LLC		12/29/2026		Commercial Services & Supplies			10.23	%		3M SOFR+590					12,565				12,470				12,411
Applied Technical Services, LLC - Unfunded Term Loan (8)		07/17/2025		Commercial Services & Supplies			—				—				3,990				—				(10	)
Applied Technical Services, LLC (Revolver)		12/29/2026		Commercial Services & Supplies			12.75	%		3M SOFR+475					2,031				2,031				2,006
Applied Technical Services, LLC (Revolver) (6), (8)		12/29/2026		Commercial Services & Supplies			—				—				262				—				(3	)
Arcfield Acquisition Corp. (Revolver)		10/28/2031		Aerospace and Defense			9.17	%		1M SOFR+500					19,540				19,517				19,491
Arcfield Acquisition Corp. (Revolver) (6), (8)		10/28/2031		Aerospace and Defense			—				—				2,874				—				(7	)
Archer Lewis, LLC		08/28/2029		Healthcare Technology			10.08	%		3M SOFR+575					20,281				20,087				20,078
Archer Lewis, LLC - Unfunded Term Loan A (8)		08/28/2025		Healthcare Technology			—				—				4,648				—				—
Archer Lewis, LLC - Unfunded Term Loan B (8)		08/28/2026		Healthcare Technology			—				—				21,267				—				—
Archer Lewis, LLC - Unfunded Revolver (8)		08/28/2029		Healthcare Technology			—				—				3,252				—				(33	)
ARGANO, LLC		09/13/2029		Business Services			10.15	%		3M SOFR+575					25,704				25,452				25,447
ARGANO, LLC - Unfunded Term Loan (8)		03/13/2025		Business Services			—				—				8,907				—				—
ARGANO, LLC – Unfunded Revolver (8)		09/13/2029		Business Services			—				—				1,421				—				(14	)
Azureon, LLC		06/26/2029		Diversified Consumer Services			10.20	%		3M SOFR+575					11,609				11,460				11,354
Azureon, LLC - Unfunded Term Loan (8)		06/26/2026		Diversified Consumer Services			—				—				10,359				—				(124	)
Azureon, LLC - Unfunded Revolver (8)		06/26/2029		Diversified Consumer Services			—				—				2,580				—				(57	)
Beacon Behavioral Support Service, LLC		06/21/2029		Healthcare Providers and Services			9.83	%		3M SOFR+550					32,530				32,133				32,042
						(PIK 15.00%)
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (8)		12/21/2025		Healthcare Providers and Services			—				—				12,415				—				(62	)
Beacon Behavioral Support Service, LLC - Unfunded Revolver (8)		06/21/2029		Healthcare Providers and Services			—				—				2,104				—				(32	)
Best Practice Associates, LLC		11/08/2029		Aerospace and Defense			11.08	%		3M SOFR+675					64,278				63,324				63,314
Best Practice Associates, LLC - Unfunded Revolver (8)		11/08/2029		Aerospace and Defense			—				—				5,732				—				(86	)
Beta Plus Technologies, Inc.		07/01/2029		Internet Software and Services			10.08	%		1M SOFR+575					19,756				19,183				19,212
Big Top Holdings, LLC		02/28/2030		Construction & Engineering			10.11	%		1M SOFR+575					29,602				29,120				29,602
Big Top Holdings, LLC - (Revolver) (8)		02/28/2030		Construction & Engineering			—				—				4,479				—				—
BioDerm, Inc. (Revolver)		01/31/2028		Healthcare Equipment and Supplies			11.03	%		1M SOFR+650					964				964				952
BioDerm, Inc. (Revolver) (6), (8)		01/31/2028		Healthcare Equipment and Supplies			—				—				107				—				(1	)
Blackhawk Industrial Distribution, Inc.		09/17/2026		Distributors			9.73	%		3M SOFR+540					8,199				8,146				8,057
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (8)		09/17/2026		Distributors			—				—				1,893				—				(14	)
Blackhawk Industrial Distribution, Inc. (Revolver) (6)		09/17/2026		Distributors			11.04	%		3M SOFR+640					679				679				668
Blackhawk Industrial Distribution, Inc. (8)		09/17/2026		Distributors			—				—				3,203				—				(55	)
BLC Holding Company, Inc.		11/20/2030		Business Services			9.28	%		3M SOFR+475					25,027				24,845				24,839
BLC Holding Company, Inc. - Unfunded Term Loan (8)		11/20/2026		Business Services			—				—				14,293				—				—
BLC Holding Company, Inc. - Unfunded Revolver (8)		11/20/2030		Business Services			—				—				4,398				—				—

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
Boss Industries, LLC		12/27/2030		Independent Power and Renewable Electricity Producers			9.33	%		3M SOFR+500					23,100				22,928				22,927
Boss Industries, LLC - Funded Revolver		12/27/2030		Independent Power and Renewable Electricity Producers			9.33	%		3M SOFR+500					549				549				549
Boss Industries, LLC - Unfunded Revolver (8)		12/27/2030		Independent Power and Renewable Electricity Producers			—				—				2,195				—				—
BlueHalo Financing Holdings, LLC		10/31/2025		Aerospace and Defense			10.33	%		3M SOFR+600					9,170				9,135				9,124
Burgess Point Purchaser Corporation		07/25/2029		Auto Components			9.68	%		3M SOFR+535					14,924				14,209				13,217
By Light Professional IT Services, LLC		05/16/2025		High Tech Industries			11.31	%		3M SOFR+698					46,448				46,378				46,448
By Light Professional IT Services, LLC (Revolver) (6), (8)		05/16/2025		High Tech Industries			—				—				5,831				—				—
Carisk Buyer, Inc.		12/01/2029		Healthcare Technology			9.58	%		3M SOFR+525					7,453				7,370				7,341
Carisk Buyer, Inc. - Unfunded Term Loan (8)		12/01/2029		Healthcare Technology			—				—				7,868				—				(47	)
Carisk Buyer, Inc. (Revolver) (6), (8)		12/01/2029		Healthcare Technology			—				—				1,750				—				(26	)
Carnegie Dartlet, LLC		02/07/2030		Professional Services			9.86	%		3M SOFR+550					29,775				29,350				29,328
Carnegie Dartlet, LLC - Unfunded Term Loan (8)		02/07/2026		Professional Services			—				—				16,214				—				(81	)
Carnegie Dartlet, LLC - Funded Revolver		02/07/2030		Professional Services			9.86	%		3M SOFR+550					324				324				319
Carnegie Dartlet, LLC - (Revolver) (8)		02/07/2030		Professional Services			—				—				5,080				—				(76	)
Cartessa Aesthetics, LLC		06/14/2028		Distributors			10.08	%		3M SOFR+575					12,911				12,782				12,911
Cartessa Aesthetics, LLC (Revolver) (6)		06/14/2028		Distributors			10.08	%		1M SOFR+575					511				511				511
Cartessa Aesthetics, LLC (Revolver) (6), (8)		06/14/2028		Distributors			—				—				927				—				—
Case Works, LLC		10/01/2029		Professional Services			9.59	%		3M SOFR+525					18,772				18,612				18,622
Case Works, LLC - Unfunded Term Loan (8)		10/01/2025		Professional Services			—				—				1,854				—				1
Case Works - Funded Revolver		10/01/2029		Professional Services			9.65	%		3M SOFR+525					1,643				1,643				1,630
Case Works - Unfunded Revolver (8)		10/01/2029		Professional Services			—				—				2,465				—				(20	)
CF512, Inc.		08/20/2026		Media			10.69	%		3M SOFR+619					5,728				5,701				5,642
CF512, Inc.(Revolver) (6), (8)		08/20/2026		Media			—				—				955				—				(14	)
CJX Borrower, LLC		07/13/2027		Media			10.39	%		3M SOFR+576					4,515				4,469				4,515
CJX Borrower , LLC - Unfunded Term Loan (8)		07/13/2027		Media			—				—				666				—				3
CJX Borrower, LLC - Funded Revolver		07/13/2027		Media			10.19	%		3M SOFR+576					331				331				331
CJX Borrower , LLC - Unfunded Revolver (8)		07/13/2027		Media			—				—				904				—				—
Compex Legal Services, Inc.		02/09/2026		Professional Services			9.95	%		3M SOFR+545					8,810				8,793				8,810
Compex Legal Services, Inc. (Revolver)		02/07/2025		Professional Services			10.14	%		3M SOFR+555					703				703				703
Compex Legal Services, Inc. (Revolver) (6), (8)		02/07/2025		Professional Services			—				—				703				—				—
Confluent Health, LLC		11/30/2028		Healthcare Providers and Services			9.36	%		3M SOFR+500					6,948				6,762				6,600
Crane 1 Services, Inc.		08/16/2027		Commercial Services & Supplies			10.22	%		3M SOFR+586					4,264				4,217				4,232
Crane 1 Services, Inc. (Revolver) (6), (8)		08/16/2027		Commercial Services & Supplies			—				—				502				—				(4	)
C5MI Holdco, LLC		07/31/2030		IT Services			10.33	%		3M SOFR+600					28,928				28,511				28,494
C5MI Holdco, LLC. - Funded Revolver		07/31/2030		IT Services			10.33	%		3M SOFR+600					1,515				1,515				1,493
C5MI Holdco, LLC. - Unfunded Revolver (8)		07/31/2030		IT Services			—				—				7,577				—				(114	)
DRI Holding Inc.		12/21/2028		Media			9.71	%		3M SOFR+535					6,107				5,936				5,924
Dr. Squatch, LLC		08/31/2027		Personal Products			9.68	%		3M SOFR+535					16,828				16,677				16,828
Dr. Squatch, LLC (Revolver) (6), (8)		08/31/2027		Personal Products			—				—				3,353				—				—
DRS Holdings III, Inc.		11/03/2025		Chemicals, Plastics and Rubber			10.71	%		3M SOFR+635					15,435				15,384				15,373
DRS Holdings III, Inc. (Revolver) (6), (8)		11/03/2025		Personal Products			—				—				1,426				—				(6	)
Duggal Acquisition, LLC		09/30/2030		Marketing Services			9.08	%		3M SOFR+475					10,295				10,194				10,192
Duggal Acquisition, LLC - Unfunded Term Loan (8)		09/30/2026		Marketing Services			—				—				4,470				—				—
DUGGAL Acquisition, LLC - Funded Revolver		09/30/2030		Marketing Services			9.08	%		3M SOFR+475					1,121				1,121				1,110
Duggal Acquisition, LLC - Unfunded Revolver (8)		09/30/2030		Marketing Services			—				—				4,484				—				(45	)
Dynata, LLC - First-Out Term Loan		10/16/2028		Business Services			9.79	%		3M SOFR+526					1,851				1,728				1,851
Dynata, LLC - Last-Out Term Loan		10/15/2028		Business Services			10.29	%		3M SOFR+576					11,486				11,486				10,653
Emergency Care Partners, LLC		10/18/2027		Healthcare Providers and Services			10.13	%		3M SOFR+550					13,736				13,638				13,633
Emergency Care Partners, LLC - Unfunded Term Loan (8)		04/18/2026		Healthcare Providers and Services			—				—				6,172				—				(46	)
Emergency Care Partners, LLC - Unfunded Revolver (8)		10/18/2027		Healthcare Providers and Services			—				—				1,810				—				(14	)
EDS Buyer, LLC		01/10/2029		Electronic Equipment, Instruments, and Components			10.08	%		3M SOFR+575					10,646				10,524				10,566
EDS Buyer, LLC. (Revolver) (6), (8)		01/10/2029		Electronic Equipment, Instruments, and Components			—				—				2,298				—				(17	)

