Published: 2024-05-08 00:00:00 ET

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)r

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

FOR THE QUARTERLY PERIOD ENDED MARCH 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 May 8, 2024 was 66,728,138.

 

 

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PENNANTPARK FLOATING RATE CAPITAL LTD.

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

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and September 30, 2023		4
Consolidated Statements of Operations for the three and six months ended March 31, 2024 and 2023 (unaudited)		5
Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2024 and 2023 (unaudited)		6
Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023 (unaudited)		7
Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and September 30, 2023		8
Notes to Consolidated Financial Statements (unaudited)		21
Report of Independent Registered Public Accounting Firm (PCAOB ID 49)		41
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		43
Item 3. Quantitative and Qualitative Disclosures About Market Risk		58
Item 4. Controls and Procedures		58
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		59
Item 1A. Risk Factors		59
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		60
Item 3. Defaults Upon Senior Securities		60
Item 4. Mine Safety Disclosures		60
Item 5. Other Information		60
Item 6. Exhibits		61
SIGNATURES		62

 

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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.) 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)

 

		March 31, 2024				September 30, 2023
		(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost— $1,164,243  and $768,240, respectively)		$	1,176,680			$	772,178
Controlled, affiliated investments (amortized cost— $325,436  and $324,639, respectively)			301,203				294,996
Total investments (amortized cost— $1,489,679 and $1,092,878, respectively)			1,477,883				1,067,174
Cash and cash equivalents (cost— $125,246 and $100,555, respectively)			125,252				100,555
Interest receivable			11,888				10,423
Distributions receivable			577				565
Due from affiliate			240				—
Prepaid expenses and other assets			—				894
Total assets			1,615,840				1,179,611
Liabilities
Credit Facility payable, at fair value (cost— $168,855 and $9,400, respectively)			168,878				9,400
2036 Asset-Backed Debt, net (par—$287,000)			283,816				—
2031 Asset-Backed Debt, net (par—$226,259 and $228,000, respectively)			225,333				226,759
2026 Notes payable, net (par—$185,000)			183,443				183,054
Interest payable on debt			11,304				8,615
Distributions payable			6,481				6,020
Payable for investments purchased			3,917				4,905
Incentive fee payable			4,767				4,628
Base management fee payable			3,424				2,759
Deferred tax liability			1,564				1,794
Accounts payable and accrued expenses			2,098				1,287
Due to affiliates			104				566
2023 Notes payable, at fair value (par—$0 and $76,219, respectively)			—				76,219
Total liabilities			895,129				526,006
Commitments and contingencies (See Note 11)
Net assets
Common stock, 63,228,138 and 58,734,702 shares issued and outstanding, respectively    Par value $0.001 per share and 100,000,000 shares authorized			63				59
Paid-in capital in excess of par value			815,587				765,187
Accumulated deficit			(94,939	)			(111,641	)
Total net assets		$	720,711			$	653,605
Total liabilities and net assets		$	1,615,840			$	1,179,611
Net asset value per share		$	11.40			$	11.13

 

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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 March 31,								Six Months Ended March 31,
		2024				2023				2024				2023
Investment income:
From non-controlled, non-affiliated investments:
Interest		$	30,470			$	22,717			$	54,238			$	43,452
Dividend			577				635				1,085				1,212
Other income			1,268				586				3,031				727
From controlled, affiliated investments:
Interest			8,320				7,641				16,754				14,550
Dividend			3,719				2,975				7,219				5,950
Total investment income			44,354				34,554				82,327				65,891
Expenses:
Interest and expenses on debt			14,688				9,752				23,630				19,610
Performance-based incentive fee			4,767				4,186				9,630				7,619
Base management fee			3,424				2,873				6,375				5,804
General and administrative expenses			1,255				705				2,243				1,410
Administrative services expenses			585				144				1,211				288
Expenses before provision for taxes			24,719				17,660				43,089				34,731
Provision for taxes on net investment income			547				150				701				684
Total expenses			25,266				17,810				43,790				35,415
Net investment income			19,088				16,744				38,537				30,476
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on:
Non-controlled, non-affiliated investments			4,010				(7,518	)			921				(7,455	)
Non-controlled and controlled, affiliated investments			—				—				—				—
Provision for taxes on realized gain on investments			—				(300	)			—				(300	)
Net realized gain (loss) on investments			4,010				(7,818	)			921				(7,755	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments			3,278				(2,561	)			8,506				(15,254	)
Controlled and non-controlled, affiliated investments			4,466				(1,618	)			5,408				(5,682	)
Provision for taxes on unrealized appreciation (depreciation) on investments			230				3,654				230				2,929
Debt (appreciation) depreciation			39				(1,158	)			(23	)			909
Net change in unrealized appreciation (depreciation) on investments and debt			8,013				(1,683	)			14,121				(17,098	)
Net realized and unrealized gain (loss) from investments and debt			12,023				(9,501	)			15,042				(24,853	)
Net increase (decrease) in net assets resulting from operations		$	31,111			$	7,243			$	53,579			$	5,623
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)		$	0.51			$	0.15			$	0.89			$	0.12
Net investment income per common share		$	0.31			$	0.35			$	0.64			$	0.65

 

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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 March 31,								Six Months Ended March 31,
		2024				2023				2024				2023
Net increase (decrease) in net assets from operations:
Net investment income		$	19,088			$	16,744			$	38,537			$	30,476
Net realized gain (loss) on investments			4,010				(7,518	)			921				(7,455	)
Net change in unrealized appreciation (depreciation) on investments			7,744				(4,179	)			13,914				(20,936	)
Net change in provision for taxes on unrealized appreciation (depreciation) on investments			230				3,654				230				2,929
Net provision for taxes on realized loss on investments			—				(300	)			—				(300	)
Net change in unrealized depreciation (appreciation) on debt			39				(1,158	)			(23	)			909
Net increase (decrease) in net assets resulting from operations			31,111				7,243				53,579				5,623
Distributions to stockholders:
Distribution of net investment income			(18,818	)			(14,014	)			(36,878	)			(26,945	)
Total distributions to stockholders			(18,818	)			(14,014	)			(36,878	)			(26,945	)
Capital transactions
Public offering			51,391				48,159				51,391				49,154
Offering costs			(986	)			(250	)			(986	)			(255	)
Net increase in net assets resulting from capital transactions			50,405				47,909				50,405				48,899
Net increase (decrease) in net assets			62,698				41,138				67,106				27,577
Net assets:
Beginning of period			658,013				513,531				653,605				527,092
End of period		$	720,711			$	554,669			$	720,711			$	554,669
Capital share activity:
Shares issued from public offering			4,493,436				4,300,000				4,493,436				4,386,177

