Published: 2024-08-07 16:07:01 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 JUNE 30, 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 August 7, 2024 was 73,420,712.

 

 

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PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of June 30, 2024 (unaudited) and September 30, 2023		4
Consolidated Statements of Operations for the three and nine months ended June 30, 2024 and 2023 (unaudited)		5
Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2024 and 2023 (unaudited)		6
Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 and 2023 (unaudited)		7
Consolidated Schedules of Investments as of June 30, 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		60
Item 1A. Risk Factors		60
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		61
Item 3. Defaults Upon Senior Securities		61
Item 4. Mine Safety Disclosures		61
Item 5. Other Information		61
Item 6. Exhibits		62
SIGNATURES		63

 

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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)

 

		June 30, 2024				September 30, 2023
		(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost— $1,303,071  and $768,240, respectively)		$	1,314,452			$	772,178
Controlled, affiliated investments (amortized cost— $371,613  and $324,639, respectively)			344,492				294,996
Total investments (amortized cost— $1,674,684 and $1,092,878, respectively)			1,658,944				1,067,174
Cash and cash equivalents (cost— $84,589 and $100,555, respectively)			84,590				100,555
Interest receivable			12,510				10,423
Distributions receivable			635				565
Due from affiliate			65				—
Prepaid expenses and other assets			152				894
Total assets			1,756,896				1,179,611
Liabilities
Credit Facility payable, at fair value (cost— $218,855 and $9,400, respectively)			218,862				9,400
2036 Asset-Backed Debt, net (par—$287,000)			283,951				—
2031 Asset-Backed Debt, net (par—$210,699 and $228,000, respectively)			209,931				226,759
2026 Notes payable, net (par—$185,000)			183,637				183,054
Interest payable on debt			15,119				8,615
Distributions payable			7,380				6,020
Payable for investments purchased			9,201				4,905
Incentive fee payable			5,307				4,628
Base management fee payable			3,908				2,759
Deferred tax liability			1,564				1,794
Accounts payable and accrued expenses			1,310				1,287
Due to affiliates			—				566
2023 Notes payable, at fair value (par—$0 and $76,219, respectively)			—				76,219
Total liabilities			940,170				526,006
Commitments and contingencies (See Note 11)
Net assets
Common stock, 71,998,138 and 58,734,702 shares issued and outstanding, respectively    Par value $0.001 per share and 100,000,000 shares authorized			72				59
Paid-in capital in excess of par value			915,684				765,187
Accumulated deficit			(99,030	)			(111,641	)
Total net assets		$	816,726			$	653,605
Total liabilities and net assets		$	1,756,896			$	1,179,611
Net asset value per share		$	11.34			$	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 June 30,								Nine Months Ended June 30,
		2024				2023				2024				2023
Investment income:
From non-controlled, non-affiliated investments:
Interest		$	34,456			$	21,988			$	88,693			$	65,440
Dividend			768				4,390				1,853				5,602
Other income			591				734				3,622				1,460
From controlled, affiliated investments:
Interest			8,841				8,151				25,595				22,701
Dividend			3,719				2,450				10,938				8,400
Other income			130				—				130				—
Total investment income			48,505				37,713				130,831				103,603
Expenses:
Interest and expenses on debt			16,293				9,985				39,923				29,595
Performance-based incentive fee			5,307				4,625				14,937				12,245
Base management fee			3,908				2,840				10,283				8,643
General and administrative expenses			1,050				1,134				3,293				2,545
Administrative services expenses			450				477				1,661				764
Expenses before provision for taxes and financing costs			27,008				19,061				70,097				53,792
Provision for taxes on net investment income			193				150				894				834
Credit Facility amendment costs			94				—				94				—
Total expenses			27,295				19,211				71,085				54,626
Net investment income			21,210				18,502				59,746				48,977
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on:
Non-controlled, non-affiliated investments			(353	)			(6,065	)			568				(13,520	)
Non-controlled and controlled, affiliated investments			—				—				—				—
Provision for taxes on realized gain on investments			—				—				—				(300	)
Net realized gain (loss) on investments			(353	)			(6,065	)			568				(13,820	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments			(1,064	)			3,051				7,443				(12,204	)
Controlled and non-controlled, affiliated investments			(2,889	)			(4,143	)			2,519				(9,825	)
Provision for taxes on unrealized appreciation (depreciation) on investments			—				—				230				2,929
Debt (appreciation) depreciation			16				(5,752	)			(7	)			(4,842	)
Net change in unrealized appreciation (depreciation) on investments and debt			(3,937	)			(6,844	)			10,185				(23,942	)
Net realized and unrealized gain (loss) from investments and debt			(4,290	)			(12,909	)			10,753				(37,762	)
Net increase (decrease) in net assets resulting from operations		$	16,920			$	5,593			$	70,499			$	11,215
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)		$	0.25			$	0.11			$	1.12			$	0.23
Net investment income per common share		$	0.31			$	0.36			$	0.95			$	1.02

 

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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 June 30,								Nine Months Ended June 30,
		2024				2023				2024				2023
Net increase (decrease) in net assets from operations:
Net investment income		$	21,210			$	18,502			$	59,746			$	48,977
Net realized gain (loss) on investments			(353	)			(6,065	)			568				(13,520	)
Net change in unrealized appreciation (depreciation) on investments			(3,953	)			(1,092	)			9,962				(22,029	)
Net change in provision for taxes on unrealized appreciation (depreciation) on investments			—				—				230				2,929
Net provision for taxes on realized gain on investments			—				—				—				(300	)
Net change in unrealized depreciation (appreciation) on debt			16				(5,752	)			(7	)			(4,842	)
Net increase (decrease) in net assets resulting from operations			16,920				5,593				70,499				11,215
Distributions to stockholders:
Distribution of net investment income			(21,009	)			(15,445	)			(57,887	)			(42,390	)
Total distributions to stockholders			(21,009	)			(15,445	)			(57,887	)			(42,390	)
Capital transactions
Public offering			100,104				64,060				151,075				113,215
Offering costs			—				(450	)			(566	)			(705	)
Net increase in net assets resulting from capital transactions			100,104				63,610				150,509				112,510
Net increase (decrease) in net assets			96,015				53,758				163,121				81,335
Net assets:
Beginning of period			720,711				554,669				653,605				527,092
End of period		$	816,726			$	608,427			$	816,726			$	608,427
Capital share activity:
Shares issued from public offering			8,770,000				5,805,484				13,263,436				10,191,661