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
Efficient Collaborative Retail Marketing Company, LLC		06/15/2025		Media: Diversified and Production			12.09	%		3M SOFR+776					8,207				8,228				6,566
						(PIK 1.50%)
ETE Intermediate II, LLC - Funded Revolver		05/25/2029		Diversified Consumer Services			10.83	%		3M SOFR+650					1,436				1,436				1,436
ETE Intermediate II, LLC - Unfunded Revolver (8)		05/25/2029		Diversified Consumer Services			—				—				994				—				—
Events Buyer, LLC		12/17/2029		Event Services			10.10	%		3M SOFR+575					11,380				11,268				11,266
Events Buyer, LLC- Unfunded Term Loan A (8)		06/17/2025		Event Services			—				—				10,358				—				—
Events Buyer, LLC- Unfunded Term Loan B (8)		12/17/2026		Event Services			—				—				9,865				—				—
Events Buyer, LLC - Unfunded Revolver (8)		12/17/2029		Event Services			—				—				2,466				—				—
Eval Home Health Solutions Intermediate, LLC		05/10/2030		Healthcare, Education and Childcare			10.11	%		3M SOFR+575					14,455				14,242				14,311
Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (8)		05/10/2030		Healthcare, Education and Childcare			—				—				2,640				—				(26	)
Exigo Intermediate II, LLC (Revolver) (8)		03/15/2027		Software			—				—				689				—				—
Fairbanks Morse Defense		06/23/2028		Aerospace and Defense			9.05	%		3M SOFR+450					992				988				997
Five Star Buyer, Inc.		02/23/2028		Hotels, Restaurants and Leisure			11.44	%		3M SOFR+710					4,437				4,377				4,403
Five Star Buyer, Inc. (Revolver) (8)		02/23/2028		Hotels, Restaurants and Leisure			—				—				741				—				(6	)
Gauge ETE Blocker, LLC - Promissory Note		05/19/2029		Diversified Consumer Services			12.56	%			—				215				215				215
GGG MIDCO, LLC		09/27/2030		Diversified Consumer Services			9.33	%		3M SOFR+500					25,704				25,456				25,447
GGG MIDCO, LLC - Unfunded Term Loan (8)		03/27/2026		Diversified Consumer Services			—				—				14,460				—				—
GGG MIDCO, LLC – Unfunded Revolver (8)		09/27/2030		Diversified Consumer Services			—				—				1,311				—				(13	)
Global Holdings InterCo LLC		03/16/2026		Diversified Financial Services			9.98	%		3M SOFR+560					4,882				4,832				4,686
Graffiti Buyer, Inc.		08/10/2027		Trading Companies & Distributors			10.12	%		3M SOFR+560					1,347				1,338				1,327
Graffiti Buyer, Inc. - Unfunded Term Loan (8)		08/10/2027		Trading Companies & Distributors			—				—				984				—				(7	)
Graffiti Buyer, Inc. (Revolver)		08/10/2027		Trading Companies & Distributors			10.12	%		3M SOFR+560					548				548				539
Graffiti Buyer, Inc. (Revolver) (6), (8)		08/10/2027		Trading Companies & Distributors			—				—				317				—				(5	)
Hancock Roofing and Construction L.L.C.		12/31/2026		Insurance			9.93	%		3M SOFR+560					3,993				3,952				3,993
Hancock Roofing and Construction L.L.C. (Revolver) (6)		12/31/2026		Insurance			9.96	%		3M SOFR+560					680				680				680
Hancock Roofing and Construction L.L.C. (Revolver) (6), (8)		12/31/2026		Insurance			—				—				70				—				—
Harris & Co. LLC		08/09/2030		Professional Services			9.36	%		3M SOFR+500					28,062				27,825				28,062
Harris & Co. LLC. - Unfunded Term Loan A (8)		02/09/2025		Professional Services			—				—				23,273				—				204
Harris & Co. LLC. - Unfunded Term Loan B (8)		02/09/2026		Professional Services			—				—				50,296				—				440
Harris & Co. LLC - Funded Revolver		08/09/2030		Professional Services			9.36	%		3M SOFR+500					1,110				1,110				1,110
Harris & Co. LLC - Unfunded Revolver (8)		08/09/2030		Professional Services			—				—				6,290				—				—
HEC Purchaser Corp.		06/17/2029		Healthcare, Education and Childcare			9.75	%		3M SOFR+550					9,627				9,518				9,588
Hills Distribution Inc.		11/08/2029		Distributors			10.49	%		3M SOFR+600					17,219				17,016				17,047
Hills Distribution Inc. - Unfunded Term Loan (8)		11/07/2025		Distributors			—				—				1,514				—				—
HW Holdco, LLC		05/10/2026		Media			10.23	%		1M SOFR+590					10,410				10,380				10,410
HW Holdco, LLC (Revolver) (6), (8)		05/10/2026		Media			—				—				1,452				—				—
IG Investments Holdings, LLC (6)		09/22/2028		Professional Services			9.57	%		3M SOFR+500					4,487				4,434				4,454
IG Investments Holdings, LLC (Revolver) (6), (8)		09/22/2028		Professional Services			—				—				722				—				(5	)
Imagine Acquisitionco, LLC - Funded Revolver		11/16/2027		Software			9.55	%		3M SOFR+510					60				60				59
Imagine Acquisitionco, LLC (Revolver) (8)		11/16/2027		Software			—				—				1,133				—				(3	)
Infinity Home Services Holdco, Inc.		12/28/2028		Commercial Services & Supplies			9.83	%		3M SOFR+550					9,404				9,331				9,401
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028		Commercial Services & Supplies			9.83	%		3M SOFR+550					1,717				1,238				1,194
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (8)		10/30/2026		Commercial Services & Supplies			—				—				12,618				—				—
Infinity Home Services Holdco, Inc. - Funded Revolver		12/28/2028		Commercial Services & Supplies			12.00	%		3M SOFR+450					161				161				161
Infinity Home Services Holdco, Inc. - Unfunded Revolver (8)		12/28/2028		Commercial Services & Supplies			—				—				1,130				—				—
Inovex Information Systems Incorporated		12/17/2030		Software			9.63	%		3M SOFR+525					16,205				16,084				16,083
Inovex Information Systems Incorporated - Unfunded Term Loan (8)		12/17/2026		Software			—				—				2,800				—				—
Inovex Information Systems Incorporated - Funded Revolver		12/17/2030		Software			9.61	%		3M SOFR+525					980				980				980
Inovex Information Systems Incorporated - Unfunded Revolver (8)		12/17/2030		Software			—				—				2,520				—				—
Infolinks Media Buyco, LLC		11/01/2026		Media			9.83	%		3M SOFR+550					5,331				5,283				5,331
Integrative Nutrition, LLC		01/31/2025		Consumer Services			11.45	%		3M SOFR+715					15,723				15,695				11,793
ITI Holdings, Inc. (Revolver)		03/03/2028		IT Services			12.00	%		3M SOFR+450					473				473				473
ITI Holdings, Inc. (Revolver) (6), (8)		03/03/2028		IT Services			—				—				191				—				—
Inventus Power, Inc.		06/30/2025		Electronic Equipment, Instruments, and Components			11.97	%		3M SOFR+761					4,925				4,894				4,925