 

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PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

		Six months ended March 31,
		2024				2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	53,579			$	5,623
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			(13,914	)			20,936
Net change in unrealized (appreciation) depreciation on debt			23				(909	)
Net realized (gain) loss on investments			(921	)			7,455
Net accretion of discount and amortization of premium			(2,074	)			(2,612	)
Purchases of investments			(640,899	)			(151,024	)
Payment-in-kind interest			(1,624	)			(193	)
Proceeds from dispositions of investments			248,718				125,646
Amortization of deferred financing costs			761				704
(Increase) decrease in:
Interest receivable			(1,465	)			(1,282	)
Distribution receivable			(12	)			(635	)
Receivable for investments sold			—				3,441
Prepaid expenses and other assets			894				(43	)
Due from affiliate			(240	)			—
Increase (decrease) in:
Payable for investments purchased			(988	)			13,289
Interest payable on debt			2,689				488
Base management fee payable			665				(154	)
Incentive fee payable			139				1,022
Deferred tax liability			(230	)			(2,928	)
Due to affiliates			(462	)			(3,120	)
Account payable and accrued expenses			811				(395	)
Net cash provided by (used in) operating activities			(354,550	)			15,309
Cash flows from financing activities:
Proceeds from public offering			51,391				49,154
Offering costs			(986	)			(265	)
Issuance of 2036 Asset-Back Debt			287,000				—
Capitalized borrowing costs			(3,241	)			—
Distributions paid to stockholders			(36,418	)			(26,280	)
Repayment of 2023 notes payable			(76,219	)			(20,787	)
Repayment of 2031 Asset-Backed Debt			(1,741	)			—
Borrowings under Credit Facility			331,455				30,000
Repayments under Credit Facility			(172,000	)			(48,000	)
Net cash provided by (used in) financing activities			379,241				(16,178	)
Net increase (decrease) in cash and cash equivalents			24,691				(869	)
Effect of exchange rate changes on cash			6				24
Cash and cash equivalents, beginning of period			100,555				51,488
Cash and cash equivalents, end of period		$	125,252			$	50,643
Supplemental disclosures:
Interest paid		$	20,180			$	18,418
Taxes paid		$	1,060			$	5
Non-cash exchanges and conversions		$	5,067			$	3,393

 