 

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PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

		Nine months ended June 30,
		2024				2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	70,499			$	11,215
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			(9,962	)			22,029
Net change in unrealized (appreciation) depreciation on debt			7				4,842
Net realized (gain) loss on investments			(568	)			13,520
Net accretion of discount and amortization of premium			(3,523	)			(3,741	)
Purchases of investments			(961,776	)			(231,001	)
Payment-in-kind interest			(2,218	)			(471	)
Proceeds from dispositions of investments			386,277				258,075
Amortization of deferred financing costs			1,248				1,056
(Increase) decrease in:
Interest receivable			(2,087	)			(2,462	)
Distribution receivable			(70	)			(692	)
Receivable for investments sold			—				(3,911	)
Prepaid expenses and other assets			742				(69	)
Due from affiliate			(65	)			(3,009	)
Increase (decrease) in:
Payable for investments purchased			4,296				—
Interest payable on debt			6,504				(2,025	)
Base management fee payable			1,149				(187	)
Incentive fee payable			679				1,461
Deferred tax liability			(230	)			(2,928	)
Due to affiliates			(566	)			—
Account payable and accrued expenses			23				651
Net cash provided by (used in) operating activities			(509,641	)			62,353
Cash flows from financing activities:
Proceeds from public offering			151,075				113,214
Offering costs			(566	)			(705	)
Issuance of 2036 Asset-Back Debt			287,000				—
Capitalized borrowing costs			(3,241	)			—
Distributions paid to stockholders			(56,528	)			(41,200	)
Repayment of 2023 notes payable			(76,219	)			(20,787	)
Repayment of 2031 Asset-Backed Debt			(17,301	)			—
Borrowings under Credit Facility			381,455				65,000
Repayments under Credit Facility			(172,000	)			(169,709	)
Net cash provided by (used in) financing activities			493,675				(54,187	)
Net increase (decrease) in cash and cash equivalents			(15,966	)			8,166
Effect of exchange rate changes on cash			1				37
Cash and cash equivalents, beginning of period			100,555				51,488
Cash and cash equivalents, end of period		$	84,590			$	59,691
Supplemental disclosures:
Interest paid		$	32,171			$	30,564
Taxes paid		$	1,060			$	530
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—160.9% (3), (4)
First Lien Secured Debt—143.8%
A1 Garage Merger Sub, LLC		12/22/2028			Commercial Services & Supplies			11.44	%		3M SOFR+610					1,508			$	1,490			$	1,508
A1 Garage Merger Sub, LLC - Unfunded Term Loan (9)		12/22/2028			Commercial Services & Supplies			—				—				528				—				8
A1 Garage Merger Sub, LLC (Revolver) (7), (9)		12/22/2028			Commercial Services & Supplies			—				—				748				—				—
ACP Avenu Buyer, LLC		10/02/2029			IT Services			10.55	%		3M SOFR+525					14,157				13,934				13,732
ACP Avenu Buyer, LLC - Unfunded Term Loan (9)		04/02/2025			IT Services			—				—				5,621				—				(91	)
ACP Avenu Buyer, LLC - Funded Revolver		10/02/2029			IT Services			10.57	%		3M SOFR+525					466				466				451
ACP Avenu Buyer, LLC (Revolver) (7), (9)		10/02/2029			IT Services			—				—				3,340				—				(100	)
ACP Falcon Buyer, LLC (Revolver) (7), (9)		08/01/2029			Professional Services			—				—				3,096				—				—
Ad.net Acquisition, LLC		05/07/2026			Media			11.60	%		3M SOFR+626					4,850				4,818				4,850
Ad.net Acquisition, LLC (Revolver) (7)		05/07/2026			Media			—				—				1,244				—				—
Aeronix, Inc.		12/18/2028			Aerospace and Defense			10.83	%		3M SOFR+550					32,835				32,390				32,835
Aeronix, Inc. - (Revolver) (9)		12/18/2028			Aerospace and Defense			—				—				6,099				—				—
AFC Dell Holding Corp.		04/09/2027			Distributors			11.74	%		3M SOFR+640					26,322				26,276				26,059
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		06/10/2025			Media			11.73	%		3M SOFR+640					13,849				13,792				13,642
Anteriad, LLC (f/k/a MeritDirect, LLC)		06/30/2026			Media			11.23	%		3M SOFR+590					13,200				13,034				13,200