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
Inventus Power, Inc. - Unfunded Revolver (8)		06/30/2025		Electronic Equipment, Instruments, and Components			—				—				1,729				—				—
Keel Platform, LLC		01/19/2031		Metals and Mining			9.58	%		3M SOFR+525					11,515				11,362				11,400
Keel Platform, LLC - Unfunded Term Loan (8)		01/19/2031		Metals and Mining			—				—				2,402				—				(6	)
Kinetic Purchaser, LLC		11/10/2027		Personal Products			10.48	%		3M SOFR+615					13,971				13,813				13,971
Kinetic Purchaser, LLC - Funded Revolver		11/10/2026		Personal Products			10.48	%		3M SOFR+610					1,717				1,717				1,717
Kinetic Purchaser, LLC (Revolver) (6), (8)		11/10/2026		Personal Products			—				—				1,717				—				—
Lash OpCo, LLC		02/18/2027		Personal Products			12.94	%		3M SOFR+785					10,927				10,840				10,763
						(PIK 5.10%)
Lash OpCo, LLC (Revolver) (6)		08/16/2026		Personal Products			12.94	%		1M SOFR+785					2,870				2,870				2,827
						(PIK 5.10%)
Lash OpCo, LLC (Revolver) (6), (8)		08/16/2026		Personal Products			—				—				335				—				(5	)
						(PIK 5.10%)
LAV Gear Holdings, Inc.		10/31/2025		Capital Equipment			10.93	%		1M SOFR+640					13,229				13,226				12,580
						(PIK 10.98%)
LAV Gear Holdings, Inc. (Revolver) (6)		10/31/2025		Capital Equipment			10.93	%		1M SOFR+640					1,721				1,721				1,636
Ledge Lounger, Inc.		11/09/2026		Leisure Products			11.98	%		3M SOFR+765					3,674				3,662				3,490
						(PIK 1.00%)
Ledge Lounger, Inc. (Revolver)		11/09/2026		Leisure Products			11.98	%		3M SOFR+765					461				461				438
						(PIK 1.00%)
Ledge Lounger, Inc. (Revolver) (6), (8)		11/09/2026		Leisure Products			—				—				197				—				(10	)
						(PIK 1.00%)
Lightspeed Buyer Inc.		02/03/2026		Healthcare Technology			9.40	%		1M SOFR+485					26,650				26,493				26,383
Lightspeed Buyer Inc. - Unfunded Term Loan (8)		06/02/2025		Healthcare Technology			—				—				2,326				—				(23	)
Lightspeed Buyer Inc. (Revolver) (6), (8)		02/03/2026		Healthcare Technology			—				—				2,499				—				(25	)
LJ Avalon Holdings, LLC		02/01/2030		Construction & Engineering			9.76	%		3M SOFR+525					2,802				2,768				2,802
LJ Avalon Holdings, LLC - Unfunded Term Loan (8)		10/01/2024		Construction & Engineering			—				—				1,892				—				9
LJ Avalon Holdings, LLC (Revolver) (6), (8)		01/31/2030		Construction & Engineering			—				—				1,130				—				—
Loving Tan Intermediate II, Inc.		05/31/2028		Personal Products			10.33	%		3M SOFR+600					44,947				44,323				44,609
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (8)		07/12/2025		Personal Products			—				—				23,464				—				59
Loving Tan Intermediate II, Inc. (Revolver)		05/31/2028		Personal Products			10.33	%		3M SOFR+600					1,780				1,780				1,766
Loving Tan Intermediate II, Inc. - Unfunded Revolver (8)		05/31/2028		Personal Products			—				—				3,559				—				(27	)
LSF9 Atlantis Holdings, LLC		06/30/2029		Specialty Retail			9.61	%		3M SOFR+525					9,809				9,809				9,919
Lucky Bucks, LLC - First-out Term Loan		10/02/2028		Hotels, Restaurants and Leisure			12.10	%		3M SOFR+765					258				258				258
Lucky Bucks, LLC - Last-out Term Loan		10/02/2029		Hotels, Restaurants and Leisure			12.10	%		3M SOFR+765					517				517				517
MAG DS Corp.		04/01/2027		Aerospace and Defense			9.93	%		1M SOFR+560					7,269				7,012				6,797
Marketplace Events Acquisition, LLC		12/19/2030		Media: Diversified and Production			9.60	%		3M SOFR+525					70,000				69,308				69,300
Marketplace Events Acquisition, LLC - Unfunded Term Loan (8)		06/19/2026		Media: Diversified and Production			—				—				12,192				—				—
Marketplace Events Acquisition, LLC - Unfunded Revolver (8)		12/19/2030		Media: Diversified and Production			—				—				6,096				—				—
MBS Holdings, Inc. - Funded Revolver		04/16/2027		Internet Software and Services			10.25	%		3M SOFR+585					139				139				139
MBS Holdings, Inc. (Revolver) (6), (8)		04/16/2027		Internet Software and Services			—				—				1,019				—				—
MDI Buyer, Inc.		07/25/2028		Commodity Chemicals			10.22	%		3M SOFR+575					2,015				1,984				1,997
MDI Buyer, Inc. (Revolver)		07/25/2028		Commodity Chemicals			12.50	%		3M SOFR+475					608				608				602
MDI Buyer, Inc. (Revolver) (6), (8)		07/25/2028		Commodity Chemicals			—				—				165				—				—
Meadowlark Acquirer, LLC		12/10/2027		Professional Services			9.98	%		3M SOFR+565					1,953				1,935				1,904
Meadowlark Acquirer, LLC (Revolver) (8)		12/10/2027		Professional Services			—				—				1,693				—				(42	)
Medina Health, LLC		10/20/2028		Healthcare Providers and Services			10.58	%		3M SOFR+625					17,775				17,523				17,775
Medina Health, LLC (Revolver) (8)		10/20/2028		Healthcare Providers and Services			—				—				5,187				—				—
Megawatt Acquisitionco, Inc.		03/01/2030		Electronic Equipment, Instruments, and Components			9.83	%		3M SOFR+550					6,948				6,858				6,071
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2030		Electronic Equipment, Instruments, and Components			9.86	%		3M SOFR+525					926				926				809
Megawatt Acquisitionco, Inc. - (Revolver) (8)		03/01/2030		Electronic Equipment, Instruments, and Components			—				—				2,324				—				(293	)
Mission Critical Electronics, Inc.		03/31/2025		Capital Equipment			10.23	%		3M SOFR+575					3,092				3,087				3,092
Mission Critical Electronics, Inc. (Revolver) (6), (8)		03/31/2025		Capital Equipment			—				—				1,325				—				—
MOREGroup Holdings, Inc.		01/16/2030		Construction & Engineering			9.58	%		3M SOFR+525					31,760				31,347				31,760
MOREGroup Holdings, Inc. - Unfunded Term Loan (8)		01/16/2026		Construction & Engineering			—				—				11,056				—				111

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
MOREGroup Holdings, Inc. - (Revolver) (8)		01/16/2030		Construction & Engineering			—				—				6,634				—				—
Municipal Emergency Services, Inc.		10/01/2027		Distributors			11.00	%		3M SOFR+350					3,292				3,261				3,292
Municipal Emergency Services, Inc. - Unfunded Term Loan (8)		09/28/2027		Distributors			—				—				909				—				9
Municipal Emergency Services, Inc. - Funded Revolver		10/01/2027		Distributors			9.48	%		3M SOFR+515					189				189				189
Municipal Emergency Services, Inc. (Revolver) (6), (8)		10/01/2027		Distributors			—				—				757				—				—
NBH Group LLC (Revolver) (6), (8)		08/19/2026		Healthcare Equipment and Supplies			—				—				1,677				—				—
NFS - CFP Holdings LLC		09/13/2030		Commercial Services & Supplies			9.08	%		3M SOFR+475					21,247				21,096				21,087
NFS - CFP Holdings LLC - Unfunded Term Loan (8)		09/23/2026		Commercial Services & Supplies			—				—				13,370				—				—
NFS - CFP Holdings LLC - Unfunded Revolver (8)		09/13/2030		Commercial Services & Supplies			—				—				5,014				—				(38	)
NORA Acquisition, LLC		08/31/2029		Healthcare Providers and Services			10.68	%		3M SOFR+635					19,750				19,421				19,750
NORA Acquisition, LLC (Revolver) (6), (8)		08/31/2029		Healthcare Providers and Services			—				—				5,479				—				—
Omnia Exterior Solutions, LLC		12/29/2029		Diversified Consumer Services			9.58	%		3M SOFR+550					23,662				23,472				23,485
Omnia Exterior Solutions, LLC - Unfunded Term Loan (8)		09/30/2026		Diversified Consumer Services			—				—				12,802				—				16
Omnia Exterior Solutions, LLC (Revolver) (6), (8)		12/29/2029		Diversified Consumer Services			—				—				4,200				—				(32	)
One Stop Mailing, LLC		05/07/2027		Air Freight and Logistics			10.72	%		3M SOFR+636					8,403				8,317				8,403
ORL Acquisition, Inc. (6)		09/03/2027		Consumer Finance			13.73	%		3M SOFR+940					4,784				4,739				4,162
						(PIK 7.50%)
ORL Acquisition, Inc. (Revolver) (6), (8)		09/03/2027		Consumer Finance			—				—				215				—				(28	)
OSP Embedded Purchaser, LLC		12/15/2029		Aerospace and Defense			10.08	%		3M SOFR+575					40,642				40,210				39,992
OSP Embedded Purchaser, LLC (Revolver) (8)		12/15/2029		Aerospace and Defense			—				—				2,932				—				(47	)
Output Services Group, Inc. - First-out Term Loan		11/30/2028		Business Services			12.86	%		3M SOFR+843					521				521				521
Output Services Group, Inc. - Last-out Term Loan		05/30/2028		Business Services			11.11	%		3M SOFR+668					1,058				1,058				1,058
Owl Acquisition, LLC		02/04/2028		Professional Services			9.71	%		3M SOFR+535					3,893				3,817				3,844
Pacific Purchaser, LLC		09/30/2028		Professional Services			10.53	%		3M SOFR+625					4,950				4,871				4,905
Pacific Purchaser, LLC - Unfunded Term Loan (8)		09/30/2028		Professional Services			—				—				3,598				—				22
Pacific Purchaser, LLC - (Revolver) (8)		09/30/2028		Professional Services			—				—				1,799				—				(16	)
PAR Excellence Holdings, Inc.		09/03/2030		Healthcare Technology			9.47	%		3M SOFR+500					12,500				12,383				12,375
PAR Excellence Holdings, Inc. - Unfunded Revolver (8)		09/03/2030		Healthcare Technology			—				—				4,692				—				(47	)
PCS Midco, Inc.		03/01/2030		Professional Services			10.08	%		3M SOFR+575					9,135				9,023				9,135
PCS Midco, Inc. - Unfunded Term Loan (8)		03/01/2026		Professional Services			—				—				2,249				—				22
PCS Midco, Inc. - Revolver		03/01/2030		Professional Services			10.08	%		3M SOFR+575					310				310				310
PCS Midco, Inc. - (Revolver) (8)		03/01/2030		Professional Services			—				—				1,461				—				—
PH Beauty Holdings III, Inc.		09/28/2025		Consumer Products			10.17	%		3M SOFR+543					7,396				7,385				7,329
PL Acquisitionco, LLC		11/09/2027		Textiles, Apparel and Luxury Goods			15.49	%		3M SOFR+1210					5,880				5,822				4,292
						(PIK 7.00%)
PL Acquisitionco, LLC - (Revolver) (8)		11/09/2027		Textiles, Apparel and Luxury Goods			—				—				1,145				—				(309	)
PlayPower, Inc.		08/28/2030		Leisure Products			9.58	%		1M SOFR+525					26,269				26,076				26,269
PlayPower, Inc. - Unfunded Revolver (8)		08/28/2030		Leisure Products			—				—				3,981				—				—
Project Granite Buyer,Inc.		12/31/2030		Professional Services			10.08	%		3M SOFR+575					18,500				18,315				18,315
Project Granite Buyer, Inc. - Unfunded Term Loan (8)		12/31/2026		Professional Services			—				—				2,846				—				—
Project Granite Buyer,Inc. - Unfunded Revolver (8)		12/31/2030		Professional Services			—				—				1,708				—				—
Pragmatic Institute, LLC (Revolver) (10)		07/06/2028		Professional Services			—				—				1,658				1,605				696
Quantic Electronics, LLC		11/19/2026		Electronic Equipment, Instruments, and Components			10.43	%		3M SOFR+610					6,562				6,517				6,562
Quantic Electronics, LLC - Funded Revolver		11/19/2026		Electronic Equipment, Instruments, and Components			10.43	%		3M SOFR+610					357				357				357
Quantic Electronics, LLC (Revolver) (6), (8)		11/19/2026		Electronic Equipment, Instruments, and Components			—				—				313				—				—
Rancho Health MSO, Inc.		06/20/2029		Healthcare Equipment and Supplies			9.77	%		3M SOFR+525					1,862				1,852				1,848
Rancho Health MSO, Inc. - Unfunded Term Loan (8)		06/30/2026		Healthcare Equipment and Supplies			—				—				5,469				—				(15	)
Rancho Health MSO, Inc. (Revolver) (6)		06/20/2029		Healthcare Equipment and Supplies			9.60	%		3M SOFR+525					1,403				1,403				1,392
Rancho Health MSO, Inc. (Revolver) (6), (8)		06/20/2029		Healthcare Equipment and Supplies			—				—				1,897				—				(14	)
Recteq, LLC		01/29/2026		Leisure Products			11.48	%		3M SOFR+715					1,444				1,436				1,429
Recteq, LLC (Revolver) (6), (8)		01/29/2026		Leisure Products			—				—				1,296				—				(13	)
Riverpoint Medical, LLC		06/20/2025		Healthcare Equipment and Supplies			9.58	%		3M SOFR+525					9,803				9,784				9,803
Riverpoint Medical, LLC (Revolver) (6)		06/20/2025		Healthcare Equipment and Supplies			9.61	%		3M SOFR+525					182				182				182
Riverpoint Medical, LLC (Revolver) (6), (8)		06/20/2025		Healthcare Equipment and Supplies			—				—				727				—				—
RRA Corporate, LLC		08/15/2029		Diversified Consumer Services			9.33	%		3M SOFR+500					14,165				14,025				14,094
RRA Corporate, LLC - Unfunded Term Loan 1 (8)		02/15/2029		Diversified Consumer Services			—				—				11,506				—				58