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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—163.3% (3), (4)
First Lien Secured Debt—144.9%
A1 Garage Merger Sub, LLC		12/22/2028			Commercial Services & Supplies			11.68	%		3M SOFR+660					1,512			$	1,493			$	1,512
A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9)		12/22/2028			Commercial Services & Supplies			—				—				748				—				—
A1 Garage Merger Sub, LLC - Unfunded Term Loan(9)		12/22/2028			Commercial Services & Supplies			—				—				528				—				8
ACP Avenu Buyer, LLC		10/02/2029			IT Services			11.58	%		3M SOFR+625					14,182				13,948				13,828
ACP Avenu Buyer, LLC (Revolver) (7), (9)		10/02/2029			IT Services			—				—				3,807				—				(95	)
ACP Avenu Buyer, LLC - Unfunded Term Loan(9)		04/02/2025			IT Services			—				—				5,621				—				(63	)
ACP Falcon Buyer, LLC (Revolver) (7), (9)		08/01/2029			Professional Services			—				—				3,096				—				—
Ad.net Acquisition, LLC		05/07/2026			Media			11.57	%		3M SOFR+626					4,863				4,828				4,863
Ad.net Acquisition, LLC (Revolver) (7), (9)		05/07/2026			Media			—				—				1,244				—				—
Aeronix, Inc.		12/18/2028			Aerospace and Defense			10.81	%		3M SOFR+550					32,918				32,448				32,588
Aeronix, Inc. (Revolver)		12/18/2028			Aerospace and Defense			10.81	%		3M SOFR+550					1,830				1,830				1,811
Aeronix, Inc. - (Revolver) (9)		12/18/2028			Aerospace and Defense			—				—				4,269				—				(43	)
AFC Dell Holding Corp.		04/09/2027			Distributors			11.74	%		3M SOFR+640					12,405				12,355				12,281
AFC Dell Holding Corp. - Unfunded Term Loan(9)		04/09/2027			Distributors			—				—				13,948				—				(139	)
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		06/10/2025			Media			11.73	%		3M SOFR+640					13,886				13,812				13,712
Anteriad, LLC (f/k/a MeritDirect, LLC)		06/30/2026			Media			11.23	%		3M SOFR+575					13,396				13,225				13,329
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan		06/30/2026			Media			11.23	%		3M SOFR+575					2,155				2,141				2,144
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)		06/30/2026			Media			11.18	%		3M SOFR+560					1,230				1,230				1,224
Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) (9)		06/30/2026			Media			—				—				1,640				—				(8	)
Any Hour Services		07/21/2027			Energy Equipment and Services			11.00	%		3M SOFR+585					6,362				6,293				6,298
Any Hour Services (Revolver) (7), (9)		07/21/2027			Energy Equipment and Services			—				—				1,147				-				(11	)
Applied Technical Services, LLC		12/29/2026			Commercial Services & Supplies			11.22	%		3M SOFR+590					12,662				12,526				12,414
Applied Technical Services, LLC - Unfunded Term Loan(9)		07/17/2025			Commercial Services & Supplies			—				—				3,990				-				(40	)
Applied Technical Services, LLC (Revolver) (7)		12/29/2026			Commercial Services & Supplies			13.25	%		3M SOFR+475					328				328				321
Applied Technical Services, LLC - (Revolver) (9)		12/29/2026			Commercial Services & Supplies			—				—				1,966				—				(39	)
Arcfield Acquisition Corp.		08/03/2029			Aerospace and Defense			11.54	%		1M SOFR+625					5,981				5,897				5,921
Arcfield Acquisition Corp. (Revolver) (9)		08/04/2028			Aerospace and Defense			—				—				1,379				—				(14	)
Beta Plus Technologies, Inc.		07/01/2029			Internet Software and Services			11.10	%		1M SOFR+575					11,907				11,461				11,580
Big Top Holdings, LLC		02/28/2030			Construction & Engineering			11.56	%		1M SOFR+625					46,529				45,718				45,714
Big Top Holdings, LLC - (Revolver) (9)		02/28/2030			Construction & Engineering			—				—				4,479				—				(78	)
BioDerm, Inc. (Revolver) (7)		01/31/2028			Healthcare Equipment and Supplies			11.82	%		1M SOFR+650					589				589				583
BioDerm, Inc. (Revolver) (9)		01/31/2028			Healthcare Equipment and Supplies			—				—				482				—				(5	)
Blackhawk Industrial Distribution, Inc.		09/17/2026			Distributors			11.47	%		3M SOFR+565					5,304				5,262				5,247
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (9)		09/17/2026			Distributors			—				—				2,337				—				(23	)
Blackhawk Industrial Distribution, Inc. (Revolver) (7)		09/17/2026			Distributors			11.72	%		3M SOFR+525					1,097				1,097				1,092
Blackhawk Industrial Distribution, Inc. (9)		09/17/2026			Distributors			—				—				1,646				—				(8	)
BlueHalo Financing Holdings, LLC		10/31/2025			Aerospace and Defense			10.42	%		3M SOFR+475					6,495				6,441				6,397
Broder Bros., Co.		12/04/2025			Textiles, Apparel and Luxury Goods			11.56	%		3M SOFR+626					3,262				3,262				3,262
By Light Professional IT Services, LLC		05/16/2025			High Tech Industries			12.37	%		3M SOFR+688					24,866				24,736				24,618
By Light Professional IT Services, LLC (Revolver) (7)(9)		05/16/2025			High Tech Industries			—				—				3,507				-				(35	)
Carisk Buyer, Inc.		12/01/2029			Healthcare Technology			11.10	%		3M SOFR+575					5,500				5,420				5,445
Carisk Buyer, Inc. - Unfunded Term Loan (9)		12/01/2029			Healthcare Technology			—				—				4,813				—				—
Carisk Buyer, Inc. (Revolver) (7)(9)		12/01/2029			Healthcare Technology			—				—				1,750				—				(18	)
Carnegie Dartlet, LLC		2/7/2030			Professional Services			10.83	%		3M SOFR+550					45,320				44,646				44,640
Carnegie Dartlet, LLC - Unfunded Term Loan (9)		2/7/2026			Professional Services			—				—				16,214				—				(81	)
Carnegie Dartlet, LLC - Funded Revolver		2/7/2030			Professional Services			10.80	%		3M SOFR+550					1,081				1,081				1,065
Carnegie Dartlet, LLC - (Revolver) (9)		2/7/2030			Professional Services			—				—				4,324				—				(65	)
Cartessa Aesthetics, LLC		6/14/2028			Distributors			11.06	%		1M SOFR+575					13,010				12,855				13,010
Cartessa Aesthetics, LLC (Revolver) (7)		6/14/2028			Distributors			11.06	%		1M SOFR+575					511				511				511
Cartessa Aesthetics, LLC (Revolver) (7)(9)		6/14/2028			Distributors			—				—				927				—				—
CF512, Inc.		8/20/2026			Media			11.52	%		3M SOFR+619					5,949				5,912				5,860
CF512, Inc. (Revolver) (7), (9)		8/20/2026			Media			—				—				955				—				(14	)
Challenger Performance Optimization, Inc.		8/31/2024			Business Services			13.18	%		3M SOFR+775					236				236				227
							(PIK 2.00%)													—
Compex Legal Services, Inc.		2/9/2026			Professional Services			10.92	%		3M SOFR+555					8,879				8,856				8,879