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan		06/30/2026			Media			11.23	%		3M SOFR+590					2,127				2,113				2,127
Anteriad Holdings, Inc. (f/k/a MeritDirect, LLC) (Revolver) (7)		06/30/2026			Media			11.18	%		3M SOFR+585					410				410				410
Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) (9)		06/30/2026			Media			—				—				2,460				—				—
Applied Technical Services, LLC		12/29/2026			Commercial Services & Supplies			11.23	%		3M SOFR+585					12,630				12,511				12,440
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			13.25	%		3M SOFR+475					1,376				1,376				1,355
Applied Technical Services, LLC (Revolver) (7)		12/29/2026			Commercial Services & Supplies			—				—				917				—				(14	)
Arcfield Acquisition Corp. (Revolver)		08/03/2029			Aerospace and Defense			11.58	%		1M SOFR+625					5,966				5,884				5,936
Arcfield Acquisition Corp. (Revolver) (7)		08/04/2028			Aerospace and Defense			—				—				1,379				—				(7	)
Beacon Behavioral Support Service, LLC		06/21/2029			Healthcare Providers and Services			10.85	%		3M SOFR+550					30,281				29,828				29,827
Beacon Behavioral Support Service, LLC - Unfunded Term Loan		12/21/2025			Healthcare Providers and Services			—				—				12,402				—				—
Beacon Behavioral Support Service, LLC - Revolver (9)		06/21/2029			Healthcare Providers and Services			—				—				2,434				—				—
Beta Plus Technologies, Inc.		07/01/2029			Internet Software and Services			11.08	%		1M SOFR+575					19,857				19,242				19,460
Big Top Holdings, LLC		02/28/2030			Construction & Engineering			11.58	%		1M SOFR+625					30,951				30,427				30,719
Big Top Holdings, LLC - (Revolver) (9)		02/28/2030			Construction & Engineering			—				—				4,479				—				(34	)
BioDerm, Inc. (Revolver)		01/31/2028			Healthcare Equipment and Supplies			11.82	%		1M SOFR+650					589				589				582
BioDerm, Inc. (Revolver) (7)		01/31/2028			Healthcare Equipment and Supplies			—				—				482				—				(6	)
Blackhawk Industrial Distribution, Inc.		09/17/2026			Distributors			10.93	%		3M SOFR+560					5,724				5,680				5,658
							(PIK 2.00%)
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (9)		09/17/2026			Distributors			—				—				1,893				—				(19	)
Blackhawk Industrial Distribution, Inc. (Revolver) (7)		09/17/2026			Distributors			11.73	%		3M SOFR+525					1,189				1,189				1,183
							(PIK 2.00%)
Blackhawk Industrial Distribution, Inc. (9)		09/17/2026			Distributors			—				—				1,555				—				(8	)
BlueHalo Financing Holdings, LLC		10/31/2025			Aerospace and Defense			10.09	%		3M SOFR+475					6,478				6,432				6,381
Broder Bros., Co.		12/04/2025			Textiles, Apparel and Luxury Goods			11.60	%		3M SOFR+626					3,240				3,240				3,240
By Light Professional IT Services, LLC		05/16/2025			High Tech Industries			12.37	%		3M SOFR+703					24,585				24,470				24,462
By Light Professional IT Services, LLC (Revolver) (7), (9)		05/16/2025			High Tech Industries			—				—				3,507				—				(18	)
Carisk Buyer, Inc.		12/01/2029			Healthcare Technology			11.08	%		3M SOFR+575					5,486				5,409				5,459
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				—				(9	)
Carnegie Dartlet, LLC		02/07/2030			Professional Services			10.84	%		3M SOFR+550					29,925				29,484				29,476
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			11.08	%		3M SOFR+575					12,977				12,829				12,977
Cartessa Aesthetics, LLC (Revolver) (7)		06/14/2028			Distributors			11.08	%		1M SOFR+575					511				511				511
Cartessa Aesthetics, LLC (Revolver) (7), (9)		06/14/2028			Distributors			—				—				927				—				—
CF512, Inc.		08/20/2026			Media			11.53	%		3M SOFR+619					5,934				5,901				5,845
CF512, Inc.(Revolver) (7)		08/20/2026			Media			—				—				955				—				(14	)
Challenger Performance Optimization, Inc.		08/31/2024			Business Services			13.18	%		3M SOFR+785					235				235				234
							(PIK 2.00%)													—				—
Compex Legal Services, Inc.		02/09/2026			Professional Services			10.88	%		3M SOFR+555					8,856				8,835				8,856