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
RRA Corporate, LLC - Unfunded Term Loan 2 (8)		08/15/2026		Diversified Consumer Services			—				—				21,719				—				109
RRA Corporate, LLC - Funded Revolver		08/15/2029		Diversified Consumer Services			9.33	%		3M SOFR+500					1,746				1,746				1,738
RRA Corporate, LLC - Unfunded Revolver (8)		08/15/2029		Diversified Consumer Services			—				—				4,970				—				(25	)
RTIC Subsidiary Holdings, LLC		05/03/2029		Leisure Products			10.08	%		3M SOFR+575					41,890				41,294				41,156
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (8)		05/03/2029		Leisure Products			—				—				9,417				—				(165	)
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		06/15/2029		Professional Services			10.08	%		3M SOFR+575					1,138				1,123				1,121
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (8)		06/26/2026		Professional Services			—				—				1,146				—				(11	)
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver		06/15/2029		Professional Services			10.08	%		3M SOFR+575					86				86				85
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (6), (8)		06/15/2029		Professional Services			—				—				774				—				(12	)
Sabel Systems Technology Solutions, LLC		10/31/2030		Government Services			10.60	%		3M SOFR+625					26,850				26,583				26,582
Sabel Systems Technology Solutions, LLC - Unfunded Revolver (8)		10/31/2030		Government Services			—				—				3,634				—				(36	)
Safe Haven Defense US LLC		05/23/2029		Building Products			9.36	%		3M SOFR+525					13,526				13,335				13,526
Safe Haven Defense US LLC - Unfunded Revolver (8)		05/23/2029		Building Products			—				—				2,920				—				—
Sales Benchmark Index LLC		07/07/2026		Professional Services			10.53	%		3M SOFR+620					2,527				2,519				2,527
Sales Benchmark Index LLC (Revolver) (6), (8)		07/07/2026		Professional Services			—				—				1,077				—				—
Schlesinger Global, Inc.		07/14/2025		Professional Services			12.96	%		3M SOFR+860					15,453				15,426				14,719
						(PIK 5.85%)
Schlesinger Global, Inc. (Revolver)		07/14/2025		Professional Services			12.96	%		3M SOFR+860					1,602				1,602				1,526
						(PIK 5.85%)
Schlesinger Global, Inc. (Revolver) (6), (8)		07/14/2025		Professional Services			—				—				401				—				(19	)
Seacoast Service Partners, LLC		12/20/2029		Diversified Consumer Services			9.35	%		3M SOFR+500					7,833				7,766				7,765
Seacoast Service Partners, LLC - Unfunded Term Loan (8)		12/20/2026		Diversified Consumer Services			—				—				8,492				—				—
Seacoast Service Partners, LLC - Unfunded Revolver (8)		12/20/2029		Diversified Consumer Services			—				—				2,123				—				—
Seaway Buyer, LLC		06/13/2029		Chemicals, Plastics and Rubber			10.48	%		3M SOFR+615					1,896				1,876				1,820
Sigma Defense Systems, LLC		12/18/2027		IT Services			11.23	%		3M SOFR+690					20,615				20,379				20,512
Sigma Defense Systems, LLC (Revolver) (6), (8)		12/18/2027		IT Services			—				—				3,311				—				(17	)
Smartronix, LLC		11/23/2028		Aerospace and Defense			10.35	%		1M SOFR+610					13,486				13,298				13,486
Smartronix, LLC - (Revolver) (8)		11/23/2027		Aerospace and Defense			—				—				1,791				—				—
Smile Brands Inc.		10/12/2027		Healthcare and Pharmaceuticals			10.43	%		1M SOFR+450					2,465				2,465				2,181
						(PIK 1.50%)
Smile Brands Inc. (Revolver)		10/12/2027		Healthcare and Pharmaceuticals			10.20	%		1M SOFR+550					1,542				1,542				1,364
Smile Brands Inc. (Revolver) (6), (8)		10/12/2027		Healthcare and Pharmaceuticals			—				—				2				—				—
Smile Brands Inc. LC (Revolver) (6), (8)		10/12/2027		Healthcare and Pharmaceuticals			—				—				100				—				(12	)
Solutionreach, Inc.		07/17/2025		Healthcare Technology			13.75	%		3M SOFR+600					4,657				4,642				4,657
Solutionreach, Inc. - Funded Revolver		07/15/2025		Healthcare Technology			11.50	%		3M SOFR+715					833				833				833
Spendmend Holdings LLC		03/01/2028		Healthcare Technology			9.67	%		3M SOFR+515					2,631				2,609				2,631
Spendmend Holdings LLC - Unfunded Term Loan (8)		03/03/2025		Healthcare Technology			—				—				1,109				—				8
Spendmend Holdings LLC - Unfunded Term Loan (8)		11/25/2026		Healthcare Technology			—				—				3,261				—				16
Spendmend Holdings LLC (Revolver) (8)		03/01/2028		Healthcare Technology			—				—				891				—				—
Summit Behavioral Healthcare, LLC		11/24/2028		Healthcare Providers and Services			8.76	%		1M SOFR+425					1,985				1,971				1,588
SV-Aero Holdings, LLC - Term Loan		11/01/2030		Aerospace and Defense			9.78	%		3M SOFR+525					15,567				15,489				15,411
SV-Aero Holdings, LLC - Unfunded Term Loan (8)		10/31/2026		Aerospace and Defense			—				—				7,259				—				(36	)
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)		08/16/2027		Aerospace and Defense			9.28	%		3M SOFR+500					20,409				20,199				20,429
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) (8)		08/16/2027		Aerospace and Defense			—				—				12,537				—				107
System Planning and Analysis, Inc. - (Revolver) (8)		08/16/2027		Aerospace and Defense			—				—				8,364				—				—
S101 Holdings, Inc.		12/29/2026		Electronic Equipment, Instruments, and Components			10.24	%		3M SOFR+565					12,408				12,284				12,346
S101 Holdings, Inc. - Unfunded Term Loan 2 (8)		01/16/2025		Electronic Equipment, Instruments, and Components			—				—				3,365				—				17
TCG 3.0 Jogger Acquisitionco, Inc.		01/26/2029		Media			10.83	%		3M SOFR+650					6,948				6,845				6,878
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver		01/26/2029		Media			13.00	%		3M SOFR+550					243				243				240
TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) (8)		01/26/2029		Media			—				—				2,184				—				(22	)
Team Services Group, LLC		12/20/2027		Healthcare Providers and Services			9.82	%		3M SOFR+525					15,412				15,178				15,438
The Bluebird Group LLC		07/28/2026		Professional Services			11.05	%		3M SOFR+665					8,549				8,472				8,549
The Bluebird Group LLC (Revolver) (6), (8)		07/28/2026		Professional Services			—				—				862				—				—