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Compex Legal Services, Inc. (Revolver) (7)		2/7/2025			Professional Services			10.87	%		3M SOFR+555					281			$	281			$	281
Compex Legal Services, Inc. (Revolver) (7), (9)		2/7/2025			Professional Services			—				—				1,125				—				—
Confluent Health, LLC		11/30/2028			Healthcare Providers and Services			10.86	%		3M SOFR+500					7,000				6,791				6,948
Connatix Buyer, Inc.		7/13/2027			Media			11.14	%		3M SOFR+576					3,795				3,748				3,643
Connatix Buyer, Inc. (7), (9)		7/13/2027			Media			—				—				1,234				—				(49	)
Crane 1 Services, Inc.		8/16/2027			Commercial Services & Supplies			10.81	%		3M SOFR+501					878				867				878
Crane 1 Services, Inc. (Revolver) (7)		8/16/2027			Commercial Services & Supplies			10.81	%		3M SOFR+501					135				135				135
Crane 1 Services, Inc. (Revolver) (7)		8/16/2027			Commercial Services & Supplies			—				—				202				—				-
Dr. Squatch, LLC		8/31/2027			Personal Products			11.16	%		3M SOFR+585					4,361				4,313				4,361
Dr. Squatch, LLC (Revolver) (7)		8/31/2027			Personal Products			11.16	%		3M SOFR+585					2,236				2,236				2,236
Dr. Squatch, LLC - (Revolver) (9)		8/31/2027			Personal Products			—				—				1,118				—				—
DRS Holdings III, Inc.		11/3/2025			Chemicals, Plastics and Rubber			11.71	%		3M SOFR+640					15,949				15,852				15,821
DRS Holdings III, Inc. (Revolver) (7), (9)		11/3/2025			Personal Products			—				—				1,426				—				(11	)
Duraco Specialty Tapes LLC		6/30/2024			Containers and Packaging			12.43	%		3M SOFR+650					3,428				3,415				3,417
ECL Entertainment, LLC		8/31/2030			Hotels, Restaurants and Leisure			10.08	%		1M SOFR+475					4,975				4,903				4,989
EDS Buyer, LLC		1/10/2029			Electronic Equipment, Instruments, and Components			11.05	%		3M SOFR+575					3,977				3,917				3,897
EDS Buyer, LLC - Unfunded Term Loan (9)		1/10/2029			Electronic Equipment, Instruments, and Components			—				—				6,750				—				(51	)
EDS Buyer, LLC. (Revolver) (7), (9)		1/10/2029			Electronic Equipment, Instruments, and Components			—				—				2,298				—				(46	)
Efficient Collaborative Retail Marketing Company, LLC		6/15/2024			Media: Diversified and Production			14.44	%		3M SOFR+900					8,152				8,170				5,706
							(PIK 1.50%)													-
Eisner Advisory Group, LLC		2/23/2031			Professional Services			9.33	%		3M SOFR+400					7,000				6,930				7,018
ETE Intermediate II, LLC (Revolver) (9)		5/25/2029			Diversified Consumer Services			—				—				1,656				—				—
Exigo Intermediate II, LLC (Revolver) (9)		3/15/2027			Software			—				—				689				—				(14	)
Fairbanks Morse Defense		6/23/2028			Aerospace and Defense			10.32	%		3M SOFR+501					997				993				997
Five Star Buyer, Inc.		2/23/2028			Hotels, Restaurants and Leisure			12.46	%		3M SOFR+710					4,503				4,430				4,435
Five Star Buyer, Inc. - DDTL B Unfunded (9)		2/23/2028			Hotels, Restaurants and Leisure			—				—				837				-				(13	)
Five Star Buyer, Inc. (Revolver) (9)		2/23/2028			Hotels, Restaurants and Leisure			—				—				741				-				(11	)
Gauge ETE Blocker, LLC - Promissory Note		5/19/2029			Diversified Consumer Services			12.56	%			—				215				215				215
Global Holdings InterCo LLC		3/16/2026			Diversified Financial Services			11.45	%		3M SOFR+610					5,012				4,938				4,761
Graffiti Buyer, Inc.		8/10/2027			Trading Companies & Distributors			10.94	%		3M SOFR+560					1,066				1,057				1,055
Graffiti Buyer, Inc. (Revolver) (7)		8/10/2027			Trading Companies & Distributors			11.62	%		3M SOFR+560					601				601				595
Graffiti Buyer, Inc. (Revolver) (7), (9)		8/10/2027			Trading Companies & Distributors			—				—				264				—				(3	)
Hancock Roofing and Construction L.L.C.		12/31/2026			Insurance			10.90	%		3M SOFR+560					3,993				3,942				3,753
Hancock Roofing and Construction L.L.C. (Revolver) (7)		12/31/2026			Insurance			10.93	%		3M SOFR+560					585				585				550
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)		12/31/2026			Insurance			—				—				165				—				(10	)
Hills Distribution Inc.		11/7/2029			Distributors			11.32	%		3M SOFR+600					7,981				7,867				7,861
Hills Distribution Inc. - Unfunded Term Loan (9)		11/7/2025			Distributors			—				—				10,812				—				(54	)
HW Holdco, LLC		5/10/2026			Media			11.69	%		1M SOFR+640					10,492				10,454				10,334
HW Holdco, LLC (Revolver) (7), (9)		5/10/2026			Media			—				—				1,452				—				(22	)
IG Investments Holdings, LLC (7)		9/22/2028			Professional Services			11.41	%		3M SOFR+610					4,405				4,342				4,317
IG Investments Holdings, LLC (Revolver) (7), (9)		9/22/2027			Professional Services			—				—				477				—				(10	)
Imagine Acquisitionco, LLC (Revolver) (9)		11/15/2027			Software			—				—				1,193				—				(12	)
Inception Fertility Ventures, LLC		12/31/2024			Healthcare Providers and Services			12.60	%		3M SOFR+725					23,538				23,358				23,538
Infinity Home Services Holdco, Inc.		12/28/2028			Commercial Services & Supplies			12.17	%		3M SOFR+685					2,964				2,964				2,964
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028			Commercial Services & Supplies			11.31	%		3M SOFR+675					1,446				1,041				1,047
Infinity Home Services Holdco, Inc. - Unfunded Term Loan (9)		11/17/2025			Commercial Services & Supplies			—				—				6,122				—				(46	)
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (9)		12/28/2028			Commercial Services & Supplies			14.25	%		3M SOFR+575					226				226				226
Infinity Home Services Holdco, Inc. (Revolver) (9)		12/28/2028			Commercial Services & Supplies			—				—				1,066				—				—
Infolinks Media Buyco, LLC		11/1/2026			Media			11.18	%		3M SOFR+585					2,908				2,877				2,908
Integrative Nutrition, LLC		1/31/2025			Consumer Services			12.46	%		3M SOFR+715					15,592				15,561				14,500
							(PIK 2.25%)													—
Integrity Marketing Acquisition, LLC		8/27/2026			Insurance			11.48	%		3M SOFR+615					16,141				16,039				15,980
Integrity Marketing Acquisition, LLC - Unfunded Term Loan (9)		8/31/2025			Insurance			—				—				7,440				—				(37	)
Integrity Marketing Acquisition, LLC (Revolver) (7), (9)		8/27/2026			Insurance			—				—				511				—				—
ITI Holdings, Inc. (Revolver)		3/3/2028			IT Services			11.90	%		3M SOFR+560					579				579				574
ITI Holdings, Inc. (Revolver) (9)		3/3/2028			IT Services			—				—				85				—				(1	)