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Compex Legal Services, Inc. (Revolver)		02/07/2025			Professional Services			10.88	%		3M SOFR+555					984			$	984			$	984
Compex Legal Services, Inc. (Revolver) (7)		02/07/2025			Professional Services			—				—				422				—				—
Confluent Health, LLC		11/30/2028			Healthcare Providers and Services			10.34	%		3M SOFR+500					6,983				6,780				6,948
Connatix Buyer, Inc.		07/13/2027			Media			11.11	%		3M SOFR+576					3,785				3,742				3,709
Connatix Buyer, Inc. (7), (9)		07/13/2027			Media			—				—				1,234				—				(25	)
Crane 1 Services, Inc.		08/16/2027			Commercial Services & Supplies			10.35	%		3M SOFR+501					1,207				1,192				1,204
Crane 1 Services, Inc. (Revolver) (7)		08/16/2027			Commercial Services & Supplies			—				—				502				—				(1	)
DRI Holding Inc.		12/21/2028			Media			10.69	%		3M SOFR+535					6,139				5,952				5,885
Dr. Squatch, LLC		08/31/2027			Personal Products			11.18	%		3M SOFR+585					4,350				4,305				4,350
Dr. Squatch, LLC (Revolver) (7), (9)		08/31/2027			Personal Products			11.19	%		3M SOFR+585					3,353				3,353				3,353
DRS Holdings III, Inc.		11/03/2025			Chemicals, Plastics and Rubber			11.73	%		3M SOFR+640					15,872				15,795				15,808
DRS Holdings III, Inc. (Revolver) (7)		11/03/2025			Personal Products			—				—				1,426				—				(6	)
ECL Entertainment, LLC		08/31/2030			Hotels, Restaurants and Leisure			9.34	%		1M SOFR+400					6,225				6,157				6,241
EDS Buyer, LLC		01/10/2029			Electronic Equipment, Instruments, and Components			11.08	%		3M SOFR+575					10,700				10,566				10,539
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			12.96	%		3M SOFR+761					8,182				8,204				6,546
							(PIK 1.50%)													—				—
Eisner Advisory Group, LLC		02/23/2031			Professional Services			9.34	%		3M SOFR+400					6,965				6,896				7,020
ETE Intermediate II, LLC - Funded Revolver		05/25/2029			Diversified Consumer Services			11.83	%		3M SOFR+650					1,215				1,215				1,214
ETE Intermediate II, LLC - Unfunded Revolver		05/25/2029			Diversified Consumer Services			—				—				442				—				—
Eval Home Health Solutions Intermediate, LLC		05/10/2030			Healthcare, Education and Childcare			11.09	%		3M SOFR+575					25,636				25,252				25,250
Eval Home Health Solutions Intermediate, LLC - UnFunded Revolver		05/10/2030			Healthcare, Education and Childcare			—				—				2,640				—				(40	)
Exigo Intermediate II, LLC (Revolver) (9)		03/15/2027			Software			—				—				689				—				(5	)
Fairbanks Morse Defense		06/23/2028			Aerospace and Defense			10.35	%		3M SOFR+501					995				990				996
Five Star Buyer, Inc.		02/23/2028			Hotels, Restaurants and Leisure			12.50	%		3M SOFR+715					4,470				4,401				4,436
Five Star Buyer, Inc. (Revolver) (9)		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
Global Holdings InterCo LLC		03/16/2026			Diversified Financial Services			11.48	%		3M SOFR+615					4,999				4,932				4,749
Graffiti Buyer, Inc.		08/10/2027			Trading Companies & Distributors			10.93	%		3M SOFR+560					1,061				1,052				1,050
Graffiti Buyer, Inc. - Unfunded Term Loan		08/10/2027			Trading Companies & Distributors			—				—				1,277				—				(3	)
Graffiti Buyer, Inc. (Revolver) (7)		08/10/2027			Trading Companies & Distributors			—				—				865				—				(9	)
Hancock Roofing and Construction L.L.C.		12/31/2026			Insurance			10.93	%		3M SOFR+560					3,993				3,946				3,753
Hancock Roofing and Construction L.L.C. (Revolver) (7)		12/31/2026			Insurance			10.94	%		3M SOFR+560					680				680				639
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)		12/31/2026			Insurance			—				—				70				—				(4	)
HEC Purchaser Corp.		06/17/2029			Healthcare, Education and Childcare			10.84	%		3M SOFR+550					13,375				13,208				13,207
Hills Distribution Inc.		11/07/2029			Distributors			11.32	%		3M SOFR+600					7,961				7,849				7,881
Hills Distribution Inc. - Unfunded Term Loan (9)		11/07/2025			Distributors			—				—				10,812				—				—
HW Holdco, LLC		05/10/2026			Media			11.75	%		1M SOFR+640					10,464				10,437				10,464
HW Holdco, LLC (Revolver) (7), (9)		05/10/2026			Media			—				—				1,452				—				—
IG Investments Holdings, LLC (7)		09/22/2028			Professional Services			11.43	%		3M SOFR+610					4,499				4,438				4,420
IG Investments Holdings, LLC (Revolver) (7), (9)		09/22/2027			Professional Services			—				—				722				—				(13	)
Imagine Acquisitionco, LLC (Revolver) (9)		11/15/2027			Software			—				—				1,193				—				(6	)
Infinity Home Services Holdco, Inc.		12/28/2028			Commercial Services & Supplies			11.43	%		3M SOFR+610					3,473				3,467				3,473
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028			Commercial Services & Supplies			10.96	%		3M SOFR+600					1,672				1,204				1,203
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (9)		11/17/2025			Commercial Services & Supplies			—				—				5,376				—				(13	)
Infinity Home Services Holdco, Inc. - (Revolver)		12/28/2028			Commercial Services & Supplies			14.25	%		3M SOFR+575					194				194				194
Infinity Home Services Holdco, Inc. - (Revolver) (9)		12/28/2028			Commercial Services & Supplies			—				—				1,098				—				—
Infolinks Media Buyco, LLC		11/01/2026			Media			10.84	%		3M SOFR+550					5,553				5,491				5,497
Integrative Nutrition, LLC		01/31/2025			Consumer Services			12.46	%		3M SOFR+700					15,539				15,518				13,364
																				—				—
							(PIK 2.25%)													—				—
Integrity Marketing Acquisition, LLC		08/27/2026			Insurance			11.46	%		3M SOFR+615					33,333				33,227				33,166
Integrity Marketing Acquisition, LLC - Unfunded Term Loan		08/31/2025			Insurance			—				—				5,164				—				—
Integrity Marketing Acquisition, LLC (Revolver) (7), (9)		08/27/2026			Insurance			—				—				511				—				—
Inventus Power, Inc.		06/30/2025			Electronic Equipment, Instruments, and Components			12.96	%		3M SOFR+761					4,944				4,887				4,845