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
The Vertex Companies, LLC (6)		08/30/2027		Construction & Engineering			10.24	%		1M SOFR+610					8,957				8,878				8,832
The Vertex Companies, LLC - Unfunded Term Loan (8)		11/04/2026		Construction & Engineering			—				—				9,122				—				(59	)
The Vertex Companies, LLC (Revolver) (6), (8)		08/30/2027		Construction & Engineering			—				—				5,472				—				(77	)
TPC US Parent, LLC		11/24/2025		Food Products			10.49	%		3M SOFR+565					11,858				11,793				11,858
TransGo, LLC		12/29/2028		Auto Components			10.11	%		3M SOFR+575					11,601				11,450				11,601
TransGo, LLC (Revolver) (6), (8)		12/29/2028		Auto Components			—				—				4,440				—				—
TWS Acquisition Corporation		06/16/2025		Diversified Consumer Services			10.80	%		1M SOFR+640					2,343				2,340				2,343
TWS Acquisition Corporation (Revolver) (6), (8)		06/16/2025		Diversified Consumer Services			—				—				2,628				—				—
Tyto Athene, LLC		04/01/2028		IT Services			9.49	%		1M SOFR+490					11,928				11,829				11,761
US Fertility Enterprises, LLC - Unfunded Term Loan (8)		10/07/2026		Healthcare Providers and Services			—				—				54				—				—
Urology Management Holdings, Inc.		06/15/2027		Healthcare Providers and Services			9.83	%		3M SOFR+550					3,597				3,580				3,579
Urology Management Holdings, Inc. - Unfunded Term Loan (8)		09/03/2026		Healthcare Providers and Services			—				—				2,400				—				—
VRS Buyer, Inc.		11/22/2030		Road and Rail			9.26	%		3M SOFR+475					14,454				14,347				14,346
VRS Buyer, Inc. - Unfunded Term Loan (8)		11/22/2026		Road and Rail			—				—				7,644				—				—
VRS Buyer, Inc. - Unfunded Revolver (8)		11/22/2030		Road and Rail			—				—				3,822				—				—
Walker Edison Furniture, LLC - Term Loan (10)		03/01/2029		Wholesale			—				—				5,999				5,359				—
Walker Edison Furniture Company, LLC - Unfunded Term Loan (8), (10)		03/01/2029		Wholesale			—				—				500				—				(500	)
Walker Edison Furniture Company, LLC - Funded Junior Revolver (10)		03/01/2029		Wholesale			—				—				1,667				1,667				1,128
Watchtower Intermediate, LLC		12/01/2029		Electronic Equipment, Instruments, and Components			10.33	%		3M SOFR+600					9,032				8,914				9,032
Watchtower Intermediate, LLC - Unfunded Term Loan (8)		12/01/2025		Electronic Equipment, Instruments, and Components			—				—				2,100				—				24
Watchtower Intermediate, LLC (Revolver) (8)		12/01/2029		Electronic Equipment, Instruments, and Components			—				—				6,300				—				—
Wrench Group, LLC		10/30/2028		Commercial Services & Supplies			8.59	%		3M SOFR+426					3,474				3,467				3,326
Zips Car Wash, LLC		01/16/2025		Automobiles			12.46	%		3M SOFR+740					13,670				13,666				12,132
						(PIK 12.46%)
Total First Lien Secured Debt																			1,746,097				1,726,126
Subordinate Debt - 0.4%
Beacon Behavioral Holdings LLC		06/21/2030		Healthcare Providers and Services			15.00	%			—				1,082				1,068				1,066
ORL Holdco, Inc. - Convertible Notes		03/08/2028		Consumer Finance			18.00	%			—				13				13				10
ORL Holdco, Inc. - Unfunded Convertible Notes (8)		03/08/2028		Consumer Finance			—				—				13				—				(3	)
OSP Embedded Aggregator, LP - Convertible Note		05/08/2030		Aerospace and Defense			12.00	%			—				47				471				609
Schlesinger Global, LLC - Promissory Note		01/08/2026		Professional Services			12.31	%		3M SOFR+700					66				66				136
StoicLane, Inc. - Convertible Notes		08/15/2027		Healthcare Technology			12.00	%			—				1,526				1,526				1,571
StoicLane, Inc. - Unfunded Convertible Notes (8)		08/15/2027		Healthcare Technology			—				—				1,526				—				46
Total Subordinate Debt																			3,144				3,435
Preferred Equity - 2.0% (5)
Accounting Platform Blocker, Inc -. Preferred Equity				Professional Services			—				—				1,075,900				1,076				1,087
Ad.net Holdings, Inc.				Media			—				—				6,720				672				868
AFC Acquisitions, Inc. (Preferred) (7)				Distributors			—				—				854				1,314				1,601
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (6), (7)				Media			—				—				2,018				2,018				2,108
BioDerm Holdings, LP - Preferred Equity				Healthcare Equipment and Supplies			—				—				1,313				1,313				1,128
Cartessa Aesthetics, LLC (Preferred) (7)				Distributors			—				—				1,437,500				1,438				2,720
Connatix Parent, LLC - Preferred Equity				Media			—				—				5,311				5				5
C5MI Holdco, LLC. - Preferred Equity (7)				IT Services			—				—				228,900				223				243
EvAL Home Health Solutions, LLC - Preferred Equity (7)				Healthcare, Education and Childcare			—				—				876,386				1,455				1,557
Gauge Schlesinger Coinvest LLC (Preferred Equity)				Professional Services			—				—				64				64				30
Hancock Claims Consultants Investors, LLC (Preferred Equity) (7)				Insurance			—				—				116,588				76				187
Imagine Topco, LP				Software			8.00	%			—				1,236,027				1,236				1,503
Magnolia Topco LP - Class A Preferred Equity (7)				Automobiles			—				—				47				47				32
Magnolia Topco LP - Class B Preferred Equity (7)				Automobiles			—				—				31				20				—
Megawatt Acquisition Partners, LLC - Preferred A Equity				Electronic Equipment, Instruments, and Components			—				—				9,360				936				456
NXOF Holdings, Inc. (Tyto Athene, LLC) (6)				IT Services			—				—				1,935				1,935				2,690
ORL Holdco, Inc. (6)				Consumer Finance			—				—				1,327				133				20
PL Acquisitionco, LLC (Preferred Equity) (7)				Textiles, Apparel and Luxury Goods			—				—				122				122				—
RTIC Parent Holdings, LLC - Class A Preferred Equity (7)				Leisure Products			—				—				9				9				—
RTIC Parent Holdings, LLC - Class C Preferred Equity (7)				Leisure Products			—				—				18,450				1,215				1,837
RTIC Parent Holdings, LLC - Class D Preferred Equity (7)				Leisure Products			—				—				19,584				196				229
SP L2 Holdings LLC - Preferred Equity				Leisure Products			—				—				135,240				33				33
SP L2 Holdings LLC - Unfunded Preferred Equity (8)				Leisure Products			—				—				77,280				—				—
TPC Holding Company, LP (6)				Food Products			—				—				409				409				647
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (6)				Construction & Engineering			—				—				37				35				48
UniTek Global Services, Inc. - Super Senior Preferred Equity (6)				Telecommunications			20.00	%			—				343,861				344				33
UniTek Global Services, Inc. - Senior Preferred Equity (6)				Telecommunications			19.00	%			—				448,851				449				—
UniTek Global Services, Inc. (6)				Telecommunications			13.50	%			—				1,047,317				670				—
Total Preferred Equity																			17,443				19,062
Common Equity/Warrants - 16.5% (5)
A1 Garage Equity, LLC (7)				Commercial Services & Supplies			—				—				647,943				648				944
ACP Big Top Holdings, L.P. - Common Equity				Construction & Engineering			—				—				3,000,500				3,001				3,745
Ad.net Holdings, Inc. (6)				Media			—				—				7,467				75				22

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
Aechelon InvestCo, LP - Common Equity				Aerospace and Defense			—				—				29,917				2,992				5,892
Aechelon InvestCo, LP - Unfunded (8)				Aerospace and Defense			—				—				33,433				—				—
Aftermarket Drivetrain Products Holdings, LLC				Auto Components			—				—				2,632				2,632				3,701
AG Investco LP (6), (7)				Software			—				—				805,164				805				252
AG Investco LP (6), (8)				Software			—				—				194,836				—				(134	)
Altamira Intermediate Company II, Inc. (6)				IT Services			—				—				1,437,500				1,438				1,649
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (6), (7)				Media			—				—				2,018				—				—
Athletico Holdings, LLC (7)				Healthcare Providers and Services			—				—				4,678				5,000				3,368
Azureon Holdings, LLC - Common Equity (7)				Diversified Consumer Services			—				—				1,130,707				1,131				1,047
BioDerm Holdings, LP				Healthcare Equipment and Supplies			—				—				1,313				—				—
Burgess Point Holdings, LP				Auto Components			—				—				112				114				118
By Light Investco LP (6), (7)				High Tech Industries			—				—				22,789				687				21,231
Carisk Parent, L.P.				Healthcare Technology			—				—				239,680				240				236
Carnegie HoldCo, LLC - Common Equity (7)				Professional Services			—				—				2,719,600				2,646				2,665
Connatix Parent, LLC (6)				Media			—				—				38,278				421				47
Consello Pacific Aggregator, LLC (7)				Professional Services			—				—				1,025,476				973				831
Crane 1 Acquisition Parent Holdings, L.P. (6)				Commercial Services & Supplies			—				—				130				120				235
C5MI Holdco, LLC. - Common Equity (7)				IT Services			—				—				1,659,050				1,659				1,392
Delta InvestCo LP (Sigma Defense Systems, LLC) (6), (7)				IT Services			—				—				804,615				763				1,359
Delta InvestCo LP (Sigma Defense Systems, LLC) (6), (8)				IT Services			—				—				200,255				—				—
DUGGAL EQUITY, LP – Common Equity				Marketing Services			—				—				686				686				718
eCommission Holding Corporation (6), (9)				Banking, Finance, Insurance & Real Estate			—				—				20				226				619
EDS Topco, LP				Electronic Equipment, Instruments, and Components			—				—				1,125,000				1,125				1,569
Events TopCo, LP				Event Services			—				—				381,300				381				381
Exigo, LLC				Software			—				—				541,667				542				646
FedHC InvestCo LP (6), (7)				Aerospace and Defense			—				—				22,671				810				2,648
FedHC InvestCo LP (6), (8)				Aerospace and Defense			—				—				3,721				—				—
Five Star Parent Holdings, LLC				Hotels, Restaurants and Leisure			—				—				655,714				656				546
Gauge ETE Blocker, LLC				Diversified Consumer Services			—				—				374,444				374				258
Gauge Lash Coinvest LLC (6)				Personal Products			—				—				1,840,021				1,393				4,783
Gauge Loving Tan, LP				Personal Products			—				—				2,914,701				2,915				2,968
Gauge Schlesinger Coinvest LLC (6)				Professional Services			—				—				465				476				218
GCP Boss Holdco, LLC - Common Equity				Independent Power and Renewable Electricity Producers			—				—				2,194,800				2,195				2,195
GCOM InvestCo LP (6)				IT Services			—				—				19,184				3,342				4,590
GGG Topco, LLC – Common Equity (7)				Diversified Consumer Services			—				—				2,759,800				2,760				2,770
GMP Hills, L.P.				Distributors			—				—				4,430,843				4,431				4,387
Hancock Claims Consultants Investors, LLC (6), (7)				Insurance			—				—				450,000				448				414
HPA SPQ Aggregator LP				Professional Services			—				—				750,399				750				786
HV Watterson Holdings, LLC				Professional Services			—				—				100,000				100				13
Icon Partners V C, L.P.				Internet Software and Services			—				—				1,885,663				1,886				1,844
Icon Partners V C, L.P. (6), (8)				Internet Software and Services			—				—				614,337				—				(13	)
IIN Group Holdings, LLC (7)				Consumer Services			—				—				1,000				1,000				—
Imagine Topco, LP (Common)				Software			—				—				1,236,027				—				—
IHS Parent Holdngs, L.P.				Commercial Services & Supplies			—				—				1,218,045				1,218				1,937
Ironclad Holdco, LLC (Applied Technical Services, LLC) (6)				Commercial Services & Supplies			—				—				6,355				668				988
ITC Infusion Co-invest, LP (7)				Healthcare Equipment and Supplies			—				—				116,032				1,195				2,424
Kinetic Purchaser, LLC				Personal Products			—				—				1,734,775				1,735				1,744
KL Stockton Co-Invest LP (Any Hour Services) (6), (7)				Energy Equipment and Services			—				—				382,353				385				781
Lightspeed Investment Holdco LLC (6)				Healthcare Technology			—				—				585,587				586				2,107
LJ Avalon, LP				Construction & Engineering			—				—				1,638,043				1,638				2,342
Lucky Bucks, LLC				Hotels, Restaurants and Leisure			—				—				73,870				2,062				781
Marketplace Events Holdings, LP				Media: Diversified and Production			—				—				4,099,000				4,099				4,099
Magnolia Topco LP - Class A Common Equity (7)				Automobiles			—				—				46,974				—				—
Magnolia Topco LP - Class B Common Equity (7)				Automobiles			—				—				30,926				—				—
MDI Aggregator, LP				Commodity Chemicals			—				—				10,761				1,078				1,175
Meadowlark Title, LLC (7)				Professional Services			—				—				819,231				806				—
Megawatt Acquisition Partners, LLC - Common A Equity				Electronic Equipment, Instruments, and Components			—				—				1,040				104				—
Municipal Emergency Services, Inc. (6)				Distributors			—				—				1,973,370				2,005				3,611
NEPRT Parent Holdings, LLC (Recteq, LLC) (6), (7)				Leisure Products			—				—				1,494				1,438				104
New Insight Holdings, Inc. - Common Equity				Business Services			—				—				158,348				2,771				3,036
New Medina Health, LLC (7)				Healthcare Providers and Services			—				—				2,672,646				2,673				3,727
NFS - CFP Holdings LLC				Commercial Services & Supplies			—				—				1,337,017				1,337				1,337
NORA Parent Holdings, LLC (7)				Healthcare Providers and Services			—				—				2,544				2,525				2,037
North Haven Saints Equity Holdings, LP (7)				Healthcare Technology			—				—				223,602				224				250
NXOF Holdings, Inc. (Tyto Athene, LLC) (6)				IT Services			—				—				37,561				496				—
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (6), (7)				Aerospace and Defense			—				—				173,638				1,736				1,806
OES Co-Invest, LP - Class A Common Equity				Diversified Consumer Services			—				—				1,560				1,574				1,989
OHCP V BC COI, L.P.				Distributors			—				—				1,166,407				1,166				758
OHCP V BC COI, L.P. (8)				Distributors			—				—				83,593				—				(29	)
ORL Holdco, Inc. (6)				Consumer Finance			—				—				1,474				15				—
OSP Embedded Aggregator, LP				Aerospace and Defense			—				—				1,728				1,728				2,234
Output Services Group, Inc.				Business Services			—				—				80,170				642				835
PAR Excellence Holdings, Inc. - Common Equity				Healthcare Technology			—				—				1,902				1,902				2,569
PCS Parent, LP - Common Equity				Professional Services			—				—				423,247				423				466
PennantPark-TSO Senior Loan Fund, LP (6), (9)				Financial Services			—				—				11,167,847				11,168				8,919
Pink Lily Holdco, LLC (7)				Textiles, Apparel and Luxury Goods			—				—				1,735			1735					—
Pragmatic Institute, LLC				Professional Services			—				—				610,583			611					-