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Inventus Power, Inc.		6/30/2025			Electronic Equipment, Instruments, and Components			12.94	%		3M SOFR+761					4,963			$	4,893			$	4,863
Inventus Power, Inc. (Revolver) (7), (9)		6/30/2025			Electronic Equipment, Instruments, and Components			—				—				1,729				—				(35	)
Keel Platform, LLC		1/19/2031			Metals and Mining			10.55	%		3M SOFR+525					10,842				10,682				10,734
Keel Platform, LLC - Unfunded Term Loan (9)		1/19/2031			Metals and Mining			—				—				3,158				—				(8	)
Kinetic Purchaser, LLC		11/10/2027			Personal Products			11.46	%		3M SOFR+615					17,167				16,940				17,167
Kinetic Purchaser, LLC - (Revolver) (9)		11/10/2026			Personal Products			—				—				3,435				—				—
Lash OpCo, LLC		2/18/2027			Personal Products			13.23	%		1M SOFR+810					10,513				10,397				10,408
							(PIK 5.10%)													—
Lash OpCo, LLC (Revolver) (7)		8/16/2026			Personal Products			13.27	%		1M SOFR+810					2,765				2,765				2,738
							(PIK 5.10%)													—
Lash OpCo, LLC (Revolver) (7), (9)		8/16/2026			Personal Products			—				—				335				—				(3	)
							(PIK 5.10%)													—
LAV Gear Holdings, Inc.		10/31/2025			Capital Equipment			11.76	%		1M SOFR+640					13,081				13,077				12,898
LAV Gear Holdings, Inc. (Revolver) (7)		10/31/2025			Capital Equipment			11.72	%		1M SOFR+640					1,721				1,721				1,697
Ledge Lounger, Inc.		11/09/2026			Leisure Products			11.96	%		3M SOFR+665					3,690				3,674				3,635
Ledge Lounger, Inc. (Revolver)		11/09/2026			Leisure Products			11.96	%		3M SOFR+665					658				658				648
Ledge Lounger, Inc. (Revolver) (9)		11/09/2026			Leisure Products			—				—				132				—				(2	)
Lightspeed Buyer Inc.		02/03/2026			Healthcare Technology			10.68	%		1M SOFR+535					22,426				22,216				22,426
Lightspeed Buyer Inc. (Revolver) (7) (9)		02/03/2026			Healthcare Technology			—				—				2,499				—				—
LJ Avalon Holdings, LLC		02/01/2030			Construction & Engineering			11.71	%		3M SOFR+640					1,098				1,091				1,087
LJ Avalon Holdings, LLC - Unfunded Term Loan (9)		07/31/2024			Construction & Engineering			—				—				1,721				—				9
LJ Avalon Holdings, LLC (Revolver) (9)		01/31/2030			Construction & Engineering			—				—				1,130				—				(11	)
Loving Tan Intermediate II, Inc.		05/31/2028			Personal Products			12.31	%		3M SOFR+700					19,166				18,824				18,783
Loving Tan Intermediate II, Inc. (Revolver)		05/31/2028			Personal Products			12.31	%		3M SOFR+700					1,861				1,861				1,824
Loving Tan Intermediate II, Inc. (Revolver)(7)(9)		05/31/2028			Personal Products			—				—				1,523				—				(30	)
LSF9 Atlantis Holdings, LLC		6/30/2029			Specialty Retail			11.83	%		3M SOFR+650					5,550				5,550				5,581
Lucky Bucks, LLC - First-out Term Loan		10/02/2028			Hotels, Restaurants and Leisure			12.97	%		3M SOFR+765					260				260				260
Lucky Bucks, LLC - Last-out Term Loan		10/02/2029			Hotels, Restaurants and Leisure			12.97	%		3M SOFR+765					521				521				521
MAG DS Corp.		04/01/2027			Aerospace and Defense			10.90	%		1M SOFR+550					3,654				3,558				3,485
Mars Acquisition Holdings Corp.		5/14/2026			Media			10.96	%		3M SOFR+565					8,683				8,591				8,683
Mars Acquisition Holdings Corp. (Revolver)(7)(9)		5/14/2026			Media			—				—				2,435				—				—
MBS Holdings, Inc. (Revolver)(7)(9)		4/16/2027			Internet Software and Services			—				—				1,157				—				(17	)
MDI Buyer, Inc.		7/25/2028			Commodity Chemicals			10.85	%		3M SOFR+550					2,031				1,996				2,002
MDI Buyer, inc. (Revolver) (7)		7/25/2028			Commodity Chemicals			11.76	%		3M SOFR+600					402				402				396
MDI Buyer, inc. (Revolver) (9)		7/25/2028			Commodity Chemicals			—				—				371				—				(2	)
Meadowlark Acquirer, LLC		12/10/2027			Professional Services			11.20	%		3M SOFR+565					1,968				1,946				1,929
Meadowlark Acquirer, LLC (Revolver) (9)		12/10/2027			Professional Services			—				—				1,693				—				(34	)
Medina Health, LLC		10/20/2028			Healthcare Providers and Services			11.56	%		3M SOFR+625					17,910				17,614				17,730
Medina Health, LLC (Revolver) (7)		10/20/2028			Healthcare Providers and Services			11.56	%		3M SOFR+625					778				778				770
Medina Health, LLC (Revolver) (9)		10/20/2028			Healthcare Providers and Services			—				—				4,409				—				(44	)
Megawatt Acquisitionco, Inc.		3/1/2030			Electronic Equipment, Instruments, and Components			10.58	%		3M SOFR +525					22,750				22,412				22,409
Megawatt Acquisitionco, Inc. - (Revolver) (9)		3/1/2030			Electronic Equipment, Instruments, and Components			—				—				3,250				—				—
Mission Critical Electronics, Inc.		3/31/2025			Capital Equipment			11.23	%		3M SOFR +625					3,199				3,184				3,199
Mission Critical Electronics, Inc. (9)		5/31/2024			Capital Equipment			—				—				707				—				3
Mission Critical Electronics, Inc. (Revolver) (7), (9)		3/31/2025			Capital Equipment			—				—				1,325				—				—
MOREGroup Holdings, Inc.		1/16/2030			Construction & Engineering			11.06	%		3M SOFR +590					32,000				31,534				31,680
MOREGroup Holdings, Inc. - Unfunded Term Loan (9)		1/16/2026			Construction & Engineering			—				—				11,056				—				—
MOREGroup Holdings, Inc. - (Revolver) (9)		1/16/2030			Construction & Engineering			—				—				6,634				—				(66	)
Municipal Emergency Services, Inc.		10/1/2027			Distributors			10.46	%		3M SOFR+515					1,175				1,142				1,175
Municipal Emergency Services, Inc. - Unfunded Term Loan A (9)		12/16/2024			Distributors			—				—				387				—				—
Municipal Emergency Services, Inc. - Unfunded Term Loan B (9)		12/16/2024			Distributors			—				—				1,264				—				—
Municipal Emergency Services, Inc. (Revolver) (7), (9)		10/1/2027			Distributors			—				—				947				—				—
NBH Group LLC (Revolver) (7), (9)		8/19/2026			Healthcare Equipment and Supplies			—				—				1,677				—				(75	)
Neptune Flood Incorporated (Revolver) (9)		5/9/2029			Insurance			—				—				541				—				—
NORA Acquisition, LLC		8/31/2029			Healthcare Providers and Services			11.68	%		3M SOFR+635					19,900				19,525				19,900
NORA Acquisition, LLC (Revolver) (7), (9)		8/31/2029			Healthcare Providers and Services			—				—				5,479				—				—
Omnia Exterior Solutions, LLC		12/29/2029			Diversified Consumer Services			10.80	%		3M SOFR+550					11,050				10,956				10,884
Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 (9)		4/1/2024			Diversified Consumer Services			—				—				650				—				(10	)