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Inventus Power, Inc. - (Revolver) (7)		06/30/2025			Electronic Equipment, Instruments, and Components			—				—				1,729				—				(35	)
ITI Holdings, Inc. (Revolver)		03/03/2028			IT Services			13.00	%		3M SOFR+450					526			$	526			$	526
ITI Holdings, Inc. (Revolver) (7)		03/03/2028			IT Services			—				—				138				—				—
Keel Platform, LLC		01/19/2031			Metals and Mining			10.58	%		3M SOFR+525					10,815				10,663				10,788
Keel Platform, LLC - Unfunded Term Loan (9)		01/19/2031			Metals and Mining			—				—				3,158				—				16
Kinetic Purchaser, LLC		11/10/2027			Personal Products			11.48	%		3M SOFR+615					13,971				13,797				13,971
Kinetic Purchaser, LLC (Revolver) (7)		11/10/2026			Personal Products			—				—				3,435				—				—
Lash OpCo, LLC		02/18/2027			Personal Products			13.18	%		3M SOFR+700					10,647				10,541				10,541
							(PIK 5.10%)													—				—
Lash OpCo, LLC (Revolver) (7)		08/16/2026			Personal Products			13.18	%		1M SOFR+700					2,797				2,797				2,769
							(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			11.74	%		1M SOFR+643					13,049				13,046				12,893
LAV Gear Holdings, Inc. (Revolver) (7)		10/31/2025			Capital Equipment			11.73	%		1M SOFR+640					1,721				1,721				1,700
Ledge Lounger, Inc.		11/09/2026			Leisure Products			11.98	%		3M SOFR+665					3,681				3,667				3,607
Ledge Lounger, Inc. (Revolver)		11/09/2026			Leisure Products			11.98	%		3M SOFR+665					263				263				258
Ledge Lounger, Inc. (Revolver) (7)		11/09/2026			Leisure Products			—				—				526				—				(11	)
Lightspeed Buyer Inc.		02/03/2026			Healthcare Technology			10.69	%		1M SOFR+535					22,368				22,184				22,368
Lightspeed Buyer Inc. (Revolver) (7)		02/03/2026			Healthcare Technology			—				—				2,499				—				—
LJ Avalon Holdings, LLC		02/01/2030			Construction & Engineering			11.73	%		3M SOFR+640					1,095				1,086				1,095
LJ Avalon Holdings, LLC - Unfunded Term Loan		07/31/2024			Construction & Engineering			—				—				3,612				—				35
LJ Avalon Holdings, LLC (Revolver) (7)		01/31/2030			Construction & Engineering			—				—				1,130				—				—
Loving Tan Intermediate II, Inc.		05/31/2028			Personal Products			12.34	%		3M SOFR+700					19,118				18,791				18,975
Loving Tan Intermediate II, Inc. (Revolver)		05/31/2028			Personal Products			12.34	%		3M SOFR+700					1,861				1,861				1,847
Loving Tan Intermediate II, Inc. (Revolver) (9)		05/31/2028			Personal Products			—				—				1,523				—				(11	)
LSF9 Atlantis Holdings, LLC		06/30/2029			Specialty Retail			11.83	%		3M SOFR+650					5,481				5,481				5,535
Lucky Bucks, LLC - First-out Term Loan		10/02/2028			Hotels, Restaurants and Leisure			12.98	%		3M SOFR+765					260				260				260
Lucky Bucks, LLC - Last-out Term Loan		10/02/2029			Hotels, Restaurants and Leisure			12.98	%		3M SOFR+765					519				519				519
MAG DS Corp.		04/01/2027			Aerospace and Defense			10.93	%		1M SOFR+560					3,644				3,556				3,516
Mars Acquisition Holdings Corp.		05/14/2026			Media			10.98	%		3M SOFR+565					10,247				10,151				10,247
Mars Acquisition Holdings Corp. (Revolver)		05/14/2026			Media			10.93	%		3M SOFR+560					1,624				1,624				1,624
Mars Acquisition Holdings Corp. (Revolver) (7)		05/14/2026			Media			—				—				812				—				—
MBS Holdings, Inc. (Revolver) (7)		04/16/2027			Internet Software and Services			—				—				1,157				—				—
MDI Buyer, Inc.		07/25/2028			Commodity Chemicals			11.33	%		3M SOFR+600					2,026				1,992				1,997
MDI Buyer, Inc. (Revolver)		07/25/2028			Commodity Chemicals			10.81	%		3M SOFR+550					479				479				472
MDI Buyer, Inc. (Revolver) (7)		07/25/2028			Commodity Chemicals			—				—				294				—				(1	)
Meadowlark Acquirer, LLC		12/10/2027			Professional Services			11.23	%		3M SOFR+590					1,963				1,942				1,914
Meadowlark Acquirer, LLC (Revolver) (9)		12/10/2027			Professional Services			—				—				1,693				—				(42	)
Medina Health, LLC		10/20/2028			Healthcare Providers and Services			11.58	%		3M SOFR+625					17,865				17,589				17,865
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			10.58	%		3M SOFR+525					7,000				6,900				7,000
Megawatt Acquisitionco, Inc. - (Revolver)		03/01/2030			Electronic Equipment, Instruments, and Components			10.59	%		3M SOFR+525					683				683				683
Megawatt Acquisitionco, Inc. - (Revolver) (9)		03/01/2030			Electronic Equipment, Instruments, and Components			—				—				2,568				—				—
Michael Baker International. LLC -New Term B Loans		12/01/2028			Professional Services			10.09	%		3M SOFR+475					8,000				7,960				8,010
Mission Critical Electronics, Inc.		03/31/2025			Capital Equipment			11.73	%		3M SOFR+640					3,117				3,105				3,117
Mission Critical Electronics, Inc. (Revolver) (7), (9)		03/31/2025			Capital Equipment			—				—				1,325				—				—
MOREGroup Holdings, Inc.		01/16/2030			Construction & Engineering			11.08	%		3M SOFR+575					31,920				31,481				31,601
MOREGroup Holdings, Inc. - Unfunded Term Loan (9)		01/16/2026			Construction & Engineering			—				—				11,056				—				—
MOREGroup Holdings, Inc. - (Revolver) (9)		01/16/2030			Construction & Engineering			—				—				6,634				—				(66	)
Municipal Emergency Services, Inc.		10/01/2027			Distributors			10.48	%		3M SOFR+515					1,326				1,295				1,326
Municipal Emergency Services, Inc. - Unfunded Term Loan A		12/16/2024			Distributors			—				—				234				—				—
Municipal Emergency Services, Inc. - Unfunded Term Loan B		12/16/2024			Distributors			—				—				1,264				—				—
Municipal Emergency Services, Inc. (Revolver) (7)		10/01/2027			Distributors			—				—				947				—				—
NBH Group LLC (Revolver) (7)		08/19/2026			Healthcare Equipment and Supplies			—				—				1,677				—				(84	)
NORA Acquisition, LLC		08/31/2029			Healthcare Providers and Services			11.68	%		3M SOFR+635					19,850				19,489				19,850
NORA Acquisition, LLC (Revolver) (7)		08/31/2029			Healthcare Providers and Services			—				—				5,479				—				—