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (1)				Par / Shares				Cost				Fair Value (2)
Project Granite Holdings, LLC - Common Equity				Professional Services			—				—				1,139				1,139				1,139
Quad (U.S.) Co-Invest, L.P.				Professional Services			—				—				266,864				267				358
QuantiTech InvestCo LP (6), (7)				Aerospace and Defense			—				—				700				—				172
QuantiTech InvestCo LP (6), (8)				Aerospace and Defense			—				—				955				—				—
QuantiTech InvestCo II LP (6), (7)				Aerospace and Defense			—				—				40				14				12
RFMG Parent, LP (Rancho Health MSO, Inc.) (6)				Healthcare Equipment and Supplies			—				—				1,050,000				1,050				1,258
Safe Haven Defense MidCo, LLC - Common Equity (7)				Building Products			—				—				596				596				711
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (6)				Professional Services			—				—				64,634				646				735
Sabel InvestCo, LP - Common Equity (7)				Government Services			—				—				87,524				2,271				2,271
Sabel InvestCo, LP - Common Equity Unfunded (8)				Government Services			—				—				131,286				—				—
Seaway Topco, LP				Chemicals, Plastics and Rubber			—				—				296				296				141
Seacoast Service Partners, LLC - Equity Co-Invest				Diversified Consumer Services			—				—				372				439				439
SP L2 Holdings, LLC (Ledge Lounger, Inc.)				Leisure Products			—				—				360,103				360				4
SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) (6)				Capital Equipment			—				—				12				12				1,495
StellPen Holdings, LLC (CF512, Inc.) (6)				Media			—				—				161,538				162				139
SV Aero Holdings, LLC (7)				Aerospace and Defense			—				—				61				535				1,328
TAC LifePort Holdings, LLC (6), (7)				Aerospace and Defense			—				—				533,833				502				1,046
TCG 3.0 Jogger Co-Invest, LP				Media			—				—				9,108				1,760				1,209
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (7)				Media			—				—				222,570				102				302
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (8)				Media			—				—				143,036				—				—
TPC Holding Company, LP (6)				Food Products			—				—				21,527				22				—
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (6)				Construction & Engineering			—				—				749				1				3
Tinicum Space Coast Co-Invest, LLC - Common Equity (7)				Aerospace and Defense			—				—				466				4,702				4,609
UniTek Global Services, Inc.(C)				Telecommunications			—				—				213,739				—				—
UniVista Insurance (6), (7)				Insurance			—				—				400				328				760
Urology Partners Co., L.P.				Healthcare Providers and Services			—				—				694,444				694				1,035
Walker Edison Holdco LLC				Healthcare Providers and Services			—				—				36,458				3,393				—
Watchtower Holdings, LLC (7)				Electronic Equipment, Instruments, and Components			—				—				12,419				1,242				1,369
WCP IvyRehab Coinvestment, LP (7)				Healthcare Providers and Services			—				—				208				208				222
WCP IvyRehab QP CF Feeder, LP (7)				Healthcare Providers and Services			—				—				3,754				3,784				4,007
WCP Ivyrehab QP CF Feeder, LP. - Unfunded (7)				Healthcare Providers and Services			—				—				246				—				—
UniTek Global Services, Inc.(W)				Telecommunications			—				—				23,889				—				—
Kentucky Racing Holdco, LLC (Warrants) (7)				Hotels, Restaurants and Leisure			—				—				87,345				—				995
Total Common Equity/Warrants																			128,109				158,726
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																			1,894,793				1,907,349
Investments in Controlled, Affiliated Portfolio Companies - 29.8% (3), (4)
First Lien Secured Debt - 24.7%
PennantPark Senior Secured Loan Fund I LLC (6), (9)		05/06/2029		Financial Services			12.61	%		3M SOFR+800					237,650				237,650				237,650
Total First Lien Secured Debt																			237,650				237,650
Equity Interests - 5.1%
PennantPark Senior Secured Loan Fund I LLC (6), (9)				Financial Services			—				—				101,850				101,850				48,911
Total Equity Interests																			101,850				48,911
Total Investments in Controlled, Affiliated Portfolio Companies																			339,500				286,561
Total Investments - 227.9%(11)																			2,234,293				2,193,910
Cash and Cash Equivalents - 10.6%
Money Market - BlackRock Federal FD Institutional 30							4.43	%											26,711				26,711
Non-Money Market Cash																			75,562				75,551
Total Cash and Cash Equivalents																			102,273				102,262
Total Investments and Cash Equivalents - 238.5%																		$	2,336,566			$	2,296,172
Liabilities in Excess of Other Assets - (138.5)%																							(1,333,521	)
Net Assets - 100%																						$	962,651

—————

---

Issuer Name		Maturity		Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% (3), (4)
First Lien Secured Debt - 167.8%
A1 Garage Merger Sub, LLC		12/22/2028		Commercial Services & Supplies		10.95%				3M SOFR+610					1,579			$	1,559			$	1,579
A1 Garage Merger Sub, LLC - Unfunded Term Loan (9)		12/22/2028		Commercial Services & Supplies			—				—				453				—				7
A1 Garage Merger Sub, LLC (Revolver) (7), (9)		12/22/2028		Commercial Services & Supplies			—				—				748				—				—
ACP Avenu Buyer, LLC		10/02/2029		IT Services		10.58%				3M SOFR+525					14,121				13,905				13,662
ACP Avenu Buyer, LLC - Unfunded Term Loan (9)		04/02/2025		IT Services			—				—				5,621				—				(105	)
ACP Avenu Buyer, LLC - Funded Revolver		10/02/2029		IT Services		9.85%				3M SOFR+525					847				847				819
ACP Avenu Buyer, LLC (Revolver) (7), (9)		10/02/2029		IT Services			—				—				2,960				—				(96	)
ACP Falcon Buyer, LLC (Revolver) (7), (9)		08/01/2029		Professional Services			—				—				3,096				—				—
Ad.net Acquisition, LLC		05/07/2026		Media		10.93%				3M SOFR+626					4,838				4,808				4,838
Ad.net Acquisition, LLC - Funded Revolver		05/07/2026		Media		10.93%				3M SOFR+626					498				498				498
Ad.net Acquisition, LLC (Revolver) (7), (9)		05/07/2026		Media			—				—				747				—				—
Aechelon Technology, Inc.		08/16/2029		Aerospace and Defense		12.35%				3M SOFR+750					14,000				13,862				13,719
Aechelon Technology, Inc. - Unfunded Revolver (9)		08/16/2029		Aerospace and Defense			—				—				3,104				—				(62	)
Aeronix, Inc.		12/18/2028		Aerospace and Defense		9.85%				3M SOFR+525					32,753				32,332				32,753
Aeronix, Inc. - (Revolver) (9)		12/18/2028		Aerospace and Defense			—				—				6,099				—				—
AFC Dell Holding Corp.		04/09/2027		Distributors		10.49%				3M SOFR+550					28,494				28,420				28,209
AFC Dell Holding Corp. - Unfunded Term Loan (9)		04/09/2027		Distributors			—				—				7,460				—				(75	)
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		06/10/2025		Media		10.75%				3M SOFR+650					13,813				13,765				13,675
Anteriad, LLC (f/k/a MeritDirect, LLC)		06/30/2026		Media		10.50%				3M SOFR+590					13,005				12,845				13,005
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan		06/30/2026		Media		10.50%				3M SOFR+590					2,098				2,085				2,097
Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) (9)		06/30/2026		Media			—				—				2,869				—				—
Applied Technical Services, LLC		12/29/2026		Commercial Services & Supplies		10.50%				3M SOFR+590					12,597				12,486				12,408
Applied Technical Services, LLC - Unfunded Term Loan (9)		07/17/2025		Commercial Services & Supplies			—				—				3,990				—				(20	)
Applied Technical Services, LLC (Revolver)		12/29/2026		Commercial Services & Supplies		12.75%				3M SOFR+475					1,441				1,441				1,420
Applied Technical Services, LLC (Revolver) (7),(9)		12/29/2026		Commercial Services & Supplies			—				—				852				—				(13	)
Arcfield Acquisition Corp. (Revolver)		08/03/2029		Aerospace and Defense		11.56%				1M SOFR+625					5,951				5,869				5,921
Arcfield Acquisition Corp. (Revolver) (7),(9)		08/04/2028		Aerospace and Defense			—				—				1,379				—				(7	)
Archer Lewis, LLC		08/28/2029		Healthcare Technology		10.83%				3M SOFR+575					21,700				21,485				21,266
Archer Lewis, LLC - Unfunded Term Loan A (9)		08/28/2025		Healthcare Technology			—				—				13,280				—				(133	)
Archer Lewis, LLC - Unfunded Term Loan B (9)		08/28/2026		Healthcare Technology			—				—				21,267				—				(213	)
Archer Lewis, LLC - Unfunded Revolver (9)		08/28/2029		Healthcare Technology			—				—				3,252				—				(65	)
ARGANO, LLC		09/13/2029		Business Services		10.85%				3M SOFR+575					35,768				35,411				35,409
ARGANO, LLC - Unfunded Term Loan (9)		03/13/2025		Business Services			—				—				8,907				—				—
ARGANO, LLC – Unfunded Revolver (9)		09/13/2029		Business Services			—				—				1,421				—				—
Beacon Behavioral Support Service, LLC		06/21/2029		Healthcare Providers and Services		10.10%				3M SOFR+525					25,067				24,725				24,691
						(PIK 15.00%)
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (9)		12/21/2025		Healthcare Providers and Services			—				—				7,565				—				(38	)
Beacon Behavioral Support Service, LLC - Unfunded Revolver (9)		06/21/2029		Healthcare Providers and Services			—				—				2,434				—				(37	)
Beta Plus Technologies, Inc.		07/01/2029		Internet Software and Services		10.35%				3M SOFR+575					19,806				19,212				19,212
Big Top Holdings, LLC		02/28/2030		Construction & Engineering		11.10%				1M SOFR+625					30,873				30,358				30,873
Big Top Holdings, LLC - (Revolver) (9)		02/28/2030		Construction & Engineering			—				—				4,479				—				—
BioDerm, Inc. (Revolver)		01/31/2028		Healthcare Equipment and Supplies		11.70%				1M SOFR+650					589				589				582
BioDerm, Inc. (Revolver) (7), (9)		01/31/2028		Healthcare Equipment and Supplies			—				—				482				—				(6	)
Blackhawk Industrial Distribution, Inc.		09/17/2026		Distributors		10.90%				3M SOFR+640					8,206				8,143				8,064
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (9)		09/17/2026		Distributors			—				—				1,893				—				(14	)
Blackhawk Industrial Distribution, Inc. (Revolver) (7)		09/17/2026		Distributors		11.04%				3M SOFR+640					874				874				859
Blackhawk Industrial Distribution, Inc. (9)		09/17/2026		Distributors			—				—				3,009				—				(51	)
BlueHalo Financing Holdings, LLC		10/31/2025		Aerospace and Defense		10.60%				3M SOFR+600					6,462				6,422				6,332
Broder Bros., Co.		12/04/2025		Textiles, Apparel and Luxury Goods		10.97%				3M SOFR+611					3,218				3,218				3,218
Burgess Point Purchaser Corporation		07/25/2029		Auto Components		10.20%				3M SOFR+535					14,962				14,219				14,075
By Light Professional IT Services, LLC		05/16/2025		High Tech Industries		12.18%				3M SOFR+698					46,992				46,893				46,992
By Light Professional IT Services, LLC (Revolver) (7), (9)		05/16/2025		High Tech Industries			—				—				5,831				—				—
Carisk Buyer, Inc.		12/01/2029		Healthcare Technology		10.35%				3M SOFR+575					5,473				5,397				5,390
Carisk Buyer, Inc. - Unfunded Term Loan (9)		12/01/2029		Healthcare Technology			—				—				4,813				—				(24	)
Carisk Buyer, Inc. (Revolver) (7), (9)		12/01/2029		Healthcare Technology			—				—				1,750				—				(26	)
Carnegie Dartlet, LLC		02/07/2030		Professional Services		10.35%				3M SOFR+550					29,850				29,410				29,402
Carnegie Dartlet, LLC - Unfunded Term Loan (9)		02/07/2026		Professional Services			—				—				16,214				—				(81	)
Carnegie Dartlet, LLC - (Revolver) (9)		02/07/2030		Professional Services			—				—				5,405				—				(81	)
Cartessa Aesthetics, LLC		06/14/2028		Distributors		10.35%				3M SOFR+575					12,944				12,802				12,943
Cartessa Aesthetics, LLC (Revolver) (7)		06/14/2028		Distributors		10.35%				1M SOFR+575					511				511				511
Cartessa Aesthetics, LLC (Revolver) (7), (9)		06/14/2028		Distributors			—				—				927				—				—
CF512, Inc.		08/20/2026		Media		11.21%				3M SOFR+619					5,919				5,888				5,830
CF512, Inc.(Revolver) (7), (9)		08/20/2026		Media			—				—				955				—				(14	)
Compex Legal Services, Inc.		02/09/2026		Professional Services		10.88%				3M SOFR+555					8,833				8,814				8,833
Compex Legal Services, Inc. (Revolver)		02/07/2025		Professional Services		10.80%				3M SOFR+555					703				703				703
Compex Legal Services, Inc. (Revolver) (7), (9)		02/07/2025		Professional Services			—				—				703				—				—
Confluent Health, LLC		11/30/2028		Healthcare Providers and Services		9.85%				3M SOFR+500					6,965				6,771				6,965
Connatix Buyer, Inc. (7)		07/13/2027		Media		10.53%				3M SOFR+561					3,775				3,734				3,775
Connatix Buyer, Inc. - Funded Revolver		07/13/2027		Media		10.58%				3M SOFR+576					281				281				281
Connatix Buyer, Inc. (9)		07/13/2027		Media			—				—				953				—				—
Crane 1 Services, Inc.		08/16/2027		Commercial Services & Supplies		10.71%				3M SOFR+586					2,314				2,284				2,297
Crane 1 Services, Inc. (Revolver) (7), (9)		08/16/2027		Commercial Services & Supplies			—				—				502				—				(4	)
C5MI Holdco, LLC		07/31/2030		IT Services		10.60%				3M SOFR+600					44,000				43,349				43,120
C5MI Holdco, LLC - Funded Revolver		07/31/2030		IT Services		10.60%				3M SOFR+600					606				606				594