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (9)		12/29/2025			Diversified Consumer Services			—				—				9,100			$	-			$	(46	)
Omnia Exterior Solutions, LLC (Revolver) (7), (9)		12/29/2029			Diversified Consumer Services			—				—				2,600				—				(39	)
One Stop Mailing, LLC		5/7/2027			Air Freight and Logistics			11.69	%		3M SOFR+636					8,471				8,366				8,471
ORL Acquisition, Inc. (7)		9/3/2027			Consumer Finance			14.70	%		3M SOFR+940					4,577				4,517				3,570
							(PIK 2.00%)													-
ORL Acquisition, Inc. (Revolver) (7), (9)		9/3/2027			Consumer Finance			—				—				215				—				(47	)
OSP Embedded Purchaser, LLC		12/15/2029			Aerospace and Defense			11.16	%		3M SOFR+585					12,868				12,648				12,765
OSP Embedded Purchaser, LLC (Revolver) (9)		12/15/2029			Aerospace and Defense			—				—				2,932				—				(23	)
Output Services Group, Inc. - First-out Term Loan		11/30/2028			Business Services			13.82	%		3M SOFR+843					521				521				521
Output Services Group, Inc. - Last-out Term Loan		5/30/2028			Business Services			12.07	%		3M SOFR+668					1,058				1,058				1,058
Owl Acquisition, LLC		2/4/2028			Professional Services			10.68	%		3M SOFR+550					3,893				3,807				3,834
Ox Two, LLC		5/18/2026			Construction and Building			12.47	%		1M SOFR+651					22,736				22,550				22,736
Ox Two, LLC (Revolver) (9)		5/18/2026			Construction and Building			—				—				3,387				—				—
Pacific Purchaser, LLC		9/30/2028			Professional Services			11.43	%		3M SOFR+625					4,988				4,894				4,988
Pacific Purchaser, LLC - Unfunded Term Loan		9/30/2028			Professional Services			—				—				3,598				—				54
Pacific Purchaser, LLC - (Revolver) (9)		9/30/2028			Professional Services			—				—				1,799				—				—
PCS Midco, Inc.		3/1/2030			Professional Services			11.09	%		3M SOFR+575					11,362				11,195				11,194
PCS Midco, Inc. - Revolver		3/1/2030			Professional Services			11.08	%		3M SOFR+575					89				89				89
PCS Midco, Inc. - (Revolver) (9)		3/1/2030			Professional Services			—				—				1,682				—				—
PCS Midco, Inc. - Unfunded Term Loan		3/1/2026			Professional Services			—				—				3,974				—				—
PL Acquisitionco, LLC		11/9/2027			Textiles, Apparel and Luxury Goods			12.43	%		3M SOFR+710					5,712				5,645				5,055
							(PIK 3.50%)													—
PL Acquisitionco, LLC - (Revolver) (9)		11/9/2027			Textiles, Apparel and Luxury Goods			—				—				2,290				—				(263	)
PlayPower, Inc.		5/8/2026			Leisure Products			10.98	%		1M SOFR+565					3,382				3,369				3,314
Pragmatic Institute, LLC - Unfunded Term Loan (9)		7/6/2028			Professional Services			—				—				2,290				—				(309	)
Pragmatic Institute, LLC (Revolver)		7/6/2028			Professional Services			11.09	%		3M SOFR+575					1,526				1,526				1,305
Quantic Electronics, LLC		11/19/2026			Electronic Equipment, Instruments, and Components			11.66	%		1M SOFR+635					6,613				6,555				6,481
Quantic Electronics, LLC (Revolver) (7)		11/19/2026			Electronic Equipment, Instruments, and Components			—				—				670				—				(13	)
Questex, LLC		9/9/2024			Media: Diversified and Production			9.72	%		3M SOFR+440					6,731				6,719				6,731
Questex, LLC (Revolver) (7), (9)		9/9/2024			Media: Diversified and Production			—				—				1,197				—				—
Rancho Health MSO, Inc. (Revolver) (7)		12/18/2025			Healthcare Equipment and Supplies			10.95	%		3M SOFR+585					210				210				210
Rancho Health MSO, Inc. (Revolver) (7), (9)		12/18/2025			Healthcare Equipment and Supplies			—				—				315				—				—
Recteq, LLC		1/29/2026			Leisure Products			12.46	%		3M SOFR+715					1,455				1,443				1,419
Recteq, LLC (Revolver) (7)		1/29/2026			Leisure Products			11.90	%		3M SOFR+700					288				288				281
Recteq, LLC - Unfunded Revolver		1/29/2026			Leisure Products			—				—				1,008				—				(25	)
Research Now Group, Inc. and Dynata, LLC		12/20/2024			Business Services			11.07	%		3M SOFR+576					16,872				16,820				14,341
Riverpoint Medical, LLC		6/20/2025			Healthcare Equipment and Supplies			10.97	%		3M SOFR+515					9,887				9,838				9,895
Riverpoint Medical, LLC (Revolver) (7)		6/20/2025			Healthcare Equipment and Supplies			10.73	%		3M SOFR+510					227				227				227
Riverpoint Medical, LLC (Revolver) (7), (9)		6/20/2025			Healthcare Equipment and Supplies			—				—				682				—				—
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		6/15/2029			Professional Services			11.56	%		3M SOFR+625					287				282				282
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (9)		6/15/2029			Professional Services			—				—				860				—				—
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9)		6/15/2029			Professional Services			—				—				860				—				(13	)
Sales Benchmark Index LLC		1/3/2025			Professional Services			11.51	%		3M SOFR+620					2,527				2,518				2,527
Sales Benchmark Index LLC (Revolver) (7), (9)		1/3/2025			Professional Services			—				—				1,293				—				—
Sargent & Greenleaf Inc.		12/20/2024			Electronic Equipment, Instruments, and Components			12.93	%		1M SOFR+760					3,381				3,372				3,381
							(PIK 1.00%)
Sargent & Greenleaf Inc. (Revolver)		12/20/2024			Electronic Equipment, Instruments, and Components			12.93	%		1M SOFR+760					731				731				731
							(PIK 1.00%)
Sargent & Greenleaf Inc. (Revolver) (9)		12/20/2024			Electronic Equipment, Instruments, and Components			—				—				352				—				—
							(PIK 1.00%)													—
Schlesinger Global, Inc.		7/14/2025			Professional Services			13.68	%		3M SOFR + 825					14,829				14,783				14,533
							(PIK 5.60%)													-
Schlesinger Global, Inc. (Revolver)		7/14/2025			Professional Services			13.68	%		3M SOFR + 825					1,534				1,534				1,503
							(PIK 5.60%)
Schlesinger Global, Inc. (Revolver) (7), (9)		7/14/2025			Professional Services			—				—				394				—				(8	)
							(PIK 5.60%)
Seaway Buyer, LLC		6/13/2029			Chemicals, Plastics and Rubber			11.46	%		3M SOFR+615					1,911				1,887				1,854