---

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Omnia Exterior Solutions, LLC		12/29/2029			Diversified Consumer Services			10.83	%		3M SOFR+550					18,172			$	18,018			$	17,900
Omnia Exterior Solutions, LLC (Revolver)		12/29/2025			Diversified Consumer Services			—				—				2,600				—				(13	)
Omnia Exterior Solutions, LLC (Revolver) (7), (9)		12/29/2029			Diversified Consumer Services			—				—				2,600				—				(39	)
One Stop Mailing, LLC		05/07/2027			Air Freight and Logistics			11.71	%		3M SOFR+636					8,448				8,350				8,448
ORL Acquisition, Inc. (7)		09/03/2027			Consumer Finance			14.73	%		3M SOFR+940					4,564				4,508				3,560
							(PIK 7.50%)													—				—
ORL Acquisition, Inc. (Revolver) (7), (9)		09/03/2027			Consumer Finance			—				—				215				—				(47	)
OSP Embedded Purchaser, LLC		12/15/2029			Aerospace and Defense			11.18	%		3M SOFR+585					12,836				12,623				12,463
OSP Embedded Purchaser, LLC (Revolver) (9)		12/15/2029			Aerospace and Defense			—				—				2,932				—				(85	)
Outcomes Group Holdings, Inc		04/02/2031			Healthcare Providers and Services			9.59	%		3M SOFR+425					4,000				3,980				4,008
Output Services Group, Inc. - First-out Term Loan		11/30/2028			Business Services			13.75	%		3M SOFR+843					521				521				521
Output Services Group, Inc. - Last-out Term Loan		05/30/2028			Business Services			12.00	%		3M SOFR+668					1,058				1,058				1,058
Owl Acquisition, LLC		02/04/2028			Professional Services			10.69	%		3M SOFR+535					3,893				3,809				3,834
Ox Two, LLC (Revolver)		05/18/2026			Construction and Building			11.85	%		3M SOFR+651					22,540				22,370				22,540
Ox Two, LLC (Revolver) (9)		05/18/2026			Construction and Building			—				—				3,387				—				—
Pacific Purchaser, LLC		09/30/2028			Professional Services			11.51	%		3M SOFR+625					4,975				4,888				5,005
Pacific Purchaser, LLC - Unfunded Term Loan		09/30/2028			Professional Services			—				—				3,598				—				76
Pacific Purchaser, LLC - (Revolver) (9)		09/30/2028			Professional Services			—				—				1,799				—				11
PCS Midco, Inc.		03/01/2030			Professional Services			11.10	%		3M SOFR+575					7,452				7,346				7,378
PCS Midco, Inc. - Unfunded Term Loan		03/01/2026			Professional Services			—				—				3,974				—				—
PCS Midco, Inc. - Revolver		03/01/2030			Professional Services			11.10	%		3M SOFR+575					310				310				307
PCS Midco, Inc. - (Revolver) (9)		03/01/2030			Professional Services			—				—				1,461				—				(15	)
PH Beauty Holdings III, Inc.		09/28/2025			Consumer Products			10.72	%		3M SOFR+543					1,750				1,746				1,733
PL Acquisitionco, LLC		11/09/2027			Textiles, Apparel and Luxury Goods			12.44	%		3M SOFR+710					5,762				5,698				4,610
							(PIK 3.50%)													—				—
PL Acquisitionco, LLC - (Revolver) (9)		11/09/2027			Textiles, Apparel and Luxury Goods			—				—				2,290				—				(458	)
PlayPower, Inc.		05/08/2026			Leisure Products			10.96	%		1M SOFR+565					10,248				10,159				10,094
Pragmatic Institute, LLC (Revolver) (11)		07/06/2028			Professional Services			12.82	%		3M SOFR+750					1,572				1,561				1,010
							(PIK 12.8%)
Quantic Electronics, LLC		11/19/2026			Electronic Equipment, Instruments, and Components			11.68	%		3M SOFR+635					6,596				6,542				6,530
Quantic Electronics, LLC (Revolver)		11/19/2026			Electronic Equipment, Instruments, and Components			11.67	%		3M SOFR+635					335				335				332
Quantic Electronics, LLC (Revolver) (7)		11/19/2026			Electronic Equipment, Instruments, and Components			—				—				335				—				(3	)
Rancho Health MSO, Inc. (Revolver) (7)		12/18/2025			Healthcare Equipment and Supplies			10.90	%		3M SOFR+557					210				210				210
Rancho Health MSO, Inc. (Revolver) (7), (9)		12/18/2025			Healthcare Equipment and Supplies			—				—				315				—				—
Recteq, LLC		01/29/2026			Leisure Products			12.49	%		3M SOFR+715					1,451				1,441				1,429
Recteq, LLC (Revolver) (7)		01/29/2026			Leisure Products			—				—				1,296				—				(19	)
Research Now Group, Inc. and Dynata, LLC (6)		12/20/2024			Business Services			—				—				16,917				16,870				14,380
Research Now Group, LLC - DIP		08/06/2024			Business Services			14.21	%		3M SOFR+886					721				666				721
Riverpoint Medical, LLC		06/20/2025			Healthcare Equipment and Supplies			10.94	%		3M SOFR+560					9,854				9,811				9,866
Riverpoint Medical, LLC (Revolver) (7)		06/20/2025			Healthcare Equipment and Supplies			10.94	%		3M SOFR+560					455				455				455
Riverpoint Medical, LLC (Revolver) (7), (9)		06/20/2025			Healthcare Equipment and Supplies			—				—				455				—				—
RTIC Subsidiary Holdings, LLC		05/03/2029			Leisure Products			11.09	%		3M SOFR+575					52,100				51,326				51,058
RTIC Subsidiary Holdings, LLC - (Revolver)		05/03/2029			Leisure Products			—								9,417				—				(188	)
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		06/15/2029			Professional Services			11.08	%		3M SOFR+575					1,143				1,126				1,132
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (9)		06/27/2026			Professional Services			—				—				1,146				—				(6	)
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9)		06/15/2029			Professional Services			—				—				860				—				(9	)
Safe Haven Defense US LLC		05/23/2029			Building Products			10.55	%		3M SOFR+525					23,600				23,246				23,246
Safe Haven Defense US LLC - (Revolver)		05/23/2029			Building Products			—				—				2,920				—				—
Sales Benchmark Index LLC		01/03/2025			Professional Services			11.53	%		3M SOFR+620					2,527				2,522				2,527
Sales Benchmark Index LLC (Revolver) (7), (9)		01/03/2025			Professional Services			—				—				1,293				—				—
Sargent & Greenleaf Inc.		12/20/2024			Electronic Equipment, Instruments, and Components			12.94	%		1M SOFR+760					3,300				3,294				3,300
							(PIK 1.00%)													—				—
Sargent & Greenleaf Inc. (Revolver)		12/20/2024			Electronic Equipment, Instruments, and Components			12.94	%		1M SOFR+760					807				807				807
							(PIK 1.00%)													—				—
Sargent & Greenleaf Inc. (Revolver) (7)		12/20/2024			Electronic Equipment, Instruments, and Components			—				—				276				—				—
							(PIK 1.00%)													—				—