---

Issuer Name		Maturity		Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
C5MI Holdco, LLC - Unfunded Revolver (9)		07/31/2030		IT Services			—				—				8,487				—				(170	)
DRI Holding Inc.		12/21/2028		Media		10.20%				3M SOFR+535					6,123				5,943				5,908
Dr. Squatch, LLC		08/31/2027		Personal Products		9.95%				3M SOFR+535					16,870				16,709				16,870
Dr. Squatch, LLC (Revolver) (7), (9)		08/31/2027		Personal Products			—				—				3,353				—				—
DRS Holdings III, Inc.		11/03/2025		Chemicals, Plastics and Rubber		11.20%				3M SOFR+635					15,559				15,501				15,435
DRS Holdings III, Inc. (Revolver) (7), (9)		11/03/2025		Personal Products			—				—				1,426				—				(11	)
Duggal Acquisition, LLC		09/30/2030		Marketing Services		9.60%				3M SOFR+500					15,321				15,168				15,168
Duggal Acquisition, LLC - Unfunded Term Loan (9)		09/30/2026		Marketing Services			—				—				4,470				—				—
Duggal Acquisition, LLC - Unfunded Revolver (9)		09/30/2030		Marketing Services			—				—				5,605				—				—
Dynata, LLC - First-Out Term Loan		07/15/2028		Business Services		10.38%				3M SOFR+526					1,856				1,725				1,853
Dynata, LLC - Last-Out Term Loan		10/15/2028		Business Services		10.88%				3M SOFR+576					11,514				11,514				10,601
ECL Entertainment, LLC		08/31/2030		Hotels, Restaurants and Leisure		8.85%				1M SOFR+400					6,209				6,147				6,223
EDS Buyer, LLC		01/10/2029		Electronic Equipment, Instruments, and Components		10.35%				3M SOFR+575					10,673				10,544				10,513
EDS Buyer, LLC. (Revolver) (7), (9)		01/10/2029		Electronic Equipment, Instruments, and Components			—				—				2,298				—				(34	)
Efficient Collaborative Retail Marketing Company, LLC		06/15/2025		Media: Diversified and Production		12.37%				3M SOFR+776					8,195				8,216				6,310
						(PIK 1.50%)
Eisner Advisory Group, LLC		02/23/2031		Professional Services		9.25%				3M SOFR+400					6,948				6,880				6,961
ETE Intermediate II, LLC - Funded Revolver		05/25/2029		Diversified Consumer Services		11.10%				3M SOFR+650					1,215				1,215				1,215
ETE Intermediate II, LLC - Unfunded Revolver (9)		05/25/2029		Diversified Consumer Services			—				—				1,215				—				—
Eval Home Health Solutions Intermediate, LLC		05/10/2030		Healthcare, Education and Childcare		10.60%				3M SOFR+575					14,492				14,275				14,347
Eval Home Health Solutions Intermediate, LLC - UnFunded Revolver (9)		05/10/2030		Healthcare, Education and Childcare			—				—				2,640				—				(26	)
Exigo Intermediate II, LLC (Revolver) (9)		03/15/2027		Software			—				—				689				—				(3	)
Fairbanks Morse Defense		06/23/2028		Aerospace and Defense		9.74%				3M SOFR+450					995				990				996
Five Star Buyer, Inc.		02/23/2028		Hotels, Restaurants and Leisure		12.21%				3M SOFR+715					4,437				4,372				4,437
Five Star Buyer, Inc. (Revolver)  (9)		02/23/2028		Hotels, Restaurants and Leisure			—				—				741				—				—
Gauge ETE Blocker, LLC - Promissory Note		05/19/2029		Diversified Consumer Services		12.56%					—				215				215				215
GGG MIDCO, LLC		09/27/2030		Diversified Consumer Services		9.64%				3M SOFR+500					19,243				19,051				19,050
GGG MIDCO, LLC - Unfunded Term Loan (9)		03/27/2026		Diversified Consumer Services			—				—				30,986				—				—
GGG MIDCO, LLC – Unfunded Revolver (9)		09/27/2030		Diversified Consumer Services			—				—				1,311				—				—
Global Holdings InterCo LLC		03/16/2026		Diversified Financial Services		11.43%				3M SOFR+615					4,985				4,927				4,736
Graffiti Buyer, Inc.		08/10/2027		Trading Companies & Distributors		10.70%				3M SOFR+560					1,351				1,341				1,337
Graffiti Buyer, Inc. - Unfunded Term Loan (9)		08/10/2027		Trading Companies & Distributors			—				—				984				—				(2	)
Graffiti Buyer, Inc. (Revolver)		08/10/2027		Trading Companies & Distributors		10.70%				3M SOFR+560					432				432				428
Graffiti Buyer, Inc. (Revolver) (7), (9)		08/10/2027		Trading Companies & Distributors			—				—				432				—				(4	)
Hancock Roofing and Construction L.L.C.		12/31/2026		Insurance		10.20%				3M SOFR+560					3,993				3,949				3,913
Hancock Roofing and Construction L.L.C. (Revolver) (7)		12/31/2026		Insurance		10.45%				3M SOFR+560					680				680				666
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)		12/31/2026		Insurance			—				—				70				—				(1	)
Harris & Co. LLC		08/09/2030		Professional Services		9.85%				3M SOFR+500					31,992				31,720				31,432
Harris & Co. LLC. - Unfunded Term Loan A (9)		02/09/2025		Professional Services			—				—				39,414				—				(345	)
Harris & Co. LLC. - Unfunded Term Loan B (9)		02/09/2026		Professional Services			—				—				50,296				—				(440	)
Harris & Co. LLC - Unfunded Revolver (9)		08/09/2030		Professional Services			—				—				7,401				—				(130	)
HEC Purchaser Corp.		06/17/2029		Healthcare, Education and Childcare		9.75%				3M SOFR+550					9,651				9,535				9,583
Hills Distribution Inc.		11/07/2029		Distributors		11.11%				3M SOFR+600					7,941				7,829				7,862
Hills Distribution Inc. - Unfunded Term Loan (9)		11/07/2025		Distributors			—				—				10,812				—				—
HW Holdco, LLC		05/10/2026		Media		11.20%				1M SOFR+590					10,410				10,389				10,410
HW Holdco, LLC (Revolver) (9)		05/10/2026		Media			—				—				1,452				—				—
IG Investments Holdings, LLC		09/22/2028		Professional Services		11.35%				3M SOFR+610					4,487				4,430				4,443
IG Investments Holdings, LLC (Revolver) (7), (9)		09/22/2027		Professional Services			—				—				722				—				(7	)
Imagine Acquisitionco, LLC (Revolver) (9)		11/15/2027		Software			—				—				1,193				—				(6	)
Infinity Home Services Holdco, Inc.		12/28/2028		Commercial Services & Supplies		10.96%				3M SOFR+685					4,553				4,534				4,582
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028		Commercial Services & Supplies		10.35%				3M SOFR+600					1,672				1,204				1,237
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (9)		11/17/2025		Commercial Services & Supplies			—				—				4,288				—				54
Infinity Home Services Holdco, Inc. (Revolver)		12/28/2028		Commercial Services & Supplies		13.75%				3M SOFR+575					194				194				194
Infinity Home Services Holdco, Inc. - Unfunded Term Loan (9)		12/28/2028		Commercial Services & Supplies			—				—				1,098				—				—
Infolinks Media Buyco, LLC		11/01/2026		Media		10.10%				3M SOFR+550					5,539				5,483				5,498
Integrative Nutrition, LLC		01/31/2025		Consumer Services		11.36%				3M SOFR+715					15,776				15,747				13,567
						(PIK 6.00%)
ITI Holdings, Inc. (Revolver)		03/03/2028		IT Services		12.50%				3M SOFR+450					500				500				500
ITI Holdings, Inc. (Revolver) (7), (9)		03/03/2028		IT Services			—				—				165				—				—
Inventus Power, Inc.		06/30/2025		Electronic Equipment, Instruments, and Components		12.46%				3M SOFR+761					4,938				4,893				4,863
Inventus Power, Inc. - Unfunded Revolver (9)		06/30/2025		Electronic Equipment, Instruments, and Components			—				—				1,729				—				(26	)
Keel Platform, LLC		01/19/2031		Metals and Mining		10.09%				3M SOFR+525					11,544				11,388				11,486
Keel Platform, LLC - Unfunded Term Loan (9)		01/19/2031		Metals and Mining			—				—				2,402				—				6
Kinetic Purchaser, LLC		11/10/2027		Personal Products		10.75%				3M SOFR+615					13,971				13,802				13,970
Kinetic Purchaser, LLC (Revolver) (7)		11/10/2026		Personal Products			—				—				3,435				—				—
Lash OpCo, LLC		02/18/2027		Personal Products		12.94%				3M SOFR+785					10,786				10,689				10,678
						(PIK 5.10%)
Lash OpCo, LLC (Revolver) (7)		08/16/2026		Personal Products		12.94%				1M SOFR+785					2,833				2,833				2,805
						(PIK 5.10%)
Lash OpCo, LLC (Revolver) (7), (9)		08/16/2026		Personal Products			—				—				335				—				(3	)
						(PIK 5.10%)
LAV Gear Holdings, Inc.		10/31/2025		Capital Equipment		11.64%				1M SOFR+640					13,018				13,015				12,784
LAV Gear Holdings, Inc. (Revolver) (7)		10/31/2025		Capital Equipment		11.64%				1M SOFR+640					1,721				1,721				1,690
Ledge Lounger, Inc.		11/09/2026		Leisure Products		12.25%				3M SOFR+765					3,674				3,661				3,491
Ledge Lounger, Inc. (Revolver)		11/09/2026		Leisure Products		12.25%				3M SOFR+765					263				263				250