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Sigma Defense Systems, LLC		12/18/2027			IT Services			12.46	%		3M SOFR+715					20,894			$	20,606			$	20,685
Sigma Defense Systems, LLC (Revolver) (7)		12/18/2027			IT Services			12.46	%		3M SOFR+715					1,572				1,572				1,557
Sigma Defense Systems, LLC (Revolver) (7), (9)		12/18/2027			IT Services			—				—				1,048				—				(10	)
Simplicity Financial Marketing Group Holdings Inc.		12/2/2026			Diversified Financial Services			11.63	%		3M SOFR+640					3,428				3,422				3,388
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan (9)		2/9/2026			Diversified Financial Services			—				—				5,310				—				(53	)
Simplicity Financial Marketing Group Holdings Inc. - (Revolver) (9)		12/2/2026			Diversified Financial Services			—				—				1,043				—				(10	)
Skopima Consilio Parent, LLC		5/17/2028			Business Services			9.94	%		1M SOFR+450					599				587				595
Smartronix, LLC		11/23/2028			Aerospace and Defense			11.49	%		1M SOFR+635					13,589				13,374				13,589
Smartronix, LLC - (Revolver) (9)		11/23/2027			Aerospace and Defense			—				—				1,791				—				—
Smile Brands Inc.		10/14/2025			Healthcare and Pharmaceuticals			9.91	%		1M SOFR+450					2,425				2,425				2,163
Smile Brands Inc. (Revolver)		10/14/2025			Healthcare and Pharmaceuticals			9.95	%		1M SOFR+450					588				588				524
Smile Brands Inc. (Revolver) (7), (9)		10/14/2025			Healthcare and Pharmaceuticals			—				—				928				—				(100	)
Smile Brands Inc. LC (Revolver) (7), (9)		10/14/2025			Healthcare and Pharmaceuticals			—				—				100				—				(11	)
Solutionreach, Inc.		7/17/2025			Healthcare Technology			12.46	%		3M SOFR+700					4,657				4,635				4,652
Solutionreach, Inc. (Revolver) (7), (9)		7/17/2025			Healthcare Technology			—				—				833				—				(1	)
Spendmend Holdings LLC		3/1/2028			Healthcare Technology			10.95	%		3M SOFR + 565					2,170				2,146				2,170
Spendmend Holdings LLC - Unfunded Term Loan (9)		3/3/2025			Healthcare Technology			—				—				1,588				—				12
Spendmend Holdings LLC (Revolver)		3/1/2028			Healthcare Technology			10.97	%		3M SOFR+565					357				357				357
Spendmend Holdings LLC (Revolver) (9)		3/1/2028			Healthcare Technology			—				—				535				—				-
Summit Behavioral Healthcare, LLC		11/24/2028			Healthcare Providers and Services			10.35	%		1M SOFR+501					1,990				1,976				1,990
System Planning and Analysis, Inc.     (f/k/a Management Consulting & Research, LLC)		8/16/2027			Aerospace and Defense			11.10	%		3M SOFR+590					20,566				20,316				20,546
System Planning and Analysis, Inc. (Revolver)    (f/k/a Management Consulting & Research, LLC)		8/16/2027			Aerospace and Defense			—				—				12,537				—				81
System Planning and Analysis, Inc. - (Revolver) (9)		8/16/2027			Aerospace and Defense			—				—				5,188				—				(5	)
S101 Holdings, Inc.		12/29/2026			Electronic Equipment, Instruments, and Components			11.48	%		3M SOFR+615					12,502				12,349				12,377
S101 Holdings, Inc. - Unfunded Term Loan 2 (9)		12/15/2024			Electronic Equipment, Instruments, and Components			—				—				9,036				—				—
TCG 3.0 Jogger Acquisitionco, Inc.		1/26/2029			Media			11.81	%		3M SOFR+650					26,725				26,271				26,257
TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) (9)		1/26/2029			Media			—				—				2,426				—				(42	)
Team Services Group, LLC		12/20/2027			Healthcare Providers and Services			10.58	%		3M SOFR+543					1,995				1,985				1,990
The Bluebird Group LLC		7/28/2026			Professional Services			11.96	%		3M SOFR+665					2,576				2,541				2,576
The Bluebird Group LLC (Revolver) (7), (9)		7/28/2026			Professional Services			—				—				862				—				—
The Vertex Companies, LLC (7)		8/30/2027			Construction & Engineering			11.22	%		1M SOFR+610					3,394				3,345				3,394
The Vertex Companies, LLC (Revolver)		8/30/2027			Construction & Engineering			11.95	%		1M SOFR+610					408				408				408
The Vertex Companies, LLC (Revolver) (7), (9)		8/30/2027			Construction & Engineering			—				—				503				—				—
TPC US Parent, LLC		11/24/2025			Food Products			10.95	%		3M SOFR+565					11,949				11,836				11,937
TransGo, LLC		12/29/2028			Auto Components			11.33	%		3M SOFR+600					12,861				12,676				12,732
TransGo, LLC (Revolver) (7), (9)		12/29/2028			Auto Components			—				—				4,440				-				(44	)
TWS Acquisition Corporation		6/16/2025			Diversified Consumer Services			11.73	%		1M SOFR+640					3,657				3,634				3,657
TWS Acquisition Corporation (Revolver) (7), (9)		6/16/2025			Diversified Consumer Services			—				—				2,628				—				—
Tyto Athene, LLC		4/1/2028			IT Services			10.98	%		1M SOFR+565					11,928				11,814				11,177
Tyto Athene, LLC (Revolver) (7)		4/1/2026			IT Services			10.99	%		1M SOFR+565					832				832				779
Tyto Athene, LLC (Revolver) (7), (9)		4/1/2026			IT Services			—				—				208				—				(13	)
Walker Edison Furniture, LLC - Term Loan (6)		3/1/2029			Wholesale			—				—				4,645				4,465				3,437
Walker Edison Furniture Company, LLC - Unfunded Term Loan (6), (9)		3/1/2029			Wholesale			—				—				604				—				(157	)
Walker Edison Furniture Company, LLC - Funded Junior Revolver (6)		3/1/2029			Wholesale			—				—				1,667				1,667				1,667
Watchtower Intermediate, LLC		12/1/2029			Electronic Equipment, Instruments, and Components			11.31	%		3M SOFR+600					9,100				8,967				9,027
Watchtower Intermediate, LLC - Unfunded Term Loan (9)		12/1/2025			Electronic Equipment, Instruments, and Components			—				—				2,100				—				7
Watchtower Intermediate, LLC - Funded Revolver		12/1/2029			Electronic Equipment, Instruments, and Components			11.31	%		3M SOFR+600					1,260				1,260				1,250
Watchtower Intermediate, LLC (Revolver) (9)		12/1/2029			Electronic Equipment, Instruments, and Components			—				—				5,040				—				(40	)
Wildcat Buyerco, Inc.		2/26/2027			Electronic Equipment, Instruments, and Components			11.06	%		3M SOFR+575					12,657				12,538				12,593
Wildcat Buyerco, Inc. - Unfunded Term Loan (9)		2/26/2027			Electronic Equipment, Instruments, and Components			—				—				3,281				—				16
Wildcat Buyerco, Inc. (Revolver) (9)		2/26/2027			Electronic Equipment, Instruments, and Components			—				—				534				—				(3	)
Wrench Group, LLC		10/30/2028			Commercial Services & Supplies			9.57	%		3M SOFR+426					3,500				3,491				3,509
Zips Car Wash, LLC		12/31/2024			Automobiles			12.68	%		3M SOFR+735					13,258				13,189				12,960
							(PIK 1.50%)													—