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Issuer Name		Maturity			Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Schlesinger Global, Inc.		07/14/2025			Professional Services			13.69	%		3M SOFR+835					15,040			$	15,001			$	14,814
							(PIK 5.60%)													—				—
Schlesinger Global, Inc. (Revolver)		07/14/2025			Professional Services			13.69	%		3M SOFR+835					1,555				1,555				1,532
							(PIK 5.60%)													—				—
Schlesinger Global, Inc. (Revolver) (7)		07/14/2025			Professional Services			—				—				380				—				(6	)
Seaway Buyer, LLC		06/13/2029			Chemicals, Plastics and Rubber			11.48	%		3M SOFR+615					1,906				1,883				1,844
Sigma Defense Systems, LLC		12/18/2027			IT Services			12.49	%		3M SOFR+715					20,801				20,522				20,593
Sigma Defense Systems, LLC (Revolver) (7)		12/18/2027			IT Services			12.49	%		3M SOFR+715					1,528				1,528				1,513
Sigma Defense Systems, LLC (Revolver) (7), (9)		12/18/2027			IT Services			—				—				1,783				—				(18	)
Simplicity Financial Marketing Group Holdings Inc.		12/02/2026			Diversified Financial Services			11.67	%		3M SOFR+625					3,420				3,414				3,380
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan (9)		02/09/2026			Diversified Financial Services			—				—				5,310				—				(53	)
Simplicity Financial Marketing Group Holdings Inc. - (Revolver) (9)		12/02/2026			Diversified Financial Services			—				—				1,043				—				(13	)
Skopima Consilio Parent, LLC		05/17/2028			Business Services			9.96	%		1M SOFR+461					597				586				598
Smartronix, LLC		11/23/2028			Aerospace and Defense			11.58	%		1M SOFR+625					13,555				13,349				13,555
Smartronix, LLC - (Revolver) (9)		11/23/2027			Aerospace and Defense			—				—				1,791				—				—
Smile Brands Inc.		10/14/2025			Healthcare and Pharmaceuticals			10.93	%		1M SOFR+550					2,422				2,422				2,155
Smile Brands Inc. (Revolver)		10/14/2025			Healthcare and Pharmaceuticals			10.93	%		1M SOFR+550					705				705				628
Smile Brands Inc. (Revolver) (7), (9)		10/14/2025			Healthcare and Pharmaceuticals			—				—				825				—				(91	)
Smile Brands Inc. LC (Revolver) (7), (9)		10/14/2025			Healthcare and Pharmaceuticals			—				—				100				—				(11	)
Solutionreach, Inc.		07/17/2025			Healthcare Technology			12.48	%		3M SOFR+715					4,657				4,636				4,657
Solutionreach, Inc. (Revolver) (7), (9)		07/17/2025			Healthcare Technology			—				—				833				—				—
Spendmend Holdings LLC		03/01/2028			Healthcare Technology			10.98	%		3M SOFR+565					2,164				2,142				2,164
Spendmend Holdings LLC - Unfunded Term Loan (9)		03/03/2025			Healthcare Technology			—				—				1,588				—				12
Spendmend Holdings LLC (Revolver)		03/01/2028			Healthcare Technology			10.98	%		3M SOFR+565					357				357				357
Spendmend Holdings LLC (Revolver) (9)		03/01/2028			Healthcare Technology			—				—				535				—				—
Summit Behavioral Healthcare, LLC		11/24/2028			Healthcare Providers and Services			9.60	%		1M SOFR+425					1,990				1,975				1,996
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)		08/16/2027			Aerospace and Defense			11.16	%		3M SOFR+590					20,514				20,278				20,514
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) (Revolver) (9)		08/16/2027			Aerospace and Defense			—				—				12,537				—				94
System Planning and Analysis, Inc. - (Revolver) (9)		08/16/2027			Aerospace and Defense			—				—				5,188				—				—
S101 Holdings, Inc.		12/29/2026			Electronic Equipment, Instruments, and Components			11.45	%		3M SOFR+615					12,471				12,325				12,346
S101 Holdings, Inc. - Unfunded Term Loan 2 (9)		12/15/2024			Electronic Equipment, Instruments, and Components			—				—				9,036				—				—
TCG 3.0 Jogger Acquisitionco, Inc.		01/26/2029			Media			11.84	%		3M SOFR+650					6,983				6,871				6,913
TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) (9)		01/26/2029			Media			—				—				2,426				—				(24	)
Team Services Group, LLC		12/20/2027			Healthcare Providers and Services			10.58	%		3M SOFR+543					1,990				1,980				1,983
Teneo Holdings, LLC - Initial Term Loans		03/13/2031			Diversified Financial Services			10.09	%		3M SOFR+475					6,983				6,913				6,991
The Bluebird Group LLC		07/28/2026			Professional Services			11.98	%		3M SOFR+665					2,571				2,540				2,571
The Bluebird Group LLC (Revolver) (7), (9)		07/28/2026			Professional Services			—				—				862				—				—
The Vertex Companies, LLC (7)		08/30/2027			Construction & Engineering			10.93	%		1M SOFR+560					3,385				3,339				3,374
The Vertex Companies, LLC (Revolver)		08/30/2027			Construction & Engineering			11.44	%		1M SOFR+610					444				444				444
The Vertex Companies, LLC (Revolver) (7), (9)		08/30/2027			Construction & Engineering			—				—				467				—				—
TPC US Parent, LLC		11/24/2025			Food Products			10.95	%		3M SOFR+565					11,919				11,823				11,919
TPCN Midco, LLC		06/26/2029			Diversified Consumer Services			11.09	%		3M SOFR+575					8,900				8,767				8,767
TPCN Midco, LLC - Unfunded Term Loan		06/26/2026			Diversified Consumer Services			—				—				13,113				—				—
TPCN Midco, LLC - (Revolver)		06/26/2029			Diversified Consumer Services			—				—				2,580				—				—
TransGo, LLC		12/29/2028			Auto Components			11.34	%		3M SOFR+600					12,428				12,255				12,428
TransGo, LLC (Revolver) (7), (9)		12/29/2028			Auto Components			—				—				4,440				—				—
TWS Acquisition Corporation		06/16/2025			Diversified Consumer Services			11.74	%		1M SOFR+640					2,949				2,937				2,949
TWS Acquisition Corporation (Revolver) (7), (9)		06/16/2025			Diversified Consumer Services			—				—				2,628				—				—
Tyto Athene, LLC		04/01/2028			IT Services			10.95	%		1M SOFR+565					11,928				11,825				11,093
Tyto Athene, LLC (Revolver)		04/01/2026			IT Services			10.99	%		1M SOFR+565					458				458				425
Tyto Athene, LLC (Revolver) (7)		04/01/2026			IT Services			—				—				582				—				(41	)
Walker Edison Furniture, LLC - Term Loan (6)		03/01/2029			Wholesale			—				—				4,968				4,755				1,441
Walker Edison Furniture Company, LLC - Unfunded Term Loan (6), (9)		03/01/2029			Wholesale			—				—				354				—				(251	)
Walker Edison Furniture Company, LLC - Funded Junior Revolver (6)		03/01/2029			Wholesale			—				—				1,667				1,667				1,667
Watchtower Intermediate, LLC		12/01/2029			Electronic Equipment, Instruments, and Components			11.33	%		3M SOFR+600					9,077				8,948				8,996
Watchtower Intermediate, LLC - Unfunded Term Loan (9)		12/01/2025			Electronic Equipment, Instruments, and Components			—				—				2,100				—				5