---

Issuer Name		Maturity		Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
						(PIK 1.0%)
Ledge Lounger, Inc. (Revolver) (7), (9)		11/09/2026		Leisure Products			—				—				395				—				(20	)
Lightspeed Buyer Inc.		02/03/2026		Healthcare Technology		10.20%				1M SOFR+535					22,309				22,150				22,309
Lightspeed Buyer Inc. (Revolver) (7), (9)		02/03/2026		Healthcare Technology			—				—				2,499				—				—
LJ Avalon Holdings, LLC		02/01/2030		Construction & Engineering		10.31%				3M SOFR+525					2,809				2,774				2,809
LJ Avalon Holdings, LLC - Unfunded Term Loan (9)		02/01/2030		Construction & Engineering			—				—				1,892				—				9
LJ Avalon Holdings, LLC (Revolver) (7), (9)		01/31/2030		Construction & Engineering			—				—				1,130				—				—
Loving Tan Intermediate II, Inc.		05/31/2028		Personal Products		11.10%				3M SOFR+650					45,055				44,374				44,379
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (9)		07/12/2025		Personal Products			—				—				23,464				—				(117	)
Loving Tan Intermediate II, Inc. (Revolver)		05/31/2028		Personal Products		11.60%				3M SOFR+700					1,780				1,780				1,753
Loving Tan Intermediate II, Inc. - Unfunded Revolver (9)		05/31/2028		Personal Products			—				—				3,559				—				(53	)
LSF9 Atlantis Holdings, LLC		06/30/2029		Specialty Retail		9.85%				3M SOFR+525					9,992				9,992				10,067
Lucky Bucks, LLC - First-out Term Loan		10/02/2028		Hotels, Restaurants and Leisure		12.77%				3M SOFR+765					259				259				259
Lucky Bucks, LLC - Last-out Term Loan		10/02/2029		Hotels, Restaurants and Leisure		12.77%				3M SOFR+765					518				518				518
MAG DS Corp.		04/01/2027		Aerospace and Defense		10.20%				1M SOFR+550					7,289				7,007				6,852
MBS Holdings, Inc. - Funded Revolver		04/16/2027		Internet Software and Services		10.95%				3M SOFR+585					139				139				139
MBS Holdings, Inc. (Revolver) (7), (9)		04/16/2027		Internet Software and Services			—				—				1,019				—				—
MDI Buyer, Inc.		07/25/2028		Commodity Chemicals		11.25%				3M SOFR+575					2,021				1,988				2,002
MDI Buyer, Inc. (Revolver)		07/25/2028		Commodity Chemicals		11.25%				3M SOFR+600					531				531				526
MDI Buyer, Inc. (Revolver) (7), (9)		07/25/2028		Commodity Chemicals			—				—				242				—				—
Meadowlark Acquirer, LLC		12/10/2027		Professional Services		10.50%				3M SOFR+590					1,958				1,938				1,909
Meadowlark Acquirer, LLC (Revolver) (9)		12/10/2027		Professional Services			—				—				1,693				—				(42	)
Medina Health, LLC		10/20/2028		Healthcare Providers and Services		10.85%				3M SOFR+625					17,820				17,554				17,820
Medina Health, LLC (Revolver) (9)		10/20/2028		Healthcare Providers and Services			—				—				5,187				—				—
Megawatt Acquisitionco, Inc.		03/01/2030		Electronic Equipment, Instruments, and Components		10.11%				3M SOFR+525					6,965				6,869				6,575
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2030		Electronic Equipment, Instruments, and Components		10.11%				3M SOFR+525					358				358				337
Megawatt Acquisitionco, Inc. - (Revolver) (9)		03/01/2030		Electronic Equipment, Instruments, and Components			—				—				2,893				—				(162	)
Michael Baker International, LLC		12/01/2028		Professional Services		9.60%				3M SOFR+475					7,980				7,941				8,010
Mission Critical Electronics, Inc.		03/31/2025		Capital Equipment		11.02%				3M SOFR+590					3,101				3,092				3,101
Mission Critical Electronics, Inc. (Revolver) (7), (9)		03/31/2025		Capital Equipment			—				—				1,325				—				—
MOREGroup Holdings, Inc.		01/16/2030		Construction & Engineering		10.35%				3M SOFR+575					31,840				31,410				31,362
MOREGroup Holdings, Inc. - Unfunded Term Loan (9)		01/16/2026		Construction & Engineering			—				—				11,056				—				(55	)
MOREGroup Holdings, Inc. - (Revolver) (9)		01/16/2030		Construction & Engineering			—				—				6,634				—				(100	)
Municipal Emergency Services, Inc.		10/01/2027		Distributors		9.75%				3M SOFR+515					1,556				1,527				1,556
Municipal Emergency Services, Inc. - Term Loan B		10/01/2027		Distributors		9.75%				3M SOFR+515					777				777				777
Municipal Emergency Services, Inc. - Unfunded Term Loan (9)		09/28/2027		Distributors			—				—				1,387				—				14
Municipal Emergency Services, Inc. - Unfunded Term Loan B (9)		12/16/2024		Distributors			—				—				486				—				—
Municipal Emergency Services, Inc. (Revolver) (7), (9)		10/01/2027		Distributors			—				—				947				—				—
NBH Group LLC (Revolver) (7), (9)		08/19/2026		Healthcare Equipment and Supplies			—				—				1,677				—				(50	)
NFS - CFP Holdings LLC		09/13/2030		Commercial Services & Supplies		9.56%				3M SOFR+475					36,300				36,029				36,028
NFS - CFP Holdings LLC - Unfunded Term Loan (9)		09/23/2026		Commercial Services & Supplies			—				—				13,370				—				—
NFS - CFP Holdings LLC - Unfunded Revolver (9)		09/13/2030		Commercial Services & Supplies			—				—				5,014				—				—
NORA Acquisition, LLC		08/31/2029		Healthcare Providers and Services		10.95%				3M SOFR+635					19,800				19,449				19,800
NORA Acquisition, LLC (Revolver) (7), (9)		08/31/2029		Healthcare Providers and Services			—				—				5,479				—				—
Omnia Exterior Solutions, LLC		12/29/2029		Diversified Consumer Services		10.10%				3M SOFR+550					28,744				28,498				28,313
Omnia Exterior Solutions, LLC - Unfunded Term Loan (9)		09/30/2026		Diversified Consumer Services			—				—				12,802				—				(80	)
Omnia Exterior Solutions, LLC - Unfunded Term Loan (9)		12/30/2024		Diversified Consumer Services			—				—				8,001				—				(50	)
Omnia Exterior Solutions, LLC (Revolver) (7), (9)		12/29/2029		Diversified Consumer Services			—				—				4,200				—				(63	)
One Stop Mailing, LLC		05/07/2027		Air Freight and Logistics		11.21%				3M SOFR+636					8,426				8,333				8,426
ORL Acquisition, Inc.		09/03/2027		Consumer Finance		14.00%				3M SOFR+940					4,718				4,666				4,010
						(PIK 7.50%)
ORL Acquisition, Inc. (Revolver) (7), (9)		09/03/2027		Consumer Finance			—				—				215				—				(32	)
OSP Embedded Purchaser, LLC		12/15/2029		Aerospace and Defense		10.70%				3M SOFR+610					Enhanced Investments, Inc. 329 South Oyster Bay Road #2085 Plainview, NY 11803 team@eninvs.com Performance About Strategies Team Screener Global Commodities Trending Ideas Rising Stars U.S. Leaders Eastern European Strategy Important disclosures Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is  for informational and general educational purposes only and is not investment or financial advice. © Enhanced Investments Inc. All rights reserved, 2023