---

Issuer Name		Maturity				Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Total First Lien Secured Debt																					1,055,496				1,044,476
Second Lien Secured Debt—0.0%
QuantiTech LLC		02/04/2027				Aerospace and Defense			15.43	%		3M SOFR+1,010					150				148				150
Total Second Lien Secured Debt																					148				150
Subordinate Debt - 0.0%
Schlesinger Global, LLC - Promissory Note		7/26/2024				Professional Services			12.31	%							18				18				18
Total Subordinate Debt																					18				18
Preferred Equity— 1.5% (6)
Ad.net Holdings, Inc. (7)			—			Media			—				—				6,720				672				828
AFC Acquisitions, Inc. (Preferred) (8)			—			Distributors			—				—				825				1,262				1,324
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)			—			Media			—				—				2,018				2,018				2,063
Cartessa Aesthetics, LLC (Preferred) (8)			—			Distributors			—				—				1,437,500				1,438				2,267
Gauge Schlesinger Coinvest LLC (Preferred Equity)			—			Professional Services			—				—				64				64				45
Imagine Topco, LP			—			Software			8.00	%			—				1,236,027				1,224				1,378
Magnolia Topco LP - Class A Preferred Equity(8)			—			Automobiles			—				—				47				47				50
Magnolia Topco LP - Class B Preferred Equity(8)			—			Automobiles			—				—				31				20				21
Mars Intermediate Holdings II, Inc. (7)			—			Media			—				—				835				835				1,178
NXOF Holdings, Inc. (Tyto Athene, LLC) (7)			—			IT Services			—				—				733				733				749
ORL Holdco, Inc. (7)			—			Consumer Finance			—				—				1,327				133				—
PL Acquisitionco, LLC (Preferred Equity)			—			Textiles, Apparel and Luxury Goods			—				—				61				61				73
TPC Holding Company, LP (5), (7)			—			Food Products			—				—				409				409				629
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)			—			Construction & Engineering			—				—				37				35				44
UniTek Global Services, Inc. -			—			Telecommunications			20.00	%			—				343,861				344				—
Super Senior Preferred Equity (7)																					—				—
UniTek Global Services, Inc. - Senior Preferred Equity (7)			—			Telecommunications			19.00	%			—				448,851				449				—
UniTek Global Services, Inc. (7)			—			Telecommunications			13.50	%			—				1,047,317				670				—
Total Preferred Equity																					10,414				10,649
Common Equity/Warrants— 16.8% (6)
A1 Garage Equity, LLC (8)			—			Commercial Services & Supplies			—				—				647,943				648				750
ACP Big Top Holdings, L.P. - Common Equity			—			Construction & Engineering											3,000,500				3,001				3,001
Ad.net Holdings, Inc. (7)			—			Media			—				—				7,467				75				7
Aftermarket Drivetrain Products Holdings, LLC			—			Auto Components			—				—				2,632				2,632				2,881
AG Investco LP (7), (8)			—			Software			—				—				805,164				805				1,131
AG Investco LP (7), (8), (9)			—			Software			—				—				194,836				—				—
Altamira Intermediate Company II, Inc. (7)			—			IT Services			—				—				1,437,500				1,438				1,679
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)			—			Media