---

Issuer Name		Maturity				Industry		Current  Coupon				Basis Point  Spread  Above  Index (1)				Par /  Shares				Cost				Fair Value (2)
Watchtower Intermediate, LLC (Revolver) (9)		12/01/2029				Electronic Equipment, Instruments, and Components			—				—				6,300				—				(57	)
Wildcat Buyerco, Inc.		02/26/2027				Electronic Equipment, Instruments, and Components			11.08	%		3M SOFR+575					12,625			$	12,517			$	12,625
Wildcat Buyerco, Inc. - Unfunded Term Loan (9)		02/26/2027				Electronic Equipment, Instruments, and Components			—				—				3,281				—				33
Wildcat Buyerco, Inc. (Revolver) (7)		02/26/2027				Electronic Equipment, Instruments, and Components			—				—				534				—				—
Wrench Group, LLC		10/30/2028				Commercial Services & Supplies			9.60	%		3M SOFR+426					3,491				3,484				3,491
Zips Car Wash, LLC		12/31/2024				Automobiles			12.69	%		3M SOFR+735					13,285				13,229				12,782
								(PIK 1.50%)
Total First Lien Secured Debt																					1,187,799				1,174,806
Second Lien Secured Debt—0.0%
QuantiTech LLC		02/04/2027				Aerospace and Defense			15.44	%		3M SOFR+1010					150				148				150
Total Second Lien Secured Debt																					148				150
Subordinate Debt - 0.1%
Beacon Behavioral Holdings LLC		06/21/2030				Healthcare Providers and Services			15.00	%			—				1,000				985				985
Schlesinger Global, LLC - Promissory Note		07/26/2024				Professional Services			12.31	%		3M SOFR+700					18				18				18
Total Subordinate Debt																					1,003				1,003
Preferred Equity— 1.9% (6)
Ad.net Holdings, Inc. (7)			—			Media			—				—				6,720				672				694
AFC Acquisitions, Inc. (Preferred) (8)			—			Distributors			—				—				854				1,314				1,551
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)			—			Media			—				—				2,018				2,018				2,318
Cartessa Aesthetics, LLC (Preferred) (8)			—			Distributors			—				—				1,437,500				1,438				2,409
EvAL Home Health Solutions, LLC - Preferred Equity (8)			—			Healthcare, Education and Childcare			—				—				876,386				1,455				1,455
Gauge Schlesinger Coinvest LLC (Preferred Equity)			—			Professional Services			—				—				64				64				40
Hancock Claims Consultants Investors, LLC (Preferred Equity) (8)			—			Insurance			—				—				48,049				31				36
Imagine Topco, LP			—			Software			8.00	%			—				1,236,027				1,236				1,387
Magnolia Topco LP - Class A Preferred Equity(8)			—			Automobiles			—				—				47				47				50
Magnolia Topco LP - Class B Preferred Equity(8)			—			Automobiles			—				—				31				20				6
Mars Intermediate Holdings II, Inc. (7)